Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 15, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | PIONEER ENERGY SERVICES CORP. | |
Entity Central Index Key | 0000320575 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 79,202,216 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 30,132 | $ 53,566 |
Restricted cash | 998 | 998 |
Receivables: | ||
Trade, net of allowance for doubtful accounts | 90,288 | 76,924 |
Unbilled receivables | 24,691 | 24,822 |
Insurance recoveries | 22,902 | 23,656 |
Other receivables | 7,691 | 5,479 |
Inventory | 22,800 | 18,898 |
Assets held for sale | 5,962 | 3,582 |
Prepaid expenses and other current assets | 7,061 | 7,109 |
Total current assets | 212,525 | 215,034 |
Property and equipment, at cost | 1,121,703 | 1,118,215 |
Less accumulated depreciation | 620,860 | 593,357 |
Net property and equipment | 500,843 | 524,858 |
Operating lease assets | 8,775 | 0 |
Other noncurrent assets | 1,526 | 1,658 |
Total assets | 723,669 | 741,550 |
Current liabilities: | ||
Accounts payable | 41,019 | 34,134 |
Deferred revenues | 1,420 | 1,722 |
Accrued expenses: | ||
Payroll and related employee costs | 19,484 | 24,598 |
Insurance claims and settlements | 22,637 | 23,593 |
Insurance premiums and deductibles | 4,989 | 5,482 |
Interest | 5,754 | 6,148 |
Other | 10,697 | 9,091 |
Total current liabilities | 106,000 | 104,768 |
Long-term debt, less unamortized discount and debt issuance costs | 466,093 | 464,552 |
Noncurrent operating lease liabilities | 6,495 | 0 |
Deferred income taxes | 4,913 | 3,688 |
Other noncurrent liabilities | 1,823 | 3,484 |
Total liabilities | 585,324 | 576,492 |
Commitments and contingencies (Note 11) | ||
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; 79,121,204 and 78,214,550 shares outstanding at June 30, 2019 and December 31, 2018, respectively | 8,000 | 7,900 |
Additional paid-in capital | 551,642 | 550,548 |
Treasury stock, at cost; 877,047 and 789,532 shares at June 30, 2019 and December 31, 2018, respectively | (5,090) | (4,965) |
Accumulated deficit | (416,207) | (388,425) |
Total shareholders' equity | 138,345 | 165,058 |
Total liabilities and shareholders' equity | $ 723,669 | $ 741,550 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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 | 79,121,204 | 78,214,550 |
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 | 877,047 | 789,532 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Revenues | $ 152,843 | $ 154,782 | $ 299,411 | $ 299,260 |
Costs and expenses: | ||||
Operating costs | 115,970 | 114,197 | 224,555 | 216,963 |
Depreciation | 22,851 | 23,287 | 45,504 | 47,034 |
General and administrative | 18,028 | 24,829 | 37,786 | 44,023 |
Bad debt recovery, net | (348) | (370) | (286) | (422) |
Impairment | 332 | 2,368 | 1,378 | 2,368 |
Gain on dispositions of property and equipment, net | (1,126) | (726) | (2,201) | (1,061) |
Total costs and expenses | 155,707 | 163,585 | 306,736 | 308,905 |
Loss from operations | (2,864) | (8,803) | (7,325) | (9,645) |
Other income (expense): | ||||
Interest expense, net of interest capitalized | (10,105) | (9,642) | (19,990) | (19,155) |
Other income, net | 349 | 44 | 1,033 | 548 |
Total other expense, net | (9,756) | (9,598) | (18,957) | (18,607) |
Loss before income taxes | (12,620) | (18,401) | (26,282) | (28,252) |
Income tax (expense) benefit | (324) | 249 | (1,777) | (1,039) |
Net loss | $ (12,944) | $ (18,152) | $ (28,059) | $ (29,291) |
Loss per common share - Basic | $ (0.17) | $ (0.23) | $ (0.36) | $ (0.38) |
Loss per common share - Diluted | $ (0.17) | $ (0.23) | $ (0.36) | $ (0.38) |
Weighted average number of shares outstanding - Basic | 78,430 | 77,944 | 78,371 | 77,776 |
Weighted average number of shares outstanding - Diluted | 78,430 | 77,944 | 78,371 | 77,776 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Treasury Stock, Shares | (631,000) | ||||
Common stock, shares, outstanding at Dec. 31, 2017 | 78,350,000 | ||||
Beginning Balance, value at Dec. 31, 2017 | $ 210,096 | $ 7,835 | $ (4,416) | $ 546,158 | $ (339,481) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net loss | (11,139) | (11,139) | |||
Purchase of treasury stock, shares | (28,000) | ||||
Purchase of treasury stock, value | (96) | $ (96) | |||
Issuance of restricted stock, shares | 105,000 | ||||
Issuance of restricted stock, value | $ 10 | (10) | |||
Stock-based compensation expense | 1,259 | 1,259 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2014-09 [Member] | 67 | 67 | |||
Common stock, shares, outstanding at Mar. 31, 2018 | 78,455,000 | ||||
Ending Balance, value at Mar. 31, 2018 | 200,187 | $ 7,845 | (4,512) | 547,407 | (350,553) |
Common stock, shares, outstanding at Dec. 31, 2017 | 78,350,000 | ||||
