Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34037 | |
Entity Registrant Name | SUPERIOR ENERGY SERVICES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-2379388 | |
Entity Address, Address Line One | 1001 Louisiana Street | |
Entity Address, Address Line Two | Suite 2900 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 654-2200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Central Index Key | 0000886835 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 19,998,695 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 76,269 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 359,511,000 | $ 314,974,000 |
Accounts receivable, net | 197,602,000 | 182,432,000 |
Income taxes receivable | 5,578,000 | 5,099,000 |
Prepaid expenses | 16,037,000 | 15,861,000 |
Inventory | 59,830,000 | 60,603,000 |
Investment in equity securities | 26,605,000 | 25,735,000 |
Other current assets | 5,748,000 | 6,701,000 |
Assets held for sale | 28,491,000 | 37,528,000 |
Total current assets | 699,402,000 | 648,933,000 |
Property, plant and equipment, net | 331,499,000 | 356,274,000 |
Notes receivable | 61,566,000 | 60,588,000 |
Restricted cash | 79,561,000 | 79,561,000 |
Other long-term assets, net | 52,331,000 | 54,152,000 |
Total assets | 1,224,359,000 | 1,199,508,000 |
Current liabilities: | ||
Accounts payable | 43,573,000 | 43,080,000 |
Accrued expenses | 107,027,000 | 108,610,000 |
Income taxes payable | 12,990,000 | 8,272,000 |
Liabilities held for sale | 3,678,000 | 5,607,000 |
Total current liabilities | 167,268,000 | 165,569,000 |
Decommissioning liabilities | 193,041,000 | 190,380,000 |
Deferred income taxes | 9,725,000 | 12,441,000 |
Other long-term liabilities | 86,281,000 | 89,385,000 |
Total liabilities | 456,315,000 | 457,775,000 |
Stockholders’ equity (deficit): | ||
Accumulated deficit | (136,452,000) | (162,178,000) |
Total stockholders' equity | 768,044,000 | 741,733,000 |
Total liabilities and stockholders' equity | 1,224,359,000 | 1,199,508,000 |
Common Class A [Member] | ||
Stockholders’ equity (deficit): | ||
Common Stock $0.001 par value | 200,000 | 200,000 |
Additional paid in capital | 902,486,000 | 902,486,000 |
Common Class B [Member] | ||
Stockholders’ equity (deficit): | ||
Common Stock $0.001 par value | 1,000 | 1,000 |
Additional paid in capital | $ 1,809,000 | $ 1,224,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 19,998,695 | 19,998,695 |
Common stock, shares outstanding | 19,998,695 | 19,998,695 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 113,840 | 76,269 |
Common stock, shares outstanding | 113,840 | 76,269 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Revenues: | |||
Total revenues | $ 45,928 | $ 105,843 | $ 197,930 |
Costs and expenses: | |||
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 29,773 | 68,037 | 112,380 |
Depreciation, depletion, amortization and accretion | 8,358 | 40,030 | 34,085 |
General and administrative expenses | 11,052 | 18,438 | 32,018 |
Restructuring expense | 1,270 | 8,383 | 1,555 |
Other (gains) and losses, net | (169) | 1,147 | |
Income (loss) from operations | (4,525) | (28,876) | 16,745 |
Other income (expense): | |||
Interest income (expense), net | 202 | 212 | 1,179 |
Reorganization items, net | 335,560 | ||
Other income (expense) | (2,105) | (2,845) | 13,947 |
Income (loss) from continuing operations before income taxes | 329,132 | (31,509) | 31,871 |
Income tax (expense) benefit | (60,003) | 4,285 | (7,884) |
Net income (loss) from continuing operations | 269,129 | (27,224) | 23,987 |
Income (loss) from discontinued operations, net of income tax | (352) | (9,406) | 1,739 |
Net income (loss) | $ 268,777 | $ (36,630) | $ 25,726 |
Income (loss) per share -basic | |||
Net income (loss) from continuing operations | $ 18.13 | $ (1.36) | $ 1.20 |
Income (loss) from discontinued operations, net of income tax | (0.02) | (0.47) | 0.09 |
Net income (loss) | 18.11 | (1.83) | 1.29 |
Income (loss) per share - diluted: | |||
Net income (loss) from continuing operations | 18.06 | (1.36) | 1.20 |
Income (loss) from discontinued operations, net of income tax | (0.03) | (0.47) | 0.08 |
Net income (loss) | $ 18.03 | $ (1.83) | $ 1.28 |
Weighted Average Number of Shares Outstanding, Basic | 14,845 | 19,996 | 19,999 |
Weighted Average Number of Shares Outstanding, Diluted | 14,905 | 19,996 | 20,056 |
Services [Member] | |||
Revenues: | |||
Total revenues | $ 19,234 | $ 43,679 | $ 91,439 |
Costs and expenses: | |||
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 15,080 | 41,471 | 62,216 |
Depreciation, depletion, amortization and accretion | 3,500 | 16,364 | 13,666 |
Rentals [Member] | |||
Revenues: | |||
Total revenues | 14,434 | 31,314 | 67,162 |
Costs and expenses: | |||
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 5,876 | 10,199 | 24,613 |
Depreciation, depletion, amortization and accretion | 2,627 | 11,901 | 10,037 |
Product Sales [Member] | |||
Revenues: | |||
Total revenues | 12,260 | 30,850 | 39,329 |
Costs and expenses: | |||
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 8,817 | 16,367 | 25,551 |
Depreciation, depletion, amortization and accretion | $ 2,231 | $ 11,765 | $ 10,382 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Consolidated Statements of Comprehensive Loss [Abstract] | |||
Net income (loss) | $ 268,777 | $ (36,630) | $ 25,726 |
Change in cumulative translation adjustment, net of tax | 67,947 | 0 | 0 |
Comprehensive income (loss) | $ 336,724 | $ (36,630) | $ 25,726 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member]Common Class A [Member] | Additional Paid-in Capital [Member]Common Class B [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss, Net [Member] | Accumulated Deficit [Member] |
Beginning balance, value at Dec. 31, 2020 | $ (338,647) | $ 16 | $ 2,756,889 | $ (4,290) | $ (67,947) | $ (3,023,315) | ||
Beginning balance, shares at Dec. 31, 2020 | 15,799 | |||||||
Net income (loss) | 268,777 | 268,777 | ||||||
Foreign currency translation adjustment | 67,947 | $ 67,947 | ||||||
Extinguishment of unrecognized compensation expense | 988 | 988 | ||||||
Stock-based compensation expense, net | 935 | 935 | ||||||
Restricted stock units vested | 49 | |||||||
Shares withheld and retired, shares | 15 | |||||||
Cancellation of Predecessor equity, shares | (15,833) | |||||||
Cancellation of Predecessor equity, value | $ (16) | (2,758,812) | $ 4,290 | 2,754,538 | ||||
Common stock issued,shares | 19,996 | |||||||
Common stock issued,value | 902,686 | $ 200 | 902,486 | |||||
Ending balance, value at Feb. 02, 2021 | 902,686 | $ 200 | 902,486 | |||||
Ending balance, shares at Feb. 02, 2021 | 19,996 | |||||||
Net income (loss) | (36,630) | (36,630) | ||||||
Foreign currency translation adjustment | 0 | |||||||
Ending balance, value at Mar. 31, 2021 | 866,056 | $ 200 | 902,486 | (36,630) | ||||
Ending balance, shares at Mar. 31, 2021 | 19,996 | |||||||
Beginning balance, value at Dec. 31, 2021 | 741,733 | $ 200 | $ 1 | 902,486 | $ 1,224 | (162,178) | ||
Beginning balance, shares at Dec. 31, 2021 | 19,999 | 76 | ||||||
Net income (loss) | 25,726 | 25,726 | ||||||
Foreign currency translation adjustment | 0 | |||||||
Stock-based compensation expense, net | 585 | 585 | ||||||
Ending balance, value at Mar. 31, 2022 | $ 768,044 | $ 200 | $ 1 | $ 902,486 | $ 1,809 | $ (136,452) | ||
Ending balance, shares at Mar. 31, 2022 | 19,999 | 76 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 268,777 | $ (36,630) | $ 25,726 |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 10,499 | 52,805 | 34,085 |
Deferred income taxes | 54,322 | (5,051) | (2,769) |
Amortization of Credit Facility Costs | 0 | 82 | 127 |
Stock-based compensation expense | 935 | 0 | 585 |
