Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 28, 2016 | Jun. 30, 2015 | |
Document and Entity Information | |||
Entity Registrant Name | PIONEER ENERGY SERVICES CORP. | ||
Entity Central Index Key | 320,575 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 64,500,273 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 400 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 14,160 | $ 34,924 |
Receivables: | ||
Trade, net of allowance for doubtful accounts | 47,577 | 136,161 |
Unbilled receivables | 38,000 | |
Insurance recoveries | 14,556 | 10,900 |
Other receivables | 4,059 | 5,138 |
Deferred income taxes | 0 | 10,998 |
Inventory | 9,262 | 14,117 |
Assets held for sale | 4,619 | 9,909 |
Prepaid expenses and other current assets | 7,411 | 8,925 |
Total current assets | 115,268 | 269,074 |
Property and equipment, at cost | 1,146,994 | 1,702,273 |
Less accumulated depreciation | 444,409 | 845,732 |
Net property and equipment | 702,585 | 856,541 |
Intangible assets, net of accumulated amortization | 1,944 | 24,223 |
Noncurrent deferred income taxes | 18 | 2,753 |
Other long-term assets | 9,961 | 18,998 |
Total assets | 829,776 | 1,171,589 |
Current liabilities: | ||
Accounts payable | 16,951 | 64,305 |
Current portion of long-term debt | 0 | 27 |
Deferred revenues | 6,222 | 3,315 |
Accrued expenses: | ||
Payroll and related employee costs | 13,859 | 40,058 |
Insurance premiums and deductibles | 8,087 | 12,829 |
Insurance claims and settlements | 14,556 | 10,900 |
Interest | 5,508 | 5,432 |
Other | 4,859 | 10,326 |
Total current liabilities | 70,042 | 147,192 |
Long-term debt, less current portion | 395,000 | 455,053 |
Noncurrent deferred income taxes | 17,520 | 69,578 |
Other long-term liabilities | 4,571 | 4,702 |
Total liabilities | $ 487,133 | $ 676,525 |
Commitments and contingencies (Note 12) | ||
Shareholders' equity: | ||
Preferred stock, 10,000,000 shares authorized; none issued and outstanding | $ 0 | $ 0 |
Common stock $.10 par value; 100,000,000 shares authorized; 64,497,915 and 63,820,126 shares outstanding at December 31, 2015 and December 31, 2014, respectively | 6,496 | 6,414 |
Additional paid-in capital | 475,823 | 472,457 |
Treasury stock, at cost; 458,170 and 317,103 shares at December 31, 2015 and December 31, 2014, respectively | (3,759) | (3,030) |
Accumulated earnings (deficit) | (135,917) | 19,223 |
Total shareholders' equity | 342,643 | 495,064 |
Total liabilities and shareholders' equity | $ 829,776 | $ 1,171,589 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 64,497,915 | 63,820,126 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 458,170 | 317,103 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||
Drilling Services Revenue | $ 249,318 | $ 516,473 | $ 528,327 | ||||||||
Production Services Revenue | 291,460 | 538,750 | 431,859 | ||||||||
Revenues | $ 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | $ 283,110 | $ 273,267 | $ 259,812 | $ 239,034 | 540,778 | 1,055,223 | 960,186 |
Costs and expenses: | |||||||||||
Drilling Services Costs and Expenses | 144,196 | 348,133 | 354,380 | ||||||||
Production Services Costs and Expenses | 213,820 | 339,690 | 276,296 | ||||||||
Depreciation and amortization | 150,939 | 183,376 | 187,918 | ||||||||
General and administrative | 73,903 | 103,385 | 94,183 | ||||||||
Bad debt expense (recovery) | (188) | 1,445 | 767 | ||||||||
Impairment charges | 129,152 | 73,025 | 54,292 | ||||||||
Gain on dispositions of property and equipment, net | (4,344) | (1,859) | (1,421) | ||||||||
Gain on sale of fishing and rental services operations | 0 | (10,702) | 0 | ||||||||
Gain on litigation | 0 | (5,254) | 0 | ||||||||
Total costs and expenses | 707,478 | 1,031,239 | 966,415 | ||||||||
Income (loss) from operations | (65,286) | (17,972) | (75,108) | (8,334) | (48,672) | 32,804 | 21,917 | 17,935 | (166,700) | 23,984 | (6,229) |
Other (expense) income: | |||||||||||
Interest expense, net of interest capitalized | (21,222) | (38,781) | (48,310) | ||||||||
Loss on extinguishment of debt | (2,186) | (31,221) | 0 | ||||||||
Other | (2,611) | (3,304) | (1,239) | ||||||||
Total other (expense) income | (26,019) | (73,306) | (49,549) | ||||||||
Income (loss) before income taxes | (192,719) | (49,322) | (55,778) | ||||||||
Income tax expense (benefit) | 23,861 | 6,682 | 2,586 | 4,450 | 20,198 | (9,927) | 1,070 | (37) | 37,579 | 11,304 | 19,846 |
Net income (loss) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | $ (47,573) | $ 12,453 | $ (319) | $ (2,579) | $ (155,140) | $ (38,018) | $ (35,932) |
Income (loss) per common share - Basic | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (0.75) | $ 0.20 | $ (0.01) | $ (0.04) | $ (2.41) | $ (0.60) | $ (0.58) |
Income (loss) per common share - Diluted | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (0.75) | $ 0.19 | $ (0.01) | $ (0.04) | $ (2.41) | $ (0.60) | $ (0.58) |
Weighted average number of shares outstanding - Basic | 64,310 | 63,161 | 62,213 | ||||||||
Weighted-average number of shares outstanding - Diluted | 64,310 | 63,161 | 62,213 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Stock Options [Member] | Stock Options [Member]Additional Paid In Capital [Member] | Restricted Stock [Member] | Restricted Stock [Member]Additional Paid In Capital [Member] |
Beginning Balance, shares at Dec. 31, 2013 | 62,753,000 | 220,000 | |||||||
Beginning Balance, value at Dec. 31, 2013 | $ 518,433 | $ 6,275 | $ (1,895) | $ 456,812 | $ 57,241 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (35,932) | (35,932) | |||||||
Stock Issued During Period, Shares, Other | 271,000 | ||||||||
Exercise of options and related income tax effect, value | 1,266 | $ 27 | 1,239 | ||||||
Purchase of treasury stock, shares | (85,000) | ||||||||
Purchase of treasury stock, value | (631) | $ (631) | |||||||
Income tax effect from share-based compensation, net | $ (56) | $ (56) | $ (265) | $ (265) | |||||
Issuance of restricted stock, shares | 316,000 | ||||||||
Issuance of restricted stock, value | 0 | $ 31 | (31) | ||||||
Stock-based compensation expense | 6,371 | 6,371 | |||||||
Ending Balance, shares at Dec. 31, 2012 | 62,166,000 | 135,000 | |||||||
Ending Balance, value at Dec. 31, 2012 | $ 547,680 | $ 6,217 | $ (1,264) | 449,554 | 93,173 | ||||
Beginning Balance, shares at Dec. 31, 2014 | 63,820,126 | 64,137,000 | 317,000 | ||||||
Beginning Balance, value at Dec. 31, 2014 | $ 495,064 | $ 6,414 | $ (3,030) | 472,457 | 19,223 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (38,018) | (38,018) | |||||||
Stock Issued During Period, Shares, Other | 929,000 | ||||||||
Exercise of options and related income tax effect, value | 8,368 | $ 93 | 8,275 | ||||||
Purchase of treasury stock, shares | (97,000) | ||||||||
Purchase of treasury stock, value | (1,135) | $ (1,135) | |||||||
Income tax effect from share-based compensation, net | (201) | (201) | |||||||
Issuance of restricted stock, shares | 455,000 | ||||||||
Issuance of restricted stock, value | 0 | $ 46 | (46) | ||||||
Stock-based compensation expense | 7,617 | 7,617 | |||||||
Ending Balance, shares at Dec. 31, 2013 | 62,753,000 | 220,000 | |||||||
Ending Balance, value at Dec. 31, 2013 | $ 518,433 | $ 6,275 | $ (1,895) | 456,812 | 57,241 | ||||
Beginning Balance, shares at Dec. 31, 2015 | 64,497,915 | 64,956,000 | 458,000 | ||||||
Beginning Balance, value at Dec. 31, 2015 | $ 342,643 | $ 6,496 | $ (3,759) | 475,823 | (135,917) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (155,140) | (155,140) | |||||||
Stock Issued During Period, Shares, Other | 203,000 | ||||||||
Exercise of options and related income tax effect, value | 781 | $ 20 | 761 | ||||||
Purchase of treasury stock, shares | (141,000) | ||||||||
Purchase of treasury stock, value | (729) | $ (729) | |||||||
Income tax effect from share-based compensation, net | $ (78) | $ (78) | $ (884) | $ (884) | |||||
Issuance of restricted stock, shares | 616,000 | ||||||||
Issuance of restricted stock, value | 0 | $ 62 | (62) | ||||||
Stock-based compensation expense | $ 3,629 | 3,629 | |||||||
Ending Balance, shares at Dec. 31, 2014 | 63,820,126 | 64,137,000 | 317,000 | ||||||
Ending Balance, value at Dec. 31, 2014 | $ 495,064 | $ 6,414 | $ (3,030) | $ 472,457 | $ 19,223 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (155,140) | $ (38,018) | $ (35,932) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 150,939 | 183,376 | 187,918 |
Allowance for doubtful accounts | 248 | 1,445 | 801 |
Write-off of obsolete inventory | 0 | 331 | 152 |
Gain on dispositions of property and equipment, net | (4,344) | (1,859) | (1,421) |
Stock-based compensation expense | 3,629 | 7,617 | 6,371 |
Amortization of debt issuance costs, discount and premium | 1,691 | 2,669 | 3,095 |
Gain on sale of fishing and rental services operations | 0 | (10,702) | 0 |
Loss on extinguishment of debt | 2,186 | 31,221 | 0 |
Impairment charges | 129,152 | 73,025 | 54,292 |
Deferred income taxes | (39,286) | (14,761) | (22,125) |
Change in other long-term assets | 420 | 2,958 | (5,741) |
Change in other long-term liabilities | (132) | (1,352) | (1,928) |
Changes in current assets and liabilities: | |||
Receivables | 114,644 | (11,993) | (16,168) |
Inventory | 1,267 | (1,068) | (1,273) |
Prepaid expenses and other current assets | 1,769 | (55) | 3,729 |
Accounts payable | (30,514) | 7,167 | (166) |
Deferred revenues | 1,922 | 2,616 | (3,181) |
Accrued expenses | (35,732) | 424 | 6,157 |
Net cash provided by operating activities | 142,719 | 233,041 | 174,580 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (159,615) | (175,378) | (165,356) |
Proceeds from sale of fishing and rental services operations | 0 | 15,090 | 0 |
Proceeds from sale of property and equipment | 57,674 | 8,370 | 13,836 |
Proceeds from insurance recoveries | 285 | 0 | 844 |
Net cash used in investing activities | (101,656) | (151,918) | (150,676) |
Cash flows from financing activities: | |||
Debt repayments | (60,002) | (490,025) | (60,874) |
Proceeds from issuance of debt | 0 | 440,000 | 40,000 |
Debt issuance costs | (1,877) | (9,239) | (13) |
Tender premium costs | 0 | (21,553) | 0 |
Proceeds from exercise of options | 781 | 8,368 | 1,266 |
Purchase of treasury stock | (729) | (1,135) | (631) |
Net cash used in financing activities | (61,827) | (73,584) | (20,252) |
Net increase (decrease) in cash and cash equivalents | (20,764) | 7,539 | 3,652 |
Beginning cash and cash equivalents | 34,924 | 27,385 | 23,733 |
Ending cash and cash equivalents | 14,160 | 34,924 | 27,385 |
Supplementary disclosure: | |||
Interest paid | 22,506 | 43,690 | 46,274 |
Income tax paid | 2,691 | 5,012 | 3,154 |
Noncash investing and financing activity: | |||
Change in capital expenditure accruals | $ (16,708) | $ 12,743 | $ (39,936) |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | Business Pioneer Energy Services Corp. provides land-based drilling services and production services to a diverse group of independent and large oil and gas exploration and production companies in the United States and internationally in Colombia. We also provide two of our services (coiled tubing and wireline services) offshore in the Gulf of Mexico. We have a current fleet of 31 drilling rigs, 94% of which are pad-capable, and 15 of which are AC walking rigs built within the last five years and engineered to optimize pad drilling. In addition to our drilling rigs, we provide the drilling crews and most of the ancillary equipment needed to operate our drilling rigs. The drilling rigs in our fleet are currently assigned to the following divisions: Drilling Division Rig Count South Texas 7 West Texas 6 North Dakota 6 Appalachia 4 Colombia 8 31 Since late 2014, oil prices have declined significantly resulting in a downturn in our industry, affecting both drilling and production services. In drilling, all rig classes have been severely impacted by the industry downturn. However, AC drilling rigs equipped with either a walking or skidding system are the best suited for horizontal pad drilling . We completed construction of five new-build 1,500 horsepower AC drilling rigs during 2015 . We sold 32 of our mechanical and lower horsepower electric drilling rigs during 2015, which were the most negatively impacted by the industry downturn, and placed an additional four rigs as held for sale as of year-end. Our Production Services Segment provides a range of services to a diverse group of exploration and production companies, with our operations concentrated in the major United States onshore oil and gas producing regions in the Mid-Continent and Rocky Mountain states and in the Gulf Coast, both onshore and offshore. As of December 31, 2015 , our production services fleets are as follows: Production Services Fleets 550 HP 600 HP Total Well servicing rigs, by horsepower (HP) rating 114 11 125 Offshore Onshore Total Wireline units 6 119 125 Coiled tubing units 5 12 17 Drilling Contracts We obtain our contracts for drilling oil and natural gas wells either through competitive bidding or through direct negotiations with existing or potential clients. Our drilling contracts generally provide for compensation on either a daywork or turnkey basis. Contract terms generally depend on the complexity and risk of operations, the on-site drilling conditions, the type of equipment used, and the anticipated duration of the work to be performed. Spot market contracts generally provide for the drilling of a single well and typically permit the client to terminate on short notice. We enter into longer-term drilling contracts for our newly constructed rigs and/or during periods of high rig demand. Currently, we have contracts with original terms of six months to four years in duration. With most term drilling contracts, we are entitled to receive a full or reduced rate of revenue from our clients if they choose to place a rig on standby or to early terminate the contract before its original expiration term. Generally, these revenues are billed and collected over the remaining term of the contract, as the rig is often placed on standby rather than fully released from the contract, and thus may go back to work at the client's decision any time before the end of the contract. Some of our drilling contracts contain "make-whole" provisions whereby if we are able to secure additional work for the rig with another client, then each party is entitled to a make-whole payment. If the dayrates under the new contract are less than the dayrates in the original contract, we would be entitled to a reduced revenue dayrate from the terminating client, and likewise, the terminating client may be entitled to a payment from us if the new contract dayrates exceed those of the original contract. A client may also choose to early terminate the contract and make an upfront early termination payment based on a per day rate for the remaining term of the contract. Revenues derived from rigs placed on standby or from the early termination of term drilling contracts are deferred and recognized as the amounts become fixed or determinable, over the remainder of the original term or when the rig is sold. In response to the significant decline in oil prices over the last year, term contracts for 19 of our drilling rigs have been terminated early, including three which were terminated in early 2016, resulting in a total of $62.8 million of early termination payments. We recognized $49.2 million and $0.3 million of revenue for early termination payments during the years ended December 31, 2015 and 2014, respectively, and we will recognize the remaining $13.3 million in 2016 . Currently , 14 of our 23 domestic drilling rigs are earning revenues, 12 of which are under term contracts . Of the eight rigs in Colombia, three are under term contracts, but have been put on standby by our client and are not earning revenue. The term contracts in Colombia are cancelable without penalty, by our client if 30 days' notice is provided, and by us if rig operations are suspended without an associated dayrate. We are actively marketing our idle drilling rigs in Colombia to various operators to diversify our client base, and evaluating other options, including the possibility of the sale of some or all of our assets in Colombia. Including these three contracts in Colombia, 17 of our drilling rigs are currently under contract, which if not canceled or renewed prior to the end of their terms, will expire as follows: Spot Market Contracts Term Contracts and Term Contract Expiration by Period Total Term Contracts Within 6 Months 6 Months to 1 Year 1 Year to 18 Months 18 Months to 2 Years 2 to 4 Years Domestic Rigs: Earning under contract 2 8 1 2 — 1 4 Earning but not working — 4 3 1 — — — Colombia Rigs (on standby) — 3 — 1 — — 2 2 15 4 4 — 1 6 Basis of Presentation The accompanying consolidated financial statements include the accounts of Pioneer Energy Services Corp. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the accompanying consolidated financial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities we report as of the dates of the balance sheets and income and expenses we report for the periods shown in the income statements and statements of cash flows. Our actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to our recognition of revenues and costs for turnkey contracts, our estimate of the allowance for doubtful accounts, our determination of depreciation and amortization expenses, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance, and our estimate of compensation related accruals. In preparing the accompanying consolidated financial statements, we have reviewed events that have occurred after December 31, 2015 , through the filing of this Form 10-K , for inclusion as necessary. Foreign Currencies Our functional currency for our foreign subsidiary in Colombia is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the period. Income statement accounts are translated at average rates for the period. Gains and losses from remeasurement of foreign currency financial statements into U.S. dollars and from foreign currency transactions are included in other income or expense. Revenue and Cost Recognition Drilling Services— Our Drilling Services Segment earns revenues by drilling oil and gas wells for our clients under daywork or turnkey contracts, which usually provide for the drilling of a single well. Drilling contracts for individual wells are usually completed in less than 60 days. We recognize revenues on daywork contracts for the days completed based on the dayrate each contract specifies. We recognize revenues from our turnkey contracts on the percentage-of-completion method based on our estimate of the number of days to complete each contract. All of our revenues are recognized net of applicable sales taxes. With most drilling contracts, we receive payments contractually designated for the mobilization of rigs and other equipment. Payments received, and costs incurred for the mobilization services are deferred and recognized on a straight line basis over the related contract term. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. Reimbursements that we receive for out-of-pocket expenses are recorded as revenue and the out-of-pocket expenses for which they relate are recorded as operating costs. The assets “prepaid expenses and other current assets” and “other long-term assets” include the current and long-term portions of deferred mobilization costs for certain drilling contracts. The liabilities “deferred revenues” and “other long-term liabilities” include the current and long-term portions of deferred mobilization revenues for certain drilling contracts and amounts collected on contracts in excess of revenues recognized, including amounts collected for early terminations of long-term drilling contracts . As of December 31, 2015 , we had $6.2 million and $1.5 million of current deferred revenues and costs, respectively. Our deferred costs and revenues primarily relate to prepayments of long-term contracts for our domestic drilling rigs. Amortization of deferred mobilization revenues was $1.1 million , $4.6 million and $5.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Turnkey Drilling Contracts— Our management has determined that it is appropriate to use the proportional performance basis to recognize revenue on our turnkey contracts. Although our turnkey contracts do not have express terms that provide us with rights to receive payment for the work that we perform prior to drilling wells to the agreed-on depth, we use this method because, as provided in applicable accounting literature, we believe we achieve a continuous sale for our work-in-progress and believe, under applicable state law, we ultimately could recover the fair value of our work-in-progress even in the event we were unable to drill to the agreed-on depth in breach of the applicable contract. However, in the event we were unable to drill to the agreed-on depth in breach of the contract, ultimate recovery of that value would be subject to negotiations with the client and the possibility of litigation. If a client defaults on its payment obligation to us under a turnkey contract, we would need to rely on applicable law to enforce our lien rights, because our turnkey contracts do not expressly grant to us a security interest in the work we have completed under the contract and we have no ownership rights in the work-in-progress or completed drilling work, except any rights arising under the applicable lien statute on foreclosure. If we were unable to drill to the agreed-on depth in breach of the contract, we also would need to rely on equitable remedies outside of the contract available in applicable courts to recover the fair value of our work-in-progress under a turnkey contract. The risks to us under a turnkey contract are substantially greater than on a contract drilled on a daywork basis. Under a turnkey contract, we assume most of the risks associated with drilling operations that are generally assumed by the operator in a daywork contract, including the risks of blowout, loss of hole, stuck drill pipe, machinery breakdowns and abnormal drilling conditions, as well as risks associated with subcontractors’ services, supplies, cost escalations and operations personnel. We accrue estimated contract costs on turnkey contracts for each day of work completed based on our estimate of the total costs to complete the contract divided by our estimate of the number of days to complete the contract. Contract costs include labor, materials, supplies, repairs and maintenance, operating overhead allocations and allocations of depreciation and amortization expense. In addition, the occurrence of uninsured or under-insured losses or operating cost overruns on our turnkey contracts could have a material adverse effect on our financial position and results of operations. Therefore, our actual results for a contract could differ significantly if our cost estimates for that contract are later revised from our original cost estimates for a contract in progress at the end of a reporting period which was not completed prior to the release of our financial statements . Production Services — Our Production Services Segment earns revenues for well servicing, wireline services and coiled tubing services pursuant to master services agreements based on purchase orders, contracts or other arrangements with the client that include fixed or determinable prices. Production services jobs are generally short-term and are charged at current market rates. Production service revenue is recognized when the service has been rendered and collectability is reasonably assured. Concentration of Clients —We derive a significant portion of our revenue from a limited number of major clients. For the years ended December 31, 2015 , 2014 and 2013 , our drilling and production services to our top three clients accounted for approximately 29% , 28% , and 29% , respectively, of our revenue, and in 2015 , 2014 and 2013 , our largest client, Whiting Petroleum Corporation , accounted for 18% , 12% and 13% , respectively, of our revenue. Cash and Cash Equivalents For purposes of the statements of cash flows, we consider all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents consist of investments in money market accounts. Cash equivalents at December 31, 2015 and 2014 were $1.3 million and $2.6 million , respectively. Trade Accounts Receivable We record trade accounts receivable at the amount we invoice our clients. These accounts do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our accounts receivable as of the balance sheet date. We determine the allowance based on the credit worthiness of our clients and general economic conditions. Consequently, an adverse change in those factors could affect our estimate of our allowance for doubtful accounts. We review our allowance for doubtful accounts on a monthly basis. Our typical drilling contract provides for payment of invoices in 30 days. We generally do not extend payment terms beyond 30 days and have not extended payment terms beyond 90 days for any of our contracts in the last three fiscal years. Our production services terms generally provide for payment of invoices in 30 days. Balances more than 90 days past due are reviewed individually for collectability. We charge off account balances against the allowance after we have exhausted all reasonable means of collection and determined that the potential for recovery is remote. We do not have any off-balance sheet credit exposure related to our clients. The changes in our allowance for doubtful accounts consist of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Balance at beginning of year $ 2,547 $ 1,356 $ 1,044 Increase in allowance charged to expense 472 1,445 801 Accounts charged against the allowance (765 ) (254 ) (489 ) Balance at end of year $ 2,254 $ 2,547 $ 1,356 Unbilled Accounts Receivable The asset “unbilled receivables” represents revenues we have recognized in excess of amounts billed on drilling contracts and production services completed but not yet invoiced. We typically invoice our clients at 15-day intervals during the performance of daywork drilling contracts and upon completion of the daywork contract. Turnkey drilling contracts are invoiced upon completion of the contract. Our unbilled receivables totaled $13.6 million at December 31, 2015 , of which $11.9 million represented revenue recognized but not yet billed on daywork drilling contracts in progress , $1.1 million related to unbilled receivables for our Production Services Segment and $0.6 million related to one turnkey contract in progress, which was completed prior to the issuance of these consolidated financial statements. At December 31, 2014 , our unbilled receivables totaled $38.0 million , of which $32.8 million represented revenue recognized but not yet billed on daywork drilling contracts in progress , $4.4 million related to unbilled receivables for our Production Services Segment , and $0.8 million related to turnkey drilling contract revenues . Inventories Inventories primarily consist of drilling rig replacement parts, supplies held for use by our Drilling Services Segment’s operations in Colombia, and supplies held for use by our Production Services Segment’s operations. Inventories are valued at the lower of cost (first in, first out or actual) or market value. