Patterson-UTI Energy (PTEN) 10-Q 2 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PTEN
Entity Registrant Name	PATTERSON UTI ENERGY INC
Entity Central Index Key	889,900
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		212,623,506

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 466,608	$ 35,152
Accounts receivable, net of allowance for doubtful accounts of $3,186 and $3,191 at March 31, 2017 and December 31, 2016, respectively	210,431	148,091
Federal and state income taxes receivable	1,878	2,126
Inventory	20,754	20,191
Other	30,273	41,322
Total current assets	729,944	246,882
Property and equipment, net	3,328,788	3,408,963
Goodwill and intangible assets	88,055	88,966
Deposits on equipment purchases	19,106	16,050
Deferred tax assets, net	4,771	4,124
Other	7,955	7,306
Total assets	4,178,619	3,772,291
Current liabilities:
Accounts payable	158,226	125,667
Accrued expenses	135,940	139,148
Total current liabilities	294,166	264,815
Long-term debt, net of debt issuance cost of $1,476 and $1,563 at March 31, 2017 and December 31, 2016, respectively	598,524	598,437
Deferred tax liabilities, net	614,361	650,661
Other	9,959	9,654
Total liabilities	1,517,010	1,523,567
Commitments and contingencies (see Note 11)
Stockholders' equity:
Preferred stock, par value $.01; authorized 1,000,000 shares, no shares issued
Common stock, par value $.01; authorized 300,000,000 shares with 209,729,770 and 191,525,872 issued and 166,329,164 and 148,133,255 outstanding at March 31, 2017 and December 31, 2016, respectively	2,097	1,915
Additional paid-in capital	1,521,438	1,042,696
Retained earnings	2,049,476	2,116,341
Accumulated other comprehensive loss	(85)	(1,134)
Treasury stock, at cost, 43,400,606 and 43,392,617 shares at March 31, 2017 and December 31, 2016, respectively	(911,317)	(911,094)
Total stockholders' equity	2,661,609	2,248,724
Total liabilities and stockholders' equity	$ 4,178,619	$ 3,772,291

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 3,186	$ 3,191
Long-term debt, debt issuance cost	$ 1,476	$ 1,563
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	300,000,000	300,000,000
Common stock, issued	209,729,770	191,525,872
Common stock, outstanding	166,329,164	148,133,255
Treasury stock, shares	43,400,606	43,392,617

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Operating revenues:
Other		$ 5,273	$ 3,967
Total operating revenues		305,175	268,939
Operating costs and expenses:
Contract drilling		108,221	80,898
Pressure pumping		119,013	87,813
Other		3,259	2,090
Depreciation, depletion, amortization and impairment		156,217	176,770
Selling, general and administrative		18,852	17,972
Acquisition related expenses		5,156
Other operating income, net	[1]	(12,904)	(1,345)
Total operating costs and expenses		397,814	364,198
Operating loss		(92,639)	(95,259)
Other income (expense):
Interest income		406	110
Interest expense, net of amount capitalized		(8,270)	(10,800)
Other		17	16
Total other expense		(7,847)	(10,674)
Loss before income taxes		(100,486)	(105,933)
Income tax benefit		(36,947)	(35,430)
Net loss		$ (63,539)	$ (70,503)
Net loss per common share:
Basic		$ (0.40)	$ (0.48)
Diluted		$ (0.40)	$ (0.48)
Weighted average number of common shares outstanding:
Basic		160,062	145,770
Diluted		160,062	145,770
Cash dividends per common share		$ 0.02	$ 0.10
Contract Drilling
Operating revenues:
Oil and gas services		$ 158,728	$ 168,659
Pressure Pumping
Operating revenues:
Oil and gas services		$ 141,174	$ 96,313
[1]	Other operating income includes net gains associated with the disposal of assets related to corporate strategy decisions of the executive management group. Accordingly, the related gains have been excluded from the operating results of specific segments. This caption also includes expenses related to certain legal settlements net of insurance reimbursements.

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (63,539)	$ (70,503)
Other comprehensive income, net of taxes of $0 for all periods:
Foreign currency translation adjustment	1,049	6,678
Total comprehensive loss	$ (62,490)	$ (63,825)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Other comprehensive income , taxes	$ 0	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance at Dec. 31, 2016	$ 2,248,724	$ 1,915	$ 1,042,696	$ 2,116,341	$ (1,134)	$ (911,094)
Beginning Balance (in shares) at Dec. 31, 2016	191,525,872	191,526,000
Net loss	$ (63,539)			(63,539)
Foreign currency translation adjustment	1,049				1,049
Equity offering	471,570	$ 182	471,388
Equity offering (in shares)		18,170,000
Exercise of stock options	$ 223		223
Exercise of stock options (in shares)	10,000	10,000
Issuance of restricted stock (in shares)		33,000
Forfeitures of restricted stock (in shares)		(9,000)
Stock-based compensation	$ 7,131		7,131
Payment of cash dividends	(3,326)			(3,326)
Purchase of treasury stock	(223)					(223)
Ending Balance at Mar. 31, 2017	$ 2,661,609	$ 2,097	$ 1,521,438	$ 2,049,476	$ (85)	$ (911,317)
Ending Balance (in shares) at Mar. 31, 2017	209,729,770	209,730,000

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (63,539)	$ (70,503)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and impairment	156,217	176,770
Deferred income tax benefit	(36,947)	(11,616)
Stock-based compensation expense	7,131	7,211
Net gain on asset disposals	(13,560)	(2,445)
Tax expense on stock-based compensation		(323)
Amortization of debt issuance costs	87	362
Changes in operating assets and liabilities:
Accounts receivable	(62,291)	37,362
Income taxes receivable	248	(3,346)
Inventory and other assets	9,931	2,973
Accounts payable	11,252	(14,888)
Accrued expenses	(3,233)	(7,196)
Other liabilities	261	(628)
Net cash provided by operating activities	5,557	113,733
Cash flows from investing activities:
Purchases of property and equipment	(68,440)	(21,301)
Proceeds from disposal of assets	25,861	5,100
Net cash used in investing activities	(42,579)	(16,201)
Cash flows from financing activities:
Proceeds from equity offering	471,570
Dividends paid	(3,326)	(14,712)
Repayment of long-term debt		(10,000)
Proceeds from borrowings under revolving credit facility	10,000
Repayment of borrowings under revolving credit facility	(10,000)
Net cash provided by (used in) financing activities	468,244	(24,712)
Effect of foreign exchange rate changes on cash	234	391
Net increase in cash and cash equivalents	431,456	73,211
Cash and cash equivalents at beginning of period	35,152	113,346
Cash and cash equivalents at end of period	466,608	186,557
Net cash (paid) received during the period for:
Interest, net of capitalized interest of $155 in 2017 and $185 in 2016	(634)	(3,773)
Income taxes	248	19,625
Non-cash investing and financing activities:
Net increase in payables for purchases of property and equipment	21,297	14,063
Net (increase) decrease in deposits on equipment purchases	$ (3,056)	$ 3,972

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Cash Flows [Abstract]
Interest expense, capitalized interest	$ 155	$ 185

Basis of Consolidation and Pres

Basis of Consolidation and Presentation	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Consolidation and Presentation	1. Basis of Consolidation and Presentation The unaudited interim condensed consolidated financial statements include the accounts of Patterson-UTI Energy, Inc. (the “Company”) and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Except for wholly-owned subsidiaries, the Company has no controlling financial interests in any entity which would require consolidation. The unaudited interim condensed consolidated financial statements have been prepared by management of the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted pursuant to such rules and regulations, although the Company believes 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 U.S. GAAP have been included. The unaudited condensed consolidated balance sheet as of December 31, 2016, as presented herein, was derived from the audited consolidated balance sheet of the Company, but does not include all disclosures required by U.S. GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. The U.S. dollar is the functional currency for all of the Company’s operations except for its Canadian operations, which uses the Canadian dollar as its functional currency. The effects of exchange rate changes are reflected in accumulated other comprehensive loss, which is a separate component of stockholders’ equity. In 2017, the Company adopted new guidance for the presentation of deferred tax liabilities and assets and such guidance was applied retrospectively, resulting in the retroactive adjustment of current deferred tax assets, net and deferred tax liabilities, net as of December 31, 2016. During the fourth quarter of 2016, the Company changed its reporting segment presentation, as the Company no longer considers its oil and natural gas exploration and production activities to be significant to an understanding of the Company’s results. The Company now presents the oil and natural gas exploration and production activities, pipe handling components and related technology business and Middle East/North Africa business as “Other,” and “Corporate” reflects only corporate activities. This change in segment presentation was applied retrospectively to all periods presented herein (See Note 6). The Company provides a dual presentation of its net loss per common share in its 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 computed by first allocating earnings between common stockholders and holders of non-vested shares of restricted stock. Basic EPS is then determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period, excluding non-vested shares of restricted stock. 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 and restricted stock units. The dilutive effect of stock options and restricted stock units is determined using the treasury stock method. The dilutive effect of non-vested shares of restricted stock is based on the more dilutive of the treasury stock method or the two-class method, assuming a reallocation of undistributed earnings to common stockholders after considering the dilutive effect of potential common shares other than non-vested shares of restricted stock. The following table presents information necessary to calculate net loss per share for the three months ended March 31, 2017 and 2016 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 March 31, 2017 2016 BASIC EPS: Net loss $ (63,539 ) $ (70,503 ) Adjust for loss attributed to holders of non-vested restricted stock — 681 Loss attributed to other common stockholders $ (63,539 ) $ (69,822 ) Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock 160,062 145,770 Basic net loss per common share $ (0.40 ) $ (0.48 ) DILUTED EPS: Loss attributed to other common stockholders $ (63,539 ) $ (69,822 ) Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock 160,062 145,770 Add dilutive effect of potential common shares — — Weighted average number of diluted common shares outstanding 160,062 145,770 Diluted net loss per common share $ (0.40 ) $ (0.48 ) Potentially dilutive securities excluded as anti-dilutive 9,017 7,740