Reorganization items, net | (354,279) | 0 | 0 |
Bad debt | (210) | (4,398) | (1,203) |
Gain on sale of assets and businesses | 58 | 0 | 0 |
Gain on sale of equity securities | 0 | 0 | (1,761) |
Unrealized gain on investment in equity securities | 0 | 0 | (6,474) |
Other gains and losses, net | 0 | (2,669) | (5,755) |
Other reconciling items, net | 1,017 | (246) | (1) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 3,602 | 2,414 | (13,359) |
Prepaid expense | (340) | (4,625) | (176) |
Inventory and other current assets | (221) | 2,496 | 1,562 |
Accounts payable | (2,365) | 4,592 | 3,888 |
Accrued expenses | 23,489 | 9,857 | (3,673) |
Income taxes | 340 | 5,134 | 4,239 |
Other, net | (241) | (2,360) | (49) |
Net cash provided by operating activities | 5,383 | 21,401 | 35,090 |
Cash flows from investing activities: | |||
Payments for capital expenditures | (3,035) | (4,119) | (11,297) |
Proceeds from sales of assets | 775 | 7,148 | 13,379 |
Proceeds from sales of equity securities | 0 | 0 | 7,365 |
Net cash from investing activities | (2,260) | 3,029 | 9,447 |
Cash flows from financing activities: | |||
Credit facility costs | (1,920) | (14) | 0 |
Net cash from financing activities | (1,920) | (14) | 0 |
Effect of exchange rate changes on cash | 311 | 0 | 0 |
Net change in cash, cash equivalents, and restricted cash | 1,514 | 24,416 | 44,537 |
Cash, cash equivalents, and restricted cash beginning of period | 269,698 | 394,535 | |
Cash, cash equivalents, and restricted cash at end of period | $ 269,698 | $ 294,114 | $ 439,072 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation | (1) Basis of Presentation Certain information and footnote disclosures normally included 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 (the “SEC”); however, management believes the disclosures that are made are adequate to make the information presented not misleading. As used herein, “we,” “us” and similar terms refer to (i) prior to the Emergence Date (as defined below), SESI Holdings, Inc. (formerly known as Superior Energy Services, Inc.) and its subsidiaries (“Predecessor”) and (ii) after the Emergence Date, Superior Energy Services, Inc. (formerly known as Superior Newco, Inc.) and its subsidiaries (“Successor”). Due to our adoption of fresh start accounting, discussed below, our operations for the three months ended March 31, 2021 are separated by the operations which occurred from January 1, 2021 through February 2, 2021 (the “Predecessor Period”) and the operations that occurred from February 3, 2021 through March 31, 2021 (the “Successor Period”). These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. As described below, as a result of the application of fresh start accounting and the effects of the implementation of the Plan (as defined below), the financial statements after the Emergence Date are not comparable with the consolidated financial statements on or before that date. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair statement of our financial position as of March 31, 2022, and our results of operations and cash flows for the three months ended March 31, 2022 and 2021. The balance sheet as of December 31, 2021, was derived from our audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Emergence from Voluntary Reorganization under Chapter 11 On December 7, 2020, certain of our direct and indirect wholly-owned domestic subsidiaries (the “Affiliate Debtors”) filed petitions for reorganization under the provisions of Chapter 11 of the Bankruptcy Code and, in connection therewith, filed the proposed Joint Prepackaged Plan of Reorganization (as amended, modified or supplemented from time to time, the “Plan”). On February 2, 2021 (the “Emergence Date”), the conditions to the effectiveness of the Plan were satisfied and we emerged from Chapter 11. On the Emergence Date, we qualified for and adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 852 – Reorganizations, which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. The application of fresh start accounting resulted in a new basis of accounting and we became a new entity for financial reporting purposes. As a result of the implementation of the Plan and the application of fresh start accounting, our historical financial statements on or before the Emergence Date are not a reliable indicator of our results of operations for any period after our adoption of fresh start accounting. Use of Estimates In preparing the accompanying financial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities reported as of the dates of the balance sheets and the amounts of revenues and expenses reported for the periods shown in the income statements and statements of cash flows. All estimates, assumptions, valuations and financial projections related to fresh start accounting, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue [Abstract] | |
Revenue | (2) Revenue Disaggregation of Revenue The following table presents our revenues by segment disaggregated by geography (in thousands): Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period U.S. land Rentals $ 33,962 $ 11,109 $ 4,917 Well Services 4,548 2,126 3,379 Total U.S. land 38,510 13,235 8,296 U.S. offshore Rentals 32,753 20,403 8,196 Well Services 28,321 19,421 7,371 Total U.S. offshore 61,074 39,824 15,567 International Rentals 22,041 10,936 5,226 Well Services 76,305 41,848 16,839 Total International 98,346 52,784 22,065 Total Revenues $ 197,930 $ 105,843 $ 45,928 The following table presents our revenues by segment disaggregated by type (in thousands): Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Services Rentals $ 11,158 $ 6,264 $ 2,005 Well Services 80,281 37,415 17,229 Total Services 91,439 43,679 19,234 Rentals Rentals 65,247 28,593 14,082 Well Services 1,915 2,721 352 Total Rentals 67,162 31,314 14,434 Product Sales Rentals 12,351 7,591 2,252 Well Services 26,978 23,259 10,008 Total Product Sales 39,329 30,850 12,260 Total Revenues $ 197,930 $ 105,843 $ 45,928 Accounts Receivable Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. We maintain our allowance for doubtful accounts at net realizable value. The allowance for doubtful accounts is based on our best estimate of probable uncollectible amounts in existing accounts receivable. We assess individual customers and overall receivables balances to identify amounts that are believed to be uncertain of collection. The aging of the receivable balance as well as economic factors concerning the customer factor into the judgment and estimation of allowances, which often involve significant dollar amounts. Adjustments to the allowance in future periods may be made based on changing customer conditions. Our allowance for doubtful accounts as of March 31, 2022 and December 31, 2021 was approximately $ 3.7 million and $ 2.2 million, respectively. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | (3) Inventory Inventories are stated at the lower of cost or net realizable value. We apply net realizable value and obsolescence to the gross value of inventory. 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 services provided to our customers. The components of inventory balances are as follows (in thousands): March 31, 2022 December 31, 2021 Finished goods $ 23,816 $ 26,187 Raw materials 10,044 9,753 Work-in-process 4,182 4,253 Supplies and consumables 21,788 20,410 Total $ 59,830 $ 60,603 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | (5) Property, Plant and Equipment, Net A summary of property, plant and equipment, net is as follows (in thousands): March 31, 2022 December 31, 2021 Machinery and equipment $ 363,397 $ 360,353 Buildings, improvements and leasehold improvements 76,749 75,374 Automobiles, trucks, tractors and trailers 6,416 6,450 Furniture and fixtures 19,714 19,668 Construction-in-progress 4,943 6,700 Land 28,446 28,671 Oil and gas producing assets 44,780 44,700 Total 544,445 541,916 Accumulated depreciation and depletion ( 212,946 ) ( 185,642 ) Property, plant and equipment, net $ 331,499 $ 356,274 Depreciation and depletion expense associated with our property, plant and equipment for the three months ended March 31, 2022 was $ 31.2 million. During the Successor Period and Predecessor Period, we recognized depreciation and depletion expense, excluding depreciation and depletion related to assets held for sale, of $ 39.0 million and $ 7.8 million, respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt [Abstract] | |
