Superior Energy Services 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
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, 2024
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 Common Stock, Shares Outstanding		20,174,135
Entity Central Index Key	0000886835
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 237,845	$ 391,684
Accounts receivable, net	243,416	276,868
Inventory	69,095	74,995
Income taxes receivable	10,424	10,542
Prepaid expenses	20,562	18,614
Other current assets	7,194	7,922
Total current assets	588,536	780,625
Property, plant and equipment, net	308,280	294,960
Note receivable	70,214	69,005
Restricted cash	57,711	85,444
Deferred tax assets	61,130	67,241
Other assets, net	42,304	43,718
Total assets	1,128,175	1,340,993
Current liabilities:
Accounts payable	42,949	38,214
Accrued expenses	95,431	103,782
Income taxes payable	24,596	20,220
Decommissioning liability	21,631	21,631
Total current liabilities	184,607	183,847
Decommissioning liability	150,733	148,652
Deferred tax liabilities	4,564	6,138
Other liabilities	40,744	41,445
Total liabilities	380,648	380,082
Stockholders' equity:
Common Stock $0.001 par value	202	202
Additional paid in capital	910,527	911,388
Retained (deficit) earnings	(163,202)	49,321
Total stockholders' equity	747,527	960,911
Total liabilities and stockholders' equity	$ 1,128,175	$ 1,340,993

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	52,000,000	52,000,000
Common stock, shares issued	20,174,000	20,151,000
Common stock, shares outstanding	20,174,000	20,151,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues [Abstract]
Total revenues	$ 208,634	$ 220,137
Costs and expenses:
Total cost of revenues (exclusive of items shown separately below)	106,639	117,721
Total depreciation, depletion, amortization and accretion	20,447	20,139
General and administrative expenses	34,975	30,990
Restructuring And Transaction Expenses	0	1,983
Other gains, net	(1,082)	(1,398)
Income from operations	47,655	50,702
Other income (expense):
Interest income , net	6,840	5,439
Other expense, net	(1,813)	(2,152)
Income from continuing operations before income taxes	52,682	53,989
Income tax expense	(14,787)	(24,065)
Net income from continuing operations	37,895	29,924
Income from discontinued operations, net of tax	0	289
Net income	$ 37,895	$ 30,213
Earnings per share basic diluted
Net income from continuing operations, basic	$ 1.88	$ 1.49
Income from discontinued operations, net of tax, basic	0	0.01
Net income, basic	1.88	1.5
Net income from continuing operations, diluted	1.88	1.49
Income from discontinued operations, net of tax, diluted	0	0.01
Net income, diluted	$ 1.88	$ 1.5
Weighted-average shares outstanding - basic	20,162	20,107
Weighted-average shares outstanding - diluted	20,180	20,131
Services [Member]
Revenues [Abstract]
Total revenues	$ 73,337	$ 93,290
Costs and expenses:
Total cost of revenues (exclusive of items shown separately below)	46,489	65,079
Total depreciation, depletion, amortization and accretion	5,752	7,295
Rentals [Member]
Revenues [Abstract]
Total revenues	81,090	85,610
Costs and expenses:
Total cost of revenues (exclusive of items shown separately below)	31,603	29,048
Total depreciation, depletion, amortization and accretion	6,359	6,694
Product Sales [Member]
Revenues [Abstract]
Total revenues	54,207	41,237
Costs and expenses:
Total cost of revenues (exclusive of items shown separately below)	28,547	23,594
Total depreciation, depletion, amortization and accretion	$ 8,336	$ 6,150

