Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PTEN | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Entity Registrant Name | Patterson-UTI Energy, Inc. | |
Entity Central Index Key | 0000889900 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 216,821,730 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-39270 | |
Entity Tax Identification Number | 75-2504748 | |
Entity Address, Address Line One | 10713 W. Sam Houston Pkwy N | |
Entity Address, Address Line Two | Suite 800 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Postal Zip Code | 77064 | |
City Area Code | 281 | |
Local Phone Number | 765-7100 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 19,636 | $ 117,524 |
Accounts receivable, net of allowance for credit losses of $8,216 and $8,493 at June30, 2022 and December 31, 2021, respectively | 473,153 | 356,083 |
Federal and state income taxes receivable | 187 | 67 |
Inventory | 53,528 | 42,359 |
Other | 74,714 | 67,620 |
Total current assets | 621,218 | 583,653 |
Property and equipment, net | 2,289,371 | 2,331,755 |
Right of use asset | 22,815 | 19,024 |
Intangible assets, net | 7,166 | 7,537 |
Deposits on equipment purchases | 5,212 | 849 |
Other | 11,376 | 11,055 |
Deferred tax assets, net | 2,819 | 3,975 |
Total assets | 2,959,977 | 2,957,848 |
Current liabilities: | ||
Accounts payable | 252,692 | 190,219 |
Federal and state income taxes payable | 803 | 232 |
Accrued liabilities | 189,203 | 238,511 |
Lease liability | 5,723 | 6,891 |
Total current liabilities | 448,421 | 435,853 |
Long-term lease liability | 21,607 | 18,108 |
Long-term debt, net of debt discount and issuance costs of $6,016 and $6,432 at June 30, 2022 and December 31, 2021, respectively | 877,739 | 852,323 |
Deferred tax liabilities, net | 25,464 | 29,234 |
Other | 10,665 | 12,843 |
Total liabilities | 1,383,896 | 1,348,361 |
Commitments and contingencies (see Note 9) | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01; authorized 1,000,000 shares, no shares issued | 0 | 0 |
Common stock, par value $0.01; Common stock, par value $0.01; authorized 400,000,000 shares with 302,325,853 and 299,268,967 issued and 216,821,730 and 215,139,972 outstanding at June 30, 2022 and December 31, 2021, respectively | 3,023 | 2,993 |
Additional paid-in capital | 3,191,678 | 3,171,536 |
Retained deficit | (222,714) | (198,316) |
Accumulated other comprehensive income | 0 | 5,915 |
Treasury stock, at cost, 85,504,123 and 84,128,995 shares at June 30, 2022 and December 31, 2021, respectively | (1,395,906) | (1,372,641) |
Total stockholders' equity | 1,576,081 | 1,609,487 |
Total liabilities and stockholders' equity | $ 2,959,977 | $ 2,957,848 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 8,216 | $ 8,493 |
Long-term debt, debt discount and issuance costs | $ 6,016 | $ 6,432 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 400,000,000 | 400,000,000 |
Common stock, issued | 302,325,853 | 299,268,967 |
Common stock, outstanding | 216,821,730 | 215,139,972 |
Treasury stock, shares | 85,504,123 | 84,128,995 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating revenues: | ||||
Total operating revenues | $ 622,238 | $ 291,774 | $ 1,131,613 | $ 532,703 |
Operating costs and expenses: | ||||
Depreciation, depletion, amortization and impairment | 121,553 | 144,037 | 238,491 | 296,919 |
Selling, general and administrative | 26,079 | 23,555 | 53,540 | 46,113 |
Merger and integration related costs | 182 | 1,148 | 2,045 | 1,148 |
Other operating (income) expenses, net | (9,238) | (2,789) | (10,456) | (2,524) |
Total operating costs and expenses | 585,476 | 401,184 | 1,113,732 | 759,640 |
Operating loss | 36,762 | (109,410) | 17,881 | (226,937) |
Other income (expense): | ||||
Interest income | 14 | 20 | 29 | 159 |
Interest expense, net of amount capitalized | (10,658) | (10,704) | (21,223) | (20,713) |
Other | (2,452) | 812 | (870) | 826 |
Total other expense | (13,096) | (9,872) | (22,064) | (19,728) |
Income (loss) before income taxes | 23,666 | (119,282) | (4,183) | (246,665) |
Income tax expense (benefit) | 1,780 | (15,973) | 2,708 | (36,943) |
Net income (loss) | $ 21,886 | $ (103,309) | $ (6,891) | $ (209,722) |
Net loss per common share: | ||||
Basic | $ 0.10 | $ (0.55) | $ (0.03) | $ (1.12) |
Diluted | $ 0.10 | $ (0.55) | $ (0.03) | $ (1.12) |
Weighted average number of common shares outstanding: | ||||
Basic | 216,165,000 | 188,408,000 | 215,718,000 | 188,044,000 |
Diluted | 219,676,000 | 188,408,000 | 215,718,000 | 188,044,000 |
Cash dividends per common share | $ 0.04 | $ 0.02 | $ 0.08 | $ 0.04 |
Contract Drilling | ||||
Operating revenues: | ||||
Total operating revenues | $ 304,586 | $ 141,732 | $ 561,226 | $ 275,233 |
Operating costs and expenses: | ||||
Operating costs and expenses | 196,269 | 100,134 | 372,975 | 179,512 |
Pressure Pumping | ||||
Operating revenues: | ||||
Total operating revenues | 238,376 | 111,991 | 427,966 | 187,830 |
Operating costs and expenses: | ||||
Operating costs and expenses | 191,455 | 102,320 | 348,923 | 178,830 |
Directional Drilling | ||||
Operating revenues: | ||||
Total operating revenues | 54,825 | 24,869 | 98,159 | 44,539 |
Operating costs and expenses: | ||||
Operating costs and expenses | 45,438 | 22,370 | 82,392 | 39,007 |
Other | ||||
Operating revenues: | ||||
Total operating revenues | 24,451 | 13,182 | 44,262 | 25,101 |
Operating costs and expenses: | ||||
Operating costs and expenses | $ 13,738 | $ 10,409 | $ 25,822 | $ 20,635 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ 21,886 | $ (103,309) | $ (6,891) | $ (209,722) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustment, net of taxes of $0 for all periods | 1,678 | 255 | 1,793 | 673 |
Release of cumulative translation adjustment, net of taxes of $3,770, into net income (loss) for three and six months ended June 30, 2022 | (7,708) | 0 | (7,708) | 0 |
Total comprehensive loss | $ 15,856 | $ (103,054) | $ (12,806) | $ (209,049) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, net of taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Release of cumulative translation adjustment, net of taxes into net income (loss) | $ 3,770 | $ 3,770 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning Balance at Dec. 31, 2020 | $ 2,016,059 | $ 2,710 | $ 2,902,236 | $ 472,014 | $ 5,412 | $ (1,366,313) |
Beginning Balance (in shares) at Dec. 31, 2020 | 271,029 | |||||
Net income (loss) | (106,413) | (106,413) | ||||
Foreign currency translation adjustment, net of taxes of $0 for all periods | 418 | 418 | ||||
Vesting of restricted stock units (in shares) | 163 | |||||
Vesting of restricted stock units | $ 2 | (2) | ||||
Stock-based compensation | 5,891 | 5,891 | ||||
Payment of cash dividends | (3,754) | (3,754) | ||||
Dividend equivalents | (55) | (55) | ||||
Ending Balance at Mar. 31, 2021 | 1,912,146 | $ 2,712 | 2,908,125 | 361,792 | 5,830 | (1,366,313) |
Ending Balance (in shares) at Mar. 31, 2021 | 271,192 | |||||
Beginning Balance at Dec. 31, 2020 | 2,016,059 | $ 2,710 | 2,902,236 | 472,014 | 5,412 | (1,366,313) |
Beginning Balance (in shares) at Dec. 31, 2020 | 271,029 | |||||
Net income (loss) | (209,722) | |||||
Foreign currency translation adjustment, net of taxes of $0 for all periods | 673 | |||||
Release of cumulative translation adjustment, net of taxes of $3,770, into net income (loss) for three and six months ended June 30, 2022 | 0 | |||||
Ending Balance at Jun. 30, 2021 | 1,807,717 | $ 2,728 | 2,914,043 | 254,696 | 6,085 | (1,369,835) |
Ending Balance (in shares) at Jun. 30, 2021 | 272,835 | |||||
Beginning Balance at Mar. 31, 2021 | 1,912,146 | $ 2,712 | 2,908,125 | 361,792 | 5,830 | (1,366,313) |
Beginning Balance (in shares) at Mar. 31, 2021 | 271,192 | |||||
Net income (loss) | (103,309) | (103,309) | ||||
Foreign currency translation adjustment, net of taxes of $0 for all periods | 255 | 255 | ||||
Issuance of restricted stock (in shares) | 621 | |||||
Issuance of restricted stock, value | $ 6 | (6) | ||||
Vesting of restricted stock units (in shares) | 1,022 | |||||
Vesting of restricted stock units | $ 10 | (10) | ||||
Release of cumulative translation adjustment, net of taxes of $3,770, into net income (loss) for three and six months ended June 30, 2022 | 0 | |||||
Stock-based compensation | 5,934 | 5,934 | ||||
Payment of cash dividends | (3,769) | (3,769) | ||||
Dividend equivalents | (18) | (18) | ||||
Purchase of treasury stock | (3,522) | (3,522) | ||||
Ending Balance at Jun. 30, 2021 | 1,807,717 | $ 2,728 | 2,914,043 | 254,696 | 6,085 | (1,369,835) |
Ending Balance (in shares) at Jun. 30, 2021 | 272,835 | |||||
Beginning Balance at Dec. 31, 2021 | $ 1,609,487 | $ 2,993 | 3,171,536 | (198,316) | 5,915 | (1,372,641) |
Beginning Balance (in shares) at Dec. 31, 2021 | 299,268,967 | 299,269 | ||||
Net income (loss) | $ (28,777) | (28,777) | ||||
Foreign currency translation adjustment, net of taxes of $0 for all periods | 115 | 115 | ||||
Vesting of restricted stock units (in shares) | 150 | |||||
Vesting of restricted stock units | $ 1 | (1) | ||||
Stock-based compensation | 4,642 | 4,642 | ||||
Payment of cash dividends | (8,611) | (8,611) | ||||
Dividend equivalents | (144) | (144) | ||||
Purchase of treasury stock | (13) | (13) | ||||
Ending Balance at Mar. 31, 2022 | 1,576,699 | $ 2,994 | 3,176,177 | (235,848) | 6,030 | (1,372,654) |
Ending Balance (in shares) at Mar. 31, 2022 | 299,419 | |||||
Beginning Balance at Dec. 31, 2021 | $ 1,609,487 | $ 2,993 | 3,171,536 | (198,316) | 5,915 | (1,372,641) |
Beginning Balance (in shares) at Dec. 31, 2021 | 299,268,967 | 299,269 | ||||
Net income (loss) | $ (6,891) | |||||
Foreign currency translation adjustment, net of taxes of $0 for all periods | 1,793 | |||||
Release of cumulative translation adjustment, net of taxes of $3,770, into net income (loss) for three and six months ended June 30, 2022 | $ (7,708) | |||||
Exercised | 640,000 | |||||
Ending Balance at Jun. 30, 2022 | $ 1,576,081 | $ 3,023 | 3,191,678 | (222,714) | 0 | (1,395,906) |
Ending Balance (in shares) at Jun. 30, 2022 | 302,325,853 | 302,326 | ||||
Beginning Balance at Mar. 31, 2022 | $ 1,576,699 | $ 2,994 | 3,176,177 | (235,848) | 6,030 | (1,372,654) |
Beginning Balance (in shares) at Mar. 31, 2022 | 299,419 | |||||
Net income (loss) | 21,886 | 21,886 | ||||
Foreign currency translation adjustment, net of taxes of $0 for all periods | 1,678 | 1,678 | ||||
Issuance of restricted stock (in shares) | 980 | |||||
Issuance of restricted stock, value | $ 10 | (10) | ||||
Vesting of restricted stock units (in shares) | 1,287 | |||||
Vesting of restricted stock units | $ 13 | (13) | ||||
Release of cumulative translation adjustment, net of taxes of $3,770, into net income (loss) for three and six months ended June 30, 2022 | (7,708) | (7,708) | ||||
Exercised | 640 | |||||
Exercise of stock options | 10,368 | $ 6 | 10,362 | |||
Stock-based compensation | 5,162 | 5,162 | ||||
Payment of cash dividends | (8,652) | (8,652) | ||||
Dividend equivalents | (100) | (100) | ||||
Purchase of treasury stock | (23,252) | (23,252) | ||||
Ending Balance at Jun. 30, 2022 | $ 1,576,081 | $ 3,023 | $ 3,191,678 | $ (222,714) | $ 0 | $ (1,395,906) |
Ending Balance (in shares) at Jun. 30, 2022 | 302,325,853 | 302,326 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividend paid per share | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.02 | $ 0.08 | $ 0.04 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (6,891) | $ (209,722) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and impairment | 238,491 | 296,919 |
Dry holes and abandonments | 118 | 171 |
Deferred income tax expense (benefit) | 404 | (37,073) |
Stock-based compensation expense | 9,804 | 11,825 |
Net gain on asset disposals | (10,408) | (4,052) |
Amortization of debt discount and issuance costs | 416 | 412 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (116,859) | (36,438) |
Income taxes receivable/payable | 542 | 4,369 |
Inventory and other assets | (17,671) | (6,423) |
Accounts payable | 42,661 | 34,465 |
Accrued liabilities | (49,487) | (8,785) |
Other liabilities | (6,103) | (1,471) |
Net cash provided by operating activities | 85,017 | 44,197 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (191,198) | (56,573) |
Proceeds from disposal of assets | 15,346 | 15,145 |
Other | (2,342) | (223) |
Net cash used in investing activities | (178,194) | (41,651) |
Cash flows from financing activities: | ||
Purchases of treasury stock | (12,897) | (3,522) |
Dividends paid | (17,263) | (7,523) |
Proceeds from borrowings under revolving credit facility | 45,000 | 0 |
Repayment of borrowings under revolving credit facility | (20,000) | 0 |
Net cash used in financing activities | (5,160) | (11,045) |
Effect of foreign exchange rate changes on cash | 449 | 266 |
Net decrease in cash and cash equivalents | (97,888) | (8,233) |
Cash and cash equivalents at beginning of period | 117,524 | 224,915 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 19,636 | 216,682 |
Cash and cash equivalents at end of period | 19,636 | 216,682 |
Net cash received (paid) during the period for: | ||
Interest, net of capitalized interest of $400 in 2022 and $56 in 2021 | (20,341) | (20,604) |
Income taxes | (880) | 4,226 |
Non-cash investing and financing activities: | ||
Net increase (decrease) in payables for purchases of property and equipment | 19,779 | (5,232) |
Net (increase) decrease in deposits on equipment purchases | (4,363) | 117 |
