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FET on NYSE

Forum Energy Technologies

Oil and gas industry

Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide. The company's subsea division provides a range of subsea equipment and services, including ROVs, intervention tooling, subsea structures, pipeline connectors, and survey and positioning equipment. The division operates globally, with locations in the UK, Norway, Singapore, Brazil, and the US.3 Its shares trade on NYSE under the symbol FET.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2010Founded1

Compare with Oil States International, Innovex International, Inc. or Solaris Energy Infrastructure, Inc., or pick any stock.

  • TickerFET on NYSE1
  • Industrylist of oilfield service companies1
  • HeadquartersHouston1
  • Websitef-e-t.com
  • Legal formDelaware corporation1
  • Incorporated inDE5
  • Business address10344 Sam Houston Park Drive, Suite 300, Houston, Tx 770645
  • Filer categoryAccelerated filer, Smaller reporting company5
  • LEI549300SF93HLCR1REE274
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O National Registered Agents, Inc., 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 39669954

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Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

27.7%Gross margin8
3.8%Operating margin8
-1.2%Net margin8
-3.1%Revenue growth, 20258
-3.3%Return on equity8
0.46×Debt to equity8
$64.4MFree cash flow8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Drilling and Completions brought in 60% of the revenue Forum Energy Technologies broke down this way in fiscal 2025.

  1. Drilling and Completions$477.2M860%up 1% from 2024
  2. Artificial Lift and Downhole$314.8M840%down 9% from 2024
Business segments by year
Business segments20242025
Drilling and Completions$470.7M$477.2M
Artificial Lift and Downhole$345.7M$314.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue72¢$572.4M
  • Selling, general and admin25¢$199.9M
  • Income tax3¢$26.2M

Out of $791.5M in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending9¢$6.0M
  • Share buybacks49¢$34.6M
  • Kept or used elsewhere42¢$29.8M

Out of $70.4M of cash from operations.8

Financial statements

Revenue9101112138$791.5M in 2025−17% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $956.5M$956.5M20192020: $512.5M$512.5M2020−46%2021: $541.1M$541.1M2021+6%2022: $699.9M$699.9M2022+29%2023: $738.9M$738.9M2023+6%2024: $816.4M$816.4M2024+10%2025: $791.5M$791.5M2025−3%
Gross profit9101112138$219.0M in 2025−11% since 2019
-$100.0M0$100.0M$200.0M$300.0M2019: $244.9M$244.9M20192020: -$11.0M-$11.0M20202021: $123.3M$123.3M20212022: $188.5M$188.5M2022+53%2023: $204.2M$204.2M2023+8%2024: $255.0M$255.0M2024+25%2025: $219.0M$219.0M2025−14%
Operating income9101112138$30.1M in 2025
-$600.0M-$400.0M-$200.0M0$200.0M2019: -$536.1M-$536.1M20192020: -$231.6M-$231.6M2020−57%2021: -$44.5M-$44.5M2021−81%2022: $17.3M$17.3M20222023: $20.7M$20.7M2023+20%2024: -$86.8M-$86.8M20242025: $30.1M$30.1M2025
Net income9101112138-$9.7M in 2025−98% since 2019
-$600.0M-$400.0M-$200.0M0$200.0M2019: -$567.1M-$567.1M20192020: -$96.9M-$96.9M2020−83%2021: -$82.7M-$82.7M2021−15%2022: $3.7M$3.7M20222023: -$18.9M-$18.9M20232024: -$135.3M-$135.3M2024+617%2025: -$9.7M-$9.7M2025−93%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Revenue$791.5M$816.4M
Cost of sales$572.4M$561.4M
Gross profit$219.0M$255.0M
Selling, general and administrative expenses$199.9M$219.3M
Transaction expenses$546.0K$7.7M
Impairment of intangible assets$0$119.1M
Gain on sale-leaseback transactions-$11.2M-$4.9M
Loss (gain) on disposal of assets and other-$378.0K$484.0K
Total operating expenses$188.9M$341.8M
Operating income (loss)$30.1M-$86.8M
Interest expense$18.3M$31.5M
Loss on extinguishment of debt$0$2.9M
Foreign exchange losses (gains) and other, net-$4.8M$7.3M
Total other expense, net$13.6M$41.7M
Income (loss) before income taxes$16.6M-$128.4M
Income tax expense$26.2M$6.9M
Basic (in shares)11.9M shares12.3M shares
Diluted (in shares)11.9M shares12.3M shares
Basic (in dollars per share)-$0.81-$11.00
Diluted (in dollars per share)-$0.81-$11.00
Net loss-$9.7M-$135.3M
Change in foreign currency translation$7.5M-$8.2M
Gain on pension liability$294.0K$157.0K
Comprehensive loss-$1.9M-$143.3M
Other comprehensive income (loss), tax$203.0K$0