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 37,895	$ 30,213	$ 175,020

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Class A [Member]	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, 2022	$ 782,884		$ 200	$ 1	$ 902,486	$ 5,896	$ (125,699)
Beginning balance, shares at Dec. 31, 2022			19,999	80
Net income	175,020						175,020
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)
Shares placed in treasury, shares			152	(152)
Shares placed in Treasury, Amount			$ 2	$ (2)	8,902	(8,902)
Stock-based compensation expense, net	4,123					$ 4,123
Ending balance, value at Dec. 31, 2023	960,911		$ 202		911,388		49,321
Ending balance, shares at Dec. 31, 2023			20,151
Net income	37,895						37,895
Cash dividends	(250,418)						(250,418)
Shares repurchased, shares		(14,673)	(15)
Shares repurchased, value	(961)	$ (1,000)			(961)
Restricted stock units vested, Shares			53
Shares withheld and retired, value	(1,005)				(1,005)
Shares withheld and retired, shares			(15)
Stock-based compensation expense, net	1,105				1,105
Ending balance, value at Mar. 31, 2024	$ 747,527		$ 202		$ 910,527		$ (163,202)
Ending balance, shares at Mar. 31, 2024			20,174

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited)	Mar. 31, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends ($12.38 per share)	$ 12.38

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 37,895	$ 30,213
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion, amortization and accretion	20,447	20,139
Deferred income taxes	4,538	15,677
Stock based compensation expense	1,105	1,052
Other gains, net	(1,083)	(2,225)
Other reconciling items, net	(1,755)	(105)
Changes in operating assets and liabilities	27,747	8,502
Net cash from operating activities	88,894	73,253
Cash flows from investing activities:
Payments for capital expenditures	(20,698)	(18,086)
Proceeds from sales of assets	2,616	11,569
Net cash from investing activities	(18,082)	(6,517)
Cash flows from financing activities:
Distributions to shareholders	(250,417)	0
Repurchase of shares	(962)	0
Tax withholdings for vested restricted stock units	(1,005)	(1,116)
Net cash from financing activities	(252,384)	(1,116)
Net change in cash, cash equivalents, and restricted cash	(181,572)	65,620
Cash, cash equivalents, and restricted cash at beginning of period	477,128	339,107
Cash, cash equivalents, and restricted cash at end of period	$ 295,556	$ 404,727

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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, “we,” “us,” “our” 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 March 31, 2024, our results of operations and cash flows for the three months ended March 31, 2024 and 2023. The balance sheet as of December 31, 2023, was derived from our audited annual financial statements.

Revenue and Accounts Receivable

Revenue and Accounts Receivable	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 U.S. land Rentals $ 39,006 $ 45,133 Well Services 7,466 6,355 Total U.S. land 46,472 51,488 U.S. offshore Rentals 37,251 35,670 Well Services 28,872 16,321 Total U.S. offshore 66,123 51,991 International Rentals 31,834 28,018 Well Services 64,205 88,640 Total International 96,039 116,658 Total Revenues $ 208,634 $ 220,137 The following table presents our revenues by segment disaggregated by type: For the Three Months Ended March 31, 2024 2023 Services Rentals $ 20,650 $ 17,145 Well Services 52,687 76,145 Total Services 73,337 93,290 Rentals Rentals 76,073 82,075 Well Services 5,017 3,535 Total Rentals 81,090 85,610 Product Sales Rentals 11,368 9,601 Well Services 42,839 31,636 Total Product Sales 54,207 41,237 Total Revenues $ 208,634 $ 220,137 Accounts Receivable, net Our allowance for credit losses as of March 31, 2024 and December 31, 2023 was approximately $ 6.0 million and $ 6.3 million , respectively.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventory	(3) Inventory The components of inventory are as follows: March 31, 2024 December 31, 2023 Finished goods $ 36,046 $ 41,082 Raw materials 8,489 10,379 Work-in-process 8,804 8,025 Supplies and consumables 15,756 15,509 Total $ 69,095 $ 74,995 Finished goods inventory includes component parts awaiting assembly of approximately $ 21.7 million and $ 25.0 million as of March 31, 2024 and December 31, 2023 , respectively.

Decommissioning Liabilities

Decommissioning Liabilities	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Decommissioning Liability	(4) Decommissioning Liability The following table summarizes our net decommissioning liability: March 31, 2024 December 31, 2023 Wells $ 97,633 $ 96,603 Platform 74,731 73,680 Total decommissioning liability 172,364 170,283 Note receivable ( 70,214 ) ( 69,005 ) Total decommissioning liability, net of note receivable $ 102,150 $ 101,278 Accretion expense for the three months ended March 31, 2024 and 2023 was $ 2.5 million and $ 2.3 million , respectively.

