Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | bas | |
Entity Registrant Name | BASIC ENERGY SERVICES INC | |
Entity Central Index Key | 1,109,189 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,629,435 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 91,822 | $ 79,915 |
Trade accounts receivable, net of allowance of $1,450 and $2,032, respectively | 126,429 | 247,069 |
Accounts receivable - related parties | 35 | 161 |
Income tax receivable | 2,167 | 3,121 |
Inventories | 40,608 | 44,557 |
Prepaid expenses | 13,793 | 15,779 |
Other current assets | 10,207 | 9,934 |
Deferred tax assets | 16,651 | 14,664 |
Total current assets | 301,712 | 415,200 |
Property and equipment, net | 925,738 | 1,007,969 |
Deferred debt costs, net of amortization | 14,673 | 15,350 |
Goodwill | 81,877 | 78,011 |
Other intangible assets, net of amortization | 68,760 | 71,173 |
Other assets | 9,314 | 9,474 |
Total assets | 1,402,074 | 1,597,177 |
Current liabilities: | ||
Accounts payable | 27,144 | 50,618 |
Accrued expenses | 74,606 | 90,810 |
Current portion of long-term debt | 46,280 | 48,575 |
Other current liabilities | 3,304 | 6,135 |
Total current liabilities | 151,334 | 196,138 |
Long-term debt, net of unamortized premium on notes of $1,090 and $1,217, respectively | 850,887 | 882,572 |
Deferred tax liabilities | 107,450 | 147,621 |
Other long-term liabilities | $ 30,147 | $ 28,193 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at June 30, 2015 and December 31, 2014 | ||
Common stock; $0.01 par value; 80,000,000 shares authorized; 43,500,032 shares issued and 42,632,862 shares outstanding at June 30, 2015; 43,500,032 shares issued and 42,241,719 shares outstanding at December 31, 2014 | $ 435 | $ 435 |
Additional paid-in capital | 368,641 | 369,920 |
Retained deficit | (95,986) | (15,067) |
Treasury stock, at cost, 867,170 and 1,258,313 shares at June 30, 2015 and December 31, 2014, respectively | (10,834) | (12,635) |
Total stockholders' equity | 262,256 | 342,653 |
Total liabilities and stockholders' equity | $ 1,402,074 | $ 1,597,177 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for trade accounts receivable | $ 1,450 | $ 2,032 |
Unamortized premium on notes | $ 1,090 | $ 1,217 |
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 | 42,632,862 | 42,241,719 |
Treasury stock, shares | 867,170 | 1,258,313 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Total revenues | $ 193,596 | $ 359,662 | $ 455,317 | $ 696,418 |
Expenses: | ||||
General and administrative, including stock-based compensation of $3,270 and $3,733 in three months ended June 30, 2015 and 2014, and $7,239 and $7,121 in the six months ended June 30, 2015 and 2014, respectively | 35,673 | 42,953 | 74,877 | 82,512 |
Depreciation and amortization | 60,231 | 51,785 | 121,160 | 103,490 |
(Gain) loss on disposal of assets | (57) | 916 | (9) | 237 |
Total expenses | 252,421 | 338,584 | 547,912 | 661,356 |
Operating income (loss) | (58,825) | 21,078 | (92,595) | 35,062 |
Other income (expense): | ||||
Interest expense | (16,841) | (16,566) | (33,704) | (33,425) |
Interest income | 4 | 13 | 10 | 26 |
Other income | 215 | 107 | 335 | 473 |
Income (loss) before income taxes | (75,447) | 4,632 | (125,954) | 2,136 |
Income tax benefit (expense) | 27,152 | (2,188) | 45,035 | (1,600) |
Net income (loss) | $ (48,295) | $ 2,444 | $ (80,919) | $ 536 |
Earnings (loss) per share of common stock: | ||||
Basic | $ (1.20) | $ 0.06 | $ (2) | $ 0.01 |
Diluted | $ (1.20) | $ 0.06 | $ (2) | $ 0.01 |
Completion and Remedial Services | ||||
Revenues: | ||||
Total revenues | $ 69,056 | $ 164,366 | $ 181,831 | $ 301,851 |
Expenses: | ||||
Expenses | 57,670 | 102,617 | 138,921 | 189,097 |
Depreciation and amortization | 21,056 | 16,040 | 42,356 | 32,044 |
Fluid Services | ||||
Revenues: | ||||
Total revenues | 63,704 | 90,314 | 137,506 | 183,149 |
Expenses: | ||||
Expenses | 48,381 | 65,055 | 102,512 | 131,837 |
Depreciation and amortization | 17,515 | 15,926 | 35,233 | 31,851 |
Well Servicing | ||||
Revenues: | ||||
Total revenues | 56,500 | 89,629 | 120,168 | 182,541 |
Expenses: | ||||
Expenses | 47,035 | 64,748 | 99,437 | 134,508 |
Depreciation and amortization | 15,284 | 13,939 | 30,745 | 27,848 |
Contract Drilling | ||||
Revenues: | ||||
Total revenues | 4,336 | 15,353 | 15,812 | 28,877 |
Expenses: | ||||
Expenses | $ 3,488 | $ 10,510 | $ 11,014 | $ 19,675 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements of Operations [Abstract] | ||||
Stock-based compensation included in general and administrative expense | $ 3,270 | $ 3,733 | $ 7,239 | $ 7,121 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Deficit | Total |
Beginning Balance (in shares) at Dec. 31, 2014 | 43,500,032 | ||||
Beginning Balance at Dec. 31, 2014 | $ 435 | $ 369,920 | $ (12,635) | $ (15,067) | $ 342,653 |
Issuances of restricted stock | (3,779) | 3,779 | |||
Amortization of share-based compensation | 7,239 | 7,239 | |||
Purchase of treasury stock | (4,561) | (4,561) | |||
Exercise of stock options | (4,739) | 2,583 | (2,156) | ||
Net loss | (80,919) | (80,919) | |||
Ending Balance (in shares) at Jun. 30, 2015 | 43,500,032 | ||||
Ending Balance at Jun. 30, 2015 | $ 435 | $ 368,641 | $ (10,834) | $ (95,986) | $ 262,256 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (80,919) | $ 536 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 121,160 | 103,490 |
Accretion on asset retirement obligation | 66 | 64 |
Change in allowance for doubtful accounts | (582) | (336) |
Amortization of deferred financing costs | 1,525 | 1,605 |
Amortization of premium on notes | (126) | (118) |
Non-cash compensation | 7,239 | 7,121 |
(Gain) loss on disposal of assets | (9) | 237 |
Deferred income taxes | (45,037) | 701 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 121,348 | (28,170) |
Inventories | 3,949 | (6,720) |
Prepaid expenses and other current assets | (978) | (3,917) |
Other assets | 160 | (824) |
Accounts payable | (23,474) | 9,229 |
Income tax receivable / payable | 954 | 269 |
Other liabilities | (956) | 3,761 |
Accrued expenses | (16,204) | 7,083 |
Net cash provided by operating activities | 88,116 | 94,011 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (34,823) | (107,384) |
Proceeds from sale of assets | 6,411 | 25,875 |
Payments for other long-term assets | (673) | |
Net cash used in investing activities | (28,412) | (82,182) |
Cash flows from financing activities: | ||
Payments of debt | (43,111) | (22,346) |
