Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 25, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,761,426 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 75,083 | $ 46,732 |
Restricted cash | 83,606 | |
Trade accounts receivable, net of allowance of $2,420 and $2,670, respectively | 78,742 | 102,127 |
Accounts receivable - related parties | 29 | 35 |
Income tax receivable | 1,277 | 1,828 |
Inventories | 33,845 | 36,944 |
Prepaid expenses | 12,118 | 13,851 |
Other current assets | 9,601 | 9,968 |
Total current assets | 294,301 | 211,485 |
Property and equipment, net | 797,973 | 846,290 |
Deferred debt costs, net of amortization | 23,423 | 9,704 |
Deferred debt costs, net of amortization | 1,478 | 3,420 |
Other intangible assets, net of amortization | 64,518 | 66,745 |
Other assets | 10,255 | 10,241 |
Total assets | 1,168,525 | 1,138,181 |
Current liabilities: | ||
Accounts payable | 35,873 | 54,521 |
Accrued expenses | 59,166 | 59,380 |
Current portion of long-term debt | 47,344 | 48,651 |
Other current liabilities | 1,554 | 7,003 |
Total current liabilities | 143,937 | 169,555 |
Long-term debt, net of unamortized premium on notes of $888 and $956, and deferred debt costs of $23,423 and $9,704 respectively | 969,790 | 828,664 |
Net deferred tax liabilities | 5,066 | |
Other long-term liabilities | $ 29,596 | $ 28,558 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at March 31, 2016 and December 31, 2015 | ||
Common stock; $0.01 par value; 80,000,000 shares authorized; 43,500,032 shares issued and 42,761,426 shares outstanding at March 31, 2016; 43,500,032 shares issued and 42,196,680 shares outstanding at December 31, 2015 | $ 435 | $ 435 |
Additional paid-in capital | 372,435 | 374,729 |
Retained deficit | (340,151) | (256,812) |
Treasury stock, at cost, 738,606 and 1,303,352 shares at March 31, 2016 and December 31, 2015, respectively | (7,517) | (12,014) |
Total stockholders' equity | 25,202 | 106,338 |
Total liabilities and stockholders' equity | $ 1,168,525 | $ 1,138,181 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for trade accounts receivable | $ 2,420 | $ 2,670 |
Unamortized premium on notes | 888 | 956 |
Deferred debt costs, net of amortization | $ 23,423 | $ 9,704 |
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 | 42,761,426 | 42,196,680 |
Treasury stock, shares | 738,606 | 1,303,352 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Total revenues | $ 130,356 | $ 261,721 |
Expenses: | ||
General and administrative, including stock-based compensation of $2,841 and $3,969 in three months ended March 31, 2016 and 2015, respectively | 29,562 | 39,204 |
Depreciation and amortization | 56,152 | 60,929 |
(Gain) Loss on disposal of assets | (75) | 48 |
Total expenses | 197,625 | 295,490 |
Operating loss | (67,269) | (33,769) |
Other income (expense): | ||
Interest expense | (20,714) | (16,863) |
Interest income | 2 | 6 |
Other income | 96 | 120 |
Loss before income taxes | (87,885) | (50,506) |
Income tax benefit | 4,546 | 17,882 |
Net loss | $ (83,339) | $ (32,624) |
Loss per share of common stock: | ||
Basic | $ (2) | $ (0.81) |
Diluted | $ (2) | $ (0.81) |
Completion and Remedial Services | ||
Revenues: | ||
Total revenues | $ 39,696 | $ 112,775 |
Expenses: | ||
Expenses | 34,788 | 81,251 |
Depreciation and amortization | 19,484 | 21,454 |
Fluid Services | ||
Revenues: | ||
Total revenues | 50,250 | 73,803 |
Expenses: | ||
Expenses | 41,167 | 54,132 |
Depreciation and amortization | 16,600 | 17,776 |
Well Servicing | ||
Revenues: | ||
Total revenues | 38,906 | 63,668 |
Expenses: | ||
Expenses | 34,470 | 52,401 |
Depreciation and amortization | 14,064 | 15,268 |
Contract Drilling | ||
Revenues: | ||
Total revenues | 1,504 | 11,475 |
Expenses: | ||
Expenses | $ 1,561 | $ 7,525 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements of Operations [Abstract] | ||
Stock-based compensation included in general and administrative expense | $ 2,841 | $ 3,969 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Deficit | Total |
Beginning Balance (in shares) at Dec. 31, 2015 | 43,500,032 | ||||
Beginning Balance at Dec. 31, 2015 | $ 435 | $ 374,729 | $ (12,014) | $ (256,812) | $ 106,338 |
Issuances of restricted stock | (5,135) | 5,135 | |||
Amortization of share-based compensation | 2,841 | 2,841 | |||
Purchase of treasury stock | (638) | (638) | |||
Net loss | (83,339) | (83,339) | |||
Ending Balance (in shares) at Mar. 31, 2016 | 43,500,032 | ||||
Ending Balance at Mar. 31, 2016 | $ 435 | $ 372,435 | $ (7,517) | $ (340,151) | $ 25,202 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (83,339) | $ (32,624) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 56,152 | 60,929 |
Accretion on asset retirement obligation | 36 | 33 |
Change in allowance for doubtful accounts | (250) | (457) |
Amortization of deferred financing costs | 2,991 | 743 |
Amortization of premium on notes | (68) | (62) |
Non-cash compensation | 2,841 | 3,969 |
(Gain) Loss on disposal of assets | (75) | 48 |
Deferred income taxes | (5,066) | (17,885) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 23,641 | 88,781 |
Inventories | 3,099 | 4,788 |
Income tax receivable | 551 | (2,116) |
Prepaid expenses and other current assets | 2,012 | (25) |
Other assets | (14) | (16,903) |
Accounts payable | (18,648) | 1,791 |
Other liabilities | (4,438) | (65) |
Accrued expenses | (214) | (25,168) |
Net cash (used in) provided by operating activities | (20,789) | 65,777 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (4,577) | (25,861) |
Proceeds from sale of assets | 513 | 3,261 |
Change in restricted cash | (83,606) | |
Net cash used in investing activities | (87,670) | (22,600) |
Cash flows from financing activities: | ||
Payments of debt | (12,784) | (14,358) |
Proceeds from debt | 165,000 | |
Purchase of treasury stock | (638) | (4,490) |
Tax withholding from exercise of stock options | (3) | |
Exercise of employee stock options | 727 | |
Deferred loan costs and other financing activities | (14,768) | (32) |
Net cash (used in) provided by in financing activities | 136,810 | (18,156) |
Net increase in cash and equivalents | 28,351 | 25,021 |
Cash and cash equivalents - beginning of period | 46,732 | 79,915 |
Cash and cash equivalents - end of period | $ 75,083 | $ 104,936 |
Basis of Presentation and Natur
Basis of Presentation and Nature of Operations | 3 Months Ended |
Mar. 31, 2016 | |
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 our Annual Report on Form 10-K for the year ended December 31, 201 5. 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 · Impair ment of property and equipment 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 | 3 Months Ended |
