Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-8182 | |
Entity Registrant Name | PIONEER ENERGY SERVICES CORP. | |
Entity Incorporation State | DE | |
Entity Tax Identification Number | 74-2088619 | |
Entity Address, Address Line One | 1250 N.E. Loop 410, Suite 1000 | |
Entity Address, City or Town | San Antonio | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78209 | |
City Area Code | 855 | |
Local Phone Number | 884-0575 | |
Title of 12(b) Security | ||
Trading Symbol | ||
Security Exchange Name | ||
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,837,641 | |
Entity Central Index Key | 0000320575 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Bankruptcy Proceedings, Reporting Current | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 28,992 | $ 31,181 |
Restricted cash | 1,503 | 1,148 |
Receivables: | ||
Trade, net of allowance for doubtful accounts | 31,626 | 29,803 |
Unbilled receivables | 7,487 | 4,740 |
Insurance recoveries | 21,918 | 22,106 |
Other receivables | 2,597 | 2,716 |
Inventory | 12,093 | 12,641 |
Assets held for sale | 2,733 | 3,608 |
Prepaid expenses and other current assets | 3,697 | 5,190 |
Total current assets | 112,646 | 113,133 |
Property and equipment, at cost | 196,160 | 193,529 |
Less accumulated depreciation | 44,026 | 31,760 |
Net property and equipment | 152,134 | 161,769 |
Intangible assets, net of accumulated amortization | 8,707 | 8,942 |
Deferred income taxes | 12,253 | 12,746 |
Operating lease assets | 4,228 | 4,383 |
Other noncurrent assets | 12,585 | 13,457 |
Total assets | 302,553 | 314,430 |
Current liabilities: | ||
Accounts payable | 16,784 | 17,516 |
Current portion of long-term debt | 505 | 150 |
Deferred revenues | 824 | 1,019 |
Accrued expenses: | ||
Employee compensation and related costs | 8,891 | 7,325 |
Insurance claims and settlements | 21,918 | 22,106 |
Insurance premiums and deductibles | 3,783 | 3,928 |
Interest | 3,662 | 2,015 |
Other | 4,162 | 4,959 |
Total current liabilities | 60,529 | 59,018 |
Long-term debt, less unamortized discount and debt issuance costs | 149,222 | 147,167 |
Noncurrent operating lease liabilities | 3,422 | 3,622 |
Deferred income taxes | 1,825 | 947 |
Other noncurrent liabilities | 1,770 | 1,779 |
Total liabilities | 216,768 | 212,533 |
Shareholders' equity: | ||
Successor common stock, $0.001 par value; 25,000,000 shares authorized; 1,647,224 shares outstanding at both March 31, 2021 and December 31, 2020 | 2 | 2 |
Additional paid-in capital | 142,949 | 142,119 |
Accumulated deficit | (57,166) | (40,224) |
Total shareholders' equity | 85,785 | 101,897 |
Total liabilities and stockholders' equity | $ 302,553 | $ 314,430 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares outstanding | 1,647,224 | 1,647,224 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares outstanding | 1,647,224 | 1,647,224 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Revenues | $ 58,738 | $ 114,322 |
Costs and expenses: | ||
Operating costs | 45,326 | 92,022 |
Depreciation and amortization | 13,365 | 21,984 |
General and administrative | 9,713 | 14,655 |
Prepetition restructuring charges | 0 | 17,074 |
Impairment | 0 | 17,853 |
Bad debt expense (recovery), net | (197) | 727 |
Gain on dispositions of property and equipment, net | (2,298) | (717) |
Total costs and expenses | 65,909 | 163,598 |
Loss from operations | (7,171) | (49,276) |
Other income (expense): | ||
Interest expense, net of interest capitalized | (6,534) | (8,651) |
Reorganization items, net | (146) | (6,663) |
Loss on extinguishment of debt | (83) | 0 |
Other expense, net | (2,550) | (5,545) |
Total other expense, net | (9,313) | (20,859) |
Loss before income taxes | (16,484) | (70,135) |
Income tax (expense) benefit | (458) | 1,031 |
Net loss | $ (16,942) | $ (69,104) |
Loss per common share - Basic | $ (14.89) | $ (0.88) |
Loss per common share - Diluted | $ (14.89) | $ (0.88) |
Weighted average number of shares outstanding - Basic | 1,138 | 78,753 |
Weighted average number of shares outstanding - Diluted | 1,138 | 78,753 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Treasury Stock, Shares | (877,000) | ||||
Common stock, shares, outstanding at Dec. 31, 2019 | 80,079,000 | ||||
Beginning Balance, value at Dec. 31, 2019 | $ 104,076 | $ 8,008 | $ (5,090) | $ 553,210 | $ (452,052) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net loss | (69,104) | (69,104) | |||
Purchase of treasury stock, shares | (165,000) | ||||
Purchase of treasury stock, value | (7) | $ (7) | |||
Equity awards vested or exercised, shares | 542,000 | ||||
Equity awards vested, issued, or exercised, value | $ (54) | 54 | |||
Stock-based compensation expense | 328 | 328 | |||
Common stock, shares, outstanding at Mar. 31, 2020 | 80,621,000 | ||||
Ending Balance, value at Mar. 31, 2020 | $ 35,293 | $ 8,062 | $ (5,097) | 553,484 | (521,156) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Treasury Stock, Shares | (1,042,000) | ||||
Treasury Stock, Shares | (1,000) | ||||
Common stock, shares, outstanding at Dec. 31, 2020 | 1,647,224 | 1,649,000 | |||
Beginning Balance, value at Dec. 31, 2020 | $ 101,897 | $ 2 | $ 0 | 142,119 | (40,224) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net loss | (16,942) | (16,942) | |||
Stock-based compensation expense | $ 830 | 830 | |||
Common stock, shares, outstanding at Mar. 31, 2021 | 1,647,224 | 1,649,000 | |||
Ending Balance, value at Mar. 31, 2021 | $ 85,785 | $ 2 | $ 0 | $ 142,949 | $ (57,166) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Treasury Stock, Shares | (1,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (16,942) | $ (69,104) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 13,365 | 21,984 |
Allowance for doubtful accounts, net of recoveries | (197) | 727 |
Gain on dispositions of property and equipment, net | (2,298) | (717) |
Reorganization items, net | 0 | 988 |
Stock-based compensation expense | 830 | 328 |
Phantom stock compensation expense | 0 | (3) |
Amortization of debt issuance costs and discount | 2,578 | 1,219 |
Interest paid in-kind | 1,057 | 0 |
Loss on extinguishment of debt | 83 | 0 |
Impairment | 0 | 17,853 |
Deferred income taxes | 1,370 | 1,115 |
Change in other noncurrent assets | 64 | 690 |
Change in other noncurrent liabilities | (162) | (562) |
Changes in current assets and liabilities: | ||
Receivables | (3,386) | 14,234 |
Inventory | 548 | 834 |
Prepaid expenses and other current assets | 1,548 | (1,253) |
Accounts payable | (816) | (4,114) |
Deferred revenues | (195) | (342) |
Commitment premium | 0 | 9,584 |
Accrued expenses | 2,211 | 1,148 |
Net cash used in operating activities | (342) | (5,391) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (3,744) | (7,503) |
Proceeds from sale of property and equipment | 3,522 | 727 |
Net cash used in investing activities | (222) | (6,776) |
Cash flows from financing activities: | ||
Debt repayments | (1,270) | 0 |
Proceeds from DIP Facility | 0 | 4,000 |
DIP Facility issuance costs | 0 | (988) |
Purchase of treasury stock | 0 | (7) |
Net cash provided by (used in) financing activities | (1,270) | 3,005 |
Net decrease in cash, cash equivalents and restricted cash | (1,834) | (9,162) |
Beginning cash, cash equivalents, and restricted cash | 32,329 | 25,617 |
Ending cash, cash equivalents, and restricted cash | 30,495 | 16,455 |
Supplementary disclosure: | ||
Interest Paid | 1,203 | 4,306 |
Income tax paid | 406 | 623 |
Reorganization items paid | 521 | 2,322 |
Noncash investing and financing activity: | ||
Change in capital expenditure accruals | $ 70 | $ 358 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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. Our drilling services business segments provide contract land drilling services through three domestic divisions which are located in the Marcellus/Utica, Permian Basin and Eagle Ford, and Bakken regions, and internationally in Colombia. We provide a comprehensive service offering which includes the drilling rig, crews, supplies, and most of the ancillary equipment needed to operate our drilling rigs. Our 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 17 — 17 International drilling — 8 8 25 Our production services business segments provide a range of services to producers primarily in Texas, North Dakota and the Rocky Mountain region. As of March 31, 2021, the fleet counts for each of our production services business segments were as follows: 550 HP 600 HP Total Well servicing rigs, by horsepower (HP) rating 111 12 123 Wireline services units 72 Basis of Presentation The accompanying unaudited condensed 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 unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of our management, all adjustments (consisting of normal, recurring accruals) necessary for a fair presentation have been included. We suggest that you read these unaudited condensed consolidated financial statements together with the consolidated financial statements and the related notes included in our annual report on Form 10-K for the year ended December 31, 2020. As described in Note 2, Emergence from Voluntary Reorganization under Chapter 11 , and Note 3, Fresh Start Accounting , to our consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2020, on March 1, 2020 (the “Petition Date”), Pioneer and certain of our domestic subsidiaries (collectively, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions”) for reorganization under title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). On May 11, 2020, the Bankruptcy Court confirmed the plan of reorganization (the “Plan”) that was filed with the Bankruptcy Court on March 2, 2020, and on May 29, 2020 (the “Effective Date”), the conditions to effectiveness of the plan were satisfied and we emerged from Chapter 11. Upon our emergence from Chapter 11, we adopted fresh start accounting in accordance with Accounting Standards Codification (ASC) Topic 852 and became a new entity for financial reporting purposes. As a result, the condensed consolidated financial statements after the Effective Date are not comparable with the consolidated financial statements on or before that date as indicated by the “black line” division in the financial statements and footnote tables, which emphasizes the lack of comparability between amounts presented. References to “Successor” relate to our financial position and results of operations after the Effective Date. References to “Predecessor” refer to our financial position and results of operations on or before the Effective Date. Use of Estimates — In preparing the accompanying unaudited condensed 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 affecting our financial results, including those that are particularly susceptible to significant changes in the near term, relate to our estimates of certain variable revenues and amortization periods of certain deferred revenues and costs associated with drilling daywork contracts, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, and our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance. Subsequent Events — In preparing the accompanying unaudited condensed consolidated financial statements, we have reviewed events that have occurred after March 31, 2021, through the filing of this Form 10-Q, for inclusion as necessary. 