Cashless exercise of stock options | $ 10,368 | $ 0 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Interest expense, capitalized interest | $ 400 | $ 56 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Basis of presentation — The unaudited interim condensed consolidated financial statements include the accounts of Patterson-UTI Energy, Inc. and its wholly-owned subsidiaries (collectively referred to herein as “we,” “us,” “our,” “ours” and like terms). All significant intercompany accounts and transactions have been eliminated. Except for wholly-owned subsidiaries, we have no controlling financial interests in any other entity which would require consolidation. As used in these notes, “we,” “us,” “our,” “ours” and like terms refer collectively to Patterson-UTI Energy, Inc. and its consolidated subsidiaries. Patterson-UTI Energy, Inc. conducts its business operations through its wholly-owned subsidiaries and has no employees or independent operations. The U.S. dollar is the functional currency for all of our operations. The unaudited interim condensed consolidated financial statements have been prepared by us pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to such rules and regulations, although we believe the disclosures included either on the face of the financial statements or herein are sufficient to make the information presented not misleading. In the opinion of management, all recurring adjustments considered necessary for a fair statement of the information in conformity with GAAP have been included. The unaudited condensed consolidated balance sheet as of December 31, 2021, as presented herein, was derived from our audited consolidated balance sheet but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. Recently Adopted Accounting Standards — In December 2019, the FASB issued an accounting standards update to simplify the accounting for income taxes. The amendments in the update were effective for public business entities for fiscal years beginning after December 15, 2020, with early adoption permitted. We adopted this new guidance on January 1, 2021, and there was no material impact on our consolidated financial statements. Recently Issued Accounting Standards — In March 2020, the FASB issued an accounting standards update to provide temporary optional expedients that simplify the accounting for contract modifications to existing debt agreements expected to arise from the market transition from LIBOR to alternative reference rates. The amendments in the update are effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications from the beginning of an interim period that includes or is subsequent to March 12, 2020. We plan to adopt this standard when LIBOR is discontinued, and we do not expect this new guidance will have a material impact on our consolidated financial statements. In October 2021, the FASB issued an accounting standards update , which requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The amendments should be applied prospectively to acquisitions occurring on or after the effective date. The amendments in the update are effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption permitted. We plan to adopt this new guidance on January 1, 2023, and we do not expect this new guidance will have a material impact on our consolidated financial statements. |
Acquisition and Discontinued Op
Acquisition and Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Acquisitions And Discontinued Operations [Abstract] | |
Acquisitions and Discontinued Operations | 2. Acquisiti on and Discontinued Operations Pioneer Energy Services Corp. ("Pioneer") On October 1, 2021, we completed the acquisition of Pioneer by acquiring 100 % of its equity interests . Total consideration for the acquisition included the issuance of approximately 26.3 million shares of our common stock and payment of $ 30 million cash, which based on the closing price of our common stock of $ 9.44 on October 1, 2021, valued the transaction at approximately $ 278 million. Pioneer provided land-based contract drilling services and production services to a diverse group of oil and gas exploration and production companies in the United States and internationally in Colombia. The acquisition has been accounted for as a business combination using the acquisition method. Under the acquisition method of accounting, the fair value of the consideration transferred is allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date. The total fair value of the consideration transferred was determined as follows (in thousands, except stock price): Shares of our common stock issued to Pioneer shareholders 26,274 Our common stock price on October 1, 2021 $ 9.44 Fair value of common stock issued $ 248,025 Plus cash consideration $ 30,007 Total fair value of consideration transferred $ 278,032 A discounted cash flow model was used by a third-party specialist in determining the fair value of the property and equipment and intangible assets. We applied significant judgment in estimating the fair value of assets acquired and liabilities assumed, which involved the use of significant estimates and assumptions with respect to market day rates, direct operating costs, rig utilization percentages, expectations regarding the amount of future capital and operating costs, and discount rates. Certain data necessary to complete the purchase price allocation is not yet available, including final tax returns that provide the underlying tax basis of Pioneer's assets and liabilities. We expect to complete the purchase price allocation during the 12-month period following the acquisition date. Identifiable assets acquired Cash and cash equivalents $ 649 Accounts receivable 44,832 Inventory 8,513 Held for sale assets 73,649 Other current assets 5,272 Property and equipment 217,536 Other long-term assets 9,698 Intangible assets 907 Total identifiable assets acquired 361,056 Liabilities assumed Accounts payable and accrued liabilities 30,391 Held for sale liabilities 32,160 Deferred income taxes 15,543 Other long-term liabilities 4,930 Total liabilities assumed 83,024 Total net assets acquired $ 278,032 Approximately $ 41.5 million of revenues and $ 30.5 million of direct operating expenses attributed to the Pioneer acquisition were included in the consolidated statements of operations for the period from the closing date on October 1, 2021 through December 31, 2021, excluding the acquired well servicing rig business and the wireline business that were presented as a discontinued operation in the consolidated statements of operations during the fourth quarter of 2021. Revenues and direct operating expenses for our discontinued operations are presented below. A portion of the fair value consideration transferred was provisionally assigned to identifiable intangible assets as follows: Fair Value Weighted Average Useful Life (in thousands) (in years) Assets Trade name $ 907 5.00 Discontinued Operations On December 31, 2021, we completed the sale of the previously acquired well servicing rig business and wireline business (collectively, “Pioneer Production Services”), to Clearwell Dynamics, LLC (“Clearwell” ). The sale price was $ 43.0 million in cash consideration, subject to customary purchase price adjustments at closing for cash and working capital. The results of operations of these businesses were presented as a discontinued operation in the consolidated financial statements during the fourth quarter of 2021. Summarized operating results from discontinued operations that were included in our consolidated statements of operations for the year ended December 31, 2021 are shown below (in thousands): 2021 Operating revenues: Wireline revenue $ 9,868 Well servicing revenue 19,652 Total operating revenues 29,520 Operating costs and expenses: Wireline 10,465 Well servicing 16,585 Total operating costs and expenses 27,050 Operating income 2,470 Total other income (expense) 64 Income from discontinued operations before income taxes 2,534 Income tax benefit — Income from discontinued operations, net of tax $ 2,534 |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 3. Revenues ASC Topic 606 Revenue from Contracts with Customers Our contracts with customers include both long-term and short-term contracts. Services that primarily generate our earned revenue include the operating business segments of contract drilling, pressure pumping and directional drilling, which comprise our reportable segments. We also derive revenues from our other operations, which include our operating business segments of oilfield rentals, equipment servicing, electrical controls and automation, and oil and natural gas working interests. For more information on our business segments, including disaggregated revenue recognized from contracts with customers, see Note 14. Charges for services are considered a series of distinct services. Since each distinct service in a series would be satisfied over time if it were accounted for separately, and the entity would measure its progress towards satisfaction using the same measure of progress for each distinct service in the series, we are able to account for these integrated services as a single performance obligation that is satisfied over time. The transaction price is the amount of consideration to which we expect to be entitled in exchange for transferring promised goods or services to a customer, based on terms of our contracts with our customers. The consideration promised in a contract with a customer may include fixed amounts and/or variable amounts. Payments received for services are considered variable consideration as the time in service will fluctuate as the services are provided. Topic 606 provides an allocation exception, which allows us to allocate variable consideration to one or more distinct services promised in a series of distinct services that form part of a single performance obligation as long as certain criteria are met. These criteria state that the variable payment must relate specifically to the entity’s efforts to satisfy the performance obligation or transfer the distinct good or service, and allocation of the variable consideration is consistent with the standards’ allocation objective. Since payments received for services meet both criteria requirements, we recognize revenue when the service is performed. An estimate of variable consideration should be constrained to the extent that it is not probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Payments received for other types of consideration are fully constrained as they are highly susceptible to factors outside the entity’s influence and therefore could be subject to a significant revenue reversal once resolved. As such, revenue received for these types of consideration is recognized when the service is performed. Estimates of variable consideration are subject to change as facts and circumstances evolve. As such, we will evaluate our estimates of variable consideration that are subject to constraints throughout the contract period and revise estimates, if necessary, at the end of each reporting period. We are a non-operating working interest owner of oil and natural gas properties primarily located in Texas and New Mexico. The ownership terms are outlined in joint operating agreements for each well between the operator of the well and the various interest owners, including us, who are considered non-operators of the well. We receive revenue each period for our working interest in the well during the period. The revenue received for the working interests from these oil and gas properties does not fall under the scope of the new revenue standard, and therefore, will continue to be reported under current guidance ASC 932-323 Extractive Activities – Oil and Gas, Investments – Equity Method and Joint Ventures. Reimbursement Revenue — Reimbursements for the purchase of supplies, equipment, personnel services, shipping and other services that are provided at the request of our customers are recorded as revenue when incurred. The related costs are recorded as operating expenses when incurred. Operating Lease Revenue — Lease income from equipment that we lease to others is recognized on a straight-line basis over the lease term. Lease income recognized during the six months ended June 30, 2022 and 2021 was not material. Accounts Receivable and Contract Liabilities Accounts receivable is our right to consideration once it becomes unconditional. Payment terms typically range from 30 to 60 days . Accounts receivable balances were $ 466 million and $ 352 million as of June 30, 2022 and December 31, 2021, respectively. These balances do not include amounts related to our oil and gas working interests as those contracts are excluded from Topic 606. Accounts receivable balances are included in “Accounts receivable” in the condensed consolidated balance sheets. We do not have any significant contract asset balances. Contract liabilities include prepayments received from customers prior to the requested services being completed. Once the services are complete and have been invoiced, the prepayment is applied against the customer’s account to offset the accounts receivable balance. Also included in contract liabilities are payments received from customers for the initial mobilization of newly constructed or upgraded rigs that were moved on location to the initial well site. These mobilization payments are allocated to the overall performance obligation and amortized over the initial term of the contract. During the six months ended June 30, 2022 and 2021, no such mobilization payments were amortized and recorded in drilling revenue. Total contract liability balances were $ 3.4 million and $ 60.3 million as of June 30, 2022 and December 31, 2021 , respectively. We recognized $ 59.7 million of revenue in the six months ended June 30, 2022 that was included in the contract liability balance at the beginning of the period. Revenue related to the majority of our contract liabilities balance is expected to be recognized over