Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 20, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Mammoth Energy Services, Inc. | ||
Entity Central Index Key | 1,679,268 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 44,589,306 | ||
Entity Public Float | $ 154.5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | [1] | $ 5,637 | $ 29,239 | [2],[3] |
Accounts receivable, net | 243,746 | 21,169 | [3] | |
Receivables from related parties | 33,788 | 27,589 | [3] | |
Inventories | 17,814 | 6,124 | [3] | |
Prepaid Expenses | 12,552 | 4,426 | [3] | |
Other current assets | 886 | 392 | [3] | |
Total current assets | 314,423 | 88,939 | [3] | |
Property, plant and equipment, net | 351,017 | 242,120 | [3] | |
Sand reserves | 74,769 | 55,367 | [3] | |
Intangible assets, net | 16,139 | 21,567 | ||
Goodwill | 99,811 | 88,727 | [3] | |
Deferred income tax asset | 6,739 | 0 | [3] | |
Other non-current assets | 4,345 | 5,642 | [3] | |
Total assets | 867,243 | 502,362 | [3] | |
CURRENT LIABILITIES | ||||
Accounts payable | 141,306 | 20,469 | [3] | |
Payables to related parties | 1,378 | 203 | [3] | |
Accrued expenses and other current liabilities | 40,895 | 8,546 | [3] | |
Income taxes payable | 36,409 | 28 | [3] | |
Total current liabilities | 219,988 | 29,246 | [3] | |
Long-term debt | 99,900 | 0 | [3] | |
Deferred income taxes | 34,147 | 47,671 | [3] | |
Asset retirement obligations | 2,123 | 260 | [3] | |
Other liabilities | 3,289 | 2,404 | [3] | |
Total liabilities | 359,447 | 79,581 | [3] | |
COMMITMENTS AND CONTINGENCIES (Note 16) | [3] | |||
Equity: | ||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 44,589,306 and 37,500,000 issued and outstanding at December 31, 2017 and 2016 | 446 | 375 | [3] | |
Additional paid in capital | 508,010 | 400,206 | [3] | |
Retained earnings (deficit) | 2,001 | (56,323) | [3] | |
Members' equity | 0 | 81,739 | [3] | |
Accumulated other comprehensive loss | (2,661) | (3,216) | [3] | |
Total equity | 507,796 | 422,781 | [3] | |
Total liabilities and equity | 867,243 | 502,362 | [3] | |
Trade names | ||||
CURRENT ASSETS | ||||
Intangible assets, net | 6,516 | 5,617 | [3] | |
Customer relationships | ||||
CURRENT ASSETS | ||||
Intangible assets, net | $ 9,623 | $ 15,950 | [3] | |
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||
[3] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares, issued (in shares) | 44,589,306 | 37,500,000 |
Common stock, shares, outstanding (in shares) | 44,589,306 | 37,500,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
REVENUE | |||||||
Services revenue | $ 435,409 | [1] | $ 89,643 | [2] | $ 172,012 | [2] | |
Services revenue - related parties | 166,064 | [1] | 107,147 | [2] | 132,553 | [2] | |
Product revenue | 47,067 | [1] | 8,052 | [2] | 25,190 | [2] | |
Product revenue - related parties | 42,956 | [1] | 25,783 | [2] | 38,182 | [2] | |
Total revenue | 691,496 | [1] | 230,625 | [2] | 367,937 | [2] | |
COST AND EXPENSES | |||||||
Services cost of revenue (exclusive of depreciation and amortization of $82,686, $65,705 and $68,054, respectively, for 2017, 2016 and 2015) | 390,112 | [1] | 140,063 | [2] | 225,944 | [2] | |
Services cost of revenue - related parties (exclusive of depreciation and amortization of $0, $0 and $0, respectively, for 2017, 2016 and 2015) | 1,408 | [1] | 1,063 | [2] | 1,379 | [2] | |
Product cost of revenue (exclusive of depreciation and amortization of $9,389, $6,477 and $6,298, respectively, for 2017, 2016 and 2015) | 91,049 | [1] | 31,892 | [2] | 47,364 | [2] | |
Product cost of revenue - related parties (exclusive of depreciation and amortization of $0, $0 and $0, respectively, for 2017, 2016 and 2015) | 0 | [1] | 3 | [2] | 0 | [2] | |
Selling, general and administrative | 48,405 | [1] | 17,290 | [2] | 21,449 | [2] | |
Selling, general and administrative - related parties | 1,481 | [1] | 758 | [2] | 951 | [2] | |
Depreciation, depletion, amortization and accretion | 92,124 | 72,315 | [2] | 74,499 | [2] | ||
Impairment of long-lived assets | 4,146 | [1],[3] | 1,871 | [2],[4] | 12,124 | [2],[4] | |
Total cost and expenses | 628,725 | [1] | 265,255 | [2] | 383,710 | [2] | |
Operating income (loss) | 62,771 | [1] | (34,630) | [2] | (15,773) | [2] | |
OTHER (EXPENSE) INCOME | |||||||
Interest income | 0 | [1] | 0 | [2] | 98 | [2] | |
Interest expense | (4,310) | [1] | (4,096) | [2] | (5,465) | [2] | |
Bargain purchase gain | 4,012 | [1],[3] | 0 | [2],[4] | 0 | [2],[4] | |
Other, net | (677) | [1] | 158 | [2] | (2,269) | [2] | |
Total other expense | (975) | [1] | (3,938) | [2] | (7,636) | [2] | |
Income (loss) before income taxes | 61,796 | [1] | (38,568) | [2] | (23,409) | [2] | |
Provision (benefit) for income taxes | 2,832 | [1] | 53,885 | [2] | (1,589) | [2] | |
Net income (loss) | 58,964 | [1],[3] | (92,453) | [2],[4] | (21,820) | [2],[4] | |
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||
Foreign currency translation adjustment, net of tax of $645, $1,732 and $0, respectively, for 2017, 2016 and 2015 | 555 | [1] | 2,711 | [2] | (4,815) | [2] | |
Comprehensive income (loss) | $ 59,519 | [1] | $ (89,742) | [2] | $ (26,635) | [2] | |
Net income (loss) per share (basic) (Note 11) (in dollars per share) | $ 1.42 | [1] | $ (2.94) | [2] | $ (0.73) | [2] | |
Net income (loss) per share (diluted) (Note 11) (in dollars per share) | $ 1.42 | [1] | $ (2.94) | [2] | $ (0.73) | [2] | |
Weighted average number of shares outstanding (Note 11) (in shares) | 41,548,000 | [1] | 31,500,000 | [2] | 30,000,000 | [2] | |
Weighted average number of shares outstanding, including dilutive effect (Note 11) (in shares) | 41,639,000 | [1] | 31,500,000 | [2] | 30,000,000 | [2] | |
Pro Forma C Corporation Data (unaudited): | |||||||
Net loss, as reported | $ 61,796 | [1] | $ (38,568) | [2] | $ (23,409) | [2] | |
Taxes due to change to C corporation (Note 10) | (2,832) | [1] | (53,885) | [2] | 1,589 | [2] | |
Net income (loss) | $ 58,964 | [1],[3] | $ (92,453) | [2],[4] | $ (21,820) | [2],[4] | |
Basic (Note 11) (in USD per shares) | [2] | $ (0.56) | $ (0.50) | ||||
Diluted (Note 11) (in USD per share) | [2] | $ (0.56) | $ (0.50) | ||||
Weighted average pro forma shares outstanding—basic (Note 11) (In shares) | [2] | 43,107,000 | 43,107,000 | ||||
Weighted average pro format shares outstanding - diluted (Note 11) (in shares) | [2] | 43,107,000 | 43,107,000 | ||||
Pro Forma | |||||||
OTHER (EXPENSE) INCOME | |||||||
Income (loss) before income taxes | [2] | $ (92,453) | $ (21,820) | ||||
Provision (benefit) for income taxes | [2] | (53,089) | 0 | ||||
Net income (loss) | [2] | (24,140) | (21,429) | ||||
Pro Forma C Corporation Data (unaudited): | |||||||
Net loss, as reported | [2] | (92,453) | (21,820) | ||||
Taxes on income earned as a non-taxable entity (Note 10) | [2] | 15,224 | 391 | ||||
Taxes due to change to C corporation (Note 10) | [2] | 53,089 | 0 | ||||
Net income (loss) | [2] | $ (24,140) | $ (21,429) | ||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | ||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
CONSOLIDATED STATEMENTS OF COM5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Depreciation and amortization, cost of revenues | $ 82,686 | $ 65,705 | $ 68,054 |
Depreciation and amortization, cost of services, related party | 0 | 0 | 0 |
Depreciation and amortization, cost of goods sold | 9,389 | 6,477 | 6,298 |
Depreciation and amortization, cost of goods sold, related party | 0 | 0 | 0 |
Tax portion of foreign currency translation adjustment | $ 645 | $ 1,732 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Partners | Members' Equity | Common Stock | Retained Earnings (Deficit) | Additional Paid-In Capital | AOCI | Stingray Entities | Stingray EntitiesCommon Stock | Stingray EntitiesAdditional Paid-In Capital | Sturgeon Acquisitions LLC | Sturgeon Acquisitions LLCMembers' Equity | Sturgeon Acquisitions LLCCommon Stock | Sturgeon Acquisitions LLCAdditional Paid-In Capital | |||
Common stock, Shares (in shares) at Dec. 31, 2014 | [1] | 0 | |||||||||||||||
Beginning balance at Dec. 31, 2014 | [1] | $ 444,484 | $ 0 | $ 0 | $ 0 | $ (1,112) | |||||||||||
Beginning balance at Dec. 31, 2014 | [1] | $ 356,322 | $ 89,274 | ||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Net income (loss) | (21,820) | [2],[3] | (27,231) | 5,411 | |||||||||||||
Capital distributions | (3,902) | (1) | (3,901) | ||||||||||||||
Other comprehensive income | (4,815) | (4,815) | |||||||||||||||
Distributions | (3,902) | (1) | (3,901) | ||||||||||||||
Common stock, Shares (in shares) at Dec. 31, 2015 | [1] | 0 | |||||||||||||||
Ending balance at Dec. 31, 2015 | [1] | 413,947 | $ 0 | 0 | 0 | (5,927) | |||||||||||
Ending balance at Dec. 31, 2015 | [1] | 329,090 | 90,784 | ||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Net income (loss) | [2],[3] | (92,453) | |||||||||||||||
Net loss of Sturgeon prior to acquisition | (4,045) | (4,045) | |||||||||||||||
Capital distributions | (5,000) | (5,000) | |||||||||||||||
Other comprehensive income | 2,711 | 2,711 | |||||||||||||||
Distributions | (5,000) | (5,000) | |||||||||||||||
Equity based compensation | (19) | (19) | |||||||||||||||
LLC Conversion (Note 1) | (296,986) | 296,986 | |||||||||||||||
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 | 103,075 | $ 375 | 102,700 | ||||||||||||||
Stock-based compensation | $ 520 | 520 | |||||||||||||||
Common stock, Shares (in shares) at Dec. 31, 2016 | 37,500,000 | 37,500,000 | [1] | ||||||||||||||
Ending balance at Dec. 31, 2016 | [1] | $ 422,781 | $ 375 | (56,323) | 400,206 | (3,216) | |||||||||||
Ending balance at Dec. 31, 2016 | [1] | 0 | 81,739 | ||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||
Net income (loss) | [4],[5] | 58,964 | |||||||||||||||
Net loss of Sturgeon prior to acquisition | 640 | 640 | |||||||||||||||
Other comprehensive income | 555 | 555 | |||||||||||||||
Equity based compensation (in shares) | 89,000 | ||||||||||||||||
Equity based compensation | 3,744 | $ 1 | 3,743 | ||||||||||||||
Net income after acquisition | $ 58,324 | 58,324 | |||||||||||||||
Acquisition of company (in shares) | 1,393,000 | 5,607,000 | |||||||||||||||
Acquisition of company | $ 25,762 | $ 14 | $ 25,748 | $ (4,010) | $ (82,379) | $ 56 | $ 78,313 | ||||||||||
Common stock, Shares (in shares) at Dec. 31, 2017 | 44,589,306 | 44,589,000 | |||||||||||||||
Ending balance at Dec. 31, 2017 | $ 507,796 | $ 446 | $ 2,001 | $ 508,010 | $ (2,661) | ||||||||||||
Ending balance at Dec. 31, 2017 | $ 0 | $ 0 | |||||||||||||||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon. See Note 14. | ||||||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | ||||||||||||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | ||||||||||||||||
[4] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||||||||||||
[5] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | [2] | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Cash flows from operating activities | |||||||
Net income (loss) | $ 58,964 | [1] | $ (92,453) | [3],[4] | $ (21,820) | [3],[4] | |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||
Equity based compensation | 3,741 | 501 | [4] | 0 | [4] | ||
Depreciation, depletion, amortization and accretion | 92,124 | 72,315 | [4] | 74,499 | [4] | ||
Amortization of coil tubing strings | 2,855 | 2,028 | [4] | 2,076 | [4] | ||
Amortization of debt origination costs | 399 | 603 | [4] | 501 | [4] | ||
Bad debt expense | 16,206 | 1,968 | [4] | 3,881 | [4] | ||
Loss (gain) on disposal of property and equipment | 69 | (702) | [4] | 1,429 | [4] | ||
Gain on bargain purchase | (4,012) | [1] | 0 | [3],[4] | 0 | [3],[4] | |
Impairment of long-lived assets | 4,146 | [1] | 1,871 | [3],[4] | 12,124 | [3],[4] | |
Deferred income taxes | (34,425) | 47,899 | [4] | (5,717) | [4] | ||
Changes in assets and liabilities: | |||||||
Accounts receivable, net | (231,751) | (4,641) | [4] | 32,027 | [4] | ||
Receivables from related parties | (1,096) | (2,462) | [4] | 9,770 | [4] | ||
Inventories | (14,238) | (624) | [4] | (3,998) | [4] | ||
Prepaid expenses and other assets | (7,628) | (198) | [4] | 4,287 | [4] | ||
Accounts payable | 101,725 | 1,412 | [4] | (30,169) | [4] | ||
Payables to related parties | 1,174 | (249) | [4] | (756) | [4] | ||
Accrued expenses and other liabilities | 32,968 | 2,420 | [4] | (8,503) | [4] | ||
Income taxes payable | 36,395 | 1 | [4] | 8 | [4] | ||
Net cash provided by operating activities | 57,616 | 29,689 | [4] | 69,639 | [4] | ||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (132,295) | (11,740) | [4] | (28,452) | [4] | ||
Purchases of property and equipment from related parties | (1,558) | 0 | [4] | 0 | [4] | ||
Business acquisitions, net | (42,008) | 0 | [4] | 0 | [4] | ||
Proceeds from disposal of property and equipment | 907 | 4,022 | [4] | 1,417 | [4] | ||
Business combination cash acquired (Note 14) | 2,671 | 0 | [4] | 0 | [4] | ||
Net cash used in investing activities | (172,283) | (7,718) | [4] | (27,035) | [4] | ||
Cash flows from financing activities: | |||||||
Borrowings on long-term debt | 156,850 | 28,734 | [4] | 14,571 | [4] | ||
Repayments of long-term debt | (56,950) | (123,734) | [4] | (65,612) | [4] | ||
Proceeds from initial public offering | 0 | 105,839 | [4] | 0 | [4] | ||
Initial public offering costs | 0 | (2,764) | [4] | 0 | [4] | ||
Debt issuance costs | 0 | 0 | [4] | (614) | [4] | ||
Repayment of acquisition-related long-term debt | (8,851) | 0 | [4] | 0 | [4] | ||
Capital distributions | 0 | (5,000) | [4] | (3,902) | [4] | ||
Net cash provided by (used in) financing activities | 91,049 | 3,075 | [4] | (55,557) | [4] | ||
Effect of foreign exchange rate on cash | 16 | 154 | [4] | (227) | [4] | ||
Net (decrease) increase in cash and cash equivalents | (23,602) | 25,200 | [4] | (13,180) | [4] | ||
Cash and cash equivalents at beginning of period | [4] | 29,239 | [5] | 4,039 | 17,219 | ||
Cash and cash equivalents at end of period | 5,637 | 29,239 | [2],[4],[5] | 4,039 | [4] | ||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest | 3,656 | 3,707 | [4] | 5,192 | [4] | ||
Cash paid for income taxes | 840 | 3,588 | [4] | 3,888 | [4] | ||
Supplemental disclosure of non-cash transactions: | |||||||
Acquisition of Stingray Cementing LLC and Stingray Energy Services LLC | 23,091 | 0 | [4] | 0 | [4] | ||
Purchases of property and equipment included in accounts payable | $ 15,038 | $ 2,789 | [4] | $ 741 | [4] | ||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | ||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | ||||||
[5] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
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 energy services company serving companies engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves as well as government-funded utilities, private utilities, public investor owned utilities and co-operative utilities engaged in energy infrastructure. 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 (“Redback Energy”), 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”), acquired November 24, 2014; Stingray Logistics LLC (“Logistics”), acquired November 24, 2014; Great White Sand Tiger Lodging Ltd. (“Sand Tiger”), formed October 1, 2007, Silverback Energy Services LLC ("Silverback"), formed June 8, 2016; Mammoth Equipment Leasing LLC, formed on November 14, 2016; Cobra Acquisitions LLC ("Cobra"), formed January 9, 2017; Cobra Energy LLC (“Cobra Energy”), formed January 25, 2017; Piranha Proppant LLC ("Piranha"), formed March 28, 2017; Higher Power Electrical LLC ("Higher Power"), acquired April 21, 2017; Stingray Energy Services LLC ("SR Energy"), acquired June 5, 2017; Stingray Cementing LLC ("Cementing"), acquired June 5, 2017; Sturgeon Acquisitions LLC (“Sturgeon”), acquired June 5, 2017; Taylor Frac, LLC (“Taylor Frac”), acquired June 5, 2017; Taylor Real Estate Investments, LLC (“Taylor RE”), acquired June 5, 2017; South River Road, LLC (“South River”), acquired June 5, 2017; 5 Star Electric, LLC (“5 Star”), acquired July 1, 2017; and Tiger Shark Logistics LLC (“Tiger Shark”), formed October 20, 2017. 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 used the remaining net proceeds for general corporate purposes, including the acquisition of additional equipment and complementary businesses that enhanced its existing service offerings, broadened its service offerings and expanded its customer relationships. On March 27, 2017, the Company entered into a definitive asset purchase agreement, as amended as of May 24, 2017 (the “Purchase Agreement”), with Chieftain Sand and Proppant, LLC and Chieftain Sand and Proppant Barron, LLC, unrelated third party sellers (the “Chieftain Sellers”), following Mammoth’s successful bid in a bankruptcy court auction for substantially all of the assets of the Sellers (the “Chieftain Acquisition”). The Chieftain Acquisition closed on May 26, 2017 for the purchase price of $36.3 million , including closing adjustments. Mammoth funded the purchase price for the Chieftain Acquisition with cash on hand and borrowings under its revolving credit facility. Refer to Note 14 - Acquisitions for additional disclosure regarding the Chieftain Acquisition. On June 5, 2017, the Company completed the acquisition of (1) Sturgeon, a Delaware limited liability company, which included the acquisition of Sturgeon's wholly-owned subsidiaries Taylor Frac, a Wisconsin limited liability company, Taylor RE, a Wisconsin limited liability company, and South River, a Wisconsin limited liability company, (2) SR Energy, a Delaware limited liability company; and (3) Cementing, a Delaware limited liability company (together with SR Energy, the “Stingray Acquisition”) in exchange for the issuance by Mammoth of an aggregate of 7,000,000 shares of its common stock. Prior to its acquisition of Sturgeon, the Company and Sturgeon were under common control and it is required under accounting principles generally accepted in the Unites States of America ("GAAP") to account for this common control acquisition in a manner similar to the pooling of interest method of accounting. Therefore, the Company's historical financial information for all periods included in the accompanying financial statements has been recast to combine Sturgeon with the Company as if the acquisition had been effective since the date Sturgeon commenced operations. Refer to Note 14 - Acquisitions for additional disclosure regarding the acquisition of Sturgeon. At December 31, 2017 and December 31, 2016 , Mammoth Holdings, Gulfport and Rhino owned the following share of outstanding common stock of Mammoth Inc: At December 31, 2017 December 31, 2016 Share Count % Ownership Share Count % Ownership Mammoth Holdings 25,009,319 56.1 % 20,443,903 54.5 % Gulfport 11,171,887 25.1 % 9,073,750 24.2 % Rhino 568,794 1.3 % 232,347 0.6 % Outstanding shares owned by related parties 36,750,000 82.5 % 29,750,000 79.3 % Total outstanding 44,589,306 100.0 % 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. The Company's infrastructure services include electric utility contracting services focused on the repair, upgrade, maintenance and construction of transmission and distribution networks. The Company’s infrastructure services also provide storm repair and restoration services in response to hurricane, ice or other storm-related damage. The Company's 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, including coil tubing units used to enhance the flow of oil and natural gas, flowback, cementing, equipment rentals and remote accommodations. All of the Company’s operations are in North America. The Company operates its oil and natural gas businesses in the Permian Basin, the Utica Shale, the Eagle Ford Shale, the Marcellus Shale, the Granite Wash, the SCOOP, the STACK, the Cana-Woodford Shale, the Cleveland Sand and the oil sands located in Northern Alberta, Canada. The Company operates its energy infrastructure services in the northeast, southwest and midwest portions of the United States and Puerto Rico. The Company's oil and natural gas 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. The Company’s business also depends on infrastructure spending on maintenance, upgrade, expansion and repair and restoration. Any prolonged decrease in spending by electric utility companies or delays or reductions in government appropriations could have a material adverse 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, 2017 | |
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 GAAP. All material intercompany accounts and transactions between the entities within the Company have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. (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 Company's sand reserves and their impact on calculating depletion expense, allowance for doubtful accounts, asset retirement obligations, reserves for self-insurance, depreciation and amortization of property and equipment, business combination valuations, 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 Sand Tiger in a Canadian financial institution. At December 31, 2017 , we had $2.5 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 mineral lien or 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, 2017 , 2016 and 2015 (in thousands): Balance, January 1, 2015 $ 590 Additions charged to expense 3,881 Deductions for uncollectible receivables written off (459 ) Balance, December 31, 2015 4,012 Additions charged to expense 1,968 Deductions for uncollectible receivables written off (603 ) Balance, December 31, 2016 5,377 Additions charged to expense 16,206 Additions - other 179 Deductions for uncollectible receivables written off (25 ) Balance, December 31, 2017 $ 21,737 In October 2017, Cobra, one of the Company's subsidiaries, entered into a contract with the Puerto Rico Electric Power Authority ("PREPA") to perform repairs to PREPA’s electrical grid as a result of Hurricane Maria. At December 31, 2017 , the Company reviewed receivables due from PREPA and made specific reserves consistent with Company policy which resulted in additions to allowance for doubtful accounts totaling $16.0 million . Additionally, as discussed in Note 1, prolonged declines in oil and natural gas commodity pricing can impact the overall health of the oil and natural gas industry. The year ended December 31, 2017 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 totaling $0.2 million . 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 an average cost basis. The Company assesses the valuation of its inventories based upon specific usage and future utility. Inventory manufactured at the Company’s sand production facilities includes direct excavation costs, processing costs and overhead allocation. Stockpile tonnages are calculated by measuring the number of tons added and removed from the stockpile. Costs are calculated on a per ton basis and are applied to the stockpiles based on the number of tons in the stockpile. Inventory transported for sale at the Company’s terminal facility includes the cost of purchased or manufactured sand, plus transportation related charges. Coil tubing strings of various widths, diameters and lengths are included in inventory. The strings are used in providing specialized services to customers who are primarily operators of oil or gas wells and 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 Income (Loss) and totaled $2.9 million , $2.0 million and $2.1 million for the years ended December 31, 2017 , 2016 and 2015 , 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) Sand reserves Sand reserve costs include engineering, mineralogical studies and other related costs to develop the mine, the removal of overburden to initially expose the mineral and building access ways. Exploration costs are expensed as incurred and classified as product cost of revenue. Capitalization of mine development project costs begins once the deposit is classified as proven and probable reserves. Drilling and related costs are capitalized for deposits where proven and probable reserves exist and the activities are directed at obtaining additional information on the deposit or converting non-reserve minerals to proven and probable reserves and the benefit is to be realized over a period greater than one year. Mining property and development costs are amortized using the units-of-production method on estimated measured tons in in-place reserves. The impact of revisions to reserve estimates is recognized on a prospective basis. (i) 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, 2017 , 2016 and 2015 , the Company recognized impairment losses of $4.1 million , $1.9 million and $9.9 million , 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 impairment losses of $1.9 million , $0.3 million and $0.1 million , respectively, on a terminated long term contractual agreement, intangible assets and goodwill. (j) 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, 2017 . For the years ended December 31, 2017 and 2016 , no impairment losses were recognized. During year ended December 31, 2015 , the Company recognized impairments of $0.1 million . (k) Other Non-Current Assets Other non-current assets primarily consist of deferred financing costs on our credit facility (see Note 8) and sales tax receivables. ( l) Asset Retirement Obligations Mine reclamation costs, future remediation costs for inactive mines and other contractual site remediation costs are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. Following is a roll forward of the Company's asset retirement obligations for the years ended December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Balance as of beginning of period $ 260 $ 95 Liabilities assumed through acquisition 1,732 — Accretion expense 124 162 Foreign currency translation adjustment 7 3 Asset retirement obligation as of end of period $ 2,123 $ 260 (m) Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in FASB ASC No. 805, Business Combinations , which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any noncontrolling interest in the acquiree and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and noncontrolling interest in the acquiree, based on fair value estimates as of the date of acquisition. In accordance with FASB ASC No. 