Superior Energy Services 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 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	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 281,254	$ 391,684
Accounts receivable, net	219,488	276,868
Inventory	66,267	74,995
Income taxes receivable	12,776	10,542
Prepaid expenses	25,716	18,614
Other current assets	7,148	7,922
Total current assets	612,649	780,625
Property, plant and equipment, net	309,994	294,960
Note receivable	71,443	69,005
Restricted cash	54,003	85,444
Deferred tax assets	55,790	67,241
Other assets, net	42,114	43,718
Total assets	1,145,993	1,340,993
Current liabilities:
Accounts payable	38,515	38,214
Accrued expenses	93,786	103,782
Income taxes payable	19,841	20,220
Decommissioning liability	27,485	21,631
Total current liabilities	179,627	183,847
Decommissioning liability	147,284	148,652
Other liabilities	39,790	47,583
Total liabilities	366,701	380,082
Stockholders' equity:
Common stock $0.01 par value; 52,000 shares authorized; 20,174 shares and 20,151 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	202	202
Additional paid-in capital	910,933	911,388
Retained (deficit) earnings	(131,843)	49,321
Total stockholders' equity	779,292	960,911
Total liabilities and stockholders' equity	$ 1,145,993	$ 1,340,993

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues [Abstract]
Total revenues	$ 201,081	$ 244,473	$ 409,715	$ 464,610
Costs and expenses:
Total cost of revenues (exclusive of items shown separately below)	108,268	120,754	214,907	238,475
Total depreciation, depletion, amortization and accretion	20,868	20,621	41,315	40,760
General and administrative expenses	33,404	31,177	68,379	62,167
Restructuring and transaction expenses	0	0	0	1,983
Other (gains) and losses, net	(614)	47	(1,696)	(1,351)
Income from operations	39,155	71,874	86,810	122,576
Other income (expense):
Interest income , net	5,760	6,513	12,600	11,952
Other expense, net	(2,082)	(1,836)	(3,895)	(3,988)
Income from continuing operations before income taxes	42,833	76,551	95,515	130,540
Income tax expense	(13,370)	(9,147)	(28,157)	(33,212)
Net income from continuing operations	29,463	67,404	67,358	97,328
Income (loss) from discontinued operations, net of tax	1,896	(9)	1,896	280
Net income	$ 31,359	$ 67,395	$ 69,254	$ 97,608
Income per share - basic:
Net income from continuing operations	$ 1.46	$ 3.35	$ 3.34	$ 4.84
Income (loss) from discontinued operations, net of tax	0.09	0	0.09	0.01
Net income	1.55	3.35	3.43	4.85
Income per share - diluted:
Net income from continuing operations	1.46	3.35	3.34	4.83
Income (loss) from discontinued operations, net of tax	0.09	0	0.09	0.02
Net income	$ 1.55	$ 3.35	$ 3.43	$ 4.85
Weighted-average shares outstanding - basic	20,172	20,126	20,167	20,116
Weighted-average shares outstanding - diluted	20,183	20,143	20,181	20,136
Services [Member]
Revenues [Abstract]
Total revenues	$ 81,687	$ 106,130	$ 155,024	$ 199,420
Costs and expenses:
Total cost of revenues (exclusive of items shown separately below)	51,652	58,940	98,141	124,019
Total depreciation, depletion, amortization and accretion	6,730	7,704	12,482	14,999
Rentals [Member]
Revenues [Abstract]
Total revenues	76,331	85,361	157,421	170,971
Costs and expenses:
Total cost of revenues (exclusive of items shown separately below)	32,321	30,314	63,924	59,362
Total depreciation, depletion, amortization and accretion	6,315	6,165	12,674	12,859
Product Sales [Member]
Revenues [Abstract]
Total revenues	43,063	52,982	97,270	94,219
Costs and expenses:
Total cost of revenues (exclusive of items shown separately below)	24,295	31,500	52,842	55,094
Total depreciation, depletion, amortization and accretion	$ 7,823	$ 6,752	$ 16,159	$ 12,902