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	2. Acquisitions On December 12, 2016, the Company entered into an Agreement and Plan of Merger (the “merger agreement”) with Seventy Seven Energy Inc. (“SSE”). On April 20, 2017, pursuant to the merger agreement, a subsidiary of the Company was merged with and into SSE, with SSE continuing as the surviving entity and one of the Company’s wholly owned subsidiaries (the “SSE merger”). Pursuant to the terms of the merger agreement, the Company acquired all of the issued and outstanding shares of common stock of SSE, in exchange for approximately 46.3 million shares of common stock of the Company (net of 50% of the shares withheld to satisfy tax obligations upon vesting of SSE restricted stock units and excluding up to approximately 0.5 million shares to be issued on or before August 18, 2017 to former holders of SSE restricted stock units that were granted on or after December 12, 2016 for employee retention purposes). Concurrent with the closing of the merger, the Company repaid all of the outstanding debt of SSE totaling $472 million ($403 million net of cash from SSE). Based on the closing price of the Company’s common stock on April 20, 2017, the total fair value of the consideration transferred to effect the acquisition of SSE was approximately $1.5 billion. On April 20, 2017, following the SSE merger, SSE was merged with and into a newly-formed subsidiary of the Company named Seventy Seven Energy LLC (“SSE LLC”), with SSE LLC continuing as the surviving entity and one of the Company’s wholly owned subsidiaries. Through the SSE merger, the Company acquired a fleet of 91 drilling rigs, 36 of which the Company considers to be APEX® class rigs. Additionally, through the SSE merger, the Company acquired approximately 500,000 horsepower of modern, efficient fracturing equipment located in the Anadarko Basin and Eagle Ford Shale. The oilfield rentals business acquired through the SSE merger has a modern, well-maintained fleet of premium rental tools, and it provides specialized services for land-based oil and natural gas drilling, completion and workover activities. The Company’s consolidated results of operations will include the results the acquired SSE business beginning with the closing date of the acquisition of April 20, 2017. Due to the timing of the closing of the acquisition, the Company has not completed the detailed valuation work necessary to determine the required estimates of the fair value of the acquired assets and liabilities assumed and the related allocation of purchase price. SSE reported total assets of approximately $949 million as of December 31, 2016, consisting of $48.7 million of cash, $99.5 million of accounts receivable, $750 million of property and equipment and $50.8 million of other assets. The Company’s preliminary allocation of purchase price to the assets acquired will be included in the Company’s future filings. As this transaction closed subsequent to the end of the first quarter of 2017, the condensed consolidated financial statements and accompanying notes do not reflect any amounts relating to SSE.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	3. Stock-based Compensation The Company uses share-based payments to compensate employees and non-employee directors. The Company recognizes the cost of share-based payments under the fair-value-based method. Share-based awards consist of equity instruments in the form of stock options, restricted stock or restricted stock units that have included service conditions and, in certain cases, performance conditions. The Company’s share-based awards also include share-settled performance unit awards. Share-settled performance unit awards are accounted for as equity awards. The Company issues 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 — The Company estimates the grant date fair values of stock options using the Black-Scholes-Merton valuation model. Volatility assumptions are based on the historic volatility of the Company’s 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 the Company’s 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 in the three months ended March 31, 2017. Weighted-average assumptions used to estimate the grant date fair values for stock options granted for the three month period ended March 31, 2016 follow: Three Months Ended March 31, 2016 Volatility 39.52 % Expected term (in years) 5.00 Dividend yield 2.65 % Risk-free interest rate 1.76 % Stock option activity from January 1, 2017 to March 31, 2017 follows: Weighted Average Underlying Exercise Price Shares Per Share Outstanding at January 1, 2017 6,687,150 $ 20.68 Exercised (10,000 ) $ 22.29 Outstanding at March 31, 2017 6,677,150 $ 20.68 Exercisable at March 31, 2017 5,466,836 $ 21.02 Restricted Stock — For all restricted stock awards made to date, shares of common stock were issued when the awards were made. Non-vested shares are subject to forfeiture for failure to fulfill service conditions and, in certain cases, performance conditions. Non-forfeitable dividends are paid on non-vested shares of restricted stock. The Company uses the straight-line method to recognize periodic compensation cost over the vesting period. Restricted stock activity from January 1, 2017 to March 31, 2017 follows: Weighted Average Grant Date Fair Value Shares Per Share Non-vested restricted stock outstanding at January 1, 2017 1,427,455 $ 22.26 Granted 32,500 $ 26.92 Vested (53,021 ) $ 23.54 Forfeited (8,602 ) $ 23.20 Non-vested restricted stock outstanding at March 31, 2017 1,398,332 $ 22.31 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. Non-forfeitable cash dividend equivalents are paid on certain non-vested restricted stock units. The Company uses the straight-line method to recognize periodic compensation cost over the vesting period. Restricted stock unit activity from January 1, 2017 to March 31, 2017 follows: Weighted Average Grant Date Fair Value Shares Per Share Non-vested restricted stock units outstanding at January 1, 2017 191,655 $ 19.85 Forfeited (852 ) $ 19.03 Non-vested restricted stock units outstanding at March 31, 2017 190,803 $ 19.86 Performance Unit Awards. The Company has granted stock-settled performance unit awards to certain executive officers (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 the three-year period commencing on April 1 of the year of grant, except that for the Performance Units granted in 2013 the performance period was extended pursuant to its terms, as described below. The performance goals for the Performance Units are tied to the Company’s total shareholder return for the performance period as compared to total shareholder return for a peer group determined by the Compensation Committee. These 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. Generally, the recipients will receive a target number of shares if the Company’s total shareholder return during the performance period is positive and, when compared to the peer group, is at the 50 th th th th th th For the Performance Units granted in April 2016, if the Company’s total shareholder return is negative, and, when compared to the peer group is at or above the 25th percentile, then the recipients will receive one-half of the number of shares they would have received had the Company’s total shareholder return been positive. In respect of the 2013 Performance Units, for which the performance period ended March 31, 2016, the Company’s total shareholder return for the performance period was negative, the Company’s total shareholder return for the performance period when compared to the peer group was above the 75 th The total target number of shares with respect to the Performance Units for the awards in 2013-2016 is set forth below: 2016 2015 2014 2013 Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Target number of shares 185,000 190,600 154,000 236,500 Because the performance units are stock-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): 2016 2015 2014 2013 Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Fair value at date of grant $ 3,854 $ 4,052 $ 5,388 $ 5,564 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): 2016 2015 2014 2013 Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Three months ended March 31, 2017 $ 321 $ 338 $ 449 NA Three months ended March 31, 2016 NA $ 338 $ 449 $ 464

Inventory

Inventory	3 Months Ended
	Mar. 31, 2017
Inventory Net [Abstract]
Inventory	4. Inventory Inventory consisted of the following at March 31, 2017 and December 31, 2016 (in thousands): March 31, December 31, 2017 2016 Finished goods $ 870 $ — Work-in-process 1,642 1,803 Raw materials and supplies 18,242 18,388 Inventory $ 20,754 $ 20,191