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 ASC. We consider the applicability and impact of all ASUs. Additionally, because we have securities registered under the Securities and Exchange Act of 1934, we consider the applicability and impact of releases issued by the Securities & Exchange Commission (the “SEC”). Other than those listed below, we have determined that there are currently no new or recently adopted ASUs or SEC releases which we believe will have a material impact on our consolidated financial position and results of operations. • Convertible Instruments and Contracts in an Entity’s Own Equity . In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and preferred stock. Additionally, this ASU improves the consistency of EPS calculations by requiring entities to apply one method, the if-converted method, to all convertible instruments in diluted earnings-per-share calculations. This ASU will be effective for us on January 1, 2022, however, early adoption is permitted on January 1, 2021. We are currently evaluating the effect that the ASU will have on our consolidated financial statements. • Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting and disclosure requirements for income taxes by, among other changes, removing certain exceptions and by clarifying certain aspects of the current accounting guidance. We adopted this ASU on January 1, 2021, and it did not have a material impact on our condensed consolidated financial statements. Additional Detail of Account Balances Restricted Cash — Our restricted cash b alance primarily reflects the portion of net proceeds from the issuance of our senior secured term loan held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property, a condition which is still in effect under the terms of our post-emergence debt instruments, as well as $0.5 million and $0.2 million of proceeds from asset sales received at March 31, 2021 and December 31, 2020, respectively, which were used to fund the redemption of Senior Secured Notes tendered in January and April 2021, respectively, as further described in Note 5, Debt . Other Receivables — Our other receivables primarily consist of recoverable taxes related to our international operations, as well as refundable payroll tax credit receivables associated with the CARES Act. Prepaid Expenses and Other Current Assets — Prepaid expenses and other current assets include items such as insurance, rent deposits, software subscriptions, and other fees. We routinely expense these items in the normal course of business over the periods that we benefit from these expenses. Prepaid expenses and other current assets also include deferred mobilization costs for short-term drilling contracts and demobilization revenues recognized on drilling contracts expiring in the near term. Other Noncurrent Assets — Other noncurrent assets primarily consist of prepaid taxes in Colombia which are creditable against future income taxes, but also includes the noncurrent portion of prepaid insurance premiums, unamortized debt issuance costs associated with our ABL Credit Facility, deferred mobilization costs on long-term drilling contracts, cash deposits related to the deductibles on our workers’ compensation insurance policies, and deferred compensation plan investments. Other Accrued Expenses — Our other accrued expenses include accruals for items such as sales taxes, property taxes and withholding tax liabilities related to our international operations and accruals for professional fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Our other accrued expenses also includes the current portion of the lease liability associated with our long-term operating leases. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers Our production services business segments earn revenues for well servicing and wireline services pursuant to master services agreements based on purchase orders or other contractual arrangements with the client. Production services jobs are generally short-term (ranging in duration from several hours to less than 30 days) and are charged at current market rates for the labor, equipment and materials necessary to complete the job. Production services jobs are varied in nature but typically represent a single performance obligation, either for a particular job, a series of distinct jobs, or a period of time during which we stand ready to provide services as our client needs them. Revenue is recognized for these services over time, as the services are performed. Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts. Daywork contracts are comprehensive agreements under which we provide a comprehensive service offering, including the drilling rig, crew, supplies, and most of the ancillary equipment necessary to operate the rig. Contract modifications that extend the term of a dayrate contract are generally accounted for prospectively as a separate dayrate contract. We account for our services provided under daywork contracts as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Accordingly, dayrate revenues are recognized in the period during which the services are performed. With most drilling contracts, we also receive payments contractually designated for the mobilization and demobilization of drilling rigs and other equipment to and from the client’s drill site. Revenues associated with the mobilization and demobilization of our drilling rigs to and from the client’s drill site do not relate to a distinct good or service and are recognized ratably over the related contract term. The amount of demobilization revenue that we ultimately collect is dependent upon the specific contractual terms, most of which include provisions for reduced (or no) payment for demobilization when, among other things, the contract is renewed or extended with the same client, or when the rig is subsequently contracted with another client prior to the termination of the current contract. Since revenues associated with demobilization activity are typically variable, at each period end, they are estimated at the most likely amount, and constrained when the likelihood of a significant reversal is probable. Any change in the expected amount of demobilization revenue is accounted for with the net cumulative impact of the change in estimate recognized in the period during which the revenue estimate is revised. The upfront costs that we incur to mobilize the drilling rig to our client’s initial drilling site are capitalized and recognized ratably over the term of the related contract, including any contracted renewal or extension periods, which is our estimate of the period during which we expect to benefit from the cost of mobilizing the rig. Costs associated with the final demobilization at the end of the contract term are expensed when incurred, when the demobilization activity is performed. From time to time, we may receive fees from our clients for capital improvements to our rigs to meet our client’s requirements. Such revenues are not considered to be distinct within the terms of the contract and are therefore allocated to the overall performance obligation, satisfied over the term of the contract. We record deferred revenue for such payments and recognize them ratably as revenue over the initial term of the related drilling contract. Contract Asset and Liability Balances and Contract Cost Assets Contract asset and contract liability balances relate to demobilization and mobilization revenues, respectively. Demobilization revenue that we expect to receive is recognized ratably over the related contract term, but invoiced upon completion of the demobilization activity. Mobilization revenue, which is typically collected upon the completion of the initial mobilization activity, is deferred and recognized ratably over the related contract term. Contract asset and liability balances are netted at the contract level, with the net current and noncurrent portions separately classified in our condensed consolidated balance sheets, and the resulting contract liabilities are referred to herein as “deferred revenues.” When demobilization revenues are recognized prior to the activity being performed, they are not yet billable, and the resulting contract assets are included in our other current assets in our unaudited condensed consolidated financial statements. Contract cost assets represent the costs associated with the initial mobilization required in order to fulfill the contract, which are deferred and recognized ratably over the period during which we expect to benefit from the mobilization, or the period during which we expect to satisfy the performance obligations of the related contract. Contract cost assets are presented as either current or noncurrent, according to the duration of the original contract to which it relates, and referred to herein as “deferred costs.” Our current and noncurrent deferred revenues, contract assets and deferred costs as of March 31, 2021 and December 31, 2020 were as follows (amounts in thousands): March 31, 2021 December 31, 2020 Current deferred revenues $ 824 $ 1,019 Current deferred costs 47 361 Current contract assets — 300 Noncurrent deferred costs 291 194 The changes in contract balances and contract assets during 2021 are primarily related to the amortization of deferred revenues and costs and the impact of demobilization performed in January for which the revenue was earned over the contract period in 2020. These decreases were partially offset by increases related to two rigs deployed under new contracts in 2021. Amo rtization of deferred revenues and costs were as follows (amounts in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Amortization of deferred revenues $ 528 $ 1,613 Amortization of deferred costs 381 1,263 As of March 31, 2021, 16 of our 25 rigs are earning under daywork contracts, of which 6 are under domestic term contracts, and 1 additional international rig is contracted but pending operations. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment Assets Held for Sale — In April 2020, we closed our coiled tubing services business and placed all of our coiled tubing services assets as held for sale at June 30, 2020, which represents $2.4 million of our total assets held for sale at March 31, 2021. We have various other equipment designated as held for sale which is carried at fair value. When the net carryin g value of an asset designated as held for sale exceeds its estimated fair value, which we estimate based on expected sales prices, which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures , we recognize the difference as an impairment charge. Impairments — In accordance with ASC Topic 360, Property, Plant and Equipment , we monitor all indicators of potential 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 asset groups separately, which are our domestic drilling services, international drilling services, well servicing and wireline services segments, and, prior to being placed as held for sale, our coiled tubing services segment. 