Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Dec. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Mammoth Energy Services, Inc. | ||
Entity Central Index Key | 1,679,268 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 37,500,000 | ||
Entity Public Float | $ 121,331,674 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 28,693,985 | $ 3,074,072 |
Accounts receivable, net | 20,602,962 | 17,797,852 |
Receivables from related parties | 28,059,565 | 25,643,781 |
Inventories | 4,355,088 | 4,755,661 |
Prepaid Expenses | 4,254,148 | 4,447,253 |
Other current assets | 391,599 | 422,219 |
Total current assets | 86,357,347 | 56,140,838 |
Property, plant and equipment, net | 221,247,228 | 273,026,665 |
Intangible assets, net | 21,566,829 | 30,637,829 |
Goodwill | 86,043,148 | 86,043,148 |
Other non-current assets | 5,339,283 | 5,137,090 |
Total assets | 420,553,835 | 450,985,570 |
CURRENT LIABILITIES | ||
Accounts payable | 18,480,325 | 16,046,378 |
Payables to related parties | 2,434,031 | 6,997,929 |
Accrued expenses and other current liabilities | 8,396,968 | 7,718,956 |
Income taxes payable | 28,156 | 26,912 |
Total current liabilities | 29,339,480 | 30,790,175 |
Long-term debt | 0 | 95,000,000 |
Deferred income taxes | 47,670,789 | 1,460,959 |
Other liabilities | 2,501,886 | 571,174 |
Total liabilities | 79,512,155 | 127,822,308 |
COMMITMENTS AND CONTINGENCIES (Note 16) | ||
Equity: | ||
Common units, $0.01 per value, 200,000,000 shares authorized, 37,500,000 issued and outstanding at December 31,2016; zero issued and outstanding at December 31, 2015 | 375,000 | 0 |
Additional paid in capital | 400,205,921 | 0 |
Accumulated Deficit | (56,322,878) | 0 |
Common units, 30,000,000 units issued and outstanding at December 31, 2015; zero issued and outstanding at December 31, 2016 | 0 | 329,090,230 |
Accumulated other comprehensive loss | (3,216,363) | (5,926,968) |
Total equity | 341,041,680 | 323,163,262 |
Total liabilities and equity | 420,553,835 | 450,985,570 |
Trade names | ||
CURRENT ASSETS | ||
Intangible assets, net | 5,617,057 | 6,328,057 |
Customer relationships | ||
CURRENT ASSETS | ||
Intangible assets, net | $ 15,949,772 | $ 24,309,772 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Paranthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Share Count | 37,500,000 | 0 |
Common stock, shares, outstanding | 37,500,000 | 0 |
Common units, issued | 0 | 30,000,000 |
Common units, outstanding | 0 | 30,000,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
REVENUE | ||||
Services revenue | $ 89,642,899 | $ 172,012,405 | $ 182,341,309 | |
Services revenue - related parties | 107,599,378 | 132,674,989 | 30,834,421 | |
Product revenue | 5,433,141 | 16,732,077 | 36,859,731 | |
Product revenue - related parties | 28,323,303 | 38,517,222 | 9,490,543 | |
Total Revenue | 230,998,721 | 359,936,693 | 259,526,004 | |
COST AND EXPENSES | ||||
Services cost of revenue | [1] | 139,807,987 | 225,820,450 | 150,482,793 |
Services cost of revenue - related parties | 5,575,092 | 4,177,335 | 1,770,565 | |
Product cost of revenue | [2] | 7,577,660 | 25,838,555 | 35,525,596 |
Product cost of revenue - related parties | 20,589,170 | 20,510,977 | 3,289,947 | |
Selling, general and administrative | 15,836,165 | 19,303,557 | 14,272,986 | |
Selling, general and administrative - related parties | 894,810 | 1,237,991 | 2,754,877 | |
Depreciation and amortization | 69,910,858 | 72,393,882 | 35,627,165 | |
Impairment of long-lived assets | 1,870,885 | 12,124,353 | 0 | |
Total cost and expenses | 262,062,627 | 381,407,100 | 243,723,929 | |
Operating (loss) income | (31,063,906) | (21,470,407) | 15,802,075 | |
OTHER (EXPENSE) INCOME | ||||
Interest income | 0 | 98,492 | 214,141 | |
Interest expense | (3,711,457) | (5,290,821) | (4,603,595) | |
Interest expense - related parties | 0 | 0 | (184,479) | |
Other, net | 252,239 | (2,157,764) | (5,724,496) | |
Total other expense | (3,459,218) | (7,350,093) | (10,298,429) | |
Loss (income) before income taxes | (34,523,124) | (28,820,500) | 5,503,646 | |
Provision (benefit) for income taxes | 53,884,871 | (1,589,086) | 7,514,194 | |
Net loss | (88,407,995) | (27,231,414) | (2,010,548) | |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
Foreign currency translation adjustment | [3] | 2,710,605 | (4,814,819) | 472,714 |
Comprehensive loss | $ (85,697,390) | $ (32,046,233) | $ (1,537,834) | |
Net loss per share (basic and diluted) (Note 10) (in USD per share) | $ (2.81) | $ (0.91) | $ (0.10) | |
Weighted average shares outstanding (in shares) | 31,500,000 | 30,000,000 | 21,056,073 | |
Weighted average number of shares outstanding, diluted (in shares) | 31,500,000 | 30,000,000 | 21,056,073 | |
Pro Forma C Corporation Data (unaudited): | ||||
Taxes due to change to C corporation (Note 9) | $ 53,884,871 | $ (1,589,086) | $ 7,514,194 | |
Basic (in USD per share) | $ (2.81) | $ (0.91) | $ (0.10) | |
Diluted (in USD per share) | $ (0.58) | $ (0.66) | $ (0.34) | |
Weighted average number of shares outstanding, basic (in shares) | 30,000,000 | 30,000,000 | 21,056,073 | |
Weighted average pro format shares outstanding - diluted (in USD per share) | 37,500,000 | 37,500,000 | 21,056,073 | |
(1) Exclusive of depreciation and amortization | $ 65,705,373 | $ 68,053,581 | $ 31,687,048 | |
(2) Exclusive of depreciation and amortization | 4,072,674 | 4,193,106 | 3,859,150 | |
(3) Net of tax | 1,731,887 | 0 | 298,170 | |
Pro Forma | ||||
OTHER (EXPENSE) INCOME | ||||
Provision (benefit) for income taxes | 53,088,861 | 0 | 0 | |
Net loss | (21,568,307) | (24,762,384) | (7,218,176) | |
Pro Forma C Corporation Data (unaudited): | ||||
Taxes on income earned as a non-taxable entity (Note 9) | 13,750,827 | 2,469,030 | (5,207,628) | |
Taxes due to change to C corporation (Note 9) | $ 53,088,861 | $ 0 | $ 0 | |
Basic (in USD per share) | $ (0.58) | $ (0.66) | $ (0.34) | |
Weighted average number of shares outstanding, basic (in shares) | 37,500,000 | 37,500,000 | 21,056,073 | |
[1] | Exclusive of depreciation and amortization of 65,705,373, 68,053,581, and 31,687,048 for the year ended December 31, 2016, 2015, and 2014, respectively. | |||
[2] | Exclusive of depreciation and amortization of 4,0723,674, 4,193,106, and 3,589,150 for the year ended December 31, 2016, 2015, and 2014, respectively. | |||
[3] | Net of tax of 1,731,887, 0, and 298,170 for the year ended December 31, 2016, 2015, and 2014, respectively. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Total | Members' Equity | [1] | Common Partners | Common Stock | Retained Earnings (Accumulated Deficit) | [2] | Paid-In Capital | AOCI | [3] |
Common stock, shares at Dec. 31, 2013 | 100 | |||||||||
Common stock, value, outstanding at Dec. 31, 2013 | $ 1 | |||||||||
Beginning balance at Dec. 31, 2013 | $ 120,714,118 | $ 116,370,107 | $ 0 | $ 5,928,873 | $ 0 | $ (1,584,863) | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Capital contributions | 51,768,502 | 51,768,502 | ||||||||
Dividends paid | (12,301) | (12,301) | ||||||||
Capital distributions | (12,301) | (12,301) | ||||||||
Contribution of predecessor interests for 20MM units (Note 1) (in shares) | (100) | |||||||||
Contribution of predecessor interests for 20MM units (Note 1) | (3,191,120) | (172,529,028) | 180,465,348 | $ (1) | (11,127,439) | 0 | 0 | |||
Acquisition of Stingray (Note 12) | 183,630,000 | 183,630,000 | ||||||||
Net loss | (2,010,548) | |||||||||
Other comprehensive income | 472,714 | 472,714 | ||||||||
Common stock, value, outstanding at Dec. 31, 2014 | $ 0 | |||||||||
Ending balance at Dec. 31, 2014 | 355,210,206 | 0 | 356,322,355 | 0 | 0 | (1,112,149) | ||||
Common stock, shares at Dec. 31, 2014 | 0 | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Dividends paid | (711) | (711) | ||||||||
Capital distributions | (711) | (711) | ||||||||
Net loss | (27,231,414) | (27,231,414) | ||||||||
Other comprehensive income | $ (4,814,819) | (4,814,819) | ||||||||
Common stock, shares at Dec. 31, 2015 | 0 | |||||||||
Common stock, value, outstanding at Dec. 31, 2015 | $ 0 | |||||||||
Ending balance at Dec. 31, 2015 | $ 323,163,262 | 0 | 329,090,230 | 0 | 0 | (5,926,968) | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Accumulated other comprehensive loss | $ (5,926,968) | |||||||||
Common stock, shares at Dec. 31, 2015 | 30,000,000 | 0 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Equity based compensation | $ (18,683) | (18,683) | ||||||||
LLC Conversion (Note 1) | 0 | (296,986,430) | 296,986,430 | |||||||
Stock-based compensation | 519,830 | 519,830 | ||||||||
Issuance of common stock at public offering, net of offering costs (in shares) | 37,500,000 | |||||||||
Issuance of common stock at public offering, net of offering costs, Common Stock, Amount | 103,074,661 | $ 375,000 | ||||||||
Net loss | (88,407,995) | |||||||||
Other comprehensive income | $ 2,710,605 | 2,710,605 | ||||||||
Common stock, shares at Dec. 31, 2016 | 37,500,000 | 37,500,000 | ||||||||
Common stock, value, outstanding at Dec. 31, 2016 | $ 375,000 | |||||||||
Ending balance at Dec. 31, 2016 | $ 0 | $ 0 | $ (56,322,878) | 400,205,921 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Issuance of common stock at public offering, net of offering costs, Paid-In Capital | $ 102,699,661 | |||||||||
Accumulated other comprehensive loss | $ (3,216,363) | $ (3,216,363) | ||||||||
Total | $ 341,041,680 | |||||||||
[1] | Members' Equity and Contributed Capital - Common Shareholders | |||||||||
[2] | Retained Earnings (Accumulated Deficit) | |||||||||
[3] | Accumulated Other Comprehensive Loss |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net loss | $ (88,407,995) | $ (27,231,414) | $ (2,010,548) |
Adjustments to reconcile net loss to cash provided by operating activities: | |||
Equity based compensation | 501,147 | 0 | 3,838,842 |
Depreciation and amortization | 69,910,858 | 72,393,882 | 35,627,165 |
Amortization of coil tubing strings | 2,027,752 | 2,075,787 | 1,508,761 |
Amortization of debt origination costs | 398,806 | 398,805 | 1,094,367 |
Bad debt expense | 1,968,001 | 3,682,218 | 603,289 |
(Gain) loss on disposal of property and equipment | (747,896) | 1,429,087 | (341,459) |
Impairment of long-lived assets | 1,870,885 | 12,124,353 | 0 |
Deferred income taxes | 47,898,688 | (5,717,451) | 5,814,982 |
Changes in assets and liabilities: | |||
Accounts receivable, net | (4,636,428) | 27,522,839 | (4,246,612) |
Receivables from related parties | (2,415,741) | 9,499,181 | (26,985,235) |
Inventories | (1,627,179) | (2,611,047) | (1,055,660) |
Prepaid expenses and other assets | (372,308) | 4,086,044 | (2,233,175) |
Accounts payable | 295,550 | (27,633,817) | (417,121) |
Payables to related parties | (4,578,623) | 2,420,581 | (2,663,197) |
Accrued expenses and other liabilities | 6,015,365 | (4,054,709) | 1,834,108 |
Income taxes payable | 770 | 8,277 | (2,120,793) |
Net cash provided by operating activities | 28,101,652 | 68,392,616 | 8,247,714 |
Cash flows from investing activities: | |||
Purchases of property and equipment | 11,317,909 | 26,251,675 | 111,592,602 |
Purchases of property and equipment - related parties | 0 | 0 | 97,454 |
Proceeds from disposal of property and equipment | 4,022,092 | 1,416,766 | 3,063,803 |
Other, net | 0 | 0 | 2,270 |
Business combination cash acquired (Note 12) | 0 | 0 | 7,059,068 |
Net cash used in investing activities | (7,295,817) | (24,834,909) | (101,564,915) |
Cash flows from financing activities: | |||
Borrowings on long-term debt | 28,560,000 | 14,500,000 | 203,690,193 |
Repayments of long-term debt | (126,974,820) | (70,430,761) | (149,992,040) |
Proceeds from initial public offering | 105,838,750 | 0 | 0 |
Initial public offering costs | (2,764,089) | 0 | 0 |
Debt issuance costs | 0 | 0 | (2,328,603) |
Capital (distributions) contributions | 0 | (711) | 51,756,201 |
Net cash provided by (used in) financing activities | 4,659,841 | (55,931,472) | 103,125,751 |
Effect of foreign exchange rate on cash | 154,237 | (226,655) | (2,418,289) |
Net increase (decrease) in cash and cash equivalents | 25,619,913 | (12,600,420) | 7,390,261 |
Cash and cash equivalents at beginning of period | 3,074,072 | 15,674,492 | 8,284,231 |
Cash and cash equivalents at end of period | 28,693,985 | 3,074,072 | 15,674,492 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 3,518,623 | 5,120,482 | 3,492,763 |
Cash paid for income taxes | 3,587,871 | 3,888,470 | 3,709,620 |
Supplemental disclosure of non-cash transactions: | |||
Acquisition of Stingray Pressure Pumping and Stingray Logistics (Note 13) | 0 | 0 | 176,570,932 |
Purchases of property and equipment included in trade accounts payable | $ 2,788,602 | $ 740,555 | $ 7,047,706 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments, which in the opinion of management are necessary for the fair presentation of the results. Mammoth Energy Services, Inc. ("Mammoth Inc." or the "Company"), together with its subsidiaries, is an integrated, growth-oriented oilfield services company serving companies engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves. The Company was incorporated in Delaware in June 2016 as a wholly-owned subsidiary of Mammoth Energy Partners, LP, a Delaware limited liability company (the "Partnership" or the "Predecessor"). The Partnership was originally formed by Wexford Capital LP (“Wexford”) in February 2014 as a holding company under the name Redback Energy Services Inc. and was converted to a Delaware limited partnership in August 2014. On November 24, 2014, Mammoth Energy Holdings, LLC (“Mammoth Holdings,” an entity controlled by Wexford), Gulfport Energy Corporation (“Gulfport”) and Rhino Resource Partners LP (“Rhino”) (collectively known as “Predecessor Interest”) contributed their interest in certain of the entities presented below to the Partnership in exchange for 20 million limited partner units. Mammoth Energy Partners GP, LLC (the “General Partner”) held a non-economic general partner interest in the Partnership. The following companies (“Operating Entities”) are included in these consolidated financial statements: Bison Drilling and Field Services, LLC (“Bison Drilling”), formed November 15, 2010; Bison Trucking LLC (“Bison Trucking”), formed August 9, 2013; White Wing Tubular Services LLC (“White Wing”), formed July 29, 2014; Barracuda Logistics LLC (“Barracuda”), formed October 24, 2014; Mr. Inspections LLC (“MRI”), formed January 25, 2015; Panther Drilling Systems LLC (“Panther”), formed December 11, 2012; Redback Energy Services, LLC (“Energy Services”), formed October 6, 2011; Redback Coil Tubing, LLC (“Coil Tubing”), formed May 15, 2012; Redback Pump Down Services LLC (“Pump Down”), formed January 16, 2015; Muskie Proppant LLC (“Muskie”), formed September 14, 2011; Stingray Pressure Pumping LLC (“Pressure Pumping”), formed March 20, 2012; Stingray Logistics LLC (“Logistics”), formed November 19, 2012; Great White Sand Tiger Lodging Ltd. (“Lodging”), formed October 1, 2007; Silverback Energy Services LLC ("Silverback"), formed June 8, 2016; and Mammoth Equipment Leasing LLC, formed on November 14, 2016. Prior to the contribution, the Partnership did not conduct any material business operations other than certain activities related to the preparation of the registration statement for a proposed initial public offering. The contribution on November 24, 2014 of all Operating Entities, except Pressure Pumping, Logistics and entities created after contribution, was treated as a combination of entities under common control. On November 24, 2014, the Partnership also acquired Pressure Pumping and Logistics (collectively, the “Stingray Entities”) in exchange for 10 million limited partner units. On October 12, 2016, the Partnership was converted into a Delaware limited liability company named Mammoth Energy Partners LLC (“Mammoth LLC”), and then Mammoth Holdings, Gulfport and Rhino, as all the members of Mammoth LLC, contributed their member interests in Mammoth LLC to Mammoth Inc. Prior to the conversion and the contribution, Mammoth Inc. was a wholly-owned subsidiary of the Partnership. Following the conversion and the contribution, Mammoth LLC (as the converted successor to the Partnership) was a wholly-owned subsidiary of Mammoth Inc. Mammoth Inc. did not conduct any material business operations until Mammoth LLC was contributed to it. On October 19, 2016, Mammoth Inc. closed its initial public offering of 7,750,000 shares of common stock (the "IPO"), which included an aggregate of 250,000 shares that were offered by Mammoth Holdings, Gulfport and Rhino, at a price to the public of $15.00 per share. Net proceeds to Mammoth Inc. from its sale of 7,500,000 shares of common stock were approximately $103.1 million . On the closing date of the IPO, Mammoth Inc. repaid all outstanding borrowings under its revolving credit facility and intends to use the remaining net proceeds for general corporate purposes, which may include the acquisition of additional equipment and complementary businesses that enhance its existing service offerings, broaden its service offerings or expand its customer relationships. At December 31, 2015 , Mammoth Holdings, Gulfport and Rhino owned 68.7% , 30.5% and 0.8% , respectively, of the limited partner interest in the Predecessor. At December 31, 2016 , Mammoth Holdings, Gulfport and Rhino owned the following share of outstanding common stock of Mammoth Inc: At December 31, 2016 Share Count % Ownership Mammoth Holdings 20,443,903 54.5 % Gulfport 9,073,750 24.2 % Rhino 232,347 0.6 % Outstanding shares owned by related parties 29,750,000 79.3 % Total outstanding 37,500,000 100.0 % Operations The Company's pressure pumping services include equipment and personnel used in connection with the completion and early production of oil and natural gas wells, well services include coil tubing units used to enhance the flow of oil or natural gas, natural sand proppant services include the distribution and production of natural sand proppant that is used primarily for hydraulic fracturing in the oil and gas industry. The Company's contract land and directional drilling services provides drilling rigs and directional tools for both vertical and horizontal drilling of oil and natural gas wells. The Company also provides other energy services, currently consisting of remote accommodations, for people working in the oil sands located in Northern Alberta, Canada. The acquisition of the Stingray Entities added to the Company's completion and production portfolio. Specifically, by adding hydraulic fracturing and proppant hauling logistics services, the Company has developed a diverse offering of operations that can participate in nearly all phases of the oilfield services industry. All of the Company’s operations are in North America. The Company operates in the Permian Basin, the Utica Shale, the Eagle Ford Shale, the Marcellus Shale, the Granite Wash, the Cana-Woodford Shale, the Cleveland Sand and the oil sands located in Northern Alberta, Canada. The Company's business depends in large part on the conditions in the oil and natural gas industry and, specifically, on the amount of capital spending by its customers. Any prolonged increase or decrease in oil and natural gas prices affects the levels of exploration, development and production activity, as well as the entire health of the oil and natural gas industry. Changes in the commodity prices for oil and natural gas could have a material effect on the Company’s results of operations and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Principles of Consolidation The consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). All material intercompany accounts and transactions between the entities within the Company have been eliminated. (b) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include but are not limited to the allowance for doubtful accounts, reserves for self-insurance, depreciation and amortization of property and equipment, amortization of intangible assets, and future cash flows and fair values used to assess recoverability and impairment of long-lived assets, including goodwill. (c) Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less are considered cash equivalents. The Company maintains its cash accounts in financial institutions that are insured by the Federal Deposit Insurance Corporation, with the exception of cash held by Lodging in a Canadian financial institution. At December 31, 2016 , we had $5.6 million , in Canadian dollars, of cash in Canadian accounts. Cash balances from time to time may exceed the insured amounts; however, the Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risks on such accounts. (d) Accounts Receivable Accounts receivable include amounts due from customers for services performed and are recorded as the work progresses. The Company grants credit to customers in the ordinary course of business and generally does not require collateral. Most areas in which the Company operates provide for a mechanic’s lien against the property on which the service is performed if the lien is filed within the statutorily specified time frame. Customer balances are generally considered delinquent if unpaid by the 30 th day following the invoice date and credit privileges may be revoked if balances remain unpaid. The Company regularly reviews receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established reserves, the Company makes judgments regarding its customers’ ability to make required payments, economic events, and other factors. As the financial conditions of customers change, circumstances develop, or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. In the event the Company was to determine that a customer may not be able to make required payments, the Company would increase the allowance through a charge to income in the period in which that determination is made. Uncollectible accounts receivable are periodically charged against the allowance for doubtful accounts once final determination is made of their uncollectability. Following is a roll forward of the allowance for doubtful accounts for the years ended December 31, 2016 , 2015 and 2014 : Balance, January 1, 2014 $ 1,621,147 Additions charged to expense 603,289 Deductions for uncollectible receivables written off (1,634,934 ) Balance, December 31, 2014 589,502 Additions charged to expense 3,682,218 Deductions for uncollectible receivables written off (324,288 ) Balance, December 31, 2015 3,947,432 Additions charged to expense 1,968,001 Deductions for uncollectible receivables written off (602,967 ) Balance, December 31, 2016 $ 5,312,466 As discussed in Note 1, prolonged declines in pricing can impact the overall health of the oil and natural gas industry. The year ended December 31, 2016 contained such pricing conditions which may lead to enhanced risk of uncollectiblity on certain receivables. As such, the Company has made specific reserves consistent with Company policy which resulted in additions to allowance for doubtful accounts. The Company will continue to pursue collection until such time as final determination is made consistent with Company policy. (e) Inventory Inventory consists of raw sand and processed sand available for sale, chemicals and other products sold as a bi-product of completion and production operations, and supplies used in performing services. Inventory is stated at the lower of cost or market (net realizable value) on a average cost basis. The Company assesses the valuation of its inventories based upon specific usage and future utility. Inventory also consists of coil tubing strings of various widths, diameters and lengths that are used in providing specialized services to customers who are primarily operators of oil or gas wells. The strings are used at various rates based on factors such as well conditions (i.e. pressure and friction), vertical and horizontal length of the well, running speed of the string in the well, and total running feet accumulated to the string. The Company obtains usage information from data acquisition software and other established assessment methods and attempts to amortize the strings over their estimated useful life. In no event will a string be amortized over a period longer than 12 months . Amortization of coil strings is included in services cost of revenue in the Consolidated Statements of Comprehensive Loss and totaled $2,027,752 , $2,075,787 and $1,508,761 for the years ended December 31, 2016 , 2015 , and 2014 , respectively. (f) Prepaid Expenses Prepaid expenses primarily consist of insurance costs. Insurance costs are expensed over the periods that these costs benefit. (g) Property and Equipment Property and equipment, including renewals and betterments, are capitalized and stated at cost, while maintenance and repairs that do not increase the capacity, improve the efficiency or safety, or improve or extend the useful life are charged to operations as incurred. Disposals are removed at cost, less accumulated depreciation, and any resulting gain or loss is recorded in operations. