Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 77,278,844 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 291 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 10,194 | $ 14,160 |
Receivables: | ||
Trade, net of allowance for doubtful accounts | 38,764 | 47,577 |
Unbilled receivables | 7,417 | 13,624 |
Insurance recoveries | 17,003 | 14,556 |
Other receivables | 8,939 | 4,059 |
Inventory | 9,660 | 9,262 |
Assets held for sale | 15,093 | 4,619 |
Prepaid expenses and other current assets | 6,926 | 7,411 |
Total current assets | 113,996 | 115,268 |
Property and equipment, at cost | 1,058,261 | 1,146,994 |
Less accumulated depreciation | 474,181 | 444,409 |
Net property and equipment | 584,080 | 702,585 |
Intangible assets, net of accumulated amortization | 403 | 1,944 |
Other long-term assets | 1,623 | 2,178 |
Total assets | 700,102 | 821,975 |
Current liabilities: | ||
Accounts payable | 19,208 | 16,951 |
Deferred revenues | 1,449 | 6,222 |
Accrued expenses: | ||
Payroll and related employee costs | 14,813 | 13,859 |
Insurance premiums and deductibles | 6,446 | 8,087 |
Insurance claims and settlements | 13,667 | 14,556 |
Interest | 5,395 | 5,508 |
Other | 5,024 | 4,859 |
Total current liabilities | 66,002 | 70,042 |
Long-term debt, less debt issuance costs | 339,473 | 387,217 |
Deferred income taxes | 8,180 | 17,502 |
Other long-term liabilities | 5,049 | 4,571 |
Total liabilities | 418,704 | 479,332 |
Commitments and contingencies (Note 11) | ||
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; 77,146,906 and 64,497,915 shares outstanding at December 31, 2016 and December 31, 2015, respectively | 7,766 | 6,496 |
Additional paid-in capital | 541,823 | 475,823 |
Treasury stock, at cost; 515,546 and 458,170 shares at December 31, 2016 and December 31, 2015, respectively | (3,883) | (3,759) |
Accumulated deficit | (264,308) | (135,917) |
Total shareholders' equity | 281,398 | 342,643 |
Total liabilities and shareholders' equity | 700,102 | 821,975 |
Drilling Services Segment [Member] | ||
Receivables: | ||
Total assets | 452,290 | 518,208 |
Current liabilities: | ||
Deferred revenues | $ 1,449 | $ 6,222 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 77,146,906 | 64,497,915 |
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 | 515,546 | 458,170 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||
Drilling Services Revenue | $ 119,207 | $ 249,318 | $ 516,473 | ||||||||
Production Services Revenue | 157,869 | 291,460 | 538,750 | ||||||||
Revenues | $ 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | $ 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | 277,076 | 540,778 | 1,055,223 |
Costs and expenses: | |||||||||||
Drilling Services Costs and Expenses | 73,151 | 144,196 | 348,133 | ||||||||
Production Services Costs and Expenses | 130,798 | 213,820 | 339,690 | ||||||||
Depreciation and amortization | 114,312 | 150,939 | 183,376 | ||||||||
General and administrative | 61,184 | 73,903 | 103,385 | ||||||||
Bad debt expense (recovery) | 156 | (188) | 1,445 | ||||||||
Impairment charges | 12,815 | 129,152 | 73,025 | ||||||||
Gain on dispositions of property and equipment, net | (1,892) | (4,344) | (1,859) | ||||||||
Gain on sale of fishing and rental services operations | 0 | 0 | (10,702) | ||||||||
Gain on litigation | 0 | 0 | (5,254) | ||||||||
Total costs and expenses | 390,524 | 707,478 | 1,031,239 | ||||||||
Income (loss) from operations | (34,524) | (29,885) | (26,025) | (23,014) | (65,286) | (17,972) | (75,108) | (8,334) | (113,448) | (166,700) | 23,984 |
Other (expense) income: | |||||||||||
Interest expense, net of interest capitalized | (25,934) | (21,222) | (38,781) | ||||||||
Loss on extinguishment of debt | (299) | (2,186) | (31,221) | ||||||||
Other | 558 | (2,611) | (3,304) | ||||||||
Total other expense | (25,675) | (26,019) | (73,306) | ||||||||
Income (loss) before income taxes | (139,123) | (192,719) | (49,322) | ||||||||
Income tax (expense) benefit | 5,086 | 1,698 | 1,990 | 1,958 | 23,861 | 6,682 | 2,586 | 4,450 | 10,732 | 37,579 | 11,304 |
Net loss | $ (36,081) | $ (34,620) | $ (29,991) | $ (27,699) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | $ (128,391) | $ (155,140) | $ (38,018) |
Loss per common share - Basic | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (1.96) | $ (2.41) | $ (0.60) |
Loss per common share - Diluted | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (1.96) | $ (2.41) | $ (0.60) |
Weighted average number of shares outstanding - Basic | 65,452 | 64,310 | 63,161 | ||||||||
Weighted-average number of shares outstanding - Diluted | 65,452 | 64,310 | 63,161 |
Statements of Shareholders' Equ
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 loss | (38,018) | (38,018) | |||||||
Exercise of options and related income tax effect, shares | 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, 2014 | 64,137,000 | 317,000 | |||||||
Ending Balance, value at Dec. 31, 2014 | 495,064 | $ 6,414 | $ (3,030) | 472,457 | 19,223 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (155,140) | (155,140) | |||||||
Exercise of options and related income tax effect, shares | 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, 2015 | 64,497,915 | 64,956,000 | 458,000 | ||||||
Ending Balance, value at Dec. 31, 2015 | $ 342,643 | $ 6,496 | $ (3,759) | 475,823 | (135,917) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (128,391) | (128,391) | |||||||
Sale of common stock, net of offering costs, shares | 12,075,000 | ||||||||
Sale of common stock, net of offering costs, value | 65,430 | $ 1,208 | 64,222 | ||||||
Exercise of options and related income tax effect, shares | 46,000 | ||||||||
Exercise of options and related income tax effect, value | 183 | $ 5 | 178 | ||||||
Purchase of treasury stock, shares | (58,000) | ||||||||
Purchase of treasury stock, value | (124) | $ (124) | |||||||
Income tax effect from share-based compensation, net | $ (1,264) | $ (1,264) | $ (1,023) | $ (1,023) | |||||
Issuance of restricted stock, shares | 586,000 | ||||||||
Issuance of restricted stock, value | 0 | $ 57 | (57) | ||||||
Stock-based compensation expense | $ 3,944 | 3,944 | |||||||
Ending Balance, shares at Dec. 31, 2016 | 77,146,906 | 77,663,000 | 516,000 | ||||||
Ending Balance, value at Dec. 31, 2016 | $ 281,398 | $ 7,766 | $ (3,883) | $ 541,823 | $ (264,308) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Offering costs, common stock issuance | $ 4,001 | ||
Cash flows from operating activities: | |||
Net loss | (128,391) | $ (155,140) | $ (38,018) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 114,312 | 150,939 | 183,376 |
Provision for Doubtful Accounts | 156 | 248 | 1,445 |
Write-off of obsolete inventory | 101 | 0 | 331 |
Gain on dispositions of property and equipment, net | (1,892) | (4,344) | (1,859) |
Stock-based compensation expense | 3,944 | 3,629 | 7,617 |
Amortization of debt issuance costs, discount and premium | 1,776 | 1,691 | 2,669 |
Gain on sale of fishing and rental services operations | 0 | 0 | (10,702) |
Loss on extinguishment of debt | 299 | 2,186 | 31,221 |
Impairment charges | 12,815 | 129,152 | 73,025 |
Deferred income taxes | (11,608) | (39,286) | (14,761) |
Change in other long-term assets | 662 | 420 | 2,958 |
Change in other long-term liabilities | 478 | (132) | (1,352) |
Changes in current assets and liabilities: | |||
Receivables | 16,341 | 114,644 | (11,993) |
Inventory | (630) | 1,267 | (1,068) |
Prepaid expenses and other current assets | 310 | 1,769 | (55) |
Accounts payable | 1,969 | (30,514) | 7,167 |
Deferred revenues | (3,985) | 1,922 | 2,616 |
Accrued expenses | (1,526) | (35,732) | 424 |
Net cash provided by operating activities | 5,131 | 142,719 | 233,041 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (32,381) | (159,615) | (175,378) |
Proceeds from sale of fishing and rental services operations | 0 | 0 | 15,090 |
Proceeds from sale of property and equipment | 7,577 | 57,674 | 8,370 |
Proceeds from insurance recoveries | 37 | 285 | 0 |
Net cash used in investing activities | (24,767) | (101,656) | (151,918) |
Cash flows from financing activities: | |||
Debt repayments | (71,000) | (60,002) | (490,025) |
Proceeds from issuance of debt | 22,000 | 0 | 440,000 |
Debt issuance costs | (819) | (1,877) | (9,239) |
Tender premium costs | 0 | 0 | (21,553) |
Proceeds from exercise of options | 183 | 781 | 8,368 |
Proceeds from common stock, net of offering costs of $4,001 | 65,430 | 0 | 0 |
Purchase of treasury stock | (124) | (729) | (1,135) |
Net cash provided by (used in) financing activities | 15,670 | (61,827) | (73,584) |
Net increase (decrease) in cash and cash equivalents | (3,966) | (20,764) | 7,539 |
Beginning cash and cash equivalents | 14,160 | 34,924 | 27,385 |
Ending cash and cash equivalents | 10,194 | 14,160 | 34,924 |
Supplementary disclosure: | |||
Interest paid | 24,516 | 22,506 | 43,690 |
Income tax paid | 671 | 2,691 | 5,012 |
Noncash investing and financing activity: | |||
Change in capital expenditure accruals | $ 175 | $ (16,708) | $ 12,743 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Statement of Cash Flows [Abstract] | |
Offering costs, common stock issuance | $ 4,001 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 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. As of December 31, 2016 , our drilling rig fleet is 100% pad-capable , consisting of 16 AC rigs in the US and eight SCR rigs 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. The drilling rigs in our fleet are currently assigned to the following divisions: Drilling Division Rig Count South Texas 1 West Texas 7 North Dakota 2 Appalachia 6 Colombia 8 24 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, 2016 , 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 6 108 114 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 a daywork basis, and sometimes on a 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 typically enter into longer-term drilling contracts for our newly constructed rigs and/or during periods of high rig demand. As of December 31, 2016 , 13 of our 16 domestic drilling rigs are earning revenues, nine of which are under term contracts , and four of the drilling rigs in Colombia are earning revenues, three of which are under term contracts . The term contracts in Colombia are cancelable by our client without penalty 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 and we are evaluating other options, including the possibility of the sale of some or all of our assets in Colombia. 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, our estimate of compensation related accruals and our estimate of sales tax audit liability. In preparing the accompanying consolidated financial statements, we have reviewed events that have occurred after December 31, 2016 , 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 30 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 proportional performance basis, 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. Amortization of deferred mobilization revenues was $1.6 million , $1.1 million and $4.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. 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. As a result of the downturn that began in late 2014, term contracts for 19 of our drilling rigs were terminated early, including three that were terminated in early 2016 . As of December 31, 2016 , all of these contracts’ terms have expired and all the associated revenue from the early terminations has been recognized. Our current and long-term deferred revenues and costs as of December 31, 2016 and 2015 were as follows (amounts in thousands): December 31, 2016 December 31, 2015 Current: Deferred revenues $ 1,449 $ 6,222 Deferred costs 2,290 1,539 Long-term: Deferred revenues 202 901 Deferred costs 212 928 Turnkey Drilling Contracts— Under a typical turnkey drilling contract, we agree to drill a well for our client to a specified depth and under specified conditions for a fixed price. We use the proportional performance basis to recognize revenue on our turnkey contracts. 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. If we anticipate a loss on a contract in progress due to a change in our cost estimate, we accrue the entire amount of the estimated loss, including all costs that are included in our revised estimated cost to complete that contract, in our consolidated statement of operations for that reporting period. 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, 2016 , 2015 and 2014 , our drilling and production services to our top three clients accounted for approximately 26% , 29% , and 28% , respectively, of our revenue. For a detail of our three largest clients as a percentage of our total revenues during the last three fiscal years, see Item 1—“Business” in Part I of this Annual Report on Form 10-K . 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. We had no cash equivalents at December 31, 2016 . Cash equivalents at December 31, 2015 were $1.3 million . 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 domestic 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, 2016 2015 2014 Balance at beginning of year $ 2,254 $ 2,547 $ 1,356 Increase in allowance charged to expense 404 472 1,445 Accounts charged against the allowance (980 ) (765 ) (254 ) Balance at end of year $ 1,678 $ 2,254 $ 2,547 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 as of December 31, 2016 and 2015 were as follows (amounts in thousands): December 31, 2016 December 31, 2015 Daywork drilling contracts in progress $ 7,042 $ 11,928 Turnkey drilling contracts in progress — 606 Production services 375 1,090 $ 7,417 $ 13,624 Inventories Inventories primarily consist of drilling rig replacement parts and 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. As of December 31, 2016 and 2015 , the estimated useful lives and components of our intangible asset classes are as follows: December 31, 2016 2015 Lives (amounts in thousands) Client relationships: 8 - 9 Cost $ 1,547 $ 13,692 Accumulated amortization (1,149 ) (11,782 ) Non-compete agreements: 7 Cost 150 575 Accumulated amortization (145 ) (541 ) $ 403 $ 1,944 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 $1.5 million , $7.9 million and $8.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Amortization expense is estimated to be approximately $0.2 million for each of the years ending December 31, 2017 and 2018 . Actual amortization amounts may be different due to future acquisitions, impairments, changes in amortization periods, or other factors. During 2016, we removed $12.1 million and $0.4 million of fully amortized capitalized client relationship and non-compete agreement costs, respectively. Doing so had no net impact to our consolidated balance sheet or consolidated statement of operations as of and for the year ending December 31, 2016 . As a result of the downturn which began in late 2014 and worsened through 2015, our projected cash flows declined and we performed an impairment analysis of our long-lived tangible and intangible assets, which resulted in an impairment charge of $14.3 million recognized in 2015 that reduced the carrying value of our coiled tubing intangible assets to zero. 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 Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures . Although we believe the assumptions and estimates used in our impairment analyses are reasonable and appropriate, different assumptions and estimates could materially impact the analyses 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. Our impairment analysis also resulted in an impairment to our coiled tubing tangible long-lived assets in 2015, which is discussed in more detail in Note 2 , Property and Equipment . Other Long-Term Assets Other long-term assets consist of cash deposits related to the deductibles on our workers’ compensation insurance policies, deferred compensation plan investments 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, 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, deferred lease liabilities, and the long-term portion of deferred mobilization revenues. 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. A recent change in Colombia tax rates is described in more detail in Note 5 , Income Taxes . Related-Party Transactions During the years ended December 31, 2016 , 2015 , and 2014 , the Company paid approximately $0.2 million , $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 periods presented. Recently Issued Accounting Standards Revenue Recognition. In May 2014, the Financial Accounting Standards Board (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 currently evaluating the impact of this guidance. We expect the adoption of this new standard to primarily affect the timing for the recognition of revenues derived from long-term drilling contracts. We are required to apply this new standard beginning January 1, 2018, with earlier adoption permitted. We do not anticipate early adoption of this standard. Two methods of transition are permitted under this standard: the full retrospective method, in which the standard would be applied retrospectively to each prior reporting period presented, subject to certain allowable exceptions; or the modified retrospective method, in which the standard would be applied to all contracts existing as of the date of initial application, with the cumulative effect of applying the standard recognized in beginning retained earnings. We currently anticipate adopting this standard using the modified retrospective method, but we continue to evaluate both transition options available under the standard. 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. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. This ASU requires retrospective adoption and was effective for us beginning with our first quarterly filing in 2016. The adoption of this new standard resulted in reclassifying $7.8 million of debt issuance costs from other long-term assets to long-term debt in the accompanying December 31, 2015 consolidated balance sheet. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases , which among other things, requires lessees to recognize substantially all leases on the balance sheet, with expense recognition that is similar to the current lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance (referenced above). This ASU is effective for us beginning with our first quarterly filing in 2019. We are currently evaluating the potential impact of this guidance and have not yet determined its impact on our financial position and results of operations. Stock-Based Compensation. In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation: Improvements to Employee Share-Based Payment Accounting , to reduce complexity in accounting standards involving several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for us beginning with our first quarterly filing in 2017. We do not expect that the adoption of this update will have a material effect on our financial position or results of operations. Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , which sets forth an impairment model requiring the measurement of all expected credit losses for financial instruments (including trade receivables) held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This ASU is effective for us beginning with our first quarterly filing in 2020. We do not expect the adoption of this guidance to have a material impact on our financial position or results of operations. Statement of Cash Flows . In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The update is intended to reduce the existing diversity in practice, and is effective for us beginning with our first quarterly filing in 2018. We do not expect the adoption of this guidance to have a material impact on our financial position and results of operations. Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the current year’s presentation. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment As of December 31, 2016 and 2015 , the estimated useful lives and costs of our asset classes are as follows: As of December 31, 2016 2015 Lives Cost (amounts in thousands) Drilling rigs and equipment 2 - 25 $ 589,243 $ 649,805 Well servicing rigs and equipment 3 - 20 226,294 246,539 Wireline units and equipment 2 - 10 142,909 148,501 Coiled tubing units and equipment 1 - 7 16,512 10,740 Vehicles 3 - 15 45,424 51,776 Office equipment 1 - 10 11,628 11,986 Buildings and improvements 2 - 40 23,884 25,228 Land — 2,367 2,419 $ 1,058,261 $ 1,146,994 Our capital expenditures were $32.6 million , $142.9 million and $188.1 million during the years ended December 31, 2016 , 2015 , and 2014 respectively, which includes $0.2 million , $3.0 million and $0.7 million respectively, of capitalized interest costs incurred during the construction periods of new drilling rigs and other drilling equipment. As of December 31, 2016 and 2015 , capital expenditures incurred for property and equipment not yet placed in service was $8.7 million and $18.6 million , respectively, primarily related to new drilling equipment that was ordered in 2014, but which requires a long lead-time for delivery . This equipment will either be used to construct new drilling rigs or as spare equipment for our AC rig fleet. Capital expenditures during 2016 consisted primarily of routine expenditures to maintain our drilling and production services fleets. Capital expenditures during 2015 and 2014 primarily related to our five drilling rigs which began construction during 2014 and were completed in 2015 , as well as unit additions to our production services fleets that were ordered in 2014. We recorded a net gain during the year ended December 31, 2016 of $1.9 million on the disposition of property and equipment, primarily for the sale of three SCR drilling rigs for aggregate proceeds of $11.0 million and the disposal of excess drill pipe for a gain. The net gains on disposition of assets were partially offset by a loss on the disposition of damaged property when one of our AC drilling rigs sustained damages that resulted in a disposal of the damaged components with an aggregate net carrying value of $4.0 million , for which we received insurance proceeds of $3.1 million in January 2017 and recognized a net loss on disposal of $0.9 million . Additionally, we retired two domestic SCR rigs at the end of 2016 and placed the remaining two as held for sale at December 31, 2016 . During the year ended December 31, 2015 , we recorded a net gain of $4.3 million on the disposition of property and equipment, primarily for the sale of 32 drilling rigs and other drilling equipment which we sold for aggregate proceeds of $53.6 million . In 2014, we sold our trucking assets and our fishing and rental services operations for a net gain of $10.7 million . (See Note 12 , Sale of Fishing and Rental Services Operations , for more information.) As of December 31, 2016 , our consolidated balance sheet reflects assets held for sale of $15.1 million , which primarily represents the fair value of six domestic mechanical and SCR drilling rigs and drilling equipment, 13 wireline units, 20 older well servicing rigs that will be traded in for 20 new-model rigs in the first quarter of 2017, and certain coiled tubing equipment. Impairments 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. As a result, we performed several impairment evaluations during 2014, 2015 and 2016 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 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. 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 SCR 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 our domestic pad-capable SCR drilling rigs (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 at June 30, 2015 indicated that the carrying values of our then six SCR drilling rigs in our domestic fleet which were not pad-capable, and our Colombian assets as a group, exceeded our estimated undiscounted cash flows for these assets. As a result, we recognized impairment charges of $50.2 million 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 our then six SCR drilling rigs that were not pad-capable, to their estimated fair values, which were based on market appraisals. Three of these SCR drilling rigs that were not pad-capable were subsequently sold in 2015, one was placed as held for sale at December 31, 2015, and the remaining two were retired in 2016. Our projected cash flows declined further as compared to our projections made earlier in the year and at September 30, 2015, we again performed impairment testing on our coiled tubing operations and seven drilling rigs, including our domestic pad-capable SCR rigs, and determined that our carrying values in these assets were recoverable but at risk for future impairment. 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 then six domestic pad-capable SCR rigs to their estimated fair values, which were also based on market appraisals. Of these six domestic SCR rigs, one was subsequently sold in 2015, three were sold in 2016 and the remaining two were placed as held for sale at December 31, 2016. Business conditions and our projected cash flows for our Colombian operations improved as compared to the projections used for the impairment analysis in 2015, therefore we did not perform any impairment testing on this business in 2016. However, due to lower than anticipated operating results in 2016 and a decline in our projected cash flows for the coiled tubing reporting unit, we performed an impairment analysis of our coiled tubing long-lived assets at September 30, 2016 which indicated that our projected net undiscounted cash flows associated with the coiled tubing reporting unit were in excess of the net carrying value of the assets, and thus no impairment was present . During the years ended December 31, 2016 , 2015 and 2014 , we recognized impairment charges of $11.9 million , $9.9 million , and $2.0 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 . During the year ended December 31, 2016, we also recognized $0.9 million of impairment charges to reduce the carrying value of a portion of steel that is on hand for the construction of drilling rigs, which we no longer believe is likely to be used. The following table summarizes impairment charges recognized during the years ended December 31, 2016 , 2015 , and 2014 (amounts in thousands): Year ended December 31, 2016 2015 2014 Assets held for sale $ 11,897 $ 9,858 $ 1,977 Colombian assets — 60,130 — Domestic drilling rigs and equipment 918 28,228 71,048 Coiled tubing assets — 30,936 — $ 12,815 $ 129,152 $ 73,025 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. 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 Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures . Although we believe the assumptions and estimates used in our impairment analyses are reasonable and appropriate, different assumptions and estimates could materially impact the analyses 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. If the demand for our services remains at current levels or declines further and any of our assets 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. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Debt Our debt consists of the following (amounts in thousands): December 31, 2016 December 31, 2015 Senior secured revolving credit facility $ 46,000 $ 95,000 Senior notes 300,000 300,000 346,000 395,000 Less unamortized debt issuance costs (6,527 ) (7,783 ) $ 339,473 $ 387,217 Senior Secured Revolving Credit Facility We have a credit agreement, as most recently amended on June 30, 2016 , 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 a current aggregate commitment amount of $150 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 equity or debt issuances, which are applied to reduce outstanding revolving and swing-line loans and to cash-collateralize letter of credit exposure, and in certain cases, also reduce the commitment amount available . In December 2016 , we sold 12,075,000 shares of common stock in a public offering, which resulted in proceeds of approximately $65.4 million , net of underwriting discounts and offering expenses, under the shelf registration statement filed in May 2015. In accordance with the Revolving Credit Facility terms, all of the proceeds were applied to reduce the outstanding borrowing balance, and the total commitment amount available was reduced from $175 million to $150 million . 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 5.50% and 4.50% , 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 each week, our aggregate amount of cash at the end of the preceding day (as calculated pursuant to the Revolving Credit Facility) exceeds $20 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 voting equity interests, and 100% of non-voting 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 January 31, 2017 , we had $49.7 million outstanding under our Revolving Credit Facility and $11.8 million in committed letters of credit, which resulted in borrowing availability of $88.5 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, 2016 , we were in compliance with our financial covenants under the Revolving Credit Facility. The financial covenants contained in our Revolving Credit Facility include the following : • A maximum senior consolidated leverage ratio, calculated as senior consolidated debt at the period end, which excludes unsecured and subordinated debt, divided by EBITDA for the trailing twelve month period at each quarter end, as defined in the Revolving Credit Facility. The senior consolidated leverage ratio cannot exceed the maximum amounts as follows: w 5.00 to 1.00 on September 30, 2017 w 4.00 to 1.00 on December 31, 2017 w 3.50 to 1.00 on March 31, 2018 w 3.25 to 1.00 on June 30, 2018 w 2.50 to 1.00 at any time after June 30, 2018 • A minimum interest coverage ratio, calculated as EBITDA for the trailing twelve month period at each quarter end, as defined in the Revolving Credit Facility, divided by interest expense for the same period. The interest coverage ratio cannot be less than the minimum amounts as follows: w 1.00 to 1.00 for the quarterly period ending September 30, 2017 w 1.25 to 1.00 for the quarterly period ending December 31, 2017 w 1.50 to 1.00 at any time after December 31, 2017 • A minimum EBITDA requirement, for the periods indicated, as defined in the Revolving Credit Facility. EBITDA required at the end of forthcoming fiscal quarters cannot be less than the minimum amounts as follows: w $7 million for the three-fiscal quarter period ending March 31, 2017 w $12 million for the four-fiscal quarter period ending June 30, 2017 The Revolving Credit Facility restricts capital expenditures to the following amounts during each forthcoming fiscal year as follows: w $35 million in fiscal year 2017 w $50 million in fiscal year 2018 w $50 million in fiscal year 2019 The capital expenditure threshold for each of the fiscal years above may be increased by up to 50% of the unused portion of the capital expenditure threshold for the immediate preceding fiscal year, limited to a maximum of $5 million in 2017, and $7.5 million in each of the years 2018 and 2019. In addition to the above requirements, additional capital expenditures may be made up to the amount of net proceeds from equity issuances, or if the following conditions are satisfied: • the aggregate outstanding commitments under the Revolving Credit Facility do not exceed $150 million ; • the pro forma senior leverage and total leverage ratios, calculated as defined in the Revolving Credit Facility, are less than 2.00 to 1.00 and 4.50 to 1.00, respectively. Pursuant to the terms above, our capital expenditures are limited to a total of $101.7 million for the fiscal year 2017. The Revolving Credit Facility has additional restrictive covenants that, among other things, limit our ability to: • incur additional debt or make prepayments of existing debt; • create liens on or dispose of our assets; • pay dividends on stock or repurchase stock; • enter into acquisitions, mergers, consolidations, sale leaseback transactions, or hedging contracts; • make other restricted investments; • conduct transactions with affiliates; and • limits our use of the net proceeds of any offering of our equity securities to the repayment of debt outstanding under the Revolving Credit Facility. 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 2014 , we issued $300 million of unregistered senior notes with a coupon interest rate of 6.125% that are due in 2022 (the “Senior Notes”) . The 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. In order to reduce our overall interest expense and lengthen the overall maturity of our senior indebtedness, during 2014, we redeemed all of our then outstanding $425 million of unregistered senior notes with a coupon interest rate of 9.875% that were issued in 2010 and 2011 and were set to mature in 2018 , funded primarily by proceeds from the issuance of Senior Notes in 2014 and additional borrowings under our Revolving Credit Facility, as well as some cash on hand. The 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 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 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 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 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 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; • borrow, pay dividends, 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 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 $6.5 million and $7.8 million as of December 31, 2016 and 2015 , respectively. We recognized approximately $1.8 million , $1.7 million and $2.1 million of associated amortization during the years ended December 31, 2016 , 2015 and 2014 , respectively. Additionally, during the years ended December 31, 2016 and 2015 , we recognized $0.3 million and $2.2 million , respectively, 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. 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases We lease our corporate office facilities in San Antonio, Texas at a payment escalating from $46,502 per month in January 2017 to $50,246 per month beginning in January 2020 . We recognize rent expense on a straight-line basis for our corporate office lease. We also lease real estate at 41 other locations, which are primarily used for field offices and storage and maintenance yards, and we lease 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, 2016 were as follows (amounts in thousands): Year ended December 31, 2017 $ 3,427 2018 2,673 2019 2,199 2020 1,394 2021 471 Thereafter 116 $ 10,280 During 2015, we ceased use of several location offices which were under long-term leases and recognized an expense 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 were $0.1 million and $0.3 million as of December 31, 2016 and 2015 , respectively, have been included in our current and long-term liabilities, according to the lease terms, and 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 $5.0 million , $6.2 million and $5.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The jurisdictional components of loss before income taxes consist of the following (amounts in thousands): Year ended December 31, 2016 2015 2014 Domestic $ (122,277 ) $ (123,499 ) $ (49,050 ) Foreign (16,846 ) (69,220 ) (272 ) Loss before income taxes $ (139,123 ) $ (192,719 ) $ (49,322 ) The components of our income tax expense (benefit) consist of the following (amounts in thousands): Year ended December 31, 2016 2015 2014 Current tax: Federal $ (219 ) $ (535 ) $ (112 ) State (95 ) 401 1,325 Foreign 1,189 1,238 3,149 875 1,104 4,362 Deferred taxes: Federal (12,500 ) (42,113 ) (17,438 ) State 902 29 1,304 Foreign (9 ) 3,401 468 (11,607 ) (38,683 ) (15,666 ) Income tax benefit $ (10,732 ) $ (37,579 ) $ (11,304 ) The difference between the income tax benefit and the amount computed by applying the federal statutory income tax rate of 35% to loss before income taxes consists of the following (amounts in thousands): Year ended December 31, 2016 2015 2014 Expected tax expense (benefit) $ (48,693 ) $ (67,452 ) $ (17,263 ) Valuation allowance 38,324 20,329 496 State income taxes (3,033 ) (2,066 ) 1,214 Foreign currency translation loss 838 8,660 2,699 Net tax benefits and nondeductible expenses in foreign jurisdictions 407 2,135 1,128 Incentive stock options 97 83 (208 ) Nondeductible expenses for tax purposes 386 577 920 Expiration of capital loss 641 — — Effects of change in tax laws 516 — (171 ) Other, net (215 ) 155 (119 ) Income tax benefit $ (10,732 ) $ (37,579 ) $ (11,304 ) Income tax expense (benefit) was allocated as follows (amounts in thousands): Year ended December 31, 2016 2015 2014 Continuing operations $ (10,732 ) $ (37,579 ) $ (11,304 ) Shareholders’ equity 2,287 962 201 $ (8,445 ) $ (36,617 ) $ (11,103 ) 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, 2016 2015 Deferred tax assets: Domestic net operating loss carryforward $ 122,769 $ 84,853 Foreign net operating loss carryforward 8,640 3,909 Intangibles 33,722 37,634 Property and equipment 11,809 10,317 Employee benefits and insurance claims accruals 6,802 6,307 Employee stock-based compensation 6,732 8,093 Accounts receivable reserve 626 849 Inventory 613 631 Accrued expenses not deductible for tax purposes 232 453 Accrued revenue not income for book purposes 277 695 Capital loss carryforward — 666 192,222 154,407 Valuation allowance (57,820 ) (18,627 ) Deferred tax liabilities: Property and equipment (142,582 ) (153,282 ) Net deferred tax assets (liabilities) $ (8,180 ) $ (17,502 ) As of December 31, 2016 , we had $131.4 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 consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In performing this analysis as of December 31, 2016 in accordance with ASC Topic 740, Income Taxes , we assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. A significant piece of objective negative evidence evaluated is the projected cumulative loss incurred over the three-year period ended December 31, 2016 . Such objective negative evidence limits the ability to consider other subjective positive evidence, such as projections for taxable income in future years. Due to the continued downturn in our industry, we were in a net deferred tax asset position at the end of 2016 , and as a result, we recognized a benefit only to the extent that reversals of deferred income tax liabilities are expected to generate income tax expense in each relevant jurisdiction in future periods which would offset our deferred tax assets. Our 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 2030 , with the latest expiration in 2036 . However, we determined that a valuation allowance should be recorded against a portion of the benefit generated in 2016 . The valuation allowance is the primary factor causing our effective tax rate to be significantly lower than the statutory rate of 35% . The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projected future taxable income. The majority of our 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 during 2015 and the continued industry downturn, we have a valuation allowance that fully offsets our $21.1 million of foreign deferred tax assets at December 31, 2016 . Additionally, we reversed a valuation allowance of $0.7 million related to a deferred tax asset for a capital loss that expired in 2016. Deferred income taxes have not been provided on the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and the respective tax basis 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, 2016 , the cumulative undistributed earnings of the subsidiary was a loss of approximately $41.2 million . 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. In November 2015 , 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. 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, $0.7 million for 2016 and is expected to be approximately $0.3 million for 2017. The net worth tax is not deductible for income tax purposes. On December 29, 2016, the Colombian government again enacted a tax reform bill that eliminated the tax for equality (“CREE”), increased the general corporate tax rate from 25% to 40% in 2017, 37% in 2018, 33% in 2019 and created a new 5% dividend tax, among other things. A few other notable provisions include a shorter twelve-year carryforward period for net operating losses generated after 2016, a longer statute of limitations for returns filed after 2016 and annual limits on tax depreciation allowed. We have no unrecognized tax benefits relating to ASC Topic 740 and no unrecognized tax benefit activity during the year ended December 31, 2016 . We record interest and penalty expense related to income taxes as interest and other expense, respectively. At December 31, 2016 , no interest or penalties have been or are required to be accrued. Our open tax years are 2010 and forward for our federal and most state income tax returns in the United States and 2011 and forward for our income tax returns in Colombia. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The FASB’s Accounting Standards Codification (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, 2016 and December 31, 2015 , our financial instruments consist primarily of cash, trade and other receivables, trade payables, phantom stock unit awards which are described in Note 8 , Equity Transactions and Stock-Based Compensation Plans , 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, 2016 and December 31, 2015 (amounts in thousands): December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Total debt, net of debt issuance costs $ 339,473 $ 326,249 $ 387,217 $ 242,354 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
