Pay vs Performance Disclosure - USD ($) | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pay vs Performance Disclosure | | | | |
Pay vs Performance Disclosure, Table | Value of Initial Fixed $100 Investment Based On: (in thousands) Year Summary Compensation Table Total for CEO - Lanigan (1) Summary Compensation Table Total for CEO - Howes (1) Compensation Actually Paid to CEO - Lanigan (2) Compensation Actually Paid to CEO - Howes (2) Average Summary Compensation Table Total for Non-CEO NEOs (3) Average Compensation Actually Paid to Non-CEO NEOs (2)(3) TSR (4) Peer Group TSR (5) Net Income (Loss) Consolidated EBITDA (6) 2023 $ 2,976,427 N/A $ 4,498,960 N/A $ 1,463,639 $ 1,811,862 $ 105.87 $ 107.14 $ 14,516 $ 80,734 2022 $ 3,045,909 $ 1,545,166 $ 3,448,269 $ 2,504,293 $ 1,402,178 $ 1,692,685 $ 66.18 $ 107.11 $ (20,834) $ 66,715 2021 N/A $ 3,830,170 N/A $ 4,308,180 $ 1,314,128 $ 1,501,135 $ 46.89 $ 67.34 $ (25,526) $ 39,352 2020 N/A $ 3,174,385 N/A $ 1,525,399 $ 929,862 $ 186,973 $ 30.62 $ 56.62 $ (80,696) $ (9,665) | | | |
Company Selected Measure Name | Consolidated Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) | | | |
Named Executive Officers, Footnote | The dollar amounts shown represent the total compensation reported for our CEO, Mr. Lanigan for 2023, Mr. Lanigan and Mr. Howes for 2022, and Mr. Howes for 2021 and 2020, in the Summary Compensation Table for fiscal years 2023, 2022, 2021 and 2020. Reflects compensation information for our NEOs, other than our CEO. For 2023, reflects compensation information for Mr. Piontek, Mr. Paterson, Ms. Briggs, Ms. Frugé and Mr. Earle. For 2022, reflects compensation information for Mr. Piontek, Mr. Earle, Mr. Paterson and Ms. Briggs. For 2021, reflects compensation information for Mr. Lanigan, Mr. Piontek, Mr. Earle and Mr. Paterson. For 2020, reflects compensation information for Mr. Lanigan, Mr. Piontek, Mr. Earle and Mr. Paterson. | | | |
Peer Group Issuers, Footnote | The Peer Group TSR set forth in this table utilizes the Philadelphia Oil Service Index (OSX), which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the years ended December 31, 2023, 2022 and 2021. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the OSX, respectively. Historical stock performance is not necessarily indicative of future stock performance. | | | |
Adjustment To PEO Compensation, Footnote | To calculate “Compensation Actually Paid,” adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. “Compensation Actually Paid” does not necessarily represent cash and/or equity value paid to or earned by the applicable NEO, but rather is a value calculated under applicable SEC rules. In accordance with SEC requirements, the following adjustments were made to the applicable NEO’s total compensation for each year to determine the “Compensation Actually Paid”: Year Executive(s) Summary Compensation Table Total Reported Value of Equity Awards (A) Equity Award Adjustments (B) Compensation Actually Paid 2023 CEO - Lanigan $ 2,976,427 $ (1,169,198) $ 2,691,731 $ 4,498,960 Non-CEO NEOs (Average) $ 1,463,639 $ (257,274) $ 605,497 $ 1,811,862 (A) Represents the grant date fair value of the equity awards, as reported in the “Stock Awards” column in the Summary Compensation Table for the year. (B) Represents the year-over-year change in the fair value of equity awards, as itemized in the tables below. With respect to equity award adjustments for each applicable year as disclosed in the table above, the valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. No awards vested in the year they were granted, and no awards were forfeited in any of the covered years. There were no dividends or other earnings paid on stock or option awards in any applicable year. Equity Award Adjustments for CEO - Lanigan 2023 Year-end fair value of outstanding and unvested equity awards granted in the year $ 1,995,752 Plus (Less): Year-over-year change in fair value of outstanding and unvested equity awards granted in prior years 716,435 Plus (Less): Change in fair value from last day of prior year to vesting date for equity awards granted in prior years that vested in the year (20,456) Total Equity Award Adjustments $ 2,691,731 Equity Award Adjustments for Non-CEO NEOs (Average) 2023 Year-end fair value of outstanding and unvested equity awards granted in the year $ 439,151 Plus (Less): Year-over-year change in fair value of outstanding and unvested equity awards granted in prior years 185,213 Plus (Less): Change in fair value from last day of prior year to vesting date for equity awards granted in prior years that vested in the year (18,867) Total Equity Award Adjustments $ 605,497 | | | |
Non-PEO NEO Average Total Compensation Amount | $ 1,463,639 | $ 1,402,178 | $ 1,314,128 | $ 929,862 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,811,862 | 1,692,685 | 1,501,135 | 186,973 |
