Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 16, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Superior Energy Services Inc | ||
Entity Central Index Key | 886,835 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 151,397,654 | ||
Entity Public Float | $ 3,190 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Trading Symbol | spn | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 564,017 | $ 393,046 |
Accounts receivable, net of allowance for doubtful accounts of $28,242 and $22,076 at December 31, 2015 and December 31, 2014, respectively | 428,514 | 926,768 |
Prepaid expenses | 42,298 | 74,750 |
Inventory and other current assets | 165,062 | 185,429 |
Assets held for sale | 95,234 | 116,680 |
Total current assets | 1,295,125 | 1,696,673 |
Property, plant and equipment, net | 2,123,291 | 2,733,839 |
Goodwill | 1,140,101 | 2,468,409 |
Notes receivable | 52,382 | 25,970 |
Intangible and other long-term assets, net | 303,345 | 392,891 |
Total assets | 4,914,244 | 7,317,782 |
Current liabilities: | ||
Accounts payable | 114,475 | 225,306 |
Accrued expenses | 271,246 | 363,747 |
Income taxes payable | 9,185 | 40,213 |
Current maturities of long-term debt | 29,957 | 20,941 |
Current portion of decommissioning liabilities | 19,052 | |
Liabilities Held-for-sale | 4,661 | 61,840 |
Total current liabilities | 448,576 | 712,047 |
Deferred income taxes | 383,069 | 670,858 |
Decommissioning liabilities | 98,890 | 88,000 |
Long-term debt, net | 1,588,263 | 1,600,373 |
Other long-term liabilities | $ 184,634 | $ 166,766 |
Stockholders' equity: | ||
Preferred stock of $0.01 par value. Authorized, 5,000,000 shares; none issued | ||
Common stock of $0.001 par value. Authorized - 250,000,000, Issued and Outstanding- 150,861,500as of December 31, 2015 Authorized - 250,000,000, Issued - 149,648,826, Outstanding - 149,708,825 at December 31, 2014 | $ 151 | $ 150 |
Additional paid in capital | 2,664,517 | 2,620,328 |
Accumulated other comprehensive loss, net | (45,694) | (36,280) |
Retained earnings | (408,162) | 1,495,540 |
Total stockholders' equity | 2,210,812 | 4,079,738 |
Total liabilities and stockholders' equity | $ 4,914,244 | $ 7,317,782 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $ 28,242 | $ 22,076 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 150,861,500 | 149,648,826 |
Common stock, shares outstanding | 150,861,500 | 149,708,825 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidated Statements of Operations [Abstract] | |||
Services | $ 2,104,942 | $ 3,466,279 | $ 3,371,847 |
Rentals | 669,623 | 1,090,343 | 978,210 |
Total, Revenues | 2,774,565 | 4,556,622 | 4,350,057 |
Costs and expenses: | |||
Cost of Services (exclusive of items shown separately below) | 1,575,653 | 2,308,270 | 2,244,881 |
Cost of Rentals (exclusive of items shown separately below) | 290,159 | 426,563 | 388,709 |
Cost of goods and services | 1,865,812 | 2,734,833 | 2,633,590 |
Depreciation, depletion, amortization and accretion | 612,147 | 650,814 | 604,441 |
General and administrative expenses | 510,708 | 624,371 | 597,778 |
Reduction in value of assets | 1,738,887 | 300,078 | |
Income from operations | (1,952,989) | 546,604 | 214,170 |
Other income (expense): | |||
Interest expense, net | 97,318 | 96,734 | 107,902 |
Other Expense | (9,476) | (7,681) | (5,511) |
Income from continuing operations before income taxes | (2,059,783) | 442,189 | 100,757 |
Income taxes | (252,020) | 161,399 | 55,272 |
Net income from continuing operations | (1,807,763) | 280,790 | 45,485 |
Loss from discontinued operations, net of tax | (46,955) | (22,973) | (156,903) |
Net income (loss) | $ (1,854,718) | $ 257,817 | $ (111,418) |
Earnings per share information: | |||
Continuing operations, basic | $ (12.02) | $ 1.81 | $ 0.29 |
Discontinued operations, basic | (0.31) | (0.15) | (0.99) |
Basic earnings (loss) per share | (12.33) | 1.66 | (0.70) |
Continuing operations, diluted | (12.02) | 1.79 | 0.28 |
Discontinued operations, diluted | (0.31) | (0.14) | (0.97) |
Diluted earnings per share | (12.33) | 1.65 | (0.69) |
Cash dividends declared per share | $ 0.32 | $ 0.24 | $ 0.08 |
Weighted average common shares used in computing earnings per share: | |||
Basic | 150,461 | 155,154 | 159,206 |
Incremental common shares from stock based compensation | 1,572 | 1,574 | |
Diluted | 150,461 | 156,726 | 160,780 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (1,854,718) | $ 257,817 | $ (111,418) |
Unrealized net gain (loss) on investment securities, net of tax | (256) | ||
Reclassification adjustment, net of tax | 1,153 | ||
Change in cumulative translation adjustment, net of tax | (9,414) | (19,933) | 2,073 |
Comprehensive income (loss) | $ (1,864,132) | $ 239,037 | $ (109,601) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2012 | $ 158 | $ 2,850,855 | $ (19,317) | $ 1,399,383 | $ 4,231,079 |
Beginning balance, shares at Dec. 31, 2012 | 157,501,635 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | (111,418) | (111,418) | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Unrealized net gain (loss) on investment securities | (256) | (256) | |||
Unrealized net gain (loss) on investment securities, net of tax | (256) | (256) | |||
Foreign currency translation adjustment | 2,073 | 2,073 | |||
Stock Withheld and Retired Value | (2,811) | (2,811) | |||
Stock Withheld and Retired Shares | (119,070) | ||||
Stock Repurchased and Retired During Period, Shares | (426,883) | ||||
Stock Repurchased and Retired During Period, Value | (10,627) | (10,627) | |||
Vesting of restricted stock assumed with acquisition | 210,951 | ||||
Exercise of stock options, value | 6,263 | 6,263 | |||
Exercise of stock options, shares | (470,712) | ||||
Tax benefit (expense) from stock-based compensation | (1,185) | (1,185) | |||
Cash dividends declared | (12,759) | (12,759) | |||
Stock Issued During Period, Shares, Share-based Compensation | 1,154,032 | ||||
Stock-based compensation expense, net of forfeitures | $ 1 | 26,071 | 26,072 | ||
Shares issued under Employee Stock Purchase Plan, value | 5,013 | $ 5,013 | |||
Shares issued under Employee Stock Purchase Plan, shares | 185,407 | 185,407 | |||
Exercise of stock options, shares | 426,883 | ||||
Ending balance, value at Dec. 31, 2013 | $ 159 | 2,873,579 | (17,500) | 1,275,206 | $ 4,131,444 |
Ending balance, shares at Dec. 31, 2013 | 158,976,784 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | 257,817 | 257,817 | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Reclassification Adjustment of unrealized net loss on available-for-sale securities, Net of Tax | (1,153) | (1,153) | |||
Foreign currency translation adjustment | (19,933) | (19,933) | |||
Stock Withheld and Retired Value | (7,315) | (7,315) | |||
Stock Withheld and Retired Shares | (267,340) | ||||
Stock Repurchased and Retired During Period, Shares | (10,246,091) | ||||
Stock Repurchased and Retired During Period, Value | $ (10) | (299,734) | (299,744) | ||
Incremental common shares from restricted stock units | 95,914 | ||||
Vesting of restricted stock assumed with acquisition | 114,839 | ||||
Exercise of stock options, value | $ 1 | 10,560 | 10,561 | ||
Exercise of stock options, shares | (880,687) | ||||
Tax benefit (expense) from stock-based compensation | 6,160 | 6,160 | |||
Cash dividends declared | (37,483) | (37,483) | |||
Stock Issued During Period, Shares, Share-based Compensation | (152,447) | ||||
Stock-based compensation expense, net of forfeitures | 30,982 | 30,982 | |||
Shares issued under Employee Stock Purchase Plan, value | 6,096 | $ 6,096 | |||
Shares issued under Employee Stock Purchase Plan, shares | 246,480 | ||||
Exercise of stock options, shares | 10,246,091 | ||||
Ending balance, value at Dec. 31, 2014 | $ 150 | 2,620,328 | (36,280) | 1,495,540 | $ 4,079,738 |
Ending balance, shares at Dec. 31, 2014 | 149,648,826 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | (1,854,718) | (1,854,718) | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Foreign currency translation adjustment | (9,414) | (9,414) | |||
Stock Withheld and Retired Value | (5,696) | (5,696) | |||
Stock Withheld and Retired Shares | (323,537) | ||||
Stock Repurchased and Retired During Period, Shares | (506,029) | ||||
Incremental common shares from restricted stock units | 460,400 | ||||
Restricted stock grant and expense, net of forefeitures, shares | (48,374) | ||||
Vesting of restricted stock assumed with acquisition | 61,319 | ||||
Exercise of stock options, value | $ 1 | 8,819 | $ 8,820 | ||
Exercise of stock options, shares | 506,029 | ||||
Tax benefit (expense) from stock-based compensation | (2,174) | $ (2,174) | |||
Cash dividends declared | (48,984) | (48,984) | |||
Stock-based compensation expense, net of forfeitures | 32,661 | 32,661 | |||
Shares issued to pay performance share unit, value | 5,011 | 5,011 | |||
Shares issued to pay performance share unit, shares | 224,303 | ||||
Shares issued under Employee Stock Purchase Plan, value | 5,568 | $ 5,568 | |||
Shares issued under Employee Stock Purchase Plan, shares | 332,534 | 332,467 | |||
Exercise of stock options, shares | 506,029 | ||||
Ending balance, value at Dec. 31, 2015 | $ 151 | $ 2,664,517 | $ (45,694) | $ (408,162) | $ 2,210,812 |
Ending balance, shares at Dec. 31, 2015 | 150,861,500 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per share | $ 0.32 | $ 0.24 | $ 0.08 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (1,854,718) | $ 257,817 | $ (111,418) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 612,147 | 652,143 | 625,928 |
Deferred income taxes | (288,671) | (49,567) | 14,435 |
Reduction in value of assets including discontinued operations | 1,738,887 | 419,380 | |
Stock based and performance share unit compensation expense | 46,485 | 42,748 | 35,832 |
Amortization of debt acquisition costs and note discount | 7,643 | 8,110 | 8,919 |
(Gains) losses on sales of assets and businesses | (14,803) | (12,777) | (657) |
Other reconciling items, net | 49,042 | (6,803) | (899) |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||
Accounts receivable | 501,269 | (9,487) | 85,423 |
Inventory and other current assets | 33,282 | 53,594 | (70,995) |
Accounts payable | (105,801) | 36,450 | (32,304) |
Accrued expenses | (116,573) | 16,411 | 25,154 |
Income taxes | (30,891) | 46,134 | (162,148) |
Other, net | 55,314 | (1,762) | 56,158 |
Net Cash Provided by (Used in) Operating Activities, Total | 632,612 | 1,033,011 | 892,808 |
Cash flows from investing activities: | |||
Payments for capital expenditures | (358,226) | (616,102) | (608,960) |
Purchase of leased vessels | 46,442 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 10,622 | ||
Acquisitions of businesses, net of cash acquired | (24,327) | (23,797) | |
Cash Proceeds From Sales of Assets And Businesses | 14,110 | 147,305 | 6,292 |
Proceeds from Insurance Settlement, Investing Activities | 22,650 | ||
Other | 2,290 | 7,767 | (1,753) |
Net Cash Provided by (Used in) Investing Activities, Total | (388,268) | (474,735) | (605,568) |
Cash flows from financing activities: | |||
Repayments of Long-term Lines of Credit | (7,475) | (14,736) | (581,771) |
Proceeds from Long-term Lines of Credit | 7,475 | 14,736 | 581,771 |
Payment to extinguish capital lease obligation | 20,933 | ||
Proceeds from issuance of long-term debt | 14,733 | 2,602 | |
Principal payments of long-term debt | (21,038) | (21,564) | (170,000) |
Share repurchases | (299,734) | (10,627) | |
Cash dividends | (48,139) | (49,756) | |
Proceeds from exercise of stock options | 8,820 | 10,560 | 6,264 |
Proceeds from issuance of stock through employee benefit plans | 4,803 | 4,870 | 4,124 |
Other | (2,302) | 724 | (6,840) |
Net Cash Provided by (Used in) Financing Activities, Total | (68,859) | (357,168) | (181,203) |
Effect of exchange rate changes on cash | (4,514) | (4,109) | (1,189) |
Net increase in cash and cash equivalents | 170,971 | 196,999 | 104,848 |
Cash and cash equivalents at beginning of period | 393,046 | 196,047 | 91,199 |
Cash and cash equivalents at end of period | $ 564,017 | $ 393,046 | $ 196,047 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | (2) Supplemental Cash Flow Information The following table includes the Company’s supplemental cash flow information (in thousands): Years Ended December 31, 2015 2014 2013 Cash paid for interest $ 93,946 $ 102,880 $ 97,129 Cash paid for income taxes, net of refunds $ 40,074 $ 127,132 $ 164,158 Details of business acquisitions: Fair value of assets $ - $ 29,468 $ 34,964 Fair value of liabilities - (5,125) (10,942) Common stock issued - - - Cash paid - 24,343 24,022 Less cash acquired - (16) (225) Net cash paid for acquisitions $ - $ 24,327 $ 23,797 Non-cash investing activity: Capital expenditures included in accounts payable, accrued expenses and other long term liabilities $ 28,704 $ 49,118 $ 70,463 Non-cash financing activity: Cash dividends declared $ - $ - $ 12,759 |
Reduction in Value of Assets
Reduction in Value of Assets | 12 Months Ended |
Dec. 31, 2015 | |
Reduction In Value Of Assets [Abstract] | |
Reduction In Value Of Assets | (3) Reduction in Value of Assets and Other Charges During 2015 and 2013, the Company recorded $1,738.9 million and $300.1 million in expense related to reduction in value of assets, respectively. The components of reduction in value of assets are as follows (in thousands): Years Ended December 31, 2015 2013 Reduction in value of goodwill $ 1,326,701 $ 91,016 Reduction in value of long-lived assets 330,194 180,320 Retirements of long-lived assets 42,545 14,418 Reduction in value of assets related to sale of a business 39,447 - Reduction in value of assets related to Venezuela exit activities - 14,324 Total reduction in value of assets $ 1,738,887 $ 300,078 Reduction in Value of Goodwill During 2015, the Company recorded $1,326.7 million reduction in value of goodwill relating to its Onshore Completion and Workover Services and Production Services segments. The Company determined that the implied fair value of its goodwill for the Onshore Completion and Workover Services segment was less than its carrying value and recorded a $740.0 million impairment of the Onshore Completion and Workover Services segment’s goodwill. In addition, the Company determined that the implied fair value of its goodwill for the Production Services segment was less than its carrying value and recorded a $586.7 million impairment of the Production Services segment’s goodwill. The reduction in value of goodwill in the Production Services segment was primarily driven by the continued decline in demand for coiled tubing services. The reduction in value of goodwill in the Onshore Completion and Workover Services and Production Services segments was primarily driven by further deterioration of market conditions during the year and the Company’s forecast did not indicate a timely recovery sufficient to support the carrying values of the goodwill. During 2013, the Company recorded $91.0 million reduction in value of goodwill relating to its Technical Solutions segment. The Company performed its annual test for goodwill, which indicated that the carrying value of the Technical Solutions segment exceeded its fair value, indicating that goodwill was potentially impaired. The Company determined that the implied fair value of the goodwill for the Technical Solutions segment was less than its carrying value and fully wrote-off the goodwill balance of $91.0 million. The reduction in value of goodwill in the Technical Solutions segment was primarily driven by the decline in demand for services in the subsea construction and marine technical services divisions. During 2013, the demand for these services continued to decline and the forecast for these markets did not indicate a timely recovery sufficient to support the carrying value of the goodwill. Reduction in Value of Long-Lived Assets During 2015, the Company recorded $330.2 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was comprised of $89.7 million related to equipment and $59.5 million related to intangibles in the coiled tubing business and pressure control tools businesses within the Production Services segment. The reduction in value of assets in the Production Services segment was primarily driven by the decline in demand for coiled tubing services. The demand for these services continued to decline and the Company’s forecast did not indicate a timely recovery sufficient to support the carrying values of these assets. The reduction in value of assets also included $68.9 million related to the reduction in carrying values of the marine vessels and equipment included in the marine technical services division in the Technical Solutions segment. The reduction in value of assets in the Technical Solutions segment was primarily as a result of the termination of the contract with a certain marine technical services division’s customer. Further, the reduction in value of assets also included $56.0 million related to impairment of the Gulf of Mexico oil and gas property which is included in the Technical Solutions segment. In addition, the reduction in value of assets included a $40.2 million, primarily related to reduction in carrying values of certain domestic and international accommodation units and premium drill pipe included in the Drilling Products and Services segment and $15.9 million related to mechanical drilling rigs included in the Onshore Completion and Workover Services segment. The reduction in value of assets in the Drilling Products and Services segment was primarily driven by the decrease in demand for the rental of accommodation units, changes in the regulatory requirements and a decrease in the Company’s forecast for future rentals of these units. The reduction in value of assets in the Onshore Completion and Workover Services segment related to the reduction in carrying values of the mechanical drilling rigs, primarily as a result of the decreased demand for certain mechanical drilling rigs driven by the downturn in the oil and gas market. During 2013, the Company recorded $ 180.3 million in connection with reduction in value of its long-lived assets and related other assets. The reduction in value of assets was comprised of $122.8 million related to certain marine equipment and related write-off of other assets of $31.9 million included in the Technical Solutions segment, $11.4 million related to equipment in the coiled tubing division within the Production Services segment and $11.2 million related to mechanical drilling rigs included in the Onshore Completion and Workover Services segment. In addition, the Company recorded a $3.0 million related to reduction in carrying values of the intangible assets in the coiled tubing business in the Production Services segment. The reduction in value of assets in the Technical Solutions segment was primarily driven by the decline in demand for services in the Company’s marine technical services business. During 2013, the demand for these services continued to decline and the forecast for these markets did not indicate a timely recovery sufficient to support the carrying values of these assets. The reduction in value of assets in the Onshore Completion and Workover Services segment related to the reduction in carrying values of the mechanical drilling rigs, primarily driven by the shift in customer demand away from mechanically powered rigs to electrically powered drilling rigs. The reduction in value of assets in the Production Services segment related to the coiled tubing business in Mexico and was primarily driven by the decrease in demand for the Company’s services during 2013 coupled with a decrease in the forecast for future activities in that region. Retirements of Long-Lived Assets During 2015, the Company recorded $42.5 million for retirement and abandonment of inoperable and/or functionally obsolete long-lived assets that would require a significant cost to refurbish. The total amount recorded includes $27.3 million for the Onshore Completion and Workover Services segment and $15.2 million for the Production Services segment. During 2013, the Company recorded $ 14.4 million for retirement and abandonment of inoperable and/or functionally obsolete long-lived assets. The total amount recorded includes $6.4 million for Technical Solutions segment, $5.8 million for Onshore Completion and Workover Services segment and $2.2 million for Production Services segment. Reduction in Value of Assets Related to Sale of Coiled Tubing Business in Mexico During 2015, the Company sold its Mexico based coiled tubing business and related assets. The Company received proceeds in the form of cash and a note receivable. The Company recorded a full valuation allowance on the note receivable in the amount of $16.8 million because its collectability was not reasonably assured. In connection with the sale, the Company recorded a $39.4 million reduction in value of assets, primarily related to property, plant and equipment and intangible assets. Reduction in Value of Assets Related to Venezuela Exit Activities In November 2013, the government of Venezuela seized two of the Company’s hydraulic snubbing units from its facility in Anaco, Venezuela. As a result, the Company recorded a $14.3 million reduction in value of net assets, primarily related to accounts receivable, prepaid expenses and property, plant and equipment. During 2013, the Company generated $9.5 million, in revenue from its operations in Venezuela. Other Charges During 2015, in connection with the reorganization of several of its businesses, the Company recorded $46.8 million relating to reduction in force expense and reorganization costs. The Company’s reorganization plan resulted in the consolidation of certain of its product lines and rationalization of the related facilities and offices. Included in the total reorganization costs is $20.2 million relating to the impairment of certain real estate operating leases included in the Onshore Completion and Workover Services segment. As of December 31, 2015, the accrued lease termination liability balances were $7.2 million and $11.1 million, included in accrued expenses and other long-term liabilities, respectively, on the consolidated balance sheet. