Superior Energy Services 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 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	87-4613576
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	Q3
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 ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 453,682	$ 314,974
Accounts receivable, net	222,646	182,432
Income taxes receivable	5,527	5,099
Prepaid expenses	16,029	15,861
Inventory	69,962	60,603
Investment in equity securities	16,888	25,735
Other current assets	5,790	6,701
Assets held for sale	18,314	37,528
Total current assets	808,838	648,933
Property, plant and equipment, net	283,906	356,274
Note receivable	66,078	60,588
Restricted cash	79,757	79,561
Other long-term assets, net	48,636	54,152
Total assets	1,287,215	1,199,508
Current liabilities:
Accounts payable	51,398	43,080
Accrued expenses	107,972	108,610
Income taxes payable	15,900	8,272
Liabilities held for sale	3,666	5,607
Total current liabilities	178,936	165,569
Decommissioning liability	144,781	190,380
Deferred income taxes	21,761	12,441
Other long-term liabilities	80,616	89,385
Total liabilities	426,094	457,775
Stockholders’ equity (deficit):
Accumulated deficit	(46,309)	(162,178)
Total stockholders' equity	861,121	741,733
Total liabilities and stockholders' equity	1,287,215	1,199,508
Common Class A [Member]
Stockholders’ equity (deficit):
Common Stock $0.001 par value	200	200
Additional paid in capital	902,486	902,486
Common Class B [Member]
Stockholders’ equity (deficit):
Common Stock $0.001 par value	1	1
Additional paid in capital	$ 4,743	$ 1,224

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	19,999,000	19,999,000
Common stock, shares outstanding	19,999,000	19,999,000
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	114,000	114,000
Common stock, shares outstanding	76,000	76,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Revenues [Abstract]
Total revenues	$ 45,928	$ 222,287	$ 178,583	$ 450,318	$ 644,857
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	116,081	126,070	297,152	349,429
Depreciation, depletion, amortization and accretion	8,358	20,508	59,208	158,256	77,939
General and administrative expenses	11,052	31,841	33,671	84,417	94,090
Restructuring expense	1,270	1,223	4,712	20,533	4,441
Other (gains) and losses, net		(13,397)	(1,097)	(732)	(30,263)
Income (loss) from operations	(4,525)	66,031	(43,981)	(109,308)	149,221
Other income (expense):
Interest income (expense), net	202	3,373	647	1,394	6,011
Reorganization items, net	335,560			0	0
Other income (expense)	(2,105)	(6,838)	(6,224)	(6,499)	(6,362)
Income (loss) from continuing operations before income taxes	329,132	62,566	(49,558)	(114,413)	148,870
Income tax (expense) benefit	(60,003)	(14,058)	9,518	15,550	(32,813)
Net income (loss) from continuing operations	269,129	48,508	(40,040)	(98,863)	116,057
Income (loss) from discontinued operations, net of income tax	(352)	17	(5,161)	(33,967)	(188)
Net income (loss)	$ 268,777	$ 48,525	$ (45,201)	$ (132,830)	$ 115,869
Income (loss) per share -basic
Net income (loss) from continuing operations	$ 18.13	$ 2.42	$ (2)	$ (4.94)	$ 5.80
Income (loss) from discontinued operations, net of income tax	(0.02)	0	(0.26)	(1.70)	(0.01)
Net income (loss)	18.11	2.42	(2.26)	(6.64)	5.79
Income (loss) per share - diluted:
Net income (loss) from continuing operations	18.06	2.41	(2)	(4.94)	5.78
Income (loss) from discontinued operations, net of income tax	(0.03)	0.01	(0.26)	(1.70)	(0.01)
Net income (loss)	$ 18.03	$ 2.42	$ (2.26)	$ (6.64)	$ 5.77
Weighted Average Number of Shares Outstanding, Basic	14,845	20,024	19,999	19,997	20,016
Weighted Average Number of Shares Outstanding, Diluted	14,905	20,090	19,999	19,997	20,074
Services [Member]
Revenues [Abstract]
Total revenues	$ 19,234	$ 99,763	$ 85,667	$ 209,133	$ 291,268
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	15,080	66,205	71,688	166,801	199,903
Depreciation, depletion, amortization and accretion	3,500	8,266	28,426	73,174	30,224
Rentals [Member]
Revenues [Abstract]
Total revenues	14,434	80,173	59,420	143,972	224,328
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	5,876	25,816	26,011	60,960	74,664
Depreciation, depletion, amortization and accretion	2,627	6,749	19,717	50,558	23,278
Product Sales [Member]
Revenues [Abstract]
Total revenues	12,260	42,351	33,496	97,213	129,261
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	8,817	24,060	28,371	69,391	74,862
Depreciation, depletion, amortization and accretion	$ 2,231	$ 5,493	$ 11,065	$ 34,524	$ 24,437

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 268,777	$ 48,525	$ (45,201)	$ (132,830)	$ 115,869
Change in cumulative translation adjustment, net of tax	67,947	0	0		0
Comprehensive income (loss)	$ 336,724	$ 48,525	$ (45,201)	$ (132,830)	$ 115,869