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Corporate structure

Forum Energy Technologies sits at the top of its group. 14 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Forum Energy Technologies

  • Forum Energy Technologies Houston, Texas, United States
    • FET Global Holdings Limited Subsidiary · United Kingdom
    • FET Global L.P. Subsidiary · United Kingdom
    • FET Holdings LLC Subsidiary · Delaware, United States
    • FET Worldwide L.P. Subsidiary · United Kingdom
    • Forum B+V Oil Tools GmbH Subsidiary · Germany
    • Forum Canada ULC Subsidiary · Canada
    • Forum Global Tubing L.P. Subsidiary · Delaware, United States
    • Forum International Holdings, Inc. Subsidiary · Delaware, United States
    • Forum US, Inc. Subsidiary · Delaware, United States
    • Forum Worldwide Holdings Limited Subsidiary · United Kingdom
    • Global Tubing LLC Subsidiary · Delaware, United States
    • Variperm Energy Services Inc. Subsidiary · Canada
    • Variperm Holdings Ltd. Subsidiary · Canada

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Forum Energy Technologies reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$4.7M8 Dec 31, 2025$3.6M8 Dec 31, 2024+30.7%
Operating-lease assets (leased space)$80.7M8 Dec 31, 2025$70.4M8 Dec 31, 2024+14.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$34.7M8 Dec 31, 2025$44.7M8 Dec 31, 2024−22.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$64.7M8 Dec 31, 2025$61.7M8 Dec 31, 2024+4.9%
Intangible assets, net (excluding goodwill)$93.6M8 Dec 31, 2025$109.2M8 Dec 31, 2024−14.3%
Accumulated amortization$181.1M8 Dec 31, 2025$161.8M8 Dec 31, 2024+11.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$239.4M8 Dec 31, 2025$265.5M8 Dec 31, 2024−9.8%
Work in process$26.0M8 Dec 31, 2025$27.9M8 Dec 31, 2024−6.7%
Finished goods$140.8M8 Dec 31, 2025$174.1M8 Dec 31, 2024−19.1%

Properties, in its own words

The following table describes the significant facilities owned or leased by us as of December 31, 2025, for our Drilling and Completions (“D&C”) and Artificial Lift and Downhole (“A&D”) segments:

Country · Location · Number of facilities · Description · Leased or Owned · Segments

The rest of Item 2

Canada · Red Deer · 2 · Service/Distribution · Leased · D&C

Calgary · 1 · Manufacturing · Leased · D&C

Calgary · 1 · Manufacturing/Service/Distribution · Leased · A&D

Edmonton · 2 · Service/Distribution · Leased · D&C

Edmonton · 2 · Manufacturing/Service/Distribution · Leased · A&D

Germany · Hamburg · 1 · Manufacturing · Leased · D&C

Saudi Arabia · Dammam · 1 · Manufacturing/Distribution · Owned · Shared

UAE · Jebel Ali · 1 · Service/Distribution · Leased · Shared

United Kingdom · Aberdeen · 1 · Service/Distribution · Leased · D&C

Kirkbymoorside · 1 · Manufacturing · Owned · D&C

United States · Broussard, LA · 1 · Manufacturing/Service/Distribution · Leased · D&C

Bryan, TX · 1 · Manufacturing · Leased · D&C

Clearfield, PA · 1 · Manufacturing/Service/Distribution · Leased · A&D

Dayton, TX · 1 · Manufacturing · Leased · D&C

Guthrie, OK · 1 · Manufacturing · Leased · A&D

Houston, TX · 2 · Corporate/Manufacturing · Leased · Shared

Humble, TX · 1 · Manufacturing · Leased · D&C

Midland, TX · 1 · Service/Distribution · Leased · D&C

Odessa, TX · 1 · Service/Distribution · Leased · D&C

Odessa, TX · 1 · Service/Distribution · Leased · A&D

Pearland, TX · 1 · Manufacturing/Distribution · Leased · A&D

Smock, PA · 1 · Service · Leased · D&C

Stafford, TX · 2 · Manufacturing/Distribution · Leased · A&D

Tyler, TX · 1 · Distribution · Leased · D&C

Williston, ND · 1 · Service/Distribution · Leased · Shared

We believe our facilities are suitable for their present and intended purposes and are adequate for our current and anticipated level of operations.

