Oil States International (OIS) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	OIL STATES INTERNATIONAL, INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		51,290,324
Amendment Flag	false
Entity Central Index Key	1,121,484
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Income - Scenario, Unspecified [Domain] - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues	$ 269,258	$ 459,607	$ 606,617	$ 864,844
Costs and expenses:
Cost of sales and services	194,664	307,908	432,386	580,280
Selling, general and administrative expenses	32,002	43,039	67,607	84,447
Depreciation and amortization expense	32,432	31,107	65,011	61,894
Other operating expense (income)	1,436	10,008	(871)	11,412
	260,534	392,062	564,133	738,033
Operating income	8,724	67,545	42,484	126,811
Interest expense	(1,627)	(5,853)	(3,335)	(13,898)
Interest income	138	146	275	261
Loss on extinguishment of debt		(100,410)		(100,410)
Other income	355	810	821	2,337
Income (loss) from continuing operations before income taxes	7,590	(37,762)	40,245	15,101
Income tax (provision) benefit	(1,442)	13,646	(14,694)	(4,496)
Net income (loss)from continuing operations	6,148	(24,116)	25,551	10,605
Net income from discontinued operations, net of tax	35	16,242	201	53,037
Net income (loss)	6,183	(7,874)	25,752	63,642
Less: Net income attributable to noncontrolling interest		6		18
Net income (loss) attributable to Oil States International, Inc.	6,183	(7,880)	25,752	63,624
Net income (loss) attributable to Oil States International, Inc.:
Continuing operations	6,148	(24,122)	25,551	10,587
Discontinued operations	$ 35	$ 16,242	$ 201	$ 53,037
Basic net income (loss) per share attributable to Oil States International, Inc. common stockholders from:
Continuing operations (in Dollars per share)	$ 0.12	$ (0.45)	$ 0.50	$ 0.20
Discontinued operations (in Dollars per share)		0.30		0.98
Net income (loss) (in Dollars per share)	0.12	(0.15)	0.50	1.18
Diluted net income (loss) per share attributable to Oil States International, Inc. common stockholders from:
Continuing operations (in Dollars per share)	0.12	(0.45)	0.50	0.20
Discontinued operations (in Dollars per share)		0.30		0.98
Net income (loss) (in Dollars per share)	$ 0.12	$ (0.15)	$ 0.50	$ 1.18
Weighted average number of common shares outstanding:
Basic (in Shares)	50,427	53,090	50,627	53,189
Diluted (in Shares)	50,515	53,090	50,725	53,486

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income (loss)	$ 6,183	$ (7,874)	$ 25,752	$ 63,642
Other comprehensive income (loss):
Foreign currency translation adjustment	9,773	23,465	(4,718)	23,445
Unrealized gain on forward contracts, net of tax	124	1	72	1
Total other comprehensive income (loss)	9,897	23,466	(4,646)	23,446
Comprehensive income	16,080	15,592	21,106	87,088
Less: Comprehensive income (loss) attributable to noncontrolling interest		48		(6)
Comprehensive income attributable to Oil States International, Inc.	$ 16,080	$ 15,544	$ 21,106	$ 87,094

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 89,432	$ 53,263
Accounts receivable, net	292,896	497,124
Inventories, net	240,586	232,490
Prepaid expenses and other current assets	35,208	43,789
Total current assets	658,122	826,666
Property, plant, and equipment, net	664,095	649,846
Goodwill, net	265,438	252,201
Other intangible assets, net	62,441	52,935
Other noncurrent assets	30,888	27,964
Total assets	1,680,984	1,809,612
Current liabilities:
Accounts payable	74,359	108,949
Accrued liabilities	63,192	96,130
Income taxes	8,350	9,195
Current portion of long-term debt and capitalized leases	521	530
Deferred revenue	36,176	48,948
Deferred tax liabilities	12,368	7,431
Other current liabilities	213	229
Total current liabilities	195,179	271,412
Long-term debt and capitalized leases	156,836	146,835
Deferred income taxes	33,721	33,913
Other noncurrent liabilities	19,857	16,795
Total liabilities	405,593	468,955
Oil States International, Inc. stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 61,562,620 shares and 60,940,734 shares issued, respectively, and 51,287,925 shares and 53,017,359 shares outstanding, respectively	616	610
Additional paid-in capital	698,344	685,232
Retained earnings	1,177,018	1,151,266
Accumulated other comprehensive loss	(26,746)	(22,100)
Common stock held in treasury at cost, 10,274,695 and 7,923,375 shares, respectively	(573,841)	(474,351)
Total Oil States International, Inc. stockholders’ equity	$ 1,275,391	$ 1,340,657
Noncontrolling interest
Total stockholders’ equity	$ 1,275,391	$ 1,340,657
Total liabilities and stockholders’ equity	$ 1,680,984	$ 1,809,612

Consolidated Balance Sheets (C5

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	61,562,620	60,940,734
Common stock, shares outstanding	51,287,925	53,017,359
Treasury stock, shares	10,274,695	7,923,375

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 25,752	$ 63,642
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations	(201)	(53,037)
Depreciation and amortization	65,011	61,894
Deferred income tax benefit	(2,331)	(10,297)
Tax impact of share-based payment arrangements	(215)	(4,585)
Provision for bad debt	(1,134)	2,125
Gain on disposals of assets	(628)	(1,704)
Non-cash compensation charge	10,697	12,534
Amortization of deferred financing costs	390	1,432
Loss on extinguishment of debt		100,410
Other, net	(136)	424
Changes in operating assets and liabilities, net of effect from acquired businesses:
Accounts receivable	206,706	(18,838)
Inventories	(6,939)	(9,817)
Accounts payable and accrued liabilities	(70,666)	(26,034)
Taxes payable	5,005	(76,008)
Other operating assets and liabilities, net	(9,816)	3,127
Net cash flows provided by continuing operating activities	221,495	45,268
Net cash flows provided by discontinued operating activities	314	163,473
Net cash flows provided by operating activities	221,809	208,741
Cash flows from investing activities:
Capital expenditures	(68,740)	(83,211)
Acquisitions of businesses, net of cash acquired	(33,427)	171
Proceeds from disposition of property, plant and equipment	1,061	2,632
Other, net	(392)	(1,009)
Net cash flows used in continuing investing activities	(101,498)	(81,417)
Net cash flows used in discontinued investing activities		(119,199)
Net cash flows used in investing activities	(101,498)	(200,616)
Cash flows from financing activities:
Revolving credit borrowings, net	10,224	181,928
Distribution received from Spin-Off of Civeo		750,000
Debt and capital lease repayments	(273)	(262)
Issuance of common stock from share-based payment arrangements	2,209	7,962
Purchase of treasury stock	(90,659)	(143,714)
Tax impact of share-based payment arrangements	215	4,585
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock	(6,750)	(4,964)
Payment of financing costs	(2)	(3,856)
Other, net	2
Net cash flows used in continuing financing activities	(85,034)	(258,422)
Net cash flows used in discontinued financing activities		(282,204)
Net cash flows used in financing activities	(85,034)	(540,626)
Effect of exchange rate changes on cash	892	(1,910)
Net change in cash and cash equivalents	36,169	(534,411)
Cash and cash equivalents, beginning of period	53,263	599,306
Cash and cash equivalents, end of period	$ 89,432	64,895
6 1/2% Senior Notes [Member]
Cash flows from financing activities:
Repayment of senior notes		(630,307)
5 1/8% Senior Notes [Member]
Cash flows from financing activities:
Repayment of senior notes		$ (419,794)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2014	$ 610	$ 685,232	$ 1,151,266	$ (22,100)	$ (474,351)	$ 1,340,657
Net income.			25,752			25,752
Currency translation adjustment | Excluding Intercompany Notes [Member]				(3,044)		(3,044)
Currency translation adjustment | Intercompany Notes [Member]				(1,674)		(1,674)
Unrealized gain on forward contracts, net of tax				72		72
Exercise of stock options, including tax impact	2	2,422				2,424
Amortization of restricted stock compensation		9,130				9,130
Stock option expense		1,567				1,567
Restricted stock awards granted	4	(4)
Surrender of stock to pay taxes on stock option exercises and restricted stock awards					(6,749)	(6,749)
OIS common stock withdrawn from deferred compensation plan		(3)			3
Share repurchases					(92,744)	(92,744)
Balance at Jun. 30, 2015	$ 616	$ 698,344	$ 1,177,018	$ (26,746)	$ (573,841)	$ 1,275,391