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. When the Company acquires a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated for accounting purposes in a manner similar to the pooling of interest method of accounting. The assets and liabilities are recorded at the transferring entity’s historical cost instead of reflecting the fair market value of assets and liabilities. (n) 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. There were no impairment losses recognized for amortizable assets for the years ended December 31, 2017 or 2016 . 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 $0.3 million . (o) 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. (p) 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. The majority of our services are sold without warranty or right of return. Under certain customer contracts in our infrastructure services segment, the Company warrants equipment and labor performed for a specified period following substantial completion of the work. 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. Infrastructure services revenues are recognized as the work progresses based on the days completed or as the contract is completed. These services may be provided pursuant to master service agreements, repair and maintenance contracts or fixed price and non-fixed price installation contracts. Pricing under these contracts may be unit priced, cost-plus/hourly (or time and materials basis) or fixed price (or lump sum basis), and the final terms and prices of these contracts are frequently negotiated with the customer. Under unit-based contracts, the utilization of an output-based measurement is appropriate for revenue recognition. Under cost-plus/hourly and time and materials type contracts, the Company recognizes revenue on an input basis, as labor hours are incurred and services are performed. 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. Transportation services revenues are recognized as the services have been completed, meaning the related services have been rendered. At that point, delivery of service has occurred, evidence of a contractual arrangement exists 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. 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. Our other operations consist of well services, including coil tubing, pressure control, flowback, cementing, equipment rentals and remote accommodations. 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. 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 $0.5 million in business interruption insurance proceeds which is included in Service revenue in the accompanying Consolidated Statements of Comprehensive Income (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”) or amounts that have been billed, but not earned (“deferred revenue”). The Company had $65.9 million and $2.7 million , respectively, of unbilled revenue included in accounts receivable, net in the Consolidated Balance Sheets at December 31, 2017 and 2016 . The Company had $9.1 million and $10.5 million , respectively, of unbilled revenue included in receivables from related parties in the Consolidated Balance Sheets at December 31, 2017 and 2016 . The Company had $15.2 million of deferred revenue included in accrued expenses and other current liabilities in the Consolidated Balance Sheets at December 31, 2017 . The Company did no t have any deferred revenue at December 31, 2016 . (q) Earnings (Loss) per Share Earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of outstanding shares. See Note 11. (r) 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. (s) 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 12. (t) 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 cost of revenues and selling, general, and administrative expenses. See Note 13. (u) 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 Sand Tiger 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 4.9% for the year ended December 31, 2017 . 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, among other things, the impact of changes to corporate income tax laws, 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. To assess that likelihood, the Company uses estimates and judgments regarding future taxable income, as well as the jurisdiction in which such taxable income is generated, to determine whether a valuation allowance is required. During the year ended December 31, 2017 , the Company recorded a valuation allowance of $15.5 million related to foreign tax credits that are not expected to be utilized. On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly changed US corporate income tax laws by, among other things, reducing the US corporate income tax rate from 35% to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of US subsidiaries. As a result, the Company recorded a one-time reduction to income tax expense of $31.0 million during the fourth quarter of 2017, which is included in Provision (benefit) for income taxes in the Consolidated Statements of Comprehensive Income (Loss). See Note 10 for further information. 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 11. 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. Certain income from our infrastructure services segment and income from our remote accommodations business 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, 2017 and 2016 , no material uncertain tax positions existed. Penalties and interest, if any, are recognized in general and administrative expense. The Company's 2017 , 2016 , 2015 and 2014 income tax returns remain open to examination by the applicable taxing authorities. (v) 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 income (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. (w) Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Management has established procedures for the ongoing evaluation of the Company’s operations, to identify potential environmental exposures and to comply with regulatory policies and procedures. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future revenue generation are expensed as incurred. Liabilities are recorded when environmental costs are probable, and the costs can be reasonably estimated. The Company maintains insurance which may cover in whole or in part certain environmental expenditures. As of December 31, 2017 and 2016 , there were no probable environmental matters. (x) Other Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) included certain changes in equity that are excluded from net income (loss). Specifically, cumulative foreign currency translation adjustments are included in accumulated other comprehensive income (loss). (y) 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. Following is a summary of our significant customers based on accounts receivable balances at December 31, 2017 and 2016 and revenues derived for the years ended December 31, 2017 , 2016 and 2015 : REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2017 2016 2015 2017 2016 Customer A (a) 30 % 57 % 46 % 12 % 57 % Customer B (b) 29 % — — 56 % — Customer C (c) 1 % 11 % 6 % — 9 % Customer D (d) — — 12 % — — a. Customer A is a related party customer. Revenues and the related accounts receivable balances earned from Customer A were derived from the Company's pressure pumping services segment, natural sand proppant services segment, contract land and directional drilling services segment and other businesses. b. Customer B is a third-party customer. Revenues and the related accounts receivable balances earned from Customer B were derived from the Company's infrastructure services segment. c. Customer C is a third-party customer. Revenues and the related accounts receivable balances earned from Customer C were derived from the Company's remote accommodations business. d. Customer D is a third-party customer. Revenues earned from Customer D were derived from the Company's pressure pumping services segment. No revenues were earned from Customer D during the years ended December 31, 2017 or 2016 . (z) 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. On January 1, 2017, the Company adopted this ASU and it did not impact our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, ” which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance. Subsequent to ASU 2014-09, the FASB issued several related ASU's to clarify the application of the revenue recognition standard. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years. The new standard permits retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented (full retrospective method) or (ii) recognition of a cumulative-effect adjust |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories A summary of the Company's inventories is shown below (in thousands): December 31, 2017 2016 Supplies $ 9,437 $ 4,021 Raw materials 219 76 Work in process 2,370 205 Finished goods 5,788 1,822 Total inventory $ 17,814 $ 6,124 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment include the following (in thousands): December 31, Useful Life 2017 2016 Pressure pumping equipment 3-5 years $ 190,211 $ 96,501 Drilling rigs and related equipment 3-15 years 132,260 138,527 Machinery and equipment (a) 7-20 years 97,569 35,548 Buildings 15-39 years 45,992 54,833 Vehicles, trucks and trailers (b) 5-10 years 54,055 33,141 Coil tubing equipment 4-10 years 28,053 28,019 Land N/A 11,317 5,040 Land improvements 15 years or life of lease 9,614 3,641 Rail improvements 10-20 years 5,540 4,277 Other property and equipment 3-12 years 12,687 11,462 587,298 410,989 Deposits on equipment and equipment in process of assembly 20,348 9,427 607,646 420,416 Less: accumulated depreciation, depletion, amortization and accretion (c) 256,629 178,296 Property, plant and equipment, net $ 351,017 $ 242,120 a. Included in machinery and equipment are assets under capital leases totaling $1.8 million for the year ended December 31, 2017 . b. Included in vehicles, trucks and trailers are assets under capital leases totaling $1.0 million and $1.1 million , respectively, for the years ended December 31, 2017 and 2016 . c. Accumulated depreciation for assets under capital leases totaled $0.8 million and $0.9 million , respectively, for the years ended December 31, 2017 and 2016 . 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, 2017 , 2016 and 2015 , proceeds from the sale of equipment damaged or lost down-hole were $0.5 million , $0.7 million and $0.4 million , respectively, and gain on sales of equipment damaged or lost down-hole were $0.3 million , $0.4 million and $0.1 million , respectively. A summary of depreciation, depletion, amortization and accretion expense is shown below (in thousands): Years Ended December 31, 2017 2016 2015 Depreciation expense (a) $ 81,191 $ 62,196 $ 64,568 Accretion and depletion expense (see Note 2) 1,632 1,048 829 Amortization expense (see Note 6) 9,301 9,071 9,102 Depreciation, depletion, amortization and accretion $ 92,124 $ 72,315 $ 74,499 a. Includes depreciation expense for assets under capital leases totaling $0.4 million , $0.5 million and $0.6 million , respectively, for the years ended December 31, 2017 , 2016 and 2015 . 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, 2017 | |
Property, Plant and Equipment [Abstract] | |
Impairments | Impairments A summary of our impairments is as follows (in thousands): December 31, 2017 2016 2015 Flowback equipment (a) $ — $ 1,385 $ — Drilling rigs (a) 3,822 347 8,917 Fluid storage equipment (a) — — 957 Other property, plant and equipment (a) 324 139 — Impairment of long term contractual agreement (b) — — 1,905 Impairment of goodwill (c) — — 88 Impairment of intangible (d) — — 257 $ 4,146 $ 1,871 $ 12,124 a. For the years ended December 31, 2017 , 2016 and 2015 , the Company recognized impairments of $4.1 million , $1.9 million and $9.9 million , respectively, to reduce the carrying value of certain assets which deemed impaired based on future expected cash flows of the equipment. The Company measured impairment using significant unobservable inputs (Level 3) based on an income approach. b. The Company impaired $1.9 million of assets in 2015 related to prepaid assets pursuant to a purchase contract from a vendor. 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 $0.1 million balance in 2015 . 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 in 2015 . 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, 2017 | |
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 (in thousands): December 31, 2017 2016 Customer relationships $ 35,795 $ 33,605 Trade names 8,793 7,110 Less: accumulated amortization - customer relationships (26,172 ) (17,655 ) Less: accumulated amortization - trade names (2,277 ) (1,493 ) Intangible assets, net $ 16,139 $ 21,567 Amortization expense for intangible assets was $9.3 million , $9.1 million and $9.1 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The original life of customer relationships range from 4 to 10 years with a remaining average useful life of 2.36 years. The original life of trade names range from 10 to 20 years useful life and as of December 31, 2017 the remaining useful life was 8.38 years. Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands): Year ended December 31: Amount 2018 $ 8,578 2019 1,096 2020 1,095 2021 1,090 2022 1,068 Thereafter 3,212 $ 16,139 Goodwill was $99.8 million and $88.7 million at December 31, 2017 and 2016 , respectively. Changes in goodwill for the years ended December 31, 2017 and 2016 are set forth below (in thousands): Balance, January 1, 2016 $ 88,727 Additions — Balance, December 31, 2016 88,727 Additions - 2017 Stingray Acquisition (Note 14) 10,193 Additions - Higher Power Acquisition (Note 14) 643 Additions - 5 Star Acquisition (Note 14) 248 Balance, December 31, 2017 $ 99,811 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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 (in thousands): December 31, 2017 2016 Deferred revenue $ 15,210 $ — Accrued compensation, benefits and related taxes 11,552 2,432 Financed insurance premiums 4,876 3,294 Insurance reserves 2,942 971 State and local taxes payable 2,126 320 Other 4,189 1,529 Total $ 40,895 $ 8,546 Financed insurance premiums are due in monthly installments, are unsecured and mature within the twelve-month period following the close of the year. As of December 31, 2017 and 2016, the applicable interest rates associated with financed insurance premiums were 2.75% and 1.97% , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
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. The weighted average interest rate for borrowings outstanding under the credit facility as of December 31, 2017 was 4.37% . At December 31, 2017 , there were outstanding borrowings under the credit facility of $99.9 million , leaving an aggregate of $62.8 million of available borrowing capacity under the facility, after giving effect to $6.5 million of outstanding letters of credit. At December 31, 2016 , the facility was undrawn and had availability of $146.2 million . 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, 2017 and 2016 , the Company was in compliance with its covenants under the facility. Sturgeon Credit Facility On June 30, 2015, Sturgeon entered in to a three -year $25.0 million revolving line of credit secured by substantially all of the assets of Sturgeon (“the Sturgeon revolver”). Advances under the Sturgeon revolver bore interest at 2% plus the greater of (a) the Base Rate as set by the lender's commercial lending group, (b) the sum of the Federal Funds Open Rate plus one half of one percent and (c) the sum of the Daily LIBOR rate. Additionally, at Sturgeon’s request, advances could be obtained at LIBOR plus 3% . The LIBOR rate option allowed Sturgeon to select interest periods from one, two, three or six month LIBOR futures spot rates. The Sturgeon revolver was terminated on June 6, 2017. As of December 31, 2016, there were no outstanding borrowings under the Sturgeon revolver, and availability was $18.2 million . The facility contained various customary affirmative and restrictive covenants. Among the covenants were financial covenants, including a minimum fixed charge coverage ratio ( 3.5 to 1.0) and a minimum availability block ( $5.0 million ). The Company was not in compliance with its fixed charge coverage ratio covenant at December 31, 2016, however the Sturgeon revolver was undrawn on that date. The Company was in compliance with all other covenants at December 31, 2016. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities included the following (in thousands): December 31, 2017 2016 Capital lease obligations $ 2,015 $ 476 Equipment financing arrangement 1,605 — Taxes — 2,306 Other 500 — Total 4,120 2,782 Less: Current portion of capital lease and equipment financing obligations included in accrued expenses and other current liabilities 831 378 Total Other Liabilities $ 3,289 $ 2,404 The Company leases vehicles and other equipment under capital leases with varying terms and expiration dates through 2020. The weighted average implied interest rate under our capital leases as of December 31, 2017 and 2016 was 19.1% and 5.7% , respectively. Additionally, the Company entered into a five -year equipment financing arrangement maturing in 2022 that bears interest at 4.6% as of December 31, 2017 . Principal and interest on capital leases and the equipment financing arrangement are paid monthly. Aggregate future payments under the Company's non-cancelable capital leases and equipment financing arrangement as of December 31, 2017 are as follows (in thousands): 2018 $ 1,052 2019 1,565 2020 669 2021 366 2022 360 Total future minimum payments 4,012 Less interest payments (392 ) Present value of future minimum payments $ 3,620 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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 filed a consolidated return for the period October 12, 2016 through December 31, 2016 . Prior to the conversion, the Partnership, other than Sand Tiger, was not subject to corporate income taxes. The components of income tax expense (benefit) attributable to the Company for the year ended December 31, 2017 , 2016 and 2015 , respectively, are as follows (in thousands): Year Ended December 31, 2017 2016 2015 U.S. current income tax expense $ 804 $ 2,307 $ 13 U.S. deferred income tax (benefit) expense (27,764 ) 47,957 (5,626 ) Foreign current income tax expense 36,565 3,594 3,879 Foreign deferred income tax (benefit) expense (6,773 ) 27 145 Total $ 2,832 $ 53,885 $ (1,589 ) A reconciliation of the statutory federal income tax amount to the recorded expense is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Income (loss) before income taxes, as reported $ 61,796 $ (38,568 ) $ (23,409 ) Bargain purchase gain, net of tax (4,012 ) — — Income (loss) before income taxes, as taxed 57,784 (38,568 ) (23,409 ) Statutory income tax rate 35 % 35 % 35 % Expected income tax expense (benefit) 20,224 (13,499 ) (8,193 ) Income earned as non-taxable entity (See Note 2) — 15,167 — Effect due to change to C corporation (See Note 2) — 53,089 — Change in entity status — — (4,792 ) Non taxable entity — — 13,562 Change in tax rate (21,309 ) (25 ) — Tax reform - unrepatriated foreign earnings (9,727 ) — — Foreign income tax rate differential 6,286 (1,078 ) (1,370 ) Foreign earnings not in reported income 22,054 — — Foreign tax credits (29,551 ) — — Other permanent differences 503 210 — State tax expenses 39 21 — Other (1,192 ) — (796 ) Change in valuation allowance 15,505 — — Total $ 2,832 $ 53,885 $ (1,589 ) On December 22, 2017, the United States enacted the Tax Act. The Tax Act significantly changes US corporate income tax laws by, among other things, reducing the US corporate income tax rate from 35% to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of US subsidiaries. Under the accounting rules, companies are required to recognize the effects of changes in tax laws and tax rates on deferred tax assets and liabilities in the period in which the new legislation is enacted. The effects of the Tax Act on the Company include (i) remeasurement of deferred taxes and (ii) recognition of liabilities for taxes on mandatory deemed repatriation. As a result of the Tax Act, the Company recorded a credit of $31.0 million during the fourth quarter of 2017. This amount, which is included in Provision (benefit) for income taxes in the Consolidated Statements of Comprehensive Income (Loss), consists of two components: (i) a $21.3 million credit resulting from the remeasurement of the Company's net deferred tax liabilities in the US based on the new lower corporate income tax rate, and (ii) a $9.7 million credit related to a reversal of deferred liabilities for unrepatriated foreign earnings. The SEC staff issued Staff Accounting Bulletin No. 118 in December 2017, which allows registrants to record provisional amounts for effects of the Tax Act during a one-year measurement period. The Company has completed its accounting for the re-measurement of deferred taxes from the previous rate of 35% to the new rate of 21%. As not all of the necessary information to analyze all income tax effects of the Tax Act related to the recognition of liabilities for taxes on mandatory repatriation is currently available, the amounts recorded related to deemed repatriation of Sand Tiger's earnings in Canada are provisional amounts, which are believed represents a reasonable estimate of the accounting implications of this tax reform. The Company will continue to evaluate the Tax Act and adjust the provisional amounts as additional information is obtained. The ultimate impact of tax reform may differ from the provisional amounts due to changes in interpretations and assumptions, as well as additional regulatory guidance that may be issued. The Company expects to complete its detailed analysis no later than the fourth quarter of 2018. Deferred tax liabilities attributable to the Company consisted of the following (in thousands): Year Ended December 31, 2017 2016 Deferred tax assets: Allowance for doubtful accounts $ 11,973 $ 1,893 Deferred compensation 1,032 1,687 Accrued liabilities 1,442 601 Foreign tax credits 15,505 145 Other 1,448 1,786 Valuation allowance (15,505 ) — Deferred tax assets 15,895 6,112 Deferred tax liabilities: Property and equipment $ (40,390 ) $ (42,526 ) Intangible assets (2,839 ) (7,663 ) Unrepatriated foreign earnings — (3,451 ) Other (74 ) (143 ) Deferred tax liabilities (43,303 ) (53,783 ) Net deferred tax liability $ (27,408 ) $ (47,671 ) Reflected in accompanying balance sheet as: Deferred income tax asset $ 6,739 $ — Deferred income tax liability (34,147 ) (47,671 ) Total $ (27,408 ) $ (47,671 ) During the year ended December 31, 2017 , the Company recorded a valuation allowance of $15.5 million related to foreign tax credits that are not expected to be utilized. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Loss Per Unit The Partnership's limited partner units were issued November 24, 2014. However, the net income (loss) per common unit on the Consolidated Statements of Comprehensive Income (Loss) is based on the net income (loss) 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. 2015 Net loss $ (21,820 ) Net loss per limited partner unit (0.73 ) Weighted-average common units outstanding 30,000 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 (Loss) 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, 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 (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, 2017 2016 2015 (in thousands, except per share data) Basic earnings (loss) per share: Allocation of earnings: Net income (loss) $ 58,964 $ (92,453 ) $ (21,820 ) Weighted average common shares outstanding 41,548 31,500 30,000 Basic earnings (loss) per share $ 1.42 $ (2.94 ) $ (0.73 ) Diluted earnings (loss) per share: Allocation of earnings: Net income (loss) $ 58,964 $ (92,453 ) $ (21,820 ) Weighted average common shares, including dilutive effect (a) 41,639 31,500 30,000 Diluted earnings (loss) per share $ 1.42 $ (2.94 ) $ (0.73 ) (a) No incremental shares of potentially dilutive restricted stock awards were included for the years ended December 31, 2016 or 2015 as their effect was antidilutive under the treasury stock method. Unaudited Pro Forma Loss Per Share The Company’s pro forma basic 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 upon the conversion to Mammoth Inc. were outstanding for the entire year. A reconciliation of the components of pro forma basic and diluted loss per common share is presented in the table below: Year Ended December 31, 2016 2015 (in thousands, except per share data) Pro Forma C Corporation Data (unaudited): Net loss, as reported $ (92,453 ) $ (21,820 ) Taxes on income earned as a non-taxable entity (Note 10) 15,224 391 Taxes due to change to C corporation (Note 10) 53,089 — Pro forma net loss $ (24,140 ) $ (21,429 ) Basic loss per share: Allocation of earnings: Net loss $ (24,140 ) $ (21,429 ) Weighted average common shares outstanding 43,107 43,107 Basic loss per share $ (0.56 ) $ (0.50 ) Diluted loss per share: Allocation of earnings: Net loss $ (24,140 ) $ (21,429 ) Weighted average common shares, including dilutive effect (a) 43,107 43,107 Diluted loss per share $ (0.56 ) $ (0.50 ) (a) No incremental shares of potentially dilutive restricted stock awards were included for periods presented as their effect was antidilutive under the treasury stock method. Pro forma basic and diluted loss per share has been computed by dividing pro forma net 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, 2017 | |