Condensed Consolidated Statem_2

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	97,608						97,608
Restricted stock units vested, Value				$ 1		(1)
Restricted stock units vested, Shares				91
Shares withheld and retired, value	(1,116)					(1,116)
Shares withheld and retired, shares				(19)
Stock-based compensation expense, net	2,076					2,076
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
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
Beginning balance, value at Dec. 31, 2023	960,911		$ 202		911,388	0	49,321
Beginning balance, shares at Dec. 31, 2023			20,151
Shares repurchased		14,673
Shares repurchased, value		$ (1,000)
Ending balance, value at Mar. 31, 2024	747,527		$ 202		910,527		(163,202)
Ending balance, shares at Mar. 31, 2024			20,174
Beginning balance, value at Dec. 31, 2023	960,911		$ 202		911,388	0	49,321
Beginning balance, shares at Dec. 31, 2023			20,151
Net income	69,254						69,254
Cash dividends	(250,418)						(250,418)
Shares repurchased			(15)
Shares repurchased, value	(961)				(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	1,511				1,511
Ending balance, value at Jun. 30, 2024	779,292		$ 202		910,933	0	(131,843)
Ending balance, shares at Jun. 30, 2024			20,174
Beginning balance, value at Mar. 31, 2024	747,527		$ 202		910,527		(163,202)
Beginning balance, shares at Mar. 31, 2024			20,174
Net income	31,359						31,359
Stock-based compensation expense, net	406				406
Ending balance, value at Jun. 30, 2024	$ 779,292		$ 202		$ 910,933	$ 0	$ (131,843)
Ending balance, shares at Jun. 30, 2024			20,174

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited)	Jun. 30, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends ($12.45 per share)	$ 12.38

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 69,254	$ 97,608
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion, amortization and accretion	41,315	40,760
Deferred income taxes	9,936	23,795
Stock based compensation expense	1,511	2,076
Other gains, net	(1,696)	(2,100)
Washington State Tax Settlement	0	(27,068)
Decommissioning costs	(573)	(2,878)
Other reconciling items, net	(2,311)	(980)
Changes in operating assets and liabilities	45,234	(28,278)
Net cash from operating activities	162,670	102,935
Cash flows from investing activities:
Payments for capital expenditures	(55,442)	(45,626)
Proceeds from sales of assets	3,285	15,147
Net cash from investing activities	(52,157)	(30,479)
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	(141,871)	71,340
Cash, cash equivalents, and restricted cash at beginning of period	477,128	339,107
Cash, cash equivalents, and restricted cash at end of period	$ 335,257	$ 410,447

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 2024, our results of operations for the three and six months ended June 30, 2024 and 2023, and our cash flows for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 U.S. land Rentals $ 32,713 $ 44,730 $ 71,719 $ 89,863 Well Services 6,242 5,806 13,708 12,161 Total U.S. land 38,955 50,536 85,427 102,024 U.S. offshore Rentals 30,644 37,516 67,895 73,186 Well Services 23,125 23,405 51,997 39,726 Total U.S. offshore 53,769 60,921 119,892 112,912 International Rentals 36,494 30,165 68,328 58,183 Well Services 71,863 102,851 136,068 191,491 Total International 108,357 133,016 204,396 249,674 Total Revenues $ 201,081 $ 244,473 $ 409,715 $ 464,610 The following table presents our revenues by segment disaggregated by type: For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Services Rentals $ 19,360 $ 17,875 $ 40,010 $ 35,020 Well Services 62,327 88,255 115,014 164,400 Total Services 81,687 106,130 155,024 199,420 Rentals Rentals 71,159 81,647 147,232 163,722 Well Services 5,172 3,714 10,189 7,249 Total Rentals 76,331 85,361 157,421 170,971 Product Sales Rentals 9,332 12,889 20,700 22,490 Well Services 33,731 40,093 76,570 71,729 Total Product Sales 43,063 52,982 97,270 94,219 Total Revenues $ 201,081 $ 244,473 $ 409,715 $ 464,610 Accounts Receivable, net Our allowance for credit losses as of June 30, 2024 and December 31, 2023 was approximately $ 5.9 million and $ 6.3 million , respectively.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	(3) Inventory The components of inventory are as follows: June 30, 2024 December 31, 2023 Finished goods $ 33,029 $ 41,082 Raw materials 8,491 10,379 Work-in-process 10,431 8,025 Supplies and consumables 14,316 15,509 Total $ 66,267 $ 74,995 Finished goods inventory includes component parts awaiting assembly of approximately $ 20.7 million and $ 25.0 million as of June 30, 2024 and December 31, 2023 , respectively.

