Solaris Oilfield Infrastructure, Inc. Files 2023 Annual Report (10-K)
Ticker: SEI · Form: 10-K · Filed: Feb 27, 2024 · CIK: 1697500
Sentiment: neutral
Topics: 10-K, Solaris Oilfield Infrastructure, Financial Report, Oilfield Services, Annual Filing
TL;DR
<b>Solaris Oilfield Infrastructure, Inc. has filed its 2023 10-K annual report detailing financial performance and operational segments.</b>
AI Summary
Solaris Oilfield Infrastructure, Inc. (SEI) filed a Annual Report (10-K) with the SEC on February 27, 2024. Solaris Oilfield Infrastructure, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers financial data and operational details for the period. Key financial statement items such as retained earnings, noncontrolling interest, and additional paid-in capital are detailed for multiple fiscal years. Information regarding common stock, employee stock options, and restricted stock is presented for the years 2020 through 2023. Segment information for Wellsite Services and Transloading and Other is provided for fiscal years 2021, 2022, and 2023.
Why It Matters
For investors and stakeholders tracking Solaris Oilfield Infrastructure, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Solaris Oilfield Infrastructure's financial health and operational structure for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed segment information for Wellsite Services and Transloading and Other allows stakeholders to understand the revenue drivers and performance of different business units within the company.
Risk Assessment
Risk Level: medium — Solaris Oilfield Infrastructure, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative trends without further comparative analysis or market context.
Analyst Insight
Review the detailed financial statements and segment performance in the 10-K to identify trends and potential investment opportunities or risks within Solaris Oilfield Infrastructure's operations.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Wellsite Services | ||
| Transloading and Other |
Key Numbers
- 2023-12-31 — Fiscal Year End (Reporting period)
- 2024-02-27 — Filing Date (Date of submission)
- 2023 — Fiscal Year (Primary year for financial data)
- 2022 — Previous Fiscal Year (Comparative year for financial data)
- 2021 — Prior Fiscal Year (Comparative year for financial data)
- 2020 — Earlier Fiscal Year (Comparative year for financial data)
Key Players & Entities
- Solaris Oilfield Infrastructure, Inc. (company) — Filer name
- 2023-12-31 (date) — Fiscal year end
- 2024-02-27 (date) — Filing date
- 001-38090 (other) — SEC file number
- 9651 KATY FREEWAY SUITE 300 (address) — Business address
- HOUSTON (location) — Business address city
- TX (location) — Business address state
- 77024 (postal_code) — Business address zip
FAQ
When did Solaris Oilfield Infrastructure, Inc. file this 10-K?
Solaris Oilfield Infrastructure, Inc. filed this Annual Report (10-K) with the SEC on February 27, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Solaris Oilfield Infrastructure, Inc. (SEI).
Where can I read the original 10-K filing from Solaris Oilfield Infrastructure, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Solaris Oilfield Infrastructure, Inc..
What are the key takeaways from Solaris Oilfield Infrastructure, Inc.'s 10-K?
Solaris Oilfield Infrastructure, Inc. filed this 10-K on February 27, 2024. Key takeaways: Solaris Oilfield Infrastructure, Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing covers financial data and operational details for the period.. Key financial statement items such as retained earnings, noncontrolling interest, and additional paid-in capital are detailed for multiple fiscal years..
Is Solaris Oilfield Infrastructure, Inc. a risky investment based on this filing?
Based on this 10-K, Solaris Oilfield Infrastructure, Inc. presents a moderate-risk profile. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative trends without further comparative analysis or market context.
What should investors do after reading Solaris Oilfield Infrastructure, Inc.'s 10-K?
Review the detailed financial statements and segment performance in the 10-K to identify trends and potential investment opportunities or risks within Solaris Oilfield Infrastructure's operations. The overall sentiment from this filing is neutral.
Risk Factors
- Financial Performance [medium — financial]: The company's financial performance is subject to fluctuations in commodity prices, customer spending, and overall economic conditions in the oil and gas industry.