Mar. 31, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | 2. Acquisitions In 201 5, Basic acquired substantially all of the assets of the following business es , which w ere accounted for using the purchase method of accounting. The following table summarizes the values for the acquisition s at the date of each acquisition (in thousands): Total Cash Paid Closing Date (net of cash acquired) Harbor Resources, LLC July 17, 2015 $ 4,500 Aerion Rental, LLC July 24, 2015 $ 1,997 Grey Rock Pressure Pumping, LLC August 31, 2015 $ 10,233 Total 2015 $ 16,730 The operations of the acquisition s listed above are included in Basic’s consolidated statement of operations as of the each respective closing date. The pro forma effect of the acquisitions completed during 2015 were not material, either individually or when aggregated, to the reported results of operations. The provisional value used with respect to Harbor Resources, LLC, Aerion Rental, LLC and Grey Rock Pressure Pumping, LLC will be finalized once the valuation of the tangible and intangible assets is complete . Basic did not make any material acquisitions during the first three months of 2016. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 3. Goodwill and Other Intangible Assets During 2015, as a result of the Company’s assessment of goodwill, we impaired all existing goodwill. The Company had no additions to goodwill for the three months ended March 31, 2016. Basic’s intangibl e assets were as follows (in thousands): March 31, 2016 December 31, 2015 Customer relationships $ 92,660 $ 92,660 Non-compete agreements 13,057 13,057 Trade names 1,939 1,939 Other intangible assets 2,085 2,086 109,741 109,742 Less accumulated amortization 45,223 42,997 Intangible assets subject to amortization, net $ 64,518 $ 66,745 Amortization expense was approximately $2.2 million for each of the three months ended March 31, 2016 and 201 5 . Intangible assets, net of accumulated amortization allocated to reporting units as of March 31, 2016 were as follows (in thousands): Completion And Remedial Services Well Servicing Fluid Services Contract Drilling Total Intangible assets subject to amortization, net $ 48,043 $ 5,769 $ 7,885 $ 2,821 $ 64,518 Customer relationships are amortized over a 15 -year life, non-compete agreements are amortized over a five -year life, and other intangible assets are amortized over a 15 - year life. |
Property And Equipment
Property And Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | 4. Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2016 December 31, 2015 Land $ 20,168 $ 19,893 Buildings and improvements 75,182 73,599 Well service units and equipment 488,259 488,003 Frac equipment/test tanks 363,071 363,346 Pumping equipment 344,873 345,938 Fluid services equipment 269,653 268,249 Disposal facilities 165,481 166,371 Contract drilling equipment 112,176 112,068 Rental equipment 95,717 94,970 Light vehicles 67,300 67,521 Software 21,920 21,920 Other 16,471 16,672 Construction equipment 15,050 15,174 Brine and fresh water stations 13,850 13,761 2,069,171 2,067,485 Less accumulated depreciation and amortization 1,271,198 1,221,195 Property and equipment, net $ 797,973 $ 846,290 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): March 31, 2016 December 31, 2015 Fluid services equipment $ 125,605 $ 129,459 Pumping equipment 42,440 43,573 Light vehicles 30,719 33,424 Contract drilling equipment 5,840 6,493 Well service units and equipment 605 541 Construction equipment 288 288 Buildings and improvements 92 — 205,589 213,778 Less accumulated amortization 85,363 82,679 $ 120,226 $ 131,099 Amortization of assets held under capital leases of approximately $ 9.6 million and $ 10.8 million for the three months ended March 31, 2016 and 201 5, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Long-Term Debt and Interest Expense [Abstract] | |
Long-Term Debt and Interest Expense | 5. Long-Term Debt and Interest Expense Long-term debt consists of the following (in thousands): March 31, 2016 December 31, 2015 Credit Facilities: Term Loan $ 165,000 $ — 7.75% Senior Notes due 2019 475,000 475,000 7.75% Senior Notes due 2022 300,000 300,000 Unamortized premium 888 956 Capital leases and other notes 99,669 111,063 Total debt 1,040,557 887,019 Less debt issuance costs, net of amortization 23,423 9,704 Less current portion 47,344 48,651 Long-term debt $ 969,790 $ 828,664 On February 17, 2016, the Company entered into the Term Loan Credit Agreement (the “Term Loan Agreement”) with a syndicate of lenders and U.S. Bank National Association, as administrative agent for the lenders. The Term Loan Agreement includes two categories of borrowings (collectively, the “Term Loans”): (a) the closing date term loan borrowings in an aggregate amount of $165.0 million on the closing date, and (b) a delayed draw term loan borrowing in an aggregate principal amount not to exceed $15.0 million. The making of the Term Loans is subject to the satisfaction of certain conditions precedent, including, with respect to the delayed draw term loans, the consent of the lenders providing the delayed draw term loans. On February 26, 2016, the Company satisfied the conditions precedent to the making of the closing date term loans, and the proceeds of the closing date term loans were deposited into an escrow account, pending satisfaction of certain conditions. Th e proceeds of the Term Loans deposited in the escrow account will be released from escrow only upon the satisfaction of the following conditions: (i) on the closing date, 49.1% of the proceeds of the closing date term loans may be released upon Basic causing not less than 49.1% of the term loan priority collateral to become subject to a perfected lien in favor of the administrative agent; (ii) on May 31, 2016, upon the Company causing not less than 75% of the term loan priority collateral to become subject to a perfected lien in favor of the administrative agent, the Term Loans in the escrow account may be released to the extent that the aggregate amount of Term Loans released to the Company on or prior to such date equals 75% of the Term Loans funded into the escrow account; and (iii) on August 31, 2016, the remaining proceeds of the Term Loans deposited in the escrow account may be released upon the Company causing not less than 95% of the term loan priority collateral to become subject to a perfected lien in favor of the administrative agent. Borrowings under the Term Loan Agreement will mature in February, 2021. However, if Basic has not completed an acceptable 2019 senior notes refinancing by November, 2018, then the borrowings under the Term Loan Agreement will mature in November, 2018. Basic is required to prepay the Term Loan Agreement under certain circumstances without premium or penalty unless such prepayment is in connection with the “springing” maturity date of November, 2018 described above, a change of control or the