Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 26, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-32693 | ||
Entity Registrant Name | Basic Energy Services, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 54-2091194 | ||
Entity Address, Address Line One | 801 Cherry Street | ||
Entity Address, Address Line Two | Suite 2100 | ||
Entity Address, City or Town | Fort Worth | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 76102 | ||
City Area Code | 817 | ||
Local Phone Number | 334-4100 | ||
Title of 12(g) Security | Common Stock, $0.01 par value per share* | ||
Trading Symbol | BASX* | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,880,964 | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Common Stock, Shares Outstanding | 24,899,932 | ||
Documents Incorporated by Reference | Portions of the proxy statement for the registrant’s 2021 Annual Meeting of Stockholders (to be filed within 120 days of the close of the registrant’s fiscal year) are incorporated by reference into Part III. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001109189 | ||
Document Fiscal Year Focus | 2020 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation and amortization | $ 52,537 | $ 114,657 |
Goodwill and other long-lived asset impairments | 112,164 | 35,801 |
Acquisition related costs | 21,635 | 0 |
Loss (gain) on disposal of assets | (3,503) | 4,013 |
Nonoperating Income (Expense) [Abstract] | ||
Gain on derivative | 4,866 | 0 |
Loss from continuing operations before income taxes | (253,040) | (91,380) |
Income tax (benefit) expense | (3,832) | 21 |
Loss from continuing operations | (249,208) | (91,401) |
Loss from discontinued operations | (18,967) | (90,497) |
Net loss | $ (268,175) | $ (181,898) |
Earnings Per Share [Abstract] | ||
Loss from continuing operations per share, basic and diluted (in dollars per share) | $ (10) | $ (3.50) |
Loss from discontinued operations per share, basic and diluted (in dollars per share) | (0.76) | (3.46) |
Net loss per share, basic and diluted (in dollars per share) | $ (10.76) | $ (6.96) |
Continuing Operations | ||
Revenues | $ 411,375 | $ 567,250 |
Costs of services, excluding depreciation and amortization | 338,067 | 421,549 |
Selling, general and administrative | 98,048 | 115,464 |
Depreciation and amortization | 52,537 | 69,489 |
Goodwill and other long-lived asset impairments | 118,152 | 8,262 |
Acquisition related costs | 21,635 | 0 |
Loss (gain) on disposal of assets | (6,138) | 2,135 |
Total operating expenses | 622,301 | 616,899 |
Operating loss | (210,926) | (49,649) |
Nonoperating Income (Expense) [Abstract] | ||
Interest expense, net | (46,980) | (42,378) |
Gain on derivative | 4,866 | 0 |
Other income | $ 0 | $ 647 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,902 | $ 36,217 |
Restricted cash | 8,083 | 0 |
Trade accounts receivable, net | 60,351 | 99,739 |
Inventories | 8,716 | 20,262 |
Assets held for sale | 4,383 | 55,149 |
Prepaid expenses and other current assets | 12,010 | 9,021 |
Total current assets | 95,445 | 220,388 |
Property and equipment, net | 210,563 | 297,113 |
Operating lease right-of-use assets | 9,614 | 14,540 |
Intangible assets, net | 6,178 | 2,603 |
Other assets, net | 27,273 | 15,830 |
Total assets | 349,073 | 550,474 |
Current liabilities: | ||
Accounts payable | 64,944 | 60,002 |
Accrued expenses | 55,264 | 39,230 |
Current portion of insurance reserves | 22,587 | 15,814 |
Current portion of finance lease liabilities | 7,520 | 18,738 |
Current portion of operating lease liabilities | 1,936 | 4,906 |
Other current liabilities | 8,371 | 9,494 |
Total current liabilities | 160,622 | 148,184 |
Long-term debt, net | 317,763 | 308,365 |
Insurance reserves | 19,636 | 16,582 |
Asset retirement obligations | 9,697 | 9,044 |
Operating lease liabilities | 8,488 | 9,634 |
Other long-term liabilities | 13,499 | 17,542 |
Total liabilities | 529,705 | 509,351 |
Series A Participating Preferred Stock; $0.01 par value; 5,000,000 authorized and 118,805 and zero shares outstanding at December 31, 2020 and 2019, respectively | 22,000 | 0 |
Stockholders' equity (deficit): | ||
Common stock, $0.01 par value: 198,805,000 and 80,000,000 shares authorized, 27,912,059 and 27,912,059 shares issued, and 24,899,932 and 24,904,485 shares outstanding at December 31, 2020 and 2019, respectively | 279 | 279 |
Additional paid-in capital | 493,767 | 472,594 |
Retained deficit | (691,344) | (423,169) |
Treasury stock, at cost 3,012,127 and 3,007,574 shares at December 31, 2020 and 2019, respectively | (5,334) | (8,581) |
Total stockholders' equity (deficit) | (202,632) | 41,123 |
Total liabilities and stockholder's equity (deficit) | $ 349,073 | $ 550,474 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Stockholders' equity (deficit): | ||
Temporary equity, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Temporary equity, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Temporary equity, shares outstanding (in shares) | 118,805 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 198,805,000 | 80,000,000 |
Common stock, issued (in shares) | 27,912,059 | 27,912,059 |
Common stock, outstanding (in shares) | 24,899,932 | 24,904,485 |
Treasury stock (in shares) | 3,012,127 | 3,007,574 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (268,175) | $ (181,898) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 52,537 | 114,657 |
Goodwill and other long-lived asset impairments | 112,164 | 35,801 |
Inventory write-downs | 5,281 | 10,607 |
Gain on derivative | (4,866) | 0 |
Accretion of asset retirement obligation | 1,924 | 1,051 |
Provision for expected credit losses, net of recoveries | 10,268 | 4,686 |
Amortization of debt discounts and debt issuance costs | 8,845 | 3,392 |
Stock-based compensation | 1,532 | 8,714 |
Loss (gain) on disposal of assets | (3,503) | 4,013 |
Deferred income taxes | (119) | 0 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 67,750 | 40,455 |
Inventories | 6,921 | 6,529 |
Prepaid expenses and other assets | (1,415) | 7,483 |
Accounts payable | (4,806) | (36,371) |
Accrued expenses | 3,734 | 11 |
Other liabilities | (8,301) | 1,057 |
Net cash (used in) provided by operating activities | (20,229) | 20,187 |
Cash flows from investing activities: | ||
Capital expenditures | (7,825) | (55,353) |
Proceeds from sale of assets | 57,384 | 17,297 |
Payments to acquire business, net of cash acquired | (59,350) | 0 |
Payments for other long-term assets | 0 | (1,260) |
Net cash used in investing activities | (9,791) | (39,316) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 53,000 | 0 |
Repayments of long-term debt | (46,952) | (29,364) |
Repurchases of common stock | (15) | (5,121) |
Payments of debt issuance costs | (720) | (469) |
Other financing activities | (1,525) | 0 |
Net cash provided by (used in) financing activities | 3,788 | (34,954) |
Net decrease in cash, cash equivalents, and restricted cash | (26,232) | (54,083) |
Cash and cash equivalents; beginning of period | 36,217 | 90,300 |
Cash, cash equivalents and restricted cash; end of period | 9,985 | 36,217 |
Supplemental cash flow information and non-cash investing and financing activities: | ||
Interest paid | 37,322 | 39,248 |
Income taxes paid, net of refunds | 0 | (1,872) |
Operating lease liabilities incurred from obtaining right-of-use assets | 5,661 | 14,541 |
Finance lease liabilities incurred from obtaining right-of-use assets | 1,553 | 7,941 |
Capital expenditures included in accounts payable | (620) | (2,806) |
Issuance of Series A Participating Preferred Stock | 22,000 | 0 |
Recognition of derivative liability | 9,713 | 0 |
Other non-cash change in asset retirement obligations | $ (9) | $ 7,362 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Treasury | Retained Deficit |
Beginning balance (in shares) at Dec. 31, 2018 | 26,990,000 | 242,000 | |||
Beginning balance at Dec. 31, 2018 | $ 219,428 | $ 270 | $ 464,264 | $ (3,835) | $ (241,271) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuances of restricted stock (in shares) | 922,000 | 73,000 | |||
Issuances of restricted stock | (331) | $ 9 | (9) | $ (331) | |
Amortization of stock-based compensation | 8,714 | 8,714 | |||
Purchase of treasury stock | $ (4,790) | (375) | $ (4,415) | ||
Purchase of treasury stock (in shares) | 2,692,116 | 2,692,000 | |||
Net loss | $ (181,898) | (181,898) | |||
Ending balance (in shares) at Dec. 31, 2019 | 27,912,000 | 3,007,000 | |||
Ending balance at Dec. 31, 2019 | 41,123 | $ 279 | 472,594 | $ (8,581) | (423,169) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Amortization of stock-based compensation | $ 1,532 | 1,532 | |||
Purchase of treasury stock (in shares) | 4,553 | ||||
Vesting of stock awards | $ (16) | (3,263) | $ 3,247 | ||
Vesting of stock awards (in shares) | 5,000 | ||||
Acquisition related capital contribution | 22,904 | 22,904 | |||
Net loss | (268,175) | (268,175) | |||
Ending balance (in shares) at Dec. 31, 2020 | 27,912,000 | 3,012,000 | |||
Ending balance at Dec. 31, 2020 | $ (202,632) | $ 279 | $ 493,767 | $ (5,334) | $ (691,344) |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Basic Energy Services, Inc. (“Basic” or the “Company”) provides a wide range of wellsite services to oil and natural gas drilling and producing companies, including well servicing, water logistics and completion and remedial services. The Company’s operations are concentrated in major United States onshore oil and natural gas producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota and Colorado. The Company’s reportable business segments are Well Servicing, Water Logistics, and Completion & Remedial Services. These segments are based on management’s resource allocation and performance assessment in making decisions regarding the Company. These reportable segments are described below: Well Servicing: This segment encompasses a full range of services performed with a mobile well servicing rig, including the installation and removal of downhole equipment and elimination of obstructions in the well bore to facilitate the flow of oil and natural gas. These services are performed to establish, maintain and improve production throughout the productive life of an oil and natural gas well and to plug and abandon a well at the end of its productive life. The Company’s well servicing equipment and capabilities also facilitate most other services performed on a well. This segment also includes the manufacture and servicing of mobile well servicing rigs. Water Logistics: This segment utilizes a fleet of trucks and related assets, including specialized tank trucks, storage tanks, water wells, disposal facilities, water treatment and related equipment. The Company employs these assets to provide, transport, store and dispose of a variety of fluids. These services are required in most workover, completion and remedial projects as well as part of daily producing well operations. Also included in this segment are the Company's construction services, which provide services for the construction and maintenance of oil and natural gas production infrastructures. Completion & Remedial Services: This segment utilizes coiled tubing services, air compressor packages specially configured for underbalanced drilling operations, an array of specialized rental equipment and fishing tools and thru-tubing units. Current Environment, Liquidity and Going Concern Demand for services offered by our industry is a function of our customers’ willingness and ability to make operating and capital expenditures to explore for, develop and produce hydrocarbons in the United States. Our customers’ expenditures are affected by both current and expected levels of commodity prices. Industry conditions during 2020 were greatly influenced by factors that impacted supply and demand in the global oil and natural gas markets, including a global outbreak of the novel coronavirus ("COVID-19") and the announced price reductions and possible production increases by members of Organization of the Petroleum Exporting Countries (“OPEC”) and other oil exporting nations. As a result, the posted price for West Texas Intermediate oil ("WTI") declined sharply during early 2020 from 2019. This decline in oil and natural gas prices, and the consequent impact on industry exploration and production activity, has adversely impacted the level of drilling and workover activity by our customers. As a result of these weak energy sector conditions and lower demand for our products and services, customer contract pricing, our operating results, our working capital and our operating cash flows have been negatively impacted during 2020. During the last half of 2020, we had difficulty paying for our contractual obligations as they came due, and we continue to have this difficulty in 2021. Management has taken several steps to generate additional liquidity, including reducing operating and administrative costs, employee headcount reductions, closing operating locations, implementing employee furloughs, other cost reduction measures, and the suspension of growth capital expenditures. While market prices for oil and natural gas have improved in early 2021, the overall trends in our business have not yet recovered. We expect that demand for our services will increase as a result of these higher oil and natural gas prices; however, we are unable to predict when this increased demand and the resulting improvement in our results of operations will occur. Our liquidity and ability to comply with debt covenants that may be required under the 10.75% Senior Secured Notes due 2023 (the "Senior Notes") and the revolving credit facility (the "ABL Facility") have been negatively impacted by the downturn in the energy markets, volatility in commodity prices and their effects on our customers and us, as well as general macroeconomic conditions. Based on our current operating and commodity price forecasts and capital structure, we believe that if certain financial ratios or cash dominion covenants were to come into effect under our debt instruments, we will have difficulty complying with certain of such obligations. Certain covenants, such as consolidated fixed charge coverage ratio and cash dominion provisions in the ABL Facility spring into effect under certain triggers defined in the ABL Credit Agreement, as amended, for so long as such applicable trigger period is in effect. Additionally, certain triggers in the ABL Facility increase certain financial and borrowing base reporting requirements for so long as such applicable trigger period is in effect. Failure to comply, for example, with a “springing” consolidated fixed charge coverage ratio requirement under the ABL Facility would result in an event of default under the ABL Facility, which would result in a cross-default under the Senior Notes. If an event of default were to occur, our lenders could, in addition to other remedies such as charging default interest, accelerate the maturity of the outstanding indebtedness, making it immediately due and payable, and we may not have sufficient liquidity to repay those amounts. To avoid triggering these consolidated fixed charge coverage ratios and cash dominion covenants as of June 30, 2020, in early July 2020 we repaid the $2.6 million amount of borrowings that was previously outstanding under our ABL Facility, and during the third and fourth quarter of 2020, we advanced $8.1 million, net, of our available cash balance to the Administrative Agent. Also beginning during the third quarter of 2020, we are currently subject to the increased financial and borrowing base information reporting. As of March 26, 2021, the amount of cumulative net advances of our available cash balance to the Administrative Agent has been increased to $15.5 million. As of December 31, 2020, we had no borrowings under the ABL Facility and approximately $325.3 million of total other indebtedness, net of discount and deferred financing costs, including $300 million of aggregate principal amount due under the Senior Notes, a $15.0 million Senior Secured Promissory Note, a $15.0 million Second Lien Delayed Draw Promissory Note, and finance lease obligations in the aggregate amount of $17.0 million. Additionally, on March 31, 2021, the Company negotiated a settlement of a significant contractual obligation with Ascribe III Investments LLC ("Ascribe") in exchange for issuing additional Senior Notes to Ascribe with an aggregate par value of $47.5 million. See Note 18. “Subsequent Event” for more information about the settlement of this obligation. We continue to have difficulty paying for our contractual obligations as they come due. Management has taken several steps to generate additional liquidity, including reducing operating and administrative costs, employee headcount reductions, closing operating locations, implementing employee furloughs, other cost reduction measures, and the suspension of growth capital expenditures. The recent decline in the customers’ demand for our services has had a material adverse impact on the financial condition of the Company, resulting in recurring losses from operations, a net capital deficiency, and liquidity constraints that raise substantial doubt about its ability to continue as a going concern. Among the other steps that our management may or is implementing to attempt to alleviate this substantial doubt include additional sales of non-strategic assets, obtaining waivers of debt covenant requirements from our lenders, restructuring or refinancing our debt agreements, or obtaining equity financing. In addition, we had a significant contractual obligation to pay cash or issue additional 10.75% Senior Secured Notes due 2023 to our largest shareholder, Ascribe, resulting from our acquisition of CJWS. On March 31, 2021, the Company negotiated a settlement of this obligation with Ascribe in exchange for issuing additional Senior Notes to Ascribe with an aggregate par value of $47.5 million. See Note 18. “Subsequent Event” for more information about the settlement of this obligation. Management has prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles applicable to a going concern, which contemplates that assets will be realized and liabilities will be discharged in the normal course of business as they become due. These consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported revenues and expenses and balance sheet classifications that would be necessary if the Company was unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material and adverse to the financial results of the Company. We are engaged in ongoing discussions regarding our liquidity and financial situation with representatives of the lenders under the ABL Credit Facility, and have received from the lenders under the ABL Credit Facility a waiver of the default that otherwise would have arisen under the ABL Credit Facility as a result of the “going concern” disclosures described above. We also are evaluating certain strategic alternatives including financings, refinancings, amendments, waivers, forbearances, asset sales, debt issuances, exchanges and purchases, a combination of the foregoing, or other out-of-court or in-court bankruptcy restructurings of our debt to address these matters, which may include discussions with holders of the Company’s 10.75% Senior Secured Notes due 2023 for a comprehensive de-leveraging transaction. If the Company is unable to effectuate a successful debt restructuring, the Company expects that it will continue to experience adverse pressures on its relationships with counterparties who are critical to its business, its ability to access the capital markets, its ability to execute on its operational and strategic goals and its business, prospects, results of operations and liquidity generally. There can be no assurance as to when or whether the Company will implement any action as a result of these strategic initiatives, whether the implementation of one or more such actions will be successful, whether the Company will be able to effect a refinancing of its Senior Notes or otherwise access the capital markets, or the effects the failure to take action may have on the Company’s business, its ability to achieve its operational and strategic goals or its ability to finance its business or refinance its indebtedness. A failure to address the Company’s level of corporate leverage in the near-term will have a material adverse effect on the Company’s business, prospects, results of operations, liquidity and financial condition, and its ability to service or refinance its corporate debt as it becomes due. Concentrations of Risk The Company’s customer base consists primarily of multi-national and independent oil and natural gas producers. The Company performs ongoing credit evaluations of its customers but generally does not require collateral on its trade receivables. The Company maintains an allowance for potential credit losses for its trade receivables. For the year ended December 31, 2020, one customer represented 22% of consolidated revenue. Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of temporary cash investments and trade receivables. The Company restricts investment of temporary cash investments to financial institutions with high credit standing. Acquisition of C&J Well Services, Inc. On March 9, 2020, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with Ascribe, NexTier Holding Co., a Delaware corporation (“Seller”) and C&J Well Services, Inc., a Delaware corporation, and wholly owned subsidiary of Seller (“CJWS”), whereby the Company acquired all of the issued and outstanding shares of capital stock of CJWS, such that CJWS became a wholly-owned subsidiary of the Company. CJWS is the third largest rig servicing provider in the U.S., with a leading footprint in California and a strong customer base. Following the acquisition of CJWS, the Company has expanded its footprint in the Permian, California and other key oil basins. Pursuant to the Purchase Agreement, among other things, (i) Seller transferred and delivered to the Company and the Company purchased and acquired from Seller, all of the issued and outstanding shares of capital stock of CJWS held by Seller (the "Stock Purchase"); (ii) as a portion of the consideration for the Stock Purchase, Ascribe, on behalf of the Company, conveyed to Seller certain 10.75% Senior Secured Notes due October 2023 (the "Senior Notes") issued by the Company to Ascribe in an aggregate par value amount equal to $34.4 million (the "Ascribe Senior Notes"); and (iii) Ascribe entered into an Exchange Agreement, dated March 9, 2020, with the Company (the "Exchange Agreement") pursuant to which, among other things, Ascribe exchanged the Ascribe Senior Notes for (a) 118,805 shares of newly issued preferred stock, designated as "Series A Participating Preferred Stock," par value $0.01 per share, of the Company (the "Series A Preferred Stock") and (b) an amount in cash for accrued interest on the Ascribe Senior Notes approximately equal to $1.5 million (the "Exchange Transaction" and, together with the Stock Purchase and the other transactions contemplated by the Purchase Agreement, the "CJWS Transaction"). For further discussion of the Series A Preferred Stock, see Note 6. "Series A Participating Preferred Stock." Pursuant to the Purchase Agreement, Seller received consideration in the aggregate amount of $95.7 million comprised of (a) cash consideration paid at closing equal to $59.4 million (which was subject to post-closing working capital adjustments) and (b) the Ascribe Senior Notes transferred to Seller by Ascribe (on behalf of the Company) as described above. In connection with the CJWS Transaction, pursuant to the Purchase Agreement, Ascribe has certain contingent obligations to the Seller to make Seller whole on the par value of the Ascribe Senior Notes as of the earlier of the first anniversary of the closing of the Stock Purchase, a bankruptcy of the Company, or a change of control of the Company (the "Make-Whole Payment"). Considering this contingent Make-Whole Payment by Ascribe to the Seller, the fair value of the Ascribe Senior Notes issued to the Seller on March 9, 2020, was $36.3 million. If Ascribe is required to pay the Make-Whole Payment to Seller pursuant to the Purchase Agreement, the Company will be required to reimburse to Ascribe the amount of such Make-Whole Payment (such amount, the "Make-Whole Reimbursement Amount") either (i) in cash (a) to the extent the Company has available cash (as determined by an independent committee of the Company's board of directors) and (b) subject to satisfaction of certain "Payment Conditions" set forth in the ABL Credit Agreement (as defined below) or (ii) if the Company is unable to pay the full Make-Whole Reimbursement Amount in cash pursuant to clause "(i)" of this paragraph, in additional Senior Notes as permitted under the Indenture. In consideration of providing the Make-Whole Payment to Seller, the Company paid Ascribe $1.0 million in cash at the closing of the CJWS Transaction. The Company's obligation to Ascribe associated with the Make-Whole Reimbursement Amount is reflected as a derivative instrument in accordance with Accounting Standards Codification ("ASC") No. 815 "Derivatives and Hedging" ("ASC 815") with an initial fair value of approximately $9.7 million based on a risk-adjusted market differential between the fair value of the Ascribe Senior Notes and their $34.4 million par value as of the March 9, 2020, closing date. Changes in fair value of the Make-Whole Reimbursement Amount each period are "marked to market" and charged or credited to Gain (Loss) on Derivative in the accompanying consolidated statements of operations. The fair value of the Make-Whole Reimbursement Amount liability as of December 31, 2020, is approximately $4.8 million and results in $4.9 million of derivative gain during the year ended December 31, 2020. The Make-Whole Reimbursement Amount liability is classified within Other Current Liabilities in the accompanying balance sheet. On March 31, 2021, the Company negotiated a settlement of the Make-Whole Reimbursement obligation with Ascribe in exchange for issuing additional Senior Notes to Ascribe with an aggregate par value of $47.5 million. See Note 18. “Subsequent Event” for more information about the settlement of this obligation. Of the cash consideration paid to the Seller, $15.0 million was funded from a Senior Secured Promissory Note to Ascribe. For a further discussion of the Exchange Agreement and the Senior Secured Promissory Note, see Note 4. "Indebtedness and Borrowing Facility." The CJWS Transaction was considered an acquisition of a business and the Company applied the acquisition method of accounting. The impact of adjustments to the allocation of the purchase price recorded during the year was not material. The Company's allocation of the purchase price, including working capital adjustments, to the estimated fair value of the CJWS net assets is as follows: (in thousands) March 9, 2020 Current assets $ 41,997 Property and equipment 63,418 Operating lease right-of-use-assets 734 Intangible assets 4,000 Other assets 1,859 Goodwill 19,089 Total assets acquired 131,097 Current liabilities 24,893 Long-term liabilities 12,051 Total liabilities assumed 36,944 Net assets acquired $ 94,153 The allocation of purchase price includes approximately $19.1 million allocated to nondeductible goodwill recorded to our Well Servicing and Water Logistics segments based on relative fair values of these acquired lines of business. The acquired property and equipment is stated at fair value, and depreciation on the acquired property and equipment is computed using the straight-line method over the estimated useful lives of each asset. The acquired intangible assets represent approximately $4.0 million for the CJWS trade name that is stated at its estimated fair value and is amortized on a straight-line basis over an estimated useful life of 15 years. In 2020, our revenues and pretax earnings included $157.5 million and $16.5 million (excluding the impact of asset impairments of $36.1 million), respectively, associated with the CJWS acquired operations after the closing on March 9, 2020. In addition, CJWS Transaction-related costs of approximately $9.0 million were incurred in 2020, consisting of external legal and consulting fees and due diligence costs. These CJWS Transaction related costs, along with other costs associated with the CJWS acquisition, including severance costs paid to CJWS employees pursuant to the Purchase Agreement, have been recognized in Acquisition Related Costs in the consolidated statements of operations. Unaudited Pro Forma Information - The unaudited pro forma information presented below has been prepared to give effect to the CJWS Transaction as if it had occurred at the beginning of the periods presented. The unaudited pro forma information includes the impact from the allocation of the acquisition purchase price on depreciation and amortization and the impact on interest expense associated with acquisition financing. It also excludes the impact of the CJWS Transaction acquisition costs charged to earnings during the 2020 period. The unaudited pro forma information is presented for illustration purposes only and is based on estimates and assumptions the Company deemed appropriate. The following unaudited pro forma information is not necessarily indicative of the results that would have been achieved if the CJWS Transaction had occurred in the past, and should not be relied upon as an indication of the operating results that the Company would have achieved if the transaction had occurred at the beginning of the periods presented, and our operating results, or the future results that we will achieve, may be different from those reflected in the unaudited pro forma information below. Year Ended December 31, (in thousands, except per share information) 2020 2019 Revenues $ 469,180 $ 953,359 Loss from continuing operations (234,260) (103,749) Loss from continuing operations per share, basic and diluted $ (9.40) $ (3.97) Weighted average shares outstanding, basic and diluted 24,925 26,141 Discontinued Operations During the third and fourth quarters of 2019, based on the Company's evaluation of the demand for pressure pumping and contract drilling services, the Company's management decided to divest all of its contract drilling rigs, and a majority of pressure pumping equipment and related ancillary equipment, having a combined net book value of $91.8 million. As a result of this strategic shift, the Company recorded a non-cash impairment charge of $32.6 million in 2019 to write down the value of the assets. The majority of the real estate and equipment was sold during late 2019 and the first half of 2020, with the remaining pumping and related assets, which are primarily real estate, classified as Other Current Assets or Other Assets on our Consolidated Balance Sheet. The Company is pursuing opportunities to sell the remainder of these non-strategic assets. The Company recorded an impairment on these remaining assets of $2.3 million at March 31, 2020 and an additional $2.0 million as of December 31, 2020. The Company recorded an impairment of $3.2 million in 2019 on contract drilling assets that were subsequently divested through auctions. Assets and liabilities related to the discontinued operations are included in the Consolidated Balance Sheet as of December 31, 2020 and 2019 and are detailed in the table below: Year Ended December 31, (in thousands) 2020 2019 Assets held for sale Inventories $ — $ 2,069 Operating lease right-of-use assets — 1,659 Property and equipment, net 1,523 50,496 Total assets held for sale $ 1,523 $ 54,224 Other long term assets Real estate held for sale $ 4,802 $ — Liabilities related to assets held for sale Operating lease liabilities 508 1,659 Finance lease liabilities — 3,589 Total liabilities related to assets held for sale $ 508 $ 5,248 The operating results of the divested pressure pumping operations and contract drilling operations, which were historically included in the Completions & Remedial Services and Other Services segments, respectively, have been reclassified as discontinued operations in the Consolidated Statement of Operations for the years ended December 31, 2020, and 2019, as detailed in the table below: Year Ended December 31, (in thousands) 2020 2019 Revenues $ 120 $ 142,885 Cost of services 5,305 134,778 Selling, general and administrative 6,705 15,174 Depreciation and amortization — 45,168 Asset impairments 4,378 35,801 Loss on disposal of assets 2,635 1,878 Total operating expenses 19,023 232,799 Operating loss (18,903) (89,914) Interest expense (64) (583) Loss from discontinued operations $ (18,967) $ (90,497) Loss from discontinued operations per share, basic and diluted $ (0.76) $ (3.46) Interest expense in discontinued operations is related to interest expense on finance lease assets that operated in the discontinued Completions & Remedial Services and Other Services segments. Impairment expense was recorded during the three month periods ended March 31, 2020 and December 31, 2020, associated with certain assets with carrying values that were in excess of their current estimated selling price. Selling, general and administrative expense during 2020 consisted primarily of bad debt expense recorded on customer receivables from discontinued operations. Applicable Consolidated Statements of Cash Flow information related to the discontinued operations for the years ended December 31, 2020 and 2019 are detailed in the table below: Year Ended December 31, (in thousands) 2020 2019 Cash Flows from Discontinued Operations Net cash provided by (used in) operating activities $ (11,953) $ 2,120 Net cash provided by investing activities $ 42,713 $ 133 Capital expenditures and finance lease additions related to discontinued operations were $10.6 million and $1.5 million, respectively, for the year ended December 31, 2019. The Company did not have any capital expenditures or lease additions related to discontinued operations for the year ended December 31, 2020. Proceeds from sale of assets related to discontinued operations totaled $42.7 million and $10.7 million for the years ended December 31, 2020 and 2019, respectively. Related Parties In connection with the CJWS Transaction and pursuant to the Exchange Agreement, as partial consideration for the Exchange Transaction, on March 9, 2020, the Company issued to Ascribe 118,805 shares of the Series A Preferred Stock. The Series A Preferred Stock constituted 83% of the equity interest in the Company. Upon consummation of the Exchange Transaction, the Company's public stockholders owned approximately 14.94% of the equity interests in the Company, and Ascribe held approximately 85.06%. For further discussion of the Series A Preferred Stock, see Note 6. "Series A Participating Preferred Stock." For further discussion of other transactions with Ascribe, including amounts outstanding pursuant to the Senior Secured Promissory Note, the Second Lien Delayed Draw Promissory Note, and the Make-Whole Reimbursement Amount, see Note 4. "Indebtedness and Borrowing Facility." |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company's subsidiaries, for which the Company holds a majority voting interest. All intercompany transactions and balances have been eliminated. There were no items of other comprehensive income during the periods presented. Use of Estimates 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 disclosures of contingent 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 materially from those estimates. Areas where critical accounting estimates are made by management include impairments of long-lived assets, certain financial instruments, acquisition purchase price allocation, litigation and self-insurance liabilities. Restricted Cash The Company’s restricted cash at December 31, 2020 consists of net advances made to the Administrative Agent under our ABL Credit Facility. See Note 4. "Indebtedness and Borrowing Facility," for further discussion of the ABL Credit Facility. The Company’s restricted cash is included in current assets as of December 31, 2020. The following table provides a reconciliation of cash, cash equivalents and restricted cash: December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 1,902 $ 36,217 Restricted cash 8,083 — Total cash, cash equivalents and restricted cash $ 9,985 $ 36,217 Accounts Receivable and Allowance for Credit Losses The Company estimates its allowance for credit losses on accounts receivable based on past collections and expectations for future collections. The Company regularly reviews accounts for collectability. After all collection efforts are exhausted, if the balance is still determined to be uncollectable, the balance is written off. Expense related to the write off of uncollected accounts is recorded in selling, general and administrative expense. For accounts receivable related to products and services, the Company estimates its expected credit losses by reviewing and monitoring updated customer credit scores and risk ratings provided by third party and internal resources, considering the future impact of the current business and industry environment, and reviewing the historical loss experience by type of customer. Inventories For rental and fishing tools, inventories consisting mainly of grapples, controls and drill bits are stated at lower of cost or net realizable value. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of the Company and are stated at lower of cost or net realizable value, with cost being determined on the first-in, first-out method. Assets Held for Sale Assets are classified as held for sale when, among other factors, they are identified and marketed for sale in their present condition, management is committed to their disposal, and the sale of the asset is probable within one year. During 2020, the Company classified to assets held for sale $3.9 million of certain rig construction assets, associated with our Taylor manufacturing facility, the majority of which were sold, or are expected to be sold, by mid-2021. Also included in assets classified as held for sale are certain real property and equipment assets of our pressure pumping operations and contract drilling operations that were classified as discontinued operations beginning in late 2019. At December 31, 2020, we reclassified $4.4 million of real property assets from assets held for sale to other non-current assets on the consolidated balance sheet because we no longer considered the sale of these assets as being probable in the next year. Property and Equipment Property and equipment are stated at cost or at estimated fair value at acquisition date if acquired in a business combination. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of the assets are capitalized. Upon the sale or other retirement of depreciable property, the cost and accumulated depreciation and amortization are removed from the related accounts and any gain or loss is reflected in operations. All property and equipment are depreciated or amortized (to the extent of estimated salvage values) on the straight-line method. The Company is obligated under various finance leases for certain vehicles and equipment that expire at various dates during the next five years. Leases The Company determines if an arrangement is a lease at inception of the arrangement. To the extent that we determine an arrangement represents a lease, we classify that lease as an operating lease or a finance lease. We capitalize operating and finance leases on our consolidated balance sheets through a right-of-use (“ROU”) asset and a corresponding lease liability. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Goodwill and Intangible Assets We record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. In connection with the March 9, 2020 acquisition of CJWS, the Company recorded goodwill of $19.1 million, which was initially allocated to its Well Servicing and Water Logistics reporting units based on their respective fair values. The amount of recorded goodwill was fully impaired during 2020. For further discussion of impairment of goodwill see Note 11. "Impairments and Other Charges." Activity during the period ended December 31, 2020, associated with goodwill by reporting units is as follows: (in thousands) Well Servicing Water Logistics Completion & Remedial Total Balance as of December 31, 2019 $ — $ — $ — $ — Additions to goodwill 10,565 8,524 — 19,089 Goodwill impairment (10,565) (8,524) — (19,089) Balance as of December 31, 2020 $ — $ — $ — $ — The Company had trade name intangible assets of $7.2 million and $3.2 million as of December 31, 2020, and 2019, respectively. In connection with the CJWS Transaction, the Company recorded intangible assets for CJWS trade name and goodwill. Developed technology are amortized over a 5-year life. Trade names are amortized over a 15-year life. The Company evaluates intangible assets for impairment with our long-lived asset groups. Long-Lived Asset Impairments We perform a review of our long-lived asset groups for impairment when, in management’s judgment, events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recovered over its remaining service life. Impairment is indicated when the sum of the estimated future cash flows, on an undiscounted basis, is less than the asset group's carrying amount. If the undiscounted cash flows are less than the asset group's carrying amount, we then determine the asset group's fair value by using discounted cash flow analysis. An impairment loss is measured and recorded as the amount by which the asset group's carrying amount exceeds its fair value. Self-Insurance Liabilities The Company is self-insured up to retention limits as it relates to workers’ compensation, general liability claims, and medical and dental coverage of its employees. The Company estimates its reserves related to litigation and self-insured risks based on the facts and circumstances specific to the litigation and self-insured claims and its past experience with similar claims. The Company records liabilities in the consolidated balance sheets to cover self-insurance retentions. As of December 31, 2020 and 2019, the Company had recorded $22.6 million and $15.8 million, respectively, for the current portion of estimated workers' compensation, automobile liability, and general liability self-insured claims. The outcome of any claim could differ materially from estimated amounts. Asset Retirement Obligations The Company has asset retirement obligations ("ARO") related to our saltwater disposal facilities, brine and freshwater wells. The Company records a liability for the fair value of ARO that we can reasonably estimate, on a discounted basis, in the period in which the asset is acquired. The fair value of the liability is calculated using discounted cash flow techniques and based on internal estimates and assumptions related to future retirement costs, expected remaining lives of the assets, future inflation rates and credit adjusted risk-free interest rates. Significant increases or decreases in these assumptions could result in a significant change to the fair value measurement. The Company capitalizes an equal amount as a cost of the asset and depreciates it over the useful life of the asset. Subsequently, the obligation is adjusted at the end of each period to reflect the passage of time, any changes in the estimated future cash flows underlying the obligation, and settlements of obligations. Environmental Contingencies The Company is subject to extensive federal, state and local environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the adverse environmental effects of disposal or release of petroleum, chemical and other substances at various sites. Environmental expenditures are expensed or capitalized depending on the future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. The Company had no environmental contingent liabilities recorded during the periods presented. Revenue Recognition The Company recognizes revenue to match the delivery of goods or services to customers. Our revenues are generated by services, which are consumed as provided by our customers on their sites. 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 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 WIP or Accounts Receivable. Contract Assets are typically invoiced within 30 to 60 days of recognizing revenue. The Company 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. Stock-Based Compensation The Company has historically compensated our directors, executives and employees using a combination of performance and time-based stock option, restricted share, and restricted share unit awards. The Company values awards at the date of the grant and recognizes expense over the vesting period of the grant. The method of determining the fair value of share-based payments depends on the type of award. Share-based awards that vest over a certain service period with no market conditions are valued at the closing market price on the grant date. Share-based awards that are dependent upon certain market performance conditions being met are valued using a Monte Carlo simulation with inputs determined on the date of the grant. Option grants are valued using the Black-Scholes-Merton model using inputs that are determined on the date of the grant. Income Taxes The provision for income taxes is determined using the asset and liability method of accounting. Deferred tax assets and liabilities are recorded based upon differences between the tax basis of assets and liabilities and their carrying values for financial reporting purposes, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We record deferred tax assets net of a valuation allowance to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we determine that we would be able to realize more of our deferred income tax assets in the future, we would make an adjustment to reduce the valuation allowance which would reduce our income tax expense. Fair Value Measurements Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company classifies fair value balances based on the observability of those inputs. The three levels of the fair value hierarchy are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable. These inputs are either directly observable in the marketplace or indirectly observable through corroboration with market data for substantially the full contractual term of the asset or liability being measured. Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. For further discussion of fair value measurements utilized in the presentation of these consolidated financial statements, see Note 15. "Fair Value Measurements." Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications do not impact net loss and do not reflect a material change to the information previously presented in our consolidated financial statements. Recent Accounting Pronouncements Standards Adopted in 2020. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected, utilizing an expected loss methodology in place of the previously used incurred loss methodology. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. The new standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company early adopted this standard on January 1, 2020, using the prospective transition method, and the standard did not have a material impact on our consolidated financial statements upon its adoption. In August 2018, the FASB issued ASU 2018-15 "Intangibles — Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" ("ASU 2018-15"). ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. We adopted ASU 2018-15 on its January 1, 2020, effective date, using the prospective transition method, and this standard did not have a material impact on our consolidated financial statements. Standards Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” ("ASU 2019-12"). ASU 2019-12 intends to simplify various aspects related to accounting for income taxes and removes certain exceptions to the general principles in the standard. Additionally, the ASU clarifies and amends existing guidance to improve consistent application of its requirements. The amendments of ASU 2019-12 are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company anticipates that the impact on its consolidated financial statements upon adoption of ASU 2019-12 will not be material. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” ("ASU 2020-04"), which provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The ASU is effective for all entities as of March 12, 2020, through December 31, 2022. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. We are currently evaluating the timing of our adoption and the impacts of the provisions of ASU 2020-04 on our consolidated financial statements. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Accounts Receivable The following table summarizes our accounts receivable balance: December 31, (in thousands) 2020 2019 Trade accounts receivable $ 63,404 $ 101,947 Allowance for credit losses (3,053) (2,208) Accounts receivable, net $ 60,351 $ 99,739 The Company included in its allowance for credit losses the impact of the approximately $39.5 million of accounts receivable from the acquisition of CJWS as of the March 9, 2020, closing date. The following table presents activity in the allowance for credit losses: Year Ended December 31, (in thousands) 2020 2019 Balance as of December 31, 2019 $ 2,208 $ 1,838 Provision for expected credit losses, net of writeoffs & recoveries 10,268 4,686 Uncollectible receivables written off (9,423) (4,316) Balance as of December 31, 2020 $ 3,053 $ 2,208 The provision for expected credit losses and uncollectible receivables written off for the year ended December 31, 2020 and 2019 includes $4.0 million and $1.0 million, respectively, of items related to discontinued operations. Inventories The following table summarizes our inventories: December 31, (in thousands) 2020 2019 Service tools $ 7,859 $ 8,081 Coiled tubing 239 1,558 Manufacturing related — 8,925 Other 618 1,698 Total inventories $ 8,716 $ 20,262 Manufacturing related inventory decreased due to the closure of our manufacturing facility. Prepaid Expenses and Other Current Assets The following table summarizes our prepaid expenses and other current assets: December 31, (in thousands) 2020 2019 Prepaid expenses $ 8,240 $ 6,407 Other 3,770 2,614 Total prepaid expenses and other current assets $ 12,010 $ 9,021 Property and Equipment, net The following table summarizes our property and equipment. Prior year amounts are adjusted for the discontinued pumping services and contract drilling operations: Estimated December 31, (in thousands) Useful Life 2020 2019 Service equipment 3-15 years $ 173,805 $ 262,578 Brine and saltwater disposal facilities 10-15 years 90,677 92,103 Rental equipment 2-15 years 46,812 60,886 Buildings and improvements 20-30 years 34,432 30,902 Land 17,832 15,682 Light vehicles 3-7 years 14,529 26,630 Other 4,772 4,844 Total property and equipment 382,859 493,625 Less accumulated depreciation and amortization (172,296) (196,512) Property and equipment, net $ 210,563 $ 297,113 The table below summarizes the gross amount of property and equipment and related accumulated amortization recorded under finance leases and included above: December 31, (in thousands) 2020 2019 Service equipment $ 40,809 $ 51,075 Light vehicles 7,137 19,563 Rental equipment 881 1,130 48,827 71,768 Less accumulated amortization (22,691) (27,727) Finance lease right-of-use assets $ 26,136 $ 44,041 Intangible Assets, net The Company’s intangible assets subject to amortization were as follows: December 31, (in thousands) 2020 2019 Trade names $ 7,230 $ 3,230 Other intangible assets 48 48 Sub-total 7,278 3,278 Less accumulated amortization (1,100) (675) Intangible assets, net $ 6,178 $ 2,603 Amortization expense for each of the years ended December 31, 2020 and 2019 was approximately $0.4 million and $0.2 million, respectively. In 2019, the Company wrote off $0.2 million of net trade names related to the discontinued pumping services line of business. Amortization expense for the next five succeeding years is expected to be as follows: (in thousands) Amortization Expense 2021 $ 492 2022 482 2023 482 2024 482 2025 482 Thereafter 3,758 Total $ 6,178 Other Assets The following table summarizes our other assets: December 31, (in thousands) 2020 2019 Cash surrender value of company-owned life insurance $ 10,839 $ 10,300 Real estate held for sale 10,634 — Cloud computing capitalized costs, net 2,291 1,260 Deposits 1,206 1,853 Deferred debt issuance costs for credit facility 957 2,198 Other 1,346 219 Total other assets $ 27,273 $ 15,830 Accrued Expenses The following table summarizes our accrued expenses: December 31, (in thousands) 2020 2019 Employee compensation and benefits $ 29,789 $ 20,889 Accrued interest 9,326 8,996 Property taxes 7,724 4,672 Sales and use taxes 4,070 2,114 Federal and state income tax 3,032 2,375 Other 1,323 184 Total accrued expenses $ 55,264 $ 39,230 Other Current Liabilities The following table summarizes our other current liabilities: December 31, (in thousands) 2020 2019 Make-whole derivative liability $ 4,847 $ — Current portion of asset retirement obligations 1,021 1,285 Liabilities associated with assets held for sale 508 5,248 Other 1,995 2,961 Total other current liabilities $ 8,371 $ 9,494 Asset Retirement Obligations The Company has the obligation to plug and remediate its saltwater disposal wellsites when the assets are retired. This ARO includes plugging the well, removal of surface equipment, and remediation of soil contamination. The following table presents activity in our asset retirement obligations: Year Ended December 31, (in thousands) 2020 2019 Balance as of January 1, 2020 $ 10,329 $ 2,587 Additions 281 281 Revision in estimate — 7,205 Disposals (290) (124) Expenditures (1,526) (671) Accretion of discount 1,924 1,051 Balance as of December 31, 2020 10,718 10,329 Less: current portion of asset retirement obligations (1,021) (1,285) $ 9,697 $ 9,044 Other Liabilities The following table summarizes our other liabilities: December 31, (in thousands) 2020 2019 Deferred compensation $ 6,533 $ 10,838 Loans secured by company-owned life insurance 6,013 3,622 Deferred income tax liability 424 — Other 529 3,082 Total other liabilities $ 13,499 $ 17,542 |
Indebtedness and Borrowing Faci
Indebtedness and Borrowing Facility | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Indebtedness and Borrowing Facility | Indebtedness and Borrowing Facility Long-term debt consists of the following: December 31, (in thousands) 2020 2019 10.75% Senior Notes due 2023 $ 300,000 $ 300,000 Senior Secured Promissory Note 15,000 — Second Lien Delayed Draw Promissory Note 15,000 — Finance lease liabilities 16,986 35,898 Total principal amount 346,986 335,898 Less unamortized discount and debt issuance costs (21,703) (8,795) Total debt 325,283 327,103 Less current portion of finance leases (7,520) (18,738) Total long-term debt $ 317,763 $ 308,365 As of December 31, 2020, the aggregate maturities of debt, excluding finance leases, total $330.0 million due October 2023. The Company was in compliance with the debt covenants under its existing debt agreements as of December 31, 2020. Senior Secured Notes On October 2, 2018, the Company issued $300.0 million aggregate principal amount of 10.75% Senior Secured Notes due October 2023 (the “Senior Notes”) in an offering exempt from registration under the Securities Act. The Senior Notes were issued at a price of 99% of par to yield 11.0%. The Company may redeem all or a part of the Senior Notes at any time on or after October 15, 2020, at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to the redemption date. The Senior Notes were issued under and are governed by an indenture, dated as of October 2, 2018 (the “Indenture”), by and among the Company, the guarantors named therein (the “Guarantors”), and UMB Bank, N.A. as Trustee and Collateral Agent (the “Trustee”). The Senior Notes are jointly and severally, fully and unconditionally guaranteed (the “Guarantees”) on a senior secured basis by the Guarantors and are secured by first priority liens on substantially all of the Company’s and the Guarantors’ assets, other than accounts receivable, inventory and certain related assets. The Indenture contains covenants that limit the ability of the Company and certain subsidiaries to: • incur additional indebtedness or issue preferred stock; • pay dividends or make other distributions to its stockholders; • repurchase or redeem capital stock or subordinated indebtedness and certain refinancings thereof; • make certain investments; • incur liens; • enter into certain types of transactions with affiliates; • limit dividends or other payments by restricted subsidiaries to the Company; and • sell assets or consolidate or merge with or into other companies . These limitations are subject to a number of important qualifications and exceptions. Upon an Event of Default (as defined in the Indenture), the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding Senior Notes may declare the entire principal, premium, if any, and accrued and unpaid interest, if any, on all the Senior Notes to be due and payable immediately. The Senior Notes have a cross-default provision whereby if the Company is in default under the terms of another of its debt agreements then that will be an Event of Default under the Senior Notes. If the Company experiences a Change of Control, the Company may be required to offer to purchase the Senior Notes at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to the purchase date. In connection with the CJWS acquisition, Ascribe, on behalf of the Company, conveyed to Seller Senior Notes with an aggregate par amount equal to $34.4 million (the "Ascribe Senior Notes") and Ascribe entered into an Exchange Agreement dated March 9, 2020, with the Company pursuant to which, among other things, Ascribe exchanged the Ascribe Senior Notes for 118,805 shares of Series A Preferred Stock and approximately $1.5 million in cash for accrued interest on the Ascribe Senior Notes. The conveyance of the $34.4 million in Ascribe Senior Notes to Seller by Ascribe, along with other aspects of the Exchange Agreement and Purchase Agreement considered in the aggregate, was accounted for as an effective extinguishment of the existing Ascribe Senior Notes and a reissuance of a new issue of Ascribe Senior Notes as of March 9, 2020. The new issue of Ascribe Senior Notes was recorded at its estimated fair value based on the bond market pricing discount of 37% at March 9, 2020, resulting in a net carrying value at time of reissuance of $21.6 million, net of discount. This discount is amortized over the remaining term of the Ascribe Senior Notes through 2023. The deemed reissuance of Ascribe Senior Notes, along with the issuance of the Senior Secured Promissory Note discussed below and the Series A Preferred Stock, each also recorded at their estimated fair values, resulted in a net debt extinguishment gain of $22.9 million, net of transaction fees paid to Ascribe. As Ascribe was a beneficial owner of the Company prior to the acquisition, the net extinguishment gain was accounted for as a capital contribution as an adjustment to additional paid-in capital in the Company’s consolidated balance sheet. On November 5, 2020, the Company commenced a private offer (the “Exchange Offer”) to exchange its outstanding Senior Notes for newly issued 11.00% Senior Secured Notes due 2025 and provide for a $20.0 million rights offering to holders of its Senior Notes participating in the Exchange Offer to purchase new 9.75% Super Priority Lien Senior Secured Notes due 2025 to be issued by the Company. The Exchange Offer expired in accordance with its terms and resulted with no Senior Notes accepted for exchange. The Senior Secured Promissory Note In connection with the CJWS acquisition, the Company issued a Senior Secured Promissory Note on March 9, 2020, in favor of Ascribe in an aggregate principal amount equal to $15 million (the "Senior Secured Promissory Note"). Interest on the Senior Secured Promissory Note is payable monthly, at an initial annual interest rate of 10%, increasing by an additional 2% per annum beginning on January 1, 2021, and on January 1 of each succeeding year thereafter until the Senior Secured Promissory Note matures on October 15, 2023. The Senior Secured Promissory Note was originally recorded at its estimated fair value, resulting in a discount of $7 million at time of issuance. This discount is amortized using the effective interest method over the remaining term of the Senior Secured Promissory Note. The Senior Secured Promissory Note is secured by a lien upon certain of the Company's existing and after-acquired property, which are also secured by the Company's existing Senior Notes. The Senior Secured Promissory Note has a cross-default provision whereby if the Company is in default under the terms of the Senior Notes or ABL Facility then we will be in default under the Senior Secured Promissory Note. Second Lien Promissory Note On October 15, 2020, the Company entered into a Second Lien Delayed Draw Promissory Note, in favor of Ascribe, in an aggregate principal amount equal to $15.0 million (the “Second Lien Promissory Note”). The Company borrowed $7.5 million on October 15, 2020 and $7.5 million on December 9, 2020. Interest on the Second Lien Promissory Note is payable quarterly on January 1, April 1, July 1, and October 1, at an annual interest rate of 9.75% until maturity on October 30, 2023. The proceeds of the Second Lien Promissory Note were used for general corporate and working capital purposes. The Second Lien Promissory Note is secured by a second lien upon certain of the Company’s existing and after-acquired property pursuant to that certain Second Lien Security Agreement, dated as of October 15, 2020, by and among the Company and certain subsidiaries of the Company in favor of Ascribe, as secured party. This collateral also secures the Company’s ABL Credit Agreement on a first lien basis. The Second Lien Promissory Note has a cross-default provision whereby if the Company is in default under the terms of the Senior Notes or ABL Facility or other material debt then we will be in default under the Second Lien Promissory Note. Make-Whole Reimbursement Amount to Ascribe If Ascribe is required to pay the Make-Whole Payment to Seller, as described in the CJWS acquisition disclosures in Note 1. “Description of Business,” then the Company will be required to reimburse to Ascribe the amount of the Make-Whole Payment ("Make-Whole Reimbursement Amount") either in cash or, if the Company is unable to pay the full Make-Whole Reimbursement Amount in cash, in additional Senior Notes as permitted under the Indenture. On March 31, 2021, the Company negotiated a settlement of the Make-Whole Reimbursement obligation with Ascribe in exchange for issuing additional Senior Notes to Ascribe with an aggregate par value of $47.5 million. See Note 18. “Subsequent Event” for more information about the settlement of this obligation. ABL Facility On October 2, 2018, the Company terminated its then existing asset-based lending credit facility and term loan agreement and entered into a new asset-based lending credit agreement among the Company and the lenders that expires on October 2, 2023. The credit agreement will expire on July 3, 2023, if the Senior Notes have not been redeemed by that time. The new credit agreement included a revolving credit facility (the “ABL Credit Facility”) with an initial maximum aggregate principal amount of $150.0 million. The ABL Credit Facility was amended multiple times during 2020. After these amendments, the maximum aggregate principal amount was lowered to $75 million. In connection with the reductions in the aggregate commitment amount, debt issuance costs of $1.1 million were charged to interest expense in 2020. The amount of borrowings available under the ABL Credit Facility are limited to a borrowing base capacity, which is based on eligible accounts receivable and eligible pledged cash, which the Company can advance to the administrative agent as necessary. The ABL Credit Facility includes a sublimit for letters of credit of up to $50.0 million. If the availability under the ABL Credit Facility falls below $9.4 million, then certain covenants including a consolidated fixed charge coverage ratio and cash dominion provisions will spring into effect. Borrowings under the ABL Credit Facility bear interest at a rate per annum equal to an applicable rate, plus, at the Company’s option, either a base rate or a LIBOR rate. The applicable rate in a fiscal quarter is determined by the average daily availability as a percentage of the borrowing base during the previous fiscal quarter. As of December 31, 2020, the Company had no borrowings and $36.0 million of letters of credit outstanding under the ABL Credit Facility. As of December 31, 2020, we had $10.5 million of availability under the ABL Credit Facility, but we are subject to borrowing restrictions that are in place. We are restricted from borrowing this amount because of restrictions regarding the eligible pledged cash and the requirement to maintain the minimum availability noted above. To avoid triggering certain of the consolidated fixed charge coverage ratios and cash dominion covenants which spring into effect under certain minimum availability covenant requirements defined in the ABL Credit Facility, during 2020 we advanced a net $8.1 million of our available cash balance to the administrative agent. The amount of cash advanced to the administrative agent as of December 31, 2020 is reflected as restricted cash in the accompanying consolidated balance sheet. As of March 26, 2021, the amount of cash advanced to the administrative agent has been increased to $15.5 million. Substantially all of the domestic subsidiaries of the Company guarantee the borrowings under the ABL Credit Facility, and the Company guarantees the payment and performance by each specified loan party of its obligations under its guaranty with respect to swap obligations. All obligations under the ABL Credit Facility and the related guarantees are secured by a perfected first-priority security interest in substantially all accounts receivable, inventory, and certain other assets, not including equity interests. The ABL Credit Facility has a covenant whereby the Company would be in default if the report of its independent registered public accounting firm on the Company’s annual financial statements included a going concern qualification or like exemption. On March 31, 2021, the Company obtained a waiver under the ABL Credit |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company leases its corporate office headquarters in Fort Worth, Texas, and conducts its business operations through various regional offices located throughout the United States. These operating locations typically include regional offices, storage and maintenance yards, disposal facilities and employee housing sufficient to support its operations in the area. The Company leases most of these properties under either non-cancelable term leases, many of which contain renewal options that can extend the lease term from one During 2020, the Company modified the operating lease for its headquarters office building, which resulted in an extension of the lease term and abatements for certainly monthly periods. In addition, the Company also modified the finance lease for certain of its lease vehicles, resulting in an extension of the lease term and a reduction in monthly lease payments. For each of these modifications, the Company remeasured the asset and liability balances as of the modification date, resulting in a $3.7 million increase for the headquarters office building operating lease and a $0.8 million decrease for the vehicle finance lease. Headquarters office building total lease expense is recognized on a straight line basis over the remaining lease terms. The classification of each modified lease was unchanged. The following table summarizes the components of the Company's lease expense recognized for the year ended December 31, 2020 and 2019, respectively, excluding variable lease and prepaid rent costs: Year Ended December 31, (in thousands) 2020 2019 Operating lease expense: Operating lease $ 6,872 $ 8,681 Short-term lease 4,933 5,691 Total operating lease expense $ 11,805 $ 14,372 Finance lease expense: Amortization of right-of-use assets $ 11,327 $ 19,171 Interest on lease liabilities 2,281 5,005 Total finance lease expense $ 13,608 $ 24,176 Supplemental information related to leases was as follows: Year Ended December 31, 2020 2019 Operating leases Weighted average remaining lease term 2.8 years 3.1 years Weighted average discount rate 12.8% 14.8% Finance leases Weighted average remaining lease term 2.2 years 2.1 years Weighted average discount rate 8.3% 8.2% Supplemental cash flow information related to leases was as follows: Year Ended December 31, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 11,805 $ 14,372 Operating cash outflows from finance leases 2,281 5,005 Financing cash outflows from finance leases 19,846 29,364 Future annual minimum operating lease payments were as follows: (in thousands) Operating Leases Finance Leases 2021 $ 2,380 $ 7,746 2022 2,446 6,442 2023 2,211 2,994 2024 1,999 576 2025 1,506 29 Thereafter 5,033 — Total lease payments $ 15,575 $ 17,787 Less: Imputed interest (5,151) (801) Total $ 10,424 $ 16,986 |
Leases | Leases The Company leases its corporate office headquarters in Fort Worth, Texas, and conducts its business operations through various regional offices located throughout the United States. These operating locations typically include regional offices, storage and maintenance yards, disposal facilities and employee housing sufficient to support its operations in the area. The Company leases most of these properties under either non-cancelable term leases, many of which contain renewal options that can extend the lease term from one During 2020, the Company modified the operating lease for its headquarters office building, which resulted in an extension of the lease term and abatements for certainly monthly periods. In addition, the Company also modified the finance lease for certain of its lease vehicles, resulting in an extension of the lease term and a reduction in monthly lease payments. For each of these modifications, the Company remeasured the asset and liability balances as of the modification date, resulting in a $3.7 million increase for the headquarters office building operating lease and a $0.8 million decrease for the vehicle finance lease. Headquarters office building total lease expense is recognized on a straight line basis over the remaining lease terms. The classification of each modified lease was unchanged. The following table summarizes the components of the Company's lease expense recognized for the year ended December 31, 2020 and 2019, respectively, excluding variable lease and prepaid rent costs: Year Ended December 31, (in thousands) 2020 2019 Operating lease expense: Operating lease $ 6,872 $ 8,681 Short-term lease 4,933 5,691 Total operating lease expense $ 11,805 $ 14,372 Finance lease expense: Amortization of right-of-use assets $ 11,327 $ 19,171 Interest on lease liabilities 2,281 5,005 Total finance lease expense $ 13,608 $ 24,176 Supplemental information related to leases was as follows: Year Ended December 31, 2020 2019 Operating leases Weighted average remaining lease term 2.8 years 3.1 years Weighted average discount rate 12.8% 14.8% Finance leases Weighted average remaining lease term 2.2 years 2.1 years Weighted average discount rate 8.3% 8.2% Supplemental cash flow information related to leases was as follows: Year Ended December 31, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 11,805 $ 14,372 Operating cash outflows from finance leases 2,281 5,005 Financing cash outflows from finance leases 19,846 29,364 Future annual minimum operating lease payments were as follows: (in thousands) Operating Leases Finance Leases 2021 $ 2,380 $ 7,746 2022 2,446 6,442 2023 2,211 2,994 2024 1,999 576 2025 1,506 29 Thereafter 5,033 — Total lease payments $ 15,575 $ 17,787 Less: Imputed interest (5,151) (801) Total $ 10,424 $ 16,986 |
