Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment Reporting

Note 15 — Segment Reporting

The Company’s operations are located in the United States and organized into three reportable segments: High Specification Rigs, Wireline Services and Processing Solutions and Ancillary Services. The reportable segments comprise the structure used by the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance during the years presented in the accompanying Condensed Consolidated Financial Statements. The CODM evaluates the segments’ operating performance based on multiple measures including operating income, rig hours and stage counts. The tables below present the operating income measurement, as the Company believes this is most consistent with the principals used in measuring the Condensed Consolidated Financial Statements.

The following is a description of each operating segment:

High Specification Rigs. Provides high specification well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well.

Wireline Services.  Provides services necessary to bring and maintain a well on production and consists of our completion, production and pump down service lines.

Processing Solutions and Ancillary Services.  Provides complimentary services often utilized in conjunction with our High Specification Rigs and Wireline Services segments. These services primarily include equipment rentals, plug and abandonment snubbing, and processing solutions.    

Other. Other represents costs not allocable to the reporting segments and includes corporate general and administrative expense and depreciation of corporate furniture and fixtures, amortization, impairments, debt retirements and other items similar in nature.

Certain segment information for the three and nine months ended September 30, 2024 and 2023 is as follows (in millions):

	High Specification Rigs		Wireline Services		Processing Solutions and Ancillary Services		Other		Total
	Three Months Ended September 30, 2024
Revenue	$	86.7	$	30.3	$	36.0	$	—	$	153.0
Cost of services	67.2		27.6		27.2		—		122.0
Depreciation and amortization	5.7		2.7		2.2		0.5		11.1
Operating income (loss)	13.8		—		6.6		(7.5)		12.9
Net income (loss)	$	13.8	$	—	$	6.6	$	(11.7)	$	8.7
Capital expenditures	$	4.0	$	1.6	$	2.2	$	—	$	7.8
	Nine Months Ended September 30, 2024
Revenue	$	249.1	$	87.6	$	91.3	$	—	$	428.0
Cost of services	198.8		84.4		72.8		—		356.0
Depreciation and amortization	16.9		8.7		6.2		1.5		33.3
Operating income (loss)	33.4		(5.5)		12.3		(20.5)		19.7
Net income (loss)	$	33.4	$	(5.5)	$	12.3	$	(27.6)	$	12.6
Capital expenditures	$	20.0	$	3.9	$	13.6	$	—	$	37.5

	High Specification Rigs		Wireline Services		Processing Solutions and Ancillary Services		Other		Total
	Three Months Ended September 30, 2023
Revenue	$	79.2	$	53.2	$	32.0	$	—	$	164.4
Cost of services	63.5		45.8		25.5		—		134.8
Depreciation and amortization	5.1		3.1		2.0		0.4		10.6
Operating income (loss)	10.6		4.3		4.5		(7.7)		11.7
Net income (loss)	$	10.6	$	4.3	$	4.5	$	(10.0)	$	9.4
Capital expenditures	$	5.6	$	9.2	$	2.4	$	—	$	17.2
	Nine Months Ended September 30, 2023
Revenue	$	234.3	$	157.6	$	93.2	$	—	$	485.1
Cost of services	185.6		140.3		76.1		—		402.0
Depreciation and amortization	14.7		8.4		5.0		1.2		29.3
Operating income (loss)	34.0		8.9		12.1		(22.7)		32.3
Net income (loss)	$	34.0	$	8.9	$	12.1	$	(33.3)	$	21.7
Capital expenditures	$	11.4	$	13.7	$	9.5	$	—	$	34.6