Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 01, 2023 | |
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, 2023 | |
Document Transition Report | false | |
Securities Act 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 | 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 | 152,030 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 357,769 | $ 258,999 |
Accounts receivable, net | 251,395 | 249,808 |
Income taxes receivable | 6,046 | 6,665 |
Prepaid expenses | 17,167 | 17,299 |
Inventory | 87,010 | 65,587 |
Other current assets | 7,185 | 6,276 |
Assets held for sale | 753 | 11,978 |
Total current assets | 727,325 | 616,612 |
Property, plant and equipment, net | 291,144 | 282,376 |
Note receivable | 72,611 | 69,679 |
Restricted cash | 80,940 | 80,108 |
Deferred tax assets | 68,187 | 97,492 |
Other assets, net | 42,826 | 44,745 |
Total assets | 1,283,033 | 1,191,012 |
Current liabilities: | ||
Accounts payable | 41,760 | 31,570 |
Accrued expenses | 103,279 | 116,575 |
Income taxes payable | 15,680 | 11,682 |
Decommissioning liability | 25,334 | 9,770 |
Liabilities held for sale | 292 | 3,349 |
Total current liabilities | 186,345 | 172,946 |
Decommissioning liability | 136,233 | 150,901 |
Other liabilities | 45,231 | 84,281 |
Total liabilities | 367,809 | 408,128 |
Stockholders’ equity (deficit): | ||
Accumulated deficit | 4,657 | (125,699) |
Total stockholders' equity | 915,224 | 782,884 |
Total liabilities and stockholders' equity | 1,283,033 | 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 | $ 7,879 | $ 5,896 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues [Abstract] | ||||
Total revenues | $ 210,385 | $ 222,287 | $ 674,995 | $ 644,857 |
Costs and expenses: | ||||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 109,845 | 116,081 | 348,320 | 349,429 |
Depreciation, depletion, amortization and accretion | 20,490 | 20,508 | 61,250 | 77,939 |
General and administrative expenses | 30,089 | 31,841 | 92,256 | 94,090 |
Restructuring expense | 0 | 1,223 | 1,983 | 4,441 |
Other gains, net | (4,073) | (13,397) | (5,424) | (30,263) |
Income from operations | 54,034 | 66,031 | 176,610 | 149,221 |
Other income (expense): | ||||
Interest income , net | 6,629 | 3,373 | 18,581 | 6,011 |
Loss on blue chip swap securities | (12,120) | 0 | (12,120) | 0 |
Other expense, net | (4,520) | (6,838) | (8,508) | (6,362) |
Income from continuing operations before income taxes | 44,023 | 62,566 | 174,563 | 148,870 |
Income tax expense | (11,403) | (14,058) | (44,615) | (32,813) |
Net income from continuing operations | 32,620 | 48,508 | 129,948 | 116,057 |
Income (loss) from discontinued operations, net of income tax | 128 | 17 | 408 | (188) |
Net income | $ 32,748 | $ 48,525 | $ 130,356 | $ 115,869 |
Income (loss) per share -basic | ||||
Net income from continuing operations | $ 1.62 | $ 2.42 | $ 6.46 | $ 5.8 |
Income (loss) from discontinued operations, net of income tax | 0.01 | 0 | 0.02 | (0.01) |
Net income (loss) | 1.63 | 2.42 | 6.48 | 5.79 |
Income (loss) per share - diluted: | ||||
Net income from continuing operations | 1.62 | 2.41 | 6.45 | 5.78 |
Income (loss) from discontinued operations, net of income tax | 0 | 0.01 | 0.02 | (0.01) |
Net income | $ 1.62 | $ 2.42 | $ 6.47 | $ 5.77 |
Weighted Average Number of Shares Outstanding, Basic | 20,136 | 20,024 | 20,123 | 20,016 |
Weighted Average Number of Shares Outstanding, Diluted | 20,159 | 20,090 | 20,144 | 20,074 |
Services [Member] | ||||
Revenues [Abstract] | ||||
Total revenues | $ 80,956 | $ 99,763 | $ 280,376 | $ 291,268 |
Costs and expenses: | ||||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 57,202 | 66,205 | 181,221 | 199,903 |
Depreciation, depletion, amortization and accretion | 6,684 | 8,266 | 21,683 | 30,224 |
Rentals [Member] | ||||
Revenues [Abstract] | ||||
Total revenues | 89,348 | 80,173 | 260,319 | 224,328 |
Costs and expenses: | ||||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 29,580 | 25,816 | 88,942 | 74,664 |
Depreciation, depletion, amortization and accretion | 7,272 | 6,749 | 20,131 | 23,278 |
Product Sales [Member] | ||||
Revenues [Abstract] | ||||
Total revenues | 40,081 | 42,351 | 134,300 | 129,261 |
Costs and expenses: | ||||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 23,063 | 24,060 | 78,157 | 74,862 |
Depreciation, depletion, amortization and accretion | $ 6,534 | $ 5,493 | $ 19,436 | $ 24,437 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||||||
Net income (loss) | $ 32,748 | $ 67,395 | $ 30,213 | $ 48,525 | $ 130,356 | $ 115,869 | $ 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 | |||||
Restricted stock units vested, Value | $ 1 | (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 | ||||
Beginning balance, value at Dec. 31, 2022 | 782,884 | $ 200 | $ 1 | 902,486 | 5,896 | (125,699) |
Beginning balance, shares at Dec. 31, 2022 | 19,999 | 80 | ||||
Net income | 130,356 | |||||
Ending balance, value at Sep. 30, 2023 | 915,224 | $ 200 | $ 2 | 902,486 | 7,879 | 4,657 |
Ending balance, shares at Sep. 30, 2023 | 19,999 | 152 | ||||
Beginning balance, value at Mar. 31, 2023 | 813,033 | $ 200 | $ 2 | 902,486 | 5,831 | (95,486) |
Beginning balance, shares at Mar. 31, 2023 | 19,999 | 152 | ||||
Net income | 67,395 | 67,395 | ||||
Stock-based compensation expense, net | 1,024 | 1,024 | ||||
Ending balance, value at Jun. 30, 2023 | 881,452 | $ 200 | $ 2 | 902,486 | 6,855 | (28,091) |
Ending balance, shares at Jun. 30, 2023 | 19,999 | 152 | ||||
Net income | 32,748 | 32,748 | ||||
Stock-based compensation expense, net | 1,024 | 1,024 | ||||
Ending balance, value at Sep. 30, 2023 | $ 915,224 | $ 200 | $ 2 | $ 902,486 | $ 7,879 | $ 4,657 |
Ending balance, shares at Sep. 30, 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 | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 130,356 | $ 115,869 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation, depletion, amortization and accretion | 61,250 | 77,939 |
Deferred income taxes | 29,589 | 7,254 |
Stock based compensation expense | 3,100 | 3,519 |
Bad debt | (423) | (106) |
Gain on sale of equity securities | 0 | (3,611) |
Unrealized gain on investment in equity securities | 0 | (908) |
Other gains, net | (6,359) | (37,148) |
