Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 26,422,302 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 33,831 | $ 38,520 |
Restricted cash | 47,727 | 47,703 |
Trade accounts receivable, net of allowance of $1,364 and $1,523, respectively | 156,218 | 148,444 |
Accounts receivable - related parties | 25 | 22 |
Income tax receivable | 1,861 | 1,878 |
Inventories | 37,215 | 36,403 |
Prepaid expenses | 20,560 | 22,353 |
Other current assets | 4,844 | 4,292 |
Total current assets | 302,281 | 299,615 |
Property and equipment, net | 491,266 | 502,579 |
Deferred debt costs, net of amortization | 2,333 | 2,497 |
Intangible assets, net of amortization | 3,161 | 3,221 |
Other assets | 12,524 | 12,568 |
Total assets | 811,565 | 820,480 |
Current liabilities: | ||
Accounts payable | 77,049 | 80,518 |
Accrued expenses | 61,188 | 51,973 |
Current portion of long-term debt, net of discounts of $1,652 and $1,657, respectively | 54,731 | 55,997 |
Other current liabilities | 1,459 | 2,469 |
Total current liabilities | 194,427 | 190,957 |
Long-term debt, net of discounts and deferred debt costs of $8,763 and $10,244, respectively | 272,658 | 259,242 |
Deferred tax liabilities | 0 | 78 |
Other long-term liabilities | 30,902 | 31,550 |
Stockholders' equity: | ||
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at March 31, 2018 and December 31, 2017 | 0 | 0 |
Common stock; $0.01 par value; 80,000,000 shares authorized; 26,644,082 shares issued and 26,422,302 shares outstanding at March 31, 2018; 26,371,572 shares issued and 26,219,129 shares outstanding at December 31, 2017 | 266 | 264 |
Additional paid-in capital | 446,022 | 439,517 |
Accumulated deficit | (127,205) | (96,674) |
Treasury stock, at cost, 221,780 and 152,443 shares at March 31, 2018 and December 31, 2017, respectively | (5,505) | (4,454) |
Total stockholders' equity | 313,578 | 338,653 |
Total liabilities and stockholders' equity | $ 811,565 | $ 820,480 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for trade accounts receivable | $ 1,364 | $ 1,523 |
Current portion of long-term debt, discounts | 1,652 | 1,657 |
Discounts and deferred debt costs | $ 8,763 | $ 10,244 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 26,644,082 | 26,371,572 |
Common stock, shares outstanding | 26,422,032 | 26,219,129 |
Treasury stock, shares | 221,780 | 152,443 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Total revenues | $ 234,665 | $ 182,019 |
Expenses: | ||
Expenses | 181,316 | 152,114 |
General and administrative, including stock-based compensation of $6,798 and $4,448 in the three months ended March 31, 2018 and 2017, respectively | 40,978 | 34,205 |
Depreciation and amortization | 30,235 | 25,413 |
(Gain) loss on disposal of assets | 1,779 | (467) |
Total expenses | 254,308 | 211,265 |
Operating loss | (19,643) | (29,246) |
Other income (expense): | ||
Interest expense | (11,283) | (9,109) |
Interest income | 27 | 12 |
Other income | 309 | 92 |
Loss before income taxes | (30,590) | (38,251) |
Income tax benefit (expense) | 59 | (375) |
Net loss | $ (30,531) | $ (38,626) |
Loss per share of common stock: | ||
Basic (in dollars per share) | $ (1.16) | $ (1.49) |
Diluted (in dollars per share) | $ (1.16) | $ (1.49) |
Completion and remedial services | ||
Revenues: | ||
Total revenues | $ 117,597 | $ 80,431 |
Expenses: | ||
Expenses | 89,659 | 67,252 |
Well servicing | ||
Revenues: | ||
Total revenues | 57,537 | 48,619 |
Expenses: | ||
Expenses | 48,191 | 40,916 |
Water logistics | ||
Revenues: | ||
Total revenues | 56,509 | 50,206 |
Expenses: | ||
Expenses | 40,923 | 41,538 |
Contract drilling | ||
Revenues: | ||
Total revenues | 3,022 | 2,763 |
Expenses: | ||
Expenses | $ 2,543 | $ 2,408 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Stock-based compensation included in general and administrative expense | $ 6,798 | $ 4,448 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2017 | 26,371,572 | ||||
Beginning balance at Dec. 31, 2017 | $ 338,653 | $ 264 | $ 439,517 | $ (4,454) | $ (96,674) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of stock (in shares) | 272,510 | ||||
Issuance of stock | $ 2 | (2) | |||
Amortization of share-based compensation | 6,798 | 6,798 | |||
Treasury stock, net | (1,342) | (291) | (1,051) | ||
Net loss | (30,531) | (30,531) | |||
Ending balance (in shares) at Mar. 31, 2018 | 26,644,082 | ||||
Ending balance at Mar. 31, 2018 | $ 313,578 | $ 266 | $ 446,022 | $ (5,505) | $ (127,205) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (30,531) | $ (38,626) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 30,235 | 25,413 |
Accretion on asset retirement obligation | 41 | 39 |
Change in allowance for doubtful accounts | (159) | 1,775 |
Amortization of deferred financing costs | 176 | 7 |
Amortization of debt discounts | 1,474 | 1,553 |
Non-cash compensation | 6,798 | 4,448 |
(Gain) loss on disposal of assets | 1,779 | (467) |
Deferred income taxes | (78) | 389 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (7,618) | (22,672) |
Inventories | (812) | (930) |
Income tax receivable | 19 | 3 |
Prepaid expenses and other current assets | 1,593 | (5,028) |
Other assets | 44 | (223) |
Accounts payable | (5,987) | 17,723 |
Other liabilities | (1,641) | (924) |
Accrued expenses | 9,215 | 4,611 |
Net cash provided by (used in) operating activities | 4,548 | (12,909) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (15,412) | (25,930) |
Proceeds from sale of assets | 198 | 1,145 |
Net cash used in investing activities | (15,214) | (24,785) |
Cash flows from financing activities: | ||
Payments of debt | (13,657) | (10,338) |
Proceeds from debt | 21,000 | 0 |
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock | (1,342) | (39) |
Deferred loan costs and other financing activities | 0 | (162) |
Net cash provided by (used in) financing activities | 6,001 | (10,539) |
Net decrease in cash, cash equivalents and restricted cash | (4,665) | (48,233) |
Cash, cash equivalents and restricted cash - beginning of period | 86,223 | 101,304 |
Cash, cash equivalents and restricted cash - end of period | $ 81,558 | $ 53,071 |
Basis of Presentation and Natur
Basis of Presentation and Nature of Operations | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Nature of Operations | 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 notes 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . 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. Liquidity and Capital Resources As of March 31, 2018 , our primary capital resources were cash flows from operations, utilization of capital leases and borrowings under our accounts receivable securitization facility (the “New ABL Facility”) which had aggregate commitments of $120.0 million as of March 31, 2018 but was amended on April 11, 2018 to increase aggregate commitments to $150.0 million . As of March 31, 2018 , we had $85.0 million in borrowings under the New ABL Facility. At March 31, 2018, we had unrestricted cash and cash equivalents of $33.8 million compared to $38.5 million as of December 31, 2017. An additional amount of $47.7 million of our cash is classified as restricted cash. Including the availability under the New ABL Facility, we currently have $34.3 million in total liquidity. For a detailed discussion see Note 5, "Long-Term Debt and Interest Expense". Nature of Operations Basic provides a wide range of well site services to oil and natural gas drilling and producing companies, including completion and remedial services, water logistics, 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, North Dakota, Wyoming, Arkansas, Kansas, Louisiana, California, the Rocky Mountains and Appalachia. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Basic our wholly owned subsidiaries and our variable interest entity for which we hold a majority voting interest. All intercompany transactions and balances have been eliminated. Estimates, Risks 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, liabilities, revenue, and expenses. Critical accounting estimates are those in which significant judgment is used, and the impact of any changes in estimates would have a significant effect on our consolidated financial statements. Actual results and outcomes may vary from management's estimates and assumptions. Areas where critical accounting estimates are made by management include litigation and self-insured risk reserves. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of cash flows (in thousands): March 31, 2018 2017 Cash and cash equivalents $ 33,831 $ 50,640 Restricted cash 47,727 2,431 Total cash, cash equivalents and restricted cash $ 81,558 $ 53,071 The Company’s restricted cash includes cash balances which are legally or contractually restricted to use. The Company’s restricted cash is included in current assets as of March 31, 2018 and 2017, respectively, and includes primarily cash used to collateralize insurance reserves. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2018 December 31, 2017 Land $ 21,226 $ 21,217 Buildings and improvements 40,111 40,043 Well service units and equipment 117,876 113,657 Frac equipment/test tanks 116,797 111,172 Pumping equipment 119,318 116,127 Water logistics equipment 79,520 79,711 Disposal facilities 51,979 51,363 Rental equipment 35,179 34,643 Light vehicles 21,504 19,869 Contract drilling equipment 11,367 10,967 Software 833 817 Other 4,123 4,092 Construction equipment 2,374 2,338 Brine and fresh water stations 2,681 2,704 624,888 608,720 Less accumulated depreciation and amortization 133,622 106,141 Property and equipment, net $ 491,266 $ 502,579 Basic is obligated under various capital leases for certain vehicles and equipment that expire at various dates during the next five years . The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consists of the following (in thousands): March 31, 2018 December 31, 2017 Pumping equipment $ 56,578 $ 56,225 Water logistics equipment 39,189 40,097 Light vehicles 13,895 12,160 Contract drilling equipment 783 783 Well service units and equipment 141 262 Construction equipment 378 378 110,964 109,905 Less accumulated amortization 24,793 18,445 Property and equipment under capital lease, net $ 86,171 $ 91,460 Amortization of assets held under capital leases is included in depreciation and amortization expense in the consolidated statements of operations. Amortization amounts consisted of the following (in thousands): Three Months Ended March 31, 2018 2017 Lease amortization expense $ 7,100 $ 3,700 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Basic had trade names of $3.4 million as of each of March 31, 2018 and December 31, 2017. Trade names have a 15 -year life and are tested for impairment when triggering events are identified. Basic’s intangible assets were as follows (in thousands): March 31, 2018 December 31, 2017 Trade names $ 3,410 $ 3,410 Other intangible assets 48 48 $ 3,458 $ 3,458 Less accumulated amortization 297 237 Intangible assets subject to amortization, net $ 3,161 $ 3,221 Amortization expense of intangible assets for the three months ended March 31, 2018 and 2017 was as follows: Three Months Ended March 31, 2018 2017 Intangible amortization expense $ 60.0 $ 59.0 |
Long-Term Debt and Interest Exp
Long-Term Debt and Interest Expense | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Interest Expense | Long-Term Debt and Interest Expense Long-term debt consisted of the following (in thousands): March 31, 2018 December 31, 2017 Credit facilities: Term Loan $ 162,113 $ 162,525 New ABL Facility 85,000 64,000 Capital leases and other notes 90,691 100,615 Unamortized discounts, premiums, and deferred debt costs (10,415 ) (11,901 ) Total principal amount of debt instruments, net 327,389 315,239 Less current portion 54,731 55,997 Long-term debt $ 272,658 $ 259,242 Debt Discounts The following discounts on debt represent the unamortized discount to fair value of our Amended and Restated Term Loan Credit Agreement (the "Term Loan Agreement") and the short-term and long-term portions of the fair value discount of capital leases (in thousands): March 31, 2018 December 31, 2017 Unamortized discount on Term Loan $ 8,609 $ 9,187 Unamortized discount on Capital Leases - short-term 1,652 1,657 Unamortized discount on Capital Leases - long-term — 891 Unamortized deferred debt costs 154 166 $ 10,415 $ 11,901 On September 29, 2017, Basic terminated its $75 million credit facility and entered into the New ABL Facility pursuant to (i) a Receivables Transfer Agreement (the “Transfer Agreement”) entered into by and among Basic Energy Services, L.P. (“BES LP”), as the initial originator and Basic Energy Receivables, LLC (the “SPE”), as the transferee and (ii) the Credit and Security Agreement with UBS AG, Stamford Branch, as administrative agent and collateral agent (as amended, the “Credit Agreement”). Under the Transfer Agreement, BES LP will sell or contribute, on an ongoing basis, its accounts receivable and related security and interests in the proceeds thereof (the “Transferred Receivables”) to the SPE. The SPE will finance a portion of its purchase of the accounts receivable through borrowings, on a revolving basis, of up to $100 million (with the ability to request an increase in the size of the New ABL Facility by $50 million ) under the Credit Agreement, and such borrowings will be secured by the accounts receivable. The SPE will finance its purchase of the remaining portion of the accounts receivable by issuing subordinated promissory notes to BES LP and/or by contributing the remaining portion of the accounts receivables in exchange for equity in the SPE in the amount of the purchase price of the receivable not paid in cash. BES LP will be responsible for the servicing, administration and collection of the accounts receivable, with all collections going into lockbox accounts. The Company has provided a customary guaranty of performance to the administrative agent with respect to certain obligations of BES LP and any successor servicer under the New ABL Facility. In connection with entering into the New ABL Facility, on September 29, 2017, the Company amended the Term Loan Agreement to permit, among other things, (i) the acquisition of the Transferred Receivables by the SPE pursuant to the Transfer Agreement, free and clear of the liens under the Term Loan Agreement and (ii) the transactions contemplated under each of the Transfer Agreement and Credit Agreement. The Company consolidates the foregoing entities, and all intercompany activity is eliminated upon consolidation. On October 27, 2017, the Company entered into Amendment No. 1 ("Amendment No. 1") to the New ABL Facility. Among other things, Amendment No. 1 (i) increased the aggregate commitments under the Credit Agreement from $100 million to $120 million , (ii) appointed CIT Bank, N.A. to serve as syndication agent and (iii) added new lenders and amended the commitment schedule to the Credit Agreement. On April 11, 2018, the Company entered into Amendment No. 2 (“Amendment No. 2”) to the New ABL Facility. Among other things, Amendment No. 2 (i) increased the aggregate commitments under the Credit Agreement from $120 million to $150 million and (ii) added Morgan Stanley Senior Funding, Inc. as a lender and amended the commitment schedule to the Credit Agreement to reflect the same. As of March 31, 2018 , Basic had $44.0 million of letters of credit outstanding secured by restricted cash borrowed under the New ABL Facility. Basic had borrowings under the New ABL Facility of $85.0 million as of March 31, 2018, giving Basic $0.5 million of available borrowing capacity under the New ABL Facility. Basic’s interest expense consisted of the following (in thousands): Three Months Ended March 31, 2018 2017 Cash payments for interest $ 8,578 $ 1,268 Commitment and other fees paid 809 17 Amortization of debt issuance costs and discounts 1,651 1,560 Change in accrued interest 221 6,242 Other 24 22 $ 11,283 $ 9,109 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following is a summary of the carrying amounts, net of discounts, and estimated fair values of our financial instruments as of March 31, 2018 and December 31, 2017 : Fair Value March 31, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Term Loan 3 $ 153,504 $ 161,583 $ 153,338 $ 162,052 The fair value of the Term Loan Agreement is based upon our discounted cash flows model using a third-party discount rate. The carrying amount of our New ABL Facility approximates fair value due to its variable-rate characteristics. The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, capital leases, accounts payable and accrued expenses approximate fair value due to the short maturities of these instruments. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 with the laws and regulations. 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 $5.0 million , $1.0 million , $1.0 million , and $425,000 , 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, 2018 and December 31, 2017 , self-insured risk accruals totaled approximately $30.4 million , net of $898,000 receivable for medical and dental coverage, and $30.3 million , net of $971,000 receivable for medical and dental coverage, respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Common Stock In February 2018, Basic granted certain members of management 203,625 performance-based restricted stock units and 203,625 restricted stock units, which each vest over a three -year period. Treasury Stock Basic has acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of certain restricted stock units and awards. Basic acquired a total of 77,431 shares of common stock through net share settlements during the first three months of 2018 and issued 8,094 shares from treasury stock for accelerated vestings and stock grants in the first three months of 2018. Basic acquired 1,032 shares of common stock through net share settlements during the first three months of 2017 . |
Incentive Plan
Incentive Plan | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Plan | Incentive Plan The following table reflects compensation activity related to the management incentive plan for the three -month period ending March 31, 2018 (dollar amounts in thousands): Compensation expense for three months ended March 31, 2018 Compensation expense for three months ended March 31, 2017 Unrecognized compensation expense Weighted average remaining life Fair value of share based awards vested Restricted stock awards and restricted stock units $ 5,732 $ 3,616 $ 32,223 2.0 $ 4,882 Stock options $ 1,066 $ 832 $ 7,125 8.8 $ — Stock Option Awards The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Stock options granted under the Company's management incentive plan expire ten years from the date they are granted, and vest over a three -year service period. The following table reflects changes during the three -month period and a summary of stock options outstanding at March 31, 2018 : Weighted Average Weighted Remaining Aggregate Number of Average Contractual Intrinsic Options Exercise Term Value Granted Price (Years) (000's) Non-statutory stock options: Outstanding, beginning of period 654,016 $ 39.23 Options granted — — Options forfeited — — Options exercised — — Outstanding, end of period 654,016 $ 39.23 8.8 $ — Exercisable, end of period 222,354 $ 39.23 8.8 $ — Vested or expected to vest, end of period 431,662 $ 39.23 8.8 $ — There were no stock options exercised during the three months ended March 31, 2018 and 2017 . Restricted Stock Unit Awards A summary of the status of Basic’s non-vested restricted stock units at March 31, 2018 and changes during the three months ended March 31, 2018 are presented in the following table: Weighted Average Number of Grant Date Fair Non-vested Units Shares Value Per Share Non-vested at beginning of period 1,097,010 $ 36.35 Granted during period 407,250 16.02 Vested during period (284,904 ) 36.21 Forfeited during period — — Non-vested at end of period 1,219,356 $ 29.59 Phantom Stock Awards On February 8, 2018, the Compensation Committee approved grants of phantom restricted stock awards to certain key employees. Phantom shares are recorded as a liability at their current market value and are included in other current liabilities. The number of phantom shares issued on February 8, 2018 was 82,170 . These grants remain subject to vesting annually in one-third increments over a three -year period, with the first portion vesting on March 15, 2019, and are subject to accelerated vesting in certain circumstances. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Basic had receivables from employees of approximately $25,000 and $22,000 as of March 31, 2018 and December 31, 2017 , respectively. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | Revenues Our revenues are generated by services, which are consumed as provided by our customers on their sites. As a decentralized organization, contracts for our services are negotiated on a regional level and are on a per job basis, with jobs being completed in a short period of time, usually one day or up to a week. Revenue is recognized as performance obligations have been completed on a daily basis either as Accounts Receivable or Work-in-Process ("WIP"), when all of the proper approvals are obtained. A small percentage of our jobs may require performance obligations which extend over a longer period of time and are not invoiced until all performances obligations in the contract are complete, such as, drilling or plugging a well, fishing services, and pad site preparation jobs. Because these jobs are performed on the customer's job site, and we are contractually entitled to bill for our services performed to date, revenues for these service lines are recognized on a daily basis as services are performed and recorded as Contract Assets rather than a WIP or Accounts Receivable. Contract Assets are typically invoiced within 30 to 60 days of recognizing revenue. As of March 31, 2018, accounts receivable related to products and services were $156.2 million . At March 31, 2018 and December 31, 2017, the Company had $2.8 million and $2.4 million of contract assets, respectively, and had no contract liabilities or deferred contract costs recorded on the consolidated balance sheet. Basic does not have any long-term service contracts; nor do we have revenue expected to be recognized in any future year related to remaining performance obligations or contracts with variable consideration related to undelivered performance obligations. The following table sets forth certain financial information with respect to Basic’s disaggregation of revenues by geographic location and type (in thousands): Reportable Segments Completion & Remedial Services Well Servicing Water Logistics Contract Drilling Total Three Months Ended March 31, 2018 Primary Geographical Markets Permian Basin $ 38,166 $ 27,013 $ 30,588 $ 3,156 $ 98,923 Texas Gulf Coast 809 7,315 8,874 — 16,998 ArkLaTex & Mid-Continent 49,300 11,219 10,706 — 71,225 Rocky Mountain 29,789 6,224 7,776 — 43,789 Eastern USA 1,690 2,185 — — 3,875 West Coast — 6,449 — — 6,449 Corporate (Intercompany) (2,157 ) (2,868 ) (1,435 ) (134 ) (6,594 ) Total $ 117,597 $ 57,537 $ 56,509 $ 3,022 $ 234,665 Major Products/service lines Pumping Equipment $ 72,810 $ — $ — $ — $ 72,810 Well Servicing — 48,536 — — 48,536 Transport/Vacuum — — 35,245 — 35,245 Coiled Tubing 19,980 — — — 19,980 RAFT 20,782 — — — 20,782 Plugging — 6,013 — — 6,013 Production and Disposal Facilities — — 5,651 — 5,651 Hot Oiler — — 5,385 — 5,385 Other 4,025 2,988 10,228 3,022 20,263 Total $ 117,597 $ 57,537 $ 56,509 $ 3,022 $ 234,665 Timing of revenue recognition Products and services transferred over time 117,597 57,537 56,509 3,022 234,665 Total $ 117,597 $ 57,537 $ 56,509 $ 3,022 $ 234,665 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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, 2018 2017 (Unaudited) Numerator (both basic and diluted): Net loss $ (30,531 ) $ (38,626 ) Denominator: Denominator for basic loss per share 26,336,044 25,999,383 Basic loss per common share: $ (1.16 ) $ (1.49 ) Diluted loss per common share: $ (1.16 ) $ (1.49 ) Stock options and warrants of 2,720,640 were excluded from the computation of diluted loss per share for the three months ended March 31, 2018 because the effect would have been anti-dilutive. Unvested restricted shares of 3,536 were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2018 , because the effect would have been anti-dilutive. Unvested stock options and warrants of 1,335,532 were excluded from the computation of diluted loss per share for the three months ended March 31, 2017 , as the effect would have been anti-dilutive. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The following table sets forth certain financial information with respect to Basic’s reportable segments (in thousands): Completion and Remedial Well Water Contract Corporate Services Servicing Logistics Drilling and Other Total Three Months Ended March 30, 2018 (Unaudited) Operating revenues $ 117,597 57,537 56,509 3,022 — $ 234,665 Direct operating costs (89,659 ) (48,191 ) (40,923 ) (2,543 ) — (181,316 ) Segment profits $ 27,938 9,346 15,586 479 — $ 53,349 Depreciation and amortization $ 14,260 5,772 7,726 420 2,057 $ 30,235 Capital expenditures (excluding acquisitions) $ 11,517 6,705 2,189 407 433 $ 21,251 Identifiable assets $ 255,067 110,413 123,599 6,676 315,810 $ 811,565 Three Months Ended March 30, 2017 (Unaudited) Operating revenues $ 80,431 48,619 50,206 2,763 — $ 182,019 Direct operating costs (67,252 ) (40,916 ) (41,538 ) (2,408 ) — (152,114 ) Segment profits $ 13,179 7,703 8,668 355 — $ 29,905 Depreciation and amortization $ 11,766 4,596 6,527 626 1,898 $ 25,413 Capital expenditures (excluding acquisitions) $ 32,209 8,378 7,421 53 243 $ 48,304 Identifiable assets $ 256,278 108,013 131,698 12,560 260,728 $ 769,277 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, 2018 2017 Segment profits $ 53,349 $ 29,905 General and administrative expenses (40,978 ) (34,205 ) Depreciation and amortization (30,235 ) (25,413 ) Gain (loss) on disposal of assets (1,779 ) 467 Operating loss $ (19,643 ) $ (29,246 ) |
Supplemental Schedule of Cash F
Supplemental Schedule of Cash Flow Information | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Schedule of Cash Flow Information | Supplemental Schedule of Cash Flow Information The following table reflects non-cash financing and investing activity during the following periods: Three Months Ended March 31, 2018 2017 (In thousands) Capital leases and notes issued for equipment $ 3,321 $ 22,374 Asset retirement obligation additions (retirements) (58 ) — Change in accrued property and equipment 2,518 — Basic paid no income taxes during the three months ended March 31, 2018 and 2017 . Basic paid interest of approximately $8.6 million and $1.3 million during the three months ended March 31, 2018 and 2017 , respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2014-09 - “ Revenue from Contracts with Customers (Topic 606)" represents a comprehensive revenue recognition standard to supersede existing revenue recognition guidance and align GAAP more closely with International Financial Reporting Standards (IFRS). The core principle of the new guidance is that a company should recognize revenue to match the delivery of goods or services to customers to the consideration the company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of revenue and cash flows arising from contracts with customers. The standard allows for two transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented subject to certain practical expedients, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, and which includes additional disclosures regarding the change in accounting principle in the current period. We have adopted the standard effective January 1, 2018 using the modified retrospective method. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the three months ended March 31, 2018. The Company has included the disclosures required by ASU 2014-09 above. In February 2016, the FASB issued ASU 2016-02 - “ Leases (Topic 842). ” The purpose of this update 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 expects to recognize additional right-of-use assets and liabilities related to operating leases with terms longer than one year. At March 31, 2018, Basic had operating leases with terms longer than one year of $11.3 million . In November 2016 the FASB issued ASU 2016-18- "Statement of Cash Flows (Topic 230): Restricted Cash," which clarifies the treatment of cash inflows into and cash payments from restricted cash. Restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU should be applied using a retrospective transition method and are effective for reporting periods beginning after December 15, 2017. Basic began presenting cash flows under this standard as of March 31, 2018 and retrospectively for all periods presented. See Note 2, "Cash, Cash Equivalents and Restricted Cash" for disclosures. |
Basis of Presentation and Nat23
Basis of Presentation and Nature of Operations (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [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 notes 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . 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. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Basic our wholly owned subsidiaries and our variable interest entity for which we hold a majority voting interest. All intercompany transactions and balances have been eliminated. |
Estimates, Risks and Uncertainties | Estimates, Risks 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, liabilities, revenue, and expenses. Critical accounting estimates are those in which significant judgment is used, and the impact of any changes in estimates would have a significant effect on our consolidated financial statements. Actual results and outcomes may vary from management's estimates and assumptions. Areas where critical accounting estimates are made by management include litigation and self-insured risk reserves. |
Recent Accounting Pronouncements | ASU 2014-09 - “ Revenue from Contracts with Customers (Topic 606)" represents a comprehensive revenue recognition standard to supersede existing revenue recognition guidance and align GAAP more closely with International Financial Reporting Standards (IFRS). The core principle of the new guidance is that a company should recognize revenue to match the delivery of goods or services to customers to the consideration the company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of revenue and cash flows arising from contracts with customers. The standard allows for two transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented subject to certain practical expedients, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, and which includes additional disclosures regarding the change in accounting principle in the current period. We have adopted the standard effective January 1, 2018 using the modified retrospective method. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the three months ended March 31, 2018. The Company has included the disclosures required by ASU 2014-09 above. In February 2016, the FASB issued ASU 2016-02 - “ Leases (Topic 842). ” The purpose of this update 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 expects to recognize additional right-of-use assets and liabilities related to operating leases with terms longer than one year. At March 31, 2018, Basic had operating leases with terms longer than one year of $11.3 million . In November 2016 the FASB issued ASU 2016-18- "Statement of Cash Flows (Topic 230): Restricted Cash," which clarifies the treatment of cash inflows into and cash payments from restricted cash. Restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU should be applied using a retrospective transition method and are effective for reporting periods beginning after December 15, 2017. Basic began presenting cash flows under this standard as of March 31, 2018 and retrospectively for all periods presented. See Note 2, "Cash, Cash Equivalents and Restricted Cash" for disclosures. |
Cash, Cash Equivalents and Re24
Cash, Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of cash flows (in thousands): March 31, 2018 2017 Cash and cash equivalents $ 33,831 $ 50,640 Restricted cash 47,727 2,431 Total cash, cash equivalents and restricted cash $ 81,558 $ 53,071 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): March 31, 2018 December 31, 2017 Land $ 21,226 $ 21,217 Buildings and improvements 40,111 40,043 Well service units and equipment 117,876 113,657 Frac equipment/test tanks 116,797 111,172 Pumping equipment 119,318 116,127 Water logistics equipment 79,520 79,711 Disposal facilities 51,979 51,363 Rental equipment 35,179 34,643 Light vehicles 21,504 19,869 Contract drilling equipment 11,367 10,967 Software 833 817 Other 4,123 4,092 Construction equipment 2,374 2,338 Brine and fresh water stations 2,681 2,704 624,888 608,720 Less accumulated depreciation and amortization 133,622 106,141 Property and equipment, net $ 491,266 $ 502,579 |
