QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
74-2088619 | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
1250 N.E. Loop 410, Suite 1000 San Antonio, Texas | 78209 | |||||||
(Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (855) 884-0575 |
Securities registered pursuant to Section 12(b) of the Act | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
0 | 0 | 0 |
Large accelerated filer | o | Accelerated filer | o | ||||||||
Non-accelerated filer | x | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | (audited) | ||||||||||
(in thousands, except share data) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 28,963 | $ | 31,181 | |||||||
Restricted cash | 1,298 | 1,148 | |||||||||
Receivables: | |||||||||||
Trade, net of allowance for doubtful accounts | 32,183 | 29,803 | |||||||||
Unbilled receivables | 8,094 | 4,740 | |||||||||
Insurance recoveries | 21,246 | 22,106 | |||||||||
Other receivables | 2,676 | 2,716 | |||||||||
Inventory | 12,384 | 12,641 | |||||||||
Assets held for sale | 1,605 | 3,608 | |||||||||
Prepaid expenses and other current assets | 3,827 | 5,190 | |||||||||
Total current assets | 112,276 | 113,133 | |||||||||
Property and equipment, at cost | 199,971 | 193,529 | |||||||||
Less accumulated depreciation | 55,137 | 31,760 | |||||||||
Net property and equipment | 144,834 | 161,769 | |||||||||
Intangible assets, net of accumulated amortization | 8,473 | 8,942 | |||||||||
Deferred income taxes | 12,908 | 12,746 | |||||||||
Operating lease assets | 3,972 | 4,383 | |||||||||
Other noncurrent assets | 12,348 | 13,457 | |||||||||
Total assets | $ | 294,811 | $ | 314,430 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Accounts payable | $ | 20,096 | $ | 17,516 | |||||||
Current portion of long-term debt | 300 | 150 | |||||||||
Deferred revenues | 955 | 1,019 | |||||||||
Accrued expenses: | |||||||||||
Employee compensation and related costs | 8,879 | 7,325 | |||||||||
Insurance claims and settlements | 21,246 | 22,106 | |||||||||
Insurance premiums and deductibles | 3,671 | 3,928 | |||||||||
Interest | 2,002 | 2,015 | |||||||||
Other | 3,878 | 4,959 | |||||||||
Total current liabilities | 61,027 | 59,018 | |||||||||
Long-term debt, less unamortized discount and debt issuance costs | 151,709 | 147,167 | |||||||||
Noncurrent operating lease liabilities | 3,210 | 3,622 | |||||||||
Deferred income taxes | 1,739 | 947 | |||||||||
Other noncurrent liabilities | 1,783 | 1,779 | |||||||||
Total liabilities | 219,468 | 212,533 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Stockholders’ equity: | |||||||||||
Successor common stock, $0.001 par value; 25,000,000 shares authorized; 1,840,641 and 1,647,224 shares outstanding June 30, 2021 and December 31, 2020, respectively | 2 | 2 | |||||||||
Additional paid-in capital | 147,126 | 142,119 | |||||||||
Accumulated deficit | (71,785) | (40,224) | |||||||||
Total stockholders’ equity | 75,343 | 101,897 | |||||||||
Total liabilities and stockholders’ equity | $ | 294,811 | $ | 314,430 |
Successor | Predecessor | |||||||
June 30, 2020 | December 31, 2019 | |||||||
(unaudited) | (audited) | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 15,161 | $ | 24,619 | ||||
Restricted cash | 16,173 | 998 | ||||||
Receivables: | ||||||||
Trade, net of allowance for doubtful accounts | 29,912 | 79,135 | ||||||
Unbilled receivables | 6,318 | 12,590 | ||||||
Insurance recoveries | 22,747 | 22,873 | ||||||
Other receivables | 5,731 | 8,928 | ||||||
Inventory | 13,056 | 22,453 | ||||||
Assets held for sale | 7,292 | 3,447 | ||||||
Prepaid expenses and other current assets | 5,649 | 7,869 | ||||||
Total current assets | 122,039 | 182,912 | ||||||
Property and equipment, at cost | 191,259 | 1,119,546 | ||||||
Less accumulated depreciation | 5,019 | 648,376 | ||||||
Net property and equipment | 186,240 | 471,170 | ||||||
Intangible assets, net of accumulated amortization | 9,292 | — | ||||||
Deferred income taxes | 9,139 | 11,540 | ||||||
Operating lease assets | 5,040 | 7,264 | ||||||
Other noncurrent assets | 12,050 | 1,068 | ||||||
Total assets | $ | 343,800 | $ | 673,954 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Accounts payable | $ | 16,148 | $ | 32,551 | ||||
Deferred revenues | 642 | 1,339 | ||||||
Accrued expenses: | ||||||||
Employee compensation and related costs | 4,954 | 13,781 | ||||||
Insurance claims and settlements | 22,747 | 22,873 | ||||||
Insurance premiums and deductibles | 4,043 | 5,940 | ||||||
Interest | 1,463 | 5,452 | ||||||
Other | 15,939 | 9,645 | ||||||
Total current liabilities | 65,936 | 91,581 | ||||||
Long-term debt, less unamortized discount and debt issuance costs | 142,005 | 467,699 | ||||||
Noncurrent operating lease liabilities | 4,098 | 5,700 | ||||||
Deferred income taxes | 1,071 | 4,417 | ||||||
Other noncurrent liabilities | 1,548 | 481 | ||||||
Total liabilities | 214,658 | 569,878 | ||||||
Commitments and contingencies (Note 13) | ||||||||
Stockholders’ equity: | ||||||||
Predecessor common stock $.10 par value; 200,000,000 shares authorized; 79,202,216 shares outstanding at December 31, 2019 | — | 8,008 | ||||||
Successor common stock, $.001 par value; 25,000,000 shares authorized; 1,048,185 shares outstanding at June 30, 2020 | 1 | — | ||||||
Additional paid-in capital | 138,958 | 553,210 | ||||||
Predecessor treasury stock, at cost; 877,047 shares at December 31, 2019 | — | (5,090 | ) | |||||
Retained earnings (Accumulated deficit) | (9,817 | ) | (452,052 | ) | ||||
Total stockholders’ equity | 129,142 | 104,076 | ||||||
Total liabilities and stockholders’ equity | $ | 343,800 | $ | 673,954 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 59,526 | $ | 11,163 | $ | 28,048 | ||||||||||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Operating costs | 46,397 | 8,743 | 22,025 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11,944 | 5,236 | 13,663 | |||||||||||||||||||||||||||||||||||||||||
General and administrative | 10,997 | 4,213 | 7,392 | |||||||||||||||||||||||||||||||||||||||||
Prepetition restructuring charges | 0 | 0 | (252) | |||||||||||||||||||||||||||||||||||||||||
Impairment | 0 | 388 | 0 | |||||||||||||||||||||||||||||||||||||||||
Bad debt expense (recovery), net | (198) | (283) | 482 | |||||||||||||||||||||||||||||||||||||||||
Gain on dispositions of property and equipment, net | (1,072) | (460) | (272) | |||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 68,068 | 17,837 | 43,038 | |||||||||||||||||||||||||||||||||||||||||
Loss from operations | (8,542) | (6,674) | (14,990) | |||||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net of interest capitalized | (6,698) | (2,215) | (4,135) | |||||||||||||||||||||||||||||||||||||||||
Reorganization items, net | 239 | (1,144) | (15,240) | |||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (109) | 0 | (3,723) | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (176) | (230) | 2,212 | |||||||||||||||||||||||||||||||||||||||||
Total other expense, net | (6,744) | (3,589) | (20,886) | |||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (15,286) | (10,263) | (35,876) | |||||||||||||||||||||||||||||||||||||||||
Income tax benefit | 667 | 446 | 755 | |||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (14,619) | $ | (9,817) | $ | (35,121) | ||||||||||||||||||||||||||||||||||||||
Loss per common share - Basic | $ | (12.01) | $ | (9.37) | $ | (0.44) | ||||||||||||||||||||||||||||||||||||||
Loss per common share - Diluted | $ | (12.01) | $ | (9.37) | $ | (0.44) | ||||||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding—Basic | 1,217 | 1,048 | 79,288 | |||||||||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding—Diluted | 1,217 | 1,048 | 79,288 |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2019 | ||||||||||
Revenues | $ | 11,163 | $ | 28,048 | $ | 152,843 | ||||||
Costs and expenses: | ||||||||||||
Operating costs | 8,743 | 22,025 | 115,970 | |||||||||
Depreciation and amortization | 5,236 | 13,663 | 22,851 | |||||||||
General and administrative | 4,213 | 7,392 | 18,028 | |||||||||
Pre-petition restructuring charges | — | (252 | ) | — | ||||||||
Impairment | 388 | — | 332 | |||||||||
Bad debt expense (recovery), net | (283 | ) | 482 | (348 | ) | |||||||
Gain on dispositions of property and equipment, net | (460 | ) | (272 | ) | (1,126 | ) | ||||||
Total costs and expenses | 17,837 | 43,038 | 155,707 | |||||||||
Loss from operations | (6,674 | ) | (14,990 | ) | (2,864 | ) | ||||||
Other income (expense): | ||||||||||||
Interest expense, net of interest capitalized | (2,215 | ) | (4,135 | ) | (10,105 | ) | ||||||
Reorganization items, net | (1,144 | ) | (15,240 | ) | — | |||||||
Loss on extinguishment of debt | — | (3,723 | ) | — | ||||||||
Other income (expense), net | (230 | ) | 2,212 | 349 | ||||||||
Total other expense, net | (3,589 | ) | (20,886 | ) | (9,756 | ) | ||||||
Loss before income taxes | (10,263 | ) | (35,876 | ) | (12,620 | ) | ||||||
Income tax (expense) benefit | 446 | 755 | (324 | ) | ||||||||
Net loss | $ | (9,817 | ) | $ | (35,121 | ) | $ | (12,944 | ) | |||
Loss per common share - Basic | $ | (9.37 | ) | $ | (0.44 | ) | $ | (0.17 | ) | |||
Loss per common share - Diluted | $ | (9.37 | ) | $ | (0.44 | ) | $ | (0.17 | ) | |||
Weighted average number of shares outstanding—Basic | 1,048 | 79,288 | 78,430 | |||||||||
Weighted average number of shares outstanding—Diluted | 1,048 | 79,288 | 78,430 |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 118,264 | $ | 11,163 | $ | 142,370 | |||||||||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | 91,723 | 8,743 | 114,047 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 25,309 | 5,236 | 35,647 | ||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 20,710 | 4,213 | 22,047 | ||||||||||||||||||||||||||||||||||||||||||||
Prepetition restructuring charges | 0 | 0 | 16,822 | ||||||||||||||||||||||||||||||||||||||||||||
Impairment | 0 | 388 | 17,853 | ||||||||||||||||||||||||||||||||||||||||||||
Bad debt expense (recovery), net | (395) | (283) | 1,209 | ||||||||||||||||||||||||||||||||||||||||||||
Gain on dispositions of property and equipment, net | (3,370) | (460) | (989) | ||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 133,977 | 17,837 | 206,636 | ||||||||||||||||||||||||||||||||||||||||||||
Loss from operations | (15,713) | (6,674) | (64,266) | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net of interest capitalized | (13,232) | (2,215) | (12,294) | ||||||||||||||||||||||||||||||||||||||||||||
Reorganization items, net | 93 | (1,144) | (21,903) | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (192) | 0 | (4,215) | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (2,726) | (230) | (3,333) | ||||||||||||||||||||||||||||||||||||||||||||
Total other expense, net | (16,057) | (3,589) | (41,745) | ||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (31,770) | (10,263) | (106,011) | ||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit | 209 | 446 | 1,786 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (31,561) | $ | (9,817) | $ | (104,225) | |||||||||||||||||||||||||||||||||||||||||
Loss per common share - Basic | $ | (26.79) | $ | (9.37) | $ | (1.32) | |||||||||||||||||||||||||||||||||||||||||
Loss per common share - Diluted | $ | (26.79) | $ | (9.37) | $ | (1.32) | |||||||||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding—Basic | 1,178 | 1,048 | 78,968 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding—Diluted | 1,178 | 1,048 | 78,968 |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2019 | ||||||||||
Revenues | $ | 11,163 | $ | 142,370 | $ | 299,411 | ||||||
Costs and expenses: | ||||||||||||
Operating costs | 8,743 | 114,047 | 224,555 | |||||||||
Depreciation and amortization | 5,236 | 35,647 | 45,504 | |||||||||
General and administrative | 4,213 | 22,047 | 37,786 | |||||||||
Pre-petition restructuring charges | — | 16,822 | — | |||||||||
Impairment | 388 | 17,853 | 1,378 | |||||||||
Bad debt expense (recovery), net | (283 | ) | 1,209 | (286 | ) | |||||||
Gain on dispositions of property and equipment, net | (460 | ) | (989 | ) | (2,201 | ) | ||||||
Total costs and expenses | 17,837 | 206,636 | 306,736 | |||||||||
Loss from operations | (6,674 | ) | (64,266 | ) | (7,325 | ) | ||||||
Other income (expense): | ||||||||||||
Interest expense, net of interest capitalized | (2,215 | ) | (12,294 | ) | (19,990 | ) | ||||||
Reorganization items, net | (1,144 | ) | (21,903 | ) | — | |||||||
Loss on extinguishment of debt | — | (4,215 | ) | — | ||||||||
Other income (expense), net | (230 | ) | (3,333 | ) | 1,033 | |||||||
Total other expense, net | (3,589 | ) | (41,745 | ) | (18,957 | ) | ||||||
Loss before income taxes | (10,263 | ) | (106,011 | ) | (26,282 | ) | ||||||
Income tax (expense) benefit | 446 | 1,786 | (1,777 | ) | ||||||||
Net loss | $ | (9,817 | ) | $ | (104,225 | ) | $ | (28,059 | ) | |||
Loss per common share - Basic | $ | (9.37 | ) | $ | (1.32 | ) | $ | (0.36 | ) | |||
Loss per common share - Diluted | $ | (9.37 | ) | $ | (1.32 | ) | $ | (0.36 | ) | |||
Weighted average number of shares outstanding—Basic | 1,048 | 78,968 | 78,371 | |||||||||
Weighted average number of shares outstanding—Diluted | 1,048 | 78,968 | 78,371 |
Shares | Amount | Additional Paid In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||