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life, or the remaining lease term, as applicable. Depreciation does not begin until property and equipment is placed in service. Once placed in service, depreciation on property and equipment continues while being repaired, refurbished, or between periods of deployment. (h) Long-Lived Assets The Company reviews long-lived assets for recoverability in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standard Codification (“ASC”) Topic 360, Impairment or Disposal of Long-Lived Assets , which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. These evaluations for impairment are significantly impacted by estimates of revenues, costs and expenses, and other factors. If long-lived assets are considered to be impaired, the impairment to be recognized is measured by the amount in which the carrying amount of the assets exceeds the fair value of the assets. For the years ended December 31, 2016 , and 2015 , the Company recognized an impairment loss of $1,870,885 and $9,874,458 , respectively, on various fixed assets included in property, plant and equipment, net in the Consolidated Balance Sheets. Additionally, during the year ended December 31, 2015 , the Company recognized an impairment loss of $1,904,982 on a terminated long term contractual agreement. No impairments occurred during the year ended December 31, 2014 . (i) Goodwill Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The impairment test is a two-step process. First, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. If impairment is indicated, then the implied value of the reporting unit’s goodwill is determined by allocating the unit’s fair value to its assets and liabilities as if the reporting unit had been acquired in a business combination. The fair value of the reporting unit is determined using the discounted cash flow approach, excluding interest. The impairment for goodwill is measured as the excess of its carrying value over its implied value. Goodwill was tested for impairment as of December 31, 2016 . For the years ended December 31, 2016 and 2014 , no impairment losses were recognized. During year ended December 31, 2015 , the Company recognized impairments of $88,247 . (j) Other Non-Current Assets Other non-current assets primarily consist of deferred financing costs on the credit facility (See Note 8) and sales tax receivables. (k) Amortizable Intangible Assets Intangible assets subject to amortization include customer relationships and trade names. Customer relationships are amortized based on an estimated attrition factor and trade names are amortized over their estimated useful lives. During the year ended December 31, 2015 , the Company terminated one customer relationship and impaired the remaining unamortized value of the intangible and recognized an impairment loss of $256,666 . There were no impairment losses recognized for amortizable assets for either the years ended December 31, 2016 or 2014 . (l) Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, trade receivables, trade payables, amounts receivable or payable to related parties, and long-term debt. The carrying amount of cash and cash equivalents, trade receivables, receivables from related parties and trade payables approximates fair value because of the short-term nature of the instruments. The fair value of long-term debt approximates it s carrying value because the cost of borrowing fluctuates based upon market conditions. (m) Revenue Recognition The Company generates revenue from multiple sources within its operating segments. In all cases, revenue is recognized when services are performed, collection of the receivable is probable, persuasive evidence of an arrangement exists, and the price is fixed and determinable. Services are sold without warranty or right of return. Taxes assessed on revenue transactions are presented on a net basis and are not included in revenue. Pressure pumping services are typically provided based upon a purchase order, contract, or on a spot market basis. Services are provided on a day rate, contracted, or hourly basis, and revenue is recognized as the work progresses. Jobs for these services are typically short-term in nature and range from a few hours to multiple days. Revenue is recognized upon the completion of each day’s work based upon a completed field ticket, which includes the charges for the services performed, mobilization of the equipment to the location, and personnel. Additional revenue is generated through labor charges and the sale of consumable supplies that are incidental to the service being performed. The labor charges and the use of consumable supplies are reflected on the completed field tickets. Natural sand proppant revenues are recognized when legal title passes to the customer, which may occur at the production facility, rail origin or at the destination terminal. At that point, delivery has occurred, evidence of a contractual arrangement exists, the price is fixed and determinable, and collectability is reasonably assured. Amounts received from customers in advance of sand deliveries are recorded as deferred revenue. Customers have the ability to make up contractual short falls by achieving higher-than-contracted volumes over the shortfall window. Contractual shortfall revenue is deemed not probable until the end of the measurement period. Well services are typically provided based upon a purchase order, contract, or on a spot market basis. Services are provided on a day rate, contracted, or hourly basis, and revenue is recognized as the work progresses. Jobs for these services are typically short-term in nature and range from a few hours to multiple days. Our equipment rental services are recognized upon completion of each day's work based on a completed field ticket. Contract drilling services are provided under daywork or footage contracts, and revenue is recognized as the work progresses based on the days completed or the feet drilled, as applicable. Mobilization revenue and costs for daywork and footage contracts are recognized over the days of actual drilling. Directional drilling services are provided on a day rate or hourly basis, and revenue is recognized as work progresses. Proceeds from customers for the cost of equipment that is damaged or lost down-hole are reflected as service revenues as this is deemed to be perfunctory or inconsequential to the underlying service being performed. Revenue from remote accommodation services is recognized when rooms are occupied and services have been rendered. Advance deposits on rooms and special events are deferred until services are provided to the customer. During the year ended December 31, 2016 , the Company recognized and collected $524,997 in business interruption insurance proceeds which is included in Service revenue in the accompanying Consolidated Statements of Comprehensive Loss. The proceeds resulted from loss of revenue relating to wildfires that forced evacuation of personnel. The timing of revenue recognition may differ from contract billing or payment schedules, resulting in revenues that have been earned but not billed (“unbilled revenue”). The Company had $2,732,993 and $3,414,853 of unbilled revenue included in accounts receivable, net in the Consolidated Balance Sheets at December 31, 2016 and 2015 , respectively. The Company had $10,506,958 and $7,459,988 of unbilled revenue included in receivables from related parties in the Condensed Consolidated Balance Sheets at December 31, 2016 and 2015 , respectively. (n) Unaudited Pro Forma Earnings (loss) per Share The Company’s pro forma basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period, as if the common shares issued at the IPO were outstanding for the full year of 2016 and 2015. Diluted earnings per share reflects the potential dilution, using the treasury stock method. During periods in which the Company realizes a net loss, restricted stock awards would be anti-dilutive to net loss per share and conversion into common stock is assumed not to occur. (o) Equity-based Compensation The Company records equity-based payments at fair value on the date of grant, and expenses the value of these equity-based payments in compensation expense over the applicable vesting periods. See Note 11. (p) Stock-based Compensation The Company's stock-based compensation program consists of restricted stock units granted to employees and restricted stock units granted to non-employee directors under the Mammoth Energy Services, Inc. 2016 Incentive Plan (the "2016 Plan"). The Company recognizes in its financial statements the cost of employee services received in exchange for restricted stock based on the fair value of the equity instruments as of the grant date. In general, this value is amortized over the vesting period; for grants with a non-substantive service condition, this value is recognized immediately. Amounts are recognized in selling, general, and administrative expenses. See Note 12. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation - Stock Compensation ,” which modifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. With the early adoption of this standard, we are accounting for forfeitures in the period in which they occur. The adoption has no impact on prior period as the year ended December 31, 2016 is the first year under which the Company is treated as as a taxable entity for federal income tax purposes and there have been no historical vestings of either equity or share-based compensation. (q) Income Taxes On October 12, 2016, immediately prior to the IPO of Mammoth Inc., the Partnership converted into a limited liability company named Mammoth Energy Partners LLC (“Mammoth LLC”). All equity interests in Mammoth LLC were contributed to Mammoth Inc. and Mammoth LLC became a wholly owned subsidiary of Mammoth Inc. Mammoth Inc. is a C corporation under the Internal Revenue Code and is subject to income tax. Historically, Mammoth LLC and each of the Operating Entities other than Lodging was treated as a partnership for federal income tax purposes. As a result, essentially all taxable earnings and losses were passed through to its members, and Mammoth LLC did not pay any federal income taxes at the entity level. Mammoth Inc. owns the member interests in several single member limited liability companies. These LLCs are subject to taxation in Texas where the Company does business; therefore, the Company may provide for income taxes attributable to that state on a current basis. The income tax provision for the period before the IPO has been prepared on a separate return basis for Mammoth LLC and all of its subsidiaries that were treated as a partnership for federal income tax purposes. Subsequent to the IPO, the Company's operations are included in a consolidated federal income tax return and other state returns. Accordingly, the Company has recognized deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases for all our subsidiaries as if each entity were a corporation, regardless of its actual characterization for U.S. federal income tax purposes. The Company's effective tax rate was 34.6% , excluding the conversion to a C Corporation (See Note 1), for the year ended December 31, 2016 . The Company's effective tax rate can fluctuate as a result of the impact of state income taxes, permanent differences and changes in pre-tax income. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of deferred tax assets and liabilities as a result of a change in tax rate is recognized in the period that includes the statutory enactment date. A valuation allowance for deferred tax assets is recognized when it is more likely than not that the benefit of deferred tax assets will not be realized. The Company has included a pro forma provision for income taxes assuming it had been taxed as a C corporation in all periods prior to the conversion and contribution as part of its earnings per share calculation in Note 10. The unaudited pro forma data are presented for informational purposes only, and do not purport to project our results of operations for any future period or its financial position as of any future date. Lodging is subject to foreign income taxes, and such taxes are provided in the financial statements pursuant to FASB ASC 740, Income Taxes. The Company evaluates tax positions taken or expected to be taken in preparation of its tax returns and disallows the recognition of tax positions that do not meet a “more likely than not” threshold of being sustained upon examination by the taxing authorities. During the years ended December 31, 2016 and 2015 , no material uncertain tax positions existed. Penalties and interest, if any, are recognized in general and administrative expense. The Company's 2016 , 2015 , 2014 and 2013 income tax returns remain open to examination by the applicable taxing authorities. In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, " Income Taxes ," which simplifies the presentation of deferred income taxes by requiring deferred tax liabilities and assets be classified as noncurrent in the balance sheet. ASU 2015-17 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. Early adoption was elected for the year ended December 31, 2016 with a retrospective change to the December 31, 2015 consolidated balance sheet as previously presented is required pursuant to ASU 2015-17. There was no impact on the December 31, 2015 consolidated balance sheet. (r) Foreign Currency Translation For foreign operations, assets and liabilities are translated at the period-end exchange rate, and income statement items are translated at the average exchange rate for the period. Resulting translation adjustments are recorded within accumulated other comprehensive loss. Assets and liabilities denominated in foreign currencies, if any, are re-measured at the balance sheet date. Transaction gains or losses are included as a component of current period earnings. (s) Other Comprehensive (Loss) Income Comprehensive loss consists of net loss and other comprehensive loss. Other comprehensive loss included certain changes in equity that are excluded from net loss. Specifically, cumulative foreign currency translation adjustments are included in accumulated other comprehensive loss. (t) Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents in excess of federally insured limits and trade receivables. The Company's accounts receivable have a concentration in the oil and gas industry and the customer base consists primarily of independent oil and natural gas producers. At December 31, 2016 and 2015 , no third-party customer accounted for more than 10% of the Company's trade accounts receivable and receivables from related parties balance combined. At December 31, 2016 and 2015 , related party customers accounted for 58% and 59% , respectively, of the Company's trade accounts receivable and receivables from related parties balance combined. At December 31, 2016 and 2015 , one related party customer from the pressure pumping segment accounted for 39% and 37% , respectively, of the Company's trade accounts receivable and receivables from related parties balance combined. At December 31, 2016 and 2015 , one related party customer from the natural sand proppant segment accounted for 11% and 16% , respectively, of the Company's trade accounts receivable and receivables from related parties balance combined. At December 31, 2016 and 2015 , one related party customer accounted for 53% and 56% , respectively, of the Company's trade accounts receivable and receivables from related parties balance combined. During the years ended December 31, 2016 , and 2015 , one related party customer accounted for 57% and 47% , respectively, of the Company's total revenue. During the years ended December 31, 2016 , and 2015 one related party customer from the pressure pumping segment accounted for 44% and 35% , respectively, of the Company's total revenue. During the years ended December 31, 2016 , and 2015 one related party customer from the natural sand proppant segment accounted for 11% and 11% , respectively, of the Company's total revenue. One third-party customer accounted for greater than 10% of the Company's total revenue for years ended December 31, 2016 , and 2015 , at 11% and 11% , respectively. No customers accounted for greater than 10% of the Company's total revenue for the year ended December 31, 2014 . (u) New Accounting Pronouncements In July 2015, the FASB issued ASU No. 2015-11, “ Inventory (Topic 330): Simplifying the Measurement of Inventory ,” which changes inventory measured using any method other than last-in, first-out (LIFO) or the retail inventory method (for example, inventory measured using first-in, first-out (FIFO) or average cost) at the lower of cost and net realizable value. ASU 2015-11 is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this guidance to have a material effect on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers .” ASU 2014-09 supersedes existing revenue recognition requirements in GAAP and requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Additionally, it requires expanded disclosures regarding the nature, amount, timing and certainty of revenue and cash flows from contracts with customers. The ASU was effective for annual and interim reporting periods beginning after December 15, 2016, using either a full or a modified retrospective application approach; however, in July 2015 the FASB decided to defer the effective date by one year (until 2018) by issuing ASU No. 2015-14, " Revenue From Contracts with Customers: Deferral of the Effective Date ." The Company expects to adopt this new revenue guidance utilizing the retrospective method of adoption in the first quarter of 2018, and because the Company is still evaluating the portion of its revenues that may be subject to the new leasing guidance discussed below, it is unable to quantify the impact that the new revenue standard will have on the Company’s consolidated financial statements upon adoption. In February 2016, the FASB issued ASU No, 2016-2 “ Leases ” amending the current accounting for leases. Under the new provisions, all lessees will report a right-of-use asset and a liability for the obligation to make payments for all leases with the exception of those leases with a term of 12 months or less. All other leases will fall into one of two categories: (i) a financing lease or (ii) an operating lease. Lessor accounting remains substantially unchanged with the exception that no leases entered into after the effective date will be classified as leveraged leases. For sale leaseback transactions, a sale will only be recognized if the criteria in the new revenue recognition standard are met. ASU 2016-2 is effective for fiscal years beginning after December 15, 2018, and interim periods within that fiscal year. Early adoption is permitted. Since a portion of the Company’s revenue may be subject to this new leasing guidance, it expects to adopt this updated leasing guidance at the same time its adopts the new revenue standard discussed above, utilizing the retrospective method of adoption. This new leasing guidance will also impact the Company in situations where it is the lessee, and in certain circumstances it will have a right-of-use asset and lease liability on its consolidated financial statements. The Company is currently evaluating the effect the new guidance will have on our consolidated financial statements and results of operations. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory A summary of the Company's inventory is shown below: December 31, 2016 2015 Supplies $ 4,020,670 $ 4,421,244 Raw materials 75,971 47,701 Work in process 205,450 233,719 Finished goods 52,997 52,997 Total inventory $ 4,355,088 $ 4,755,661 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment include the following: December 31, Useful Life 2016 2015 Land $ 2,010,555 $ 2,010,555 Land improvements 15 years or life of lease 3,640,976 3,734,178 Buildings 15-20 years 42,191,745 41,218,431 Drilling rigs and related equipment 3-15 years 138,526,519 139,619,078 Pressure pumping equipment 3-5 years 96,500,592 93,956,896 Coil tubing equipment 4-10 years 28,019,217 30,190,216 Other machinery and equipment 7-20 years 35,548,357 37,829,135 Vehicles, trucks and trailers 5-10 years 29,964,148 29,542,164 Other property and equipment 3-12 years 11,416,334 11,169,306 387,818,443 389,269,959 Deposits on equipment and equipment in process of assembly 8,701,725 2,072,278 396,520,168 391,342,237 Less: accumulated depreciation 175,272,940 118,315,572 Property, plant and equipment, net $ 221,247,228 $ 273,026,665 Depreciation expense was $60,839,858 , $63,292,507 and $34,668,765 , respectively, for the years ended December 31, 2016 , 2015 and 2014 . Proceeds from customers for horizontal and directional drilling services equipment, damaged or lost down-hole are reflected in revenue with the carrying value of the related equipment charged to cost of service revenues and are reported as cash inflows from investing activities in the statement of cash flows. For the years ended December 31, 2016 , 2015 and 2014 , proceeds from the sale of equipment damaged or lost down-hole were $699,528 , $404,383 and $698,860 , respectively, and gain on sales of equipment damaged or lost down-hole were $447,477 , $76,319 and $47,803 , respectively. Deposits on equipment and equipment in process of assembly represents deposits placed with vendors for equipment that is in the process of assembly and purchased equipment that is being outfitted for its intended use. The equipment is not yet placed in service. |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Impairments | Impairments A summary of our impairments is as follows: December 31, 2016 2015 Flowback equipment (a) $ 1,384,751 $ — Drilling rigs (a) 347,547 8,917,240 Fluid storage equipment (a) — 957,218 Other property, plant and equipment (a) 138,587 — Impairment of long term contractual agreement (b) — 1,904,982 Impairment of goodwill (c) — 88,247 Impairment of intangible (d) — 256,666 $ 1,870,885 $ 12,124,353 a. For the years ended December 31, 2016 and 2015 , the Company recognized impairments of $1,870,885 and $9,874,458 , respectively, to reduce the carrying value of certain assets which were classified as held for use, to their estimated fair values, based on expected sales prices. No impairments occurred during the year ended December 31, 2014 . The Company impaired based on future expected cash flows using significant unobservable inputs (Level 3) based on an income approach. b. The Company impaired $1,904,982 of assets in 2015 related to prepaid assets pursuant to a purchase contract from a vendor. The impairment impacted the prepaid expenses and other non-current assets lines of the Consolidated Balance Sheet for $1,080,000 and $824,982 , respectively. c. The Company determined that there was an indication of impairment present based on the results of the first step of the goodwill impairment test for the goodwill held at Energy Services and fully impaired the $88,247 balance. d. The Company terminated one customer relationship related to its amortizable intangible assets and impaired the remaining unamortized value of the intangible of that relationship. The assumptions used in the impairment evaluation for long-lived assets are inherently uncertain and require management’s judgment. A continued period of low oil and natural gas prices or continued reductions in capital expenditures by our customers would likely have an adverse impact on our utilization and the prices that we receive for our services. This could result in the recognition of future material impairment charges on the same, or additional, property and equipment if future cash flow estimates, based upon information then available to management, indicate that their carrying values are not recoverable. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company had the following definite lived intangible assets recorded as of the dates presented below: December 31, 2016 2015 Customer relationships $ 33,605,000 $ 33,605,000 Trade names 7,110,000 7,110,000 Less: accumulated amortization - customer relationships 17,655,228 9,295,228 Less: accumulated amortization - trade names 1,492,943 781,943 Intangible assets, net $ 21,566,829 $ 30,637,829 Amortization expense for intangible assets was $9,071,000 , $9,101,375 and $938,400 for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The original life of customer relationships range from 4 to 10 years with a remaining average useful life of 3.35 years. Trade names are amortized over a 10 year useful life and as of December 31, 2016 the remaining useful life was 7.90 years. Aggregated expected amortization expense for the future periods is expected to be as follows: Year ended December 31: Amount 2017 $ 9,071,004 2018 8,224,005 2019 738,504 2020 738,504 2021 732,752 Thereafter 2,062,060 $ 21,566,829 Goodwill was $86,043,148 at December 31, 2016 and 2015 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expense and other current liabilities included the following: December 31, 2016 2015 Accrued compensation, benefits and related taxes $ 2,368,143 $ 1,349,493 Financed insurance premiums 3,293,859 3,194,564 State and local taxes payable 319,597 504,658 Insurance reserves 971,351 739,775 Other 1,444,018 1,930,466 Total $ 8,396,968 $ 7,718,956 Financed insurance premiums are due in monthly installments, bear interest at rates ranging from 1.79% to 5.00% , are unsecured, and mature within the twelve month period following the close of the year. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mammoth Credit Facility On November 25, 2014, the Partnership entered into a revolving credit and security agreement with a bank that provides for maximum borrowings of $170.0 million . The facility, as amended in connection with the IPO, matures on November 25, 2019. Borrowings under this facility are secured by the assets of Mammoth Inc., inclusive of the subsidiary companies. The maximum availability of the facility is subject to a borrowing base calculation prepared monthly. Concurrent with the execution of the facility, the initial advance was used to repay all the debt of the operating subsidiaries then outstanding. Interest is payable monthly at a base rate set by the institution’s commercial lending group plus an applicable margin. Additionally, at the Company's request, outstanding balances are permitted to be converted to LIBOR rate plus applicable margin tranches at set increments of $500,000 . The LIBOR rate option allows the Company to select interest periods from one, two, three or six months. The applicable margin for either the base rate or the LIBOR rate option can vary from 1.5% to 3.0% , based upon a calculation of the excess availability of the line as a percentage of the maximum credit limit. The deferred loan costs associated with this facility are classified in other non-current assets. At December 31, 2016 , the facility was undrawn and had availability of $146,181,002 . At December 31, 2015 , $95.0 million of the outstanding balance of the facility was in a one month LIBOR rate option tranche with an interest rate of 3.04% , and there was availability of $44,619,551 under the facility. The facility contains various customary affirmative and restrictive covenants. Among the various covenants are specifically identified financial covenants placing requirements of a minimum interest coverage ratio ( 3.0 to 1.0), maximum leverage ratio ( 4.0 to 1.0), and minimum availability ( $10.0 million ). As of December 31, 2016 and 2015 , the Company was in compliance with its covenants under the facility. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As discussed in Note 1, the Partnership was converted into a limited liability company on October 12, 2016 and the membership interests in the limited liability company were contributed to the Company. As a result, the Company will file a consolidated return for the period October 12, 2016 through December 31, 2016 . Prior to the conversion, the Partnership, other than Lodging, was not subject to corporate income taxes. The components of income tax expense (benefit) attributable to the Company for the year ended December 31, 2016 , 2015 and 2014 , respectively, are as follows: Year Ended December 31, 2016 2015 2014 U.S. current income tax benefit $ 2,306,512 $ 12,861 $ 24,805 U.S. deferred income tax expense 47,957,169 (5,625,436 ) 5,549,517 Foreign current income tax expense 3,594,014 3,878,855 1,674,407 Foreign deferred income tax expense 27,176 144,634 265,465 Total $ 53,884,871 $ (1,589,086 ) $ 7,514,194 Foreign tax credits may be applied for up to five years . Tax credits must be utilized five years subsequent to the distribution of the underlying earnings. As of December 31, 2016 , the distributions have not yet occurred. A reconciliation of the statutory federal income tax amount to the recorded expense is as follows: Year Ended December 31, 2016 2015 2014 Loss before income taxes $ (34,523,124 ) $ (28,820,500 ) $ 5,503,646 Statutory income tax rate 35 % 35 % 35 % Expected income tax expense (12,083,093 ) (10,087,175 ) 1,926,276 Income earned as non-taxable entity (See Note 2) 13,750,827 — — Effect due to change to C corporation (See Note 2) 53,088,861 — — Change in entity status — (4,792,243 ) 6,379,117 Non taxable entity — 15,455,772 713,106 Other permanent differences 209,546 — — State tax expenses 21,181 — — Change in tax rate (24,803 ) — — Foreign income tax rate differential (1,077,648 ) (1,369,575 ) (2,355,816 ) Other — (795,865 ) 851,511 Total $ 53,884,871 $ (1,589,086 ) $ 7,514,194 Deferred tax liabilities attributable to the Company consisted of the following: Year Ended December 31, 2016 2015 Deferred tax assets: Allowance for doubtful accounts $ 1,892,761 $ — Deferred stock compensation 1,686,671 — Accrued liabilities 746,132 — Other 1,785,999 86,580 Deferred tax assets 6,111,563 86,580 Deferred tax liabilities: Property and equipment $ (42,525,793 ) $ (1,484,350 ) Intangible assets (7,662,590 ) — Unrepatriated foreign earnings (3,451,110 ) — Other (142,859 ) (63,189 ) Deferred tax liabilities (53,782,352 ) (1,547,539 ) Net deferred tax liability $ (47,670,789 ) $ (1,460,959 ) Reflected in accompanying balance sheet as: Deferred income taxes $ (47,670,789 ) $ (1,460,959 ) |
