Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'BASIC ENERGY SERVICES INC | ' |
Entity Central Index Key | '0001109189 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 43,183,490 |
Amendment Flag | 'false | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $57,450 | $111,532 |
Trade accounts receivable, net of allowance of $2,226 and $3,675, respectively | 262,357 | 204,394 |
Accounts receivable - related parties | 61 | 50 |
Income tax receivable | ' | 3,475 |
Inventories | 43,080 | 34,240 |
Prepaid expenses | 19,156 | 9,597 |
Other current assets | 9,986 | 8,289 |
Deferred tax assets | 23,744 | 31,436 |
Total current assets | 415,834 | 403,013 |
Property and equipment, net | 981,910 | 928,037 |
Deferred debt costs, net of amortization | 13,800 | 16,145 |
Goodwill | 112,714 | 110,914 |
Other intangible assets, net of amortization | 73,351 | 77,555 |
Other assets | 8,240 | 7,675 |
Total assets | 1,605,849 | 1,543,339 |
Current liabilities: | ' | ' |
Accounts payable | 56,178 | 45,508 |
Accrued expenses | 78,622 | 77,058 |
Income tax payable | 152 | ' |
Current portion of long-term debt | 43,921 | 41,394 |
Other current liabilities | 8,300 | 688 |
Total current liabilities | 187,173 | 164,648 |
Long-term debt, net of unamortized premium on notes of $1,280 and $1,459, respectively | 865,708 | 846,691 |
Deferred tax liabilities | 162,652 | 164,306 |
Other long-term liabilities | 26,208 | 22,407 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at September 30, 2014 and December 31, 2013 | ' | ' |
Common stock; $0.01 par value; 80,000,000 shares authorized; 43,500,032 shares issued and 43,183,490 shares outstanding at September 30, 2014; 43,500,032 shares issued and 42,26,088 shares outstanding at December 31, 2013 | 435 | 435 |
Additional paid-in capital | 366,149 | 363,674 |
Retained deficit | 3,741 | -6,726 |
Treasury stock, at cost, 316,542 and 1,273,944 shares at September 30, 2014 and December 31, 2013, respectively | -6,217 | -12,096 |
Total stockholders' equity | 364,108 | 345,287 |
Total liabilities and stockholders' equity | $1,605,849 | $1,543,339 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Allowance for trade accounts receivable | $2,226 | $3,675 |
Unamortized premium on notes | $1,280 | $1,459 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 43,500,032 | 43,500,032 |
Common stock, shares outstanding | 43,183,490 | 42,226,088 |
Treasury stock, shares | 316,542 | 1,273,944 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Total revenues | $393,955 | $324,797 | $1,090,373 | $954,871 |
Expenses: | ' | ' | ' | ' |
General and administrative, including stock-based compensation of $3,811 and $2,837 in three months and $10,932 and $8,966 in the nine months ended September 30, 2014 and 2013, respectively | 41,516 | 43,179 | 124,028 | 134,457 |
Depreciation and amortization | 54,485 | 53,623 | 157,975 | 155,471 |
Loss on disposal of assets | 979 | 411 | 1,216 | 2,290 |
Total expenses | 361,100 | 319,956 | 1,022,456 | 948,521 |
Operating income | 32,855 | 4,841 | 67,917 | 6,350 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -16,828 | -16,927 | -50,253 | -50,541 |
Interest income | 11 | 10 | 37 | 40 |
Other income | 139 | 232 | 612 | 567 |
Income (loss) before income taxes | 16,177 | -11,844 | 18,313 | -43,584 |
Income tax benefit (expense) | -6,246 | 4,888 | -7,846 | 15,054 |
Net income (loss) | 9,931 | -6,956 | 10,467 | -28,530 |
Earnings per share of common stock: | ' | ' | ' | ' |
Basic | $0.24 | ($0.17) | $0.25 | ($0.70) |
Diluted | $0.24 | ($0.17) | $0.25 | ($0.70) |
Completion and Remedial Services | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 193,699 | 127,119 | 495,550 | 377,696 |
Expenses: | ' | ' | ' | ' |
Expenses | 119,138 | 82,959 | 308,235 | 247,813 |
Depreciation and amortization | 17,530 | 16,248 | 50,827 | 47,063 |
Well Servicing | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 91,119 | 97,783 | 273,660 | 279,379 |
Expenses: | ' | ' | ' | ' |
Expenses | 67,636 | 70,983 | 202,144 | 203,586 |
Depreciation and amortization | 14,263 | 15,494 | 41,355 | 45,946 |
Fluid Services | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 92,852 | 86,121 | 276,001 | 256,052 |
Expenses: | ' | ' | ' | ' |
Expenses | 66,121 | 59,673 | 197,958 | 176,844 |
Depreciation and amortization | 16,709 | 15,999 | 48,445 | 44,984 |
Contract Drilling | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Total revenues | 16,285 | 13,774 | 45,162 | 41,744 |
Expenses: | ' | ' | ' | ' |
Expenses | $11,225 | $9,128 | $30,900 | $28,060 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' |
Stock-based compensation included in general and administrative expense | $3,811 | $2,837 | $10,932 | $8,966 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Deficit | Total |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2013 | $435 | $363,674 | ($12,096) | ($6,726) | $345,287 |
Beginning Balance (in shares) at Dec. 31, 2013 | 43,500,032 | ' | ' | ' | 42,226,088 |
Issuances of restricted stock | ' | -9,583 | 9,583 | ' | ' |
Amortization of share-based compensation | ' | 10,932 | ' | ' | 10,932 |
Purchase of treasury stock | ' | ' | -6,315 | ' | -6,315 |
Exercise of stock options | ' | 1,126 | 2,611 | ' | 3,737 |
Net income | ' | ' | ' | 10,467 | 10,467 |
Ending Balance at Sep. 30, 2014 | $435 | $366,149 | ($6,217) | $3,741 | $364,108 |
Ending Balance (in shares) at Sep. 30, 2014 | 43,500,032 | ' | ' | ' | 43,183,490 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $10,467 | ($28,530) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 157,975 | 155,471 |
Accretion on asset retirement obligation | 98 | 83 |
Change in allowance for doubtful accounts | -1,449 | 779 |
Amortization of deferred financing costs | 2,411 | 2,300 |
Amortization of premium on notes | -179 | -166 |
Non-cash compensation | 10,932 | 8,966 |
Loss on disposal of assets | 1,216 | 2,290 |
Deferred income taxes | 6,038 | -15,414 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Accounts receivable | -56,525 | -3,584 |
Inventories | -8,840 | 1,938 |
Prepaid expenses and other current assets | -16,354 | -4,106 |
Other assets | -565 | 81 |
Accounts payable | 10,670 | -12,296 |
Income tax receivable / payable | 3,080 | -976 |
Other liabilities | 11,524 | 2,763 |
Accrued expenses | 1,285 | -2,445 |
Net cash provided by operating activities | 131,784 | 107,154 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -184,925 | -104,029 |
Proceeds from sale of mutual fund | ' | 5,635 |
Proceeds from sale of assets | 36,350 | 11,542 |
Payments for other long-term assets | -879 | -808 |
Payments for businesses, net of cash acquired | -16,090 | -16,267 |
Net cash used in investing activities | -165,544 | -103,927 |
Cash flows from financing activities: | ' | ' |
Payments of debt | -34,225 | -33,868 |
Proceeds from debt | 16,000 | ' |
Purchase of treasury stock | -6,315 | -3,562 |
Tax withholding from exercise of stock options | -362 | -154 |
Exercise of employee stock options | 4,646 | 456 |
Deferred loan costs and other financing activities | -66 | -495 |
Net cash used in financing activities | -20,322 | -37,623 |
Net decrease in cash and equivalents | -54,082 | -34,396 |
Cash and cash equivalents - beginning of period | 111,532 | 134,565 |
Cash and cash equivalents - end of period | $57,450 | $100,169 |
Basis_of_Presentation_and_Natu
Basis of Presentation and Nature of Operations | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation and Nature of Operations | ' | |||
1. Basis of Presentation and Nature of Operations | ||||
Basis of Presentation | ||||
The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the December 31, 2013 Form 10-K. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements. | ||||
Nature of Operations | ||||
Basic provides a wide range of well site services to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. These services are primarily provided using Basic’s fleet of equipment. Basic’s operations are concentrated in the major United States onshore oil and gas producing regions in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia, Ohio, California and Pennsylvania. | ||||
