Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 77,794,527 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 154.7 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 73,640 | $ 10,194 |
Restricted cash | 2,008 | 0 |
Receivables: | ||
Trade, net of allowance for doubtful accounts | 79,592 | 38,764 |
Unbilled receivables | 16,029 | 7,417 |
Insurance recoveries | 13,874 | 17,003 |
Other receivables | 3,510 | 8,939 |
Inventory | 14,057 | 9,660 |
Assets held for sale | 6,620 | 15,093 |
Prepaid expenses and other current assets | 6,229 | 6,926 |
Total current assets | 215,559 | 113,996 |
Property and equipment, at cost | 1,093,635 | 1,058,261 |
Less accumulated depreciation | 544,012 | 474,181 |
Net property and equipment | 549,623 | 584,080 |
Other long-term assets | 1,687 | 2,026 |
Total assets | 766,869 | 700,102 |
Current liabilities: | ||
Accounts payable | 29,538 | 19,208 |
Deferred revenues | 905 | 1,449 |
Accrued expenses: | ||
Payroll and related employee costs | 21,023 | 14,813 |
Insurance premiums and deductibles | 6,742 | 6,446 |
Insurance claims and settlements | 13,289 | 13,667 |
Interest | 6,624 | 5,395 |
Other | 6,793 | 5,024 |
Total current liabilities | 84,914 | 66,002 |
Long-term debt, less unamortized discount and debt issuance costs | 461,665 | 339,473 |
Deferred income taxes | 3,151 | 8,180 |
Other long-term liabilities | 7,043 | 5,049 |
Total liabilities | 556,773 | 418,704 |
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; 200,000,000 shares authorized at December 31, 2017; 77,719,021 and 77,146,906 shares outstanding at December 31, 2017 and December 31, 2016, respectively | 7,835 | 7,766 |
Additional paid-in capital | 546,158 | 541,823 |
Treasury stock, at cost; 630,688 and 515,546 shares at December 31, 2017 and December 31, 2016, respectively | (4,416) | (3,883) |
Accumulated deficit | (339,481) | (264,308) |
Total shareholders' equity | 210,096 | 281,398 |
Total liabilities and shareholders' equity | $ 766,869 | $ 700,102 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 200,000,000 | |
Common stock, shares outstanding | 77,719,021 | 77,146,906 |
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 | 630,688 | 515,546 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Revenues | $ 126,287 | $ 117,281 | $ 107,130 | $ 95,757 | $ 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | $ 446,455 | $ 277,076 | $ 540,778 |
Costs and expenses: | |||||||||||
Operating costs | 330,880 | 203,949 | 358,016 | ||||||||
Depreciation and amortization | 98,777 | 114,312 | 150,939 | ||||||||
General and administrative | 69,681 | 61,184 | 73,903 | ||||||||
Bad debt expense (recovery) | 53 | 156 | (188) | ||||||||
Impairment | 1,902 | 12,815 | 129,152 | ||||||||
Gain on dispositions of property and equipment, net | (3,608) | (1,892) | (4,344) | ||||||||
Total costs and expenses | 497,685 | 390,524 | 707,478 | ||||||||
Loss from operations | (8,736) | (10,892) | (12,729) | (18,873) | (34,524) | (29,885) | (26,025) | (23,014) | (51,230) | (113,448) | (166,700) |
Other income (expense): | |||||||||||
Interest expense, net of interest capitalized | (27,039) | (25,934) | (21,222) | ||||||||
Loss on extinguishment of debt | (1,476) | (299) | (2,186) | ||||||||
Other income (expense), net | 424 | 558 | (2,611) | ||||||||
Total other expense, net | (28,091) | (25,675) | (26,019) | ||||||||
Loss before income taxes | (79,321) | (139,123) | (192,719) | ||||||||
Income tax benefit | 5,403 | (17) | (1,135) | (48) | 5,086 | 1,698 | 1,990 | 1,958 | 4,203 | 10,732 | 37,579 |
Net loss | $ (12,558) | $ (17,227) | $ (20,209) | $ (25,124) | $ (36,081) | $ (34,620) | $ (29,991) | $ (27,699) | $ (75,118) | $ (128,391) | $ (155,140) |
Loss per common share - Basic | $ (0.16) | $ (0.22) | $ (0.26) | $ (0.33) | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.97) | $ (1.96) | $ (2.41) |
Loss per common share - Diluted | $ (0.16) | $ (0.22) | $ (0.26) | $ (0.33) | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.97) | $ (1.96) | $ (2.41) |
Weighted average number of shares outstanding - Basic | 77,390 | 65,452 | 64,310 | ||||||||
Weighted-average number of shares outstanding - Diluted | 77,390 | 65,452 | 64,310 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Stock Options [Member] | Stock Options [Member]Additional Paid In Capital [Member] | Restricted Stock [Member] | Restricted Stock [Member]Additional Paid In Capital [Member] |
Beginning Balance, shares at Dec. 31, 2014 | 64,137,000 | 317,000 | |||||||
Beginning Balance, value at Dec. 31, 2014 | $ 495,064 | $ 6,414 | $ (3,030) | $ 472,457 | $ 19,223 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net 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 | $ 62 | 0 | (62) | ||||||
Stock-based compensation expense | 3,629 | 3,629 | |||||||
Ending Balance, shares at Dec. 31, 2015 | 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 | $ 57 | 0 | (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) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (75,118) | (75,118) | |||||||
Purchase of treasury stock, shares | (115,000) | ||||||||
Purchase of treasury stock, value | (533) | $ (533) | |||||||
Issuance of restricted stock, shares | 687,000 | ||||||||
Issuance of restricted stock, value | $ 69 | $ 0 | $ (69) | ||||||
Stock-based compensation expense | $ 4,349 | 4,404 | |||||||
Cumulative Effect on Retained Earnings, Net of Tax | Adjustments for New Accounting Pronouncement [Member] | (55) | ||||||||
Ending Balance, shares at Dec. 31, 2017 | 77,719,021 | 78,350,000 | 631,000 | ||||||
Ending Balance, value at Dec. 31, 2017 | $ 210,096 | $ 7,835 | $ (4,416) | $ 546,158 | $ (339,481) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (75,118) | $ (128,391) | $ (155,140) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 98,777 | 114,312 | 150,939 |
Allowance for doubtful accounts, net of recoveries | 53 | 156 | 248 |
Write-off of obsolete inventory | 0 | 101 | 0 |
Gain on dispositions of property and equipment, net | (3,608) | (1,892) | (4,344) |
Stock-based compensation expense | 4,349 | 3,944 | 3,629 |
Amortization of debt issuance costs and discount | 1,548 | 1,776 | 1,691 |
Loss on extinguishment of debt | 1,476 | 299 | 2,186 |
Impairment | 1,902 | 12,815 | 129,152 |
Deferred income taxes | (5,030) | (11,608) | (39,286) |
Change in other long-term assets | (1) | 662 | 420 |
Change in other long-term liabilities | 1,994 | 478 | (132) |
Changes in current assets and liabilities: | |||
Receivables | (49,750) | 16,341 | 114,644 |
Inventory | (4,397) | (630) | 1,267 |
Prepaid expenses and other current assets | 744 | 310 | 1,769 |
Accounts payable | 12,409 | 1,969 | (30,514) |
Deferred revenues | (348) | (3,985) | 1,922 |
Accrued expenses | 9,183 | (1,526) | (35,732) |
Net cash provided by (used in) operating activities | (5,817) | 5,131 | 142,719 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (63,277) | (32,381) | (159,615) |
Proceeds from sale of property and equipment | 12,569 | 7,577 | 57,674 |
Proceeds from insurance recoveries | 3,344 | 37 | 285 |
Net cash used in investing activities | (47,364) | (24,767) | (101,656) |
Cash flows from financing activities: | |||
Debt repayments | (120,000) | (71,000) | (60,002) |
Proceeds from issuance of debt | 245,500 | 22,000 | 0 |
Debt issuance costs | (6,332) | (819) | (1,877) |
Proceeds from exercise of options | 0 | 183 | 781 |
Proceeds from issuance of common stock, net of offering costs of $4,001 | 0 | 65,430 | 0 |
Purchase of treasury stock | (533) | (124) | (729) |
Net cash provided by (used in) financing activities | 118,635 | 15,670 | (61,827) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 65,454 | (3,966) | (20,764) |
Beginning cash, cash equivalents, and restricted cash | 10,194 | 14,160 | 34,924 |
Ending cash, cash equivalents, and restricted cash | 75,648 | 10,194 | 14,160 |
Supplementary disclosure: | |||
Interest paid | 25,082 | 24,516 | 22,506 |
Income tax paid | 1,431 | 671 | 2,691 |
Noncash investing and financing activity: | |||
Change in capital expenditure accruals | $ (1,830) | $ 175 | $ (16,708) |
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, 2017 | |
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 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. Our drilling services business segments provide contract land drilling services through four domestic divisions which are located in the Marcellus/Utica, Eagle Ford, Permian Basin and Bakken regions, 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 drilling rig fleet is 100% pad-capable and offers the latest advancements in pad drilling . The following table summarizes our current rig fleet count and composition for each drilling services business segment: Multi-well, Pad-capable AC rigs SCR rigs Total Domestic drilling 16 — 16 International drilling — 8 8 24 Our production services business segments provide a range of well, wireline and coiled tubing services to a diverse group of exploration and production companies, with our operations concentrated in the major domestic 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, 2017 , the fleet count and composition for each of our production services business segments is as follows: 550 HP 600 HP Total Well servicing rigs, by horsepower (HP) rating 113 12 125 Onshore Offshore Total Wireline services units 108 4 112 Coiled tubing services units 10 4 14 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 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, 2017 , 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. Revenues and Cost Recognition Drilling Services — Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts. We recognize revenues on daywork contracts for the days completed based on the dayrate specified in each contract. 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 revenues and the out-of-pocket expenses for which they relate are recorded as operating costs. Amortization of deferred revenues and costs during the years ended December 31, 2017 , 2016 and 2015 were as follows (amounts in thousands): Year ended December 31, 2017 2016 2015 Amortization of deferred revenues $ 2,400 $ 1,566 $ 1,099 Amortization of deferred costs 4,953 2,813 2,337 Our current and long-term deferred revenues and costs as of December 31, 2017 and 2016 were as follows (amounts in thousands): December 31, 2017 December 31, 2016 Current: Deferred revenues $ 905 $ 1,449 Deferred costs 1,377 2,290 Long-term: Deferred revenues $ 558 $ 202 Deferred costs 402 212 With most term drilling contracts, we are entitled to receive a full or reduced rate of revenues 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. Currently, there are no drilling rigs in our fleet with contracts placed on standby. Drilling Contracts — As of December 31, 2017 , all 16 of our domestic drilling rigs are earning revenues, 14 of which are under term contracts . Of the eight rigs in Colombia, six are earning revenues, five of which are under term contracts. The term contracts in Colombia are cancelable by our clients without penalty, although the contract would still require payment for demobilization services and requires 30 days notice. 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. Production Services — Our production services business segments earn 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. All of our revenues are recognized net of sales taxes when applicable. Concentration of Clients — We derive a significant portion of our revenue from a limited number of major clients. For the years ended December 31, 2017 , 2016 and 2015 , our drilling and production services to our top three clients accounted for approximately 20% , 26% , and 29% , respectively, of our revenue . Cash and Restricted Cash For purposes of the consolidated statements of cash flows, we consider all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. We had no cash equivalents at December 31, 2017 and 2016 . Our restricted cash balance at December 31, 2017 reflects the portion of net proceeds from the issuance of our senior secured term loan which are currently held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property, which we expect to complete within 12 months. Accordingly, the related restricted cash is presented as current in the accompanying consolidated balance sheets. Trade Accounts Receivable We record trade accounts receivable at the amount we invoice to 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, 2017 2016 2015 Balance at beginning of year $ 1,678 $ 2,254 $ 2,547 Increase (decrease) in allowance charged to expense (197 ) 404 472 Accounts charged against the allowance (257 ) (980 ) (765 ) Balance at end of year $ 1,224 $ 1,678 $ 2,254 Unbilled Accounts Receivable The asset “unbilled receivables” represents revenues we have recognized in excess of amounts billed on drilling contracts and production services completed. We typically bill our clients at 15 -day intervals during the performance of daywork drilling contracts and upon completion of the daywork contract. Our unbilled receivables as of December 31, 2017 and 2016 were as follows (amounts in thousands): December 31, 2017 December 31, 2016 Daywork drilling contracts in progress $ 15,254 $ 7,042 Production services 775 375 $ 16,029 $ 7,417 Inventories Inventories primarily consist of drilling rig replacement parts and supplies held for use by our drilling operations in Colombia, and supplies held for use by our wireline and coiled tubing operations. Inventories are valued at the lower of cost (first in, first out or actual) or net realizable 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 our equipment 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. 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, the long-term portion of deferred mobilization costs, and intangible assets. 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 our stock-based compensation 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 adopted ASU 2016-09 in the first quarter of 2017 and elected to prospectively recognize forfeitures when they occur, rather than estimating future forfeitures. 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 of enactment. The recent change in tax rates resulting from the enactment of the Tax Cuts and Jobs Act enacted on December 22, 2017 is described in more detail in Note 5 , Income Taxes . Related-Party Transactions During the years ended December 31, 2017 , 2016 and 2015 , the Company paid approximately $0.2 million in each period 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 Changes to accounting principles generally accepted in the United States of America (“U.S. GAAP”) are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). We consider the applicability and impact of all ASUs; any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our consolidated financial position and results of operations. • Revenue Recognition. In May 2014, the FASB issued 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 have substantially completed our assessment of the impact of this new standard. We expect that the application of this new standard will result in the recognition of our services as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Revenues associated with mobilization and demobilization, which do not relate to a distinct good or service, will be estimated and recognized ratably over the term of the contract. All other revenues associated with the services we provide, including dayrate revenues and production services revenues, will continue to be recognized in the period during which the services are performed. We expect our revenue recognition under the new standard to differ from our current revenue recognition pattern primarily as it relates to drilling demobilization revenue, which, prior to the new standard, is recognized when the demobilization activity occurs at the end of the contract term, but under the new guidance will be estimated and recognized over the term of the contract. This new standard is effective for us beginning January 1, 2018, which we have adopted using the modified retrospective method, in which the standard is applied to all contracts existing as of the date of initial application, with the cumulative effect of applying the standard recognized in retained earnings (the adoption date adjustments). We estimate that the adoption of this standard results in a cumulative effect adjustment of less than $1.0 million before applicable income taxes, which primarily consists of the impact of the timing difference related to recognition of demobilization revenue for affected contracts. As we work towards finalizing our assessment, we are continuing to evaluate the requirements of this standard and complete other implementation activities such as implementing new procedures, finalizing the adoption date adjustment and drafting disclosures. • 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 January 1, 2019 and requires a modified retrospective application, although certain practical expedients are permitted. We have performed a scoping and preliminary assessment of the impact of this new standard. As a lessee, this standard will impact us in situations where we lease real estate and office equipment, for which we will recognize a right-of-use asset and a corresponding lease liability on our consolidated balance sheet. The future lease obligations disclosed in Note 4 , Leases , provides some insight to the estimated impact of adoption for us as a lessee. As a lessor, we expect the adoption of this new standard will apply to our drilling contracts and as a result, we expect to have a lease component and a service component of our revenues derived from these contracts. We have not yet determined the impact this standard may have on our production services businesses. We continue to evaluate the 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. We adopted this ASU as of January 1, 2017 and we recognized a $3.1 million deferred tax asset for previously unrecognized tax benefits, which was then fully reserved by a valuation allowance (see Note 5 , Income Taxes ). Additionally, we elected to prospectively account for forfeitures as they occur, rather than estimating future forfeitures. The total cumulative-effect impact of adoption, net of valuation allowances, was approximately $55,000 relating to our change in accounting for forfeitures, and was recognized as a reduction to retained earnings in our consolidated statement of shareholders’ equity, together with the impact of stock-based compensation expense. The adoption of this ASU also results in the presentation of any excess tax benefits resulting from the exercise of stock options as operating cash flows in the statement of cash flows, which we apply retrospectively for any comparative periods affected. • Restricted Cash in Statement of Cash Flows . In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force) , which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning and end-of-period total amounts shown on the statement of cash flows. This guidance must be applied retrospectively to all periods presented. We early adopted this ASU effective December 31, 2017. See Cash and Restricted Cash section above, included in this Note 1 , Organization and Summary of Significant Accounting Policies , for detail regarding the nature of our restricted cash . Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the current year’s presentation. We revised our reportable business segments as of the fourth quarter of 2017, which now include five operating segments, comprised of two drilling services business segments (domestic and international drilling) and three production services business segments (well servicing, wireline services and coiled tubing services). We revised our segments to reflect changes in the basis used by management in making decisions regarding our business for resource allocation and performance assessment. These changes reflect our current operating focus as is required by ASC Topic 280, Segment Reporting . See Note 10 , Segment Information for this revised presentation. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment As of December 31, 2017 and 2016 , the estimated useful lives and costs of our asset classes are as follows: As of December 31, 2017 2016 Lives Cost (amounts in thousands) Drilling rigs and equipment 3 - 25 $ 594,743 $ 582,477 Well servicing rigs and equipment 3 - 20 244,747 225,125 Wireline units and equipment 1 - 10 142,224 141,959 Coiled tubing units and equipment 1 - 7 18,141 16,347 Vehicles 3 - 10 47,932 45,424 Office equipment 3 - 10 12,717 11,628 Buildings and improvements 3 - 40 24,013 23,884 Property and equipment not yet placed in service — 6,751 9,050 Land — 2,367 2,367 $ 1,093,635 $ 1,058,261 Capital Expenditures —Our capital expenditures were $61.4 million , $32.6 million and $142.9 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively, which includes $0.4 million , $0.2 million and $3.0 million , respectively, of capitalized interest costs incurred in connection with the expansion of our well servicing fleet in 2017 and the construction of new drilling rigs and other drilling equipment in 2016 and 2015. Capital expenditures during 2017 primarily related to the acquisition of 20 well servicing rigs and expansion of our wireline fleet, upgrades to certain domestic drilling rigs, routine capital expenditures necessary to deploy assets that were previously idle, and other new drilling equipment and trucks. Capital expenditures during 2016 consisted primarily of routine expenditures to maintain our drilling and production services fleets, and expenditures for equipment ordered in 2014 before the market slowdown. During 2015, capital expenditures 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. Capital expenditures incurred for property and equipment not yet placed in service as of December 31, 2017 was primarily related to routine refurbishments on one international drilling rig in preparation for its deployment in 2018, installments on the purchase of three wireline units and one coiled tubing unit, and scheduled refurbishments on drilling and production services equipment. At December 31, 2016 , property and equipment not yet placed in service was primarily related to new drilling equipment that was ordered in 2014 but required a long lead-time for delivery, as well as deposits for 20 well servicing rigs and four new wireline units that were on order for delivery in 2017. Gain/Loss on Disposition of Property —We recorded a net gain during the year ended December 31, 2017 of $3.6 million on the disposition of property and equipment, primarily for sales of drilling and coiled tubing equipment and vehicles, as well as the loss of drill pipe in operation, for which we were reimbursed by our client. Net gains in 2017 also included the disposal of three cranes that were damaged, for which we received $0.2 million of the $0.8 million of insurance proceeds and expect to receive the remaining proceeds in early 2018. During 2016, we recorded a net gain of $1.9 million on the disposition of property and equipment, primarily for the sale of three SCR drilling rigs and other drilling equipment for aggregate net proceeds of $11.9 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 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. During 2015, we recorded a net gain of $4.3 million primarily from the sale of 32 drilling rigs and other drilling equipment which we sold for aggregate net proceeds of $53.6 million . Assets Held for Sale — As of December 31, 2017 , our consolidated balance sheet reflects assets held for sale of $6.6 million , which primarily represents the fair value of three domestic SCR drilling rigs and one domestic mechanical drilling rig, as well as two wireline units and one coiled tubing unit and spare equipment . 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 were 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 assets when indicators of impairment are present, which may include, among other things, significant adverse changes in industry trends (including 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 the assets grouped at the lowest level that independent cash flows can be identified. We perform an impairment evaluation and estimate future undiscounted cash flows for each of our reporting units separately, which are our domestic drilling services, international drilling services, well servicing, wireline services and coiled tubing services segments. 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. Beginning in late 2014, oil prices declined significantly resulting in a downturn in our industry that persisted through 2016, affecting both drilling and production services. As a result, we performed several impairment evaluations 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, all of which were subsequently sold or placed as held for sale during 2015. As the downturn worsened through 2015, resulting in significantly reduced revenue and utilization rates, and our projections reflected a more delayed recovery than previously anticipated, we performed impairment testing in 2015 on all the SCR drilling rigs in our domestic and international fleets, and our coiled tubing operations. As a result of the impairment testing performed in 2015, we recognized $9.7 million to reduce the carrying values of the six SCR drilling rigs that were not pad-capable, and $18.6 million to reduce the carrying values of the six domestic pad-capable SCR rigs in our fleet (those equipped with either a walking or skidding system), 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 . All of these drilling rigs were subsequently either sold, retired, or placed as held for sale during 2015 and 2016. We also recognized impairment charges during 2015 of $60.2 million related to our international drilling operations in Colombia ( $50.2 million to reduce the carrying values of all eight drilling rigs and related drilling equipment, $3.6 million to reduce the carrying value of inventory, and $6.4 million to reduce the carrying value of nonrecoverable prepaid taxes) and $30.9 million related to our coiled tubing operations ( $14.3 million related to our coiled tubing intangibles and $16.6 million to reduce the carrying values of our coiled tubing units and equipment to their estimated fair value, based on market appraisals). As business conditions and our projected cash flows for our Colombian operations improved as compared to the projections used for the impairment analysis in 2015, we did not perform any impairment testing on this business in 2016 or 2017. However, due to lower than anticipated operating results in 2016 and 2017 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 and again at June 30, 2017, 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 at both dates and thus no impairment was present. During the years ended December 31, 2017 , 2016 and 2015 , we recognized impairment charges of $1.9 million , $11.9 million , and $9.9 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 which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . 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 expense recognized during the years ended December 31, 2017 , 2016 , and 2015 (amounts in thousands): Year ended December 31, 2017 2016 2015 Assets held for sale $ 1,902 $ 11,897 $ 9,858 Colombian assets — — 60,130 Domestic drilling rigs and equipment — 918 28,228 Coiled tubing assets — — 30,936 $ 1,902 $ 12,815 $ 129,152 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 in 2016 and 2017. The most significant inputs used in our impairment analysis of our coiled tubing operations include the projected utilization and pricing of our coiled tubing services, which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . Although we believe the assumptions and estimates used in our 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 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 any of our assets become or remain idle for an extended amount of time, then our estimated cash flows may further decrease, and therefore 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, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 3 . Debt Our debt consists of the following (amounts in thousands): December 31, 2017 December 31, 2016 Senior secured term loan $ 175,000 $ — Senior secured revolving credit facility — 46,000 Senior notes 300,000 300,000 475,000 346,000 Less unamortized discount (based on imputed interest rate of 10.44%) (3,387 ) — Less unamortized debt issuance costs (9,948 ) (6,527 ) $ 461,665 $ 339,473 Senior Secured Term Loan Our senior secured term loan (the “Term Loan”) entered into on November 8, 2017 provided for one drawing in the amount of $175 million , net of a 2% original issue discount. Proceeds from the issuance of the Term Loan were used to repay the entire outstanding balance under our Revolving Credit Facility, plus fees and accrued and unpaid interest, as well as the fees and expenses associated with entering into the Term Loan and ABL Facility, which is further described below. The remainder of the proceeds are available to be used for other general corporate purposes. The Term Loan is not subject to amortization payments of principal . Interest on the principal amount accrues at the LIBOR rate or the base rate as defined in the agreement, at our option, plus an applicable margin of 7.75% and 6.75% , respectively. The Term Loan is set to mature on November 8, 2022 , or earlier, subject to certain circumstances as described in the agreement, and including an earlier maturity date if the outstanding balance of the Senior Notes exceeds $15.0 million on December 14, 2021 , at which time the Term Loan would then mature . However, the Term Loan may be prepaid, at our option, at any time, in whole or in part, subject to a minimum of $5 million , and subject to a declining call premium as defined in the agreement. The Term Loan contains a financial covenant requiring the ratio of (i) the net orderly liquidation value of our fixed assets (based on appraisals obtained as required by our lenders), on a consolidated basis, in which the lenders under the Term Loan maintain a first priority security interest, plus proceeds of asset dispositions not required to be used to effect a prepayment of the Term Loan to (ii) the outstanding principal amount of the Term Loan, to be at least equal to 1.50 to 1.00 as of any June 30 or December 31 of any calendar year through maturity. The Term Loan contains customary mandatory prepayments from the proceeds of certain transactions including certain asset dispositions and debt issuances , and has additional customary restrictions that, among other things, and subject to certain exceptions, limit our ability to : • incur additional debt; • incur or permit liens on assets; • make investments and acquisitions; • consolidate or merge with another company; • engage in asset sales; and • pay dividends or make distributions. In addition, the Term Loan contains customary events of default, upon the occurrence and during the continuation of any of which the applicable margin would increase by 2% per year , including without limitation: • payment defaults; • covenant defaults; • material breaches of representations or warranties; • event of default under, or acceleration of, other material indebtedness; • bankruptcy or insolvency; • material judgments against us; • failure of any security document supporting the Term Loan; and • change of control. Our obligations under the Term Loan are guaranteed by our wholly-owned domestic subsidiaries, and are secured by substantially all of our domestic assets, in each case, subject to certain exceptions and permitted liens. Asset-based Lending Facility In addition to entering into the Term Loan, on November 8, 2017 , we also entered into a senior secured revolving asset-based credit facility (the “ABL Facility”) providing for borrowings in the aggregate principal amount of up to $75 million , subject to a borrowing base and including a $30 million sub-limit for letters of credit . The ABL Facility bears interest, at our option, at the LIBOR rate or the base rate as defined in the ABL Facility, plus an applicable margin ranging from 1.75% to 3.25% , based on average availability on the ABL Facility. The ABL Facility requires a commitment fee due monthly based on the average monthly unused amount of the commitments of the lenders, a fronting fee due for each letter of credit issued, and a monthly letter of credit fee due based on the average undrawn amount of letters of credit outstanding during such period. The ABL Facility is generally set to mature 90 days prior to the maturity of the Term Loan, subject to certain circumstances, including the future repayment, extinguishment or refinancing of our Term Loan and/or Senior Notes prior to their respective maturity dates. Availability under the ABL Facility will be determined by reference to a borrowing base as defined in the agreement, generally comprised of a percentage of our accounts receivable and inventory. We have not drawn upon the ABL Facility to date. As of December 31, 2017 , we had $9.7 million in committed letters of credit, which, after borrowing base limitations, resulted in borrowing availability of $53.1 million . Borrowings available under the ABL Facility are available for general corporate purposes and there are no limitations on our ability to access the borrowing capacity provided there is no default and compliance with the covenants under the ABL Facility is maintained. Additionally, if our availability under the ABL Facility is less than 15% of the maximum amount, we are required to maintain a minimum fixed charge coverage ratio, as defined in the ABL Facility, of at least 1.00 to 1.00, measured on a trailing 12 month basis. The ABL Facility also contains customary restrictive covenants which, subject to certain exceptions, limit, among other things, our ability to : • declare dividends and make other distributions; • issue or sell certain equity interests; • optionally prepay, redeem or repurchase certain of our subordinated indebtedness; • make loans or investments (including acquisitions); • incur additional indebtedness or modify the terms of permitted indebtedness; • grant liens; • change our business or the business of our subsidiaries; • merge, consolidate, reorganize, recapitalize, or reclassify our equity interests; • sell our assets, and • enter into certain types of transactions with affiliates. Our obligations under the ABL Facility are guaranteed by us and our domestic subsidiaries, subject to certain exceptions, and are secured by (i) a first-priority perfected security interest in all inventory and cash, and (ii) a second-priority perfected security in substantially all of our tangible and intangible assets, in each case, subject to certain exceptions and permitted liens. Senior Notes In 2014 , we issued $300 million of unregistered senior notes at face value, with a coupon interest rate of 6.125% that are due in 2022 (the “Senior Notes”). 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. 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, subject to certain exceptions, 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 13 , Guarantor/Non-Guarantor Condensed Consolidated Financial Statements .) Senior Secured Revolving Credit Facility and Loss on Extinguishment of Debt We had a credit agreement, most recently amended on June 30, 2016 , with Wells Fargo Bank, N.A. and a syndicate of lenders which provided for a senior secured revolving credit facility, with sub-limits for letters of credit and swing-line loans, of up to an aggregate commitment amount of $150 million , all of which was set to mature in March 2019 (the “Revolving Credit Facility”). However, in connection with our entry into the Term Loan in November 2017, as described above, all indebtedness outstanding under the Revolving Credit Facility was repaid, together with related costs and expenses, and the Revolving Credit Facility was retired. In connection with the retirement of the Revolving Credit Facility in 2017, we recognized $1.5 million of loss on extinguishment of debt for the write off of the unamortized debt issuance costs, which were being amortized using the straight-line method over the term of the agreement. 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 reduction of borrowing capacity under our Revolving Credit Facility. Debt Issuance Costs and Original Issue Discount Costs incurred in connection with the issuance of our Senior Notes were capitalized and are being amortized using the effective interest method over the term of the Senior Notes which mature in March 2022 . The original issue discount and costs incurred in connection with the issuance of the Term Loan were capitalized and are being amortized using the effective interest method over the expected term of the agreement. Costs incurred in connection with the ABL Facility were capitalized and are being amortized using the straight-line method over the expected term of the agreement. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases We lease our corporate office facilities in San Antonio, Texas, and we lease real estate at 38 other locations, which are primarily used for field offices, storage and maintenance yards, and field personnel housing. We lease these properties, as well as office and other equipment, under non-cancelable operating leases, most of which contain renewal options and some of which contain escalation clauses. We recognize rent expense on a straight-line basis for our leases with escalating payments. Rent expense under operating leases, including rental exit costs, was $4.8 million , $5.0 million and $6.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Future lease obligations required under non-cancelable operating leases as of December 31, 2017 were as follows (amounts in thousands): Year ended December 31, 2018 $ 3,081 2019 2,273 2020 1,261 2021 818 2022 623 Thereafter 1,846 $ 9,902 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Domestic $ (76,078 ) $ (122,277 ) $ (123,499 ) Foreign (3,243 ) (16,846 ) (69,220 ) Loss before income taxes $ (79,321 ) $ (139,123 ) $ (192,719 ) The components of our income tax expense (benefit) consist of the following (amounts in thousands): Year ended December 31, 2017 2016 2015 Current: Federal $ (81 ) $ (219 ) $ (535 ) State 146 (95 ) 401 Foreign 978 1,189 1,238 1,043 875 1,104 Deferred: Federal (5,417 ) (12,500 ) (42,113 ) State 143 902 29 Foreign 28 (9 ) 3,401 (5,246 ) (11,607 ) (38,683 ) Income tax benefit $ (4,203 ) $ (10,732 ) $ (37,579 ) 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, 2017 2016 2015 Expected tax expense (benefit) $ (27,762 ) $ (48,693 ) $ (67,452 ) Valuation allowance: Valuation allowance on operations 24,265 38,324 20,329 Impact of Tax Reform Act on valuation allowance (25,564 ) — — Change in tax rate 20,147 516 — State income taxes 339 (3,033 ) (2,066 ) Foreign currency translation loss 599 838 8,660 Net tax benefits and nondeductible expenses in foreign jurisdictions 1,493 407 2,135 Incentive stock options 1,297 97 83 Nondeductible expenses for tax purposes 796 386 577 Expiration of capital loss — 641 — Other, net 187 (215 ) 155 Income tax benefit $ (4,203 ) $ (10,732 ) $ (37,579 ) Income tax expense (benefit) was allocated as follows (amounts in thousands): Year ended December 31, 2017 2016 2015 Continuing operations $ (4,203 ) $ (10,732 ) $ (37,579 ) Shareholders’ equity — 2,287 962 $ (4,203 ) $ (8,445 ) $ (36,617 ) 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, 2017 2016 Deferred tax assets: Domestic net operating loss carryforward $ 94,598 $ 122,769 Foreign net operating loss carryforward 11,619 8,640 Intangibles 18,058 33,722 Property and equipment 9,280 11,809 Employee benefits and insurance claims accruals 5,652 6,802 Employee stock-based compensation 3,753 6,732 Accounts receivable reserve 284 626 Inventory 295 613 Accrued expenses not deductible for tax purposes — 232 Accrued revenue not income for book purposes 316 277 143,855 192,222 Valuation allowance (59,766 ) (57,820 ) Deferred tax liabilities: Accrued expenses not deductible for book purposes (112 ) — Property and equipment (87,128 ) (142,582 ) Net deferred tax assets (liabilities) $ (3,151 ) $ (8,180 ) As of December 31, 2017 , we had $106.2 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, 2017 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 negative evidence evaluated is the cumulative loss incurred during previous years . Such negative evidence limits the ability to consider other positive evidence that is subjective, such as projections for taxable income in future years. Due to the downturn in our industry, we are in a net deferred tax asset position , and as a result, we recognized a benefit only to the extent that reversals of deferred income tax liabilities are expected to generate taxable income 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 2037 , while the majority of our foreign net operating losses (any generated prior to 2017) have an indefinite carryforward period. However, we have a valuation allowance that fully offsets our foreign and U.S. federal deferred tax assets as of December 31, 2017 . We also have net operating loss carryforwards in many of the states that we operate in. Most of these are filed on a unitary or combined basis. These states have carryover periods between 5 and 20 years, with most being 15 or 20. We have determined that a valuation allowance should be recorded against some of the state benefits through December 31, 2017 . The valuation allowance and the recent change in tax laws , as described further below, are the primary factors 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, would increase if cumulative losses are no longer present and additional weight is given to subjective evidence in the form of projected future taxable income. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”) was enacted. The legislation significantly changes U.S. tax law by, among other things, permanently reducing the U.S. corporate income tax rate from a maximum of 35% to a flat rate of 21% , repealing the alternative minimum tax (AMT), implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. As a result of the reduction in the U.S. corporate income tax rate, we revalued our ending net deferred tax assets at December 31, 2017 and recognized a $20.1 million tax expense in 2017, which is fully offset by a $20.1 million reduction of the valuation allowance. Due to the repeal of the AMT, we have reduced the valuation allowance by $5.2 million to remove the effects of AMT on the realizability of our deferred tax assets in future years. In addition, we reversed the valuation allowance on the AMT credit carryforward of $0.2 million that will now be refundable through 2021 and has been reclassified from a deferred tax asset to a non-current receivable. The Tax Reform Act provides for a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings and profits through the year ended December 31, 2017 . We have an accumulated deficit from our foreign operations, and therefore we have not included any tax impacts for this provision. To minimize tax base erosion with a territorial tax system, beginning in 2018, the Tax Reform Act provides for a new global intangible low-taxed income (GILTI) provision. Under the GILTI provision, certain foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets are included in U.S. taxable income. We expect to be subject to GILTI; however, the inclusion is expected to be offset by net operating loss carry forwards in the U.S. We are still evaluating, pending further interpretive guidance, whether to make a policy election to treat the GILTI tax as a period expense or to provide U.S. deferred taxes on foreign temporary differences that are expected to generate GILTI income when they reverse in future years. Given the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period is deemed to have ended earlier when the registrant has obtained, prepared and analyzed the information necessary to finalize its accounting. During the measurement period, impacts of the law are expected to be recorded at the time a reasonable estimate for all or a portion of the effects can be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared or analyzed. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the Tax Reform Act. Our accounting is complete for the year ended December 31, 2017 as related to the re-measurement of deferred taxes to the new tax rate of 21% , repeal of the AMT, and mandatory repatriation. We are awaiting further interpretive guidance regarding the possible application of deferred taxes to GILTI, and thus taxes are reflected in accordance with law prior to the enactment of the Tax Reform Act. Other significant provisions that are not yet effective for the year ended December 31, 2017 , but may impact income taxes in future years include a limitation on the current deductibility of net interest expense in excess of 30% of adjusted taxable income, and a limitation of net operating losses generated after 2017 to 80% of taxable income. Because we have an accumulated foreign deficit of $52.4 million at December 31, 2017 , we have not recorded a tax liability from the mandatory repatriation provision of the Tax Reform Act. We do not intend to distribute earnings in a taxable manner, and therefore, we intend to limit any potential distributions to earnings previously taxed in the U.S., or earnings that would qualify for the 100% dividends received deduction provided for in the Tax Reform Act. As a result, we have not recognized a deferred tax liability on our investment in foreign subsidiaries. On December 29, 2016, the Colombian government 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. Deferred tax assets and liabilities were adjusted to the new rates; however, the valuation allowance fully offset the impact to tax expense. 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, 2017 . We record interest and penalty expense related to income taxes as interest and other expense, respectively. At December 31, 2017 , 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 2012 and forward for our income tax returns in Colombia. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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. Our financial instruments consist primarily of cash, trade and other receivables, trade payables, phantom stock unit awards 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. At December 31, 2017 and December 31, 2016 , the aggregate estimated fair value of our phantom stock unit awards was $6.1 million and $7.0 million , respectively, for which the vested portion recognized as a liability in our consolidated balance sheets was $3.6 million and $2.0 million , respectively. The phantom stock unit awards, and the measurement of fair value for these awards, are described in more detail in Note 8 , Equity Transactions and Stock-Based Compensation Plans . 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 supplemental fair value information about our long-term debt at December 31, 2017 and December 31, 2016 (amounts in thousands): December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Total debt, net of discount and debt issuance costs $ 461,665 $ 415,561 $ 339,473 $ 326,249 |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (loss) Per Common Share | Earnings (Loss) 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, 2017 2016 2015 Numerator (both basic and diluted): Net loss $ (75,118 ) $ (128,391 ) $ (155,140 ) Denominator: Weighted-average shares (denominator for basic earnings (loss) per share) 77,390 65,452 64,310 Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards — — — Denominator for diluted earnings (loss) per share 77,390 65,452 64,310 Loss per common share - Basic $ (0.97 ) $ (1.96 ) $ (2.41 ) Loss per common share - Diluted $ (0.97 ) $ (1.96 ) $ (2.41 ) Potentially dilutive securities excluded as anti-dilutive 5,116 4,953 4,832 |
Equity Transactions and Stock-B
Equity Transactions and Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
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 On May 15, 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 and received proceeds of $65.4 million , net of underwriting discounts and offering expenses. As of December 31, 2017 , $234.6 million under the shelf registration statement is available for equity or debt offerings, subject to the limitations imposed by our Term Loan, ABL Facility and Senior Notes. 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, 2017 , the total shares available for future grants to employees and directors under existing plans were 3,204,802 , which excludes awards we grant in the form of phantom stock unit awards which are expected to be paid in cash . In January 2018 , our Board of Directors approved the grant of the following awards: Vesting Period Number of Shares or Units Restricted stock unit awards 3 years 788,377 Phantom stock unit awards 39 months 1,188,216 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. We grant phantom stock unit awards with vesting based on time of service, performance and market conditions, which are 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 our stock-based compensation 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. We adopted ASU 2016-09 in the first quarter of 2017 and elected to prospectively recognize forfeitures when they occur, rather than estimating future forfeitures. 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, 2017 , 2016 and 2015 (amounts in thousands): Year ended December 31, 2017 2016 2015 Stock option awards $ 974 $ 766 $ 923 Restricted stock awards 461 421 399 Restricted stock unit awards 2,914 2,757 2,307 $ 4,349 $ 3,944 $ 3,629 Phantom stock unit awards $ 1,609 $ 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, 2017 : Weighted-Average Period Remaining Unrecognized Compensation Cost Stock options 0.66 $ 599 Restricted stock awards 0.38 174 Restricted stock unit awards 1.32 3,655 Phantom stock unit awards 1.33 2,491 $ 6,919 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, 2017 , 2016 and 2015 : Year ended December 31, 2017 2016 2015 Expected volatility 76 % 70 % 64 % Risk-free interest rates 2.1 % 1.5 % 1.4 % Expected life in years 5.86 5.70 5.52 Grant-date fair value $4.28 $0.80 $2.31 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, 2016 through December 31, 2017 : 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, 2016 4,384,425 $7.42 Granted 268,185 6.40 Forfeited (382,700) 13.82 Outstanding stock options as of December 31, 2017 4,269,910 $6.78 4.5 $1,576 Stock options exercisable as of December 31, 2017 3,288,463 $7.90 3.4 $525 (1) Intrinsic value is the amount by which the market price of our common stock exceeds the exercise price of the stock options. The following table presents the aggregate intrinsic value of stock options exercised during the years ended December 31, 2017 , 2016 and 2015 (amounts in thousands): Year ended December 31, 2017 2016 2015 Aggregate intrinsic value of stock options exercised $ — $ 12 $ 361 The following table summarizes our nonvested stock option activity from December 31, 2016 through December 31, 2017 : Number of Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested stock options as of December 31, 2016 1,186,917 $1.29 Granted 268,185 4.28 Vested (473,655) 1.69 Nonvested stock options as of December 31, 2017 981,447 $1.91 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 following table presents the weighted-average grant-date fair value per share of restricted stock awards granted and the aggregate fair value of restricted stock awards vested during the years ended December 31, 2017 , 2016 and 2015 : Year ended December 31, 2017 2016 2015 Grant-date fair value (per share) $ 2.75 $ 2.76 $ 7.40 Aggregate fair value of awards vested (in thousands) $ 483 $ 137 $ 368 The following table summarizes our restricted stock activity from December 31, 2016 through December 31, 2017 : Number of Shares Weighted-Average Grant-Date Fair Value per Share Nonvested restricted stock as of December 31, 2016 166,664 $2.76 Granted 167,272 2.75 Vested (166,664) 2.76 Nonvested restricted stock as of December 31, 2017 167,272 $2.75 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 actual 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 EBITDA 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 2017 , we determined that 121% of the target number of shares granted during 2014 were actually earned based on the Company’s achievement of the performance measures as described above , resulting in an increase of 54,429 shares being issued. As of December 31, 2017 , we estimate that the weighted average achievement level for our outstanding performance-based RSUs granted in 2015 and 2017 will be approximately 100% of the predetermined performance conditions . The following table summarizes our restricted stock unit activity from December 31, 2016 through December 31, 2017 : 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 397,790 $3.45 685,817 $7.28 Granted 96,728 5.61 563,469 7.75 Achieved performance adjustment — — 54,429 9.66 Vested (202,387) 4.90 (317,598 ) 9.66 Forfeited (40,245) 2.66 — — Nonvested restricted stock units as of 251,886 $3.24 986,117 $6.91 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, 2017 , 2016 and 2015 : Year ended December 31, 2017 2016 2015 Time-based RSUs: Grant-date fair value of awards granted (per share) $ 5.61 $ 1.47 $ 4.08 Aggregate intrinsic value of awards vested (in thousands) $ 1,206 $ 314 $ 1,575 Performance-based RSUs: Grant-date fair value of awards granted (per share) $ 7.75 $ — $ 6.66 Aggregate intrinsic value of awards vested (in thousands) $ 969 $ 609 $ 1,402 Phantom Stock Unit Awards In 2016, we granted 1,268,068 phantom stock unit awards with a weighted-average grant-date fair value of $1.35 per share. These awards 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 $8.08 (which is four times the stock price on the date of grant). 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 . 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 EBITDA 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. As of December 31, 2017 , our achievement level for the awards granted during 2016 is estimated to be approximately 150% . 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 the end of each reporting period until they vest. The change in fair value is recognized as a current period compensation expense in our statement of operations. Therefore, changes in the inputs used to measure fair value can result in volatility in our compensation expense. This volatility increases as the phantom stock awards approach the vesting date. We estimate that a hypothetical increase of $1 in the market price of our common stock as of December 31, 2017 , if all other inputs were unchanged, would result in an increase in cumulative compensation expense of $0.9 million , which represents the hypothetical increase in fair value of the liability which would be recognized as compensation expense in our statement of operations. |
Employee Benefit Plans and Insu
Employee Benefit Plans and Insurance | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 were $3.1 million , $0.3 million and $4.2 million , respectively. In an effort to reduce costs in response to the downturn in our industry, we suspended matching contributions from February 2016 to 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 included $2.0 million for our estimate of incurred but unpaid costs related to the self-insurance portion of our health insurance at both December 31, 2017 and 2016 . 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, 2017 and 2016 include $4.6 million and $4.4 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, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We revised our reportable business segments as of the fourth quarter of 2017, which now include five operating segments, comprised of two drilling services business segments (domestic and international drilling) and three production services business segments (well servicing, wireline services and coiled tubing services). We revised our segments to reflect changes in the basis used by management in making decisions regarding our business for resource allocation and performance assessment. These changes reflect our current operating focus as is required by ASC Topic 280, Segment Reporting . The following financial information presented as of and for the years ended December 31, 2017 , 2016 , and 2015 have been restated to reflect this change. Our domestic and international drilling services segments provide 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 well servicing, wireline services and coiled tubing services segments provide a range of production services to a diverse group of exploration and production companies, with our operations concentrated in the major domestic 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 each of our segments and corporate (amounts in thousands): As of and for the year ended December 31, 2017 2016 2015 Revenues: Domestic drilling $ 129,276 $ 112,399 $ 205,440 International drilling 41,349 6,808 43,878 Drilling services 170,625 119,207 249,318 Well servicing 77,257 71,491 133,440 Wireline services 163,716 67,419 120,387 Coiled tubing services 34,857 18,959 37,633 Production services 275,830 157,869 291,460 Consolidated revenues $ 446,455 $ 277,076 $ 540,778 Operating costs: Domestic drilling $ 83,122 $ 63,686 $ 108,602 International drilling 31,994 9,465 35,594 Drilling services 115,116 73,151 144,196 Well servicing 56,379 53,208 91,125 Wireline services 128,137 57,634 88,848 Coiled tubing services 31,248 19,956 33,847 Production services 215,764 130,798 213,820 Consolidated operating costs $ 330,880 $ 203,949 $ 358,016 Gross margin: Domestic drilling $ 46,154 $ 48,713 $ 96,838 International drilling 9,355 (2,657 ) 8,284 Drilling services 55,509 46,056 105,122 Well servicing 20,878 18,283 42,315 Wireline services 35,579 9,785 31,539 Coiled tubing services 3,609 (997 ) 3,786 Production services 60,066 27,071 77,640 Consolidated gross margin $ 115,575 $ 73,127 $ 182,762 As of and for the year ended December 31, 2017 2016 2015 Identifiable Assets: Domestic drilling $ 404,144 $ 415,953 $ 463,618 International drilling (1) 36,403 36,337 54,590 Drilling services 440,547 452,290 518,208 Well servicing 125,951 126,917 155,421 Wireline services 92,081 80,502 94,777 Coiled tubing services 30,254 26,062 31,332 Production services 248,286 233,481 281,530 Corporate 78,036 14,331 22,237 Consolidated identifiable assets $ 766,869 $ 700,102 $ 821,975 Depreciation and Amortization: Domestic drilling $ 45,243 $ 53,900 $ 68,651 International drilling 5,718 6,869 11,614 Drilling services 50,961 60,769 80,265 Well servicing 19,943 22,925 25,810 Wireline services 18,451 20,707 26,837 Coiled tubing services 8,181 8,661 16,688 Production services 46,575 52,293 69,335 Corporate 1,241 1,250 1,339 Consolidated depreciation and amortization $ 98,777 $ 114,312 $ 150,939 Capital Expenditures: Domestic drilling $ 19,219 $ 19,118 $ 111,839 International drilling 6,319 678 1,221 Drilling services 25,538 19,796 113,060 Well servicing 17,776 5,274 15,716 Wireline services 11,883 3,499 9,101 Coiled tubing services 5,496 3,548 4,411 Production services 35,155 12,321 29,228 Corporate 754 439 619 Consolidated capital expenditures $ 61,447 $ 32,556 $ 142,907 (1) 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. The following table reconciles the consolidated gross margin of our segments reported above to loss from operations as reported on the consolidated statements of operations (amounts in thousands): Year ended December 31, 2017 2016 2015 Consolidated gross margin $ 115,575 $ 73,127 $ 182,762 Depreciation and amortization (98,777 ) (114,312 ) (150,939 ) General and administrative (69,681 ) (61,184 ) (73,903 ) Bad debt (expense) recovery (53 ) (156 ) 188 Impairment (1,902 ) (12,815 ) (129,152 ) Gain on dispositions of property and equipment, net 3,608 1,892 4,344 Loss from operations $ (51,230 ) $ (113,448 ) $ (166,700 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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 $59.2 million relating to our performance under these bonds as of December 31, 2017 . We are currently undergoing sales and use tax audits for multi-year periods and we are working to resolve all relevant issues. As of December 31, 2017 and December 31, 2016 , our accrued liability was $1.2 million and $0.6 million , respectively, 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. |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Total Year ended December 31, 2017 Revenues $ 95,757 $ 107,130 $ 117,281 $ 126,287 $ 446,455 Loss from operations (18,873 ) (12,729 ) (10,892 ) (8,736 ) (51,230 ) Income tax benefit (expense) (48 ) (1,135 ) (17 ) 5,403 4,203 Net loss (25,124 ) (20,209 ) (17,227 ) (12,558 ) (75,118 ) Loss per share: Basic $ (0.33 ) $ (0.26 ) $ (0.22 ) $ (0.16 ) $ (0.97 ) Diluted $ (0.33 ) $ (0.26 ) $ (0.22 ) $ (0.16 ) $ (0.97 ) 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 ) |
Guarantor_Non Guarantor Condens
Guarantor/Non Guarantor Condensed Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
