Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2023 | |
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 | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 19,998,695 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 152,030 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 324,128 | $ 258,999 |
Accounts receivable, net | 228,283 | 249,808 |
Income taxes receivable | 7,540 | 6,665 |
Prepaid expenses | 20,183 | 17,299 |
Inventory | 72,324 | 65,587 |
Other current assets | 5,886 | 6,276 |
Assets held for sale | 4,421 | 11,978 |
Total current assets | 662,765 | 616,612 |
Property, plant and equipment, net | 294,094 | 282,376 |
Note receivable | 70,643 | 69,679 |
Restricted cash | 80,599 | 80,108 |
Deferred tax assets | 81,652 | 97,492 |
Other assets, net | 43,050 | 44,745 |
Total assets | 1,232,803 | 1,191,012 |
Current liabilities: | ||
Accounts payable | 46,209 | 31,570 |
Accrued expenses | 110,602 | 116,575 |
Income taxes payable | 15,198 | 11,682 |
Decommissioning liability | 19,361 | 9,770 |
Liabilities held for sale | 3,516 | 3,349 |
Total current liabilities | 194,886 | 172,946 |
Decommissioning liability | 143,278 | 150,901 |
Deferred tax liabilities | 3,181 | 3,388 |
Other liabilities | 78,425 | 80,893 |
Total liabilities | 419,770 | 408,128 |
Stockholders’ equity (deficit): | ||
Accumulated deficit | (95,486) | (125,699) |
Total stockholders' equity | 813,033 | 782,884 |
Total liabilities and stockholders' equity | 1,232,803 | 1,191,012 |
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 | 2 | 1 |
Additional paid in capital | $ 5,831 | $ 5,896 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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 | 156,000 | 84,000 |
Common stock, shares outstanding | 152,000 | 80,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues [Abstract] | ||
Total revenues | $ 220,137 | $ 197,930 |
Costs and expenses: | ||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 117,721 | 112,380 |
Depreciation, depletion, amortization and accretion | 20,139 | 34,085 |
General and administrative expenses | 30,990 | 32,018 |
Restructuring expense | 1,983 | 1,555 |
Other (gains) and losses, net | (1,398) | 1,147 |
Income from operations | 50,702 | 16,745 |
Other income (expense): | ||
Interest income , net | 5,439 | 1,179 |
Other income (expense) | (2,152) | (13,947) |
Income from continuing operations before income taxes | 53,989 | 31,871 |
Income tax expense | (24,065) | (7,884) |
Net income from continuing operations | 29,924 | 23,987 |
Income from discontinued operations, net of income tax | 289 | 1,739 |
Net income | $ 30,213 | $ 25,726 |
Income (loss) per share -basic | ||
Net income from continuing operations | $ 1.49 | $ 1.20 |
Income from discontinued operations, net of income tax | 0.01 | 0.09 |
Net income (loss) | (1.50) | 1.29 |
Income (loss) per share - diluted: | ||
Net income from continuing operations | 1.49 | 1.20 |
Income from discontinued operations, net of income tax | 0.01 | 0.08 |
Net income | $ 1.50 | $ 1.28 |
Weighted Average Number of Shares Outstanding, Basic | 20,107 | 19,999 |
Weighted Average Number of Shares Outstanding, Diluted | 20,131 | 20,056 |
Services [Member] | ||
Revenues [Abstract] | ||
Total revenues | $ 93,290 | $ 91,439 |
Costs and expenses: | ||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 65,079 | 62,216 |
Depreciation, depletion, amortization and accretion | 7,295 | 13,666 |
Rentals [Member] | ||
Revenues [Abstract] | ||
Total revenues | 85,610 | 67,162 |
Costs and expenses: | ||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 29,048 | 24,613 |
Depreciation, depletion, amortization and accretion | 6,694 | 10,037 |
Product Sales [Member] | ||
Revenues [Abstract] | ||
Total revenues | 41,237 | 39,329 |
Costs and expenses: | ||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 23,594 | 25,551 |
Depreciation, depletion, amortization and accretion | $ 6,150 | $ 10,382 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 30,213 | $ 25,726 | $ 286,465 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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] | Accumulated Deficit [Member] |
Beginning balance, value at Dec. 31, 2021 | $ 741,733 | $ 200 | $ 1 | $ 902,486 | $ 1,224 | $ (162,178) |
Beginning balance, shares at Dec. 31, 2021 | 19,999 | 76 | ||||
Net income | 286,465 | 286,465 | ||||
Cash dividends | (249,986) | (249,986) | ||||
Stock-based compensation expense, net | 4,807 | 4,807 | ||||
Restricted stock units vested, Shares | 10 | |||||
Shares withheld and retired, value | (135) | (135) | ||||
Shares withheld and retired, shares | (2) | |||||
Shares placed in treasury, shares | (4) | |||||
Ending balance, value at Dec. 31, 2022 | 782,884 | $ 200 | $ 1 | 902,486 | 5,896 | (125,699) |
Ending balance, shares at Dec. 31, 2022 | 19,999 | 80 | ||||
Net income | 30,213 | 30,213 | ||||
Stock-based compensation expense, net | 1,052 | $ 1,052 | ||||
Restricted stock units vested, Shares | 91 | (1,000) | ||||
Restricted stock units vested, Value | $ 1 | |||||
Shares withheld and retired, value | (1,116) | $ (1,116) | ||||
Shares withheld and retired, shares | 19 | |||||
Ending balance, value at Mar. 31, 2023 | $ 813,033 | $ 200 | $ 2 | $ 902,486 | $ 5,831 | $ (95,486) |
Ending balance, shares at Mar. 31, 2023 | 19,999 | 152 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) | Dec. 31, 2022 $ / shares |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends ($12.45 per share) | $ 12.45 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 30,213 | $ 25,726 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation, depletion, amortization and accretion | 20,139 | 34,085 |
