Superior Energy Services 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 25, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Superior Energy Services Inc
Entity Central Index Key	886,835
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		151,412,233
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	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 559,238	$ 564,017
Accounts receivable, net of allowance for doubtful accounts of $32,055 and $28,242 at March 31, 2016 and December 31, 2015, respectively	356,842	428,514
Prepaid expenses	49,291	42,298
Inventory and other current assets	154,503	165,062
Assets of Disposal Group, Including Discontinued Operation, Current	66,713	95,234
Total current assets	1,186,587	1,295,125
Property, plant and equipment, net of accumulated depreciation and depletion of $2,343,681 and $2,278,856 at March 31, 2016 and December 31, 2015, respectively	2,065,528	2,123,291
Goodwill	1,139,625	1,140,101
Notes receivable	53,325	52,382
Intangible and other long-term assets, net of accumulated amortization of $87,429 and $83,520 at March 31, 2016 and December 31, 2015, respectively	301,033	303,345
Total assets	4,746,098	4,914,244
Current liabilities:
Accounts payable	95,912	114,475
Accrued expenses	275,381	271,246
Income taxes payable	17,856	9,185
Current portion of decommissioning liabilities	22,625	19,052
Current maturities of long-term debt	6,028	29,957
Total current liabilities	421,297	448,576
Disposal Group, Including Discontinued Operation, Liabilities	3,495	4,661
Deferred income taxes	332,694	383,069
Decommissioning liabilities	97,011	98,890
Long-term debt, net	1,608,575	1,588,263
Other long-term liabilities	$ 179,499	$ 184,634
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 - 151,412,233 as of March 31, 2016 Authorized - 250,000,000, Issued and Outstanding - 150,861,500 at December 31, 2015	$ 151	$ 151
Additional Paid in Capital	2,664,761	2,664,517
Accumulated other comprehensive loss, net	(50,449)	(45,694)
Retained earnings	(507,441)	(408,162)
Total stockholders' equity	2,107,022	2,210,812
Total liabilities and stockholders' equity	$ 4,746,098	$ 4,914,244

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts	$ 32,055	$ 28,242
Accumulated depreciation and depletion on Property, plant and equipment	2,343,681	2,278,856
Accumulated amortization of Intangible and other long-term assets	$ 87,429	$ 83,520
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	151,412,233	150,861,500
Common stock, shares outstanding	151,412,233	150,861,500

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidated Statements of Operations [Abstract]
Services	$ 313,928	$ 685,465
Rentals	99,205	231,770
Total Revenues	413,133	917,235
Costs and expenses:
Cost of services (exclusive of items shown separately below)	285,339	582,246
Cost of Services	252,543	481,993
Cost of rentals	32,796	100,253
Depreciation, depletion, amortization and accretion	136,672	162,220
General and administrative expenses	103,155	150,962
Income from operations	(112,033)	21,807
Other income (expense):
Interest expense, net	(23,806)	(23,209)
Other Nonoperating Income (Expense)	7,755	(971)
Income from continuing operations before income taxes	(128,084)	(2,373)
Income taxes	(43,548)	(878)
Net income (loss) from continuing operations	(84,536)	(1,495)
Income (loss) from discontinued operations, net of tax	(2,267)	(9,640)
Net income	$ (86,803)	$ (11,135)
Earnings per share information:
Continuing Operations	$ (0.56)	$ (0.01)
Discontinued Operations	(0.01)	(0.06)
Basic and Diluted loss per share	(0.57)	(0.07)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.08	$ 0.08
Weighted average common shares used in computing earnings per share:
Basic	151,324	149,881