We incorporate by reference the information set forth in Item 1 and Item 7 of this Annual Report on Form 10-K and the information set forth in Note 5 Property and Equipment, Note 8 Leases and Note 11 Commitments and Contingencies.

Item 2 of the 10-K filed Feb 27, 2026.17

The story

Forum Energy Technologies was founded in 2010 as a result of the merger of five oilfield products companies: Forum Oilfield Technologies, Triton Group, Subsea Services International, Global Flow Technologies, and Allied Technology.

Triton Group was a UK-based provider of subsea products and services, including remotely operated vehicles (ROVs), intervention tools, and subsea engineering services. Triton Group was formed in 2007 as a result of the merger of Perry Slingsby Systems, Sub-Atlantic, UK Project Support Ltd, and Dynamic Positioning Services Ltd.

Global Flow Technologies was a US-based company that provided flow management products and services, including choke and control valves, flowline products, and flow measurement products.

Allied Technology was a US-based company that provided drilling equipment, including drilling motors, rotary steerable systems, and drilling optimization software.

Forum Oilfield Technologies was originally founded in 2005 as an independent company focused on providing drilling products and services to the oil and gas industry. The company was based in Houston, Texas, and grew quickly through a combination of organic growth and strategic acquisitions.

In 2010, the company was renamed from Forum Oilfield Technologies to Forum Energy Technologies.

From Wikipedia’s article on Forum Energy Technologies, shared under CC BY-SA 4.0.6

Leadership

Who has led Forum Energy Technologies, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. C. Christopher Gaut2012–2023
  2. Prady Iyyanki2017–2018
  3. James L. McCulloch2019
  4. Neal Lux2022–now

President

  1. C. Christopher Gaut2012–2016
  2. Prady Iyyanki2016–2018
  3. Neal Lux2022–now

Chief financial officer

  1. Pablo G. Mercado2018–2020

Chief operating officer

  1. Prady Iyyanki2014–2017
  2. Neal Lux2021–2022
201520202025
Board members and other officers (29)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • FET Global Holdings Limited United Kingdom7
  • FET Global L.P. United Kingdom7
  • FET Holdings LLC Delaware7
  • FET Worldwide L.P. United Kingdom7
  • Forum B+V Oil Tools GmbH Germany7
  • Forum Canada ULC Canada7
  • Forum Global Tubing L.P. Delaware7
  • Forum Global Tubing LLC Delaware7
  • Forum International Holdings, Inc. Delaware7
  • Forum US, Inc. Delaware7
  • Forum Worldwide Holdings Limited United Kingdom7
  • Global Tubing LLC Delaware7
  • Variperm Energy Services Inc. Canada7
  • Variperm Holdings Ltd. Canada7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • FORUM OILFIELD TECHNOLOGIES INCMay 21, 2007 to Feb 11, 20085

Timeline

  1. Aug 31, 20268-K Other events54
  2. Jul 30, 20268-K Results of operations55
  3. May 15, 20268-K Results of operations56
  4. May 12, 20268-K Executive or director change; Shareholder vote57
  5. May 1, 20268-K Results of operations58
  6. Feb 20, 20268-K Results of operations59
  7. Feb 5, 20268-K Entered a material agreement; New debt or obligation60
  8. Jan 12, 20268-K Executive or director change61
  9. Oct 31, 20258-K Results of operations62
  10. Sep 19, 20258-K Executive or director change63
  11. Aug 8, 20258-K Results of operations64
  12. Jun 16, 20258-K Executive or director change65
  13. Feb 22, 2022New chief executive Neal Lux becomes CEO18
  14. Feb 19, 2019New chief executive James L. McCulloch becomes CEO19
  15. May 18, 2017New chief executive Prady Iyyanki becomes CEO20
  16. Apr 12, 2012Went public Listed on NYSE1
  17. Apr 11, 2012New chief executive C. Christopher Gaut becomes CEO21
  18. 2010Founded Founded1

