Oceaneering International Inc. Files Q2 2024 10-Q

TL;DR

OII Q2 10-Q filed. Financials and ops details out.

AI Summary

Oceaneering International Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers financial performance and operational details for the second quarter and the first half of the fiscal year. Specific financial figures and operational highlights are detailed within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Oceaneering's financial health and operational performance, crucial for understanding its market position and future prospects in the oil and gas services sector.

Risk Assessment

Risk Level: medium — As a company in the oil and gas services sector, Oceaneering is subject to industry-specific risks, including commodity price volatility and project delays, which can impact financial performance.

Key Players & Entities

• OCEANEERING INTERNATIONAL INC (company) — Filer
• 0000073756 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240726 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• oii-20240630.htm (10-Q) — 926KB
• oii_exhibitx3101x2q2024.htm (EX-31.01) — 11KB
• oii_exhibitx3102x2q2024.htm (EX-31.02) — 11KB
• oii_exhibitx3201x2q2024.htm (EX-32.01) — 6KB
• oii_exhibitx3202x2q2024.htm (EX-32.02) — 6KB
• oii-20240630_g1.jpg (GRAPHIC) — 20KB
• 0000073756-24-000129.txt ( ) — 5602KB
• oii-20240630.xsd (EX-101.SCH) — 38KB
• oii-20240630_cal.xml (EX-101.CAL) — 55KB
• oii-20240630_def.xml (EX-101.DEF) — 301KB
• oii-20240630_lab.xml (EX-101.LAB) — 496KB
• oii-20240630_pre.xml (EX-101.PRE) — 448KB
• oii-20240630_htm.xml (XML) — 600KB

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 Jun 30, 2024 Dec 31, 2023 (in thousands, except share data) (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 382,873 $ 461,566 Accounts receivable, net 405,072 331,326 Contract assets, net 224,475 234,505 Inventory, net 231,305 209,798 Other current assets 93,405 68,464 Total Current Assets 1,337,130 1,305,659 Property and equipment, at cost 2,268,671 2,285,896 Less accumulated depreciation 1,852,181 1,861,603 Net property and equipment 416,490 424,293 Other Assets: Goodwill 34,033 34,214 Other noncurrent assets 138,498 137,286 Right-of-use operating lease assets 378,715 337,554 Total other assets 551,246 509,054 Total Assets $ 2,304,866 $ 2,239,006 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 172,672 $ 156,064 Accrued liabilities 423,216 411,781 Contract liabilities 181,057 164,631 Total current liabilities 776,945 732,476 Long-term debt 479,378 477,058 Long-term operating lease liabilities 295,294 293,482 Other long-term liabilities 96,154 101,907 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 92,341 131,774 Treasury stock; 9,352,641 and 10,030,200 shares, at cost ( 535,579 ) ( 574,380 ) Retained earnings 1,475,389 1,425,257 Accumulated other comprehensive loss ( 408,828 ) ( 382,340 ) Oceaneering shareholders' equity 651,032 628,020 Noncontrolling interest 6,063 6,063 Total equity 657,095 634,083 Total Liabilities and Equity $ 2,304,866 $ 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 June 30, Six Months Ended June 30, (in thousands, except per share data)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation . Oceaneering International, Inc. ("Oceaneering," "we" "our" 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 June 30, 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 50 % or more 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 a

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View this 10-Q filing on SEC EDGAR