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statement of Comprehensive Income [Abstract]
Net income	$ (86,803)	$ (11,135)
Change in cumulative translation adjustment	(4,755)	(14,679)
Comprehensive income	$ (91,558)	$ (25,814)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ (86,803)	$ (11,135)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	136,672	162,223
Deferred income taxes	(55,371)	(4,767)
Stock based and performance share unit compensation expense	10,783	11,816
Other reconciling items, net	(63)	4,681
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	71,602	168,412
Inventory and other current assets	(6,529)	(14,992)
Accounts payable	(14,979)	(20,800)
Accrued expenses	(5,307)	(38,152)
Income taxes	8,987	(30,973)
Other, net	3,543	11,955
Net Cash Provided by (Used in) Operating Activities, Total	62,535	238,268
Cash flows from investing activities:
Payments for capital expenditures	(38,015)	(127,487)
Purchase of Leased Vessel		46,442
Other	1,880	1,900
Net Cash Provided by (Used in) Investing Activities, Total	(36,135)	(172,029)
Cash flows from financing activities:
Payment to Extinguish Capital Lease Obligation		20,933
Principal payments of long-term debt	(329,106)	(5,233)
Payment of debt acquisition costs	(2,364)
Payments of Ordinary Dividends, Common Stock	12,111	11,984
Proceeds from exercise of stock options		6,208
Other	(8,366)	(6,367)
Net Cash Provided by (Used in) Financing Activities, Total	(26,947)	(38,309)
Proceeds From Revolving Line Of Credit	325,000
Effect of exchange rate changes on cash	(4,232)	(6,147)
Net increase in cash and cash equivalents	(4,779)	21,783
Cash and cash equivalents at beginning of period	564,017
Cash and cash equivalents at end of period	$ 559,238	$ 414,829

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Basis of Presentation [Abstract]
Basis of Presentation	(1) Basis of Presentation  Certain information and footnote disclosures normally in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) ; however, management believes the disclosures that are made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Superior Energy Services, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015 , and Management’s Discussion and Analysis of Financial Condition and Results of Operations herein.  The financial information of Superior Energy Services, Inc. and subsidiaries (the Company) for the three months ended March 31, 2016 and 2015 has not been audited. However, in the opinion of management, all adjustments necessary to present fairly the results of operations for the periods presented have been included therein. Certain previously reported amounts have been reclassified to conform to the 2016 presentation. The results of operations for the first three months of the year are not necessarily indicative of the results of operations that might be expected for the entire year.  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. In management’s opinion, none of the pending litigation, disputes or claims is expected to have a material adverse effect on the Company’s financial condition, results of operations or liquidity.  The Company evaluates events that occur after the balance sheet date but before the financial statements are issued for potential recognition or disclosure. Based on the evaluation, the Company determined that there were no material subsequent events for recognition or disclosure other than those disclosed herein. 

Inventory

Inventory	3 Months Ended
	Mar. 31, 2016
Inventory [Abstract]
Inventory and Other Current Assets	(2 ) In ventory  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 our services provided to customers. The components of the inventory balances are as follows (in thousands):     March 31, 2016 December 31, 2015  Finished goods $ 71,377 $ 71,951  Raw materials 17,387 23,418  Work-in-process 6,276 18,203  Supplies and consumables 36,271 35,189  Total $ 131,311 $ 148,761   

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2016
Notes Receivable [Abstract]
Notes Receivable	(3 ) Notes Receivable  Notes receivable consist of a commitment from the seller of an oil and gas property acquired by the Company related to costs associated with the abandonment of the acquired property. 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 totals $ 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 completion of the decommissioning activities. The Company recorded interest income related to notes receivable of $ 0.9 million and $0.4 million for the three months ended March 31, 2016 and 2015 . 

Decommissioning Liabilities

Decommissioning Liabilities	3 Months Ended
	Mar. 31, 2016
Decommissioning Liabilities [Abstract]
Decommissioning Liabilities	(4 ) Decommissioning Liabilities  The Company’s decommissioning liabilities associa ted with an oil and gas property 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 liabilities have changed materially. The Company had decommissioning liabilities of $119.6 million and $117.9 million at March 31, 2016 and December 31, 2015, respectively. 