Note Receivable

Note Receivable	3 Months Ended
	Mar. 31, 2024
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 $ 108.4 million and is recorded at its present value, which totaled $ 70.2 million as of March 31, 2024. The discount on the note receivable is currently based on an effective interest rate of 7.2 % 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 2030. Interest is 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 months ended March 31, 2024 and 2023 was $ 1.2 million and $ 1.0 million , respectively and 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, 2024
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, 2024 December 31, 2023 Machinery and equipment $ 441,839 $ 422,071 Buildings, improvements and leasehold improvements 66,432 66,746 Vehicles 8,045 8,106 Furniture and fixtures 22,857 22,746 Construction-in-progress 15,551 8,195 Land 26,644 25,654 Oil and gas producing assets 29,323 28,984 Total 610,691 582,502 Accumulated depreciation and depletion ( 302,411 ) ( 287,542 ) Property, plant and equipment, net $ 308,280 $ 294,960 A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows: For the Three Months Ended March 31, 2024 2023 Depreciation $ 16,134 $ 16,979 Depletion 1,572 585 Total depreciation and depletion $ 17,706 $ 17,564

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	(7) Debt In December 2023, we entered into an Amended and Restated Credit Agreement providing for up to a $ 140.0 million asset based secured revolving Credit Facility (the “Credit Facility”), which includes a sub-facility for financial letters of credit in an amount up to $ 40.0 million. The issuance of letters of credit will reduce availability under the Credit Facility dollar-for-dollar. As of March 31, 2024, our borrowing base, as defined in the Credit Agreement, was approximately $ 120.9 million , and we had $ 36.7 million in letters of credit outstanding which reduced the borrowing availability to $ 84.2 million . At March 31, 2024 , we had no outstanding borrowings under the Credit Facility and were in compliance with all required covenants.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	(8) Fair Value Measurements The following table provides a summary of the financial assets and liabilities measured at fair value on a recurring basis: March 31, 2024 December 31, 2023 Non-qualified deferred compensation assets and liabilities Other assets, net $ 15,592 $ 17,079 Accrued expenses 1,680 1,797 Other liabilities 14,397 15,589 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Foreign currency losses $ ( 1,674 ) $ ( 1,833 ) Other, net ( 139 ) ( 319 ) Other expense, net $ ( 1,813 ) $ ( 2,152 ) Gains and losses on foreign currencies are primarily related to our operations in Argentina and Brazil.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	(10) Segment Information Summarized financial information for our segments is as follows: For the Three Months Ended March 31, 2024 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 108,091 $ 100,543 $ - $ 208,634 Cost of revenues (exclusive of items shown separately below) 37,766 68,873 - 106,639 Depreciation, depletion, amortization and accretion 11,810 8,131 506 20,447 General and administrative expenses 7,192 11,327 16,456 34,975 Restructuring expenses - - - - Other (gains) and losses, net 112 ( 1,180 ) ( 14 ) ( 1,082 ) Income (loss) from operations $ 51,211 $ 13,392 $ ( 16,948 ) $ 47,655 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 items shown separately below) 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, net ( 31 ) ( 1,367 ) - ( 1,398 ) Income (loss) from operations $ 53,014 $ 12,854 $ ( 15,166 ) $ 50,702 Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total March 31, 2024 $ 490,441 $ 473,605 $ 164,129 $ 1,128,175 December 31, 2023 553,706 597,438 189,849 1,340,993