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment consisted of the following at March 31, 2017 and December 31, 2016 (in thousands): March 31, December 31, 2017 2016 Equipment $ 6,831,966 $ 6,809,129 Oil and natural gas properties 206,262 201,568 Buildings 99,388 97,029 Land 11,757 22,270 Total property and equipment 7,149,373 7,129,996 Less accumulated depreciation, depletion and impairment (3,820,585 ) (3,721,033 ) Property and equipment, net $ 3,328,788 $ 3,408,963 The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable (a “triggering event”). Based on recent commodity prices, the Company’s results of operations for the three month period ended March 31, 2017 and management’s expectations of operating results in future periods, the Company concluded that no triggering event occurred during the three months ended March 31, 2017 with respect to its contract drilling or pressure pumping segments. Management’s expectations of future operating results were based on the assumption that activity levels in both segments will continue to increase throughout 2017 if prices for these commodities remain at or above current levels. The Company reviews its proved oil and natural gas properties for impairment whenever a triggering event occurs, such as downward revisions in reserve estimates or decreases in expected future oil and natural gas prices. Proved properties are grouped by field, and undiscounted cash flow estimates are prepared based on the Company’s expectation of future pricing over the lives of the respective fields. These cash flow estimates are reviewed by an independent petroleum engineer. If the net book value of a field exceeds its undiscounted cash flow estimate, impairment expense is measured and recognized as the difference between net book value and fair value. The fair value estimates used in measuring impairment are based on internally developed unobservable inputs including reserve volumes and future production, pricing and operating costs (Level 3 inputs in the fair value hierarchy of fair value accounting). The expected future net cash flows are discounted using an annual rate of 10% to determine fair value. The Company reviews unproved oil and natural gas properties quarterly to assess potential impairment. The Company’s impairment assessment is made on a lease-by-lease basis and considers factors such as the Company’s intent to drill, lease terms and abandonment of an area. If an unproved property is determined to be impaired, the related property costs are expensed. Impairment expense related to proved and unproved oil and natural gas properties totaled $503,000 for the three months ended March 31, 2017 and is included in depreciation, depletion, amortization and impairment in the condensed consolidated statements of operations.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Business Segments	6. Business Segments The Company’s revenues, loss before income taxes and identifiable assets are primarily attributable to two business segments: (i) contract drilling of oil and natural gas wells and (ii) pressure pumping services. Each of these segments represents a distinct type of business and has a separate management team that reports to the Company’s 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 the Company’s business segments (in thousands): Three Months Ended March 31, 2017 2016 Revenues: Contract drilling $ 159,055 $ 168,757 Pressure pumping 141,174 96,313 Other operations (a) 5,618 3,967 Elimination of intercompany revenues (b) (672 ) (98 ) Total revenues $ 305,175 $ 268,939 Loss before income taxes: Contract drilling $ (61,706 ) $ (35,096 ) Pressure pumping (22,891 ) (43,959 ) Other operations (1,951 ) (3,231 ) Corporate (18,995 ) (14,318 ) Other operating income, net (c) 12,904 1,345 Interest income 406 110 Interest expense (8,270 ) (10,800 ) Other 17 16 Loss before income taxes $ (100,486 ) $ (105,933 ) March 31, December 31, 2017 2016 Identifiable assets: Contract drilling $ 2,985,997 $ 3,032,819 Pressure pumping 680,301 653,630 Other operations 48,569 48,885 Corporate (d) 463,752 36,957 Total assets $ 4,178,619 $ 3,772,291 (a) Other operations includes the Company’s pipe handling components and related technology business, the oil and natural gas working interests and the Middle East/North Africa business. (b) Consists of contract drilling intercompany revenues for services provided to the oil and natural gas exploration and production segment. In 2017, intercompany revenues also includes revenues between the pipe handling component manufacturer and the pipe handling component service provider. (c) Other operating income includes net gains associated with the disposal of assets related to corporate strategy decisions of the executive management group. Accordingly, the related gains have been excluded from the operating results of specific segments. This caption also includes expenses related to certain legal settlements net of insurance reimbursements. ( d ) Corporate assets primarily include cash on hand and certain property and equipment.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill — All of the Company’s goodwill at both March 31, 2017 and December 31, 2016 related to the contract drilling operating segment. Goodwill as of March 31, 2017 and changes for the three months then ended are as follows (in thousands): Three Months Ended March 31, 2017 Balance at beginning of period $ 86,234 Changes to goodwill — Balance at end of period $ 86,234 There were no accumulated impairment losses related to goodwill as of March 31, 2017 or December 31, 2016. Goodwill is evaluated at least annually as of December 31, or when circumstances require, to determine if the fair value of recorded goodwill has decreased below its carrying value. For impairment testing purposes, goodwill is evaluated at the reporting unit level. The Company’s reporting units for impairment testing are its operating segments. The Company first determines whether it is more likely than not that the fair value of a reporting unit is less than its carrying value after considering qualitative, market and other factors, and if this is the case, any necessary goodwill impairment is determined using a two-step quantitative impairment test. From time to time, the Company may perform the first step of the quantitative testing for goodwill impairment in lieu of performing the qualitative assessment. The first step of the quantitative testing is to compare the fair value of an entity’s reporting units to the respective carrying value of those reporting units. If the carrying value of a reporting unit exceeds its fair value, the second step of the quantitative testing is performed whereby the fair value of the reporting unit is allocated to its identifiable tangible assets, intangible assets and liabilities with any remaining fair value representing the fair value of goodwill. If this resulting fair value of goodwill is less than the carrying value of goodwill, an impairment loss would be recognized for the amount of the shortfall. Intangible Assets — Intangible assets were recorded in the pressure pumping operating segment in connection with the fourth quarter 2010 acquisition of the assets of a pressure pumping business. As a result of the purchase price allocation, the Company recorded an intangible asset related to the customer relationships acquired. The intangible asset was recorded at fair value on the date of acquisition. The value of the customer relationships was estimated using a multi-period excess earnings model to determine the present value of the projected cash flows associated with the customers in place at the time of the acquisition and taking into account a contributory asset charge. The resulting intangible asset is being amortized on a straight-line basis over seven years. Amortization expense of approximately $911,000 was recorded in the three months ended March 31, 2017 and 2016. The following table presents the gross carrying amount and accumulated amortization of the customer relationships as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 25,500 $ (23,679 ) $ 1,821 $ 25,500 $ (22,768 ) $ 2,732

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2017
Payables And Accruals [Abstract]
Accrued Expenses	8. Accrued Expenses Accrued expenses consisted of the following at March 31, 2017 and December 31, 2016 (in thousands): March 31, December 31, 2017 2016 Salaries, wages, payroll taxes and benefits $ 26,286 $ 21,138 Workers' compensation liability 66,481 67,775 Property, sales, use and other taxes 4,290 6,766 Insurance, other than workers' compensation 9,040 9,566 Accrued interest payable 13,905 6,740 Other 15,938 27,163 Total $ 135,940 $ 139,148

Asset Retirement Obligation

Asset Retirement Obligation	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation	9. Asset Retirement Obligation The Company records a liability for the estimated costs to be incurred in connection with the abandonment of oil and natural gas properties in the future. This liability is included in the caption “other” in the liabilities section of the condensed consolidated balance sheet. The following table describes the changes to the Company’s asset retirement obligations during the three months ended March 31, 2017 (in thousands): Three Months Ended March 31, 2017 Balance at beginning of year $ 5,940 Liabilities incurred 85 Liabilities settled (9 ) Accretion expense 41 Revision in estimated costs of plugging oil and natural gas wells — Asset retirement obligation at end of period $ 6,057

