Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BASIC ENERGY SERVICES INC | ||
Entity Central Index Key | 1109189 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 41,848,993 | ||
Entity Public Float | $1,046,541,738 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $79,915 | $111,532 |
Trade accounts receivable, net of allowance of $2,032 and $3,675, respectively | 247,069 | 204,394 |
Accounts receivable-related parties | 161 | 50 |
Income tax receivable | 3,121 | 3,475 |
Inventories | 44,557 | 34,240 |
Prepaid expenses | 15,779 | 9,597 |
Other current assets | 9,934 | 8,289 |
Deferred tax assets | 14,664 | 31,436 |
Total current assets | 415,200 | 403,013 |
Property and equipment, net | 1,007,969 | 928,037 |
Deferred debt costs, net of amortization | 15,350 | 16,145 |
Goodwill | 78,011 | 110,914 |
Other intangible assets, net of amortization | 71,173 | 77,555 |
Other assets | 9,474 | 7,675 |
Total assets | 1,597,177 | 1,543,339 |
Current liabilities: | ||
Accounts payable | 50,618 | 45,508 |
Accrued expenses | 90,810 | 77,058 |
Current portion of long-term debt | 48,575 | 41,394 |
Other current liabilities | 6,135 | 688 |
Total current liabilities | 196,138 | 164,648 |
Long-term debt, net of premium on notes of $1,217 and $1,459 at December 31, 2014 and 2013, respectively | 882,572 | 846,691 |
Deferred tax liabilities | 147,621 | 164,306 |
Other long-term liabilities | 28,193 | 22,407 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock; $.01 par value; 5,000,000 shares authorized; none designated or issued at December 31, 2014 and December 31, 2013, respectively | ||
Common stock; $.01 par value; 80,000,000 shares authorized; 43,500,032 shares issued and 42,241,719 shares outstanding at December 31, 2014; and 43,500,032 shares issued and 42,226,088 shares outstanding at December 31, 2013 | 435 | 435 |
Additional paid-in capital | 369,920 | 363,674 |
Retained deficit | -15,067 | -6,726 |
Treasury stock, at cost 1,258,313 and 1,273,944 shares at December 31, 2014 and 2013, respectively | -12,635 | -12,096 |
Total stockholders' equity | 342,653 | 345,287 |
Total liabilities and stockholders' equity | $1,597,177 | $1,543,339 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Allowance for trade accounts receivable | $2,032 | $3,675 |
Unamortized premium on notes | $1,217 | $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 | 42,241,719 | 42,226,088 |
Treasury stock, shares | 1,258,313 | 1,273,944 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Total revenues | $1,491,284 | $1,262,904 | $1,374,884 |
Expenses: | |||
General and administrative, including stock-based compensation of $14,714, $11,830 and $12,855 in 2014, 2013 and 2012 respectively | 167,301 | 171,439 | 183,274 |
Depreciation and amortization | 217,480 | 209,747 | 187,083 |
Loss on disposal of assets | 1,974 | 2,873 | 3,334 |
Goodwill impairment | 34,703 | ||
Total expenses | 1,432,877 | 1,252,147 | 1,276,275 |
Operating income | 58,407 | 10,757 | 98,609 |
Other income (expense): | |||
Interest expense | -67,042 | -67,207 | -62,438 |
Interest income | 40 | 53 | 83 |
Gain on bargain purchase | 910 | ||
Loss on early extinguishment of debt | -7,942 | ||
Other income | 775 | 743 | 627 |
Income (loss) before income taxes | -7,820 | -55,654 | 29,849 |
Income tax (expense) benefit | -521 | 19,725 | -10,263 |
Net income (loss) | -8,341 | -35,929 | 19,586 |
Earnings (loss) per share of common stock: | |||
Basic | ($0.20) | ($0.89) | $0.48 |
Diluted | ($0.20) | ($0.89) | $0.47 |
Completion and Remedial Services | |||
Revenues: | |||
Total revenues | 698,917 | 501,137 | 586,070 |
Expenses: | |||
Service Expenses | 434,457 | 327,540 | 357,960 |
Depreciation and amortization | 74,924 | 62,609 | 56,043 |
Fluid Services | |||
Revenues: | |||
Total revenues | 369,774 | 343,863 | 352,246 |
Expenses: | |||
Service Expenses | 265,105 | 239,154 | 236,588 |
Depreciation and amortization | 64,445 | 63,316 | 52,331 |
Goodwill impairment | 28,081 | ||
Well Servicing | |||
Revenues: | |||
Total revenues | 361,683 | 363,386 | 376,268 |
Expenses: | |||
Service Expenses | 270,344 | 265,058 | 268,219 |
Depreciation and amortization | 55,131 | 60,474 | 56,310 |
Goodwill impairment | 6,622 | ||
Contract Drilling | |||
Revenues: | |||
Total revenues | 60,910 | 54,518 | 60,300 |
Expenses: | |||
Service Expenses | $41,513 | $36,336 | $39,817 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Stock-based compensation included in general and administrative expense | $14,714 | $11,830 | $12,855 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings (Deficit) | Total |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $425 | $347,626 | $9,617 | $357,668 | |
Beginning Balance (in shares) at Dec. 31, 2011 | 42,530,809 | ||||
Issuances of restricted stock | 10 | -526 | 516 | ||
Issuances of restricted stock (in shares) | 969,223 | ||||
Amortization of share-based compensation | 12,855 | 12,855 | |||
Purchase of treasury stock | -18,497 | -18,497 | |||
Exercise of stock options / vesting of restricted stock | -795 | 1,593 | 798 | ||
Net income (loss) | 19,586 | 19,586 | |||
Ending Balance at Dec. 31, 2012 | 435 | 359,160 | -16,388 | 29,203 | 372,410 |
Ending Balance (in shares) at Dec. 31, 2012 | 43,500,032 | ||||
Issuances of restricted stock | -6,751 | 6,751 | |||
Amortization of share-based compensation | 11,830 | 11,830 | |||
Purchase of treasury stock | -3,605 | -3,605 | |||
Exercise of stock options / vesting of restricted stock | -565 | 1,146 | 581 | ||
Net income (loss) | -35,929 | -35,929 | |||
Ending Balance at Dec. 31, 2013 | 435 | 363,674 | -12,096 | -6,726 | 345,287 |
Ending Balance (in shares) at Dec. 31, 2013 | 43,500,032 | ||||
Issuances of restricted stock | -9,583 | 9,583 | |||
Amortization of share-based compensation | 14,714 | 14,714 | |||
Purchase of treasury stock | -12,733 | -12,733 | |||
Exercise of stock options / vesting of restricted stock | 1,115 | 2,611 | 3,726 | ||
Net income (loss) | -8,341 | -8,341 | |||
Ending Balance at Dec. 31, 2014 | $435 | $369,920 | ($12,635) | ($15,067) | $342,653 |
Ending Balance (in shares) at Dec. 31, 2014 | 43,500,032 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | ($8,341) | ($35,929) | $19,586 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 217,480 | 209,747 | 187,083 |
Goodwill impairment | 34,703 | ||
Gain on bargain purchase | -910 | ||
Accretion on asset retirement obligation | 132 | 112 | 110 |
Change in allowance for doubtful accounts | -1,643 | 895 | 1,550 |
Amortization of deferred financing costs | 3,176 | 3,102 | 2,831 |
Amortization of premium on notes | -242 | -224 | -208 |
Non-cash compensation | 14,714 | 11,830 | 13,752 |
Loss on early extinguishment of debt (non-cash) | 1,839 | ||
Payment of Premium and Consent for Senior Secured Notes | 6,118 | ||
Loss on disposal of assets | 1,974 | 2,873 | 3,334 |
Deferred income taxes | 87 | -20,030 | 10,927 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | -41,143 | 3,813 | 49,246 |
Inventories | -9,798 | 5,990 | -5,267 |
Prepaid expenses and other current assets | -14,435 | -1,046 | 564 |
Other assets | -1,810 | -1,154 | 927 |
Accounts payable | 5,110 | -16,232 | 4,720 |
Income tax receivable | -204 | -922 | -2,239 |
Other liabilities | 11,303 | 6,767 | 1,762 |
Accrued expenses | 13,473 | -4,004 | 7,956 |
Net cash provided by operating activities | 224,536 | 165,588 | 303,681 |
Cash flows from investing activities: | |||
Purchase of property and equipment | -236,295 | -136,950 | -171,440 |
Purchase of mutual fund | -5,635 | ||
Proceeds from sale of assets | 39,835 | 19,863 | 12,069 |
Payments for other long-term assets | -879 | -1,132 | -817 |
Payments for businesses, net of cash acquired | -16,090 | -21,467 | -84,939 |
Net cash used in investing activities | -213,429 | -139,686 | -250,762 |
Cash flows from financing activities: | |||
Proceeds from debt | 16,000 | 300,000 | |
Payments of debt | -47,894 | -45,397 | -266,949 |
Premium on retirement of senior notes | -6,118 | ||
Purchase of treasury stock | -12,733 | -3,605 | -18,497 |
Tax withholding from exercise of stock options | -362 | -200 | -142 |
Exercise of employee stock options | 4,646 | 781 | 940 |
Deferred loan costs and other financing activities | -2,381 | -514 | -6,046 |
Net cash (used in) or provided by financing activities | -42,724 | -48,935 | 3,188 |
Net (decrease) increase in cash and equivalents | -31,617 | -23,033 | 56,107 |
Cash and cash equivalents - beginning of year | 111,532 | 134,565 | 78,458 |
Cash and cash equivalents - end of year | $79,915 | $111,532 | $134,565 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Nature of Operations [Abstract] | |
Nature of Operations | 1.Nature of Operations |
Basic Energy Services, Inc. (“Basic” or the “Company”) provides a wide range of well site services to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services and wellsite construction services, well servicing and contract drilling. These services are primarily provided by Basic’s fleet of equipment. Basic’s operations are concentrated in major United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Kansas, Arkansas, Louisiana, Pennsylvania, West Virginia, Ohio, Wyoming, North Dakota, Colorado, California, Utah, Montana, and Kentucky. | |
Basic’s reportable business segments are Completion and Remedial Services, Fluid Services, Well Servicing, and Contract Drilling. These segments are based on management’s resource allocation and performance assessment in making decisions regarding the Company. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||
Summary of Significant Accounting Policies | 2.Summary of Significant Accounting Policies | |||||||||||||||
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, Risks and Uncertainties | ||||||||||||||||
Preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures 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. Management uses historical and other pertinent information to determine these estimates. 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 in an acquisition | ||||||||||||||||
•Stock-based compensation | ||||||||||||||||
• Income taxes | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
Completion and Remedial Services — Completion and remedial services consists primarily of pumping services focused on cementing, acidizing and fracturing, nitrogen units, coiled tubing units, snubbing units, thru-tubing and rental and fishing tools. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices completion and remedial services by the hour, day, or project depending on the type of service performed. When Basic provides multiple services to a customer, revenue is allocated to the services performed based on the fair value of the services. | ||||||||||||||||
Fluid Services — Fluid services consists primarily of the sale, transportation, treatment, storage and disposal of fluids used in the drilling, production and maintenance of oil and natural gas wells, and well site construction and maintenance services. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices fluid services by the job, by the hour or by the quantities sold, disposed of or hauled. | ||||||||||||||||
Well Servicing — Well servicing consists primarily of maintenance services, workover services, completion services, plugging and abandonment services and rig manufacturing and servicing. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices well servicing by the hour or by the day of service performed. Rig manufacturing revenue is recognized when the rig is accepted by the customer, based on the completed contract method by individual rig. | ||||||||||||||||
Contract Drilling — Contract drilling consists primarily of drilling wells to a specified depth using drilling rigs. Basic recognizes revenues based on either a “daywork” contract, in which an agreed upon rate per day is charged to the customer, a “footage” contract, in which an agreed upon rate is charged per the number of feet drilled, or a “turnkey” contract, in which an agreed upon single rate is charged for a drilled well. | ||||||||||||||||
Taxes assessed on sales transactions are presented on a net basis and are not included in revenue. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Basic considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Basic maintains its excess cash in various financial institutions, where deposits may exceed federally insured amounts at times. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of December 31, 2014 and 2013. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||||||||||||||
The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, accounts payable and accrued expenses approximate fair value because of 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. | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
7.75% Senior Notes due 2019, excluding premium | $ 475,000 | $ 372,875 | $ 475,000 | $ 496,375 | ||||||||||||
7.75% Senior Notes due 2022, excluding premium | 300,000 | 225,000 | 300,000 | 309,750 | ||||||||||||
7.75% Senior Notes due 2019, and 7.75% Senior Notes due 2022: The fair value of our long-term notes is based upon the quoted market prices at December 31, 2014 and December 31, 2013. | ||||||||||||||||
Inventories | ||||||||||||||||
For rental and fishing tools, inventories consisting mainly of grapples, controls, and drill bits are stated at the lower of cost or market, with cost being determined on the average cost method. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of Basic and are stated at the lower of cost or market, with cost being determined on the first-in, first-out (“FIFO”) method. | ||||||||||||||||
Property and Equipment | ||||||||||||||||
Property and equipment are stated at cost or at estimated fair value at acquisition date if acquired in a business combination. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of the assets are capitalized. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation and amortization are removed from the related accounts and any gain or loss is reflected in operations. All property and equipment are depreciated or amortized (to the extent of estimated salvage values) on the straight-line method and the estimated useful lives of the assets are as follows: | ||||||||||||||||
Buildings and improvements | 20-30 years | |||||||||||||||
Well service units and equipment | 3-15 years | |||||||||||||||
Fluid services equipment | 5-10 years | |||||||||||||||
Brine and fresh water stations | 15 years | |||||||||||||||
Frac/test tanks | 10 years | |||||||||||||||
Pumping equipment | 5-10 years | |||||||||||||||
Construction equipment | 3-10 years | |||||||||||||||
Contract drilling equipment | 3-10 years | |||||||||||||||
Disposal facilities | 10-15 years | |||||||||||||||
Vehicles | 3-7 years | |||||||||||||||
Rental equipment | 2-15 years | |||||||||||||||
Aircraft | 10 years | |||||||||||||||
Software and computers | 3 years | |||||||||||||||
The components of a well servicing rig generally require replacement or refurbishment during the well servicing rig’s life and are depreciated over their estimated useful lives, which ranges from 3 to 15 years. The costs of the original components of a purchased or acquired well servicing rig are not maintained separately from the base rig. | ||||||||||||||||
Impairments | ||||||||||||||||
Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment at a minimum annually, or whenever, in management’s judgment, events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of such assets to estimated undiscounted future cash flows expected to be generated by the assets. Expected future cash flows and carrying values are aggregated at their lowest identifiable level, which is at the business segment level. If the carrying amount of such assets exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of such assets exceeds the fair value of the assets. Assets to be disposed of would be separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities, if material, of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet. These assets are normally sold within a short period of time through a third party auctioneer. | ||||||||||||||||
Deferred Debt Costs | ||||||||||||||||
Basic capitalizes certain costs in connection with obtaining its borrowings, such as lender’s fees and related attorney’s fees. These costs are being amortized to interest expense using the effective interest method. | ||||||||||||||||
Deferred debt costs were approximately $25.7 million net of accumulated amortization of $10.4 million, and $23.2 million net of accumulated amortization of $7.2 million at December 31, 2014 and December 31, 2013, respectively. Amortization of deferred debt costs totaled approximately $3.2 million, $3.1 million and $2.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
Basic recorded a charge of $1.8 million during the fourth quarter of 2012 related to the write-off of debt costs associated with its 2016 Notes. On October 16, 2012, Basic completed the closing of an early tender for approximately $223.3 million of the 2016 Notes and delivered to the trustee amounts required to satisfy and discharge remaining obligations for the outstanding notes. Additionally, on October 16, 2012, Basic incurred $7.0 million of deferred debt costs associated with the issuance of 7.75% Senior Notes due 2022. | ||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||
Goodwill and other intangible assets not subject to amortization are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. A qualitative assessment is allowed to determine if goodwill is potentially impaired. The qualitative assessment determines whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If it is more likely that not that the fair value of the reporting unit is less than the carrying amount, then the two step impairment test is performed. First, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. If impairment is indicated, then the fair value of the reporting unit’s goodwill is determined by allocating the unit’s fair value to its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The amount of impairment for goodwill is measured as the excess of its carrying value over its fair value. Basic completes its assessment of goodwill impairment as of December 31 each year. | ||||||||||||||||
The Company performed an annual assessment of goodwill as of December 31, 2014. For step one of the impairment testing, the Company tested three reporting units for goodwill impairment: well servicing, fluid services, and completion and remedial services. The Company’s contract drilling reporting unit does not carry any goodwill, and was not subject to the test. | ||||||||||||||||
To estimate the fair value of the reporting units, we primarily used level 1 and level 3 inputs from the fair value hierarchy, which included a weighting of the discounted cash flow method and the public company guideline method (level 3 inputs) of determining fair value of a business unit. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization (level 1 inputs) was performed for each unit on a stand-alone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with our capitalization. The measurement date for our common stock price and market capitalization was the closing price on December 31, 2014. | ||||||||||||||||