the remainder of 2022. The contract liability balance is included in “Accrued liabilities” in the condensed consolidated balance sheets. Contract Costs Costs incurred for newly constructed rigs or rig upgrades based on a contract with a customer are considered capital improvements and are capitalized to drilling equipment and depreciated over the estimated useful life of the asset. Remaining Performance Obligations We maintain a backlog of commitments for contract drilling services under term contracts, which we define as contracts with a duration of six months or more. Our contract drilling backlog in the United States as of June 30, 2022 was approximately $ 440 million. Approximately 24 % of the total contract drilling backlog in the United States at June 30, 2022 is reasonably expected to remain at June 30, 2023 . We generally calculate our backlog by multiplying the dayrate under our term drilling contracts by the number of days remaining under the contract. The calculation does not include any revenues related to fees for other services such as for mobilization, other than initial mobilization, demobilization and customer reimbursables, nor does it include potential reductions in rates for unscheduled standby or during periods in which the rig is moving or incurring maintenance and repair time in excess of what is permitted under the drilling contract. For contracts that contain variable dayrate pricing, our backlog calculation uses the dayrate in effect for periods where the dayrate is fixed, and, for periods that remain subject to variable pricing, uses the commodity price in effect at June 30, 2022. In addition, our term drilling contracts are generally subject to termination by the customer on short notice and provide for an early termination payment to us in the event that the contract is terminated by the customer. For contracts on which we have received notice for the rig to be placed on standby, our backlog calculation uses the standby rate for the period over which we expect to receive the standby rate. For contracts on which we have received an early termination notice, our backlog calculation includes the early termination rate, instead of the dayrate, for the period over which we expect to receive the lower rate. Please see “Our Current Backlog of Contract Drilling Revenue May Decline and May Not Ultimately Be Realized, as Fixed-Term Contracts May in Certain Instances Be Terminated Without an Early Termination Payment” included in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 . |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | 4. Inventory Inventory consisted of the following at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Finished goods $ 817 $ 515 Work-in-process 1,838 882 Raw materials and supplies 50,873 40,962 Inventory $ 53,528 $ 42,359 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consisted of the following at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Equipment $ 7,490,085 $ 7,742,101 Oil and natural gas properties 235,925 229,403 Buildings 183,686 182,280 Land 24,861 24,562 Total property and equipment 7,934,557 8,178,346 Less accumulated depreciation, depletion and impairment ( 5,645,186 ) ( 5,846,591 ) Property and equipment, net $ 2,289,371 $ 2,331,755 On a periodic basis, we evaluate our fleet of drilling rigs for marketability based on the condition of inactive rigs, expenditures that would be necessary to bring them to working condition and the expected demand for drilling services by rig type. The components comprising rigs that will no longer be marketed are evaluated, and those components with continuing utility to our other marketed rigs are transferred to other rigs or to our yards to be used as spare equipment. The remaining components of these rigs are retired. We had no impairment related to the marketability or condition of our drilling rigs during the three and six months ended June 30, 2022. We review our long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of certain assets may not be recovered over their estimated remaining useful lives (“triggering events”). In connection with this review, assets are grouped at the lowest level at which identifiable cash flows are largely independent of other asset groupings. We estimate future cash flows over the life of the respective assets or asset groupings in our assessment of impairment. These estimates of cash flows are based on historical cyclical trends in the industry as well as our expectations regarding the continuation of these trends in the future. Provisions for asset impairment are charged against income when estimated future cash flows, on an undiscounted basis, are less than the asset’s net book value. Any provision for impairment is measured at fair value. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The following table presents the gross carrying amount and accumulated amortization of our intangible assets as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 1,800 $ ( 943 ) $ 857 $ 1,800 $ ( 814 ) $ 986 Developed technology 7,772 ( 3,385 ) 4,387 55,772 ( 50,996 ) 4,776 Internal use software 1,288 ( 137 ) 1,151 1,428 ( 515 ) 913 Trade name 907 ( 136 ) 771 907 ( 45 ) 862 Intangible assets, net $ 11,767 $ ( 4,601 ) $ 7,166 $ 59,907 $ ( 52,370 ) $ 7,537 Amortization expense on intangible assets of approximately $ 0.4 million and $ 3.1 million was recorded in the three months ended June 30, 2022 and 2021, respectively. Amortization expense on intangible assets of approximately $ 0.7 million and $ 6.3 million was recorded in the six months ended June 30, 2022 and 2021, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities consisted of the following at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Salaries, wages, payroll taxes and benefits $ 47,445 $ 52,252 Workers' compensation liability 66,734 67,921 Property, sales, use and other taxes 14,786 9,673 Insurance, other than workers' compensation 4,437 6,494 Accrued interest payable 11,306 11,226 Accrued restructuring expenses 2,400 7,884 Customer prepayment 3,409 60,282 Other 38,686 22,779 Accrued liabilities $ 189,203 $ 238,511 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Long-term debt consisted of the following at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Revolving credit facility $ 25,000 $ — 3.95 % Senior Notes 509,505 509,505 5.15 % Senior Notes 349,250 349,250 883,755 858,755 Less deferred financing costs and discounts ( 6,016 ) ( 6,432 ) Total $ 877,739 $ 852,323 Credit Agreement — On March 27, 2018 , we entered into an amended and restated credit agreement (as amended, the “Credit Agreement”) among us, as borrower, Wells Fargo Bank, National Association, as administrative agent, letter of credit issuer, swing line lender and lender, each of the other lenders and letter of credit issuers party thereto, The Bank of Nova Scotia and U.S. Bank National Association, as Co-Syndication Agents, Royal Bank of Canada, as Documentation Agent and Wells Fargo Securities, LLC, The Bank of Nova Scotia and U.S. Bank National Association, as Co-Lead Arrangers and Joint Book Runners. The Credit Agreement is a committed senior unsecured revolving credit facility that permits aggregate borrowings of up to $ 600 million, including a letter of credit facility that, at any time outstanding, is limited to $ 150 million and a swing line facility that, at any time outstanding, is limited to $ 20 million. Subject to customary conditions, we may request that the lenders’ aggregate commitments be increased by up to $ 300 million, not to exceed total commitments of $ 900 million. The maturity date for $ 550 million of the revolving credit commitments under the Credit Agreement is March 27, 2025 , and the maturity date for the remaining $ 50 million of revolving credit commitments is March 27, 2024 . We have the option, subject to certain conditions, to exercise an additional one-year extension of the maturity date. Loans under the Credit Agreement bear interest by reference, at our election, to the LIBOR rate or base rate. The applicable margin on LIBOR rate loans varies from 1.00 % to 2.00 % and the applicable margin on base rate loans varies from 0.00 % to 1.00 %, in each case determined based upon our credit rating. As of June 30, 2022, applicable margin on LIBOR rate loans was 1.75 % and the applicable margin on base rate loans was 0.75 % . A letter of credit fee is payable by us equal to the applicable margin for LIBOR rate loans times the daily amount available to be drawn under outstanding letters of credit. The commitment fee rate payable to the lenders varies from 0.10 % to 0.30 % based on our credit rating. None of our subsidiaries are currently required to be a guarantor under the Credit Agreement. However, if any subsidiary guarantees or incurs debt in excess of the Priority Debt Basket (as defined in the Credit Agreement), such subsidiary is required to become a guarantor under the Credit Agreement. The Credit Agreement contains representations, warranties, affirmative and negative covenants and events of default and associated remedies that we believe are customary for agreements of this nature, including certain restrictions on our ability and the ability of each of our subsidiaries to incur debt and grant liens. If our credit rating is below investment grade at both Moody’s and S&P, we will become subject to a restricted payment covenant, which would require us to have a Pro Forma Debt Service Coverage Ratio (as defined in the Credit Agreement) greater than or equal to 1.50 to 1.00 immediately before and immediately after making any restricted payment. Restricted payments include, among other things, dividend payments, repurchases of our common stock, distributions to holders of our common stock or any other payment or other distribution to third parties on account of our or our subsidiaries’ equity interests. Our credit rating is currently investment grade at one of the two ratings agencies. The Credit Agreement also requires that our total debt to capitalization ratio, expressed as a percentage, not exceed 50 %. The Credit Agreement generally defines the total debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the end of the most recently ended fiscal quarter. We were in compliance with these covenants at June 30, 2022. As of June 30, 2022 , we had $ 25.0 million outstanding under our revolving credit facility at a base rate of 5.5 %. We had $ 0.1 million in letters of credit outstanding under the Credit Agreement at June 30, 2022 and, as a result, had available borrowing capacity of approximately $ 575 million at that date. 2015 Reimbursement Agreement — On March 16, 2015, we entered into a Reimbursement Agreement (the “Reimbursement Agreement”) with The Bank of Nova Scotia (“Scotiabank”), pursuant to which we may from time to time request that Scotiabank issue an unspecified amount of letters of credit. As of June 30, 2022 , we had $ 65.0 million in letters of credit outstanding under the Reimbursement Agreement. Under the terms of the Reimbursement Agreement, we will reimburse Scotiabank on demand for any amounts that Scotiabank has disbursed under any letters of credit. Fees, charges and other reasonable expenses for the issuance of letters of credit are payable by us at the time of issuance at such rates and amounts as are in accordance with Scotiabank’s prevailing practice. We are obligated to pay to Scotiabank interest on all amounts not paid by us on the date of demand or when otherwise due at the LIBOR rate plus 2.25 % per annum, calculated daily and payable monthly, in arrears, on the basis of a calendar year for the actual number of days elapsed, with interest on overdue interest at the same rate as on the reimbursement amounts. We have also agreed that if obligations under the Credit Agreement are secured by liens on any of our or our subsidiaries’ property, then our reimbursement obligations and (to the extent similar obligations would be secured under the Credit Agreement) other obligations under the Reimbursement Agreement and any letters of credit will be equally and ratably secured by all property subject to such liens securing the Credit Agreement. Pursuant to a Continuing Guaranty dated as of March 16, 2015, our payment obligations under the Reimbursement Agreement are jointly and severally guaranteed as to payment and not as to collection by our subsidiaries that from time to time guarantee payment under the Credit Agreement. None of our subsidiaries are currently required to guarantee payment under the Credit Agreement. 