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | (4) Discontinued Operations Discontinued operations results include operating results for both of the Company’s subsea construction and conventional decommissioning businesses. Unfavorable oil and gas market conditions that have negatively impacted the demand for the assets included in these businesses. Therefore, the remaining assets of these businesses were not disposed of during the initial one-year period. As of December 31, 2015, these assets were being actively marketed and the Company’s management is committed to selling the remaining assets. Both the subsea construction business and conventional decommissioning business were included in the Technical Solutions segment. As of December 31, 2015 , the assets and liabilities of these businesses were classified as held for sale. The results of operations of these businesses for 2015, 2014 and 2013 are reported as discontinued operations in the consolidated statements of operations. The following table summarizes the components of loss from discontinued operations, net of tax (in thousands): Years Ended December 31, 2015 2014 2013 Revenues $ 18,723 $ 145,463 $ 261,767 Loss from discontinued operations, net of tax benefit of $5,626, $19,330 and $15,439 for 2015, 2014 and 2013, respectively $ (46,955) $ (22,973) $ (156,903) During 2015, loss from discontinued operations included $25.8 million and $8.8 million for the reduction in value of marine vessels in the subsea construction and conventional decommissioning businesses, respectively. During 2014, loss from discontinued operations included an $ 18.8 million gain related to the sale of marine vessels and equipment in the subsea construction business. During 2013, loss from d iscontinued operations included $119.3 million related to the reduction in value of assets. The reduction in v alue of assets included a $98.3 million charge primarily relating to certain marine vessels included in the subsea construction business; a $15.4 million expense relating to reduction in carrying values of the intangible assets in the subsea construction business; and a $5.6 million expense relating to the retirement of long-lived assets in the conventional decommissioning business. The following summarizes the assets and liabilities related to the businesses reported as discontinued operations (in thousands): December 31, 2015 2014 Accounts receivable, net $ 1,234 $ 16,701 Prepaid expenses 330 2,463 Inventory and other current assets 1,036 5,576 Current assets $ 2,600 $ 24,740 Property, plant and equipment, net 92,634 91,171 Intangible and other long-term assets, net - 769 Long-term assets $ 92,634 $ 91,940 Accounts payable 1,007 20,530 Accrued expenses 3,654 24,496 Current liabilities $ 4,661 $ 45,026 Other long-term liabilities $ - $ 16,814 During 2015, the Company spent $ 46.4 million to purchase two leased vessels in its subsea construction business. In addition, the purchase price for one of the vessels included the extinguishment of the related capital lease obligation of $20.9 million. The purchases were made to eliminate ongoing lease payments and facilitate the disposition of the vessels. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | (5) Property, Plant and Equipment A summary of property, plant and equipment is as follows (in thousands): December 31, 2015 2014 Buildings, improvements and leasehold improvements $ 318,906 $ 328,651 Marine vessels and equipment 87 55,494 Machinery and equipment 3,770,959 4,126,570 Automobiles, trucks, tractors and trailers 45,013 66,032 Furniture and fixtures 67,483 75,631 Construction-in-progress 74,683 102,895 Land 58,731 58,814 Oil and gas producing assets 66,285 189,294 Total 4,402,147 5,003,381 Accumulated depreciation and depletion (2,278,856) (2,269,542) Property, plant and equipment, net $ 2,123,291 $ 2,733,839 The Company had $ 84.9 million and $ 93.3 million of leasehold improvements as of December 31, 2015 and 2014 , respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Depreciation expense (excluding depletion, amortization and accretion) was $ 584.1 million, $ 620.6 million, and $ 572.9 million during 2015, 2014 and 2013 , respectively. During 2015, the Company recorded $343.3 million related to reduction in value of property, plant and equipment (see note 3). |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | (6) Debt The Company’s outstanding debt is as follows (in thousands): December 31, 2015 2014 Long-term Current Long-term Current Term loan due February 2017 $ 305,000 $ 20,000 $ 325,000 $ 20,000 Senior Notes due May 2019 500,000 - 500,000 - Senior Notes due December 2021 800,000 - 800,000 - Other 3,089 9,957 2,842 941 Total debt, gross 1,608,089 29,957 1,627,842 20,941 Unamortized debt issuance costs (19,826) - (27,469) - Total debt $ 1,588,263 $ 29,957 $ 1,600,373 $ 20,941 Debt maturities presented as of December 31, 2015 are as follows (in thousands): 2016 $ 29,957 2017 306,705 2018 1,384 2019 500,000 2020 - Thereafter 800,000 Total $ 1,638,046 Credit Facility At December 31, 2015, the Company had a credit facility that was comprised of a $600.0 million revolving line of credit and a $325.0 million term loan. In February 2016, the Company amended and extended the credit facility. The amended agreement results in a $470.3 million revolving credit facility which matures in 2019 and no longer has a term loan component. As of February 22, 2016, the Company had $325.0 million of borrowings and $42.2 million of letters of credit outstanding under the amended credit facility. Borrowings under the credit facility bear interest at LIBOR plus margins that depend on our credit rating. Indebtedness under the credit facility is secured by substantially all of the Company’s assets, including the pledge of the stock of its principal domestic subsidiaries. The credit facility contains customary events of default and requires that the Company satisfies various financial covenants. Senior Unsecured Notes The Company has outstanding $ 500 million of 6 3/8% unsecured senior notes due 2019. The indenture governing the 6 3/8% senior notes requires semi-annual interest payments on May 1 st and November 1 st of each year through the maturity date of May 1, 2019. The Company also has outstanding $ 800 million of 7 1/8% unsecured senior notes due 2021. The indenture governing the 7 1/8% senior notes requires semi-annual interest payments on June 15 th and December 15 th of each year through the maturity date of December 15, 2021. |
Stock-Based Compensation And Re
Stock-Based Compensation And Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based and Long-Term Compensation | (7) Stock-Based and Long-Term Compensation Under our 2013 Stock Incentive Plan, the Company may grant non-qualified stock options, restricted stock, restricted stock units and other types of equity based awards. The Compensation Committee determines the recipients of the equity awards, the type of awards made and the required performance measures. During 2015, the plan was amended to increase the number of shares of common stock authorized for issuance under the plan from 8,000,000 to 14,850,000 shares. As of December 31, 2015 , 8,700,000 shares of the Company’s common stock were available for future grants under the plan. Total stock-based compensation expense and the associated tax benefits are as follows (in thousands): Compensation Expense Years Ended December 31, 2015 2014 2013 Stock options $ 3,663 $ 3,900 $ 3,586 Restricted stock 9,219 15,800 21,460 Restricted stock units 19,699 11,282 - Performance share units 10,733 10,688 10,014 Strategic performance share units 2,258 2,404 - Total $ 45,572 $ 44,074 $ 35,060 Tax Benefit Years Ended December 31, 2015 2014 2013 Stock options $ 1,355 $ 1,443 $ 1,327 Restricted stock 3,411 5,846 7,940 Restricted stock units 7,289 4,174 - Total $ 12,055 $ 11,463 $ 9,267 Total stock-based compensation expense is reflected in general and administrative expenses in the consolidated statements of operations. Stock Options Stock options are granted with an exercise price equal to the market price of our ordinary shares at the date of grant. The stock options generally vest in equal installments over three years and expire in ten years from the grant date. Non-vested stock options are generally forfeited upon termination of employment. The Company recognizes compensation expense for stock option grants based on the fair value at the date of grant using the Black-Scholes-Merton option pricing model. The Company uses historical data, among other factors, to estimate the expected volatility and the expected life of the stock options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the stock option. The dividend yield is based on our historical dividend payouts. The weighted average fair values of stock options granted and the assumptions used in estimating those fair values are as follows: Years Ended December 31, 2015 2014 2013 Weighted average fair value of grants $ 6.25 $ 6.95 $ 8.98 Black-Scholes-Merton Assumptions: Risk free interest rate 1.33% 1.42% 0.63% Expected life (years) 5 4 4 Volatility 47.07% 34.50% 48.41% Dividend yield 1.30 1.23 - The following table summarizes stock option activity for 2015: Number of Options Weighted Average Option Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2014 4,484,505 $ 23.76 5.1 $ 4,095 Granted 612,665 $ 17.27 Exercised (506,029) $ 17.43 Outstanding as of December 31, 2015 4,591,141 $ 23.60 5.3 $ 256 Exercisable as of December 31, 2015 3,488,262 $ 24.48 4.3 $ 256 Options expected to vest as of December 31, 2015 1,102,879 $ 20.81 8.5 $ - The total intrinsic value of stock options exercised during 2015, 2014 and 2013 was $2.3 million, $ 17.1 million and $5.1 million, respectively. The Company received $ 8.8 million, $10.6 million and $6.3 million during 2015, 2014 and 2013 , respectively, from employee stock option exercises. The Company has reported tax benefits of $ 0.9 million, $5.6 million and $0.7 million from the exercise of stock options for 2015, 2014 and 2013 , respectively. The following table summarizes non-vested stock option activity for 2015: Number of Options Weighted Average Grant Date Fair Value Non-vested as of December 31, 2014 824,488 $ 7.83 Granted 612,665 $ 17.27 Vested (334,274) $ 25.01 Non-vested as of December 31, 2015 1,102,879 $ 20.81 As of December 31, 2015 , the unrecognized compensation expense related to non-vested stock options was $ 3.9 million. The Company expects to recognize $ 2.6 million and $1.3 million of compensation expense during the years 2016 and 2017, respectively. Restricted Stock Shares of restricted stock generally vest in equal annual installments over three years. Non-vested shares are generally forfeited upon termination of employment. Holders of the restricted stock are entitled to all rights of a stockholder of the Company with respect to the restricted stock, including the right to vote the shares and receive any dividends or other distributions. Compensation expense associated with restricted stock is measured based on the grant date fair value of our common stock. The following table summarizes restricted stock activity for 2015: Number of Shares Weighted Average Grant Date Fair Value Non-vested as of December 31, 2014 1,022,280 $ 24.08 Vested (678,880) $ 17.88 Forfeited (50,463) $ 23.26 Non-vested as of December 31, 2015 292,937 $ 23.13 No restricted stock was granted during 2015 and 2014. The weighted average grant-date fair value per share of restricted stock granted during 2013 was $23.14 . The total fair value of restricted stock vested during 2015, 2014 and 2013 was $12.1 million, $23.0 million and $9.6 million, respectively. As of December 31, 2015 , there was $ 0.4 million of unrecognized compensation expense related to non-vested restricted stock, which is expected to be recognized during 2016. Restricted Stock Units Beginning in 2014, restricted stock unit awards (RSUs) were granted to eligible employees. Prior to 2014, only non-employee directors were granted RSU awards. RSUs granted to employees vest in equal annual installments over three years. On the vesting date, each RSU is converted to one share of the Company’s common stock having an aggregate value determined by the Company’s closing stock price on the vesting date. Holders of RSUs are not entitled to any rights of a stockholder, such as the right to vote shares, but will accrue dividends that are paid out upon vesting. Each non-employee director is issued annually a number of RSUs having an aggregate dollar value determined by the Company’s Board of Directors. The exact number of RSUs granted is determined by dividing the aggregate dollar value determined by the Company’s Board of Directors by the fair market value of the Company’s common stock on the day of the annual stockholders’ meeting. If the director’s election occurs at a time other than at the annual meeting, the director will receive a pro-rata number of RSUs based on the number of months between his or her election date and the anniversary of the last annual stockholder meeting. Each RSU granted prior to 2013 represents the right to receive from the Company, within 30 days of the date the director ceases to serve on the Board, one share of the Company’s common stock. The RSUs will vest and pay out in shares of the Company’s common stock in the year following the grant date on the date of Company’s annual meeting. The following table summarizes RSU activity for 2015: Number of Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested as of December 31, 2014 1,416,477 $ 26.40 Granted 2,162,146 $ 17.74 Vested (460,400) $ 18.51 Forfeited (330,334) $ 20.16 Non-vested as of December 31, 2015 2,787,889 $ 20.41 As of December 31, 2015 , there was $30.0 million of unrecognized compensation expense related to unvested RSUs. The Company exp ects to recognize $19.3 million, $10.3 million, and $0.4 million for 2016, 2017, and 2018, respectively. Performance Share Units The Company has issued performance share units (PSUs) to its employees as part of the Company’s long-term incentive program. There is a three -year performance period associated with each PSU grant. The two performance measures applicable to all participants are the Company’s return on invested capital and total stockholder return relative to those of the Company’s pre-defined “peer group.” If the participant has met specified continued service requirements, the PSUs will settle in cash or a combination of cash and up to 50 % of equivalent value in the Company’s common stock, at the discretion of the Compensation Committee of the Board of Directors. As of December 31, 2015 , there were 370,822 PSUs outstanding ( 112,922 , 123,079 and 134,821 related to performance periods ending December 31, 2015, 2016 and 2017, respectively). The Company has recorded both current and long-term liabilities for this liability-based compensation award. Effective February 2014, the Company granted strategic performance share units (SPSUs) to the executive officers of the Company. The number of target SPSUs was established at the beginning of a two-calendar year performance period. The final value of SPSUs earned will be based upon the level of the Company’s free cash flow achieved for 2015 and 2014. The earned SPSUs will vest provided the participant remains actively employed by the Company through January 2, 2016. Employee Stock Purchase Plan In 2013, the stockholders of the Company approved the 2013 Employee Stock Purchase Plan (ESPP). This plan went into effect on July 1, 2013 and replaced the prior plan. Under this plan 3,000,000 shares of common stock were reserved for issuance. Eligible employees are allowed to purchase shares of the Company’s common stock at a discount during six-month offering periods beginning on January 1 and July 1 of each year and ending on June 30 and December 31 of each year, respectively. The following table summarizes ESPP activity (in thousands except shares): Years Ended December 31, 2015 2014 2013 2013 Plan 2013 Plan 2013 and 2007 Plans Cash received for shares issued $ 4,803 $ 4,870 $ 4,124 Compensation expense $ 835 $ 1,078 $ 947 Shares issued 332,467 246,480 185,407 401(k)/Profit Sharing Plan The Company maintains a defined contribution profit sharing plan for employees who have satisfied minimum service requirements. Employees may contribute up to 75 % of their eligible earnings to the plan subject to the contribution limitations imposed by the Internal Revenue Service. The Company provides a nondiscretionary match of 100 % of an employee’s contributions to the plan, up to 4 % of the employee’s salary. The Company made contributions of $ 13.9 million, $ 16.7 million and $ 16.0 million during 2015, 2014 and 2013 , respectively. Non-Qualified Deferred Compensation Plans The Company has a non-qualified deferred compensation plan which allows senior management to defer up to 75 % of their base salary, up to 100 % of their bonus, and up to 100 % of the cash portion of their PSU compensation to the plan. The Company also has a non-qualified deferred compensation plan for its non-employee directors which allows each director to defer up to 100 % of their cash compensation paid by the Company to the plan. Additionally, participating directors may defer up to 100 % of the shares of common stock they are entitled to receive in connection with the payout of RSUs. Payments are made to participants based on their annual enrollment elections and plan balances. Participants earn a return on their deferred compensation that is based on hypothetical investments in certain mutual funds. Changes in market value of these hypothetical participant investments are reflected as an adjustment to the deferred compensation liability of the Company with an offset to compensation expense. The Company makes contributions that approximate the participant deferrals into various investments, principally life insurance that is invested in mutual funds similar to the participants’ hypothetical investment elections. Changes in market value of the investments and life insurance are reflected as adjustments to the deferred compensation plan asset with an offset to other income (expense) in the consolidated statements of operations. The following table summarizes deferred compensation balances (in thousands): December 31, Balance sheet location 2015 2014 Deferred compensation assets Intangible and other long-term assets, net $ 11,548 $ 12,982 Deferred compensation liabilities, short-term Accounts payable $ 721 $ 2,291 Deferred compensation liabilities, long-term Other long-term liabilities $ 17,367 $ 14,720 Supplemental Executive Retirement Plan The Company has a supplemental executive retirement plan (SERP). The SERP provides retirement benefits to the Company’s executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. Under the SERP, the Company will generally make annual contributions to a retirement account based on age and years of service. The participants in the plan receive contributions ranging from 5 % to 35 % of salary and annual cash bonus, which totaled $ 1.2 million during 2015 , 2014 and 2013 . The Company recorded compensation expense of $2.1 million, $1.6 million and $1.2 million in general and administrative expenses during 2015, 2014 and 2013. The Company may also make discretionary contributions to a participant’s account. During 2015, 2014 and 2013 , the Company paid $ 3.7 million, $3.0 million and $ 3.0 million, respectively, to select participants in the SERP. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | (8) Income Taxes The components of income (loss) from continuing operations before income taxes are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Domestic $ (2,069,019) $ 372,672 $ 165,463 Foreign 9,236 69,517 (64,706) $ (2,059,783) $ 442,189 $ 100,757 The components of income tax expense (benefit) are as follows (in thousands): Years Ended December 31, 2015 2014 2013 Current: Federal $ (952) $ 150,997 $ 19,897 State 2,818 11,339 10,816 Foreign 19,227 36,287 25,613 21,093 198,623 56,326 Deferred: Federal (249,193) (33,172) (6,341) State (10,034) 648 386 Foreign (13,886) (4,700) 4,901 (273,113) (37,224) (1,054) $ (252,020) $ 161,399 $ 55,272 Income tax expense differs from the amounts computed by applying the U.S. Federal income tax rate of 35 % to income (loss) before income taxes as follows (in thousands): Years Ended December 31, 2015 2014 2013 Computed expected tax expense $ (720,923) $ 154,766 $ 35,265 Increase (decrease) resulting from State and foreign income taxes (6,353) 8,467 (852) Reduction in value of assets 464,395 - 34,874 Other 10,861 (1,834) (14,015) Income tax $ (252,020) $ 161,399 $ 55,272 The tax effects of temporary differences that give rise to significant components of deferred income tax assets and liabilities are as follows (in thousands): December 31, 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 8,275 $ 3,942 Operating loss and tax credit carryforwards 92,798 21,928 Compensation and employee benefits 59,310 57,045 Decommissioning liabilities 30,400 21,029 Other 57,768 50,641 248,551 154,585 Valuation allowance (5,395) - Net deferred tax assets 243,156 154,585 Deferred tax liabilities: Property, plant and equipment 469,728 648,054 Notes receivable 14,796 5,718 Goodwill and other intangible assets 119,661 138,017 Other 22,040 33,654 Deferred tax liabilities 626,225 825,443 Net deferred tax liability $ 383,069 $ 670,858 The net deferred tax assets reflect management’s estimate of the amount that will be realized from future profitability and the reversal of taxable temporary differences that can be predicted with reasonable certainty. A valuation allowance has been recognized on a portion of the state net operating loss carryforward deferred tax asset. After considering all available evidence at December 31, 2015, the Company determined that it was more likely than not that a portion of the carryforward would not be realized. Accordingly, the Company increased deferred income tax expense by the amount of the valuation allowance. As of December 31, 2015 , the Company had $ 102.1 million in U.S. net operating loss carryforwards, which are available to reduce future or prior taxable income. The expiration dates for utilization of the loss carryforwards are 2020 through 2035 . Utilization of $ 0.5 million of the net operating loss carryforwards will be subject to the annual limitations due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended. As of December 31, 2015 , the Company also had various state net operating loss carryforwards with expiration dates from 2016 to 2030. A net deferred tax asset of $ 25.2 million reflects the expected future tax benefit for the state loss carryforwards. As of December 31, 2015, the Company also had a U.S. foreign tax credit carryforward of $31.8 million. The Company has not provided U.S. income tax expense on earnings of its foreign subsidiaries, since the Company has reinvested or expects to reinvest outside the U.S. the undistributed earnings indefinitely. As of December 31, 2015 , the undistributed earnings of the Company’s foreign subsidiaries were $ 52.0 million. If these earnings are repatriated to the U.S. in the future, additional tax provisions may be required. It is not practicable to estimate the amount of taxes that might be payable on such undistributed earnings. The Company files income tax returns in the U.S., including federal and various state filings, and certain foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. The Company remains subject to U.S. federal tax examinations for years after 2010. The Company had unrecognized tax benefits of $29.7 million, $ 30.3 million and $ 29.9 million as of December 31, 2015 , 2014 and 2013 , respectively all of which would impact the Company’s effective tax rate if recognized. The activity in unrecognized tax benefits is as follows (in thousands): Years Ended December 31, 2015 2014 2013 Unrecognized tax benefits, December 31, 2014, 2013 and 2012, respectively $ 30,344 $ 29,899 $ 26,399 Additions based on tax positions related to current year - - - Additions based on tax positions related to prior years 6,752 7,860 5,065 Reductions based on tax positions related to prior years (7,381) (7,415) (1,565) Unrecognized tax benefits, December 31, 2015, 2014 and 2013, respectively $ 29,715 $ 30,344 $ 29,899 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Segment Information | (9) Segment Information Business Segments The Drilling Products and Services segment rents and sells bottom hole assemblies, premium drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, completion, production and workover activities. It also provides on-site accommodations and machining services. The Onshore Completion and Workover Services segment provides pressure pumping services used to complete and stimulate production in new oil and gas wells, fluid handling services and well servicing rigs that provide a variety of well completion, workover and maintenance services. The Production Services segment provides intervention services such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, production testing and optimization, and remedial pumping services. The Technical Solutions segment provides services typically requiring specialized engineering, manufacturing or project planning, including well containment systems, stimulation and sand control services and well plug and abandonment services. It also includes production handling arrangements and the production and sale of oil and gas. For 2015, 2014 and 2013 , operating results for the Company’s subsea construction and conventional decommissioning businesses are reported in discontinued operations (see note 4). Previously those operating results were reported within the Technical Solutions segment. The Company evaluates the performance of its reportable segments based on income or loss from operations. The segment measure is calculated as follows: segment revenues less segment operating expenses, depreciation, depletion, amortization and accretion expense, reduction in value of assets and allocated general and administrative expenses. General and administrative expenses are allocated to the segments based primarily on specific identification and, to the extent that such identification is not practical, other methods which the Company believes to be a reasonable reflection of the utilization of services provided. The Company believes this segment measure is useful in evaluating the performance of its reportable segments because it highlights operating trends and aids analytical comparisons. Summarized financial information for the Company’s segments is as follows (in thousands): 2015 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 583,139 $ 934,274 $ 759,606 $ 497,546 $ - $ 2,774,565 Cost of services and rentals (exclusive of items shown separately below) 196,921 773,119 594,286 301,486 - 1,865,812 Depreciation, depletion, amortization and accretion 194,061 225,667 130,267 62,152 - 612,147 General and administrative expenses 127,525 121,289 139,304 122,590 - 510,708 Reduction in value of assets 40,237 783,229 790,517 124,904 - 1,738,887 Income (loss) from operations 24,395 (969,030) (894,768) (113,586) - (1,952,989) Interest expense, net - - (2,013) 1,707 (97,012) (97,318) Other expense - - - - (9,476) (9,476) Income (loss) from continuing operations before income taxes $ 24,395 $ (969,030) $ (896,781) $ (111,879) $ (106,488) $ (2,059,783) 2014 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 904,358 $ 1,732,833 $ 1,350,956 $ 568,475 $ - $ 4,556,622 Cost of services and rentals (exclusive of items shown separately below) 282,023 1,205,443 941,030 306,337 - 2,734,833 Depreciation, depletion, amortization and accretion 186,642 233,430 164,672 66,070 - 650,814 General and administrative expenses 149,967 159,687 187,526 127,191 - 624,371 Income from operations 285,726 134,273 57,728 68,877 - 546,604 Interest expense, net - - - 1,577 (98,311) (96,734) Other expense - - - - (7,681) (7,681) Income (loss) from continuing operations before income taxes $ 285,726 $ 134,273 $ 57,728 $ 70,454 $ (105,992) $ 442,189 2013 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 820,538 $ 1,607,268 $ 1,434,990 $ 487,261 $ - $ 4,350,057 Cost of services and rentals (exclusive of items shown separately below) 268,127 1,091,956 1,002,628 270,879 - 2,633,590 Depreciation, depletion, amortization and accretion 168,391 216,152 177,532 42,366 - 604,441 General and administrative expenses 136,244 158,448 190,647 112,439 - 597,778 Reduction in value of assets 2,292 16,975 28,568 252,243 - 300,078 Income (loss) from operations 245,484 123,737 35,615 (190,666) - 214,170 Interest expense, net - - - 1,323 (109,225) (107,902) Other income (expense) - - - 836 (6,347) (5,511) Income (loss) from continuing operations before income taxes $ 245,484 $ 123,737 $ 35,615 $ (188,507) $ (115,572) $ 100,757 Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total December 31, 2015 $ 1,223,191 $ 1,929,185 $ 967,719 $ 794,149 $ - $ 4,914,244 December 31, 2014 $ 1,284,842 $ 2,993,824 $ 2,098,592 $ 940,524 $ - $ 7,317,782 December 31, 2013 $ 1,237,842 $ 2,961,390 $ 2,158,653 $ 1,009,058 $ - $ 7,366,943 As of December 31, 2015 and 2014 , the Technical Solutions segment included $95.2 million and $116.7 million, respectively, of identifiable assets of the subsea construction and conventional decommissioning businesses that were classified as assets held for sale on the consolidated balance sheets. Capital Expenditures Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Total December 31, 2015 $ 129,504 $ 103,001 $ 72,048 $ 53,673 $ 358,226 December 31, 2014 $ 274,752 $ 152,742 $ 88,870 $ 99,738 $ 616,102 December 31, 2013 $ 246,479 $ 101,854 $ 122,946 $ 137,681 $ 608,960 Geographic Segments The Company attributes revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or rented. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. As of December 31, 2015 and 2014, the assets of the subsea construction and conventional decommissioning businesses were classified as assets held for sale on the consolidated balance sheets. The Company’s revenue attributed to the U.S. and to other countries and the value of its long-lived assets by those locations is as follows (in thousands): Revenues Years Ended December 31, 2015 2014 2013 United States $ 2,185,071 $ 3,848,929 $ 3,674,825 Other Countries 589,494 707,693 675,232 Total $ 2,774,565 $ 4,556,622 $ 4,350,057 Long-Lived Assets December 31, 2015 2014 United States $ 1,799,418 $ 2,416,306 Other Countries 323,873 317,533 Total, net $ 2,123,291 $ 2,733,839 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (10) Commitments and Contingencies The Company leases many of its office, service and assembly facilities under operating leases. In addition, the Company also leases certain assets used in providing services under operating leases. The leases expire at various dates over an extended period of time. Total rent expense was $ 29.6 million, $ 26.2 million and $ 25.6 million during 2015, 2014 and 2013 , respectively. Future minimum lease payments under non-cancelable leases for the five years ending December 31, 2016 through 2020 and thereafter are as follows: $ 45.7 million, $ 32.4 million, $ 23.3 million, $ 16.1 million, $ 10.0 million and $ 25.2 million, respectively. Due to the nature of the Company’s business, the Company is involved, from time to time, in routine litigation or subject to disputes or claims regarding its business activities. Legal costs related to these matters are expensed as incurred. However, based on current circumstances, the Company does not believe that the ultimate resolution of these proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on its financial position, results of operations or cash flows. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (11) Fair Value Measurements The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Reporting Date Using December 31, 2015 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 11,548 $ 368 $ 11,180 - Interest rate swaps $ 6,905 - $ 6,905 - Accounts payable Non-qualified deferred compensation liabilities $ 721 - $ 721 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 17,367 - $ 17,367 - December 31, 2014 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 12,982 $ 1,481 $ 11,501 - Interest rate swaps $ 4,183 - $ 4,183 - Accounts payable Non-qualified deferred compensation liabilities $ 2,291 - $ 2,291 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 14,720 - $ 14,720 - The Company’s non-qualified deferred compensation plans allow officers, certain highly compensated employees and non-employee directors to defer receipt of a portion of their compensation and contribute such amounts to one or more hypothetical investment funds (see note 7). The Company entered into separate trust agreements, subject to general creditors, to segregate assets of each plan and reports the accounts of the trusts in its consolidated financial statements. These investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent Levels 1 and 2, respectively, in the fair value hierarchy. The Company has three interest rate swap agreements related to its fixed rate debt maturing in 2021 for notional amounts of $100 million each, whereby the Company is entitled to receive semi-annual interest payments at a fixed rate of 7 1/8% per annum and is obligated to make semi-annual interest payments at floating rates, which are adjusted every 90 days, based on LIBOR plus a fixed margin. The swap agreements, scheduled to terminate on December 15, 2021, are designated as fair value hedges of a portion of the Company’s 7 1/8% senior notes, as the derivative has been tested to be highly effective in offsetting changes in the fair value of the underlying note. As these derivatives are classified as fair value hedges, the changes in the fair value of the derivatives are offset against the changes in the fair value of the underlying note in interest expense, net (see note 12). The following table reflects the fair value measurements used in testing the impairment of long-lived assets and goodwill (in thousands): Years Ended December 31, 2015 2013 Impairment Fair Value Impairment Fair Value Property, plant and equipment, net $ 177,442 $ 179,612 $ 243,781 $ 328,876 Goodwill $ 1,326,701 $ 998,288 $ 91,016 $ - Intangible assets $ 68,890 $ 6,345 $ 18,296 $ 4,355 Fair value is measured as of the impairment date using Level 3 inputs. See note 3 for discussion of reduction in value of assets recorded during 2015 and 2013. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | (12) Derivative Financial Instruments From time to time, the Company may enter into interest rate swaps in an attempt to achieve a more balanced debt portfolio between fixed and variable debt. The Company does not use derivative financial instruments for trading or speculative purposes. The Company has three interest rate swaps for notional amounts of $100 million each related to its 7 1/8% senior notes maturing in December 2021. These transactions are designated as fair value hedges since the swaps hedge against the change in fair value of fixed rate debt resulting from changes in interest rates. The Company recorded a derivative asset of $6.9 million and $4.2 million within intangible and other long term assets in the consolidated balance sheets as of December 31, 2015 and 2014 , respectively, relating to these swaps . The changes in fair value of the interest rate swaps are included in the adjustments to reconcile net income/loss to net cash provided by operating activities in the consolidated statements of cash flows. The location and effect of the derivative instrument on the consolidated statements of operations presented on a pre-tax basis is as follows (in thousands): Years Ended December 31, Effect of derivative instrument Location of (gain) loss recognized 2015 2014 2013 Interest rate swap Interest expense, net $ (1,932) $ (11,054) $ 13,079 Hedged item - debt Interest expense, net (790) 7,208 (12,303) $ (2,722) $ (3,846) $ 776 During 2015, 2014 and 2013 , $ 2.7 million of interest income, $ 3.8 million of interest income and $ 0.8 million of interest expense, respectively, was related to the ineffectiveness associated with these fair value hedges. Hedge ineffectiveness represents the difference between the changes in fair value of the derivative instruments and the changes in fair value of the fixed rate debt attributable to changes in the benchmark interest rate. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (13) Related Party Transactions During 2014 and 2013, the Company purchased services, products and equipment, as well as leased certain facilities, from companies affiliated with a former officer, who retired during the first quarter of 2015, of one of its subsidiaries. During 2014 and 2013, these transactions totaled $221.1 million and $164.8 million, respectively. During 2014, $ 92.1 million was purchased from ORTEQ Energy Services, a heavy equipment construction company which also manufactures pressure pumping equipment, $ 0.7 million was purchased from Ortowski Construction, primarily related to the manufacture of pressure pumping units, $ 21.6 million was paid to Resource Transport, LLC, related to the transportation of sand used in pressure pumping equipment, $ 79.3 million was purchased from Texas Specialty Sands, LLC primarily for the purchase of sand used for pressure pumping activities, $ 25.5 million was purchased from ProFuel, LLC, primarily related to the purchase of diesel used to operate equipment and trucks and $ 1.9 million was related to facilities leased from Timber Creek Real Estate Partners. During 2013, $52.8 million was purchased from ORTEQ Energy Services, $14.0 million was paid to Resource Transport, LLC, $69.1 million was purchased from Texas Specialty Sands, LLC, $26.9 million was purchased from ProFuel, LLC, and $2.0 million was related to facilities leased from Timber Creek Real Estate Partners. As of December 31, 2014, the Company’s trade accounts payable includes amounts due to these companies totaling $ 26.8 million, of which $ 10.1 million was due ORTEQ Energy Services, $ 1.7 million was due Resource Transport, $ 14.0 million was due Texas Specialty Sands, and $ 1.0 million was due ProFuel, LLC. No amounts were due Ortowski Construction and Timber Creek Real Estate Partners. The Company’s President and Chief Executive Officer serves as an independent director of the board of Linn Energy, LLC (Linn), an independent oil and gas development company. The Company recorded revenues from Linn of $7.2 million, $ 19.7 million and $26.9 million during 2015, 2014 and 2013 , respectively. The Company had trade receivables from Linn of $2.0 million and $ 1.6 million as of December 31, 2015 and 2014 , respectively. |
Interim Financial Information (
Interim Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Interim Financial Information (Unaudited) [Abstract] | |
Interim Financial Information (Unaudited) | (14) Interim Financial Information (Unaudited) The following is a summary of consolidated interim financial information (in thousands): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 917,235 $ 710,784 $ 601,396 $ 545,150 Less: Cost of services and rentals 582,246 465,533 420,485 397,548 Depreciation, depletion, amortization and accretion 162,220 158,352 146,757 144,818 Gross profit 172,769 86,899 34,154 2,784 Reduction in value of assets - 807,637 755,632 175,618 Net loss from continuing operations (1,497) (775,132) (816,587) (214,547) Loss from discontinued operations, net of tax (9,640) (9,857) (4,610) (22,848) Net loss (11,137) (784,989) (821,197) (237,395) Loss per share from continuing operations: Basic and diluted $ (0.02) $ (5.15) $ (5.42) $ (1.43) Loss per share from discontinued operations: Basic and diluted $ (0.06) $ (0.07) $ (0.03) $ (0.15) 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 1,061,418 $ 1,107,552 $ 1,209,026 $ 1,178,626 Less: Cost of services and rentals 651,605 650,293 721,692 711,243 Depreciation, depletion, amortization and accretion 162,318 160,965 170,154 157,377 Gross profit 247,495 296,294 317,180 310,006 Net income from continuing operations 42,626 79,057 85,743 73,364 Loss from discontinued operations, net of tax (5,954) (3,895) (5,886) (7,238) Net income 36,672 75,162 79,857 66,126 Earnings per share from continuing operations: Basic $ 0.27 $ 0.51 $ 0.55 $ 0.49 Diluted 0.27 0.50 0.55 0.48 Loss per share from discontinued operations: Basic and diluted $ (0.04) $ (0.03) $ (0.03) $ (0.05) |