Common | Treasury | Common | Treasury | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 (Successor) | 1,649 | (1) | $ | 2 | $ | 0 | $ | 142,119 | $ | (40,224) | $ | 101,897 | |||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (16,942) | (16,942) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 830 | — | 830 | ||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 (Successor) | 1,649 | (1) | $ | 2 | $ | 0 | $ | 142,949 | $ | (57,166) | $ | 85,785 | |||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (14,619) | (14,619) | ||||||||||||||||||||||||||||||||||||||||
Payment of in-kind interest on Convertible Notes | — | — | — | — | 2,124 | — | 2,124 | ||||||||||||||||||||||||||||||||||||||||
Equity awards vested or exercised | 193 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 2,053 | — | 2,053 | ||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 (Successor) | 1,842 | (1) | $ | 2 | $ | 0 | $ | 147,126 | $ | (71,785) | $ | 75,343 | |||||||||||||||||||||||||||||||||||
Shares | Amount | Additional Paid In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||
Common | Treasury | Common | Treasury | ||||||||||||||||||||||
Balance as of December 31, 2019 (Predecessor) | 80,079 | (877 | ) | $ | 8,008 | $ | (5,090 | ) | $ | 553,210 | $ | (452,052 | ) | $ | 104,076 | ||||||||||
Net loss | — | — | — | — | — | (69,104 | ) | (69,104 | ) | ||||||||||||||||
Purchase of treasury stock | — | (165 | ) | — | (7 | ) | — | — | (7 | ) | |||||||||||||||
Equity awards vested or exercised | 542 | — | 54 | — | (54 | ) | — | — | |||||||||||||||||
Stock-based compensation expense | — | — | — | — | 328 | — | 328 | ||||||||||||||||||
Balance as of March 31, 2020 (Predecessor) | 80,621 | (1,042 | ) | $ | 8,062 | $ | (5,097 | ) | $ | 553,484 | $ | (521,156 | ) | $ | 35,293 | ||||||||||
Net loss | — | — | — | — | — | (35,121 | ) | (35,121 | ) | ||||||||||||||||
Purchase of treasury stock | — | (100 | ) | — | (1 | ) | — | — | (1 | ) | |||||||||||||||
Equity awards vested or exercised | 363 | — | 36 | — | (36 | ) | — | — | |||||||||||||||||
Equity awards vested in connection with the Plan | 7,946 | — | 795 | — | (795 | ) | — | — | |||||||||||||||||
Stock-based compensation expense | — | — | — | — | 978 | — | 978 | ||||||||||||||||||
Balance as of May 31, 2020 (Predecessor) | 88,930 | (1,142 | ) | $ | 8,893 | $ | (5,098 | ) | $ | 553,631 | $ | (556,277 | ) | $ | 1,149 | ||||||||||
Cancellation of Predecessor equity | (88,930 | ) | 1,142 | (8,893 | ) | 5,098 | (553,631 | ) | 556,277 | (1,149 | ) | ||||||||||||||
Balance as of May 31, 2020 (Predecessor) | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Balance as of June 1, 2020 (Successor) | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Issuance of Successor common stock | 1,050 | (1 | ) | 1 | — | 18,083 | — | 18,084 | |||||||||||||||||
Equity component of Convertible Notes, net of offering costs | — | — | — | — | 120,875 | — | 120,875 | ||||||||||||||||||
Net loss | — | — | — | — | — | (9,817 | ) | (9,817 | ) | ||||||||||||||||
Balance as of June 30, 2020 (Successor) | 1,050 | (1 | ) | $ | 1 | $ | — | $ | 138,958 | $ | (9,817 | ) | $ | 129,142 |
Shares | Amount | Additional Paid In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||
Common | Treasury | Common | Treasury | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 (Predecessor) | 80,079 | (877) | $ | 8,008 | $ | (5,090) | $ | 553,210 | $ | (452,052) | $ | 104,076 | |||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (69,104) | (69,104) | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | (165) | — | (7) | — | — | (7) | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 542 | — | 54 | — | (54) | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 328 | — | 328 | ||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 (Predecessor) | 80,621 | (1,042) | $ | 8,062 | $ | (5,097) | $ | 553,484 | $ | (521,156) | $ | 35,293 | |||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (35,121) | (35,121) | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | (100) | — | (1) | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||
Equity awards vested or exercised | 363 | — | 36 | — | (36) | — | — | ||||||||||||||||||||||||||||||||||||||||
Equity awards vested in connection with the Plan | 7,946 | — | 795 | — | (795) | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 978 | — | 978 | ||||||||||||||||||||||||||||||||||||||||
Balance as of May 31, 2020 (Predecessor) | 88,930 | (1,142) | $ | 8,893 | $ | (5,098) | $ | 553,631 | $ | (556,277) | $ | 1,149 | |||||||||||||||||||||||||||||||||||
Cancellation of Predecessor equity | (88,930) | 1,142 | (8,893) | 5,098 | (553,631) | 556,277 | (1,149) | ||||||||||||||||||||||||||||||||||||||||
Balance as of May 31, 2020 (Predecessor) | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||
Balance as of June 1, 2020 (Successor) | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Issuance of Successor common stock | 1,050 | (1) | 1 | — | 18,083 | — | 18,084 | ||||||||||||||||||||||||||||||||||||||||
Equity component of Convertible Notes, net of offering costs | — | — | — | — | 120,875 | — | 120,875 | ||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (9,817) | (9,817) | ||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 (Successor) | 1,050 | (1) | $ | 1 | $ | 0 | $ | 138,958 | $ | (9,817) | $ | 129,142 | |||||||||||||||||||||||||||||||||||
Shares | Amount | Additional Paid In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||
Common | Treasury | Common | Treasury | ||||||||||||||||||||||
Balance as of December 31, 2018 (Predecessor) | 79,004 | (790 | ) | $ | 7,900 | $ | (4,965 | ) | $ | 550,548 | $ | (388,425 | ) | $ | 165,058 | ||||||||||
Net loss | — | — | — | — | — | (15,115 | ) | (15,115 | ) | ||||||||||||||||
Purchase of treasury stock | — | (84 | ) | — | (120 | ) | — | — | (120 | ) | |||||||||||||||
Cumulative-effect adjustment due to adoption of ASC Topic 842 | — | — | — | — | — | 277 | 277 | ||||||||||||||||||
Equity awards vested or exercised | 326 | — | 33 | — | (33 | ) | — | — | |||||||||||||||||
Stock-based compensation expense | — | — | — | — | 867 | — | 867 | ||||||||||||||||||
Balance as of March 31, 2019 (Predecessor) | 79,330 | (874 | ) | $ | 7,933 | $ | (5,085 | ) | $ | 551,382 | $ | (403,263 | ) | $ | 150,967 | ||||||||||
Net loss | — | — | — | — | — | (12,944 | ) | (12,944 | ) | ||||||||||||||||
Purchase of treasury stock | — | (3 | ) | — | (5 | ) | — | — | (5 | ) | |||||||||||||||
Equity awards vested or exercised | 667 | — | 67 | — | (67 | ) | — | — | |||||||||||||||||
Stock-based compensation expense | — | — | — | — | 327 | — | 327 | ||||||||||||||||||
Balance as of June 30, 2019 (Predecessor) | 79,997 | (877 | ) | $ | 8,000 | $ | (5,090 | ) | $ | 551,642 | $ | (416,207 | ) | $ | 138,345 |
Successor | Predecessor | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | ||||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net loss | $ | (31,561) | $ | (9,817) | $ | (104,225) | ||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 25,309 | 5,236 | 35,647 | |||||||||||||||||||||||||||||
Allowance for doubtful accounts, net of recoveries | (395) | (283) | 1,209 | |||||||||||||||||||||||||||||
Gain on dispositions of property and equipment, net | (3,370) | (460) | (989) | |||||||||||||||||||||||||||||
Reorganization items, net | 0 | 0 | 18,713 | |||||||||||||||||||||||||||||
Stock-based compensation expense | 2,883 | 0 | 552 | |||||||||||||||||||||||||||||
Amortization of debt issuance costs and discount | 5,323 | 766 | 1,084 | |||||||||||||||||||||||||||||
Interest paid in-kind | 4,376 | 0 | 0 | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | 192 | 0 | 4,215 | |||||||||||||||||||||||||||||
Impairment | 0 | 388 | 17,853 | |||||||||||||||||||||||||||||
Deferred income taxes | 631 | (399) | (546) | |||||||||||||||||||||||||||||
Change in other noncurrent assets | 252 | (36) | (800) | |||||||||||||||||||||||||||||
Change in other noncurrent liabilities | (257) | 355 | 1,524 | |||||||||||||||||||||||||||||
Changes in current assets and liabilities: | ||||||||||||||||||||||||||||||||
Receivables | (4,503) | 7,395 | 44,041 | |||||||||||||||||||||||||||||
Inventory | 278 | 240 | 1,441 | |||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 1,476 | 133 | 1,121 | |||||||||||||||||||||||||||||
Accounts payable | 2,788 | 1,216 | (15,174) | |||||||||||||||||||||||||||||
Deferred revenues | (65) | 522 | (1,219) | |||||||||||||||||||||||||||||
Accrued expenses | 179 | (539) | (6,692) | |||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 3,536 | 4,717 | (2,245) | |||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Purchases of property and equipment | (8,662) | (900) | (10,848) | |||||||||||||||||||||||||||||
Proceeds from sale of property and equipment | 6,058 | 752 | 1,665 | |||||||||||||||||||||||||||||
Proceeds from insurance recoveries | 0 | 0 | 22 | |||||||||||||||||||||||||||||
Net cash used in investing activities | (2,604) | (148) | (9,161) | |||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Debt repayments | (3,000) | 0 | (175,000) | |||||||||||||||||||||||||||||
Proceeds from debt issuance | 0 | 0 | 195,187 | |||||||||||||||||||||||||||||
Proceeds from DIP Facility | 0 | 0 | 4,000 | |||||||||||||||||||||||||||||
Repayment of DIP Facility | 0 | 0 | (4,000) | |||||||||||||||||||||||||||||
Payments of debt issuance costs | 0 | 0 | (7,625) | |||||||||||||||||||||||||||||
Purchase of treasury stock | 0 | 0 | (8) | |||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (3,000) | 0 | 12,554 | |||||||||||||||||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | (2,068) | 4,569 | 1,148 | |||||||||||||||||||||||||||||
Beginning cash, cash equivalents and restricted cash | 32,329 | 26,765 | 25,617 | |||||||||||||||||||||||||||||
Ending cash, cash equivalents and restricted cash | $ | 30,261 | $ | 31,334 | $ | 26,765 | ||||||||||||||||||||||||||
Supplementary disclosure: | ||||||||||||||||||||||||||||||||
Interest paid | $ | 3,440 | $ | 9 | $ | 8,105 | ||||||||||||||||||||||||||
Income tax paid | $ | 1,027 | $ | 118 | $ | 893 | ||||||||||||||||||||||||||
Reorganization items paid | $ | 0 | $ | 784 | $ | 14,947 | ||||||||||||||||||||||||||
Noncash investing and financing activity: | ||||||||||||||||||||||||||||||||
Change in capital expenditure accruals | $ | (290) | $ | (188) | $ | (1,924) | ||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2019 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net loss | $ | (9,817 | ) | $ | (104,225 | ) | $ | (28,059 | ) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 5,236 | 35,647 | 45,504 | |||||||||
Allowance for doubtful accounts, net of recoveries | (283 | ) | 1,209 | (286 | ) | |||||||
Gain on dispositions of property and equipment, net | (460 | ) | (989 | ) | (2,201 | ) | ||||||
Reorganization items, net | — | 18,713 | — | |||||||||
Stock-based compensation expense | — | 552 | 1,194 | |||||||||
Phantom stock compensation expense | — | — | 51 | |||||||||
Amortization of debt issuance costs and discount | 766 | 1,084 | 1,541 | |||||||||
Loss on extinguishment of debt | — | 4,215 | — | |||||||||
Impairment | 388 | 17,853 | 1,378 | |||||||||
Deferred income taxes | (399 | ) | (546 | ) | 1,225 | |||||||
Change in other noncurrent assets | (36 | ) | (800 | ) | 1,476 | |||||||
Change in other noncurrent liabilities | 355 | 1,524 | (2,493 | ) | ||||||||
Changes in current assets and liabilities: | ||||||||||||
Receivables | 7,395 | 44,041 | (14,858 | ) | ||||||||
Inventory | 240 | 1,441 | (3,864 | ) | ||||||||
Prepaid expenses and other current assets | 133 | 1,121 | (108 | ) | ||||||||
Accounts payable | 1,216 | (15,174 | ) | 10,697 | ||||||||
Deferred revenues | 522 | (1,219 | ) | (302 | ) | |||||||
Accrued expenses | (539 | ) | (6,692 | ) | (6,849 | ) | ||||||
Net cash provided by (used in) operating activities | 4,717 | (2,245 | ) | 4,046 | ||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of property and equipment | (900 | ) | (10,848 | ) | (31,382 | ) | ||||||
Proceeds from sale of property and equipment | 752 | 1,665 | 3,439 | |||||||||
Proceeds from insurance recoveries | — | 22 | 588 | |||||||||
Net cash used in investing activities | (148 | ) | (9,161 | ) | (27,355 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Debt repayments | — | (175,000 | ) | — | ||||||||
Proceeds from debt issuance | — | 195,187 | — | |||||||||
Proceeds from DIP Facility | — | 4,000 | — | |||||||||
Repayment of DIP Facility | — | (4,000 | ) | — | ||||||||
Payments of debt issuance costs | — | (7,625 | ) | — | ||||||||
Purchase of treasury stock | — | (8 | ) | (125 | ) | |||||||
Net cash provided by (used in) financing activities | — | 12,554 | (125 | ) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 4,569 | 1,148 | (23,434 | ) | ||||||||
Beginning cash, cash equivalents and restricted cash | 26,765 | 25,617 | 54,564 | |||||||||
Ending cash, cash equivalents and restricted cash | $ | 31,334 | $ | 26,765 | $ | 31,130 | ||||||
Supplementary disclosure: | ||||||||||||
Interest paid | $ | 9 | $ | 8,105 | $ | 18,832 | ||||||
Income tax paid | $ | 118 | $ | 893 | $ | 2,156 | ||||||
Reorganization items paid | $ | 784 | $ | 14,947 | — | |||||||
