Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 15, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | PIONEER ENERGY SERVICES CORP. | |
Entity Central Index Key | 320,575 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 78,214,550 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 51,468 | $ 73,640 |
Restricted cash | 2,000 | 2,008 |
Receivables: | ||
Trade, net of allowance for doubtful accounts | 86,372 | 79,592 |
Unbilled receivables | 24,204 | 16,029 |
Insurance recoveries | 23,605 | 13,874 |
Other receivables | 5,499 | 3,510 |
Inventory | 18,992 | 14,057 |
Assets held for sale | 6,102 | 6,620 |
Prepaid expenses and other current assets | 5,634 | 6,229 |
Total current assets | 223,876 | 215,559 |
Property and equipment, at cost | 1,098,996 | 1,093,635 |
Less accumulated depreciation | 571,736 | 544,012 |
Net property and equipment | 527,260 | 549,623 |
Other noncurrent assets | 1,739 | 1,687 |
Total assets | 752,875 | 766,869 |
Current liabilities: | ||
Accounts payable | 34,747 | 29,538 |
Deferred revenues | 1,130 | 905 |
Accrued expenses: | ||
Payroll and related employee costs | 28,161 | 21,023 |
Insurance claims and settlements | 23,494 | 13,289 |
Insurance premiums and deductibles | 5,433 | 6,742 |
Interest | 1,684 | 6,624 |
Other | 9,176 | 6,793 |
Total current liabilities | 103,825 | 84,914 |
Long-term debt, less unamortized discount and debt issuance costs | 463,805 | 461,665 |
Deferred income taxes | 3,344 | 3,151 |
Other noncurrent liabilities | 3,404 | 7,043 |
Total liabilities | 574,378 | 556,773 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity: | ||
Preferred stock, 10,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock $.10 par value; 200,000,000 shares authorized; 78,214,550 and 77,719,021 shares outstanding at September 30, 2018 and December 31, 2017, respectively | 7,900 | 7,835 |
Additional paid-in capital | 549,500 | 546,158 |
Treasury stock, at cost; 789,532 and 630,688 shares at September 30, 2018 and December 31, 2017, respectively | (4,965) | (4,416) |
Accumulated deficit | (373,938) | (339,481) |
Total shareholders' equity | 178,497 | 210,096 |
Total liabilities and shareholders' equity | $ 752,875 | $ 766,869 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 78,214,550 | 77,719,021 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 789,532 | 630,688 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Revenues | $ 149,332 | $ 117,281 | $ 448,592 | $ 320,168 |
Costs and expenses: | ||||
Operating costs | 108,961 | 86,669 | 325,924 | 238,456 |
Depreciation and amortization | 23,501 | 24,623 | 70,535 | 74,355 |
General and administrative | 14,043 | 17,549 | 58,066 | 51,405 |
Bad debt expense (recovery), net | 111 | 491 | (311) | (98) |
Impairment | 239 | 0 | 2,607 | 795 |
Gain on dispositions of property and equipment, net | (1,861) | (1,159) | (2,922) | (2,251) |
Total costs and expenses | 144,994 | 128,173 | 453,899 | 362,662 |
Income (loss) from operations | 4,338 | (10,892) | (5,307) | (42,494) |
Other income (expense): | ||||
Interest expense, net of interest capitalized | (9,811) | (6,613) | (28,966) | (19,090) |
Other income, net | 498 | 295 | 1,046 | 224 |
Total other expense, net | (9,313) | (6,318) | (27,920) | (18,866) |
Loss before income taxes | (4,975) | (17,210) | (33,227) | (61,360) |
Income tax expense | (258) | (17) | (1,297) | (1,200) |
Net loss | $ (5,233) | $ (17,227) | $ (34,524) | $ (62,560) |
Loss per common share - Basic | $ (0.07) | $ (0.22) | $ (0.44) | $ (0.81) |
Loss per common share - Diluted | $ (0.07) | $ (0.22) | $ (0.44) | $ (0.81) |
Weighted average number of shares outstanding - Basic | 78,136 | 77,552 | 77,897 | 77,335 |
Weighted average number of shares outstanding - Diluted | 78,136 | 77,552 | 77,897 | 77,335 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (34,524) | $ (62,560) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 70,535 | 74,355 |
Allowance for doubtful accounts, net of recoveries | (311) | (98) |
Gain on dispositions of property and equipment, net | (2,922) | (2,251) |
Stock-based compensation expense | 3,396 | 3,225 |
Phantom stock compensation expense | 2,807 | 397 |
Amortization of debt issuance costs and discount | 2,153 | 1,395 |
Impairment | 2,607 | 795 |
Deferred income taxes | 189 | 434 |
Change in other noncurrent assets | 541 | 335 |
Change in other noncurrent liabilities | (735) | (261) |
Changes in current assets and liabilities: | ||
Receivables | (16,549) | (38,848) |
Inventory | (4,934) | (2,098) |
Prepaid expenses and other current assets | 329 | 1,594 |
Accounts payable | 1,527 | 11,360 |
Deferred revenues | (173) | (470) |
Accrued expenses | (2,446) | 1,434 |
Net cash provided by (used in) operating activities | 21,490 | (11,262) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (48,778) | (52,806) |
Proceeds from sale of property and equipment | 4,665 | 10,407 |
Proceeds from insurance recoveries | 980 | 3,119 |
Net cash used in investing activities | (43,133) | (39,280) |
Cash flows from financing activities: | ||
Debt repayments | 0 | (13,267) |
Proceeds from issuance of debt | 0 | 65,000 |
Proceeds from exercise of options | 12 | 0 |
Purchase of treasury stock | (549) | (533) |
Net cash provided by (used in) financing activities | (537) | 51,200 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (22,180) | 658 |
Beginning cash, cash equivalents, and restricted cash | 75,648 | 10,194 |
Ending cash, cash equivalents, and restricted cash | 53,468 | 10,852 |
Supplementary disclosure: | ||
Interest paid | 31,872 | 22,928 |
Income tax paid | 2,739 | 847 |
Noncash investing and financing activity: | ||
Change in capital expenditure accruals | $ 3,564 | $ 1,396 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Business Pioneer Energy Services Corp. provides land-based drilling services and production services to a diverse group of oil and gas exploration and production companies in the United States and internationally in Colombia. Our drilling services business segments provide contract land drilling services through three domestic divisions which are located in the Marcellus/Utica, Permian Basin and Eagle Ford, and Bakken regions, and internationally in Colombia. In addition to our drilling rigs, we provide the drilling crews and most of the ancillary equipment needed to operate our drilling rigs. All of our rigs are equipped with 1,500 horsepower or greater drawworks. Our drilling rig fleet is 100% pad-capable and offers the latest advancements in pad drilling . The following table summarizes our current rig fleet count and composition for each drilling services business segment: Multi-well, Pad-capable AC rigs SCR rigs Total Domestic drilling 16 — 16 International drilling — 8 8 24 In July 2018, we entered into a three-year term contract for the construction of a new 1,500 horsepower, AC pad-optimal rig, which we expect to deploy in early 2019 to the Permian Basin. Our production services business segments provide a range of well, wireline and coiled tubing services to a diverse group of exploration and production companies, with our operations concentrated in the major domestic onshore oil and gas producing regions in the Gulf Coast, Mid-Continent and Rocky Mountain states. As of September 30, 2018 , the fleet count for each of our production services business segments are as follows: 550 HP 600 HP Total Well servicing rigs, by horsepower (HP) rating 113 12 125 Total Wireline services units 104 Coiled tubing services units 8 Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Pioneer Energy Services Corp. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of our management, all adjustments (consisting of normal, recurring accruals) necessary for a fair presentation have been included. We suggest that you read these unaudited condensed consolidated financial statements together with the consolidated financial statements and the related notes included in our annual report on Form 10-K for the year ended December 31, 2017 . Use of Estimates — In preparing the accompanying unaudited condensed consolidated financial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities we report as of the dates of the balance sheets and income and expenses we report for the periods shown in the income statements and statements of cash flows. Our actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to our estimates of certain variable revenues and amortization periods of certain deferred revenues and costs associated with drilling daywork contacts, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance and our estimate of compensation related accruals. Subsequent Events — In preparing the accompanying unaudited condensed consolidated financial statements, we have reviewed events that have occurred after September 30, 2018 , through the filing of this Form 10-Q , for inclusion as necessary. Reclassifications — Certain amounts in the unaudited condensed consolidated financial statements for the prior year periods have been reclassified to conform to the current year’s presentation. We have five operating segments, comprised of two drilling services business segments (domestic and international drilling) and three production services business segments (well servicing, wireline services and coiled tubing services). We revised our segments as of December 31, 2017 to reflect changes in the basis used by management in making decisions regarding our business for resource allocation and performance assessment. These changes reflect our current operating focus as is required by ASC Topic 280, Segment Reporting . See Note 9 , Segment Information for this revised presentation. Change in Accounting Principle and Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). We consider the applicability and impact of all ASUs. Any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our consolidated financial position and results of operations. • Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, a comprehensive new revenue recognition standard that supersedes nearly all pre-existing revenue recognition guidance. The standard, and its related amendments, collectively referred to as ASC Topic 606, outlines a single comprehensive model for revenue recognition based on the core principle that a company will recognize revenue when promised goods or services are transferred to clients, in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. We adopted this standard effective January 1, 2018 using the modified retrospective method, in which the standard has been applied to all contracts existing as of the date of initial application, with the cumulative effect of applying the standard recognized in retained earnings. Accordingly, revenues for reporting periods ending after January 1, 2018 are presented under ASC Topic 606, while prior period amounts have not been adjusted and continue to be reported under the previous revenue recognition guidance. In accordance with ASC Topic 606, we also adopted ASC Subtopic 340-40, Other Assets and Deferred Costs, Contracts with Customers , effective January 1, 2018, which requires that the incremental costs of obtaining or fulfilling a contract with a customer be recognized as an asset if the costs are expected to be recovered. The adoption of these standards resulted in a cumulative effect adjustment of $0.1 million after applicable income taxes, which consists of the impact of the timing difference related to recognition of mobilization revenues and costs. Mobilization costs incurred are deferred and amortized over the expected period of benefit under ASC Subtopic 340-40, but were amortized over the initial contract term under the previous accounting guidance. The recognition of both mobilization revenues and costs begins when mobilization activity is completed under ASC Topic 606, but were recognized during the period of initial mobilization under the previous accounting guidance. Additionally, the opening balances of deferred mobilization costs were reclassified in accordance with ASC Subtopic 340-40, which requires classification of the entire deferred balance according to the duration of the original contract to which it relates , rather than bifurcating the asset into current and noncurrent portions. For more information about the accounting under ASC Topic 606, and disclosures under the new standard, see Note 2 , Revenue from Contracts with Customers . • Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases , which among other things, requires lessees to recognize substantially all leases on the balance sheet, with expense recognition that is similar to the current lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance (referenced above). In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements , which provides an option to apply the guidance prospectively, and provides a practical expedient allowing lessors to combine the lease and non-lease components of revenues where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers , when the non-lease component is the predominant element of the combined component. As a lessor, we expect to apply the practical expedient which would allow us to continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in our consolidated statements of operations. As a lessee, this standard will primarily impact our accounting for real estate and office equipment leases, for which we will recognize a right-of-use asset and a corresponding lease liability on our consolidated balance sheet. The future lease obligations disclosed in Note 4, Leases , included in Part II, Item 8, of our Annual Report on Form 10-K for the year ended December 31, 2017, provides some insight to the estimated impact of adoption for us as a lessee. We are currently in the process of implementing a lease accounting system for our leases, converting our existing lease data to the new system and implementing relevant internal controls and procedures. We expect to apply this guidance prospectively, beginning January 1, 2019. Additional Detail of Account Balances and Related-Party Transactions Cash and Cash Equivalents — As of September 30, 2018 , we had $40.4 million of cash equivalents, consisting of investments in highly-liquid money-market mutual funds . We had no cash equivalents at December 31, 2017 . Restricted Cash — Our restricted cash balance reflects the portion of net proceeds from the issuance of our senior secured term loan which are currently held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property, which we expect to complete within 12 months. Accordingly, the related restricted cash is presented as current in the accompanying condensed consolidated balance sheets. Other Receivables — Our other receivables primarily consist of recoverable taxes related to our international operations, net income tax receivables, as well as proceeds receivable from asset sales. Prepaid Expenses and Other Current Assets — Prepaid expenses and other current assets include items such as insurance, rent deposits, various software subscriptions and other fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Prepaid expenses and other current assets also include deferred mobilization costs for short-term drilling contracts. Other Noncurrent Assets — Other noncurrent assets consist of cash deposits related to the deductibles on our workers’ compensation insurance policies, deferred compensation plan investments, deferred mobilization costs on long-term drilling contracts, and intangible assets. Other Accrued Expenses — Our other accrued expenses include accruals for items such as property taxes, sales taxes, withholding tax liability related to our international operations, and professional and other fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Other Noncurrent Liabilities — Our other noncurrent liabilities consist of the noncurrent portion of liabilities associated with our long-term compensation plans, deferred lease liabilities, and the noncurrent portion of deferred mobilization revenues. Related-Party Transactions — During both the nine months ended September 30, 2018 and 2017 , the Company paid approximately $0.1 million for trucking and equipment rental services, which represented arms-length transactions, to Gulf Coast Lease Service. Joe Freeman, our Senior Vice President of Well Servicing, serves as the President of Gulf Coast Lease Service, which is owned and operated by Mr. Freeman’s two sons. Mr. Freeman does not receive compensation from Gulf Coast Lease Service, and he serves primarily in an advisory role to his sons. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers Our production services business segments earn revenues for well servicing, wireline services and coiled tubing services pursuant to master services agreements based on purchase orders or other contractual arrangements with the client. Production services jobs are generally short-term (ranging in duration from several hours to less than 30 days) and are charged at current market rates for the labor, equipment and materials necessary to complete the job. Production services jobs are varied in nature, but typically represent a single performance obligation, either for a particular job, a series of distinct jobs, or a period of time during which we stand ready to provide services as our client needs them. Revenue is recognized for these services over time, as the services are performed. Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts. We provide the drilling rig, crew and supplies necessary to operate the rig. Contract modifications that extend the term of a dayrate contract are generally accounted for prospectively as a separate dayrate contract. We account for our services provided under daywork contracts as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Accordingly, dayrate revenues are recognized in the period during which the services are performed. With most drilling contracts, we also receive payments contractually designated for the mobilization and demobilization of drilling rigs and other equipment to and from the client’s drill site. Revenues associated with the mobilization and demobilization of our drilling rigs to and from the client’s drill site do not relate to a distinct good or service and are recognized ratably over the related contract term. The amount of demobilization revenue that we ultimately collect is dependent upon the specific contractual terms, most of which include provisions for reduced (or no) payment for demobilization when, among other things, the contract is renewed or extended with the same client, or when the rig is subsequently contracted with another client prior to the termination of the current contract. Since revenues associated with demobilization activity are typically variable, at each period end, they are estimated at the most likely amount, and constrained when the likelihood of a significant reversal is probable. Any change in the expected amount of demobilization revenue is accounted for with the net cumulative impact of the change in estimate recognized in the period during which the revenue estimate is revised. The upfront costs that we incur to mobilize the drilling rig to our client’s initial drilling site are capitalized and recognized ratably over the term of the related contract, including any contracted renewal or extension periods, which is our estimate of the period during which we expect to benefit from the cost of mobilizing the rig. Costs associated with the final demobilization at the end of the contract term are expensed when incurred, when the demobilization activity is performed. We also act as a principal for certain reimbursable services and auxiliary equipment provided by us to our clients, for which we incur costs and earn revenues, many of which are variable, or dependent upon the activity that is actually performed each day under the related contract. Accordingly, reimbursements that we receive for out-of-pocket expenses are recorded as revenues and the out-of-pocket expenses for which they relate are recorded as operating costs during the period to which they relate within the series of distinct time increments. All of our revenues are recognized net of sales taxes, when applicable. Contract Asset and Liability Balances and Contract Cost Assets Contract asset and contract liability balances relate to demobilization and mobilization revenues, respectively. Demobilization revenue that we expect to receive is recognized ratably over the related contract term, but invoiced upon completion of the demobilization activity. Mobilization revenue which is typically collected upon the completion of the initial mobilization activity is deferred and recognized ratably over the related contract term. Contract asset and liability balances are netted at the contract level, with the net current and noncurrent portions separately classified in our condensed consolidated balance sheets, and referred to herein as “deferred revenues.” Contract cost assets represent the costs associated with the initial mobilization required in order to fulfill the contract, which are deferred and recognized ratably over the period during which we expect to benefit from the mobilization, or the period during which we expect to satisfy the performance obligations of the related contract. Contract cost assets are presented as either current or noncurrent, according to the duration of the original contract to which it relates , and referred to herein as “deferred costs.” Our current and noncurrent deferred revenues and costs as of September 30, 2018 and January 1, 2018 were as follows (amounts in thousands): September 30, 2018 January 1, 2018 Current deferred revenues $ 1,130 $ 1,287 Current deferred costs 1,136 1,072 Noncurrent deferred revenues $ 437 $ 564 Noncurrent deferred costs 662 1,177 The changes in deferred revenue and cost balances during the three and nine months ended September 30, 2018 are primarily related to the amortization of deferred revenues and costs during the period, which were partially offset by the increase in deferred mobilization revenue and cost balances for the deployment of two international rigs under new term contracts in 2018. Amortization of deferred revenues and costs during the three and nine months ended September 30, 2018 and 2017 were as follows (amounts in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Amortization of deferred revenues $ 720 $ 562 $ 1,762 $ 1,859 Amortization of deferred costs 1,100 1,311 2,050 3,997 As of September 30, 2018 , all 16 of our domestic drilling rigs are operating under daywork contracts, 14 of which are term contracts , and six of our eight international drilling rigs are operating under term daywork contracts. The term contracts for our international drilling rigs are cancelable by our clients without penalty, although the contracts require 15 to 30 days notice and payment for demobilization services. The spot contracts for our domestic drilling rigs are also terminable by our client with 30 days notice, but typically do not include a required payment for demobilization services. Revenues associated with the initial mobilization and/or demobilization of drilling rigs under cancelable contracts are deferred and recognized ratably over the anticipated duration of the original contract, which is the period during which we expect our client to benefit from the mobilization of the rig, and represents a separate performance obligation because the payment for mobilization and/or demobilization creates a material right to our client during the cancelable period, for which the transaction price is allocated to the optional goods and services expected to be provided. Remaining Performance Obligations We have elected to apply the practical expedients in ASC Topic 606 which allow entities to omit disclosure of (i) the transaction price allocated to the remaining performance obligations associated with short-term contracts, and (ii) the estimated variable consideration related to wholly unsatisfied performance obligations, or to distinct future time increments within a series of performance obligations. Therefore, we have not disclosed the remaining amount of fixed mobilization revenue (or estimated future variable demobilization revenue) associated with short-term contracts, and we have not disclosed an estimate of the amount of future variable dayrate drilling revenue. However, the amount of fixed mobilization revenue associated with remaining performance obligations is reflected in the net unamortized balance of deferred mobilization revenues, which is presented in both current and noncurrent portions in our condensed consolidated balance sheet, and discussed in more detail in the section above entitled, Contract Asset and Liability Balances and Contract Cost Assets . Disaggregation of Revenue ASC Topic 606 requires disclosure of the disaggregation of revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. We believe the disclosure of revenues by operating segment achieves the objective of this disclosure requirement. See Note 9 , Segment Information , for the disaggregation of revenues by operating segment, which reflects the disaggregation of revenues by the type of services provided and by geography (international versus domestic). Impact of ASC Topic 606 on Financial Statement Line Items and Disclosures Our revenue recognition pattern under ASC Topic 606 is similar to revenue recognition under the previous accounting guidance, except for: (i) the timing of recognition of demobilization revenues which are estimated and recognized ratably over the term of the related contract under ASC Topic 606, and constrained when appropriate, but were previously not recognized until the activity was performed under previous guidance; (ii) the timing of recognition of mobilization revenues and costs which are recognized over the applicable amortization period beginning when the initial mobilization of the rig is completed, but which, under previous guidance, we recognized over the related contract term beginning when the initial mobilization activity commenced, (iii) the timing of recognition of mobilization costs which are deferred and recognized ratably over the expected period of benefit, but which, under previous guidance, we recognized ratably over the term of the initial contract; and (iv) presentation of mobilization costs which are presented as either current or noncurrent according to the duration of the original contract to which it relates under ASC Topic 606, but which we bifurcated and presented both current and noncurrent portions in separate line items under previous guidance. These differences have not had a material impact on our condensed consolidated financial position or results of operations as of and for the three and nine months ended September 30, 2018 . Additionally, we have determined that any disclosures required by ASC Topic 606 which are not presented herein are either not applicable, or are not material. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment Capital Expenditures — Our capital expenditures were $52.3 million and $54.2 million during the nine months ended September 30, 2018 and 2017 , respectively, which includes $0.2 million and $0.4 million , respectively, of capitalized interest. Capital expenditures during the nine months ended September 30, 2018 primarily related to various routine expenditures to maintain our fleets and purchase new support equipment, as well as the expansion of our coiled tubing and wireline fleets, capital projects to upgrade and refurbish certain components of our international and domestic drilling rigs and begin construction of one new-build drilling rig, and vehicle fleet upgrades in all domestic business segments. Capital expenditures during the nine months ended September 30, 2017 primarily related to the acquisition of 20 well servicing rigs and expansion of our wireline fleet, upgrades to certain domestic drilling rigs, routine capital expenditures necessary to deploy rigs that were previously idle in Colombia, and other new drilling equipment. At September 30, 2018 , capital expenditures incurred for property and equipment not yet placed in service was $18.1 million , primarily related to installments of $4.0 million on the purchase of a new coiled tubing unit and new wireline unit, approximately $4.0 million of costs for the construction of a new-build drilling rig, various refurbishments and upgrades of drilling and production services equipment and the purchase of other new ancillary equipment. At December 31, 2017 , property and equipment not yet placed in service was $6.8 million , primarily related to routine refurbishments on one international drilling rig in preparation for its deployment in 2018, installments on the purchase of three wireline units and one coiled tubing unit, and scheduled refurbishments on drilling and production services equipment. Gain/Loss on Disposition of Property — During the nine months ended September 30, 2018 , we recognized net gains of $2.9 million on the disposition of various property and equipment, including the sale of five coiled tubing units, twelve wireline units, and one drilling rig which was previously held for sale . During the nine months ended September 30, 2017 , we recognized a net gain of $2.3 million on the disposition of property and equipment, including sales of certain coiled tubing equipment and vehicles, as well as the loss of drill pipe in operation, for which we were reimbursed by the client, and the disposal of two cranes that were damaged. Assets Held for Sale — As of September 30, 2018 , our condensed consolidated balance sheet reflects assets held for sale of $6.1 million , which primarily represents the fair value of two domestic SCR drilling rigs and one domestic mechanical drilling rig, as well as other drilling equipment , and three coiled tubing units . During the nine months ended September 30, 2018 and 2017 , we recognized impairment charges of $2.6 million and $0.8 million , respectively, to reduce the carrying values of assets which were classified as held for sale, to their estimated fair values, based on expected sales prices which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . As of December 31, 2017 , our condensed consolidated balance sheet reflects assets held for sale of $6.6 million , which primarily represents the fair value of three domestic SCR drilling rigs and one domestic mechanical drilling rig, as well as other drilling equipment , two wireline units and one coiled tubing unit and other spare equipment. Impairments — In accordance with ASC Topic 360, Property, Plant and Equipment , we monitor all indicators of potential impairments and we evaluate for potential impairment of long-lived assets when indicators of impairment are present, which may include, among other things, significant adverse changes in industry trends (including revenue rates, utilization rates, oil and natural gas market prices, and industry rig counts). In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of the assets grouped at the lowest level that independent cash flows can be identified. We perform an impairment evaluation and estimate future undiscounted cash flows for each of our reporting units separately, which are our domestic drilling services, international drilling services, well servicing, wireline services and coiled tubing services segments. If the sum of the estimated future undiscounted net cash flows is less than the carrying amount of the asset group, then we determine the fair value of the asset group, and the amount of an impairment charge would be measured as the difference between the carrying amount and the fair value of the assets. Due to adverse factors currently affecting our well servicing operations, including increased competition and labor shortages in certain well servicing markets, and lower than anticipated utilization, all of which contributed to a decline in our projected cash flows for the well servicing reporting unit, we performed an impairment analysis of this reporting unit at September 30, 2018 . As a result of this analysis, we concluded that this reporting unit was not at risk of impairment because the sum of the estimated future undiscounted net cash flows for our well servicing reporting unit was significantly in excess of the carrying amount. The most significant inputs used in our impairment analysis of our well servicing operations include the projected utilization and pricing of our services, which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . The assumptions we use in the evaluation for impairment are inherently uncertain and require management judgment. Although we believe the assumptions and estimates used in our impairment analysis are reasonable, different assumptions and estimates could materially impact the analysis and resulting conclusions. |
Valuation Allowances on Deferre
Valuation Allowances on Deferred Tax Assets and Recently Enacted Tax Reform (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Valuation Allowance on Deferred Tax Assets and Recently Enacted Tax Reform [Text Block] | Valuation Allowances on Deferred Tax Assets and Recently Enacted Tax Reform Valuation Allowances on Deferred Tax Assets As of September 30, 2018 , we had $93.5 million and $11.5 million of deferred tax assets related to domestic and foreign net operating losses, respectively, that are available to reduce future taxable income. In assessing the realizability of our deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In performing this analysis as of September 30, 2018 in accordance with ASC Topic 740, Income Taxes , we assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. A significant piece of negative evidence evaluated is the cumulative loss incurred during previous years . Such negative evidence limits the ability to consider other positive evidence that is subjective, such as projections for taxable income in future years. As a result, we would recognize a benefit only to the extent that reversals of deferred income tax liabilities are expected to generate taxable income in each relevant jurisdiction in future periods which would offset our deferred tax assets. Our domestic federal net operating losses generated through 2017 have a 20 year carryforward period and can be used to offset future domestic taxable income until their expiration, beginning in 2030 , with the latest expiration in 2037 . Losses generated after 2017 have an unlimited carryforward period and are limited in usage to 80% of taxable income (pursuant to the Tax Reform Act mentioned below). The majority of our foreign net operating losses generated through 2016 have an indefinite carryforward period, while losses generated after 2016 have a carryforward period of 12 years. As of September 30, 2018 , we have a valuation allowance that fully offsets our foreign and domestic federal deferred tax assets . During the three and nine months ended September 30, 2018 , we released $0.6 million and provided for $5.1 million , respectively, of valuation allowance on deferred tax assets. During the three and nine months ended September 30, 2017 , we provided valuation allowance adjustments on deferred tax assets of $5.9 million and $19.1 million , respectively. The valuation allowance is the primary factor causing our effective tax rate to be significantly lower than the statutory rate . The amount of the deferred tax asset considered realizable, however, would increase if cumulative losses are no longer present and additional weight is given to subjective evidence in the form of projected future taxable income. Recently Enacted Tax Reform On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”) was enacted. The legislation significantly changes U.S. tax law by, among other things, permanently reducing the U.S. corporate income tax rate from a maximum of 35% to a flat rate of 21% , repealing the alternative minimum tax (AMT), implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries, limiting the current deductibility of net interest expense in excess of 30% of adjusted taxable income, and limiting net operating losses generated after 2017 to 80% of taxable income. Territorial Tax System — To minimize tax base erosion with a territorial tax system, beginning in 2018, the Tax Reform Act provides for a new global intangible low-taxed income (GILTI) provision. Under the GILTI provision, certain foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets are included in U.S. taxable income. We are now subject to GILTI, but have not yet triggered an income inclusion as of September 30, 2018. Any future inclusion is expected to be offset by net operating loss carry forwards in the U.S. Limitation on Interest Expense Deduction — The new limitation on interest expense resulted in a $22.1 million disallowance for the nine month period ended September 30, 2018 ; however, this adjustment is offset fully by our net operating loss carry forwards. The disallowed interest has an indefinite carry forward period and any limitations on the utilization of this interest expense carryforward have been factored into our valuation allowance analysis. Limitation on Future Net Operating Losses Deduction — Net operating losses generated after 2017 are carried forward indefinitely and are limited to 80% of taxable income. Net operating losses generated prior to 2018 continue to be carried forward for 20 years and have no 80% limitation on utilization. Measurement Period — Given the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period is deemed to have ended earlier when the registrant has obtained, prepared and analyzed the information necessary to finalize its accounting. During the measurement period, impacts of the law are expected to be recorded at the time a reasonable estimate for all or a portion of the effects can be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared or analyzed. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the Tax Reform Act. Our accounting is complete as of September 30, 2018 and December 31, 2017 as related to the Tax Reform Act, except as it relates to the GILTI tax. Absent any further interpretive guidance, we expect to make a policy election to treat the GILTI tax as a period expense rather than to provide U.S. deferred taxes on foreign temporary differences that are expected to generate GILTI income when they reverse in future years. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Debt Our debt consists of the following (amounts in thousands): September 30, 2018 December 31, 2017 Senior secured term loan $ 175,000 $ 175,000 Senior notes 300,000 300,000 475,000 475,000 Less unamortized discount (based on imputed interest rate of 10.46%) (2,855 ) (3,387 ) Less unamortized debt issuance costs (8,340 ) (9,948 ) $ 463,805 $ 461,665 Senior Secured Term Loan Our senior secured term loan (the “Term Loan”) entered into on November 8, 2017 provided for one drawing in the amount of $175 million , net of a 2% original issue discount. Proceeds from the issuance of the Term Loan were used to repay the entire outstanding balance under our Revolving Credit Facility, plus fees and accrued and unpaid interest, as well as the fees and expenses associated with entering into the Term Loan and ABL Facility, which is further described below. The remainder of the proceeds are available to be used for other general corporate purposes. The Term Loan is not subject to amortization payments of principal . Interest on the principal amount accrues at the LIBOR rate or the base rate as defined in the agreement, at our option, plus an applicable margin of 7.75% and 6.75% , respectively. The Term Loan is set to mature on November 8, 2022 , or earlier, subject to certain circumstances as described in the agreement, and including an earlier maturity date if the outstanding balance of the Senior Notes exceeds $15.0 million on December 14, 2021 , at which time the Term Loan would then mature . However, the Term Loan may be prepaid, at our option, at any time, in whole or in part, subject to a minimum of $5 million , and subject to a declining call premium as defined in the agreement. The Term Loan contains a financial covenant requiring the ratio of (i) the net orderly liquidation value of our fixed assets (based on appraisals obtained as required by our lenders), on a consolidated basis, in which the lenders under the Term Loan maintain a first priority security interest, plus proceeds of asset dispositions not required to be used to effect a prepayment of the Term Loan to (ii) the outstanding principal amount of the Term Loan, to be at least equal to 1.50 to 1.00 as of any June 30 or December 31 of any calendar year through maturity. The Term Loan contains customary mandatory prepayments from the proceeds of certain transactions including certain asset dispositions and debt issuances , and has additional customary restrictions that, among other things, and subject to certain exceptions, limit our ability to : • incur additional debt; • incur or permit liens on assets; • make investments and acquisitions; • consolidate or merge with another company; • engage in asset sales; and • pay dividends or make distributions. In addition, the Term Loan contains customary events of default, upon the occurrence and during the continuation of any of which the applicable margin would increase by 2% per year , including without limitation: • payment defaults; • covenant defaults; • material breaches of representations or warranties; • event of default under, or acceleration of, other material indebtedness; • bankruptcy or insolvency; • material judgments against us; • failure of any security document supporting the Term Loan; and • change of control. Our obligations under the Term Loan are guaranteed by our wholly-owned domestic subsidiaries, and are secured by substantially all of our domestic assets, in each case, subject to certain exceptions and permitted liens. Asset-based Lending Facility In addition to entering into the Term Loan, on November 8, 2017 , we also entered into a senior secured revolving asset-based credit facility (the “ABL Facility”) providing for borrowings in the aggregate principal amount of up to $75 million , subject to a borrowing base and including a $30 million sub-limit for letters of credit . The ABL Facility bears interest, at our option, at the LIBOR rate or the base rate as defined in the ABL Facility, plus an applicable margin ranging from 1.75% to 3.25% , based on average availability on the ABL Facility. The ABL Facility requires a commitment fee due monthly based on the average monthly unused amount of the commitments of the lenders, a fronting fee due for each letter of credit issued, and a monthly letter of credit fee due based on the average undrawn amount of letters of credit outstanding during such period. The ABL Facility is generally set to mature 90 days prior to the maturity of the Term Loan, subject to certain circumstances, including the future repayment, extinguishment or refinancing of our Term Loan and/or Senior Notes prior to their respective maturity dates. Availability under the ABL Facility is determined by reference to a borrowing base as defined in the agreement, generally comprised of a percentage of our accounts receivable and inventory. We have not drawn upon the ABL Facility to date. As of September 30, 2018 , we had $9.7 million in committed letters of credit, which, after borrowing base limitations, resulted in borrowing availability of $57.6 million . Borrowings available under the ABL Facility are available for general corporate purposes and there are no limitations on our ability to access the borrowing capacity provided there is no default and compliance with the covenants under the ABL Facility is maintained. Additionally, if our availability under the ABL Facility is less than 15% of the maximum amount (or $11.25 million ), we are required to maintain a minimum fixed charge coverage ratio, as defined in the ABL Facility, of at least 1.00 to 1.00, measured on a trailing 12 month basis. The ABL Facility also contains customary restrictive covenants which, subject to certain exceptions, limit, among other things, our ability to : • declare dividends and make other distributions; • issue or sell certain equity interests; • optionally prepay, redeem or repurchase certain of our subordinated indebtedness; • make loans or investments (including acquisitions); • incur additional indebtedness or modify the terms of permitted indebtedness; • grant liens; • change our business or the business of our subsidiaries; • merge, consolidate, reorganize, recapitalize, or reclassify our equity interests; • sell our assets, and • enter into certain types of transactions with affiliates. Our obligations under the ABL Facility are guaranteed by us and our domestic subsidiaries, subject to certain exceptions, and are secured by (i) a first-priority perfected security interest in all inventory and cash, and (ii) a second-priority perfected security in substantially all of our tangible and intangible assets, in each case, subject to certain exceptions and permitted liens. Senior Notes In 2014 , we issued $300 million of unregistered senior notes at face value, with a coupon interest rate of 6.125% that are due in 2022 (the “Senior Notes”). The Senior Notes will mature on March 15, 2022 with interest due semi-annually in arrears on March 15 and September 15 of each year. We have the option to redeem the Senior Notes, in whole or in part, in each case at the redemption price specified in the Indenture dated March 18, 2014 (the “Indenture”) plus any accrued and unpaid interest and any additional interest (as defined in the Indenture) thereon to the date of redemption. In accordance with a registration rights agreement with the holders of our Senior Notes, we filed an exchange offer registration statement on Form S-4 with the Securities and Exchange Commission that became effective on October 2, 2014 . The exchange offer registration statement enabled the holders of our Senior Notes to exchange their senior notes for publicly registered notes with substantially identical terms. References to the “Senior Notes” herein include the senior notes issued in the exchange offer. If we experience a change of control (as defined in the Indenture), we will be required to make an offer to each holder of the Senior Notes to repurchase all or any part of the Senior Notes at a purchase price equal to 101% of the principal amount of each Senior Note, plus accrued and unpaid interest, if any, to the date of repurchase. If we engage in certain asset sales, within 365 days of such sale we will be required to use the net cash proceeds from such sale, to the extent we do not reinvest those proceeds in our business, to make an offer to repurchase the Senior Notes at a price equal to 100% of the principal amount of each Senior Note, plus accrued and unpaid interest to the repurchase date. The Indenture, among other things, limits us and certain of our subsidiaries, subject to certain exceptions, in our ability to : • pay dividends on stock, repurchase stock, redeem subordinated indebtedness or make other restricted payments and investments; • incur, assume or guarantee additional indebtedness or issue preferred or disqualified stock; • create liens on our or their assets ; • enter into sale and leaseback transactions; • sell or transfer assets; • borrow, pay dividends, or transfer other assets from certain of our subsidiaries; • consolidate with or merge with or into, or sell all or substantially all of our properties to any other person; • enter into transactions with affiliates; and • enter into new lines of business. The Senior Notes are not subject to any sinking fund requirements. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our existing domestic subsidiaries and by certain of our future domestic subsidiaries. (See Note 11 , Guarantor/Non-Guarantor Condensed Consolidated Financial Statements .) Debt Issuance Costs and Original Issue Discount Costs incurred in connection with the issuance of our Senior Notes were capitalized and are being amortized using the effective interest method over the term of the Senior Notes which mature in March 2022 . The original issue discount and costs incurred in connection with the issuance of the Term Loan were capitalized and are being amortized using the effective interest method over the expected term of the agreement. Costs incurred in connection with the ABL Facility were capitalized and are being amortized using the straight-line method over the expected term of the agreement. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The FASB’s Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures , defines fair value and provides a hierarchal framework associated with the level of subjectivity used in measuring assets and liabilities at fair value. Our financial instruments consist primarily of cash and cash equivalents, trade and other receivables, trade payables, phantom stock unit awards and long-term debt. The carrying value of cash and cash equivalents, trade and other receivables, and trade payables are considered to be representative of their respective fair values due to the short-term nature of these instruments. At September 30, 2018 and December 31, 2017 , the aggregate estimated fair value of our phantom stock unit awards was $10.2 million and $6.1 million , respectively, for which the vested portion recognized as a liability in our condensed consolidated balance sheets was $6.4 million and $3.6 million , respectively. The phantom stock unit awards, and the measurement of fair value for these awards, are described in more detail in Note 8 , Stock-Based Compensation Plans . The fair value of our Senior Notes is estimated based on recent observable market prices for our debt instruments, which are defined by ASC Topic 820 as Level 2 inputs. The fair value of our Term Loan is based on estimated market pricing for our debt instrument, which is defined by ASC Topic 820 as using Level 3 inputs which are unobservable and therefore more likely to be affected by changes in assumptions. The following table presents supplemental fair value information and carrying value for our debt, net of discount and debt issuance costs (amounts in thousands): September 30, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Senior notes 2 $ 296,781 $ 265,125 $ 296,181 $ 243,948 Senior secured term loan 3 167,024 $ 180,031 165,484 171,613 $ 463,805 $ 445,156 $ 461,665 $ 415,561 |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (loss) Per Common Share | Earnings (Loss) Per Common Share The following table presents a reconciliation of the numerators and denominators of the basic earnings per share and diluted earnings per share computations (amounts in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator (both basic and diluted): Net loss $ (5,233 ) $ (17,227 ) $ (34,524 ) $ (62,560 ) Denominator: Weighted-average shares (denominator for basic earnings (loss) per share) 78,136 77,552 77,897 77,335 Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards — — — — Denominator for diluted earnings (loss) per share 78,136 77,552 77,897 77,335 Loss per common share - Basic $ (0.07 ) $ (0.22 ) $ (0.44 ) $ (0.81 ) Loss per common share - Diluted $ (0.07 ) $ (0.22 ) $ (0.44 ) $ (0.81 ) Potentially dilutive securities excluded as anti-dilutive 3,964 4,612 4,895 5,167 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Transactions and Stock-Based Compensation Plans | Stock-Based Compensation Plans We grant stock option and restricted stock awards with vesting based on time of service conditions. We grant restricted stock unit awards with vesting based on time of service conditions, and in certain cases, subject to performance and market conditions. We grant phantom stock unit awards with vesting based on time of service, performance and market conditions, which are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation since we expect to settle the awards in cash when they become vested. We recognize compensation cost for our stock-based compensation awards based on the fair value estimated in accordance with ASC Topic 718, and we recognize forfeitures when they occur. For our awards with graded vesting, we recognize compensation expense on a straight-line basis over the service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The following table summarizes the stock-based compensation expense recognized, by award type, and the compensation expense (benefit) recognized for phantom stock unit awards during the three and nine months ended September 30, 2018 and 2017 (amounts in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Stock option awards $ 101 $ 249 $ 342 $ 726 Restricted stock awards 116 116 344 345 Restricted stock unit awards 823 525 2,710 2,154 $ 1,040 $ 890 $ 3,396 $ 3,225 Phantom stock unit awards $ (3,722 ) $ 878 $ 2,807 $ 397 Stock Option Awards We grant stock option awards which generally become exercisable over a three -year period and expire ten years after the date of grant. Our stock-based compensation plans require that all stock option awards have an exercise price that is not less than the fair market value of our common stock on the date of grant. We issue shares of our common stock when vested stock option awards are exercised. We estimate the fair value of each option grant on the date of grant using a Black-Scholes option pricing model. There were no stock options granted during the nine months ended September 30, 2018. Restricted Stock and Restricted Stock Unit Awards We grant restricted stock awards that vest over a one -year period with a fair value based on the closing price of our common stock on the date of the grant. When restricted stock awards are granted, or when restricted stock unit awards are converted to restricted stock, shares of our common stock are considered issued, but subject to certain restrictions. We grant restricted stock unit awards with vesting based on time of service conditions only (“time-based RSUs”), and we grant restricted stock unit awards with vesting based on time of service, which are also subject to performance and market conditions (“performance-based RSUs”). Shares of our common stock are issued to recipients of restricted stock units only when they have satisfied the applicable vesting conditions. There were no restricted stock or restricted stock unit awards granted during the three months ended September 30, 2018 or 2017 . The following table summarizes the number and weighted-average grant-date fair value of the restricted stock and restricted stock unit awards granted during the nine months ended September 30, 2018 and 2017 : Nine months ended September 30, 2018 2017 Restricted Stock: Restricted stock awards granted 78,632 167,272 Weighted-average grant-date fair value $ 5.85 $ 2.75 Time-based RSUs: Time-based RSUs granted 788,377 96,728 Weighted-average grant-date fair value $ 3.85 $ 5.61 Performance-based RSUs: Performance-based RSUs granted — 563,469 Weighted-average grant-date fair value $ — $ 7.75 Our time-based RSUs generally vest over a three -year period, with fair values based on the closing price of our common stock on the date of grant. Our performance-based RSUs generally cliff vest after 39 months from the date of grant and are granted at a target number of issuable shares, for which the final number of shares of common stock is adjusted based on our actual achievement levels that are measured against predetermined performance conditions. The number of shares of common stock awarded will be based upon the Company’s achievement in certain performance conditions, as compared to a predefined peer group, over the performance period, generally three years. Approximately half of the performance-based RSUs outstanding are subject to a market condition based on relative total shareholder return, as compared to that of our predetermined peer group, and therefore the fair value of these awards is measured using a Monte Carlo simulation model. Compensation expense for equity awards with a market condition is reduced only for actual forfeitures; no adjustment to expense is otherwise made, regardless of the number of shares issued. The remaining performance-based RSUs are subject to performance conditions, based on our EBITDA and EBITDA return on capital employed, relative to our predetermined peer group, and therefore the fair value is based on the closing price of our common stock on the date of grant, applied to the estimated number of shares that will be awarded. Compensation expense ultimately recognized for awards with performance conditions will be equal to the fair value of the restricted stock unit award based on the actual outcome of the service and performance conditions. In April 2018 , we determined that 106% of the target number of shares granted during 2015 were actually earned based on the Company’s achievement of the performance measures as described above . As of September 30, 2018 , we estimate that the achievement level for our outstanding performance-based RSUs granted in 2017 will be approximately 100% of the predetermined performance conditions . Phantom Stock Unit Awards In 2016 and 2018, we granted 1,268,068 and 1,188,216 phantom stock unit awards with weighted-average grant-date fair values of $1.35 and $3.06 per share, respectively. These awards cliff-vest after 39 months from the date of grant, with vesting based on time of service, performance and market conditions. The number of units ultimately awarded will be based upon the Company’s achievement in certain performance conditions, as compared to a predefined peer group, over the respective three -year performance periods, and each unit awarded will entitle the employee to a cash payment equal to the stock price of our common stock on the date of vesting, subject to a maximum of $8.08 and $9.66 (which is four and three times the grant date stock price), respectively. The fair value of these awards is measured using inputs that are defined as Level 3 inputs under ASC Topic 820, Fair Value Measurements and Disclosures . Half of the 2016 phantom stock unit awards are subject to a market condition based on relative total shareholder return, and therefore the fair values of these awards are measured using a Monte Carlo simulation model, which incorporates the estimate of our relative total shareholder return achievement level. The remaining 2016 phantom stock unit awards are subject to performance conditions, based on our relative EBITDA and EBITDA return on capital employed, and the fair values of these awards are measured using a Black-Scholes pricing model. The 2018 phantom stock unit awards will vest based upon our relative total shareholder return and relative EBITDA return on capital, both of which are subject to market conditions, and therefore, the fair value of these awards is measured using a Monte Carlo simulation model which generates a fair value that incorporates the relative estimated achievement levels. As of September 30, 2018 , we estimate the achievement levels for our outstanding 2016 and 2018 phantom stock unit awards to be 188% and 100% , respectively. These awards are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation , because we expect to settle the awards in cash when they vest, and are remeasured at fair value at the end of each reporting period until they vest. The change in fair value is recognized as a current period compensation expense in our condensed consolidated statements of operations. Therefore, changes in the inputs used to measure fair value can result in volatility in our compensation expense. This volatility increases as the phantom stock awards approach the vesting date. We estimate that a hypothetical increase of $1 in the market price of our common stock, which was $2.95 as of September 30, 2018 , if all other inputs were unchanged, would result in an increase in cumulative compensation expense of $2.1 million , which represents the hypothetical increase in fair value of the liability for all outstanding phantom stock unit awards. The maximum payout feature of these awards would limit this volatility if the stock price exceeds the maximum payout threshold. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have five operating segments, comprised of two drilling services business segments (domestic and international drilling) and three production services business segments (well servicing, wireline services and coiled tubing services). We revised our segments as of December 31, 2017 to reflect changes in the basis used by management in making decisions regarding our business for resource allocation and performance assessment. These changes reflect our current operating focus as is required by ASC Topic 280, Segment Reporting . The following financial information presented as of and for the three and nine months ended September 30, 2017 have been restated to reflect this change. Our domestic and international drilling services segments provide contract land drilling services to a diverse group of exploration and production companies through our three drilling divisions in the US and internationally in Colombia. In addition to our drilling rigs, we provide the drilling crews and most of the ancillary equipment needed to operate our drilling rigs. Our well servicing, wireline services and coiled tubing services segments provide a range of production services to a diverse group of exploration and production companies, with our operations concentrated in the major domestic onshore oil and gas producing regions in the Gulf Coast, Mid-Continent and Rocky Mountain states. The following tables set forth certain financial information for each of our segments and corporate (amounts in thousands): As of and for the three months ended September 30, As of and for the nine months ended September 30, 2018 2017 2018 2017 Revenues: Domestic drilling $ 36,586 $ 35,141 $ 108,146 $ 93,959 International drilling 23,131 7,402 62,515 26,379 Drilling services 59,717 42,543 170,661 120,338 Well servicing 24,369 19,103 68,645 58,854 Wireline services 52,654 46,085 171,392 118,463 Coiled tubing services 12,592 9,550 37,894 22,513 Production services 89,615 74,738 277,931 199,830 Consolidated revenues $ 149,332 $ 117,281 $ 448,592 $ 320,168 Operating costs: Domestic drilling $ 21,650 $ 21,769 $ 64,297 $ 61,658 International drilling 19,013 6,617 49,038 20,183 Drilling services 40,663 28,386 113,335 81,841 Well servicing 17,193 13,988 49,443 43,116 Wireline services 40,840 35,692 130,042 91,670 Coiled tubing services 10,265 8,603 33,104 21,829 Production services 68,298 58,283 212,589 156,615 Consolidated operating costs $ 108,961 $ 86,669 $ 325,924 $ 238,456 Gross margin: Domestic drilling $ 14,936 $ 13,372 $ 43,849 $ 32,301 International drilling 4,118 785 13,477 6,196 Drilling services 19,054 14,157 57,326 38,497 Well servicing 7,176 5,115 19,202 15,738 Wireline services 11,814 10,393 41,350 26,793 Coiled tubing services 2,327 947 4,790 684 Production services 21,317 16,455 65,342 43,215 Consolidated gross margin $ 40,371 $ 30,612 $ 122,668 $ 81,712 As of and for the three months ended September 30, As of and for the nine months ended September 30, 2018 2017 2018 2017 Identifiable Assets: Domestic drilling (1) $ 375,982 $ 408,052 $ 375,982 $ 408,052 International drilling (1) (2) 41,807 32,340 41,807 32,340 Drilling services 417,789 440,392 417,789 440,392 Well servicing 123,933 130,039 123,933 130,039 Wireline services 96,585 94,060 96,585 94,060 Coiled tubing services 34,866 27,881 34,866 27,881 Production services 255,384 251,980 255,384 251,980 Corporate 79,702 15,070 79,702 15,070 Consolidated identifiable assets $ 752,875 $ 707,442 $ 752,875 $ 707,442 Depreciation and Amortization: Domestic drilling $ 10,358 $ 11,261 $ 30,946 $ 34,274 International drilling 1,463 1,428 4,211 4,407 Drilling services 11,821 12,689 35,157 38,681 Well servicing 4,903 4,946 14,688 14,958 Wireline services 4,518 4,731 13,727 13,636 Coiled tubing services 1,991 1,944 6,137 6,159 Production services 11,412 11,621 34,552 34,753 Corporate 268 313 826 921 Consolidated depreciation and amortization $ 23,501 $ 24,623 $ 70,535 $ 74,355 Capital Expenditures: Domestic drilling $ 6,274 $ 2,868 $ 13,768 $ 18,648 International drilling 264 1,951 4,177 3,665 Drilling services 6,538 4,819 17,945 22,313 Well servicing 2,989 1,653 8,441 16,000 Wireline services 3,973 3,832 12,563 11,341 Coiled tubing services 4,498 1,678 12,479 3,940 Production services 11,460 7,163 33,483 31,281 Corporate 419 236 914 608 Consolidated capital expenditures $ 18,417 $ 12,218 $ 52,342 $ 54,202 (1) Identifiable assets for our drilling segments include the impact of a $39.4 million and $22.6 million intercompany balance, as of September 30, 2018 and 2017 , respectively, between our domestic drilling segment (intercompany receivable) and our international drilling segment (intercompany payable). (2) Identifiable assets for our international drilling segment include five drilling rigs that are owned by our Colombia subsidiary and three drilling rigs that are owned by one of our domestic subsidiaries and leased to our Colombia subsidiary. The following table reconciles the consolidated gross margin of our segments reported above to loss from operations as reported on the condensed consolidated statements of operations (amounts in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Consolidated gross margin $ 40,371 $ 30,612 $ 122,668 $ 81,712 Depreciation and amortization (23,501 ) (24,623 ) (70,535 ) (74,355 ) General and administrative (14,043 ) (17,549 ) (58,066 ) (51,405 ) Bad debt recovery (expense), net (111 ) (491 ) 311 98 Impairment (239 ) — (2,607 ) (795 ) Gain on dispositions of property and equipment, net 1,861 1,159 2,922 2,251 Income (loss) from operations $ 4,338 $ (10,892 ) $ (5,307 ) $ (42,494 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies In connection with our operations in Colombia, our foreign subsidiaries routinely obtain bonds for bidding on drilling contracts, performing under drilling contracts, and remitting customs and importation duties. We have guaranteed payments of $72.4 million relating to our performance under these bonds as of September 30, 2018 . We are currently undergoing sales and use tax audits for multi-year periods. As of September 30, 2018 and December 31, 2017 , our accrued liability was $1.6 million and $1.2 million , respectively, based on our estimate of the sales and use tax obligations that are expected to result from these audits . Due to the inherent uncertainty of the audit process, we believe that it is reasonably possible that we may incur additional tax assessments with respect to one or more of the audits in excess of the amount accrued. We believe that such an outcome would not have a material adverse effect on our results of operations or financial position. Because certain of these audits are in a preliminary stage, an estimate of the possible loss or range of loss from an adverse result in all or substantially all of these cases cannot reasonably be made. Due to the nature of our business, we are, from time to time, involved in litigation or subject to disputes or claims related to our business activities, including workers’ compensation claims and employment-related disputes. Legal costs relating to these matters are expensed as incurred. In the opinion of our management, none of the pending litigation, disputes or claims against us will have a material adverse effect on our financial condition, results of operations or cash flow from operations. |
Guarantor_Non Guarantor Condens
Guarantor/Non Guarantor Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2018 | |
Guarantor Non-Guarantor Condensed Consolidated Financial Statements | |
Guarantor/Non Guarantor Condensed Consolidated Financial Statements | Guarantor/Non-Guarantor Condensed Consolidating Financial Statements Our Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all existing 100% owned domestic subsidiaries, except for Pioneer Services Holdings, LLC. The subsidiaries that generally operate our non-U.S. business concentrated in Colombia do not guarantee our Senior Notes. The non-guarantor subsidiaries do not have any payment obligations under the Senior Notes, the guarantees or the Indenture. In the event of a bankruptcy, liquidation or reorganization of any non-guarantor subsidiary, such non-guarantor subsidiary will pay the holders of its debt and other liabilities, including its trade creditors, before it will be able to distribute any of its assets to us. In the future, any non-U.S. subsidiaries, immaterial subsidiaries and subsidiaries that we designate as unrestricted subsidiaries under the Indenture will not guarantee the Senior Notes. As of September 30, 2018 , there were no restrictions on the ability of subsidiary guarantors to transfer funds to the parent company. As a result of the guarantee arrangements, we are presenting the following condensed consolidating balance sheets, statements of operations and statements of cash flows of the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries. CONDENSED CONSOLIDATING BALANCE SHEETS (unaudited, in thousands) September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 48,404 $ — $ 3,064 $ — $ 51,468 Restricted cash 2,000 — — — 2,000 Receivables, net of allowance 5 105,907 32,981 787 139,680 Intercompany receivable (payable) (26,935 ) 66,100 (39,165 ) — — Inventory — 9,636 9,356 — 18,992 Assets held for sale — 6,102 — — 6,102 Prepaid expenses and other current assets 1,988 1,846 1,800 — 5,634 Total current assets 25,462 189,591 8,036 787 223,876 Net property and equipment 2,098 497,418 27,744 — 527,260 Investment in subsidiaries 585,245 23,177 — (608,422 ) — Deferred income taxes 42,150 — — (42,150 ) — Other noncurrent assets 636 482 621 — 1,739 Total assets $ 655,591 $ 710,668 $ 36,401 $ (649,785 ) $ 752,875 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,643 $ 26,834 $ 6,270 $ — $ 34,747 Deferred revenues — 1 1,129 — 1,130 Accrued expenses 10,214 51,603 5,344 787 67,948 Total current liabilities 11,857 78,438 12,743 787 103,825 Long-term debt, less unamortized discount and debt issuance costs 463,805 — — — 463,805 Deferred income taxes — 45,494 — (42,150 ) 3,344 Other noncurrent liabilities 1,432 1,491 481 — 3,404 Total liabilities 477,094 125,423 13,224 (41,363 ) 574,378 Total shareholders’ equity 178,497 585,245 23,177 (608,422 ) 178,497 Total liabilities and shareholders’ equity $ 655,591 $ 710,668 $ 36,401 $ (649,785 ) $ 752,875 December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 70,377 $ — $ 3,263 $ — $ 73,640 Restricted cash 2,008 — — — 2,008 Receivables, net of allowance 7 93,866 19,174 (42 ) 113,005 Intercompany receivable (payable) (22,955 ) 49,651 (26,696 ) — — Inventory — 7,741 6,316 — 14,057 Assets held for sale — 6,620 — — 6,620 Prepaid expenses and other current assets 1,238 3,193 1,798 — 6,229 Total current assets 50,675 161,071 3,855 (42 ) 215,559 Net property and equipment 2,011 521,080 26,532 — 549,623 Investment in subsidiaries 596,927 20,095 — (617,022 ) — Deferred income taxes 38,028 — — (38,028 ) — Other noncurrent assets 496 788 403 — 1,687 Total assets $ 688,137 $ 703,034 $ 30,790 $ (655,092 ) $ 766,869 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 286 $ 24,174 $ 5,078 $ — $ 29,538 Deferred revenues — 97 808 — 905 Accrued expenses 12,504 37,814 4,195 (42 ) 54,471 Total current liabilities 12,790 62,085 10,081 (42 ) 84,914 Long-term debt, less unamortized discount and debt issuance costs 461,665 — — — 461,665 Deferred income taxes — 41,179 — (38,028 ) 3,151 Other noncurrent liabilities 3,586 2,843 614 — 7,043 Total liabilities 478,041 106,107 10,695 (38,070 ) 556,773 Total shareholders’ equity 210,096 596,927 20,095 (617,022 ) 210,096 Total liabilities and shareholders’ equity $ 688,137 $ 703,034 $ 30,790 $ (655,092 ) $ 766,869 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands) Three months ended September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 126,202 $ 23,130 $ — $ 149,332 Costs and expenses: Operating costs — 89,950 19,011 — 108,961 Depreciation and amortization 269 21,769 1,463 — 23,501 General and administrative 2,260 11,152 736 (105 ) 14,043 Intercompany leasing — (1,215 ) 1,215 — — Bad debt expense, net of recovery — 111 — — 111 Impairment — 239 — — 239 Gain on dispositions of property and equipment, net — (1,856 ) (5 ) — (1,861 ) Total costs and expenses 2,529 120,150 22,420 (105 ) 144,994 Income (loss) from operations (2,529 ) 6,052 710 105 4,338 Other income (expense): Equity in earnings of subsidiaries 5,011 618 — (5,629 ) — Interest expense (9,802 ) (12 ) 3 — (9,811 ) Other income 244 222 137 (105 ) 498 Total other income (expense), net (4,547 ) 828 140 (5,734 ) (9,313 ) Income (loss) before income taxes (7,076 ) 6,880 850 (5,629 ) (4,975 ) Income tax (expense) benefit 1 1,843 (1,869 ) (232 ) — (258 ) Net income (loss) $ (5,233 ) $ 5,011 $ 618 $ (5,629 ) $ (5,233 ) Three months ended September 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 109,878 $ 7,403 $ — $ 117,281 Costs and expenses: Operating costs — 80,054 6,615 — 86,669 Depreciation and amortization 313 22,882 1,428 — 24,623 General and administrative 5,737 11,445 505 (138 ) 17,549 Intercompany leasing — (1,215 ) 1,215 — — Bad debt expense, net of recovery — 491 — — 491 Gain on dispositions of property and equipment, net — (1,159 ) — — (1,159 ) Total costs and expenses 6,050 112,498 9,763 (138 ) 128,173 Loss from operations (6,050 ) (2,620 ) (2,360 ) 138 (10,892 ) Other income (expense): Equity in earnings of subsidiaries (4,650 ) (2,393 ) — 7,043 — Interest expense (6,614 ) 1 — — (6,613 ) Other income 9 220 204 (138 ) 295 Total other income (expense), net (11,255 ) (2,172 ) 204 6,905 (6,318 ) Loss before income taxes (17,305 ) (4,792 ) (2,156 ) 7,043 (17,210 ) Income tax (expense) benefit 1 78 142 (237 ) — (17 ) Net loss $ (17,227 ) $ (4,650 ) $ (2,393 ) $ 7,043 $ (17,227 ) 1 The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands) Nine months ended September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 386,077 $ 62,515 $ — $ 448,592 Costs and expenses: Operating costs — 276,893 49,031 — 325,924 Depreciation and amortization 826 65,498 4,211 — 70,535 General and administrative 18,628 37,781 1,972 (315 ) 58,066 Intercompany leasing — (3,645 ) 3,645 — — Bad debt recovery, net of expense — (311 ) — — (311 ) Impairment — 2,607 — — 2,607 Gain on dispositions of property and equipment, net — (2,890 ) (32 ) — (2,922 ) Total costs and expenses 19,454 375,933 58,827 (315 ) 453,899 Income (loss) from operations (19,454 ) 10,144 3,688 315 (5,307 ) Other income (expense): Equity in earnings of subsidiaries 10,081 3,305 — (13,386 ) — Interest expense (28,963 ) (14 ) 11 — (28,966 ) Other income 405 664 292 (315 ) 1,046 Total other income (expense), net (18,477 ) 3,955 303 (13,701 ) (27,920 ) Income (loss) before income taxes (37,931 ) 14,099 3,991 (13,386 ) (33,227 ) Income tax (expense) benefit 1 3,407 (4,018 ) (686 ) — (1,297 ) Net income (loss) $ (34,524 ) $ 10,081 $ 3,305 $ (13,386 ) $ (34,524 ) Nine months ended September 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 293,788 $ 26,380 $ — $ 320,168 Costs and expenses: Operating costs — 218,281 20,175 — 238,456 Depreciation and amortization 921 69,027 4,407 — 74,355 General and administrative 16,507 33,881 1,431 (414 ) 51,405 Intercompany leasing — (3,645 ) 3,645 — — Bad debt recovery, net of expense — (98 ) — — (98 ) Impairment — 795 — — 795 Loss (gain) on dispositions of property and equipment, net 2 (2,126 ) (127 ) — (2,251 ) Total costs and expenses 17,430 316,115 29,531 (414 ) 362,662 Loss from operations (17,430 ) (22,327 ) (3,151 ) 414 (42,494 ) Other income (expense): Equity in earnings of subsidiaries (19,518 ) (3,924 ) — 23,442 — Interest expense (19,110 ) 20 — — (19,090 ) Other income (expense) 37 678 (77 ) (414 ) 224 Total other expense, net (38,591 ) (3,226 ) (77 ) 23,028 (18,866 ) Loss before income taxes (56,021 ) (25,553 ) (3,228 ) 23,442 (61,360 ) Income tax (expense) benefit 1 (6,539 ) 6,035 (696 ) — (1,200 ) Net loss $ (62,560 ) $ (19,518 ) $ (3,924 ) $ 23,442 $ (62,560 ) 1 The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited, in thousands) Nine months ended September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (43,466 ) $ 60,269 $ 4,687 $ — $ 21,490 Cash flows from investing activities: Purchases of property and equipment (762 ) (43,374 ) (4,642 ) — (48,778 ) Proceeds from sale of property and equipment — 4,648 17 — 4,665 Proceeds from insurance recoveries — 965 15 — 980 (762 ) (37,761 ) (4,610 ) — (43,133 ) Cash flows from financing activities: Proceeds from exercise of options 12 — — — 12 Purchase of treasury stock (549 ) — — — (549 ) Intercompany contributions/distributions 22,784 (22,508 ) (276 ) — — 22,247 (22,508 ) (276 ) — (537 ) Net decrease in cash, cash equivalents and restricted cash (21,981 ) — (199 ) — (22,180 ) Beginning cash, cash equivalents and restricted cash 72,385 — 3,263 — 75,648 Ending cash, cash equivalents and restricted cash $ 50,404 $ — $ 3,064 $ — $ 53,468 Nine months ended September 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (35,837 ) $ 20,229 $ 4,346 $ — $ (11,262 ) Cash flows from investing activities: Purchases of property and equipment (563 ) (48,490 ) (4,023 ) 270 (52,806 ) Proceeds from sale of property and equipment — 10,528 149 (270 ) 10,407 Proceeds from insurance recoveries — 3,119 — — 3,119 (563 ) (34,843 ) (3,874 ) — (39,280 ) Cash flows from financing activities: Debt repayments (13,267 ) — — — (13,267 ) Proceeds from issuance of debt 65,000 — — — 65,000 Purchase of treasury stock (533 ) — — — (533 ) Intercompany contributions/distributions (14,379 ) 14,614 (235 ) — — 36,821 14,614 (235 ) — 51,200 Net increase (decrease) in cash and cash equivalents 421 — 237 — 658 Beginning cash and cash equivalents 9,134 — 1,060 — 10,194 Ending cash and cash equivalents $ 9,555 $ — $ 1,297 $ — $ 10,852 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Pioneer Energy Services Corp. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of our management, all adjustments (consisting of normal, recurring accruals) necessary for a fair presentation have been included. We suggest that you read these unaudited condensed consolidated financial statements together with the consolidated financial statements and the related notes included in our annual report on Form 10-K for the year ended December 31, 2017 . |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates — In preparing the accompanying unaudited condensed consolidated financial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities we report as of the dates of the balance sheets and income and expenses we report for the periods shown in the income statements and statements of cash flows. Our actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to our estimates of certain variable revenues and amortization periods of certain deferred revenues and costs associated with drilling daywork contacts, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance and our estimate of compensation related accruals. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events — In preparing the accompanying unaudited condensed consolidated financial statements, we have reviewed events that have occurred after September 30, 2018 , through the filing of this Form 10-Q , for inclusion as necessary. |