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include items such as insurance, rent deposits and fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Prepaid expenses and other current assets also include the current portion of deferred mobilization costs for certain drilling contracts that are recognized on a straight-line basis over the contract term. Property and Equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided for our assets over the estimated useful lives of the assets using the straight-line method. We record the same depreciation expense whether a rig is idle or working. We charge our expenses for maintenance and repairs to operating costs. We capitalize expenditures for renewals and betterments to the appropriate property and equipment accounts. Intangible Assets Our intangible assets were recorded in connection with the acquisitions of production services businesses and are subject to amortization. We evaluate for potential impairment of long-lived tangible and intangible assets subject to amortization when indicators of impairment are present. Circumstances that could indicate a potential impairment include significant adverse changes in industry trends, economic climate, legal factors, and an adverse action or assessment by a regulator. More specifically, significant adverse changes in industry trends include significant declines in revenue rates, utilization rates, oil and natural gas market prices and industry rig counts. In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of long-lived tangible and intangible assets grouped at the lowest level that cash flows can be identified. For our Production Services Segment, we perform an impairment evaluation and estimate future undiscounted cash flows for the individual reporting units (well servicing, wireline and coiled tubing). Due to several significant adverse factors affecting our coiled tubing services reporting unit, including increased competition in certain coiled tubing markets, turnover of key personnel and lower than anticipated utilization, all of which contributed to a decline in our projected cash flows for the coiled tubing reporting unit, we performed an impairment analysis of our long-lived tangible and intangible assets as of June 30, 2013. Our analysis resulted in a non-cash impairment charge of $3.1 million which we recognized during 2013 to reduce our intangible asset carrying value of client relationships, and a non-cash impairment charge of $41.7 million to reduce the carrying value of goodwill to zero. As a result of the downturn which began in late 2014 and worsened through the first half of 2015, we performed impairment testing on our coiled tubing operations as of June 30, 2015 which indicated that the carrying value of our coiled tubing reporting unit was recoverable and thus there was no impairment present at June 30, 2015. However, as the downturn persisted through 2015, our projected cash flows declined further as compared to our projections made earlier in the year and we performed another impairment analysis of our long-lived tangible and intangible assets as of December 31, 2015, which resulted in an impairment charge of $14.3 million which we recognized during the fourth quarter of 2015. As a result of this impairment, the carrying value of our coiled tubing intangible assets was reduced to zero. This impairment charge did not have an impact on our liquidity or debt covenants; however, it was a reflection of the overall downturn in our industry and a decline in our projected cash flows for the coiled tubing reporting unit. Our impairment analysis performed in the fourth quarter of 2015 also resulted in an impairment to our coiled tubing tangible long-lived assets, which is discussed in more detail in Note 3 , Property and Equipment . We used an income approach to estimate the fair value of our coiled tubing services reporting unit. The most significant inputs used in our impairment analysis of our coiled tubing operations include the projected utilization and pricing of our coiled tubing services, which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . Although we believe the assumptions and estimates used in our analysis are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. We assumed a 13% discount rate to estimate the fair value of the coiled tubing services reporting unit. A decrease in this assumption of 5% would have resulted in a decrease to our impairment charge of approximately $2 million. An increase of 1% in either the utilization or pricing assumptions would have resulted in a decrease to our impairment charge of approximately $1 million or $2 million, respectively. As of December 31, 2015 and 2014 , the estimated useful lives and components of our intangible asset classes are as follows: December 31, 2015 2014 Lives (amounts in thousands) Client relationships: 5 - 9 Cost $ 13,592 $ 55,282 Accumulated amortization (11,682 ) (31,370 ) Non-compete agreements: 4 - 7 Cost 675 1,355 Accumulated amortization (641 ) (1,044 ) $ 1,944 $ 24,223 The cost of our client relationships are amortized using the straight-line method over their respective estimated economic useful lives and amortization expense for our non-compete agreements is calculated using the straight-line method over the period of the agreements. Amortization expense was $7.9 million , $8.0 million and $8.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amortization expense is estimated to be approximately $1.5 million , $0.2 million , and $0.2 million for the years ending December 31, 2016 , 2017 , and 2018 , respectively. Actual amortization amounts may be different due to future acquisitions, impairments, changes in amortization periods, or other factors. Other Long-Term Assets Other long-term assets consist of debt issuance costs net of amortization, cash deposits related to the deductibles on our workers’ compensation insurance policies and the long-term portion of deferred mobilization costs. Other Current Liabilities Our other accrued expenses include accruals for items such as property tax, sales tax, Colombian net wealth tax, and professional and other fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Other Long-Term Liabilities Our other long-term liabilities consist of the noncurrent portion of liabilities associated with our long-term compensation plans, the long-term portion of deferred revenues and other deferred liabilities. Treasury Stock Treasury stock purchases are accounted for under the cost method whereby the cost of the acquired common stock is recorded as treasury stock. Gains and losses on the subsequent reissuance of treasury stock shares are credited or charged to additional paid in capital using the average cost method. Stock-based Compensation We recognize compensation cost for stock option, restricted stock and restricted stock unit awards based on the fair value estimated in accordance with ASC Topic 718, Compensation—Stock Compensation . For our awards with graded vesting, we recognize compensation expense on a straight-line basis over the service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. We receive a tax deduction for certain stock option exercises during the period the options are exercised, generally for the excess of the fair market value of our stock on the date of exercise over the exercise price of the options. In accordance with ASC Topic 718, when we have excess tax benefits resulting from the exercise of stock options, we report them as financing cash flows in our consolidated statement of cash flows, unless otherwise disallowed under ASC Topic 740, Income Taxes . Income Taxes We follow the asset and liability method of accounting for income taxes, under which we recognize 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 basis. We measure our deferred tax assets and liabilities by using the enacted tax rates we expect to apply to taxable income in the years in which we expect to recover or settle those temporary differences. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in income in the period during which the change occurs. Related-Party Transactions During the years ended December 31, 2015 and 2014 , the Company paid approximately $0.2 million and $0.4 million , respectively, for trucking and equipment rental services, which represented arms-length transactions, to Gulf Coast Lease Service. Joe Freeman, our Senior Vice President of Well Servicing, serves as the President of Gulf Coast Lease Service, which is owned and operated by Mr. Freeman's two sons. Mr. Freeman does not receive compensation from Gulf Coast Lease Service, and he serves primarily in an advisory role to his sons. Comprehensive Income We have not reported comprehensive income due to the absence of items of other comprehensive income in the years presented. Recently Issued Accounting Standards Revenue Recognition. In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance. The standard outlines a single comprehensive model for revenue recognition based on the core principle that a company will recognize revenue when promised goods or services are transferred to clients, in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. We are required to apply this new standard beginning with our first quarterly filing in 2018. We are currently evaluating the potential impact of this guidance, but at this time, do not expect that the adoption of this new standard will have a material effect on our financial position or results of operations. Debt Issuance Costs. On April 7, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, and that amortization of debt issuance costs be reported as interest expense. In August 2015, these provisions were further amended with guidance from the Securities and Exchange Commission Staff that they would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. This ASU requires retrospective adoption and will be effective for us beginning with our first quarterly filing in 2016. Early adoption is permitted. We do not expect the adoption of this new standard to have a material impact on our financial position or results of operations. Deferred Income Tax Classification. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which requires that the net of deferred tax assets and liabilities be classified as noncurrent on the balance sheet by jurisdiction rather than being separately presented as current and noncurrent portions. We are required to adopt the new standard beginning with our first quarterly filing in 2017; however, early adoption is permitted and the standard may be applied either retrospectively or on a prospective basis to all deferred tax assets and liabilities. On December 31, 2015, we elected to early adopt ASU No. 2015-17 prospectively, thus reclassifying $6.8 million of current deferred tax assets to noncurrent on the accompanying consolidated balance sheet. The prior reporting period was not retrospectively adjusted. Reclassifications Certain amounts in the financial statements for the prior years have been reclassified to conform to the current year’s presentation. |
Sale of Fishing and Rental Serv
Sale of Fishing and Rental Services Operations (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Sale of Fishing and Rental Services Operations On September 17, 2014 , we entered into an asset sales agreement with Basic Energy Services L.P. ("Basic") for the sale of our fishing and rental services (“F&R”) operations for total consideration of $16.1 million , subject to certain adjustments. The sales price consisted of $15.1 million of cash received at closing and $1.0 million which was held in escrow for a period of 180 days for potential claims due to Basic. Under the terms of the sales agreement, Basic purchased two real estate locations and all F&R tools and equipment for which we had a total net book value of $4.3 million at the date of sale. Basic also purchased certain other assets and assumed certain liabilities related to our F&R operations. In addition, Basic offered employment to the F&R employees and we agreed to provide transition services to Basic after the close of the transaction. We recognized a $10.7 million gain on the sale of our F&R operations, net of costs directly attributable to the sale. Net of income taxes, the gain was $6.6 million . Cash proceeds from the sale were used to repay long-term debt obligations. For the nine months ended September 30, 2014, F&R operations represented approximately 1% of our consolidated revenues and approximately 1% of our consolidated pretax income. Total assets for F&R at the date of sale represented less than 1% of our total assets as of September 30, 2014. The sale of the F&R operations does not represent a strategic shift for our company and has not had a significant effect on our operating results. Therefore, the sale of our F&R operations does not represent discontinued operations based on the criteria of ASU No. 2014-08, Discontinued Operations. Statement of operations information for the F&R operations is as follows (amounts in thousands): Year ended December 31, 2014 2013 Revenues $ 7,828 $ 12,459 Operating costs 5,097 8,000 F&R margin $ 2,731 $ 4,459 Income (loss) before income taxes $ (162 ) $ 242 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment Our total capital expenditures of $142.9 million and $188.1 million during 2015 and 2014, respectively, primarily relate to our five new-build drilling rigs which began construction during 2014, as well as unit additions to our production services fleets. As of December 31, 2015 and 2014 , capital expenditures incurred for property and equipment not yet placed in service was $18.6 million and $82.7 million , respectively. During the years ended December 31, 2015 , 2014 and 2013 , we capitalized $3.0 million , $0.7 million and $0.9 million , respectively, of interest costs incurred primarily during the construction periods of new-build drilling rigs and other drilling equipment. As of December 31, 2015 and 2014 , the estimated useful lives and costs of our asset classes are as follows: December 31, 2015 December 31, 2014 Lives Cost (amounts in thousands) Drilling rigs and equipment 2 - 25 $ 649,805 $ 1,168,404 Well servicing rigs and equipment 3 - 20 246,539 232,771 Wireline units and equipment 2 - 10 148,501 146,748 Coiled tubing units and equipment 1 - 7 10,740 60,389 Vehicles 3 - 15 51,776 55,014 Office equipment 1 - 10 11,986 11,521 Buildings and improvements 2 - 40 25,228 25,007 Land — 2,419 2,419 $ 1,146,994 $ 1,702,273 During the year ended December 31, 2015 , we sold 32 of our mechanical and lower horsepower electric drilling rigs and other drilling equipment for aggregate net proceeds of $53.6 million . In September 2014, we sold our fishing and rental services operations for total consideration of $16.1 million, resulting in a pretax gain of $10.7 million , and we sold our trucking assets in February 2014. During 2013, we sold ten mechanical drilling rigs, four wireline units and other production services equipment, for which we also recognized $9.5 million of impairment to reduce the carrying values to their estimated fair values, based on sales prices, when we designated these assets as held for sale. We evaluate for potential impairment of long-lived tangible and intangible assets subject to amortization when indicators of impairment are present. Circumstances that could indicate a potential impairment include significant adverse changes in industry trends, economic climate, legal factors, and an adverse action or assessment by a regulator. More specifically, significant adverse changes in industry trends include significant declines in revenue rates, utilization rates, oil and natural gas market prices and industry rig counts. In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of long-lived tangible and intangible assets grouped at the lowest level that cash flows can be identified. For our Production Services Segment, we perform an impairment evaluation and estimate future undiscounted cash flows for the individual reporting units (well servicing, wireline and coiled tubing). For our Drilling Services Segment, we perform an impairment evaluation and estimate future undiscounted cash flows for individual domestic drilling rig assets and for our Colombian drilling rig assets as a group. If the sum of the estimated future undiscounted net cash flows is less than the carrying amount of the asset group, then we determine the fair value of the asset group. The amount of an impairment charge is measured as the difference between the carrying amount and the fair value of the assets. Since late 2014, oil prices have declined significantly resulting in a downturn in our industry, affecting both drilling and production services. In drilling, all rig classes have been severely impacted by the industry downturn. However, AC drilling rigs equipped with either a walking or skidding system are the best suited for horizontal pad drilling . In recent years, and especially during the recent downturn, demand has significantly decreased for certain drilling rigs, particularly in vertical well markets. The decline is a result of higher demand for drilling rigs that are able to drill horizontally and the increased use of "pad drilling." Pad drilling enables a series of horizontal wells to be drilled in succession by a walking or skidding drilling rig at a single pad-site location, thereby improving the productivity of exploration and production activities. This trend has resulted in significantly reduced demand for drilling rigs that do not have the ability to walk or skid and to drill horizontal wells . As a result, we performed several impairment evaluations during 2014 and 2015 on our long-lived assets, in accordance with ASC Topic 360, Property, Plant and Equipment , summarized below. As of December 31, 2014, we owned a total of 31 mechanical and lower horsepower electric drilling rigs. We performed impairment testing on all the mechanical and lower horsepower drilling rigs in our fleet as of December 31, 2014, which resulted in a total impairment of $71.0 million to reduce the carrying value of these assets to their estimated fair values , based on market appraisals which are considered Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . During 2015, we sold 28 of these rigs and placed the remaining three as held for sale at year-end. Additionally, we recorded $2.0 million of impairment charges during the year ended December 31, 2014 to reduce the carrying values of certain other assets, which were placed as held for sale during the year, to their estimated fair values, based on expected sales price. We also performed an impairment test on our drilling rigs in Colombia as of December 31, 2014, at which time we concluded that the sum of the estimated future undiscounted cash flows associated with our Colombian operations was in excess of the carrying amount and concluded that no impairment was present. As the downturn worsened through the first half of 2015, resulting in significantly reduced revenue and utilization rates, and our projections reflected a more delayed recovery than previously anticipated, we performed impairment testing on all the non-AC electric drilling rigs in our fleet, including the eight drilling rigs in Colombia, and our coiled tubing operations as of June 30, 2015. Our analysis at June 30, 2015 indicated that the carrying value of our coiled tubing reporting unit and the carrying value of the pad-capable non-AC drilling rigs in our fleet (those that are equipped with either a walking or skidding system) were recoverable and thus there was no impairment present at June 30, 2015. However, our analysis indicated that the carrying values of the non-AC drilling rigs in our domestic fleet which are not pad-capable, and our Colombian assets as a group, exceeded our estimated undiscounted cash flows for these assets . Therefore, an impairment charge was necessary to reduce the carrying values of these assets to their estimated fair values , which were based on market appraisals. As a result, we recognized impairment charges of $50.2 million during the second quarter of 2015 to reduce the carrying values of all eight drilling rigs in Colombia and related drilling equipment, $3.6 million to reduce the carrying value of inventory in Colombia, $6.4 million to reduce the carrying value of nonrecoverable prepaid taxes associated with our Colombian operations, and $9.7 million to reduce the carrying values of the six non-AC electric drilling rigs in our domestic fleet that are not pad-capable, to their estimated fair values. We subsequently sold three of these domestic non-AC drilling rigs that are not pad-capable and placed another as held for sale at year-end. We have two remaining in our fleet. Our projected cash flows declined further as compared to our projections made earlier in the year and at September 30, 2015, we performed impairment testing on our coiled tubing operations and seven drilling rigs, including our domestic pad-capable non-AC rigs. We determined that our carrying values in these assets were recoverable, but that the assets were at risk for future impairment if our projected cash flows continued to decline. As the downturn persisted through the remainder of 2015, we again performed impairment testing on these assets at December 31, 2015. As a result, we recognized $14.3 million of impairment related to our coiled tubing intangibles, $16.6 million of impairment to reduce the carrying values of our coiled tubing units and equipment to their estimated fair value, based on market appraisals, and $18.6 million to reduce the carrying values of our five domestic pad-capable non-AC rigs to their estimated fair values, which were also based on market appraisals. We used an income approach to estimate the fair value of our coiled tubing services reporting unit. The most significant inputs used in our impairment analysis of our coiled tubing operations include the projected utilization and pricing of our coiled tubing services, which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . In order to estimate our future undiscounted cash flows from the use and eventual disposition of our drilling assets, we incorporated probabilities of selling these assets in the near term, versus working them at a significantly reduced expected rate of utilization through the end of their remaining useful lives. The most significant assumptions used in our analysis are the expected margin per day and utilization, as well as the estimated proceeds upon any future sale or disposal of the assets. If the demand for our drilling services remains at current levels or declines further and any of our rigs become or remain idle for an extended amount of time, then our estimated cash flows may further decrease, and the probability of a near term sale may increase. If any of the foregoing were to occur, we may incur additional impairment charges. During the year ended December 31, 2015 , we also recognized impairment charges of $9.7 million to reduce the carrying values of assets which were classified as held for sale, to their estimated fair values, based on expected sales prices . Although we believe the assumptions and estimates used in our analysis are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. The assumptions used in the impairment evaluation for long-lived assets are inherently uncertain and require management judgment. These impairment charges are not expected to have an impact on our liquidity or debt covenants; however, they are a reflection of the overall downturn in our industry and decline in our projected future cash flows. Property and Equipment During the year ended December 31, 2015 and 2014 , we had capital expenditures of $142.9 million and $188.1 million , respectively, which includes $3.0 million and $0.7 million , respectively, of capitalized interest costs incurred during the construction periods of new-build drilling rigs and other drilling equipment. Capital expenditures during 2015 primarily relate to our five new-build drilling rigs which began construction during 2014, as well as unit additions to our production services fleets. As of December 31, 2015 and December 31, 2014 , capital expenditures incurred for property and equipment not yet placed in service was $18.6 million and $82.7 million , respectively. During the year ended December 31, 2015 , we recorded total gains on disposition of our property and equipment of $4.3 million , primarily for the sales of 32 of our mechanical and lower horsepower electric drilling rigs and other drilling equipment which we sold for aggregate net proceeds of $53.6 million , of which $0.0 million was recognized as a receivable at December 31, 2015 . During the year ended December 31, 2014 , we recorded total gains on disposition of our property and equipment of $1.9 million , of which $1.1 million was related to the sale of our trucking assets in February 2014. Additionally, in September 2014, we sold our fishing and rental services operations for total consideration of $16.1 million, resulting in a pretax gain of $10.7 million . We evaluate for potential impairment of long-lived tangible and intangible assets subject to amortization when indicators of impairment are present. Circumstances that could indicate a potential impairment include significant adverse changes in industry trends, economic climate, legal factors, and an adverse action or assessment by a regulator. More specifically, significant adverse changes in industry trends include significant declines in revenue rates, utilization rates, oil and natural gas market prices and industry rig counts. In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of long-lived tangible and intangible assets grouped at the lowest level that cash flows can be identified. For our Production Services Segment, we perform an impairment evaluation and estimate future undiscounted cash flows for the individual reporting units (well servicing, wireline and coiled tubing). For our Drilling Services Segment, we perform an impairment evaluation and estimate future undiscounted cash flows for individual domestic drilling rig assets and for our Colombian drilling rig assets as a group. If the sum of the estimated future undiscounted net cash flows is less than the carrying amount of the asset group, then we determine the fair value of the asset group. The amount of an impairment charge is measured as the difference between the carrying amount and the fair value of the assets. The assumptions used in the impairment evaluation for long-lived assets are inherently uncertain and require management judgment. Since late 2014, oil prices have declined significantly resulting in a downturn in our industry, affecting both drilling and production services. In drilling, all rig classes have been severely impacted by the industry downturn. However, AC drilling rigs equipped with either a walking or skidding system are the best suited for horizontal pad drilling . As the downturn worsened through the first half of 2015, resulting in significantly reduced revenue and utilization rates, and our projections reflected a more delayed recovery than previously anticipated, we performed impairment testing on all the non-AC electric drilling rigs in our fleet, including the eight drilling rigs in Colombia, and our coiled tubing operations as of June 30, 2015. Our analysis at June 30, 2015 indicated that the carrying value of our coiled tubing reporting unit and the carrying value of the pad-capable non-AC drilling rigs in our fleet (those that are equipped with either a walking or skidding system) were recoverable and thus there was no impairment present at June 30, 2015. However, our analysis indicated that the carrying values of the six non-AC drilling rigs in our domestic fleet which are not pad-capable, and our Colombian assets as a group, exceeded our estimated undiscounted cash flows for these assets . Therefore, an impairment charge was necessary to reduce the carrying values of these assets to their estimated fair values , which were based on market appraisals which are considered Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . As a result, we recognized impairment charges of $50.2 million during the second quarter of 2015 to reduce the carrying values of all eight drilling rigs in Colombia and related drilling equipment, $3.6 million to reduce the carrying value of inventory in Colombia, $6.4 million to reduce the carrying value of nonrecoverable prepaid taxes associated with our Colombian operations, and $9.7 million to reduce the carrying values of the six non-AC electric drilling rigs in our domestic fleet that are not pad-capable, to their estimated fair values. During the three and year ended December 31, 2015 , we also recognized impairment charges of $2.3 million and $9.7 million , respectively, to reduce the carrying values of assets which were classified as held for sale, to their estimated fair values, based on expected sales prices . As of December 31, 2015 , our consolidated balance sheet reflects assets held for sale of $4.6 million , which represents the fair value of certain drilling equipment, one real estate property and other production services equipment . During the year ended December 31, 2014 , we recorded impairment charges of $73.0 million to reduce the carrying value of certain drilling equipment and real estate property which were held for sale to their estimated fair value less costs to sell. These impairment charges are not expected to have an impact on our liquidity or debt covenants; however, they are a reflection of the overall downturn in our industry and decline in our projected future cash flows. With the downturn persisting through 2015, our projected cash flows declined further as compared to our projections made earlier in the year and at September 30, 2015, we performed impairment testing on our coiled tubing operations and seven drilling rigs, including our domestic pad-capable non-AC rigs, which had a net carrying value of NA this qtr and NA this qtr , respectively. We concluded that the carrying value of these assets is recoverable, but that these assets are at risk for future impairment if our projected cash flows decline further. In order to estimate our future undiscounted cash flows from the use and eventual disposition of our drilling assets, we incorporated probabilities of selling these assets in the near term, versus working them at a significantly reduced expected rate of utilization through the end of their remaining useful lives. The most significant assumptions used in our analysis are the expected margin per day and utilization, as well as the estimated proceeds upon any future sale or disposal of the assets. Although we believe the assumptions and estimates used in our analysis are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. If the demand for our drilling services remains at current levels or declines further and any of our rigs become or remain idle for an extended amount of time, then our estimated cash flows may further decrease, and the probability of a near term sale may increase. If any of the foregoing were to occur, we may incur additional impairment charges. The most significant inputs used in our impairment analysis of our coiled tubing operations include the projected utilization and pricing of our coiled tubing services, which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . Although we believe the assumptions and estimates used in our analysis are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. If we fail to meet the projected increases in utilization and pricing for our coiled tubing services, or in the event of significant unfavorable changes in the forecasted cash flows or key assumptions used in our analysis, the most significant of these being the projected utilization and pricing of our coiled tubing services, then we may incur a future impairment. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Debt Our debt consists of the following (amounts in thousands): December 31, 2015 December 31, 2014 Senior secured revolving credit facility $ 95,000 $ 155,000 Senior notes 300,000 300,000 Other — 80 395,000 455,080 Less current portion — (27 ) $ 395,000 $ 455,053 Senior Secured Revolving Credit Facility We have a credit agreement, as amended on September 15, 2015 and again on December 23, 2015 , with Wells Fargo Bank, N.A. and a syndicate of lenders which provides for a senior secured revolving credit facility, with sub-limits for letters of credit and swing-line loans, of up to an aggregate principal amount of $200 million , subject to availability under a borrowing base comprised of certain eligible cash, certain eligible receivables, certain eligible inventory, and certain eligible equipment of ours and certain of our subsidiaries, all of which matures in March 2019 (the “Revolving Credit Facility”). The Revolving Credit Facility contains customary mandatory prepayments from the proceeds of certain asset dispositions or debt issuances, which are applied to reduce outstanding revolving and swing-line loans and cash-collateralize letter of credit exposure , but in no event will reduce the borrowing availability under the Revolving Credit Facility to the lesser of $200 million and the then-applicable borrowing base. Borrowings under the Revolving Credit Facility bear interest, at our option, at the LIBOR rate or at the bank prime rate, plus an applicable per annum margin of 4.75% and 3.75% , respectively. The Revolving Credit Facility requires a commitment fee due quarterly based on the average daily unused amount of the commitments of the lenders, a fronting fee due for each letter of credit issued, and a quarterly letter of credit fee due based on the average undrawn amount of letters of credit outstanding during such period. Additionally, the Revolving Credit Facility requires that if on the last business day of the calendar month, our aggregate amount of cash exceeds $25 million , we pay down the outstanding principal balance by the amount of such excess. Our obligations under the Revolving Credit Facility are secured by substantially all of our domestic assets (including equity interests in Pioneer Global Holdings, Inc. and 65% of the outstanding equity interests of any first-tier foreign subsidiaries owned by Pioneer Global Holdings, Inc., but excluding any equity interest in, and any assets of, Pioneer Services Holdings, LLC) and are guaranteed by certain of our domestic subsidiaries, including Pioneer Global Holdings, Inc. Borrowings under the Revolving Credit Facility are available for acquisitions, working capital and other general corporate purposes. As of December 31, 2015 , we had $95 million outstanding under our Revolving Credit Facility and $17.3 million in committed letters of credit, which resulted in borrowing availability of $87.7 million under our Revolving Credit Facility. There are no limitations on our ability to access the borrowing capacity provided there is no default, all representations and warranties are true and correct, and compliance with financial covenants under the Revolving Credit Facility is maintained. At December 31, 2015 , we were in compliance with our financial covenants under the Revolving Credit Facility. Our senior consolidated leverage ratio was 1.0 to 1.0, and our interest coverage ratio was 5.5 to 1.0. The financial covenants contained in our Revolving Credit Facility include the following: • A maximum senior consolidated leverage ratio, which excludes unsecured and subordinated debt, that cannot exceed 2.50 to 1.00 on December 31, 2015 , 3.00 to 1.00 on March 31, 2016 , 3.50 to 1.00 on June 30, 2016 , 4.25 to 1.00 on September 30, 2016 , 4.75 to 1.00 during the period commencing December 31, 2016 through and including June 30, 2017 , 4.25 to 1.00 on September 30, 2017 , 3.50 to 1.00 during the period commencing December 31, 2017 through and including March 31, 2018 , 3.25 to 1.00 on June 30, 2018 , and 2.50 to 1.00 at any time thereafter. • A minimum interest coverage ratio that cannot be less than 1.50 to 1.00 during the period commencing December 31, 2015 through and including June 30, 2016 , 1.25 to 1.00 during the period commencing September 30, 2016 through and including September 30, 2017 , and 1.50 to 1.00 at any time thereafter. The Revolving Credit Facility also does not restrict capital expenditures as long as (a) no event of default under the Revolving Credit Facility exists or would result from such expenditures, and (b) such expenditures do not cause total capital expenditures to exceed $50 million for the fiscal year. The capital expenditure threshold may be increased by any unused portion of the capital expenditure threshold from the immediate preceding fiscal year up to $25 million . The Revolving Credit Facility has additional restrictive covenants that, among other things, limit the incurrence of additional debt, investments, liens, dividends, acquisitions, prepayments of indebtedness, asset dispositions, mergers and consolidations, transactions with affiliates, repurchases of capital stock, hedging contracts, sale leasebacks and other matters customarily restricted in such agreements. In addition, the Revolving Credit Facility contains customary events of default, including without limitation, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain other material indebtedness in excess of specified amounts, certain events of bankruptcy and insolvency, judgment defaults in excess of specified amounts, failure of any guaranty or security document supporting the credit agreement and change of control. Senior Notes In March 2010 and November 2011 , we issued an aggregate $425 million of unregistered senior notes with a coupon interest rate of 9.875% that were set to mature in 2018 (the “2010 and 2011 Senior Notes”). The net proceeds from the 2010 issuance were used to repay a portion of the borrowings outstanding under our Revolving Credit Facility and a portion of the net proceeds from the 2011 issuance were used to fund the acquisition of the coiled tubing business in December 2011. In order to reduce our overall interest expense and lengthen the overall maturity of our senior indebtedness, during 2014, we redeemed all of our outstanding 2010 and 2011 Senior Notes, funded primarily by proceeds from the issuance of our 2014 Senior Notes and additional borrowings under our Revolving Credit Facility, as well as some cash on hand. In March 2014 , we issued $300 million of unregistered senior notes with a coupon interest rate of 6.125% that are due in 2022 (the “2014 Senior Notes”). The 2014 Senior Notes were sold at 100% of their face value. After deductions were made for the $6.1 million for underwriters’ fees and other debt offering costs, we received $293.9 million of net proceeds which were used to fund the repayment of $300 million of aggregate principal amount of 2010 and 2011 Senior Notes in March and May 2014. In October 2014 , we redeemed the remaining $125.0 million in aggregate principal amount of the 2010 and 2011 Senior Notes, primarily funded by proceeds from our revolving credit facility and through cash on hand. During 2014, we recognized a loss on debt extinguishment of $31.2 million for the redemption of the 2010 and 2011 Senior Notes, which included redemption premiums of $21.6 million , $4.8 million of net unamortized discount and $4.8 million of unamortized debt issuance costs. The 2014 Senior Notes will mature on March 15, 2022 with interest due semi-annually in arrears on March 15 and September 15 of each year. We have the option to redeem the 2014 Senior Notes, in whole or in part, at any time on or after March 15, 2017 in each case at the redemption price specified in the Indenture dated March 18, 2014 (the “Indenture”) plus any accrued and unpaid interest and any additional interest (as defined in the Indenture) thereon to the date of redemption. Prior to March 15, 2017 , we may also redeem the 2014 Senior Notes, in whole or in part, at a “make-whole” redemption price specified in the Indenture, plus any accrued and unpaid interest and any additional interest thereon to the date of redemption. In addition, prior to March 15, 2017 , we may, on one or more occasions, redeem up to 35% of the aggregate principal amount of the 2014 Senior Notes at a redemption price equal to 106.125% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, to the redemption date, with the net cash proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the 2014 Senior Notes remains outstanding after the occurrence of such redemption and that the redemption occurs within 120 days of the date of the closing of such equity offering. In accordance with a registration rights agreement with the holders of our 2014 Senior Notes, we filed an exchange offer registration statement on Form S-4 with the Securities and Exchange Commission that became effective on October 2, 2014 . The exchange offer registration statement enabled the holders of our Senior Notes to exchange their senior notes for publicly registered notes with substantially identical terms. References to the “Senior Notes” herein include the senior notes issued in the exchange offer. If we experience a change of control (as defined in the Indenture), we will be required to make an offer to each holder of the Senior Notes to repurchase all or any part of the Senior Notes at a purchase price equal to 101% of the principal amount of each Senior Note, plus accrued and unpaid interest, if any, to the date of repurchase. If we engage in certain asset sales, within 365 days of such sale we will be required to use the net cash proceeds from such sale, to the extent we do not reinvest those proceeds in our business, to make an offer to repurchase the Senior Notes at a price equal to 100% of the principal amount of each Senior Note, plus accrued and unpaid interest to the repurchase date. The Indenture, among other things, limits us and certain of our subsidiaries in our ability to: • pay dividends on stock, repurchase stock, redeem subordinated indebtedness or make other restricted payments and investments; • incur, assume or guarantee additional indebtedness or issue preferred or disqualified stock; • create liens on our or their assets; • enter into sale and leaseback transactions; • sell or transfer assets; • pay dividends, engage in loans, or transfer other assets from certain of our subsidiaries; • consolidate with or merge with or into, or sell all or substantially all of our properties to any other person; • enter into transactions with affiliates; and • enter into new lines of business . The Senior Notes are not subject to any sinking fund requirements. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our existing domestic subsidiaries and by certain of our future domestic subsidiaries. (See Note 14 , Guarantor/Non-Guarantor Condensed Consolidated Financial Statements .) Debt Issuance Costs Costs incurred in connection with the Revolving Credit Facility were capitalized and are being amortized using the straight-line method over the term of the Revolving Credit Facility which matures in March 2019 . Costs incurred in connection with the issuance of our 2014 Senior Notes were capitalized and are being amortized using the straight-line method (which approximates amortization using the interest method) over the term of the Senior Notes which mature in March 2022 . Capitalized debt costs related to the issuance of our long-term debt were approximately $7.8 million and $9.8 million as of December 31, 2015 and 2014 , respectively. We recognized approximately $1.7 million , $2.1 million and $2.1 million of associated amortization during the years ended December 31, 2015 , 2014 and 2013 , respectively. Additionally, we recognized $2.2 million of loss on extinguishment of debt for the write off of unamortized debt issuance costs associated with the reduction of borrowing capacity under our Revolving Credit Facility which was amended in September and again in December 2015. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases We lease our corporate office facilities in San Antonio, Texas at a payment escalating from $42,511 per month in January 2016 to $50,246 per month in December 2020 . We recognize rent expense on a straight-line basis for our corporate office lease. We also lease real estate at 43 other locations, which are primarily used for field offices and storage and maintenance yards, and we lease vehicles, office and other equipment under non-cancelable operating leases, most of which contain renewal options and some of which contain escalation clauses. Future lease obligations required under non-cancelable operating leases as of December 31, 2015 were as follows (amounts in thousands): Year ended December 31, 2016 $ 3,618 2017 2,982 2018 2,347 2019 1,925 2020 1,187 Thereafter 445 $ 12,504 During 2015, we ceased use of several location offices which were under long-term leases and recognized an expense of $0.3 million in order to accrue the fair value of future lease obligations associated with the facilities which we are no longer using, in accordance with ASC Topic 420, Exit or Disposal Obligations . These accrued lease obligations which have been included in our current and long-term liabilities, according to the lease terms, are not reflected in the table above. Including the impact of lease termination penalties, total lease related exit costs incurred for the year ended December 31, 2015 was $0.5 million . Rent expense under operating leases, including rental exit costs, was $6.2 million , $5.9 million and $6.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The jurisdictional components of income (loss) before income taxes consist of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Domestic $ (123,499 ) $ (49,050 ) $ (66,147 ) Foreign (69,220 ) (272 ) 10,369 Income (loss) before income tax $ (192,719 ) $ (49,322 ) $ (55,778 ) The components of our income tax expense (benefit) consist of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Current tax: Federal $ (535 ) $ (112 ) $ (380 ) State 401 1,325 879 Foreign 1,238 3,149 2,302 1,104 4,362 2,801 Deferred taxes: Federal (42,113 ) (17,438 ) (21,034 ) State 29 1,304 (3,520 ) Foreign 3,401 468 1,907 (38,683 ) (15,666 ) (22,647 ) Income tax expense (benefit) $ (37,579 ) $ (11,304 ) $ (19,846 ) The difference between the income tax expense (benefit) and the amount computed by applying the federal statutory income tax rate of 35% to income (loss) before income taxes consists of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Expected tax expense (benefit) $ (67,452 ) $ (17,263 ) $ (19,522 ) State income taxes (2,066 ) 1,214 (1,717 ) Incentive stock options 83 (208 ) 66 Net tax benefits and nondeductible expenses in foreign jurisdictions 2,135 957 (92 ) Foreign currency translation loss 8,660 2,699 617 Nondeductible expenses for tax purposes 577 920 863 Valuation allowance 20,329 496 — Other, net 155 (119 ) (61 ) Income tax expense (benefit) $ (37,579 ) $ (11,304 ) $ (19,846 ) Income tax expense (benefit) was allocated as follows (amounts in thousands): Year ended December 31, 2015 2014 2013 Continuing operations $ (37,579 ) $ (11,304 ) $ (19,846 ) Shareholders' equity 962 201 321 Income tax expense (benefit) $ (36,617 ) $ (11,103 ) $ (19,525 ) Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. The components of our deferred income tax assets and liabilities were as follows (amounts in thousands): Year ended December 31, 2015 2014 Deferred tax assets: Capital loss carryforward $ 666 $ 1,009 Intangibles 37,634 33,542 Employee benefits and insurance claims accruals 6,307 12,146 Accounts receivable reserve 849 908 Inventory 631 — Employee stock-based compensation 8,093 8,440 Accrued expenses not deductible for tax purposes 453 1,391 Accrued revenue not income for book purposes 695 429 Domestic net operating loss carryforward 84,853 84,782 Foreign net operating loss carryforward 3,909 2,562 144,090 145,209 Valuation allowance (18,627 ) (1,504 ) Deferred tax liabilities: Property and equipment (142,965 ) (199,532 ) Net deferred tax assets (liabilities) $ (17,502 ) $ (55,827 ) As of December 31, 2015 , we had $88.8 million of deferred tax assets related to domestic and foreign net operating losses that are available to reduce future taxable income. In assessing the realizability of our deferred tax assets, we only recognize a tax benefit to the extent of taxable income that we expect to earn in the jurisdiction in future periods. Except for the items listed below, we estimate that our domestic operations will result in taxable income in excess of our net operating losses and we expect to apply the net operating losses against the current year taxable income and taxable income that we have estimated in future periods. The domestic net operating losses have a 20 year carryforward period and can be used to offset future domestic taxable income until their expiration, beginning in 2029 , with the latest expiration in 2033 . The foreign net operating losses have an indefinite carryforward period. However, as a result of the conditions leading to the impairment of our assets in Colombia, we recorded a valuation allowance of $15.1 million that fully offsets our foreign deferred tax assets relating to net operating losses and other tax benefits. As of December 31, 2015 , we had a valuation allowance of $0.7 million related to a deferred tax asset for a capital loss which we don't believe will be realized in future periods and a valuation allowance of $2.8 million against net operating losses and other tax benefits in certain states. Deferred income taxes have not been provided on the future tax consequences attributable to difference between the financial statements carrying amounts of existing assets and liabilities and the respective tax bases of our foreign subsidiary based on the determination that such differences are essentially permanent in duration in that the earnings of the subsidiary is expected to be indefinitely reinvested in foreign operations. As of December 31, 2015 , the cumulative undistributed earnings/losses of the subsidiary was approximately a $20.3 million loss. If earnings were not considered indefinitely reinvested, deferred income taxes would have been recorded after consideration of foreign tax credits. It is not practicable to estimate the amount of additional tax that might be payable on earnings, if distributed. As discussed in Note 1, Organization and Summary of Significant Accounting Policies , the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which requires that deferred tax assets and liabilities be classified as noncurrent on the balance sheet rather than being separately presented as current and noncurrent portions. On December 31, 2015, we elected to early adopt ASU No. 2015-17 prospectively, thus reclassifying $6.8 million of current deferred tax assets to noncurrent on the accompanying consolidated balance sheet. The prior reporting period was not retrospectively adjusted. On December 23, 2014, the Colombian government enacted a tax reform bill that among other things, increased the tax for equality (“CREE”) rate from 9% to 14% in 2015, 15% in 2016, 17% in 2017 and 18% in 2018. Deferred tax assets and liabilities (with the exception of net operating losses) must now be based on the higher combined income tax rate and CREE rate of 39% in 2015, 40% in 2016, 42% in 2017 and 43% in 2018. However, as of December 31, 2015 , we recorded a valuation allowance that fully offsets our foreign deferred tax assets relating to net operating losses and other tax benefits. At this time, a new net-worth tax was also enacted for all Colombian entities. The tax is calculated based on an entity’s net equity as of January 1, 2015. The tax expense is recognized when the net-worth tax is assessed, annually from 2015 through 2017. Based on our Colombian operation's net equity, our net-worth tax obligation was $1.2 million for 2015 and is expected to be approximately $0.7 million and $0.3 million for 2016 and 2017, respectively. The net worth tax is not deductible for income tax purposes. We have no unrecognized tax benefits relating to ASC Topic 740 and no unrecognized tax benefit activity during the year ended December 31, 2015 . We adopted a policy to record interest and penalty expense related to income taxes as interest and other expense, respectively. At December 31, 2015 , no interest or penalties have been or are required to be accrued. Our open tax years for our federal income tax returns in the United States and our income tax returns in Colombia are for the years ended December 31, 2010 to 2014 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurements and Disclosures , defines fair value and provides a hierarchal framework associated with the level of subjectivity used in measuring assets and liabilities at fair value. At December 31, 2015 and December 31, 2014 , our financial instruments consist primarily of cash, trade and other receivables, trade payables and long-term debt. The carrying value of cash, trade and other receivables, and trade payables are considered to be representative of their respective fair values due to the short-term nature of these instruments. The fair value of our long-term debt is estimated using a discounted cash flow analysis, based on rates that we believe we would currently pay for similar types of debt instruments. This discounted cash flow analysis is based on inputs defined by ASC Topic 820 as level 2 inputs, which are observable inputs for similar types of debt instruments. The following table presents the supplemental fair value information about long-term debt at December 31, 2015 and December 31, 2014 (amounts in thousands): December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Total debt $ 395,000 $ 242,354 $ 455,080 $ 415,785 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (loss) Per Common Share | Earnings Per Common Share The following table presents a reconciliation of the numerators and denominators of the basic income per share and diluted income per share computations (amounts in thousands, except per share data): Year ended December 31, 2015 2014 2013 Basic Net income (loss) $ (155,140 ) $ (38,018 ) $ (35,932 ) Weighted-average shares 64,310 63,161 62,213 Income (loss) per common share—Basic $ (2.41 ) $ (0.60 ) $ (0.58 ) Diluted Net income (loss) $ (155,140 ) $ (38,018 ) $ (35,932 ) Weighted-average shares Outstanding 64,310 63,161 62,213 Diluted effect of outstanding stock options, restricted stock and restricted stock unit awards — — — 64,310 63,161 62,213 Income (loss) per common share—Diluted $ (2.41 ) $ (0.60 ) $ (0.58 ) Potentially dilutive stock options, restricted stock and restricted stock unit awards representing a total of 4,832,438 , 3,949,464 and 5,507,765 shares of common stock for the years ended December 31, 2015 , 2014 and 2013 , respectively, were excluded from the computation of diluted weighted average shares outstanding due to their antidilutive effect. |
Employee Benefit Plans and Insu
Employee Benefit Plans and Insurance | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans and Insurance [Abstract] | |