2028 Senior Notes and 2029 Senior Notes — On January 19, 2018, we completed an offering of $ 525 million in aggregate principal amount of our 3.95% Senior Notes due 2028 (the “2028 Notes”). On November 15, 2019, we completed an offering of $ 350 million in aggregate principal amount of our 5.15% Senior Notes due 2029 (the “2029 Notes”). We pay interest on the 2028 Notes on February 1 and August 1 of each year . The 2028 Notes will mature on February 1, 2028 . The 2028 Notes bear interest at a rate of 3.95 % per annum. We pay interest on the 2029 Notes on May 15 and November 15 of each year . The 2029 Notes will mature on November 15, 2029 . The 2029 Notes bear interest at a rate of 5.15 % per annum. The 2028 Notes and 2029 Notes (together, the “Senior Notes”) are our senior unsecured obligations, which rank equally with all our other existing and future senior unsecured debt and will rank senior in right of payment to all our other future subordinated debt. The Senior Notes will be effectively subordinated to any of our future secured debt to the extent of the value of the assets securing such debt. In addition, the Senior Notes will be structurally subordinated to the liabilities (including trade payables) of our subsidiaries that do not guarantee the Senior Notes. None of our subsidiaries are currently required to be a guarantor under the Senior Notes. If our subsidiaries guarantee the Senior Notes in the future, such guarantees (the “Guarantees”) will rank equally in right of payment with all the guarantors’ future unsecured senior debt and senior in right of payment to all the guarantors’ future subordinated debt. The Guarantees will be effectively subordinated to any of the guarantors’ future secured debt to the extent of the value of the assets securing such debt. At our option, we may redeem the Senior Notes in whole or in part, at any time or from time to time at a redemption price equal to 100 % of the principal amount of such Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the redemption date, plus a “make-whole” premium. Additionally, commencing on November 1, 2027, in the case of the 2028 Notes, and on August 15, 2029, in the case of the 2029 Notes, at our option, we may redeem the respective Senior Notes in whole or in part, at a redemption price equal to 100 % of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the redemption date. The indentures pursuant to which the Senior Notes were issued include covenants that, among other things, limit our and our subsidiaries’ ability to incur certain liens, engage in sale and lease-back transactions or consolidate, merge, or transfer all or substantially all of their assets. These covenants are subject to important qualifications and limitations set forth in the indentures. Upon the occurrence of a change of control triggering event, as defined in the indentures, each holder of the Senior Notes may require us to purchase all or a portion of such holder’s Senior Notes at a price equal to 101 % of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The indentures also provide for events of default which, if any of them occurs, would permit or require the principal of, premium, if any, and accrued interest, if any, on the Senior Notes to become or to be declared due and payable. Debt issuance costs — Debt issuance costs, except those related to line-of-credit arrangements, are presented in the balance sheet as a direct reduction of the carrying amount of the related debt. Debt issuance costs related to line-of-credit arrangements are included in “Other non-current assets” in the condensed consolidated balance sheets. Amortization of debt issuance costs is reported as interest expense. Interest expense related to the amortization of debt issuance costs was approximately $ 0.3 million for the three months ended June 30, 2022 and 2021 , respectively, and $ 0.5 million for the six months ended June 30, 2022 and 2021, respectively. Presented below is a schedule of the principal repayment requirements of long-term debt as of June 30, 2022 (in thousands): Year ending December 31, 2022 $ — 2023 — 2024 — 2025 25,000 2026 — Thereafter 858,755 Total $ 883,755 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies As of June 30, 2022 , we maintained letters of credit in the aggregate amount of $ 65.1 million primarily for the benefit of various insurance companies as collateral for retrospective premiums and retained losses which could become payable under the terms of the underlying insurance contracts. These letters of credit expire annually at various times during the year and are typically renewed. As of June 30, 2022 , no amounts had been drawn under the letters of credit. As of June 30, 2022 , we had commitments to purchase major equipment totaling approximately $ 97.8 million for our contract drilling, pressure pumping, directional drilling and oilfield rentals businesses. Our pressure pumping business has entered into agreements to purchase minimum quantities of proppants and chemicals from certain vendors. As of June 30, 2022, the remaining minimum obligation under these agreements was approximately $ 16.1 million, of which approximately $ 4.1 million, $ 9.0 million, and $ 3.0 million relate to the remainder of 2022, 2023, and 2024, respectively. We are party to various legal proceedings arising in the normal course of our business. We do not believe that the outcome of these proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition, cash flows or results of operations. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity Cash Dividend — On July 27, 2022 , our Board of Directors approved a cash dividend on our common stock in the amount of $ 0.04 per share to be paid on September 15, 2022 to holders of record as of September 1, 2022 . The amount and timing of all future dividend payments, if any, are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of our debt agreements and other factors. Our Board of Directors may, without advance notice, reduce or suspend our dividend to improve our financial flexibility and position our company for long-term success. There can be no assurance that we will pay a dividend in the future. Share Repurchases and Acquisitions — In September 2013, our Board of Directors approved a stock buyback program. In July 2019, our Board of Directors increased the amount authorized to be repurchased under the program to up to $ 250 million of our common stock. All purchases executed to date have been through open market transactions. Purchases under the program are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. Purchases may be made at any time without prior notice. There is no expiration date associated with the program. As of June 30, 2022 , we had remaining authorization to purchase approximately $ 130 million of our outstanding common stock under the program. Shares of stock purchased under the program are held as treasury shares. Treasury stock acquisitions during the six months ended June 30, 2022 were as follows (dollars in thousands): Shares Cost Treasury shares at January 1, 2022 84,128,995 $ 1,372,641 Acquisitions pursuant to long-term incentive plan 1,372,101 23,237 Other 3,027 28 Treasury shares at June 30, 2022 85,504,123 $ 1,395,906 Release of Cumulative Translation Adjustment — In April 2022, we sold certain assets to substantially complete our exit from our Canadian operations. We used the Canadian dollar as our functional currency for our Canadian operations. Prior to the substantial completion of our exit, the effects of exchange rate changes were reflected in accumulated other comprehensive income, which is a separate component of stockholders' equity. Upon substantial completion of our exit, we released the $ 7.7 million cumulative translation adjustment, net of tax of $ 3.8 million, from accumulated other comprehensive income into net income (loss) for the three and six months ended June 30, 2022. The release resulted in an $ 11.5 million pre-tax gain, which was recorded in other operating (income) expenses, net. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | 11. Stock-based Compensation We use share-based payments to compensate employees and non-employee directors. We recognize the cost of share-based payments under the fair-value-based method. Outstanding share-based awards include equity instruments in the form of stock options or restricted stock units that have included service conditions and, in certain cases, performance conditions. Our share-based awards also include share-settled performance unit awards. Share-settled performance unit awards are accounted for as equity awards. In 2020, we granted performance-based cash-settled phantom units, which are accounted for as a liability classified award. We issue shares of common stock when vested stock options are exercised, when restricted stock is granted and when restricted stock units and share-settled performance unit awards vest. Stock Options — We estimate the grant date fair values of stock options using the Black-Scholes-Merton valuation model. Volatility assumptions are based on the historic volatility of our common stock over the most recent period equal to the expected term of the options as of the date such options are granted. The expected term assumptions are based on our experience with respect to employee stock option activity. Dividend yield assumptions are based on the expected dividends at the time the options are granted. The risk-free interest rate assumptions are determined by reference to United States Treasury yields. No options were granted during the six months ended June 30, 2022 or 2021. Stock option activity from January 1, 2022 to June 30, 2022 follows: Weighted Average Underlying Exercise Price Shares Per Share Outstanding at January 1, 2022 3,720,150 $ 20.93 Exercised ( 640,000 ) $ 16.20 Expired ( 100,000 ) $ 17.27 Outstanding at June 30, 2022 2,980,150 $ 22.07 Exercisable at June 30, 2022 2,980,150 $ 22.07 Restricted Stock Units — For all restricted stock unit awards made to date, shares of common stock are not issued until the units vest. Restricted stock units are subject to forfeiture for failure to fulfill service conditions and, in certain cases, performance conditions. Forfeitable dividend equivalents are accrued on certain restricted stock units that will be paid upon vesting. We use the straight-line method to recognize periodic compensation cost over the vesting period. Restricted stock unit activity from January 1, 2022 to June 30, 2022 follows: Weighted Average Grant Time Performance Date Fair Value Based Based Per Share Non-vested restricted stock units outstanding at January 1, 2022 3,044,719 359,315 $ 8.31 Granted 1,554,849 — $ 17.37 Vested ( 1,437,286 ) — $ 7.32 Forfeited ( 34,365 ) — $ 12.75 Non-vested restricted stock units outstanding at June 30, 2022 3,127,917 359,315 $ 12.71 As of June 30, 2022 , we had unrecognized compensation cost related to our unvested restricted stock units totaling $ 34.2 million. The weighted-average remaining vesting period for these unvested restricted stock units was 1.90 years. Performance Unit Awards — We have granted share-settled performance unit awards to certain employees (the “Performance Units”) on an annual basis since 2010. The Performance Units provide for the recipients to receive a grant of shares of common stock upon the achievement of certain performance goals during a specified period established by the Compensation Committee. The performance period for the Performance Units is generally the three-year period commencing on April 1 of the year of grant. The performance goals for the Performance Units are tied to our total shareholder return for the performance period as compared to total shareholder return for a peer group determined by the Compensation Committee. For the performance units granted in April 2022 and April 2021, the peer group includes one market index and three market indices, respectively. The performance goals are considered to be market conditions under the relevant accounting standards and the market conditions were factored into the determination of the fair value of the respective Performance Units. For the Performance Units granted beginning in April 2019, the recipients will receive the target number of shares if our total shareholder return during the performance period, when compared to the peer group, is at the 55th percentile. If our total shareholder return during the performance period, when compared to the peer group, is at the 75th percentile or higher, then the recipients will receive two times the target number of shares. If our total shareholder return during the performance period, when compared to the peer group, is at the 25th percentile, then the recipients will only receive one-half of the target number of shares. If our total shareholder return during the performance period, when compared to the peer group, is between the 25th and 55th percentile, or the 55th and 75th percentile, then the shares to be received by the recipients will be determined using linear interpolation for levels of achievement between these points. For the Performance Units granted beginning in April 2019, the payout shall not exceed the target number of shares if our total shareholder return is negative or zero. Additionally, the Performance Units granted in April 2020 will not pay out if our total shareholder return is not equal to or greater than the total stockholder return of the S&P 500 Index for the performance period. The total target number of shares with respect to the Performance Units for the awards granted in 2018-2022 is set forth below: 2022 2021 2020 2019 2018 Performance Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Unit Awards Target number of shares 414,000 843,000 500,500 489,800 310,700 In April 2021, 621,400 shares were issued to settle the 2018 Performance Units. In April 2022, 979,600 shares were issued to settle the 2019 Performance Units. The Performance Units granted in 2020, 2021 and 2022 have not reached the end of their respective performance periods. Because the Performance Units are share-settled awards, they are accounted for as equity awards and measured at fair value on the date of grant using a Monte Carlo simulation model. The fair value of the Performance Units is set forth below (in thousands): 2022 2021 2020 2019 2018 Performance Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Unit Awards Aggregate fair value at date of grant $ 10,743 $ 7,225 $ 826 $ 9,958 $ 8,004 These fair value amounts are charged to expense on a straight-line basis over the performance period. Compensation expense associated with the Performance Units is shown below (in thousands): 2022 2021 2020 2019 2018 Performance Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Unit Awards Three months ended June 30, 2022 $ 895 $ 602 $ 69 NA NA Three months ended June 30, 2021 NA $ 602 $ 69 $ 830 NA Six months ended June 30, 2022 $ 