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Changes In Stockholders' Equity (Deficit) - USD ($) $ 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)
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 Feb. 02, 2021	902,686	$ 200		902,486
Beginning balance, shares at Feb. 02, 2021		19,996
Net income (loss)	(132,830)
Foreign currency translation adjustment
Ending balance, value at Sep. 30, 2021	770,497	$ 200	$ 1	902,486	$ 640			(132,830)
Ending balance, shares at Sep. 30, 2021		19,999	76,000
Beginning balance, value at Mar. 31, 2021	866,056	$ 200		902,486				(36,630)
Beginning balance, shares at Mar. 31, 2021		19,996
Net income (loss)	(50,999)							(50,999)
Stock-based compensation expense, net	1,570				1,570
Shares withheld and retired, shares			38
Shares withheld and retired, value	(1,485)				(1,485)
Common stock issued,shares		3	114,000
Common stock issued,value			$ 1		(1)
Ending balance, value at Jun. 30, 2021	815,142	$ 200	$ 1	902,486	84			(87,629)
Ending balance, shares at Jun. 30, 2021		19,999	76,000
Net income (loss)	(45,201)							(45,201)
Foreign currency translation adjustment	0
Stock-based compensation expense, net					556
Shares withheld and retired, value	556
Ending balance, value at Sep. 30, 2021	770,497	$ 200	$ 1	902,486	640			(132,830)
Ending balance, shares at Sep. 30, 2021		19,999	76,000
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	76,000
Net income (loss)	25,726							25,726
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
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	76,000
Net income (loss)	115,869
Foreign currency translation adjustment	0
Ending balance, value at Sep. 30, 2022	861,121	$ 200	$ 1	902,486	4,743			(46,309)
Ending balance, shares at Sep. 30, 2022		19,999	76,000
Beginning balance, value at Mar. 31, 2022	768,044	$ 200	$ 1	902,486	1,809			(136,452)
Beginning balance, shares at Mar. 31, 2022		19,999	76
Net income (loss)	41,618							41,618
Stock-based compensation expense, net	958				958
Ending balance, value at Jun. 30, 2022	810,620	$ 200	$ 1	902,486	2,767			(94,834)
Ending balance, shares at Jun. 30, 2022		19,999	76,000
Net income (loss)	48,525							48,525
Foreign currency translation adjustment	0
Stock-based compensation expense, net	1,976				1,976
Ending balance, value at Sep. 30, 2022	$ 861,121	$ 200	$ 1	$ 902,486	$ 4,743			$ (46,309)
Ending balance, shares at Sep. 30, 2022		19,999	76,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2021	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 268,777	$ (132,830)	$ 115,869
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion, amortization and accretion	10,499	189,758	77,939
Deferred income taxes	54,322	(27,126)	7,254
Amortization of credit facility costs	0	0	381
Stock based compensation expense	935	2,126	3,519
Reorganization items, net	(354,279)	0	0
Bad debt	(210)	(5,303)	(106)
Gain on sale of assets and businesses	58	0	0
Gain on sale of equity securities	0	0	(3,611)
Unrealized gain on investment in equity securities	0	1,620	(908)
Other (gains) and losses, net	0	10,601	(37,148)
Other reconciling items, net	1,017	9,592	2,454
Changes in operating assets and liabilities:
Accounts receivable	3,602	(15,233)	(37,072)
Prepaid expenses	(340)	4,749	(279)
Inventory and other current assets	(221)	15,983	(8,641)
Accounts payable	(2,365)	4,842	(3,296)
Accrued expenses	23,489	(31,439)	(3,726)
Income taxes	340	10,676	7,200
Other, net	(241)	(1,190)	2,196
Net cash from operating activities	5,383	36,826	122,025
Cash flows from investing activities:
Payments for capital expenditures	(3,035)	(25,447)	(42,901)
Proceeds from sales of assets	775	58,006	46,414
Proceeds from sales of equity securities	0	0	13,366
Net cash from investing activities	(2,260)	32,559	16,879
Cash flows from financing activities:
Credit facility costs	(1,920)	(14)	0
Tax withholdings for vested restricted stock units	0	(1,485)	0
Net cash from financing activities	(1,920)	(1,499)	0
Effect of exchange rate changes on cash	311	0	0
Net change in cash, cash equivalents, and restricted cash	1,514	67,886	138,904
Cash, cash equivalents, and restricted cash at beginning of period	268,184	269,698	394,535
Cash, cash equivalents, and restricted cash at end of period	$ 269,698	$ 337,584	$ 533,439

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 September 30, 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 Form 10-K. 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 September 30, 2022, and our results of operations for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	(2) Revenue Disaggregation of Revenue The following table presents our revenues by segment disaggregated by geography (in thousands): For the Three Months Ended September 30, 2022 2022 2021 U.S. land Rentals $ 39,673 $ 25,627 Well Services 9,808 6,638 Total U.S. land 49,481 32,265 U.S. offshore Rentals 37,829 28,997 Well Services 23,609 22,756 Total U.S. offshore 61,438 51,753 International Rentals 27,055 21,593 Well Services 84,313 72,972 Total International 111,368 94,565 Total Revenues $ 222,287 $ 178,583 Successor Predecessor For the Nine Months Ended September 30, 2022 For the Period For the Period U.S. land Rentals $ 117,426 $ 57,525 $ 4,917 Well Services 18,507 15,545 3,379 Total U.S. land 135,933 73,070 8,296 U.S. offshore Rentals 106,913 76,290 8,196 Well Services 84,499 68,751 7,371 Total U.S. offshore 191,412 145,041 15,567 International Rentals 72,703 52,087 5,226 Well Services 244,809 180,120 16,839 Total International 317,512 232,207 22,065 Total Revenues $ 644,857 $ 450,318 $ 45,928 The following table presents our revenues by segment disaggregated by type (in thousands): For the Three Months Ended September 30, 2022 2022 2021 Services Rentals $ 15,301 $ 8,735 Well Services 84,462 76,932 Total Services 99,763 85,667 Rentals Rentals 77,561 56,743 Well Services 2,612 2,677 Total Rentals 80,173 59,420 Product Sales Rentals 11,695 10,739 Well Services 30,656 22,757 Total Product Sales 42,351 33,496 Total Revenues $ 222,287 $ 178,583 Successor Predecessor For the Nine Months Ended September 30, 2022 For the Period For the Period Services Rentals $ 39,113 $ 24,591 $ 2,005 Well Services 252,155 184,542 17,229 Total Services 291,268 209,133 19,234 Rentals Rentals 216,371 133,231 14,082 Well Services 7,957 10,741 352 Total Rentals 224,328 143,972 14,434 Product Sales Rentals 41,558 28,080 2,252 Well Services 87,703 69,133 10,008 Total Product Sales 129,261 97,213 12,260 Total Revenues $ 644,857 $ 450,318 $ 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 September 30, 2022 and December 31, 2021 was approximately $ 5.3 million and $ 2.2 million , respectively.

Inventory

Inventory	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Finished goods $ 36,838 $ 26,187 Raw materials 9,562 9,753 Work-in-process 5,398 4,253 Supplies and consumables 18,164 20,410 Total $ 69,962 $ 60,603

Decommissioning Liabilities

Decommissioning Liabilities	9 Months Ended
	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Decommissioning Liability	(4) Decommissioning Liability We account for our decommissioning liability under ASC 410 – Asset Retirement Obligations . Our decommissioning liability is associated with our oil and gas property and includes costs related to the plugging of wells, decommissioning of the related platform and equipment and site restoration. We review the adequacy of our decommissioning liability whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially. During the second quarter of 2022, we undertook an initiative to alter our decommissioning program, whereby we intend to convert the platform into an artificial reef (“reef-in-place”) and no longer expect to fully decommission the platform. The reef-in-place program would involve severing the top portion of the structure at a permitted navigation depth and placing the severed structure on the sea floor next to the base of the remaining structure. In connection with the changes in the decommissioning program, we have revised the timing and estimates for the plugging and abandonment of the associated wells, as well as the timing to complete the decommissioning of the platform under a reef-in-place program such that we now expect all decommissioning activities to be completed by the second quarter of 2031. The changes in estimates under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable, as well as impacted the carrying value of our oil and gas producing assets. Due to the reduction in both costs and timing, our decommissioning liability was reduced by $ 53.0 million and the related note receivable was increased by $ 2.6 million . Additionally, in accordance with ASC 410, the carrying value of our oil and gas producing assets, which included capitalized oil and gas reserves and capitalized asset retirement costs, was reduced by $ 38.2 million , which represented the net book value of all of our oil and gas assets at the time of the reduction. In connection with these changes, we recognized a gain of approximately $ 17.4 million , which is included in other (gains) and losses, net in our statement of operations. The following table presents our decommissioning liability as of the periods indicated: September 30, 2022 December 31, 2021 Wells $ 83,167 $ 97,810 Platform 61,614 92,570 Decommissioning Liability 144,781 190,380 Less: Note Receivable ( 66,078 ) ( 60,588 ) Decommissioning Liability, net of Note Receivable $ 78,703 $ 129,792 Accretion expense for the three and nine months ended September 30, 2022 was $ 2.0 million and $ 7.4 million respectively. Accretion expense for the three months ended September 30, 2021, the Successor Period and Predecessor Period was $ 1.4 million , $ 3.6 million and $ 0.5 million , respectively.