Compensation, Employee Benefit Plans and Insurance [Text Block] | Employee Benefit Plans and Insurance We maintain a 401(k) retirement plan for our eligible employees. Under this plan, we may make a matching contribution, on a discretionary basis, equal to a percentage of each eligible employee’s annual contribution, which we determine annually. Our matching contributions for the years ended December 31, 2015 , 2014 and 2013 were $4.2 million , $6.4 million and $6.0 million , respectively. We maintain a self-insurance program, for major medical and hospitalization coverage for employees and their dependents, which is partially funded by employee payroll deductions. We have provided for reported claims costs as well as incurred but not reported medical costs in the accompanying consolidated balance sheets. We have a maximum liability of $200,000 per covered individual per year. Amounts in excess of the stated maximum are covered under a separate policy provided by an insurance company. Accrued insurance premiums and deductibles at December 31, 2015 and 2014 include $2.4 million and $3.4 million , respectively, for our estimate of incurred but unpaid costs related to the self-insurance portion of our health insurance. We are self-insured for up to $500,000 per incident for all workers’ compensation claims submitted by employees for on-the-job injuries. We accrue our workers’ compensation claim cost estimates based on historical claims development data and we accrue the cost of administrative services associated with claims processing. We also have a deductible of $250,000 per occurrence under both our general liability insurance and auto liability insurance. Accrued insurance premiums and deductibles at December 31, 2015 and 2014 include $5.5 million and $9.0 million , respectively, for our estimate of costs relative to the self-insured portion of our workers’ compensation, general liability and auto liability insurance. Based upon our past experience, management believes that we have adequately provided for potential losses. However, future multiple occurrences of serious injuries to employees could have a material adverse effect on our financial position and results of operations. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have two operating segments referred to as the Drilling Services Segment and the Production Services Segment which is the basis management uses for making operating decisions and assessing performance. Our Drilling Services Segment provides contract land drilling services to a diverse group of exploration and production companies through our four drilling divisions in the US, and internationally in Colombia. In addition to our drilling rigs, we provide the drilling crews and most of the ancillary equipment needed to operate our drilling rigs. Our Production Services Segment provides a range of services , including well servicing, wireline services and coiled tubing services, to a diverse group of exploration and production companies, with our operations concentrated in the major United States onshore oil and gas producing regions in the Mid-Continent and Rocky Mountain states and in the Gulf Coast, both onshore and offshore. The following tables set forth certain financial information for our two operating segments and corporate as of and for the years ending December 31, 2015 , 2014 and 2013 (amounts in thousands): As of and for the year ended December 31, 2015 Drilling Services Segment Production Services Segment Corporate Total Identifiable assets $ 518,208 $ 281,530 $ 30,038 $ 829,776 Revenues $ 249,318 $ 291,460 $ — $ 540,778 Operating costs 144,196 213,820 — 358,016 Segment margin $ 105,122 $ 77,640 $ — $ 182,762 Depreciation and amortization $ 80,265 $ 69,335 $ 1,339 $ 150,939 Capital expenditures $ 113,060 $ 29,228 $ 619 $ 142,907 As of and for the year ended December 31, 2014 Drilling Services Segment Production Services Segment Corporate Total Identifiable assets $ 702,987 $ 442,755 $ 25,847 $ 1,171,589 Revenues $ 516,473 $ 538,750 $ — $ 1,055,223 Operating costs 348,133 339,690 — 687,823 Segment margin $ 168,340 $ 199,060 $ — $ 367,400 Depreciation and amortization $ 115,714 $ 66,326 $ 1,336 $ 183,376 Capital expenditures $ 112,483 $ 74,652 $ 986 $ 188,121 As of and for the year ended December 31, 2013 Drilling Production Corporate Total Identifiable assets $ 785,119 $ 414,278 $ 30,226 $ 1,229,623 Revenues $ 528,327 $ 431,859 $ — $ 960,186 Operating costs 354,380 276,296 — 630,676 Segment margin $ 173,947 $ 155,563 $ — $ 329,510 Depreciation and amortization $ 122,201 $ 64,604 $ 1,113 $ 187,918 Capital expenditures $ 78,708 $ 44,541 $ 2,171 $ 125,420 The following table reconciles the segment profits reported above to income from operations as reported on the consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 (amounts in thousands): Year ended December 31, 2015 2014 2013 Segment margin $ 182,762 $ 367,400 $ 329,510 Depreciation and amortization (150,939 ) (183,376 ) (187,918 ) General and administrative (73,903 ) (103,385 ) (94,183 ) Bad debt (expense) recovery 188 (1,445 ) (767 ) Impairment charges (129,152 ) (73,025 ) (54,292 ) Gain on dispositions of property and equipment, net 4,344 1,859 1,421 Gain on sale of fishing and rental services operations — 10,702 — Gain on litigation — 5,254 — Income (loss) from operations $ (166,700 ) $ 23,984 $ (6,229 ) The following table sets forth certain financial information for our international operations in Colombia as of and for the years ended December 31, 2015 , 2014 and 2013 (amounts in thousands): As of and for the year ended December 31, 2015 2014 2013 Identifiable assets $ 54,590 $ 142,321 $ 150,719 Revenues $ 43,878 $ 104,520 $ 115,631 Identifiable assets for our international operations in Colombia include five drilling rigs that are owned by our Colombia subsidiary and three drilling rigs that are owned by one of our domestic subsidiaries and leased to our Colombia subsidiary. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies In connection with our operations in Colombia, our foreign subsidiaries have obtained bonds for bidding on drilling contracts, performing under drilling contracts, and remitting customs and importation duties. We have guaranteed payments of $40.2 million relating to our performance under these bonds as of December 31, 2015 . Due to the nature of our business, we are, from time to time, involved in litigation or subject to disputes or claims related to our business activities, including workers’ compensation claims and employment-related disputes. Legal costs relating to these matters are expensed as incurred. In the opinion of our management, none of the pending litigation, disputes or claims against us will have a material adverse effect on our financial condition, results of operations or cash flow from operations. |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations (unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Results of Operations (unaudited) The following table summarizes quarterly financial data for the years ended December 31, 2015 and 2014 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Total Year ended December 31, 2015 Revenues $ 193,814 $ 135,011 $ 107,480 $ 104,473 $ 540,778 Income (loss) from operations (8,334 ) (75,108 ) (17,972 ) (65,286 ) (166,700 ) Income tax (expense) benefit 4,450 2,586 6,682 23,861 37,579 Net income (loss) (12,019 ) (77,281 ) (17,540 ) (48,300 ) (155,140 ) Earnings (loss) per share: Basic $ (0.19 ) $ (1.20 ) $ (0.27 ) $ (0.75 ) $ (2.41 ) Diluted $ (0.19 ) $ (1.20 ) $ (0.27 ) $ (0.75 ) $ (2.41 ) Year ended December 31, 2014 Revenues $ 239,034 $ 259,812 $ 273,267 $ 283,110 $ 1,055,223 Income (loss) from operations 17,935 21,917 32,804 (48,672 ) 23,984 Income tax (expense) benefit (37 ) 1,070 (9,927 ) 20,198 11,304 Net income (loss) (2,579 ) (319 ) 12,453 (47,573 ) (38,018 ) Earnings (loss) per share: Basic $ (0.04 ) $ (0.01 ) $ 0.20 $ (0.75 ) $ (0.60 ) Diluted $ (0.04 ) $ (0.01 ) $ 0.19 $ (0.75 ) $ (0.60 ) |
Guarantor_Non Guarantor Condens
Guarantor/Non Guarantor Condensed Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Guarantor Non-Guarantor Condensed Consolidated Financial Statements | |
Guarantor/Non Guarantor Condensed Consolidated Financial Statements | Guarantor/Non-Guarantor Condensed Consolidated Financial Statements Our Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all existing domestic subsidiaries, except for Pioneer Services Holdings, LLC. The subsidiaries that generally operate our non-U.S. business concentrated in Colombia do not guarantee our Senior Notes. The non-guarantor subsidiaries do not have any payment obligations under the Senior Notes, the guarantees or the Indenture. In the event of a bankruptcy, liquidation or reorganization of any non-guarantor subsidiary, such non-guarantor subsidiary will pay the holders of its debt and other liabilities, including its trade creditors, before it will be able to distribute any of its assets to us. In the future, any non-U.S. subsidiaries, immaterial subsidiaries and subsidiaries that we designate as unrestricted subsidiaries under the Indenture will not guarantee the Senior Notes. As of December 31, 2015 , there were no restrictions on the ability of subsidiary guarantors to transfer funds to the parent company. As a result of the guarantee arrangements, we are presenting the following condensed consolidated balance sheets, statements of operations and statements of cash flows of the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 17,221 $ (5,612 ) $ 2,551 $ — $ 14,160 Receivables, net of allowance 74 67,174 12,814 (246 ) 79,816 Intercompany receivable (payable) (24,836 ) 31,108 (6,272 ) — — Inventory — 5,591 3,671 — 9,262 Assets held for sale — 4,619 — — 4,619 Prepaid expenses and other current assets 1,200 4,767 1,444 — 7,411 Total current assets (6,341 ) 107,647 14,208 (246 ) 115,268 Net property and equipment 3,311 667,321 31,953 — 702,585 Investment in subsidiaries 657,090 42,240 — (699,330 ) — Intangible assets, net of accumulated amortization — 1,944 — — 1,944 Noncurrent deferred income taxes 84,014 — 18 (84,014 ) 18 Other long-term assets 8,295 962 704 — 9,961 Total assets $ 746,369 $ 820,114 $ 46,883 $ (783,590 ) $ 829,776 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 616 $ 14,628 $ 1,707 $ — $ 16,951 Deferred revenues — 5,570 652 — 6,222 Accrued expenses 8,373 37,023 1,719 (246 ) 46,869 Total current liabilities 8,989 57,221 4,078 (246 ) 70,042 Long-term debt, less current portion 395,000 — — — 395,000 Noncurrent deferred income taxes (975 ) 102,509 — (84,014 ) 17,520 Other long-term liabilities 712 3,294 565 — 4,571 Total liabilities 403,726 163,024 4,643 (84,260 ) 487,133 Total shareholders’ equity 342,643 657,090 42,240 (699,330 ) 342,643 Total liabilities and shareholders’ equity $ 746,369 $ 820,114 $ 46,883 $ (783,590 ) $ 829,776 December 31, 2014 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 27,688 $ (5,516 ) $ 12,752 $ — $ 34,924 Receivables, net of allowance 1,641 151,048 37,512 — 190,201 Intercompany receivable (payable) (24,836 ) 55,567 (30,728 ) (3 ) — Deferred income taxes 1,827 8,196 975 — 10,998 Inventory — 7,208 6,909 — 14,117 Assets held for sale — 9,909 — — 9,909 Prepaid expenses and other current assets 1,217 6,554 1,154 — 8,925 Total current assets 7,537 232,966 28,574 (3 ) 269,074 Net property and equipment 4,179 763,994 89,118 (750 ) 856,541 Investment in subsidiaries 850,807 116,799 — (967,606 ) — Intangible assets, net of accumulated amortization — 24,223 — — 24,223 Noncurrent deferred income taxes 90,664 — 2,753 (90,664 ) 2,753 Other long-term assets 10,122 1,955 6,921 — 18,998 Total assets $ 963,309 $ 1,139,937 $ 127,366 $ (1,059,023 ) $ 1,171,589 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 735 $ 57,910 $ 5,660 $ — $ 64,305 Current portion of long-term debt — 27 — — 27 Deferred revenues — 3,315 — — 3,315 Accrued expenses 11,109 64,063 4,376 (3 ) 79,545 Total current liabilities 11,844 125,315 10,036 (3 ) 147,192 Long-term debt, less current portion 455,000 53 — — 455,053 Noncurrent deferred income taxes 138 160,104 — (90,664 ) 69,578 Other long-term liabilities 513 3,658 531 — 4,702 Total liabilities 467,495 289,130 10,567 (90,667 ) 676,525 Total shareholders’ equity 495,814 850,807 116,799 (968,356 ) 495,064 Total liabilities and shareholders’ equity $ 963,309 $ 1,139,937 $ 127,366 $ (1,059,023 ) $ 1,171,589 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 496,900 $ 43,878 $ — $ 540,778 Costs and expenses: Operating costs — 322,458 35,558 — 358,016 Depreciation and amortization 1,338 137,987 11,614 — 150,939 General and administrative 21,515 50,710 2,230 (552 ) 73,903 Bad debt expense (recovery) — 571 (759 ) — (188 ) Impairment charges — 73,270 56,632 (750 ) 129,152 Gain on dispositions of property and equipment, net 117 (4,350 ) (111 ) — (4,344 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 22,970 575,786 110,024 (1,302 ) 707,478 Income (loss) from operations (22,970 ) (78,886 ) (66,146 ) 1,302 (166,700 ) Other (expense) income: Equity in earnings of subsidiaries (126,553 ) (74,459 ) — 201,012 — Interest expense, net of interest capitalized (21,128 ) (117 ) 23 — (21,222 ) Loss on extinguishment of debt (2,186 ) — — — (2,186 ) Other 6 1,687 (3,752 ) (552 ) (2,611 ) Total other (expense) income (149,861 ) (72,889 ) (3,729 ) 200,460 (26,019 ) Income (loss) before income taxes (172,831 ) (151,775 ) (69,875 ) 201,762 (192,719 ) Income tax (expense) benefit 1 16,941 25,222 (4,584 ) — 37,579 Net income (loss) $ (155,890 ) $ (126,553 ) $ (74,459 ) $ 201,762 $ (155,140 ) Year ended December 31, 2014 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 950,703 $ 104,520 $ — $ 1,055,223 Costs and expenses: Operating costs — 611,392 76,431 — 687,823 Depreciation and amortization 1,336 168,157 13,883 — 183,376 General and administrative 27,314 72,878 3,745 (552 ) 103,385 Bad debt expense (recovery) — 1,329 116 — 1,445 Impairment charges — 73,025 — — 73,025 Gain on dispositions of property and equipment, net — (1,796 ) (63 ) — (1,859 ) Gain on sale of fishing and rental services operations — (10,702 ) — — (10,702 ) Gain on litigation (5,254 ) — — — (5,254 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 23,396 909,423 98,972 (552 ) 1,031,239 Income (loss) from operations (23,396 ) 41,280 5,548 552 23,984 Other (expense) income: Equity in earnings of subsidiaries 21,254 (3,767 ) — (17,487 ) — Interest expense, net of interest capitalized (38,562 ) (223 ) 4 — (38,781 ) Loss on extinguishment of debt (31,221 ) — — — (31,221 ) Other 21 2,985 (5,758 ) (552 ) (3,304 ) Total other (expense) income (48,508 ) (1,005 ) (5,754 ) (18,039 ) (73,306 ) Income (loss) before income taxes (71,904 ) 40,275 (206 ) (17,487 ) (49,322 ) Income tax (expense) benefit 1 33,886 (19,021 ) (3,561 ) — 11,304 Net income (loss) $ (38,018 ) $ 21,254 $ (3,767 ) $ (17,487 ) $ (38,018 ) Year ended December 31, 2013 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 844,555 $ 115,631 $ — $ 960,186 Costs and expenses: Operating costs — 548,628 82,048 — 630,676 Depreciation and amortization 1,113 173,516 13,289 — 187,918 General and administrative 25,272 65,962 3,501 (552 ) 94,183 Bad debt expense (recovery) 67 700 — — 767 Impairment charges — 54,292 — — 54,292 Gain on dispositions of property and equipment, net — (283 ) (1,138 ) — (1,421 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 26,452 837,955 102,560 (552 ) 966,415 Income (loss) from operations (26,452 ) 6,600 13,071 552 (6,229 ) Other (expense) income: Equity in earnings of subsidiaries 11,861 6,260 — (18,121 ) — Interest expense, net of interest capitalized (48,302 ) (37 ) 29 — (48,310 ) Other 9 1,990 (2,686 ) (552 ) (1,239 ) Total other (expense) income (36,432 ) 8,213 (2,657 ) (18,673 ) (49,549 ) Income (loss) before income taxes (62,884 ) 14,813 10,414 (18,121 ) (55,778 ) Income tax (expense) benefit 1 26,952 (2,952 ) (4,154 ) — 19,846 Net income (loss) $ (35,932 ) $ 11,861 $ 6,260 $ (18,121 ) $ (35,932 ) 1 The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ 4,067 $ 147,643 $ (8,991 ) $ — $ 142,719 Cash flows from investing activities: Purchases of property and equipment (663 ) (157,336 ) (1,885 ) 269 (159,615 ) Proceeds from sale of property and equipment 32 57,444 467 (269 ) 57,674 Proceeds from insurance recoveries — 285 — — 285 (631 ) (99,607 ) (1,418 ) — (101,656 ) Cash flows from financing activities: Debt repayments (60,000 ) (2 ) — — (60,002 ) Debt issuance costs (1,877 ) — — — (1,877 ) Proceeds from exercise of options 781 — — — 781 Purchase of treasury stock (729 ) — — — (729 ) Intercompany contributions/distributions 47,922 (48,130 ) 208 — — (13,903 ) (48,132 ) 208 — (61,827 ) Net increase (decrease) in cash and cash equivalents (10,467 ) (96 ) (10,201 ) — (20,764 ) Beginning cash and cash equivalents 27,688 (5,516 ) 12,752 — 34,924 Ending cash and cash equivalents $ 17,221 $ (5,612 ) $ 2,551 $ — $ 14,160 Year ended December 31, 2014 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (59,405 ) $ 265,171 $ 27,275 $ — $ 233,041 Cash flows from investing activities: Purchases of property and equipment (1,029 ) (158,392 ) (15,957 ) — (175,378 ) Proceeds from sale of property and equipment — 8,069 301 — 8,370 Proceeds from sale of fishing and rental services operations 15,090 — — — 15,090 14,061 (150,323 ) (15,656 ) — (151,918 ) Cash flows from financing activities: Debt repayments (490,000 ) (25 ) — — (490,025 ) Proceeds from issuance of debt 440,000 — — — 440,000 Debt issuance costs (9,239 ) — — — (9,239 ) Tender premium costs (21,553 ) — — — (21,553 ) Proceeds from exercise of options 8,368 — — — 8,368 Purchase of treasury stock (1,135 ) — — — (1,135 ) Intercompany contributions/distributions 118,223 (118,280 ) 57 — — 44,664 (118,305 ) 57 — (73,584 ) Net increase (decrease) in cash and cash equivalents (680 ) (3,457 ) 11,676 — 7,539 Beginning cash and cash equivalents 28,368 (2,059 ) 1,076 — 27,385 Ending cash and cash equivalents $ 27,688 $ (5,516 ) $ 12,752 $ — $ 34,924 Year ended December 31, 2013 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (66,941 ) $ 240,108 $ 1,413 $ — $ 174,580 Cash flows from investing activities: Purchases of property and equipment (2,649 ) (151,363 ) (11,344 ) — (165,356 ) Proceeds from sale of property and equipment 8 12,510 1,318 — 13,836 Proceeds from insurance recoveries — 844 — — 844 (2,641 ) (138,009 ) (10,026 ) — (150,676 ) Cash flows from financing activities: Debt repayments (60,000 ) (874 ) — — (60,874 ) Proceeds from issuance of debt 40,000 — — — 40,000 Debt issuance costs (13 ) — — — (13 ) Proceeds from exercise of options 1,266 — — — 1,266 Purchase of treasury stock (631 ) — — — (631 ) Intercompany contributions/distributions 98,849 (97,883 ) (966 ) — — 79,471 (98,757 ) (966 ) — (20,252 ) Net increase (decrease) in cash and cash equivalents 9,889 3,342 (9,579 ) — 3,652 Beginning cash and cash equivalents 18,479 (5,401 ) 10,655 — 23,733 Ending cash and cash equivalents $ 28,368 $ (2,059 ) $ 1,076 $ — $ 27,385 |
Organization and Summary of S20
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements include the accounts of Pioneer Energy Services Corp. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. |
Use of Estimates, Policy [Policy Text Block] | In preparing the accompanying consolidated financial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities we report as of the dates of the balance sheets and income and expenses we report for the periods shown in the income statements and statements of cash flows. Our actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to our recognition of revenues and costs for turnkey contracts, our estimate of the allowance for doubtful accounts, our determination of depreciation and amortization expenses, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance, and our estimate of compensation related accruals. |
Subsequent Events, Policy [Policy Text Block] | In preparing the accompanying consolidated financial statements, we have reviewed events that have occurred after December 31, 2015 , through the filing of this Form 10-K , for inclusion as necessary. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currencies Our functional currency for our foreign subsidiary in Colombia is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the period. Income statement accounts are translated at average rates for the period. Gains and losses from remeasurement of foreign currency financial statements into U.S. dollars and from foreign currency transactions are included in other income or expense. Revenue and Cost Recognition |
Revenue Recognition, Policy [Policy Text Block] | Revenue and Cost Recognition Drilling Services— Our Drilling Services Segment earns revenues by drilling oil and gas wells for our clients under daywork or turnkey contracts, which usually provide for the drilling of a single well. Drilling contracts for individual wells are usually completed in less than 60 days. We recognize revenues on daywork contracts for the days completed based on the dayrate each contract specifies. We recognize revenues from our turnkey contracts on the percentage-of-completion method based on our estimate of the number of days to complete each contract. All of our revenues are recognized net of applicable sales taxes. With most drilling contracts, we receive payments contractually designated for the mobilization of rigs and other equipment. Payments received, and costs incurred for the mobilization services are deferred and recognized on a straight line basis over the related contract term. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. Reimbursements that we receive for out-of-pocket expenses are recorded as revenue and the out-of-pocket expenses for which they relate are recorded as operating costs. The assets “prepaid expenses and other current assets” and “other long-term assets” include the current and long-term portions of deferred mobilization costs for certain drilling contracts. The liabilities “deferred revenues” and “other long-term liabilities” include the current and long-term portions of deferred mobilization revenues for certain drilling contracts and amounts collected on contracts in excess of revenues recognized, including amounts collected for early terminations of long-term drilling contracts . As of December 31, 2015 , we had $6.2 million and $1.5 million of current deferred revenues and costs, respectively. Our deferred costs and revenues primarily relate to prepayments of long-term contracts for our domestic drilling rigs. Amortization of deferred mobilization revenues was $1.1 million , $4.6 million and $5.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Turnkey Drilling Contracts— Our management has determined that it is appropriate to use the proportional performance basis to recognize revenue on our turnkey contracts. Although our turnkey contracts do not have express terms that provide us with rights to receive payment for the work that we perform prior to drilling wells to the agreed-on depth, we use this method because, as provided in applicable accounting literature, we believe we achieve a continuous sale for our work-in-progress and believe, under applicable state law, we ultimately could recover the fair value of our work-in-progress even in the event we were unable to drill to the agreed-on depth in breach of the applicable contract. However, in the event we were unable to drill to the agreed-on depth in breach of the contract, ultimate recovery of that value would be subject to negotiations with the client and the possibility of litigation. If a client defaults on its payment obligation to us under a turnkey contract, we would need to rely on applicable law to enforce our lien rights, because our turnkey contracts do not expressly grant to us a security interest in the work we have completed under the contract and we have no ownership rights in the work-in-progress or completed drilling work, except any rights arising under the applicable lien statute on foreclosure. If we were unable to drill to the agreed-on depth in breach of the contract, we also would need to rely on equitable remedies outside of the contract available in applicable courts to recover the fair value of our work-in-progress under a turnkey contract. The risks to us under a turnkey contract are substantially greater than on a contract drilled on a daywork basis. Under a turnkey contract, we assume most of the risks associated with drilling operations that are generally assumed by the operator in a daywork contract, including the risks of blowout, loss of hole, stuck drill pipe, machinery breakdowns and abnormal drilling conditions, as well as risks associated with subcontractors’ services, supplies, cost escalations and operations personnel. We accrue estimated contract costs on turnkey contracts for each day of work completed based on our estimate of the total costs to complete the contract divided by our estimate of the number of days to complete the contract. Contract costs include labor, materials, supplies, repairs and maintenance, operating overhead allocations and allocations of depreciation and amortization expense. In addition, the occurrence of uninsured or under-insured losses or operating cost overruns on our turnkey contracts could have a material adverse effect on our financial position and results of operations. Therefore, our actual results for a contract could differ significantly if our cost estimates for that contract are later revised from our original cost estimates for a contract in progress at the end of a reporting period which was not completed prior to the release of our financial statements . Production Services — Our Production Services Segment earns revenues for well servicing, wireline services and coiled tubing services pursuant to master services agreements based on purchase orders, contracts or other arrangements with the client that include fixed or determinable prices. Production services jobs are generally short-term and are charged at current market rates. Production service revenue is recognized when the service has been rendered and collectability is reasonably assured. |
Major Customers, Policy [Policy Text Block] | Concentration of Clients —We derive a significant portion of our revenue from a limited number of major clients. For the years ended December 31, 2015 , 2014 and 2013 , our drilling and production services to our top three clients accounted for approximately 29% , 28% , and 29% , respectively, of our revenue, and in 2015 , 2014 and 2013 , our largest client, Whiting Petroleum Corporation , accounted for 18% , 12% and 13% , respectively, of our revenue. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statements of cash flows, we consider all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents consist of investments in money market accounts. Cash equivalents at December 31, 2015 and 2014 were $1.3 million and $2.6 million , respectively. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade Accounts Receivable We record trade accounts receivable at the amount we invoice our clients. These accounts do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our accounts receivable as of the balance sheet date. We determine the allowance based on the credit worthiness of our clients and general economic conditions. Consequently, an adverse change in those factors could affect our estimate of our allowance for doubtful accounts. We review our allowance for doubtful accounts on a monthly basis. Our typical drilling contract provides for payment of invoices in 30 days. We generally do not extend payment terms beyond 30 days and have not extended payment terms beyond 90 days for any of our contracts in the last three fiscal years. Our production services terms generally provide for payment of invoices in 30 days. Balances more than 90 days past due are reviewed individually for collectability. We charge off account balances against the allowance after we have exhausted all reasonable means of collection and determined that the potential for recovery is remote. We do not have any off-balance sheet credit exposure related to our clients. The changes in our allowance for doubtful accounts consist of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Balance at beginning of year $ 2,547 $ 1,356 $ 1,044 Increase in allowance charged to expense 472 1,445 801 Accounts charged against the allowance (765 ) (254 ) (489 ) Balance at end of year $ 2,254 $ 2,547 $ 1,356 |