Beginning Balance, value at Dec. 31, 2017 | 210,096 | $ 7,835 | (4,416) | 546,158 | (339,481) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net loss | (29,291) | ||||
Common stock, shares, outstanding at Jun. 30, 2018 | 79,005,000 | ||||
Ending Balance, value at Jun. 30, 2018 | 182,691 | $ 7,900 | $ (4,965) | 548,461 | (368,705) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Treasury Stock, Shares | (659,000) | ||||
Common stock, shares, outstanding at Mar. 31, 2018 | 78,455,000 | ||||
Beginning Balance, value at Mar. 31, 2018 | 200,187 | $ 7,845 | $ (4,512) | 547,407 | (350,553) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net loss | (18,152) | (18,152) | |||
Exercise of options and related income tax effect, shares | 3,000 | ||||
Exercise of options and related income tax effect, value | 12 | 12 | |||
Purchase of treasury stock, shares | (131,000) | ||||
Purchase of treasury stock, value | (453) | $ (453) | |||
Issuance of restricted stock, shares | 547,000 | ||||
Issuance of restricted stock, value | $ 55 | (55) | |||
Stock-based compensation expense | 1,097 | 1,097 | |||
Common stock, shares, outstanding at Jun. 30, 2018 | 79,005,000 | ||||
Ending Balance, value at Jun. 30, 2018 | $ 182,691 | $ 7,900 | $ (4,965) | 548,461 | (368,705) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Treasury Stock, Shares | (790,000) | ||||
Treasury Stock, Shares | (790,000) | ||||
Common stock, shares, outstanding at Dec. 31, 2018 | 78,214,550 | 79,005,000 | |||
Beginning Balance, value at Dec. 31, 2018 | $ 165,058 | $ 7,900 | $ (4,965) | 550,548 | (388,425) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net loss | (15,115) | (15,115) | |||
Purchase of treasury stock, shares | (84,000) | ||||
Purchase of treasury stock, value | (120) | $ (120) | |||
Issuance of restricted stock, shares | 326,000 | ||||
Issuance of restricted stock, value | $ 33 | (33) | |||
Stock-based compensation expense | 867 | 867 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2016-02 [Member] | 277 | 277 | |||
Common stock, shares, outstanding at Mar. 31, 2019 | 79,331,000 | ||||
Ending Balance, value at Mar. 31, 2019 | $ 150,967 | $ 7,933 | (5,085) | 551,382 | (403,263) |
Common stock, shares, outstanding at Dec. 31, 2018 | 78,214,550 | 79,005,000 | |||
Beginning Balance, value at Dec. 31, 2018 | $ 165,058 | $ 7,900 | (4,965) | 550,548 | (388,425) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net loss | $ (28,059) | ||||
Common stock, shares, outstanding at Jun. 30, 2019 | 79,121,204 | 79,998,000 | |||
Ending Balance, value at Jun. 30, 2019 | $ 138,345 | $ 8,000 | $ (5,090) | 551,642 | (416,207) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Treasury Stock, Shares | (874,000) | ||||
Common stock, shares, outstanding at Mar. 31, 2019 | 79,331,000 | ||||
Beginning Balance, value at Mar. 31, 2019 | 150,967 | $ 7,933 | $ (5,085) | 551,382 | (403,263) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net loss | (12,944) | (12,944) | |||
Purchase of treasury stock, shares | (3,000) | ||||
Purchase of treasury stock, value | (5) | $ (5) | |||
Issuance of restricted stock, shares | 667,000 | ||||
Issuance of restricted stock, value | $ 67 | (67) | |||
Stock-based compensation expense | $ 327 | 327 | |||
Common stock, shares, outstanding at Jun. 30, 2019 | 79,121,204 | 79,998,000 | |||
Ending Balance, value at Jun. 30, 2019 | $ 138,345 | $ 8,000 | $ (5,090) | $ 551,642 | $ (416,207) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Treasury Stock, Shares | (877,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (28,059) | $ (29,291) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 45,504 | 47,034 |
Allowance for doubtful accounts, net of recoveries | (286) | (422) |
Gain on dispositions of property and equipment, net | (2,201) | (1,061) |
Stock-based compensation expense | 1,194 | 2,356 |
Phantom stock compensation expense | 51 | 6,529 |
Amortization of debt issuance costs and discount | 1,541 | 1,422 |
Impairment | 1,378 | 2,368 |
Deferred income taxes | 1,225 | 273 |
Change in other noncurrent assets | 1,476 | (199) |
Change in other noncurrent liabilities | (2,493) | (10,009) |
Changes in current assets and liabilities: | ||
Receivables | (14,858) | (12,368) |
Inventory | (3,864) | (3,662) |
Prepaid expenses and other current assets | (108) | (785) |
Accounts payable | 10,697 | 5,858 |
Deferred revenues | (302) | 619 |
Accrued expenses | (6,849) | 8,463 |
Net cash provided by operating activities | 4,046 | 17,125 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (31,382) | (31,485) |
Proceeds from sale of property and equipment | 3,439 | 2,225 |
Proceeds from insurance recoveries | 588 | 541 |
Net cash used in investing activities | (27,355) | (28,719) |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 0 | 12 |