Purchase of treasury stock | (4,562) | (6,243) |
Tax withholding from exercise of stock options | (3) | (362) |
Exercise of employee stock options | 727 | 4,646 |
Deferred loan costs and other financing activities | (848) | (62) |
Net cash used in financing activities | (47,797) | (24,367) |
Net increase (decrease) in cash and equivalents | 11,907 | (12,538) |
Cash and cash equivalents - beginning of period | 79,915 | 111,532 |
Cash and cash equivalents - end of period | $ 91,822 | $ 98,994 |
Basis of Presentation and Natur
Basis of Presentation and Nature of Operations | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation and Nature of Operations [Abstract] | |
Basis of Presentation and Nature of Operations | 1. Basis of Presentation and Nature of Operations Basis of Presentation The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the December 31, 2014 Form 10-K. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements. Nature of Operation s Basic provides a wide range of well site services to oil and natural gas drilling and producing companies , including completion and remedial services, fluid services, well servicing and contract drilling. These services are primarily provided using Basic’s fleet of equipment. Basic’s operations are concentrated in the major United States onshore oil and gas producing regions in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia, Ohio, California, Kentucky and Pennsylvania . Principles of Consolidation The accompanying consolidated financial statements include the accounts of Basic and its wholly owned subsidiaries. Basic has no variable interest in any other organization, entity, partnership or contract. All intercompany transactions and balances have been eliminated. Estimates and Uncertainties Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 2. Acquisitions In 2014, Basic acquired substantially all of the assets of the following business, which was accounted for using the purchase method of accounting. During the six months ended June 30, 2015, Basic did not complete any acquisitions. The following table summarizes the preliminary values for the acquisition at the date of acquisition (in thousands): Total Cash Paid Closing Date (net of cash acquired) Pioneer Fishing & Rental Services, LLC September 17, 2014 $ Total 2014 $ The operations of the acquisition listed above are included in Basic’s consolidated statement of operations as of the closing date. In the second quarter, the company updated its purchase price allocation, reducing property plant and equipment by $5.8 million and increasing goodwill by $3.8 million and intangibles by $2.0 million. The provisional purchase price allocation used with respect to Pioneer Fishing & Rental Services, LLC will be finalized once the valuation of the tangible and intangible assets is complete. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill and Other Intangible Assets Additions to goodwill during the six months ended June 30, 2015 were primarily due to adjustments to the preliminary purchase price allocation for acquisitions completed in prior year. The changes in carrying amount of goodwill for the six months ended June 30 , 2015 were as follows (in thousands): Completion And Remedial Services Balance as of December 31, 2014 $ Goodwill adjustments Balance as of June 30, 2015 $ Basic’s intangible assets subject to amortization were as follows (in thousands): June 30, 2015 December 31, 2014 Customer relationships $ $ Non-compete agreements Trade names Other intangible assets Less accumulated amortization Intangible assets subject to amortization, net $ $ Amortization expense for the three months ended June 30 , 2015 and 2014 was approximately $2.3 million and $2.1 million, respectively. Amortization expense for the six months ended June 30 , 2015 and 2014 was approximately $4.4 million and $4.3 million, respectively. Intangible assets, net of accumulated amortization allocated to reporting units as of June 30 , 2015 were as follows (in thousands): Completion And Remedial Services Well Servicing Fluid Services Contract Drilling Total Intangible assets subject to amortization, net $ $ $ $ $ Customer relationships are amortized over a 15 -year life, non-compete agreements are amortized over a five -year life, and other intangible assets and trade names are amortized over a 15 - year life. |
Property And Equipment
Property And Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | 4. Property and Equipment Property and equipment consisted of the following (in thousands): June 30, 2015 December 31, 2014 Land $ $ Buildings and improvements Well service units and equipment Fluid services equipment Brine and fresh water stations Frac/test tanks Pumping equipment Construction equipment Contract drilling equipment Disposal facilities Light vehicles Rental equipment Aircraft — Software Other Less accumulated depreciation and amortization Property and equipment, net $ $ Basic is obligated under various capital leases for certain vehicles and equipment that expire at various dates during the next five years. The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consisted of the following (in thousands): June 30, 2015 December 31, 2014 Light vehicles $ $ Contract drilling equipment Well service units and equipment Fluid services equipment Pumping equipment Construction equipment Software Other — Less accumulated amortization $ $ Amortization of assets held under capital leases of approximately $ 10.4 million and $ 8.8 million for the three months ended June 30, 2015 and 2014 , respectively and $21.2 million and $17.3 million for the six months ended June 30, 2015 and 2014, respectively, is included in depreciation and amortization expense in the consolidated statements of operations. |
Long-Term Debt and Interest Exp
Long-Term Debt and Interest Expense | 6 Months Ended |
Jun. 30, 2015 | |
Long-Term Debt and Interest Expense [Abstract] | |