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt [Abstract]
Debt	(5 ) Debt  The Company’s outstanding debt is as follows (in thousands):     March 31, 2016 December 31, 2015  Long-term Current Long-term Current  Revolving credit facility due February 2019 $ 325,000 $ - $ - $ -  Senior Notes due May 2019 500,000 - 500,000 -  Senior Notes due December 2021 800,000 - 800,000 -  Term loan - - 305,000 20,000  Other 2,387 6,028 3,089 9,957  Total debt, gross 1,627,387 6,028 1,608,089 29,957  Unamortized debt issuance costs (18,812) - (19,826) -  Total debt $ 1,608,575 $ 6,028 $ 1,588,263 $ 29,957  Credit Facility  At December 31, 2015, the Company had a bank credit facility, comprised of a $ 600.0 million revolving credit facility and a $ 325.0 million term loan. In February 2016, the Company amended and extended its credit facility, resulting in a $470.3 million revolving credit facility which matures in 2019 and no longer has a term loan component. At March 31, 2016, the Company had $325.0 million of borrowings and $46.6 million of letters of credit outstanding under the credit facility. Amounts borrowed under the credit facility bear interest at LIBOR plus margins that depend on the Company’s credit rating.  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 and November 1 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 and December 15 of each year through the maturity date of December 15, 2021.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	(6 ) Derivative Financial Instruments  From time to time, the Company may employ interest rate swaps in an attempt to achieve a more balanced debt portfolio between fixed and variable interest. The Company does not use derivative financial instruments for trading or speculative purposes.  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 derivatives have been tested to be highly effective in offsetting changes in the fair value of the underlying notes. 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 . The Company recorded a derivative asset relating to these swaps of $9.6 million and $6.9 million within intangible and other long term assets in the consolidated balance sheets at March 31, 2016 and December 31, 2015 , respectively .  The location and effect of the derivative instruments on the condensed consolidated statement of operations, presented on a pre-tax basis, are as follows (in thousands):      Three Months Ended March 31,  Effect of derivative instrument Location of (gain) loss recognized 2016 2015  Interest rate swap Interest expense, net $ (5,197) $ (3,448)  Hedged item - debt Interest expense, net 2,490 2,185  $ (2,707) $ (1,263)    For the three months ended March 31, 2016 and 2015 , approximately $ 2.7 million and $ 1.3 million of interest income, 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Measurements	(7 ) 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.  Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.  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  March 31, 2016 Level 1 Level 2 Level 3  Intangible and other long-term assets, net  Non-qualified deferred compensation assets $ 11,653 $ 368 $ 11,285 -  Interest rate swaps $ 9,612 - $ 9,612 -  Accounts payable  Non-qualified deferred compensation liabilities $ 573 - $ 573 -  Other long-term liabilities  Non-qualified deferred compensation liabilities $ 17,582 - $ 17,582 -   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 -  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. 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 condensed 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 fair value of the Company’s cash equivalents, accounts receivable and current maturities of long-term debt approximates their carrying amounts. The fair value of the Company’s long-term debt was approximately $ 1,355.5 million and $ 1,508.0 million at March 31, 2016 and December 31, 2015 , respectively. The fair value of these debt instruments is determined by reference to the market value of the instruments as quoted in over-the-counter markets, which are Level 1 inputs.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Information [Abstract]
Segment Information	(8) 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. 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 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):    Three Months Ended March 31, 2016   Onshore  Drilling Completion  Products and and Workover Production Technical Consolidated  Services Services Services Solutions Unallocated Total  Revenues $ 96,570 $ 132,472 $ 96,746 $ 87,345 $ - $ 413,133  Cost of services and rentals  (exclusive of items shown separately below) 37,534 123,330 73,874 50,601 - 285,339  Depreciation, depletion, amortization and accretion 46,784 54,627 23,585 11,676 - 136,672  General and administrative expenses 28,547 25,050 24,431 25,127 - 103,155  Loss from operations (16,295) (70,535) (25,144) (59) - (112,033)  Interest income (expense), net - - (793) 943 (23,956) (23,806)  Other income - - - - 7,755 7,755  Income (loss) from continuing operations before income taxes $ (16,295) $ (70,535) $ (25,937) $ 884 $ (16,201) $ (128,084)       Three Months Ended March 31, 2015   Onshore  Drilling Completion  Products and and Workover Production Technical Consolidated  Services Services Services Solutions Unallocated Total  Revenues $ 196,636 $ 351,084 $ 251,379 $ 118,136 $ - $ 917,235  Cost of services and rentals  (exclusive of items shown separately below) 61,801 254,207 191,222 75,016 - 582,246  Depreciation, depletion, amortization and accretion 48,767 59,805 39,046 14,602 - 162,220  General and administrative expenses 38,843 38,264 43,306 30,549 - 150,962  Income (loss) from operations 47,225 (1,192) (22,195) (2,031) - 21,807  Interest income (expense), net - - 235 417 (23,861) (23,209)  Other expense - - - - (971) (971)  Income (loss) from continuing operations before income taxes $ 47,225 $ (1,192) $ (21,960) $ (1,614) $ (24,832) $ (2,373)       Identifiable Assets  Onshore  Drilling Completion  Products and and Workover Production Technical Consolidated  Services Services Services Solutions Unallocated Total  March 31, 2016 $ 1,288,642 $ 1,854,210 $ 870,763 $ 732,483 $ - $ 4,746,098  December 31, 2015 $ 1,223,191 $ 1,929,185 $ 967,719 $ 794,149 $ - $ 4,914,244  Geographic Segments  The Company attributes revenue to various countries based on the location of 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. The Company’s revenue attributed to the U.S. and to other countries and the value of its long-lived assets by those locations are as follows (in thousands):          Revenues  Three Months Ended March 31,  2016 2015  United States $ 303,576 $ 760,443  Other Countries 109,557 156,792  Total $ 413,133 $ 917,235   Long-Lived Assets  March 31, 2016 December 31, 2015  United States $ 1,726,577 $ 1,799,418  Other Countries 338,951 323,873  Total, net $ 2,065,528 $ 2,123,291  

