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Business Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
In the first quarter 2024, following the Variperm Acquisition, we aligned our reportable segments with business activity drivers and the manner in which management reviews and evaluates operating performance. FET now operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. Our historical results of operations were recast retrospectively to reflect these changes in accordance with U.S. GAAP.
The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in oil and natural gas, renewable energy, defense and communications. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, production and infrastructure markets.
The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker and our board of directors make decisions on how to allocate resources and assess performance. We consider the Chief Operating Decision Maker to be the Chief Executive Officer.
The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments.
Summary financial data by segment follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Revenue
Drilling and Completions$117,025 $130,342 $236,096 $257,106 
Artificial Lift and Downhole88,169 55,117 171,511 117,324 
Eliminations15 (10)(6)(24)
Total revenue$205,209 $185,449 $407,601 $374,406 
Segment operating income
Drilling and Completions$2,875 $6,625 $7,434 $11,615 
Artificial Lift and Downhole13,461 6,969 25,247 15,602 
Corporate(6,954)(6,645)(14,206)(13,677)
Segment operating income9,382 6,949 18,475 13,540 
Transaction expenses1,228 — 7,149 — 
Loss on disposal of assets and other220 542 192 282 
Operating income$7,934 $6,407 $11,134 $13,258 
A summary of consolidated assets by reportable segment is as follows (in thousands):
June 30, 2024December 31, 2023
Drilling and Completions$576,136 $615,033 
Artificial Lift and Downhole388,328 178,785 
Corporate12,293 27,243 
Total assets$976,757 $821,061 
Corporate assets primarily include cash, certain prepaid assets and deferred loan costs.
The following table presents our revenues disaggregated by product line (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Drilling$35,501 $44,908 $71,973 $85,215 
Subsea16,799 13,340 38,634 26,146 
Stimulation and Intervention37,226 46,390 75,786 93,700 
Coiled Tubing27,499 25,704 49,703 52,045 
Downhole53,078 22,072 105,321 45,283 
Production Equipment18,058 17,666 36,540 37,562 
Valve Solutions17,033 15,379 29,650 34,479 
Eliminations15 (10)(6)(24)
Total revenue$205,209 $185,449 $407,601 $374,406 
The following table presents our revenues disaggregated by geography (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
United States$102,552 $119,544 $213,869 $248,730 
Canada36,336 14,399 71,975 28,067 
Middle East25,378 18,717 42,733 36,699 
Europe & Africa21,053 10,673 42,655 22,345 
Asia-Pacific10,150 9,851 20,318 17,532 
Latin America9,740 12,265 16,051 21,033 
Total revenue$205,209 $185,449 $407,601 $374,406