895 $ 1,204 $ 138 $ 830 NA Six months ended June 30, 2021 NA $ 602 $ 138 $ 1,660 $ 667 As of June 30, 2022 , we had unrecognized compensation cost related to our unvested Performance Units totaling $ 14.3 million. The weighted-average remaining vesting period for these unvested Performance Units was 1.70 years. Phantom Units — In May 2020, the Compensation Committee approved a grant of long-term performance-based phantom units to our Chief Executive Officer and President, William A. Hendricks, Jr (the “Phantom Units”). The Phantom Units were granted outside of the 2014 Plan. Pursuant to this phantom unit grant, Mr. Hendricks may earn from 0 % to 200 % of a target award of 298,500 phantom units based on our achievement of the same performance conditions over the same performance period that applies to the Performance Units granted in April 2020, as described above. Earned Phantom Units, if any, will be settled in 2023 , following completion of the three-year performance period, in a cash payment equal to the number of earned phantom units multiplied by our average trading price per share over the twenty consecutive trading days ending March 31, 2023. Because the Phantom Units are cash-settled awards, they are accounted for as a liability classified award. The grant date fair value of the Phantom Units was $ 1.2 million. Compensation expense is recognized on a straight-line basis over the performance period, with the amount recognized fluctuating as a result of the Phantom Units being remeasured to fair value at the end of each reporting period due to their liability-award classification. We recognized $ 0.5 million and $ 1.0 million of compensation expense associated with the Phantom Units during the three months ended June 30, 2022 and 2021, respectively, and we recognized $ 3.6 million and $ 1.5 million of compensation expense for the six months ended June 30, 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Our effective income tax rate fluctuates from the U.S. statutory tax rate based on, among other factors, changes in pretax income in jurisdictions with varying statutory tax rates, the impact of U.S. state and local taxes, the realizability of deferred tax assets and other differences related to the recognition of income and expense between GAAP and tax accounting. Our effective income tax rate for the three months ended June 30, 2022 was 7.5 %, compared with 13.4 % for the three months ended June 30, 2021. The lower effective income tax rate for the three months ended June 30, 2022 was primarily attributable to the impact of valuation allowances between periods. For the three months ended June 30, 2022, due to valuation allowances, only certain income tax expense related to Colombia and certain U.S. states was recorded, resulting in a lower overall effective income tax rate. Our effective income tax rate for the six months ended June 30, 2022 was ( 64.7 )%, compared with 15.0 % for the six months ended June 30, 2021. The lower effective income tax rate for the six months ended June 30, 2022 was primarily attributable to the impact of valuation allowances between periods. For the period ending June 30, 2022, due to valuation allowances, only certain income tax expense related to Colombia and certain U.S. states was recorded during a period with a pre-tax loss. This resulted in a negative effective income tax rate for the six months ended June 30, 2022. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, and when necessary valuation allowances are provided. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We assess the realizability of our deferred tax assets quarterly and consider carryback availability, the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. In the first two quarters of 2022, the effective tax rate takes into consideration the estimated valuation allowance based on forecasted 2022 income. We continue to monitor income tax developments in the United States and other countries where we have legal entities. We will incorporate into our future financial statements the impacts, if any, of future regulations and additional authoritative guidance when finalized. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 13. Earnings Per Share We provide a dual presentation of our net loss per common share in our unaudited condensed consolidated statements of operations: basic net loss per common share (“Basic EPS”) and diluted net loss per common share (“Diluted EPS”). Basic EPS excludes dilution and is determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options, non-vested shares of restricted stock, performance units and restricted stock units. The dilutive effect of stock options, performance units and non-vested restricted stock units is determined using the treasury stock method. The following table presents information necessary to calculate net loss per share for the three and six months ended June 30, 2022 and 2021 as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 BASIC EPS: Net income (loss) attributed to common stockholders $ 21,886 $ ( 103,309 ) $ ( 6,891 ) $ ( 209,722 ) Weighted average number of common shares outstanding, excluding 216,165 188,408 215,718 188,044 Basic net income (loss) per common share $ 0.10 $ ( 0.55 ) $ ( 0.03 ) $ ( 1.12 ) DILUTED EPS: Net income (loss) attributed to common stockholders $ 21,886 $ ( 103,309 ) $ ( 6,891 ) $ ( 209,722 ) Weighted average number of common shares outstanding, excluding 216,165 188,408 215,718 188,044 Add dilutive effect of potential common shares 3,511 — — — Weighted average number of diluted common shares outstanding 219,676 188,408 215,718 188,044 Diluted net income (loss) per common share $ 0.10 $ ( 0.55 ) $ ( 0.03 ) $ ( 1.12 ) Potentially dilutive securities excluded as anti-dilutive 3,683 10,361 9,982 10,361 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | 14. Business Segments At June 30, 2022 , we had three reportable business segments: (i) contract drilling of oil and natural gas wells, (ii) pressure pumping services and (iii) directional drilling services. Each of these segments represents a distinct type of business and has a separate management team that reports to our chief operating decision maker. The results of operations in these segments are regularly reviewed by the chief operating decision maker for purposes of determining resource allocation and assessing performance. The following tables summarize selected financial information relating to our business segments (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues: Contract drilling $ 307,618 $ 142,264 $ 567,301 $ 275,926 Pressure pumping 238,376 111,991 427,966 187,830 Directional drilling 54,825 24,869 98,159 44,539 Other operations (1) 29,233 18,251 54,259 32,817 Elimination of intercompany revenues - Contract drilling (2) ( 3,032 ) ( 532 ) ( 6,075 ) ( 693 ) Elimination of intercompany revenues - Other operations (2) ( 4,782 ) ( 5,069 ) ( 9,997 ) ( 7,716 ) Total revenues $ 622,238 $ 291,774 $ 1,131,613 $ 532,703 Income (loss) before income taxes: Contract drilling $ 21,720 $ ( 58,229 ) $ 18,556 $ ( 106,850 ) Pressure pumping 20,091 ( 23,921 ) 26,512 ( 63,660 ) Directional drilling 4,028 ( 5,110 ) 5,816 ( 10,033 ) Other operations 3,300 ( 3,287 ) 4,041 ( 7,843 ) Corporate ( 12,377 ) ( 18,863 ) ( 37,044 ) ( 38,551 ) Interest income 14 20 29 159 Interest expense ( 10,658 ) ( 10,704 ) ( 21,223 ) ( 20,713 ) Other ( 2,452 ) 812 ( 870 ) 826 Income (loss) before income taxes $ 23,666 $ ( 119,282 ) $ ( 4,183 ) $ ( 246,665 ) Depreciation, depletion, amortization and impairment: Contract drilling $ 84,905 $ 98,592 $ 166,928 $ 200,266 Pressure pumping 24,713 31,740 48,498 69,125 Directional drilling 3,859 6,594 7,203 13,091 Other operations 6,803 5,619 13,200 11,443 Corporate 1,273 1,492 2,662 2,994 Total depreciation, depletion, amortization and impairment $ 121,553 $ 144,037 $ 238,491 $ 296,919 Capital expenditures: Contract drilling $ 50,165 $ 24,042 $ 101,875 $ 35,469 Pressure pumping 34,554 8,921 68,016 12,989 Directional drilling 4,036 1,219 7,002 1,323 Other operations 7,189 3,429 13,391 6,173 Corporate 426 439 914 619 Total capital expenditures $ 96,370 $ 38,050 $ 191,198 $ 56,573 June 30, 2022 December 31, 2021 Identifiable assets: Contract drilling $ 2,177,484 $ 2,169,501 Pressure pumping 522,016 458,202 Directional drilling 105,468 87,285 Other operations 99,154 85,932 Corporate (3) 55,855 156,928 Total assets $ 2,959,977 $ 2,957,848 (1) Other operations includes our oilfield rentals business, drilling equipment service business, the electrical controls and automation business and the oil and natural gas working interests. (2) I ntercompany revenues consist of revenues from contract drilling for services provided to our other operations, and revenues from other operations for services provided to contract drilling, pressure pumping and within other operations . These revenues are generally based on estimated external selling prices and are eliminated during consolidation. (3) Corporate assets primarily include cash on hand and certain property and equipment. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | 15. Fair Values of Financial Instruments The carrying values of cash and cash equivalents, trade receivables and accounts payable approximate fair value due to the short-term maturity of these items. These fair value estimates are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting. The estimated fair value of our outstanding debt balances as of June 30, 2022 and December 31, 2021 is set forth below (in thousands): June 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value Revolving credit facility $ 25,000 $ 25,000 $ — $ — 3.95% Senior Notes 509,505 432,972 509,505 511,652 5.15% Senior Notes 349,250 301,773 349,250 359,142 Total debt $ 883,755 $ 759,745 $ 858,755 $ 870,794 The carrying value of the balance outstanding under the revolving credit facility approximates its fair value as this instrument has floating interest rates. The fair values of the 3.95 % Senior Notes and the 5.15 % Senior Notes at June 30, 2022 and December 31, 2021 are based on quoted market prices, which are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting. The fair values of the 3.95 % Senior Notes implied a 7.27 % market rate of interest at June 30, 2022 and a 3.87 % market rate of interest at December 31, 2021, based on their quoted market prices. The fair values of the 5.15 % Senior Notes implied a 7.59 % market rate of interest at June 30, 2022 and a 4.72 % market rate of interest at December 31, 2021, based on their quoted market prices. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Adopted Accounting Standards — In December 2019, the FASB issued an accounting standards update to simplify the accounting for income taxes. The amendments in the update were effective for public business entities for fiscal years beginning after December 15, 2020, with early adoption permitted. We adopted this new guidance on January 1, 2021, and there was no material impact on our consolidated financial statements. Recently Issued Accounting Standards — In March 2020, the FASB issued an accounting standards update to provide temporary optional expedients that simplify the accounting for contract modifications to existing debt agreements expected to arise from the market transition from LIBOR to alternative reference rates. The amendments in the update are effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications from the beginning of an interim period that includes or is subsequent to March 12, 2020. We plan to adopt this standard when LIBOR is discontinued, and we do not expect this new guidance will have a material impact on our consolidated financial statements. In October 2021, the FASB issued an accounting standards update , which requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The amendments should be applied prospectively to acquisitions occurring on or after the effective date. The amendments in the update are effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption permitted. We plan to adopt this new guidance on January 1, 2023, and we do not expect this new guidance will have a material impact on our consolidated financial statements. |
Acquisition and Discontinued _2
Acquisition and Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Acquisitions And Discontinued Operations [Abstract] | |
Schedule of Fair Value of Consideration Transferred | The total fair value of the consideration transferred was determined as follows (in thousands, except stock price): Shares of our common stock issued to Pioneer shareholders 26,274 Our common stock price on October 1, 2021 $ 9.44 Fair value of common stock issued $ 248,025 Plus cash consideration $ 30,007 Total fair value of consideration transferred $ 278,032 |
Schedule of Total Purchase Price of Assets Acquired and Liabilities Assumed Based on Fair Value | We expect to complete the purchase price allocation during the 12-month period following the acquisition date. Identifiable assets acquired Cash and cash equivalents $ 649 Accounts receivable 44,832 Inventory 8,513 Held for sale assets 73,649 Other current assets 5,272 Property and equipment 217,536 Other long-term assets 9,698 Intangible assets 907 Total identifiable assets acquired 361,056 Liabilities assumed Accounts payable and accrued liabilities 30,391 Held for sale liabilities 32,160 Deferred income taxes 15,543 Other long-term liabilities 4,930 Total liabilities assumed 83,024 Total net assets acquired $ 278,032 |
Summary of Fair Value Consideration Transferred Has Been Provisionally Assigned to Identifiable Intangible Assets | A portion of the fair value consideration transferred was provisionally assigned to identifiable intangible assets as follows: Fair Value Weighted Average Useful Life (in thousands) (in years) Assets Trade name $ 907 5.00 |