Loss on Blue Chip Swap securities | 12,120 | 0 |
Washington State Tax Settlement | (27,068) | 0 |
Decommissioning costs | (6,279) | 0 |
Other reconciling items, net | (2,550) | 2,835 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,399) | (37,072) |
Prepaid expenses | (511) | (279) |
Inventory and other current assets | (23,978) | (8,641) |
Accounts payable | 9,470 | (3,296) |
Accrued expenses | (18,856) | (3,726) |
Income taxes | 5,274 | 7,200 |
Other, net | (6,390) | 2,196 |
Net cash from operating activities | 155,346 | 122,025 |
Cash flows from investing activities: | ||
Payments for capital expenditures | (67,218) | (42,901) |
Proceeds from sales of assets | 24,710 | 46,414 |
Proceeds from sales of equity securities | 0 | 13,366 |
Proceeds from sales of blue chip swap securities | 9,656 | 0 |
Purchases of Blue Chip Swap securities | (21,776) | 0 |
Net cash from investing activities | (54,628) | 16,879 |
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 | 99,602 | 138,904 |
Cash, cash equivalents, and restricted cash at beginning of period | 339,107 | 394,535 |
Cash, cash equivalents, and restricted cash at end of period | $ 438,709 | $ 533,439 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 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 September 30, 2023, our results of operations for the three and nine months ended September 30, 2023 and 2022, and our cash flows for the nine months ended September 30, 2023 and 2022. The balance sheet as of December 31, 2022, was derived from our audited annual financial statements. Current Expected Credit Losses On January 1, 2023, we adopted Financial Accounting Standards Board (FASB) ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements , which replaces the incurred loss impairment methodology from previous U.S. GAAP with the Current Expected Credit losses model ("CECL"). The CECL model contemplates a broader range of information to estimate expected credit losses over the contractual lifetime of an asset. It also requires consideration on the risk of loss even if it is remote. We estimate expected credit losses through an assessment of our portfolio on a collective (pool) basis with the primary factor based on the aging of our customer accounts. Additionally, we review historical collection experience and the financial condition of our customers when assessing the CECL allowance. |
Revenue and Accounts Receivable
Revenue and Accounts Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Accounts Receivable | (2) Revenue and Accounts Receivable Disaggregation of Revenue The following table presents our revenues by segment disaggregated by geography: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 U.S. land Rentals $ 37,478 $ 39,673 $ 127,341 $ 117,426 Well Services 8,223 9,808 20,384 18,507 Total U.S. land 45,701 49,481 147,725 135,933 U.S. offshore Rentals 44,681 37,829 117,867 106,913 Well Services 14,459 23,609 54,185 84,499 Total U.S. offshore 59,140 61,438 172,052 191,412 International Rentals 31,042 27,055 89,225 72,703 Well Services 74,502 84,313 265,993 244,809 Total International 105,544 111,368 355,218 317,512 Total Revenues $ 210,385 $ 222,287 $ 674,995 $ 644,857 The following table presents our revenues by segment disaggregated by type: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Services Rentals $ 17,073 $ 15,301 $ 52,093 $ 39,113 Well Services 63,883 84,462 228,283 252,155 Total Services 80,956 99,763 280,376 291,268 Rentals Rentals 84,682 77,561 248,404 216,371 Well Services 4,666 2,612 11,915 7,957 Total Rentals 89,348 80,173 260,319 224,328 Product Sales Rentals 11,446 11,695 33,936 41,558 Well Services 28,635 30,656 100,364 87,703 Total Product Sales 40,081 42,351 134,300 129,261 Total Revenues $ 210,385 $ 222,287 $ 674,995 $ 644,857 Accounts Receivable Trade accounts receivable are recorded at the invoiced amount or the earned but not yet invoiced amount and do not bear interest. We maintain an allowance for credit losses based on our best estimate of probable uncollectible amounts in existing accounts receivable. Adjustments to the allowance for credit losses in future periods may be made based on changing customer conditions. Our allowance for credit losses as of September 30, 2023 and December 31, 2022 was approximately $ 6.8 million and $ 6.1 million , respectively. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 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: September 30, 2023 December 31, 2022 Finished goods $ 48,765 $ 36,136 Raw materials 8,685 8,351 Work-in-process 13,061 4,718 Supplies and consumables 16,499 16,382 Total $ 87,010 $ 65,587 Finished goods inventory includes component parts awaiting assembly of approximately $ 25.3 million and $ 20.7 million as of September 30, 2023 and December 31, 2022 , respectively. |
Decommissioning Liabilities
Decommissioning Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
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. The following table summarizes our net decommissioning liability: September 30, 2023 December 31, 2022 Wells $ 94,245 $ 96,171 Platform 67,322 64,500 Total decommissioning liability 161,567 160,671 Note receivable ( 72,611 ) ( 69,679 ) Total decommissioning liability, net of note receivable $ 88,956 $ 90,992 Accretion expense for the three and nine months ended September 30, 2023 was $ 2.6 million and $ 7.4 million , respectively, and $ 2.0 million and $ 7.4 million for the three and nine months ended September 30, 2022, respectively. Additionally, during the nine months ended September 30, 2023, we incurred well decommissioning costs of $ 6.5 million . |
Note Receivable
