Newpark Resources Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Newpark Resources Inc. has filed its 2023 annual report (10-K), detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

NEWPARK RESOURCES INC (NPKI) filed a Annual Report (10-K) with the SEC on February 23, 2024. Newpark Resources Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in the Oil & Gas industry, specifically Oil & Gas Field Machinery & Equipment. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as Property, Plant, and Equipment, Accrued Liabilities, and Long-Term Debt are referenced.

Why It Matters

For investors and stakeholders tracking NEWPARK RESOURCES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Newpark Resources' financial health, operational activities, and strategic positioning within the oil and gas sector for the past fiscal year. Investors and stakeholders can use this report to assess the company's performance, identify potential risks, and make informed investment decisions based on the disclosed financial data and management's discussion.

Risk Assessment

Risk Level: medium — NEWPARK RESOURCES INC shows moderate risk based on this filing. The company operates in the Oil & Gas industry, which is subject to significant price volatility and regulatory changes, posing inherent risks to financial performance and operations.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Newpark Resources' performance and outlook in the volatile oil and gas market.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year end date)
• 2024-02-23 — Filing Date (Date the 10-K was filed)
• 2023-12-31 — Reporting Period End (End date of the reporting period)
• 2022-12-31 — Prior Year End (End date of the prior fiscal year)
• 2021-12-31 — Two Years Prior End (End date of the fiscal year two years prior)

Key Players & Entities

• NEWPARK RESOURCES INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240223 (date) — Filed as of date
• OIL & GAS FILED MACHINERY & EQUIPMENT [3533] (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of Incorporation
• THE WOODLANDS, TX (location) — Business Address City, State
• 281-362-6800 (phone) — Business Phone
• 19720828 (date) — Date of former company name change

FAQ

Industry Context

Newpark Resources operates within the Oil & Gas industry, specifically focusing on oil and gas field machinery and equipment. This sector is characterized by cyclical demand tied to exploration and production activities.

Regulatory Implications

The company is subject to regulations common within the oil and gas sector, which can include environmental, safety, and operational standards set by federal and state agencies.

What Investors Should Do

1. Analyze the company's revenue streams and operational costs for fiscal year 2023.
2. Assess the company's debt levels and liquidity position as detailed in the financial statements.
3. Review any disclosed risk factors related to market volatility, regulatory changes, or operational challenges in the oil and gas industry.

Key Dates

• 2024-02-23: 10-K Filing — Submission of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing a year-over-year comparison of financial performance and operational status.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value NR New York Stock Exchange
• $171 m — pital of the Fluids Systems segment was $171 million, which reflects a $69 million red
• $69 million — ment was $171 million, which reflects a $69 million reduction from December 31, 2022. Raw

Filing Documents

• nr-20231231.htm (10-K) — 2011KB
• a2023q410kexhibit105.htm (EX-10.5) — 107KB
• a2023q410kexhibit106.htm (EX-10.6) — 13KB
• a2023q410kexhibit211.htm (EX-21.1) — 31KB
• a2023q410kexhibit231.htm (EX-23.1) — 2KB
• a2023q410kexhibit311.htm (EX-31.1) — 10KB
• a2023q410kexhibit312.htm (EX-31.2) — 10KB
• a2023q410kexhibit321.htm (EX-32.1) — 5KB
• a2023q410kexhibit322.htm (EX-32.2) — 5KB
• a2023q410kexhibit97.htm (EX-97) — 12KB
• nr-20231231_g1.jpg (GRAPHIC) — 53KB
• nr-20231231_g2.jpg (GRAPHIC) — 45KB
• nr-20231231_g3.jpg (GRAPHIC) — 129KB
• nr-20231231_g4.jpg (GRAPHIC) — 16KB
• nr-20231231_g5.jpg (GRAPHIC) — 17KB
• nr-20231231_g6.jpg (GRAPHIC) — 17KB
• 0000071829-24-000009.txt (&nbsp;) — 11755KB
• nr-20231231.xsd (EX-101.SCH) — 67KB
• nr-20231231_cal.xml (EX-101.CAL) — 147KB
• nr-20231231_def.xml (EX-101.DEF) — 322KB
• nr-20231231_lab.xml (EX-101.LAB) — 951KB
• nr-20231231_pre.xml (EX-101.PRE) — 642KB
• nr-20231231_htm.xml (XML) — 1767KB

Business

Business 3 ITEM 1A.

Risk Factors

Risk Factors 8 ITEM 1B. Unresolved Staff Comments 19 ITEM 1C. Cybersecurity 19 ITEM 2.

Properties

Properties 20 ITEM 3.

Legal Proceedings

Legal Proceedings 20 ITEM 4. Mine Safety Disclosures 20 PART II 20 ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 ITEM 6. [Reserved] 22 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 23 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 74 ITEM 9A.

Controls and Procedures

Controls and Procedures 74 ITEM 9B. Other Information 76 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 76 PART III 76 ITEM 10. Directors, Executive Officers and Corporate Governance 76 ITEM 11.

Executive Compensation

Executive Compensation 76 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 76 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 76 ITEM 14. Principal Accountant Fees and Services 76 PART IV 76 ITEM 15. Exhibit and Financial Statement Schedules 77 ITEM 16. Form 10-K Summary 81

Signatures

Signatures 82 1 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. We also may provide oral or written forward-looking statements in other materials we release to the public. Words such as "will," "may," "could," "would," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These forward-looking statements reflect the current views of our management as of the filing date of this Annual Report on Form 10-K; however, various risks, uncertainties, contingencies, and other factors, some of which are beyond our control, are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those expressed in, or implied by, these statements. We assume no obligation to update, amend, or clarify publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this Annual Report on Form 10-K might not occur. For additional information regarding these and other factors, risks, and uncertainties that could cause actual results to differ, we refer you to the risk factors set forth in Item 1A "Risk Factors" in this Annual Report on Form 10-K. 2 PART I

Business

ITEM 1. Business General Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. We currently operate our business through two reportable segments: Industrial Solutions and Fluids Systems, as described further below. In addition, we had a third reportable segment, Industrial Blending, which was exited in 2022. Our Industrial Solutions segment provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, oil and natural gas exploration and production ("E&P"), pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and United Kingdom. We also sell our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end-market. Our Fluids Systems segment provides drilling and completion fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in North America and Europe, the Middle East and Africa ("EMEA"), as well as certain countries in Asia Pacific. Over the past few years, our primary focus within Fluids Systems has been the transformation into a more agile and simplified business focused on key markets, while monetizing assets in underperforming or sub-scale markets and reducing our invested capital, particularly in the U.S. In the fourth quarter of 2022, we exited two of our Fluids Systems business units, including our U.S.-based mineral grinding business as well as our Gulf of Mexico fluids operations. In 2023, we exited our stimulation chemicals product line, certain operations for offshore Australia, and our Latin America operations in Chile. In June 2023, we initiated a review of strategic alternatives for the lon

Risk Factors

ITEM 1A. Risk Factors The following summarizes the most significant risks to our business. In addition to these risks, we are subject to a variety of risks that affect many other companies generally, as well as other risks and uncertainties that are not known to us as of the date of this Annual Report. Our success will depend, in part, on our ability to anticipate and effectively manage these and other risks. Any of these risk factors, either individually or in combination, could have a material adverse effect on our results of operations or financial condition, or prevent us from meeting ou

View Full Filing

View this 10-K filing on SEC EDGAR