Trade and Other Accounts Receivable, Unbilled Receivables, Policy [Policy Text Block] | Unbilled Accounts Receivable The asset “unbilled receivables” represents revenues we have recognized in excess of amounts billed on drilling contracts and production services completed but not yet invoiced. We typically invoice our clients at 15-day intervals during the performance of daywork drilling contracts and upon completion of the daywork contract. Turnkey drilling contracts are invoiced upon completion of the contract. Our unbilled receivables totaled $13.6 million at December 31, 2015 , of which $11.9 million represented revenue recognized but not yet billed on daywork drilling contracts in progress , $1.1 million related to unbilled receivables for our Production Services Segment and $0.6 million related to one turnkey contract in progress, which was completed prior to the issuance of these consolidated financial statements. At December 31, 2014 , our unbilled receivables totaled $38.0 million , of which $32.8 million represented revenue recognized but not yet billed on daywork drilling contracts in progress , $4.4 million related to unbilled receivables for our Production Services Segment , and $0.8 million related to turnkey drilling contract revenues . |
Inventory, Policy [Policy Text Block] | Inventories Inventories primarily consist of drilling rig replacement parts, supplies held for use by our Drilling Services Segment’s operations in Colombia, and supplies held for use by our Production Services Segment’s operations. Inventories are valued at the lower of cost (first in, first out or actual) or market value. Prepaid Expenses and Other Current Assets |
Prepaid Expenses and Other Current Assets [Policy Text Block] | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include items such as insurance, rent deposits and fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Prepaid expenses and other current assets also include the current portion of deferred mobilization costs for certain drilling contracts that are recognized on a straight-line basis over the contract term. |
Property and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided for our assets over the estimated useful lives of the assets using the straight-line method. We record the same depreciation expense whether a rig is idle or working. We charge our expenses for maintenance and repairs to operating costs. We capitalize expenditures for renewals and betterments to the appropriate property and equipment accounts. |
Intangible Assets, Policy [Policy Text Block] | Intangible Assets Our intangible assets were recorded in connection with the acquisitions of production services businesses and are subject to amortization. We evaluate for potential impairment of long-lived tangible and intangible assets subject to amortization when indicators of impairment are present. Circumstances that could indicate a potential impairment include significant adverse changes in industry trends, economic climate, legal factors, and an adverse action or assessment by a regulator. More specifically, significant adverse changes in industry trends include significant declines in revenue rates, utilization rates, oil and natural gas market prices and industry rig counts. In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of long-lived tangible and intangible assets grouped at the lowest level that cash flows can be identified. For our Production Services Segment, we perform an impairment evaluation and estimate future undiscounted cash flows for the individual reporting units (well servicing, wireline and coiled tubing). Due to several significant adverse factors affecting our coiled tubing services reporting unit, including increased competition in certain coiled tubing markets, turnover of key personnel and lower than anticipated utilization, all of which contributed to a decline in our projected cash flows for the coiled tubing reporting unit, we performed an impairment analysis of our long-lived tangible and intangible assets as of June 30, 2013. Our analysis resulted in a non-cash impairment charge of $3.1 million which we recognized during 2013 to reduce our intangible asset carrying value of client relationships, and a non-cash impairment charge of $41.7 million to reduce the carrying value of goodwill to zero. As a result of the downturn which began in late 2014 and worsened through the first half of 2015, we performed impairment testing on our coiled tubing operations as of June 30, 2015 which indicated that the carrying value of our coiled tubing reporting unit was recoverable and thus there was no impairment present at June 30, 2015. However, as the downturn persisted through 2015, our projected cash flows declined further as compared to our projections made earlier in the year and we performed another impairment analysis of our long-lived tangible and intangible assets as of December 31, 2015, which resulted in an impairment charge of $14.3 million which we recognized during the fourth quarter of 2015. As a result of this impairment, the carrying value of our coiled tubing intangible assets was reduced to zero. This impairment charge did not have an impact on our liquidity or debt covenants; however, it was a reflection of the overall downturn in our industry and a decline in our projected cash flows for the coiled tubing reporting unit. Our impairment analysis performed in the fourth quarter of 2015 also resulted in an impairment to our coiled tubing tangible long-lived assets, which is discussed in more detail in Note 3 , Property and Equipment . We used an income approach to estimate the fair value of our coiled tubing services reporting unit. The most significant inputs used in our impairment analysis of our coiled tubing operations include the projected utilization and pricing of our coiled tubing services, which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . Although we believe the assumptions and estimates used in our analysis are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. We assumed a 13% discount rate to estimate the fair value of the coiled tubing services reporting unit. A decrease in this assumption of 5% would have resulted in a decrease to our impairment charge of approximately $2 million. An increase of 1% in either the utilization or pricing assumptions would have resulted in a decrease to our impairment charge of approximately $1 million or $2 million, respectively. As of December 31, 2015 and 2014 , the estimated useful lives and components of our intangible asset classes are as follows: December 31, 2015 2014 Lives (amounts in thousands) Client relationships: 5 - 9 Cost $ 13,592 $ 55,282 Accumulated amortization (11,682 ) (31,370 ) Non-compete agreements: 4 - 7 Cost 675 1,355 Accumulated amortization (641 ) (1,044 ) $ 1,944 $ 24,223 The cost of our client relationships are amortized using the straight-line method over their respective estimated economic useful lives and amortization expense for our non-compete agreements is calculated using the straight-line method over the period of the agreements. Amortization expense was $7.9 million , $8.0 million and $8.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amortization expense is estimated to be approximately $1.5 million , $0.2 million , and $0.2 million for the years ending December 31, 2016 , 2017 , and 2018 , respectively. Actual amortization amounts may be different due to future acquisitions, impairments, changes in amortization periods, or other factors. |
Treasury Stock [Text Block] | Treasury Stock Treasury stock purchases are accounted for under the cost method whereby the cost of the acquired common stock is recorded as treasury stock. Gains and losses on the subsequent reissuance of treasury stock shares are credited or charged to additional paid in capital using the average cost method. Stock-based Compensation We recognize compensation cost for stock option, restricted stock and restricted stock unit awards based on the fair value estimated in accordance with ASC Topic 718, Compensation—Stock Compensation . For our awards with graded vesting, we recognize compensation expense on a straight-line basis over the service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation We recognize compensation cost for stock option, restricted stock and restricted stock unit awards based on the fair value estimated in accordance with ASC Topic 718, Compensation—Stock Compensation . For our awards with graded vesting, we recognize compensation expense on a straight-line basis over the service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. We receive a tax deduction for certain stock option exercises during the period the options are exercised, generally for the excess of the fair market value of our stock on the date of exercise over the exercise price of the options. In accordance with ASC Topic 718, when we have excess tax benefits resulting from the exercise of stock options, we report them as financing cash flows in our consolidated statement of cash flows, unless otherwise disallowed under ASC Topic 740, Income Taxes . Income Taxes We follow the asset and liability method of accounting for income taxes, under which we recognize 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 basis. We measure our deferred tax assets and liabilities by using the enacted tax rates we expect to apply to taxable income in the years in which we expect to recover or settle those temporary differences. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in income in the period during which the change occurs. |
Income Tax, Policy [Policy Text Block] | Income Taxes We follow the asset and liability method of accounting for income taxes, under which we recognize 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 basis. We measure our deferred tax assets and liabilities by using the enacted tax rates we expect to apply to taxable income in the years in which we expect to recover or settle those temporary differences. The effect of a change in tax rates on deferred tax assets and liabilities is reflected in income in the period during which the change occurs. |
Related Party Transactions Disclosure [Text Block] | Related-Party Transactions During the years ended December 31, 2015 and 2014 , the Company paid approximately $0.2 million and $0.4 million , respectively, for trucking and equipment rental services, which represented arms-length transactions, to Gulf Coast Lease Service. Joe Freeman, our Senior Vice President of Well Servicing, serves as the President of Gulf Coast Lease Service, which is owned and operated by Mr. Freeman's two sons. Mr. Freeman does not receive compensation from Gulf Coast Lease Service, and he serves primarily in an advisory role to his sons. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income We have not reported comprehensive income due to the absence of items of other comprehensive income in the years presented. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Revenue Recognition. In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance. The standard outlines a single comprehensive model for revenue recognition based on the core principle that a company will recognize revenue when promised goods or services are transferred to clients, in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. We are required to apply this new standard beginning with our first quarterly filing in 2018. We are currently evaluating the potential impact of this guidance, but at this time, do not expect that the adoption of this new standard will have a material effect on our financial position or results of operations. Debt Issuance Costs. On April 7, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, and that amortization of debt issuance costs be reported as interest expense. In August 2015, these provisions were further amended with guidance from the Securities and Exchange Commission Staff that they would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. This ASU requires retrospective adoption and will be effective for us beginning with our first quarterly filing in 2016. Early adoption is permitted. We do not expect the adoption of this new standard to have a material impact on our financial position or results of operations. Deferred Income Tax Classification. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which requires that the net of deferred tax assets and liabilities be classified as noncurrent on the balance sheet by jurisdiction rather than being separately presented as current and noncurrent portions. We are required to adopt the new standard beginning with our first quarterly filing in 2017; however, early adoption is permitted and the standard may be applied either retrospectively or on a prospective basis to all deferred tax assets and liabilities. On December 31, 2015, we elected to early adopt ASU No. 2015-17 prospectively, thus reclassifying $6.8 million of current deferred tax assets to noncurrent on the accompanying consolidated balance sheet. The prior reporting period was not retrospectively adjusted. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts in the financial statements for the prior years have been reclassified to conform to the current year’s presentation. |
Organization and Summary of S21
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Drilling Long-Lived Assets, by Region | The drilling rigs in our fleet are currently assigned to the following divisions: Drilling Division Rig Count South Texas 7 West Texas 6 North Dakota 6 Appalachia 4 Colombia 8 31 |
Schedule of Production Services Long-Lived Assets, by Type [Table Text Block] | As of December 31, 2015 , our production services fleets are as follows: Production Services Fleets 550 HP 600 HP Total Well servicing rigs, by horsepower (HP) rating 114 11 125 Offshore Onshore Total Wireline units 6 119 125 Coiled tubing units 5 12 17 |
Schedule of Drilling Contracts [Table Text Block] | Including these three contracts in Colombia, 17 of our drilling rigs are currently under contract, which if not canceled or renewed prior to the end of their terms, will expire as follows: Spot Market Contracts Term Contracts and Term Contract Expiration by Period Total Term Contracts Within 6 Months 6 Months to 1 Year 1 Year to 18 Months 18 Months to 2 Years 2 to 4 Years Domestic Rigs: Earning under contract 2 8 1 2 — 1 4 Earning but not working — 4 3 1 — — — Colombia Rigs (on standby) — 3 — 1 — — 2 2 15 4 4 — 1 6 |
Schedule of Allowance for Doubtful Accounts | The changes in our allowance for doubtful accounts consist of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Balance at beginning of year $ 2,547 $ 1,356 $ 1,044 Increase in allowance charged to expense 472 1,445 801 Accounts charged against the allowance (765 ) (254 ) (489 ) Balance at end of year $ 2,254 $ 2,547 $ 1,356 |
Schedule of Intangible Assets | As of December 31, 2015 and 2014 , the estimated useful lives and components of our intangible asset classes are as follows: December 31, 2015 2014 Lives (amounts in thousands) Client relationships: 5 - 9 Cost $ 13,592 $ 55,282 Accumulated amortization (11,682 ) (31,370 ) Non-compete agreements: 4 - 7 Cost 675 1,355 Accumulated amortization (641 ) (1,044 ) $ 1,944 $ 24,223 |
Sale of Fishing and Rental Se22
Sale of Fishing and Rental Services Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Statement of operations information for the F&R operations is as follows (amounts in thousands): Year ended December 31, 2014 2013 Revenues $ 7,828 $ 12,459 Operating costs 5,097 8,000 F&R margin $ 2,731 $ 4,459 Income (loss) before income taxes $ (162 ) $ 242 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2015 and 2014 , the estimated useful lives and costs of our asset classes are as follows: December 31, 2015 December 31, 2014 Lives Cost (amounts in thousands) Drilling rigs and equipment 2 - 25 $ 649,805 $ 1,168,404 Well servicing rigs and equipment 3 - 20 246,539 232,771 Wireline units and equipment 2 - 10 148,501 146,748 Coiled tubing units and equipment 1 - 7 10,740 60,389 Vehicles 3 - 15 51,776 55,014 Office equipment 1 - 10 11,986 11,521 Buildings and improvements 2 - 40 25,228 25,007 Land — 2,419 2,419 $ 1,146,994 $ 1,702,273 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt consists of the following (amounts in thousands): December 31, 2015 December 31, 2014 Senior secured revolving credit facility $ 95,000 $ 155,000 Senior notes 300,000 300,000 Other — 80 395,000 455,080 Less current portion — (27 ) $ 395,000 $ 455,053 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Lease Obligations Required | Future lease obligations required under non-cancelable operating leases as of December 31, 2015 were as follows (amounts in thousands): Year ended December 31, 2016 $ 3,618 2017 2,982 2018 2,347 2019 1,925 2020 1,187 Thereafter 445 $ 12,504 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The jurisdictional components of income (loss) before income taxes consist of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Domestic $ (123,499 ) $ (49,050 ) $ (66,147 ) Foreign (69,220 ) (272 ) 10,369 Income (loss) before income tax $ (192,719 ) $ (49,322 ) $ (55,778 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of our income tax expense (benefit) consist of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Current tax: Federal $ (535 ) $ (112 ) $ (380 ) State 401 1,325 879 Foreign 1,238 3,149 2,302 1,104 4,362 2,801 Deferred taxes: Federal (42,113 ) (17,438 ) (21,034 ) State 29 1,304 (3,520 ) Foreign 3,401 468 1,907 (38,683 ) (15,666 ) (22,647 ) Income tax expense (benefit) $ (37,579 ) $ (11,304 ) $ (19,846 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the income tax expense (benefit) and the amount computed by applying the federal statutory income tax rate of 35% to income (loss) before income taxes consists of the following (amounts in thousands): Year ended December 31, 2015 2014 2013 Expected tax expense (benefit) $ (67,452 ) $ (17,263 ) $ (19,522 ) State income taxes (2,066 ) 1,214 (1,717 ) Incentive stock options 83 (208 ) 66 Net tax benefits and nondeductible expenses in foreign jurisdictions 2,135 957 (92 ) Foreign currency translation loss 8,660 2,699 617 Nondeductible expenses for tax purposes 577 920 863 Valuation allowance 20,329 496 — Other, net 155 (119 ) (61 ) Income tax expense (benefit) $ (37,579 ) $ (11,304 ) $ (19,846 ) |
Schedule of Income Tax Expense (Benefit), Intraperiod Tax Allocation [Table Text Block] | Income tax expense (benefit) was allocated as follows (amounts in thousands): Year ended December 31, 2015 2014 2013 Continuing operations $ (37,579 ) $ (11,304 ) $ (19,846 ) Shareholders' equity 962 201 321 Income tax expense (benefit) $ (36,617 ) $ (11,103 ) $ (19,525 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of our deferred income tax assets and liabilities were as follows (amounts in thousands): Year ended December 31, 2015 2014 Deferred tax assets: Capital loss carryforward $ 666 $ 1,009 Intangibles 37,634 33,542 Employee benefits and insurance claims accruals 6,307 12,146 Accounts receivable reserve 849 908 Inventory 631 — Employee stock-based compensation 8,093 8,440 Accrued expenses not deductible for tax purposes 453 1,391 Accrued revenue not income for book purposes 695 429 Domestic net operating loss carryforward 84,853 84,782 Foreign net operating loss carryforward 3,909 2,562 144,090 145,209 Valuation allowance (18,627 ) (1,504 ) Deferred tax liabilities: Property and equipment (142,965 ) (199,532 ) Net deferred tax assets (liabilities) $ (17,502 ) $ (55,827 ) |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument, Fair Value Disclosure [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents the supplemental fair value information about long-term debt at December 31, 2015 and December 31, 2014 (amounts in thousands): December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Total debt $ 395,000 $ 242,354 $ 455,080 $ 415,785 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of the numerators and denominators of the basic income per share and diluted income per share computations (amounts in thousands, except per share data): Year ended December 31, 2015 2014 2013 Basic Net income (loss) $ (155,140 ) $ (38,018 ) $ (35,932 ) Weighted-average shares 64,310 63,161 62,213 Income (loss) per common share—Basic $ (2.41 ) $ (0.60 ) $ (0.58 ) Diluted Net income (loss) $ (155,140 ) $ (38,018 ) $ (35,932 ) Weighted-average shares Outstanding 64,310 63,161 62,213 Diluted effect of outstanding stock options, restricted stock and restricted stock unit awards — — — 64,310 63,161 62,213 Income (loss) per common share—Diluted $ (2.41 ) $ (0.60 ) $ (0.58 ) |
Equity Transactions and Stock-B
Equity Transactions and Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-Based Compensation, Awards Issued During Period [Table Text Block] | In January 2016 , our Board of Directors approved the grant of the following awards, each with a three-year vesting term: Number of Shares or Units Stock options 905,966 Restricted stock unit awards 225,834 1,131,800 Phantom stock unit awards 1,268,068 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes the compensation expense recognized for stock option, restricted stock and restricted stock unit awards during the years ended December 31, 2015 , 2014 and 2013 (amounts in thousands): Year ended December 31, 2015 2014 2013 Stock option awards $ 923 $ 1,275 $ 1,771 Restricted stock awards 399 548 576 Restricted stock unit awards 2,307 5,794 4,024 $ 3,629 $ 7,617 $ 6,371 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | The following table summarizes the unrecognized compensation cost (amounts in thousands) to be recognized for stock options, restricted stock and restricted stock unit awards, and the weighted-average period remaining (in years) over which the compensation cost is expected to be recognized, as of December 31, 2015 : Weighted-Average Period Remaining Unrecognized Compensation Cost Stock options 0.84 $ 452 Restricted stock awards 0.39 137 Restricted stock unit awards 1.20 3,417 $ 4,006 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the assumptions used in the Black-Scholes option pricing model based on a weighted-average calculation for the years ended December 31, 2015 , 2014 and 2013 : Year ended December 31, 2015 2014 2013 Expected volatility 64 % 66 % 66 % Risk-free interest rates 1.4 % 1.7 % 1.0 % Expected life in years 5.52 5.49 5.53 Grant-date fair value $2.31 $4.87 $4.36 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table represents stock option activity from December 31, 2013 through December 31, 2015 : Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Life in Years Outstanding stock options as of December 31, 2013 5,532,213 $10.18 Granted 221,440 8.44 Forfeited (155,100) 14.82 Exercised (928,777) 9.01 Outstanding stock options as of December 31, 2014 4,669,776 $10.18 Granted 341,638 4.12 Forfeited (586,160) 13.18 Exercised (203,300) 3.84 Outstanding stock options as of December 31, 2015 4,221,954 $9.58 4.3 Stock options exercisable as of December 31, 2015 3,707,800 $10.13 3.8 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The following table summarizes our nonvested stock option activity from December 31, 2013 through December 31, 2015 : Number of Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested stock options as of December 31, 2013 757,041 $4.74 Granted 221,440 4.87 Vested (433,211) 4.77 Nonvested stock options as of December 31, 2014 545,270 $4.77 Granted 341,638 2.31 Vested (364,721) 4.70 Forfeited (8,033) 5.23 Nonvested stock options as of December 31, 2015 514,154 $3.19 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The following table summarizes our restricted stock activity from December 31, 2013 through December 31, 2015 : Number of Shares Weighted-Average Grant-Date Fair Value per Share Nonvested restricted stock as of December 31, 2013 105,204 $8.18 Granted 32,100 14.33 Vested (88,620) 8.20 Nonvested restricted stock as of December 31, 2014 48,684 $12.20 Granted 47,296 7.40 Vested (48,684) 12.19 Nonvested restricted stock as of December 31, 2015 47,296 $7.41 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes our restricted stock unit activity from December 31, 2013 through December 31, 2015 : Time-Based Award Performance-Based Award Number of Time-Based Award Units Weighted-Average Grant-Date Fair Value per Unit Number of Performance-Based Award Units Weighted-Average Grant-Date Fair Value per Unit Nonvested restricted stock units as of 627,712 $7.93 673,762 $9.19 Granted 360,665 8.64 400,503 9.67 Achieved performance adjustment — — 22,091 10.23 Vested (267,430) 8.16 (155,647 ) 10.23 Forfeited (45,868) 8.07 (78,897) 9.30 Nonvested restricted stock units as of 675,079 $8.21 861,812 $9.24 Granted 151,919 4.08 634,272 6.66 Achieved performance adjustment — — (68,299 ) 9.85 Vested (340,225) 8.11 (227,454 ) 9.29 Forfeited (100,240) 7.21 (243,036) 8.87 Nonvested restricted stock units as of 386,533 $6.93 957,295 $7.57 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain financial information for our two operating segments and corporate as of and for the years ending December 31, 2015 , 2014 and 2013 (amounts in thousands): As of and for the year ended December 31, 2015 Drilling Services Segment Production Services Segment Corporate Total Identifiable assets $ 518,208 $ 281,530 $ 30,038 $ 829,776 Revenues $ 249,318 $ 291,460 $ — $ 540,778 Operating costs 144,196 213,820 — 358,016 Segment margin $ 105,122 $ 77,640 $ — $ 182,762 Depreciation and amortization $ 80,265 $ 69,335 $ 1,339 $ 150,939 Capital expenditures $ 113,060 $ 29,228 $ 619 $ 142,907 As of and for the year ended December 31, 2014 Drilling Services Segment Production Services Segment Corporate Total Identifiable assets $ 702,987 $ 442,755 $ 25,847 $ 1,171,589 Revenues $ 516,473 $ 538,750 $ — $ 1,055,223 Operating costs 348,133 339,690 — 687,823 Segment margin $ 168,340 $ 199,060 $ — $ 367,400 Depreciation and amortization $ 115,714 $ 66,326 $ 1,336 $ 183,376 Capital expenditures $ 112,483 $ 74,652 $ 986 $ 188,121 As of and for the year ended December 31, 2013 Drilling Production Corporate Total Identifiable assets $ 785,119 $ 414,278 $ 30,226 $ 1,229,623 Revenues $ 528,327 $ 431,859 $ — $ 960,186 Operating costs 354,380 276,296 — 630,676 Segment margin $ 173,947 $ 155,563 $ — $ 329,510 Depreciation and amortization $ 122,201 $ 64,604 $ 1,113 $ 187,918 Capital expenditures $ 78,708 $ 44,541 $ 2,171 $ 125,420 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table reconciles the segment profits reported above to income from operations as reported on the consolidated statements of operations for the years ended December 31, 2015 , 2014 and 2013 (amounts in thousands): Year ended December 31, 2015 2014 2013 Segment margin $ 182,762 $ 367,400 $ 329,510 Depreciation and amortization (150,939 ) (183,376 ) (187,918 ) General and administrative (73,903 ) (103,385 ) (94,183 ) Bad debt (expense) recovery 188 (1,445 ) (767 ) Impairment charges (129,152 ) (73,025 ) (54,292 ) Gain on dispositions of property and equipment, net 4,344 1,859 1,421 Gain on sale of fishing and rental services operations — 10,702 — Gain on litigation — 5,254 — Income (loss) from operations $ (166,700 ) $ 23,984 $ (6,229 ) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table sets forth certain financial information for our international operations in Colombia as of and for the years ended December 31, 2015 , 2014 and 2013 (amounts in thousands): As of and for the year ended December 31, 2015 2014 2013 Identifiable assets $ 54,590 $ 142,321 $ 150,719 Revenues $ 43,878 $ 104,520 $ 115,631 |
Quarterly Results of Operatio31
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations (unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following table summarizes quarterly financial data for the years ended December 31, 2015 and 2014 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Total Year ended December 31, 2015 Revenues $ 193,814 $ 135,011 $ 107,480 $ 104,473 $ 540,778 Income (loss) from operations (8,334 ) (75,108 ) (17,972 ) (65,286 ) (166,700 ) Income tax (expense) benefit 4,450 2,586 6,682 23,861 37,579 Net income (loss) (12,019 ) (77,281 ) (17,540 ) (48,300 ) (155,140 ) Earnings (loss) per share: Basic $ (0.19 ) $ (1.20 ) $ (0.27 ) $ (0.75 ) $ (2.41 ) Diluted $ (0.19 ) $ (1.20 ) $ (0.27 ) $ (0.75 ) $ (2.41 ) Year ended December 31, 2014 Revenues $ 239,034 $ 259,812 $ 273,267 $ 283,110 $ 1,055,223 Income (loss) from operations 17,935 21,917 32,804 (48,672 ) 23,984 Income tax (expense) benefit (37 ) 1,070 (9,927 ) 20,198 11,304 Net income (loss) (2,579 ) (319 ) 12,453 (47,573 ) (38,018 ) Earnings (loss) per share: Basic $ (0.04 ) $ (0.01 ) $ 0.20 $ (0.75 ) $ (0.60 ) Diluted $ (0.04 ) $ (0.01 ) $ 0.19 $ (0.75 ) $ (0.60 ) |