Based on the results of step one of the impairment test, impairment was indicated in two of the three of the assessed reporting units. As such, the Company was required to perform step two assessment on the potentially impaired reporting units. Step two requires the allocation of the estimated fair value to the tangible and intangible assets and liabilities of the respective reporting unit. This assessment indicated that $34.7 million was considered impaired as of December 31, 2014. This non-cash charge eliminated all of the Company’s existing well servicing and fluid services goodwill as of December 31, 2014. | ||||||||||||||||
The changes in the carrying amount of goodwill for the year ended December 31, 2014, are as follows (in thousands): | ||||||||||||||||
Completion | ||||||||||||||||
and Remedial | Fluid | Well | Contract | |||||||||||||
Services | Services | Servicing | Drilling | Total | ||||||||||||
Balance as of December 31, 2013 | $ | 77,696 | $ | 26,596 | $ | 6,622 | $ | - | $ | 110,914 | ||||||
Goodwill additions | 315 | 1,485 | - | - | 1,800 | |||||||||||
Goodwill impairment | - | -28,081 | -6,622 | - | -34,703 | |||||||||||
Balance as of December 31, 2014 | $ | 78,011 | $ | - | $ | - | $ | - | $ | 78,011 | ||||||
Basic had trade names of $1.9 million as of December 31, 2014 and 2013. Trade names have an indefinite life and are tested for impairment annually. | ||||||||||||||||
Basic’s intangible assets subject to amortization were as follows (in thousands): | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Customer relationships | $ | 88,576 | $ | 87,139 | ||||||||||||
Non-Compete agreements | 13,223 | 13,004 | ||||||||||||||
Trade names | 1,939 | 1,939 | ||||||||||||||
Other intangible assets | 2,097 | 2,086 | ||||||||||||||
105,835 | 104,168 | |||||||||||||||
Less accumulated amortization | 34,662 | 26,613 | ||||||||||||||
Intangible assets subject to amortization, net | $ | 71,173 | $ | 77,555 | ||||||||||||
Amortization expense for the years ended December 31, 2014, 2013 and 2012 was approximately $8.6 million, $8.4 million, and $6.9 million, respectively. Amortization expense for the next five succeeding years is estimated to be approximately $8.7 million, $8.2 million, $7.6 million, $6.2 million, and $6.0 million in 2015, 2016, 2017, 2018 and 2019, respectively. | ||||||||||||||||
Completion | ||||||||||||||||
and Remedial | ||||||||||||||||
Services | Well Servicing | Fluid Services | Contract Drilling | Total | ||||||||||||
Intangible assets subject to amortization, net | $ | 52,483 | $ | 5,371 | $ | 9,976 | $ | 3,343 | $ | 71,173 | ||||||
Customer relationships are amortized over a 15-year life, non-compete agreements are amortized over a five-year life, rig engineering plans and developed technology are amortized over 15-year life. | ||||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Basic has historically compensated our directors, executives and employees through the awarding of stock options and restricted stock. Basic accounted for stock option and restricted stock awards in 2014, 2013, and 2012 using a grant date fair-value based method, resulting in compensation expense for stock-based awards being recorded in our consolidated statements of operations. For performance based restricted stock awards, compensation expense is recognized in the Company's financial statements based on their grant date fair value. Basic utilizes (i) the closing stock price on the date of grant to determine the fair value of vesting restricted stock awards and (ii) a Monte Carlo simulation to determine the fair value of restricted stock awards with a combination of market and service vesting criteria. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The expected volatility utilized in the model was estimated using our historical volatility and the historical volatilities of our peer companies. The risk-free interest rate was based on the U.S. treasury rate for a term commensurate with the expected life of the grant. Stock options issued are valued on the grant date using Black-Scholes-Merton option pricing model and restricted stock issued is valued based on the fair value of Basic’s common stock at the grant date. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. Because the determination of these various assumptions is subject to significant management judgment and different assumptions could result in material differences in amounts recorded in Basic’s consolidated financial statements, management believes that accounting estimates related to the valuation of stock options are critical. | ||||||||||||||||
Income Taxes | ||||||||||||||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in the period that includes the statutory enactment date. A valuation allowance for deferred tax assets is recognized when it is more likely than not that the benefit of deferred tax assets will not be realized. | ||||||||||||||||
Accounts Receivable | ||||||||||||||||
Basic estimates its allowance for losses on accounts receivable based on historic collections and expectations for future collections. These losses have historically been within management’s expectations. Basic regularly reviews accounts for collectability. After all collection efforts are exhausted, if the balance is still determined to be uncollectable, the balance is written off. Expense related to the write off of uncollected accounts is recorded in general and administrative expense. | ||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||
Financial instruments, which potentially subject Basic to concentration of credit risk, consist primarily of temporary cash investments and trade receivables. Basic restricts investment of temporary cash investments to financial institutions with high credit standing. Basic’s customer base consists primarily of multi-national and independent oil and natural gas producers. It performs ongoing credit evaluations of its customers but generally does not require collateral on its trade receivables. Credit risk is considered by management to be limited due to the large number of customers comprising its customer base. Basic maintains an allowance for potential credit losses on its trade receivables, and such losses have been within management’s expectations. | ||||||||||||||||
Basic did not have any one customer which represented 10% or more of consolidated revenue for 2014, 2013 or 2012. | ||||||||||||||||
Asset Retirement Obligations | ||||||||||||||||
Basic is required to record the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets and capitalize an equal amount as a cost of the asset depreciating it over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each quarter to reflect the passage of time, changes in the estimated future cash flows underlying the obligation, acquisition or construction of assets, and settlements of obligations. | ||||||||||||||||
Environmental | ||||||||||||||||
Basic is subject to extensive federal, state and local environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require Basic to remove or mitigate the adverse environmental effects of disposal or release of petroleum, chemical and other substances at various sites. Environmental expenditures are expensed or capitalized depending on the future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. | ||||||||||||||||
Litigation and Self-Insured Risk Reserves | ||||||||||||||||
Basic estimates its reserves related to litigation and self-insured risks based on the facts and circumstances specific to the litigation and self-insured claims and its past experience with similar claims. Basic maintains accruals in the consolidated balance sheets to cover self-insurance retentions (See Note 7). | ||||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||
All items that are required to be recognized under accounting rules as components of comprehensive income (loss) are to be reported in a financial statement that is displayed with the same prominence as other financial statements. For the three-year period ended December 31, 2014, Basic did not have any items of other comprehensive income (loss). | ||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||
In January 2015, the FASB issued ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from U.S. GAAP the concept of an extraordinary item. The Board released the new guidance as part of its simplification initiative, which is intended to “identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements.” The ASU is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic does not believe this pronouncement will have a material impact on its consolidated financial statements. | ||||||||||||||||
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 is in the process of determining 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. | ||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist”. ASU 2013-11 reduces diversity in proactive by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. ASU 2013-11 became effective for Basic on January 1, 2014 and it did not have a material impact on Basic’s consolidated financial statements. | ||||||||||||||||
Acquisitions
Acquisitions | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Acquisitions [Abstract] | ||||||
Acquisitions | 3.Acquisitions | |||||
In 2014, 2013 and 2012, Basic acquired either substantially all of the assets or all of the outstanding capital stock of each of the following businesses, each of which were accounted for using the purchase method of accounting. The following table summarizes the final values at the date of acquisition (in thousands): | ||||||
Closing Date | Total Cash Paid (net of cash acquired) | |||||
Mayo Marrs Casing Pulling, Inc. | 13-Jan-12 | $ | 6,644 | |||
SPA Victoria, LP | 16-Mar-12 | 11,948 | ||||
Surface Stac, Inc. | 15-May-12 | 23,184 | ||||
Salt Water Disposal of North Dakota LLC | 19-Dec-12 | 43,190 | ||||
Total 2012 | $ | 84,966 | ||||
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, Inc. | 17-Sep-14 | $ | 16,090 | |||
Total 2014 | $ | 16,090 | ||||
The operations of each of the acquisitions listed above are included in Basic’s statement of operations as of each respective closing date. The pro forma effect of the acquisitions completed in 2014, 2013 or 2012 are not material, either individually or when aggregated, to the reported results of operations. The provisional value used on Pioneer Fishing and Rental, Inc. will be finalized once the valuation of the tangible and intangible assets is complete. | ||||||
Property_And_Equipment
Property And Equipment | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Property And Equipment [Abstract] | ||||||
Property And Equipment | 4.Property and Equipment | |||||
Property and equipment consists of the following (in thousands): | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
Land | $ | 19,071 | $ | 17,800 | ||
Buildings and improvements | 69,629 | 65,702 | ||||
Well service units and equipment | 483,644 | 498,846 | ||||
Fluid services equipment | 277,902 | 258,371 | ||||
Brine and fresh water stations | 14,175 | 13,496 | ||||
Frac/test tanks | 355,912 | 275,603 | ||||
Pumping equipment | 343,379 | 299,300 | ||||
Construction equipment | 15,764 | 15,677 | ||||
Contract drilling equipment | 110,510 | 104,958 | ||||
Disposal facilities | 157,519 | 143,459 | ||||
Light vehicles | 70,414 | 64,942 | ||||
Rental equipment | 102,471 | 70,738 | ||||
Aircraft | 857 | - | ||||
Software | 21,416 | 23,360 | ||||
Other | 16,324 | 16,754 | ||||
2,058,987 | 1,869,006 | |||||
Less accumulated depreciation and amortization | 1,051,018 | 940,969 | ||||
Property and equipment, net | $ | 1,007,969 | $ | 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 consists of the following (in thousands): | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
Light vehicles | $ | 47,853 | $ | 39,970 | ||
Contract drilling equipment | 6,142 | 4,223 | ||||
Well service units and equipment | 883 | 1,554 | ||||
Fluid services equipment | 143,014 | 121,051 | ||||
Pumping equipment | 42,264 | 29,080 | ||||
Construction equipment | 730 | 1,005 | ||||
Software | 17,120 | 17,120 | ||||
Other | 71 | 70 | ||||
258,077 | 214,073 | |||||
Less accumulated amortization | 100,896 | 77,340 | ||||
$ | 157,181 | $ | 136,733 | |||
Amortization of assets held under capital leases of approximately $37.6 million, $31.7 million and $28.5 million for the years ended December 31, 2014, 2013 and 2012, respectively, is included in depreciation and amortization expense in the consolidated statements of operations. | ||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt [Abstract] | |||||||||
Long-Term Debt | 5. Long-Term Debt | ||||||||
Long-term debt consists of the following (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
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 | 1,217 | 1,459 | |||||||
Capital leases and other notes | 138,930 | 111,626 | |||||||
931,147 | 888,085 | ||||||||
Less current portion | 48,575 | 41,394 | |||||||
$ | 882,572 | $ | 846,691 | ||||||
7.75% Senior Notes due 2019 | |||||||||
On February 15, 2011, Basic issued $275.0 million aggregate principal amount of 7.75% Senior Notes due 2019 (the “2019 Notes”). On June 13, 2011, Basic issued an additional $200.0 million aggregate principal amount of 2019 Notes, resulting in outstanding 2019 Notes with aggregate principal amount of $475.0 million. The 2019 Notes are jointly and severally, and unconditionally, guaranteed on a senior unsecured basis by all of Basic’s current subsidiaries, other than three immaterial subsidiaries. The 2019 Notes and the guarantees rank (i) equally in right of payment with any of Basic’s and the subsidiary guarantors’ existing and future senior indebtedness, including Basic’s existing 7.75% Senior Notes due 2022 and the related guarantees, and (ii) effectively junior to all existing or future liabilities of Basic’s subsidiaries that do not guarantee the 2019 Notes and to Basic and the subsidiary guarantors’ existing or future secured indebtedness to the extent of the value of the collateral therefor. | |||||||||
The 2019 Notes and the guarantees were offered and sold in private transactions in accordance with Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). | |||||||||
The purchase price for the $275.0 million of 2019 Notes issued on February 15, 2011 was 100.000% of their principal amount, and the purchase price for the $200.0 million of 2019 Notes issued on June 13, 2011 was 101.000%, plus accrued interest from February 15, 2011. Basic received net proceeds from the issuance of the 2019 Notes of approximately $464.6 million after premiums and offering expenses. Basic used a portion of the net proceeds from the February 2011 offering to fund Basic’s tender offer and consent solicitation for Basic’s 11.625% Senior Secured Notes and to redeem any of the Senior Secured Notes not purchased in the tender offer. Basic used the net proceeds from the June 2011 offering to fund the $186.3 million purchase price for the Maverick Companies acquisition completed in July 2011 and for general corporate purposes. | |||||||||
The 2019 Notes were issued pursuant to an indenture dated as of February 15, 2011 (the “2019 Notes Indenture”), by and among Basic, the guarantors party thereto and Wells Fargo Bank, N.A., as trustee. Interest on the 2019 Notes accrues from and including February 15, 2011 at a rate of 7.75% per year. Interest on the 2019 Notes is payable semi-annually in arrears on February 15 and August 15 of each year. The 2019 Notes mature on February 15, 2019. | |||||||||
The 2019 Notes Indenture contains covenants that, among other things, limit Basic’s ability and the ability of certain of its subsidiaries to: | |||||||||
· | incur additional indebtedness; | ||||||||
· | pay dividends or repurchase or redeem capital stock; | ||||||||
· | make certain investments; | ||||||||
· | incur liens; | ||||||||
· | enter into certain types of transactions with affiliates; | ||||||||
· | limit dividends or other payments by Basic’s restricted subsidiaries to Basic; and | ||||||||
· | sell assets or consolidate or merge with or into other companies. | ||||||||
These and other covenants that are contained in the 2019 Notes Indenture are subject to important exceptions and qualifications set forth in the 2019 Notes Indenture. At December 31, 2014, Basic was in compliance with the restrictive covenants under the 2019 Notes Indenture. | |||||||||
Basic may, at its option, redeem all or part of the 2019 Notes, at any time on or after February 15, 2015, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably to par and accrued and unpaid interest to the date of redemption. | |||||||||
Following a change of control, as defined in the 2019 Notes Indenture, Basic will be required to make an offer to repurchase all or a portion of the 2019 Notes at 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. | |||||||||
7.75% Senior Notes due 2022 | |||||||||
On October 16, 2012, Basic issued $300.0 million aggregate principal amount of 7.75% Senior Notes due 2022 (the “2022 Notes”). The 2022 Notes are jointly and severally, and unconditionally, guaranteed on a senior unsecured basis initially by all of Basic’s current subsidiaries other than three immaterial subsidiaries. The 2022 Notes and the guarantees rank (i) equally in right of payment with any of Basic’s and the subsidiary guarantors’ existing and future senior indebtedness, including Basic’s existing 2019 Notes and the related guarantees, and (ii) effectively junior to all existing or future liabilities of Basic’s subsidiaries that do not guarantee the 2022 Notes and to Basic’s and the subsidiary guarantors’ existing or future secured indebtedness to the extent of the value of the collateral therefor. | |||||||||
The 2022 Notes and the guarantees were offered and sold in private transactions in accordance with Rule 144A and Regulation S under the Securities Act. Basic received net proceeds from the issuance of the 2022 Notes of approximately $293.3 million after discounts and offering expenses. Basic used a portion of the net proceeds from the offering to fund Basic’s pending tender offer and consent solicitation for Basic’s 7.125% Senior Notes due 2016 (The “2016 Notes”) and to redeem any of the 2016 Notes not purchased in the tender offer. The remainder of the net proceeds were used for general corporate purposes. | |||||||||
The 2022 Notes and the guarantees were issued pursuant to an indenture dated as of October 16, 2012 (the “2022 Notes Indenture”), by and among Basic, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee. Interest on the 2022 Notes accrues from and including October 16, 2012 at a rate of 7.75% per year. Interest on the 2022 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2013. The 2022 Notes mature on October 15, 2022. | |||||||||
The 2022 Notes Indenture contains covenants that, among other things, limit Basic’s ability and the ability of certain of Basic’s subsidiaries to: | |||||||||
•incur additional indebtedness; | |||||||||
•pay dividends or repurchase or redeem capital stock; | |||||||||
•make certain investments; | |||||||||
•incur liens; | |||||||||
•enter into certain types of transactions with affiliates; | |||||||||
•limit dividends or other payments by Basic’s restricted subsidiaries to Basic; and | |||||||||
