Oil States International, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Oil States International, 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

OIL STATES INTERNATIONAL, INC (OIS) filed a Annual Report (10-K) with the SEC on February 21, 2024. Oil States International, Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at Three Allen Center, 333 Clay Street, Suite 4620, Houston, TX 77002. The company's IRS number is 760476605. The company was incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking OIL STATES INTERNATIONAL, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Oil States International's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and disclosures within the 10-K allow for a thorough analysis of the company's revenue streams, profitability, and balance sheet strength, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — OIL STATES INTERNATIONAL, INC shows moderate risk based on this filing. The company operates in the oil and gas industry, which is subject to significant price volatility and regulatory changes, posing inherent risks to its financial performance and operations.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the oil and gas sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-21 — Filing Date (Filed as of date)
• 760476605 — IRS Number (Filer IRS number)
• DE — State of Incorporation (State of incorporation)

Key Players & Entities

• OIL STATES INTERNATIONAL, INC (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-21 (date) — Filing date
• Three Allen Center (location) — Business address street 1
• 333 Clay Street, Suite 4620 (location) — Business address street 2
• Houston (location) — Business address city
• TX (location) — Business address state
• 77002 (postal_code) — Business address zip

FAQ

Industry Context

Oil States International operates within the Oil & Gas Machinery & Equipment industry.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the annual filing of a Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's operational segments and their performance in the fiscal year 2023.
3. Assess the risk factors outlined in the filing for potential impacts on future operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from previous filings would be needed for a full comparison.

Key Financial Figures

• $17.3 million — tions. In February 2023, we repaid the $17.3 million in principal amount, plus accrued inter
• $25.0 million — ). Additionally, our Board authorized a $25.0 million stock repurchase plan, which extends th
• $6.9 million — nds through February 2025. During 2023, $6.9 million of share repurchases were made under th
• $125.0 million — d credit facility, which provides for a $125.0 million asset-based revolving credit facility (
• $333 million — shore/Manufactured Products segment was $333 million as of December 31, 2023, compared to $3
• $308 million — on as of December 31, 2023, compared to $308 million as of December 31, 2022 and $260 millio
• $260 million — 308 million as of December 31, 2022 and $260 million as of December 31, 2021. We expect appr

Filing Documents

• ois-20231231.htm (10-K) — 1890KB
• ois_20231231xex1010.htm (EX-10.10) — 1553KB
• ois_20231231xex211.htm (EX-21.1) — 13KB
• ois_20231231xex231.htm (EX-23.1) — 5KB
• ois_20231231xex241.htm (EX-24.1) — 10KB
• ois_20231231xex311.htm (EX-31.1) — 12KB
• ois_20231231xex312.htm (EX-31.2) — 12KB
• ois_20231231xex321.htm (EX-32.1) — 6KB
• ois_20231231xex322.htm (EX-32.2) — 6KB
• ois_20231231xex971.htm (EX-97.1) — 26KB
• ois-20231231_g1.jpg (GRAPHIC) — 99KB
• 0001121484-24-000021.txt (&nbsp;) — 12004KB
• ois-20231231.xsd (EX-101.SCH) — 58KB
• ois-20231231_cal.xml (EX-101.CAL) — 119KB
• ois-20231231_def.xml (EX-101.DEF) — 312KB
• ois-20231231_lab.xml (EX-101.LAB) — 862KB
• ois-20231231_pre.xml (EX-101.PRE) — 568KB
• ois-20231231_htm.xml (XML) — 1501KB

Business 4

Item 1. Business 4

Risk Factors 15

Item 1A. Risk Factors 15

Unresolved Staff Comments 27

Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27

Properties 28

Item 2. Properties 28

Legal Proceedings 29

Item 3. Legal Proceedings 29

Mine Safety Disclosures 29

Item 4. Mine Safety Disclosures 29 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[Reserved] 31

Item 6. [Reserved] 31

Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk 44

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44

Financial Statements and Supplementary Data 44

Item 8. Financial Statements and Supplementary Data 44

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45

Controls and Procedures 45

Item 9A. Controls and Procedures 45

Other Information 46

Item 9B. Other Information 46 PART III

Directors, Executive Officers and Corporate Governance 47

Item 10. Directors, Executive Officers and Corporate Governance 47

Executive Compensation 47

Item 11. Executive Compensation 47

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47

Certain Relationships and Related Transactions, and Director Independence 47

Item 13. Certain Relationships and Related Transactions, and Director Independence 47

Principal Accounting Fees and Services 47

Item 14. Principal Accounting Fees and Services 47 PART IV

Exhibits, Financial Statement Schedules 48

Item 15. Exhibits, Financial Statement Schedules 48

Form 10-K Summary 50

Item 16. Form 10-K Summary 50 SIGNATURES 51 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 52 -2- PART I C autionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K and other statements we make contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors, including incorrect or changed assumptions. For a discussion of known material factors that could affect our results, please refer to "Part I, Item 1. Business," "Part I, Item 1A. Risk Factors," "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk" below. You can typically identify "forward-looking statements" by the use of forward-looking words such as "may," "will," "could," "project," "believe," "anticipate," "expect," "estimate," "potential," "plan," "forecast," "proposed," "should," "seek," and other similar words. Such statements may relate to our future financial position, budgets, capital expenditures, projected costs, plans and objectives of management for future operations and possible future strategic transactions. Actual results frequently differ from assumed facts and such differences can be material, depending upon the circumstances. While we believe we are providing forward-looking statements expressed in good faith and on a reasonable basis, there can be no assurance that actual results will not differ from such forward-looking statements. The following are important factors that could cause actual results to differ materially from those expressed in any forward-looking statement made by, or on behalf of, us: the impact of the ongoing military ac

Business

Item 1. Business Our Company Oil States International, Inc., through its subsidiaries, is a global provider of manufactured products and services to the energy, industrial and military sectors. Our manufactured products include highly engineered capital equipment as well as products consumed in the drilling, well construction and production of oil and natural gas. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Our customers include many national oil and natural gas companies, major and independent oil and natural gas companies, onshore and offshore drilling companies and other oilfield service, defense and industrial companies. We operate through three business segments – Offshore/Manufactured Products, Well Site Services and Downhole Technologies – and maintain a leadership position with certain of our product and service offerings in each segment. In this Annual Report on Form 10K, references to the "Company" or "Oil States," or to "we," "us," "our," and similar terms are to Oil States International, Inc. and its consolidated subsidiaries. Available Information Our website can be found at www.oilstatesintl.com . We make available, free of charge through our website, our Annual Report on Form 10K, Quarterly Reports on Form 10Q, Current Reports on Form 8K, our proxy statement, our Registration Statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers, and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the SEC. We are not including the information contained on our website or any other website as a part of, or incorporating it by reference into, this Annual Report on Form 10K or any other filing we make with the SEC. The filings are also available through the SEC's website at www.sec.gov . Our Board of Directors (the "Board") has documented its governance practices b