Decommissioning Liabilities

Decommissioning Liabilities	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Decommissioning Liability	(4) Decommissioning Liability The following table summarizes our net decommissioning liability: June 30, 2024 December 31, 2023 Wells $ 98,959 $ 96,603 Platform 75,810 73,680 Total decommissioning liability 174,769 170,283 Note receivable ( 71,443 ) ( 69,005 ) Total decommissioning liability, net of note receivable $ 103,326 $ 101,278 The following table presents accretion expense (in millions): For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Accretion expense $ 2.6 $ 2.4 $ 5.1 $ 4.7

Note Receivable

Note Receivable	6 Months Ended
	Jun. 30, 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 $ 71.4 million as of June 30, 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. We recorded non-cash interest income related to the note receivable as follows (in millions): For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Interest income $ 1.2 $ 0.9 $ 2.4 $ 1.9 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	6 Months Ended
	Jun. 30, 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: June 30, 2024 December 31, 2023 Machinery and equipment $ 461,742 $ 422,071 Buildings, improvements and leasehold improvements 66,514 66,746 Vehicles 8,770 8,106 Furniture and fixtures 23,526 22,746 Construction-in-progress 13,389 8,195 Land 26,660 25,654 Oil and gas producing assets 30,031 28,984 Total 630,632 582,502 Accumulated depreciation and depletion ( 320,638 ) ( 287,542 ) Property, plant and equipment, net $ 309,994 $ 294,960 A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Depreciation $ 16,388 $ 17,495 $ 32,522 $ 34,474 Depletion 1,665 491 3,237 1,076 Total depreciation and depletion $ 18,053 $ 17,986 $ 35,759 $ 35,550

Debt

Debt	6 Months Ended
	Jun. 30, 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”). The issuance of letters of credit reduces availability under the Credit Facility dollar-for-dollar. As of June 30, 2024, our borrowing base, as defined in the Credit Agreement, was approximately $ 89.4 million , and we had $ 36.7 million in letters of credit outstanding, which reduced the borrowing availability to $ 52.7 million . At June 30, 2024 , we had no outstanding borrowings under the Credit Facility and were in compliance with all required covenants.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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: June 30, 2024 December 31, 2023 Non-qualified deferred compensation assets and liabilities Other assets, net $ 16,111 $ 17,079 Accrued expenses 1,688 1,797 Other liabilities 14,463 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	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Foreign currency losses $ ( 2,564 ) $ ( 1,723 ) $ ( 4,238 ) $ ( 3,556 ) Other, net 482 ( 113 ) 343 ( 432 ) Other expense, net $ ( 2,082 ) $ ( 1,836 ) $ ( 3,895 ) $ ( 3,988 ) Gains and losses on foreign currencies are primarily related to our operations in Argentina and Brazil.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	(10) Segment Information Summarized financial information for our segments is as follows: For the Three Months Ended June 30, 2024 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 99,851 $ 101,230 $ - $ 201,081 Cost of revenues (exclusive of items shown separately below) 36,596 71,672 - 108,268 Depreciation, depletion, amortization and accretion 11,962 8,392 514 20,868 General and administrative expenses 7,142 11,184 15,078 33,404 Other (gains) and losses, net 90 ( 704 ) - ( 614 ) Income (loss) from operations $ 44,061 $ 10,686 $ ( 15,592 ) $ 39,155 For the Three Months Ended June 30, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 112,411 $ 132,062 $ - $ 244,473 Cost of revenues (exclusive of items shown separately below) 35,021 85,733 - 120,754 Depreciation, depletion, amortization and accretion 12,553 7,204 864 20,621 General and administrative expenses 6,993 11,391 12,793 31,177 Other (gains) and losses, net ( 262 ) 309 - 47 Income (loss) from operations $ 58,106 $ 27,425 $ ( 13,657 ) $ 71,874 For the Six Months Ended June 30, 2024 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 207,942 $ 201,773 $ - $ 409,715 Cost of revenues (exclusive of items shown separately below) 74,362 140,545 - 214,907 Depreciation, depletion, amortization and accretion 23,772 16,523 1,020 41,315 General and administrative expenses 14,334 22,511 31,534 68,379 Other (gains) and losses, net 202 ( 1,884 ) ( 14 ) ( 1,696 ) Income (loss) from operations $ 95,272 $ 24,078 $ ( 32,540 ) $ 86,810 For the Six Months Ended June 30, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 221,232 $ 243,378 $ - $ 464,610 Cost of revenues (exclusive of items shown separately below) 71,489 166,986 - 238,475 Depreciation, depletion, amortization and accretion 24,721 14,281 1,758 40,760 General and administrative expenses 14,195 22,890 25,082 62,167 Restructuring and transaction expenses - - 1,983 1,983 Other gains, net ( 293 ) ( 1,058 ) - ( 1,351 ) Income (loss) from operations $ 111,120 $ 40,279 $ ( 28,823 ) $ 122,576 Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total June 30, 2024 $ 503,125 $ 484,984 $ 157,884 $ 1,145,993 December 31, 2023 553,706 597,438 189,849 1,340,993 Income from discontinued operations, net of tax for the three and six months ended June 30, 2024 totaled $ 1.9 million and represented the release of certain accruals that lapsed attributable to Pumpco Energy Services, Inc., which we classified as discontinued operations in December 2019.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024 , 56,036 awards vested and 26,459 shares were forfeited. The unamortized grant date fair value of unvested awards as of June 30, 2024 was $ 1.2 million. Stock-based compensation expense associated with MIP grants were as follows (in millions): For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Compensation Expense $ 0.4 $ 1.0 $ 1.5 $ 2.1