Note Receivable

Note Receivable	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Note Receivable	(5) Note Receivable We have a decommissioning liability related to the acquisition of a single oil and gas property. Our note receivable arises from 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. During the second quarter of 2022, changes in estimates regarding the timing and the cost of decommissioning our oil and gas property under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable, as well as impacted the carrying value of our oil and gas producing assets. Due to the reduction in both costs and timing, our decommissioning liability was reduced by $ 53.0 million and the related note receivable was increased by $ 2.6 million . Additionally, in accordance with ASC 410-20, the carrying value of our oil and gas producing assets, which included capitalized oil and gas reserves and capitalized asset retirement costs, was reduced by $ 38.2 million , which represented the net book value of all of our oil and gas assets at the time of the reduction. In connection with these changes, we recognized a gain of approximately $ 17.4 million , which is included in other (gains) and losses, net in our statement of operations. Due to the reduction in estimated costs under the reef-in-place program, the gross amount of the seller’s obligation was reduced to $ 106.9 million as of June 30, 2022. As of September 30, 2022 the carrying value of the note receivable was $ 66.1 million . The discount on the note receivable, which is currently based on an effective interest rate of 5.6 % , is amortized to interest income over the expected timing of the completion of the decommissioning activities, which are now expected to be completed during the second quarter of 2031. Interest receivable is considered paid in kind and is compounded into the carrying amount of the note. Non-cash interest income for the three and nine months ended September 30, 2022 was $ 0.9 million and $ 2.9 million respectively. Non-cash interest income for the three months ended September 30, 2021, the Successor Period and Predecessor Period was $ 1.2 million , $ 3.1 million and $ 0.4 million , respectively. As the interest income on the note receivable is non-cash, it is included in other reconciling items, net in the condensed consolidated statements of cash flows.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	(6) Property, Plant and Equipment, Net A summary of property, plant and equipment, net is as follows (in thousands): September 30, 2022 December 31, 2021 Machinery and equipment $ 379,849 $ 360,353 Buildings, improvements and leasehold improvements 71,965 75,374 Automobiles, trucks, tractors and trailers 6,326 6,450 Furniture and fixtures 19,563 19,668 Construction-in-progress 6,696 6,700 Land 26,796 28,671 Oil and gas producing assets 178 44,700 Total 511,373 541,916 Accumulated depreciation and depletion ( 227,467 ) ( 185,642 ) Property, plant and equipment, net $ 283,906 $ 356,274 Depreciation and depletion expense associated with our property, plant and equipment for the three and nine months ended September 30, 2022 was $ 18.2 million and $ 69.8 million respectively. Depreciation and depletion expense, excluding depreciation and depletion related to assets held for sale, for the three months ended September 30, 2021, the Successor Period and Predecessor Period was $ 57.7 million , $ 154.2 million and $ 7.8 million , respectively. Gains and losses on disposals of assets are recognized within other (gains) and losses, net in our statement of operations. Prior to emergence from bankruptcy, we recognized gains and losses on the disposal of assets within general and administrative expenses. Other (gains) and losses, net for the three and nine months ended September 30, 2022 totaled $ 13.4 million and $ 30.3 million , respectively and for the three months ended September 30, 2021 and the Successor Period were $ 1.1 million and $ 0.7 million , respectively. Gains on the disposal of assets included in other (gains) and losses, net during the three and nine months ended September 30, 2022 were $ 13.4 million and $ 12.9 million, respectively and primarily relate to disposals of non-core businesses and assets within our Well Services segment. During the second quarter of 2022, changes in estimates regarding the timing and the cost of decommissioning our oil and gas property under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable, as well as impacted the carrying value of our oil and gas producing assets. In accordance with ASC 410, the carrying value of our oil and gas producing assets, which included capitalized oil and gas reserves and capitalized asset retirement costs, was reduced by $ 38.2 million , which represented the net book value of all of our oil and gas assets at the time of the reduction. In connection with these changes, we recognized a gain of approximately $ 17.4 million which is included in other (gains) and losses, net.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	(7) 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 September 30, 2022, our borrowing base, as defined in the Credit Agreement, was approximately $ 120.0 million , and we had $ 40.3 million of letters of credit outstanding that reduced the borrowing availability. We had no outstanding borrowings under the Credit Facility as of September 30, 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 September 30, 2022 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [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): September 30, 2022 Level 1 Level 2 Level 3 Total Non-qualified deferred compensation assets and liabilities Other long-term assets, net $ - $ 14,873 $ - $ 14,873 Accrued expenses - 1,780 - 1,780 Other long-term liabilities - 15,205 - 15,205 Investment in equity securities $ 16,888 $ - $ - $ 16,888 December 31, 2021 Level 1 Level 2 Level 3 Total Non-qualified deferred compensation assets and liabilities Other long-term assets, net $ - $ 15,896 $ - $ 15,896 Accrued expenses - 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”) and is reported at fair value based on unadjusted quoted prices which are readily determinable, which represents a Level 1 in the fair value hierarchy. 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.

Other income (expense)

Other income (expense)	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Other Income And Other Expense	(9) Other income (expense) Other income (expense) primarily relate to re-measurement gains and losses associated with our foreign currencies and realized and unrealized gains and losses on our investment in equity securities. As of September 30, 2022, we held 2.4 million shares of Select common stock. During the three and nine months ended September 30, 2022, we recognized unrealized gains of $ 0.4 million and $ 0.9 million , respectively from our investment in equity securities. During the nine months ended September 30, 2022, we disposed of 1.7 million shares of Select for $ 13.4 million , and we recognized gains totaling $ 3.6 million , respectively, in connection with these transactions. No shares were disposed of during the three months ended September 30, 2022. Losses on foreign currencies during the three and nine months ended September 30, 2022 were $ 7.0 million and $ 11.9 million , respectively. Losses on foreign currencies for the three months ended September 30, 2021, the Successor Period and the Predecessor Period were $ 4.5 million , $ 4.3 million , and $ 2.1 million respectively. Losses on foreign currencies during the nine months ended September 30, 2022 include an expense of $ 2.7 million which represents a correction of an immaterial error relating to a period prior to our emergence from bankruptcy. Gains and losses on foreign currencies are primarily related to our operations in Brazil and Argentina.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	(10) 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 September 30, 2022 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 104,557 $ 117,730 $ - $ 222,287 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 33,638 82,443 - 116,081 Depreciation, depletion, amortization and accretion 12,554 6,900 1,054 20,508 General and administrative expenses 7,020 10,220 14,601 31,841 Restructuring expenses - - 1,223 1,223 Other (gains) and losses, net ( 4,946 ) ( 8,082 ) ( 369 ) ( 13,397 ) Income (loss) from operations $ 56,291 $ 26,249 $ ( 16,509 ) $ 66,031 For the three months ended September 30, 2021 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 76,217 $ 102,366 $ - $ 178,583 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 32,638 93,432 - 126,070 Depreciation, depletion, amortization and accretion 41,641 15,615 1,952 59,208 General and administrative expenses 7,184 13,445 13,042 33,671 Restructuring expenses - - 4,712 4,712 Other (gains) and losses, net 800 ( 1,897 ) - ( 1,097 ) Income (loss) from operations $ ( 6,046 ) $ ( 18,229 ) $ ( 19,706 ) $ ( 43,981 ) For the nine months ended September 30, 2022 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 297,042 $ 347,815 $ - $ 644,857 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 101,250 248,179 - 349,429 Depreciation, depletion, amortization and accretion 46,099 28,290 3,550 77,939 General and administrative expenses 20,944 32,823 40,323 94,090 Restructuring expenses - - 4,441 4,441 Other (gains) and losses, net ( 4,886 ) ( 25,008 ) ( 369 ) ( 30,263 ) Income (loss) from operations $ 133,635 $ 63,531 $ ( 47,945 ) $ 149,221 For the Period February 3, 2021 through September 30, 2021 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 185,902 $ 264,416 $ - $ 450,318 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 75,433 221,719 - 297,152 Depreciation, depletion, amortization and accretion 111,781 41,991 4,484 158,256 General and administrative expenses 16,986 35,029 32,402 84,417 Restructuring expenses - - 20,533 20,533 Other (gains) and losses, net 1,360 ( 2,092 ) - ( 732 ) Income (loss) from operations $ ( 19,658 ) $ ( 32,231 ) $ ( 57,419 ) $ ( 109,308 ) 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 September 30, 2022 $ 526,759 $ 607,840 $ 152,616 $ 1,287,215 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 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 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 For the Three Months Ended 2022 2021 United States $ 110,919 $ 84,018 Other countries 111,368 94,565 Total $ 222,287 $ 178,583 Successor Predecessor For the Nine Months Ended September 30, 2022 For the Period For the Period United States $ 327,345 $ 218,111 $ 23,863 Other countries 317,512 232,207 22,065 Total $ 644,857 $ 450,318 $ 45,928 Long-Lived Assets September 30, 2022 December 31, 2021 United States $ 209,008 $ 231,388 Other countries 74,898 124,886 Total $ 283,906 $ 356,274