Series A Participating Preferre
Series A Participating Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Series A Participating Preferred Stock | Series A Participating Preferred Stock In connection with the CJWS acquisition, the Company issued to Ascribe 118,805 shares of the Series A Preferred Stock. The Series A Preferred Stock constituted 83% of the equity interest in the Company. Upon consummation of the CJWS acquisition, the Company's public stockholders owned approximately 14.94% of the equity interests in the Company, and Ascribe held approximately 85.06%. Each share of Series A Preferred Stock is entitled to dividends in an amount per share equal to 1,000 times the per share amount of each dividend declared on the Company's common stock, 1,000 votes on all matters submitted to a vote of the holders of the Company's common stock, and upon any liquidation, dissolution or winding up of the Company, an amount equal to 1,000 times the per share amount to be distributed to each share of the Company's common stock. Each share of Series A Preferred Stock is convertible at the option of the Company or the holder into 1,000 shares of Company common stock. As a result of Ascribe's effective controlling equity interest in the Company, and in accordance with ASC No. 480 "Distinguishing Liabilities from Equity" ("ASC 480"), the Series A Preferred Stock is classified outside of permanent equity in the Company's balance sheet as of December 31, 2020. The Series A Preferred Stock was recorded at its fair value, approximately $22.0 million as of March 9, 2020, based on the trading price of the Company's common shares, plus a control premium. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | Stockholders' Equity (Deficit) Common Stock On May 6, 2020, the Company's stockholders, and the holders of common stock voting separately, approved the proposal to increase the number of authorized shares of common stock by 118,805,000, to allow for the conversion of Series A Preferred Stock shares to common shares. As of December 31, 2020, the Company had 198,805,000 authorized shares of its common stock, par value $0.01 per share, with 27,912,059 shares issued and 24,899,932 shares outstanding. Treasury Stock The Company acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of restricted stock unit awards, forfeitures of restricted share awards, and through a previous publicly announced repurchase program. The Company issued and repurchased a net total of 4,553 and 2,692,116 common shares for the years ended December 31, 2020 and 2019, respectively. Warrant Agreement On December 23, 2016, the Company entered into a warrant agreement (the “Warrant Agreement”) with American Stock Transfer & Trust Company, LLC, as warrant agent. The Company issued warrants (the “Warrants,” and holders thereof “Warrantholders”), which in the aggregate, are exercisable to purchase up to approximately |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following table sets forth the Company's disaggregation of revenues by geographical markets for the years ended December 31, 2020 and 2019: (in thousands) Well Servicing Water Logistics Completion & Remedial Services Total Discontinued Operations Year Ended December 31, 2020 Central U.S. $ 106,575 $ 98,932 $ 31,172 $ 236,679 $ 115 Western U.S. 108,491 45,356 30,783 $ 184,630 $ 5 Eliminations (2,249) (5,353) (2,332) (9,934) — Total revenues $ 212,817 $ 138,935 $ 59,623 $ 411,375 $ 120 Year Ended December 31, 2019 Central U.S. $ 193,233 $ 188,289 $ 74,351 $ 455,873 $ 139,378 Western U.S. 45,796 22,310 69,526 137,632 3,507 Eliminations (12,063) (10,783) (3,409) (26,255) — Total revenues $ 226,966 $ 199,816 $ 140,468 $ 567,250 $ 142,885 At December 31, 2020, the Company had $2.1 million of contract assets and no contract liabilities on our consolidated balance sheet. At December 31, 2019, the Company had $1.4 million of contract assets and $0.9 million contract liabilities recorded on our consolidated balance sheet. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Management Incentive Plan On May 14, 2019, the stockholders of the Company approved the Basic Energy Services, Inc. 2019 Long Term Incentive Plan (the “2019 LTIP”) to succeed the Basic Energy Services, Inc. Management Incentive Plan (the “MIP”). The 2019 LTIP became effective on May 14, 2019, and replaced the MIP. A total of 2,481,657 shares of the Company’s common stock are reserved for issuance pursuant to the 2019 LTIP. No further awards will be granted under the MIP. During the years ended December 31, 2020 and 2019, compensation expense related to share-based arrangements under the MIP and the 2019 LTIP, including restricted stock, restricted stock units and stock option awards, was approximately $1.5 million and $8.7 million, respectively. For share-based compensation expense recognized during the year ended December 31, 2020 and 2019, the Company did not recognize a tax benefit due to the valuation allowance on our deferred tax assets. At December 31, 2020, there was $0.3 million unrecognized compensation related to non-vested share-based compensation arrangements granted under the MIP and the 2019 LTIP. That cost is expected to be recognized over a weighted average period of 1.4 years. Expenses described below are for employee awards granted under the MIP or the 2019 LTIP, as applicable. Stock Option Awards Total expense related to stock options was approximately $2,000 in 2020 and $1.9 million in 2019. These stock options became fully vested and expensed as of the first quarter of 2020. Options granted under the MIP expire 10 years from the date they are granted, and generally vest over a period of three years. The following table reflects the summary of stock options outstanding at December 31, 2020: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (000's) Non-statutory stock options: Outstanding at beginning of period 306,506 $39.23 Granted — — Forfeited (5,396) 41.90 Exercised — — Expired (106,846) 39.09 Outstanding and exercisable at end of period 194,264 $39.23 6.09 $— Time-based Restricted Stock Awards A summary of the Company’s non-vested restricted stock activity during 2020 is presented in the following table: Restricted Stock Units Weighted Average Grant Date Fair Value Per Unit Non-vested at beginning of period 573,066 $4.46 Granted — — Vested (289,281) 5.84 Forfeited (125,126) 3.71 Non-vested at end of period 158,659 $2.53 In the second quarter of 2019, the Board also made grants of time-based restricted stock awards representing an aggregate 533,160 shares of common stock of the Company to certain members of management. These grants are subject to vesting over a three-year period and are subject to accelerated vesting under certain circumstances. The first one-third of the grant vested on May 15, 2020 with the next two installments scheduled for May 15, 2021 and 2022, respectively. The fair value of time vesting restricted stock is equal to the quoted market price for the shares on the date of the grant. The total fair value of time-vesting restricted stock vested in fiscal 2020 and 2019 was $0.1 million and $0.3 million, respectively, and is measured as the quoted market price of the Company’s common stock on the vesting date for the number of shares vested. Performance-based Restricted Stock Awards A summary of the Company’s non-vested performance-based restricted stock activity during 2020 is presented in the following table: Number of Performance Stock Units Weighted Average Grant Date Fair Value Per Unit Non-vested at beginning of period 312,238 $20.52 Granted — — Vested (116,227) 35.29 Performance Adjustment (167,519) 9.52 Forfeited (28,492) 24.95 Non-vested at end of period — $— The total fair value of performance-based restricted stock units vested in 2020 and 2019 was $22,000 and $1.0 million, respectively, and is measured as the quoted market price of the Company’s common stock on the vesting date for the number of shares vested. Phantom Stock Awards The Compensation Committee also approves grants of phantom restricted stock awards to employees. Phantom shares are recorded as a liability at their current market value and are included in other current liabilities. These grants remain subject to vesting annually in one-third increments over a three-year period, and are subject to accelerated vesting in certain circumstances. Based on the trading price of the Company's common stock, the amount of liability recorded related to phantom stock awards was not significant at December 31, 2020. |
Retirement and Deferred Compens
Retirement and Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement and Deferred Compensation Plan | Retirement and Deferred Compensation Plan In April 2005, the Company established a deferred compensation plan for certain employees. Participants may defer up to 50% of their salary and 100% of any cash bonuses. The Company may make contributions of 100% of the first 3% of the participants’ deferred pay and 50% of the next 2% of the participants’ deferred pay to a maximum match of $10,000 per year. Employer matching contributions and earnings thereon are subject to a five-year vesting schedule with full vesting occurring after five years of service. Employer contributions to the deferred compensation plan net of earnings approximated an expense of $0.1 million and $0.2 million in 2020 and 2019, respectively. The Company elected to suspend matching for this plan during portions of 2020 and 2019. The Company has a 401(k) profit sharing plan that covers substantially all employees. After one year of employment, employees may contribute up to their base salary not to exceed the annual federal maximum allowed for such plans. At management’s discretion, the Company may make a matching contribution proportional to each employee’s contribution. Employee contributions are fully vested at all times. Employer matching was suspended during portions of 2020 and 2019. Employer matching contributions vest immediately. Employer contributions to the 401(k) plan approximated $1.1 million and $2.4 million in 2020 and 2019, respectively. |
Retirement and Deferred Compensation Plan | Retirement and Deferred Compensation Plan In April 2005, the Company established a deferred compensation plan for certain employees. Participants may defer up to 50% of their salary and 100% of any cash bonuses. The Company may make contributions of 100% of the first 3% of the participants’ deferred pay and 50% of the next 2% of the participants’ deferred pay to a maximum match of $10,000 per year. Employer matching contributions and earnings thereon are subject to a five-year vesting schedule with full vesting occurring after five years of service. Employer contributions to the deferred compensation plan net of earnings approximated an expense of $0.1 million and $0.2 million in 2020 and 2019, respectively. The Company elected to suspend matching for this plan during portions of 2020 and 2019. The Company has a 401(k) profit sharing plan that covers substantially all employees. After one year of employment, employees may contribute up to their base salary not to exceed the annual federal maximum allowed for such plans. At management’s discretion, the Company may make a matching contribution proportional to each employee’s contribution. Employee contributions are fully vested at all times. Employer matching was suspended during portions of 2020 and 2019. Employer matching contributions vest immediately. Employer contributions to the 401(k) plan approximated $1.1 million and $2.4 million in 2020 and 2019, respectively. |
Impairments and Other Charges
Impairments and Other Charges | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairments and Other Charges | Impairments and Other Charges The following table provides a reconciliation of our impairments and other charges: Year Ended December 31, (in thousands) 2020 2019 Long lived asset impairments $ 88,697 $ — Goodwill impairments 19,089 — Inventory write-downs 5,281 5,266 Transaction costs 4,734 2,153 Field restructuring 351 — Executive departure — 843 Total impairments and other charges $ 118,152 $ 8,262 Long-lived asset impairments - The reduction in demand for our services beginning in March 2020 for each of our businesses was an indicator that our long-lived assets could be impaired. Our impairment testing indicated that our Well Servicing segment long-lived assets were not recoverable. The estimated fair value of the Well Servicing segment assets was determined to be below its carrying value and as a result we recorded impairments of property and equipment totaling $86.0 million and write-downs of component parts inventory totaling $4.8 million as of March 31, 2020. As of December 31, 2020, we recorded an additional $2.5 million impairment of long-lived assets primarily related to certain real property yard and facility locations that we no longer use and are planning to dispose. For assets being disposed, fair value is determined based on expected sales proceeds, less cost to dispose. For long-lived assets being impaired, other than goodwill, fair value is determined using an income approach calculated by using forecasted revenues and probability weighted operating cash flows, estimating terminal values and associated growth rates, and discounting them using an estimate of the discount rate. Goodwill impairments - The Company recorded goodwill of $19.1 million in connection with the acquisition of CJWS, which was allocated to our Well Servicing and Water Logistics reporting units. On March 31, 2020, due to the reduction in demand for our services, we determined that the fair value of the Well Servicing reporting unit was less than its carrying value, which resulted in a goodwill impairment of $10.6 million for this reporting unit. As part of our annual goodwill impairment test, we determined that the remaining fair value of the Water Logistics reporting unit was less than its carrying value, which resulted in a goodwill impairment of $8.5 million for this reporting unit. For goodwill, fair value is determined by using a combination of the income approach and the market approach. The income approach estimates the fair value by using forecasted revenues and operating cash flows, estimating terminal values and associated growth rates, and discounting them using an estimate of the discount rate, or expected return, that a market participant would have required as of the valuation date. The market approach involves the selection of the appropriate peer group companies and valuation multiples. Inventory write-downs - In connection with the downturn in our business, we recorded a $4.8 million write-down of certain parts inventory in our Well Servicing segment in the first quarter of 2020. We also recorded a $5.3 million write-down of certain parts inventory in our Well Servicing segment during 2019 due to obsolescence. Transaction costs - In response to the downturn in our business, and in connection with our plans to adjust our capital structure accordingly, we incurred $4.7 million of legal and professional consulting costs, including costs associated with the Exchange Offer. For further discussion of the Exchange Offer, see Note 4. "Indebtedness and Borrowing Facility." Field restructuring costs - In 2020, we incurred $0.4 million of costs associated with yard closures in connection with our field restructuring initiative. Executive departure - In 2019, we incurred $0.8 million in costs related to the departure of our Chief Executive Officer. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax (benefit) expense consists of the following: Year Ended December 31, (in thousands) 2020 2019 Current: Federal $ (119) $ (1,900) State 474 1,921 Total 355 21 Deferred: Federal (3,739) — State (448) — Total (4,187) — Total income tax (benefit) expense $ (3,832) $ 21 The Company paid no federal income taxes during the years 2020 and 2019. The Company received a federal income tax refund of $2.8 million during the year ended December 31, 2019 as a result of a tax year 2017 election to monetize the remaining alternative minimum tax credit carryforward in lieu of accelerated tax depreciation, and as a result of amending our 2007 federal tax return under section 172(f) of the Internal Revenue Code of 186, which allowed us to carry-back and recover workers' compensation expenses in the years we had net operating losses for the previous 10 years. The issuance of the Series A Preferred Stock as part of the acquisition of CJWS resulted in an ownership change pursuant to Internal Revenue Code Section 382 on March 9, 2020. The Section 382 limitation impacts the Company's ability to utilize certain pre-acquisition tax attributes, including net operating losses. The projected impact of the ownership change will reduce the Company's available federal net operating losses from $900.7 million as of December 31, 2019 to an estimated $383.3 million as of December 31, 2020, which begin to expire in 2032 and $382.8 million of net operating loss carryforwards for state income tax purposes which begin to expire in 2021. The reconciliation between the amount determined by applying the U.S. Federal corporate tax rate of 21% to loss before income taxes (benefit) for the years ended December 31, 2020 and 2019 is as follows : Year Ended December 31, (in thousands) 2020 2019 Loss from continuing operations before income taxes $ (253,040) $ (91,380) U.S. federal statutory rate 21 % 21 % Income tax benefit at U.S. federal statutory rate (53,138) (19,190) NOLs derecognized due to Section 382 limitation 158,116 — State taxes, net of federal benefit (4,132) 580 Equity compensation shortfall 1,868 2,601 Change in estimates & other 2,936 206 Change in valuation allowance (109,482) 15,824 Income tax (benefit) expense $ (3,832) $ 21 The change in valuation allowance during 2020 was primarily due to the Section 382 limitation, less the impact from the additional tax losses generated during the year. The Company 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 December 31, 2020, a valuation allowance of approximately $145.4 million has been recorded on the net deferred tax assets for all federal and state tax jurisdictions in order to measure only the portion of the deferred tax asset that more likely than not will be realized. As of December 31, 2019, a valuation allowance of $210.8 million was recorded against the net deferred tax assets not expected to be realized. Interest is recorded in interest expense and penalties are recorded in income tax expense. We had no interest or penalties related to an uncertain tax positions during 2020. The Company files federal income tax returns and state income tax returns in Texas and other state tax jurisdictions. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: Year Ended December 31, (in thousands) 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 99,569 $ 205,367 Goodwill and intangibles assets 25,505 19,350 Interest expense limitation 25,859 16,721 Accrued liabilities 11,679 11,139 Operating lease liabilities 2,367 3,299 Deferred compensation 1,302 2,889 Asset retirement obligation 2,430 2,344 Other 823 2,374 Total deferred tax assets 169,534 263,483 Valuation allowances (145,404) (210,808) Total net deferred tax assets 24,130 52,675 Deferred tax liabilities: Property and equipment 20,447 48,980 Operating lease right-of-use assets 2,184 3,299 Other 1,923 396 Total deferred tax liabilities 24,554 52,675 Net deferred tax liability $ 424 $ — The deferred tax liabilities acquired with the acquisition of CJWS provided a source of future taxable income which allowed the Company to recognize a tax benefit on a portion of the long-lived asset impairment recorded during the three months ended March 31, 2020, as well as the Company's other deferred tax assets, and is the primary reason for the tax benefit for the year ended December 31, 2020. On August 15, 2019, the Company was notified by the Oklahoma Tax Commission (the "OTC") that the tax court had issued findings, conclusions, and recommendations in an on-going tax case related to tax years 2006 through 2008. Based on the ruling and the advice of our Oklahoma tax counsel, the Company decided to negotiate a settlement with the OTC. The Company's analysis is that the potential liability associated with the settlement may range up to $3.5 million. The Company recorded $2.5 million of income tax and interest payable, which is included as accrued expenses on our consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental The Company is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. The Company cannot predict the future impact of such standards and requirements which are subject to change and can have retroactive effectiveness. The Company continues to monitor the status of these laws and regulations. Currently, the Company 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 to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions which may be required, the determination of the Company's liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. Litigation FASB ASC 450 - "Contingencies" (“ASC 450”) governs the Company’s disclosure and recognition of loss contingencies, including pending claims, lawsuits, disputes with third parties, investigations and other actions that are incurred in the operation of our business. ASC 450 uses the following defined terms to describe the likelihood of a future loss: probable – the future event or events are likely to occur, remote – the chance of the future event or events is slight, and reasonably possible – the chance of the future event or events occurring is more than remote but less than likely. ASC 450 also contains certain requirements with respect to how we accrue for and disclose information concerning our loss contingencies. We accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if there is at least a reasonable possibility that a material loss has been incurred. No accrual or disclosure is required for losses that are remote. Arlisa Ann Carr, Individually and as Representative of the Estate of Dexture Carr, Deceased v. Dewan Tyrel Mosley and C&J Well Services, Inc. : On or around October 2, 2018, Arlisa Carr filed a lawsuit against CJWS in the 115th District Court of Upshur County, Texas (Cause No.630-18), alleging, among other things, that CJWS was negligent with respect to an automobile accident in March 2018. MS. Carr is seeking monetary relief of more than $1 million. CJWS denies these allegations and the case is currently set for trial in April 2021. The outcome of this case is uncertain and the ultimate resolution of it could have a material adverse effect on our consolidated financial statements in the period in which the resolution is recorded. We believe that costs associated with other legal matters, individually or in the aggregate, will not have a material adverse effect on our consolidated financial statements. Sales and Use Tax Audit The Company is subject to sales and use tax audits as a normal course of its business. The Company is currently subject to sales and use tax audits conducted by the Texas State Comptroller’s office for audit periods from 2010 through 2016. Preliminary audit reports were issued for these audits, and the Company will appeal the preliminary reports through the redetermination process. Based on the Company's analysis, the potential