Stock Based Compensation Plans

Stock Based Compensation Plans	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Stock Based Compensation Plans	( 9 ) Stock-Based Compensation Plans  The Company maintains various stock incentive plans that provide long-term incentives to the Company’s key employees, including officers, directors, consultants and advisors (Eligible Participants). Under the stock incentive plans, the Company may grant incentive stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, other stock-based awards or any combination thereof to Eligible Participants. The Company’s total compensation expense related to these plans was approximately $ 10.4 million and $ 11.6 million for the three months ended March 31, 2016 and 2015 , respectively, which is reflected in general and administrative expenses.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
Income Taxes	(1 0) Income Taxes  The Company had $ 29.7 million of unrecorded tax benefits at March 31, 2016 and December 31, 2015 , all of which would impact the Company’s effective tax rate if recognized. It is the Company’s policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings per Share	(11 ) Earnings per Share  Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares 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 common shares that could have been outstanding assuming the exercise of stock options and the conversion of restricted stock units.  For the three months ended March 3 1 , 201 6 and 2015 , the Company incurred a loss from co ntinuing operations; therefore the impact of any incremental shares would be anti-dilutive.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Dispositions [Abstract]
Discontinued Operations	(12 ) Discontinued Operations  During the first quarter of 2016, the Company’s management determined that the conventional decommissioning business no longer met the held for sale criteria at March 31, 2016. Accordingly, property, plant and equipment related to the conventional decommissioning business was reclassified back to continuing operations.  At March 31, 2016, the assets of the subsea construction business were being actively marketed and the Company’s management is committed to selling the remaining assets. At March 31, 2016 , the assets and liabilities of the subsea construction business were classified as held for sale.  The following table summarizes the components of loss from discontinued operations , net of tax (in thousands):   Three Months Ended March 31,  2016 2015  Revenues $ - $ 2,940   Loss from discontinued operations, net of tax benefit of $0 and $1,373, respectively (2,267) (9,640)  For the three months ended March 31, 2015, loss from discontinued operations included $0.5 million of loss related to the conventional decommissioning business.  The following summarizes the assets and liabilities related to the businesses reported as discontinued operations (in thousands):     March 31, 2016 December 31, 2015  Current assets $ 2,713 $ 2,600  Property, plant and equipment, net 64,000 92,634  Total assets $ 66,713 $ 95,234  Current liabilities $ 3,495 $ 4,661  At December 31, 2015, assets held for sale included $26.6 million of property, plant and equipment related to the conventional decommissioning business. The Company continues to actively market these assets.

