KLX Energy Services (KLXE) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38609
Entity Registrant Name	KLX Energy Services Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4904146
Entity Address, Address Line One	3040 Post Oak Boulevard
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	832
Local Phone Number	844-1015
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	KLXE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,867,243
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001738827
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 84.9	$ 112.5
Accounts receivable–trade, net of allowance of $4.4 and $5.5	120.5	127
Inventories, net	33.3	33.5
Prepaid expenses and other current assets	14.9	17.3
Total current assets	253.6	290.3
Property and equipment, net	217.2	220.6
Operating lease assets	21.3	22.3
Intangible assets, net	1.7	1.8
Other assets	3.7	4.8
Total assets	497.5	539.8
Current liabilities:
Accounts payable	74.5	87.9
Accrued interest	11.4	4.6
Accrued liabilities	34.5	42.7
Current portion of operating lease obligations	7	6.9
Current portion of finance lease obligations	19.9	22
Total current liabilities	147.3	164.1
Long-term debt	284.6	284.3
Long-term operating lease obligations	14.8	16
Long-term finance lease obligations	33.6	36.2
Other non-current liabilities	0.3	0.4
Commitments, contingencies and off-balance sheet arrangements (Note 8)
Stockholders’ equity:
Common stock, $0.01 par value; 110.0 authorized; 17.3 and 16.9 issued	0.2	0.1
Additional paid-in capital	554.1	553.4
Treasury stock, at cost, 0.5 shares and 0.4 shares	(5.8)	(5.3)
Accumulated deficit	(531.6)	(509.4)
Total stockholders’ equity	16.9	38.8
Total liabilities and stockholders’ equity	$ 497.5	$ 539.8

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable - trade, allowance for doubtful accounts	$ 4.4	$ 5.5
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	110,000,000	110,000,000
Common stock, shares issued (in shares)	17,300,000	16,900,000
Treasury stock (in shares)	500,000	400,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 174.7	$ 239.6
Costs and expenses:
Cost of sales	144	180.9
Depreciation and amortization	21.9	16.5
Selling, general and administrative	21.6	26.2
Research and development costs	0.3	0.3
Bargain purchase gain	0	(3.2)
Operating (loss) income	(13.1)	18.9
Non-operating expense:
Interest income	(0.7)	0
Interest expense	9.6	9.3
Net (loss) income before income tax	(22)	9.6
Income tax expense	0.2	0.2
Net (loss) income	$ (22.2)	$ 9.4
Net (loss) income per share-basic (in dollars per share)	$ (1.38)	$ 0.66
Net (loss) income per share-diluted (in dollars per share)	$ (1.38)	$ 0.65

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		14.3
Beginning balance at Dec. 31, 2022	$ (15.8)	$ 0.1	$ 517.3	$ (4.6)	$ (528.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures	0.7		0.7
Purchase of treasury stock	(0.7)			(0.7)
Greene's Acquisition (in shares)		2.4
Greene's Acquisition	34		34
Issuance of common stock, net of cost (in shares)		0.1
Issuance of common stock, net of cost	(0.1)		(0.1)
Net (loss) income	9.4				9.4
Ending balance (in shares) at Mar. 31, 2023		16.8
Ending balance at Mar. 31, 2023	27.5	$ 0.1	551.9	(5.3)	(519.2)
Beginning balance (in shares) at Dec. 31, 2023		16.9
Beginning balance at Dec. 31, 2023	38.8	$ 0.1	553.4	(5.3)	(509.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures	0.8		0.8
Purchase of treasury stock	(0.5)			(0.5)
Issuance of common stock, net of cost (in shares)		0.4
Issuance of common stock, net of cost	0	$ 0.1	(0.1)
Net (loss) income	(22.2)				(22.2)
Ending balance (in shares) at Mar. 31, 2024		17.3
Ending balance at Mar. 31, 2024	$ 16.9	$ 0.2	$ 554.1	$ (5.8)	$ (531.6)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (22.2)	$ 9.4
Adjustments to reconcile net (loss) income to net cash flows used in operating activities
Depreciation and amortization	21.9	16.5
Non-cash compensation	0.9	0.7
Amortization of deferred financing fees	0.5	0.4
Provision for inventory reserve	0.5	0
Change in allowance for doubtful accounts	(1.1)	0.2
Gain on disposal of property, equipment and other	(2.7)	(4.4)
Bargain purchase gain	0	(3.2)
Other	0	(0.1)
Changes in operating assets and liabilities:
Accounts receivable	7.5	(22)
Inventories	(0.4)	(1.5)
Prepaid expenses and other current and non-current assets	3.6	3.7
Accounts payable	(17.6)	2.4
Other current and non-current liabilities	(1.7)	(10.7)
Net cash flows used in operating activities	(10.8)	(8.6)
Cash flows from investing activities:
Purchases of property and equipment	(13.5)	(10.3)
Proceeds from sale of property and equipment	3.3	5
Cash from acquisition	0	1.7
Net cash flows used in investing activities	(10.2)	(3.6)
Cash flows from financing activities:
Purchase of treasury stock	(0.5)	(0.7)
Proceeds from stock issuance, net of costs	0	(0.1)
Payments on finance lease obligations	(4.7)	(3.1)
Change in financed payables	(1.4)	(1.7)
Net cash flows used in financing activities	(6.6)	(5.6)
Net change in cash and cash equivalents	(27.6)	(17.8)
Cash and cash equivalents, beginning of period	112.5	57.4
Cash and cash equivalents, end of period	84.9	39.6
Cash paid during period for:
Income taxes paid, net of refunds	0	(0.1)
Interest	2.5	2
Supplemental schedule of non-cash activities:
Change in deposits on capital expenditures	(0.9)	0.9
Change in accrued capital expenditures	$ 4.1	$ 3.9