Supplementary Oil And Natural G
Supplementary Oil And Natural Gas Disclosures (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Supplementary Oil And Natural Gas Disclosures [Abstract] | |
Supplementary Oil And Natural Gas Disclosures (Unaudited) | (15) Supplementary Oil and Natural Gas Disclosures (Unaudited) The Company’s December 31, 2015 and 2014 estimates of proved reserves are based on reserve reports prepared by Ryder Scott Company, L.P., independent petroleum engineers. The Company’s December 31, 2013 estimates of proved reserves are based on reserve reports prepared by Netherland, Sewell & Associates, Inc., independent petroleum engineers. Users of this information should be aware that the process of estimating quantities of “proved”, “proved developed” and “proved undeveloped” natural gas and crude oil reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir. This data may also change substantially over time as a result of multiple factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions to existing reserve estimates occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures. Proved reserves are estimated quantities of natural gas, crude oil and condensate that geological and engineering data demonstrate, with reasonable certainty, to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Proved undeveloped reserves are proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for completion. Oil and Natural Gas Reserves The following table sets forth the Company’s net proved reserves, including the changes therein, and proved developed reserves: Crude Oil Natural Gas (Mbbls) (Mmcf) Proved-developed and undeveloped reserves: December 31, 2012 8,207 11,284 Revisions (3,203) (4,036) Production (411) (296) December 31, 2013 4,593 6,952 Revisions (438) 1,431 Production (738) (1,247) December 31, 2014 3,417 7,136 Revisions (381) (245) Production (633) (1,517) December 31, 2015 2,403 5,374 Proved-developed reserves: December 31, 2013 2,397 2,100 December 31, 2014 3,184 6,945 December 31, 2015 2,202 5,216 Proved-undeveloped reserves: December 31, 2013 2,196 4,852 December 31, 2014 233 191 December 31, 2015 201 158 Costs Incurred in Oil and Natural Gas Activities The following table displays certain information regarding the costs incurred associated with finding, acquiring and developing the Company’s proved oil and natural gas reserves (in thousands): Years Ended December 31, 2015 2014 2013 Acquisition of properties - proved $ - $ - $ - Acquisition of properties - unproved - - - Exploratory costs - - - Development costs 20,636 52,719 51,527 Total costs incurred $ 20,636 $ 52,719 $ 51,527 Capitalized costs for oil and gas producing activities consist of the following (in thousands): December 31, 2015 2014 Proved oil and gas properties $ 66,285 $ 189,294 Accumulated depreciation, depletion and amortization - (55,864) Capitalized costs, net $ 66,285 $ 133,430 Productive Wells Summary The following table presents the Company’s ownership of productive oil wells as of December 31, 2015 . Productive wells consist of producing wells and wells capable of production. In the table, “gross” refers to the total wells in which the Company owns a working interest and “net” refers to the sum of fractional interests owned in gross wells. Productive Wells Gross Net Oil 11.00 5.61 Acreage The following table sets forth information as of December 31, 2015 relating to acreage held by the Company. Developed acreage is assigned to productive wells. Gross Net Acreage Acreage Developed 23,040 11,750 Undeveloped - - Total 23,040 11,750 Drilling Activity The following table shows the Company’s drilling activity. In the table, “gross” refers to the total wells in which the Company has a working interest and “net” refers to the gross wells multiplied by the Company’s working interest in these wells. Well activity refers to the number of wells completed during a fiscal year, regardless of when drilling first commenced. Years Ended December 31, 2015 2014 Gross Net Gross Net Exploratory Wells Productive - - - - Non-productive - - - - Total - - - - Development Wells Productive 1.00 0.51 2.00 1.02 Non-productive 1.00 0.51 1.00 0.51 Total 2.00 1.02 3.00 1.53 Results of Operations The following table sets forth the Company’s results of operations for producing activities (in thousands): Years Ended December 31, 2015 2014 2013 Revenues Sales $ 30,245 $ 77,845 $ 47,050 Production costs 15,466 13,529 9,876 Exploration expenses - - - Depreciation, depletion and amortization 37,623 38,768 12,032 Reduction in value of assets 56,000 - - (78,844) 25,548 25,142 Income tax expenses (28,778) 9,325 8,800 Results of operations from producing activities (excluding corporate overhead) $ (50,066) $ 16,223 $ 16,342 The Company’s oil and gas operations are in the Gulf of Mexico. The Company’s average sales price was $47.17 per barrel of oil and $2.82 per mcf of gas during 2015 , $92.86 per barrel of oil and $4.95 per mcf of gas during 2014 and $ 101.85 per barrel of oil and $ 3.98 per mcf of gas during 2013 . Average production costs were $10.38 , $7.29 and $10.70 per barrel of oil equivalent during 2015, 2014 and 2013 , respectively. Standardized Measure of Discounted Future Net Cash Flows Relating to Reserves The following information has been developed utilizing procedures prescribed by authoritative guidance related to oil and gas activities. It may be useful for certain comparative purposes, but should not be solely relied upon in evaluating the Company or its performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the standardized measure of discounted future net cash flows be viewed as representative of the current value of the Company. The Company believes that the following factors should be taken into account in reviewing this information: (1) future costs and selling prices will likely differ from those required to be used in these calculations; (2) due to future market conditions and governmental regulations, actual rates of production achieved in future years may vary significantly from the rate of production assumed in the calculations; (3) selection of a 10 % discount rate is arbitrary and may not be reasonable as a measure of the relative risk inherent in realizing future net oil and gas revenues; and (4) future net revenues may be subject to different rates of income taxation. Under the standardized measure, future cash inflows were estimated by applying period-end oil and natural gas prices adjusted for differentials. Future cash inflows were reduced by estimated future development, abandonment and production costs based on period-end costs in order to arrive at net cash flow before tax. Future income tax expense has been computed by applying period-end statutory tax rates to aggregate future net cash flows, reduced by the tax basis of the properties involved and tax carryforwards. Use of a 10% discount rate is required by authoritative guidance related to oil and gas activities. The standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves is as follows (in thousands): Years Ended December 31, 2015 2014 2013 Future cash inflows $ 127,048 $ 336,944 $ 496,704 Future production costs (43,010) (71,209) (82,487) Future development and abandonment costs (84,090) (111,374) (156,340) Future income tax expenses 1,353 (60,345) (89,507) Future net cash flows 1,301 94,016 168,370 10% annual discount for estimated timing of cash flows (19,762) (17,034) 10,641 Standardized measure of discounted future net cash flows $ 21,063 $ 111,050 $ 157,729 For 2015 and 2014, the 10% annual discount for the estimated timing of cash flows resulted in a negative discount as a result of significant decreases in future cash inflows due to decreases in oil and gas prices along with lower reserve estimates. A summary of the changes in the standardized measure of discounted future net cash flows applicable to proved oil and natural gas reserves is as follows (in thousands): Years Ended December 31, 2015 2014 2013 Beginning of the period $ 111,050 $ 157,729 $ 303,430 Net change in sales and transfer prices and in production (lifting) costs related to future production (143,808) (57,568) (13,278) Changes in estimated future development costs 3,787 (5,512) (48,594) Sales and transfers of oil and gas produced during the period (14,779) (64,316) (45,866) Net change due to extensions, discoveries, and improved recovery 6,737 - 75,304 Net changes due to revisions in quantity estimates (36,397) (8,396) (228,620) Previously estimated development costs incurred during the period 20,636 40,962 10,136 Accretion of discount 17,606 24,251 46,711 Other-unspecified 1,895 4,125 (24,169) Net change in income taxes 54,336 19,775 82,675 Aggregate change in the standardized measure of discounted future net cash flows for the year (89,987) (46,679) (145,701) End of the period $ 21,063 $ 111,050 $ 157,729 The December 31, 2015 amount was estimated by Ryder Scott Company, L.P. using a twelve month average WTI price of $50.28 per barrel (bbl), and a Henry Hub gas price of $2.66 per million British Thermal Units, and price differentials. The December 31, 2014 amount was estimated by Ryder Scott Company, L.P. using a twelve month average WTI price of $ 94.99 per barrel (bbl), and a Henry Hub gas price of $ 4.35 per million British Thermal Units, and price differentials. The December 31, 2013 amount was estimated by Netherland, Sewell & Associates, Inc. using a twelve month average WTI price of $93.42 per barrel (bbl), and a Henry Hub gas price of $3.670 per million British Thermal Units, and price differentials. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES Schedule II Valuation and Qualifying Accounts Years Ended December 31, 2015 , 2014 and 2013 (in thousands) Balance at the Charged to beginning of costs and Discontinued Balance at the Description the year expenses Deductions operations end of the year 2015: Allowance for doubtful accounts $ 22,076 $ 14,341 $ 4,795 $ 3,380 $ 28,242 2014: Allowance for doubtful accounts $ 31,030 $ 6,299 $ 10,639 $ 4,614 $ 22,076 2013: Allowance for doubtful accounts $ 28,715 $ 7,587 $ 7,763 $ (2,491) $ 31,030 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Superior Energy Services, Inc. and subsidiaries (the Company). All significant intercompany accounts and transactions are eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the 2015 presentation. |
Business | Business The Company provides a wide variety of services and products to the energy industry related to the exploration, development and production of oil and natural gas. The Company serves major, national and independent oil and natural gas companies throughout the world. The Company’s operations are managed and organized by business units, which offer products and services within the various phases of a well’s economic life cycle. The Company reports its operating results in four business segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions. Given the Company’s history of growth and long-term strategy of expanding geographically, the Company also provides supplemental segment revenue information in three geographic areas: U.S. land; Gulf of Mexico; and International. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Major Customers and Concentration of Credit Risk | Major Customers and Concentration of Credit Risk The majority of the Company’s business is conducted with major and independent oil and gas companies. The Company evaluates the financial strength of its customers and provides allowances for probable credit losses when deemed necessary. The market for the Company’s services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. The Company derives a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of total revenue in 2015 and 2014. In 2013 EOG Resources, Inc. accounted for 10 % of total revenue, primarily within the Onshore Completion and Workover Services segment. In addition to trade receivables, other financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and derivative instruments used in hedging activities. The financial institutions in which the Company transacts business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines , thereby minimizing it s exposure to credit risks for deposits in excess of federally insured amounts and for failure to perform as the counterparty on interest rate swap agreements. The Company periodically evaluates the creditworthiness of financial institutions that may serve as a counterparty to its derivative instruments . |
Cash Equivalents | Cash Equivalents The Company considers all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. |
Accounts Receivable and Allowances | Accounts Receivable and Allowances Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. The Company maintains allowances for estimated uncollectible receivables, including bad debts and other items. The allowance for doubtful accounts is based on the Company’s best estimate of probable uncollectible amounts in existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific identification. |
Inventory | Inventory Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in the Company’s services provided to its customers. The components of inventory balances are as follows (in thousands): December 31, 2015 2014 Finished goods $ 71,951 $ 72,788 Raw materials 23,418 29,718 Work-in-process 18,203 20,317 Supplies and consumables 35,189 42,739 Total $ 148,761 $ 165,562 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets for which reduction in value is recorded during the period and assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. With the exception of certain marine assets and oil and natural gas properties, depreciation is computed using the straight line method over the estimated useful lives of the related assets as follows: Buildings and improvements 5 to 40 years Marine vessels and equipment 5 to 25 years Machinery and equipment 2 to 25 years Automobiles, trucks, tractors and trailers 3 to 10 years Furniture and fixtures 2 to 10 years The Company follows the successful efforts method of accounting for its investment in oil and natural gas properties. Under the successful efforts method, the costs of successful exploratory wells and leases containing productive reserves are capitalized. Costs incurred to drill and equip developmental wells, including unsuccessful wells, are capitalized. Other costs such as geological and geophysical costs and the drilling costs of unsuccessful exploratory wells are expensed. Leasehold and well costs are depleted on a units-of-production basis based on the estimated remaining equivalent oil and gas reserves of each field. |
Reduction in Value of Long-Lived Assets Text Block | Reduction in Value of Long-Lived Assets Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of such assets to their fair value calculated, in part, by the estimated undiscounted future cash flows expected to be generated by the assets. Cash flow estimates are based upon, among other things, historical results adjusted to reflect the best estimate of future market rates, utilization levels, and operating performance. Estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. The Company’s assets are grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. Impairment testing for these long-lived assets is based on the consolidated entity. If the asset grouping’s fair value is less than the carrying amount of those items, impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less estimated costs to sell. The net carrying value of assets not fully recoverable is reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying values of these assets and, in periods of prolonged down cycles, may result in impairment charges. See note 3 for a discussion of the reduction in value of long-lived assets recorded during 2015 and 2013. |
Goodwill | Goodwill The following table summarizes the activity for the Company’s goodwill (in thousands): Onshore Drilling Completion Products and Workover Production and Services Services Services Total Balance, December 31, 2013 $ 144,872 $ 1,419,550 $ 893,687 $ 2,458,109 Acquisition activities - - 13,909 13,909 Foreign currency translation adjustment (2,033) - (1,576) (3,609) Balance, December 31, 2014 142,839 1,419,550 906,020 2,468,409 Acquisition activities - - 1,170 1,170 Reduction in value of assets - (740,000) (586,701) (1,326,701) Foreign currency translation adjustment (1,557) - (1,220) (2,777) Other - 44,000 (44,000) - Balance, December 31, 2015 $ 141,282 $ 723,550 $ 275,269 $ 1,140,101 Goodwill is tested for impairment annually as of October 1 st or on an interim basis if events or circumstances indicate that the fair value of the asset has decreased below its carrying value. In order to estimate the fair value of the reporting units (which is consistent with the reported business segments), the Company used a weighting of the discounted cash flow method and the public company guideline method of determining fair value of each reporting unit. There is no outstanding goodwill balance associated with the Company’s Technical Solutions segment. The Company weighted the discounted cash flow method 80 % and the public company guideline method 20 % due to differences between the Company’s reporting units and the peer companies’ size, profitability and diversity of operations. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization was performed for each unit on a standalone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with the Company’s capitalization. These fair value estimates were then compared to the carrying value of the reporting units. If the fair value of the reporting unit exceeds the carrying amount, no impairment loss is recognized. If the estimated fair value of the reporting unit is below the carrying value, then a second step must be performed to determine the goodwill impairment, if any. In this second step, the estimated fair value is used as the purchase price in a hypothetical acquisition of the reporting unit. The hypothetical purchase price is allocated to the reporting unit’s assets and liabilities, with the residual amount representing an implied fair value of the goodwill. The carrying amount of the goodwill is then compared to the implied fair value of the goodwill for each reporting unit and is written down to the implied fair value, if lower. The Company uses all available information to estimate fair value of the reporting units, including discounted cash flows. The Company engages third-party appraisal firms to assist in fair value determination of property, plant and equipment, intangible assets and any other significant assets or liabilities when appropriate. A significant amount of judgment was involved in performing these evaluations since the results are based on estimated future events. See note 3 for a discussion of the reduction in value of goodwill recorded during 2015 and 2013. As of December 31, 2015 and 2014, the Company’s accumulated reduction in value of goodwill was $ 1,417.7 million and $91.0 million, respectively. |
Notes Receivable | Notes Receivable The Company’s wholly owned subsidiary, Wild Well has decommissioning obligations related to its ownership of the Bullwinkle platform. Notes receivable consist of a commitment from the seller of the platform towards its eventual abandonment. Pursuant to an agreement with the seller, the Company will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of this obligation totaled $ 115.0 million and is recorded at present value using an effective interest rate of 6.58 %. The related discount is amortized to interest income based on the expected timing of the platform’s removal. During 2015, the Company revised its estimates relating to the timing of decommissioning work on its Bullwinkle assets, due to the changes in the economics of the estimated oil and gas reserves, resulting in a 10 year acceleration of the platform decommissioning to an estimated date of 2028. This change in estimate resulted in an increase of the present value of the note receivable. The Company recorded interest income related to notes receivable of $ 1.7 million, $ 1.6 million and $ 2.6 million during 2015, 2014 and 2013 , respectively. |