Calendar

Coming up

  1. Oct 29, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.27 a share, on Oct 30, 2025.66

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results55
  2. May 15, 2026Reported quarterly or annual results56
  3. May 1, 2026Reported quarterly or annual results58
  4. Feb 20, 2026Reported quarterly or annual results59
  5. Oct 31, 2025Reported quarterly or annual results62
  6. Aug 8, 2025Reported quarterly or annual results64
  7. May 2, 2025Reported quarterly or annual results67
  8. Feb 20, 2025Reported quarterly or annual results68

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

307 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 54 major events, 152 insider forms, 31 large holders, 50 other. The latest 20:

  1. Aug 31, 20268-K EDGAR
  2. Aug 28, 2026424B7 EDGAR
  3. Aug 28, 2026S-3ASR EDGAR
  4. Aug 21, 20264 EDGAR
  5. Aug 20, 2026144 EDGAR
  6. Aug 17, 20264 EDGAR
  7. Aug 14, 2026144 EDGAR
  8. Aug 12, 20264 EDGAR
  9. Aug 11, 2026144 EDGAR
  10. Aug 11, 2026144 EDGAR
  11. Aug 11, 20264 EDGAR
  12. Aug 7, 2026SCHEDULE 13G EDGAR
  13. Aug 4, 20264 EDGAR
  14. Aug 3, 2026144 EDGAR
  15. Jul 31, 2026SCHEDULE 13G/A EDGAR
  16. Jul 31, 2026S-8 EDGAR
  17. Jul 31, 202610-Q EDGAR
  18. Jul 30, 20268-K EDGAR
  19. Jul 28, 2026SCHEDULE 13G/A EDGAR
  20. Jun 9, 2026144 EDGAR

The 307 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

44 open-market trades by officers, directors and large owners since October 2021: 8 buys and 36 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 20, 2026Williams David Lyle Jr.EVP, CFOSale20,068$78.13$1.6MForm 4
Aug 14, 2026Danford Michael DewayneSVP & CHOSale1,200$85.82$103.0KForm 4
Aug 11, 2026IVASCU JOHN CEVP, General Counsel & CCOSale5,000$81.22$406.1KForm 4
Aug 10, 2026Danford Michael DewayneSVP & CHOSale1,500$78.91$118.4KForm 4
Aug 3, 2026IVASCU JOHN CEVP, General Counsel & CCOSale5,000$70.63$353.2KForm 4
May 13, 2026Danford Michael DewayneSVP & CHOSale3,000$55.49$166.5KForm 4
Mar 2, 2026IVASCU JOHN CEVP, General Counsel & CCOSale4,392$60.01$263.6KForm 4
Mar 14, 2025Lux NealPresident & CEOBuy3,478$18.96$65.9KForm 4
Mar 13, 2025Lux NealPresident & CEOBuy9,129$17.65$161.1KForm 4
Dec 11, 2024RASPINO LOUISDirectorSale4,950$15.41$76.3KForm 4
Dec 11, 2024GAUT C CHRISTOPHERDirectorSale2,000$15.31$30.6KForm 4
Aug 15, 2024Lux NealPresident & CEOBuy9,000$16.12$145.1KForm 4
Aug 14, 2024Lux NealPresident & CEOBuy4,500$15.22$68.5KForm 4
Mar 7, 2024IVASCU JOHN CEVP, General Counsel & CCOSale2,000$19.25$38.5KForm 4
Nov 22, 2023GAUT C CHRISTOPHERDirectorSale1,449$22.04$31.9KForm 4
Nov 21, 2023IVASCU JOHN CEVP, General Counsel & CCOSale767$22.52$17.3KForm 4
May 12, 2023Lux NealPresident & CEOBuy17,000$21.60$367.2KForm 4
May 11, 2023Lux NealPresident & CEOBuy5,000$21.55$107.8KForm 4
Dec 20, 2022MCSHANE MICHAELDirectorBuy2,500$30.31$75.8KForm 4
Dec 19, 2022MCSHANE MICHAELDirectorBuy2,500$29.83$74.6KForm 4

All 44 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Neal A. LuxPresident and Chief Executive Officer$717.8K$6.2M80
2025D. Lyle WilliamsEVP and Chief Financial Officer$502.4K$2.9M80
2025John C. IvascuEVP, General Counsel, Chief Compliance Officer and Corporate Secretary$398.5K$2.0M80
2024Neal A. LuxPresident and Chief Executive Officer$696.2K$5.1M80
2024D. Lyle WilliamsEVP and Chief Financial Officer$485.2K$2.5M80
2024John C. IvascuEVP, General Counsel, Chief Compliance Officer and Corporate Secretary$392.7K$1.8M80