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, and the amount of an impairment charge would be measured as the difference between the carrying amount and the fair value of the assets. Due to the significant decline in industry conditions, commodity prices, and projected utilization of equipment, as well as the COVID-19 pandemic’s impact on our industry, our projected cash flows declined during the first quarter of 2020, and we performed recoverability testing on all our reporting units. As a result of this analysis, we incurred impairment charges of $16.4 million to reduce the carrying values of our coiled tubing assets to their estimated fair values during the three months ended March 31, 2020. For all our other reporting units, excluding coiled tubing, we determined that the sum of the estimated future undiscounted net cash flows were in excess of the carrying amounts and that no impairment existed for these reporting units at March 31, 2020. We continue to monitor potential indicators of impairment and concluded that none of our reporting units are currently at risk of impairment at March 31, 2021. The assumptions we use in the evaluation for impairment are inherently uncertain and require management judgment. Although we believe the assumptions and estimates used in our impairment analysis are reasonable, different assumptions and estimates could materially impact the analysis and resulting conclusions. The most significant inputs used in our impairment analysis include the projected utilization and pricing of our services, as well as the estimated proceeds upon any future sale or disposal of the assets, all of which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases As a drilling and production services provider, we provide the drilling rigs and production services equipment which are necessary to fulfill our performance obligations and which are considered leases under ASU No. 2016-02, Leases, (together with its amendments, herein referred to as “ASC Topic 842”). However, ASU No. 2018-11, Leases: Targeted Improvements , allows lessors to (i) combine the lease and non-lease components of revenues when the revenue recognition pattern is the same and when the lease component, when accounted for separately, would be considered an operating lease, and (ii) account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers , when the non-lease component is the predominant element of the combined component. We elected to apply this expedient and therefore recognize our revenues (both lease and service components) under ASC Topic 606, and present them as one revenue stream in our unaudited condensed consolidated statements of operations. As a lessee, we lease our corporate office headquarters in San Antonio, Texas, and we conduct our business operations through 14 other regional offices located throughout the United States and internationally in Colombia. These operating locations typically include regional offices, storage and maintenance yards and employee housing sufficient to support our operations in the area. We lease most of these properties under non-cancelable term and month-to-month operating leases, many of which contain renewal options that can extend the lease term from one year to five years and some of which contain escalation clauses. We also lease various items of supplemental equipment, typically under cancelable short-term and very short term (less than 30 days) leases. Due to the nature of our business, any option to renew these short-term leases, and the options to extend certain of our long-term real estate leases, are generally not considered reasonably certain to be exercised. Therefore, the periods covered by such optional periods are not included in the determination of the term of the lease, and the lease payments during these periods are similarly excluded from the calculation of operating lease asset and lease liability balances. The following table summarizes our lease expense recognized, excluding variable lease costs (amounts in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Long-term operating lease expense $ 315 $ 662 Short-term operating lease expense 2,001 3,526 The following table summarizes the amount and timing of our obligations associated with our long-term operating leases (amounts in thousands): March 31, 2021 December 31, 2020 Within 1 year $ 1,120 $ 1,069 In the second year 1,000 985 In the third year 886 921 In the fourth year 880 874 In the fifth year 740 895 Thereafter 229 299 Total undiscounted lease obligations $ 4,855 $ 5,043 Impact of discounting (486) (532) Discounted value of operating lease obligations $ 4,369 $ 4,511 Current operating lease liabilities $ 947 $ 889 Noncurrent operating lease liabilities 3,422 3,622 $ 4,369 $ 4,511 |
Lessor, Operating Leases [Text Block] | As a drilling and production services provider, we provide the drilling rigs and production services equipment which are necessary to fulfill our performance obligations and which are considered leases under ASU No. 2016-02, Leases, (together with its amendments, herein referred to as “ASC Topic 842”). However, ASU No. 2018-11, Leases: Targeted Improvements , allows lessors to (i) combine the lease and non-lease components of revenues when the revenue recognition pattern is the same and when the lease component, when accounted for separately, would be considered an operating lease, and (ii) account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Debt The principal amount of our outstanding debt obligations, including those issued in payment of in-kind interest, were as follows (amounts in thousands): March 31, 2021 December 31, 2020 Convertible Notes $ 132,763 $ 132,763 Senior Secured Notes 77,226 77,439 Upon our emergence from Chapter 11, our debt obligations were recognized at fair value on our consolidated balance sheet due to the application of fresh start accounting and a portion of the fair value of our Convertible Notes is classified as equity, as described further below. ABL Credit Facility On the Effective Date, pursuant to the terms of the Plan, we entered into a senior secured asset-based revolving credit agreement in an aggregate amount of $75 million (the “ABL Credit Facility”) among us and substantially all of our domestic subsidiaries as borrowers (the “Borrowers”), the lenders party thereto and PNC Bank, National Association as administrative agent, and on August 7, 2020, we entered into a First Amendment to the ABL Credit Facility (together, herein referred to as the “ABL Credit Facility”) which, among other things, reduced the maximum amount of the revolving credit agreement to $40 million. Among other things, proceeds of loans under the ABL Credit Facility may be used to finance ongoing working capital and general corporate needs. The maturity date of loans made under the ABL Credit Facility is the earliest of 90 days prior to maturity of the Senior Secured Notes or the Convertible Notes (both of which are described further below) and May 29, 2025. Borrowings under the ABL Credit Facility will bear interest at a rate of (i) the LIBOR rate (subject to a floor of 0%) plus an applicable margin of 375 basis points per annum or (ii) the base rate plus an applicable margin of 275 basis points per annum. The ABL Credit Facility is guaranteed by the Borrowers and is secured by a first lien on the Borrowers’ accounts receivable and inventory, and the cash proceeds thereof, and a second lien on substantially all of the other assets and properties of the Borrowers. The ABL Credit Facility limits our annual capital expenditures to 125% of the budget set forth in the projections for any fiscal year and provides that if our availability plus pledged cash of up to $3 million falls below $6 million (15% of the maximum revolver amount), we will be required to comply with a fixed charge coverage ratio of 1.0 to 1.0, all of which is defined in the ABL Credit Facility. As of March 31, 2021, we had no borrowings and approximately $7.3 million in outstanding letters of credit under the ABL Credit Facility and subject to the availability requirements in the ABL Credit Facility, based on eligible accounts receivable and inventory balances at March 31, 2021, availability under the ABL Credit Facility was $16.3 million, which our access to would be subject to (i) our requirement to maintain 15% available or comply with a fixed charge coverage ratio, as described above and (ii) the requirement to maintain availability of at least $4.0 million, which may include up to $2.0 million of pledged cash. Convertible Notes We entered into an indenture, dated as of the Effective Date, among the Company and Wilmington Trust, N.A., as trustee (the “Convertible Notes Indenture”), and issued $129.8 million aggregate principal amount of convertible senior unsecured pay-in-kind notes due 2025 thereunder (the “Convertible Notes”). We received net issuance proceeds of $120.2 million, which was net of the $9.6 million Backstop Commitment Premium, which is described further below. The Convertible Notes are general unsecured obligations which will mature on November 15, 2025, unless earlier accelerated, redeemed, converted or repurchased, and bear interest at a fixed rate of 5% per annum, which will be payable semi-annually on May 15 and November 15 in-kind in the form of an increase to the principal amount. The Convertible Notes are convertible at the option of the holders at any time into shares of our common stock and will convert mandatorily into our common stock at maturity; provided, however, that if the value of our common stock otherwise deliverable in connection with a mandatory conversion of a Convertible Note on the maturity date would be less than the principal amount of such Convertible Note plus accrued and unpaid interest, then the Convertible Note will instead convert into an amount of cash equal to the principal amount thereof plus accrued and unpaid interest. The initial conversion rate is 75 shares of common stock per $1,000 principal amount of the Convertible Notes, which in aggregate represents 9,732,825 shares of common stock and an initial conversion price of $13.33 per share. The conversion rate is subject to customary anti-dilution adjustments. If we undergo a “fundamental change” as defined in the Convertible Notes Indenture, subject to certain conditions, holders may require us to repurchase all or any portion of their Convertible Notes for cash at an amount equal to 100% of the principal amount of the Convertible Notes to be repurchased plus any accrued and unpaid interest. In the case of certain fundamental change events that constitute merger events (as defined in the Convertible Notes Indenture), we have a superseding right to cause the mandatory conversion of all or part of the Convertible Notes into a number of shares of common stock, per $1,000 principal amount of Convertible Notes, equal to the then-current conversion rate or the cash value of such number of shares of common stock. Holders of Convertible Notes are entitled to vote on all matters on which holders of our common stock generally are entitled to vote (or, if any, to take action by written consent of the holders of our common stock), voting together as a single class together with the shares of our common stock and not as a separate class, on an as-converted basis, at any annual or special meeting of holders of our common stock and each holder is entitled to such number of votes as such holder would receive on an as-converted basis on the record date for such vote. The Convertible Notes Indenture contains customary events of default and covenants that limit our ability and the ability of certain of our subsidiaries to incur, assume or guarantee additional indebtedness and create liens and enter into mergers or consolidations. Because the Convertible Notes contain an embedded conversion option whereby they, or a portion of them, may be settled in cash, we have separately accounted for the liability and equity components of the Convertible Notes in accordance with the accounting requirements for convertible debt instruments set forth in ASC Topic 470-20, Debt with Conversion and Other Options . The initial fair value of the Convertible Notes was estimated and allocated, along with related debt issuance costs, to the liability and equity components in accordance with the application of Fresh Start Accounting and the requirements of ASC Topic 470. We treat the issuance of new Convertible Notes for the payment of in-kind