Risk Factors Update Summary
- Initiated review of strategic alternatives for Fluids Systems division, anticipating completion by mid-2024.
- Divestitures from Fluids Systems sale process may impact relationships, operations, and financials significantly.
- Increased international operations revenue from 34% to 45% and Algerian operations revenue from 7% to 8%.
- Competition in Fluids Systems business expanded to include larger companies like Halliburton, SLB, and Baker Hughes.
- Implementation of the Inflation Reduction Act could increase operating costs within the oil and gas sector.
- Regulatory requirements for climate-related disclosures may increase compliance burden and costs.
- Legislation changes may impact effective tax rate, such as the 2017 U.S. Tax reform.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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