Stockholders' Equity and Pro Fo
Stockholders' Equity and Pro Forma Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Stockholders' Equity and Pro Forma Earnings Per Share | Stockholders' Equity and Pro Forma Earnings Per Share Earnings Per Unit The Partnership's limited partner units were issued November 24, 2014. However, the net income per common unit on the Consolidated Statements of Comprehensive Loss is based on the net income of the Partnership for the full years presented, since the entities were under common control as described in Note 1. The Partnership's net loss was allocated wholly to the limited partner units as the General Partner did not have an economic interest. Basic net loss per common unit is calculated by dividing net loss by the weighted-average number of common units outstanding during the period. Although the units were not issued until November 24, 2014, units issued for common control entities have been calculated based on the weighted average units outstanding as if they were outstanding from the beginning of the periods presented, in conjunction with the treatment of common control entities. Year Ended December 31, 2015 2014 Net loss $ (27,231,414 ) $ (2,010,548 ) Net loss per limited partner unit (0.91 ) (0.10 ) Weighted-average common units outstanding 30,000,000 21,056,073 Common Stock Offering On October 14, 2016, Mammoth Inc.’s common stock began trading on The Nasdaq Global Select Market under the symbol “TUSK.” On October 19, 2016, the Company closed the IPO of 7,750,000 shares of common stock at $15.00 per share. Net proceeds to Mammoth Inc. from its sale of 7,500,000 shares of common stock were approximately $103.1 million . The authorized capital stock of the Company consists of 200 million shares of common stock, par value $0.01 per share. Earnings Per Share The number of common shares outstanding on a fully-converted basis was the same before and after any conversion of our owner units. Each time one common share was issued upon conversion of investor units, the number of common shares went up by one, and the number of common units outstanding that were convertible went down by one. Accordingly, for the year ended December 31, 2015 and 2014, there was no difference between common stock basic and diluted earnings per share because the conversion of common units into common shares did not impact the number of common shares on a fully-converted basis. Year Ended December 31, Weighted Average Shares Outstanding Share Issuance at IPO (a) Conversion Weighted Average Units Outstanding 2016 31,500,000 1,500,000 (30,000,000 ) 30,000,000 2015 30,000,000 — (30,000,000 ) 30,000,000 2014 21,056,073 — (21,056,073 ) 21,056,073 (a) Weighted average of 7,500,000 shares issued from the closing date of the IPO on October 19, 2016 to December 31, 2016. Year Ended December 31, 2016 2015 2014 Basic loss per share: Allocation of earnings: Net loss $ (88,407,995 ) $ (27,231,414 ) $ (2,010,548 ) Weighted average common shares outstanding 31,500,000 30,000,000 21,056,073 Basic loss per share $ (2.81 ) $ (0.91 ) $ (0.10 ) Diluted loss per share: Allocation of earnings: Net loss $ (88,407,995 ) $ (27,231,414 ) $ (2,010,548 ) Weighted average common shares, including dilutive effect (a) 31,500,000 30,000,000 21,056,073 Diluted loss per share $ (2.81 ) $ (0.91 ) $ (0.10 ) (a) No incremental shares of potentially dilutive restricted stock awards were included for periods presented as their effect was antidulitive under the treasury stock method. Unaudited Pro Forma Earnings Per Share The Company’s pro forma basic earnings per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period, as if the common shares issued upon the conversion to Mammoth Inc. were outstanding for the entire year. A reconciliation of the components of pro forma basic and diluted earnings per common share is presented in the table below: Year Ended December 31, 2016 2015 2014 Pro Forma C Corporation Data (unaudited): Net loss, as reported $ (88,407,995 ) $ (27,231,414 ) $ (2,010,548 ) Taxes on income earned as a non-taxable entity (Note 9) 13,750,827 2,469,030 (5,207,628 ) Taxes due to change to C corporation (Note 9) 53,088,861 — — Pro forma net loss $ (21,568,307 ) $ (24,762,384 ) $ (7,218,176 ) Basic loss per share: Allocation of earnings: Net loss $ (21,568,307 ) $ (24,762,384 ) $ (7,218,176 ) Weighted average common shares outstanding 37,500,000 37,500,000 21,056,073 Basic loss per share $ (0.58 ) $ (0.66 ) $ (0.34 ) Diluted loss per share: Allocation of earnings: Net loss $ (21,568,307 ) $ (24,762,384 ) $ (7,218,176 ) Weighted average common shares, including dilutive effect (a) 37,500,000 37,500,000 21,056,073 Diluted loss per share $ (0.58 ) $ (0.66 ) $ (0.34 ) (a) No incremental shares of potentially dilutive restricted stock awards were included for periods presented as their effect was antidulitive under the treasury stock method. Pro forma basic and diluted income (loss) per share has been computed by dividing pro forma net income (loss) attributable to the Company by the number of shares of common stock determined as if the shares of common stock issued were outstanding for all periods presented. Management believes that these assumptions provide a reasonable basis for presenting the pro forma effects. |
Equity Based Compensation
Equity Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Compensation | Equity Based Compensation Upon formation of certain Operating Entities (including the acquired Stingray Entities), specified members of management (“Specified Members”) were granted the right to receive distributions from their respective Operating Entity, after the contribution member’s unreturned capital balance was recovered (referred to as “Payout” provision). Additionally, non-employee members were included in the award class (“Non-Employee Members”). On November 24, 2014, the awards were modified in conjunction with the contribution of the Operating Entities to the Partnership. Awards are not granted in limited or general partner units. Agreements are for interests in the distributable earnings of Mammoth Holdings, Mammoth’s then majority limited partner unit holder. On the IPO closing date, Mammoth Holding's unreturned capital balance was not fully recovered from its sale of common stock in the IPO. As a result, Payout did not occur and no compensation cost was recorded. Future offerings or sales of common stock that will recover outstanding unreturned capital remain not probable. Payout is expected to occur following the sale by Mammoth Holding's of its shares of the Company's common stock, which is considered not probable until the event occurs. Therefore, for the awards that contained the Payout provision, no compensation cost was recognized as the distribution rights do not vest until Payout is reached. For the Specified Member awards, the unrecognized amount, which represents the fair value of the award as of the modification dates or grant date, was $5,618,552 . For the Non-Employees Member awards, the unrecognized cost, which represents the fair value of the awards as of December 31, 2016 , was $29,054,528 . Stock-Based Compensation The 2016 Plan authorizes the Company's Board of Directors or the compensation committee of the Company's Board of Directors to grant incentive restricted stock, restricted stock unit, stock appreciation rights, stock options and performance awards. There are 4.5 million shares of common stock reserved for issuance under the 2016 Plan. Restricted Stock Units The fair value of restricted stock unit awards was determined based on the fair market value of the Company's common stock on the date of the grant. This value is amortized over the vesting period. A summary of the status and changes of the unvested shares of restricted stock under the 2016 Plan is presented below. Number of Unvested Restricted Shares Weighted Average Grant-Date Fair Value Unvested shares as of October 19, 2016 — $ — Granted 298,335 14.97 Vested (11,110 ) (14.69 ) Forfeited (4,445 ) (15.00 ) Unvested shares as of December 31, 2016 282,780 $ 14.98 As of December 31, 2016 , there was $3,878,325 of total unrecognized compensation cost related to the unvested restricted stock. The cost is expected to be recognized over a weighted average period of approximately twenty-one months . Included in cost of revenue and selling, general and administrative expenses is stock-based compensation expense of $519,830 for the year ended December 31, 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Compensation | Equity Based Compensation Upon formation of certain Operating Entities (including the acquired Stingray Entities), specified members of management (“Specified Members”) were granted the right to receive distributions from their respective Operating Entity, after the contribution member’s unreturned capital balance was recovered (referred to as “Payout” provision). Additionally, non-employee members were included in the award class (“Non-Employee Members”). On November 24, 2014, the awards were modified in conjunction with the contribution of the Operating Entities to the Partnership. Awards are not granted in limited or general partner units. Agreements are for interests in the distributable earnings of Mammoth Holdings, Mammoth’s then majority limited partner unit holder. On the IPO closing date, Mammoth Holding's unreturned capital balance was not fully recovered from its sale of common stock in the IPO. As a result, Payout did not occur and no compensation cost was recorded. Future offerings or sales of common stock that will recover outstanding unreturned capital remain not probable. Payout is expected to occur following the sale by Mammoth Holding's of its shares of the Company's common stock, which is considered not probable until the event occurs. Therefore, for the awards that contained the Payout provision, no compensation cost was recognized as the distribution rights do not vest until Payout is reached. For the Specified Member awards, the unrecognized amount, which represents the fair value of the award as of the modification dates or grant date, was $5,618,552 . For the Non-Employees Member awards, the unrecognized cost, which represents the fair value of the awards as of December 31, 2016 , was $29,054,528 . Stock-Based Compensation The 2016 Plan authorizes the Company's Board of Directors or the compensation committee of the Company's Board of Directors to grant incentive restricted stock, restricted stock unit, stock appreciation rights, stock options and performance awards. There are 4.5 million shares of common stock reserved for issuance under the 2016 Plan. Restricted Stock Units The fair value of restricted stock unit awards was determined based on the fair market value of the Company's common stock on the date of the grant. This value is amortized over the vesting period. A summary of the status and changes of the unvested shares of restricted stock under the 2016 Plan is presented below. Number of Unvested Restricted Shares Weighted Average Grant-Date Fair Value Unvested shares as of October 19, 2016 — $ — Granted 298,335 14.97 Vested (11,110 ) (14.69 ) Forfeited (4,445 ) (15.00 ) Unvested shares as of December 31, 2016 282,780 $ 14.98 As of December 31, 2016 , there was $3,878,325 of total unrecognized compensation cost related to the unvested restricted stock. The cost is expected to be recognized over a weighted average period of approximately twenty-one months . Included in cost of revenue and selling, general and administrative expenses is stock-based compensation expense of $519,830 for the year ended December 31, 2016 . |
Acquisition of Stingray Entitie
Acquisition of Stingray Entities | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Stingray Entities | Acquisition of Stingray Entities Description of the Transaction On November 24, 2014, the Partnership acquired all ownership interests in Stingray Pressure Pumping LLC (“Pressure Pumping”) and Stingray Logistics LLC (“Logistics”). Pressure Pumping was formed March 20, 2012 and Logistics was formed November 19, 2012, as Delaware limited liability companies. Both were formed by Wexford and Gulfport. The Partnership acquired Pressure Pumping and Logistics in exchange for limited partner interests. The acquisition of the Stingray Entities added to the Company's pressure pumping segment. At the date of acquisition, the total ownership interest in Pressure Pumping and Logistics were converted to 31.96% ( 9.6 million common units) and 1.21% ( 0.4 million common units), respectively, of the Partnership's limited partnership interest. The fair value of the Stingray entities provided as consideration was determined with the assistance of external valuation experts as of acquisition date. At the acquisition date, the components of the consideration transferred were as follows: Consideration attributable to Stringray Pressure Pumping LLC (1) $ 176,910,000 Consideration attributable to Stringray Logistics LLC (1) 6,720,000 Total consideration transferred $ 183,630,000 (1) See Summary of acquired assets and liabilities below Pressure Pumping Logistics Total Cash and cash equivalents $ 6,930,597 $ 128,471 $ 7,059,068 Accounts receivable 25,904,279 2,164,859 28,069,138 Inventories 1,205,059 — 1,205,059 Other current assets 2,800,125 83,892 2,884,017 Property, plant and equipment (1) 98,746,182 2,783,700 101,529,882 Identifiable intangible assets - customer relationships (2) 33,610,000 — 33,610,000 Identifiable intangible assets - trade names (2) 6,880,000 230,000 7,110,000 Goodwill (3) 82,867,545 3,175,603 86,043,148 Other Assets 207,057 4,000 211,057 Total assets acquired $ 259,150,844 $ 8,570,525 $ 267,721,369 Accounts payable and accrued liabilities $ 33,428,913 $ 729,181 $ 34,158,094 Income taxes payable 115,000 $ 5,000 120,000 Long-term debt 48,696,931 $ 1,116,344 49,813,275 Total liabilities assumed $ 82,240,844 $ 1,850,525 $ 84,091,369 Net assets acquired $ 176,910,000 $ 6,720,000 $ 183,630,000 (1) Property, plant and equipment fair value measurements were prepared by utilizing a combined fair market value and cost approach. The market approach relies on comparability of assets using market data information. The cost approach places emphasis on the physical components and characteristics of the asset. It places reliance on estimated replacement cost, depreciation and economic obsolescence. (2) Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Contractual and non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 4 - 10 years. (3) Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability based on the synergies expected to arise from the acquired entities. Since the acquisition date, the businesses acquired have provided the following earnings activity: 2016 2015 2014 Pressure Pumping Logistics Pressure Pumping Logistics Pressure Pumping Logistics Revenues $ 123,736,030 $ 4,393,991 $ 166,869,663 $ 5,922,131 $ 17,731,317 $ 635,024 Eliminations (1) (4,350 ) (4,349,075 ) — (5,922,131 ) — (635,024 ) Revenues in consolidation 123,731,680 44,916 166,869,663 — 17,731,317 — Net income (loss) (2,207,333 ) (367,927 ) (4,870,645 ) 630,999 (1,612,370 ) 97,525 Eliminations (2) 4,802,981 (4,341,053 ) 9,013,897 (5,922,131 ) 1,051,191 (635,024 ) Net income (loss) in consolidation 2,595,648 (4,708,980 ) 4,143,252 (5,291,132 ) (561,179 ) (537,499 ) (1) Eliminations related to work performed on behalf of Stingray Pressure Pumping and Stingray Logistics (2) Eliminations relate to work performed on behalf of Stingray Pressure Pumping in addition to services provided by other Mammoth affiliates. The following table presents unaudited 2014 pro forma information for the Company as if the acquisition had occurred as of January 1, 2014: 2014 Revenues $ 381,868,708 Net loss (9,438,437 ) The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the acquisition. For the year ended December 31, 2014, there were no transaction related costs expensed. The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the merger been completed on January 1, 2014. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the Company. Acquisition of Lantern Rigs On January 29, 2014, Bison acquired five drilling rigs (“Rigs”) directly from the financial institutions that leased the Rigs to the previous owner, Lantern Drilling Company (“Lantern”). The Company has treated the acquisition of these assets as a business combination because the assets included a workforce and contract arrangements. The acquisition of these Rigs enhanced the Company's contract land and directional drilling segment. At the date of acquisition, the five rigs were valued at $47,225,000 . The assets are classified in property, plant and equipment, net in the Consolidated Balance Sheets. After tax the total cash consideration paid for the assets was $50,557,053 . The outflow of cash is presented in purchases of property and equipment in the Consolidated Statements of Cash Flow. Since the acquisition date, the businesses acquired have provided the following earnings activity: 2016 2015 2014 Revenues $ 16,069,976 $ 24,262,672 $ 34,698,597 Net income (loss) (7,409,865 ) 609,069 6,873,499 The following table presents unaudited 2014 pro forma information for the Company as if the acquisition had occurred as of January 1, 2014: 2014 Revenues $ 262,461,809 Net loss (966,952 ) The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the acquisition. For the year ended December 31, 2014, there were no transaction related costs expensed. The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the merger been completed on January 1, 2014. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the Company. |
Acquisition of Lantern Rigs
Acquisition of Lantern Rigs | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Lantern Rigs | Acquisition of Stingray Entities Description of the Transaction On November 24, 2014, the Partnership acquired all ownership interests in Stingray Pressure Pumping LLC (“Pressure Pumping”) and Stingray Logistics LLC (“Logistics”). Pressure Pumping was formed March 20, 2012 and Logistics was formed November 19, 2012, as Delaware limited liability companies. Both were formed by Wexford and Gulfport. The Partnership acquired Pressure Pumping and Logistics in exchange for limited partner interests. The acquisition of the Stingray Entities added to the Company's pressure pumping segment. At the date of acquisition, the total ownership interest in Pressure Pumping and Logistics were converted to 31.96% ( 9.6 million common units) and 1.21% ( 0.4 million common units), respectively, of the Partnership's limited partnership interest. The fair value of the Stingray entities provided as consideration was determined with the assistance of external valuation experts as of acquisition date. At the acquisition date, the components of the consideration transferred were as follows: Consideration attributable to Stringray Pressure Pumping LLC (1) $ 176,910,000 Consideration attributable to Stringray Logistics LLC (1) 6,720,000 Total consideration transferred $ 183,630,000 (1) See Summary of acquired assets and liabilities below Pressure Pumping Logistics Total Cash and cash equivalents $ 6,930,597 $ 128,471 $ 7,059,068 Accounts receivable 25,904,279 2,164,859 28,069,138 Inventories 1,205,059 — 1,205,059 Other current assets 2,800,125 83,892 2,884,017 Property, plant and equipment (1) 98,746,182 2,783,700 101,529,882 Identifiable intangible assets - customer relationships (2) 33,610,000 — 33,610,000 Identifiable intangible assets - trade names (2) 6,880,000 230,000 7,110,000 Goodwill (3) 82,867,545 3,175,603 86,043,148 Other Assets 207,057 4,000 211,057 Total assets acquired $ 259,150,844 $ 8,570,525 $ 267,721,369 Accounts payable and accrued liabilities $ 33,428,913 $ 729,181 $ 34,158,094 Income taxes payable 115,000 $ 5,000 120,000 Long-term debt 48,696,931 $ 1,116,344 49,813,275 Total liabilities assumed $ 82,240,844 $ 1,850,525 $ 84,091,369 Net assets acquired $ 176,910,000 $ 6,720,000 $ 183,630,000 (1) Property, plant and equipment fair value measurements were prepared by utilizing a combined fair market value and cost approach. The market approach relies on comparability of assets using market data information. The cost approach places emphasis on the physical components and characteristics of the asset. It places reliance on estimated replacement cost, depreciation and economic obsolescence. (2) Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Contractual and non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 4 - 10 years. (3) Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability based on the synergies expected to arise from the acquired entities. Since the acquisition date, the businesses acquired have provided the following earnings activity: 2016 2015 2014 Pressure Pumping Logistics Pressure Pumping Logistics Pressure Pumping Logistics Revenues $ 123,736,030 $ 4,393,991 $ 166,869,663 $ 5,922,131 $ 17,731,317 $ 635,024 Eliminations (1) (4,350 ) (4,349,075 ) — (5,922,131 ) — (635,024 ) Revenues in consolidation 123,731,680 44,916 166,869,663 — 17,731,317 — Net income (loss) (2,207,333 ) (367,927 ) (4,870,645 ) 630,999 (1,612,370 ) 97,525 Eliminations (2) 4,802,981 (4,341,053 ) 9,013,897 (5,922,131 ) 1,051,191 (635,024 ) Net income (loss) in consolidation 2,595,648 (4,708,980 ) 4,143,252 (5,291,132 ) (561,179 ) (537,499 ) (1) Eliminations related to work performed on behalf of Stingray Pressure Pumping and Stingray Logistics (2) Eliminations relate to work performed on behalf of Stingray Pressure Pumping in addition to services provided by other Mammoth affiliates. The following table presents unaudited 2014 pro forma information for the Company as if the acquisition had occurred as of January 1, 2014: 2014 Revenues $ 381,868,708 Net loss (9,438,437 ) The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the acquisition. For the year ended December 31, 2014, there were no transaction related costs expensed. The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the merger been completed on January 1, 2014. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the Company. Acquisition of Lantern Rigs On January 29, 2014, Bison acquired five drilling rigs (“Rigs”) directly from the financial institutions that leased the Rigs to the previous owner, Lantern Drilling Company (“Lantern”). The Company has treated the acquisition of these assets as a business combination because the assets included a workforce and contract arrangements. The acquisition of these Rigs enhanced the Company's contract land and directional drilling segment. At the date of acquisition, the five rigs were valued at $47,225,000 . The assets are classified in property, plant and equipment, net in the Consolidated Balance Sheets. After tax the total cash consideration paid for the assets was $50,557,053 . The outflow of cash is presented in purchases of property and equipment in the Consolidated Statements of Cash Flow. Since the acquisition date, the businesses acquired have provided the following earnings activity: 2016 2015 2014 Revenues $ 16,069,976 $ 24,262,672 $ 34,698,597 Net income (loss) (7,409,865 ) 609,069 6,873,499 The following table presents unaudited 2014 pro forma information for the Company as if the acquisition had occurred as of January 1, 2014: 2014 Revenues $ 262,461,809 Net loss (966,952 ) The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the acquisition. For the year ended December 31, 2014, there were no transaction related costs expensed. The unaudited pro forma consolidated results are not necessarily indicative of what the consolidated results of operations actually would have been had the merger been completed on January 1, 2014. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the Company. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Transactions between the subsidiaries of the Company and the following companies are included in Related Party Transactions: Gulfport; Grizzly Oil Sands ULC (“Grizzly”); Taylor Frac LLC (“Taylor”); El Toro ("El Toro"); Stingray Cementing, LLC ("Cementing"); Diamondback E&P, LLC ("Diamondback"); Stingray Energy Services, LLC ("SR Energy"); Everest Operations Management, LLC ("Everest"); Elk City Yard, LLC ("Elk City Yard"); Double Barrel Downhole Technologies, LLC ("DBDHT"); Orange Leaf Holdings LLC ("Orange Leaf"); Caliber Investment Group, LLC ("Caliber"); and Dunvegan North Oilfield Services ULC (“Dunvegan”). REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2016 2015 2014 2016 2015 Pressure Pumping and Gulfport (a) $ 102,389,505 $ 124,311,189 $ 12,635,148 $ 19,094,509 $ 16,218,713 Muskie and Gulfport (b) 25,783,253 38,181,970 3,133,822 5,373,007 6,801,548 Muskie and Taylor (c) 2,540,050 335,252 111,398 70,470 128,834 Panther Drilling and Gulfport (d) 3,011,259 3,703,140 8,302,362 1,434,036 973,873 Energy Services and Gulfport (e) — 2,548,418 1,473,094 — 547,570 Lodging and Grizzly (f) 5,412 941,552 3,809,538 274 906 Bison Drilling and El Toro (g) 371,873 521,121 — — — Panther Drilling and El Toro (g) 171,619 192,485 989,484 — — Bison Trucking and El Toro (g) 130,000 144,905 — — — White Wing and El Toro (g) 20,431 12,719 — — — Energy Services and El Toro (h) 530,477 168,356 — 108,386 — Barracuda and Taylor (i) 452,378 122,131 — 199,413 11,818 MRI and Cementing (j) 820 8,973 — 820 8,973 White Wing and Diamondback (k) 1,650 — — — — Coil Tubing and El Toro (l) 318,694 — — — — Coil Tubing and SR Energy (m) 18,600 — — — — Pressure Pumping and Cementing (n) 7,364 — — 950,678 198,076 Silverback and SR Energy (o) 11,356 — — 12,181 193,064 Panther and DBDHT (p) 157,940 — — 100,450 — Panther and Diamondback (q) — — 168,673 — — Bison Drilling and Diamondback (q) — — 232,299 — — Bison Trucking and Diamondback (q) — — 3,176,607 — — Energy Services and Pressure Pumping (r) — — 47,216 — — Muskie and Pressure Pumping (s) — — 6,245,323 — — Other Relationships — — — 715,341 560,406 $ 135,922,681 $ 171,192,211 $ 40,324,964 $ 28,059,565 $ 25,643,781 a. Pressure Pumping provides pressure pumping, stimulation and related completion services to Gulfport. b. Muskie has agreed to sell and deliver, and Gulfport has agreed to purchase, specified annual and monthly amounts of natural sand proppant, subject to certain exceptions specified in the agreement, and pay certain costs and expenses. c. Taylor, an entity under common ownership with the Company and managed by the Company, has purchased natural sand proppant from Muskie. Natural sand proppant is sold to Taylor at a market-based per ton arrangement on an as-needed basis. d. Panther Drilling performs drilling services for Gulfport pursuant to a master service agreement. e. Energy Services performs completion and production services for Gulfport pursuant to a master service agreement. f. Lodging provides remote accommodation and food services to Grizzly, an entity owned approximately 75% by affiliates of Wexford and approximately 25% by Gulfport. g. The contract land and directional drilling segment provides services for El Toro, an entity controlled by Wexford, pursuant to a master service agreement. h. Energy Services performs completion and production services for El Toro pursuant to a master service agreement. i. Barracuda receives fees from Taylor for the usage of its rail transloading facility. j. MRI provides iron inspection services to Cementing. k. White Wing provides rental services to Diamondback. l. Coil Tubing provides El Toro services in connection with completion activities. m. Coil Tubing provides rental services to SR Energy. n. Pressure Pumping provides services and materials to Cementing. o. Silverback provides services and materials to SR Energy. p. Panther provides services and materials to DBDHT. q. The contract land and directional drilling segment performed drilling services and sold or leased goods, equipment or facilities to Diamondback to a master service agreement. r. Prior to the acquisition of the Stingray Entities, Energy Services rented equipment from Pressure Pumping. s. Prior to the acquisition of the Stingray Entities, Muskie sold natural sand proppant to Pressure Pumping. COST OF REVENUE ACCOUNTS PAYABLE Years Ended December 31, At December 31, 2016 2015 2014 2016 2015 Pressure Pumping and Taylor (a) $ 4,256,832 $ 2,685,202 $ 1,029,974 $ — $ 17,552 Muskie and Taylor (a) 20,586,715 20,510,977 867,428 2,119,084 6,505,833 Barracuda and Taylor (b) 255,029 81,039 — 111,738 26,720 Panther and DBDHT (c) 48,998 101,206 250,322 — 48,998 Bison Trucking and Diamondback (d) 169,886 165,951 112,330 — 12,077 Energy Services and Elk City Yard (e) 106,800 106,800 — — — Barracuda and SR Energy (f) 30,722 — — 6,279 — Stingray Entities and Taylor (g) — 32,261 — — 32,261 Stingray Entities and SR Energy (h) 679,550 932,896 42,545 161,065 12,208 Lodging and Dunvegan (i) 8,574 71,980 116,805 3,199 304,746 Bison Drilling and El Toro (j) 5,000 — — — — Silverback and SR Energy (k) 13,701 — — 6,801 — Muskie and Everest (l) — — 1,969,439 — — Bison Drilling and Everest (l) — — 218,589 — — Muskie and Hopedale (m) 2,455 — 453,080 — — $ 26,164,262 $ 24,688,312 $ 5,060,512 $ 2,408,166 $ 6,960,395 SELLING, GENERAL AND ADMINISTRATIVE COSTS Consolidated and Everest (l) $ 251,122 $ 495,320 $ 2,297,106 $ 12,668 $ 28,528 Consolidated and Taylor (n) 160,622 287,403 — — — Consolidated and Wexford (o) 380,551 381,070 457,771 13,197 9,006 Mammoth and Orange Leaf (p) 102,515 49,892 — — — Pressure Pumping and Caliber (q) — 24,306 — — — $ 894,810 $ 1,237,991 $ 2,754,877 $ 25,865 $ 37,534 $ 2,434,031 $ 6,997,929 a. Taylor , an entity under common ownership with the Company and managed by the Company, sells natural sand proppant to Muskie and Pressure Pumping. Natural sand proppant is sold to Muskie at a market-based per ton arrangement on an as-needed basis to supplement sand provided by its facility (when in operation) if any orders placed by its customers are not able to be readily fulfilled, either because of volume or specific grades of sand requested. b. From time to time, Barracuda pays for goods and services on behalf of Taylor. c. Panther rents rotary steerable equipment in connection with its directional drilling services from DBDHT. d. Bison Trucking leases office space from Diamondback in Midland, Texas. The office space is leased through early 2017. e. Energy Services leases property from Elk City Yard. f. From time to time, Barracuda rents equipment from SR Energy. g. The Stingray Entities utilizes Taylor's transload facility. h. Pressure Pumping rents equipment from SR Energy. i. Dunvegan provides technical and administrative services and pays for goods and services on behalf of Lodging. j. Bison Drilling leases space from El Toro for storage of a rig. k. Silverback rents equipment from SR Energy. l. Everest has historically provided office space and certain technical, administrative and payroll services to the Company and the Company has reimbursed Everest in amounts determined by Everest based on estimates of the amount of office space provided and the amount of employees’ time spent performing services for the Company. In 2014, Everest provided personnel to support operational functions in addition to significant technical and advisory support. m. Muskie utilizes Hopedale's transload facility. n. Taylor provides certain administrative and analytical services to the Company. o. Wexford provides certain administrative and analytical services to the Company and, from time to time, the Company pays for goods and services on behalf of Wexford. p. Orange Leaf leases office space to Mammoth Inc. q. Caliber leases office space to Pressure Pumping. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company leases real estate, rail cars and other equipment under long-term operating leases with varying terms and expiration dates through 2025. Aggregate future minimum lease payments under these non-cancelable operating leases in effect at December 31, 2016 are as follows: Year ended December 31: Amount 2017 $ 3,028,467 2018 2,339,084 2019 1,918,489 2020 1,392,803 2021 1,392,803 Thereafter 3,987,729 $ 14,059,375 For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized rent expense of $3,956,791 , $4,457,183 and $3,180,205 , respectively. The Company entered into a purchase agreement in 2014 with a sand supplier to begin January 1, 2015 and end December 31, 2016. The Company is subject to an annual commitment of 200,000 tons of sand. During June 2016, the Company paid a deposit of $600,000 to the sand supplier to be netted against future purchases of sand under this contract and deferred the commitment until 2017. The Company has one additional unilateral option to extend for one additional year with a further deposit of $600,000 . As of December 31, 2016 , the future commitment for 2017 under this agreement is $2,200,000 . The Company entered into agreements in 2016 to acquire new high pressure fracturing units and other capital equipment. The future commitment under these agreements is $18,554,769 as of December 31, 2016 . The Company has various letters of credit totaling $2,090,560 to secure rail car lease payments. These letters of credit were issued under the Company's revolving credit agreement which is collateralized by substantially all of the assets of the Company. The Company partially insures some workers’ compensation and auto claims, which includes medical expenses, lost time and temporary or permanent disability benefits. As of December 31, 2016 and 2015 , the policy requires a deductible per occurrence of $250,000 and $100,000 , respectively. The Company establishes liabilities for the unpaid deductible portion of claims incurred relating to workers’ compensation and auto liability based on estimates. As of December 31, 2016 and 2015 , the policies contained an aggregate stop loss of $2,000,000 and $1,900,000 , respectively. As of December 31, 2016 and 2015 , accrued claims were $971,351 and $739,775 , respectively. These estimates may change in the near term as actual claims continue to develop. In connection with the insurance programs, letters of credit of $1,285,000 and $1,176,000 as of December 31, 2016 and 2015 , respectively, have been issued supporting the retained risk exposure. As of both December 31, 2016 and 2015 , these letters of credit were issued under the Company's revolving credit agreement which is collateralized by substantially all of the assets of the Company. The Company is routinely involved in state and local tax audits. During 2015 , the State of Ohio assessed taxes on the purchase of equipment the Company believes is exempt under state law. The Company has appealed the assessment and a hearing was scheduled for November 30, 2016. In November 2016, the State of Ohio deferred the hearing until 2017. While the Company is not able to predict the outcome of the appeal, this matter is not expected to have a material adverse effect on the financial position or results of operations of the Company. On June 3, 2015, a punitive class and collective action lawsuit alleging that Pressure Pumping failed to pay a class of workers overtime in compliance with the Fair Labor Standards Act and Ohio law was filed titled William Crigler, et al v. Stingray Pressure Pumping, LLC in the U.S. District Court Southern District of Ohio Eastern Division. The Company submitted a settlement offer to the plaintiff that was accepted and is expected to be payable in 2017. This settlement will not have a material impact on the Company’s financial position, results of operations or cash flows. On October 12, 2015, a putative class and collective action lawsuit alleging that Energy Services failed to pay a class of workers overtime in compliance with the Fair Labor Standards Act and Oklahoma law was filed titled William Reynolds, individually and on behalf of all others similarly situated v. Redback Energy Services LLC in the U.S. District Court for the Western District of Oklahoma. The Company is evaluating the background facts and at this time is not able to predict the outcome of this lawsuit or whether it will have a material impact on the Company’s financial position, results of operations or cash flows. On December 2, 2015, a putative class and collective action lawsuit alleging that Bison Drilling failed to pay a class of workers overtime in compliance with the Fair Labor Standards Act and Texas law was filed titled John Talamentez, individually and on behalf of all others similarly situated v. Bison Drilling and Field Services, LLC in the U.S. District Court Western District of Texas Midland/Odessa Division. The Company is evaluating the background facts and at this time is not able to predict the outcome of this lawsuit or whether it will have a material impact on the Company’s financial position, results of operations or cash flows. On December 16, 2015, a lawsuit alleging wrongful death was filed titled Cecilia R.G. Uballe and Sabrina Barber, beneficiaries of Eseciel D. Uballe, Deceased v. Bison Trucking LLC in the U.S. District Court of Midland Texas. On December 5, 2016, the Company settled this matter. This resolution did not cause a material impact on the Company’s financial position, results of operations or cash flows. On February 12, 2016, a putative lawsuit alleging that Energy Services failed to pay a class of workers in compliance with the Fair Labor Standards Act was filed titled Brian Croniser vs. Redback Energy Services LLC in the U.S. District Court Southern District of Ohio. The Company is evaluating the background facts at this time and are not able to predict the outcome of this lawsuit or whether it will have a material impact on the Company’s financial position, results of operations or cash flows. On June 22, 2016, a putative, Title VII discrimination, and Oklahoma anti-discrimination lawsuit alleging that Redback Energy Services was in violation of the previously mentioned federal and state laws. The lawsuit was filed titled Earl Richardson and Keary Johnson v. Redback Energy Services LLC in the U.S. District Court for the Western District of Oklahoma. The Company is evaluating the background facts at this time and is not able to predict the outcome of this lawsuit or whether it will have a material impact on the Company’s financial position, results of operations or cash flows. On August 1, 2016, a putative class and collective action lawsuit alleging that Energy Services failed to pay a class of workers overtime in compliance with the Fair Labor Standards Act and Texas law was filed titled Michael Caffey, individually and on behalf of all others similarly situated v. Redback Energy Services LLC in the U.S. District Court for the Western District of Texas. The Company is evaluating the background facts and at this time is not able to predict the outcome of this lawsuit or whether it will have a material impact on the Company’s financial position, results of operations or cash flows. On September 27, 2016, a putative lawsuit alleging that Energy Services failed to pay a class of workers in compliance with the Fair Labor Standards Act was filed titled Michael Drake vs. Redback Coil Tubing LLC, et al in the U.S. District Court Western District of Texas. The Company is evaluating the background facts at this time and is not able to predict the outcome of this lawsuit or whether it will have a material impact on the Company’s financial position, results of operations or cash flows. The Company is involved in various other legal proceedings in the ordinary course of business. Although we cannot predict the outcome of these proceedings, legal matters are subject to inherent uncertainties and there exists the possibility that the ultimate resolution of these matters could have a material adverse effect on our business, financial condition, results of operations or cash flows. Defined contribution plan The Company sponsors a 401(k) defined contribution plan for the benefit of substantially all employees at their date of hire. The plan allows eligible employees to contribute up to 92% of their annual compensation, not to exceed annual limits established by the federal government. The Company makes discretionary matching contributions of up to 4% of an employee’s compensation and may make additional discretionary contributions for eligible employees. For the years ended December 31, 2016 , 2015 and 2014 the Company paid $102,230 , $1,514,478 and $1,270,081 , respectively, in contributions to the plan. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments The Company is organized into five reportable segments based on the nature of services provided and the basis in which management makes business and operating decisions. The Company principally provides oilfield services in connection with on-shore drilling of oil and natural gas wells for small to large domestic independent oil and nature gas producers. The Company’s five segments consist of pressure pumping services ("Pressure Pumping"), well services ("Well Services"), natural sand proppant ("Sand"), contract land and directional drilling services ("Drilling") and other energy services ("Other Energy Services"). The Company's Chief Executive Officer and Chief Financial Officer comprise the Company's Chief Operating Decision Maker function ("CODM"). Segment information is prepared on the same basis that our CODM manages the segments, evaluates the segment financial statements, and makes key operating and resource utilization decisions. Segment evaluation is determined on a quantitative basis based on a function of revenue and earnings before interest, other expense (income), impairment, taxes and depreciation and amortization as well as a qualitative basis, such as nature of the product and service offerings, types of customers. Based on the CODM's assessment, effective December 31, 2016, the Company reorganized the reportable segments to align with its new management reporting structure and business activities. Prior to this reorganization, the existing reportable segments were comprised of four segments for financial reporting purposes: land and directional drilling services, completion and production services, completion and production - natural sand proppant and remote accommodation services. As a result of this change, there are five reportable segments for financial reporting purposes as described above. Historical information in this Note to the financial statements has been revised to reflect the new reportable segment. Additionally, given that the Company is a C Corporation that will file a consolidated income tax returns for periods following the contribution that occurred in October 2016 (See Note 1), the Company deems loss (income) before income taxes to be a more meaningful representation of operational performance. Historical information in this Note to the financial statements has been revised to reflect the presentation methodology. The following table sets forth certain financial information with respect to the Company’s reportable segments: Completion and Production Year Ended December 31, 2016 Pressure Pumping Well Services Sand Drilling Other Energy Services Total Revenue from external customers $ 21,446,803 $ 9,157,042 $ 5,433,141 $ 28,177,737 $ 30,861,317 $ 95,076,040 Revenue from related parties $ 102,861,423 $ 867,771 $ 28,323,303 $ 3,864,772 $ 5,412 $ 135,922,681 Cost of revenue $ 86,808,742 $ 13,540,309 $ 28,166,829 $ 31,847,969 $ 13,186,060 $ 173,549,909 Selling, general and administrative expenses $ 4,327,599 $ 2,336,002 $ 2,019,641 $ 5,624,705 $ 2,423,028 $ 16,730,975 Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization $ 33,171,885 $ (5,851,498 ) $ 3,569,974 $ (5,430,165 ) $ 15,257,641 $ 40,717,837 Other expense (income) $ 26,743 $ (565,966 ) $ 2,321 $ 247,620 $ 37,043 $ (252,239 ) Interest expense $ 599,147 $ 134,007 $ 49,518 $ 2,828,753 $ 100,032 $ 3,711,457 Depreciation and amortization $ 37,012,902 $ 5,127,879 $ 4,078,844 $ 21,512,117 $ 2,179,116 $ 69,910,858 Impairment of long-lived assets $ 138,587 $ 1,384,751 $ — $ 347,547 $ — $ 1,870,885 Loss (income) before income taxes $ (4,605,494 ) $ (11,932,169 ) $ (560,709 ) $ (30,366,202 ) $ 12,941,450 $ (34,523,124 ) Provision (benefit) for income taxes $ — $ 50,265,203 $ 3,716 $ — $ 3,615,952 $ 53,884,871 Net income (loss) $ (4,605,494 ) $ (62,197,372 ) $ (564,425 ) $ (30,366,202 ) $ 9,325,498 $ (88,407,995 ) Total expenditures for property, plant and equipment $ 7,673,187 $ 404,612 $ 106,252 $ 2,709,478 $ 424,380 $ 11,317,909 Goodwill $ 86,043,148 $ — $ — $ — $ — $ 86,043,148 Intangible assets, net $ 21,435,058 $ 131,771 $ — $ — $ — $ 21,566,829 Total assets $ 195,521,027 $ 66,043,726 $ 26,517,973 $ 99,867,691 $ 32,603,418 $ 420,553,835 Completion and Production Year Ended December 31, 2015 Pressure Pumping Well Services Sand Drilling Other Energy Services Total Revenue from external customers $ 45,538,393 $ 26,134,568 $ 14,272,981 $ 68,457,719 $ 34,340,821 $ 188,744,482 Revenue from related parties $ 124,442,293 $ 2,716,773 $ 38,517,222 $ 4,574,370 $ 941,553 $ 171,192,211 Cost of revenue $ 131,717,344 $ 28,144,431 $ 43,890,437 $ 57,489,608 $ 15,105,497 $ 276,347,317 Selling, general and administrative expenses $ 4,901,459 $ 2,285,684 $ 2,405,350 $ 8,573,174 $ 2,375,881 $ 20,541,548 Earnings before interest, other expense, impairment, taxes and depreciation and amortization $ 33,361,883 $ (1,578,774 ) $ 6,494,416 $ 6,969,307 $ 17,800,996 $ 63,047,828 Other expense (income) $ 66,889 $ 686,617 $ (88,976 ) $ 1,121,093 $ 372,141 $ 2,157,764 Interest expense $ 1,859,195 $ 429,061 $ 51,476 $ 2,890,130 $ 60,959 $ 5,290,821 Interest income $ — $ — $ 98,056 $ — $ 436 $ 98,492 Depreciation and amortization $ 35,728,715 $ 5,696,547 $ 4,200,809 $ 24,626,705 $ 2,141,106 $ 72,393,882 Impairment of long-lived assets $ 1,213,885 $ 88,247 $ 1,904,981 $ 8,917,240 $ — $ 12,124,353 Loss (income) before income taxes $ (5,506,801 ) $ (8,479,246 ) $ 524,182 $ (30,585,861 ) $ 15,227,226 $ (28,820,500 ) Provision (benefit) for income taxes $ 72,435 $ 4,454 $ — $ (184,523 ) $ (1,481,452 ) $ (1,589,086 ) Net income (loss) $ (5,579,236 ) $ (8,483,700 ) $ 524,182 $ (30,401,338 ) $ 16,708,678 $ (27,231,414 ) Total expenditures for property, plant and equipment $ 4,169,678 $ 6,768,143 $ 171,202 $ 12,650,831 $ 2,491,821 $ 26,251,675 Goodwill $ 86,043,148 $ — $ — $ — $ — $ 86,043,148 Intangible assets, net $ 30,478,558 $ 159,271 $ — $ — $ — $ 30,637,829 Total assets $ 226,690,841 $ 41,481,415 $ 32,726,899 $ 118,227,357 $ 31,859,058 $ 450,985,570 Completion and Production Year Ended December 31, 2014 Pressure Pumping Well Services Sand Drilling Other Energy Services Total Revenue from external customers $ 12,144,538 $ 43,732,782 $ 36,859,731 $ 109,295,518 $ 17,168,471 $ 219,201,040 Revenue from related parties $ 12,635,148 $ 1,520,310 $ 9,490,543 $ 12,869,425 $ 3,809,538 $ 40,324,964 Cost of revenue $ 17,293,057 $ 31,715,681 $ 38,815,543 $ 93,571,050 $ 9,673,570 $ 191,068,901 Selling, general and administrative expenses $ 1,409,618 $ 2,339,024 $ 2,178,867 $ 9,763,922 $ 1,336,432 $ 17,027,863 Earnings before interest, other expense, impairment, taxes and depreciation and amortization $ 6,077,011 $ 11,198,387 $ 5,355,864 $ 18,829,971 $ 9,968,007 $ 51,429,240 Other expense $ 1,744,695 $ 777,382 $ 1,099,284 $ 1,539,279 $ 563,856 $ 5,724,496 Interest expense $ 386,618 $ 831,508 $ 127,988 $ 3,194,061 $ 63,420 $ 4,603,595 Interest expense from related parties $ — $ — $ 184,479 $ — $ — $ 184,479 Interest income $ — $ — $ 208,519 $ — $ 5,622 $ 214,141 Depreciation and amortization $ 4,015,572 $ 4,768,024 $ 3,867,024 $ 21,319,617 $ 1,656,928 $ 35,627,165 Loss (income) before income taxes $ (69,874 ) $ 4,821,473 $ 285,608 $ (7,222,986 ) $ 7,689,425 $ 5,503,646 Provision (benefit) for income taxes $ 10,897 $ 18,226 $ 4,826 $ 77,576 $ 7,402,669 $ 7,514,194 Net income (loss) $ (80,771 ) $ 4,803,247 $ 280,782 $ (7,300,562 ) $ 286,756 $ (2,010,548 ) Total expenditures for property, plant and equipment $ 180,466 $ 11,441,285 $ 4,587,464 $ 85,801,345 $ 9,679,496 $ 111,690,056 Goodwill $ 86,131,395 $ — $ — $ — $ — $ 86,131,395 Intangible assets, net $ 39,809,101 $ 186,770 $ — $ — $ — $ 39,995,871 Total assets $ 275,859,470 $ 39,977,056 $ 40,734,019 $ 185,218,626 $ 38,925,705 $ 580,714,876 The pressure pumping services segment provides hydraulic fracturing. The well services segment provides coil tubing, flowback and equipment rental services. The sand segment sells, distributes and is capable of producing sand for use in hydraulic fracturing. The contract land and directional drilling services segment provides vertical, horizontal and directional drilling services. The other energy services segment provides housing, kitchen and dining, and recreational service facilities for oilfield workers that are located in remote areas away from readily available lodging. The pressure pumping and well service segments primarily services in the Utica Shale of Eastern Ohio, Marcellus Shale in Pennsylvania, Eagle Ford and Permian basin in Texas and mid-continent region. The natural sand proppant segment primarily services the Utica Shale and Montney Shale in British Columbia and Alberta, Canada. The contract land and directional drilling services segment primarily services the Permian Basin in West Texas. The other energy services segment primarily services Canada. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) Three Months Ended March 31, June 30, September 30, December 31, Total 2016 2016 2016 2016 Revenue from external customers $ 28,971,935 $ 20,070,966 $ 20,009,086 $ 26,024,053 $ 95,076,040 Revenue from related parties $ 5,531,569 $ 48,871,322 $ 42,757,132 $ 38,762,658 $ 135,922,681 Cost of revenue $ 32,897,220 $ 51,375,378 $ 42,733,976 $ 46,543,335 $ 173,549,909 Selling, general and administrative expenses $ 3,255,064 $ 4,795,729 $ 3,001,809 $ 5,678,373 $ 16,730,975 Earnings before other expense (income), interest, depreciation and amortization, impairment and taxes $ (1,648,780 ) $ 12,771,181 $ 17,030,433 $ 12,565,003 $ 40,717,837 Other expense (income) $ (18,192 ) $ (676,496 ) $ 242,893 $ 199,556 $ (252,239 ) Interest expense $ 1,191,895 $ 917,310 $ 932,749 $ 669,503 $ 3,711,457 Depreciation and amortization $ 17,413,591 $ 18,253,792 $ 17,148,430 $ 17,095,045 $ 69,910,858 Impairment of long-lived assets $ — $ 1,870,885 $ — $ — $ 1,870,885 Loss before income taxes $ (20,236,074 ) $ (7,594,310 ) $ (1,293,639 ) $ (5,399,101 ) $ (34,523,124 ) Provision (benefit) for income taxes $ 894,360 $ 789,376 $ 1,055,960 $ 51,145,175 $ 53,884,871 Net loss $ (21,130,434 ) $ (8,383,686 ) $ (2,349,599 ) $ (56,544,276 ) $ (88,407,995 ) Net loss per share (basic and diluted) (Note 10) $ (0.70 ) $ (0.28 ) $ (0.08 ) $ (1.57 ) $ (2.81 ) Weighted average number of shares outstanding (Note 10) 30,000,000 30,000,000 30,000,000 35,951,087 31,500,000 Three Months Ended March 31, June 30, September 30, December 31, Total 2015 2015 2015 2015 Revenue from external customers $ 68,265,763 $ 56,780,307 $ 44,151,122 $ 19,547,290 $ 188,744,482 Revenue from related parties $ 44,103,719 $ 50,786,000 $ 42,045,370 $ 34,257,122 $ 171,192,211 Cost of revenue $ 80,748,069 $ 85,115,293 $ 70,360,228 $ 40,123,727 $ 276,347,317 Selling, general and administrative expenses $ 4,912,574 $ 4,938,008 $ 4,191,917 $ 6,499,049 $ 20,541,548 Earnings before other expense (income), interest, depreciation and amortization, impairment and taxes $ 26,708,839 $ 17,513,006 $ 11,644,347 $ 7,181,636 $ 63,047,828 Other expense (income) $ 896,518 $ 1,195,967 $ 142,029 $ (76,750 ) $ 2,157,764 Interest income $ 46,678 $ 51,564 $ 250 $ — $ 98,492 Interest expense $ 1,532,394 $ 1,273,936 $ 1,376,424 $ 1,108,067 $ 5,290,821 Depreciation and amortization $ 17,743,210 $ 17,993,622 $ 17,959,432 $ 18,697,618 $ 72,393,882 Impairment of long-lived assets $ — $ 4,470,781 $ 908,456 $ 6,745,116 $ 12,124,353 Loss (income) before income taxes $ 6,583,395 $ (7,369,736 ) $ (8,741,744 ) $ (19,292,415 ) $ (28,820,500 ) Provision (benefit) for income taxes $ 1,164,943 $ 408,193 $ (4,250,643 ) $ 1,088,421 $ (1,589,086 ) Net income (loss) $ 5,418,452 $ (7,777,929 ) $ (4,491,101 ) $ (20,380,836 ) $ (27,231,414 ) Net loss per share (basic and diluted) (Note 10) $ 0.18 $ (0.26 ) $ (0.15 ) $ (0.68 ) $ (0.91 ) Weighted average number of shares outstanding (Note 10) 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to December 31, 2016, the Company entered into railcar lease agreements with aggregate commitments of $2.0 million . In February 2017, the Company ordered additional new high pressure fracturing units and related equipment with an aggregate cost of $35.2 million with delivery expected during 2017. Additionally, subsequent to December 31, 2016, the Company ordered $6.4 million in other equipment for our natural sand proppant and contract land and directional drilling service segments. On February 21, 2017, the Company granted 375,000 restricted stock units ("RSUs"). The RSUs vest in three substantially equal annual installments beginning on the first anniversary of the grant. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements are prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). All material intercompany accounts and transactions between the entities within the Company have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include but are not limited to the allowance for doubtful accounts, reserves for self-insurance, depreciation and amortization of property and equipment, amortization of intangible assets, and future cash flows and fair values used to assess recoverability and impairment of long-lived assets, including goodwill. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less are considered cash equivalents. The Company maintains its cash accounts in financial institutions that are insured by the Federal Deposit Insurance Corporation, with the exception of cash held by Lodging in a Canadian financial institution. At December 31, 2016 , we had $5.6 million , in Canadian dollars, of cash in Canadian accounts. Cash balances from time to time may exceed the insured amounts; however, the Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risks on such accounts. |
