Oil States International, Inc
Oil States International is a U.S.-based industrial and energy equipment company organized around three segments: Offshore Manufactured Products, Completion and Production Services, and Downhole Technologies. Through its subsidiaries, it supplies engineered products and field services used in offshore oil and gas production, well completion, and specialized applications for military and industrial customers, with manufacturing and service operations in multiple countries.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueEngineered offshore production, drilling, and subsea equipment for deepwater and related applications.
Field equipment and services used to complete wells and maintain hydrocarbon flow.
Specialized downhole tools and technologies, including extended-reach solutions.
Products
Reported · share of revenue- Products65.2 %
- Services34.8 %
Source: 10-K/A FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Oil States sells primarily to oil and natural gas operators, including national oil companies, major integrated producers, independent producers, and offshore drilling companies. It also serves engineering and design firms, prime contractors, other oilfield service companies, and selected military and industrial customers that need highly engineered equipment.
Buy deepwater connectors, risers, mooring, and subsea systems for offshore production and drilling projects.
Buy completion and production services, pressure control equipment, and downhole technologies to complete and maintain wells.
Buy project-specific offshore equipment and services for integrated field development work.
Buy specialized engineered products such as naval sound and vibration dampening products and other non-oilfield applications.
Outsource certain equipment or services when Oil States has specialized capability or capacity.
Strategy
Oil States focuses on engineered products and services where technical differentiation, project execution, and installed-base relationships matter more than commodity-style volume. Its strategy is tied to offshore deepwater activity, completion and production demand in the U.S., and selective expansion into adjacent markets such as military, geothermal, and offshore wind applications.
Deepwater projects require specialized equipment and long development cycles, supporting differentiated offerings.
Patents and patent-pending technologies can support pricing power and customer retention.
Military, geothermal, and offshore wind applications can diversify demand over time.
Completion and production services depend on active wellsite demand and local execution.
Geography
2025Oil States is headquartered in Houston, Texas and operates manufacturing and service facilities across the globe. Its business is anchored in the United States, especially the Gulf of America and other domestic oil and gas basins, while Offshore Manufactured Products also serves international offshore markets and generates meaningful foreign currency exposure through operations in places such as the United Kingdom and Brazil.
Share of the revenue the company reports by geography.
Risks
Oil States is highly exposed to oil and gas capital spending, so changes in crude oil and natural gas prices can quickly affect demand, pricing, and utilization. The company also faces international, tariff, and foreign-exchange risks because part of its revenue and assets are outside the United States, and its reported results can be affected by impairment charges when asset values or segment outlooks weaken.
- Dependence on oil and gas capital spendingImpact: HighLikelihood: High
Customers delay or reduce drilling and development when commodity outlook weakens.
Exposure: Most of the portfolio
- Commodity price volatilityImpact: HighLikelihood: High
Revenue and pricing are sensitive to crude oil and natural gas prices.
Exposure: Completion and Production Services; Offshore Manufactured Products
- Impairment risk on long-lived assets and goodwillImpact: HighLikelihood: High
Underperforming assets or weaker forecasts can trigger non-cash write-downs.
Exposure: Downhole Technologies and leased locations
- Competitive oversupply in field services and equipmentImpact: MediumLikelihood: High
Industry capacity can exceed demand, reducing pricing and margins.
Exposure: U.S. completion and production services
- International operating and FX riskImpact: MediumLikelihood: Medium
Foreign operations expose the company to currency swings, trade controls, and political risk.
Exposure
Accounting
Judgemental itemsTiming depends on contract structure and whether goods/services are distinct.
Impact: Can shift revenue between periods on project-based work
Asset groups are tested when indicators suggest carrying value may not be recoverable.
Impact: Can create large non-cash charges, especially in Downhole Technologies
Acquired goodwill must be tested against fair value of reporting units.
Impact: Can reduce reported equity and earnings if outlook weakens
Exiting locations can require impairment of lease-related assets and related costs.
Impact: Affects operating results and comparability across periods
International operations generate OCI volatility from exchange-rate movements.
Impact: Affects comprehensive income and equity
Similar listed companies
Publicly listed companies with a comparable business focus.
Olenox Industries Inc
OLOX · Wholesale-Lumber & Other Construction Materials
Powell Industries, Inc
POWL · Switchgear & Switchboard Apparatus
Powell Industries is a U.S.-based manufacturer of custom-engineered electrical equipment and systems used to distribute, control, and monitor electric power.
Halliburton Company
HAL · Oil & Gas Field Services, NEC
Halliburton is a U.S.-based oilfield services company that provides products and technical services used across the full well lifecycle, from locating…
Energy Services of America CORP
ESOA · Water, Sewer, Pipeline, Comm & Power Line Construction
Energy Services of America is a U.S.
Innovex International, Inc.
INVX · Oil & Gas Field Machinery & Equipment
Weatherford International plc
WFRD · Oil & Gas Field Machinery & Equipment
Weatherford International plc is a U.S.-based oilfield services company that designs and supplies equipment, software, and field services used across the well lifecycle.
Last updated: 24/09/2026