Long-Term Debt | 5. Long-Term Debt and Interest Expense Long-term debt consisted of the following (in thousands): June 30, 2015 December 31, 2014 Credit Facilities: Revolver $ — $ 7.75% Senior Notes due 2019 7.75% Senior Notes due 2022 Unamortized premium Capital leases and other notes Less current portion $ $ On April 21, 2015, Basic entered into an amendment to its existing $300 million Amended and Restated Credit Agreement (as so amended, the “Modified Facility”) with a syndicate of lenders and Bank of America, N.A., as administrative agent for the lenders, that, among other things: (A) reduces the maximum aggregate commitments thereunder from $300 million to $250 million; (B) permits credit extensions under the Modified Facility based on availability under a borrowing base comprised of eligible billed accounts receivable, eligible unbilled accounts receivable and eligible equipment of Basic; and (C) provides for the replacement of the existing financial covenants with new financial covenants, which apply only if availability under the Modified Facility is less than the greater of (i) 25% of the aggregate commitments outstanding, or (ii) $62.5 million. If that circumstance exists, Basic will be required to maintain (a) a consolidated senior secured leverage ratio not to exceed 2.50 to 1.00 and (b) a consolidated fixed charge coverage ratio not less than 1.00 to 1.00. A s of June 30, 2015, Basic had no borrowings and $48.5 million of letters of credit outstanding under its $250.0 million Amended and Restated Credit Agreement , dated as of April 21, 2015 (the “Modified Facility”) , giving Basic $116.0 million of available borrowing capacity on a pro forma basis . Basic’s interest expense consisted of the following (in thousands): Six Months ended June 30, 2015 2014 Cash payments for interest $ $ Commitment and other fees paid Amortization of debt issuance costs and discount or premium on notes Change in accrued interest Other $ $ |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Environmental Basic is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. Basic cannot predict the future impact of such standards and requirements, which are subject to change and can have retroactive effectiveness. Basic continues to monitor the status of these laws and regulations. Management believes that the likelihood of any of these items resulting in a material adverse impact to Basic’s financial position, liquidity, capital resources or future results of operations is remote. Currently, Basic has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to bring Basic into total compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions which may be required, the determination of Basic’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. Litigation From time to time, Basic is a party to litigation or other legal proceedings that Basic considers to be a part of the ordinary course of business. Basic is not currently involved in any legal proceedings that it considers probable or reasonably possible, individually or in the aggregate, to result in a material adverse effect on its financial condition, results of operations or liquidity. 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, automobile liability and medical and dental coverage of $ 5.0 million, $ 1.0 million, $1.0 million, and $ 400,000 , respectively. Basic maintains accruals in the accompanying consolidated balance sheets related to self-insurance retentions based upon third-party data and claims history. At June 30, 2015 and December 31, 2014 , self-insured risk accruals totaled approximately $ 32.6 million and $ 33.4 million, respectively. During the second quarter of 2015, Basic accrued $4.5 million related to a customer audit. This amount will be settled throughout the remainder of 2015 and 2016. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders’ Equity | 7. Stockholders’ Equity Common Stock In March 2015, Basic granted various employees 888,104 restricted shares of common stock that vest over a three -year period. During the six months ended June 30, 2015 , Basic issued 103,750 shares of common stock from treasury stock for the exercise of stock options. Treasury Stock During the first six months of 2015 , Basic repurchased 513,600 shares for a total price of approximately $3.4 million (an average of approximately $6.67 per share), inclusive of commissions and fees. As of June 30 , 2015 , Basic may purchase up to an additional $10.5 million of Basic’s shares of common stock under the repurchase program. Basic has acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of restricted stock. Basic acquired a total of 203,594 shares through net share settlements during the first six months of 2015 and 250,461 shares through net share settlements during the first six months of 2014. |
Incentive Plan
Incentive Plan | 6 Months Ended |
Jun. 30, 2015 | |
Incentive Plan [Abstract] | |
Incentive Plan | 8. Incentive Plan During the three months ended June 30, 2015 and 2014 , compensation expense related to share-based arrangements was approximately $ 3.3 million and $ 3.7 million, respectively. For compensation expense recognized during the three months ended June 30, 2015 and 2014 , Basic recognized a tax benefit of approximately $ 1.2 million and $ 1.8 million , respectively. During the six months ended June 30, 2015 and 2014 , compensation expense related to share-based arrangements was approximately $7.2 million and $7.1 million, respectively. For compensation expense recognized during the six months ended June 30, 2015 and 2014 , Basic recognized a tax benefit of approximately $2.6 million and $2.8 million , respectively. As of June 30, 2015 , there was approximately $ 22.2 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 2.25 years. The total fair value of share-based awards vested during the six months ended June 30, 2015 and 2014 was approximately $ 5.0 million and $ 20.3 million, respectively. During the six months ended June 30, 2015 and 2014 there was no excess tax benefit due to the net operating loss carryforwards (“NOL”). If there was no NOL, the re would have been $ 11,000 excess tax benefit at June 30, 2015 and there would have been an excess tax benefit of approximately $ 4.4 million at June 30, 2014 . Stock Option Awards The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Options granted under the Plan expire 10 years from the date they are granted, and generally vest over a three - to five -year service period. The following table reflects the summary of stock options outstanding at June 30, 2015 and the changes during the six months then ended: Weighted Average Remaining Aggregate Number of Weighted Contractual Intrinsic Options Average Term Value Granted Exercise Price (Years) (000's) Non-statutory stock options: Outstanding, beginning of period $ Options granted — — Options forfeited — — Options exercised Options expired Outstanding, end of period $ $ — Exercisable, end of