Equity and Earnings per Share

Equity and Earnings per Share	6 Months Ended
	Jun. 30, 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. 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Weighted-average shares outstanding - basic 20,172 20,126 20,167 20,116 Potentially dilutive stock awards and units 11 17 14 20 Weighted-average shares outstanding - diluted 20,183 20,143 20,181 20,136

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(13) Income Taxes The effective tax rate on income from continuing operations for the three and six months ended June 30, 2024 was 31.2 % and 29.5 % , respectively, and was 11.9 % and 25.4 % for the three and six months ended June 30, 2023, respectively. The U.S. federal statutory rate for all periods was 21.0 %. The effective tax rate for the three months ended June 30, 2024 was unfavorably impacted by a valuation allowance of approximately $ 1.7 million established in a foreign jurisdiction. The effective tax rate for the three months ended June 30, 2023 was favorably impacted by approximately $ 14.9 million in income tax benefits from reversals of uncertain tax positions in foreign jurisdictions and adjustments to valuation allowances on foreign operations. The effective tax rate for the six months ended June 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. 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 and six months ended June 30, 2024, and we will continue to evaluate the impact of these proposals and legislative changes as new guidance emerges. We had approximately $ 77.6 million in gross U.S. 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 $ 3.2 million as of June 30, 2024, $ 4.1 million as of December 31, 2023 and $ 14.0 million as of December 31, 2022, all of which would impact our effective tax rate if recognized. It is reasonably possible that $ 0.2 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.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 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 $ 281,254 $ 330,129 Restricted cash-non-current 54,003 80,318 Cash, cash equivalents, and restricted cash, end of period $ 335,257 $ 410,447 Accrued capital expenditures totaled $ 4.1 million and $ 8.9 million as of June 30, 2024 and 2023, respectively. Additionally, during the six months ended June 30, 2023, gains recognized on the disposition of assets classified as discontinued operations totaled $ 0.7 million, and proceeds from these dispositions totaled $ 11.3 million. Changes in operating accounts on cash flows from operating activities are as follows (in thousands): For the Six Months Ended June 30, 2024 2023 Accounts receivable, net $ 57,590 $ ( 506 ) Inventory 8,728 ( 19,636 ) Prepaid expenses and other current assets ( 6,405 ) ( 1,820 ) Accounts payable 1,121 16,707 Accrued expenses ( 11,241 ) ( 18,399 ) Income taxes ( 2,613 ) 2,129 Other, net ( 1,946 ) ( 6,753 ) Changes in operating assets and liabilities $ 45,234 $ ( 28,278 )

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	(17) Subsequent Events During the third quarter of 2024, we utilized an indirect foreign exchange mechanism known as a Blue Chip Swap (“BCS”) to remit $ 8.1 million U.S. dollars from Argentina through the purchase and sale of BCS securities. The transactions were completed at implied exchange rates that represented a premium of 63.0 %. The BCS transactions resulted in a net loss of $ 5.1 million during the third quarter of 2024.