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business KLX Energy Services Holdings, Inc. (the “Company”, “KLXE”, “KLX Energy Services”, “we”, “us” or “our”) is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production (“E&P”) companies operating in both conventional and unconventional plays in major active basins throughout the United States. The Company delivers mission critical oilfield services focused on drilling, completion, production and intervention activities for technically demanding wells in over 50 service and support facilities located throughout the United States. The Company offers a complementary suite of proprietary products and specialized services that is supported by technically skilled personnel and a broad portfolio of innovative in-house manufacturing, repair and maintenance capabilities. KLXE’s primary services include coiled tubing, directional drilling, fishing, flowback, fluid pumping, hydraulic fracturing rentals, pressure control, pressure pumping, rig-assisted snubbing, special situation services, thru-tubing and wireline. KLXE’s primary rentals include accommodation units, blow out preventers, downhole tools, hydraulic fracturing stacks and tubulars. KLXE’s primary product offering includes a suite of proprietary dissolvable and composite plugs along with casing equipment, float equipment, inflatables, liner hangers and stage cementing tools. On March 8, 2023, KLXE acquired all of the equity interests of Greene’s Energy Group, LLC (“Greene’s”), in an all-stock transaction (the “Greene's Acquisition”), including $1.7 in cash, which was subsequently adjusted to $1.1 due to a $0.6 working capital adjustment. Greene’s is a leading provider of wellhead protection, flowback and well testing services. The Greene’s Acquisition augments the KLXE frac rental and flowback offering, providing KLXE with a broader presence in the Permian and Eagle Ford basins. See Note 3 - Business Combinations. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments which, in the opinion of the Company’s management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full year 2024 or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on March 8, 2024. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280). This ASU is intended to enhance reportable segment disclosures by adopting a number of provisions currently in Regulation S-X and Regulation S-K upon the provisions' removal from these regulations. The guidance is effective for the Company for the fiscal year beginning January 1, 2024 and is not expected to have a material impact on the Company’s consolidated financial statements. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740). This ASU includes specific requirements for the rate reconciliation, income taxes paid and other tax-related disclosures. The guidance is effective for the Company for the fiscal year beginning January 1, 2025 and is not expected to have a material impact on the Company’s consolidated financial statements.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations On March 8, 2023, KLXE consummated the Greene's Acquisition. The total consideration for the acquisition consisted of the issuance of approximately 2.4 million shares of our common stock, par value $0.01 per share (“Common Stock”) subject to customary post-closing adjustments, with an implied enterprise value of approximately $30.3 based on a 30-day volume weighted average price as of March 7, 2023 less acquired cash. Following the closing of the transaction, former shareholders of Greene’s held approximately 14.7% of the fully diluted Common Stock of the Company, as of March 8, 2023. The integration was complete in the third quarter of 2023. This transaction was accounted for as a purchase under FASB Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). The results of operations for the acquisition are included in the accompanying condensed consolidated statements of operations from the respective date of acquisition. Under the acquisition method of accounting, we allocate the fair value of purchase consideration transferred to the tangible assets and intangible assets acquired, if any, and liabilities assumed based on their estimated fair values on the date of the acquisition. The fair values assigned, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The estimated fair value of the assets acquired, net of liabilities assumed, exceeds the purchase consideration, resulting in a bargain purchase gain. This has been presented as a separate line item on the consolidated statements of operations for the three months ended March 31, 2024. The fair values assigned to certain assets acquired and liabilities assumed in relation to the Company’s acquisition have been prepared on a preliminary basis with information currently available and are subject to change. The Company has finalized its analysis in the first quarter of 2024. The following table summarizes the fair values of assets acquired and liabilities assumed in the acquisition in accordance with ASC 805: Greene's Cash $ 1.1 Accounts receivable-trade 17.1 Other current and non-current assets 0.2 Property and equipment 23.1 Accounts payable (3.2) Accrued liabilities (1.2) Other current and non-current liabilities (1.2) Bargain purchase, net of deferred taxes (1.9) Total purchase price $ 34.0 Unaudited Supplemental Pro Forma Information The unaudited supplemental pro forma financial information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by combining the companies for the periods presented, or of the results that may be achieved by the combined companies in the future. Further, actual results may vary significantly from the results reflected in the following unaudited supplemental pro forma financial information because of future events and transactions, as well as other factors. The unaudited supplemental pro forma financial information does not include adjustments to reflect the impact of other cost savings or synergies that may result from the acquisition. On a pro forma basis to give effect to the acquisition, as if it occurred on January 1, 2023, revenues and net (loss) income for the three months ended March 31, 2024 and March 31, 2023 would have been as follows: Unaudited Pro Forma Three Months Ended March 31, 2024 March 31, 2023 Revenues $ 174.7 $ 251.9 Net (loss) income (22.2) 9.4

