Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 13, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Mammoth Energy Services, Inc. | ||
Entity Central Index Key | 0001679268 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 44,876,649 | ||
Entity Public Float | $ 422.7 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 67,625 | $ 5,637 | [1] |
Accounts receivable, net | 337,460 | 243,746 | |
Receivables from related parties | 11,164 | 33,788 | |
Inventories | 21,302 | 17,814 | |
Prepaid expenses | 11,317 | 12,552 | |
Other current assets | 688 | 886 | |
Total current assets | 449,556 | 314,423 | |
Property, plant and equipment, net | 436,699 | 351,017 | |
Sand reserves | 71,708 | 74,769 | |
Intangible assets, net | 7,756 | 16,139 | |
Goodwill | 101,245 | 99,811 | |
Deferred income tax asset | 0 | 6,739 | |
Other non-current assets | 6,127 | 4,345 | |
Total assets | 1,073,091 | 867,243 | |
CURRENT LIABILITIES | |||
Accounts payable | 68,843 | 141,306 | |
Payables to related parties | 370 | 1,378 | |
Accrued expenses and other current liabilities | 59,652 | 40,895 | |
Income taxes payable | 104,958 | 36,409 | |
Total current liabilities | 233,823 | 219,988 | |
Long-term debt | 0 | 99,900 | |
Deferred income taxes | 79,309 | 34,147 | |
Asset retirement obligations | 3,164 | 2,123 | |
Other liabilities | 2,743 | 3,289 | |
Total liabilities | 319,039 | 359,447 | |
COMMITMENTS AND CONTINGENCIES (Note 20) | |||
Equity: | |||
Common stock, $0.01 par value, 200,000,000 shares authorized, 44,876,649 and 44,589,306 issued and outstanding at December 31, 2018 and 2017 | 449 | 446 | |
Additional paid in capital | 530,919 | 508,010 | |
Retained earnings | 226,765 | 2,001 | |
Accumulated other comprehensive loss | (4,081) | (2,661) | |
Total equity | 754,052 | 507,796 | |
Total liabilities and equity | 1,073,091 | 867,243 | |
Customer relationships | |||
CURRENT ASSETS | |||
Intangible assets, net | 1,711 | 9,623 | |
Trade names | |||
CURRENT ASSETS | |||
Intangible assets, net | $ 6,045 | $ 6,516 | |
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares, issued (in shares) | 44,876,649 | 44,589,306 |
Common stock outstanding (in shares) | 44,876,649 | 44,589,306 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
REVENUE | ||||||
Revenue | $ 1,690,084 | $ 691,496 | [1] | $ 230,625 | [2] | |
COST AND EXPENSES | ||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 1,093,804 | 482,569 | ||||
Selling, general and administrative | 71,199 | 48,405 | [1] | 17,290 | [2] | |
Selling, general and administrative - related parties | 1,898 | 1,481 | [1] | 758 | [2] | |
Depreciation, depletion, amortization and accretion | 119,877 | 92,124 | [1] | 72,315 | [2] | |
Impairment of long-lived assets | 8,855 | 4,146 | [1],[3] | 1,871 | [2],[4] | |
Total cost and expenses | 1,295,633 | 628,725 | [1] | 265,255 | [2] | |
Operating income (loss) | 394,451 | 62,771 | [1] | (34,630) | [2] | |
OTHER (EXPENSE) INCOME | ||||||
Interest expense, net | (3,187) | (4,310) | [1] | (4,096) | [2] | |
Bargain purchase gain | 0 | 4,012 | [1],[3] | 0 | [2],[4] | |
Other, net | (2,036) | (677) | [1] | 158 | [2] | |
Total other expense | (5,223) | (975) | [1] | (3,938) | [2] | |
Income (loss) before income taxes | 389,228 | 61,796 | [1] | (38,568) | [2] | |
Provision for income taxes | 153,263 | 2,832 | [1] | 53,885 | [2] | |
Net income (loss) | 235,965 | 58,964 | [1],[3] | (92,453) | [2],[4] | |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||
Foreign currency translation adjustment, net of tax of $397, $645 and $1,732, respectively, for 2018, 2017 and 2016 | (1,420) | 555 | [1] | 2,711 | [2] | |
Comprehensive income (loss) | $ 234,545 | $ 59,519 | [1] | $ (89,742) | [2] | |
Net income (loss) per share (basic) (Note 11) (in dollars per share) | $ 5.27 | $ 1.42 | [1] | $ (2.94) | [2] | |
Net income (loss) per share (diluted) (Note 11) (in dollars per share) | $ 5.24 | $ 1.42 | [1] | $ (2.94) | [2] | |
Weighted average number of shares outstanding (Note 11) (in shares) | 44,750,000 | 41,548,000 | [1] | 31,500,000 | [2] | |
Weighted average number of shares outstanding, including dilutive effect (Note 11) (in shares) | 45,021,000 | 41,639,000 | [1] | 31,500,000 | [2] | |
Pro Forma C Corporation Data (unaudited): | ||||||
Net loss, as reported | $ 389,228 | $ 61,796 | [1] | $ (38,568) | [2] | |
Taxes due to change to C corporation (Note 16) | (153,263) | (2,832) | [1] | (53,885) | [2] | |
Net income (loss) | 235,965 | 58,964 | [1],[3] | $ (92,453) | [2],[4] | |
Basic (Note 11) (in USD per shares) | [2] | $ (0.56) | ||||
Diluted loss per share (in USD per share) | $ (0.56) | |||||
Weighted average pro forma shares outstanding—basic (Note 11) (In shares) | [2] | 43,107,000 | ||||
Weighted average common shares, including dilutive effect (in shares) | [2] | 43,107,000 | ||||
Pro Forma | ||||||
OTHER (EXPENSE) INCOME | ||||||
Income (loss) before income taxes | [2] | $ (92,453) | ||||
Provision for income taxes | [2] | (53,089) | ||||
Net income (loss) | [2] | (24,140) | ||||
Pro Forma C Corporation Data (unaudited): | ||||||
Net loss, as reported | [2] | (92,453) | ||||
Taxes on income earned as a non-taxable entity (Note 16) | [2] | 15,224 | ||||
Taxes due to change to C corporation (Note 16) | [2] | 53,089 | ||||
Net income (loss) | [2] | (24,140) | ||||
Service | ||||||
REVENUE | ||||||
Revenue | 1,471,085 | 435,409 | [1] | 89,643 | [2] | |
COST AND EXPENSES | ||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 961,205 | 390,112 | [1] | 140,063 | [2] | |
Product | ||||||
REVENUE | ||||||
Revenue | 75,766 | 47,067 | [1] | 8,052 | [2] | |
COST AND EXPENSES | ||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 126,714 | 91,049 | [1] | 31,892 | [2] | |
Related parties | ||||||
COST AND EXPENSES | ||||||
Selling, general and administrative - related parties | 1,898 | 1,481 | 758 | |||
Related parties | Service | ||||||
REVENUE | ||||||
Revenue | 118,183 | 166,064 | [1] | 107,147 | [2] | |
COST AND EXPENSES | ||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 5,885 | 1,408 | [1] | 1,063 | [2] | |
Related parties | Product | ||||||
REVENUE | ||||||
Revenue | 25,050 | 42,956 | [1] | 25,783 | [2] | |
COST AND EXPENSES | ||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | $ 0 | $ 0 | [1] | $ 3 | [2] | |
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | |||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax portion of foreign currency translation adjustment | $ 397 | $ 645 | $ 1,732 |
Service | |||
Depreciation, amortization, and accretion, cost of revenue | 106,282 | 82,686 | 65,705 |
Product | |||
Depreciation, amortization, and accretion, cost of revenue | 13,512 | 9,389 | 6,477 |
Related parties | Service | |||
Depreciation, amortization, and accretion, cost of revenue | 0 | 0 | 0 |
Related parties | Product | |||
Depreciation, amortization, and accretion, cost of revenue | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Partners | Members' Equity | Common Stock | Retained Earnings (Deficit) | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Stingray Entities | Stingray EntitiesCommon Stock | Stingray EntitiesAdditional Paid-In Capital | Sturgeon Acquisitions LLC | Sturgeon Acquisitions LLCMembers' Equity | Sturgeon Acquisitions LLCCommon Stock | Sturgeon Acquisitions LLCAdditional Paid-In Capital | |
Common stock (in shares) at Dec. 31, 2015 | [1] | 0 | |||||||||||||
Beginning balance at Dec. 31, 2015 | [1] | $ 413,947 | $ 0 | $ 0 | $ 0 | $ (5,927) | |||||||||
Beginning balance at Dec. 31, 2015 | [1] | $ 329,090 | $ 90,784 | ||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||
Net loss subsequent to LLC conversion | (56,323) | (56,323) | |||||||||||||
Net loss prior to LLC conversion | (32,085) | (32,085) | |||||||||||||
Net loss of Sturgeon prior to acquisition | (4,045) | (4,045) | |||||||||||||
Distributions | (5,000) | (5,000) | |||||||||||||
Stock based compensation | (19) | (19) | |||||||||||||
LLC Conversion (Note 1) | 0 | (296,986) | 296,986 | ||||||||||||
Issuance of common stock at public offering, net of offering costs (in shares) | 37,500,000 | ||||||||||||||
Issuance of common stock at public offering, net of offering costs | 103,075 | $ 375 | 102,700 | ||||||||||||
Stock based compensation | 520 | 520 | |||||||||||||
Other comprehensive income | 2,711 | 2,711 | |||||||||||||
Common stock (in shares) at Dec. 31, 2016 | [1] | 37,500,000 | |||||||||||||
Ending balance at Dec. 31, 2016 | [1] | 422,781 | $ 375 | (56,323) | 400,206 | (3,216) | |||||||||
Ending balance at Dec. 31, 2016 | [1] | 0 | 81,739 | ||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||
Net loss of Sturgeon prior to acquisition | 640 | 640 | |||||||||||||
Stock based compensation | 3,744 | $ 1 | 3,743 | ||||||||||||
Stock based compensation (in shares) | 89,000 | ||||||||||||||
Acquisition of company (in shares) | 1,393,000 | 5,607,000 | |||||||||||||
Acquisition of company | $ 25,762 | $ 14 | $ 25,748 | $ (4,010) | $ (82,379) | $ 56 | $ 78,313 | ||||||||
Net income after acquisition | 58,324 | 58,324 | |||||||||||||
Other comprehensive income | $ 555 | 555 | |||||||||||||
Common stock (in shares) at Dec. 31, 2017 | 44,589,306 | 44,589,000 | |||||||||||||
Ending balance at Dec. 31, 2017 | $ 507,796 | $ 446 | 2,001 | 508,010 | (2,661) | ||||||||||
Ending balance at Dec. 31, 2017 | 0 | 0 | |||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||
Equity based compensation (Note 17) | 17,487 | 17,487 | |||||||||||||
Stock based compensation | 5,425 | $ 3 | 5,422 | ||||||||||||
Stock based compensation (in shares) | 288,000 | ||||||||||||||
Net income after acquisition | 235,965 | 235,965 | |||||||||||||
Cash dividends declared ($0.25 per share) | (11,201) | (11,201) | |||||||||||||
Other comprehensive income | $ (1,420) | (1,420) | |||||||||||||
Common stock (in shares) at Dec. 31, 2018 | 44,876,649 | 44,877,000 | |||||||||||||
Ending balance at Dec. 31, 2018 | $ 754,052 | $ 449 | $ 226,765 | $ 530,919 | $ (4,081) | ||||||||||
Ending balance at Dec. 31, 2018 | $ 0 | $ 0 | |||||||||||||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon. See Note 4. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2018$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends declared (in usd per share) | $ 0.25 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | [2] | Dec. 31, 2016 | |||
Cash flows from operating activities | ||||||
Net income (loss) | $ 235,965 | $ 58,964 | [1] | $ (92,453) | [3],[4] | |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||
Equity based compensation (Note 17) | 17,487 | 0 | 0 | [4] | ||
Stock based compensation | 5,425 | 3,741 | 501 | [4] | ||
Depreciation, depletion, amortization and accretion | 119,877 | 92,124 | 72,315 | [4] | ||
Amortization of coil tubing strings | 2,193 | 2,855 | 2,028 | [4] | ||
Amortization of debt origination costs | 387 | 399 | 603 | [4] | ||
Bad debt expense (Note 2) | (14,578) | 16,206 | 1,968 | [4] | ||
Loss (gain) on disposal of property and equipment | 947 | 69 | (702) | [4] | ||
Gain on bargain purchase | 0 | (4,012) | [1] | 0 | [3],[4] | |
Impairment of long-lived assets | 8,855 | 4,146 | [1] | 1,871 | [3],[4] | |
Deferred income taxes | 52,226 | (34,425) | 47,899 | [4] | ||
Loss from equity investee | 16 | 0 | 0 | |||
Changes in assets and liabilities: | ||||||
Accounts receivable, net | (78,840) | (231,751) | (4,641) | [4] | ||
Receivables from related parties | 22,624 | (1,096) | (2,462) | [4] | ||
Inventories | (5,502) | (14,238) | (624) | [4] | ||
Prepaid expenses and other assets | 1,423 | (7,628) | (198) | [4] | ||
Accounts payable | (64,966) | 101,725 | 1,412 | [4] | ||
Payables to related parties | (1,008) | 1,174 | (249) | [4] | ||
Accrued expenses and other liabilities | 15,445 | 32,968 | 2,420 | [4] | ||
Income taxes payable | 68,692 | 36,395 | 1 | [4] | ||
Net cash provided by operating activities | 386,668 | 57,616 | 29,689 | [4] | ||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (187,285) | (132,295) | (11,740) | [4] | ||
Purchases of property and equipment from related parties | (4,658) | (1,558) | 0 | [4] | ||
Business acquisitions, net | (20,824) | (42,008) | 0 | [4] | ||
Contributions to equity investee | (702) | 0 | 0 | |||
Proceeds from disposal of property and equipment | 1,514 | 907 | 4,022 | [4] | ||
Business combination cash acquired (Note 4) | 0 | 2,671 | 0 | [4] | ||
Net cash used in investing activities | (211,955) | (172,283) | (7,718) | [4] | ||
Cash flows from financing activities: | ||||||
Borrowings on long-term debt | 77,000 | 156,850 | 28,734 | [4] | ||
Repayments of long-term debt | (176,900) | (56,950) | (123,734) | [4] | ||
Dividends paid | (11,201) | 0 | 0 | |||
Repayments of equipment financing note | (292) | 0 | 0 | |||
Proceeds from initial public offering | 0 | 0 | 105,839 | [4] | ||
Initial public offering costs | 0 | 0 | (2,764) | [4] | ||
Debt issuance costs | (1,199) | 0 | 0 | [4] | ||
Repayment of acquisition-related long-term debt | 0 | (8,851) | 0 | [4] | ||
Capital distributions | 0 | 0 | (5,000) | [4] | ||
Net cash (used in) provided by financing activities | (112,592) | 91,049 | 3,075 | [4] | ||
Effect of foreign exchange rate on cash | (133) | 16 | 154 | [4] | ||
Net increase (decrease) in cash and cash equivalents | 61,988 | (23,602) | 25,200 | [4] | ||
Cash and cash equivalents at beginning of period | 5,637 | [2] | 29,239 | [4] | 4,039 | [4] |
Cash and cash equivalents at end of period | 67,625 | 5,637 | 29,239 | [2],[4] | ||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | 3,212 | 3,656 | 3,707 | [4] | ||
Cash paid for income taxes | 32,757 | 840 | 3,588 | [4] | ||
Supplemental disclosure of non-cash transactions: | ||||||
Acquisition of Stingray Cementing LLC and Stingray Energy Services LLC | 0 | 23,091 | 0 | [4] | ||
Purchases of property and equipment included in accounts payable | $ 11,908 | $ 15,038 | $ 2,789 | [4] | ||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | |||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments, which in the opinion of management are necessary for the fair presentation of the results. Mammoth Energy Services, Inc. ("Mammoth Inc." or the "Company"), together with its subsidiaries, is an integrated, growth-oriented company serving both the oil and gas and the electric utility industries in North America and US territories. Mammoth's infrastructure division provides construction, upgrade, maintenance and repair services to various public and private owned utilities throughout the US and Puerto Rico. Its oilfield services division provides a diversified set of services to the exploration and production industry including pressure pumping and natural sand and proppant services as well as contract land and directional drilling, coil tubing, flowback, cementing, acidizing, equipment rental, crude oil hauling and remote accommodation services. The Company was incorporated in Delaware in June 2016 as a wholly-owned subsidiary of Mammoth Energy Partners, LP, a Delaware partnership (the "Partnership" or the "Predecessor"). The Partnership was originally formed by Wexford Capital LP (“Wexford”) in February 2014 as a holding company under the name Redback Energy Services Inc. and was converted to a Delaware limited partnership in August 2014. On November 24, 2014, Mammoth Energy Holdings, LLC (“Mammoth Holdings,” an entity controlled by Wexford), Gulfport Energy Corporation (“Gulfport”) and Rhino Resource Partners LP (“Rhino”) (collectively known as “Predecessor Interest”) contributed their interest in certain of the entities presented below to the Partnership in exchange for 20 million limited partner units. Mammoth Energy Partners GP, LLC (the “General Partner”) held a non-economic general partner interest in the Partnership. The following companies (“Operating Entities”) are included in these consolidated financial statements: Bison Drilling and Field Services, LLC (“Bison Drilling”), formed November 15, 2010; Bison Trucking LLC (“Bison Trucking”), formed August 9, 2013; White Wing Tubular Services LLC (“White Wing”), formed July 29, 2014; Barracuda Logistics LLC (“Barracuda”), formed October 24, 2014; Mr. Inspections LLC (“MRI”), formed January 25, 2015; Panther Drilling Systems LLC (“Panther”), formed December 11, 2012; Redback Energy Services, LLC (“Redback Energy”), formed October 6, 2011; Redback Coil Tubing, LLC (“Coil Tubing”), formed May 15, 2012; Redback Pump Down Services LLC (“Pump Down”), formed January 16, 2015; Muskie Proppant LLC (“Muskie”), formed September 14, 2011; Stingray Pressure Pumping LLC (“Pressure Pumping”), acquired November 24, 2014; Silverback Energy LLC (“Silverback”), formerly known as Stingray Logistics LLC, acquired November 24, 2014; Great White Sand Tiger Lodging Ltd. (“Sand Tiger”), formed October 1, 2007; WTL Oil LLC (“WTL”), formerly known as Silverback Energy Services LLC, formed June 8, 2016; Mammoth Equipment Leasing LLC, formed on November 14, 2016; Cobra Acquisitions LLC (“Cobra”), formed January 9, 2017; Cobra Energy LLC (“Cobra Energy”), formed January 25, 2017; Mako Acquisitions LLC (“Mako”), formed March 28, 2017; Piranha Proppant LLC (“Piranha”), formed March 28, 2017; Higher Power Electrical LLC (“Higher Power”), acquired April 21, 2017; Stingray Energy Services LLC (“SR Energy”), acquired June 5, 2017; Stingray Cementing LLC (“Cementing”), acquired June 5, 2017; Sturgeon Acquisitions LLC (“Sturgeon”), acquired June 5, 2017; Taylor Frac, LLC (“Taylor Frac”), acquired June 5, 2017; Taylor Real Estate Investments, LLC (“Taylor RE”), acquired June 5, 2017; South River Road, LLC (“South River”), acquired June 5, 2017; 5 Star Electric, LLC (“5 Star”), acquired July 1, 2017; Tiger Shark Logistics LLC (“Tiger Shark”), formed October 20, 2017; Cobra Aviation Services LLC (“Cobra Aviation”), formed January 2, 2018; Bison Sand Logistics LLC (“Bison Sand”), formed January 8, 2018; Dire Wolf Energy Services LLC (“Dire Wolf”), formed January 8, 2018; Cobra Logistics Holdings LLC (“Cobra Logistics”), formed February 13, 2018; Black Mamba Energy LLC (“Black Mamba”), formed March 28, 2018; RTS Energy Services LLC (“RTS”), acquired June 15, 2018; Aquahawk Energy LLC (“Aquahawk”), formed June 28, 2018; Ivory Freight Solutions LLC (“Ivory Freight”), formed July 26, 2018; Cobra Caribbean LLC (“Cobra Caribbean”), formed October 3, 2018; Python Equipment LLC (“Python”), formed December 5, 2018; and Air Rescue Systems LLC (“ARS”), acquired December 21, 2018. On October 12, 2016, the Partnership was converted into a Delaware limited liability company named Mammoth Energy Partners LLC (“Mammoth LLC”), and then Mammoth Holdings, Gulfport and Rhino, as all the members of Mammoth LLC, contributed their member interests in Mammoth LLC to Mammoth Inc. Prior to the conversion and the contribution, Mammoth Inc. was a wholly-owned subsidiary of the Partnership. Following the conversion and the contribution, Mammoth LLC (as the converted successor to the Partnership) was a wholly-owned subsidiary of Mammoth Inc. Mammoth Inc. did not conduct any material business operations until Mammoth LLC was contributed to it. On October 19, 2016, Mammoth Inc. closed its initial public offering of 7,750,000 shares of common stock (the "IPO"), which included an aggregate of 250,000 shares that were offered by Mammoth Holdings, Gulfport and Rhino, at a price to the public of $15.00 per share. Net proceeds to Mammoth Inc. from its sale of 7,500,000 shares of common stock were approximately $103.1 million . On the closing date of the IPO, Mammoth Inc. repaid all outstanding borrowings under its revolving credit facility and used the remaining net proceeds for general corporate purposes, including the acquisition of additional equipment and complementary businesses that enhanced its existing service offerings, broadened its service offerings and expanded its customer relationships. On June 5, 2017, the Company completed the acquisition of (1) Sturgeon, a Delaware limited liability company, which included the acquisition of Sturgeon's wholly-owned subsidiaries Taylor Frac, a Wisconsin limited liability company, Taylor RE, a Wisconsin limited liability company, and South River, a Wisconsin limited liability company, (2) SR Energy, a Delaware limited liability company; and (3) Cementing, a Delaware limited liability company (together with SR Energy, the “Stingray Acquisition”) in exchange for the issuance by Mammoth of an aggregate of 7,000,000 shares of its common stock. Prior to its acquisition of Sturgeon, the Company and Sturgeon were under common control and it is required under accounting principles generally accepted in the Unites States of America ("GAAP") to account for this common control acquisition in a manner similar to the pooling of interest method of accounting. Therefore, the Company's historical financial information for all periods included in the accompanying financial statements has been recast to combine Sturgeon with the Company as if the acquisition had been effective since the date Sturgeon commenced operations. Refer to Note 4 for additional disclosure regarding the acquisition of Sturgeon. On June 29, 2018, Gulfport and MEH Sub LLC ("MEH Sub"), an entity controlled by Wexford, (collectively, the "Selling Stockholders") completed an underwritten secondary public offering of 4,000,000 shares of the Company’s common stock at a purchase price to the Selling Stockholders of $38.01 per share. The Selling Stockholders granted the underwriters an option to purchase up to an aggregate of 600,000 additional shares of the Company's common stock at the same purchase price. This option was exercised, in part, and on July 30, 2018, the underwriters purchased an additional 385,000 shares of common stock from the Selling Stockholders at the same price per share. The Selling Stockholders received all proceeds from this offering. At December 31, 2018 and December 31, 2017 , Wexford, Gulfport and Rhino beneficially owned the following shares of outstanding common stock of Mammoth Inc.: December 31, 2018 December 31, 2017 Share Count % Ownership Share Count % Ownership Wexford 21,988,473 49.0 % 25,009,319 56.1 % Gulfport 9,826,893 21.9 % 11,171,887 25.1 % Rhino 104,100 0.2 % 568,794 1.3 % Outstanding shares owned by related parties 31,919,466 71.1 % 36,750,000 82.5 % Total outstanding 44,876,649 100.0 % 44,589,306 100.0 % Operations The Company's infrastructure services include electric utility contracting services focused on the repair, upgrade, maintenance and construction of transmission and distribution networks. The Company’s infrastructure services also provide storm repair and restoration services in response to natural disasters including hurricanes, ice or other storm-related damage. The Company's pressure pumping services include equipment and personnel used in connection with the completion and early production of oil and natural gas wells. The Company's natural sand proppant services include the distribution and production of natural sand proppant that is used primarily for hydraulic fracturing in the oil and gas industry. The Company also provides other services, including contract land and directional drilling, coil tubing, flowback, cementing, aciziding, equipment rentals, crude oil hauling and remote accommodations. All of the Company’s operations are in North America and in the Caribbean. The Company operates its energy infrastructure services primarily in the northeast, southwest and midwest portions of the United States and in Puerto Rico. During the periods presented, the Company has operated its oil and natural gas businesses in the Permian Basin, the Utica Shale, the Eagle Ford Shale, the Marcellus Shale, the Granite Wash, the SCOOP, the STACK, the Cana-Woodford Shale, the Cleveland Sand and the oil sands located in Northern Alberta, Canada. The Company’s business depends on infrastructure spending on maintenance, upgrade, expansion and repair and restoration. Any prolonged decrease in spending by electric utility companies or delays or reductions in government appropriations could have a material adverse effect on the Company’s results of operations and financial condition. The Company's oil and natural gas business depends in large part on the conditions in the oil and natural gas industry and, specifically, on the amount of capital spending by its customers. Any prolonged increase or decrease in oil and natural gas prices affects the levels of exploration, development and production activity, as well as the entire health of the oil and natural gas industry. Changes in the commodity prices for oil and natural gas could have a material effect on the Company’s results of operations and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries and the variable interest entity ("VIE") for which the Company is the primary beneficiary. All material intercompany accounts and transactions between the entities within the Company have been eliminated. Variable Interest Entity The Company consolidates a VIE when it is determined to be the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE's economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 13 for more information on the Company's VIE. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company's sand reserves and their impact on calculating depletion expense, allowance for doubtful accounts, asset retirement obligations, reserves for self-insurance, depreciation and amortization of property and equipment, business combination valuations, amortization of intangible assets and future cash flows, fair values used to assess recoverability and impairment of long-lived assets, including goodwill and estimates of income taxes. Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less are considered cash equivalents. The Company maintains its cash accounts in financial institutions that are insured by the Federal Deposit Insurance Corporation, with the exception of cash held by Sand Tiger in a Canadian financial institution. At December 31, 2018 , we had $1.9 million , in Canadian dollars, of cash in Canadian accounts. Cash balances from time to time may exceed the insured amounts; however, the Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risks on such accounts. Accounts Receivable Accounts receivable include amounts due from customers for services performed or goods sold. The Company grants credit to customers in the ordinary course of business and generally does not require collateral. Most areas in which the Company operates provide for a mineral lien or mechanic’s lien against the property on which the service is performed if the lien is filed within the statutorily specified time frame. Customer balances are generally considered delinquent if unpaid by the 30 th day following the invoice date and credit privileges may be revoked if balances remain unpaid. The Company regularly reviews receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established reserves, the Company makes judgments regarding its customers’ ability to make required payments, economic events and other factors. As the financial conditions of customers change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. In the event the Company was to determine that a customer may not be able to make required payments, the Company would increase the allowance through a charge to income in the period in which that determination is made. If it is determined that previously reserved amounts are collectible, the Company would decrease the allowance through a credit to income in the period in which that determination is made. Uncollectible accounts receivable are periodically charged against the allowance for doubtful accounts once final determination is made of their uncollectability. Following is a roll forward of the allowance for doubtful accounts for the years ended December 31, 2018 , 2017 and 2016 (in thousands): Balance, January 1, 2016 $ 4,012 Additions charged to expense 1,968 Deductions for uncollectible receivables written off (603 ) Balance, December 31, 2016 5,377 Additions charged to expense 16,206 Additions - other 179 Deductions for uncollectible receivables written off (25 ) Balance, December 31, 2017 21,737 Additions charged to expense (14,589 ) Deductions for uncollectible receivables written off (1,950 ) Balance, December 31, 2018 $ 5,198 In October 2017, Cobra, one of the Company's subsidiaries, entered into a contract with the Puerto Rico Electric Power Authority ("PREPA") to perform repairs to PREPA’s electrical grid as a result of Hurricane Maria. At December 31, 2017, the Company reviewed receivables due from PREPA and made specific reserves consistent with Company policy which resulted in additions to allowance for doubtful accounts totaling $16.0 million . During the year ended December 31, 2018 , the Company received payment from PREPA for the amount reserved at December 31, 2017. As a result, the Company reversed the 2017 additions to the allowance for doubtful accounts from PREPA. Additionally, the Company has made specific reserves consistent with Company policy which resulted in additions to allowance for doubtful accounts totaling $1.4 million for the year ended December 31, 2018 . The Company will continue to pursue collection until such time as final determination is made consistent with Company policy. Inventory Inventory consists of raw sand and processed sand available for sale, chemicals and other products sold as a bi-product of completion and production operations, and supplies used in performing services. Inventory is stated at the lower of cost or market (net realizable value) on an average cost basis. The Company assesses the valuation of its inventories based upon specific usage and future utility. Inventory manufactured at the Company’s sand production facilities includes direct excavation costs, processing costs and overhead allocation. Stockpile tonnages are calculated by measuring the number of tons added and removed from the stockpile. Costs are calculated on a per ton basis and are applied to the stockpiles based on the number of tons in the stockpile. Inventory transported for sale at the Company’s terminal facility includes the cost of purchased or manufactured sand, plus transportation related charges. Coil tubing strings of various widths, diameters and lengths are included in inventory. The strings are used in providing specialized services to customers who are primarily operators of oil or gas wells and are used at various rates based on factors such as well conditions (i.e. pressure and friction), vertical and horizontal length of the well, running speed of the string in the well and total running feet accumulated to the string. The Company obtains usage information from data acquisition software and other established assessment methods and attempts to amortize the strings over their estimated useful life. In no event will a string be amortized over a period longer than 12 months . Amortization of coil strings is included in services cost of revenue in the Consolidated Statements of Comprehensive Income (Loss) and totaled $2.2 million , $2.9 million and $2.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Prepaid Expenses Prepaid expenses primarily consist of insurance costs and rail car lease expense. These costs are expensed over the periods that they benefit. Property and Equipment Property and equipment, including renewals and betterments, are capitalized and stated at cost, while maintenance and repairs that do not increase the capacity, improve the efficiency or safety, or improve or extend the useful life are charged to operations as incurred. Disposals are removed at cost, less accumulated depreciation, and any resulting gain or loss is recorded in operations. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life, or the remaining lease term, as applicable. Depreciation does not begin until property and equipment is placed in service. Once placed in service, depreciation on property and equipment continues while being repaired, refurbished, or between periods of deployment. Sand Reserves Sand reserve costs include engineering, mineralogical studies and other related costs to develop the mine, the removal of overburden to initially expose the mineral and building access ways. Exploration costs are expensed as incurred and classified as product cost of revenue. Capitalization of mine development project costs begins once the deposit is classified as proven and probable reserves. Drilling and related costs are capitalized for deposits where proven and probable reserves exist and the activities are directed at obtaining additional information on the deposit or converting non-reserve minerals to proven and probable reserves and the benefit is to be realized over a period greater than one year. Mining property and development costs are amortized using the units-of-production method on estimated measured tons in in-place reserves. The impact of revisions to reserve estimates is recognized on a prospective basis. Long-Lived Assets The Company reviews long-lived assets for recoverability in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standard Codification (“ASC”) 360, Impairment or Disposal of Long-Lived Assets , which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. These evaluations for impairment are significantly impacted by estimates of revenues, costs and expenses, and other factors. If long-lived assets are considered to be impaired, the impairment to be recognized is measured by the amount in which the carrying amount of the assets exceeds the fair value of the assets. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized impairment losses of $4.3 million , $4.1 million and $1.9 million , respectively, on various fixed assets included in property, plant and equipment, net in the Consolidated Balance Sheets. Goodwill Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. If it is determined that an impairment exists, an impairment charge is recognized for the excess of carrying value over implied value. The fair value of the reporting unit is determined using the discounted cash flow approach, excluding interest. During the third quarter of 2018, the Company moved Cementing's equipment from the Utica shale to the Permian basin. As a result, the Company recognized impairment on Cementing's goodwill of $3.2 million . Additionally, goodwill was tested for impairment as of December 31, 2018 . No additional impairment losses were recognized for the year ended December 31, 2018 and no impairment losses were recognized for the years ended December 31, 2017 and 2016 . Other Non-Current Assets Other non-current assets primarily consist of deferred financing costs on our credit facility (see Note 11), sales tax receivables and our equity method investment (see Note 9). Investments are accounted for under the equity method in circumstances where the Company has the ability to exercise significant influence over the operating and investing policies of the investee, but does not have control. Under the equity method, the Company recognizes its share of the investee's earnings in its Consolidated Statements of Comprehensive Income (Loss). Investments are evaluated for impairment and a charge to earnings is recognized when any identified impairment is determined to be other than temporary. Asset Retirement Obligations Mine reclamation costs, future remediation costs for inactive mines and other contractual site remediation costs are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. Following is a roll forward of the Company's asset retirement obligations for the years ended December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Balance as of beginning of period $ 2,123 $ 260 Additions 989 — Liabilities assumed through acquisition — 1,732 Accretion expense 60 124 Foreign currency translation adjustment (8 ) 7 Asset retirement obligation as of end of period $ 3,164 $ 2,123 Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in FASB ASC 805, Business Combinations , which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any noncontrolling interest in the acquiree and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and noncontrolling interest in the acquiree, based on fair value estimates as of the date of acquisition. In accordance with FASB ASC 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. When the Company acquires a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated for accounting purposes in a manner similar to the pooling of interest method of accounting. The assets and liabilities are recorded at the transferring entity’s historical cost instead of reflecting the fair market value of assets and liabilities. Amortizable Intangible Assets Intangible assets subject to amortization include customer relationships and trade names. Customer relationships are amortized based on an estimated attrition factor and trade names are amortized over their estimated useful lives. During the year ended December 31, 2018 , the Company moved Cementing's equipment from the Utica shale to the Permian basin and, as a result, recognized impairment on Cementing's intangible assets, including non-contractual customer relationships and trade name of $1.0 million and $0.2 million , respectively. Additionally, the Company recognized impairment of trade name totaling $0.2 million related to the name change of Stingray Logistics to Silverback Energy. There were no impairment losses recognized for amortizable intangible assets for the years ended December 31, 2017 or 2016 . Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, trade receivables, trade payables, amounts receivable or payable to related parties and long-term debt. The carrying amount of cash and cash equivalents, trade receivables, receivables from related parties and trade payables approximates fair value because of the short-term nature of the instruments. The fair value of long-term debt approximates it s carrying value because the cost of borrowing fluctuates based upon market conditions. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 and its related amendments (collectively, "ASC 606") using the modified retrospective method applied to contracts which were not completed as of January 1, 2018. Revenues for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts continue to be reported under previous revenue recognition guidance. See Note 3 for additional discussion of the Company's revenue. During the year ended December 31, 2016, the Company recognized and collected $0.5 million in business interruption insurance proceeds which is included in service revenue in the accompanying Consolidated Statements of Comprehensive Income (Loss). The proceeds resulted from loss of revenue relating to wildfires that forced evacuation of personnel. The timing of revenue recognition may differ from contract billing or payment schedules, resulting in revenues that have been earned but not billed (“unbilled revenue”) or amounts that have been billed, but not earned (“deferred revenue”). The Company had $56.2 million and $65.9 million , respectively, of unbilled revenue included in accounts receivable, net in the Consolidated Balance Sheets at December 31, 2018 and 2017 . The Company had $4.1 million and $9.1 million , respectively, of unbilled revenue included in receivables from related parties in the Consolidated Balance Sheets at December 31, 2018 and 2017 . The Company had $4.3 million and $15.2 million , respectively, of deferred revenue included in accrued expenses and other current liabilities in the Consolidated Balance Sheets at December 31, 2018 and 2017 . Earnings (Loss) per Share Earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of outstanding shares. See Note 16. Unaudited Pro Forma Earnings (Loss) per Share The Company’s pro forma basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period, as if the common shares issued at the IPO were outstanding for the full year of 2016. Diluted earnings per share reflects the potential dilution, using the treasury stock method. During periods in which the Company realizes a net loss, restricted stock awards would be anti-dilutive to net loss per share and conversion into common stock is assumed not to occur. Equity-based Compensation The Company measures equity-based payments at fair value on the date of grant and expenses the value of these equity-based payments in compensation expense over the applicable vesting periods. See Note 17. Stock-based Compensation The Company's stock-based compensation program consists of restricted stock units granted to employees and restricted stock units granted to non-employee directors under the Mammoth Energy Services, Inc. 2016 Incentive Plan (the "2016 Plan"). The Company recognizes in its financial statements the cost of employee services received in exchange for restricted stock based on the fair value of the equity instruments as of the grant date. In general, this value is amortized over the vesting period; for grants with a non-substantive service condition, this value is recognized immediately. Amounts are recognized in cost of revenues and selling, general and administrative expenses. See Note 18. Income Taxes On October 12, 2016, immediately prior to the IPO of Mammoth Inc., the Partnership converted into a limited liability company named Mammoth LLC. All equity interests in Mammoth LLC were contributed to Mammoth Inc. and Mammoth LLC became a wholly owned subsidiary of Mammoth Inc. Mammoth Inc. is a C corporation under the Internal Revenue Code and is subject to income tax. Historically, Mammoth LLC and each of the Operating Entities other than Sand Tiger was treated as a partnership for federal income tax purposes. As a result, essentially all taxable earnings and losses were passed through to its members, and Mammoth LLC did not pay any federal income taxes at the entity level. Mammoth Inc. owns the member interests in several single member limited liability companies. These LLCs are subject to taxation in Texas where the Company does business; therefore, the Company may provide for income taxes attributable to that state on a current basis. The income tax provision for the period before the IPO has been prepared on a separate return basis for Mammoth LLC and all of its subsidiaries that were treated as a partnership for federal income tax purposes. Subsequent to the IPO, the Company's operations are included in a consolidated federal income tax return and other state returns. Accordingly, the Company has recognized deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases for all our subsidiaries as if each entity were a corporation, regardless of its actual characterization for U.S. federal income tax purposes. The Company has included a pro forma provision for income taxes assuming it had been taxed as a C corporation in all periods prior to the conversion and contribution as part of its earnings per share calculation in Note 16. The unaudited pro forma data are presented for informational purposes only, and do not purport to project the Company's results of operations for any future period or its financial position as of any future date. Under FASB ASC 740, Income Taxes , deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of deferred tax assets and liabilities as a result of a change in tax rate are recognized in the period that includes the statutory enactment date. A valuation allowance for deferred tax assets is recognized when it is more likely than not that the benefit of deferred tax assets will not be realized. To assess that likelihood, the Company uses estimates and judgments regarding future taxable income, as well as the jurisdiction in which such taxable income is generated, to determine whether a valuation allowance is required. Certain income from our infrastructure services segment and income from our remote accommodations business is subject to foreign income taxes, and such taxes are provided in the financial statements pursuant to FASB ASC 740 . On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly changed US corporate income tax laws by, among other things, reducing the US corporate income tax rate from 35% to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of US subsidiaries. As a result, the Company recorded a one-time reduction to income tax expense of $31.0 million during the year ended December 31, 2017, which is included in provision for income taxes in the Consolidated Statements of Comprehensive Income (Loss). See Note 15 for further information. The Company evaluates tax positions taken or expected to be taken in preparation of its tax returns and disallows the recognition of tax positions that do not meet a “more likely than not” threshold of being sustained upon examination by the taxing authorities. During the years ended December 31, 2018 and 2017 , no material uncertain tax positions existed. Penalties and interest, if any, are recognized in selling, general and administrative expense. Foreign Currency Translation For foreign operations, assets and liabilities are translated at the period-end exchange rate and income statement items are translated at the average exchange rate for the period. Resulting translation adjustments are recorded within accumulated other comprehensive income (loss). Assets and liabilities denominated in foreign currencies, if any, are re-measured at the balance sheet date. Transaction gains or losses are included as a component of current period earnings. Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Management has established procedures for the ongoing evaluation of the Company’s operations, to identify potential environmental exposures and to comply with regulatory policies and procedures. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future revenue generation are expensed as incurred. Liabilities are recorded when environmental costs are probable and the costs can be reasonably estimated. The Company maintains insurance which may cover in whole or in part certain environmental expenditures. As of December 31, 2018 and 2017 , there were no probable environmental matters. Other Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) included certain changes in equity that are excluded from net income (loss). Specifically, cumulative foreign currency translation adjustments are included in accumulated other comprehensive income (loss). Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents in excess of federally insured limits and trade receivables. Following is a summary of our significant customers based on accounts receivable balances at December 31, 2018 and 2017 and revenues derived for the years ended December 31, 2018 , 2017 and 2016 : REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2018 2017 2016 2018 2017 Customer A (a) 60 % 29 % — 65 % 56 % Customer B (b) 8 % 30 % 57 % 3 % 12 % Customer C (c) — % 1 % 11 % — % — % a. Customer A is a third-party customer. Revenues and the related accounts receivable balances earned from Customer A were derived from the Company's infrastructure services segment. b. Customer B is a related party customer. Revenues and the related accounts receivable balances earned from Customer B were derived from the Company's pressure pumping services segment, natural sand proppant services segment and other businesses. c. Customer C is a third-party customer. Revenues earned from Customer C were derived from the Company's remote accommodations business. New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)” amending the current accounting for leases. Under the new provisions, all lessees will report a right of use asset and lease liability on the balance sheet for all leases with a term longer than one year, while maintaining substantially similar classifications for financing and operating leases. Lessor accounting remains substantially unchanged with the exception that no leases entered into after the effective date will be classified as leveraged leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within that fiscal year. The Company will adopt this ASU effective January 1, 2019 utilizing the transition method permitted by ASU No. 2018-11 "Leases (Topic 842): Targeted Improvements", issued in August 2018, which permits an entity to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption with no adjustment made to the comparative periods presented in the consolidated financial statements. The Company will elect the transition practical expedient package whereby an entity need not reassess (i) whether any expired or existing contracts are or contains leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company has concluded that its agreements for contract land drilling services, aviation services and remote accommodation services contain a lease component under Topic 842. The Company will elect the practical expedient provided to lessors in ASU 2018-11 to combine the lease and non-lease components of a contract where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component. The Company expects to continue to report revenue for its contract land drilling services under ASC 606. The Company is finalizing its evaluation with respect to leases where it is the lessee and expects to recognize right of use assets and offsetting lease liabilities of approximately $60.0 million upon the adoption of ASU 2016-02. Adoption of this standard will not have a material impact to the Consolidated Statement of Comprehensive Income (Loss). The Company will elect the practical expedient provided to lessees to combine the lease and non-lease components of a contract as well as the short-term lease recognition exemption. The Company is finalizing its implementation processes and controls needed to comply with the requirement of the new standard, which includes the implementation of a lease software solution to support lease portfolio management and lease accounting and disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Accounting,” which simplifies the accounting for share-based payments granted to non-employees by aligning the accounting with requirements for employee share-based compensation. Upon transition, this ASU requires non-employee awards to be measured at fair value as of the adoption date. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within that fiscal year. The Company adopted this ASU effective January 1, 2019 and estimates the fair value of its non-employee equity awards (see Note 17) was approximately $18.9 million as of this date. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Adoption of ASC 606 "Revenues from Contracts with Customers" In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ,” which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition , and most industry-specific guidance. The new guidance requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. On January 1, 2018, the Company adopted ASU 2014-09 and its related amendments (collectively, "ASC 606") using the modified retrospective method applied to contracts which were not completed as of January 1, 2018. Revenues for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts continue to be reported under previous revenue recognition guidance. While ASC 606 requires additional disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of the Company's revenues. The adoption of ASC 606 represents a change in accounting principle. After evaluation of all contracts not completed as of January 1, 2018, the Company determined the cumulative effect of adopting ASC 606 was immaterial, and as such, has not recorded an adjustment to the opening balance of retained earnings on January 1, 2018. Revenue Recognition The Company's primary revenue streams include infrastructure services, pressure pumping services, natural sand proppant services and other services, which includes contract land and directional drilling services, coil tubing, pressure control, flowback, cementing, acidizing, equipment rentals, crude oil hauling and remote accommodations services. See Note 21 for the Company's revenue disaggregated by type. Infrastructure Services Infrastructure services are typically provided pursuant to master service agreements, repair and maintenance contracts or fixed price and non-fixed price installation contracts. Pricing under these contracts may be unit priced, cost-plus/hourly (or time and materials basis) or fixed price (or lump sum basis). The Company accounts for infrastructure services as a single performance obligation satisfied over time. Revenue is recognized over time as work progresses based on the days completed or as the contract is completed. Under certain customer contracts in our infrastructure services segment, the Company warranties equipment and labor performed for a specified period following substantial completion of the work. Pressure Pumping Services Pressure pumping services are typically provided based upon a purchase order, contract or on a spot market basis. Services are provided on a day rate, contracted or hourly basis. Generally, the Company accounts for pressure pumping services as a single performance obligation satisfied over time. In certain circumstances, the Company supplies proppant that is utilized for pressure pumping as part of the agreement with the customer. The Company accounts for these pressure pumping agreements as multiple performance obligations satisfied over time. Jobs for these services are typically short-term in nature and range from a few hours to multiple days. Generally, revenue is recognized over time upon the completion of each segment of work based upon a completed field ticket, which includes the charges for the services performed, mobilization of the equipment to the location and personnel. Pursuant to a contract with one of its customers, the Company has agreed to provide that customer with use of up to two pressure pumping fleets for the period covered by the contract. Under this agreement, performance obligations are satisfied as services are rendered based on the passage of time rather than the completion of each segment of work. The Company has the right to receive consideration from this customer even if circumstances prevent us from performing work. All consideration owed to the Company for services performed during the contractual period is fixed and the right to receive it is unconditional. Additional revenue is generated through labor charges and the sale of consumable supplies that are incidental to the service being performed. Such amounts are recognized ratably over the period during which the corresponding goods and services are consumed. Natural Sand Proppant Services The Company sells natural sand proppant through sand supply agreements with its customers. Under these agreements, sand is typically sold at a flat rate per ton or a flat rate per ton with an index-based adjustment. The Company recognizes revenue at the point in time when the customer obtains legal title to the product, which may occur at the production facility, rail origin or at the destination terminal. Certain of the Company's sand supply agreements contain a minimum volume commitment related to sand purchases whereby the Company charges a shortfall payment if the customer fails to meet the required minimum volume commitment. These agreements may also contain make-up provisions whereby shortfall payments can be applied in future periods against purchased volumes exceeding the minimum volume commitment. If a make-up right exists, the Company has future performance obligations to deliver excess volumes of product in subsequent periods. In accordance with ASC 606, if the customer fails to meet the minimum volume commitment, the Company will assess whether it expects the customer to fulfill its unmet commitment during the contractually specified make-up period based on discussions with the customer and management's knowledge of the business. If the Company expects the customer will make-up deficient volumes in future periods, revenue related to shortfall payments will be deferred and recognized on the earlier of the date on which the customer utilizes make-up volumes or the likelihood that the customer will exercise its right to make-up deficient volumes becomes remote. As of December 31, 2018 , the Company deferred revenue totaling $4.2 million related to shortfall payments. This amount is included in accrued expenses and other current liabilities on the consolidated balance sheet. If the Company does not expect the customer will make-up deficient volumes in future periods, the breakage model will be applied and revenue related to shortfall payments will be recognized when the model indicates the customer's inability to take delivery of excess volumes. During the year ended December 31, 2018 , the Company recognized revenue totaling $1.5 million related to shortfall payments. In certain of the Company's sand supply agreements, the customer obtains control of the product when it is loaded into rail cars and the customer reimburses the Company for all freight charges incurred. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the sand. If revenue is recognized for the related product before the shipping and handling activities occur, the Company accrues the related costs of those shipping and handling activities. Other Services The Company also provides contract land and directional drilling, coil tubing, pressure control, flowback, cementing, acidizing, equipment rentals, crude oil hauling and remote accommodations services, which are reported under other services. Contract drilling services are provided under daywork contracts. Mobilization revenue and costs are recognized over the days of actual drilling. Other services are typically provided based upon a purchase order, contract or on a spot market basis. Services are provided on a day rate, contracted or hourly basis. Performance obligations for these services are satisfied over time and revenue is recognized as the work progresses based on the measure of output. Jobs for these services are typically short-term in nature and range from a few hours to multiple days. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts in which variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied distinct good or service that forms part of a single performance obligation. Contract Balances Following is a rollforward of the Company's contract liabilities (in thousands): Balance, January 1, 2018 $ 15,000 Deduction for recognition of revenue (15,000 ) Increase for deferral of shortfall payments 4,246 Increase for deferral of customer prepayments 58 Balance, December 31, 2018 $ 4,304 The Company did no t have any contract assets as of December 31, 2018 or January 1, 2018. Performance Obligations Revenue recognized in the current period from performance obligations satisfied in previous periods was a nominal amount for the year ended December 31, 2018 . As of December 31, 2018 , the Company had unsatisfied performance obligations totaling $136.9 million , which will be recognized over the next three years. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Air Rescue Systems and Brim Equipment Assets On December 21, 2018, Cobra Aviation, a variable interest entity of the Company, completed a series of transactions that provided for an expansion of its aviation service business. These transactions include (i) the acquisition of all outstanding equity interests in ARS, (ii) the purchase of two commercial helicopters, spare parts, support equipment and aircraft documents from Brim Equipment Leasing, Inc. ("Brim Equipment") (the "Brim Equipment Assets") and (iii) the formation of a joint venture between Cobra Aviation and Wexford Partners Investment Co. LLC ("Wexford Investment"), a related party, under the name of Brim Acquisitions LLC ("Brim Acquisitions"), which acquired all outstanding equity interest in Brim Equipment. Cobra Aviation owns a 49% economic interest and Wexford Investment owns a 51% economic interest in Brim Acquisitions, and each member contributed its pro rata portion of Brim Acquisitions initial capital of $2.0 million . The acquisition of ARS qualifies under FASB ASC 805, Business Combinations , as a business combination. The purchase of the Brim Equipment Assets was negotiated and funded as part of the acquisition. Therefore, the purchase of the Brim Equipment Assets also qualifies as a business combination under ASC 805. Cobra Aviation is able to exercise significant influence over Brim Acquisitions, but is a minority owner and does not have controlling financial interest. As a result, Cobra Aviation's investment in Brim Acquisitions is accounted for as an equity method investment under FASB ASC 323, Investments-Equity Method and Joint Ventures . See Note 9 for additional information on our investment in Brim Acquisitions. Total consideration paid for ARS was $2.4 million in cash to the sellers plus $0.3 million in consideration to be paid upon completion of certain contractual obligations. Total consideration paid for the Brim Equipment Assets was $4.2 million . The Company used cash on hand to fund the acquisitions. The following table summarizes the fair value of ARS and the Brim Equipment Assets as of December 21, 2018 (in thousands): ARS Brim Equipment Assets Accounts receivable $ 146 $ — Property, plant and equipment 1,702 1,990 Identifiable intangible assets - trade name (a) 120 — Goodwill (b) 694 2,243 Other non-current assets 5 — Total assets acquired $ 2,667 $ 4,233 a. Trade name was valued using a "Relief-from-Royalty" method and will be amortized over 20 years . b. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability expected to arise from the acquired entity. From the acquisition date through December 31, 2018 , ARS and the Brim Equipment Assets provided the following activity (in thousands): 2018 ARS Brim Equipment Assets Revenues $ — $ — Net loss (a) (25 ) — a. Includes depreciation expense of $0.02 million for ARS. The following table presents unaudited pro forma information as if the ARS and the Brim Equipment Assets acquisitions had occurred as of January 1, 2017 (in thousands): Years Ended December 31, Years Ended December 31, 2018 2017 2018 2017 ARS Brim Equipment Assets Revenues $ 3,055 $ 2,641 $ 4,478 $ 1,448 Net (loss) income 207 (39 ) 2,410 459 The Company recognized $0.3 million of transaction related costs during the year ended December 31, 2018 related to these acquisitions. Acquisition of WTL Oil On May 31, 2018, the Company completed its acquisition of WTL for total consideration of $5.5 million in cash to the sellers plus $0.6 million in consideration to be paid upon completion of certain contractual obligations. The seller completed these obligations and the Company paid the additional $0.6 million to the seller during the three months ended September 30, 2018 . The Company used cash on hand and borrowings under its credit facility to fund the acquisition. The acquisition of WTL expanded the Company's service offerings into the crude oil hauling business. The following table summarizes the fair value of WTL as of May 31, 2018 (in thousands): WTL Property, plant and equipment $ 2,960 Identifiable intangible assets - customer relationships (a) 930 Identifiable intangible assets - trade name (a) 650 Goodwill (b) 1,567 Total assets acquired $ 6,107 a. Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 10 - 20 years. b. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to the assembled workforce and future profitability expected to arise from the acquired entity. From the acquisition date through December 31, 2018 , WTL provided the following activity (in thousands): 2018 Revenues $ 7,511 Net loss (a) (149 ) a. Includes depreciation and amortization expense of $1.0 million . The following table presents unaudited pro forma information as if the acquisition of WTL had occurred as of January 1, 2017 (in thousands): Years Ended December 31, 2018 2017 Revenues $ 10,270 $ 4,229 Net (loss) income (64 ) 165 The Company recognized $0.1 million of transaction related costs during the year ended December 31, 2018 related to this acquisition. Acquisition of RTS Energy Services On June 15, 2018, the Company completed its acquisition of RTS for total consideration of $7.6 million in cash to the sellers plus $0.5 million to be paid 90 days after closing subject to contractual conditions. The seller completed these obligations and the Company paid the additional $0.5 million to the seller during the three months ended September 30, 2018 . The Company used cash on hand and borrowings under its credit facility to fund the acquisition. The acquisition of RTS expanded Mammoth's cementing services into the Permian Basin and added acidizing to the Company's service offerings. The following table summarizes the fair value of RTS as of June 15, 2018 (in thousands): RTS Inventory $ 180 Property, plant and equipment 7,787 Goodwill (a) 133 Total assets acquired $ 8,100 a. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to the assembled workforce and future profitability expected to arise from the acquired entity. From the acquisition date through December 31, 2018 , RTS provided the following activity (in thousands): 2018 Revenues $ 6,682 Net loss (a) (3,210 ) a. Includes depreciation expense of $0.9 million . The following table presents unaudited pro forma information as if the acquisition of RTS had occurred as of January 1, 2017 (in thousands): Years Ended December 31, 2018 2017 Revenues $ 16,212 $ 20,877 Net (loss) income (4,066 ) 1,141 The Company recognized $0.1 million of transaction related costs during the year ended December 31, 2018 related to this acquisition. Acquisition of 5 Star On July 1, 2017, the Company completed its acquisition of 5 Star for total consideration of $2.4 million in cash to the sellers. Mammoth funded the purchase price for 5 Star with cash on hand and borrowings under its credit facility. The acquisition of 5 Star added to the infrastructure component of the Company's business and provided expansion of the infrastructure segment into the eastern United States. The Company recognized $0.1 million of transaction related costs during the year ended December 31, 2017 related to this acquisition. The following table summarizes the fair value of 5 Star as of July 1, 2017 (in thousands): 5 Star Accounts receivable $ 2,440 Property, plant and equipment 1,863 Identifiable intangible assets - trade names (a) 300 Goodwill (b) 248 Total assets acquired $ 4,851 Long-term debt and other liabilities $ 2,413 Total liabilities assumed $ 2,413 Net assets acquired $ 2,438 a. Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 10 years. b. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability expected to arise from the acquired entity. From its acquisition date through December 31, 2018 , 5 Star has provided the following activity (in thousands): 2018 2017 Revenues (a) $ 143,302 $ 25,216 Net income (b) 4,149 4,191 a. Includes intercompany revenues of $112.6 million and $16.0 million , respectively, for 2018 and 2017 b. Includes depreciation and amortization expense of $3.5 million and $0.8 million , respectively, for 2018 and 2017 The following table presents unaudited pro forma information as if the acquisition of 5 Star had occurred as of January 1, 2017 (in thousands): Year Ended December 31, 2017 Revenues $ 31,548 Net income 3,910 Acquisition of Higher Power On April 21, 2017, the Company completed its acquisition of Higher Power for total consideration of $4.0 million , including $3.3 million in cash to the sellers plus $0.8 million in consideration to be paid in equal annual installments over the next three years. The Company accelerated payout and funded the remaining consideration of $0.8 million during the year ended December 31, 2018 . Mammoth funded the purchase price for Higher Power with cash on hand and borrowings under its credit facility. The acquisition of Higher Power added an energy infrastructure component to the Company's business, helping to diversify its service offerings. The Company recognized $0.1 million of transaction related costs during the year ended December 31, 2017 related to this acquisition. The following table summarizes the fair value of Higher Power as of April 21, 2017 (in thousands): Higher Power Property, plant and equipment $ 1,744 Identifiable intangible assets - customer relationships 1,613 Goodwill (a) 643 Total assets acquired $ 4,000 a. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability expected to arise from the acquired entity. From its acquisition date through December 31, 2018 , Higher Power has provided the following activity (in thousands): 2018 2017 Revenues (a) $ 220,281 $ 39,571 Net income (b) (5,868 ) 5,127 a. Includes intercompany revenues of $191.2 million and $27.4 million , respectively, for 2018 and 2017 b. Includes depreciation and amortization of $7.1 million and $2.0 million , respectively, for 2018 and 2017 The following table presents unaudited pro forma information as if the acquisition of Higher Power had occurred as of January 1, 2017 (in thousands): Year Ended December 31, 2017 Revenues $ 42,343 Net income 5,004 Acquisition of Sturgeon On March 20, 2017, and as amended on May 12, 2017, the Company entered into a definitive contribution agreement with MEH Sub, Wexford Offshore Sturgeon Corp., Gulfport, Rhino and Mammoth Energy Partners LLC (the “Sturgeon Contribution Agreement”). Under the Sturgeon Contribution Agreement, the Company agreed to acquire all outstanding membership interests, through its wholly-owned subsidiary Mammoth LLC, in Sturgeon, which owns all of the membership interests in Taylor Frac, Taylor RE and South River (collectively, the "Sturgeon subsidiaries"). The acquisition added sand reserves, increased our production capacity and provided access to the Canadian National Railway, which affords access to the Appalachian basin in support of the Company’s pressure pumping services as well as to western Canada. The acquisition of Sturgeon closed on June 5, 2017. Pursuant to the Sturgeon Contribution Agreement, Mammoth issued 5,607,452 shares of its common stock, par value $0.01 per share, for all outstanding equity interests in Sturgeon. Based upon a closing price of Mammoth's common stock of $18.50 per share on June 5, 2017, the total purchase price was $103.7 million . As a result of this transaction, the Company's historical financial information has been recast to combine the Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Balance Sheets of the Company for all periods included in the accompanying financial statements with those of Sturgeon as if the combination had been in effect since Sturgeon commenced operations on September 13, 2014. Any material transactions between the Company and Sturgeon were eliminated. Sturgeon's financial results were incorporated into the Company's natural sand proppant services division. The Company recognized $1.3 million of transaction related costs during the year ended December 31, 2017 related to this acquisition. Acquisition of Chieftain On March 27, 2017, as amended as of May 24, 2017, the Company entered into a purchase agreement with the Chieftain Sellers, following the Company's successful bid in a bankruptcy court auction for substantially all of the assets of the Chieftain Sellers (the "Chieftain Assets"). The Chieftain acquisition closed on May 26, 2017. Mammoth funded the purchase price for the Chieftain Assets with cash on hand and borrowings under its revolving credit facility. The Chieftain Assets are held by the Company's wholly owned subsidiary Piranha and are included in the Company's natural sand proppant services segment. The Chieftain acquisition added sand reserves, increased our production capacity and provided access to the Union Pacific railroad, which affords access to both the Mid-Continent and Permian basins in support of the Company’s pressure pumping services. The following table summarizes the fair value of the Chieftain Acquisition as of May 26, 2017 (in thousands): Total Property, plant and equipment (a) $ 23,373 Sand reserves (b) 20,910 Total assets acquired $ 44,283 Asset retirement obligation 1,732 Total liabilities assumed $ 1,732 Total allocation of purchase price $ 42,551 Bargain purchase price (c, d) (6,231 ) Total purchase price $ 36,320 a. Property, plant and equipment fair value measurements were prepared by utilizing a combined fair market value and cost approach. The market approach relies on comparability of assets using market data information. The cost approach places emphasis on the physical components and characteristics of the asset. It places reliance on estimated replacement cost, depreciation and economic obsolescence. b. The fair value of the sand reserves was determined based on the excess cash flow method, a form of the income approach. The method provides a value based on the estimated remaining life of sand reserves, projected financial information and industry projections. c. Amount in Consolidated Statements of Comprehensive Income (Loss) reflected net of income taxes of $2.2 million . d. The fair value of the business was determined based on the excess cash flow method, a form of the income approach. Since the acquisition date, the Chieftain Assets have provided the following activity (in thousands): 2018 2017 Revenues (a) $ 52,628 $ 22,847 Net income (b) 8,379 5,520 a. Includes intercompany revenues of $14.8 million and $12.3 million , respectively, for 2018 and 2017 b. Includes depreciation and amortization of $4.9 million and $2.8 million , respectively, for 2018 and 2017 The following table presents unaudited pro forma information as if the acquisition of the Chieftain Assets had occurred as of January 1, 2017 (in thousands): Year Ended December 31, 2017 Revenues $ 22,847 Net income 5,655 The Company's historical financial information was adjusted to give pro forma effect to the events that were directly attributable to the Chieftain Acquisition. The Company recognized $0.8 million of transaction related costs related to this acquisition. Acquisition of Stingray On March 20, 2017, and as amended on May 12, 2017, the Company entered into two definitive contribution agreements, one such agreement with MEH Sub, Wexford Offshore Stingray Energy Corp., Gulfport and Mammoth LLC and the other with MEH Sub, Wexford Offshore Stingray Pressure Pumping Corp., Gulfport and Mammoth LLC (collectively, the “Stingray Contribution Agreements”). Under the Stingray Contribution Agreements, the Company agreed to acquire all outstanding membership interests, through its wholly-owned subsidiary Mammoth LLC, in Cementing and SR Energy (the "2017 Stingray Acquisition"). The addition of their water transfer, equipment rentals and cementing services further expanded and vertically integrated Mammoth’s service offerings. The 2017 Stingray Acquisition closed on June 5, 2017. Pursuant to the Stingray Contribution Agreements, Mammoth issued 1,392,548 shares of its common stock, par value $0.01 per share, for all outstanding equity interests in SR Energy and Cementing. Based upon a closing price of Mammoth's common stock of $18.50 per share on June 5, 2017, the total purchase price was $25.8 million . At the acquisition date, the components of the consideration transferred were as follows (in thousands): Consideration attributable to Cementing (a) $ 12,975 Consideration attributable to SR Energy (a) 12,787 Total consideration transferred $ 25,762 a. See summary of acquired assets and liabilities below SR Energy Cementing Total (in thousands) Cash and cash equivalents $ 1,611 $ 1,060 $ 2,671 Accounts receivable, net 3,913 495 4,408 Receivables from related parties 3,684 1,418 5,102 Inventories — 306 306 Prepaid expenses 35 32 67 Property, plant and equipment (a) 13,061 7,459 20,520 Identifiable intangible assets - customer relationships (b) — 1,140 1,140 Identifiable intangible assets - trade names (b) 550 270 820 Goodwill (c) 3,929 6,264 10,193 Other assets 7 — 7 Total assets acquired $ 26,790 $ 18,444 $ 45,234 Accounts payable and accrued liabilities $ 5,890 $ 2,063 $ 7,953 Long-term debt (d) 5,074 2,000 7,074 Deferred tax liability 3,039 1,406 4,445 Total liabilities assumed $ 14,003 $ 5,469 $ 19,472 Net assets acquired $ 12,787 $ 12,975 $ 25,762 a. Property, plant and equipment fair value measurements were prepared by utilizing a combined fair market value and cost approach. The market approach relies on comparability of assets using market data information. The cost approach places emphasis on the physical components and characteristics of the asset. It places reliance on estimated replacement cost, depreciation and economic obsolescence. b. Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "relief-from-Royalty" method. Non-contractual customer relationships were valued using a "multi-period excess earnings" method. Identifiable intangible assets will be amortized over 5 - 10 years. c. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability based on the synergies expected to arise from the acquired entities. d. Long-term debt assumed was paid off subsequent to the acquisition. Since the acquisition date, the businesses acquired have provided the following activity (in thousands): 2018 2017 SR Energy Cementing SR Energy Cementing Revenues (a) $ 29,287 $ 6,426 $ 11,572 $ 7,500 Net loss (b, c) (2,539 ) (5,869 ) (1,626 ) (1,963 ) a. Includes intercompany revenues of $3.0 million and $0.6 million , respectively, for SR Energy for 2018 and 2017 and $0.3 million and a nominal amount, respectively, for Cementing for 2018 and 2017. b. Includes depreciation and amortization of $5.4 million and $3.4 million , respectively, for SR Energy for 2018 and 2017 and $1.5 million and $4.1 million , respectively, for Cementing for 2018 and 2017. c. Includes non-cash impairment expense of $4.4 million for Cementing in 2018 related to the impairment of intangible assets and goodwill as a result of moving Cementing equipment from the Utica shale to the Permian basin. The following table presents unaudited pro forma information as if the acquisition of SR Energy and Cementing had occurred on January 1, 2017 (in thousands): Year Ended December 31, 2017 Revenues $ 35,142 Net loss (4,066 ) The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the 2017 Stingray Acquisition. For the year ended December 31, 2017, there were $0.2 million transaction related costs expensed. The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the 2017 Stingray Acquisition been completed on January 1, 2017. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the Company. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories A summary of the Company's inventories is shown below (in thousands): December 31, 2018 2017 Supplies $ 12,571 $ 9,437 Raw materials 199 219 Work in process 3,273 2,370 Finished goods 5,259 5,788 Total inventory $ 21,302 $ 17,814 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment include the following (in thousands): December 31, Useful Life 2018 2017 Pressure pumping equipment 3-5 years $ 208,968 $ 190,211 Drilling rigs and related equipment 3-15 years 122,198 132,260 Machinery and equipment (a) 7-20 years 173,867 97,569 Buildings 15-39 years 46,380 45,992 Vehicles, trucks and trailers (b) 5-10 years 132,337 54,055 Coil tubing equipment 4-10 years 29,128 28,053 Land N/A 14,235 11,317 Land improvements 15 years or life of lease 9,614 9,614 Rail improvements 10-20 years 13,806 5,540 Other property and equipment 3-12 years 18,551 12,687 769,084 587,298 Deposits on equipment and equipment in process of assembly (c) 16,865 20,348 785,949 607,646 Less: accumulated depreciation, depletion, amortization and accretion (d) 349,250 256,629 Property, plant and equipment, net $ 436,699 $ 351,017 a. Included in machinery and equipment are assets under capital leases totaling $1.8 million and $1.8 million , respectively, for the years ended December 31, 2018 and 2017 . b. Included in vehicles, trucks and trailers are assets under capital leases totaling $0.3 million and $1.0 million , respectively, for the years ended December 31, 2018 and 2017 . c. Included in deposits on equipment and equipment in process of assembly are assets under capital leases totaling $1.7 million for the year ended December 31, 2018 . These assets were received on December 31, 2018 and were not yet placed in service. d. Accumulated depreciation for assets under capital leases totaled $0.6 million and $0.8 million , respectively, for the years ended December 31, 2018 and 2017 . Proceeds from customers for horizontal and directional drilling services equipment, damaged or lost down-hole are reflected in revenue with the carrying value of the related equipment charged to cost of service revenues and are reported as cash inflows from investing activities in the statement of cash flows. For the years ended December 31, 2018 , 2017 and 2016 , proceeds from the sale of equipment damaged or lost down-hole were $1.0 million , $0.5 million and $0.7 million , respectively, and gain on sales of equipment damaged or lost down-hole were $0.9 million , $0.3 million and $0.4 million , respectively. A summary of depreciation, depletion, amortization and accretion expense is shown below (in thousands): Years Ended December 31, 2018 2017 2016 Depreciation expense (a) $ 107,634 $ 81,191 $ 62,196 Accretion and depletion expense (see Note 2) 3,539 1,632 1,048 Amortization expense (see Note 8) 8,704 9,301 9,071 Depreciation, depletion, amortization and accretion $ 119,877 $ 92,124 $ 72,315 a. Includes depreciation expense for assets under capital leases totaling $0.5 million , $0.4 million and $0.5 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . Deposits on equipment and equipment in process of assembly represents deposits placed with vendors for equipment that is in the process of assembly and purchased equipment that is being outfitted for its intended use. The equipment is not yet placed in service. |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Impairments | Impairments A summary of our impairments is as follows (in thousands): December 31, 2018 2017 2016 Drilling rigs (a) $ 3,966 $ 3,822 $ 347 Flowback equipment (a) — — 1,385 Other property, plant and equipment (a) 307 324 139 Impairment of goodwill (b) 3,203 — — Impairment of intangible assets (b) 1,379 — — $ 8,855 $ 4,146 $ 1,871 a. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized impairments of $4.3 million , $4.1 million and $1.9 million , respectively, to reduce the carrying value of certain assets which were deemed impaired based on future expected cash flows of the equipment. The Company measured impairment using significant unobservable inputs (Level 3) based on an income approach. b. During the year ended December 31, 2018 , the Company moved Cementing's equipment from the Utica shale to the Permian basin. As a result, the Company recognized impairment on Cementing's intangible assets, including goodwill, non-contractual customer relationships and trade name of $3.2 million , $1.0 million and $0.2 million , respectively. Additionally, the Company recognized impairment of trade name totaling $0.2 million related to the name change of Stingray Logistics to Silverback Energy. The Company measured Cementing's goodwill using an income approach, which provides an estimated fair value based on anticipated cash flows that are discounted using a weighted average cost of capital rate. The assumptions used in the impairment evaluation for long-lived assets are inherently uncertain and require management’s judgment. A continued period of low oil and natural gas prices or continued reductions in capital expenditures by our customers would likely have an adverse impact on our utilization and the prices that we receive for our services. This could result in the recognition of future material impairment charges on the same, or additional, property and equipment if future cash flow estimates, based upon information then available to management, indicate that their carrying values are not recoverable. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company had the following definite lived intangible assets recorded as of the dates presented below (in thousands): December 31, 2018 2017 Customer relationships $ 2,255 $ 35,795 Trade names 9,063 8,793 Less: accumulated amortization - customer relationships (544 ) (26,172 ) Less: accumulated amortization - trade names (3,018 ) (2,277 ) Intangible assets, net $ 7,756 $ 16,139 Amortization expense for intangible assets was $8.7 million , $9.3 million and $9.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The original lives of customer relationships range from 6 to 10 years with a remaining average useful life of 6.87 years. The original lives of trade names range from 10 to 20 years useful life and as of December 31, 2018 the remaining useful life was 8.97 years. Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands): Year ended December 31: Amount 2019 $ 1,135 2020 1,135 2021 1,129 2022 1,108 2023 991 Thereafter 2,258 $ 7,756 Goodwill was $101.2 million and $99.8 million at December 31, 2018 and 2017 , respectively. Changes in goodwill for the years ended December 31, 2018 and 2017 are set forth below (in thousands): Balance, January 1, 2017 $ 88,727 Additions: 2017 Stingray Acquisition 10,193 Higher Power Acquisition 643 5 Star Acquisition 248 Balance, December 31, 2017 99,811 Additions: WTL Acquisition 1,567 RTS Acquisition 133 ARS Acquisition 694 Brim Equipment Assets Acquisition 2,243 Impairment (3,203 ) Balance, December 31, 2018 $ 101,245 During the year ended December 31, 2018 , the Company moved Cementing's equipment from the Utica shale to the Permian basin. As a result, during the year ended December 31, 2018 , the Company recognized impairment on Cementing's intangible assets, including goodwill, non-contractual customer relationships and trade name of $3.2 million , $1.0 million and $0.2 million , respectively. Additionally, the Company recognized impairment of trade name totaling $0.2 million related to the name change of Stingray Logistics to Silverback Energy. |
Equity Method Investment
Equity Method Investment | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investment | Equity Method Investment On December 21, 2018, Cobra Aviation and Wexford Investment, a related party, formed a joint venture under the name of Brim Acquisitions to acquire all outstanding equity interest in Brim Equipment for a total purchase price of approximately $1.4 million in cash to the sellers plus $0.6 million in consideration to be paid upon completion of certain contractual obligations. Cobra Aviation owns a 49% economic interest and Wexford Investment owns a 51% economic interest in Brim Acquisitions, and each member contributed its pro rata portion of Brim Acquisitions initial capital of $2.0 million . Brim Acquisitions, through Brim Equipment, owns one commercial helicopter and leases one commercial helicopter for operation, which it uses to provide a variety of services, including short haul, aerial ignition, hoist operations, aerial photography, fire suppression, construction services, animal/capture/survey, search and rescue, airborne law enforcement, power line construction, precision long line operations, pipeline construction and survey, mineral and seismic exploration, and aerial seeding and fertilization. The Company uses the equity method of accounting to account for its investment in Brim Acquisitions, which had a carrying value of approximately $1.0 million at December 31, 2018 . The investment is included in other non-current assets on the Consolidated Balance Sheets. The Company recorded an equity method adjustment to its investment of ($0.02) million for its share of Brim Acquisitions' loss for the period between the acquisition date and December 31, 2018 , which is included in other, net on the Consolidated Statements of Comprehensive Income (Loss). |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expense and other current liabilities included the following (in thousands): December 31, 2018 2017 Accrued compensation, benefits and related taxes $ 20,898 $ 11,552 State and local taxes payable 18,687 2,126 Financed insurance premiums 6,761 4,876 Insurance reserves 4,678 2,942 Deferred revenue 4,304 15,210 Other 4,324 4,189 Total $ 59,652 $ 40,895 Financed insurance premiums are due in monthly installments, are unsecured and mature within the twelve-month period following the close of the year. As of December 31, 2018 and 2017 , the applicable interest rates associated with financed insurance premiums were 3.45% and 2.75% , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mammoth Credit Facility On October 19, 2018, Mammoth and certain of its direct and indirect subsidiaries, as borrowers, entered into an amended and restated revolving credit and security agreement with the lenders party thereto and PNC Bank, National Association, as a lender and as administrative agent for the lenders, which amends and restates the Company's prior revolving credit and security agreement dated as of July 9, 2018, as amended prior to October 19, 2018. The facility matures on October 19, 2023. Borrowings under this facility are secured by the assets of Mammoth Inc., inclusive of the subsidiary companies. The maximum availability of the facility is subject to a borrowing base calculation prepared monthly. Outstanding borrowings under this amended and restated revolving credit facility bear interest at a per annum rate elected by Mammoth that is equal to an alternate base rate or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 1.00% to 1.50% per annum in the case of the alternate base rate, and from 2.00% to 2.50% per annum in the case of LIBOR. The applicable margin depends on the amount of excess availability under this amended and restated revolving credit facility. At December 31, 2018 , there were no outstanding borrowings under the amended and restated revolving credit facility and $175.8 million of available borrowing capacity, after giving effect to $8.4 million of outstanding letters of credit. At December 31, 2017 , there were outstanding borrowings under Mammoth's then existing credit facility of $99.9 million , leaving an aggregate of $62.8 million of borrowing capacity under the facility, after giving effect to $6.5 million of outstanding letters of credit. The amended and restated revolving credit facility contains various customary affirmative and restrictive covenants. Among the covenants are two financial covenants, including a minimum interest coverage ratio ( 3.0 to 1.0), and a maximum leverage ratio ( 4.0 to 1.0), and minimum availability ( $10.0 million ). As of December 31, 2018 and 2017 , the Company was in compliance with its covenants under the facility. Sturgeon Credit Facility On June 30, 2015, Sturgeon entered in to a three -year $25.0 million revolving line of credit secured by substantially all of the assets of Sturgeon (“the Sturgeon revolver”). Advances under the Sturgeon revolver bore interest at 2% plus the greater of (a) the Base Rate as set by the lender's commercial lending group, (b) the sum of the Federal Funds Open Rate plus one half of one percent and (c) the sum of the Daily LIBOR rate. Additionally, at Sturgeon’s request, advances could be obtained at LIBOR plus 3% . The LIBOR rate option allowed Sturgeon to select interest periods from one, two, three or six month LIBOR futures spot rates. The Sturgeon revolver was terminated on June 6, 2017. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities included the following (in thousands): December 31, 2018 2017 Capital lease obligations $ 3,190 $ 2,015 Equipment financing arrangement 1,313 1,605 Other — 500 Total 4,503 4,120 Less: Current portion of capital lease and equipment financing obligations included in accrued expenses and other current liabilities 1,760 831 Total Other Liabilities $ 2,743 $ 3,289 The Company leases vehicles and other equipment under capital leases with varying terms and expiration dates through 2020. The weighted average implied interest rate under our capital leases as of December 31, 2018 and 2017 was 9.2% and 19.1% , respectively. Additionally, the Company is party to a five -year equipment financing arrangement maturing in 2022 that bears interest at 4.6% as of December 31, 2018 . Principal and interest on capital leases and the equipment financing arrangement are paid monthly. Aggregate future payments under the Company's non-cancelable capital leases and equipment financing arrangement as of December 31, 2018 are as follows (in thousands): 2019 $ 1,901 2020 1,075 2021 775 2022 747 2023 387 Thereafter 32 Total future minimum payments 4,917 Less: interest payments 414 Present value of future minimum payments $ 4,503 |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity | Variable Interest Entity On April 6, 2018, Dire Wolf Energy Services LLC ("Dire Wolf"), a wholly owned subsidiary of the Company, entered into a Voting Trust Agreement with TVPX Aircraft Solutions Inc. (the "Voting Trustee"). Under the Voting Trust Agreement, Dire Wolf transferred 100% of its membership interest in Cobra Aviation to the Voting Trustee in exchange for Voting Trust Certificates. Dire Wolf retained the obligation to absorb all expected returns or losses of Cobra Aviation. Prior to the transfer of membership interest to the Voting Trustee, Cobra Aviation was a wholly owned subsidiary of Dire Wolf. Cobra Aviation owns three helicopters and support equipment, 100% of the equity interest in ARS and 49% of the equity interest in Brim Acquisitions. Dire Wolf entered into the Voting Trust Agreement in order to meet certain registration requirements. Dire Wolf's voting rights are not proportional to its obligation to absorb expected returns or losses of Cobra Aviation and all of Cobra Aviation's activities are conducted on behalf of Dire Wolf, which has disproportionately fewer voting rights; therefore, Cobra Aviation meets the criteria of a VIE. Cobra Aviation's operational activities are directed by Dire Wolf's officers and Dire Wolf has the option to terminate the Voting Trust Agreement at any time. Therefore, the Company, through Dire Wolf, is considered the primary beneficiary of the VIE and consolidates Cobra Aviation at December 31, 2018 . |
Selling, General and Administra
Selling, General and Administrative Expense | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Selling, General And Administrative Expense | Selling, General and Administrative Expense Selling, general and administrative ("SG&A") expense includes of the following (in thousands): Years Ended December 31, 2018 2017 2016 Cash expenses: Compensation and benefits $ 42,950 $ 15,322 $ 9,789 Professional services 11,854 7,765 4,552 Other (a) 10,718 7,503 1,960 Total cash SG&A expense 65,522 30,590 16,301 Non-cash expenses: Bad debt provision (b) (14,578 ) 16,098 1,246 Equity based compensation (c) 17,487 — — Stock based compensation 4,666 3,198 501 Total non-cash SG&A expense 7,575 19,296 1,747 Total SG&A expense $ 73,097 $ 49,886 $ 18,048 a. Includes travel-related costs, IT expenses, rent, utilities and other general and administrative-related costs. b. During the year ended December 31, 2018 , the Company received payment for amounts previously reserved in 2017. As a result, during the year ended December 31, 2018 , the Company reversed bad debt expense of $16.0 million recognized in 2017. c. Represents compensation expense for non-employee awards, which were issued and are payable by certain affiliates of Wexford (the sponsor level). See Note 17 for additional detail. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As discussed in Note 1, the Partnership was converted into a limited liability company on October 12, 2016 and the membership interests in the limited liability company were contributed to the Company. As a result, the Company filed a consolidated return for the period October 12, 2016 through December 31, 2016. Prior to the conversion, the Partnership, other than Sand Tiger, was not subject to corporate income taxes. The components of income tax expense (benefit) attributable to the Company for the year ended December 31, 2018 , 2017 and 2016 , respectively, are as follows (in thousands): Year Ended December 31, 2018 2017 2016 U.S. current income tax expense $ 25,656 $ 804 $ 2,307 U.S. deferred income tax expense (benefit) 25,372 (27,764 ) 47,957 Foreign current income tax expense 75,381 36,565 3,594 Foreign deferred income tax expense (benefit) 26,854 (6,773 ) 27 Total $ 153,263 $ 2,832 $ 53,885 A reconciliation of the statutory federal income tax amount to the recorded expense is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Income (loss) before income taxes, as reported $ 389,228 $ 61,796 $ (38,568 ) Bargain purchase gain, net of tax — (4,012 ) — Income (loss) before income taxes, as taxed 389,228 57,784 (38,568 ) Statutory income tax rate 21 % 35 % 35 % Expected income tax expense (benefit) 81,738 20,224 (13,499 ) Income earned as non-taxable entity (See Note 2) — — 15,167 Effect due to change to C corporation (See Note 2) — — 53,089 Change in tax rate (103 ) (21,309 ) (25 ) Tax reform - unrepatriated foreign earnings — (9,727 ) — Foreign income tax rate differential 39,080 6,286 (1,078 ) Foreign earnings not in reported income 46,834 22,054 — Foreign tax credits (89,677 ) (29,551 ) — Withholding taxes 13,930 — — Other permanent differences 13,045 503 210 State tax expenses 5,394 39 21 Return to provision 6,071 — — Other 680 (1,192 ) — Change in valuation allowance 36,271 15,505 — Total $ 153,263 $ 2,832 $ 53,885 The Company's effective tax rate was 39.4% for the year ended December 31, 2018 compared to 4.9% for the year ended December 31, 2017 . The Company's effective tax rate was 34.6% , excluding the conversion to a C Corporation, for the year ended December 31, 2016 . The increase in effective tax rate from 2017 to 2018 is primarily the result of a tax rate change recorded in 2017 related to the Tax Act as discussed below. Additionally, the Company's tax rate was affected by the mix of earnings between the US and Puerto Rico, increased foreign tax credits resulting from increased profitability in foreign jurisdictions, changes in valuation allowance on excess foreign tax credit carryforwards and withholding taxes on foreign source income, as well as other items, such as equity compensation expense and certain non-deductible expenses. The difference in effective tax rate from 2016 to 2017 is primarily due to income earned as a non-taxable entity and the effect of the Company’s change in tax status to a C corporation, as discussed in further detail in Note 2. On December 22, 2017, the United States enacted the Tax Act. The Tax Act significantly changed US corporate income tax laws by, among other things, reducing the US corporate income tax rate from 35% to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of US subsidiaries. Under the accounting rules, companies were required to recognize the effects of changes in tax laws and tax rates on deferred tax assets and liabilities in 2017 , the period in which the new legislation was enacted. The effects of the Tax Act on the Company included (i) remeasurement of deferred taxes and (ii) recognition of liabilities for taxes on mandatory deemed repatriation. As a result of the Tax Act, the Company recorded a credit of $31.0 million during the fourth quarter of 2017. This amount, which is included in provision (benefit) for income taxes in the Consolidated Statements of Comprehensive Income (Loss), consists of two components: (i) a $21.3 million credit resulting from the remeasurement of the Company's net deferred tax liabilities in the US based on the new lower corporate income tax rate, and (ii) a $9.7 million credit related to a reversal of deferred liabilities for unrepatriated foreign earnings. The SEC staff issued Staff Accounting Bulletin No. 118 in December 2017, which allowed registrants to record provisional amounts for effects of the Tax Act during a one-year measurement period. The Company completed its analysis of the Tax Act during the fourth quarter of 2018 and recorded a nominal adjustment to its provisional estimates. Deferred tax liabilities attributable to the Company consisted of the following (in thousands): Year Ended December 31, 2018 2017 Deferred tax assets: Allowance for doubtful accounts $ 1,180 $ 11,973 Deferred compensation 1,032 1,032 Accrued liabilities 3,428 1,442 Foreign tax credits 51,776 15,505 Other 2,094 1,448 Valuation allowance (51,776 ) (15,505 ) Deferred tax assets 7,734 15,895 Deferred tax liabilities: Property and equipment $ (63,181 ) $ (40,390 ) Intangible assets (4,936 ) (2,839 ) Withholding taxes (17,419 ) — Other (1,507 ) (74 ) Deferred tax liabilities (87,043 ) (43,303 ) Net deferred tax liability $ (79,309 ) $ (27,408 ) Reflected in accompanying balance sheet as: Deferred income tax asset $ — $ 6,739 Deferred income tax liability (79,309 ) (34,147 ) Total $ (79,309 ) $ (27,408 ) At December 31, 2018, the Company maintains a full valuation allowance related to US foreign tax credit carryforwards, as it cannot objectively assert that these deferred tax assets are more likely than not to be realized. All available positive and negative evidence was weighed to determine whether a valuation allowance was necessary. The more significant evidential matter is the higher foreign tax rate applied to foreign source income in comparison to the US Federal tax rate of 21%. As such, excess foreign tax credits are generated each year through payment of foreign taxes over the amount that can be credited against the US income tax due on the corresponding foreign source income. As such, while the Company has utilized and is expected to continue utilizing a portion of foreign tax credits generated in each period, the difference in tax rates between the US and foreign jurisdiction is expected to continue generating excess foreign tax credits that are not expected to be utilized in the future. During the years ended December 31, 2018 and 2017 , the Company recorded changes in its valuation allowance of $36.3 million and $15.5 million , respectively, related to excess foreign tax credits that are not expected to be utilized. The Company has foreign tax credits carryforwards of $51.8 million as of December 31, 2018. These credits have a 10 year carryforward period and begin to expire in 2027. At December 31, 2018, the Company had foreign subsidiaries with undistributed earnings, primarily in Puerto Rico. Due to the tax status of these entities as passthrough entities for US tax purposes, all taxable earnings have been considered in the tax provision for the US Federal and state jurisdictions. As it is expected these earnings will be eventually subject to distribution to the US, the Company has accrued for associated withholdings taxes resulting from such eventual distribution. The Company does not have any material uncertain tax positions for either 2018 or 2017. The Company’s U.S. and state tax returns for tax years 2015 through 2018, Puerto Rico tax returns for tax years 2017 and 2018 and Canada tax returns for the tax years 2014 through 2018 remain open to examination by the respective tax authorities. |
Stockholder's Equity and Earnin
Stockholder's Equity and Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Stockholder's Equity and Earnings (Loss) Per Share | Earnings (Loss) Per Share Common Stock Offering On October 14, 2016, Mammoth Inc.’s common stock began trading on The Nasdaq Global Select Market under the symbol “TUSK.” On October 19, 2016, the Company closed the IPO of 7,750,000 shares of common stock at $15.00 per share. Net proceeds to Mammoth Inc. from its sale of 7,500,000 shares of common stock were approximately $103.1 million . The authorized capital stock of the Company consists of 200 million shares of common stock, par value $0.01 per share. Dividends On July 16, 2018, the Company initiated a quarterly dividend policy. The table below summarized the dividends paid on the Company's common stock. Per Share Total 2018 (in thousands) Paid on August 14, 2018 $ 0.125 $ 5,595 Paid on November 15, 2018 0.125 5,606 Total cash dividends $ 0.25 $ 11,201 On January 28, 2018, the Company's board of Directors declared a quarterly cash dividend of $0.125 per share of common stock, which was paid on February 14, 2018 to stockholders of record as of the close of business on February 7, 2019. The total dividend paid was $5.6 million . The Company's board of directors’ determination with respect to any future dividends will depend upon the Company's profitability and financial condition, contractual restrictions, restrictions imposed by applicable law and other factors that the board deems relevant at the time of such determination. Based on its evaluation of these factors, the board of directors may determine not to declare a dividend, or declare dividends at rates that are less than currently anticipated. Earnings (Loss) Per Share The number of common shares outstanding on a fully-converted basis was the same before and after any conversion of our owner units. Each time one common share was issued upon conversion of investor units, the number of common shares went up by one, and the number of common units outstanding that were convertible went down by one. Year Ended December 31, Weighted Average Shares Outstanding Share Issuance at IPO (a) Conversion Weighted Average Units Outstanding 2016 31,500,000 1,500,000 (30,000,000 ) 30,000,000 a. Weighted average of 7,500,000 shares issued from the closing date of the IPO on October 19, 2016 to December 31, 2016. Year Ended December 31, 2018 2017 2016 (in thousands, except per share data) Basic earnings (loss) per share: Allocation of earnings: Net income (loss) $ 235,965 $ 58,964 $ (92,453 ) Weighted average common shares outstanding 44,750 41,548 31,500 Basic earnings (loss) per share $ 5.27 $ 1.42 $ (2.94 ) Diluted earnings (loss) per share: Allocation of earnings: Net income (loss) $ 235,965 $ 58,964 $ (92,453 ) Weighted average common shares, including dilutive effect (a) 45,021 41,639 31,500 Diluted earnings (loss) per share $ 5.24 $ 1.42 $ (2.94 ) a. No incremental shares of potentially dilutive restricted stock awards were included for the year ended December 31, 2016 as their effect was antidilutive under the treasury stock method. Unaudited Pro Forma Loss Per Share The Company’s pro forma basic loss per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period, as if the common shares issued upon the conversion to Mammoth Inc. were outstanding for the entire year. A reconciliation of the components of pro forma basic and diluted loss per common share is presented in the table below: Year Ended December 31, 2016 (in thousands, except per share data) Pro Forma C Corporation Data (unaudited): Net loss, as reported $ (92,453 ) Taxes on income earned as a non-taxable entity (Note 15) 15,224 Taxes due to change to C corporation (Note 15) 53,089 Pro forma net loss $ (24,140 ) Basic loss per share: Allocation of earnings: Net loss $ (24,140 ) Weighted average common shares outstanding 43,107 Basic loss per share $ (0.56 ) Diluted loss per share: Allocation of earnings: Net loss $ (24,140 ) Weighted average common shares, including dilutive effect (a) 43,107 Diluted loss per share $ (0.56 ) a. No incremental shares of potentially dilutive restricted stock awards were included as their effect was antidilutive under the treasury stock method. Pro forma basic and diluted loss per share has been computed by dividing pro forma net loss attributable to the Company by the number of shares of common stock determined as if the shares of common stock issued were outstanding for all periods presented. Management believes that these assumptions provide a reasonable basis for presenting the pro forma effects. |
Equity Based Compensation