liability associated with these audits, including costs to be incurred in defending and settling these audits, range from $6.0 million up to $31.0 million. This range could potentially change in future periods as the appeal and redetermination process progresses. Net of $2.7 million of good faith payments made by the Company, the Company currently has recorded a $3.4 million liability which is included as accrued expenses on our consolidated balance sheets. Included in the $3.4 million liability is approximately $2.1 million of accrued interest associated with the tax liability, including $0.2 million of interest expense recognized for the year ended December 31, 2020. Self-Insured Risk Accruals |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Loss per common share is determined by dividing net loss applicable to common stock by the weighted average number of common shares outstanding during the year. Diluted loss per common share is based on the increased number of shares that would be outstanding assuming conversion of dilutive outstanding securities. The following table sets forth the computation of basic and diluted loss per share: Year Ended December 31, (in thousands, except per share data) 2020 2019 Numerator (both basic and diluted): Loss from continuing operations $ (249,208) $ (91,401) Loss from discontinued operations, net of tax (18,967) (90,497) Net loss available to common stockholders $ (268,175) $ (181,898) Denominator: Weighted-average shares used for basic and diluted earnings per share (a) 24,925 26,141 Loss from continuing operations per share, basic and diluted $ (10.00) $ (3.50) Loss from discontinued operations per share, basic and diluted (0.76) (3.46) Net loss per share, basic and diluted $ (10.76) $ (6.96) (a) The Company has issued potentially dilutive instruments. However, the Company did not include these instruments in its calculation of diluted loss per share, because to include them would be anti-dilutive. The following table sets forth the weighted-average number of potentially dilutive instruments: Year Ended December 31, (in thousands) 2020 2019 Series A Preferred Stock 96,407 — Warrants 2,067 2,067 Unvested restricted stock units 257 374 Stock options 194 306 Total 98,925 2,747 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements The following table summarizes our liability measured at fair value on a recurring basis: Year Ended December 31, 2020 2019 Hierarchy Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Make-Whole Reimbursement Amount 3 $ 4,847 $ 4,847 $ — $ — As a result of the CJWS acquisition, the Company has a Make-Whole Reimbursement derivative in place, which is classified within Other Current Liabilities on our consolidated balance sheet. Changes in the fair value of derivative instruments subsequent to the initial measurement are recorded as Gain (Loss) on Derivative in the accompanying consolidated statement of operations. The estimated fair value of the Company’s derivative liability is determined at discrete points in time derived from the fair value of our Senior Notes, which resulted in the Company classifying the derivative liability as Level 3. As of December 31, 2020, the fair value of the Make-Whole Reimbursement derivative is based on the risk-adjusted value of the $28.5 million estimated Make-Whole Reimbursement Amount, which is calculated based on the differential between the trading value of the Ascribe Senior Notes as of December 31, 2020 and their $34.4 million par value. The Company recorded a gain of $4.9 million as a result of the change in fair value of the Make-Whole Reimbursement derivative in the year ended December 31, 2020. The Company did not have any additional assets or liabilities that were measured at fair value on a recurring basis as of December 31, 2020 or December 31, 2019. Nonrecurring Fair Value Measurements Certain assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets that have been reduced to fair value when they are held for sale and long-lived assets, including goodwill, that are written down to fair value when they are impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs. For further discussion of these impairments, see Note 11. "Impairments and Other Charges." See Note 6. "Series A Participating Preferred Stock" for further discussion of the valuation of this instrument. The following table summarizes our fair value measurements made on a nonrecurring basis as of various dates during the periods presented. Please note that these amounts represent the carrying amounts and fair values at the time of each measurement. Date of Hierarchy Carrying Fair (in thousands) Measurement Level Amount Value Well Servicing long-lived assets March 31, 2020 3 $ 153,879 $ 69,535 Series A Participating Preferred Stock March 9, 2020 3 $ 22,000 $ 22,000 Non-strategic real estate assets to be disposed Dec 31, 2020 3 $ 8,231 $ 6,657 Well Servicing goodwill March 31, 2020 3 $ 10,565 $ — Water Logistics goodwill Dec 31, 2020 3 $ 8,524 $ — Fair Values of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximate fair value due to the short maturities of these instruments. The carrying amount, if any, of our ABL Credit Facility in Long-Term Debt also approximates fair value due to its priority on security and variable-rate characteristics. The carrying amount of the Second Lien Promissory Note, issued in October 2020, also approximates fair value as of December 31, 2020, after considering the sufficiency of its security. The following is a summary of the carrying amounts, net of discounts, and estimated fair values of the Company's Senior Notes, Senior Secured Promissory Note, and Second Lien Promissory Note as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Hierarchy Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value 10.75% Senior Notes due 2023 2 $ 289,359 $ 44,992 $ 297,844 $ 213,246 Senior Secured Promissory Note 3 $ 9,184 $ 2,103 $ — $ — Second Lien Delayed Draw Promissory Note 3 $ 15,000 $ 15,000 $ — $ — |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Company’s reportable business segments are Well Servicing, Water Logistics, and Completion & Remedial Services. Costs related to other business activities, primarily corporate headquarters functions, are disclosed separately from the three operating segments as "Corporate and Other." Corporate expenses include general corporate expenses associated with managing all reportable operating segments. Corporate assets consist principally of working capital and debt financing costs. The Company evaluates segment performance on revenue less cost of services. Products are transferred between segments and geographical areas on a basis intended to reflect as nearly as possible the market value of the products. The following table sets forth financial information with respect to our reportable segments: (in thousands) Well Servicing Water Logistics Completion & Remedial Services Corporate and Other Total Discontinued Operations Year ended December 31, 2020 Revenues $ 212,817 $ 138,935 $ 59,623 $ — $ 411,375 $ 120 Costs of services 174,011 112,232 51,824 — 338,067 5,305 Segment profits 38,806 26,703 7,799 — 73,308 (5,185) Depreciation and amortization 9,447 25,115 11,774 6,201 52,537 — Capital expenditures 2,359 3,585 1,764 117 7,825 — Total assets $ 39,812 $ 102,232 $ 54,601 $ 146,103 $ 342,748 $ 6,325 Year ended December 31, 2019 Revenues $ 226,966 $ 199,816 $ 140,468 $ — $ 567,250 $ 142,885 Costs of services 181,516 141,379 98,654 — 421,549 134,778 Segment profits 45,450 58,437 41,814 — 145,701 8,107 Depreciation and amortization 18,766 26,143 19,964 4,616 69,489 45,168 Capital expenditures 14,525 26,209 7,033 654 48,421 12,067 Total assets $ 78,686 $ 118,960 $ 42,560 $ 256,044 $ 496,250 $ 54,224 The following table reconciles the segment profits reported above to the loss from continuing operations before income taxes as reported in the consolidated statements of operations: Year Ended December 31, (in thousands) 2020 2019 Segment profits $ 73,308 $ 145,701 General and administrative expenses (98,048) (115,464) Depreciation and amortization (52,537) (69,489) Gain (loss) on disposal of assets 6,138 (2,135) Impairment and other charges (118,152) (8,262) Acquisition related costs (21,635) — Interest expense, net (46,980) (42,378) Gain on derivative 4,866 — Other income — 647 Loss from continuing operations before income taxes $ (253,040) $ (91,380) |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following table summarizes results for each of the four quarters in the years ended December 31, 2020, and 2019: (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year ended December 31, 2020: Total revenues $ 128,403 $ 89,637 $ 95,400 $ 97,935 Total segment profits (1) 26,228 18,361 12,138 16,581 Loss from continuing operations (136,429) (39,725) (29,153) (43,901) Loss from discontinued operations (8,452) (4,873) (2,926) (2,716) Net loss $ (144,881) $ (44,598) $ (32,079) $ (46,617) Loss from continuing operations per share, basic and diluted $ (5.48) $ (1.59) $ (1.17) $ (1.76) Loss from discontinued operations per share, basic and diluted $ (0.34) $ (0.19) $ (0.12) $ (0.11) Net loss per share, basic and diluted $ (5.82) $ (1.78) $ (1.29) $ (1.87) Shares used in computing basic and diluted earnings per share 24,914 24,957 24,927 24,900 Year ended December 31, 2019: Total revenues $ 153,190 $ 147,975 $ 144,163 $ 121,922 Total segment profits (1) 42,067 38,915 39,448 25,271 Loss from continuing operations (14,786) (19,315) (24,778) (32,522) Loss from discontinued operations $ (12,690) $ (8,462) $ (14,100) $ (55,245) Net loss $ (27,476) $ (27,777) $ (38,878) $ (87,767) Loss from continuing operations per share, basic and diluted $ (0.55) $ (0.71) $ (0.97) $ (1.30) Loss from discontinued operations per share, basic and diluted $ (0.47) $ (0.31) $ (0.55) $ (2.22) Net loss per share, basic and diluted $ (1.02) $ (1.02) $ (1.52) $ (3.52) Shares used in computing basic and diluted earnings per share 26,850 27,204 25,606 24,924 The sum of individual quarterly net loss per share may not agree to the total for the year due to each period's computation being based on the weighted average number of common shares outstanding during such period. (1) Total segment profits for the quarterly periods of 2019 and 2020 have been adjusted to conform to the current period presentation. These adjustments do not impact net loss for any quarterly period and do not reflect a material change to the information previously presented in our consolidated financial statements. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventMake-Whole Reimbursement On March 31, 2020, the Company negotiated a settlement of the Make-Whole Reimbursement obligation with Ascribe as further discussed in Note 4. “Indebtedness and Borrowing Facility” in exchange for issuing additional Senior Notes to Ascribe with an aggregate par value of $47.5 million. While the Company is currently evaluating the accounting for this transaction, the final accounting treatment could result in a material charge to earnings in March 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company's subsidiaries, for which the Company holds a majority voting interest. All intercompany transactions and balances have been eliminated. There were no items of other comprehensive income during the periods presented. |
Use of Estimates | Use of EstimatesPreparation 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 disclosures of contingent 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 materially from those estimates. Areas where critical accounting estimates are made by management include impairments of long-lived assets, certain financial instruments, acquisition purchase price allocation, litigation and self-insurance liabilities. |
Restricted Cash | Restricted CashThe Company’s restricted cash at December 31, 2020 consists of net advances made to the Administrative Agent under our ABL Credit Facility. See Note 4. "Indebtedness and Borrowing Facility," for further discussion of the ABL Credit Facility. The Company’s restricted cash is included in current assets as of December 31, 2020. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses The Company estimates its allowance for credit losses on accounts receivable based on past collections |
Inventories | Inventories For rental and fishing tools, inventories consisting mainly of grapples, controls and drill bits are stated at lower of cost or net realizable value. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of the Company and are stated at lower of cost or net realizable value, with cost being determined on the first-in, first-out method. |
Assets Held for Sale | Assets Held for SaleAssets are classified as held for sale when, among other factors, they are identified and marketed for sale in their present condition, management is committed to their disposal, and the sale of the asset is probable within one year. During 2020, the Company classified to assets held for sale $3.9 million of certain rig construction assets, associated with our Taylor manufacturing facility, the majority of which were sold, or are expected to be sold, by mid-2021. Also included in assets classified as held for sale are certain real property and equipment assets of our pressure pumping operations and contract drilling operations that were classified as discontinued operations beginning in late 2019. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost or at estimated fair value at acquisition date if acquired in a business combination. Expenditures for repairs and maintenance are charged to expense as incurred and additions and improvements that significantly extend the lives of the assets are capitalized. Upon the sale or other retirement of depreciable property, the cost and accumulated depreciation and amortization are removed from the related accounts and any gain or loss is reflected in operations. All property and equipment are depreciated or amortized (to the extent of estimated salvage values) on the straight-line method. The Company is obligated under various finance leases for certain vehicles and equipment that expire at various dates during the next five years. |
Leases | Leases The Company determines if an arrangement is a lease at inception of the arrangement. To the extent that we determine an arrangement represents a lease, we classify that lease as an operating lease or a finance lease. We capitalize operating and finance leases on our consolidated balance sheets through a right-of-use (“ROU”) asset and a corresponding lease liability. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Lease expense for operating leases is recognized on a straight-line basis over the lease term. |
Goodwill and Intangible Assets | Goodwill and Intangible AssetsWe record as goodwill the excess purchase price over the fair value of the tangible and identifiable intangible assets acquired in a business acquisition. |
Long-Lived Asset Impairments | Long-Lived Asset ImpairmentsWe perform a review of our long-lived asset groups for impairment when, in management’s judgment, events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recovered over its remaining service life. Impairment is indicated when the sum of the estimated future cash flows, on an undiscounted basis, is less than the asset group's carrying amount. If the undiscounted cash flows are less than the asset group's carrying amount, we then determine the asset group's fair value by using discounted cash flow analysis. An impairment loss is measured and recorded as the amount by which the asset group's carrying amount exceeds its fair value. |
Self-Insurance Liabilities | Self-Insurance Liabilities The Company is self-insured up to retention limits as it relates to workers’ compensation, general liability claims, and medical and dental coverage of its employees. The Company estimates its reserves related to litigation and self-insured risks based on the facts and circumstances specific to the litigation and self-insured claims and its past experience with similar claims. The Company records liabilities in the consolidated balance sheets to cover self-insurance retentions. As of December 31, 2020 and 2019, the Company had recorded $22.6 million and $15.8 million, respectively, for the current portion of estimated workers' compensation, automobile liability, and general liability self-insured claims. The outcome of any claim could differ materially from estimated amounts. |
Asset Retirement Obligations | Asset Retirement ObligationsThe Company has asset retirement obligations ("ARO") related to our saltwater disposal facilities, brine and freshwater wells. The Company records a liability for the fair value of ARO that we can reasonably estimate, on a discounted basis, in the period in which the asset is acquired. The fair value of the liability is calculated using discounted cash flow techniques and based on internal estimates and assumptions related to future retirement costs, expected remaining lives of the assets, future inflation rates and credit adjusted risk-free interest rates. Significant increases or decreases in these assumptions could result in a significant change to the fair value measurement. The Company capitalizes an equal amount as a cost of the asset and depreciates it over the useful life of the asset. Subsequently, the obligation is adjusted at the end of each period to reflect the passage of time, any changes in the estimated future cash flows underlying the obligation, and settlements of obligations. |
Environmental Contingencies | Environmental ContingenciesThe Company is subject to extensive federal, state and local environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the adverse environmental effects of disposal or release of petroleum, chemical and other substances at various sites. Environmental expenditures are expensed or capitalized depending on the future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable and the costs can be reasonably estimated. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue to match the delivery of goods or services to customers. Our revenues are generated by services, which are consumed as provided by our customers on their sites. 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 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 WIP or Accounts Receivable. Contract Assets are typically invoiced within 30 to 60 days of recognizing revenue. The Company 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 |
Stock-Based Compensation | Stock-Based CompensationThe Company has historically compensated our directors, executives and employees using a combination of performance and time-based stock option, restricted share, and restricted share unit awards. The Company values awards at the date of the grant and recognizes expense over the vesting period of the grant. The method of determining the fair value of share-based payments depends on the type of award. Share-based awards that vest over a certain service period with no market conditions are valued at the closing market price on the grant date. Share-based awards that are dependent upon certain market performance conditions being met are valued using a Monte Carlo simulation with inputs determined on the date of the grant. Option grants are valued using the Black-Scholes-Merton model using inputs that are determined on the date of the grant. |
Income Taxes | Income TaxesThe provision for income taxes is determined using the asset and liability method of accounting. Deferred tax assets and liabilities are recorded based upon differences between the tax basis of assets and liabilities and their carrying values for financial reporting purposes, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We record deferred tax assets net of a valuation allowance to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event we determine that we would be able to realize more of our deferred income tax assets in the future, we would make an adjustment to reduce the valuation allowance which would reduce our income tax expense. |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company classifies fair value balances based on the observability of those inputs. The three levels of the fair value hierarchy are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable. These inputs are either directly observable in the marketplace or indirectly observable through corroboration with market data for substantially the full contractual term of the asset or liability being measured. Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications do not impact net loss and do not reflect a material change to the information previously presented in our consolidated financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standards Adopted in 2020. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected, utilizing an expected loss methodology in place of the previously used incurred loss methodology. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. The new standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company early adopted this standard on January 1, 2020, using the prospective transition method, and the standard did not have a material impact on our consolidated financial statements upon its adoption. In August 2018, the FASB issued ASU 2018-15 "Intangibles — Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract" ("ASU 2018-15"). ASU 2018-15 clarifies the accounting for implementation costs in cloud computing arrangements. We adopted ASU 2018-15 on its January 1, 2020, effective date, using the prospective transition method, and this standard did not have a material impact on our consolidated financial statements. Standards Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” ("ASU 2019-12"). ASU 2019-12 intends to simplify various aspects related to accounting for income taxes and removes certain exceptions to the general principles in the standard. Additionally, the ASU clarifies and amends existing guidance to improve consistent application of its requirements. The amendments of ASU 2019-12 are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company anticipates that the impact on its consolidated financial statements upon adoption of ASU 2019-12 will not be material. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)” ("ASU 2020-04"), which provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The ASU is effective for all entities as of March 12, 2020, through December 31, 2022. Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. We are currently evaluating the timing of our adoption and the impacts of the provisions of ASU 2020-04 on our consolidated financial statements. |
Description of Business (Tables
Description of Business (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Allocation of Net Assets Acquired | The Company's allocation of the purchase price, including working capital adjustments, to the estimated fair value of the CJWS net assets is as follows: (in thousands) March 9, 2020 Current assets $ 41,997 Property and equipment 63,418 Operating lease right-of-use-assets 734 Intangible assets 4,000 Other assets 1,859 Goodwill 19,089 Total assets acquired 131,097 Current liabilities 24,893 Long-term liabilities 12,051 Total liabilities assumed 36,944 Net assets acquired $ 94,153 |
Schedule of Pro Forma Information | The following unaudited pro forma information is not necessarily indicative of the results that would have been achieved if the CJWS Transaction had occurred in the past, and should not be relied upon as an indication of the operating results that the Company would have achieved if the transaction had occurred at the beginning of the periods presented, and our operating results, or the future results that we will achieve, may be different from those reflected in the unaudited pro forma information below. Year Ended December 31, (in thousands, except per share information) 2020 2019 Revenues $ 469,180 $ 953,359 Loss from continuing operations (234,260) (103,749) Loss from continuing operations per share, basic and diluted $ (9.40) $ (3.97) Weighted average shares outstanding, basic and diluted 24,925 26,141 |