Principles of Consolidation | ||||
The accompanying consolidated financial statements include the accounts of Basic and its wholly owned subsidiaries. Basic has no variable interest in any other organization, entity, partnership or contract. All intercompany transactions and balances have been eliminated. | ||||
Estimates and Uncertainties | ||||
Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include: | ||||
· | Depreciation and amortization of property and equipment and intangible assets | |||
· | Impairment of property and equipment, goodwill and intangible assets | |||
· | Allowance for doubtful accounts | |||
· | Litigation and self-insured risk reserves | |||
· | Fair value of assets acquired and liabilities assumed | |||
· | Stock-based compensation | |||
· | Income taxes | |||
Acquisitions
Acquisitions | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Acquisitions [Abstract] | ' | ||||
Acquisitions | ' | ||||
2. Acquisitions | |||||
In 2013 and during the first nine months of 2014, Basic acquired either substantially all of the assets or all of the outstanding capital stock of each of the following businesses, each of which was accounted for using the purchase method of accounting. The following table summarizes the final values for the acquisitions at the date of acquisition (in thousands): | |||||
Total Cash Paid | |||||
Closing Date | (net of cash acquired) | ||||
Atlas Environmental Consulting, Inc. and Atlas Oilfield Construction Company, LLC | 19-Feb-13 | $ | 12,979 | ||
Petroleum Water Solutions, LLC | 22-Feb-13 | 3,288 | |||
Karnes Water Management, LLC | 31-Dec-13 | 5,200 | |||
Total 2013 | $ | 21,467 | |||
Pioneer Fishing and Rental Services, LLC | 17-Sep-14 | $ | 16,090 | ||
Total 2014 | $ | 16,090 | |||
The operations of each of the acquisitions listed above are included in Basic’s consolidated statement of operations as of each respective closing date. The pro forma effect of the acquisition completed in the first nine months of 2014 is not material, either individually or when aggregated, to the reported results of operations. The provisional value used with respect to Pioneer Fishing and Rental Service, LLC will be finalized once the valuation of the tangible and intangible assets is complete. | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||
3. Goodwill and Other Intangible Assets | |||||||||||||||
Additions to goodwill during the nine months ended September 30, 2014 were primarily due to current period acquisitions and adjustments to the preliminary purchase price allocations for the Karnes Water Management, LLC acquisitions completed in the current year. The changes in the carrying amount of goodwill for the nine months ended September 30, 2014 were as follows (in thousands): | |||||||||||||||
Completion | |||||||||||||||
And Remedial | |||||||||||||||
Services | Well Servicing | Fluid Services | Contract Drilling | Total | |||||||||||
Balance as of December 31, 2013 | $ | 77,697 | $ | 6,622 | $ | 26,595 | $ | — | $ | 110,914 | |||||
Goodwill additions | 315 | — | 1,485 | — | 1,800 | ||||||||||
Balance as of September 30, 2014 | $ | 78,012 | $ | 6,622 | $ | 28,080 | $ | — | $ | 112,714 | |||||
Basic’s intangible assets subject to amortization were as follows (in thousands): | |||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||
Customer relationships | $ | 88,576 | $ | 87,139 | |||||||||||
Non-Compete agreements | 13,752 | 13,004 | |||||||||||||
Trade names | 1,939 | 1,939 | |||||||||||||
Other intangible assets | 2,086 | 2,086 | |||||||||||||
106,354 | 104,168 | ||||||||||||||
Less accumulated amortization | 33,003 | 26,613 | |||||||||||||
Intangible assets subject to amortization, net | $ | 73,351 | $ | 77,555 | |||||||||||
Amortization expense for the three months ended September 30, 2014 and 2013 was approximately $2.1 million and $2.0 million, respectively. Amortization expense for the nine months ended September 30, 2014 and 2013 was approximately $6.4 million and $6.2 million, respectively. | |||||||||||||||
Intangible assets, net of accumulated amortization allocated to reporting units as of September 30, 2014 were as follows (in thousands): | |||||||||||||||
Completion | |||||||||||||||
And Remedial | |||||||||||||||
Services | Well Servicing | Fluid Services | Contract Drilling | Total | |||||||||||
Intangible assets subject to amortization, net | $ | 54,035 | $ | 5,473 | $ | 10,395 | $ | 3,448 | $ | 73,351 | |||||
Customer relationships are amortized over a 15-year life, non-compete agreements are amortized over a five-year life, and other intangible assets and trade names are amortized over a 15-year life. | |||||||||||||||
Property_And_Equipment
Property And Equipment | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Property Plant And Equipment [Abstract] | ' | |||||
Property And Equipment | ' | |||||
4. Property and Equipment | ||||||
Property and equipment consisted of the following (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Land | $ | 18,519 | $ | 17,800 | ||
Buildings and improvements | 67,334 | 65,702 | ||||
Well service units and equipment | 473,909 | 498,846 | ||||
Fluid services equipment | 263,734 | 258,371 | ||||
Brine and fresh water stations | 13,971 | 13,496 | ||||
Frac/test tanks | 345,240 | 275,603 | ||||
Pumping equipment | 327,883 | 299,300 | ||||
Construction equipment | 15,981 | 15,677 | ||||
Contract drilling equipment | 108,667 | 104,958 | ||||
Disposal facilities | 154,864 | 143,459 | ||||
Light vehicles | 68,655 | 64,942 | ||||
Rental equipment | 99,150 | 70,738 | ||||
Software | 21,143 | 23,360 | ||||
Other | 16,291 | 16,754 | ||||
1,995,341 | 1,869,006 | |||||
Less accumulated depreciation and amortization | 1,013,431 | 940,969 | ||||
Property and equipment, net | $ | 981,910 | $ | 928,037 | ||
Basic is obligated under various capital leases for certain vehicles and equipment that expire at various dates during the next five years. The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consisted of the following (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Light vehicles | $ | 44,635 | $ | 39,970 | ||
Contract drilling equipment | 4,255 | 4,223 | ||||
Well service units and equipment | 966 | 1,554 | ||||
Fluid services equipment | 127,594 | 121,051 | ||||
Pumping equipment | 35,126 | 29,080 | ||||
Construction equipment | 730 | 1,005 | ||||
Software | 17,120 | 17,120 | ||||
Other | 70 | 70 | ||||
230,496 | 214,073 | |||||
Less accumulated amortization | 94,082 | 77,340 | ||||
$ | 136,414 | $ | 136,733 | |||
Amortization of assets held under capital leases of approximately $9.5 million and $8.0 million for the three months ended September 30, 2014 and 2013, respectively, and $26.8 million and $22.9 million for the nine months ended September 30, 2014 and 2013, respectively, is included in depreciation and amortization expense in the consolidated statements of operations. | ||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Long-Term Debt [Abstract] | ' | |||||
Long-Term Debt | ' | |||||
5. Long-Term Debt and Interest Expense | ||||||
Long-term debt consisted of the following (in thousands): | ||||||
30-Sep-14 | 31-Dec-13 | |||||
Credit Facilities: | ||||||
Revolver | $ | 16,000 | $ | — | ||
7.75% Senior Notes due 2019 | 475,000 | 475,000 | ||||
7.75% Senior Notes due 2022 | 300,000 | 300,000 | ||||
Unamortized premium | 1,280 | 1,459 | ||||
Capital leases and other notes | 117,349 | 111,626 | ||||
909,629 | 888,085 | |||||
Less current portion | 43,921 | 41,394 | ||||
$ | 865,708 | $ | 846,691 | |||
Basic had $16.0 million in borrowings and $51.3 million of letters of credit outstanding under the Credit Agreement as of September 30, 2014, giving Basic $182.7 million of available borrowing capacity. | ||||||
Basic’s interest expense consisted of the following (in thousands): | ||||||
Nine Months Ended September 30, | ||||||
2014 | 2013 | |||||
Cash payments for interest | $ | 49,689 | $ | 50,758 | ||
Commitment and other fees paid | 1,719 | 1,351 | ||||