Revenue and Accounts Receivab_2

Revenue and Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 U.S. land Rentals $ 32,713 $ 44,730 $ 71,719 $ 89,863 Well Services 6,242 5,806 13,708 12,161 Total U.S. land 38,955 50,536 85,427 102,024 U.S. offshore Rentals 30,644 37,516 67,895 73,186 Well Services 23,125 23,405 51,997 39,726 Total U.S. offshore 53,769 60,921 119,892 112,912 International Rentals 36,494 30,165 68,328 58,183 Well Services 71,863 102,851 136,068 191,491 Total International 108,357 133,016 204,396 249,674 Total Revenues $ 201,081 $ 244,473 $ 409,715 $ 464,610
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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Services Rentals $ 19,360 $ 17,875 $ 40,010 $ 35,020 Well Services 62,327 88,255 115,014 164,400 Total Services 81,687 106,130 155,024 199,420 Rentals Rentals 71,159 81,647 147,232 163,722 Well Services 5,172 3,714 10,189 7,249 Total Rentals 76,331 85,361 157,421 170,971 Product Sales Rentals 9,332 12,889 20,700 22,490 Well Services 33,731 40,093 76,570 71,729 Total Product Sales 43,063 52,982 97,270 94,219 Total Revenues $ 201,081 $ 244,473 $ 409,715 $ 464,610

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	The components of inventory are as follows: June 30, 2024 December 31, 2023 Finished goods $ 33,029 $ 41,082 Raw materials 8,491 10,379 Work-in-process 10,431 8,025 Supplies and consumables 14,316 15,509 Total $ 66,267 $ 74,995

Decommissioning Liability (Tabl

Decommissioning Liability (Tables)	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of decommissioning liability	The following table summarizes our net decommissioning liability: June 30, 2024 December 31, 2023 Wells $ 98,959 $ 96,603 Platform 75,810 73,680 Total decommissioning liability 174,769 170,283 Note receivable ( 71,443 ) ( 69,005 ) Total decommissioning liability, net of note receivable $ 103,326 $ 101,278
Schedule of accretion expenses	The following table presents accretion expense (in millions): For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Accretion expense $ 2.6 $ 2.4 $ 5.1 $ 4.7

Note Receivable (Tables)

Note Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule Of Non-cash Interest Income Related To Note Receivable	We recorded non-cash interest income related to the note receivable as follows (in millions): For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Interest income $ 1.2 $ 0.9 $ 2.4 $ 1.9

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Summary Of Property, Plant And Equipment	A summary of property, plant and equipment, net is as follows: June 30, 2024 December 31, 2023 Machinery and equipment $ 461,742 $ 422,071 Buildings, improvements and leasehold improvements 66,514 66,746 Vehicles 8,770 8,106 Furniture and fixtures 23,526 22,746 Construction-in-progress 13,389 8,195 Land 26,660 25,654 Oil and gas producing assets 30,031 28,984 Total 630,632 582,502 Accumulated depreciation and depletion ( 320,638 ) ( 287,542 ) Property, plant and equipment, net $ 309,994 $ 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 For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Depreciation $ 16,388 $ 17,495 $ 32,522 $ 34,474 Depletion 1,665 491 3,237 1,076 Total depreciation and depletion $ 18,053 $ 17,986 $ 35,759 $ 35,550

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis	June 30, 2024 December 31, 2023 Non-qualified deferred compensation assets and liabilities Other assets, net $ 16,111 $ 17,079 Accrued expenses 1,688 1,797 Other liabilities 14,463 15,589

Other Expense, net (Tables)