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2024
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 A common stock, par value $ 0.01 per share (the “Class A Common Stock”) for the grant of share-based and cash-based awards. As of December 31, 2023, we had 121,831 unvested awards granted under the MIP. During the three months ended March 31, 2024 , 53,422 awards vested. Stock-based compensation expense totaled $ 1.1 million for both the three months ended March 31, 2024 and 2023. The unamortized grant date fair value of unvested awards as of March 31, 2024 was $ 2.9 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(13) Income Taxes The effective tax rate for the three months ended March 31, 2024 and 2023 was 28.1 % and 44.6 %, respectively. The effective tax rate for both periods was impacted by non-deductible items and foreign tax rates that differ from the U.S. federal statutory rate of 21.0 %. Additionally, the effective tax rate for the three months ended March 31, 2024 was impacted by current year foreign tax credits. The effective tax rate for the three months ended March 31, 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. The Organization for Economic Co-operation and Development reached agreement on Pillar Two Model Rules (“Pillar Two”) to implement a minimum 15.0 % tax rate on certain multinational companies. Participating countries are in various stages of proposing and enacting tax laws to implement the Pillar Two framework. We determined these rules did not have a material impact on our taxes for the three months ended March 31, 2024 and will continue to evaluate the impact of these proposals and legislative changes as new guidance emerges. We had approximately $ 77.6 million in gross US foreign tax credit deferred tax assets with a valuation allowance of $ 50.0 million against them as of December 31, 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 unrecognized tax benefits of $ 4.2 million as of March 31, 2024 and $ 4.1 million as of December 31, 2023, all of which would impact our effective tax rate if recognized. It is reasonably possible that $ 1.0 million of unrecognized tax benefits could be settled in the next twelve-month period due to the conclusion of tax audits or due to the expiration of statute of limitations. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense.

Equity and Earnings per Share

Equity and Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Equity and Earnings per Share	(12) Equity and Earnings per Share Dividend In the first quarter of 2024, we paid a special cash dividend of $ 12.38 per share on our outstanding Class A Common Stock totaling $ 250.4 million, which includes dividend equivalent payments to holders of unvested RSUs of $ 0.7 million. Share Repurchases In the first quarter of 2024, we purchased 14,673 shares of our Class A Common Stock totaling approximately $ 1.0 million from a former Board member. Upon repurchase, the repurchased shares were canceled. 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, 2024 2023 Weighted-average shares outstanding - basic 20,162 20,107 Potentially dilutive stock awards and units 18 24 Weighted-average shares outstanding - diluted 20,180 20,131

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
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. 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.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	(15) Supplemental Cash Flow Information The table below is a reconciliation of cash, cash equivalents and restricted cash as of the beginning and the end of the periods presented: For the Three Months Ended March 31, 2024 2023 Cash and cash equivalents $ 391,684 $ 258,999 Restricted cash-non-current 85,444 80,108 Cash, cash equivalents, and restricted cash, beginning of period $ 477,128 $ 339,107 Cash and cash equivalents $ 237,845 $ 324,128 Restricted cash-non-current 57,711 80,599 Cash, cash equivalents, and restricted cash, end of period $ 295,556 $ 404,727 Accrued capital expenditures totaled $18.0 million and $13.8 million as of March 31, 2024 and 2023, respectively. Additionally, during the three months ended March 31, 2023, gains recognized on the disposition of assets classified as discontinued operations totaled $ 0.8 million, and proceeds from these dispositions totaled $ 8.7 million. Changes in operating accounts on cash flows from operating activities are as follows (in thousands): For the Three Months Ended March 31, 2024 2023 Accounts receivable, net $ 33,771 $ 20,793 Inventory 5,900 ( 7,655 ) Prepaid expenses and other current assets ( 1,220 ) ( 2,521 ) Accounts payable ( 8,388 ) 1,963 Accrued expenses ( 8,821 ) ( 8,045 ) Income taxes 4,494 2,641 Other, net 2,011 1,326 Changes in operating assets and liabilities $ 27,747 $ 8,502

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Disclosure Text Block [Abstract]
New Accounting Pronouncements	(16) New Accounting Pronouncements There were no material changes in recently issued or adopted accounting standards from those disclosed in our Form 10-K.