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 100% 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, 2017 , 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, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 72,258 $ (1,881 ) $ 3,263 $ — $ 73,640 Restricted cash 2,008 — — — 2,008 Receivables, net of allowance 7 93,866 19,174 (42 ) 113,005 Intercompany receivable (payable) (24,836 ) 51,532 (26,696 ) — — Inventory — 7,741 6,316 — 14,057 Assets held for sale — 6,620 — — 6,620 Prepaid expenses and other current assets 1,238 3,193 1,798 — 6,229 Total current assets 50,675 161,071 3,855 (42 ) 215,559 Net property and equipment 2,011 521,080 26,532 — 549,623 Investment in subsidiaries 596,927 20,095 — (617,022 ) — Deferred income taxes 38,028 — — (38,028 ) — Other long-term assets 496 788 403 — 1,687 Total assets $ 688,137 $ 703,034 $ 30,790 $ (655,092 ) $ 766,869 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 286 $ 24,174 $ 5,078 $ — $ 29,538 Deferred revenues — 97 808 — 905 Accrued expenses 12,504 37,814 4,195 (42 ) 54,471 Total current liabilities 12,790 62,085 10,081 (42 ) 84,914 Long-term debt, less unamortized discount and debt issuance costs 461,665 — — — 461,665 Deferred income taxes — 41,179 — (38,028 ) 3,151 Other long-term liabilities 3,586 2,843 614 — 7,043 Total liabilities 478,041 106,107 10,695 (38,070 ) 556,773 Total shareholders’ equity 210,096 596,927 20,095 (617,022 ) 210,096 Total liabilities and shareholders’ equity $ 688,137 $ 703,034 $ 30,790 $ (655,092 ) $ 766,869 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 ) — Deferred income taxes 65,041 — — (65,041 ) — Other long-term assets 583 1,029 414 — 2,026 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 unamortized discount and 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 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) Year ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 405,106 $ 41,349 $ — $ 446,455 Costs and expenses: Operating costs — 298,898 31,982 — 330,880 Depreciation and amortization 1,242 91,817 5,718 — 98,777 General and administrative 22,869 45,387 1,922 (497 ) 69,681 Bad debt expense — 53 — — 53 Impairment — 1,902 — — 1,902 Gain (loss) on dispositions of property and equipment, net 2 (3,454 ) (156 ) — (3,608 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 24,113 429,743 44,326 (497 ) 497,685 Income (loss) from operations (24,113 ) (24,637 ) (2,977 ) 497 (51,230 ) Other income (expense): Equity in earnings of subsidiaries 4,317 (3,936 ) — (381 ) — Interest expense, net of interest capitalized (27,061 ) 20 2 — (27,039 ) Loss on extinguishment of debt (1,476 ) — — — (1,476 ) Other income (expense), net 54 896 (29 ) (497 ) 424 Total other (expense) income (24,166 ) (3,020 ) (27 ) (878 ) (28,091 ) Income (loss) before income taxes (48,279 ) (27,657 ) (3,004 ) (381 ) (79,321 ) Income tax (expense) benefit 1 (26,839 ) 31,974 (932 ) — 4,203 Net income (loss) $ (75,118 ) $ 4,317 $ (3,936 ) $ (381 ) $ (75,118 ) 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 — 156 — — 156 Impairment — 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 income (expense): 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 income (expense), net 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 ) 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, 2015 Parent Guarantor Non-Guarantor 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 — 73,270 56,632 (750 ) 129,152 Gain (loss) 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 income (expense): 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 income (expense), net 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 CASH FLOWS (in thousands) Year ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (40,068 ) $ 25,492 $ 8,759 $ — $ (5,817 ) Cash flows from investing activities: Purchases of property and equipment (745 ) (56,556 ) (6,407 ) 431 (63,277 ) Proceeds from sale of property and equipment — 12,768 232 (431 ) 12,569 Proceeds from insurance recoveries — 3,344 — — 3,344 (745 ) (40,444 ) (6,175 ) — (47,364 ) Cash flows from financing activities: Debt repayments (120,000 ) — — — (120,000 ) Proceeds from issuance of debt 245,500 — — — 245,500 Debt issuance costs (6,332 ) — — — (6,332 ) Purchase of treasury stock (533 ) — — — (533 ) Intercompany contributions/distributions (13,454 ) 13,835 (381 ) — — 105,181 13,835 (381 ) — 118,635 Net increase (decrease) in cash, cash equivalents and restricted cash 64,368 (1,117 ) 2,203 — 65,454 Beginning cash, cash equivalents and restricted cash 9,898 (764 ) 1,060 — 10,194 Ending cash, cash equivalents and restricted cash $ 74,266 $ (1,881 ) $ 3,263 $ — $ 75,648 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Continued) (in thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ 4,067 $ 147,643 $ (8,991 ) $ — $ 142,719 Cash flows from investing activities: Purchases of property and equipment (663 ) (157,336 ) (1,885 ) 269 (159,615 ) Proceeds from sale of property and equipment 32 57,444 467 (269 ) 57,674 Proceeds from insurance recoveries — 285 — — 285 (631 ) (99,607 ) (1,418 ) — (101,656 ) Cash flows from financing activities: Debt repayments (60,000 ) (2 ) — — (60,002 ) Debt issuance costs (1,877 ) — — — (1,877 ) Proceeds from exercise of options 781 — — — 781 Purchase of treasury stock (729 ) — — — (729 ) Intercompany contributions/distributions 47,922 (48,130 ) 208 — — (13,903 ) (48,132 ) 208 — (61,827 ) Net increase (decrease) in cash and cash equivalents (10,467 ) (96 ) (10,201 ) — (20,764 ) Beginning cash and cash equivalents 27,688 (5,516 ) 12,752 — 34,924 Ending cash and cash equivalents $ 17,221 $ (5,612 ) $ 2,551 $ — $ 14,160 |
Organization and Summary of S21
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 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, 2017 , 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] | Revenues and Cost Recognition Drilling Services — Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts. We recognize revenues on daywork contracts for the days completed based on the dayrate specified in each contract. 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 revenues and the out-of-pocket expenses for which they relate are recorded as operating costs. Amortization of deferred revenues and costs during the years ended December 31, 2017 , 2016 and 2015 were as follows (amounts in thousands): Year ended December 31, 2017 2016 2015 Amortization of deferred revenues $ 2,400 $ 1,566 $ 1,099 Amortization of deferred costs 4,953 2,813 2,337 Our current and long-term deferred revenues and costs as of December 31, 2017 and 2016 were as follows (amounts in thousands): December 31, 2017 December 31, 2016 Current: Deferred revenues $ 905 $ 1,449 Deferred costs 1,377 2,290 Long-term: Deferred revenues $ 558 $ 202 Deferred costs 402 212 With most term drilling contracts, we are entitled to receive a full or reduced rate of revenues 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. Currently, there are no drilling rigs in our fleet with contracts placed on standby. Drilling Contracts — As of December 31, 2017 , all 16 of our domestic drilling rigs are earning revenues, 14 of which are under term contracts . Of the eight rigs in Colombia, six are earning revenues, five of which are under term contracts. The term contracts in Colombia are cancelable by our clients without penalty, although the contract would still require payment for demobilization services and requires 30 days notice. 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. Production Services — Our production services business segments earn 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. All of our revenues are recognized net of sales taxes when applicable. |
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, 2017 , 2016 and 2015 , our drilling and production services to our top three clients accounted for approximately 20% , 26% , and 29% , respectively, of our revenue . |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Restricted Cash For purposes of the consolidated statements of cash flows, we consider all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. We had no cash equivalents at December 31, 2017 and 2016 . Our restricted cash balance at December 31, 2017 reflects the portion of net proceeds from the issuance of our senior secured term loan which are currently held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property, which we expect to complete within 12 months. Accordingly, the related restricted cash is presented as current in the accompanying consolidated balance sheets. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade Accounts Receivable We record trade accounts receivable at the amount we invoice to 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, 2017 2016 2015 Balance at beginning of year $ 1,678 $ 2,254 $ 2,547 Increase (decrease) in allowance charged to expense (197 ) 404 472 Accounts charged against the allowance (257 ) (980 ) (765 ) Balance at end of year $ 1,224 $ 1,678 $ 2,254 |
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. We typically bill our clients at 15 -day intervals during the performance of daywork drilling contracts and upon completion of the daywork contract. Our unbilled receivables as of December 31, 2017 and 2016 were as follows (amounts in thousands): December 31, 2017 December 31, 2016 Daywork drilling contracts in progress $ 15,254 $ 7,042 Production services 775 375 $ 16,029 $ 7,417 |
Inventory, Policy [Policy Text Block] | Inventories Inventories primarily consist of drilling rig replacement parts and supplies held for use by our drilling operations in Colombia, and supplies held for use by our wireline and coiled tubing operations. Inventories are valued at the lower of cost (first in, first out or actual) or net realizable 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 our equipment 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. |
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 our stock-based compensation 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 adopted ASU 2016-09 in the first quarter of 2017 and elected to prospectively recognize forfeitures when they occur, rather than estimating future forfeitures. |
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 of enactment. The recent change in tax rates resulting from the enactment of the Tax Cuts and Jobs Act enacted on December 22, 2017 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, 2017 , 2016 and 2015 , the Company paid approximately $0.2 million in each period 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 Changes to accounting principles generally accepted in the United States of America (“U.S. GAAP”) are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). We consider the applicability and impact of all ASUs; any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our consolidated financial position and results of operations. • Revenue Recognition. In May 2014, the FASB issued 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 have substantially completed our assessment of the impact of this new standard. We expect that the application of this new standard will result in the recognition of our services as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Revenues associated with mobilization and demobilization, which do not relate to a distinct good or service, will be estimated and recognized ratably over the term of the contract. All other revenues associated with the services we provide, including dayrate revenues and production services revenues, will continue to be recognized in the period during which the services are performed. We expect our revenue recognition under the new standard to differ from our current revenue recognition pattern primarily as it relates to drilling demobilization revenue, which, prior to the new standard, is recognized when the demobilization activity occurs at the end of the contract term, but under the new guidance will be estimated and recognized over the term of the contract. This new standard is effective for us beginning January 1, 2018, which we have adopted using the modified retrospective method, in which the standard is applied to all contracts existing as of the date of initial application, with the cumulative effect of applying the standard recognized in retained earnings (the adoption date adjustments). We estimate that the adoption of this standard results in a cumulative effect adjustment of less than $1.0 million before applicable income taxes, which primarily consists of the impact of the timing difference related to recognition of demobilization revenue for affected contracts. As we work towards finalizing our assessment, we are continuing to evaluate the requirements of this standard and complete other implementation activities such as implementing new procedures, finalizing the adoption date adjustment and drafting disclosures. • 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 January 1, 2019 and requires a modified retrospective application, although certain practical expedients are permitted. We have performed a scoping and preliminary assessment of the impact of this new standard. As a lessee, this standard will impact us in situations where we lease real estate and office equipment, for which we will recognize a right-of-use asset and a corresponding lease liability on our consolidated balance sheet. The future lease obligations disclosed in Note 4 , Leases , provides some insight to the estimated impact of adoption for us as a lessee. As a lessor, we expect the adoption of this new standard will apply to our drilling contracts and as a result, we expect to have a lease component and a service component of our revenues derived from these contracts. We have not yet determined the impact this standard may have on our production services businesses. We continue to evaluate the 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. We adopted this ASU as of January 1, 2017 and we recognized a $3.1 million deferred tax asset for previously unrecognized tax benefits, which was then fully reserved by a valuation allowance (see Note 5 , Income Taxes ). Additionally, we elected to prospectively account for forfeitures as they occur, rather than estimating future forfeitures. The total cumulative-effect impact of adoption, net of valuation allowances, was approximately $55,000 relating to our change in accounting for forfeitures, and was recognized as a reduction to retained earnings in our consolidated statement of shareholders’ equity, together with the impact of stock-based compensation expense. The adoption of this ASU also results in the presentation of any excess tax benefits resulting from the exercise of stock options as operating cash flows in the statement of cash flows, which we apply retrospectively for any comparative periods affected. • Restricted Cash in Statement of Cash Flows . In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issues Task Force) , which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning and end-of-period total amounts shown on the statement of cash flows. This guidance must be applied retrospectively to all periods presented. We early adopted this ASU effective December 31, 2017. See Cash and Restricted Cash section above, included in this Note 1 , Organization and Summary of Significant Accounting Policies , for detail regarding the nature of our restricted cash . |
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. We revised our reportable business segments as of the fourth quarter of 2017, which now include five operating segments, comprised of two drilling services business segments (domestic and international drilling) and three production services business segments (well servicing, wireline services and coiled tubing services). We revised our segments to reflect changes in the basis used by management in making decisions regarding our business for resource allocation and performance assessment. These changes reflect our current operating focus as is required by ASC Topic 280, Segment Reporting . See Note 10 , Segment Information for this revised presentation. |
Organization and Summary of S22
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Balance at beginning of year $ 1,678 $ 2,254 $ 2,547 Increase (decrease) in allowance charged to expense (197 ) 404 472 Accounts charged against the allowance (257 ) (980 ) (765 ) Balance at end of year $ 1,224 $ 1,678 $ 2,254 |
Schedule of Drilling Long-Lived Assets, by Type [Table Text Block] | The following table summarizes our current rig fleet count and composition for each drilling services business segment: Multi-well, Pad-capable AC rigs SCR rigs Total Domestic drilling 16 — 16 International drilling — 8 8 24 |
Schedule of Production Services Long-Lived Assets, by Type [Table Text Block] | As of December 31, 2017 , the fleet count and composition for each of our production services business segments is as follows: 550 HP 600 HP Total Well servicing rigs, by horsepower (HP) rating 113 12 125 Onshore Offshore Total Wireline services units 108 4 112 Coiled tubing services units 10 4 14 |
Amortization of Deferred Revenue and Costs [Table Text Block] | Amortization of deferred revenues and costs during the years ended December 31, 2017 , 2016 and 2015 were as follows (amounts in thousands): Year ended December 31, 2017 2016 2015 Amortization of deferred revenues $ 2,400 $ 1,566 $ 1,099 Amortization of deferred costs 4,953 2,813 2,337 |
Schedule of Deferred Revenues and Costs [Table Text Block] | Our current and long-term deferred revenues and costs as of December 31, 2017 and 2016 were as follows (amounts in thousands): December 31, 2017 December 31, 2016 Current: Deferred revenues $ 905 $ 1,449 Deferred costs 1,377 2,290 Long-term: Deferred revenues $ 558 $ 202 Deferred costs 402 212 |
Unbilled Receivables [Table Text Block] | Our unbilled receivables as of December 31, 2017 and 2016 were as follows (amounts in thousands): December 31, 2017 December 31, 2016 Daywork drilling contracts in progress $ 15,254 $ 7,042 Production services 775 375 $ 16,029 $ 7,417 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2017 and 2016 , the estimated useful lives and costs of our asset classes are as follows: As of December 31, 2017 2016 Lives Cost (amounts in thousands) Drilling rigs and equipment 3 - 25 $ 594,743 $ 582,477 Well servicing rigs and equipment 3 - 20 244,747 225,125 Wireline units and equipment 1 - 10 142,224 141,959 Coiled tubing units and equipment 1 - 7 18,141 16,347 Vehicles 3 - 10 47,932 45,424 Office equipment 3 - 10 12,717 11,628 Buildings and improvements 3 - 40 24,013 23,884 Property and equipment not yet placed in service — 6,751 9,050 Land — 2,367 2,367 $ 1,093,635 $ 1,058,261 |
Schedule of Impairment Charges [Table Text Block] | The following table summarizes impairment expense recognized during the years ended December 31, 2017 , 2016 , and 2015 (amounts in thousands): Year ended December 31, 2017 2016 2015 Assets held for sale $ 1,902 $ 11,897 $ 9,858 Colombian assets — — 60,130 Domestic drilling rigs and equipment — 918 28,228 Coiled tubing assets — — 30,936 $ 1,902 $ 12,815 $ 129,152 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt consists of the following (amounts in thousands): December 31, 2017 December 31, 2016 Senior secured term loan $ 175,000 $ — Senior secured revolving credit facility — 46,000 Senior notes 300,000 300,000 475,000 346,000 Less unamortized discount (based on imputed interest rate of 10.44%) (3,387 ) — Less unamortized debt issuance costs (9,948 ) (6,527 ) $ 461,665 $ 339,473 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Lease Obligations Required | Future lease obligations required under non-cancelable operating leases as of December 31, 2017 were as follows (amounts in thousands): Year ended December 31, 2018 $ 3,081 2019 2,273 2020 1,261 2021 818 2022 623 Thereafter 1,846 $ 9,902 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Domestic $ (76,078 ) $ (122,277 ) $ (123,499 ) Foreign (3,243 ) (16,846 ) (69,220 ) Loss before income taxes $ (79,321 ) $ (139,123 ) $ (192,719 ) |
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, 2017 2016 2015 Current: Federal $ (81 ) $ (219 ) $ (535 ) State 146 (95 ) 401 Foreign 978 1,189 1,238 1,043 875 1,104 Deferred: Federal (5,417 ) (12,500 ) (42,113 ) State 143 902 29 Foreign 28 (9 ) 3,401 (5,246 ) (11,607 ) (38,683 ) Income tax benefit $ (4,203 ) $ (10,732 ) $ (37,579 ) |
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, 2017 2016 2015 Expected tax expense (benefit) $ (27,762 ) $ (48,693 ) $ (67,452 ) Valuation allowance: Valuation allowance on operations 24,265 38,324 20,329 Impact of Tax Reform Act on valuation allowance (25,564 ) — — Change in tax rate 20,147 516 — State income taxes 339 (3,033 ) (2,066 ) Foreign currency translation loss 599 838 8,660 Net tax benefits and nondeductible expenses in foreign jurisdictions 1,493 407 2,135 Incentive stock options 1,297 97 83 Nondeductible expenses for tax purposes 796 386 577 Expiration of capital loss — 641 — Other, net 187 (215 ) 155 Income tax benefit $ (4,203 ) $ (10,732 ) $ (37,579 ) |
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, 2017 2016 2015 Continuing operations $ (4,203 ) $ (10,732 ) $ (37,579 ) Shareholders’ equity — 2,287 962 $ (4,203 ) $ (8,445 ) $ (36,617 ) |