Related Party Disclosures

Related Party Disclosures	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Disclosures	(1 3 ) Related Party Disclosures   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 and its subsidiaries of $1.5 million and $2.3 million for the three months ended March 31, 2016 and 2015 , respectively. The Company had trade receivables from Linn and its subsidiaries of $0.6 million and $2.0 million at March 31, 2016 and December 31, 2015 , respectively. 

Recently Issued Accounting Guid

Recently Issued Accounting Guidance	3 Months Ended
	Mar. 31, 2016
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements, Policy [Policy Text Block]	(14 ) Recently Issued Accounting Guidance  In March, 2016, the Financial Accounting Sta ndards Board (FASB) issued accounting standards update (ASU) 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which relates to the accounting for employee share-based payments. The guidance in this update addresses several aspects of the accounting for share-based payments, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The new standard is effective for the Company beginning on January 1, 2017. The Company is evalua ting the effect that ASU 2016-09 will have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016 - 02 , Leases , which requires lessees to recognize the assets and liabilities arising from leases on the balance sheet. The new standard is effective for the Company beginning on January 1, 2019 and should be applied using a modified retrospective approach. The Company is evalua ting the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures.  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.

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory [Abstract]
Schedule of Inventory, Current [Table Text Block]	   March 31, 2016 December 31, 2015  Finished goods $ 71,377 $ 71,951  Raw materials 17,387 23,418  Work-in-process 6,276 18,203  Supplies and consumables 36,271 35,189  Total $ 131,311 $ 148,761  

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	   March 31, 2016 December 31, 2015  Long-term Current Long-term Current  Revolving credit facility due February 2019 $ 325,000 $ - $ - $ -  Senior Notes due May 2019 500,000 - 500,000 -  Senior Notes due December 2021 800,000 - 800,000 -  Term loan - - 305,000 20,000  Other 2,387 6,028 3,089 9,957  Total debt, gross 1,627,387 6,028 1,608,089 29,957  Unamortized debt issuance costs (18,812) - (19,826) -  Total debt $ 1,608,575 $ 6,028 $ 1,588,263 $ 29,957 

Derivative Financial Instrume23

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Financial Instruments [Abstract]
Location and effect of the derivative instrument on the statements of operations	   Three Months Ended March 31,  Effect of derivative instrument Location of (gain) loss recognized 2016 2015  Interest rate swap Interest expense, net $ (5,197) $ (3,448)  Hedged item - debt Interest expense, net 2,490 2,185  $ (2,707) $ (1,263)   

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Summary of financial assets and liabilities measured at fair value on recurring basis	   Fair Value Measurements at Reporting Date Using  March 31, 2016 Level 1 Level 2 Level 3  Intangible and other long-term assets, net  Non-qualified deferred compensation assets $ 11,653 $ 368 $ 11,285 -  Interest rate swaps $ 9,612 - $ 9,612 -  Accounts payable  Non-qualified deferred compensation liabilities $ 573 - $ 573 -  Other long-term liabilities  Non-qualified deferred compensation liabilities $ 17,582 - $ 17,582 -   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 -  

