Dawson Geophysical provides land-based seismic data acquisition and processing services mainly to the oil and natural gas industry in North America, leveraging advanced seismic technology.

# Dawson Geophysical Company Overview

## Business Activities
- **Primary offering:** North American onshore seismic data acquisition and processing services.
- **Data types:** Acquires and processes 2-D, 3-D, and multi-component seismic data used in oil and gas exploration and development.
- **Clients:** Ranges from major oil and gas corporations to independent operators and providers of multi-client data libraries, as well as projects related to carbon capture sequestration.
- **Specialized services:** In recent years, has provided seismic services for carbon capture and sequestration projects and microseismic monitoring to track hydraulic fracturing activities.
- **Additional operations:** Provides seismic services to potash mining in Canada through its wholly-owned subsidiary, Eagle Canada Seismic Services ULC, which has heliportable capabilities.

## Operations and Technology
- Performs seismic surveys using advanced 3-D survey techniques.
- Uses vibration equipment or dynamite detonation to generate acoustic energy.
- Receives reflected energy via geophones, converting it into digital signals for processing.
- Employs high recording channel counts (as of December 31, 2024, operates approximately 326,000 channels including multi-component and cableless systems).
- Capable of deploying multiple crews simultaneously across various projects.
- Offers multi-component seismic surveys that record shear waves for reservoir and geo-hazard analysis.
- Uses state-of-the-art seismic equipment to deliver high-resolution imaging of the subsurface.

## Market and Clients
- Contracts are awarded mainly through competitive bidding or client negotiations.
- The majority of contracts are turnkey (fixed fee per dataset) or term-based (fixed hourly/daily/monthly rates).
- During 2024, *about 43% of revenue* was derived from two primary clients.
- Revenue is subject to fluctuations influenced by exploration activity, commodity prices, weather, permits, and industry demand.
- Has a relatively small number of large clients, making it susceptible to client cancellations or reductions.

## Employees
- As of December 31, 2024: **233 full-time employees**.
- Includes management, sales, administrative personnel, crew technicians, and support staff.
- Not unionized; maintains good employee relations.

## Financial Highlights
- **2024 Revenue:** $74.2 million (down from $96.8 million in 2023).
- **2024 Net Loss:** $4.1 million (compared to a net loss of $12.1 million in 2023).
- **2024 Operating Expenses:** $78.7 million.
- **2024 Cash Position:** $1.4 million in cash and equivalents (vs. $10.8 million at the end of 2023).
- **2024 Income:** The company incurred losses primarily due to industry volatility affecting demand and pricing for seismic services.

## Summary
Dawson Geophysical provides land-based seismic data acquisition and processing services mainly to the oil and natural gas industry in the U.S. and Canada. It leverages advanced seismic technology, maintains a large array of recording channels, and serves a limited but significant client base with about 233 employees. The company experienced notable revenue decline in 2024 and incurred net losses, influenced by industry cyclicality and volatile energy prices.

Dawson Geophysical Company is a leading seismic data acquisition service provider in North America, focusing on onshore operations and a diverse client base including major oil and gas companies and businesses involved in carbon capture and sequestration projects.

# Dawson Geophysical Company Overview

**Business Description**  
Dawson Geophysical Company is a Texas corporation and a leading provider of seismic data acquisition services in North America, primarily focusing on onshore operations in the continental U.S. and Canada. The company specializes in acquiring and processing 2-D, 3-D, and multi-component seismic data. Clients include major oil and gas companies, independent operators, multi-client data library providers, and businesses involved in carbon capture and sequestration projects.

**Headquarters:**  
508 West Wall, Suite 800 Midland, Texas 79701  
**Telephone:** 432-684-3000  
**Website:** [Dawson Geophysical](http://www.dawson3d.com)

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**Services Offered:**  
- **Seismic Data Acquisition:**  
  - 2-D, 3-D, and multi-component seismic surveys.
  - Use of advanced seismic equipment to analyze subsurface conditions.
  - Microseismic monitoring for hydraulic fracturing operations.

- **Technological Capabilities:**  
  - Implementation of state-of-the-art 3-D seismic survey techniques.
  - Deployment of cableless recording systems to enhance efficiency and data quality.

- **Client Support:**  
  - Services are marketed through established supervisory and executive personnel.
  - Recent projects have included a focus on carbon capture and potash mining in Canada.

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**Business Metrics (as of December 31, 2023):**  
- **Employees:** 281 full-time employees, including 45 in management, sales, and administration.
- **Equipment:** Operates 130 vibrator energy source units and approximately 327,000 recording channels.
- **Revenue:** Four largest clients represented approximately 73% of total revenues for the year ended December 31, 2023.
- **Financial Performance:** The Company reported a net loss of $12.1 million for the year ended December 31, 2023, following a loss of $18.6 million for the year ended December 31, 2022.

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**Client Base:**  
Dawson services a diverse range of customers varying from major oil and gas companies to smaller operators and multi-client data libraries. Despite this diversity, a substantial portion of the company's revenues depends on a limited number of significant clients.

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**Operational Locations:**  
- Headquarters in Midland, Texas.
- Additional offices in Houston and Plano, Texas.
- Operations in Calgary, Alberta, Canada.

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**Market Position:**  
Dawson competes with major companies such as SAExploration Holdings, Echo Seismic Ltd., and Paragon Geophysical Services, among others. 

**Future Outlook:**  
The company's ability to regain profitability hinges on the demand for oil and gas exploration services, overall industry conditions, and the continuous improvement in seismic data acquisition technologies.

DAWSON GEOPHYSICAL CO

10-K / April 2, 2025

10-K / April 1, 2024

10-K / April 2, 2025

Dawson Geophysical Company Overview

Business Activities

Operations and Technology

Market and Clients

Employees

Financial Highlights

Summary