Debt | (6) Debt On the Emergence Date, pursuant to the Plan, we entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and letter of credit issuers named therein providing for a $ 120.0 million asset-based secured revolving Credit Facility, all of which is available for the issuance of letters of credit (the “Credit Facility”). The issuance of letters of credit reduces availability under the Credit Facility on a dollar-for-dollar basis. The Credit Facility will mature on December 9, 2024. As of March 31, 2022, our borrowing base, as defined in the Credit Agreement, was approximately $ 120.0 million, and we had $ 35.5 million of letters of credit outstanding that reduced the borrowing availability. We had no outstanding borrowings under the Credit Facility as of March 31, 2022. Unless all loans are paid off and letters of credit outstanding are cash collateralized and the Credit Facility terminated, the Credit Facility requires, subject to permitted exceptions, compliance with various covenants, including, but not limited to, limitations on the incurrence of indebtedness, permitted investments, liens on assets, making distributions, transactions with affiliates, mergers, consolidations, dispositions of assets and other provisions customary in similar types of agreements. The Credit Facility also requires compliance with a fixed charge coverage ratio of 1.0 to 1.0 if (a) an event of default has occurred and is continuing or (b) availability under the Credit Facility is less than the greater of $ 20.0 million or 15 % of the lesser of the aggregate commitments and the borrowing base. We were in compliance with all required covenants as of March 31, 2022. |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Notes Receivable | (4) Notes Receivable We have decommissioning liabilities related to the acquisition of a single oil and gas property. Our notes receivable consist of a commitment from the seller of the oil and gas property for costs associated with the abandonment of the property. Pursuant to an agreement with the seller, we invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of the seller’s obligation to us totals $ 115.0 million and is recorded at its present value, which totaled $ 61.6 million as of March 31, 2022. The discount on the notes receivable, which is currently based on an effective interest rate of 6.6 %, is amortized to interest income over the expected timing of the completion of the decommissioning activities. Interest receivable is considered paid in kind and is compounded into the carrying amount of the note. During the three months ended March 31, 2022, we recorded non-cash interest income of $ 1.0 million. During the Successor Period and the Predecessor Period, we recorded non-cash interest income of $ 0.7 million and $ 0.4 million, respectively, which is included in other reconciling items, net in the condensed consolidated statements of cash flows. |
Decommissioning Liabilities
Decommissioning Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Decommissioning Liabilities | (7) Decommissioning Liabilities We had decommissioning liabilities of $ 193.0 million and $ 190.4 million as of March 31, 2022 and December 31, 2021, respectively. We account for our decommissioning liabilities under ASC 410 – Asset Retirement Obligations. Our decommissioning liabilities are associated with our oil and gas property and include liabilities related to the plugging of wells, removal of the related platform and equipment and site restoration. We review the adequacy of our decommissioning liabilities whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially. Accretion expense associated with our decommissioning liabilities for the three months ended March 31, 2022 was $ 2.7 million. During the Successor Period and Predecessor Period, we recognized accretion expense of $ 1.0 million and $ 0.5 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (8) 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): March 31, 2022 Level 1 Level 2 Level 3 Total Non-qualified deferred compensation assets and liabilities Intangible and other long-term assets, net $ - $ 15,446 $ - $ 15,446 Accounts payable - 1,342 - 1,342 Other long-term liabilities - 17,135 - 17,135 Investment in equity securities $ 26,605 $ - $ - $ 26,605 December 31, 2021 Level 1 Level 2 Level 3 Total Non-qualified deferred compensation assets and liabilities Intangible and other long-term assets, net $ - $ 15,896 $ - $ 15,896 Accounts payable - 2,250 - 2,250 Other long-term liabilities - 19,218 - 19,218 Investment in equity securities $ 25,735 $ - $ - $ 25,735 Our non-qualified deferred compensation plans 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 a Level 2 in the fair value hierarchy. Investment in equity securities relates to our ownership of common stock of Select Energy Services, Inc. (“Select”) which we acquired in connection with asset disposals during the second half of 2021. This investment is reported at fair value based on unadjusted quoted prices which are readily determinable, which represents a Level 1 in the fair value hierarchy. Unrealized gains on our investment in equity securities for the three months ended March 31, 2022 was $ 6.5 million. During the quarter ended March 31, 2022, we disposed of 1.0 million shares of Select for $ 7.4 million, and recognized gains totaling $ 1.8 million in connection with these transactions. Realized and unrealized gains and losses on our investment in equity securities are included in other income (expense) in the condensed consolidated statements of operations. The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued expenses, as reflected in the consolidated balance sheets, approximates fair value due to the short maturities. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Information [Abstract] | |