Note Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Note Receivable | (5) Note Receivable Our note receivable consists of a commitment from the seller of our oil and gas property for costs associated with abandonment. Pursuant to an agreement with the seller, we will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of the seller's obligation to us is $ 105.2 million and is recorded at its present value, which totaled $ 72.6 million as of September 30, 2023. The discount on the note receivable is currently based on an effective interest rate of 5.6 % and 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 for the three and nine months ended September 30, 2023 was $ 1.0 million and $ 2.9 million , respectively. Non-cash interest income related to the note receivable for the three and nine months ended September 30, 2022 was $ 0.9 million and $ 2.9 million , respectively. Interest income 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, 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: September 30, 2023 December 31, 2022 Machinery and equipment $ 418,914 $ 378,907 Buildings, improvements and leasehold improvements 69,742 70,816 Automobiles, trucks, tractors and trailers 7,242 6,376 Furniture and fixtures 19,455 19,373 Construction-in-progress 14,248 5,185 Land 25,210 26,695 Oil and gas producing assets 13,260 11,714 Total 568,071 519,066 Accumulated depreciation and depletion ( 276,927 ) ( 236,690 ) Property, plant and equipment, net $ 291,144 $ 282,376 A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Depreciation $ 17,021 $ 18,226 $ 51,494 $ 66,208 Depletion 592 5 1,668 3,596 Total depreciation and depletion $ 17,613 $ 18,231 $ 53,162 $ 69,804 |
Debt
Debt | 9 Months Ended |
Sep. 30, 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 September 30, 2023, our borrowing base, as defined in the Credit Agreement, was approximately $ 120.0 million , and we had $ 34.7 million of letters of credit outstanding that reduced the borrowing availability. We had no outstanding borrowings under the Credit Facility as of September 30, 2023. We were in compliance with all required covenants as of September 30, 2023 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 table provides a summary of the financial assets and liabilities measured at fair value on a recurring basis: September 30, 2023 December 31, 2022 Non-qualified deferred compensation assets and liabilities Other long-term assets, net $ 16,549 $ 16,299 Accrued expenses 1,715 1,831 Other long-term liabilities 14,835 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 Expense,Net
Other Expense,Net | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Expense, Net | (9) Other Expense, Net A summary of other expense, net is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Foreign currency losses ( 4,601 ) ( 7,012 ) ( 8,157 ) ( 11,905 ) Investment income (loss), net 81 ( 192 ) ( 363 ) 1,023 Realized gain, net - - - 3,611 Unrealized gain, net - 363 - 908 Other, net - 3 12 1 Other expense, net ( 4,520 ) ( 6,838 ) ( 8,508 ) ( 6,362 ) Gains and losses on foreign currencies are primarily related to our operations in Argentina. During the nine months ended September 30, 2022 , we disposed of $ 1.7 million shares pertaining to our ownership of Select Water Solutions, Inc. (formerly known as "Select Energy Services, Inc." or "Select") for $ 13.4 million . All investments in equity securities were disposed of prior to December 31, 2022 . |
Blue Chip Swap Securities
Blue Chip Swap Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Blue Chip Swap Securities | (10) Blue Chip Swap Securities The functional currency for our Argentine operations is the U.S. dollar and we use Argentina’s official exchange rate to remeasure our Argentine peso-denominated net monetary assets into U.S. dollars at each balance sheet date. The Central Bank of Argentina has maintained certain currency controls that limited our ability to access U.S. dollars in Argentina and to remit cash from our Argentine operations. During the third quarter of 2023, we utilized an indirect foreign exchange mechanism known as a Blue Chip Swap (“BCS”) to remit $ 9.7 million U.S. dollars from Argentina through the purchase and sale of BCS securities. The transactions were completed at implied exchange rates (“BCS rate”) that were approximately 123.2 % higher than the official exchange rate resulting in a loss of $ 12.1 million during the third quarter of 2023. We continue to use the official exchange rate for remeasurement of our Argentine peso-denominated net monetary assets under U.S. GAAP as the BCS rate does not meet the criteria for remeasurement under U.S. GAAP. |
Other (Gains) and Losses
Other (Gains) and Losses | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Other (Gains) and Losses | (11) Other (Gains) and Losses Other (gains) and losses, net include gains and losses on the disposal of assets as well as impairments, if any, related to long-lived assets. During the three and nine months ended September 30, 2023, we recognized net gains of $ 4.1 million and $ 5.4 million , respectively, which includes the sale of certain non-core business and related assets in our Well Services segment. Proceeds from these sales totaled $ 8.8 million and $ 12.6 million, respectively, for three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, we recognized net gains of $ 13.4 million and $ 12.9 million, respectively, from the disposal of non-core business and assets within our Well Services segment. Proceeds from these sales totaled $ 26.3 million and $ 27.6 million, respectively, for three and nine months ended September 30, 2022. Additionally, during the nine months ended September 30, 2022, we recognized a gain of $ 17.4 million from revisions in estimates related to our decommissioning liability, which occurred during the second quarter of 2022. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | (12) 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 September 30, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 113,201 $ 97,184 $ - $ 210,385 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 37,769 72,076 - 109,845 Depreciation, depletion, amortization and accretion 12,538 7,277 675 20,490 General and administrative expenses 6,767 11,197 12,125 30,089 Restructuring expenses - - - - Other gains, net ( 126 ) ( 3,947 ) - ( 4,073 ) Income (loss) from operations $ 56,253 $ 10,581 $ ( 12,800 ) $ 54,034 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, net ( 4,946 ) ( 8,082 ) ( 369 ) ( 13,397 ) Income (loss) from operations $ 56,291 $ 26,249 $ ( 16,509 ) $ 66,031 For the Nine Months Ended September 30, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 334,433 $ 340,562 $ - $ 674,995 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 109,258 239,062 - 348,320 Depreciation, depletion, amortization and accretion 37,259 21,558 2,433 61,250 General and administrative expenses 20,962 34,087 37,207 92,256 Restructuring expenses - - 1,983 1,983 Other gains, net ( 419 ) ( 5,005 ) - ( 5,424 ) Income (loss) from operations $ 167,373 $ 50,860 $ ( 41,623 ) $ 176,610 For the Nine Months Ended September 30, 2022 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, net ( 4,886 ) ( 25,008 ) ( 369 ) ( 30,263 ) Income (loss) from operations $ 133,635 $ 63,531 $ ( 47,945 ) $ 149,221 Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total September 30, 2023 $ 529,850 $ 572,496 $ 180,687 $ 1,283,033 December 31, 2022 432,437 533,327 225,248 1,191,012 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Plans | (13) 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 nine months ended September 30, 2023 and 2022 : Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Unvested awards outstanding, December 31, 2022 29,976 37,947 72,050 88,215 228,188 Vested ( 14,988 ) ( 37,947 ) ( 24,017 ) ( 29,405 ) ( 106,357 ) Unvested awards outstanding, September 30, 2023 14,988 - 48,033 58,810 121,831 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, September 30, 2023 (in millions) $ 0.4 $ - $ 2.0 $ 2.7 $ 5.1 Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Unvested awards outstanding, December 31, 2021 76,269 50,596 - - 126,865 Granted - - 72,050 88,215 160,265 Vested ( 25,423 ) - - - ( 25,423 ) Unvested awards outstanding, September 30, 2022 50,846 50,596 72,050 88,215 261,707 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 $ 58.80 Unamortized grant date fair value, December 31, 2021 (in millions) $ 2.4 $ 1.4 $ - $ - $ 3.8 Unamortized grant date fair value, September 30, 2022 (in millions) $ 1.0 $ 0.3 $ 3.5 $ 4.7 $ 9.5 Compensation expense associated with RSA and RSU grants are as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Compensation Expense $ 1,024 $ 1,976 $ 3,099 $ 3,519 We have not concluded that it is probable that the performance condition will be achieved and therefore are not currently amortizing our PSUs. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (14) Income Taxes The effective tax rate for the three and nine months ended September 30, 2023 was 25.9 % and 25.6 %, respectively, on income from continuing operations. The effective tax rate for both periods is different from the U.S. federal statutory rate of 21.0 %, primarily from non-deductible items including the BCS and foreign tax rates that differ from the U.S. federal statutory rate. The effective tax rate for the nine months ended September 30, 2023 was unfavorably impacted by the identification of 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. Additionally, the effective tax rate for the nine months ended September 30, 2023 was favorably impacted by approximately $ 14.9 million in income tax benefits recorded during the three months ended June 30, 2023 from reversals of uncertain tax positions in foreign jurisdictions and adjustments to valuation allowances on foreign operations. The effective tax rate for the three and nine months ended September 30, 2022 was an expense of 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 based on current period income in certain jurisdictions and foreign losses for which no tax benefit was recorded. We have approximately $ 72.7 million in forecasted gross US foreign tax credit deferred tax assets with a valuation allowance of $ 44.3 million against them as of September 30, 2023. We 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 income results of appropriate character and timing that provide sufficient positive evidence to do so. We had $ 4.1 million and $ 14.0 million of unrecognized tax benefits as of September 30, 2023 and December 31, 2022, respectively, all of which would impact our effective tax rate if recognized. It is reasonably possible $ 0.9 million of unrecognized tax benefits could be settled in the next twelve months due to the conclusion of tax audits or statute of limitations expirations. 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, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (15) 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares outstanding - basic 20,136 20,024 20,123 20,016 Potentially dilutive stock awards and units 23 66 21 58 Weighted-average shares outstanding - diluted 20,159 20,090 20,144 20,074 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | (16) 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. As previously reported in the Form 10-K and Form 10-Q for the quarter ended March 31, 2023, we are currently involved in legal proceedings with the Washington State Department of Revenue 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. The matter was appealed to the Washington State Board of Tax Appeals, which affirmed the assessment on May 22, 2023. On June 20, 2023 , we appealed this decision to Whatcom County Superior Court where it is currently pending review. In order to appeal the assessment to Whatcom County Superior Court, we paid the full $ 27.1 million assessment on May 31, 2023. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | (17) Discontinued Operations The following table summarizes the components of discontinued operations, net of tax: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 General and administrative expenses $ 30 $ 289 $ 419 $ 5,742 Other gains, net ( 187 ) ( 303 ) ( 935 ) ( 5,496 ) Income (loss) from discontinued operations before tax 157 14 516 ( 246 ) Income tax benefit (expense) ( 29 ) 3 ( 108 ) 58 Income (loss) from discontinued operations, net of income tax $ 128 $ 17 $ 408 $ ( 188 ) The following summarizes the assets and liabilities related to discontinued operations: September 30, 2023 December 31, 2022 Assets: Accounts receivable, net $ - $ 350 Property, plant and equipment, net 753 11,468 Other assets - 160 Total assets held for sale $ 753 $ 11,978 Liabilities: Accounts payable $ - $ 86 Accrued expenses 292 3,192 Other liabilities - 71 Total liabilities held for sale $ 292 $ 3,349 Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows: For the Nine Months Ended September 30, 2023 2022 Cash flows from discontinued operating activities: Other gains, net $ ( 935 ) $ ( 5,496 ) Cash flows from discontinued investing activities: Proceeds from sales of assets $ 12,073 $ 18,782 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | (18) 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: September 30, 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 $ 357,769 $ 453,682 Restricted cash-non-current 80,940 79,757 Cash, cash equivalents, and restricted cash, end of period $ 438,709 $ 533,439 |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Text Block [Abstract] | |