period $ $ — Vested or expected to vest, end of period $ $ — The total intrinsic value of share options exercised during the six months ended June 30, 2015 and 2014 was approximately $ 37,000 and $ 2.2 million , respectively. Cash received from share option exercises under the Plan was approximately $ 724,000 and $ 4.3 million for the six months ended June 30, 2015 and 2014 , respectively. During the six months ended June 30, 2015 and 2014, there was no excess tax benefit due to the NOL. If there was no NOL, the re would have been no excess tax benefit at June 30, 2015 and there would have been an excess tax benefit of approximately $ 534,000 at June 30, 2014 . Basic has a history of issuing treasury and newly issued shares to satisfy share option exercises. Restricted Stock Awards A summary of the status of Basic’s non-vested share grants at June 30, 2015 and changes during the six months ended June 30, 2015 is presented in the following table: Weighted Average Number of Grant Date Fair Nonvested Shares Shares Value Per Share Nonvested at beginning of period $ Granted during period Vested during period Forfeited during period Nonvested at end of period $ Phantom Stock Awards On March 1 8 , 2015 , the Compensation Committee of Basic’s Board of Directors approved grants of performance-based phantom stock awards to certain members of management. The performance-based phantom stock awards are tied to Basic’s achievement of total stockholder return (“TSR”) relative to the TSR of a peer group of energy services companies over the performance period (defined as the one-year calculation period starting on the 20th NYSE trading day prior to and including the last NYSE trading day of 2014 and ending on the last NYSE trading day of 2015) . The number of phantom shares to be issued will range from 0% to 150% of the 704,089 target number of phantom shares , depending on the performance noted above. Any phantom shares earned at the end of the performance period will then remain subject to vesting in one-third increments on March 15, 2016, 2017 and 2018 (subject to accelerated vesting in certain circumstances) . As of June 30 , 201 5 , Basic estimated that 100% of the target number of performance-based awards will be earned. T he Compensation Committee also approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 654,500 . These grants remain subject to vesting over a three-year period, with the first portion vesting March 15, 2016. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions Basic had receivables from employees of approximately $ 35,000 and $161,000 as of June 30, 2015 and December 31, 2014 , respectively. In December 2010, Basic entered into a lease agreement with Darle Vuelta Cattle Co., LLC (“DVCC”) for the right to operate a salt water disposal well, brine well and fresh water well. The term of the lease will continue until the salt water disposal well and brine well are plugged and no fresh water is being sold. The lease payments are the greater of (i) the sum of $ 0.10 per barrel of disposed oil and gas waste and $ 0.05 per barrel of brine or fresh water sold or (ii) $ 5,000 per month. In February 2015, Basic purchased 100 acres of vacant land outside of Midland, Texas for $1.5 million from DVCC. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. Earnings Per Share The following table sets forth the computation of unaudited basic and diluted earnings (loss) per share (in thousands, except share data): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (Unaudited) (Unaudited) Numerator (both basic and diluted): Net income (loss) $ $ $ $ Denominator: Denominator for basic earnings (loss) per share Stock options — — Unvested restricted stock — — Denominator for diluted earnings (loss) per share Basic earnings (loss) per common share: $ $ $ $ Diluted earnings (loss) per common share: $ $ $ $ Stock options and unvested restricted stock shares of approximately 494,670 and 650,972 were excluded in the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2015 , respectively , as the effect would have been anti-dilutive. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Business Segment Information [Abstract] | |
Business Segment Information | 11. Business Segment Information The following table sets forth certain financial information with respect to Basic’s reportable segments (in thousands): Completion And Remedial Contract Corporate and Services Fluid Services Well Servicing Drilling Other Total Three Months Ended June 30, 2015 (Unaudited) Operating revenues $ $ $ $ $ — $ Direct operating costs — Segment profits $ $ $ $ $ — $ Depreciation and amortization $ $ $ $ $ $ Capital expenditures (excluding acquisitions) $ $ $ $ $ $ Three Months Ended June 30, 2014 (Unaudited) Operating revenues $ $ $ $ $ — $ Direct operating costs — Segment profits $ $ $ $ $ — $ Depreciation and amortization $ $ $ $ $ $ Capital expenditures (excluding acquisitions) $ $ $ $ $ $ Six Months Ended June 30, 2015 (Unaudited) Operating revenues $ $ $ $ $ — $ Direct operating costs — Segment profits $ $ $ $ $ — $ Depreciation and amortization $ $ $ $ $ $ Capital expenditures (excluding acquisitions) $ $ $ $ $ $ Identifiable assets $ $ $ $ $ $ Six Months Ended June 30, 2014 (Unaudited) Operating revenues $ $ $ $ $ — $ Direct operating costs — Segment profits $ $ $ $ $ — $ Depreciation and amortization $ $ $ $ $ $ Capital expenditures (excluding acquisitions) $ $ $ $ $ $ Identifiable assets $ $ $ $ $ $ The following table reconciles the segment profits reported above to the operating income (loss) as reported in the consolidated statements of operations (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Segment profits $ $ $ $ General and administrative expenses Depreciation and amortization Gain (loss) on disposal of assets Operating income (loss) $ $ $ $ |
Supplemental Schedule Of Cash F
Supplemental Schedule Of Cash Flow Information | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | |
Supplemental Schedule Of Cash Flow Information | 12. Supplemental Schedule of Cash Flow Information The following table reflects non-cash financing and investing activity during the following periods: For The Six Months Ended June 30 2015 2014 (In thousands) Capital leases issued for equipment $ $ Asset retirement obligation additions $ $ Basic paid no income taxes during the six months ended June 30, 2015 and 2014, respectively . Basic paid interest of approximately $ 30.9 million and $ 30.8 million during the six months ended June 30, 2015 and 2014 , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of June 30, 2015 and December 31, 2014 . The fair value of our long-term notes is based upon the quoted market prices at June 30, 2015 and December 31, 2014 and is as follows: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 7.75% Senior Notes due 2019, excluding premium $ $ $ $ 7.75% Senior Notes due 2022, excluding premium $ $ $ $ The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, accounts payable and accrued expenses approximate fair value due to the short maturities of these instruments. The carrying amount of our revolving credit facility in long-term debt also approximates fair value due to its variable-rate characteristics. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 14. 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 2015, the FASB issued ASU 2015-03, “ Simplifying the Presentation of Debt Issuance Cost s . ” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. Basic is in the process of determining if this pronouncement will have a material impact on its consolidated financial statements. |
Basis of Presentation and Nat22
Basis of Presentation and Nature of Operations (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation and Nature of Operations [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the December 31, 2014 Form 10-K. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements. |
Nature of Operations | Nature of Operation s Basic provides a wide range of well site services to oil and natural gas drilling and producing companies , including completion and remedial services, fluid services, well servicing and contract drilling. These services are primarily provided using Basic’s fleet of equipment. Basic’s operations are concentrated in the major United States onshore oil and gas producing regions in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia, Ohio, California, Kentucky and Pennsylvania. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Basic and its wholly owned subsidiaries. Basic has no variable interest in any other organization, entity, partnership or contract. All intercompany transactions and balances have been eliminated. |
Estimates and Uncertainties | Estimates and Uncertainties Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Schedule Of Values At Date Of Acquisition | Total Cash Paid Closing Date (net of cash acquired) Pioneer Fishing & Rental Services, LLC September 17, 2014 $ Total 2014 $ |
Goodwill and Other Intangible24
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Changes in Carrying Amount of Goodwill | Completion And Remedial Services Balance as of December 31, 2014 $ Goodwill adjustments Balance as of June 30, 2015 $ |
Intangible Assets, Net | June 30, 2015 December 31, 2014 Customer relationships $ $ Non-compete agreements Trade names Other intangible assets Less accumulated amortization Intangible assets subject to amortization, net $ $ |
Intangible Assets By Line of Business | Completion And Remedial Services Well Servicing Fluid Services Contract Drilling Total Intangible assets subject to amortization, net $ $ $ $ $ |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | June 30, 2015 December 31, 2014 Land $ $ Buildings and improvements Well service units and equipment Fluid services equipment Brine and fresh water stations Frac/test tanks Pumping equipment Construction equipment Contract drilling equipment Disposal facilities Light vehicles Rental equipment Aircraft — Software Other Less accumulated depreciation and amortization Property and equipment, net $ $ |
Schedule Of Property, Plant And Equipment Under Capital Lease | June 30, 2015 December 31, 2014 Light vehicles $ $ Contract drilling equipment Well service units and equipment Fluid services equipment Pumping equipment Construction equipment Software Other — Less accumulated amortization $ $ |
Long-Term Debt and Interest E26
Long-Term Debt and Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long-Term Debt and Interest Expense [Abstract] | |
Schedule of Long-Term Debt Instruments | June 30, 2015 December 31, 2014 Credit Facilities: Revolver $ — $ 7.75% Senior Notes due 2019 7.75% Senior Notes due 2022 Unamortized premium Capital leases and other notes Less current portion $ $ |
Schedule of Interest Expense | Six Months ended June 30, 2015 2014 Cash payments for interest $ $ Commitment and other fees paid Amortization of debt issuance costs and discount or premium on notes Change in accrued interest Other $ $ |
Incentive Plan (Tables)
Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Incentive Plan [Abstract] | |
Summary Of Stock Options | Weighted Average Remaining Aggregate Number of Weighted Contractual Intrinsic Options Average Term Value Granted Exercise Price (Years) (000's) Non-statutory stock options: Outstanding, beginning of period $ Options granted — — Options forfeited — — Options exercised Options expired Outstanding, end of period $ $ — Exercisable, end of period $ $ — Vested or expected to vest, end of period $ $ — |
Summary Of Non-Vested Shares | Weighted Average Number of Grant Date Fair Nonvested Shares Shares Value Per Share Nonvested at beginning of period $ Granted during period Vested during period Forfeited during period Nonvested at end of period $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (Unaudited) (Unaudited) Numerator (both basic and diluted): Net income (loss) $ $ $ $ Denominator: Denominator for basic earnings (loss) per share Stock options — — Unvested restricted stock — — Denominator for diluted earnings (loss) per share Basic earnings (loss) per common share: $ $ $ $ Diluted earnings (loss) per common share: $ $ $ $ |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Segment Information [Abstract] | |
Schedule Of Reportable Segments Financial Information | Completion And Remedial Contract Corporate and Services Fluid Services Well Servicing Drilling Other Total Three Months Ended June 30, 2015 (Unaudited) Operating revenues $ $ $ $ $ — $ Direct operating costs — Segment profits $ $ $ $ $ — $ Depreciation and amortization $ $ $ $ $ $ Capital expenditures (excluding acquisitions) $ $ $ $ $ $ Three Months Ended June 30, 2014 (Unaudited) Operating revenues $ $ $ $ $ — $ Direct operating costs — Segment profits $ $ $ $ $ — $ Depreciation and amortization $ $ $ $ $ $ Capital expenditures (excluding acquisitions) $ $ $ $ $ $ Six Months Ended June 30, 2015 (Unaudited) Operating revenues $ $ $ $ $ — $ Direct operating costs — Segment profits $ $ $ $ $ — $ Depreciation and amortization $ $ $ $ $ $ Capital expenditures (excluding acquisitions) $ $ $ $ $ $ Identifiable assets $ $ $ $ $ $ Six Months Ended June 30, 2014 (Unaudited) Operating revenues $ $ $ $ $ — $ Direct operating costs — Segment profits $ $ $ $ $ — $ Depreciation and amortization $ $ $ $ $ $ Capital expenditures (excluding acquisitions) $ $ $ $ $ $ Identifiable assets $ $ $ $ $ $ |