- Market Conditions [medium — market]: The oil and gas industry is cyclical and subject to significant volatility, impacting demand for the company's services and equipment.
- Operational Risks [medium — operational]: The company's operations involve inherent risks related to equipment failure, safety incidents, and environmental compliance.
Filing Stats: 4,395 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-02-27 16:02:22
Key Financial Figures
- $0.01 — ich registered Class A Common Stock , $0.01 par value " SOI " New York Stock Ex
- $0.00 — 671,971 shares of Class B common stock, $0.00 par value per share, outstanding . DO
Filing Documents
- soi-20231231x10k.htm (10-K) — 2214KB
- soi-20231231xex23.htm (EX-23) — 4KB
- soi-20231231xex31d1.htm (EX-31.1) — 12KB
- soi-20231231xex31d2.htm (EX-31.2) — 12KB
- soi-20231231xex32d1.htm (EX-32.1) — 9KB
- soi-20231231xex32d2.htm (EX-32.2) — 9KB
- soi-20231231xex97.htm (EX-97) — 48KB
- soi-20231231x10k006.jpg (GRAPHIC) — 82KB
- 0001697500-24-000023.txt ( ) — 9766KB
- soi-20231231.xsd (EX-101.SCH) — 51KB
- soi-20231231_cal.xml (EX-101.CAL) — 73KB
- soi-20231231_def.xml (EX-101.DEF) — 291KB
- soi-20231231_lab.xml (EX-101.LAB) — 579KB
- soi-20231231_pre.xml (EX-101.PRE) — 458KB
- soi-20231231x10k_htm.xml (XML) — 1668KB
Business
Business 5 Item 1A.
Risk Factors
Risk Factors 16 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 31 Item 2.
Properties
Properties 32 Item 3.
Legal Proceedings
Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. Reserved 34 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 34 Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 42 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73 Item 9A.
Controls and Procedures
Controls and Procedures 73 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III Item 10. Directors, Executive Officers and Corporate Governance 74 Item 11.
Executive Compensation
Executive Compensation 75 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 75 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accounting Fees and Services 75 PART IV Item 15. Exhibits and Financial Statement Schedules 76 Item 16. Form 10-K Summary 78 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "believe," "expect," "anticipate," "intend," "estimate" and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Our forward-looking statements include statements about our business strategy, our industry, our future profitability, our expected capital expenditures and the impact of such expenditures on our performance, management changes, current and potential future long-term contracts, the costs of being a publicly traded corporation, our capital programs and our future business and financial performance. In addition, our forward-looking statements address the various risks and uncertainties associated with extraordinary market environments, and the expected impact on our businesses, results of operations and earnings. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. You should
Business
Item 1. Business Our Company We are a Houston, Texas based business. We design and manufacture specialized equipment, which combined with field technician support, last mile and mobilization logistics services and our software solutions, enables us to provide a service offering that helps oil and natural gas operators and their suppliers drive efficiencies that reduce operational footprint and costs during the completion phase of well development. We service most active oil and natural gas basins in the United States. We believe our continual innovation is one of our main competitive advantages. We specialize in developing all-electric equipment that automates the low pressure section of oil and gas well completion sites. We believe all-electric equipment operates more efficiently than traditional equipment, is more reliable, safer and lowers the environmental and operating footprint required to develop oil and gas. We also believe that automation improves operational efficiency by reducing errors, waste and headcount required on well sites, which lowers costs and improves safety. We manage and report our operations as a single business. Our sand handling service offering has grown from utilizing our legacy mobile proppant management systems to multiple types of all-electric, automated systems designed to efficiently store, move and blend sand and fluids on the low pressure side of well completion sites. We measure our activity based on the number of our fully utilized systems. Typically, one to several systems could follow one hydraulic fracturing (frac) crew. Our Properties We own or lease various facilities including our corporate headquarters in Houston, Texas, a repair and maintenance facility in Monahans, Texas, and a manufacturing facility in Early, Texas. Suppliers We have built long-term relationships with third-party suppliers to both transport equipment and products and provide certain materials used in the manufacturing and maintenance of ou