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation Plans	(11) Stock-Based Compensation Plans Our Management Incentive Plan (“MIP”) provides the issuance of up to 1,999,869 shares of our Class B common stock, par value $ 0.01 per share (the “Class B Common Stock”) for the grant of share-based and cash-based awards. 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 a special grant of 72,050 RSUs and 288,199 PSUs which was intended to satisfy stock awards for the next three years. Additional grants will be issued for new hires and promotions. 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. On July 18, 2022, the Board and the Compensation Committee approved an RSU award agreement for 79,375 RSUs. The RSUs generally vest in three equal annual installments over a three-year period commencing on the first anniversary of January 20, 2022, subject to terms and conditions set forth in the forms of RSU award agreements. Additionally, on July 18, 2022, the Board and the Compensation Committee approved accelerated vesting with respect to 15,642 outstanding restricted shares of our Class B common stock granted by us on June 1, 2021. During the three and nine months ended September 30, 2022, we recognized $ 2.0 million and $ 3.5 million , respectively, in compensation expense associated with grants of restricted stock awards and RSUs. During the nine months ended September 30, 2021 and the Successor Period, we recognized $ 2.3 million and $ 2.1 million , respectively, in compensation cost associated with grants of restricted stock 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	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	(12) Income Taxes The effective tax rate for the three and nine months ended September 30, 2022 was 22.5 % and 22.0 % , respectively, on income from continuing operations. The effective tax rate is different from the U.S. federal statutory rate of 21.0 % primarily from non-deductible items, foreign tax rates that differ from the U.S. federal statutory rate, the release of valuation allowance primarily based on current period income in certain jurisdictions and foreign losses for which no tax benefit is being recorded. In recording deferred income tax assets, we consider whether it is more likely than not some portion or all of the deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent on the generation of future taxable income of the appropriate character during the periods in which those deferred income tax assets would be deductible. Our annualized effective tax rate for the nine months ended September 30, 2022 includes a tax benefit of $18.5 million related to the release of a valuation allowance previously recorded against U.S. foreign tax credit and general business credit carryforwards. We previously considered these credit carryforwards to be unrealizable primarily due to our cumulative history of losses in the U.S. in recent years and tax attribute utilization limits under Section 382 resulting from bankruptcy. This was significant negative evidence that outweighed positive evidence from forecasts of future taxable income. However, based on recognized built in gains that have increased our limit under Section 382, year to date income in the U.S., and certain attributes promoting use of the foreign tax credit carryovers, when combined with our view on the remaining 2022 outlook, we determined there is now significant positive evidence for our ability to utilize available U.S. foreign tax credit carryforwards and general business credits in 2022. The amount of valuation allowance released in the U.S. recognizes foreign tax credit deferred tax assets that we estimate will offset U.S. taxes payable in 2022. After the valuation allowance release, we have $ 38.2 million of U.S. foreign tax credit deferred tax assets that continue to have a valuation allowance against them. We will continue to evaluate the realizability of our U.S. foreign tax credit carryforwards and may have additional valuation allowance releases in future periods if we achieve positive cumulative U.S. income results of appropriate character and timing to do so. On August 16, 2022, the Inflation Reduction Act (the IRA) was signed into law in the U.S. Among other changes, the IRA introduced a corporate minimum tax on certain corporations with average adjusted financial statement income over a three-tax year period in excess of $1.0 billion and an excise tax on certain stock repurchases by certain covered corporations for taxable years beginning after December 31, 2022 and several tax incentives to promote clean energy. Based on our current analysis and pending future guidance to be issued by Treasury, we do not believe these provisions will have a material impact on our consolidated financial statements. The effective tax rate for the three months ended September 30, 2021, the Successor Period and the Predecessor Period was 19.2 % , 13.6 % and 18.2 % , respectively, on income from and the Successor Period is different from the U.S. federal statutory rate of 21.0 % 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 21.0 % primarily due the adoption of fresh start accounting during the period. We had $ 15.2 million and $ 15.0 million of unrecognized tax benefits as of September 30, 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 $ 11.4 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	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	(13) Earnings per Share Our common equity consists of Class A Common Stock and Class B Common Stock (the “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 using the weighted average number of Common Stock outstanding during the period plus any potentially dilutive Common Stock, such as restricted stock awards, restricted stock units, and performance-based units calculated using the treasury stock method. The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share. Successor Predecessor For the Three Months Ended For the Three Months Ended For the Nine Months Ended For the Period For the Period Weighted-average shares outstanding - basic 20,024 19,999 20,016 19,997 14,845 Potentially dilutive stock awards and units 66 - 58 - 60 Weighted-average shares outstanding - diluted 20,090 19,999 20,074 19,997 14,905