Purchase of treasury stock | (125) | (549) |
Net cash used in financing activities | (125) | (537) |
Net decrease in cash, cash equivalents and restricted cash | (23,434) | (12,131) |
Beginning cash, cash equivalents, and restricted cash | 54,564 | 75,648 |
Ending cash, cash equivalents, and restricted cash | 31,130 | 63,517 |
Supplementary disclosure: | ||
Interest paid | 18,832 | 18,073 |
Income tax paid | 2,156 | 1,789 |
Change in capital expenditure accruals | $ (3,766) | $ 2,440 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
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. We provide a comprehensive service offering which includes the drilling rig, crews, supplies and most of the ancillary equipment needed to operate our drilling rigs . Our drilling rigs are equipped with 1,500 horsepower or greater drawworks, are 100% pad-capable and offer 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 17 — 17 International drilling — 8 8 25 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 June 30, 2019 , 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 95 Coiled tubing services units 9 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, 2018 . 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 June 30, 2019 , 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. 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. 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 former lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance in ASC Topic 606. 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 elected to apply the practical expedient which allows 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 unaudited condensed consolidated statements of operations. As a lessee, this standard primarily impacts our accounting for long-term real estate and office equipment leases, for which we recognized an operating lease asset and a corresponding operating lease liability on our unaudited condensed consolidated balance sheet of $9.8 million at the adoption date of January 1, 2019. For leases that commenced prior to adoption of ASC Topic 842 , we elected to apply the package of practical expedients which allows us to carry forward the historical lease classification. The adoption of ASC Topic 842 also resulted in a cumulative effect adjustment of $0.3 million after applicable income taxes, related to the write off of previously unamortized deferred lease liabilities at the date of adoption. For more information about the accounting under ASC Topic 842, and disclosures under the new standard, see Note 3 , Leases . Additional Detail of Account Balances Cash Equivalents and Restricted Cash — Cash equivalents at June 30, 2019 and December 31, 2018 were $11.8 million and $40.6 million , respectively, consisting of investments in highly-liquid money-market mutual funds . 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. Other Receivables — Our other receivables primarily consist of recoverable taxes related to our international operations, as well as net income and sales tax receivables. Prepaid Expenses and Other Current Assets — Prepaid expenses and other current assets include items such as insurance, rent deposits, software subscriptions and other fees. We routinely expense these items in the normal course of business over the periods that we benefit from these expenses. Prepaid expenses and other current assets also include deferred mobilization costs for short-term drilling contracts. Other Noncurrent Assets — Other noncurrent assets consist of deferred mobilization costs on long-term drilling contracts, cash deposits related to the deductibles on our workers’ compensation insurance policies, and deferred compensation plan investments. Other Accrued Expenses — Our other accrued expenses include accruals for items such as sales taxes, property 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. Our other accrued expenses also includes the current portion of the lease liability associated with our long-term operating leases. Other Noncurrent Liabilities — Our other noncurrent liabilities consist of the noncurrent portion of deferred mobilization revenues and liabilities associated with our long-term compensation plans. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