Equity Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Compensation | Equity Based Compensation Upon formation of certain operating entities by Wexford, Gulfport and Rhino, specified members of management (the “Specified Members”) and certain non-employee members (the “Non-Employee Members”) were granted the right to receive distributions from the operating entities after the contribution member’s unreturned capital balance was recovered (referred to as “Payout” provision). On November 24, 2014, the awards were modified in conjunction with the contribution of the operating entities to Mammoth. These awards were not granted in limited or general partner units. The awards are for interests in the distributable earnings of the members of MEH Sub, Mammoth’s majority equity holder. On the IPO closing date, the unreturned capital balance of Mammoth's majority equity holder was not fully recovered from its sale of common stock in the IPO. As a result, Payout did not occur and no compensation cost was recorded. On June 29, 2018, as part of an underwritten secondary public offering, MEH Sub sold 2,764,400 shares of the Company’s common stock at a purchase price to MEH Sub of $38.01 per share. Additionally, the selling stockholders granted the underwriters an option to purchase additional shares of the Company's common stock at the same purchase price. On July 30, 2018, in connection with the partial exercise of this option, MEH Sub sold an additional 266,026 shares of common stock to the underwriters. MEH Sub received the proceeds from this offering. As a result of the June 29, 2018 offering, a portion of the Non-Employee Member awards reached Payout. During the year ended December 31, 2018 , the Company recognized equity compensation expense totaling $17.5 million related to these non-employee awards. These awards are at the sponsor level and this transaction had no dilutive impact or cash impact to the Company. Payout for the remaining awards is expected to occur as the contribution member's unreturned capital balance is recovered from additional sales by MEH Sub of its shares of the Company's common stock or from dividend distributions, which is not considered probable until the event occurs. For the Specified Member awards, the unrecognized amount, which represents the fair value of the award as of the modification dates or grant date, was $5.6 million . For the Non-Employees Member awards, the unrecognized cost, which represents the fair value of the awards as of December 31, 2018 , was $18.9 million . Stock-Based Compensation The 2016 Plan authorizes the Company's Board of Directors or the compensation committee of the Company's Board of Directors to grant incentive restricted stock, restricted stock unit, stock appreciation rights, stock options and performance awards. There are 4.5 million shares of common stock reserved for issuance under the 2016 Plan. Restricted Stock Units The fair value of restricted stock unit awards was determined based on the fair market value of the Company's common stock on the date of the grant. This value is amortized over the vesting period. Forfeitures are recognized as they occur. A summary of the status and changes of the unvested shares of restricted stock units under the 2016 Plan is presented below. Number of Unvested Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested restricted stock units as of October 19, 2016 — $ — Granted 298,335 $ 14.97 Vested (11,110 ) $ (14.69 ) Forfeited (4,445 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2016 282,780 $ 14.98 Granted 460,185 $ 20.72 Vested (97,890 ) $ (15.07 ) Forfeited (4,443 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2017 640,632 $ 19.44 Granted 103,556 $ 27.74 Vested (270,069 ) $ 19.26 Forfeited (40,000 ) $ 20.68 Unvested restricted stock units as of December 31, 2018 434,119 $ 22.78 As of December 31, 2018 , there was $6.2 million of total unrecognized compensation cost related to the unvested restricted stock. The cost is expected to be recognized over a weighted average period of approximately seventeen months . Included in cost of revenue and selling, general and administrative expenses is stock-based compensation expense of $5.4 million , $3.7 million and $0.5 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Equity Based Compensation Upon formation of certain operating entities by Wexford, Gulfport and Rhino, specified members of management (the “Specified Members”) and certain non-employee members (the “Non-Employee Members”) were granted the right to receive distributions from the operating entities after the contribution member’s unreturned capital balance was recovered (referred to as “Payout” provision). On November 24, 2014, the awards were modified in conjunction with the contribution of the operating entities to Mammoth. These awards were not granted in limited or general partner units. The awards are for interests in the distributable earnings of the members of MEH Sub, Mammoth’s majority equity holder. On the IPO closing date, the unreturned capital balance of Mammoth's majority equity holder was not fully recovered from its sale of common stock in the IPO. As a result, Payout did not occur and no compensation cost was recorded. On June 29, 2018, as part of an underwritten secondary public offering, MEH Sub sold 2,764,400 shares of the Company’s common stock at a purchase price to MEH Sub of $38.01 per share. Additionally, the selling stockholders granted the underwriters an option to purchase additional shares of the Company's common stock at the same purchase price. On July 30, 2018, in connection with the partial exercise of this option, MEH Sub sold an additional 266,026 shares of common stock to the underwriters. MEH Sub received the proceeds from this offering. As a result of the June 29, 2018 offering, a portion of the Non-Employee Member awards reached Payout. During the year ended December 31, 2018 , the Company recognized equity compensation expense totaling $17.5 million related to these non-employee awards. These awards are at the sponsor level and this transaction had no dilutive impact or cash impact to the Company. Payout for the remaining awards is expected to occur as the contribution member's unreturned capital balance is recovered from additional sales by MEH Sub of its shares of the Company's common stock or from dividend distributions, which is not considered probable until the event occurs. For the Specified Member awards, the unrecognized amount, which represents the fair value of the award as of the modification dates or grant date, was $5.6 million . For the Non-Employees Member awards, the unrecognized cost, which represents the fair value of the awards as of December 31, 2018 , was $18.9 million . Stock-Based Compensation The 2016 Plan authorizes the Company's Board of Directors or the compensation committee of the Company's Board of Directors to grant incentive restricted stock, restricted stock unit, stock appreciation rights, stock options and performance awards. There are 4.5 million shares of common stock reserved for issuance under the 2016 Plan. Restricted Stock Units The fair value of restricted stock unit awards was determined based on the fair market value of the Company's common stock on the date of the grant. This value is amortized over the vesting period. Forfeitures are recognized as they occur. A summary of the status and changes of the unvested shares of restricted stock units under the 2016 Plan is presented below. Number of Unvested Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested restricted stock units as of October 19, 2016 — $ — Granted 298,335 $ 14.97 Vested (11,110 ) $ (14.69 ) Forfeited (4,445 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2016 282,780 $ 14.98 Granted 460,185 $ 20.72 Vested (97,890 ) $ (15.07 ) Forfeited (4,443 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2017 640,632 $ 19.44 Granted 103,556 $ 27.74 Vested (270,069 ) $ 19.26 Forfeited (40,000 ) $ 20.68 Unvested restricted stock units as of December 31, 2018 434,119 $ 22.78 As of December 31, 2018 , there was $6.2 million of total unrecognized compensation cost related to the unvested restricted stock. The cost is expected to be recognized over a weighted average period of approximately seventeen months . Included in cost of revenue and selling, general and administrative expenses is stock-based compensation expense of $5.4 million , $3.7 million and $0.5 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Transactions between the subsidiaries of the Company and the following companies are included in Related Party Transactions: Gulfport; Grizzly Oil Sands ULC (“Grizzly”); El Toro Resources LLC ("El Toro"); Diamondback E&P, LLC ("Diamondback"); Cementing and SR Energy (collectively, prior to the 2017 Stingray Acquisition, the "2017 Stingray Companies"); Everest Operations Management LLC ("Everest"); Elk City Yard LLC ("Elk City Yard"); Double Barrel Downhole Technologies LLC ("DBDHT"); Orange Leaf Holdings LLC ("Orange Leaf"); Caliber Investment Group LLC ("Caliber"); Dunvegan North Oilfield Services ULC (“Dunvegan”); Predator Drilling LLC ("Predator"); and T&E Flow Services LLC ("T&E"). Following is a summary of related party transactions (in thousands): REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2018 2017 2016 2018 2017 Pressure Pumping and Gulfport (a) $ 96,013 $ 144,473 $ 102,390 $ 8,175 $ 25,054 Muskie and Gulfport (b) 25,050 42,956 25,783 1,193 1,947 Panther and Gulfport (c) 44 3,253 3,011 — 872 Cementing and Gulfport (d) 5,853 7,410 — — 2,255 SR Energy and Gulfport (e) 14,717 10,129 — 1,658 3,348 Panther and El Toro (f) 918 96 172 64 — Redback Energy and El Toro (g) 92 216 530 — — Coil Tubing and El Toro (h) 514 161 319 — — Other Relationships 32 326 725 74 312 $ 143,233 $ 209,020 $ 132,930 $ 11,164 $ 33,788 a. Pressure Pumping provides pressure pumping, stimulation and related completion services to Gulfport. b. Muskie has agreed to sell and deliver, and Gulfport has agreed to purchase, specified annual and monthly amounts of natural sand proppant, subject to certain exceptions specified in the agreement, and pay certain costs and expenses. c. Panther performs drilling services for Gulfport pursuant to a master service agreement. d. Cementing performs well cementing services for Gulfport. e. SR Energy provides rental services for Gulfport. f. Panther provides directional drilling services for El Toro, an affiliate of Wexford, pursuant to a master service agreement. g. Redback Energy performs completion and production services for El Toro pursuant to a master service agreement. h. Coil Tubing provides El Toro services in connection with completion activities. COST OF REVENUE ACCOUNTS PAYABLE Years Ended December 31, At December 31, 2018 2017 2016 2018 2017 Cobra and T&E (a) 4,042 610 — — 457 Higher Power and T&E (a) 1,603 25 — — 3 Panther and DBDHT (b) 240 196 49 240 77 The Company and 2017 Stingray Companies (c) — 432 724 — — Other Relationships — 145 293 — 218 $ 5,885 $ 1,408 $ 1,066 $ 240 $ 755 SELLING, GENERAL AND ADMINISTRATIVE COSTS Consolidated and Everest (d) $ 145 $ 175 $ 262 $ 27 $ 19 Consolidated and Wexford (e) 992 892 394 100 150 Mammoth and Caliber (f) 648 335 — 3 1 Other Relationships 113 79 102 — 2 $ 1,898 $ 1,481 $ 758 $ 130 $ 172 CAPITAL EXPENDITURES Cobra and T&E (a) 1,247 629 — — 66 Higher Power and T&E (a) 2,960 1,380 — — 385 $ 4,207 $ 2,009 $ — $ — $ 451 $ 370 $ 1,378 a. Cobra, Higher Power and Cobra Logistics purchase materials and services from T&E, an entity in which a member of management's family owned a minority interest. T&E ceased to be a related party as of September 30, 2018. b. Panther rents rotary steerable equipment in connection with its directional drilling services from DBDHT, an affiliate of Wexford. c. Prior to the 2017 Stingray Acquisition, the 2017 Stingray Companies provided certain services to the Company and, from time to time, the 2017 Stingray Companies paid for goods and services on behalf of the Company. d. Everest, a subsidiary of Wexford, has historically provided office space and certain technical, administrative and payroll services to the Company and the Company has reimbursed Everest in amounts determined by Everest based on estimates of the amount of office space provided and the amount of employees’ time spent performing services for the Company. e. Wexford provides certain administrative and analytical services to the Company and, from time to time, the Company pays for goods and services on behalf of Wexford. f. Mammoth leases office space from Caliber, an entity controlled by Wexford. On June 29, 2018, Gulfport and certain entities controlled by Wexford (the "Selling Stockholders") completed an underwritten secondary public offering of 4,000,000 shares of the Company’s common stock at a purchase price to the Selling Stockholders of $38.01 per share. The Selling Stockholders granted the underwriters an option to purchase up to an aggregate of 600,000 additional shares of the Company's common stock at the same purchase price. This option was exercised, in part, and on July 30, 2018, the underwriters purchased an additional 385,000 shares of common stock from the Selling Stockholders at the same price per share. The Selling Stockholders received all proceeds from this offering. The Company incurred costs of approximately $1.0 million related to the secondary public offering during the year ended December 31, 2018 . On December 21, 2018, Cobra Aviation acquired all outstanding equity interest in ARS and purchased two commercial helicopters, spare parts, support equipment and aircraft documents from Brim Equipment. Following these transactions, and also on December 21, 2018, Cobra Aviation formed a joint venture with Wexford Investments named Brim Acquisitions to acquire all outstanding equity interests in Brim Equipment. Cobra Aviation owns a 49% economic interest and Wexford Investment owns a 51% economic interest in Brim Acquisitions, and each member contributed its pro rata portion of Brim Acquisitions' initial capital of $2.0 million . Wexford Investments is an entity controlled by Wexford, which owns approximately 49% of the Company's outstanding common stock. ARS leases a helicopter to Brim Equipment and Cobra Aviation leases the two helicopters purchased as part of these transactions to Brim Equipment under the terms of aircraft lease and management agreements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Obligations The Company leases real estate, rail cars and other equipment under long-term operating leases with varying terms and expiration dates through 2062. Minimum Purchase Commitments The Company has entered into agreements with suppliers that contain minimum purchase obligations. Failure to purchase the minimum amounts may require the Company to pay shortfall fees. However, the minimum quantities set forth in the agreements are not in excess of currently expected future requirements. Capital Spend Commitments The Company has entered into agreements with suppliers to acquire capital equipment. Aggregate future minimum payments under the Company's non-cancelable operating, capital spend commitments and minimum purchase commitments as of December 31, 2018 are as follows (in thousands): Year ended December 31: Operating Leases Capital Spend Commitments Minimum Purchase Commitments (a) 2019 $ 20,161 $ 10,557 $ 32,483 2020 16,579 — 19,679 2021 12,567 — 501 2022 9,329 — 12 2023 5,000 — 12 Thereafter 2,548 — 4 $ 66,184 $ 10,557 $ 52,691 a. Included in these amounts are sand purchase commitments of $47.1 million . Pricing for certain sand purchase agreements is variable and, therefore, the total sand purchase commitments could be as much as $53.7 million . The minimum amount due in the form of shortfall fees under certain sand purchase agreements was $3.6 million as of December 31, 2018 . For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized rent expense of $22.1 million , $11.4 million and $8.2 million , respectively. The Company has various letters of credit that were issued under the Company's revolving credit agreement which is collateralized by substantially all of the assets of the Company. The letters of credit are categorized below (in thousands): December 31, 2018 2017 Insurance programs $ 4,105 $ 2,486 Environmental remediation 3,877 3,582 Rail car commitments 455 455 Total letters of credit $ 8,437 $ 6,523 The Company has insurance coverage for physical partial loss to its assets, employer’s liability, automobile liability, commercial general liability, workers’ compensation and insurance for other specific risks. The Company has also elected in some cases to accept a greater amount of risk through increased deductibles on certain insurance policies. As of December 31, 2018 and 2017 , the policies required a deductible per occurrence of up to $0.1 million and $0.3 million , respectively. As of December 31, 2018 and 2017 , the policies contained an aggregate stop loss of $5.4 million and $3.5 million , respectively. The Company establishes liabilities for the unpaid deductible portion of claims incurred relating to workers’ compensation and auto liability based on estimates. As of December 31, 2018 and 2017 , accrued claims were $4.7 million and $2.9 million , respectively. The Company also self-insures its employee health insurance. The Company has coverage on its self-insurance program in the form of a stop loss of $0.2 million per participant and an aggregate stop-loss of $5.8 million for the calendar year ending December 31, 2018 . As of December 31, 2018 and 2017 , accrued claims were $3.2 million and $2.1 million , respectively. These estimates may change in the near term as actual claims continue to develop. Pursuant to certain customer contracts in our infrastructure services segment, the Company warrants equipment and labor performed under the contracts for a specified period following substantial completion of the work. Generally, the warranty is for one year or less. No liabilities were accrued as of December 31, 2018 or 2017 and no expense was recognized during the years ended December 31, 2018 , 2017 or 2016 related to warranty claims. However, if warranty claims occur, the Company could be required to repair or replace warrantied items, which in most cases are covered by warranties extended from the manufacturer of the equipment. In the event the manufacturer of equipment failed to perform on a warranty obligation or denied a warranty claim made by the Company, the Company could be required to pay for the cost of the repair or replacement. In the ordinary course of business, the Company is required to provide bid bonds to certain customers in the infrastructure services segment as part of the bidding process. These bonds provide a guarantee to the customer that the Company, if awarded the project, will perform under the terms of the contract. Bid bonds are typically provided for a percentage of the total contract value. Additionally, the Company may be required to provide performance and payment bonds for contractual commitments related to projects in process. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay subcontractors and vendors. If the Company fails to perform under a contract or to pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of December 31, 2018 , outstanding bid bonds and performance and payment bonds totaled $3.6 million and $22.3 million , respectively. The estimated cost to complete projects secured by the performance and payment bonds totaled $17.0 million as of December 31, 2018 . As of December 31, 2017, the Company did not have any outstanding bid bonds or performance and payment bonds. The Company is routinely involved in state and local tax audits. During 2015, the State of Ohio assessed taxes on the purchase of equipment the Company believes is exempt under state law. The Company appealed the assessment and a hearing was held in 2017. As a result of the hearing, the Company received a decision from the State of Ohio. The Company is appealing the decision and while it is not able to predict the outcome of the appeal, this matter is not expected to have a material adverse effect on the Company's financial position, results of operations or cash flows. On June 27, 2018, the Company's registered agent notified the Company that it had been served with a putative class action lawsuit titled Wendco of Puerto Rico Inc.; Multisystem Restaurant Inc.; Restaurant Operators Inc.; Apple Caribe, Inc.; on their own behalf and in representation of all businesses that conduct business in the Commonwealth of Puerto Rico vs. Mammoth Energy Services Inc.; Cobra Acquisitions, LLC; D. Grimm Puerto Rico, LLC; Aseguradoras A, B & C; John Doe; Richard Doe, in the Commonwealth of Puerto Rico Superior Court of San Juan. The plaintiffs allege negligent acts by the defendants caused an electrical failure in Puerto Rico resulting in damages of at least $300 million . The Company believes this claim is without merit and will vigorously defend the action. However, the Company continues to evaluate the facts and circumstances and at this time is not able to predict the outcome of this lawsuit or whether it will have a material impact on the Company's financial position, results of operations or cash flows. In late 2018 and early 2019, Cobra was served with four lawsuits from municipalities in Puerto Rico alleging failure to pay municipal license and construction excise taxes. The Government of Puerto Rico's Central Recovery and Reconstruction Office ("COR3") has noted the unique nature of work executed by entities such as Cobra in Puerto Rico and that taxes, such as those in these matters, may be eligible for reimbursement by the government. Further, COR3 indicated that it is working to develop a solution that will result in payment of taxes owed to the municipalities without placing an undue burden on entities such as Cobra. The Company continues to work with COR3 to resolve these matters. However, the Company continues to evaluate the facts and circumstances and at this time is not able to predict the outcome of this lawsuit or whether it will have a material impact on the Company's financial position, results of operations or cash flows. The Company is involved in various other legal proceedings in the ordinary course of business. Although the Company cannot predict the outcome of these proceedings, legal matters are subject to inherent uncertainties and there exists the possibility that the ultimate resolution of these matters could have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. Defined contribution plan The Company sponsors a 401(k) defined contribution plan for the benefit of substantially all employees at their date of hire. The plan allows eligible employees to contribute up to 92% of their annual compensation, not to exceed annual limits established by the federal government. The Company makes discretionary matching contributions of up to 3% of an employee’s compensation and may make additional discretionary contributions for eligible employees. For the years ended December 31, 2018 and 2016 the Company paid $5.6 million and $0.1 million , respectively, in contributions to the plan. The Company did not pay any contributions for the year ended December 31, 2017. |
Reporting Segments and Geograph
Reporting Segments and Geographic Areas | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reporting Segments and Geographic Areas | Reporting Segments and Geographic Areas Reporting Segments As of December 31, 2018 , our revenues, income before income taxes and identifiable assets are primarily attributable to three reportable segments. The Company principally provides electric infrastructure services to government-funded utilities, private utilities, public investor-owned utilities and co-operative utilities and services in connection with on-shore drilling of oil and natural gas wells for small to large domestic independent oil and natural gas producers. The Company's Chief Executive Officer and Chief Financial Officer comprise the Company's Chief Operating Decision Maker function ("CODM"). Segment information is prepared on the same basis that the CODM manages the segments, evaluates the segment financial statements, and makes key operating and resource utilization decisions. Segment evaluation is determined on a quantitative basis based on a function of operating income (loss), as well as a qualitative basis, such as nature of the product and service offerings and types of customers. In 2017, the Company had four reportable segments, including pressure pumping services, infrastructure services, natural sand proppant services and contract land and directional drilling services. Based on its assessment of FASB ASC 280, Segment Reporting , guidance at December 31, 2018 , the Company changed its reportable segment presentation in 2018, as it determined based upon both a quantitative and qualitative basis that the contract land and directional drilling services segment, which previously included Bison Drilling, Bison Trucking, Panther Drilling, Mako Acquisitions and White Wing Tubular, is not of continuing significance for accounting reporting purposes. The Company now includes the results of the entities previously included in the contract land and directional drilling services segment in its reconciling column titled "All Other" in the tables below for the years ended December 31, 2018 and 2017 . As of December 31, 2018 , the Company’s three reportable segments include infrastructure services ("Infrastructure"), pressure pumping services ("Pressure Pumping") and natural sand proppant services ("Sand"). The results for the year ended December 31, 2017 have been retroactively adjusted to reflect his change in reportable segments. In 2016, the Company had five reportable segments, including pressure pumping services, well services, natural sand proppant services, contract land and directional drilling services and other energy services. The results for the years ended December 31, 2016 continue to be reported under these five segments, and therefore, are not directly comparable to the results for the years ended December 31, 2018 and 2017 . The infrastructure services segment provides electric utility infrastructure services to government-funded utilities, private utilities, public investor-owned utilities and co-operative utilities in Puerto Rico and the northeast, southwest and midwest portions of the United States. The pressure pumping services segment provides hydraulic fracturing services primarily in the Utica Shale of Eastern Ohio, Marcellus Shale in Pennsylvania, Eagle Ford and Permian Basins in Texas and the mid-continent region. The sand segment mines, processes and sells sand for use in hydraulic fracturing. The sand segment primarily services the Utica Shale, Permian Basin, SCOOP, STACK and Montney Shale in British Columbia and Alberta, Canada. The Company also provides contract land and directional drilling services, coil tubing services, flowback services, cementing services, acidizing services, equipment rental services, crude oil hauling services and remote accommodation services. The businesses that provide these services are distinct operating segments, which the CODM reviews independently when making key operating and resource utilization decisions. None of these operating segments met the quantitative thresholds of a reporting segment and did not meet the aggregation criteria set forth in ASC 280 Segment Reporting for the year ended December 31, 2018 . Therefore, results for these operating segments are included in the column labeled "All Other" in the tables below for the years ended December 31, 2018 and 2017 . Additionally, assets for corporate activities, which primarily include cash and cash equivalents, inter-segment accounts receivable, prepaid insurance and certain property and equipment, are included in the All Other column. Although Mammoth LLC, which holds these corporate assets, meets one of the quantitative thresholds of a reporting segment, it does not engage in business activities from which it may earn revenues and its results are not regularly reviewed by the Company's CODM when making key operating and resource utilization decisions. Therefore, the Company does not include it as a reportable segment. Prior to 2017, information used by the CODM in measuring segment profits or losses did not include intersegment revenues and costs as they were deemed immaterial for decision-making purposes. In 2017, the Company's CODM changed the way segment profits and losses are measured to include intersegment revenues and expenses. The historical results by segment below for the year ended December 31, 2016 have been revised to reflect this change in measurement method. Sales from one segment to another are generally priced at estimated equivalent commercial selling prices. Total revenue and total cost of revenue amounts included in the Eliminations column in the following tables include inter-segment transactions conducted between segments. Receivables due for sales from one segment to another and for corporate allocations to each segment are included in the Eliminations column for total assets in the following tables. All transactions conducted between segments are eliminated in consolidation. Transactions conducted by companies within the same reporting segment are eliminated within each reporting segment. The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands): Year Ended December 31, 2018 Infrastructure Pressure Pumping Sand All Other Eliminations Total Revenue from external customers $ 1,082,371 $ 362,491 $ 100,816 $ 144,406 $ — $ 1,690,084 Intersegment revenues — 7,001 67,459 5,516 (79,976 ) — Total revenue 1,082,371 369,492 168,275 149,922 (79,976 ) 1,690,084 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 608,017 223,296 126,714 135,777 — 1,093,804 Intersegment cost of revenues 2,583 70,365 6,103 898 (79,949 ) — Total cost of revenue 610,600 293,661 132,817 136,675 (79,949 ) 1,093,804 Selling, general and administrative (a) 27,126 29,761 6,218 9,992 — 73,097 Depreciation, depletion, amortization and accretion 20,516 51,487 13,519 34,355 — 119,877 Impairment of long-lived assets 308 143 — 8,404 — 8,855 Operating income (loss) 423,821 (5,560 ) 15,721 (39,504 ) (27 ) 394,451 Interest expense 423 1,171 234 1,359 — 3,187 Other expense 573 434 525 504 — 2,036 Income (loss) before income taxes $ 422,825 $ (7,165 ) $ 14,962 $ (41,367 ) $ (27 ) $ 389,228 Total expenditures for property, plant and equipment $ 100,701 $ 33,774 $ 17,935 $ 39,533 $ — $ 191,943 As of December 31, 2018: Goodwill $ 3,828 $ 86,043 $ 2,684 $ 8,690 $ — $ 101,245 Intangible assets, net $ 1,650 $ 4,059 $ — $ 2,047 $ — $ 7,756 Total assets $ 366,457 $ 254,278 $ 177,870 $ 122,442 $ 152,044 $ 1,073,091 a. Included in Pressure Pumping selling, general and administrative expense is non-cash equity based compensation expense of $17.5 million . Year Ended December 31, 2017 Infrastructure Pressure Pumping Sand All Other Eliminations Total Revenue from external customers $ 224,425 $ 277,326 $ 90,023 $ 99,722 $ — $ 691,496 Intersegment revenue — 2,026 27,014 2,527 (31,567 ) — Total revenue 224,425 279,352 117,037 102,249 (31,567 ) 691,496 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 120,117 183,089 91,049 88,314 — 482,569 Intersegment cost of revenues 1,443 28,147 1,731 211 (31,532 ) — Total cost of revenue 121,560 211,236 92,780 88,525 (31,532 ) 482,569 Selling, general and administrative 21,606 9,501 8,190 10,589 — 49,886 Depreciation and amortization 3,185 45,413 9,394 34,132 — 92,124 Impairment of long-lived assets — — 324 3,822 — 4,146 Operating income (loss) 78,074 13,202 6,349 (34,819 ) (35 ) 62,771 Interest expense 241 1,622 679 1,768 — 4,310 Bargain purchase gain — — (4,012 ) — — (4,012 ) Other expense 6 129 211 331 — 677 Income (loss) before income taxes $ 77,827 $ 11,451 $ 9,471 $ (36,918 ) $ (35 ) $ 61,796 Total expenditures for property, plant and equipment $ 20,144 $ 85,853 $ 16,376 $ 11,480 $ — $ 133,853 As of December 31, 2017: Goodwill $ 891 $ 86,043 $ 2,684 $ 10,193 $ — $ 99,811 Intangible assets, net $ 1,770 $ 12,392 $ — $ 1,977 $ — $ 16,139 Total assets $ 205,275 $ 297,140 $ 190,859 $ 255,641 $ (81,672 ) $ 867,243 Year Ended December 31, 2016 Pressure Pumping Well Services Sand Drilling Other Energy Services Eliminations Total Revenue from external customers $ 123,856 $ 10,024 $ 33,835 $ 32,043 $ 30,867 $ — $ 230,625 Intersegment revenues 569 79 4,267 — — (4,915 ) — Total revenue 124,425 10,103 38,102 32,043 30,867 (4,915 ) 230,625 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 82,552 13,540 31,895 31,848 13,186 — 173,021 Intersegment cost of revenues 4,336 26 561 (8 ) — (4,915 ) — Total cost of revenue 86,888 13,566 32,456 31,840 13,186 (4,915 ) 173,021 Selling, general and administrative 4,327 2,336 3,337 5,625 2,423 — 18,048 Depreciation, depletion, amortization and accretion 37,013 5,128 6,483 21,512 2,179 — 72,315 Impairment of long-lived assets 139 1,385 — 347 — — 1,871 Operating loss (3,942 ) (12,312 ) (4,174 ) (27,281 ) 13,079 — (34,630 ) Interest expense 599 134 434 2,829 100 — 4,096 Other expense (income) 27 (566 ) 96 248 37 — (158 ) (Loss) income before income taxes $ (4,568 ) $ (11,880 ) $ (4,704 ) $ (30,358 ) $ 12,942 $ — $ (38,568 ) Total expenditures for property, plant and equipment 7,673 405 528 2,709 425 — 11,740 As of December 31, 2016: Goodwill $ 86,043 $ — $ 2,684 $ — $ — $ — $ 88,727 Intangible assets, net $ 21,435 $ 132 $ — $ — $ — $ — $ 21,567 Total assets $ 197,635 $ 128,698 $ 109,128 $ 99,868 $ 48,653 $ (81,620 ) $ 502,362 Geographic Areas The following table presents consolidated revenues by country based on sales destination of the products or services (in thousands): Year Ended December 31, 2018 2017 2016 United States $ 654,506 $ 471,745 $ 196,573 Puerto Rico 1,022,558 203,087 — Canada 13,020 16,664 34,052 Total $ 1,690,084 $ 691,496 $ 230,625 The following table presents long-lived assets, excluding deferred income tax assets, by country (in thousands): Year Ended December 31, 2018 2017 2016 United States $ 571,555 $ 515,904 $ 389,575 Puerto Rico 32,604 6,923 — Canada 19,376 23,254 23,848 Total $ 623,535 $ 546,081 $ 413,423 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) Three Months Ended March 31, June 30, September 30, December 31, Total 2018 2018 2018 2018 (in thousands, except per share data) Revenue from external customers $ 433,699 $ 483,253 $ 361,323 $ 268,576 $ 1,546,851 Revenue from related parties 60,550 50,341 22,720 9,622 143,233 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 326,101 339,828 247,565 180,310 1,093,804 Selling, general and administrative expenses (a, b) 38,511 65,127 (45,324 ) 14,783 73,097 Depreciation, depletion, amortization and accretion 26,908 30,795 32,015 30,159 119,877 Impairment of long-lived assets — 187 4,582 4,086 8,855 Operating income 102,729 97,657 145,205 48,860 394,451 Interest expense 1,237 959 458 533 3,187 Other expense 28 486 400 1,122 2,036 Income before income taxes 101,464 96,212 144,347 47,205 389,228 Provision for income taxes 45,918 53,512 74,835 (21,002 ) 153,263 Net income $ 55,546 $ 42,700 $ 69,512 $ 68,207 $ 235,965 Net income per share (basic) (Note 16) $ 1.24 $ 0.95 $ 1.55 $ 1.52 $ 5.27 Net income per share (diluted) (Note 16) $ 1.24 $ 0.95 $ 1.54 $ 1.51 $ 5.24 Weighted average number of shares outstanding (Note 16) 44,650 44,737 44,756 44,845 44,750 Weighted average number of shares outstanding, including dilutive effect (Note 16) 44,884 45,059 45,082 45,048 45,021 a. Includes bad debt expense of $25.5 million and $28.3 million , respectively, for the three months ended March 31, 2018 and June 30, 2018 primarily related to specific reserves made related to the Company's contract with PREPA. During the three months ended September 30, 2018, the Company received payment for amounts previously reserved in 2017 related to the contract with PREPA. As a result, during the three months ended September 30, 2018, the Company reversed bad debt expense of $16.0 million recognized in 2017 and $53.6 million recognized in the first half of 2018. b. Includes $17.5 million for the three months ended June 30, 2018 related to non-employee non-cash equity compensation expense. Three Months Ended March 31, June 30, September 30, December 31, Total 2017 2017 2017 2017 (in thousands, except per share data) Revenue from external customers $ 30,464 $ 40,054 $ 78,389 $ 333,569 $ 482,476 Revenue from related parties 44,502 58,208 70,916 35,394 209,020 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 58,498 77,340 114,533 232,198 482,569 Selling, general and administrative expenses (a) 6,737 7,700 8,023 27,426 49,886 Depreciation, depletion, amortization and accretion 17,237 19,893 27,224 27,770 92,124 Impairment of long-lived assets — — — 4,146 4,146 Operating (loss) income (7,506 ) (6,671 ) (475 ) 77,423 62,771 Interest expense 397 1,112 1,420 1,381 4,310 Bargain purchase gain — (4,012 ) — — (4,012 ) Other expense (income) 184 202 319 (28 ) 677 (Loss) income before income taxes (8,087 ) (3,973 ) (2,214 ) 76,070 61,796 (Benefit) provision for income taxes (3,106 ) (2,804 ) (1,413 ) 10,155 2,832 Net (loss) income $ (4,981 ) $ (1,169 ) $ (801 ) $ 65,915 $ 58,964 Net (loss) income per share (basic) (Note 16) $ (0.13 ) $ (0.03 ) $ (0.02 ) $ 1.48 $ 1.42 Net (loss) income per share (diluted) (Note 16) $ (0.13 ) $ (0.03 ) $ (0.02 ) $ 1.48 $ 1.42 Weighted average number of shares outstanding (basic) (Note 16) 37,500 39,500 44,502 44,579 41,548 Weighted average number of shares outstanding (diluted) (Note 16) 37,500 39,500 44,502 44,683 41,639 a. Includes bad debt expense of $16.0 million for the three months ended December 31, 2017 primarily related to specific reserves made related to the Company's contract with PREPA. As noted above, the Company received payment from PREPA and, as a result, reversed the expense of $16.0 million during the three months ended September 30, 2018. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On March 13, 2019, the Company borrowed $82.0 million on its amended and restated revolving credit facility. On January 28, 2019, the Company's board of Directors declared a quarterly cash dividend of $0.125 per share of common stock, which was paid on February 14, 2019 to stockholders of record as of the close of business on February 7, 2019. The total dividend paid was $5.6 million . Subsequent to December 31, 2018 , the Company ordered additional capital equipment with aggregate commitments of $13.0 million . Subsequent to December 31, 2018 , the Company issued additional bid bonds and payment and performance bonds totaling $1.8 million and $1.8 million , respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with GAAP and include the accounts of the Company and its subsidiaries and the variable interest entity ("VIE") for which the Company is the primary beneficiary. All material intercompany accounts and transactions between the entities within the Company have been eliminated. |
