FORUM ENERGY TECHNOLOGIES, INC. Files 2023 Annual Report (10-K)
Ticker: FET · Form: 10-K · Filed: Mar 5, 2024 · CIK: 1401257
Sentiment: neutral
Topics: 10-K, Annual Report, FET, Oil & Gas Equipment, Financials
TL;DR
<b>FORUM ENERGY TECHNOLOGIES, INC. (FET) has filed its 2023 10-K annual report, detailing its financial performance and operational status for the fiscal year ending December 31, 2023.</b>
AI Summary
FORUM ENERGY TECHNOLOGIES, INC. (FET) filed a Annual Report (10-K) with the SEC on March 5, 2024. FORUM ENERGY TECHNOLOGIES, INC. filed its 2023 10-K report on March 5, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points from previous fiscal years (2021, 2022) are included for comparison. Subsequent events noted include a line of credit and a seller term loan in early 2024.
Why It Matters
For investors and stakeholders tracking FORUM ENERGY TECHNOLOGIES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of FET's financial health, operational activities, and strategic positioning within the oil and gas machinery and equipment sector for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, identify potential risks, and understand its future outlook based on the disclosed financial statements and management discussions.
Risk Assessment
Risk Level: medium — FORUM ENERGY TECHNOLOGIES, INC. shows moderate risk based on this filing. The company operates in the oil and gas sector, which is subject to significant price volatility and regulatory changes, impacting demand for its products and services.
Analyst Insight
Review the detailed financial statements and risk factors in the 10-K to understand FET's performance and outlook in the volatile energy market.
Key Numbers
- 2023-12-31 — Fiscal Year End (Period of report)
- 2024-03-05 — Filing Date (Date of submission)
- 2023-01-01 — Reporting Period Start (Fiscal year start)
- 2022-12-31 — Prior Year End (Comparison period)
Key Players & Entities
- FORUM ENERGY TECHNOLOGIES, INC. (company) — Filer name
- FET (company) — Ticker symbol
- 2023 (date) — Fiscal year end
- March 5, 2024 (date) — Filing date
- December 31, 2023 (date) — Period of report
- Houston, TX (location) — Business address
FAQ
When did FORUM ENERGY TECHNOLOGIES, INC. file this 10-K?
FORUM ENERGY TECHNOLOGIES, INC. filed this Annual Report (10-K) with the SEC on March 5, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by FORUM ENERGY TECHNOLOGIES, INC. (FET).
Where can I read the original 10-K filing from FORUM ENERGY TECHNOLOGIES, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FORUM ENERGY TECHNOLOGIES, INC..
What are the key takeaways from FORUM ENERGY TECHNOLOGIES, INC.'s 10-K?
FORUM ENERGY TECHNOLOGIES, INC. filed this 10-K on March 5, 2024. Key takeaways: FORUM ENERGY TECHNOLOGIES, INC. filed its 2023 10-K report on March 5, 2024.. The company's fiscal year ends on December 31st.. The filing covers the period from January 1, 2023, to December 31, 2023..
Is FORUM ENERGY TECHNOLOGIES, INC. a risky investment based on this filing?
Based on this 10-K, FORUM ENERGY TECHNOLOGIES, INC. presents a moderate-risk profile. The company operates in the oil and gas sector, which is subject to significant price volatility and regulatory changes, impacting demand for its products and services.
What should investors do after reading FORUM ENERGY TECHNOLOGIES, INC.'s 10-K?
Review the detailed financial statements and risk factors in the 10-K to understand FET's performance and outlook in the volatile energy market. The overall sentiment from this filing is neutral.
Risk Factors
- Volatility in Oil and Gas Prices [high — market]: Fluctuations in oil and gas prices can adversely affect demand for the company's products and services, impacting revenue and profitability.
- Environmental and Regulatory Changes [medium — regulatory]: Changes in environmental regulations or policies related to the energy industry could increase compliance costs or restrict operations.
- Supply Chain Disruptions [medium — operational]: Disruptions in the supply chain for raw materials or components could impact production schedules and increase costs.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
- 2024-03-05: 10-K Filing Date — Official submission date of the annual report.