Property and Equipment and Related Accumulated Amortization Under Capital Leases | The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consists of the following (in thousands): March 31, 2018 December 31, 2017 Pumping equipment $ 56,578 $ 56,225 Water logistics equipment 39,189 40,097 Light vehicles 13,895 12,160 Contract drilling equipment 783 783 Well service units and equipment 141 262 Construction equipment 378 378 110,964 109,905 Less accumulated amortization 24,793 18,445 Property and equipment under capital lease, net $ 86,171 $ 91,460 |
Capital Lease Amortization Expense | Amortization of assets held under capital leases is included in depreciation and amortization expense in the consolidated statements of operations. Amortization amounts consisted of the following (in thousands): Three Months Ended March 31, 2018 2017 Lease amortization expense $ 7,100 $ 3,700 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Basic’s intangible assets were as follows (in thousands): March 31, 2018 December 31, 2017 Trade names $ 3,410 $ 3,410 Other intangible assets 48 48 $ 3,458 $ 3,458 Less accumulated amortization 297 237 Intangible assets subject to amortization, net $ 3,161 $ 3,221 |
Amortization Expense | Amortization expense of intangible assets for the three months ended March 31, 2018 and 2017 was as follows: Three Months Ended March 31, 2018 2017 Intangible amortization expense $ 60.0 $ 59.0 |
Long-Term Debt and Interest E27
Long-Term Debt and Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following (in thousands): March 31, 2018 December 31, 2017 Credit facilities: Term Loan $ 162,113 $ 162,525 New ABL Facility 85,000 64,000 Capital leases and other notes 90,691 100,615 Unamortized discounts, premiums, and deferred debt costs (10,415 ) (11,901 ) Total principal amount of debt instruments, net 327,389 315,239 Less current portion 54,731 55,997 Long-term debt $ 272,658 $ 259,242 |
Unamortized Discounts on Debt | The following discounts on debt represent the unamortized discount to fair value of our Amended and Restated Term Loan Credit Agreement (the "Term Loan Agreement") and the short-term and long-term portions of the fair value discount of capital leases (in thousands): March 31, 2018 December 31, 2017 Unamortized discount on Term Loan $ 8,609 $ 9,187 Unamortized discount on Capital Leases - short-term 1,652 1,657 Unamortized discount on Capital Leases - long-term — 891 Unamortized deferred debt costs 154 166 $ 10,415 $ 11,901 |
Interest Expense | Basic’s interest expense consisted of the following (in thousands): Three Months Ended March 31, 2018 2017 Cash payments for interest $ 8,578 $ 1,268 Commitment and other fees paid 809 17 Amortization of debt issuance costs and discounts 1,651 1,560 Change in accrued interest 221 6,242 Other 24 22 $ 11,283 $ 9,109 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Fair Value of Financial Instruments | The following is a summary of the carrying amounts, net of discounts, and estimated fair values of our financial instruments as of March 31, 2018 and December 31, 2017 : Fair Value March 31, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Term Loan 3 $ 153,504 $ 161,583 $ 153,338 $ 162,052 |
Incentive Plan (Tables)
Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation Activity Related to the Management Incentive Plan | The following table reflects compensation activity related to the management incentive plan for the three -month period ending March 31, 2018 (dollar amounts in thousands): Compensation expense for three months ended March 31, 2018 Compensation expense for three months ended March 31, 2017 Unrecognized compensation expense Weighted average remaining life Fair value of share based awards vested Restricted stock awards and restricted stock units $ 5,732 $ 3,616 $ 32,223 2.0 $ 4,882 Stock options $ 1,066 $ 832 $ 7,125 8.8 $ — |
Summary of Stock Options Outstanding | The following table reflects changes during the three -month period and a summary of stock options outstanding at March 31, 2018 : Weighted Average Weighted Remaining Aggregate Number of Average Contractual Intrinsic Options Exercise Term Value Granted Price (Years) (000's) Non-statutory stock options: Outstanding, beginning of period 654,016 $ 39.23 Options granted — — Options forfeited — — Options exercised — — Outstanding, end of period 654,016 $ 39.23 8.8 $ — Exercisable, end of period 222,354 $ 39.23 8.8 $ — Vested or expected to vest, end of period 431,662 $ 39.23 8.8 $ — |
Summary of Non-Vested Restricted Stock Units | A summary of the status of Basic’s non-vested restricted stock units at March 31, 2018 and changes during the three months ended March 31, 2018 are presented in the following table: Weighted Average Number of Grant Date Fair Non-vested Units Shares Value Per Share Non-vested at beginning of period 1,097,010 $ 36.35 Granted during period 407,250 16.02 Vested during period (284,904 ) 36.21 Forfeited during period — — Non-vested at end of period 1,219,356 $ 29.59 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue | The following table sets forth certain financial information with respect to Basic’s disaggregation of revenues by geographic location and type (in thousands): Reportable Segments Completion & Remedial Services Well Servicing Water Logistics Contract Drilling Total Three Months Ended March 31, 2018 Primary Geographical Markets Permian Basin $ 38,166 $ 27,013 $ 30,588 $ 3,156 $ 98,923 Texas Gulf Coast 809 7,315 8,874 — 16,998 ArkLaTex & Mid-Continent 49,300 11,219 10,706 — 71,225 Rocky Mountain 29,789 6,224 7,776 — 43,789 Eastern USA 1,690 2,185 — — 3,875 West Coast — 6,449 — — 6,449 Corporate (Intercompany) (2,157 ) (2,868 ) (1,435 ) (134 ) (6,594 ) Total $ 117,597 $ 57,537 $ 56,509 $ 3,022 $ 234,665 Major Products/service lines Pumping Equipment $ 72,810 $ — $ — $ — $ 72,810 Well Servicing — 48,536 — — 48,536 Transport/Vacuum — — 35,245 — 35,245 Coiled Tubing 19,980 — — — 19,980 RAFT 20,782 — — — 20,782 Plugging — 6,013 — — 6,013 Production and Disposal Facilities — — 5,651 — 5,651 Hot Oiler — — 5,385 — 5,385 Other 4,025 2,988 10,228 3,022 20,263 Total $ 117,597 $ 57,537 $ 56,509 $ 3,022 $ 234,665 Timing of revenue recognition Products and services transferred over time 117,597 57,537 56,509 3,022 234,665 Total $ 117,597 $ 57,537 $ 56,509 $ 3,022 $ 234,665 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss 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, 2018 2017 (Unaudited) Numerator (both basic and diluted): Net loss $ (30,531 ) $ (38,626 ) Denominator: Denominator for basic loss per share 26,336,044 25,999,383 Basic loss per common share: $ (1.16 ) $ (1.49 ) Diluted loss per common share: $ (1.16 ) $ (1.49 ) |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Financial Information with Respect to Reportable Segments | The following table sets forth certain financial information with respect to Basic’s reportable segments (in thousands): Completion and Remedial Well Water Contract Corporate Services Servicing Logistics Drilling and Other Total Three Months Ended March 30, 2018 (Unaudited) Operating revenues $ 117,597 57,537 56,509 3,022 — $ 234,665 Direct operating costs (89,659 ) (48,191 ) (40,923 ) (2,543 ) — (181,316 ) Segment profits $ 27,938 9,346 15,586 479 — $ 53,349 Depreciation and amortization $ 14,260 5,772 7,726 420 2,057 $ 30,235 Capital expenditures (excluding acquisitions) $ 11,517 6,705 2,189 407 433 $ 21,251 Identifiable assets $ 255,067 110,413 123,599 6,676 315,810 $ 811,565 Three Months Ended March 30, 2017 (Unaudited) Operating revenues $ 80,431 48,619 50,206 2,763 — $ 182,019 Direct operating costs (67,252 ) (40,916 ) (41,538 ) (2,408 ) — (152,114 ) Segment profits $ 13,179 7,703 8,668 355 — $ 29,905 Depreciation and amortization $ 11,766 4,596 6,527 626 1,898 $ 25,413 Capital expenditures (excluding acquisitions) $ 32,209 8,378 7,421 53 243 $ 48,304 Identifiable assets $ 256,278 108,013 131,698 12,560 260,728 $ 769,277 |