Segment Information | (9) Segment Information Business Segments The products and service offerings of our Rentals segment are comprised of value-added engineering and design services, rental of premium drill strings, tubing, landing strings, completion tubulars and handling accessories, manufacturing and rental of bottom hole assemblies, and rentals of accommodation units. The products and service offerings of our Well Services segment are comprised of risk management, well control and training solutions, hydraulic workover and snubbing services, engineering and manufacturing of premium sand control tools, and onshore international production services. The Well Services segment also includes the operations of our offshore oil and gas property. We evaluate the performance of our reportable segments based on income or loss from operations. The segment measure is calculated as segment revenues less segment operating expenses, including general and administrative expenses, depreciation, depletion, amortization and accretion expense, restructuring expenses and other gains and losses. We use this segment measure to evaluate our reportable segments as it is the measure that is most consistent with how we organize and manage our business operations. Corporate and other costs primarily include expenses related to support functions, including salaries and benefits for corporate employees. Summarized financial information for our segments is as follows (in thousands): For the three months ended March 31, 2022 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 88,756 $ 109,174 $ - $ 197,930 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 31,752 80,628 - 112,380 Depreciation, depletion, amortization and accretion 20,989 11,728 1,368 34,085 General and administrative expenses 7,365 11,401 13,252 32,018 Restructuring expenses - - 1,555 1,555 Other (gains) and losses, net ( 135 ) 1,282 - 1,147 Income (loss) from operations $ 28,785 $ 4,135 $ ( 16,175 ) $ 16,745 For the Period February 3, 2021 through March 31, 2021 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 42,448 $ 63,395 $ - $ 105,843 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 15,486 52,551 - 68,037 Depreciation, depletion, amortization and accretion 28,058 11,163 809 40,030 General and administrative expenses 3,451 8,461 6,526 18,438 Restructuring expenses - - 8,383 8,383 Other (gains) and losses, net ( 165 ) ( 4 ) - ( 169 ) Income (loss) from operations $ ( 4,382 ) $ ( 8,776 ) $ ( 15,718 ) $ ( 28,876 ) For the Period January 1, 2021 through February 2, 2021 (Predecessor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 18,339 $ 27,589 $ - $ 45,928 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 7,839 21,934 - 29,773 Depreciation, depletion, amortization and accretion 4,271 3,666 421 8,358 General and administrative expenses 2,027 4,111 4,914 11,052 Restructuring expenses - - 1,270 1,270 Income (loss) from operations $ 4,202 $ ( 2,122 ) $ ( 6,605 ) $ ( 4,525 ) Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total March 31, 2022 $ 421,865 $ 628,863 $ 173,631 $ 1,224,359 December 31, 2021 379,453 636,256 183,799 1,199,508 Geographic Segments We operate in the U.S. and in various other countries throughout the world. Our international operations are primarily focused in Latin America, Asia-Pacific and the Middle East and North Africa regions. We attribute 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. Our revenue attributed to the U.S. and to other countries and the value of our long-lived assets by those locations are as follows (in thousands): Revenues Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period United States $ 99,584 $ 53,059 $ 23,863 Other countries 98,346 52,784 22,065 Total $ 197,930 $ 105,843 $ 45,928 Long-Lived Assets March 31, 2022 December 31, 2021 United States $ 230,292 $ 231,388 Other countries 101,207 124,886 Total $ 331,499 $ 356,274 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2022 | |
Stock-Based And Long-Term Incentive Compensation [Abstract] | |
Stock-Based And Long-Term Incentive Compensation | (10) Stock-Based Compensation Plans On June 1, 2021, our Board of Directors (the “Board”) and the Compensation Committee of the Board (the “Compensation Committee”) approved and adopted our Management Incentive Plan (“MIP”), which provides for the grant of share-based and cash-based awards and, in connection therewith, the issuance from time to time of up to 1,999,869 shares of our Class B common stock, par value $ 0.01 per share. Approval of Forms of Award Agreement and Equity Awards On March 28, 2022, the Board and the Compensation Committee approved new forms of restricted stock unit (“RSU”) award agreements and forms of performance stock unit (“PSU”) award agreements (collectively, the “Award Agreements”) under the MIP, and approved the grant of 72,050 RSUs and 288,199 PSUs. Awards made under the forms of RSU award agreements for our employees generally vest in three equal annual installments over the three-year period, subject to terms and conditions set forth in the forms of RSU award agreements. Awards made under the forms PSU award agreements may be earned between 25 % and 100 % of the target award based on achievement of share price goals set forth in the forms of PSU award agreements and will vest to the extent that share price goals are achieved based on the terms and conditions set forth in the forms of PSU award agreements. During the three months ended March 31, 2022, we recognized $ 0.6 million in compensation expense associated with grants of restricted stock awards and RSUs. As a result of the consummation of the Plan, restricted stock units issued prior to the Emergence Date were cancelled for zero consideration. We recognized $ 0.9 million in compensation costs during the Predecessor Period prior to cancellation of the pre-Emergence outstanding restricted stock units. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | (11) Income Taxes The effective tax rate for the three months ended March 31, 2022 was 24.7 % on income from continuing operations. The effective tax rate is different from the U.S. federal statutory rate of 21 % primarily from non-deductible items and foreign losses for which no tax benefit is being recorded. The effective tax rate for the Successor Period and the Predecessor Period was 13.6 % and 18.2 %, respectively, on income from 21 % primarily from non-deductible items and foreign losses for which no tax benefit is being recorded. The tax rate in the Predecessor Period is different from the U.S. federal statutory rate of 21 % primarily due the adoption of fresh start accounting during the period. We had $ 15.1 million and $ 15.0 million of unrecognized tax benefits as of March 31, 2022 and December 31, 2021, respectively, all of which would impact our effective tax rate if recognized except for $ 1.6 million offset in deferred income taxes. It is reasonably possible $ 2.9 million of unrecognized tax benefits could be settled in the next twelve months due to the conclusion of tax audits or statutes of limitations expiration. It is our 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, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (12) Earnings per Share Our common equity consists of Class A Common Stock, par value $ 0.01 per share (the “Class A Common Stock”) and Class B common stock, par value $ 0.01 per share (“Class B Common Stock”). 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. 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 conversion of restricted stock awards and units. For the three months ended March 31, 2022, incremental shares associated with restricted stock awards and units was not material. During the Successor Period, we incurred a loss from continuing operations, and therefore, the impact of any incremental shares would be anti-dilutive. Diluted earnings per share for the Predecessor Period includes the impact of approximately 0.1 million dilutive securities. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Contingencies [Abstract] | |