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(14) 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. Adjustments for legal costs and reserves are included as a component of cost of revenues in our consolidated statement of operations. 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. Those former employees have filed two lawsuits in the Harris County District Court, in which the former employees allege that the royalty payments they had invoiced at 25 % and for which they received payments in the invoiced amounts since 2010, instead should have been paid at a rate of 50 %. The first lawsuit (the “First Case”), filed in May 2018, sought to recover alleged unpaid royalties from May 2014 through May 2019. The second lawsuit (the “Second Case”) was filed in the same district court against the same subsidiary of ours, brought the same claims, and sought damages post-judgment from the First Case until the discontinuation of the leasing of the product at issue by the subsidiary at the end of 2019. In both lawsuits, the district court ruled against our subsidiary and entered final judgments, which we fully secured with a bond. We strongly disagreed with the result and believed the district court committed several legal errors that should be corrected by reversal of the judgments. Accordingly, we pursued separate appeals in the Fourteenth Court of Appeals. In August 2022, in the appeal from the First Case, the Fourteenth Court of Appeals ruled in favor of our subsidiary on the plaintiffs’ claims for a combined 50 % royalty. The Court of Appeals ruled that because the plaintiffs invoiced our subsidiary for a combined 25 % royalty and accepted payments in that amount every month since 2010, the plaintiffs forever waived any claim to any royalties in any amount other than a combined 25 % royalty, net of expenses. The Court of Appeals reversed the judgment in the First Case and remanded to the trial court to assess damages, if any, owed for royalties between January 2018 and May 2019. The appeal from the judgment in the Second Case was abated by the Fourteenth Court of Appeals pending the resolution of the appeal in the First Case. On October 7, 2022, our subsidiary reached a confidential settlement with the plaintiffs to resolve any and all disputes between them. At the request of both parties in the appeals from both the First Case and the Second Case, the Fourteenth Court of Appeals has reversed the respective judgments entered by the district court. Our subsidiary is in the process of filing appropriate motions in the district court to enter take-nothing judgments and to release the supersedeas bonds filed by our subsidiary in both cases. Our Indian subsidiary, SES Energy Services India Pvt. Ltd, entered into a contract with an Indian oil and gas company to provide an offshore 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. In October 2022, we had a hearing before the Washington State Board of Tax Appeals (the “Tax Board”) in relation to a dispute arising in April 2019 pertaining to a use tax assessment from 2016 as a result of the construction of a vessel by one of our subsidiaries. As of September 30, 2022, the assessment, including interest and penalties, totaled $26.8 million. While we are confident that the assessment is legally insupportable, if the Tax Board upholds the assessment we will be responsible for payment of the full assessment within thirty days of the decision. Although we are unable to estimate the probability of the outcome of this matter or the range of reasonably possible loss, if any, we have reserved an amount we believe to be adequate to cover any final assessment levied by the state.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	(15) Discontinued Operations The following table summarizes the components of discontinued operations, net of tax (in thousands): For the Three Months Ended 2022 2021 Revenues $ - $ 16,985 Cost of services - 17,543 Depreciation, depletion, amortization and accretion - 146 General and administrative expenses 289 2,379 Other (gains) and losses, net ( 303 ) 3,815 Loss from operations 14 ( 6,898 ) Other income (expense) - 238 Loss from discontinued operations before tax 14 ( 6,660 ) Income tax benefit (expense) 3 1,499 Income (loss) from discontinued operations, net of income tax $ 17 $ ( 5,161 ) Successor Predecessor For the Nine Months Ended September 30, 2022 For the Period For the Period Revenues $ - $ 85,351 $ 10,719 Cost of services - 77,936 10,398 Depreciation, depletion, amortization and accretion - 31,502 2,141 General and administrative expenses 5,742 8,597 1,119 Other (gains) and losses, net ( 5,496 ) 11,333 - Loss from operations ( 246 ) ( 44,017 ) ( 2,939 ) Other income (expense) - 188 2,485 Loss from discontinued operations before tax ( 246 ) ( 43,829 ) ( 454 ) Income tax benefit (expense) 58 9,862 102 Income (loss) from discontinued operations, net of income tax $ ( 188 ) $ ( 33,967 ) $ ( 352 ) The following summarizes the assets and liabilities related to discontinued operations (in thousands): September 30, 2022 December 31, 2021 Assets: Accounts receivable, net $ 2,111 $ 7,469 Property, plant and equipment, net 16,042 29,328 Other assets 161 731 Total assets held for sale $ 18,314 $ 37,528 Liabilities: Accounts payable $ 134 $ 652 Accrued expenses 3,309 4,268 Other liabilities 223 687 Total liabilities held for sale $ 3,666 $ 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 Nine Months Ended September 30, 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 ( 5,496 ) 11,333 - Depreciation, depletion, amortization and accretion - 31,502 2,141 Cash flows from discontinued investing activities: Proceeds from sales of assets 18,782 53,225 486

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(16) 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 Nine Months Ended September 30, 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 $ 453,682 $ 258,024 $ 172,768 Restricted cash-current - - 16,751 Restricted cash-non-current 79,757 79,560 80,179 Cash, cash equivalents, and restricted cash, end of period $ 533,439 $ 337,584 $ 269,698

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2022
Disclosure Text Block [Abstract]
New Accounting Pronouncements	(17) 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	(18) Subsequent Events On October 7, 2022, our subsidiary reached a confidential settlement with the plaintiffs to resolve any and all disputes between them. At the request of both parties in the appeals from both the First Case and the Second Case, the Fourteenth Court of Appeals has reversed the respective judgments entered by the district court. Our subsidiary is in the process of filing appropriate motions in the district court to enter take-nothing judgments and to release the supersedeas bonds filed by our subsidiary in both cases. In October 2022, we had a hearing before the Washington State Board of Tax Appeals (the “Tax Board”) in relation to a dispute arising in April 2019 pertaining to a use tax assessment from 2016 as a result of the construction of a vessel by one of our subsidiaries. As of September 30, 2022, the assessment, including interest and penalties, totaled $26.8 million. While we are confident that the assessment is legally insupportable, if the Tax Board upholds the assessment we will be responsible for payment of the full assessment within thirty days of the decision. Although we are unable to estimate the probability of the outcome of this matter or the range of reasonably possible loss, if any, we have reserved an amount we believe to be adequate to cover any final assessment levied by the state.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 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): For the Three Months Ended September 30, 2022 2022 2021 U.S. land Rentals $ 39,673 $ 25,627 Well Services 9,808 6,638 Total U.S. land 49,481 32,265 U.S. offshore Rentals 37,829 28,997 Well Services 23,609 22,756 Total U.S. offshore 61,438 51,753 International Rentals 27,055 21,593 Well Services 84,313 72,972 Total International 111,368 94,565 Total Revenues $ 222,287 $ 178,583 Successor Predecessor For the Nine Months Ended September 30, 2022 For the Period For the Period U.S. land Rentals $ 117,426 $ 57,525 $ 4,917 Well Services 18,507 15,545 3,379 Total U.S. land 135,933 73,070 8,296 U.S. offshore Rentals 106,913 76,290 8,196 Well Services 84,499 68,751 7,371 Total U.S. offshore 191,412 145,041 15,567 International Rentals 72,703 52,087 5,226 Well Services 244,809 180,120 16,839 Total International 317,512 232,207 22,065 Total Revenues $ 644,857 $ 450,318 $ 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): For the Three Months Ended September 30, 2022 2022 2021 Services Rentals $ 15,301 $ 8,735 Well Services 84,462 76,932 Total Services 99,763 85,667 Rentals Rentals 77,561 56,743 Well Services 2,612 2,677 Total Rentals 80,173 59,420 Product Sales Rentals 11,695 10,739 Well Services 30,656 22,757 Total Product Sales 42,351 33,496 Total Revenues $ 222,287 $ 178,583 Successor Predecessor For the Nine Months Ended September 30, 2022 For the Period For the Period Services Rentals $ 39,113 $ 24,591 $ 2,005 Well Services 252,155 184,542 17,229 Total Services 291,268 209,133 19,234 Rentals Rentals 216,371 133,231 14,082 Well Services 7,957 10,741 352 Total Rentals 224,328 143,972 14,434 Product Sales Rentals 41,558 28,080 2,252 Well Services 87,703 69,133 10,008 Total Product Sales 129,261 97,213 12,260 Total Revenues $ 644,857 $ 450,318 $ 45,928