Long Term Debt

Long Term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long Term Debt	10. Long Term Debt 2012 Credit Agreement — On September 27, 2012, the Company entered into a Credit Agreement (the “Base Credit Agreement”) with Wells Fargo Bank, N.A., as administrative agent, letter of credit issuer, swing line lender and lender, and each of the other lenders party thereto. The Base Credit Agreement (as amended, the “Credit Agreement”) is a committed senior unsecured credit facility that includes a revolving credit facility. On July 8, 2016, the Company entered into Amendment No. 2 to Credit Agreement (“Amendment No. 2”), which amended the Base Credit Agreement to, among other things, make borrowing under the revolving credit facility subject to a borrowing base calculated by reference to the Company’s and certain of its subsidiaries’ eligible equipment, inventory, account receivable and unencumbered cash as described in Amendment No. 2. The revolving credit facility contains a letter of credit facility that is limited to $50 million and a swing line facility that is limited to $20 million, in each case outstanding at any time. The maturity date under the Base Credit Agreement is September 27, 2017 for the revolving facility; however, Amendment No. 2 extended the maturity date of $357.9 million in revolving credit commitments of certain lenders to March 27, 2019. On January 17, 2017, the Company entered into Amendment No. 3 to Credit Agreement, which amended the Credit Agreement by restating the definition of Consolidated EBITDA to provide for the add-back of transaction expenses related to the SSE merger. On January 24, 2017, the Company entered into an agreement with certain lenders under its revolving credit facility to increase the aggregate commitments under its revolving credit facility to approximately $595.8 million, subject to the satisfaction of certain conditions. The aggregate commitment increase became effective on April 20, 2017 upon the consummation of the SSE merger and the repayment and termination of the SSE credit facility. On April 20, 2017, the Company entered into Amendment No. 4 to Credit Agreement which permitted outstanding letters of credit under the SSE credit facility to be deemed to be incurred under the Company’s credit facility and increased the amount of the accordion feature of the Company’s revolving credit facility to permit aggregate commitments to be increased to an amount not to exceed $700 million (subject to satisfaction of certain conditions and the procurement of additional commitments from new or existing lenders). On April 20, 2017, the Company also entered into an additional commitment increase agreement with certain of its lenders pursuant to which total commitments available under the Company’s revolving credit facility (after giving effect to both commitment increases) increased to $632 million through September 2017 and to $490 million through March 2019. Loans under the Credit Agreement bear interest by reference, at the Company’s election, to the LIBOR rate or base rate, provided, that swing line loans bear interest by reference only to the base rate. Until September 27, 2017, the applicable margin on LIBOR rate loans varies from 2.75% to 3.25% and the applicable margin on base rate loans varies from 1.75% to 2.25%, in each case determined based upon the Company’s debt to capitalization ratio. Beginning September 27, 2017, the applicable margin on LIBOR rate loans varies from 3.25% to 3.75% and the applicable margin on base rate loans varies from 2.25% to 2.75%, in each case determined based on the Company’s excess availability under the revolving credit facility. As of March 31, 2017, the applicable margin on LIBOR rate loans was 2.75% and the applicable margin on base rate loans was 1.75%. Based on the Company’s debt to capitalization ratio at December 31, 2016, the applicable margin on LIBOR loans is 2.75% and the applicable margin on base rate loans is 1.75% as of April 1, 2017. Based on the Company’s debt to capitalization ratio at March 31, 2017, the applicable margin on LIBOR loans will be 2.75% and the applicable margin on base rate loans will be 1.75% as of July 1, 2017. A letter of credit fee is payable by the Company 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 for the unused portion of the revolving credit facility is 0.50%. Each domestic subsidiary of the Company unconditionally guarantees all existing and future indebtedness and liabilities of the other guarantors and the Company arising under the Credit Agreement, other than (a) Ambar Lone Star Fluid Services LLC, (b) domestic subsidiaries that directly or indirectly have no material assets other than equity interests in, or capitalization indebtedness owed by, foreign subsidiaries, and (c) any subsidiary having total assets of less than $1 million. Such guarantees also cover obligations of the Company and any subsidiary of the Company arising under any interest rate swap contract with any person while such person is a lender or an affiliate of a lender under the Credit Agreement. The Credit Agreement requires compliance with two financial covenants. The Company must not permit its debt to capitalization ratio to exceed 40%. The Credit Agreement generally defines the 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 last day of the most recently ended fiscal quarter. The Company also must not permit its interest coverage ratio as of the last day of a fiscal quarter to be less than 3.00 to 1.00. The Credit Agreement generally defines the interest coverage ratio as the ratio of earnings before interest, taxes, depreciation and amortization (“EBITDA”) of the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at March 31, 2017. The Credit Agreement limits the Company’s ability to make investments in foreign subsidiaries or joint ventures such that, if the book value of all such investments since September 27, 2012 is above 20% of the total consolidated book value of the assets of the Company and its subsidiaries on a pro forma basis, the Company will not be able to make such investment. The Credit Agreement also restricts the Company’s ability to pay dividends and make equity repurchases, subject to certain exceptions, including an exception allowing such restricted payments if, before and immediately after giving effect to such restricted payment, the Pro Forma Debt Service Coverage Ratio (as defined in the Credit Agreement) is at least 1.50 to 1.00. In addition, the Credit Agreement requires that, if the consolidated cash balance of the Company and its subsidiaries, subject to certain exclusions, is more than $100 million at the end of the day on which a borrowing is made, the Company can only use the proceeds from such borrowing to fund acquisitions, capital expenditures and the repurchase of indebtedness, and if such proceeds are not used in such manner within three business days, the Company must repay such unused proceeds on the fourth business day following such borrowings. The Credit Agreement also contains customary representations, warranties and affirmative and negative covenants. Events of default under the Credit Agreement include failure to pay principal or interest when due, failure to comply with the financial and operational covenants, as well as a cross default event, loan document enforceability event, change of control event and bankruptcy and other insolvency events. If an event of default occurs and is continuing, then a majority of the lenders have the right, among others, to (i) terminate the commitments under the Credit Agreement, (ii) accelerate and require the Company to repay all the outstanding amounts owed under any loan document (provided that in limited circumstances with respect to insolvency and bankruptcy of the Company, such acceleration is automatic), and (iii) require the Company to cash collateralize any outstanding letters of credit. As of March 31, 2017, the Company had no amounts outstanding under the revolving credit facility, with available borrowing capacity of $500 million. 2015 Reimbursement Agreement — On March 16, 2015, the Company entered into a Reimbursement Agreement (the “Reimbursement Agreement”) with The Bank of Nova Scotia (“Scotiabank”), pursuant to which the Company may from time to time request that Scotiabank issue an unspecified amount of letters of credit. As of March 31, 2017, the Company had $38.2 million in letters of credit outstanding under the Reimbursement Agreement. Under the terms of the Reimbursement Agreement, the Company 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 the Company at the time of issuance at such rates and amounts as are in accordance with Scotiabank’s prevailing practice. The Company is obligated to pay to Scotiabank interest on all amounts not paid by the Company 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. The Company has also agreed that if obligations under the Credit Agreement are secured by liens on any of its or any of its subsidiaries’ property, then the Company’s 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, the Company’s payment obligations under the Reimbursement Agreement are jointly and severally guaranteed as to payment and not as to collection by subsidiaries of the Company that from time to time guarantee payment under the Credit Agreement. Senior Notes — On October 5, 2010, the Company completed the issuance and sale of $300 million in aggregate principal amount of its 4.97% Series A Senior Notes due October 5, 2020 (the “Series A Notes”) in a private placement. The Series A Notes bear interest at a rate of 4.97% per annum. The Company pays interest on the Series A Notes on April 5 and October 5 of each year. The Series A Notes will mature on October 5, 2020. On June 14, 2012, the Company completed the issuance and sale of $300 million in aggregate principal amount of its 4.27% Series B Senior Notes due June 14, 2022 (the “Series B Notes”) in a private placement. The Series B Notes bear interest at a rate of 4.27% per annum. The Company pays interest on the Series B Notes on April 5 and October 5 of each year. The Series B Notes will mature on June 14, 2022. The Series A Notes and Series B Notes are senior unsecured obligations of the Company which rank equally in right of payment with all other unsubordinated indebtedness of the Company. The Series A Notes and Series B Notes are guaranteed on a senior unsecured basis by each of the existing domestic subsidiaries of the Company other than subsidiaries that are not required to be guarantors under the Credit Agreement. The Series A Notes and Series B Notes are prepayable at the Company’s option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date, plus a “make-whole” premium as specified in the note purchase agreements. The Company must offer to prepay the notes upon the occurrence of any change of control. In addition, the Company must offer to prepay the notes upon the occurrence of certain asset dispositions if the proceeds therefrom are not timely reinvested in productive assets. If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. The respective note purchase agreements require compliance with two financial covenants. The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the 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 last day of the most recently ended fiscal quarter. The Company also must not permit its interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at March 31, 2017. Events of default under the note purchase agreements include failure to pay principal or interest when due, failure to comply with the financial and operational covenants, a cross default event, a judgment in excess of a threshold event, the guaranty agreement ceasing to be enforceable, the occurrence of certain ERISA events, a change of control event and bankruptcy and other insolvency events. If an event of default under the note purchase agreements occurs and is continuing, then holders of a majority in principal amount of the respective notes have the right to declare all the notes then-outstanding to be immediately due and payable. In addition, if the Company defaults in payments on any note, then until such defaults are cured, the holder thereof may declare all the notes held by it pursuant to the note purchase agreement to be immediately due and payable. Commitment Letter – On December 12, 2016, in connection with execution of the merger agreement, the Company entered into a financing commitment letter (the “Commitment Letter”) with Canyon Capital Advisors LLC for a senior unsecured bridge facility in an aggregate principal amount not to exceed $150 million (the “Bridge Facility”), for the purposes of repaying or redeeming certain of SSE and its subsidiaries’ indebtedness and to pay related fees and expenses. The Company did not utilize the Bridge Facility prior to the SSE merger closing on April 20, 2017, and the Commitment Letter terminated on the closing date of the SSE merger. Debt issuance costs are deferred and recognized as interest expense over the term of the underlying debt. Interest expense related to the amortization of debt issuance costs was approximately $626,000 and $745,000 for the three months ended March 31, 2017 and 2016, respectively. Presented below is a schedule of the principal repayment requirements of long-term debt as of March 31, 2017 (in thousands): Year ending December 31, 2017 $ — 2018 — 2019 — 2020 300,000 2021 — Thereafter 300,000 Total $ 600,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies As of March 31, 2017, the Company maintained letters of credit in the aggregate amount of $38.2 million 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 March 31, 2017, no amounts had been drawn under the letters of credit. As of March 31, 2017, the Company had commitments to purchase approximately $113.7 million of major equipment for its drilling and pressure pumping businesses. The Company’s pressure pumping business has entered into agreements to purchase minimum quantities of proppants and chemicals from certain vendors. These agreements expire in 2017, 2018 and 2021. As of March 31, 2017, the remaining obligation under these agreements was approximately $51.3 million, of which approximately $6.5 million relates to purchases required during the remainder of 2017. In the event the required minimum quantities are not purchased during any contract year, the Company could be required to make a liquidated damages payment to the respective vendor for any shortfall. The Company is party to various legal proceedings arising in the normal course of its business. The Company does not believe that the outcome of these proceedings, either individually or in the aggregate, will have a material adverse effect on its financial condition, results of operations or cash flows.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	12. Stockholders’ Equity Stock Offering – On January 27, 2017, the Company completed an offering of 18.2 million shares of its common stock. Concurrent with the closing of the SSE merger, the Company used a portion of the net proceeds of the offering to repay SSE’s outstanding indebtedness of approximately $472 million ($403 million net of cash from SSE), and the remainder of the proceeds has been or will be used for general corporate purposes. Cash Dividends — The Company paid cash dividends during the three months ended March 31, 2017 and 2016 as follows: 2017: Per Share Total (in thousands) Paid on March 22, 2017 $ 0.02 $ 3,326 2016: Per Share Total (in thousands) Paid on March 24, 2016 $ 0.10 $ 14,712 On April 26, 2017, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.02 per share to be paid on June 22, 2017 to holders of record as of June 8, 2017. 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 the Company’s debt agreements and other factors. On September 6, 2013, the Company’s Board of Directors approved a stock buyback program that authorizes purchase of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. As of March 31, 2017, the Company had remaining authorization to purchase approximately $187 million of the Company’s outstanding common stock under the stock buyback program. Shares purchased under a buyback program are accounted for as treasury stock. Treasury stock acquisitions during the three months ended March 31, 2017 were as follows (dollars in thousands): March 31, 2017 Shares Cost Treasury shares at beginning of period 43,392,617 $ 911,094 Acquisitions pursuant to long-term incentive plan 7,989 223 Treasury shares at end of period 43,400,606 $ 911,317 On April 20, 2017, pursuant to the merger agreement, the Company acquired all of the issued and outstanding shares of common stock of SSE, in exchange for approximately 46.3 million shares of common stock of the Company (net of 50% of the shares withheld to satisfy tax obligations upon vesting of SSE restricted stock units and excluding up to approximately 0.5 million shares to be issued on or before August 18, 2017 to former holders of SSE restricted stock units that were granted on or after December 12, 2016 for employee retention purposes).