Contingencies | (13) Contingencies Due to the nature of our business, we are involved, from time to time, in various routine litigation or subject to disputes or claims or actions, including those commercial in nature, regarding our business activities in the ordinary course of business. Legal costs related to these matters are expensed as incurred. Management is of the opinion that none of the claims and actions will have a material adverse impact on our financial position, results of operations or cash flows. Commencement of the Chapter 11 Cases automatically stayed certain proceedings and actions, and these cases have continued after the Emergence Date. A subsidiary of ours is involved in legal proceedings with two former employees regarding the payment of royalties for a patentable product paid for by the subsidiary and developed while they worked for the subsidiary. On April 2, 2018, the former employees and their corporation filed a lawsuit (the “First Case”) in the Harris County District Court (the “District Court”) alleging that the royalty payments they had invoiced at 25 % and for which they received payments since 2010, should have been paid at a rate of 50 %. In May 2019, the jury issued a verdict in favor of the plaintiffs. On October 25, 2019, the court issued a final judgment against us, which we have fully secured with a bond. Oral arguments in front of the Court of Appeals took place in April 2022. We strongly disagree with the verdict and believe the District Court committed several legal errors that should result in a reversal or remand of the case by the Court of Appeals. A second case (the “Second Case”) was filed in District Court against the same subsidiary of ours bringing the same claims and seeking damages post judgment from the First Case until discontinuation of the sale of the product at issue by the subsidiary. In December 2020, the Court entered a final judgement for the Plaintiffs’ and the Second Case was stayed for the duration of our bankruptcy. We have filed an appeal and a Motion to Abate the Second Case pending the appeal of the First Case. The Motion to Abate the Second Case was granted on October 26, 2021 by the Court of Appeals. As of March 31, 2022, we have reserved $ 7.0 million for the judgements in the First Case and Second Case. Our Indian subsidiary, SES Energy Services India Pvt. Ltd, entered into a contract with an Indian oil and gas company to provide an off shore vessel for well stimulation. A dispute arose over the performability of the terms of the contract. The contract was terminated by the customer. The maximum liability under the contract is capped at approximately $ 7.3 million, of which approximately $ 3.5 million has been claimed via revocation of performance bank guarantees. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | (14) Discontinued Operations The following table summarizes the components of discontinued operations, net of tax (in thousands): Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Revenues $ - $ 23,252 $ 10,719 Cost of services - 22,522 10,398 Depreciation, depletion, amortization and accretion - 12,775 2,141 General and administrative expenses 3,742 2,595 1,119 Other (gains) and losses, net ( 5,943 ) ( 2,500 ) - Loss from operations 2,201 ( 12,140 ) ( 2,939 ) Other income (expense) - 3 2,485 Loss from discontinued operations before tax 2,201 ( 12,137 ) ( 454 ) Income tax benefit (expense) ( 462 ) 2,731 102 Income (loss) from discontinued operations, net of income tax $ 1,739 $ ( 9,406 ) $ ( 352 ) The following summarizes the assets and liabilities related to discontinued operations (in thousands): March 31, 2022 December 31, 2021 Assets: Accounts receivable, net $ 6,254 $ 7,469 Property, plant and equipment, net 22,076 29,328 Other assets 161 731 Total assets held for sale $ 28,491 $ 37,528 Liabilities: Accounts payable $ 473 $ 652 Accrued expenses 2,982 4,268 Other liabilities 223 687 Total liabilities $ 3,678 $ 5,607 Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows (in thousands): Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Cash flows from discontinued operating activities: (Gain)/loss on sale of assets $ - $ - $ ( 43 ) Other (gains) and losses, net ( 5,943 ) ( 2,500 ) - Depreciation, depletion, amortization and accretion - 12,775 2,141 Cash flows from discontinued investing activities: Proceeds from sales of assets 13,194 5,024 486 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | (17) Subsequent Events We evaluate events that occur after the balance sheet date but before the financial statements are issued for potential recognition or disclosure. Based on the evaluation, we determined that there were no material subsequent events that required disclosure or recognition in these condensed consolidated financial statements. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | (15) Supplemental Cash Flow Information The table below is a reconciliation of cash, cash equivalents and restricted cash for the beginning and the end of the period for all periods presented: Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Cash, cash equivalents, and restricted cash, beginning of period Cash and cash equivalents $ 314,974 $ 172,768 $ 188,006 Restricted cash-current - 16,751 - Restricted cash-non-current 79,561 80,179 80,178 Cash, cash equivalents, and restricted cash, beginning of period $ 394,535 $ 269,698 $ 268,184 Cash, cash equivalents, and restricted cash, end of period Cash and cash equivalents $ 359,511 $ 197,307 $ 172,768 Restricted cash-current - 16,751 16,751 Restricted cash-non-current 79,561 80,056 80,179 Cash, cash equivalents, and restricted cash, end of period $ 439,072 $ 294,114 $ 269,698 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Text Block [Abstract] | |
New Accounting Pronouncements | (16) New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 - Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) . This update improves financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope by using the Current Expected Credit Losses (the “CECL”) model. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses on financial instruments at the time the asset is originated or acquired. This update will apply to receivables arising from revenue transactions. The new standard is effective for us beginning on January 1, 2023. We have concluded that the adoption of ASU 2016-13 will not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This update provides an optional expedient and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In January 2021, the FASB issued ASU No. 2021-01, which clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in these ASUs are effective for all entities as of March 12, 2020 through December 31, 2022. As our credit agreement allows for alternative benchmark rates to be applied to any borrowings, we do not expect the cessation of LIBOR to have a material impact on our financial position, results of operations, cash flows or disclosures. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Guarantor Information [Abstract] | |
Supplemental Cash Flow Information | (15) Supplemental Cash Flow Information The table below is a reconciliation of cash, cash equivalents and restricted cash for the beginning and the end of the period for all periods presented: Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Cash, cash equivalents, and restricted cash, beginning of period Cash and cash equivalents $ 314,974 $ 172,768 $ 188,006 Restricted cash-current - 16,751 - Restricted cash-non-current 79,561 80,179 80,178 Cash, cash equivalents, and restricted cash, beginning of period $ 394,535 $ 269,698 $ 268,184 Cash, cash equivalents, and restricted cash, end of period Cash and cash equivalents $ 359,511 $ 197,307 $ 172,768 Restricted cash-current - 16,751 16,751 Restricted cash-non-current 79,561 80,056 80,179 Cash, cash equivalents, and restricted cash, end of period $ 439,072 $ 294,114 $ 269,698 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue by Geography [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation Of Revenues | The following table presents our revenues by segment disaggregated by geography (in thousands): Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period U.S. land Rentals $ 33,962 $ 11,109 $ 4,917 Well Services 4,548 2,126 3,379 Total U.S. land 38,510 13,235 8,296 U.S. offshore Rentals 32,753 20,403 8,196 Well Services 28,321 19,421 7,371 Total U.S. offshore 61,074 39,824 15,567 International Rentals 22,041 10,936 5,226 Well Services 76,305 41,848 16,839 Total International 98,346 52,784 22,065 Total Revenues $ 197,930 $ 105,843 $ 45,928 |