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Components Of Inventory	The components of inventory balances are as follows (in thousands): September 30, 2022 December 31, 2021 Finished goods $ 36,838 $ 26,187 Raw materials 9,562 9,753 Work-in-process 5,398 4,253 Supplies and consumables 18,164 20,410 Total $ 69,962 $ 60,603

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Machinery and equipment $ 379,849 $ 360,353 Buildings, improvements and leasehold improvements 71,965 75,374 Automobiles, trucks, tractors and trailers 6,326 6,450 Furniture and fixtures 19,563 19,668 Construction-in-progress 6,696 6,700 Land 26,796 28,671 Oil and gas producing assets 178 44,700 Total 511,373 541,916 Accumulated depreciation and depletion ( 227,467 ) ( 185,642 ) Property, plant and equipment, net $ 283,906 $ 356,274

Decommissioning Liability (Tabl

Decommissioning Liability (Tables)	9 Months Ended
	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Schedule of decommissioning liability	The following table presents our decommissioning liability as of the periods indicated: September 30, 2022 December 31, 2021 Wells $ 83,167 $ 97,810 Platform 61,614 92,570 Decommissioning Liability 144,781 190,380 Less: Note Receivable ( 66,078 ) ( 60,588 ) Decommissioning Liability, net of Note Receivable $ 78,703 $ 129,792

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information	Summarized financial information for our segments is as follows (in thousands): For the three months ended September 30, 2022 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 104,557 $ 117,730 $ - $ 222,287 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 33,638 82,443 - 116,081 Depreciation, depletion, amortization and accretion 12,554 6,900 1,054 20,508 General and administrative expenses 7,020 10,220 14,601 31,841 Restructuring expenses - - 1,223 1,223 Other (gains) and losses, net ( 4,946 ) ( 8,082 ) ( 369 ) ( 13,397 ) Income (loss) from operations $ 56,291 $ 26,249 $ ( 16,509 ) $ 66,031 For the three months ended September 30, 2021 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 76,217 $ 102,366 $ - $ 178,583 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 32,638 93,432 - 126,070 Depreciation, depletion, amortization and accretion 41,641 15,615 1,952 59,208 General and administrative expenses 7,184 13,445 13,042 33,671 Restructuring expenses - - 4,712 4,712 Other (gains) and losses, net 800 ( 1,897 ) - ( 1,097 ) Income (loss) from operations $ ( 6,046 ) $ ( 18,229 ) $ ( 19,706 ) $ ( 43,981 ) For the nine months ended September 30, 2022 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 297,042 $ 347,815 $ - $ 644,857 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 101,250 248,179 - 349,429 Depreciation, depletion, amortization and accretion 46,099 28,290 3,550 77,939 General and administrative expenses 20,944 32,823 40,323 94,090 Restructuring expenses - - 4,441 4,441 Other (gains) and losses, net ( 4,886 ) ( 25,008 ) ( 369 ) ( 30,263 ) Income (loss) from operations $ 133,635 $ 63,531 $ ( 47,945 ) $ 149,221 For the Period February 3, 2021 through September 30, 2021 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 185,902 $ 264,416 $ - $ 450,318 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 75,433 221,719 - 297,152 Depreciation, depletion, amortization and accretion 111,781 41,991 4,484 158,256 General and administrative expenses 16,986 35,029 32,402 84,417 Restructuring expenses - - 20,533 20,533 Other (gains) and losses, net 1,360 ( 2,092 ) - ( 732 ) Income (loss) from operations $ ( 19,658 ) $ ( 32,231 ) $ ( 57,419 ) $ ( 109,308 ) 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 September 30, 2022 $ 526,759 $ 607,840 $ 152,616 $ 1,287,215 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 For the Three Months Ended 2022 2021 United States $ 110,919 $ 84,018 Other countries 111,368 94,565 Total $ 222,287 $ 178,583 Successor Predecessor For the Nine Months Ended September 30, 2022 For the Period For the Period United States $ 327,345 $ 218,111 $ 23,863 Other countries 317,512 232,207 22,065 Total $ 644,857 $ 450,318 $ 45,928 Long-Lived Assets September 30, 2022 December 31, 2021 United States $ 209,008 $ 231,388 Other countries 74,898 124,886 Total $ 283,906 $ 356,274

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis	September 30, 2022 Level 1 Level 2 Level 3 Total Non-qualified deferred compensation assets and liabilities Other long-term assets, net $ - $ 14,873 $ - $ 14,873 Accrued expenses - 1,780 - 1,780 Other long-term liabilities - 15,205 - 15,205 Investment in equity securities $ 16,888 $ - $ - $ 16,888 December 31, 2021 Level 1 Level 2 Level 3 Total Non-qualified deferred compensation assets and liabilities Other long-term assets, net $ - $ 15,896 $ - $ 15,896 Accrued expenses - 2,250 - 2,250 Other long-term liabilities - 19,218 - 19,218 Investment in equity securities $ 25,735 $ - $ - $ 25,735

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Computation of weighted average number of shares for basic and diluted earnings per share	The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share. Successor Predecessor For the Three Months Ended For the Three Months Ended For the Nine Months Ended For the Period For the Period Weighted-average shares outstanding - basic 20,024 19,999 20,016 19,997 14,845 Potentially dilutive stock awards and units 66 - 58 - 60 Weighted-average shares outstanding - diluted 20,090 19,999 20,074 19,997 14,905

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Components Of Income (Loss) From Discontinued Operations	The following table summarizes the components of discontinued operations, net of tax (in thousands): For the Three Months Ended 2022 2021 Revenues $ - $ 16,985 Cost of services - 17,543 Depreciation, depletion, amortization and accretion - 146 General and administrative expenses 289 2,379 Other (gains) and losses, net ( 303 ) 3,815 Loss from operations 14 ( 6,898 ) Other income (expense) - 238 Loss from discontinued operations before tax 14 ( 6,660 ) Income tax benefit (expense) 3 1,499 Income (loss) from discontinued operations, net of income tax $ 17 $ ( 5,161 ) Successor Predecessor For the Nine Months Ended September 30, 2022 For the Period For the Period Revenues $ - $ 85,351 $ 10,719 Cost of services - 77,936 10,398 Depreciation, depletion, amortization and accretion - 31,502 2,141 General and administrative expenses 5,742 8,597 1,119 Other (gains) and losses, net ( 5,496 ) 11,333 - Loss from operations ( 246 ) ( 44,017 ) ( 2,939 ) Other income (expense) - 188 2,485 Loss from discontinued operations before tax ( 246 ) ( 43,829 ) ( 454 ) Income tax benefit (expense) 58 9,862 102 Income (loss) from discontinued operations, net of income tax $ ( 188 ) $ ( 33,967 ) $ ( 352 )
Assets And Liabilities Of Discontinued Operation	The following summarizes the assets and liabilities related to discontinued operations (in thousands): September 30, 2022 December 31, 2021 Assets: Accounts receivable, net $ 2,111 $ 7,469 Property, plant and equipment, net 16,042 29,328 Other assets 161 731 Total assets held for sale $ 18,314 $ 37,528 Liabilities: Accounts payable $ 134 $ 652 Accrued expenses 3,309 4,268 Other liabilities 223 687 Total liabilities held for sale $ 3,666 $ 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 Nine Months Ended September 30, 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 ( 5,496 ) 11,333 - Depreciation, depletion, amortization and accretion - 31,502 2,141 Cash flows from discontinued investing activities: Proceeds from sales of assets 18,782 53,225 486