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 earnings per share and diluted earnings per share computations (amounts in thousands, except per share data): Year ended December 31, 2016 2015 2014 Numerator (both basic and diluted): Net loss $ (128,391 ) $ (155,140 ) $ (38,018 ) Denominator: Weighted-average shares (denominator for basic earnings per share) 65,452 64,310 63,161 Diluted effect of outstanding stock options, restricted stock and restricted stock unit awards — — — Denominator for diluted earnings per share 65,452 64,310 63,161 Loss per common share—Basic $ (1.96 ) $ (2.41 ) $ (0.60 ) Loss per common share—Diluted $ (1.96 ) $ (2.41 ) $ (0.60 ) Potentially dilutive securities excluded as anti-dilutive 4,953 4,832 3,949 |
Equity Transactions and Stock-B
Equity Transactions and Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Transactions and Stock-Based Compensation Plans | Equity Transactions and Stock-Based Compensation Plans Equity Transactions In May 2015 , we filed a registration statement that permits us to sell equity or debt in one or more offerings up to a total dollar amount of $300 million . In December 2016 , we sold 12,075,000 shares of common stock in a public offering, which resulted in proceeds of approximately $65.4 million , net of underwriting discounts and offering expenses, under the shelf registration statement . As of December 31, 2016 , $234.6 million under the shelf registration statement is available for equity or debt offerings , subject to the limitations imposed by our Revolving Credit Facility and Senior Notes, as well as our Restated Articles of Incorporation which currently limits our issuance of common stock to 100 million shares. In the future, we may consider equity and/or debt offerings, as appropriate, to meet our liquidity needs. Stock-based Compensation Plans We have stock-based award plans that are administered by the Compensation Committee of our Board of Directors, which selects persons eligible to receive awards and determines the number, terms, conditions and other provisions of the awards. At December 31, 2016 , the total shares available for future grants to employees and directors under existing plans were 4,603,268 , which excludes awards we grant in the form of phantom stock unit awards which are expected to be paid in cash . For more information about the shares available under existing plans, see Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters , of this Annual Report on Form 10-K . In January 2017 , 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 268,185 Restricted stock unit awards 630,197 898,382 We grant stock option and restricted stock awards with vesting based on time of service conditions. We grant restricted stock unit awards with vesting based on time of service conditions, and in certain cases, subject to performance and market conditions. In 2016, we granted phantom stock unit awards with vesting based on time of service, performance and market conditions, which were classified as liability awards under ASC Topic 718, Compensation—Stock Compensation since we expect to settle the awards in cash when they become vested. We recognize compensation cost for stock option, restricted stock, restricted stock unit, and phantom stock unit awards based on the fair value estimated in accordance with ASC Topic 718. 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. The following table summarizes the stock-based compensation expense recognized, by award type, and the compensation expense recognized for phantom stock unit awards during the years ended December 31, 2016 , 2015 and 2014 (amounts in thousands): Year ended December 31, 2016 2015 2014 Stock option awards $ 766 $ 923 $ 1,275 Restricted stock awards 421 399 548 Restricted stock unit awards 2,757 2,307 5,794 $ 3,944 $ 3,629 $ 7,617 Phantom stock unit awards $ 1,971 $ — $ — The following table summarizes the unrecognized compensation cost (amounts in thousands) to be recognized and the weighted-average period remaining (in years) over which the compensation cost is expected to be recognized, by award type, as of December 31, 2016 : Weighted-Average Period Remaining Unrecognized Compensation Cost Stock options 0.93 $ 415 Restricted stock awards 0.38 175 Restricted stock unit awards 1.37 1,476 Phantom stock unit awards 2.33 5,016 $ 7,082 Stock Options We grant stock option awards which generally become exercisable over a three -year period and expire ten years after the date of grant. Our stock-based compensation plans require that all stock option awards have an exercise price that is not less than the fair market value of our common stock on the date of grant. We issue shares of our common stock when vested stock option awards are exercised. We estimate the fair value of each option grant on the date of grant using a Black-Scholes option pricing model. The following table summarizes the assumptions used in the Black-Scholes option pricing model based on a weighted-average calculation for the options granted during the years ended December 31, 2016 , 2015 and 2014 : Year ended December 31, 2016 2015 2014 Expected volatility 70 % 64 % 66 % Risk-free interest rates 1.5 % 1.4 % 1.7 % Expected life in years 5.70 5.52 5.49 Grant-date fair value $0.80 $2.31 $4.87 The assumptions used in the Black-Scholes option pricing model are based on multiple factors, including historical exercise patterns of homogeneous groups with respect to exercise and post-vesting employment termination behaviors, expected future exercising patterns for these same homogeneous groups and volatility of our stock price. As we have not declared dividends since we became a public company, we did not use a dividend yield. In each case, the actual value that will be realized, if any, will depend on the future performance of our common stock and overall stock market conditions. There is no assurance the value an optionee actually realizes will be at or near the value we have estimated using the Black-Scholes options-pricing model. The following table summarizes our stock option activity from December 31, 2015 through December 31, 2016 : Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Term in Years Aggregate Intrinsic Value (in thousands) (1) Outstanding stock options as of December 31, 2015 4,221,954 $9.58 Granted 905,966 1.31 Forfeited (696,691) 12.79 Exercised (46,804) 3.92 Outstanding stock options as of December 31, 2016 4,384,425 $7.42 4.8 $7,741 Stock options exercisable as of December 31, 2016 3,197,508 $9.35 3.3 $2,125 (1) Intrinsic value is the amount by which the market price of our common stock exceeds the exercise price of the stock options. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2016 , 2015 and 2014 was $12 thousand , $0.4 million and $5.6 million , respectively. 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 . The following table summarizes our nonvested stock option activity from December 31, 2015 through December 31, 2016 : Number of Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested stock options as of December 31, 2015 514,154 $3.19 Granted 905,966 0.80 Vested (233,203) 3.55 Nonvested stock options as of December 31, 2016 1,186,917 $1.29 Restricted Stock We grant restricted stock awards that vest over a one -year period with a fair value based on the closing price of our common stock on the date of the grant. When restricted stock awards are granted, or when restricted stock unit awards are converted to restricted stock, shares of our common stock are considered issued, but subject to certain restrictions. The weighted-average grant-date fair value per share of restricted stock awards granted during the years ended December 31, 2016 , 2015 and 2014 were $2.76 , $7.40 and $14.33 , respectively. The aggregate fair value of restricted stock awards vested during these same periods were $0.1 million , $0.4 million and $1.3 million , respectively. The following table summarizes our restricted stock activity from December 31, 2015 through December 31, 2016 : Number of Shares Weighted-Average Grant-Date Fair Value per Share Nonvested restricted stock as of December 31, 2015 47,296 $7.41 Granted 166,664 2.76 Vested (47,296) 7.41 Nonvested restricted stock as of December 31, 2016 166,664 $2.76 Restricted Stock Units We grant restricted stock unit awards with vesting based on time of service conditions only (“time-based RSUs”), and we grant restricted stock unit awards with vesting based on time of service, which are also subject to performance and market conditions (“performance-based RSUs”). Shares of our common stock are issued to recipients of restricted stock units only when they have satisfied the applicable vesting conditions. Our time-based RSUs generally vest over a three -year period, with fair values based on the closing price of our common stock on the date of grant. Our performance-based RSUs generally cliff vest after 39 months from the date of grant and are granted at a target number of issuable shares, for which the final number of shares of common stock is adjusted based on our actual achievement levels that are measured against predetermined performance conditions. The number of shares of common stock awarded will be based upon the Company’s achievement in certain performance conditions, as compared to a predefined peer group, over the performance period, generally three years. Approximately half of the performance-based RSUs outstanding are subject to a market condition based on relative total shareholder return, as compared to that of our predetermined peer group, and therefore the fair value of these awards is measured using a Monte Carlo simulation model. Compensation expense for equity awards with a market condition is reduced only for estimated forfeitures; no adjustment to expense is otherwise made, regardless of the number of shares issued. The remaining performance-based RSUs are subject to performance conditions, based on our EBITDA and return on capital employed, relative to our predetermined peer group, and therefore the fair value is based on the closing price of our common stock on the date of grant, applied to the estimated number of shares that will be awarded. Compensation expense ultimately recognized for awards with performance conditions will be equal to the fair value of the restricted stock unit award based on the actual outcome of the service and performance conditions. In April 2016 , we determined that 72% of the target number of shares granted during 2013 were actually earned based on the Company’s achievement of the performance measures as described above , resulting in a reduction of 75,757 shares being issued. As of December 31, 2016 , we estimate that our actual achievement level for our outstanding performance-based RSUs will be approximately 100% of the predetermined performance conditions. The following table summarizes our restricted stock unit activity from December 31, 2015 through December 31, 2016 : 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 Nonvested restricted stock units as of 386,533 $6.93 957,295 $7.57 Granted 264,009 1.47 — — Achieved performance adjustment — — (75,757 ) 8.29 Vested (225,895) 7.21 (195,721 ) 8.29 Forfeited (26,857) 2.46 — — Nonvested restricted stock units as of 397,790 $3.45 685,817 $7.28 The following table presents the weighted-average grant-date fair value per share of restricted stock units granted and the aggregate intrinsic value of restricted stock units vested (converted) during the years ended December 31, 2016 , 2015 and 2014 : Year ended December 31, 2016 2015 2014 Time-based RSUs: Grant-date fair value of awards granted (per share) $1.47 $4.08 $8.64 Aggregate intrinsic value of awards vested (in thousands) $ 314 $ 1,575 $ 2,679 Performance-based RSUs: Grant-date fair value of awards granted (per share) — $6.66 $9.67 Aggregate intrinsic value of awards vested (in thousands) $ 609 $ 1,402 $ 2,330 Phantom Stock Unit Awards In 2016, we granted 1,268,068 phantom stock unit awards that cliff-vest after 39 months from the date of grant, with vesting based on time of service, performance and market conditions. The number of units ultimately awarded will be based upon the Company’s achievement in certain performance conditions, as compared to a predefined peer group, over the three -year performance period, and each unit awarded will entitle the employee to a cash payment equal to the stock price of our common stock on the date of vesting, subject to a maximum of four times the stock price on the date of grant. These awards are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation , because we expect to settle the awards in cash when they vest, and are remeasured at fair value at each reporting period until they vest. Approximately half of the phantom stock unit awards granted are subject to a market condition based on relative total shareholder return, as compared to that of our predetermined peer group, and therefore the fair value of these awards is measured using a Monte Carlo simulation model. The remaining phantom stock unit awards are subject to performance conditions, based on our EBITDA and return on capital employed, relative to our predetermined peer group, and the fair value of these awards is measured using a Black-Scholes pricing model. The fair value of these awards is measured using inputs that are defined as Level 3 inputs under ASC Topic 820, Fair Value Measurements and Disclosures . |
Employee Benefit Plans and Insu
Employee Benefit Plans and Insurance | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 were $0.3 million , $4.2 million and $6.4 million , respectively. Effective February 1, 2016, in an effort to reduce costs in response to the downturn in our industry, we suspended matching contributions. This benefit was reinstated in January 2017. 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, 2016 and 2015 include $2.0 million and $2.4 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, 2016 and 2015 include $4.4 million and $5.5 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, 2016 | |
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 table sets forth certain financial information for our two operating segments and corporate as of and for the years ended December 31, 2016 , 2015 and 2014 (amounts in thousands): As of and for the year ended December 31, 2016 2015 2014 Drilling Services Segment: Revenues $ 119,207 $ 249,318 $ 516,473 Operating costs 73,151 144,196 348,133 Segment margin $ 46,056 $ 105,122 $ 168,340 Identifiable assets $ 452,290 $ 518,208 $ 702,987 Depreciation and amortization 60,769 80,265 116,425 Capital expenditures 19,796 113,060 112,483 Production Services Segment: Revenues $ 157,869 $ 291,460 $ 538,750 Operating costs 130,798 213,820 339,690 Segment margin $ 27,071 $ 77,640 $ 199,060 Identifiable assets $ 233,481 $ 281,530 $ 442,755 Depreciation and amortization 52,293 69,335 66,326 Capital expenditures 12,321 29,228 74,652 Corporate: Identifiable assets $ 14,331 $ 22,237 $ 25,847 Depreciation and amortization 1,250 1,339 625 Capital expenditures 439 619 986 Total: Revenues $ 277,076 $ 540,778 $ 1,055,223 Operating costs 203,949 358,016 687,823 Consolidated margin $ 73,127 $ 182,762 $ 367,400 Identifiable assets $ 700,102 $ 821,975 $ 1,171,589 Depreciation and amortization 114,312 150,939 183,376 Capital expenditures 32,556 142,907 188,121 The following table reconciles the consolidated margin of our two operating segments and corporate reported above to income (loss) from operations as reported on the consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 (amounts in thousands): Year ended December 31, 2016 2015 2014 Consolidated margin $ 73,127 $ 182,762 $ 367,400 Depreciation and amortization (114,312 ) (150,939 ) (183,376 ) General and administrative (61,184 ) (73,903 ) (103,385 ) Bad debt recovery (expense) (156 ) 188 (1,445 ) Impairment charges (12,815 ) (129,152 ) (73,025 ) Gain on dispositions of property and equipment, net 1,892 4,344 1,859 Gain on sale of fishing and rental services operations — — 10,702 Gain on litigation — — 5,254 Income (loss) from operations $ (113,448 ) $ (166,700 ) $ 23,984 The following table sets forth certain financial information for our international operations in Colombia as of and for the years ended December 31, 2016 , 2015 and 2014 (amounts in thousands): As of and for the year ended December 31, 2016 2015 2014 Revenues $ 6,808 $ 43,878 $ 104,520 Identifiable assets 36,337 54,590 142,321 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, 2016 | |
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 $36.3 million relating to our performance under these bonds as of December 31, 2016 . We have received an increased number of notices in recent years from state taxing authorities for audits of sales and use tax obligations. We are currently undergoing sales and use tax audits for multi-year periods and we are working to resolve all relevant issues. As of both December 31, 2016 and December 31, 2015 , our accrued liability was $0.6 million based on our estimate of the sales and use tax obligations that are expected to result from these audits . Due to the inherent uncertainty of the audit process, we believe that it is reasonably possible that we may incur additional tax assessments with respect to one or more of the audits in excess of the amount accrued. We believe that such an outcome would not have a material adverse effect on our results of operations or financial position. Because certain of these audits are in a preliminary stage, an estimate of the possible loss or range of loss from an adverse result in all or substantially all of these cases cannot reasonably be made. 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. |