Guarantor_Non Guarantor Conde32
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract] | |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 17,221 $ (5,612 ) $ 2,551 $ — $ 14,160 Receivables, net of allowance 74 67,174 12,814 (246 ) 79,816 Intercompany receivable (payable) (24,836 ) 31,108 (6,272 ) — — Inventory — 5,591 3,671 — 9,262 Assets held for sale — 4,619 — — 4,619 Prepaid expenses and other current assets 1,200 4,767 1,444 — 7,411 Total current assets (6,341 ) 107,647 14,208 (246 ) 115,268 Net property and equipment 3,311 667,321 31,953 — 702,585 Investment in subsidiaries 657,090 42,240 — (699,330 ) — Intangible assets, net of accumulated amortization — 1,944 — — 1,944 Noncurrent deferred income taxes 84,014 — 18 (84,014 ) 18 Other long-term assets 8,295 962 704 — 9,961 Total assets $ 746,369 $ 820,114 $ 46,883 $ (783,590 ) $ 829,776 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 616 $ 14,628 $ 1,707 $ — $ 16,951 Deferred revenues — 5,570 652 — 6,222 Accrued expenses 8,373 37,023 1,719 (246 ) 46,869 Total current liabilities 8,989 57,221 4,078 (246 ) 70,042 Long-term debt, less current portion 395,000 — — — 395,000 Noncurrent deferred income taxes (975 ) 102,509 — (84,014 ) 17,520 Other long-term liabilities 712 3,294 565 — 4,571 Total liabilities 403,726 163,024 4,643 (84,260 ) 487,133 Total shareholders’ equity 342,643 657,090 42,240 (699,330 ) 342,643 Total liabilities and shareholders’ equity $ 746,369 $ 820,114 $ 46,883 $ (783,590 ) $ 829,776 December 31, 2014 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 27,688 $ (5,516 ) $ 12,752 $ — $ 34,924 Receivables, net of allowance 1,641 151,048 37,512 — 190,201 Intercompany receivable (payable) (24,836 ) 55,567 (30,728 ) (3 ) — Deferred income taxes 1,827 8,196 975 — 10,998 Inventory — 7,208 6,909 — 14,117 Assets held for sale — 9,909 — — 9,909 Prepaid expenses and other current assets 1,217 6,554 1,154 — 8,925 Total current assets 7,537 232,966 28,574 (3 ) 269,074 Net property and equipment 4,179 763,994 89,118 (750 ) 856,541 Investment in subsidiaries 850,807 116,799 — (967,606 ) — Intangible assets, net of accumulated amortization — 24,223 — — 24,223 Noncurrent deferred income taxes 90,664 — 2,753 (90,664 ) 2,753 Other long-term assets 10,122 1,955 6,921 — 18,998 Total assets $ 963,309 $ 1,139,937 $ 127,366 $ (1,059,023 ) $ 1,171,589 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 735 $ 57,910 $ 5,660 $ — $ 64,305 Current portion of long-term debt — 27 — — 27 Deferred revenues — 3,315 — — 3,315 Accrued expenses 11,109 64,063 4,376 (3 ) 79,545 Total current liabilities 11,844 125,315 10,036 (3 ) 147,192 Long-term debt, less current portion 455,000 53 — — 455,053 Noncurrent deferred income taxes 138 160,104 — (90,664 ) 69,578 Other long-term liabilities 513 3,658 531 — 4,702 Total liabilities 467,495 289,130 10,567 (90,667 ) 676,525 Total shareholders’ equity 495,814 850,807 116,799 (968,356 ) 495,064 Total liabilities and shareholders’ equity $ 963,309 $ 1,139,937 $ 127,366 $ (1,059,023 ) $ 1,171,589 |
Condensed Consolidated Statements of Operations | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 496,900 $ 43,878 $ — $ 540,778 Costs and expenses: Operating costs — 322,458 35,558 — 358,016 Depreciation and amortization 1,338 137,987 11,614 — 150,939 General and administrative 21,515 50,710 2,230 (552 ) 73,903 Bad debt expense (recovery) — 571 (759 ) — (188 ) Impairment charges — 73,270 56,632 (750 ) 129,152 Gain on dispositions of property and equipment, net 117 (4,350 ) (111 ) — (4,344 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 22,970 575,786 110,024 (1,302 ) 707,478 Income (loss) from operations (22,970 ) (78,886 ) (66,146 ) 1,302 (166,700 ) Other (expense) income: Equity in earnings of subsidiaries (126,553 ) (74,459 ) — 201,012 — Interest expense, net of interest capitalized (21,128 ) (117 ) 23 — (21,222 ) Loss on extinguishment of debt (2,186 ) — — — (2,186 ) Other 6 1,687 (3,752 ) (552 ) (2,611 ) Total other (expense) income (149,861 ) (72,889 ) (3,729 ) 200,460 (26,019 ) Income (loss) before income taxes (172,831 ) (151,775 ) (69,875 ) 201,762 (192,719 ) Income tax (expense) benefit 1 16,941 25,222 (4,584 ) — 37,579 Net income (loss) $ (155,890 ) $ (126,553 ) $ (74,459 ) $ 201,762 $ (155,140 ) Year ended December 31, 2014 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 950,703 $ 104,520 $ — $ 1,055,223 Costs and expenses: Operating costs — 611,392 76,431 — 687,823 Depreciation and amortization 1,336 168,157 13,883 — 183,376 General and administrative 27,314 72,878 3,745 (552 ) 103,385 Bad debt expense (recovery) — 1,329 116 — 1,445 Impairment charges — 73,025 — — 73,025 Gain on dispositions of property and equipment, net — (1,796 ) (63 ) — (1,859 ) Gain on sale of fishing and rental services operations — (10,702 ) — — (10,702 ) Gain on litigation (5,254 ) — — — (5,254 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 23,396 909,423 98,972 (552 ) 1,031,239 Income (loss) from operations (23,396 ) 41,280 5,548 552 23,984 Other (expense) income: Equity in earnings of subsidiaries 21,254 (3,767 ) — (17,487 ) — Interest expense, net of interest capitalized (38,562 ) (223 ) 4 — (38,781 ) Loss on extinguishment of debt (31,221 ) — — — (31,221 ) Other 21 2,985 (5,758 ) (552 ) (3,304 ) Total other (expense) income (48,508 ) (1,005 ) (5,754 ) (18,039 ) (73,306 ) Income (loss) before income taxes (71,904 ) 40,275 (206 ) (17,487 ) (49,322 ) Income tax (expense) benefit 1 33,886 (19,021 ) (3,561 ) — 11,304 Net income (loss) $ (38,018 ) $ 21,254 $ (3,767 ) $ (17,487 ) $ (38,018 ) Year ended December 31, 2013 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 844,555 $ 115,631 $ — $ 960,186 Costs and expenses: Operating costs — 548,628 82,048 — 630,676 Depreciation and amortization 1,113 173,516 13,289 — 187,918 General and administrative 25,272 65,962 3,501 (552 ) 94,183 Bad debt expense (recovery) 67 700 — — 767 Impairment charges — 54,292 — — 54,292 Gain on dispositions of property and equipment, net — (283 ) (1,138 ) — (1,421 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 26,452 837,955 102,560 (552 ) 966,415 Income (loss) from operations (26,452 ) 6,600 13,071 552 (6,229 ) Other (expense) income: Equity in earnings of subsidiaries 11,861 6,260 — (18,121 ) — Interest expense, net of interest capitalized (48,302 ) (37 ) 29 — (48,310 ) Other 9 1,990 (2,686 ) (552 ) (1,239 ) Total other (expense) income (36,432 ) 8,213 (2,657 ) (18,673 ) (49,549 ) Income (loss) before income taxes (62,884 ) 14,813 10,414 (18,121 ) (55,778 ) Income tax (expense) benefit 1 26,952 (2,952 ) (4,154 ) — 19,846 Net income (loss) $ (35,932 ) $ 11,861 $ 6,260 $ (18,121 ) $ (35,932 ) 1 The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries. |
Condensed Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ 4,067 $ 147,643 $ (8,991 ) $ — $ 142,719 Cash flows from investing activities: Purchases of property and equipment (663 ) (157,336 ) (1,885 ) 269 (159,615 ) Proceeds from sale of property and equipment 32 57,444 467 (269 ) 57,674 Proceeds from insurance recoveries — 285 — — 285 (631 ) (99,607 ) (1,418 ) — (101,656 ) Cash flows from financing activities: Debt repayments (60,000 ) (2 ) — — (60,002 ) Debt issuance costs (1,877 ) — — — (1,877 ) Proceeds from exercise of options 781 — — — 781 Purchase of treasury stock (729 ) — — — (729 ) Intercompany contributions/distributions 47,922 (48,130 ) 208 — — (13,903 ) (48,132 ) 208 — (61,827 ) Net increase (decrease) in cash and cash equivalents (10,467 ) (96 ) (10,201 ) — (20,764 ) Beginning cash and cash equivalents 27,688 (5,516 ) 12,752 — 34,924 Ending cash and cash equivalents $ 17,221 $ (5,612 ) $ 2,551 $ — $ 14,160 Year ended December 31, 2014 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (59,405 ) $ 265,171 $ 27,275 $ — $ 233,041 Cash flows from investing activities: Purchases of property and equipment (1,029 ) (158,392 ) (15,957 ) — (175,378 ) Proceeds from sale of property and equipment — 8,069 301 — 8,370 Proceeds from sale of fishing and rental services operations 15,090 — — — 15,090 14,061 (150,323 ) (15,656 ) — (151,918 ) Cash flows from financing activities: Debt repayments (490,000 ) (25 ) — — (490,025 ) Proceeds from issuance of debt 440,000 — — — 440,000 Debt issuance costs (9,239 ) — — — (9,239 ) Tender premium costs (21,553 ) — — — (21,553 ) Proceeds from exercise of options 8,368 — — — 8,368 Purchase of treasury stock (1,135 ) — — — (1,135 ) Intercompany contributions/distributions 118,223 (118,280 ) 57 — — 44,664 (118,305 ) 57 — (73,584 ) Net increase (decrease) in cash and cash equivalents (680 ) (3,457 ) 11,676 — 7,539 Beginning cash and cash equivalents 28,368 (2,059 ) 1,076 — 27,385 Ending cash and cash equivalents $ 27,688 $ (5,516 ) $ 12,752 $ — $ 34,924 Year ended December 31, 2013 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (66,941 ) $ 240,108 $ 1,413 $ — $ 174,580 Cash flows from investing activities: Purchases of property and equipment (2,649 ) (151,363 ) (11,344 ) — (165,356 ) Proceeds from sale of property and equipment 8 12,510 1,318 — 13,836 Proceeds from insurance recoveries — 844 — — 844 (2,641 ) (138,009 ) (10,026 ) — (150,676 ) Cash flows from financing activities: Debt repayments (60,000 ) (874 ) — — (60,874 ) Proceeds from issuance of debt 40,000 — — — 40,000 Debt issuance costs (13 ) — — — (13 ) Proceeds from exercise of options 1,266 — — — 1,266 Purchase of treasury stock (631 ) — — — (631 ) Intercompany contributions/distributions 98,849 (97,883 ) (966 ) — — 79,471 (98,757 ) (966 ) — (20,252 ) Net increase (decrease) in cash and cash equivalents 9,889 3,342 (9,579 ) — 3,652 Beginning cash and cash equivalents 18,479 (5,401 ) 10,655 — 23,733 Ending cash and cash equivalents $ 28,368 $ (2,059 ) $ 1,076 $ — $ 27,385 |
Organization and Summary of S33
Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($)well_service_rigsdrilling_rigscoiled_tubing_unitswireline_tubing_units | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)well_service_rigsmodrilling_rigscoiled_tubing_unitswireline_tubing_units | Dec. 31, 2014USD ($)drilling_rigs | Dec. 31, 2013drilling_rigs | Sep. 30, 2015USD ($)drilling_rigs | Jun. 30, 2013USD ($) | |
Revenue Recognition | |||||||
Deferred Revenue, Current | $ 6,222 | $ 6,222 | $ 3,315 | ||||
Costs in Excess of Billings, Current | 1,500 | 1,500 | |||||
Recognition of Deferred Revenue | $ 5,300 | $ 1,100 | 4,600 | ||||
Average Term to Drill Individual Well, Maximum | 60 | ||||||
Cash and Cash Equivalents | |||||||
Cash Equivalents, at Carrying Value | 1,300 | $ 1,300 | 2,600 | ||||
Maximum Original Maturity Period of Cash and Liquid Investments | mo | 3 | ||||||
Trade Receivables | |||||||
Accounts Receivable Age Individually Reviewed For Collectibility | 90 days | ||||||
Unbilled Accounts Receivable | |||||||
Unbilled receivables | 38,000 | $ 13,624 | |||||
Intangible Assets | |||||||
Amortization of Intangible Assets | $ 8,500 | $ 7,900 | 8,000 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,500 | 1,500 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 200 | 200 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 200 | 200 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0 | 0 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0 | 0 | |||||
Intangible assets, net of accumulated amortization | 1,944 | 1,944 | 24,223 | ||||
Goodwill | $ 0 | ||||||
Related Party Transactions | |||||||
Related Party Transaction, Amounts of Transaction | 200 | $ 400 | |||||
Deferred Tax Assets, Net, Current | $ 6,800 | $ 6,800 | |||||
Drilling Services Segment [Member] | |||||||
Trade Receivables | |||||||
Payment Term In Days For Services Invoiced Average | 30 days | ||||||
Payment Term In Days For Services Invoiced Maximum | 90 days | ||||||
Daywork Drilling Contract [Member] | |||||||
Unbilled Accounts Receivable | |||||||
Billing Invoice Interval, Period | 15 days | ||||||
Whiting Petroleum Company [Member] | Sales Revenue, Net [Member] | |||||||
Revenue Recognition | |||||||
Concentration Risk, Percentage | 13.00% | 18.00% | 12.00% | ||||
Top Three Revenue Producing Clients [Member] | Sales Revenue, Net [Member] | |||||||
Revenue Recognition | |||||||
Concentration Risk, Percentage | 29.00% | 29.00% | 28.00% | ||||
Production Services Segment [Member] | |||||||
Business - Production Services | |||||||
Well Servicing Rigs | well_service_rigs | 125 | 125 | |||||
Wireline Units | wireline_tubing_units | 125 | 125 | |||||
Coiled Tubing Units | coiled_tubing_units | 17 | 17 | |||||
Trade Receivables | |||||||
Payment Term In Days For Services Invoiced Average | 30 days | ||||||
Unbilled Accounts Receivable | |||||||
Unbilled receivables | $ 1,100 | $ 1,100 | $ 4,400 | ||||
Production Services Segment [Member] | 550 Horsepower [Member] | |||||||
Business - Production Services | |||||||
Well Servicing Rigs | well_service_rigs | 114 | 114 | |||||
Production Services Segment [Member] | 600 Horsepower [Member] | |||||||
Business - Production Services | |||||||
Well Servicing Rigs | well_service_rigs | 11 | 11 | |||||
Drilling Services Segment [Member] | |||||||
Business - Drilling | |||||||
Drilling Rigs | drilling_rigs | 31 | 31 | |||||
Drilling Rig, 2015 New-Build | drilling_rigs | 5 | 5 | 5 | ||||
Disposed Drilling Rigs | drilling_rigs | 32 | ||||||
Drilling Services Segment [Member] | Turnkey Drilling Contract [Member] | |||||||
Unbilled Accounts Receivable | |||||||
Unbilled receivables | $ 600 | $ 600 | 800 | ||||
Drilling Services Segment [Member] | Daywork Drilling Contract [Member] | |||||||
Unbilled Accounts Receivable | |||||||
Unbilled receivables | $ 11,900 | $ 11,900 | $ 32,800 | ||||
Drilling Services Segment [Member] | Assets Held-for-sale [Member] | |||||||
Business - Drilling | |||||||
Drilling Rigs | drilling_rigs | 4 | 4 | |||||
Drilling Services Segment [Member] | Colombia [Member] | |||||||
Business - Drilling | |||||||
Drilling Rigs | drilling_rigs | 8 | 8 | |||||
Drilling Services Segment [Member] | Drilling Rigs [Member] | Colombia [Member] | |||||||
Business - Drilling | |||||||
Drilling Rigs | drilling_rigs | 5 | 5 | 5 | ||||
Drilling Services Segment [Member] | Mechanical and Lower Horsepower Drilling Rigs [Member] | |||||||
Business - Drilling | |||||||
Disposed Drilling Rigs | drilling_rigs | 28 | 10 | |||||
Drilling Services Segment [Member] | Mechanical and Lower Horsepower Drilling Rigs [Member] | Assets Held-for-sale [Member] | |||||||
Business - Drilling | |||||||
Drilling Rigs | drilling_rigs | 3 | 3 | |||||
Pad-Capable [Member] | Drilling Services Segment [Member] | |||||||
Business - Drilling | |||||||
Percentage of Drilling Fleet | 94.00% | 94.00% | |||||
New-build [Domain] | Drilling Services Segment [Member] | New in Last Five Years [Member] | |||||||
Business - Drilling | |||||||
Drilling Rigs | drilling_rigs | 15 | 15 | |||||
Finite-Lived Intangible Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Income Approach Valuation Technique [Member] | |||||||
Intangible Assets | |||||||
Sensitivity Analysis of Fair Value, Change in Impairment Due to Change in Assumption, Impact of One Percent Increase of Pricing Assumption | $ 2,000 | ||||||
Sensitivity Analysis of Fair Value, Change in Impairment De to Change in Assumption, Impact of One Percent Increase of Utilization Assumption | 1,000 | ||||||
Sensitivity Analysis of Fair Value, Change in Impairment Due to Change in Assumption, Impact of Five Percent Decrease of Discount Rate Assumption | $ 2,000 | ||||||
Fair Value Inputs, Discount Rate | 13.00% |
Organization and Summary of S34
Organization and Summary of Significant Accounting Policies (Drilling Services Segment) (Details) - Drilling Services Segment [Member] | Dec. 31, 2015drilling_rigs |
Accounting Policies [Line Items] | |
Drilling Rigs | 31 |
South Texas [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 7 |
West Texas [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 6 |
North Dakota [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 6 |
Appalachia [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 4 |
Colombia [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 8 |
Organization and Summary of S35
Organization and Summary of Significant Accounting Policies (Production Services Segment) (Details) - Production Services Segment [Member] | Dec. 31, 2015well_service_rigscoiled_tubing_unitswireline_tubing_units |
Accounting Policies [Line Items] | |
Well Servicing Rigs | well_service_rigs | 125 |
Wireline Units | wireline_tubing_units | 125 |
Coiled Tubing Units | coiled_tubing_units | 17 |
550 Horsepower [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | well_service_rigs | 114 |
600 Horsepower [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | well_service_rigs | 11 |
Offshore Units [Domain] | |
Accounting Policies [Line Items] | |
Wireline Units | wireline_tubing_units | 6 |
Coiled Tubing Units | coiled_tubing_units | 5 |
Onshore [Member] | |
Accounting Policies [Line Items] | |
Wireline Units | wireline_tubing_units | 119 |
Coiled Tubing Units | coiled_tubing_units | 12 |
Organization and Summary of S36
Organization and Summary of Significant Accounting Policies (Drilling Contracts) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | 27 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2016USD ($) | Feb. 15, 2016drilling_rigs | |
Accounting Policies [Line Items] | |||||
Gain (Loss) on Contract Termination | $ | $ 0.3 | $ 49.2 | |||
Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Gain (Loss) on Contract Termination | $ | $ 13.3 | $ 62.8 | |||
Drilling Services Segment [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 31 | ||||
Drilling Services Segment [Member] | Received Early Termination Notice on Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 19 | ||||
Drilling Services Segment [Member] | Currently Under Drilling Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 17 | ||||
Drilling Services Segment [Member] | Currently Under Drilling Contract [Member] | Spot Market Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 2 | ||||
Drilling Services Segment [Member] | Currently Under Drilling Contract [Member] | Term Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 15 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Six Months | 4 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Six Months to One Year | 4 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Twelve Months to Eighteen Months | 0 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Eighteen Months to Two Years | 1 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Twenty Four Months to Fourty Eight Months | 6 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Domestic [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 23 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Domestic [Member] | Currently Under Drilling Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 14 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Domestic [Member] | Currently Under Drilling Contract [Member] | Term Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 12 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Domestic [Member] | Currently Under Drilling Contract [Member] | Earning Under Contract [Member] | Spot Market Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 2 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Domestic [Member] | Currently Under Drilling Contract [Member] | Earning Under Contract [Member] | Term Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 8 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Six Months | 1 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Six Months to One Year | 2 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Twelve Months to Eighteen Months | 0 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Eighteen Months to Two Years | 1 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Twenty Four Months to Fourty Eight Months | 4 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Domestic [Member] | Currently Under Drilling Contract [Member] | Earning But Not Working [Member] | Spot Market Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 0 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Domestic [Member] | Currently Under Drilling Contract [Member] | Earning But Not Working [Member] | Term Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 4 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Six Months | 3 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Six Months to One Year | 1 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Twelve Months to Eighteen Months | 0 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Eighteen Months to Two Years | 0 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Twenty Four Months to Fourty Eight Months | 0 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Foreign [Member] | Currently Under Drilling Contract [Member] | Term Contract, Cancelable [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 3 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Foreign [Member] | Currently Under Drilling Contract [Member] | Suspended Operations (not earning) [Member] | Spot Market Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 0 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Foreign [Member] | Currently Under Drilling Contract [Member] | Suspended Operations (not earning) [Member] | Term Contract [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Assigned Drilling Rigs, Number of Contracts Expiring in Six Months | 0 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Six Months to One Year | 1 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Twelve Months to Eighteen Months | 0 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Eighteen Months to Two Years | 0 | ||||
Assigned Drilling Rigs, Number of Contracts Expiring in Twenty Four Months to Fourty Eight Months | 2 | ||||
Drilling Services Segment [Member] | Geographic Distribution, Foreign [Member] | Currently Under Drilling Contract [Member] | Suspended Operations (not earning) [Member] | Term Contract, Cancelable [Member] | Subsequent Event [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 3 | ||||
Colombia [Member] | Drilling Services Segment [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs | 8 | ||||
Minimum [Member] | Drilling Services Segment [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs, Contractual Terms | six months | ||||
Maximum [Member] | Drilling Services Segment [Member] | |||||
Accounting Policies [Line Items] | |||||
Drilling Rigs, Contractual Terms | 4 years |
Organization and Summary of S37
Organization and Summary of Significant Accounting Policies (Changes in Allowance for Doubtful Accounts) (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Line Items] | |||
Balance of allowance at beginning of year | $ 2,547 | $ 1,356 | $ 1,044 |
Increase in allowance charged to expense | (472) | (1,445) | (801) |
Accounts charged against allowance | 765 | 254 | 489 |
Balance of allowance at ending of year | $ 2,254 | $ 2,547 | $ 1,356 |
Organization and Summary of S38
Organization and Summary of Significant Accounting Policies (Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | ||||
Intangible assets, net of accumulated amortization | $ 1,944 | $ 1,944 | $ 24,223 | |
Client Relationships [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 13,592 | 13,592 | 55,282 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 11,682 | 11,682 | 31,370 | |
Noncompete Agreements [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 675 | 675 | 1,355 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 641 | $ 641 | $ 1,044 | |
Minimum [Member] | Client Relationships [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Minimum [Member] | Noncompete Agreements [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||
Maximum [Member] | Client Relationships [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||
Maximum [Member] | Noncompete Agreements [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||
Coiled Tubing Operations [Member] | Production Services Segment [Member] | ||||
Accounting Policies [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 14,300 | $ 3,100 | ||
Intangible assets, net of accumulated amortization | $ 0 | $ 0 | ||
Goodwill, Impairment Loss | $ 41,700 |
Sale of Fishing and Rental Se39
Sale of Fishing and Rental Services Operations (Details) - USD ($) $ in Thousands | Sep. 17, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Significant Acquisitions and Disposals [Line Items] | |||||
Proceeds from sale of fishing and rental services operations | $ 0 | $ 15,090 | $ 0 | ||
Gain on sale of fishing and rental services operations | $ 0 | (10,702) | 0 | ||
Fishing and Rental Services | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Total Consideration Received on Divestiture of Business | $ 16,100 | ||||
Proceeds from sale of fishing and rental services operations | 15,100 | ||||
Escrow Deposits Related to Property Sales | 1,000 | ||||
Net book value of tools and equipment | 4,300 | ||||
Gain on sale of fishing and rental services operations | (10,700) | ||||
Gain from sale, net of taxes | $ 6,600 | ||||
Disposal group revenues as percentage of consolidated revenues (percent) | 1.00% | ||||
Disposal group pretax income as percentage of consolidated pretax income (percent) | 1.00% | ||||
Disposal group total assets as percentage of total assets (percent) | 1.00% | ||||
Information for the F&R Operations | |||||
Revenues | 7,828 | 12,459 | |||
Operating costs | 5,097 | 8,000 | |||
F&R margin | 2,731 | 4,459 | |||
Income (loss) before income taxes | $ (162) | $ 242 |
Property and Equipment (Details
Property and Equipment (Details) $ in Thousands | Sep. 17, 2014USD ($) | Dec. 31, 2015USD ($)drilling_rigs | Jun. 30, 2015USD ($)drilling_rigs | Dec. 31, 2014USD ($)drilling_rigs | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2014USD ($)drilling_rigs | Dec. 31, 2013USD ($)drilling_rigswireline_tubing_units | Sep. 30, 2015drilling_rigs |
Property, Plant and Equipment [Line Items] | |||||||||
Capital Expenditures | $ 142,907 | $ 188,121 | $ 125,420 | ||||||
Construction in Progress, Gross | $ 18,600 | $ 82,700 | $ 18,600 | 18,600 | 82,700 | ||||
Interest Costs Capitalized | 3,000 | 700 | 900 | ||||||
Loss (gain) on dispositions of property and equipment | (4,344) | (1,859) | (1,421) | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 10,702 | 0 | ||||||
Net property and equipment | 702,585 | 856,541 | 702,585 | 702,585 | 856,541 | ||||
Assets held for sale | 4,619 | 9,909 | $ 4,619 | 4,619 | 9,909 | ||||
Impairment charges | $ 129,152 | 73,025 | 54,292 | ||||||
Net Proceeds from Sale of Property, Plant and Equipment | 53,600 | ||||||||
Proceeds from sale of property and equipment | $ 57,674 | 8,370 | 13,836 | ||||||
Fishing and Rental Services | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Total Consideration Received on Divestiture of Business | $ 16,100 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 10,700 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | 9,658 | 2,000 | 9,500 | ||||||
Production Services Segment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Capital Expenditures | 29,228 | 74,652 | $ 44,541 | ||||||
Disposed Wireline Units | wireline_tubing_units | 4 | ||||||||
Production Services Segment [Member] | Coiled Tubing Units [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | 16,600 | ||||||||