Reconciliation of Segment Profits to Consolidated Operating Loss | 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, 2018 2017 Segment profits $ 53,349 $ 29,905 General and administrative expenses (40,978 ) (34,205 ) Depreciation and amortization (30,235 ) (25,413 ) Gain (loss) on disposal of assets (1,779 ) 467 Operating loss $ (19,643 ) $ (29,246 ) |
Supplemental Schedule of Cash33
Supplemental Schedule of Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Non-Cash Financing and Investing Activity | The following table reflects non-cash financing and investing activity during the following periods: Three Months Ended March 31, 2018 2017 (In thousands) Capital leases and notes issued for equipment $ 3,321 $ 22,374 Asset retirement obligation additions (retirements) (58 ) — Change in accrued property and equipment 2,518 — |
Basis of Presentation and Nat34
Basis of Presentation and Nature of Operations (Details) - USD ($) | Apr. 11, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 27, 2017 | Sep. 29, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||||||
Cash and cash equivalents | $ 33,831,000 | $ 38,520,000 | $ 50,640,000 | |||
Restricted cash | 47,727,000 | 47,703,000 | $ 2,431,000 | |||
Total liquidity | 34,300,000 | |||||
New ABL Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 120,000,000 | $ 120,000,000 | $ 100,000,000 | |||
Line of credit borrowings | $ 85,000,000 | $ 64,000,000 | ||||
New ABL Facility | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 150,000,000 |
Cash, Cash Equivalents and Re35
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 33,831 | $ 38,520 | $ 50,640 | |
Restricted cash | 47,727 | 47,703 | 2,431 | |
Total cash, cash equivalents and restricted cash | $ 81,558 | $ 86,223 | $ 53,071 | $ 101,304 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 624,888 | $ 608,720 |
Less accumulated depreciation and amortization | 133,622 | 106,141 |
Property and equipment, net | 491,266 | 502,579 |
Land | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 21,226 | 21,217 |
Buildings and improvements | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 40,111 | 40,043 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 117,876 | 113,657 |
Frac equipment/test tanks | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 116,797 | 111,172 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 119,318 | 116,127 |
Water logistics equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 79,520 | 79,711 |
Disposal facilities | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 51,979 | 51,363 |
Rental equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 35,179 | 34,643 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 21,504 | 19,869 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 11,367 | 10,967 |
Software | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 833 | 817 |
Other | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,123 | 4,092 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,374 | 2,338 |
Brine and fresh water stations | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,681 | $ 2,704 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Capital lease obligation period | 5 years |
Property and Equipment - Prop38
Property and Equipment - Property and Equipment and Related Accumulated Amortization Under Capital Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $ 110,964 | $ 109,905 |
Less accumulated amortization | 24,793 | 18,445 |
Property and equipment under capital lease, net | 86,171 | 91,460 |
Pumping equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 56,578 | 56,225 |
Water logistics equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 39,189 | 40,097 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 13,895 | 12,160 |
Contract drilling equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 783 | 783 |
Well service units and equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | 141 | 262 |
Construction equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property, plant and equipment under capital lease, gross | $ 378 | $ 378 |
Property and Equipment - Amorti
Property and Equipment - Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Lease amortization expense | $ 7,100 | $ 3,700 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 3,458 | $ 3,458 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 3,410 | $ 3,410 |
Amortization period of intangible assets | 15 years |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 3,458 | $ 3,458 |
Less accumulated amortization | 297 | 237 |
Intangible assets subject to amortization, net | 3,161 | 3,221 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 3,410 | 3,410 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 48 | $ 48 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expense | $ 60,000 | $ 59,000 |
Long-Term Debt and Interest E43
Long-Term Debt and Interest Expense - Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Capital leases and other notes | $ 90,691 | $ 100,615 |
Unamortized discounts, premiums, and deferred debt costs | (10,415) | (11,901) |
Total principal amount of debt instruments, net | 327,389 | 315,239 |
Less current portion | 54,731 | 55,997 |
Long-term debt | 272,658 | 259,242 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 162,113 | 162,525 |
New ABL Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 85,000 | $ 64,000 |
Long-Term Debt and Interest E44
Long-Term Debt and Interest Expense - Unamortized Discounts (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Unamortized deferred debt costs | $ 154 | $ 166 |
Unamortized discounts and deferred debt costs | 10,415 | 11,901 |
Capital Leases - Short-term | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 1,652 | 1,657 |
Capital Leases - Long-term | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0 | 891 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 8,609 | $ 9,187 |
Long-Term Debt and Interest E45
Long-Term Debt and Interest Expense - Narrative (Details) - USD ($) | Apr. 11, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 27, 2017 | Sep. 29, 2017 |
Modified Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 75,000,000 | ||||
New ABL Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 120,000,000 | $ 120,000,000 | 100,000,000 | ||
Potential Increase of A/R revolver facility | $ 50,000,000 | ||||
Letters of credit outstanding | 44,000,000 | ||||
Long-term debt, gross | 85,000,000 | $ 64,000,000 | |||
Available borrowing capacity | $ 500,000 | ||||
New ABL Facility | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 150,000,000 |
Long-Term Debt and Interest E46
Long-Term Debt and Interest Expense - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Debt Disclosure [Abstract] | ||
Cash payments for interest | $ 8,578 | $ 1,268 |
Commitment and other fees paid | 809 | 17 |
Amortization of debt issuance costs and discounts | 1,651 | 1,560 |
Change in accrued interest | 221 | 6,242 |
Other | 24 | 22 |
Total interest expense | $ 11,283 | $ 9,109 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value Hierarchy, Level 3 - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Term Loan | $ 153,504 | $ 153,338 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Term Loan | $ 161,583 | $ 162,052 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [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 coverage | 425,000 | |
Self-insured risk accruals | 30,400,000 | $ 30,300,000 |
Medical and dental coverage receivable | $ 898,000 | $ 971,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted (in shares) | 407,250 | ||
Treasury shares acquired (in shares) | 77,431 | 1,032 | |
Shares issued from treasury stock (in shares) | 8,094 | ||
Performance Based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted (in shares) | 203,625 | ||
Share-based payment vesting period | 3 years | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted (in shares) | 203,625 | ||
Share-based payment vesting period | 3 years |
Incentive Plan - Compensation A
Incentive Plan - Compensation Activity Related to the Management Incentive Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Restricted stock awards and restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 5,732 | $ 3,616 |
Unrecognized compensation expense | $ 32,223 | |