Sale of Fishing and Rental Serv
Sale of Fishing and Rental Services Operations (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 , which 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. 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. We recognized a $10.7 million gain on the sale of our F&R operations, which net of income taxes 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 at September 30, 2014. The sale of the F&R operations did not represent a strategic shift for our company, did not have a significant effect on our operating results, and did 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 for the year ended December 31, 2014 (amounts in thousands): Revenues $ 7,828 Operating costs 5,097 F&R margin $ 2,731 Loss before income taxes $ (162 ) |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Total Year ended December 31, 2016 Revenues $ 74,952 $ 62,290 $ 68,353 $ 71,481 $ 277,076 Loss from operations (23,014 ) (26,025 ) (29,885 ) (34,524 ) (113,448 ) Income tax benefit 1,958 1,990 1,698 5,086 10,732 Net loss (27,699 ) (29,991 ) (34,620 ) (36,081 ) (128,391 ) Loss per share: Basic $ (0.43 ) $ (0.46 ) $ (0.53 ) $ (0.53 ) $ (1.96 ) Diluted $ (0.43 ) $ (0.46 ) $ (0.53 ) $ (0.53 ) $ (1.96 ) Year ended December 31, 2015 Revenues $ 193,814 $ 135,011 $ 107,480 $ 104,473 $ 540,778 Loss from operations (8,334 ) (75,108 ) (17,972 ) (65,286 ) (166,700 ) Income tax benefit 4,450 2,586 6,682 23,861 37,579 Net loss (12,019 ) (77,281 ) (17,540 ) (48,300 ) (155,140 ) 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 ) |
Guarantor_Non Guarantor Condens
Guarantor/Non Guarantor Condensed Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Guarantor Non-Guarantor Condensed Consolidated Financial Statements | |
Guarantor/Non Guarantor Condensed Consolidated Financial Statements | Guarantor/Non-Guarantor Condensed Consolidating Financial Statements Our Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all existing wholly owned 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, 2016 , 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 consolidating balance sheets, statements of operations and statements of cash flows of the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries. CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 9,898 $ (764 ) $ 1,060 $ — $ 10,194 Receivables, net of allowance 480 64,946 7,210 (513 ) 72,123 Intercompany receivable (payable) (24,836 ) 35,427 (10,591 ) — — Inventory — 5,659 4,001 — 9,660 Assets held for sale — 15,035 58 — 15,093 Prepaid expenses and other current assets 1,280 4,014 1,632 — 6,926 Total current assets (13,178 ) 124,317 3,370 (513 ) 113,996 Net property and equipment 2,501 556,062 25,517 — 584,080 Investment in subsidiaries 577,965 24,270 — (602,235 ) — Intangible assets, net of accumulated amortization — 403 — — 403 Deferred income taxes 65,041 — — (65,041 ) — Other long-term assets 583 626 414 — 1,623 Total assets $ 632,912 $ 705,678 $ 29,301 $ (667,789 ) $ 700,102 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 546 $ 16,317 $ 2,345 $ — $ 19,208 Deferred revenues — 680 769 — 1,449 Accrued expenses 9,316 34,765 1,777 (513 ) 45,345 Total current liabilities 9,862 51,762 4,891 (513 ) 66,002 Long-term debt, less debt issuance costs 339,473 — — — 339,473 Deferred income taxes — 73,249 (28 ) (65,041 ) 8,180 Other long-term liabilities 2,179 2,702 168 — 5,049 Total liabilities 351,514 127,713 5,031 (65,554 ) 418,704 Total shareholders’ equity 281,398 577,965 24,270 (602,235 ) 281,398 Total liabilities and shareholders’ equity $ 632,912 $ 705,678 $ 29,301 $ (667,789 ) $ 700,102 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 12,568 — 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 13,962 — 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 Other long-term assets 85,501 944 722 (84,989 ) 2,178 Total assets $ 739,561 $ 820,096 $ 46,637 $ (784,319 ) $ 821,975 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 1,473 — 46,869 Total current liabilities 8,989 57,221 3,832 — 70,042 Long-term debt, less debt issuance costs 387,217 — — — 387,217 Deferred income taxes — 102,491 — (84,989 ) 17,502 Other long-term liabilities 712 3,294 565 — 4,571 Total liabilities 396,918 163,006 4,397 (84,989 ) 479,332 Total shareholders’ equity 342,643 657,090 42,240 (699,330 ) 342,643 Total liabilities and shareholders’ equity $ 739,561 $ 820,096 $ 46,637 $ (784,319 ) $ 821,975 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) Year ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 270,268 $ 6,808 $ — $ 277,076 Costs and expenses: Operating costs — 194,515 9,434 — 203,949 Depreciation and amortization 1,250 106,193 6,869 — 114,312 General and administrative 21,657 38,564 1,515 (552 ) 61,184 Bad debt expense (recovery) — 156 — — 156 Impairment charges — 12,260 555 — 12,815 Gain on dispositions of property and equipment, net — (1,838 ) (54 ) — (1,892 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 22,907 344,990 23,179 (552 ) 390,524 Income (loss) from operations (22,907 ) (74,722 ) (16,371 ) 552 (113,448 ) Other (expense) income: Equity in earnings of subsidiaries (63,374 ) (17,835 ) — 81,209 — Interest expense, net of interest capitalized (25,845 ) (88 ) (1 ) — (25,934 ) Loss on extinguishment of debt (299 ) — — — (299 ) Other 18 1,430 (338 ) (552 ) 558 Total other (expense) income (89,500 ) (16,493 ) (339 ) 80,657 (25,675 ) Income (loss) before income taxes (112,407 ) (91,215 ) (16,710 ) 81,209 (139,123 ) Income tax (expense) benefit 1 (15,984 ) 27,841 (1,125 ) — 10,732 Net income (loss) $ (128,391 ) $ (63,374 ) $ (17,835 ) $ 81,209 $ (128,391 ) 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 ) 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 CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) (in thousands) Year ended December 31, 2014 Parent Guarantor Non-Guarantor 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 ) 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 CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Year ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (39,344 ) $ 45,035 $ (560 ) $ — $ 5,131 Cash flows from investing activities: Purchases of property and equipment (452 ) (31,049 ) (880 ) — (32,381 ) Proceeds from sale of property and equipment — 7,523 54 — 7,577 Proceeds from insurance recoveries — 37 — — 37 (452 ) (23,489 ) (826 ) — (24,767 ) Cash flows from financing activities: Debt repayments (71,000 ) — — — (71,000 ) Proceeds from issuance of debt 22,000 — — — 22,000 Debt issuance costs (819 ) — — — (819 ) Proceeds from exercise of options 183 — — — 183 Proceeds from common stock, net of offering costs 65,430 — — — 65,430 Purchase of treasury stock (124 ) — — — (124 ) Intercompany contributions/distributions 16,803 (16,698 ) (105 ) — — 32,473 (16,698 ) (105 ) — 15,670 Net increase (decrease) in cash and cash equivalents (7,323 ) 4,848 (1,491 ) — (3,966 ) Beginning cash and cash equivalents 17,221 (5,612 ) 2,551 — 14,160 Ending cash and cash equivalents $ 9,898 $ (764 ) $ 1,060 $ — $ 10,194 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Continued) (in thousands) 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 fishing and rental services operations 15,090 — — — 15,090 Proceeds from sale of property and equipment — 8,069 301 — 8,370 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 |
Organization and Summary of S22
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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, our estimate of compensation related accruals and our estimate of sales tax audit liability. |
Subsequent Events, Policy [Policy Text Block] | In preparing the accompanying consolidated financial statements, we have reviewed events that have occurred after December 31, 2016 , 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 Recognition, Policy [Policy Text Block] | 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 30 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 proportional performance basis, 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. Amortization of deferred mobilization revenues was $1.6 million , $1.1 million and $4.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. 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. As a result of the downturn that began in late 2014, term contracts for 19 of our drilling rigs were terminated early, including three that were terminated in early 2016 . As of December 31, 2016 , all of these contracts’ terms have expired and all the associated revenue from the early terminations has been recognized. Our current and long-term deferred revenues and costs as of December 31, 2016 and 2015 were as follows (amounts in thousands): December 31, 2016 December 31, 2015 Current: Deferred revenues $ 1,449 $ 6,222 Deferred costs 2,290 1,539 Long-term: Deferred revenues 202 901 Deferred costs 212 928 Turnkey Drilling Contracts— Under a typical turnkey drilling contract, we agree to drill a well for our client to a specified depth and under specified conditions for a fixed price. We use the proportional performance basis to recognize revenue on our turnkey contracts. 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. If we anticipate a loss on a contract in progress due to a change in our cost estimate, we accrue the entire amount of the estimated loss, including all costs that are included in our revised estimated cost to complete that contract, in our consolidated statement of operations for that reporting period. 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, 2016 , 2015 and 2014 , our drilling and production services to our top three clients accounted for approximately 26% , 29% , and 28% , respectively, of our revenue. For a detail of our three largest clients as a percentage of our total revenues during the last three fiscal years, see Item 1—“Business” in Part I of this Annual Report on Form 10-K . |
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. We had no cash equivalents at December 31, 2016 . Cash equivalents at December 31, 2015 were $1.3 million . |
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 domestic 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, 2016 2015 2014 Balance at beginning of year $ 2,254 $ 2,547 $ 1,356 Increase in allowance charged to expense 404 472 1,445 Accounts charged against the allowance (980 ) (765 ) (254 ) Balance at end of year $ 1,678 $ 2,254 $ 2,547 |
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 as of December 31, 2016 and 2015 were as follows (amounts in thousands): December 31, 2016 December 31, 2015 Daywork drilling contracts in progress $ 7,042 $ 11,928 Turnkey drilling contracts in progress — 606 Production services 375 1,090 $ 7,417 $ 13,624 |
Inventory, Policy [Policy Text Block] | Inventories Inventories primarily consist of drilling rig replacement parts and 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 [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. As of December 31, 2016 and 2015 , the estimated useful lives and components of our intangible asset classes are as follows: December 31, 2016 2015 Lives (amounts in thousands) Client relationships: 8 - 9 Cost $ 1,547 $ 13,692 Accumulated amortization (1,149 ) (11,782 ) Non-compete agreements: 7 Cost 150 575 Accumulated amortization (145 ) (541 ) $ 403 $ 1,944 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 $1.5 million , $7.9 million and $8.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Amortization expense is estimated to be approximately $0.2 million for each of the years ending December 31, 2017 and 2018 . Actual amortization amounts may be different due to future acquisitions, impairments, changes in amortization periods, or other factors. During 2016, we removed $12.1 million and $0.4 million of fully amortized capitalized client relationship and non-compete agreement costs, respectively. Doing so had no net impact to our consolidated balance sheet or consolidated statement of operations as of and for the year ending December 31, 2016 . As a result of the downturn which began in late 2014 and worsened through 2015, our projected cash flows declined and we performed an impairment analysis of our long-lived tangible and intangible assets, which resulted in an impairment charge of $14.3 million recognized in 2015 that reduced the carrying value of our coiled tubing intangible assets to zero. 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 Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures . Although we believe the assumptions and estimates used in our impairment analyses are reasonable and appropriate, different assumptions and estimates could materially impact the analyses 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. Our impairment analysis also resulted in an impairment to our coiled tubing tangible long-lived assets in 2015, which is discussed in more detail in Note 2 , Property and Equipment . |
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. |
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 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. A recent change in Colombia tax rates is described in more detail in Note 5 , Income Taxes . |
Related Party Transactions Disclosure [Text Block] | Related-Party Transactions During the years ended December 31, 2016 , 2015 , and 2014 , the Company paid approximately $0.2 million , $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 periods presented. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Revenue Recognition. In May 2014, the Financial Accounting Standards Board (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 currently evaluating the impact of this guidance. We expect the adoption of this new standard to primarily affect the timing for the recognition of revenues derived from long-term drilling contracts. We are required to apply this new standard beginning January 1, 2018, with earlier adoption permitted. We do not anticipate early adoption of this standard. Two methods of transition are permitted under this standard: the full retrospective method, in which the standard would be applied retrospectively to each prior reporting period presented, subject to certain allowable exceptions; or the modified retrospective method, in which the standard would be applied to all contracts existing as of the date of initial application, with the cumulative effect of applying the standard recognized in beginning retained earnings. We currently anticipate adopting this standard using the modified retrospective method, but we continue to evaluate both transition options available under the standard. 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. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. This ASU requires retrospective adoption and was effective for us beginning with our first quarterly filing in 2016. The adoption of this new standard resulted in reclassifying $7.8 million of debt issuance costs from other long-term assets to long-term debt in the accompanying December 31, 2015 consolidated balance sheet. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases , which among other things, requires lessees to recognize substantially all leases on the balance sheet, with expense recognition that is similar to the current lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance (referenced above). This ASU is effective for us beginning with our first quarterly filing in 2019. We are currently evaluating the potential impact of this guidance and have not yet determined its impact on our financial position and results of operations. Stock-Based Compensation. In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation: Improvements to Employee Share-Based Payment Accounting , to reduce complexity in accounting standards involving several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for us beginning with our first quarterly filing in 2017. We do not expect that the adoption of this update will have a material effect on our financial position or results of operations. Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , which sets forth an impairment model requiring the measurement of all expected credit losses for financial instruments (including trade receivables) held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This ASU is effective for us beginning with our first quarterly filing in 2020. We do not expect the adoption of this guidance to have a material impact on our financial position or results of operations. Statement of Cash Flows . In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The update is intended to reduce the existing diversity in practice, and is effective for us beginning with our first quarterly filing in 2018. We do not expect the adoption of this guidance to have a material impact on our financial position and results of operations. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the current year’s presentation. |
Organization and Summary of S23
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
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 1 West Texas 7 North Dakota 2 Appalachia 6 Colombia 8 24 |
Schedule of Production Services Long-Lived Assets, by Type [Table Text Block] | As of December 31, 2016 , 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 6 108 114 Coiled tubing units 5 12 17 |
Schedule of Deferred Revenues and Costs [Table Text Block] | Our current and long-term deferred revenues and costs as of December 31, 2016 and 2015 were as follows (amounts in thousands): December 31, 2016 December 31, 2015 Current: Deferred revenues $ 1,449 $ 6,222 Deferred costs 2,290 1,539 Long-term: Deferred revenues 202 901 Deferred costs 212 928 |
Unbilled Receivables [Table Text Block] | Our unbilled receivables as of December 31, 2016 and 2015 were as follows (amounts in thousands): December 31, 2016 December 31, 2015 Daywork drilling contracts in progress $ 7,042 $ 11,928 Turnkey drilling contracts in progress — 606 Production services 375 1,090 $ 7,417 $ 13,624 |
Schedule of Intangible Assets | As of December 31, 2016 and 2015 , the estimated useful lives and components of our intangible asset classes are as follows: December 31, 2016 2015 Lives (amounts in thousands) Client relationships: 8 - 9 Cost $ 1,547 $ 13,692 Accumulated amortization (1,149 ) (11,782 ) Non-compete agreements: 7 Cost 150 575 Accumulated amortization (145 ) (541 ) $ 403 $ 1,944 |
Allowance for Doubtful Accounts [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | The changes in our allowance for doubtful accounts consist of the following (amounts in thousands): Year ended December 31, 2016 2015 2014 Balance at beginning of year $ 2,254 $ 2,547 $ 1,356 Increase in allowance charged to expense 404 472 1,445 Accounts charged against the allowance (980 ) (765 ) (254 ) Balance at end of year $ 1,678 $ 2,254 $ 2,547 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2016 and 2015 , the estimated useful lives and costs of our asset classes are as follows: As of December 31, 2016 2015 Lives Cost (amounts in thousands) Drilling rigs and equipment 2 - 25 $ 589,243 $ 649,805 Well servicing rigs and equipment 3 - 20 226,294 246,539 Wireline units and equipment 2 - 10 142,909 148,501 Coiled tubing units and equipment 1 - 7 16,512 10,740 Vehicles 3 - 15 45,424 51,776 Office equipment 1 - 10 11,628 11,986 Buildings and improvements 2 - 40 23,884 25,228 Land — 2,367 2,419 $ 1,058,261 $ 1,146,994 |