•sell assets or consolidate or merge with or into other companies. | |||||||||
These and other covenants that are contained in the 2022 Notes Indenture are subject to important exceptions and qualifications set forth in the 2022 Notes Indenture. At December 31, 2014, Basic was in compliance with the restrictive covenants under the 2022 Notes Indenture. | |||||||||
Basic may, at its option, redeem all or part of the 2022 Notes, at any time on or after October 15, 2017, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably to par and accrued and unpaid interest to the date of redemption. | |||||||||
At any time before October 15, 2015, Basic, at its option, may redeem up to 35% of the aggregate principal amount of the 2022 Notes issued under the 2022 Notes Indenture with the net cash proceeds of one or more qualified equity offerings at a redemption price of 107.750% of the principal amount of the 2022 Notes to be redeemed, plus accrued and unpaid interest to the date of redemption, as long as: | |||||||||
•at least 65% of the aggregate principal amount of the 2022 Notes issued under the 2022 Notes Indenture remains outstanding immediately after the occurrence of such redemption; and | |||||||||
" | such redemption occurs within 90 days of the date of the closing of any such qualified equity offering. | ||||||||
In addition, at any time before October 15, 2017, Basic may redeem some or all of the 2022 Notes at a redemption price equal to 100% of the principal amount of the 2022 Notes, plus an applicable premium and accrued and unpaid interest to the date of redemption. | |||||||||
Following a change of control, as defined in the 2022 Notes Indenture, Basic will be required to make an offer to repurchase all or a portion of the 2022 Notes at 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. | |||||||||
Previous Revolving Credit Facility | |||||||||
On February 15, 2011, in connection with the initial offering of 2019 Notes, Basic terminated its previous $30.0 million secured revolving credit facility with Capital One, National Association, and entered into a credit agreement (the “Previous Credit Agreement”) providing for a $165.0 million Revolving Credit Facility. On November 26, 2014 Basic amended and restated the Previous Credit Agreement in order to increase the aggregate commitments and extend the maturity date (each defined in the Previous Credit Agreement), among other modifications. | |||||||||
Amended and Restated Revolving Credit Facility | |||||||||
On November 26, 2014, Basic entered into an amended and restated $300.0 million revolving credit facility (the “Amended and Restated Credit Agreement”) with a syndicate of lenders and Bank of America, N.A., as administrative agent for the lenders. The Amended and Restated Credit Agreement includes an accordion feature whereby the total credit available to Basic can be increased by up to $150.0 million under certain circumstances, subject to additional lender commitments. The obligations under the Credit Agreement are guaranteed on a joint and several basis by each of Basic’s current subsidiaries, other than three immaterial subsidiaries, and are secured by substantially all of Basic and Basic’s guarantors’ assets as collateral under a Security Agreement dated as of February 15, 2011, as ratified by a Ratification and Amendment of Security Agreement dated as of November 26, 2014 (as so ratified the “Security Agreement”). | |||||||||
Borrowings under the Amended and Restated Credit Agreement mature on November 26, 2019 unless Basic has not refinanced its 2019 Notes by August 15, 2018, in which event borrowing under the Amended and Restated Credit Agreement will mature on January 2, 2019. Basic has the ability at any time to prepay the Amended and Restated Credit Agreement without premium or penalty. At Basic’s option, advances under the Amended and Restated Credit Agreement may be comprised of (i) alternate base rate loans, at a variable base interest rate plus a margin ranging from 1.25% to 2.25% based on Basic’s consolidated leverage ratio or (ii) Eurodollar loans, at a variable base interest rate plus a margin ranging from 2.25% to 3.25% based on Basic’s consolidated leverage ratio. Basic will pay a commitment fee equal to 0.50% on the daily unused amount of the commitments under the Amended and Restated Credit Agreement. | |||||||||
The Amended and Restated Credit Agreement contains various covenants that, subject to agreed upon exceptions, limit Basic’s ability and the ability of certain of Basic’s subsidiaries to: | |||||||||
•incur indebtedness; | |||||||||
•grant liens; | |||||||||
•enter into sale and leaseback transactions; | |||||||||
•make loans, capital expenditures, acquisitions and investments; | |||||||||
•change the nature of business; | |||||||||
•acquire or sell assets or consolidate or merge with or into other companies; | |||||||||
•declare or pay dividends; | |||||||||
•enter into transactions with affiliates; | |||||||||
•enter into burdensome agreements; | |||||||||
•prepay, redeem or modify or terminate other indebtedness; | |||||||||
•change accounting policies and reporting practices; | |||||||||
•amend organizational documents; and | |||||||||
•use proceeds to fund any activities of or business with any person that is the subject of governmental sanctions. | |||||||||
The Amended and Restated Credit Agreement also contains covenants that require Basic to maintain specified rations or conditions as follows: | |||||||||
· | a minimum consolidated interest coverage ratio of not less than 2.50 to 1.00; | ||||||||
· | a maximum consolidated leverage ratio not to exceed 4.00 to 1.00 ; | ||||||||
· | a maximum consolidated senior secured leverage ratio of 2.00 to 1.00. | ||||||||
If an event of default occurs under the Amended and Restated Credit Agreement, then the lenders may (i) terminate their commitments under the Amended and Restated Credit Agreement, (ii) declare any outstanding loans under the Amended and Restated Credit Agreement to be immediately due and payable (iii) require that Basic cash collateralize its letter of credit obligations and (iv) foreclose on the collateral secured by the Security Agreement. | |||||||||
On December 15, 2014, Basic entered into an amendment to the Amended and Restated Credit Agreement that, among other things, (i) permits the prepayment, purchase or other satisfaction of senior notes by the borrower in an aggregate principal amount not to exceed $100 million, provided that certain requirements are met, (ii) permits the disposition of those senior notes prepaid, purchased or otherwise satisfied by the borrower or any other loan party (the “Permitted Purchased Notes”), provided that certain requirements are met, (iii) permits the cancellation or other satisfaction of any Permitted Purchased Notes and (iv) removes Permitted Purchased Notes and any interest or gain therefrom from the calculations of consolidated interest coverage ratio, consolidated EBITDA, consolidated leverage ratio and consolidated net income under the Amended and Restated Credit Agreement. | |||||||||
Basic had $16.0 million in borrowings and $51.3 million of letters of credit outstanding under the Credit Agreement as of December 31, 2014, giving Basic $232.7 million of available borrowing capacity. At December 31, 2014, Basic was in compliance with its covenants under the Credit Agreement. | |||||||||
Other Debt | |||||||||
Basic has a variety of other capital leases and notes payable outstanding, which is generally customary in Basic’s business. None of these debt instruments is material individually. Basic’s leases with Banc of America Leasing & Capital, LLC require Basic to maintain a minimum debt service coverage ratio of 1.05 to 1.00. At December 31, 2014, Basic was in compliance with this covenant. | |||||||||
As of December 31, 2014 the aggregate maturities of debt, including capital leases, for the next five years and thereafter are as follows (in thousands): | |||||||||
Debt | Capital Leases | ||||||||
2015 | $ | - | $ | 48,576 | |||||
2016 | - | 40,923 | |||||||
2017 | - | 27,509 | |||||||
2018 | - | 18,217 | |||||||
2019 | 491,000 | 3,601 | |||||||
Thereafter | 300,000 | 104 | |||||||
$ | 791,000 | $ | 138,930 | ||||||
Basic’s interest expense consisted of the following (in thousands): | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Cash payments for interest | $ | 61,873 | $ | 62,609 | $ | 56,522 | |||
Commitment and other fees paid | 2,767 | 1,905 | 1,658 | ||||||
Amortization of debt issuance costs and premium on senior secured notes | 2,934 | 2,878 | 2,646 | ||||||
Change in accrued interest | -269 | 129 | 1,559 | ||||||
Capitalized interest | -349 | -354 | -353 | ||||||
Other | 86 | 40 | 406 | ||||||
Total interest expense | $ | 67,042 | $ | 67,207 | $ | 62,438 | |||
Losses on Extinguishment of Debt | |||||||||
In October 2012, upon the retirement of the 2016 Notes, Basic paid a premium of $6.1 million to the holders of the 2016 Notes for the early termination of the notes. | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Income Taxes | 6.Income Taxes | ||||||||
Income tax expense (benefit) consists of the following (in thousands): | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Current: | |||||||||
Federal | $ | 151 | $ | - | $ | - | |||
State | 842 | 435 | -813 | ||||||
Total | 993 | 435 | -813 | ||||||
Deferred: | |||||||||
Federal | -1,015 | -18,873 | 11,258 | ||||||
State | 543 | -1,287 | -182 | ||||||
Total | -472 | -20,160 | 11,076 | ||||||
Total income tax expense (benefit) | $ | 521 | $ | -19,725 | $ | 10,263 | |||
Basic paid $1.9 million in federal income taxes during 2014 and paid no federal income taxes during 2013. Basic paid federal income taxes of $601,000 during 2012. | |||||||||
Reconciliation between the amount determined by applying the federal statutory rate of 35% to income from continuing operations with the provision for income taxes is as follows (in thousands): | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Statutory federal income tax | $ | -2,737 | $ | -19,479 | $ | 10,459 | |||
Meals and entertainment | 825 | 660 | 672 | ||||||
State taxes, net of federal benefit | 1,093 | -966 | -758 | ||||||
Goodwill impairment | 1,380 | - | - | ||||||
Changes in estimates and other | -40 | 60 | -110 | ||||||
$ | 521 | $ | -19,725 | $ | 10,263 | ||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Receivables allowance | $ | 746 | $ | 1,361 | |||||
Inventory | 146 | 273 | |||||||
Asset retirement obligation | 625 | 573 | |||||||
Accrued liabilities | 15,573 | 12,117 | |||||||
Operating loss carryforward | 39,737 | 48,679 | |||||||
Goodwill and intangibles | 9,659 | 1,768 | |||||||
Deferred compensation | 12,008 | 10,693 | |||||||
Total deferred tax assets | $ | 78,494 | $ | 75,464 | |||||
Deferred tax liabilities: | |||||||||
Property and equipment | -209,650 | -206,562 | |||||||
Prepaid expenses | -1,801 | -1,772 | |||||||
Total deferred tax liabilities | $ | -211,451 | $ | -208,334 | |||||
Net deferred tax liability | $ | -132,957 | $ | -132,870 | |||||
Recognized as: | |||||||||
Deferred tax assets - current | 14,664 | 31,436 | |||||||
Deferred tax liabilities - non-current | -147,621 | -164,306 | |||||||
Net deferred tax liabilities | $ | -132,957 | $ | -132,870 | |||||
Basic provides a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. There was no valuation allowance recorded as of December 31, 2014 or 2013. | |||||||||
Interest is recorded in interest expense and penalties are recorded in income tax expense. Basic had no interest or penalties related to an uncertain tax positions during 2014. Basic files federal income tax returns and state income tax returns in Texas and other state tax jurisdictions. In general, the Company’s federal tax returns for fiscal years after 2005 currently remain subject to examination by appropriate taxing authorities. | |||||||||
As of December 31, 2014, Basic had approximately $99.3 million of net operating loss carryforwards (“NOL”) for federal income tax purposes, which begin to expire in 2032. | |||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments And Contingencies [Abstract] | ||||
Commitments And Contingencies | 7.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 new environmental regulations resulting in a material adverse impact to Basic’s financial position, liquidity, capital resources or future results of operations is unlikely. | ||||
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 other than the situation noted below. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, 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. | ||||
During April 2011, Basic received notice from the Travis County District Attorney of a pending investigation of a case referred by Texas Parks & Wildlife and the Texas Environmental Enforcement Task Force. The potential matter related to a land farm owned by Basic located in Jefferson County, Texas. The matter was tried in Travis County, Texas, and Basic and an indemnified third party received a judgment in October 2012. Although Basic was not directly held responsible for any fines or penalties, Basic paid approximately $1.4 million to an indemnified third party in connection with the judgment. | ||||
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. | ||||
State Tax Audit | ||||
In 2011, Basic was notified by the Texas State Comptroller’s office that a sales and use tax audit for the period from 2006 through 2010 would be conducted. In 2012 based on Basic’s analysis, the potential liability associated with this audit ranged from $5.9 million to $7.3 million. An accrual for the estimated liability of $5.9 million was recorded in 2012 in Basic’s financial statements as general and administrative expense. In 2013, a final settlement was agreed upon for $7.4 million, resulting in an additional $1.5 million of expense recorded in 2013. | ||||
Operating Leases | ||||
Basic leases certain property and equipment under non-cancelable operating leases. The term of the operating leases generally range from 12 to 60 months with varying payment dates throughout each month. | ||||
As of December 31, 2014, the future minimum lease payments under non-cancelable operating leases are as follows (in thousands): | ||||
Year ended December 31, | ||||
2015 | $ | 5,478 | ||
2016 | 3,864 | |||
2017 | 2,432 | |||
2018 | 2,137 | |||
2019 | 1,743 | |||
Thereafter | 4,473 | |||
Total | $ | 20,127 | ||
Rent expense approximated $16.9 million, $18.2 million and $18.5 million for 2014, 2013 and 2012, respectively. | ||||
Basic leases rights for the use of various brine and fresh water wells and disposal wells ranging in terms from month-to-month up to 99 years. The above table reflects the future minimum lease payments if the lease contains a periodic rental. However, the majority of these leases require payments based on a royalty percentage or a volume usage. | ||||
Employment Agreements | ||||
Under the Amended and Restated Employment Agreement with T. M. “Roe” Patterson, Chief Executive Officer and President of Basic, initially effective through December 31, 2015, Mr. Patterson was initially entitled to an annual salary of $650,000, to be adjusted subject to review by the Compensation Committee of the Board. Under this employment agreement, Mr. Patterson is eligible from time to time to receive grants of stock options and other long-term equity incentive compensation under the terms of Basic’s equity compensation plans. In addition, upon a qualified termination of employment, Mr. Patterson would be entitled to three times his annual base salary plus his current annual incentive target bonus for the full year in which the termination of employment occurred. If employment is terminated for certain reasons within the six months preceding or the twelve months following the change of control of the Company, Mr. Patterson would be entitled to a lump sum severance payment equal to three times the sum of his annual base salary plus the higher of (i) his current incentive target bonus for the full year in which the termination of employment occurred or (ii) the highest annual incentive bonus received by him for any of the last three fiscal years. | ||||
Basic also has entered into employment agreements with various other executive officers. Under these agreements, if the officer’s employment is terminated for certain reasons, he would be entitled to a lump sum severance payment equal to either 0.75 times to 1.5 times the sum of his annual base salary plus his current annual incentive target bonus for the full year in which the termination occurred. If employment is terminated for certain reasons within the six months preceding or the twelve months following the change of control of the Company, he would be entitled to a lump sum severance payment equal to either 1.0 or 2.0 times the sum of his annual base salary plus the higher of (i) his current incentive target bonus for the full year in which the termination of employment occurred or (ii) the highest annual incentive bonus received by him for any of the last three fiscal years. | ||||
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 by using third-party data and claims history. In 2014 and 2013, Basic classified the workers’ compensation self-insured risk reserve between short-term and long-term, with $9.1 million and $7.0 million being allocated to short-term and $16.8 million and $11.3 million being allocated to long-term, respectively. | ||||
At December 31, 2014 and December 31, 2013, self-insured risk accruals totaled approximately $33.4 million, net of $14,000 receivable for medical and dental coverage, and $26.1 million, net of $230,000 receivable for medical and dental coverage, respectively. | ||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 8.Stockholders’ Equity |
Common Stock | |
At December 31, 2014 and 2013, Basic had 80,000,000 shares of Basic’s common stock, par value $.01 per share, authorized. | |
In March 2012, Basic granted various employees 646,438 restricted shares of common stock that vest over a three-year period and 179,000 shares that vest over a four-year period. The Compensation Committee of Basic’s Board of Directors approved grants of performance-based stock awards to certain members of management. In January 2013, it was determined that 42,513 shares, or 25% of the target number of shares, were earned based on Basic’s achievement of total stockholder return over the performance period from January 1, 2012 through December 31, 2012, as compared to other members of a defined peer group. These restricted shares remain subject to vesting over a three-year period, with the first shares vesting on March 15, 2014. | |
During the year ended 2012, Basic issued 133,200 shares of common stock from treasury stock for the exercise of stock options and no shares of newly issued common stock for the exercise of stock options. | |