Deferred income taxes | 15,677 | (2,769) |
Stock based compensation expense | 1,052 | 585 |
Bad debt | 732 | (1,203) |
Gain on sale of equity securities | 0 | (1,761) |
Unrealized gain on investment in equity securities | 0 | (6,474) |
Other gains, net | (2,225) | (5,755) |
Other reconciling items, net | (837) | 126 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 20,793 | (13,359) |
Prepaid expenses | (2,884) | (176) |
Inventory and other current assets | (7,292) | 1,562 |
Accounts payable | 1,963 | 3,888 |
Accrued expenses | (8,045) | (3,673) |
Income taxes | 2,641 | 4,239 |
Other, net | 1,326 | 49 |
Net cash from operating activities | 73,253 | 35,090 |
Cash flows from investing activities: | ||
Payments for capital expenditures | (18,086) | (11,297) |
Proceeds from sales of assets | 11,569 | 13,379 |
Proceeds from sales of equity securities | 0 | 7,365 |
Net cash from investing activities | (6,517) | 9,447 |
Cash flows from financing activities: | ||
Tax withholdings for vested restricted stock units | (1,116) | 0 |
Net cash from financing activities | (1,116) | 0 |
Net change in cash, cash equivalents, and restricted cash | 65,620 | 44,537 |
Cash, cash equivalents, and restricted cash at beginning of period | 339,107 | 394,535 |
Cash, cash equivalents, and restricted cash at end of period | $ 404,727 | $ 439,072 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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 are adequate such that the information presented is not misleading. As used herein, the “Company,” “we,” “us” and similar terms refer to Superior Energy Services, Inc. and its consolidated subsidiaries, unless otherwise specifically stated. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair statement of our financial position as of March 31, 2023, and our results of operations and cash flows for the three months ended March 31, 2023 and 2022. The balance sheet as of December 31, 2022 , was derived from our audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (2) Revenue Disaggregation of Revenue The following table presents our revenues by segment disaggregated by geography: For the Three Months Ended March 31, 2023 2022 U.S. land Rentals $ 45,133 $ 33,962 Well Services 6,355 4,548 Total U.S. land 51,488 38,510 U.S. offshore Rentals 35,670 32,753 Well Services 16,321 28,321 Total U.S. offshore 51,991 61,074 International Rentals 28,018 22,041 Well Services 88,640 76,305 Total International 116,658 98,346 Total Revenues $ 220,137 $ 197,930 The following table presents our revenues by segment disaggregated by type: For the Three Months Ended March 31, 2023 2022 Services Rentals $ 17,145 $ 11,158 Well Services 76,145 80,281 Total Services 93,290 91,439 Rentals Rentals 82,075 65,247 Well Services 3,535 1,915 Total Rentals 85,610 67,162 Product Sales Rentals 9,601 12,351 Well Services 31,636 26,978 Total Product Sales 41,237 39,329 Total Revenues $ 220,137 $ 197,930 Accounts Receivable Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. We maintain our allowance for doubtful accounts at net realizable value. The allowance for doubtful accounts is based on our best estimate of probable uncollectible amounts in existing accounts receivable. We assess individual customers and overall receivables balances to identify amounts that are believed to be uncertain of collection. The aging of the receivable balance as well as economic factors concerning the customer factor into the judgment and estimation of allowances, which often involve significant dollar amounts. Adjustments to the allowance in future periods may be made based on changing customer conditions. Our allowance for doubtful accounts as of March 31, 2023 and December 31, 2022 was approximately $ 6.9 million and $ 6.1 million , respectively. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 Finished goods $ 38,904 $ 36,136 Raw materials 7,290 8,351 Work-in-process 12,150 4,718 Supplies and consumables 13,980 16,382 Total $ 72,324 $ 65,587 Finished goods inventory includes component parts awaiting assembly of approximately $ 22.9 million and $ 20.7 million as of March 31, 2023 and December 31, 2022 , respectively. |
Decommissioning Liabilities
Decommissioning Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Decommissioning Liability | (4) Decommissioning Liability Our total decommissioning liability was $ 162.6 million and $ 160.7 million as of March 31, 2023 and December 31, 2022, respectively. 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. The following table presents our total decommissioning liability as of the periods indicated: March 31, 2023 December 31, 2022 Wells $ 97,223 $ 96,171 Platform 65,416 64,500 Total decommissioning liability 162,639 160,671 Note receivable ( 70,643 ) ( 69,679 ) Total decommissioning liability, net of note receivable $ 91,996 $ 90,992 Accretion expense for the three months ended March 31, 2023 and 2022 was $ 2.3 million and $ 2.7 million , respectively. Additionally, during the three months ended March 31, 2023, we incurred well decommissioning costs of $ 0.4 million . |
Note Receivable