Schedule of Impairment Charges [Table Text Block] | The following table summarizes impairment charges recognized during the years ended December 31, 2016 , 2015 , and 2014 (amounts in thousands): Year ended December 31, 2016 2015 2014 Assets held for sale $ 11,897 $ 9,858 $ 1,977 Colombian assets — 60,130 — Domestic drilling rigs and equipment 918 28,228 71,048 Coiled tubing assets — 30,936 — $ 12,815 $ 129,152 $ 73,025 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt consists of the following (amounts in thousands): December 31, 2016 December 31, 2015 Senior secured revolving credit facility $ 46,000 $ 95,000 Senior notes 300,000 300,000 346,000 395,000 Less unamortized debt issuance costs (6,527 ) (7,783 ) $ 339,473 $ 387,217 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Lease Obligations Required | Future lease obligations required under non-cancelable operating leases as of December 31, 2016 were as follows (amounts in thousands): Year ended December 31, 2017 $ 3,427 2018 2,673 2019 2,199 2020 1,394 2021 471 Thereafter 116 $ 10,280 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The jurisdictional components of loss before income taxes consist of the following (amounts in thousands): Year ended December 31, 2016 2015 2014 Domestic $ (122,277 ) $ (123,499 ) $ (49,050 ) Foreign (16,846 ) (69,220 ) (272 ) Loss before income taxes $ (139,123 ) $ (192,719 ) $ (49,322 ) |
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, 2016 2015 2014 Current tax: Federal $ (219 ) $ (535 ) $ (112 ) State (95 ) 401 1,325 Foreign 1,189 1,238 3,149 875 1,104 4,362 Deferred taxes: Federal (12,500 ) (42,113 ) (17,438 ) State 902 29 1,304 Foreign (9 ) 3,401 468 (11,607 ) (38,683 ) (15,666 ) Income tax benefit $ (10,732 ) $ (37,579 ) $ (11,304 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the income tax benefit and the amount computed by applying the federal statutory income tax rate of 35% to loss before income taxes consists of the following (amounts in thousands): Year ended December 31, 2016 2015 2014 Expected tax expense (benefit) $ (48,693 ) $ (67,452 ) $ (17,263 ) Valuation allowance 38,324 20,329 496 State income taxes (3,033 ) (2,066 ) 1,214 Foreign currency translation loss 838 8,660 2,699 Net tax benefits and nondeductible expenses in foreign jurisdictions 407 2,135 1,128 Incentive stock options 97 83 (208 ) Nondeductible expenses for tax purposes 386 577 920 Expiration of capital loss 641 — — Effects of change in tax laws 516 — (171 ) Other, net (215 ) 155 (119 ) Income tax benefit $ (10,732 ) $ (37,579 ) $ (11,304 ) |
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, 2016 2015 2014 Continuing operations $ (10,732 ) $ (37,579 ) $ (11,304 ) Shareholders’ equity 2,287 962 201 $ (8,445 ) $ (36,617 ) $ (11,103 ) |
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, 2016 2015 Deferred tax assets: Domestic net operating loss carryforward $ 122,769 $ 84,853 Foreign net operating loss carryforward 8,640 3,909 Intangibles 33,722 37,634 Property and equipment 11,809 10,317 Employee benefits and insurance claims accruals 6,802 6,307 Employee stock-based compensation 6,732 8,093 Accounts receivable reserve 626 849 Inventory 613 631 Accrued expenses not deductible for tax purposes 232 453 Accrued revenue not income for book purposes 277 695 Capital loss carryforward — 666 192,222 154,407 Valuation allowance (57,820 ) (18,627 ) Deferred tax liabilities: Property and equipment (142,582 ) (153,282 ) Net deferred tax assets (liabilities) $ (8,180 ) $ (17,502 ) |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and December 31, 2015 (amounts in thousands): December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Total debt, net of debt issuance costs $ 339,473 $ 326,249 $ 387,217 $ 242,354 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 earnings per share and diluted earnings per share computations (amounts in thousands, except per share data): Year ended December 31, 2016 2015 2014 Numerator (both basic and diluted): Net loss $ (128,391 ) $ (155,140 ) $ (38,018 ) Denominator: Weighted-average shares (denominator for basic earnings per share) 65,452 64,310 63,161 Diluted effect of outstanding stock options, restricted stock and restricted stock unit awards — — — Denominator for diluted earnings per share 65,452 64,310 63,161 Loss per common share—Basic $ (1.96 ) $ (2.41 ) $ (0.60 ) Loss per common share—Diluted $ (1.96 ) $ (2.41 ) $ (0.60 ) Potentially dilutive securities excluded as anti-dilutive 4,953 4,832 3,949 |
Equity Transactions and Stock30
Equity Transactions and Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2017 , 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 268,185 Restricted stock unit awards 630,197 898,382 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes the stock-based compensation expense recognized, by award type, and the compensation expense recognized for phantom stock unit awards during the years ended December 31, 2016 , 2015 and 2014 (amounts in thousands): Year ended December 31, 2016 2015 2014 Stock option awards $ 766 $ 923 $ 1,275 Restricted stock awards 421 399 548 Restricted stock unit awards 2,757 2,307 5,794 $ 3,944 $ 3,629 $ 7,617 Phantom stock unit awards $ 1,971 $ — $ — |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | The following table summarizes the unrecognized compensation cost (amounts in thousands) to be recognized and the weighted-average period remaining (in years) over which the compensation cost is expected to be recognized, by award type, as of December 31, 2016 : Weighted-Average Period Remaining Unrecognized Compensation Cost Stock options 0.93 $ 415 Restricted stock awards 0.38 175 Restricted stock unit awards 1.37 1,476 Phantom stock unit awards 2.33 5,016 $ 7,082 |
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 options granted during the years ended December 31, 2016 , 2015 and 2014 : Year ended December 31, 2016 2015 2014 Expected volatility 70 % 64 % 66 % Risk-free interest rates 1.5 % 1.4 % 1.7 % Expected life in years 5.70 5.52 5.49 Grant-date fair value $0.80 $2.31 $4.87 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes our stock option activity from December 31, 2015 through December 31, 2016 : Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Term in Years Aggregate Intrinsic Value (in thousands) (1) Outstanding stock options as of December 31, 2015 4,221,954 $9.58 Granted 905,966 1.31 Forfeited (696,691) 12.79 Exercised (46,804) 3.92 Outstanding stock options as of December 31, 2016 4,384,425 $7.42 4.8 $7,741 Stock options exercisable as of December 31, 2016 3,197,508 $9.35 3.3 $2,125 (1) Intrinsic value is the amount by which the market price of our common stock exceeds the exercise price of the stock options. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity, Weighted Average Grant Date and Vested in Period, Fair Value [Table Text Block] | The following table presents the weighted-average grant-date fair value per share of restricted stock units granted and the aggregate intrinsic value of restricted stock units vested (converted) during the years ended December 31, 2016 , 2015 and 2014 : Year ended December 31, 2016 2015 2014 Time-based RSUs: Grant-date fair value of awards granted (per share) $1.47 $4.08 $8.64 Aggregate intrinsic value of awards vested (in thousands) $ 314 $ 1,575 $ 2,679 Performance-based RSUs: Grant-date fair value of awards granted (per share) — $6.66 $9.67 Aggregate intrinsic value of awards vested (in thousands) $ 609 $ 1,402 $ 2,330 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes our nonvested stock option activity from December 31, 2015 through December 31, 2016 : Number of Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested stock options as of December 31, 2015 514,154 $3.19 Granted 905,966 0.80 Vested (233,203) 3.55 Nonvested stock options as of December 31, 2016 1,186,917 $1.29 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes our restricted stock activity from December 31, 2015 through December 31, 2016 : Number of Shares Weighted-Average Grant-Date Fair Value per Share Nonvested restricted stock as of December 31, 2015 47,296 $7.41 Granted 166,664 2.76 Vested (47,296) 7.41 Nonvested restricted stock as of December 31, 2016 166,664 $2.76 |
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, 2015 through December 31, 2016 : 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 Nonvested restricted stock units as of 386,533 $6.93 957,295 $7.57 Granted 264,009 1.47 — — Achieved performance adjustment — — (75,757 ) 8.29 Vested (225,895) 7.21 (195,721 ) 8.29 Forfeited (26,857) 2.46 — — Nonvested restricted stock units as of 397,790 $3.45 685,817 $7.28 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth certain financial information for our two operating segments and corporate as of and for the years ended December 31, 2016 , 2015 and 2014 (amounts in thousands): As of and for the year ended December 31, 2016 2015 2014 Drilling Services Segment: Revenues $ 119,207 $ 249,318 $ 516,473 Operating costs 73,151 144,196 348,133 Segment margin $ 46,056 $ 105,122 $ 168,340 Identifiable assets $ 452,290 $ 518,208 $ 702,987 Depreciation and amortization 60,769 80,265 116,425 Capital expenditures 19,796 113,060 112,483 Production Services Segment: Revenues $ 157,869 $ 291,460 $ 538,750 Operating costs 130,798 213,820 339,690 Segment margin $ 27,071 $ 77,640 $ 199,060 Identifiable assets $ 233,481 $ 281,530 $ 442,755 Depreciation and amortization 52,293 69,335 66,326 Capital expenditures 12,321 29,228 74,652 Corporate: Identifiable assets $ 14,331 $ 22,237 $ 25,847 Depreciation and amortization 1,250 1,339 625 Capital expenditures 439 619 986 Total: Revenues $ 277,076 $ 540,778 $ 1,055,223 Operating costs 203,949 358,016 687,823 Consolidated margin $ 73,127 $ 182,762 $ 367,400 Identifiable assets $ 700,102 $ 821,975 $ 1,171,589 Depreciation and amortization 114,312 150,939 183,376 Capital expenditures 32,556 142,907 188,121 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table reconciles the consolidated margin of our two operating segments and corporate reported above to income (loss) from operations as reported on the consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 (amounts in thousands): Year ended December 31, 2016 2015 2014 Consolidated margin $ 73,127 $ 182,762 $ 367,400 Depreciation and amortization (114,312 ) (150,939 ) (183,376 ) General and administrative (61,184 ) (73,903 ) (103,385 ) Bad debt recovery (expense) (156 ) 188 (1,445 ) Impairment charges (12,815 ) (129,152 ) (73,025 ) Gain on dispositions of property and equipment, net 1,892 4,344 1,859 Gain on sale of fishing and rental services operations — — 10,702 Gain on litigation — — 5,254 Income (loss) from operations $ (113,448 ) $ (166,700 ) $ 23,984 |
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, 2016 , 2015 and 2014 (amounts in thousands): As of and for the year ended December 31, 2016 2015 2014 Revenues $ 6,808 $ 43,878 $ 104,520 Identifiable assets 36,337 54,590 142,321 |
Sale of Fishing and Rental Se32
Sale of Fishing and Rental Services Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Discontinued Operations. Statement of operations information for the F&R operations is as follows for the year ended December 31, 2014 (amounts in thousands): Revenues $ 7,828 Operating costs 5,097 F&R margin $ 2,731 Loss before income taxes $ (162 ) |
Quarterly Results of Operatio33
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Total Year ended December 31, 2016 Revenues $ 74,952 $ 62,290 $ 68,353 $ 71,481 $ 277,076 Loss from operations (23,014 ) (26,025 ) (29,885 ) (34,524 ) (113,448 ) Income tax benefit 1,958 1,990 1,698 5,086 10,732 Net loss (27,699 ) (29,991 ) (34,620 ) (36,081 ) (128,391 ) Loss per share: Basic $ (0.43 ) $ (0.46 ) $ (0.53 ) $ (0.53 ) $ (1.96 ) Diluted $ (0.43 ) $ (0.46 ) $ (0.53 ) $ (0.53 ) $ (1.96 ) Year ended December 31, 2015 Revenues $ 193,814 $ 135,011 $ 107,480 $ 104,473 $ 540,778 Loss from operations (8,334 ) (75,108 ) (17,972 ) (65,286 ) (166,700 ) Income tax benefit 4,450 2,586 6,682 23,861 37,579 Net loss (12,019 ) (77,281 ) (17,540 ) (48,300 ) (155,140 ) 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 ) |
Guarantor_Non Guarantor Conde34
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract] | |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 9,898 $ (764 ) $ 1,060 $ — $ 10,194 Receivables, net of allowance 480 64,946 7,210 (513 ) 72,123 Intercompany receivable (payable) (24,836 ) 35,427 (10,591 ) — — Inventory — 5,659 4,001 — 9,660 Assets held for sale — 15,035 58 — 15,093 Prepaid expenses and other current assets 1,280 4,014 1,632 — 6,926 Total current assets (13,178 ) 124,317 3,370 (513 ) 113,996 Net property and equipment 2,501 556,062 25,517 — 584,080 Investment in subsidiaries 577,965 24,270 — (602,235 ) — Intangible assets, net of accumulated amortization — 403 — — 403 Deferred income taxes 65,041 — — (65,041 ) — Other long-term assets 583 626 414 — 1,623 Total assets $ 632,912 $ 705,678 $ 29,301 $ (667,789 ) $ 700,102 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 546 $ 16,317 $ 2,345 $ — $ 19,208 Deferred revenues — 680 769 — 1,449 Accrued expenses 9,316 34,765 1,777 (513 ) 45,345 Total current liabilities 9,862 51,762 4,891 (513 ) 66,002 Long-term debt, less debt issuance costs 339,473 — — — 339,473 Deferred income taxes — 73,249 (28 ) (65,041 ) 8,180 Other long-term liabilities 2,179 2,702 168 — 5,049 Total liabilities 351,514 127,713 5,031 (65,554 ) 418,704 Total shareholders’ equity 281,398 577,965 24,270 (602,235 ) 281,398 Total liabilities and shareholders’ equity $ 632,912 $ 705,678 $ 29,301 $ (667,789 ) $ 700,102 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 12,568 — 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 13,962 — 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 Other long-term assets 85,501 944 722 (84,989 ) 2,178 Total assets $ 739,561 $ 820,096 $ 46,637 $ (784,319 ) $ 821,975 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 1,473 — 46,869 Total current liabilities 8,989 57,221 3,832 — 70,042 Long-term debt, less debt issuance costs 387,217 — — — 387,217 Deferred income taxes — 102,491 — (84,989 ) 17,502 Other long-term liabilities 712 3,294 565 — 4,571 Total liabilities 396,918 163,006 4,397 (84,989 ) 479,332 Total shareholders’ equity 342,643 657,090 42,240 (699,330 ) 342,643 Total liabilities and shareholders’ equity $ 739,561 $ 820,096 $ 46,637 $ (784,319 ) $ 821,975 |
Condensed Consolidated Statements of Operations | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) Year ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 270,268 $ 6,808 $ — $ 277,076 Costs and expenses: Operating costs — 194,515 9,434 — 203,949 Depreciation and amortization 1,250 106,193 6,869 — 114,312 General and administrative 21,657 38,564 1,515 (552 ) 61,184 Bad debt expense (recovery) — 156 — — 156 Impairment charges — 12,260 555 — 12,815 Gain on dispositions of property and equipment, net — (1,838 ) (54 ) — (1,892 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 22,907 344,990 23,179 (552 ) 390,524 Income (loss) from operations (22,907 ) (74,722 ) (16,371 ) 552 (113,448 ) Other (expense) income: Equity in earnings of subsidiaries (63,374 ) (17,835 ) — 81,209 — Interest expense, net of interest capitalized (25,845 ) (88 ) (1 ) — (25,934 ) Loss on extinguishment of debt (299 ) — — — (299 ) Other 18 1,430 (338 ) (552 ) 558 Total other (expense) income (89,500 ) (16,493 ) (339 ) 80,657 (25,675 ) Income (loss) before income taxes (112,407 ) (91,215 ) (16,710 ) 81,209 (139,123 ) Income tax (expense) benefit 1 (15,984 ) 27,841 (1,125 ) — 10,732 Net income (loss) $ (128,391 ) $ (63,374 ) $ (17,835 ) $ 81,209 $ (128,391 ) 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 ) 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 CONSOLIDATING STATEMENTS OF OPERATIONS (Continued) (in thousands) Year ended December 31, 2014 Parent Guarantor Non-Guarantor 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 ) 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 CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Year ended December 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (39,344 ) $ 45,035 $ (560 ) $ — $ 5,131 Cash flows from investing activities: Purchases of property and equipment (452 ) (31,049 ) (880 ) — (32,381 ) Proceeds from sale of property and equipment — 7,523 54 — 7,577 Proceeds from insurance recoveries — 37 — — 37 (452 ) (23,489 ) (826 ) — (24,767 ) Cash flows from financing activities: Debt repayments (71,000 ) — — — (71,000 ) Proceeds from issuance of debt 22,000 — — — 22,000 Debt issuance costs (819 ) — — — (819 ) Proceeds from exercise of options 183 — — — 183 Proceeds from common stock, net of offering costs 65,430 — — — 65,430 Purchase of treasury stock (124 ) — — — (124 ) Intercompany contributions/distributions 16,803 (16,698 ) (105 ) — — 32,473 (16,698 ) (105 ) — 15,670 Net increase (decrease) in cash and cash equivalents (7,323 ) 4,848 (1,491 ) — (3,966 ) Beginning cash and cash equivalents 17,221 (5,612 ) 2,551 — 14,160 Ending cash and cash equivalents $ 9,898 $ (764 ) $ 1,060 $ — $ 10,194 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Continued) (in thousands) 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 fishing and rental services operations 15,090 — — — 15,090 Proceeds from sale of property and equipment — 8,069 301 — 8,370 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 |
Organization and Summary of S35
Organization and Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)modrilling_rigs | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Cash and Cash Equivalents | |||
Cash Equivalents, at Carrying Value | $ 0 | $ 1,300,000 | |
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 | $ 7,417,000 | 13,624,000 | |
Intangible Assets | |||
Intangible assets, net of accumulated amortization | 403,000 | 1,944,000 | |
Sensitivity Analysis of Fair Value, Change in Impairment De to Change in Assumption, Impact of One Percent Increase of Utilization Assumption | 0.01 | ||
Sensitivity Analysis of Fair Value, Change in Impairment Due to Change in Assumption, Impact of One Percent Increase of Pricing Assumption | 0.01 | ||
Sensitivity Analysis of Fair Value, Change in Impairment Due to Change in Assumption, Impact of Five Percent Decrease of Discount Rate Assumption | 0.05 | ||
Related Party Transactions | |||
Related Party Transaction, Amounts of Transaction | 200,000 | 200,000 | $ 400,000 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Debt Issuance Costs, Net | $ 6,527,000 | 7,783,000 | |
Average Term to Drill Individual Well, Maximum | 30 | ||
Recognition of Deferred Revenue | $ 1,600,000 | $ 1,100,000 | $ 4,600,000 |
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 | ||
Top Three Revenue Producing Clients [Member] | Sales Revenue, Net [Member] | |||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Concentration Risk, Percentage | 26.00% | 29.00% | 28.00% |
Production Services Segment [Member] | |||
Trade Receivables | |||
Payment Term In Days For Services Invoiced Average | 30 days | ||
Unbilled Accounts Receivable | |||
Unbilled receivables | $ 375,000 | $ 1,090,000 | |
Drilling Services Segment [Member] | |||
Business - Drilling | |||
Drilling Rigs | drilling_rigs | 24 | ||
Drilling Services Segment [Member] | Turnkey Drilling Contract [Member] | |||
Unbilled Accounts Receivable | |||
Unbilled receivables | $ 0 | 606,000 | |
Drilling Services Segment [Member] | Daywork Drilling Contract [Member] | |||
Unbilled Accounts Receivable | |||
Unbilled receivables | $ 7,042,000 | 11,928,000 | |
Drilling Services Segment [Member] | Geographic Distribution, Domestic [Member] | |||
Business - Drilling | |||
Drilling Rigs | drilling_rigs | 16 | ||
Pad-Capable [Member] | Drilling Services Segment [Member] | |||
Business - Drilling | |||
Percentage of Drilling Fleet | 100.00% | ||