Revenue and Accounts Receivab_2

Revenue and Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 U.S. land Rentals $ 39,006 $ 45,133 Well Services 7,466 6,355 Total U.S. land 46,472 51,488 U.S. offshore Rentals 37,251 35,670 Well Services 28,872 16,321 Total U.S. offshore 66,123 51,991 International Rentals 31,834 28,018 Well Services 64,205 88,640 Total International 96,039 116,658 Total Revenues $ 208,634 $ 220,137
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, 2024 2023 Services Rentals $ 20,650 $ 17,145 Well Services 52,687 76,145 Total Services 73,337 93,290 Rentals Rentals 76,073 82,075 Well Services 5,017 3,535 Total Rentals 81,090 85,610 Product Sales Rentals 11,368 9,601 Well Services 42,839 31,636 Total Product Sales 54,207 41,237 Total Revenues $ 208,634 $ 220,137

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventory are as follows: March 31, 2024 December 31, 2023 Finished goods $ 36,046 $ 41,082 Raw materials 8,489 10,379 Work-in-process 8,804 8,025 Supplies and consumables 15,756 15,509 Total $ 69,095 $ 74,995

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Summary Of Property, Plant And Equipment	A summary of property, plant and equipment, net is as follows: March 31, 2024 December 31, 2023 Machinery and equipment $ 441,839 $ 422,071 Buildings, improvements and leasehold improvements 66,432 66,746 Vehicles 8,045 8,106 Furniture and fixtures 22,857 22,746 Construction-in-progress 15,551 8,195 Land 26,644 25,654 Oil and gas producing assets 29,323 28,984 Total 610,691 582,502 Accumulated depreciation and depletion ( 302,411 ) ( 287,542 ) Property, plant and equipment, net $ 308,280 $ 294,960
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 March 31, 2024 2023 Depreciation $ 16,134 $ 16,979 Depletion 1,572 585 Total depreciation and depletion $ 17,706 $ 17,564

Decommissioning Liability (Tabl

Decommissioning Liability (Tables)	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of decommissioning liability	The following table summarizes our net decommissioning liability: March 31, 2024 December 31, 2023 Wells $ 97,633 $ 96,603 Platform 74,731 73,680 Total decommissioning liability 172,364 170,283 Note receivable ( 70,214 ) ( 69,005 ) Total decommissioning liability, net of note receivable $ 102,150 $ 101,278

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information	Summarized financial information for our segments is as follows: For the Three Months Ended March 31, 2024 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 108,091 $ 100,543 $ - $ 208,634 Cost of revenues (exclusive of items shown separately below) 37,766 68,873 - 106,639 Depreciation, depletion, amortization and accretion 11,810 8,131 506 20,447 General and administrative expenses 7,192 11,327 16,456 34,975 Restructuring expenses - - - - Other (gains) and losses, net 112 ( 1,180 ) ( 14 ) ( 1,082 ) Income (loss) from operations $ 51,211 $ 13,392 $ ( 16,948 ) $ 47,655 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 items shown separately below) 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, net ( 31 ) ( 1,367 ) - ( 1,398 ) Income (loss) from operations $ 53,014 $ 12,854 $ ( 15,166 ) $ 50,702
Schedule Of Identifiable Assets	Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total March 31, 2024 $ 490,441 $ 473,605 $ 164,129 $ 1,128,175 December 31, 2023 553,706 597,438 189,849 1,340,993

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis	March 31, 2024 December 31, 2023 Non-qualified deferred compensation assets and liabilities Other assets, net $ 15,592 $ 17,079 Accrued expenses 1,680 1,797 Other liabilities 14,397 15,589

Other Expense, Net (Tables)

Other Expense, Net (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Foreign currency losses $ ( 1,674 ) $ ( 1,833 ) Other, net ( 139 ) ( 319 ) Other expense, net $ ( 1,813 ) $ ( 2,152 )

Equity and Earnings per Share (

Equity and Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Weighted-average shares outstanding - basic 20,162 20,107 Potentially dilutive stock awards and units 18 24 Weighted-average shares outstanding - diluted 20,180 20,131

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	For the Three Months Ended March 31, 2024 2023 Cash and cash equivalents $ 391,684 $ 258,999 Restricted cash-non-current 85,444 80,108 Cash, cash equivalents, and restricted cash, beginning of period $ 477,128 $ 339,107 Cash and cash equivalents $ 237,845 $ 324,128 Restricted cash-non-current 57,711 80,599 Cash, cash equivalents, and restricted cash, end of period $ 295,556 $ 404,727
Changes in Operating Accounts on Cash Flows from Operating Activities	Changes in operating accounts on cash flows from operating activities are as follows (in thousands): For the Three Months Ended March 31, 2024 2023 Accounts receivable, net $ 33,771 $ 20,793 Inventory 5,900 ( 7,655 ) Prepaid expenses and other current assets ( 1,220 ) ( 2,521 ) Accounts payable ( 8,388 ) 1,963 Accrued expenses ( 8,821 ) ( 8,045 ) Income taxes 4,494 2,641 Other, net 2,011 1,326 Changes in operating assets and liabilities $ 27,747 $ 8,502

