Dril-Quip Files 2023 10-K Amendment

TL;DR

Dril-Quip filed an amendment to its 2023 10-K, check for updates.

AI Summary

Dril-Quip, Inc. filed an amendment (Amendment No. 2) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. This filing, submitted on August 1, 2024, provides updated information regarding the company's operations and financial status. Dril-Quip, Inc. is incorporated in Delaware and headquartered in Houston, Texas, with its principal executive offices located at 2050 West Sam Houston Parkway S., Suite 1100.

Why It Matters

This amendment provides updated disclosures for the fiscal year 2023, which could contain material information for investors regarding Dril-Quip's financial health and operational performance.

Risk Assessment

Risk Level: low — This is an amendment to a previously filed annual report, typically for corrections or updates, not indicating new material risks.

Key Numbers

• 001-13439 — SEC File Number (Identifies the company's filings with the SEC.)
• 74-2162088 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Dril-Quip, Inc. (company) — Registrant
• 2050 West Sam Houston Parkway S., Suite 1100 (address) — Principal executive offices
• Houston, Texas (location) — Headquarters
• Delaware (location) — State of incorporation
• August 1, 2024 (date) — Filing date of amendment
• December 31, 2023 (date) — Fiscal year end

FAQ

Key Financial Figures

• $23.27 — ing price of such stock on such date of $23.27. At February 22, 2024, the number of
• $105 million — Dril-Quip for a cash purchase price of $105 million CAD, approximately $79.8 million. The p
• $79.8 million — rice of $105 million CAD, approximately $79.8 million. The purchase price is subject to custo
• $30 million — des potential earnout payments of up to $30 million CAD, approximately $22.8 million, to be
• $22.8 m — of up to $30 million CAD, approximately $22.8 million, to be paid over the course of 20
• $1.0 billion — djusted financial statement income over $1.0 billion for any 3-tax-year period ending with J
• $2.9 million — 1, 2020. This resulted in approximately $2.9 million in FICA cash tax payments being deferre
• $97.10 — e oil prices fluctuated, with a high of $97.10 per barrel, a low of $71.03 per barrel,
• $71.03 — h a high of $97.10 per barrel, a low of $71.03 per barrel, and an average of $82.49 pe
• $82.49 — of $71.03 per barrel, and an average of $82.49 per barrel compared to an average of $1
• $100.94 — 49 per barrel compared to an average of $100.94 and $70.86 per barrel in 2022 and 2021,
• $70.86 — l compared to an average of $100.94 and $70.86 per barrel in 2022 and 2021, respective
• $79.48 — o average $82.49 per barrel in 2024 and $79.48 per barrel in 2025. The International E
• $2.3 m — resulting in a release of approximately $2.3 million, which partially offsets the curr
• $5.5 million — ications. We reclassified approximately $5.5 million of accrued bonus related to our short-t

Filing Documents

• drq-20231231.htm (10-K/A) — 442KB
• drq-ex31_1.htm (EX-31.1) — 7KB
• drq-ex31_2.htm (EX-31.2) — 7KB
• 0000950170-24-089302.txt ( ) — 3008KB
• drq-20231231.xsd (EX-101.SCH) — 1725KB
• drq-20231231_htm.xml (XML) — 10KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 4 PART IV Item 15. Exhibits and Financial Statement Schedules 18

Signatures

Signatures 18 3 Table of Contents

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

Item 7. Management's Discussion and Analysi s of Financial Condition and Results of Operations The following is management's discussion and analysis of certain significant factors that have affected aspects of the Company's financial position, results of operations, comprehensive income (loss) and cash flows during the periods included in the accompanying consolidated financial statements. This discussion should be read in conjunction with the Company's consolidated financial statements and notes thereto presented elsewhere in this report. Overview The Company designs, manufactures, sells and services highly engineered drilling and production equipment for both offshore and onshore applications. The Company's principal products consist of subsea and surface wellheads, specialty connectors and associated pipes, subsea production systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellhead, thermal wellhead, completion packers and safety and kelly valves. Dril-Quip's products are used by major integrated, large independent and foreign national oil and gas companies and drilling contractors throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip's customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company's products. The Company's organizational structure is based on product and service lines. The Company operates in three business segments— Subsea Products, Subsea Services, and Well Construction. Our Subsea Products business manufactures highly engineered, field-proven products with a wide array of deepwater drilling equipment and technology that meets the requirements for harsh subsea env

View Full Filing

View this 10-K/A filing on SEC EDGAR