Note Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Note Receivable | (5) Note Receivable Our note receivable consist of a commitment from the seller of oil and gas property for costs associated with abandonment. Pursuant to an agreement with the seller, we invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of the seller’s obligation to us totals $ 105.2 million and is recorded at its present value, which totaled $ 70.6 million as of March 31, 2023. 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 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 related to the note receivable was $ 1.0 million f or both the three months ended March 31, 2023 and 2022. 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 | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 Machinery and equipment $ 397,539 $ 378,907 Buildings, improvements and leasehold improvements 69,691 70,816 Automobiles, trucks, tractors and trailers 6,689 6,376 Furniture and fixtures 19,378 19,373 Construction-in-progress 12,191 5,185 Land 26,049 26,695 Oil and gas producing assets 12,582 11,714 Total 544,119 519,066 Accumulated depreciation and depletion ( 250,025 ) ( 236,690 ) Property, plant and equipment, net $ 294,094 $ 282,376 Depreciation and depletion expense associated with our property, plant and equipment for the three months ended March 31, 2023 and 2022 was $ 17.6 million and $ 31.2 million , respectively. Other (gains) and losses, net include gains and losses on the disposal of assets, as well as impairments related to long-lived assets. During the three months ended March 31, 2023, we recognized net gains of $ 1.4 million . During the three months ended March 31, 2022, we recognized net losses of $ 1.1 million . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt We have a Credit Agreement 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”) which matures in December 2024. The issuance of letters of credit reduces availability under the Credit Facility on a dollar-for-dollar basis. As of March 31, 2023, our borrowing base, as defined in the Credit Agreement, was approximately $ 115.8 million , and we had $ 34.9 million of letters of credit outstanding that reduced the borrowing availability. We had no outstanding borrowings under the Credit Facility as of March 31, 2023. We were in compliance with all required covenants as of March 31, 2023. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 Non-qualified deferred compensation assets and liabilities Other long-term assets, net $ 16,384 $ 16,299 Accrued expenses 1,663 1,831 Other long-term liabilities 14,616 15,855 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. 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) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) | (9) Other Income (Expense) Other income (expense) primarily relates to re-measurement gains and losses associated with our foreign currencies and realized and unrealized gains and losses on our investment in equity securities. Losses on foreign currencies were $ 1.8 million for the three months ended March 31, 2023. Gains on foreign currencies were $ 5.6 million for the three months ended March 31, 2022. Gains and losses on foreign currencies are primarily related to our operations in Brazil and Argentina. During the three months ended March 31, 2022, proceeds from the disposal of equity securities totaled $ 7.4 million and we recognized gains of $ 1.8 million in connection with these transactions. Unrealized gains related to our investment in equity securities during the three months ended March 31, 2022 were $ 6.5 million. All investments in equity securities were disposed of prior to December 31, 2022. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | (10) Segment Information Our reportable segments are Rentals and Well Services. The products and service offerings of Rentals 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 Well Services 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 and other (gains) and losses, net. 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: For the Three Months Ended March 31, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 108,821 $ 111,316 $ - $ 220,137 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 36,468 81,253 - 117,721 Depreciation, depletion, amortization and accretion 12,168 7,077 894 20,139 General and administrative expenses 7,202 11,499 12,289 30,990 Restructuring expenses - - 1,983 1,983 Other (gains) and losses, net ( 31 ) ( 1,367 ) - ( 1,398 ) Income (loss) from operations $ 53,014 $ 12,854 $ ( 15,166 ) $ 50,702 For the Three Months Ended March 31, 2022 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 88,756 $ 109,174 $ - $ 197,930 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 31,752 80,628 - 112,380 Depreciation, depletion, amortization and accretion 20,989 11,728 1,368 34,085 General and administrative expenses 7,365 11,401 13,252 32,018 Restructuring expenses - - 1,555 1,555 Other (gains) and losses, net ( 135 ) 1,282 - 1,147 Income (loss) from operations $ 28,785 $ 4,135 $ ( 16,175 ) $ 16,745 Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total March 31, 2023 $ 488,613 $ 541,724 $ 202,466 $ 1,232,803 December 31, 2022 432,437 533,327 225,248 1,191,012 Geographic Segments We operate in both the U.S. and internationally. Our international operations are primarily focused in Latin America and the Middle East regions. We attribute revenue geographically based on the location where the services are performed or the destination of the drilling products or equipment sold or rented. See Note 2 – Revenue for a detail of revenues attributable to our U.S and International operations. Long-lived assets consist of property, plant and equipment and are identified geographically based on the physical location of the asset at the