incurrence of indebtedness not permitted under the Term Loan Agreement and under certain other circumstances, in which case such prepayment will be subject to the applicable premium. Each Term Loan will bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to 13.50% . In addition, Basic was responsible for the applicable lenders’ fees, including a closing payment equal to 7.00% of the aggregate principal amount of commitments of each lender under the Term Loan Agreement as of the effective date, and administrative agent fees. The Term Loan 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. If an event of default occurs under the Term Loan Agreement, then the administrative agent may, with the consent of the required lenders, or shall, at the direction of, the required lenders, (i) terminate lenders’ commitments under the Term Loan Agreement, (ii) declare any outstanding loans under the Term Loan Agreement to be immediately due and payable, and (iii) exercise on behalf of itself and the lenders all rights and remedies available to it and the lenders under the loan documents or applicable law or equity. On February 26, 2016, in connection with the initial closing date of the Term Loan Agreement, the Company entered into an amendment to its existing $250 million revolving credit facility (as so amended, the “Modified Facility”) with a syndicate of lenders and Bank of America, N.A., as administrative agent for the lenders, which, among other things: (i) reduced the maximum aggregate commitments thereunder from $250 million to $100 million; (ii) revised the maturity date to the earliest to occur of November, 2019 and August, 2018 if a specified refinancing of Basic’s 2019 senior notes has not been completed by August, 2018; (iii) modified the borrowing base calculation; (iv) permitted Basic to incur Term Loans under the new Term Loan Agreement in an aggregate principal amount not to exceed $180 million, and enter into and permitted to exist other obligations and liens relating to the Term Loan Agreement; and (v) redefined the collateral under the Modified Facility to exclude term loan priority collateral, and released and discharged the administrative agent’s security interests in and liens on such collateral. The Company adopted Accounting Standards Update (“ASU”) 2015-03, “ Simplifying the Presentation of Debt Issuance Cost ” beginning on January 1, 2016, and retrospectively for all periods presented. 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 table below presents long-term debt and associated deferred debt issuance costs, net of amortization. The unamortized value of deferred debt issuance costs associated with our revolving credit facility were not affected by the ASU and continue to be presented as an asset on the Company’s consolidated balance sheets. A s of March 31, 2016, Basic had no borrowings and $50.3 million of letters of credit outstanding under its Modified Facility, giving Basic $17.7 million of available borrowing capacity under the Modified Facility based on its borrowing base determined as of such date. Interest expense increased to $20.7 million during the first quarter of 2016 mainly due to the write-off of deferred debt costs of $2.0 million, related to the amendment to the Modified Facility. The Company also incurred one month of interest on the Term Loans, which closed in the first quarter of 2016 . Basic’s interest expense consisted of the following (in thousands): Three Months Ended March 31, 2016 2015 Cash payments for interest $ 18,698 $ 18,875 Commitment and other fees paid 673 407 Amortization of debt issuance costs and discount or premium on notes 2,922 681 Change in accrued interest (1,607) (2,989) Other 28 (111) $ 20,714 $ 16,863 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
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 coverage of $ 2.5 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 March 31, 2016 and December 31, 2015 , self-insured risk accruals totaled approximately $ 32.0 million and $ 30.8 million, respectively. During the second quarter of 2015, Basic accrued $4.5 million related to a customer audit. This amount was settled in part during 2015 and the final amounts will be settled during the remainder of 2016 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders’ Equity | 7. Stockholders’ Equity Common Stock In March 201 6 , Basic granted various employees 790,263 restricted shares of common stock that vest over a three -year period. Treasury Stock During the first three months of 201 6 , Basic did not repurchase any shares of common stock under the repurchase program . As of March 31, 2016 , Basic may purchase up to an additional $9.5 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 219,837 shares through net share settlements during the first three months of 201 6 and 194,930 shares through net share settlements during the first three months of 201 5 . |
Incentive Plan
Incentive Plan | 3 Months Ended |
Mar. 31, 2016 | |
Incentive Plan [Abstract] | |
Incentive Plan | 8. Incentive Plan At March 31, 2016 and 2015 , compensation expense related to share-based arrangements was approximately $ 2.8 million and $ 4.0 million, respectively. For compensation expense recognized during the three months ended March 31, 2016 and 2015 , Basic recognized a tax benefit of approximately $ 1.0 million and $ 1.4 million, respectively. As of March 31, 2016 , there was approximately $ 14.8 million of total unrecognized compensation related to non-vested share-based compensation arrangements granted under the Company’s incentive p lan. That cost is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of share-based awards vested during the three months ended March 31, 2016 and 201 5 was approximately $ 2.5 million and $ 4.8 million, respectively. During the three months ended March 31, 2016 and 201 5, there was no excess tax benefit due to the net operating loss carryforwards (“NOL”). If there was no NOL, there would have been no excess tax benefit at March 31, 2016 and 2015 . 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 Company’s incentive p lan 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 March 31, 2016 and the changes during the three 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 175,000 $ 26.29 Options expired (152,000) 26.84 Outstanding, end of period 23,000 $ 22.66 0.95 $ — Exercisable, end of period 23,000 $ 22.66 0.95 $ — Vested or expected to vest, end of period 23,000 $ 22.66 0.95 $ — There were no options granted, forfeited, or exercised during the three months ended March 31, 2016. The total intrinsic value of share options exercised during the three months ended March 31, 2015 was approximately $ 37,000 . Cash received from share option exercises under the Plan was approximately $ 724,000 for the three months ended March 31, 2015 . During the three months ended March 31, 2016 and 201 5 , there was no excess tax benefit due to the NOL. If there was no NOL, there would have been no excess tax benefit at March 31, 2016 and 201 5 . 