In March 2013, Basic granted various employees 432,400 restricted shares of common stock that vest over a three-year period and 262,000 shares that vest over a four-year period. The Compensation Committee of Basic’s Board of Directors approved grants of performance-based stock awards to certain members of management. In February 2014, it was determined that 283,223 shares, or 106% of the target number of shares, were earned based on Basic’s achievement of total stockholder return over the performance period from January 1, 2013 through December 31, 2013, as compared to other members of a defined peer group. These restricted shares remain subject to vesting over a three-year period, with the first shares vesting on March 15, 2015. | |
During the year ended December 31, 2013, Basic issued 107,250 shares of common stock from treasury stock for the exercise of stock options. | |
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. The Compensation Committee of Basic’s Board of Directors approved grants of performance-based stock awards to certain members of management. In February 2015, it was determined that 122,915 shares, or 42.9% of the target number of shares, were earned based on 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. These restricted shares remain subject to vesting over a three-year period, with the first shares vesting on March 15, 2016. | |
During the year ended December 31, 2014, Basic issued 250,000 shares of common stock from treasury stock for the exercise of stock options. | |
Treasury Stock | |
In May 2012, Basic announced that its Board of Directors reinstated the share repurchase program initially adopted in 2008 and suspended in 2009. The program allows the repurchase of up to $50.0 million of Basic’s shares of common stock from time to time in open market or private transactions, at Basic’s discretion. The number of shares purchased and the timing of purchases is based on several factors, including the price of the common stock, general market conditions, available cash and alternative investment opportunities. During 2014, Basic repurchased 921,059 shares for a total price of approximately $6.4 million (an average of approximately $6.95 per share), inclusive of commissions and fees. As of December 31, 2014, Basic may purchase up to an additional $13.9 million of Basic’s shares of common stock under this program. | |
Basic also acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of restricted stock. Basic repurchased a total of 254,604 and 154,225 shares through net share settlements during 2014 and 2013, respectively. | |
Preferred Stock | |
At December 31, 2014 and 2013, Basic had 5,000,000 shares of preferred stock, par value $.01 per share, authorized, of which none was designated, issued or outstanding. | |
Stockholders_Agreement
Stockholders' Agreement | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Agreement [Abstract] | |
Stockholders' Agreement | 9.Stockholders’ Agreement |
On December 20, 2010, Basic entered into the Third Amended and Restated Stockholders’ Agreement (the “Stockholders’ Agreement”) effective as of December 20, 2010 by and among Basic and certain affiliates of DLJ Merchant Banking party thereto (such affiliates, the “DLJ Parties”), which amended and restated the Second Amended and Restated Stockholders’ Agreement dated as of April 2, 2004, which terminated with respect to all other parties in accordance with its terms on December 21, 2010. | |
The Stockholders’ Agreement provides for certain informational and consultation rights, along with confidentiality obligations, and registration rights for the DLJ Parties. As long as (i) any DLJ Party remains an Affiliate (as defined in the Stockholders’ Agreement) of Basic or (ii) the DLJ Parties, collectively, beneficially hold at least ten percent of the outstanding shares of Basic’s common stock, the DLJ Parties can require Basic to register shares of common stock on up to three occasions, provided that the proposed offering proceeds for the offering equal or exceed $10 million (or $5 million if Basic is able to register such securities on Form S-3). In addition such demand registration rights, the Stockholders’ Agreement provides the DLJ Parties with piggyback registration rights with respect to any proposed offering of equity securities pursuant to a registration statement filed by Basic (other than a registration statement on Form S-4 or Form S-8). Basic is also obligated under the Stockholders’ Agreement to perform certain other actions in connection with a demand registration or piggyback registration request by any of the DLJ Parties. | |
The Stockholders’ Agreement terminates upon the earliest of (i) the dissolution, liquidation or winding-up of Basic, (ii) the date all of the DLJ Parties cease to be affiliates of Basic and the DLJ Parties, collectively, beneficially hold less than ten percent of the outstanding shares of common stock of Basic, or (iii) December 21, 2015. | |
Incentive_Plan
Incentive Plan | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Incentive Plan [Abstract] | ||||||||||
Incentive Plan | 10.Incentive Plan | |||||||||
In May 2003, Basic’s board of directors and stockholders approved the Basic 2003 Incentive Plan (as amended effective May 22, 2013) (the “Plan”), which provides for granting of incentive awards in the form of stock options, restricted stock, performance awards, bonus shares, phantom shares, cash awards and other stock-based awards to officers, employees, directors and consultants of Basic. The Plan assumed the awards of the plans of Basic’s predecessors that were awarded and remained outstanding prior to adoption of the Plan. The Plan provides for the issuance of 10,350,000 shares. Of these shares, approximately 1,659,169 shares are available for grant as of December 31, 2014. The Plan is administered by the Plan committee, and in the absence of a Plan committee, by the Board of Directors, which determines the awards and the associated terms of the awards and interprets its provisions and adopts policies for implementing the Plan. The number of shares authorized under the Plan and the number of shares subject to an award under the Plan will be adjusted for stock splits, stock dividends, recapitalizations, mergers and other changes affecting the capital stock of Basic. | ||||||||||
There were no options granted during 2014, 2013 or 2012. | ||||||||||
During the years ended December 31, 2014, 2013 and 2012, compensation expense related to share-based arrangements including both restricted stock awards and stock option awards was approximately $14.7 million, $11.8 million and $12.9 million, respectively. For compensation expense recognized during the years ended December 31, 2014, 2013 and 2012, Basic recognized a tax benefit of approximately $5.3 million, $4.0 million and $4.4 million, respectively. | ||||||||||
As of December 31, 2014, there was $25.0 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 2.01 years. The total fair value of share-based awards vested during the years ended December 31, 2014, 2013 and 2012 was approximately $20.6 million, $11.9 million and $13.0 million, respectively. During 2014, 2013 and 2012 there was no tax benefit due to the net operating loss. If there was no net operating loss the tax benefits would have been $4.5 million, $764,000 and $1.5 million, 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 ten 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 December 31, 2014 and the changes during the twelve months then ended: | ||||||||||
Weighted | ||||||||||
Weighted | Average | Aggregate | ||||||||
Number of | Average | Remaining | Instrinsic | |||||||
Options | Exercise | Contractual | Value | |||||||
Granted | Price | Term (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 | 0.89 | 3 | |||||
Exercisable, end of period | 280,000 | $ | 19.05 | 0.89 | 3 | |||||
Vested or expected to vest, end of period | 280,000 | $ | 19.05 | 0.89 | 3 | |||||
The total intrinsic value of share options exercised during the years ended December 31, 2014, 2013 and 2012 was approximately $2.2 million, $921,000 and $1.0 million, respectively. | ||||||||||
Cash received from option exercises under the Plan was approximately $4.3 million, $582,000 and $798,000 for the years ended December 31, 2014, 2013 and 2012, respectively. During 2014, 2013 and 2012 there was no tax benefit due to the net operating loss. If there was no net operating loss the tax benefit would have been $535,000, $192,000 and $174,000, respectively. | ||||||||||
The Company 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. In February 2015, it was determined that 42.9% of the target number of performance-based awards were earned. A summary of the status of Basic’s non-vested share grants at December 31, 2014 and changes during the year ended December 31, 2014 is presented in the following table: | ||||||||||
Weighted Average | ||||||||||
Number of | Grant Date Fair | |||||||||
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 | -857,178 | 14.85 | ||||||||
Forfeited during period | -70,873 | 20.82 | ||||||||
Nonvested at end of period | 2,193,671 | $ | 19.56 | |||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11.Related Party Transactions |
Basic had receivables from employees of approximately $161,000 and $50,000 as of December 31, 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 is five years and 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 leases is two years and 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. In October 2011, Basic purchased approximately 17 acres of land for approximately $209,000 from Darle Vuelta Cattle Co., LLC. In April 2012, Basic purchased approximately 22 acres of land for approximately $215,000 from Darle Vuelta Cattle Co., LLC. | |
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 and 2012, Basic funded approximately $2.4 million and $4.5 million, respectively, for this joint venture. The entity had only research and development activities in 2013 and 2012. This joint venture agreement was terminated in November 2013, and Basic now owns 100% of the entity. | |
Profit_Sharing_Plan
Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2014 | |
Profit Sharing Plan [Abstract] | |
Profit Sharing Plan | 12.Profit Sharing Plan |
Basic has a 401(k) profit sharing plan that covers substantially all employees. Employees may contribute up to their base salary not to exceed the annual Federal maximum allowed for such plans. Basic makes a matching contribution proportional to each employee’s contribution. Employee contributions are fully vested at all times. Employer matching contributions vest incrementally, with full vesting occurring after five years of service. Employer contributions to the 401(k) plan approximated $4.0 million, $3.4 million, and $3.5 million in 2014, 2013 and 2012, respectively. | |
Deferred_Compensation_Plan
Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2014 | |
Deferred Compensation Plan [Abstract] | |
Deferred Compensation Plan | 13.Deferred Compensation Plan |
In April 2005, Basic established a deferred compensation plan for certain employees. Participants may defer up to 50% of their salary and 100% of any cash bonuses. Basic makes matching contributions of 100% of the first 3% of the participants’ deferred pay and 50% of the next 2% of the participants’ deferred pay to a maximum match of $10,000 per year. Employer matching contributions and earnings thereon are subject to a five-year vesting schedule with full vesting occurring after five years of service. Employer contributions to the deferred compensation plan net of earnings approximated an expense of $665,000, $996,000 and $687,000 in 2014, 2013 and 2012, respectively. | |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings (loss) per share of common stock: | |||||||||
Earnings Per Share | 14.Earnings Per Share | ||||||||
Basic earnings per common share are determined by dividing net earnings applicable to common stock by the weighted average number of common shares actually outstanding during the year. Diluted earnings per common share is based on the increased number of shares that would be outstanding assuming conversion of dilutive outstanding securities using the “as if converted” method. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share data): | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Numerator (both basic and diluted): | |||||||||
Net income (loss) available to common stockholders | $ | -8,341 | $ | -35,929 | $ | 19,586 | |||
Denominator: | |||||||||
Denominator for basic earnings per share | 41,165,940 | 40,288,218 | 40,505,555 | ||||||
Stock options | - | - | 167,986 | ||||||
Unvested restricted stock | - | - | 601,752 | ||||||
Denominator for diluted earnings per share | 41,165,940 | 40,288,218 | 41,275,293 | ||||||
Basic earnings (loss) per common share: | $ | -0.2 | $ | -0.89 | $ | 0.48 | |||
Diluted earnings (loss) per common share: | $ | -0.2 | $ | -0.89 | $ | 0.47 | |||
There were 1,342,576 and 887,139 shares of potentially antidilutive shares at December 31, 2014 and 2013, respectively. There were no antidilutive shares at December 31, 2012 | |||||||||
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Business Segment Information [Abstract] | |||||||||||||||||||
Business Segment Information | |||||||||||||||||||
15.Business Segment Information | |||||||||||||||||||
Basic’s reportable business segments are Completion and Remedial Services, Fluid Services, Well Servicing, and Contract Drilling. These segments have been selected based on changes in management’s resource allocation and performance assessment in making decisions regarding the Company. The following is a description of the segments: | |||||||||||||||||||
Completion and Remedial Services: This segment utilizes a fleet of pumping units, air compressor packages specially configured for underbalanced drilling operations, coiled tubing services, nitrogen services, cased-hole wireline units, an array of specialized rental equipment and fishing tools, thru-tubing and snubbing units. The largest portion of this business consists of pumping services focused on cementing, acidizing and fracturing services in niche markets. | |||||||||||||||||||
Fluid Services: This segment utilizes a fleet of trucks and related assets, including specialized tank trucks, storage tanks, water wells, disposal facilities water treatment and related equipment. Basic employs these assets to provide, transport, store and dispose of a variety of fluids. These services are required in most workover, completion and remedial projects as well as part of daily producing well operations. Also included in this segment are our construction services which provide services for the construction and maintenance of oil and natural gas production infrastructures. | |||||||||||||||||||
Well Servicing: This segment encompasses a full range of services performed with a mobile well servicing rig, including the installation and removal of downhole equipment and elimination of obstructions in the well bore to facilitate the flow of oil and natural gas. These services are performed to establish, maintain and improve production throughout the productive life of an oil and natural gas well and to plug and abandon a well at the end of its productive life. Basic’s well servicing equipment and capabilities also facilitate most other services performed on a well. This segment also includes the manufacture and servicing of mobile well servicing rigs. | |||||||||||||||||||
Contract Drilling: This segment utilizes shallow and medium depth rigs and associated equipment for drilling wells to a specified depth for customers on a contract basis. | |||||||||||||||||||
Basic’s management evaluates the performance of its operating segments based on operating revenues and segment profits. Corporate expenses include general corporate expenses associated with managing all reportable operating segments. Corporate assets consist principally of working capital and debt financing costs. | |||||||||||||||||||
The following table sets forth certain financial information with respect to Basic’s reportable segments (in thousands): | |||||||||||||||||||
Completion and | |||||||||||||||||||
Remedial | Fluid | Well | Contract | Corporate | |||||||||||||||
Services | Services | Servicing | Drilling | and Other | Total | ||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||
Operating revenues | $ | 698,917 | $ | 369,774 | $ | 361,683 | $ | 60,910 | $ | — | $ | 1,491,284 | |||||||
Direct operating costs | -434,457 | -265,105 | -270,344 | -41,513 | — | -1,011,419 | |||||||||||||
Segment profits | $ | 264,460 | $ | 104,669 | $ | 91,339 | $ | 19,397 | $ | — | $ | 479,865 | |||||||
Depreciation and amortization | $ | 74,924 | $ | 64,445 | $ | 55,131 | $ | 12,773 | $ | 10,207 | $ | 217,480 | |||||||
Capital expenditures, | |||||||||||||||||||
(excluding acquisitions) | $ | 168,017 | $ | 71,112 | $ | 54,858 | $ | 9,311 | $ | 8,196 | $ | 311,494 | |||||||
Identifiable assets | $ | 514,842 | $ | 299,542 | $ | 276,696 | $ | 60,362 | $ | 445,735 | $ | 1,597,177 | |||||||
Year ended December 31, 2013 | |||||||||||||||||||
Operating revenues | $ | 501,137 | $ | 343,863 | $ | 363,386 | $ | 54,518 | $ | — | $ | 1,262,904 | |||||||
Direct operating costs | -327,540 | -239,154 | -265,058 | -36,336 | — | -868,088 | |||||||||||||
Segment profits | $ | 173,597 | $ | 104,709 | $ | 98,328 | $ | 18,182 | $ | — | $ | 394,816 | |||||||
Depreciation and amortization | $ | 62,609 | $ | 63,316 | $ | 60,474 | $ | 12,815 | $ | 10,533 | $ | 209,747 | |||||||
Capital expenditures, | |||||||||||||||||||
(excluding acquisitions) | $ | 59,345 | $ | 66,992 | $ | 39,001 | $ | 4,576 | $ | 17,601 | $ | 187,515 | |||||||
Identifiable assets | $ | 432,267 | $ | 320,404 | $ | 289,017 | $ | 59,868 | $ | 441,783 | $ | 1,543,339 | |||||||
Year ended December 31, 2012 | |||||||||||||||||||
Operating revenues | $ | 586,070 | $ | 352,246 | $ | 376,268 | $ | 60,300 | $ | — | $ | 1,374,884 | |||||||
Direct operating costs | -357,960 | -236,588 | -268,219 | -39,817 | — | -902,584 | |||||||||||||
Segment profits | $ | 228,110 | $ | 115,658 | $ | 108,049 | $ | 20,483 | $ | — | $ | 472,300 | |||||||
Depreciation and amortization | $ | 56,043 | $ | 52,331 | $ | 56,310 | $ | 12,350 | $ | 10,049 | $ | 187,083 | |||||||
Capital expenditures, | |||||||||||||||||||
(excluding acquisitions) | $ | 58,235 | $ | 33,637 | $ | 42,641 | $ | 12,141 | $ | 24,786 | $ | 171,440 | |||||||
Identifiable assets | $ | 444,504 | $ | 286,662 | $ | 303,901 | $ | 64,127 | $ | 499,812 | $ | 1,599,006 | |||||||
The following table reconciles the segment profits reported above to the operating income as reported in the consolidated statements of operations (in thousands): | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Segment profits | $ 479,865 | $ 394,816 | $ 472,300 | ||||||||||||||||
General and administrative expenses | -167,301 | -171,439 | -183,274 | ||||||||||||||||
Depreciation and amortization | -217,480 | -209,747 | -187,083 | ||||||||||||||||
Loss on disposal of assets | -1,974 | -2,873 | -3,334 | ||||||||||||||||
Goodwill impairment | -34,703 | - | - | ||||||||||||||||
Operating income | $ 58,407 | $ 10,757 | $ 98,609 | ||||||||||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Schedule Of Accrued Expenses [Abstract] | ||||||
Accrued Expenses | 16.Accrued Expenses | |||||
The accrued expenses are as follows (in thousands): | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Compensation related | $ 41,620 | $ 34,384 | ||||
Workers' compensation self-insured risk reserve | 9,115 | 7,006 | ||||
