Oceaneering International Inc. Files 10-Q for Q1 2024

TL;DR

<b>Oceaneering International Inc. filed its Q1 2024 10-Q report on April 26, 2024, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

OCEANEERING INTERNATIONAL INC (OII) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Oceaneering International Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. The report was filed on April 26, 2024. The company's principal business address is in Houston, Texas.

Why It Matters

For investors and stakeholders tracking OCEANEERING INTERNATIONAL INC, this filing contains several important signals. This 10-Q filing provides crucial insights into Oceaneering's financial health and operational performance during the first quarter of 2024, which is essential for investors to assess the company's trajectory. Understanding the details within this report allows stakeholders to evaluate the company's progress against its strategic goals and market conditions in the oil and gas services sector.

Risk Assessment

Risk Level: medium — OCEANEERING INTERNATIONAL INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue trends and profitability drivers for Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report End Date (10-Q filing)
• 2024-04-26 — Filing Date (10-Q filing)
• 1231 — Fiscal Year End (Company data)
• 001-10945 — SEC File Number (Filing values)

Key Players & Entities

• OCEANEERING INTERNATIONAL INC (company) — Filer name
• 0000073756 (company) — Central Index Key
• 2024-03-31 (date) — Period of report
• 2024-04-26 (date) — Filed as of date
• 713-329-4500 (phone_number) — Business phone
• HOUSTON (location) — Business address city
• TX (location) — Business address state
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Oceaneering International operates in the oil and gas field services sector, providing a range of services and products to the energy industry.

Regulatory Implications

As a publicly traded company, Oceaneering International is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 once available in the full report.
2. Examine any disclosed segment performance data to understand business unit contributions.
3. Review the balance sheet and cash flow statement for changes in financial position and liquidity.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-04-26: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for Q1 2024, providing a snapshot of the company's performance and financial position at the end of the first quarter.

Key Financial Figures

• $0.25 — ich registered Common stock, par value $0.25 per share OII New York Stock Exchange

Filing Documents

• oii-20240331.htm (10-Q) — 784KB
• exhibit1001summaryof2024an.htm (EX-10.01) — 13KB
• oii_exhibitx3101x1q2024.htm (EX-31.01) — 11KB
• oii_exhibitx3102x1q2024.htm (EX-31.02) — 11KB
• oii_exhibitx3201x1q2024.htm (EX-32.01) — 6KB
• oii_exhibitx3202x1q2024.htm (EX-32.02) — 6KB
• oii-20240331_g1.jpg (GRAPHIC) — 20KB
• 0000073756-24-000081.txt (&nbsp;) — 5377KB
• oii-20240331.xsd (EX-101.SCH) — 48KB
• oii-20240331_cal.xml (EX-101.CAL) — 58KB
• oii-20240331_def.xml (EX-101.DEF) — 331KB
• oii-20240331_lab.xml (EX-101.LAB) — 542KB
• oii-20240331_pre.xml (EX-101.PRE) — 480KB
• oii-20240331_htm.xml (XML) — 463KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Comprehensive Income (Loss) Consolidated Statements of Cash Flows Consolidated Statements of Equity

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Controls and Procedures

Item 4. Controls and Procedures

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings

Signatures

Signatures 1 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS Mar 31, 2024 Dec 31, 2023 (in thousands, except share data) (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 354,697 $ 461,566 Accounts receivable, net 384,095 331,326 Contract assets, net 193,255 234,505 Inventory, net 216,914 209,798 Other current assets 88,531 68,464 Total Current Assets 1,237,492 1,305,659 Property and equipment, at cost 2,257,886 2,285,896 Less accumulated depreciation 1,835,797 1,861,603 Net property and equipment 422,089 424,293 Other Assets: Goodwill 33,991 34,214 Other noncurrent assets 136,359 137,286 Right-of-use operating lease assets 398,946 337,554 Total other assets 569,296 509,054 Total Assets $ 2,228,877 $ 2,239,006 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 152,607 $ 156,064 Accrued liabilities 400,621 411,781 Contract liabilities 150,150 164,631 Total current liabilities 703,378 732,476 Long-term debt 478,173 477,058 Long-term operating lease liabilities 325,890 293,482 Other long-term liabilities 92,293 101,907 Commitments and contingencies Equity: Common stock, par value $ 0.25 per share; 360,000,000 shares authorized; 110,834,088 shares issued 27,709 27,709 Additional paid-in capital 94,270 131,774 Treasury stock; 9,447,084 and 10,030,200 shares, at cost ( 540,988 ) ( 574,380 ) Retained earnings 1,440,392 1,425,257 Accumulated other comprehensive loss ( 398,303 ) ( 382,340 ) Oceaneering shareholders' equity 623,080 628,020 Noncontrolling interest 6,063 6,063 Total equity 629,143 634,083 Total Liabilities and Equity $ 2,228,877 $ 2,239,006 The accompanying Notes are an integral part of these Consolidated Financial Statements. 2 Table of Contents OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, (in thousands, except per share data) 2024 2023 Revenue $ 599,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation . Oceaneering International, Inc. ("Oceaneering," "we" or "us") has prepared these unaudited consolidated financial statements pursuant to instructions for quarterly reports on Form 10-Q, which we are required to file with the United States Securities and Exchange Commission (the "SEC"). These financial statements do not include all information and footnotes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). These financial statements reflect all adjustments that we believe are necessary to present fairly our financial position as of March 31, 2024 and our results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, all such adjustments are of a normal and recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2023. The results for interim periods are not necessarily indicative of annual results. Principles of Consolidation. The consolidated financial statements include the accounts of Oceaneering and our more than 50 % owned and controlled subsidiaries. We also consolidate entities that are determined to be variable interest entities if we determine that we are the primary beneficiary; otherwise, we account for those entities using the equity method of accounting. We use the equity method to account for our investments in unconsolidated affiliated companies of which we own an equity interest of between 20 % and 50 % and as to which we have significant influence, but not control, over operations. We use the cost method for all other long-term investments. Investments in entities that we do not consolidate are reflected on our balance sheet in other noncurrent asse

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View this 10-Q filing on SEC EDGAR