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. Daywork contracts are comprehensive agreements under which we provide a comprehensive service offering, including the drilling rig, crew, supplies and most of the ancillary equipment 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 June 30, 2019 and December 31, 2018 were as follows (amounts in thousands): June 30, 2019 December 31, 2018 Current deferred revenues $ 1,420 $ 1,722 Current deferred costs 978 1,543 Noncurrent deferred revenues $ 313 $ 437 Noncurrent deferred costs 581 679 The changes in deferred revenue and cost balances during the six months ended June 30, 2019 are primarily related to the amortization of deferred revenues and costs during the period, largely offset by increases related to the deployment of four domestic rigs and one international rig under new term contracts in 2019. Amortization of deferred revenues and costs during the three and six months ended June 30, 2019 and 2018 were as follows (amounts in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Amortization of deferred revenues $ 1,280 $ 542 $ 2,235 $ 1,041 Amortization of deferred costs 1,110 486 2,096 949 In February 2019, one of our domestic clients elected to early terminate their contract with us and make an upfront early termination payment based on a per day rate for the remaining term of the contract, resulting in $0.4 million of revenues associated with the 34 days that were remaining under the contract term. We subsequently placed this rig with another client. As of June 30, 2019 , all but two of our 25 rigs are earning under daywork contracts, 14 of which are domestic term contracts . Unlike our domestic term contracts, our international drilling contracts 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. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases As a drilling and production services provider, we provide the drilling rigs and production services equipment which are necessary to fulfill our performance obligations and which are considered leases under ASU No. 2016-02, Leases, ( together with its amendments, herein referred to as “ASC Topic 842”). However, ASU No. 2018-11, Leases: Targeted Improvements , allows lessors to (i) combine the lease and non-lease components of revenues when the revenue recognition pattern is the same and when the lease component, when accounted for separately, would be considered an operating lease, and (ii) 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. We elected to apply this expedient and therefore 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 unaudited condensed consolidated statements of operations. As a lessee, we lease our corporate office headquarters in San Antonio, Texas, and we conduct our business operations through 27 other regional offices located throughout the United States and internationally in Colombia. These operating locations typically include regional offices, storage and maintenance yards and employee housing sufficient to support our operations in the area . We lease most of these properties under non-cancelable term and month-to-month operating leases, many of which contain renewal options that can extend the lease term from one to five years and some of which contain escalation clauses. We also lease supplemental equipment, typically under cancelable short-term and very short term (less than 30 days) leases. Due to the nature of our business, any option to renew these short-term leases, and the options to extend certain of our long-term real estate leases, are generally not considered reasonably certain to be exercised. Therefore, the periods covered by such optional periods are not included in the determination of the term of the lease, and the lease payments during these periods are similarly excluded from the calculation of operating lease asset and lease liability balances. In accordance with ASC Topic 842, we recognize an operating lease asset and a corresponding operating lease liability for all our long-term leases, which include real estate and office equipment leases, for which we elected to combine, or not separate, the lease and non-lease components, and therefore, all fixed charges associated with non-lease components are included in the lease payments and the calculation of the operating lease asset and associated lease liability. The operating lease asset and operating lease liability are discounted at the rate which represents our secured incremental borrowing rate, as most of our leases do not provide an implicit rate, and which we estimate based on the rate in effect under our asset-based lending facility. We recognize rent expense on a straight-line basis, except for certain variable expenses which are recognized when the variability is resolved, typically during the period in which they are paid. Variable lease payments typically include charges for property taxes and insurance, and some leases contain variable payments related to non-lease components, including common area maintenance and usage of office equipment (for example, copiers), which totaled approximately $0.3 million and $0.6 million during the three and six months ended June 30, 2019 . The following table summarizes our lease expense recognized for the three and six months ending June 30, 