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. ORGANIZATION AND BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its wholly-owned subsidiaries (referred to in this report as we or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the Commission) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. On May 30, 2014, we completed the spin-off of our accommodations business into a stand-alone, publicly traded corporation (Civeo Corporation, or Civeo) (the Spin-Off). The results of operations for our accommodations business have been classified as discontinued operations for all periods presented. Unless indicated otherwise, the information in the Notes to the Unaudited Condensed Consolidated Financial Statements relates to our continuing operations. The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may differ from those included in the accompanying condensed consolidated financial statements. The financial statements included in this report should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2014 (the 2014 Form 10-K).

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	2. RECENT ACCOUNTING PRONOUNCEMENTS From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. In April 2015, the FASB issued guidance on the presentation of debt issuance costs which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. For public business entities, this guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not expect that the adoption of this standard will have a material effect on our consolidated financial statements. In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for fiscal years, and interim periods within those years, beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The gui dance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures.

Note 3 - Details of Selected Ba

Note 3 - Details of Selected Balance Sheet Accounts	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]
Supplemental Balance Sheet Disclosures [Text Block]	3. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at June 30, 2015 and December 31, 2014 is presented below (in thousands): JUNE 3 0 , DECEMBER 31, 2015 2014 Accounts receivable, net: Trade $ 191,458 $ 348,115 Unbilled revenue 102,205 148,371 Other 5,160 7,763 Total accounts receivable 298,823 504,249 Allowance for doubtful accounts (5,927 ) (7,125 ) $ 292,896 $ 497,124 JUNE 3 0 , DECEMBER 31, 2015 2014 Inventories, net: Finished goods and purchased products $ 107,329 $ 94,955 Work in process 46,550 49,631 Raw materials 98,173 97,780 Total inventories 252,052 242,366 Allowance for excess, damaged, or obsolete inventory (11,466 ) (9,876 ) $ 240,586 $ 232,490 JUNE 3 0 , DECEMBER 31, 2015 2014 Prepaid expenses and other current assets : Income tax asset $ 12,928 $ 17,740 Prepaid insurance 3,861 7,310 Prepaid rent/leases 1,058 802 Other prepaid expenses and current assets 17,361 17,937 $ 35,208 $ 43,789 Estimated JUNE 3 0 , DECEMBER 31, Useful Life 2015 2014 (years) Property, plant and equipment, net: Land $ 28,474 $ 29,850 Buildings and leasehold improvements 3 - 40 179,461 175,421 Machinery and equipment 2 - 28 460,739 438,980 Completion services equipment 2 - 10 410,839 387,165 Office furniture and equipment 1 - 10 31,743 30,647 Vehicles 1 - 10 129,621 129,922 Construction in progress 85,045 74,088 Total property, plant and equipment 1,325,922 1,266,073 Accumulated depreciation (661,827 ) (616,227 ) $ 664,095 $ 649,846 JUNE 3 0 , DECEMBER 31, 2015 2014 Accrued liabilities: Accrued compensation $ 23,656 $ 58,979 Insurance liabilities 11,148 11,300 Accrued taxes, other than income taxes 6,278 4,851 Accrued commissions 2,538 3,622 Accrued product warranty reserves 2,501 2,810 Other 17,071 14,568 $ 63,192 $ 96,130

Note 4 - Accumulated Other Comp

Note 4 - Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) Note [Text Block]	4. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss, reported as a component of stockholders’ equity, increased from $22.1 million at December 31, 2014 to $26.7 million at June 30, 2015 primarily as a result of foreign currency exchange rate differences. Our accumulated other comprehensive loss is primarily related to fluctuations in the foreign currency exchange rates compared to the U.S. dollar which are used to remeasure the foreign operations of our reportable segments (primarily in the United Kingdom, Brazil, Thailand and Canada). During the first half of 2015, the U.S. dollar strengthened significantly relative to the majority of these key foreign currencies, and, as a result, our accumulated other comprehensive loss increased.

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	5. EARNINGS PER SHARE The numerator (income or loss) and denominator (shares) used for the computation of basic and diluted earnings per share were as follows (in thousands): THREE MONTHS EN DED JUNE 3 0 , 201 5 201 4 Income Shares Income (Loss) Shares Basic: Net income (loss) attributable to Oil States International, Inc. $ 6,183 $ (7,880 ) Less: Undistributed net income allocable to participating securities (130 ) -- Undistributed net income (loss) applicable to common stockholders 6,053 (7,880 ) Less: Income from discontinued operations, net of tax (35 ) (16,242 ) Add: Undistributed net income from discontinued operations allocable to participating securities 1 -- Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ 6,019 50,427 $ (24,122 ) 53,090 Diluted: Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ 6,019 50,427 $ (24,122 ) 53,090 Effect of dilutive securities: Options on common stock -- 79 -- -- Restricted stock awards and other -- 9 -- -- Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted 6,019 50,515 (24,122 ) 53,090 Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders 34 16,242 Net income (loss) attributable to Oil States International, Inc. common stockholders – Diluted $ 6,053 50,515 $ (7,880 ) 53,090 SIX MONTHS ENDED JUNE 30, 201 5 201 4 Income (Loss) Shares Income (Loss) Shares Basic: Net income attributable to Oil States International, Inc. $ 25,752 $ 63,624 Less: Undistributed net income allocable to participating securities (539 ) (797 ) Undistributed net income applicable to common stockholders 25,213 68,827 Less: Income from discontinued operations, net of tax (201 ) (53,037 ) Add: Undistributed net income from discontinued operations allocable to participating securities 4 665 Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ 25,016 50,627 $ 10,455 53,189 Diluted: Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ 25,016 50,627 $ 10,455 53,189 Effect of dilutive securities: Undistributed net income reallocated to participating securities 1 -- 1 -- Options on common stock -- 90 -- 280 Restricted stock awards and other -- 8 -- 17 Income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted 25,017 50,725 10,456 53,486 Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders 197 52,373 Undistributed net income reallocated to participating securities -- 4 Net income attributable to Oil States International, Inc. common stockholders – Diluted $ 25,214 50,725 $ 62,833 53,486 Our calculation of diluted earnings per share for the three and six months ended June 30, 2015 excluded 766,203 shares and 739,695 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect. Our calculation of diluted earnings per share for the three and six months ended June 30, 2014 excluded 457,805 shares and 181,512 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect.