Revenue and Accounts Receivab_3

Revenue and Accounts Receivable (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 208,634	$ 220,137
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	108,091	108,821
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	100,543	111,316
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	46,472	51,488
U.S. Land [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	39,006	45,133
U.S. Land [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	7,466	6,355
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	66,123	51,991
U.S. Offshore [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	37,251	35,670
U.S. Offshore [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	28,872	16,321
International [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	96,039	116,658
International [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	31,834	28,018
International [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 64,205	$ 88,640

Revenue and Accounts Receivab_4

Revenue and Accounts Receivable (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 208,634	$ 220,137
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	108,091	108,821
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	100,543	111,316
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	73,337	93,290
Services [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	20,650	17,145
Services [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	52,687	76,145
Rentals Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	81,090	85,610
Rentals Services [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	76,073	82,075
Rentals Services [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,017	3,535
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	54,207	41,237
Product Sales [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	11,368	9,601
Product Sales [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 42,839	$ 31,636

Revenue and Accounts Receivab_5

Revenue and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Allowance for doubtful accounts	$ 6	$ 6.3

Inventory (Schedule of Componen

Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 36,046	$ 41,082
Raw materials	8,489	10,379
Work-in-process	8,804	8,025
Supplies and consumables	15,756	15,509
Total	$ 69,095	$ 74,995

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods inventory	$ 21.7	$ 25

Decommissioning Liability - Sch

Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Decommissioning Liability	$ 172,364	$ 170,283
Less: Note Receivable	(70,214)	(69,005)
Decommissioning Liability, net of Note Receivable	102,150	101,278
Well Services [Member]
Decommissioning Liability	97,633	96,603
Platform Service [Member]
Decommissioning Liability	$ 74,731	$ 73,680

Decommissioning Liability (Narr

Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Accretion expense	$ 2.5	$ 2.3

Note Receivable (Narrative) (De

Note Receivable (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Note receivable	$ 70,214		$ 69,005
Change In Gross Amount Of Sellers Obligation	$ 108,400
Notes Receivable, Seller Obligation [Member]
Financing Receivable, Past Due [Line Items]
Interest rate percentage to record present value of notes receivable	7.20%
Company recorded interest income	$ 1,200	$ 1,000

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 610,691	$ 582,502
Accumulated depreciation and depletion	(302,411)	(287,542)
Property, plant and equipment, net	308,280	294,960
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	441,839	422,071
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66,432	66,746
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,045	8,106
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	22,857	22,746
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	15,551	8,195
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	26,644	25,654
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 29,323	$ 28,984

Property,Plant and Equipment,Ne

Property,Plant and Equipment,Net (Summary of Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 16,134	$ 16,979
Depletion	1,572	585
Total depreciation and depletion	$ 17,706	$ 17,564

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 120,900
Credit facility, availability	84,200
Letters of credit outstanding amount	36,700
Outstanding borrowings	$ 0
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] | Senior Secured Asset-Based Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 140,000
Letters of credit outstanding amount		$ 40,000

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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets, net	$ 15,592	$ 17,079
Accrued expense	1,680	1,797
Other liabilities	$ 14,397	$ 15,589

Other Expense, Net - Summary of

Other Expense, Net - Summary of Other Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Foreign currency losses	$ (1,674)	$ (1,833)
Other, net	(139)	(319)
Other expense, net	$ (1,813)	$ (2,152)