2019 , excluding variable lease costs (amounts in thousands): Three months ended June 30, Six months ended June 30, 2019 2019 Long-term operating lease expense $ 829 $ 1,671 Short-term operating lease expense $ 4,333 $ 7,736 The following table summarizes the amount and timing of our obligations associated with our long-term operating leases (amounts in thousands): June 30, 2019 December 31, 2018 Within 1 year $ 2,659 $ 3,318 In the second year 1,964 2,032 In the third year 1,658 1,721 In the fourth year 1,358 1,407 In the fifth year 905 1,110 Thereafter 1,268 1,738 Total undiscounted lease obligations $ 9,812 $ 11,326 Impact of discounting (995 ) Discounted value of operating lease obligations $ 8,817 Current operating lease liabilities $ 2,322 Noncurrent operating lease liabilities 6,495 $ 8,817 The following table summarizes the weighted-average remaining lease term and discount rate associated with our long-term operating leases: June 30, 2019 Weighted-average remaining lease term (in years) 4.8 Weighted-average discount rate 4.5 % |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property and Equipment Capital Expenditures — Our capital expenditures were $27.6 million and $33.9 million during the six months ended June 30, 2019 and 2018 , respectively. Capital expenditures during the six months ended June 30, 2019 primarily related to various upgrades and refurbishments of our drilling and production services fleets, various vehicle and ancillary equipment purchases, and the completion of construction on our 17 th AC drilling rig which we deployed in March. Capital expenditures during the six months ended June 30, 2018 primarily related to various routine expenditures to maintain our fleets and purchase new support equipment, as well as the expansion of our wireline and coiled tubing fleets, vehicle fleet upgrades in all business segments, and capital projects to upgrade and refurbish certain of our international and domestic drilling rigs. At June 30, 2019 , capital expenditures incurred for property and equipment not yet placed in service was $6.0 million , primarily related to support equipment for our coiled tubing and drilling rig services fleets and capital projects to upgrade and refurbish certain components of our drilling rig fleet. At December 31, 2018 , property and equipment not yet placed in service was $19.6 million , primarily related to approximately $8.0 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. Gain/Loss on Disposition of Property — During the six months ended June 30, 2019 , we recognized a net gain of $2.2 million on the disposition of drill pipe and various other property and equipment, including some assets which were previously held for sale, as well as insurance proceeds received for damaged equipment . During the six months ended June 30, 2018 , we recognized a net gain of $1.1 million on the disposition of various property and equipment, including the sale of six wireline units and one drilling rig, which was previously held for sale. Assets Held for Sale — As of June 30, 2019 , our condensed consolidated balance sheet reflects assets held for sale of $6.0 million , which includes the fair value of one domestic SCR drilling rig, two coiled tubing units, 12 wireline units, spare support equipment, and buildings and yards for two closed wireline locations, both of which were designated as held for sale in the second quarter of 2019. As of December 31, 2018 , our condensed consolidated balance sheet reflects assets held for sale of $3.6 million , which primarily represents the fair value of one domestic SCR drilling rig and related spare equipment and three coiled tubing units. During the six months ended June 30, 2019 and 2018 , we recognized impairment charges of $1.4 million and $2.4 million 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 . Impairments — In accordance with ASC Topic 360, Property, Plant and Equipment , we monitor all indicators of potential impairments, and concluded there are no triggers present that require impairment testing as of June 30, 2019 , other than the placement of certain assets as held for sale. 