interest as an issuance of a new instrument that retains the original economics associated with the conversion option at inception, and therefore, the Convertible Notes issued in payment of in-kind interest are accounted for with their separate equity and liability components that are proportionally the same as the original issuance. Backstop Commitment Agreement Prior to filing the Plan, we entered into a separate backstop commitment agreement with some of our previous creditors as well as certain members of our senior management (the “Backstop Commitment Agreement”), pursuant to which these parties committed to backstop the issuance of new Convertible Notes upon our emergence from Chapter 11. As consideration for this commitment, we committed to make an aggregate payment of $9.6 million in the form of additional new convertible bonds, or in cash if the Backstop Commitment Agreement was terminated under certain circumstances as forth therein. As a result, we incurred a liability and expense at the time we entered into the Backstop Commitment Agreement for the aggregate amount of $9.6 million (the “Commitment Premium”) which was recognized in our Predecessor condensed consolidated financial statements as of and for the three months ended March 31, 2020. The Commitment Premium was settled in conjunction with our emergence from Chapter 11 and the issuance of the Convertible Notes. Senior Secured Notes We entered into an indenture, dated as of the Effective Date, among the Company, the subsidiary guarantors party thereto and Wilmington Trust, N.A., as trustee, as supplemented by the First Supplemental Indenture, dated March 4, 2021 (the “Senior Secured Notes Indenture”), and issued $78.1 million aggregate principal amount of floating rate senior secured notes due 2025 (the “Senior Secured Notes”) thereunder. The Senior Secured Notes are guaranteed on a senior secured basis by substantially all of our existing domestic subsidiaries, which also guarantee our obligations under the ABL Credit Facility, (the “Guarantors”) on a full and unconditional basis and are secured by a second lien on the accounts receivable and inventory and a first lien on substantially all of the other assets and properties (including the cash proceeds thereof) of the Company and the Guarantors. We received net issuance proceeds of $75 million, which was net of the original issue discount of $3.1 million. The Senior Secured Notes will mature on May 15, 2025 and interest will accrue at the rate of LIBOR plus 9.5% per annum, with a LIBOR rate floor of 1.5%, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 202 0. With respect to any interest payment due on or prior to May 29, 2021, 50% of the interest will be payable in cash and 50% of the interest will be paid in-kind in the form of an increase to the principal amount; however, a majority in interest of the holders of the Senior Secured Notes may elect to have 100% of the interest due on or prior to May 29, 2021 payable in-kind. For all interest periods commencing on or after May 15, 2024, the interest rate for the Senior Secured Notes will be a rate equal to LIBOR plus 10.50%, with a LIBOR rate floor of 1.5%. We may redeem all or part of the Senior Secured Notes on or after June 1, 2021 at redemption prices (expressed as percentages of the principal amount) equal to (i) 104% for the twelve-month period beginning on June 1, 2021; (ii) 102% for the twelve-month period beginning on June 1, 2022; (iii) 101% for the twelve-month period beginning on June 1, 2023 and (iv) 100% for the twelve-month period beginning June 1, 2024 and at any time thereafter, plus accrued and unpaid interest at the redemption date. Notwithstanding the foregoing, if a change of control (as defined in the Senior Secured Notes Indenture) occurs prior to June 1, 2022, we may elect to purchase all remaining outstanding Senior Secured Notes not tendered to us as described below at a redemption price equal to 103% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the applicable redemption date. If a change of control (as defined in the Senior Secured Notes Indenture) occurs, holders of the Senior Secured Notes will have the right to require us to repurchase all or any part of their Senior Secured Notes at a purchase price equal to 101% of the aggregate principal amount of the Senior Secured Notes repurchased, plus accrued and unpaid interest, if any, to the repurchase date. The Senior Secured Notes Indenture contains a minimum asset coverage ratio of 1.5 to 1.0 as of any June 30 or December 31, beginning December 31, 2020. The Senior Secured Notes Indenture provides for certain customary events of default and contains covenants that limit, among other things, our ability and the ability of certain of our subsidiaries, to incur, assume or guarantee additional indebtedness; pay dividends or distributions on capital stock or redeem or repurchase capital stock; make investments; repay junior debt; sell stock of our subsidiaries; transfer or sell assets; enter into sale and lease back transactions; create liens; enter into transactions with affiliates; and enter into mergers or consolidations. Having completed aggregate qualifying asset sales in excess of $5 million, in accordance with the Senior Notes Indenture, we commenced and completed offers to purchase $2.6 million in aggregate principal amount of the Senior Secured Notes during the year ended December 31, 2020 at a purchase price equal to 100% of the principal amount, plus accrued and unpaid interest through, but not including, the respective purchase dates. During the three months ended March 31, 2021, we completed additional qualifying asset sales and associated offers to purchase an aggregate $1.3 million in principal amount of the Senior Secured Notes and recognized $0.1 million of loss on extinguishment of debt associated with these repayments. When we have completed qualifying asset sales before a reporting period end which require us to commence an offer to purchase Senior Secured Notes in the subsequent period, the related amount of Senior Secured Notes is presented as a current liability, and the cash on hand which will fund the purchase is classified as “restricted cash” in our consolidated balance sheet. Successor Debt Issuance Costs and Discount Costs incurred in connection with the issuance of our Convertible Notes (which were allocated to the liability component, as described above) and Senior Secured Notes, as well as the issuance discounts, were capitalized and are being amortized using the effective interest method over the term of the related debt instrument. Costs incurred in connection with our ABL Credit Facility were capitalized and are being amortized using the straight-line method over the expected term of the agreement. Our unamortized debt issuance costs and discounts are presented below (amounts in thousands): Successor March 31, 2021 Unamortized discount on Convertible Notes (based on imputed interest rate of 20.9%) $ 54,205 Unamortized discount on Senior Secured Notes (based on imputed interest rate of 13.2%) 2,556 Unamortized debt issuance costs 3,501 |
Taxes (Notes)
Taxes (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | TaxesUpon emergence from Chapter 11, our Prepetition Senior Notes were exchanged for shares of our new common stock. As a result of the market value of equity upon emergence from Chapter 11 bankruptcy proceedings, the estimated amount of cancellation of debt income (CODI) for federal income tax purposes is approximately $229 million, which reduces the value of our net operating losses by an equal amount. The reduction of net operating losses was fully offset by a corresponding decrease in valuation allowance. We provide a valuation allowance when it is more likely than not that some portion of our deferred tax assets will not be realized. We evaluated the impact of the reorganization, including the change in control, resulting from our bankruptcy emergence and determined it is more likely than not that we will not fully realize future income tax benefits related to our domestic net deferred tax assets based on the annual limitations that impact us, historical results, and expected market conditions known on the date of measurement. Our deferred tax assets related to net operating losses available to reduce future taxable income, and our valuation allowance that offset a portion of our domestic net deferred tax assets, consist of the following (amounts in thousands): Successor Predecessor March 31, 2021 December 31, 2020 Net operating loss carryforward deferred tax asset $ 83,277 $ 82,901 Valuation allowance (76,061) (74,676) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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 hierarchical framework associated with the level of subjectivity used in measuring assets and liabilities at fair value. Currently, our financial instruments consist primarily of cash and cash equivalents, trade and other receivables, trade payables and long-term debt. The carrying value of cash and cash equivalents, 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. As a result of the application of fresh start accounting and subsequent stability in the market for energy bonds, we estimate that the carrying value of our long-term debt approximates fair value. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (loss) Per Common Share | Earnings (Loss) Per Common Share Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of shares issuable from stock-based compensation awards and the Convertible Notes. Potentially dilutive common shares from outstanding stock-based compensation awards are determined using the average share price for each period under the treasury stock method. Potentially dilutive shares from the Convertible Notes are determined using the if-converted method, whereby the Convertible Notes are assumed to be converted and included in the denominator of the EPS calculation and the interest expense, net of tax, recorded in connection with the Convertible Notes is added back to net income (loss). The following presents a reconciliation of the numerators and denominators of the basic and diluted EPS computations (amounts in thousands, except per share data): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Numerator: Net loss (numerator for basic EPS) $ (16,942) $ (69,104) Interest expense on Convertible Notes, net of tax — — Numerator for diluted EPS, if-converted method (16,942) (69,104) Denominator: Weighted-average shares (denominator for basic EPS) 1,138 78,753 Potentially dilutive shares issuable from Convertible Notes, if-converted method — — Potentially dilutive shares issuable from outstanding stock-based compensation awards, treasury stock method — — Denominator for diluted EPS 1,138 78,753 Loss per common share - Basic $ (14.89) $ (0.88) Loss per common share - Diluted $ (14.89) $ (0.88) Potentially dilutive securities excluded as anti-dilutive 9,957 4,794 In April 2021, our Compensation, Nominating and Governance Committee approved the grant of an aggregate 196,417 shares of restricted stock to our directors and certain employees. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As of March 31, 2021, we have four operating segments, comprised of two drilling services business segments (domestic and international drilling) and two production services business segments (well servicing and wireline services), which reflects the basis used by management in making decisions regarding our business for resource allocation and performance assessment, as required by ASC Topic 280, Segment Reporting . In April 2020, we closed our coiled tubing services business and placed all of our coiled tubing services assets as held for sale at June 30, 2020. Historical financial information for our coiled tubing services business, which had previously been presented as a separate operating segment, continues to be presented in the following tables as a component of continuing operations. Our domestic and international drilling services segments provide contract land drilling services to a diverse group of exploration and production companies through our three drilling divisions in the US and internationally in Colombia. We provide a comprehensive service offering which includes the drilling rig, crews, supplies, and most of the ancillary equipment needed to operate our drilling rigs. Our well servicing and wireline services segments provide a range of production services to producers primarily in Texas, North Dakota and the Rocky Mountain region. Our former coiled tubing services segment also provided various production services primarily in Texas, Wyoming, and surrounding areas. The following tables set forth certain financial information for each of our segments and corporate (amounts in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Revenues: Domestic drilling $ 22,483 $ 35,891 International drilling 11,063 14,455 Drilling services 33,546 50,346 Well servicing 14,857 25,616 Wireline services 10,335 33,133 Coiled tubing services — 5,227 Production services 25,192 63,976 Consolidated revenues $ 58,738 $ 114,322 Operating costs: Domestic drilling $ 15,459 $ 23,865 International drilling 8,075 12,138 Drilling services 23,534 36,003 Well servicing 11,888 20,951 Wireline services 9,878 28,284 Coiled tubing services 26 6,784 Production services 21,792 56,019 Consolidated operating costs $ 45,326 $ 92,022 Gross margin: Domestic drilling $ 7,024 $ 12,026 International drilling 2,988 2,317 Drilling services 10,012 14,343 Well servicing 2,969 4,665 Wireline services 457 4,849 Coiled tubing services (26) (1,557) Production services 3,400 7,957 Consolidated gross margin $ 13,412 $ 22,300 Identifiable Assets: Domestic drilling (1) $ 141,186 $ 336,260 International drilling (1) (2) 41,048 51,443 Drilling services 182,234 387,703 Well servicing 41,778 107,747 Wireline services 19,399 66,712 Coiled tubing services 2,357 11,373 Production services 63,534 185,832 Corporate 56,785 42,199 Consolidated identifiable assets (3) $ 302,553 $ 615,734 Depreciation and amortization: Domestic drilling $ 6,290 $ 10,905 International drilling 3,148 1,301 Drilling services 9,438 12,206 Well servicing 2,936 4,781 Wireline services 890 3,077 Coiled tubing services — 1,693 Production services 3,826 9,551 Corporate 101 227 Consolidated depreciation $ 13,365 $ 21,984 Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Capital Expenditures: Domestic drilling $ 2,385 $ 3,241 International drilling 565 1,167 Drilling services 2,950 4,408 Well servicing 335 1,717 Wireline services 492 1,572 Coiled tubing services — 163 Production services 827 3,452 Corporate 37 1 Consolidated capital expenditures $ 3,814 $ 7,861 (1) Identifiable assets for our drilling segments include the impact of a $28.5 million and $32.9 million intercompany balance, as of March 31, 2021 and 2020, respectively, between our domestic drilling segment (intercompany receivable) and our international drilling segment (intercompany payable). (2) Identifiable assets for our international drilling segment 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. (3) Upon our emergence from Chapter 11, due to the application of fresh start accounting, the carrying value of our identifiable assets was reduced to the estimated fair value and a new historical cost basis was established for all our property and equipment. The following is a reconciliation of consolidated gross margin of our segments reported above to loss from operations as reported on the condensed consolidated statements of operations (amounts in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Consolidated gross margin $ 13,412 $ 22,300 Depreciation and amortization (13,365) (21,984) General and administrative (9,713) (14,655) Prepetition restructuring charges — (17,074) Impairment — (17,853) Bad debt (expense) recovery, net 197 (727) Gain on dispositions of property and equipment, net 2,298 717 Loss from operations $ (7,171) $ (49,276) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments, Contingencies and Insurance Claim Liabilities In connection with our operations in Colombia, our foreign subsidiaries routinely obtain bonds for bidding on drilling contracts, performing under drilling contracts, and remitting customs and importation duties. Based on historical experience and information currently available, we believe the likelihood of demand for payment under these bonds and guarantees is remote. In February 2021, we received a $2.5 million assessment from the Colombian tax and customs authority related to an administrative delay in documentation provided for one of our drilling rigs. After evaluating the assessment with our customs advisors, we do not believe that it is probable that we will be required to pay the customs duty assessment. We are routinely subject to various states’ sales and use tax audits. As of March 31, 2021 and December 31, 2020, our accrued liability was $1.0 million and $0.9 million, respectively, based on our estimate of the indirect tax obligations. 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 potential 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, but because of the aforementioned uncertainty, an estimate of the possible loss or range of loss from adverse audit results 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. Insurance Claim Liabilities We use a combination of self-insurance and third-party insurance for various types of coverage. At March 31, 2021, our accrued insurance premiums and deductibles include approximately $0.7 million of accruals for costs incurred under the self-insurance portion of our health insurance and approximately $1.8 million of accruals for costs associated with our workers’ compensation insurance. We accrue for these costs as claims are incurred using an actuarial calculation that is based on industry and our company’s historical claim development data, and we accrue the cost of administrative services associated with claims processing. 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. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed 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 unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of our management, all adjustments (consisting of normal, recurring accruals) necessary for a fair presentation have been included. We suggest that you read these unaudited condensed consolidated financial statements together with the consolidated financial statements and the related notes included in our annual report on Form 10-K for the year ended December 31, 2020. |
Fresh Start Accounting | As described in Note 2, Emergence from Voluntary Reorganization under Chapter 11 , and Note 3, Fresh Start Accounting |
Use of Estimates | Use of Estimates — In preparing the accompanying unaudited condensed 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 |
Subsequent Events | Subsequent Events — In preparing the accompanying unaudited condensed consolidated financial statements, we have reviewed events that have occurred after March 31, 2021, through the filing of this Form 10-Q, for inclusion as necessary. |
Recently Issued Accounting Standards | 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 ASC. We consider the applicability and impact of all ASUs. Additionally, because we have securities registered under the Securities and Exchange Act of 1934, we consider the applicability and impact of releases issued by the Securities & Exchange Commission (the “SEC”). Other than those listed below, we have determined that there are currently no new or recently adopted ASUs or SEC releases which we believe will have a material impact on our consolidated financial position and results of operations. • Convertible Instruments and Contracts in an Entity’s Own Equity . In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and preferred stock. Additionally, this ASU improves the consistency of EPS calculations by requiring entities to apply one method, the if-converted method, to all convertible instruments in diluted earnings-per-share calculations. This ASU will be effective for us on January 1, 2022, however, early adoption is permitted on January 1, 2021. We are currently evaluating the effect that the ASU will have on our consolidated financial statements. • Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting and disclosure requirements for income taxes by, among other changes, removing certain exceptions and by clarifying certain aspects of the current accounting guidance. We adopted this ASU on January 1, 2021, and it did not have a material impact on our condensed consolidated financial statements. |
Restricted Cash | Restricted Cash — Our restricted cash b alance primarily reflects the portion of net proceeds from the issuance of our senior secured term loan held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property, a condition which is still in effect under the terms of our post-emergence debt instruments, as well as $0.5 million and $0.2 million of proceeds from asset sales received at March 31, 2021 and December 31, 2020, respectively, which were used to fund the redemption of Senior Secured Notes tendered in January and April 2021, respectively, as further described in Note 5, Debt . |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers Our production services business segments earn revenues for well servicing and wireline services pursuant to master services agreements based on purchase orders or other contractual arrangements with the client. Production services jobs are generally short-term (ranging in duration from several hours to less than 30 days) and are charged at current market rates for the labor, equipment and materials necessary to complete the job. Production services jobs are varied in nature but typically represent a single performance obligation, either for a particular job, a series of distinct jobs, or a period of time during which we stand ready to provide services as our client needs them. Revenue is recognized for these services over time, as the services are performed. Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts. Daywork contracts are comprehensive agreements under which we provide a comprehensive service offering, including the drilling rig, crew, supplies, and most of the ancillary equipment necessary to operate the rig. Contract modifications that extend the term of a dayrate contract are generally accounted for prospectively as a separate dayrate contract. We account for our services provided under daywork contracts as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Accordingly, dayrate revenues are recognized in the period during which the services are performed. With most drilling contracts, we also receive payments contractually designated for the mobilization and demobilization of drilling rigs and other equipment to and from the client’s drill site. Revenues associated with the mobilization and demobilization of our drilling rigs to and from the client’s drill site do not relate to a distinct good or service and are recognized ratably over the related contract term. The amount of demobilization revenue that we ultimately collect is dependent upon the specific contractual terms, most of which include provisions for reduced (or no) payment for demobilization when, among other things, the contract is renewed or extended with the same client, or when the rig is subsequently contracted with another client prior to the termination of the current contract. Since revenues associated with demobilization activity are typically variable, at each period end, they are estimated at the most likely amount, and constrained when the likelihood of a significant reversal is probable. Any change in the expected amount of demobilization revenue is accounted for with the net cumulative impact of the change in estimate recognized in the period during which the revenue estimate is revised. The upfront costs that we incur to mobilize the drilling rig to our client’s initial drilling site are capitalized and recognized ratably over the term of the related contract, including any contracted renewal or extension periods, which is our estimate of the period during which we expect to benefit from the cost of mobilizing the rig. Costs associated with the final demobilization at the end of the contract term are expensed when incurred, when the demobilization activity is performed. From time to time, we may receive fees from our clients for capital improvements to our rigs to meet our client’s requirements. Such revenues are not considered to be distinct within the terms of the contract and are therefore allocated to the overall performance obligation, satisfied over the term of the contract. We record deferred revenue for such payments and recognize them ratably as revenue over the initial term of the related drilling contract. Contract Asset and Liability Balances and Contract Cost Assets Contract asset and contract liability balances relate to demobilization and mobilization revenues, respectively. Demobilization revenue that we expect to receive is recognized ratably over the related contract term, but invoiced upon completion of the demobilization activity. Mobilization revenue, which is typically collected upon the completion of the initial mobilization activity, is deferred and recognized ratably over the related contract term. Contract asset and liability balances are netted at the contract level, with the net current and noncurrent portions separately classified in our condensed consolidated balance sheets, and the resulting contract liabilities are referred to herein as “deferred revenues.” When demobilization revenues are recognized prior to the activity being performed, they are not yet billable, and the resulting contract assets are included in our other current assets in our unaudited condensed consolidated financial statements. |
Property and Equipment (Impairm
Property and Equipment (Impairments) (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment, Impairment [Policy Text Block] | Impairments — In accordance with ASC Topic 360, Property, Plant and Equipment , we monitor all indicators of potential 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 asset groups separately, which are our domestic drilling services, international drilling services, well servicing and wireline services segments, and, prior to being placed as held for sale, our coiled tubing services segment. 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, and the amount of an impairment charge would be measured as the difference between the carrying amount and the fair value of the assets. Due to the significant decline in industry conditions, commodity prices, and projected utilization of equipment, as well as the COVID-19 pandemic’s impact on our industry, our projected cash flows declined during the first quarter of 2020, and we performed recoverability testing on all our reporting units. As a result of this analysis, we incurred impairment charges of $16.4 million to reduce the carrying values of our coiled tubing assets to their estimated fair values during the three months ended March 31, 2020. For all our other reporting units, excluding coiled tubing, we determined that the sum of the estimated future undiscounted net cash flows were in excess of the carrying amounts and that no impairment existed for these reporting units at March 31, 2020. We continue to monitor potential indicators of impairment and concluded that none of our reporting units are currently at risk of impairment at March 31, 2021. The assumptions we use in the evaluation for impairment are inherently uncertain and require management judgment. Although we believe the assumptions and estimates used in our impairment analysis are reasonable, different assumptions and estimates could materially impact the analysis and resulting conclusions. The most significant inputs used in our impairment analysis include the projected utilization and pricing of our services, as well as the estimated proceeds upon any future sale or disposal of the assets, all of which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures |
Leases (Leases) (Policies)
Leases (Leases) (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lessor, Operating Leases [Text Block] | As a drilling and production services provider, we provide the drilling rigs and production services equipment which are necessary to fulfill our performance obligations and which are considered leases under ASU No. 2016-02, Leases, (together with its amendments, herein referred to as “ASC Topic 842”). However, ASU No. 2018-11, Leases: Targeted Improvements , allows lessors to (i) combine the lease and non-lease components of revenues when the revenue recognition pattern is the same and when the lease component, when accounted for separately, would be considered an operating lease, and (ii) account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Drilling Long-Lived Assets, by Type | 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 17 — 17 International drilling — 8 8 25 |
Schedule of Production Services Long-Lived Assets, by Type | As of March 31, 2021, the fleet counts for each of our production services business segments were as follows: 550 HP 600 HP Total Well servicing rigs, by horsepower (HP) rating 111 12 123 Wireline services units 72 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contracts with Customer [Abstract] | |
Schedule of Deferred Revenues and Costs [Table Text Block] | Our current and noncurrent deferred revenues, contract assets and deferred costs as of March 31, 2021 and December 31, 2020 were as follows (amounts in thousands): March 31, 2021 December 31, 2020 Current deferred revenues $ 824 $ 1,019 Current deferred costs 47 361 Current contract assets — 300 Noncurrent deferred costs 291 194 |
Schedule of Amortization of Deferred Revenue and Costs [Table Text Block] | Amo rtization of deferred revenues and costs were as follows (amounts in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Amortization of deferred revenues $ 528 $ 1,613 Amortization of deferred costs 381 1,263 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table summarizes our lease expense recognized, excluding variable lease costs (amounts in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Long-term operating lease expense $ 315 $ 662 Short-term operating lease expense 2,001 3,526 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the amount and timing of our obligations associated with our long-term operating leases (amounts in thousands): March 31, 2021 December 31, 2020 Within 1 year $ 1,120 $ 1,069 In the second year 1,000 985 In the third year 886 921 In the fourth year 880 874 In the fifth year 740 895 Thereafter 229 299 Total undiscounted lease obligations $ 4,855 $ 5,043 Impact of discounting (486) (532) Discounted value of operating lease obligations $ 4,369 $ 4,511 Current operating lease liabilities $ 947 $ 889 Noncurrent operating lease liabilities 3,422 3,622 $ 4,369 $ 4,511 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Principal Amount of Outstanding Long-Debt Obligations | The principal amount of our outstanding debt obligations, including those issued in payment of in-kind interest, were as follows (amounts in thousands): March 31, 2021 December 31, 2020 Convertible Notes $ 132,763 $ 132,763 Senior Secured Notes 77,226 77,439 |
Schedule of Unamortized Debt Issuance Costs and Discounts [Table Text Block] | Our unamortized debt issuance costs and discounts are presented below (amounts in thousands): Successor March 31, 2021 Unamortized discount on Convertible Notes (based on imputed interest rate of 20.9%) $ 54,205 Unamortized discount on Senior Secured Notes (based on imputed interest rate of 13.2%) 2,556 Unamortized debt issuance costs 3,501 |
Taxes (Tables)
Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Operating Loss Carryforwards | Our deferred tax assets related to net operating losses available to reduce future taxable income, and our valuation allowance that offset a portion of our domestic net deferred tax assets, consist of the following (amounts in thousands): Successor Predecessor March 31, 2021 December 31, 2020 Net operating loss carryforward deferred tax asset $ 83,277 $ 82,901 Valuation allowance (76,061) (74,676) |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following presents a reconciliation of the numerators and denominators of the basic and diluted EPS computations (amounts in thousands, except per share data): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Numerator: Net loss (numerator for basic EPS) $ (16,942) $ (69,104) Interest expense on Convertible Notes, net of tax — — Numerator for diluted EPS, if-converted method (16,942) (69,104) Denominator: Weighted-average shares (denominator for basic EPS) 1,138 78,753 Potentially dilutive shares issuable from Convertible Notes, if-converted method — — Potentially dilutive shares issuable from outstanding stock-based compensation awards, treasury stock method — — Denominator for diluted EPS 1,138 78,753 Loss per common share - Basic $ (14.89) $ (0.88) Loss per common share - Diluted $ (14.89) $ (0.88) Potentially dilutive securities excluded as anti-dilutive 9,957 4,794 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain financial information for each of our segments and corporate (amounts in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Revenues: Domestic drilling $ 22,483 $ 35,891 International drilling 11,063 14,455 Drilling services 33,546 50,346 Well servicing 14,857 25,616 Wireline services 10,335 33,133 Coiled tubing services — 5,227 Production services 25,192 63,976 Consolidated revenues $ 58,738 $ 114,322 Operating costs: Domestic drilling $ 15,459 $ 23,865 International drilling 8,075 12,138 Drilling services 23,534 36,003 Well servicing 11,888 20,951 Wireline services 9,878 28,284 Coiled tubing services 26 6,784 Production services 21,792 56,019 Consolidated operating costs $ 45,326 $ 92,022 Gross margin: Domestic drilling $ 7,024 $ 12,026 International drilling 2,988 2,317 Drilling services 10,012 14,343 Well servicing 2,969 4,665 Wireline services 457 4,849 Coiled tubing services (26) (1,557) Production services 3,400 7,957 Consolidated gross margin $ 13,412 $ 22,300 Identifiable Assets: Domestic drilling (1) $ 141,186 $ 336,260 International drilling (1) (2) 41,048 51,443 Drilling services 182,234 387,703 Well servicing 41,778 107,747 Wireline services 19,399 66,712 Coiled tubing services 2,357 11,373 Production services 63,534 185,832 Corporate 56,785 42,199 Consolidated identifiable assets (3) $ 302,553 $ 615,734 Depreciation and amortization: Domestic drilling $ 6,290 $ 10,905 International drilling 3,148 1,301 Drilling services 9,438 12,206 Well servicing 2,936 4,781 Wireline services 890 3,077 Coiled tubing services — 1,693 Production services 3,826 9,551 Corporate 101 227 Consolidated depreciation $ 13,365 $ 21,984 Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Capital Expenditures: Domestic drilling $ 2,385 $ 3,241 International drilling 565 1,167 Drilling services 2,950 4,408 Well servicing 335 1,717 Wireline services 492 1,572 Coiled tubing services — 163 Production services 827 3,452 Corporate 37 1 Consolidated capital expenditures $ 3,814 $ 7,861 (1) Identifiable assets for our drilling segments include the impact of a $28.5 million and $32.9 million intercompany balance, as of March 31, 2021 and 2020, respectively, between our domestic drilling segment (intercompany receivable) and our international drilling segment (intercompany payable). (2) Identifiable assets for our international drilling segment 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 Gross Margin | The following is a reconciliation of consolidated gross margin of our segments reported above to loss from operations as reported on the condensed consolidated statements of operations (amounts in thousands): Successor Predecessor Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Consolidated gross margin $ 13,412 $ 22,300 Depreciation and amortization (13,365) (21,984) General and administrative (9,713) (14,655) Prepetition restructuring charges — (17,074) Impairment — (17,853) Bad debt (expense) recovery, net 197 (727) Gain on dispositions of property and equipment, net 2,298 717 Loss from operations $ (7,171) $ (49,276) |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Mar. 31, 2021USD ($)wireline_tubing_unitsdrilling_rigswell_service_rigs | Dec. 31, 2020USD ($) |