Schedule Of Reconciliation Of Operating Profit (Loss) From Segments | Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Segment profits $ $ $ $ General and administrative expenses Depreciation and amortization Gain (loss) on disposal of assets Operating income (loss) $ $ $ $ |
Supplemental Schedule Of Cash30
Supplemental Schedule Of Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Information | For The Six Months Ended June 30 2015 2014 (In thousands) Capital leases issued for equipment $ $ Asset retirement obligation additions $ $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Carrying Amount and Fair Value of Financial Instruments | June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 7.75% Senior Notes due 2019, excluding premium $ $ $ $ 7.75% Senior Notes due 2022, excluding premium $ $ $ $ |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - Pioneer Fishing & Rental Services, LLC [Member] $ in Millions | 3 Months Ended |
Jun. 30, 2015USD ($) | |
Business Acquisition [Line Items] | |
Decrease in property plant and equipment | $ (5.8) |
Increase in goodwill | 3.8 |
Increase in intangibles | $ 2 |
Acquisitions (Schedule Of Value
Acquisitions (Schedule Of Values At Date Of Acquisition) (Details) - 12 months ended Dec. 31, 2014 - USD ($) $ in Thousands | Total |
Business Acquisition [Line Items] | |
Total Cash Paid (net of cash acquired) | $ 16,090 |
Pioneer Fishing & Rental Services, LLC [Member] | |
Business Acquisition [Line Items] | |
Closing Date | Sep. 17, 2014 |
Total Cash Paid (net of cash acquired) | $ 16,090 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Other Intangible Assets [Line Items] | ||||
Amortization expense of intangible assets | $ 2.3 | $ 2.1 | $ 4.4 | $ 4.3 |
Customer relationships | ||||
Goodwill and Other Intangible Assets [Line Items] | ||||
Amortization period of intangible assets, in years | 15 years | |||
Non-compete agreements | ||||
Goodwill and Other Intangible Assets [Line Items] | ||||
Amortization period of intangible assets, in years | 5 years | |||
Other intangible assets | ||||
Goodwill and Other Intangible Assets [Line Items] | ||||
Amortization period of intangible assets, in years | 15 years |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Goodwill [Line Items] | |
Balance as of December 31, 2014 | $ 78,011 |
Balance as of June 30, 2015 | 81,877 |
Completion and Remedial Services | |
Goodwill [Line Items] | |
Balance as of December 31, 2014 | 78,011 |
Goodwill adjustments | 3,866 |
Balance as of June 30, 2015 | $ 81,877 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets (Intangibles, Net) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill and Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 107,810 | $ 105,835 |
Less accumulated amortization | 39,050 | 34,662 |
Intangible assets subject to amortization, net | 68,760 | 71,173 |
Customer relationships | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 91,039 | 88,576 |
Non-compete agreements | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 12,734 | 13,223 |
Trade names | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 1,939 | 1,939 |
Other intangible assets | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 2,097 | $ 2,097 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Intangibles, net line of business) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | $ 68,760 | $ 71,173 |
Completion and Remedial Services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 51,320 | |
Well Servicing | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 5,165 | |
Fluid Services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 9,140 | |
Contract Drilling | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | $ 3,135 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property And Equipment [Abstract] | ||||
Lease Obligation Period | 5 years | |||
Amortization of assets held under capital leases | $ 10.4 | $ 8.8 | $ 21.2 | $ 17.3 |
Property And Equipment (Propert
Property And Equipment (Property And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,060,436 | $ 2,058,987 |
Less accumulated depreciation and amortization | 1,134,698 | 1,051,018 |
Property and equipment, net | 925,738 | 1,007,969 |
Land | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 20,744 | 19,071 |
Buildings and improvements | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 71,537 | 69,629 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 489,107 | 483,644 |
Fluid services equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 274,855 | 277,902 |
Brine and fresh water stations | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 13,777 | 14,175 |
Frac/test tanks | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 365,401 | 355,912 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 339,436 | 343,379 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 15,685 | 15,764 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 110,949 | 110,510 |
Disposal facilities | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 159,527 | 157,519 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 69,119 | 70,414 |
Rental equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 92,234 | 102,471 |
Aircraft | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 857 | |
Software | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 21,855 | 21,416 |
Other | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 16,210 | $ 16,324 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property, Plant And Equipment Under Capital Lease) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $ 254,076 | $ 258,077 |
Less accumulated amortization | 107,411 | 100,896 |
Property, plant and equipment under capital lease, net | 146,665 | 157,181 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 44,242 | 47,853 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 6,493 | 6,142 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 819 | 883 |