Weighted average remaining life | 1 year 11 months 26 days | |
Fair value of share based awards vested | $ 4,882 | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 1,066 | $ 832 |
Unrecognized compensation expense | $ 7,125 | |
Weighted average remaining life | 8 years 9 months 29 days | |
Fair value of share based awards vested | $ 0 |
Incentive Plan - Narrative (Det
Incentive Plan - Narrative (Details) - shares | Feb. 08, 2018 | Mar. 15, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercised (in shares) | 0 | 0 | ||
Granted during period (in shares) | 407,250 | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options expiration period | 10 years | |||
Vesting period | 3 years | |||
Phantom Restricted Stock Awards | March, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Shares issued (in shares) | 82,170 | |||
Phantom Restricted Stock Awards | March, 2017 | Vesting Period One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Phantom Restricted Stock Awards | March, 2017 | Vesting Period Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Phantom Restricted Stock Awards | March, 2017 | Vesting Period Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% |
Incentive Plan - Summary of Sto
Incentive Plan - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Number of Options Granted | ||
Outstanding, beginning of period (in shares) | 654,016 | |
Options granted (in shares) | 0 | |
Options forfeited (in shares) | 0 | |
Options exercised (in shares) | 0 | 0 |
Outstanding, end of period (in shares) | 654,016 | |
Exercisable, end of period, number of options granted (in shares) | 222,354 | |
Vested or expected to vest, end of period, number of options granted (in shares) | 431,662 | |
Weighted Average Exercise Price | ||
Outstanding, beginning of period (dollars per share) | $ 39.23 | |
Options granted (dollars per share) | 0 | |
Options forfeited (dollars per share) | 0 | |
Options exercised (dollars per share) | 0 | |
Outstanding, end of period (dollars per share) | 39.23 | |
Exercisable, end of period (dollars per share) | 39.23 | |
Vested or expected to vest, end of period (dollars per share) | $ 39.23 | |
Weighted Average Remaining Contractual Term | ||
Outstanding, end of period | 8 years 9 months 29 days | |
Exercisable, end of period | 8 years 9 months 29 days | |
Vested or expected to vest, end of period | 8 years 9 months 29 days | |
Aggregate Intrinsic Value | ||
Outstanding, end of period | $ 0 | |
Exercisable, end of period | 0 | |
Vested or expected to vest, end of period | $ 0 |
Incentive Plan - Summary of Non
Incentive Plan - Summary of Non-Vested Stock Units (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of Shares | |
Nonvested at beginning of period (in shares) | shares | 1,097,010 |
Granted during period (in shares) | shares | 407,250 |
Vested during period (in shares) | shares | (284,904) |
Forfeited during period (in shares) | shares | 0 |
Nonvested at end of period (in shares) | shares | 1,219,356 |
Weighted Average Grant Date Fair Value Per Share | |
Nonvested at beginning of period (dollars per share) | $ / shares | $ 36.35 |
Granted during period (dollars per share) | $ / shares | 16.02 |
Vested during period (dollars per share) | $ / shares | 36.21 |
Forfeited during period (dollars per share) | $ / shares | 0 |
Nonvested at end of period (dollars per share) | $ / shares | $ 29.59 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Related Party Transactions [Abstract] | ||
Receivables from employees | $ 25 | $ 22 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Revenue From Contract With Customer [Abstract] | ||
Accounts receivable | $ 156,218,000 | $ 148,444,000 |
Contract assets | 2,800,000 | 2,400,000 |
Contract liabilities | 0 | 0 |
Deferred contract costs | $ 0 | $ 0 |
Revenues Revenues - Disaggregat
Revenues Revenues - Disaggregation of Revenues (Details) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | $ 234,665 |
Products and services transferred over time | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 234,665 |
Frac Equipment | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 72,810 |
Well Servicing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 48,536 |
Transport/Vaccuum | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 35,245 |
Coiled Tubing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 19,980 |
Rental Tool Revenue | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 20,782 |
Plugging | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 6,013 |
Production and Disposal Facilities | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 5,651 |
Hot Oiler | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 5,385 |
Other | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 20,263 |
Permian Basin | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 98,923 |
Texas Gulf Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 16,998 |
ArkLaTex & Mid-Continent | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 71,225 |
Rocky Mountain | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 43,789 |
Eastern USA | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 3,875 |
West Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 6,449 |
Corporate | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | (6,594) |
Completion and Remedial Services | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 117,597 |
Completion and Remedial Services | Products and services transferred over time | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 117,597 |
Completion and Remedial Services | Frac Equipment | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 72,810 |
Completion and Remedial Services | Well Servicing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Completion and Remedial Services | Transport/Vaccuum | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Completion and Remedial Services | Coiled Tubing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 19,980 |
Completion and Remedial Services | Rental Tool Revenue | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 20,782 |
Completion and Remedial Services | Plugging | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Completion and Remedial Services | Production and Disposal Facilities | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Completion and Remedial Services | Hot Oiler | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Completion and Remedial Services | Other | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 4,025 |
Completion and Remedial Services | Permian Basin | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 38,166 |
Completion and Remedial Services | Texas Gulf Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 809 |
Completion and Remedial Services | ArkLaTex & Mid-Continent | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 49,300 |
Completion and Remedial Services | Rocky Mountain | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 29,789 |
Completion and Remedial Services | Eastern USA | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 1,690 |
Completion and Remedial Services | West Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Completion and Remedial Services | Corporate | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | (2,157) |
Water Logistics | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 57,537 |
Water Logistics | Products and services transferred over time | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 57,537 |
Water Logistics | Frac Equipment | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Water Logistics | Well Servicing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 48,536 |
Water Logistics | Transport/Vaccuum | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Water Logistics | Coiled Tubing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Water Logistics | Rental Tool Revenue | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Water Logistics | Plugging | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 6,013 |
Water Logistics | Production and Disposal Facilities | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Water Logistics | Hot Oiler | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Water Logistics | Other | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 2,988 |