Amortization of debt issuance costs and discount or premium on notes | 2,232 | 2,134 | ||||
Change in accrued interest | -3,413 | -3,376 | ||||
Other | 26 | -326 | ||||
$ | 50,253 | $ | 50,541 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
6. Commitments and Contingencies | |
Environmental | |
Basic is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. Basic cannot predict the future impact of such standards and requirements, which are subject to change and can have retroactive effectiveness. Basic continues to monitor the status of these laws and regulations. Management believes that the likelihood of any of these items resulting in a material adverse impact to Basic’s financial position, liquidity, capital resources or future results of operations is remote. | |
Currently, Basic has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to bring Basic into total compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions which may be required, the determination of Basic’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. | |
Litigation | |
From time to time, Basic is a party to litigation or other legal proceedings that Basic considers to be a part of the ordinary course of business. Basic is not currently involved in any legal proceedings that it considers probable or reasonably possible, individually or in the aggregate, to result in a material adverse effect on its financial condition, results of operations or liquidity. In the second quarter of 2014, Basic was involved in the settlement of a lawsuit related to the contractual indemnification of a customer for $4.6 million, including legal fees. | |
Self-Insured Risk Accruals | |
Basic is self-insured up to retention limits as it relates to workers’ compensation, general liability claims, and medical and dental coverage of its employees. Basic generally maintains no physical property damage coverage on its workover rig fleet, with the exception of certain of its 24-hour workover rigs and newly manufactured rigs. Basic has deductibles per occurrence for workers’ compensation, general liability claims, and medical and dental coverage of $5.0 million, $1.0 million, and $400,000, respectively. Basic has lower deductibles per occurrence for automobile liability. Basic maintains accruals in the accompanying consolidated balance sheets related to self-insurance retentions based upon third-party data and claims history. | |
At September 30, 2014 and December 31, 2013, self-insured risk accruals totaled approximately $33.5 million net of a $14,000 receivable for medical and dental coverage and $26.1 million net of a $230,000 receivable for medical and dental coverage, respectively. | |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
7. Stockholders’ Equity | |
Common Stock | |
In March 2014, Basic granted various employees 414,900 restricted shares of common stock that vest over a three-year period and 294,909 shares that vest over a four-year period. | |
During the nine months ended September 30, 2014, Basic issued 250,000 shares of common stock from treasury stock for the exercise of stock options. | |
Treasury Stock | |
Basic has acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of restricted stock. Basic acquired a total of 253,056 shares through net share settlements during the first nine months of 2014 and 256,811 shares through net share settlements during the first nine months of 2013. | |
Incentive_Plan
Incentive Plan | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Incentive Plan [Abstract] | ' | ||||||||||
Incentive Plan | ' | ||||||||||
8. Incentive Plan | |||||||||||
During the three months ended September 30, 2014 and 2013, compensation expense related to share-based arrangements was approximately $3.8 million and $2.8 million, respectively. For compensation expense recognized during the three months ended September 30, 2014 and 2013, Basic recognized a tax benefit of approximately $1.5 million and $1.2 million, respectively. During the nine months ended September 30, 2014 and 2013, compensation expense related to share-based arrangements was approximately $10.9 million and $9.0 million, respectively. For compensation expense recognized during the nine months ended September 30, 2014 and 2013, Basic recognized a tax benefit of approximately $4.7 million and $3.1 million, respectively. | |||||||||||
As of September 30, 2014, there was approximately $28.8 million of total unrecognized compensation related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.3 years. The total fair value of share-based awards vested during the nine months ended September 30, 2014 and 2013 was approximately $20.5 million and $11.7 million, respectively. During the three months ended September 30, 2014 and 2013 there was no excess tax benefit due to the net operating loss carryforwards (“NOL”). If there was no NOL, the excess tax benefit would have been approximately $4.0 million and $814,000 at September 30, 2014 and 2013, respectively. | |||||||||||
Stock Option Awards | |||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Options granted under the Plan expire 10 years from the date they are granted, and generally vest over a three- to five-year service period. | |||||||||||
The following table reflects the summary of stock options outstanding at September 30, 2014 and the changes during the nine months then ended: | |||||||||||
Weighted | |||||||||||
Average | |||||||||||
Remaining | Aggregate | ||||||||||
Number of | Weighted | Contractual | Intrinsic | ||||||||
Options | Average | Term | Value | ||||||||
Granted | Exercise Price | (Years) | (000's) | ||||||||
Non-statutory stock options: | |||||||||||
Outstanding, beginning of period | 530,000 | $ | 18.15 | ||||||||
Options granted | — | — | |||||||||
Options forfeited | — | — | |||||||||
Options exercised | -250,000 | 17.14 | |||||||||
Options expired | — | — | |||||||||
Outstanding, end of period | 280,000 | $ | 19.05 | 1.14 | $ | 1,545 | |||||
Exercisable, end of period | 280,000 | $ | 19.05 | 1.14 | $ | 1,545 | |||||
Vested or expected to vest, end of period | 280,000 | $ | 19.05 | 1.14 | $ | 1,545 | |||||
The total intrinsic value of share options exercised during the nine months ended September 30, 2014 and 2013 was approximately $2.2 million and $501,000, respectively. | |||||||||||
Cash received from share option exercises under the Plan was approximately $4.3 million and $302,000 for the nine months ended September 30, 2014 and 2013, respectively. During the nine months ended September 30, 2014 and 2013 there was no excess tax benefit due to the NOL. If there was no NOL, the excess tax expense would have been $57,000 for the nine months ended September 30, 2014 and excess tax benefit would have been $53,000 for the nine months ended September 30, 2013. | |||||||||||
Basic has a history of issuing treasury and newly issued shares to satisfy share option exercises. | |||||||||||
Restricted Stock Awards | |||||||||||
On March 12, 2014, the Compensation Committee of Basic’s Board of Directors approved grants of performance-based stock awards to certain members of management. The performance-based awards are tied to Basic’s achievement of total stockholder return over the performance period from January 1, 2014 through December 31, 2014, as compared to other members of a defined peer group. The number of shares to be issued will range from 0% to 150% of the 286,518 target number of shares depending on the performance noted above. Any shares earned at the end of the performance period will then remain subject to vesting over a three-year period with the first shares vesting March 15, 2016. As of September 30, 2014, Basic estimated that 100% of the target number of performance-based awards will be earned. | |||||||||||
A summary of the status of Basic’s non-vested share grants at September 30, 2014 and changes during the nine months ended September 30, 2014 is presented in the following table: | |||||||||||
Weighted Average | |||||||||||
Number of | Grant Date Fair | ||||||||||
Nonvested Shares | Shares | Value Per Share | |||||||||