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net Inventories consisted of the following: March 31, 2024 December 31, 2023 Spare parts $ 22.5 $ 21.9 Plugs 8.9 8.3 Consumables 4.3 4.1 Other 2.6 3.7 Subtotal 38.3 38.0 Less: Inventory reserve (5.0) (4.5) Total inventories, net $ 33.3 $ 33.5 Inventories are made up of spare parts, composite and dissolvable plugs, consumables (including thru-tubing accessory tools, chemicals and cement) and other (including coiled tubing strings and wireline spools) used to perform services for customers. The Company values inventories at the lower of cost or net realizable value. Inventories are reported net of inventory reserve of $5.0 and $4.5 as of March 31, 2024 and December 31, 2023, respectively.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment consisted of the following: Useful Life (Years) March 31, 2024 December 31, 2023 Land, buildings and improvements 1 — 40 $ 36.3 $ 36.0 Machinery 1 — 20 272.7 259.4 Equipment and furniture 1 — 15 220.7 215.2 ROU assets - finance leases 1 — 20 83.8 84.2 Total property and equipment 613.5 594.8 Less: Accumulated depreciation (402.8) (382.2) Add: Construction in progress 6.5 8.0 Total property and equipment, net $ 217.2 $ 220.6 Depreciation expense related to non-leased fixed assets was $15.9 and $13.4 for the three months ended March 31, 2024 and March 31, 2023, respectively. Finance lease amortization expense was $5.8 and $3.1, respectively, for the three months ended March 31, 2024 and March 31, 2023. Assets Held for Sale As of March 31, 2024, the Company’s condensed consolidated balance sheet included assets classified as held for sale of $2.3. The assets held for sale are reported within prepaid expenses and other current assets on the condensed consolidated balance sheet and represent the value of one operational facility and select equipment. These assets were being actively marketed for sale as of March 31, 2024 and are recorded at the lower of their carrying value or fair value less costs to sell.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Outstanding long-term debt consisted of the following: March 31, 2024 December 31, 2023 Senior Secured Notes $ 237.3 $ 237.3 ABL Facility 50.0 50.0 Total principal outstanding 287.3 287.3 Less: Unamortized debt issuance costs (2.7) (3.0) Total debt $ 284.6 $ 284.3 As of March 31, 2024, long-term debt consisted of $237.3 principal amount of 11.5% senior secured notes due 2025 (the “Senior Secured Notes”) offered pursuant to Rule 144A under the Securities Act of 1933 (as amended, the “Securities Act”) and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. On a net basis, after taking into consideration unamortized debt issuance costs for the Senior Secured Notes, total debt related to the Senior Secured Notes as of March 31, 2024 was $234.6. The Senior Secured Notes bear interest at an annual rate of 11.5%, payable semi-annually in arrears on May 1 and November 1. Accrued interest related to the Senior Secured Notes was $11.4 as of March 31, 2024. As of March 31, 2024, the Company also had a $120.0 asset-based revolving credit facility pursuant to a senior secured credit agreement dated August 10, 2018, as amended by the ABL Amendment (as defined below) and other amendments (the “ABL Facility”). The ABL Facility matures on the ABL Maturity Date (as defined below) in 2025. On June 20, 2023, the Company entered into a Fourth Amendment to the ABL Facility, with certain of its subsidiaries party thereto, as guarantors, with JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and an issuing lender, and the other lenders and issuing lenders party thereto from time to time (the “ABL Amendment”). The ABL Amendment, among other things, (i) extended the maturity date of the ABL Facility from September 15, 2024 to the earlier of (A) September 15, 2025 or (B) August 1, 2025, if the Company's Senior Secured Notes are still outstanding as of such date (the earlier of the foregoing item (A) or item (B), the “ABL Maturity Date”) and (ii) increased the revolving credit commitment from $100.0 to $120.0. The ABL Facility is tied to a borrowing base formula and has no maintenance financial covenants as long as the minimum level of borrowing availability is maintained. The ABL Facility is secured by, among other things, a first priority lien on the Company’s accounts receivable and inventory and contains customary conditions precedent to borrowing and affirmative and negative covenants. The ABL Facility includes a springing financial covenant which requires the Company’s consolidated fixed charge coverage ratio (“FCCR”) to be at least 1.0 to 1.0 if availability falls below the greater of $15.0 or 20.0% of the line cap. At all times during the three months ended March 31, 2024, availability exceeded this threshold, and the Company was not subject to this financial covenant. As of March 31, 2024, the FCCR was above 1.0 to 1.0, and the Company was in full compliance with its ABL Facility. Borrowings outstanding under the ABL Facility were $50.0 as of March 31, 2024 and bear interest at a rate equal to Term SOFR (as defined in the ABL Facility) plus the Applicable Margin (as defined in the ABL Facility). The effective interest rate under the ABL Facility was approximately 8.2% on March 31, 2024. Total letters of credit outstanding under the ABL Facility were $6.4 at March 31, 2024 and $6.4 at December 31, 2023. Accrued interest under the ABL Facility was $0.0 as of March 31, 2024. We have funds available under the ABL Facility of $42.7 on the March 31, 2024 borrowing base certificate.