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 March 31, 2016 and changes during the three months ended March 31, 2016 is presented in the following table: Weighted Average Number of Grant Date Fair Nonvested Shares Shares Value Per Share Nonvested at beginning of period 1,967,376 $ 14.34 Granted during period 790,263 2.73 Vested during period (857,223) 15.00 Forfeited during period (5,680) 23.29 Nonvested at end of period 1,894,736 $ 9.17 Phantom Stock Awards On March 24 , 2016 , 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 two-year calculation period starting on the 20th NYSE trading day prior to and including the last NYSE trading day of 2015 and ending on the last NYSE trading day of 2017) . The number of phantom shares to be issued will range from 0% to 150% of the 705,263 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-half increments on March 15, 2018 and 2019 (subject to accelerated vesting in certain circumstances) . As of March 31, 2016 , Basic estimated that 100% of the target number of performance-based awards will be earned. T he Board of Directors also approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 552,100 . These grants remain subject to vesting annually in one-third increments over a three -year period, with the first portion vesting March 15, 2017 (subject to accelerated vesting in certain circumstances). |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions Basic had receivables from employees of approximately $ 29,000 and $34,000 as of March 31, 2016 and December 31, 2015 , 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 initial term of the lease was 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 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 | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. Earnings Per Share The following table sets forth the computation of unaudited basic and diluted loss per share (in thousands, except share data): Three months ended March 31, 2016 2015 (Unaudited) Numerator (both basic and diluted): Net loss $ (83,339) $ (32,624) Denominator: Denominator for basic loss per share 41,608,920 40,072,451 Denominator for diluted loss per share 41,608,920 40,072,451 Basic loss per common share: $ (2.00) $ (0.81) Diluted loss per common share: $ (2.00) $ (0.81) Unvested restricted stock shares of approximately 888,490 were excluded from the computation of diluted loss per share for the three months ended March 31, 2016, and stock options and unvested restricted stock of 593,608 were excluded from the computation of diluted loss per share for the three months ended March 31, 2015 , as the effect would have been anti-dilutive. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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 Well Contract Corporate and Services Fluid Services Servicing Drilling Other Total Three Months Ended March 31, 2016 (Unaudited) Operating revenues $ 39,696 $ 50,250 $ 38,906 $ 1,504 $ — $ 130,356 Direct operating costs (34,788) (41,167) (34,470) (1,561) — (111,986) Segment profit (loss) $ 4,908 $ 9,083 $ 4,436 $ (57) $ — $ 18,370 Depreciation and amortization $ 19,484 $ 16,600 $ 14,064 $ 3,272 $ 2,732 $ 56,152 Capital expenditures (excluding acquisitions) $ 576 $ 3,147 $ 1,151 $ 118 $ 975 $ 5,967 Identifiable assets $ 345,242 $ 242,292 $ 219,393 $ 48,891 $ 312,707 $ 1,168,525 Three Months Ended March 31, 2015 (Unaudited) Operating revenues $ 112,775 $ 73,803 $ 63,668 $ 11,475 $ — $ 261,721 Direct operating costs (81,251) (54,132) (52,401) (7,525) — (195,309) Segment profits $ 31,524 $ 19,671 $ 11,267 $ 3,950 $ — $ 66,412 Depreciation and amortization $ 21,454 $ 17,776 $ 15,268 $ 3,562 $ 2,869 $ 60,929 Capital expenditures (excluding acquisitions) $ 14,171 $ 6,226 $ 10,351 $ 874 $ 2,516 $ 34,138 Identifiable assets $ 495,892 $ 292,438 $ 271,202 $ 59,319 $ 380,699 $ 1,499,550 The following table reconciles the segment profits reported above to the operating loss as reported in the consolidated statements of operations (in thousands): Three months ended March 31, 2016 2015 Segment profits $ 18,370 $ 66,412 General and administrative expenses (29,562) (39,204) Depreciation and amortization (56,152) (60,929) Gain (Loss) on disposal of assets 75 (48) Operating loss $ (67,269) $ (33,769) |
Supplemental Schedule Of Cash F
Supplemental Schedule Of Cash Flow Information | 3 Months Ended |
Mar. 31, 2016 | |
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 (in thousands) : Three Months Ended March 31, 2016 2015 Capital leases issued for equipment $ 1,390 $ 8,308 Asset retirement obligation additions $ 9 $ 13 Basic paid no income taxes during the three months ended March 31, 2016 and 2015, respectively . Basic paid interest of approximately $18.7 million and $ 18.9 million during the three months ended March 31, 2016 and 2015 , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 . The fair value of our notes is based upon the quoted market prices at March 31, 2016 and December 31, 2015 and is as follows: Fair Value March 31, 2016 December 31, 2015 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 7.75% Senior Notes due 2019, excluding premium 1 $ 475,000 $ 151,406 $ 475,000 $ 149,625 7.75% Senior Notes due 2022, excluding premium 1 $ 300,000 $ 87,750 $ 300,000 $ 87,030 Term Loan 3 $ 165,000 $ 165,000 — — 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. The carrying value of the Company’s term loan as of March 31, 2016 approximates fair value based upon the limited passage of time since being issued on February 29, 2016. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 14. Income Taxes 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): March 31, 2016 December 31, 2015 Deferred tax assets: Operating loss carryforward $ 154,544 $ 130,826 Goodwill and intangibles 32,125 32,992 Accrued liabilities 12,760 14,028 Deferred compensation 10,091 12,988 Receivables allowance 883 976 Asset retirement obligation 684 672 Inventory 163 164 Valuation allowances (24,477) (878) Total deferred tax assets $ 186,773 $ 191,768 Deferred tax liabilities: Property and equipment (185,966) (195,211) Prepaid expenses (807) (1,623) Total deferred tax liabilities $ (186,773) $ (196,834) Net deferred tax liability $ — $ (5,066) Valuation Allowance Basic provides a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on this evaluation, as of March 31, 2016, a valuation allowance of approximately $ 24.5 million for deferred tax assets for which the Company may be unable to realize the future tax benefit . Deferred Taxes Basic has elected to adopt ASU 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes . ” beginning in the interim period ended March 31, 2016, and retrospectively for all periods presented . This Update requires that all deferred tax assets and liabilities be classified as noncurrent. As a result of adopting this standard retrospectively, Basic reclassified a $13.5 million current deferred tax asset to non-current deferred tax liability for the period ended December 31, 2015. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 1 5 . Recent Accounting Pronouncements In August, 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern ,” which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The Update applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. Basic does not expect this pronouncement to 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. Basic has adopted this pronouncement, which resulted in a reclassification of deferred debt costs related to long-term debt from an asset to an offset of the related liability. The adoption of the ASU did not affect our method of amortizing debt issuance costs, and will not affect the statement of operations. In July 2015 , the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11 , changes the measurement principle for entities that do not measure inventory using the last-in, first-out (LIFO) or retail inventory method from the lower of cost or market to lower of cost and net realizable value. The ASU also eliminates the requirement for these entities to consider replacement cost or net realizable value less an approximately normal profit margin when measuring inventory. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Basic does not expect this pronouncement to have a material impact on its consolidated financial statements. In August 2015 , the FASB issued ASU 2015-14, “Revenue from Contracts with Customers—Deferral of the Effective Date , ” that defers by one year the effective date of ASU 2014-09, “Revenue from Contracts with Customers . ” The ASU is effective for annual reporting periods beginning after December 15, 2017, 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 Novem ber 2015, the FASB issued ASU 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes . ” The main provision of this Update is to simplify the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as noncurrent in the statement of financial position. This Update is effective for Basic in annual and interim periods beginning after December 15, 2016 , however early adoption is permitted. Basic has elected to adopt this ASU beginning in the interim period ended March 31, 2016, and retrospectively for all periods presented . See Note: 14 for discussion of Basic’s adoption of this Update. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The purpose of this Update to is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This Update is effective for Basic in annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Basic is in the process of determining if this pronouncement will have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “ Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting .” The purpose of this Update to is to simplify overly complex areas of GAAP, while maintaining or improving the usefulness of the information. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This Update is effective for Basic in annual periods beginning after December 15, 2016, including interim periods within those fiscal years. Basic is in the process of determining if this pronouncement will have a material impact on its consolidated financial statements. |
Basis of Presentation and Nat23
Basis of Presentation and Nature of Operations (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 our Annual Report on Form 10-K for the year ended December 31, 201 5. 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 · Impair ment of property and equipment 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) | 3 Months Ended |
Mar. 31, 2016 | |
Acquisitions [Abstract] | |
Schedule Of Values At Date Of Acquisition | Total Cash Paid Closing Date (net of cash acquired) Harbor Resources, LLC July 17, 2015 $ 4,500 Aerion Rental, LLC July 24, 2015 $ 1,997 Grey Rock Pressure Pumping, LLC August 31, 2015 $ 10,233 Total 2015 $ 16,730 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | |
Intangible Assets, Net | March 31, 2016 December 31, 2015 Customer relationships $ 92,660 $ 92,660 Non-compete agreements 13,057 13,057 Trade names 1,939 1,939 Other intangible assets 2,085 2,086 109,741 109,742 Less accumulated amortization 45,223 42,997 Intangible assets subject to amortization, net $ 64,518 $ 66,745 |
Intangible Assets By Line of Business | Completion And Remedial Services Well Servicing Fluid Services Contract Drilling Total Intangible assets subject to amortization, net $ 48,043 $ 5,769 $ 7,885 $ 2,821 $ 64,518 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | March 31, 2016 December 31, 2015 Land $ 20,168 $ 19,893 Buildings and improvements 75,182 73,599 Well service units and equipment 488,259 488,003 Frac equipment/test tanks 363,071 363,346 Pumping equipment 344,873 345,938 Fluid services equipment 269,653 268,249 Disposal facilities 165,481 166,371 Contract drilling equipment 112,176 112,068 Rental equipment 95,717 94,970 Light vehicles 67,300 67,521 Software 21,920 21,920 Other 16,471 16,672 Construction equipment 15,050 15,174 Brine and fresh water stations 13,850 13,761 2,069,171 2,067,485 Less accumulated depreciation and amortization 1,271,198 1,221,195 Property and equipment, net $ 797,973 $ 846,290 |
Schedule Of Property, Plant And Equipment Under Capital Lease | March 31, 2016 December 31, 2015 Fluid services equipment $ 125,605 $ 129,459 Pumping equipment 42,440 43,573 Light vehicles 30,719 33,424 Contract drilling equipment 5,840 6,493 Well service units and equipment 605 541 Construction equipment 288 288 Buildings and improvements 92 — 205,589 213,778 Less accumulated amortization 85,363 82,679 $ 120,226 $ 131,099 |
Long-Term Debt and Interest E27
Long-Term Debt and Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-Term Debt and Interest Expense [Abstract] | |
Schedule of Long-Term Debt Instruments | March 31, 2016 December 31, 2015 Credit Facilities: Term Loan $ 165,000 $ — 7.75% Senior Notes due 2019 475,000 475,000 7.75% Senior Notes due 2022 300,000 300,000 Unamortized premium 888 956 Capital leases and other notes 99,669 111,063 Total debt 1,040,557 887,019 Less debt issuance costs, net of amortization 23,423 9,704 Less current portion 47,344 48,651 Long-term debt $ 969,790 $ 828,664 |
Schedule of Interest Expense | Three Months Ended March 31, 2016 2015 Cash payments for interest $ 18,698 $ 18,875 Commitment and other fees paid 673 407 Amortization of debt issuance costs and discount or premium on notes 2,922 681 Change in accrued interest (1,607) (2,989) Other 28 (111) $ 20,714 $ 16,863 |