AC [Member] | Drilling Services Segment [Member] | United States [Member] | |||
Business - Drilling | |||
Drilling Rigs | drilling_rigs | 16 | ||
Finite-Lived Intangible Assets [Member] | Income Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Intangible Assets | |||
Sensitivity Analysis of Fair Value, Change in Impairment De to Change in Assumption, Impact of One Percent Increase of Utilization Assumption | 1,000,000 | ||
Sensitivity Analysis of Fair Value, Change in Impairment Due to Change in Assumption, Impact of One Percent Increase of Pricing Assumption | 2,000,000 | ||
Sensitivity Analysis of Fair Value, Change in Impairment Due to Change in Assumption, Impact of Five Percent Decrease of Discount Rate Assumption | $ 2,000,000 | ||
Fair Value Inputs, Discount Rate | 13.00% |
Organization and Summary of S36
Organization and Summary of Significant Accounting Policies (Drilling Services Segment) (Details) - Drilling Services Segment [Member] | Dec. 31, 2016drilling_rigs |
Accounting Policies [Line Items] | |
Drilling Rigs | 24 |
South Texas [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 1 |
West Texas [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 7 |
North Dakota [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 2 |
Appalachia [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 6 |
SCR Drilling Rigs [Member] | Colombia [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 8 |
Pad-Capable [Member] | |
Accounting Policies [Line Items] | |
Percentage of Drilling Fleet | 100.00% |
AC [Member] | United States [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 16 |
Geographic Distribution, Domestic [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 16 |
Organization and Summary of S37
Organization and Summary of Significant Accounting Policies (Production Services Segment) (Details) - Production Services Segment [Member] | Dec. 31, 2016coiled_tubing_unitswell_service_rigswireline_tubing_units |
Accounting Policies [Line Items] | |
Well Servicing Rigs | well_service_rigs | 125 |
Wireline Units | wireline_tubing_units | 114 |
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 | 108 |
Coiled Tubing Units | coiled_tubing_units | 12 |
Organization and Summary of S38
Organization and Summary of Significant Accounting Policies (Drilling Contracts) (Details) - Drilling Services Segment [Member] | Dec. 31, 2016drilling_rigs |
Accounting Policies [Line Items] | |
Drilling Rigs | 24 |
Received Early Termination Notice on Contract [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 19 |
Received Early Termination Notice on Contract in 2016 [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 3 |
Geographic Distribution, Domestic [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 16 |
Geographic Distribution, Domestic [Member] | Currently Under Drilling Contract [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 13 |
Geographic Distribution, Domestic [Member] | Currently Under Drilling Contract [Member] | Term Contract [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 9 |
Geographic Distribution, Foreign [Member] | Currently Under Drilling Contract [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 4 |
Geographic Distribution, Foreign [Member] | Currently Under Drilling Contract [Member] | Term Contract [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 3 |
Organization and Summary of S39
Organization and Summary of Significant Accounting Policies (Deferred Revenues) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred revenues | $ 1,449 | $ 6,222 |
Drilling Services Segment [Member] | ||
Deferred revenues | 1,449 | 6,222 |
Costs in Excess of Billings, Current | 2,290 | 1,539 |
Deferred Revenue, Noncurrent | 202 | 901 |
Costs in Excess of Billings, Noncurrent | $ 212 | $ 928 |
Organization and Summary of S40
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | |||
Balance of allowance at beginning of year | $ 2,254 | $ 2,547 | $ 1,356 |
Increase in allowance charged to expense | (404) | (472) | (1,445) |
Accounts charged against allowance | 980 | 765 | 254 |
Balance of allowance at ending of year | $ 1,678 | $ 2,254 | $ 2,547 |
Organization and Summary of S41
Organization and Summary of Significant Accounting Policies (Intangible Assets) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | |||
Sensitivity Analysis of Fair Value, Change in Impairment Due to Change in Assumption, Impact of One Percent Increase of Pricing Assumption | $ 0.01 | ||
Sensitivity Analysis of Fair Value, Change in Impairment De to Change in Assumption, Impact of One Percent Increase of Utilization Assumption | 0.01 | ||
Sensitivity Analysis of Fair Value, Change in Impairment Due to Change in Assumption, Impact of Five Percent Decrease of Discount Rate Assumption | 0.05 | ||
Intangible assets, net of accumulated amortization | $ 403,000 | 1,944,000 | |
Amortization of Intangible Assets | 1,500,000 | 7,900,000 | $ 8,000,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 0 | ||
Client Relationships [Member] | |||
Accounting Policies [Line Items] | |||
Intangible Assets, Explanation of Significant Deletions | 12,145 | ||
Finite-Lived Intangible Assets, Gross | $ 1,547,000 | 13,692,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,149,000) | (11,782,000) | |
Noncompete Agreements [Member] | |||
Accounting Policies [Line Items] | |||
Intangible Assets, Explanation of Significant Deletions | 425 | ||
Finite-Lived Intangible Assets, Gross | $ 150,000 | 575,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (145,000) | (541,000) | |
Minimum [Member] | Client Relationships [Member] | |||
Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||
Minimum [Member] | Noncompete Agreements [Member] | |||
Accounting Policies [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 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 | 14,300,000 | ||
Intangible assets, net of accumulated amortization | $ 0 |
Organization and Summary of S42
Organization and Summary of Significant Accounting Policies (Unbilled Accounts Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unbilled Receivables [Line Items] | |||
Recognition of Deferred Revenue | $ 1,600 | $ 1,100 | $ 4,600 |
Unbilled receivables | 7,417 | 13,624 | |
Production Services Segment [Member] | |||
Unbilled Receivables [Line Items] | |||
Unbilled receivables | 375 | 1,090 | |
Turnkey Drilling Contract [Member] | Drilling Services Segment [Member] | |||
Unbilled Receivables [Line Items] | |||
Unbilled receivables | 0 | 606 | |
Daywork Drilling Contract [Member] | Drilling Services Segment [Member] | |||
Unbilled Receivables [Line Items] | |||
Unbilled receivables | $ 7,042 | $ 11,928 |
Property and Equipment (Details
Property and Equipment (Details) $ in Thousands | Sep. 17, 2014USD ($) | Dec. 31, 2016USD ($)well_service_rigsdrilling_rigswireline_tubing_units | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2016USD ($)well_service_rigsdrilling_rigswireline_tubing_units | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2014USD ($)drilling_rigs | Sep. 30, 2015drilling_rigs | Jun. 30, 2015drilling_rigs |
Property, Plant and Equipment [Line Items] | |||||||||
Capital Expenditures | $ 32,556 | $ 142,907 | $ 188,121 | ||||||
Construction in Progress, Gross | $ 8,700 | $ 18,600 | $ 18,600 | 8,700 | 18,600 | ||||
Interest Costs Capitalized | 200 | 3,000 | 700 | ||||||
Gain (Loss) on Dispositions of Property Plant and Equipment, net | 1,892 | 4,344 | 1,859 | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | 10,702 | ||||||
Net property and equipment | 584,080 | 702,585 | 702,585 | 584,080 | 702,585 | ||||
Assets held for sale | $ 15,093 | $ 4,619 | $ 4,619 | 15,093 | 4,619 | ||||
Impairment charges | 12,815 | 129,152 | 73,025 | ||||||
Proceeds from sale of property and equipment | 7,577 | 57,674 | 8,370 | ||||||
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 | ||||||||
Coiled Tubing Operations [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | 0 | 30,936 | 0 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 11,897 | 9,858 | 1,977 | ||||||
Drilling Services Segment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impaired Assets to be Disposed of by a Method Other than a Sale, Count | 1 | ||||||||
Capital Expenditures | $ 19,796 | $ 113,060 | 112,483 | ||||||
Drilling Rig, 2015 New-Build | drilling_rigs | 5 | 5 | |||||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | $ 4,000 | $ 4,000 | |||||||
Expected Insurance Proceeds for Damaged Drilling Rig | $ 3,100 | ||||||||
Drilling Rigs | drilling_rigs | 24 | 24 | |||||||
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 | ||||||||
Drilling Services Segment [Member] | Mechanical and Lower Horsepower Drilling Rigs [Member] | Impaired In Prior Period [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Disposed Drilling Rigs | drilling_rigs | 28 | ||||||||
Drilling Services Segment [Member] | SCR Drilling Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Segment Reporting Information, Retired Drilling Rigs | drilling_rigs | 2 | ||||||||
Disposed Drilling Rigs | drilling_rigs | 3 | ||||||||
Drilling Services Segment [Member] | Colombia [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 0 | $ 60,130 | $ 0 | ||||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 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] | Colombia [Member] | SCR Drilling Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 8 | 8 | |||||||
Drilling Services Segment [Member] | United States [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 918 | $ 28,228 | 71,048 | ||||||
Drilling Services Segment [Member] | United States [Member] | SCR rigs pad-capable [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 18,600 | ||||||||
Drilling Services Segment [Member] | United States [Member] | Recoverability Test Passed [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 7 | ||||||||
Drilling Services Segment [Member] | United States [Member] | SCR rigs pad-capable [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 6 | 6 | 6 | ||||||
Disposed Drilling Rigs | drilling_rigs | 1 | 3 | |||||||
Drilling Services Segment [Member] | United States [Member] | SCR rigs not pad-capable [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 9,660 | ||||||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 6 | ||||||||
Disposed Drilling Rigs | drilling_rigs | 3 | ||||||||
Production Services Segment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Capital Expenditures | $ 12,321 | 29,228 | $ 74,652 | ||||||
Wireline Units | wireline_tubing_units | 114 | 114 | |||||||
Well Servicing Rigs | well_service_rigs | 125 | 125 | |||||||
Production Services Segment [Member] | Coiled Tubing Units [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment charges | $ 16,600 | ||||||||
Production Services Segment [Member] | Wireline Units [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Wireline Units | wireline_tubing_units | 13 | 13 | |||||||
Production Services Segment [Member] | Well Service Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Well Servicing Rigs | well_service_rigs | 20 | 20 | |||||||
Well Service Rigs [Member] | Production Services Segment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Well Servicing Rigs | well_service_rigs | 20 | 20 | |||||||
Drilling Rigs Sold During the Period [Member] | Drilling Services Segment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gross Proceeds from Sale of Property, Plant and Equipment | $ 11,000 | ||||||||
Net Proceeds from Sale of Property, Plant and Equipment | 53,600 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Drilling Services Segment [Member] | Mechanical and Lower Horsepower Drilling Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 3 | 3 | 3 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Drilling Services Segment [Member] | SCR Drilling Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 2 | 2 | |||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Drilling Services Segment [Member] | United States [Member] | SCR rigs not pad-capable [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 1 | 1 | 1 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Drilling Services Segment [Member] | United States [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | SCR rigs pad-capable [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 2 | 2 | |||||||
Drilling Rigs Retired [Member] | Drilling Services Segment [Member] | United States [Member] | SCR rigs not pad-capable [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 2 | 2 | |||||||
Geographic Distribution, Domestic [Member] | Drilling Services Segment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 16 | 16 | |||||||
Geographic Distribution, Domestic [Member] | Drilling Services Segment [Member] | Drilling Rigs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Drilling Rigs | drilling_rigs | 6 | 6 |
Property and Equipment (Estimat
Property and Equipment (Estimated useful lives and costs of asset classes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,058,261 | $ 1,146,994 |
Drilling Rigs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 589,243 | 649,805 |
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 Service Rigs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 226,294 | 246,539 |
Well Service Rigs [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Well Service 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 | $ 142,909 | 148,501 |
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 | $ 16,512 | 10,740 |
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 | $ 45,424 | 51,776 |
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 | $ 11,628 | 11,986 |
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 | $ 23,884 | 25,228 |
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 | $ 2,367 | $ 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 (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 346,000 | $ 395,000 |
Less unamortized debt issuance costs | 6,527 | 7,783 |
Long-term Debt, Excluding Current Maturities | 339,473 | 387,217 |
Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 300,000 | 300,000 |
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 46,000 | $ 95,000 |
Debt (Details)
Debt (Details) - USD ($) | Jun. 30, 2016 | Mar. 19, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2017 | Oct. 23, 2014 | Mar. 18, 2014 | Nov. 01, 2011 |
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Sale of common stock, net of offering costs | $ 65,430,000 | $ 0 | $ 0 | ||||||
Senior Notes [Abstract] | |||||||||
Payments of Debt Extinguishment Costs | 0 | 0 | 21,553,000 | ||||||
Debt Issuance Costs, Net | 6,527,000 | 7,783,000 | |||||||
Amortization of Financing Costs | 1,800,000 | 1,700,000 | 2,100,000 | ||||||
Loss on extinguishment of debt | (299,000) | $ (2,186,000) | (31,221,000) | ||||||
Senior Notes, 2014 [Member] | |||||||||
Senior Notes [Abstract] | |||||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | ||||||||
Proceeds from Issuance of Debt | $ 293,900,000 | ||||||||
Debt Instrument, Actual Value to Face Value, Percentage | 100.00% | ||||||||
Deferred Finance Costs, Gross | $ 6,100,000 | ||||||||
Senior Notes, 2010 and 2011 [Member] | |||||||||
Senior Notes [Abstract] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | ||||||||
Debt Instrument, Repurchased Face Amount | $ 425,000,000 | ||||||||
Payments of Debt Extinguishment Costs | 21,600,000 | ||||||||
Debt Instrument, Unamortized Discount on Notes Tendered | 4,800,000 | ||||||||
Unamortized Deferred Finance Costs on Notes Tendered | 4,800,000 | ||||||||
Loss on extinguishment of debt | $ (31,221,000) | ||||||||
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 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% | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Aggregate cash threshold for mandatory debt pay down | $ 20,000,000 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Maximum borrowing capacity | $ 175,000,000 | 150,000,000 | |||||||
Outstanding Voting Equity Interests of First Tier Foreign Subsidiaries That Secure Debt Obligations | 65.00% | ||||||||
Outstanding Non-voting equity interest used to secure debt | 100.00% | ||||||||
Aggregate outstanding commitment threshold | $ 150,000,000 | ||||||||
Pro forma senior leverage ratio | 2 | ||||||||
Pro forma total leverage ratio | 4.50 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Basis spread | 5.50% | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | Prime Rate [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Basis spread | 4.50% | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | For the three-fiscal quarter periods ending March 31, 2017 [Member] [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Minimum EBITDA requirement | $ 7,000,000 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | For the quarterly period ending September 30, 2017 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Minimum interest coverage ratio, calculated by EBITDA | 1 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | On September 30, 2017 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Maximum senior consolidated leverage ratio, divided by EBITDA | 5 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | On December 31, 2017 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Maximum senior consolidated leverage ratio, divided by EBITDA | 4 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | On March 31, 2018 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Maximum senior consolidated leverage ratio, divided by EBITDA | 3.5 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | On June 30, 2018 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Maximum senior consolidated leverage ratio, divided by EBITDA | 3.25 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | Subsequent to June 30, 2018 [Member] [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Maximum senior consolidated leverage ratio, divided by EBITDA | 2.5 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | For the quarterly period ending December 31, 2017 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Minimum interest coverage ratio, calculated by EBITDA | 1.25 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | For any quarterly period ending after December 31, 2017 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Minimum interest coverage ratio, calculated by EBITDA | 1.5 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | For the four-fiscal quarter periods ending June 30, 2017 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Minimum EBITDA requirement | $ 12,000,000 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | For fiscal year 2017 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Restrictions for capital expenditures | $ 35,000,000 | ||||||||
Capital expenditure increase threshold, percentage increase of unused portion | 50.00% | ||||||||
Capital expenditure increase threshold, maximum | $ 5,000,000 | ||||||||
Line of Credit Facility, Capital Expenditure Limitation, Maximum Capital Expenditure for Current Year, Threshold | $ 101,700,000 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | For fiscal year 2018 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Restrictions for capital expenditures | $ 50,000,000 | ||||||||
Capital expenditure increase threshold, percentage increase of unused portion | 50.00% | ||||||||
Capital expenditure increase threshold, maximum | $ 7,500,000 | ||||||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | For fiscal year 2019 [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Restrictions for capital expenditures | $ 50,000,000 | ||||||||
Capital expenditure increase threshold, percentage increase of unused portion | 50.00% | ||||||||