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 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 $ 453,682 $ 258,024 $ 172,768 Restricted cash-current - - 16,751 Restricted cash-non-current 79,757 79,560 80,179 Cash, cash equivalents, and restricted cash, end of period $ 533,439 $ 337,584 $ 269,698

Revenue (Disaggregation Of Reve

Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 222,287	$ 178,583	$ 450,318	$ 644,857
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	104,557	76,217	185,902	297,042
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	117,730	102,366	264,416	347,815
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,296	49,481	32,265	73,070	135,933
U.S. Land [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	4,917	39,673	25,627	57,525	117,426
U.S. Land [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,379	9,808	6,638	15,545	18,507
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	15,567	61,438	51,753	145,041	191,412
U.S. Offshore [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,196	37,829	28,997	76,290	106,913
U.S. Offshore [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	7,371	23,609	22,756	68,751	84,499
International [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	22,065	111,368	94,565	232,207	317,512
International [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,226	27,055	21,593	52,087	72,703
International [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 16,839	$ 84,313	$ 72,972	$ 180,120	$ 244,809

Revenue (Disaggregation Of Re_2

Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 222,287	$ 178,583	$ 450,318	$ 644,857
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	104,557	76,217	185,902	297,042
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	117,730	102,366	264,416	347,815
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	19,234	99,763	85,667	209,133	291,268
Services [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,005	15,301	8,735	24,591	39,113
Services [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	17,229	84,462	76,932	184,542	252,155
Rentals Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,434	80,173	59,420	143,972	224,328
Rentals Services [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,082	77,561	56,743	133,231	216,371
Rentals Services [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	352	2,612	2,677	10,741	7,957
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	12,260	42,351	33,496	97,213	129,261
Product Sales [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,252	11,695	10,739	28,080	41,558
Product Sales [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 10,008	$ 30,656	$ 22,757	$ 69,133	$ 87,703

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Allowance for doubtful accounts	$ 5.3	$ 2.2

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 36,838	$ 26,187
Raw materials	9,562	9,753
Work-in-process	5,398	4,253
Supplies and consumables	18,164	20,410
Total	$ 69,962	$ 60,603

Note Receivable (Narrative) (De

Note Receivable (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Amount of notes receivable		$ 2,600		$ 2,600		$ 2,600
Cost and Timing of Decommissioning		53,000		53,000		53,000
Capitalized Costs Asset		38,200		38,200		38,200
Gain recognized from changes in cost and timing				17,400		17,400
Amount of notes receivable net		2,600		2,600		2,600
Note receivable		66,078				$ 66,078	$ 60,588
Change In Gross Amount Of Sellers Obligation				$ 106,900
Notes Receivable, Seller Obligation [Member]
Financing Receivable, Past Due [Line Items]
Interest rate percentage to record present value of notes receivable						5.60%
Company recorded interest income	$ 400	$ 900	$ 1,200		$ 3,100	$ 2,900

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 511,373	$ 541,916
Accumulated depreciation and depletion	(227,467)	(185,642)
Property, plant and equipment, net	283,906	356,274
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	379,849	360,353
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	71,965	75,374
Automobiles, Trucks, Tractors and Trailers [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,326	6,450
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,563	19,668
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,696	6,700
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	26,796	28,671
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 178	$ 44,700

Property, Plant and Equipment_4

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation and depletion expense		$ 18,200				$ 69,800
Depreciation and depletion related to assets held for sale	$ 7,800		$ 57,700		$ 154,200
Other (gains) and losses, net		(13,397)	(1,097)		(732)	(30,263)
Gains on the disposal of assets	$ (58)				0	0
Cost and Timing of Decommissioning		53,000		$ 53,000		53,000
Capitalized Costs Asset		38,200		38,200		38,200
Gain recognized from changes in cost and timing				17,400		17,400
Amount of notes receivable		2,600		$ 2,600		2,600
Well Services [Member]
Property, Plant and Equipment [Line Items]
Other (gains) and losses, net		13,400	$ 1,100		$ 700	30,300
Gains on the disposal of assets		$ 13,400				$ 12,900

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Feb. 02, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Credit facility, borrowing base			$ 20,000
Line of Credit Facility, Commitment Fee Percentage			15%
Fixed charge coverage ratio			0.10
Reorganization items, net	$ 335,560	$ 0	$ 0
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			120,000
Letters of Credit Outstanding, Amount			$ 40,300

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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets, net	$ 14,873	$ 15,896
Accrued expense	1,780	2,250
Other long-term liabilities	15,205	19,218
Investment in equity securities	16,888	25,735
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets, net	0
Investment in equity securities	16,888	25,735
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets, net	14,873	15,896
Accrued expense	1,780	2,250
Other long-term liabilities	$ 15,205	$ 19,218

Other income (expense) (Additio

Other income (expense) (Additional Information) (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gain on equity securities		$ 0.4			$ 0.9
Gain on sale of assets, discontinued operation					13.4
Recognized gains on equity securities					3.6
Gain loss on foreign currencies	$ 2.1	$ (7)	$ 4.5	$ 4.3	(11.9)
Loss on foreign currency expense					$ 2.7
Select Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Common stock, shares outstanding		2.4			2.4
Number of shares issued in transaction					1.7

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 45,928	$ 222,287	$ 178,583	$ 450,318	$ 644,857
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	116,081	126,070	297,152	349,429
Depreciation, depletion, amortization and accretion	8,358	20,508	59,208	158,256	77,939
General and administrative expenses	11,052	31,841	33,671	84,417	94,090
Restructuring expense	1,270	1,223	4,712	20,533	4,441
Other (gains) and losses, net		(13,397)	1,097	(732)	(30,263)
Income (loss) from operations	(4,525)	66,031	(43,981)	(109,308)	149,221
Rentals [Member]
Segment Reporting Information [Line Items]
Total revenues	18,339	104,557	76,217	185,902	297,042
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	7,839	33,638	32,638	75,433	101,250
Depreciation, depletion, amortization and accretion	4,271	12,554	41,641	111,781	46,099
General and administrative expenses	2,027	7,020	7,184	16,986	20,944
Other (gains) and losses, net		(4,946)	800	1,360	(4,886)
Income (loss) from operations	4,202	56,291	(6,046)	(19,658)	133,635
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues	27,589	117,730	102,366	264,416	347,815
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	21,934	82,443	93,432	221,719	248,179
Depreciation, depletion, amortization and accretion	3,666	6,900	15,615	41,991	28,290
General and administrative expenses	4,111	10,220	13,445	35,029	32,823
Other (gains) and losses, net		(8,082)	(1,897)	(2,092)	(25,008)
Income (loss) from operations	(2,122)	26,249	(18,229)	(32,231)	63,531
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, amortization and accretion	421	1,054	1,952	4,484	3,550
General and administrative expenses	4,914	14,601	13,042	32,402	40,323
Restructuring expense	1,270	1,223	4,712	20,533	4,441
Other (gains) and losses, net		(369)			(369)
Income (loss) from operations	$ (6,605)	$ (16,509)	$ (19,706)	$ (57,419)	$ (47,945)