Production Services Segment [Member] | Coiled Tubing Operations [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of Intangible Assets, Finite-lived | $ 14,300 | $ 3,100 | |||||||
Drilling Services Segment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Capital Expenditures | $ 113,060 | $ 112,483 | $ 78,708 | ||||||
Drilling Rig, 2015 New-Build | drilling_rigs | 5 | 5 | 5 | 5 | |||||
Drilling Rigs | drilling_rigs | 31 | 31 | 31 | ||||||
Disposed Drilling Rigs | drilling_rigs | 32 | ||||||||
Drilling Services Segment [Member] | Mechanical and Lower Horsepower Drilling Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 71,000 | ||||||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 31 | 31 | |||||||
Disposed Drilling Rigs | drilling_rigs | 28 | 10 | |||||||
Drilling Services Segment [Member] | Non-AC not pad-capable electric drilling rigs [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 1 | 1 | 1 | ||||||
Drilling Services Segment [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 4 | 4 | 4 | ||||||
Drilling Services Segment [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Mechanical and Lower Horsepower Drilling Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 3 | 3 | 3 | ||||||
Drilling Services Segment [Member] | Colombia [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 8 | ||||||||
Drilling Rigs | drilling_rigs | 8 | 8 | 8 | ||||||
Drilling Services Segment [Member] | Colombia [Member] | Inventories [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 3,600 | ||||||||
Drilling Services Segment [Member] | Colombia [Member] | Nonrecoverable Prepaid Taxes [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | 6,400 | ||||||||
Drilling Services Segment [Member] | Colombia [Member] | Drilling Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | 50,200 | ||||||||
Drilling Rigs | drilling_rigs | 5 | 5 | 5 | 5 | 5 | ||||
Drilling Services Segment [Member] | United States [Member] | Pad-capable non-AC drilling rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 18,600 | ||||||||
Drilling Services Segment [Member] | United States [Member] | Recoverability Test Passed [Member] | Pad-capable non-AC drilling rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 7 | ||||||||
Drilling Services Segment [Member] | United States [Member] | Non-AC not pad-capable electric drilling rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 9,700 | ||||||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 6 | ||||||||
Drilling Rigs | drilling_rigs | 2 | 2 | 2 | ||||||
Disposed Drilling Rigs | drilling_rigs | 3 | ||||||||
Drilling Services Segment [Member] | United States [Member] | Pad-capable non-AC drilling rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 5 | 5 | 5 |
Property and Equipment (Estimat
Property and Equipment (Estimated useful lives and costs of asset classes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,146,994 | $ 1,702,273 |
Drilling Rigs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 649,805 | 1,168,404 |
Drilling Rigs [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Drilling Rigs [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Well Servicing Rigs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 246,539 | 232,771 |
Well Servicing Rigs [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Well Servicing Rigs [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Wireline Units [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 148,501 | 146,748 |
Wireline Units [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Wireline Units [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Coiled Tubing Units [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 10,740 | 60,389 |
Coiled Tubing Units [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Coiled Tubing Units [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 1 year | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 51,776 | 55,014 |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Vehicles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11,986 | 11,521 |
Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 1 year | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 25,228 | 25,007 |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,419 | $ 2,419 |
Land [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 0 years | |
Land [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 0 years |
Debt (Details)
Debt (Details) $ in Thousands | Dec. 23, 2015USD ($)EBIT / Interest_ExpenseDebt / Equity | Mar. 19, 2014USD ($) | Dec. 31, 2015USD ($)EBIT / Interest_Expense | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 23, 2014USD ($) | May. 01, 2014USD ($) | Mar. 18, 2014USD ($) | Nov. 01, 2011USD ($) |
Long-term Debt, by Current and Noncurrent [Abstract] | |||||||||
Long-term Debt | $ 395,000 | $ 455,080 | |||||||
Senior Notes [Abstract] | |||||||||
Loss on extinguishment of debt | (2,186) | (31,221) | $ 0 | ||||||
Payments of Debt Extinguishment Costs | 0 | 21,553 | 0 | ||||||
Deferred Finance Costs [Abstract] | |||||||||
Deferred Finance Costs, Net | 7,800 | 9,800 | |||||||
Amortization of Financing Costs | 1,700 | 2,100 | $ 2,100 | ||||||
Senior Notes [Member] | |||||||||
Senior Notes [Abstract] | |||||||||
Debt Instrument, Redeemable with Equity Issuance Proceeds, Required Repurchase Due to Change in Control Redemption Price, Percentage | 101.00% | ||||||||
Debt Instrument, Redeemable with Equity Issuance Proceeds, Required Repurchase Due to Asset Disposition, Redemption Price, Percentage | 100.00% | ||||||||
Senior Notes, 2014 [Member] | Redemption Prior to March 15, 2017 [Member] | |||||||||
Senior Notes [Abstract] | |||||||||
Debt Instrument Subject to Early Redemption, Percentage of Aggregate Principal Redeemable prior to March 15, 2017 | 35.00% | ||||||||
Debt instrument, Redeemable with Debt Issuance Proceeds, Redemption Price, Percentage | 106.125% | ||||||||
Debt Instrument, Redeemable with Debt Issuance Proceeds, Minimum Percentage Outstanding After Redemption | 65.00% | ||||||||
Senior secured revolving credit facility [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||||||
Debt Instrument Stated Percentage of Outstanding Equity Interests of First Tier Foreign Subsidiaries That Secure Debt Obligations | 65.00% | ||||||||
Line of Credit Facility, Amount Outstanding | 95,000 | ||||||||
Letters of Credit Outstanding, Amount | 17,300 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 87,700 | ||||||||
Ratio of Indebtedness to Net Capital, Senior | 1 | ||||||||
Ratio of Interest Coverage | EBIT / Interest_Expense | 5.5 | ||||||||
Capital Expenditure Limitation Maximum Amount Unused From Prior Fiscal Year Available to Increase Current Year Capital Expenditure Threshold If Restrictions Imposed Due to Noncompliance | $ 25,000 | ||||||||
Senior Notes [Abstract] | |||||||||
Loss on extinguishment of debt | $ (2,186) | ||||||||
Senior secured revolving credit facility [Member] | Alternative Testing for Compliance - Capital Expenditures Compliance Testing [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Line of Credit Facility, Remaining Borrowing Capacity After Capital Expenditures Adjustment To Avoid Future Capital Expenditures Restrictions | $ 50,000 | ||||||||
Senior secured revolving credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||||
Senior secured revolving credit facility [Member] | Prime Rate [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||
Senior secured revolving credit facility [Member] | On December 31, 2015 [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 2.50 | ||||||||
Senior secured revolving credit facility [Member] | On March 31, 2016 [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 3 | ||||||||
Senior secured revolving credit facility [Member] | On June 30, 2016 [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 3.50 | ||||||||
Senior secured revolving credit facility [Member] | On September 30, 2016 [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 4.25 | ||||||||
Senior secured revolving credit facility [Member] | During the period from December 31, 2016 through June 30, 2017 [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 4.75 | ||||||||
Senior secured revolving credit facility [Member] | On September 30, 2017 [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 4.25 | ||||||||
Senior secured revolving credit facility [Member] | During the period from December 31, 2017 through March 31, 2018 [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 3.50 | ||||||||
Senior secured revolving credit facility [Member] | On June 30, 2018 [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 3.25 | ||||||||
Senior secured revolving credit facility [Member] | Subsequent to June 30, 2018 [Member] [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Indebtedness to Net Capital, Senior | Debt / Equity | 2.50 | ||||||||
Senior secured revolving credit facility [Member] | during the period from December 31, 2015 through June 30, 2016 [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Interest Coverage | EBIT / Interest_Expense | 1.50 | ||||||||
Senior secured revolving credit facility [Member] | during the period from September 30, 2016 through September 30, 2017 [Member] [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Interest Coverage | EBIT / Interest_Expense | 1.25 | ||||||||
Senior secured revolving credit facility [Member] | Subsequent to September 30, 2017 [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Covenant Compliance, Ratio of Interest Coverage | EBIT / Interest_Expense | 1.50 | ||||||||
Senior Notes, 2014 [Member] | |||||||||
Senior Notes [Abstract] | |||||||||
Debt Instrument, Face Amount | $ 300,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | ||||||||
Proceeds from Issuance of Debt | $ 293,900 | ||||||||
Debt Instrument, Actual Value to Face Value, Percentage | 100.00% | ||||||||
Deferred Finance Costs, Gross | $ 6,100 | ||||||||
Senior Notes, 2010 and 2011 [Member] | |||||||||
Senior Notes [Abstract] | |||||||||
Debt Instrument, Face Amount | $ 425,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | ||||||||
Debt Instrument, Repurchased Face Amount | $ 125,000 | $ 300,000 | |||||||
Loss on extinguishment of debt | (31,221) | ||||||||
Payments of Debt Extinguishment Costs | 21,600 | ||||||||
Debt Instrument, Unamortized Discount on Notes Tendered | 4,800 | ||||||||
Unamortized Deferred Finance Costs on Notes Tendered | 4,800 | ||||||||
Senior secured revolving credit facility [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Cash Threshold for Mandatory Repayment of Revolving Credit Facility | $ 25,000 | ||||||||
Senior Notes [Member] | Senior Notes [Member] | |||||||||
Long-term Debt, by Current and Noncurrent [Abstract] | |||||||||
Long-term Debt | $ 300,000 | $ 300,000 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 395,000 | $ 455,080 |
Long-term Debt, Current Maturities | 0 | (27) |
Long-term Debt, Excluding Current Maturities | 395,000 | 455,053 |
Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 300,000 | 300,000 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 80 |
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 95,000 | $ 155,000 |
Leases (Details)
Leases (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)leased_locations | Dec. 31, 2014USD ($) | |
Operating Leased Assets [Line Items] | |||
Liability for Exit Costs on Leases | $ 300,000 | ||
Operating Leases, Rent Expense, Net | $ 6,000,000 | 6,200,000 | $ 5,900,000 |
Future Lease Obligations Required | |||
2,016 | 3,618,000 | ||
2,017 | 2,982,000 | ||
2,018 | 2,347,000 | ||
2,019 | 1,925,000 | ||
2,020 | 1,187,000 | ||
Thereafter | 445,000 | ||
Operating Leases, Future Minimum Payments Due | 12,504,000 | ||
Corporate Office [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases, Future Monthly Lease Payments | 42,511 | ||
Corporate Office [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases, Future Monthly Lease Payments | $ 50,246 | ||
Other Noncancelable [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Number of Leased Locations | leased_locations | 43 | ||
Lease Agreements [Member] | |||
Operating Leased Assets [Line Items] | |||
Business Exit Costs | $ 500,000 |
Income Taxes Details (Details)
Income Taxes Details (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2014 | |
Deferred Tax Assets, Net, Current | $ 6,800 | ||||
Deferred Tax Assets, Valuation Allowance | (18,627) | $ (1,504) | |||
Deferred Tax Assets, Operating Loss Carryforwards, Net | 88,762 | ||||
Undistributed Earnings of Foreign Subsidiaries | $ 20,300 | ||||
Foreign equality tax rate | 14.00% | 9.00% | |||
Combined foreign statutory tax rate | 39.00% | ||||
Net Worth Tax Obligation | $ 1,200 | ||||
Subsequent Event [Member] | |||||
Foreign equality tax rate | 17.00% | 15.00% | 18.00% | ||
Combined foreign statutory tax rate | 42.00% | 40.00% | 43.00% | ||
Net Worth Tax Obligation | $ 300 | $ 700 | |||
Capital Loss Carryforward [Member] | |||||
Deferred Tax Assets, Valuation Allowance | (700) | ||||
Valuation Allowance, Operating Loss Carryforwards [Member] | State and Local Jurisdiction [Member] | |||||
Deferred Tax Assets, Valuation Allowance | (2,800) | ||||
Valuation Allowance, Operating Loss Carryforwards [Member] | Foreign Tax Authority [Member] | |||||
Deferred Tax Assets, Valuation Allowance | $ (15,100) |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (123,499) | $ (49,050) | $ (66,147) |
Foreign | (69,220) | (272) | 10,369 |
Income (loss) before income taxes | $ (192,719) | $ (49,322) | $ (55,778) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax: | |||||||||||
Federal | $ (535) | $ (112) | $ (380) | ||||||||
State | 401 | 1,325 | 879 | ||||||||
Foreign | 1,238 | 3,149 | 2,302 | ||||||||
Current Income Tax Expense (Benefit) | 1,104 | 4,362 | 2,801 | ||||||||
Deferred taxes: | |||||||||||
Federal | (42,113) | (17,438) | (21,034) | ||||||||
State | 29 | 1,304 | (3,520) | ||||||||
Foreign | 3,401 | 468 | 1,907 | ||||||||
Deferred Income Tax Expense (Benefit) | (38,683) | (15,666) | (22,647) | ||||||||
Income tax expense (benefit) | $ (23,861) | $ (6,682) | $ (2,586) | $ (4,450) | $ (20,198) | $ 9,927 | $ (1,070) | $ 37 | $ (37,579) | $ (11,304) | $ (19,846) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Expected tax expense (benefit) | $ (67,452) | $ (17,263) | $ (19,522) | ||||||||
State income taxes | (2,066) | 1,214 | (1,717) | ||||||||
Incentive stock options | 83 | (208) | 66 | ||||||||
Valuation allowance | 20,329 | 496 | 0 | ||||||||
Other, net | 155 | (119) | (61) | ||||||||
Income tax expense (benefit) | $ (23,861) | $ (6,682) | $ (2,586) | $ (4,450) | $ (20,198) | $ 9,927 | $ (1,070) | $ 37 | (37,579) | (11,304) | (19,846) |
Foreign Tax Authority [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Nondeductible items for tax purposes | 2,135 | 957 | (92) | ||||||||
Foreign currency translation gain (loss) | 8,660 | 2,699 | 617 | ||||||||
Domestic Country [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Nondeductible expenses for tax purposes | $ 577 | $ 920 | $ 863 |
Income Taxes (Schedule of Inc49
Income Taxes (Schedule of Income Tax (Expense), Intraperiod Allocation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Results of operations | $ (23,861) | $ (6,682) | $ (2,586) | $ (4,450) | $ (20,198) | $ 9,927 | $ (1,070) | $ 37 | $ (37,579) | $ (11,304) | $ (19,846) |
Stockholders' equity | 962 | 201 | 321 | ||||||||
Income tax expense (benefit) | $ (36,617) | $ (11,103) | $ (19,525) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets [Abstract] | ||
Capital loss carryforward | $ 666 | $ 1,009 |
Intangibles | 37,634 | 33,542 |
Employee benefits and insurance claims accruals | 6,307 | 12,146 |
Accounts receivable reserve | 849 | 908 |
Inventory | 631 | 0 |
Employee stock-based compensation | 8,093 | 8,440 |
Accrued expenses not deductible for tax purposes | 453 | 1,391 |
Accrued revenue not income for book purposes | 695 | 429 |
Domestic net operating loss carryforwards | 84,853 | 84,782 |
Foreign net operating loss carryforward | 3,909 | 2,562 |
Deferred Tax Assets, Gross | 144,090 | 145,209 |
Deferred Tax Assets, Valuation Allowance | (18,627) | (1,504) |
Components of Deferred Tax Liabilities [Abstract] | ||
Property and equipment | (142,965) | (199,532) |
Total deferred tax liabilities | $ (17,502) | $ (55,827) |
Fair Value of Financial Instr51
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 395,000 | $ 455,080 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 242,354 | $ 415,785 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,832,438 | 3,949,464 | 5,507,765 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation of Earnings (loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 0 | ||||||||
Basic | |||||||||||
Net income (loss) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | $ (47,573) | $ 12,453 | $ (319) | $ (2,579) | $ (155,140) | $ (38,018) | $ (35,932) |
Weighted-average shares, outstanding | 64,310 | 63,161 | 62,213 | ||||||||
Income (loss) per common share - Basic | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (0.75) | $ 0.20 | $ (0.01) | $ (0.04) | $ (2.41) | $ (0.60) | $ (0.58) |
Diluted | |||||||||||
Net income (loss) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | $ (47,573) | $ 12,453 | $ (319) | $ (2,579) | $ (155,140) | $ (38,018) | $ (35,932) |
Weighted average shares: | |||||||||||
Weighted-average shares, outstanding | 64,310 | 63,161 | 62,213 | ||||||||
Weighted-average shares, Diluted | 64,310 | 63,161 | 62,213 | ||||||||
Income (loss) per common share - Diluted | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (0.75) | $ 0.19 | $ (0.01) | $ (0.04) | $ (2.41) | $ (0.60) | $ (0.58) |
Equity Transactions and Stock54
Equity Transactions and Stock-Based Compensation Plans (Narrative - Annual Disclosures Only) (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Jan. 29, 2016 | May. 15, 2015 | Apr. 30, 2015 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Registration Statement, Stated Maximum Amount Available for Equity or Debt Offerings | $ 300,000,000 | |||||
Registration Statement, Amount Available for Equity or Debt Offerings | $ 300,000,000 | |||||
Number of Shares Available for Grant | 1,932,441 | |||||
Options, Outstanding, Intrinsic Value | $ 0 | |||||
Options, Exercisable, Intrinsic Value | $ 0 | |||||
Share Price | $ 2.17 | |||||
Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,000,000 | |||||
Performance-Based RSUs, 2012, 2013 and 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Adjusted to Performance Condition Evaluation Number | 796,055 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,400,000 | |||||
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 11 days | |||||
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 386,533 | 675,079 | 627,712 | |||
Equity Instruments Other than Options, Grants in Period | 151,919 | 360,665 | ||||
Achieved Performance Adjustment, Number of Shares | 0 | 0 | ||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 39 months | |||||
Performance-based RSU performance period | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2012 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 957,295 | 861,812 | 673,762 | |||
Equity Instruments Other than Options, Grants in Period | 634,272 | 400,503 | ||||
Basis for Determining Award on Individual Performance Factors Percentage | 66.67% | |||||
Basis for Determining Award on Market Factors, Percentage | 33.33% | |||||
Achieved Performance Adjustment, Number of Shares | (68,299) | 22,091 | ||||
Share-based Payment Award, Actual Achievement Level, Percentage | 64.00% | |||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2013 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Basis for Determining Award on Individual Performance Factors Percentage | 66.67% | |||||
Basis for Determining Award on Market Factors, Percentage | 33.33% | |||||
Share-based Payment Award, Estimated Achievement Level, Percentage | 60.00% | |||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Basis for Determining Award on Individual Performance Factors Percentage | 50.00% | |||||
Basis for Determining Award on Market Factors, Percentage | 50.00% | |||||
Share-based Payment Award, Estimated Achievement Level, Percentage | 80.00% | |||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2015 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Basis for Determining Award on Individual Performance Factors Percentage | 50.00% | |||||
Basis for Determining Award on Market Factors, Percentage | 50.00% | |||||
Share-based Payment Award, Estimated Achievement Level, Percentage | 100.00% | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 1 year | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 47,296 | 48,684 | 105,204 | |||
Equity Instruments Other than Options, Grants in Period | 47,296 | 32,100 | ||||
Nonvested Awards, Compensation Cost Not yet Recognized | $ 100,000 | |||||
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 months 20 days | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 3 years | |||||
Nonvested Awards, Compensation Cost Not yet Recognized | $ 500,000 | |||||
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 10 months 1 day | |||||
Expiration Period | 10 years | |||||
Approved Grant of Stock-based Compensation [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional Number of Shares Granted | 1,131,800 | |||||
Approved Grant of Stock-based Compensation [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional Number of Shares Granted | 225,834 | |||||
Approved Grant of Stock-based Compensation [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional Number of Shares Granted | 905,966 |
Equity Transactions and Stock55
Equity Transactions and Stock-Based Compensation Plans (Schedule of Stock Options Granted) (Details) - Approved Grant of Stock-based Compensation [Member] | Jan. 29, 2016shares |
Schedule of Share-Based Compensation, Stock Options Granted [Line Items] | |
Additional Number of Shares Granted | 1,131,800 |
Stock Options [Member] | |
Schedule of Share-Based Compensation, Stock Options Granted [Line Items] | |
Additional Number of Shares Granted | 905,966 |
Restricted Stock Units (RSUs) [Member] | |
Schedule of Share-Based Compensation, Stock Options Granted [Line Items] | |
Additional Number of Shares Granted | 225,834 |
Phantom Share Units (PSUs) [Member] | |
Schedule of Share-Based Compensation, Stock Options Granted [Line Items] | |
Additional Number of Shares Granted | 1,268,068 |
Equity Transactions and Stock56
Equity Transactions and Stock-Based Compensation Plans (Schedule of Allocation of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 3,629 | $ 7,617 | $ 6,371 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 923 | 1,275 | 1,771 |
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 399 | 548 | 576 |
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 2,307 | $ 5,794 | $ 4,024 |
Equity Transactions and Stock57
Equity Transactions and Stock-Based Compensation Plans (Schedule of Unrecognized Compensation Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 4 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 10 months 1 day |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.5 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 months 20 days |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 0.1 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 2 months 11 days |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 3.4 |
Equity Transactions and Stock58
Equity Transactions and Stock-Based Compensation Plans (Schedule of Assumptions Used for Stock Options Granted) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 341,638 | 221,440 | |
Nonvested Options, Grants in Period, Weighted Average Grant Date Price | $ 2.31 | $ 4.87 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 64.00% | 66.00% | 66.00% |
Risk-free interest rates | 1.40% | 1.70% | 1.00% |
Expected life in years | 5 years 6 months 7 days | 5 years 5 months 27 days | 5 years 6 months 11 days |
Nonvested Options, Grants in Period, Weighted Average Grant Date Price | $ 2.31 | $ 4.87 | $ 4.36 |
Equity Transactions and Stock59
Equity Transactions and Stock-Based Compensation Plans (Schedule of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares [Abstract] | ||
Options, Outstanding, Number, Beginning | 4,669,776 | 5,532,213 |
Granted | 341,638 | 221,440 |
Options, Forfeitures | 586,160 | 155,100 |
Options Exercised, Shares | (203,300) | (928,777) |
Options, Outstanding, Number, Ending | 4,221,954 | 4,669,776 |
Options, Exercisable, Number | 3,707,800 | |
Weighted-Average Price Per Share [Abstract] | ||
Options, Outstanding, Weighted Average Exercise Price, Beginning | $ 10.18 | $ 10.18 |
Options, Grants in Period, Weighted Average Exercise Price | 4.12 | 8.44 |
Options, Forfeitures, Weighted Average Exercise Price | 13.18 | 14.82 |
Options, Exercises in Period, Weighted Average Exercise Price | 3.84 | 9.01 |
Options, Outstanding, Weighted Average Exercise Price, Ending | 9.58 | $ 10.18 |
Options, Exercisable, Weighted Average Exercise Price | $ 10.13 | |
Weighted-Average Remaining Contract Life [Abstract] | ||
Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 4 months 2 days | |
Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 9 months |
Equity Transactions and Stock60
Equity Transactions and Stock-Based Compensation Plans (Schedule of Nonvested Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares [Abstract] | ||
Nonvested Options, Outstanding, Number, Beginning | 545,270 | 757,041 |
Nonvested Options, Granted, Number | 341,638 | 221,440 |
Nonvested Options, Vested in Period, Number | 364,721 | 433,211 |
Nonvested Options, Forfeited, Number | (8,033) | |
Nonvested Options, Outstanding, Number, Ending | 514,154 | 545,270 |
Weighted-Average Price Per Share [Abstract] | ||
Nonvested Stock Options Outstanding, Weighted Average Grant Date Price, Beginning | $ 4.77 | $ 4.74 |
Nonvested Options, Grants in Period, Weighted Average Grant Date Price | 2.31 | 4.87 |
Nonvested Options, Vested in Period, Weighted Average Grant Date Price | 4.70 | 4.77 |
Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | 5.23 | |
Nonvested Stock Options Outstanding, Weighted Average Grant Date Price, Ending | $ 3.19 | $ 4.77 |
Equity Transactions and Stock61
Equity Transactions and Stock-Based Compensation Plans (Schedule of Restricted Stock and Unit Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted-Average Price Per Share [Abstract] | ||
Nonvested Options, Vested in Period, Number | (364,721) | (433,211) |
Nonvested Options, Vested in Period, Weighted Average Grant Date Price | $ 4.70 | $ 4.77 |
Nonvested Options, Forfeited, Number | (8,033) | |
Nonvested Options Forfeited, Weighted Average Grant Date Fair Value | $ 5.23 | |
Restricted Stock [Member] | ||
Number of Shares [Abstract] | ||
Nonvested Restricted Stock Units, Number, Beginning | 48,684 | 105,204 |
Equity Instruments Other than Options, Grants in Period | 47,296 | 32,100 |
Equity Instruments Other than Options, Vested in Period | (48,684) | (88,620) |
Nonvested Restricted Stock Units, Number, Ending | 47,296 | 48,684 |
Weighted-Average Price Per Share [Abstract] | ||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Beginning | $ 12.20 | $ 8.18 |
Granted, Weighted-Average Grant-Date Fair Value per Unit | 7.40 | 14.33 |
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | 12.19 | 8.20 |
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Ending | $ 7.41 | $ 12.20 |
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2012 [Member] | ||
Number of Shares [Abstract] | ||
Nonvested Restricted Stock Units, Number, Beginning | 861,812 | 673,762 |
Equity Instruments Other than Options, Grants in Period | 634,272 | 400,503 |
Achieved Performance Adjustment, Number of Shares | (68,299) | 22,091 |