Reclassification, Policy [Policy Text Block] | Reclassifications — Certain amounts in the unaudited condensed consolidated financial statements for the prior year periods have been reclassified to conform to the current year’s presentation. We have five operating segments, comprised of two drilling services business segments (domestic and international drilling) and three production services business segments (well servicing, wireline services and coiled tubing services). We revised our segments as of December 31, 2017 to reflect changes in the basis used by management in making decisions regarding our business for resource allocation and performance assessment. These changes reflect our current operating focus as is required by ASC Topic 280, Segment Reporting . See Note 9 , Segment Information for this revised presentation. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents — As of September 30, 2018 , we had $40.4 million of cash equivalents, consisting of investments in highly-liquid money-market mutual funds . We had no cash equivalents at December 31, 2017 . Restricted Cash — Our restricted cash balance reflects the portion of net proceeds from the issuance of our senior secured term loan which are currently held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property, which we expect to complete within 12 months. Accordingly, the related restricted cash is presented as current in the accompanying condensed consolidated balance sheets. |
Prepaid Expenses and Other Current Assets [Policy Text Block] | Prepaid Expenses and Other Current Assets — Prepaid expenses and other current assets include items such as insurance, rent deposits, various software subscriptions and other fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Prepaid expenses and other current assets also include deferred mobilization costs for short-term drilling contracts. |
New Accounting Pronouncements, Policy [Policy Text Block] | Change in Accounting Principle and Recently Issued Accounting Standards Changes to accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). We consider the applicability and impact of all ASUs. Any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our consolidated financial position and results of operations. • Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, a comprehensive new revenue recognition standard that supersedes nearly all pre-existing revenue recognition guidance. The standard, and its related amendments, collectively referred to as ASC Topic 606, outlines a single comprehensive model for revenue recognition based on the core principle that a company will recognize revenue when promised goods or services are transferred to clients, in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. We adopted this standard effective January 1, 2018 using the modified retrospective method, in which the standard has been applied to all contracts existing as of the date of initial application, with the cumulative effect of applying the standard recognized in retained earnings. Accordingly, revenues for reporting periods ending after January 1, 2018 are presented under ASC Topic 606, while prior period amounts have not been adjusted and continue to be reported under the previous revenue recognition guidance. In accordance with ASC Topic 606, we also adopted ASC Subtopic 340-40, Other Assets and Deferred Costs, Contracts with Customers , effective January 1, 2018, which requires that the incremental costs of obtaining or fulfilling a contract with a customer be recognized as an asset if the costs are expected to be recovered. The adoption of these standards resulted in a cumulative effect adjustment of $0.1 million after applicable income taxes, which consists of the impact of the timing difference related to recognition of mobilization revenues and costs. Mobilization costs incurred are deferred and amortized over the expected period of benefit under ASC Subtopic 340-40, but were amortized over the initial contract term under the previous accounting guidance. The recognition of both mobilization revenues and costs begins when mobilization activity is completed under ASC Topic 606, but were recognized during the period of initial mobilization under the previous accounting guidance. Additionally, the opening balances of deferred mobilization costs were reclassified in accordance with ASC Subtopic 340-40, which requires classification of the entire deferred balance according to the duration of the original contract to which it relates , rather than bifurcating the asset into current and noncurrent portions. For more information about the accounting under ASC Topic 606, and disclosures under the new standard, see Note 2 , Revenue from Contracts with Customers . • Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases , which among other things, requires lessees to recognize substantially all leases on the balance sheet, with expense recognition that is similar to the current lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance (referenced above). In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements , which provides an option to apply the guidance prospectively, and provides a practical expedient allowing lessors to combine the lease and non-lease components of revenues where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers , when the non-lease component is the predominant element of the combined component. As a lessor, we expect to apply the practical expedient which would allow us to continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in our consolidated statements of operations. As a lessee, this standard will primarily impact our accounting for real estate and office equipment leases, for which we will recognize a right-of-use asset and a corresponding lease liability on our consolidated balance sheet. The future lease obligations disclosed in Note 4, Leases , included in Part II, Item 8, of our Annual Report on Form 10-K for the year ended December 31, 2017, provides some insight to the estimated impact of adoption for us as a lessee. We are currently in the process of implementing a lease accounting system for our leases, converting our existing lease data to the new system and implementing relevant internal controls and procedures. We expect to apply this guidance prospectively, beginning January 1, 2019. |
Related Party Transactions Disclosure [Text Block] | Related-Party Transactions — During both the nine months ended September 30, 2018 and 2017 , the Company paid approximately $0.1 million for trucking and equipment rental services, which represented arms-length transactions, to Gulf Coast Lease Service. Joe Freeman, our Senior Vice President of Well Servicing, serves as the President of Gulf Coast Lease Service, which is owned and operated by Mr. Freeman’s two sons. Mr. Freeman does not receive compensation from Gulf Coast Lease Service, and he serves primarily in an advisory role to his sons. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue from Contracts with Customers Our production services business segments earn revenues for well servicing, wireline services and coiled tubing services pursuant to master services agreements based on purchase orders or other contractual arrangements with the client. Production services jobs are generally short-term (ranging in duration from several hours to less than 30 days) and are charged at current market rates for the labor, equipment and materials necessary to complete the job. Production services jobs are varied in nature, but typically represent a single performance obligation, either for a particular job, a series of distinct jobs, or a period of time during which we stand ready to provide services as our client needs them. Revenue is recognized for these services over time, as the services are performed. Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts. We provide the drilling rig, crew and supplies necessary to operate the rig. Contract modifications that extend the term of a dayrate contract are generally accounted for prospectively as a separate dayrate contract. We account for our services provided under daywork contracts as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Accordingly, dayrate revenues are recognized in the period during which the services are performed. With most drilling contracts, we also receive payments contractually designated for the mobilization and demobilization of drilling rigs and other equipment to and from the client’s drill site. Revenues associated with the mobilization and demobilization of our drilling rigs to and from the client’s drill site do not relate to a distinct good or service and are recognized ratably over the related contract term. The amount of demobilization revenue that we ultimately collect is dependent upon the specific contractual terms, most of which include provisions for reduced (or no) payment for demobilization when, among other things, the contract is renewed or extended with the same client, or when the rig is subsequently contracted with another client prior to the termination of the current contract. Since revenues associated with demobilization activity are typically variable, at each period end, they are estimated at the most likely amount, and constrained when the likelihood of a significant reversal is probable. Any change in the expected amount of demobilization revenue is accounted for with the net cumulative impact of the change in estimate recognized in the period during which the revenue estimate is revised. The upfront costs that we incur to mobilize the drilling rig to our client’s initial drilling site are capitalized and recognized ratably over the term of the related contract, including any contracted renewal or extension periods, which is our estimate of the period during which we expect to benefit from the cost of mobilizing the rig. Costs associated with the final demobilization at the end of the contract term are expensed when incurred, when the demobilization activity is performed. We also act as a principal for certain reimbursable services and auxiliary equipment provided by us to our clients, for which we incur costs and earn revenues, many of which are variable, or dependent upon the activity that is actually performed each day under the related contract. Accordingly, reimbursements that we receive for out-of-pocket expenses are recorded as revenues and the out-of-pocket expenses for which they relate are recorded as operating costs during the period to which they relate within the series of distinct time increments. All of our revenues are recognized net of sales taxes, when applicable. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Contract asset and contract liability balances relate to demobilization and mobilization revenues, respectively. Demobilization revenue that we expect to receive is recognized ratably over the related contract term, but invoiced upon completion of the demobilization activity. Mobilization revenue which is typically collected upon the completion of the initial mobilization activity is deferred and recognized ratably over the related contract term. Contract asset and liability balances are netted at the contract level, with the net current and noncurrent portions separately classified in our condensed consolidated balance sheets, and referred to herein as “deferred revenues.” |
Property and Equipment (Impairm
Property and Equipment (Impairments) (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment, Impairment [Policy Text Block] | Impairments — In accordance with ASC Topic 360, Property, Plant and Equipment , we monitor all indicators of potential impairments and we evaluate for potential impairment of long-lived assets when indicators of impairment are present, which may include, among other things, significant adverse changes in industry trends (including revenue rates, utilization rates, oil and natural gas market prices, and industry rig counts). In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of the assets grouped at the lowest level that independent cash flows can be identified. We perform an impairment evaluation and estimate future undiscounted cash flows for each of our reporting units separately, which are our domestic drilling services, international drilling services, well servicing, wireline services and coiled tubing services segments. If the sum of the estimated future undiscounted net cash flows is less than the carrying amount of the asset group, then we determine the fair value of the asset group, and the amount of an impairment charge would be measured as the difference between the carrying amount and the fair value of the assets. Due to adverse factors currently affecting our well servicing operations, including increased competition and labor shortages in certain well servicing markets, and lower than anticipated utilization, all of which contributed to a decline in our projected cash flows for the well servicing reporting unit, we performed an impairment analysis of this reporting unit at September 30, 2018 . As a result of this analysis, we concluded that this reporting unit was not at risk of impairment because the sum of the estimated future undiscounted net cash flows for our well servicing reporting unit was significantly in excess of the carrying amount. The most significant inputs used in our impairment analysis of our well servicing operations include the projected utilization and pricing of our services, which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures . The assumptions we use in the evaluation for impairment are inherently uncertain and require management judgment. Although we believe the assumptions and estimates used in our impairment analysis are reasonable, different assumptions and estimates could materially impact the analysis and resulting conclusions. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Drilling Long-Lived Assets, by Type [Table Text Block] | The following table summarizes our current rig fleet count and composition for each drilling services business segment: Multi-well, Pad-capable AC rigs SCR rigs Total Domestic drilling 16 — 16 International drilling — 8 8 24 |
Schedule of Production Services Long-Lived Assets, by Type [Table Text Block] | As of September 30, 2018 , the fleet count for each of our production services business segments are as follows: 550 HP 600 HP Total Well servicing rigs, by horsepower (HP) rating 113 12 125 Total Wireline services units 104 Coiled tubing services units 8 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contracts with Customer [Abstract] | |
Schedule of Deferred Revenues and Costs [Table Text Block] | Our current and noncurrent deferred revenues and costs as of September 30, 2018 and January 1, 2018 were as follows (amounts in thousands): September 30, 2018 January 1, 2018 Current deferred revenues $ 1,130 $ 1,287 Current deferred costs 1,136 1,072 Noncurrent deferred revenues $ 437 $ 564 Noncurrent deferred costs 662 1,177 |
Amortization of Deferred Revenue and Costs [Table Text Block] | Amortization of deferred revenues and costs during the three and nine months ended September 30, 2018 and 2017 were as follows (amounts in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Amortization of deferred revenues $ 720 $ 562 $ 1,762 $ 1,859 Amortization of deferred costs 1,100 1,311 2,050 3,997 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt consists of the following (amounts in thousands): September 30, 2018 December 31, 2017 Senior secured term loan $ 175,000 $ 175,000 Senior notes 300,000 300,000 475,000 475,000 Less unamortized discount (based on imputed interest rate of 10.46%) (2,855 ) (3,387 ) Less unamortized debt issuance costs (8,340 ) (9,948 ) $ 463,805 $ 461,665 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Liabilities, Fair Value Disclosure [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents supplemental fair value information and carrying value for our debt, net of discount and debt issuance costs (amounts in thousands): September 30, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Senior notes 2 $ 296,781 $ 265,125 $ 296,181 $ 243,948 Senior secured term loan 3 167,024 $ 180,031 165,484 171,613 $ 463,805 $ 445,156 $ 461,665 $ 415,561 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of the numerators and denominators of the basic earnings per share and diluted earnings per share computations (amounts in thousands, except per share data): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator (both basic and diluted): Net loss $ (5,233 ) $ (17,227 ) $ (34,524 ) $ (62,560 ) Denominator: Weighted-average shares (denominator for basic earnings (loss) per share) 78,136 77,552 77,897 77,335 Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards — — — — Denominator for diluted earnings (loss) per share 78,136 77,552 77,897 77,335 Loss per common share - Basic $ (0.07 ) $ (0.22 ) $ (0.44 ) $ (0.81 ) Loss per common share - Diluted $ (0.07 ) $ (0.22 ) $ (0.44 ) $ (0.81 ) Potentially dilutive securities excluded as anti-dilutive 3,964 4,612 4,895 5,167 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes the stock-based compensation expense recognized, by award type, and the compensation expense (benefit) recognized for phantom stock unit awards during the three and nine months ended September 30, 2018 and 2017 (amounts in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Stock option awards $ 101 $ 249 $ 342 $ 726 Restricted stock awards 116 116 344 345 Restricted stock unit awards 823 525 2,710 2,154 $ 1,040 $ 890 $ 3,396 $ 3,225 Phantom stock unit awards $ (3,722 ) $ 878 $ 2,807 $ 397 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes the number and weighted-average grant-date fair value of the restricted stock and restricted stock unit awards granted during the nine months ended September 30, 2018 and 2017 : Nine months ended September 30, 2018 2017 Restricted Stock: Restricted stock awards granted 78,632 167,272 Weighted-average grant-date fair value $ 5.85 $ 2.75 Time-based RSUs: Time-based RSUs granted 788,377 96,728 Weighted-average grant-date fair value $ 3.85 $ 5.61 Performance-based RSUs: Performance-based RSUs granted — 563,469 Weighted-average grant-date fair value $ — $ 7.75 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain financial information for each of our segments and corporate (amounts in thousands): As of and for the three months ended September 30, As of and for the nine months ended September 30, 2018 2017 2018 2017 Revenues: Domestic drilling $ 36,586 $ 35,141 $ 108,146 $ 93,959 International drilling 23,131 7,402 62,515 26,379 Drilling services 59,717 42,543 170,661 120,338 Well servicing 24,369 19,103 68,645 58,854 Wireline services 52,654 46,085 171,392 118,463 Coiled tubing services 12,592 9,550 37,894 22,513 Production services 89,615 74,738 277,931 199,830 Consolidated revenues $ 149,332 $ 117,281 $ 448,592 $ 320,168 Operating costs: Domestic drilling $ 21,650 $ 21,769 $ 64,297 $ 61,658 International drilling 19,013 6,617 49,038 20,183 Drilling services 40,663 28,386 113,335 81,841 Well servicing 17,193 13,988 49,443 43,116 Wireline services 40,840 35,692 130,042 91,670 Coiled tubing services 10,265 8,603 33,104 21,829 Production services 68,298 58,283 212,589 156,615 Consolidated operating costs $ 108,961 $ 86,669 $ 325,924 $ 238,456 Gross margin: Domestic drilling $ 14,936 $ 13,372 $ 43,849 $ 32,301 International drilling 4,118 785 13,477 6,196 Drilling services 19,054 14,157 57,326 38,497 Well servicing 7,176 5,115 19,202 15,738 Wireline services 11,814 10,393 41,350 26,793 Coiled tubing services 2,327 947 4,790 684 Production services 21,317 16,455 65,342 43,215 Consolidated gross margin $ 40,371 $ 30,612 $ 122,668 $ 81,712 As of and for the three months ended September 30, As of and for the nine months ended September 30, 2018 2017 2018 2017 Identifiable Assets: Domestic drilling (1) $ 375,982 $ 408,052 $ 375,982 $ 408,052 International drilling (1) (2) 41,807 32,340 41,807 32,340 Drilling services 417,789 440,392 417,789 440,392 Well servicing 123,933 130,039 123,933 130,039 Wireline services 96,585 94,060 96,585 94,060 Coiled tubing services 34,866 27,881 34,866 27,881 Production services 255,384 251,980 255,384 251,980 Corporate 79,702 15,070 79,702 15,070 Consolidated identifiable assets $ 752,875 $ 707,442 $ 752,875 $ 707,442 Depreciation and Amortization: Domestic drilling $ 10,358 $ 11,261 $ 30,946 $ 34,274 International drilling 1,463 1,428 4,211 4,407 Drilling services 11,821 12,689 35,157 38,681 Well servicing 4,903 4,946 14,688 14,958 Wireline services 4,518 4,731 13,727 13,636 Coiled tubing services 1,991 1,944 6,137 6,159 Production services 11,412 11,621 34,552 34,753 Corporate 268 313 826 921 Consolidated depreciation and amortization $ 23,501 $ 24,623 $ 70,535 $ 74,355 Capital Expenditures: Domestic drilling $ 6,274 $ 2,868 $ 13,768 $ 18,648 International drilling 264 1,951 4,177 3,665 Drilling services 6,538 4,819 17,945 22,313 Well servicing 2,989 1,653 8,441 16,000 Wireline services 3,973 3,832 12,563 11,341 Coiled tubing services 4,498 1,678 12,479 3,940 Production services 11,460 7,163 33,483 31,281 Corporate 419 236 914 608 Consolidated capital expenditures $ 18,417 $ 12,218 $ 52,342 $ 54,202 (1) Identifiable assets for our drilling segments include the impact of a $39.4 million and $22.6 million intercompany balance, as of September 30, 2018 and 2017 , respectively, between our domestic drilling segment (intercompany receivable) and our international drilling segment (intercompany payable). (2) Identifiable assets for our international drilling segment include five drilling rigs that are owned by our Colombia subsidiary and three drilling rigs that are owned by one of our domestic subsidiaries and leased to our Colombia subsidiary. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table reconciles the consolidated gross margin of our segments reported above to loss from operations as reported on the condensed consolidated statements of operations (amounts in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Consolidated gross margin $ 40,371 $ 30,612 $ 122,668 $ 81,712 Depreciation and amortization (23,501 ) (24,623 ) (70,535 ) (74,355 ) General and administrative (14,043 ) (17,549 ) (58,066 ) (51,405 ) Bad debt recovery (expense), net (111 ) (491 ) 311 98 Impairment (239 ) — (2,607 ) (795 ) Gain on dispositions of property and equipment, net 1,861 1,159 2,922 2,251 Income (loss) from operations $ 4,338 $ (10,892 ) $ (5,307 ) $ (42,494 ) |