New Accounting Pronouncements | (19) New Accounting Pronouncements Recently Issued Accounting Standards On January 1, 2023, we adopted Financial Accounting Standards Board (FASB) ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements . 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. We estimate, and revise when necessary, expected credit losses for financial assets held at the reporting date primarily based on the utilization of an aging schedule. Additional factors include historical experience and the financial condition of our customers. This updated guidance applies to our receivables, including trade and note receivables, and other financial assets measured at amortized cost. The adoption of this standard update did not have a material impact on our Condensed Consolidated Financial Statements. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Current Expected Credit Losses | Current Expected Credit Losses On January 1, 2023, we adopted Financial Accounting Standards Board (FASB) ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements , which replaces the incurred loss impairment methodology from previous U.S. GAAP with the Current Expected Credit losses model ("CECL"). The CECL model contemplates a broader range of information to estimate expected credit losses over the contractual lifetime of an asset. It also requires consideration on the risk of loss even if it is remote. We estimate expected credit losses through an assessment of our portfolio on a collective (pool) basis with the primary factor based on the aging of our customer accounts. Additionally, we review historical collection experience and the financial condition of our customers when assessing the CECL allowance. |
Revenue and Accounts Receivab_2
Revenue and Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 U.S. land Rentals $ 37,478 $ 39,673 $ 127,341 $ 117,426 Well Services 8,223 9,808 20,384 18,507 Total U.S. land 45,701 49,481 147,725 135,933 U.S. offshore Rentals 44,681 37,829 117,867 106,913 Well Services 14,459 23,609 54,185 84,499 Total U.S. offshore 59,140 61,438 172,052 191,412 International Rentals 31,042 27,055 89,225 72,703 Well Services 74,502 84,313 265,993 244,809 Total International 105,544 111,368 355,218 317,512 Total Revenues $ 210,385 $ 222,287 $ 674,995 $ 644,857 |
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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Services Rentals $ 17,073 $ 15,301 $ 52,093 $ 39,113 Well Services 63,883 84,462 228,283 252,155 Total Services 80,956 99,763 280,376 291,268 Rentals Rentals 84,682 77,561 248,404 216,371 Well Services 4,666 2,612 11,915 7,957 Total Rentals 89,348 80,173 260,319 224,328 Product Sales Rentals 11,446 11,695 33,936 41,558 Well Services 28,635 30,656 100,364 87,703 Total Product Sales 40,081 42,351 134,300 129,261 Total Revenues $ 210,385 $ 222,287 $ 674,995 $ 644,857 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | The components of inventory balances are as follows: September 30, 2023 December 31, 2022 Finished goods $ 48,765 $ 36,136 Raw materials 8,685 8,351 Work-in-process 13,061 4,718 Supplies and consumables 16,499 16,382 Total $ 87,010 $ 65,587 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant And Equipment | A summary of property, plant and equipment, net is as follows: September 30, 2023 December 31, 2022 Machinery and equipment $ 418,914 $ 378,907 Buildings, improvements and leasehold improvements 69,742 70,816 Automobiles, trucks, tractors and trailers 7,242 6,376 Furniture and fixtures 19,455 19,373 Construction-in-progress 14,248 5,185 Land 25,210 26,695 Oil and gas producing assets 13,260 11,714 Total 568,071 519,066 Accumulated depreciation and depletion ( 276,927 ) ( 236,690 ) Property, plant and equipment, net $ 291,144 $ 282,376 |
Summary of depreciation and depletion expense | A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Depreciation $ 17,021 $ 18,226 $ 51,494 $ 66,208 Depletion 592 5 1,668 3,596 Total depreciation and depletion $ 17,613 $ 18,231 $ 53,162 $ 69,804 |
Decommissioning Liability (Tabl
Decommissioning Liability (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of decommissioning liability | The following table summarizes our net decommissioning liability: September 30, 2023 December 31, 2022 Wells $ 94,245 $ 96,171 Platform 67,322 64,500 Total decommissioning liability 161,567 160,671 Note receivable ( 72,611 ) ( 69,679 ) Total decommissioning liability, net of note receivable $ 88,956 $ 90,992 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2023 and 2022 : Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Unvested awards outstanding, December 31, 2022 29,976 37,947 72,050 88,215 228,188 Vested ( 14,988 ) ( 37,947 ) ( 24,017 ) ( 29,405 ) ( 106,357 ) Unvested awards outstanding, September 30, 2023 14,988 - 48,033 58,810 121,831 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, September 30, 2023 (in millions) $ 0.4 $ - $ 2.0 $ 2.7 $ 5.1 Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Unvested awards outstanding, December 31, 2021 76,269 50,596 - - 126,865 Granted - - 72,050 88,215 160,265 Vested ( 25,423 ) - - - ( 25,423 ) Unvested awards outstanding, September 30, 2022 50,846 50,596 72,050 88,215 261,707 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 $ 58.80 Unamortized grant date fair value, December 31, 2021 (in millions) $ 2.4 $ 1.4 $ - $ - $ 3.8 Unamortized grant date fair value, September 30, 2022 (in millions) $ 1.0 $ 0.3 $ 3.5 $ 4.7 $ 9.5 |
Compensation expense associated with RSA and RSU grants | Compensation expense associated with RSA and RSU grants are as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Compensation Expense $ 1,024 $ 1,976 $ 3,099 $ 3,519 |