Nonvested at beginning of period | 2,089,597 | $ | 14.93 | ||||||||
Granted during period | 1,032,125 | 25.10 | |||||||||
Vested during period | -852,379 | 14.82 | |||||||||
Forfeited during period | -51,709 | 20.63 | |||||||||
Nonvested at end of period | 2,217,634 | $ | 19.57 | ||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
9. Related Party Transactions | |
Basic had receivables from employees of approximately $61,000 and $50,000 as of September 30, 2014 and December 31, 2013, respectively. During 2006, Basic entered into a lease agreement with Darle Vuelta Cattle Co., LLC, an affiliate of a director, for approximately $69,000 per year. The term of the lease will continue on a year-to-year basis unless terminated by either party. In December 2010, Basic entered into a lease agreement with Darle Vuelta Cattle Co., LLC for the right to operate a salt water disposal well, brine well and fresh water well. The term of the lease will continue until the salt water disposal well and brine well are plugged and no fresh water is being sold. The lease payments are the greater of (i) the sum of $0.10 per barrel of disposed oil and gas waste and $0.05 per barrel of brine or fresh water sold or (ii) $5,000 per month. | |
Basic entered into a joint venture agreement with a family member of an executive officer to form an entity in 2010. Basic held 80% of the equity in the joint venture, and accounted for the entity as a consolidated investment. In 2013, Basic funded approximately $2.4 million for this joint venture. The entity had only research and development activities in 2013. This joint venture agreement was terminated in November 2013, and Basic now owns 100% of the entity. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
10. Earnings Per Share | ||||||||||||
The following table sets forth the computation of unaudited basic and diluted earnings per share (in thousands, except share data): | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(Unaudited) | (Unaudited) | |||||||||||
Numerator (both basic and diluted): | ||||||||||||
Net income (loss) | $ | 9,931 | $ | -6,956 | $ | 10,467 | $ | -28,530 | ||||
Denominator: | ||||||||||||
Denominator for basic earnings per share | 41,477,139 | 40,400,082 | 41,103,660 | 40,494,628 | ||||||||
Stock options | 83,790 | — | 109,914 | — | ||||||||
Unvested restricted stock | 651,984 | — | 540,780 | — | ||||||||
Denominator for diluted earnings per share | 42,212,913 | 40,400,082 | 41,754,354 | 40,494,628 | ||||||||
Basic earnings per common share: | $ | 0.24 | $ | -0.17 | $ | 0.25 | $ | -0.7 | ||||
Diluted earnings per common share: | $ | 0.24 | $ | -0.17 | $ | 0.25 | $ | -0.7 | ||||
Stock options and unvested restricted stock shares of approximately 868,786 and 911,083 were excluded in the computation of diluted earnings per share for the three and nine months ended September 30, 2013, respectively as the effect would have been anti-dilutive. | ||||||||||||
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Business Segment Information [Abstract] | ' | |||||||||||||||||
Business Segment Information | ' | |||||||||||||||||
11. Business Segment Information | ||||||||||||||||||
The following table sets forth certain financial information with respect to Basic’s reportable segments (in thousands): | ||||||||||||||||||
Completion | ||||||||||||||||||
And Remedial | Contract | Corporate and | ||||||||||||||||
Services | Well Servicing | Fluid Services | Drilling | Other | Total | |||||||||||||
Three Months Ended September 30, 2014 (Unaudited) | ||||||||||||||||||
Operating revenues | $ | 193,699 | $ | 91,119 | $ | 92,852 | $ | 16,285 | $ | — | $ | 393,955 | ||||||
Direct operating costs | -119,138 | -67,636 | -66,121 | -11,225 | — | -264,120 | ||||||||||||
Segment profits | $ | 74,561 | $ | 23,483 | $ | 26,731 | $ | 5,060 | $ | — | $ | 129,835 | ||||||
Depreciation and amortization | $ | 17,530 | $ | 14,263 | $ | 16,709 | $ | 3,332 | $ | 2,651 | $ | 54,485 | ||||||
Capital expenditures (excluding acquisitions) | $ | 62,579 | $ | 14,614 | $ | 25,010 | $ | 2,033 | $ | -506 | $ | 103,730 | ||||||
Three Months Ended September 30, 2013 (Unaudited) | ||||||||||||||||||
Operating revenues | $ | 127,119 | $ | 97,783 | $ | 86,121 | $ | 13,774 | $ | — | $ | 324,797 | ||||||
Direct operating costs | -82,959 | -70,983 | -59,673 | -9,128 | — | -222,743 | ||||||||||||
Segment profits | $ | 44,160 | $ | 26,800 | $ | 26,448 | $ | 4,646 | $ | — | $ | 102,054 | ||||||
Depreciation and amortization | $ | 16,248 | $ | 15,494 | $ | 15,999 | $ | 3,260 | $ | 2,622 | $ | 53,623 | ||||||
Capital expenditures (excluding acquisitions) | $ | 11,422 | $ | 6,761 | $ | 11,678 | $ | 477 | $ | 4,918 | $ | 35,256 | ||||||
Nine Months Ended September 30, 2014 (Unaudited) | ||||||||||||||||||
Operating revenues | $ | 495,550 | $ | 273,660 | $ | 276,001 | $ | 45,162 | $ | — | $ | 1,090,373 | ||||||
Direct operating costs | -308,235 | -202,144 | -197,958 | -30,900 | — | -739,237 | ||||||||||||
Segment profits | $ | 187,315 | $ | 71,516 | $ | 78,043 | $ | 14,262 | $ | — | $ | 351,136 | ||||||
Depreciation and amortization | $ | 50,827 | $ | 41,355 | $ | 48,445 | $ | 9,661 | $ | 7,687 | $ | 157,975 | ||||||
Capital expenditures (excluding acquisitions) | $ | 131,962 | $ | 37,876 | $ | 46,050 | $ | 5,641 | $ | 3,345 | $ | 224,874 | ||||||
Identifiable assets | $ | 515,145 | $ | 274,831 | $ | 316,152 | $ | 58,872 | $ | 440,849 | $ | 1,605,849 | ||||||
Nine Months Ended September 30, 2013 (Unaudited) | ||||||||||||||||||
Operating revenues | $ | 377,696 | $ | 279,379 | $ | 256,052 | $ | 41,744 | $ | — | $ | 954,871 | ||||||
Direct operating costs | -247,813 | -203,586 | -176,844 | -28,060 | — | -656,303 | ||||||||||||
Segment profits | $ | 129,883 | $ | 75,793 | $ | 79,208 | $ | 13,684 | $ | — | $ | 298,568 | ||||||
Depreciation and amortization | $ | 47,063 | $ | 45,946 | $ | 44,984 | $ | 9,750 | $ | 7,728 | $ | 155,471 | ||||||
Capital expenditures (excluding acquisitions) | $ | 40,959 | $ | 31,165 | $ | 50,388 | $ | 3,530 | $ | 13,827 | $ | 139,869 | ||||||
Identifiable assets | $ | 434,083 | $ | 282,324 | $ | 315,196 | $ | 60,195 | $ | 470,284 | $ | 1,562,082 | ||||||
The following table reconciles the segment profits reported above to the operating income as reported in the consolidated statements of operations (in thousands): | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Segment profits | $ | 129,835 | $ | 102,054 | $ | 351,136 | $ | 298,568 | ||||||||||
General and administrative expenses | -41,516 | -43,179 | -124,028 | -134,457 | ||||||||||||||
Depreciation and amortization | -54,485 | -53,623 | -157,975 | -155,471 | ||||||||||||||
Loss on disposal of assets | -979 | -411 | -1,216 | -2,290 | ||||||||||||||
Operating income | $ | 32,855 | $ | 4,841 | $ | 67,917 | $ | 6,350 | ||||||||||
Supplemental_Schedule_Of_Cash_
Supplemental Schedule Of Cash Flow Information | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Supplemental Schedule Of Cash Flow Information [Abstract] | ' | |||||
Supplemental Schedule Of Cash Flow Information | ' | |||||
12. Supplemental Schedule of Cash Flow Information | ||||||
The following table reflects non-cash financing and investing activity during the following periods: | ||||||
For The Nine Months Ended September 30 | ||||||
2014 | 2013 | |||||
(In thousands) | ||||||
Capital leases issued for equipment | $ | 39,948 | $ | 35,840 | ||
Asset retirement obligation additions | $ | 60 | $ | 78 | ||
Basic paid no income taxes during the nine months ended September 30, 2014 and 2013. Basic paid interest of approximately $49.7 million and $50.8 million during the nine months ended September 30, 2014 and 2013, respectively. | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
13. Fair Value Measurements | ||||||||||||
The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of September 30, 2014 and December 31, 2013. The fair value of our long-term notes is based upon the quoted market prices at September 30, 2014 and December 31, 2013 and is as follows: | ||||||||||||
30-Sep-14 | December 31, 2013 | |||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||