Fair Value Information

Fair Value Information	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Information	Fair Value Information All financial instruments are carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations. Level 1 – quoted prices in active markets for identical assets and liabilities. Level 2 – quoted prices for identical assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical assets and liabilities. Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. The carrying amounts of cash and cash equivalents, accounts receivable-trade and accounts payable represent their respective fair values due to their short-term nature. There was $50.0 debt outstanding under the ABL Facility as of March 31, 2024. The fair value of the ABL Facility approximates its carrying value as of March 31, 2024. The following tables present the placement in the fair value hierarchy of the Senior Secured Notes, based on market prices for publicly traded debt, as of March 31, 2024 and December 31, 2023: Fair value measurements at reporting date using March 31, 2024 Level 1 Level 2 Level 3 Senior Secured Notes, 11.5 Percent Due 2025 $ 236.4 $ — $ 236.4 $ — Total Senior Secured Notes $ 236.4 $ — $ 236.4 $ — Fair value measurements at reporting date using December 31, 2023 Level 1 Level 2 Level 3 Senior Secured Notes, 11.5 Percent Due 2025 $ 233.7 $ — $ 233.7 $ — Total Senior Secured Notes $ 233.7 $ — $ 233.7 $ — The following tables present the placement in the fair value hierarchy of Assets Held for Sale, as disclosed in Note 5 - Property and Equipment, Net, based on sales contracts and comparative price quotes, as of March 31, 2024 and December 31, 2023: Fair value measurements at reporting date using March 31, 2024 Level 1 Level 2 Level 3 Assets Held for Sale $ 2.3 $ — $ 2.3 $ — Total Assets Held for Sale $ 2.3 $ — $ 2.3 $ — Fair value measurements at reporting date using December 31, 2023 Level 1 Level 2 Level 3 Assets Held for Sale $ 2.3 $ — $ 2.3 $ — Total Assets Held for Sale $ 2.3 $ — $ 2.3 $ — During the three months ended March 31, 2024 and March 31, 2023, there was no before-tax loss (gain) related to Assets Held for Sale.