Incentive Plan (Tables)
Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 175,000 $ 26.29 Options expired (152,000) 26.84 Outstanding, end of period 23,000 $ 22.66 0.95 $ — Exercisable, end of period 23,000 $ 22.66 0.95 $ — Vested or expected to vest, end of period 23,000 $ 22.66 0.95 $ — |
Summary Of Non-Vested Shares | Weighted Average Number of Grant Date Fair Nonvested Shares Shares Value Per Share Nonvested at beginning of period 1,967,376 $ 14.34 Granted during period 790,263 2.73 Vested during period (857,223) 15.00 Forfeited during period (5,680) 23.29 Nonvested at end of period 1,894,736 $ 9.17 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Share | Three months ended March 31, 2016 2015 (Unaudited) Numerator (both basic and diluted): Net loss $ (83,339) $ (32,624) Denominator: Denominator for basic loss per share 41,608,920 40,072,451 Denominator for diluted loss per share 41,608,920 40,072,451 Basic loss per common share: $ (2.00) $ (0.81) Diluted loss per common share: $ (2.00) $ (0.81) |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Segment Information [Abstract] | |
Schedule Of Reportable Segments Financial Information | Completion And Remedial Well Contract Corporate and Services Fluid Services Servicing Drilling Other Total Three Months Ended March 31, 2016 (Unaudited) Operating revenues $ 39,696 $ 50,250 $ 38,906 $ 1,504 $ — $ 130,356 Direct operating costs (34,788) (41,167) (34,470) (1,561) — (111,986) Segment profit (loss) $ 4,908 $ 9,083 $ 4,436 $ (57) $ — $ 18,370 Depreciation and amortization $ 19,484 $ 16,600 $ 14,064 $ 3,272 $ 2,732 $ 56,152 Capital expenditures (excluding acquisitions) $ 576 $ 3,147 $ 1,151 $ 118 $ 975 $ 5,967 Identifiable assets $ 345,242 $ 242,292 $ 219,393 $ 48,891 $ 312,707 $ 1,168,525 Three Months Ended March 31, 2015 (Unaudited) Operating revenues $ 112,775 $ 73,803 $ 63,668 $ 11,475 $ — $ 261,721 Direct operating costs (81,251) (54,132) (52,401) (7,525) — (195,309) Segment profits $ 31,524 $ 19,671 $ 11,267 $ 3,950 $ — $ 66,412 Depreciation and amortization $ 21,454 $ 17,776 $ 15,268 $ 3,562 $ 2,869 $ 60,929 Capital expenditures (excluding acquisitions) $ 14,171 $ 6,226 $ 10,351 $ 874 $ 2,516 $ 34,138 Identifiable assets $ 495,892 $ 292,438 $ 271,202 $ 59,319 $ 380,699 $ 1,499,550 |
Schedule Of Reconciliation Of Operating Profit (Loss) From Segments | Three months ended March 31, 2016 2015 Segment profits $ 18,370 $ 66,412 General and administrative expenses (29,562) (39,204) Depreciation and amortization (56,152) (60,929) Gain (Loss) on disposal of assets 75 (48) Operating loss $ (67,269) $ (33,769) |
Supplemental Schedule Of Cash31
Supplemental Schedule Of Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | |
Schedule Of Supplemental Cash Flow Information | Three Months Ended March 31, 2016 2015 Capital leases issued for equipment $ 1,390 $ 8,308 Asset retirement obligation additions $ 9 $ 13 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Carrying Amount and Fair Value of Financial Instruments | Fair Value March 31, 2016 December 31, 2015 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) 7.75% Senior Notes due 2019, excluding premium 1 $ 475,000 $ 151,406 $ 475,000 $ 149,625 7.75% Senior Notes due 2022, excluding premium 1 $ 300,000 $ 87,750 $ 300,000 $ 87,030 Term Loan 3 $ 165,000 $ 165,000 — — |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Significant Deferred Tax Assets and Liabilities | March 31, 2016 December 31, 2015 Deferred tax assets: Operating loss carryforward $ 154,544 $ 130,826 Goodwill and intangibles 32,125 32,992 Accrued liabilities 12,760 14,028 Deferred compensation 10,091 12,988 Receivables allowance 883 976 Asset retirement obligation 684 672 Inventory 163 164 Valuation allowances (24,477) (878) Total deferred tax assets $ 186,773 $ 191,768 Deferred tax liabilities: Property and equipment (185,966) (195,211) Prepaid expenses (807) (1,623) Total deferred tax liabilities $ (186,773) $ (196,834) Net deferred tax liability $ — $ (5,066) |
Acquisitions (Schedule Of Value
Acquisitions (Schedule Of Values At Date Of Acquisition) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Total Cash Paid (net of cash acquired) | $ 16,730 |
Harbor Resources, LLC [Member] | |
Business Acquisition [Line Items] | |
Closing Date | Jul. 17, 2015 |
Total Cash Paid (net of cash acquired) | $ 4,500 |
Aerion Rental, LLC [Member] | |
Business Acquisition [Line Items] | |
Closing Date | Jul. 24, 2015 |
Total Cash Paid (net of cash acquired) | $ 1,997 |
Grey Rock Pressure Pumping, LLC [Member] | |
Business Acquisition [Line Items] | |
Closing Date | Aug. 31, 2015 |
Total Cash Paid (net of cash acquired) | $ 10,233 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Other Intangible Assets [Line Items] | ||
Amortization expense of intangible assets | $ 2.2 | $ 2.2 |
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 Intangible36
Goodwill and Other Intangible Assets (Intangible Assets, Net) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill and Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 109,741 | $ 109,742 |
Less accumulated amortization | 45,223 | 42,997 |
Intangible assets subject to amortization, net | 64,518 | 66,745 |
Customer relationships | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 92,660 | 92,660 |
Non-compete agreements | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 13,057 | 13,057 |
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 | $ 2,085 | $ 2,086 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Intangible Assets By Line of Business) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | $ 64,518 | $ 66,745 |
Completion and Remedial Services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 48,043 | |
Well Servicing | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 5,769 | |
Fluid Services | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | 7,885 | |
Contract Drilling | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets subject to amortization, net | $ 2,821 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property And Equipment [Abstract] | ||
Lease Obligation Period | 5 years | |
Amortization of assets held under capital leases | $ 9.6 | $ 10.8 |
Property And Equipment (Propert
Property And Equipment (Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,069,171 | $ 2,067,485 |
Less accumulated depreciation and amortization | 1,271,198 | 1,221,195 |
Property and equipment, net | 797,973 | 846,290 |
Land | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 20,168 | 19,893 |
Buildings and improvements | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 75,182 | 73,599 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 488,259 | 488,003 |