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Information [Abstract]
Identifiable Assets	   Identifiable Assets  Onshore  Drilling Completion  Products and and Workover Production Technical Consolidated  Services Services Services Solutions Unallocated Total  March 31, 2016 $ 1,288,642 $ 1,854,210 $ 870,763 $ 732,483 $ - $ 4,746,098  December 31, 2015 $ 1,223,191 $ 1,929,185 $ 967,719 $ 794,149 $ - $ 4,914,244 
Company's information by geographic area	   Revenues  Three Months Ended March 31,  2016 2015  United States $ 303,576 $ 760,443  Other Countries 109,557 156,792  Total $ 413,133 $ 917,235   Long-Lived Assets  March 31, 2016 December 31, 2015  United States $ 1,726,577 $ 1,799,418  Other Countries 338,951 323,873  Total, net $ 2,065,528 $ 2,123,291  
Schedule Of Segment Reporting Information By Segment	    Three Months Ended March 31, 2016   Onshore  Drilling Completion  Products and and Workover Production Technical Consolidated  Services Services Services Solutions Unallocated Total  Revenues $ 96,570 $ 132,472 $ 96,746 $ 87,345 $ - $ 413,133  Cost of services and rentals  (exclusive of items shown separately below) 37,534 123,330 73,874 50,601 - 285,339  Depreciation, depletion, amortization and accretion 46,784 54,627 23,585 11,676 - 136,672  General and administrative expenses 28,547 25,050 24,431 25,127 - 103,155  Loss from operations (16,295) (70,535) (25,144) (59) - (112,033)  Interest income (expense), net - - (793) 943 (23,956) (23,806)  Other income - - - - 7,755 7,755  Income (loss) from continuing operations before income taxes $ (16,295) $ (70,535) $ (25,937) $ 884 $ (16,201) $ (128,084)       Three Months Ended March 31, 2015   Onshore  Drilling Completion  Products and and Workover Production Technical Consolidated  Services Services Services Solutions Unallocated Total  Revenues $ 196,636 $ 351,084 $ 251,379 $ 118,136 $ - $ 917,235  Cost of services and rentals  (exclusive of items shown separately below) 61,801 254,207 191,222 75,016 - 582,246  Depreciation, depletion, amortization and accretion 48,767 59,805 39,046 14,602 - 162,220  General and administrative expenses 38,843 38,264 43,306 30,549 - 150,962  Income (loss) from operations 47,225 (1,192) (22,195) (2,031) - 21,807  Interest income (expense), net - - 235 417 (23,861) (23,209)  Other expense - - - - (971) (971)  Income (loss) from continuing operations before income taxes $ 47,225 $ (1,192) $ (21,960) $ (1,614) $ (24,832) $ (2,373)  

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
Dispositions [Abstract]
Components of income (loss) from discontinued operations	  Three Months Ended March 31,  2016 2015  Revenues $ - $ 2,940   Loss from discontinued operations, net of tax benefit of $0 and $1,373, respectively (2,267) (9,640) 
Assets and liabilities of disposal groups	   March 31, 2016 December 31, 2015  Current assets $ 2,713 $ 2,600  Property, plant and equipment, net 64,000 92,634  Total assets $ 66,713 $ 95,234  Current liabilities $ 3,495 $ 4,661 

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory [Abstract]
Inventory	$ 131,311	$ 148,761
Finished Goods	71,377	71,951
Work in progress	6,276	18,203
Raw materials	17,387	23,418
Supplies and consumables	$ 36,271	$ 35,189

Notes Receivable (Details)

Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Notes Receivable [Abstract]
Amount of notes receivable net	$ 115,000
Interest rate percentage to record present value of notes receivable	6.58%
Company recorded interest income	$ 900	$ 400

Decommissioning Liabilities (De

Decommissioning Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Summary of the activity for the Company's decommissioning liabilities
Total decommissioning liabilities	$ 119,600	$ 117,900
Less: current portion of decommissioning liabilities	22,625	19,052
Long-term decommissioning liabilities	$ 97,011	$ 98,890