Intangible and Other Long-Term Assets | Intangible and Other Long-Term Assets Intangible assets consist of the following (in thousands): December 31, 2015 2014 Estimated Gross Accumulated Net Gross Accumulated Net Useful Lives Amount Amortization Balance Amount Amortization Balance Customer relationships 17 years $ 257,364 $ (65,209) $ 192,155 $ 339,695 $ (64,954) $ 274,741 Tradenames 10 years 36,119 (15,371) 20,748 41,265 (13,151) 28,114 Non-compete agreements 3 years 3,242 (2,940) 302 4,487 (3,281) 1,206 Total $ 296,725 $ (83,520) $ 213,205 $ 385,447 $ (81,386) $ 304,061 Amortization expense was $ 23.0 million, $ 25.9 million and $ 26.2 million during 2015, 2014 and 2013 , respectively. Based on the carrying values of intangible assets as of December 31, 2015, amortization expense is estimated to be as follows: $ 19.2 million for 2016, $ 18.6 million for 2017, $ 18.5 million for 2018, $18.3 million for 2019 and $18.0 million for 202 0. During 2015, the Company recorded $68.9 million of expense related to the reduction in carrying values of intangibles primarily in the Production Services segment (see note 3). As of December 31, 2015 and 2014, intangible and other long-term assets, net included $58.4 million of escrowed cash, primarily related to the future decommissioning obligations of the Bullwinkle platform. |
Decommissioning Liabilities | Decommissioning Liabilities The Company’s decommissioning liabilities associated with the Bullwinkle platform and its related assets consist of costs related to the plugging of wells, the removal of the related platform and equipment, and site restoration. The Company reviews the adequacy of its decommissioning liabilities whenever indicators suggest that the estimated cash flows needed to satisfy the liability have changed materially. During 2015, the Company revised its estimates relating to the timing and the cost estimates of decommissioning work on its Bullwinkle assets due to changes in the economics of the oil and gas property, including a 10 year acceleration of the platform decommissioning to an estimated date of 2028. This change in estimate resulted in an increase in the present value of decommissioning liabilities. Further, as of December 31, 2015, the Company anticipated that it would be able to decommission several depleted wells that are part of the Bullwinkle assets based on the revised estimates. As a result, the decommissioning liabilities associated with those wells were classified as current liabilities on the consolidated balance sheet. The following table summarizes the activity for the Company’s decommissioning liabilities (in thousands): December 31, 2015 2014 Decommissioning liabilities, December 31, 2014 and 2013, respectively $ 88,000 $ 83,519 Revisions in estimated timing and cash flows 24,660 (276) Accretion 5,016 4,470 Liability acquisitions and dispositions 266 866 Liabilities settled - (579) Total decommissioning liabilities, December 31, 2015 and 2014, respectively $ 117,942 $ 88,000 |
Revenue Recognition | Revenue Recognition Products and services are generally sold based upon purchase orders or contracts with customers that include fixed or determinable prices. Revenue is recognized when services or equipment are provided and collectability is reasonably assured. The Company’s drilling products and services are billed on a day rate basis, and revenue from the sale of equipment is recognized when the title to the equipment has been transferred. Reimbursements from customers for the cost of drilling products and services that are damaged or lost down-hole are reflected as revenue at the time of the incident. The Company recognizes oil and gas revenue from its interests in producing wells as oil and natural gas is sold. Taxes collected from customers and remitted to governmental authorities are reported on a net basis in the Company’s financial statements. |
Income Taxes | Income Taxes The Company accounts for income taxes and the related accounts under the asset and liability method. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and rates that are in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on the deferred income taxes is recognized in income in the period in which the change occurs. A valuation allowance is recorded when management believes it is more likely than not that at least some portion of any deferred tax asset will not be realized. It is the Company’s policy to recognize interest and applicable penalties related to uncertain tax positions in income tax expense. |
Earnings (Loss) per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional shares of common stock that could have been outstanding assuming the exercise of stock options and conversion of restricted stock units. During 2015, the Company incurred a loss from continuing operations; therefore the impact of any incremental shares would be anti-dilutive. Stock options for 1,100,000 shares of the Company’s common stock were excluded in the computation of diluted earnings per share for 2014 and 2013, as the effect would have been anti-dilutive. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities; Level 2 : Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets or model-derived valuations or other inputs that can be corroborated by observable market data; and Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. |
Financial Instruments | Financial Instruments The fair value of the Company’s financial instruments of cash equivalents, accounts receivable, accounts payable, accrued expenses and borrowings under its credit facility approximates their carrying amounts due to their short maturity or market interest rates. The fair value of the Company’s debt was $ 1,508.0 million and $ 1,624.3 million as of December 31, 2015 and 2014 , respectively, and was categorized as Level 1 in the fair value hierarchy. The fair value of these debt instruments is determined by reference to the market value of the instrument as quoted in an over-the-counter market. |
Foreign Currency | Foreign Currency Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are reported as accumulated other comprehensive loss in the Company’s stockholders’ equity. For international subsidiaries where the functional currency is the U.S. dollar, financial statements are remeasured into U.S. dollars using the historical exchange rate for most of the long-term assets and liabilities and the balance sheet date exchange rate for most of the current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. During 2015, 2014 and 2013 , the Company recorded $9.6 million, $7.3 million and $ 7.1 million of foreign currency losses, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company records compensation costs relating to share-based payment transactions and includes such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). Excess tax benefits of awards that are recognized in equity related to stock option exercises and restricted stock vesting are reflected as financing cash flows. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. Interest rate swap agreements that are effective at hedging the fair value of fixed-rate debt agreements are designated and accounted for as fair value hedges. The Company also assesses, both at inception of the hedging relationship and on an ongoing basis, whether the derivatives used in hedging relationships are highly effective in offsetting changes in fair value. In an attempt to achieve a more balanced debt portfolio between fixed and variable interest, the Company enters into interest rate swaps. Under these agreements, the Company is entitled to receive semi-annual interest payments at a fixed rate and is obligated to make quarterly interest payments at a variable rate. The Company had fixed-rate interest on 62 % and 61 % of its long-term debt as of December 31, 2015 and 2014 , respectively. The Company had notional amounts of $300 million related to interest rate swaps with a variable interest rate, adjusted every 90 days, based on LIBOR plus a fixed margin as of December 31, 2015 and 2014 . |
Self Insurance Reserves | Self-Insurance Reserves The Company is self-insured, through deductibles and retentions, up to certain levels for losses under its insurance programs. With the Company’s growth, the Company has elected to retain more risk by increasing its self-insurance levels. The Company accrues for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. The Company regularly reviews the estimates of reported and unreported claims and provides for losses through reserves. The Company obtains actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. |
Subsequent Events | Subsequent Events In accordance with authoritative guidance, the Company has evaluated and disclosed all material subsequent events that occurred after the balance sheet date, but before financial statements were issued |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Guidance In November 2015, the Financial Accounting Standards Board (FASB) issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes , which amends existing guidance on income taxes to require the classification of all deferred tax assets and liabilities as non-current on the balance sheet. The new standard is effective for the Company on January 1, 2017, with early adoption permitted, and the guidance may be applied either prospectively or retrospectively. The Company adopted this standard as of December 31, 2015 and applied the change retrospectively to prior periods, resulting in a $32.1 million reduction in total current assets and corresponding decrease in non-current deferred income tax liabilities. In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , which changes the presentation of debt issuance costs. This guidance requires that debt on the balance sheet be presented net of unamortized debt issuance costs. Amortization of such costs is reported as interest expense, which is consistent with the Company’s current policy. This change conforms the presentation of debt issuance costs with that of debt discounts. The ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015; early adoption is permitted. The guidance is required to be applied retrospectively to all prior periods. The Company adopted this standard as of December 31, 2015. The effect of the adoption of ASU 2015-03 on the Company’s consolidated balance sheet is a reduction of total assets and long-term debt of $27.5 million as of December 31, 2014. In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant and Equipment , which changes the definition of discontinued operations. The guidance permits only those disposed components (or components held-for-sale) representing a strategic shift that have (or will have) a major effect on operations and financial results to be reported in discontinued operations. The new standard is effective prospectively for disposals (or classifications as held-for-sale) occurring after December 31, 2014. The Company has adopted the accounting guidance as of January 1, 2015. Recently Issued Accounting Guidance In July 2015, the FASB issued ASU No. 2015-11, Inventory – Simplifying the Measurement of Inventory , which applies to inventory measured using first-in, first-out or average cost. The guidance in this update states that inventory within its scope shall be measured at the lower of cost or net realizable value, and when the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss in earnings. The new standard is effective for the Company beginning on January 1, 2017 and should be applied on a prospective basis. The Company is evaluating the effect that ASU 2015-11 will have on its consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which will replace most existing revenue recognition guidance in GAAP. The guidance in this update requires an entity to recognize the amount of revenue that it expects to be entitled for the transfer of promised goods or services to customers. The new standard is effective for the Company on January 1, 2018. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the accounting guidance on its ongoing financial reporting. |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2015 2014 Finished goods $ 71,951 $ 72,788 Raw materials 23,418 29,718 Work-in-process 18,203 20,317 Supplies and consumables 35,189 42,739 Total $ 148,761 $ 165,562 |
Estimated Useful Lives Of The Related Assets | Buildings and improvements 5 to 40 years Marine vessels and equipment 5 to 25 years Machinery and equipment 2 to 25 years Automobiles, trucks, tractors and trailers 3 to 10 years Furniture and fixtures 2 to 10 years |
Summary Of Activity Of Goodwill | Onshore Drilling Completion Products and Workover Production and Services Services Services Total Balance, December 31, 2013 $ 144,872 $ 1,419,550 $ 893,687 $ 2,458,109 Acquisition activities - - 13,909 13,909 Foreign currency translation adjustment (2,033) - (1,576) (3,609) Balance, December 31, 2014 142,839 1,419,550 906,020 2,468,409 Acquisition activities - - 1,170 1,170 Reduction in value of assets - (740,000) (586,701) (1,326,701) Foreign currency translation adjustment (1,557) - (1,220) (2,777) Other - 44,000 (44,000) - Balance, December 31, 2015 $ 141,282 $ 723,550 $ 275,269 $ 1,140,101 |
Composition Of Intangible And Other Long-term Assets | December 31, 2015 2014 Estimated Gross Accumulated Net Gross Accumulated Net Useful Lives Amount Amortization Balance Amount Amortization Balance Customer relationships 17 years $ 257,364 $ (65,209) $ 192,155 $ 339,695 $ (64,954) $ 274,741 Tradenames 10 years 36,119 (15,371) 20,748 41,265 (13,151) 28,114 Non-compete agreements 3 years 3,242 (2,940) 302 4,487 (3,281) 1,206 Total $ 296,725 $ (83,520) $ 213,205 $ 385,447 $ (81,386) $ 304,061 |
Summary Of The Activity For Company's Decommissioning Liabilities | December 31, 2015 2014 Decommissioning liabilities, December 31, 2014 and 2013, respectively $ 88,000 $ 83,519 Revisions in estimated timing and cash flows 24,660 (276) Accretion 5,016 4,470 Liability acquisitions and dispositions 266 866 Liabilities settled - (579) Total decommissioning liabilities, December 31, 2015 and 2014, respectively $ 117,942 $ 88,000 |
Supplemental Cash Flow Inform26
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Years Ended December 31, 2015 2014 2013 Cash paid for interest $ 93,946 $ 102,880 $ 97,129 Cash paid for income taxes, net of refunds $ 40,074 $ 127,132 $ 164,158 Details of business acquisitions: Fair value of assets $ - $ 29,468 $ 34,964 Fair value of liabilities - (5,125) (10,942) Common stock issued - - - Cash paid - 24,343 24,022 Less cash acquired - (16) (225) Net cash paid for acquisitions $ - $ 24,327 $ 23,797 Non-cash investing activity: Capital expenditures included in accounts payable, accrued expenses and other long term liabilities $ 28,704 $ 49,118 $ 70,463 Non-cash financing activity: Cash dividends declared $ - $ - $ 12,759 |
Reduction in Value of Assets (T
Reduction in Value of Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reduction In Value Of Assets [Abstract] | |
Reduction in Value of Assets [Table Text Block] | Years Ended December 31, 2015 2013 Reduction in value of goodwill $ 1,326,701 $ 91,016 Reduction in value of long-lived assets 330,194 180,320 Retirements of long-lived assets 42,545 14,418 Reduction in value of assets related to sale of a business 39,447 - Reduction in value of assets related to Venezuela exit activities - 14,324 Total reduction in value of assets $ 1,738,887 $ 300,078 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Components Of Income (Loss) From Discontinued Operations | Years Ended December 31, 2015 2014 2013 Revenues $ 18,723 $ 145,463 $ 261,767 Loss from discontinued operations, net of tax benefit of $5,626, $19,330 and $15,439 for 2015, 2014 and 2013, respectively $ (46,955) $ (22,973) $ (156,903) |
Assets And Liabilities Of Disposal Groups | December 31, 2015 2014 Accounts receivable, net $ 1,234 $ 16,701 Prepaid expenses 330 2,463 Inventory and other current assets 1,036 5,576 Current assets $ 2,600 $ 24,740 Property, plant and equipment, net 92,634 91,171 Intangible and other long-term assets, net - 769 Long-term assets $ 92,634 $ 91,940 Accounts payable 1,007 20,530 Accrued expenses 3,654 24,496 Current liabilities $ 4,661 $ 45,026 Other long-term liabilities $ - $ 16,814 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant And Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | December 31, 2015 2014 Buildings, improvements and leasehold improvements $ 318,906 $ 328,651 Marine vessels and equipment 87 55,494 Machinery and equipment 3,770,959 4,126,570 Automobiles, trucks, tractors and trailers 45,013 66,032 Furniture and fixtures 67,483 75,631 Construction-in-progress 74,683 102,895 Land 58,731 58,814 Oil and gas producing assets 66,285 189,294 Total 4,402,147 5,003,381 Accumulated depreciation and depletion (2,278,856) (2,269,542) Property, plant and equipment, net $ 2,123,291 $ 2,733,839 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Summary Of Long-Term Debt | December 31, 2015 2014 Long-term Current Long-term Current Term loan due February 2017 $ 305,000 $ 20,000 $ 325,000 $ 20,000 Senior Notes due May 2019 500,000 - 500,000 - Senior Notes due December 2021 800,000 - 800,000 - Other 3,089 9,957 2,842 941 Total debt, gross 1,608,089 29,957 1,627,842 20,941 Unamortized debt issuance costs (19,826) - (27,469) - Total debt $ 1,588,263 $ 29,957 $ 1,600,373 $ 20,941 |
Schedule Of Maturities Of Long-Term Debt | 2016 $ 29,957 2017 306,705 2018 1,384 2019 500,000 2020 - Thereafter 800,000 Total $ 1,638,046 |
Stock-Based And Long-Term Compe
Stock-Based And Long-Term Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based And Long-Term Compensation [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Compensation Expense Years Ended December 31, 2015 2014 2013 Stock options $ 3,663 $ 3,900 $ 3,586 Restricted stock 9,219 15,800 21,460 Restricted stock units 19,699 11,282 - Performance share units 10,733 10,688 10,014 Strategic performance share units 2,258 2,404 - Total $ 45,572 $ 44,074 $ 35,060 Tax Benefit Years Ended December 31, 2015 2014 2013 Stock options $ 1,355 $ 1,443 $ 1,327 Restricted stock 3,411 5,846 7,940 Restricted stock units 7,289 4,174 - Total $ 12,055 $ 11,463 $ 9,267 |
Summary Of The Valuation Assumptions Used To Calculate The Fair Value Of Stock Option Grants | Years Ended December 31, 2015 2014 2013 Weighted average fair value of grants $ 6.25 $ 6.95 $ 8.98 Black-Scholes-Merton Assumptions: Risk free interest rate 1.33% 1.42% 0.63% Expected life (years) 5 4 4 Volatility 47.07% 34.50% 48.41% Dividend yield 1.30 1.23 - |
Summary Of Stock Option Activity | Number of Options Weighted Average Option Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2014 4,484,505 $ 23.76 5.1 $ 4,095 Granted 612,665 $ 17.27 Exercised (506,029) $ 17.43 Outstanding as of December 31, 2015 4,591,141 $ 23.60 5.3 $ 256 Exercisable as of December 31, 2015 3,488,262 $ 24.48 4.3 $ 256 Options expected to vest as of December 31, 2015 1,102,879 $ 20.81 8.5 $ - |
Summary Of Non-Vested Stock Option Activity | Number of Options Weighted Average Grant Date Fair Value Non-vested as of December 31, 2014 824,488 $ 7.83 Granted 612,665 $ 17.27 Vested (334,274) $ 25.01 Non-vested as of December 31, 2015 1,102,879 $ 20.81 |
Summary Of The Status Of Restricted Stock | Number of Shares Weighted Average Grant Date Fair Value Non-vested as of December 31, 2014 1,022,280 $ 24.08 Vested (678,880) $ 17.88 Forfeited (50,463) $ 23.26 Non-vested as of December 31, 2015 292,937 $ 23.13 |
Summary Of Restricted Stock Unit Activity | Number of Restricted Stock Units Weighted Average Grant Date Fair Value Non-vested as of December 31, 2014 1,416,477 $ 26.40 Granted 2,162,146 $ 17.74 Vested (460,400) $ 18.51 Forfeited (330,334) $ 20.16 Non-vested as of December 31, 2015 2,787,889 $ 20.41 |
Summary Of Employee Stock Purchase Plan Activity Table Text Block | Years Ended December 31, 2015 2014 2013 2013 Plan 2013 Plan 2013 and 2007 Plans Cash received for shares issued $ 4,803 $ 4,870 $ 4,124 Compensation expense $ 835 $ 1,078 $ 947 Shares issued 332,467 246,480 185,407 |
Summary of Deferred Compensation Balances Table Text Block | December 31, Balance sheet location 2015 2014 Deferred compensation assets Intangible and other long-term assets, net $ 11,548 $ 12,982 Deferred compensation liabilities, short-term Accounts payable $ 721 $ 2,291 Deferred compensation liabilities, long-term Other long-term liabilities $ 17,367 $ 14,720 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes | Years Ended December 31, 2015 2014 2013 Domestic $ (2,069,019) $ 372,672 $ 165,463 Foreign 9,236 69,517 (64,706) $ (2,059,783) $ 442,189 $ 100,757 |
Schedule Of Components Of Income Tax Expense (Benefit) | Years Ended December 31, 2015 2014 2013 Current: Federal $ (952) $ 150,997 $ 19,897 State 2,818 11,339 10,816 Foreign 19,227 36,287 25,613 21,093 198,623 56,326 Deferred: Federal (249,193) (33,172) (6,341) State (10,034) 648 386 Foreign (13,886) (4,700) 4,901 (273,113) (37,224) (1,054) $ (252,020) $ 161,399 $ 55,272 |