Note 6 - Business Acquisitions

Note 6 - Business Acquisitions and Goodwill	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	6. BUSINESS ACQUISITIONS AND GOODWILL On January 2, 2015, we acquired all of the equity of Montgomery Machine Company, Inc. (MMC). Headquartered in Houston, Texas, MMC combines machining and proprietary cladding technology and services to manufacture high-specification components for the offshore capital equipment industry on a global basis. We believe that the acquisition of MMC will strengthen our position in our offshore products segment as a supplier of subsea components with enhanced capabilities, proprietary technology and logistical advantages. Our purchase price allocation is preliminary and subject to customary post-closing adjustments, total transaction consideration was $33.4 million in cash, net of cash acquired, funded from amounts available under the Company’s credit facility. The operations of MMC have been included in our offshore products segment since the acquisition date. Changes in the carrying amount of goodwill for the six month period ended June 30, 2015 were as follows (in thousands): Well Site Services Completion Services Drilling Services Subtotal Offshore Products Total Balance as of December 31, 2014 Goodwill $ 200,967 $ 22,767 $ 223,734 $ 145,762 $ 369,496 Accumulated Impairment Losses (94,528 ) (22,767 ) (117,295 ) -- (117,295 ) 106,439 -- 106,439 145,762 252,201 Goodwill acquired -- -- -- 14,074 14,074 Foreign currency translation and other changes (875 ) -- (875 ) 38 (837 ) $ 105,564 $ -- $ 105,564 $ 159,874 $ 265,438 Balance as of June 30, 2015 Goodwill $ 200,092 $ 22,767 $ 222,859 $ 159,874 $ 382,733 Accumulated Impairment Losses (94,528 ) (22,767 ) (117,295 ) -- (117,295 ) $ 105,564 $ -- $ 105,564 $ 159,874 $ 265,438

Note 7 - Discontinued Operation

Note 7 - Discontinued Operations	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	7. DISCONTINUED OPERATIONS On May 30, 2014, we completed the Spin-Off of our accommodations business, Civeo Corporation, to the Company’s stockholders. On May 30, 2014, the stockholders of record of Oil States common stock as of the close of business on May 21, 2014 (the Record Date) received two shares of Civeo common stock for each share of Oil States common stock held as of the Record Date. Following the Spin-Off, Oil States ceased to own any shares of Civeo common stock. On September 6, 2013, the Company entered into a Stock Purchase Agreement with Marubeni-Itochu for the sale of Sooner, Inc. and its subsidiaries, which comprised the entirety of the Company’s tubular services segment. The following table provides the components of net income from discontinued operations, net of tax for each operating segment (in thousands). Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 201 5 June 30, 201 4 June 30, 201 5 June 30, 201 4 Revenues Accommodations $ -- $ 151,388 $ -- $ 404,132 Tubular services $ -- $ -- $ -- $ -- Income from Accommodations discontinued operations: Income from discontinued operations before income taxes $ 25 $ 15,922 $ 288 $ 61,924 Income tax (expense) benefit (9 ) 271 (104 ) (9,098 ) Net income from discontinued operations, net of tax $ 16 $ 16,193 $ 184 $ 52,826 Income from Tubular services discontinued operations: Income from discontinued operations before income taxes $ 30 $ 154 $ 27 $ 336 Income tax (expense) benefit (11 ) (105 ) (10 ) (125 ) Net income from discontinued operations, net of tax $ 19 $ 49 $ 17 $ 211

Note 8 - Debt

Note 8 - Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	8. DEBT As of June 30, 2015 and December 31, 2014, long-term debt consisted of the following (in thousands): June 3 0 , 2015 December 31, 2014 Revolving credit facility, which matures May 28, 2019, with available commitments up to $600 million and with a weighted average interest rate of 3.4% for the six month period ended June 30, 2015 $ 150,908 $ 140,684 Capital lease obligations and other debt 6,449 6,681 Total debt 157,357 147,365 Less: Current portion 521 530 Total long-term debt and capitalized leases $ 156,836 $ 146,835 Credit Facility In connection with the Spin-Off, the Company terminated its then existing credit facility on May 28, 2014 and entered into a new $600 million senior secured revolving credit facility. The Company has an option to increase the maximum borrowings under its revolving credit facility to $750 million subject to additional lender commitments prior to its maturity on May 28, 2019. The credit facility is governed by a Credit Agreement dated as of May 28, 2014 (Credit Agreement) by and among the Company, the Lenders party thereto, Wells Fargo Bank, N.A., as administrative agent, the Swing Line Lender and an Issuing Bank, and Royal Bank of Canada, as Syndication agent, and Compass Bank, as Documentation agent. Amounts outstanding under the revolving credit facility bear interest at LIBOR plus a margin of 1.50% to 2.50%, or at a base rate plus a margin of 0.50% to 1.50%, in each case based on a ratio of the Company’s total leverage to EBITDA (as defined in the Credit Agreement). During the first half of 2015, our applicable margin over LIBOR was 1.50%. We must also pay a quarterly commitment fee, based on our leverage ratio, on the unused commitments under the Credit Agreement. The unused commitment fee was 0.375% for the first half of 2015. The Credit Agreement contains customary financial covenants and restrictions. Specifically, we must maintain an interest coverage ratio, defined as the ratio of consolidated EBITDA, to consolidated interest expense of at least 3.0 to 1.0 and our maximum leverage ratio, defined as the ratio of total debt to consolidated EBITDA of no greater than 3.25 to 1.0. Each of the factors considered in the calculations of these ratios are defined in the Credit Agreement. EBITDA and consolidated interest, exclude goodwill impairments, debt discount amortization and other non-cash charges. As of June 30, 2015, we were in compliance with our debt covenants. Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our domestic subsidiaries. Our obligations under the Credit Agreement are guaranteed by our significant domestic subsidiaries. The credit facility also contains negative covenants that limit the Company's ability to borrow additional funds, encumber assets, pay dividends, sell assets and enter into other significant transactions. As of June 30, 2015, we had $150.9 million outstanding under the Credit Agreement and an additional $40.1 million of outstanding letters of credit, leaving $409.0 million available to be drawn under the credit facility. As of June 30, 2015, the Company had approximately $89.4 million of cash and cash equivalents . Loss on Extinguishment of Debt During the second quarter of 2014, we recognized losses on the extinguishment of debt totaling $100.4 million primarily due to the repurchase of our remaining 6 1/2% Notes and 5 1/8% Notes (the Notes), which resulted in a loss of $96.7 million consisting of the premium paid over book value for the Notes and the write-off of unamortized deferred financing costs associated with the Notes. This repurchase was partially funded with the proceeds of the $750 million special cash dividend paid to us by Civeo in connection with the Spin-Off, along with available cash on hand. In addition, as a result of the refinancing of our existing credit facility in the second quarter of 2014, we recognized a loss on extinguishment of debt of $3.7 million (net of $1.8 million allocated to discontinued operations for the Canadian portion of the facility) from the write-off of unamortized deferred financing costs.