Other Expense, net (Tables)	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Foreign currency losses $ ( 2,564 ) $ ( 1,723 ) $ ( 4,238 ) $ ( 3,556 ) Other, net 482 ( 113 ) 343 ( 432 ) Other expense, net $ ( 2,082 ) $ ( 1,836 ) $ ( 3,895 ) $ ( 3,988 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information	Summarized financial information for our segments is as follows: For the Three Months Ended June 30, 2024 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 99,851 $ 101,230 $ - $ 201,081 Cost of revenues (exclusive of items shown separately below) 36,596 71,672 - 108,268 Depreciation, depletion, amortization and accretion 11,962 8,392 514 20,868 General and administrative expenses 7,142 11,184 15,078 33,404 Other (gains) and losses, net 90 ( 704 ) - ( 614 ) Income (loss) from operations $ 44,061 $ 10,686 $ ( 15,592 ) $ 39,155 For the Three Months Ended June 30, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 112,411 $ 132,062 $ - $ 244,473 Cost of revenues (exclusive of items shown separately below) 35,021 85,733 - 120,754 Depreciation, depletion, amortization and accretion 12,553 7,204 864 20,621 General and administrative expenses 6,993 11,391 12,793 31,177 Other (gains) and losses, net ( 262 ) 309 - 47 Income (loss) from operations $ 58,106 $ 27,425 $ ( 13,657 ) $ 71,874 For the Six Months Ended June 30, 2024 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 207,942 $ 201,773 $ - $ 409,715 Cost of revenues (exclusive of items shown separately below) 74,362 140,545 - 214,907 Depreciation, depletion, amortization and accretion 23,772 16,523 1,020 41,315 General and administrative expenses 14,334 22,511 31,534 68,379 Other (gains) and losses, net 202 ( 1,884 ) ( 14 ) ( 1,696 ) Income (loss) from operations $ 95,272 $ 24,078 $ ( 32,540 ) $ 86,810 For the Six Months Ended June 30, 2023 Well Corporate and Consolidated Rentals Services Other Total Revenues $ 221,232 $ 243,378 $ - $ 464,610 Cost of revenues (exclusive of items shown separately below) 71,489 166,986 - 238,475 Depreciation, depletion, amortization and accretion 24,721 14,281 1,758 40,760 General and administrative expenses 14,195 22,890 25,082 62,167 Restructuring and transaction expenses - - 1,983 1,983 Other gains, net ( 293 ) ( 1,058 ) - ( 1,351 ) Income (loss) from operations $ 111,120 $ 40,279 $ ( 28,823 ) $ 122,576
Schedule Of Identifiable Assets	Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total June 30, 2024 $ 503,125 $ 484,984 $ 157,884 $ 1,145,993 December 31, 2023 553,706 597,438 189,849 1,340,993

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Compensation Expense Associated with MIP Grants	Stock-based compensation expense associated with MIP grants were as follows (in millions): For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Compensation Expense $ 0.4 $ 1.0 $ 1.5 $ 2.1

Equity and Earnings per Share (

Equity and Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Weighted-average shares outstanding - basic 20,172 20,126 20,167 20,116 Potentially dilutive stock awards and units 11 17 14 20 Weighted-average shares outstanding - diluted 20,183 20,143 20,181 20,136

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
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: June 30, 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 $ 281,254 $ 330,129 Restricted cash-non-current 54,003 80,318 Cash, cash equivalents, and restricted cash, end of period $ 335,257 $ 410,447
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 Six Months Ended June 30, 2024 2023 Accounts receivable, net $ 57,590 $ ( 506 ) Inventory 8,728 ( 19,636 ) Prepaid expenses and other current assets ( 6,405 ) ( 1,820 ) Accounts payable 1,121 16,707 Accrued expenses ( 11,241 ) ( 18,399 ) Income taxes ( 2,613 ) 2,129 Other, net ( 1,946 ) ( 6,753 ) Changes in operating assets and liabilities $ 45,234 $ ( 28,278 )