Capital expenditure increase threshold, maximum | $ 7,500,000 | ||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Amount outstanding | $ 49,700,000 | ||||||||
Letters of credit outstanding | 11,800,000 | ||||||||
Borrowing available | $ 88,500,000 | ||||||||
Common Stock [Member] | |||||||||
Senior Secured Revolving Credit Facility [Abstract] | |||||||||
Sale of common stock, net of offering costs, shares | 12,075,000 |
Leases (Details)
Leases (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Operating Leased Assets [Line Items] | |||
Liability for Exit Costs on Leases | $ 100,000 | $ 300,000 | |
Business Exit Costs | 500,000 | ||
Operating Leases, Rent Expense, Net | 5,000,000 | $ 6,200,000 | $ 5,900,000 |
Future Lease Obligations Required | |||
2,017 | 3,427,000 | ||
2,018 | 2,673,000 | ||
2,019 | 2,199,000 | ||
2,020 | 1,394,000 | ||
2,021 | 471,000 | ||
Thereafter | 116,000 | ||
Operating Leases, Future Minimum Payments Due | 10,280,000 | ||
Corporate Office [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Leases, Future Monthly Lease Payments | 46,502 | ||
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 | 41 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Worth Tax Obligation | $ 700 | $ 1,200 | ||||
Domestic net operating loss carryforwards | 122,769 | 84,853 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 8,640 | 3,909 | ||||
Deferred Tax Assets, Net, Current | 6,800 | |||||
Deferred Tax Assets, Valuation Allowance | (57,820) | (18,627) | ||||
Capital loss carryforward | 0 | $ 666 | ||||
Tax Credit Carryforward, Valuation Allowance | 700 | |||||
Deferred Tax Assets, Operating Loss Carryforwards | 131,409 | |||||
Undistributed Earnings of Foreign Subsidiaries | $ 41,200 | |||||
Foreign equality tax rate | 15.00% | 14.00% | 9.00% | |||
Combined foreign statutory tax rate | 40.00% | 39.00% | ||||
Subsequent Event [Member] | ||||||
Foreign General Corporate Tax Rate, current | 25.00% | |||||
Foreign equality tax rate | 18.00% | 17.00% | ||||
Combined foreign statutory tax rate | 43.00% | 42.00% | ||||
Net Worth Tax Obligation | $ 300 | |||||
Foreign general corporate tax rate, as amended | 33.00% | 37.00% | 40.00% | |||
Dividend Rate, foreign, percent | 5.00% | |||||
Drilling Services Segment [Member] | Colombia [Member] | ||||||
Deferred Tax Assets, Valuation Allowance | $ (21,100) | |||||
Valuation Allowance, Operating Loss Carryforwards [Member] | Foreign Tax Authority [Member] | ||||||
Deferred Tax Assets, Valuation Allowance | $ (21,100) |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (122,277) | $ (123,499) | $ (49,050) |
Foreign | (16,846) | (69,220) | (272) |
Income (loss) before income taxes | $ (139,123) | $ (192,719) | $ (49,322) |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax: | |||||||||||
Federal | $ (219) | $ (535) | $ (112) | ||||||||
State | (95) | 401 | 1,325 | ||||||||
Foreign | 1,189 | 1,238 | 3,149 | ||||||||
Current Income Tax Expense (Benefit) | 875 | 1,104 | 4,362 | ||||||||
Deferred taxes: | |||||||||||
Federal | (12,500) | (42,113) | (17,438) | ||||||||
State | 902 | 29 | 1,304 | ||||||||
Foreign | (9) | 3,401 | 468 | ||||||||
Deferred Income Tax Expense (Benefit) | (11,607) | (38,683) | (15,666) | ||||||||
Income tax expense (benefit) | $ (5,086) | $ (1,698) | $ (1,990) | $ (1,958) | $ (23,861) | $ (6,682) | $ (2,586) | $ (4,450) | $ (10,732) | $ (37,579) | $ (11,304) |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Expected tax expense (benefit) | $ (48,693) | $ (67,452) | $ (17,263) | ||||||||
Valuation allowance | 38,324 | 20,329 | 496 | ||||||||
State income taxes | (3,033) | (2,066) | 1,214 | ||||||||
Incentive stock options | 97 | 83 | (208) | ||||||||
Other, net | (215) | 155 | (119) | ||||||||
Income tax expense (benefit) | $ (5,086) | $ (1,698) | $ (1,990) | $ (1,958) | $ (23,861) | $ (6,682) | $ (2,586) | $ (4,450) | (10,732) | (37,579) | (11,304) |
Foreign Tax Authority [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Foreign currency translation gain (loss) | 838 | 8,660 | 2,699 | ||||||||
Net tax benefits and nondeductible expenses in foreign jurisdictions | 407 | 2,135 | 1,128 | ||||||||
Effects of change in tax laws | 516 | 0 | (171) | ||||||||
Domestic Country [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Nondeductible expenses for tax purposes | 386 | 577 | 920 | ||||||||
Expiration of capital loss | $ 641 | $ 0 | $ 0 |
Income Taxes (Schedule of Inc52
Income Taxes (Schedule of Income Tax (Expense), Intraperiod Allocation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Results of operations | $ (5,086) | $ (1,698) | $ (1,990) | $ (1,958) | $ (23,861) | $ (6,682) | $ (2,586) | $ (4,450) | $ (10,732) | $ (37,579) | $ (11,304) |
Stockholders' equity | 2,287 | 962 | 201 | ||||||||
Income tax expense (benefit) | $ (8,445) | $ (36,617) | $ (11,103) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Components of Deferred Tax Assets [Abstract] | ||
Domestic net operating loss carryforwards | $ 122,769 | $ 84,853 |
Foreign net operating loss carryforward | 8,640 | 3,909 |
Intangibles | 33,722 | 37,634 |
Deferred Tax Assets, Property, Plant and Equipment | 11,809 | 10,317 |
Employee benefits and insurance claims accruals | 6,802 | 6,307 |
Employee stock-based compensation | 6,732 | 8,093 |
Accounts receivable reserve | 626 | 849 |
Inventory | 613 | 631 |
Accrued expenses not deductible for tax purposes | 232 | 453 |
Accrued revenue not income for book purposes | 277 | 695 |
Capital loss carryforward | 0 | 666 |
Deferred Tax Assets, Gross | 192,222 | 154,407 |
Deferred Tax Assets, Valuation Allowance | (57,820) | (18,627) |
Components of Deferred Tax Liabilities [Abstract] | ||
Property and equipment | (142,582) | (153,282) |
Total deferred tax liabilities | $ (8,180) | $ (17,502) |
Fair Value of Financial Instr54
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 339,473 | $ 387,217 |
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 326,249 | $ 242,354 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator (both basic and diluted) | |||||||||||
Net loss | $ (36,081) | $ (34,620) | $ (29,991) | $ (27,699) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | $ (128,391) | $ (155,140) | $ (38,018) |
Denominator | |||||||||||
Weighted-average shares (denominator for basic earnings per share) | 65,452 | 64,310 | 63,161 | ||||||||
Diluted effect of outstanding stock options, restricted stock and restricted stock unit awards | 0 | 0 | 0 | ||||||||
Denominator for diluted earnings per share | 65,452 | 64,310 | 63,161 | ||||||||
Loss per common share - Basic | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (1.96) | $ (2.41) | $ (0.60) |
Loss per common share - Diluted | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (1.96) | $ (2.41) | $ (0.60) |
Stock Compensation Plan [Member] | |||||||||||
Denominator | |||||||||||
Potentially dilutive securities excluded as anti-dilutive | 4,953 | 4,832 | 3,949 |
Equity Transactions and Stock56
Equity Transactions and Stock-Based Compensation Plans (Narrative - Annual Disclosures Only) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2016 | May 15, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Registration Statement, Stated Maximum Amount Available for Equity or Debt Offerings | $ 300,000 | ||||
Registration Statement, Amount Available for Equity or Debt Offerings | $ 234,600 | ||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Sale of common stock, net of offering costs | $ 65,430 | $ 0 | $ 0 | ||
Number of Shares Available for Grant | 4,603,268 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 12 | 400 | 5,600 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 100 | $ 400 | $ 1,300 | ||
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.47 | $ 4.08 | $ 8.64 | ||
Achieved Performance Adjustment, Number of Shares | 0 | ||||
Equity Instruments Other than Options, Grants in Period | 264,009 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 397,790 | 386,533 | |||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Award Vesting Period | 39 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 6.66 | 9.67 | ||
Performance-based RSU performance period | 3 years | ||||
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% | ||||
Equity Instruments Other than Options, Grants in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 685,817 | 957,295 | |||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2013 [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Achieved Performance Adjustment, Number of Shares | (75,757) | ||||
Share-based Payment Award, Actual Achievement Level, Percentage | 72.00% | ||||
Restricted Stock [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Award Vesting Period | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.76 | $ 7.40 | $ 14.33 | ||
Equity Instruments Other than Options, Grants in Period | 166,664 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 166,664 | 47,296 | |||
Stock Options [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Award Vesting Period | 3 years | ||||
Expiration Period | 10 years | ||||
Phantom Share Units (PSUs) [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Award Vesting Period | 39 months | ||||
Basis for Determining Award on Individual Performance Factors Percentage | 50.00% | ||||
Basis for Determining Award on Market Factors, Percentage | 50.00% | ||||
Equity Instruments Other than Options, Grants in Period | 1,268,068 | ||||
Phantom Shares Performance Period | 3 years | ||||
Common Stock [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Sale of common stock, net of offering costs, shares | 12,075,000 |
Equity Transactions and Stock57
Equity Transactions and Stock-Based Compensation Plans (Schedule of Awards Granted) (Details) - Subsequent Event [Member] | Jan. 30, 2017shares |
Schedule of Share-Based Compensation, Stock Awards Granted [Line Items] | |
Additional Number of Shares Granted | 898,382 |
Stock Options [Member] | |
Schedule of Share-Based Compensation, Stock Awards Granted [Line Items] | |
Additional Number of Shares Granted | 268,185 |
Restricted Stock Units (RSUs) [Member] | |
Schedule of Share-Based Compensation, Stock Awards Granted [Line Items] | |
Additional Number of Shares Granted | 630,197 |
Equity Transactions and Stock58
Equity Transactions and Stock-Based Compensation Plans (Schedule of Allocation of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 3,944 | $ 3,629 | $ 7,617 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 766 | 923 | 1,275 |
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 421 | 399 | 548 |
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 2,757 | 2,307 | 5,794 |
Phantom Share Units (PSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 1,971 | $ 0 | $ 0 |
Equity Transactions and Stock59
Equity Transactions and Stock-Based Compensation Plans (Schedule of Unrecognized Compensation Cost) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,082 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 11 months 4 days |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 415 |
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 17 days |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 175 |
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 4 months 12 days |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,476 |
Phantom Share Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 28 days |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,016 |
Equity Transactions and Stock60
Equity Transactions and Stock-Based Compensation Plans (Schedule of Assumptions Used for Stock Options Granted) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 905,966 | ||
Grant-date fair value | $ 0.80 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 70.00% | 64.00% | 66.00% |
Risk-free interest rates | 1.50% | 1.40% | 1.70% |
Expected life in years | 5 years 8 months 11 days | 5 years 6 months 7 days | 5 years 5 months 27 days |
Grant-date fair value | $ 0.80 | $ 2.31 | $ 4.87 |
Equity Transactions and Stock61
Equity Transactions and Stock-Based Compensation Plans (Schedule of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Number of Shares [Abstract] | |
Options, Outstanding, Number, Beginning | shares | 4,221,954 |
Granted | shares | 905,966 |
Options, Forfeitures | shares | (696,691) |
Options Exercised, Shares | shares | (46,804) |
Options, Outstanding, Number, Ending | shares | 4,384,425 |
Options, Exercisable, Number | shares | 3,197,508 |
Weighted-Average Price Per Share [Abstract] | |
Options, Outstanding, Weighted Average Exercise Price, Beginning | $ / shares | $ 9.58 |
Options, Grants in Period, Weighted Average Exercise Price | $ / shares | 1.31 |
Options, Forfeitures, Weighted Average Exercise Price | $ / shares | 12.79 |
Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | 3.92 |
Options, Outstanding, Weighted Average Exercise Price, Ending | $ / shares | 7.42 |
Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 9.35 |
Weighted-Average Remaining Contract Life [Abstract] | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months 7 days |
Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 11 days |
Options, Outstanding, Intrinsic Value | $ | $ 7,741 |
Options, Exercisable, Intrinsic Value | $ | $ 2,125 |
Equity Transactions and Stock62
Equity Transactions and Stock-Based Compensation Plans (Schedule of Nonvested Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares [Abstract] | ||
Nonvested Options, Outstanding, Number, Beginning | 514,154 | |
Nonvested Options, Granted, Number | 905,966 | |
Nonvested Options, Vested in Period, Number | (233,203) | |
Nonvested Options, Outstanding, Number, Ending | 1,186,917 | 514,154 |
Weighted-Average Price Per Share [Abstract] | ||
Nonvested Stock Options Outstanding, Weighted Average Grant Date Price, Beginning | $ 3.19 | |
Nonvested Options, Grants in Period, Weighted Average Grant Date Price | 0.80 | |
Nonvested Options, Vested in Period, Weighted Average Grant Date Price | 3.55 | |
Nonvested Stock Options Outstanding, Weighted Average Grant Date Price, Ending | $ 1.29 | $ 3.19 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 47,296 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 2.76 | $ 7.41 |
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | $ 7.41 |
Equity Transactions and Stock63
Equity Transactions and Stock-Based Compensation Plans (Schedule of Restricted Stock and Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted-Average Price Per Share [Abstract] | |||
Grant-date fair value | $ 0.80 | ||
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member] | |||
Number of Shares [Abstract] | |||
Nonvested Restricted Stock Units, Number, Beginning | 386,533 | ||
Equity Instruments Other than Options, Grants in Period | 264,009 | ||
Achieved Performance Adjustment, Number of Shares | 0 | ||
Equity Instruments Other than Options, Vested in Period | (225,895) | ||
Restricted Stock Units, Forfeited in Period | (26,857) | ||
Nonvested Restricted Stock Units, Number, Ending | 397,790 | 386,533 | |
Weighted-Average Price Per Share [Abstract] | |||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Beginning | $ 6.93 | ||
Granted, Weighted-Average Grant-Date Fair Value per Unit | $ 1.47 | $ 4.08 | $ 8.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 314 | $ 1,575 | $ 2,679 |
Adjustments to Grants for Above Target payout, Grant Date Fair Value per Unit | $ 0 | ||
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | 7.21 | ||
Restricted Stock Units, Forfeitures, Weighted Average Grant Date Fair Value | 2.46 | ||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Ending | $ 3.45 | $ 6.93 | |
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs [Member] | |||
Number of Shares [Abstract] | |||
Nonvested Restricted Stock Units, Number, Beginning | 957,295 | ||
Equity Instruments Other than Options, Grants in Period | 0 | ||
Equity Instruments Other than Options, Vested in Period | (195,721) | ||
Restricted Stock Units, Forfeited in Period | 0 | ||
Nonvested Restricted Stock Units, Number, Ending | 685,817 | 957,295 | |
Weighted-Average Price Per Share [Abstract] | |||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Beginning | $ 7.57 | ||
Granted, Weighted-Average Grant-Date Fair Value per Unit | $ 0 | $ 6.66 | $ 9.67 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 609 | $ 1,402 | $ 2,330 |
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | $ 8.29 | ||
Restricted Stock Units, Forfeitures, Weighted Average Grant Date Fair Value | 0 | ||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Ending | $ 7.28 | $ 7.57 | |
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2013 [Member] | |||
Number of Shares [Abstract] | |||
Achieved Performance Adjustment, Number of Shares | (75,757) | ||
Weighted-Average Price Per Share [Abstract] | |||
Adjustments to Grants for Above Target payout, Grant Date Fair Value per Unit | $ 8.29 |
Employee Benefit Plans and In64
Employee Benefit Plans and Insurance (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / employees | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ | $ 0.3 | $ 4.2 | $ 6.4 |
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 | 2.4 | |
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 | $ | $ 4.4 | $ 5.5 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016segments | |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 700,102 | $ 821,975 | $ 700,102 | $ 821,975 | $ 1,171,589 | ||||||
Drilling Services Revenue | 119,207 | 249,318 | 516,473 | ||||||||
Drilling Services Costs and Expenses | 73,151 | 144,196 | 348,133 | ||||||||
Production Services Revenue | 157,869 | 291,460 | 538,750 | ||||||||
Production Services Costs and Expenses | 130,798 | 213,820 | 339,690 | ||||||||
Revenues | 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | 277,076 | 540,778 | 1,055,223 |
Operating Costs | 203,949 | 358,016 | 687,823 | ||||||||
Segment Margin | 73,127 | 182,762 | 367,400 | ||||||||
Depreciation and amortization | 114,312 | 150,939 | 183,376 | ||||||||
Capital Expenditures | 32,556 | 142,907 | 188,121 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 14,331 | 22,237 | 14,331 | 22,237 | 25,847 | ||||||
Depreciation and amortization | 1,250 | 1,339 | 625 | ||||||||
Capital Expenditures | 439 | 619 | 986 | ||||||||
Drilling Services Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | 452,290 | 518,208 | 452,290 | 518,208 | 702,987 | ||||||
Segment Margin | 46,056 | 105,122 | 168,340 | ||||||||
Depreciation and amortization | 60,769 | 80,265 | 116,425 | ||||||||
Capital Expenditures | 19,796 | 113,060 | 112,483 | ||||||||
Production Services Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 233,481 | $ 281,530 | 233,481 | 281,530 | 442,755 | ||||||
Segment Margin | 27,071 | 77,640 | 199,060 | ||||||||
Depreciation and amortization | 52,293 | 69,335 | 66,326 | ||||||||
Capital Expenditures | $ 12,321 | $ 29,228 | $ 74,652 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||||||||||
Consolidated Margin | $ 73,127 | $ 182,762 | $ 367,400 | ||||||||
Depreciation and amortization | (114,312) | (150,939) | (183,376) | ||||||||
General and administrative | (61,184) | (73,903) | (103,385) | ||||||||
Bad debt (expense) recovery | (156) | 188 | (1,445) | ||||||||
Impairment charges | (12,815) | (129,152) | (73,025) | ||||||||
Gain on dispositions of property and equipment, net | (1,892) | (4,344) | (1,859) | ||||||||
Gain on sale of fishing and rental services operations | 0 | 0 | (10,702) | ||||||||
Gain on litigation | 0 | 0 | 5,254 | ||||||||
Income (loss) from operations | $ (34,524) | $ (29,885) | $ (26,025) | $ (23,014) | $ (65,286) | $ (17,972) | $ (75,108) | $ (8,334) | $ (113,448) | $ (166,700) | $ 23,984 |
Segment Information (Schedule68