Cash and Cash Equivalents | ||
Restricted Cash from Proceeds of Qualifying Sales of Property & Equipment | $ | $ 500 | $ 200 |
Restricted cash | $ | $ 1,503 | $ 1,148 |
Drilling Services [Member] | ||
Business - Drilling | ||
Drilling Rigs | 25 | |
Drilling Services [Member] | Pad-Capable [Member] | ||
Business - Drilling | ||
Percentage of Drilling Fleet | 100.00% | |
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | ||
Business - Drilling | ||
Drilling Divisions | 3 | |
Drilling Rigs | 17 | |
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | AC [Member] | ||
Business - Drilling | ||
Drilling Rigs | 17 | |
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | SCR Drilling Rigs [Member] | ||
Business - Drilling | ||
Drilling Rigs | 0 | |
International Drilling [Member] | Drilling Services [Member] | Colombia [Member] | ||
Business - Drilling | ||
Drilling Rigs | 8 | |
International Drilling [Member] | Drilling Services [Member] | Colombia [Member] | AC [Member] | ||
Business - Drilling | ||
Drilling Rigs | 0 | |
International Drilling [Member] | Drilling Services [Member] | Colombia [Member] | SCR Drilling Rigs [Member] | ||
Business - Drilling | ||
Drilling Rigs | 8 | |
Well Servicing [Member] | 550 Horsepower [Member] | ||
Business - Production Services | ||
Well Servicing Rigs | well_service_rigs | 111 | |
Well Servicing [Member] | 600 Horsepower [Member] | ||
Business - Production Services | ||
Well Servicing Rigs | well_service_rigs | 12 | |
Well Servicing [Member] | Production Services [Member] | ||
Business - Production Services | ||
Well Servicing Rigs | well_service_rigs | 123 | |
Wireline Services [Member] | Production Services [Member] | ||
Business - Production Services | ||
Wireline Units | wireline_tubing_units | 72 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies (Drilling Services Business) (Details) - Drilling Services [Member] | Mar. 31, 2021drilling_rigs |
Accounting Policies [Line Items] | |
Drilling Rigs | 25 |
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 | 3 |
Drilling Rigs | 17 |
United States [Member] | AC [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 17 |
United States [Member] | SCR Drilling Rigs [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 0 |
Colombia [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 |
Colombia [Member] | SCR Drilling Rigs [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 8 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies (Production Services Business) (Details) | Mar. 31, 2021well_service_rigswireline_tubing_units |
Well Servicing [Member] | Production Services [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | 123 |
Well Servicing [Member] | 550 Horsepower [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | 111 |
Well Servicing [Member] | 600 Horsepower [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | 12 |
Wireline Services [Member] | Production Services [Member] | |
Accounting Policies [Line Items] | |
Wireline Units | wireline_tubing_units | 72 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details) | 3 Months Ended |
Mar. 31, 2021drilling_rigs | |
Drilling Services [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 25 |
Drilling Services [Member] | Earning Under Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 16 |
Drilling Services [Member] | Deployed under new contract during current period [Member] | Daywork Drilling Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 2 |
Drilling Services [Member] | Domestic Drilling [Member] | Term Contract [Member] | Earning Under Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 6 |
Drilling Services [Member] | International Drilling [Member] | Contracted, pending operations | Term Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 1 |
Maximum [Member] | Production Services [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Typical Revenue Contract Duration | 30 days |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Deferred Revenues and Costs (Details) - Drilling Services [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deferred Revenues and Costs, Classified | ||
Current deferred revenues | $ 824 | $ 1,019 |
Current deferred costs | 47 | 361 |
Current contract assets | 0 | 300 |
Noncurrent deferred costs | $ 291 | $ 194 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers Amortization of Deferred Revenues and Costs (Details) - Drilling Services [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Deferred Revenue Arrangement [Line Items] | ||
Amortization of deferred revenues | $ 528 | $ 1,613 |
Amortization of deferred costs | $ 381 | $ 1,263 |
Property and Equipment (Details
Property and Equipment (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)drilling_rigswireline_tubing_units | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Assets held for sale | $ 2,733 | $ 3,608 | |
Asset Impairment Charges | 0 | $ 17,853 | |
Capital Expenditures | 3,814 | 7,861 | |
Gain (Loss) on Disposition of Property Plant Equipment | 2,298 | 717 | |
Production Services [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital Expenditures | 827 | 3,452 | |
Production Services [Member] | Wireline Services [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital Expenditures | $ 492 | 1,572 | |
Wireline Units | wireline_tubing_units | 72 | ||
Production Services [Member] | Coiled Tubing Services [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets held for sale | $ 2,400 | ||
Asset Impairment Charges | 16,400 | ||
Capital Expenditures | 0 | 163 | |
Drilling Services [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital Expenditures | $ 2,950 | 4,408 | |
Drilling Rigs | drilling_rigs | 25 | ||
Drilling Services [Member] | Domestic Drilling [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital Expenditures | $ 2,385 | 3,241 | |
Drilling Services [Member] | International Drilling [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital Expenditures | $ 565 | $ 1,167 |
Leases (Details)
Leases (Details) | Mar. 31, 2021 |
Lessee, Lease, Description [Line Items] | |
Regional Offices | 14 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating Lease Renewal Term Options | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating Lease Renewal Term Options | 5 years |
Leases Lease Cost (Details)
Leases Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease, Cost [Abstract] | ||
Long-term operating lease expense | $ 315 | $ 662 |
Short-term operating lease expense | $ 2,001 | $ 3,526 |
Leases Operating Lease Maturiti
Leases Operating Lease Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Within 1 year | $ 1,120 | $ 1,069 |
In the second year | 1,000 | 985 |
In the third year | 886 | 921 |
In the fourth year | 880 | 874 |
In the fifth year | 740 | 895 |
Thereafter | 229 | 299 |
Total undiscounted lease obligations | 4,855 | 5,043 |
Impact of discounting | (486) | (532) |
Discounted value of operating lease obligations | 4,369 | 4,511 |
Noncurrent operating lease liabilities | 3,422 | 3,622 |
Other Current Liabilities [Member] | ||
Current operating lease liabilities | $ 947 | $ 889 |
Debt (Schedule of Principal Amo
Debt (Schedule of Principal Amount of Outstanding Long-Term Debt Obligations) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | May 29, 2020 |
Convertible Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 132,763 | $ 132,763 | $ 129,800 |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 77,226 | $ 77,439 | $ 78,100 |
Debt (Schedule of Unamortized D
Debt (Schedule of Unamortized Debt Issuance Costs and Discount) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | May 29, 2020 |
Schedule of Unamortized Debt Issuance Costs and Discount [Line Items] | ||
Unamortized Debt Issuance Costs | $ 3,501 | |
Convertible Debt [Member] | ||
Schedule of Unamortized Debt Issuance Costs and Discount [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 20.90% | |
Unamortized discount | 54,205 | |
Senior Notes [Member] | ||
Schedule of Unamortized Debt Issuance Costs and Discount [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 13.20% | |
Unamortized discount | $ 2,556 |
Debt (Details)
Debt (Details) | Aug. 07, 2020USD ($) | May 29, 2020USD ($)shares$ / shares | Feb. 28, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Senior Secured Notes [Abstract] | |||||
Current portion of long-term debt | $ 505,000 | $ 150,000 | |||
Convertible Debt [Member] | |||||
Convertible Notes Payable [Abstract] | |||||
Debt Instrument, Face Amount | $ 129,800,000 | 132,763,000 | 132,763,000 | ||
Proceeds from debt issuance | 120,200,000 | ||||
Rights offering commitment amount | $ 9,600,000 | $ 9,600,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Debt Instrument, Convertible, Conversion Ratio | 75 | ||||
Debt Instrument, Convertible, Number of Equity Instruments | shares | 9,732,825 | ||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 13.33 | ||||
Debt Instrument, Required Repurchase Due to Change in Control, Redemption Price, Percentage | 100.00% | ||||
Commitment premium | $ 9,600,000 | ||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Face Amount | $ 129,800,000 | 132,763,000 | 132,763,000 | ||
Debt Instrument, Required Repurchase Due to Change in Control, Redemption Price, Percentage | 100.00% | ||||
Predecessor Senior Secured Term Loan [Abstract] | |||||
Debt Instrument, Face Amount | $ 129,800,000 | 132,763,000 | 132,763,000 | ||
Predecessor Senior Notes [Abstract] | |||||
Debt Instrument, Face Amount | $ 129,800,000 | 132,763,000 | 132,763,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Line of credit facility, outstanding borrowings | 0 | ||||
Letters of Credit Outstanding, Amount | 7,300,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 16,300,000 | ||||
Line of Credit [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Maximum borrowing capacity | $ 40,000,000 | $ 75,000,000 | |||