(In thousands) | ||||||||||||
7.75% Senior Notes due 2019, excluding premium | $ | 475,000 | $ | 493,240 | $ | 475,000 | $ | 496,375 | ||||
7.75% Senior Notes due 2022, excluding premium | $ | 300,000 | $ | 312,000 | $ | 300,000 | $ | 309,750 | ||||
The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, accounts payable and accrued expenses approximate fair value due to the short maturities of these instruments. The carrying amount of our revolving credit facility in long-term debt also approximates fair value due to its variable-rate characteristics. | ||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
14. Recent Accounting Pronouncements | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. It is effective for annual periods beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in financial statements previously issued. Basic does not believe this pronouncement will have a material impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 provides a framework that replaces the existing revenue recognition guidance. It is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Basic will determine if this pronouncement will have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. It is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. ASU 2014-12 may be adopted either prospectively for share-based payment awards granted or modified on or after the effective date, or retrospectively, using a modified retrospective approach. The modified retrospective approach would apply to share-based payment awards outstanding as of the beginning of the earliest annual period presented in the financial statements on adoption, and to all new or modified awards thereafter. Basic will determine if this pronouncement will have a material impact on its consolidated financial statements. | |
Basis_of_Presentation_and_Natu1
Basis of Presentation and Nature of Operations (Policies) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Principles of Consolidation | ' | |||
Principles of Consolidation | ||||
The accompanying consolidated financial statements include the accounts of Basic and its wholly owned subsidiaries. Basic has no variable interest in any other organization, entity, partnership or contract. All intercompany transactions and balances have been eliminated. | ||||
Estimates and Uncertainties | ' | |||
Estimates and Uncertainties | ||||
Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include: | ||||
· | Depreciation and amortization of property and equipment and intangible assets | |||
· | Impairment of property and equipment, goodwill and intangible assets | |||
· | Allowance for doubtful accounts | |||
· | Litigation and self-insured risk reserves | |||
· | Fair value of assets acquired and liabilities assumed | |||
· | Stock-based compensation | |||
· | Income taxes | |||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Acquisitions [Abstract] | ' | ||||
Schedule Of Values At Date Of Acquisition | ' | ||||
Total Cash Paid | |||||
Closing Date | (net of cash acquired) | ||||
Atlas Environmental Consulting, Inc. and Atlas Oilfield Construction Company, LLC | 19-Feb-13 | $ | 12,979 | ||
Petroleum Water Solutions, LLC | 22-Feb-13 | 3,288 | |||
Karnes Water Management, LLC | 31-Dec-13 | 5,200 | |||
Total 2013 | $ | 21,467 | |||
Pioneer Fishing and Rental Services, LLC | 17-Sep-14 | $ | 16,090 | ||
Total 2014 | $ | 16,090 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||
Completion | |||||||||||||||
And Remedial | |||||||||||||||
Services | Well Servicing | Fluid Services | Contract Drilling | Total | |||||||||||
Balance as of December 31, 2013 | $ | 77,697 | $ | 6,622 | $ | 26,595 | $ | — | $ | 110,914 | |||||
Goodwill additions | 315 | — | 1,485 | — | 1,800 | ||||||||||
Balance as of September 30, 2014 | $ | 78,012 | $ | 6,622 | $ | 28,080 | $ | — | $ | 112,714 | |||||
Intangible Assets, Net | ' | ||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||
Customer relationships | $ | 88,576 | $ | 87,139 | |||||||||||
Non-Compete agreements | 13,752 | 13,004 | |||||||||||||
Trade names | 1,939 | 1,939 | |||||||||||||
Other intangible assets | 2,086 | 2,086 | |||||||||||||
106,354 | 104,168 | ||||||||||||||
Less accumulated amortization | 33,003 | 26,613 | |||||||||||||
Intangible assets subject to amortization, net | $ | 73,351 | $ | 77,555 | |||||||||||
Intangible Assets By Line of Business | ' | ||||||||||||||
Completion | |||||||||||||||
And Remedial | |||||||||||||||
Services | Well Servicing | Fluid Services | Contract Drilling | Total | |||||||||||
Intangible assets subject to amortization, net | $ | 54,035 | $ | 5,473 | $ | 10,395 | $ | 3,448 | $ | 73,351 | |||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Property Plant And Equipment [Abstract] | ' | |||||
Property And Equipment | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Land | $ | 18,519 | $ | 17,800 | ||
Buildings and improvements | 67,334 | 65,702 | ||||
Well service units and equipment | 473,909 | 498,846 | ||||
Fluid services equipment | 263,734 | 258,371 | ||||
Brine and fresh water stations | 13,971 | 13,496 | ||||
Frac/test tanks | 345,240 | 275,603 | ||||
Pumping equipment | 327,883 | 299,300 | ||||
Construction equipment | 15,981 | 15,677 | ||||
Contract drilling equipment | 108,667 | 104,958 | ||||
Disposal facilities | 154,864 | 143,459 | ||||
Light vehicles | 68,655 | 64,942 | ||||
Rental equipment | 99,150 | 70,738 | ||||
Software | 21,143 | 23,360 | ||||
Other | 16,291 | 16,754 | ||||
1,995,341 | 1,869,006 | |||||
Less accumulated depreciation and amortization | 1,013,431 | 940,969 | ||||
Property and equipment, net | $ | 981,910 | $ | 928,037 | ||
Schedule Of Property, Plant And Equipment Under Capital Lease | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Light vehicles | $ | 44,635 | $ | 39,970 | ||
Contract drilling equipment | 4,255 | 4,223 | ||||
Well service units and equipment | 966 | 1,554 | ||||
Fluid services equipment | 127,594 | 121,051 | ||||
Pumping equipment | 35,126 | 29,080 | ||||
Construction equipment | 730 | 1,005 | ||||
Software | 17,120 | 17,120 | ||||
Other | 70 | 70 | ||||
230,496 | 214,073 | |||||
Less accumulated amortization | 94,082 | 77,340 | ||||
$ | 136,414 | $ | 136,733 | |||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Long-Term Debt [Abstract] | ' | |||||
Schedule of Long-Term Debt Instruments | ' | |||||
30-Sep-14 | 31-Dec-13 | |||||
Credit Facilities: | ||||||
Revolver | $ | 16,000 | $ | — | ||
7.75% Senior Notes due 2019 | 475,000 | 475,000 | ||||
7.75% Senior Notes due 2022 | 300,000 | 300,000 | ||||
Unamortized premium | 1,280 | 1,459 | ||||
Capital leases and other notes | 117,349 | 111,626 | ||||
909,629 | 888,085 | |||||
Less current portion | 43,921 | 41,394 | ||||
$ | 865,708 | $ | 846,691 | |||
Schedule of Interest Expense | ' | |||||
Nine Months Ended September 30, | ||||||
2014 | 2013 | |||||
Cash payments for interest | $ | 49,689 | $ | 50,758 | ||
Commitment and other fees paid | 1,719 | 1,351 | ||||
Amortization of debt issuance costs and discount or premium on notes | 2,232 | 2,134 | ||||
Change in accrued interest | -3,413 | -3,376 | ||||
Other | 26 | -326 | ||||
$ | 50,253 | $ | 50,541 | |||
Incentive_Plan_Tables
Incentive Plan (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Incentive Plan [Abstract] | ' | ||||||||||
Summary Of Stock Options | ' | ||||||||||
Weighted | |||||||||||
Average | |||||||||||
Remaining | Aggregate | ||||||||||
Number of | Weighted | Contractual | Intrinsic | ||||||||
Options | Average | Term | Value | ||||||||
Granted | Exercise Price | (Years) | (000's) | ||||||||
Non-statutory stock options: | |||||||||||
Outstanding, beginning of period | 530,000 | $ | 18.15 | ||||||||
Options granted | — | — | |||||||||
Options forfeited | — | — | |||||||||
Options exercised | -250,000 | 17.14 | |||||||||
Options expired | — | — | |||||||||
Outstanding, end of period | 280,000 | $ | 19.05 | 1.14 | $ | 1,545 | |||||
Exercisable, end of period | 280,000 | $ | 19.05 | 1.14 | $ | 1,545 | |||||