Health self-insured risk reserve | 4,756 | 4,461 | ||||
Accrual for receipts | 416 | 80 | ||||
Ad valorem taxes | 7,160 | 2,307 | ||||
Sales tax | 3,123 | 2,526 | ||||
Insurance obligations | 2,898 | 3,510 | ||||
Professional fee accrual | 1,221 | 1,369 | ||||
Fuel accrual | 1,371 | 2,017 | ||||
Accrued interest | 19,130 | 19,398 | ||||
$ 90,810 | $ 77,058 | |||||
Supplemental_Schedule_Of_Cash_
Supplemental Schedule Of Cash Flow Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Schedule Of Cash Flow Information [Abstract] | |||||||||
Supplemental Schedule Of Cash Flow Information | 17.Supplemental Schedule of Cash Flow Information | ||||||||
The following table reflects non-cash financing and investing activity during: | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In thousands) | |||||||||
Capital leases issued for equipment | $ 75,198 | $ 50,565 | $ 67,207 | ||||||
Asset retirement obligation additions | $ 68 | $ 144 | $ 44 | ||||||
Basic paid $2.6 million, $1.5 million and $2.4 million in income taxes during the years ended December 31, 2014, 2013 and 2012 respectively. | |||||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Quarterly Financial Data | 18.Quarterly Financial Data (Unaudited) | ||||||||||
The following table summarizes results for each of the four quarters in the years ended December 31, 2014 and 2013 (in thousands, except earnings per share data): | |||||||||||
First | Second | Third | Fourth | ||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||
Year ended December 31, 2014: | |||||||||||
Total revenues | $ 336,756 | $ 359,662 | $ 393,955 | $ 400,911 | $ 1,491,284 | ||||||
Segment profits | $ 104,569 | $ 116,732 | $ 129,835 | $ 128,729 | $ 479,865 | ||||||
Net income (loss) | $ (1,907) | $ 2,443 | $ 9,931 | $ (18,808) | $ (8,341) | ||||||
Earnings (loss) per share of common stock (a): | |||||||||||
Basic | $ (0.05) | $ 0.06 | $ 0.24 | $ (0.46) | $ (0.20) | ||||||
Diluted | $ (0.05) | $ 0.06 | $ 0.24 | $ (0.46) | $ (0.20) | ||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 40,605 | 41,342 | 41,477 | 41,332 | $ 41,166 | ||||||
Diluted | 40,605 | 42,043 | 42,213 | 41,332 | $ 41,166 | ||||||
Year ended December 31, 2013: | |||||||||||
Total revenues | $ 304,351 | $ 325,723 | $ 324,797 | $ 308,033 | $ 1,262,904 | ||||||
Segment profits | $ 93,303 | $ 103,211 | $ 102,054 | $ 96,248 | $ 394,816 | ||||||
Net loss | $ (8,777) | $ (12,797) | $ (6,956) | $ (7,399) | $ (35,929) | ||||||
Loss per share of common stock (a): | |||||||||||
Basic | $ (0.22) | $ (0.32) | $ (0.17) | $ (0.18) | $ (0.89) | ||||||
Diluted | $ (0.22) | $ (0.32) | $ (0.17) | $ (0.18) | $ (0.89) | ||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 39,885 | 40,336 | 40,400 | 40,253 | 40,288 | ||||||
Diluted | 39,885 | 40,336 | 40,400 | 40,253 | 40,288 | ||||||
(a) The sum of individual quarterly net income per share may not agree to the total for the year due to each period's computation being based on the weighted average number of common shares outstanding during each period. | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 19.Fair Value Measurements |
Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. Fair value is a market based measurement considered from the perspective of a market participant. The Company uses market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation. These inputs can be readily observable, market corroborated, or unobservable. If observable prices or inputs are not available, unobservable prices or inputs are used to estimate the current fair value, often using an internal valuation model. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the item being valued. The Company primarily applies a market approach for recurring fair value measurements using the best available information while utilizing valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. | |
There is a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company classifies fair value balances based on the observability of those inputs. The three levels of the fair value hierarchy are as follows: | |
Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2 — Inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable. These inputs are either directly observable in the marketplace or indirectly observable through corroboration with market data for substantially the full contractual term of the asset or liability being measured. | |
Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | |
In valuing certain assets and liabilities, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, assets and liabilities are classified in their entirety in the fair value hierarchy level based on the lowest level of input that is significant to the overall fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy levels. | |
A description of the valuation methodologies used for assets measured at fair value on a recurring basis, as well as the general classification of such assets pursuant to the fair value hierarchy, is set forth below. | |
Basic did not have any assets or liabilities that were measured at fair value on a recurring basis at December 31, 2014 and 2013. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20.Subsequent Events |
In January 2015, all of the DLJ Parties ceased to be affiliates of Basic, and all outstanding shares of Basic stock previously held by the DLJ Parties were distributed to individual unit holders. As a result of the DLJ Parties ceasing to be affiliates, the Stockholders’ Agreement between the Company and the DLJ Parties terminated. | |
In February 2015, Basic purchased 100 acres of land in Midland, Texas, from a director, for a total purchase price of $1.5 million. | |
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Valuation And Qualifying Accounts [Abstract] | |||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts | ||||||||||
Additions | |||||||||||
Balance at | Charged to | Charged to | Balance at | ||||||||
Beginning of | Costs and | Other | Deductions (c) | End of | |||||||
Description | Period | Expenses (a) | Accounts (b) | Period | |||||||
(in thousands) | |||||||||||
Year Ended December 31, 2014 | |||||||||||
Allowance for Bad Debt | $ 3,675 | $ 1,244 | $ - | $ (2,887) | $ 2,032 | ||||||
Year Ended December 31, 2013 | |||||||||||
Allowance for Bad Debt | $ 2,780 | $ 2,103 | $ - | $ (1,208) | $ 3,675 | ||||||
Year Ended December 31, 2012 | |||||||||||
Allowance for Bad Debt | $ 1,230 | $ 1,792 | $ - | $ (242) | $ 2,780 | ||||||
(a)Charges relate to provisions for doubtful accounts | |||||||||||
(b)Reflects the impact of acquisitions | |||||||||||
(c)Deductions relate to the write-off of accounts receivable deemed uncollectible | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Summary of Significant 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, Risks and Uncertainties | |||||||||||||||
Preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures 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. Management uses historical and other pertinent information to determine these estimates. 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 in an acquisition | ||||||||||||||||
•Stock-based compensation | ||||||||||||||||
• Income taxes | ||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||
Completion and Remedial Services — Completion and remedial services consists primarily of pumping services focused on cementing, acidizing and fracturing, nitrogen units, coiled tubing units, snubbing units, thru-tubing and rental and fishing tools. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices completion and remedial services by the hour, day, or project depending on the type of service performed. When Basic provides multiple services to a customer, revenue is allocated to the services performed based on the fair value of the services. | ||||||||||||||||
Fluid Services — Fluid services consists primarily of the sale, transportation, treatment, storage and disposal of fluids used in the drilling, production and maintenance of oil and natural gas wells, and well site construction and maintenance services. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices fluid services by the job, by the hour or by the quantities sold, disposed of or hauled. | ||||||||||||||||
Well Servicing — Well servicing consists primarily of maintenance services, workover services, completion services, plugging and abandonment services and rig manufacturing and servicing. Basic recognizes revenue when services are performed, collection of the relevant receivables is probable, persuasive evidence of an arrangement exists and the price is fixed or determinable. Basic prices well servicing by the hour or by the day of service performed. Rig manufacturing revenue is recognized when the rig is accepted by the customer, based on the completed contract method by individual rig. | ||||||||||||||||
Contract Drilling — Contract drilling consists primarily of drilling wells to a specified depth using drilling rigs. Basic recognizes revenues based on either a “daywork” contract, in which an agreed upon rate per day is charged to the customer, a “footage” contract, in which an agreed upon rate is charged per the number of feet drilled, or a “turnkey” contract, in which an agreed upon single rate is charged for a drilled well. | ||||||||||||||||
Taxes assessed on sales transactions are presented on a net basis and are not included in revenue. | ||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||||||||
Basic considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Basic maintains its excess cash in various financial institutions, where deposits may exceed federally insured amounts at times. | ||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||
The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of December 31, 2014 and 2013. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||||||||||||||
The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, accounts payable and accrued expenses approximate fair value because of 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. | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
7.75% Senior Notes due 2019, excluding premium | $ 475,000 | $ 372,875 | $ 475,000 | $ 496,375 | ||||||||||||
7.75% Senior Notes due 2022, excluding premium | 300,000 | 225,000 | 300,000 | 309,750 | ||||||||||||
7.75% Senior Notes due 2019, and 7.75% Senior Notes due 2022: The fair value of our long-term notes is based upon the quoted market prices at December 31, 2014 and December 31, 2013. | ||||||||||||||||
Inventories | Inventories | |||||||||||||||
For rental and fishing tools, inventories consisting mainly of grapples, controls, and drill bits are stated at the lower of cost or market, with cost being determined on the average cost method. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of Basic and are stated at the lower of cost or market, with cost being determined on the first-in, first-out (“FIFO”) method. | ||||||||||||||||
Property and Equipment | Property and Equipment | |||||||||||||||
Property and equipment are stated at cost or at estimated fair value at acquisition date if acquired in a business combination. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of the assets are capitalized. Upon sale or other retirement of depreciable property, the cost and accumulated depreciation and amortization are removed from the related accounts and any gain or loss is reflected in operations. All property and equipment are depreciated or amortized (to the extent of estimated salvage values) on the straight-line method and the estimated useful lives of the assets are as follows: | ||||||||||||||||
Buildings and improvements | 20-30 years | |||||||||||||||
Well service units and equipment | 3-15 years | |||||||||||||||
Fluid services equipment | 5-10 years | |||||||||||||||
Brine and fresh water stations | 15 years | |||||||||||||||
Frac/test tanks | 10 years | |||||||||||||||
Pumping equipment | 5-10 years | |||||||||||||||
Construction equipment | 3-10 years | |||||||||||||||
Contract drilling equipment | 3-10 years | |||||||||||||||
Disposal facilities | 10-15 years | |||||||||||||||
Vehicles | 3-7 years | |||||||||||||||
Rental equipment | 2-15 years | |||||||||||||||
Aircraft | 10 years | |||||||||||||||
Software and computers | 3 years | |||||||||||||||
The components of a well servicing rig generally require replacement or refurbishment during the well servicing rig’s life and are depreciated over their estimated useful lives, which ranges from 3 to 15 years. The costs of the original components of a purchased or acquired well servicing rig are not maintained separately from the base rig. | ||||||||||||||||
Impairments | Impairments | |||||||||||||||
Long-lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment at a minimum annually, or whenever, in management’s judgment, events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of such assets to estimated undiscounted future cash flows expected to be generated by the assets. Expected future cash flows and carrying values are aggregated at their lowest identifiable level, which is at the business segment level. If the carrying amount of such assets exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of such assets exceeds the fair value of the assets. Assets to be disposed of would be separately presented in the consolidated balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities, if material, of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the consolidated balance sheet. These assets are normally sold within a short period of time through a third party auctioneer. | ||||||||||||||||
Deferred Debt Costs | Deferred Debt Costs | |||||||||||||||
Basic capitalizes certain costs in connection with obtaining its borrowings, such as lender’s fees and related attorney’s fees. These costs are being amortized to interest expense using the effective interest method. | ||||||||||||||||
Deferred debt costs were approximately $25.7 million net of accumulated amortization of $10.4 million, and $23.2 million net of accumulated amortization of $7.2 million at December 31, 2014 and December 31, 2013, respectively. Amortization of deferred debt costs totaled approximately $3.2 million, $3.1 million and $2.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
Basic recorded a charge of $1.8 million during the fourth quarter of 2012 related to the write-off of debt costs associated with its 2016 Notes. On October 16, 2012, Basic completed the closing of an early tender for approximately $223.3 million of the 2016 Notes and delivered to the trustee amounts required to satisfy and discharge remaining obligations for the outstanding notes. Additionally, on October 16, 2012, Basic incurred $7.0 million of deferred debt costs associated with the issuance of 7.75% Senior Notes due 2022. | ||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||
Goodwill and other intangible assets not subject to amortization are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. A qualitative assessment is allowed to determine if goodwill is potentially impaired. The qualitative assessment determines whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If it is more likely that not that the fair value of the reporting unit is less than the carrying amount, then the two step impairment test is performed. First, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. If impairment is indicated, then the fair value of the reporting unit’s goodwill is determined by allocating the unit’s fair value to its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The amount of impairment for goodwill is measured as the excess of its carrying value over its fair value. Basic completes its assessment of goodwill impairment as of December 31 each year. | ||||||||||||||||
The Company performed an annual assessment of goodwill as of December 31, 2014. For step one of the impairment testing, the Company tested three reporting units for goodwill impairment: well servicing, fluid services, and completion and remedial services. The Company’s contract drilling reporting unit does not carry any goodwill, and was not subject to the test. | ||||||||||||||||
To estimate the fair value of the reporting units, we primarily used level 1 and level 3 inputs from the fair value hierarchy, which included a weighting of the discounted cash flow method and the public company guideline method (level 3 inputs) of determining fair value of a business unit. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization (level 1 inputs) was performed for each unit on a stand-alone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with our capitalization. The measurement date for our common stock price and market capitalization was the closing price on December 31, 2014. | ||||||||||||||||
Based on the results of step one of the impairment test, impairment was indicated in two of the three of the assessed reporting units. As such, the Company was required to perform step two assessment on the potentially impaired reporting units. Step two requires the allocation of the estimated fair value to the tangible and intangible assets and liabilities of the respective reporting unit. This assessment indicated that $34.7 million was considered impaired as of December 31, 2014. This non-cash charge eliminated all of the Company’s existing well servicing and fluid services goodwill as of December 31, 2014. | ||||||||||||||||
The changes in the carrying amount of goodwill for the year ended December 31, 2014, are as follows (in thousands): | ||||||||||||||||
Completion | ||||||||||||||||
and Remedial | Fluid | Well | Contract | |||||||||||||
Services | Services | Servicing | Drilling | Total | ||||||||||||
Balance as of December 31, 2013 | $ | 77,696 | $ | 26,596 | $ | 6,622 | $ | - | $ | 110,914 | ||||||
Goodwill additions | 315 | 1,485 | - | - | 1,800 | |||||||||||
Goodwill impairment | - | -28,081 | -6,622 | - | -34,703 | |||||||||||
Balance as of December 31, 2014 | $ | 78,011 | $ | - | $ | - | $ | - | $ | 78,011 | ||||||
Basic had trade names of $1.9 million as of December 31, 2014 and 2013. Trade names have an indefinite life and are tested for impairment annually. | ||||||||||||||||
Basic’s intangible assets subject to amortization were as follows (in thousands): | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Customer relationships | $ | 88,576 | $ | 87,139 | ||||||||||||
Non-Compete agreements | 13,223 | 13,004 | ||||||||||||||
Trade names | 1,939 | 1,939 | ||||||||||||||
Other intangible assets | 2,097 | 2,086 | ||||||||||||||
105,835 | 104,168 | |||||||||||||||
Less accumulated amortization | 34,662 | 26,613 | ||||||||||||||
Intangible assets subject to amortization, net | $ | 71,173 | $ | 77,555 | ||||||||||||
Amortization expense for the years ended December 31, 2014, 2013 and 2012 was approximately $8.6 million, $8.4 million, and $6.9 million, respectively. Amortization expense for the next five succeeding years is estimated to be approximately $8.7 million, $8.2 million, $7.6 million, $6.2 million, and $6.0 million in 2015, 2016, 2017, 2018 and 2019, respectively. | ||||||||||||||||
Completion | ||||||||||||||||
and Remedial | ||||||||||||||||
Services | Well Servicing | Fluid Services | Contract Drilling | Total | ||||||||||||