Schedule Of Effective Income Tax Rate Reconciliation | Years Ended December 31, 2015 2014 2013 Computed expected tax expense $ (720,923) $ 154,766 $ 35,265 Increase (decrease) resulting from State and foreign income taxes (6,353) 8,467 (852) Reduction in value of assets 464,395 - 34,874 Other 10,861 (1,834) (14,015) Income tax $ (252,020) $ 161,399 $ 55,272 |
Schedule Of Deferred Tax Assets and Liabilities | December 31, 2015 2014 Deferred tax assets: Allowance for doubtful accounts $ 8,275 $ 3,942 Operating loss and tax credit carryforwards 92,798 21,928 Compensation and employee benefits 59,310 57,045 Decommissioning liabilities 30,400 21,029 Other 57,768 50,641 248,551 154,585 Valuation allowance (5,395) - Net deferred tax assets 243,156 154,585 Deferred tax liabilities: Property, plant and equipment 469,728 648,054 Notes receivable 14,796 5,718 Goodwill and other intangible assets 119,661 138,017 Other 22,040 33,654 Deferred tax liabilities 626,225 825,443 Net deferred tax liability $ 383,069 $ 670,858 |
Summary Of Activity In Unrecognized Tax Benefits | Years Ended December 31, 2015 2014 2013 Unrecognized tax benefits, December 31, 2014, 2013 and 2012, respectively $ 30,344 $ 29,899 $ 26,399 Additions based on tax positions related to current year - - - Additions based on tax positions related to prior years 6,752 7,860 5,065 Reductions based on tax positions related to prior years (7,381) (7,415) (1,565) Unrecognized tax benefits, December 31, 2015, 2014 and 2013, respectively $ 29,715 $ 30,344 $ 29,899 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Schedule Of Segment Reporting Information | 2015 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 583,139 $ 934,274 $ 759,606 $ 497,546 $ - $ 2,774,565 Cost of services and rentals (exclusive of items shown separately below) 196,921 773,119 594,286 301,486 - 1,865,812 Depreciation, depletion, amortization and accretion 194,061 225,667 130,267 62,152 - 612,147 General and administrative expenses 127,525 121,289 139,304 122,590 - 510,708 Reduction in value of assets 40,237 783,229 790,517 124,904 - 1,738,887 Income (loss) from operations 24,395 (969,030) (894,768) (113,586) - (1,952,989) Interest expense, net - - (2,013) 1,707 (97,012) (97,318) Other expense - - - - (9,476) (9,476) Income (loss) from continuing operations before income taxes $ 24,395 $ (969,030) $ (896,781) $ (111,879) $ (106,488) $ (2,059,783) 2014 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 904,358 $ 1,732,833 $ 1,350,956 $ 568,475 $ - $ 4,556,622 Cost of services and rentals (exclusive of items shown separately below) 282,023 1,205,443 941,030 306,337 - 2,734,833 Depreciation, depletion, amortization and accretion 186,642 233,430 164,672 66,070 - 650,814 General and administrative expenses 149,967 159,687 187,526 127,191 - 624,371 Income from operations 285,726 134,273 57,728 68,877 - 546,604 Interest expense, net - - - 1,577 (98,311) (96,734) Other expense - - - - (7,681) (7,681) Income (loss) from continuing operations before income taxes $ 285,726 $ 134,273 $ 57,728 $ 70,454 $ (105,992) $ 442,189 2013 Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total Revenues $ 820,538 $ 1,607,268 $ 1,434,990 $ 487,261 $ - $ 4,350,057 Cost of services and rentals (exclusive of items shown separately below) 268,127 1,091,956 1,002,628 270,879 - 2,633,590 Depreciation, depletion, amortization and accretion 168,391 216,152 177,532 42,366 - 604,441 General and administrative expenses 136,244 158,448 190,647 112,439 - 597,778 Reduction in value of assets 2,292 16,975 28,568 252,243 - 300,078 Income (loss) from operations 245,484 123,737 35,615 (190,666) - 214,170 Interest expense, net - - - 1,323 (109,225) (107,902) Other income (expense) - - - 836 (6,347) (5,511) Income (loss) from continuing operations before income taxes $ 245,484 $ 123,737 $ 35,615 $ (188,507) $ (115,572) $ 100,757 |
Schedule Of Identifiable Assets | Identifiable Assets Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Unallocated Total December 31, 2015 $ 1,223,191 $ 1,929,185 $ 967,719 $ 794,149 $ - $ 4,914,244 December 31, 2014 $ 1,284,842 $ 2,993,824 $ 2,098,592 $ 940,524 $ - $ 7,317,782 December 31, 2013 $ 1,237,842 $ 2,961,390 $ 2,158,653 $ 1,009,058 $ - $ 7,366,943 |
Schedule of Capital Expenditures Table Text Block | Capital Expenditures Onshore Drilling Completion Products and and Workover Production Technical Consolidated Services Services Services Solutions Total December 31, 2015 $ 129,504 $ 103,001 $ 72,048 $ 53,673 $ 358,226 December 31, 2014 $ 274,752 $ 152,742 $ 88,870 $ 99,738 $ 616,102 December 31, 2013 $ 246,479 $ 101,854 $ 122,946 $ 137,681 $ 608,960 |
Schedule Of Revenues By Geographic Segment | Revenues Years Ended December 31, 2015 2014 2013 United States $ 2,185,071 $ 3,848,929 $ 3,674,825 Other Countries 589,494 707,693 675,232 Total $ 2,774,565 $ 4,556,622 $ 4,350,057 Long-Lived Assets December 31, 2015 2014 United States $ 1,799,418 $ 2,416,306 Other Countries 323,873 317,533 Total, net $ 2,123,291 $ 2,733,839 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | Fair Value Measurements at Reporting Date Using December 31, 2015 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 11,548 $ 368 $ 11,180 - Interest rate swaps $ 6,905 - $ 6,905 - Accounts payable Non-qualified deferred compensation liabilities $ 721 - $ 721 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 17,367 - $ 17,367 - December 31, 2014 Level 1 Level 2 Level 3 Intangible and other long-term assets, net Non-qualified deferred compensation assets $ 12,982 $ 1,481 $ 11,501 - Interest rate swaps $ 4,183 - $ 4,183 - Accounts payable Non-qualified deferred compensation liabilities $ 2,291 - $ 2,291 - Other long-term liabilities Non-qualified deferred compensation liabilities $ 14,720 - $ 14,720 - |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Years Ended December 31, 2015 2013 Impairment Fair Value Impairment Fair Value Property, plant and equipment, net $ 177,442 $ 179,612 $ 243,781 $ 328,876 Goodwill $ 1,326,701 $ 998,288 $ 91,016 $ - Intangible assets $ 68,890 $ 6,345 $ 18,296 $ 4,355 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |
Location And Effect Of The Derivative Instrument On The Statements Of Operations | Years Ended December 31, Effect of derivative instrument Location of (gain) loss recognized 2015 2014 2013 Interest rate swap Interest expense, net $ (1,932) $ (11,054) $ 13,079 Hedged item - debt Interest expense, net (790) 7,208 (12,303) $ (2,722) $ (3,846) $ 776 |
Interim Financial Information36
Interim Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interim Financial Information (Unaudited) [Abstract] | |
Schedule Of Interim Financial Information | 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 917,235 $ 710,784 $ 601,396 $ 545,150 Less: Cost of services and rentals 582,246 465,533 420,485 397,548 Depreciation, depletion, amortization and accretion 162,220 158,352 146,757 144,818 Gross profit 172,769 86,899 34,154 2,784 Reduction in value of assets - 807,637 755,632 175,618 Net loss from continuing operations (1,497) (775,132) (816,587) (214,547) Loss from discontinued operations, net of tax (9,640) (9,857) (4,610) (22,848) Net loss (11,137) (784,989) (821,197) (237,395) Loss per share from continuing operations: Basic and diluted $ (0.02) $ (5.15) $ (5.42) $ (1.43) Loss per share from discontinued operations: Basic and diluted $ (0.06) $ (0.07) $ (0.03) $ (0.15) 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 1,061,418 $ 1,107,552 $ 1,209,026 $ 1,178,626 Less: Cost of services and rentals 651,605 650,293 721,692 711,243 Depreciation, depletion, amortization and accretion 162,318 160,965 170,154 157,377 Gross profit 247,495 296,294 317,180 310,006 Net income from continuing operations 42,626 79,057 85,743 73,364 Loss from discontinued operations, net of tax (5,954) (3,895) (5,886) (7,238) Net income 36,672 75,162 79,857 66,126 Earnings per share from continuing operations: Basic $ 0.27 $ 0.51 $ 0.55 $ 0.49 Diluted 0.27 0.50 0.55 0.48 Loss per share from discontinued operations: Basic and diluted $ (0.04) $ (0.03) $ (0.03) $ (0.05) |
Supplementary Oil And Natural37
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplementary Oil And Natural Gas Disclosures [Abstract] | |
Schedule Of Proved Developed And Undeveloped Oil And Gas Reserves | Crude Oil Natural Gas (Mbbls) (Mmcf) Proved-developed and undeveloped reserves: December 31, 2012 8,207 11,284 Revisions (3,203) (4,036) Production (411) (296) December 31, 2013 4,593 6,952 Revisions (438) 1,431 Production (738) (1,247) December 31, 2014 3,417 7,136 Revisions (381) (245) Production (633) (1,517) December 31, 2015 2,403 5,374 Proved-developed reserves: December 31, 2013 2,397 2,100 December 31, 2014 3,184 6,945 December 31, 2015 2,202 5,216 Proved-undeveloped reserves: December 31, 2013 2,196 4,852 December 31, 2014 233 191 December 31, 2015 201 158 |
Cost Incurred In Oil And Gas Property Acquisition, Exploration, And Development Activities | Years Ended December 31, 2015 2014 2013 Acquisition of properties - proved $ - $ - $ - Acquisition of properties - unproved - - - Exploratory costs - - - Development costs 20,636 52,719 51,527 Total costs incurred $ 20,636 $ 52,719 $ 51,527 |
Capitalized Costs Relating To Oil And Gas Producing Activities | December 31, 2015 2014 Proved oil and gas properties $ 66,285 $ 189,294 Accumulated depreciation, depletion and amortization - (55,864) Capitalized costs, net $ 66,285 $ 133,430 |
Schedule Of Ownership In Productive Oil And Natural Gas Wells | Productive Wells Gross Net Oil 11.00 5.61 |
Schedule Of Gas And Oil Acreage | Gross Net Acreage Acreage Developed 23,040 11,750 Undeveloped - - Total 23,040 11,750 |
Schedule Of Drilling Activity | Years Ended December 31, 2015 2014 Gross Net Gross Net Exploratory Wells Productive - - - - Non-productive - - - - Total - - - - Development Wells Productive 1.00 0.51 2.00 1.02 Non-productive 1.00 0.51 1.00 0.51 Total 2.00 1.02 3.00 1.53 |
Results Of Operations For Oil And Gas Producing Activities | Years Ended December 31, 2015 2014 2013 Revenues Sales $ 30,245 $ 77,845 $ 47,050 Production costs 15,466 13,529 9,876 Exploration expenses - - - Depreciation, depletion and amortization 37,623 38,768 12,032 Reduction in value of assets 56,000 - - (78,844) 25,548 25,142 Income tax expenses (28,778) 9,325 8,800 Results of operations from producing activities (excluding corporate overhead) $ (50,066) $ 16,223 $ 16,342 |
Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves | Years Ended December 31, 2015 2014 2013 Future cash inflows $ 127,048 $ 336,944 $ 496,704 Future production costs (43,010) (71,209) (82,487) Future development and abandonment costs (84,090) (111,374) (156,340) Future income tax expenses 1,353 (60,345) (89,507) Future net cash flows 1,301 94,016 168,370 10% annual discount for estimated timing of cash flows (19,762) (17,034) 10,641 Standardized measure of discounted future net cash flows $ 21,063 $ 111,050 $ 157,729 |
Summary Of Changes In Standardized Measure Of Discounted Future Net Cash Flows Applicable To Proved Oil And Natural Gas Reserves | Years Ended December 31, 2015 2014 2013 Beginning of the period $ 111,050 $ 157,729 $ 303,430 Net change in sales and transfer prices and in production (lifting) costs related to future production (143,808) (57,568) (13,278) Changes in estimated future development costs 3,787 (5,512) (48,594) Sales and transfers of oil and gas produced during the period (14,779) (64,316) (45,866) Net change due to extensions, discoveries, and improved recovery 6,737 - 75,304 Net changes due to revisions in quantity estimates (36,397) (8,396) (228,620) Previously estimated development costs incurred during the period 20,636 40,962 10,136 Accretion of discount 17,606 24,251 46,711 Other-unspecified 1,895 4,125 (24,169) Net change in income taxes 54,336 19,775 82,675 Aggregate change in the standardized measure of discounted future net cash flows for the year (89,987) (46,679) (145,701) End of the period $ 21,063 $ 111,050 $ 157,729 |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies (Major Customers And Concentration Of Credit Risk) (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Maximum percentage of revenue for a single major customer | 10.00% | 10.00% |
Summary Of Significant Accoun39
Summary Of Significant Accounting Policies (Cash Equivalents) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Maximum maturity of short-term investments purchased to be cash equivalents | 90 days |
Summary Of Significant Accoun40
Summary Of Significant Accounting Policies (Inventory) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary Of Significant Accounting Policies [Abstract] | ||
Inventory | $ 148,761 | $ 165,562 |
Finished goods | 71,951 | 72,788 |
Raw materials | 23,418 | 29,718 |
Work-in-progress | 18,203 | 20,317 |
Supplies and consumables | $ 35,189 | $ 42,739 |
Summary Of Significant Accoun41
Summary Of Significant Accounting Policies (Estimated Useful Lives Of The Related Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 40 years |
Marine Vessels And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 5 years |
Marine Vessels And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 25 years |
Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 2 years |
Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 25 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 3 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Furniture And Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 2 years |
Furniture And Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Goodwill) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Percentage of the discounted cash flow method for estimation of fair value of reporting units | 80.00% | ||
Percentage of the public company guideline method for estimation of fair value of reporting units | 20.00% | ||
Goodwill, Impaired, Accumulated Impairment Loss | $ 1,417,700 | $ 91,000 | |
Reduction in value of goodwill | $ 1,326,701 | $ 91,016 |
Summary Of Significant Accoun43
Summary Of Significant Accounting Policies (Summary Of Activity Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 2,468,409 | $ 2,458,109 | |
Acquisition activities | 1,170 | 13,909 | |
Reduction in value of assets | (1,326,701) | $ (91,016) | |
Foreign currency translation adjustments | (2,777) | (3,609) | |
Ending Balance | 1,140,101 | 2,468,409 | 2,458,109 |
Drilling Products And Services [Member] | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 142,839 | 144,872 | |
Foreign currency translation adjustments | (1,557) | (2,033) | |
Ending Balance | 141,282 | 142,839 | 144,872 |
Onshore Completion Services [Member] | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 1,419,550 | 1,419,550 | |
Reduction in value of assets | (740,000) | ||
Additional consideration paid for prior acquisitions | 44,000 | ||
Ending Balance | 723,550 | 1,419,550 | 1,419,550 |
Goodwill, Other Changes | 44,000 | ||
Production Services [Member] | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 906,020 | 893,687 | |
Acquisition activities | 1,170 | 13,909 | |
Reduction in value of assets | (586,701) | ||
Additional consideration paid for prior acquisitions | (44,000) | ||
Foreign currency translation adjustments | (1,220) | (1,576) | |
Ending Balance | 275,269 | $ 906,020 | $ 893,687 |
Goodwill, Other Changes | $ (44,000) |
Summary Of Significant Accoun44
Summary Of Significant Accounting Policies (Notes Receivable) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Notes Receivable [Abstract] | |||
Amount of notes receivable net | $ 115 | ||
Interest rate percentage to record present value of notes receivable | 6.58% | ||
AccelerationOfPlatformDecommissioningDate | 10 years | ||
Company recorded interest income | $ 1.7 | $ 1.6 | $ 2.6 |
Summary Of Significant Accoun45
Summary Of Significant Accounting Policies (Intangible And Other Long-Term Assets) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Escrow Deposit Required by Seller of Oil and Gas Properties | $ 58,400 | $ 58,400 | ||||
Reduction in value of assets | 175,618 | $ 755,632 | $ 807,637 | 1,738,887 | $ 300,078 | |
Amortization expense exclusive of debt acquisition costs | 23,000 | $ 25,900 | $ 26,200 | |||
Amortization of intangible assets exclusive of debt acquisitions costs for 2015 | 19,200 | 19,200 | ||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2016 | 18,600 | 18,600 | ||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2017 | 18,500 | 18,500 | ||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2018 | 18,300 | 18,300 | ||||
Amortization of intangible assets exclusive of debt acquisitions costs for 2019 | $ 18,000 | $ 18,000 | ||||
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 17 years | |||||
Trade Names [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Noncompete Agreements [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||
Unsecured Senior Notes Due 2021 [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Stated interest rate on unsecured senior notes | 7.125% | 7.125% |
Summary Of Significant Accoun46
Summary Of Significant Accounting Policies (Composition Of Intangible And Other Long-term Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Intangible Assets by Major Class [Line Items] | ||
Finite-Lived Intangible Assets, Net, Total | $ 213,205 | $ 304,061 |
Acquired Finite-lived Intangible Asset, Amount | 296,725 | 385,447 |
Finite-Lived Intangible Assets, Accumulated Amortization | (83,520) | (81,386) |
Customer Relationships [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Finite-Lived Intangible Assets, Net, Total | 192,155 | 274,741 |
Acquired Finite-lived Intangible Asset, Amount | 257,364 | 339,695 |
Finite-Lived Intangible Assets, Accumulated Amortization | (65,209) | (64,954) |
Trade Names [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Finite-Lived Intangible Assets, Net, Total | 20,748 | 28,114 |
Acquired Finite-lived Intangible Asset, Amount | 36,119 | 41,265 |
Finite-Lived Intangible Assets, Accumulated Amortization | (15,371) | (13,151) |
Noncompete Agreements [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Finite-Lived Intangible Assets, Net, Total | 302 | 1,206 |
Acquired Finite-lived Intangible Asset, Amount | 3,242 | 4,487 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (2,940) | $ (3,281) |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Decommissioning Liabilities) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Asset Retirement Obligation, Liabilities Incurred | $ 266 | $ 866 |
Summary Of Significant Accoun48
Summary Of Significant Accounting Policies (Summary Of The Activity For Company's Decommissioning Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ||||
Decommissioning liabilities, December 31, 2014 and 2013, respectively | $ 88,000 | $ 83,519 | ||
Liabilities acquired and incurred | 266 | 866 | ||
Liabilities settled | (579) | |||
Accretion | 5,016 | 4,470 | ||
Revision in estimated liabilities | 24,660 | (276) | ||
Total decommissioning liabilities, December 31, 2015 and 2014, respectively | $ 88,000 | $ 83,519 | $ 117,942 | $ 88,000 |
Less: current portion of decommissioning liabilities as of December 31, 2015 and 2014, respectively | 19,052 | |||
Long-term decommissioning liabilities, December 31, 2015 and 2014, respectively | $ 98,890 | $ 88,000 |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Earnings (Loss) Per Share) (Narrative) (Details) | 24 Months Ended |
Dec. 31, 2014shares | |
Summary Of Significant Accounting Policies [Abstract] | |
Antidilutive securities excluded from computation of earnings per share, share | 1,100,000 |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Financial Instruments) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Summary Of Significant Accounting Policies [Abstract] | ||
Fair value of debt | $ 1,508 | $ 1,624.3 |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Foreign Currency) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Foreign currency gains | $ (9.6) | $ 7.3 | $ 7.1 |
Summary Of Significant Accoun52
Summary Of Significant Accounting Policies (Derivative Instruments And Hedging Activities) (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Percentage of fixed rate debt | 62.00% | 61.00% |
Notional amount of interest rate swap | $ 300,000,000 | |
Variable interest rate, Adjustment | 90 days |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary Of Significant Accounting Policies [Abstract] | ||
Accumulated other comprehensive loss, net | $ (45,694) | $ (36,280) |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Cash Dividends) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Cash dividends declared per share | $ 0.32 | $ 0.24 | $ 0.08 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Recently Adopted Accounting Guidance) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Summary Of Significant Accounting Policies [Abstract] | |