Fluid services equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 142,384 | 143,014 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 42,453 | 42,264 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 565 | 730 |
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 |
Long-Term Debt and Interest E41
Long-Term Debt and Interest Expense (Narrative) (Details) - USD ($) | Apr. 21, 2015 | Jun. 30, 2015 | Apr. 20, 2015 |
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $ 300,000,000 | ||
Modified Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings | $ 0 | ||
Letters of credit outstanding under the Credit Agreement | 48,500,000 | ||
Line of credit facility, current borrowing capacity | 250,000,000 | ||
Available borrowing capacity | $ 116,000,000 | ||
Maximum | Modified Facility [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate commitments outstanding, percentage | 25.00% | ||
Aggregate commitments outstanding, Value | $ 62,500,000 | ||
Leverage ratio | 250.00% | ||
Coverage ratio | 100.00% |
Long-Term Debt and Interest E42
Long-Term Debt and Interest Expense (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Revolver | $ 16,000 | |
Unamortized premium | $ 1,090 | 1,217 |
Capital leases and other notes | 121,077 | 138,930 |
Debt and Capital Lease Obligations, Total | 897,167 | 931,147 |
Less current portion | 46,280 | 48,575 |
Non Current Portion of Long Term Debt, Total | 850,887 | 882,572 |
7.75% Senior Notes due 2019 | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 475,000 | 475,000 |
Interest rate | 7.75% | |
7.75% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 300,000 | $ 300,000 |
Interest rate | 7.75% |
Long-Term Debt and Interest E43
Long-Term Debt and Interest Expense (Schedule Of Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Long-Term Debt and Interest Expense [Abstract] | ||||
Cash payments for interest | $ 30,892 | $ 30,780 | ||
Commitment and other fees paid | 1,336 | 1,156 | ||
Amortization of debt issuance costs and discount or premium on notes | 1,398 | 1,487 | ||
Change in accrued interest | 174 | (5) | ||
Other | (96) | 7 | ||
Total interest expense | $ 16,841 | $ 16,566 | $ 33,704 | $ 33,425 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | ||
Self insurance deductible for workers compensation | $ 5,000,000 | |
Self insurance deductible for general liability claims | 1,000,000 | |
Self insurance deductible for automobile liability | 1,000,000 | |
Self insurance deductible for medical and dental coverage | 400,000 | |
Self insured risk accruals | 32,600,000 | $ 33,400,000 |
Accrued customer audit | $ 4,500,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Common stock issued from treasury stock | 103,750 | |||
Restricted shares of common stock granted | 888,104 | |||
Restricted shares of common stock vesting period, (in years) | 3 years | |||
Treasury Stock Value | $ 10,834 | $ 12,635 | ||
Treasury shares acquired | 203,594 | 250,461 | ||
Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Treasury Stock Value | $ 3,400 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 6.67 | |||
Stock Repurchase Program, Increase In Authorized Amount | $ 10,500 | |||
Treasury shares acquired | 513,600 |
Incentive Plan (Narrative) (Det
Incentive Plan (Narrative) (Details) - USD ($) | Mar. 18, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based Compensation Expenses | $ 3,300,000 | $ 3,700,000 | $ 7,200,000 | $ 7,100,000 | |||
Tax benefit | 1,200,000 | $ 1,800,000 | 2,600,000 | 2,800,000 | |||
Unrecognized compensation related to non-vested share-based compensation arrangements | $ 22,200,000 | $ 22,200,000 | $ 22,200,000 | ||||
Weighted-average period over which unrecognized compensation cost related to non-vested share-based compensation arrangements is expected to be recognized, in years | 2 years 3 months | ||||||
Total fair value of share-based awards vested | $ 5,000,000 | 20,300,000 | |||||
Excess tax benefit due to carryforward loss | 0 | 0 | $ 0 | ||||
Vesting periods | 3 years | ||||||
Total intrinsic value of options exercised | 37,000 | 2,200,000 | |||||
Cash received from option exercises | 727,000 | 4,646,000 | |||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Excess tax benefit if there was no net operating loss carry forwards | $ 0 | 534,000 | |||||
Options expiration period, (in years) | 10 years | ||||||
Cash received from option exercises | $ 724,000 | 4,300,000 | |||||
Stock Options | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting periods | 3 years | ||||||
Stock Options | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting periods | 5 years | ||||||
Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Excess tax benefit if there was no net operating loss carry forwards | $ 11,000 | $ 4,400,000 | |||||
Phantom Stock Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target number of shares to be issued | 704,089 | ||||||
Percentage of target number of performance-based awards will be earned | 100.00% | ||||||
Shares issued | 654,500 | ||||||
Phantom Stock Awards [Member] | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of target number of shares to be issued | 0.00% | ||||||
Phantom Stock Awards [Member] | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of target number of shares to be issued | 150.00% |
Incentive Plan (Summary Of Stoc
Incentive Plan (Summary Of Stock Options) (Details) - Jun. 30, 2015 - $ / shares | Total |
Incentive Plan [Abstract] | |
Outstanding, beginning of period, Number of Options Granted | 280,000 |
Options exercised, Number of Options Granted | (103,750) |
Options expired, Number of Options Granted | (1,250) |
Outstanding, end of period, Number of Options Granted | 175,000 |
Exercisable, end of period, Number of Options Granted | 175,000 |
Vested or expected to vest, end of period, Number of Options Granted | 175,000 |
Outstanding, beginning of period, Weighted Average Exercise Price | $ 19.05 |
Options exercised, Weighted Average Exercise Price | 6.98 |
Options expired, Weighted Average Exercise Price | 6.98 |
Outstanding, end of period, Weighted Average Exercise Price | 26.29 |
Exercisable, end of period, Weighted Average Exercise Price | 26.29 |
Vested or expected to vest, end of period, Weighted Average Exercise Price | $ 26.29 |
Outstanding, end of period, Weighted Average Remaining Contractual Term (Years) | 9 months 29 days |
Exercisable, end of period, Weighted Average Remaining Contractual Term (Years) | 9 months 29 days |