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 September 30, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 113,201 $ 97,184 $ - $ 210,385 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 37,769 72,076 - 109,845 Depreciation, depletion, amortization and accretion 12,538 7,277 675 20,490 General and administrative expenses 6,767 11,197 12,125 30,089 Restructuring expenses - - - - Other gains, net ( 126 ) ( 3,947 ) - ( 4,073 ) Income (loss) from operations $ 56,253 $ 10,581 $ ( 12,800 ) $ 54,034 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, net ( 4,946 ) ( 8,082 ) ( 369 ) ( 13,397 ) Income (loss) from operations $ 56,291 $ 26,249 $ ( 16,509 ) $ 66,031 For the Nine Months Ended September 30, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 334,433 $ 340,562 $ - $ 674,995 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 109,258 239,062 - 348,320 Depreciation, depletion, amortization and accretion 37,259 21,558 2,433 61,250 General and administrative expenses 20,962 34,087 37,207 92,256 Restructuring expenses - - 1,983 1,983 Other gains, net ( 419 ) ( 5,005 ) - ( 5,424 ) Income (loss) from operations $ 167,373 $ 50,860 $ ( 41,623 ) $ 176,610 For the Nine Months Ended September 30, 2022 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, net ( 4,886 ) ( 25,008 ) ( 369 ) ( 30,263 ) Income (loss) from operations $ 133,635 $ 63,531 $ ( 47,945 ) $ 149,221 |
Schedule Of Identifiable Assets | Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total September 30, 2023 $ 529,850 $ 572,496 $ 180,687 $ 1,283,033 December 31, 2022 432,437 533,327 225,248 1,191,012 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | September 30, 2023 December 31, 2022 Non-qualified deferred compensation assets and liabilities Other long-term assets, net $ 16,549 $ 16,299 Accrued expenses 1,715 1,831 Other long-term liabilities 14,835 15,855 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of other nonoperating income (expense) | A summary of other expense, net is as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Foreign currency losses ( 4,601 ) ( 7,012 ) ( 8,157 ) ( 11,905 ) Investment income (loss), net 81 ( 192 ) ( 363 ) 1,023 Realized gain, net - - - 3,611 Unrealized gain, net - 363 - 908 Other, net - 3 12 1 Other expense, net ( 4,520 ) ( 6,838 ) ( 8,508 ) ( 6,362 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares outstanding - basic 20,136 20,024 20,123 20,016 Potentially dilutive stock awards and units 23 66 21 58 Weighted-average shares outstanding - diluted 20,159 20,090 20,144 20,074 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 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 For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 General and administrative expenses $ 30 $ 289 $ 419 $ 5,742 Other gains, net ( 187 ) ( 303 ) ( 935 ) ( 5,496 ) Income (loss) from discontinued operations before tax 157 14 516 ( 246 ) Income tax benefit (expense) ( 29 ) 3 ( 108 ) 58 Income (loss) from discontinued operations, net of income tax $ 128 $ 17 $ 408 $ ( 188 ) |
Assets And Liabilities Of Discontinued Operation | The following summarizes the assets and liabilities related to discontinued operations: September 30, 2023 December 31, 2022 Assets: Accounts receivable, net $ - $ 350 Property, plant and equipment, net 753 11,468 Other assets - 160 Total assets held for sale $ 753 $ 11,978 Liabilities: Accounts payable $ - $ 86 Accrued expenses 292 3,192 Other liabilities - 71 Total liabilities held for sale $ 292 $ 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 Nine Months Ended September 30, 2023 2022 Cash flows from discontinued operating activities: Other gains, net $ ( 935 ) $ ( 5,496 ) Cash flows from discontinued investing activities: Proceeds from sales of assets $ 12,073 $ 18,782 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 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 $ 357,769 $ 453,682 Restricted cash-non-current 80,940 79,757 Cash, cash equivalents, and restricted cash, end of period $ 438,709 $ 533,439 |
Revenue and Accounts Receivab_3
Revenue and Accounts Receivable (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 210,385 | $ 222,287 | $ 674,995 | $ 644,857 |
Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 113,201 | 104,557 | 334,433 | 297,042 |
Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 97,184 | 117,730 | 340,562 | 347,815 |
U.S. Land [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 45,701 | 49,481 | 147,725 | 135,933 |
U.S. Land [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 37,478 | 39,673 | 127,341 | 117,426 |
U.S. Land [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 8,223 | 9,808 | 20,384 | 18,507 |
U.S. Offshore [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 59,140 | 61,438 | 172,052 | 191,412 |
U.S. Offshore [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 44,681 | 37,829 | 117,867 | 106,913 |
U.S. Offshore [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 14,459 | 23,609 | 54,185 | 84,499 |
International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 105,544 | 111,368 | 355,218 | 317,512 |
International [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 31,042 | 27,055 | 89,225 | 72,703 |
International [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 74,502 | $ 84,313 | $ 265,993 | $ 244,809 |
Revenue and Accounts Receivab_4
Revenue and Accounts Receivable (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 210,385 | $ 222,287 | $ 674,995 | $ 644,857 |
Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 113,201 | 104,557 | 334,433 | 297,042 |
Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 97,184 | 117,730 | 340,562 | 347,815 |
Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 80,956 | 99,763 | 280,376 | 291,268 |
Services [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 17,073 | 15,301 | 52,093 | 39,113 |
Services [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 63,883 | 84,462 | 228,283 | 252,155 |
Rentals Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 89,348 | 80,173 | 260,319 | 224,328 |
Rentals Services [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 84,682 | 77,561 | 248,404 | 216,371 |