Note 9 - Fair Value Measurement

Note 9 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	9. FAIR VALUE MEASUREMENTS The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables, bank debt and foreign currency forward contracts. The Company believes that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values.

Note 10 - Changes in Common Sto

Note 10 - Changes in Common Stock Outstanding	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	10. CHANGES IN COMMON STOCK OUTSTANDING Shares of common stock outstanding – January 1, 2015 53,017,359 Repurchase of shares – transferred to treasury (2,191,654 ) Shares issued upon granting of restricted stock awards, net of forfeitures 454,636 Shares issued upon exercise of stock options 167,250 Shares withheld for taxes on exercise of stock options and vesting of restricted stock awards and transferred to treasury (159,666 ) Shares of common stock outstanding – June 30, 2015 51,287,925 On September 6, 2013, the Company announced an increase in its Board-authorized Company share repurchase program from $200 million to $500 million providing for the repurchase of the Company’s common stock, par value $.01 per share. As of June 30, 2015, a total of $442.8 million of our stock (6,420,184 shares, or approximately 12% of the outstanding shares of our common stock at the initiation of the current share repurchase authorization in August 2012) had been repurchased under this program. The amount remaining under our current share repurchase authorization as of June 30, 2015 was approximately $57.2 million. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate. On July 29, 2015, the Company's Board of Directors approved the termination of our exisiting share repurchase program and authorized a new program providing for the repurchase of up to $150 million of the Company's common stock, par value $.01 per share. The new program is set to expire on July 29, 2016.

Note 11 - Stock Based Compensat

Note 11 - Stock Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	11. STOCK BASED COMPENSATION The following table presents a summary of stock option award and restricted stock award activity for the six months ended June 30, 2015. Stock Options Restricted Stock Awards Number of Shares Outstanding at January 1, 2015 1,007,686 1,106,670 Granted 119,370 558,270 Options Exercised/Stock Vested (167,250 ) (436,392 ) Cancelled (12,989 ) (27,734 ) Outstanding at June 30, 2015 946,817 1,200,814 Stock based compensation pre-tax expense from continuing operations recognized in the three month periods ended June 30, 2015 and 2014 totaled $5.0 million and $6.8 million, respectively. Stock based compensation pre-tax expense from continuing operations recognized in the six month periods ended June 30, 2015 and 2014 totaled $10.7 million and $12.5 million, respectively. In February 2015, the Company granted performance based stock awards totaling 75,900 shares valued at a total of $3.2 million. These performance based awards may vest in February 2018 in an amount that will depend on the Company’s achievement of specified performance objectives. These performance based awards have a performance criteria that will be measured based upon the Company’s achievement of specified levels of average after-tax annual return on invested capital for the three year period commencing January 1, 2015 and ending December 31, 2017. At June 30, 2015, $44.1 million of compensation cost related to unvested stock options and restricted stock awards attributable to vesting conditions had not yet been recognized.

Note 12 - Income Taxes

Note 12 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	12. INCOME TAXES Income tax expense for interim periods is based on estimates of the effective tax rate for the entire fiscal year. The Company’s income tax provision for the three and six months ended June 30, 2015 was income tax expense of $1.4 million, representing 19.0% of pretax income, and $14.7 million, representing 36.5% of pretax income, respectively, compared to a tax benefit recorded totaling $13.6 million, or 36.1% of pretax losses, and total income tax expense of $4.5 million, or 29.8% of pretax income, respectively, for the three and six months ended June 30, 2014. The lower effective tax rate in the second quarter of 2015 compared to the second quarter of 2014 was primarily due to reduced domestic income in 2015 due to the impact of the industry downturn in activity. The tax benefit recorded in the second quarter of 2014 was primarily due to the loss incurred from the extinguishment of debt associated with the debt refinancings completed in conjunction with the Spin-Off. The increase in the effective tax rate for the six months ended June 30, 2015 compared to the same period in 2014 was largely the result of the loss incurred in 2014 from the extinguishment of debt associated with the debt refinancings completed in conjunction with the Spin-Off, a $2.3 million deferred tax adjustment for certain prior period non-deductible items in 2015, partially offset by reduced domestic income in 2015 due to the impact of the industry downturn in activity.

Note 13 - Segment and Related I

Note 13 - Segment and Related Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	13. SEGMENT AND RELATED INFORMATION In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, the Company has identified the following reportable segments: well site services and offshore products. The Company’s reportable segments represent strategic business units that offer different products and services. They are managed separately because each business requires different technologies and marketing strategies. Most of the businesses were initially acquired as a unit, and the management at the time of the acquisition was retained. Subsequent acquisitions have been direct extensions to our business segments. Separate business lines within the well site services segment have been disclosed to provide additional information for that segment. Financial information by business segment for continuing operations for each of the three and six months ended June 30, 2015 and 2014 is summarized in the following table (in thousands): Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in earnings of unconsolidated affiliates Capital expenditures Total assets Three months ended June 30, 201 5 Well site services – Completion services $ 69,421 $ 19,145 $ (10,969 ) $ - $ 12,616 $ 559,211 Drilling services 16,703 6,962 (4,342 ) - 2,119 114,340 Total well site services 86,124 26,107 (15,311 ) - 14,735 673,551 Offshore products 183,134 5,967 34,836 54 15,273 965,157 Corporate and eliminations - 358 (10,801 ) - 450 42,276 Total $ 269,258 $ 32,432 $ 8,724 $ 54 $ 30,458 $ 1,680,984 Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in earnings of unconsolidated affiliates Capital expenditures Total assets Three months ended June 30, 201 4 Well site services – Completion services $ 155,655 $ 18,401 $ 32,472 $ - $ 21,140 $ 598,889 Drilling services 53,263 6,753 8,739 - 7,973 140,288 Total well site services 208,918 25,154 41,211 - 29,113 739,177 Offshore products 250,689 5,705 50,261 122 12,844 971,973 Corporate and eliminations - 248 (23,927 ) (1) - 1,352 54,393 Total $ 459,607 $ 31,107 $ 67,545 $ 122 $ 43,309 $ 1,765,543 Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in earnings of unconsolidated affiliates Capital expenditures Total assets Six months ended June 30, 201 5 Well site services – Completion services $ 187,531 $ 38,588 $ 1,499 $ - $ 35,378 $ 559,211 Drilling services 40,382 13,644 (6,881 ) - 8,670 114,340 Total well site services 227,913 52,232 (5,382 ) - 44,048 673,551 Offshore products 378,704 12,067 71,377 3 24,166 965,157 Corporate and eliminations - 712 (23,511 ) - 526 42,276 Total $ 606,617 $ 65,011 $ 42,484 $ 3 $ 68,740 $ 1,680,984 Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in earnings of unconsolidated affiliates Capital expenditures Total assets Six months ended June 30, 201 4 Well site services – Completion services $ 302,116 $ 36,344 $ 63,517 $ - $ 44,153 $ 598,889 Drilling services 99,827 13,638 14,534 - 15,087 140,288 Total well site services 401,943 49,982 78,051 - 59,240 739,177 Offshore products 462,901 11,400 87,609 218 22,407 971,973 Corporate and eliminations - 512 (38,849 ) (1) - 1,564 54,393 Total $ 864,844 $ 61,894 $ 126,811 $ 218 $ 83,211 $ 1,765,543 (1) The corporate operating losses for the three and six months ended June 30, 2014 include $9.6 million and $11.0 million, respectively, of transactions costs primarily related to the Spin-Off.