Revenue and Accounts Receivab_3

Revenue and Accounts Receivable (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 201,081	$ 244,473	$ 409,715	$ 464,610
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	99,851	112,411	207,942	221,232
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	101,230	132,062	201,773	243,378
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	38,955	50,536	85,427	102,024
U.S. Land [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	32,713	44,730	71,719	89,863
U.S. Land [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	6,242	5,806	13,708	12,161
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	53,769	60,921	119,892	112,912
U.S. Offshore [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	30,644	37,516	67,895	73,186
U.S. Offshore [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	23,125	23,405	51,997	39,726
International [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	108,357	133,016	204,396	249,674
International [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	36,494	30,165	68,328	58,183
International [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 71,863	$ 102,851	$ 136,068	$ 191,491

Revenue and Accounts Receivab_4

Revenue and Accounts Receivable (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 201,081	$ 244,473	$ 409,715	$ 464,610
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	99,851	112,411	207,942	221,232
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	101,230	132,062	201,773	243,378
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	81,687	106,130	155,024	199,420
Services [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	19,360	17,875	40,010	35,020
Services [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	62,327	88,255	115,014	164,400
Rentals Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	76,331	85,361	157,421	170,971
Rentals Services [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	71,159	81,647	147,232	163,722
Rentals Services [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,172	3,714	10,189	7,249
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	43,063	52,982	97,270	94,219
Product Sales [Member] | Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	9,332	12,889	20,700	22,490
Product Sales [Member] | Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 33,731	$ 40,093	$ 76,570	$ 71,729

Revenue and Accounts Receivab_5

Revenue and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Allowance for doubtful accounts	$ 5.9	$ 6.3

Inventory (Schedule of Componen

Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 33,029	$ 41,082
Raw materials	8,491	10,379
Work-in-process	10,431	8,025
Supplies and consumables	14,316	15,509
Total	$ 66,267	$ 74,995

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods inventory	$ 20.7	$ 25

Decommissioning Liability - Sch

Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Decommissioning Liability	$ 174,769	$ 170,283
Less: Note Receivable	(71,443)	(69,005)
Decommissioning Liability, net of Note Receivable	103,326	101,278
Well Services [Member]
Decommissioning Liability	98,959	96,603
Platform Service [Member]
Decommissioning Liability	$ 75,810	$ 73,680

Decommissioning Liability - S_2

Decommissioning Liability - Schedule of Accretion Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Accretion expense	$ 2.6	$ 2.4	$ 5.1	$ 4.7

Note Receivable (Narrative) (De

Note Receivable (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Note receivable	$ 71,443	$ 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%

Note Receivable (Schedule Of No

Note Receivable (Schedule Of Non-cash Interest Income Related To Note Receivable) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Interest income	$ 1.2	$ 0.9	$ 2.4	$ 1.9

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 630,632	$ 582,502
Accumulated depreciation and depletion	(320,638)	(287,542)
Property, plant and equipment, net	309,994	294,960
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	461,742	422,071
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66,514	66,746
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,770	8,106
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	23,526	22,746
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,389	8,195
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	26,660	25,654
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 30,031	$ 28,984

Property, Plant and Equipment_4

Property, Plant and Equipment, Net (Summary of Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 16,388	$ 17,495	$ 32,522	$ 34,474
Depletion	1,665	491	3,237	1,076
Total depreciation and depletion	$ 18,053	$ 17,986	$ 35,759	$ 35,550

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 89,400
Credit facility, availability	52,700
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

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	Jun. 30, 2024	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets, net	$ 16,111	$ 17,079
Accrued expense	1,688	1,797
Other liabilities	$ 14,463	$ 15,589

Other Expense, net - Summary of

Other Expense, net - Summary of Other Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Foreign currency losses	$ (2,564)	$ (1,723)	$ (4,238)	$ (3,556)
Other, net	482	(113)	343	(432)
Other expense, net	$ (2,082)	$ (1,836)	$ (3,895)	$ (3,988)