Schedule of Operating Results from Discontinued Operations | Summarized operating results from discontinued operations that were included in our consolidated statements of operations for the year ended December 31, 2021 are shown below (in thousands): 2021 Operating revenues: Wireline revenue $ 9,868 Well servicing revenue 19,652 Total operating revenues 29,520 Operating costs and expenses: Wireline 10,465 Well servicing 16,585 Total operating costs and expenses 27,050 Operating income 2,470 Total other income (expense) 64 Income from discontinued operations before income taxes 2,534 Income tax benefit — Income from discontinued operations, net of tax $ 2,534 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory consisted of the following at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Finished goods $ 817 $ 515 Work-in-process 1,838 882 Raw materials and supplies 50,873 40,962 Inventory $ 53,528 $ 42,359 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Equipment $ 7,490,085 $ 7,742,101 Oil and natural gas properties 235,925 229,403 Buildings 183,686 182,280 Land 24,861 24,562 Total property and equipment 7,934,557 8,178,346 Less accumulated depreciation, depletion and impairment ( 5,645,186 ) ( 5,846,591 ) Property and equipment, net $ 2,289,371 $ 2,331,755 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The following table presents the gross carrying amount and accumulated amortization of our intangible assets as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 1,800 $ ( 943 ) $ 857 $ 1,800 $ ( 814 ) $ 986 Developed technology 7,772 ( 3,385 ) 4,387 55,772 ( 50,996 ) 4,776 Internal use software 1,288 ( 137 ) 1,151 1,428 ( 515 ) 913 Trade name 907 ( 136 ) 771 907 ( 45 ) 862 Intangible assets, net $ 11,767 $ ( 4,601 ) $ 7,166 $ 59,907 $ ( 52,370 ) $ 7,537 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Salaries, wages, payroll taxes and benefits $ 47,445 $ 52,252 Workers' compensation liability 66,734 67,921 Property, sales, use and other taxes 14,786 9,673 Insurance, other than workers' compensation 4,437 6,494 Accrued interest payable 11,306 11,226 Accrued restructuring expenses 2,400 7,884 Customer prepayment 3,409 60,282 Other 38,686 22,779 Accrued liabilities $ 189,203 $ 238,511 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt consisted of the following at June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 Revolving credit facility $ 25,000 $ — 3.95 % Senior Notes 509,505 509,505 5.15 % Senior Notes 349,250 349,250 883,755 858,755 Less deferred financing costs and discounts ( 6,016 ) ( 6,432 ) Total $ 877,739 $ 852,323 |
Schedule of Principal Repayment Requirements of Long Term Debt | Presented below is a schedule of the principal repayment requirements of long-term debt as of June 30, 2022 (in thousands): Year ending December 31, 2022 $ — 2023 — 2024 — 2025 25,000 2026 — Thereafter 858,755 Total $ 883,755 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Treasury Stock Acquisition | Treasury stock acquisitions during the six months ended June 30, 2022 were as follows (dollars in thousands): Shares Cost Treasury shares at January 1, 2022 84,128,995 $ 1,372,641 Acquisitions pursuant to long-term incentive plan 1,372,101 23,237 Other 3,027 28 Treasury shares at June 30, 2022 85,504,123 $ 1,395,906 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Activity | Stock option activity from January 1, 2022 to June 30, 2022 follows: Weighted Average Underlying Exercise Price Shares Per Share Outstanding at January 1, 2022 3,720,150 $ 20.93 Exercised ( 640,000 ) $ 16.20 Expired ( 100,000 ) $ 17.27 Outstanding at June 30, 2022 2,980,150 $ 22.07 Exercisable at June 30, 2022 2,980,150 $ 22.07 |
Restricted Stock Unit Activity | Restricted stock unit activity from January 1, 2022 to June 30, 2022 follows: Weighted Average Grant Time Performance Date Fair Value Based Based Per Share Non-vested restricted stock units outstanding at January 1, 2022 3,044,719 359,315 $ 8.31 Granted 1,554,849 — $ 17.37 Vested ( 1,437,286 ) — $ 7.32 Forfeited ( 34,365 ) — $ 12.75 Non-vested restricted stock units outstanding at June 30, 2022 3,127,917 359,315 $ 12.71 |
Performance Units | The total target number of shares with respect to the Performance Units for the awards granted in 2018-2022 is set forth below: 2022 2021 2020 2019 2018 Performance Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Unit Awards Target number of shares 414,000 843,000 500,500 489,800 310,700 |
Fair Value of Performance Units | The fair value of the Performance Units is set forth below (in thousands): 2022 2021 2020 2019 2018 Performance Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Unit Awards Aggregate fair value at date of grant $ 10,743 $ 7,225 $ 826 $ 9,958 $ 8,004 |
Compensation Expense Associated with Performance Units | Compensation expense associated with the Performance Units is shown below (in thousands): 2022 2021 2020 2019 2018 Performance Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Unit Awards Three months ended June 30, 2022 $ 895 $ 602 $ 69 NA NA Three months ended June 30, 2021 NA $ 602 $ 69 $ 830 NA Six months ended June 30, 2022 $ 895 $ 1,204 $ 138 $ 830 NA Six months ended June 30, 2021 NA $ 602 $ 138 $ 1,660 $ 667 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Net Loss per Share | The following table presents information necessary to calculate net loss per share for the three and six months ended June 30, 2022 and 2021 as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 BASIC EPS: Net income (loss) attributed to common stockholders $ 21,886 $ ( 103,309 ) $ ( 6,891 ) $ ( 209,722 ) Weighted average number of common shares outstanding, excluding 216,165 188,408 215,718 188,044 Basic net income (loss) per common share $ 0.10 $ ( 0.55 ) $ ( 0.03 ) $ ( 1.12 ) DILUTED EPS: Net income (loss) attributed to common stockholders $ 21,886 $ ( 103,309 ) $ ( 6,891 ) $ ( 209,722 ) Weighted average number of common shares outstanding, excluding 216,165 188,408 215,718 188,044 Add dilutive effect of potential common shares 3,511 — — — Weighted average number of diluted common shares outstanding 219,676 188,408 215,718 188,044 Diluted net income (loss) per common share $ 0.10 $ ( 0.55 ) $ ( 0.03 ) $ ( 1.12 ) Potentially dilutive securities excluded as anti-dilutive 3,683 10,361 9,982 10,361 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Business Segments - Financial Information | The following tables summarize selected financial information relating to our business segments (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenues: Contract drilling $ 307,618 $ 142,264 $ 567,301 $ 275,926 Pressure pumping 238,376 111,991 427,966 187,830 Directional drilling 54,825 24,869 98,159 44,539 Other operations (1) 29,233 18,251 54,259 32,817 Elimination of intercompany revenues - Contract drilling (2) ( 3,032 ) ( 532 ) ( 6,075 ) ( 693 ) Elimination of intercompany revenues - Other operations (2) ( 4,782 ) ( 5,069 ) ( 9,997 ) ( 7,716 ) Total revenues $ 622,238 $ 291,774 $ 1,131,613 $ 532,703 Income (loss) before income taxes: Contract drilling $ 21,720 $ ( 58,229 ) $ 18,556 $ ( 106,850 ) Pressure pumping 20,091 ( 23,921 ) 26,512 ( 63,660 ) Directional drilling 4,028 ( 5,110 ) 5,816 ( 10,033 ) Other operations 3,300 ( 3,287 ) 4,041 ( 7,843 ) Corporate ( 12,377 ) ( 18,863 ) ( 37,044 ) ( 38,551 ) Interest income 14 20 29 159 Interest expense ( 10,658 ) ( 10,704 ) ( 21,223 ) ( 20,713 ) Other ( 2,452 ) 812 ( 870 ) 826 Income (loss) before income taxes $ 23,666 $ ( 119,282 ) $ ( 4,183 ) $ ( 246,665 ) Depreciation, depletion, amortization and impairment: Contract drilling $ 84,905 $ 98,592 $ 166,928 $ 200,266 Pressure pumping 24,713 31,740 48,498 69,125 Directional drilling 3,859 6,594 7,203 13,091 Other operations 6,803 5,619 13,200 11,443 Corporate 1,273 1,492 2,662 2,994 Total depreciation, depletion, amortization and impairment $ 121,553 $ 144,037 $ 238,491 $ 296,919 Capital expenditures: Contract drilling $ 50,165 $ 24,042 $ 101,875 $ 35,469 Pressure pumping 34,554 8,921 68,016 12,989 Directional drilling 4,036 1,219 7,002 1,323 Other operations 7,189 3,429 13,391 6,173 Corporate 426 439 914 619 Total capital expenditures $ 96,370 $ 38,050 $ 191,198 $ 56,573 June 30, 2022 December 31, 2021 Identifiable assets: Contract drilling $ 2,177,484 $ 2,169,501 Pressure pumping 522,016 458,202 Directional drilling 105,468 87,285 Other operations 99,154 85,932 Corporate (3) 55,855 156,928 Total assets $ 2,959,977 $ 2,957,848 (1) Other operations includes our oilfield rentals business, drilling equipment service business, the electrical controls and automation business and the oil and natural gas working interests. (2) I ntercompany revenues consist of revenues from contract drilling for services provided to our other operations, and revenues from other operations for services provided to contract drilling, pressure pumping and within other operations . These revenues are generally based on estimated external selling prices and are eliminated during consolidation. (3) Corporate assets primarily include cash on hand and certain property and equipment. |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Outstanding Debt Balances | The estimated fair value of our outstanding debt balances as of June 30, 2022 and December 31, 2021 is set forth below (in thousands): June 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Value Value Value Value Revolving credit facility $ 25,000 $ 25,000 $ — $ — 3.95% Senior Notes 509,505 432,972 509,505 511,652 5.15% Senior Notes 349,250 301,773 349,250 359,142 Total debt $ 883,755 $ 759,745 $ 858,755 $ 870,794 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |
Proceeds From Sales Of Business Affiliate and Productive Assets | $ 43 |
Acquisition and Discontinued _3
Acquisition and Discontinued Operations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 01, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||||
Merger and integration related costs | $ 182 | $ 1,148 | $ 2,045 | $ 1,148 | |||
Cash consideration received | $ 43,000 | ||||||
Pioneer Energy Services Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Shares of our common stock issued to Pioneer shareholders | 26,274,000 | ||||||
Plus cash consideration | $ 30,007 | ||||||
Our common stock price on October 1, 2021 | $ 9.44 | ||||||
Business Combination, Consideration Transferred | $ 278,032 | ||||||
Percentage of acquired pad-capable drilling rig fleet | 100% | ||||||
Revenues | $ 41,500 | ||||||
Direct operating expenses attributed | $ 30,500 |
Acquisition and Discontinued _4
Acquisition and Discontinued Operations - Schedule of Fair Value of Consideration Transferred (Details) - Pioneer Energy Services Corp. $ / shares in Units, $ in Thousands | Oct. 01, 2021 USD ($) $ / shares shares |
Acquisitions And Discontinued Operations [Line Items] | |
Shares of our common stock issued to Pioneer shareholders | shares | 26,274,000 |
Our common stock price on October 1, 2021 | $ / shares | $ 9.44 |
Fair value of common stock issued | $ 248,025 |
Plus cash consideration | 30,007 |
Total fair value of consideration transferred | $ 278,032 |
Acquisition and Discontinued _5
Acquisition and Discontinued Operations - Schedule of Total Purchase Price of Assets Acquired and Liabilities Assumed Based on Fair Value (Details) - Pioneer Energy Services Corp. $ in Thousands | Oct. 01, 2021 USD ($) |
Identifiable assets acquired | |
Cash and cash equivalents | $ 649 |
Accounts receivable | 44,832 |
Inventory | 8,513 |
Held for sale assets | 73,649 |
Other current assets | 5,272 |
Property and equipment | 217,536 |
Other long-term assets | 9,698 |
Intangible assets | 907 |
Total identifiable assets acquired | 361,056 |
Liabilities assumed | |
Accounts payable and accrued liabilities | 30,391 |
Held for sale liabilities | 32,160 |
Deferred income taxes | 15,543 |
Other long-term liabilities | 4,930 |
Total liabilities assumed | 83,024 |
Total net assets acquired | $ 278,032 |
Acquisition and Discontinued _6
Acquisition and Discontinued Operations - Summary of Fair Value Consideration Transferred Has Been Provisionally Assigned to Identifiable Intangible Assets (Details) - Pioneer Energy Services Corp. $ in Thousands | Oct. 01, 2021 USD ($) |
Business Acquisition [Line Items] | |
Fair Value, Assets, Portion of the fair value consideration transferred | $ 907 |
Trade Name [Member] | |
Business Acquisition [Line Items] | |
Fair Value, Assets, Portion of the fair value consideration transferred | $ 907 |
Weighted Average Useful Life, Identifiable intangible assets | 5 years |
Acquisition and Discontinued _7
Acquisition and Discontinued Operations - Schedule of Operating Results from Discontinued Operations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Acquisitions And Discontinued Operations [Line Items] | |
Operating revenues from discontinued operations | $ 29,520 |
Operating costs and expenses | 27,050 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss), Total | 2,470 |
Total other income (expense) | 64 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Total | 2,534 |
Income tax benefit | 0 |
Income from discontinued operations, net of tax | 2,534 |
Wireline | |
Acquisitions And Discontinued Operations [Line Items] | |
Operating revenues from discontinued operations | 9,868 |
Operating costs and expenses | 10,465 |
Well Servicing | |
Acquisitions And Discontinued Operations [Line Items] | |
Operating revenues from discontinued operations | 19,652 |
Operating costs and expenses | $ 16,585 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||||
Accounts receivable balances | $ 473,153 | $ 473,153 | $ 356,083 | ||