Commitments, Contingencies and

Commitments, Contingencies and Off-Balance Sheet Arrangements	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Off-Balance-Sheet Arrangements	Commitments, Contingencies and Off-Balance-Sheet Arrangements Environmental Regulations & Liabilities The Company is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for the protection of the environment. The Company continues to monitor the status of these laws and regulations. However, the Company cannot predict the future impact of such laws and regulations, as well as standards and requirements, on our business, which are subject to change and can have retroactive effectiveness. Currently, the Company has not been fined, cited or notified of any environmental violations or liabilities that would have a material adverse effect on its condensed consolidated financial statement position, results of operations, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the future to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions that may be required, the determination of the Company’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. Litigation The Company is at times either a plaintiff or a defendant in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate are likely to result in a material adverse effect on the Company’s condensed consolidated financial statements. Indemnities, Commitments and Guarantees During its ordinary course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, as well as indemnities to other parties to certain acquisition agreements. The duration of these indemnities, commitments and guarantees varies and, in certain cases, is indefinite. Many of these indemnities, commitments and guarantees provide for limitations on the maximum potential future payments the Company could be obligated to make. However, the Company is unable to estimate the maximum amount of liability related to its indemnities, commitments and guarantees because such liabilities are contingent upon the occurrence of events that are not reasonably determinable. Management believes that any liability for these indemnities, commitments and guarantees would not be material to the accompanying condensed consolidated financial statements. Accordingly, no significant amounts have been accrued for indemnities, commitments and guarantees.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Equity Distribution Agreement On June 14, 2021, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Piper Sandler & Co. as sales agent (the “Agent”). Pursuant to the terms of the Equity Distribution Agreement, the Company may sell from time to time through the Agent (the “ATM Offering”) the Company’s Common Stock, having an aggregate offering price of up to $50.0. On November 16, 2022, the Company entered into Amendment No. 1 to the Equity Distribution Agreement (the “EDA Amendment”). Among other things, the EDA Amendment allows for debt-for-equity exchanges in accordance with Section 3(a)(9) of the Securities Act. Any Common Stock offered and sold in the ATM Offering may be issued pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-256149) filed with the SEC on May 14, 2021 and declared effective on June 11, 2021 (the “Registration Statement”), the prospectus supplement relating to the ATM Offering filed with the SEC on June 14, 2021 and any applicable additional prospectus supplements related to the ATM Offering that form a part of the Registration Statement. Sales of Common Stock under the Equity Distribution Agreement may be made in any transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act. The Equity Distribution Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Agent, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. Under the terms of the Equity Distribution Agreement, the Company will pay the Agent a commission equal to 3.0% of the gross sales price of the Common Stock sold. The Company plans to use the net proceeds from the ATM Offering, after deducting the Agent’s commissions and the Company’s offering expenses, for general corporate purposes, which may include, among other things, paying or refinancing all or a portion of the Company’s then-outstanding indebtedness, and funding acquisitions, capital expenditures and working capital. During the three months ended March 31, 2024 and March 31, 2023, the Company did not sell any shares of Common Stock and incurred legal and administrative fees of $0.1 and $0.1, respectively. Stock-Based Compensation The Company has a Long-Term Incentive Plan (“LTIP”) under which the compensation committee of the Board of Directors (the “Board”) of the Company (the “Compensation Committee”) has the authority to grant stock options, stock appreciation rights, restricted stock, restricted stock units or other forms of equity-based or equity-related awards. Compensation cost for the LTIP grants is generally recorded on a straight-line basis over the vesting term of the shares based on the grant date value using the closing trading price. On May 10, 2023, the stockholders of KLXE approved the Second Amended and Restated KLX Energy Services Holdings, Inc. Long-Term Incentive Plan, amended and restated as of March 8, 2023 (the “Amended and Restated LTIP”), which, among other things, increased the total number of shares of Company Common Stock, par value $0.01 per share, for issuance by 1,200,000 shares, resulting in an increase of the total number of shares of our Common Stock reserved for issuance to 1,256,289, and extended the expiration date to March 8, 2033. A description of the Amended and Restated LTIP is included in the Company’s proxy statement, filed with the SEC on March 28, 2023. Compensation cost recognized during the three months ended March 31, 2024 and March 31, 2023 was related to grants of restricted stock as approved by the Compensation Committee. Stock-based compensation was $0.9 and $0.7 for the three months ended March 31, 2024 and March 31, 2023, respectively. Unrecognized compensation cost related to restricted stock awards made by the Company was $7.2 at March 31, 2024 and $4.2 at December 31, 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $0.2 and $0.2 for the three months ended March 31, 2024 and March 31, 2023, respectively, and was comprised primarily of state and local taxes. The Company has a valuation allowance against its deferred tax balances and, as a result, it was unable to recognize a federal tax benefit on its year-to-date losses. The Company continues to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company is organized on a geographic basis. The Company’s reportable segments, which are also its operating segments, are comprised of the Rocky Mountains Region (the Bakken, Williston, DJ, Uinta, Powder River, Piceance and Niobrara basins), the Southwest Region (the Permian Basin and the Eagle Ford Shale) and the Northeast/Mid-Con Region (the Marcellus and Utica Shale as well as the Mid-Continent STACK and SCOOP and Haynesville Shale). The segments regularly report their results of operations and make requests for capital expenditures and acquisition funding to the Company's chief operational decision-making group. As a result, the Company has three reportable segments. The following table presents revenues and operating (loss) income by reportable segment: Three Months Ended March 31, 2024 March 31, 2023 Revenues Rocky Mountains $ 45.6 $ 67.9 Southwest 69.4 73.4 Northeast/Mid-Con 59.7 98.3 Total revenues 174.7 239.6 Operating (loss) income Rocky Mountains (1.2) 9.8 Southwest (0.7) 4.8 Northeast/Mid-Con 2.4 18.7 Corporate and other (13.6) (14.4) Total operating (loss) income (13.1) 18.9 Interest income (0.7) — Interest expense 9.6 9.3 Net (loss) income before income tax $ (22.0) $ 9.6 The following table presents revenues by service offering by reportable segment: Three Months Ended March 31, 2024 March 31, 2023 Rocky Southwest Northeast Total Rocky Southwest Northeast Total Drilling $ 3.7 $ 21.2 $ 17.1 $ 42.0 $ 9.6 $ 26.1 $ 25.2 $ 60.9 Completion 26.9 32.6 33.9 93.4 37.4 31.3 61.3 130.0 Production 11.0 8.1 4.1 23.2 14.6 8.0 5.2 27.8 Intervention 4.0 7.5 4.6 16.1 6.3 8.0 6.6 20.9 Total revenues $ 45.6 $ 69.4 $ 59.7 $ 174.7 $ 67.9 $ 73.4 $ 98.3 $ 239.6 The following table presents total assets by segment: March 31, 2024 December 31, 2023 Rocky Mountains $ 123.4 $ 135.8 Southwest 167.8 174.3 Northeast/Mid-Con 121.4 117.2 Total 412.6 427.3 Corporate and other 84.9 112.5 Total assets $ 497.5 $ 539.8 The following table presents cash capital expenditures by reportable segment: Three Months Ended March 31, 2024 March 31, 2023 Rocky Mountains $ 4.2 $ 1.6 Southwest 3.5 3.1 Northeast/Mid-Con 5.7 5.6 Corporate and other 0.1 — Total capital expenditures $ 13.5 $ 10.3

Net (Loss) Income Per Common Sh

Net (Loss) Income Per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net (Loss) Income Per Common Share	Net (Loss) Income Per Common Share Basic net (loss) income per common share is computed using the weighted average common shares outstanding during the period. Diluted net (loss) income per common share is computed by using the weighted average common shares outstanding, including the dilutive effect of restricted shares based on an average share price during the period. For the three months ended March 31, 2024 and March 31, 2023, 0.2 and 0.0 million shares of the Company’s Common Stock, respectively, were excluded from the determination of diluted net (loss) income per common share because their effect would have been anti-dilutive. The computations of basic and diluted net (loss) income per share for the three months ended March 31, 2024 and March 31, 2023 are as follows: Three Months Ended March 31, 2024 March 31, 2023 Net (loss) income $ (22.2) $ 9.4 (Shares in millions) Basic weighted average common shares 16.1 14.2 Effect of dilutive securities - dilutive securities — 0.2 Diluted weighted average common shares 16.1 14.4 Basic net (loss) income per common share $ (1.38) $ 0.66 Diluted net (loss) income per common share $ (1.38) $ 0.65