Revenue by Type [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation Of Revenues | The following table presents our revenues by segment disaggregated by type (in thousands): Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Services Rentals $ 11,158 $ 6,264 $ 2,005 Well Services 80,281 37,415 17,229 Total Services 91,439 43,679 19,234 Rentals Rentals 65,247 28,593 14,082 Well Services 1,915 2,721 352 Total Rentals 67,162 31,314 14,434 Product Sales Rentals 12,351 7,591 2,252 Well Services 26,978 23,259 10,008 Total Product Sales 39,329 30,850 12,260 Total Revenues $ 197,930 $ 105,843 $ 45,928 Accounts Receivable Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. We maintain our allowance for doubtful accounts at net realizable value. The allowance for doubtful accounts is based on our best estimate of probable uncollectible amounts in existing accounts receivable. We assess individual customers and overall receivables balances to identify amounts that are believed to be uncertain of collection. The aging of the receivable balance as well as economic factors concerning the customer factor into the judgment and estimation of allowances, which often involve significant dollar amounts. Adjustments to the allowance in future periods may be made based on changing customer conditions. Our allowance for doubtful accounts as of March 31, 2022 and December 31, 2021 was approximately $ 3.7 million and $ 2.2 million, respectively. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components Of Inventory | The components of inventory balances are as follows (in thousands): March 31, 2022 December 31, 2021 Finished goods $ 23,816 $ 26,187 Raw materials 10,044 9,753 Work-in-process 4,182 4,253 Supplies and consumables 21,788 20,410 Total $ 59,830 $ 60,603 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant And Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | A summary of property, plant and equipment, net is as follows (in thousands): March 31, 2022 December 31, 2021 Machinery and equipment $ 363,397 $ 360,353 Buildings, improvements and leasehold improvements 76,749 75,374 Automobiles, trucks, tractors and trailers 6,416 6,450 Furniture and fixtures 19,714 19,668 Construction-in-progress 4,943 6,700 Land 28,446 28,671 Oil and gas producing assets 44,780 44,700 Total 544,445 541,916 Accumulated depreciation and depletion ( 212,946 ) ( 185,642 ) Property, plant and equipment, net $ 331,499 $ 356,274 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Information [Abstract] | |
Schedule Of Segment Reporting Information | Summarized financial information for our segments is as follows (in thousands): For the three months ended March 31, 2022 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 88,756 $ 109,174 $ - $ 197,930 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 31,752 80,628 - 112,380 Depreciation, depletion, amortization and accretion 20,989 11,728 1,368 34,085 General and administrative expenses 7,365 11,401 13,252 32,018 Restructuring expenses - - 1,555 1,555 Other (gains) and losses, net ( 135 ) 1,282 - 1,147 Income (loss) from operations $ 28,785 $ 4,135 $ ( 16,175 ) $ 16,745 For the Period February 3, 2021 through March 31, 2021 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 42,448 $ 63,395 $ - $ 105,843 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 15,486 52,551 - 68,037 Depreciation, depletion, amortization and accretion 28,058 11,163 809 40,030 General and administrative expenses 3,451 8,461 6,526 18,438 Restructuring expenses - - 8,383 8,383 Other (gains) and losses, net ( 165 ) ( 4 ) - ( 169 ) Income (loss) from operations $ ( 4,382 ) $ ( 8,776 ) $ ( 15,718 ) $ ( 28,876 ) For the Period January 1, 2021 through February 2, 2021 (Predecessor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 18,339 $ 27,589 $ - $ 45,928 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 7,839 21,934 - 29,773 Depreciation, depletion, amortization and accretion 4,271 3,666 421 8,358 General and administrative expenses 2,027 4,111 4,914 11,052 Restructuring expenses - - 1,270 1,270 Income (loss) from operations $ 4,202 $ ( 2,122 ) $ ( 6,605 ) $ ( 4,525 ) |
Schedule Of Identifiable Assets | Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total March 31, 2022 $ 421,865 $ 628,863 $ 173,631 $ 1,224,359 December 31, 2021 379,453 636,256 183,799 1,199,508 |
Schedule Of Revenues By Geographic Segment | Our revenue attributed to the U.S. and to other countries and the value of our long-lived assets by those locations are as follows (in thousands): Revenues Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period United States $ 99,584 $ 53,059 $ 23,863 Other countries 98,346 52,784 22,065 Total $ 197,930 $ 105,843 $ 45,928 Long-Lived Assets March 31, 2022 December 31, 2021 United States $ 230,292 $ 231,388 Other countries 101,207 124,886 Total $ 331,499 $ 356,274 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | March 31, 2022 Level 1 Level 2 Level 3 Total Non-qualified deferred compensation assets and liabilities Intangible and other long-term assets, net $ - $ 15,446 $ - $ 15,446 Accounts payable - 1,342 - 1,342 Other long-term liabilities - 17,135 - 17,135 Investment in equity securities $ 26,605 $ - $ - $ 26,605 December 31, 2021 Level 1 Level 2 Level 3 Total Non-qualified deferred compensation assets and liabilities Intangible and other long-term assets, net $ - $ 15,896 $ - $ 15,896 Accounts payable - 2,250 - 2,250 Other long-term liabilities - 19,218 - 19,218 Investment in equity securities $ 25,735 $ - $ - $ 25,735 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations [Abstract] | |
Components Of Income (Loss) From Discontinued Operations | The following table summarizes the components of discontinued operations, net of tax (in thousands): Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Revenues $ - $ 23,252 $ 10,719 Cost of services - 22,522 10,398 Depreciation, depletion, amortization and accretion - 12,775 2,141 General and administrative expenses 3,742 2,595 1,119 Other (gains) and losses, net ( 5,943 ) ( 2,500 ) - Loss from operations 2,201 ( 12,140 ) ( 2,939 ) Other income (expense) - 3 2,485 Loss from discontinued operations before tax 2,201 ( 12,137 ) ( 454 ) Income tax benefit (expense) ( 462 ) 2,731 102 Income (loss) from discontinued operations, net of income tax $ 1,739 $ ( 9,406 ) $ ( 352 ) |
Assets And Liabilities Of Discontinued Operation | The following summarizes the assets and liabilities related to discontinued operations (in thousands): March 31, 2022 December 31, 2021 Assets: Accounts receivable, net $ 6,254 $ 7,469 Property, plant and equipment, net 22,076 29,328 Other assets 161 731 Total assets held for sale $ 28,491 $ 37,528 Liabilities: Accounts payable $ 473 $ 652 Accrued expenses 2,982 4,268 Other liabilities 223 687 Total liabilities $ 3,678 $ 5,607 |