Total revenues | 622,238 | $ 291,774 | 1,131,613 | $ 532,703 | |
Contract Drilling | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenue, Remaining Performance Obligation, Amount | $ 440,000 | $ 440,000 | |||
Revenue Remaining Performance Obligation Percentage | 24% | 24% | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | Jun. 30, 2023 | Jun. 30, 2023 | |||
ASC Topic 606 Revenue from Contracts with Customers | |||||
Disaggregation Of Revenue [Line Items] | |||||
Accounts receivable balances | $ 466,000 | $ 466,000 | 352,000 | ||
Revenue recognized | 59,700 | ||||
ASC Topic 606 Revenue from Contracts with Customers | Accounts Payable | |||||
Disaggregation Of Revenue [Line Items] | |||||
Total contract liability | $ 3,400 | 3,400 | $ 60,300 | ||
ASC Topic 606 Revenue from Contracts with Customers | Contract Drilling | |||||
Disaggregation Of Revenue [Line Items] | |||||
Amortized revenue | $ 0 | $ 0 | |||
Maximum | |||||
Disaggregation Of Revenue [Line Items] | |||||
Accounts receivable payment terms | 60 days | ||||
Minimum | |||||
Disaggregation Of Revenue [Line Items] | |||||
Accounts receivable payment terms | 30 days |
Inventory (Detail)
Inventory (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory, Net [Abstract] | ||
Finished goods | $ 817 | $ 515 |
Work-in-process | 1,838 | 882 |
Raw materials and supplies | 50,873 | 40,962 |
Inventory | $ 53,528 | $ 42,359 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 7,934,557 | $ 8,178,346 |
Less accumulated depreciation, depletion and impairment | (5,645,186) | (5,846,591) |
Property and equipment, net | 2,289,371 | 2,331,755 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 7,490,085 | 7,742,101 |
Oil and natural gas properties | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 235,925 | 229,403 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 183,686 | 182,280 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 24,861 | $ 24,562 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Rigs and Spare Rig Components That Would No Longer Be Marketed | ||
Property Plant And Equipment [Line Items] | ||
Impairment charge of drilling equipment | $ 0 | $ 0 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Amortization expense on intangible assets | $ 0.4 | $ 3.1 | $ 0.7 | $ 6.3 |
Gross Carrying Amount and Accum
Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 11,767 | $ 59,907 |
Accumulated Amortization | (4,601) | (52,370) |
Net Carrying Amount | 7,166 | 7,537 |
Customer Relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,800 | 1,800 |
Accumulated Amortization | (943) | (814) |
Net Carrying Amount | 857 | 986 |
Developed Technology | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,772 | 55,772 |
Accumulated Amortization | (3,385) | (50,996) |
Net Carrying Amount | 4,387 | 4,776 |
Internal Use Software | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,288 | 1,428 |
Accumulated Amortization | (137) | (515) |
Net Carrying Amount | 1,151 | 913 |
Trade Name [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 907 | 907 |
Accumulated Amortization | (136) | (45) |
Net Carrying Amount | $ 771 | $ 862 |
Summary of Accrued Liabilities
Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Salaries, wages, payroll taxes and benefits | $ 47,445 | $ 52,252 |
Workers' compensation liability | 66,734 | 67,921 |
Property, sales, use and other taxes | 14,786 | 9,673 |
Insurance, other than workers' compensation | 4,437 | 6,494 |
Accrued interest payable | 11,306 | 11,226 |
Accrued restructuring expenses | 2,400 | 7,884 |
Customer prepayment | 3,409 | 60,282 |
Other | 38,686 | 22,779 |
Accrued liabilities | $ 189,203 | $ 238,511 |
Summary of Long Term Debt (Deta
Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 883,755 | $ 858,755 |
Less deferred financing costs and discounts | (6,016) | (6,432) |
Total | 877,739 | 852,323 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 25,000 | 0 |
3.95% Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 509,505 | 509,505 |
5.15% Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 349,250 | $ 349,250 |
Summary of Long Term Debt (Pare
Summary of Long Term Debt (Parenthetical ) (Detail) | Jun. 30, 2022 |
3.95% Senior Notes | |
Debt Instrument [Line Items] | |
Debt interest rate | 3.95% |
5.15% Senior Notes | |
Debt Instrument [Line Items] | |
Debt interest rate | 5.15% |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facilities - Additional Information (Detail) | 6 Months Ended | ||
Mar. 27, 2020 USD ($) | Mar. 27, 2018 USD ($) Option | Jun. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Outstanding under our revolving credit facility | $ 65,100,000 | ||
Letter of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit, borrowings outstanding | $ 0 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Original maturity date | Mar. 27, 2024 | ||
Debt instrument, basis spread on variable rate | 5.50% | ||
Outstanding under our revolving credit facility | $ 25,000 | ||
Line of credit, available borrowing capacity | $ 575,000,000 | ||
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Credit agreement date | Mar. 27, 2018 | ||
Credit agreement, financial covenant description | our total debt to capitalization ratio, expressed as a percentage, not exceed 50%. The Credit Agreement generally defines the total debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the end of the most recently ended fiscal quarter. | ||
Credit Agreement | Minimum | |||
Debt Instrument [Line Items] | |||
Commitment fee rate payable to lenders based on credit rating | 0.10% | ||
Debt service coverage ratio | 1.50% | ||
Credit Agreement | Maximum | |||
Debt Instrument [Line Items] | |||
Commitment fee rate payable to lenders based on credit rating | 0.30% | ||
Debt to capitalization ratio, percentage the Company must not exceed at any time | 50% | ||
Credit Agreement | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.75% | ||
Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1% | ||
Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2% | ||
Credit Agreement | Base Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.75% | ||
Credit Agreement | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0% | ||
Credit Agreement | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1% | ||
Credit Agreement | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 550,000,000 | $ 600,000,000 | |
Original maturity date | Mar. 27, 2025 | ||
Debt instrument, number of optional extensions to initial maturity date | Option | 1 | ||
Optional extension period of initial maturity date | 1 year | ||
Outstanding under our revolving credit facility | $ 100,000 | ||
Credit Agreement | Revolving Credit Facility | Subject To Customary Conditions | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 900,000,000 | ||
Credit facility, additional borrowing capacity | 300,000,000 | ||
Credit Agreement | Revolving Credit Facility | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | 150,000,000 | ||
Credit Agreement | Revolving Credit Facility | Swing Line Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 50,000,000 | $ 20,000,000 | |
Reimbursement Agreement | |||
Debt Instrument [Line Items] | |||
Outstanding under our revolving credit facility | $ 65,000,000 | ||
Reimbursement Agreement | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.25% |
Long-Term Debt - Senior Notes -
Long-Term Debt - Senior Notes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Nov. 15, 2019 | Mar. 27, 2018 | Jan. 19, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||||
Proceeds from borrowings, before offering expenses | $ 45,000 | $ 0 | ||||||
Interest expense related to amortization of debt issuance costs | $ 300 | $ 300 | $ 500 | $ 500 | ||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity date | Mar. 27, 2024 | |||||||
3.95% Senior Notes Due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, aggregate principal amount | $ 525,000 | |||||||
Debt payment term | We pay interest on the 2028 Notes on February 1 and August 1 of each year | |||||||
Debt maturity date | Nov. 15, 2029 | Feb. 01, 2028 | ||||||
Debt interest rate | 3.95% | 3.95% | 3.95% | 3.95% | ||||
Debt instrument redemption description | At our option, we may redeem the Senior Notes in whole or in part, at any time or from time to time at a redemption price equal to 100% of the principal amount of such Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the redemption date, plus a “make-whole” premium. Additionally, commencing on November 1, 2027, in the case of the 2028 Notes, and on August 15, 2029, in the case of the 2029 Notes, at our option, we may redeem the respective Senior Notes in whole or in part, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest, if any, on those Senior Notes to the redemption date. | |||||||
Debt instrument, redemption percentage | 100% | 100% | ||||||
Debt instrument redemption upon the occurrence of change of control, description | Upon the occurrence of a change of control triggering event, as defined in the indentures, each holder of the Senior Notes may require us to purchase all or a portion of such holder’s Senior Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. | |||||||
Redemption price percentage of principal amount of debt instrument on change of control | 101% | 101% | ||||||
5.15% Senior Notes Due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, aggregate principal amount | $ 350,000 | |||||||
Debt payment term | We pay interest on the 2029 Notes on May 15 and November 15 of each year | |||||||
Debt interest rate | 5.15% | 5.15% | 5.15% | 5.15% | ||||
Debt instrument, redemption percentage | 100% | 100% |
Schedule of Principal Repayment
Schedule of Principal Repayment Requirements of Long-Term Debt (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 0 |
2023 | 0 |
2024 | 0 |
2025 | 25,000 |
2026 | 0 |
Thereafter | 858,755 |
Total | $ 883,755 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |
Letters of credit, collateral for retrospective premiums and retained losses | $ 65,100 |
Commitments to purchase major equipment | 97,800 |
Current obligation | 16,100 |
Purchase obligations for remainder of 2022 | 4,100 |
Purchase obligations for 2023 | 9,000 |
Purchase obligation for 2024 | 3,000 |
Letter of Credit | |
Commitments and Contingencies Disclosure [Line Items] | |
Amount drawn under letters of credit | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jul. 27, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jul. 31, 2019 | |
Class Of Stock [Line Items] | |||||||
Release of cumulative translation adjustment | $ 7,708 | $ 0 | $ 7,708 | $ 0 | |||
Tax Impact, Changes In Deferred Tax Liabilities | 3,800 | 3,800 | |||||
Release of cumulative translation adjustment, pre-tax gain | $ 11,500 | $ 11,500 | |||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||
2013 program | |||||||
Class Of Stock [Line Items] | |||||||
Remaining amount approved for repurchases under stock buyback program | $ 130,000 | $ 130,000 | |||||
2013 program | Maximum | |||||||
Class Of Stock [Line Items] | |||||||
Increase of the authorization under the stock buyback program | $ 250,000 | ||||||
Subsequent Event | Dividend Declared | |||||||
Class Of Stock [Line Items] | |||||||
Dividend declaration date | Jul. 27, 2022 | ||||||
Dividend per share, declared | $ 0.04 | ||||||
Dividend payment date | Sep. 15, 2022 | ||||||
Dividend record date | Sep. 01, 2022 |
Treasury Stock Acquisition (Det
Treasury Stock Acquisition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Schedule of Treasury Stock [Line Items] | ||||
Treasury shares at beginning of period | 84,128,995 | 84,128,995 | ||
Treasury Stock Share Other | 3,027 | |||
Treasury shares at end of period | 85,504,123 | 85,504,123 | ||
Treasury shares at beginning of period | $ 1,372,641 | $ 1,372,641 | ||
Acquisitions pursuant to long-term incentive plan, cost | $ 23,252 | $ 13 | $ 3,522 | |
Treasury Stock Other | 28 | |||
Treasury shares at end of period | $ 1,395,906 | $ 1,395,906 | ||
Long Term Incentive Plan | ||||
Schedule of Treasury Stock [Line Items] | ||||
Acquisitions pursuant to long-term incentive plan, shares | 1,372,101 | |||
Acquisitions pursuant to long-term incentive plan, cost | $ 23,237 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2022 | Apr. 30, 2021 | May 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of stock option granted | 0 | 0 | |||||
2019 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares issued | 979,600 | ||||||
Performance Units Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
Unrecognized compensation cost | $ 14.3 | $ 14.3 | |||||
Weighted-average remaining vesting period | 1 year 8 months 12 days | ||||||
Performance Units Awards | 2018 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares issued | 621,400 | ||||||
Performance Units Awards | Condition One [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Award description | The performance goals for the Performance Units are tied to our total shareholder return for the performance period as compared to total shareholder return for a peer group determined by the Compensation Committee. For the performance units granted in April 2022 and April 2021, the peer group includes one market index and three market indices, respectively. The performance goals are considered to be market conditions under the relevant accounting standards and the market conditions were factored into the determination of the fair value of the respective Performance Units. For the Performance Units granted beginning in April 2019, the recipients will receive the target number of shares if our total shareholder return during the performance period, when compared to the peer group, is at the 55th percentile. If our total shareholder return during the performance period, when compared to the peer group, is at the 75th percentile or higher, then the recipients will receive two times the target number of shares. If our total shareholder return during the performance period, when compared to the peer group, is at the 25th percentile, then the recipients will only receive one-half of the target number of shares. If our total shareholder return during the performance period, when compared to the peer group, is between the 25th and 55th percentile, or the 55th and 75th percentile, then the shares to be received by the recipients will be determined using linear interpolation for levels of achievement between these points. | ||||||