Accounts Receivable | Accounts Receivable Accounts receivable include amounts due from customers for services performed and are recorded as the work progresses. The Company grants credit to customers in the ordinary course of business and generally does not require collateral. Most areas in which the Company operates provide for a mechanic’s lien against the property on which the service is performed if the lien is filed within the statutorily specified time frame. Customer balances are generally considered delinquent if unpaid by the 30 th day following the invoice date and credit privileges may be revoked if balances remain unpaid. The Company regularly reviews receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established reserves, the Company makes judgments regarding its customers’ ability to make required payments, economic events, and other factors. As the financial conditions of customers change, circumstances develop, or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. In the event the Company was to determine that a customer may not be able to make required payments, the Company would increase the allowance through a charge to income in the period in which that determination is made. Uncollectible accounts receivable are periodically charged against the allowance for doubtful accounts once final determination is made of their uncollectability. |
Inventory | Inventory Inventory consists of raw sand and processed sand available for sale, chemicals and other products sold as a bi-product of completion and production operations, and supplies used in performing services. Inventory is stated at the lower of cost or market (net realizable value) on a average cost basis. The Company assesses the valuation of its inventories based upon specific usage and future utility. Inventory also consists of coil tubing strings of various widths, diameters and lengths that are used in providing specialized services to customers who are primarily operators of oil or gas wells. The strings are used at various rates based on factors such as well conditions (i.e. pressure and friction), vertical and horizontal length of the well, running speed of the string in the well, and total running feet accumulated to the string. The Company obtains usage information from data acquisition software and other established assessment methods and attempts to amortize the strings over their estimated useful life. In no event will a string be amortized over a period longer than 12 months . |
Prepaid Expenses | Prepaid Expenses Prepaid expenses primarily consist of insurance costs. Insurance costs are expensed over the periods that these costs benefit. |
Property and Equipment | Property and Equipment Property and equipment, including renewals and betterments, are capitalized and stated at cost, while maintenance and repairs that do not increase the capacity, improve the efficiency or safety, or improve or extend the useful life are charged to operations as incurred. Disposals are removed at cost, less accumulated depreciation, and any resulting gain or loss is recorded in operations. Depreciation is calculated using the straight-line method over the shorter of the estimated useful life, or the remaining lease term, as applicable. Depreciation does not begin until property and equipment is placed in service. Once placed in service, depreciation on property and equipment continues while being repaired, refurbished, or between periods of deployment. |
Long-Lived Assets | Long-Lived Assets The Company reviews long-lived assets for recoverability in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standard Codification (“ASC”) Topic 360, Impairment or Disposal of Long-Lived Assets , which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. These evaluations for impairment are significantly impacted by estimates of revenues, costs and expenses, and other factors. If long-lived assets are considered to be impaired, the impairment to be recognized is measured by the amount in which the carrying amount of the assets exceeds the fair value of the assets. |
Goodwill | Goodwill Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The impairment test is a two-step process. First, the fair value of each reporting unit is compared to its carrying value to determine whether an indication of impairment exists. If impairment is indicated, then the implied value of the reporting unit’s goodwill is determined by allocating the unit’s fair value to its assets and liabilities as if the reporting unit had been acquired in a business combination. The fair value of the reporting unit is determined using the discounted cash flow approach, excluding interest. The impairment for goodwill is measured as the excess of its carrying value over its implied value. |
Other Non-Current Assets | Other Non-Current Assets Other non-current assets primarily consist of deferred financing costs on the credit facility (See Note 8) and sales tax receivables. |
Amortizable Intangible Assets | Amortizable Intangible Assets Intangible assets subject to amortization include customer relationships and trade names. Customer relationships are amortized based on an estimated attrition factor and trade names are amortized over their estimated useful lives. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, trade receivables, trade payables, amounts receivable or payable to related parties, and long-term debt. The carrying amount of cash and cash equivalents, trade receivables, receivables from related parties and trade payables approximates fair value because of the short-term nature of the instruments. The fair value of long-term debt approximates it s carrying value because the cost of borrowing fluctuates based upon market conditions. |
Revenue Recognition | Revenue Recognition The Company generates revenue from multiple sources within its operating segments. In all cases, revenue is recognized when services are performed, collection of the receivable is probable, persuasive evidence of an arrangement exists, and the price is fixed and determinable. Services are sold without warranty or right of return. Taxes assessed on revenue transactions are presented on a net basis and are not included in revenue. Pressure pumping services are typically provided based upon a purchase order, contract, or on a spot market basis. Services are provided on a day rate, contracted, or hourly basis, and revenue is recognized as the work progresses. Jobs for these services are typically short-term in nature and range from a few hours to multiple days. Revenue is recognized upon the completion of each day’s work based upon a completed field ticket, which includes the charges for the services performed, mobilization of the equipment to the location, and personnel. Additional revenue is generated through labor charges and the sale of consumable supplies that are incidental to the service being performed. The labor charges and the use of consumable supplies are reflected on the completed field tickets. Natural sand proppant revenues are recognized when legal title passes to the customer, which may occur at the production facility, rail origin or at the destination terminal. At that point, delivery has occurred, evidence of a contractual arrangement exists, the price is fixed and determinable, and collectability is reasonably assured. Amounts received from customers in advance of sand deliveries are recorded as deferred revenue. Customers have the ability to make up contractual short falls by achieving higher-than-contracted volumes over the shortfall window. Contractual shortfall revenue is deemed not probable until the end of the measurement period. Well services are typically provided based upon a purchase order, contract, or on a spot market basis. Services are provided on a day rate, contracted, or hourly basis, and revenue is recognized as the work progresses. Jobs for these services are typically short-term in nature and range from a few hours to multiple days. Our equipment rental services are recognized upon completion of each day's work based on a completed field ticket. Contract drilling services are provided under daywork or footage contracts, and revenue is recognized as the work progresses based on the days completed or the feet drilled, as applicable. Mobilization revenue and costs for daywork and footage contracts are recognized over the days of actual drilling. Directional drilling services are provided on a day rate or hourly basis, and revenue is recognized as work progresses. Proceeds from customers for the cost of equipment that is damaged or lost down-hole are reflected as service revenues as this is deemed to be perfunctory or inconsequential to the underlying service being performed. Revenue from remote accommodation services is recognized when rooms are occupied and services have been rendered. Advance deposits on rooms and special events are deferred until services are provided to the customer. During the year ended December 31, 2016 , the Company recognized and collected $524,997 in business interruption insurance proceeds which is included in Service revenue in the accompanying Consolidated Statements of Comprehensive Loss. The proceeds resulted from loss of revenue relating to wildfires that forced evacuation of personnel. The timing of revenue recognition may differ from contract billing or payment schedules, resulting in revenues that have been earned but not billed (“unbilled revenue”). |
Unaudited Pro Forma Earnings (loss) per Share | Unaudited Pro Forma Earnings (loss) per Share The Company’s pro forma basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period, as if the common shares issued at the IPO were outstanding for the full year of 2016 and 2015. Diluted earnings per share reflects the potential dilution, using the treasury stock method. During periods in which the Company realizes a net loss, restricted stock awards would be anti-dilutive to net loss per share and conversion into common stock is assumed not to occur. |
Equity-based and Stock-based Compensation | Equity-based Compensation The Company records equity-based payments at fair value on the date of grant, and expenses the value of these equity-based payments in compensation expense over the applicable vesting periods. See Note 11. (p) Stock-based Compensation The Company's stock-based compensation program consists of restricted stock units granted to employees and restricted stock units granted to non-employee directors under the Mammoth Energy Services, Inc. 2016 Incentive Plan (the "2016 Plan"). The Company recognizes in its financial statements the cost of employee services received in exchange for restricted stock based on the fair value of the equity instruments as of the grant date. In general, this value is amortized over the vesting period; for grants with a non-substantive service condition, this value is recognized immediately. Amounts are recognized in selling, general, and administrative expenses. See Note 12. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation - Stock Compensation ,” which modifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. With the early adoption of this standard, we are accounting for forfeitures in the period in which they occur. The adoption has no impact on prior period as the year ended December 31, 2016 is the first year under which the Company is treated as as a taxable entity for federal income tax purposes and there have been no historical vestings of either equity or share-based compensation. |
Income Taxes | Income Taxes On October 12, 2016, immediately prior to the IPO of Mammoth Inc., the Partnership converted into a limited liability company named Mammoth Energy Partners LLC (“Mammoth LLC”). All equity interests in Mammoth LLC were contributed to Mammoth Inc. and Mammoth LLC became a wholly owned subsidiary of Mammoth Inc. Mammoth Inc. is a C corporation under the Internal Revenue Code and is subject to income tax. Historically, Mammoth LLC and each of the Operating Entities other than Lodging was treated as a partnership for federal income tax purposes. As a result, essentially all taxable earnings and losses were passed through to its members, and Mammoth LLC did not pay any federal income taxes at the entity level. Mammoth Inc. owns the member interests in several single member limited liability companies. These LLCs are subject to taxation in Texas where the Company does business; therefore, the Company may provide for income taxes attributable to that state on a current basis. The income tax provision for the period before the IPO has been prepared on a separate return basis for Mammoth LLC and all of its subsidiaries that were treated as a partnership for federal income tax purposes. Subsequent to the IPO, the Company's operations are included in a consolidated federal income tax return and other state returns. Accordingly, the Company has recognized deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases for all our subsidiaries as if each entity were a corporation, regardless of its actual characterization for U.S. federal income tax purposes. The Company's effective tax rate was 34.6% , excluding the conversion to a C Corporation (See Note 1), for the year ended December 31, 2016 . The Company's effective tax rate can fluctuate as a result of the impact of state income taxes, permanent differences and changes in pre-tax income. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of deferred tax assets and liabilities as a result of a change in tax rate is recognized in the period that includes the statutory enactment date. A valuation allowance for deferred tax assets is recognized when it is more likely than not that the benefit of deferred tax assets will not be realized. The Company has included a pro forma provision for income taxes assuming it had been taxed as a C corporation in all periods prior to the conversion and contribution as part of its earnings per share calculation in Note 10. The unaudited pro forma data are presented for informational purposes only, and do not purport to project our results of operations for any future period or its financial position as of any future date. Lodging is subject to foreign income taxes, and such taxes are provided in the financial statements pursuant to FASB ASC 740, Income Taxes. The Company evaluates tax positions taken or expected to be taken in preparation of its tax returns and disallows the recognition of tax positions that do not meet a “more likely than not” threshold of being sustained upon examination by the taxing authorities. In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, " Income Taxes ," which simplifies the presentation of deferred income taxes by requiring deferred tax liabilities and assets be classified as noncurrent in the balance sheet. ASU 2015-17 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. Early adoption was elected for the year ended December 31, 2016 with a retrospective change to the December 31, 2015 consolidated balance sheet as previously presented is required pursuant to ASU 2015-17. |
Foreign Currency Translation | Foreign Currency Translation For foreign operations, assets and liabilities are translated at the period-end exchange rate, and income statement items are translated at the average exchange rate for the period. Resulting translation adjustments are recorded within accumulated other comprehensive loss. Assets and liabilities denominated in foreign currencies, if any, are re-measured at the balance sheet date. Transaction gains or losses are included as a component of current period earnings. |
Comprehensive (Loss) Income | Comprehensive (Loss) Income Comprehensive loss consists of net loss and other comprehensive loss. Other comprehensive loss included certain changes in equity that are excluded from net loss. Specifically, cumulative foreign currency translation adjustments are included in accumulated other comprehensive loss. |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents in excess of federally insured limits and trade receivables. The Company's accounts receivable have a concentration in the oil and gas industry and the customer base consists primarily of independent oil and natural gas producers. |
New Accounting Pronouncements | New Accounting Pronouncements In July 2015, the FASB issued ASU No. 2015-11, “ Inventory (Topic 330): Simplifying the Measurement of Inventory ,” which changes inventory measured using any method other than last-in, first-out (LIFO) or the retail inventory method (for example, inventory measured using first-in, first-out (FIFO) or average cost) at the lower of cost and net realizable value. ASU 2015-11 is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this guidance to have a material effect on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers .” ASU 2014-09 supersedes existing revenue recognition requirements in GAAP and requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Additionally, it requires expanded disclosures regarding the nature, amount, timing and certainty of revenue and cash flows from contracts with customers. The ASU was effective for annual and interim reporting periods beginning after December 15, 2016, using either a full or a modified retrospective application approach; however, in July 2015 the FASB decided to defer the effective date by one year (until 2018) by issuing ASU No. 2015-14, " Revenue From Contracts with Customers: Deferral of the Effective Date ." The Company expects to adopt this new revenue guidance utilizing the retrospective method of adoption in the first quarter of 2018, and because the Company is still evaluating the portion of its revenues that may be subject to the new leasing guidance discussed below, it is unable to quantify the impact that the new revenue standard will have on the Company’s consolidated financial statements upon adoption. In February 2016, the FASB issued ASU No, 2016-2 “ Leases ” amending the current accounting for leases. Under the new provisions, all lessees will report a right-of-use asset and a liability for the obligation to make payments for all leases with the exception of those leases with a term of 12 months or less. All other leases will fall into one of two categories: (i) a financing lease or (ii) an operating lease. Lessor accounting remains substantially unchanged with the exception that no leases entered into after the effective date will be classified as leveraged leases. For sale leaseback transactions, a sale will only be recognized if the criteria in the new revenue recognition standard are met. ASU 2016-2 is effective for fiscal years beginning after December 15, 2018, and interim periods within that fiscal year. Early adoption is permitted. Since a portion of the Company’s revenue may be subject to this new leasing guidance, it expects to adopt this updated leasing guidance at the same time its adopts the new revenue standard discussed above, utilizing the retrospective method of adoption. This new leasing guidance will also impact the Company in situations where it is the lessee, and in certain circumstances it will have a right-of-use asset and lease liability on its consolidated financial statements. The Company is currently evaluating the effect the new guidance will have on our consolidated financial statements and results of operations. |
Organization and Basis of Pre27
Organization and Basis of Presentation Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | At December 31, 2016 , Mammoth Holdings, Gulfport and Rhino owned the following share of outstanding common stock of Mammoth Inc: At December 31, 2016 Share Count % Ownership Mammoth Holdings 20,443,903 54.5 % Gulfport 9,073,750 24.2 % Rhino 232,347 0.6 % Outstanding shares owned by related parties 29,750,000 79.3 % Total outstanding 37,500,000 100.0 % |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts Receivable | Following is a roll forward of the allowance for doubtful accounts for the years ended December 31, 2016 , 2015 and 2014 : Balance, January 1, 2014 $ 1,621,147 Additions charged to expense 603,289 Deductions for uncollectible receivables written off (1,634,934 ) Balance, December 31, 2014 589,502 Additions charged to expense 3,682,218 Deductions for uncollectible receivables written off (324,288 ) Balance, December 31, 2015 3,947,432 Additions charged to expense 1,968,001 Deductions for uncollectible receivables written off (602,967 ) Balance, December 31, 2016 $ 5,312,466 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | A summary of the Company's inventory is shown below: December 31, 2016 2015 Supplies $ 4,020,670 $ 4,421,244 Raw materials 75,971 47,701 Work in process 205,450 233,719 Finished goods 52,997 52,997 Total inventory $ 4,355,088 $ 4,755,661 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment include the following: December 31, Useful Life 2016 2015 Land $ 2,010,555 $ 2,010,555 Land improvements 15 years or life of lease 3,640,976 3,734,178 Buildings 15-20 years 42,191,745 41,218,431 Drilling rigs and related equipment 3-15 years 138,526,519 139,619,078 Pressure pumping equipment 3-5 years 96,500,592 93,956,896 Coil tubing equipment 4-10 years 28,019,217 30,190,216 Other machinery and equipment 7-20 years 35,548,357 37,829,135 Vehicles, trucks and trailers 5-10 years 29,964,148 29,542,164 Other property and equipment 3-12 years 11,416,334 11,169,306 387,818,443 389,269,959 Deposits on equipment and equipment in process of assembly 8,701,725 2,072,278 396,520,168 391,342,237 Less: accumulated depreciation 175,272,940 118,315,572 Property, plant and equipment, net $ 221,247,228 $ 273,026,665 |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | A summary of our impairments is as follows: December 31, 2016 2015 Flowback equipment (a) $ 1,384,751 $ — Drilling rigs (a) 347,547 8,917,240 Fluid storage equipment (a) — 957,218 Other property, plant and equipment (a) 138,587 — Impairment of long term contractual agreement (b) — 1,904,982 Impairment of goodwill (c) — 88,247 Impairment of intangible (d) — 256,666 $ 1,870,885 $ 12,124,353 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The Company had the following definite lived intangible assets recorded as of the dates presented below: December 31, 2016 2015 Customer relationships $ 33,605,000 $ 33,605,000 Trade names 7,110,000 7,110,000 Less: accumulated amortization - customer relationships 17,655,228 9,295,228 Less: accumulated amortization - trade names 1,492,943 781,943 Intangible assets, net $ 21,566,829 $ 30,637,829 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Aggregated expected amortization expense for the future periods is expected to be as follows: Year ended December 31: Amount 2017 $ 9,071,004 2018 8,224,005 2019 738,504 2020 738,504 2021 732,752 Thereafter 2,062,060 $ 21,566,829 |
Accrued Expenses and Other Cu33
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accrued expense and other current liabilities included the following: December 31, 2016 2015 Accrued compensation, benefits and related taxes $ 2,368,143 $ 1,349,493 Financed insurance premiums 3,293,859 3,194,564 State and local taxes payable 319,597 504,658 Insurance reserves 971,351 739,775 Other 1,444,018 1,930,466 Total $ 8,396,968 $ 7,718,956 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) attributable to the Company for the year ended December 31, 2016 , 2015 and 2014 , respectively, are as follows: Year Ended December 31, 2016 2015 2014 U.S. current income tax benefit $ 2,306,512 $ 12,861 $ 24,805 U.S. deferred income tax expense 47,957,169 (5,625,436 ) 5,549,517 Foreign current income tax expense 3,594,014 3,878,855 1,674,407 Foreign deferred income tax expense 27,176 144,634 265,465 Total $ 53,884,871 $ (1,589,086 ) $ 7,514,194 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax amount to the recorded expense is as follows: Year Ended December 31, 2016 2015 2014 Loss before income taxes $ (34,523,124 ) $ (28,820,500 ) $ 5,503,646 Statutory income tax rate 35 % 35 % 35 % Expected income tax expense (12,083,093 ) (10,087,175 ) 1,926,276 Income earned as non-taxable entity (See Note 2) 13,750,827 — — Effect due to change to C corporation (See Note 2) 53,088,861 — — Change in entity status — (4,792,243 ) 6,379,117 Non taxable entity — 15,455,772 713,106 Other permanent differences 209,546 — — State tax expenses 21,181 — — Change in tax rate (24,803 ) — — Foreign income tax rate differential (1,077,648 ) (1,369,575 ) (2,355,816 ) Other — (795,865 ) 851,511 Total $ 53,884,871 $ (1,589,086 ) $ 7,514,194 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax liabilities attributable to the Company consisted of the following: Year Ended December 31, 2016 2015 Deferred tax assets: Allowance for doubtful accounts $ 1,892,761 $ — Deferred stock compensation 1,686,671 — Accrued liabilities 746,132 — Other 1,785,999 86,580 Deferred tax assets 6,111,563 86,580 Deferred tax liabilities: Property and equipment $ (42,525,793 ) $ (1,484,350 ) Intangible assets (7,662,590 ) — Unrepatriated foreign earnings (3,451,110 ) — Other (142,859 ) (63,189 ) Deferred tax liabilities (53,782,352 ) (1,547,539 ) Net deferred tax liability $ (47,670,789 ) $ (1,460,959 ) Reflected in accompanying balance sheet as: Deferred income taxes $ (47,670,789 ) $ (1,460,959 ) |
Stockholders' Equity and Pro 35