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 $5.6 million . For the Non-Employees Member awards, the unrecognized cost, which represents the fair value of the awards as of December 31, 2017 , was $51.7 million . 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. Forfeitures are recognized as they occur. A summary of the status and changes of the unvested shares of restricted stock units under the 2016 Plan is presented below. Number of Unvested Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested restricted stock units as of October 19, 2016 — $ — Granted 298,335 $ 14.97 Vested (11,110 ) $ (14.69 ) Forfeited (4,445 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2016 282,780 $ 14.98 Granted 460,185 $ 20.72 Vested (97,890 ) $ (15.07 ) Forfeited (4,443 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2017 640,632 $ 19.44 As of December 31, 2017 , there was $9.6 million 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-six months . Included in cost of revenue and selling, general and administrative expenses is stock-based compensation expense of $3.7 million and $0.5 million , respectively, for the years ended December 31, 2017 and 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-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 $5.6 million . For the Non-Employees Member awards, the unrecognized cost, which represents the fair value of the awards as of December 31, 2017 , was $51.7 million . 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. Forfeitures are recognized as they occur. A summary of the status and changes of the unvested shares of restricted stock units under the 2016 Plan is presented below. Number of Unvested Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested restricted stock units as of October 19, 2016 — $ — Granted 298,335 $ 14.97 Vested (11,110 ) $ (14.69 ) Forfeited (4,445 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2016 282,780 $ 14.98 Granted 460,185 $ 20.72 Vested (97,890 ) $ (15.07 ) Forfeited (4,443 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2017 640,632 $ 19.44 As of December 31, 2017 , there was $9.6 million 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-six months . Included in cost of revenue and selling, general and administrative expenses is stock-based compensation expense of $3.7 million and $0.5 million , respectively, for the years ended December 31, 2017 and 2016 . |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions (a) Description of Stingray Acquisition On March 20, 2017, and as amended on May 12, 2017, the Company entered into two definitive contribution agreements, one such agreement with MEH Sub LLC (“MEH Sub”), Wexford Offshore Stingray Energy Corp., Gulfport and Mammoth LLC and the other with MEH Sub, Wexford Offshore Stingray Pressure Pumping Corp., Gulfport and Mammoth LLC (collectively, the “Stingray Contribution Agreements”). Under the Stingray Contribution Agreements, the Company agreed to acquire all outstanding membership interests, through its wholly-owned subsidiary Mammoth LLC, in Cementing and SR Energy (the "2017 Stingray Acquisition"). The addition of their water transfer, equipment rentals and cementing services further expanded and vertically integrated Mammoth’s service offerings. The 2017 Stingray Acquisition closed on June 5, 2017. Pursuant to the Stingray Contribution Agreements, Mammoth issued 1,392,548 shares of its common stock, par value $0.01 per share, for all outstanding equity interests in SR Energy and Cementing. Based upon a closing price of Mammoth's common stock of $18.50 per share on June 5, 2017, the total purchase price was $25.8 million . At the acquisition date, the components of the consideration transferred were as follows (in thousands): Consideration attributable to Cementing (1) $ 12,975 Consideration attributable to SR Energy (1) 12,787 Total consideration transferred $ 25,762 (1) See summary of acquired assets and liabilities below SR Energy Cementing Total (in thousands) Cash and cash equivalents $ 1,611 $ 1,060 $ 2,671 Accounts receivable, net 3,913 495 4,408 Receivables from related parties 3,684 1,418 5,102 Inventories — 306 306 Prepaid expenses 35 32 67 Property, plant and equipment (1) 13,061 7,459 20,520 Identifiable intangible assets - customer relationships (2) — 1,140 1,140 Identifiable intangible assets - trade names (2) 550 270 820 Goodwill (3) 3,929 6,264 10,193 Other assets 7 — 7 Total assets acquired $ 26,790 $ 18,444 $ 45,234 Accounts payable and accrued liabilities $ 5,890 $ 2,063 $ 7,953 Long-term debt (4) 5,074 2,000 7,074 Deferred tax liability 3,039 1,406 4,445 Total liabilities assumed $ 14,003 $ 5,469 $ 19,472 Net assets acquired $ 12,787 $ 12,975 $ 25,762 (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. Non-contractual customer relationships were valued using a "multi-period excess earnings" method. Identifiable intangible assets will be amortized over 5 - 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. (4) Long-term debt assumed was paid off subsequent to the acquisition. Since the acquisition date, the businesses acquired have provided the following activity (in thousands): 2017 SR Energy Cementing Revenues (a) $ 11,572 $ 7,500 Net loss (b) (1,626 ) (1,963 ) a. Includes $0.6 million and a nominal amount in intercompany revenues for SR Energy and Cementing, respectively. b. Includes $3.4 million and $4.1 million in depreciation and amortization for SR Energy and Cementing, respectively. The following table presents unaudited pro forma information as if the acquisition of SR Energy and Cementing had occurred on January 1, 2016 (in thousands): Year Ended December 31, 2017 2016 Revenues (a) $ 35,142 $ 23,659 Net loss (4,066 ) (8,171 ) a. Includes $1.0 million and $0.7 million , respectively, in intercompany and related party revenues for SR Energy and Cementing for the years ended December 31, 2017 and 2016. The historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the 2017 Stingray Acquisition. For the year ended December 31, 2017 , there were $0.2 million 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 2017 Stingray Acquisition been completed on January 1, 2017. In addition, the unaudited pro forma consolidated results do not purport to project the future results of operations of the Company. (b) Description of Chieftain Acquisition On March 27, 2017, as amended as of May 24, 2017, the Company entered into a Purchase Agreement with the Chieftain Sellers, following the Company's successful bid in a bankruptcy court auction for substantially all of the assets of the Chieftain Sellers (the "Chieftain Assets"). The Chieftain Acquisition closed on May 26, 2017. Mammoth funded the purchase price for the Chieftain Assets with cash on hand and borrowings under its revolving credit facility. The Chieftain Assets are held by the Company's wholly owned subsidiary Piranha and are included in the Company's sand segment. The Chieftain Acquisition added sand reserves, increased our production capacity and provided access to the Union Pacific railroad, which affords access to both the Mid-Continent basin in support of the Company’s pressure pumping services as well as the Permian basin. On the acquisition date, the $36.3 million in cash consideration consisted of the following components (in thousands): Total Property, plant and equipment (1) $ 23,373 Sand reserves (2) 20,910 Total assets acquired $ 44,283 Asset retirement obligation 1,732 Total liabilities assumed $ 1,732 Total allocation of purchase price $ 42,551 Bargain purchase price (3, 4) (6,231 ) Total purchase price $ 36,320 (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) The fair value of the sand reserves was determined based on the excess cash flow method, a form of the income approach. The method provides a value based on the estimated remaining life of sand reserves, projected financial information and industry projections. (3) Amount in Consolidated Statements of Comprehensive Income (Loss) reflected net of income taxes of $2.2 million . (4) The fair value of the business was determined based on the excess cash flow method, a form of the income approach. Since the acquisition date, the Chieftain Assets have provided the following activity (in thousands): 2017 Piranha Revenues (a) $ 22,847 Net income (b) 5,520 a. Includes $12.3 million in intercompany revenues b. Includes $2.8 million in depreciation and amortization The following table presents unaudited pro forma information as if the acquisition of the Chieftain Assets had occurred as of January 1, 2016 (in thousands): Year Ended December 31, 2017 2016 Revenues (a) $ 22,847 $ 7,690 Net income 5,655 34,127 a. Includes $12.3 million in intercompany revenues for 2017 The Company's historical financial information was adjusted to give pro forma effect to the events that were directly attributable to the Chieftain Acquisition. For the year ended December 31, 2017 , $0.8 million of transaction related costs were expensed. (c) Description of Sturgeon Acquisition On March 20, 2017, and as amended on May 12, 2017, the Company entered into a definitive contribution agreement with MEH Sub, Wexford Offshore Sturgeon Corp., Gulfport, Rhino and Mammoth Energy Partners LLC (the “Sturgeon Contribution Agreement”). Under the Sturgeon Contribution Agreement, the Company agreed to acquire all outstanding membership interests, through its wholly-owned subsidiary Mammoth LLC, in Sturgeon, which owns all of the membership interests in Taylor Frac, Taylor RE and South River (collectively, the "Sturgeon subsidiaries"). The acquisition added sand reserves, increased our production capacity and provided access to the Canadian National Railway, which affords access to the Appalachian basin in support of the Company’s pressure pumping services as well as to western Canada. The acquisition of Sturgeon closed on June 5, 2017. Pursuant to the Sturgeon Contribution Agreement, Mammoth issued 5,607,452 shares of its common stock, par value $0.01 per share, for all outstanding equity interests in Sturgeon. Based upon a closing price of Mammoth's common stock of $18.50 per share on June 5, 2017, the total purchase price was $103.7 million . As a result of this transaction, the Company's historical financial information has been recast to combine the Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Balance Sheets of the Company for all periods included in the accompanying financial statements with those of Sturgeon as if the combination had been in effect since Sturgeon commenced operations on September 13, 2014. Any material transactions between the Company and Sturgeon were eliminated. Sturgeon's financial results were incorporated into the Company's natural sand proppant services division. For the year ended December 31, 2017 , $1.3 million of transaction related costs were expensed. (d) Acquisition of Higher Power On April 21, 2017, the Company completed its acquisition of Higher Power for total consideration of $4.0 million , including $3.3 million in cash to the sellers plus $0.8 million in consideration to be paid in equal annual installments over the next three years . As of December 31, 2017 , $0.3 million and $0.5 million , respectively, of the consideration are reflected in the accrued expenses and other current liabilities and other liabilities. Mammoth funded the purchase price for Higher Power with cash on hand and borrowings under its credit facility. The acquisition of Higher Power added an energy infrastructure component to the Company's other energy services segment, helping to diversify its service offerings. For the year ended December 31, 2017 , there were $0.1 million of transaction related costs expensed. The following table summarizes the fair value of Higher Power as of April 21, 2017 (in thousands): Higher Power Property, plant and equipment $ 1,744 Identifiable intangible assets - customer relationships 1,613 Goodwill (1) 643 Total assets acquired $ 4,000 (1) 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 expected to arise from the acquired entity. From its acquisition date through December 31, 2017 , Higher Power has provided the following activity (in thousands): 2017 Higher Power Revenues (a) $ 39,571 Net income (b) 5,127 a. Includes $27.4 million in intercompany revenues b. Includes $2.0 million in depreciation and amortization The following table presents unaudited pro forma information as if the acquisition of Higher Power had occurred as of January 1, 2016 (in thousands): Year Ended December 31, 2017 2016 Revenues (a) $ 42,343 $ 10,039 Net income (loss) 5,004 (1,189 ) a. Includes $27.4 million in intercompany revenues for 2017 (e) Acquisition of 5 Star On July 1, 2017, the Company completed its acquisition of 5 Star for total consideration of $2.4 million in cash to the sellers. Mammoth funded the purchase price for 5 Star with cash on hand and borrowings under its credit facility. The acquisition of 5 Star added to the infrastructure component of the Company's other energy services segment and provided expansion of the infrastructure segment into the eastern United States. For the year ended December 31, 2017 , there were $0.1 million of transaction related costs expensed. The following table summarizes the fair value of 5 Star as of July 1, 2017 (in thousands): 5 Star Accounts receivable $ 2,440 Property, plant and equipment 1,863 Identifiable intangible assets - trade names (1) 300 Goodwill (2) 248 Total assets acquired $ 4,851 Long-term debt and other liabilities $ 2,413 Total liabilities assumed $ 2,413 Net assets acquired $ 2,438 (1) Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 5 - 10 years. (2) 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 expected to arise from the acquired entity. From its acquisition date through December 31, 2017 , 5 Star has provided the following activity (in thousands): 2017 5 Star Revenues (a) $ 25,216 Net income (b) 4,191 a. Includes $16.0 million in intercompany revenues b. Includes $0.8 million in depreciation and amortization The following table presents unaudited pro forma information as if the acquisition of 5 Star had occurred as of January 1, 2016 (in thousands): Year Ended December 31, 2017 2016 Revenues (a) $ 31,548 $ 13,971 Net income (loss) 3,910 (839 ) a. Includes $16.0 million in intercompany revenues for 2017 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
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”); El Toro Resources LLC ("El Toro"); Diamondback E&P, LLC ("Diamondback"); Cementing and SR Energy (collectively, prior to the 2017 Stingray Acquisition, the "2017 Stingray Companies"); 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"); Dunvegan North Oilfield Services ULC (“Dunvegan”); Predator Drilling LLC ("Predator"); and T&E Flow Services LLC ("T&E"). Following is a summary of related party transactions (in thousands): REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2017 2016 2015 2017 2016 Pressure Pumping and Gulfport (a) $ 144,473 $ 102,390 $ 124,311 $ 25,054 $ 19,095 Muskie and Gulfport (b) 42,956 25,783 38,182 1,947 5,373 Panther and Gulfport (c) 3,253 3,011 3,703 872 1,434 Redback Energy and Gulfport (d) — — 2,549 — — Cementing and Gulfport (e) 7,410 — — 2,255 — SR Energy and Gulfport (f) 10,129 — — 3,348 — Bison Drilling and El Toro (g) — 372 521 — — Panther and El Toro (g) 96 172 192 — — Bison Trucking and El Toro (g) — 130 145 — — Redback Energy and El Toro (h) 216 530 168 — 108 Coil Tubing and El Toro (i) 161 319 — — — Bison Drilling and Predator (j) 234 — — 234 — The Company and 2017 Stingray Companies (k) 63 38 9 — 1,363 Other Relationships 29 185 955 78 216 $ 209,020 $ 132,930 $ 170,735 $ 33,788 $ 27,589 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. Panther performs drilling services for Gulfport pursuant to a master service agreement. d. Redback Energy performs completion and production services for Gulfport pursuant to a master service agreement. e. Cementing performs well cementing services for Gulfport. f. SR Energy performs well cementing services for Gulfport. g. The contract land and directional drilling segment provides services for El Toro, an affiliate of Wexford, pursuant to a master service agreement. h. Redback Energy performs completion and production services for El Toro pursuant to a master service agreement. i. Coil Tubing provides El Toro services in connection with completion activities. j. Bison Drilling provides equipment rentals to Predator, an entity in which Wexford owns a minority interest. k. The Company provided certain services to the 2017 Stingray Companies. COST OF REVENUE ACCOUNTS PAYABLE Years Ended December 31, At December 31, 2017 2016 2015 2017 2016 Cobra and T&E (a) 610 — — 457 — Higher Power and T&E (a) 25 — — 3 — Panther and DBDHT (b) 196 49 101 77 — Redback Energy and Elk City Yard (c) 71 107 107 — — The Company and 2017 Stingray Companies (d) 432 724 933 — 174 Other Relationships 74 186 238 218 3 $ 1,408 $ 1,066 $ 1,379 $ 755 $ 177 SELLING, GENERAL AND ADMINISTRATIVE COSTS Consolidated and Everest (e) $ 175 $ 262 $ 493 $ 19 $ 13 Consolidated and Wexford (f) 892 394 384 150 13 Mammoth and Orange Leaf (g) 46 102 50 — — Mammoth and Caliber (h) 335 — 24 1 — Other Relationships 33 — — 2 — $ 1,481 $ 758 $ 951 $ 172 $ 26 CAPITAL EXPENDITURES Cobra and T&E (a) 629 — — 66 — Higher Power and T&E (a) 1,380 — — 385 — $ 2,009 $ — $ — $ 451 $ — $ 1,378 $ 203 a. Cobra and Higher Power purchase materials and services from T&E, an entity in which a member of management's family owns a minority interest. b. Panther rents rotary steerable equipment in connection with its directional drilling services from DBDHT, an affiliate of Wexford. c. Redback Energy leases property from Elk City Yard, an affiliate of Wexford. d. Prior to the 2017 Stingray Acquisition, the 2017 Stingray Companies provided certain services to the Company and, from time to time, the 2017 Stingray Companies paid for goods and services on behalf of the Company. e. Everest, a subsidiary of Wexford, 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. f. 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. g. Mammoth subleased office space from Orange Leaf, an entity in which a member of management and a member of management's family own, in the aggregate, a minority interest. The sublease was terminated in May 2017. h. Mammoth leases office space from Caliber, an entity controlled by Wexford. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Obligations The Company leases real estate, rail cars and other equipment under long-term operating leases with varying terms and expiration dates through 2062. Minimum Purchase Commitments The Company has entered into agreements with suppliers that contain minimum purchase obligations. Failure to purchase the minimum amounts may require the Company to pay shortfall fees. However, the minimum quantities set forth in the agreements are not in excess of currently expected future requirements. Capital Spend Commitments The Company has entered into agreements with suppliers to acquire capital equipment. Aggregate future minimum payments under the Company's non-cancelable operating, capital spend commitments and minimum purchase commitments as of December 31, 2017 are as follows (in thousands): Year ended December 31: Operating Leases Capital Spend Commitments Minimum Purchase Commitments 2018 $ 20,407 $ 19,582 $ 32,222 2019 14,200 — 10,866 2020 11,864 — — 2021 9,303 — — 2022 6,515 — — Thereafter 3,345 — — $ 65,634 $ 19,582 $ 43,088 For the years ended December 31, 2017 , 2016 and 2015 , the Company recognized rent expense of $11.4 million , $8.2 million and $8.5 million , respectively. The Company has various letters of credit that were issued under the Company's revolving credit agreement which is collateralized by substantially all of the assets of the Company. The letters of credit are categorized below (in thousands): December 31, 2017 2016 Environmental remediation $ 3,582 $ 1,375 Insurance programs 2,486 1,636 Rail car commitments 455 455 Total letters of credit $ 6,523 $ 3,466 The Company has insurance coverage for physical partial loss to its assets, employer’s liability, automobile liability, commercial general liability, workers’ compensation and insurance for other specific risks. The Company has also elected in some cases to accept a greater amount of risk through increased deductibles on certain insurance policies. As of December 31, 2017 and 2016 , the policy requires a deductible per occurrence of $0.3 million for workers' compensation and $0.1 million for auto claims. 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, 2017 and 2016 , the policies contained an aggregate stop loss of $2.0 million . The Company also self-insures its employee health insurance. The Company has coverage on its self-insurance program in the form of a stop loss of $0.2 million per participant and an aggregate stop-loss of $5.8 million for the calendar year ending December 31, 2017 . As of December 31, 2017 and 2016 , accrued claims were $2.9 million and $1.0 million , respectively. These estimates may change in the near term as actual claims continue to develop. Pursuant to certain customer contracts in our infrastructure services segment, the Company warrants equipment and labor performed under the contracts for a specified period following substantial completion of the work. Generally, the warranty is for one year or less. No liabilities were accrued as of December 31, 2017 or 2016 and no expense was recognized during the years ended December 31, 2017 , 2016 or 2015 related to warranty claims. However, if warranty claims occur, the Company could be required to repair or replace warrantied items, which in most cases are covered by warranties extended from the manufacturer of the equipment. In the event the manufacturer of equipment failed to perform on a warranty obligation or denied a warranty claim made by the Company, the Company could be required to pay for the cost of the repair or replacement. 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 appealed the assessment and a hearing was held in 2017. As a result of the hearing, the Company received a decision from the State of Ohio. The Company is appealing the decision and while it is not able to predict the outcome of the appeal, this matter is not expected to have a material adverse effect on the Company's financial position, results of operations or cash flows. On June 3, 2015, a putative 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 parties reached a settlement of this matter which received final approval from the court in August 2017. This settlement was paid in 2017 and did not 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 Talamantez, 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 parties reached a settlement of this matter in October 2017. The settlement was paid in 2017 and did not 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 parties reached a settlement of this matter in August 2017. This settlement was paid in 2017 and did not 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 parties reached a settlement of this matter in November 2017. This settlement was paid in 2017 and did not have a material impact on the Company’s financial position, results of operations or cash flows. On January 26, 2017, a collective action lawsuit alleging that Pressure Pumping failed to pay a class of workers in compliance with the Fair Labor Standards Act was filed titled Ryan Crosby vs. Stingray Pressure Pumping, in the United Stated District Court for the Southern District of Ohio Eastern Division. 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 June 27, 2017, a complaint alleging negligence, as a result of a motor vehicle accident, was filed titled Donnelle Banks, individually and as parent and next Friend for Leila Ann Hollis, a minor, vs. Redback Coil Tubing LLC and Mammoth Energy Services, Inc. in the District Court of Gregg County, 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. The Company is involved in various other legal proceedings in the ordinary course of business. Although the Company 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 the Company's 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 3% of an employee’s compensation and may make additional discretionary contributions for eligible employees. The Company did no t pay any contributions for the year ended December 31, 2017. For the years ended December 31, 2016 and 2015 the Company paid $0.1 million and $1.5 million , respectively, in contributions to the plan. Effective January 1, 2018, the Company reinstated matching contributions of up to 3% of eligible employee's compensation. |