Guarantor_Non Guarantor Conde_2
Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (unaudited, in thousands) September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 48,404 $ — $ 3,064 $ — $ 51,468 Restricted cash 2,000 — — — 2,000 Receivables, net of allowance 5 105,907 32,981 787 139,680 Intercompany receivable (payable) (26,935 ) 66,100 (39,165 ) — — Inventory — 9,636 9,356 — 18,992 Assets held for sale — 6,102 — — 6,102 Prepaid expenses and other current assets 1,988 1,846 1,800 — 5,634 Total current assets 25,462 189,591 8,036 787 223,876 Net property and equipment 2,098 497,418 27,744 — 527,260 Investment in subsidiaries 585,245 23,177 — (608,422 ) — Deferred income taxes 42,150 — — (42,150 ) — Other noncurrent assets 636 482 621 — 1,739 Total assets $ 655,591 $ 710,668 $ 36,401 $ (649,785 ) $ 752,875 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,643 $ 26,834 $ 6,270 $ — $ 34,747 Deferred revenues — 1 1,129 — 1,130 Accrued expenses 10,214 51,603 5,344 787 67,948 Total current liabilities 11,857 78,438 12,743 787 103,825 Long-term debt, less unamortized discount and debt issuance costs 463,805 — — — 463,805 Deferred income taxes — 45,494 — (42,150 ) 3,344 Other noncurrent liabilities 1,432 1,491 481 — 3,404 Total liabilities 477,094 125,423 13,224 (41,363 ) 574,378 Total shareholders’ equity 178,497 585,245 23,177 (608,422 ) 178,497 Total liabilities and shareholders’ equity $ 655,591 $ 710,668 $ 36,401 $ (649,785 ) $ 752,875 December 31, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 70,377 $ — $ 3,263 $ — $ 73,640 Restricted cash 2,008 — — — 2,008 Receivables, net of allowance 7 93,866 19,174 (42 ) 113,005 Intercompany receivable (payable) (22,955 ) 49,651 (26,696 ) — — Inventory — 7,741 6,316 — 14,057 Assets held for sale — 6,620 — — 6,620 Prepaid expenses and other current assets 1,238 3,193 1,798 — 6,229 Total current assets 50,675 161,071 3,855 (42 ) 215,559 Net property and equipment 2,011 521,080 26,532 — 549,623 Investment in subsidiaries 596,927 20,095 — (617,022 ) — Deferred income taxes 38,028 — — (38,028 ) — Other noncurrent assets 496 788 403 — 1,687 Total assets $ 688,137 $ 703,034 $ 30,790 $ (655,092 ) $ 766,869 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 286 $ 24,174 $ 5,078 $ — $ 29,538 Deferred revenues — 97 808 — 905 Accrued expenses 12,504 37,814 4,195 (42 ) 54,471 Total current liabilities 12,790 62,085 10,081 (42 ) 84,914 Long-term debt, less unamortized discount and debt issuance costs 461,665 — — — 461,665 Deferred income taxes — 41,179 — (38,028 ) 3,151 Other noncurrent liabilities 3,586 2,843 614 — 7,043 Total liabilities 478,041 106,107 10,695 (38,070 ) 556,773 Total shareholders’ equity 210,096 596,927 20,095 (617,022 ) 210,096 Total liabilities and shareholders’ equity $ 688,137 $ 703,034 $ 30,790 $ (655,092 ) $ 766,869 |
Condensed Consolidating Statements of Operations | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands) Three months ended September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 126,202 $ 23,130 $ — $ 149,332 Costs and expenses: Operating costs — 89,950 19,011 — 108,961 Depreciation and amortization 269 21,769 1,463 — 23,501 General and administrative 2,260 11,152 736 (105 ) 14,043 Intercompany leasing — (1,215 ) 1,215 — — Bad debt expense, net of recovery — 111 — — 111 Impairment — 239 — — 239 Gain on dispositions of property and equipment, net — (1,856 ) (5 ) — (1,861 ) Total costs and expenses 2,529 120,150 22,420 (105 ) 144,994 Income (loss) from operations (2,529 ) 6,052 710 105 4,338 Other income (expense): Equity in earnings of subsidiaries 5,011 618 — (5,629 ) — Interest expense (9,802 ) (12 ) 3 — (9,811 ) Other income 244 222 137 (105 ) 498 Total other income (expense), net (4,547 ) 828 140 (5,734 ) (9,313 ) Income (loss) before income taxes (7,076 ) 6,880 850 (5,629 ) (4,975 ) Income tax (expense) benefit 1 1,843 (1,869 ) (232 ) — (258 ) Net income (loss) $ (5,233 ) $ 5,011 $ 618 $ (5,629 ) $ (5,233 ) Three months ended September 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 109,878 $ 7,403 $ — $ 117,281 Costs and expenses: Operating costs — 80,054 6,615 — 86,669 Depreciation and amortization 313 22,882 1,428 — 24,623 General and administrative 5,737 11,445 505 (138 ) 17,549 Intercompany leasing — (1,215 ) 1,215 — — Bad debt expense, net of recovery — 491 — — 491 Gain on dispositions of property and equipment, net — (1,159 ) — — (1,159 ) Total costs and expenses 6,050 112,498 9,763 (138 ) 128,173 Loss from operations (6,050 ) (2,620 ) (2,360 ) 138 (10,892 ) Other income (expense): Equity in earnings of subsidiaries (4,650 ) (2,393 ) — 7,043 — Interest expense (6,614 ) 1 — — (6,613 ) Other income 9 220 204 (138 ) 295 Total other income (expense), net (11,255 ) (2,172 ) 204 6,905 (6,318 ) Loss before income taxes (17,305 ) (4,792 ) (2,156 ) 7,043 (17,210 ) Income tax (expense) benefit 1 78 142 (237 ) — (17 ) Net loss $ (17,227 ) $ (4,650 ) $ (2,393 ) $ 7,043 $ (17,227 ) 1 The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands) Nine months ended September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 386,077 $ 62,515 $ — $ 448,592 Costs and expenses: Operating costs — 276,893 49,031 — 325,924 Depreciation and amortization 826 65,498 4,211 — 70,535 General and administrative 18,628 37,781 1,972 (315 ) 58,066 Intercompany leasing — (3,645 ) 3,645 — — Bad debt recovery, net of expense — (311 ) — — (311 ) Impairment — 2,607 — — 2,607 Gain on dispositions of property and equipment, net — (2,890 ) (32 ) — (2,922 ) Total costs and expenses 19,454 375,933 58,827 (315 ) 453,899 Income (loss) from operations (19,454 ) 10,144 3,688 315 (5,307 ) Other income (expense): Equity in earnings of subsidiaries 10,081 3,305 — (13,386 ) — Interest expense (28,963 ) (14 ) 11 — (28,966 ) Other income 405 664 292 (315 ) 1,046 Total other income (expense), net (18,477 ) 3,955 303 (13,701 ) (27,920 ) Income (loss) before income taxes (37,931 ) 14,099 3,991 (13,386 ) (33,227 ) Income tax (expense) benefit 1 3,407 (4,018 ) (686 ) — (1,297 ) Net income (loss) $ (34,524 ) $ 10,081 $ 3,305 $ (13,386 ) $ (34,524 ) Nine months ended September 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 293,788 $ 26,380 $ — $ 320,168 Costs and expenses: Operating costs — 218,281 20,175 — 238,456 Depreciation and amortization 921 69,027 4,407 — 74,355 General and administrative 16,507 33,881 1,431 (414 ) 51,405 Intercompany leasing — (3,645 ) 3,645 — — Bad debt recovery, net of expense — (98 ) — — (98 ) Impairment — 795 — — 795 Loss (gain) on dispositions of property and equipment, net 2 (2,126 ) (127 ) — (2,251 ) Total costs and expenses 17,430 316,115 29,531 (414 ) 362,662 Loss from operations (17,430 ) (22,327 ) (3,151 ) 414 (42,494 ) Other income (expense): Equity in earnings of subsidiaries (19,518 ) (3,924 ) — 23,442 — Interest expense (19,110 ) 20 — — (19,090 ) Other income (expense) 37 678 (77 ) (414 ) 224 Total other expense, net (38,591 ) (3,226 ) (77 ) 23,028 (18,866 ) Loss before income taxes (56,021 ) (25,553 ) (3,228 ) 23,442 (61,360 ) Income tax (expense) benefit 1 (6,539 ) 6,035 (696 ) — (1,200 ) Net loss $ (62,560 ) $ (19,518 ) $ (3,924 ) $ 23,442 $ (62,560 ) 1 The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries. |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited, in thousands) Nine months ended September 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (43,466 ) $ 60,269 $ 4,687 $ — $ 21,490 Cash flows from investing activities: Purchases of property and equipment (762 ) (43,374 ) (4,642 ) — (48,778 ) Proceeds from sale of property and equipment — 4,648 17 — 4,665 Proceeds from insurance recoveries — 965 15 — 980 (762 ) (37,761 ) (4,610 ) — (43,133 ) Cash flows from financing activities: Proceeds from exercise of options 12 — — — 12 Purchase of treasury stock (549 ) — — — (549 ) Intercompany contributions/distributions 22,784 (22,508 ) (276 ) — — 22,247 (22,508 ) (276 ) — (537 ) Net decrease in cash, cash equivalents and restricted cash (21,981 ) — (199 ) — (22,180 ) Beginning cash, cash equivalents and restricted cash 72,385 — 3,263 — 75,648 Ending cash, cash equivalents and restricted cash $ 50,404 $ — $ 3,064 $ — $ 53,468 Nine months ended September 30, 2017 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (35,837 ) $ 20,229 $ 4,346 $ — $ (11,262 ) Cash flows from investing activities: Purchases of property and equipment (563 ) (48,490 ) (4,023 ) 270 (52,806 ) Proceeds from sale of property and equipment — 10,528 149 (270 ) 10,407 Proceeds from insurance recoveries — 3,119 — — 3,119 (563 ) (34,843 ) (3,874 ) — (39,280 ) Cash flows from financing activities: Debt repayments (13,267 ) — — — (13,267 ) Proceeds from issuance of debt 65,000 — — — 65,000 Purchase of treasury stock (533 ) — — — (533 ) Intercompany contributions/distributions (14,379 ) 14,614 (235 ) — — 36,821 14,614 (235 ) — 51,200 Net increase (decrease) in cash and cash equivalents 421 — 237 — 658 Beginning cash and cash equivalents 9,134 — 1,060 — 10,194 Ending cash and cash equivalents $ 9,555 $ — $ 1,297 $ — $ 10,852 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018USD ($)segmentsdrilling_rigs | Sep. 30, 2017USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounting Policies [Line Items] | ||||
Number of Operating Segments | segments | 5 | |||
Cash and Cash Equivalents | ||||
Cash Equivalents, at Carrying Value | $ | $ 40,400 | $ 0 | ||
Related Party Transactions | ||||
Related Party Transaction, Amounts of Transaction | $ | $ 148 | $ 113 | ||
Drilling Services [Member] | ||||
Accounting Policies [Line Items] | ||||
Number of Operating Segments | segments | 2 | |||
Business - Drilling | ||||
Drilling Rigs | 24 | |||
Drilling Services [Member] | Pad-Capable [Member] | ||||
Business - Drilling | ||||
Percentage of Drilling Fleet | 100.00% | |||
Production Services [Member] | ||||
Accounting Policies [Line Items] | ||||
Number of Operating Segments | segments | 3 | |||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | ||||
Business - Drilling | ||||
Drilling Divisions | 3 | |||
Drilling Rigs | 16 | |||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | AC [Member] | ||||
Business - Drilling | ||||
Drilling Rigs | 16 | |||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | SCR Drilling Rigs [Member] | ||||
Business - Drilling | ||||
Drilling Rigs | 0 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ | $ 100 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies (Drilling Services Business) (Details) - Drilling Services [Member] | Sep. 30, 2018drilling_rigs |
Accounting Policies [Line Items] | |
Drilling Rigs | 24 |
SCR Drilling Rigs [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 8 |
Pad-Capable [Member] | |
Accounting Policies [Line Items] | |
Percentage of Drilling Fleet | 100.00% |
United States [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Divisions | 3 |
Drilling Rigs | 16 |
United States [Member] | SCR Drilling Rigs [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 0 |
United States [Member] | AC [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 16 |
Colombia [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 8 |
Colombia [Member] | AC [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 0 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies (Production Services Business) (Details) | Sep. 30, 2018coiled_tubing_unitswell_service_rigswireline_tubing_units |
Wireline Services [Member] | Production Services [Member] | |
Accounting Policies [Line Items] | |
Wireline Units | wireline_tubing_units | 104 |
Well Servicing [Member] | Production Services [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | 125 |
Well Servicing [Member] | 550 Horsepower [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | 113 |
Well Servicing [Member] | 600 Horsepower [Member] | |
Accounting Policies [Line Items] | |
Well Servicing Rigs | 12 |
Coiled Tubing Services [Member] | Production Services [Member] | |
Accounting Policies [Line Items] | |
Coiled Tubing Units | coiled_tubing_units | 8 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)drilling_rigs | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)drilling_rigs | Sep. 30, 2017USD ($) | Jan. 01, 2018USD ($) | |
Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Current deferred revenues | $ | $ 1,130 | $ 1,130 | $ 1,287 | ||
Current deferred costs | $ | 1,136 | 1,136 | 1,072 | ||
Noncurrent deferred revenues | $ | 437 | 437 | 564 | ||
Noncurrent deferred costs | $ | 662 | 662 | $ 1,177 | ||
Amortization of deferred revenues | $ | 720 | $ 562 | 1,762 | $ 1,859 | |
Amortization of deferred costs | $ | $ 1,100 | $ 1,311 | $ 2,050 | $ 3,997 | |
Drilling Rigs | drilling_rigs | 24 | 24 | |||
Earning Under Contract [Member] | Domestic Drilling [Member] | Currently Under Drilling Contract [Member] | Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Drilling Rigs | drilling_rigs | 16 | 16 | |||
SCR Drilling Rigs [Member] | International Drilling [Member] | Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Drilling Rigs | drilling_rigs | 8 | 8 | |||
deployed under new contract during current period [Member] | Term Contract, Cancelable [Member] | International Drilling [Member] | Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Drilling Rigs | drilling_rigs | 2 | 2 | |||
Term Contract, Cancelable [Member] | Earning Under Contract [Member] | International Drilling [Member] | Currently Under Drilling Contract [Member] | Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Drilling Rigs | drilling_rigs | 6 | 6 | |||
Short-term Contract with Customer [Member] | Production Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Typical revenue contract duration | 30 days | ||||
Term Contract [Member] | Earning Under Contract [Member] | Domestic Drilling [Member] | Currently Under Drilling Contract [Member] | Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Drilling Rigs | drilling_rigs | 14 | 14 | |||
Minimum [Member] | Cancelable Spot or Cancelable Term Contract [Member] | International Drilling [Member] | Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Notice Period to Cancel Contract | 15 days | ||||
Maximum [Member] | Cancelable Spot or Cancelable Term Contract [Member] | Domestic Drilling [Member] | Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Notice Period to Cancel Contract | 30 days | ||||
Maximum [Member] | Cancelable Spot or Cancelable Term Contract [Member] | International Drilling [Member] | Drilling Services [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Notice Period to Cancel Contract | 30 days |
Property and Equipment (Details
Property and Equipment (Details - 10Q) $ in Thousands | Jul. 31, 2018drilling_rigs | Sep. 30, 2018USD ($)coiled_tubing_unitswell_service_rigsdrilling_rigswireline_tubing_units | Sep. 30, 2017USD ($)well_service_rigs | Sep. 30, 2018USD ($)coiled_tubing_unitswell_service_rigsdrilling_rigswireline_tubing_units | Sep. 30, 2017USD ($)well_service_rigs | Dec. 31, 2017USD ($)coiled_tubing_unitsdrilling_rigswireline_tubing_units |
Property, Plant and Equipment [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $ 148 | $ 113 | ||||
Property, Plant and Equipment, Additions | $ 18,417 | $ 12,218 | 52,342 | 54,202 | ||
Interest Costs Capitalized | 200 | 400 | ||||
Construction in Progress, Gross | 18,100 | 18,100 | $ 6,800 | |||
Gain (loss) on dispositions of property and equipment, net | 1,861 | 1,159 | 2,922 | 2,251 | ||
Assets Held-for-sale, Not Part of Disposal Group, Current | 6,102 | 6,102 | $ 6,620 | |||
Asset Impairment Charges | 239 | 0 | 2,607 | 795 | ||
Production Services [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Additions | 11,460 | 7,163 | 33,483 | $ 31,281 | ||
Assets Disposed of by a Method Other than a Sale, Count | 2 | |||||
Production Services [Member] | Well Servicing [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Additions | $ 2,989 | $ 1,653 | $ 8,441 | $ 16,000 | ||
Well Servicing Rigs | well_service_rigs | 125 | 125 | ||||
Production Services [Member] | Well Servicing [Member] | Acquired during 2017 [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Well Servicing Rigs | well_service_rigs | 20 | 20 | ||||
Production Services [Member] | Wireline Services [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Additions | $ 3,973 | $ 3,832 | $ 12,563 | $ 11,341 | ||
Wireline Units | wireline_tubing_units | 104 | 104 | ||||
Production Services [Member] | Wireline Services [Member] | Installments, not yet in service [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Wireline Units | wireline_tubing_units | 1 | 1 | 3 | |||
Production Services [Member] | Wireline Services [Member] | Sold During the Period [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Wireline Units | wireline_tubing_units | 12 | 12 | ||||
Production Services [Member] | Wireline Services [Member] | Wireline Units [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Wireline Units | wireline_tubing_units | 2 | |||||
Production Services [Member] | Wireline Services [Member] | Wireline Units [Member] | Offshore [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Wireline Units | wireline_tubing_units | 0 | 0 | ||||
Production Services [Member] | Coiled Tubing Services [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Additions | $ 4,498 | 1,678 | $ 12,479 | 3,940 | ||
Coiled Tubing Units | coiled_tubing_units | 8 | 8 | ||||
Production Services [Member] | Coiled Tubing Services [Member] | Sold During the Period [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Coiled Tubing Units | coiled_tubing_units | 5 | 5 | ||||
Production Services [Member] | Coiled Tubing Services [Member] | Installments, not yet in service [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Coiled Tubing Units | coiled_tubing_units | 1 | 1 | 1 | |||