end of a period. The value of our long-lived assets by U.S. and International locations are as follows: Long-Lived Assets March 31, 2023 December 31, 2022 United States $ 226,091 $ 212,534 International 68,003 69,842 Total $ 294,094 $ 282,376 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Plans | (11) Stock-Based Compensation Plans We have a Management Incentive Plan (“MIP”), which 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. To date, grants under the MIP have been in the form of shares of Class B common stock (“RSAs”), restricted stock units which will be settled in Class B common stock upon the satisfaction of time-based vesting conditions (“RSUs”) and performance stock units which will be settled in Class B common stock upon the satisfaction of time and performance-based vesting conditions (“PSUs”). The RSAs vest over a period of three years, subject to earlier vesting and forfeiture on terms and conditions set forth in the applicable award agreement. RSUs granted in 2022 generally vest in three equal annual installments over the three-year period, subject generally to continued employment and the other terms and conditions set forth in the forms of the RSU award agreements. RSUs granted in 2021 vested in full during the current quarter. PSUs may be earned between 25 % and 100 % of the target award based on achievement of share price goals set forth in the forms of the 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 the PSU award agreements. The following sets forth issuances under the MIP for the three months ended March 31, 2023 and 2022 : Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Awards outstanding, December 31, 2022 29,976 37,947 72,050 88,215 228,188 Vested - ( 37,947 ) ( 24,017 ) ( 29,405 ) ( 91,369 ) Awards outstanding, March 31, 2023 29,976 - 48,033 58,810 136,819 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 $ 58.80 Unamortized grant date fair value, December 31, 2022 (in millions) $ 0.9 $ - $ 3.1 $ 4.2 $ 8.2 Unamortized grant date fair value, March 31, 2023 (in millions) $ 0.7 $ - $ 2.7 $ 3.7 $ 7.1 Grants of Share-Based Awards July/ June August March 2021 2021 2022 Total Awards outstanding, December 31, 2021 76,269 50,596 - 126,865 Granted - - 72,050 72,050 Awards outstanding, March 31, 2022 76,269 50,596 72,050 198,915 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 Unamortized grant date fair value, December 31, 2021 (in millions) $ 2.4 $ 1.4 $ - $ 3.8 Unamortized grant date fair value, March 31, 2022 (in millions) $ 2.2 $ 1.0 $ 4.2 $ 7.4 During the three months ended March 31, 2023 and 2022, we recognized $ 1.1 million and $ 0.6 million , respectively, in compensation expense associated with grants of RSAs and RSUs. We are currently not amortizing our PSUs as we have not concluded that it is probable that the performance condition will be achieved. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes The effective tax rate for the three months ended March 31, 2023 was an expense of 44.6 % on income from continuing operations and is different from the U.S. federal statutory rate of 21.0 % due to non-deductible items and foreign losses for which no tax benefit was recorded. The Latin American and Middle East jurisdictions in which we currently, and will continue to, operate have tax rates significantly in excess of the U.S. federal statutory rate. Additionally, we identified an error in the tax provision for the year ended December 31, 2022 pertaining to certain net operating loss carryforwards that should have been eliminated as part of a worthless stock deduction taken in the fourth quarter of 2022. As such, we recognized an additional income tax expense of $7.6 million during the three months ended March 31, 2023 with a corresponding decrease to deferred tax assets to correct this immaterial misstatement. Management has determined that this misstatement was not material to any of its previously issued financial statements. 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 March 31, 2022 was an expense of 24.7 % on income from continuing operations and 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 was recorded. We had $ 14.3 million and $ 14.0 million of unrecognized tax benefits as of March 31, 2023 and December 31, 2022, respectively, all of which would impact our effective tax rate if recognized except for $ 0.5 million offset in deferred income taxes. It is reasonably possible $ 10.2 million of unrecognized tax benefits could be settled in the next twelve months due to the conclusion of tax audits or statutes of limitations expiration. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
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. For the Three Months Ended March 31, 2023 2022 Weighted-average shares outstanding - basic 20,107 19,999 Potentially dilutive stock awards and units 24 57 Weighted-average shares outstanding - diluted 20,131 20,056 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