Note 14 - Commitments and Conti

Note 14 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	14. COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state and local levels. During 2014 and the first half of 2015, a number of lawsuits were filed by current and former employees, in Federal Court against the Company and or one of its subsidiaries, alleging violations of the Fair Labor Standards Act (“FLSA”). The plaintiffs seek damages and penalties for the Company’s alleged failure to: properly classify its field service employees as “non-exempt” under the FLSA; and pay them on an hourly basis (including overtime). The plaintiffs seek recovery on their own behalf, and seek certification of a class of similarly situated employees. The Company is actively defending these claims in Federal Court. In addition, we are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of our products or operations. Some of these claims relate to matters occurring prior to our acquisition of businesses, and some relate to businesses we have sold. In certain cases, we are entitled to indemnification from the sellers of businesses, and in other cases, we have indemnified the buyers of businesses from us. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, we believe that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.

Note 3 - Details of Selected 22

Note 3 - Details of Selected Balance Sheet Accounts (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	JUNE 3 0 , DECEMBER 31, 2015 2014 Accounts receivable, net: Trade $ 191,458 $ 348,115 Unbilled revenue 102,205 148,371 Other 5,160 7,763 Total accounts receivable 298,823 504,249 Allowance for doubtful accounts (5,927 ) (7,125 ) $ 292,896 $ 497,124
Schedule of Inventory, Current [Table Text Block]	JUNE 3 0 , DECEMBER 31, 2015 2014 Inventories, net: Finished goods and purchased products $ 107,329 $ 94,955 Work in process 46,550 49,631 Raw materials 98,173 97,780 Total inventories 252,052 242,366 Allowance for excess, damaged, or obsolete inventory (11,466 ) (9,876 ) $ 240,586 $ 232,490
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	JUNE 3 0 , DECEMBER 31, 2015 2014 Prepaid expenses and other current assets : Income tax asset $ 12,928 $ 17,740 Prepaid insurance 3,861 7,310 Prepaid rent/leases 1,058 802 Other prepaid expenses and current assets 17,361 17,937 $ 35,208 $ 43,789
Property, Plant and Equipment [Table Text Block]	Estimated JUNE 3 0 , DECEMBER 31, Useful Life 2015 2014 (years) Property, plant and equipment, net: Land $ 28,474 $ 29,850 Buildings and leasehold improvements 3 - 40 179,461 175,421 Machinery and equipment 2 - 28 460,739 438,980 Completion services equipment 2 - 10 410,839 387,165 Office furniture and equipment 1 - 10 31,743 30,647 Vehicles 1 - 10 129,621 129,922 Construction in progress 85,045 74,088 Total property, plant and equipment 1,325,922 1,266,073 Accumulated depreciation (661,827 ) (616,227 ) $ 664,095 $ 649,846
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	JUNE 3 0 , DECEMBER 31, 2015 2014 Accrued liabilities: Accrued compensation $ 23,656 $ 58,979 Insurance liabilities 11,148 11,300 Accrued taxes, other than income taxes 6,278 4,851 Accrued commissions 2,538 3,622 Accrued product warranty reserves 2,501 2,810 Other 17,071 14,568 $ 63,192 $ 96,130

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	THREE MONTHS EN DED JUNE 3 0 , 201 5 201 4 Income Shares Income (Loss) Shares Basic: Net income (loss) attributable to Oil States International, Inc. $ 6,183 $ (7,880 ) Less: Undistributed net income allocable to participating securities (130 ) -- Undistributed net income (loss) applicable to common stockholders 6,053 (7,880 ) Less: Income from discontinued operations, net of tax (35 ) (16,242 ) Add: Undistributed net income from discontinued operations allocable to participating securities 1 -- Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ 6,019 50,427 $ (24,122 ) 53,090 Diluted: Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ 6,019 50,427 $ (24,122 ) 53,090 Effect of dilutive securities: Options on common stock -- 79 -- -- Restricted stock awards and other -- 9 -- -- Income (loss) from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted 6,019 50,515 (24,122 ) 53,090 Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders 34 16,242 Net income (loss) attributable to Oil States International, Inc. common stockholders – Diluted $ 6,053 50,515 $ (7,880 ) 53,090 SIX MONTHS ENDED JUNE 30, 201 5 201 4 Income (Loss) Shares Income (Loss) Shares Basic: Net income attributable to Oil States International, Inc. $ 25,752 $ 63,624 Less: Undistributed net income allocable to participating securities (539 ) (797 ) Undistributed net income applicable to common stockholders 25,213 68,827 Less: Income from discontinued operations, net of tax (201 ) (53,037 ) Add: Undistributed net income from discontinued operations allocable to participating securities 4 665 Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ 25,016 50,627 $ 10,455 53,189 Diluted: Income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ 25,016 50,627 $ 10,455 53,189 Effect of dilutive securities: Undistributed net income reallocated to participating securities 1 -- 1 -- Options on common stock -- 90 -- 280 Restricted stock awards and other -- 8 -- 17 Income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted 25,017 50,725 10,456 53,486 Income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders 197 52,373 Undistributed net income reallocated to participating securities -- 4 Net income attributable to Oil States International, Inc. common stockholders – Diluted $ 25,214 50,725 $ 62,833 53,486

Note 6 - Business Acquisition24

Note 6 - Business Acquisitions and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	Well Site Services Completion Services Drilling Services Subtotal Offshore Products Total Balance as of December 31, 2014 Goodwill $ 200,967 $ 22,767 $ 223,734 $ 145,762 $ 369,496 Accumulated Impairment Losses (94,528 ) (22,767 ) (117,295 ) -- (117,295 ) 106,439 -- 106,439 145,762 252,201 Goodwill acquired -- -- -- 14,074 14,074 Foreign currency translation and other changes (875 ) -- (875 ) 38 (837 ) $ 105,564 $ -- $ 105,564 $ 159,874 $ 265,438 Balance as of June 30, 2015 Goodwill $ 200,092 $ 22,767 $ 222,859 $ 159,874 $ 382,733 Accumulated Impairment Losses (94,528 ) (22,767 ) (117,295 ) -- (117,295 ) $ 105,564 $ -- $ 105,564 $ 159,874 $ 265,438

Note 7 - Discontinued Operati25

Note 7 - Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 201 5 June 30, 201 4 June 30, 201 5 June 30, 201 4 Revenues Accommodations $ -- $ 151,388 $ -- $ 404,132 Tubular services $ -- $ -- $ -- $ -- Income from Accommodations discontinued operations: Income from discontinued operations before income taxes $ 25 $ 15,922 $ 288 $ 61,924 Income tax (expense) benefit (9 ) 271 (104 ) (9,098 ) Net income from discontinued operations, net of tax $ 16 $ 16,193 $ 184 $ 52,826 Income from Tubular services discontinued operations: Income from discontinued operations before income taxes $ 30 $ 154 $ 27 $ 336 Income tax (expense) benefit (11 ) (105 ) (10 ) (125 ) Net income from discontinued operations, net of tax $ 19 $ 49 $ 17 $ 211