Production Services [Member] | Coiled Tubing Services [Member] | Coiled Tubing Units [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Coiled Tubing Units | coiled_tubing_units | 3 | 3 | 1 | |||
Drilling Services [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Additions | $ 6,538 | 4,819 | $ 17,945 | 22,313 | ||
Drilling Rigs | drilling_rigs | 24 | 24 | ||||
Drilling Services [Member] | Domestic Drilling [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Additions | $ 6,274 | 2,868 | $ 13,768 | 18,648 | ||
Drilling Services [Member] | Domestic Drilling [Member] | Construction in Progress [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 1 | 1 | ||||
Drilling Services [Member] | Domestic Drilling [Member] | Installments, not yet in service [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Construction in Progress, Gross | $ 4,000 | $ 4,000 | ||||
Drilling Services [Member] | Domestic Drilling [Member] | Sold During the Period [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 1 | 1 | ||||
Drilling Services [Member] | Domestic Drilling [Member] | Drilling Rigs [Member] | Mechanical Drilling Rigs [Member] [Domain] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 1 | 1 | 1 | |||
Drilling Services [Member] | Domestic Drilling [Member] | Drilling Rigs [Member] | SCR Drilling Rigs [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 2 | 2 | 3 | |||
Drilling Services [Member] | International Drilling [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Additions | $ 264 | $ 1,951 | $ 4,177 | $ 3,665 | ||
Drilling Services [Member] | International Drilling [Member] | SCR Drilling Rigs [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 8 | 8 | ||||
Drilling Services [Member] | International Drilling [Member] | Installments, not yet in service [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 1 | |||||
Installments, not yet in service [Member] | Production Services [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Construction in Progress, Gross | $ 4,000 | $ 4,000 | ||||
UNITED STATES | Drilling Services [Member] | Domestic Drilling [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 16 | 16 | ||||
UNITED STATES | Drilling Services [Member] | Domestic Drilling [Member] | AC [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 16 | 16 | ||||
UNITED STATES | Drilling Services [Member] | Domestic Drilling [Member] | SCR Drilling Rigs [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 0 | 0 | ||||
UNITED STATES | Currently Under Drilling Contract [Member] | Long-term Contract with Customer [Member] | Drilling Services [Member] | Domestic Drilling [Member] | Construction in Progress [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Contract Period | 3 years | |||||
UNITED STATES | Currently Under Drilling Contract [Member] | Long-term Contract with Customer [Member] | Drilling Services [Member] | Domestic Drilling [Member] | Construction in Progress [Member] | AC [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Drilling Rigs | drilling_rigs | 1 |
Valuation Allowances on Defer_2
Valuation Allowances on Deferred Tax Assets and Recently Enacted Tax Reform (10Q) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (600) | $ 5,900 | $ 5,100 | $ 19,100 |
Net Interest Expense Deduction Limit, Tax Reform Act, Disallowed Deduction | $ 22,100 | |||
U.S. Corporate Income Tax Rate, Previously in Effect | 35.00% | |||
U.S. corporate income tax rate, as amended | 21.00% | |||
Net Interest Expense Deduction Limit of Adjusted Gross Income, Tax Reform Act | 30.00% | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | 93,500 | $ 93,500 | ||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 11,500 | $ 11,500 | ||
Loss Generated Through 2017 [Member] | Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Statutory Carryforward Period | 20 years | |||
Loss Generated Through 2016 [Member] | Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Statutory Carryforward Period | 12 years | |||
Loss Generated After 2017 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net Operating Loss Limit of Taxable Income, Tax Reform Act, Provisions in Effect | 80.00% | |||
Minimum [Member] | Loss Generated Through 2017 [Member] | Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2030 | |||
Maximum [Member] | Loss Generated Through 2017 [Member] | Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 475,000 | $ 475,000 |
Less unamortized debt discount (based on imputed interest rate of 10.46%) | (2,855) | (3,387) |
Less unamortized debt issuance costs | (8,340) | (9,948) |
Long-term Debt, Excluding Current Maturities | 463,805 | 461,665 |
Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 300,000 | $ 300,000 |
Debt (Details)
Debt (Details) | Nov. 08, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 18, 2014USD ($) |
Debt Instrument [Line Items] | ||||
Long-term Debt, Excluding Current Maturities | $ 463,805,000 | $ 461,665,000 | ||
Debt Issuance Costs, Net | 8,340,000 | 9,948,000 | ||
Debt Instrument, Unamortized Discount | $ (2,855,000) | $ (3,387,000) | ||
Debt Instrument, Interest Rate, Effective Percentage | 10.46% | 10.46% | ||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Amount outstanding | $ 475,000,000 | $ 475,000,000 | ||
Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member] | ||||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Maximum borrowing capacity | $ 75,000,000 | |||
Letters of Credit Outstanding, Amount | 9,700,000 | |||
Borrowing available | 57,600,000 | |||
Debt Instrument, Covenant Compliance, Fixed Charge Coverage Ratio, Minimum Credit Availability Threshold for Covenant Requirement, Percentage | 15.00% | |||
Debt Instrument, Covenant Compliance, Fixed Charge Coverage Ratio, Minimum Credit Availability Threshold for Covenant Requirement, Amount | $ 11,250,000 | |||
Minimum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) or Bank Base Rate [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Minimum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member] | Covenant Compliance Date, Trailing 12 Months [Member] | ||||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Debt Instrument, Covenant Compliance, Fixed Charge Cover Ratio, Required Minimum | 1 | |||
Maximum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member] | ||||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity, Letters of Credit Sub-Limit | $ 30,000,000 | |||
Maximum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) or Bank Base Rate [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||
Term Loan [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Original issue discount Rate, Percentage | 2.00% | |||
Senior Notes [Abstract] | ||||
Debt Instrument, Face Amount | $ 175,000,000 | |||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Basis Spread on Variable Rate | 7.75% | |||
Term Loan [Member] | Bank Base Rate [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Basis Spread on Variable Rate | 6.75% | |||
Term Loan [Member] | Basis Spread on Variable Rate [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Default Penalty, Variable Rate Increase Provision | 2.00% | |||
Term Loan [Member] | Term Loan [Member] | ||||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Amount outstanding | 175,000,000 | 175,000,000 | ||
Term Loan [Member] | Minimum [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Optional Principal Payment, Minimum | $ 5,000,000 | |||
Debt Instrument, Covenant Compliance, Ratio of Fixed Assets to Term Loan Indebtedness, Required Minimum | 1.50 | |||
Term Loan [Member] | Minimum [Member] | December 14, 2021 [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Maturity Acceleration Terms, Senior Notes Balance Accelerates Term Loan Maturity | $ 15,000,000 | |||
Senior Notes [Member] | ||||
Senior Notes [Abstract] | ||||
Debt Instrument, Face Amount | $ 300,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | |||
Debt Instrument, Redeemable with Equity Issuance Proceeds, Required Repurchase Due to Change in Control Redemption Price, Percentage | 101.00% | |||
Debt Instrument, Redeemable with Equity Issuance Proceeds, Required Repurchase Due to Asset Disposition, Redemption Price, Percentage | 100.00% | |||
Senior Notes [Member] | Senior Notes [Member] | ||||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Amount outstanding | $ 300,000,000 | $ 300,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other noncurrent liabilities | $ 3,404 | $ 7,043 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 445,156 | 415,561 |
Estimate of Fair Value Measurement [Member] | Phantom Share Units (PSUs) [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value | 10,200 | 6,100 |
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 265,125 | 243,948 |
Estimate of Fair Value Measurement [Member] | Term Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 180,031 | 171,613 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 463,805 | 461,665 |
Reported Value Measurement [Member] | Phantom Share Units (PSUs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Liabilities | 6,400 | |
Other noncurrent liabilities | 3,600 | |
Reported Value Measurement [Member] | Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 296,781 | 296,181 |
Reported Value Measurement [Member] | Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 167,024 | $ 165,484 |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Reconciliation of Earnings (loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator (both basic and diluted) | ||||
Net loss | $ (5,233) | $ (17,227) | $ (34,524) | $ (62,560) |
Denominator | ||||
Weighted-average shares (denominator for basic earnings (loss) per share) | 78,136 | 77,552 | 77,897 | 77,335 |
Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards | 0 | 0 | 0 | 0 |
Denominator for diluted earnings (loss) per share | 78,136 | 77,552 | 77,897 | 77,335 |
Loss per common share - Basic | $ (0.07) | $ (0.22) | $ (0.44) | $ (0.81) |
Loss per common share - Diluted | $ (0.07) | $ (0.22) | $ (0.44) | $ (0.81) |
Stock Compensation Plan [Member] | ||||
Denominator | ||||
Potentially dilutive securities excluded as anti-dilutive | 3,964 | 4,612 | 4,895 | 5,167 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative - Quarterly Disclosures) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2016 | Apr. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Price | $ 2.95 | $ 2.95 | ||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||
Award Vesting Period | 3 years | |||||
Expiration Period | 10 years | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 1 year | |||||
Equity Instruments Other than Options, Grants in Period | 0 | 0 | 78,632 | 167,272 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.85 | $ 2.75 | ||||
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 3 years | |||||
Equity Instruments Other than Options, Grants in Period | 0 | 0 | 788,377 | 96,728 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.85 | $ 5.61 | ||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 39 months | |||||
Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 | 563,469 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 7.75 | ||||
Award Performance Period | 3 years | |||||
Basis for Determining Award on Market Factors, Percentage | 50.00% | |||||
Basis for Determining Award on Individual Performance Factors Percentage | 50.00% | |||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2015 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Award, Actual Achievement Level, Percentage | 106.00% | |||||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2017 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Award, Estimated Achievement Level, Percentage | 100.00% | 100.00% | ||||
Phantom Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 39 months | |||||
Award Performance Period | 3 years | |||||
Sensitivity Analysis of Fair Value, Change in Compensation Cost Due to Change in Assumption, Impact of $1 Increase in Price of Common Stock | $ 2,100,000 | |||||
Phantom Share Units (PSUs) [Member] | Phantom Share Units, 2016 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity Instruments Other than Options, Grants in Period | 1,268,068 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.35 | |||||
Basis for Determining Award on Market Factors, Percentage | 50.00% | |||||
Basis for Determining Award on Individual Performance Factors Percentage | 50.00% | |||||
Share-based Payment Award, Estimated Achievement Level, Percentage | 188.00% | 188.00% | ||||
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards | $ 8.08 | |||||
Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2018 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity Instruments Other than Options, Grants in Period | 1,188,216 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.06 | |||||
Basis for Determining Award on Market Factors, Percentage | 50.00% | |||||
Basis for Determining Award on Individual Performance Factors Percentage | 50.00% | |||||
Share-based Payment Award, Estimated Achievement Level, Percentage | 100.00% | 100.00% | ||||
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards | $ 9.66 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Schedule of Allocation of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation | $ 1,040 | $ 890 | $ 3,396 | $ 3,225 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 2,807 | 397 | ||
Stock Options [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation | 101 | 249 | 342 | 726 |
Restricted Stock [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation | 116 | 116 | 344 | 345 |
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation | 823 | 525 | 2,710 | 2,154 |
Phantom Share Units (PSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ (3,722) | $ 878 | $ 2,807 | $ 397 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Schedule of Restricted Stock and Unit Activity) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restricted Stock [Member] | ||||
Number of Shares [Abstract] | ||||
Equity Instruments Other than Options, Grants in Period | 0 | 0 | 78,632 | 167,272 |
Weighted-Average Price Per Share [Abstract] | ||||
Granted, Weighted-Average Grant-Date Fair Value per Unit | $ 5.85 | $ 2.75 | ||
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member] | ||||
Number of Shares [Abstract] | ||||
Equity Instruments Other than Options, Grants in Period | 0 | 0 | 788,377 | 96,728 |
Weighted-Average Price Per Share [Abstract] | ||||
Granted, Weighted-Average Grant-Date Fair Value per Unit | $ 3.85 | $ 5.61 | ||
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs [Member] | ||||
Number of Shares [Abstract] | ||||
Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 | 563,469 |
Weighted-Average Price Per Share [Abstract] | ||||
Granted, Weighted-Average Grant-Date Fair Value per Unit | $ 0 | $ 7.75 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)drilling_rigs | Sep. 30, 2017USD ($)drilling_rigs | Sep. 30, 2018USD ($)segmentsdrilling_rigs | Sep. 30, 2017USD ($)drilling_rigs | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segments | 5 | ||||
Revenues | $ 149,332 | $ 117,281 | $ 448,592 | $ 320,168 | |
Operating costs | 108,961 | 86,669 | 325,924 | 238,456 | |
Consolidated Gross Margin | 40,371 | 30,612 | 122,668 | 81,712 | |
Total assets | 752,875 | 707,442 | 752,875 | 707,442 | $ 766,869 |
Depreciation and amortization | 23,501 | 24,623 | 70,535 | 74,355 | |
Capital Expenditures | 18,417 | 12,218 | 52,342 | 54,202 | |
Related Party Transaction, Due from (to) Related Party, Current | 0 | $ 0 | $ 0 | ||
Drilling Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segments | 2 | ||||
Revenues | 59,717 | 42,543 | $ 170,661 | 120,338 | |
Operating costs | 40,663 | 28,386 | 113,335 | 81,841 | |
Consolidated Gross Margin | 19,054 | 14,157 | 57,326 | 38,497 | |
Total assets | 417,789 | 440,392 | 417,789 | 440,392 | |
Depreciation and amortization | 11,821 | 12,689 | 35,157 | 38,681 | |
Capital Expenditures | $ 6,538 | 4,819 | $ 17,945 | 22,313 | |
Drilling Rigs | drilling_rigs | 24 | 24 | |||
Drilling Services [Member] | Domestic Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 36,586 | 35,141 | $ 108,146 | 93,959 | |
Operating costs | 21,650 | 21,769 | 64,297 | 61,658 | |
Consolidated Gross Margin | 14,936 | 13,372 | 43,849 | 32,301 | |
Total assets | 375,982 | 408,052 | 375,982 | 408,052 | |
Depreciation and amortization | 10,358 | 11,261 | 30,946 | 34,274 | |
Capital Expenditures | 6,274 | 2,868 | 13,768 | 18,648 | |
Related Party Transaction, Due from (to) Related Party, Current | 39,400 | 22,600 | 39,400 | 22,600 | |
Drilling Services [Member] | International Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 23,131 | 7,402 | 62,515 | 26,379 | |
Operating costs | 19,013 | 6,617 | 49,038 | 20,183 | |
Consolidated Gross Margin | 4,118 | 785 | 13,477 | 6,196 | |
Total assets | 41,807 | 32,340 | 41,807 | 32,340 | |
Depreciation and amortization | 1,463 | 1,428 | 4,211 | 4,407 | |
Capital Expenditures | 264 | 1,951 | 4,177 | 3,665 | |
Related Party Transaction, Due from (to) Related Party, Current | $ (39,400) | $ (22,600) | $ (39,400) | $ (22,600) | |
Drilling Services [Member] | International Drilling [Member] | Drilling Rigs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Drilling Rigs | drilling_rigs | 5 | 5 | 5 | 5 | |
Drilling Services [Member] | International Drilling [Member] | Assets Leased From Others [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Drilling Rigs | drilling_rigs | 3 | 3 | 3 | 3 | |
Drilling Services [Member] | United States [Member] | Domestic Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Drilling Divisions | 3 | 3 | |||
Drilling Rigs | drilling_rigs | 16 | 16 | |||
Production Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segments | 3 | ||||
Revenues | $ 89,615 | $ 74,738 | $ 277,931 | $ 199,830 | |
Operating costs | 68,298 | 58,283 | 212,589 | 156,615 | |
Consolidated Gross Margin | 21,317 | 16,455 | 65,342 | 43,215 | |
Total assets | 255,384 | 251,980 | 255,384 | 251,980 | |
Depreciation and amortization | 11,412 | 11,621 | 34,552 | 34,753 | |
Capital Expenditures | 11,460 | 7,163 | 33,483 | 31,281 | |
Production Services [Member] | Well Servicing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 24,369 | 19,103 | 68,645 | 58,854 | |
Operating costs | 17,193 | 13,988 | 49,443 | 43,116 | |
Consolidated Gross Margin | 7,176 | 5,115 | 19,202 | 15,738 | |
Total assets | 123,933 | 130,039 | 123,933 | 130,039 | |
Depreciation and amortization | 4,903 | 4,946 | 14,688 | 14,958 | |
Capital Expenditures | 2,989 | 1,653 | 8,441 | 16,000 | |
Production Services [Member] | Wireline Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 52,654 | 46,085 | 171,392 | 118,463 | |
Operating costs | 40,840 | 35,692 | 130,042 | 91,670 | |
Consolidated Gross Margin | 11,814 | 10,393 | 41,350 | 26,793 | |
Total assets | 96,585 | 94,060 | 96,585 | 94,060 | |
Depreciation and amortization | 4,518 | 4,731 | 13,727 | 13,636 | |
Capital Expenditures | 3,973 | 3,832 | 12,563 | 11,341 | |
Production Services [Member] | Coiled Tubing Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 12,592 | 9,550 | 37,894 | 22,513 | |
Operating costs | 10,265 | 8,603 | 33,104 | 21,829 | |
Consolidated Gross Margin | 2,327 | 947 | 4,790 | 684 | |
Total assets | 34,866 | 27,881 | 34,866 | 27,881 | |
Depreciation and amortization | 1,991 | 1,944 | 6,137 | 6,159 | |
Capital Expenditures | $ 4,498 | $ 1,678 | $ 12,479 | $ 3,940 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)drilling_rigs | Sep. 30, 2017USD ($)drilling_rigs | Sep. 30, 2018USD ($)drilling_rigs | Sep. 30, 2017USD ($)drilling_rigs | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 149,332 | $ 117,281 | $ 448,592 | $ 320,168 | |
Operating costs | 108,961 | 86,669 | 325,924 | 238,456 | |
Segment/Consolidated Margin | 40,371 | 30,612 | 122,668 | 81,712 | |