- 2024-01-02: Subsequent Event - Line of Credit — Indicates a financing event occurring after the fiscal year end.
- 2024-01-04: Subsequent Event - Seller Term Loan — Indicates another financing event occurring after the fiscal year end.
Filing Stats: 4,404 words · 18 min read · ~15 pages · Grade level 13.8 · Accepted 2024-03-04 19:35:44
Key Financial Figures
- $0.01 — nge on Which Registered) Common stock, $0.01 par value FET New York Stock Exchange
- $25.59 — w York Stock Exchange Composite tape of $25.59 on June 30, 2023, was approximately $ 2
- $241.6 million — x months. Our backlog was approximately $241.6 million at December 31, 2023 and approximately
- $264.8 million — at December 31, 2023 and approximately $264.8 million at December 31, 2022. Substantially all
- $724.3 million — er 31, 2023 and 2022 were approximately $724.3 million and $780.7 million, respectively. Cust
- $780.7 m — 2 were approximately $724.3 million and $780.7 million, respectively. Customers No cus
Filing Documents
- fet-20231231.htm (10-K) — 1668KB
- exhibit107formofindemnific.htm (EX-10.7) — 103KB
- exhibit1036cgautletteragre.htm (EX-10.36) — 13KB
- exhibit1040director-rsuawa.htm (EX-10.40) — 19KB
- exhibit211subsidiaries2023.htm (EX-21.1) — 9KB
- exhibit221listingofguarant.htm (EX-22.1) — 15KB
- exhibit231deloitteconsent2.htm (EX-23.1) — 2KB
- fetex311202310-k.htm (EX-31.1) — 10KB
- fetex312202310-k.htm (EX-31.2) — 10KB
- fetex321202310-k.htm (EX-32.1) — 6KB
- fetex322202310-k.htm (EX-32.2) — 5KB
- exhibit971clawbackpolicy.htm (EX-97.1) — 11KB
- 0001401257-24-000038.txt ( ) — 9680KB
- fet-20231231.xsd (EX-101.SCH) — 63KB
- fet-20231231_cal.xml (EX-101.CAL) — 136KB
- fet-20231231_def.xml (EX-101.DEF) — 236KB
- fet-20231231_lab.xml (EX-101.LAB) — 903KB
- fet-20231231_pre.xml (EX-101.PRE) — 576KB
- fet-20231231_htm.xml (XML) — 1421KB
Business
Business 4 Item 1A.
Risk Factors
Risk Factors 11 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.
Properties
Properties 32 Item 3.
Legal Proceedings
Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. Reserved 35 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 80 Item 9A.
Controls and Procedures
Controls and Procedures 80 Item 9B. Other Information 81 PART III Item 10. Directors, Executive Officers and Corporate Governance 81 Item 11.
Executive Compensation
Executive Compensation 81 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 81 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accounting Fees and Services 82 PART IV Item 15. Exhibits, Financial Statement Schedules 82 Item 16. Form 10-K Summary 85
SIGNATURES
SIGNATURES 86 3 Table of Contents PART I
Business
Item 1. Business Forum Energy Technologies, Inc., a Delaware corporation (the "Company," "FET," "we," "our" or "us"), is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. Our common shares are listed on the New York Stock Exchange ("NYSE") under the symbol "FET." Our principal executive offices are located at 10344 Sam Houston Park Drive, Houston, Texas 77064, our telephone number is (713) 351-7900, and our website is www.f-e-t.com. Our Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and all amendments thereto, are available free of charge in the "Investors" section of our website as soon as reasonably practicable after such reports are electronically filed with or furnished to the Securities and Exchange Commission ("SEC"). These reports are also available on the SEC's website at www.sec.gov. Information contained on or accessible from our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this report or any other filing that we make with the SEC. Overview We are a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. With headquarters in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. Our highly engineered products include capital equipment and consumable products. FET's customers include oil and natural gas operators, land and offshore drilling contractors, oilfield service companies, pipeline and refinery operators, and renewable energy and new energy companies. Consumable products are used by our customers in drilling, well construction and completion activities and at processing centers and refineries. Our capital products are directed at drilling rig equipment for constructing new or upgrading existing rigs, subsea construction and development proj