Debt Instrument, Covenant Compliance, Capital Expenditure Limitation, Percentage of Annual Budget | 125.00% | ||||
Line of Credit, Maximum Amount of Pledged Cash included in Minimum Availability to Require Additional Fixed Charge Coverage Ratio Compliance | $ 3,000,000 | ||||
Line of credit, Maximum Amount of Pledged Cash included in Minimum Line Availability | 2,000,000 | ||||
Prepetition Asset-based Lending Facility [Abstract] | |||||
Maximum borrowing capacity | 40,000,000 | 75,000,000 | |||
Line of Credit [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Line of Credit, Minimum Availability to Require Additional Fixed Charge Coverage Ratio Compliance | $ 6,000,000 | ||||
Line of Credit, Minimum Availability (as % of Maximum) to Require Additional Fixed Charge Coverage Ratio Compliance | 15.00% | ||||
Debt Instrument, Covenant Compliance, Fixed Charge Coverage Ratio, Required Minimum | 1 | ||||
Line of Credit, Minimum Availability Requirement | $ 4,000,000 | ||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||
Predecessor Senior Secured Term Loan [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Debt instrument, reference rate, minimum | 0.00% | ||||
Senior Secured Notes [Abstract] | |||||
Debt instrument, reference rate, minimum | 0.00% | ||||
Line of Credit [Member] | Base Rate [Member] | Revolving Credit Facility [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Predecessor Senior Secured Term Loan [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Senior Notes [Member] | |||||
Convertible Notes Payable [Abstract] | |||||
Debt Instrument, Face Amount | $ 78,100,000 | 77,226,000 | 77,439,000 | ||
Debt Instrument, Required Repurchase Due to Change in Control, Redemption Price, Percentage | 101.00% | ||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Face Amount | $ 78,100,000 | 77,226,000 | 77,439,000 | ||
Proceeds from Issuance of Debt | 75,000,000 | ||||
Debt Instrument, Original Issue Discount | $ 3,100,000 | ||||
Debt Instrument, Issuer's Optional Repurchase Due to Change in Control Prior to June 1, 2022, Redemption Price, Percentage | 103.00% | ||||
Debt Instrument, Required Repurchase Due to Change in Control, Redemption Price, Percentage | 101.00% | ||||
Debt Instrument, Offer to Purchase | 1,300,000 | 2,600,000 | |||
Write off of Deferred Debt Issuance Cost | 100,000 | ||||
Predecessor Senior Secured Term Loan [Abstract] | |||||
Debt Instrument, Face Amount | $ 78,100,000 | 77,226,000 | 77,439,000 | ||
Predecessor Senior Notes [Abstract] | |||||
Debt Instrument, Face Amount | $ 78,100,000 | $ 77,226,000 | 77,439,000 | ||
Senior Notes [Member] | Minimum [Member] | |||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Covenant Compliance, Asset Coverage Ratio, Required Minimum | 1.5 | ||||
Proceeds from Qualifying Sales of Property and Equipment | $ 5,000,000 | ||||
Commencing up to May 15, 2024 [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 9.50% | ||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 9.50% | ||||
Predecessor Senior Secured Term Loan [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 9.50% | ||||
Commencing up to May 15, 2024 [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Debt instrument, reference rate, minimum | 1.50% | ||||
Senior Secured Notes [Abstract] | |||||
Debt instrument, reference rate, minimum | 1.50% | ||||
Due on or prior to May 29, 2021 [Member] | Senior Notes [Member] | |||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Portion of Interest due in Cash, Percentage | 50.00% | ||||
Debt Instrument, Portion of Interest due In-Kind, Percentage | 50.00% | ||||
Debt Instrument, Portion of Interest due in-Kind at Majority Noteholder's Election, Percentage | 100.00% | ||||
Commencing on or after May 15, 2024 [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 10.50% | ||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 10.50% | ||||
Predecessor Senior Secured Term Loan [Abstract] | |||||
Debt Instrument, Basis Spread on Variable Rate | 10.50% | ||||
Commencing on or after May 15, 2024 [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
ABL Credit Facility [Abstract] | |||||
Debt instrument, reference rate, minimum | 1.50% | ||||
Senior Secured Notes [Abstract] | |||||
Debt instrument, reference rate, minimum | 1.50% | ||||
Debt Instrument, Redemption, twelve-month period beginning June 1, 2021 [Member] | Senior Notes [Member] | |||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Redemption Price, Percentage | 104.00% | ||||
Debt Instrument, Redemption, twelve-month period beginning June 1, 2022 [Member] | Senior Notes [Member] | |||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Redemption Price, Percentage | 102.00% | ||||
Debt Instrument, Redemption, twelve-month period beginning June 1, 2023 [Member] | Senior Notes [Member] | |||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||
Debt Instrument, Redemption, twelve-month period beginning June 1, 2024 [Member] | Senior Notes [Member] | |||||
Senior Secured Notes [Abstract] | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% |
Taxes Schedule of Operating Los
Taxes Schedule of Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforward | $ 83,277 | $ 82,901 |
Deferred Tax Assets, Valuation Allowance | $ 76,061 | $ 74,676 |
Taxes (Details)
Taxes (Details) - USD ($) $ in Thousands | May 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | |||
Debtor Reorganization Items, Cancellation of Debt Income | $ 229,000 | ||
Deferred Tax Assets, Valuation Allowance | $ 76,061 | $ 74,676 | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 83,277 | $ 82,901 |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Reconciliation of Earnings (loss) Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Numerator: | |||
Net loss (numerator for basic EPS) | $ (16,942) | $ (69,104) | |
Interest on Convertible Notes, net of tax | 0 | 0 | |
Numerator for diluted EPS, if-converted method | $ (16,942) | $ (69,104) | |
Denominator: | |||
Weighted-average shares (denominator for basic EPS) | 1,138,000 | 78,753,000 | |
Potentially dilutive shares issuable from Convertible Notes, if-converted method | 0 | 0 | |
Potentially dilutive shares issuable from outstanding stock-based compensation awards, treasury stock method | 0 | 0 | |
Denominator for diluted EPS | 1,138,000 | 78,753,000 | |
Loss per common share - Basic | $ (14.89) | $ (0.88) | |
Loss per common share - Diluted | $ (14.89) | $ (0.88) | |
Potentially dilutive securities excluded as anti-dilutive | 9,957,000 | 4,794,000 | |
Subsequent Event [Member] | |||
Denominator: | |||
Awards granted | 196,417 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021segments | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | 4 |
Drilling Services [Member] | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | 2 |
Drilling Services [Member] | United States [Member] | Domestic Drilling [Member] | |
Segment Reporting Information [Line Items] | |
Drilling Divisions | 3 |
Production Services [Member] | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | 2 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information) (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021USD ($)drilling_rigs | Mar. 31, 2020USD ($)drilling_rigs | Dec. 31, 2020USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 58,738 | $ 114,322 | ||
Operating costs | 45,326 | 92,022 | ||
Gross margin | 13,412 | 22,300 | ||
Identifiable assets | 302,553 | 615,734 | $ 314,430 | |
Depreciation and amortization | 13,365 | 21,984 | ||
Capital Expenditures | 3,814 | 7,861 | ||
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Identifiable assets | 56,785 | 42,199 | ||
Depreciation and amortization | 101 | 227 | ||
Capital Expenditures | 37 | 1 | ||
Drilling Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 33,546 | 50,346 | ||
Operating costs | 23,534 | 36,003 | ||
Gross margin | 10,012 | 14,343 | ||
Identifiable assets | 182,234 | 387,703 | ||
Depreciation and amortization | 9,438 | 12,206 | ||
Capital Expenditures | $ 2,950 | 4,408 | ||
Drilling Rigs | drilling_rigs | 25 | |||
Drilling Services [Member] | Domestic Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 22,483 | 35,891 | ||
Operating costs | 15,459 | 23,865 | ||
Gross margin | 7,024 | 12,026 | ||
Identifiable assets | 141,186 | 336,260 | ||
Depreciation and amortization | 6,290 | 10,905 | ||
Capital Expenditures | 2,385 | 3,241 | ||
Intercompany receivable (payable) | 28,500 | 32,900 | ||
Drilling Services [Member] | International Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 11,063 | 14,455 | ||
Operating costs | 8,075 | 12,138 | ||
Gross margin | 2,988 | 2,317 | ||
Identifiable assets | 41,048 | 51,443 | [1] | |
Depreciation and amortization | 3,148 | 1,301 | ||
Capital Expenditures | 565 | 1,167 | ||
Intercompany receivable (payable) | $ (28,500) | $ (32,900) | ||
Drilling Services [Member] | Drilling Rigs | International Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Drilling Rigs | drilling_rigs | 5 | 5 | ||
Drilling Services [Member] | Assets Leased From Others [Member] | International Drilling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Drilling Rigs | drilling_rigs | 3 | 3 | ||
Production Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 25,192 | $ 63,976 | ||
Operating costs | 21,792 | 56,019 | ||
Gross margin | 3,400 | 7,957 | ||
Identifiable assets | 63,534 | 185,832 | ||
Depreciation and amortization | 3,826 | 9,551 | ||
Capital Expenditures | 827 | 3,452 | ||
Production Services [Member] | Well Servicing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 14,857 | 25,616 | ||
Operating costs | 11,888 | 20,951 | ||
Gross margin | 2,969 | 4,665 | ||
Identifiable assets | 41,778 | 107,747 | ||
Depreciation and amortization | 2,936 | 4,781 | ||
Capital Expenditures | 335 | 1,717 | ||
Production Services [Member] | Wireline Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,335 | 33,133 | ||
Operating costs | 9,878 | 28,284 | ||
Gross margin | 457 | 4,849 | ||
Identifiable assets | 19,399 | 66,712 | ||
Depreciation and amortization | 890 | 3,077 | ||
Capital Expenditures | 492 | 1,572 | ||
Production Services [Member] | Coiled Tubing Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 5,227 | ||
Operating costs | 26 | 6,784 | ||
Gross margin | (26) | (1,557) | ||
Identifiable assets | 2,357 | 11,373 | ||
Depreciation and amortization | 0 | 1,693 | ||
Capital Expenditures | $ 0 | $ 163 | ||
[1] | Identifiable assets for our international drilling segment 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. |
Segment Information (Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting [Abstract] | ||
Consolidated Gross Margin | $ 13,412 | $ 22,300 |
Depreciation and amortization | (13,365) | (21,984) |
General and administrative | (9,713) | (14,655) |
Prepetition restructuring charges | 0 | (17,074) |
Impairment | 0 | (17,853) |
Bad debt (expense) recovery, net | 197 | (727) |
Gain (loss) on dispositions of property and equipment, net | 2,298 | 717 |
Loss from operations | $ (7,171) | $ (49,276) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies [Line Items] | ||
Insurance premiums and deductibles | $ 3,783 | $ 3,928 |
Health insurance [Member] | ||
Commitments and Contingencies [Line Items] | ||
Insurance premiums and deductibles | 700 | |
Workers' compensation [Member] | ||
Commitments and Contingencies [Line Items] | ||
Insurance premiums and deductibles | 1,800 | |
International Customs Duty | Not probable | ||
Commitments and Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 2,500 | |
Sales and Use Tax [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 1,000 | $ 900 |