Identifiable assets | 752,875 | 707,442 | 752,875 | 707,442 | $ 766,869 |
Depreciation and amortization | 23,501 | 24,623 | 70,535 | 74,355 | |
Capital Expenditures | 18,417 | 12,218 | 52,342 | 54,202 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable assets | 79,702 | 15,070 | 79,702 | 15,070 | |
Depreciation and amortization | 268 | 313 | 826 | 921 | |
Capital Expenditures | 419 | 236 | 914 | 608 | |
Drilling Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 59,717 | 42,543 | 170,661 | 120,338 | |
Operating costs | 40,663 | 28,386 | 113,335 | 81,841 | |
Segment/Consolidated Margin | 19,054 | 14,157 | 57,326 | 38,497 | |
Identifiable assets | 417,789 | 440,392 | 417,789 | 440,392 | |
Depreciation and amortization | 11,821 | 12,689 | 35,157 | 38,681 | |
Capital Expenditures | $ 6,538 | 4,819 | $ 17,945 | 22,313 | |
Drilling Rigs | drilling_rigs | 24 | 24 | |||
Drilling Services [Member] | Domestic Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 36,586 | 35,141 | $ 108,146 | 93,959 | |
Operating costs | 21,650 | 21,769 | 64,297 | 61,658 | |
Segment/Consolidated Margin | 14,936 | 13,372 | 43,849 | 32,301 | |
Identifiable assets | 375,982 | 408,052 | 375,982 | 408,052 | |
Depreciation and amortization | 10,358 | 11,261 | 30,946 | 34,274 | |
Capital Expenditures | 6,274 | 2,868 | 13,768 | 18,648 | |
Drilling Services [Member] | International Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 23,131 | 7,402 | 62,515 | 26,379 | |
Operating costs | 19,013 | 6,617 | 49,038 | 20,183 | |
Segment/Consolidated Margin | 4,118 | 785 | 13,477 | 6,196 | |
Identifiable assets | 41,807 | 32,340 | 41,807 | 32,340 | |
Depreciation and amortization | 1,463 | 1,428 | 4,211 | 4,407 | |
Capital Expenditures | $ 264 | $ 1,951 | $ 4,177 | $ 3,665 | |
Drilling Services [Member] | Drilling Rigs [Member] | International Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Drilling Rigs | drilling_rigs | 5 | 5 | 5 | 5 | |
Drilling Services [Member] | Assets Leased From Others [Member] | International Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Drilling Rigs | drilling_rigs | 3 | 3 | 3 | 3 | |
Production Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 89,615 | $ 74,738 | $ 277,931 | $ 199,830 | |
Operating costs | 68,298 | 58,283 | 212,589 | 156,615 | |
Segment/Consolidated Margin | 21,317 | 16,455 | 65,342 | 43,215 | |
Identifiable assets | 255,384 | 251,980 | 255,384 | 251,980 | |
Depreciation and amortization | 11,412 | 11,621 | 34,552 | 34,753 | |
Capital Expenditures | 11,460 | 7,163 | 33,483 | 31,281 | |
Production Services [Member] | Well Servicing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 24,369 | 19,103 | 68,645 | 58,854 | |
Operating costs | 17,193 | 13,988 | 49,443 | 43,116 | |
Segment/Consolidated Margin | 7,176 | 5,115 | 19,202 | 15,738 | |
Identifiable assets | 123,933 | 130,039 | 123,933 | 130,039 | |
Depreciation and amortization | 4,903 | 4,946 | 14,688 | 14,958 | |
Capital Expenditures | 2,989 | 1,653 | 8,441 | 16,000 | |
Production Services [Member] | Wireline Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 52,654 | 46,085 | 171,392 | 118,463 | |
Operating costs | 40,840 | 35,692 | 130,042 | 91,670 | |
Segment/Consolidated Margin | 11,814 | 10,393 | 41,350 | 26,793 | |
Identifiable assets | 96,585 | 94,060 | 96,585 | 94,060 | |
Depreciation and amortization | 4,518 | 4,731 | 13,727 | 13,636 | |
Capital Expenditures | 3,973 | 3,832 | 12,563 | 11,341 | |
Production Services [Member] | Coiled Tubing Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 12,592 | 9,550 | 37,894 | 22,513 | |
Operating costs | 10,265 | 8,603 | 33,104 | 21,829 | |
Segment/Consolidated Margin | 2,327 | 947 | 4,790 | 684 | |
Identifiable assets | 34,866 | 27,881 | 34,866 | 27,881 | |
Depreciation and amortization | 1,991 | 1,944 | 6,137 | 6,159 | |
Capital Expenditures | $ 4,498 | $ 1,678 | $ 12,479 | $ 3,940 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting [Abstract] | ||||
Consolidated Gross Margin | $ 40,371 | $ 30,612 | $ 122,668 | $ 81,712 |
Depreciation and amortization | (23,501) | (24,623) | (70,535) | (74,355) |
General and administrative | (14,043) | (17,549) | (58,066) | (51,405) |
Bad debt recovery (expense), net | (111) | (491) | 311 | 98 |
Impairment | (239) | 0 | (2,607) | (795) |
Gain on dispositions of property and equipment, net | 1,861 | 1,159 | 2,922 | 2,251 |
Income (loss) from operations | $ 4,338 | $ (10,892) | $ (5,307) | $ (42,494) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 72.4 | |
Sales and Use Tax [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 1.6 | $ 1.2 |
Guarantor_Non Guarantor Conde_3
Guarantor/Non Guarantor Condensed Consolidating Financial Statements Narrative (Details) | Mar. 18, 2014 |
Senior Notes [Member] | Senior Notes [Member] | |
Debt Instrument Domestic Subsidiaries That Secure Debt Obligations, Ownership Percentage | 100.00% |
Guarantor_Non Guarantor Conde_4
Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Balance Sheet)) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 51,468 | $ 73,640 | |
Restricted cash | 2,000 | 2,008 | |
Receivables, net of allowance | 139,680 | 113,005 | |
Intercompany receivable (payable) | 0 | 0 | |
Inventory | 18,992 | 14,057 | |
Assets held for sale | 6,102 | 6,620 | |
Prepaid expenses and other current assets | 5,634 | 6,229 | |
Total current assets | 223,876 | 215,559 | |
Net property and equipment | 527,260 | 549,623 | |
Investments in subsidiaries | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Other noncurrent assets | 1,739 | 1,687 | |
Total assets | 752,875 | 766,869 | $ 707,442 |
Current liabilities: | |||
Accounts payable | 34,747 | 29,538 | |
Deferred revenues | 1,130 | 905 | |
Accrued expenses | 67,948 | 54,471 | |
Total current liabilities | 103,825 | 84,914 | |
Long-term debt, less unamortized discount and debt issuance costs | 463,805 | 461,665 | |
Deferred income taxes | 3,344 | 3,151 | |
Other noncurrent liabilities | 3,404 | 7,043 | |
Total liabilities | 574,378 | 556,773 | |
Total shareholders' equity | 178,497 | 210,096 | |
Total liabilities and shareholders' equity | 752,875 | 766,869 | |
Eliminations [Member] | |||
Current assets: | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Receivables, net of allowance | 787 | (42) | |
Intercompany receivable (payable) | 0 | 0 | |
Inventory | 0 | 0 | |
Assets held for sale | 0 | 0 | |
Prepaid expenses and other current assets | 0 | 0 | |
Total current assets | 787 | (42) | |
Net property and equipment | 0 | 0 | |
Investments in subsidiaries | (608,422) | (617,022) | |
Deferred income taxes | (42,150) | (38,028) | |
Other noncurrent assets | 0 | 0 | |
Total assets | (649,785) | (655,092) | |
Current liabilities: | |||
Accounts payable | 0 | 0 | |
Deferred revenues | 0 | 0 | |
Accrued expenses | 787 | (42) | |
Total current liabilities | 787 | (42) | |
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | |
Deferred income taxes | (42,150) | (38,028) | |
Other noncurrent liabilities | 0 | 0 | |
Total liabilities | (41,363) | (38,070) | |
Total shareholders' equity | (608,422) | (617,022) | |
Total liabilities and shareholders' equity | (649,785) | (655,092) | |
Guarantor Subsidiaries [Member] | |||
Current assets: | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Receivables, net of allowance | 105,907 | 93,866 | |
Intercompany receivable (payable) | 66,100 | 49,651 | |
Inventory | 9,636 | 7,741 | |
Assets held for sale | 6,102 | 6,620 | |
Prepaid expenses and other current assets | 1,846 | 3,193 | |
Total current assets | 189,591 | 161,071 | |
Net property and equipment | 497,418 | 521,080 | |
Investments in subsidiaries | 23,177 | 20,095 | |
Deferred income taxes | 0 | 0 | |
Other noncurrent assets | 482 | 788 | |
Total assets | 710,668 | 703,034 | |
Current liabilities: | |||
Accounts payable | 26,834 | 24,174 | |
Deferred revenues | 1 | 97 | |
Accrued expenses | 51,603 | 37,814 | |
Total current liabilities | 78,438 | 62,085 | |
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | |
Deferred income taxes | 45,494 | 41,179 | |
Other noncurrent liabilities | 1,491 | 2,843 | |
Total liabilities | 125,423 | 106,107 | |
Total shareholders' equity | 585,245 | 596,927 | |
Total liabilities and shareholders' equity | 710,668 | 703,034 | |
Non-Guarantor Subsidiaries [Member] | |||
Current assets: | |||
Cash and cash equivalents | 3,064 | 3,263 | |
Restricted cash | 0 | 0 | |
Receivables, net of allowance | 32,981 | 19,174 | |
Intercompany receivable (payable) | (39,165) | (26,696) | |
Inventory | 9,356 | 6,316 | |
Assets held for sale | 0 | 0 | |
Prepaid expenses and other current assets | 1,800 | 1,798 | |
Total current assets | 8,036 | 3,855 | |
Net property and equipment | 27,744 | 26,532 | |
Investments in subsidiaries | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Other noncurrent assets | 621 | 403 | |
Total assets | 36,401 | 30,790 | |
Current liabilities: | |||
Accounts payable | 6,270 | 5,078 | |
Deferred revenues | 1,129 | 808 | |
Accrued expenses | 5,344 | 4,195 | |
Total current liabilities | 12,743 | 10,081 | |
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Other noncurrent liabilities | 481 | 614 | |
Total liabilities | 13,224 | 10,695 | |
Total shareholders' equity | 23,177 | 20,095 | |
Total liabilities and shareholders' equity | 36,401 | 30,790 | |
Parent [Member] | |||
Current assets: | |||
Cash and cash equivalents | 48,404 | 70,377 | |
Restricted cash | 2,000 | 2,008 | |
Receivables, net of allowance | 5 | 7 | |
Intercompany receivable (payable) | (26,935) | (22,955) | |
Inventory | 0 | 0 | |
Assets held for sale | 0 | 0 | |
Prepaid expenses and other current assets | 1,988 | 1,238 | |
Total current assets | 25,462 | 50,675 | |
Net property and equipment | 2,098 | 2,011 | |
Investments in subsidiaries | 585,245 | 596,927 | |
Deferred income taxes | 42,150 | 38,028 | |
Other noncurrent assets | 636 | 496 | |
Total assets | 655,591 | 688,137 | |
Current liabilities: | |||
Accounts payable | 1,643 | 286 | |
Deferred revenues | 0 | 0 | |
Accrued expenses | 10,214 | 12,504 | |
Total current liabilities | 11,857 | 12,790 | |
Long-term debt, less unamortized discount and debt issuance costs | 463,805 | 461,665 | |
Deferred income taxes | 0 | 0 | |
Other noncurrent liabilities | 1,432 | 3,586 | |
Total liabilities | 477,094 | 478,041 | |
Total shareholders' equity | 178,497 | 210,096 | |
Total liabilities and shareholders' equity | $ 655,591 | $ 688,137 |
Guarantor_Non Guarantor Conde_5
Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 149,332 | $ 117,281 | $ 448,592 | $ 320,168 |
Costs and expenses: | ||||
Operating costs | 108,961 | 86,669 | 325,924 | 238,456 |
Depreciation and amortization | 23,501 | 24,623 | 70,535 | 74,355 |
General and administrative | 14,043 | 17,549 | 58,066 | 51,405 |
Bad debt expense (recovery), net | 111 | 491 | (311) | (98) |
Impairment | 239 | 0 | 2,607 | 795 |
Gain (loss) on dispositions of property and equipment, net | (1,861) | (1,159) | (2,922) | (2,251) |
Intercompany leasing | 0 | 0 | 0 | 0 |
Total costs and expenses | 144,994 | 128,173 | 453,899 | 362,662 |
Income (loss) from operations | 4,338 | (10,892) | (5,307) | (42,494) |
Other income (expense): | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Interest expense | (9,811) | (6,613) | (28,966) | (19,090) |
Other income (expense), net | 498 | 295 | 1,046 | 224 |
Total other (expense) income | (9,313) | (6,318) | (27,920) | (18,866) |
Income (loss) before income taxes | (4,975) | (17,210) | (33,227) | (61,360) |
Income tax benefit (expense) | (258) | (17) | (1,297) | (1,200) |
Net income (loss) | (5,233) | (17,227) | (34,524) | (62,560) |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Operating costs | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | (105) | (138) | (315) | (414) |
Bad debt expense (recovery), net | 0 | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 | |
Gain (loss) on dispositions of property and equipment, net | 0 | 0 | 0 | 0 |
Intercompany leasing | 0 | 0 | 0 | 0 |
Total costs and expenses | (105) | (138) | (315) | (414) |
Income (loss) from operations | 105 | 138 | 315 | 414 |
Other income (expense): | ||||
Equity in earnings of subsidiaries | (5,629) | 7,043 | (13,386) | 23,442 |
Interest expense | 0 | 0 | 0 | 0 |
Other income (expense), net | (105) | (138) | (315) | (414) |
Total other (expense) income | (5,734) | 6,905 | (13,701) | 23,028 |
Income (loss) before income taxes | (5,629) | 7,043 | (13,386) | 23,442 |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Net income (loss) | (5,629) | 7,043 | (13,386) | 23,442 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 126,202 | 109,878 | 386,077 | 293,788 |
Costs and expenses: | ||||
Operating costs | 89,950 | 80,054 | 276,893 | 218,281 |
Depreciation and amortization | 21,769 | 22,882 | 65,498 | 69,027 |
General and administrative | 11,152 | 11,445 | 37,781 | 33,881 |
Bad debt expense (recovery), net | 111 | 491 | (311) | (98) |
Impairment | 239 | 2,607 | 795 | |
Gain (loss) on dispositions of property and equipment, net | (1,856) | (1,159) | (2,890) | (2,126) |
Intercompany leasing | (1,215) | (1,215) | (3,645) | (3,645) |
Total costs and expenses | 120,150 | 112,498 | 375,933 | 316,115 |
Income (loss) from operations | 6,052 | (2,620) | 10,144 | (22,327) |
Other income (expense): | ||||
Equity in earnings of subsidiaries | 618 | (2,393) | 3,305 | (3,924) |
Interest expense | (12) | 1 | (14) | 20 |
Other income (expense), net | 222 | 220 | 664 | 678 |
Total other (expense) income | 828 | (2,172) | 3,955 | (3,226) |
Income (loss) before income taxes | 6,880 | (4,792) | 14,099 | (25,553) |
Income tax benefit (expense) | (1,869) | 142 | (4,018) | 6,035 |
Net income (loss) | 5,011 | (4,650) | 10,081 | (19,518) |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 23,130 | 7,403 | 62,515 | 26,380 |
Costs and expenses: | ||||
Operating costs | 19,011 | 6,615 | 49,031 | 20,175 |
Depreciation and amortization | 1,463 | 1,428 | 4,211 | 4,407 |
General and administrative | 736 | 505 | 1,972 | 1,431 |
Bad debt expense (recovery), net | 0 | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 | |
Gain (loss) on dispositions of property and equipment, net | (5) | 0 | (32) | (127) |
Intercompany leasing | 1,215 | 1,215 | 3,645 | 3,645 |
Total costs and expenses | 22,420 | 9,763 | 58,827 | 29,531 |
Income (loss) from operations | 710 | (2,360) | 3,688 | (3,151) |
Other income (expense): | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Interest expense | 3 | 0 | 11 | 0 |
Other income (expense), net | 137 | 204 | 292 | (77) |
Total other (expense) income | 140 | 204 | 303 | (77) |
Income (loss) before income taxes | 850 | (2,156) | 3,991 | (3,228) |
Income tax benefit (expense) | (232) | (237) | (686) | (696) |
Net income (loss) | 618 | (2,393) | 3,305 | (3,924) |
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Operating costs | 0 | 0 | 0 | 0 |
Depreciation and amortization | 269 | 313 | 826 | 921 |
General and administrative | 2,260 | 5,737 | 18,628 | 16,507 |
Bad debt expense (recovery), net | 0 | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 | |
Gain (loss) on dispositions of property and equipment, net | 0 | 0 | 0 | 2 |
Intercompany leasing | 0 | 0 | 0 | 0 |
Total costs and expenses | 2,529 | 6,050 | 19,454 | 17,430 |
Income (loss) from operations | (2,529) | (6,050) | (19,454) | (17,430) |
Other income (expense): | ||||
Equity in earnings of subsidiaries | 5,011 | (4,650) | 10,081 | (19,518) |
Interest expense | (9,802) | (6,614) | (28,963) | (19,110) |
Other income (expense), net | 244 | 9 | 405 | 37 |
Total other (expense) income | (4,547) | (11,255) | (18,477) | (38,591) |
Income (loss) before income taxes | (7,076) | (17,305) | (37,931) | (56,021) |
Income tax benefit (expense) | 1,843 | 78 | 3,407 | (6,539) |
Net income (loss) | $ (5,233) | $ (17,227) | $ (34,524) | $ (62,560) |
Guarantor_Non Guarantor Conde_6
Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Cash Flows)) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $ 21,490 | $ (11,262) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (48,778) | (52,806) |
Proceeds from sale of property and equipment | 4,665 | 10,407 |
Proceeds from insurance recoveries | 980 | 3,119 |
Net cash provided by (used in) investing activities | (43,133) | (39,280) |
Cash flows from financing activities: | ||
Debt repayments | 0 | (13,267) |
Proceeds from issuance of debt | 0 | 65,000 |
Proceeds from exercise of options | 12 | 0 |
Purchase of treasury stock | (549) | (533) |
Proceeds from (Payments for) Contributions from Affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | (537) | 51,200 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (22,180) | 658 |
Beginning cash, cash equivalents, and restricted cash | 75,648 | 10,194 |
Ending cash, cash equivalents, and restricted cash | 53,468 | 10,852 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Purchases of property and equipment | 0 | 270 |
Proceeds from sale of property and equipment | 0 | (270) |
Proceeds from insurance recoveries | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Debt repayments | 0 | |
Proceeds from issuance of debt | 0 | |
Proceeds from exercise of options | 0 | |
Purchase of treasury stock | 0 | 0 |
Proceeds from (Payments for) Contributions from Affiliates | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Beginning cash, cash equivalents, and restricted cash | 0 | 0 |
Ending cash, cash equivalents, and restricted cash | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 60,269 | 20,229 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (43,374) | (48,490) |
Proceeds from sale of property and equipment | 4,648 | 10,528 |
Proceeds from insurance recoveries | 965 | 3,119 |
Net cash provided by (used in) investing activities | (37,761) | (34,843) |
Cash flows from financing activities: | ||
Debt repayments | 0 | |
Proceeds from issuance of debt | 0 | |
Proceeds from exercise of options | 0 | |
Purchase of treasury stock | 0 | 0 |
Proceeds from (Payments for) Contributions from Affiliates | (22,508) | 14,614 |
Net cash provided by (used in) financing activities | (22,508) | 14,614 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 |
Beginning cash, cash equivalents, and restricted cash | 0 | 0 |
Ending cash, cash equivalents, and restricted cash | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 4,687 | 4,346 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (4,642) | (4,023) |
Proceeds from sale of property and equipment | 17 | 149 |
Proceeds from insurance recoveries | 15 | 0 |
Net cash provided by (used in) investing activities | (4,610) | (3,874) |
Cash flows from financing activities: | ||
Debt repayments | 0 | |
Proceeds from issuance of debt | 0 | |
Proceeds from exercise of options | 0 | |
Purchase of treasury stock | 0 | 0 |
Proceeds from (Payments for) Contributions from Affiliates | (276) | (235) |
Net cash provided by (used in) financing activities | (276) | (235) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (199) | 237 |
Beginning cash, cash equivalents, and restricted cash | 3,263 | 1,060 |
Ending cash, cash equivalents, and restricted cash | 3,064 | 1,297 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | (43,466) | (35,837) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (762) | (563) |
Proceeds from sale of property and equipment | 0 | 0 |
Proceeds from insurance recoveries | 0 | 0 |
Net cash provided by (used in) investing activities | (762) | (563) |
Cash flows from financing activities: | ||
Debt repayments | (13,267) | |
Proceeds from issuance of debt | 65,000 | |
Proceeds from exercise of options | 12 | |
Purchase of treasury stock | (549) | (533) |
Proceeds from (Payments for) Contributions from Affiliates | 22,784 | (14,379) |
Net cash provided by (used in) financing activities | 22,247 | 36,821 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (21,981) | 421 |
Beginning cash, cash equivalents, and restricted cash | 72,385 | 9,134 |
Ending cash, cash equivalents, and restricted cash | $ 50,404 | $ 9,555 |