Schedule Of Cash Flows From Discontinued Operations | Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows (in thousands): Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Cash flows from discontinued operating activities: (Gain)/loss on sale of assets $ - $ - $ ( 43 ) Other (gains) and losses, net ( 5,943 ) ( 2,500 ) - Depreciation, depletion, amortization and accretion - 12,775 2,141 Cash flows from discontinued investing activities: Proceeds from sales of assets 13,194 5,024 486 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | The table below is a reconciliation of cash, cash equivalents and restricted cash for the beginning and the end of the period for all periods presented: Successor Predecessor For the Three Months Ended March 31, 2022 For the Period For the Period Cash, cash equivalents, and restricted cash, beginning of period Cash and cash equivalents $ 314,974 $ 172,768 $ 188,006 Restricted cash-current - 16,751 - Restricted cash-non-current 79,561 80,179 80,178 Cash, cash equivalents, and restricted cash, beginning of period $ 394,535 $ 269,698 $ 268,184 Cash, cash equivalents, and restricted cash, end of period Cash and cash equivalents $ 359,511 $ 197,307 $ 172,768 Restricted cash-current - 16,751 16,751 Restricted cash-non-current 79,561 80,056 80,179 Cash, cash equivalents, and restricted cash, end of period $ 439,072 $ 294,114 $ 269,698 |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Feb. 02, 2022 | Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 45,928 | $ 45,928 | $ 105,843 | $ 197,930 |
Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 18,339 | 42,448 | 88,756 | |
Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 27,589 | 63,395 | 109,174 | |
U.S. Land [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 8,296 | 13,235 | 38,510 | |
U.S. Land [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 4,917 | 11,109 | 33,962 | |
U.S. Land [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 3,379 | 2,126 | 4,548 | |
U.S. Offshore [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 15,567 | 39,824 | 61,074 | |
U.S. Offshore [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 8,196 | 20,403 | 32,753 | |
U.S. Offshore [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 7,371 | 19,421 | 28,321 | |
International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 22,065 | 22,065 | 52,784 | 98,346 |
International [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 5,226 | 10,936 | 22,041 | |
International [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 16,839 | $ 41,848 | $ 76,305 |
Revenue (Disaggregation Of Re_2
Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Feb. 02, 2022 | Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 45,928 | $ 45,928 | $ 105,843 | $ 197,930 |
Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 18,339 | 42,448 | 88,756 | |
Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 27,589 | 63,395 | 109,174 | |
Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 19,234 | 43,679 | 91,439 | |
Services [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,005 | 6,264 | 11,158 | |
Services [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 17,229 | 37,415 | 80,281 | |
Rentals Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 14,434 | 31,314 | 67,162 | |
Rentals Services [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 14,082 | 28,593 | 65,247 | |
Rentals Services [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 352 | 2,721 | 1,915 | |
Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 12,260 | 30,850 | 39,329 | |
Product Sales [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,252 | 7,591 | 12,351 | |
Product Sales [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 10,008 | $ 23,259 | $ 26,978 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue [Abstract] | ||
Allowance for doubtful accounts | $ 3.7 | $ 2.2 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 23,816 | $ 26,187 |
Raw materials | 10,044 | 9,753 |
Work-in-process | 4,182 | 4,253 |
Supplies and consumables | 21,788 | 20,410 |
Total | $ 59,830 | $ 60,603 |
Notes Receivable (Narrative) (D
Notes Receivable (Narrative) (Details) - Notes Receivable, Seller Obligation [Member] - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Feb. 02, 2021 | Mar. 31, 2022 | Mar. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||
Debt issuance | $ 115 | $ 115 | |
Amount of notes receivable | 61.6 | $ 61.6 | |
Interest rate percentage to record present value of notes receivable | 6.60% | ||
Company recorded interest income | $ 0.4 | $ 0.7 | $ 1 |
Decommissioning Liabilities (Na
Decommissioning Liabilities (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Decommissioning liabilities | $ 193 | $ 190.4 | ||
Accretion Expense associated with our decommissioning liabilities | $ 0.5 | $ 1 | $ 2.7 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 544,445 | $ 541,916 |
Accumulated depreciation and depletion | (212,946) | (185,642) |
Property, plant and equipment, net | 331,499 | 356,274 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 363,397 | 360,353 |
Buildings, Improvements And Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 76,749 | 75,374 |
Automobiles, Trucks, Tractors and Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,416 | 6,450 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,714 | 19,668 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,943 | 6,700 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 28,446 | 28,671 |
Oil and Gas Producing Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 44,780 | $ 44,700 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Feb. 02, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and depletion expense | $ 31.2 | ||
Depreciation and depletion related to assets held for sale | $ 7.8 | $ 39 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Feb. 02, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | |||
Credit facility, borrowing base | $ 20,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 15.00% | ||
Fixed charge coverage ratio | 1 | ||
Reorganization items, net | $ 335,560 | ||
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 120,000 | 120,000 | |
Letters of Credit Outstanding, Amount | $ 35,500 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Feb. 02, 2022 | Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 45,928 | $ 45,928 | $ 105,843 | $ 197,930 |
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 29,773 | 68,037 | 112,380 | |
Depreciation, depletion, amortization and accretion | 8,358 | 40,030 | 34,085 | |
General and administrative expenses | 11,052 | 18,438 | 32,018 | |
Restructuring expense | 1,270 | 8,383 | 1,555 | |
Other gains and losses, net | 169 | 1,147 | ||
Income (loss) from operations | (4,525) | (28,876) | 16,745 | |
Interest income (expense), net | 202 | 212 | 1,179 | |
Reorganization expenses | (335,560) | |||
Other income (expense) | (2,105) | (2,845) | 13,947 | |
Income (loss) from continuing operations before income taxes | 329,132 | (31,509) | 31,871 | |
Rentals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 18,339 | 42,448 | 88,756 | |
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 7,839 | 15,486 | 31,752 | |
Depreciation, depletion, amortization and accretion | 4,271 | 28,058 | 20,989 | |
General and administrative expenses | 2,027 | 3,451 | 7,365 | |
Other gains and losses, net | 165 | 135 | ||
Income (loss) from operations | 4,202 | (4,382) | 28,785 | |
Well Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 27,589 | 63,395 | 109,174 | |
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 21,934 | 52,551 | 80,628 | |
Depreciation, depletion, amortization and accretion | 3,666 | 11,163 | 11,728 | |
General and administrative expenses | 4,111 | 8,461 | 11,401 | |
Other gains and losses, net | 4 | 1,282 | ||
Income (loss) from operations | (2,122) | (8,776) | 4,135 | |
Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion, amortization and accretion | 421 | 809 | 1,368 | |
General and administrative expenses | 4,914 | 6,526 | 13,252 | |
Restructuring expense | 1,270 | 8,383 | 1,555 | |
Income (loss) from operations | $ (6,605) | $ (15,718) | $ (16,175) |
Segment Information (Schedule_2
Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Identifiable Assets | $ 1,224,359 | $ 1,199,508 |
Rentals [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | 421,865 | 379,453 |
Well Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | 628,863 | 636,256 |