Vested or expected to vest, end of period | 280,000 | $ | 19.05 | 1.14 | $ | 1,545 | |||||
Summary Of Non-Vested Shares | ' | ||||||||||
Weighted Average | |||||||||||
Number of | Grant Date Fair | ||||||||||
Nonvested Shares | Shares | Value Per Share | |||||||||
Nonvested at beginning of period | 2,089,597 | $ | 14.93 | ||||||||
Granted during period | 1,032,125 | 25.10 | |||||||||
Vested during period | -852,379 | 14.82 | |||||||||
Forfeited during period | -51,709 | 20.63 | |||||||||
Nonvested at end of period | 2,217,634 | $ | 19.57 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Basic And Diluted Earnings Per Share | ' | |||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(Unaudited) | (Unaudited) | |||||||||||
Numerator (both basic and diluted): | ||||||||||||
Net income (loss) | $ | 9,931 | $ | -6,956 | $ | 10,467 | $ | -28,530 | ||||
Denominator: | ||||||||||||
Denominator for basic earnings per share | 41,477,139 | 40,400,082 | 41,103,660 | 40,494,628 | ||||||||
Stock options | 83,790 | — | 109,914 | — | ||||||||
Unvested restricted stock | 651,984 | — | 540,780 | — | ||||||||
Denominator for diluted earnings per share | 42,212,913 | 40,400,082 | 41,754,354 | 40,494,628 | ||||||||
Basic earnings per common share: | $ | 0.24 | $ | -0.17 | $ | 0.25 | $ | -0.7 | ||||
Diluted earnings per common share: | $ | 0.24 | $ | -0.17 | $ | 0.25 | $ | -0.7 | ||||
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Business Segment Information [Abstract] | ' | |||||||||||||||||
Schedule Of Reportable Segments Financial Information | ' | |||||||||||||||||
Completion | ||||||||||||||||||
And Remedial | Contract | Corporate and | ||||||||||||||||
Services | Well Servicing | Fluid Services | Drilling | Other | Total | |||||||||||||
Three Months Ended September 30, 2014 (Unaudited) | ||||||||||||||||||
Operating revenues | $ | 193,699 | $ | 91,119 | $ | 92,852 | $ | 16,285 | $ | — | $ | 393,955 | ||||||
Direct operating costs | -119,138 | -67,636 | -66,121 | -11,225 | — | -264,120 | ||||||||||||
Segment profits | $ | 74,561 | $ | 23,483 | $ | 26,731 | $ | 5,060 | $ | — | $ | 129,835 | ||||||
Depreciation and amortization | $ | 17,530 | $ | 14,263 | $ | 16,709 | $ | 3,332 | $ | 2,651 | $ | 54,485 | ||||||
Capital expenditures (excluding acquisitions) | $ | 62,579 | $ | 14,614 | $ | 25,010 | $ | 2,033 | $ | -506 | $ | 103,730 | ||||||
Three Months Ended September 30, 2013 (Unaudited) | ||||||||||||||||||
Operating revenues | $ | 127,119 | $ | 97,783 | $ | 86,121 | $ | 13,774 | $ | — | $ | 324,797 | ||||||
Direct operating costs | -82,959 | -70,983 | -59,673 | -9,128 | — | -222,743 | ||||||||||||
Segment profits | $ | 44,160 | $ | 26,800 | $ | 26,448 | $ | 4,646 | $ | — | $ | 102,054 | ||||||
Depreciation and amortization | $ | 16,248 | $ | 15,494 | $ | 15,999 | $ | 3,260 | $ | 2,622 | $ | 53,623 | ||||||
Capital expenditures (excluding acquisitions) | $ | 11,422 | $ | 6,761 | $ | 11,678 | $ | 477 | $ | 4,918 | $ | 35,256 | ||||||
Nine Months Ended September 30, 2014 (Unaudited) | ||||||||||||||||||
Operating revenues | $ | 495,550 | $ | 273,660 | $ | 276,001 | $ | 45,162 | $ | — | $ | 1,090,373 | ||||||
Direct operating costs | -308,235 | -202,144 | -197,958 | -30,900 | — | -739,237 | ||||||||||||
Segment profits | $ | 187,315 | $ | 71,516 | $ | 78,043 | $ | 14,262 | $ | — | $ | 351,136 | ||||||
Depreciation and amortization | $ | 50,827 | $ | 41,355 | $ | 48,445 | $ | 9,661 | $ | 7,687 | $ | 157,975 | ||||||
Capital expenditures (excluding acquisitions) | $ | 131,962 | $ | 37,876 | $ | 46,050 | $ | 5,641 | $ | 3,345 | $ | 224,874 | ||||||
Identifiable assets | $ | 515,145 | $ | 274,831 | $ | 316,152 | $ | 58,872 | $ | 440,849 | $ | 1,605,849 | ||||||
Nine Months Ended September 30, 2013 (Unaudited) | ||||||||||||||||||
Operating revenues | $ | 377,696 | $ | 279,379 | $ | 256,052 | $ | 41,744 | $ | — | $ | 954,871 | ||||||
Direct operating costs | -247,813 | -203,586 | -176,844 | -28,060 | — | -656,303 | ||||||||||||
Segment profits | $ | 129,883 | $ | 75,793 | $ | 79,208 | $ | 13,684 | $ | — | $ | 298,568 | ||||||
Depreciation and amortization | $ | 47,063 | $ | 45,946 | $ | 44,984 | $ | 9,750 | $ | 7,728 | $ | 155,471 | ||||||
Capital expenditures (excluding acquisitions) | $ | 40,959 | $ | 31,165 | $ | 50,388 | $ | 3,530 | $ | 13,827 | $ | 139,869 | ||||||
Identifiable assets | $ | 434,083 | $ | 282,324 | $ | 315,196 | $ | 60,195 | $ | 470,284 | $ | 1,562,082 | ||||||
Schedule Of Reconciliation Of Operating Profit (Loss) From Segments | ' | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Segment profits | $ | 129,835 | $ | 102,054 | $ | 351,136 | $ | 298,568 | ||||||||||
General and administrative expenses | -41,516 | -43,179 | -124,028 | -134,457 | ||||||||||||||
Depreciation and amortization | -54,485 | -53,623 | -157,975 | -155,471 | ||||||||||||||
Loss on disposal of assets | -979 | -411 | -1,216 | -2,290 | ||||||||||||||
Operating income | $ | 32,855 | $ | 4,841 | $ | 67,917 | $ | 6,350 | ||||||||||
Supplemental_Schedule_Of_Cash_1
Supplemental Schedule Of Cash Flow Information (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Supplemental Schedule Of Cash Flow Information [Abstract] | ' | |||||
Schedule Of Supplemental Cash Flow Information | ' | |||||
For The Nine Months Ended September 30 | ||||||
2014 | 2013 | |||||
(In thousands) | ||||||
Capital leases issued for equipment | $ | 39,948 | $ | 35,840 | ||
Asset retirement obligation additions | $ | 60 | $ | 78 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||
Carrying Amount and Fair Value of Financial Instruments | ' | |||||||||||
30-Sep-14 | December 31, 2013 | |||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||
(In thousands) | ||||||||||||
7.75% Senior Notes due 2019, excluding premium | $ | 475,000 | $ | 493,240 | $ | 475,000 | $ | 496,375 | ||||
7.75% Senior Notes due 2022, excluding premium | $ | 300,000 | $ | 312,000 | $ | 300,000 | $ | 309,750 | ||||
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Total Cash Paid (net of cash acquired) | $16,090 | $21,467 |
Atlas Environmental Consulting, Inc. and Atlas Oilfield Construction Company, LLC | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Closing Date | ' | 19-Feb-13 |
Total Cash Paid (net of cash acquired) | ' | 12,979 |
Petroleum Water Solutions, LLC | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Closing Date | ' | 22-Feb-13 |
Total Cash Paid (net of cash acquired) | ' | 3,288 |
Karnes Water Management LLC | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Closing Date | ' | 31-Dec-13 |
Total Cash Paid (net of cash acquired) | ' | 5,200 |
Pioneer Fishing and Rental, Inc | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Closing Date | 17-Sep-14 | ' |
Total Cash Paid (net of cash acquired) | $16,090 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Amortization expense of intangible assets | $2.10 | $2 | $6.40 | $6.20 |
Customer relationships | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Amortization period of intangible assets, in years | ' | ' | '15 years | ' |
Non-Compete agreements | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Amortization period of intangible assets, in years | ' | ' | '5 years | ' |
Other intangible assets | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Amortization period of intangible assets, in years | ' | ' | '15 years | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Detail) (USD $) | 9 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Completion and Remedial Services | Well Servicing | Well Servicing | Fluid Services | ||
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Balance as of December 31, 2013 | $110,914 | $77,697 | $6,622 | $6,622 | $26,595 |
Goodwill additions | 1,800 | 315 | ' | ' | 1,485 |
Balance as of September 30, 2014 | $112,714 | $78,012 | $6,622 | $6,622 | $28,080 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Intangibles,Net) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, gross | $106,354 | $104,168 |
Less accumulated amortization | 33,003 | 26,613 |
Intangible assets subject to amortization, net | 73,351 | 77,555 |