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, 2017 2016 Deferred tax assets: Domestic net operating loss carryforward $ 94,598 $ 122,769 Foreign net operating loss carryforward 11,619 8,640 Intangibles 18,058 33,722 Property and equipment 9,280 11,809 Employee benefits and insurance claims accruals 5,652 6,802 Employee stock-based compensation 3,753 6,732 Accounts receivable reserve 284 626 Inventory 295 613 Accrued expenses not deductible for tax purposes — 232 Accrued revenue not income for book purposes 316 277 143,855 192,222 Valuation allowance (59,766 ) (57,820 ) Deferred tax liabilities: Accrued expenses not deductible for book purposes (112 ) — Property and equipment (87,128 ) (142,582 ) Net deferred tax assets (liabilities) $ (3,151 ) $ (8,180 ) |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Liabilities, Fair Value Disclosure [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents supplemental fair value information about our long-term debt at December 31, 2017 and December 31, 2016 (amounts in thousands): December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Total debt, net of discount and debt issuance costs $ 461,665 $ 415,561 $ 339,473 $ 326,249 |
Earnings (Loss) Per Common Sh28
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Numerator (both basic and diluted): Net loss $ (75,118 ) $ (128,391 ) $ (155,140 ) Denominator: Weighted-average shares (denominator for basic earnings (loss) per share) 77,390 65,452 64,310 Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards — — — Denominator for diluted earnings (loss) per share 77,390 65,452 64,310 Loss per common share - Basic $ (0.97 ) $ (1.96 ) $ (2.41 ) Loss per common share - Diluted $ (0.97 ) $ (1.96 ) $ (2.41 ) Potentially dilutive securities excluded as anti-dilutive 5,116 4,953 4,832 |
Equity Transactions and Stock29
Equity Transactions and Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2018 , our Board of Directors approved the grant of the following awards: Vesting Period Number of Shares or Units Restricted stock unit awards 3 years 788,377 Phantom stock unit awards 39 months 1,188,216 |
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, 2017 , 2016 and 2015 (amounts in thousands): Year ended December 31, 2017 2016 2015 Stock option awards $ 974 $ 766 $ 923 Restricted stock awards 461 421 399 Restricted stock unit awards 2,914 2,757 2,307 $ 4,349 $ 3,944 $ 3,629 Phantom stock unit awards $ 1,609 $ 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, 2017 : Weighted-Average Period Remaining Unrecognized Compensation Cost Stock options 0.66 $ 599 Restricted stock awards 0.38 174 Restricted stock unit awards 1.32 3,655 Phantom stock unit awards 1.33 2,491 $ 6,919 |
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, 2017 , 2016 and 2015 : Year ended December 31, 2017 2016 2015 Expected volatility 76 % 70 % 64 % Risk-free interest rates 2.1 % 1.5 % 1.4 % Expected life in years 5.86 5.70 5.52 Grant-date fair value $4.28 $0.80 $2.31 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes our stock option activity from December 31, 2016 through December 31, 2017 : 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, 2016 4,384,425 $7.42 Granted 268,185 6.40 Forfeited (382,700) 13.82 Outstanding stock options as of December 31, 2017 4,269,910 $6.78 4.5 $1,576 Stock options exercisable as of December 31, 2017 3,288,463 $7.90 3.4 $525 (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 Payment Award, Options, Exercised, Intrinsic Value [Table Text Block] | The following table presents the aggregate intrinsic value of stock options exercised during the years ended December 31, 2017 , 2016 and 2015 (amounts in thousands): Year ended December 31, 2017 2016 2015 Aggregate intrinsic value of stock options exercised $ — $ 12 $ 361 |
Schedule of Share-based Compensation, Restricted Stock Awards, Grants in Period Fair Value and Vests in Period Intrinsic Value [Table Text Block] | The following table presents the weighted-average grant-date fair value per share of restricted stock awards granted and the aggregate fair value of restricted stock awards vested during the years ended December 31, 2017 , 2016 and 2015 : Year ended December 31, 2017 2016 2015 Grant-date fair value (per share) $ 2.75 $ 2.76 $ 7.40 Aggregate fair value of awards vested (in thousands) $ 483 $ 137 $ 368 |
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, 2016 through December 31, 2017 : 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 397,790 $3.45 685,817 $7.28 Granted 96,728 5.61 563,469 7.75 Achieved performance adjustment — — 54,429 9.66 Vested (202,387) 4.90 (317,598 ) 9.66 Forfeited (40,245) 2.66 — — Nonvested restricted stock units as of 251,886 $3.24 986,117 $6.91 |
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, 2017 , 2016 and 2015 : Year ended December 31, 2017 2016 2015 Time-based RSUs: Grant-date fair value of awards granted (per share) $ 5.61 $ 1.47 $ 4.08 Aggregate intrinsic value of awards vested (in thousands) $ 1,206 $ 314 $ 1,575 Performance-based RSUs: Grant-date fair value of awards granted (per share) $ 7.75 $ — $ 6.66 Aggregate intrinsic value of awards vested (in thousands) $ 969 $ 609 $ 1,402 |
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, 2016 through December 31, 2017 : Number of Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested stock options as of December 31, 2016 1,186,917 $1.29 Granted 268,185 4.28 Vested (473,655) 1.69 Nonvested stock options as of December 31, 2017 981,447 $1.91 |
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, 2016 through December 31, 2017 : Number of Shares Weighted-Average Grant-Date Fair Value per Share Nonvested restricted stock as of December 31, 2016 166,664 $2.76 Granted 167,272 2.75 Vested (166,664) 2.76 Nonvested restricted stock as of December 31, 2017 167,272 $2.75 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth certain financial information for each of our segments and corporate (amounts in thousands): As of and for the year ended December 31, 2017 2016 2015 Revenues: Domestic drilling $ 129,276 $ 112,399 $ 205,440 International drilling 41,349 6,808 43,878 Drilling services 170,625 119,207 249,318 Well servicing 77,257 71,491 133,440 Wireline services 163,716 67,419 120,387 Coiled tubing services 34,857 18,959 37,633 Production services 275,830 157,869 291,460 Consolidated revenues $ 446,455 $ 277,076 $ 540,778 Operating costs: Domestic drilling $ 83,122 $ 63,686 $ 108,602 International drilling 31,994 9,465 35,594 Drilling services 115,116 73,151 144,196 Well servicing 56,379 53,208 91,125 Wireline services 128,137 57,634 88,848 Coiled tubing services 31,248 19,956 33,847 Production services 215,764 130,798 213,820 Consolidated operating costs $ 330,880 $ 203,949 $ 358,016 Gross margin: Domestic drilling $ 46,154 $ 48,713 $ 96,838 International drilling 9,355 (2,657 ) 8,284 Drilling services 55,509 46,056 105,122 Well servicing 20,878 18,283 42,315 Wireline services 35,579 9,785 31,539 Coiled tubing services 3,609 (997 ) 3,786 Production services 60,066 27,071 77,640 Consolidated gross margin $ 115,575 $ 73,127 $ 182,762 As of and for the year ended December 31, 2017 2016 2015 Identifiable Assets: Domestic drilling $ 404,144 $ 415,953 $ 463,618 International drilling (1) 36,403 36,337 54,590 Drilling services 440,547 452,290 518,208 Well servicing 125,951 126,917 155,421 Wireline services 92,081 80,502 94,777 Coiled tubing services 30,254 26,062 31,332 Production services 248,286 233,481 281,530 Corporate 78,036 14,331 22,237 Consolidated identifiable assets $ 766,869 $ 700,102 $ 821,975 Depreciation and Amortization: Domestic drilling $ 45,243 $ 53,900 $ 68,651 International drilling 5,718 6,869 11,614 Drilling services 50,961 60,769 80,265 Well servicing 19,943 22,925 25,810 Wireline services 18,451 20,707 26,837 Coiled tubing services 8,181 8,661 16,688 Production services 46,575 52,293 69,335 Corporate 1,241 1,250 1,339 Consolidated depreciation and amortization $ 98,777 $ 114,312 $ 150,939 Capital Expenditures: Domestic drilling $ 19,219 $ 19,118 $ 111,839 International drilling 6,319 678 1,221 Drilling services 25,538 19,796 113,060 Well servicing 17,776 5,274 15,716 Wireline services 11,883 3,499 9,101 Coiled tubing services 5,496 3,548 4,411 Production services 35,155 12,321 29,228 Corporate 754 439 619 Consolidated capital expenditures $ 61,447 $ 32,556 $ 142,907 (1) 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. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table reconciles the consolidated gross margin of our segments reported above to loss from operations as reported on the consolidated statements of operations (amounts in thousands): Year ended December 31, 2017 2016 2015 Consolidated gross margin $ 115,575 $ 73,127 $ 182,762 Depreciation and amortization (98,777 ) (114,312 ) (150,939 ) General and administrative (69,681 ) (61,184 ) (73,903 ) Bad debt (expense) recovery (53 ) (156 ) 188 Impairment (1,902 ) (12,815 ) (129,152 ) Gain on dispositions of property and equipment, net 3,608 1,892 4,344 Loss from operations $ (51,230 ) $ (113,448 ) $ (166,700 ) |
Quarterly Results of Operatio31
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Total Year ended December 31, 2017 Revenues $ 95,757 $ 107,130 $ 117,281 $ 126,287 $ 446,455 Loss from operations (18,873 ) (12,729 ) (10,892 ) (8,736 ) (51,230 ) Income tax benefit (expense) (48 ) (1,135 ) (17 ) 5,403 4,203 Net loss (25,124 ) (20,209 ) (17,227 ) (12,558 ) (75,118 ) Loss per share: Basic $ (0.33 ) $ (0.26 ) $ (0.22 ) $ (0.16 ) $ (0.97 ) Diluted $ (0.33 ) $ (0.26 ) $ (0.22 ) $ (0.16 ) $ (0.97 ) 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 ) |
Guarantor_Non Guarantor Conde32
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract] | |
Condensed Consolidated Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 72,258 $ (1,881 ) $ 3,263 $ — $ 73,640 Restricted cash 2,008 — — — 2,008 Receivables, net of allowance 7 93,866 19,174 (42 ) 113,005 Intercompany receivable (payable) (24,836 ) 51,532 (26,696 ) — — Inventory — 7,741 6,316 — 14,057 Assets held for sale — 6,620 — — 6,620 Prepaid expenses and other current assets 1,238 3,193 1,798 — 6,229 Total current assets 50,675 161,071 3,855 (42 ) 215,559 Net property and equipment 2,011 521,080 26,532 — 549,623 Investment in subsidiaries 596,927 20,095 — (617,022 ) — Deferred income taxes 38,028 — — (38,028 ) — Other long-term assets 496 788 403 — 1,687 Total assets $ 688,137 $ 703,034 $ 30,790 $ (655,092 ) $ 766,869 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 286 $ 24,174 $ 5,078 $ — $ 29,538 Deferred revenues — 97 808 — 905 Accrued expenses 12,504 37,814 4,195 (42 ) 54,471 Total current liabilities 12,790 62,085 10,081 (42 ) 84,914 Long-term debt, less unamortized discount and debt issuance costs 461,665 — — — 461,665 Deferred income taxes — 41,179 — (38,028 ) 3,151 Other long-term liabilities 3,586 2,843 614 — 7,043 Total liabilities 478,041 106,107 10,695 (38,070 ) 556,773 Total shareholders’ equity 210,096 596,927 20,095 (617,022 ) 210,096 Total liabilities and shareholders’ equity $ 688,137 $ 703,034 $ 30,790 $ (655,092 ) $ 766,869 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 ) — Deferred income taxes 65,041 — — (65,041 ) — Other long-term assets 583 1,029 414 — 2,026 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 unamortized discount and 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 |
Condensed Consolidated Statements of Operations | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) Year ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 405,106 $ 41,349 $ — $ 446,455 Costs and expenses: Operating costs — 298,898 31,982 — 330,880 Depreciation and amortization 1,242 91,817 5,718 — 98,777 General and administrative 22,869 45,387 1,922 (497 ) 69,681 Bad debt expense — 53 — — 53 Impairment — 1,902 — — 1,902 Gain (loss) on dispositions of property and equipment, net 2 (3,454 ) (156 ) — (3,608 ) Intercompany leasing — (4,860 ) 4,860 — — Total costs and expenses 24,113 429,743 44,326 (497 ) 497,685 Income (loss) from operations (24,113 ) (24,637 ) (2,977 ) 497 (51,230 ) Other income (expense): Equity in earnings of subsidiaries 4,317 (3,936 ) — (381 ) — Interest expense, net of interest capitalized (27,061 ) 20 2 — (27,039 ) Loss on extinguishment of debt (1,476 ) — — — (1,476 ) Other income (expense), net 54 896 (29 ) (497 ) 424 Total other (expense) income (24,166 ) (3,020 ) (27 ) (878 ) (28,091 ) Income (loss) before income taxes (48,279 ) (27,657 ) (3,004 ) (381 ) (79,321 ) Income tax (expense) benefit 1 (26,839 ) 31,974 (932 ) — 4,203 Net income (loss) $ (75,118 ) $ 4,317 $ (3,936 ) $ (381 ) $ (75,118 ) 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 — 156 — — 156 Impairment — 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 income (expense): 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 income (expense), net 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 ) 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, 2015 Parent Guarantor Non-Guarantor 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 — 73,270 56,632 (750 ) 129,152 Gain (loss) 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 income (expense): 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 income (expense), net 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 Consolidated Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) Year ended December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (40,068 ) $ 25,492 $ 8,759 $ — $ (5,817 ) Cash flows from investing activities: Purchases of property and equipment (745 ) (56,556 ) (6,407 ) 431 (63,277 ) Proceeds from sale of property and equipment — 12,768 232 (431 ) 12,569 Proceeds from insurance recoveries — 3,344 — — 3,344 (745 ) (40,444 ) (6,175 ) — (47,364 ) Cash flows from financing activities: Debt repayments (120,000 ) — — — (120,000 ) Proceeds from issuance of debt 245,500 — — — 245,500 Debt issuance costs (6,332 ) — — — (6,332 ) Purchase of treasury stock (533 ) — — — (533 ) Intercompany contributions/distributions (13,454 ) 13,835 (381 ) — — 105,181 13,835 (381 ) — 118,635 Net increase (decrease) in cash, cash equivalents and restricted cash 64,368 (1,117 ) 2,203 — 65,454 Beginning cash, cash equivalents and restricted cash 9,898 (764 ) 1,060 — 10,194 Ending cash, cash equivalents and restricted cash $ 74,266 $ (1,881 ) $ 3,263 $ — $ 75,648 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Continued) (in thousands) Year ended December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ 4,067 $ 147,643 $ (8,991 ) $ — $ 142,719 Cash flows from investing activities: Purchases of property and equipment (663 ) (157,336 ) (1,885 ) 269 (159,615 ) Proceeds from sale of property and equipment 32 57,444 467 (269 ) 57,674 Proceeds from insurance recoveries — 285 — — 285 (631 ) (99,607 ) (1,418 ) — (101,656 ) Cash flows from financing activities: Debt repayments (60,000 ) (2 ) — — (60,002 ) Debt issuance costs (1,877 ) — — — (1,877 ) Proceeds from exercise of options 781 — — — 781 Purchase of treasury stock (729 ) — — — (729 ) Intercompany contributions/distributions 47,922 (48,130 ) 208 — — (13,903 ) (48,132 ) 208 — (61,827 ) Net increase (decrease) in cash and cash equivalents (10,467 ) (96 ) (10,201 ) — (20,764 ) Beginning cash and cash equivalents 27,688 (5,516 ) 12,752 — 34,924 Ending cash and cash equivalents $ 17,221 $ (5,612 ) $ 2,551 $ — $ 14,160 |
Organization and Summary of S33
Organization and Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)segmentsmodrilling_rigs | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 01, 2017USD ($) | |
Revenue and Cost Recognition [Abstract] | ||||
Deferred revenues | $ 905,000 | $ 1,449,000 | ||
Cash and Cash Equivalents | ||||
Cash Equivalents, at Carrying Value | $ 0 | 0 | ||
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 | $ 16,029,000 | 7,417,000 | ||
Related Party Transactions | ||||
Related Party Transaction, Amounts of Transaction | $ 200,000 | $ 200,000 | $ 200,000 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 55,000 | |||
Daywork Drilling Contract [Member] | ||||
Trade Receivables | ||||
Payment Term In Days For Services Invoiced Average | 30 days | |||
Unbilled Accounts Receivable | ||||
Billing Invoice Interval, Period | 15 days | |||
Top Three Revenue Producing Clients [Member] | Sales Revenue, Net [Member] | ||||
Trade Receivables | ||||
Concentration Risk, Percentage | 20.00% | 26.00% | 29.00% | |
Deferred Tax Asset [Domain] | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 3,100,000 | |||
Drilling Services [Member] | ||||
Business - Drilling | ||||
Drilling Rigs | drilling_rigs | 24 | |||
Revenue and Cost Recognition [Abstract] | ||||
Recognition of Deferred Revenue | $ 2,400,000 | $ 1,566,000 | $ 1,099,000 | |
Drilling Services [Member] | Daywork Drilling Contract [Member] | ||||
Unbilled Accounts Receivable | ||||
Unbilled receivables | $ 15,254,000 | 7,042,000 | ||
Drilling Services [Member] | Pad-Capable [Member] | ||||
Business - Drilling | ||||
Percentage of Drilling Fleet | 100.00% | |||
Production Services [Member] | ||||
Accounting Policies [Line Items] | ||||
Number of Reportable Segments | segments | 3 | |||
Trade Receivables | ||||
Payment Term In Days For Services Invoiced Average | 30 days | |||
Unbilled Accounts Receivable | ||||
Unbilled receivables | $ 775,000 | $ 375,000 | ||
Domestic Drilling [Member] | Drilling Services [Member] | Daywork Drilling Contract [Member] | ||||
Trade Receivables | ||||
Payment Term In Days For Services Invoiced Maximum | 90 days | |||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | ||||
Business - Drilling | ||||
Drilling Divisions | 4 | |||
Drilling Rigs | drilling_rigs | 16 | |||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | AC [Member] | ||||
Business - Drilling | ||||
Drilling Rigs | drilling_rigs | 16 | |||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | SCR Drilling Rigs [Member] | ||||
Business - Drilling | ||||
Drilling Rigs | drilling_rigs | 0 | |||
Maximum [Member] | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
New Accounting Pronouncement, Estimated Impact of Adoption | $ (1,000,000) |
Organization and Summary of S34
Organization and Summary of Significant Accounting Policies (Drilling Services Business) (Details) - Drilling Services [Member] | Dec. 31, 2017drilling_rigs |
Accounting Policies [Line Items] | |
Drilling Rigs | 24 |
Pad-Capable [Member] | |
Accounting Policies [Line Items] | |
Percentage of Drilling Fleet | 100.00% |
United States [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Divisions | 4 |
Drilling Rigs | 16 |
United States [Member] | SCR Drilling Rigs [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 0 |
United States [Member] | AC [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 16 |
Colombia [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 8 |
Colombia [Member] | SCR Drilling Rigs [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 8 |
Colombia [Member] | AC [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 0 |
Currently Under Drilling Contract [Member] | Earning Under Contract [Member] | Colombia [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 6 |
Currently Under Drilling Contract [Member] | Term Contract, Cancelable [Member] | Earning Under Contract [Member] | Colombia [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 5 |
Organization and Summary of S35
Organization and Summary of Significant Accounting Policies (Production Services Business) (Details) - Production Services [Member] | Dec. 31, 2017coiled_tubing_unitswell_service_rigswireline_tubing_units |
Wireline Services [Member] | |
Accounting Policies [Line Items] | |
Wireline Units | wireline_tubing_units | 112 |
Wireline Services [Member] | Offshore Units [Domain] | |
Accounting Policies [Line Items] | |
Wireline Units | wireline_tubing_units | 4 |
Wireline Services [Member] | Onshore [Member] | |
Accounting Policies [Line Items] | |
Wireline Units | wireline_tubing_units | 108 |
Well Servicing [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | well_service_rigs | 125 |
Well Servicing [Member] | 550 Horsepower [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | well_service_rigs | 113 |
Well Servicing [Member] | 600 Horsepower [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | well_service_rigs | 12 |
Coiled Tubing Services [Member] | |
Accounting Policies [Line Items] | |
Coiled Tubing Units | coiled_tubing_units | 14 |
Coiled Tubing Services [Member] | Offshore Units [Domain] | |
Accounting Policies [Line Items] | |
Coiled Tubing Units | coiled_tubing_units | 4 |
Coiled Tubing Services [Member] | Onshore [Member] | |
Accounting Policies [Line Items] | |
Coiled Tubing Units | coiled_tubing_units | 10 |
Organization and Summary of S36
Organization and Summary of Significant Accounting Policies (Revenues and Costs) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)drilling_rigs | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Deferred revenues | $ | $ 905 | $ 1,449 | |
Drilling Services [Member] | |||
Recognition of Deferred Revenue | $ | 2,400 | 1,566 | $ 1,099 |
Capitalized Contract Cost, Amortization | $ | $ 4,953 | 2,813 | $ 2,337 |
Drilling Rigs | 24 | ||
Drilling Services [Member] | Colombia [Member] | International Drilling [Member] | |||
Drilling Rigs | 8 | ||