Variable Interest Entity | Variable Interest Entity The Company consolidates a VIE when it is determined to be the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE's economic performance and (ii) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 13 for more information on the Company's VIE. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company's sand reserves and their impact on calculating depletion expense, allowance for doubtful accounts, asset retirement obligations, reserves for self-insurance, depreciation and amortization of property and equipment, business combination valuations, amortization of intangible assets and future cash flows, fair values used to assess recoverability and impairment of long-lived assets, including goodwill and estimates of income taxes. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less are considered cash equivalents. The Company maintains its cash accounts in financial institutions that are insured by the Federal Deposit Insurance Corporation, with the exception of cash held by Sand Tiger in a Canadian financial institution. |
Accounts Receivable | Accounts Receivable Accounts receivable include amounts due from customers for services performed or goods sold. The Company grants credit to customers in the ordinary course of business and generally does not require collateral. Most areas in which the Company operates provide for a mineral lien or mechanic’s lien against the property on which the service is performed if the lien is filed within the statutorily specified time frame. Customer balances are generally considered delinquent if unpaid by the 30 th day following the invoice date and credit privileges may be revoked if balances remain unpaid. The Company regularly reviews receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established reserves, the Company makes judgments regarding its customers’ ability to make required payments, economic events and other factors. As the financial conditions of customers change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. In the event the Company was to determine that a customer may not be able to make required payments, the Company would increase the allowance through a charge to income in the period in which that determination is made. If it is determined that previously reserved amounts are collectible, the Company would decrease the allowance through a credit to income in the period in which that determination is made. Uncollectible accounts receivable are periodically charged against the allowance for doubtful accounts once final determination is made of their uncollectability. |
Inventory | Inventory Inventory consists of raw sand and processed sand available for sale, chemicals and other products sold as a bi-product of completion and production operations, and supplies used in performing services. Inventory is stated at the lower of cost or market (net realizable value) on an average cost basis. The Company assesses the valuation of its inventories based upon specific usage and future utility. Inventory manufactured at the Company’s sand production facilities includes direct excavation costs, processing costs and overhead allocation. Stockpile tonnages are calculated by measuring the number of tons added and removed from the stockpile. Costs are calculated on a per ton basis and are applied to the stockpiles based on the number of tons in the stockpile. Inventory transported for sale at the Company’s terminal facility includes the cost of purchased or manufactured sand, plus transportation related charges. Coil tubing strings of various widths, diameters and lengths are included in inventory. The strings are used in providing specialized services to customers who are primarily operators of oil or gas wells and are used at various rates based on factors such as well conditions (i.e. pressure and friction), vertical and horizontal length of the well, running speed of the string in the well and total running feet accumulated to the string. The Company obtains usage information from data acquisition software and other established assessment methods and attempts to amortize the strings over their estimated useful life. In no event will a string be amortized over a period longer than 12 months . |
Prepaid Expenses | Prepaid Expenses Prepaid expenses primarily consist of insurance costs and rail car lease expense. These costs are expensed over the periods that they benefit. |
Property and Equipment | Property and Equipment Property and equipment, including renewals and betterments, are capitalized and stated at cost, while maintenance and repairs that do not increase the capacity, improve the efficiency or safety, or improve or extend the useful life are charged to operations as incurred. Disposals are removed at cost, less accumulated depreciation, and any resulting gain or loss is recorded in operations. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life, or the remaining lease term, as applicable. Depreciation does not begin until property and equipment is placed in service. Once placed in service, depreciation on property and equipment continues while being repaired, refurbished, or between periods of deployment. |
Sand Reserves | Sand Reserves Sand reserve costs include engineering, mineralogical studies and other related costs to develop the mine, the removal of overburden to initially expose the mineral and building access ways. Exploration costs are expensed as incurred and classified as product cost of revenue. Capitalization of mine development project costs begins once the deposit is classified as proven and probable reserves. Drilling and related costs are capitalized for deposits where proven and probable reserves exist and the activities are directed at obtaining additional information on the deposit or converting non-reserve minerals to proven and probable reserves and the benefit is to be realized over a period greater than one year. Mining property and development costs are amortized using the units-of-production method on estimated measured tons in in-place reserves. The impact of revisions to reserve estimates is recognized on a prospective basis. |
Long-Lived Assets | Long-Lived Assets The Company reviews long-lived assets for recoverability in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standard Codification (“ASC”) 360, Impairment or Disposal of Long-Lived Assets , which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. These evaluations for impairment are significantly impacted by estimates of revenues, costs and expenses, and other factors. If long-lived assets are considered to be impaired, the impairment to be recognized is measured by the amount in which the carrying amount of the assets exceeds the fair value of the assets. |
Goodwill | Goodwill Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. If it is determined that an impairment exists, an impairment charge is recognized for the excess of carrying value over implied value. The fair value of the reporting unit is determined using the discounted cash flow approach, excluding interest. |
Other Non-Current Assets | Other Non-Current Assets Other non-current assets primarily consist of deferred financing costs on our credit facility (see Note 11), sales tax receivables and our equity method investment (see Note 9). Investments are accounted for under the equity method in circumstances where the Company has the ability to exercise significant influence over the operating and investing policies of the investee, but does not have control. Under the equity method, the Company recognizes its share of the investee's earnings in its Consolidated Statements of Comprehensive Income (Loss). Investments are evaluated for impairment and a charge to earnings is recognized when any identified impairment is determined to be other than temporary. |
Asset Retirement Obligations | Asset Retirement Obligations Mine reclamation costs, future remediation costs for inactive mines and other contractual site remediation costs are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. |
Business Combinations | Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in FASB ASC 805, Business Combinations , which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any noncontrolling interest in the acquiree and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and noncontrolling interest in the acquiree, based on fair value estimates as of the date of acquisition. In accordance with FASB ASC 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. When the Company acquires a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated for accounting purposes in a manner similar to the pooling of interest method of accounting. The assets and liabilities are recorded at the transferring entity’s historical cost instead of reflecting the fair market value of assets and liabilities. |
Amortizable Intangible Assets | Amortizable Intangible Assets Intangible assets subject to amortization include customer relationships and trade names. Customer relationships are amortized based on an estimated attrition factor and trade names are amortized over their estimated useful lives. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, trade receivables, trade payables, amounts receivable or payable to related parties and long-term debt. The carrying amount of cash and cash equivalents, trade receivables, receivables from related parties and trade payables approximates fair value because of the short-term nature of the instruments. The fair value of long-term debt approximates it s carrying value because the cost of borrowing fluctuates based upon market conditions. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 and its related amendments (collectively, "ASC 606") using the modified retrospective method applied to contracts which were not completed as of January 1, 2018. Revenues for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts continue to be reported under previous revenue recognition guidance. See Note 3 for additional discussion of the Company's revenue. During the year ended December 31, 2016, the Company recognized and collected $0.5 million in business interruption insurance proceeds which is included in service revenue in the accompanying Consolidated Statements of Comprehensive Income (Loss). The proceeds resulted from loss of revenue relating to wildfires that forced evacuation of personnel. The timing of revenue recognition may differ from contract billing or payment schedules, resulting in revenues that have been earned but not billed (“unbilled revenue”) or amounts that have been billed, but not earned (“deferred revenue”). The Company had $56.2 million and $65.9 million , respectively, of unbilled revenue included in accounts receivable, net in the Consolidated Balance Sheets at December 31, 2018 and 2017 . The Company had $4.1 million and $9.1 million , respectively, of unbilled revenue included in receivables from related parties in the Consolidated Balance Sheets at December 31, 2018 and 2017 . The Company had $4.3 million and $15.2 million , respectively, of deferred revenue included in accrued expenses and other current liabilities in the Consolidated Balance Sheets at December 31, 2018 and 2017 . Adoption of ASC 606 "Revenues from Contracts with Customers" In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ,” which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition , and most industry-specific guidance. The new guidance requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. On January 1, 2018, the Company adopted ASU 2014-09 and its related amendments (collectively, "ASC 606") using the modified retrospective method applied to contracts which were not completed as of January 1, 2018. Revenues for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts continue to be reported under previous revenue recognition guidance. While ASC 606 requires additional disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of the Company's revenues. The adoption of ASC 606 represents a change in accounting principle. After evaluation of all contracts not completed as of January 1, 2018, the Company determined the cumulative effect of adopting ASC 606 was immaterial, and as such, has not recorded an adjustment to the opening balance of retained earnings on January 1, 2018. Revenue Recognition The Company's primary revenue streams include infrastructure services, pressure pumping services, natural sand proppant services and other services, which includes contract land and directional drilling services, coil tubing, pressure control, flowback, cementing, acidizing, equipment rentals, crude oil hauling and remote accommodations services. See Note 21 for the Company's revenue disaggregated by type. Infrastructure Services Infrastructure services are typically provided pursuant to master service agreements, repair and maintenance contracts or fixed price and non-fixed price installation contracts. Pricing under these contracts may be unit priced, cost-plus/hourly (or time and materials basis) or fixed price (or lump sum basis). The Company accounts for infrastructure services as a single performance obligation satisfied over time. Revenue is recognized over time as work progresses based on the days completed or as the contract is completed. Under certain customer contracts in our infrastructure services segment, the Company warranties equipment and labor performed for a specified period following substantial completion of the work. Pressure Pumping Services Pressure pumping services are typically provided based upon a purchase order, contract or on a spot market basis. Services are provided on a day rate, contracted or hourly basis. Generally, the Company accounts for pressure pumping services as a single performance obligation satisfied over time. In certain circumstances, the Company supplies proppant that is utilized for pressure pumping as part of the agreement with the customer. The Company accounts for these pressure pumping agreements as multiple performance obligations satisfied over time. Jobs for these services are typically short-term in nature and range from a few hours to multiple days. Generally, revenue is recognized over time upon the completion of each segment of work based upon a completed field ticket, which includes the charges for the services performed, mobilization of the equipment to the location and personnel. Pursuant to a contract with one of its customers, the Company has agreed to provide that customer with use of up to two pressure pumping fleets for the period covered by the contract. Under this agreement, performance obligations are satisfied as services are rendered based on the passage of time rather than the completion of each segment of work. The Company has the right to receive consideration from this customer even if circumstances prevent us from performing work. All consideration owed to the Company for services performed during the contractual period is fixed and the right to receive it is unconditional. Additional revenue is generated through labor charges and the sale of consumable supplies that are incidental to the service being performed. Such amounts are recognized ratably over the period during which the corresponding goods and services are consumed. Natural Sand Proppant Services The Company sells natural sand proppant through sand supply agreements with its customers. Under these agreements, sand is typically sold at a flat rate per ton or a flat rate per ton with an index-based adjustment. The Company recognizes revenue at the point in time when the customer obtains legal title to the product, which may occur at the production facility, rail origin or at the destination terminal. Certain of the Company's sand supply agreements contain a minimum volume commitment related to sand purchases whereby the Company charges a shortfall payment if the customer fails to meet the required minimum volume commitment. These agreements may also contain make-up provisions whereby shortfall payments can be applied in future periods against purchased volumes exceeding the minimum volume commitment. If a make-up right exists, the Company has future performance obligations to deliver excess volumes of product in subsequent periods. In accordance with ASC 606, if the customer fails to meet the minimum volume commitment, the Company will assess whether it expects the customer to fulfill its unmet commitment during the contractually specified make-up period based on discussions with the customer and management's knowledge of the business. If the Company expects the customer will make-up deficient volumes in future periods, revenue related to shortfall payments will be deferred and recognized on the earlier of the date on which the customer utilizes make-up volumes or the likelihood that the customer will exercise its right to make-up deficient volumes becomes remote. As of December 31, 2018 , the Company deferred revenue totaling $4.2 million related to shortfall payments. This amount is included in accrued expenses and other current liabilities on the consolidated balance sheet. If the Company does not expect the customer will make-up deficient volumes in future periods, the breakage model will be applied and revenue related to shortfall payments will be recognized when the model indicates the customer's inability to take delivery of excess volumes. During the year ended December 31, 2018 , the Company recognized revenue totaling $1.5 million related to shortfall payments. In certain of the Company's sand supply agreements, the customer obtains control of the product when it is loaded into rail cars and the customer reimburses the Company for all freight charges incurred. The Company has elected to account for shipping and handling as activities to fulfill the promise to transfer the sand. If revenue is recognized for the related product before the shipping and handling activities occur, the Company accrues the related costs of those shipping and handling activities. Other Services The Company also provides contract land and directional drilling, coil tubing, pressure control, flowback, cementing, acidizing, equipment rentals, crude oil hauling and remote accommodations services, which are reported under other services. Contract drilling services are provided under daywork contracts. Mobilization revenue and costs are recognized over the days of actual drilling. Other services are typically provided based upon a purchase order, contract or on a spot market basis. Services are provided on a day rate, contracted or hourly basis. Performance obligations for these services are satisfied over time and revenue is recognized as the work progresses based on the measure of output. Jobs for these services are typically short-term in nature and range from a few hours to multiple days. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts in which variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied distinct good or service that forms part of a single performance obligation. |
Earnings (Loss) per Share/Unaudited Pro Forma Earnings (Loss) per Share | Earnings (Loss) per Share Earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of outstanding shares. See Note 16. Unaudited Pro Forma Earnings (Loss) per Share The Company’s pro forma basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period, as if the common shares issued at the IPO were outstanding for the full year of 2016. Diluted earnings per share reflects the potential dilution, using the treasury stock method. During periods in which the Company realizes a net loss, restricted stock awards would be anti-dilutive to net loss per share and conversion into common stock is assumed not to occur. |
Equity-based and Stock-based Compensation | Equity-based Compensation The Company measures equity-based payments at fair value on the date of grant and expenses the value of these equity-based payments in compensation expense over the applicable vesting periods. See Note 17. Stock-based Compensation The Company's stock-based compensation program consists of restricted stock units granted to employees and restricted stock units granted to non-employee directors under the Mammoth Energy Services, Inc. 2016 Incentive Plan (the "2016 Plan"). The Company recognizes in its financial statements the cost of employee services received in exchange for restricted stock based on the fair value of the equity instruments as of the grant date. In general, this value is amortized over the vesting period; for grants with a non-substantive service condition, this value is recognized immediately. Amounts are recognized in cost of revenues and selling, general and administrative expenses. |
Income Taxes | On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly changed US corporate income tax laws by, among other things, reducing the US corporate income tax rate from 35% to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of US subsidiaries. The Company evaluates tax positions taken or expected to be taken in preparation of its tax returns and disallows the recognition of tax positions that do not meet a “more likely than not” threshold of being sustained upon examination by the taxing authorities. Income Taxes On October 12, 2016, immediately prior to the IPO of Mammoth Inc., the Partnership converted into a limited liability company named Mammoth LLC. All equity interests in Mammoth LLC were contributed to Mammoth Inc. and Mammoth LLC became a wholly owned subsidiary of Mammoth Inc. Mammoth Inc. is a C corporation under the Internal Revenue Code and is subject to income tax. Historically, Mammoth LLC and each of the Operating Entities other than Sand Tiger was treated as a partnership for federal income tax purposes. As a result, essentially all taxable earnings and losses were passed through to its members, and Mammoth LLC did not pay any federal income taxes at the entity level. Mammoth Inc. owns the member interests in several single member limited liability companies. These LLCs are subject to taxation in Texas where the Company does business; therefore, the Company may provide for income taxes attributable to that state on a current basis. The income tax provision for the period before the IPO has been prepared on a separate return basis for Mammoth LLC and all of its subsidiaries that were treated as a partnership for federal income tax purposes. Subsequent to the IPO, the Company's operations are included in a consolidated federal income tax return and other state returns. Accordingly, the Company has recognized deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases for all our subsidiaries as if each entity were a corporation, regardless of its actual characterization for U.S. federal income tax purposes. The Company has included a pro forma provision for income taxes assuming it had been taxed as a C corporation in all periods prior to the conversion and contribution as part of its earnings per share calculation in Note 16. The unaudited pro forma data are presented for informational purposes only, and do not purport to project the Company's results of operations for any future period or its financial position as of any future date. Under FASB ASC 740, Income Taxes , deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of deferred tax assets and liabilities as a result of a change in tax rate are recognized in the period that includes the statutory enactment date. A valuation allowance for deferred tax assets is recognized when it is more likely than not that the benefit of deferred tax assets will not be realized. To assess that likelihood, the Company uses estimates and judgments regarding future taxable income, as well as the jurisdiction in which such taxable income is generated, to determine whether a valuation allowance is required. Certain income from our infrastructure services segment and income from our remote accommodations business is subject to foreign income taxes, and such taxes are provided in the financial statements pursuant to FASB ASC 740 . |
Foreign Currency Translation | Foreign Currency Translation For foreign operations, assets and liabilities are translated at the period-end exchange rate and income statement items are translated at the average exchange rate for the period. Resulting translation adjustments are recorded within accumulated other comprehensive income (loss). Assets and liabilities denominated in foreign currencies, if any, are re-measured at the balance sheet date. Transaction gains or losses are included as a component of current period earnings. |
Environmental Matters | Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Management has established procedures for the ongoing evaluation of the Company’s operations, to identify potential environmental exposures and to comply with regulatory policies and procedures. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future revenue generation are expensed as incurred. Liabilities are recorded when environmental costs are probable and the costs can be reasonably estimated. The Company maintains insurance which may cover in whole or in part certain environmental expenditures. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) included certain changes in equity that are excluded from net income (loss). Specifically, cumulative foreign currency translation adjustments are included in accumulated other comprehensive income (loss). |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents in excess of federally insured limits and trade receivables. |
New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)” amending the current accounting for leases. Under the new provisions, all lessees will report a right of use asset and lease liability on the balance sheet for all leases with a term longer than one year, while maintaining substantially similar classifications for financing and operating leases. Lessor accounting remains substantially unchanged with the exception that no leases entered into after the effective date will be classified as leveraged leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within that fiscal year. The Company will adopt this ASU effective January 1, 2019 utilizing the transition method permitted by ASU No. 2018-11 "Leases (Topic 842): Targeted Improvements", issued in August 2018, which permits an entity to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption with no adjustment made to the comparative periods presented in the consolidated financial statements. The Company will elect the transition practical expedient package whereby an entity need not reassess (i) whether any expired or existing contracts are or contains leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company has concluded that its agreements for contract land drilling services, aviation services and remote accommodation services contain a lease component under Topic 842. The Company will elect the practical expedient provided to lessors in ASU 2018-11 to combine the lease and non-lease components of a contract where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component. The Company expects to continue to report revenue for its contract land drilling services under ASC 606. The Company is finalizing its evaluation with respect to leases where it is the lessee and expects to recognize right of use assets and offsetting lease liabilities of approximately $60.0 million upon the adoption of ASU 2016-02. Adoption of this standard will not have a material impact to the Consolidated Statement of Comprehensive Income (Loss). The Company will elect the practical expedient provided to lessees to combine the lease and non-lease components of a contract as well as the short-term lease recognition exemption. The Company is finalizing its implementation processes and controls needed to comply with the requirement of the new standard, which includes the implementation of a lease software solution to support lease portfolio management and lease accounting and disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Accounting,” which simplifies the accounting for share-based payments granted to non-employees by aligning the accounting with requirements for employee share-based compensation. Upon transition, this ASU requires non-employee awards to be measured at fair value as of the adoption date. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within that fiscal year. The Company adopted this ASU effective January 1, 2019 and estimates the fair value of its non-employee equity awards (see Note 17) was approximately $18.9 million as of this date. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of ownership of the company by major stakeholders | At December 31, 2018 and December 31, 2017 , Wexford, Gulfport and Rhino beneficially owned the following shares of outstanding common stock of Mammoth Inc.: December 31, 2018 December 31, 2017 Share Count % Ownership Share Count % Ownership Wexford 21,988,473 49.0 % 25,009,319 56.1 % Gulfport 9,826,893 21.9 % 11,171,887 25.1 % Rhino 104,100 0.2 % 568,794 1.3 % Outstanding shares owned by related parties 31,919,466 71.1 % 36,750,000 82.5 % Total outstanding 44,876,649 100.0 % 44,589,306 100.0 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts Receivable | Following is a roll forward of the allowance for doubtful accounts for the years ended December 31, 2018 , 2017 and 2016 (in thousands): Balance, January 1, 2016 $ 4,012 Additions charged to expense 1,968 Deductions for uncollectible receivables written off (603 ) Balance, December 31, 2016 5,377 Additions charged to expense 16,206 Additions - other 179 Deductions for uncollectible receivables written off (25 ) Balance, December 31, 2017 21,737 Additions charged to expense (14,589 ) Deductions for uncollectible receivables written off (1,950 ) Balance, December 31, 2018 $ 5,198 |
Schedule of Asset Retirement Obligations | Following is a roll forward of the Company's asset retirement obligations for the years ended December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Balance as of beginning of period $ 2,123 $ 260 Additions 989 — Liabilities assumed through acquisition — 1,732 Accretion expense 60 124 Foreign currency translation adjustment (8 ) 7 Asset retirement obligation as of end of period $ 3,164 $ 2,123 |
Schedules of Significant Customers | Following is a summary of our significant customers based on accounts receivable balances at December 31, 2018 and 2017 and revenues derived for the years ended December 31, 2018 , 2017 and 2016 : REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2018 2017 2016 2018 2017 Customer A (a) 60 % 29 % — 65 % 56 % Customer B (b) 8 % 30 % 57 % 3 % 12 % Customer C (c) — % 1 % 11 % — % — % a. Customer A is a third-party customer. Revenues and the related accounts receivable balances earned from Customer A were derived from the Company's infrastructure services segment. b. Customer B is a related party customer. Revenues and the related accounts receivable balances earned from Customer B were derived from the Company's pressure pumping services segment, natural sand proppant services segment and other businesses. c. Customer C is a third-party customer. Revenues earned from Customer C were derived from the Company's remote accommodations business. |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of contract liabilities | Following is a rollforward of the Company's contract liabilities (in thousands): Balance, January 1, 2018 $ 15,000 Deduction for recognition of revenue (15,000 ) Increase for deferral of shortfall payments 4,246 Increase for deferral of customer prepayments 58 Balance, December 31, 2018 $ 4,304 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the fair value of ARS and the Brim Equipment Assets as of December 21, 2018 (in thousands): ARS Brim Equipment Assets Accounts receivable $ 146 $ — Property, plant and equipment 1,702 1,990 Identifiable intangible assets - trade name (a) 120 — Goodwill (b) 694 2,243 Other non-current assets 5 — Total assets acquired $ 2,667 $ 4,233 a. Trade name was valued using a "Relief-from-Royalty" method and will be amortized over 20 years . b. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability expected to arise from the acquired entity. The following table summarizes the fair value of 5 Star as of July 1, 2017 (in thousands): 5 Star Accounts receivable $ 2,440 Property, plant and equipment 1,863 Identifiable intangible assets - trade names (a) 300 Goodwill (b) 248 Total assets acquired $ 4,851 Long-term debt and other liabilities $ 2,413 Total liabilities assumed $ 2,413 Net assets acquired $ 2,438 a. Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 10 years. b. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability expected to arise from the acquired entity. SR Energy Cementing Total (in thousands) Cash and cash equivalents $ 1,611 $ 1,060 $ 2,671 Accounts receivable, net 3,913 495 4,408 Receivables from related parties 3,684 1,418 5,102 Inventories — 306 306 Prepaid expenses 35 32 67 Property, plant and equipment (a) 13,061 7,459 20,520 Identifiable intangible assets - customer relationships (b) — 1,140 1,140 Identifiable intangible assets - trade names (b) 550 270 820 Goodwill (c) 3,929 6,264 10,193 Other assets 7 — 7 Total assets acquired $ 26,790 $ 18,444 $ 45,234 Accounts payable and accrued liabilities $ 5,890 $ 2,063 $ 7,953 Long-term debt (d) 5,074 2,000 7,074 Deferred tax liability 3,039 1,406 4,445 Total liabilities assumed $ 14,003 $ 5,469 $ 19,472 Net assets acquired $ 12,787 $ 12,975 $ 25,762 a. Property, plant and equipment fair value measurements were prepared by utilizing a combined fair market value and cost approach. The market approach relies on comparability of assets using market data information. The cost approach places emphasis on the physical components and characteristics of the asset. It places reliance on estimated replacement cost, depreciation and economic obsolescence. b. Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "relief-from-Royalty" method. Non-contractual customer relationships were valued using a "multi-period excess earnings" method. Identifiable intangible assets will be amortized over 5 - 10 years. c. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability based on the synergies expected to arise from the acquired entities. d. Long-term debt assumed was paid off subsequent to the acquisition. The following table summarizes the fair value of WTL as of May 31, 2018 (in thousands): WTL Property, plant and equipment $ 2,960 Identifiable intangible assets - customer relationships (a) 930 Identifiable intangible assets - trade name (a) 650 Goodwill (b) 1,567 Total assets acquired $ 6,107 a. Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 10 - 20 years. b. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to the assembled workforce and future profitability expected to arise from the acquired entity. The following table summarizes the fair value of Higher Power as of April 21, 2017 (in thousands): Higher Power Property, plant and equipment $ 1,744 Identifiable intangible assets - customer relationships 1,613 Goodwill (a) 643 Total assets acquired $ 4,000 a. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability expected to arise from the acquired entity. The following table summarizes the fair value of the Chieftain Acquisition as of May 26, 2017 (in thousands): Total Property, plant and equipment (a) $ 23,373 Sand reserves (b) 20,910 Total assets acquired $ 44,283 Asset retirement obligation 1,732 Total liabilities assumed $ 1,732 Total allocation of purchase price $ 42,551 Bargain purchase price (c, d) (6,231 ) Total purchase price $ 36,320 a. Property, plant and equipment fair value measurements were prepared by utilizing a combined fair market value and cost approach. The market approach relies on comparability of assets using market data information. The cost approach places emphasis on the physical components and characteristics of the asset. It places reliance on estimated replacement cost, depreciation and economic obsolescence. b. The fair value of the sand reserves was determined based on the excess cash flow method, a form of the income approach. The method provides a value based on the estimated remaining life of sand reserves, projected financial information and industry projections. c. Amount in Consolidated Statements of Comprehensive Income (Loss) reflected net of income taxes of $2.2 million . d. The fair value of the business was determined based on the excess cash flow method, a form of the income approach. The following table summarizes the fair value of RTS as of June 15, 2018 (in thousands): RTS Inventory $ 180 Property, plant and equipment 7,787 Goodwill (a) 133 Total assets acquired $ 8,100 a. Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to the assembled workforce and future profitability expected to arise from the acquired entity. |