Phantom Share Units (PSUs) | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Award description | Mr. Hendricks may earn from 0% to 200% of a target award of 298,500 phantom units based on our achievement of the same performance conditions over the same performance period that applies to the Performance Units granted in April 2020, as described above. Earned Phantom Units, if any, will be settled in 2023, following completion of the three-year performance period, in a cash payment equal to the number of earned phantom units multiplied by our average trading price per share over the twenty consecutive trading days ending March 31, 2023. | ||||||
Performance completion year | 2023 | ||||||
Performance Period | 3 years | ||||||
Grant date fair value | $ 1.2 | ||||||
Expense recognized | 0.5 | $ 1 | $ 3.6 | $ 1.5 | |||
Phantom Share Units (PSUs) | Chief Executive Officer and President | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of units awardable based on performance conditions | 298,500 | ||||||
Phantom Share Units (PSUs) | Chief Executive Officer and President | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of target award vesting rights | 0% | ||||||
Phantom Share Units (PSUs) | Chief Executive Officer and President | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of target award vesting rights | 200% | ||||||
Restricted Stock Units (RSUs) | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 34.2 | $ 34.2 | |||||
Weighted-average remaining vesting period | 1 year 10 months 24 days |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Detail) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Shares | |
Outstanding at beginning of period | shares | 3,720,150 |
Exercised | shares | (640,000) |
Expired | shares | (100,000) |
Outstanding at end of period | shares | 2,980,150 |
Exercisable at end of year | shares | 2,980,150 |
Weighted Average Exercise Price Per Share | |
Outstanding at beginning of period | $ / shares | $ 20.93 |
Exercised | $ / shares | 16.20 |
Expired | $ / shares | 17.27 |
Outstanding at end of period | $ / shares | 22.07 |
Exercisable at end of year | $ / shares | $ 22.07 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Unit Activity (Detail) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Time Based Restricted Stock Units | |
Shares | |
Outstanding at beginning of period | 3,044,719 |
Granted | 1,554,849 |
Vested | (1,437,286) |
Forfeited | (34,365) |
Outstanding at end of period | 3,127,917 |
Performance Based Restricted Stock Units | |
Shares | |
Outstanding at beginning of period | 359,315 |
Granted | 0 |
Vested | 0 |
Forfeited | 0 |
Outstanding at end of period | 359,315 |
Restricted Stock Units (RSUs) | |
Weighted Average Grant Date Fair Value Per Share | |
Outstanding at beginning of period | $ / shares | $ 8.31 |
Granted | $ / shares | 17.37 |
Vested | $ / shares | 7.32 |
Forfeited | $ / shares | 12.75 |
Outstanding at end of period | $ / shares | $ 12.71 |
Stock-based Compensation - Perf
Stock-based Compensation - Performance Units (Detail) | 6 Months Ended |
Jun. 30, 2022 shares | |
2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target number of shares | 843,000 |
2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target number of shares | 414,000 |
2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target number of shares | 500,500 |
2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target number of shares | 489,800 |
2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target number of shares | 310,700 |
Stock-based Compensation - Fair
Stock-based Compensation - Fair Value of Performance Units (Detail) - Performance Units Awards $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate fair value at date of grant | $ 7,225 |
2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate fair value at date of grant | 10,743 |
2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate fair value at date of grant | 826 |
2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate fair value at date of grant | 9,958 |
2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate fair value at date of grant | $ 8,004 |
Stock-based Compensation - Comp
Stock-based Compensation - Compensation Expense Associated with Performance Units (Detail) - Performance Units Awards - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
2022 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense associated with Performance Units | $ 895 | $ 895 | ||
2021 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense associated with Performance Units | 602 | $ 602 | 1,204 | $ 602 |
2020 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense associated with Performance Units | $ 69 | 69 | 138 | 138 |
2019 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense associated with Performance Units | $ 830 | $ 830 | 1,660 | |
2018 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense associated with Performance Units | $ 667 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 7.50% | 13.40% | (64.70%) | 15% |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
BASIC EPS: | ||||
Net income (loss) attributed to common stockholders | $ 21,886 | $ (103,309) | $ (6,891) | $ (209,722) |
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 216,165,000 | 188,408,000 | 215,718,000 | 188,044,000 |
Basic net income (loss) per common share | $ 0.10 | $ (0.55) | $ (0.03) | $ (1.12) |
DILUTED EPS: | ||||
Net income (loss) attributed to common stockholders | $ 21,886 | $ (103,309) | $ (6,891) | $ (209,722) |
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 216,165,000 | 188,408,000 | 215,718,000 | 188,044,000 |
Add dilutive effect of potential common shares | 3,511,000 | 0 | 0 | 0 |
Weighted average number of diluted common shares outstanding | 219,676,000 | 188,408,000 | 215,718,000 | 188,044,000 |
Diluted net income (loss) per common share | $ 0.10 | $ (0.55) | $ (0.03) | $ (1.12) |
Potentially dilutive securities excluded as anti-dilutive | 3,683,000 | 10,361,000 | 9,982,000 | 10,361,000 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 3 |
Business Segments - Revenues (D
Business Segments - Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | $ 622,238 | $ 291,774 | $ 1,131,613 | $ 532,703 | |
Contract Drilling | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | 304,586 | 141,732 | 561,226 | 275,233 | |
Pressure Pumping | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | 238,376 | 111,991 | 427,966 | 187,830 | |
Directional Drilling | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | 54,825 | 24,869 | 98,159 | 44,539 | |
Operating Segments | Contract Drilling | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | 307,618 | 142,264 | 567,301 | 275,926 | |
Operating Segments | Pressure Pumping | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | 238,376 | 111,991 | 427,966 | 187,830 | |
Operating Segments | Directional Drilling | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | 54,825 | 24,869 | 98,159 | 44,539 | |
Other Operations | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | [1] | 29,233 | 18,251 | 54,259 | 32,817 |
Intersegment Elimination | Contract Drilling | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | [2] | (3,032) | (532) | (6,075) | (693) |
Intersegment Elimination | Other Operations | |||||
Segment Reporting Revenue Reconciling Item [Line Items] | |||||
Total revenues | [2] | $ (4,782) | $ (5,069) | $ (9,997) | $ (7,716) |
[1] Other operations includes our oilfield rentals business, drilling equipment service business, the electrical controls and automation business and the oil and natural gas working interests. I ntercompany revenues consist of revenues from contract drilling for services provided to our other operations, and revenues from other operations for services provided to contract drilling, pressure pumping and within other operations . These revenues are generally based on estimated external selling prices and are eliminated during consolidation. |
Business Segments - Income (Los
Business Segments - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Operating income (loss) | $ 36,762 | $ (109,410) | $ 17,881 | $ (226,937) |
Interest income | 14 | 20 | 29 | 159 |
Interest expense | (10,658) | (10,704) | (21,223) | (20,713) |
Other | (2,452) | 812 | (870) | 826 |
Income (loss) before income taxes | 23,666 | (119,282) | (4,183) | (246,665) |
Corporate Segment | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Operating income (loss) | (12,377) | (18,863) | (37,044) | (38,551) |
Operating Segments | Contract Drilling | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Operating income (loss) | 21,720 | (58,229) | 18,556 | (106,850) |
Operating Segments | Pressure Pumping | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Operating income (loss) | 20,091 | (23,921) | 26,512 | (63,660) |
Operating Segments | Directional Drilling | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Operating income (loss) | 4,028 | (5,110) | 5,816 | (10,033) |
Other Operations | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Operating income (loss) | $ 3,300 | $ (3,287) | $ 4,041 | $ (7,843) |
Business Segments - Depreciatio
Business Segments - Depreciation, Depletion, Amortization and Impairment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Depreciation | $ 121,553 | $ 144,037 | $ 238,491 | $ 296,919 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation | 1,273 | 1,492 | 2,662 | 2,994 |
Operating Segments | Contract Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, amortization and impairment | 84,905 | 98,592 | 166,928 | 200,266 |
Operating Segments | Pressure Pumping | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, amortization and impairment | 24,713 | 31,740 | 48,498 | 69,125 |
Operating Segments | Directional Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, amortization and impairment | 3,859 | 6,594 | 7,203 | 13,091 |
Other Operations | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 6,803 | $ 5,619 | $ 13,200 | $ 11,443 |
Business Segments - Capital Exp
Business Segments - Capital Expenditures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 96,370 | $ 38,050 | $ 191,198 | $ 56,573 |
Operating Segments | Contract Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 50,165 | 24,042 | 101,875 | 35,469 |
Operating Segments | Pressure Pumping | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 34,554 | 8,921 | 68,016 | 12,989 |
Operating Segments | Directional Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 4,036 | 1,219 | 7,002 | 1,323 |
Operating Segments | Corporate Segment | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 426 | 439 | 914 | 619 |
Other Operations | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 7,189 | $ 3,429 | $ 13,391 | $ 6,173 |
Business Segments - Identifiabl
Business Segments - Identifiable Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | $ 2,959,977 | $ 2,957,848 | |
Corporate Segment | |||
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | [1] | 55,855 | 156,928 |
Operating Segments | Contract Drilling | |||
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | 2,177,484 | 2,169,501 | |
Operating Segments | Pressure Pumping | |||
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | 522,016 | 458,202 | |
Operating Segments | Directional Drilling | |||
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | 105,468 | 87,285 | |
Other Operations | |||
Segment Reporting Asset Reconciling Item [Line Items] | |||
Total assets | $ 99,154 | $ 85,932 | |
[1] Corporate assets primarily include cash on hand and certain property and equipment. |
Estimated Fair Value of Outstan
Estimated Fair Value of Outstanding Debt Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt | $ 883,755 | $ 858,755 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt | 759,745 | 870,794 |
3.95% Senior Notes Due 2028 | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt | 509,505 | 509,505 |
3.95% Senior Notes Due 2028 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt | 432,972 | 511,652 |
5.15% Senior Notes Due 2029 | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt | 349,250 | 349,250 |
5.15% Senior Notes Due 2029 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt | 301,773 | 359,142 |
Revolving Credit Facility | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt | 25,000 | 0 |
Revolving Credit Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total debt | $ 25,000 | $ 0 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Nov. 15, 2019 | Jan. 19, 2018 | |
3.95% Senior Notes Due 2028 | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Debt interest rate | 3.95% | 3.95% | 3.95% | |
Current market rates used in measuring fair value | 7.27% | |||
5.15% Senior Notes Due 2029 | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Debt interest rate | 5.15% | 5.15% | 5.15% | |
Current market rates used in measuring fair value | 7.59% | 4.72% | ||
3.87% Senior Notes Due 2028 | ||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
Current market rates used in measuring fair value | 3.87% |