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company’s effective income tax rate was 36.8% for the three months ended March 31, 2017, compared to 33.4% for the three months ended March 31, 2016. The difference in the effective tax rate is primarily related to the impact from lost benefits of previous IRC section 199 deductions due to net operating loss carrybacks filed during the three months ended March 31, 2016.

Fair Values of Financial Instru

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	14. 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 the Company’s outstanding debt balances as of March 31, 2017 and December 31, 2016 is set forth below (in thousands): March 31, 2017 December 31, 2016 Carrying Fair Carrying Fair Value Value Value Value 4.97% Series A Senior Notes $ 300,000 $ 303,467 $ 300,000 $ 283,534 4.27% Series B Senior Notes 300,000 290,634 300,000 263,194 Total debt $ 600,000 $ 594,101 $ 600,000 $ 546,728 The fair values of the Series A Notes and Series B Notes at March 31, 2017 and December 31, 2016 are based on discounted cash flows associated with the respective notes using current market rates of interest at those respective dates. For the Series A Notes, the current market rates used in measuring this fair value were 4.61% at March 31, 2017 and 6.65% at December 31, 2016. For the Series B Notes, the current market rates used in measuring this fair value were 4.96% at March 31, 2017 and 7.02% at December 31, 2016. These fair value estimates are based on observable market inputs and are considered Level 2 fair value estimates in the fair value hierarchy of fair value accounting.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2017
Accounting Changes And Error Corrections [Abstract]
Recently Issued Accounting Standards	15. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update to provide guidance on the recognition of revenue from customers. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty, if any, of revenue and cash flows arising from contracts with customers. The requirements in this update are effective during interim and annual periods beginning after December 15, 2017. The Company expects to adopt this new revenue guidance utilizing the retrospective method of adoption in the first quarter of 2018, and because the Company is still evaluating the portion of its contract drilling revenues that will be subject to the new leasing guidance discussed below, it is unable to quantify the impact that the new revenue standard will have on the Company’s consolidated financial statements upon adoption. In February 2016, the FASB issued an accounting standards update to provide guidance for the accounting for leasing transactions. The requirements in this update are effective during interim and annual periods beginning after December 15, 2018. Since a portion of the Company’s contract drilling revenue will be subject to this new leasing guidance, it expects to adopt this updated leasing guidance at the same time its adopts the new revenue standard discussed above, utilizing the retrospective method of adoption. Upon adoption of these two new standards, the Company expects to have a lease component and a service component of revenue related to its drilling contracts. The Company is still evaluating the impact of this new guidance on its consolidated financial statements. This new leasing guidance will also impact the Company in situations where it is the lessee, and in certain circumstances it will have a right-of-use asset and lease liability on its consolidated financial statements. The Company has not quantified the impact of this guidance to such situations, although it expects the future minimum rental payments disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 will provide some visibility into the estimated adoption impact on the Company. In November 2015, the FASB issued an accounting standards update to provide guidance for the presentation of deferred tax liabilities and assets. Under this guidance, for a particular tax-paying component of an entity and within a particular tax jurisdiction, all deferred tax liabilities and assets, as well as any related valuation allowance, shall be offset and presented as a single noncurrent amount. This guidance became effective for the Company during the three months ended March 31, 2017. The adoption of this update was applied retrospectively, resulting in the retroactive adjustment of current deferred tax assets, net and deferred tax liabilities, net as of December 31, 2016. The adoption did not have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued an accounting standards update to provide guidance for the accounting for share-based payment transactions, including the related income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance became effective for the Company during the three months ended March 31, 2017. The Company believes this guidance will cause volatility in its effective tax rates and diluted earnings per share due to the tax effects related to share-based payments being recorded in the statement of operations. The volatility in future periods will depend on the Company’s stock price and the number of shares that vest in the case of restricted stock, or the number of shares that are exercised in the case of stock options. In August 2016, the FASB issued an accounting standard to clarify the presentation of cash receipts and payments in specific situations on the statement of cash flows. The requirements in this update are effective during interim and annual periods in fiscal years beginning after December 15, 2017. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued an accounting standard to eliminate Step 2 from the goodwill impairment test. An entity will now perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The requirements in this update are effective during interim and annual periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates on or after January 1, 2017. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements.

Basis of Consolidation and Pr25

Basis of Consolidation and Presentation (Tables)	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [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 months ended March 31, 2017 and 2016 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 March 31, 2017 2016 BASIC EPS: Net loss $ (63,539 ) $ (70,503 ) Adjust for loss attributed to holders of non-vested restricted stock — 681 Loss attributed to other common stockholders $ (63,539 ) $ (69,822 ) Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock 160,062 145,770 Basic net loss per common share $ (0.40 ) $ (0.48 ) DILUTED EPS: Loss attributed to other common stockholders $ (63,539 ) $ (69,822 ) Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock 160,062 145,770 Add dilutive effect of potential common shares — — Weighted average number of diluted common shares outstanding 160,062 145,770 Diluted net loss per common share $ (0.40 ) $ (0.48 ) Potentially dilutive securities excluded as anti-dilutive 9,017 7,740

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted	Weighted-average assumptions used to estimate the grant date fair values for stock options granted for the three month period ended March 31, 2016 follow: Three Months Ended March 31, 2016 Volatility 39.52 % Expected term (in years) 5.00 Dividend yield 2.65 % Risk-free interest rate 1.76 %
Stock Option Activity	Stock option activity from January 1, 2017 to March 31, 2017 follows: Weighted Average Underlying Exercise Price Shares Per Share Outstanding at January 1, 2017 6,687,150 $ 20.68 Exercised (10,000 ) $ 22.29 Outstanding at March 31, 2017 6,677,150 $ 20.68 Exercisable at March 31, 2017 5,466,836 $ 21.02
Restricted Stock Activity	Restricted stock activity from January 1, 2017 to March 31, 2017 follows: Weighted Average Grant Date Fair Value Shares Per Share Non-vested restricted stock outstanding at January 1, 2017 1,427,455 $ 22.26 Granted 32,500 $ 26.92 Vested (53,021 ) $ 23.54 Forfeited (8,602 ) $ 23.20 Non-vested restricted stock outstanding at March 31, 2017 1,398,332 $ 22.31
Restricted Stock Unit Activity	Restricted stock unit activity from January 1, 2017 to March 31, 2017 follows: Weighted Average Grant Date Fair Value Shares Per Share Non-vested restricted stock units outstanding at January 1, 2017 191,655 $ 19.85 Forfeited (852 ) $ 19.03 Non-vested restricted stock units outstanding at March 31, 2017 190,803 $ 19.86
Performance Units	The total target number of shares with respect to the Performance Units for the awards in 2013-2016 is set forth below: 2016 2015 2014 2013 Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Target number of shares 185,000 190,600 154,000 236,500
Fair Value of Performance Units	The fair value of the Performance Units is set forth below (in thousands): 2016 2015 2014 2013 Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Fair value at date of grant $ 3,854 $ 4,052 $ 5,388 $ 5,564
Compensation Expense Associated with Performance Units	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): 2016 2015 2014 2013 Performance Performance Performance Performance Unit Awards Unit Awards Unit Awards Unit Awards Three months ended March 31, 2017 $ 321 $ 338 $ 449 NA Three months ended March 31, 2016 NA $ 338 $ 449 $ 464