Business acquisition, pro forma information | Since the acquisition date, the Chieftain Assets have provided the following activity (in thousands): 2018 2017 Revenues (a) $ 52,628 $ 22,847 Net income (b) 8,379 5,520 a. Includes intercompany revenues of $14.8 million and $12.3 million , respectively, for 2018 and 2017 b. Includes depreciation and amortization of $4.9 million and $2.8 million , respectively, for 2018 and 2017 The following table presents unaudited pro forma information as if the acquisition of the Chieftain Assets had occurred as of January 1, 2017 (in thousands): Year Ended December 31, 2017 Revenues $ 22,847 Net income 5,655 From its acquisition date through December 31, 2018 , 5 Star has provided the following activity (in thousands): 2018 2017 Revenues (a) $ 143,302 $ 25,216 Net income (b) 4,149 4,191 a. Includes intercompany revenues of $112.6 million and $16.0 million , respectively, for 2018 and 2017 b. Includes depreciation and amortization expense of $3.5 million and $0.8 million , respectively, for 2018 and 2017 The following table presents unaudited pro forma information as if the acquisition of 5 Star had occurred as of January 1, 2017 (in thousands): Year Ended December 31, 2017 Revenues $ 31,548 Net income 3,910 From the acquisition date through December 31, 2018 , RTS provided the following activity (in thousands): 2018 Revenues $ 6,682 Net loss (a) (3,210 ) a. Includes depreciation expense of $0.9 million . The following table presents unaudited pro forma information as if the acquisition of RTS had occurred as of January 1, 2017 (in thousands): Years Ended December 31, 2018 2017 Revenues $ 16,212 $ 20,877 Net (loss) income (4,066 ) 1,141 From the acquisition date through December 31, 2018 , WTL provided the following activity (in thousands): 2018 Revenues $ 7,511 Net loss (a) (149 ) a. Includes depreciation and amortization expense of $1.0 million . The following table presents unaudited pro forma information as if the acquisition of WTL had occurred as of January 1, 2017 (in thousands): Years Ended December 31, 2018 2017 Revenues $ 10,270 $ 4,229 Net (loss) income (64 ) 165 From the acquisition date through December 31, 2018 , ARS and the Brim Equipment Assets provided the following activity (in thousands): 2018 ARS Brim Equipment Assets Revenues $ — $ — Net loss (a) (25 ) — a. Includes depreciation expense of $0.02 million for ARS. The following table presents unaudited pro forma information as if the ARS and the Brim Equipment Assets acquisitions had occurred as of January 1, 2017 (in thousands): Years Ended December 31, Years Ended December 31, 2018 2017 2018 2017 ARS Brim Equipment Assets Revenues $ 3,055 $ 2,641 $ 4,478 $ 1,448 Net (loss) income 207 (39 ) 2,410 459 Since the acquisition date, the businesses acquired have provided the following activity (in thousands): 2018 2017 SR Energy Cementing SR Energy Cementing Revenues (a) $ 29,287 $ 6,426 $ 11,572 $ 7,500 Net loss (b, c) (2,539 ) (5,869 ) (1,626 ) (1,963 ) a. Includes intercompany revenues of $3.0 million and $0.6 million , respectively, for SR Energy for 2018 and 2017 and $0.3 million and a nominal amount, respectively, for Cementing for 2018 and 2017. b. Includes depreciation and amortization of $5.4 million and $3.4 million , respectively, for SR Energy for 2018 and 2017 and $1.5 million and $4.1 million , respectively, for Cementing for 2018 and 2017. c. Includes non-cash impairment expense of $4.4 million for Cementing in 2018 related to the impairment of intangible assets and goodwill as a result of moving Cementing equipment from the Utica shale to the Permian basin. The following table presents unaudited pro forma information as if the acquisition of SR Energy and Cementing had occurred on January 1, 2017 (in thousands): Year Ended December 31, 2017 Revenues $ 35,142 Net loss (4,066 ) From its acquisition date through December 31, 2018 , Higher Power has provided the following activity (in thousands): 2018 2017 Revenues (a) $ 220,281 $ 39,571 Net income (b) (5,868 ) 5,127 a. Includes intercompany revenues of $191.2 million and $27.4 million , respectively, for 2018 and 2017 b. Includes depreciation and amortization of $7.1 million and $2.0 million , respectively, for 2018 and 2017 The following table presents unaudited pro forma information as if the acquisition of Higher Power had occurred as of January 1, 2017 (in thousands): Year Ended December 31, 2017 Revenues $ 42,343 Net income 5,004 From the acquisition date through December 31, 2018 , ARS and the Brim Equipment Assets provided the following activity (in thousands): 2018 ARS Brim Equipment Assets Revenues $ — $ — Net loss (a) (25 ) — a. Includes depreciation expense of $0.02 million for ARS. |
Summary of consideration transferred | At the acquisition date, the components of the consideration transferred were as follows (in thousands): Consideration attributable to Cementing (a) $ 12,975 Consideration attributable to SR Energy (a) 12,787 Total consideration transferred $ 25,762 a. See summary of acquired assets and liabilities below |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | A summary of the Company's inventories is shown below (in thousands): December 31, 2018 2017 Supplies $ 12,571 $ 9,437 Raw materials 199 219 Work in process 3,273 2,370 Finished goods 5,259 5,788 Total inventory $ 21,302 $ 17,814 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment include the following (in thousands): December 31, Useful Life 2018 2017 Pressure pumping equipment 3-5 years $ 208,968 $ 190,211 Drilling rigs and related equipment 3-15 years 122,198 132,260 Machinery and equipment (a) 7-20 years 173,867 97,569 Buildings 15-39 years 46,380 45,992 Vehicles, trucks and trailers (b) 5-10 years 132,337 54,055 Coil tubing equipment 4-10 years 29,128 28,053 Land N/A 14,235 11,317 Land improvements 15 years or life of lease 9,614 9,614 Rail improvements 10-20 years 13,806 5,540 Other property and equipment 3-12 years 18,551 12,687 769,084 587,298 Deposits on equipment and equipment in process of assembly (c) 16,865 20,348 785,949 607,646 Less: accumulated depreciation, depletion, amortization and accretion (d) 349,250 256,629 Property, plant and equipment, net $ 436,699 $ 351,017 a. Included in machinery and equipment are assets under capital leases totaling $1.8 million and $1.8 million , respectively, for the years ended December 31, 2018 and 2017 . b. Included in vehicles, trucks and trailers are assets under capital leases totaling $0.3 million and $1.0 million , respectively, for the years ended December 31, 2018 and 2017 . c. Included in deposits on equipment and equipment in process of assembly are assets under capital leases totaling $1.7 million for the year ended December 31, 2018 . These assets were received on December 31, 2018 and were not yet placed in service. d. Accumulated depreciation for assets under capital leases totaled $0.6 million and $0.8 million , respectively, for the years ended December 31, 2018 and 2017 . |
Schedule Of Depreciation, Depletion, Accretion And Amortization Expense | A summary of depreciation, depletion, amortization and accretion expense is shown below (in thousands): Years Ended December 31, 2018 2017 2016 Depreciation expense (a) $ 107,634 $ 81,191 $ 62,196 Accretion and depletion expense (see Note 2) 3,539 1,632 1,048 Amortization expense (see Note 8) 8,704 9,301 9,071 Depreciation, depletion, amortization and accretion $ 119,877 $ 92,124 $ 72,315 a. Includes depreciation expense for assets under capital leases totaling $0.5 million , $0.4 million and $0.5 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | A summary of our impairments is as follows (in thousands): December 31, 2018 2017 2016 Drilling rigs (a) $ 3,966 $ 3,822 $ 347 Flowback equipment (a) — — 1,385 Other property, plant and equipment (a) 307 324 139 Impairment of goodwill (b) 3,203 — — Impairment of intangible assets (b) 1,379 — — $ 8,855 $ 4,146 $ 1,871 a. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized impairments of $4.3 million , $4.1 million and $1.9 million , respectively, to reduce the carrying value of certain assets which were deemed impaired based on future expected cash flows of the equipment. The Company measured impairment using significant unobservable inputs (Level 3) based on an income approach. b. During the year ended December 31, 2018 , the Company moved Cementing's equipment from the Utica shale to the Permian basin. As a result, the Company recognized impairment on Cementing's intangible assets, including goodwill, non-contractual customer relationships and trade name of $3.2 million , $1.0 million and $0.2 million , respectively. Additionally, the Company recognized impairment of trade name totaling $0.2 million related to the name change of Stingray Logistics to Silverback Energy. The Company measured Cementing's goodwill using an income approach, which provides an estimated fair value based on anticipated cash flows that are discounted using a weighted average cost of capital rate. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The Company had the following definite lived intangible assets recorded as of the dates presented below (in thousands): December 31, 2018 2017 Customer relationships $ 2,255 $ 35,795 Trade names 9,063 8,793 Less: accumulated amortization - customer relationships (544 ) (26,172 ) Less: accumulated amortization - trade names (3,018 ) (2,277 ) Intangible assets, net $ 7,756 $ 16,139 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands): Year ended December 31: Amount 2019 $ 1,135 2020 1,135 2021 1,129 2022 1,108 2023 991 Thereafter 2,258 $ 7,756 |
Schedule of Goodwill | Changes in goodwill for the years ended December 31, 2018 and 2017 are set forth below (in thousands): Balance, January 1, 2017 $ 88,727 Additions: 2017 Stingray Acquisition 10,193 Higher Power Acquisition 643 5 Star Acquisition 248 Balance, December 31, 2017 99,811 Additions: WTL Acquisition 1,567 RTS Acquisition 133 ARS Acquisition 694 Brim Equipment Assets Acquisition 2,243 Impairment (3,203 ) Balance, December 31, 2018 $ 101,245 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accrued expense and other current liabilities included the following (in thousands): December 31, 2018 2017 Accrued compensation, benefits and related taxes $ 20,898 $ 11,552 State and local taxes payable 18,687 2,126 Financed insurance premiums 6,761 4,876 Insurance reserves 4,678 2,942 Deferred revenue 4,304 15,210 Other 4,324 4,189 Total $ 59,652 $ 40,895 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Liabilities | Other liabilities included the following (in thousands): December 31, 2018 2017 Capital lease obligations $ 3,190 $ 2,015 Equipment financing arrangement 1,313 1,605 Other — 500 Total 4,503 4,120 Less: Current portion of capital lease and equipment financing obligations included in accrued expenses and other current liabilities 1,760 831 Total Other Liabilities $ 2,743 $ 3,289 |
Schedule of Future Minimum Lease Payments for Capital Leases | Aggregate future payments under the Company's non-cancelable capital leases and equipment financing arrangement as of December 31, 2018 are as follows (in thousands): 2019 $ 1,901 2020 1,075 2021 775 2022 747 2023 387 Thereafter 32 Total future minimum payments 4,917 Less: interest payments 414 Present value of future minimum payments $ 4,503 |
Selling, General and Administ_2
Selling, General and Administrative Expense Selling, General and Administrative Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule Of Selling, General And Administrative Expense | Selling, general and administrative ("SG&A") expense includes of the following (in thousands): Years Ended December 31, 2018 2017 2016 Cash expenses: Compensation and benefits $ 42,950 $ 15,322 $ 9,789 Professional services 11,854 7,765 4,552 Other (a) 10,718 7,503 1,960 Total cash SG&A expense 65,522 30,590 16,301 Non-cash expenses: Bad debt provision (b) (14,578 ) 16,098 1,246 Equity based compensation (c) 17,487 — — Stock based compensation 4,666 3,198 501 Total non-cash SG&A expense 7,575 19,296 1,747 Total SG&A expense $ 73,097 $ 49,886 $ 18,048 a. Includes travel-related costs, IT expenses, rent, utilities and other general and administrative-related costs. b. During the year ended December 31, 2018 , the Company received payment for amounts previously reserved in 2017. As a result, during the year ended December 31, 2018 , the Company reversed bad debt expense of $16.0 million recognized in 2017. c. Represents compensation expense for non-employee awards, which were issued and are payable by certain affiliates of Wexford (the sponsor level). See Note 17 for additional detail. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) attributable to the Company for the year ended December 31, 2018 , 2017 and 2016 , respectively, are as follows (in thousands): Year Ended December 31, 2018 2017 2016 U.S. current income tax expense $ 25,656 $ 804 $ 2,307 U.S. deferred income tax expense (benefit) 25,372 (27,764 ) 47,957 Foreign current income tax expense 75,381 36,565 3,594 Foreign deferred income tax expense (benefit) 26,854 (6,773 ) 27 Total $ 153,263 $ 2,832 $ 53,885 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax amount to the recorded expense is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Income (loss) before income taxes, as reported $ 389,228 $ 61,796 $ (38,568 ) Bargain purchase gain, net of tax — (4,012 ) — Income (loss) before income taxes, as taxed 389,228 57,784 (38,568 ) Statutory income tax rate 21 % 35 % 35 % Expected income tax expense (benefit) 81,738 20,224 (13,499 ) Income earned as non-taxable entity (See Note 2) — — 15,167 Effect due to change to C corporation (See Note 2) — — 53,089 Change in tax rate (103 ) (21,309 ) (25 ) Tax reform - unrepatriated foreign earnings — (9,727 ) — Foreign income tax rate differential 39,080 6,286 (1,078 ) Foreign earnings not in reported income 46,834 22,054 — Foreign tax credits (89,677 ) (29,551 ) — Withholding taxes 13,930 — — Other permanent differences 13,045 503 210 State tax expenses 5,394 39 21 Return to provision 6,071 — — Other 680 (1,192 ) — Change in valuation allowance 36,271 15,505 — Total $ 153,263 $ 2,832 $ 53,885 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax liabilities attributable to the Company consisted of the following (in thousands): Year Ended December 31, 2018 2017 Deferred tax assets: Allowance for doubtful accounts $ 1,180 $ 11,973 Deferred compensation 1,032 1,032 Accrued liabilities 3,428 1,442 Foreign tax credits 51,776 15,505 Other 2,094 1,448 Valuation allowance (51,776 ) (15,505 ) Deferred tax assets 7,734 15,895 Deferred tax liabilities: Property and equipment $ (63,181 ) $ (40,390 ) Intangible assets (4,936 ) (2,839 ) Withholding taxes (17,419 ) — Other (1,507 ) (74 ) Deferred tax liabilities (87,043 ) (43,303 ) Net deferred tax liability $ (79,309 ) $ (27,408 ) Reflected in accompanying balance sheet as: Deferred income tax asset $ — $ 6,739 Deferred income tax liability (79,309 ) (34,147 ) Total $ (79,309 ) $ (27,408 ) |
Stockholder's Equity and Earn_2
Stockholder's Equity and Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Dividends Paid | The table below summarized the dividends paid on the Company's common stock. Per Share Total 2018 (in thousands) Paid on August 14, 2018 $ 0.125 $ 5,595 Paid on November 15, 2018 0.125 5,606 Total cash dividends $ 0.25 $ 11,201 |
Schedule of Earnings Per Unit and Per Share | A reconciliation of the components of pro forma basic and diluted loss per common share is presented in the table below: Year Ended December 31, 2016 (in thousands, except per share data) Pro Forma C Corporation Data (unaudited): Net loss, as reported $ (92,453 ) Taxes on income earned as a non-taxable entity (Note 15) 15,224 Taxes due to change to C corporation (Note 15) 53,089 Pro forma net loss $ (24,140 ) Basic loss per share: Allocation of earnings: Net loss $ (24,140 ) Weighted average common shares outstanding 43,107 Basic loss per share $ (0.56 ) Diluted loss per share: Allocation of earnings: Net loss $ (24,140 ) Weighted average common shares, including dilutive effect (a) 43,107 Diluted loss per share $ (0.56 ) a. No incremental shares of potentially dilutive restricted stock awards were included as their effect was antidilutive under the treasury stock method. Year Ended December 31, Weighted Average Shares Outstanding Share Issuance at IPO (a) Conversion Weighted Average Units Outstanding 2016 31,500,000 1,500,000 (30,000,000 ) 30,000,000 a. Weighted average of 7,500,000 shares issued from the closing date of the IPO on October 19, 2016 to December 31, 2016. Year Ended December 31, 2018 2017 2016 (in thousands, except per share data) Basic earnings (loss) per share: Allocation of earnings: Net income (loss) $ 235,965 $ 58,964 $ (92,453 ) Weighted average common shares outstanding 44,750 41,548 31,500 Basic earnings (loss) per share $ 5.27 $ 1.42 $ (2.94 ) Diluted earnings (loss) per share: Allocation of earnings: Net income (loss) $ 235,965 $ 58,964 $ (92,453 ) Weighted average common shares, including dilutive effect (a) 45,021 41,639 31,500 Diluted earnings (loss) per share $ 5.24 $ 1.42 $ (2.94 ) a. No incremental shares of potentially dilutive restricted stock awards were included for the year ended December 31, 2016 as their effect was antidilutive under the treasury stock method. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | A summary of the status and changes of the unvested shares of restricted stock units under the 2016 Plan is presented below. Number of Unvested Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested restricted stock units as of October 19, 2016 — $ — Granted 298,335 $ 14.97 Vested (11,110 ) $ (14.69 ) Forfeited (4,445 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2016 282,780 $ 14.98 Granted 460,185 $ 20.72 Vested (97,890 ) $ (15.07 ) Forfeited (4,443 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2017 640,632 $ 19.44 Granted 103,556 $ 27.74 Vested (270,069 ) $ 19.26 Forfeited (40,000 ) $ 20.68 Unvested restricted stock units as of December 31, 2018 434,119 $ 22.78 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Following is a summary of related party transactions (in thousands): REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2018 2017 2016 2018 2017 Pressure Pumping and Gulfport (a) $ 96,013 $ 144,473 $ 102,390 $ 8,175 $ 25,054 Muskie and Gulfport (b) 25,050 42,956 25,783 1,193 1,947 Panther and Gulfport (c) 44 3,253 3,011 — 872 Cementing and Gulfport (d) 5,853 7,410 — — 2,255 SR Energy and Gulfport (e) 14,717 10,129 — 1,658 3,348 Panther and El Toro (f) 918 96 172 64 — Redback Energy and El Toro (g) 92 216 530 — — Coil Tubing and El Toro (h) 514 161 319 — — Other Relationships 32 326 725 74 312 $ 143,233 $ 209,020 $ 132,930 $ 11,164 $ 33,788 a. Pressure Pumping provides pressure pumping, stimulation and related completion services to Gulfport. b. Muskie has agreed to sell and deliver, and Gulfport has agreed to purchase, specified annual and monthly amounts of natural sand proppant, subject to certain exceptions specified in the agreement, and pay certain costs and expenses. c. Panther performs drilling services for Gulfport pursuant to a master service agreement. d. Cementing performs well cementing services for Gulfport. e. SR Energy provides rental services for Gulfport. f. Panther provides directional drilling services for El Toro, an affiliate of Wexford, pursuant to a master service agreement. g. Redback Energy performs completion and production services for El Toro pursuant to a master service agreement. h. Coil Tubing provides El Toro services in connection with completion activities. COST OF REVENUE ACCOUNTS PAYABLE Years Ended December 31, At December 31, 2018 2017 2016 2018 2017 Cobra and T&E (a) 4,042 610 — — 457 Higher Power and T&E (a) 1,603 25 — — 3 Panther and DBDHT (b) 240 196 49 240 77 The Company and 2017 Stingray Companies (c) — 432 724 — — Other Relationships — 145 293 — 218 $ 5,885 $ 1,408 $ 1,066 $ 240 $ 755 SELLING, GENERAL AND ADMINISTRATIVE COSTS Consolidated and Everest (d) $ 145 $ 175 $ 262 $ 27 $ 19 Consolidated and Wexford (e) 992 892 394 100 150 Mammoth and Caliber (f) 648 335 — 3 1 Other Relationships 113 79 102 — 2 $ 1,898 $ 1,481 $ 758 $ 130 $ 172 CAPITAL EXPENDITURES Cobra and T&E (a) 1,247 629 — — 66 Higher Power and T&E (a) 2,960 1,380 — — 385 $ 4,207 $ 2,009 $ — $ — $ 451 $ 370 $ 1,378 a. Cobra, Higher Power and Cobra Logistics purchase materials and services from T&E, an entity in which a member of management's family owned a minority interest. T&E ceased to be a related party as of September 30, 2018. b. Panther rents rotary steerable equipment in connection with its directional drilling services from DBDHT, an affiliate of Wexford. c. Prior to the 2017 Stingray Acquisition, the 2017 Stingray Companies provided certain services to the Company and, from time to time, the 2017 Stingray Companies paid for goods and services on behalf of the Company. d. Everest, a subsidiary of Wexford, has historically provided office space and certain technical, administrative and payroll services to the Company and the Company has reimbursed Everest in amounts determined by Everest based on estimates of the amount of office space provided and the amount of employees’ time spent performing services for the Company. e. Wexford provides certain administrative and analytical services to the Company and, from time to time, the Company pays for goods and services on behalf of Wexford. f. Mammoth leases office space from Caliber, an entity controlled by Wexford. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Aggregate future minimum payments under the Company's non-cancelable operating, capital spend commitments and minimum purchase commitments as of December 31, 2018 are as follows (in thousands): Year ended December 31: Operating Leases Capital Spend Commitments Minimum Purchase Commitments (a) 2019 $ 20,161 $ 10,557 $ 32,483 2020 16,579 — 19,679 2021 12,567 — 501 2022 9,329 — 12 2023 5,000 — 12 Thereafter 2,548 — 4 $ 66,184 $ 10,557 $ 52,691 a. Included in these amounts are sand purchase commitments of $47.1 million . Pricing for certain sand purchase agreements is variable and, therefore, the total sand purchase commitments could be as much as $53.7 million . The minimum amount due in the form of shortfall fees under certain sand purchase agreements was $3.6 million as of December 31, 2018 . |
Schedule Of Letters Of Credit | The letters of credit are categorized below (in thousands): December 31, 2018 2017 Insurance programs $ 4,105 $ 2,486 Environmental remediation 3,877 3,582 Rail car commitments 455 455 Total letters of credit $ 8,437 $ 6,523 |
Reporting Segments and Geogra_2
Reporting Segments and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2018 Infrastructure Pressure Pumping Sand All Other Eliminations Total Revenue from external customers $ 1,082,371 $ 362,491 $ 100,816 $ 144,406 $ — $ 1,690,084 Intersegment revenues — 7,001 67,459 5,516 (79,976 ) — Total revenue 1,082,371 369,492 168,275 149,922 (79,976 ) 1,690,084 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 608,017 223,296 126,714 135,777 — 1,093,804 Intersegment cost of revenues 2,583 70,365 6,103 898 (79,949 ) — Total cost of revenue 610,600 293,661 132,817 136,675 (79,949 ) 1,093,804 Selling, general and administrative (a) 27,126 29,761 6,218 9,992 — 73,097 Depreciation, depletion, amortization and accretion 20,516 51,487 13,519 34,355 — 119,877 Impairment of long-lived assets 308 143 — 8,404 — 8,855 Operating income (loss) 423,821 (5,560 ) 15,721 (39,504 ) (27 ) 394,451 Interest expense 423 1,171 234 1,359 — 3,187 Other expense 573 434 525 504 — 2,036 Income (loss) before income taxes $ 422,825 $ (7,165 ) $ 14,962 $ (41,367 ) $ (27 ) $ 389,228 Total expenditures for property, plant and equipment $ 100,701 $ 33,774 $ 17,935 $ 39,533 $ — $ 191,943 As of December 31, 2018: Goodwill $ 3,828 $ 86,043 $ 2,684 $ 8,690 $ — $ 101,245 Intangible assets, net $ 1,650 $ 4,059 $ — $ 2,047 $ — $ 7,756 Total assets $ 366,457 $ 254,278 $ 177,870 $ 122,442 $ 152,044 $ 1,073,091 a. Included in Pressure Pumping selling, general and administrative expense is non-cash equity based compensation expense of $17.5 million . Year Ended December 31, 2017 Infrastructure Pressure Pumping Sand All Other Eliminations Total Revenue from external customers $ 224,425 $ 277,326 $ 90,023 $ 99,722 $ — $ 691,496 Intersegment revenue — 2,026 27,014 2,527 (31,567 ) — Total revenue 224,425 279,352 117,037 102,249 (31,567 ) 691,496 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 120,117 183,089 91,049 88,314 — 482,569 Intersegment cost of revenues 1,443 28,147 1,731 211 (31,532 ) — Total cost of revenue 121,560 211,236 92,780 88,525 (31,532 ) 482,569 Selling, general and administrative 21,606 9,501 8,190 10,589 — 49,886 Depreciation and amortization 3,185 45,413 9,394 34,132 — 92,124 Impairment of long-lived assets — — 324 3,822 — 4,146 Operating income (loss) 78,074 13,202 6,349 (34,819 ) (35 ) 62,771 Interest expense 241 1,622 679 1,768 — 4,310 Bargain purchase gain — — (4,012 ) — — (4,012 ) Other expense 6 129 211 331 — 677 Income (loss) before income taxes $ 77,827 $ 11,451 $ 9,471 $ (36,918 ) $ (35 ) $ 61,796 Total expenditures for property, plant and equipment $ 20,144 $ 85,853 $ 16,376 $ 11,480 $ — $ 133,853 As of December 31, 2017: Goodwill $ 891 $ 86,043 $ 2,684 $ 10,193 $ — $ 99,811 Intangible assets, net $ 1,770 $ 12,392 $ — $ 1,977 $ — $ 16,139 Total assets $ 205,275 $ 297,140 $ 190,859 $ 255,641 $ (81,672 ) $ 867,243 Year Ended December 31, 2016 Pressure Pumping Well Services Sand Drilling Other Energy Services Eliminations Total Revenue from external customers $ 123,856 $ 10,024 $ 33,835 $ 32,043 $ 30,867 $ — $ 230,625 Intersegment revenues 569 79 4,267 — — (4,915 ) — Total revenue 124,425 10,103 38,102 32,043 30,867 (4,915 ) 230,625 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 82,552 13,540 31,895 31,848 13,186 — 173,021 Intersegment cost of revenues 4,336 26 561 (8 ) — (4,915 ) — Total cost of revenue 86,888 13,566 32,456 31,840 13,186 (4,915 ) 173,021 Selling, general and administrative 4,327 2,336 3,337 5,625 2,423 — 18,048 Depreciation, depletion, amortization and accretion 37,013 5,128 6,483 21,512 2,179 — 72,315 Impairment of long-lived assets 139 1,385 — 347 — — 1,871 Operating loss (3,942 ) (12,312 ) (4,174 ) (27,281 ) 13,079 — (34,630 ) Interest expense 599 134 434 2,829 100 — 4,096 Other expense (income) 27 (566 ) 96 248 37 — (158 ) (Loss) income before income taxes $ (4,568 ) $ (11,880 ) $ (4,704 ) $ (30,358 ) $ 12,942 $ — $ (38,568 ) Total expenditures for property, plant and equipment 7,673 405 528 2,709 425 — 11,740 As of December 31, 2016: Goodwill $ 86,043 $ — $ 2,684 $ — $ — $ — $ 88,727 Intangible assets, net $ 21,435 $ 132 $ — $ — $ — $ — $ 21,567 Total assets $ 197,635 $ 128,698 $ 109,128 $ 99,868 $ 48,653 $ (81,620 ) $ 502,362 |
Revenue from External Customers by Geographic Areas | The following table presents consolidated revenues by country based on sales destination of the products or services (in thousands): Year Ended December 31, 2018 2017 2016 United States $ 654,506 $ 471,745 $ 196,573 Puerto Rico 1,022,558 203,087 — Canada 13,020 16,664 34,052 Total $ 1,690,084 $ 691,496 $ 230,625 |
Long-lived Assets by Geographic Areas | The following table presents long-lived assets, excluding deferred income tax assets, by country (in thousands): Year Ended December 31, 2018 2017 2016 United States $ 571,555 $ 515,904 $ 389,575 Puerto Rico 32,604 6,923 — Canada 19,376 23,254 23,848 Total $ 623,535 $ 546,081 $ 413,423 |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Three Months Ended March 31, June 30, September 30, December 31, Total 2018 2018 2018 2018 (in thousands, except per share data) Revenue from external customers $ 433,699 $ 483,253 $ 361,323 $ 268,576 $ 1,546,851 Revenue from related parties 60,550 50,341 22,720 9,622 143,233 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 326,101 339,828 247,565 180,310 1,093,804 Selling, general and administrative expenses (a, b) 38,511 65,127 (45,324 ) 14,783 73,097 Depreciation, depletion, amortization and accretion 26,908 30,795 32,015 30,159 119,877 Impairment of long-lived assets — 187 4,582 4,086 8,855 Operating income 102,729 97,657 145,205 48,860 394,451 Interest expense 1,237 959 458 533 3,187 Other expense 28 486 400 1,122 2,036 Income before income taxes 101,464 96,212 144,347 47,205 389,228 Provision for income taxes 45,918 53,512 74,835 (21,002 ) 153,263 Net income $ 55,546 $ 42,700 $ 69,512 $ 68,207 $ 235,965 Net income per share (basic) (Note 16) $ 1.24 $ 0.95 $ 1.55 $ 1.52 $ 5.27 Net income per share (diluted) (Note 16) $ 1.24 $ 0.95 $ 1.54 $ 1.51 $ 5.24 Weighted average number of shares outstanding (Note 16) 44,650 44,737 44,756 44,845 44,750 Weighted average number of shares outstanding, including dilutive effect (Note 16) 44,884 45,059 45,082 45,048 45,021 a. Includes bad debt expense of $25.5 million and $28.3 million , respectively, for the three months ended March 31, 2018 and June 30, 2018 primarily related to specific reserves made related to the Company's contract with PREPA. During the three months ended September 30, 2018, the Company received payment for amounts previously reserved in 2017 related to the contract with PREPA. As a result, during the three months ended September 30, 2018, the Company reversed bad debt expense of $16.0 million recognized in 2017 and $53.6 million recognized in the first half of 2018. b. Includes $17.5 million for the three months ended June 30, 2018 related to non-employee non-cash equity compensation expense. Three Months Ended March 31, June 30, September 30, December 31, Total 2017 2017 2017 2017 (in thousands, except per share data) Revenue from external customers $ 30,464 $ 40,054 $ 78,389 $ 333,569 $ 482,476 Revenue from related parties 44,502 58,208 70,916 35,394 209,020 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 58,498 77,340 114,533 232,198 482,569 Selling, general and administrative expenses (a) 6,737 7,700 8,023 27,426 49,886 Depreciation, depletion, amortization and accretion 17,237 19,893 27,224 27,770 92,124 Impairment of long-lived assets — — — 4,146 4,146 Operating (loss) income (7,506 ) (6,671 ) (475 ) 77,423 62,771 Interest expense 397 1,112 1,420 1,381 4,310 Bargain purchase gain — (4,012 ) — — (4,012 ) Other expense (income) 184 202 319 (28 ) 677 (Loss) income before income taxes (8,087 ) (3,973 ) (2,214 ) 76,070 61,796 (Benefit) provision for income taxes (3,106 ) (2,804 ) (1,413 ) 10,155 2,832 Net (loss) income $ (4,981 ) $ (1,169 ) $ (801 ) $ 65,915 $ 58,964 Net (loss) income per share (basic) (Note 16) $ (0.13 ) $ (0.03 ) $ (0.02 ) $ 1.48 $ 1.42 Net (loss) income per share (diluted) (Note 16) $ (0.13 ) $ (0.03 ) $ (0.02 ) $ 1.48 $ 1.42 Weighted average number of shares outstanding (basic) (Note 16) 37,500 39,500 44,502 44,579 41,548 Weighted average number of shares outstanding (diluted) (Note 16) 37,500 39,500 44,502 44,683 41,639 a. Includes bad debt expense of $16.0 million for the three months ended December 31, 2017 primarily related to specific reserves made related to the Company's contract with PREPA. As noted above, the Company received payment from PREPA and, as a result, reversed the expense of $16.0 million during the three months ended September 30, 2018. |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 30, 2018 | Jun. 29, 2018 | Jun. 05, 2017 | Oct. 19, 2016 | Nov. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [2] |
Business Acquisition [Line Items] | |||||||||||
Shares issued (in shares) | 385,000 | ||||||||||
Sale of stock, price per share (in USD per share) | $ 38.01 | ||||||||||
Proceeds from initial public offering | $ 0 | $ 0 | $ 105,839 | ||||||||
Operating Entities | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued in acquisition (in shares) | 20,000,000 | ||||||||||
Sturgeon LLC and Stingray Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued in acquisition (in shares) | 7,000,000 | ||||||||||
IPO | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued (in shares) | 7,750,000 | ||||||||||
Sale of stock, price per share (in USD per share) | $ 15 | ||||||||||
Proceeds from initial public offering | $ 103,100 | ||||||||||
IPO | Mammoth Holdings, Gulfport and Rhino | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued (in shares) | 250,000 | ||||||||||
Over-Allotment Option | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued (in shares) | 600,000 | 7,500,000 | 7,500,000 | ||||||||
Secondary Public Offering | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued (in shares) | 4,000,000 | ||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Organization and Basis of Pre_4
Organization and Basis of Presentation - Ownership Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 44,876,649 | 44,589,306 |
% Ownership | 100.00% | 100.00% |
Wexford | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 21,988,473 | 25,009,319 |
% Ownership | 49.00% | 56.10% |
Gulfport | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 9,826,893 | 11,171,887 |
% Ownership | 21.90% | 25.10% |
Rhino | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 104,100 | 568,794 |
% Ownership | 0.20% | 1.30% |
Outstanding shares owned by related parties | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 31,919,466 | 36,750,000 |
% Ownership | 71.10% | 82.50% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) $ in Millions | Dec. 31, 2018CAD ($) |
Accounting Policies [Abstract] | |
Cash | $ 1.9 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Balance, Period Start | $ 21,737 | $ 5,377 | $ 4,012 | ||
Additions charged to expense | (14,578) | 16,206 | [1] | 1,968 | [2] |
Deductions for uncollectible receivables written off | (1,950) | (25) | (603) | ||
Additions - other | 179 | ||||
Additions charged to expense | (14,589) | ||||
Balance, Period End | 5,198 | 21,737 | $ 5,377 | ||
Cobra Acquisitions | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Additions charged to expense | $ 16,000 | ||||
Oil And Natural Gas Industry | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Additions charged to expense | $ 1,400 | ||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [2] | |
Property, Plant and Equipment [Line Items] | |||||
Amortization of coil tubing strings | $ 2,193 | $ 2,855 | $ 2,028 | ||
Coil Tubing Strings | |||||
Property, Plant and Equipment [Line Items] | |||||
Inventory useful life (no longer than) | 12 months | ||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Impairment of long-lived assets | $ 4.3 | $ 4.1 | $ 1.9 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Impairment | $ 3,203,000 | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Assets Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance as of beginning of period | $ 2,123 | $ 260 |
Additions | 989 | 0 |
