Industry Segments and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Industry Segments and Geographic Information

INDUSTRY SEGMENTS AND GEOGRAPHIC INFORMATION

We manage our operations through two divisions: Completion Fluids & Products Division and Water & Flowback Services Division. We generally evaluate the performance of and allocate resources to our segments based on profit or loss from their operations before income taxes and nonrecurring charges, return on investment, and other criteria. Transfers between segments and geographic areas are priced at the estimated fair value of the products or services as negotiated between the operating units. “Corporate overhead” includes corporate general and administrative expenses, corporate depreciation and amortization, interest income and expense, and other income and expense.

Summarized financial information concerning the business segments is as follows:

	Year Ended December 31,
	2023		2022		2021
	(In Thousands)
Revenues from external customers
Product sales
Completion Fluids & Products Division	$	296,569	$	258,745	$	211,201
Water & Flowback Services Division	9,487		1,253		4,028
Consolidated	$	306,056	$	259,998	$	215,229
Services
Completion Fluids & Products Division	$	16,461	$	14,628	$	8,447
Water & Flowback Services Division	303,745		278,587		164,596
Consolidated	$	320,206	$	293,215	$	173,043
Total revenues
Completion Fluids & Products Division	$	313,030	$	273,373	$	219,648
Water & Flowback Services Division	313,232		279,840		168,624
Consolidated	$	626,262	$	553,213	$	388,272
Depreciation, amortization, and accretion
Completion Fluids & Products	$	9,053	$	7,455	$	7,542
Water & Flowback Services	24,876		24,672		25,060
Corporate	400		692		900
Consolidated	$	34,329	$	32,819	$	33,502
Interest expense
Completion Fluids & Products	$	230	$	95	$	44
Water & Flowback Services	339		144		7
Corporate	22,364		16,584		16,506
Consolidated interest expense	22,933		16,823		16,557
Consolidated interest income	(584)		(990)		(180)
Consolidated interest expense, net	$	22,349	$	15,833	$	16,377
Income (loss) before taxes and discontinued operations
Completion Fluids & Products	$	78,314	$	57,366	$	54,981
Water & Flowback Services	25,724		15,732		(11,116)
Interdivision eliminations	—		11		12
Corporate(1)	(72,339)		(61,943)		(58,598)
Consolidated	$	31,699	$	11,166	$	(14,721)

(1)        Amounts reflected include the following general corporate expenses:

	Year Ended December 31,
	2023		2022		2021
	(In Thousands)
General and administrative expense	$	49,135	$	45,077	$	39,990
Depreciation, amortization, accretion, and impairments	1,177		692		1,032
Interest expense, net	22,790		17,041		17,483
Other general corporate (income) expense, net	(763)		(867)		93
Total	$	72,339	$	61,943	$	58,598

	December 31,
	2023		2022
	(In Thousands)
Total assets
Completion Fluids & Products	$	249,911	$	221,167
Water & Flowback Services	166,325		178,759
Corporate, other and eliminations	62,725		34,440
Consolidated	$	478,961	$	434,366

	Year Ended December 31,
	2023		2022		2021
	(In Thousands)
Capital expenditures
Completion Fluids & Products	$	11,073	$	9,426	$	3,828
Water & Flowback Services	26,571		30,431		13,620
Corporate	508		199		105
Discontinued operations	—		—		2,980
Consolidated	$	38,152	$	40,056	$	20,533

Summarized financial information concerning the geographic areas of our customers and in which we operate at December 31, 2023, 2022, and 2021, is presented below:

	Year Ended December 31,
	2023		2022		2021
	(In Thousands)
Revenues from external customers
United States	$	417,663	$	391,964	$	251,786
Europe	116,838		89,077		88,136
South America	57,700		30,560		10,473
Canada and Mexico	1,863		2,213		5,363
Africa	300		2,826		2,262
Middle East, Asia and other	31,898		36,573		30,252
Total	$	626,262	$	553,213	$	388,272
Transfers between geographic areas:
Europe	87		15		195
Eliminations	(87)		(15)		(195)
Total revenues	$	626,262	$	553,213	$	388,272

As of December 31, 2023, no single customer represented more than 10% of our consolidated trade accounts receivables, net of allowance for credit losses. As of December 31, 2022, receivables from one customer represented more than 10% of our consolidated trade accounts receivables, net of allowance for credit losses. During each of the years ended December 31, 2023, 2022, and 2021, no single customer accounted for more than 10% of our consolidated revenues.

	December 31,
	2023		2022
	(In Thousands)
Identifiable assets
United States	$	318,501	$	305,144
Europe	85,948		71,075
South America	57,440		51,448
Canada and Mexico	800		1,355
Africa	3,386		199
Middle East, Asia and other	12,886		5,145
Total identifiable assets	$	478,961	$	434,366