Customer relationships | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, gross | 88,576 | 87,139 |
Non-Compete agreements | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, gross | 13,752 | 13,004 |
Trade names | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, gross | 1,939 | 1,939 |
Other intangible assets | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, gross | $2,086 | $2,086 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Intangibles, net line of business) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, net | $73,351 | $77,555 |
Completion and Remedial Services | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, net | 54,035 | ' |
Well Servicing | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, net | 5,473 | ' |
Fluid Services | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, net | 10,395 | ' |
Contract Drilling | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Intangible assets subject to amortization, net | $3,448 | ' |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' |
Lease Obligation Period | ' | ' | '5 years | ' |
Amortization of assets held under capital leases | $9.50 | $8 | $26.80 | $22.90 |
Property_And_Equipment_Propert
Property And Equipment (Property And Equipment) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,995,341 | $1,869,006 |
Less accumulated depreciation and amortization | 1,013,431 | 940,969 |
Property and equipment, net | 981,910 | 928,037 |
Land | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 18,519 | 17,800 |
Buildings and improvements | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 67,334 | 65,702 |
Well service units and equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 473,909 | 498,846 |
Fluid services equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 263,734 | 258,371 |
Brine and fresh water stations | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 13,971 | 13,496 |
Frac/test tanks | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 345,240 | 275,603 |
Pumping equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 327,883 | 299,300 |
Construction equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 15,981 | 15,677 |
Contract drilling equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 108,667 | 104,958 |
Disposal facilities | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 154,864 | 143,459 |
Light vehicles | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 68,655 | 64,942 |
Rental equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 99,150 | 70,738 |
Software | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | 21,143 | 23,360 |
Other | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property and equipment, gross | $16,291 | $16,754 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property, Plant And Equipment Under Capital Lease) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | $230,496 | $214,073 |
Less accumulated amortization | 94,082 | 77,340 |
Property, plant and equipment under capital lease, net | 136,414 | 136,733 |
Light vehicles | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | 44,635 | 39,970 |
Contract drilling equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | 4,255 | 4,223 |
Well service units and equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | 966 | 1,554 |
Fluid services equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | 127,594 | 121,051 |
Pumping equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | 35,126 | 29,080 |
Construction equipment | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | 730 | 1,005 |
Software | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | 17,120 | 17,120 |
Other | ' | ' |
Property, Plant And Equipment [Line Items] | ' | ' |
Property, plant and equipment under capital lease, gross | $70 | $70 |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolver | $16,000 | ' |
Unamortized premium | 1,280 | 1,459 |
Capital leases and other notes | 117,349 | 111,626 |
Debt and Capital Lease Obligations, Total | 909,629 | 888,085 |
Less current portion | 43,921 | 41,394 |
Non Current Portion of Long Term Debt, total | 865,708 | 846,691 |
7.75% Senior Notes due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 475,000 | 475,000 |
7.75% Senior Notes due 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $300,000 | $300,000 |
LongTerm_Debt_Schedule_Of_Inte
Long-Term Debt (Schedule Of Interest Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Long-Term Debt [Abstract] | ' | ' | ' | ' |
Cash payments for interest | ' | ' | $49,689 | $50,758 |
Commitment and other fees paid | ' | ' | 1,719 | 1,351 |
Amortization of debt issuance costs and discount or premium on notes | ' | ' | 2,232 | 2,134 |
Change in accrued interest | ' | ' | -3,413 | -3,376 |
Other | ' | ' | 26 | -326 |
Total interest expense | $16,828 | $16,927 | $50,253 | $50,541 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | ' | ' | ' |
Litigation Settlement, Expense | $4,600,000 | ' | ' |
Self insurance deductible for workers compensation | ' | 5,000,000 | ' |
Self insurance deductible for general liability claims | ' | 1,000,000 | ' |
Self insurance deductible for medical and dental coverage | ' | 400,000 | ' |
Self insured risk accruals | ' | 33,500,000 | 26,100,000 |
Receivable for Medical and Dental Coverage | ' | $14,000 | $230,000 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Net Share Settlements | Net Share Settlements | Three-Year Period | Four-Year Period | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 80,000,000 | 80,000,000 | ' | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | ' | ' | ' | ' |
Common stock issued from treasury stock | 250,000 | ' | ' | ' | ' | ' |
Restricted shares of common stock granted | ' | ' | ' | ' | 414,900 | 294,909 |
Restricted shares of common stock vesting period, (in years) | ' | ' | ' | ' | '3 years | '4 years |
Restricted stock granted | 1,032,125 | ' | ' | ' | ' | ' |
Treasury shares acquired, shares | ' | ' | 253,056 | 256,811 | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ' | ' | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | ' | ' | ' | ' |
Preferred stock, shares issued | 0 | 0 | ' | ' | ' | ' |
Incentive_Plan_Narrative_Detai
Incentive Plan (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 12, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share Based Compensation Expenses | ' | $3,800,000 | $2,800,000 | $10,900,000 | $9,000,000 |
Tax benefit | ' | 1,500,000 | 1,200,000 | 4,700,000 | 3,100,000 |
Unrecognized compensation related to non-vested share-based compensation arrangements | ' | 28,800,000 | ' | 28,800,000 | ' |
Weighted-average period over which unrecognized compensation cost related to non-vested share-based compensation arrangements is expected to be recognized, in years | ' | ' | ' | '2 years 3 months 18 days | ' |
Total fair value of share-based awards vested | ' | ' | ' | 20,500,000 | 11,700,000 |
Excess tax benefit due to carryforward loss | ' | ' | ' | 0 | ' |
Total intrinsic value of options exercised | ' | ' | ' | 2,200,000 | 501,000 |
Cash received from option exercises | ' | ' | ' | 4,646,000 | 456,000 |
Target number of shares to be issued | 286,518 | ' | ' | ' | ' |
Percentage of target number of performance-based awards will be earned | ' | ' | ' | 100.00% | ' |
Minimum | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Percentage of target number of shares to be issued | ' | ' | ' | 0.00% | ' |
Maximum | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Percentage of target number of shares to be issued | ' | ' | ' | 150.00% | ' |
Stock Options | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Excess tax benefit if there was no net operating loss carry forwards | ' | ' | ' | 57,000 | 53,000 |
Options expiration period, (in years) | ' | ' | ' | '10 years | ' |
Cash received from option exercises | ' | ' | ' | 4,300,000 | 302,000 |
Stock Options | Minimum | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting periods | ' | ' | ' | '3 years | ' |
Stock Options | Maximum | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting periods | ' | ' | ' | '5 years | ' |