Liabilities assumed through acquisition | 0 | 1,732 |
Accretion expense | 60 | 124 |
Foreign currency translation adjustment | (8) | 7 |
Asset retirement obligation as of end of period | $ 3,164 | $ 2,123 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Amortizable Intangible Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of finite lived intangible assets | $ 0 | $ 0 | ||
Impairment of intangible | $ 1,379,000 | $ 0 | $ 0 | |
Cementing | Customer relationships | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of finite lived intangible assets | $ 1,000,000 | |||
Impairment of intangible | 1,000,000 | |||
Cementing | Trade names | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of finite lived intangible assets | $ 200,000 | |||
Impairment of intangible | 200,000 | |||
Silverback Energy | Trade names | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible | $ 200,000 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from insurance settlement, operating activities | $ 500 | ||
Accounts receivable, net | $ 337,460 | $ 243,746 | |
Deferred revenue | 4,304 | 15,210 | |
Unbilled Revenues | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 56,200 | 65,900 | |
Accounts receivable, related parties | $ 4,100 | $ 9,100 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Income Taxes (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |
Total effect of income tax reform | $ 31 |
Unrecognized tax benefits | $ 0 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Customer A | REVENUES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 60.00% | 29.00% | 0.00% |
Customer A | ACCOUNTS RECEIVABLE | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 65.00% | 56.00% | |
Customer B | REVENUES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 8.00% | 30.00% | 57.00% |
Customer B | ACCOUNTS RECEIVABLE | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 3.00% | 12.00% | |
Customer C | REVENUES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.00% | 1.00% | 11.00% |
Customer C | ACCOUNTS RECEIVABLE | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.00% | 0.00% |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - New Accounting Guidance (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2018 |
Scenario, Forecast | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease asset | $ 60 | |
Lease liability | 60 | |
Non-Employees Member | Payout Provision | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Fair value of the award as of the modification dates or grant date | $ 18.9 | |
Non-Employees Member | Payout Provision | Scenario, Forecast | Accounting Standards Update 2018-07 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Fair value of the award as of the modification dates or grant date | $ 18.9 |
Revenues Revenues - Narrative (
Revenues Revenues - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Jan. 01, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Increase for deferral of shortfall payments | $ 4,246,000 | ||
Recognized revenue | 15,000,000 | ||
Contract assets | $ 0 | $ 0 | |
Shortfall Payments | |||
Disaggregation of Revenue [Line Items] | |||
Recognized revenue | $ 1,500,000 |
Revenues Revenues - Schedule of
Revenues Revenues - Schedule of Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Contract with Customer, Liability [Roll Forward] | |
Balance, January 1, 2018 | $ 15,000 |
Deduction for recognition of revenue | (15,000) |
Increase for deferral of shortfall payments | 4,246 |
Increase for deferral of customer prepayments | 58 |
Balance, December 31, 2018 | $ 4,304 |
Revenues Revenues - Performance
Revenues Revenues - Performance Obligations (Details) $ in Millions | Dec. 31, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Unsatisfied performance obligations | $ 136.9 |
Performance obligation, timing of satisfaction period | 3 years |
Acquisitions Acquisitions - ARS
Acquisitions Acquisitions - ARS and Brim Equipment Acquisition Narrative (Details) $ in Thousands | Dec. 21, 2018USD ($)hellicopter | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | [1] | Dec. 31, 2016USD ($) | [2] |
Business Acquisition [Line Items] | ||||||
Cash paid to acquire a business | $ 20,824 | $ 42,008 | $ 0 | |||
Air Rescue Systems Corporation and Brim Equipment Assets | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition related costs | $ 300 | |||||
Cobra Aviation Services LLC | ||||||
Business Acquisition [Line Items] | ||||||
Number of assets purchased | hellicopter | 2 | |||||
Cobra Aviation Services LLC | ARS | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid to acquire a business | $ 2,400 | |||||
Consideration to be paid upon completion of contractual obligations | 300 | |||||
Total consideration transferred | 4,200 | |||||
Brim Acquisitions LLC | ||||||
Business Acquisition [Line Items] | ||||||
Initial capital of acquisition | $ 2,000 | |||||
Brim Acquisitions LLC | Cobra Aviation Services LLC | ||||||
Business Acquisition [Line Items] | ||||||
Equity method investment, ownership percentage | 49.00% | |||||
Brim Acquisitions LLC | Wexford Partners Investment Co. LLC | ||||||
Business Acquisition [Line Items] | ||||||
Equity method investment, ownership percentage | 51.00% | |||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Acquisitions Acquisitions - Sch
Acquisitions Acquisitions - Schedule of Assets Acquired and Liabilities Assumed Air Rescue Systems and Brim Equipment Assets (Details) - USD ($) $ in Thousands | Dec. 21, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 101,245 | $ 99,811 | $ 88,727 | |
Cobra Aviation Services LLC | ARS | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 146 | |||
Property, plant and equipment | 1,702 | |||
Identifiable intangible assets | 120 | |||
Goodwill | 694 | |||
Other assets | 5 | |||
Total assets acquired | $ 2,667 | |||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 20 years | |||
Cobra Aviation Services LLC | Brim Equipment Assets | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 0 | |||
Property, plant and equipment | 1,990 | |||
Identifiable intangible assets | 0 | |||
Goodwill | 2,243 | |||
Other assets | 0 | |||
Total assets acquired | $ 4,233 |
Acquisitions Acquisitions - A_2
Acquisitions Acquisitions - ARS and Brim Equipment Pro Forma Information (Details) - Cobra Aviation Services LLC - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
ARS | ||
Business Acquisition [Line Items] | ||
Revenues | $ 0 | |
Net loss | (25) | |
Depreciation | 20 | |
Revenues | 3,055 | $ 2,641 |
Net (loss) income | 207 | (39) |
Brim Equipment Assets | ||
Business Acquisition [Line Items] | ||
Revenues | 0 | |
Net loss | 0 | |
Revenues | 4,478 | 1,448 |
Net (loss) income | $ 2,410 | $ 459 |
Acquisitions - WTL Oil Acquisit
Acquisitions - WTL Oil Acquisition Narrative (Details) - USD ($) $ in Thousands | May 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [2] |
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 20,824 | $ 42,008 | $ 0 | ||||
WTL Oil LLC | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 5,500 | ||||||
Consideration receivable | $ 600 | ||||||
Cash paid to acquire a business | $ 600 | ||||||
Acquisition related costs | $ 100 | ||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed WTL Oil (Details) - USD ($) $ in Thousands | May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 101,245 | $ 99,811 | $ 88,727 | |
WTL Oil LLC | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment | $ 2,960 | |||
Goodwill | 1,567 | |||
Total assets acquired | $ 6,107 | |||
Minimum | WTL Oil LLC | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 10 years | |||
Maximum | WTL Oil LLC | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 20 years | |||
Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 6 years 10 months 15 days | |||
Customer relationships | WTL Oil LLC | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | $ 930 | |||
Trade names | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 8 years 11 months 20 days | |||
Trade names | WTL Oil LLC | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | $ 650 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information WTL Oil Acquisition (Details) - WTL Oil LLC - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 7,511 | |
Net loss | (149) | |
Revenues | 10,270 | $ 4,229 |
Net (loss) income | (64) | $ 165 |
Depreciation | $ 1,000 |
Acquisitions - RTS Energy Servi
Acquisitions - RTS Energy Services Acquisition Narrative (Details) - USD ($) $ in Thousands | Jun. 15, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [2] |
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 20,824 | $ 42,008 | $ 0 | ||||
RTS Energy Services LLC | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 7,600 | $ 500 | |||||
Consideration receivable | $ 500 | ||||||
Acquisition related costs | $ 100 | ||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Acquisitions - Schedule of As_2
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed, RTS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 15, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 101,245 | $ 99,811 | $ 88,727 | |
RTS Energy Services LLC | ||||
Business Acquisition [Line Items] | ||||
Inventories | $ 180 | |||
Property, plant and equipment | 7,787 | |||
Goodwill | 133 | |||
Total assets acquired | $ 8,100 |
Acquisitions - Pro Forma Info_2
Acquisitions - Pro Forma Information, RTS (Details) - RTS Energy Services LLC - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 6,682 | |
Net loss | (3,210) | |
Depreciation | 900 | |
Revenues | 16,212 | $ 20,877 |
Net (loss) income | $ (4,066) | $ 1,141 |
Acquisitions - Acquisition of 5
Acquisitions - Acquisition of 5 Star Narrative (Details) - USD ($) | Jul. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | |
Business Acquisition [Line Items] | ||||||
Cash paid to acquire a business | $ 20,824,000 | $ 42,008,000 | [1] | $ 0 | ||
5 Star | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid to acquire a business | $ 2,400,000 | |||||
Acquisition related costs | 100,000 | |||||
Revenues | 143,302,000 | 25,216,000 | ||||
Depreciation | 3,500,000 | 800,000 | ||||
Maximum | 5 Star | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangible asset, useful life (in years) | 10 years | |||||
Intercompany elimination | 5 Star | ||||||
Business Acquisition [Line Items] | ||||||
Revenues | $ 112,600,000 | $ 16,000,000 | ||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Acquisitions - Schedule Of As_3
Acquisitions - Schedule Of Assets Acquired and Liabilities Assumed 5 Star (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 101,245 | $ 99,811 | $ 88,727 | |
5 Star | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 2,440 | |||
Property, plant and equipment | 1,863 | |||
Goodwill | 248 | |||
Total assets acquired | 4,851 | |||
Long-term debt and other liabilities | 2,413 | |||
Total liabilities assumed | 2,413 | |||
Net assets acquired | 2,438 | |||
Trade names | 5 Star | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | $ 300 |
Acquisitions - Pro Forma, 5 Sta
Acquisitions - Pro Forma, 5 Star (Details) - 5 Star - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 143,302,000 | $ 25,216,000 |
Net income | $ 4,149,000 | 4,191,000 |
Revenues | 31,548,000 | |
Net income (loss) | $ 3,910,000 |
Acquisitions - Acquisition of H
Acquisitions - Acquisition of Higher Power Narrative (Details) - USD ($) | Apr. 21, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | |
Business Acquisition [Line Items] | ||||||
Cash paid to acquire a business | $ 20,824,000 | $ 42,008,000 | [1] | $ 0 | ||
Higher Power | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | $ 4,000,000 | |||||
Cash paid to acquire a business | 3,300,000 | |||||
Business combination, contingent consideration, liability | $ 800,000 | |||||
Business combination, contingent consideration, payment term | 3 years | |||||
Transaction related costs expensed | 100,000 | |||||
Revenues | 220,281,000 | 39,571,000 | ||||
Depreciation | 7,100,000 | 2,000,000 | ||||
Intercompany elimination | Higher Power | ||||||
Business Acquisition [Line Items] | ||||||
Revenues | $ 191,200,000 | $ 27,400,000 | ||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Acquisitions - Schedule of As_4
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed. High Power Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 21, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 101,245 | $ 99,811 | $ 88,727 | |
Higher Power | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment | $ 1,744 | |||
Goodwill | 643 | |||
Total assets acquired | 4,000 | |||
Customer relationships | Higher Power | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | $ 1,613 |
Acquisitions - Pro Forma Info_3
Acquisitions - Pro Forma Information High Power Acquisition (Details) - Higher Power - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 220,281,000 | $ 39,571,000 |
Net income | (5,868,000) | 5,127,000 |
Depreciation | 7,100,000 | 2,000,000 |
Revenues | 42,343,000 | |
Net income (loss) | 5,004,000 | |
Intercompany elimination | ||
Business Acquisition [Line Items] | ||
Revenues | $ 191,200,000 | $ 27,400,000 |
Acquisitions - Narrative Sturge
Acquisitions - Narrative Sturgeon Acquisitions (Details) - USD ($) | Jun. 05, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | |
Sturgeon Acquisitions LLC | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (in shares) | $ 5,607,452 | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | ||
Business acquisition, share price (in USD per share) | $ 18.50 | ||
Total consideration transferred | $ 103,700,000 | ||
Transaction related costs expensed | $ 1,300,000 |
Acquisitions - Chieftain Acquis
Acquisitions - Chieftain Acquisition Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | ||
Business Acquisition [Line Items] | |||||
Cash paid to acquire a business | $ 20,824 | $ 42,008 | [1] | $ 0 | |
Intercompany elimination | Chieftain Acquisition | |||||
Business Acquisition [Line Items] | |||||
Transaction related costs expensed | $ 800 | ||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Acquisitions - Schedule of As_5
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed Chieftrain Sand and Proppant LLC (Details) - USD ($) $ in Thousands | May 24, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | [1],[2] | Dec. 31, 2016 | [3],[4] |
Business Acquisition [Line Items] | ||||||||||
Bargain purchase gain, net of tax | $ 0 | $ 0 | $ (4,012) | $ 0 | $ 0 | $ (4,012) | $ 0 | |||
Chieftain Acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property, plant and equipment | $ 23,373 | |||||||||
Sand reserves | 20,910 | |||||||||
Total assets acquired | 44,283 | |||||||||
Asset retirement obligation | 1,732 | |||||||||
Total liabilities assumed | 1,732 | |||||||||
Total allocation of purchase price | 42,551 | |||||||||
Bargain purchase gain, net of tax | (6,231) | |||||||||
Total purchase price | 36,320 | |||||||||
Bargain purchase, gain recognized, tax amount | $ 2,200 | |||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | |||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Acquisitions - Pro Forma Info_4
Acquisitions - Pro Forma Information Chieftain Sand and Proppant LLC (Details) - Chieftain Acquisition - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 52,628 | $ 22,847 |
Net income | 8,379 | 5,520 |
Depreciation | 4,900 | 2,800 |
Revenues | 22,847 | |
Net income | 5,655 | |
Intercompany elimination | ||
Business Acquisition [Line Items] | ||
Revenues | $ 14,800 | $ 12,300 |
Acquisitions - Stingray Acquisi
Acquisitions - Stingray Acquisition Narrative (Details) | Jun. 05, 2017USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017$ / shares | May 12, 2017agreement |
Business Acquisition [Line Items] | ||||
Number of contribution agreements entered into | agreement | 2 | |||
Common stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Stingray Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Issuance of common stock (in shares) | $ | $ 1,392,548 | |||
Common stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | |||
Business acquisition, share price (in USD per share) | $ / shares | $ 18.50 | |||
Total consideration transferred | $ | $ 25,762,000 | |||
Transaction related costs expensed | $ | $ 200,000 |
Acquisitions - Consideration Tr
Acquisitions - Consideration Transferred Stingray Acquisition (Details) $ in Thousands | Jun. 05, 2017USD ($) |
Cementing | |
Business Acquisition [Line Items] | |
Total consideration transferred | $ 12,975 |
SR Energy | |
Business Acquisition [Line Items] | |
Total consideration transferred | 12,787 |
Stingray Acquisitions | |
Business Acquisition [Line Items] | |
Total consideration transferred | $ 25,762 |
Acquisitions - Schedule of As_6
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed, Stingray (Details) - USD ($) $ in Thousands | Jun. 05, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 101,245 | $ 99,811 | $ 88,727 | |
Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 6 years 10 months 15 days | |||
Trade names | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 8 years 11 months 20 days | |||
SR Energy | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 1,611 | |||
Accounts receivable, net | 3,913 | |||
Receivables from related parties | 3,684 | |||
Inventories | 0 | |||
Prepaid expenses | 35 | |||
Property, plant and equipment | 13,061 | |||
Goodwill | 3,929 | |||
Other assets | 7 | |||
Total assets acquired | 26,790 | |||
Accounts payable and accrued liabilities | 5,890 | |||
Long-term debt | 5,074 | |||
Deferred tax liability | 3,039 | |||
Total liabilities assumed | 14,003 | |||
Net assets acquired | 12,787 | |||
SR Energy | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | 0 | |||
SR Energy | Trade names | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | 550 | |||
Cementing | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 1,060 | |||
Accounts receivable, net | 495 | |||
Receivables from related parties | 1,418 | |||
Inventories | 306 | |||
Prepaid expenses | 32 | |||
Property, plant and equipment | 7,459 | |||
Goodwill | 6,264 | |||
Other assets | 0 | |||
Total assets acquired | 18,444 | |||
Accounts payable and accrued liabilities | 2,063 | |||
Long-term debt | 2,000 | |||
Deferred tax liability | 1,406 | |||
Total liabilities assumed | 5,469 | |||
Net assets acquired | 12,975 | |||
Cementing | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | 1,140 | |||
Cementing | Trade names | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | 270 | |||
Stingray Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 2,671 | |||
Accounts receivable, net | 4,408 | |||
Receivables from related parties | 5,102 | |||
Inventories | 306 | |||
Prepaid expenses | 67 | |||
Property, plant and equipment | 20,520 | |||
Goodwill | 10,193 | |||
Other assets | 7 | |||
Total assets acquired | 45,234 | |||
Accounts payable and accrued liabilities | 7,953 | |||
Long-term debt | 7,074 | |||
Deferred tax liability | 4,445 | |||
Total liabilities assumed | 19,472 | |||
Net assets acquired | 25,762 | |||
Stingray Acquisitions | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | 1,140 | |||
Stingray Acquisitions | Trade names | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets | $ 820 | |||
Minimum | Stingray Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 5 years | |||
Maximum | Stingray Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 10 years |
Acquisitions - Pro Forma Stingr
Acquisitions - Pro Forma Stingray Acquisitions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
SR Energy | ||
Business Acquisition [Line Items] | ||
Revenues | $ 29,287,000 | $ 11,572,000 |
Net loss | (2,539,000) | (1,626,000) |
Depreciation | 5,400,000 | 3,400,000 |
Cementing | ||
Business Acquisition [Line Items] | ||
Revenues | 6,426,000 | 7,500,000 |
Net loss | (5,869,000) | (1,963,000) |
Depreciation | 1,500,000 | 4,100,000 |
Asset impairment charges | 4,400,000 | |
Stingray Acquisitions | ||
Business Acquisition [Line Items] | ||
Revenues | 35,142,000 | |
Net (loss) income | (4,066,000) | |
Intercompany elimination | SR Energy | ||
Business Acquisition [Line Items] | ||
Revenues | 3,000,000 | 600,000 |
Intercompany elimination | Cementing | ||
Business Acquisition [Line Items] | ||
Depreciation | $ 300,000 | $ 0 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Supplies | $ 12,571 | $ 9,437 |
Raw materials | 199 | 219 |
Work in process | 3,273 | 2,370 |
Finished goods | 5,259 | 5,788 |
Total inventory | $ 21,302 | $ 17,814 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 769,084 | $ 587,298 | |||
Deposits on equipment and equipment in process of assembly | 16,865 | 20,348 | |||
Property, plant and equipment, gross | 785,949 | 607,646 | |||
Less: accumulated depreciation, depletion, amortization and accretion | 349,250 | 256,629 | |||
Property, plant and equipment, net | 436,699 | 351,017 | |||
Accumulated depreciation for assets under capital leases | 600 | 800 | |||
Proceeds from disposal of property and equipment | 1,514 | 907 | [1] | $ 4,022 | [2] |
Gain on disposal of property and equipment | (947) | (69) | [1] | 702 | [2] |
Pressure pumping equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 208,968 | 190,211 | |||
Pressure pumping equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 3 years | ||||
Pressure pumping equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 5 years | ||||
Drilling rigs and related equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 122,198 | 132,260 | |||
Proceeds from disposal of property and equipment | 1,000 | 500 | 700 | ||
Gain on disposal of property and equipment | $ 900 | 300 | $ 400 | ||
Drilling rigs and related equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 3 years | ||||
Drilling rigs and related equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 15 years | ||||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 173,867 | 97,569 | |||
Assets under capital lease | $ 1,800 | 1,800 | |||
Machinery and equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 7 years | ||||
Machinery and equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 20 years | ||||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 46,380 | 45,992 | |||
Buildings | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 15 years | ||||
Buildings | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 39 years | ||||
Vehicles, trucks and trailers | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 132,337 | 54,055 | |||
Vehicles, trucks and trailers | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 5 years | ||||
Vehicles, trucks and trailers | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 10 years | ||||
Coil tubing equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 29,128 | 28,053 | |||
Coil tubing equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 4 years | ||||
Coil tubing equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 10 years | ||||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 14,235 | 11,317 | |||
Land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 9,614 | 9,614 | |||
Land improvements | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 15 years | ||||
Rail improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 13,806 | 5,540 | |||
Rail improvements | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 10 years | ||||
Rail improvements | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 20 years | ||||
Other property and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant, and equipment | $ 18,551 | 12,687 | |||
Other property and equipment | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 3 years | ||||
Other property and equipment | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful Life | 12 years | ||||
Vehicles, trucks and trailers | |||||
Property, Plant and Equipment [Line Items] | |||||
Assets under capital lease | $ 300 | $ 1,000 | |||
Deposits on equipment and equipment in process of assembly [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Assets under capital lease | $ 1,700 | ||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Depreciation, Amortization, Accretion, and Depletion (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Property, Plant and Equipment [Abstract] | |||||||||||||
Depreciation expense | $ 107,634 | $ 81,191 | $ 62,196 | ||||||||||
Accretion and depletion expense (see Note 2) | 3,539 | 1,632 | 1,048 | ||||||||||
Amortization expense (see Note 8) | 8,704 | 9,301 | 9,071 | ||||||||||
Depreciation, depletion, amortization and accretion | $ 30,159 | $ 32,015 | $ 30,795 | $ 26,908 | $ 27,770 | $ 27,224 | $ 19,893 | $ 17,237 | 119,877 | 92,124 | [1] | 72,315 | [2] |
Depreciation expense for assets under capital leases | $ 500 | $ 400 | $ 500 | ||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Impairments (Details)
Impairments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Property, Plant and Equipment [Line Items] | |||||||||||||
Impairment of goodwill | $ 3,203,000 | $ 0 | $ 0 | ||||||||||
Impairment of intangible | 1,379,000 | 0 | 0 | ||||||||||
Impairment of long-lived assets | $ 4,086,000 | $ 4,582,000 | $ 187,000 | $ 0 | $ 4,146,000 | $ 0 | $ 0 | $ 0 | 8,855,000 | 4,146,000 | [1],[2] | 1,871,000 | [3],[4] |
Impairment of long-lived assets held for use | 4,300,000 | 4,100,000 | 1,900,000 | ||||||||||
Drilling Rigs | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Asset impairment charges | 3,966,000 | 3,822,000 | 347,000 | ||||||||||
Flowback equipment | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Asset impairment charges | 0 | 0 | 1,385,000 | ||||||||||
Other property, plant and equipment | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Asset impairment charges | 307,000 | $ 324,000 | $ 139,000 | ||||||||||
Cementing | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Impairment of goodwill | $ 3,200,000 | 3,200,000 | |||||||||||
Cementing | Customer relationships | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Impairment of intangible | 1,000,000 | ||||||||||||
Cementing | Trade names | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Impairment of intangible | 200,000 | ||||||||||||
Silverback Energy | Trade names | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Impairment of intangible | $ 200,000 | ||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | ||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 7,756 | $ 16,139 | $ 21,567 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 2,255 | 35,795 | |
Less: accumulated amortization | (544) | (26,172) | |
Intangible assets, net | 1,711 | 9,623 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 9,063 | 8,793 | |
Less: accumulated amortization | (3,018) | (2,277) | |
Intangible assets, net | $ 6,045 | $ 6,516 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 8,704,000 | $ 9,301,000 | $ 9,071,000 | |
Impairment | 3,203,000 | 0 | 0 | |
Impairment of finite lived intangible assets | 0 | 0 | ||
Impairment of intangible | $ 1,379,000 | $ 0 | $ 0 | |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 6 years 10 months 15 days | |||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 8 years 11 months 20 days | |||
Minimum | Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 6 years | |||
Minimum | Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 10 years | |||
Maximum | Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 10 years | |||
Maximum | Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 20 years | |||
Cementing | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | $ 3,200,000 | $ 3,200,000 | ||
Cementing | Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of finite lived intangible assets | 1,000,000 | |||
Impairment of intangible | 1,000,000 | |||
Cementing | Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of finite lived intangible assets | $ 200,000 | |||
Impairment of intangible | 200,000 | |||
Silverback Energy | Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible | $ 200,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Aggregated Expected Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2019 | $ 1,135 | ||
2020 | 1,135 | ||
2021 | 1,129 | ||
2022 | 1,108 | ||
2023 | 991 | ||
Thereafter | 2,258 | ||
Intangible assets, net | $ 7,756 | $ 16,139 | $ 21,567 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule Of Changes in Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||
Goodwill, period start | $ 99,811,000 | $ 88,727,000 | |
Impairment | (3,203,000) | 0 | $ 0 |
Goodwill, period end | 101,245,000 | 99,811,000 | $ 88,727,000 |
Stingray Acquisitions | |||
Goodwill [Roll Forward] | |||
Additions | 10,193,000 | ||
Higher Power | |||
Goodwill [Roll Forward] | |||
Additions | 643,000 | ||
5 Star | |||
Goodwill [Roll Forward] | |||
Additions | $ 248,000 | ||
WTL Oil LLC | |||
Goodwill [Roll Forward] | |||
Additions | 1,567,000 | ||
RTS Energy Services LLC | |||
Goodwill [Roll Forward] | |||
Additions | 133,000 | ||
ARS | |||
Goodwill [Roll Forward] | |||
Additions | 694,000 | ||
Brim Equipment Assets | |||
Goodwill [Roll Forward] | |||
Additions | $ 2,243,000 |
Equity Method Investment (Detai
Equity Method Investment (Details) - USD ($) $ in Thousands | Dec. 21, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Cash paid to acquire a business | $ 20,824 | $ 42,008 | $ 0 | [2] | ||
Loss from equity investee | 16 | $ 0 | $ 0 | |||
Brim Acquisitions LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Initial capital of acquisition | $ 2,000 | |||||
Carrying value of equity method investment | 1,000 | |||||
Loss from equity investee | $ 20 | |||||
Cobra Aviation Services LLC | Brim Acquisitions LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Economic interest | 49.00% | |||||
Cobra Aviation Services LLC | Brim Equipment Assets | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cash paid to acquire a business | $ 1,400 | |||||
Business combination, contingent consideration, liability | $ 600 | |||||
Wexford Partners Investment Co. LLC | Brim Acquisitions LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Economic interest | 51.00% | |||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Accrued compensation, benefits and related taxes | $ 20,898 | $ 11,552 |
State and local taxes payable | 18,687 | 2,126 |
Financed insurance premiums | 6,761 | 4,876 |
Insurance reserves | 4,678 | 2,942 |
Deferred revenue | 4,304 | 15,210 |
Other | 4,324 | 4,189 |
Total | $ 59,652 | $ 40,895 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Payables and Accruals [Abstract] | ||
Financed insurance premium interest rate, percent | 3.45% | 2.75% |
Debt (Details)
Debt (Details) | Oct. 19, 2018 | Jun. 30, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | ||||
Outstanding borrowing under the credit facility | $ 0 | $ (99,900,000) | ||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Remaining borrowing capacity | $ 175,800,000 | 62,800,000 | ||
Maximum leverage ratio | 4 | |||
Debt covenant, minimum availability required | $ 10,000,000 | |||
Revolving Credit Facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Interest coverage ratio | 3 | |||
Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Remaining borrowing capacity | $ 8,400,000 | $ 6,500,000 | ||
Sturgeon Acquisitions LLC | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 25,000,000 | |||
Basis spread on variable rate, percent | 2.00% | |||
Debt instrument, term | 3 years | |||
Sturgeon Acquisitions LLC | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate, percent | 3.00% | |||
Line of Credit | Revolving Credit Facility | Domestic Rate | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate, percent | 1.00% | |||
Line of Credit | Revolving Credit Facility | Domestic Rate | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate, percent | 1.50% | |||
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate, percent | 2.00% | |||
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate, percent | 2.50% |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Capital lease obligations | $ 3,190 | $ 2,015 |
Equipment financing arrangement | 1,313 | 1,605 |
Other | 0 | 500 |
Total | 4,503 | 4,120 |
Less: Current portion of capital lease and equipment financing obligations included in accrued expenses and other current liabilities | 1,760 | 831 |
Total Other Liabilities | $ 2,743 | $ 3,289 |
Other Liabilities - Narrative (
Other Liabilities - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Financing arrangement, term | 5 years | |
Financing arrangement, stated interest rate | 4.60% | |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Capital lease, weighted average implied interest rate | 9.20% | 19.10% |
Other Liabilities - Schedule _2
Other Liabilities - Schedule of Future Payments Under Capital Lease (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Other Liabilities Disclosure [Abstract] | |
2019 | $ 1,901 |
2020 | 1,075 |
2021 | 775 |
2022 | 747 |
2023 | 387 |
Thereafter | 32 |
Total future minimum payments | 4,917 |
Less: interest payments | 414 |
Present value of future minimum payments | $ 4,503 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Apr. 06, 2018 | |
Variable Interest Entity [Line Items] | |||
% Ownership | 100.00% | 100.00% | |
Dire Wolf Energy Services LLC | Cobra Aviation Services LLC | |||
Variable Interest Entity [Line Items] | |||
Interest transferred | 100.00% | ||
Wexford | |||
Variable Interest Entity [Line Items] | |||
% Ownership | 49.00% | 56.10% | |
ARS [Member] | |||
Variable Interest Entity [Line Items] | |||
% Ownership | 100.00% |
Selling, General and Administ_3
Selling, General and Administrative Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Non-cash expenses: | |||||||||||||
Bad debt expense (Note 2) | $ (14,578) | $ 16,206 | [1] | $ 1,968 | [2] | ||||||||
Equity based compensation | 17,487 | 0 | [1] | 0 | [2] | ||||||||
Stock based compensation | 5,425 | 3,741 | [1] | 501 | [2] | ||||||||
Total SG&A expense | $ 14,783 | $ (45,324) | $ 65,127 | $ 38,511 | $ 27,426 | $ 8,023 | $ 7,700 | $ 6,737 | 73,097 | 49,886 | 18,048 | ||
Selling, General and Administrative Expenses | |||||||||||||
Cash expenses: | |||||||||||||
Compensation and benefits | 42,950 | 15,322 | 9,789 | ||||||||||
Professional services | 11,854 | 7,765 | 4,552 | ||||||||||
Other | 10,718 | 7,503 | 1,960 | ||||||||||
Total cash SG&A expense | 65,522 | 30,590 | 16,301 | ||||||||||
Non-cash expenses: | |||||||||||||
Bad debt expense (Note 2) | (14,578) | 16,098 | 1,246 | ||||||||||
Equity based compensation | 17,487 | 0 | 0 | ||||||||||
Stock based compensation | 4,666 | 3,198 | 501 | ||||||||||
Total non-cash SG&A expense | 7,575 | 19,296 | 1,747 | ||||||||||
Total SG&A expense | 73,097 | $ 49,886 | $ 18,048 | ||||||||||
Reversed bad debt expense | $ 16,000 | ||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Tax Disclosure [Abstract] | |||||||||||||
U.S. current income tax expense | $ 25,656 | $ 804 | $ 2,307 | ||||||||||
U.S. deferred income tax expense (benefit) | 25,372 | (27,764) | 47,957 | ||||||||||
Foreign current income tax expense | 75,381 | 36,565 | 3,594 | ||||||||||
Foreign deferred income tax expense (benefit) | 26,854 | (6,773) | 27 | ||||||||||
Total | $ (21,002) | $ 74,835 | $ 53,512 | $ 45,918 | $ 10,155 | $ (1,413) | $ (2,804) | $ (3,106) | $ 153,263 | $ 2,832 | [1] | $ 53,885 | [2] |
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Tax Disclosure [Abstract] | |||||||||||||
Income (loss) before income taxes | $ 47,205 | $ 144,347 | $ 96,212 | $ 101,464 | $ 76,070 | $ (2,214) | $ (3,973) | $ (8,087) | $ 389,228 | $ 61,796 | [1] | $ (38,568) | [2] |
Bargain purchase gain, net of tax | 0 | 0 | (4,012) | 0 | 0 | (4,012) | [1],[3] | 0 | [2],[4] | ||||
Income (loss) before income taxes, as taxed | $ 389,228 | $ 57,784 | $ (38,568) | ||||||||||
Statutory income tax rate | 21.00% | 35.00% | 35.00% | ||||||||||
Expected income tax expense (benefit) | $ 81,738 | $ 20,224 | $ (13,499) | ||||||||||
Income earned as non-taxable entity (See Note 2) | 0 | 0 | 15,167 | ||||||||||
Effect due to change to C corporation (See Note 2) | 0 | 0 | 53,089 | ||||||||||
Change in tax rate | (103) | (21,309) | (25) | ||||||||||
Tax reform - unrepatriated foreign earnings | 0 | (9,727) | 0 | ||||||||||
Foreign income tax rate differential | 39,080 | 6,286 | (1,078) | ||||||||||
Foreign earnings not in reported income | 46,834 | 22,054 | 0 | ||||||||||
Foreign tax credits | (89,677) | (29,551) | 0 | ||||||||||
Withholding taxes | 13,930 | 0 | 0 | ||||||||||
Other permanent differences | 13,045 | 503 | 210 | ||||||||||