Reporting Segments and Geograph
Reporting Segments and Geographic Areas | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Reporting Segments and Geographic Areas | Reporting Segments and Geographic Areas Reporting Segments As of December 31, 2017 , our revenues, income before income taxes and identifiable assets are primarily attributable to four reportable segments. The Company principally provides energy services in connection with on-shore drilling of oil and natural gas wells for small to large domestic independent oil and natural gas producers and electric infrastructure services to government-funded utilities, private utilities, public investor-owned utilities and co-operative utilities. 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 the 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 operating income (loss), as well as a qualitative basis, such as nature of the product and service offerings and types of customers. Prior to 2017, the Company had five reportable segments, including pressure pumping services, well services, natural sand proppant services, contract land and directional drilling services and other energy services. Based on the CODM's assessment at December 31, 2017 , the Company changed its reportable segment presentation in 2017, as it no longer considers well services, which previously included Redback Energy Services, Redback Coil Tubing and Mammoth Energy Partners, and other energy services, which previously included Sand Tiger, to be significant to the understanding of results. The Company now presents the results of its well service and other energy service business in a reconciling column titled "All Other" in the year ended December 31, 2017 table below. Additionally, during 2017, the Company added a new reportable segment for its infrastructure service activities. As of December 31, 2017 , the Company’s four reportable segments include pressure pumping services ("Pressure Pumping"), infrastructure services ("Infrastructure"), natural sand proppant services ("Sand") and contract land and directional drilling services ("Drilling"). The results for the years ended December 31, 2016 and 2015 continue to be reported under the five segments identified above, and therefore, are not directly comparable to the results for the year ended December 31, 2017 . The pressure pumping services segment provides hydraulic fracturing services primarily in the Utica Shale of Eastern Ohio, Marcellus Shale in Pennsylvania, Eagle Ford and Permian Basins in Texas and the mid-continent region. The infrastructure services segment provides electric utility infrastructure services to government-funded utilities, private utilities, public investor-owned utilities and co-operative utilities in Puerto Rico and the northeast, southwest and midwest portions of the United States. The sand segment mines, processes and sells sand for use in hydraulic fracturing. The sand segment primarily services the Utica Shale, Permian Basin, SCOOP, STACK and Montney Shale in British Columbia and Alberta, Canada. The contract land and directional drilling services segment provides vertical, horizontal and directional drilling services in the Permian Basin in West Texas. The Company also provides coil tubing services, pressure control services, flowback services, cementing services, equipment rental services and remote accommodation services. Prior to 2017, information used by the CODM in measuring segment profits or losses did not include intersegment revenues and costs as they were deemed immaterial for decision-making purposes. In 2017, the Company's CODM changed the way segment profits and losses are measured to include intersegment revenues and expenses. The historical results by segment below for the years ended December 31, 2016 and 2015 have been revised to reflect this change in measurement method. Sales from one segment to another are generally priced at estimated equivalent commercial selling prices. Amounts included in the Eliminations column in the following tables include intersegment transactions conducted between reportable segments that are eliminated in consolidation. Transactions conducted by companies within the same reporting segment are eliminated within each reporting segment. The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands): Year Ended December 31, 2017 Pressure Pumping Infrastructure Sand Drilling All Other (a) Eliminations Total Revenue from external customers $ 277,326 $ 224,425 $ 90,023 $ 50,075 $ 49,647 $ — $ 691,496 Intersegment revenues 2,026 — 27,014 446 2,081 (31,567 ) — Total revenue 279,352 224,425 117,037 50,521 51,728 (31,567 ) 691,496 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 183,089 120,117 91,049 46,701 41,613 — 482,569 Intersegment cost of revenues 28,147 1,443 1,731 146 65 (31,532 ) — Total cost of revenue 211,236 121,560 92,780 46,847 41,678 (31,532 ) 482,569 Selling, general and administrative 9,501 21,606 8,190 5,510 5,079 — 49,886 Depreciation, depletion, amortization and accretion 45,413 3,185 9,394 19,635 14,497 — 92,124 Impairment of long-lived assets — — 324 3,822 — — 4,146 Operating income (loss) 13,202 78,074 6,349 (25,293 ) (9,526 ) (35 ) 62,771 Interest expense 1,622 241 679 1,695 73 — 4,310 Bargain purchase gain — — (4,012 ) — — — (4,012 ) Other expense 129 6 211 256 75 — 677 Income (loss) before income taxes $ 11,451 $ 77,827 $ 9,471 $ (27,244 ) $ (9,674 ) $ (35 ) $ 61,796 Total expenditures for property, plant and equipment $ 85,853 $ 20,144 $ 16,376 $ 8,927 $ 2,553 $ — $ 133,853 As of December 31, 2017: Goodwill $ 86,043 $ 891 $ 2,684 $ — $ 10,193 $ — $ 99,811 Intangible assets, net $ 12,392 $ 1,770 $ — $ — $ 1,977 $ — $ 16,139 Total assets $ 297,140 $ 205,275 $ 190,859 $ 88,527 $ 243,767 $ (158,325 ) $ 867,243 a. Includes results for operations previously included in the well services and other energy services segments. Year Ended December 31, 2016 Pressure Pumping Well Services Sand Drilling Other Energy Services Eliminations Total Revenue from external customers $ 123,856 $ 10,024 $ 33,835 $ 32,043 $ 30,867 $ — $ 230,625 Intersegment revenues 569 79 4,267 — — (4,915 ) — Total revenue 124,425 10,103 38,102 32,043 30,867 (4,915 ) 230,625 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 82,552 13,540 31,895 31,848 13,186 — 173,021 Intersegment cost of revenues 4,336 26 561 (8 ) — (4,915 ) — Total cost of revenue 86,888 13,566 32,456 31,840 13,186 (4,915 ) 173,021 Selling, general and administrative 4,327 2,336 3,337 5,625 2,423 — 18,048 Depreciation, depletion, amortization and accretion 37,013 5,128 6,483 21,512 2,179 — 72,315 Impairment of long-lived assets 139 1,385 — 347 — — 1,871 Operating loss (3,942 ) (12,312 ) (4,174 ) (27,281 ) 13,079 — (34,630 ) Interest expense 599 134 434 2,829 100 — 4,096 Other expense (income) 27 (566 ) 96 248 37 — (158 ) (Loss) income before income taxes $ (4,568 ) $ (11,880 ) $ (4,704 ) $ (30,358 ) $ 12,942 $ — $ (38,568 ) Total expenditures for property, plant and equipment 7,673 405 528 2,709 425 — 11,740 As of December 31, 2016: Goodwill $ 86,043 $ — $ 2,684 $ — $ — $ — $ 88,727 Intangible assets, net $ 21,435 $ 132 $ — $ — $ — $ — $ 21,567 Total assets $ 197,635 $ 128,698 $ 109,128 $ 99,868 $ 48,653 $ (81,620 ) $ 502,362 Year Ended December 31, 2015 Pressure Pumping Well Services Sand Drilling Other Energy Services Eliminations Total Revenue from external customers $ 169,859 $ 28,851 $ 60,913 $ 73,032 $ 35,282 $ — $ 367,937 Intersegment revenue 759 — 5,144 1 — (5,904 ) — Total revenue 170,618 28,851 66,057 73,033 35,282 (5,904 ) 367,937 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 126,886 28,144 47,041 57,453 15,163 — 274,687 Intersegment cost of revenues 5,243 205 456 — — (5,904 ) — Total cost of revenue 132,129 28,349 47,497 57,453 15,163 (5,904 ) 274,687 Selling, general and administrative 4,901 2,286 4,264 8,573 2,376 — 22,400 Depreciation and amortization 35,729 5,697 6,305 24,627 2,141 — 74,499 Impairment of long-lived assets 1,214 88 1,905 8,917 — — 12,124 Operating (loss) income (3,355 ) (7,569 ) 6,086 (26,537 ) 15,602 — (15,773 ) Interest income — — (98 ) — — — (98 ) Interest expense 1,822 429 225 2,928 61 — 5,465 Other expense (income) 67 687 22 1,121 372 — 2,269 Loss (income) before income taxes $ (5,244 ) $ (8,685 ) $ 5,937 $ (30,586 ) $ 15,169 $ — $ (23,409 ) Total expenditures for property, plant and equipment $ 4,170 $ 6,768 $ 2,371 $ 12,651 $ 2,492 $ — $ 28,452 As of December 31, 2015: Goodwill $ 86,043 $ — $ 2,684 $ — $ — $ — $ 88,727 Intangible assets, net $ 30,479 $ 159 $ — $ — $ — $ — $ 30,638 Total assets $ 230,806 $ 147,268 $ 127,786 $ 123,656 $ 38,864 $ (131,968 ) $ 536,412 Geographic Areas The following table presents consolidated revenues by country based on sales destination of the products or services (in thousands): Year Ended December 31, 2017 2016 2015 United States $ 471,745 $ 196,573 $ 331,633 Puerto Rico 203,087 — — Canada 16,664 34,052 36,304 Total $ 691,496 $ 230,625 $ 367,937 The following table presents long-lived assets, excluding deferred income tax assets, by country (in thousands): Year Ended December 31, 2017 2016 2015 United States $ 515,904 $ 389,575 $ 450,983 Puerto Rico 6,923 — — Canada 23,254 23,848 25,168 Total $ 546,081 $ 413,423 $ 476,151 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2017 2017 2017 (in thousands, except per share data) Revenue from external customers $ 30,464 $ 40,054 $ 78,389 $ 333,569 $ 482,476 Revenue from related parties 44,502 58,208 70,916 35,394 209,020 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 58,498 77,340 114,533 232,198 482,569 Selling, general and administrative expenses 6,737 7,700 8,023 27,426 49,886 Depreciation, depletion, amortization and accretion 17,237 19,893 27,224 27,770 92,124 Impairment of long-lived assets — — — 4,146 4,146 Operating income (loss) (7,506 ) (6,671 ) (475 ) 77,423 62,771 Interest expense 397 1,112 1,420 1,381 4,310 Bargain purchase gain — (4,012 ) — — (4,012 ) Other expense (income) 184 202 319 (28 ) 677 (Loss) income before income taxes (8,087 ) (3,973 ) (2,214 ) 76,070 61,796 (Benefit) provision for income taxes (3,106 ) (2,804 ) (1,413 ) 10,155 2,832 Net (loss) income $ (4,981 ) $ (1,169 ) $ (801 ) $ 65,915 $ 58,964 Net (loss) income per share (basic) (Note 11) $ (0.13 ) $ (0.03 ) $ (0.02 ) $ 1.48 $ 1.42 Net (loss) income per share (diluted) (Note 11) $ (0.13 ) $ (0.03 ) $ (0.02 ) $ 1.48 $ 1.42 Weighted average number of shares outstanding (Note 11) 37,500 39,500 44,502 44,579 41,548 Weighted average number of shares outstanding, including dilutive effect (Note 11) 37,500 39,500 44,502 44,683 41,639 Three Months Ended March 31, June 30, September 30, December 31, Total 2016 2016 2016 2016 (in thousands, except per share data) Revenue from external customers $ 29,518 $ 20,345 $ 20,753 $ 27,079 $ 97,695 Revenue from related parties 3,065 48,817 42,574 38,474 132,930 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 32,391 50,504 42,855 47,271 173,021 Selling, general and administrative expenses 3,614 5,206 3,195 6,033 18,048 Depreciation, depletion, amortization and accretion 17,751 18,811 17,921 17,832 72,315 Impairment of long-lived assets — 1,871 — — 1,871 Operating income (loss) (21,173 ) (7,230 ) (644 ) (5,583 ) (34,630 ) Interest expense 1,296 1,012 1,025 763 4,096 Other expense (income) 1 (627 ) 254 214 (158 ) Loss before income taxes (22,470 ) (7,615 ) (1,923 ) (6,560 ) (38,568 ) Provision for income taxes 894 789 1,056 51,146 53,885 Net loss $ (23,364 ) $ (8,404 ) $ (2,979 ) $ (57,706 ) $ (92,453 ) Net loss per share (basic and diluted) (Note 11) $ (0.78 ) $ (0.28 ) $ (0.10 ) $ (1.61 ) $ (2.94 ) Weighted average number of shares outstanding (Note 11) 30,000 30,000 30,000 35,951 31,500 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 19, 2017, Cobra and PREPA entered into an emergency master services agreement for repairs to PREPA’s electrical grid as a result of Hurricane Maria. On January 28, 2018, Cobra and PREPA amended the initial contract to increase the total contract amount by an additional $245.4 million to a total of $445.4 million . On February 27, 2018, Cobra and PREPA again amended their contract to increase the total contract amount by an additional $500.0 million to a total of $945.4 million . In addition to continuing with its repair and restoration work, under the terms of this amendment Cobra will have the ability to source construction materials needed to rebuild the electrical infrastructure in Puerto Rico on a pass-through basis. On February 2, 2018, the Company granted 16,022 restricted stock units with a total fair value of $0.3 million to non-employee directors. The value of the grants will be amortized over the vesting period. Subsequent to December 31, 2017 , the Company entered into an agreement to purchase sand from an unrelated third party seller with aggregate commitments of $6.8 million . Subsequent to December 31, 2017 , the Company entered into rail car, property and equipment lease agreements with aggregate commitments of $6.8 million . Subsequent to December 31, 2017 , the Company ordered additional capital equipment with aggregate commitments of $21.8 million . Subsequent to December 31, 2017 , the Company's infrastructure business entered into an air charter agreement with aggregate commitments of $1.0 million . |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements are prepared in accordance with GAAP. All material intercompany accounts and transactions between the entities within the Company have been eliminated. |
Reclassification | Certain prior period amounts have been reclassified to conform to the current period presentation. |
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 Company's sand reserves and their impact on calculating depletion expense, allowance for doubtful accounts, asset retirement obligations, reserves for self-insurance, depreciation and amortization of property and equipment, business combination valuations, 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 Sand Tiger in a Canadian financial institution. |
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 mineral lien or 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 an average cost basis. The Company assesses the valuation of its inventories based upon specific usage and future utility. Inventory manufactured at the Company’s sand production facilities includes direct excavation costs, processing costs and overhead allocation. Stockpile tonnages are calculated by measuring the number of tons added and removed from the stockpile. Costs are calculated on a per ton basis and are applied to the stockpiles based on the number of tons in the stockpile. Inventory transported for sale at the Company’s terminal facility includes the cost of purchased or manufactured sand, plus transportation related charges. Coil tubing strings of various widths, diameters and lengths are included in inventory. The strings are used in providing specialized services to customers who are primarily operators of oil or gas wells and 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. |
Sand reserves | Sand reserves Sand reserve costs include engineering, mineralogical studies and other related costs to develop the mine, the removal of overburden to initially expose the mineral and building access ways. Exploration costs are expensed as incurred and classified as product cost of revenue. Capitalization of mine development project costs begins once the deposit is classified as proven and probable reserves. Drilling and related costs are capitalized for deposits where proven and probable reserves exist and the activities are directed at obtaining additional information on the deposit or converting non-reserve minerals to proven and probable reserves and the benefit is to be realized over a period greater than one year. Mining property and development costs are amortized using the units-of-production method on estimated measured tons in in-place reserves. The impact of revisions to reserve estimates is recognized on a prospective basis. |
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 our credit facility (see Note 8) and sales tax receivables. |
Asset Retirement Obligations | Asset Retirement Obligations Mine reclamation costs, future remediation costs for inactive mines and other contractual site remediation costs are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. |
Business Combinations | Business Combinations The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in FASB ASC No. 805, Business Combinations , which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed and any noncontrolling interest in the acquiree and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and noncontrolling interest in the acquiree, based on fair value estimates as of the date of acquisition. In accordance with FASB ASC No. 805, the Company recognizes and measures goodwill, if any, as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. When the Company acquires a business from an entity under common control, whereby the companies are ultimately controlled by the same party or parties both before and after the transaction, it is treated for accounting purposes in a manner similar to the pooling of interest method of accounting. The assets and liabilities are recorded at the transferring entity’s historical cost instead of reflecting the fair market value of assets and liabilities. |
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. The majority of our services are sold without warranty or right of return. Under certain customer contracts in our infrastructure services segment, the Company warrants equipment and labor performed for a specified period following substantial completion of the work. 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. Infrastructure services revenues are recognized as the work progresses based on the days completed or as the contract is completed. These services may be provided pursuant to master service agreements, repair and maintenance contracts or fixed price and non-fixed price installation contracts. Pricing under these contracts may be unit priced, cost-plus/hourly (or time and materials basis) or fixed price (or lump sum basis), and the final terms and prices of these contracts are frequently negotiated with the customer. Under unit-based contracts, the utilization of an output-based measurement is appropriate for revenue recognition. Under cost-plus/hourly and time and materials type contracts, the Company recognizes revenue on an input basis, as labor hours are incurred and services are performed. 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. Transportation services revenues are recognized as the services have been completed, meaning the related services have been rendered. At that point, delivery of service has occurred, evidence of a contractual arrangement exists 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. 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. Our other operations consist of well services, including coil tubing, pressure control, flowback, cementing, equipment rentals and remote accommodations. 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. 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. 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”) or amounts that have been billed, but not earned (“deferred revenue”). |
Earnings (Loss) per Share/Unaudited Pro Forma Earnings (Loss) per Share | Earnings (Loss) per Share Earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of outstanding shares. See Note 11. (r) 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 12. (t) 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 cost of revenues and selling, general, and administrative expenses. |
Income Taxes | 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 11. 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. Certain income from our infrastructure services segment and income from our remote accommodations business 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. On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly changed US corporate income tax laws by, among other things, reducing the US corporate income tax rate from 35% to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of US subsidiaries. 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 Sand Tiger 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 4.9% for the year ended December 31, 2017 . 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, among other things, the impact of changes to corporate income tax laws, 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. To assess that likelihood, the Company uses estimates and judgments regarding future taxable income, as well as the jurisdiction in which such taxable income is generated, to determine whether a valuation allowance is required. |
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 income (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. |
Environmental Matters | Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. Management has established procedures for the ongoing evaluation of the Company’s operations, to identify potential environmental exposures and to comply with regulatory policies and procedures. Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future revenue generation are expensed as incurred. Liabilities are recorded when environmental costs are probable, and the costs can be reasonably estimated. The Company maintains insurance which may cover in whole or in part certain environmental expenditures. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) included certain changes in equity that are excluded from net income (loss). Specifically, cumulative foreign currency translation adjustments are included in accumulated other comprehensive income (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. |