Rentals Services [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 4,666 | 2,612 | 11,915 | 7,957 |
Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 40,081 | 42,351 | 134,300 | 129,261 |
Product Sales [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 11,446 | 11,695 | 33,936 | 41,558 |
Product Sales [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 28,635 | $ 30,656 | $ 100,364 | $ 87,703 |
Revenue and Accounts Receivab_5
Revenue and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Allowance for doubtful accounts | $ 6.8 | $ 6.1 |
Inventory (Schedule of Componen
Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 48,765 | $ 36,136 |
Raw materials | 8,685 | 8,351 |
Work-in-process | 13,061 | 4,718 |
Supplies and consumables | 16,499 | 16,382 |
Total | $ 87,010 | $ 65,587 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods inventory | $ 25.3 | $ 20.7 |
Decommissioning Liability (Narr
Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Accretion expense | $ 2.6 | $ 2 | $ 7.4 | $ 7.4 |
Decommissioning costs | $ 6.5 | $ 6.5 |
Decommissioning Liability - Sch
Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Decommissioning Liability | $ 161,567 | $ 160,671 |
Less: Note Receivable | (72,611) | (69,679) |
Decommissioning Liability, net of Note Receivable | 88,956 | 90,992 |
Well Services [Member] | ||
Decommissioning Liability | 94,245 | 96,171 |
Platform Service [Member] | ||
Decommissioning Liability | $ 67,322 | $ 64,500 |
Note Receivable (Narrative) (De
Note Receivable (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |||||
Note receivable | $ 72,611 | $ 72,611 | $ 69,679 | ||
Change In Gross Amount Of Sellers Obligation | 105,200 | $ 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 | $ 900 | $ 2,900 | $ 2,900 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 568,071 | $ 519,066 |
Accumulated depreciation and depletion | (276,927) | (236,690) |
Property, plant and equipment, net | 291,144 | 282,376 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 418,914 | 378,907 |
Buildings, Improvements And Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 69,742 | 70,816 |
Automobiles, Trucks, Tractors and Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,242 | 6,376 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,455 | 19,373 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,248 | 5,185 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 25,210 | 26,695 |
Oil and Gas Producing Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,260 | $ 11,714 |
Property,Plant and Equipment,Ne
Property,Plant and Equipment,Net (Summary of Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 17,021 | $ 18,226 | $ 51,494 | $ 66,208 |
Depletion | 592 | 5 | 1,668 | 3,596 |
Depreciation, Depletion and Amortization, Total | $ 17,613 | $ 18,231 | $ 53,162 | $ 69,804 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and depletion expense | $ 17,613 | $ 18,231 | $ 53,162 | $ 69,804 |
Gain(Loss) on the disposal of assets | $ 4,100 | $ 13,400 | $ 5,400 | $ 12,900 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 120 |
Letters of Credit Outstanding, Amount | 34.7 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term assets, net | $ 16,549 | $ 16,299 |
Accrued expense | 1,715 | 1,831 |
Other long-term liabilities | $ 14,835 | $ 15,855 |
Other Expense, Net - (Additiona
Other Expense, Net - (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | |||||
Unrealized gain, net | $ 0 | $ 363 | $ 0 | $ 908 | |
Realized gain, net | 0 | 0 | 0 | 3,611 | |
Gain loss on foreign currencies | 1,700 | $ 13,400 | |||
Foreign currency losses | $ 4,601 | $ 7,012 | $ 8,157 | $ 11,905 |
Other Expense, Net - Summary of
Other Expense, Net - Summary of Other Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency losses | $ (4,601) | $ (7,012) | $ (8,157) | $ (11,905) |
Investment Income, Net | 81 | (192) | (363) | 1,023 |
Realized gain, net | 0 | 0 | 0 | 3,611 |
Unrealized gain, net | 0 | 363 | 0 | 908 |
Other, net | 0 | 3 | 12 | 1 |
Other expense, net | $ (4,520) | $ (6,838) | $ (8,508) | $ (6,362) |
Blue Chip Swap Securities (Addi
Blue Chip Swap Securities (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||||
Proceeds from sales of blue chip swap securities | $ 9,700 | $ 9,656 | $ 0 | |
Derivative percentage higher than official exchange rate | 123.20% | |||
Loss on blue chip swap securities | $ (12,120) | $ 0 | $ (12,120) | $ 0 |
Other (Gains) and Losses (Addit
Other (Gains) and Losses (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (Loss) on Disposition of Assets | $ 4.1 | $ 13.4 | $ 5.4 | $ 12.9 |
Gain recognized from changes in cost and timing | 17.4 | |||
Proceeds from sale of non core business related assets | $ 8.8 | $ 26.3 | $ 12.6 | $ 27.6 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 210,385 | $ 222,287 | $ 674,995 | $ 644,857 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 109,845 | 116,081 | 348,320 | 349,429 |
Depreciation, depletion, amortization and accretion | 20,490 | 20,508 | 61,250 | 77,939 |
General and administrative expenses | 30,089 | 31,841 | 92,256 | 94,090 |
Restructuring expense | 0 | 1,223 | 1,983 | 4,441 |
Other (gains) and losses, net | (4,073) | (13,397) | (5,424) | (30,263) |
Income (loss) from operations | 54,034 | 66,031 | 176,610 | 149,221 |
Rentals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 113,201 | 104,557 | 334,433 | 297,042 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 37,769 | 33,638 | 109,258 | 101,250 |
Depreciation, depletion, amortization and accretion | 12,538 | 12,554 | 37,259 | 46,099 |
General and administrative expenses | 6,767 | 7,020 | 20,962 | 20,944 |
Other (gains) and losses, net | (126) | (4,946) | (419) | (4,886) |
Income (loss) from operations | 56,253 | 56,291 | 167,373 | 133,635 |
Well Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 97,184 | 117,730 | 340,562 | 347,815 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 72,076 | 82,443 | 239,062 | 248,179 |
Depreciation, depletion, amortization and accretion | 7,277 | 6,900 | 21,558 | 28,290 |
General and administrative expenses | 11,197 | 10,220 | 34,087 | 32,823 |
Other (gains) and losses, net | (3,947) | (8,082) | (5,005) | (25,008) |