Stockholders' Equity and Pro Forma Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Unit | Accordingly, for the year ended December 31, 2015 and 2014, there was no difference between common stock basic and diluted earnings per share because the conversion of common units into common shares did not impact the number of common shares on a fully-converted basis. Year Ended December 31, Weighted Average Shares Outstanding Share Issuance at IPO (a) Conversion Weighted Average Units Outstanding 2016 31,500,000 1,500,000 (30,000,000 ) 30,000,000 2015 30,000,000 — (30,000,000 ) 30,000,000 2014 21,056,073 — (21,056,073 ) 21,056,073 (a) Weighted average of 7,500,000 shares issued from the closing date of the IPO on October 19, 2016 to December 31, 2016. Year Ended December 31, 2016 2015 2014 Basic loss per share: Allocation of earnings: Net loss $ (88,407,995 ) $ (27,231,414 ) $ (2,010,548 ) Weighted average common shares outstanding 31,500,000 30,000,000 21,056,073 Basic loss per share $ (2.81 ) $ (0.91 ) $ (0.10 ) Diluted loss per share: Allocation of earnings: Net loss $ (88,407,995 ) $ (27,231,414 ) $ (2,010,548 ) Weighted average common shares, including dilutive effect (a) 31,500,000 30,000,000 21,056,073 Diluted loss per share $ (2.81 ) $ (0.91 ) $ (0.10 ) (a) No incremental shares of potentially dilutive restricted stock awards were included for periods presented as their effect was antidulitive under the treasury stock method. Basic net loss per common unit is calculated by dividing net loss by the weighted-average number of common units outstanding during the period. Although the units were not issued until November 24, 2014, units issued for common control entities have been calculated based on the weighted average units outstanding as if they were outstanding from the beginning of the periods presented, in conjunction with the treatment of common control entities. Year Ended December 31, 2015 2014 Net loss $ (27,231,414 ) $ (2,010,548 ) Net loss per limited partner unit (0.91 ) (0.10 ) Weighted-average common units outstanding 30,000,000 21,056,073 Year Ended December 31, 2016 2015 2014 Pro Forma C Corporation Data (unaudited): Net loss, as reported $ (88,407,995 ) $ (27,231,414 ) $ (2,010,548 ) Taxes on income earned as a non-taxable entity (Note 9) 13,750,827 2,469,030 (5,207,628 ) Taxes due to change to C corporation (Note 9) 53,088,861 — — Pro forma net loss $ (21,568,307 ) $ (24,762,384 ) $ (7,218,176 ) Basic loss per share: Allocation of earnings: Net loss $ (21,568,307 ) $ (24,762,384 ) $ (7,218,176 ) Weighted average common shares outstanding 37,500,000 37,500,000 21,056,073 Basic loss per share $ (0.58 ) $ (0.66 ) $ (0.34 ) Diluted loss per share: Allocation of earnings: Net loss $ (21,568,307 ) $ (24,762,384 ) $ (7,218,176 ) Weighted average common shares, including dilutive effect (a) 37,500,000 37,500,000 21,056,073 Diluted loss per share $ (0.58 ) $ (0.66 ) $ (0.34 ) (a) No incremental shares of potentially dilutive restricted stock awards were included for periods presented as their effect was antidulitive under the treasury stock method. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the status and changes of the unvested shares of restricted stock under the 2016 Plan is presented below. Number of Unvested Restricted Shares Weighted Average Grant-Date Fair Value Unvested shares as of October 19, 2016 — $ — Granted 298,335 14.97 Vested (11,110 ) (14.69 ) Forfeited (4,445 ) (15.00 ) Unvested shares as of December 31, 2016 282,780 $ 14.98 |
Acquisition of Stingray Entit37
Acquisition of Stingray Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | At the acquisition date, the components of the consideration transferred were as follows: Consideration attributable to Stringray Pressure Pumping LLC (1) $ 176,910,000 Consideration attributable to Stringray Logistics LLC (1) 6,720,000 Total consideration transferred $ 183,630,000 (1) See Summary of acquired assets and liabilities below |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Pressure Pumping Logistics Total Cash and cash equivalents $ 6,930,597 $ 128,471 $ 7,059,068 Accounts receivable 25,904,279 2,164,859 28,069,138 Inventories 1,205,059 — 1,205,059 Other current assets 2,800,125 83,892 2,884,017 Property, plant and equipment (1) 98,746,182 2,783,700 101,529,882 Identifiable intangible assets - customer relationships (2) 33,610,000 — 33,610,000 Identifiable intangible assets - trade names (2) 6,880,000 230,000 7,110,000 Goodwill (3) 82,867,545 3,175,603 86,043,148 Other Assets 207,057 4,000 211,057 Total assets acquired $ 259,150,844 $ 8,570,525 $ 267,721,369 Accounts payable and accrued liabilities $ 33,428,913 $ 729,181 $ 34,158,094 Income taxes payable 115,000 $ 5,000 120,000 Long-term debt 48,696,931 $ 1,116,344 49,813,275 Total liabilities assumed $ 82,240,844 $ 1,850,525 $ 84,091,369 Net assets acquired $ 176,910,000 $ 6,720,000 $ 183,630,000 (1) Property, plant and equipment fair value measurements were prepared by utilizing a combined fair market value and cost approach. The market approach relies on comparability of assets using market data information. The cost approach places emphasis on the physical components and characteristics of the asset. It places reliance on estimated replacement cost, depreciation and economic obsolescence. (2) Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Contractual and non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 4 - 10 years. (3) Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill recorded in connection with the acquisition is attributable to assembled workforces and future profitability based on the synergies expected to arise from the acquired entities. |
Business Acquisition, Pro Forma Information | Since the acquisition date, the businesses acquired have provided the following earnings activity: 2016 2015 2014 Pressure Pumping Logistics Pressure Pumping Logistics Pressure Pumping Logistics Revenues $ 123,736,030 $ 4,393,991 $ 166,869,663 $ 5,922,131 $ 17,731,317 $ 635,024 Eliminations (1) (4,350 ) (4,349,075 ) — (5,922,131 ) — (635,024 ) Revenues in consolidation 123,731,680 44,916 166,869,663 — 17,731,317 — Net income (loss) (2,207,333 ) (367,927 ) (4,870,645 ) 630,999 (1,612,370 ) 97,525 Eliminations (2) 4,802,981 (4,341,053 ) 9,013,897 (5,922,131 ) 1,051,191 (635,024 ) Net income (loss) in consolidation 2,595,648 (4,708,980 ) 4,143,252 (5,291,132 ) (561,179 ) (537,499 ) (1) Eliminations related to work performed on behalf of Stingray Pressure Pumping and Stingray Logistics (2) Eliminations relate to work performed on behalf of Stingray Pressure Pumping in addition to services provided by other Mammoth affiliates. The following table presents unaudited 2014 pro forma information for the Company as if the acquisition had occurred as of January 1, 2014: 2014 Revenues $ 381,868,708 Net loss (9,438,437 ) Since the acquisition date, the businesses acquired have provided the following earnings activity: 2016 2015 2014 Revenues $ 16,069,976 $ 24,262,672 $ 34,698,597 Net income (loss) (7,409,865 ) 609,069 6,873,499 The following table presents unaudited 2014 pro forma information for the Company as if the acquisition had occurred as of January 1, 2014: 2014 Revenues $ 262,461,809 Net loss (966,952 ) |
Acquisition of Lantern Rigs (Ta
Acquisition of Lantern Rigs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | Since the acquisition date, the businesses acquired have provided the following earnings activity: 2016 2015 2014 Pressure Pumping Logistics Pressure Pumping Logistics Pressure Pumping Logistics Revenues $ 123,736,030 $ 4,393,991 $ 166,869,663 $ 5,922,131 $ 17,731,317 $ 635,024 Eliminations (1) (4,350 ) (4,349,075 ) — (5,922,131 ) — (635,024 ) Revenues in consolidation 123,731,680 44,916 166,869,663 — 17,731,317 — Net income (loss) (2,207,333 ) (367,927 ) (4,870,645 ) 630,999 (1,612,370 ) 97,525 Eliminations (2) 4,802,981 (4,341,053 ) 9,013,897 (5,922,131 ) 1,051,191 (635,024 ) Net income (loss) in consolidation 2,595,648 (4,708,980 ) 4,143,252 (5,291,132 ) (561,179 ) (537,499 ) (1) Eliminations related to work performed on behalf of Stingray Pressure Pumping and Stingray Logistics (2) Eliminations relate to work performed on behalf of Stingray Pressure Pumping in addition to services provided by other Mammoth affiliates. The following table presents unaudited 2014 pro forma information for the Company as if the acquisition had occurred as of January 1, 2014: 2014 Revenues $ 381,868,708 Net loss (9,438,437 ) Since the acquisition date, the businesses acquired have provided the following earnings activity: 2016 2015 2014 Revenues $ 16,069,976 $ 24,262,672 $ 34,698,597 Net income (loss) (7,409,865 ) 609,069 6,873,499 The following table presents unaudited 2014 pro forma information for the Company as if the acquisition had occurred as of January 1, 2014: 2014 Revenues $ 262,461,809 Net loss (966,952 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Transactions between the subsidiaries of the Company and the following companies are included in Related Party Transactions: Gulfport; Grizzly Oil Sands ULC (“Grizzly”); Taylor Frac LLC (“Taylor”); El Toro ("El Toro"); Stingray Cementing, LLC ("Cementing"); Diamondback E&P, LLC ("Diamondback"); Stingray Energy Services, LLC ("SR Energy"); Everest Operations Management, LLC ("Everest"); Elk City Yard, LLC ("Elk City Yard"); Double Barrel Downhole Technologies, LLC ("DBDHT"); Orange Leaf Holdings LLC ("Orange Leaf"); Caliber Investment Group, LLC ("Caliber"); and Dunvegan North Oilfield Services ULC (“Dunvegan”). REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2016 2015 2014 2016 2015 Pressure Pumping and Gulfport (a) $ 102,389,505 $ 124,311,189 $ 12,635,148 $ 19,094,509 $ 16,218,713 Muskie and Gulfport (b) 25,783,253 38,181,970 3,133,822 5,373,007 6,801,548 Muskie and Taylor (c) 2,540,050 335,252 111,398 70,470 128,834 Panther Drilling and Gulfport (d) 3,011,259 3,703,140 8,302,362 1,434,036 973,873 Energy Services and Gulfport (e) — 2,548,418 1,473,094 — 547,570 Lodging and Grizzly (f) 5,412 941,552 3,809,538 274 906 Bison Drilling and El Toro (g) 371,873 521,121 — — — Panther Drilling and El Toro (g) 171,619 192,485 989,484 — — Bison Trucking and El Toro (g) 130,000 144,905 — — — White Wing and El Toro (g) 20,431 12,719 — — — Energy Services and El Toro (h) 530,477 168,356 — 108,386 — Barracuda and Taylor (i) 452,378 122,131 — 199,413 11,818 MRI and Cementing (j) 820 8,973 — 820 8,973 White Wing and Diamondback (k) 1,650 — — — — Coil Tubing and El Toro (l) 318,694 — — — — Coil Tubing and SR Energy (m) 18,600 — — — — Pressure Pumping and Cementing (n) 7,364 — — 950,678 198,076 Silverback and SR Energy (o) 11,356 — — 12,181 193,064 Panther and DBDHT (p) 157,940 — — 100,450 — Panther and Diamondback (q) — — 168,673 — — Bison Drilling and Diamondback (q) — — 232,299 — — Bison Trucking and Diamondback (q) — — 3,176,607 — — Energy Services and Pressure Pumping (r) — — 47,216 — — Muskie and Pressure Pumping (s) — — 6,245,323 — — Other Relationships — — — 715,341 560,406 $ 135,922,681 $ 171,192,211 $ 40,324,964 $ 28,059,565 $ 25,643,781 a. Pressure Pumping provides pressure pumping, stimulation and related completion services to Gulfport. b. Muskie has agreed to sell and deliver, and Gulfport has agreed to purchase, specified annual and monthly amounts of natural sand proppant, subject to certain exceptions specified in the agreement, and pay certain costs and expenses. c. Taylor, an entity under common ownership with the Company and managed by the Company, has purchased natural sand proppant from Muskie. Natural sand proppant is sold to Taylor at a market-based per ton arrangement on an as-needed basis. d. Panther Drilling performs drilling services for Gulfport pursuant to a master service agreement. e. Energy Services performs completion and production services for Gulfport pursuant to a master service agreement. f. Lodging provides remote accommodation and food services to Grizzly, an entity owned approximately 75% by affiliates of Wexford and approximately 25% by Gulfport. g. The contract land and directional drilling segment provides services for El Toro, an entity controlled by Wexford, pursuant to a master service agreement. h. Energy Services performs completion and production services for El Toro pursuant to a master service agreement. i. Barracuda receives fees from Taylor for the usage of its rail transloading facility. j. MRI provides iron inspection services to Cementing. k. White Wing provides rental services to Diamondback. l. Coil Tubing provides El Toro services in connection with completion activities. m. Coil Tubing provides rental services to SR Energy. n. Pressure Pumping provides services and materials to Cementing. o. Silverback provides services and materials to SR Energy. p. Panther provides services and materials to DBDHT. q. The contract land and directional drilling segment performed drilling services and sold or leased goods, equipment or facilities to Diamondback to a master service agreement. r. Prior to the acquisition of the Stingray Entities, Energy Services rented equipment from Pressure Pumping. s. Prior to the acquisition of the Stingray Entities, Muskie sold natural sand proppant to Pressure Pumping. COST OF REVENUE ACCOUNTS PAYABLE Years Ended December 31, At December 31, 2016 2015 2014 2016 2015 Pressure Pumping and Taylor (a) $ 4,256,832 $ 2,685,202 $ 1,029,974 $ — $ 17,552 Muskie and Taylor (a) 20,586,715 20,510,977 867,428 2,119,084 6,505,833 Barracuda and Taylor (b) 255,029 81,039 — 111,738 26,720 Panther and DBDHT (c) 48,998 101,206 250,322 — 48,998 Bison Trucking and Diamondback (d) 169,886 165,951 112,330 — 12,077 Energy Services and Elk City Yard (e) 106,800 106,800 — — — Barracuda and SR Energy (f) 30,722 — — 6,279 — Stingray Entities and Taylor (g) — 32,261 — — 32,261 Stingray Entities and SR Energy (h) 679,550 932,896 42,545 161,065 12,208 Lodging and Dunvegan (i) 8,574 71,980 116,805 3,199 304,746 Bison Drilling and El Toro (j) 5,000 — — — — Silverback and SR Energy (k) 13,701 — — 6,801 — Muskie and Everest (l) — — 1,969,439 — — Bison Drilling and Everest (l) — — 218,589 — — Muskie and Hopedale (m) 2,455 — 453,080 — — $ 26,164,262 $ 24,688,312 $ 5,060,512 $ 2,408,166 $ 6,960,395 SELLING, GENERAL AND ADMINISTRATIVE COSTS Consolidated and Everest (l) $ 251,122 $ 495,320 $ 2,297,106 $ 12,668 $ 28,528 Consolidated and Taylor (n) 160,622 287,403 — — — Consolidated and Wexford (o) 380,551 381,070 457,771 13,197 9,006 Mammoth and Orange Leaf (p) 102,515 49,892 — — — Pressure Pumping and Caliber (q) — 24,306 — — — $ 894,810 $ 1,237,991 $ 2,754,877 $ 25,865 $ 37,534 $ 2,434,031 $ 6,997,929 a. Taylor , an entity under common ownership with the Company and managed by the Company, sells natural sand proppant to Muskie and Pressure Pumping. Natural sand proppant is sold to Muskie at a market-based per ton arrangement on an as-needed basis to supplement sand provided by its facility (when in operation) if any orders placed by its customers are not able to be readily fulfilled, either because of volume or specific grades of sand requested. b. From time to time, Barracuda pays for goods and services on behalf of Taylor. c. Panther rents rotary steerable equipment in connection with its directional drilling services from DBDHT. d. Bison Trucking leases office space from Diamondback in Midland, Texas. The office space is leased through early 2017. e. Energy Services leases property from Elk City Yard. f. From time to time, Barracuda rents equipment from SR Energy. g. The Stingray Entities utilizes Taylor's transload facility. h. Pressure Pumping rents equipment from SR Energy. i. Dunvegan provides technical and administrative services and pays for goods and services on behalf of Lodging. j. Bison Drilling leases space from El Toro for storage of a rig. k. Silverback rents equipment from SR Energy. l. Everest has historically provided office space and certain technical, administrative and payroll services to the Company and the Company has reimbursed Everest in amounts determined by Everest based on estimates of the amount of office space provided and the amount of employees’ time spent performing services for the Company. In 2014, Everest provided personnel to support operational functions in addition to significant technical and advisory support. m. Muskie utilizes Hopedale's transload facility. n. Taylor provides certain administrative and analytical services to the Company. o. Wexford provides certain administrative and analytical services to the Company and, from time to time, the Company pays for goods and services on behalf of Wexford. p. Orange Leaf leases office space to Mammoth Inc. q. Caliber leases office space to Pressure Pumping. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Aggregate future minimum lease payments under these non-cancelable operating leases in effect at December 31, 2016 are as follows: Year ended December 31: Amount 2017 $ 3,028,467 2018 2,339,084 2019 1,918,489 2020 1,392,803 2021 1,392,803 Thereafter 3,987,729 $ 14,059,375 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth certain financial information with respect to the Company’s reportable segments: Completion and Production Year Ended December 31, 2016 Pressure Pumping Well Services Sand Drilling Other Energy Services Total Revenue from external customers $ 21,446,803 $ 9,157,042 $ 5,433,141 $ 28,177,737 $ 30,861,317 $ 95,076,040 Revenue from related parties $ 102,861,423 $ 867,771 $ 28,323,303 $ 3,864,772 $ 5,412 $ 135,922,681 Cost of revenue $ 86,808,742 $ 13,540,309 $ 28,166,829 $ 31,847,969 $ 13,186,060 $ 173,549,909 Selling, general and administrative expenses $ 4,327,599 $ 2,336,002 $ 2,019,641 $ 5,624,705 $ 2,423,028 $ 16,730,975 Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization $ 33,171,885 $ (5,851,498 ) $ 3,569,974 $ (5,430,165 ) $ 15,257,641 $ 40,717,837 Other expense (income) $ 26,743 $ (565,966 ) $ 2,321 $ 247,620 $ 37,043 $ (252,239 ) Interest expense $ 599,147 $ 134,007 $ 49,518 $ 2,828,753 $ 100,032 $ 3,711,457 Depreciation and amortization $ 37,012,902 $ 5,127,879 $ 4,078,844 $ 21,512,117 $ 2,179,116 $ 69,910,858 Impairment of long-lived assets $ 138,587 $ 1,384,751 $ — $ 347,547 $ — $ 1,870,885 Loss (income) before income taxes $ (4,605,494 ) $ (11,932,169 ) $ (560,709 ) $ (30,366,202 ) $ 12,941,450 $ (34,523,124 ) Provision (benefit) for income taxes $ — $ 50,265,203 $ 3,716 $ — $ 3,615,952 $ 53,884,871 Net income (loss) $ (4,605,494 ) $ (62,197,372 ) $ (564,425 ) $ (30,366,202 ) $ 9,325,498 $ (88,407,995 ) Total expenditures for property, plant and equipment $ 7,673,187 $ 404,612 $ 106,252 $ 2,709,478 $ 424,380 $ 11,317,909 Goodwill $ 86,043,148 $ — $ — $ — $ — $ 86,043,148 Intangible assets, net $ 21,435,058 $ 131,771 $ — $ — $ — $ 21,566,829 Total assets $ 195,521,027 $ 66,043,726 $ 26,517,973 $ 99,867,691 $ 32,603,418 $ 420,553,835 Completion and Production Year Ended December 31, 2015 Pressure Pumping Well Services Sand Drilling Other Energy Services Total Revenue from external customers $ 45,538,393 $ 26,134,568 $ 14,272,981 $ 68,457,719 $ 34,340,821 $ 188,744,482 Revenue from related parties $ 124,442,293 $ 2,716,773 $ 38,517,222 $ 4,574,370 $ 941,553 $ 171,192,211 Cost of revenue $ 131,717,344 $ 28,144,431 $ 43,890,437 $ 57,489,608 $ 15,105,497 $ 276,347,317 Selling, general and administrative expenses $ 4,901,459 $ 2,285,684 $ 2,405,350 $ 8,573,174 $ 2,375,881 $ 20,541,548 Earnings before interest, other expense, impairment, taxes and depreciation and amortization $ 33,361,883 $ (1,578,774 ) $ 6,494,416 $ 6,969,307 $ 17,800,996 $ 63,047,828 Other expense (income) $ 66,889 $ 686,617 $ (88,976 ) $ 1,121,093 $ 372,141 $ 2,157,764 Interest expense $ 1,859,195 $ 429,061 $ 51,476 $ 2,890,130 $ 60,959 $ 5,290,821 Interest income $ — $ — $ 98,056 $ — $ 436 $ 98,492 Depreciation and amortization $ 35,728,715 $ 5,696,547 $ 4,200,809 $ 24,626,705 $ 2,141,106 $ 72,393,882 Impairment of long-lived assets $ 1,213,885 $ 88,247 $ 1,904,981 $ 8,917,240 $ — $ 12,124,353 Loss (income) before income taxes $ (5,506,801 ) $ (8,479,246 ) $ 524,182 $ (30,585,861 ) $ 15,227,226 $ (28,820,500 ) Provision (benefit) for income taxes $ 72,435 $ 4,454 $ — $ (184,523 ) $ (1,481,452 ) $ (1,589,086 ) Net income (loss) $ (5,579,236 ) $ (8,483,700 ) $ 524,182 $ (30,401,338 ) $ 16,708,678 $ (27,231,414 ) Total expenditures for property, plant and equipment $ 4,169,678 $ 6,768,143 $ 171,202 $ 12,650,831 $ 2,491,821 $ 26,251,675 Goodwill $ 86,043,148 $ — $ — $ — $ — $ 86,043,148 Intangible assets, net $ 30,478,558 $ 159,271 $ — $ — $ — $ 30,637,829 Total assets $ 226,690,841 $ 41,481,415 $ 32,726,899 $ 118,227,357 $ 31,859,058 $ 450,985,570 Completion and Production Year Ended December 31, 2014 Pressure Pumping Well Services Sand Drilling Other Energy Services Total Revenue from external customers $ 12,144,538 $ 43,732,782 $ 36,859,731 $ 109,295,518 $ 17,168,471 $ 219,201,040 Revenue from related parties $ 12,635,148 $ 1,520,310 $ 9,490,543 $ 12,869,425 $ 3,809,538 $ 40,324,964 Cost of revenue $ 17,293,057 $ 31,715,681 $ 38,815,543 $ 93,571,050 $ 9,673,570 $ 191,068,901 Selling, general and administrative expenses $ 1,409,618 $ 2,339,024 $ 2,178,867 $ 9,763,922 $ 1,336,432 $ 17,027,863 Earnings before interest, other expense, impairment, taxes and depreciation and amortization $ 6,077,011 $ 11,198,387 $ 5,355,864 $ 18,829,971 $ 9,968,007 $ 51,429,240 Other expense $ 1,744,695 $ 777,382 $ 1,099,284 $ 1,539,279 $ 563,856 $ 5,724,496 Interest expense $ 386,618 $ 831,508 $ 127,988 $ 3,194,061 $ 63,420 $ 4,603,595 Interest expense from related parties $ — $ — $ 184,479 $ — $ — $ 184,479 Interest income $ — $ — $ 208,519 $ — $ 5,622 $ 214,141 Depreciation and amortization $ 4,015,572 $ 4,768,024 $ 3,867,024 $ 21,319,617 $ 1,656,928 $ 35,627,165 Loss (income) before income taxes $ (69,874 ) $ 4,821,473 $ 285,608 $ (7,222,986 ) $ 7,689,425 $ 5,503,646 Provision (benefit) for income taxes $ 10,897 $ 18,226 $ 4,826 $ 77,576 $ 7,402,669 $ 7,514,194 Net income (loss) $ (80,771 ) $ 4,803,247 $ 280,782 $ (7,300,562 ) $ 286,756 $ (2,010,548 ) Total expenditures for property, plant and equipment $ 180,466 $ 11,441,285 $ 4,587,464 $ 85,801,345 $ 9,679,496 $ 111,690,056 Goodwill $ 86,131,395 $ — $ — $ — $ — $ 86,131,395 Intangible assets, net $ 39,809,101 $ 186,770 $ — $ — $ — $ 39,995,871 Total assets $ 275,859,470 $ 39,977,056 $ 40,734,019 $ 185,218,626 $ 38,925,705 $ 580,714,876 |
Quarterly Financial Data (una42
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Three Months Ended March 31, June 30, September 30, December 31, Total 2016 2016 2016 2016 Revenue from external customers $ 28,971,935 $ 20,070,966 $ 20,009,086 $ 26,024,053 $ 95,076,040 Revenue from related parties $ 5,531,569 $ 48,871,322 $ 42,757,132 $ 38,762,658 $ 135,922,681 Cost of revenue $ 32,897,220 $ 51,375,378 $ 42,733,976 $ 46,543,335 $ 173,549,909 Selling, general and administrative expenses $ 3,255,064 $ 4,795,729 $ 3,001,809 $ 5,678,373 $ 16,730,975 Earnings before other expense (income), interest, depreciation and amortization, impairment and taxes $ (1,648,780 ) $ 12,771,181 $ 17,030,433 $ 12,565,003 $ 40,717,837 Other expense (income) $ (18,192 ) $ (676,496 ) $ 242,893 $ 199,556 $ (252,239 ) Interest expense $ 1,191,895 $ 917,310 $ 932,749 $ 669,503 $ 3,711,457 Depreciation and amortization $ 17,413,591 $ 18,253,792 $ 17,148,430 $ 17,095,045 $ 69,910,858 Impairment of long-lived assets $ — $ 1,870,885 $ — $ — $ 1,870,885 Loss before income taxes $ (20,236,074 ) $ (7,594,310 ) $ (1,293,639 ) $ (5,399,101 ) $ (34,523,124 ) Provision (benefit) for income taxes $ 894,360 $ 789,376 $ 1,055,960 $ 51,145,175 $ 53,884,871 Net loss $ (21,130,434 ) $ (8,383,686 ) $ (2,349,599 ) $ (56,544,276 ) $ (88,407,995 ) Net loss per share (basic and diluted) (Note 10) $ (0.70 ) $ (0.28 ) $ (0.08 ) $ (1.57 ) $ (2.81 ) Weighted average number of shares outstanding (Note 10) 30,000,000 30,000,000 30,000,000 35,951,087 31,500,000 Three Months Ended March 31, June 30, September 30, December 31, Total 2015 2015 2015 2015 Revenue from external customers $ 68,265,763 $ 56,780,307 $ 44,151,122 $ 19,547,290 $ 188,744,482 Revenue from related parties $ 44,103,719 $ 50,786,000 $ 42,045,370 $ 34,257,122 $ 171,192,211 Cost of revenue $ 80,748,069 $ 85,115,293 $ 70,360,228 $ 40,123,727 $ 276,347,317 Selling, general and administrative expenses $ 4,912,574 $ 4,938,008 $ 4,191,917 $ 6,499,049 $ 20,541,548 Earnings before other expense (income), interest, depreciation and amortization, impairment and taxes $ 26,708,839 $ 17,513,006 $ 11,644,347 $ 7,181,636 $ 63,047,828 Other expense (income) $ 896,518 $ 1,195,967 $ 142,029 $ (76,750 ) $ 2,157,764 Interest income $ 46,678 $ 51,564 $ 250 $ — $ 98,492 Interest expense $ 1,532,394 $ 1,273,936 $ 1,376,424 $ 1,108,067 $ 5,290,821 Depreciation and amortization $ 17,743,210 $ 17,993,622 $ 17,959,432 $ 18,697,618 $ 72,393,882 Impairment of long-lived assets $ — $ 4,470,781 $ 908,456 $ 6,745,116 $ 12,124,353 Loss (income) before income taxes $ 6,583,395 $ (7,369,736 ) $ (8,741,744 ) $ (19,292,415 ) $ (28,820,500 ) Provision (benefit) for income taxes $ 1,164,943 $ 408,193 $ (4,250,643 ) $ 1,088,421 $ (1,589,086 ) Net income (loss) $ 5,418,452 $ (7,777,929 ) $ (4,491,101 ) $ (20,380,836 ) $ (27,231,414 ) Net loss per share (basic and diluted) (Note 10) $ 0.18 $ (0.26 ) $ (0.15 ) $ (0.68 ) $ (0.91 ) Weighted average number of shares outstanding (Note 10) 30,000,000 30,000,000 30,000,000 30,000,000 30,000,000 |
Organization and Basis of Pre43
Organization and Basis of Presentation (Details) - USD ($) | Oct. 19, 2016 | Nov. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||
Proceeds from issuance of common stock | $ 105,838,750 | $ 0 | $ 0 | ||
Operating Entities | |||||
Business Acquisition [Line Items] | |||||
Limited partner units issued (in shares) | 20,000,000 | ||||
Pressure Pumping | |||||
Business Acquisition [Line Items] | |||||
Limited partner units issued (in shares) | 10,000,000 | ||||
Mammoth Holdings | |||||
Business Acquisition [Line Items] | |||||
Limited partner interest in the partnership (in shares) | 68.70% | ||||
Gulfport | |||||
Business Acquisition [Line Items] | |||||
Limited partner interest in the partnership (in shares) | 30.50% | ||||
Rhino | |||||
Business Acquisition [Line Items] | |||||
Limited partner interest in the partnership (in shares) | 0.80% | ||||
IPO | |||||
Business Acquisition [Line Items] | |||||
Shares issued | 7,750,000 | ||||
Proceeds from issuance of common stock | $ 103,100,000 | ||||
Sale of stock, price per share (in USD per share) | $ 15 | ||||
IPO | Mammoth Holdings, Gulfport and Rhino | |||||
Business Acquisition [Line Items] | |||||
Shares issued | 250,000 | ||||
Over-Allotment Option | |||||
Business Acquisition [Line Items] | |||||
Shares issued | 7,500,000 |
Organization and Basis of Pre44
Organization and Basis of Presentation - Ownership Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Common stock, shares, outstanding | 37,500,000 | 0 |
Limited partner interest in the partnership (in shares) | 100.00% | |
Mammoth Holdings | ||
Business Acquisition [Line Items] | ||
Common stock, shares, outstanding | 20,443,903 | |
Limited partner interest in the partnership (in shares) | 54.50% | |
Gulfport | ||
Business Acquisition [Line Items] | ||
Common stock, shares, outstanding | 9,073,750 | |
Limited partner interest in the partnership (in shares) | 24.20% | |
Rhino | ||
Business Acquisition [Line Items] | ||
Common stock, shares, outstanding | 232,347 | |
Limited partner interest in the partnership (in shares) | 0.60% | |
Outstanding shares owned by related parties | ||
Business Acquisition [Line Items] | ||
Common stock, shares, outstanding | 29,750,000 | |
Limited partner interest in the partnership (in shares) | 79.30% |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) CAD in Millions | Dec. 31, 2016CAD |
Accounting Policies [Abstract] | |
Cash | CAD 5.6 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, Period Start | $ 3,947,432 | $ 589,502 | $ 1,621,147 |
Additions charged to expense | 1,968,001 | 3,682,218 | 603,289 |
Deductions for uncollectible receivables written off | (602,967) | (324,288) | (1,634,934) |
Balance, Period End | $ 5,312,466 | $ 3,947,432 | $ 589,502 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Inventory (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Amortization of coil tubing strings | $ 2,027,752 | $ 2,075,787 | $ 1,508,761 |
Coil Tubing Strings | |||
Property, Plant and Equipment [Line Items] | |||
Inventory useful life (no longer than) | 12 months |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Impairment of long-lived assets | $ 1,870,885 | $ 9,874,458 | $ 0 |
Impairment of finite lived intangible assets | $ 0 | $ 1,904,982 | $ 0 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Goodwill, impairment loss | $ 0 | $ 88,247 | $ 0 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Amortizable Intangible Assets (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015customer_relationship | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Number of customer relationships terminated | customer_relationship | 1 | |||