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. The most significant inputs used in our impairment analysis include the projected utilization and pricing of our services, as well as the estimated proceeds upon any future sale or disposal of the assets, all of 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 (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Valuation Allowances on Deferred Tax Assets [Text Block] | Valuation Allowances on Deferred Tax Assets Our deferred tax assets related to net operating losses, which are available to reduce future taxable income, consist of the following (amounts in thousands): June 30, 2019 December 31, 2018 Domestic net operating loss carryforward $ 100,110 $ 96,777 Foreign net operating loss carryforward 8,083 9,582 The majority of our domestic net operating losses will begin to expire in 2030 , while losses generated after 2017 are carried forward indefinitely but are limited in usage to 80% of taxable income. The majority of our foreign net operating losses are carried forward indefinitely, but losses generated after 2016 are carried forward for 12 years and will begin to expire in 2029. We provide a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. As result, as of June 30, 2019 and December 31, 2018 , we had valuation allowances of $67.2 million and $62.6 million that offset a portion of our domestic and foreign net deferred tax assets. Since 2017, market conditions and operating results for our Colombian operations have improved, and if they continue to improve, then we may determine that there is sufficient evidence that future taxable income will be generated to utilize our foreign deferred tax assets which would result in the reversal of the valuation allowance relating to our foreign deferred tax assets. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Debt Our debt consists of the following (amounts in thousands): June 30, 2019 December 31, 2018 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%) (2,278 ) (2,668 ) Less unamortized debt issuance costs (6,629 ) (7,780 ) $ 466,093 $ 464,552 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 previous 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 June 30, 2019 , we had $9.7 million in committed letters of credit, which, after borrowing base limitations, resulted in borrowing availability of $59.8 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 12 , 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 | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 , the aggregate estimated fair value of our phantom stock unit awards was $0.8 million and $5.1 million , respectively, for which the vested portion recognized as a liability in our condensed consolidated balance sheets was $0.2 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 9 , 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): June 30, 2019 December 31, 2018 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Senior notes 2 $ 297,411 $ 141,000 $ 296,988 $ 186,750 Senior secured term loan 3 168,682 $ 166,250 167,564 175,875 $ 466,093 $ 307,250 $ 464,552 $ 362,625 |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, Six months ended June 30, 2019 2018 2019 2018 Numerator (both basic and diluted): Net loss $ (12,944 ) $ (18,152 ) $ (28,059 ) $ (29,291 ) Denominator: Weighted-average shares (denominator for basic earnings (loss) per share) 78,430 77,944 78,371 77,776 Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards — — — — Denominator for diluted earnings (loss) per share 78,430 77,944 78,371 77,776 Loss per common share - Basic $ (0.17 ) $ (0.23 ) $ (0.36 ) $ (0.38 ) Loss per common share - Diluted $ (0.17 ) $ (0.23 ) $ (0.36 ) $ (0.38 ) Potentially dilutive securities excluded as anti-dilutive 4,858 4,055 3,709 5,015 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [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, Compensation—Stock Compensation, 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 six months ended June 30, 2019 and 2018 (amounts in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Stock option awards $ 23 $ 99 $ 74 $ 241 Restricted stock awards 121 115 235 228 Restricted stock unit awards 183 883 885 1,887 $ 327 $ 1,097 $ 1,194 $ 2,356 Phantom stock unit awards $ (797 ) $ 6,099 $ 51 $ 6,529 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. We did not grant any stock option awards during the six months ended June 30, 2019 or 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 performance-based restricted stock unit awards granted during the six months ended June 30, 2019 or 2018 . The following table summarizes the number and weighted-average grant-date fair value of the restricted stock and time-based restricted stock unit awards granted during the three and six months ended June 30, 2019 and 2018 : Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Restricted Stock: Restricted stock awards granted 648,100 78,632 648,100 78,632 Weighted-average grant-date fair value (per share) $ 0.79 $ 5.85 $ 0.79 $ 5.85 Time-based RSUs: Time-based RSUs granted — — 870,648 788,377 Weighted-average grant-date fair value (per unit) $ — $ — $ 1.38 $ 3.85 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 cliff vest at 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. As of June 30, 2019 , we estimate that the achievement level for our outstanding performance-based RSUs granted in 2017 will be approximately 80% of the predetermined performance conditions . Phantom Stock Unit Awards We grant phantom stock unit awards with vesting based on time of service, performance and market conditions. Time-based phantom stock unit awards, which were granted in 2019, vest annually in thirds over a three-year vesting period. Performance-based phantom stock unit awards, which were granted in 2016, 2018 and 2019, cliff-vest after 39 months from the date of grant, with vesting based on time of service, performance and market conditions. The number of performance-based 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. 