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments which, in the opinion of the Company’s management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full year 2024 or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on March 8, 2024. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.
Recent Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280). This ASU is intended to enhance reportable segment disclosures by adopting a number of provisions currently in Regulation S-X and Regulation S-K upon the provisions' removal from these regulations. The guidance is effective for the Company for the fiscal year beginning January 1, 2024 and is not expected to have a material impact on the Company’s consolidated financial statements. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740). This ASU includes specific requirements for the rate reconciliation, income taxes paid and other tax-related disclosures. The guidance is effective for the Company for the fiscal year beginning January 1, 2025 and is not expected to have a material impact on the Company’s consolidated financial statements.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of assets acquired and liabilities assumed in the acquisition in accordance with ASC 805: Greene's Cash $ 1.1 Accounts receivable-trade 17.1 Other current and non-current assets 0.2 Property and equipment 23.1 Accounts payable (3.2) Accrued liabilities (1.2) Other current and non-current liabilities (1.2) Bargain purchase, net of deferred taxes (1.9) Total purchase price $ 34.0
Business Acquisition, Pro Forma Information	On a pro forma basis to give effect to the acquisition, as if it occurred on January 1, 2023, revenues and net (loss) income for the three months ended March 31, 2024 and March 31, 2023 would have been as follows: Unaudited Pro Forma Three Months Ended March 31, 2024 March 31, 2023 Revenues $ 174.7 $ 251.9 Net (loss) income (22.2) 9.4

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: March 31, 2024 December 31, 2023 Spare parts $ 22.5 $ 21.9 Plugs 8.9 8.3 Consumables 4.3 4.1 Other 2.6 3.7 Subtotal 38.3 38.0 Less: Inventory reserve (5.0) (4.5) Total inventories, net $ 33.3 $ 33.5

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: Useful Life (Years) March 31, 2024 December 31, 2023 Land, buildings and improvements 1 — 40 $ 36.3 $ 36.0 Machinery 1 — 20 272.7 259.4 Equipment and furniture 1 — 15 220.7 215.2 ROU assets - finance leases 1 — 20 83.8 84.2 Total property and equipment 613.5 594.8 Less: Accumulated depreciation (402.8) (382.2) Add: Construction in progress 6.5 8.0 Total property and equipment, net $ 217.2 $ 220.6

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Outstanding long-term debt consisted of the following: March 31, 2024 December 31, 2023 Senior Secured Notes $ 237.3 $ 237.3 ABL Facility 50.0 50.0 Total principal outstanding 287.3 287.3 Less: Unamortized debt issuance costs (2.7) (3.0) Total debt $ 284.6 $ 284.3

Fair Value Information (Tables)

Fair Value Information (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy Based on Market Prices for Publicly Traded Debt	The following tables present the placement in the fair value hierarchy of the Senior Secured Notes, based on market prices for publicly traded debt, as of March 31, 2024 and December 31, 2023: Fair value measurements at reporting date using March 31, 2024 Level 1 Level 2 Level 3 Senior Secured Notes, 11.5 Percent Due 2025 $ 236.4 $ — $ 236.4 $ — Total Senior Secured Notes $ 236.4 $ — $ 236.4 $ — Fair value measurements at reporting date using December 31, 2023 Level 1 Level 2 Level 3 Senior Secured Notes, 11.5 Percent Due 2025 $ 233.7 $ — $ 233.7 $ — Total Senior Secured Notes $ 233.7 $ — $ 233.7 $ — The following tables present the placement in the fair value hierarchy of Assets Held for Sale, as disclosed in Note 5 - Property and Equipment, Net, based on sales contracts and comparative price quotes, as of March 31, 2024 and December 31, 2023: Fair value measurements at reporting date using March 31, 2024 Level 1 Level 2 Level 3 Assets Held for Sale $ 2.3 $ — $ 2.3 $ — Total Assets Held for Sale $ 2.3 $ — $ 2.3 $ — Fair value measurements at reporting date using December 31, 2023 Level 1 Level 2 Level 3 Assets Held for Sale $ 2.3 $ — $ 2.3 $ — Total Assets Held for Sale $ 2.3 $ — $ 2.3 $ —

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenues and Operating (Loss) Income by Reportable Segment	The following table presents revenues and operating (loss) income by reportable segment: Three Months Ended March 31, 2024 March 31, 2023 Revenues Rocky Mountains $ 45.6 $ 67.9 Southwest 69.4 73.4 Northeast/Mid-Con 59.7 98.3 Total revenues 174.7 239.6 Operating (loss) income Rocky Mountains (1.2) 9.8 Southwest (0.7) 4.8 Northeast/Mid-Con 2.4 18.7 Corporate and other (13.6) (14.4) Total operating (loss) income (13.1) 18.9 Interest income (0.7) — Interest expense 9.6 9.3 Net (loss) income before income tax $ (22.0) $ 9.6
Schedule of Revenues by Service Offering by Reportable Segment	The following table presents revenues by service offering by reportable segment: Three Months Ended March 31, 2024 March 31, 2023 Rocky Southwest Northeast Total Rocky Southwest Northeast Total Drilling $ 3.7 $ 21.2 $ 17.1 $ 42.0 $ 9.6 $ 26.1 $ 25.2 $ 60.9 Completion 26.9 32.6 33.9 93.4 37.4 31.3 61.3 130.0 Production 11.0 8.1 4.1 23.2 14.6 8.0 5.2 27.8 Intervention 4.0 7.5 4.6 16.1 6.3 8.0 6.6 20.9 Total revenues $ 45.6 $ 69.4 $ 59.7 $ 174.7 $ 67.9 $ 73.4 $ 98.3 $ 239.6
Schedule of Total Assets by Reportable Segment	The following table presents total assets by segment: March 31, 2024 December 31, 2023 Rocky Mountains $ 123.4 $ 135.8 Southwest 167.8 174.3 Northeast/Mid-Con 121.4 117.2 Total 412.6 427.3 Corporate and other 84.9 112.5 Total assets $ 497.5 $ 539.8
Schedule of Cash Capital Expenditures by Reportable Segment	The following table presents cash capital expenditures by reportable segment: Three Months Ended March 31, 2024 March 31, 2023 Rocky Mountains $ 4.2 $ 1.6 Southwest 3.5 3.1 Northeast/Mid-Con 5.7 5.6 Corporate and other 0.1 — Total capital expenditures $ 13.5 $ 10.3