Restricted Stock Awards | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Excess tax benefit if there was no net operating loss carry forwards | ' | ' | ' | $4,000,000 | $814,000 |
Vesting periods | ' | ' | ' | '3 years | ' |
Incentive_Plan_Summary_Of_Stoc
Incentive Plan (Summary Of Stock Options) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Incentive Plan [Abstract] | ' |
Outstanding, beginning of period, Number of Options Granted | 530,000 |
Options exercised, Number of Options Granted | -250,000 |
Outstanding, end of period, Number of Options Granted | 280,000 |
Exercisable, end of period, Number of Options Granted | 280,000 |
Vested or expected to vest, end of period, Number of Options Granted | 280,000 |
Outstanding, beginning of period, Weighted Average Exercise Price | $18.15 |
Options exercised, Weighted Average Exercise Price | $17.14 |
Outstanding, end of period, Weighted Average Exercise Price | $19.05 |
Exercisable, end of period, Weighted Average Exercise Price | $19.05 |
Vested or expected to vest, end of period, Weighted Average Exercise Price | $19.05 |
Outstanding, end of period, Weighted Average Remaining Contractual Term (Years) | '1 year 1 month 21 days |
Exercisable, end of period, Weighted Average Remaining Contractual Term (Years) | '1 year 1 month 21 days |
Vested or expected to vest, end of period, Weighted Average Remaining Contractual Term (Years) | '1 year 1 month 21 days |
Outstanding, end of period, Aggregate Intrinsic Value | $1,545 |
Exercisable, end of period, Aggregate Intrinsic Value | 1,545 |
Vested or expected to vest, end of period, Aggregate Intrinsic Value | $1,545 |
Incentive_Plan_Summary_Of_NonV
Incentive Plan (Summary Of Non-Vested Shares) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Incentive Plan [Abstract] | ' |
Nonvested at beginning of period, Number of Shares | 2,089,597 |
Granted during period, Number of Shares | 1,032,125 |
Vested during period, Number of Shares | -852,379 |
Forfeited during period, Number of Shares | -51,709 |
Nonvested at end of period, Number of Shares | 2,217,634 |
Nonvested at beginning of period, Weighted Average Grant Date Fair Value Per Share | $14.93 |
Granted during period, Weighted Average Grant Date Fair Value Per Share | $25.10 |
Vested during period, Weighted Average Grant Date Fair Value Per Share | $14.82 |
Forfeited during period, Weighted Average Grant Date Fair Value Per Share | $20.63 |
Nonvested at end of period, Weighted Average Grant Date Fair Value Per Share | $19.57 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2006 | Dec. 31, 2010 |
Chief Executive Officer | Darle Vuelta Cattle Co Llc | |||
Salt Water Disposal Well | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Due from Employees | $61,000 | $50,000 | ' | ' |
Lease agreement, amount | ' | ' | 69,000 | ' |
Price of oil and gas waste per barrel | ' | ' | ' | 0.1 |
Price of brine or fresh water per barrel | ' | ' | ' | 0.05 |
Monthly payment on leases | ' | ' | ' | 5,000 |
Percentage of ownership in joint venture | 100.00% | 80.00% | ' | ' |
Funded amount for joint venture | ' | $2,400,000 | ' | ' |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Number of anti-dilutive shares | 868,786 | 911,083 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator (both basic and diluted): | ' | ' | ' | ' |
Net income (loss) | $9,931 | ($6,956) | $10,467 | ($28,530) |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share | 41,477,139 | 40,400,082 | 41,103,660 | 40,494,628 |
Stock options | 83,790 | ' | 109,914 | ' |
Unvested restricted stock | 651,984 | ' | 540,780 | ' |
Denominator for diluted earnings per share | 42,212,913 | 40,400,082 | 41,754,354 | 40,494,628 |
Basic earnings per common share: | $0.24 | ($0.17) | $0.25 | ($0.70) |
Diluted earnings per common share: | $0.24 | ($0.17) | $0.25 | ($0.70) |
Business_Segment_Information_S
Business Segment Information (Schedule Of Reportable Segments Financial Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating revenues | $393,955 | $324,797 | $1,090,373 | $954,871 | ' |
Direct operating costs | -264,120 | -222,743 | -739,237 | -656,303 | ' |
Segment profits | 129,835 | 102,054 | 351,136 | 298,568 | ' |
Depreciation and amortization | 54,485 | 53,623 | 157,975 | 155,471 | ' |
Capital expenditures, (excluding acquisitions) | 103,730 | 35,256 | 224,874 | 139,869 | ' |
Identifiable assets | 1,605,849 | 1,562,082 | 1,605,849 | 1,562,082 | 1,543,339 |
Completion and Remedial Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating revenues | 193,699 | 127,119 | 495,550 | 377,696 | ' |
Direct operating costs | -119,138 | -82,959 | -308,235 | -247,813 | ' |
Segment profits | 74,561 | 44,160 | 187,315 | 129,883 | ' |
Depreciation and amortization | 17,530 | 16,248 | 50,827 | 47,063 | ' |
Capital expenditures, (excluding acquisitions) | 62,579 | 11,422 | 131,962 | 40,959 | ' |
Identifiable assets | 515,145 | 434,083 | 515,145 | 434,083 | ' |
Well Servicing | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating revenues | 91,119 | 97,783 | 273,660 | 279,379 | ' |
Direct operating costs | -67,636 | -70,983 | -202,144 | -203,586 | ' |
Segment profits | 23,483 | 26,800 | 71,516 | 75,793 | ' |
Depreciation and amortization | 14,263 | 15,494 | 41,355 | 45,946 | ' |
Capital expenditures, (excluding acquisitions) | 14,614 | 6,761 | 37,876 | 31,165 | ' |
Identifiable assets | 274,831 | 282,324 | 274,831 | 282,324 | ' |
Fluid Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating revenues | 92,852 | 86,121 | 276,001 | 256,052 | ' |
Direct operating costs | -66,121 | -59,673 | -197,958 | -176,844 | ' |
Segment profits | 26,731 | 26,448 | 78,043 | 79,208 | ' |
Depreciation and amortization | 16,709 | 15,999 | 48,445 | 44,984 | ' |
Capital expenditures, (excluding acquisitions) | 25,010 | 11,678 | 46,050 | 50,388 | ' |
Identifiable assets | 316,152 | 315,196 | 316,152 | 315,196 | ' |
Contract Drilling | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating revenues | 16,285 | 13,774 | 45,162 | 41,744 | ' |
Direct operating costs | -11,225 | -9,128 | -30,900 | -28,060 | ' |
Segment profits | 5,060 | 4,646 | 14,262 | 13,684 | ' |
Depreciation and amortization | 3,332 | 3,260 | 9,661 | 9,750 | ' |
Capital expenditures, (excluding acquisitions) | 2,033 | 477 | 5,641 | 3,530 | ' |
Identifiable assets | 58,872 | 60,195 | 58,872 | 60,195 | ' |
Corporate and Other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Depreciation and amortization | 2,651 | 2,622 | 7,687 | 7,728 | ' |
Capital expenditures, (excluding acquisitions) | -506 | 4,918 | 3,345 | 13,827 | ' |
Identifiable assets | $440,849 | $470,284 | $440,849 | $470,284 | ' |
Business_Segment_Information_S1
Business Segment Information (Schedule Of Reconciliation Of Operating Profit (Loss) From Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Segment Information [Abstract] | ' | ' | ' | ' |
Segment profits | $129,835 | $102,054 | $351,136 | $298,568 |
General and administrative expenses | -41,516 | -43,179 | -124,028 | -134,457 |
Depreciation and amortization | -54,485 | -53,623 | -157,975 | -155,471 |
Loss on disposal of assets | -979 | -411 | -1,216 | -2,290 |
Operating income | $32,855 | $4,841 | $67,917 | $6,350 |
Supplemental_Schedule_Of_Cash_2
Supplemental Schedule Of Cash Flow Information (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Supplemental Schedule Of Cash Flow Information [Abstract] | ' |
Income Taxes Paid | $0 |
Supplemental_Schedule_Of_Cash_3
Supplemental Schedule Of Cash Flow Information (Schedule Of Supplemental Cash Flow Information) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Schedule Of Cash Flow Information [Abstract] | ' | ' |
Capital leases issued for equipment | $39,948 | $35,840 |
Asset retirement obligation additions | $60 | $78 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
7.75% Senior Notes due 2019 | ' | ' |
Carrying Amount | $475,000 | $475,000 |
Fair Value | 493,240 | 496,375 |
7.75% Senior Notes due 2022 | ' | ' |
Carrying Amount | 300,000 | 300,000 |
Fair Value | $312,000 | $309,750 |