Noncash investing and financing activity: | ||||||||||||
Change in capital expenditure accruals | $ | (188 | ) | $ | (1,924 | ) | $ | (3,766 | ) |
Multi-well, Pad-capable | |||||||||||||||||
AC rigs | SCR rigs | Total | |||||||||||||||
Domestic drilling | 17 | 0 | 17 | ||||||||||||||
International drilling | 0 | 8 | 8 | ||||||||||||||
25 |
Multi-well, Pad-capable | |||||||
AC rigs | SCR rigs | Total | |||||
Domestic drilling | 17 | — | 17 | ||||
International drilling | — | 8 | 8 | ||||
25 |
550 HP | 600 HP | Total | |||||||||||||||
Well servicing rigs, by horsepower (HP) rating | 111 | 12 | 123 | ||||||||||||||
Wireline services units | 72 | ||||||||||||||||
550 HP | 600 HP | Total | |||
Well servicing rigs, by horsepower (HP) rating | 111 | 12 | 123 | ||
Wireline services units | 82 |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Five Months Ended May 31, 2020 | ||||||||||
Gain on settlement of liabilities subject to compromise | $ | — | $ | (291,378 | ) | $ | (291,378 | ) | ||||
Fresh start valuation adjustments | — | 284,392 | 284,392 | |||||||||
Legal and professional fees | 741 | 19,888 | 26,038 | |||||||||
Unamortized debt costs on liabilities subject to compromise | — | 2,003 | 2,003 | |||||||||
Accelerated stock-based compensation | — | 713 | 713 | |||||||||
Loss (gain) on rejected leases | 403 | (378 | ) | (378 | ) | |||||||
DIP facility costs | — | — | 513 | |||||||||
$ | 1,144 | $ | 15,240 | $ | 21,903 |
Enterprise value | $ | 276,000 | |
Plus: cash and cash equivalents | 10,592 | ||
Less: fair value of debt | (145,420 | ) | |
Total implied equity (prior to debt issuance costs on equity component on Convertible Notes) | 141,172 | ||
Less: equity portion of Convertible Notes | (123,088 | ) | |
Fair value of Successor stockholders’ equity | $ | 18,084 | |
Shares issued upon emergence | 1,049,804 | ||
Per share value | $ | 17.23 |
Enterprise value | $ | 276,000 | |
Plus: cash and cash equivalents | 10,592 | ||
Plus: current liabilities | 65,799 | ||
Plus: non-current liabilities excluding long-term debt | 6,626 | ||
Less: debt issuance costs on Successor debt | (6,394 | ) | |
Reorganization value of Successor assets | $ | 352,623 |
As of May 31, 2020 | |||||||||||||||||
(in thousands) | Predecessor | Reorganization Adjustments | Fresh Start Accounting Adjustments | Successor | |||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 21,253 | $ | (10,661 | ) | (1) | $ | — | $ | 10,592 | |||||||
Restricted cash | 4,452 | 11,721 | (2) | — | 16,173 | ||||||||||||
Receivables: | |||||||||||||||||
Trade, net of allowance for doubtful accounts | 33,537 | — | — | 33,537 | |||||||||||||
Unbilled receivables | 9,163 | — | — | 9,163 | |||||||||||||
Insurance recoveries | 23,636 | — | — | 23,636 | |||||||||||||
Other receivables | 5,256 | 1,000 | (3) | — | 6,256 | ||||||||||||
Inventory | 21,012 | — | (6,883 | ) | (18) | 14,129 | |||||||||||
Assets held for sale | 1,825 | — | 29 | (19) | 1,854 | ||||||||||||
Prepaid expenses and other current assets | 4,817 | — | 952 | (20) | 5,769 | ||||||||||||
Total current assets | 124,951 | 2,060 | (5,902 | ) | 121,109 | ||||||||||||
Property and equipment, at cost | 1,082,704 | — | (886,733 | ) | (21) | 195,971 | |||||||||||
Less accumulated depreciation | 655,512 | — | (655,512 | ) | (21) | — | |||||||||||
Net property and equipment | 427,192 | — | (231,221 | ) | 195,971 | ||||||||||||
Intangible assets, net of accumulated amortization | — | — | 9,370 | (22) | 9,370 | ||||||||||||
Deferred income taxes | 10,897 | — | (2,157 | ) | (23) | 8,740 | |||||||||||
Operating lease assets | 5,234 | — | — | 5,234 | |||||||||||||
Other noncurrent assets | 13,247 | (5,023 | ) | (4) | 3,975 | (24) | 12,199 | ||||||||||
Total assets | $ | 581,521 | $ | (2,963 | ) | $ | (225,935 | ) | $ | 352,623 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Accounts payable | $ | 24,601 | $ | (9,478 | ) | (5) | $ | — | $ | 15,123 | |||||||
Deferred revenues | 121 | — | — | 121 | |||||||||||||
Commitment premium | 9,584 | (9,584 | ) | (6) | — | — | |||||||||||
Debtor in possession financing | 4,000 | (4,000 | ) | (7) | — | — | |||||||||||
Accrued expenses: | |||||||||||||||||
Employee compensation and related costs | 4,970 | — | — | 4,970 | |||||||||||||
Insurance claims and settlements | 23,517 | — | — | 23,517 | |||||||||||||
Insurance premiums and deductibles | 5,269 | — | — | 5,269 | |||||||||||||
Interest | 3,775 | (3,731 | ) | (8) | — | 44 | |||||||||||
Other | 12,436 | 4,329 | (9) | (10 | ) | 16,755 | |||||||||||
Total current liabilities | 88,273 | (22,464 | ) | (10 | ) | 65,799 | |||||||||||
Long-term debt, less unamortized discount and debt issuance costs | 175,000 | (53,831 | ) | (10) | 20,070 | (25) | 141,239 | ||||||||||
Noncurrent operating lease liabilities | 4,189 | — | — | 4,189 | |||||||||||||
Deferred income taxes | 4,296 | — | (3,225 | ) | (26) | 1,071 | |||||||||||
Other noncurrent liabilities | 1,366 | — | — | 1,366 | |||||||||||||
Total liabilities not subject to compromise | 273,124 | (76,295 | ) | 16,835 | 213,664 | ||||||||||||
Liabilities subject to compromise | 308,422 | (308,422 | ) | (11) | — | — | |||||||||||
Stockholders’ equity: | |||||||||||||||||
Predecessor common stock | 8,893 | (8,893 | ) | (12) | — | — | |||||||||||
Successor common stock | — | 1 | (13) | — | 1 | ||||||||||||
Predecessor additional paid-in capital | 553,631 | (553,631 | ) | (14) | — | — | |||||||||||
Successor additional paid-in capital | — | 98,413 | (15) | 40,545 | (27) | 138,958 | |||||||||||
Predecessor treasury stock, at cost | (5,098 | ) | 5,098 | (16) | — | — | |||||||||||
Retained earnings (Accumulated deficit) | (557,451 | ) | 840,766 | (17) | (283,315 | ) | (28) | — | |||||||||
Total stockholders’ equity | (25 | ) | 381,754 | (242,770 | ) | 138,959 | |||||||||||
Total liabilities and stockholders’ equity | $ | 581,521 | $ | (2,963 | ) | $ | (225,935 | ) | $ | 352,623 |
Cash proceeds from Convertible Notes | $ | 120,187 | |
Cash proceeds from Senior Secured Notes | 75,000 | ||
Payment to fund claims reserve | (950 | ) | |
Payment to escrow remaining professional fees | (10,771 | ) | |
Payment of professional fees | (9,468 | ) | |
Payment in full to extinguish DIP Facility | (4,000 | ) | |
Payment of accrued interest on DIP Facility | (55 | ) | |
Payment of DIP Facility fees | (177 | ) | |
Payment in full to extinguish Prepetition Term Loan | (175,000 | ) | |
Payment of accrued interest on Prepetition Term Loan | (3,677 | ) | |
Payment of prepayment penalty on Prepetition Term Loan | (1,750 | ) | |
$ | (10,661 | ) |
Payment to fund rejected leases claims reserve | $ | 950 | |
Payment to escrow remaining professional fees | 10,771 | ||
$ | 11,721 |
Payment in full to extinguish Prepetition Term Loan | $ | (175,000 | ) |
Issuance of Senior Secured Notes at Par | 78,125 | ||
Recognition of debt issue costs on Senior Secured Notes | (2,913 | ) | |
Recognition of liability component of Convertible Notes issuance | 47,225 | ||
Recognition of debt issuance costs on liability component of Convertible Notes | (1,268 | ) | |
$ | (53,831 | ) |
Prepetition Senior Notes | $ | 300,000 | |
Accrued interest on Prepetition Senior Notes | 8,422 | ||
Liabilities subject to compromise | 308,422 | ||
Cash paid by holders of Prepetition Senior Notes | 118,013 | ||
Issuance of equity to Prepetition Senior Notes creditors | (17,044 | ) | |
Notes Received by Prepetition Senior Note holders | (118,013 | ) | |
$ | 291,378 |
Recognition of equity component of Convertible Notes | $ | 82,546 | |
Issuance of Successor common stock to Prepetition Senior Notes creditors and prior equity holders | 18,083 | ||
Recognition of debt issuance costs of Convertible Notes equity component | (2,216 | ) | |
$ | 98,413 |
Predecessor Historical Value | Fair Value Adjustment | Successor Fair Value | |||||||
Drilling rigs and equipment | $ | 1,010,612 | $ | (832,294 | ) | $ | 178,318 | ||
Vehicles | 41,283 | (28,561 | ) | 12,722 | |||||
Building and improvements | 16,619 | (13,742 | ) | 2,877 | |||||
Office equipment | 12,231 | (11,743 | ) | 488 | |||||
Land | 1,959 | (393 | ) | 1,566 | |||||
$ | 1,082,704 | $ | (886,733 | ) | $ | 195,971 | |||
Less: Accumulated Depreciation | (655,512 | ) | 655,512 | — | |||||
$ | 427,192 | $ | (231,221 | ) | $ | 195,971 |
Fair value adjustment to the liability component of the Convertible Notes | $ | 23,195 | |
Discount on Senior Secured Notes | (3,125 | ) | |
$ | 20,070 |
Successor | |||||||||||||||||||
Successor | Predecessor | June 30, 2021 | December 31, 2020 | ||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||||
Current deferred revenues | $ | 642 | $ | 1,339 | Current deferred revenues | $ | 955 | $ | 1,019 | ||||||||||
Current deferred costs | 201 | 1,071 | Current deferred costs | 410 | 361 | ||||||||||||||
Current contract assets | Current contract assets | 0 | 300 | ||||||||||||||||
Noncurrent deferred revenues | $ | — | $ | 57 | |||||||||||||||
Noncurrent deferred costs | 30 | 267 | Noncurrent deferred costs | 204 | 194 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | ||||||||||||||||||||||||||||||||||||
Amortization of deferred revenues | $ | 889 | $ | 46 | $ | 2,705 | ||||||||||||||||||||||||||||||||
Amortization of deferred costs | 541 | 39 | 1,876 |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2019 | ||||||||||
Amortization of deferred revenues | $ | 46 | $ | 2,705 | $ | 2,235 | ||||||
Amortization of deferred costs | 39 | 1,876 | 2,096 |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term operating lease expense | $ | 151 | $ | 1,080 | $ | 1,671 | Long-term operating lease expense | $ | 615 | $ | 151 | $ | 1,080 | ||||||||||||||||||||||||||||||||||||||||
Short-term operating lease expense | 456 | 4,456 | 7,736 | Short-term operating lease expense | 4,539 | 456 | 4,456 |
Successor | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Within 1 year | $ | 1,074 | $ | 1,069 | |||||||
In the second year | 992 | 985 | |||||||||
In the third year | 864 | 921 | |||||||||
In the fourth year | 885 | 874 | |||||||||
In the fifth year | 585 | 895 | |||||||||
Thereafter | 161 | 299 | |||||||||
Total undiscounted lease obligations | $ | 4,561 | $ | 5,043 | |||||||
Impact of discounting | (438) | (532) | |||||||||
Discounted value of operating lease obligations | $ | 4,123 | $ | 4,511 | |||||||
Current operating lease liabilities | $ | 913 | $ | 889 | |||||||
Noncurrent operating lease liabilities | 3,210 | 3,622 | |||||||||
$ | 4,123 | $ | 4,511 | ||||||||
Successor | Predecessor | |||||||
June 30, 2020 | December 31, 2019 | |||||||
Within 1 year | $ | 1,199 | $ | 2,496 | ||||
In the second year | 1,004 | 1,933 | ||||||
In the third year | 992 | 1,447 | ||||||
In the fourth year | 864 | 1,117 | ||||||
In the fifth year | 885 | 912 | ||||||
Thereafter | 746 | 811 | ||||||
Total undiscounted lease obligations | $ | 5,690 | $ | 8,716 | ||||
Impact of discounting | (638 | ) | (818 | ) | ||||
Discounted value of operating lease obligations | $ | 5,052 | $ | 7,898 | ||||
Current operating lease liabilities | $ | 998 | $ | 2,198 | ||||
Noncurrent operating lease liabilities | 4,098 | 5,700 | ||||||
$ | 5,096 | $ | 7,898 |
Successor | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Convertible Notes | $ | 136,082 | $ | 132,763 | |||||||
Senior Secured Notes | 75,496 | 77,439 |
Successor | |||
June 30, 2020 | |||
Convertible Notes | $ | 129,771 | |
Senior Secured Notes | 78,125 |
Successor | |||||||||
Liability Component | Equity Component | Total | |||||||
Issuance proceeds, net of Backstop Commitment Premium | $ | 43,738 | $ | 76,449 | $ | 120,187 | |||
Face value | 47,225 | 82,546 | 129,771 | ||||||
Issuance discount | 23,195 | 40,542 | 63,737 | ||||||
Fair value | $ | 70,420 | $ | 123,088 | $ | 193,508 | |||
Debt issuance costs | (1,268 | ) | (2,216 | ) | (3,484 | ) | |||
Net carrying value at Fresh Start Reporting Date | $ | 69,152 | $ | 120,872 | $ | 190,024 |
Successor | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Unamortized discount on Convertible Notes (based on imputed interest rate of 20.9%) | $ | 53,910 | $ | 56,438 | |||||||
Unamortized discount on Senior Secured Notes (based on imputed interest rate of 13.2%) | 2,214 | 2,733 | |||||||||
Unamortized debt issuance costs | 3,445 | 3,714 |
Successor | |||
June 30, 2020 | |||
Unamortized discount on Convertible Notes (based on imputed interest rate of 20.9%) | $ | 58,680 | |
Unamortized discount on Senior Secured Notes (based on imputed interest rate of 13.2%) | 3,083 | ||
Unamortized debt issuance costs | 4,153 |
Successor | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Net operating loss carryforward deferred tax asset | $ | 85,944 | $ | 82,901 | |||||||
Valuation allowance | (77,786) | (74,676) |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss (numerator for basic EPS) | $ | (14,619) | $ | (9,817) | $ | (35,121) | |||||||||||||||||||||||||||||||||||||||||
Interest expense on Convertible Notes, net of tax | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS, if-converted method | (14,619) | (9,817) | (35,121) | ||||||||||||||||||||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares (denominator for basic EPS) | 1,217 | 1,048 | 79,288 | ||||||||||||||||||||||||||||||||||||||||||||