Adjustment to Non-PEO NEO Compensation Footnote | To calculate “Compensation Actually Paid,” adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. “Compensation Actually Paid” does not necessarily represent cash and/or equity value paid to or earned by the applicable NEO, but rather is a value calculated under applicable SEC rules. In accordance with SEC requirements, the following adjustments were made to the applicable NEO’s total compensation for each year to determine the “Compensation Actually Paid”: Year Executive(s) Summary Compensation Table Total Reported Value of Equity Awards (A) Equity Award Adjustments (B) Compensation Actually Paid 2023 CEO - Lanigan $ 2,976,427 $ (1,169,198) $ 2,691,731 $ 4,498,960 Non-CEO NEOs (Average) $ 1,463,639 $ (257,274) $ 605,497 $ 1,811,862 (A) Represents the grant date fair value of the equity awards, as reported in the “Stock Awards” column in the Summary Compensation Table for the year. (B) Represents the year-over-year change in the fair value of equity awards, as itemized in the tables below. With respect to equity award adjustments for each applicable year as disclosed in the table above, the valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. No awards vested in the year they were granted, and no awards were forfeited in any of the covered years. There were no dividends or other earnings paid on stock or option awards in any applicable year. Equity Award Adjustments for CEO - Lanigan 2023 Year-end fair value of outstanding and unvested equity awards granted in the year $ 1,995,752 Plus (Less): Year-over-year change in fair value of outstanding and unvested equity awards granted in prior years 716,435 Plus (Less): Change in fair value from last day of prior year to vesting date for equity awards granted in prior years that vested in the year (20,456) Total Equity Award Adjustments $ 2,691,731 Equity Award Adjustments for Non-CEO NEOs (Average) 2023 Year-end fair value of outstanding and unvested equity awards granted in the year $ 439,151 Plus (Less): Year-over-year change in fair value of outstanding and unvested equity awards granted in prior years 185,213 Plus (Less): Change in fair value from last day of prior year to vesting date for equity awards granted in prior years that vested in the year (18,867) Total Equity Award Adjustments $ 605,497 | | | |
Compensation Actually Paid vs. Total Shareholder Return | Alignment of Compensation Actually Paid and Total Shareholder Return (TSR) The following graph sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs and the Company’s cumulative TSR over the three most recently completed fiscal years. The graph also sets forth a comparison of the Company’s cumulative TSR over the three most recently completed fiscal years and the cumulative TSR of the Company’s peer group over the same period. | | | |
Compensation Actually Paid vs. Net Income | Alignment of Compensation Actually Paid and Net Income (Loss) The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and our Net Income (Loss) during the three most recently completed fiscal years. | | | |
Compensation Actually Paid vs. Company Selected Measure | Alignment of Compensation Actually Paid and Consolidated EBITDA, as adjusted by the Compensation Committee The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and our Consolidated EBITDA, as adjusted by the Compensation Committee, over the three most recently completed fiscal years. | | | |
Total Shareholder Return Vs Peer Group | Alignment of Compensation Actually Paid and Total Shareholder Return (TSR) The following graph sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs and the Company’s cumulative TSR over the three most recently completed fiscal years. The graph also sets forth a comparison of the Company’s cumulative TSR over the three most recently completed fiscal years and the cumulative TSR of the Company’s peer group over the same period. | | | |
Tabular List, Table | Most Important Financial Performance Measures Consolidated Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) Consolidated Return on Net Capital Employed (RONCE) Income After Capital Charge (IACC) Relative Total Shareholder Return | | | |
Total Shareholder Return Amount | $ 105.87 | 66.18 | 46.89 | 30.62 |
Peer Group Total Shareholder Return Amount | 107.14 | 107.11 | 67.34 | 56.62 |
Net Income (Loss) | $ 14,516,000 | $ (20,834,000) | $ (25,526,000) | $ (80,696,000) |
Company Selected Measure Amount | 80,734,000 | 66,715,000 | 39,352,000 | (9,665,000) |
