Dawson Geophysical Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Dawson Geophysical Co. has filed its annual 10-K report for the fiscal year ending December 31, 2023, providing a comprehensive overview of its financial performance and operations.</b>

AI Summary

DAWSON GEOPHYSICAL CO (DWSN) filed a Annual Report (10-K) with the SEC on April 1, 2024. Dawson Geophysical Co. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key dates related to stock compensation plans and asset purchase agreements are noted. The company is involved in Oil and Gas Field Exploration Services (SIC 1382). The report details financial information including retained earnings, additional paid-in capital, and accumulated other comprehensive income.

Why It Matters

For investors and stakeholders tracking DAWSON GEOPHYSICAL CO, this filing contains several important signals. This 10-K filing provides investors with the most up-to-date financial statements and operational details for Dawson Geophysical Co., crucial for assessing its performance and future prospects. The detailed financial information, including historical data and specific line items, allows for in-depth analysis of the company's financial health, profitability, and capital structure.

Risk Assessment

Risk Level: medium — DAWSON GEOPHYSICAL CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the oil and gas industry is subject to inherent volatility and regulatory changes, which could pose medium risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Dawson Geophysical's current financial position and industry-specific challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-04-01 — Filing Date (FILED AS OF DATE)
• 1382 — SIC Code (OIL AND GAS FIELD EXPLORATION SERVICES)

Key Players & Entities

• DAWSON GEOPHYSICAL CO (company) — FILER
• DWSN (company) — ticker symbol
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240401 (date) — FILED AS OF DATE
• TGC INDUSTRIES INC (company) — FORMER COMPANY
• 19920703 (date) — DATE OF NAME CHANGE
• Breckenridge Geophysical LLC (company) — related entity

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-01: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial health and operations over the past year.)

SIC

Standard Industrial Classification code, a system used to classify business establishments by the type of activity in which they are engaged. (Helps categorize Dawson Geophysical Co. within the broader economic landscape, specifically in Oil and Gas Field Exploration Services.)

Key Financial Figures

• $0.01 — nge on Which Registered Common Stock, $0.01 par value DWSN The NASDAQ Stock Mar
• $5 million — intenance capital expenditure budget of $5 million for 2023 of which we utilized $3.7 mill
• $3.7 million — 5 million for 2023 of which we utilized $3.7 million during the year ended December 31, 2023

Filing Documents

• dwsn-20231231x10k.htm (10-K) — 2599KB
• dwsn-20231231xex4d2.htm (EX-4.2) — 21KB
• dwsn-20231231xex21d1.htm (EX-21.1) — 2KB
• dwsn-20231231xex23d1.htm (EX-23.1) — 10KB
• dwsn-20231231xex31d1.htm (EX-31.1) — 15KB
• dwsn-20231231xex31d2.htm (EX-31.2) — 13KB
• dwsn-20231231xex32d1.htm (EX-32.1) — 6KB
• dwsn-20231231xex32d2.htm (EX-32.2) — 6KB
• dwsn-20231231xex97d1.htm (EX-97.1) — 31KB
• 0001558370-24-004547.txt (&nbsp;) — 12249KB
• dwsn-20231231.xsd (EX-101.SCH) — 61KB
• dwsn-20231231_cal.xml (EX-101.CAL) — 96KB
• dwsn-20231231_def.xml (EX-101.DEF) — 339KB
• dwsn-20231231_lab.xml (EX-101.LAB) — 556KB
• dwsn-20231231_pre.xml (EX-101.PRE) — 499KB
• dwsn-20231231x10k_htm.xml (XML) — 2613KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II Item 5. Market for Our Common Equity and Related Stockholder Matters 17 Item 6. [ Reserved] 17 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 25 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 25 Item 9A.

Controls and Procedures

Controls and Procedures 25 Item 9B. Other Information 26 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 26 PART III Item 10. Directors, Executive Officers and Corporate Governance 26 Item 11.

Executive Compensation

Executive Compensation 26 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions and Director Independence 26 Item 14. Principal Accounting Fees and Services 26 PART IV Item 15. Exhibits and Financial Statement Schedules 27 Index to Exhibits 28

Signatures

Signatures 33 Index to Financial Statements F-1 1 Table of Contents DAWSON GEOPHYSICAL COMPANY FORM 10-K For the Year Ended December 31, 2023 DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

BUSINESS

Item 1. BUSINESS General Dawson Geophysical Company, a Texas corporation (the "Company"), is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States ("U.S.") and Canada. We acquire and process 2-D, 3-D and multi-component seismic data for our clients, ranging from major oil and gas companies to independent oil and gas operators, providers of multi-client data libraries and carbon capture sequestration projects. Our principal business office is located at 508 West Wall, Suite 800, Midland, Texas 79701 (Telephone: 432-684-3000), and our internet address is www.dawson3d.com. We make available free of charge on our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K as soon as reasonably practicable after filing or furnishing such information with the Securities and Exchange Commission ("SEC"). Except as otherwise specifically noted herein, references in this annual report on Form 10-K to the "Company," "we," "us" or "our" refer to Dawson Geophysical Company and its consolidated subsidiaries. We provide our seismic data acquisition services primarily to providers of multi-client data libraries for use in the onshore drilling and production of oil and natural gas in the continental U.S. and Canada, as well as directly to onshore oil and natural gas exploration and development companies. The main factors influencing demand for seismic data acquisition services in our industry are the level of drilling and completion activity by oil and natural gas companies and the size of such companies' exploration and development budgets, which, in turn, depend largely on current and anticipated future crude oil and natural gas prices and production levels and depletion rates of the companies' oil and natural gas reserves. Our seismic data acquisition crews supply seismic data primarily to companies engaged in the exploration and development of oil

RISK FACTORS

Item 1A. RISK FACTORS An investment in our common stock is subject to a number of risks, including those discussed below. You should carefully consider these discussions of risk and the other information included in this Form 10-K. These risk factors could affect our actual results and should be considered carefully when evaluating us and an investment in our common stock. Although the risks described below are the risks that we believe are material, they are not the only risks relating to our business, our industry and our common stock. Additional risks and uncertainties, including those that are not yet identified or that we currently believe are immaterial, may also adversely affect our business, financial condition or results of operations. If any of the events described below occur, our business, financial condition or results of operations could be materially adversely affected. Current macroeconomic conditions, including inflationary pressures in the broader U.S. economy and military conflicts between Russia and Ukraine and in the Middle East have had, and are expected to continue to have, an impact on oil and gas commodity prices and, therefore, demand for our services and, depending on the duration and severity, could have a material adverse effect on our business, financial condition, results of operations and cash flows. Worldwide political, economic, and military events have contributed to oil and natural gas price volatility and are likely to continue to do so in the future. We are monitoring the military conflict between Russia and Ukraine as well as the related export controls and financial and economic sanctions imposed on certain industry sectors and parties in Russia by the U.S., the U.K., the European Union and others. We are also monitoring the impact of attacks on shipping in the Red Sea as a result of the unrest in the Middle East. The broader consequences of the Russian-Ukrainian conflict and unrest in the Middle East, which may include

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View this 10-K filing on SEC EDGAR