Water Logistics | Permian Basin | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 27,013 |
Water Logistics | Texas Gulf Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 7,315 |
Water Logistics | ArkLaTex & Mid-Continent | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 11,219 |
Water Logistics | Rocky Mountain | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 6,224 |
Water Logistics | Eastern USA | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 2,185 |
Water Logistics | West Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 6,449 |
Water Logistics | Corporate | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | (2,868) |
Well Servicing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 56,509 |
Well Servicing | Products and services transferred over time | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 56,509 |
Well Servicing | Frac Equipment | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Well Servicing | Well Servicing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Well Servicing | Transport/Vaccuum | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 35,245 |
Well Servicing | Coiled Tubing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Well Servicing | Rental Tool Revenue | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Well Servicing | Plugging | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Well Servicing | Production and Disposal Facilities | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 5,651 |
Well Servicing | Hot Oiler | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 5,385 |
Well Servicing | Other | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 10,228 |
Well Servicing | Permian Basin | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 30,588 |
Well Servicing | Texas Gulf Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 8,874 |
Well Servicing | ArkLaTex & Mid-Continent | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 10,706 |
Well Servicing | Rocky Mountain | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 7,776 |
Well Servicing | Eastern USA | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Well Servicing | West Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Well Servicing | Corporate | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | (1,435) |
Contract Drilling | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 3,022 |
Contract Drilling | Products and services transferred over time | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 3,022 |
Contract Drilling | Frac Equipment | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Well Servicing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Transport/Vaccuum | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Coiled Tubing | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Rental Tool Revenue | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Plugging | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Production and Disposal Facilities | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Hot Oiler | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Other | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 3,022 |
Contract Drilling | Permian Basin | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 3,156 |
Contract Drilling | Texas Gulf Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | ArkLaTex & Mid-Continent | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Rocky Mountain | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Eastern USA | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | West Coast | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | 0 |
Contract Drilling | Corporate | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |
Revenues | $ (134) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator (both basic and diluted): | ||
Net loss | $ (30,531) | $ (38,626) |
Denominator: | ||
Denominator for basic loss per share (in shares) | 26,336,044 | 25,999,383 |
Basic loss per common share (in dollars per share) | $ (1.16) | $ (1.49) |
Diluted loss per common share (in dollars per share) | $ (1.16) | $ (1.49) |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares | 2,720,640 | 1,335,532 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares | 2,720,640 | 1,335,532 |
Restricted stock awards and restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares | 3,536 |
Business Segment Information -
Business Segment Information - Financial Information with Respect to Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 234,665 | $ 182,019 | |
Direct operating costs | (181,316) | (152,114) | |
Segment profits | 53,349 | 29,905 | |
Depreciation and amortization | 30,235 | 25,413 | |
Capital expenditures (excluding acquisitions) | 21,251 | 48,304 | |
Identifiable assets | 811,565 | 769,277 | $ 820,480 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 0 | |
Direct operating costs | 0 | 0 | |
Segment profits | 0 | 0 | |
Depreciation and amortization | 2,057 | 1,898 | |
Capital expenditures (excluding acquisitions) | 433 | 243 | |
Identifiable assets | 315,810 | 260,728 | |
Completion and Remedial Services | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 117,597 | 80,431 | |
Direct operating costs | (89,659) | (67,252) | |
Completion and Remedial Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 117,597 | 80,431 | |
Direct operating costs | (89,659) | (67,252) | |
Segment profits | 27,938 | 13,179 | |
Depreciation and amortization | 14,260 | 11,766 | |
Capital expenditures (excluding acquisitions) | 11,517 | 32,209 | |
Identifiable assets | 255,067 | 256,278 | |
Well Servicing | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 57,537 | 48,619 | |
Direct operating costs | (48,191) | (40,916) | |
Well Servicing | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 57,537 | 48,619 | |
Direct operating costs | (48,191) | (40,916) | |
Segment profits | 9,346 | 7,703 | |
Depreciation and amortization | 5,772 | 4,596 | |
Capital expenditures (excluding acquisitions) | 6,705 | 8,378 | |
Identifiable assets | 110,413 | 108,013 | |
Water Logistics | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 56,509 | 50,206 | |
Direct operating costs | (40,923) | (41,538) | |
Water Logistics | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 56,509 | 50,206 | |
Direct operating costs | (40,923) | (41,538) | |
Segment profits | 15,586 | 8,668 | |
Depreciation and amortization | 7,726 | 6,527 | |
Capital expenditures (excluding acquisitions) | 2,189 | 7,421 | |
Identifiable assets | 123,599 | 131,698 | |
Contract Drilling | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,022 | 2,763 | |
Direct operating costs | (2,543) | (2,408) | |
Contract Drilling | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 3,022 | 2,763 | |
Direct operating costs | (2,543) | (2,408) | |
Segment profits | 479 | 355 | |
Depreciation and amortization | 420 | 626 | |
Capital expenditures (excluding acquisitions) | 407 | 53 | |
Identifiable assets | $ 6,676 | $ 12,560 |
Business Segment Information 60
Business Segment Information - Reconciliation of Segment Profits to Consolidated Operating Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting [Abstract] | ||
Segment profits | $ 53,349 | $ 29,905 |
General and administrative expenses | (40,978) | (34,205) |
Depreciation and amortization | (30,235) | (25,413) |
Gain (loss) on disposal of assets | (1,779) | 467 |
Operating loss | $ (19,643) | $ (29,246) |
Supplemental Schedule of Cash61
Supplemental Schedule of Cash Flow Information - Non-Cash Financing and Investing Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Capital leases and notes issued for equipment | $ 3,321 | $ 22,374 |
Asset retirement obligation additions (retirements) | (58) | 0 |
Change in accrued property and equipment | $ 2,518 | $ 0 |
Supplemental Schedule of Cash62
Supplemental Schedule of Cash Flow Information - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Income taxes paid | $ 0 | $ 0 |
Interest paid | $ 8,578,000 | $ 1,268,000 |
Recent Accounting Pronounceme63
Recent Accounting Pronouncements (Details) $ in Millions | Mar. 31, 2018USD ($) |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Operating lease, right-of-use asset | $ 11.3 |