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.950,933$47.8M0.0%+66,478
Dimensional Fund Advisors LP653,990$32.8M0.0%+27,052
State Street Corp601,047$30.2M0.0%+272,570
Vanguard Capital Management LLC465,470$23.4M0.0%−30,243
American Century Companies Inc445,211$22.4M0.0%+33,990
Two Sigma Investments, LP408,252$20.5M0.0%+82,120
Goldman Sachs Group Inc369,652$18.6M0.0%+156,535
Geode Capital Management, LLC315,201$15.8M0.0%+59,399
Jacobs Levy Equity Management, Inc279,986$14.1M0.1%+14,770
Allspring Global Investments Holdings, LLC244,910$12.0M0.0%+4,618
De Lisle Partners LLP226,889$11.4M1.2%+7,500
IES Holdings, Inc.212,860$10.7M3.4%−12,140
Aqr Capital Management LLC176,931$8.9M0.0%−17,342
Nuveen, LLC175,934$8.8M0.0%+5,330
Renaissance Technologies LLC166,999$8.4M0.0%+26,524
Vanguard Portfolio Management LLC164,128$8.2M0.0%+49,241
Morgan Stanley154,860$7.8M0.0%+32,194
Hillsdale Investment Management Inc.143,350$7.2M0.2%+12,400
Bridgeway Capital Management, LLC142,788$7.2M0.1%+16,317
Citadel Advisors LLC133,937$6.7M0.0%+83,056
Fmr LLC133,756$6.7M0.0%+86,674
Jb Capital Partners LP120,800$6.1M0.9%No change
Ameriprise Financial Inc112,735$5.7M0.0%+35,098
Algert Global LLC109,695$5.5M0.1%+24,266
Northern Trust Corp95,242$4.8M0.0%+6,978

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Forum Energy Technologies is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFORUM ENERGY TECHNOLOGIES, INC.2
  • CIK0001401257
  • Employer ID (EIN)61-148859517
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)3533 Oil & Gas Field Machinery & Equipment2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address10344 Sam Houston Park Drive, Suite 300, Houston, TX 770642
  • Phone281-949-25002
  • Shares outstanding11,304,286 as of Apr 24, 202616
  • Public float$225.5M as of Jun 30, 202517
  • AuditorDeloitte & Touche LLP, Houston, Texas PCAOB ID 34; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceMay 21, 20072
  • Filings1,078 in all: 4 (539), 8-K (171), 10-Q (44), 3 (38), 5 (33), SC 13G/A (30), DEFA14A (18), 144 (15)2
    All 49 form types

    DEF 14A (15), 10-K (14), CORRESP (14), SC 13G (14), SD (13), S-8 (11), 4/A (10), UPLOAD (9), SCHEDULE 13G/A (8), 3/A (6), EFFECT (6), D (5), S-1/A (5), 424B3 (4), 8-K/A (4), ARS (4), S-3ASR (4), SCHEDULE 13G (4), 424B7 (3), 8-A12B (3), PRE 14A (3), S-3/A (3), 424B5 (2), 8-A12B/A (2), CERT (2), FWP (2), S-1 (2), S-3 (2), S-4 (2), S-4/A (2), S-8 POS (2), 424B1 (1), 424B2 (1), 424B4 (1), CERTNYS (1), D/A (1), POS AM (1), POSASR (1), REGDEX (1), RW (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Aug 31, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.01 par valueFETCHX
Common stock, $0.01 par valueFETNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Forum Energy Technologies names in Item 1A of its 10-K filed Feb 27, 2026: 38 risks under these headings, as written.17