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of the following at March 31, 2017 and December 31, 2016 (in thousands): March 31, December 31, 2017 2016 Finished goods $ 870 $ — Work-in-process 1,642 1,803 Raw materials and supplies 18,242 18,388 Inventory $ 20,754 $ 20,191

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment consisted of the following at March 31, 2017 and December 31, 2016 (in thousands): March 31, December 31, 2017 2016 Equipment $ 6,831,966 $ 6,809,129 Oil and natural gas properties 206,262 201,568 Buildings 99,388 97,029 Land 11,757 22,270 Total property and equipment 7,149,373 7,129,996 Less accumulated depreciation, depletion and impairment (3,820,585 ) (3,721,033 ) Property and equipment, net $ 3,328,788 $ 3,408,963

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Business Segments - Financial Information	The following tables summarize selected financial information relating to the Company’s business segments (in thousands): Three Months Ended March 31, 2017 2016 Revenues: Contract drilling $ 159,055 $ 168,757 Pressure pumping 141,174 96,313 Other operations (a) 5,618 3,967 Elimination of intercompany revenues (b) (672 ) (98 ) Total revenues $ 305,175 $ 268,939 Loss before income taxes: Contract drilling $ (61,706 ) $ (35,096 ) Pressure pumping (22,891 ) (43,959 ) Other operations (1,951 ) (3,231 ) Corporate (18,995 ) (14,318 ) Other operating income, net (c) 12,904 1,345 Interest income 406 110 Interest expense (8,270 ) (10,800 ) Other 17 16 Loss before income taxes $ (100,486 ) $ (105,933 ) March 31, December 31, 2017 2016 Identifiable assets: Contract drilling $ 2,985,997 $ 3,032,819 Pressure pumping 680,301 653,630 Other operations 48,569 48,885 Corporate (d) 463,752 36,957 Total assets $ 4,178,619 $ 3,772,291 (a) Other operations includes the Company’s pipe handling components and related technology business, the oil and natural gas working interests and the Middle East/North Africa business. (b) Consists of contract drilling intercompany revenues for services provided to the oil and natural gas exploration and production segment. In 2017, intercompany revenues also includes revenues between the pipe handling component manufacturer and the pipe handling component service provider. (c) Other operating income includes net gains associated with the disposal of assets related to corporate strategy decisions of the executive management group. Accordingly, the related gains have been excluded from the operating results of specific segments. This caption also includes expenses related to certain legal settlements net of insurance reimbursements. ( d ) Corporate assets primarily include cash on hand and certain property and equipment.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill by Operating Segment	Goodwill — All of the Company’s goodwill at both March 31, 2017 and December 31, 2016 related to the contract drilling operating segment. Goodwill as of March 31, 2017 and changes for the three months then ended are as follows (in thousands): Three Months Ended March 31, 2017 Balance at beginning of period $ 86,234 Changes to goodwill — Balance at end of period $ 86,234
Gross Carrying Amount and Accumulated Amortization of Customer Relationships	The following table presents the gross carrying amount and accumulated amortization of the customer relationships as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer relationships $ 25,500 $ (23,679 ) $ 1,821 $ 25,500 $ (22,768 ) $ 2,732

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Payables And Accruals [Abstract]
Summary of Accrued Expenses	Accrued expenses consisted of the following at March 31, 2017 and December 31, 2016 (in thousands): March 31, December 31, 2017 2016 Salaries, wages, payroll taxes and benefits $ 26,286 $ 21,138 Workers' compensation liability 66,481 67,775 Property, sales, use and other taxes 4,290 6,766 Insurance, other than workers' compensation 9,040 9,566 Accrued interest payable 13,905 6,740 Other 15,938 27,163 Total $ 135,940 $ 139,148

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Changes to Asset Retirement Obligations	The following table describes the changes to the Company’s asset retirement obligations during the three months ended March 31, 2017 (in thousands): Three Months Ended March 31, 2017 Balance at beginning of year $ 5,940 Liabilities incurred 85 Liabilities settled (9 ) Accretion expense 41 Revision in estimated costs of plugging oil and natural gas wells — Asset retirement obligation at end of period $ 6,057

Long Term Debt (Tables)

Long Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
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 March 31, 2017 (in thousands): Year ending December 31, 2017 $ — 2018 — 2019 — 2020 300,000 2021 — Thereafter 300,000 Total $ 600,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Cash Dividends	Cash Dividends — The Company pai d cash dividends during the three months ended March 31, 2017 and 2016 as follows: 2017: Per Share Total (in thousands) Paid on March 22, 2017 $ 0.02 $ 3,326 2016: Per Share Total (in thousands) Paid on March 24, 2016 $ 0.10 $ 14,712
Treasury Stock Acquisition	Treasury stock acquisitions during the three months ended March 31, 2017 were as follows (dollars in thousands): March 31, 2017 Shares Cost Treasury shares at beginning of period 43,392,617 $ 911,094 Acquisitions pursuant to long-term incentive plan 7,989 223 Treasury shares at end of period 43,400,606 $ 911,317

Fair Values of Financial Inst35

Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Estimated Fair Value of Outstanding Debt Balances	The estimated fair value of the Company’s outstanding debt balances as of March 31, 2017 and December 31, 2016 is set forth below (in thousands): March 31, 2017 December 31, 2016 Carrying Fair Carrying Fair Value Value Value Value 4.97% Series A Senior Notes $ 300,000 $ 303,467 $ 300,000 $ 283,534 4.27% Series B Senior Notes 300,000 290,634 300,000 263,194 Total debt $ 600,000 $ 594,101 $ 600,000 $ 546,728

Calculation of Basic and Dilute

Calculation of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
BASIC EPS:
Net loss	$ (63,539)	$ (70,503)
Adjust for loss attributed to holders of non-vested restricted stock		681
Loss attributed to other common stockholders	$ (63,539)	$ (69,822)
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock	160,062	145,770
Basic net loss per common share	$ (0.40)	$ (0.48)
DILUTED EPS:
Loss attributed to other common stockholders	$ (63,539)	$ (69,822)
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock	160,062	145,770
Weighted average number of diluted common shares outstanding	160,062	145,770
Diluted net loss per common share	$ (0.40)	$ (0.48)
Potentially dilutive securities excluded as anti-dilutive	9,017	7,740

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - Seventy Seven Energy Inc. shares in Millions, $ in Millions	Apr. 20, 2017USD ($)Rigshpshares	Jan. 27, 2017USD ($)	Mar. 31, 2017	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Repayment of outstanding debt		$ 472
Repayment of outstanding debt, net of cash		$ 403
Closing date of acquisition			Apr. 20, 2017
Assets acquired and liabilities assumed, total assets				$ 949
Assets acquired and liabilities assumed, cash				48.7
Assets acquired and liabilities assumed, account receivable				99.5
Assets acquired and liabilities assumed, property and equipment				750
Assets acquired and liabilities assumed, other assets				$ 50.8
Subsequent Event
Business Acquisition [Line Items]
Shares of common stock exchange in business acquisition | shares	46.3
Repayment of outstanding debt	$ 472
Repayment of outstanding debt, net of cash	403
Total fair value of the consideration transferred	$ 1,500
Number of drilling rigs acquired | Rigs	91
Number of horsepower of modern, efficient fracturing equipment | hp	500,000
Subsequent Event | APEX Class Rigs
Business Acquisition [Line Items]
Number of rigs | Rigs	36
Restricted Stock Units (RSUs) | Subsequent Event
Business Acquisition [Line Items]
Percentage of shares withheld for tax obligations upon vesting of restricted units	50.00%
Number shares to be issued to former restricted stock unit holders | shares	0.5

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock option granted	0
Performance Units Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	3 years
Basis of annual percentage exceeds	18.00%
Performance Units Awards | Condition One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award description	Generally, the recipients will receive a target number of shares if the Company’s total shareholder return during the performance period is positive and, when compared to the peer group, is at the 50th percentile. If the Company’s total shareholder return during the performance period is positive and, 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.
Performance Units Awards | Condition Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award description	if, during the two-year period ending March 31, 2018, the Company’s total shareholder return for any 30 consecutive day period equals or exceeds 18 percent on an annualized basis from April 1, 2013 through the last day of such 30 consecutive day period, and the recipient is actively employed by the Company through the last day of the extended performance period, then the Company will issue to the recipient the number of shares equal to the amount the recipient would have been entitled to receive had the Company’s total shareholder return been positive during the initial three-year performance period.