Schedule of Operating Results of Discontinued Operations | Assets and liabilities related to the discontinued operations are included in the Consolidated Balance Sheet as of December 31, 2020 and 2019 and are detailed in the table below: Year Ended December 31, (in thousands) 2020 2019 Assets held for sale Inventories $ — $ 2,069 Operating lease right-of-use assets — 1,659 Property and equipment, net 1,523 50,496 Total assets held for sale $ 1,523 $ 54,224 Other long term assets Real estate held for sale $ 4,802 $ — Liabilities related to assets held for sale Operating lease liabilities 508 1,659 Finance lease liabilities — 3,589 Total liabilities related to assets held for sale $ 508 $ 5,248 The operating results of the divested pressure pumping operations and contract drilling operations, which were historically included in the Completions & Remedial Services and Other Services segments, respectively, have been reclassified as discontinued operations in the Consolidated Statement of Operations for the years ended December 31, 2020, and 2019, as detailed in the table below: Year Ended December 31, (in thousands) 2020 2019 Revenues $ 120 $ 142,885 Cost of services 5,305 134,778 Selling, general and administrative 6,705 15,174 Depreciation and amortization — 45,168 Asset impairments 4,378 35,801 Loss on disposal of assets 2,635 1,878 Total operating expenses 19,023 232,799 Operating loss (18,903) (89,914) Interest expense (64) (583) Loss from discontinued operations $ (18,967) $ (90,497) Loss from discontinued operations per share, basic and diluted $ (0.76) $ (3.46) Applicable Consolidated Statements of Cash Flow information related to the discontinued operations for the years ended December 31, 2020 and 2019 are detailed in the table below: Year Ended December 31, (in thousands) 2020 2019 Cash Flows from Discontinued Operations Net cash provided by (used in) operating activities $ (11,953) $ 2,120 Net cash provided by investing activities $ 42,713 $ 133 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash: December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 1,902 $ 36,217 Restricted cash 8,083 — Total cash, cash equivalents and restricted cash $ 9,985 $ 36,217 |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash: December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 1,902 $ 36,217 Restricted cash 8,083 — Total cash, cash equivalents and restricted cash $ 9,985 $ 36,217 |
Schedule of Goodwill | Activity during the period ended December 31, 2020, associated with goodwill by reporting units is as follows: (in thousands) Well Servicing Water Logistics Completion & Remedial Total Balance as of December 31, 2019 $ — $ — $ — $ — Additions to goodwill 10,565 8,524 — 19,089 Goodwill impairment (10,565) (8,524) — (19,089) Balance as of December 31, 2020 $ — $ — $ — $ — |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable | The following table summarizes our accounts receivable balance: December 31, (in thousands) 2020 2019 Trade accounts receivable $ 63,404 $ 101,947 Allowance for credit losses (3,053) (2,208) Accounts receivable, net $ 60,351 $ 99,739 |
Schedule of Allowance for Credit Losses | The following table presents activity in the allowance for credit losses: Year Ended December 31, (in thousands) 2020 2019 Balance as of December 31, 2019 $ 2,208 $ 1,838 Provision for expected credit losses, net of writeoffs & recoveries 10,268 4,686 Uncollectible receivables written off (9,423) (4,316) Balance as of December 31, 2020 $ 3,053 $ 2,208 |
Schedule of Inventories | The following table summarizes our inventories: December 31, (in thousands) 2020 2019 Service tools $ 7,859 $ 8,081 Coiled tubing 239 1,558 Manufacturing related — 8,925 Other 618 1,698 Total inventories $ 8,716 $ 20,262 |
Schedule of Prepaid Expenses and Other Current Assets | The following table summarizes our prepaid expenses and other current assets: December 31, (in thousands) 2020 2019 Prepaid expenses $ 8,240 $ 6,407 Other 3,770 2,614 Total prepaid expenses and other current assets $ 12,010 $ 9,021 |
Summary of Property and Equipment | The following table summarizes our property and equipment. Prior year amounts are adjusted for the discontinued pumping services and contract drilling operations: Estimated December 31, (in thousands) Useful Life 2020 2019 Service equipment 3-15 years $ 173,805 $ 262,578 Brine and saltwater disposal facilities 10-15 years 90,677 92,103 Rental equipment 2-15 years 46,812 60,886 Buildings and improvements 20-30 years 34,432 30,902 Land 17,832 15,682 Light vehicles 3-7 years 14,529 26,630 Other 4,772 4,844 Total property and equipment 382,859 493,625 Less accumulated depreciation and amortization (172,296) (196,512) Property and equipment, net $ 210,563 $ 297,113 The table below summarizes the gross amount of property and equipment and related accumulated amortization recorded under finance leases and included above: December 31, (in thousands) 2020 2019 Service equipment $ 40,809 $ 51,075 Light vehicles 7,137 19,563 Rental equipment 881 1,130 48,827 71,768 Less accumulated amortization (22,691) (27,727) Finance lease right-of-use assets $ 26,136 $ 44,041 |
Schedule of Amortizable Intangible Assets | The Company’s intangible assets subject to amortization were as follows: December 31, (in thousands) 2020 2019 Trade names $ 7,230 $ 3,230 Other intangible assets 48 48 Sub-total 7,278 3,278 Less accumulated amortization (1,100) (675) Intangible assets, net $ 6,178 $ 2,603 |
Schedule of Finite-lived Intangible Assets Amortization Expense | Amortization expense for the next five succeeding years is expected to be as follows: (in thousands) Amortization Expense 2021 $ 492 2022 482 2023 482 2024 482 2025 482 Thereafter 3,758 Total $ 6,178 |
Schedule of Other Assets | The following table summarizes our other assets: December 31, (in thousands) 2020 2019 Cash surrender value of company-owned life insurance $ 10,839 $ 10,300 Real estate held for sale 10,634 — Cloud computing capitalized costs, net 2,291 1,260 Deposits 1,206 1,853 Deferred debt issuance costs for credit facility 957 2,198 Other 1,346 219 Total other assets $ 27,273 $ 15,830 |
Schedule of Accrued Expenses | The following table summarizes our accrued expenses: December 31, (in thousands) 2020 2019 Employee compensation and benefits $ 29,789 $ 20,889 Accrued interest 9,326 8,996 Property taxes 7,724 4,672 Sales and use taxes 4,070 2,114 Federal and state income tax 3,032 2,375 Other 1,323 184 Total accrued expenses $ 55,264 $ 39,230 |
Schedule of Other Current Liabilities | The following table summarizes our other current liabilities: December 31, (in thousands) 2020 2019 Make-whole derivative liability $ 4,847 $ — Current portion of asset retirement obligations 1,021 1,285 Liabilities associated with assets held for sale 508 5,248 Other 1,995 2,961 Total other current liabilities $ 8,371 $ 9,494 |
Schedule of Activity in Asset Retirement Obligations | The following table presents activity in our asset retirement obligations: Year Ended December 31, (in thousands) 2020 2019 Balance as of January 1, 2020 $ 10,329 $ 2,587 Additions 281 281 Revision in estimate — 7,205 Disposals (290) (124) Expenditures (1,526) (671) Accretion of discount 1,924 1,051 Balance as of December 31, 2020 10,718 10,329 Less: current portion of asset retirement obligations (1,021) (1,285) $ 9,697 $ 9,044 |
Schedule of Other Liabilities | The following table summarizes our other liabilities: December 31, (in thousands) 2020 2019 Deferred compensation $ 6,533 $ 10,838 Loans secured by company-owned life insurance 6,013 3,622 Deferred income tax liability 424 — Other 529 3,082 Total other liabilities $ 13,499 $ 17,542 |
Indebtedness and Borrowing Fa_2
Indebtedness and Borrowing Facility (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following: December 31, (in thousands) 2020 2019 10.75% Senior Notes due 2023 $ 300,000 $ 300,000 Senior Secured Promissory Note 15,000 — Second Lien Delayed Draw Promissory Note 15,000 — Finance lease liabilities 16,986 35,898 Total principal amount 346,986 335,898 Less unamortized discount and debt issuance costs (21,703) (8,795) Total debt 325,283 327,103 Less current portion of finance leases (7,520) (18,738) Total long-term debt $ 317,763 $ 308,365 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense and Supplemental Information | The following table summarizes the components of the Company's lease expense recognized for the year ended December 31, 2020 and 2019, respectively, excluding variable lease and prepaid rent costs: Year Ended December 31, (in thousands) 2020 2019 Operating lease expense: Operating lease $ 6,872 $ 8,681 Short-term lease 4,933 5,691 Total operating lease expense $ 11,805 $ 14,372 Finance lease expense: Amortization of right-of-use assets $ 11,327 $ 19,171 Interest on lease liabilities 2,281 5,005 Total finance lease expense $ 13,608 $ 24,176 Supplemental information related to leases was as follows: Year Ended December 31, 2020 2019 Operating leases Weighted average remaining lease term 2.8 years 3.1 years Weighted average discount rate 12.8% 14.8% Finance leases Weighted average remaining lease term 2.2 years 2.1 years Weighted average discount rate 8.3% 8.2% Supplemental cash flow information related to leases was as follows: Year Ended December 31, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 11,805 $ 14,372 Operating cash outflows from finance leases 2,281 5,005 Financing cash outflows from finance leases 19,846 29,364 |
Schedule of Future Minimum Operating Lease Payments | Future annual minimum operating lease payments were as follows: (in thousands) Operating Leases Finance Leases 2021 $ 2,380 $ 7,746 2022 2,446 6,442 2023 2,211 2,994 2024 1,999 576 2025 1,506 29 Thereafter 5,033 — Total lease payments $ 15,575 $ 17,787 Less: Imputed interest (5,151) (801) Total $ 10,424 $ 16,986 |
Schedule of Maturities of Finance Lease Payments | Future annual minimum operating lease payments were as follows: (in thousands) Operating Leases Finance Leases 2021 $ 2,380 $ 7,746 2022 2,446 6,442 2023 2,211 2,994 2024 1,999 576 2025 1,506 29 Thereafter 5,033 — Total lease payments $ 15,575 $ 17,787 Less: Imputed interest (5,151) (801) Total $ 10,424 $ 16,986 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table sets forth the Company's disaggregation of revenues by geographical markets for the years ended December 31, 2020 and 2019: (in thousands) Well Servicing Water Logistics Completion & Remedial Services Total Discontinued Operations Year Ended December 31, 2020 Central U.S. $ 106,575 $ 98,932 $ 31,172 $ 236,679 $ 115 Western U.S. 108,491 45,356 30,783 $ 184,630 $ 5 Eliminations (2,249) (5,353) (2,332) (9,934) — Total revenues $ 212,817 $ 138,935 $ 59,623 $ 411,375 $ 120 Year Ended December 31, 2019 Central U.S. $ 193,233 $ 188,289 $ 74,351 $ 455,873 $ 139,378 Western U.S. 45,796 22,310 69,526 137,632 3,507 Eliminations (12,063) (10,783) (3,409) (26,255) — Total revenues $ 226,966 $ 199,816 $ 140,468 $ 567,250 $ 142,885 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Options Outstanding | The following table reflects the summary of stock options outstanding at December 31, 2020: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (000's) Non-statutory stock options: Outstanding at beginning of period 306,506 $39.23 Granted — — Forfeited (5,396) 41.90 Exercised — — Expired (106,846) 39.09 Outstanding and exercisable at end of period 194,264 $39.23 6.09 $— |
Schedule of Non-Vested Restricted Stock Unit Grants | A summary of the Company’s non-vested restricted stock activity during 2020 is presented in the following table: Restricted Stock Units Weighted Average Grant Date Fair Value Per Unit Non-vested at beginning of period 573,066 $4.46 Granted — — Vested (289,281) 5.84 Forfeited (125,126) 3.71 Non-vested at end of period 158,659 $2.53 |
Schedule of Non-Vested Performance Stock Units | A summary of the Company’s non-vested performance-based restricted stock activity during 2020 is presented in the following table: Number of Performance Stock Units Weighted Average Grant Date Fair Value Per Unit Non-vested at beginning of period 312,238 $20.52 Granted — — Vested (116,227) 35.29 Performance Adjustment (167,519) 9.52 Forfeited (28,492) 24.95 Non-vested at end of period — $— |
Impairments and Other Charges (
Impairments and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impairments and Other Charges | The following table provides a reconciliation of our impairments and other charges: Year Ended December 31, (in thousands) 2020 2019 Long lived asset impairments $ 88,697 $ — Goodwill impairments 19,089 — Inventory write-downs 5,281 5,266 Transaction costs 4,734 2,153 Field restructuring 351 — Executive departure — 843 Total impairments and other charges $ 118,152 $ 8,262 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | Income tax (benefit) expense consists of the following: Year Ended December 31, (in thousands) 2020 2019 Current: Federal $ (119) $ (1,900) State 474 1,921 Total 355 21 Deferred: Federal (3,739) — State (448) — Total (4,187) — Total income tax (benefit) expense $ (3,832) $ 21 |
Schedule of Reconciliation Between Federal Statutory Rate and Income (Benefit) Expense | The reconciliation between the amount determined by applying the U.S. Federal corporate tax rate of 21% to loss before income taxes (benefit) for the years ended December 31, 2020 and 2019 is as follows : Year Ended December 31, (in thousands) 2020 2019 Loss from continuing operations before income taxes $ (253,040) $ (91,380) U.S. federal statutory rate 21 % 21 % Income tax benefit at U.S. federal statutory rate (53,138) (19,190) NOLs derecognized due to Section 382 limitation 158,116 — State taxes, net of federal benefit (4,132) 580 Equity compensation shortfall 1,868 2,601 Change in estimates & other 2,936 206 Change in valuation allowance (109,482) 15,824 Income tax (benefit) expense $ (3,832) $ 21 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: Year Ended December 31, (in thousands) 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 99,569 $ 205,367 Goodwill and intangibles assets 25,505 19,350 Interest expense limitation 25,859 16,721 Accrued liabilities 11,679 11,139 Operating lease liabilities 2,367 3,299 Deferred compensation 1,302 2,889 Asset retirement obligation 2,430 2,344 Other 823 2,374 Total deferred tax assets 169,534 263,483 Valuation allowances (145,404) (210,808) Total net deferred tax assets 24,130 52,675 Deferred tax liabilities: Property and equipment 20,447 48,980 Operating lease right-of-use assets 2,184 3,299 Other 1,923 396 Total deferred tax liabilities 24,554 52,675 Net deferred tax liability $ 424 $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings (Loss) per Share | The following table sets forth the computation of basic and diluted loss per share: Year Ended December 31, (in thousands, except per share data) 2020 2019 Numerator (both basic and diluted): Loss from continuing operations $ (249,208) $ (91,401) Loss from discontinued operations, net of tax (18,967) (90,497) Net loss available to common stockholders $ (268,175) $ (181,898) Denominator: Weighted-average shares used for basic and diluted earnings per share (a) 24,925 26,141 Loss from continuing operations per share, basic and diluted $ (10.00) $ (3.50) Loss from discontinued operations per share, basic and diluted (0.76) (3.46) Net loss per share, basic and diluted $ (10.76) $ (6.96) |
Schedule of Potentially Dilutive Instruments | The following table sets forth the weighted-average number of potentially dilutive instruments: Year Ended December 31, (in thousands) 2020 2019 Series A Preferred Stock 96,407 — Warrants 2,067 2,067 Unvested restricted stock units 257 374 Stock options 194 306 Total 98,925 2,747 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amount and Fair Value of Financial Instruments | The following table summarizes our liability measured at fair value on a recurring basis: Year Ended December 31, 2020 2019 Hierarchy Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value Make-Whole Reimbursement Amount 3 $ 4,847 $ 4,847 $ — $ — December 31, 2020 December 31, 2019 Hierarchy Carrying Fair Carrying Fair (in thousands) Level Amount Value Amount Value 10.75% Senior Notes due 2023 2 $ 289,359 $ 44,992 $ 297,844 $ 213,246 Senior Secured Promissory Note 3 $ 9,184 $ 2,103 $ — $ — Second Lien Delayed Draw Promissory Note 3 $ 15,000 $ 15,000 $ — $ — |
Schedule of Fair Value Measurements, Nonrecurring Basis | The following table summarizes our fair value measurements made on a nonrecurring basis as of various dates during the periods presented. Please note that these amounts represent the carrying amounts and fair values at the time of each measurement. Date of Hierarchy Carrying Fair (in thousands) Measurement Level Amount Value Well Servicing long-lived assets March 31, 2020 3 $ 153,879 $ 69,535 Series A Participating Preferred Stock March 9, 2020 3 $ 22,000 $ 22,000 Non-strategic real estate assets to be disposed Dec 31, 2020 3 $ 8,231 $ 6,657 Well Servicing goodwill March 31, 2020 3 $ 10,565 $ — Water Logistics goodwill Dec 31, 2020 3 $ 8,524 $ — |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments Financial Information | The following table sets forth financial information with respect to our reportable segments: (in thousands) Well Servicing Water Logistics Completion & Remedial Services Corporate and Other Total Discontinued Operations Year ended December 31, 2020 Revenues $ 212,817 $ 138,935 $ 59,623 $ — $ 411,375 $ 120 Costs of services 174,011 112,232 51,824 — 338,067 5,305 Segment profits 38,806 26,703 7,799 — 73,308 (5,185) Depreciation and amortization 9,447 25,115 11,774 6,201 52,537 — Capital expenditures 2,359 3,585 1,764 117 7,825 — Total assets $ 39,812 $ 102,232 $ 54,601 $ 146,103 $ 342,748 $ 6,325 Year ended December 31, 2019 Revenues $ 226,966 $ 199,816 $ 140,468 $ — $ 567,250 $ 142,885 Costs of services 181,516 141,379 98,654 — 421,549 134,778 Segment profits 45,450 58,437 41,814 — 145,701 8,107 Depreciation and amortization 18,766 26,143 19,964 4,616 69,489 45,168 Capital expenditures 14,525 26,209 7,033 654 48,421 12,067 Total assets $ 78,686 $ 118,960 $ 42,560 $ 256,044 $ 496,250 $ 54,224 |
Schedule of Reconciliation of Segment Profits to Operating Income | The following table reconciles the segment profits reported above to the loss from continuing operations before income taxes as reported in the consolidated statements of operations: Year Ended December 31, (in thousands) 2020 2019 Segment profits $ 73,308 $ 145,701 General and administrative expenses (98,048) (115,464) Depreciation and amortization (52,537) (69,489) Gain (loss) on disposal of assets 6,138 (2,135) Impairment and other charges (118,152) (8,262) Acquisition related costs (21,635) — Interest expense, net (46,980) (42,378) Gain on derivative 4,866 — Other income — 647 Loss from continuing operations before income taxes $ (253,040) $ (91,380) |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table summarizes results for each of the four quarters in the years ended December 31, 2020, and 2019: (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Year ended December 31, 2020: Total revenues $ 128,403 $ 89,637 $ 95,400 $ 97,935 Total segment profits (1) 26,228 18,361 12,138 16,581 Loss from continuing operations (136,429) (39,725) (29,153) (43,901) Loss from discontinued operations (8,452) (4,873) (2,926) (2,716) Net loss $ (144,881) $ (44,598) $ (32,079) $ (46,617) Loss from continuing operations per share, basic and diluted $ (5.48) $ (1.59) $ (1.17) $ (1.76) Loss from discontinued operations per share, basic and diluted $ (0.34) $ (0.19) $ (0.12) $ (0.11) Net loss per share, basic and diluted $ (5.82) $ (1.78) $ (1.29) $ (1.87) Shares used in computing basic and diluted earnings per share 24,914 24,957 24,927 24,900 Year ended December 31, 2019: Total revenues $ 153,190 $ 147,975 $ 144,163 $ 121,922 Total segment profits (1) 42,067 38,915 39,448 25,271 Loss from continuing operations (14,786) (19,315) (24,778) (32,522) Loss from discontinued operations $ (12,690) $ (8,462) $ (14,100) $ (55,245) Net loss $ (27,476) $ (27,777) $ (38,878) $ (87,767) Loss from continuing operations per share, basic and diluted $ (0.55) $ (0.71) $ (0.97) $ (1.30) Loss from discontinued operations per share, basic and diluted $ (0.47) $ (0.31) $ (0.55) $ (2.22) Net loss per share, basic and diluted $ (1.02) $ (1.02) $ (1.52) $ (3.52) Shares used in computing basic and diluted earnings per share 26,850 27,204 25,606 24,924 The sum of individual quarterly net loss per share may not agree to the total for the year due to each period's computation being based on the weighted average number of common shares outstanding during such period. (1) Total segment profits for the quarterly periods of 2019 and 2020 have been adjusted to conform to the current period presentation. These adjustments do not impact net loss for any quarterly period and do not reflect a material change to the information previously presented in our consolidated financial statements. |
Description of Business - Narra
Description of Business - Narrative (Details) - USD ($) | Mar. 09, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 26, 2021 | Oct. 15, 2020 | Sep. 30, 2020 | Jul. 31, 2020 | Dec. 31, 2019 | Oct. 02, 2018 |
Product Information [Line Items] | |||||||||
Aggregate principal amount | $ 330,000,000 | ||||||||
Debt obligation | 325,283,000 | $ 327,103,000 | |||||||
Finance lease liabilities | $ 16,986,000 | 35,898,000 | |||||||
Series A Participating Preferred Stock | Exchange Agreement | |||||||||
Product Information [Line Items] | |||||||||
Number of shares issued (in shares) | 118,805 | ||||||||
Revenue | Customer concentration risk | |||||||||
Product Information [Line Items] | |||||||||
Concentration risk | 22.00% | ||||||||
Ascribe Investments III LLC | Basic Energy Services, Inc. | |||||||||
Product Information [Line Items] | |||||||||
Ownership percentage | 83.00% | ||||||||
Ownership parent percentage | 85.06% | ||||||||
Public Shareholders | Basic Energy Services, Inc. | |||||||||
Product Information [Line Items] | |||||||||
Ownership percentage | 14.94% | ||||||||
Senior Notes | |||||||||
Product Information [Line Items] | |||||||||
Aggregate principal amount | $ 300,000,000 | 300,000,000 | |||||||
Aggregate principal amount | $ 300,000,000 | ||||||||
Stated interest rate | 10.75% | 10.75% | |||||||
Senior Notes | Ascribe Senior Notes | |||||||||
Product Information [Line Items] | |||||||||
Aggregate principal amount | $ 34,400,000 | ||||||||
Secured Debt | Senior Secured Promissory Note | |||||||||
Product Information [Line Items] | |||||||||
Aggregate principal amount | 15,000,000 | 0 | |||||||
Aggregate principal amount | $ 15,000,000 | ||||||||
Stated interest rate | 10.00% | ||||||||
Secured Debt | Second Lien Delayed Draw Promissory Note | |||||||||
Product Information [Line Items] | |||||||||
Aggregate principal amount | 15,000,000 | $ 0 | |||||||
Aggregate principal amount | $ 15,000,000 | ||||||||
Stated interest rate | 9.75% | ||||||||
Subsequent event | Senior Notes | Ascribe Senior Notes | Ascribe Investments III LLC | |||||||||
Product Information [Line Items] | |||||||||
Aggregate principal amount | $ 47,500,000 | ||||||||
Credit Facility | |||||||||
Product Information [Line Items] | |||||||||
Amount outstanding | $ 2,600,000 | ||||||||
Aggregate principal amount | 0 | ||||||||
Credit Facility | Administrative Service | |||||||||
Product Information [Line Items] | |||||||||
Available cash balance | $ 8,100,000 | $ 8,100,000 | |||||||
Credit Facility | Administrative Service | Subsequent event | |||||||||
Product Information [Line Items] | |||||||||
Available cash balance | $ 15,500,000 |
Description of Business - Acqui