Impairment of intangible | $ 0 | $ 1,904,982 | $ 0 | |
Impairment of intangible | $ 0 | |||
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible | $ 256,666 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from insurance settlement, operating activities | $ 524,997 | |
Accounts receivable, net | 20,602,962 | $ 17,797,852 |
Unbilled Revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 2,732,993 | 3,414,853 |
Accounts receivable, related parties | $ 10,506,958 | $ 7,459,988 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Effective income tax rate | 34.60% | |
Unrecognized tax benefits | $ 0 | $ 0 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Third-Party Customer | Trade Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | |
Third-Party Customer | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | 11.00% |
Related Party Customer | Trade Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 58.00% | 59.00% |
One Related Party Customer | Trade Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 53.00% | 56.00% |
One Related Party Customer | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 57.00% | 47.00% |
Pressure Pumping | Related Party Customer | Trade Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 39.00% | 37.00% |
Pressure Pumping | Related Party Customer | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 44.00% | 35.00% |
Natural Sand Proppant | Related Party Customer | Trade Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | 16.00% |
Natural Sand Proppant | Related Party Customer | Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | 11.00% |
Inventory (Details)
Inventory (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Supplies | $ 4,020,670 | $ 4,421,244 |
Raw materials | 75,971 | 47,701 |
Work in process | 205,450 | 233,719 |
Finished goods | 52,997 | 52,997 |
Total inventory | $ 4,355,088 | $ 4,755,661 |
Property, Plant and Equipment55
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 387,818,443 | $ 389,269,959 | |
Deposits on equipment and equipment in process of assembly | 8,701,725 | 2,072,278 | |
Property, plant and equipment, gross | 396,520,168 | 391,342,237 | |
Less: accumulated depreciation | 175,272,940 | 118,315,572 | |
Property, plant and equipment, net | 221,247,228 | 273,026,665 | |
Depreciation | 60,839,858 | 63,292,507 | $ 34,668,765 |
Proceeds from disposal of property and equipment | 4,022,092 | 1,416,766 | 3,063,803 |
(Gain) loss on disposal of property and equipment | (747,896) | 1,429,087 | (341,459) |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | 2,010,555 | 2,010,555 | |
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 3,640,976 | 3,734,178 | |
Useful Life | 15 years | ||
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 42,191,745 | 41,218,431 | |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 15 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 20 years | ||
Drilling rigs and related equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 138,526,519 | 139,619,078 | |
Proceeds from disposal of property and equipment | 699,528 | 404,383 | 698,860 |
(Gain) loss on disposal of property and equipment | $ (447,477) | (76,319) | $ (47,803) |
Drilling rigs and related equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 3 years | ||
Drilling rigs and related equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 15 years | ||
Pressure pumping equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 96,500,592 | 93,956,896 | |
Pressure pumping equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 3 years | ||
Pressure pumping equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 5 years | ||
Coil tubing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 28,019,217 | 30,190,216 | |
Coil tubing equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 4 years | ||
Coil tubing equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 10 years | ||
Other machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 35,548,357 | 37,829,135 | |
Other machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 7 years | ||
Other machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 20 years | ||
Vehicles, trucks and trailers | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 29,964,148 | 29,542,164 | |
Vehicles, trucks and trailers | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 5 years | ||
Vehicles, trucks and trailers | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 10 years | ||
Other property and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment | $ 11,416,334 | $ 11,169,306 | |
Other property and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 3 years | ||
Other property and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 12 years |
Impairments (Details)
Impairments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long term contractual agreement | $ 0 | $ 1,904,982 | $ 0 | ||||||||
Impairment of goodwill | 0 | 88,247 | 0 | ||||||||
Impairment of intangible | 0 | ||||||||||
Impairment of long-lived assets | $ 0 | $ 0 | $ 1,870,885 | $ 0 | $ 6,745,116 | $ 908,456 | $ 4,470,781 | $ 0 | 1,870,885 | 12,124,353 | 0 |
Impairment of long-lived assets | 1,870,885 | 9,874,458 | $ 0 | ||||||||
Flowback equipment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Asset impairment charges | 1,384,751 | 0 | |||||||||
Drilling Rigs | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Asset impairment charges | 347,547 | 8,917,240 | |||||||||
Fluid storage equipment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Asset impairment charges | 0 | 957,218 | |||||||||
Other property, plant and equipment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Asset impairment charges | $ 138,587 | 0 | |||||||||
Prepaid expenses | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long term contractual agreement | 1,080,000 | ||||||||||
Other Noncurrent Assets | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long term contractual agreement | 824,982 | ||||||||||
Customer relationships | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of intangible | $ 256,666 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets - Definite Lived Intangible Assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net | $ 21,566,829 | $ 30,637,829 | $ 39,995,871 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 33,605,000 | 33,605,000 | |
Less: accumulated amortization | 17,655,228 | 9,295,228 | |
Intangible assets, net | 15,949,772 | 24,309,772 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 7,110,000 | 7,110,000 | |
Less: accumulated amortization | $ 1,492,943 | $ 781,943 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 24, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 9,071,000 | $ 9,101,375 | $ 938,400 | |
Goodwill | $ 86,043,148 | $ 86,043,148 | $ 86,131,395 | $ 86,043,148 |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 3 years 4 months 6 days | |||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 10 years | |||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 7 years 10 months 24 days | |||
Minimum | Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 4 years | |||
Minimum | Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 4 years | |||
Maximum | Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 10 years | |||
Maximum | Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 10 years |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets - Aggregated Expected Amortization Expense (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2,017 | $ 9,071,004 | ||
2,018 | 8,224,005 | ||
2,019 | 738,504 | ||
2,020 | 738,504 | ||
2,021 | 732,752 | ||
Thereafter | 2,062,060 | ||
Intangible assets, net | $ 21,566,829 | $ 30,637,829 | $ 39,995,871 |
Accrued Expenses and Other Cu60
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued compensation, benefits and related taxes | $ 2,368,143 | $ 1,349,493 |
Financed insurance premiums | 3,293,859 | 3,194,564 |
State and local taxes payable | 319,597 | 504,658 |
Insurance reserves | 971,351 | 739,775 |
Other | 1,444,018 | 1,930,466 |
Total | $ 8,396,968 | $ 7,718,956 |
Accrued Expenses and Other Cu61
Accrued Expenses and Other Current Liabilities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Supplementary Insurance Information, by Segment [Line Items] | |
Financed insurance premium interest rate, percent | 1.79% |
Maximum | |
Supplementary Insurance Information, by Segment [Line Items] | |
Financed insurance premium interest rate, percent | 5.00% |
Debt (Details)
Debt (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 25, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||
Long-term debt | $ 0 | $ 95,000,000 | |
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 170,000,000 | ||
Long-term debt | 95,000,000 | ||
Remaining borrowing capacity | $ 146,181,002 | $ 44,619,551 | |
Maximum leverage ratio | 4 | ||
Debt covenant, minimum availability required | $ 10,000,000 | ||
Revolving Credit Facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Interest coverage ratio | 3 | ||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||
Line of Credit Facility [Line Items] | |||
Increments of debt that can be converted | $ 500,000 | ||
Debt instrument, interest rate, percent | 3.04% | ||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate, percent | 1.50% | ||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate, percent | 3.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. current income tax benefit | $ 2,306,512 | $ 12,861 | $ 24,805 | ||||||||
U.S. deferred income tax expense | 47,957,169 | (5,625,436) | 5,549,517 | ||||||||
Foreign current income tax expense | 3,594,014 | 3,878,855 | 1,674,407 | ||||||||
Foreign deferred income tax expense | 27,176 | 144,634 | 265,465 | ||||||||
Total | $ 51,145,175 | $ 1,055,960 | $ 789,376 | $ 894,360 | $ 1,088,421 | $ (4,250,643) | $ 408,193 | $ 1,164,943 | $ 53,884,871 | $ (1,589,086) | $ 7,514,194 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Loss before income taxes | $ (5,399,101) | $ (1,293,639) | $ (7,594,310) | $ (20,236,074) | $ (19,292,415) | $ (8,741,744) | $ (7,369,736) | $ 6,583,395 | $ (34,523,124) | $ (28,820,500) | $ 5,503,646 |
Statutory income tax rate (percent) | 35.00% | 35.00% | 35.00% | ||||||||
Expected income tax expense | $ (12,083,093) | $ (10,087,175) | $ 1,926,276 | ||||||||
Income earned as non-taxable entity (See Note 2) | 13,750,827 | 0 | 0 | ||||||||
Effect due to change to C corporation (See Note 2) | 53,088,861 | 0 | 0 | ||||||||
Change in entity status | 0 | (4,792,243) | 6,379,117 | ||||||||
Non taxable entity | 0 | 15,455,772 | 713,106 | ||||||||
Other permanent differences | 209,546 | 0 | 0 | ||||||||
State tax expenses | 21,181 | 0 | 0 | ||||||||
Change in tax rate | (24,803) | 0 | 0 | ||||||||
Foreign income tax rate differential | (1,077,648) | (1,369,575) | (2,355,816) | ||||||||
Other | 0 | (795,865) | 851,511 | ||||||||
Total | $ 51,145,175 | $ 1,055,960 | $ 789,376 | $ 894,360 | $ 1,088,421 | $ (4,250,643) | $ 408,193 | $ 1,164,943 | $ 53,884,871 | $ (1,589,086) | $ 7,514,194 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 1,892,761 | $ 0 |
Deferred stock compensation | 1,686,671 | 0 |
Accrued liabilities | 746,132 | 0 |
Other | 1,785,999 | 86,580 |
Deferred tax assets | 6,111,563 | 86,580 |
Deferred tax liabilities: | ||
Property and equipment | (42,525,793) | (1,484,350) |
Intangible assets | (7,662,590) | 0 |
Unrepatriated foreign earnings | (3,451,110) | 0 |
Other | (142,859) | (63,189) |
Deferred tax liabilities | (53,782,352) | (1,547,539) |
Net deferred tax liability | (47,670,789) | (1,460,959) |
Reflected in accompanying balance sheet as: | ||
Deferred income taxes | $ (47,670,789) | $ (1,460,959) |
Stockholders' Equity and Pro 66
Stockholders' Equity and Pro Forma Earnings Per Share - Narrative (Details) - USD ($) | Oct. 19, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from initial public offering | $ 105,838,750 | $ 0 | $ 0 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 | ||
IPO | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued | 7,750,000 | |||
Proceeds from initial public offering | $ 103,100,000 | |||
Sale of stock, price per share (in USD per share) | $ 15 | |||
Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares issued | 7,500,000 |
Stockholders' Equity and Pro 67
Stockholders' Equity and Pro Forma Earnings Per Share - Schedule of Conversion of Common Units into Common Shares (Details) - shares | Oct. 19, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Weighted average shares outstanding (in shares) | 35,951,087 | 30,000,000 | 30,000,000 | 30,000,000 | 31,500,000 | 30,000,000 | 21,056,073 | |||||
Conversion | (30,000,000) | (30,000,000) | (21,056,073) | |||||||||
Weighted average number of shares outstanding, basic (in shares) | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 21,056,073 | |||||
IPO | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Share Issuance at IPO | 1,500,000 | |||||||||||
Shares issued | 7,750,000 | |||||||||||
Over-Allotment Option | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Shares issued | 7,500,000 |
Stockholders' Equity and Pro 68
Stockholders' Equity and Pro Forma Earnings Per Share (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 12, 2016 | Nov. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic loss per share: | |||||||||||||||
Net loss | $ (11,399,297) | $ (56,322,878) | $ (56,544,276) | $ (2,349,599) | $ (8,383,686) | $ (21,130,434) | $ (20,380,836) | $ (4,491,101) | $ (7,777,929) | $ 5,418,452 | $ (32,085,117) | $ 9,388,749 | $ (88,407,995) | $ (27,231,414) | $ (2,010,548) |
Basic (in USD per share) | $ (1.57) | $ (0.08) | $ (0.28) | $ (0.70) | $ (0.68) | $ (0.15) | $ (0.26) | $ 0.18 | $ (2.81) | $ (0.91) | $ (0.10) | ||||
Diluted loss per share: | |||||||||||||||
Net loss | $ (11,399,297) | $ (56,322,878) | $ (56,544,276) | $ (2,349,599) | $ (8,383,686) | $ (21,130,434) | $ (20,380,836) | $ (4,491,101) | $ (7,777,929) | $ 5,418,452 | $ (32,085,117) | $ 9,388,749 | $ (88,407,995) | $ (27,231,414) | $ (2,010,548) |
Weighted average shares outstanding (in shares) | 35,951,087 | 30,000,000 | 30,000,000 | 30,000,000 | 31,500,000 | 30,000,000 | 21,056,073 | ||||||||
Weighted average number of shares outstanding, diluted (in shares) | 31,500,000 | 30,000,000 | 21,056,073 | ||||||||||||
Diluted loss per share (in USD per share) | $ (1.57) | $ (0.08) | $ (0.28) | $ (0.70) | $ (0.68) | $ (0.15) | $ (0.26) | $ 0.18 | $ (2.81) | $ (0.91) | $ (0.10) | ||||
Restricted Stock | |||||||||||||||
Diluted loss per share: | |||||||||||||||
Incremental common shares attributable to dilutive effect of share-based payment arrangements | 0 |
Stockholders' Equity and Pro 69
Stockholders' Equity and Pro Forma Earnings Per Share - Pro Forma Earnings Per Share (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 12, 2016 | Nov. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pro Forma C Corporation Data (unaudited): | |||||||||||||||
Net loss | $ (11,399,297) | $ (56,544,276) | $ (56,322,878) | $ (2,349,599) | $ (8,383,686) | $ (21,130,434) | $ (20,380,836) | $ (4,491,101) | $ (7,777,929) | $ 5,418,452 | $ (32,085,117) | $ 9,388,749 | $ (88,407,995) | $ (27,231,414) | $ (2,010,548) |
Taxes due to change to C corporation (Note 9) | $ 51,145,175 | $ 1,055,960 | $ 789,376 | $ 894,360 | $ 1,088,421 | $ (4,250,643) | $ 408,193 | $ 1,164,943 | $ 53,884,871 | $ (1,589,086) | $ 7,514,194 | ||||
Basic loss per share: | |||||||||||||||
Weighted average common shares outstanding (in USD per share) | 37,500,000 | 37,500,000 | 21,056,073 | ||||||||||||
Basic loss per share (in USD per share) | $ (0.58) | $ (0.66) | $ (0.34) | ||||||||||||
Diluted loss per share: | |||||||||||||||
Weighted average common shares, including dilutive effect (in USD per share) | 37,500,000 | 37,500,000 | 21,056,073 | ||||||||||||
Diluted loss per share (in USD per share) | $ (0.58) | $ (0.66) | $ (0.34) | ||||||||||||
Pro Forma | |||||||||||||||
Pro Forma C Corporation Data (unaudited): | |||||||||||||||
Net loss | $ (21,568,307) | $ (24,762,384) | $ (7,218,176) | ||||||||||||
Taxes on income earned as a non-taxable entity (Note 9) | 13,750,827 | 2,469,030 | (5,207,628) | ||||||||||||
Taxes due to change to C corporation (Note 9) | $ 53,088,861 | $ 0 | $ 0 |
Equity Based Compensation (Deta
Equity Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Issuance of stock and warrants for services or claims | $ 0 |
Specified Member Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of the award as of the modification dates or grant date | 5,618,552 |
Payout Provision | Non-Employees Member | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of the award as of the modification dates or grant date | $ 29,054,528 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock | 2 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number of Unvested Restricted Shares | |
Unvested shares as of October 19, 2016 (in shares) | shares | 0 |
Granted (in shares) | shares | 298,335 |
Vested (in shares) | shares | (11,110) |
Forfeited (in shares) | shares | (4,445) |
Unvested shares as of December 31, 2016 (in shares) | shares | 282,780 |
Weighted Average Grant-Date Fair Value | |
Unvested shares as of October 19, 2016 (in USD per share) | $ / shares | $ 0 |
Granted (in USD per share) | $ / shares | 14.97 |
Vested (in USD per share) | $ / shares | (14.69) |
Forfeited (in USD per share) | $ / shares | (15) |
Unvested shares as of December 31, 2016 (in USD per share) | $ / shares | $ 14.98 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Oct. 19, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, number of shares authorized (no more than) | 4,500,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of the award as of the modification dates or grant date | $ 3,878,325 | $ 3,878,325 | |
Unrecognized compensation cost | 21 months | ||
Compensation expense | $ 519,830 |
Acquisition of Stingray Entit73
Acquisition of Stingray Entities - Narrative (Details) - shares shares in Millions | Nov. 24, 2014 | Nov. 24, 2016 |
Stingray Pressure Pumping LLC | ||
Business Acquisition [Line Items] | ||
Limited partner units issued (in shares) | 9.6 | |
Stingray Logistics LLC | ||
Business Acquisition [Line Items] | ||
Limited partner units issued (in shares) | 0.4 | |
Limited Partner | Stingray Pressure Pumping LLC | ||
Business Acquisition [Line Items] | ||
Ownership percent | 31.96% | |
Limited Partner | Stingray Logistics LLC | ||
Business Acquisition [Line Items] | ||
Ownership percent | 1.21% |
Acquisition of Stingray Entit74
Acquisition of Stingray Entities - Consideration Transferred (Details) | Nov. 24, 2014USD ($) |
Business Acquisition [Line Items] | |
Consideration transferred | $ 183,630,000 |
Stingray Pressure Pumping LLC | |
Business Acquisition [Line Items] | |
Consideration transferred | 176,910,000 |
Stingray Logistics LLC | |
Business Acquisition [Line Items] | |
Consideration transferred | $ 6,720,000 |
Acquisition of Stingray Entit75
Acquisition of Stingray Entities - Schedule Assets Acquired and Liabilities Assumed (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 24, 2014 | |
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 7,059,068 | |||
Accounts receivable | 28,069,138 | |||
Inventories | 1,205,059 | |||
Other current assets | 2,884,017 | |||
Property, plant and equipment | 101,529,882 | |||
Goodwill | $ 86,043,148 | $ 86,043,148 | $ 86,131,395 | 86,043,148 |
Other Assets | 211,057 | |||
Total assets acquired | 267,721,369 | |||
Accounts payable and accrued liabilities | 34,158,094 | |||
Income taxes payable | 120,000 | |||
Long-term debt | 49,813,275 | |||
Total liabilities assumed | 84,091,369 | |||
Net assets acquired | 183,630,000 | |||
Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets - customer relationships | 33,610,000 | |||
Trade names | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets - customer relationships | 7,110,000 | |||
Finite-lived intangible asset, useful life (in years) | 10 years | |||
Pressure Pumping | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 6,930,597 | |||
Accounts receivable | 25,904,279 | |||
Inventories | 1,205,059 | |||
Other current assets | 2,800,125 | |||
Property, plant and equipment | 98,746,182 | |||
Goodwill | 82,867,545 | |||
Other Assets | 207,057 | |||
Total assets acquired | 259,150,844 | |||
Accounts payable and accrued liabilities | 33,428,913 | |||
Income taxes payable | 115,000 | |||
Long-term debt | 48,696,931 | |||
Total liabilities assumed | 82,240,844 | |||
Net assets acquired | 176,910,000 | |||
Pressure Pumping | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets - customer relationships | 33,610,000 | |||
Pressure Pumping | Trade names | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets - customer relationships | 6,880,000 | |||
Logistics | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 128,471 | |||
Accounts receivable | 2,164,859 | |||
Inventories | 0 | |||
Other current assets | 83,892 | |||
Property, plant and equipment | 2,783,700 | |||
Goodwill | 3,175,603 | |||
Other Assets | 4,000 | |||
Total assets acquired | 8,570,525 | |||
Accounts payable and accrued liabilities | 729,181 | |||
Income taxes payable | 5,000 | |||
Long-term debt | 1,116,344 | |||
Total liabilities assumed | 1,850,525 | |||
Net assets acquired | 6,720,000 | |||
Logistics | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets - customer relationships | 0 | |||
Logistics | Trade names | ||||
Business Acquisition [Line Items] | ||||
Identifiable intangible assets - customer relationships | $ 230,000 | |||
Minimum | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 4 years | |||
Minimum | Trade names | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 4 years | |||
Maximum | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 10 years | |||
Maximum | Trade names | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life (in years) | 10 years |
Acquisition of Stingray Entit76
Acquisition of Stingray Entities - Pro Forma (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Revenues | $ 381,868,708 | ||
Net loss | (9,438,437) | ||
Logistics | |||
Business Acquisition [Line Items] | |||
Revenues | $ 44,916 | $ 0 | 0 |
Net income (loss) | (4,708,980) | (5,291,132) | (537,499) |
Pressure Pumping | |||
Business Acquisition [Line Items] | |||
Revenues | 123,731,680 | 166,869,663 | 17,731,317 |
Net income (loss) | 2,595,648 | 4,143,252 | (561,179) |
Eliminations | Logistics | |||
Business Acquisition [Line Items] | |||
Revenues | (4,349,075) | (5,922,131) | (635,024) |
Net income (loss) | (4,341,053) | (5,922,131) | (635,024) |
Eliminations | Pressure Pumping | |||
Business Acquisition [Line Items] | |||
Revenues | (4,350) | 0 | 0 |
Net income (loss) | 4,802,981 | 9,013,897 | 1,051,191 |
Reportable Legal Entities | Logistics | |||
Business Acquisition [Line Items] | |||
Revenues | 4,393,991 | 5,922,131 | 635,024 |
Net income (loss) | (367,927) | 630,999 | 97,525 |
Reportable Legal Entities | Pressure Pumping | |||
Business Acquisition [Line Items] | |||
Revenues | 123,736,030 | 166,869,663 | 17,731,317 |
Net income (loss) | $ (2,207,333) | $ (4,870,645) | $ (1,612,370) |
Acquisition of Lantern Rigs (De
Acquisition of Lantern Rigs (Details) | Nov. 24, 2014USD ($) | Jan. 29, 2014USD ($)drilling_rig | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Property, plant and equipment | $ 101,529,882 | ||||
Consideration transferred | $ 183,630,000 | ||||
Lantern Rigs | |||||
Business Acquisition [Line Items] | |||||
Number of drilling rigs acquired | drilling_rig | 5 | ||||
Consideration transferred | $ 50,557,053 | ||||
Revenue of acquiree since acquisition date | $ 16,069,976 | $ 24,262,672 | $ 34,698,597 | ||
Net income (loss) | $ (7,409,865) | $ 609,069 | $ 6,873,499 | ||
Drilling Rigs | Lantern Rigs | |||||
Business Acquisition [Line Items] | |||||
Property, plant and equipment | $ 47,225,000 |
Acquisition of Lantern Rigs - P
Acquisition of Lantern Rigs - Pro Forma Revenues and Income (Details) - USD ($) | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Information for the Company as if the acquisition had occurred at the beginning of the year | ||||
Revenues | $ 381,868,708 | |||
Net loss | (9,438,437) | |||
Lantern Rigs | ||||
Business Acquisition [Line Items] | ||||
Revenues | $ 16,069,976 | $ 24,262,672 | 34,698,597 | |
Net income (loss) | $ (7,409,865) | $ 609,069 | $ 6,873,499 | |
Information for the Company as if the acquisition had occurred at the beginning of the year | ||||
Revenues | $ 262,461,809 | |||
Net loss | $ (966,952) |
Related Party Transactions - Re
Related Party Transactions - Revenues and Accounts Receivable (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | $ 38,762,658 | $ 42,757,132 | $ 48,871,322 | $ 5,531,569 | $ 34,257,122 | $ 42,045,370 | $ 50,786,000 | $ 44,103,719 | $ 135,922,681 | $ 171,192,211 | $ 40,324,964 |
Receivables from related parties | 28,059,565 | 25,643,781 | 28,059,565 | 25,643,781 | |||||||
Other Relationships | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 0 | 0 | 0 | ||||||||
Receivables from related parties | 715,341 | 560,406 | 715,341 | 560,406 | |||||||
Pressure Pumping and Gulfport | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 102,389,505 | 124,311,189 | 12,635,148 | ||||||||
Receivables from related parties | 19,094,509 | 16,218,713 | 19,094,509 | 16,218,713 | |||||||
Muskie and Gulfport | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 25,783,253 | 38,181,970 | 3,133,822 | ||||||||
Receivables from related parties | 5,373,007 | 6,801,548 | 5,373,007 | 6,801,548 | |||||||
Muskie and Taylor | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 2,540,050 | 335,252 | 111,398 | ||||||||
Receivables from related parties | 70,470 | 128,834 | 70,470 | 128,834 | |||||||
Panther Drilling and Gulfport | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 3,011,259 | 3,703,140 | 8,302,362 | ||||||||
Receivables from related parties | 1,434,036 | 973,873 | 1,434,036 | 973,873 | |||||||
Energy Services and Gulfport | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 0 | 2,548,418 | 1,473,094 | ||||||||
Receivables from related parties | 0 | 547,570 | 0 | 547,570 | |||||||
Lodging and Grizzly | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 5,412 | 941,552 | 3,809,538 | ||||||||
Receivables from related parties | 274 | 906 | 274 | 906 | |||||||
Bison Drilling and El Toro | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 371,873 | 521,121 | 0 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Panther Drilling and El Toro | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 171,619 | 192,485 | 989,484 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Bison Trucking and El Toro | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 130,000 | 144,905 | |||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
White Wing and El Toro | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 20,431 | 12,719 | |||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Energy Services and El Toro | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 530,477 | 168,356 | 0 | ||||||||
Receivables from related parties | 108,386 | 0 | 108,386 | 0 | |||||||