Potentially dilutive shares issuable from Convertible Notes, if-converted method | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Potentially dilutive shares issuable from outstanding stock-based compensation awards, treasury stock method | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted EPS | 1,217 | 1,048 | 79,288 | ||||||||||||||||||||||||||||||||||||||||||||
Loss per common share - Basic | $ | (12.01) | $ | (9.37) | $ | (0.44) | |||||||||||||||||||||||||||||||||||||||||
Loss per common share - Diluted | $ | (12.01) | $ | (9.37) | $ | (0.44) | |||||||||||||||||||||||||||||||||||||||||
Potentially dilutive securities excluded as anti-dilutive | 10,204 | 9,733 | 4,103 | ||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (numerator for basic EPS) | $ | (9,817 | ) | $ | (35,121 | ) | $ | (12,944 | ) | Net loss (numerator for basic EPS) | $ | (31,561) | $ | (9,817) | $ | (104,225) | |||||||||||||||||||||||||||||||||||||||||||
Interest expense on Convertible Notes, net of tax | — | — | — | Interest expense on Convertible Notes, net of tax | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS, if-converted method | (9,817 | ) | (35,121 | ) | (12,944 | ) | Numerator for diluted EPS, if-converted method | (31,561) | (9,817) | (104,225) | |||||||||||||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares (denominator for basic EPS) | 1,048 | 79,288 | 78,430 | Weighted-average shares (denominator for basic EPS) | 1,178 | 1,048 | 78,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Potentially dilutive shares issuable from Convertible Notes, if-converted method | — | — | — | Potentially dilutive shares issuable from Convertible Notes, if-converted method | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Potentially dilutive shares issuable from outstanding stock-based compensation awards, treasury stock method | — | — | — | Potentially dilutive shares issuable from outstanding stock-based compensation awards, treasury stock method | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted EPS | 1,048 | 79,288 | 78,430 | Denominator for diluted EPS | 1,178 | 1,048 | 78,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss per common share - Basic | $ | (9.37 | ) | $ | (0.44 | ) | $ | (0.17 | ) | Loss per common share - Basic | $ | (26.79) | $ | (9.37) | $ | (1.32) | |||||||||||||||||||||||||||||||||||||||||||
Loss per common share - Diluted | $ | (9.37 | ) | $ | (0.44 | ) | $ | (0.17 | ) | Loss per common share - Diluted | $ | (26.79) | $ | (9.37) | $ | (1.32) | |||||||||||||||||||||||||||||||||||||||||||
Potentially dilutive securities excluded as anti-dilutive | 9,733 | 4,103 | 4,858 | Potentially dilutive securities excluded as anti-dilutive | 10,113 | 9,733 | 4,517 |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2019 | ||||||||||
Numerator: | ||||||||||||
Net loss (numerator for basic EPS) | $ | (9,817 | ) | $ | (104,225 | ) | $ | (28,059 | ) | |||
Interest expense on Convertible Notes, net of tax | — | — | — | |||||||||
Numerator for diluted EPS, if-converted method | (9,817 | ) | (104,225 | ) | (28,059 | ) | ||||||
Denominator: | ||||||||||||
Weighted-average shares (denominator for basic EPS) | 1,048 | 78,968 | 78,371 | |||||||||
Potentially dilutive shares issuable from Convertible Notes, if-converted method | — | — | — | |||||||||
Potentially dilutive shares issuable from outstanding stock-based compensation awards, treasury stock method | — | — | — | |||||||||
Denominator for diluted EPS | 1,048 | 78,968 | 78,371 | |||||||||
Loss per common share - Basic | $ | (9.37 | ) | $ | (1.32 | ) | $ | (0.36 | ) | |||
Loss per common share - Diluted | $ | (9.37 | ) | $ | (1.32 | ) | $ | (0.36 | ) | |||
Potentially dilutive securities excluded as anti-dilutive | 9,733 | 4,517 | 3,709 |
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2019 | Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | |||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 5,866 | $ | 17,450 | $ | 39,652 | Domestic drilling | $ | 23,414 | $ | 5,866 | $ | 17,450 | |||||||||||||||||||||||||
International drilling | 828 | 1,473 | 25,422 | International drilling | 9,685 | 828 | 1,473 | |||||||||||||||||||||||||||||||
Drilling services | 6,694 | 18,923 | 65,074 | Drilling services | 33,099 | 6,694 | 18,923 | |||||||||||||||||||||||||||||||
Well servicing | 3,756 | 6,331 | 29,506 | Well servicing | 18,033 | 3,756 | 6,331 | |||||||||||||||||||||||||||||||
Wireline services | 713 | 2,410 | 47,386 | Wireline services | 8,394 | 713 | 2,410 | |||||||||||||||||||||||||||||||
Coiled tubing services | — | 384 | 10,877 | Coiled tubing services | 0 | 0 | 384 | |||||||||||||||||||||||||||||||
Production services | 4,469 | 9,125 | 87,769 | Production services | 26,427 | 4,469 | 9,125 | |||||||||||||||||||||||||||||||
Consolidated revenues | $ | 11,163 | $ | 28,048 | $ | 152,843 | Consolidated revenues | $ | 59,526 | $ | 11,163 | $ | 28,048 | |||||||||||||||||||||||||
Operating costs: | Operating costs: | |||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 3,646 | $ | 9,236 | $ | 24,698 | Domestic drilling | $ | 17,405 | $ | 3,646 | $ | 9,236 | |||||||||||||||||||||||||
International drilling | 1,063 | 1,538 | 18,555 | International drilling | 7,760 | 1,063 | 1,538 | |||||||||||||||||||||||||||||||
Drilling services | 4,709 | 10,774 | 43,253 | Drilling services | 25,165 | 4,709 | 10,774 | |||||||||||||||||||||||||||||||
Well servicing | 2,810 | 5,926 | 21,038 | Well servicing | 13,445 | 2,810 | 5,926 | |||||||||||||||||||||||||||||||
Wireline services | 1,085 | 3,552 | 41,804 | Wireline services | 7,754 | 1,085 | 3,552 | |||||||||||||||||||||||||||||||
Coiled tubing services | 139 | 1,773 | 9,875 | Coiled tubing services | 33 | 139 | 1,773 | |||||||||||||||||||||||||||||||
Production services | 4,034 | 11,251 | 72,717 | Production services | 21,232 | 4,034 | 11,251 | |||||||||||||||||||||||||||||||
Consolidated operating costs | $ | 8,743 | $ | 22,025 | $ | 115,970 | Consolidated operating costs | $ | 46,397 | $ | 8,743 | $ | 22,025 | |||||||||||||||||||||||||
Gross margin: | Gross margin: | |||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 2,220 | $ | 8,214 | $ | 14,954 | Domestic drilling | $ | 6,009 | $ | 2,220 | $ | 8,214 | |||||||||||||||||||||||||
International drilling | (235 | ) | (65 | ) | 6,867 | International drilling | 1,925 | (235) | (65) | |||||||||||||||||||||||||||||
Drilling services | 1,985 | 8,149 | 21,821 | Drilling services | 7,934 | 1,985 | 8,149 | |||||||||||||||||||||||||||||||
Well servicing | 946 | 405 | 8,468 | Well servicing | 4,588 | 946 | 405 | |||||||||||||||||||||||||||||||
Wireline services | (372 | ) | (1,142 | ) | 5,582 | Wireline services | 640 | (372) | (1,142) | |||||||||||||||||||||||||||||
Coiled tubing services | (139 | ) | (1,389 | ) | 1,002 | Coiled tubing services | (33) | (139) | (1,389) | |||||||||||||||||||||||||||||
Production services | 435 | (2,126 | ) | 15,052 | Production services | 5,195 | 435 | (2,126) | ||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 2,420 | $ | 6,023 | $ | 36,873 | Consolidated gross margin | $ | 13,129 | $ | 2,420 | $ | 6,023 | |||||||||||||||||||||||||
Identifiable Assets: | ||||||||||||||||||||||||||||||||||||||
Domestic drilling (1) | $ | 150,897 | $ | 158,283 | $ | 365,477 | ||||||||||||||||||||||||||||||||
International drilling (1) (2) | 47,541 | 49,611 | 47,158 | |||||||||||||||||||||||||||||||||||
Drilling services | 198,438 | 207,894 | 412,635 | |||||||||||||||||||||||||||||||||||
Well servicing | 47,832 | 49,388 | 121,180 | |||||||||||||||||||||||||||||||||||
Wireline services | 22,623 | 23,948 | 94,413 | |||||||||||||||||||||||||||||||||||
Coiled tubing services | 5,941 | 6,336 | 37,292 | |||||||||||||||||||||||||||||||||||
Production services | 76,396 | 79,672 | 252,885 | |||||||||||||||||||||||||||||||||||
Corporate | 68,966 | 65,057 | 58,149 | |||||||||||||||||||||||||||||||||||
Consolidated identifiable assets | $ | 343,800 | $ | 352,623 | $ | 723,669 | ||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||
Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | ||||||||||||||||||||||||
Identifiable Assets: | ||||||||||||||||||||||||||
Domestic drilling (1) | $ | 138,473 | $ | 150,897 | $ | 158,283 | ||||||||||||||||||||
International drilling (1) (2) | 40,680 | 47,541 | 49,611 | |||||||||||||||||||||||
Drilling services | 179,153 | 198,438 | 207,894 | |||||||||||||||||||||||
Well servicing | 41,284 | 47,832 | 49,388 | |||||||||||||||||||||||
Wireline services | 17,998 | 22,623 | 23,948 | |||||||||||||||||||||||
Coiled tubing services | 1,339 | 5,941 | 6,336 | |||||||||||||||||||||||
Production services | 60,621 | 76,396 | 79,672 | |||||||||||||||||||||||
Corporate | 55,037 | 68,966 | 65,057 | |||||||||||||||||||||||
Consolidated identifiable assets (3) | $ | 294,811 | $ | 343,800 | $ | 352,623 | ||||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||||
Domestic drilling | $ | 5,975 | $ | 2,012 | $ | 7,153 | ||||||||||||||||||||
International drilling | 2,514 | 1,076 | 843 | |||||||||||||||||||||||
Drilling services | 8,489 | 3,088 | 7,996 | |||||||||||||||||||||||
Well servicing | 2,555 | 1,261 | 3,039 | |||||||||||||||||||||||
Wireline services | 807 | 763 | 2,011 | |||||||||||||||||||||||
Coiled tubing services | 0 | 0 | 471 | |||||||||||||||||||||||
Production services | 3,362 | 2,024 | 5,521 | |||||||||||||||||||||||
Corporate | 93 | 124 | 146 | |||||||||||||||||||||||
Consolidated depreciation | $ | 11,944 | $ | 5,236 | $ | 13,663 | ||||||||||||||||||||
Capital Expenditures: | ||||||||||||||||||||||||||
Domestic drilling | $ | 2,231 | $ | 484 | $ | 621 | ||||||||||||||||||||
International drilling | 1,405 | 138 | 106 | |||||||||||||||||||||||
Drilling services | 3,636 | 622 | 727 | |||||||||||||||||||||||
Well servicing | 564 | 30 | 201 | |||||||||||||||||||||||
Wireline services | 307 | 60 | 112 | |||||||||||||||||||||||
Coiled tubing services | 0 | 0 | 3 | |||||||||||||||||||||||
Production services | 871 | 90 | 316 | |||||||||||||||||||||||
Corporate | 51 | 0 | 20 | |||||||||||||||||||||||
Consolidated capital expenditures | $ | 4,558 | $ | 712 | $ | 1,063 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 45,897 | $ | 5,866 | $ | 53,341 | ||||||||||||||||||||||||||||||||||||||
International drilling | 20,748 | 828 | 15,928 | |||||||||||||||||||||||||||||||||||||||||
Drilling services | 66,645 | 6,694 | 69,269 | |||||||||||||||||||||||||||||||||||||||||
Well servicing | 32,890 | 3,756 | 31,947 | |||||||||||||||||||||||||||||||||||||||||
Wireline services | 18,729 | 713 | 35,543 | |||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | 0 | 0 | 5,611 | |||||||||||||||||||||||||||||||||||||||||
Production services | 51,619 | 4,469 | 73,101 | |||||||||||||||||||||||||||||||||||||||||
Consolidated revenues | $ | 118,264 | $ | 11,163 | $ | 142,370 | ||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2019 | ||||||||||
Depreciation and amortization: | ||||||||||||
Domestic drilling | $ | 2,012 | $ | 7,153 | $ | 10,888 | ||||||
International drilling | 1,076 | 843 | 1,373 | |||||||||
Drilling services | 3,088 | 7,996 | 12,261 | |||||||||
Well servicing | 1,261 | 3,039 | 4,942 | |||||||||
Wireline services | 763 | 2,011 | 3,907 | |||||||||
Coiled tubing services | — | 471 | 1,531 | |||||||||
Production services | 2,024 | 5,521 | 10,380 | |||||||||
Corporate | 124 | 146 | 210 | |||||||||
Consolidated depreciation | $ | 5,236 | $ | 13,663 | $ | 22,851 | ||||||
Capital Expenditures: | ||||||||||||
Domestic drilling | $ | 484 | $ | 621 | $ | 3,325 | ||||||
International drilling | 138 | 106 | 524 | |||||||||
Drilling services | 622 | 727 | 3,849 | |||||||||
Well servicing | 30 | 201 | 2,141 | |||||||||
Wireline services | 60 | 112 | 1,588 | |||||||||
Coiled tubing services | — | 3 | 1,287 | |||||||||
Production services | 90 | 316 | 5,016 | |||||||||
Corporate | — | 20 | 376 | |||||||||
Consolidated capital expenditures | $ | 712 | $ | 1,063 | $ | 9,241 |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2019 | ||||||||||
Revenues: | ||||||||||||
Domestic drilling | $ | 5,866 | $ | 53,341 | $ | 77,661 | ||||||
International drilling | 828 | 15,928 | 47,065 | |||||||||
Drilling services | 6,694 | 69,269 | 124,726 | |||||||||
Well servicing | 3,756 | 31,947 | 55,760 | |||||||||
Wireline services | 713 | 35,543 | 93,260 | |||||||||
Coiled tubing services | — | 5,611 | 25,665 | |||||||||
Production services | 4,469 | 73,101 | 174,685 | |||||||||
Consolidated revenues | $ | 11,163 | $ | 142,370 | $ | 299,411 | ||||||
Operating costs: | ||||||||||||
Domestic drilling | $ | 3,646 | $ | 33,101 | $ | 47,167 | ||||||
International drilling | 1,063 | 13,676 | 35,040 | |||||||||
Drilling services | 4,709 | 46,777 | 82,207 | |||||||||
Well servicing | 2,810 | 26,877 | 39,934 | |||||||||
Wireline services | 1,085 | 31,836 | 81,151 | |||||||||
Coiled tubing services | 139 | 8,557 | 21,263 | |||||||||
Production services | 4,034 | 67,270 | 142,348 | |||||||||
Consolidated operating costs | $ | 8,743 | $ | 114,047 | $ | 224,555 | ||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 32,864 | $ | 3,646 | $ | 33,101 | ||||||||||||||||||||||||||||||||||||||
International drilling | 15,835 | 1,063 | 13,676 | |||||||||||||||||||||||||||||||||||||||||