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. On January 1, 2017, the Company adopted this ASU and it did not impact our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, ” which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance. Subsequent to ASU 2014-09, the FASB issued several related ASU's to clarify the application of the revenue recognition standard. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years. The new standard permits retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented (full retrospective method) or (ii) recognition of a cumulative-effect adjustment as of the date of initial application (modified retrospective method). In July 2015, the FASB decided to defer the effective date by one year (until 2018). The Company has evaluated the impact of this ASU on its consolidated financial statements. This evaluation required, among other things, a review of existing contracts the Company has with its customers within each of the revenue streams identified within its business, including pressure pumping services, infrastructure services, natural sand proppant services, contract land and directional drilling services and other services. The Company did not identify any changes to its revenue recognition policies that would result in a material effect on the timing of the Company's revenue recognition or its financial position, results of operations, net income or cash flows. Additionally, the Company does not believe further disaggregation of revenue will be required under the new standard. The adoption of this ASU will have an impact on the Company's revenue related disclosures and internal controls over financial reporting as the Company's revenue recognition related disclosures will expand upon adoption of the new standard. The Company is currently in the process of finalizing documentation of new policies, procedures, systems, controls and data requirements as the standard is implemented. The Company will be in a position to begin reporting under the new standard beginning in the first quarter of 2018, using the modified retrospective method. 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. This new leasing guidance will 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 Pre28
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of ownership of the company by major stakeholders | At December 31, 2017 and December 31, 2016 , Mammoth Holdings, Gulfport and Rhino owned the following share of outstanding common stock of Mammoth Inc: At December 31, 2017 December 31, 2016 Share Count % Ownership Share Count % Ownership Mammoth Holdings 25,009,319 56.1 % 20,443,903 54.5 % Gulfport 11,171,887 25.1 % 9,073,750 24.2 % Rhino 568,794 1.3 % 232,347 0.6 % Outstanding shares owned by related parties 36,750,000 82.5 % 29,750,000 79.3 % Total outstanding 44,589,306 100.0 % 37,500,000 100.0 % |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 (in thousands): Balance, January 1, 2015 $ 590 Additions charged to expense 3,881 Deductions for uncollectible receivables written off (459 ) Balance, December 31, 2015 4,012 Additions charged to expense 1,968 Deductions for uncollectible receivables written off (603 ) Balance, December 31, 2016 5,377 Additions charged to expense 16,206 Additions - other 179 Deductions for uncollectible receivables written off (25 ) Balance, December 31, 2017 $ 21,737 |
Schedule of Asset Retirement Obligations | Following is a roll forward of the Company's asset retirement obligations for the years ended December 31, 2017 and 2016 (in thousands): December 31, 2017 2016 Balance as of beginning of period $ 260 $ 95 Liabilities assumed through acquisition 1,732 — Accretion expense 124 162 Foreign currency translation adjustment 7 3 Asset retirement obligation as of end of period $ 2,123 $ 260 |
Schedules of Concentration of Risk, by Risk Factor | Following is a summary of our significant customers based on accounts receivable balances at December 31, 2017 and 2016 and revenues derived for the years ended December 31, 2017 , 2016 and 2015 : REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2017 2016 2015 2017 2016 Customer A (a) 30 % 57 % 46 % 12 % 57 % Customer B (b) 29 % — — 56 % — Customer C (c) 1 % 11 % 6 % — 9 % Customer D (d) — — 12 % — — a. Customer A is a related party customer. Revenues and the related accounts receivable balances earned from Customer A were derived from the Company's pressure pumping services segment, natural sand proppant services segment, contract land and directional drilling services segment and other businesses. b. Customer B is a third-party customer. Revenues and the related accounts receivable balances earned from Customer B were derived from the Company's infrastructure services segment. c. Customer C is a third-party customer. Revenues and the related accounts receivable balances earned from Customer C were derived from the Company's remote accommodations business. d. Customer D is a third-party customer. Revenues earned from Customer D were derived from the Company's pressure pumping services segment. No revenues were earned from Customer D during the years ended December 31, 2017 or 2016 . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | A summary of the Company's inventories is shown below (in thousands): December 31, 2017 2016 Supplies $ 9,437 $ 4,021 Raw materials 219 76 Work in process 2,370 205 Finished goods 5,788 1,822 Total inventory $ 17,814 $ 6,124 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment include the following (in thousands): December 31, Useful Life 2017 2016 Pressure pumping equipment 3-5 years $ 190,211 $ 96,501 Drilling rigs and related equipment 3-15 years 132,260 138,527 Machinery and equipment (a) 7-20 years 97,569 35,548 Buildings 15-39 years 45,992 54,833 Vehicles, trucks and trailers (b) 5-10 years 54,055 33,141 Coil tubing equipment 4-10 years 28,053 28,019 Land N/A 11,317 5,040 Land improvements 15 years or life of lease 9,614 3,641 Rail improvements 10-20 years 5,540 4,277 Other property and equipment 3-12 years 12,687 11,462 587,298 410,989 Deposits on equipment and equipment in process of assembly 20,348 9,427 607,646 420,416 Less: accumulated depreciation, depletion, amortization and accretion (c) 256,629 178,296 Property, plant and equipment, net $ 351,017 $ 242,120 a. Included in machinery and equipment are assets under capital leases totaling $1.8 million for the year ended December 31, 2017 . b. Included in vehicles, trucks and trailers are assets under capital leases totaling $1.0 million and $1.1 million , respectively, for the years ended December 31, 2017 and 2016 . c. Accumulated depreciation for assets under capital leases totaled $0.8 million and $0.9 million , respectively, for the years ended December 31, 2017 and 2016 . |
Schedule Of Depreciation, Depletion, Accretion And Amortization Expense | A summary of depreciation, depletion, amortization and accretion expense is shown below (in thousands): Years Ended December 31, 2017 2016 2015 Depreciation expense (a) $ 81,191 $ 62,196 $ 64,568 Accretion and depletion expense (see Note 2) 1,632 1,048 829 Amortization expense (see Note 6) 9,301 9,071 9,102 Depreciation, depletion, amortization and accretion $ 92,124 $ 72,315 $ 74,499 a. Includes depreciation expense for assets under capital leases totaling $0.4 million , $0.5 million and $0.6 million , respectively, for the years ended December 31, 2017 , 2016 and 2015 . |
Impairments (Tables)
Impairments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 (in thousands): December 31, 2017 2016 2015 Flowback equipment (a) $ — $ 1,385 $ — Drilling rigs (a) 3,822 347 8,917 Fluid storage equipment (a) — — 957 Other property, plant and equipment (a) 324 139 — Impairment of long term contractual agreement (b) — — 1,905 Impairment of goodwill (c) — — 88 Impairment of intangible (d) — — 257 $ 4,146 $ 1,871 $ 12,124 a. For the years ended December 31, 2017 , 2016 and 2015 , the Company recognized impairments of $4.1 million , $1.9 million and $9.9 million , respectively, to reduce the carrying value of certain assets which deemed impaired based on future expected cash flows of the equipment. The Company measured impairment using significant unobservable inputs (Level 3) based on an income approach. b. The Company impaired $1.9 million of assets in 2015 related to prepaid assets pursuant to a purchase contract from a vendor. 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 $0.1 million balance in 2015 . 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 in 2015 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 (in thousands): December 31, 2017 2016 Customer relationships $ 35,795 $ 33,605 Trade names 8,793 7,110 Less: accumulated amortization - customer relationships (26,172 ) (17,655 ) Less: accumulated amortization - trade names (2,277 ) (1,493 ) Intangible assets, net $ 16,139 $ 21,567 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Aggregated expected amortization expense for the future periods is expected to be as follows (in thousands): Year ended December 31: Amount 2018 $ 8,578 2019 1,096 2020 1,095 2021 1,090 2022 1,068 Thereafter 3,212 $ 16,139 |
Schedule of Goodwill | Changes in goodwill for the years ended December 31, 2017 and 2016 are set forth below (in thousands): Balance, January 1, 2016 $ 88,727 Additions — Balance, December 31, 2016 88,727 Additions - 2017 Stingray Acquisition (Note 14) 10,193 Additions - Higher Power Acquisition (Note 14) 643 Additions - 5 Star Acquisition (Note 14) 248 Balance, December 31, 2017 $ 99,811 |
Accrued Expenses and Other Cu34
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accrued expense and other current liabilities included the following (in thousands): December 31, 2017 2016 Deferred revenue $ 15,210 $ — Accrued compensation, benefits and related taxes 11,552 2,432 Financed insurance premiums 4,876 3,294 Insurance reserves 2,942 971 State and local taxes payable 2,126 320 Other 4,189 1,529 Total $ 40,895 $ 8,546 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Liabilities | Other liabilities included the following (in thousands): December 31, 2017 2016 Capital lease obligations $ 2,015 $ 476 Equipment financing arrangement 1,605 — Taxes — 2,306 Other 500 — Total 4,120 2,782 Less: Current portion of capital lease and equipment financing obligations included in accrued expenses and other current liabilities 831 378 Total Other Liabilities $ 3,289 $ 2,404 |
Schedule of Future Minimum Lease Payments for Capital Leases | Aggregate future payments under the Company's non-cancelable capital leases and equipment financing arrangement as of December 31, 2017 are as follows (in thousands): 2018 $ 1,052 2019 1,565 2020 669 2021 366 2022 360 Total future minimum payments 4,012 Less interest payments (392 ) Present value of future minimum payments $ 3,620 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 , respectively, are as follows (in thousands): Year Ended December 31, 2017 2016 2015 U.S. current income tax expense $ 804 $ 2,307 $ 13 U.S. deferred income tax (benefit) expense (27,764 ) 47,957 (5,626 ) Foreign current income tax expense 36,565 3,594 3,879 Foreign deferred income tax (benefit) expense (6,773 ) 27 145 Total $ 2,832 $ 53,885 $ (1,589 ) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax amount to the recorded expense is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Income (loss) before income taxes, as reported $ 61,796 $ (38,568 ) $ (23,409 ) Bargain purchase gain, net of tax (4,012 ) — — Income (loss) before income taxes, as taxed 57,784 (38,568 ) (23,409 ) Statutory income tax rate 35 % 35 % 35 % Expected income tax expense (benefit) 20,224 (13,499 ) (8,193 ) Income earned as non-taxable entity (See Note 2) — 15,167 — Effect due to change to C corporation (See Note 2) — 53,089 — Change in entity status — — (4,792 ) Non taxable entity — — 13,562 Change in tax rate (21,309 ) (25 ) — Tax reform - unrepatriated foreign earnings (9,727 ) — — Foreign income tax rate differential 6,286 (1,078 ) (1,370 ) Foreign earnings not in reported income 22,054 — — Foreign tax credits (29,551 ) — — Other permanent differences 503 210 — State tax expenses 39 21 — Other (1,192 ) — (796 ) Change in valuation allowance 15,505 — — Total $ 2,832 $ 53,885 $ (1,589 ) |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax liabilities attributable to the Company consisted of the following (in thousands): Year Ended December 31, 2017 2016 Deferred tax assets: Allowance for doubtful accounts $ 11,973 $ 1,893 Deferred compensation 1,032 1,687 Accrued liabilities 1,442 601 Foreign tax credits 15,505 145 Other 1,448 1,786 Valuation allowance (15,505 ) — Deferred tax assets 15,895 6,112 Deferred tax liabilities: Property and equipment $ (40,390 ) $ (42,526 ) Intangible assets (2,839 ) (7,663 ) Unrepatriated foreign earnings — (3,451 ) Other (74 ) (143 ) Deferred tax liabilities (43,303 ) (53,783 ) Net deferred tax liability $ (27,408 ) $ (47,671 ) Reflected in accompanying balance sheet as: Deferred income tax asset $ 6,739 $ — Deferred income tax liability (34,147 ) (47,671 ) Total $ (27,408 ) $ (47,671 ) During the year ended December 31, 2017 , the Company recorded a valuation allowance of $15.5 million related to foreign tax credits that are not expected to be utilized. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Unit and Per Share | Accordingly, for the year ended December 31, 2015, 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 (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, 2017 2016 2015 (in thousands, except per share data) Basic earnings (loss) per share: Allocation of earnings: Net income (loss) $ 58,964 $ (92,453 ) $ (21,820 ) Weighted average common shares outstanding 41,548 31,500 30,000 Basic earnings (loss) per share $ 1.42 $ (2.94 ) $ (0.73 ) Diluted earnings (loss) per share: Allocation of earnings: Net income (loss) $ 58,964 $ (92,453 ) $ (21,820 ) Weighted average common shares, including dilutive effect (a) 41,639 31,500 30,000 Diluted earnings (loss) per share $ 1.42 $ (2.94 ) $ (0.73 ) (a) No incremental shares of potentially dilutive restricted stock awards were included for the years ended December 31, 2016 or 2015 as their effect was antidilutive under the treasury stock method. A reconciliation of the components of pro forma basic and diluted loss per common share is presented in the table below: Year Ended December 31, 2016 2015 (in thousands, except per share data) Pro Forma C Corporation Data (unaudited): Net loss, as reported $ (92,453 ) $ (21,820 ) Taxes on income earned as a non-taxable entity (Note 10) 15,224 391 Taxes due to change to C corporation (Note 10) 53,089 — Pro forma net loss $ (24,140 ) $ (21,429 ) Basic loss per share: Allocation of earnings: Net loss $ (24,140 ) $ (21,429 ) Weighted average common shares outstanding 43,107 43,107 Basic loss per share $ (0.56 ) $ (0.50 ) Diluted loss per share: Allocation of earnings: Net loss $ (24,140 ) $ (21,429 ) Weighted average common shares, including dilutive effect (a) 43,107 43,107 Diluted loss per share $ (0.56 ) $ (0.50 ) (a) No incremental shares of potentially dilutive restricted stock awards were included for periods presented as their effect was antidilutive 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. 2015 Net loss $ (21,820 ) Net loss per limited partner unit (0.73 ) Weighted-average common units outstanding 30,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | A summary of the status and changes of the unvested shares of restricted stock units under the 2016 Plan is presented below. Number of Unvested Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested restricted stock units as of October 19, 2016 — $ — Granted 298,335 $ 14.97 Vested (11,110 ) $ (14.69 ) Forfeited (4,445 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2016 282,780 $ 14.98 Granted 460,185 $ 20.72 Vested (97,890 ) $ (15.07 ) Forfeited (4,443 ) $ (15.00 ) Unvested restricted stock units as of December 31, 2017 640,632 $ 19.44 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of business acquisitions by acquisition, contingent consideration | At the acquisition date, the components of the consideration transferred were as follows (in thousands): Consideration attributable to Cementing (1) $ 12,975 Consideration attributable to SR Energy (1) 12,787 Total consideration transferred $ 25,762 (1) See summary of acquired assets and liabilities below SR Energy Cementing Total (in thousands) Cash and cash equivalents $ 1,611 $ 1,060 $ 2,671 Accounts receivable, net 3,913 495 4,408 Receivables from related parties 3,684 1,418 5,102 Inventories — 306 306 Prepaid expenses 35 32 67 Property, plant and equipment (1) 13,061 7,459 20,520 Identifiable intangible assets - customer relationships (2) — 1,140 1,140 Identifiable intangible assets - trade names (2) 550 270 820 Goodwill (3) 3,929 6,264 10,193 Other assets 7 — 7 Total assets acquired $ 26,790 $ 18,444 $ 45,234 Accounts payable and accrued liabilities $ 5,890 $ 2,063 $ 7,953 Long-term debt (4) 5,074 2,000 7,074 Deferred tax liability 3,039 1,406 4,445 Total liabilities assumed $ 14,003 $ 5,469 $ 19,472 Net assets acquired $ 12,787 $ 12,975 $ 25,762 (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. Non-contractual customer relationships were valued using a "multi-period excess earnings" method. Identifiable intangible assets will be amortized over 5 - 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. (4) Long-term debt assumed was paid off subsequent to the acquisition. |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the fair value of 5 Star as of July 1, 2017 (in thousands): 5 Star Accounts receivable $ 2,440 Property, plant and equipment 1,863 Identifiable intangible assets - trade names (1) 300 Goodwill (2) 248 Total assets acquired $ 4,851 Long-term debt and other liabilities $ 2,413 Total liabilities assumed $ 2,413 Net assets acquired $ 2,438 (1) Identifiable intangible assets were measured using a combination of income approaches. Trade names were valued using a "Relief-from-Royalty" method. Non-contractual customer relationships were valued using a "Multi-period excess earnings" method. Identifiable intangible assets will be amortized over 5 - 10 years. (2) 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 expected to arise from the acquired entity. On the acquisition date, the $36.3 million in cash consideration consisted of the following components (in thousands): Total Property, plant and equipment (1) $ 23,373 Sand reserves (2) 20,910 Total assets acquired $ 44,283 Asset retirement obligation 1,732 Total liabilities assumed $ 1,732 Total allocation of purchase price $ 42,551 Bargain purchase price (3, 4) (6,231 ) Total purchase price $ 36,320 (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) The fair value of the sand reserves was determined based on the excess cash flow method, a form of the income approach. The method provides a value based on the estimated remaining life of sand reserves, projected financial information and industry projections. (3) Amount in Consolidated Statements of Comprehensive Income (Loss) reflected net of income taxes of $2.2 million . (4) The fair value of the business was determined based on the excess cash flow method, a form of the income approach. See summary of acquired assets and liabilities below SR Energy Cementing Total (in thousands) Cash and cash equivalents $ 1,611 $ 1,060 $ 2,671 Accounts receivable, net 3,913 495 4,408 Receivables from related parties 3,684 1,418 5,102 Inventories — 306 306 Prepaid expenses 35 32 67 Property, plant and equipment (1) 13,061 7,459 20,520 Identifiable intangible assets - customer relationships (2) — 1,140 1,140 Identifiable intangible assets - trade names (2) 550 270 820 Goodwill (3) 3,929 6,264 10,193 Other assets 7 — 7 Total assets acquired $ 26,790 $ 18,444 $ 45,234 Accounts payable and accrued liabilities $ 5,890 $ 2,063 $ 7,953 Long-term debt (4) 5,074 2,000 7,074 Deferred tax liability 3,039 1,406 4,445 Total liabilities assumed $ 14,003 $ 5,469 $ 19,472 Net assets acquired $ 12,787 $ 12,975 $ 25,762 (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. Non-contractual customer relationships were valued using a "multi-period excess earnings" method. Identifiable intangible assets will be amortized over 5 - 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. (4) Long-term debt assumed was paid off subsequent to the acquisition. The following table summarizes the fair value of Higher Power as of April 21, 2017 (in thousands): Higher Power Property, plant and equipment $ 1,744 Identifiable intangible assets - customer relationships 1,613 Goodwill (1) 643 Total assets acquired $ 4,000 (1) 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 expected to arise from the acquired entity. |
Business acquisition, pro forma information | Since the acquisition date, the Chieftain Assets have provided the following activity (in thousands): 2017 Piranha Revenues (a) $ 22,847 Net income (b) 5,520 a. Includes $12.3 million in intercompany revenues b. Includes $2.8 million in depreciation and amortization The following table presents unaudited pro forma information as if the acquisition of the Chieftain Assets had occurred as of January 1, 2016 (in thousands): Year Ended December 31, 2017 2016 Revenues (a) $ 22,847 $ 7,690 Net income 5,655 34,127 a. Includes $12.3 million in intercompany revenues for 2017 From its acquisition date through December 31, 2017 , Higher Power has provided the following activity (in thousands): 2017 Higher Power Revenues (a) $ 39,571 Net income (b) 5,127 a. Includes $27.4 million in intercompany revenues b. Includes $2.0 million in depreciation and amortization The following table presents unaudited pro forma information as if the acquisition of Higher Power had occurred as of January 1, 2016 (in thousands): Year Ended December 31, 2017 2016 Revenues (a) $ 42,343 $ 10,039 Net income (loss) 5,004 (1,189 ) a. Includes $27.4 million in intercompany revenues for 2017 From its acquisition date through December 31, 2017 , 5 Star has provided the following activity (in thousands): 2017 5 Star Revenues (a) $ 25,216 Net income (b) 4,191 a. Includes $16.0 million in intercompany revenues b. Includes $0.8 million in depreciation and amortization The following table presents unaudited pro forma information as if the acquisition of 5 Star had occurred as of January 1, 2016 (in thousands): Year Ended December 31, 2017 2016 Revenues (a) $ 31,548 $ 13,971 Net income (loss) 3,910 (839 ) a. Includes $16.0 million in intercompany revenues for 2017 Since the acquisition date, the businesses acquired have provided the following activity (in thousands): 2017 SR Energy Cementing Revenues (a) $ 11,572 $ 7,500 Net loss (b) (1,626 ) (1,963 ) a. Includes $0.6 million and a nominal amount in intercompany revenues for SR Energy and Cementing, respectively. b. Includes $3.4 million and $4.1 million in depreciation and amortization for SR Energy and Cementing, respectively. The following table presents unaudited pro forma information as if the acquisition of SR Energy and Cementing had occurred on January 1, 2016 (in thousands): Year Ended December 31, 2017 2016 Revenues (a) $ 35,142 $ 23,659 Net loss (4,066 ) (8,171 ) a. Includes $1.0 million and $0.7 million , respectively, in intercompany and related party revenues for SR Energy and Cementing for the years ended December 31, 2017 and 2016. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Following is a summary of related party transactions (in thousands): REVENUES ACCOUNTS RECEIVABLE Years Ended December 31, At December 31, 2017 2016 2015 2017 2016 Pressure Pumping and Gulfport (a) $ 144,473 $ 102,390 $ 124,311 $ 25,054 $ 19,095 Muskie and Gulfport (b) 42,956 25,783 38,182 1,947 5,373 Panther and Gulfport (c) 3,253 3,011 3,703 872 1,434 Redback Energy and Gulfport (d) — — 2,549 — — Cementing and Gulfport (e) 7,410 — — 2,255 — SR Energy and Gulfport (f) 10,129 — — 3,348 — Bison Drilling and El Toro (g) — 372 521 — — Panther and El Toro (g) 96 172 192 — — Bison Trucking and El Toro (g) — 130 145 — — Redback Energy and El Toro (h) 216 530 168 — 108 Coil Tubing and El Toro (i) 161 319 — — — Bison Drilling and Predator (j) 234 — — 234 — The Company and 2017 Stingray Companies (k) 63 38 9 — 1,363 Other Relationships 29 185 955 78 216 $ 209,020 $ 132,930 $ 170,735 $ 33,788 $ 27,589 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. Panther performs drilling services for Gulfport pursuant to a master service agreement. d. Redback Energy performs completion and production services for Gulfport pursuant to a master service agreement. e. Cementing performs well cementing services for Gulfport. f. SR Energy performs well cementing services for Gulfport. g. The contract land and directional drilling segment provides services for El Toro, an affiliate of Wexford, pursuant to a master service agreement. h. Redback Energy performs completion and production services for El Toro pursuant to a master service agreement. i. Coil Tubing provides El Toro services in connection with completion activities. j. Bison Drilling provides equipment rentals to Predator, an entity in which Wexford owns a minority interest. k. The Company provided certain services to the 2017 Stingray Companies. COST OF REVENUE ACCOUNTS PAYABLE Years Ended December 31, At December 31, 2017 2016 2015 2017 2016 Cobra and T&E (a) 610 — — 457 — Higher Power and T&E (a) 25 — — 3 — Panther and DBDHT (b) 196 49 101 77 — Redback Energy and Elk City Yard (c) 71 107 107 — — The Company and 2017 Stingray Companies (d) 432 724 933 — 174 Other Relationships 74 186 238 218 3 $ 1,408 $ 1,066 $ 1,379 $ 755 $ 177 SELLING, GENERAL AND ADMINISTRATIVE COSTS Consolidated and Everest (e) $ 175 $ 262 $ 493 $ 19 $ 13 Consolidated and Wexford (f) 892 394 384 150 13 Mammoth and Orange Leaf (g) 46 102 50 — — Mammoth and Caliber (h) 335 — 24 1 — Other Relationships 33 — — 2 — $ 1,481 $ 758 $ 951 $ 172 $ 26 CAPITAL EXPENDITURES Cobra and T&E (a) 629 — — 66 — Higher Power and T&E (a) 1,380 — — 385 — $ 2,009 $ — $ — $ 451 $ — $ 1,378 $ 203 a. Cobra and Higher Power purchase materials and services from T&E, an entity in which a member of management's family owns a minority interest. b. Panther rents rotary steerable equipment in connection with its directional drilling services from DBDHT, an affiliate of Wexford. c. Redback Energy leases property from Elk City Yard, an affiliate of Wexford. d. Prior to the 2017 Stingray Acquisition, the 2017 Stingray Companies provided certain services to the Company and, from time to time, the 2017 Stingray Companies paid for goods and services on behalf of the Company. e. Everest, a subsidiary of Wexford, 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. f. 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. g. Mammoth subleased office space from Orange Leaf, an entity in which a member of management and a member of management's family own, in the aggregate, a minority interest. The sublease was terminated in May 2017. h. Mammoth leases office space from Caliber, an entity controlled by Wexford. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Aggregate future minimum payments under the Company's non-cancelable operating, capital spend commitments and minimum purchase commitments as of December 31, 2017 are as follows (in thousands): Year ended December 31: Operating Leases Capital Spend Commitments Minimum Purchase Commitments 2018 $ 20,407 $ 19,582 $ 32,222 2019 14,200 — 10,866 2020 11,864 — — 2021 9,303 — — 2022 6,515 — — Thereafter 3,345 — — $ 65,634 $ 19,582 $ 43,088 |