Additional 402(v) Disclosure | We provide the following disclosure regarding executive “Compensation Actually Paid” or “CAP” (as calculated in accordance with SEC rules), and certain Company performance for the fiscal years listed below. You should refer to “Compensation Discussion and Analysis” in this proxy statement for a complete description of how executive compensation relates to Company performance and how the Compensation Committee makes its decisions. When referring to the CEO, the following table presents Mr. Lanigan for 2023, Mr. Lanigan and Mr. Howes for 2022, and Mr. Howes for 2021 and 2020. Effective February 28, 2022, Mr. Howes retired as Chief Executive Officer, and effective March 1, 2022, Mr. Lanigan was appointed President and Chief Executive Officer. The 2022 amounts shown for Mr. Lanigan represent total compensation for the full year, even though he was CEO for only a portion of the year. Consolidated 12 Months Ended (In thousands) December 31, Net income (loss) (GAAP) $ 14,516 Interest expense, net 8,181 Provision for income taxes 10,666 Depreciation and amortization 31,372 EBITDA (non-GAAP) 64,735 Impairments and other charges 6,356 Fluids sale process transaction expenses 1,786 Facility exit costs and other, net 4,594 Severance costs 2,659 Adjusted EBITDA (non-GAAP) 80,130 Other adjustments for the Annual Cash Incentive Plan 604 Consolidated EBITDA, as adjusted by the Compensation Committee (non-GAAP) $ 80,734 Financial Performance Measures As described in greater detail under “Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a performance-based pay philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our stockholders. The following table presents the financial performance measures that the Company considers the most important in linking Compensation Actually Paid to our CEO and other NEOs for 2023 to Company performance. The measures in this table are not ranked. Description of Certain Relationships between Information Presented in the Pay Versus Performance Table As described in greater detail under “Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a performance-based pay philosophy. While the Company utilizes several performance measures to align executive compensation with Company performance, not all of those Company measures are presented in the Pay Versus Performance table. Moreover, the Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company’s performance measures with compensation that is actually paid (as computed in accordance with SEC rules) for a particular year. In accordance with SEC rules, the Company is providing the following descriptions of the relationships between information presented in the Pay Versus Performance table. | | | |
Measure:: 1 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Consolidated Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) | | | |
Measure:: 2 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Consolidated Return on Net Capital Employed (RONCE) | | | |
Measure:: 3 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Income After Capital Charge (IACC) | | | |
Measure:: 4 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Relative Total Shareholder Return | | | |
Lanigan [Member] | | | | |
Pay vs Performance Disclosure | | | | |
PEO Total Compensation Amount | $ 2,976,427 | $ 3,045,909 | | |
PEO Actually Paid Compensation Amount | $ 4,498,960 | $ 3,448,269 | | |
PEO Name | Mr. Lanigan | Mr. Lanigan | | |
Howes [Member] | | | | |
Pay vs Performance Disclosure | | | | |
PEO Total Compensation Amount | | $ 1,545,166 | $ 3,830,170 | $ 3,174,385 |
PEO Actually Paid Compensation Amount | | $ 2,504,293 | $ 4,308,180 | $ 1,525,399 |
PEO Name | | Mr. Howes | Mr. Howes | Mr. Howes |
PEO | Lanigan [Member] | Equity Awards Reported Value [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | $ (1,169,198) | | | |
PEO | Lanigan [Member] | Equity Award Adjustments [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 2,691,731 | | | |
PEO | Lanigan [Member] | Equity Awards Granted During the Year, Unvested [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation Amount, Equity Awards | 1,995,752 | | | |
PEO | Lanigan [Member] | Equity Awards Granted in Prior Years, Unvested [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation Amount, Equity Awards | 716,435 | | | |
PEO | Lanigan [Member] | Equity Awards Granted in Prior Years, Vested [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation Amount, Equity Awards | (20,456) | | | |
Non-PEO NEO | Equity Awards Reported Value [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | (257,274) | | | |
Non-PEO NEO | Equity Award Adjustments [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 605,497 | | | |
Non-PEO NEO | Equity Awards Granted During the Year, Unvested [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation Amount, Equity Awards | 439,151 | | | |
Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation Amount, Equity Awards | 185,213 | | | |
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation Amount, Equity Awards | $ (18,867) | | | |