Drilling services | 48,699 | 4,709 | 46,777 | |||||||||||||||||||||||||||||||||||||||||
Well servicing | 25,333 | 2,810 | 26,877 | |||||||||||||||||||||||||||||||||||||||||
Wireline services | 17,632 | 1,085 | 31,836 | |||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | 59 | 139 | 8,557 | |||||||||||||||||||||||||||||||||||||||||
Production services | 43,024 | 4,034 | 67,270 | |||||||||||||||||||||||||||||||||||||||||
Consolidated operating costs | $ | 91,723 | $ | 8,743 | $ | 114,047 | ||||||||||||||||||||||||||||||||||||||
Gross margin: | ||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 13,033 | $ | 2,220 | $ | 20,240 | ||||||||||||||||||||||||||||||||||||||
International drilling | 4,913 | (235) | 2,252 | |||||||||||||||||||||||||||||||||||||||||
Drilling services | 17,946 | 1,985 | 22,492 | |||||||||||||||||||||||||||||||||||||||||
Well servicing | 7,557 | 946 | 5,070 | |||||||||||||||||||||||||||||||||||||||||
Wireline services | 1,097 | (372) | 3,707 | |||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | (59) | (139) | (2,946) | |||||||||||||||||||||||||||||||||||||||||
Production services | 8,595 | 435 | 5,831 | |||||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 26,541 | $ | 2,420 | $ | 28,323 | ||||||||||||||||||||||||||||||||||||||
Identifiable Assets: | ||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling (1) | $ | 138,473 | $ | 150,897 | $ | 158,283 | ||||||||||||||||||||||||||||||||||||||
International drilling (1) (2) | 40,680 | 47,541 | 49,611 | |||||||||||||||||||||||||||||||||||||||||
Drilling services | 179,153 | 198,438 | 207,894 | |||||||||||||||||||||||||||||||||||||||||
Well servicing | 41,284 | 47,832 | 49,388 | |||||||||||||||||||||||||||||||||||||||||
Wireline services | 17,998 | 22,623 | 23,948 | |||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | 1,339 | 5,941 | 6,336 | |||||||||||||||||||||||||||||||||||||||||
Production services | 60,621 | 76,396 | 79,672 | |||||||||||||||||||||||||||||||||||||||||
Corporate | 55,037 | 68,966 | 65,057 | |||||||||||||||||||||||||||||||||||||||||
Consolidated identifiable assets (3) | $ | 294,811 | $ | 343,800 | $ | 352,623 | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 12,265 | $ | 2,012 | $ | 18,058 | ||||||||||||||||||||||||||||||||||||||
International drilling | 5,662 | 1,076 | 2,144 | |||||||||||||||||||||||||||||||||||||||||
Drilling services | 17,927 | 3,088 | 20,202 | |||||||||||||||||||||||||||||||||||||||||
Well servicing | 5,491 | 1,261 | 7,820 | |||||||||||||||||||||||||||||||||||||||||
Wireline services | 1,697 | 763 | 5,088 | |||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | 0 | 0 | 2,164 | |||||||||||||||||||||||||||||||||||||||||
Production services | 7,188 | 2,024 | 15,072 | |||||||||||||||||||||||||||||||||||||||||
Corporate | 194 | 124 | 373 | |||||||||||||||||||||||||||||||||||||||||
Consolidated depreciation | $ | 25,309 | $ | 5,236 | $ | 35,647 | ||||||||||||||||||||||||||||||||||||||
Capital Expenditures: | ||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 4,616 | $ | 484 | $ | 3,862 | ||||||||||||||||||||||||||||||||||||||
International drilling | 1,970 | 138 | 1,273 | |||||||||||||||||||||||||||||||||||||||||
Drilling services | 6,586 | 622 | 5,135 | |||||||||||||||||||||||||||||||||||||||||
Well servicing | 899 | 30 | 1,918 | |||||||||||||||||||||||||||||||||||||||||
Wireline services | 799 | 60 | 1,684 | |||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | 0 | 0 | 166 | |||||||||||||||||||||||||||||||||||||||||
Production services | 1,698 | 90 | 3,768 | |||||||||||||||||||||||||||||||||||||||||
Corporate | 88 | 0 | 21 | |||||||||||||||||||||||||||||||||||||||||
Consolidated capital expenditures | $ | 8,372 | $ | 712 | $ | 8,924 |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2019 | ||||||||||
Gross margin: | ||||||||||||
Domestic drilling | $ | 2,220 | $ | 20,240 | $ | 30,494 | ||||||
International drilling | (235 | ) | 2,252 | 12,025 | ||||||||
Drilling services | 1,985 | 22,492 | 42,519 | |||||||||
Well servicing | 946 | 5,070 | 15,826 | |||||||||
Wireline services | (372 | ) | 3,707 | 12,109 | ||||||||
Coiled tubing services | (139 | ) | (2,946 | ) | 4,402 | |||||||
Production services | 435 | 5,831 | 32,337 | |||||||||
Consolidated gross margin | $ | 2,420 | $ | 28,323 | $ | 74,856 | ||||||
Identifiable Assets: | ||||||||||||
Domestic drilling (1) | $ | 150,897 | $ | 158,283 | $ | 365,477 | ||||||
International drilling (1) (2) | 47,541 | 49,611 | 47,158 | |||||||||
Drilling services | 198,438 | 207,894 | 412,635 | |||||||||
Well servicing | 47,832 | 49,388 | 121,180 | |||||||||
Wireline services | 22,623 | 23,948 | 94,413 | |||||||||
Coiled tubing services | 5,941 | 6,336 | 37,292 | |||||||||
Production services | 76,396 | 79,672 | 252,885 | |||||||||
Corporate | 68,966 | 65,057 | 58,149 | |||||||||
Consolidated identifiable assets | $ | 343,800 | $ | 352,623 | $ | 723,669 | ||||||
Depreciation and amortization: | ||||||||||||
Domestic drilling | $ | 2,012 | $ | 18,058 | $ | 21,433 | ||||||
International drilling | 1,076 | 2,144 | 2,716 | |||||||||
Drilling services | 3,088 | 20,202 | 24,149 | |||||||||
Well servicing | 1,261 | 7,820 | 9,824 | |||||||||
Wireline services | 763 | 5,088 | 7,982 | |||||||||
Coiled tubing services | — | 2,164 | 3,059 | |||||||||
Production services | 2,024 | 15,072 | 20,865 | |||||||||
Corporate | 124 | 373 | 490 | |||||||||
Consolidated depreciation | $ | 5,236 | $ | 35,647 | $ | 45,504 | ||||||
Capital Expenditures: | ||||||||||||
Domestic drilling | $ | 484 | $ | 3,862 | $ | 11,567 | ||||||
International drilling | 138 | 1,273 | 2,282 | |||||||||
Drilling services | 622 | 5,135 | 13,849 | |||||||||
Well servicing | 30 | 1,918 | 6,036 | |||||||||
Wireline services | 60 | 1,684 | 4,423 | |||||||||
Coiled tubing services | — | 166 | 2,811 | |||||||||
Production services | 90 | 3,768 | 13,270 | |||||||||
Corporate | — | 21 | 497 | |||||||||
Consolidated capital expenditures | $ | 712 | $ | 8,924 | $ | 27,616 |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | |||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 13,129 | $ | 2,420 | $ | 6,023 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | (11,944) | (5,236) | (13,663) | ||||||||||||||||||||||||||||||||||||||
General and administrative | (10,997) | (4,213) | (7,392) | ||||||||||||||||||||||||||||||||||||||
Prepetition restructuring charges | 0 | 0 | 252 | ||||||||||||||||||||||||||||||||||||||
Impairment | 0 | (388) | 0 | ||||||||||||||||||||||||||||||||||||||
Bad debt (expense) recovery, net | 198 | 283 | (482) | ||||||||||||||||||||||||||||||||||||||
Gain on dispositions of property and equipment, net | 1,072 | 460 | 272 | ||||||||||||||||||||||||||||||||||||||
Loss from operations | $ | (8,542) | $ | (6,674) | $ | (14,990) |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | |||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 26,541 | $ | 2,420 | $ | 28,323 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | (25,309) | (5,236) | (35,647) | ||||||||||||||||||||||||||||||||||||||
General and administrative | (20,710) | (4,213) | (22,047) | ||||||||||||||||||||||||||||||||||||||
Prepetition restructuring charges | 0 | 0 | (16,822) | ||||||||||||||||||||||||||||||||||||||
Impairment | 0 | (388) | (17,853) | ||||||||||||||||||||||||||||||||||||||
Bad debt (expense) recovery, net | 395 | 283 | (1,209) | ||||||||||||||||||||||||||||||||||||||
Gain on dispositions of property and equipment, net | 3,370 | 460 | 989 | ||||||||||||||||||||||||||||||||||||||
Loss from operations | $ | (15,713) | $ | (6,674) | $ | (64,266) |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2019 | ||||||||||
Consolidated gross margin | $ | 2,420 | $ | 6,023 | $ | 36,873 | ||||||
Depreciation and amortization | (5,236 | ) | (13,663 | ) | (22,851 | ) | ||||||
General and administrative | (4,213 | ) | (7,392 | ) | (18,028 | ) | ||||||
Pre-petition restructuring charges | — | 252 | — | |||||||||
Impairment | (388 | ) | — | (332 | ) | |||||||
Bad debt (expense) recovery, net | 283 | (482 | ) | 348 | ||||||||
Gain on dispositions of property and equipment, net | 460 | 272 | 1,126 | |||||||||
Loss from operations | $ | (6,674 | ) | $ | (14,990 | ) | $ | (2,864 | ) |
Successor | Predecessor | |||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2019 | ||||||||||
Consolidated gross margin | $ | 2,420 | $ | 28,323 | $ | 74,856 | ||||||
Depreciation and amortization | (5,236 | ) | (35,647 | ) | (45,504 | ) | ||||||
General and administrative | (4,213 | ) | (22,047 | ) | (37,786 | ) | ||||||
Pre-petition restructuring charges | — | (16,822 | ) | — | ||||||||
Impairment | (388 | ) | (17,853 | ) | (1,378 | ) | ||||||
Bad debt (expense) recovery, net | 283 | (1,209 | ) | 286 | ||||||||
Gain on dispositions of property and equipment, net | 460 | 989 | 2,201 | |||||||||
Loss from operations | $ | (6,674 | ) | $ | (64,266 | ) | $ | (7,325 | ) |
Successor | |||||||||||||||||||
June 30, 2020 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 12,534 | $ | — | $ | 2,627 | $ | — | $ | 15,161 | |||||||||
Restricted cash | 16,173 | — | — | — | 16,173 | ||||||||||||||
Receivables, net of allowance | 413 | 50,286 | 13,707 | 302 | 64,708 | ||||||||||||||
Intercompany receivable (payable) | (2,786 | ) | 30,855 | (28,069 | ) | — | — | ||||||||||||
Inventory | — | 5,321 | 7,735 | — | 13,056 | ||||||||||||||
Assets held for sale | — | 7,292 | — | — | 7,292 | ||||||||||||||
Prepaid expenses and other current assets | 2,469 | 2,510 | 265 | 405 | 5,649 | ||||||||||||||
Total current assets | 28,803 | 96,264 | (3,735 | ) | 707 | 122,039 | |||||||||||||
Net property and equipment | 521 | 160,610 | 25,109 | — | 186,240 | ||||||||||||||
Investment in subsidiaries | 250,356 | 37,491 | — | (287,847 | ) | — | |||||||||||||
Intangible assets, net of accumulated amortization | 9,292 | — | — | — | 9,292 | ||||||||||||||
Deferred income taxes | — | — | 9,140 | (1 | ) | 9,139 | |||||||||||||
Operating lease assets | 2,800 | 2,177 | 63 | — | 5,040 | ||||||||||||||
Other noncurrent assets | 1,784 | 82 | 10,184 | — | 12,050 | ||||||||||||||
Total assets | $ | 293,556 | $ | 296,624 | $ | 40,761 | $ | (287,141 | ) | $ | 343,800 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 5,643 | $ | 7,720 | $ | 2,785 | $ | — | $ | 16,148 | |||||||||
Deferred revenues | — | 74 | 163 | 405 | 642 | ||||||||||||||
Accrued expenses | 13,886 | 35,994 | 278 | (1,012 | ) | 49,146 | |||||||||||||
Total current liabilities | 19,529 | 43,788 | 3,226 | (607 | ) | 65,936 | |||||||||||||
Long-term debt, less unamortized discount and debt issuance costs | 142,005 | — | — | — | 142,005 | ||||||||||||||
Noncurrent operating lease liabilities | 2,467 | 1,587 | 44 | — | 4,098 | ||||||||||||||
Deferred income taxes | 254 | 818 | — | (1 | ) | 1,071 | |||||||||||||
Other noncurrent liabilities | 159 | 75 | — | 1,314 | 1,548 | ||||||||||||||
Total liabilities | 164,414 | 46,268 | 3,270 | 706 | 214,658 | ||||||||||||||
Total stockholders’ equity | 129,142 | 250,356 | 37,491 | (287,847 | ) | 129,142 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 293,556 | $ | 296,624 | $ | 40,761 | $ | (287,141 | ) | $ | 343,800 | ||||||||
Predecessor | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 14,461 | $ | — | $ | 10,158 | $ | — | $ | 24,619 | |||||||||
Restricted cash | 998 | — | — | — | 998 | ||||||||||||||
Receivables, net of allowance | 107 | 92,394 | 30,908 | 117 | 123,526 | ||||||||||||||
Intercompany receivable (payable) | (28,664 | ) | 64,485 | (35,821 | ) | — | — | ||||||||||||
Inventory | — | 10,325 | 12,128 | — | 22,453 | ||||||||||||||
Assets held for sale | — | 3,447 | — | — | 3,447 | ||||||||||||||
Prepaid expenses and other current assets | 2,849 | 4,122 | 898 | — | 7,869 | ||||||||||||||
Total current assets | (10,249 | ) | 174,773 | 18,271 | 117 | 182,912 | |||||||||||||
Net property and equipment | 2,374 | 441,567 | 27,229 | — | 471,170 | ||||||||||||||
Investment in subsidiaries | 547,123 | 47,953 | — | (595,076 | ) | — | |||||||||||||
Deferred income taxes | 44,224 | — | 11,540 | (44,224 | ) | 11,540 | |||||||||||||
Operating lease assets | 3,114 | 3,581 | 569 | — | 7,264 | ||||||||||||||
Other noncurrent assets | 506 | 562 | — | — | 1,068 | ||||||||||||||
Total assets | $ | 587,092 | $ | 668,436 | $ | 57,609 | $ | (639,183 | ) | $ | 673,954 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 1,811 | $ | 24,436 | $ | 6,304 | $ | — | $ | 32,551 | |||||||||
Deferred revenues | — | 513 | 826 | — | 1,339 | ||||||||||||||
Accrued expenses | 10,570 | 44,893 | 2,111 | 117 | 57,691 | ||||||||||||||
Total current liabilities | 12,381 | 69,842 | 9,241 | 117 | 91,581 | ||||||||||||||
Long-term debt, less unamortized discount and debt issuance costs | 467,699 | — | — | — | 467,699 | ||||||||||||||
Noncurrent operating lease liabilities | 2,749 | 2,536 | 415 | — | 5,700 | ||||||||||||||
Deferred income taxes | — | 48,641 | — | (44,224 | ) | 4,417 | |||||||||||||
Other noncurrent liabilities | 187 | 294 | — | — | 481 | ||||||||||||||
Total liabilities not subject to compromise | 483,016 | 121,313 | 9,656 | (44,107 | ) | 569,878 | |||||||||||||
Total stockholders’ equity | 104,076 | 547,123 | 47,953 | (595,076 | ) | 104,076 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 587,092 | $ | 668,436 | $ | 57,609 | $ | (639,183 | ) | $ | 673,954 |