Barracuda and Taylor | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 452,378 | 122,131 | 0 | ||||||||
Receivables from related parties | 199,413 | 11,818 | 199,413 | 11,818 | |||||||
MRI and Cementing | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 820 | 8,973 | 0 | ||||||||
Receivables from related parties | 820 | 8,973 | 820 | 8,973 | |||||||
White Wing and Diamondback | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 1,650 | 0 | 0 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Coil Tubing and El Toro | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 318,694 | 0 | 0 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Coil Tubing and SR Energy | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 18,600 | 0 | 0 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Pressure Pumping and Cementing | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 7,364 | 0 | 0 | ||||||||
Receivables from related parties | 950,678 | 198,076 | 950,678 | 198,076 | |||||||
Silverback and SR Energy | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 11,356 | 0 | 0 | ||||||||
Receivables from related parties | 12,181 | 193,064 | 12,181 | 193,064 | |||||||
Panther and DBDHT | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 157,940 | 0 | 0 | ||||||||
Receivables from related parties | 100,450 | 0 | 100,450 | 0 | |||||||
Panther and Diamondback | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 0 | 0 | 168,673 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Bison Drilling and Diamondback | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 0 | 0 | 232,299 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Bison Trucking and Diamondback | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 0 | 0 | 3,176,607 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Energy Services and Pressure Pumping | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 0 | 0 | 47,216 | ||||||||
Receivables from related parties | 0 | 0 | 0 | 0 | |||||||
Muskie and Pressure Pumping | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from related parties | 0 | 0 | $ 6,245,323 | ||||||||
Receivables from related parties | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Wexford | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ownership percent | 75.00% | 75.00% | |||||||||
Gulfport | Affiliated Entity | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Ownership percent | 25.00% | 25.00% |
Related Party Transactions - Co
Related Party Transactions - Cost of Revenues of Accounts Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | $ 5,575,092 | $ 4,177,335 | $ 1,770,565 |
Payables to related parties | 2,434,031 | 6,997,929 | |
Selling, general and administrative - related parties | 894,810 | 1,237,991 | 2,754,877 |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 26,164,262 | 24,688,312 | 5,060,512 |
Payables to related parties | 2,434,031 | 6,997,929 | |
Selling, general and administrative - related parties | 894,810 | 1,237,991 | 2,754,877 |
Pressure Pumping and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 4,256,832 | 2,685,202 | 1,029,974 |
Muskie and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 20,586,715 | 20,510,977 | 867,428 |
Barracuda and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 255,029 | 81,039 | 0 |
Panther and DBDHT | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 48,998 | 101,206 | 250,322 |
Bison Trucking and Diamondback | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 169,886 | 165,951 | 112,330 |
Energy Services and Elk City Yard | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 106,800 | 106,800 | 0 |
Barracuda and SR Energy | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 30,722 | 0 | 0 |
Stingray Entities and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 0 | 32,261 | 0 |
Stingray Entities and SR Energy | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 679,550 | 932,896 | 42,545 |
Lodging and Dunvegan | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 8,574 | 71,980 | 116,805 |
Bison Drilling and El Toro | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 5,000 | 0 | 0 |
Silverback and SR Energy | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 13,701 | 0 | 0 |
Muskie and Everest | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 0 | 0 | 1,969,439 |
Bison Drilling and Everest | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 0 | 0 | 218,589 |
Muskie and Hopedale | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services cost of revenue - related parties | 2,455 | 0 | 453,080 |
Consolidated and Everest | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative - related parties | 251,122 | 495,320 | 2,297,106 |
Consolidated and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative - related parties | 160,622 | 287,403 | 0 |
Consolidated and Wexford | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative - related parties | 380,551 | 381,070 | 457,771 |
Mammoth and Orange Leaf | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative - related parties | 102,515 | 49,892 | 0 |
Pressure Pumping and Caliber | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative - related parties | 0 | 24,306 | $ 0 |
Related Party Accounts Payable Related to Cost of Sales | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 2,408,166 | 6,960,395 | |
Related Party Accounts Payable Related to Cost of Sales | Pressure Pumping and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 17,552 | |
Related Party Accounts Payable Related to Cost of Sales | Muskie and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 2,119,084 | 6,505,833 | |
Related Party Accounts Payable Related to Cost of Sales | Barracuda and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 111,738 | 26,720 | |
Related Party Accounts Payable Related to Cost of Sales | Panther and DBDHT | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 48,998 | |
Related Party Accounts Payable Related to Cost of Sales | Bison Trucking and Diamondback | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 12,077 | |
Related Party Accounts Payable Related to Cost of Sales | Energy Services and Elk City Yard | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 0 | |
Related Party Accounts Payable Related to Cost of Sales | Barracuda and SR Energy | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 6,279 | 0 | |
Related Party Accounts Payable Related to Cost of Sales | Stingray Entities and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 32,261 | |
Related Party Accounts Payable Related to Cost of Sales | Stingray Entities and SR Energy | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 161,065 | 12,208 | |
Related Party Accounts Payable Related to Cost of Sales | Lodging and Dunvegan | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 3,199 | 304,746 | |
Related Party Accounts Payable Related to Cost of Sales | Bison Drilling and El Toro | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 0 | |
Related Party Accounts Payable Related to Cost of Sales | Silverback and SR Energy | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 6,801 | 0 | |
Related Party Accounts Payable Related to Cost of Sales | Muskie and Everest | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 0 | |
Related Party Accounts Payable Related to Cost of Sales | Bison Drilling and Everest | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 0 | |
Related Party Accounts Payable Related to Cost of Sales | Muskie and Hopedale | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 0 | |
Related Party Accounts Payable Related to Selling, General and Administrative Costs | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 25,865 | 37,534 | |
Related Party Accounts Payable Related to Selling, General and Administrative Costs | Consolidated and Everest | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 12,668 | 28,528 | |
Related Party Accounts Payable Related to Selling, General and Administrative Costs | Consolidated and Taylor | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 0 | |
Related Party Accounts Payable Related to Selling, General and Administrative Costs | Consolidated and Wexford | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 13,197 | 9,006 | |
Related Party Accounts Payable Related to Selling, General and Administrative Costs | Mammoth and Orange Leaf | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | 0 | 0 | |
Related Party Accounts Payable Related to Selling, General and Administrative Costs | Pressure Pumping and Caliber | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Payables to related parties | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Future minimum lease payments (Details) | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 3,028,467 |
2,018 | 2,339,084 |
2,019 | 1,918,489 |
2,020 | 1,392,803 |
2,021 | 1,392,803 |
Thereafter | 3,987,729 |
Total | $ 14,059,375 |
Commitments and Contingencies82
Commitments and Contingencies - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)T | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Operating leases, rent expense | $ 3,956,791 | $ 4,457,183 | $ 3,180,205 | |
Purchase commitment, amount | 18,554,769 | |||
Insurance deductible | 250,000 | 100,000 | ||
Insurance aggregate stop loss | 2,000,000 | 1,900,000 | ||
Accrued workers’ compensation and auto claims | $ 971,351 | 739,775 | ||
Year one | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Year one | Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Year one | Executive Officer | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Year two | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Year two | Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Year two | Executive Officer | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Year three | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Year three | Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Year three | Executive Officer | Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Year four | Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Sand | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Annual commitment to purchase tons of sand | T | 200,000 | |||
Deposit paid | $ 600,000 | |||
Remaining purchase commitment | $ 2,200,000 | |||
Standby Letters of Credit | Lease Payment Letters of Credit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Letters of credit outstanding | 2,090,560 | |||
Letter of Credit | Insurance Programs Letters of Credit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Letters of credit outstanding | $ 1,285,000 | $ 1,176,000 |
Commitments and Contingencies83
Commitments and Contingencies - Defined Contribution Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Defined contribution plan, maximum annual contributions per employee, percent | 92.00% | ||
Defined benefit plan, employer matching contribution, percent of match (up to) | 4.00% | ||
Defined benefit plan, contributions by employer | $ 102,230 | $ 1,514,478 | $ 1,270,081 |
Operating Segments (Details)
Operating Segments (Details) | Dec. 31, 2016USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Oct. 12, 2016USD ($) | Nov. 24, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 30, 2016segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Segment Reporting Information [Line Items] | |||||||||||||||||
Number of reportable segments | segment | 5 | 4 | |||||||||||||||
Revenue from external customers | $ 26,024,053 | $ 20,009,086 | $ 20,070,966 | $ 28,971,935 | $ 19,547,290 | $ 44,151,122 | $ 56,780,307 | $ 68,265,763 | $ 95,076,040 | $ 188,744,482 | $ 219,201,040 | ||||||
Revenue from related parties | 38,762,658 | 42,757,132 | 48,871,322 | 5,531,569 | 34,257,122 | 42,045,370 | 50,786,000 | 44,103,719 | 135,922,681 | 171,192,211 | 40,324,964 | ||||||
Cost of revenue | 46,543,335 | 42,733,976 | 51,375,378 | 32,897,220 | 40,123,727 | 70,360,228 | 85,115,293 | 80,748,069 | 173,549,909 | 276,347,317 | 191,068,901 | ||||||
Selling, general and administrative expenses | 5,678,373 | 3,001,809 | 4,795,729 | 3,255,064 | 6,499,049 | 4,191,917 | 4,938,008 | 4,912,574 | 16,730,975 | 20,541,548 | 17,027,863 | ||||||
Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization | 12,565,003 | 17,030,433 | 12,771,181 | (1,648,780) | 7,181,636 | 11,644,347 | 17,513,006 | 26,708,839 | 40,717,837 | 63,047,828 | 51,429,240 | ||||||
Other expense (income) | (199,556) | (242,893) | 676,496 | 18,192 | 76,750 | (142,029) | (1,195,967) | (896,518) | 252,239 | (2,157,764) | (5,724,496) | ||||||
Other expense | 2,157,764 | 5,724,496 | |||||||||||||||
Interest expense | 669,503 | 932,749 | 917,310 | 1,191,895 | 1,108,067 | 1,376,424 | 1,273,936 | 1,532,394 | 3,711,457 | 5,290,821 | 4,603,595 | ||||||
Interest expense from related parties | 0 | 0 | 184,479 | ||||||||||||||
Interest income | 0 | 250 | 51,564 | 46,678 | 0 | 98,492 | 214,141 | ||||||||||
Depreciation and amortization | 17,095,045 | 17,148,430 | 18,253,792 | 17,413,591 | 18,697,618 | 17,959,432 | 17,993,622 | 17,743,210 | 69,910,858 | 72,393,882 | 35,627,165 | ||||||
Impairment of long-lived assets | 0 | 0 | 1,870,885 | 0 | 6,745,116 | 908,456 | 4,470,781 | 0 | 1,870,885 | 12,124,353 | 0 | ||||||
Loss (income) before income taxes | (5,399,101) | (1,293,639) | (7,594,310) | (20,236,074) | (19,292,415) | (8,741,744) | (7,369,736) | 6,583,395 | (34,523,124) | (28,820,500) | 5,503,646 | ||||||
Provision (benefit) for income taxes | 51,145,175 | 1,055,960 | 789,376 | 894,360 | 1,088,421 | (4,250,643) | 408,193 | 1,164,943 | 53,884,871 | (1,589,086) | 7,514,194 | ||||||
Net income (loss) | $ (11,399,297) | (56,544,276) | $ (56,322,878) | $ (2,349,599) | $ (8,383,686) | $ (21,130,434) | (20,380,836) | $ (4,491,101) | $ (7,777,929) | $ 5,418,452 | $ (32,085,117) | $ 9,388,749 | (88,407,995) | (27,231,414) | (2,010,548) | ||
Total expenditures for property, plant and equipment | 11,317,909 | 26,251,675 | 111,690,056 | ||||||||||||||
Goodwill | $ 86,043,148 | 86,131,395 | 86,043,148 | 86,043,148 | 86,043,148 | $ 86,043,148 | 86,043,148 | 86,043,148 | 86,131,395 | ||||||||
Intangible assets, net | 21,566,829 | 39,995,871 | 21,566,829 | 21,566,829 | 30,637,829 | 21,566,829 | 30,637,829 | 39,995,871 | |||||||||
Total assets | 420,553,835 | 580,714,876 | 420,553,835 | 420,553,835 | 450,985,570 | 420,553,835 | 450,985,570 | 580,714,876 | |||||||||
Pressure Pumping | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from external customers | 21,446,803 | 45,538,393 | 12,144,538 | ||||||||||||||
Revenue from related parties | 102,861,423 | 124,442,293 | 12,635,148 | ||||||||||||||
Cost of revenue | 86,808,742 | 131,717,344 | 17,293,057 | ||||||||||||||
Selling, general and administrative expenses | 4,327,599 | 4,901,459 | 1,409,618 | ||||||||||||||
Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization | 33,171,885 | 33,361,883 | 6,077,011 | ||||||||||||||
Other expense (income) | (26,743) | ||||||||||||||||
Other expense | 66,889 | 1,744,695 | |||||||||||||||
Interest expense | 599,147 | 1,859,195 | 386,618 | ||||||||||||||
Interest expense from related parties | 0 | ||||||||||||||||
Interest income | 0 | 0 | |||||||||||||||
Depreciation and amortization | 37,012,902 | 35,728,715 | 4,015,572 | ||||||||||||||
Impairment of long-lived assets | 138,587 | 1,213,885 | |||||||||||||||
Loss (income) before income taxes | (4,605,494) | (5,506,801) | (69,874) | ||||||||||||||
Provision (benefit) for income taxes | 0 | 72,435 | 10,897 | ||||||||||||||
Net income (loss) | (4,605,494) | (5,579,236) | (80,771) | ||||||||||||||
Total expenditures for property, plant and equipment | 7,673,187 | 4,169,678 | 180,466 | ||||||||||||||
Goodwill | 86,043,148 | 86,131,395 | 86,043,148 | 86,043,148 | 86,043,148 | 86,043,148 | 86,043,148 | 86,131,395 | |||||||||
Intangible assets, net | 21,435,058 | 39,809,101 | 21,435,058 | 21,435,058 | 30,478,558 | 21,435,058 | 30,478,558 | 39,809,101 | |||||||||
Total assets | 195,521,027 | 275,859,470 | 195,521,027 | 195,521,027 | 226,690,841 | 195,521,027 | 226,690,841 | 275,859,470 | |||||||||
Well Services | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from external customers | 9,157,042 | 26,134,568 | 43,732,782 | ||||||||||||||
Revenue from related parties | 867,771 | 2,716,773 | 1,520,310 | ||||||||||||||
Cost of revenue | 13,540,309 | 28,144,431 | 31,715,681 | ||||||||||||||
Selling, general and administrative expenses | 2,336,002 | 2,285,684 | 2,339,024 | ||||||||||||||
Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization | (5,851,498) | (1,578,774) | 11,198,387 | ||||||||||||||
Other expense (income) | 565,966 | ||||||||||||||||
Other expense | 686,617 | 777,382 | |||||||||||||||
Interest expense | 134,007 | 429,061 | 831,508 | ||||||||||||||
Interest expense from related parties | 0 | ||||||||||||||||
Interest income | 0 | 0 | |||||||||||||||
Depreciation and amortization | 5,127,879 | 5,696,547 | 4,768,024 | ||||||||||||||
Impairment of long-lived assets | 1,384,751 | 88,247 | |||||||||||||||
Loss (income) before income taxes | (11,932,169) | (8,479,246) | 4,821,473 | ||||||||||||||
Provision (benefit) for income taxes | 50,265,203 | 4,454 | 18,226 | ||||||||||||||
Net income (loss) | (62,197,372) | (8,483,700) | 4,803,247 | ||||||||||||||
Total expenditures for property, plant and equipment | 404,612 | 6,768,143 | 11,441,285 | ||||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Intangible assets, net | 131,771 | 186,770 | 131,771 | 131,771 | 159,271 | 131,771 | 159,271 | 186,770 | |||||||||
Total assets | 66,043,726 | 39,977,056 | 66,043,726 | 66,043,726 | 41,481,415 | 66,043,726 | 41,481,415 | 39,977,056 | |||||||||
Sand | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from external customers | 5,433,141 | 14,272,981 | 36,859,731 | ||||||||||||||
Revenue from related parties | 28,323,303 | 38,517,222 | 9,490,543 | ||||||||||||||
Cost of revenue | 28,166,829 | 43,890,437 | 38,815,543 | ||||||||||||||
Selling, general and administrative expenses | 2,019,641 | 2,405,350 | 2,178,867 | ||||||||||||||
Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization | 3,569,974 | 6,494,416 | 5,355,864 | ||||||||||||||
Other expense (income) | (2,321) | ||||||||||||||||
Other expense | (88,976) | 1,099,284 | |||||||||||||||
Interest expense | 49,518 | 51,476 | 127,988 | ||||||||||||||
Interest expense from related parties | 184,479 | ||||||||||||||||
Interest income | 98,056 | 208,519 | |||||||||||||||
Depreciation and amortization | 4,078,844 | 4,200,809 | 3,867,024 | ||||||||||||||
Impairment of long-lived assets | 0 | 1,904,981 | |||||||||||||||
Loss (income) before income taxes | (560,709) | 524,182 | 285,608 | ||||||||||||||
Provision (benefit) for income taxes | 3,716 | 0 | 4,826 | ||||||||||||||
Net income (loss) | (564,425) | 524,182 | 280,782 | ||||||||||||||
Total expenditures for property, plant and equipment | 106,252 | 171,202 | 4,587,464 | ||||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Total assets | 26,517,973 | 40,734,019 | 26,517,973 | 26,517,973 | 32,726,899 | 26,517,973 | 32,726,899 | 40,734,019 | |||||||||
Drilling | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from external customers | 28,177,737 | 68,457,719 | 109,295,518 | ||||||||||||||
Revenue from related parties | 3,864,772 | 4,574,370 | 12,869,425 | ||||||||||||||
Cost of revenue | 31,847,969 | 57,489,608 | 93,571,050 | ||||||||||||||
Selling, general and administrative expenses | 5,624,705 | 8,573,174 | 9,763,922 | ||||||||||||||
Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization | (5,430,165) | 6,969,307 | 18,829,971 | ||||||||||||||
Other expense (income) | (247,620) | ||||||||||||||||
Other expense | 1,121,093 | 1,539,279 | |||||||||||||||
Interest expense | 2,828,753 | 2,890,130 | 3,194,061 | ||||||||||||||
Interest expense from related parties | 0 | ||||||||||||||||
Interest income | 0 | 0 | |||||||||||||||
Depreciation and amortization | 21,512,117 | 24,626,705 | 21,319,617 | ||||||||||||||
Impairment of long-lived assets | 347,547 | 8,917,240 | |||||||||||||||
Loss (income) before income taxes | (30,366,202) | (30,585,861) | (7,222,986) | ||||||||||||||
Provision (benefit) for income taxes | 0 | (184,523) | 77,576 | ||||||||||||||
Net income (loss) | (30,366,202) | (30,401,338) | (7,300,562) | ||||||||||||||
Total expenditures for property, plant and equipment | 2,709,478 | 12,650,831 | 85,801,345 | ||||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Total assets | 99,867,691 | 185,218,626 | 99,867,691 | 99,867,691 | 118,227,357 | 99,867,691 | 118,227,357 | 185,218,626 | |||||||||
Other Energy Services | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Revenue from external customers | 30,861,317 | 34,340,821 | 17,168,471 | ||||||||||||||
Revenue from related parties | 5,412 | 941,553 | 3,809,538 | ||||||||||||||
Cost of revenue | 13,186,060 | 15,105,497 | 9,673,570 | ||||||||||||||
Selling, general and administrative expenses | 2,423,028 | 2,375,881 | 1,336,432 | ||||||||||||||
Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization | 15,257,641 | 17,800,996 | 9,968,007 | ||||||||||||||
Other expense (income) | (37,043) | ||||||||||||||||
Other expense | 372,141 | 563,856 | |||||||||||||||
Interest expense | 100,032 | 60,959 | 63,420 | ||||||||||||||
Interest expense from related parties | 0 | ||||||||||||||||
Interest income | 436 | 5,622 | |||||||||||||||
Depreciation and amortization | 2,179,116 | 2,141,106 | 1,656,928 | ||||||||||||||
Impairment of long-lived assets | 0 | 0 | |||||||||||||||
Loss (income) before income taxes | 12,941,450 | 15,227,226 | 7,689,425 | ||||||||||||||
Provision (benefit) for income taxes | 3,615,952 | (1,481,452) | 7,402,669 | ||||||||||||||
Net income (loss) | 9,325,498 | 16,708,678 | 286,756 | ||||||||||||||
Total expenditures for property, plant and equipment | 424,380 | 2,491,821 | 9,679,496 | ||||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Total assets | $ 32,603,418 | $ 38,925,705 | $ 32,603,418 | $ 32,603,418 | $ 31,859,058 | $ 32,603,418 | $ 31,859,058 | $ 38,925,705 |
Quarterly Financial Data (una85
Quarterly Financial Data (unaudited) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 12, 2016 | Nov. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Revenue from external customers | $ 26,024,053 | $ 20,009,086 | $ 20,070,966 | $ 28,971,935 | $ 19,547,290 | $ 44,151,122 | $ 56,780,307 | $ 68,265,763 | $ 95,076,040 | $ 188,744,482 | $ 219,201,040 | ||||
Revenue from related parties | 38,762,658 | 42,757,132 | 48,871,322 | 5,531,569 | 34,257,122 | 42,045,370 | 50,786,000 | 44,103,719 | 135,922,681 | 171,192,211 | 40,324,964 | ||||
Cost of revenue | 46,543,335 | 42,733,976 | 51,375,378 | 32,897,220 | 40,123,727 | 70,360,228 | 85,115,293 | 80,748,069 | 173,549,909 | 276,347,317 | 191,068,901 | ||||
Selling, general and administrative expenses | 5,678,373 | 3,001,809 | 4,795,729 | 3,255,064 | 6,499,049 | 4,191,917 | 4,938,008 | 4,912,574 | 16,730,975 | 20,541,548 | 17,027,863 | ||||
Earnings before interest, other expense (income), impairment, taxes and depreciation and amortization | 12,565,003 | 17,030,433 | 12,771,181 | (1,648,780) | 7,181,636 | 11,644,347 | 17,513,006 | 26,708,839 | 40,717,837 | 63,047,828 | 51,429,240 | ||||
Other, net | (199,556) | (242,893) | 676,496 | 18,192 | 76,750 | (142,029) | (1,195,967) | (896,518) | 252,239 | (2,157,764) | (5,724,496) | ||||
Interest income | 0 | 250 | 51,564 | 46,678 | 0 | 98,492 | 214,141 | ||||||||
Interest expense | 669,503 | 932,749 | 917,310 | 1,191,895 | 1,108,067 | 1,376,424 | 1,273,936 | 1,532,394 | 3,711,457 | 5,290,821 | 4,603,595 | ||||
Depreciation and amortization | 17,095,045 | 17,148,430 | 18,253,792 | 17,413,591 | 18,697,618 | 17,959,432 | 17,993,622 | 17,743,210 | 69,910,858 | 72,393,882 | 35,627,165 | ||||
Impairment of long-lived assets | 0 | 0 | 1,870,885 | 0 | 6,745,116 | 908,456 | 4,470,781 | 0 | 1,870,885 | 12,124,353 | 0 | ||||
Loss (income) before income taxes | (5,399,101) | (1,293,639) | (7,594,310) | (20,236,074) | (19,292,415) | (8,741,744) | (7,369,736) | 6,583,395 | (34,523,124) | (28,820,500) | 5,503,646 | ||||
Provision (benefit) for income taxes | 51,145,175 | 1,055,960 | 789,376 | 894,360 | 1,088,421 | (4,250,643) | 408,193 | 1,164,943 | 53,884,871 | (1,589,086) | 7,514,194 | ||||
Net income (loss) | $ (11,399,297) | $ (56,544,276) | $ (56,322,878) | $ (2,349,599) | $ (8,383,686) | $ (21,130,434) | $ (20,380,836) | $ (4,491,101) | $ (7,777,929) | $ 5,418,452 | $ (32,085,117) | $ 9,388,749 | $ (88,407,995) | $ (27,231,414) | $ (2,010,548) |
Net loss per share, basic (in USD per share) | $ (1.57) | $ (0.08) | $ (0.28) | $ (0.70) | $ (0.68) | $ (0.15) | $ (0.26) | $ 0.18 | $ (2.81) | $ (0.91) | $ (0.10) | ||||
Net loss per share, diluted (in USD per share) | $ (1.57) | $ (0.08) | $ (0.28) | $ (0.70) | $ (0.68) | $ (0.15) | $ (0.26) | $ 0.18 | $ (2.81) | $ (0.91) | $ (0.10) | ||||
Weighted average shares outstanding (in shares) | 35,951,087 | 30,000,000 | 30,000,000 | 30,000,000 | 31,500,000 | 30,000,000 | 21,056,073 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 21, 2017shares | Feb. 23, 2017USD ($) | Dec. 31, 2016USD ($)installment |
Subsequent Event [Line Items] | |||
Aggregate lease commitment | $ 14,059,375 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Aggregate lease commitment | $ 2,000,000 | ||
Fracturing Unit and Other Capital Equipment | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Total expenditures for property, plant and equipment | 35,200,000 | ||
Drilling Service Equipment | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Total expenditures for property, plant and equipment | $ 6,400,000 | ||
Restricted Stock Units | |||
Subsequent Event [Line Items] | |||
Award vesting number of installments | installment | 3 | ||
Restricted Stock Units | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Granted (in shares) | shares | 375,000 | ||
Vesting in Year one | Restricted Stock Units | |||
Subsequent Event [Line Items] | |||
Award vesting percentage | 33.33% | ||
Vesting in Year Two | Restricted Stock Units | |||
Subsequent Event [Line Items] | |||
Award vesting percentage | 33.33% | ||
Vesting in Year Three | Restricted Stock Units | |||
Subsequent Event [Line Items] | |||
Award vesting percentage | 33.33% |
Uncategorized Items - tusk-2016
Label | Element | Value | |
Partners' Capital Account, Unit-based Compensation | us-gaap_PartnersCapitalAccountUnitBasedCompensation | $ 212,537 | |
Partners' Capital Account, Unit-based Compensation | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 3,626,304 | |
Limited Partner [Member] | |||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | (11,399,297) | |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | (32,085,117) | |
Partners' Capital Account, Unit-based Compensation | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 3,626,304 | |
Members Equity [Member] | |||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 4,177,882 | [1] |
Partners' Capital Account, Unit-based Compensation | us-gaap_PartnersCapitalAccountUnitBasedCompensation | 212,537 | [1] |
Retained Earnings [Member] | |||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 5,210,867 | [2] |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (56,322,878) | [2] |
[1] | Members' Equity and Contributed Capital - Common Shareholders | ||
[2] | Retained Earnings (Accumulated Deficit) |