Schedule Of Letters Of Credit | The letters of credit are categorized below (in thousands): December 31, 2017 2016 Environmental remediation $ 3,582 $ 1,375 Insurance programs 2,486 1,636 Rail car commitments 455 455 Total letters of credit $ 6,523 $ 3,466 |
Reporting Segments and Geogra42
Reporting Segments and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands): Year Ended December 31, 2017 Pressure Pumping Infrastructure Sand Drilling All Other (a) Eliminations Total Revenue from external customers $ 277,326 $ 224,425 $ 90,023 $ 50,075 $ 49,647 $ — $ 691,496 Intersegment revenues 2,026 — 27,014 446 2,081 (31,567 ) — Total revenue 279,352 224,425 117,037 50,521 51,728 (31,567 ) 691,496 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 183,089 120,117 91,049 46,701 41,613 — 482,569 Intersegment cost of revenues 28,147 1,443 1,731 146 65 (31,532 ) — Total cost of revenue 211,236 121,560 92,780 46,847 41,678 (31,532 ) 482,569 Selling, general and administrative 9,501 21,606 8,190 5,510 5,079 — 49,886 Depreciation, depletion, amortization and accretion 45,413 3,185 9,394 19,635 14,497 — 92,124 Impairment of long-lived assets — — 324 3,822 — — 4,146 Operating income (loss) 13,202 78,074 6,349 (25,293 ) (9,526 ) (35 ) 62,771 Interest expense 1,622 241 679 1,695 73 — 4,310 Bargain purchase gain — — (4,012 ) — — — (4,012 ) Other expense 129 6 211 256 75 — 677 Income (loss) before income taxes $ 11,451 $ 77,827 $ 9,471 $ (27,244 ) $ (9,674 ) $ (35 ) $ 61,796 Total expenditures for property, plant and equipment $ 85,853 $ 20,144 $ 16,376 $ 8,927 $ 2,553 $ — $ 133,853 As of December 31, 2017: Goodwill $ 86,043 $ 891 $ 2,684 $ — $ 10,193 $ — $ 99,811 Intangible assets, net $ 12,392 $ 1,770 $ — $ — $ 1,977 $ — $ 16,139 Total assets $ 297,140 $ 205,275 $ 190,859 $ 88,527 $ 243,767 $ (158,325 ) $ 867,243 a. Includes results for operations previously included in the well services and other energy services segments. Year Ended December 31, 2016 Pressure Pumping Well Services Sand Drilling Other Energy Services Eliminations Total Revenue from external customers $ 123,856 $ 10,024 $ 33,835 $ 32,043 $ 30,867 $ — $ 230,625 Intersegment revenues 569 79 4,267 — — (4,915 ) — Total revenue 124,425 10,103 38,102 32,043 30,867 (4,915 ) 230,625 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 82,552 13,540 31,895 31,848 13,186 — 173,021 Intersegment cost of revenues 4,336 26 561 (8 ) — (4,915 ) — Total cost of revenue 86,888 13,566 32,456 31,840 13,186 (4,915 ) 173,021 Selling, general and administrative 4,327 2,336 3,337 5,625 2,423 — 18,048 Depreciation, depletion, amortization and accretion 37,013 5,128 6,483 21,512 2,179 — 72,315 Impairment of long-lived assets 139 1,385 — 347 — — 1,871 Operating loss (3,942 ) (12,312 ) (4,174 ) (27,281 ) 13,079 — (34,630 ) Interest expense 599 134 434 2,829 100 — 4,096 Other expense (income) 27 (566 ) 96 248 37 — (158 ) (Loss) income before income taxes $ (4,568 ) $ (11,880 ) $ (4,704 ) $ (30,358 ) $ 12,942 $ — $ (38,568 ) Total expenditures for property, plant and equipment 7,673 405 528 2,709 425 — 11,740 As of December 31, 2016: Goodwill $ 86,043 $ — $ 2,684 $ — $ — $ — $ 88,727 Intangible assets, net $ 21,435 $ 132 $ — $ — $ — $ — $ 21,567 Total assets $ 197,635 $ 128,698 $ 109,128 $ 99,868 $ 48,653 $ (81,620 ) $ 502,362 Year Ended December 31, 2015 Pressure Pumping Well Services Sand Drilling Other Energy Services Eliminations Total Revenue from external customers $ 169,859 $ 28,851 $ 60,913 $ 73,032 $ 35,282 $ — $ 367,937 Intersegment revenue 759 — 5,144 1 — (5,904 ) — Total revenue 170,618 28,851 66,057 73,033 35,282 (5,904 ) 367,937 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 126,886 28,144 47,041 57,453 15,163 — 274,687 Intersegment cost of revenues 5,243 205 456 — — (5,904 ) — Total cost of revenue 132,129 28,349 47,497 57,453 15,163 (5,904 ) 274,687 Selling, general and administrative 4,901 2,286 4,264 8,573 2,376 — 22,400 Depreciation and amortization 35,729 5,697 6,305 24,627 2,141 — 74,499 Impairment of long-lived assets 1,214 88 1,905 8,917 — — 12,124 Operating (loss) income (3,355 ) (7,569 ) 6,086 (26,537 ) 15,602 — (15,773 ) Interest income — — (98 ) — — — (98 ) Interest expense 1,822 429 225 2,928 61 — 5,465 Other expense (income) 67 687 22 1,121 372 — 2,269 Loss (income) before income taxes $ (5,244 ) $ (8,685 ) $ 5,937 $ (30,586 ) $ 15,169 $ — $ (23,409 ) Total expenditures for property, plant and equipment $ 4,170 $ 6,768 $ 2,371 $ 12,651 $ 2,492 $ — $ 28,452 As of December 31, 2015: Goodwill $ 86,043 $ — $ 2,684 $ — $ — $ — $ 88,727 Intangible assets, net $ 30,479 $ 159 $ — $ — $ — $ — $ 30,638 Total assets $ 230,806 $ 147,268 $ 127,786 $ 123,656 $ 38,864 $ (131,968 ) $ 536,412 |
Revenue from External Customers by Geographic Areas | The following table presents consolidated revenues by country based on sales destination of the products or services (in thousands): Year Ended December 31, 2017 2016 2015 United States $ 471,745 $ 196,573 $ 331,633 Puerto Rico 203,087 — — Canada 16,664 34,052 36,304 Total $ 691,496 $ 230,625 $ 367,937 |
Long-lived Assets by Geographic Areas | The following table presents long-lived assets, excluding deferred income tax assets, by country (in thousands): Year Ended December 31, 2017 2016 2015 United States $ 515,904 $ 389,575 $ 450,983 Puerto Rico 6,923 — — Canada 23,254 23,848 25,168 Total $ 546,081 $ 413,423 $ 476,151 |
Quarterly Financial Data (una43
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Three Months Ended March 31, June 30, September 30, December 31, Total 2017 2017 2017 2017 (in thousands, except per share data) Revenue from external customers $ 30,464 $ 40,054 $ 78,389 $ 333,569 $ 482,476 Revenue from related parties 44,502 58,208 70,916 35,394 209,020 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 58,498 77,340 114,533 232,198 482,569 Selling, general and administrative expenses 6,737 7,700 8,023 27,426 49,886 Depreciation, depletion, amortization and accretion 17,237 19,893 27,224 27,770 92,124 Impairment of long-lived assets — — — 4,146 4,146 Operating income (loss) (7,506 ) (6,671 ) (475 ) 77,423 62,771 Interest expense 397 1,112 1,420 1,381 4,310 Bargain purchase gain — (4,012 ) — — (4,012 ) Other expense (income) 184 202 319 (28 ) 677 (Loss) income before income taxes (8,087 ) (3,973 ) (2,214 ) 76,070 61,796 (Benefit) provision for income taxes (3,106 ) (2,804 ) (1,413 ) 10,155 2,832 Net (loss) income $ (4,981 ) $ (1,169 ) $ (801 ) $ 65,915 $ 58,964 Net (loss) income per share (basic) (Note 11) $ (0.13 ) $ (0.03 ) $ (0.02 ) $ 1.48 $ 1.42 Net (loss) income per share (diluted) (Note 11) $ (0.13 ) $ (0.03 ) $ (0.02 ) $ 1.48 $ 1.42 Weighted average number of shares outstanding (Note 11) 37,500 39,500 44,502 44,579 41,548 Weighted average number of shares outstanding, including dilutive effect (Note 11) 37,500 39,500 44,502 44,683 41,639 Three Months Ended March 31, June 30, September 30, December 31, Total 2016 2016 2016 2016 (in thousands, except per share data) Revenue from external customers $ 29,518 $ 20,345 $ 20,753 $ 27,079 $ 97,695 Revenue from related parties 3,065 48,817 42,574 38,474 132,930 Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 32,391 50,504 42,855 47,271 173,021 Selling, general and administrative expenses 3,614 5,206 3,195 6,033 18,048 Depreciation, depletion, amortization and accretion 17,751 18,811 17,921 17,832 72,315 Impairment of long-lived assets — 1,871 — — 1,871 Operating income (loss) (21,173 ) (7,230 ) (644 ) (5,583 ) (34,630 ) Interest expense 1,296 1,012 1,025 763 4,096 Other expense (income) 1 (627 ) 254 214 (158 ) Loss before income taxes (22,470 ) (7,615 ) (1,923 ) (6,560 ) (38,568 ) Provision for income taxes 894 789 1,056 51,146 53,885 Net loss $ (23,364 ) $ (8,404 ) $ (2,979 ) $ (57,706 ) $ (92,453 ) Net loss per share (basic and diluted) (Note 11) $ (0.78 ) $ (0.28 ) $ (0.10 ) $ (1.61 ) $ (2.94 ) Weighted average number of shares outstanding (Note 11) 30,000 30,000 30,000 35,951 31,500 |
Organization and Basis of Pre44
Organization and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2017 | May 26, 2017 | Oct. 19, 2016 | Nov. 24, 2014 | Dec. 31, 2016 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [2] | Dec. 31, 2015 | [2] |
Business Acquisition [Line Items] | |||||||||||
Proceeds from initial public offering | $ 0 | $ 105,839 | $ 0 | ||||||||
Operating Entities | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued in acquisition (in shares) | 20,000,000 | ||||||||||
Chieftain Sand And Proppant, LLC and Chieftain Sand and Proppant Barron, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price | $ 36,300 | ||||||||||
Sturgeon LLC and Stingray Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued in acquisition (in shares) | 7,000,000 | ||||||||||
IPO | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued (in shares) | 7,750,000 | ||||||||||
Sale of stock, price per share (in USD per share) | $ 15 | ||||||||||
Proceeds from initial public offering | $ 103,100 | ||||||||||
IPO | Mammoth Holdings, Gulfport and Rhino | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued (in shares) | 250,000 | ||||||||||
Over-Allotment Option | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued (in shares) | 7,500,000 | 7,500,000 | |||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Organization and Basis of Pre45
Organization and Basis of Presentation - Ownership Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 44,589,306 | 37,500,000 |
% Ownership | 100.00% | 100.00% |
Mammoth Holdings | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 25,009,319 | 20,443,903 |
% Ownership | 56.10% | 54.50% |
Gulfport | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 11,171,887 | 9,073,750 |
% Ownership | 25.10% | 24.20% |
Rhino | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 568,794 | 232,347 |
% Ownership | 1.30% | 0.60% |
Outstanding shares owned by related parties | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Share Count (in shares) | 36,750,000 | 29,750,000 |
% Ownership | 82.50% | 79.30% |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) CAD in Millions | Dec. 31, 2017CAD |
Accounting Policies [Abstract] | |
Cash | CAD 2.5 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Balance, Period Start | $ 5,377 | $ 4,012 | $ 590 | ||||
Additions charged to expense | 16,206 | [1] | 1,968 | [2] | 3,881 | [2] | |
Additions - other | 179 | ||||||
Deductions for uncollectible receivables written off | (25) | (603) | (459) | ||||
Balance, Period End | $ 21,737 | 21,737 | $ 5,377 | $ 4,012 | |||
Cobra Acquisitions | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Additions charged to expense | $ 16,000 | ||||||
Oil And Natural Gas Industry | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Additions charged to expense | $ 200 | ||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | [2] | Dec. 31, 2015 | [2] | ||
Property, Plant and Equipment [Line Items] | ||||||
Amortization of coil tubing strings | $ 2,855 | [1] | $ 2,028 | $ 2,076 | ||
Coil Tubing Strings | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Inventory useful life (no longer than) | 12 months | |||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Impairment of long-lived assets | $ 4,100,000 | $ 1,900,000 | $ 9,900,000 |
Impairment of finite lived intangible assets | 0 | 0 | 1,905,000 |
Impairment of intangible | 0 | 0 | 257,000 |
Goodwill, impairment loss | $ 0 | $ 0 | $ 88,000 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 88,000 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Schedule of Assets Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Balance as of beginning of period | $ 260 | [1] | $ 95 | |
Liabilities assumed through acquisition | 1,732 | 0 | ||
Accretion expense | 124 | 162 | ||
Foreign currency translation adjustment | 7 | 3 | ||
Asset retirement obligation as of end of period | $ 2,123 | $ 260 | [1] | |
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Amortizable Intangible Assets (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)customer_relationship | |
Accounting Policies [Abstract] | |||
Impairment of finite lived intangible assets | $ 0 | $ 0 | $ 1,905,000 |
Number of customer relationships terminated | customer_relationship | 1 | ||
Impairment of intangible | $ 0 | $ 0 | $ 257,000 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from insurance settlement, operating activities | $ 500,000 | ||
Accounts receivable, net | 21,169,000 | [1] | $ 243,746,000 |
Deferred revenue | 0 | 15,210,000 | |
Unbilled Revenues | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 2,700,000 | 65,900,000 | |
Accounts receivable, related parties | $ 10,500,000 | $ 9,100,000 | |
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Effective income tax rate | 4.90% | 34.60% | |
Valuation allowance | $ 15,505 | $ 15,505 | $ 0 |
Total effect of income tax reform | 31,000 | ||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Concentration of Credit Risk and Significant Customers (Details) - Customer Concentration Risk | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Customer A | REVENUES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 30.00% | 57.00% | 46.00% |
Customer A | ACCOUNTS RECEIVABLE | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.00% | 57.00% | |
Customer B | REVENUES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 29.00% | 0.00% | 0.00% |
Customer B | ACCOUNTS RECEIVABLE | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 56.00% | 0.00% | |
Customer C | REVENUES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 1.00% | 11.00% | 6.00% |
Customer C | ACCOUNTS RECEIVABLE | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.00% | 9.00% | |
Customer D | REVENUES | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.00% | 0.00% | 12.00% |
Customer D | ACCOUNTS RECEIVABLE | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.00% | 0.00% |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |||
Supplies | $ 9,437 | $ 4,021 | |
Raw materials | 219 | 76 | |
Work in process | 2,370 | 205 | |
Finished goods | 5,788 | 1,822 | |
Total inventory | $ 17,814 | $ 6,124 | [1] |
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Property, Plant and Equipment57
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 587,298 | $ 410,989 | ||||
Deposits on equipment and equipment in process of assembly | 20,348 | 9,427 | ||||
Property, plant and equipment, gross | 607,646 | 420,416 | ||||
Less: accumulated depreciation, depletion, amortization and accretion | 256,629 | 178,296 | ||||
Property, plant and equipment, net | 351,017 | 242,120 | [1] | |||
Accumulated depreciation for assets under capital leases | 800 | 900 | ||||
Proceeds from disposal of property and equipment | 907 | [2] | 4,022 | [3] | $ 1,417 | [3] |
Gain on disposal of property and equipment | (69) | [2] | 702 | [3] | (1,429) | [3] |
Pressure pumping equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 190,211 | 96,501 | ||||
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 | |||||
Drilling rigs and related equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 132,260 | 138,527 | ||||
Proceeds from disposal of property and equipment | 500 | 700 | 400 | |||
Gain on disposal of property and equipment | $ 300 | 400 | $ 100 | |||
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 | |||||
Machinery and equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 97,569 | 35,548 | ||||
Assets under capital lease | $ 1,800 | |||||
Machinery and equipment | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful Life | 7 years | |||||
Machinery and equipment | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful Life | 20 years | |||||
Buildings | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 45,992 | 54,833 | ||||
Buildings | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful Life | 15 years | |||||
Buildings | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful Life | 39 years | |||||
Vehicles, trucks and trailers | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 54,055 | 33,141 | ||||
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 | |||||
Vehicles, trucks and trailers | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Assets under capital lease | $ 1,000 | 1,100 | ||||
Coil tubing equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 28,053 | 28,019 | ||||
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 | |||||
Land | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 11,317 | 5,040 | ||||
Land improvements | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 9,614 | 3,641 | ||||
Land improvements | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful Life | 15 years | |||||
Rail improvements | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 5,540 | 4,277 | ||||
Rail improvements | Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful Life | 10 years | |||||
Rail improvements | Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Useful Life | 20 years | |||||
Other property and equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, plant, and equipment | $ 12,687 | $ 11,462 | ||||
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 | |||||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. | |||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Depreciation, Amortization, Accretion, and Depletion (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 81,191 | $ 62,196 | $ 64,568 |
Accretion and depletion expense (see Note 2) | 1,632 | 1,048 | 829 |
Amortization expense (see Note 6) | 9,301 | 9,071 | 9,102 |
Depreciation, depletion, amortization and accretion | 92,124 | 72,315 | 74,499 |
Depreciation expense for assets under capital leases | $ 400 | $ 500 | $ 600 |
Impairments (Details)
Impairments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment of long term contractual agreement | $ 0 | $ 0 | $ 1,905,000 | |||||||||||
Impairment of goodwill | 0 | 0 | 88,000 | |||||||||||
Impairment of intangible | 0 | 0 | 257,000 | |||||||||||
Impairment of long-lived assets | $ 4,146,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,871,000 | $ 0 | 4,146,000 | [1],[2] | 1,871,000 | [3],[4] | 12,124,000 | [3],[4] |
Impairment of long-lived assets held for use | 4,100,000 | 1,900,000 | 9,900,000 | |||||||||||
Flowback equipment | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Asset impairment charges | 0 | 1,385,000 | 0 | |||||||||||
Drilling Rigs | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Asset impairment charges | 3,822,000 | 347,000 | 8,917,000 | |||||||||||
Fluid storage equipment | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Asset impairment charges | 0 | 0 | 957,000 | |||||||||||
Other property, plant and equipment | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Asset impairment charges | $ 324,000 | $ 139,000 | $ 0 | |||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets - Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net | $ 16,139 | $ 21,567 | $ 30,638 | |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | 35,795 | 33,605 | ||
Less: accumulated amortization | (26,172) | (17,655) | ||
Intangible assets, net | 9,623 | 15,950 | [1] | |
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | 8,793 | 7,110 | ||
Less: accumulated amortization | $ (2,277) | $ (1,493) | ||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 9,301 | $ 9,071 | $ 9,102 | |
Goodwill | $ 99,811 | $ 88,727 | [1] | $ 88,727 |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 2 years 4 months 10 days | |||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life (in years) | 8 years 4 months 18 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) | 10 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) | 20 years | |||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets - Aggregated Expected Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2,018 | $ 8,578 | ||
2,019 | 1,096 | ||
2,020 | 1,095 | ||
2,021 | 1,090 | ||
2,022 | 1,068 | ||
Thereafter | 3,212 | ||
Intangible assets, net | $ 16,139 | $ 21,567 | $ 30,638 |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets - Schedule Of Changes in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Goodwill [Roll Forward] | ||||
Goodwill, period start | $ 88,727 | [1] | $ 88,727 | |
Additions | 0 | |||
Goodwill, period end | 99,811 | $ 88,727 | [1] | |
Stingray Acquisitions | ||||
Goodwill [Roll Forward] | ||||
Additions | 10,193 | |||
Higher Power | ||||
Goodwill [Roll Forward] | ||||
Additions | 643 | |||
5 Star | ||||
Goodwill [Roll Forward] | ||||
Additions | $ 248 | |||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Accrued Expenses and Other Cu64
Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |||
Deferred revenue | $ 15,210,000 | $ 0 | |
Accrued compensation, benefits and related taxes | 11,552,000 | 2,432,000 | |
Financed insurance premiums | 4,876,000 | 3,294,000 | |
Insurance reserves | 2,942,000 | 971,000 | |
State and local taxes payable | 2,126,000 | 320,000 | |
Other | 4,189,000 | 1,529,000 | |
Total | $ 40,895,000 | $ 8,546,000 | [1] |
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Accrued Expenses and Other Cu65
Accrued Expenses and Other Current Liabilities - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Payables and Accruals [Abstract] | ||
Financed insurance premium interest rate, percent | 2.75% | 1.97% |
Debt (Details)
Debt (Details) | Jun. 30, 2015USD ($) | Nov. 24, 2014 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 25, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||
Weighted average interest rate | 4.37% | ||||
Outstanding borrowing under the credit facility | $ 99,900,000 | ||||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 170,000,000 | ||||
Remaining borrowing capacity | $ 62,800,000 | $ 146,200,000 | |||
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 | ||||
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% | ||||
Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Remaining borrowing capacity | $ 6,500,000 | ||||
Sturgeon Acquisitions LLC | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 25,000,000 | ||||
Basis spread on variable rate, percent | 2.00% | ||||
Outstanding borrowing under the credit facility | 0 | ||||
Remaining borrowing capacity | $ 18,200,000 | ||||
Interest coverage ratio | 3.5 | ||||
Debt covenant, minimum availability required | $ 5,000,000 | ||||
Debt instrument, term | 3 years | ||||
Sturgeon Acquisitions LLC | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate, percent | 3.00% |
Other Liabilities (Details)
Other Liabilities (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Capital lease, weighted average implied interest rate | 4.37% | |
Financing arrangement, term | 5 years | |