Drilling Services [Member] | Colombia [Member] | Earning Under Contract [Member] | Currently Under Drilling Contract [Member] | International Drilling [Member] | |||
Drilling Rigs | 6 | ||
Drilling Services [Member] | Colombia [Member] | Earning Under Contract [Member] | Term Contract, Cancelable [Member] | Currently Under Drilling Contract [Member] | International Drilling [Member] | |||
Drilling Rigs | 5 | ||
Drilling Services [Member] | Colombia [Member] | SCR Drilling Rigs [Member] | International Drilling [Member] | |||
Drilling Rigs | 8 | ||
Drilling Services [Member] | United States [Member] | Domestic Drilling [Member] | |||
Drilling Rigs | 16 | ||
Drilling Services [Member] | United States [Member] | SCR Drilling Rigs [Member] | Domestic Drilling [Member] | |||
Drilling Rigs | 0 | ||
Drilling Services [Member] | Geographic Distribution, Domestic [Member] | Earning Under Contract [Member] | Currently Under Drilling Contract [Member] | Domestic Drilling [Member] | |||
Drilling Rigs | 16 | ||
Drilling Services [Member] | Geographic Distribution, Domestic [Member] | Earning Under Contract [Member] | Term Contract [Member] | Currently Under Drilling Contract [Member] | Domestic Drilling [Member] | |||
Drilling Rigs | 14 | ||
Drilling Services [Member] | Rig Mobilization [Member] | |||
Deferred revenues | $ | $ 905 | 1,449 | |
Deferred Costs, Current | $ | 1,377 | 2,290 | |
Deferred Revenue, Noncurrent | $ | 558 | 202 | |
Deferred Costs, Noncurrent | $ | $ 402 | $ 212 |
Organization and Summary of S37
Organization and Summary of Significant Accounting Policies (Changes in Allowance for Doubtful Accounts) (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Line Items] | |||
Balance of allowance at beginning of year | $ 1,678 | $ 2,254 | $ 2,547 |
Increase in allowance charged to expense | 197 | (404) | (472) |
Accounts charged against allowance | 257 | 980 | 765 |
Balance of allowance at ending of year | $ 1,224 | $ 1,678 | $ 2,254 |
Organization and Summary of S38
Organization and Summary of Significant Accounting Policies (Unbilled Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Unbilled Receivables [Line Items] | ||
Unbilled receivables | $ 16,029 | $ 7,417 |
Property and Equipment (Details
Property and Equipment (Details-10K) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)coiled_tubing_unitsdrilling_rigswell_service_rigswireline_tubing_units | Dec. 31, 2016USD ($)drilling_rigswell_service_rigswireline_tubing_units | Dec. 31, 2015USD ($)drilling_rigs | Dec. 31, 2014drilling_rigs | |
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 1,093,635 | $ 1,058,261 | ||
Construction in Progress, Gross | 6,800 | 9,000 | ||
Capital Expenditures | 61,447 | 32,556 | $ 142,907 | |
Interest Costs Capitalized | 400 | 200 | 3,000 | |
Gain on dispositions of property plant and equipment | 3,608 | 1,892 | 4,344 | |
Net property and equipment | 549,623 | 584,080 | ||
Assets held for sale | 6,620 | 15,093 | ||
Impairment | 1,902 | 12,815 | 129,152 | |
Proceeds from sale of property and equipment | 12,569 | 7,577 | 57,674 | |
Estimated Insurance Recoveries | 13,874 | 17,003 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment | 1,902 | 11,897 | 9,858 | |
Drilling Services [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Expenditures | $ 25,538 | $ 19,796 | $ 113,060 | |
Drilling Rigs | drilling_rigs | 24 | |||
Assets Disposed of by a Method Other than a Sale, Count | drilling_rigs | 1 | |||
Expected Insurance Proceeds for Damaged Drilling Rig | $ 3,100 | |||
Drilling Services [Member] | AC [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | $ 4,000 | |||
Drilling Services [Member] | Mechanical and Lower Horsepower Drilling Rigs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 31 | |||
Drilling Services [Member] | Drilling Rigs Sold During the Period [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Net Proceeds from Sale of Property, Plant and Equipment | 11,900 | 53,600 | ||
Drilling Services [Member] | Drilling Rigs Sold During the Period [Member] | SCR Drilling Rigs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling Rigs | drilling_rigs | 3 | 32 | ||
Drilling Services [Member] | Domestic Drilling [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Expenditures | $ 19,219 | $ 19,118 | $ 111,839 | |
Drilling Rig, 2015 New-Build | drilling_rigs | 5 | |||
Impairment | $ 0 | $ 28,228 | ||
Drilling Services [Member] | Domestic Drilling [Member] | Inventories [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment | $ 918 | |||
Drilling Services [Member] | Domestic Drilling [Member] | SCR rigs not pad-capable [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 6 | |||
Drilling Services [Member] | Domestic Drilling [Member] | SCR rigs not pad-capable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment | $ 9,660 | |||
Drilling Services [Member] | Domestic Drilling [Member] | SCR rigs pad-capable [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling Rigs on which Impairment Taken | drilling_rigs | 6 | |||
Drilling Services [Member] | Domestic Drilling [Member] | SCR rigs pad-capable [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment | $ 18,568 | |||
Drilling Services [Member] | Domestic Drilling [Member] | Drilling Rigs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling Rigs | drilling_rigs | 6 | |||
Drilling Services [Member] | Domestic Drilling [Member] | Drilling Rigs [Member] | Mechanical and Lower Horsepower Drilling Rigs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling Rigs | drilling_rigs | 1 | |||
Drilling Services [Member] | Domestic Drilling [Member] | Drilling Rigs [Member] | SCR Drilling Rigs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling Rigs | drilling_rigs | 3 | |||
Drilling Services [Member] | International Drilling [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Expenditures | $ 6,319 | $ 678 | 1,221 | |
Impairment | $ 0 | 0 | 60,130 | |
Drilling Services [Member] | International Drilling [Member] | Inventories [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment | 3,600 | |||
Drilling Services [Member] | International Drilling [Member] | Nonrecoverable Prepaid Taxes [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment | 6,400 | |||
Drilling Services [Member] | International Drilling [Member] | SCR Drilling Rigs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment | $ 50,200 | |||
Drilling Rigs on which Impairment Taken | drilling_rigs | 8 | |||
Drilling Services [Member] | International Drilling [Member] | Installments, not yet in service [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Drilling Rigs | drilling_rigs | 1 | |||
Production Services [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Expenditures | $ 35,155 | 12,321 | $ 29,228 | |
Assets Disposed of by a Method Other than a Sale, Count | 3 | |||
Production Services [Member] | Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cash Received from Estimated Insurance Recoveries | $ 200 | |||
Estimated Insurance Recoveries | 800 | |||
Production Services [Member] | Well Servicing [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Expenditures | $ 17,776 | $ 5,274 | 15,716 | |
Well Servicing Rigs | well_service_rigs | 125 | |||
Production Services [Member] | Well Servicing [Member] | Well Servicing [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Well Servicing Rigs | well_service_rigs | 20 | |||
Production Services [Member] | Well Servicing [Member] | Ordered in 2016, Delivered in 2017 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Well Servicing Rigs | well_service_rigs | 20 | |||
Production Services [Member] | Well Servicing [Member] | Acquired during 2017 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Well Servicing Rigs | well_service_rigs | 20 | |||
Production Services [Member] | Well Servicing [Member] | Well Service Rigs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Well Servicing Rigs | well_service_rigs | 20 | |||
Production Services [Member] | Coiled Tubing Services [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Expenditures | $ 5,496 | $ 3,548 | 4,411 | |
Coiled Tubing Units | coiled_tubing_units | 14 | |||
Impairment | $ 0 | 0 | 30,936 | |
Impairment of Intangible Assets, Finite-lived | 14,300 | |||
Production Services [Member] | Coiled Tubing Services [Member] | Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment | 16,600 | |||
Production Services [Member] | Coiled Tubing Services [Member] | Coiled Tubing Units [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Coiled Tubing Units | coiled_tubing_units | 1 | |||
Production Services [Member] | Coiled Tubing Services [Member] | Installments, not yet in service [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Coiled Tubing Units | coiled_tubing_units | 1 | |||
Production Services [Member] | Wireline Services [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Expenditures | $ 11,883 | $ 3,499 | $ 9,101 | |
Wireline Units | wireline_tubing_units | 112 | |||
Production Services [Member] | Wireline Services [Member] | Wireline Units [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Wireline Units | wireline_tubing_units | 2 | 13 | ||
Production Services [Member] | Wireline Services [Member] | Installments, not yet in service [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Wireline Units | wireline_tubing_units | 3 | 4 |
Property and Equipment (Schedul
Property and Equipment (Schedule of estimated useful lives and costs of asset classes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,093,635 | $ 1,058,261 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 47,932 | 45,424 |
Vehicles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 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 | $ 12,717 | 11,628 |
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 | 3 years | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 24,013 | 23,884 |
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 | 3 years | |
Not Yet Placed in Service [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 6,751 | 9,050 |
Not Yet Placed in Service [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 0 years | |
Not Yet Placed in Service [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 0 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,367 | 2,367 |
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 | |
Drilling Services [Member] | Drilling Rigs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 594,743 | 582,477 |
Drilling Services [Member] | Drilling Rigs [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Drilling Services [Member] | Drilling Rigs [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Well Servicing [Member] | Production Services [Member] | Well Service Rigs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 244,747 | 225,125 |
Well Servicing [Member] | Production Services [Member] | Well Service Rigs [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Well Servicing [Member] | Production Services [Member] | Well Service Rigs [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Wireline Services [Member] | Production Services [Member] | Wireline Units [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 142,224 | 141,959 |
Wireline Services [Member] | Production Services [Member] | Wireline Units [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Wireline Services [Member] | Production Services [Member] | Wireline Units [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 1 year | |
Coiled Tubing Services [Member] | Production Services [Member] | Coiled Tubing Units [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 18,141 | $ 16,347 |
Coiled Tubing Services [Member] | Production Services [Member] | Coiled Tubing Units [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Coiled Tubing Services [Member] | Production Services [Member] | Coiled Tubing Units [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 1 year |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 475,000 | $ 346,000 |
Less unamortized debt discount (based on imputed interest rate of 10.44%) | (3,387) | |
Less unamortized debt issuance costs | 9,948 | 6,527 |
Long-term Debt, Excluding Current Maturities | 461,665 | 339,473 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Less unamortized debt discount (based on imputed interest rate of 10.44%) | 0 | |
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 | $ 0 | $ 46,000 |
Debt (Details)
Debt (Details) $ in Thousands | Nov. 08, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Mar. 18, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Long-term Debt, Excluding Current Maturities | $ 461,665 | $ 339,473 | ||||
Debt Issuance Costs, Net | 9,948 | 6,527 | ||||
Debt Instrument, Unamortized Discount | $ 3,387 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 10.44% | |||||
Senior Secured Revolving Credit Facility [Abstract] | ||||||
Amount outstanding | $ 475,000 | 346,000 | ||||
Senior Notes [Abstract] | ||||||
Loss on extinguishment of debt | (1,476) | (299) | $ (2,186) | |||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | 0 | |||||
Revolving Asset-Based Lending Facility [Member] | Senior secured revolving credit facility [Member] | ||||||
Asset-based Lending Facility [Abstract] | ||||||
Letters of Credit Outstanding, Amount | 9,700 | |||||
Debt Instrument, Covenant Compliance, Fixed Charge Coverage Ratio, Minimum Credit Availability Threshold for Covenant Requirement | 15.00% | |||||
Senior Secured Revolving Credit Facility [Abstract] | ||||||
Maximum borrowing capacity | $ 75,000 | |||||
Borrowing available | 53,100 | |||||
Revolving Credit Facility [Member] | Senior secured revolving credit facility [Member] | ||||||
Senior Secured Revolving Credit Facility [Abstract] | ||||||
Maximum borrowing capacity | $ 150,000 | |||||
Amount outstanding | 0 | 46,000 | ||||
Minimum [Member] | Revolving Asset-Based Lending Facility [Member] | Senior secured revolving credit facility [Member] | London Interbank Offered Rate (LIBOR) or Bank Base Rate [Member] | ||||||
Senior Secured Term Loan [Abstract] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
Minimum [Member] | Revolving Asset-Based Lending Facility [Member] | Senior secured revolving credit facility [Member] | Covenant Compliance Date, Trailing 12 Months [Member] | ||||||
Asset-based Lending Facility [Abstract] | ||||||
Debt Instrument, Covenant Compliance, Fixed Charge Cover Ratio, Required Minimum | 1 | |||||
Maximum [Member] | Revolving Asset-Based Lending Facility [Member] | Senior secured revolving credit facility [Member] | ||||||
Asset-based Lending Facility [Abstract] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity, Letters of Credit Sub-Limit | $ 30,000 | |||||
Maximum [Member] | Revolving Asset-Based Lending Facility [Member] | Senior secured revolving credit facility [Member] | London Interbank Offered Rate (LIBOR) or Bank Base Rate [Member] | ||||||
Senior Secured Term Loan [Abstract] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||
Term Loan [Member] | ||||||
Senior Secured Term Loan [Abstract] | ||||||
Debt Instrument, Original issue discount Rate, Percentage | 2.00% | |||||
Senior Notes [Abstract] | ||||||
Debt Instrument, Face Amount | $ 175,000 | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Senior Secured Term Loan [Abstract] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 7.75% | |||||
Term Loan [Member] | Bank Base Rate [Member] | ||||||
Senior Secured Term Loan [Abstract] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 6.75% | |||||
Term Loan [Member] | Basis Spread on Variable Rate [Member] | ||||||
Senior Secured Term Loan [Abstract] | ||||||
Debt Instrument, Default Penalty, Variable Rate Increase Provision | 2.00% | |||||
Term Loan [Member] | Term Loan [Member] | ||||||
Senior Secured Revolving Credit Facility [Abstract] | ||||||
Amount outstanding | 175,000 | 0 | ||||
Term Loan [Member] | Minimum [Member] | ||||||
Senior Secured Term Loan [Abstract] | ||||||
Debt Instrument, Optional Principal Payment, Minimum | $ 5,000 | |||||
Debt Instrument, Covenant Compliance, Ratio of Fixed Assets to Term Loan Indebtedness, Required Minimum | 1.50 | |||||
Term Loan [Member] | Minimum [Member] | December 14, 2021 [Member] | ||||||
Senior Secured Term Loan [Abstract] | ||||||
Debt Instrument, Maturity Acceleration Terms, Senior Notes Balance Accelerates Term Loan Maturity | $ 15,000 | |||||
Senior Notes [Member] | ||||||
Senior Notes [Abstract] | ||||||
Debt Instrument, Face Amount | $ 300,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | |||||
Debt Instrument, Redeemable with Equity Issuance Proceeds, Required Repurchase Due to Change in Control Redemption Price, Percentage | 101.00% | |||||
Debt Instrument, Redeemable with Equity Issuance Proceeds, Required Repurchase Due to Asset Disposition, Redemption Price, Percentage | 100.00% | |||||
Senior Notes [Member] | Senior Notes [Member] | ||||||
Senior Secured Revolving Credit Facility [Abstract] | ||||||
Amount outstanding | $ 300,000 | $ 300,000 |
Debt (Schedule of Long-term D43
Debt (Schedule of Long-term Debt Supplemental Information) (Details) | Dec. 31, 2017 |
Debt Disclosure [Abstract] | |
Debt Instrument, Interest Rate, Effective Percentage | 10.44% |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 4,800 | $ 5,000 | $ 6,200 |
Future Lease Obligations Required | |||
2,018 | 3,081 | ||
2,019 | 2,273 | ||
2,020 | 1,261 | ||
2,021 | 818 | ||
2,022 | 623 | ||
Thereafter | 1,846 | ||
Operating Leases, Future Minimum Payments Due | $ 9,902 | ||
Other Noncancelable [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Number of Leased Locations | 38 |
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 | |
U.S. Corporate Income Tax Rate, Current | 35.00% | ||||
U.S. corporate income tax rate, as amended | 21.00% | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 20,147 | $ 516 | $ 0 | ||
Change in Net Deferred Tax Asset, Tax Reform Act, Change in Corporate Income Tax Rate | (20,100) | ||||
Change in Net Deferred Tax Asset Valuation Allowance, Tax Reform Act, Change in Corporate Income Tax Rate | (20,100) | ||||
Change in Net Deferred Tax Asset Valuation Allowance, Tax Reform Act, Change in Alternative Minimum Tax | (5,200) | ||||
Change in Net Deferred Tax Asset Valuation Allowance, Tax Reform Act, Reversal of Alternative Minimum Tax Credit | $ 0 | ||||
Net Interest Expense Deduction Limit of Adjusted Gross Income, Tax Reform Act, Provisions Not Yet Effective | 30.00% | ||||
Net Operating Loss Limit of Taxable Income, Tax Reform Act, Provisions Not Yet Effective | 80.00% | ||||
Accumulated deficit | $ (339,481) | (264,308) | |||
Domestic net operating loss carryforwards | 94,598 | 122,769 | |||
Deferred Tax Assets, Operating Loss Carryforwards | 106,200 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 11,619 | 8,640 | |||
Deferred Tax Assets, Valuation Allowance | $ (59,766) | $ (57,820) | |||
Foreign General Corporate Tax Rate, current | 25.00% | ||||
Foreign general corporate tax rate, as amended | 40.00% | ||||
Dividend Rate, foreign, percent | 5.00% | ||||
Subsequent Event [Member] | |||||
Foreign general corporate tax rate, as amended | 33.00% | 37.00% | |||
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards, Statutory Carryforward Period | 20 years | ||||
Minimum [Member] | State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Statutory Carryforward Period | 5 years | ||||
Operating Loss Carryforwards, State, Majority, Carryforward Period | 15 years | ||||
Minimum [Member] | Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2030 | ||||
Maximum [Member] | State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Statutory Carryforward Period | 20 years | ||||
Operating Loss Carryforwards, State, Majority, Carryforward Period | 20 years | ||||
Maximum [Member] | Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 | ||||
Geographic Distribution, Foreign [Member] | |||||
Accumulated deficit | $ (52,400) |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (76,078) | $ (122,277) | $ (123,499) |
Foreign | (3,243) | (16,846) | (69,220) |
Loss before income taxes | $ (79,321) | $ (139,123) | $ (192,719) |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax: | |||||||||||
Federal | $ (81) | $ (219) | $ (535) | ||||||||
State | 146 | (95) | 401 | ||||||||
Foreign | 978 | 1,189 | 1,238 | ||||||||
Current Income Tax Expense (Benefit) | 1,043 | 875 | 1,104 | ||||||||
Deferred taxes: | |||||||||||
Federal | (5,417) | (12,500) | (42,113) | ||||||||
State | 143 | 902 | 29 | ||||||||
Foreign | 28 | (9) | 3,401 | ||||||||
Deferred Income Tax Expense (Benefit) | (5,246) | (11,607) | (38,683) | ||||||||
Income tax benefit | $ 5,403 | $ (17) | $ (1,135) | $ (48) | $ 5,086 | $ 1,698 | $ 1,990 | $ 1,958 | $ 4,203 | $ 10,732 | $ 37,579 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Expected tax expense (benefit) | $ (27,762) | $ (48,693) | $ (67,452) | ||||||||