Weighted-Average Assumptions Us

Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted (Detail) - Employee Stock Option	3 Months Ended
	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	39.52%
Expected term (in years)	5 years
Dividend yield	2.65%
Risk-free interest rate	1.76%

Stock Option Activity (Detail)

Stock Option Activity (Detail)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Underlying Shares
Outstanding at beginning of period | shares	6,687,150
Exercised | shares	(10,000)
Outstanding at end of period | shares	6,677,150
Exercisable at end of year | shares	5,466,836
Weighted Average Exercise Price Per Share
Outstanding at beginning of period | $ / shares	$ 20.68
Exercised | $ / shares	22.29
Outstanding at end of period | $ / shares	20.68
Exercisable at end of year | $ / shares	$ 21.02

Restricted Stock Activity (Deta

Restricted Stock Activity (Detail) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Shares
Outstanding at beginning of period | shares	1,427,455
Granted | shares	32,500
Vested | shares	(53,021)
Forfeited | shares	(8,602)
Outstanding at end of period | shares	1,398,332
Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of period | $ / shares	$ 22.26
Granted | $ / shares	26.92
Vested | $ / shares	23.54
Forfeited | $ / shares	23.20
Outstanding at end of period | $ / shares	$ 22.31

Restricted Stock Unit Activity

Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Shares
Outstanding at beginning of period | shares	191,655
Forfeited | shares	(852)
Outstanding at end of period | shares	190,803
Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of period | $ / shares	$ 19.85
Forfeited | $ / shares	19.03
Outstanding at end of period | $ / shares	$ 19.86

Performance Units (Detail)

Performance Units (Detail)	3 Months Ended
	Mar. 31, 2017shares
2,016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target number of shares	185,000
2,015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target number of shares	190,600
2,014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target number of shares	154,000
2,013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target number of shares	236,500

Fair Value of Performance Units

Fair Value of Performance Units (Detail) - Performance Units Awards $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
2,016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value at date of grant	$ 3,854
2,015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value at date of grant	4,052
2,014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value at date of grant	5,388
2,013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value at date of grant	$ 5,564

Compensation Expense Associated

Compensation Expense Associated with Performance Units (Detail) - Performance Units Awards - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
2,016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense associated with Performance Units	$ 321
2,015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense associated with Performance Units	338	$ 338
2,014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense associated with Performance Units	$ 449	449
2,013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense associated with Performance Units		$ 464

Inventory (Detail)

Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Net [Abstract]
Finished goods	$ 870
Work-in-process	1,642	$ 1,803
Raw materials and supplies	18,242	18,388
Inventory	$ 20,754	$ 20,191

Property and Equipment (Detail)

Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,149,373	$ 7,129,996
Less accumulated depreciation, depletion and impairment	(3,820,585)	(3,721,033)
Property and equipment, net	3,328,788	3,408,963
Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	6,831,966	6,809,129
Oil and natural gas properties
Property Plant And Equipment [Line Items]
Total property and equipment	206,262	201,568
Buildings
Property Plant And Equipment [Line Items]
Total property and equipment	99,388	97,029
Land
Property Plant And Equipment [Line Items]
Total property and equipment	$ 11,757	$ 22,270

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
Property Plant And Equipment [Abstract]
Future net cash flow discount rate	10.00%
Impairment expense related to oil and natural gas properties	$ 503,000

Business Segments - Additional

Business Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Business Segments - Revenues (D

Business Segments - Revenues (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenues		$ 305,175	$ 268,939
Other Operations
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenues	[1]	5,618	3,967
Operating Segments | Contract Drilling
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenues		159,055	168,757
Operating Segments | Pressure Pumping
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenues		141,174	96,313
Intersegment Elimination
Segment Reporting Revenue Reconciling Item [Line Items]
Total revenues	[2]	$ (672)	$ (98)
[1]	Other operations includes the Company’s pipe handling components and related technology business, the oil and natural gas working interests and the Middle East/North Africa business.
[2]	Consists of contract drilling intercompany revenues for services provided to the oil and natural gas exploration and production segment. In 2017, intercompany revenues also includes revenues between the pipe handling component manufacturer and the pipe handling component service provider.

Business Segments - Loss from C

Business Segments - Loss from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Operating loss		$ (92,639)	$ (95,259)
Other operating income, net	[1]	12,904	1,345
Interest income		406	110
Interest expense		(8,270)	(10,800)
Other		17	16
Loss before income taxes		(100,486)	(105,933)
Other Operations
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Operating loss		(1,951)	(3,231)
Corporate
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Operating loss		(18,995)	(14,318)
Operating Segments | Contract Drilling
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Operating loss		(61,706)	(35,096)
Operating Segments | Pressure Pumping
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Operating loss		$ (22,891)	$ (43,959)
[1]	Other operating income includes net gains associated with the disposal of assets related to corporate strategy decisions of the executive management group. Accordingly, the related gains have been excluded from the operating results of specific segments. This caption also includes expenses related to certain legal settlements net of insurance reimbursements.

Business Segments - Assets (Det

Business Segments - Assets (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Segment Reporting Asset Reconciling Item [Line Items]
Total assets		$ 4,178,619	$ 3,772,291
Other Operations
Segment Reporting Asset Reconciling Item [Line Items]
Total assets		48,569	48,885
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	[1]	463,752	36,957
Operating Segments | Contract Drilling
Segment Reporting Asset Reconciling Item [Line Items]
Total assets		2,985,997	3,032,819
Operating Segments | Pressure Pumping
Segment Reporting Asset Reconciling Item [Line Items]
Total assets		$ 680,301	$ 653,630
[1]	Corporate assets primarily include cash on hand and certain property and equipment.

Goodwill by Operating Segment (

Goodwill by Operating Segment (Detail) - Contract Drilling $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Line Items]
Balance at beginning of period	$ 86,234
Changes to goodwill	0
Balance at end of period	$ 86,234

Goodwill and Intangible Asset54

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Goodwill And Intangible Assets Disclosure [Line Items]
Accumulated impairment losses	$ 0		$ 0
Pressure Pumping
Goodwill And Intangible Assets Disclosure [Line Items]
Amortization period (in years)	7 years
Amortization expense	$ 911,000	$ 911,000

Gross Carrying Amount and Accum

Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - Customer Relationships - Pressure Pumping - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Acquired Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 25,500	$ 25,500
Accumulated Amortization	(23,679)	(22,768)
Net Carrying Amount	$ 1,821	$ 2,732

Summary of Accrued Expenses (De

Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Payables And Accruals [Abstract]
Salaries, wages, payroll taxes and benefits	$ 26,286	$ 21,138
Workers' compensation liability	66,481	67,775
Property, sales, use and other taxes	4,290	6,766
Insurance, other than workers' compensation	9,040	9,566
Accrued interest payable	13,905	6,740
Other	15,938	27,163
Accrued expenses	$ 135,940	$ 139,148

Changes to Asset Retirement Obl

Changes to Asset Retirement Obligations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Balance at beginning of year	$ 5,940
Liabilities incurred	85
Liabilities settled	(9)
Accretion expense	41
Asset retirement obligation at end of period	$ 6,057