Successor | |||||||||||||||||||
One Month Ended June 30, 2020 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 10,335 | $ | 828 | $ | — | $ | 11,163 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating costs | — | 7,680 | 1,063 | — | 8,743 | ||||||||||||||
Depreciation and amortization | 124 | 4,036 | 1,076 | — | 5,236 | ||||||||||||||
General and administrative | 2,429 | 1,703 | 146 | (65 | ) | 4,213 | |||||||||||||
Intercompany leasing | — | (405 | ) | 405 | — | — | |||||||||||||
Impairment | — | 388 | — | — | 388 | ||||||||||||||
Bad debt expense (recovery), net | — | (283 | ) | — | — | (283 | ) | ||||||||||||
Gain on dispositions of property and equipment, net | — | (460 | ) | — | — | (460 | ) | ||||||||||||
Total costs and expenses | 2,553 | 12,659 | 2,690 | (65 | ) | 17,837 | |||||||||||||
Income (loss) from operations | (2,553 | ) | (2,324 | ) | (1,862 | ) | 65 | (6,674 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings of subsidiaries | (4,312 | ) | (1,656 | ) | — | 5,968 | — | ||||||||||||
Interest expense | (2,217 | ) | — | 2 | — | (2,215 | ) | ||||||||||||
Reorganization items, net | (741 | ) | (403 | ) | — | — | (1,144 | ) | |||||||||||
Other income | 6 | 89 | (260 | ) | (65 | ) | (230 | ) | |||||||||||
Total other income (expense), net | (7,264 | ) | (1,970 | ) | (258 | ) | 5,903 | (3,589 | ) | ||||||||||
Income (loss) before income taxes | (9,817 | ) | (4,294 | ) | (2,120 | ) | 5,968 | (10,263 | ) | ||||||||||
Income tax (expense) benefit 1 | — | (18 | ) | 464 | — | 446 | |||||||||||||
Net income (loss) | $ | (9,817 | ) | $ | (4,312 | ) | $ | (1,656 | ) | $ | 5,968 | $ | (9,817 | ) | |||||
Predecessor | |||||||||||||||||||
Two Months Ended May 31, 2020 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 26,575 | $ | 1,473 | $ | — | $ | 28,048 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating costs | — | 20,487 | 1,538 | — | 22,025 | ||||||||||||||
Depreciation and amortization | 147 | 12,673 | 843 | — | 13,663 | ||||||||||||||
General and administrative | 2,922 | 4,277 | 283 | (90 | ) | 7,392 | |||||||||||||
Pre-petition restructuring charges | (252 | ) | — | — | — | (252 | ) | ||||||||||||
Intercompany leasing | — | (810 | ) | 810 | — | — | |||||||||||||
Bad debt expense (recovery), net | — | 482 | — | — | 482 | ||||||||||||||
Gain on dispositions of property and equipment, net | — | (272 | ) | — | — | (272 | ) | ||||||||||||
Total costs and expenses | 2,817 | 36,837 | 3,474 | (90 | ) | 43,038 | |||||||||||||
Income (loss) from operations | (2,817 | ) | (10,262 | ) | (2,001 | ) | 90 | (14,990 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings of subsidiaries | (202,279 | ) | (2,086 | ) | — | 204,365 | — | ||||||||||||
Interest expense | (4,138 | ) | (1 | ) | 4 | — | (4,135 | ) | |||||||||||
Loss on extinguishment of debt | (3,723 | ) | — | — | — | (3,723 | ) | ||||||||||||
Reorganization items, net | 217,009 | (231,420 | ) | (829 | ) | — | (15,240 | ) | |||||||||||
Other income | 33 | 160 | 2,109 | (90 | ) | 2,212 | |||||||||||||
Total other income (expense), net | 6,902 | (233,347 | ) | 1,284 | 204,275 | (20,886 | ) | ||||||||||||
Income (loss) before income taxes | 4,085 | (243,609 | ) | (717 | ) | 204,365 | (35,876 | ) | |||||||||||
Income tax (expense) benefit 1 | (39,206 | ) | 41,330 | (1,369 | ) | — | 755 | ||||||||||||
Net income (loss) | $ | (35,121 | ) | $ | (202,279 | ) | $ | (2,086 | ) | $ | 204,365 | $ | (35,121 | ) | |||||
Predecessor | |||||||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 127,421 | $ | 25,422 | $ | — | $ | 152,843 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating costs | — | 97,417 | 18,553 | — | 115,970 | ||||||||||||||
Depreciation and amortization | 210 | 21,268 | 1,373 | — | 22,851 | ||||||||||||||
General and administrative | 6,907 | 10,579 | 677 | (135 | ) | 18,028 | |||||||||||||
Intercompany leasing | — | (1,215 | ) | 1,215 | — | — | |||||||||||||
Bad debt expense (recovery), net | — | (348 | ) | — | — | (348 | ) | ||||||||||||
Impairment | — | 332 | — | — | 332 | ||||||||||||||
Gain on dispositions of property and equipment, net | — | (1,121 | ) | (5 | ) | — | (1,126 | ) | |||||||||||
Total costs and expenses | 7,117 | 126,912 | 21,813 | (135 | ) | 155,707 | |||||||||||||
Income (loss) from operations | (7,117 | ) | 509 | 3,609 | 135 | (2,864 | ) | ||||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings of subsidiaries | 3,305 | 3,431 | — | (6,736 | ) | — | |||||||||||||
Interest expense | (10,059 | ) | (1 | ) | (45 | ) | — | (10,105 | ) | ||||||||||
Other income (expense) | 91 | 401 | (8 | ) | (135 | ) | 349 | ||||||||||||
Total other income (expense), net | (6,663 | ) | 3,831 | (53 | ) | (6,871 | ) | (9,756 | ) | ||||||||||
Income (loss) before income taxes | (13,780 | ) | 4,340 | 3,556 | (6,736 | ) | (12,620 | ) | |||||||||||
Income tax (expense) benefit 1 | 836 | (1,035 | ) | (125 | ) | — | (324 | ) | |||||||||||
Net income (loss) | $ | (12,944 | ) | $ | 3,305 | $ | 3,431 | $ | (6,736 | ) | $ | (12,944 | ) | ||||||
1 The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries. |
Successor | |||||||||||||||||||
One Month Ended June 30, 2020 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 10,335 | $ | 828 | $ | — | $ | 11,163 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating costs | — | 7,680 | 1,063 | — | 8,743 | ||||||||||||||
Depreciation and amortization | 124 | 4,036 | 1,076 | — | 5,236 | ||||||||||||||
General and administrative | 2,429 | 1,703 | 146 | (65 | ) | 4,213 | |||||||||||||
Intercompany leasing | — | (405 | ) | 405 | — | — | |||||||||||||
Impairment | — | 388 | — | — | 388 | ||||||||||||||
Bad debt recovery, net of expense | — | (283 | ) | — | — | (283 | ) | ||||||||||||
Gain on dispositions of property and equipment, net | — | (460 | ) | — | — | (460 | ) | ||||||||||||
Total costs and expenses | 2,553 | 12,659 | 2,690 | (65 | ) | 17,837 | |||||||||||||
Loss from operations | (2,553 | ) | (2,324 | ) | (1,862 | ) | 65 | (6,674 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings of subsidiaries | (4,312 | ) | (1,656 | ) | — | 5,968 | — | ||||||||||||
Interest expense | (2,217 | ) | — | 2 | — | (2,215 | ) | ||||||||||||
Reorganization items, net | (741 | ) | (403 | ) | — | — | (1,144 | ) | |||||||||||
Other income (expense) | 6 | 89 | (260 | ) | (65 | ) | (230 | ) | |||||||||||
Total other expense, net | (7,264 | ) | (1,970 | ) | (258 | ) | 5,903 | (3,589 | ) | ||||||||||
Loss before income taxes | (9,817 | ) | (4,294 | ) | (2,120 | ) | 5,968 | (10,263 | ) | ||||||||||
Income tax (expense) benefit 1 | — | (18 | ) | 464 | — | 446 | |||||||||||||
Net income (loss) | $ | (9,817 | ) | $ | (4,312 | ) | $ | (1,656 | ) | $ | 5,968 | $ | (9,817 | ) | |||||
Predecessor | |||||||||||||||||||
Five Months Ended May 31, 2020 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 126,442 | $ | 15,928 | $ | — | $ | 142,370 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating costs | — | 100,372 | 13,675 | — | 114,047 | ||||||||||||||
Depreciation and amortization | 374 | 33,129 | 2,144 | — | 35,647 | ||||||||||||||
General and administrative | 8,865 | 12,489 | 918 | (225 | ) | 22,047 | |||||||||||||
Pre-petition restructuring charges | 16,822 | — | — | — | 16,822 | ||||||||||||||
Intercompany leasing | — | (2,025 | ) | 2,025 | — | — | |||||||||||||
Impairment | — | 17,853 | — | — | 17,853 | ||||||||||||||
Bad debt recovery, net of expense | — | 1,209 | — | — | 1,209 | ||||||||||||||
Loss (gain) on dispositions of property and equipment, net | 3 | (992 | ) | — | — | (989 | ) | ||||||||||||
Total costs and expenses | 26,064 | 162,035 | 18,762 | (225 | ) | 206,636 | |||||||||||||
Loss from operations | (26,064 | ) | (35,593 | ) | (2,834 | ) | 225 | (64,266 | ) | ||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings of subsidiaries | (227,497 | ) | (8,594 | ) | — | 236,091 | — | ||||||||||||
Interest expense | (12,315 | ) | — | 21 | — | (12,294 | ) | ||||||||||||
Reorganization items, net | 210,346 | (231,420 | ) | (829 | ) | — | (21,903 | ) | |||||||||||
Loss on extinguishment of debt | (4,215 | ) | — | — | — | (4,215 | ) | ||||||||||||
Other income (expense) | (4 | ) | 394 | (3,498 | ) | (225 | ) | (3,333 | ) | ||||||||||
Total other expense, net | (33,685 | ) | (239,620 | ) | (4,306 | ) | 235,866 | (41,745 | ) | ||||||||||
Loss before income taxes | (59,749 | ) | (275,213 | ) | (7,140 | ) | 236,091 | (106,011 | ) | ||||||||||
Income tax (expense) benefit 1 | (44,476 | ) | 47,716 | (1,454 | ) | — | 1,786 | ||||||||||||
Net income (loss) | $ | (104,225 | ) | $ | (227,497 | ) | $ | (8,594 | ) | $ | 236,091 | $ | (104,225 | ) | |||||
Predecessor | |||||||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Revenues | $ | — | $ | 252,346 | $ | 47,065 | $ | — | $ | 299,411 | |||||||||
Costs and expenses: | |||||||||||||||||||
Operating costs | — | 189,519 | 35,036 | — | 224,555 | ||||||||||||||
Depreciation and amortization | 490 | 42,298 | 2,716 | — | 45,504 | ||||||||||||||
General and administrative | 14,903 | 22,025 | 1,128 | (270 | ) | 37,786 | |||||||||||||
Intercompany leasing | — | (2,430 | ) | 2,430 | — | — | |||||||||||||
Impairment | — | 1,378 | — | — | 1,378 | ||||||||||||||
Bad debt recovery, net of expense | — | (286 | ) | — | — | (286 | ) | ||||||||||||
Gain on dispositions of property and equipment, net | — | (2,105 | ) | (96 | ) | — | (2,201 | ) | |||||||||||
Total costs and expenses | 15,393 | 250,399 | 41,214 | (270 | ) | 306,736 | |||||||||||||
Income (loss) from operations | (15,393 | ) | 1,947 | 5,851 | 270 | (7,325 | ) | ||||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings of subsidiaries | 6,073 | 5,895 | — | (11,968 | ) | — | |||||||||||||
Interest expense | (19,933 | ) | (15 | ) | (42 | ) | — | (19,990 | ) | ||||||||||
Other income | 297 | 667 | 339 | (270 | ) | 1,033 | |||||||||||||
Total other income (expense), net | (13,563 | ) | 6,547 | 297 | (12,238 | ) | (18,957 | ) | |||||||||||
Income (loss) before income taxes | (28,956 | ) | 8,494 | 6,148 | (11,968 | ) | (26,282 | ) | |||||||||||
Income tax (expense) benefit 1 | 897 | (2,421 | ) | (253 | ) | — | (1,777 | ) | |||||||||||
Net income (loss) | $ | (28,059 | ) | $ | 6,073 | $ | 5,895 | $ | (11,968 | ) | $ | (28,059 | ) | ||||||
1 The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries. |
Successor | |||||||||||||||||||
One Month Ended June 30, 2020 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities | $ | (4,616 | ) | $ | 10,312 | $ | (979 | ) | $ | — | $ | 4,717 | |||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property and equipment | (14 | ) | (809 | ) | (77 | ) | — | (900 | ) | ||||||||||
Proceeds from sale of property and equipment | — | 752 | — | — | 752 | ||||||||||||||
(14 | ) | (57 | ) | (77 | ) | — | (148 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Intercompany contributions/distributions | 16,730 | (10,255 | ) | (6,475 | ) | — | — | ||||||||||||
16,730 | (10,255 | ) | (6,475 | ) | — | — | |||||||||||||
Net decrease in cash, cash equivalents and restricted cash | 12,100 | — | (7,531 | ) | — | 4,569 | |||||||||||||
Beginning cash, cash equivalents and restricted cash | 16,607 | — | 10,158 | — | 26,765 | ||||||||||||||
Ending cash, cash equivalents and restricted cash | $ | 28,707 | $ | — | $ | 2,627 | $ | — | $ | 31,334 | |||||||||
Predecessor | |||||||||||||||||||
Five Months Ended May 31, 2020 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities | $ | (127,760 | ) | $ | 132,354 | $ | (6,839 | ) | $ | — | $ | (2,245 | ) | ||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property and equipment | (569 | ) | (8,755 | ) | (1,524 | ) | — | (10,848 | ) | ||||||||||
Proceeds from sale of property and equipment | — | 1,819 | — | (154 | ) | 1,665 | |||||||||||||
Proceeds from insurance recoveries | — | 22 | — | — | 22 | ||||||||||||||
(569 | ) | (6,914 | ) | (1,524 | ) | (154 | ) | (9,161 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Debt repayments | (175,000 | ) | — | — | — | (175,000 | ) | ||||||||||||
Proceeds from debt issuance | 195,187 | — | — | — | 195,187 | ||||||||||||||
Proceeds from DIP Facility | 4,000 | — | — | — | 4,000 | ||||||||||||||
Repayment of DIP Facility | (4,000 | ) | — | — | — | (4,000 | ) | ||||||||||||
Payments of debt issuance costs | (7,625 | ) | — | — | — | (7,625 | ) | ||||||||||||
Purchase of treasury stock | (8 | ) | — | — | — | (8 | ) | ||||||||||||
Intercompany contributions/distributions | 116,923 | (125,440 | ) | 8,363 | 154 | — | |||||||||||||
129,477 | (125,440 | ) | 8,363 | 154 | 12,554 | ||||||||||||||
Net decrease in cash, cash equivalents and restricted cash | 1,148 | — | — | — | 1,148 | ||||||||||||||
Beginning cash, cash equivalents and restricted cash | 15,459 | — | 10,158 | — | 25,617 | ||||||||||||||
Ending cash, cash equivalents and restricted cash | $ | 16,607 | $ | — | $ | 10,158 | $ | — | $ | 26,765 | |||||||||
Predecessor | |||||||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Cash flows from operating activities | $ | (35,104 | ) | $ | 35,209 | $ | 3,941 | $ | — | $ | 4,046 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchases of property and equipment | (314 | ) | (28,634 | ) | (2,434 | ) | — | (31,382 | ) | ||||||||||