Description of Business - Acquisition Narrative (Details) - USD ($) | Mar. 09, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 02, 2018 |
Business Acquisition [Line Items] | ||||
Temporary equity, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Make-whole derivative liability | $ 4,847,000 | $ 0 | ||
Gain on derivative | 4,866,000 | 0 | ||
Goodwill, net | 0 | 0 | ||
Goodwill and other long-lived asset impairments | 112,164,000 | 35,801,000 | ||
Transaction related costs | 21,635,000 | $ 0 | ||
CJWS | ||||
Business Acquisition [Line Items] | ||||
Goodwill, net | $ 19,100,000 | |||
Intangible assets | $ 4,000,000 | |||
Intangible asset, useful life (in years) | 15 years | |||
Revenue of acquiree | 157,500,000 | |||
Earnings of acquiree | 16,500,000 | |||
Goodwill and other long-lived asset impairments | 36,100,000 | |||
Transaction related costs | 9,000,000 | |||
Ascribe Investments III LLC | CJWS | ||||
Business Acquisition [Line Items] | ||||
Purchase consideration | $ 95,700,000 | |||
Cash consideration | 59,400,000 | |||
Make-whole payment | 1,000,000 | |||
Make-whole reimbursement amount | $ 9,700,000 | 28,500,000 | ||
Make-whole derivative liability | 4,800,000 | |||
Gain on derivative | $ 4,900,000 | |||
Series A Participating Preferred Stock | Exchange Agreement | ||||
Business Acquisition [Line Items] | ||||
Number of shares issued (in shares) | 118,805 | |||
Temporary equity, par value (in dollars per share) | $ 0.01 | |||
Cash paid in exchange transaction | $ 1,500,000 | |||
Senior Notes | ||||
Business Acquisition [Line Items] | ||||
Stated interest rate | 10.75% | 10.75% | ||
Aggregate principal amount | $ 300,000,000 | |||
Senior Notes | Fair Value | ||||
Business Acquisition [Line Items] | ||||
Debt instrument, fair value | $ 36,300,000 | |||
Senior Notes | Ascribe Senior Notes | ||||
Business Acquisition [Line Items] | ||||
Aggregate principal amount | $ 34,400,000 | |||
Secured Debt | Senior Secured Promissory Note | ||||
Business Acquisition [Line Items] | ||||
Stated interest rate | 10.00% | |||
Aggregate principal amount | $ 15,000,000 |
Description of Business - Alloc
Description of Business - Allocation of Net Assets (Details) - CJWS $ in Thousands | Mar. 09, 2020USD ($) |
Business Acquisition [Line Items] | |
Current assets | $ 41,997 |
Property and equipment | 63,418 |
Operating lease right-of-use-assets | 734 |
Intangible assets | 4,000 |
Other assets | 1,859 |
Goodwill | 19,089 |
Total assets acquired | 131,097 |
Current liabilities | 24,893 |
Long-term liabilities | 12,051 |
Total liabilities assumed | 36,944 |
Net assets acquired | $ 94,153 |
Description of Business -Pro Fo
Description of Business -Pro Forma Information (Details) - CJWS - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Revenues | $ 469,180 | $ 953,359 |
Loss from continuing operations | $ (234,260) | $ (103,749) |
Loss from continuing operations per share, basic and diluted (in dollars per share) | $ (9,400) | $ (3,970) |
Weighted average shares outstanding, basic and diluted (in shares) | 24,925 | 26,141 |
Description of Business - Disco
Description of Business - Discontinued Operations Narrative (Details) - Discontinued Operations - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Contract drilling equipment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Asset impairment | $ 3,200,000 | |||
Pressure Pumping Operations And Contract Drilling Operation | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Carrying value, held for sale | 91,800,000 | |||
Asset impairment | 32,600,000 | |||
Asset impairments | $ 2,000,000 | $ 2,300,000 | $ 4,378,000 | 35,801,000 |
Capital expenditures on discontinued operations | 0 | 10,600,000 | ||
Finance lease additions | 0 | 1,500,000 | ||
Proceeds from sales of assets | $ 42,700,000 | $ 10,700,000 |
Description of Business - Sched
Description of Business - Schedule of Operating Results of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Disclosures | ||||||||||||
Total assets acquired | $ 4,383 | $ 4,383 | $ 55,149 | $ 4,383 | $ 55,149 | |||||||
Liabilities associated with assets held for sale | 508 | 508 | 5,248 | 508 | 5,248 | |||||||
Income Statement Disclosures | ||||||||||||
Loss from discontinued operations | $ (2,716) | $ (2,926) | $ (4,873) | $ (8,452) | $ (55,245) | $ (14,100) | $ (8,462) | $ (12,690) | $ (18,967) | $ (90,497) | ||
Loss from discounted operations per share, basic and diluted (in dollars per share) | $ (0.11) | $ (0.12) | $ (0.19) | $ (0.34) | $ (2.22) | $ (0.55) | $ (0.31) | $ (0.47) | $ (0.76) | $ (3.46) | ||
Discontinued Operations | ||||||||||||
Balance Sheet Disclosures | ||||||||||||
Inventories | 0 | $ 0 | $ 2,069 | $ 0 | $ 2,069 | |||||||
Operating lease right-of-use assets | 0 | 0 | 1,659 | 0 | 1,659 | |||||||
Property and equipment, net | 1,523 | 1,523 | 50,496 | 1,523 | 50,496 | |||||||
Total assets acquired | 1,523 | 1,523 | 54,224 | 1,523 | 54,224 | |||||||
Real estate held for sale | 4,802 | 4,802 | 0 | 4,802 | 0 | |||||||
Operating lease liabilities | 508 | 508 | 1,659 | 508 | 1,659 | |||||||
Finance lease liabilities | 0 | 0 | 3,589 | 0 | 3,589 | |||||||
Liabilities associated with assets held for sale | 508 | $ 508 | $ 5,248 | 508 | 5,248 | |||||||
Discontinued Operations | Pressure Pumping Operations And Contract Drilling Operation | ||||||||||||
Income Statement Disclosures | ||||||||||||
Revenues | 120 | 142,885 | ||||||||||
Cost of services | 5,305 | 134,778 | ||||||||||
Selling, general and administrative | 6,705 | 15,174 | ||||||||||
Depreciation and amortization | 0 | 45,168 | ||||||||||
Asset impairments | $ 2,000 | $ 2,300 | 4,378 | 35,801 | ||||||||
Loss on disposal of assets | 2,635 | 1,878 | ||||||||||
Total operating expenses | 19,023 | 232,799 | ||||||||||
Operating loss | (18,903) | (89,914) | ||||||||||
Interest expense | (64) | (583) | ||||||||||
Loss from discontinued operations | (18,967) | (90,497) | ||||||||||
Cash Flows from Discontinued Operations | ||||||||||||
Net cash provided by (used in) operating activities | (11,953) | 2,120 | ||||||||||
Net cash provided by investing activities | $ 42,713 | $ 133 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 1,902 | $ 36,217 | |
Restricted cash | 8,083 | 0 | |
Total cash, cash equivalents and restricted cash | $ 9,985 | $ 36,217 | $ 90,300 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 09, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Assets held for sale | $ 4,383,000 | $ 55,149,000 | |
Other assets, net | $ 27,273,000 | 15,830,000 | |
Finance lease obligation period | 5 years | ||
Goodwill, net | $ 0 | 0 | |
Intangible assets subject to amortization, gross | 7,278,000 | 3,278,000 | |
Insurance reserves, current | 22,600,000 | 15,800,000 | |
Environmental contingent liabilities | 0 | 0 | |
Trade names | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets subject to amortization, gross | $ 7,230,000 | $ 3,230,000 | |
Amortization period of intangible assets (in years) | 15 years | ||
Developed technology | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period of intangible assets (in years) | 5 years | ||
CJWS | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Goodwill, net | $ 19,100,000 | ||
Real Property | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Other assets, net | $ 4,400,000 | ||
Discontinued Operations, Held-for-sale | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Assets held for sale | $ 3,900,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2019 | $ 0 |
Additions to goodwill | 19,089 |
Goodwill impairment | (19,089) |
Balance as of December 31, 2020 | 0 |
Well Servicing | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2019 | 0 |
Additions to goodwill | 10,565 |
Goodwill impairment | (10,565) |
Balance as of December 31, 2020 | 0 |
Water Logistics | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2019 | 0 |
Additions to goodwill | 8,524 |
Goodwill impairment | (8,524) |
Balance as of December 31, 2020 | 0 |
Completion & Remedial | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2019 | 0 |
Additions to goodwill | 0 |
Goodwill impairment | 0 |
Balance as of December 31, 2020 | $ 0 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of Accounts Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Trade accounts receivable | $ 63,404 | $ 101,947 | |
Allowance for credit losses | (3,053) | (2,208) | $ (1,838) |
Accounts receivable, net | $ 60,351 | $ 99,739 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit loss beginning balance | $ 2,208 | $ 1,838 |
Provision for expected credit losses, net of writeoffs & recoveries | 10,268 | 4,686 |
Uncollectible receivables written off | (9,423) | (4,316) |
Allowance for credit loss ending balance | $ 3,053 | $ 2,208 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Total inventories | $ 8,716 | $ 20,262 |
Service tools | ||
Inventory [Line Items] | ||
Total inventories | 7,859 | 8,081 |
Coiled tubing | ||
Inventory [Line Items] | ||
Total inventories | 239 | 1,558 |
Manufacturing related | ||
Inventory [Line Items] | ||
Total inventories | 0 | 8,925 |
Other | ||
Inventory [Line Items] | ||
Total inventories | $ 618 | $ 1,698 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 8,240 | $ 6,407 |
Other | 3,770 | 2,614 |
Prepaid expenses and other current assets | $ 12,010 | $ 9,021 |
Supplemental Balance Sheet In_7
Supplemental Balance Sheet Information - Schedule of Components of Property Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant And Equipment [Line Items] | ||
Total property and equipment | $ 382,859 | $ 493,625 |
Less accumulated depreciation and amortization | (172,296) | (196,512) |
Property and equipment, net | 210,563 | 297,113 |
Service equipment | ||
Property, Plant And Equipment [Line Items] | ||
Total property and equipment | $ 173,805 | 262,578 |
Service equipment | Minimum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Service equipment | Maximum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 15 years | |
Brine and saltwater disposal facilities | ||
Property, Plant And Equipment [Line Items] | ||
Total property and equipment | $ 90,677 | 92,103 |
Brine and saltwater disposal facilities | Minimum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 10 years | |
Brine and saltwater disposal facilities | Maximum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 15 years | |
Rental equipment | ||
Property, Plant And Equipment [Line Items] | ||
Total property and equipment | $ 46,812 | 60,886 |
Rental equipment | Minimum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 2 years | |
Rental equipment | Maximum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 15 years | |
Buildings and improvements | ||
Property, Plant And Equipment [Line Items] | ||
Total property and equipment | $ 34,432 | 30,902 |
Buildings and improvements | Minimum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 20 years | |
Buildings and improvements | Maximum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 30 years | |
Land | ||
Property, Plant And Equipment [Line Items] | ||
Total property and equipment | $ 17,832 | 15,682 |
Light vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Total property and equipment | $ 14,529 | 26,630 |
Light vehicles | Minimum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Light vehicles | Maximum | ||
Property, Plant And Equipment [Line Items] | ||
Estimated useful lives (in years) | 7 years | |
Other | ||
Property, Plant And Equipment [Line Items] | ||
Total property and equipment | $ 4,772 | $ 4,844 |
Supplemental Balance Sheet In_8
Supplemental Balance Sheet Information - Schedule of Property and Equipment Under Finance Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant And Equipment [Line Items] | ||
Property and equipment gross | $ 48,827 | $ 71,768 |
Less accumulated amortization | (22,691) | (27,727) |
Finance lease right-of-use assets | 26,136 | 44,041 |
Service equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment gross | 40,809 | 51,075 |
Vehicles | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment gross | 7,137 | 19,563 |
Rental equipment | ||
Property, Plant And Equipment [Line Items] | ||
Property and equipment gross | $ 881 | $ 1,130 |
Supplemental Balance Sheet In_9
Supplemental Balance Sheet Information - Schedule of Amortizable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 7,278 | $ 3,278 |
Less accumulated amortization | (1,100) | (675) |
Intangible assets, net | 6,178 | 2,603 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | 7,230 | 3,230 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets subject to amortization, gross | $ 48 | $ 48 |
Supplemental Balance Sheet I_10
Supplemental Balance Sheet Information - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
2021 | $ 492 | |
2022 | 482 | |
2023 | 482 | |
2024 | 482 | |
2025 | 482 | |
Thereafter | 3,758 | |
Intangible assets, net | $ 6,178 | $ 2,603 |
Supplemental Balance Sheet I_11
Supplemental Balance Sheet Information - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash surrender value of company-owned life insurance | $ 10,839 | $ 10,300 |
Real estate held for sale | 10,634 | 0 |
Cloud computing capitalized costs, net | 2,291 | 1,260 |
Deposits | 1,206 | 1,853 |
Deferred debt issuance costs for credit facility | 957 | 2,198 |
Other | 1,346 | 219 |
Total other assets | $ 27,273 | $ 15,830 |
Supplemental Balance Sheet I_12
Supplemental Balance Sheet Information - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Employee compensation and benefits | $ 29,789 | $ 20,889 |
Accrued interest | 9,326 | 8,996 |
Property taxes | 7,724 | 4,672 |
Sales and use taxes | 4,070 | 2,114 |
Federal and state income tax | 3,032 | 2,375 |
Other | 1,323 | 184 |
Total accrued expenses | $ 55,264 | $ 39,230 |
Supplemental Balance Sheet I_13
Supplemental Balance Sheet Information - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Make-whole derivative liability | $ 4,847 | $ 0 |
Current portion of asset retirement obligations | 1,021 | 1,285 |
Liabilities associated with assets held for sale | 508 | 5,248 |
Other | 1,995 | 2,961 |
Other current liabilities | $ 8,371 | $ 9,494 |
Supplemental Balance Sheet I_14
Supplemental Balance Sheet Information - Schedule of Activity in Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset retirement obligation, beginning balance | $ 10,329 | $ 2,587 |
Additions | 281 | 281 |
Revision in estimate | 0 | 7,205 |
Disposals | (290) | (124) |
Expenditures | (1,526) | (671) |
Accretion of discount | 1,924 | 1,051 |
Asset retirement obligation, ending balance | 10,718 | 10,329 |
Less: current portion of asset retirement obligations | (1,021) | (1,285) |
Asset retirement obligations | $ 9,697 | $ 9,044 |
Supplemental Balance Sheet I_15
Supplemental Balance Sheet Information - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred compensation | $ 6,533 | $ 10,838 |
Loans secured by company-owned life insurance | 6,013 | 3,622 |
Deferred income tax liability | 424 | 0 |
Other | 529 | 3,082 |
Total other liabilities | $ 13,499 | $ 17,542 |
Supplement Balance Sheet Inform
Supplement Balance Sheet Information - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 09, 2020 | |
Business Acquisition [Line Items] | |||
Amortization expense of intangible assets | $ 0.4 | $ 0.2 | |
Discontinued Operations | |||
Business Acquisition [Line Items] | |||
Expected credit losses and uncollectible receivables written off | $ 4 | 1 | |
Discontinued Operations | Trade names | |||
Business Acquisition [Line Items] | |||
Asset impairments | $ 0.2 | ||
CJWS | |||
Business Acquisition [Line Items] | |||
Business acquisition, accounts receivable | $ 39.5 |
Indebtedness and Borrowing Fa_3
Indebtedness and Borrowing Facility - Schedule Of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Oct. 15, 2020 | Mar. 09, 2020 | Dec. 31, 2019 | Oct. 02, 2018 |
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 330,000 | ||||
Finance lease liabilities | 16,986 | $ 35,898 | |||
Total principal amount | 346,986 | 335,898 | |||
Less unamortized discount and debt issuance costs | (21,703) | (8,795) | |||
Total debt | 325,283 | 327,103 | |||
Less current portion of finance leases | (7,520) | (18,738) | |||
Total long-term debt | 317,763 | 308,365 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 300,000 | 300,000 | |||
Stated interest rate | 10.75% | 10.75% | |||
Secured Debt | Senior Secured Promissory Note | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 15,000 | 0 | |||
Stated interest rate | 10.00% | ||||
Secured Debt | Second Lien Delayed Draw Promissory Note | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 15,000 | $ 0 | |||
Stated interest rate | 9.75% |
Indebtedness and Borrowing Fa_4
Indebtedness and Borrowing Facility - Narrative (Details) - USD ($) | Jan. 01, 2021 | Dec. 31, 2020 | Oct. 15, 2020 | Mar. 09, 2020 | Oct. 02, 2018 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 26, 2021 | Nov. 05, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||||||||
Aggregate maturities of debt | $ 330,000,000 | $ 330,000,000 | |||||||||
Gain extinguishment of debt | $ 22,900,000 | ||||||||||
Rights offering | $ 20,000,000 | ||||||||||
New ABL Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate maturities of debt | 0 | 0 | |||||||||
Maximum borrowing capacity | 75,000,000 | $ 150,000,000 | 75,000,000 | ||||||||
Deferred financing cost assets charged to interest expense | 1,100,000 | ||||||||||
Maximum borrowing capacity covenants | 9,400,000 | 9,400,000 | |||||||||
Borrowings | 0 | 0 | |||||||||
Letters of credit outstanding | 36,000,000 | 36,000,000 | |||||||||
Available borrowing capacity | 10,500,000 | 10,500,000 | |||||||||
New ABL Facility | Administrative Service | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available cash balance | 8,100,000 | 8,100,000 | $ 8,100,000 | ||||||||
New ABL Facility | Letter of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 50,000,000 | ||||||||||
Subsequent event | New ABL Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 60,000,000 | ||||||||||
Subsequent event | New ABL Facility | Administrative Service | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available cash balance | $ 15,500,000 | ||||||||||
Series A Participating Preferred Stock | Exchange Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of shares issued (in shares) | 118,805 | ||||||||||
Cash paid in note conversion | $ 1,500,000 | ||||||||||
Second Lien Delayed Draw Promissory Note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Initial advance | 7,500,000 | $ 7,500,000 | |||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate maturities of debt | 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||||
Aggregate principal amount | $ 300,000,000 | ||||||||||
Stated interest rate | 10.75% | 10.75% | |||||||||
Redemption price, percentage of aggregate principal amount outstanding | 99.00% | ||||||||||
Effective interest rate | 11.00% | ||||||||||
Senior Notes | Ascribe Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 34,400,000 | ||||||||||
Total debt | $ 21,600,000 | ||||||||||
Senior Notes | Ascribe Senior Notes | Subsequent event | Ascribe Investments III LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 47,500,000 | ||||||||||
Senior Notes | Ascribe Senior Notes | Measurement Input, Discount Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt measurement input percentage | 0.37 | ||||||||||
Senior Notes | Senior Secured Notes Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 11.00% | ||||||||||
Senior Notes | Super Priority Lien, Senior Secured Notes Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 9.75% | ||||||||||
Senior Notes | Redemption period | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage of aggregate principal amount outstanding | 101.00% | ||||||||||
Senior Notes | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption, percent of aggregate principal amount outstanding | 25.00% | ||||||||||
Secured Debt | Senior Secured Promissory Note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate maturities of debt | 15,000,000 | $ 15,000,000 | 0 | ||||||||
Aggregate principal amount | $ 15,000,000 | ||||||||||
Stated interest rate | 10.00% | ||||||||||
Debt instrument, unamortized discount | $ 7,000,000 | ||||||||||
Secured Debt | Senior Secured Promissory Note | Subsequent event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Increase in interest rate percentage | 2.00% | ||||||||||
Secured Debt | Second Lien Delayed Draw Promissory Note | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate maturities of debt | $ 15,000,000 | $ 15,000,000 | $ 0 | ||||||||
Aggregate principal amount | $ 15,000,000 | ||||||||||
Stated interest rate | 9.75% |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in operating lease right-of-use assets | $ 3.7 |
Increase in operating lease liability | 3.7 |
Decrease in finance lease right-of-use assets | 0.8 |
Decrease in finance lease liability | $ 0.8 |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Renewal term | 1 year |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Renewal term | 5 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease expense | ||
Operating lease | $ 6,872 | $ 8,681 |
Short-term lease | 4,933 | 5,691 |
Total operating lease expense | 11,805 | 14,372 |
Amortization of right-of-use assets | 11,327 | 19,171 |
Interest on lease liabilities | 2,281 | 5,005 |
Total finance lease expense | $ 13,608 | $ 24,176 |
Operating leases | ||
Weighted average remaining lease term | 2 years 9 months 18 days | 3 years 1 month 6 days |
Weighted average discount rate | 12.80% | 14.80% |
Finance leases | ||
Weighted average remaining lease term | 2 years 2 months 12 days | 2 years 1 month 6 days |
Weighted average discount rate | 8.30% | 8.20% |
Operating cash outflows from operating leases | $ 11,805 | $ 14,372 |
Operating cash outflows from finance leases | 2,281 | 5,005 |
Financing cash outflows from finance leases | $ 19,846 | $ 29,364 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Operating and Finance Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 2,380 | |
2022 | 2,446 | |
2023 | 2,211 | |
2024 | 1,999 | |
2025 | 1,506 | |
Thereafter | 5,033 | |
Total lease payments | 15,575 | |
Less: Imputed interest | (5,151) | |
Total | 10,424 | |
Finance Leases | ||
2021 | 7,746 | |
2022 | 6,442 | |
2023 | 2,994 | |
2024 | 576 | |
2025 | 29 | |
Thereafter | 0 | |
Total lease payments | 17,787 | |
Less: Imputed interest | (801) | |
Total | $ 16,986 | $ 35,898 |
Series A Participating Prefer_2
Series A Participating Preferred Stock - Narrative (Details) $ / shares in Units, $ in Millions | Mar. 09, 2020USD ($)shares | Dec. 31, 2020vote$ / sharesshares |
Ascribe Investments III LLC | Basic Energy Services, Inc. | ||
Temporary Equity [Line Items] | ||
Ownership percentage | 83.00% | |
Ownership parent percentage | 85.06% | |
Public Shareholders | Basic Energy Services, Inc. | ||
Temporary Equity [Line Items] | ||
Ownership percentage | 14.94% | |
Series A Participating Preferred Stock | ||
Temporary Equity [Line Items] | ||
Dividend rate (in dollars per share) | $ / shares | $ 1,000 | |
Voting rate (votes per share) | vote | 1,000 | |
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | |
Number of shares issued upon conversion (in shares) | shares | 1,000 | |
Equity fair value | $ | $ 22 | |
Series A Participating Preferred Stock | Exchange Agreement | ||
Temporary Equity [Line Items] | ||
Number of shares issued (in shares) | shares | 118,805 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - (Details) - USD ($) $ / shares in Units, $ in Millions | May 06, 2020 | Dec. 23, 2016 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||||
Common stock, additional shares authorized (in shares) | 118,805,000 | |||
Common stock, authorized (in shares) | 198,805,000 | 80,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, issued (in shares) | 27,912,059 | 27,912,059 | ||
Common stock, outstanding (in shares) | 24,899,932 | 24,904,485 | ||
Shares repurchased | 4,553 | 2,692,116 | ||