Equity Instruments Other than Options, Vested in Period | (227,454) | (155,647) |
Restricted Stock Units, Forfeited in Period | 243,036 | 78,897 |
Nonvested Restricted Stock Units, Number, Ending | 957,295 | 861,812 |
Weighted-Average Price Per Share [Abstract] | ||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Beginning | $ 9.24 | $ 9.19 |
Granted, Weighted-Average Grant-Date Fair Value per Unit | 6.66 | 9.67 |
Adjustment to Grants for Above Target Payout, Average Vested-Date Fair Value per Unit | 9.85 | 10.23 |
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | 9.29 | 10.23 |
Restricted Stock Units, Forfeitures, Weighted Average Grant Date Fair Value | 8.87 | 9.30 |
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Ending | $ 7.57 | $ 9.24 |
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member] | ||
Number of Shares [Abstract] | ||
Nonvested Restricted Stock Units, Number, Beginning | 675,079 | 627,712 |
Equity Instruments Other than Options, Grants in Period | 151,919 | 360,665 |
Achieved Performance Adjustment, Number of Shares | 0 | 0 |
Equity Instruments Other than Options, Vested in Period | (340,225) | (267,430) |
Restricted Stock Units, Forfeited in Period | 100,240 | 45,868 |
Nonvested Restricted Stock Units, Number, Ending | 386,533 | 675,079 |
Weighted-Average Price Per Share [Abstract] | ||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Beginning | $ 8.21 | $ 7.93 |
Granted, Weighted-Average Grant-Date Fair Value per Unit | 4.08 | 8.64 |
Adjustment to Grants for Above Target Payout, Average Vested-Date Fair Value per Unit | 0 | 0 |
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | 8.11 | 8.16 |
Restricted Stock Units, Forfeitures, Weighted Average Grant Date Fair Value | 7.21 | 8.07 |
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Ending | $ 6.93 | $ 8.21 |
Employee Benefit Plans and In62
Employee Benefit Plans and Insurance (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / employees | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ | $ 4.2 | $ 6.4 | $ 6 |
Self Insurance Program, Major Medical and Hospitialization, Liability per Employee or Dependent per Year, Maximum | $ / employees | 200,000 | ||
Employee-related Liabilities, Health Insurance, Self-insurance Program, Current | $ | $ 2.4 | 3.4 | |
Self Insurance Program, Workers' Compensation Coverage per Incident, Maximum | $ / employees | 500,000 | ||
Self Insurance Program, General Liability Insurance, Deductible per Occurrence | $ / employees | 250,000 | ||
Accrued Insurance Premiums and Deductibles, Self Insurance Program, Workers' Compensation, General and Auto Liability Insurance | $ | $ 5.5 | $ 9 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segments | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 2 |
United States [Member] | |
Segment Reporting Information [Line Items] | |
Drilling Divisions | 4 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 829,776 | $ 1,171,589 | $ 829,776 | $ 1,171,589 | $ 1,229,623 | ||||||
Drilling Services Revenue | 249,318 | 516,473 | 528,327 | ||||||||
Drilling Services Costs and Expenses | 144,196 | 348,133 | 354,380 | ||||||||
Production Services Revenue | 291,460 | 538,750 | 431,859 | ||||||||
Production Services Costs and Expenses | 213,820 | 339,690 | 276,296 | ||||||||
Revenues | 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | 283,110 | $ 273,267 | $ 259,812 | $ 239,034 | 540,778 | 1,055,223 | 960,186 |
Operating Costs | 358,016 | 687,823 | 630,676 | ||||||||
Segment Margin | 182,762 | 367,400 | 329,510 | ||||||||
Depreciation and amortization | 150,939 | 183,376 | 187,918 | ||||||||
Capital Expenditures | 142,907 | 188,121 | 125,420 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 30,038 | 25,847 | 30,038 | 25,847 | 30,226 | ||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating Costs | 0 | 0 | 0 | ||||||||
Segment Margin | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 1,339 | 1,336 | 1,113 | ||||||||
Capital Expenditures | 619 | 986 | 2,171 | ||||||||
Drilling Services Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 518,208 | 702,987 | 518,208 | 702,987 | 785,119 | ||||||
Segment Margin | 105,122 | 168,340 | 173,947 | ||||||||
Depreciation and amortization | 80,265 | 115,714 | 122,201 | ||||||||
Capital Expenditures | 113,060 | 112,483 | 78,708 | ||||||||
Production Services Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 281,530 | $ 442,755 | 281,530 | 442,755 | 414,278 | ||||||
Segment Margin | 77,640 | 199,060 | 155,563 | ||||||||
Depreciation and amortization | 69,335 | 66,326 | 64,604 | ||||||||
Capital Expenditures | $ 29,228 | $ 74,652 | $ 44,541 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||||||||||
Segment Margin | $ 182,762 | $ 367,400 | $ 329,510 | ||||||||
Depreciation and amortization | (150,939) | (183,376) | (187,918) | ||||||||
General and administrative | (73,903) | (103,385) | (94,183) | ||||||||
Bad debt (expense) recovery | 188 | (1,445) | (767) | ||||||||
Impairment charges | (129,152) | (73,025) | (54,292) | ||||||||
Gain on dispositions of property and equipment, net | (4,344) | (1,859) | (1,421) | ||||||||
Gain on sale of fishing and rental services operations | 0 | (10,702) | 0 | ||||||||
Gain on litigation | 0 | 5,254 | 0 | ||||||||
Income (loss) from operations | $ (65,286) | $ (17,972) | $ (75,108) | $ (8,334) | $ (48,672) | $ 32,804 | $ 21,917 | $ 17,935 | $ (166,700) | $ 23,984 | $ (6,229) |
Segment Information (Schedule66
Segment Information (Schedule of Revenues from External Customers and Long-Lived Assets) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)drilling_rigs | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)drilling_rigs | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2014USD ($)drilling_rigs | Dec. 31, 2013USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | $ 829,776 | $ 1,171,589 | $ 829,776 | $ 1,171,589 | $ 1,229,623 | ||||||
Revenues | 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | 283,110 | $ 273,267 | $ 259,812 | $ 239,034 | 540,778 | 1,055,223 | 960,186 |
Drilling Services Segment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | $ 518,208 | 702,987 | $ 518,208 | 702,987 | 785,119 | ||||||
Drilling Rigs | drilling_rigs | 31 | 31 | |||||||||
Drilling Services Segment [Member] | Colombia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | $ 54,590 | $ 142,321 | $ 54,590 | 142,321 | 150,719 | ||||||
Revenues | $ 43,878 | $ 104,520 | $ 115,631 | ||||||||
Drilling Rigs | drilling_rigs | 8 | 8 | |||||||||
Drilling Services Segment [Member] | Colombia [Member] | Assets Leased From Others [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Drilling Rigs | drilling_rigs | 3 | 3 | 3 | 3 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantor Obligations, Current Carrying Value | $ 40.2 |
Quarterly Results of Operatio68
Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | $ 283,110 | $ 273,267 | $ 259,812 | $ 239,034 | $ 540,778 | $ 1,055,223 | $ 960,186 |
Income (loss) from operations | (65,286) | (17,972) | (75,108) | (8,334) | (48,672) | 32,804 | 21,917 | 17,935 | (166,700) | 23,984 | (6,229) |
Income tax (expense) benefit | 23,861 | 6,682 | 2,586 | 4,450 | 20,198 | (9,927) | 1,070 | (37) | 37,579 | 11,304 | 19,846 |
Net income (loss) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | $ (47,573) | $ 12,453 | $ (319) | $ (2,579) | $ (155,140) | $ (38,018) | $ (35,932) |
Earnings (loss) per share: | |||||||||||
Income (loss) per common share - Basic | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (0.75) | $ 0.20 | $ (0.01) | $ (0.04) | $ (2.41) | $ (0.60) | $ (0.58) |
Income (loss) per common share - Diluted | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (0.75) | $ 0.19 | $ (0.01) | $ (0.04) | $ (2.41) | $ (0.60) | $ (0.58) |
Guarantor_Non Guarantor Conde69
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Balance Sheet (Unaudited)) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Current assets: | |||||
Cash and cash equivalents | $ 14,160 | $ 34,924 | $ 27,385 | $ 23,733 | |
Receivables, net of allowance | 79,816 | 190,201 | |||
Intercompany receivable (payable) | 0 | 0 | |||
Deferred income taxes | 0 | 10,998 | |||
Inventory | 9,262 | 14,117 | |||
Assets held for sale | 4,619 | 9,909 | |||
Prepaid expenses and other current assets | 7,411 | 8,925 | |||
Total current assets | 115,268 | 269,074 | |||
Net property and equipment | 702,585 | 856,541 | |||
Investments in subsidiaries | 0 | 0 | |||
Intangible assets, net of accumulated amortization | 1,944 | 24,223 | |||
Goodwill | $ 0 | ||||
Noncurrent deferred income taxes | 18 | 2,753 | |||
Other long-term assets | 9,961 | 18,998 | |||
Total assets | 829,776 | 1,171,589 | 1,229,623 | ||
Current liabilities: | |||||
Accounts payable | 16,951 | 64,305 | |||
Current portion of long-term debt | 0 | 27 | |||
Deferred revenues | 6,222 | 3,315 | |||
Accrued expenses | 46,869 | 79,545 | |||
Total current liabilities | 70,042 | 147,192 | |||
Long-term debt, less current portion | 395,000 | 455,053 | |||
Noncurrent deferred income taxes | 17,520 | 69,578 | |||
Other long-term liabilities | 4,571 | 4,702 | |||
Total liabilities | 487,133 | 676,525 | |||
Total shareholders' equity | 342,643 | 495,064 | 518,433 | 547,680 | |
Total liabilities and shareholders' equity | 829,776 | 1,171,589 | |||
Guarantor Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | (5,612) | (5,516) | (2,059) | (5,401) | |
Receivables, net of allowance | 67,174 | 151,048 | |||
Intercompany receivable (payable) | 31,108 | 55,567 | |||
Deferred income taxes | 8,196 | ||||
Inventory | 5,591 | 7,208 | |||
Assets held for sale | 4,619 | 9,909 | |||
Prepaid expenses and other current assets | 4,767 | 6,554 | |||
Total current assets | 107,647 | 232,966 | |||
Net property and equipment | 667,321 | 763,994 | |||
Investments in subsidiaries | 42,240 | 116,799 | |||
Intangible assets, net of accumulated amortization | 1,944 | 24,223 | |||
Noncurrent deferred income taxes | 0 | 0 | |||
Other long-term assets | 962 | 1,955 | |||
Total assets | 820,114 | 1,139,937 | |||
Current liabilities: | |||||
Accounts payable | 14,628 | 57,910 | |||
Current portion of long-term debt | 27 | ||||
Deferred revenues | 5,570 | 3,315 | |||
Accrued expenses | 37,023 | 64,063 | |||
Total current liabilities | 57,221 | 125,315 | |||
Long-term debt, less current portion | 0 | 53 | |||
Noncurrent deferred income taxes | 102,509 | 160,104 | |||
Other long-term liabilities | 3,294 | 3,658 | |||
Total liabilities | 163,024 | 289,130 | |||
Total shareholders' equity | 657,090 | 850,807 | |||
Total liabilities and shareholders' equity | 820,114 | 1,139,937 | |||
Non-Guarantor Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 2,551 | 12,752 | 1,076 | 10,655 | |
Receivables, net of allowance | 12,814 | 37,512 | |||
Intercompany receivable (payable) | (6,272) | (30,728) | |||
Deferred income taxes | 975 | ||||
Inventory | 3,671 | 6,909 | |||
Assets held for sale | 0 | 0 | |||
Prepaid expenses and other current assets | 1,444 | 1,154 | |||
Total current assets | 14,208 | 28,574 | |||
Net property and equipment | 31,953 | 89,118 | |||
Investments in subsidiaries | 0 | 0 | |||
Intangible assets, net of accumulated amortization | 0 | 0 | |||
Noncurrent deferred income taxes | 18 | 2,753 | |||
Other long-term assets | 704 | 6,921 | |||
Total assets | 46,883 | 127,366 | |||
Current liabilities: | |||||
Accounts payable | 1,707 | 5,660 | |||
Current portion of long-term debt | 0 | ||||
Deferred revenues | 652 | 0 | |||
Accrued expenses | 1,719 | 4,376 | |||
Total current liabilities | 4,078 | 10,036 | |||
Long-term debt, less current portion | 0 | 0 | |||
Noncurrent deferred income taxes | 0 | 0 | |||
Other long-term liabilities | 565 | 531 | |||
Total liabilities | 4,643 | 10,567 | |||
Total shareholders' equity | 42,240 | 116,799 | |||
Total liabilities and shareholders' equity | 46,883 | 127,366 | |||
Eliminations [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Receivables, net of allowance | (246) | 0 | |||
Intercompany receivable (payable) | 0 | (3) | |||
Deferred income taxes | 0 | ||||
Inventory | 0 | 0 | |||
Assets held for sale | 0 | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | |||
Total current assets | (246) | (3) | |||
Net property and equipment | 0 | (750) | |||
Investments in subsidiaries | (699,330) | (967,606) | |||
Intangible assets, net of accumulated amortization | 0 | 0 | |||
Noncurrent deferred income taxes | (84,014) | (90,664) | |||
Other long-term assets | 0 | 0 | |||
Total assets | (783,590) | (1,059,023) | |||
Current liabilities: | |||||
Accounts payable | 0 | 0 | |||
Current portion of long-term debt | 0 | ||||
Deferred revenues | 0 | 0 | |||
Accrued expenses | (246) | (3) | |||
Total current liabilities | (246) | (3) | |||
Long-term debt, less current portion | 0 | 0 | |||
Noncurrent deferred income taxes | (84,014) | (90,664) | |||
Other long-term liabilities | 0 | 0 | |||
Total liabilities | (84,260) | (90,667) | |||
Total shareholders' equity | (699,330) | (968,356) | |||
Total liabilities and shareholders' equity | (783,590) | (1,059,023) | |||
Parent [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 28,368 | $ 18,479 | |||
Parent [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 17,221 | 27,688 | $ 28,368 | ||
Receivables, net of allowance | 74 | 1,641 | |||
Intercompany receivable (payable) | (24,836) | (24,836) | |||
Deferred income taxes | 1,827 | ||||
Inventory | 0 | 0 | |||
Assets held for sale | 0 | 0 | |||
Prepaid expenses and other current assets | 1,200 | 1,217 | |||
Total current assets | (6,341) | 7,537 | |||
Net property and equipment | 3,311 | 4,179 | |||
Investments in subsidiaries | 657,090 | 850,807 | |||
Intangible assets, net of accumulated amortization | 0 | 0 | |||
Noncurrent deferred income taxes | 84,014 | 90,664 | |||
Other long-term assets | 8,295 | 10,122 | |||
Total assets | 746,369 | 963,309 | |||
Current liabilities: | |||||
Accounts payable | 616 | 735 | |||
Current portion of long-term debt | 0 | ||||
Deferred revenues | 0 | 0 | |||
Accrued expenses | 8,373 | 11,109 | |||
Total current liabilities | 8,989 | 11,844 | |||
Long-term debt, less current portion | 395,000 | 455,000 | |||
Noncurrent deferred income taxes | (975) | 138 | |||
Other long-term liabilities | 712 | 513 | |||
Total liabilities | 403,726 | 467,495 | |||
Total shareholders' equity | 342,643 | 495,814 | |||
Total liabilities and shareholders' equity | $ 746,369 | $ 963,309 |
Guarantor_Non Guarantor Conde70
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Statements of Operations (Unaudited)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | $ 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | $ 283,110 | $ 273,267 | $ 259,812 | $ 239,034 | $ 540,778 | $ 1,055,223 | $ 960,186 |
Costs and expenses: | |||||||||||
Operating Costs | 358,016 | 687,823 | 630,676 | ||||||||
Depreciation and amortization | 150,939 | 183,376 | 187,918 | ||||||||
General and administrative | 73,903 | 103,385 | 94,183 | ||||||||
Intercompany leasing | 0 | 0 | 0 | ||||||||
Bad debt expense (recovery) | (188) | 1,445 | 767 | ||||||||
Impairment charges | 129,152 | 73,025 | 54,292 | ||||||||
Loss (gain) on dispositions of property and equipment | (4,344) | (1,859) | (1,421) | ||||||||
Gain on sale of fishing and rental services operations | 0 | (10,702) | 0 | ||||||||
Gain on litigation | 0 | (5,254) | 0 | ||||||||
Total costs and expenses | 707,478 | 1,031,239 | 966,415 | ||||||||
Income (loss) from operations | (65,286) | (17,972) | (75,108) | (8,334) | (48,672) | 32,804 | 21,917 | 17,935 | (166,700) | 23,984 | (6,229) |
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense, net of interest capitalized | (21,222) | (38,781) | (48,310) | ||||||||
Loss on extinguishment of debt | (2,186) | (31,221) | 0 | ||||||||
Other | (2,611) | (3,304) | (1,239) | ||||||||
Total other (expense) income | (26,019) | (73,306) | (49,549) | ||||||||
Income (loss) before income taxes | (192,719) | (49,322) | (55,778) | ||||||||
Income tax (expense) benefit | 23,861 | 6,682 | 2,586 | 4,450 | 20,198 | (9,927) | 1,070 | (37) | 37,579 | 11,304 | 19,846 |
Net income (loss) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | $ (47,573) | $ 12,453 | $ (319) | $ (2,579) | (155,140) | (38,018) | (35,932) |
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 496,900 | 950,703 | 844,555 | ||||||||
Costs and expenses: | |||||||||||
Operating Costs | 322,458 | 611,392 | 548,628 | ||||||||
Depreciation and amortization | 137,987 | 168,157 | 173,516 | ||||||||
General and administrative | 50,710 | 72,878 | 65,962 | ||||||||
Intercompany leasing | (4,860) | (4,860) | (4,860) | ||||||||
Bad debt expense (recovery) | 571 | 1,329 | 700 | ||||||||
Impairment charges | 73,270 | 73,025 | 54,292 | ||||||||
Loss (gain) on dispositions of property and equipment | (4,350) | (1,796) | (283) | ||||||||
Gain on sale of fishing and rental services operations | (10,702) | ||||||||||
Gain on litigation | 0 | ||||||||||
Total costs and expenses | 575,786 | 909,423 | 837,955 | ||||||||
Income (loss) from operations | (78,886) | 41,280 | 6,600 | ||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | (74,459) | (3,767) | 6,260 | ||||||||
Interest expense, net of interest capitalized | (117) | (223) | (37) | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Other | 1,687 | 2,985 | 1,990 | ||||||||
Total other (expense) income | (72,889) | (1,005) | 8,213 | ||||||||
Income (loss) before income taxes | (151,775) | 40,275 | 14,813 | ||||||||
Income tax (expense) benefit | 25,222 | (19,021) | (2,952) | ||||||||
Net income (loss) | (126,553) | 21,254 | 11,861 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 43,878 | 104,520 | 115,631 | ||||||||
Costs and expenses: | |||||||||||
Operating Costs | 35,558 | 76,431 | 82,048 | ||||||||
Depreciation and amortization | 11,614 | 13,883 | 13,289 | ||||||||
General and administrative | 2,230 | 3,745 | 3,501 | ||||||||
Intercompany leasing | 4,860 | 4,860 | 4,860 | ||||||||
Bad debt expense (recovery) | (759) | 116 | 0 | ||||||||
Impairment charges | 56,632 | 0 | 0 | ||||||||
Loss (gain) on dispositions of property and equipment | (111) | (63) | (1,138) | ||||||||
Gain on sale of fishing and rental services operations | 0 | ||||||||||
Gain on litigation | 0 | ||||||||||
Total costs and expenses | 110,024 | 98,972 | 102,560 | ||||||||
Income (loss) from operations | (66,146) | 5,548 | 13,071 | ||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense, net of interest capitalized | 23 | 4 | 29 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Other | (3,752) | (5,758) | (2,686) | ||||||||
Total other (expense) income | (3,729) | (5,754) | (2,657) | ||||||||
Income (loss) before income taxes | (69,875) | (206) | 10,414 | ||||||||
Income tax (expense) benefit | (4,584) | (3,561) | (4,154) | ||||||||
Net income (loss) | (74,459) | (3,767) | 6,260 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs and expenses: | |||||||||||
Operating Costs | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative | (552) | (552) | (552) | ||||||||
Intercompany leasing | 0 | 0 | 0 | ||||||||
Bad debt expense (recovery) | 0 | 0 | 0 | ||||||||
Impairment charges | (750) | 0 | 0 | ||||||||
Loss (gain) on dispositions of property and equipment | 0 | 0 | 0 | ||||||||
Gain on sale of fishing and rental services operations | 0 | ||||||||||
Gain on litigation | 0 | ||||||||||
Total costs and expenses | (1,302) | (552) | (552) | ||||||||
Income (loss) from operations | 1,302 | 552 | 552 | ||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | 201,012 | (17,487) | (18,121) | ||||||||
Interest expense, net of interest capitalized | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | |||||||||
Other | (552) | (552) | (552) | ||||||||
Total other (expense) income | 200,460 | (18,039) | (18,673) | ||||||||
Income (loss) before income taxes | 201,762 | (17,487) | (18,121) | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income (loss) | 201,762 | (17,487) | (18,121) | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Costs and expenses: | |||||||||||
Operating Costs | 0 | ||||||||||
Depreciation and amortization | 1,113 | ||||||||||
General and administrative | 25,272 | ||||||||||
Intercompany leasing | 0 | ||||||||||
Bad debt expense (recovery) | 67 | ||||||||||
Impairment charges | 0 | ||||||||||
Total costs and expenses | 22,970 | 23,396 | 26,452 | ||||||||
Income (loss) from operations | (22,970) | (23,396) | (26,452) | ||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | 11,861 | ||||||||||
Interest expense, net of interest capitalized | (48,302) | ||||||||||
Loss on extinguishment of debt | (2,186) | ||||||||||
Other | 9 | ||||||||||
Total other (expense) income | (149,861) | (48,508) | (36,432) | ||||||||
Income (loss) before income taxes | (172,831) | (71,904) | (62,884) | ||||||||
Income tax (expense) benefit | 16,941 | 33,886 | 26,952 | ||||||||
Net income (loss) | (155,890) | (38,018) | (35,932) | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | |||||||||
Costs and expenses: | |||||||||||
Operating Costs | 0 | 0 | |||||||||
Depreciation and amortization | 1,338 | 1,336 | |||||||||
General and administrative | 21,515 | 27,314 | |||||||||
Intercompany leasing | 0 | 0 | |||||||||
Bad debt expense (recovery) | 0 | 0 | |||||||||
Impairment charges | 0 | 0 | |||||||||
Loss (gain) on dispositions of property and equipment | 0 | $ 0 | |||||||||
Gain on sale of fishing and rental services operations | 0 | ||||||||||
Gain on litigation | (5,254) | ||||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | (126,553) | 21,254 | |||||||||
Interest expense, net of interest capitalized | (21,128) | (38,562) | |||||||||
Loss on extinguishment of debt | (31,221) | ||||||||||
Other | 6 | $ 21 | |||||||||
Parent [Member] | Parent [Member] | |||||||||||
Costs and expenses: | |||||||||||
Loss (gain) on dispositions of property and equipment | $ 117 |
Guarantor_Non Guarantor Conde71
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Cash Flows (Unaudited)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | $ 142,719 | $ 233,041 | $ 174,580 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (159,615) | (175,378) | (165,356) |
Proceeds from sale of property and equipment | 57,674 | 8,370 | 13,836 |
Proceeds from sale of fishing and rental services operations | 0 | 15,090 | 0 |
Proceeds from insurance recoveries | 285 | 0 | 844 |
Net cash used in investing activities | (101,656) | (151,918) | (150,676) |
Cash flows from financing activities: | |||
Debt repayments | (60,002) | (490,025) | (60,874) |
Proceeds from issuance of debt | 0 | 440,000 | 40,000 |
Debt issuance costs | (1,877) | (9,239) | (13) |
Tender premium costs | 0 | (21,553) | 0 |
Proceeds from exercise of options | 781 | 8,368 | 1,266 |
Purchase of treasury stock | (729) | (1,135) | (631) |
Proceeds from Contributions from Affiliates | 0 | 0 | 0 |
Net cash used in financing activities | (61,827) | (73,584) | (20,252) |
Net increase (decrease) in cash and cash equivalents | (20,764) | 7,539 | 3,652 |
Beginning cash and cash equivalents | 34,924 | 27,385 | 23,733 |
Ending cash and cash equivalents | 14,160 | 34,924 | 27,385 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | 147,643 | 265,171 | 240,108 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (157,336) | (158,392) | (151,363) |
Proceeds from sale of property and equipment | 57,444 | 8,069 | 12,510 |
Proceeds from sale of fishing and rental services operations | 0 | ||
Proceeds from insurance recoveries | 285 | 844 | |
Net cash used in investing activities | (99,607) | (150,323) | (138,009) |
Cash flows from financing activities: | |||
Debt repayments | (2) | (25) | (874) |
Proceeds from issuance of debt | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 |
Tender premium costs | 0 | ||
Proceeds from exercise of options | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Proceeds from Contributions from Affiliates | (48,130) | (118,280) | (97,883) |
Net cash used in financing activities | (48,132) | (118,305) | (98,757) |
Net increase (decrease) in cash and cash equivalents | (96) | (3,457) | 3,342 |
Beginning cash and cash equivalents | (5,516) | (2,059) | (5,401) |
Ending cash and cash equivalents | (5,612) | (5,516) | (2,059) |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | (8,991) | 27,275 | 1,413 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,885) | (15,957) | (11,344) |
Proceeds from sale of property and equipment | 467 | 301 | 1,318 |
Proceeds from sale of fishing and rental services operations | 0 | ||
Proceeds from insurance recoveries | 0 | 0 | |
Net cash used in investing activities | (1,418) | (15,656) | (10,026) |
Cash flows from financing activities: | |||
Debt repayments | 0 | 0 | 0 |
Proceeds from issuance of debt | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 |
Tender premium costs | 0 | ||
Proceeds from exercise of options | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Proceeds from Contributions from Affiliates | 208 | 57 | (966) |
Net cash used in financing activities | 208 | 57 | (966) |
Net increase (decrease) in cash and cash equivalents | (10,201) | 11,676 | (9,579) |
Beginning cash and cash equivalents | 12,752 | 1,076 | 10,655 |
Ending cash and cash equivalents | 2,551 | 12,752 | 1,076 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Purchases of property and equipment | 269 | 0 | 0 |
Proceeds from sale of property and equipment | (269) | 0 | 0 |
Proceeds from sale of fishing and rental services operations | 0 | ||
Proceeds from insurance recoveries | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Debt repayments | 0 | 0 | 0 |
Proceeds from issuance of debt | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 |
Tender premium costs | 0 | ||
Proceeds from exercise of options | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Proceeds from Contributions from Affiliates | 0 | 0 | 0 |
Net cash used in financing activities | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Beginning cash and cash equivalents | 0 | 0 | 0 |
Ending cash and cash equivalents | 0 | 0 | 0 |
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | (66,941) | ||
Cash flows from investing activities: | |||
Purchases of property and equipment | (2,649) | ||
Proceeds from sale of property and equipment | 8 | ||
Proceeds from insurance recoveries | 0 | ||
Net cash used in investing activities | (2,641) | ||
Cash flows from financing activities: | |||
Debt repayments | (60,000) | ||
Proceeds from issuance of debt | 40,000 | ||
Debt issuance costs | (13) | ||
Proceeds from exercise of options | 1,266 | ||
Purchase of treasury stock | (631) | ||
Proceeds from Contributions from Affiliates | 98,849 | ||
Net cash used in financing activities | 79,471 | ||
Net increase (decrease) in cash and cash equivalents | 9,889 | ||
Beginning cash and cash equivalents | 28,368 | 18,479 | |
Ending cash and cash equivalents | 28,368 | ||
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | 4,067 | (59,405) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (663) | (1,029) | |
Proceeds from sale of property and equipment | 32 | 0 | |
Proceeds from sale of fishing and rental services operations | 15,090 | ||
Proceeds from insurance recoveries | 0 | ||
Net cash used in investing activities | (631) | 14,061 | |
Cash flows from financing activities: | |||
Debt repayments | (60,000) | (490,000) | |
Proceeds from issuance of debt | 440,000 | ||
Debt issuance costs | (1,877) | (9,239) | |
Tender premium costs | (21,553) | ||
Proceeds from exercise of options | 781 | 8,368 | |
Purchase of treasury stock | (729) | (1,135) | |
Proceeds from Contributions from Affiliates | 47,922 | 118,223 | |
Net cash used in financing activities | (13,903) | 44,664 | |
Net increase (decrease) in cash and cash equivalents | (10,467) | (680) | |
Beginning cash and cash equivalents | 27,688 | 28,368 | |
Ending cash and cash equivalents | $ 17,221 | $ 27,688 | $ 28,368 |