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. 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. We are currently involved in legal proceedings with 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 March 31, 2023 , the assessment, including interest, totaled $ 27.0 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 | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | (15) Discontinued Operations The following table summarizes the components of discontinued operations, net of tax: For the Three Months Ended March 31, 2023 2022 General and administrative expenses $ 461 $ 3,742 Other gains, net ( 827 ) ( 5,943 ) Income from discontinued operations before tax 366 2,201 Income tax benefit (expense) ( 77 ) ( 462 ) Income from discontinued operations, net of income tax $ 289 $ 1,739 The following summarizes the assets and liabilities related to discontinued operations: March 31, 2023 December 31, 2022 Assets: Accounts receivable, net $ 340 $ 350 Property, plant and equipment, net 3,947 11,468 Other assets 134 160 Total assets held for sale $ 4,421 $ 11,978 Liabilities: Accounts payable $ - $ 86 Accrued expenses 3,444 3,192 Other liabilities 72 71 Total liabilities held for sale $ 3,516 $ 3,349 Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows: For the Three Months Ended March 31, 2023 2022 Cash flows from discontinued operating activities: Other gains, net $ ( 827 ) $ ( 5,943 ) Cash flows from discontinued investing activities: Proceeds from sales of assets $ 8,740 $ 13,194 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2023 | |
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 periods presented: March 31, 2023 2022 Cash and cash equivalents $ 258,999 $ 314,974 Restricted cash-non-current 80,108 79,561 Cash, cash equivalents, and restricted cash, beginning of period $ 339,107 $ 394,535 Cash and cash equivalents $ 324,128 $ 359,511 Restricted cash-non-current 80,599 79,561 Cash, cash equivalents, and restricted cash, end of period $ 404,727 $ 439,072 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
New Accounting Pronouncements | (17) New Accounting Pronouncements There were no material changes in recently issued or adopted accounting standards from those disclosed in our Form 10-K. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events On May 8, 2023, SESI, L.L.C., as borrower, SESI Holdings, Inc., as parent, and the subsidiary guarantors party thereto entered into an Amendment No. 5 to Credit Agreement (the “Fifth Amendment to Credit Agreement”) to, among other things, replace the interest rate based on the London interbank offered rate (“LIBOR”) and related LIBOR-based mechanics applicable to borrowings under the Credit Agreement with a forward-looking interest rate based on the secured overnight financing rate (“Term SOFR”) (including a customary spread adjustment) and related Term SOFR-based mechanics and make certain other conforming changes. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue by Geography [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation Of Revenues | The following table presents our revenues by segment disaggregated by geography: For the Three Months Ended March 31, 2023 2022 U.S. land Rentals $ 45,133 $ 33,962 Well Services 6,355 4,548 Total U.S. land 51,488 38,510 U.S. offshore Rentals 35,670 32,753 Well Services 16,321 28,321 Total U.S. offshore 51,991 61,074 International Rentals 28,018 22,041 Well Services 88,640 76,305 Total International 116,658 98,346 Total Revenues $ 220,137 $ 197,930 |
Revenue by Type [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation Of Revenues | The following table presents our revenues by segment disaggregated by type: For the Three Months Ended March 31, 2023 2022 Services Rentals $ 17,145 $ 11,158 Well Services 76,145 80,281 Total Services 93,290 91,439 Rentals Rentals 82,075 65,247 Well Services 3,535 1,915 Total Rentals 85,610 67,162 Product Sales Rentals 9,601 12,351 Well Services 31,636 26,978 Total Product Sales 41,237 39,329 Total Revenues $ 220,137 $ 197,930 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | The components of inventory balances are as follows: March 31, 2023 December 31, 2022 Finished goods $ 38,904 $ 36,136 Raw materials 7,290 8,351 Work-in-process 12,150 4,718 Supplies and consumables 13,980 16,382 Total $ 72,324 $ 65,587 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | A summary of property, plant and equipment, net is as follows: March 31, 2023 December 31, 2022 Machinery and equipment $ 397,539 $ 378,907 Buildings, improvements and leasehold improvements 69,691 70,816 Automobiles, trucks, tractors and trailers 6,689 6,376 Furniture and fixtures 19,378 19,373 Construction-in-progress 12,191 5,185 Land 26,049 26,695 Oil and gas producing assets 12,582 11,714 Total 544,119 519,066 Accumulated depreciation and depletion ( 250,025 ) ( 236,690 ) Property, plant and equipment, net $ 294,094 $ 282,376 |
Decommissioning Liability (Tabl
Decommissioning Liability (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of decommissioning liability | The following table presents our total decommissioning liability as of the periods indicated: March 31, 2023 December 31, 2022 Wells $ 97,223 $ 96,171 Platform 65,416 64,500 Total decommissioning liability 162,639 160,671 Note receivable ( 70,643 ) ( 69,679 ) Total decommissioning liability, net of note receivable $ 91,996 $ 90,992 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Issuances Under Management Incentive Plan | The following sets forth issuances under the MIP for the three months ended March 31, 2023 and 2022 : Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Awards outstanding, December 31, 2022 29,976 37,947 72,050 88,215 228,188 Vested - ( 37,947 ) ( 24,017 ) ( 29,405 ) ( 91,369 ) Awards outstanding, March 31, 2023 29,976 - 48,033 58,810 136,819 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 $ 58.80 Unamortized grant date fair value, December 31, 2022 (in millions) $ 0.9 $ - $ 3.1 $ 4.2 $ 8.2 Unamortized grant date fair value, March 31, 2023 (in millions) $ 0.7 $ - $ 2.7 $ 3.7 $ 7.1 