Proceeds from sale of property and equipment | — | 3,376 | 63 | — | 3,439 | ||||||||||||||
Proceeds from insurance recoveries | — | 588 | — | — | 588 | ||||||||||||||
(314 | ) | (24,670 | ) | (2,371 | ) | — | (27,355 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Purchase of treasury stock | (125 | ) | — | — | — | (125 | ) | ||||||||||||
Intercompany contributions/distributions | 10,784 | (10,539 | ) | (245 | ) | — | — | ||||||||||||
10,659 | (10,539 | ) | (245 | ) | — | (125 | ) | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (24,759 | ) | — | 1,325 | — | (23,434 | ) | ||||||||||||
Beginning cash, cash equivalents and restricted cash | 51,348 | — | 3,216 | — | 54,564 | ||||||||||||||
Ending cash, cash equivalents and restricted cash | $ | 26,589 | $ | — | $ | 4,541 | $ | — | $ | 31,130 |
Rig Count | ||||||||
Domestic drilling: | ||||||||
Marcellus/Utica | 5 | |||||||
Permian Basin and Eagle Ford | 10 | |||||||
Bakken | 2 | |||||||
International drilling | 8 | |||||||
25 |
June 30, 2021 | December 31, 2020 | Change | |||||||||||||||
Current assets | $ | 112,276 | $ | 113,133 | $ | (857) | |||||||||||
Current liabilities | 61,027 | 59,018 | 2,009 | ||||||||||||||
Working capital | $ | 51,249 | $ | 54,115 | $ | (2,866) | |||||||||||
Current ratio | 1.8 | 1.9 | (0.1) |
June 30, 2020 | December 31, 2019 | Change | |||||||||
Current assets | $ | 122,039 | $ | 182,912 | $ | (60,873 | ) | ||||
Current liabilities | 65,936 | 91,581 | (25,645 | ) | |||||||
Working capital | $ | 56,103 | $ | 91,331 | $ | (35,228 | ) | ||||
Current ratio | 1.9 | 2.0 | (0.1 | ) |
June 30, 2021 | |||||
Current assets, excluding those due from non-guarantor subsidiaries | $ | 85,752 | |||
Current assets due from non-guarantor subsidiaries | 28,392 | ||||
Property and equipment, net | 129,830 | ||||
Noncurrent assets, excluding property and equipment | 14,464 | ||||
Current liabilities | $ | 54,002 | |||
Long-term debt | 151,709 | ||||
Noncurrent liabilities, excluding long-term debt | 6,732 |
Three months ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||
Revenues | $ | 49,841 | $ | 97,516 | |||||||||||||||||||
Operating costs | 38,637 | 75,888 | |||||||||||||||||||||
Loss from operations(1) | (6,344) | (11,846) | |||||||||||||||||||||
Net loss(1) | (12,704) | (25,742) |
Successor | Predecessor | Combined (Non-GAAP) | Predecessor | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 5,866 | $ | 17,450 | $ | 23,316 | $ | 39,652 | Domestic drilling | $ | 23,414 | $ | 5,866 | $ | 17,450 | $ | 23,316 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International drilling | 828 | 1,473 | 2,301 | 25,422 | International drilling | 9,685 | 828 | 1,473 | 2,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Drilling services | 6,694 | 18,923 | 25,617 | 65,074 | Drilling services | 33,099 | 6,694 | 18,923 | 25,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Well servicing | 3,756 | 6,331 | 10,087 | 29,506 | Well servicing | 18,033 | 3,756 | 6,331 | 10,087 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wireline services | 713 | 2,410 | 3,123 | 47,386 | Wireline services | 8,394 | 713 | 2,410 | 3,123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | — | 384 | 384 | 10,877 | Coiled tubing services | — | — | 384 | 384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production services | 4,469 | 9,125 | 13,594 | 87,769 | Production services | 26,427 | 4,469 | 9,125 | 13,594 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues | $ | 11,163 | $ | 28,048 | $ | 39,211 | $ | 152,843 | Consolidated revenues | $ | 59,526 | $ | 11,163 | $ | 28,048 | $ | 39,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs: | Operating costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 3,646 | $ | 9,236 | $ | 12,882 | $ | 24,698 | Domestic drilling | $ | 17,405 | $ | 3,646 | $ | 9,236 | $ | 12,882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International drilling | 1,063 | 1,538 | 2,601 | 18,555 | International drilling | 7,760 | 1,063 | 1,538 | 2,601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Drilling services | 4,709 | 10,774 | 15,483 | 43,253 | Drilling services | 25,165 | 4,709 | 10,774 | 15,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Well servicing | 2,810 | 5,926 | 8,736 | 21,038 | Well servicing | 13,445 | 2,810 | 5,926 | 8,736 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wireline services | 1,085 | 3,552 | 4,637 | 41,804 | Wireline services | 7,754 | 1,085 | 3,552 | 4,637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | 139 | 1,773 | 1,912 | 9,875 | Coiled tubing services | 33 | 139 | 1,773 | 1,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production services | 4,034 | 11,251 | 15,285 | 72,717 | Production services | 21,232 | 4,034 | 11,251 | 15,285 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated operating costs | $ | 8,743 | $ | 22,025 | $ | 30,768 | $ | 115,970 | Consolidated operating costs | $ | 46,397 | $ | 8,743 | $ | 22,025 | $ | 30,768 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin: | Gross margin: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 2,220 | $ | 8,214 | $ | 10,434 | $ | 14,954 | Domestic drilling | $ | 6,009 | $ | 2,220 | $ | 8,214 | $ | 10,434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International drilling | (235 | ) | (65 | ) | (300 | ) | 6,867 | International drilling | 1,925 | (235) | (65) | (300) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Drilling services | 1,985 | 8,149 | 10,134 | 21,821 | Drilling services | 7,934 | 1,985 | 8,149 | 10,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Well servicing | 946 | 405 | 1,351 | 8,468 | Well servicing | 4,588 | 946 | 405 | 1,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wireline services | (372 | ) | (1,142 | ) | (1,514 | ) | 5,582 | Wireline services | 640 | (372) | (1,142) | (1,514) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | (139 | ) | (1,389 | ) | (1,528 | ) | 1,002 | Coiled tubing services | (33) | (139) | (1,389) | (1,528) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production services | 435 | (2,126 | ) | (1,691 | ) | 15,052 | Production services | 5,195 | 435 | (2,126) | (1,691) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 2,420 | $ | 6,023 | $ | 8,443 | $ | 36,873 | Consolidated gross margin | $ | 13,129 | $ | 2,420 | $ | 6,023 | $ | 8,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated: | Consolidated: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (9,817 | ) | $ | (35,121 | ) | $ | (44,938 | ) | $ | (12,944 | ) | Net loss | $ | (14,619) | $ | (9,817) | $ | (35,121) | $ | (44,938) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | (1,280 | ) | $ | 633 | $ | (647 | ) | $ | 20,668 | Adjusted EBITDA (1) | $ | 3,226 | $ | (1,280) | $ | 633 | $ | (647) |
Successor | Predecessor | Combined (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 45,897 | $ | 5,866 | $ | 53,341 | $ | 59,207 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International drilling | 20,748 | 828 | 15,928 | 16,756 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Drilling services | 66,645 | 6,694 | 69,269 | 75,963 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Well servicing | 32,890 | 3,756 | 31,947 | 35,703 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wireline services | 18,729 | 713 | 35,543 | 36,256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | — | — | 5,611 | 5,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production services | 51,619 | 4,469 | 73,101 | 77,570 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues | $ | 118,264 | $ | 11,163 | $ | 142,370 | $ | 153,533 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 32,864 | $ | 3,646 | $ | 33,101 | $ | 36,747 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International drilling | 15,835 | 1,063 | 13,676 | 14,739 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Drilling services | 48,699 | 4,709 | 46,777 | 51,486 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Well servicing | 25,333 | 2,810 | 26,877 | 29,687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wireline services | 17,632 | 1,085 | 31,836 | 32,921 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | 59 | 139 | 8,557 | 8,696 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production services | 43,024 | 4,034 | 67,270 | 71,304 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated operating costs | $ | 91,723 | $ | 8,743 | $ | 114,047 | $ | 122,790 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling | $ | 13,033 | $ | 2,220 | $ | 20,240 | $ | 22,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International drilling | 4,913 | (235) | 2,252 | 2,017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Drilling services | 17,946 | 1,985 | 22,492 | 24,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Well servicing | 7,557 | 946 | 5,070 | 6,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wireline services | 1,097 | (372) | 3,707 | 3,335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coiled tubing services | (59) | (139) | (2,946) | (3,085) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production services | 8,595 | 435 | 5,831 | 6,266 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 26,541 | $ | 2,420 | $ | 28,323 | $ | 30,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (31,561) | $ | (9,817) | $ | (104,225) | $ | (114,042) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 6,870 | $ | (1,280) | $ | 2,723 | $ | 1,443 |
Successor | Predecessor | Combined (Non-GAAP) | Predecessor | |||||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||
Revenues: | ||||||||||||||||
Domestic drilling | $ | 5,866 | $ | 53,341 | $ | 59,207 | $ | 77,661 | ||||||||
International drilling | 828 | 15,928 | 16,756 | 47,065 | ||||||||||||
Drilling services | 6,694 | 69,269 | 75,963 | 124,726 | ||||||||||||
Well servicing | 3,756 | 31,947 | 35,703 | 55,760 | ||||||||||||
Wireline services | 713 | 35,543 | 36,256 | 93,260 | ||||||||||||
Coiled tubing services | — | 5,611 | 5,611 | 25,665 | ||||||||||||
Production services | 4,469 | 73,101 | 77,570 | 174,685 | ||||||||||||
Consolidated revenues | $ | 11,163 | $ | 142,370 | $ | 153,533 | $ | 299,411 | ||||||||
Operating costs: | ||||||||||||||||
Domestic drilling | $ | 3,646 | $ | 33,101 | $ | 36,747 | $ | 47,167 | ||||||||
International drilling | 1,063 | 13,676 | 14,739 | 35,040 | ||||||||||||
Drilling services | 4,709 | 46,777 | 51,486 | 82,207 | ||||||||||||
Well servicing | 2,810 | 26,877 | 29,687 | 39,934 | ||||||||||||
Wireline services | 1,085 | 31,836 | 32,921 | 81,151 | ||||||||||||
Coiled tubing services | 139 | 8,557 | 8,696 | 21,263 | ||||||||||||
Production services | 4,034 | 67,270 | 71,304 | 142,348 | ||||||||||||
Consolidated operating costs | $ | 8,743 | $ | 114,047 | $ | 122,790 | $ | 224,555 | ||||||||
Gross margin: | ||||||||||||||||
Domestic drilling | $ | 2,220 | $ | 20,240 | $ | 22,460 | $ | 30,494 | ||||||||
International drilling | (235 | ) | 2,252 | 2,017 | 12,025 | |||||||||||
Drilling services | 1,985 | 22,492 | 24,477 | 42,519 | ||||||||||||
Well servicing | 946 | 5,070 | 6,016 | 15,826 | ||||||||||||
Wireline services | (372 | ) | 3,707 | 3,335 | 12,109 | |||||||||||
Coiled tubing services | (139 | ) | (2,946 | ) | (3,085 | ) | 4,402 | |||||||||
Production services | 435 | 5,831 | 6,266 | 32,337 | ||||||||||||
Consolidated gross margin | $ | 2,420 | $ | 28,323 | $ | 30,743 | $ | 74,856 | ||||||||
Consolidated: | ||||||||||||||||
Net loss | $ | (9,817 | ) | $ | (104,225 | ) | $ | (114,042 | ) | $ | (28,059 | ) | ||||
Adjusted EBITDA (1) | $ | (1,280 | ) | $ | 2,723 | $ | 1,443 | $ | 40,590 |
Successor | Predecessor | Combined (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (14,619) | $ | (9,817) | $ | (35,121) | $ | (44,938) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11,944 | 5,236 | 13,663 | 18,899 | ||||||||||||||||||||||||||||||||||||||||
Prepetition restructuring charges | — | — | (252) | (252) | ||||||||||||||||||||||||||||||||||||||||
Impairment | — | 388 | — | 388 | ||||||||||||||||||||||||||||||||||||||||
Reorganization items, net | (239) | 1,144 | 15,240 | 16,384 | ||||||||||||||||||||||||||||||||||||||||
Interest expense | 6,698 | 2,215 | 4,135 | 6,350 | ||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 109 | — | 3,723 | 3,723 | ||||||||||||||||||||||||||||||||||||||||
Income tax benefit | (667) | (446) | (755) | (1,201) | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 3,226 | (1,280) | 633 | (647) | ||||||||||||||||||||||||||||||||||||||||
General and administrative | 10,997 | 4,213 | 7,392 | 11,605 | ||||||||||||||||||||||||||||||||||||||||
Bad debt recovery (expense), net | (198) | (283) | 482 | 199 | ||||||||||||||||||||||||||||||||||||||||
Gain on dispositions of property and equipment, net | (1,072) | (460) | (272) | (732) | ||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 176 | 230 | (2,212) | (1,982) | ||||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 13,129 | $ | 2,420 | $ | 6,023 | $ | 8,443 |