Income (loss) from operations | 10,581 | 26,249 | 50,860 | 63,531 |
Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion, amortization and accretion | 675 | 1,054 | 2,433 | 3,550 |
General and administrative expenses | 12,125 | 14,601 | 37,207 | 40,323 |
Restructuring expense | 1,223 | 1,983 | 4,441 | |
Other (gains) and losses, net | (369) | (369) | ||
Income (loss) from operations | $ (12,800) | $ (16,509) | $ (41,623) | $ (47,945) |
Segment Information (Schedule_2
Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Identifiable Assets | $ 1,283,033 | $ 1,191,012 |
Rentals [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | 529,850 | 432,437 |
Well Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | 572,496 | 533,327 |
Corporate And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Identifiable Assets | $ 180,687 | $ 225,248 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
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% |
Management Incentive Plan [Member] | |
Cancelled stock incentive plans | |
Common stock reserved for issuance | shares | 1,999,869 |
Common stock, par value | $ / shares | $ 0.01 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Issuances Under Management Incentive Plan (Details) - Management Incentive Plan [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, begining | 228,188 | 126,865 |
Vested | (106,357) | (25,423) |
Granted | 160,265 | |
Awards outstanding, ending | 121,831 | 261,707 |
Unamortized grant date fair value, begining | 8,200,000 | 3,800,000 |
Unamortized grant date fair value, ending | 5,100,000 | 9,500,000 |
June 2021 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, begining | 29,976 | 76,269 |
Vested | (14,988) | (25,423) |
Granted | 0 | |
Awards outstanding, ending | 14,988 | 50,846 |
Estimated grant date fair value | $ 39,530 | $ 39,530 |
Unamortized grant date fair value, begining | 900,000 | 2,400,000 |
Unamortized grant date fair value, ending | 400,000 | 1,000,000 |
July/August 2021 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, begining | 37,947 | 50,596 |
Vested | (37,947) | 0 |
Granted | 0 | |
Awards outstanding, ending | 0 | 50,596 |
Estimated grant date fair value | $ 39,530 | $ 39,530 |
Unamortized grant date fair value, begining | 0 | 1,400,000 |
Unamortized grant date fair value, ending | 0 | 300,000 |
March 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, begining | 72,050 | 0 |
Vested | (24,017) | 0 |
Granted | 72,050 | |
Awards outstanding, ending | 48,033 | 72,050 |
Estimated grant date fair value | $ 58,800 | $ 58,800 |
Unamortized grant date fair value, begining | 3,100,000 | 0 |
Unamortized grant date fair value, ending | 2,000,000 | 3,500,000 |
July 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, begining | 88,215 | 0 |
Vested | (29,405) | 0 |
Granted | 88,215 | |
Awards outstanding, ending | 58,810 | 88,215 |
Estimated grant date fair value | $ 58,800 | $ 58,800 |
Unamortized grant date fair value, begining | 4,200,000 | 0 |
Unamortized grant date fair value, ending | 2,700,000 | 4,700,000 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Compensation Expense Associated With RSA and RSU Grants (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restricted Stock Unit And Awards [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Compensation expense | $ 1,024 | $ 1,976 | $ 3,099 | $ 3,519 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | ||||||
Current Foreign Tax Expense (Benefit) | $ 14.9 | ||||||
Effective Income Tax Rate Reconciliation, Percent | 25.90% | 22.50% | 25.60% | 22% | |||
Valuation allowance | $ 44.3 | $ 44.3 | |||||
Foreign tax credit forecasted amount | 72.7 | 72.7 | |||||
Unrecognized tax benefits | 4.1 | 4.1 | $ 14 | ||||
Unrecognized tax benefits settlement due | $ 0.9 | $ 0.9 | |||||
Deferred income taxes | $ 7.6 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares outstanding - basic | 20,136 | 20,024 | 20,123 | 20,016 |
Potentially dilutive stock awards and units | 23 | 66 | 21 | 58 |
Weighted-average shares outstanding - diluted | 20,159 | 20,090 | 20,144 | 20,074 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | May 31, 2023 USD ($) |
Whatcom County Superi or Court [Member] | |
Loss Contingencies [Line Items] | |
Tax assessment | $ 27.1 |
Discontinued Operations (Compon
Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation, depletion, amortization and accretion | $ 20,490 | $ 20,508 | $ 61,250 | $ 77,939 |
General and administrative expenses | 30,089 | 31,841 | 92,256 | 94,090 |
Other gains, net | (4,073) | (13,397) | (5,424) | (30,263) |
Income from operations | 54,034 | 66,031 | 176,610 | 149,221 |
Other expense, net | (4,520) | (6,838) | (8,508) | (6,362) |
Income (loss) from discontinued operations, net of income tax | 128 | 17 | 408 | (188) |
Pumpco [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
General and administrative expenses | 30 | 289 | 419 | 5,742 |
Other gains, net | (187) | (303) | (935) | (5,496) |
Income from discontinued operations before tax | 157 | 14 | 516 | (246) |
Income tax benefit (expense) | (29) | 3 | (108) | 58 |
Income (loss) from discontinued operations, net of income tax | $ 128 | $ 17 | $ 408 | $ (188) |
Discontinued Operations (Assets
Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - Pumpco Member - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | $ 0 | $ 350 |
Property, plant and equipment, net | 753 | 11,468 |
Other assets | 0 | 160 |
Total assets held for sale | 753 | 11,978 |
Accounts payable | 0 | 86 |
Accrued expenses | 292 | 3,192 |
Other liabilities | 0 | 71 |
Total liabilities held for sale | $ 292 | $ 3,349 |
Discontinued Operation (Cash Fl
Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other gains, net | $ (4,073) | $ (13,397) | $ (5,424) | $ (30,263) |
Pumpco Member | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other gains, net | $ (187) | $ (303) | (935) | (5,496) |
Proceeds from sales of assets | $ 12,073 | $ 18,782 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 357,769 | $ 258,999 | $ 453,682 | $ 314,974 |
Restricted cash-non-current | 80,940 | 80,108 | 79,757 | 79,561 |
Cash, cash equivalents, and restricted cash | $ 438,709 | $ 339,107 | $ 533,439 | $ 394,535 |