Note 8 - Debt (Tables)

Note 8 - Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	June 3 0 , 2015 December 31, 2014 Revolving credit facility, which matures May 28, 2019, with available commitments up to $600 million and with a weighted average interest rate of 3.4% for the six month period ended June 30, 2015 $ 150,908 $ 140,684 Capital lease obligations and other debt 6,449 6,681 Total debt 157,357 147,365 Less: Current portion 521 530 Total long-term debt and capitalized leases $ 156,836 $ 146,835

Note 10 - Changes in Common S27

Note 10 - Changes in Common Stock Outstanding (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stock Activity [Table Text Block]	Shares of common stock outstanding – January 1, 2015 53,017,359 Repurchase of shares – transferred to treasury (2,191,654 ) Shares issued upon granting of restricted stock awards, net of forfeitures 454,636 Shares issued upon exercise of stock options 167,250 Shares withheld for taxes on exercise of stock options and vesting of restricted stock awards and transferred to treasury (159,666 ) Shares of common stock outstanding – June 30, 2015 51,287,925

Note 11 - Stock Based Compens28

Note 11 - Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Stock Options Restricted Stock Awards Number of Shares Outstanding at January 1, 2015 1,007,686 1,106,670 Granted 119,370 558,270 Options Exercised/Stock Vested (167,250 ) (436,392 ) Cancelled (12,989 ) (27,734 ) Outstanding at June 30, 2015 946,817 1,200,814

Note 13 - Segment and Related29

Note 13 - Segment and Related Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in earnings of unconsolidated affiliates Capital expenditures Total assets Three months ended June 30, 201 5 Well site services – Completion services $ 69,421 $ 19,145 $ (10,969 ) $ - $ 12,616 $ 559,211 Drilling services 16,703 6,962 (4,342 ) - 2,119 114,340 Total well site services 86,124 26,107 (15,311 ) - 14,735 673,551 Offshore products 183,134 5,967 34,836 54 15,273 965,157 Corporate and eliminations - 358 (10,801 ) - 450 42,276 Total $ 269,258 $ 32,432 $ 8,724 $ 54 $ 30,458 $ 1,680,984 Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in earnings of unconsolidated affiliates Capital expenditures Total assets Three months ended June 30, 201 4 Well site services – Completion services $ 155,655 $ 18,401 $ 32,472 $ - $ 21,140 $ 598,889 Drilling services 53,263 6,753 8,739 - 7,973 140,288 Total well site services 208,918 25,154 41,211 - 29,113 739,177 Offshore products 250,689 5,705 50,261 122 12,844 971,973 Corporate and eliminations - 248 (23,927 ) (1) - 1,352 54,393 Total $ 459,607 $ 31,107 $ 67,545 $ 122 $ 43,309 $ 1,765,543 Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in earnings of unconsolidated affiliates Capital expenditures Total assets Six months ended June 30, 201 5 Well site services – Completion services $ 187,531 $ 38,588 $ 1,499 $ - $ 35,378 $ 559,211 Drilling services 40,382 13,644 (6,881 ) - 8,670 114,340 Total well site services 227,913 52,232 (5,382 ) - 44,048 673,551 Offshore products 378,704 12,067 71,377 3 24,166 965,157 Corporate and eliminations - 712 (23,511 ) - 526 42,276 Total $ 606,617 $ 65,011 $ 42,484 $ 3 $ 68,740 $ 1,680,984 Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in earnings of unconsolidated affiliates Capital expenditures Total assets Six months ended June 30, 201 4 Well site services – Completion services $ 302,116 $ 36,344 $ 63,517 $ - $ 44,153 $ 598,889 Drilling services 99,827 13,638 14,534 - 15,087 140,288 Total well site services 401,943 49,982 78,051 - 59,240 739,177 Offshore products 462,901 11,400 87,609 218 22,407 971,973 Corporate and eliminations - 512 (38,849 ) (1) - 1,564 54,393 Total $ 864,844 $ 61,894 $ 126,811 $ 218 $ 83,211 $ 1,765,543

Note 3 - Details of Selected 30

Note 3 - Details of Selected Balance Sheet Accounts (Details) - Accounts Receivable - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable, net:
Accounts receivable, gross	$ 298,823	$ 504,249
Allowance for doubtful accounts	(5,927)	(7,125)
	292,896	497,124
Trade Accounts Receivable [Member]
Accounts receivable, net:
Accounts receivable, gross	191,458	348,115
Unbilled Revenue [Member]
Accounts receivable, net:
Accounts receivable, gross	102,205	148,371
Other Receivables [Member]
Accounts receivable, net:
Accounts receivable, gross	$ 5,160	$ 7,763

Note 3 - Details of Selected 31

Note 3 - Details of Selected Balance Sheet Accounts (Details) - Inventories - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventories, net:
Finished goods and purchased products	$ 107,329	$ 94,955
Work in process	46,550	49,631
Raw materials	98,173	97,780
Total inventories	252,052	242,366
Allowance for excess, damaged, or obsolete inventory	(11,466)	(9,876)
	$ 240,586	$ 232,490

Note 3 - Details of Selected 32

Note 3 - Details of Selected Balance Sheet Accounts (Details) - Prepaid Expenses and Other Current Assets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Prepaid expenses and other current assets:
Income tax asset	$ 12,928	$ 17,740
Prepaid insurance	3,861	7,310
Prepaid rent/leases	1,058	802
Other prepaid expenses and current assets	17,361	17,937
	$ 35,208	$ 43,789

Note 3 - Details of Selected 33

Note 3 - Details of Selected Balance Sheet Accounts (Details) - Property, Plant and Equipment - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Property, plant and equipment, net:
Property, plant and equipment, gross	$ 1,325,922	$ 1,266,073
Accumulated depreciation	(661,827)	(616,227)
	664,095	649,846
Land [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	28,474	29,850
Building and Building Improvements [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	179,461	175,421
Machinery and Equipment [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	460,739	438,980
Completion Services [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	410,839	387,165
Office Furniture And Equipment [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	31,743	30,647
Vehicles [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	129,621	129,922
Construction in Progress [Member]
Property, plant and equipment, net:
Property, plant and equipment, gross	$ 85,045	$ 74,088
Minimum [Member] | Building and Building Improvements [Member]
Property, plant and equipment, net:
Estimated useful life	3 years
Minimum [Member] | Machinery and Equipment [Member]
Property, plant and equipment, net:
Estimated useful life	2 years
Minimum [Member] | Completion Services [Member]
Property, plant and equipment, net:
Estimated useful life	2 years
Minimum [Member] | Office Furniture And Equipment [Member]
Property, plant and equipment, net:
Estimated useful life	1 year
Minimum [Member] | Vehicles [Member]
Property, plant and equipment, net:
Estimated useful life	1 year
Maximum [Member] | Building and Building Improvements [Member]
Property, plant and equipment, net:
Estimated useful life	40 years
Maximum [Member] | Machinery and Equipment [Member]
Property, plant and equipment, net:
Estimated useful life	28 years
Maximum [Member] | Completion Services [Member]
Property, plant and equipment, net:
Estimated useful life	10 years
Maximum [Member] | Office Furniture And Equipment [Member]
Property, plant and equipment, net:
Estimated useful life	10 years
Maximum [Member] | Vehicles [Member]
Property, plant and equipment, net:
Estimated useful life	10 years