Financing arrangement, stated interest rate | 4.60% | |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Capital lease, weighted average implied interest rate | 19.10% | 5.70% |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |||
Capital lease obligations | $ 2,015 | $ 476 | |
Equipment financing arrangement | 1,605 | 0 | |
Taxes | 0 | 2,306 | |
Other | 500 | 0 | |
Total | 4,120 | 2,782 | |
Less: Current portion of capital lease and equipment financing obligations included in accrued expenses and other current liabilities | 831 | 378 | |
Total Other Liabilities | $ 3,289 | $ 2,404 | [1] |
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Other Liabilities - Schedule 69
Other Liabilities - Schedule of Future Payments Under Capital Lease (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Other Liabilities Disclosure [Abstract] | |
2,018 | $ 1,052 |
2,019 | 1,565 |
2,020 | 669 |
2,021 | 366 |
2,022 | 360 |
Total | 4,012 |
Less interest payments | (392) |
Present value of future minimum payments | $ 3,620 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Income Tax Disclosure [Abstract] | ||||||||||||||
U.S. current income tax expense | $ 804 | $ 2,307 | $ 13 | |||||||||||
U.S. deferred income tax (benefit) expense | (27,764) | 47,957 | (5,626) | |||||||||||
Foreign current income tax expense | 36,565 | 3,594 | 3,879 | |||||||||||
Foreign deferred income tax (benefit) expense | (6,773) | 27 | 145 | |||||||||||
Total | $ 10,155 | $ (1,413) | $ (2,804) | $ (3,106) | $ 51,146 | $ 1,056 | $ 789 | $ 894 | $ 2,832 | [1] | $ 53,885 | [2] | $ (1,589) | [2] |
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Income (loss) before income taxes | $ 76,070 | $ (2,214) | $ (3,973) | $ (8,087) | $ (6,560) | $ (1,923) | $ (7,615) | $ (22,470) | $ 61,796 | [1] | $ (38,568) | [2] | $ (23,409) | [2] |
Bargain purchase gain, net of tax | 0 | 0 | (4,012) | 0 | (4,012) | [1],[3] | 0 | [2],[4] | 0 | [2],[4] | ||||
Income (loss) before income taxes, as taxed | $ 57,784 | $ (38,568) | $ (23,409) | |||||||||||
Statutory income tax rate (percent) | 35.00% | 35.00% | 35.00% | |||||||||||
Expected income tax expense (benefit) | $ 20,224 | $ (13,499) | $ (8,193) | |||||||||||
Income earned as non-taxable entity (See Note 2) | 0 | 15,167 | 0 | |||||||||||
Effect due to change to C corporation (See Note 2) | 0 | 53,089 | 0 | |||||||||||
Change in entity status | 0 | 0 | (4,792) | |||||||||||
Non taxable entity | 0 | 0 | 13,562 | |||||||||||
Change in tax rate | (21,309) | (25) | 0 | |||||||||||
Tax reform - unrepatriated foreign earnings | (9,727) | |||||||||||||
Foreign income tax rate differential | 6,286 | (1,078) | (1,370) | |||||||||||
Foreign earnings not in reported income | 22,054 | |||||||||||||
Foreign tax credits | (29,551) | 0 | 0 | |||||||||||
Other permanent differences | 503 | 210 | 0 | |||||||||||
State tax expenses | 39 | 21 | 0 | |||||||||||
Other | (1,192) | 0 | (796) | |||||||||||
Change in valuation allowance | 15,505 | 0 | 0 | |||||||||||
Total | 10,155 | $ (1,413) | $ (2,804) | $ (3,106) | $ 51,146 | $ 1,056 | $ 789 | $ 894 | $ 2,832 | [1] | $ 53,885 | [2] | $ (1,589) | [2] |
Total effect of income tax reform | 31,000 | |||||||||||||
Remeasurement of deferred tax liabilities | 21,300 | |||||||||||||
Effect of income tax reform, unrepatriated foreign earnings | $ 9,700 | |||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||||||||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred tax assets: | |||
Allowance for doubtful accounts | $ 11,973 | $ 1,893 | |
Deferred compensation | 1,032 | 1,687 | |
Accrued liabilities | 1,442 | 601 | |
Foreign tax credits | 15,505 | 145 | |
Other | 1,448 | 1,786 | |
Valuation allowance | (15,505) | 0 | |
Deferred tax assets | 15,895 | 6,112 | |
Deferred tax liabilities: | |||
Property and equipment | (40,390) | (42,526) | |
Intangible assets | (2,839) | (7,663) | |
Unrepatriated foreign earnings | 0 | (3,451) | |
Other | (74) | (143) | |
Deferred tax liabilities | (43,303) | (53,783) | |
Net deferred tax liability | (27,408) | (47,671) | |
Reflected in accompanying balance sheet as: | |||
Deferred income tax asset | 6,739 | 0 | [1] |
Deferred income tax liability | (34,147) | (47,671) | [1] |
Valuation allowance | $ 15,505 | $ 0 | |
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Earnings (Loss) Per Share - Bas
Earnings (Loss) Per Share - Basic Net Loss Per Common Unit Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Oct. 12, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Earnings Per Share [Abstract] | ||||||||||||||||
Net income (loss) | $ 65,915 | $ (801) | $ (1,169) | $ (4,981) | $ (57,706) | $ (56,323) | $ (2,979) | $ (8,404) | $ (23,364) | $ (32,085) | $ 58,964 | [1],[2] | $ (92,453) | [3],[4] | $ (21,820) | [3],[4] |
Net loss per limited partner unit (in USD per share) | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ (1.61) | $ (0.10) | $ (0.28) | $ (0.78) | $ 1.42 | $ (2.94) | $ (0.73) | |||||
Weighted average common units outstanding (in shares) | 30,000,000 | 30,000,000 | ||||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Earnings (Loss) Per Share - Nar
Earnings (Loss) Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 19, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [2] | ||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from initial public offering | $ 0 | [1] | $ 105,839 | [2] | $ 0 | |||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
IPO | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Shares issued (in shares) | 7,750,000 | |||||||
Sale of stock, price per share (in USD per share) | $ 15 | |||||||
Proceeds from initial public offering | $ 103,100 | |||||||
Over-Allotment Option | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Shares issued (in shares) | 7,500,000 | 7,500,000 | ||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Conversion of Common Units into Common Shares (Details) - shares | Oct. 19, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Weighted Average Shares Outstanding (in shares) | 44,579,000 | 44,502,000 | 39,500,000 | 37,500,000 | 35,951,000 | 30,000,000 | 30,000,000 | 30,000,000 | 41,548,000 | 31,500,000 | [2] | 30,000,000 | [2] | |||
Conversion (in shares) | (30,000,000) | (30,000,000) | ||||||||||||||
Weighted Average Units Outstanding (in shares) | 30,000,000 | 30,000,000 | ||||||||||||||
IPO | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Share Issuance at IPO (in shares) | 1,500,000 | 0 | ||||||||||||||
Shares issued (in shares) | 7,750,000 | |||||||||||||||
Over-Allotment Option | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Shares issued (in shares) | 7,500,000 | 7,500,000 | ||||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Oct. 12, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Basic earnings (loss) per share: | ||||||||||||||||
Net income (loss) | $ 65,915 | $ (801) | $ (1,169) | $ (4,981) | $ (57,706) | $ (56,323) | $ (2,979) | $ (8,404) | $ (23,364) | $ (32,085) | $ 58,964 | [1],[2] | $ (92,453) | [3],[4] | $ (21,820) | [3],[4] |
Weighted average common shares outstanding (in shares) | 44,579,000 | 44,502,000 | 39,500,000 | 37,500,000 | 35,951,000 | 30,000,000 | 30,000,000 | 30,000,000 | 41,548,000 | [1] | 31,500,000 | [3] | 30,000,000 | [3] | ||
Basic earnings (loss) per share (in USD per share) | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ (1.61) | $ (0.10) | $ (0.28) | $ (0.78) | $ 1.42 | $ (2.94) | $ (0.73) | |||||
Diluted earnings (loss) per share: | ||||||||||||||||
Net income (loss) | $ 65,915 | $ (801) | $ (1,169) | $ (4,981) | $ (57,706) | $ (56,323) | $ (2,979) | $ (8,404) | $ (23,364) | $ (32,085) | $ 58,964 | [1],[2] | $ (92,453) | [3],[4] | $ (21,820) | [3],[4] |
Weighted average common shares, including dilutive effect (in shares) | 41,639,000 | 31,500,000 | 30,000,000 | |||||||||||||
Diluted earnings (loss) per share (in USD per share) | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ (1.61) | $ (0.10) | $ (0.28) | $ (0.78) | $ 1.42 | $ (2.94) | $ (0.73) | |||||
Restricted Stock | ||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||
Incremental common shares attributable to dilutive effect of share-based payment arrangements | 0 | 0 | ||||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Earnings (Loss) Per Share - Pro
Earnings (Loss) Per Share - Pro Forma Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Oct. 12, 2016 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Pro Forma C Corporation Data (unaudited): | |||||||||||||||||
Net loss, as reported | $ 76,070 | $ (2,214) | $ (3,973) | $ (8,087) | $ (6,560) | $ (1,923) | $ (7,615) | $ (22,470) | $ 61,796 | $ (38,568) | [2] | $ (23,409) | [2] | ||||
Taxes due to change to C corporation (Note 10) | (10,155) | 1,413 | 2,804 | 3,106 | (51,146) | (1,056) | (789) | (894) | (2,832) | (53,885) | [2] | 1,589 | [2] | ||||
Net income (loss) | 65,915 | (801) | (1,169) | (4,981) | (57,706) | $ (56,323) | (2,979) | (8,404) | (23,364) | $ (32,085) | 58,964 | [3] | (92,453) | [2],[4] | (21,820) | [2],[4] | |
Basic earnings (loss) per share: | |||||||||||||||||
Net income (loss) | $ 65,915 | $ (801) | $ (1,169) | $ (4,981) | $ (57,706) | $ (56,323) | $ (2,979) | $ (8,404) | $ (23,364) | $ (32,085) | $ 58,964 | [3] | $ (92,453) | [2],[4] | $ (21,820) | [2],[4] | |
Weighted average common shares outstanding (in USD per share) | [2] | 43,107 | 43,107 | ||||||||||||||
Basic loss per share (in USD per share) | [2] | $ (0.56) | $ (0.50) | ||||||||||||||
Diluted earnings (loss) per share: | |||||||||||||||||
Weighted average common shares, including dilutive effect (in shares) | [2] | 43,107 | 43,107 | ||||||||||||||
Diluted loss per share (in USD per share) | [2] | $ (0.56) | $ (0.50) | ||||||||||||||
Pro Forma | |||||||||||||||||
Pro Forma C Corporation Data (unaudited): | |||||||||||||||||
Net loss, as reported | [2] | $ (92,453) | $ (21,820) | ||||||||||||||
Taxes on income earned as a non-taxable entity (Note 10) | [2] | 15,224 | 391 | ||||||||||||||
Taxes due to change to C corporation (Note 10) | [2] | 53,089 | 0 | ||||||||||||||
Net income (loss) | [2] | (24,140) | (21,429) | ||||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||
Net income (loss) | [2] | $ (24,140) | $ (21,429) | ||||||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | ||||||||||||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Equity Based Compensation (Deta
Equity Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
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 | 5,600,000 |
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 | $ 51,700,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation, number of shares authorized (in shares) | 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 | $ 9.6 | |
Unrecognized compensation cost | 26 months | |
Compensation expense | $ 3.7 | $ 0.5 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock - $ / shares | 2 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2017 | |
Number of Unvested Restricted Stock Units | ||
Unvested restricted stock units, beginning of the period(in shares) | 0 | 282,780 |
Granted (in shares) | 298,335 | 460,185 |
Vested (in shares) | (11,110) | (97,890) |
Forfeited (in shares) | (4,445) | (4,443) |
Unvested restricted stock units, ending of the period (in shares) | 282,780 | 640,632 |
Weighted Average Grant-Date Fair Value | ||
Unvested restricted stock units, beginning of the period (in USD per share) | $ 0 | $ 14.98 |
Granted (in USD per share) | 14.97 | 20.72 |
Vested (in USD per share) | (14.69) | (15.07) |
Forfeited (in USD per share) | (15) | (15) |
Unvested restricted stock units, ending of the period (in USD per share) | $ 14.98 | $ 19.44 |
Acquisitions - Stingray Acquisi
Acquisitions - Stingray Acquisition Narrative (Details) | Jun. 05, 2017USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | May 12, 2017agreement | Dec. 31, 2016$ / shares |
Business Acquisition [Line Items] | ||||
Number of contribution agreements entered into | agreement | 2 | |||
Common stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Stingray Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Issuance of common stock (in shares) | $ | $ 1,392,548 | |||
Common stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | |||
Business acquisition, share price (in USD per share) | $ / shares | $ 18.50 | |||
Total consideration transferred | $ | $ 25,762,000 | |||
Transaction related costs expensed | $ | $ 200,000 |
Acquisitions - Consideration Tr
Acquisitions - Consideration Transferred Stingray Acquisition (Details) $ in Thousands | Jun. 05, 2017USD ($) |
Cementing | |
Business Acquisition [Line Items] | |
Total consideration transferred | $ 12,975 |
SR Energy | |
Business Acquisition [Line Items] | |
Total consideration transferred | 12,787 |
Stingray Acquisitions | |
Business Acquisition [Line Items] | |
Total consideration transferred | $ 25,762 |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed, Stingray (Details) - USD ($) $ in Thousands | Jun. 05, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 99,811 | $ 88,727 | $ 88,727 | ||
Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life (in years) | 2 years 4 months 10 days | ||||
Trade names | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life (in years) | 8 years 4 months 18 days | ||||
SR Energy | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 1,611 | ||||
Accounts receivable, net | 3,913 | ||||
Receivables from related parties | 3,684 | ||||
Inventories | 0 | ||||
Prepaid expenses | 35 | ||||
Property, plant and equipment | 13,061 | ||||
Goodwill | 3,929 | ||||
Other assets | 7 | ||||
Total assets acquired | 26,790 | ||||
Accounts payable and accrued liabilities | 5,890 | ||||
Long-term debt | 5,074 | ||||
Deferred tax liability | 3,039 | ||||
Total liabilities assumed | 14,003 | ||||
Net assets acquired | 12,787 | ||||
SR Energy | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | 0 | ||||
SR Energy | Trade names | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | 550 | ||||
Cementing | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 1,060 | ||||
Accounts receivable, net | 495 | ||||
Receivables from related parties | 1,418 | ||||
Inventories | 306 | ||||
Prepaid expenses | 32 | ||||
Property, plant and equipment | 7,459 | ||||
Goodwill | 6,264 | ||||
Other assets | 0 | ||||
Total assets acquired | 18,444 | ||||
Accounts payable and accrued liabilities | 2,063 | ||||
Long-term debt | 2,000 | ||||
Deferred tax liability | 1,406 | ||||
Total liabilities assumed | 5,469 | ||||
Net assets acquired | 12,975 | ||||
Cementing | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | 1,140 | ||||
Cementing | Trade names | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | 270 | ||||
Stingray Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 2,671 | ||||
Accounts receivable, net | 4,408 | ||||
Receivables from related parties | 5,102 | ||||
Inventories | 306 | ||||
Prepaid expenses | 67 | ||||
Property, plant and equipment | 20,520 | ||||
Goodwill | 10,193 | ||||
Other assets | 7 | ||||
Total assets acquired | 45,234 | ||||
Accounts payable and accrued liabilities | 7,953 | ||||
Long-term debt | 7,074 | ||||
Deferred tax liability | 4,445 | ||||
Total liabilities assumed | 19,472 | ||||
Net assets acquired | 25,762 | ||||
Stingray Acquisitions | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | 1,140 | ||||
Stingray Acquisitions | Trade names | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | $ 820 | ||||
Minimum | Stingray Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life (in years) | 5 years | ||||
Maximum | Stingray Acquisitions | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life (in years) | 10 years | ||||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Acquisitions - Pro Forma Stingr
Acquisitions - Pro Forma Stingray Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
SR Energy | ||
Business Acquisition [Line Items] | ||
Revenues | $ 11,572 | |
Net loss | (1,626) | |
Depreciation | 3,400 | |
Cementing | ||
Business Acquisition [Line Items] | ||
Revenues | 7,500 | |
Net loss | (1,963) | |
Depreciation | 4,100 | |
Stingray Acquisitions | ||
Business Acquisition [Line Items] | ||
Revenues | 35,142 | $ 23,659 |
Net loss | (4,066) | (8,171) |
Intercompany elimination | SR Energy | ||
Business Acquisition [Line Items] | ||
Revenues | 600 | |
Intercompany elimination | Cementing | ||
Business Acquisition [Line Items] | ||
Revenues | 0 | |
Intercompany elimination | Stingray Acquisitions | ||
Business Acquisition [Line Items] | ||
Revenues | $ 1,000 | $ 700 |
Acquisitions - Chieftain Acquis
Acquisitions - Chieftain Acquisition Narrative (Details) - USD ($) $ in Thousands | May 24, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | Dec. 31, 2015 | [2] | |
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 42,008 | [1] | $ 0 | $ 0 | |||
Chieftain Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 36,300 | ||||||
Transaction related costs expensed | $ 800 | ||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Acquisitions - Schedule of As86
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed Chieftrain Sand and Proppant LLC (Details) - USD ($) $ in Thousands | May 24, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | [1],[2] | Dec. 31, 2016 | [3],[4] | Dec. 31, 2015 | [3],[4] |
Business Acquisition [Line Items] | |||||||||||
Bargain purchase gain, net of tax | $ 0 | $ 0 | $ (4,012) | $ 0 | $ (4,012) | $ 0 | $ 0 | ||||
Chieftain Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Property, plant and equipment | $ 23,373 | ||||||||||
Sand reserves | 20,910 | ||||||||||
Total assets acquired | 44,283 | ||||||||||
Asset retirement obligation | 1,732 | ||||||||||
Total liabilities assumed | 1,732 | ||||||||||
Total allocation of purchase price | 42,551 | ||||||||||
Bargain purchase gain, net of tax | (6,231) | ||||||||||
Total purchase price | 36,320 | ||||||||||
Bargain purchase, gain recognized, tax amount | $ 2,200 | ||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||||||
[3] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | ||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information Chieftain Sand and Proppant LLC (Details) - Chieftain Acquisition - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Revenues | $ 22,847 | |
Net income | 5,520 | |
Depreciation | 2,800 | |
Revenues | 22,847 | $ 7,690 |
Net income | 5,655 | $ 34,127 |
Intercompany elimination | ||
Business Acquisition [Line Items] | ||
Revenues | 12,300 | |
Revenues | $ 12,300 |
Acquisitions - Narrative Sturge
Acquisitions - Narrative Sturgeon Acquisitions (Details) - USD ($) | Jun. 05, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | |
Sturgeon Acquisitions LLC | |||
Business Acquisition [Line Items] | |||
Issuance of common stock (in shares) | $ 5,607,452 | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | ||
Business acquisition, share price (in USD per share) | $ 18.50 | ||
Total consideration transferred | $ 103,700,000 | ||
Transaction related costs expensed | $ 1,300,000 |
Acquisitions - Acquisition of H
Acquisitions - Acquisition of Higher Power Narrative (Details) - USD ($) $ in Thousands | Apr. 21, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | Dec. 31, 2015 | [2] | |
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 42,008 | [1] | $ 0 | $ 0 | |||
Higher Power | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 3,300 | ||||||
Business combination, contingent consideration, liability | $ 800 | ||||||
Business combination, contingent consideration, payment term | 3 years | ||||||
Transaction related costs expensed | 100 | ||||||
Total consideration transferred | $ 4,000 | ||||||
Accrued Liabilities | Higher Power | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, contingent consideration, liability | 300 | ||||||
Other Liabilities | Higher Power | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, contingent consideration, liability | $ 500 | ||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Acquisitions - Schedule of As90
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed. High Power Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 21, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 99,811 | $ 88,727 | $ 88,727 | ||
Higher Power | |||||
Business Acquisition [Line Items] | |||||
Property, plant and equipment | $ 1,744 | ||||
Goodwill | 643 | ||||
Total assets acquired | 4,000 | ||||
Customer relationships | Higher Power | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | $ 1,613 | ||||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Acquisitions - Pro Forma Info91
Acquisitions - Pro Forma Information High Power Acquisition (Details) - Higher Power - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Revenues | $ 39,571 | |
Net income | 5,127 | |
Depreciation | 2,000 | |
Revenues | 42,343 | $ 10,039 |
Net income (loss) | 5,004 | $ (1,189) |
Intercompany elimination | ||
Business Acquisition [Line Items] | ||
Revenues | 27,400 | |
Revenues | $ 27,400 |
Acquisitions - Acquisition of 5
Acquisitions - Acquisition of 5 Star Narrative (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | Dec. 31, 2015 | [2] | |
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 42,008 | [1] | $ 0 | $ 0 | |||
5 Star | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid to acquire a business | $ 2,400 | ||||||
Acquisition related costs | $ 100 | ||||||
Minimum | 5 Star | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived intangible asset, useful life (in years) | 5 years | ||||||
Maximum | 5 Star | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived intangible asset, useful life (in years) | 10 years | ||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | ||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Acquisitions - Schedule Of As93
Acquisitions - Schedule Of Assets Acquired and Liabilities Assumed 5 Star (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jul. 01, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 99,811 | $ 88,727 | $ 88,727 | ||
5 Star | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 2,440 | ||||
Property, plant and equipment | 1,863 | ||||
Goodwill | 248 | ||||
Total assets acquired | 4,851 | ||||
Long-term debt and other liabilities | 2,413 | ||||
Total liabilities assumed | 2,413 | ||||
Net assets acquired | 2,438 | ||||
Trade names | 5 Star | |||||
Business Acquisition [Line Items] | |||||
Identifiable intangible assets | $ 300 | ||||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Acquisitions - Pro Forma, 5 Sta
Acquisitions - Pro Forma, 5 Star (Details) - 5 Star - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Revenues | $ 25,216 | |
Net income | 4,191 | |
Depreciation | 800 | |
Revenues | 31,548 | $ 13,971 |
Net income (loss) | 3,910 | $ (839) |
Intercompany elimination | ||
Business Acquisition [Line Items] | ||
Revenues | 16,000 | |
Revenues | $ 16,000 |
Related Party Transactions - Re
Related Party Transactions - Revenues and Accounts Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | $ 35,394 | $ 70,916 | $ 58,208 | $ 44,502 | $ 38,474 | $ 42,574 | $ 48,817 | $ 3,065 | $ 209,020 | $ 132,930 | $ 170,735 | ||
ACCOUNTS RECEIVABLE | 33,788 | 27,589 | [1] | 33,788 | 27,589 | [1] | |||||||
Other Relationships | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 29 | 185 | 955 | ||||||||||
ACCOUNTS RECEIVABLE | 78 | 216 | 78 | 216 | |||||||||
Pressure Pumping and Gulfport | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 144,473 | 102,390 | 124,311 | ||||||||||
ACCOUNTS RECEIVABLE | 25,054 | 19,095 | 25,054 | 19,095 | |||||||||
Muskie and Gulfport | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 42,956 | 25,783 | 38,182 | ||||||||||
ACCOUNTS RECEIVABLE | 1,947 | 5,373 | 1,947 | 5,373 | |||||||||
Panther and Gulfport | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 3,253 | 3,011 | 3,703 | ||||||||||
ACCOUNTS RECEIVABLE | 872 | 1,434 | 872 | 1,434 | |||||||||
Redback Energy and Gulfport | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 0 | 0 | 2,549 | ||||||||||
ACCOUNTS RECEIVABLE | 0 | 0 | 0 | 0 | |||||||||
Cementing and Gulfport | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 7,410 | 0 | 0 | ||||||||||
ACCOUNTS RECEIVABLE | 2,255 | 0 | 2,255 | 0 | |||||||||
SR Energy and Gulfport | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 10,129 | 0 | 0 | ||||||||||
ACCOUNTS RECEIVABLE | 3,348 | 0 | 3,348 | 0 | |||||||||
Bison Drilling and El Toro | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 0 | 372 | 521 | ||||||||||
ACCOUNTS RECEIVABLE | 0 | 0 | 0 | 0 | |||||||||
Panther and El Toro | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 96 | 172 | 192 | ||||||||||
ACCOUNTS RECEIVABLE | 0 | 0 | 0 | 0 | |||||||||
Bison Trucking and El Toro | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 0 | 130 | 145 | ||||||||||
ACCOUNTS RECEIVABLE | 0 | 0 | 0 | 0 | |||||||||