Valuation allowance on operations | 24,265 | 38,324 | 20,329 | ||||||||
Impact of Tax Reform Act on valuation allowance | (25,564) | 0 | 0 | ||||||||
Change in tax rate | 20,147 | 516 | 0 | ||||||||
State income taxes | 339 | (3,033) | (2,066) | ||||||||
Incentive stock options | 1,297 | 97 | 83 | ||||||||
Other, net | 187 | (215) | 155 | ||||||||
Income tax benefit | $ (5,403) | $ 17 | $ 1,135 | $ 48 | $ (5,086) | $ (1,698) | $ (1,990) | $ (1,958) | (4,203) | (10,732) | (37,579) |
Foreign Tax Authority [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Foreign currency translation loss | 599 | 838 | 8,660 | ||||||||
Net tax benefits and nondeductible expenses in foreign jurisdictions | 1,493 | 407 | 2,135 | ||||||||
Domestic Country [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Nondeductible expenses for tax purposes | 796 | 386 | 577 | ||||||||
Expiration of capital loss | $ 0 | $ 641 | $ 0 |
(Schedule of Income Tax (Expens
(Schedule of Income Tax (Expense), Intraperiod Allocation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Results of operations | $ (5,403) | $ 17 | $ 1,135 | $ 48 | $ (5,086) | $ (1,698) | $ (1,990) | $ (1,958) | $ (4,203) | $ (10,732) | $ (37,579) |
Stockholders' equity | 0 | 2,287 | 962 | ||||||||
Income tax expense (benefit) | $ (4,203) | $ (8,445) | $ (36,617) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Components of Deferred Tax Assets [Abstract] | ||
Domestic net operating loss carryforwards | $ 94,598 | $ 122,769 |
Foreign net operating loss carryforward | 11,619 | 8,640 |
Intangibles | 18,058 | 33,722 |
Property and equipment | 9,280 | 11,809 |
Employee benefits and insurance claims accruals | 5,652 | 6,802 |
Employee stock-based compensation | 3,753 | 6,732 |
Accounts receivable reserve | 284 | 626 |
Inventory | 295 | 613 |
Accrued expenses not deductible for tax purposes | 0 | 232 |
Accrued revenue not income for book purposes | 316 | 277 |
Deferred Tax Assets, Gross | 143,855 | 192,222 |
Deferred Tax Assets, Valuation Allowance | (59,766) | (57,820) |
Components of Deferred Tax Liabilities [Abstract] | ||
Accrued expenses not deductible for book purposes | (112) | 0 |
Property and equipment | (87,128) | (142,582) |
Net deferred tax assets (liabilities) | $ (3,151) | $ (8,180) |
Fair Value of Financial Instr51
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other long-term liabilities | $ 7,043 | $ 5,049 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 461,665 | 339,473 |
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 415,561 | 326,249 |
Phantom Share Units (PSUs) [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other long-term liabilities | 3,600 | 2,000 |
Phantom Share Units (PSUs) [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value | $ 6,100 | $ 7,000 |
Earnings (Loss) Per Common Sh52
Earnings (Loss) 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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator (both basic and diluted) | |||||||||||
Net loss | $ (12,558) | $ (17,227) | $ (20,209) | $ (25,124) | $ (36,081) | $ (34,620) | $ (29,991) | $ (27,699) | $ (75,118) | $ (128,391) | $ (155,140) |
Denominator | |||||||||||
Weighted-average shares (denominator for basic earnings (loss) per share) | 77,390 | 65,452 | 64,310 | ||||||||
Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards | 0 | 0 | 0 | ||||||||
Denominator for diluted earnings (loss) per share | 77,390 | 65,452 | 64,310 | ||||||||
Loss per common share - Basic | $ (0.16) | $ (0.22) | $ (0.26) | $ (0.33) | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.97) | $ (1.96) | $ (2.41) |
Loss per common share - Diluted | $ (0.16) | $ (0.22) | $ (0.26) | $ (0.33) | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.97) | $ (1.96) | $ (2.41) |
Stock Compensation Plan [Member] | |||||||||||
Denominator | |||||||||||
Potentially dilutive securities excluded as anti-dilutive | 5,116 | 4,953 | 4,832 |
Equity Transactions and Stock53
Equity Transactions and Stock-Based Compensation Plans (Narrative - Annual Disclosures Only) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2017 | 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 | $ 300,000,000 | ||||
Registration Statement, Amount Available for Equity or Debt Offerings | $ 234,600,000 | ||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Proceeds from common stock, net of offering costs | $ 0 | $ 65,430,000 | $ 0 | ||
Number of Shares Available for Grant | 3,204,802 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Award Vesting Period | 3 years | ||||
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.61 | $ 1.47 | $ 4.08 | ||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Equity Instruments Other than Options, Grants in Period | 96,728 | ||||
Achieved Performance Adjustment, Number of Shares | 0 | ||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.75 | 0 | 6.66 | ||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
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 | 563,469 | ||||
Award Performance Period | 3 years | ||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2014 [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Share-based Payment Award, Actual Achievement Level, Percentage | 121.00% | ||||
Achieved Performance Adjustment, Number of Shares | 54,429 | ||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2015 and 2017 [Member] | |||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Share-based Payment Award, Estimated Weighted Average Achievement Level, Percentage | 100.00% | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.75 | $ 2.76 | $ 7.40 | ||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Award Vesting Period | 1 year | ||||
Equity Instruments Other than Options, Grants in Period | 167,272 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 483,000 | $ 137,000 | $ 368,000 | ||
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] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.35 | ||||
Proceeds from Issuance or Sale of Equity [Abstract] | |||||
Award Vesting Period | 39 months | 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 | ||||
Award Performance Period | 3 years | ||||
Share-based Payment Award, Estimated Achievement Level, Percentage | 150.00% | ||||
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards | $ 8.08 | ||||
Sensitivity Analysis of Fair Value, Change in Compensation Cost Due to Change in Assumption, Impact of $1 Increase in Price of Common Stock | $ 900,000 | ||||
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 Stock54
Equity Transactions and Stock-Based Compensation Plans (Schedule of Awards Granted) (Details) - Subsequent Event [Member] | Jan. 25, 2018shares |
Restricted Stock Units (RSUs) [Member] | |
Schedule of Share-Based Compensation, Stock Awards Granted [Line Items] | |
Additional Number of Shares Granted | 788,377 |
Phantom Share Units (PSUs) [Member] | |
Schedule of Share-Based Compensation, Stock Awards Granted [Line Items] | |
Additional Number of Shares Granted | 1,188,216 |
Equity Transactions and Stock55
Equity Transactions and Stock-Based Compensation Plans (Schedule of Allocation of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | $ 4,349 | $ 3,944 | $ 3,629 |
Stock Options [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 974 | 766 | 923 |
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 461 | 421 | 399 |
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Compensation | 2,914 | 2,757 | 2,307 |
Phantom Share Units (PSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 1,609 | $ 1,971 | $ 0 |
Equity Transactions and Stock56
Equity Transactions and Stock-Based Compensation Plans (Schedule of Unrecognized Compensation Cost) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,919 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 months 28 days |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 599 |
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 | $ 174 |
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 3 months 25 days |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,655 |
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 | 1 year 4 months |
Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,491 |
Equity Transactions and Stock57
Equity Transactions and Stock-Based Compensation Plans (Schedule of Assumptions Used for Stock Options Granted) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 268,185 | ||
Grant-date fair value | $ 4.28 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 76.00% | 70.00% | 64.00% |
Risk-free interest rates | 2.10% | 1.50% | 1.40% |
Expected life in years | 5 years 10 months 11 days | 5 years 8 months 11 days | 5 years 6 months 7 days |
Grant-date fair value | $ 4.28 | $ 0.80 | $ 2.31 |
Equity Transactions and Stock58
Equity Transactions and Stock-Based Compensation Plans (Schedule of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Number of Shares [Abstract] | |
Options, Outstanding, Number, Beginning | shares | 4,384,425 |
Granted | shares | 268,185 |
Options, Forfeitures | shares | (382,700) |
Options, Outstanding, Number, Ending | shares | 4,269,910 |
Options, Exercisable, Number | shares | 3,288,463 |
Weighted-Average Price Per Share [Abstract] | |
Options, Outstanding, Weighted Average Exercise Price, Beginning | $ / shares | $ 7.42 |
Options, Grants in Period, Weighted Average Exercise Price | $ / shares | 6.40 |
Options, Forfeitures, Weighted Average Exercise Price | $ / shares | 13.82 |
Options, Outstanding, Weighted Average Exercise Price, Ending | $ / shares | 6.78 |
Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 7.90 |
Weighted-Average Remaining Contract Life [Abstract] | |
Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 6 months |
Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 4 months 24 days |
Options, Outstanding, Intrinsic Value | $ | $ 1,576 |
Options, Exercisable, Intrinsic Value | $ | $ 525 |
Equity Transactions and Stock59
Equity Transactions and Stock-Based Compensation Plans (Schedule of Nonvested Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares [Abstract] | ||
Nonvested Options, Outstanding, Number, Beginning | 1,186,917 | |
Nonvested Options, Granted, Number | 268,185 | |
Nonvested Options, Vested in Period, Number | (473,655) | |
Nonvested Options, Outstanding, Number, Ending | 981,447 | 1,186,917 |
Weighted-Average Price Per Share [Abstract] | ||
Nonvested Stock Options Outstanding, Weighted Average Grant Date Price, Beginning | $ 1.29 | |
Nonvested Options, Grants in Period, Weighted Average Grant Date Price | 4.28 | |
Nonvested Options, Vested in Period, Weighted Average Grant Date Price | 1.69 | |
Nonvested Stock Options Outstanding, Weighted Average Grant Date Price, Ending | $ 1.91 | $ 1.29 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 166,664 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 2.75 | $ 2.76 |
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | $ 2.76 |
Equity Transactions and Stock60
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted-Average Price Per Share [Abstract] | |||
Grant-date fair value | $ 4.28 | ||
Restricted Stock [Member] | |||
Number of Shares [Abstract] | |||
Nonvested Restricted Stock Units, Number, Beginning | 166,664 | ||
Equity Instruments Other than Options, Grants in Period | 167,272 | ||
Equity Instruments Other than Options, Vested in Period | (166,664) | ||
Nonvested Restricted Stock Units, Number, Ending | 167,272 | 166,664 | |
Weighted-Average Price Per Share [Abstract] | |||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Beginning | $ 2.76 | ||
Granted, Weighted-Average Grant-Date Fair Value per Unit | 2.75 | $ 2.76 | $ 7.40 |
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | 2.76 | ||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Ending | $ 2.75 | $ 2.76 | |
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2014 [Member] | |||
Number of Shares [Abstract] | |||
Achieved Performance Adjustment, Number of Shares | 54,429 | ||
Weighted-Average Price Per Share [Abstract] | |||
Adjustments to Grants for Above Target payout, Grant Date Fair Value per Unit | $ 9.66 | ||
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member] | |||
Number of Shares [Abstract] | |||
Nonvested Restricted Stock Units, Number, Beginning | 397,790 | ||
Equity Instruments Other than Options, Grants in Period | 96,728 | ||
Achieved Performance Adjustment, Number of Shares | 0 | ||
Equity Instruments Other than Options, Vested in Period | (202,387) | ||
Restricted Stock Units, Forfeited in Period | (40,245) | ||
Nonvested Restricted Stock Units, Number, Ending | 251,886 | 397,790 | |
Weighted-Average Price Per Share [Abstract] | |||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Beginning | $ 3.45 | ||
Granted, Weighted-Average Grant-Date Fair Value per Unit | $ 5.61 | $ 1.47 | $ 4.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 1,206 | $ 314 | $ 1,575 |
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 | 4.90 | ||
Restricted Stock Units, Forfeitures, Weighted Average Grant Date Fair Value | 2.66 | ||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Ending | $ 3.24 | $ 3.45 | |
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs [Member] | |||
Number of Shares [Abstract] | |||
Nonvested Restricted Stock Units, Number, Beginning | 685,817 | ||
Equity Instruments Other than Options, Grants in Period | 563,469 | ||
Equity Instruments Other than Options, Vested in Period | (317,598) | ||
Restricted Stock Units, Forfeited in Period | 0 | ||
Nonvested Restricted Stock Units, Number, Ending | 986,117 | 685,817 | |
Weighted-Average Price Per Share [Abstract] | |||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Beginning | $ 7.28 | ||
Granted, Weighted-Average Grant-Date Fair Value per Unit | $ 7.75 | $ 0 | $ 6.66 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 969 | $ 609 | $ 1,402 |
Restricted Stock Units, Vested in Period, Weighted Average Grant Date Fair Value | $ 9.66 | ||
Restricted Stock Units, Forfeitures, Weighted Average Grant Date Fair Value | 0 | ||
Nonvested Restricted Stock Units, Weighted Average Grant Date Fair Value, Ending | $ 6.91 | $ 7.28 |
Equity Transactions and Stock61
Equity Transactions and Stock-Based Compensation Plans (Schedule of Stock Options, Exercised, Intrinsic Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 12 | $ 361 |
Employee Benefit Plans and In62
Employee Benefit Plans and Insurance (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)$ / employees | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ | $ 3.1 | $ 0.3 | $ 4.2 |
Self Insurance Program, Major Medical and Hospitialization, Liability per Employee or Dependent per Year, Maximum | 200,000 | ||
Employee-related Liabilities, Health Insurance, Self-insurance Program, Current | $ | $ 2 | 2 | |
Self Insurance Program, Workers' Compensation Coverage per Incident, Maximum | 500,000 | ||
Self Insurance Program, General Liability Insurance, Deductible per Occurrence | 250,000 | ||
Self Insurance Program, Auto Liability Insurance, Deductible per Occurrence | 250,000 | ||
Accrued Insurance Premiums and Deductibles, Self Insurance Program, Workers' Compensation, General and Auto Liability Insurance | $ | $ 4.6 | $ 4.4 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)segmentsdrilling_rigs | Dec. 31, 2016USD ($)drilling_rigs | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | segments | 5 | ||
Operating costs | $ 330,880 | $ 203,949 | $ 358,016 |
Gross Profit | 115,575 | 73,127 | 182,762 |
Total assets | 766,869 | 700,102 | 821,975 |
Depreciation and amortization | 98,777 | 114,312 | 150,939 |
Capital Expenditures | $ 61,447 | 32,556 | 142,907 |
Drilling Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | segments | 2 | ||
Drilling Rigs | drilling_rigs | 24 | ||
Operating costs | $ 115,116 | 73,151 | 144,196 |
Gross Profit | 55,509 | 46,056 | 105,122 |
Total assets | 440,547 | 452,290 | 518,208 |
Depreciation and amortization | 50,961 | 60,769 | 80,265 |
Capital Expenditures | 25,538 | 19,796 | 113,060 |
Drilling Services [Member] | Domestic Drilling [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating costs | 83,122 | 63,686 | 108,602 |
Gross Profit | 46,154 | 48,713 | 96,838 |
Total assets | 404,144 | 415,953 | 463,618 |
Depreciation and amortization | 45,243 | 53,900 | 68,651 |
Capital Expenditures | 19,219 | 19,118 | 111,839 |
Drilling Services [Member] | International Drilling [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating costs | 31,994 | 9,465 | 35,594 |
Gross Profit | 9,355 | (2,657) | 8,284 |
Total assets | 36,403 | 36,337 | 54,590 |
Depreciation and amortization | 5,718 | 6,869 | 11,614 |
Capital Expenditures | $ 6,319 | $ 678 | 1,221 |
Drilling Services [Member] | International Drilling [Member] | Drilling Rigs [Member] | |||
Segment Reporting Information [Line Items] | |||
Drilling Rigs | drilling_rigs | 5 | 5 | |
Drilling Services [Member] | International Drilling [Member] | Assets Leased From Others [Member] | |||
Segment Reporting Information [Line Items] | |||
Drilling Rigs | drilling_rigs | 3 | 3 | |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating costs | $ 215,764 | $ 130,798 | 213,820 |
Gross Profit | 60,066 | 27,071 | 77,640 |
Total assets | 248,286 | 233,481 | 281,530 |
Depreciation and amortization | 46,575 | 52,293 | 69,335 |
Capital Expenditures | 35,155 | 12,321 | 29,228 |
Production Services [Member] | Well Servicing [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating costs | 56,379 | 53,208 | 91,125 |
Gross Profit | 20,878 | 18,283 | 42,315 |
Total assets | 125,951 | 126,917 | 155,421 |
Depreciation and amortization | 19,943 | 22,925 | 25,810 |
Capital Expenditures | 17,776 | 5,274 | 15,716 |
Production Services [Member] | Wireline Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating costs | 128,137 | 57,634 | 88,848 |
Gross Profit | 35,579 | 9,785 | 31,539 |
Total assets | 92,081 | 80,502 | 94,777 |
Depreciation and amortization | 18,451 | 20,707 | 26,837 |
Capital Expenditures | 11,883 | 3,499 | 9,101 |
Production Services [Member] | Coiled Tubing Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating costs | 31,248 | 19,956 | 33,847 |
Gross Profit | 3,609 | (997) | 3,786 |
Total assets | 30,254 | 26,062 | 31,332 |
Depreciation and amortization | 8,181 | 8,661 | 16,688 |
Capital Expenditures | $ 5,496 | $ 3,548 | $ 4,411 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)drilling_rigs | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)drilling_rigs | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)drilling_rigs | Dec. 31, 2016USD ($)drilling_rigs | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 126,287 | $ 117,281 | $ 107,130 | $ 95,757 | $ 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | $ 446,455 | $ 277,076 | $ 540,778 |
Operating costs | 330,880 | 203,949 | 358,016 | ||||||||
Segment/Consolidated Margin | 115,575 | 73,127 | 182,762 | ||||||||
Identifiable assets | 766,869 | 700,102 | 766,869 | 700,102 | 821,975 | ||||||
Depreciation and amortization | 98,777 | 114,312 | 150,939 | ||||||||
Capital Expenditures | 61,447 | 32,556 | 142,907 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable assets | $ 78,036 | 14,331 | 78,036 | 14,331 | 22,237 | ||||||
Depreciation and amortization | 1,241 | 1,250 | 1,339 | ||||||||
Capital Expenditures | $ 754 | 439 | 619 | ||||||||
Drilling Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Drilling Rigs | drilling_rigs | 24 | 24 | |||||||||
Revenues | $ 170,625 | 119,207 | 249,318 | ||||||||
Operating costs | 115,116 | 73,151 | 144,196 | ||||||||
Segment/Consolidated Margin | 55,509 | 46,056 | 105,122 | ||||||||
Identifiable assets | $ 440,547 | 452,290 | 440,547 | 452,290 | 518,208 | ||||||
Depreciation and amortization | 50,961 | 60,769 | 80,265 | ||||||||
Capital Expenditures | 25,538 | 19,796 | 113,060 | ||||||||
Drilling Services [Member] | Domestic Drilling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 129,276 | 112,399 | 205,440 | ||||||||
Operating costs | 83,122 | 63,686 | 108,602 | ||||||||
Segment/Consolidated Margin | 46,154 | 48,713 | 96,838 | ||||||||
Identifiable assets | 404,144 | 415,953 | 404,144 | 415,953 | 463,618 | ||||||
Depreciation and amortization | 45,243 | 53,900 | 68,651 | ||||||||
Capital Expenditures | 19,219 | 19,118 | 111,839 | ||||||||
Drilling Services [Member] | International Drilling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 41,349 | 6,808 | 43,878 | ||||||||
Operating costs | 31,994 | 9,465 | 35,594 | ||||||||
Segment/Consolidated Margin | 9,355 | (2,657) | 8,284 | ||||||||
Identifiable assets | 36,403 | 36,337 | 36,403 | 36,337 | 54,590 | ||||||
Depreciation and amortization | 5,718 | 6,869 | 11,614 | ||||||||
Capital Expenditures | 6,319 | 678 | 1,221 | ||||||||