Intangible assets subject to amortization, net | $ | 52,483 | $ | 5,371 | $ | 9,976 | $ | 3,343 | $ | 71,173 | ||||||
Customer relationships are amortized over a 15-year life, non-compete agreements are amortized over a five-year life, rig engineering plans and developed technology are amortized over 15-year life. | ||||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Basic has historically compensated our directors, executives and employees through the awarding of stock options and restricted stock. Basic accounted for stock option and restricted stock awards in 2014, 2013, and 2012 using a grant date fair-value based method, resulting in compensation expense for stock-based awards being recorded in our consolidated statements of operations. For performance based restricted stock awards, compensation expense is recognized in the Company's financial statements based on their grant date fair value. Basic utilizes (i) the closing stock price on the date of grant to determine the fair value of vesting restricted stock awards and (ii) a Monte Carlo simulation to determine the fair value of restricted stock awards with a combination of market and service vesting criteria. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The expected volatility utilized in the model was estimated using our historical volatility and the historical volatilities of our peer companies. The risk-free interest rate was based on the U.S. treasury rate for a term commensurate with the expected life of the grant. Stock options issued are valued on the grant date using Black-Scholes-Merton option pricing model and restricted stock issued is valued based on the fair value of Basic’s common stock at the grant date. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. Because the determination of these various assumptions is subject to significant management judgment and different assumptions could result in material differences in amounts recorded in Basic’s consolidated financial statements, management believes that accounting estimates related to the valuation of stock options are critical. | ||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in the period that includes the statutory enactment date. A valuation allowance for deferred tax assets is recognized when it is more likely than not that the benefit of deferred tax assets will not be realized. | ||||||||||||||||
Accounts Receivable | Accounts Receivable | |||||||||||||||
Basic estimates its allowance for losses on accounts receivable based on historic collections and expectations for future collections. These losses have historically been within management’s expectations. Basic regularly reviews accounts for collectability. After all collection efforts are exhausted, if the balance is still determined to be uncollectable, the balance is written off. Expense related to the write off of uncollected accounts is recorded in general and administrative expense. | ||||||||||||||||
Concentrations of Credit Risk | Concentrations of Credit Risk | |||||||||||||||
Financial instruments, which potentially subject Basic to concentration of credit risk, consist primarily of temporary cash investments and trade receivables. Basic restricts investment of temporary cash investments to financial institutions with high credit standing. Basic’s customer base consists primarily of multi-national and independent oil and natural gas producers. It performs ongoing credit evaluations of its customers but generally does not require collateral on its trade receivables. Credit risk is considered by management to be limited due to the large number of customers comprising its customer base. Basic maintains an allowance for potential credit losses on its trade receivables, and such losses have been within management’s expectations. | ||||||||||||||||
Basic did not have any one customer which represented 10% or more of consolidated revenue for 2014, 2013 or 2012. | ||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | |||||||||||||||
Basic is required to record the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets and capitalize an equal amount as a cost of the asset depreciating it over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each quarter to reflect the passage of time, changes in the estimated future cash flows underlying the obligation, acquisition or construction of assets, and settlements of obligations. | ||||||||||||||||
Environmental | Environmental | |||||||||||||||
Basic is subject to extensive federal, state and local environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require Basic to remove or mitigate the adverse environmental effects of disposal or release of petroleum, chemical and other substances at various sites. Environmental expenditures are expensed or capitalized depending on the future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. | ||||||||||||||||
Litigation and Self-Insured Risk Reserves | Litigation and Self-Insured Risk Reserves | |||||||||||||||
Basic estimates its reserves related to litigation and self-insured risks based on the facts and circumstances specific to the litigation and self-insured claims and its past experience with similar claims. Basic maintains accruals in the consolidated balance sheets to cover self-insurance retentions (See Note 7). | ||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | |||||||||||||||
All items that are required to be recognized under accounting rules as components of comprehensive income (loss) are to be reported in a financial statement that is displayed with the same prominence as other financial statements. For the three-year period ended December 31, 2014, Basic did not have any items of other comprehensive income (loss). | ||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||||||||
In January 2015, the FASB issued ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from U.S. GAAP the concept of an extraordinary item. The Board released the new guidance as part of its simplification initiative, which is intended to “identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements.” The ASU is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic does not believe this pronouncement will have a material impact on its consolidated financial statements. | ||||||||||||||||
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 is in the process of determining 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. | ||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist”. ASU 2013-11 reduces diversity in proactive by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. ASU 2013-11 became effective for Basic on January 1, 2014 and it did not have a material impact on Basic’s consolidated financial statements. | ||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||
Carrying Amount and Fair Value of Financial Instruments | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
7.75% Senior Notes due 2019, excluding premium | $ 475,000 | $ 372,875 | $ 475,000 | $ 496,375 | ||||||||||||
7.75% Senior Notes due 2022, excluding premium | 300,000 | 225,000 | 300,000 | 309,750 | ||||||||||||
Summary of Estimated Useful Lives of the Assets | ||||||||||||||||
Buildings and improvements | 20-30 years | |||||||||||||||
Well service units and equipment | 3-15 years | |||||||||||||||
Fluid services equipment | 5-10 years | |||||||||||||||
Brine and fresh water stations | 15 years | |||||||||||||||
Frac/test tanks | 10 years | |||||||||||||||
Pumping equipment | 5-10 years | |||||||||||||||
Construction equipment | 3-10 years | |||||||||||||||
Contract drilling equipment | 3-10 years | |||||||||||||||
Disposal facilities | 10-15 years | |||||||||||||||
Vehicles | 3-7 years | |||||||||||||||
Rental equipment | 2-15 years | |||||||||||||||
Aircraft | 10 years | |||||||||||||||
Software and computers | 3 years | |||||||||||||||
Changes in Carrying Amount of Goodwill | ||||||||||||||||
Completion | ||||||||||||||||
and Remedial | Fluid | Well | Contract | |||||||||||||
Services | Services | Servicing | Drilling | Total | ||||||||||||
Balance as of December 31, 2013 | $ | 77,696 | $ | 26,596 | $ | 6,622 | $ | - | $ | 110,914 | ||||||
Goodwill additions | 315 | 1,485 | - | - | 1,800 | |||||||||||
Goodwill impairment | - | -28,081 | -6,622 | - | -34,703 | |||||||||||
Balance as of December 31, 2014 | $ | 78,011 | $ | - | $ | - | $ | - | $ | 78,011 | ||||||
Amortizable Intangible Assets | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Customer relationships | $ | 88,576 | $ | 87,139 | ||||||||||||
Non-Compete agreements | 13,223 | 13,004 | ||||||||||||||
Trade names | 1,939 | 1,939 | ||||||||||||||
Other intangible assets | 2,097 | 2,086 | ||||||||||||||
105,835 | 104,168 | |||||||||||||||
Less accumulated amortization | 34,662 | 26,613 | ||||||||||||||
Intangible assets subject to amortization, net | $ | 71,173 | $ | 77,555 | ||||||||||||
Intangible Assets By Line Of Busniess | ||||||||||||||||
Completion | ||||||||||||||||
and Remedial | ||||||||||||||||
Services | Well Servicing | Fluid Services | Contract Drilling | Total | ||||||||||||
Intangible assets subject to amortization, net | $ | 52,483 | $ | 5,371 | $ | 9,976 | $ | 3,343 | $ | 71,173 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Acquisitions [Abstract] | ||||||
Schedule Of Values At Date Of Acquisition | ||||||
Closing Date | Total Cash Paid (net of cash acquired) | |||||
Mayo Marrs Casing Pulling, Inc. | 13-Jan-12 | $ | 6,644 | |||
SPA Victoria, LP | 16-Mar-12 | 11,948 | ||||
Surface Stac, Inc. | 15-May-12 | 23,184 | ||||
Salt Water Disposal of North Dakota LLC | 19-Dec-12 | 43,190 | ||||
Total 2012 | $ | 84,966 | ||||
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, Inc. | 17-Sep-14 | $ | 16,090 | |||
Total 2014 | $ | 16,090 | ||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Property And Equipment [Abstract] | ||||||
Property And Equipment | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
Land | $ | 19,071 | $ | 17,800 | ||
Buildings and improvements | 69,629 | 65,702 | ||||
Well service units and equipment | 483,644 | 498,846 | ||||
Fluid services equipment | 277,902 | 258,371 | ||||
Brine and fresh water stations | 14,175 | 13,496 | ||||
Frac/test tanks | 355,912 | 275,603 | ||||
Pumping equipment | 343,379 | 299,300 | ||||
Construction equipment | 15,764 | 15,677 | ||||
Contract drilling equipment | 110,510 | 104,958 | ||||
Disposal facilities | 157,519 | 143,459 | ||||
Light vehicles | 70,414 | 64,942 | ||||
Rental equipment | 102,471 | 70,738 | ||||
Aircraft | 857 | - | ||||
Software | 21,416 | 23,360 | ||||
Other | 16,324 | 16,754 | ||||
2,058,987 | 1,869,006 | |||||
Less accumulated depreciation and amortization | 1,051,018 | 940,969 | ||||
Property and equipment, net | $ | 1,007,969 | $ | 928,037 | ||
Schedule Of Property, Plant And Equipment Under Capital Lease | ||||||
December 31, | December 31, | |||||
2014 | 2013 | |||||
Light vehicles | $ | 47,853 | $ | 39,970 | ||
Contract drilling equipment | 6,142 | 4,223 | ||||
Well service units and equipment | 883 | 1,554 | ||||
Fluid services equipment | 143,014 | 121,051 | ||||
Pumping equipment | 42,264 | 29,080 | ||||
Construction equipment | 730 | 1,005 | ||||
Software | 17,120 | 17,120 | ||||
Other | 71 | 70 | ||||
258,077 | 214,073 | |||||
Less accumulated amortization | 100,896 | 77,340 | ||||
$ | 157,181 | $ | 136,733 | |||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt [Abstract] | |||||||||
Schedule of Long-Term Debt Instruments | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
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 | 1,217 | 1,459 | |||||||
Capital leases and other notes | 138,930 | 111,626 | |||||||
931,147 | 888,085 | ||||||||
Less current portion | 48,575 | 41,394 | |||||||
$ | 882,572 | $ | 846,691 | ||||||
Schedule of Debt Maturities Including Capital Leases | |||||||||
Debt | Capital Leases | ||||||||
2015 | $ | - | $ | 48,576 | |||||
2016 | - | 40,923 | |||||||
2017 | - | 27,509 | |||||||
2018 | - | 18,217 | |||||||
2019 | 491,000 | 3,601 | |||||||
Thereafter | 300,000 | 104 | |||||||
$ | 791,000 | $ | 138,930 | ||||||
Schedule of Interest Expense | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Cash payments for interest | $ | 61,873 | $ | 62,609 | $ | 56,522 | |||
Commitment and other fees paid | 2,767 | 1,905 | 1,658 | ||||||
Amortization of debt issuance costs and premium on senior secured notes | 2,934 | 2,878 | 2,646 | ||||||
Change in accrued interest | -269 | 129 | 1,559 | ||||||
Capitalized interest | -349 | -354 | -353 | ||||||
Other | 86 | 40 | 406 | ||||||
Total interest expense | $ | 67,042 | $ | 67,207 | $ | 62,438 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Schedule of Income Tax Expense (Benefit) | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Current: | |||||||||
Federal | $ | 151 | $ | - | $ | - | |||
State | 842 | 435 | -813 | ||||||
Total | 993 | 435 | -813 | ||||||
Deferred: | |||||||||
Federal | -1,015 | -18,873 | 11,258 | ||||||
State | 543 | -1,287 | -182 | ||||||
Total | -472 | -20,160 | 11,076 | ||||||
Total income tax expense (benefit) | $ | 521 | $ | -19,725 | $ | 10,263 | |||
Reconciliation Between Federal Statutory Rate and Income From Continuing Operations With the Provisions For Income Taxes | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Statutory federal income tax | $ | -2,737 | $ | -19,479 | $ | 10,459 | |||
Meals and entertainment | 825 | 660 | 672 | ||||||
State taxes, net of federal benefit | 1,093 | -966 | -758 | ||||||
Goodwill impairment | 1,380 | - | - | ||||||
Changes in estimates and other | -40 | 60 | -110 | ||||||
$ | 521 | $ | -19,725 | $ | 10,263 | ||||
Schedule of Significant Deferred Tax Assets and Liabilities | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Receivables allowance | $ | 746 | $ | 1,361 | |||||
Inventory | 146 | 273 | |||||||
Asset retirement obligation | 625 | 573 | |||||||
Accrued liabilities | 15,573 | 12,117 | |||||||
Operating loss carryforward | 39,737 | 48,679 | |||||||
Goodwill and intangibles | 9,659 | 1,768 | |||||||
Deferred compensation | 12,008 | 10,693 | |||||||
Total deferred tax assets | $ | 78,494 | $ | 75,464 | |||||
Deferred tax liabilities: | |||||||||
Property and equipment | -209,650 | -206,562 | |||||||
Prepaid expenses | -1,801 | -1,772 | |||||||
Total deferred tax liabilities | $ | -211,451 | $ | -208,334 | |||||
Net deferred tax liability | $ | -132,957 | $ | -132,870 | |||||
Recognized as: | |||||||||
Deferred tax assets - current | 14,664 | 31,436 | |||||||
Deferred tax liabilities - non-current | -147,621 | -164,306 | |||||||
Net deferred tax liabilities | $ | -132,957 | $ | -132,870 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Text Block [Abstract] | ||||
Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases | ||||
Year ended December 31, | ||||
2015 | $ | 5,478 | ||
2016 | 3,864 | |||
2017 | 2,432 | |||
2018 | 2,137 | |||
2019 | 1,743 | |||
Thereafter | 4,473 | |||
Total | $ | 20,127 | ||
Incentive_Plan_Tables
Incentive Plan (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Incentive Plan [Abstract] | ||||||||||
Summary Of Stock Options | ||||||||||
Weighted | ||||||||||
Weighted | Average | Aggregate | ||||||||
Number of | Average | Remaining | Instrinsic | |||||||
Options | Exercise | Contractual | Value | |||||||
Granted | Price | Term (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 | 0.89 | 3 | |||||
Exercisable, end of period | 280,000 | $ | 19.05 | 0.89 | 3 | |||||
Vested or expected to vest, end of period | 280,000 | $ | 19.05 | 0.89 | 3 | |||||
Summary Of Non-Vested Shares | ||||||||||
Weighted Average | ||||||||||
Number of | Grant Date Fair | |||||||||
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 | -857,178 | 14.85 | ||||||||
Forfeited during period | -70,873 | 20.82 | ||||||||
Nonvested at end of period | 2,193,671 | $ | 19.56 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings (loss) per share of common stock: | |||||||||
Computation Of Basic And Diluted Earnings Per Share | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Numerator (both basic and diluted): | |||||||||
Net income (loss) available to common stockholders | $ | -8,341 | $ | -35,929 | $ | 19,586 | |||
Denominator: | |||||||||
Denominator for basic earnings per share | 41,165,940 | 40,288,218 | 40,505,555 | ||||||
Stock options | - | - | 167,986 | ||||||
Unvested restricted stock | - | - | 601,752 | ||||||
Denominator for diluted earnings per share | 41,165,940 | 40,288,218 | 41,275,293 | ||||||
Basic earnings (loss) per common share: | $ | -0.2 | $ | -0.89 | $ | 0.48 | |||
Diluted earnings (loss) per common share: | $ | -0.2 | $ | -0.89 | $ | 0.47 | |||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Business Segment Information [Abstract] | |||||||||||||||||||
Schedule Of Reportable Segments Financial Information | |||||||||||||||||||
Completion and | |||||||||||||||||||
Remedial | Fluid | Well | Contract | Corporate | |||||||||||||||
Services | Services | Servicing | Drilling | and Other | Total | ||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||
Operating revenues | $ | 698,917 | $ | 369,774 | $ | 361,683 | $ | 60,910 | $ | — | $ | 1,491,284 | |||||||
Direct operating costs | -434,457 | -265,105 | -270,344 | -41,513 | — | -1,011,419 | |||||||||||||
Segment profits | $ | 264,460 | $ | 104,669 | $ | 91,339 | $ | 19,397 | $ | — | $ | 479,865 | |||||||
Depreciation and amortization | $ | 74,924 | $ | 64,445 | $ | 55,131 | $ | 12,773 | $ | 10,207 | $ | 217,480 | |||||||
Capital expenditures, | |||||||||||||||||||
(excluding acquisitions) | $ | 168,017 | $ | 71,112 | $ | 54,858 | $ | 9,311 | $ | 8,196 | $ | 311,494 | |||||||
Identifiable assets | $ | 514,842 | $ | 299,542 | $ | 276,696 | $ | 60,362 | $ | 445,735 | $ | 1,597,177 | |||||||
Year ended December 31, 2013 | |||||||||||||||||||
Operating revenues | $ | 501,137 | $ | 343,863 | $ | 363,386 | $ | 54,518 | $ | — | $ | 1,262,904 | |||||||
Direct operating costs | -327,540 | -239,154 | -265,058 | -36,336 | — | -868,088 | |||||||||||||
Segment profits | $ | 173,597 | $ | 104,709 | $ | 98,328 | $ | 18,182 | $ | — | $ | 394,816 | |||||||
Depreciation and amortization | $ | 62,609 | $ | 63,316 | $ | 60,474 | $ | 12,815 | $ | 10,533 | $ | 209,747 | |||||||
Capital expenditures, | |||||||||||||||||||
(excluding acquisitions) | $ | 59,345 | $ | 66,992 | $ | 39,001 | $ | 4,576 | $ | 17,601 | $ | 187,515 | |||||||
Identifiable assets | $ | 432,267 | $ | 320,404 | $ | 289,017 | $ | 59,868 | $ | 441,783 | $ | 1,543,339 | |||||||
Year ended December 31, 2012 | |||||||||||||||||||
Operating revenues | $ | 586,070 | $ | 352,246 | $ | 376,268 | $ | 60,300 | $ | — | $ | 1,374,884 | |||||||
Direct operating costs | -357,960 | -236,588 | -268,219 | -39,817 | — | -902,584 | |||||||||||||
Segment profits | $ | 228,110 | $ | 115,658 | $ | 108,049 | $ | 20,483 | $ | — | $ | 472,300 | |||||||
Depreciation and amortization | $ | 56,043 | $ | 52,331 | $ | 56,310 | $ | 12,350 | $ | 10,049 | $ | 187,083 | |||||||
Capital expenditures, | |||||||||||||||||||
(excluding acquisitions) | $ | 58,235 | $ | 33,637 | $ | 42,641 | $ | 12,141 | $ | 24,786 | $ | 171,440 | |||||||
Identifiable assets | $ | 444,504 | $ | 286,662 | $ | 303,901 | $ | 64,127 | $ | 499,812 | $ | 1,599,006 | |||||||
Schedule Of Reconciliation Of Operating Profit (Loss) From Segments | |||||||||||||||||||