Redback Energy and El Toro | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 216 | 530 | 168 | ||||||||||
ACCOUNTS RECEIVABLE | 0 | 108 | 0 | 108 | |||||||||
Coil Tubing and El Toro | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 161 | 319 | 0 | ||||||||||
ACCOUNTS RECEIVABLE | 0 | 0 | 0 | 0 | |||||||||
Bison Drilling and Predator | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 234 | 0 | 0 | ||||||||||
ACCOUNTS RECEIVABLE | 234 | 0 | 234 | 0 | |||||||||
The Company and 2017 Stingray Companies | Affiliated Entity | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
REVENUES | 63 | 38 | $ 9 | ||||||||||
ACCOUNTS RECEIVABLE | $ 0 | $ 1,363 | $ 0 | $ 1,363 | |||||||||
[1] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Related Party Transactions - Co
Related Party Transactions - Cost of Revenues of Accounts Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Related Party Transaction [Line Items] | ||||||
COST OF REVENUE | $ 1,408 | [1] | $ 1,063 | [2] | $ 1,379 | [2] |
ACCOUNTS PAYABLE | 1,378 | 203 | [3] | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 1,481 | [1] | 758 | [2] | 951 | [2] |
Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
COST OF REVENUE | 1,408 | 1,066 | 1,379 | |||
ACCOUNTS PAYABLE | 1,378 | 203 | ||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 1,481 | 758 | 951 | |||
CAPITAL EXPENDITURES | 2,009 | 0 | 0 | |||
Cobra and T&E | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
COST OF REVENUE | 610 | 0 | 0 | |||
CAPITAL EXPENDITURES | 629 | 0 | 0 | |||
Higher Power and T&E | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
COST OF REVENUE | 25 | 0 | 0 | |||
CAPITAL EXPENDITURES | 1,380 | 0 | 0 | |||
Panther and DBDHT | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
COST OF REVENUE | 196 | 49 | 101 | |||
Redback Energy and Elk City Yard | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
COST OF REVENUE | 71 | 107 | 107 | |||
The Company and 2017 Stingray Companies | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
COST OF REVENUE | 432 | 724 | 933 | |||
Other Relationships | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
COST OF REVENUE | 74 | 186 | 238 | |||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 33 | 0 | 0 | |||
Consolidated and Everest | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 175 | 262 | 493 | |||
Consolidated and Wexford | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 892 | 394 | 384 | |||
Mammoth and Orange Leaf | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 46 | 102 | 50 | |||
Mammoth and Caliber | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | 335 | 0 | $ 24 | |||
ACCOUNTS PAYABLE | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 755 | 177 | ||||
ACCOUNTS PAYABLE | Cobra and T&E | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 457 | 0 | ||||
ACCOUNTS PAYABLE | Higher Power and T&E | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 3 | 0 | ||||
ACCOUNTS PAYABLE | Panther and DBDHT | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 77 | 0 | ||||
ACCOUNTS PAYABLE | Redback Energy and Elk City Yard | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 0 | 0 | ||||
ACCOUNTS PAYABLE | The Company and 2017 Stingray Companies | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 0 | 174 | ||||
ACCOUNTS PAYABLE | Other Relationships | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 218 | 3 | ||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 172 | 26 | ||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Other Relationships | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 2 | 0 | ||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Consolidated and Everest | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 19 | 13 | ||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Consolidated and Wexford | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 150 | 13 | ||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Mammoth and Orange Leaf | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 0 | 0 | ||||
SELLING, GENERAL AND ADMINISTRATIVE COSTS | Mammoth and Caliber | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 1 | 0 | ||||
CAPITAL EXPENDITURES | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 451 | 0 | ||||
CAPITAL EXPENDITURES | Cobra and T&E | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | 66 | 0 | ||||
CAPITAL EXPENDITURES | Higher Power and T&E | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
ACCOUNTS PAYABLE | $ 385 | $ 0 | ||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||||
[3] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Commitments and Contingencies -
Commitments and Contingencies - Future minimum lease payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases | |
2,018 | $ 20,407 |
2,019 | 14,200 |
2,020 | 11,864 |
2,021 | 9,303 |
2,022 | 6,515 |
Thereafter | 3,345 |
Total | 65,634 |
Minimum Purchase Commitments | |
2,018 | 32,222 |
2,019 | 10,866 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Total | 43,088 |
Capital Spend Commitments | |
Minimum Purchase Commitments | |
2,018 | 19,582 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Total | $ 19,582 |
Commitments and Contingencies98
Commitments and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases, rent expense | $ 11,400,000 | $ 8,200,000 | $ 8,500,000 |
Workers compensation, deductible | 300,000 | 300,000 | |
Auto claim insurance deductible | 100,000 | 100,000 | |
Insurance aggregate stop loss | 2,000,000 | 2,000,000 | |
Aggregate stop loss per claim basis | 200,000 | ||
Aggregate stop loss per calendar year | 5,800,000 | ||
Accrued workers’ compensation and auto claims | 2,900,000 | 1,000,000 | |
Warranty accrual | 0 | 0 | |
Product warranty expense | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies99
Commitments and Contingencies - Schedule of Letters of Credit (Details) - Letter of Credit - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||
Total letters of credit | $ 6,523 | $ 3,466 |
Environmental remediation | ||
Line of Credit Facility [Line Items] | ||
Total letters of credit | 3,582 | 1,375 |
Insurance programs | ||
Line of Credit Facility [Line Items] | ||
Total letters of credit | 2,486 | 1,636 |
Rail car commitments | ||
Line of Credit Facility [Line Items] | ||
Total letters of credit | $ 455 | $ 455 |
Commitments and Contingencie100
Commitments and Contingencies - Defined Contribution Plan (Details) - USD ($) | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, maximum annual contributions per employee, percent | 92.00% | |||
Defined benefit plan, employer matching contribution, percent of match (up to) | 3.00% | |||
Defined benefit plan, contributions by employer | $ 0 | $ 100,000 | $ 1,500,000 | |
Subsequent Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, employer matching contribution, percent of match (up to) | 3.00% |
Reporting Segments and Geogr101
Reporting Segments and Geographic Areas (Details) $ in Thousands | Dec. 31, 2017USD ($)segment | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($)segment | ||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Number of reportable segments | segment | 4 | 5 | 5 | |||||||||||||
Total Revenue | $ 691,496 | [1] | $ 230,625 | [2] | $ 367,937 | [2] | ||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 482,569 | 173,021 | 274,687 | |||||||||||||
Intersegment cost of revenues | 0 | 0 | 0 | |||||||||||||
Total cost of revenue | $ 232,198 | $ 114,533 | $ 77,340 | $ 58,498 | $ 47,271 | $ 42,855 | $ 50,504 | $ 32,391 | 482,569 | 173,021 | 274,687 | |||||
Selling, general and administrative | 27,426 | 8,023 | 7,700 | 6,737 | 6,033 | 3,195 | 5,206 | 3,614 | 49,886 | 18,048 | 22,400 | |||||
Depreciation, depletion, amortization and accretion | 27,770 | 27,224 | 19,893 | 17,237 | 17,832 | 17,921 | 18,811 | 17,751 | 92,124 | 72,315 | [2] | 74,499 | [2] | |||
Impairment of long-lived assets | 4,146 | 0 | 0 | 0 | 0 | 0 | 1,871 | 0 | 4,146 | [1],[3] | 1,871 | [2],[4] | 12,124 | [2],[4] | ||
Operating income (loss) | 77,423 | (475) | (6,671) | (7,506) | (5,583) | (644) | (7,230) | (21,173) | 62,771 | [1] | (34,630) | [2] | (15,773) | [2] | ||
Interest expense | 1,381 | 1,420 | 1,112 | 397 | 763 | 1,025 | 1,012 | 1,296 | 4,310 | [1] | 4,096 | [2] | 5,465 | [2] | ||
Interest income | 0 | [1] | 0 | [2] | (98) | [2] | ||||||||||
Bargain purchase gain, net of tax | 0 | 0 | (4,012) | 0 | (4,012) | [1],[3] | 0 | [2],[4] | 0 | [2],[4] | ||||||
Other expense | (28) | 319 | 202 | 184 | 214 | 254 | (627) | 1 | 677 | [1] | (158) | [2] | 2,269 | [2] | ||
Income (loss) before income taxes | 76,070 | $ (2,214) | $ (3,973) | $ (8,087) | (6,560) | $ (1,923) | $ (7,615) | $ (22,470) | 61,796 | [1] | (38,568) | [2] | (23,409) | [2] | ||
Total expenditures for property, plant and equipment | 133,853 | 11,740 | 28,452 | |||||||||||||
Goodwill | $ 99,811 | 99,811 | 88,727 | [5] | 99,811 | 88,727 | [5] | 88,727 | ||||||||
Intangible assets, net | 16,139 | 16,139 | 21,567 | 16,139 | 21,567 | 30,638 | ||||||||||
Total assets | 867,243 | 867,243 | 502,362 | [5] | 867,243 | 502,362 | [5] | 536,412 | ||||||||
Long-lived assets | 546,081 | 546,081 | 413,423 | 546,081 | 413,423 | 476,151 | ||||||||||
Pressure Pumping | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 277,326 | 123,856 | 169,859 | |||||||||||||
Well Services | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 10,024 | 28,851 | ||||||||||||||
Infrastructure | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 224,425 | |||||||||||||||
Sand | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 90,023 | 33,835 | 60,913 | |||||||||||||
Drilling | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 50,075 | 32,043 | 73,032 | |||||||||||||
All Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 49,647 | |||||||||||||||
Other Energy Services | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 30,867 | 35,282 | ||||||||||||||
Operating Segments | Pressure Pumping | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 279,352 | 124,425 | 170,618 | |||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 183,089 | 82,552 | 126,886 | |||||||||||||
Intersegment cost of revenues | 28,147 | 4,336 | 5,243 | |||||||||||||
Total cost of revenue | 211,236 | 86,888 | 132,129 | |||||||||||||
Selling, general and administrative | 9,501 | 4,327 | 4,901 | |||||||||||||
Depreciation, depletion, amortization and accretion | 45,413 | 37,013 | 35,729 | |||||||||||||
Impairment of long-lived assets | 0 | 139 | 1,214 | |||||||||||||
Operating income (loss) | 13,202 | (3,942) | (3,355) | |||||||||||||
Interest expense | 1,622 | 599 | 1,822 | |||||||||||||
Interest income | 0 | |||||||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||||
Other expense | 129 | 27 | 67 | |||||||||||||
Income (loss) before income taxes | 11,451 | (4,568) | (5,244) | |||||||||||||
Total expenditures for property, plant and equipment | 85,853 | 7,673 | 4,170 | |||||||||||||
Goodwill | 86,043 | 86,043 | 86,043 | 86,043 | 86,043 | 86,043 | ||||||||||
Intangible assets, net | 12,392 | 12,392 | 21,435 | 12,392 | 21,435 | 30,479 | ||||||||||
Total assets | 297,140 | 297,140 | 197,635 | 297,140 | 197,635 | 230,806 | ||||||||||
Operating Segments | Well Services | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 10,103 | 28,851 | ||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 13,540 | 28,144 | ||||||||||||||
Intersegment cost of revenues | 26 | 205 | ||||||||||||||
Total cost of revenue | 13,566 | 28,349 | ||||||||||||||
Selling, general and administrative | 2,336 | 2,286 | ||||||||||||||
Depreciation, depletion, amortization and accretion | 5,128 | 5,697 | ||||||||||||||
Impairment of long-lived assets | 1,385 | 88 | ||||||||||||||
Operating income (loss) | (12,312) | (7,569) | ||||||||||||||
Interest expense | 134 | 429 | ||||||||||||||
Interest income | 0 | |||||||||||||||
Other expense | (566) | 687 | ||||||||||||||
Income (loss) before income taxes | (11,880) | (8,685) | ||||||||||||||
Total expenditures for property, plant and equipment | 405 | 6,768 | ||||||||||||||
Goodwill | 0 | 0 | 0 | |||||||||||||
Intangible assets, net | 132 | 132 | 159 | |||||||||||||
Total assets | 128,698 | 128,698 | 147,268 | |||||||||||||
Operating Segments | Infrastructure | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 224,425 | |||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 120,117 | |||||||||||||||
Intersegment cost of revenues | 1,443 | |||||||||||||||
Total cost of revenue | 121,560 | |||||||||||||||
Selling, general and administrative | 21,606 | |||||||||||||||
Depreciation, depletion, amortization and accretion | 3,185 | |||||||||||||||
Impairment of long-lived assets | 0 | |||||||||||||||
Operating income (loss) | 78,074 | |||||||||||||||
Interest expense | 241 | |||||||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||||
Other expense | 6 | |||||||||||||||
Income (loss) before income taxes | 77,827 | |||||||||||||||
Total expenditures for property, plant and equipment | 20,144 | |||||||||||||||
Goodwill | 891 | 891 | 891 | |||||||||||||
Intangible assets, net | 1,770 | 1,770 | 1,770 | |||||||||||||
Total assets | 205,275 | 205,275 | 205,275 | |||||||||||||
Operating Segments | Sand | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 117,037 | 38,102 | 66,057 | |||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 91,049 | 31,895 | 47,041 | |||||||||||||
Intersegment cost of revenues | 1,731 | 561 | 456 | |||||||||||||
Total cost of revenue | 92,780 | 32,456 | 47,497 | |||||||||||||
Selling, general and administrative | 8,190 | 3,337 | 4,264 | |||||||||||||
Depreciation, depletion, amortization and accretion | 9,394 | 6,483 | 6,305 | |||||||||||||
Impairment of long-lived assets | 324 | 0 | 1,905 | |||||||||||||
Operating income (loss) | 6,349 | (4,174) | 6,086 | |||||||||||||
Interest expense | 679 | 434 | 225 | |||||||||||||
Interest income | (98) | |||||||||||||||
Bargain purchase gain, net of tax | (4,012) | |||||||||||||||
Other expense | 211 | 96 | 22 | |||||||||||||
Income (loss) before income taxes | 9,471 | (4,704) | 5,937 | |||||||||||||
Total expenditures for property, plant and equipment | 16,376 | 528 | 2,371 | |||||||||||||
Goodwill | 2,684 | 2,684 | 2,684 | 2,684 | 2,684 | 2,684 | ||||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Total assets | 190,859 | 190,859 | 109,128 | 190,859 | 109,128 | 127,786 | ||||||||||
Operating Segments | Drilling | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 50,521 | 32,043 | 73,033 | |||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 46,701 | 31,848 | 57,453 | |||||||||||||
Intersegment cost of revenues | 146 | (8) | 0 | |||||||||||||
Total cost of revenue | 46,847 | 31,840 | 57,453 | |||||||||||||
Selling, general and administrative | 5,510 | 5,625 | 8,573 | |||||||||||||
Depreciation, depletion, amortization and accretion | 19,635 | 21,512 | 24,627 | |||||||||||||
Impairment of long-lived assets | 3,822 | 347 | 8,917 | |||||||||||||
Operating income (loss) | (25,293) | (27,281) | (26,537) | |||||||||||||
Interest expense | 1,695 | 2,829 | 2,928 | |||||||||||||
Interest income | 0 | |||||||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||||
Other expense | 256 | 248 | 1,121 | |||||||||||||
Income (loss) before income taxes | (27,244) | (30,358) | (30,586) | |||||||||||||
Total expenditures for property, plant and equipment | 8,927 | 2,709 | 12,651 | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Total assets | 88,527 | 88,527 | 99,868 | 88,527 | 99,868 | 123,656 | ||||||||||
Operating Segments | All Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 51,728 | |||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 41,613 | |||||||||||||||
Intersegment cost of revenues | 65 | |||||||||||||||
Total cost of revenue | 41,678 | |||||||||||||||
Selling, general and administrative | 5,079 | |||||||||||||||
Depreciation, depletion, amortization and accretion | 14,497 | |||||||||||||||
Impairment of long-lived assets | 0 | |||||||||||||||
Operating income (loss) | (9,526) | |||||||||||||||
Interest expense | 73 | |||||||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||||
Other expense | 75 | |||||||||||||||
Income (loss) before income taxes | (9,674) | |||||||||||||||
Total expenditures for property, plant and equipment | 2,553 | |||||||||||||||
Goodwill | 10,193 | 10,193 | 10,193 | |||||||||||||
Intangible assets, net | 1,977 | 1,977 | 1,977 | |||||||||||||
Total assets | 243,767 | 243,767 | 243,767 | |||||||||||||
Operating Segments | Other Energy Services | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 30,867 | 35,282 | ||||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 13,186 | 15,163 | ||||||||||||||
Intersegment cost of revenues | 0 | 0 | ||||||||||||||
Total cost of revenue | 13,186 | 15,163 | ||||||||||||||
Selling, general and administrative | 2,423 | 2,376 | ||||||||||||||
Depreciation, depletion, amortization and accretion | 2,179 | 2,141 | ||||||||||||||
Impairment of long-lived assets | 0 | 0 | ||||||||||||||
Operating income (loss) | 13,079 | 15,602 | ||||||||||||||
Interest expense | 100 | 61 | ||||||||||||||
Interest income | 0 | |||||||||||||||
Other expense | 37 | 372 | ||||||||||||||
Income (loss) before income taxes | 12,942 | 15,169 | ||||||||||||||
Total expenditures for property, plant and equipment | 425 | 2,492 | ||||||||||||||
Goodwill | 0 | 0 | 0 | |||||||||||||
Intangible assets, net | 0 | 0 | 0 | |||||||||||||
Total assets | 48,653 | 48,653 | 38,864 | |||||||||||||
Eliminations | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | (31,567) | (4,915) | (5,904) | |||||||||||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 0 | 0 | 0 | |||||||||||||
Intersegment cost of revenues | (31,532) | (4,915) | (5,904) | |||||||||||||
Total cost of revenue | (31,532) | (4,915) | (5,904) | |||||||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||||||
Depreciation, depletion, amortization and accretion | 0 | 0 | 0 | |||||||||||||
Impairment of long-lived assets | 0 | 0 | 0 | |||||||||||||
Operating income (loss) | (35) | 0 | 0 | |||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||||
Interest income | 0 | |||||||||||||||
Bargain purchase gain, net of tax | 0 | |||||||||||||||
Other expense | 0 | 0 | 0 | |||||||||||||
Income (loss) before income taxes | (35) | 0 | 0 | |||||||||||||
Total expenditures for property, plant and equipment | 0 | 0 | 0 | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Total assets | (158,325) | (158,325) | (81,620) | (158,325) | (81,620) | (131,968) | ||||||||||
Eliminations | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 0 | 0 | 0 | |||||||||||||
Eliminations | Pressure Pumping | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 2,026 | 569 | 759 | |||||||||||||
Eliminations | Well Services | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 79 | 0 | ||||||||||||||
Eliminations | Infrastructure | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 0 | |||||||||||||||
Eliminations | Sand | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 27,014 | 4,267 | 5,144 | |||||||||||||
Eliminations | Drilling | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 446 | 0 | 1 | |||||||||||||
Eliminations | All Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 2,081 | |||||||||||||||
Eliminations | Other Energy Services | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 0 | 0 | ||||||||||||||
United States | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 471,745 | 196,573 | 331,633 | |||||||||||||
Long-lived assets | 515,904 | 515,904 | 389,575 | 515,904 | 389,575 | 450,983 | ||||||||||
Puerto Rico | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 203,087 | 0 | 0 | |||||||||||||
Long-lived assets | 6,923 | 6,923 | 0 | 6,923 | 0 | 0 | ||||||||||
Canada | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total Revenue | 16,664 | 34,052 | 36,304 | |||||||||||||
Long-lived assets | $ 23,254 | $ 23,254 | $ 23,848 | $ 23,254 | $ 23,848 | $ 25,168 | ||||||||||
[1] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[2] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||||||||||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||||||||||||||
[5] | Financial information has been recast to include the financial position and results attributable to Sturgeon Acquisition LLC ("Sturgeon"). See Note 14. |
Quarterly Financial Data (un102
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Oct. 12, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Revenue from external customers | $ 333,569 | $ 78,389 | $ 40,054 | $ 30,464 | $ 27,079 | $ 20,753 | $ 20,345 | $ 29,518 | $ 482,476 | $ 97,695 | ||||||
Revenue from related parties | 35,394 | 70,916 | 58,208 | 44,502 | 38,474 | 42,574 | 48,817 | 3,065 | 209,020 | 132,930 | $ 170,735 | |||||
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion | 232,198 | 114,533 | 77,340 | 58,498 | 47,271 | 42,855 | 50,504 | 32,391 | 482,569 | 173,021 | 274,687 | |||||
Selling, general and administrative expenses | 27,426 | 8,023 | 7,700 | 6,737 | 6,033 | 3,195 | 5,206 | 3,614 | 49,886 | 18,048 | 22,400 | |||||
Depreciation, depletion, amortization and accretion | 27,770 | 27,224 | 19,893 | 17,237 | 17,832 | 17,921 | 18,811 | 17,751 | 92,124 | 72,315 | [1] | 74,499 | [1] | |||
Impairment of long-lived assets | 4,146 | 0 | 0 | 0 | 0 | 0 | 1,871 | 0 | 4,146 | [2],[3] | 1,871 | [1],[4] | 12,124 | [1],[4] | ||
Operating income (loss) | 77,423 | (475) | (6,671) | (7,506) | (5,583) | (644) | (7,230) | (21,173) | 62,771 | [2] | (34,630) | [1] | (15,773) | [1] | ||
Interest expense | 1,381 | 1,420 | 1,112 | 397 | 763 | 1,025 | 1,012 | 1,296 | 4,310 | [2] | 4,096 | [1] | 5,465 | [1] | ||
Bargain purchase gain | 0 | 0 | (4,012) | 0 | (4,012) | [2],[3] | 0 | [1],[4] | 0 | [1],[4] | ||||||
Other expense (income) | (28) | 319 | 202 | 184 | 214 | 254 | (627) | 1 | 677 | [2] | (158) | [1] | 2,269 | [1] | ||
Income (loss) before income taxes | 76,070 | (2,214) | (3,973) | (8,087) | (6,560) | (1,923) | (7,615) | (22,470) | 61,796 | [2] | (38,568) | [1] | (23,409) | [1] | ||
(Benefit) provision for income taxes | 10,155 | (1,413) | (2,804) | (3,106) | 51,146 | 1,056 | 789 | 894 | 2,832 | [2] | 53,885 | [1] | (1,589) | [1] | ||
Net income (loss) | $ 65,915 | $ (801) | $ (1,169) | $ (4,981) | $ (57,706) | $ (56,323) | $ (2,979) | $ (8,404) | $ (23,364) | $ (32,085) | $ 58,964 | [2],[3] | $ (92,453) | [1],[4] | $ (21,820) | [1],[4] |
Net (loss) income per share (basic) (Note 11) (in USD per share) | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ (1.61) | $ (0.10) | $ (0.28) | $ (0.78) | $ 1.42 | $ (2.94) | $ (0.73) | |||||
Net (loss) income per share (diluted) (Note 11) (in USD per share) | $ 1.48 | $ (0.02) | $ (0.03) | $ (0.13) | $ (1.61) | $ (0.10) | $ (0.28) | $ (0.78) | $ 1.42 | $ (2.94) | $ (0.73) | |||||
Weighted average number of shares outstanding (Note 11) (in shares) | 44,579,000 | 44,502,000 | 39,500,000 | 37,500,000 | 35,951,000 | 30,000,000 | 30,000,000 | 30,000,000 | 41,548,000 | [2] | 31,500,000 | [1] | 30,000,000 | [1] | ||
Weighted average number of shares outstanding, including dilutive effect (Note 11) (in shares) | 44,683,000 | 44,502,000 | 39,500,000 | 37,500,000 | 41,639,000 | [2] | 31,500,000 | [1] | 30,000,000 | [1] | ||||||
[1] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. | |||||||||||||||
[2] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[3] | Financial information includes the results attributable to Sturgeon for the entire period presented. See Note 14. | |||||||||||||||
[4] | Financial information has been recast to include results attributable to Sturgeon. See Note 14. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Feb. 27, 2018 | Feb. 02, 2018 | Jan. 28, 2018 | Dec. 31, 2016 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||
Purchase obligation | $ 43,088 | ||||
Aggregate lease commitment | $ 65,634 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Energy master service agreement, repairs amount, period increase (decrease) | $ 500,000 | $ 245,400 | |||
Energy master service agreement, repairs amount | 945,400 | $ 445,400 | |||
Purchase obligation | 6,800 | ||||
Aggregate lease commitment | 6,800 | ||||
Equipment | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Purchase obligation | 21,800 | ||||
Restricted Stock | |||||
Subsequent Event [Line Items] | |||||
Granted (in shares) | 298,335 | 460,185 | |||
Restricted Stock | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Granted (in shares) | 16,022 | ||||
Stock-based compensation | $ 300 | ||||
Infrastructure | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Purchase obligation | $ 1,000 |
Uncategorized Items - tusk-2017
Label | Element | Value |
Limited Partner [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (32,085,000) |
Retained Earnings [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ (56,323,000) |