Grants of Share-Based Awards July/ June August March 2021 2021 2022 Total Awards outstanding, December 31, 2021 76,269 50,596 - 126,865 Granted - - 72,050 72,050 Awards outstanding, March 31, 2022 76,269 50,596 72,050 198,915 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 Unamortized grant date fair value, December 31, 2021 (in millions) $ 2.4 $ 1.4 $ - $ 3.8 Unamortized grant date fair value, March 31, 2022 (in millions) $ 2.2 $ 1.0 $ 4.2 $ 7.4 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information | Summarized financial information for our segments is as follows: For the Three Months Ended March 31, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 108,821 $ 111,316 $ - $ 220,137 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 36,468 81,253 - 117,721 Depreciation, depletion, amortization and accretion 12,168 7,077 894 20,139 General and administrative expenses 7,202 11,499 12,289 30,990 Restructuring expenses - - 1,983 1,983 Other (gains) and losses, net ( 31 ) ( 1,367 ) - ( 1,398 ) Income (loss) from operations $ 53,014 $ 12,854 $ ( 15,166 ) $ 50,702 For the Three Months Ended March 31, 2022 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 88,756 $ 109,174 $ - $ 197,930 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 31,752 80,628 - 112,380 Depreciation, depletion, amortization and accretion 20,989 11,728 1,368 34,085 General and administrative expenses 7,365 11,401 13,252 32,018 Restructuring expenses - - 1,555 1,555 Other (gains) and losses, net ( 135 ) 1,282 - 1,147 Income (loss) from operations $ 28,785 $ 4,135 $ ( 16,175 ) $ 16,745 |
Schedule Of Identifiable Assets | Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total March 31, 2023 $ 488,613 $ 541,724 $ 202,466 $ 1,232,803 December 31, 2022 432,437 533,327 225,248 1,191,012 |
Schedule Of Revenues By Geographic Segment | Long-lived assets consist of property, plant and equipment and are identified geographically based on the physical location of the asset at the end of a period. The value of our long-lived assets by U.S. and International locations are as follows: Long-Lived Assets March 31, 2023 December 31, 2022 United States $ 226,091 $ 212,534 International 68,003 69,842 Total $ 294,094 $ 282,376 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | March 31, 2023 December 31, 2022 Non-qualified deferred compensation assets and liabilities Other long-term assets, net $ 16,384 $ 16,299 Accrued expenses 1,663 1,831 Other long-term liabilities 14,616 15,855 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. For the Three Months Ended March 31, 2023 2022 Weighted-average shares outstanding - basic 20,107 19,999 Potentially dilutive stock awards and units 24 57 Weighted-average shares outstanding - diluted 20,131 20,056 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: For the Three Months Ended March 31, 2023 2022 General and administrative expenses $ 461 $ 3,742 Other gains, net ( 827 ) ( 5,943 ) Income from discontinued operations before tax 366 2,201 Income tax benefit (expense) ( 77 ) ( 462 ) Income from discontinued operations, net of income tax $ 289 $ 1,739 |
Assets And Liabilities Of Discontinued Operation | The following summarizes the assets and liabilities related to discontinued operations: March 31, 2023 December 31, 2022 Assets: Accounts receivable, net $ 340 $ 350 Property, plant and equipment, net 3,947 11,468 Other assets 134 160 Total assets held for sale $ 4,421 $ 11,978 Liabilities: Accounts payable $ - $ 86 Accrued expenses 3,444 3,192 Other liabilities 72 71 Total liabilities held for sale $ 3,516 $ 3,349 |
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: For the Three Months Ended March 31, 2023 2022 Cash flows from discontinued operating activities: Other gains, net $ ( 827 ) $ ( 5,943 ) Cash flows from discontinued investing activities: Proceeds from sales of assets $ 8,740 $ 13,194 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 periods presented: March 31, 2023 2022 Cash and cash equivalents $ 258,999 $ 314,974 Restricted cash-non-current 80,108 79,561 Cash, cash equivalents, and restricted cash, beginning of period $ 339,107 $ 394,535 Cash and cash equivalents $ 324,128 $ 359,511 Restricted cash-non-current 80,599 79,561 Cash, cash equivalents, and restricted cash, end of period $ 404,727 $ 439,072 |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 220,137 | $ 197,930 |
Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 108,821 | 88,756 |
Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 111,316 | 109,174 |
U.S. Land [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 51,488 | 38,510 |
U.S. Land [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 45,133 | 33,962 |
U.S. Land [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 6,355 | 4,548 |
U.S. Offshore [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 51,991 | 61,074 |
U.S. Offshore [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 28,018 | 22,041 |
U.S. Offshore [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 16,321 | 28,321 |
International [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 116,658 | 98,346 |
International [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 35,670 | 32,753 |
International [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 88,640 | $ 76,305 |
Revenue (Disaggregation Of Re_2
Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 220,137 | $ 197,930 |
Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 108,821 | 88,756 |
Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 111,316 | 109,174 |
Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 93,290 | 91,439 |
Services [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 17,145 | 11,158 |
Services [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 31,636 | 26,978 |
Rentals Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 85,610 | 67,162 |
Rentals Services [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 82,075 | 65,247 |
Rentals Services [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 3,535 | 1,915 |
Product Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 41,237 | 39,329 |
Product Sales [Member] | Rentals [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 9,601 | 12,351 |
Product Sales [Member] | Well Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 76,145 | $ 80,281 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Allowance for doubtful accounts | $ 6.9 | $ 6.1 |
Inventory (Schedule of Componen
Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 38,904 | $ 36,136 |
Raw materials | 7,290 | 8,351 |
Work-in-process | 12,150 | 4,718 |
Supplies and consumables | 13,980 | 16,382 |
Total | $ 72,324 | $ 65,587 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods inventory | $ 22.9 | $ 20.7 |
Decommissioning Liability (Narr
Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Accretion expense | $ 2.3 | $ 2.7 | |
Decommissioning liability | 162.6 | $ 160.7 | |
Decommissioning costs | $ 0.4 |
Decommissioning Liability - Sch
Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Decommissioning Liability | $ 162,639 | $ 160,671 |
Less: Note Receivable | (70,643) | (69,679) |
Decommissioning Liability, net of Note Receivable | 91,996 | 90,992 |
Well Services [Member] | ||
Decommissioning Liability | 97,223 | 96,171 |
Platform Service [Member] | ||
Decommissioning Liability | $ 65,416 | $ 64,500 |
Note Receivable (Narrative) (De
Note Receivable (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||
Note receivable | $ 70,643 | $ 69,679 | |
Change In Gross Amount Of Sellers Obligation | $ 105,200 | ||
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 | $ 1,000 | $ 1,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 544,119 | $ 519,066 |
Accumulated depreciation and depletion | (250,025) | (236,690) |
Property, plant and equipment, net | 294,094 | 282,376 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 397,539 | 378,907 |
Buildings, Improvements And Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 69,691 | 70,816 |
Automobiles, Trucks, Tractors and Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,689 | 6,376 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,378 | 19,373 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 12,191 | 5,185 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 26,049 | 26,695 |
Oil and Gas Producing Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 12,582 | $ 11,714 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and depletion expense | $ 17.6 | $ 31.2 |
Gain(Loss) on the disposal of assets | $ 1.4 | $ (1.1) |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 115.8 |
Letters of Credit Outstanding, Amount | 34.9 |
Secured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 120 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - Non Qualified Deferred Compensation Assets and Liabilities [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term assets, net | $ 16,384 | $ 16,299 |
Accrued expense | 1,663 | 1,831 |
Other long-term liabilities | $ 14,616 | $ 15,855 |
Other Income (Expense) (Additio
Other Income (Expense) (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Unrealized gain on equity securities | $ 6.5 | |
Disposal of equity securities | 7.4 | |
Recognized gains on equity securities | 1.8 | |
Gain loss on foreign currencies | $ 1.8 | $ 5.6 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 220,137 | $ 197,930 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 117,721 | 112,380 |
Depreciation, depletion, amortization and accretion | 20,139 | 34,085 |
General and administrative expenses | 30,990 | 32,018 |
Restructuring expense | 1,983 | 1,555 |
Other (gains) and losses, net | (1,398) | 1,147 |
Income (loss) from operations | 50,702 | 16,745 |
Rentals [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 108,821 | 88,756 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 36,468 | 31,752 |
Depreciation, depletion, amortization and accretion | 12,168 | 20,989 |
General and administrative expenses | 7,202 | 7,365 |
Other (gains) and losses, net | (31) | (135) |
Income (loss) from operations | 53,014 | 28,785 |
Well Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 111,316 | 109,174 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 81,253 | 80,628 |
Depreciation, depletion, amortization and accretion | 7,077 | 11,728 |
General and administrative expenses | 11,499 | 11,401 |
Other (gains) and losses, net | (1,367) | 1,282 |
Income (loss) from operations | 12,854 | 4,135 |
Corporate And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation, depletion, amortization and accretion | 894 | 1,368 |
General and administrative expenses | 12,289 | 13,252 |
Restructuring expense | 1,983 | 1,555 |
Income (loss) from operations | $ (15,166) | $ (16,175) |
Segment Information (Schedule_2
Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Identifiable Assets | $ 1,232,803 | $ 1,191,012 |
Rentals [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | 488,613 | 432,437 |
Well Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | 541,724 | 533,327 |