Year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Segment profits | $ 479,865 | $ 394,816 | $ 472,300 | ||||||||||||||||
General and administrative expenses | -167,301 | -171,439 | -183,274 | ||||||||||||||||
Depreciation and amortization | -217,480 | -209,747 | -187,083 | ||||||||||||||||
Loss on disposal of assets | -1,974 | -2,873 | -3,334 | ||||||||||||||||
Goodwill impairment | -34,703 | - | - | ||||||||||||||||
Operating income | $ 58,407 | $ 10,757 | $ 98,609 | ||||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Schedule Of Accrued Expenses [Abstract] | ||||||
Schedule of Accrued Expenses | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Compensation related | $ 41,620 | $ 34,384 | ||||
Workers' compensation self-insured risk reserve | 9,115 | 7,006 | ||||
Health self-insured risk reserve | 4,756 | 4,461 | ||||
Accrual for receipts | 416 | 80 | ||||
Ad valorem taxes | 7,160 | 2,307 | ||||
Sales tax | 3,123 | 2,526 | ||||
Insurance obligations | 2,898 | 3,510 | ||||
Professional fee accrual | 1,221 | 1,369 | ||||
Fuel accrual | 1,371 | 2,017 | ||||
Accrued interest | 19,130 | 19,398 | ||||
$ 90,810 | $ 77,058 | |||||
Supplemental_Schedule_Of_Cash_1
Supplemental Schedule Of Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Schedule Of Cash Flow Information [Abstract] | |||||||||
Schedule Of Supplemental Cash Flow Information | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(In thousands) | |||||||||
Capital leases issued for equipment | $ 75,198 | $ 50,565 | $ 67,207 | ||||||
Asset retirement obligation additions | $ 68 | $ 144 | $ 44 | ||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Schedule of Quarterly Financial Information | |||||||||||
First | Second | Third | Fourth | ||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||
Year ended December 31, 2014: | |||||||||||
Total revenues | $ 336,756 | $ 359,662 | $ 393,955 | $ 400,911 | $ 1,491,284 | ||||||
Segment profits | $ 104,569 | $ 116,732 | $ 129,835 | $ 128,729 | $ 479,865 | ||||||
Net income (loss) | $ (1,907) | $ 2,443 | $ 9,931 | $ (18,808) | $ (8,341) | ||||||
Earnings (loss) per share of common stock (a): | |||||||||||
Basic | $ (0.05) | $ 0.06 | $ 0.24 | $ (0.46) | $ (0.20) | ||||||
Diluted | $ (0.05) | $ 0.06 | $ 0.24 | $ (0.46) | $ (0.20) | ||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 40,605 | 41,342 | 41,477 | 41,332 | $ 41,166 | ||||||
Diluted | 40,605 | 42,043 | 42,213 | 41,332 | $ 41,166 | ||||||
Year ended December 31, 2013: | |||||||||||
Total revenues | $ 304,351 | $ 325,723 | $ 324,797 | $ 308,033 | $ 1,262,904 | ||||||
Segment profits | $ 93,303 | $ 103,211 | $ 102,054 | $ 96,248 | $ 394,816 | ||||||
Net loss | $ (8,777) | $ (12,797) | $ (6,956) | $ (7,399) | $ (35,929) | ||||||
Loss per share of common stock (a): | |||||||||||
Basic | $ (0.22) | $ (0.32) | $ (0.17) | $ (0.18) | $ (0.89) | ||||||
Diluted | $ (0.22) | $ (0.32) | $ (0.17) | $ (0.18) | $ (0.89) | ||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 39,885 | 40,336 | 40,400 | 40,253 | 40,288 | ||||||
Diluted | 39,885 | 40,336 | 40,400 | 40,253 | 40,288 | ||||||
(a) The sum of individual quarterly net income per share may not agree to the total for the year due to each period's computation being based on the weighted average number of common shares outstanding during each period. | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Oct. 16, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 15, 2011 | Oct. 15, 2012 | |
segment | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Deferred debt costs, net of accumulated amortization | $25,700,000 | $25,700,000 | $23,200,000 | $23,200,000 | ||||
Accumulated amortization of deferred debt costs | 10,400,000 | 10,400,000 | 7,200,000 | 7,200,000 | ||||
Amortization of deferred financing costs | 3,176,000 | 3,102,000 | 2,831,000 | |||||
Repayment of senior debt | 223,300,000 | |||||||
Reporting units | 3 | |||||||
Impairment loss | 34,700,000 | |||||||
Trade names value | 1,900,000 | 1,900,000 | 1,900,000 | 1,900,000 | ||||
Amortization expense of intangible assets | 8,600,000 | 8,400,000 | 6,900,000 | |||||
Future amortization expense for year 2015 | 8,700,000 | 8,700,000 | ||||||
Future amortization expense for year 2016 | 8,200,000 | 8,200,000 | ||||||
Future amortization expense for year 2017 | 7,600,000 | 7,600,000 | ||||||
Future amortization expense for year 2018 | 6,200,000 | 6,200,000 | ||||||
Future amortization expense for year 2019 | 6,000,000 | 6,000,000 | ||||||
Customer Relationships | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortization period of intangible assets, in years | 15 years | |||||||
Noncompete Agreements | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortization period of intangible assets, in years | 5 years | |||||||
Rig Engineering Plans | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortization period of intangible assets, in years | 15 years | |||||||
Well service units and equipment | Minimum | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Estimated useful lives | 3 years | |||||||
Well service units and equipment | Maximum | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Estimated useful lives | 15 years | |||||||
7.125% Senior Notes | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Write-off of debt costs | 1,800,000 | |||||||
7.75% Senior Notes due 2019 | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Interest rate | 7.75% | 7.75% | 7.75% | |||||
7.75% Senior Notes due 2022 | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Interest rate | 7.75% | 7.75% | ||||||
Deferred debt costs, net of accumulated amortization | $7,000,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Carrying Amount And Fair Value Of Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 15, 2011 |
In Thousands, unless otherwise specified | |||
7.75% Senior Notes due 2019 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount | $475,000 | $475,000 | |
Interest rate | 7.75% | 7.75% | |
Fair Value | 372,875 | 496,375 | |
7.75% Senior Notes due 2022 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying Amount | 300,000 | 300,000 | |
Interest rate | 7.75% | ||
Fair Value | $225,000 | $309,750 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Estimated Useful Lives of Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings and improvements | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 20 years |
Buildings and improvements | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 30 years |
Well service units and equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Well service units and equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 15 years |
Fluid Services Equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 5 years |
Fluid Services Equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Brine and fresh water stations | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 15 years |
Frac/Test Tanks | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Pumping equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 5 years |
Pumping equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Construction equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Construction equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Contract drilling equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Contract drilling equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Disposal facilities | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Disposal facilities | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 15 years |
Vehicles | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Vehicles | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 7 years |
Rental equipment | Minimum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 2 years |
Rental equipment | Maximum | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 15 years |
Aircraft | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 10 years |
Software And Computers | |
Property, Plant And Equipment [Line Items] | |
Estimated useful lives, maximum, years | 3 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Changes in Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Goodwill [Line Items] | |
Balance as of December 31, 2013 | $110,914 |
Goodwill additions | 1,800 |
Goodwill Impairment | -34,703 |
Balance as of December 31, 2014 | 78,011 |
Completion and Remedial Services | |
Goodwill [Line Items] | |
Balance as of December 31, 2013 | 77,696 |
Goodwill additions | 315 |
Balance as of December 31, 2014 | 78,011 |
Fluid Services | |
Goodwill [Line Items] | |
Balance as of December 31, 2013 | 26,596 |
Goodwill additions | 1,485 |
Goodwill Impairment | -28,081 |
Well Servicing | |
Goodwill [Line Items] | |
Balance as of December 31, 2013 | 6,622 |
Goodwill additions | |
Goodwill Impairment | -6,622 |
Contract Drilling | |
Goodwill [Line Items] | |
Goodwill additions |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Amortization Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | $105,835 | $104,168 |
Intangible assets subject to amortization, net | 71,173 | 77,555 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | 88,576 | 87,139 |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | 13,223 | 13,004 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | 1,939 | 1,939 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount of intangible assets subject to amortization | 2,097 | 2,086 |
Less accumulated amortization | $34,662 | $26,613 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Intangibles, net line of business) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Amortizable Intangible Assets | $71,173 | $77,555 |
Completion and Remedial Services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Amortizable Intangible Assets | 52,483 | |
Well Servicing | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Amortizable Intangible Assets | 5,371 | |
Fluid Services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Amortizable Intangible Assets | 9,976 | |
Contract Drilling | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Total Amortizable Intangible Assets | $3,343 |
Acquisitions_Schedule_Of_Value
Acquisitions (Schedule Of Values At Date Of Acquisition) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Total Cash Paid (net of cash acquired) | $16,090 | $21,467 | $84,966 |
Mayo Marrs Casing Pulling, Inc. | |||
Business Acquisition [Line Items] | |||
Closing Date | 13-Jan-12 | ||
Total Cash Paid (net of cash acquired) | 6,644 | ||
SPA Victoria, LP | |||
Business Acquisition [Line Items] | |||
Closing Date | 16-Mar-12 | ||
Total Cash Paid (net of cash acquired) | 11,948 | ||
Surface Stac, Inc. | |||
Business Acquisition [Line Items] | |||
Closing Date | 15-May-12 | ||
Total Cash Paid (net of cash acquired) | 23,184 | ||
Salt Water Disposal of North Dakota LLC | |||
Business Acquisition [Line Items] | |||
Closing Date | 19-Dec-12 | ||
Total Cash Paid (net of cash acquired) | 43,190 | ||
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 [Member] | |||
Business Acquisition [Line Items] | |||
Closing Date | 17-Sep-14 | ||
Total Cash Paid (net of cash acquired) | $16,090 |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property And Equipment [Abstract] | |||
Lease Obligation Period | 5 years | ||
Amortization of assets held under capital leases | $37.60 | $31.70 | $28.50 |
Property_And_Equipment_Propert
Property And Equipment (Property And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $2,058,987 | $1,869,006 |
Less accumulated depreciation and amortization | 1,051,018 | 940,969 |
Property and equipment, net | 1,007,969 | 928,037 |
Land | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 19,071 | 17,800 |
Buildings and improvements | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 69,629 | 65,702 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 483,644 | 498,846 |
Fluid services equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 277,902 | 258,371 |
Brine and fresh water stations | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 14,175 | 13,496 |
Frac/test tanks | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 355,912 | 275,603 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 343,379 | 299,300 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 15,764 | 15,677 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 110,510 | 104,958 |
Disposal facilities | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 157,519 | 143,459 |
Vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 70,414 | 64,942 |
Rental equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 102,471 | 70,738 |
Aircraft | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 857 | |
Software | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 21,416 | 23,360 |
Other | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $16,324 | $16,754 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property, Plant And Equipment Under Capital Lease) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $258,077 | $214,073 |
Less accumulated amortization | 100,896 | 77,340 |
Property, plant and equipment under capital lease, net | 157,181 | 136,733 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 47,853 | 39,970 |
Contract Drilling | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 6,142 | 4,223 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 883 | 1,554 |
Fluid services equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 143,014 | 121,051 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 42,264 | 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 | $71 | $70 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 15, 2014 | Dec. 31, 2013 | Jun. 13, 2011 | Feb. 15, 2011 | Jul. 31, 2011 | Oct. 16, 2012 | Nov. 26, 2014 | Oct. 31, 2012 | |
item | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior notes, aggregate principal amount | $16,000,000 | ||||||||||
Total Cash Paid (net of cash acquired) | 16,090,000 | 21,467,000 | 84,966,000 | ||||||||
Minimum consolidated interest coverage ratio floor | 2.5 | ||||||||||
Maximum consolidated leverage ratio ceiling | 4 | ||||||||||
Maximum consolidated senior secured leverage ratio | 2 | ||||||||||
Revolver | 16,000,000 | ||||||||||
Borrowings | 16,000,000 | ||||||||||
Letters of credit outstanding under the Credit Agreement | 51,300,000 | ||||||||||
Total Available Credit under the agreement | 232,700,000 | ||||||||||
Minimum Debt service coverage ratio | 1.05 | ||||||||||
Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commitment fee | 0.50% | ||||||||||
Maximum prepayment | 100,000,000 | ||||||||||
Minimum | Secured Debt [Member] | Alternate Base Rate Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Marginal interest rate | 1.25% | ||||||||||
Minimum | Secured Debt [Member] | Eurodollar [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Marginal interest rate | 2.25% | ||||||||||
Maximum | Secured Debt [Member] | Alternate Base Rate Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Marginal interest rate | 2.25% | ||||||||||
Maximum | Secured Debt [Member] | Eurodollar [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Marginal interest rate | 3.25% | ||||||||||
Amended Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Increase in total credit | 150,000,000 | ||||||||||
Amended Revolving Credit Facility | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving credit facility | 300,000,000 | ||||||||||
7.125% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Wrote off unamortized debt issuance costs | 1,800,000 | ||||||||||
7.75% Senior Notes due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of senior notes | 464,600,000 | 200,000,000 | 275,000,000 | ||||||||
Interest rate | 7.75% | 7.75% | |||||||||
Debt Instrument, Maturity Date | 15-Feb-19 | ||||||||||
Senior notes, aggregate principal amount | 475,000,000 | ||||||||||
Debt instrument, purchase price as a percentage of principal amount | 101.00% | 100.00% | |||||||||
Debt instrument, redemption price | 100.00% | ||||||||||
Debt instrument, repurchase price, percentage on principal amount plus accrued and unpaid interest | 101.00% | ||||||||||
Borrowings | 475,000,000 | ||||||||||
7.75% Senior Notes due 2019 | Maverick Companies | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Cash Paid (net of cash acquired) | 186,300,000 | ||||||||||
7.75% Senior Notes Due 2019 on and after February 15 2015 | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving credit facility | 165,000,000 | ||||||||||
7.75% Senior Notes Due 2019 Prior To February 15 2014 | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving credit facility | 30,000,000 | ||||||||||
7.75% Senior Notes Due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Issuance of senior notes | 293,300,000 | ||||||||||
Interest rate | 7.75% | ||||||||||
Debt Instrument, Maturity Date | 15-Oct-22 | ||||||||||
Senior notes, aggregate principal amount | 300,000,000 | ||||||||||
Debt instrument, redemption price | 100.00% | ||||||||||
Percent redeemable | 35.00% | ||||||||||
Redemption price percentage of senior note | 107.75% | ||||||||||
Minimum amount outstanding after redemption | 65.00% | ||||||||||
Maximum period for redemption on senior note (in days) | 90 days | ||||||||||
Debt instrument, repurchase price, percentage on principal amount plus accrued and unpaid interest | 101.00% | ||||||||||
Borrowings | 300,000,000 | ||||||||||
11.625% Senior Notes Due 2014 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 11.63% | ||||||||||
7.125% Senior Notes Due 2016 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Premium paid | $6,100,000 |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Revolver | $16,000 | |
Senior Notes | 791,000 | |
Unamortized (discount) premium | 1,217 | 1,459 |
Capital leases and other notes | 138,930 | 111,626 |
Debt and Capital Lease Obligations, Total | 931,147 | 888,085 |
Less current portion | 48,575 | 41,394 |
Non Current Portion of Long Term Debt, total | 882,572 | 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_Debt
Long-Term Debt (Schedule of Debt Maturities Including Capital Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long-Term Debt [Abstract] | |
Debt, 2018 | $491,000 |
Debt, Thereafter | 300,000 |
Senior Notes, Total | 791,000 |
Capital Leases, 2014 | 48,576 |
Capital Leases, 2015 | 40,923 |
Capital Leases, 2016 | 27,509 |
Capital Leases, 2017 | 18,217 |
Capital Leases, 2018 | 3,601 |
Capital Leases, Thereafter | 104 |
Capital Leases, Total | $138,930 |
LongTerm_Debt_Schedule_Of_Inte
Long-Term Debt (Schedule Of Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long-Term Debt [Abstract] | |||
Cash payments for interest | $61,873 | $62,609 | $56,522 |
Commitment and other fees paid | 2,767 | 1,905 | 1,658 |
Amortization of debt issuance costs and premium on senior secured notes | 2,934 | 2,878 | 2,646 |
Change in accrued interest | -269 | 129 | 1,559 |
Capitalized Interest | -349 | -354 | -353 |
Other | 86 | 40 | 406 |
Total interest expense | $67,042 | $67,207 | $62,438 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Income Taxes Paid | $2,600,000 | $1,500,000 | $2,400,000 |
Federal statutory rate | 35.00% | ||
Valuation allowance | 0 | 0 | |
Net operating loss carryforwards | 99,300,000 | ||
Federal | |||
Income Taxes [Line Items] | |||