Note 3 - Details of Selected 34

Note 3 - Details of Selected Balance Sheet Accounts (Details) - Accrued Liabilities - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued liabilities:
Accrued compensation	$ 23,656	$ 58,979
Insurance liabilities	11,148	11,300
Accrued taxes, other than income taxes	6,278	4,851
Accrued commissions	2,538	3,622
Accrued product warranty reserves	2,501	2,810
Other	17,071	14,568
	$ 63,192	$ 96,130

Note 4 - Accumulated Other Co35

Note 4 - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Disclosure Text Block [Abstract]
Accumulated Other Comprehensive Income	$ (26.7)	$ (22.1)

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	766,203	457,805	739,695	181,512

Note 5 - Earnings Per Share (37

Note 5 - Earnings Per Share (Details) - Earnings Per Share Calculation - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic:
Net income (loss) attributable to Oil States International, Inc.	$ 6,183	$ (7,880)	$ 25,752	$ 63,624
Undistributed net income (loss) allocable to participating securities	(130)		(539)	(797)
Income (loss) applicable to common stockholders, basic	$ 6,053	$ (7,880)	$ 25,213	$ 68,827
Weighted-average number of shares outstanding, basic (in Shares)	50,427	53,090	50,627	53,189
Income (loss) from discontinued operations, net of tax	$ 35	$ 16,242	$ 201	$ 53,037
Effect of dilutive securities:
Options on common stock (in Shares)	79		90	280
Restricted stock awards and other (in Shares)	9		8	17
Income (loss) applicable to common stockholders, diluted	$ 6,053	$ (7,880)	$ 25,214	$ 62,833
Weighted-average number of shares outstanding, diluted (in Shares)	50,515	53,090	50,725	53,486
Discontinued Operations [Member]
Basic:
Undistributed net income (loss) allocable to participating securities	$ 1		$ 4	$ 665
Effect of dilutive securities:
Undistributed net income reallocated to participating securities				4
Continuing Operations [Member]
Basic:
Income (loss) applicable to common stockholders, basic	$ 6,019	$ (24,122)	$ 25,016	$ 10,455
Weighted-average number of shares outstanding, basic (in Shares)	50,427	53,090	50,627	53,189
Effect of dilutive securities:
Undistributed net income reallocated to participating securities			$ 1	$ 1
Effect of dilutive securities:
Income (loss) applicable to common stockholders, diluted	$ 6,019	$ (24,122)	$ 25,017	$ 10,456
Weighted-average number of shares outstanding, diluted (in Shares)	50,515	53,090	50,725	53,486
Basic [Member]
Basic:
Income (loss) from discontinued operations, net of tax	$ (35)	$ (16,242)	$ (201)	$ (53,037)
Diluted [Member]
Basic:
Income (loss) from discontinued operations, net of tax	$ 34	$ 16,242	$ 197	$ 52,373

Note 6 - Business Acquisition38

Note 6 - Business Acquisitions and Goodwill (Details) $ in Millions	Jan. 02, 2015USD ($)
Montgomery Machine Company, Inc. [Member]
Note 6 - Business Acquisitions and Goodwill (Details) [Line Items]
Business Combination, Consideration Transferred	$ 33.4

Note 6 - Business Acquisition39

Note 6 - Business Acquisitions and Goodwill (Details) - Changes in the Carrying Value of Goodwill - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Goodwill, Gross	$ 382,733
Accumulated Impairment Losses	(117,295)	$ (117,295)
Goodwill	265,438
Balance as of June 30, 2015
Goodwill acquired	14,074
GoodwillTranslationAndOtherChanges	(837)
Well Site Services - Completion Services [Member]
Goodwill [Line Items]
Goodwill, Gross	200,092
Accumulated Impairment Losses	(94,528)	(94,528)
Goodwill	105,564
Balance as of June 30, 2015
GoodwillTranslationAndOtherChanges	(875)
Well Site Services - Drilling Services [Member]
Goodwill [Line Items]
Goodwill, Gross	22,767
Accumulated Impairment Losses	(22,767)	(22,767)
Total Well Site Services [Member]
Goodwill [Line Items]
Goodwill, Gross	222,859
Accumulated Impairment Losses	(117,295)	$ (117,295)
Goodwill	105,564
Balance as of June 30, 2015
GoodwillTranslationAndOtherChanges	(875)
Offshore Products [Member]
Goodwill [Line Items]
Goodwill, Gross	159,874
Goodwill	159,874
Balance as of June 30, 2015
Goodwill acquired	14,074
GoodwillTranslationAndOtherChanges	$ 38

Note 7 - Discontinued Operati40

Note 7 - Discontinued Operations (Details)	May. 30, 2014shares
Discontinued Operations and Disposal Groups [Abstract]
Spin-Off Common Stock Ratio	2

Note 7 - Discontinued Operati41

Note 7 - Discontinued Operations (Details) - Operating Results of Discontinued Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Net income from discontinued operations, net of tax	$ 35	$ 16,242	$ 201	$ 53,037
Accommodations [Member]
Revenues
Revenues		151,388		404,132
Income from discontinued operations before income taxes	25	15,922	288	61,924
Income tax provision	(9)	271	(104)	(9,098)
Net income from discontinued operations, net of tax	16	16,193	184	52,826
Tubular Services [Member]
Revenues
Income from discontinued operations before income taxes	30	154	27	336
Income tax provision	(11)	(105)	(10)	(125)
Net income from discontinued operations, net of tax	$ 19	$ 49	$ 17	$ 211

Note 8 - Debt (Details)

Note 8 - Debt (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		13 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	May. 28, 2014	Dec. 31, 2013
Note 8 - Debt (Details) [Line Items]
Interest Coverage Ratio				3
Maximum Leverage Ratio				3.25
Line of Credit, Current		$ 150,900		$ 150,900
Letters of Credit Outstanding, Amount		40,100		40,100
Line of Credit Facility, Remaining Borrowing Capacity		409,000		409,000
Cash and Cash Equivalents, at Carrying Value	$ 64,895	$ 89,432	$ 64,895	$ 89,432	$ 53,263		$ 599,306
Gains (Losses) on Extinguishment of Debt	(100,410)		(100,410)
			$ 750,000
Revolving Credit Facility [Member]
Note 8 - Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 600,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Note 8 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Senior Unsecured Notes [Member]
Note 8 - Debt (Details) [Line Items]
Gains (Losses) on Extinguishment of Debt	(96,700)
Write-Off of Unamortized Deferred Finance Costs [Member]
Note 8 - Debt (Details) [Line Items]
Gains (Losses) on Extinguishment of Debt	(3,700)
Write-Off of Unamortized Deferred Finance Costs [Member] | Discontinued Operations [Member] | CANADA
Note 8 - Debt (Details) [Line Items]
Gains (Losses) on Extinguishment of Debt	$ 1,800
Maximum [Member] | Revolving Credit Facility [Member]
Note 8 - Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 750,000
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Note 8 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.50%
Maximum [Member] | Base Rate [Member] | Revolving Credit Facility [Member]
Note 8 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Note 8 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
Minimum [Member] | Base Rate [Member] | Revolving Credit Facility [Member]
Note 8 - Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%