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Credit facility, total borrowing capacity	$ 470,300
Letters of Credit Outstanding, Amount	46,600
Revolving credit facility outstanding, amount	325,000
Long-term Debt, Gross	1,627,387	$ 1,608,089
Long-term Debt, Current Maturities	6,028	29,957
Unamortized debt issuance costs	18,812	19,826
Long-term Debt, Excluding Current Maturities, Total	1,608,575	1,588,263
Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, revolving borrowing capacity	600,000
Aggregate principal amount of term loan	325,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	325,000
Unsecured Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 500,000
Stated interest rate on unsecured senior notes	6.375%
Long-term Debt, Gross		500,000
Unsecured Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Senior Notes	$ 800,000
Long-term Debt, Gross	800,000	800,000
Other Debt Obligations [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	2,387	3,089
Long-term Debt, Current Maturities	$ 6,028	9,957
Term loan under credit facility [Member]
Debt Instrument [Line Items]
Credit Facility, Term Loan Amount Outstanding		305,000
Long-term Debt, Current Maturities		$ 20,000

Derivative Financial Instrume31

Derivative Financial Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Derivative Financial Instruments [Abstract]
Adjustment Interval of Variable Rate on Interest Rate Swap	90
Derivative asset	$ 9.6		$ 6.9
Interest income (expense) related to the ineffectiveness associated with the fair value hedge	2.7	$ 1.3
Interest rate swap agreement for notional amount	$ 100

Derivative Financial Instrume32

Derivative Financial Instruments (The location and effect of the derivative instrument on the condensed consolidated statement of operations, pre-tax basis) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, (Gain) Loss [Line Items]
Amount of (gain) loss recognized	$ (2,707)	$ (1,263)
Hedged Item Debt [Member]
Derivative Instruments, (Gain) Loss [Line Items]
Amount of (gain) loss recognized	2,490	2,185
Interest Rate Swap [Member] | Interest Expense, Net [Member]
Derivative Instruments, (Gain) Loss [Line Items]
Amount of (gain) loss recognized	$ (5,197)	$ (3,448)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Fair Value Measurements [Abstract]
Adjustment Interval of Variable Rate on Interest Rate Swap	90
Interest rate swap agreement for notional amount	$ 100
Fair value of long term debt	$ 1,355.5	$ 1,508

Fair Value Measurements (Financ

Fair Value Measurements (Financial assets and liabilities measured at fair value on a recurring basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Non-Qualified Deferred Compensation Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets, net	$ 11,653	$ 11,548
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets, net	9,612	6,905
Non Qualified Deferred Compensation Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	573	721
Other long-term liabilities	17,582	17,367
Level 1 [Member] | Non-Qualified Deferred Compensation Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets, net	$ 368	$ 368
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, net
Level 1 [Member] | Non Qualified Deferred Compensation Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable
Other long-term liabilities
Level 2 [Member] | Non-Qualified Deferred Compensation Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets, net	$ 11,285	$ 11,180
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, net	9,612	6,905
Level 2 [Member] | Non Qualified Deferred Compensation Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	573	721
Other long-term liabilities	$ 17,582	$ 17,367
Level 3 [Member] | Non-Qualified Deferred Compensation Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets, net
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, net
Level 3 [Member] | Non Qualified Deferred Compensation Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable
Other long-term liabilities