Income Taxes Paid | $1,900,000 | $601,000 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Federal | $151 | ||
State | 842 | 435 | -813 |
Total | 993 | 435 | -813 |
Federal | -1,015 | -18,873 | 11,258 |
State | 543 | -1,287 | -182 |
Total | -472 | -20,160 | 11,076 |
Income Tax Expense (Benefit), Total | $521 | ($19,725) | $10,263 |
Income_Taxes_Reconciliation_Be
Income Taxes (Reconciliation Between Federal Statutory Rate And Income From Continuing Operations With The Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Statutory federal income tax | ($2,737) | ($19,479) | $10,459 |
Meals and entertainment | 825 | 660 | 672 |
State taxes, net of federal benefit | 1,093 | -966 | -758 |
Goodwill impairment | 1,380 | ||
Changes in estimates and other | -40 | 60 | -110 |
Income Tax Expense (Benefit), Total | $521 | ($19,725) | $10,263 |
Income_Taxes_Schedule_Of_Signi
Income Taxes (Schedule Of Significant Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Receivables allowance | $746 | $1,361 |
Inventory | 146 | 273 |
Asset retirement obligation | 625 | 573 |
Accrued liabilities | 15,573 | 12,117 |
Operating loss carryforward | 39,737 | 48,679 |
Goodwill and intangibles | 9,659 | 1,768 |
Deferred compensation | 12,008 | 10,693 |
Total deferred tax assets | 78,494 | 75,464 |
Property and equipment | -209,650 | -206,562 |
Prepaid expenses | -1,801 | -1,772 |
Total deferred tax liabilities | -211,451 | -208,334 |
Net deferred tax liability | -132,957 | -132,870 |
Deferred tax assets - current | 14,664 | 31,436 |
Deferred tax liabilities - non-current | -147,621 | -164,306 |
Net deferred tax liabilities | ($132,957) | ($132,870) |
Recovered_Sheet1
Commitments And Contingencies (Narrative) (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | |
item | ||||
Loss Contingencies [Line Items] | ||||
Environmental violations, fines and penalties | $1,400,000 | |||
Potential liability audit ranges Minimum | 5,900,000 | |||
Potential liability audit ranges Maximum | 7,300,000 | |||
Accrual estimated liability | 5,900,000 | |||
Final settlement | 7,400,000 | |||
Additional expense | 1,500,000 | |||
Rent expense | 16,900,000 | 18,200,000 | 18,500,000 | |
Salary and incentive program severance multiplier | 3 | |||
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 | |||
Workers' compensation self-insured risk reserve, short-term | 9,100,000 | 7,000,000 | ||
Workers' compensation self-insured risk reserve, long-term | 16,800,000 | 11,300,000 | ||
Self insured risk accruals | 33,400,000 | 26,100,000 | ||
Receivable for Medical and Dental Coverage | 14,000 | 230,000 | ||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Severance payment | 0.75 | |||
Severance payment for the chance of control | 1.5 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
Severance payment | 1 | |||
Severance payment for the chance of control | 2 | |||
Chief Executive Officer | ||||
Loss Contingencies [Line Items] | ||||
Annual salary to Mr. Patterson | $650,000 | |||
Non-Cancelable Property And Equipment | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Term of operating leases | 12 months | |||
Non-Cancelable Property And Equipment | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Term of operating leases | 60 months | |||
Well service units and equipment | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Term of operating leases | 99 years |
Commitments_And_Contingencies_1
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments Under Non-Cancelable Operating Leases) (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Disclosure Schedule Of Future Minimum Lease Payments Under Non Cancelable Operating Leases [Abstract] | |
2015 | $5,478 |
2016 | 3,864 |
2017 | 2,432 |
2018 | 2,137 |
2019 | 1,743 |
Thereafter | 4,473 |
Total | $20,127 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Feb. 28, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
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 | 133,200 | |||||||||
Issued common stock for the exercise of stock options | 250,000 | 107,250 | 0 | |||||||
Restricted stock granted | 283,223 | 1,032,125 | ||||||||
Percentage of target number of shares | 106.00% | |||||||||
Treasury shares acquired, total price | $12,733,000 | $3,605,000 | $18,497,000 | |||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||||||||
Preferred stock, par value | $0.01 | $0.01 | ||||||||
Preferred stock, shares issued | 0 | 0 | ||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||||
Net Share Settlements | ||||||||||
Class of Stock [Line Items] | ||||||||||
Treasury shares acquired, shares | 254,604 | 154,225 | ||||||||
Restricted Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Restricted stock granted | 42,513 | |||||||||
Percentage of target number of shares | 25.00% | |||||||||
Three-Year Period | ||||||||||
Class of Stock [Line Items] | ||||||||||
Restricted shares of common stock granted | 414,900 | 432,400 | 646,438 | |||||||
Restricted shares of common stock vesting period, (in years) | 3 years | |||||||||
Restricted stock granted | 122,915 | |||||||||
Percentage of target number of shares | 42.90% | |||||||||
Four-Year Period | ||||||||||
Class of Stock [Line Items] | ||||||||||
Restricted shares of common stock granted | 294,909 | 262,000 | 179,000 | |||||||
Restricted shares of common stock vesting period, (in years) | 4 years | |||||||||
Share Repurchase Program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Repurchase of basic share of common stock | 50,000,000 | |||||||||
Common stock repurchase, average cost per share | $6.95 | |||||||||
Additional repurchase of Basic's shares of common stock | 13,900,000 | |||||||||
Treasury shares acquired, shares | 921,059 | |||||||||
Treasury shares acquired, total price | $6,400,000 |
Stockholders_Agreement_Details
Stockholders' Agreement (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Repurchase Agreement Counterparty [Line Items] | |
Proposed offering proceeds | $10 |
Proposed offering proceeds from issuance of common stock if able to register on form S-3 | $5 |
DLJ Merchant Banking Party | |
Repurchase Agreement Counterparty [Line Items] | |
Percentage of outstanding shares of common stock | 10.00% |
Incentive_Plan_Narrative_Detai
Incentive Plan (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for issuance | 10,350,000 | |||
Shares available for grant | 1,659,169 | |||
Options granted during period | 0 | 0 | 0 | |
Share Based Compensation Expenses | $14,700,000 | $11,800,000 | $12,900,000 | |
Tax benefit | 5,300,000 | 4,000,000 | 4,400,000 | |
Unrecognized compensation related to non-vested share-based compensation arrangements | 25,000,000 | |||
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 4 days | |||
Total fair value of share-based awards vested | 20,600,000 | 11,900,000 | 13,000,000 | |
Excess tax benefit due to carryforward loss | 0 | 0 | 0 | |
Excess tax benefit if there was no net operating loss carry forwards | 4,500,000 | 764,000 | 1,500,000 | |
Cash received from option exercises | 4,646,000 | 781,000 | 940,000 | |
Target number of shares to be issued | 286,518 | |||
Percentage of target number of performance-based awards will be earned | 42.90% | |||
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] | ||||
Options expiration period, (in years) | 10 years | |||
Total intrinsic value of options exercised | 2,200,000 | 921,000 | 1,000,000 | |
Cash received from option exercises | 4,300,000 | 582,000 | 798,000 | |
Actual tax benefit realized for the tax deductions from options exercised | 0 | 0 | 0 | |
Excess tax benefit on option exercises if there was no net operating loss carry forward | $535,000 | $192,000 | $174,000 | |
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] | ||||
Vesting periods | 3 years |
Incentive_Plan_Summary_Of_Stoc
Incentive Plan (Summary Of Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Incentive Plan [Abstract] | |||
Outstanding, beginning of period, Number of Options Granted | 530,000 | ||
Options granted, Number of Options Granted | 0 | 0 | 0 |
Options exercised, Number of Options Granted | -250,000 | ||
Outstanding, end of period, Number of Options Granted | 280,000 | 530,000 | |
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 | $18.15 | |
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) | 10 months 21 days | ||
Exercisable, end of period, Weighted Average Remaining Contractual Term (Years) | 10 months 21 days | ||
Vested or expected to vest, end of period, Weighted Average Remaining Contractual Term (Years) | 10 months 21 days | ||
Outstanding, end of period, Aggregate Intrinsic Value | $3 | ||
Exercisable, end of period, Aggregate Intrinsic Value | 3 | ||
Vested or expected to vest, end of period, Aggregate Intrinsic Value | $3 |
Incentive_Plan_Summary_Of_NonV
Incentive Plan (Summary Of Non-Vested Shares) (Details) (USD $) | 1 Months Ended | 12 Months Ended |
Feb. 28, 2014 | Dec. 31, 2014 | |
Incentive Plan [Abstract] | ||
Nonvested at beginning of period, Number of Shares | 2,089,597 | |
Granted during period, Number of Shares | 283,223 | 1,032,125 |
Vested during period, Number of Shares | -857,178 | |
Forfeited during period, Number of Shares | -70,873 | |
Nonvested at end of period, Number of Shares | 2,193,671 | |
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 | $14.85 | |
Forfeited during period, Weighted Average Grant Date Fair Value Per Share | $20.82 | |
Nonvested at end of period, Weighted Average Grant Date Fair Value Per Share | $19.56 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Apr. 30, 2012 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2006 | |
acre | acre | ||||||
Related Party Transaction [Line Items] | |||||||
Due from Employees | $161,000 | $50,000 | |||||
Percentage of ownership in joint venture | 80.00% | ||||||
Funded amount for joint venture | 2,400,000 | 4,500,000 | |||||
Percentage of ownership in subsidiary | 100.00% | ||||||
Chief Executive Officer | |||||||
Related Party Transaction [Line Items] | |||||||
Lease agreement, amount | 69,000 | ||||||
Term of lease agreement | 5 years | ||||||
Darle Vuelta Cattle Co Llc | |||||||
Related Party Transaction [Line Items] | |||||||
Acquisition of land, area, in acres | 22 | 17 | |||||
Payment to acquire land | 215,000 | 209,000 | |||||
Darle Vuelta Cattle Co Llc | Salt Water Disposal Well | |||||||
Related Party Transaction [Line Items] | |||||||
Term of lease agreement | 2 years | ||||||
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 |
Profit_Sharing_Plan_Narrative_
Profit Sharing Plan (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contributions and earnings, vesting schedule | 5 years | ||
Employer matching contributions, vesting period of service | $4 | $3.40 | $3.50 |
Profit Sharing Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contributions and earnings, vesting schedule | 5 years |
Deferred_Compensation_Plan_Nar
Deferred Compensation Plan (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Percentage of salary the participants may defer | 50.00% | ||
Percentage of cash bonuses the participants may defer | 100.00% | ||
Maximum matching contributions per year | $10,000 | ||
Employer matching contributions and earnings, vesting schedule | 5 years | ||
Employer contributions to deferred compensation plan | $665,000 | $996,000 | $687,000 |
First 3% Of The Participant's Deferred Pay | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Percentage of matching contribution | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Next 2% Of The Participant's Deferred Pay | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Percentage of matching contribution | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 2.00% |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings (loss) per share of common stock: | |||
Number of anti-dilutive shares | 1,342,576 | 887,139 | 0 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator (both basic and diluted): | |||||||||||
Net income (loss) available to common stockholders | ($18,808) | $9,931 | $2,443 | ($1,907) | ($7,399) | ($6,956) | ($12,797) | ($8,777) | ($8,341) | ($35,929) | $19,586 |
Denominator: | |||||||||||
Denominator for basic earnings per share | 41,332,000 | 41,477,000 | 41,342,000 | 40,605,000 | 40,253,000 | 40,400,000 | 40,336,000 | 39,885,000 | 41,165,940 | 40,288,218 | 40,505,555 |
Stock options | 167,986 | ||||||||||
Unvested restricted stock | 601,752 | ||||||||||
Denominator for diluted earnings per share | 41,332,000 | 42,213,000 | 42,043,000 | 40,605,000 | 40,253,000 | 40,400,000 | 40,336,000 | 39,885,000 | 41,165,940 | 40,288,218 | 41,275,293 |
Basic earnings (loss) per common share | ($0.46) | $0.24 | $0.06 | ($0.05) | ($0.18) | ($0.17) | ($0.32) | ($0.22) | ($0.20) | ($0.89) | $0.48 |
Diluted earnings (loss) per common share | ($0.46) | $0.24 | $0.06 | ($0.05) | ($0.18) | ($0.17) | ($0.32) | ($0.22) | ($0.20) | ($0.89) | $0.47 |
Business_Segment_Information_S
Business Segment Information (Schedule Of Reportable Segments Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | $400,911 | $393,955 | $359,662 | $336,756 | $308,033 | $324,797 | $325,723 | $304,351 | $1,491,284 | $1,262,904 | $1,374,884 |
Direct operating costs | -1,011,419 | -868,088 | -902,584 | ||||||||
Segment profits | 128,729 | 129,835 | 116,732 | 104,569 | 96,248 | 102,054 | 103,211 | 93,303 | 479,865 | 394,816 | 472,300 |
Depreciation and amortization | 217,480 | 209,747 | 187,083 | ||||||||
Capital expenditures, (excluding acquisitions) | 311,494 | 187,515 | 171,440 | ||||||||
Identifiable assets | 1,597,177 | 1,543,339 | 1,597,177 | 1,543,339 | 1,599,006 | ||||||
Completion and Remedial Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 698,917 | 501,137 | 586,070 | ||||||||
Direct operating costs | -434,457 | -327,540 | -357,960 | ||||||||
Segment profits | 264,460 | 173,597 | 228,110 | ||||||||
Depreciation and amortization | 74,924 | 62,609 | 56,043 | ||||||||
Capital expenditures, (excluding acquisitions) | 168,017 | 59,345 | 58,235 | ||||||||
Identifiable assets | 514,842 | 432,267 | 514,842 | 432,267 | 444,504 | ||||||
Fluid Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 369,774 | 343,863 | 352,246 | ||||||||
Direct operating costs | -265,105 | -239,154 | -236,588 | ||||||||
Segment profits | 104,669 | 104,709 | 115,658 | ||||||||
Depreciation and amortization | 64,445 | 63,316 | 52,331 | ||||||||
Capital expenditures, (excluding acquisitions) | 71,112 | 66,992 | 33,637 | ||||||||
Identifiable assets | 299,542 | 320,404 | 299,542 | 320,404 | 286,662 | ||||||
Well Servicing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 361,683 | 363,386 | 376,268 | ||||||||
Direct operating costs | -270,344 | -265,058 | -268,219 | ||||||||
Segment profits | 91,339 | 98,328 | 108,049 | ||||||||
Depreciation and amortization | 55,131 | 60,474 | 56,310 | ||||||||
Capital expenditures, (excluding acquisitions) | 54,858 | 39,001 | 42,641 | ||||||||
Identifiable assets | 276,696 | 289,017 | 276,696 | 289,017 | 303,901 | ||||||
Contract Drilling | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 60,910 | 54,518 | 60,300 | ||||||||
Direct operating costs | -41,513 | -36,336 | -39,817 | ||||||||
Segment profits | 19,397 | 18,182 | 20,483 | ||||||||
Depreciation and amortization | 12,773 | 12,815 | 12,350 | ||||||||
Capital expenditures, (excluding acquisitions) | 9,311 | 4,576 | 12,141 | ||||||||
Identifiable assets | 60,362 | 59,868 | 60,362 | 59,868 | 64,127 | ||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 10,207 | 10,533 | 10,049 | ||||||||
Capital expenditures, (excluding acquisitions) | 8,196 | 17,601 | 24,786 | ||||||||
Identifiable assets | $445,735 | $441,783 | $445,735 | $441,783 | $499,812 |
Business_Segment_Information_S1
Business Segment Information (Schedule Of Reconciliation Of Operating Profit (Loss) From Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Segment Information [Abstract] | |||||||||||
Segment profits | $128,729 | $129,835 | $116,732 | $104,569 | $96,248 | $102,054 | $103,211 | $93,303 | $479,865 | $394,816 | $472,300 |
General and administrative expenses | -167,301 | -171,439 | -183,274 | ||||||||
Depreciation and amortization | -217,480 | -209,747 | -187,083 | ||||||||
Loss on disposal of assets | -1,974 | -2,873 | -3,334 | ||||||||
Goodwill Impairment | -34,703 | ||||||||||
Operating income | $58,407 | $10,757 | $98,609 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Accrued Expenses [Abstract] | ||
Compensation related | $41,620 | $34,384 |
Workers' compensation self-insured risk reserve | 9,115 | 7,006 |
Health self-insured risk reserve | 4,756 | 4,461 |
Accrual for receipts | 416 | 80 |
Ad valorem taxes | 7,160 | 2,307 |
Sales tax | 3,123 | 2,526 |
Insurance obligations | 2,898 | 3,510 |
Professional fee accrual | 1,221 | 1,369 |
Fuel accrual | 1,371 | 2,017 |
Accrued interest | 19,130 | 19,398 |
Accrued Expenses | $90,810 | $77,058 |
Supplemental_Schedule_Of_Cash_2
Supplemental Schedule Of Cash Flow Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Schedule Of Cash Flow Information [Abstract] | |||
Income Taxes Paid | $2.60 | $1.50 | $2.40 |
Supplemental_Schedule_Of_Cash_3
Supplemental Schedule Of Cash Flow Information (Schedule Of Supplemental Cash Flow Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Schedule Of Cash Flow Information [Abstract] | |||
Capital leases issued for equipment | $75,198 | $50,565 | $67,207 |
Asset retirement obligation additions | $68 | $144 | $44 |
Quarterly_Financial_Data_Sched
Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenues | $400,911 | $393,955 | $359,662 | $336,756 | $308,033 | $324,797 | $325,723 | $304,351 | $1,491,284 | $1,262,904 | $1,374,884 |
Segment profits | 128,729 | 129,835 | 116,732 | 104,569 | 96,248 | 102,054 | 103,211 | 93,303 | 479,865 | 394,816 | 472,300 |
Net loss | ($18,808) | $9,931 | $2,443 | ($1,907) | ($7,399) | ($6,956) | ($12,797) | ($8,777) | ($8,341) | ($35,929) | $19,586 |
Basic | ($0.46) | $0.24 | $0.06 | ($0.05) | ($0.18) | ($0.17) | ($0.32) | ($0.22) | ($0.20) | ($0.89) | $0.48 |
Diluted | ($0.46) | $0.24 | $0.06 | ($0.05) | ($0.18) | ($0.17) | ($0.32) | ($0.22) | ($0.20) | ($0.89) | $0.47 |
Weighted average common shares outstanding, Basic | 41,332,000 | 41,477,000 | 41,342,000 | 40,605,000 | 40,253,000 | 40,400,000 | 40,336,000 | 39,885,000 | 41,165,940 | 40,288,218 | 40,505,555 |
Weighted average common shares outstanding, Diluted | 41,332,000 | 42,213,000 | 42,043,000 | 40,605,000 | 40,253,000 | 40,400,000 | 40,336,000 | 39,885,000 | 41,165,940 | 40,288,218 | 41,275,293 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2015 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Acquisition of operating assets | $1.50 |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts (Details) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for Doubtful Accounts | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | $3,675 | $2,780 | $1,230 | |||
Charged to Costs and Expenses | 1,244 | [1] | 2,103 | [1] | 1,792 | [1] |
Charged to Other Accounts | [2] | [2] | [2] | |||
Deductions | -2,887 | [3] | -1,208 | [3] | -242 | [3] |
Balance at End of Period | $2,032 | $3,675 | $2,780 | |||
[1] | Charges relate to provisions for doubtful accounts | |||||
[2] | Reflects the impact of acquisitions | |||||
[3] | Deductions relate to the write-off of accounts receivable deemed uncollectible |