  • Risks Related to our International Operations
  • The success of our business largely depends on activity levels in the oil and natural gas industry, which can be affected by the volatility of oil and natural gas prices.
  • The markets in which we operate are highly competitive, including some companies that hold substantial market share and have substantially greater resources than we do, as well as a number of regional or local competitors for certain of our product lines. We may not be able to compete successfully in this environment.
  • Given the uncertainty related to long-term commodity prices and associated customer demand, we may hold excess or obsolete inventory, and as a result, may experience a reduction in gross margins and financial results.
  • We may not realize revenue on our current backlog due to customer order reductions, cancellations or acceptance delays, which may negatively impact our financial results.
  • The industry in which we operate is undergoing continuing consolidation and may seek to invest in energy alternatives, which may impact our results of operations.
  • A greater focus on budgetary discipline and technological advances have caused a decline in customer spending that may remain at a low level despite an increase in commodity prices.
  • We may be unable to employ a sufficient number of skilled and qualified workers.
  • We rely on relationships with key suppliers to operate and maintain our business.
  • Our business depends upon our ability to obtain key raw materials and specialized equipment from suppliers. Increased costs of raw materials and other components, and inflationary pressure, may result in increased operating expenses.
  • A deterioration of global economic conditions could adversely affect our financial condition and results of operations.
  • We may not be able to satisfy technical requirements, testing requirements, code requirements or other specifications under contracts and contract tenders.
The other 27 risks
  • Our information technology infrastructure could be subject to disruption, compromise or failure and our data protection measures may be insufficient to protect our information, including as a result of cyber incidents adversely impacting our business.
  • Our success depends on our ability to implement new technologies and services more efficiently and quickly than our competitors.
  • Our success will be affected by the use and protection of our proprietary technology. Due to the limitations of our intellectual property rights, our ability to exclude others from the use of our proprietary technology may be reduced. Furthermore, we may be adversely affected by disputes regarding intellectual property rights.
  • We may incur liabilities, fines, penalties or additional costs, or we may be unable to sell to certain customers if we do not maintain safe operations.
  • Our return of capital to shareholders, including through the repurchases of outstanding shares of our common stock, is within the discretion of our board of directors, and there is no guarantee that we will return capital to shareholders, including through repurchases of our outstanding shares of common stock, in the future or at levels anticipated by our shareholders.
  • If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud.
  • The impact and effects of public health crises, pandemics and epidemics could have a material adverse effect on our business, financial condition and results of operations.
  • Facility consolidations or expansions may subject us to risks of operating inefficiencies, construction delays and cost overruns.
  • Our acquisitions and dispositions may not result in anticipated benefits and may present risks not originally contemplated.
  • A natural disaster, catastrophe or other event could result in severe property damage, which could curtail our operations.
  • Our operations and our customers’ operations are subject to a variety of governmental laws and regulations that affect our and our customers’ costs, prohibit or curtail our customers’ operations in certain areas, limit the demand for our products and services or restrict our operations.
  • Potential legislation or regulations restricting the use of hydraulic fracturing could reduce demand for our products.
  • Our financial results could be adversely impacted by changes in regulation of oil and natural gas exploration and development activity in response to significant environmental incidents or climate change actions, among other drivers.
  • Our operations are subject to environmental and operational safety laws and regulations that may expose us to significant costs and liabilities.
  • Tariffs imposed by the U.S. government could have a further severe adverse effect on our results of operations.
  • We are subject to litigation risks that may not be covered by insurance.
  • The number and cost of our current and future asbestos claims could be substantially higher than we have estimated and the timing of payment of claims could be sooner than we have estimated.
  • Our products are used in operations that are subject to potential hazards inherent in the oil and natural gas industry and, as a result, we are exposed to potential liabilities that could affect our financial condition and reputation.
  • Climate change legislation or regulations restricting emissions of GHGs and related divestment and other efforts could increase our operating costs or reduce demand for our products.
  • Our business operations worldwide are subject to a number of U.S. federal laws and regulations, including restrictions imposed by the FCPA as well as trade sanctions administered by the Office of Foreign Assets Control and the Commerce Department, as well as similar laws in non-U.S. jurisdictions that govern our operations by virtue of our presence or activities there.
  • Our exposure to currency exchange rate fluctuations may result in fluctuations in our cash flows and could have an adverse effect on our results of operations.
  • Our common stock price has fluctuated over the last year, and may be subject to wide fluctuations in response to various factors.
  • Our debt agreements contain operating and financial restrictions that restrict our business and financing activities.
  • Our variable rate indebtedness may subject us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • Our ability to access the capital and credit markets to raise capital on favorable terms is limited by our debt level, industry conditions and credit rating.
  • Provisions in our organizational documents and under Delaware law could delay or prevent a change in control of our company, which could adversely affect the price of our common stock.
  • During the year ended December 31, 2024, we incurred impairment charges and we may incur additional impairment charges in the future.

Legal proceedings

Information related to Item 3. Legal Proceedings is included in Note 11 Commitments and Contingencies, which is incorporated herein by reference. In addition to these matters, we are involved in other legal proceedings incidental to the conduct of our business. We do not believe that any of these legal proceedings will have a material adverse effect on our financial condition, results of operation or cash flows.

The opening of Item 3, Legal Proceedings.17

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