Successor | Predecessor | Combined (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined (Non-GAAP) | Predecessor | Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ | (9,817 | ) | $ | (35,121 | ) | $ | (44,938 | ) | $ | (12,944 | ) | Net loss | $ | (31,561) | $ | (9,817) | $ | (104,225) | $ | (114,042) | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 5,236 | 13,663 | 18,899 | 22,851 | Depreciation and amortization | 25,309 | 5,236 | 35,647 | 40,883 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-petition restructuring charges | — | (252 | ) | (252 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepetition restructuring charges | Prepetition restructuring charges | — | — | 16,822 | 16,822 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | 388 | — | 388 | 332 | Impairment | — | 388 | 17,853 | 18,241 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reorganization items, net | 1,144 | 15,240 | 16,384 | — | Reorganization items, net | (93) | 1,144 | 21,903 | 23,047 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 2,215 | 4,135 | 6,350 | 10,105 | Interest expense | 13,232 | 2,215 | 12,294 | 14,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 3,723 | 3,723 | — | Loss on extinguishment of debt | 192 | — | 4,215 | 4,215 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (446 | ) | (755 | ) | (1,201 | ) | 324 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit | Income tax benefit | (209) | (446) | (1,786) | (2,232) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | (1,280 | ) | 633 | (647 | ) | 20,668 | Adjusted EBITDA | 6,870 | (1,280) | 2,723 | 1,443 | |||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 4,213 | 7,392 | 11,605 | 18,028 | General and administrative | 20,710 | 4,213 | 22,047 | 26,260 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bad debt recovery (expense), net | (283 | ) | 482 | 199 | (348 | ) | Bad debt recovery (expense), net | (395) | (283) | 1,209 | 926 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain on dispositions of property and equipment, net | (460 | ) | (272 | ) | (732 | ) | (1,126 | ) | Gain on dispositions of property and equipment, net | (3,370) | (460) | (989) | (1,449) | |||||||||||||||||||||||||||||||||||||||||||||||
Other expense (income) | 230 | (2,212 | ) | (1,982 | ) | (349 | ) | Other expense (income) | 2,726 | 230 | 3,333 | 3,563 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated gross margin | $ | 2,420 | $ | 6,023 | $ | 8,443 | $ | 36,873 | Consolidated gross margin | $ | 26,541 | $ | 2,420 | $ | 28,323 | $ | 30,743 |
Successor | Predecessor | Combined (Non-GAAP) | Predecessor | |||||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||
Net loss | $ | (9,817 | ) | $ | (104,225 | ) | $ | (114,042 | ) | $ | (28,059 | ) | ||||
Depreciation and amortization | 5,236 | 35,647 | 40,883 | 45,504 | ||||||||||||
Pre-petition restructuring charges | — | 16,822 | 16,822 | — | ||||||||||||
Impairment | 388 | 17,853 | 18,241 | 1,378 | ||||||||||||
Reorganization items, net | 1,144 | 21,903 | 23,047 | — | ||||||||||||
Interest expense | 2,215 | 12,294 | 14,509 | 19,990 | ||||||||||||
Loss on extinguishment of debt | ��� | 4,215 | 4,215 | — | ||||||||||||
Income tax expense (benefit) | (446 | ) | (1,786 | ) | (2,232 | ) | 1,777 | |||||||||
Adjusted EBITDA | (1,280 | ) | 2,723 | 1,443 | 40,590 | |||||||||||
General and administrative | 4,213 | 22,047 | 26,260 | 37,786 | ||||||||||||
Bad debt recovery (expense), net | (283 | ) | 1,209 | 926 | (286 | ) | ||||||||||
Gain on dispositions of property and equipment, net | (460 | ) | (989 | ) | (1,449 | ) | (2,201 | ) | ||||||||
Other expense (income) | 230 | 3,333 | 3,563 | (1,033 | ) | |||||||||||
Consolidated gross margin | $ | 2,420 | $ | 28,323 | $ | 30,743 | $ | 74,856 |
Successor | Predecessor | Combined (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of drilling rigs | 17 | 17 | 17 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||
Utilization rate | 69 | % | 53 | % | 69 | % | 64 | % | ||||||||||||||||||||||||||||||||||||||||||
Revenue days | 1,073 | 270 | 718 | 988 | ||||||||||||||||||||||||||||||||||||||||||||||
Average revenues per day | $ | 21,821 | $ | 21,726 | $ | 24,304 | $ | 23,599 | ||||||||||||||||||||||||||||||||||||||||||
Average operating costs per day | 16,221 | 13,504 | 12,864 | 13,038 | ||||||||||||||||||||||||||||||||||||||||||||||
Average margin per day | $ | 5,600 | $ | 8,222 | $ | 11,440 | $ | 10,561 | ||||||||||||||||||||||||||||||||||||||||||
International drilling: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of drilling rigs | 8 | 8 | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||
Utilization rate | 41 | % | 10 | % | 4 | % | 6 | % | ||||||||||||||||||||||||||||||||||||||||||
Revenue days | 296 | 25 | 20 | 45 | ||||||||||||||||||||||||||||||||||||||||||||||
Average revenues per day | $ | 32,720 | $ | 33,120 | $ | 73,650 | $ | 51,133 | ||||||||||||||||||||||||||||||||||||||||||
Average operating costs per day | 26,216 | 42,520 | 76,900 | 57,800 | ||||||||||||||||||||||||||||||||||||||||||||||
Average margin per day | $ | 6,504 | $ | (9,400) | $ | (3,250) | $ | (6,667) |
Successor | Predecessor | Combined (Non-GAAP) | Predecessor | |||||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | |||||||||||||
Domestic drilling: | ||||||||||||||||
Average number of drilling rigs | 17 | 17 | 17 | 17 | ||||||||||||
Utilization rate | 53 | % | 69 | % | 64 | % | 95 | % | ||||||||
Revenue days | 270 | 718 | 988 | 1,476 | ||||||||||||
Average revenues per day | $ | 21,726 | $ | 24,304 | $ | 23,599 | $ | 26,864 | ||||||||
Average operating costs per day | 13,504 | 12,864 | 13,038 | 16,733 | ||||||||||||
Average margin per day | $ | 8,222 | $ | 11,440 | $ | 10,561 | $ | 10,131 | ||||||||
International drilling: | ||||||||||||||||
Average number of drilling rigs | 8 | 8 | 8 | 8 | ||||||||||||
Utilization rate | 10 | % | 4 | % | 6 | % | 86 | % | ||||||||
Revenue days | 25 | 20 | 45 | 623 | ||||||||||||
Average revenues per day | $ | 33,120 | $ | 73,650 | $ | 51,133 | $ | 40,806 | ||||||||
Average operating costs per day | 42,520 | 76,900 | 57,800 | 29,783 | ||||||||||||
Average margin per day | $ | (9,400 | ) | $ | (3,250 | ) | $ | (6,667 | ) | $ | 11,023 |
Successor | Predecessor | Combined (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined (Non-GAAP) | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic drilling: | Domestic drilling: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of drilling rigs | 17 | 17 | 17 | 17 | Average number of drilling rigs | 17 | 17 | 17 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilization rate | 53 | % | 81 | % | 77 | % | 96 | % | Utilization rate | 68 | % | 53 | % | 81 | % | 77 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue days | 270 | 2,100 | 2,370 | 2,896 | Revenue days | 2,107 | 270 | 2,100 | 2,370 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average revenues per day | $ | 21,726 | $ | 25,400 | $ | 24,982 | $ | 26,817 | Average revenues per day | $ | 21,783 | $ | 21,726 | $ | 25,400 | $ | 24,982 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average operating costs per day | 13,504 | 15,762 | 15,505 | 16,287 | Average operating costs per day | 15,598 | 13,504 | 15,762 | 15,505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average margin per day | $ | 8,222 | $ | 9,638 | $ | 9,477 | $ | 10,530 | Average margin per day | $ | 6,185 | $ | 8,222 | $ | 9,638 | $ | 9,477 | |||||||||||||||||||||||||||||||||||||||||||||||||
International drilling: | International drilling: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of drilling rigs | 8 | 8 | 8 | 8 | Average number of drilling rigs | 8 | 8 | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilization rate | 10 | % | 28 | % | 25 | % | 83 | % | Utilization rate | 42 | % | 10 | % | 28 | % | 25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue days | 25 | 335 | 360 | 1,203 | Revenue days | 615 | 25 | 335 | 360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average revenues per day | $ | 33,120 | $ | 47,546 | $ | 46,544 | $ | 39,123 | Average revenues per day | $ | 33,737 | $ | 33,120 | $ | 47,546 | $ | 46,544 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average operating costs per day | 42,520 | 40,824 | 40,942 | 29,127 | Average operating costs per day | 25,748 | 42,520 | 40,824 | 40,942 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average margin per day | $ | (9,400 | ) | $ | 6,722 | $ | 5,602 | $ | 9,996 | Average margin per day | $ | 7,989 | $ | (9,400) | $ | 6,722 | $ | 5,602 |
Successor | Predecessor | Combined (Non-GAAP) | |||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Well servicing: | |||||||||||||||||||||||||||||||||||||||||||||||
Average number of rigs | 123 | 123 | 123 | 123 | |||||||||||||||||||||||||||||||||||||||||||
Utilization rate | 41 | % | 26 | % | 23 | % | 24 | % | |||||||||||||||||||||||||||||||||||||||
Rig hours | 34,711 | 7,765 | 12,565 | 20,330 | |||||||||||||||||||||||||||||||||||||||||||
Average revenue per hour | $ | 520 | $ | 484 | $ | 504 | $ | 496 | |||||||||||||||||||||||||||||||||||||||
Wireline services: | |||||||||||||||||||||||||||||||||||||||||||||||
Average number of units | 72 | 93 | 93 | 93 | |||||||||||||||||||||||||||||||||||||||||||
Number of stages | 1,675 | 92 | 383 | 475 | |||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Combined (Non-GAAP) | Predecessor | |||||||||||||
One Month Ended June 30, 2020 | Two Months Ended May 31, 2020 | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | |||||||||||||
Well servicing: | ||||||||||||||||
Average number of rigs | 123 | 123 | 123 | 125 | ||||||||||||
Utilization rate | 26 | % | 23 | % | 24 | % | 60 | % | ||||||||
Rig hours | 7,765 | 12,565 | 20,330 | 51,895 | ||||||||||||
Average revenue per hour | $ | 484 | $ | 504 | $ | 496 | $ | 569 | ||||||||
Wireline services: | ||||||||||||||||
Average number of units | 93 | 93 | 93 | 95 | ||||||||||||
Number of stages | 92 | 383 | 475 | 7,514 | ||||||||||||
Coiled tubing services: | ||||||||||||||||
Average number of units | 9 | 9 | 9 | 9 | ||||||||||||
Revenue days | — | 20 | 20 | 307 | ||||||||||||
Average revenue per day | $ | — | $ | 19,200 | $ | 19,200 | $ | 35,430 |
Successor | Predecessor | Combined (Non-GAAP) | Predecessor | Successor | Successor | Predecessor | Combined (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2021 | One Month Ended June 30, 2020 | Five Months Ended May 31, 2020 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Well servicing: | Well servicing: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of rigs | 123 | 123 | 123 | 125 | Average number of rigs | 123 | 123 | 123 | 123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilization rate | 26 | % | 40 | % | 38 | % | 57 | % | Utilization rate | 38 | % | 26 | % | 40 | % | 38 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Rig hours | 7,765 | 56,797 | 64,562 | 98,959 | Rig hours | 64,569 | 7,765 | 56,797 | 64,562 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average revenue per hour | $ | 484 | $ | 562 | $ | 553 | $ | 563 | Average revenue per hour | $ | 509 | $ | 484 | $ | 562 | $ | 553 | ||||||||||||||||||||||||||||||||||||||||||||||
Wireline services: | Wireline services: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of units | 93 | 93 | 93 | 100 | Average number of units | 73 | 93 | 93 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of stages | 92 | 6,510 | 6,602 | 14,209 | Number of stages | 4,266 | 92 | 6,510 | 6,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coiled tubing services: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average number of units | 9 | 9 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue days | — | 226 | 226 | 658 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average revenue per day | $ | — | $ | 24,827 | $ | 24,827 | $ | 39,005 |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||
April 1 - April 30 | 100,228 | $ | 0.02 | — | — | |||||||
May 1 - May 31 | — | — | — | — | ||||||||
June 1 - June 30 | 1,387 | 19.12 | — | — | ||||||||
Total | 101,615 | $ | 0.28 | — | — |
Exhibit Number | Description | |||||||||||||
2.1* | - | |||||||||||||
3.1* | - | |||||||||||||
3.2* | - | |||||||||||||
3.3* | - | |||||||||||||
4.1* | - | |||||||||||||
4.2* | - | |||||||||||||
4.3* | - | |||||||||||||
4.5* | - | |||||||||||||
4.6* | - | |||||||||||||
4.7* | - | |||||||||||||
4.8* | - | |||||||||||||
4.9* | ||||||||||||||
4.10** | - | |||||||||||||
4.11** | - | |||||||||||||
31.1** | - | |||||||||||||
31.2** | - | |||||||||||||
32.1# | - | |||||||||||||
32.2# | - | |||||||||||||
99.1* | ||||||||||||||
101.INS | - | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document | ||||||||||||
101.SCH | - | Inline XBRL Taxonomy Extension Schema Document | ||||||||||||
- | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||
- | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||
- | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||
Exhibit Number | Description | |||||||||||||
101.DEF | - | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||
104 | - | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||||||||||
* | Incorporated by reference to the filing indicated. | |||||||||||||
** | Filed herewith. | |||||||||||||
# | Furnished herewith. | |||||||||||||
PIONEER ENERGY SERVICES CORP. | ||
/s/ Lorne E. Phillips | ||
Lorne E. Phillips | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer and Duly Authorized Officer) |