Vested or expected to vest, end of period, Weighted Average Remaining Contractual Term (Years) | 9 months 29 days |
Incentive Plan (Summary Of Non-
Incentive Plan (Summary Of Non-Vested Shares) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Incentive Plan [Abstract] | |
Nonvested at beginning of period, Number of Shares | 2,193,671 |
Granted during period, Number of Shares | 724,501 |
Vested during period, Number of Shares | (845,188) |
Forfeited during period, Number of Shares | (6,432) |
Nonvested at end of period, Number of Shares | 2,066,552 |
Nonvested at beginning of period, Weighted Average Grant Date Fair Value Per Share | $ 19.56 |
Granted during period, Weighted Average Grant Date Fair Value Per Share | 1.82 |
Vested during period, Weighted Average Grant Date Fair Value Per Share | 16.82 |
Forfeited during period, Weighted Average Grant Date Fair Value Per Share | 21.48 |
Nonvested at end of period, Weighted Average Grant Date Fair Value Per Share | $ 14.45 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015USD ($)a | Dec. 31, 2010USD ($)$ / bbl | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||
Due from Employees | $ 35,000 | $ 161,000 | ||
Darle Vuelta Cattle Co LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Acquisition of land, area, in acres | a | 100 | |||
Payment to acquire land | $ 1,500,000 | |||
Darle Vuelta Cattle Co LLC [Member] | Salt Water Disposal Well [Member] | ||||
Related Party Transaction [Line Items] | ||||
Price of oil and gas waste per barrel | $ / bbl | 0.10 | |||
Price of brine or fresh water per barrel | $ / bbl | 0.05 | |||
Monthly payment on leases | $ 5,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - Jun. 30, 2015 - shares | Total | Total |
Earnings Per Share [Abstract] | ||
Number of anti-dilutive shares | 494,670 | 650,972 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator (both basic and diluted): | ||||
Net income (loss) | $ (48,295) | $ 2,444 | $ (80,919) | $ 536 |
Denominator: | ||||
Denominator for basic earnings (loss) per share | 40,167,876 | 41,341,888 | 40,360,194 | 40,850,970 |
Stock options | 101,446 | 146,354 | ||
Unvested restricted stock | 600,113 | 351,395 | ||
Denominator for diluted earnings (loss) per share | 40,167,876 | 42,043,447 | 40,360,194 | 41,348,719 |
Basic earnings (loss) per common share: | $ (1.20) | $ 0.06 | $ (2) | $ 0.01 |
Diluted earnings (loss) per common share: | $ (1.20) | $ 0.06 | $ (2) | $ 0.01 |
Business Segment Information (S
Business Segment Information (Schedule Of Reportable Segments Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 193,596 | $ 359,662 | $ 455,317 | $ 696,418 | |
Direct operating costs | (156,574) | (242,930) | (351,884) | (475,117) | |
Segment profits | 37,022 | 116,732 | 103,433 | 221,301 | |
Depreciation and amortization | 60,231 | 51,785 | 121,160 | 103,490 | |
Capital expenditures, (excluding acquisitions) | 9,943 | 84,109 | 44,081 | 121,143 | |
Identifiable assets | 1,402,074 | 1,558,856 | 1,402,074 | 1,558,856 | $ 1,597,177 |
Completion and Remedial Services | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 69,056 | 164,366 | 181,831 | 301,851 | |
Direct operating costs | (57,670) | (102,617) | (138,921) | (189,097) | |
Segment profits | 11,386 | 61,749 | 42,910 | 112,754 | |
Depreciation and amortization | 21,056 | 16,040 | 42,356 | 32,044 | |
Capital expenditures, (excluding acquisitions) | 2,274 | 52,816 | 16,446 | 69,383 | |
Identifiable assets | 477,316 | 466,636 | 477,316 | 466,636 | |
Fluid Services | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 63,704 | 90,314 | 137,506 | 183,149 | |
Direct operating costs | (48,381) | (65,055) | (102,512) | (131,837) | |
Segment profits | 15,323 | 25,259 | 34,994 | 51,312 | |
Depreciation and amortization | 17,515 | 15,926 | 35,233 | 31,851 | |
Capital expenditures, (excluding acquisitions) | 2,710 | 11,412 | 8,936 | 21,040 | |
Identifiable assets | 277,739 | 310,185 | 277,739 | 310,185 | |
Well Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 56,500 | 89,629 | 120,168 | 182,541 | |
Direct operating costs | (47,035) | (64,748) | (99,437) | (134,508) | |
Segment profits | 9,465 | 24,881 | 20,731 | 48,033 | |
Depreciation and amortization | 15,284 | 13,939 | 30,745 | 27,848 | |
Capital expenditures, (excluding acquisitions) | 2,892 | 15,199 | 13,243 | 23,262 | |
Identifiable assets | 257,778 | 267,909 | 257,778 | 267,909 | |
Contract Drilling | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 4,336 | 15,353 | 15,812 | 28,877 | |
Direct operating costs | (3,488) | (10,510) | (11,014) | (19,675) | |
Segment profits | 848 | 4,843 | 4,798 | 9,202 | |
Depreciation and amortization | 3,512 | 3,214 | 7,064 | 6,420 | |
Capital expenditures, (excluding acquisitions) | 236 | 2,700 | 1,110 | 3,608 | |
Identifiable assets | 56,230 | 57,617 | 56,230 | 57,617 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 2,864 | 2,666 | 5,762 | 5,327 | |
Capital expenditures, (excluding acquisitions) | 1,831 | 1,982 | 4,346 | 3,850 | |
Identifiable assets | $ 333,011 | $ 456,509 | $ 333,011 | $ 456,509 |
Business Segment Information 53
Business Segment Information (Schedule Of Reconciliation Of Operating Profit (Loss) From Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Segment Information [Abstract] | ||||
Segment profits | $ 37,022 | $ 116,732 | $ 103,433 | $ 221,301 |
General and administrative expenses | (35,673) | (42,953) | (74,877) | (82,512) |
Depreciation and amortization | (60,231) | (51,785) | (121,160) | (103,490) |
Gain (loss) on disposal of assets | 57 | (916) | 9 | (237) |
Operating income (loss) | $ (58,825) | $ 21,078 | $ (92,595) | $ 35,062 |
Supplemental Schedule Of Cash54
Supplemental Schedule Of Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | ||
Income Taxes Paid | $ 0 | $ 0 |
Interest paid | $ 30.9 | $ 30.8 |
Supplemental Schedule Of Cash55
Supplemental Schedule Of Cash Flow Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | ||
Capital leases issued for equipment | $ 9,257 | $ 13,759 |
Asset retirement obligation additions | $ 13 | $ 45 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
7.75% Senior Notes due 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 475,000 | $ 475,000 |
Fair Value | $ 399,000 | 372,875 |
Interest rate | 7.75% | |
7.75% Senior Notes due 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 300,000 | 300,000 |
Fair Value | $ 238,500 | $ 225,000 |
Interest rate | 7.75% |