Change in deferred tax balance due to reclassification | $ 32.1 |
Supplemental Cash Flow Inform56
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | $ 93,946 | $ 102,880 | $ 97,129 |
Cash paid for income taxes | 40,074 | 127,132 | 164,158 |
Details of business acquisitions: | |||
Fair Value of Assets Acquired | 29,468 | 34,964 | |
Fair value of liabilities | (5,125) | (10,942) | |
Cash paid | 24,343 | 24,022 | |
Less cash acquired | (16) | (225) | |
Net cash paid for acquisitions | 24,327 | 23,797 | |
Non-cash investing activity: | |||
Capital Expenditures Incurred but Not yet Paid | $ 28,704 | $ 49,118 | 70,463 |
Non-cash financing activity: | |||
Dividends, Share-based Compensation, Cash | $ 12,759 |
Reduction in Value of Assets (N
Reduction in Value of Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Impairment Charges [Line Items] | ||||||
Revenue Derived from Venezuela | $ 9,500 | |||||
Reduction in Value of Assets Related to Exit of Venezuela Activities | $ 14,324 | |||||
Retirments of Long-Lived Assets | $ 42,545 | 14,418 | ||||
Reduction in Value of Long-Lived Assets | 330,194 | 180,320 | ||||
Reduction in value of goodwill | 1,326,701 | 91,016 | ||||
Reduction in value of assets | $ 175,618 | $ 755,632 | $ 807,637 | 1,738,887 | 300,078 | |
Impairment of Intangible Assets, Finite-lived | 68,900 | |||||
Impairment of Long-Lived Assets Held-for-use | 343,300 | |||||
Allowance for Notes Receivables | 16,800 | 16,800 | ||||
Restructuring Charges | 46,800 | |||||
Impairment of operating leases | 20,200 | |||||
Restructuring Reserve, Current | 7,200 | 7,200 | ||||
Restructuring Reserve, Noncurrent | $ 11,100 | 11,100 | ||||
Drilling Products And Services [Member] | ||||||
Asset Impairment Charges [Line Items] | ||||||
Reduction in value of assets | 40,237 | 2,292 | ||||
Impairment of Long-Lived Assets Held-for-use | 40,200 | |||||
Technical Solutions [Member] | ||||||
Asset Impairment Charges [Line Items] | ||||||
Reduction in value of other assets | 31,900 | |||||
Retirments of Long-Lived Assets | 6,400 | |||||
Reduction in value of assets | 124,904 | 252,243 | ||||
Impairment of Intangible Assets, Finite-lived | 3,000 | |||||
Impairment of Long-Lived Assets Held-for-use | 68,900 | 122,800 | ||||
Production Services [Member] | ||||||
Asset Impairment Charges [Line Items] | ||||||
Retirments of Long-Lived Assets | 15,200 | 2,200 | ||||
Reduction in value of goodwill | 586,701 | |||||
Reduction in value of assets | 790,517 | 28,568 | ||||
Impairment of Intangible Assets, Finite-lived | 59,500 | |||||
Impairment of Long-Lived Assets Held-for-use | 89,700 | 11,400 | ||||
Onshore Completion Services [Member] | ||||||
Asset Impairment Charges [Line Items] | ||||||
Retirments of Long-Lived Assets | 27,300 | 5,800 | ||||
Reduction in value of goodwill | 740,000 | |||||
Reduction in value of assets | 783,229 | $ 16,975 | ||||
Impairment of Long-Lived Assets Held-for-use | $ 15,900 | $ 11,200 |
Reduction in Value of Assets (C
Reduction in Value of Assets (Components of the Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | |
Reduction In Value Of Assets [Abstract] | |||||
Reduction in value of assets | $ 175,618 | $ 755,632 | $ 807,637 | $ 1,738,887 | $ 300,078 |
Reduction in Value of Assets Related to Exit of Venezuela Activities | 14,324 | ||||
Reduction in Value of Long-Lived Assets | 330,194 | 180,320 | |||
Reduction in value of goodwill | 1,326,701 | 91,016 | |||
Retirments of Long-Lived Assets | 42,545 | $ 14,418 | |||
Reduction in value of assets related to sale of a business | $ 39,447 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment Included in Discontinued Operations | $ 119,300 | ||
Long-term assets | $ 92,634 | $ 91,940 | |
Subsea Construction Marine Vessels Member | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment Included in Discontinued Operations | 25,800 | 98,300 | |
Gain on sale of assets, disposal group accounted for as discontinued operations | $ 18,800 | ||
Subsea Construction Intangible Assets Member | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment Included in Discontinued Operations | 15,400 | ||
Conventional Decommissioning Long-lived Assets Member | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment Included in Discontinued Operations | $ 8,800 | $ 5,600 |
Discontinued Operations (Compon
Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations [Abstract] | |||||||||||
Revenues | $ 18,723 | $ 145,463 | $ 261,767 | ||||||||
Income tax expense (benefit) | (5,626) | (19,330) | (15,439) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax (benefit) expense | $ (22,848) | $ (4,610) | $ (9,857) | $ (9,640) | $ (7,238) | $ (5,886) | $ (3,895) | $ (5,954) | $ (46,955) | $ (22,973) | $ (156,903) |
Discontinued Operations (Assets
Discontinued Operations (Assets And Liabilities of Disposal Groups) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||
Accounts receivable, net | $ 1,234 | $ 16,701 |
Prepaid expenses | 330 | 2,463 |
Disposal group inventory and other current assets | 1,036 | 5,576 |
Assets of Disposal Group, Including Discontinued Operation, Current | 2,600 | 24,740 |
Disposal group property, plant and equipment, net | 92,634 | 91,171 |
Intangible and other long-term assets, net | 769 | |
Long-term assets | 92,634 | 91,940 |
Accounts payable | 1,007 | 20,530 |
Accrued expenses | 3,654 | 24,496 |
Current liabilities | $ 4,661 | 45,026 |
Other long-term liabilities | $ 16,814 |
Property, Plant and Equipment a
Property, Plant and Equipment alt (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant And Equipment [Abstract] | |||
Impairment of long lived assets | $ 343.3 | ||
Leasehold Improvements, Gross | 84.9 | $ 93.3 | |
Depreciation | $ 584.1 | $ 620.6 | $ 572.9 |
Property, Plant and Equipment63
Property, Plant and Equipment (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | $ 4,402,147 | $ 5,003,381 |
Accumulated depreciation and depletion | (2,278,856) | (2,269,542) |
Property, plant and equipment, net | 2,123,291 | 2,733,839 |
Buildings, Improvements And Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 318,906 | 328,651 |
Marine Vessels And Equipment [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 87 | 55,494 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 3,770,959 | 4,126,570 |
Automobiles, trucks, tractors and trailers [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 45,013 | 66,032 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 67,483 | 75,631 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 74,683 | 102,895 |
Land [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 58,731 | 58,814 |
Oil and Gas Properties [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | $ 66,285 | $ 189,294 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |
Term Loan A, Amount Outstanding | $ 325 |
Revolving portion of credit facility, borrowing capacity | 600 |
Revolving portion of credit facility, amount outstanding | 325 |
Line of Credit Facility, Current Borrowing Capacity | 470.3 |
Letters of Credit Outstanding, Amount | 42.2 |
Unsecured Senior Notes Due 2019 [Member] | |
Debt Instrument [Line Items] | |
Senior Notes | $ 500 |
Stated interest rate on unsecured senior notes | 6.375% |
Unsecured Senior Notes Due 2021 [Member] | |
Debt Instrument [Line Items] | |
Senior Notes | $ 800 |
Stated interest rate on unsecured senior notes | 7.125% |
Debt (Summary Of Long-Term Debt
Debt (Summary Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Current | $ 29,957 | $ 20,941 |
Long-term debt, gross | 1,608,089 | 1,627,842 |
Long-term Debt, Excluding Current Maturities, Total | 1,588,263 | 1,600,373 |
Accumulated Amortization, Deferred Finance Costs | (19,826) | (27,469) |
Other long term debt instrument [member] | ||
Debt Instrument [Line Items] | ||
Current | 9,957 | 941 |
Long-term debt, gross | 3,089 | 2,842 |
Term Loan, Interest Payable Monthly At Floating Rate And Principal Payable Quarterly, Due December 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Current | 20,000 | 20,000 |
Long-term debt, gross | 305,000 | 325,000 |
Senior Notes, Interest Payable Semiannually At 6 3/8%, Due May 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 500,000 | 500,000 |
Senior Notes, Interest Payable Semiannually At 7 1/8%, Due December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 800,000 | $ 800,000 |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt [Abstract] | |
2,016 | $ 29,957 |
2,017 | 306,705 |
2,018 | 1,384 |
2,019 | 500,000 |
Thereafter | 800,000 |
Total | $ 1,638,046 |
Stock-Based And Long-Term Com67
Stock-Based And Long-Term Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 01, 2013 | |
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Common Stock Reserved for Issuance, Shares Remaining | 8,700,000 | |||
Compensation expense | $ 45,572 | $ 44,074 | $ 35,060 | |
Tax benefit from exercising stock options | 900 | $ 5,600 | $ 700 | |
Compensation expense expected to recognize in 2015 | 19,300 | |||
Compensation expense expected to recognize in 2016 | 10,300 | |||
Compensation expense expected to recognize in 2017 | $ 400 | |||
Shares issued under Employee Stock Purchase Plan, shares | 332,467 | 246,480 | 185,407 | |
Proceed from issue of shares under employee stock purchase plans | $ 4,803 | $ 4,870 | $ 4,124 | |
Common stock reserved for issuance | 14,850,000 | 8,000,000 | ||
Long-term liability | $ 17,367 | $ 14,720 | ||
Current liability | 721 | 2,291 | ||
Deferred compensation, compensation expense | 2,100 | 1,600 | 1,200 | |
Deferred compensation plan assets | 11,548 | 12,982 | ||
Other income (expense) | $ (9,476) | (7,681) | (5,511) | |
Employee Stock Option [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Share-based payment vesting period, years | 3 years | |||
Share-based payment expiration period, years | 10 years | |||
Compensation expense | $ 3,663 | 3,900 | 3,586 | |
Intrinsic value of options exercised | 2,300 | 17,100 | 5,100 | |
Cash received from exercising options | 8,800 | 10,600 | 6,300 | |
Unrecognized compensation expense related to non-vested options oustanding | 3,900 | |||
Compensation expense expected to recognize in 2015 | 2,600 | |||
Compensation expense expected to recognize in 2016 | $ 1,300 | |||
Restricted Stock [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Share-based payment vesting period, years | 3 years | |||
Compensation expense | $ 9,219 | $ 15,800 | 21,460 | |
Unrecognized compensation expense related to non-vested options oustanding | $ 400 | |||
Shares outstanding | 292,937 | 1,022,280 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 17.88 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 23.13 | $ 24.08 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 12,100 | $ 23,000 | 9,600 | |
Restricted Stock Units (RSUs) [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | 19,699 | $ 11,282 | ||
Unrecognized compensation expense related to non-vested options oustanding | $ 30,000 | |||
Resticted stock granted | 2,162,146 | |||
Shares outstanding | 2,787,889 | 1,416,477 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 18.51 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 20.41 | $ 26.40 | ||
Performance Shares [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | $ 10,733 | $ 10,688 | 10,014 | |
Shares outstanding | 370,822 | |||
Performance period of PSU grant, years | 3 years | |||
Portion of equivalent value in common stock of company after meeting service requirements, at discretion of compensation committee | 50.00% | |||
Performance Share Units Outstanding, in 2014 | 112,922 | |||
Performance Share Units Outstanding, in 2015 | 123,079 | |||
Performance Share Units Outstanding, in 2016 | 134,821 | |||
Strategic Performance Shares [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | $ 2,258 | 2,404 | ||
2013 Employee Stock Purchase Plan Member | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | $ 835 | 1,078 | 947 | |
Common stock reserved for issuance | 3,000,000 | |||
Supplemental Executive Retirement Plan [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Employers Contribution to be received by plan participants, Minimum | 5.00% | |||
Employers Contribution to be received by plan participants, Maximum | 35.00% | |||
Employers contribution | $ 1,200 | |||
Distribution to select participants | $ 3,700 | 3,000 | 3,000 | |
Other Pension Plan [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Maximum employee contribution to be matched by employer | 4.00% | |||
Maximum empoyee contribution | 75.00% | |||
Company contribution, percent | 100.00% | |||
Company discretionary contributions | $ 13,900 | $ 16,700 | $ 16,000 | |
Non-Qualified Deferred Compensation Plans [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Maximum portion of base salary to defer under non-qualified deferred compensation plan | 75.00% | |||
Maximum portion of bonus to defer under non-qualified deferred compensation plan | 100.00% | |||
Non-employee cash deferred to non-qualified compensation plan | 100.00% | |||
Maximum of cash portion of PSU compensation to defer under non-qualified deferred compensation plan | 100.00% | |||
Non-employee RSU deferred to non-qualified compensation plan | 100.00% |
Stock-Based And Long-Term Com68
Stock-Based And Long-Term Compensation (Summary Of The Valuation Assumptions Used To Calculate The Fair Value Of Stock Option Grants) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average fair value of grants | $ 6.25 | $ 6.95 | $ 8.98 |
Black-Scholes-Merton Assumptions: | |||
Risk free interest rate | 1.33% | 1.42% | 0.63% |
Expected life (years) | 5 years | 4 years | 4 years |
Volatility | 47.07% | 34.50% | 48.41% |
Dividend yield | 1.30% | 1.23% |
Stock-Based And Long-Term Com69
Stock-Based And Long-Term Compensation (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summarization of stock option activity | ||
Number of options outstanding, beginning | 4,484,505 | |
Number of options granted | 612,665 | |
Number of options exercised | (506,029) | |
Number of options outstanding, ending | 4,591,141 | 4,484,505 |
Number of options exercisable | 3,488,262 | |
Number of options expected to vest | 1,102,879 | |
Weighted average option price outstanding, beginning | $ 23.76 | |
Weighted average option price granted | 17.27 | |
Weighted average option price excercised | 17.43 | |
Weighted average option price outstanding, ending | 23.60 | $ 23.76 |
Weighted average option price exercisable | $ 24.48 | |
Weighted average option price expected to vest | $ 20.81 | |
Weighted average remaining contractual term, outstanding | 5 years 3 months 18 days | 5 years 1 month 6 days |
Weighted average remaining contractual term, exercisable | 4 years 3 months 18 days | |
Weighted average remaining contractual term, expected to vest | 8 years 6 months | |
Aggregate intrinsic value, outstanding | $ 256 | $ 4,095 |
Aggregate intrinsic value, exercisable | $ 256 |
Stock-Based And Long-Term Com70
Stock-Based And Long-Term Compensation (Summary Of Non-Vested Stock Option Activity) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Summarizes Non-vested Stock Option [Abstract] | |
Number of Option, Beginning Balance | shares | 824,488 |
Number of Option, Granted | shares | 612,665 |
Number of Option, Vested | shares | (334,274) |
Number of Option, Ending Balance | shares | 1,102,879 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 7.83 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 17.27 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 25.01 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 20.81 |
Stock-Based And Long-Term Com71
Stock-Based And Long-Term Compensation (Summary Of The Status Of Restricted Stock) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of restricted stock | ||
Beginning balance | 1,022,280 | |
Shares, vested | (678,880) | |
Shares, fofeited | (50,463) | |
Ending balance | 292,937 | 1,022,280 |
Weighted average grant date fair value, beginning balance | $ 24.08 | |
Weighted average grant date fair value, granted | $ 23.14 | |
Weighted average grant date fair value, vested | 17.88 | |
Weighted average grant date fair value, forfeited | 23.26 | |
Weighted average grant date fair value, ending balance | $ 23.13 | $ 24.08 |
Stock-Based And Long-Term Com72
Stock-Based And Long-Term Compensation (Summary Of The Activity Of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | shares | 1,416,477 |
Granted | shares | 2,162,146 |
Shares, vested | shares | (460,400) |
Shares, fofeited | shares | (330,334) |
Ending balance | shares | 2,787,889 |
Weighted average grant date fair value, beginning balance | $ / shares | $ 26.40 |
Weighted average grant date fair value, granted | $ / shares | 17.74 |
Weighted average grant date fair value, vested | $ / shares | 18.51 |
Weighted average grant date fair value, forfeited | $ / shares | 20.16 |
Weighted average grant date fair value, ending balance | $ / shares | $ 20.41 |
Stock-Based And Long-Term Com73
Stock-Based And Long-Term Compensation (Summary Of Compensation Expense and Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | $ 45,572 | $ 44,074 | $ 35,060 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 12,055 | 11,463 | 9,267 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 3,663 | 3,900 | 3,586 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,355 | 1,443 | 1,327 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 9,219 | 15,800 | 21,460 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 3,411 | 5,846 | 7,940 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 19,699 | 11,282 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 7,289 | 4,174 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 10,733 | 10,688 | 10,014 |
2013 Employee Stock Purchase Plan Member | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | $ 835 | $ 1,078 | $ 947 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 36 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ||||
U.S. Federal income tax rate | 35.00% | |||
net operating loss carryforwards | $ 102,100 | |||
Annual limitation on utilization of net operating loss carryforwards | 500 | |||
Deferred tax assets, various state | 25,200 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 31,800 | |||
Undistributed earnings of foreign subsidiaries | 52,000 | |||
Unrecorded tax benefits | $ 29,715 | $ 30,344 | $ 29,899 | $ 26,399 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $ (2,069,019) | $ 372,672 | $ 165,463 |
Foreign | 9,236 | 69,517 | (64,706) |
Income from continuing operations before income taxes | $ (2,059,783) | $ 442,189 | $ 100,757 |
Income Taxes (Schedule Of Com76
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current, federal | $ (952) | $ 150,997 | $ 19,897 |
Current, state | 2,818 | 11,339 | 10,816 |
Current, foreign | 19,227 | 36,287 | 25,613 |
Current, total | 21,093 | 198,623 | 56,326 |
Deferred, federal | (249,193) | (33,172) | (6,341) |
Deferred, state | (10,034) | 648 | 386 |
Deferred, foreign | (13,886) | (4,700) | 4,901 |
Deferred income taxes | (273,113) | (37,224) | (1,054) |
Income Tax Expense (Benefit), Total | $ (252,020) | $ 161,399 | $ 55,272 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed expected tax expense (benefit) | $ (720,923) | $ 154,766 | $ 35,265 |
Increase (decrease) resulting from State and foreign income taxes | (6,353) | 8,467 | (852) |
Increase (decrease) resulting other | 10,861 | (1,834) | (14,015) |
Income Tax Expense (Benefit), Total | (252,020) | $ 161,399 | 55,272 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $ 464,395 | $ 34,874 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets [Abstract] | ||
Allowance for doubtful accounts | $ 8,275 | $ 3,942 |
Operating loss and tax credit carryforwards | 92,798 | 21,928 |
Compensation and employee benefits | 59,310 | 57,045 |
Decommissioning liabilities | 30,400 | 21,029 |
Other | 57,768 | 50,641 |
Deferred tax assets, gross | 248,551 | 154,585 |
Valuation allowance | (5,395) | |
Net deferred tax assets | 243,156 | 154,585 |
Components of Deferred Tax Liabilities [Abstract] | ||
Property, plant and equipment | 469,728 | 648,054 |
Notes receivable | 14,796 | 5,718 |
Goodwill and other intangible assets | 119,661 | 138,017 |
Other | 22,040 | 33,654 |
Deferred tax liabilities | 626,225 | 825,443 |
Net deferred tax liability | $ (383,069) | $ (670,858) |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Liabilities Classified In The Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Liabilities, Net, Classification [Abstract] | ||
Noncurrent deferred income taxes | $ (383,069) | $ (670,858) |
Net deferred tax liability | $ (383,069) | $ (670,858) |
Income Taxes (Summary Of Activi
Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, December 31, 2014, 2013 and 2012, respectively | $ 30,344 | $ 29,899 | $ 26,399 |
Additions based on tax positions related to prior years | 6,752 | 7,860 | 5,065 |