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 201,081	$ 244,473	$ 409,715	$ 464,610
Cost of revenues (exclusive of items shown separately below)	108,268	120,754	214,907	238,475
Depreciation, depletion, amortization and accretion	20,868	20,621	41,315	40,760
General and administrative expenses	33,404	31,177	68,379	62,167
Restructuring and transaction expenses	0	0	0	1,983
Other (gains) and losses, net	(614)	47	(1,696)	(1,351)
Income from operations	39,155	71,874	86,810	122,576
Rentals [Member]
Segment Reporting Information [Line Items]
Total revenues	99,851	112,411	207,942	221,232
Cost of revenues (exclusive of items shown separately below)	36,596	35,021	74,362	71,489
Depreciation, depletion, amortization and accretion	11,962	12,553	23,772	24,721
General and administrative expenses	7,142	6,993	14,334	14,195
Other (gains) and losses, net	90	(262)	202	(293)
Income from operations	44,061	58,106	95,272	111,120
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues	101,230	132,062	201,773	243,378
Cost of revenues (exclusive of items shown separately below)	71,672	85,733	140,545	166,986
Depreciation, depletion, amortization and accretion	8,392	7,204	16,523	14,281
General and administrative expenses	11,184	11,391	22,511	22,890
Other (gains) and losses, net	(704)	309	(1,884)	(1,058)
Income from operations	10,686	27,425	24,078	40,279
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, amortization and accretion	514	864	1,020	1,758
General and administrative expenses	15,078	12,793	31,534	25,082
Restructuring and transaction expenses				1,983
Other (gains) and losses, net			(14)
Income from operations	$ (15,592)	$ (13,657)	$ (32,540)	$ (28,823)

Segment Information (Schedule_2

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,145,993	$ 1,340,993
Rentals [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	503,125	553,706
Well Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	484,984	597,438
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 157,884	$ 189,849

Segment Information (Narrative)

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Income from discontinued operations, net of tax	$ 1,896	$ (9)	$ 1,896	$ 280

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Cancelled stock incentive plans
Common stock, par value	$ 0.01	$ 0.01
Awards vested	56,036
Awards forfeited	26,459
Unamortized grant date fair value of unvested awards	$ 1.2
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

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Compensation Expense Associated with MIP Grants (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Management Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation Expense	$ 0.4	$ 1	$ 1.5	$ 2.1

Equity and Earnings per Share_2

Equity and Earnings per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024
Shares repurchased, value		$ 961
Restricted Stock Units (RSUs) [Member]
Dividends, Common Stock, Stock	$ 700
Common Class A [Member]
Special Cash Dividends Per Share	$ 12.38
Dividends, Common Stock	$ 250,400
Stock Repurchased During Period, Shares	14,673
Shares repurchased, value	$ 1,000

Equity and Earnings per Share -

Equity and Earnings per Share - Summary of Weighted Average Number of Shares for Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Weighted-average shares outstanding - basic	20,172	20,126	20,167	20,116
Potentially dilutive stock awards and units	11	17	14	20
Weighted-average shares outstanding - diluted	20,183	20,143	20,181	20,136

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent	31.20%	11.90%		29.50%	25.40%
Federal statutory rate				21%
Valuation allowance	$ 1.7			$ 1.7		$ 50
Foreign tax credit carryforward						77.6
Unrecognized tax benefits	3.2			3.2		$ 4.1	$ 14
Unrecognized tax benefits settlement due	$ 0.2			$ 0.2
Deferred income taxes		$ 14.9	$ 7.6
Effective income tax rate reconciliation, OECD income tax rate				15%

Contingencies (Narrative) (Deta

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

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 281,254	$ 391,684	$ 330,129	$ 258,999
Restricted cash-non-current	54,003	85,444	80,318	80,108
Cash, cash equivalents, and restricted cash	$ 335,257	$ 477,128	$ 410,447	$ 339,107

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Additional Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Accrued capital expenditures	$ 4.1	$ 8.9
Gain (Loss) on Disposition of Assets		0.7
Proceeds from dispositions		$ 11.3

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information (Changes in Operating Accounts on Cash Flows from Operating Activities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, net	$ 57,590	$ (506)
Inventory	8,728	(19,636)
Prepaid expenses and other current assets	(6,405)	(1,820)
Accounts payable	1,121	16,707
Accrued expenses	(11,241)	(18,399)
Income taxes	(2,613)	2,129
Other, net	(1,946)	(6,753)
Changes in operating assets and liabilities	$ 45,234	$ (28,278)

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Forecast [Member] $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Subsequent Event [Line Items]
Proceeds from Sale and Maturity of Marketable Securities	$ 8.1
Derivative exchange rate premium percentage	63%
Loss on Blue Chip Swap securities	$ 5.1