Segment Information (Financial

Segment Information (Financial information for Company's segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 413,133	$ 917,235
Cost of services (exclusive of items shown separately below)	285,339	582,246
Depreciation, depletion, amortization and accretion	136,672	162,220
General and administrative expenses	103,155	150,962
Income from operations	(112,033)	21,807
Interest income (expense), net	(23,806)	(23,209)
Other Nonoperating Income (Expense)	7,755	(971)
Income (loss) from continuing operations before income taxes	(128,084)	(2,373)
Identifiable Assets	4,746,098		$ 4,914,244
Subsea and Technical Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	87,345	118,136
Cost of services (exclusive of items shown separately below)	50,601	75,016
Depreciation, depletion, amortization and accretion	11,676	14,602
General and administrative expenses	25,127	30,549
Income from operations	(59)	(2,031)
Interest income (expense), net	943	417
Income (loss) from continuing operations before income taxes	884	(1,614)
Identifiable Assets	732,483		794,149
Production Services [Member]
Segment Reporting Information [Line Items]
Total revenues	96,746	251,379
Cost of services (exclusive of items shown separately below)	73,874	191,222
Depreciation, depletion, amortization and accretion	23,585	39,046
General and administrative expenses	24,431	43,306
Income from operations	(25,144)	(22,195)
Interest income (expense), net	(793)	235
Income (loss) from continuing operations before income taxes	(25,937)	(21,960)
Identifiable Assets	870,763		967,719
Onshore Completion and Workover Services [Member]
Segment Reporting Information [Line Items]
Total revenues	132,472	351,084
Cost of services (exclusive of items shown separately below)	123,330	254,207
Depreciation, depletion, amortization and accretion	54,627	59,805
General and administrative expenses	25,050	38,264
Income from operations	(70,535)	(1,192)
Income (loss) from continuing operations before income taxes	(70,535)	(1,192)
Identifiable Assets	1,854,210		1,929,185
Drilling Products and Services [Member]
Segment Reporting Information [Line Items]
Total revenues	96,570	196,636
Cost of services (exclusive of items shown separately below)	37,534	61,801
Depreciation, depletion, amortization and accretion	46,784	48,767
General and administrative expenses	28,547	38,843
Income from operations	(16,295)	47,225
Income (loss) from continuing operations before income taxes	(16,295)	47,225
Identifiable Assets	1,288,642		$ 1,223,191
Unallocated [Member]
Segment Reporting Information [Line Items]
Interest income (expense), net	(23,956)	(23,861)
Other Nonoperating Income (Expense)	7,755	(971)
Income (loss) from continuing operations before income taxes	$ (16,201)	$ (24,832)

Segment Information (Company's

Segment Information (Company's information by geographic area) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 413,133	$ 917,235
Long-lived assets	2,065,528		$ 2,123,291
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	303,576	760,443
Long-lived assets	1,726,577		1,799,418
Other Countries Member
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	109,557	$ 156,792
Long-lived assets	$ 338,951		$ 323,873

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation [Abstract]
Compensation expense	$ 10.4	$ 11.6

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Mar. 31, 2016USD ($)
Income Taxes [Abstract]
Unrecorded tax benefits	$ 29.7

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations before income tax	$ 0.5
Amount of notes receivable net		$ 115
Segment Conventional Decommissioning Business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment, net, of discontinued operations			$ 26.6

Discontinued Operations (Compon

Discontinued Operations (Components of income (loss) from discontinued operations, net of tax) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations before income tax		$ 500
Income tax expense (benefit)		(1,373)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (2,267)	(9,640)
Segment, Discontinued Operations [Member]
Income Statement Additional Disclosures by Disposal Groups Including Discontinued Operations [Line Items]
Revenues		2,940
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (2,267)	$ (9,640)

Discontinued Operations (Assets

Discontinued Operations (Assets and liabilities of disposal groups) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of Disposal Group, Including Discontinued Operation, Current	$ 66,713	$ 95,234
Segment, Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of Disposal Group, Including Discontinued Operation, Current	2,713	2,600
Property, plant and equipment, net, of discontinued operations	64,000	92,634
Disposal Group, Including Discontinued Operation, Assets, Total	66,713	95,234
Liabilities of Disposal Group, Including Discontinued Operation, Current	$ 3,495	$ 4,661

Related Party Disclosure (Detai

Related Party Disclosure (Details) - LINNENERGY[MEMBER] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 1.5	$ 2.3
Accounts Receivable, Related Parties, Current	$ 0.6		$ 2