Segment Information (Schedule_2

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,287,215	$ 1,199,508
Rentals [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	526,759	379,453
Well Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	607,840	636,256
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 152,616	$ 183,799

Segment Information (Schedule_3

Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 45,928	$ 222,287	$ 178,583	$ 450,318	$ 644,857
Long-lived assets		283,906			283,906	$ 356,274
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	23,863	110,919	84,018	218,111	327,345
Long-lived assets		209,008			209,008	231,388
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 22,065	111,368	$ 94,565	$ 232,207	317,512
Long-lived assets		$ 74,898			$ 74,898	$ 124,886

Decommissioning Liability (Narr

Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended	8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Accretion Expense	$ 0.5	$ 2	$ 1.4		$ 3.6	$ 7.4
Decommissioning Liability, Noncurrent		53		$ 53		53
Capitalized Costs, Asset Retirement Costs		38.2		38.2		38.2
Gain recognized from changes in cost and timing				17.4		17.4
Financing Receivable, before Allowance for Credit Loss, Noncurrent		$ 2.6		$ 2.6		$ 2.6

Decommissioning Liability - Sch

Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Decommissioning Liability	$ 144,781	$ 190,380
Less: Note Receivable	(66,078)	(60,588)
Decommissioning Liability, net of Note Receivable	78,703	129,792
Well Services [Member]
Decommissioning Liability	83,167	97,810
Platform Service [Member]
Decommissioning Liability	$ 61,614	$ 92,570

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	8 Months Ended	9 Months Ended
	Jul. 18, 2022	Mar. 28, 2022	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Restricted Stock Units (RSUs) [Member]
Cancelled stock incentive plans
Shares granted		72,050
Shares of RSU	79,375
Restricted Stock Units (RSUs) [Member] | Equal Installments [Member]
Cancelled stock incentive plans
Share-based payment vesting period, years	3 years	3 years
Restricted Stock Units (RSUs) [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%
Performance Share Units [Member] | Maximum [Member]
Cancelled stock incentive plans
Percentage of achievement of share price based on target award		100%
Restricted Stock Awards [Member]
Cancelled stock incentive plans
Compensation expense				$ 2	$ 2.1	$ 3.5	$ 2.3
Common Class B [Member]
Cancelled stock incentive plans
Common stock, par value				$ 0.01		$ 0.01		$ 0.01
Outstanding restricted shares	15,642
Management Incentive Plan [Member]
Cancelled stock incentive plans
Common stock reserved for issuance				1,999,869		1,999,869
Common stock, par value				$ 0.01		$ 0.01

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Summary Of Compensation Expense and Tax Benefits) (Details) - USD ($) $ in Millions	3 Months Ended	8 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Compensation expense	$ 2	$ 2.1	$ 3.5	$ 2.3

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%	21%	21%
Current Foreign Tax Expense (Benefit)					$ 0
Effective Income Tax Rate Reconciliation, Percent	18.20%	22.50%	19.20%	13.60%	22%
Foreign tax credit carryforward		$ 38,200			$ 38,200
Unrecognized tax benefits		$ 15,200			15,200	$ 15,000
Deferred income taxes					1,600
Reduction to unrecognized tax benefits, foreign tax audits					$ 11,400

Earnings Per Share (Summary of

Earnings Per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted-average shares outstanding - basic	14,845	20,024	19,999	19,997	20,016
Potentially dilutive stock awards and units	60	66	0	0	58
Weighted-average shares outstanding - diluted	14,905	20,090	19,999	19,997	20,074

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2022	Sep. 30, 2022 USD ($) Claim Employee
Loss Contingencies [Line Items]
Number of people involved in lawsuit | Employee		2
Lawsuits | Claim		2
Rate of royalty payments invoiced by plaintiffs	25%	25%
Rate of royalty payments claimed by plaintiffs	50%	50%
Loss Contingency, Maximum Liability		$ 7.3
Performance Bank Guarantee [Member]
Loss Contingencies [Line Items]
Loss Contingency, Maximum Liability		$ 3.5

Discontinued Operations (Compon

Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation, depletion, amortization and accretion	$ 8,358	$ 20,508	$ 59,208	$ 158,256	$ 77,939
General and administrative expenses	11,052	31,841	33,671	84,417	94,090
Other (gains) and losses, net		(13,397)	(1,097)	(732)	(30,263)
Income (loss) from operations	(4,525)	66,031	(43,981)	(109,308)	149,221
Other income (expense)	(2,105)	(6,838)	(6,224)	(6,499)	(6,362)
Income (loss) from discontinued operations, net of income tax	(352)	17	(5,161)	(33,967)	(188)
Pumpco [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	10,719	0	16,985	85,351	0
Cost of services	10,398	0	17,543	77,936	0
Depreciation, depletion, amortization and accretion	2,141	0	146	31,502	0
General and administrative expenses	1,119	289	2,379	8,597	5,742
Other (gains) and losses, net	0	(303)	3,815	11,333	(5,496)
Income (loss) from operations	(2,939)	14	(6,898)	(44,017)	(246)
Other income (expense)	2,485	0	238	188	0
Loss from discontinued operations before tax	(454)	14	(6,660)	(43,829)	(246)
Income tax benefit (expense)	102	3	1,499	9,862	58
Income (loss) from discontinued operations, net of income tax	$ (352)	$ 17	$ (5,161)	$ (33,967)	$ (188)

Discontinued Operations (Assets

Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets	$ 18,314	$ 37,528
Pumpco Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	2,111	7,469
Property, plant and equipment, net	16,042	29,328
Other assets	161	731
Total assets held for sale	18,314	37,528
Disposal Group, Including Discontinued Operation, Accounts Payable	134	652
Disposal Group, Including Discontinued Operation, Accrued Liabilities	3,309	4,268
Other liabilities	223	687
Total liabilities held for sale	$ 3,666	$ 5,607

Discontinued Operation (Cash Fl

Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other (gains) and losses, net		$ (13,397)	$ (1,097)	$ (732)	$ (30,263)
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	$ (303)	$ 3,815	11,333	(5,496)
Depreciation, depletion, amortization and accretion	2,141			31,502	0
Proceeds from sales of assets	$ 486			$ 53,225	$ 18,782

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Feb. 03, 2021	Feb. 02, 2021	Jan. 01, 2021	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 453,682	$ 314,974	$ 258,024	$ 172,768	$ 172,768	$ 188,006
Restricted cash-current	0	0	0	16,751	16,751	0
Restricted cash-non-current	79,757	79,561	79,560	80,179	80,179	80,178
Cash, cash equivalents, and restricted cash	$ 533,439	$ 394,535	$ 337,584	$ 269,698	$ 269,698	$ 268,184	$ 268,184