Number of shares exercisable by warrants (in shares) | 2,066,627 | |||
Warrants outstanding (in shares) | 2,066,576 | |||
Exercise price (in dollars per share) | $ 55.25 | |||
Warrants, fair value | $ 8.4 |
Revenues - Schedule of Disaggre
Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | $ 97,935 | $ 95,400 | $ 89,637 | $ 128,403 | $ 121,922 | $ 144,163 | $ 147,975 | $ 153,190 | $ 411,375 | $ 567,250 |
Discontinued Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 120 | 142,885 | ||||||||
Well Servicing | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 212,817 | 226,966 | ||||||||
Water Logistics | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 138,935 | 199,816 | ||||||||
Completion & Remedial Services | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 59,623 | 140,468 | ||||||||
Central U.S. | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 236,679 | 455,873 | ||||||||
Central U.S. | Discontinued Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 115 | 139,378 | ||||||||
Central U.S. | Well Servicing | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 106,575 | 193,233 | ||||||||
Central U.S. | Water Logistics | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 98,932 | 188,289 | ||||||||
Central U.S. | Completion & Remedial Services | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 31,172 | 74,351 | ||||||||
Western U.S. | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 184,630 | 137,632 | ||||||||
Western U.S. | Discontinued Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 5 | 3,507 | ||||||||
Western U.S. | Well Servicing | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 108,491 | 45,796 | ||||||||
Western U.S. | Water Logistics | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 45,356 | 22,310 | ||||||||
Western U.S. | Completion & Remedial Services | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 30,783 | 69,526 | ||||||||
Eliminations | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | (9,934) | (26,255) | ||||||||
Eliminations | Discontinued Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | 0 | 0 | ||||||||
Eliminations | Well Servicing | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | (2,249) | (12,063) | ||||||||
Eliminations | Water Logistics | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | (5,353) | (10,783) | ||||||||
Eliminations | Completion & Remedial Services | Continuing Operations | ||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||
Revenues | $ (2,332) | $ (3,409) |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 2,100,000 | $ 1,400,000 |
Contract liabilities | $ 0 | $ 900,000 |
Stock-Based Compensation - Mana
Stock-Based Compensation - Management Incentive Plan Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | May 14, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Number of shares authorized (in shares) | 2,481,657 | ||
Compensation expense | $ 1,500,000 | $ 8,700,000 | |
Tax benefit from compensation expense | 0 | $ 0 | |
Unrecognized compensation cost | $ 300,000 | ||
Unrecognized compensation cost, period for recognition | 1 year 4 months 24 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Awards Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 1,500 | $ 8,700 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 2 | $ 1,900 |
Expiration period | 10 years | |
Vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Stock Options | |
Outstanding, beginning of period (in shares) | shares | 306,506 |
Granted (in shares) | shares | 0 |
Forfeited (in shares) | shares | (5,396) |
Exercised (in shares) | shares | 0 |
Expired (in shares) | shares | (106,846) |
Outstanding, end of period (in shares) | shares | 194,264 |
Exercisable, end of period (in shares) | shares | 194,264 |
Weighted Average Exercise Price | |
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 39.23 |
Granted (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 41.90 |
Exercised (in dollars per share) | $ / shares | 0 |
Expired (in dollars per share) | $ / shares | 39.09 |
Outstanding, end of period (in dollars per share) | $ / shares | 39.23 |
Exercisable, end of period (in dollars per share) | $ / shares | $ 39.23 |
Weighted Average Remaining Contractual Term (Years) | |
Outstanding, end of period | 6 years 1 month 2 days |
Aggregate Intrinsic Value | |
Outstanding, end of period | $ | $ 0 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Non-Vested RSU Grants (Details) - Restricted stock | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Restricted Stock Units | |
Non-vested at beginning of period (in shares) | shares | 573,066 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (289,281) |
Forfeited (in shares) | shares | (125,126) |
Non-vested at end of period (in shares) | shares | 158,659 |
Weighted Average Grant Date Fair Value Per Unit | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 4.46 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 5.84 |
Forfeited (in dollars per share) | $ / shares | 3.71 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 2.53 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | ||
Restricted stock | Members of management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 533,160 | ||
Vesting period | 3 years | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of share-based awards vested | $ 100 | $ 300 | |
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | ||
Fair value of units vested | $ 22 | $ 1,000 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Non-Vested Performance-based Grants (Details) - Performance shares | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number of Performance Stock Units | |
Non-vested at beginning of period (in shares) | shares | 312,238 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (116,227) |
Performance adjustment (in shares) | shares | (167,519) |
Forfeited (in shares) | shares | (28,492) |
Non-vested at end of period (in shares) | shares | 0 |
Weighted Average Grant Date Fair Value Per Unit | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 20.52 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 35.29 |
Performance adjustment (in dollars per share) | $ / shares | 9.52 |
Forfeited (in dollars per share) | $ / shares | 24.95 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 0 |
Stock-Based Compensation - Phan
Stock-Based Compensation - Phantom Stock Awards Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Phantom Stock Awards | Members of management | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Retirement and Deferred Compe_2
Retirement and Deferred Compensation Plan - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2005 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum salary deferral percentage | 50.00% | ||
Maximum cash bonus deferral percentage | 100.00% | ||
Maximum matching contributions per year | $ 10,000 | ||
Employer matching contributions and earnings, vesting schedule | 5 years | ||
Employer matching contributions and earnings, service period | 5 years | ||
Employer contributions to deferred compensation plan | $ 100,000 | $ 200,000 | |
Employer 401(k) contributions | $ 1,100,000 | $ 2,400,000 | |
First Three Percent Of Participant's Deferred Pay | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Matching contributions | 100.00% | ||
Matching contribution of gross pay | 3.00% | ||
Next Two Percent Of Participant's Deferred Pay | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Matching contributions | 50.00% | ||
Matching contribution of deferred pay | 2.00% |
Impairments and Other Charges -
Impairments and Other Charges - Schedule of Impairment and Other Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Goodwill impairments | $ 19,089 | |
Inventory write-downs | 5,281 | $ 10,607 |
Transaction costs | 4,700 | |
Field restructuring | 400 | |
Continuing Operations | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Long lived asset impairments | 88,697 | 0 |
Goodwill impairments | 19,089 | 0 |
Inventory write-downs | 5,281 | 5,266 |
Transaction costs | 4,734 | 2,153 |
Field restructuring | 351 | 0 |
Executive departure | 0 | 843 |
Total impairments and other charges | $ 118,152 | $ 8,262 |
Impairments and Other Charges_2
Impairments and Other Charges - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Inventory write-downs | $ 5,281 | $ 10,607 | |
Goodwill impairments | 19,089 | ||
Transaction costs | 4,700 | ||
Field restructuring | 400 | ||
Chief Executive Officer | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Executive departure | 800 | ||
Well Servicing | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Inventory write-downs | $ 4,800 | $ 5,300 | |
Goodwill impairments | 10,565 | ||
Water Logistics | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Goodwill impairments | 8,524 | ||
Service equipment | Well Servicing | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Long lived asset impairments | $ 86,000 | ||
Real Property | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Long lived asset impairments | $ 2,500 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||
Federal | $ (119) | $ (1,900) |
State | 474 | 1,921 |
Total | 355 | 21 |
Deferred: | ||
Federal | (3,739) | 0 |
State | (448) | 0 |
Total | (4,187) | 0 |
Total income tax (benefit) expense | $ (3,832) | $ 21 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | ||
Income tax refund | $ 2,800,000 | |
Valuation allowance | $ 145,404,000 | 210,808,000 |
Interest or penalties related to an uncertain tax position | 0 | |
State Tax Audit | ||
Income Taxes [Line Items] | ||
Loss contingency accrual | 2,500,000 | |
Maximum | State Tax Audit | ||
Income Taxes [Line Items] | ||
Estimate of possible loss | 3,500,000 | |
Federal | ||
Income Taxes [Line Items] | ||
Income taxes paid | 0 | 0 |
Operating loss carryforwards | 383,300,000 | $ 900,700,000 |
State | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | $ 382,800,000 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Federal Statutory Rate and Income (Benefit) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Loss from continuing operations before income taxes | $ (253,040) | $ (91,380) |
U.S. federal statutory rate | 21.00% | 21.00% |
Income tax benefit at U.S. federal statutory rate | $ (53,138) | $ (19,190) |
NOLs derecognized due to Section 382 limitation | 158,116 | 0 |
State taxes, net of federal benefit | (4,132) | 580 |
Equity compensation shortfall | 1,868 | 2,601 |
Change in estimates & other | 2,936 | 206 |
Change in valuation allowance | (109,482) | 15,824 |
Total income tax (benefit) expense | $ (3,832) | $ 21 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 99,569 | $ 205,367 |
Goodwill and intangibles assets | 25,505 | 19,350 |
Interest expense limitation | 25,859 | 16,721 |
Accrued liabilities | 11,679 | 11,139 |
Operating lease liabilities | 2,367 | 3,299 |
Deferred compensation | 1,302 | 2,889 |
Asset retirement obligation | 2,430 | 2,344 |
Other | 823 | 2,374 |
Total deferred tax assets | 169,534 | 263,483 |
Valuation allowances | (145,404) | (210,808) |
Total net deferred tax assets | 24,130 | 52,675 |
Deferred tax liabilities: | ||
Property and equipment | 20,447 | 48,980 |
Operating lease right-of-use assets | 2,184 | 3,299 |
Other | 1,923 | 396 |
Total deferred tax liabilities | 24,554 | 52,675 |
Net deferred tax liability | $ 424 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - (Details) - USD ($) | Oct. 02, 2018 | Dec. 31, 2020 | Jun. 30, 2019 |
Loss Contingencies [Line Items] | |||
Self insurance deductible for workers compensation, per occurrence | $ 2,000,000 | ||
Self insurance deductible for automobile liabilities, per occurrence | 1,000,000 | ||
Self insurance deductible for general liability claims, per occurrence | 1,000,000 | ||
Self insurance deductible for medical and dental coverage, per occurrence | 400,000 | ||
Sales and Use Tax Audit | |||
Loss Contingencies [Line Items] | |||
Loss contingency, damages paid | 2,700,000 | ||
Loss contingency accrual | $ 3,400,000 | ||
Accrued interest | 2,100,000 | ||
Interest expense, net | 200,000 | ||
Minimum | Sales and Use Tax Audit | |||
Loss Contingencies [Line Items] | |||
Estimate of possible loss | 6,000,000 | ||
Maximum | Sales and Use Tax Audit | |||
Loss Contingencies [Line Items] | |||
Estimate of possible loss | $ 31,000,000 | ||
Pending Litigation | Minimum | |||
Loss Contingencies [Line Items] | |||
Loss contingency, monetary relief | $ 1,000,000 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator (both basic and diluted): | ||||||||||
Loss from continuing operations | $ (43,901) | $ (29,153) | $ (39,725) | $ (136,429) | $ (32,522) | $ (24,778) | $ (19,315) | $ (14,786) | $ (249,208) | $ (91,401) |
Loss from discontinued operations, net of tax | $ (2,716) | $ (2,926) | $ (4,873) | $ (8,452) | $ (55,245) | $ (14,100) | $ (8,462) | $ (12,690) | (18,967) | (90,497) |
Net loss available to common stockholders, basic | (268,175) | (181,898) | ||||||||
Net loss available to common stockholders, diluted | $ (268,175) | $ (181,898) | ||||||||
Denominator: | ||||||||||
Weighted average shares used for basic and diluted earnings per share (in shares) | 24,900 | 24,927 | 24,957 | 24,914 | 24,924 | 25,606 | 27,204 | 26,850 | 24,925 | 26,141 |
Loss from continuing operations per share, basic and diluted (in dollars per share) | $ (1.76) | $ (1.17) | $ (1.59) | $ (5.48) | $ (1.30) | $ (0.97) | $ (0.71) | $ (0.55) | $ (10) | $ (3.50) |
Loss from discounted operations per share, basic and diluted (in dollars per share) | (0.11) | (0.12) | (0.19) | (0.34) | (2.22) | (0.55) | (0.31) | (0.47) | (0.76) | (3.46) |
Net loss per share, basic and diluted (in dollars per share) | $ (1.87) | $ (1.29) | $ (1.78) | $ (5.82) | $ (3.52) | $ (1.52) | $ (1.02) | $ (1.02) | $ (10.76) | $ (6.96) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Instruments (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 98,925 | 2,747 |
Series A Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 96,407 | 0 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 2,067 | 2,067 |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 257 | 374 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive shares (in shares) | 194 | 306 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Oct. 15, 2020 | Mar. 09, 2020 | Dec. 31, 2019 | Oct. 02, 2018 |
Senior Notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Stated interest rate | 10.75% | 10.75% | |||
Secured Debt | Senior Secured Promissory Note | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Stated interest rate | 10.00% | ||||
Secured Debt | Second Lien Delayed Draw Promissory Note | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Stated interest rate | 9.75% | ||||
Carrying Amount | Level 3 | Secured Debt | Senior Secured Promissory Note | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt instrument, fair value | $ 9,184 | $ 0 | |||
Carrying Amount | Level 3 | Secured Debt | Second Lien Delayed Draw Promissory Note | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt instrument, fair value | 15,000 | 0 | |||
Carrying Amount | Level 2 | Senior Notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt instrument, fair value | 289,359 | 297,844 | |||
Carrying Amount | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Make-Whole Reimbursement Amount | 4,847 | 0 | |||
Carrying Amount | Fair Value, Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Well Servicing long-lived assets | 153,879 | ||||
Series A Participating Preferred Stock | 22,000 | ||||
Non-strategic real estate assets to be disposed | 8,231 | ||||
Carrying Amount | Fair Value, Nonrecurring | Level 3 | Well Servicing | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill | 10,565 | ||||
Carrying Amount | Fair Value, Nonrecurring | Level 3 | Water Logistics | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill | 8,524 | ||||
Fair Value | Senior Notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt instrument, fair value | $ 36,300 | ||||
Fair Value | Level 3 | Secured Debt | Senior Secured Promissory Note | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt instrument, fair value | 2,103 | 0 | |||
Fair Value | Level 3 | Secured Debt | Second Lien Delayed Draw Promissory Note | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt instrument, fair value | 15,000 | 0 | |||
Fair Value | Level 2 | Senior Notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt instrument, fair value | 44,992 | 213,246 | |||
Fair Value | Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Make-Whole Reimbursement Amount | 4,847 | $ 0 | |||
Fair Value | Fair Value, Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Well Servicing long-lived assets | 69,535 | ||||
Series A Participating Preferred Stock | 22,000 | ||||
Non-strategic real estate assets to be disposed | 6,657 | ||||
Fair Value | Fair Value, Nonrecurring | Level 3 | Well Servicing | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill | 0 | ||||
Fair Value | Fair Value, Nonrecurring | Level 3 | Water Logistics | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill | $ 0 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 09, 2020 | Oct. 02, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain on derivative | $ 4,866,000 | $ 0 | ||
Senior Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Aggregate principal amount | $ 300,000,000 | |||
Stated interest rate | 10.75% | 10.75% | ||
Ascribe Senior Notes | Senior Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Aggregate principal amount | $ 34,400,000 | |||
Ascribe Investments III LLC | CJWS | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Make-whole reimbursement amount | 28,500,000 | $ 9,700,000 | ||
Gain on derivative | $ 4,900,000 |
Business Segment Information -
Business Segment Information - Schedule of Reportable Segments Financial Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | |
Segment Reporting [Abstract] | ||||||||||
Number of operating segments | segment | 3 | |||||||||
Segment Reporting Information [Line Items] | ||||||||||
Depreciation and amortization | $ (52,537) | $ (114,657) | ||||||||
Capital expenditures | 7,825 | 55,353 | ||||||||
Total assets | $ 349,073 | $ 550,474 | 349,073 | 550,474 | ||||||
Continuing Operations | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 97,935 | $ 95,400 | $ 89,637 | $ 128,403 | 121,922 | $ 144,163 | $ 147,975 | $ 153,190 | 411,375 | 567,250 |
Costs of services | 338,067 | 421,549 | ||||||||
Segment profits | 16,581 | $ 12,138 | $ 18,361 | $ 26,228 | 25,271 | $ 39,448 | $ 38,915 | $ 42,067 | 73,308 | 145,701 |
Depreciation and amortization | (52,537) | (69,489) | ||||||||
Capital expenditures | 7,825 | 48,421 | ||||||||
Total assets | 342,748 | 496,250 | 342,748 | 496,250 | ||||||
Discontinued Operations | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 120 | 142,885 | ||||||||
Operating Segments | Continuing Operations | Well Servicing | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 212,817 | 226,966 | ||||||||
Costs of services | 174,011 | 181,516 | ||||||||
Segment profits | 38,806 | 45,450 | ||||||||
Depreciation and amortization | (9,447) | (18,766) | ||||||||
Capital expenditures | 2,359 | 14,525 | ||||||||
Total assets | 39,812 | 78,686 | 39,812 | 78,686 | ||||||
Operating Segments | Continuing Operations | Water Logistics | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 138,935 | 199,816 | ||||||||
Costs of services | 112,232 | 141,379 | ||||||||
Segment profits | 26,703 | 58,437 | ||||||||
Depreciation and amortization | (25,115) | (26,143) | ||||||||
Capital expenditures | 3,585 | 26,209 | ||||||||
Total assets | 102,232 | 118,960 | 102,232 | 118,960 | ||||||
Operating Segments | Continuing Operations | Completion & Remedial | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 59,623 | 140,468 | ||||||||
Costs of services | 51,824 | 98,654 | ||||||||
Segment profits | 7,799 | 41,814 | ||||||||
Depreciation and amortization | (11,774) | (19,964) | ||||||||
Capital expenditures | 1,764 | 7,033 | ||||||||
Total assets | 54,601 | 42,560 | 54,601 | 42,560 | ||||||
Operating Segments | Discontinued Operations | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 120 | 142,885 | ||||||||
Costs of services | 5,305 | 134,778 | ||||||||
Segment profits | (5,185) | 8,107 | ||||||||
Depreciation and amortization | 0 | (45,168) | ||||||||
Capital expenditures | 0 | 12,067 | ||||||||
Total assets | 6,325 | 54,224 | 6,325 | 54,224 | ||||||
Corporate and Other | Continuing Operations | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 0 | 0 | ||||||||
Costs of services | 0 | 0 | ||||||||
Segment profits | 0 | 0 | ||||||||
Depreciation and amortization | (6,201) | (4,616) | ||||||||
Capital expenditures | 117 | 654 | ||||||||
Total assets | $ 146,103 | $ 256,044 | $ 146,103 | $ 256,044 |
Business Segment Information _2
Business Segment Information - Reconciliation of Operating Profit (Loss) from Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||||||||
Depreciation and amortization | $ (52,537) | $ (114,657) | ||||||||
Gain (loss) on disposal of assets | 3,503 | (4,013) | ||||||||
Acquisition related costs | (21,635) | 0 | ||||||||
Gain on derivative | 4,866 | 0 | ||||||||
Loss from continuing operations before income taxes | (253,040) | (91,380) | ||||||||
Continuing Operations | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment profits | $ 16,581 | $ 12,138 | $ 18,361 | $ 26,228 | $ 25,271 | $ 39,448 | $ 38,915 | $ 42,067 | 73,308 | 145,701 |
General and administrative expenses | (98,048) | (115,464) | ||||||||
Depreciation and amortization | (52,537) | (69,489) | ||||||||
Gain (loss) on disposal of assets | 6,138 | (2,135) | ||||||||
Impairment and other charges | (118,152) | (8,262) | ||||||||
Acquisition related costs | (21,635) | 0 | ||||||||
Interest expense, net | (46,980) | (42,378) | ||||||||
Gain on derivative | 4,866 | 0 | ||||||||
Other income | $ 0 | $ 647 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effect of Fourth Quarter Events [Line Items] | ||||||||||
Loss from continuing operations | $ (43,901) | $ (29,153) | $ (39,725) | $ (136,429) | $ (32,522) | $ (24,778) | $ (19,315) | $ (14,786) | $ (249,208) | $ (91,401) |
Loss from discontinued operations | (2,716) | (2,926) | (4,873) | (8,452) | (55,245) | (14,100) | (8,462) | (12,690) | (18,967) | (90,497) |
Net loss | $ (46,617) | $ (32,079) | $ (44,598) | $ (144,881) | $ (87,767) | $ (38,878) | $ (27,777) | $ (27,476) | $ (268,175) | $ (181,898) |
Loss from continuing operations per share, basic and diluted (in dollars per share) | $ (1.76) | $ (1.17) | $ (1.59) | $ (5.48) | $ (1.30) | $ (0.97) | $ (0.71) | $ (0.55) | $ (10) | $ (3.50) |
Loss from discounted operations per share, basic and diluted (in dollars per share) | (0.11) | (0.12) | (0.19) | (0.34) | (2.22) | (0.55) | (0.31) | (0.47) | (0.76) | (3.46) |
Net loss per share, basic and diluted (in dollars per share) | $ (1.87) | $ (1.29) | $ (1.78) | $ (5.82) | $ (3.52) | $ (1.52) | $ (1.02) | $ (1.02) | $ (10.76) | $ (6.96) |
Shares used in computing basic and diluted earning per share (in shares) | 24,900 | 24,927 | 24,957 | 24,914 | 24,924 | 25,606 | 27,204 | 26,850 | 24,925 | 26,141 |
Continuing Operations | ||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||
Revenues | $ 97,935 | $ 95,400 | $ 89,637 | $ 128,403 | $ 121,922 | $ 144,163 | $ 147,975 | $ 153,190 | $ 411,375 | $ 567,250 |
Segment profits | $ 16,581 | $ 12,138 | $ 18,361 | $ 26,228 | $ 25,271 | $ 39,448 | $ 38,915 | $ 42,067 | $ 73,308 | $ 145,701 |
Subsequent Event (Details)
Subsequent Event (Details) - Senior Notes - USD ($) | Mar. 31, 2021 | Mar. 09, 2020 | Oct. 02, 2018 |
Subsequent Event [Line Items] | |||
Aggregate principal amount | $ 300,000,000 | ||
Ascribe Senior Notes | |||
Subsequent Event [Line Items] | |||
Aggregate principal amount | $ 34,400,000 | ||
Subsequent event | Ascribe Senior Notes | Ascribe Investments III LLC | |||
Subsequent Event [Line Items] | |||
Aggregate principal amount | $ 47,500,000 |