Note 8 - Debt (Details) - Summa

Note 8 - Debt (Details) - Summary of Long-term Debt - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Less: Current portion	$ 521	$ 530
Total long-term debt and capitalized leases	156,836	146,835
Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Debt	150,908	140,684
Capital Lease Obligations And Other Debt [Member]
Debt Instrument [Line Items]
Long-term Debt	6,449	6,681
Gross [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 157,357	$ 147,365

Note 8 - Debt (Details) - Sum44

Note 8 - Debt (Details) - Summary of Long-term Debt (Parentheticals) - Domestic Line of Credit [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Available Commitments up to	$ 600,000	$ 600,000
Weighted Average Interest Rate	3.40%

Note 10 - Changes in Common S45

Note 10 - Changes in Common Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	34 Months Ended
	Jun. 30, 2015	Jul. 29, 2015	Dec. 31, 2014	Sep. 06, 2013	Aug. 31, 2013
Note 10 - Changes in Common Stock Outstanding (Details) [Line Items]
Stock Repurchase Program, Authorized Amount				$ 500	$ 200
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.01		$ 0.01
Stock Repurchased During Period, Value	$ 442.8
Stock Repurchased During Period, Shares (in Shares)	6,420,184
Stock Repurchased During Period Percentage of Common Stock Outstanding	12.00%
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 57.2
Subsequent Event [Member]
Note 10 - Changes in Common Stock Outstanding (Details) [Line Items]
Stock Repurchase Program, Authorized Amount		$ 150

Note 10 - Changes in Common S46

Note 10 - Changes in Common Stock Outstanding (Details) - Changes in Common Stock Outstanding	6 Months Ended
	Jun. 30, 2015shares
Changes in Common Stock Outstanding [Abstract]
Shares of common stock outstanding	53,017,359
Repurchase of shares – transferred to treasury	(2,191,654)
Shares issued upon granting of restricted stock awards, net of forfeitures	454,636
Shares issued upon exercise of stock options	167,250
Shares withheld for taxes on exercise of stock options and vesting of restricted stock awards and transferred to treasury	(159,666)
Shares of common stock outstanding	51,287,925

Note 11 - Stock Based Compens47

Note 11 - Stock Based Compensation (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Note 11 - Stock Based Compensation (Details) [Line Items]
Allocated Share-based Compensation Expense		$ 5	$ 6.8	$ 10.7	$ 12.5
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 44.1		$ 44.1
Performance Shares [Member]
Note 11 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)	75,900
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options,Value, Grants in Period	$ 3.2

Note 11 - Stock Based Compens48

Note 11 - Stock Based Compensation (Details) - Stock Option Activity	6 Months Ended
	Jun. 30, 2015shares
Employee Stock Option [Member]
Number of Shares
Outstanding at January 1, 2015	1,007,686
Outstanding at June 30, 2015	946,817
Granted	119,370
Options Exercised/Stock Vested	(167,250)
Cancelled	(12,989)
Restricted Stock [Member]
Number of Shares
Outstanding at January 1, 2015	1,106,670
Outstanding at June 30, 2015	1,200,814
Granted	558,270
Options Exercised/Stock Vested	(436,392)
Cancelled	(27,734)

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 1,442	$ (13,646)	$ 14,694	$ 4,496
Effective Income Tax Rate Reconciliation, Percent	19.00%	36.10%	36.50%	29.80%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount			$ 2,300

Note 13 - Segment and Related50

Note 13 - Segment and Related Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Note 13 - Segment and Related Information (Details) [Line Items]
Operating Income (Loss)	$ 8,724	$ 67,545	$ 42,484	$ 126,811
Transaction Cost [Member]
Note 13 - Segment and Related Information (Details) [Line Items]
Operating Income (Loss)		$ (9,600)		$ (11,000)

Note 13 - Segment and Related51

Note 13 - Segment and Related Information (Details) - Financial Information by Business Segment - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014		Dec. 31, 2014
Well site services –
Revenues from unaffiliated customers	$ 269,258	$ 459,607		$ 606,617	$ 864,844
Depreciation and amortization	32,432	31,107		65,011	61,894
Operating income (loss)	8,724	67,545		42,484	126,811
Equity in earnings of unconsolidated affiliates	54	122		3	218
Capital expenditures	30,458	43,309		68,740	83,211
Total assets	1,680,984	1,765,543		1,680,984	1,765,543		$ 1,809,612
Well Site Services - Completion Services [Member]
Well site services –
Revenues from unaffiliated customers	69,421	155,655		187,531	302,116
Depreciation and amortization	19,145	18,401		38,588	36,344
Operating income (loss)	(10,969)	32,472		1,499	63,517
Capital expenditures	12,616	21,140		35,378	44,153
Total assets	559,211	598,889		559,211	598,889
Well Site Services - Drilling Services [Member]
Well site services –
Revenues from unaffiliated customers	16,703	53,263		40,382	99,827
Depreciation and amortization	6,962	6,753		13,644	13,638
Operating income (loss)	(4,342)	8,739		(6,881)	14,534
Capital expenditures	2,119	7,973		8,670	15,087
Total assets	114,340	140,288		114,340	140,288
Total Well Site Services [Member]
Well site services –
Revenues from unaffiliated customers	86,124	208,918		227,913	401,943
Depreciation and amortization	26,107	25,154		52,232	49,982
Operating income (loss)	(15,311)	41,211		(5,382)	78,051
Capital expenditures	14,735	29,113		44,048	59,240
Total assets	673,551	739,177		673,551	739,177
Offshore Products [Member]
Well site services –
Revenues from unaffiliated customers	183,134	250,689		378,704	462,901
Depreciation and amortization	5,967	5,705		12,067	11,400
Operating income (loss)	34,836	50,261		71,377	87,609
Equity in earnings of unconsolidated affiliates	54	122		3	218
Capital expenditures	15,273	12,844		24,166	22,407
Total assets	965,157	971,973		965,157	971,973
Corporate And Eliminations [Member]
Well site services –
Depreciation and amortization	358	248		712	512
Operating income (loss)	(10,801)	(23,927)	[1]	(23,511)	(38,849)	[1]
Capital expenditures	450	1,352		526	1,564
Total assets	$ 42,276	$ 54,393		$ 42,276	$ 54,393
[1]	The corporate operating losses for the three and six months ended June 30, 2014 include $9.6 million and $11.0 million, respectively, of transactions costs primarily related to the Spin-Off.

Uncategorized Items - ois-20150

Label	Element	Value
Goodwill, Gross	us-gaap_GoodwillGross	$ 369,496
Offshore Products [Member]
Goodwill, Gross	us-gaap_GoodwillGross	145,762
Goodwill, net	us-gaap_Goodwill	145,762
Total Well Site Services [Member]
Goodwill, Gross	us-gaap_GoodwillGross	223,734
Goodwill, net	us-gaap_Goodwill	106,439
Well Site Services- Completion Services [Member]
Goodwill, Gross	us-gaap_GoodwillGross	200,967
Goodwill, net	us-gaap_Goodwill	106,439
Well Site Services Drilling Services [Member]
Goodwill, Gross	us-gaap_GoodwillGross	$ 22,767