Corporate And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | $ 202,466 | $ 225,248 |
Segment Information (Schedule_3
Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 220,137 | $ 197,930 | |
Long-lived assets | 294,094 | $ 282,376 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 226,091 | 212,534 | |
International [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 116,658 | $ 98,346 | |
Long-lived assets | $ 68,003 | $ 69,842 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted Stock Units (RSUs) [Member] | ||
Cancelled stock incentive plans | ||
Compensation expense | $ 0.6 | |
Restricted Stock Units (RSUs) [Member] | Equal Installments [Member] | ||
Cancelled stock incentive plans | ||
Share-based payment vesting period, years | 3 years | |
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 (RSAs) [Member] | ||
Cancelled stock incentive plans | ||
Compensation expense | $ 1.1 | |
Management Incentive Plan [Member] | ||
Cancelled stock incentive plans | ||
Common stock reserved for issuance | 1,999,869 | |
Common stock, par value | $ 0.01 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Issuances Under Management Incentive Plan (Details) - Management Incentive Plan [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, December 31, 2022 | 228,188 | 126,865 |
Vested | (91,369) | |
Granted | 72,050 | |
Awards outstanding, March 31, 2023 | 136,819 | 198,915 |
Unamortized grant date fair value, December 31, 2021 | 8,200,000 | 3,800,000 |
Unamortized grant date fair value, March 31, 2022 | 7,100,000 | 7,400,000 |
June 2021 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, December 31, 2022 | 29,976 | 76,269 |
Vested | 0 | |
Granted | 0 | |
Awards outstanding, March 31, 2023 | 29,976 | 76,269 |
Estimated grant date fair value | $ 39,530 | |
Unamortized grant date fair value, December 31, 2021 | 900,000 | 2,400,000 |
Unamortized grant date fair value, March 31, 2022 | 700,000 | 2,200,000 |
July/August 2021 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, December 31, 2022 | 37,947 | 50,596 |
Vested | (37,947) | |
Granted | 0 | |
Awards outstanding, March 31, 2023 | 0 | 50,596 |
Estimated grant date fair value | $ 39,530 | |
Unamortized grant date fair value, December 31, 2021 | 0 | 1,400,000 |
Unamortized grant date fair value, March 31, 2022 | 0 | 1,000,000 |
March 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, December 31, 2022 | 72,050 | |
Vested | (24,017) | |
Granted | 72,050 | |
Awards outstanding, March 31, 2023 | 48,033 | 72,050 |
Estimated grant date fair value | $ 58,800 | |
Unamortized grant date fair value, December 31, 2021 | 3,100,000 | 0 |
Unamortized grant date fair value, March 31, 2022 | 2,700,000 | 4,200,000 |
July 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, December 31, 2022 | 88,215 | |
Vested | (29,405) | |
Awards outstanding, March 31, 2023 | 58,810 | |
Estimated grant date fair value | $ 58,800 | |
Unamortized grant date fair value, December 31, 2021 | 4,200,000 | |
Unamortized grant date fair value, March 31, 2022 | 3,700,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |
Current Foreign Tax Expense (Benefit) | $ 0 | ||
Effective Income Tax Rate Reconciliation, Percent | 44.60% | 24.70% | |
Unrecognized tax benefits | $ 14,300 | $ 14,000 | |
Deferred income taxes | 500 | ||
Reduction to unrecognized tax benefits, foreign tax audits | $ 10,200 |
Earnings Per Share (Summary of
Earnings Per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares outstanding - basic | 20,107 | 19,999 |
Potentially dilutive stock awards and units | 24 | 57 |
Weighted-average shares outstanding - diluted | 20,131 | 20,056 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Loss Contingencies [Line Items] | |
Interest | $ 27 |
Discontinued Operations (Compon
Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation, depletion, amortization and accretion | $ 20,139 | $ 34,085 |
General and administrative expenses | 30,990 | 32,018 |
Other (gains) and losses, net | (1,398) | 1,147 |
Income from operations | 50,702 | 16,745 |
Other income (expense) | (2,152) | (13,947) |
Income from discontinued operations, net of income tax | 289 | 1,739 |
Pumpco [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
General and administrative expenses | 461 | 3,742 |
Other (gains) and losses, net | (827) | (5,943) |
Income from discontinued operations before tax | 366 | 2,201 |
Income tax benefit (expense) | (77) | (462) |
Income from discontinued operations, net of income tax | $ 289 | $ 1,739 |
Discontinued Operations (Assets
Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - Pumpco Member - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | $ 340 | $ 350 |
Property, plant and equipment, net | 3,947 | 11,468 |
Other assets | 134 | 160 |
Total assets held for sale | 4,421 | 11,978 |
Accounts payable | 0 | 86 |
Accrued expenses | 3,444 | 3,192 |
Other liabilities | 72 | 71 |
Total liabilities held for sale | $ 3,516 | $ 3,349 |
Discontinued Operation (Cash Fl
Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Other (gains) and losses, net | $ (1,398) | $ 1,147 |
Pumpco Member | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Other (gains) and losses, net | (827) | (5,943) |
Proceeds from sales of assets | $ 8,740 | $ 13,194 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 324,128 | $ 258,999 | $ 359,511 | $ 314,974 |
Restricted cash-non-current | 80,599 | 80,108 | 79,561 | 79,561 |
Cash, cash equivalents, and restricted cash | $ 404,727 | $ 339,107 | $ 439,072 | $ 394,535 |