State tax expenses | 5,394 | 39 | 21 | ||||||||||
Return to provision | 6,071 | 0 | 0 | ||||||||||
Other | 680 | (1,192) | 0 | ||||||||||
Change in valuation allowance | 36,271 | 15,505 | 0 | ||||||||||
Total | $ (21,002) | $ 74,835 | $ 53,512 | $ 45,918 | 10,155 | $ (1,413) | $ (2,804) | $ (3,106) | $ 153,263 | $ 2,832 | [1] | $ 53,885 | [2] |
Effective income tax rate | 39.40% | 4.90% | 34.60% | ||||||||||
Total effect of income tax reform | $ 31,000 | ||||||||||||
Remeasurement of deferred tax liabilities | 21,300 | ||||||||||||
Effect of income tax reform, unrepatriated foreign earnings | $ 9,700 | ||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | ||||||||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 1,180 | $ 11,973 |
Deferred compensation | 1,032 | 1,032 |
Accrued liabilities | 3,428 | 1,442 |
Foreign tax credits | 51,776 | 15,505 |
Other | 2,094 | 1,448 |
Deferred Tax Assets, Valuation Allowance | 51,776 | 15,505 |
Deferred tax assets | 7,734 | 15,895 |
Deferred tax liabilities: | ||
Property and equipment | (63,181) | (40,390) |
Intangible assets | (4,936) | (2,839) |
Withholding taxes | (17,419) | 0 |
Other | (1,507) | (74) |
Deferred tax liabilities | (87,043) | (43,303) |
Net deferred tax liability | (79,309) | (27,408) |
Reflected in accompanying balance sheet as: | ||
Deferred income tax asset | 0 | 6,739 |
Deferred income tax liability | (79,309) | (34,147) |
Changes in valuation allowance | 36,300 | $ 15,500 |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | $ 51,800 |
Stockholder's Equity and Earn_3
Stockholder's Equity and Earnings (Loss) Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 14, 2019 | Jan. 28, 2019 | Jul. 30, 2018 | Jun. 29, 2018 | Oct. 19, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | |
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Shares issued (in shares) | 385,000 | ||||||||||
Sale of stock, price per share (in USD per share) | $ 38.01 | ||||||||||
Proceeds from initial public offering | $ 0 | $ 0 | [1] | $ 105,839 | |||||||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |||||||||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||
Cash dividends declared (in usd per share) | $ 0.25 | ||||||||||
Dividends | $ 11,201 | ||||||||||
IPO | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Shares issued (in shares) | 7,750,000 | ||||||||||
Sale of stock, price per share (in USD per share) | $ 15 | ||||||||||
Proceeds from initial public offering | $ 103,100 | ||||||||||
Over-Allotment Option | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Shares issued (in shares) | 600,000 | 7,500,000 | 7,500,000 | ||||||||
Subsequent Event | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Cash dividends declared (in usd per share) | $ 0.125 | ||||||||||
Dividends | $ 5,600 | ||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Stockholder's Equity and Earn_4
Stockholder's Equity and Earnings (Loss) Per Share - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 15, 2018 | Aug. 14, 2018 | Dec. 31, 2018 |
Equity [Abstract] | |||
Cash dividends (in usd per share) | $ 0.125 | $ 0.125 | $ 0.25 |
Cash dividends | $ 5,606 | $ 5,595 | $ 11,201 |
Stockholder's Equity and Earn_5
Stockholder's Equity and Earnings (Loss) Per Share - Schedule of Conversion of Common Units into Common Shares (Details) - shares | Jul. 30, 2018 | Jun. 29, 2018 | Oct. 19, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||
Weighted Average Shares Outstanding (in shares) | 44,845,000 | 44,756,000 | 44,737,000 | 44,650,000 | 44,579,000 | 44,502,000 | 39,500,000 | 37,500,000 | 44,750,000 | 41,548,000 | 31,500,000 | [2] | |||||
Conversion (in shares) | (30,000,000) | ||||||||||||||||
Weighted Average Units Outstanding (in shares) | 30,000,000 | ||||||||||||||||
Shares issued (in shares) | 385,000 | ||||||||||||||||
IPO | |||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||
Share Issuance at IPO (in shares) | 1,500,000 | ||||||||||||||||
Shares issued (in shares) | 7,750,000 | ||||||||||||||||
Over-Allotment Option | |||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||||
Shares issued (in shares) | 600,000 | 7,500,000 | 7,500,000 | ||||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Stockholder's Equity and Earn_6
Stockholder's Equity and Earnings (Loss) Per Share - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Basic earnings (loss) per share: | |||||||||||||
Net income (loss) | $ 68,207 | $ 69,512 | $ 42,700 | $ 55,546 | $ 65,915 | $ (801) | $ (1,169) | $ (4,981) | $ 235,965 | $ 58,964 | [1],[2] | $ (92,453) | [3],[4] |
Weighted average common shares outstanding (in shares) | 44,845,000 | 44,756,000 | 44,737,000 | 44,650,000 | 44,579,000 | 44,502,000 | 39,500,000 | 37,500,000 | 44,750,000 | 41,548,000 | [1] | 31,500,000 | [3] |
Basic earnings (loss) per share (in USD per share) | $ 1.52 | $ 1.55 | $ 0.95 | $ 1.24 | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ 5.27 | $ 1.42 | $ (2.94) | ||
Diluted earnings (loss) per share: | |||||||||||||
Net income (loss) | $ 68,207 | $ 69,512 | $ 42,700 | $ 55,546 | $ 65,915 | $ (801) | $ (1,169) | $ (4,981) | $ 235,965 | $ 58,964 | [1],[2] | $ (92,453) | [3],[4] |
Weighted average common shares, including dilutive effect (in shares) | 45,021,000 | 41,639,000 | 31,500,000 | ||||||||||
Diluted earnings (loss) per share (in USD per share) | $ 1.51 | $ 1.54 | $ 0.95 | $ 1.24 | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ 5.24 | $ 1.42 | $ (2.94) | ||
Restricted Stock | |||||||||||||
Diluted earnings (loss) per share: | |||||||||||||
Incremental common shares attributable to dilutive effect of share-based payment arrangements | 0 | ||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | ||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Stockholder's Equity and Earn_7
Stockholder's Equity and Earnings (Loss) Per Share - Pro Forma Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 47,205 | $ 144,347 | $ 96,212 | $ 101,464 | $ 76,070 | $ (2,214) | $ (3,973) | $ (8,087) | $ 389,228 | $ 61,796 | $ (38,568) | [2] | ||
Pro Forma C Corporation Data (unaudited): | ||||||||||||||
Taxes due to change to C corporation (Note 16) | 21,002 | (74,835) | (53,512) | (45,918) | (10,155) | 1,413 | 2,804 | 3,106 | (153,263) | (2,832) | (53,885) | [2] | ||
Net income (loss) | 68,207 | 69,512 | 42,700 | 55,546 | 65,915 | (801) | (1,169) | (4,981) | 235,965 | 58,964 | [3] | (92,453) | [2],[4] | |
Basic earnings (loss) per share: | ||||||||||||||
Net income (loss) | $ 68,207 | $ 69,512 | $ 42,700 | $ 55,546 | $ 65,915 | $ (801) | $ (1,169) | $ (4,981) | $ 235,965 | $ 58,964 | [3] | $ (92,453) | [2],[4] | |
Weighted average common shares outstanding (in USD per share) | [2] | 43,107 | ||||||||||||
Basic loss per share (in USD per share) | [2] | $ (0.56) | ||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||
Weighted average common shares, including dilutive effect (in shares) | [2] | 43,107 | ||||||||||||
Diluted loss per share (in USD per share) | $ (0.56) | |||||||||||||
Pro Forma | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | [2] | $ (92,453) | ||||||||||||
Pro Forma C Corporation Data (unaudited): | ||||||||||||||
Taxes on income earned as a non-taxable entity (Note 15) | [2] | 15,224 | ||||||||||||
Taxes due to change to C corporation (Note 16) | [2] | 53,089 | ||||||||||||
Net income (loss) | [2] | (24,140) | ||||||||||||
Basic earnings (loss) per share: | ||||||||||||||
Net income (loss) | [2] | $ (24,140) | ||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | |||||||||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Equity Based Compensation - Nar
Equity Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 30, 2018 | Jun. 29, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [2] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued (in shares) | 385,000 | ||||||
Sale of stock, price per share (in USD per share) | $ 38.01 | ||||||
Equity based compensation (Note 17) | $ 17,487 | $ 0 | $ 0 | ||||
Specified Member Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of the award as of the modification dates or grant date | 5,600 | ||||||
Payout Provision | Non-Employees Member | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of the award as of the modification dates or grant date | $ 18,900 | ||||||
Secondary Public Offering | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued (in shares) | 4,000,000 | ||||||
Secondary Public Offering | MEh Sub LLC | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued (in shares) | 266,026 | 2,764,400 | |||||
Sale of stock, price per share (in USD per share) | $ 38.01 | ||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, number of shares authorized (in shares) | 4,500,000 | |||
Compensation expense | $ 17.5 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 6.2 | |||
Weighted-average period of unrecognized compensation cost | 17 months | |||
Compensation expense | $ 5.4 | $ 3.7 | $ 0.5 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Unvested Shares of Restricted Stock Units (Details) - Restricted Stock - $ / shares | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Unvested Restricted Stock Units | |||
Unvested restricted stock units, beginning of the period(in shares) | 640,632 | 282,780 | |
Granted (in shares) | 298,335 | 103,556 | 460,185 |
Vested (in shares) | (11,110) | (270,069) | (97,890) |
Forfeited (in shares) | (4,445) | (40,000) | (4,443) |
Unvested restricted stock units, ending of the period (in shares) | 282,780 | 434,119 | 640,632 |
Weighted Average Grant-Date Fair Value | |||
Unvested restricted stock units, beginning of the period (in USD per share) | $ 19.44 | $ 14.98 | |
Granted (in USD per share) | $ 14.97 | 27.74 | 20.72 |
Vested (in USD per share) | (14.69) | (19.26) | (15.07) |
Forfeited (in USD per share) | (15) | (20.68) | (15) |
Unvested restricted stock units, ending of the period (in USD per share) | $ 14.98 | $ 22.78 | $ 19.44 |
Related Party Transactions - Re
Related Party Transactions - Revenues and Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||||||
REVENUES | $ 9,622 | $ 22,720 | $ 50,341 | $ 60,550 | $ 35,394 | $ 70,916 | $ 58,208 | $ 44,502 | $ 143,233 | $ 209,020 | $ 132,930 |
ACCOUNTS RECEIVABLE | 11,164 | 33,788 | 11,164 | 33,788 | |||||||
Other Relationships | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 32 | 326 | 725 | ||||||||
ACCOUNTS RECEIVABLE | 74 | 312 | 74 | 312 | |||||||
Pressure Pumping and Gulfport | Related parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 96,013 | 144,473 | 102,390 | ||||||||
ACCOUNTS RECEIVABLE | 8,175 | 25,054 | 8,175 | 25,054 | |||||||
Muskie and Gulfport | Related parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 25,050 | 42,956 | 25,783 | ||||||||
ACCOUNTS RECEIVABLE | 1,193 | 1,947 | 1,193 | 1,947 | |||||||
Panther and Gulfport | Related parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 44 | 3,253 | 3,011 | ||||||||
ACCOUNTS RECEIVABLE | 0 | 872 | 0 | 872 | |||||||
Cementing and Gulfport | Related parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 5,853 | 7,410 | 0 | ||||||||
ACCOUNTS RECEIVABLE | 0 | 2,255 | 0 | 2,255 | |||||||
SR Energy and Gulfport | Related parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 14,717 | 10,129 | 0 | ||||||||
ACCOUNTS RECEIVABLE | 1,658 | 3,348 | 1,658 | 3,348 | |||||||
Panther and El Toro | Related parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 918 | 96 | 172 | ||||||||
ACCOUNTS RECEIVABLE | 64 | 0 | 64 | 0 | |||||||
Redback Energy and El Toro | Related parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 92 | 216 | 530 | ||||||||
ACCOUNTS RECEIVABLE | 0 | 0 | 0 | 0 | |||||||
Coil Tubing and El Toro | Related parties | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
REVENUES | 514 | 161 | $ 319 | ||||||||
ACCOUNTS RECEIVABLE | $ 0 | $ 0 | $ 0 | $ 0 |
Related Party Transactions - Co
Related Party Transactions - Cost of Revenues of Accounts Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | $ 370 | $ 1,378 | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 1,898 | 1,481 | [1] | $ 758 | [2] |
Related parties | |||||
Related Party Transaction [Line Items] | |||||
COST OF REVENUE | 5,885 | 1,408 | 1,066 | ||
ACCOUNTS PAYABLE | 370 | 1,378 | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 1,898 | 1,481 | 758 | ||
CAPITAL EXPENDITURES | 4,207 | 2,009 | 0 | ||
Cobra and T&E | Related parties | |||||
Related Party Transaction [Line Items] | |||||
COST OF REVENUE | 4,042 | 610 | 0 | ||
CAPITAL EXPENDITURES | 1,247 | 629 | 0 | ||
Higher Power and T&E | Related parties | |||||
Related Party Transaction [Line Items] | |||||
COST OF REVENUE | 1,603 | 25 | 0 | ||
CAPITAL EXPENDITURES | 2,960 | 1,380 | 0 | ||
Panther and DBDHT | Related parties | |||||
Related Party Transaction [Line Items] | |||||
COST OF REVENUE | 240 | 196 | 49 | ||
The Company and 2017 Stingray Companies | Related parties | |||||
Related Party Transaction [Line Items] | |||||
COST OF REVENUE | 0 | 432 | 724 | ||
Other Relationships | Related parties | |||||
Related Party Transaction [Line Items] | |||||
COST OF REVENUE | 0 | 145 | 293 | ||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 113 | 79 | 102 | ||
Consolidated and Everest | Related parties | |||||
Related Party Transaction [Line Items] | |||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 145 | 175 | 262 | ||
Consolidated and Wexford | Related parties | |||||
Related Party Transaction [Line Items] | |||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 992 | 892 | 394 | ||
Mammoth and Caliber | Related parties | |||||
Related Party Transaction [Line Items] | |||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 648 | 335 | $ 0 | ||
ACCOUNTS PAYABLE | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 240 | 755 | |||
ACCOUNTS PAYABLE | Cobra and T&E | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 0 | 457 | |||
ACCOUNTS PAYABLE | Higher Power and T&E | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 0 | 3 | |||
ACCOUNTS PAYABLE | Panther and DBDHT | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 240 | 77 | |||
ACCOUNTS PAYABLE | The Company and 2017 Stingray Companies | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 0 | 0 | |||
ACCOUNTS PAYABLE | Other Relationships | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 0 | 218 | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 130 | 172 | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Other Relationships | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 0 | 2 | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Consolidated and Everest | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 27 | 19 | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Consolidated and Wexford | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 100 | 150 | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Mammoth and Caliber | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 3 | 1 | |||
CAPITAL EXPENDITURES | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 0 | 451 | |||
CAPITAL EXPENDITURES | Cobra and T&E | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | 0 | 66 | |||
CAPITAL EXPENDITURES | Higher Power and T&E | Related parties | |||||
Related Party Transaction [Line Items] | |||||
ACCOUNTS PAYABLE | $ 0 | $ 385 | |||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | ||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 30, 2018 | Jun. 29, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | Dec. 21, 2018 | |
Related Party Transaction [Line Items] | ||||||||
Shares issued (in shares) | 385,000 | |||||||
Sale of stock, price per share (in USD per share) | $ 38.01 | |||||||
Stock issuance costs | $ 0 | $ 0 | [1] | $ 2,764 | ||||
Ownership percentage | 100.00% | 100.00% | ||||||
Gulfport | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares issued (in shares) | 385,000 | 600,000 | ||||||
Sale of stock, price per share (in USD per share) | $ 38.01 | |||||||
Stock issuance costs | $ 1,000 | |||||||
Brim Acquisitions LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Initial capital of acquisition | $ 2,000 | |||||||
Brim Acquisitions LLC | Cobra Aviation Services LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity method investment, ownership percentage | 49.00% | |||||||
Brim Acquisitions LLC | Wexford Partners Investment Co. LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity method investment, ownership percentage | 51.00% | |||||||
Secondary Public Offering | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares issued (in shares) | 4,000,000 | |||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Commitments and Contingencies -
Commitments and Contingencies - Future minimum lease payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases | |
2019 | $ 20,161 |
2020 | 16,579 |
2021 | 12,567 |
2022 | 9,329 |
2023 | 5,000 |
Thereafter | 2,548 |
Total | 66,184 |
Minimum Purchase Commitments(a) | |
2019 | 32,483 |
2020 | 19,679 |
2021 | 501 |
2022 | 12 |
2023 | 12 |
Thereafter | 4 |
Total | 52,691 |
Capital Spend Commitments | |
Minimum Purchase Commitments(a) | |
2019 | 10,557 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total | 10,557 |
Sand | |
Minimum Purchase Commitments(a) | |
Total | 47,100 |
Maximum | Sand | |
Minimum Purchase Commitments(a) | |
Total | 53,700 |
Minimum | Sand | |
Minimum Purchase Commitments(a) | |
Total | $ 3,600 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) | Jun. 27, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Guarantor Obligations [Line Items] | ||||
Operating leases, rent expense | $ 22,100,000 | $ 11,400,000 | $ 8,200,000 | |
Workers compensation, deductible | 100,000 | 300,000 | ||
Workers compensation insurance aggregate stop loss | 5,400,000 | 3,500,000 | ||
Accrued workers’ compensation and auto claims | 4,700,000 | 2,900,000 | ||
Self insurance, aggregate stop loss per claim basis | 200,000 | |||
Self insurance, aggregate stop loss per calendar year | 5,800,000 | |||
Self insurance, claims accrued | 3,200,000 | 2,100,000 | ||
Warranty accrual | 0 | 0 | ||
Product warranty expense | 0 | $ 0 | $ 0 | |
Bid Bond | Performance Guarantee | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee | 3,600,000 | |||
Estimated costs to complete projects secured by performance and payment bonds | 17,000,000 | |||
Performance And Payment Bond | Performance Guarantee | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee | $ 22,300,000 | |||
Wendco Of Puerto Rico Inc, Multisystem Restaurant Inc, Restaurant Operators Inc, Apple Caribe, Inc. | ||||
Guarantor Obligations [Line Items] | ||||
Loss contingency, damages sought | $ 300,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Letters of Credit (Details) - Letter of Credit - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||
Total letters of credit | $ 8,437 | $ 6,523 |
Insurance programs | ||
Line of Credit Facility [Line Items] | ||
Total letters of credit | 4,105 | 2,486 |
Environmental remediation | ||
Line of Credit Facility [Line Items] | ||
Total letters of credit | 3,877 | 3,582 |
Rail car commitments | ||
Line of Credit Facility [Line Items] | ||
Total letters of credit | $ 455 | $ 455 |
Commitments and Contingencies_4
Commitments and Contingencies - Defined Contribution Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Defined contribution plan, maximum annual contributions per employee, percent | 92.00% | |
Defined benefit plan, employer matching contribution, percent of match (up to) | 3.00% | |
Defined benefit plan, contributions by employer | $ 5.6 | $ 0.1 |
Reporting Segments and Geogra_3
Reporting Segments and Geographic Areas (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($)segment | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of reportable segments | segment | 3 | 4 | 5 | |||||||||||
Total Revenue | $ 1,690,084 | $ 691,496 | $ 230,625 | |||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 1,093,804 | 482,569 | 173,021 | |||||||||||
Intersegment cost of revenues | 0 | 0 | 0 | |||||||||||
Total cost of revenue | 1,093,804 | 482,569 | 173,021 | |||||||||||
Selling, general and administrative(a) | $ 14,783 | $ (45,324) | $ 65,127 | $ 38,511 | $ 27,426 | $ 8,023 | $ 7,700 | $ 6,737 | 73,097 | 49,886 | 18,048 | |||
Depreciation, depletion, amortization and accretion | 30,159 | 32,015 | 30,795 | 26,908 | 27,770 | 27,224 | 19,893 | 17,237 | 119,877 | 92,124 | [1] | 72,315 | [2] | |
Impairment of long-lived assets | 4,086 | 4,582 | 187 | 0 | 4,146 | 0 | 0 | 0 | 8,855 | 4,146 | [1],[3] | 1,871 | [2],[4] | |
Operating income | 48,860 | 145,205 | 97,657 | 102,729 | 77,423 | (475) | (6,671) | (7,506) | 394,451 | 62,771 | [1] | (34,630) | [2] | |
Interest expense | 533 | 458 | 959 | 1,237 | 1,381 | 1,420 | 1,112 | 397 | 3,187 | 4,310 | [1] | 4,096 | [2] | |
Bargain purchase gain, net of tax | 0 | 0 | (4,012) | 0 | 0 | (4,012) | [1],[3] | 0 | [2],[4] | |||||
Other expense | 1,122 | 400 | 486 | 28 | (28) | 319 | 202 | 184 | 2,036 | 677 | [1] | (158) | [2] | |
Income (loss) before income taxes | 47,205 | $ 144,347 | $ 96,212 | $ 101,464 | 76,070 | $ (2,214) | $ (3,973) | $ (8,087) | 389,228 | 61,796 | [1] | (38,568) | [2] | |
Total expenditures for property, plant and equipment | 191,943 | 133,853 | 11,740 | |||||||||||
Goodwill | 101,245 | 99,811 | 101,245 | 99,811 | 88,727 | |||||||||
Intangible assets, net | 7,756 | 16,139 | 7,756 | 16,139 | 21,567 | |||||||||
Total assets | 1,073,091 | 867,243 | 1,073,091 | 867,243 | 502,362 | |||||||||
Compensation expense | $ 17,500 | |||||||||||||
Long-lived assets | 623,535 | 546,081 | 623,535 | 546,081 | 413,423 | |||||||||
Infrastructure | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 1,082,371 | 224,425 | ||||||||||||
Pressure Pumping | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 362,491 | 277,326 | 123,856 | |||||||||||
Well Services | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 10,024 | |||||||||||||
Sand | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 100,816 | 90,023 | 33,835 | |||||||||||
Drilling | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 32,043 | |||||||||||||
Other Energy Services | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 30,867 | |||||||||||||
All Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 144,406 | 99,722 | ||||||||||||
Operating Segments | Infrastructure | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 1,082,371 | 224,425 | ||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 608,017 | 120,117 | ||||||||||||
Intersegment cost of revenues | 2,583 | 1,443 | ||||||||||||
Total cost of revenue | 610,600 | 121,560 | ||||||||||||
Selling, general and administrative(a) | 27,126 | 21,606 | ||||||||||||
Depreciation, depletion, amortization and accretion | 20,516 | 3,185 | ||||||||||||
Impairment of long-lived assets | 308 | 0 | ||||||||||||
Operating income | 423,821 | 78,074 | ||||||||||||
Interest expense | 423 | 241 | ||||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||
Other expense | (573) | 6 | ||||||||||||
Income (loss) before income taxes | 422,825 | 77,827 | ||||||||||||
Total expenditures for property, plant and equipment | 100,701 | 20,144 | ||||||||||||
Goodwill | 3,828 | 891 | 3,828 | 891 | ||||||||||
Intangible assets, net | 1,650 | 1,770 | 1,650 | 1,770 | ||||||||||
Total assets | 366,457 | 205,275 | 366,457 | 205,275 | ||||||||||
Operating Segments | Pressure Pumping | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 369,492 | 279,352 | 124,425 | |||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 223,296 | 183,089 | 82,552 | |||||||||||
Intersegment cost of revenues | 70,365 | 28,147 | 4,336 | |||||||||||
Total cost of revenue | 293,661 | 211,236 | 86,888 | |||||||||||
Selling, general and administrative(a) | 29,761 | 9,501 | 4,327 | |||||||||||
Depreciation, depletion, amortization and accretion | 51,487 | 45,413 | 37,013 | |||||||||||
Impairment of long-lived assets | 143 | 0 | 139 | |||||||||||
Operating income | (5,560) | 13,202 | (3,942) | |||||||||||
Interest expense | 1,171 | 1,622 | 599 | |||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||
Other expense | (434) | 129 | 27 | |||||||||||
Income (loss) before income taxes | (7,165) | 11,451 | (4,568) | |||||||||||
Total expenditures for property, plant and equipment | 33,774 | 85,853 | 7,673 | |||||||||||
Goodwill | 86,043 | 86,043 | 86,043 | 86,043 | 86,043 | |||||||||
Intangible assets, net | 4,059 | 12,392 | 4,059 | 12,392 | 21,435 | |||||||||
Total assets | 254,278 | 297,140 | 254,278 | 297,140 | 197,635 | |||||||||
Compensation expense | 17,500 | |||||||||||||
Operating Segments | Well Services | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 10,103 | |||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 13,540 | |||||||||||||
Intersegment cost of revenues | 26 | |||||||||||||
Total cost of revenue | 13,566 | |||||||||||||
Selling, general and administrative(a) | 2,336 | |||||||||||||
Depreciation, depletion, amortization and accretion | 5,128 | |||||||||||||
Impairment of long-lived assets | 1,385 | |||||||||||||
Operating income | (12,312) | |||||||||||||
Interest expense | 134 | |||||||||||||
Other expense | (566) | |||||||||||||
Income (loss) before income taxes | (11,880) | |||||||||||||
Total expenditures for property, plant and equipment | 405 | |||||||||||||
Goodwill | 0 | |||||||||||||
Intangible assets, net | 132 | |||||||||||||
Total assets | 128,698 | |||||||||||||
Operating Segments | Sand | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 168,275 | 117,037 | 38,102 | |||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 126,714 | 91,049 | 31,895 | |||||||||||
Intersegment cost of revenues | 6,103 | 1,731 | 561 | |||||||||||
Total cost of revenue | 132,817 | 92,780 | 32,456 | |||||||||||
Selling, general and administrative(a) | 6,218 | 8,190 | 3,337 | |||||||||||
Depreciation, depletion, amortization and accretion | 13,519 | 9,394 | 6,483 | |||||||||||
Impairment of long-lived assets | 0 | 324 | 0 | |||||||||||
Operating income | 15,721 | 6,349 | (4,174) | |||||||||||
Interest expense | 234 | 679 | 434 | |||||||||||
Bargain purchase gain, net of tax | (4,012) | |||||||||||||
Other expense | (525) | 211 | 96 | |||||||||||
Income (loss) before income taxes | 14,962 | 9,471 | (4,704) | |||||||||||
Total expenditures for property, plant and equipment | 17,935 | 16,376 | 528 | |||||||||||
Goodwill | 2,684 | 2,684 | 2,684 | 2,684 | 2,684 | |||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | |||||||||
Total assets | 177,870 | 190,859 | 177,870 | 190,859 | 109,128 | |||||||||
Operating Segments | Drilling | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 32,043 | |||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 31,848 | |||||||||||||
Intersegment cost of revenues | (8) | |||||||||||||
Total cost of revenue | 31,840 | |||||||||||||
Selling, general and administrative(a) | 5,625 | |||||||||||||
Depreciation, depletion, amortization and accretion | 21,512 | |||||||||||||
Impairment of long-lived assets | 347 | |||||||||||||
Operating income | (27,281) | |||||||||||||
Interest expense | 2,829 | |||||||||||||
Other expense | 248 | |||||||||||||
Income (loss) before income taxes | (30,358) | |||||||||||||
Total expenditures for property, plant and equipment | 2,709 | |||||||||||||
Goodwill | 0 | |||||||||||||
Intangible assets, net | 0 | |||||||||||||
Total assets | 99,868 | |||||||||||||
Operating Segments | Other Energy Services | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 30,867 | |||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 13,186 | |||||||||||||
Intersegment cost of revenues | 0 | |||||||||||||
Total cost of revenue | 13,186 | |||||||||||||
Selling, general and administrative(a) | 2,423 | |||||||||||||
Depreciation, depletion, amortization and accretion | 2,179 | |||||||||||||
Impairment of long-lived assets | 0 | |||||||||||||
Operating income | 13,079 | |||||||||||||
Interest expense | 100 | |||||||||||||
Other expense | 37 | |||||||||||||
Income (loss) before income taxes | 12,942 | |||||||||||||
Total expenditures for property, plant and equipment | 425 | |||||||||||||
Goodwill | 0 | |||||||||||||
Intangible assets, net | 0 | |||||||||||||
Total assets | 48,653 | |||||||||||||
Operating Segments | All Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 149,922 | 102,249 | ||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 135,777 | 88,314 | ||||||||||||
Intersegment cost of revenues | 898 | 211 | ||||||||||||
Total cost of revenue | 136,675 | 88,525 | ||||||||||||
Selling, general and administrative(a) | 9,992 | 10,589 | ||||||||||||
Depreciation, depletion, amortization and accretion | 34,355 | 34,132 | ||||||||||||
Impairment of long-lived assets | 8,404 | 3,822 | ||||||||||||
Operating income | (39,504) | (34,819) | ||||||||||||
Interest expense | 1,359 | 1,768 | ||||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||
Other expense | (504) | 331 | ||||||||||||
Income (loss) before income taxes | (41,367) | (36,918) | ||||||||||||
Total expenditures for property, plant and equipment | 39,533 | 11,480 | ||||||||||||
Goodwill | 8,690 | 10,193 | 8,690 | 10,193 | ||||||||||
Intangible assets, net | 2,047 | 1,977 | 2,047 | 1,977 | ||||||||||
Total assets | 122,442 | 255,641 | 122,442 | 255,641 | ||||||||||
Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | (79,976) | (31,567) | (4,915) | |||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 0 | 0 | 0 | |||||||||||
Intersegment cost of revenues | (79,949) | (31,532) | (4,915) | |||||||||||
Total cost of revenue | (79,949) | (31,532) | (4,915) | |||||||||||
Selling, general and administrative(a) | 0 | 0 | 0 | |||||||||||
Depreciation, depletion, amortization and accretion | 0 | 0 | 0 | |||||||||||
Impairment of long-lived assets | 0 | 0 | 0 | |||||||||||
Operating income | (27) | (35) | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||
Other expense | 0 | 0 | 0 | |||||||||||
Income (loss) before income taxes | (27) | (35) | 0 | |||||||||||
Total expenditures for property, plant and equipment | 0 | 0 | 0 | |||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | |||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | |||||||||
Total assets | 152,044 | (81,672) | 152,044 | (81,672) | (81,620) | |||||||||
Eliminations | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||
Eliminations | Infrastructure | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | 0 | ||||||||||||
Eliminations | Pressure Pumping | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 7,001 | 2,026 | 569 | |||||||||||
Eliminations | Well Services | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 79 | |||||||||||||
Eliminations | Sand | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 67,459 | 27,014 | 4,267 | |||||||||||
Eliminations | Drilling | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | |||||||||||||
Eliminations | Other Energy Services | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 0 | |||||||||||||
Eliminations | All Other | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 5,516 | 2,527 | ||||||||||||
United States | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 654,506 | 471,745 | 196,573 | |||||||||||
Long-lived assets | 571,555 | 515,904 | 571,555 | 515,904 | 389,575 | |||||||||
Puerto Rico | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 1,022,558 | 203,087 | 0 | |||||||||||
Long-lived assets | 32,604 | 6,923 | 32,604 | 6,923 | 0 | |||||||||
Canada | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total Revenue | 13,020 | 16,664 | 34,052 | |||||||||||
Long-lived assets | $ 19,376 | $ 23,254 | $ 19,376 | $ 23,254 | $ 23,848 | |||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | |||||||||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Revenue from external customers | $ 268,576,000 | $ 361,323,000 | $ 483,253,000 | $ 433,699,000 | $ 333,569,000 | $ 78,389,000 | $ 40,054,000 | $ 30,464,000 | $ 1,546,851,000 | $ 482,476,000 | ||||
Revenue from related parties | 9,622,000 | 22,720,000 | 50,341,000 | 60,550,000 | 35,394,000 | 70,916,000 | 58,208,000 | 44,502,000 | 143,233,000 | 209,020,000 | $ 132,930,000 | |||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 180,310,000 | 247,565,000 | 339,828,000 | 326,101,000 | 232,198,000 | 114,533,000 | 77,340,000 | 58,498,000 | 1,093,804,000 | 482,569,000 | ||||
Selling, general and administrative expenses(a) | 14,783,000 | (45,324,000) | 65,127,000 | 38,511,000 | 27,426,000 | 8,023,000 | 7,700,000 | 6,737,000 | 73,097,000 | 49,886,000 | 18,048,000 | |||
Depreciation, depletion, amortization and accretion | 30,159,000 | 32,015,000 | 30,795,000 | 26,908,000 | 27,770,000 | 27,224,000 | 19,893,000 | 17,237,000 | 119,877,000 | 92,124,000 | [1] | 72,315,000 | [2] | |
Impairment of long-lived assets | 4,086,000 | 4,582,000 | 187,000 | 0 | 4,146,000 | 0 | 0 | 0 | 8,855,000 | 4,146,000 | [1],[3] | 1,871,000 | [2],[4] | |
Operating income (loss) | 48,860,000 | 145,205,000 | 97,657,000 | 102,729,000 | 77,423,000 | (475,000) | (6,671,000) | (7,506,000) | 394,451,000 | 62,771,000 | [1] | (34,630,000) | [2] | |
Interest expense | 533,000 | 458,000 | 959,000 | 1,237,000 | 1,381,000 | 1,420,000 | 1,112,000 | 397,000 | 3,187,000 | 4,310,000 | [1] | 4,096,000 | [2] | |
Bargain purchase gain | 0 | 0 | (4,012,000) | 0 | 0 | (4,012,000) | [1],[3] | 0 | [2],[4] | |||||
Other expense | 1,122,000 | 400,000 | 486,000 | 28,000 | (28,000) | 319,000 | 202,000 | 184,000 | 2,036,000 | 677,000 | [1] | (158,000) | [2] | |
Income (loss) before income taxes | 47,205,000 | 144,347,000 | 96,212,000 | 101,464,000 | 76,070,000 | (2,214,000) | (3,973,000) | (8,087,000) | 389,228,000 | 61,796,000 | [1] | (38,568,000) | [2] | |
Provision for income taxes | (21,002,000) | 74,835,000 | 53,512,000 | 45,918,000 | 10,155,000 | (1,413,000) | (2,804,000) | (3,106,000) | 153,263,000 | 2,832,000 | [1] | 53,885,000 | [2] | |
Net income (loss) | $ 68,207,000 | $ 69,512,000 | $ 42,700,000 | $ 55,546,000 | $ 65,915,000 | $ (801,000) | $ (1,169,000) | $ (4,981,000) | $ 235,965,000 | $ 58,964,000 | [1],[3] | $ (92,453,000) | [2],[4] | |
Net (loss) income per share (basic) (Note 11) (in USD per share) | $ 1.52 | $ 1.55 | $ 0.95 | $ 1.24 | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ 5.27 | $ 1.42 | $ (2.94) | |||
Net (loss) income per share (diluted) (Note 11) (in USD per share) | $ 1.51 | $ 1.54 | $ 0.95 | $ 1.24 | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ 5.24 | $ 1.42 | $ (2.94) | |||
Weighted average number of shares outstanding (Note 11) (in shares) | 44,845,000 | 44,756,000 | 44,737,000 | 44,650,000 | 44,579,000 | 44,502,000 | 39,500,000 | 37,500,000 | 44,750,000 | 41,548,000 | [1] | 31,500,000 | [2] | |
Weighted average number of shares outstanding, including dilutive effect (Note 11) (in shares) | 45,048,000 | 45,082,000 | 45,059,000 | 44,884,000 | 44,683,000 | 44,502,000 | 39,500,000 | 37,500,000 | 45,021,000 | 41,639,000 | [1] | 31,500,000 | [2] | |
Bad debt expense (Note 2) | $ (14,578,000) | $ 16,206,000 | [3] | $ 1,968,000 | [4] | |||||||||
Compensation expense | $ 17,500,000 | |||||||||||||
Puerto Rico Electric Power Authority (PREPA) | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||
Bad debt expense (Note 2) | $ 16,000,000 | $ 28,300,000 | $ 25,500,000 | $ 53,600,000 | ||||||||||
Reversed bad debt expense | $ 16,000,000 | $ 16,000,000 | ||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. | |||||||||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 4. | |||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 4. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 13, 2019 | Feb. 14, 2019 | Jan. 28, 2019 | Mar. 14, 2019 | Dec. 31, 2018 | Mar. 15, 2019 |
Subsequent Event [Line Items] | ||||||
Quarterly cash dividend (in usd per share) | $ 0.25 | |||||
Dividends | $ 11,201 | |||||
Purchase obligation | $ 52,691 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Quarterly cash dividend (in usd per share) | $ 0.125 | |||||
Dividends | $ 5,600 | |||||
Purchase obligation | $ 13,000 | |||||
Revolving Credit Facility | Line of Credit | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from revolving credit facility | $ 82,000 | |||||
Bid Bond | Performance Guarantee | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Increase in guarantor obligations | $ 1,800 | |||||
Performance And Payment Bond | Performance Guarantee | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Increase in guarantor obligations | $ 1,800 |
Uncategorized Items - tusk-2018
Label | Element | Value |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 0 |