Production Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 275,830 | 157,869 | 291,460 | ||||||||
Operating costs | 215,764 | 130,798 | 213,820 | ||||||||
Segment/Consolidated Margin | 60,066 | 27,071 | 77,640 | ||||||||
Identifiable assets | 248,286 | 233,481 | 248,286 | 233,481 | 281,530 | ||||||
Depreciation and amortization | 46,575 | 52,293 | 69,335 | ||||||||
Capital Expenditures | 35,155 | 12,321 | 29,228 | ||||||||
Production Services [Member] | Well Servicing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 77,257 | 71,491 | 133,440 | ||||||||
Operating costs | 56,379 | 53,208 | 91,125 | ||||||||
Segment/Consolidated Margin | 20,878 | 18,283 | 42,315 | ||||||||
Identifiable assets | 125,951 | 126,917 | 125,951 | 126,917 | 155,421 | ||||||
Depreciation and amortization | 19,943 | 22,925 | 25,810 | ||||||||
Capital Expenditures | 17,776 | 5,274 | 15,716 | ||||||||
Production Services [Member] | Wireline Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 163,716 | 67,419 | 120,387 | ||||||||
Operating costs | 128,137 | 57,634 | 88,848 | ||||||||
Segment/Consolidated Margin | 35,579 | 9,785 | 31,539 | ||||||||
Identifiable assets | 92,081 | 80,502 | 92,081 | 80,502 | 94,777 | ||||||
Depreciation and amortization | 18,451 | 20,707 | 26,837 | ||||||||
Capital Expenditures | 11,883 | 3,499 | 9,101 | ||||||||
Production Services [Member] | Coiled Tubing Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 34,857 | 18,959 | 37,633 | ||||||||
Operating costs | 31,248 | 19,956 | 33,847 | ||||||||
Segment/Consolidated Margin | 3,609 | (997) | 3,786 | ||||||||
Identifiable assets | $ 30,254 | $ 26,062 | 30,254 | 26,062 | 31,332 | ||||||
Depreciation and amortization | 8,181 | 8,661 | 16,688 | ||||||||
Capital Expenditures | $ 5,496 | $ 3,548 | $ 4,411 | ||||||||
Drilling Rigs [Member] | Drilling Services [Member] | International Drilling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Drilling Rigs | drilling_rigs | 5 | 5 | 5 | 5 | |||||||
Assets Leased From Others [Member] | Drilling Services [Member] | International Drilling [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Drilling Rigs | drilling_rigs | 3 | 3 | 3 | 3 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||||||||||
Gross Profit | $ 115,575 | $ 73,127 | $ 182,762 | ||||||||
Depreciation and amortization | (98,777) | (114,312) | (150,939) | ||||||||
General and administrative | (69,681) | (61,184) | (73,903) | ||||||||
Bad debt (expense) recovery | (53) | (156) | 188 | ||||||||
Impairment | 1,902 | 12,815 | 129,152 | ||||||||
Gain on dispositions of property and equipment, net | (3,608) | (1,892) | (4,344) | ||||||||
Loss from operations | $ (8,736) | $ (10,892) | $ (12,729) | $ (18,873) | $ (34,524) | $ (29,885) | $ (26,025) | $ (23,014) | $ (51,230) | $ (113,448) | $ (166,700) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 59.2 | |
Sales and Use Tax [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 1.2 | $ 0.6 |
Quarterly Results of Operatio67
Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 126,287 | $ 117,281 | $ 107,130 | $ 95,757 | $ 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | $ 446,455 | $ 277,076 | $ 540,778 |
Loss from operations | (8,736) | (10,892) | (12,729) | (18,873) | (34,524) | (29,885) | (26,025) | (23,014) | (51,230) | (113,448) | (166,700) |
Income tax benefit (expense) | 5,403 | (17) | (1,135) | (48) | 5,086 | 1,698 | 1,990 | 1,958 | 4,203 | 10,732 | 37,579 |
Net loss | $ (12,558) | $ (17,227) | $ (20,209) | $ (25,124) | $ (36,081) | $ (34,620) | $ (29,991) | $ (27,699) | $ (75,118) | $ (128,391) | $ (155,140) |
Loss per share: | |||||||||||
Loss per common share - Basic | $ (0.16) | $ (0.22) | $ (0.26) | $ (0.33) | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.97) | $ (1.96) | $ (2.41) |
Loss per common share - Diluted | $ (0.16) | $ (0.22) | $ (0.26) | $ (0.33) | $ (0.53) | $ (0.53) | $ (0.46) | $ (0.43) | $ (0.97) | $ (1.96) | $ (2.41) |
Guarantor_Non Guarantor Conde68
Guarantor/Non Guarantor Condensed Consolidated Financial Statements Narrative (Details) | Mar. 18, 2014 |
Senior Notes [Member] | Senior Notes [Member] | |
Debt Instrument Domestic Subsidiaries That Secure Debt Obligations, Ownership Percentage | 100.00% |
Guarantor_Non Guarantor Conde69
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Balance Sheet)) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 73,640 | $ 10,194 | ||
Restricted cash | 2,008 | 0 | ||
Receivables, net of allowance | 113,005 | 72,123 | ||
Intercompany receivable (payable) | 0 | 0 | ||
Inventory | 14,057 | 9,660 | ||
Assets held for sale | 6,620 | 15,093 | ||
Prepaid expenses and other current assets | 6,229 | 6,926 | ||
Total current assets | 215,559 | 113,996 | ||
Net property and equipment | 549,623 | 584,080 | ||
Investments in subsidiaries | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term assets | 1,687 | 2,026 | ||
Total assets | 766,869 | 700,102 | $ 821,975 | |
Current liabilities: | ||||
Accounts payable | 29,538 | 19,208 | ||
Deferred revenues | 905 | 1,449 | ||
Accrued expenses | 54,471 | 45,345 | ||
Total current liabilities | 84,914 | 66,002 | ||
Long-term debt, less unamortized discount and debt issuance costs | 461,665 | 339,473 | ||
Deferred income taxes | 3,151 | 8,180 | ||
Other long-term liabilities | 7,043 | 5,049 | ||
Total liabilities | 556,773 | 418,704 | ||
Total shareholders' equity | 210,096 | 281,398 | $ 342,643 | $ 495,064 |
Total liabilities and shareholders' equity | 766,869 | 700,102 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | |||
Receivables, net of allowance | (42) | (513) | ||
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 | (42) | (513) | ||
Net property and equipment | 0 | 0 | ||
Investments in subsidiaries | (617,022) | (602,235) | ||
Deferred income taxes | (38,028) | (65,041) | ||
Other long-term assets | 0 | 0 | ||
Total assets | (655,092) | (667,789) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Deferred revenues | 0 | 0 | ||
Accrued expenses | (42) | (513) | ||
Total current liabilities | (42) | (513) | ||
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | ||
Deferred income taxes | (38,028) | (65,041) | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (38,070) | (65,554) | ||
Total shareholders' equity | (617,022) | (602,235) | ||
Total liabilities and shareholders' equity | (655,092) | (667,789) | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | (1,881) | (764) | ||
Restricted cash | 0 | |||
Receivables, net of allowance | 93,866 | 64,946 | ||
Intercompany receivable (payable) | 51,532 | 35,427 | ||
Inventory | 7,741 | 5,659 | ||
Assets held for sale | 6,620 | 15,035 | ||
Prepaid expenses and other current assets | 3,193 | 4,014 | ||
Total current assets | 161,071 | 124,317 | ||
Net property and equipment | 521,080 | 556,062 | ||
Investments in subsidiaries | 20,095 | 24,270 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term assets | 788 | 1,029 | ||
Total assets | 703,034 | 705,678 | ||
Current liabilities: | ||||
Accounts payable | 24,174 | 16,317 | ||
Deferred revenues | 97 | 680 | ||
Accrued expenses | 37,814 | 34,765 | ||
Total current liabilities | 62,085 | 51,762 | ||
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | ||
Deferred income taxes | 41,179 | 73,249 | ||
Other long-term liabilities | 2,843 | 2,702 | ||
Total liabilities | 106,107 | 127,713 | ||
Total shareholders' equity | 596,927 | 577,965 | ||
Total liabilities and shareholders' equity | 703,034 | 705,678 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 3,263 | 1,060 | ||
Restricted cash | 0 | |||
Receivables, net of allowance | 19,174 | 7,210 | ||
Intercompany receivable (payable) | (26,696) | (10,591) | ||
Inventory | 6,316 | 4,001 | ||
Assets held for sale | 0 | 58 | ||
Prepaid expenses and other current assets | 1,798 | 1,632 | ||
Total current assets | 3,855 | 3,370 | ||
Net property and equipment | 26,532 | 25,517 | ||
Investments in subsidiaries | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term assets | 403 | 414 | ||
Total assets | 30,790 | 29,301 | ||
Current liabilities: | ||||
Accounts payable | 5,078 | 2,345 | ||
Deferred revenues | 808 | 769 | ||
Accrued expenses | 4,195 | 1,777 | ||
Total current liabilities | 10,081 | 4,891 | ||
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | ||
Deferred income taxes | 0 | (28) | ||
Other long-term liabilities | 614 | 168 | ||
Total liabilities | 10,695 | 5,031 | ||
Total shareholders' equity | 20,095 | 24,270 | ||
Total liabilities and shareholders' equity | 30,790 | 29,301 | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 72,258 | 9,898 | ||
Restricted cash | 2,008 | |||
Receivables, net of allowance | 7 | 480 | ||
Intercompany receivable (payable) | (24,836) | (24,836) | ||
Inventory | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Prepaid expenses and other current assets | 1,238 | 1,280 | ||
Total current assets | 50,675 | (13,178) | ||
Net property and equipment | 2,011 | 2,501 | ||
Investments in subsidiaries | 596,927 | 577,965 | ||
Deferred income taxes | 38,028 | 65,041 | ||
Other long-term assets | 496 | 583 | ||
Total assets | 688,137 | 632,912 | ||
Current liabilities: | ||||
Accounts payable | 286 | 546 | ||
Deferred revenues | 0 | 0 | ||
Accrued expenses | 12,504 | 9,316 | ||
Total current liabilities | 12,790 | 9,862 | ||
Long-term debt, less unamortized discount and debt issuance costs | 461,665 | 339,473 | ||
Deferred income taxes | 0 | 0 | ||
Other long-term liabilities | 3,586 | 2,179 | ||
Total liabilities | 478,041 | 351,514 | ||
Total shareholders' equity | 210,096 | 281,398 | ||
Total liabilities and shareholders' equity | $ 688,137 | $ 632,912 |
Guarantor_Non Guarantor Conde70
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | $ 126,287 | $ 117,281 | $ 107,130 | $ 95,757 | $ 71,481 | $ 68,353 | $ 62,290 | $ 74,952 | $ 446,455 | $ 277,076 | $ 540,778 |
Costs and expenses: | |||||||||||
Operating costs | 330,880 | 203,949 | 358,016 | ||||||||
Depreciation and amortization | 98,777 | 114,312 | 150,939 | ||||||||
General and administrative | 69,681 | 61,184 | 73,903 | ||||||||
Bad debt expense (recovery) | 53 | 156 | (188) | ||||||||
Impairment | 1,902 | 12,815 | 129,152 | ||||||||
Gain (loss) on dispositions of property and equipment, net | 3,608 | 1,892 | 4,344 | ||||||||
Intercompany leasing | 0 | 0 | 0 | ||||||||
Total costs and expenses | 497,685 | 390,524 | 707,478 | ||||||||
Income (loss) from operations | (8,736) | (10,892) | (12,729) | (18,873) | (34,524) | (29,885) | (26,025) | (23,014) | (51,230) | (113,448) | (166,700) |
Other income (expense): | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense, net of interest capitalized | (27,039) | (25,934) | (21,222) | ||||||||
Loss on extinguishment of debt | 1,476 | 299 | 2,186 | ||||||||
Other income (expense), net | 424 | 558 | (2,611) | ||||||||
Total other (expense) income | (28,091) | (25,675) | (26,019) | ||||||||
Income (loss) before income taxes | (79,321) | (139,123) | (192,719) | ||||||||
Income tax benefit (expense) | 5,403 | (17) | (1,135) | (48) | 5,086 | 1,698 | 1,990 | 1,958 | 4,203 | 10,732 | 37,579 |
Net income (loss) | $ (12,558) | $ (17,227) | $ (20,209) | $ (25,124) | $ (36,081) | $ (34,620) | $ (29,991) | $ (27,699) | (75,118) | (128,391) | (155,140) |
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 | (497) | (552) | (552) | ||||||||
Bad debt expense (recovery) | 0 | 0 | 0 | ||||||||
Impairment | 0 | 0 | (750) | ||||||||
Gain (loss) on dispositions of property and equipment, net | 0 | 0 | 0 | ||||||||
Intercompany leasing | 0 | 0 | 0 | ||||||||
Total costs and expenses | (497) | (552) | (1,302) | ||||||||
Income (loss) from operations | 497 | 552 | 1,302 | ||||||||
Other income (expense): | |||||||||||
Equity in earnings of subsidiaries | (381) | 81,209 | 201,012 | ||||||||
Interest expense, net of interest capitalized | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other income (expense), net | (497) | (552) | (552) | ||||||||
Total other (expense) income | (878) | 80,657 | 200,460 | ||||||||
Income (loss) before income taxes | (381) | 81,209 | 201,762 | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | ||||||||
Net income (loss) | (381) | 81,209 | 201,762 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 405,106 | 270,268 | 496,900 | ||||||||
Costs and expenses: | |||||||||||
Operating costs | 298,898 | 194,515 | 322,458 | ||||||||
Depreciation and amortization | 91,817 | 106,193 | 137,987 | ||||||||
General and administrative | 45,387 | 38,564 | 50,710 | ||||||||
Bad debt expense (recovery) | 53 | 156 | 571 | ||||||||
Impairment | 1,902 | 12,260 | 73,270 | ||||||||
Gain (loss) on dispositions of property and equipment, net | 3,454 | 1,838 | 4,350 | ||||||||
Intercompany leasing | (4,860) | (4,860) | (4,860) | ||||||||
Total costs and expenses | 429,743 | 344,990 | 575,786 | ||||||||
Income (loss) from operations | (24,637) | (74,722) | (78,886) | ||||||||
Other income (expense): | |||||||||||
Equity in earnings of subsidiaries | (3,936) | (17,835) | (74,459) | ||||||||
Interest expense, net of interest capitalized | 20 | (88) | (117) | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other income (expense), net | 896 | 1,430 | 1,687 | ||||||||
Total other (expense) income | (3,020) | (16,493) | (72,889) | ||||||||
Income (loss) before income taxes | (27,657) | (91,215) | (151,775) | ||||||||
Income tax benefit (expense) | 31,974 | 27,841 | 25,222 | ||||||||
Net income (loss) | 4,317 | (63,374) | (126,553) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 41,349 | 6,808 | 43,878 | ||||||||
Costs and expenses: | |||||||||||
Operating costs | 31,982 | 9,434 | 35,558 | ||||||||
Depreciation and amortization | 5,718 | 6,869 | 11,614 | ||||||||
General and administrative | 1,922 | 1,515 | 2,230 | ||||||||
Bad debt expense (recovery) | 0 | 0 | (759) | ||||||||
Impairment | 0 | 555 | 56,632 | ||||||||
Gain (loss) on dispositions of property and equipment, net | 156 | 54 | 111 | ||||||||
Intercompany leasing | 4,860 | 4,860 | 4,860 | ||||||||
Total costs and expenses | 44,326 | 23,179 | 110,024 | ||||||||
Income (loss) from operations | (2,977) | (16,371) | (66,146) | ||||||||
Other income (expense): | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense, net of interest capitalized | 2 | (1) | 23 | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other income (expense), net | (29) | (338) | (3,752) | ||||||||
Total other (expense) income | (27) | (339) | (3,729) | ||||||||
Income (loss) before income taxes | (3,004) | (16,710) | (69,875) | ||||||||
Income tax benefit (expense) | (932) | (1,125) | (4,584) | ||||||||
Net income (loss) | (3,936) | (17,835) | (74,459) | ||||||||
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs and expenses: | |||||||||||
Operating costs | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 1,242 | 1,250 | 1,338 | ||||||||
General and administrative | 22,869 | 21,657 | 21,515 | ||||||||
Bad debt expense (recovery) | 0 | 0 | 0 | ||||||||
Impairment | 0 | 0 | 0 | ||||||||
Gain (loss) on dispositions of property and equipment, net | (2) | 0 | (117) | ||||||||
Intercompany leasing | 0 | 0 | 0 | ||||||||
Total costs and expenses | 24,113 | 22,907 | 22,970 | ||||||||
Income (loss) from operations | (24,113) | (22,907) | (22,970) | ||||||||
Other income (expense): | |||||||||||
Equity in earnings of subsidiaries | 4,317 | (63,374) | (126,553) | ||||||||
Interest expense, net of interest capitalized | (27,061) | (25,845) | (21,128) | ||||||||
Loss on extinguishment of debt | 1,476 | 299 | 2,186 | ||||||||
Other income (expense), net | 54 | 18 | 6 | ||||||||
Total other (expense) income | (24,166) | (89,500) | (149,861) | ||||||||
Income (loss) before income taxes | (48,279) | (112,407) | (172,831) | ||||||||
Income tax benefit (expense) | (26,839) | (15,984) | 16,941 | ||||||||
Net income (loss) | $ (75,118) | $ (128,391) | $ (155,890) |
Guarantor_Non Guarantor Conde71
Guarantor/Non Guarantor Condensed Consolidated Financial Statements (Cash Flows)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | $ (5,817) | $ 5,131 | $ 142,719 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (63,277) | (32,381) | (159,615) |
Proceeds from sale of property and equipment | 12,569 | 7,577 | 57,674 |
Proceeds from insurance recoveries | 3,344 | 37 | 285 |
Net cash provided by (used in) investing activities | (47,364) | (24,767) | (101,656) |
Cash flows from financing activities: | |||
Debt repayments | (120,000) | (71,000) | (60,002) |
Proceeds from issuance of debt | 245,500 | 22,000 | 0 |
Debt issuance costs | (6,332) | (819) | (1,877) |
Proceeds from exercise of options | 0 | 183 | 781 |
Proceeds from common stock, net of offering costs | 0 | 65,430 | 0 |
Purchase of treasury stock | (533) | (124) | (729) |
Intercompany contributions / distributions | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 118,635 | 15,670 | (61,827) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 65,454 | (3,966) | (20,764) |
Beginning cash, cash equivalents, and restricted cash | 10,194 | 14,160 | 34,924 |
Ending cash, cash equivalents, and restricted cash | 75,648 | 10,194 | 14,160 |
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 | 431 | 0 | 269 |
Proceeds from sale of property and equipment | (431) | 0 | (269) |
Proceeds from insurance recoveries | 0 | 0 | 0 |
Net cash provided by (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 |
Proceeds from exercise of options | 0 | 0 | |
Proceeds from 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, cash equivalents and restricted cash | 0 | 0 | 0 |
Beginning cash, cash equivalents, and restricted cash | 0 | 0 | 0 |
Ending cash, cash equivalents, and restricted cash | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 25,492 | 45,035 | 147,643 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (56,556) | (31,049) | (157,336) |
Proceeds from sale of property and equipment | 12,768 | 7,523 | 57,444 |
Proceeds from insurance recoveries | 3,344 | 37 | 285 |
Net cash provided by (used in) investing activities | (40,444) | (23,489) | (99,607) |
Cash flows from financing activities: | |||
Debt repayments | 0 | 0 | (2) |
Proceeds from issuance of debt | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 |
Proceeds from exercise of options | 0 | 0 | |
Proceeds from common stock, net of offering costs | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany contributions / distributions | 13,835 | (16,698) | (48,130) |
Net cash provided by (used in) financing activities | 13,835 | (16,698) | (48,132) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,117) | 4,848 | (96) |
Beginning cash, cash equivalents, and restricted cash | (764) | (5,612) | (5,516) |
Ending cash, cash equivalents, and restricted cash | (1,881) | (764) | (5,612) |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 8,759 | (560) | (8,991) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (6,407) | (880) | (1,885) |
Proceeds from sale of property and equipment | 232 | 54 | 467 |
Proceeds from insurance recoveries | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | (6,175) | (826) | (1,418) |
Cash flows from financing activities: | |||
Debt repayments | 0 | 0 | 0 |
Proceeds from issuance of debt | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 |
Proceeds from exercise of options | 0 | 0 | |
Proceeds from common stock, net of offering costs | |||
Purchase of treasury stock | 0 | 0 | 0 |
Intercompany contributions / distributions | (381) | (105) | 208 |
Net cash provided by (used in) financing activities | (381) | (105) | 208 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,203 | (1,491) | (10,201) |
Beginning cash, cash equivalents, and restricted cash | 1,060 | 2,551 | 12,752 |
Ending cash, cash equivalents, and restricted cash | 3,263 | 1,060 | 2,551 |
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | (40,068) | (39,344) | 4,067 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (745) | (452) | (663) |
Proceeds from sale of property and equipment | 0 | 0 | 32 |
Proceeds from insurance recoveries | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | (745) | (452) | (631) |
Cash flows from financing activities: | |||
Debt repayments | (120,000) | (71,000) | (60,000) |
Proceeds from issuance of debt | 245,500 | 22,000 | |
Debt issuance costs | (6,332) | (819) | (1,877) |
Proceeds from exercise of options | 183 | 781 | |
Proceeds from common stock, net of offering costs | 65,430 | ||
Purchase of treasury stock | (533) | (124) | (729) |
Intercompany contributions / distributions | (13,454) | 16,803 | 47,922 |
Net cash provided by (used in) financing activities | 105,181 | 32,473 | (13,903) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 64,368 | (7,323) | (10,467) |
Beginning cash, cash equivalents, and restricted cash | 9,898 | 17,221 | 27,688 |
Ending cash, cash equivalents, and restricted cash | $ 74,266 | $ 9,898 | $ 17,221 |