Reductions based on tax positions related to prior years | (7,381) | (7,415) | (1,565) |
Unrecognized tax benefits, December 31, 2015, 2014 and 2013, respectively | $ 29,715 | $ 30,344 | $ 29,899 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 545,150 | $ 601,396 | $ 710,784 | $ 917,235 | $ 1,178,626 | $ 1,209,026 | $ 1,107,552 | $ 1,061,418 | $ 2,774,565 | $ 4,556,622 | $ 4,350,057 |
Cost of goods and services | 397,548 | 420,485 | 465,533 | 582,246 | 711,243 | 721,692 | 650,293 | 651,605 | 1,865,812 | 2,734,833 | 2,633,590 |
Depreciation, depletion, amortization and accretion | 144,818 | 146,757 | 158,352 | $ 162,220 | 157,377 | $ 170,154 | $ 160,965 | $ 162,318 | 612,147 | 650,814 | 604,441 |
General and administrative expenses | 510,708 | 624,371 | 597,778 | ||||||||
Reduction in the value of assets | 175,618 | $ 755,632 | $ 807,637 | 1,738,887 | 300,078 | ||||||
Income from operations | (1,952,989) | 546,604 | 214,170 | ||||||||
Interest expense, net | 97,318 | 96,734 | 107,902 | ||||||||
Other Expense | (9,476) | (7,681) | (5,511) | ||||||||
Income (loss) from continuing operations before income taxes | (2,059,783) | 442,189 | 100,757 | ||||||||
Identifiable Assets | 4,914,244 | 7,317,782 | 4,914,244 | 7,317,782 | 7,366,943 | ||||||
Capital Expenditures | 358,226 | 616,102 | 608,960 | ||||||||
Drilling Products And Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 583,139 | 904,358 | 820,538 | ||||||||
Cost of goods and services | 196,921 | 282,023 | 268,127 | ||||||||
Depreciation, depletion, amortization and accretion | 194,061 | 186,642 | 168,391 | ||||||||
General and administrative expenses | 127,525 | 149,967 | 136,244 | ||||||||
Reduction in the value of assets | 40,237 | 2,292 | |||||||||
Income from operations | 24,395 | 285,726 | 245,484 | ||||||||
Income (loss) from continuing operations before income taxes | 24,395 | 285,726 | 245,484 | ||||||||
Identifiable Assets | 1,223,191 | 1,284,842 | 1,223,191 | 1,284,842 | 1,237,842 | ||||||
Capital Expenditures | 129,504 | 274,752 | 246,479 | ||||||||
Onshore Completion Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 934,274 | 1,732,833 | 1,607,268 | ||||||||
Cost of goods and services | 773,119 | 1,205,443 | 1,091,956 | ||||||||
Depreciation, depletion, amortization and accretion | 225,667 | 233,430 | 216,152 | ||||||||
General and administrative expenses | 121,289 | 159,687 | 158,448 | ||||||||
Reduction in the value of assets | 783,229 | 16,975 | |||||||||
Income from operations | (969,030) | 134,273 | 123,737 | ||||||||
Income (loss) from continuing operations before income taxes | (969,030) | 134,273 | 123,737 | ||||||||
Identifiable Assets | 1,929,185 | 2,993,824 | 1,929,185 | 2,993,824 | 2,961,390 | ||||||
Capital Expenditures | 103,001 | 152,742 | 101,854 | ||||||||
Production Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 759,606 | 1,350,956 | 1,434,990 | ||||||||
Cost of goods and services | 594,286 | 941,030 | 1,002,628 | ||||||||
Depreciation, depletion, amortization and accretion | 130,267 | 164,672 | 177,532 | ||||||||
General and administrative expenses | 139,304 | 187,526 | 190,647 | ||||||||
Reduction in the value of assets | 790,517 | 28,568 | |||||||||
Income from operations | (894,768) | 57,728 | 35,615 | ||||||||
Interest expense, net | 2,013 | ||||||||||
Income (loss) from continuing operations before income taxes | (896,781) | 57,728 | 35,615 | ||||||||
Identifiable Assets | 967,719 | 2,098,592 | 967,719 | 2,098,592 | 2,158,653 | ||||||
Capital Expenditures | 72,048 | 88,870 | 122,946 | ||||||||
Technical Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 497,546 | 568,475 | 487,261 | ||||||||
Cost of goods and services | 301,486 | 306,337 | 270,879 | ||||||||
Depreciation, depletion, amortization and accretion | 62,152 | 66,070 | 42,366 | ||||||||
General and administrative expenses | 122,590 | 127,191 | 112,439 | ||||||||
Reduction in the value of assets | 124,904 | 252,243 | |||||||||
Income from operations | (113,586) | 68,877 | (190,666) | ||||||||
Interest expense, net | (1,707) | (1,577) | (1,323) | ||||||||
Other Expense | 836 | ||||||||||
Income (loss) from continuing operations before income taxes | (111,879) | 70,454 | (188,507) | ||||||||
Identifiable Assets | $ 794,149 | $ 940,524 | 794,149 | 940,524 | 1,009,058 | ||||||
Capital Expenditures | 53,673 | 99,738 | 137,681 | ||||||||
Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest expense, net | 97,012 | 98,311 | 109,225 | ||||||||
Other Expense | (9,476) | (7,681) | (6,347) | ||||||||
Income (loss) from continuing operations before income taxes | $ (106,488) | $ (105,992) | $ (115,572) |
Segment Information (Schedule82
Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Assets | $ 4,914,244 | $ 7,317,782 | $ 7,366,943 |
Drilling Products And Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,223,191 | 1,284,842 | 1,237,842 |
Onshore Completion Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,929,185 | 2,993,824 | 2,961,390 |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 967,719 | 2,098,592 | 2,158,653 |
Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 794,149 | $ 940,524 | $ 1,009,058 |
Segment Information (Schedule83
Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 545,150 | $ 601,396 | $ 710,784 | $ 917,235 | $ 1,178,626 | $ 1,209,026 | $ 1,107,552 | $ 1,061,418 | $ 2,774,565 | $ 4,556,622 | $ 4,350,057 |
Total, Revenues | 545,150 | $ 601,396 | $ 710,784 | $ 917,235 | 1,178,626 | $ 1,209,026 | $ 1,107,552 | $ 1,061,418 | 2,774,565 | 4,556,622 | 4,350,057 |
Property, plant and equipment, net | 2,123,291 | 2,733,839 | 2,123,291 | 2,733,839 | |||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,185,071 | 3,848,929 | 3,674,825 | ||||||||
Total, Revenues | 2,185,071 | 3,848,929 | 3,674,825 | ||||||||
Long-lived assets | 1,799,418 | 2,416,306 | 1,799,418 | 2,416,306 | |||||||
Other Countries Member | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 589,494 | 707,693 | 675,232 | ||||||||
Total, Revenues | 589,494 | 707,693 | $ 675,232 | ||||||||
Long-lived assets | $ 323,873 | $ 317,533 | $ 323,873 | $ 317,533 |
Segment Information (Schedule84
Segment Information (Schedule of Capital Expenditures, by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 358,226 | $ 616,102 | $ 608,960 |
Drilling Products And Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 129,504 | 274,752 | 246,479 |
Onshore Completion Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 103,001 | 152,742 | 101,854 |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 72,048 | 88,870 | 122,946 |
Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 53,673 | $ 99,738 | $ 137,681 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies (Textual) [Abstract] | |||
Rent expense | $ 29.6 | $ 26.2 | $ 25.6 |
2,016 | 45.7 | ||
2,017 | 32.4 | ||
2,018 | 23.3 | ||
2,019 | 16.1 | ||
2,020 | 10 | ||
Thereafter | $ 25.2 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Fair Value Measurements [Abstract] | |||
Interest rate swap agreement for notional amount | $ 300,000,000 | ||
Fair value of debt | 1,508,000,000 | $ 1,624,300,000 | |
Impairment of long lived assets | 343,300,000 | ||
Reduction in value of goodwill | 1,326,701,000 | $ 91,016,000 | |
Impairment of Long-Lived Assets Held-for-use | 343,300,000 | ||
Impairment of Intangible Assets, Finite-lived | $ 68,900,000 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | $ 721 | |
Intangible and other long-term assets | 11,548 | $ 12,982 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 6,905 | 4,183 |
Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | $ 17,367 | 14,720 |
Accounts payable | 2,291 | |
Level 1 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
Intangible and other long-term assets | $ 368 | $ 1,481 |
Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | ||
Level 1 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | ||
Accounts payable | ||
Level 2 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | $ 721 | |
Intangible and other long-term assets | 11,180 | $ 11,501 |
Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 6,905 | 4,183 |
Level 2 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | $ 17,367 | 14,720 |
Accounts payable | $ 2,291 | |
Level 3 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
Intangible and other long-term assets | ||
Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | ||
Level 3 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | ||
Accounts payable |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements Used in Testing) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | $ 68,890 | |||
Goodwill Fair Value Measurement Used in Testing for Impairment | 1,326,701 | |||
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | 177,442 | |||
Reduction in value of goodwill | $ 1,326,701 | $ 91,016 | ||
Impairment of Intangible Assets, Finite-lived | 68,900 | |||
Impairment of Long-Lived Assets Held-for-use | $ 343,300 | |||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | 6,345 | |||
Goodwill Fair Value Measurement Used in Testing for Impairment | 998,288 | |||
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | $ 179,612 | |||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | $ 18,296 | |||
Goodwill Fair Value Measurement Used in Testing for Impairment | 91,016 | |||
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | 243,781 | |||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | 4,355 | |||
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | $ 328,876 |
Derivative Financial Instrume89
Derivative Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Financial Instruments [Abstract] | |||
Derivative asset | $ 6,900,000 | $ 4,200,000 | |
Interest income (expense) related to the ineffectiveness associated with the fair value hedge | (2,700,000) | $ 3,800,000 | $ 800,000 |
Interest rate swap agreement for notional amount | $ 300,000,000 |
Derivative Financial Instrume90
Derivative Financial Instruments (Location And Effect Of The Derivative Instrument On The Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | $ (2,722) | $ (3,846) | $ 776 |
Hedged Item Debt [Member] | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | (790) | 7,208 | (12,303) |
Interest Rate Swap [Member] | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | $ (1,932) | $ (11,054) | $ 13,079 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Purchase of services | $ 221.1 | $ 164.8 | |
Trade Accounts Payable | 26.8 | ||
Ortowski Construction [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 0.7 | ||
Trade Accounts Payable | 0 | ||
ORTEQ Energy Services [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 92.1 | 52.8 | |
Trade Accounts Payable | 10.1 | ||
Resource Transport [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 21.6 | 14 | |
Trade Accounts Payable | 1.7 | ||
Texas Specialty Sands [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 79.3 | 69.1 | |
Trade Accounts Payable | 14 | ||
ProFuel LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 25.5 | 26.9 | |
Trade Accounts Payable | 1 | ||
TIMBER CREEK REAL ESTATE PARTNERS [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 1.9 | 2 | |
LINNENERGY[MEMBER] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 7.2 | 19.7 | $ 26.9 |
Accounts Receivable, Related Parties, Current | $ 2 | $ 1.6 |
Interim Financial Information92
Interim Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $ 545,150 | $ 601,396 | $ 710,784 | $ 917,235 | $ 1,178,626 | $ 1,209,026 | $ 1,107,552 | $ 1,061,418 | $ 2,774,565 | $ 4,556,622 | $ 4,350,057 |
Costs and Expenses [Abstract] | |||||||||||
Cost of services and rentals | 397,548 | 420,485 | 465,533 | 582,246 | 711,243 | 721,692 | 650,293 | 651,605 | 1,865,812 | 2,734,833 | 2,633,590 |
Depreciation, depletion, amortization and accretion | 144,818 | 146,757 | 158,352 | 162,220 | 157,377 | 170,154 | 160,965 | 162,318 | 612,147 | 650,814 | 604,441 |
Gross Profit | 2,784 | 34,154 | 86,899 | 172,769 | 310,006 | 317,180 | 296,294 | 247,495 | |||
Reduction in value of assets | 175,618 | 755,632 | 807,637 | 1,738,887 | 300,078 | ||||||
Net income (loss) from continuing operations | (214,547) | (816,587) | (775,132) | (1,497) | 73,364 | 85,743 | 79,057 | 42,626 | (1,807,763) | 280,790 | 45,485 |
Loss from discontinued operations, net of tax | (22,848) | (4,610) | (9,857) | (9,640) | (7,238) | (5,886) | (3,895) | (5,954) | (46,955) | (22,973) | (156,903) |
Net Income (Loss) | $ (237,395) | $ (821,197) | $ (784,989) | $ (11,137) | $ 66,126 | $ 79,857 | $ 75,162 | $ 36,672 | $ (1,854,718) | $ 257,817 | $ (111,418) |
Earnings Per Share [Abstract] | |||||||||||
Continuing operations, basic | $ (1.43) | $ (5.42) | $ (5.15) | $ (0.02) | $ 0.49 | $ 0.55 | $ 0.51 | $ 0.27 | $ (12.02) | $ 1.81 | $ 0.29 |
Continuing operations, diluted | 0.48 | 0.55 | 0.50 | 0.27 | (12.02) | 1.79 | 0.28 | ||||
Discontinued operations, basic | $ (0.15) | $ (0.03) | $ (0.07) | $ (0.06) | $ (0.05) | $ (0.03) | $ (0.03) | $ (0.04) | (0.31) | (0.15) | (0.99) |
Discontinued operations, diluted | $ (0.31) | $ (0.14) | $ (0.97) |
Supplementary Oil And Natural93
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Narrative) (Details) | 12 Months Ended | ||||||||||||
Dec. 31, 2015$ / Mcf | Dec. 31, 2015$ / Boe | Dec. 31, 2015$ / bbl | Dec. 31, 2015$ / BTU | Dec. 31, 2014$ / Mcf | Dec. 31, 2014$ / Boe | Dec. 31, 2014$ / bbl | Dec. 31, 2014$ / BTU | Dec. 31, 2014 | Dec. 31, 2013$ / Mcf | Dec. 31, 2013$ / Boe | Dec. 31, 2013$ / bbl | Dec. 31, 2013$ / BTU | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||||||||||||
Average sales prices | 2.82 | 47.17 | 4.95 | 92.86 | 3.98 | 101.85 | |||||||
Average production costs | $ / Boe | 10.38 | 7.29 | 10.70 | ||||||||||
Percentage of annual discount rate for future cash flows | 10.00% | ||||||||||||
Supplementary Oil and Natural Gas Disclosures (Textual) [Abstract] | |||||||||||||
Twelve month average price on the basis of which oil price is estimated | $ / bbl | 50.28 | 94.99 | 93.42 | ||||||||||
Twelve month average price on the basis of which gas price is estimated | $ / BTU | 2.66 | 4,350,000 | 3.67 |
Supplementary Oil And Natural94
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Schedule Of Proved Developed And Undeveloped Oil And Gas Reserves) (Details) MMcf in Thousands, MBbls in Thousands | 12 Months Ended | ||
Dec. 31, 2015MBblsMMcf | Dec. 31, 2014MBblsMMcf | Dec. 31, 2013MBblsMMcf | |
Oil [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Beginning balance | MBbls | 3,417 | 4,593 | 8,207 |
Revisions | MBbls | (381) | (438) | (3,203) |
Production | MBbls | (633) | (738) | (411) |
Ending balance | MBbls | 2,403 | 3,417 | 4,593 |
Proved-developed reserves: | |||
Proved Developed Reserves (Volume) | MBbls | 2,202 | 3,184 | 2,397 |
Proved-undeveloped reserves: | |||
Proved Undeveloped Reserve (Volume) | MBbls | 201 | 233 | 2,196 |
Natural Gas [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Beginning balance | MMcf | 7,136 | 6,952 | 11,284 |
Revisions | MMcf | (245) | 1,431 | (4,036) |
Production | MMcf | (1,517) | (1,247) | (296) |
Ending balance | MMcf | 5,374 | 7,136 | 6,952 |
Proved-developed reserves: | |||
Proved Developed Reserves (Volume) | MMcf | 5,216 | 6,945 | 2,100 |
Proved-undeveloped reserves: | |||
Proved Undeveloped Reserve (Volume) | MMcf | 158 | 191 | 4,852 |
Supplementary Oil And Natural95
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Cost Incurred In Oil And Gas Property Acquisition, Exploration, And Development Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Abstract] | |||
Development costs | $ 20,636 | $ 52,719 | $ 51,527 |
Total costs incurred | $ 20,636 | $ 52,719 | $ 51,527 |
Supplementary Oil And Natural96
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Capitalized Costs Relating To Oil And Gas Producing Activities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capitalized Costs, Oil and Gas Producing Activities, Net [Abstract] | ||
Proved oil and gas properties | $ 66,285 | $ 189,294 |
Accumulated depreciation, depletion and amortization | (55,864) | |
Capitalized costs, net | $ 66,285 | $ 133,430 |
Supplementary Oil And Natural97
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Schedule Of Ownership In Productive Oil And Natural Gas Wells) (Details) | Dec. 31, 2015item |
Company's ownership of productive oil and natural gas wells | |
Oil, gross | 11 |
Oil, net | 5.61 |
Supplementary Oil And Natural98
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Schedule Of Gas And Oil Acreage) (Details) | Dec. 31, 2015a |
Information relating to acreage held by the Company | |
Developed, gross acreage | 23,040 |
Undeveloped, gross acreage | 0 |
Total developed and undeveloped gross acreage | 23,040 |
Developed, net acreage | 11,750 |
Undeveloped, net acreage | 0 |
Total developed and undeveloped net Acreage | 11,750 |
Supplementary Oil And Natural99
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Schedule Of Drilling Activity) (Details) - item | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Exploratory Wells Drilled | ||
Exploratory wells productive, gross | 0 | 0 |
Exploratory wells non-productive, gross | 0 | 0 |
Exploratory wells productive and non-productive, gross | 0 | 0 |
Exploratory wells productive, net | 0 | 0 |
Exploratory wells non-productive, net | 0 | 0 |
Exploratory wells productive and non-productive, net | 0 | |
Development Wells Drilled | ||
Total Development Wells Net | 1.02 | 1.53 |
Non-Productive Development Wells Net | 0.51 | 0.51 |
Productive Development Wells Net | 0.51 | 1.02 |
Total Development Wells Gross | 2 | 3 |
Non-Productive Development Wells Gross | 1 | 1 |
Productive Development Wells Gross | 1 | 2 |
Supplementary Oil And Natura100
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Results Of Operations For Oil And Gas Producing Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Sales | $ 30,245 | $ 77,845 | $ 47,050 |
Production costs | 15,466 | 13,529 | 9,876 |
Depreciation, depletion and amortization | 37,623 | 38,768 | 12,032 |
Reduction in value of assets | 56,000 | ||
Income before income taxes | (78,844) | 25,548 | 25,142 |
Income tax expenses | (28,778) | 9,325 | 8,800 |
Results of operations from producing activities (excluding corporate overhead) | $ (50,066) | $ 16,223 | $ 16,342 |
Supplementary Oil And Natura101
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Standardized Measure [Abstract] | ||||
Standardized measure of discounted future net cash flows | $ 21,063 | $ 111,050 | $ 157,729 | $ 303,430 |
Future net cash flows | 1,301 | 94,016 | 168,370 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Future Cash Inflows | 127,048 | 336,944 | 496,704 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Future Production Costs | 43,010 | 71,209 | 82,487 | |
Future Net Cash Flows Relating to Prived Oil and Gas Reserves Future Develpment And Abandonment Costs | 84,090 | 111,374 | 156,340 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Future Income Tax Expense | (1,353) | 60,345 | 89,507 | |
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, 10 Percent Annual Discount for Estimated Timing of Cash Flows | $ (19,762) | $ (17,034) | $ 10,641 |
Supplementary Oil And Natura102
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Summary Of Changes In Standardized Measure Of Discounted Future Net Cash Flows Applicable To Proved Oil And Natural Gas Reserves) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | |||
Beginning of the period | $ 111,050 | $ 157,729 | $ 303,430 |
Net change in sales and transfer prices and in production (lifting) costs related to future production | (143,808) | (57,568) | (13,278) |
Changes in estimated future development costs | 3,787 | (5,512) | (48,594) |
Sales and transfers of oil and gas produced during the period | (14,779) | (64,316) | (45,866) |
Net change due to extensions, discoveries, and improved recovery | 6,737 | 75,304 | |
Net changes due to revisions in quantity estimates | (36,397) | (8,396) | (228,620) |
Previously estimated development costs incurred during period | 20,636 | 40,962 | 10,136 |
Accretion of discount | 17,606 | 24,251 | 46,711 |
Other-unspecified | 1,895 | 4,125 | (24,169) |
Net change in income taxes | 54,336 | 19,775 | 82,675 |
Aggregate change in the standardized measure of discounted future net cash flows for the year | (89,987) | (46,679) | (145,701) |
End of the period | $ 21,063 | $ 111,050 | $ 157,729 |
Valuation and Qualifying Acc103
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | $ 22,076 | $ 31,030 | $ 28,715 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 14,341 | 6,299 | 7,587 |
Valuation Allowances and Reserves, Deductions | 4,795 | 10,639 | 7,763 |
Valuation Allowances and Reserves, Reclassifications to Assets Held for Sale | 3,380 | 4,614 | (2,491) |
Valuation Allowances and Reserves, Balance, Ending Balance | $ 28,242 | $ 22,076 | $ 31,030 |