Frac equipment/test tanks | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 363,071 | 363,346 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 344,873 | 345,938 |
Fluid services equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 269,653 | 268,249 |
Disposal facilities | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 165,481 | 166,371 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 112,176 | 112,068 |
Rental equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 95,717 | 94,970 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 67,300 | 67,521 |
Software | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 21,920 | 21,920 |
Other | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 16,471 | 16,672 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 15,050 | 15,174 |
Brine and fresh water stations | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 13,850 | $ 13,761 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property, Plant And Equipment Under Capital Lease) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $ 205,589 | $ 213,778 |
Less accumulated amortization | 85,363 | 82,679 |
Property, plant and equipment under capital lease, net | 120,226 | 131,099 |
Fluid services equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 125,605 | 129,459 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 42,440 | 43,573 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 30,719 | 33,424 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 5,840 | 6,493 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 605 | 541 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 288 | $ 288 |
Buildings and improvements | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $ 92 |
Long-Term Debt and Interest E41
Long-Term Debt and Interest Expense (Narrative) (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Feb. 26, 2016 | Feb. 25, 2016 | Feb. 17, 2016 | |
Debt Instrument [Line Items] | |||||
Line of credit facility, current borrowing capacity | $ 250,000,000 | ||||
Interest expense | $ 20,714,000 | $ 16,863,000 | |||
Modified Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings | 0 | ||||
Letters of credit outstanding under the Credit Agreement | 50,300,000 | ||||
Line of credit facility, current borrowing capacity | $ 100,000,000 | $ 250,000,000 | |||
Available borrowing capacity | $ 17,700,000 | ||||
Interest rate | 13.50% | ||||
Interest expense | $ 20,700,000 | ||||
Write-off of deferred debt costs | 2,000,000 | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 165,000,000 | ||||
Delayed draw term loan borrowings | $ 15,000,000 | ||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 180,000,000 | ||||
Closing fee | 7.00% | ||||
Proceeds on closing date that may be released | 49.10% | ||||
Term Loans funded into the escrow account | 75.00% | ||||
Minimum | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
(i) Term loan priority collateral to become subject to a perfected lien in favor of the administrative agent | 49.10% | ||||
(ii) Term loan priority collateral to become subject to a perfected lien in favor of the administrative agent | 75.00% | ||||
(iii) Term loan priority collateral to become subject to a perfected lien in favor of the administrative agent | 95.00% |
Long-Term Debt and Interest E42
Long-Term Debt and Interest Expense (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Term Loan | $ 165,000 | |
Unamortized premium | 888 | $ 956 |
Capital leases and other notes | 99,669 | 111,063 |
Debt and Capital Lease Obligations, Total | 1,040,557 | 887,019 |
Less debt issuance costs, net of amortization | 23,423 | 9,704 |
Less current portion | 47,344 | 48,651 |
Long-term debt | 969,790 | 828,664 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Long-Term Debt and Interest Expense [Abstract] | ||
Cash payments for interest | $ 18,698 | $ 18,875 |
Commitment and other fees paid | 673 | 407 |
Amortization of debt issuance costs and discount or premium on notes | 2,922 | 681 |
Change in accrued interest | (1,607) | (2,989) |
Other | 28 | (111) |
Total interest expense | $ 20,714 | $ 16,863 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |||
Self insurance deductible for workers compensation | $ 2,500,000 | ||
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 | $ 32,000,000 | $ 30,800,000 | |
Accrued customer audit | $ 4,500,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Class of Stock [Line Items] | |||
Restricted shares of common stock granted | 790,263 | ||
Restricted shares of common stock vesting period, (in years) | 3 years | ||
Treasury shares acquired | 219,837 | 194,930 | |
Repurchase Program [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchase Program, Increase In Authorized Amount | $ 9.5 | $ 9.5 |
Incentive Plan (Narrative) (Det
Incentive Plan (Narrative) (Details) - USD ($) | Mar. 31, 2016 | Mar. 24, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Expenses | $ 2,800,000 | $ 4,000,000 | |||
Tax benefit | 1,000,000 | 1,400,000 | |||
Unrecognized compensation related to non-vested share-based compensation arrangements | $ 14,800,000 | $ 14,800,000 | $ 14,800,000 | ||
Weighted-average period over which unrecognized compensation cost related to non-vested share-based compensation arrangements is expected to be recognized, in years | 2 years 2 months 12 days | ||||
Total fair value of share-based awards vested | $ 2,500,000 | 4,800,000 | |||
Excess tax benefit due to carryforward loss | $ 0 | 0 | $ 0 | ||
Vesting periods | 3 years | ||||
Total intrinsic value of options exercised | $ 37,000 | ||||
Cash received from option exercises | 727,000 | ||||
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 | $ 0 | |||
Options expiration period, (in years) | 10 years | ||||
Cash received from option exercises | $ 724,000 | ||||
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 | ||||
Phantom Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting periods | 3 years | ||||
Target number of shares to be issued | 705,263 | ||||
Percentage of target number of performance-based awards will be earned | 100.00% | ||||
Shares issued | 552,100 | ||||
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) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Incentive Plan [Abstract] | |
Outstanding, beginning of period, Number of Options Granted | shares | 175,000 |
Options expired, Number of Options Granted | shares | (152,000) |
Outstanding, end of period, Number of Options Granted | shares | 23,000 |
Exercisable, end of period, Number of Options Granted | shares | 23,000 |
Vested or expected to vest, end of period, Number of Options Granted | shares | 23,000 |
Outstanding, beginning of period, Weighted Average Exercise Price | $ / shares | $ 26.29 |
Options expired, Weighted Average Exercise Price | $ / shares | 26.84 |