Net (Loss) Income Per Common _2

Net (Loss) Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The computations of basic and diluted net (loss) income per share for the three months ended March 31, 2024 and March 31, 2023 are as follows: Three Months Ended March 31, 2024 March 31, 2023 Net (loss) income $ (22.2) $ 9.4 (Shares in millions) Basic weighted average common shares 16.1 14.2 Effect of dilutive securities - dilutive securities — 0.2 Diluted weighted average common shares 16.1 14.4 Basic net (loss) income per common share $ (1.38) $ 0.66 Diluted net (loss) income per common share $ (1.38) $ 0.65

Description of Business and B_3

Description of Business and Basis of Presentation (Details) $ in Millions		3 Months Ended
	Mar. 08, 2023 USD ($)	Mar. 31, 2024 facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of service facilities | facility		50
Greene's Energy Group, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash	$ 1.7
Cash, subsequently adjusted	1.1
Net working capital adjustment	$ 0.6

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Mar. 08, 2023	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	May 10, 2023
Business Combinations
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01	$ 0.01
Greene's Energy Group, LLC
Business Combinations
Common stock, par value (in dollars per share)	$ 0.01
Equity value	$ 30.3
Fully diluted common stock (as a percent)	14.70%
Common Stock
Business Combinations
Number of shares in acquisition (in shares)		2.4
Common Stock | Greene's Energy Group, LLC
Business Combinations
Number of shares in acquisition (in shares)	2.4

Business Combinations - Schedul

Business Combinations - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - Greene's Energy Group, LLC $ in Millions	Mar. 08, 2023 USD ($)
Business Combinations
Cash	$ 1.7
Accounts receivable-trade	17.1
Other current and non-current assets	0.2
Property and equipment	23.1
Accounts payable	(3.2)
Accrued liabilities	(1.2)
Other current and non-current liabilities	(1.2)
Bargain purchase, net of deferred taxes	(1.9)
Total purchase price	$ 34

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - Greene's Energy Group, LLC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Combinations
Revenues	$ 174.7	$ 251.9
Net (loss) income	$ (22.2)	$ 9.4

Inventories, Net - Inventory (D

Inventories, Net - Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Spare parts	$ 22.5	$ 21.9
Plugs	8.9	8.3
Consumables	4.3	4.1
Other	2.6	3.7
Subtotal	38.3	38
Less: Inventory reserve	(5)	(4.5)
Total inventories, net	$ 33.3	$ 33.5

Inventories, Net - Additional I

Inventories, Net - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory reserve	$ 5	$ 4.5

Property and Equipment, Net - P

Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
ROU assets - finance leases	$ 83.8	$ 84.2
Less: Accumulated depreciation	(402.8)	(382.2)
Total property and equipment, net	217.2	220.6
Depreciable Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	613.5	594.8
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 36.3	36
Land, buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
Land, buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	40 years
Machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 272.7	259.4
Machinery | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
Machinery | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	20 years
Equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 220.7	215.2
Equipment and furniture | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
Equipment and furniture | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	15 years
ROU assets - finance leases | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
ROU assets - finance leases | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	20 years
Add: Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6.5	$ 8

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) facility	Mar. 31, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 15.9	$ 13.4
Finance lease fixed cost	5.8	$ 3.1
Assets held-for-sale	$ 2.3
Number of operational facilities | facility	1

Long-Term Debt - Long-term Debt

Long-Term Debt - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long term debt, gross	$ 287.3	$ 287.3
Less: Unamortized debt issuance costs	(2.7)	(3)
Total debt	284.6	284.3
Senior Secured Notes
Debt Instrument [Line Items]
Long term debt, gross	237.3	237.3
Total debt	234.6
ABL Facility
Debt Instrument [Line Items]
Long term debt, gross	$ 50	$ 50

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Jun. 20, 2023	Jun. 19, 2023
Debt Instrument [Line Items]
Long term debt outstanding	$ 284.6	$ 284.3
Accrued interest	11.4	4.6
Asset Based Revolving Line of Credit
Debt Instrument [Line Items]
Outstanding letter of credit amount	6.4	$ 6.4
Senior Secured Notes
Debt Instrument [Line Items]
Principle amount	$ 237.3
Debt instrument, stated interest rate (as a percent)	11.50%	11.50%
Long term debt outstanding	$ 234.6
Accrued interest	$ 11.4
ABL Facility
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)	8.20%
Accrued interest	$ 0
ABL Facility | Asset Based Revolving Line of Credit
Debt Instrument [Line Items]
Revolving credit facility	$ 120		$ 120	$ 100
Fixed charge coverage ratio	1
Liquidity threshold amount	$ 15
Liquidity threshold, percent of borrowing base	20%
Amount outstanding	$ 50
Current borrowing capacity	$ 42.7