Long Term Debt - Credit Facilit

Long Term Debt - Credit Facilities - Additional Information (Detail)	Jul. 08, 2016USD ($)	Mar. 16, 2015	Mar. 31, 2017USD ($)Covenant	Jul. 01, 2017	Apr. 20, 2017USD ($)	Apr. 01, 2017	Jan. 24, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Debt maturity date			Sep. 27, 2017
Total assets			$ 4,178,619,000					$ 3,772,291,000
Letters of credit outstanding			38,200,000
Maximum | Subsidiaries
Debt Instrument [Line Items]
Total assets			1,000,000
Letter of Credit
Debt Instrument [Line Items]
Line of credit, amount outstanding			$ 0
Credit Agreement
Debt Instrument [Line Items]
Credit agreement date			Sep. 27, 2012
Commitment fee payable to the lenders for the unused portion of the revolving credit facility			0.50%
Credit agreement, financial covenant description			The Company must not permit its debt to capitalization ratio to exceed 40%. The Credit Agreement generally defines the 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 last day of the most recently ended fiscal quarter. The Company also must not permit its interest coverage ratio as of the last day of a fiscal quarter to be less than 3.00 to 1.00. The Credit Agreement generally defines the interest coverage ratio as the ratio of earnings before interest, taxes, depreciation and amortization (“EBITDA”) of the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at March 31, 2017
Credit agreement, financial covenant compliance			The Company was in compliance with these covenants
Number of compliance covenants | Covenant			2
Maximum percentage allowed to invest in foreign subsidiaries or joint ventures on book value basis	20.00%
Maximum cash balance allowed	$ 100,000,000
Credit Agreement | Minimum
Debt Instrument [Line Items]
Interest coverage ratio that the Company must exceed on the last day of the fiscal quarter			300.00%
Debt service coverage ratio	150.00%
Credit Agreement | Maximum
Debt Instrument [Line Items]
Debt to capitalization ratio, percentage the Company must not exceed at any time			40.00%
Credit Agreement | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.75%
Credit Agreement | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Credit Agreement | Subsequent Event | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Applicable margin						2.75%
Credit Agreement | Subsequent Event | Base Rate
Debt Instrument [Line Items]
Applicable margin						1.75%
Credit Agreement | Until September 27, 2017 | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.75%
Credit Agreement | Until September 27, 2017 | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.25%
Credit Agreement | Until September 27, 2017 | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Credit Agreement | Until September 27, 2017 | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.25%
Credit Agreement | Beginning September 27, 2017 | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.25%
Credit Agreement | Beginning September 27, 2017 | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.75%
Credit Agreement | Beginning September 27, 2017 | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.25%
Credit Agreement | Beginning September 27, 2017 | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.75%
Credit Agreement | Scenario Forecast | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Applicable margin				2.75%
Credit Agreement | Scenario Forecast | Base Rate
Debt Instrument [Line Items]
Applicable margin				1.75%
Credit Agreement | Revolving Credit Facility | Through September 2017 | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 632,000,000
Credit Agreement | Revolving Credit Facility | Through March 2019 | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					490,000,000
Credit Agreement | Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 50,000,000
Credit Agreement | Revolving Credit Facility | Swing Line Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	20,000,000
Amended Credit Agreement
Debt Instrument [Line Items]
Credit agreement amendment date			Jul. 8, 2016
Debt maturity date			Mar. 27, 2019
Line of credit, amount outstanding	$ 357,900,000		$ 0
Amended Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, available borrowing capacity			$ 500,000,000
Amended Credit Agreement Four
Debt Instrument [Line Items]
Credit agreement amendment date			Apr. 20, 2017
Amended Credit Agreement Four | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 700,000,000
Amended Credit Agreement Three | Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate commitments under the revolving credit facility							$ 595,800,000
Reimbursement Agreement
Debt Instrument [Line Items]
Letters of credit outstanding			$ 38,200,000
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)	Jun. 14, 2012USD ($)Covenant	Oct. 05, 2010USD ($)Covenant	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 12, 2016USD ($)
Debt Instrument [Line Items]
Debt maturity date			Sep. 27, 2017
Interest expense related to amortization of debt issuance costs			$ 626,000	$ 745,000
4.97% Series A Senior Notes, Due October 5th 2020
Debt Instrument [Line Items]
Debt maturity date		Oct. 5, 2020
Long-term debt, aggregate principal amount		$ 300,000,000
Debt interest rate		4.97%
Semi-annual interest payment, first payment date			April 5
Semi-annual interest payment, second payment date			October 5
Notes issuance date		Oct. 5, 2010
Description of the prepayment terms			Notes are prepayable at the Company’s option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date, plus a “make-whole” premium as specified in the note purchase agreements. The Company must offer to prepay the notes upon the occurrence of any change of control. In addition, the Company must offer to prepay the notes upon the occurrence of certain asset dispositions if the proceeds therefrom are not timely reinvested in productive assets. If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date.
Prepayment terms, percent of principal before accrued and unpaid interest and "make-whole" premium		100.00%
Description of the acceptance terms			If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date.
Acceptance terms, percent of principal before accrued and unpaid interest		100.00%
Note purchase agreement, financial covenant description			The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the 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 last day of the most recently ended fiscal quarter. The Company also must not permit its interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at March 31, 2017.
Number of compliance covenants | Covenant		2
4.97% Series A Senior Notes, Due October 5th 2020 | Minimum
Debt Instrument [Line Items]
Debt instrument, prepayment percentage of aggregate principal amount		5.00%
Interest coverage ratio that the Company must exceed on the last day of the fiscal quarter		2.50%
4.97% Series A Senior Notes, Due October 5th 2020 | Maximum
Debt Instrument [Line Items]
Debt to capitalization ratio, percentage the Company must not exceed at any time		50.00%
4.27% Series B Senior Notes, Due June 14th 2022
Debt Instrument [Line Items]
Debt maturity date	Jun. 14, 2022
Long-term debt, aggregate principal amount	$ 300,000,000
Debt interest rate	4.27%
Semi-annual interest payment, first payment date			April 5
Semi-annual interest payment, second payment date			October 5
Notes issuance date	Jun. 14, 2012
Description of the prepayment terms			Notes are prepayable at the Company’s option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date, plus a “make-whole” premium as specified in the note purchase agreements. The Company must offer to prepay the notes upon the occurrence of any change of control. In addition, the Company must offer to prepay the notes upon the occurrence of certain asset dispositions if the proceeds therefrom are not timely reinvested in productive assets. If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date.
Prepayment terms, percent of principal before accrued and unpaid interest and "make-whole" premium	100.00%
Description of the acceptance terms			If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date.
Acceptance terms, percent of principal before accrued and unpaid interest	100.00%
Note purchase agreement, financial covenant description			The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the 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 last day of the most recently ended fiscal quarter. The Company also must not permit its interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at March 31, 2017.
Number of compliance covenants | Covenant	2
4.27% Series B Senior Notes, Due June 14th 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument, prepayment percentage of aggregate principal amount	5.00%
Interest coverage ratio that the Company must exceed on the last day of the fiscal quarter	2.50%
4.27% Series B Senior Notes, Due June 14th 2022 | Maximum
Debt Instrument [Line Items]
Debt to capitalization ratio, percentage the Company must not exceed at any time	50.00%
Senior Unsecured Facility | Bridge Facility
Debt Instrument [Line Items]
Maximum aggregate principal amount					$ 150,000,000

Schedule of Principal Repayment

Schedule of Principal Repayment Requirements of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2,020	$ 300,000
Thereafter	300,000
Total	$ 600,000	$ 600,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Mar. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Line Items]
Letters of credit, collateral for retrospective premiums and retained losses	$ 38,200,000
Commitments to purchase major equipment	113,700,000
Current obligation	51,300,000
Purchase obligations for remainder of 2017	6,500,000
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 ($)	Apr. 26, 2017	Apr. 20, 2017	Jan. 27, 2017	Mar. 31, 2017	Sep. 06, 2013
2013 program
Class Of Stock [Line Items]
Remaining amount approved for repurchases under stock buyback program				$ 187,000,000
2013 program | Maximum
Class Of Stock [Line Items]
Amount approved for repurchases under stock buyback program					$ 200,000,000
Subsequent Event | Dividend Declared
Class Of Stock [Line Items]
Dividend declaration date	Apr. 26, 2017
Dividend per share, declared	$ 0.02
Dividend payment date	Jun. 22, 2017
Dividend record date	Jun. 8, 2017
Seventy Seven Energy Inc.
Class Of Stock [Line Items]
Repayment of outstanding debt			$ 472,000,000
Repayment of outstanding debt, net of cash			$ 403,000,000
Seventy Seven Energy Inc. | Subsequent Event
Class Of Stock [Line Items]
Repayment of outstanding debt		$ 472,000,000
Repayment of outstanding debt, net of cash		$ 403,000,000
Shares of common stock exchange in business acquisition		46,300,000
Seventy Seven Energy Inc. | Subsequent Event | Restricted Stock Units (RSUs)
Class Of Stock [Line Items]
Percentage of shares withheld for tax obligations upon vesting of restricted units		50.00%
Number shares to be issued to former restricted stock unit holders		500,000
Common Stock
Class Of Stock [Line Items]
Common stock offering				18,170,000
Common Stock | Seventy Seven Energy Inc.
Class Of Stock [Line Items]
Common stock offering			18,200,000

Cash Dividends (Detail)

Cash Dividends (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Dividends Payable [Line Items]
Cash dividends paid, per share	$ 0.02	$ 0.10
Cash dividends paid	$ 3,326
Installment 1, FY 2017
Dividends Payable [Line Items]
Cash dividends paid, date	Mar. 22, 2017
Cash dividends paid, per share	$ 0.02
Cash dividends paid	$ 3,326
Installment 1, FY 2016
Dividends Payable [Line Items]
Cash dividends paid, date		Mar. 24, 2016
Cash dividends paid, per share		$ 0.10
Cash dividends paid		$ 14,712

Treasury Stock Acquisition (Det

Treasury Stock Acquisition (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)shares
Schedule of Treasury Stock [Line Items]
Treasury shares at beginning of period | shares	43,392,617
Treasury shares at end of period | shares	43,400,606
Treasury shares at beginning of period	$ 911,094
Treasury stock acquired, cost	223
Treasury shares at end of period	$ 911,317
Long Term Incentive Plan
Schedule of Treasury Stock [Line Items]
Treasury stock acquired, shares | shares	7,989
Treasury stock acquired, cost	$ 223

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	36.80%	33.40%

Estimated Fair Value of Outstan

Estimated Fair Value of Outstanding Debt Balances (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value of Debt	$ 600,000	$ 600,000
Fair value of Debt	594,101	546,728
4.97% Series A Senior Notes, Due October 5th 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value of Debt	300,000	300,000
Fair value of Debt	303,467	283,534
4.27% Series B Senior Notes, Due June 14th 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value of Debt	300,000	300,000
Fair value of Debt	$ 290,634	$ 263,194

Fair Values of Financial Inst67

Fair Values of Financial Instruments - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
4.97% Series A Senior Notes, Due October 5th 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Current market rates used in measuring fair value	4.61%	6.65%
4.27% Series B Senior Notes, Due June 14th 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Current market rates used in measuring fair value	4.96%	7.02%