Outstanding, end of period, Weighted Average Exercise Price | $ / shares | 22.66 |
Exercisable, end of period, Weighted Average Exercise Price | $ / shares | 22.66 |
Vested or expected to vest, end of period, Weighted Average Exercise Price | $ / shares | $ 22.66 |
Outstanding, end of period, Weighted Average Remaining Contractual Term (Years) | 11 months 12 days |
Exercisable, end of period, Weighted Average Remaining Contractual Term (Years) | 11 months 12 days |
Vested or expected to vest, end of period, Weighted Average Remaining Contractual Term (Years) | 11 months 12 days |
Incentive Plan (Summary Of Non-
Incentive Plan (Summary Of Non-Vested Shares) (Details) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Incentive Plan [Abstract] | |
Nonvested at beginning of period, Number of Shares | shares | 1,967,376 |
Granted during period, Number of Shares | shares | 790,263 |
Vested during period, Number of Shares | shares | (857,223) |
Forfeited during period, Number of Shares | shares | (5,680) |
Nonvested at end of period, Number of Shares | shares | 1,894,736 |
Nonvested at beginning of period, Weighted Average Grant Date Fair Value Per Share | $ / shares | $ 14.34 |
Granted during period, Weighted Average Grant Date Fair Value Per Share | $ / shares | 2.73 |
Vested during period, Weighted Average Grant Date Fair Value Per Share | $ / shares | 15 |
Forfeited during period, Weighted Average Grant Date Fair Value Per Share | $ / shares | 23.29 |
Nonvested at end of period, Weighted Average Grant Date Fair Value Per Share | $ / shares | $ 9.17 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2015USD ($)a | Dec. 31, 2010USD ($)$ / bbl | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||
Due from Employees | $ 29,000 | $ 34,000 | ||
Monthly payment on leases | $ 5,000 | |||
Darle Vuelta Cattle Co LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Term of lease agreement | 2 years | |||
Price of oil and gas waste per barrel | $ / bbl | 0.10 | |||
Price of brine or fresh water per barrel | $ / bbl | 0.05 | |||
Acquisition of land, area, in acres | a | 100 | |||
Payment to acquire land | $ 1,500,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares | 888,490 | |
Stock Options And Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares | 593,608 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator (both basic and diluted): | ||
Net loss | $ (83,339) | $ (32,624) |
Denominator: | ||
Denominator for basic loss per share | 41,608,920 | 40,072,451 |
Denominator for diluted loss per share | 41,608,920 | 40,072,451 |
Basic loss per common share: | $ (2) | $ (0.81) |
Diluted loss per common share: | $ (2) | $ (0.81) |
Business Segment Information (S
Business Segment Information (Schedule Of Reportable Segments Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 130,356 | $ 261,721 | |
Direct operating costs | (111,986) | (195,309) | |
Segment profits | 18,370 | 66,412 | |
Depreciation and amortization | 56,152 | 60,929 | |
Capital expenditures, (excluding acquisitions) | 5,967 | 34,138 | |
Identifiable assets | 1,168,525 | 1,499,550 | $ 1,138,181 |
Completion and Remedial Services | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 39,696 | 112,775 | |
Direct operating costs | (34,788) | (81,251) | |
Segment profits | 4,908 | 31,524 | |
Depreciation and amortization | 19,484 | 21,454 | |
Capital expenditures, (excluding acquisitions) | 576 | 14,171 | |
Identifiable assets | 345,242 | 495,892 | |
Fluid Services | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 50,250 | 73,803 | |
Direct operating costs | (41,167) | (54,132) | |
Segment profits | 9,083 | 19,671 | |
Depreciation and amortization | 16,600 | 17,776 | |
Capital expenditures, (excluding acquisitions) | 3,147 | 6,226 | |
Identifiable assets | 242,292 | 292,438 | |
Well Servicing | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 38,906 | 63,668 | |
Direct operating costs | (34,470) | (52,401) | |
Segment profits | 4,436 | 11,267 | |
Depreciation and amortization | 14,064 | 15,268 | |
Capital expenditures, (excluding acquisitions) | 1,151 | 10,351 | |
Identifiable assets | 219,393 | 271,202 | |
Contract Drilling | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,504 | 11,475 | |
Direct operating costs | (1,561) | (7,525) | |
Segment profits | (57) | 3,950 | |
Depreciation and amortization | 3,272 | 3,562 | |
Capital expenditures, (excluding acquisitions) | 118 | 874 | |
Identifiable assets | 48,891 | 59,319 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 2,732 | 2,869 | |
Capital expenditures, (excluding acquisitions) | 975 | 2,516 | |
Identifiable assets | $ 312,707 | $ 380,699 |
Business Segment Information 53
Business Segment Information (Schedule Of Reconciliation Of Operating Profit (Loss) From Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Segment Information [Abstract] | ||
Segment profits | $ 18,370 | $ 66,412 |
General and administrative expenses | (29,562) | (39,204) |
Depreciation and amortization | (56,152) | (60,929) |
Loss on disposal of assets | 75 | (48) |
Operating loss | $ (67,269) | $ (33,769) |
Supplemental Schedule Of Cash54
Supplemental Schedule Of Cash Flow Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | ||
Income Taxes Paid | $ 0 | $ 0 |
Interest paid | $ 18.7 | $ 18.9 |
Supplemental Schedule Of Cash55
Supplemental Schedule Of Cash Flow Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Schedule Of Cash Flow Information [Abstract] | ||
Capital leases issued for equipment | $ 1,390 | $ 8,308 |
Asset retirement obligation additions | $ 9 | $ 13 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
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 |
Interest rate | 7.75% | |
7.75% Senior Notes due 2019 | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 475,000 | 475,000 |
Fair Value | 151,406 | 149,625 |
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 |
Interest rate | 7.75% | |
7.75% Senior Notes due 2022 | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 300,000 | 300,000 |
Fair Value | 87,750 | $ 87,030 |
Term Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Amount | 165,000 | |
Fair Value | $ 165,000 |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | ||
Operating loss carryforward | $ 154,544 | $ 130,826 |
Goodwill and intangibles | 32,125 | 32,992 |
Accrued liabilities | 12,760 | 14,028 |
Deferred compensation | 10,091 | 12,988 |
Receivables allowance | 883 | 976 |
Asset retirement obligation | 684 | 672 |
Inventory | 163 | 164 |
Valuation allowances | (24,477) | (878) |
Total deferred tax assets | 186,773 | 191,768 |
Property and equipment | (185,966) | (195,211) |
Prepaid expenses | (807) | (1,623) |
Total deferred tax liabilities | (186,773) | (196,834) |
Net deferred tax liability | $ (5,066) | |
Deferred tax asset current to non-current | $ 13,500 |