Fair Value Information - Additi

Fair Value Information - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain (loss) on disposition of assets	$ 0	$ 0
Asset Based Revolving Line of Credit | ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount outstanding	$ 50,000,000

Fair Value Information - Senior

Fair Value Information - Senior Secured Notes and Assets Held for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 236.4	$ 233.7
Assets Held for Sale	2.3	2.3
Level 1 | Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0	0
Assets Held for Sale	0	0
Level 2 | Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	236.4	233.7
Assets Held for Sale	2.3	2.3
Level 3 | Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0	0
Assets Held for Sale	$ 0	$ 0
Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, stated interest rate (as a percent)	11.50%	11.50%
Senior Secured Notes | Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 236.4	$ 233.7
Senior Secured Notes | Level 1 | Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0	0
Senior Secured Notes | Level 2 | Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	236.4	233.7
Senior Secured Notes | Level 3 | Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)			3 Months Ended
	May 10, 2023	Jun. 14, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, increase (decrease) in capital (in shares)	1,200,000
Shares reserved for issuance (in shares)	1,256,289
Share based compensation expense, net			$ 900,000	$ 700,000
Unrecognized compensation cost			$ 7,200,000		$ 4,200,000
At The Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum consideration on transaction		$ 50,000,000
Commission fee		3%
Number of shares issued in transaction (in shares)			0	0
Payments of stock issuance costs			$ 100,000	$ 100,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 0.2	$ 0.2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Revenues and Operating (Loss) Income by Reportable Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments | segment	3
Revenues	$ 174.7	$ 239.6
Operating (loss) income	(13.1)	18.9
Interest income	(0.7)	0
Interest expense	9.6	9.3
Net (loss) income before income tax	(22)	9.6
Corporate and other
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Operating (loss) income	(13.6)	(14.4)
Rocky Mountains
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	45.6	67.9
Rocky Mountains | Operating (loss) income
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Operating (loss) income	(1.2)	9.8
Southwest
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	69.4	73.4
Southwest | Operating (loss) income
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Operating (loss) income	(0.7)	4.8
Northeast/Mid-Con
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	59.7	98.3
Northeast/Mid-Con | Operating (loss) income
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Operating (loss) income	$ 2.4	$ 18.7

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Revenues by Service Offering by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 174.7	$ 239.6
Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	45.6	67.9
Southwest
Segment Reporting Information [Line Items]
Revenues	69.4	73.4
Northeast /Mid-Con
Segment Reporting Information [Line Items]
Revenues	59.7	98.3
Drilling
Segment Reporting Information [Line Items]
Revenues	42	60.9
Drilling | Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	3.7	9.6
Drilling | Southwest
Segment Reporting Information [Line Items]
Revenues	21.2	26.1
Drilling | Northeast /Mid-Con
Segment Reporting Information [Line Items]
Revenues	17.1	25.2
Completion
Segment Reporting Information [Line Items]
Revenues	93.4	130
Completion | Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	26.9	37.4
Completion | Southwest
Segment Reporting Information [Line Items]
Revenues	32.6	31.3
Completion | Northeast /Mid-Con
Segment Reporting Information [Line Items]
Revenues	33.9	61.3
Production
Segment Reporting Information [Line Items]
Revenues	23.2	27.8
Production | Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	11	14.6
Production | Southwest
Segment Reporting Information [Line Items]
Revenues	8.1	8
Production | Northeast /Mid-Con
Segment Reporting Information [Line Items]
Revenues	4.1	5.2
Intervention
Segment Reporting Information [Line Items]
Revenues	16.1	20.9
Intervention | Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	4	6.3
Intervention | Southwest
Segment Reporting Information [Line Items]
Revenues	7.5	8
Intervention | Northeast /Mid-Con
Segment Reporting Information [Line Items]
Revenues	$ 4.6	$ 6.6

Segment Reporting - Schedule _3

Segment Reporting - Schedule of Total Assets by Reportable Segment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 497.5	$ 539.8
Operating (loss) income
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	412.6	427.3
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	84.9	112.5
Rocky Mountains | Operating (loss) income
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	123.4	135.8
Southwest | Operating (loss) income
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	167.8	174.3
Northeast/Mid-Con | Operating (loss) income
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 121.4	$ 117.2

Segment Reporting - Schedule _4

Segment Reporting - Schedule of Capital Expenditures by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 13.5	$ 10.3
Corporate and other
Property, Plant and Equipment [Line Items]
Capital expenditures	0.1	0
Rocky Mountains | Operating (loss) income
Property, Plant and Equipment [Line Items]
Capital expenditures	4.2	1.6
Southwest | Operating (loss) income
Property, Plant and Equipment [Line Items]
Capital expenditures	3.5	3.1
Northeast/Mid-Con | Operating (loss) income
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 5.7	$ 5.6

Net (Loss) Income Per Common _3

Net (Loss) Income Per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive securities excluded from determination of diluted earnings per common share (in shares)	0.2	0

Net (Loss) Income Per Common _4

Net (Loss) Income Per Common Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net (loss) income	$ (22.2)	$ 9.4
Basic weighted average common shares (in shares)	16.1	14.2
Effect of dilutive securities - dilutive securities (in shares)	0	0.2
Diluted weighted average common shares (in shares)	16.1	14.4
Basic net (loss) income per common share (in dollars per share)	$ (1.38)	$ 0.66
Diluted net (loss) income per common share (in dollars per share)	$ (1.38)	$ 0.65