Segment Information (Schedule of Revenues from External Customers and Long-Lived Assets) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)drilling_rigs | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)drilling_rigs | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)drilling_rigs | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2014USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | $ 700,102 | $ 821,975 | $ 700,102 | $ 821,975 | $ 1,171,589 | ||||||
Revenues | 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | 277,076 | 540,778 | 1,055,223 |
Drilling Services Segment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | $ 452,290 | 518,208 | $ 452,290 | 518,208 | 702,987 | ||||||
Drilling Rigs | drilling_rigs | 24 | 24 | |||||||||
Drilling Services Segment [Member] | Colombia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Identifiable assets | $ 36,337 | $ 54,590 | $ 36,337 | 54,590 | 142,321 | ||||||
Revenues | $ 6,808 | $ 43,878 | $ 104,520 | ||||||||
Drilling Services Segment [Member] | Colombia [Member] | Drilling Rigs [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Drilling Rigs | drilling_rigs | 5 | 5 | 5 | 5 | |||||||
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) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Guarantor Obligations, Current Carrying Value | $ 36.3 | |
Loss Contingency Accrual | $ 0.6 | $ 0.6 |
Sale of Fishing and Rental Se70
Sale of Fishing and Rental Services Operations (Details) - USD ($) $ in Thousands | Sep. 17, 2014 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Significant Acquisitions and Disposals [Line Items] | |||||
Proceeds from sale of fishing and rental services operations | $ 0 | $ 0 | $ 15,090 | ||
Gain on sale of fishing and rental services operations | $ 0 | $ 0 | (10,702) | ||
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 | ||||
Operating costs | 5,097 | ||||
F&R margin | 2,731 | ||||
Loss before income taxes | $ (162) |
Quarterly Results of Operatio71
Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | $ 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | $ 277,076 | $ 540,778 | $ 1,055,223 |
Income (loss) from operations | (34,524) | (29,885) | (26,025) | (23,014) | (65,286) | (17,972) | (75,108) | (8,334) | (113,448) | (166,700) | 23,984 |
Income tax (expense) benefit | 5,086 | 1,698 | 1,990 | 1,958 | 23,861 | 6,682 | 2,586 | 4,450 | 10,732 | 37,579 | 11,304 |
Net loss | $ (36,081) | $ (34,620) | $ (29,991) | $ (27,699) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | $ (128,391) | $ (155,140) | $ (38,018) |
Earnings (loss) per share: | |||||||||||
Loss per common share - Basic | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (1.96) | $ (2.41) | $ (0.60) |
Loss per common share - Diluted | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.75) | $ (0.27) | $ (1.20) | $ (0.19) | $ (1.96) | $ (2.41) | $ (0.60) |
Guarantor_Non Guarantor Conde72
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Balance Sheet (Unaudited)) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | $ 0 | |||
Current assets: | ||||
Cash and cash equivalents | 10,194 | $ 14,160 | $ 34,924 | $ 27,385 |
Receivables, net of allowance | 72,123 | 79,816 | ||
Intercompany receivable (payable) | 0 | 0 | ||
Inventory | 9,660 | 9,262 | ||
Assets held for sale | 15,093 | 4,619 | ||
Prepaid expenses and other current assets | 6,926 | 7,411 | ||
Total current assets | 113,996 | 115,268 | ||
Net property and equipment | 584,080 | 702,585 | ||
Investments in subsidiaries | 0 | 0 | ||
Intangible assets, net of accumulated amortization | 403 | 1,944 | ||
Other long-term assets | 1,623 | 2,178 | ||
Total assets | 700,102 | 821,975 | 1,171,589 | |
Current liabilities: | ||||
Accounts payable | 19,208 | 16,951 | ||
Deferred revenues | 1,449 | 6,222 | ||
Accrued expenses | 45,345 | 46,869 | ||
Total current liabilities | 66,002 | 70,042 | ||
Long-term debt, less debt issuance costs | 339,473 | 387,217 | ||
Deferred income taxes | 8,180 | 17,502 | ||
Other long-term liabilities | 5,049 | 4,571 | ||
Total liabilities | 418,704 | 479,332 | ||
Total shareholders' equity | 281,398 | 342,643 | 495,064 | 518,433 |
Total liabilities and shareholders' equity | 700,102 | 821,975 | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | (65,041) | |||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net of allowance | (513) | 0 | ||
Intercompany receivable (payable) | 0 | 0 | ||
Inventory | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (513) | 0 | ||
Net property and equipment | 0 | 0 | ||
Investments in subsidiaries | (602,235) | (699,330) | ||
Intangible assets, net of accumulated amortization | 0 | 0 | ||
Other long-term assets | 0 | (84,989) | ||
Total assets | (667,789) | (784,319) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Deferred revenues | 0 | 0 | ||
Accrued expenses | (513) | 0 | ||
Total current liabilities | (513) | 0 | ||
Long-term debt, less debt issuance costs | 0 | 0 | ||
Deferred income taxes | (65,041) | (84,989) | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (65,554) | (84,989) | ||
Total shareholders' equity | (602,235) | (699,330) | ||
Total liabilities and shareholders' equity | (667,789) | (784,319) | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 0 | |||
Current assets: | ||||
Cash and cash equivalents | (764) | (5,612) | (5,516) | (2,059) |
Receivables, net of allowance | 64,946 | 67,174 | ||
Intercompany receivable (payable) | 35,427 | 31,108 | ||
Inventory | 5,659 | 5,591 | ||
Assets held for sale | 15,035 | 4,619 | ||
Prepaid expenses and other current assets | 4,014 | 4,767 | ||
Total current assets | 124,317 | 107,647 | ||
Net property and equipment | 556,062 | 667,321 | ||
Investments in subsidiaries | 24,270 | 42,240 | ||
Intangible assets, net of accumulated amortization | 403 | 1,944 | ||
Other long-term assets | 626 | 944 | ||
Total assets | 705,678 | 820,096 | ||
Current liabilities: | ||||
Accounts payable | 16,317 | 14,628 | ||
Deferred revenues | 680 | 5,570 | ||
Accrued expenses | 34,765 | 37,023 | ||
Total current liabilities | 51,762 | 57,221 | ||
Long-term debt, less debt issuance costs | 0 | 0 | ||
Deferred income taxes | 73,249 | 102,491 | ||
Other long-term liabilities | 2,702 | 3,294 | ||
Total liabilities | 127,713 | 163,006 | ||
Total shareholders' equity | 577,965 | 657,090 | ||
Total liabilities and shareholders' equity | 705,678 | 820,096 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 0 | |||
Current assets: | ||||
Cash and cash equivalents | 1,060 | 2,551 | 12,752 | 1,076 |
Receivables, net of allowance | 7,210 | 12,568 | ||
Intercompany receivable (payable) | (10,591) | (6,272) | ||
Inventory | 4,001 | 3,671 | ||
Assets held for sale | 58 | 0 | ||
Prepaid expenses and other current assets | 1,632 | 1,444 | ||
Total current assets | 3,370 | 13,962 | ||
Net property and equipment | 25,517 | 31,953 | ||
Investments in subsidiaries | 0 | 0 | ||
Intangible assets, net of accumulated amortization | 0 | 0 | ||
Other long-term assets | 414 | 722 | ||
Total assets | 29,301 | 46,637 | ||
Current liabilities: | ||||
Accounts payable | 2,345 | 1,707 | ||
Deferred revenues | 769 | 652 | ||
Accrued expenses | 1,777 | 1,473 | ||
Total current liabilities | 4,891 | 3,832 | ||
Long-term debt, less debt issuance costs | 0 | 0 | ||
Deferred income taxes | (28) | 0 | ||
Other long-term liabilities | 168 | 565 | ||
Total liabilities | 5,031 | 4,397 | ||
Total shareholders' equity | 24,270 | 42,240 | ||
Total liabilities and shareholders' equity | 29,301 | 46,637 | ||
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 65,041 | |||
Current assets: | ||||
Cash and cash equivalents | 9,898 | 17,221 | $ 27,688 | $ 28,368 |
Receivables, net of allowance | 480 | 74 | ||
Intercompany receivable (payable) | (24,836) | (24,836) | ||
Inventory | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 1,280 | 1,200 | ||
Total current assets | (13,178) | (6,341) | ||
Net property and equipment | 2,501 | 3,311 | ||
Investments in subsidiaries | 577,965 | 657,090 | ||
Intangible assets, net of accumulated amortization | 0 | 0 | ||
Other long-term assets | 583 | 85,501 | ||
Total assets | 632,912 | 739,561 | ||
Current liabilities: | ||||
Accounts payable | 546 | 616 | ||
Deferred revenues | 0 | 0 | ||
Accrued expenses | 9,316 | 8,373 | ||
Total current liabilities | 9,862 | 8,989 | ||
Long-term debt, less debt issuance costs | 339,473 | 387,217 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term liabilities | 2,179 | 712 | ||
Total liabilities | 351,514 | 396,918 | ||
Total shareholders' equity | 281,398 | 342,643 | ||
Total liabilities and shareholders' equity | $ 632,912 | $ 739,561 |
Guarantor_Non Guarantor Conde73
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Statements of Operations (Unaudited)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | $ 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | $ 104,473 | $ 107,480 | $ 135,011 | $ 193,814 | $ 277,076 | $ 540,778 | $ 1,055,223 |
Costs and expenses: | |||||||||||
Operating Costs | 203,949 | 358,016 | 687,823 | ||||||||
Depreciation and amortization | 114,312 | 150,939 | 183,376 | ||||||||
General and administrative | 61,184 | 73,903 | 103,385 | ||||||||
Intercompany leasing | 0 | 0 | 0 | ||||||||
Bad debt expense (recovery) | 156 | (188) | 1,445 | ||||||||
Impairment charges | 12,815 | 129,152 | 73,025 | ||||||||
Gain on dispositions of property and equipment, net | (1,892) | (4,344) | (1,859) | ||||||||
Gain on sale of fishing and rental services operations | 0 | 0 | (10,702) | ||||||||
Gain on litigation | 0 | 0 | (5,254) | ||||||||
Total costs and expenses | 390,524 | 707,478 | 1,031,239 | ||||||||
Income (loss) from operations | (34,524) | (29,885) | (26,025) | (23,014) | (65,286) | (17,972) | (75,108) | (8,334) | (113,448) | (166,700) | 23,984 |
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense | (25,934) | (21,222) | (38,781) | ||||||||
Loss on extinguishment of debt | 299 | 2,186 | 31,221 | ||||||||
Other | 558 | (2,611) | (3,304) | ||||||||
Total other expense | (25,675) | (26,019) | (73,306) | ||||||||
Income (loss) before income taxes | (139,123) | (192,719) | (49,322) | ||||||||
Income tax (expense) benefit | 5,086 | 1,698 | 1,990 | 1,958 | 23,861 | 6,682 | 2,586 | 4,450 | 10,732 | 37,579 | 11,304 |
Net income (loss) | $ (36,081) | $ (34,620) | $ (29,991) | $ (27,699) | $ (48,300) | $ (17,540) | $ (77,281) | $ (12,019) | (128,391) | (155,140) | (38,018) |
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 | 0 | (750) | 0 | ||||||||
Gain on dispositions of property and equipment, net | 0 | 0 | 0 | ||||||||
Gain on sale of fishing and rental services operations | 0 | ||||||||||
Gain on litigation | 0 | ||||||||||
Total costs and expenses | (552) | (1,302) | (552) | ||||||||
Income (loss) from operations | 552 | 1,302 | 552 | ||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | 81,209 | 201,012 | (17,487) | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other | (552) | (552) | (552) | ||||||||
Total other expense | 80,657 | 200,460 | (18,039) | ||||||||
Income (loss) before income taxes | 81,209 | 201,762 | (17,487) | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income (loss) | 81,209 | 201,762 | (17,487) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 270,268 | 496,900 | 950,703 | ||||||||
Costs and expenses: | |||||||||||
Operating Costs | 194,515 | 322,458 | 611,392 | ||||||||
Depreciation and amortization | 106,193 | 137,987 | 168,157 | ||||||||
General and administrative | 38,564 | 50,710 | 72,878 | ||||||||
Intercompany leasing | (4,860) | (4,860) | (4,860) | ||||||||
Bad debt expense (recovery) | 156 | 571 | 1,329 | ||||||||
Impairment charges | 12,260 | 73,270 | 73,025 | ||||||||
Gain on dispositions of property and equipment, net | (1,838) | (4,350) | (1,796) | ||||||||
Gain on sale of fishing and rental services operations | 10,702 | ||||||||||
Gain on litigation | 0 | ||||||||||
Total costs and expenses | 344,990 | 575,786 | 909,423 | ||||||||
Income (loss) from operations | (74,722) | (78,886) | 41,280 | ||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | (17,835) | (74,459) | (3,767) | ||||||||
Interest expense | (88) | (117) | (223) | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other | 1,430 | 1,687 | 2,985 | ||||||||
Total other expense | (16,493) | (72,889) | (1,005) | ||||||||
Income (loss) before income taxes | (91,215) | (151,775) | 40,275 | ||||||||
Income tax (expense) benefit | 27,841 | 25,222 | (19,021) | ||||||||
Net income (loss) | (63,374) | (126,553) | 21,254 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 6,808 | 43,878 | 104,520 | ||||||||
Costs and expenses: | |||||||||||
Operating Costs | 9,434 | 35,558 | 76,431 | ||||||||
Depreciation and amortization | 6,869 | 11,614 | 13,883 | ||||||||
General and administrative | 1,515 | 2,230 | 3,745 | ||||||||
Intercompany leasing | 4,860 | 4,860 | 4,860 | ||||||||
Bad debt expense (recovery) | 0 | (759) | 116 | ||||||||
Impairment charges | 555 | 56,632 | 0 | ||||||||
Gain on dispositions of property and equipment, net | (54) | (111) | (63) | ||||||||
Gain on sale of fishing and rental services operations | 0 | ||||||||||
Gain on litigation | 0 | ||||||||||
Total costs and expenses | 23,179 | 110,024 | 98,972 | ||||||||
Income (loss) from operations | (16,371) | (66,146) | 5,548 | ||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense | (1) | 23 | 4 | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other | (338) | (3,752) | (5,758) | ||||||||
Total other expense | (339) | (3,729) | (5,754) | ||||||||
Income (loss) before income taxes | (16,710) | (69,875) | (206) | ||||||||
Income tax (expense) benefit | (1,125) | (4,584) | (3,561) | ||||||||
Net income (loss) | (17,835) | (74,459) | (3,767) | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs and expenses: | |||||||||||
Operating Costs | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 1,250 | 1,338 | 1,336 | ||||||||
General and administrative | 21,657 | 21,515 | 27,314 | ||||||||
Intercompany leasing | 0 | 0 | 0 | ||||||||
Bad debt expense (recovery) | 0 | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | 0 | ||||||||
Gain on dispositions of property and equipment, net | 0 | 117 | 0 | ||||||||
Gain on sale of fishing and rental services operations | 0 | ||||||||||
Gain on litigation | 5,254 | ||||||||||
Total costs and expenses | 22,907 | 22,970 | 23,396 | ||||||||
Income (loss) from operations | (22,907) | (22,970) | (23,396) | ||||||||
Other (expense) income: | |||||||||||
Equity in earnings of subsidiaries | (63,374) | (126,553) | 21,254 | ||||||||
Interest expense | (25,845) | (21,128) | (38,562) | ||||||||
Loss on extinguishment of debt | 299 | 2,186 | 31,221 | ||||||||
Other | 18 | 6 | 21 | ||||||||
Total other expense | (89,500) | (149,861) | (48,508) | ||||||||
Income (loss) before income taxes | (112,407) | (172,831) | (71,904) | ||||||||
Income tax (expense) benefit | (15,984) | 16,941 | 33,886 | ||||||||
Net income (loss) | $ (128,391) | $ (155,890) | $ (38,018) |
Guarantor_Non Guarantor Conde74
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Cash Flows (Unaudited)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | $ 5,131 | $ 142,719 | $ 233,041 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (32,381) | (159,615) | (175,378) |
Proceeds from sale of property and equipment | 7,577 | 57,674 | 8,370 |
Proceeds from sale of fishing and rental services operations | 0 | 0 | 15,090 |
Proceeds from insurance recoveries | 37 | 285 | 0 |
Net cash used in investing activities | (24,767) | (101,656) | (151,918) |
Cash flows from financing activities: | |||
Debt repayments | (71,000) | (60,002) | (490,025) |
Proceeds from issuance of debt | 22,000 | 0 | 440,000 |
Debt issuance costs | (819) | (1,877) | (9,239) |
Tender premium costs | 0 | 0 | (21,553) |
Proceeds from exercise of options | 183 | 781 | 8,368 |
Sale of common stock, net of offering costs | 65,430 | 0 | 0 |
Purchase of treasury stock | (124) | (729) | (1,135) |
Intercompany contributions / distributions | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 15,670 | (61,827) | (73,584) |
Net increase (decrease) in cash and cash equivalents | (3,966) | (20,764) | 7,539 |
Beginning cash and cash equivalents | 14,160 | 34,924 | 27,385 |
Ending cash and cash equivalents | 10,194 | 14,160 | 34,924 |
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 | 0 | 269 | 0 |
Proceeds from sale of property and equipment | 0 | (269) | 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 |
Sale of common stock, net of offering costs | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany contributions / distributions | 0 | 0 | 0 |
Net cash provided by (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 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | 45,035 | 147,643 | 265,171 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (31,049) | (157,336) | (158,392) |
Proceeds from sale of property and equipment | 7,523 | 57,444 | 8,069 |
Proceeds from sale of fishing and rental services operations | 0 | ||
Proceeds from insurance recoveries | 37 | 285 | |
Net cash used in investing activities | (23,489) | (99,607) | (150,323) |
Cash flows from financing activities: | |||
Debt repayments | 0 | (2) | (25) |
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 |
Sale of common stock, net of offering costs | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany contributions / distributions | (16,698) | (48,130) | (118,280) |
Net cash provided by (used in) financing activities | (16,698) | (48,132) | (118,305) |
Net increase (decrease) in cash and cash equivalents | 4,848 | (96) | (3,457) |
Beginning cash and cash equivalents | (5,612) | (5,516) | (2,059) |
Ending cash and cash equivalents | (764) | (5,612) | (5,516) |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | (560) | (8,991) | 27,275 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (880) | (1,885) | (15,957) |
Proceeds from sale of property and equipment | 54 | 467 | 301 |
Proceeds from sale of fishing and rental services operations | 0 | ||
Proceeds from insurance recoveries | 0 | 0 | |
Net cash used in investing activities | (826) | (1,418) | (15,656) |
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 |
Sale of common stock, net of offering costs | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany contributions / distributions | (105) | 208 | 57 |
Net cash provided by (used in) financing activities | (105) | 208 | 57 |
Net increase (decrease) in cash and cash equivalents | (1,491) | (10,201) | 11,676 |
Beginning cash and cash equivalents | 2,551 | 12,752 | 1,076 |
Ending cash and cash equivalents | 1,060 | 2,551 | 12,752 |
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities: | (39,344) | 4,067 | (59,405) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (452) | (663) | (1,029) |
Proceeds from sale of property and equipment | 0 | 32 | 0 |
Proceeds from sale of fishing and rental services operations | 15,090 | ||
Proceeds from insurance recoveries | 0 | 0 | |
Net cash used in investing activities | (452) | (631) | 14,061 |
Cash flows from financing activities: | |||
Debt repayments | (71,000) | (60,000) | (490,000) |
Proceeds from issuance of debt | 22,000 | 440,000 | |
Debt issuance costs | (819) | (1,877) | (9,239) |
Tender premium costs | (21,553) | ||
Proceeds from exercise of options | 183 | 781 | 8,368 |
Sale of common stock, net of offering costs | 65,430 | ||
Purchase of treasury stock | (124) | (729) | (1,135) |
Intercompany contributions / distributions | 16,803 | 47,922 | 118,223 |
Net cash provided by (used in) financing activities | 32,473 | (13,903) | 44,664 |
Net increase (decrease) in cash and cash equivalents | (7,323) | (10,467) | (680) |
Beginning cash and cash equivalents | 17,221 | 27,688 | 28,368 |
Ending cash and cash equivalents | $ 9,898 | $ 17,221 | $ 27,688 |