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 208,634	$ 220,137
Total cost of revenues (exclusive of items shown separately below)	106,639	117,721
Depreciation, depletion, amortization and accretion	20,447	20,139
General and administrative expenses	34,975	30,990
Restructuring expenses		1,983
Other (gains) and losses, net	(1,082)	(1,398)
Income (loss) from operations	47,655	50,702
Rentals [Member]
Segment Reporting Information [Line Items]
Total revenues	108,091	108,821
Total cost of revenues (exclusive of items shown separately below)	37,766	36,468
Depreciation, depletion, amortization and accretion	11,810	12,168
General and administrative expenses	7,192	7,202
Other (gains) and losses, net	112	(31)
Income (loss) from operations	51,211	53,014
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues	100,543	111,316
Total cost of revenues (exclusive of items shown separately below)	68,873	81,253
Depreciation, depletion, amortization and accretion	8,131	7,077
General and administrative expenses	11,327	11,499
Other (gains) and losses, net	(1,180)	(1,367)
Income (loss) from operations	13,392	12,854
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, amortization and accretion	506	894
General and administrative expenses	16,456	12,289
Restructuring expenses		1,983
Other (gains) and losses, net	(14)
Income (loss) from operations	$ (16,948)	$ (15,166)

Segment Information (Schedule_2

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,128,175	$ 1,340,993
Rentals [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	490,441	553,706
Well Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	473,605	597,438
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 164,129	$ 189,849

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cancelled stock incentive plans
Common stock, par value	$ 0.01		$ 0.01
Awards vested	53,422
Stock-based compensation expense	$ 1.1	$ 1.1
Unamortized grant date fair value of unvested awards	$ 2.9
Management Incentive Plan [Member]
Cancelled stock incentive plans
Common stock reserved for issuance	1,999,869
Common stock, par value	$ 0.01
Awards outstanding			121,831

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%
Effective Income Tax Rate Reconciliation, Percent	28.10%	44.60%
Valuation allowance			$ 50
Foreign tax credit forecasted amount			77.6
Unrecognized tax benefits	$ 4.2		$ 4.1
Unrecognized tax benefits settlement due	$ 1
Deferred income taxes		$ 7.6
Effective income tax rate reconciliation, OECD income tax rate	15%

Equity and Earnings per Share_2

Equity and Earnings per Share (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Shares repurchased, Value	$ 961
Restricted Stock Units (RSUs) [Member]
Dividends, Common Stock, Stock	$ 700
Common Class A [Member]
Special Cash Dividends Per Share | $ / shares	$ 12.38
Dividends, Common Stock	$ 250,400
Stock Repurchased During Period, Shares | shares	14,673
Shares repurchased, Value	$ 1,000

Equity and Earnings per Share_3

Equity and Earnings per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted-average shares outstanding - basic	20,162	20,107
Potentially dilutive stock awards and units	18	24
Weighted-average shares outstanding - diluted	20,180	20,131

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Millions	May 31, 2023 USD ($)
Whatcom County Superi or Court [Member]
Loss Contingencies [Line Items]
Income tax examination, estimate of possible loss	$ 27.1

Discontinued Operations (Compon

Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total depreciation, depletion, amortization and accretion	$ 20,447	$ 20,139
General and administrative expenses	34,975	30,990
Other gains, net	(1,082)	(1,398)
Income from operations	47,655	50,702
Other expense, net	(1,813)	(2,152)
Income from discontinued operations, net of tax	$ 0	$ 289

Discontinued Operation (Cash Fl

Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other gains, net	$ (1,082)	$ (1,398)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 237,845	$ 391,684	$ 324,128	$ 258,999
Restricted cash-non-current	57,711	85,444	80,599	80,108
Cash, cash equivalents, and restricted cash	$ 295,556	$ 477,128	$ 404,727	$ 339,107

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Supplemental Cash Flow Elements [Abstract]
Gain (Loss) on Disposition of Assets	$ 0.8
Proceeds from dispositions	$ 8.7

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information (Changes in Operating Accounts on Cash Flows from Operating Activities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, net	$ 33,771	$ 20,793
Inventory	5,900	(7,655)
Prepaid expenses and other current assets	(1,220)	(2,521)
Accounts payable	(8,388)	1,963
Accrued expenses	(8,821)	(8,045)
Income taxes	4,494	2,641
Other, net	2,011	1,326
Changes in operating assets and liabilities	$ 27,747	$ 8,502