Corporate And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | $ 173,631 | $ 183,799 |
Segment Information (Schedule_3
Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||
Feb. 02, 2022 | Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | $ 45,928 | $ 45,928 | $ 105,843 | $ 197,930 | |
Long-lived assets | 331,499 | $ 356,274 | |||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | 23,863 | 53,059 | 99,584 | ||
Long-lived assets | 230,292 | 231,388 | |||
Other countries | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | $ 22,065 | $ 22,065 | $ 52,784 | 98,346 | |
Long-lived assets | $ 101,207 | $ 124,886 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 28, 2022 | Feb. 02, 2021 | Mar. 31, 2022 | Jun. 01, 2021 |
Restricted Stock Units R S U [Member] | ||||
Cancelled stock incentive plans | ||||
Shares granted | 72,050 | |||
Compensation expense | $ 0.6 | |||
Restricted Stock Units R S U [Member] | Equal Installments [Member] | ||||
Cancelled stock incentive plans | ||||
Share-based payment vesting period, years | 3 years | |||
Restricted Stock Units R S U [Member] | Predecessor Period | ||||
Cancelled stock incentive plans | ||||
Compensation expense | $ 0.9 | |||
Performance Share Units [Member] | ||||
Cancelled stock incentive plans | ||||
Shares granted | 288,199 | |||
Performance Share Units [Member] | Minimum [Member] | ||||
Cancelled stock incentive plans | ||||
Percentage of achievement of share price based on target award | 25.00% | |||
Performance Share Units [Member] | Maximum [Member] | ||||
Cancelled stock incentive plans | ||||
Percentage of achievement of share price based on target award | 100.00% | |||
Restricted Stock Awards [Member] | ||||
Cancelled stock incentive plans | ||||
Compensation expense | $ 0.6 | |||
Management Incentive Plan [Member] | ||||
Cancelled stock incentive plans | ||||
Common stock reserved for issuance | 1,999,869 | |||
Common stock, par value | $ 0.01 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Summary Of Compensation Expense and Tax Benefits) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Compensation expense | $ 0.6 |
Restricted Stock Units R S U [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Compensation expense | $ 0.6 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Feb. 02, 2021 | Mar. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Current Foreign Tax Expense (Benefit) | $ 0 | |||
Effective Income Tax Rate Reconciliation, Percent | 18.20% | 13.60% | 24.70% | |
Unrecognized tax benefits | $ 15,100 | $ 15,100 | $ 15,000 | |
Deferred income taxes | 1,600 | |||
Reduction to unrecognized tax benefits, foreign tax audits | $ 2,900 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities | $ 0.1 | |
Common Class A [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common Class B [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
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] - Non Qualified Deferred Compensation Assets and Liabilities [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | $ 15,446 | $ 15,896 |
Accounts payable | 1,342 | 2,250 |
Other long-term liabilities | 17,135 | 19,218 |
Investment in equity securities | 26,605 | |
Total debt | 25,735 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 0 | |
Investment in equity securities | 26,605 | |
Total debt | 25,735 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 15,446 | 15,896 |
Accounts payable | 1,342 | 2,250 |
Other long-term liabilities | $ 17,135 | $ 19,218 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Fair Value Measurements [Abstract] | |
Sale of Stock, Number of Shares Issued in Transaction | shares | 1 |
Gain on sale of assets, discontinued operation | $ 7.4 |
Recognized gains on equity securities | 1.8 |
Unrealized gain on equity securities | $ 6.5 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | Apr. 02, 2018Employee | Mar. 31, 2022USD ($) |
Loss Contingencies [Line Items] | ||
Number of people involved in lawsuit | Employee | 2 | |
Rate of royalty payments invoiced by plaintiffs | 25.00% | |
Rate of royalty payments claimed by plaintiffs | 50.00% | |
Loss Contingency, Maximum Liability | $ 7.3 | |
First And Second Case [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 7 | |
Performance Bank Guarantee [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Maximum Liability | $ 3.5 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Gain on sale of assets, discontinued operation | $ 7,400 | |
Assets held for sale | $ 28,491 | $ 37,528 |
Discontinued Operations (Compon
Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation, depletion, amortization and accretion | $ 8,358 | $ 40,030 | $ 34,085 |
General and administrative expenses | 11,052 | 18,438 | 32,018 |
Other (gains) and losses, net | (169) | 1,147 | |
Income (loss) from operations | (4,525) | (28,876) | 16,745 |
Other income (expense) | (2,105) | (2,845) | 13,947 |
Income (loss) from discontinued operations, net of income tax | (352) | (9,406) | 1,739 |
Pumpco [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 10,719 | 23,252 | 0 |
Cost of services | 10,398 | 22,522 | 0 |
Depreciation, depletion, amortization and accretion | 2,141 | 12,775 | 0 |
General and administrative expenses | 1,119 | 2,595 | 3,742 |
Other (gains) and losses, net | 0 | (2,500) | (5,943) |
Income (loss) from operations | (2,939) | (12,140) | 2,201 |
Other income (expense) | 2,485 | 3 | 0 |
Loss from discontinued operations before tax | (454) | (12,137) | 2,201 |
Income tax benefit (expense) | 102 | 2,731 | (462) |
Income (loss) from discontinued operations, net of income tax | $ (352) | $ (9,406) | $ 1,739 |
Discontinued Operations (Assets
Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets | $ 28,491 | $ 37,528 |
Pumpco Member | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 6,254 | 7,469 |
Property, plant and equipment, net | 22,076 | 29,328 |
Other assets | 161 | 731 |
Total assets held for sale | 28,491 | 37,528 |
Accounts payable | 473 | 652 |
Accrued expenses | 2,982 | 4,268 |
Other liabilities | 223 | 687 |
Total liabilities | $ 3,678 | $ 5,607 |
Discontinued Operation (Cash Fl
Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other (gains) and losses, net | $ (169) | $ 1,147 | |
Other gains and losses, net | 169 | 1,147 | |
Pumpco Member | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Gain)/loss on sale of assets | (43) | 0 | 0 |
Other (gains) and losses, net | 0 | (2,500) | (5,943) |
Depreciation, depletion, amortization and accretion | 2,141 | 12,775 | 0 |
Proceeds from sales of assets | $ 486 | $ 5,024 | $ 13,194 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Feb. 03, 2021 | Feb. 02, 2021 | Jan. 01, 2021 |
Supplemental Cash Flow Information [Abstract] | ||||||
Cash and cash equivalents | $ 359,511 | $ 314,974 | $ 197,307 | $ 172,768 | $ 172,768 | $ 188,006 |
Restricted cash-current | 0 | 0 | 16,751 | 16,751 | 16,751 | 0 |
Restricted cash-non-current | 79,561 | 79,561 | 80,056 | 80,179 | 80,179 | 80,178 |
Cash, cash equivalents, and restricted cash | $ 439,072 | $ 394,535 | $ 294,114 | $ 269,698 | $ 269,698 | $ 268,184 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Feb. 02, 2022 | Feb. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Total Revenues | $ 45,928 | $ 45,928 | $ 105,843 | $ 197,930 |
Cost of revenues | 29,773 | 68,037 | 112,380 | |
Loss from operations before income taxes | 329,132 | (31,509) | 31,871 | |
Income taxes | 60,003 | (4,285) | 7,884 | |
Net income (loss) from continuing operations | 269,129 | (27,224) | 23,987 | |
Income (loss) from discontinued operations, net of income tax | (352) | (9,406) | 1,739 | |
Net income (loss) | $ 268,777 | $ (36,630) | $ 25,726 |