Oceaneering International Inc. Files Q3 2024 10-Q

TL;DR

**OII Q3 2024 10-Q FILED: Check financials for latest performance.**

AI Summary

Oceaneering International Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the nine months ended September 30, 2024, and the third quarter ended September 30, 2024, are detailed in this filing. Specific financial figures such as revenue, net income, and earnings per share for these periods are available within the document.

Why It Matters

This filing provides crucial financial updates for Oceaneering International Inc., impacting investor decisions and market perception of the company's performance in the oil and gas field services sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the oil and gas sector is inherently volatile, which can impact the company's financial health.

Key Numbers

• 9 months ended Sep 30, 2024 — Nine Month Period (Reporting period for financial data.)
• Q3 ended Sep 30, 2024 — Third Quarter Period (Reporting period for financial data.)
• Fiscal Year End: 1231 — Fiscal Year End (Indicates the end of the company's financial year.)

Key Players & Entities

• OCEANEERING INTERNATIONAL INC (company) — Filer
• 0000073756 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241025 (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-20240930.htm (10-Q) — 1009KB
• oii_exhibitx3101x3q2024.htm (EX-31.01) — 11KB
• oii_exhibitx3102x3q2024.htm (EX-31.02) — 11KB
• oii_exhibitx3201x3q2024.htm (EX-32.01) — 6KB
• oii_exhibitx3202x3q2024.htm (EX-32.02) — 6KB
• oii-20240930_g1.jpg (GRAPHIC) — 20KB
• 0000073756-24-000159.txt ( ) — 5884KB
• oii-20240930.xsd (EX-101.SCH) — 38KB
• oii-20240930_cal.xml (EX-101.CAL) — 57KB
• oii-20240930_def.xml (EX-101.DEF) — 311KB
• oii-20240930_lab.xml (EX-101.LAB) — 512KB
• oii-20240930_pre.xml (EX-101.PRE) — 462KB
• oii-20240930_htm.xml (XML) — 630KB

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

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

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 Sep 30, 2024 Dec 31, 2023 (in thousands, except share data) (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 451,858 $ 461,566 Accounts receivable, net 378,391 331,326 Contract assets, net 239,093 234,505 Inventory, net 241,576 209,798 Other current assets 100,181 68,464 Total Current Assets 1,411,099 1,305,659 Property and equipment, at cost 2,180,182 2,285,896 Less accumulated depreciation 1,756,603 1,861,603 Net property and equipment 423,579 424,293 Other Assets: Goodwill 34,111 34,214 Other noncurrent assets 123,575 137,286 Right-of-use operating lease assets 364,129 337,554 Total other assets 521,815 509,054 Total Assets $ 2,356,493 $ 2,239,006 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 183,323 $ 156,064 Accrued liabilities 448,004 411,781 Contract liabilities 168,816 164,631 Total current liabilities 800,143 732,476 Long-term debt 480,706 477,058 Long-term operating lease liabilities 271,940 293,482 Other long-term liabilities 99,663 101,907 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 95,325 131,774 Treasury stock; 9,774,093 and 10,030,200 shares, at cost ( 545,524 ) ( 574,380 ) Retained earnings 1,516,626 1,425,257 Accumulated other comprehensive loss ( 396,158 ) ( 382,340 ) Oceaneering shareholders' equity 697,978 628,020 Noncontrolling interest 6,063 6,063 Total equity 704,041 634,083 Total Liabilities and Equity $ 2,356,493 $ 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 September 30, Nine Months Ended September 30, (in thousands, except per s

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 September 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 consolidated balance sheets in

View Full Filing

View this 10-Q filing on SEC EDGAR