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 an applicable maximum payout feature that is based on a multiple of the grant date stock price. The fair value of time-based phantom stock unit awards is measured using a Black-Scholes pricing model and the fair value of performance-based phantom stock unit awards is measured using a Monte Carlo simulation model, with inputs that are defined as Level 3 inputs under ASC Topic 820, Fair Value Measurements and Disclosures . There were no phantom stock unit awards granted during the three months ended June 30, 2019 or 2018 . The following table summarizes the number, weighted-average grant-date fair value, and applicable maximum cash value of the phantom stock unit awards granted during the six months ended June 30, 2019 and 2018 : Six months ended June 30, 2019 2018 Performance-based: Phantom stock unit awards granted 2,467,776 1,188,216 Weighted-average grant-date fair value (per unit) $ 1.10 $ 3.06 Maximum cash value per unit (three times the grant date stock price) $ 4.62 $ 9.66 Time-based: Phantom stock unit awards granted 810,648 — Weighted-average grant-date fair value (per unit) $ 1.17 $ — Maximum cash value per unit (three times the grant date stock price) $ 4.62 $ — 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 $0.25 as of June 30, 2019 , if all other inputs were unchanged, would result in an increase in cumulative compensation expense of $1.0 million , which represents the hypothetical increase in fair value of the liability for the 2018 and 2019 phantom stock unit awards. The maximum payout feature of these awards would limit this volatility if the stock price exceeds the maximum payout threshold. As of June 30, 2019 , we estimate the weighted-average achievement level for our outstanding phantom stock unit awards granted in 2018 and 2019 to be 100% . In April 2019 , we determined that 175% of the target number of phantom stock unit awards granted during 2016 were earned based on the Company’s achievement of the performance measures, as compared to the predefined peer group, which resulted in an aggregate cash payment of $3.5 million to settle these awards . |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
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), which reflects the basis used by management in making decisions regarding our business for resource allocation and performance assessment, as required by ASC Topic 280, Segment Reporting . 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. We provide a comprehensive service offering which includes the drilling rig, crews, supplies 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 June 30, As of and for the six months ended June 30, 2019 2018 2019 2018 Revenues: Domestic drilling $ 39,652 $ 35,634 $ 77,661 $ 71,560 International drilling 25,422 21,773 47,065 39,384 Drilling services 65,074 57,407 124,726 110,944 Well servicing 29,506 23,162 55,760 44,276 Wireline services 47,386 62,137 93,260 118,738 Coiled tubing services 10,877 12,076 25,665 25,302 Production services 87,769 97,375 174,685 188,316 Consolidated revenues $ 152,843 $ 154,782 $ 299,411 $ 299,260 Operating costs: Domestic drilling $ 24,698 $ 21,749 $ 47,167 $ 42,647 International drilling 18,555 17,064 35,040 30,025 Drilling services 43,253 38,813 82,207 72,672 Well servicing 21,038 16,680 39,934 32,250 Wireline services 41,804 46,716 81,151 89,202 Coiled tubing services 9,875 11,988 21,263 22,839 Production services 72,717 75,384 142,348 144,291 Consolidated operating costs $ 115,970 $ 114,197 $ 224,555 $ 216,963 Gross margin: Domestic drilling $ 14,954 $ 13,885 $ 30,494 $ 28,913 International drilling 6,867 4,709 12,025 9,359 Drilling services 21,821 18,594 42,519 38,272 Well servicing 8,468 6,482 15,826 12,026 Wireline services 5,582 15,421 12,109 29,536 Coiled tubing services 1,002 88 4,402 2,463 Production services 15,052 21,991 32,337 44,025 Consolidated gross margin $ 36,873 $ 40,585 $ 74,856 $ 82,297 Identifiable Assets: Domestic drilling (1) $ 365,477 $ 380,355 $ 365,477 $ 380,355 International drilling (1) (2) 47,158 42,457 47,158 42,457 Drilling services 412,635 422,812 412,635 422,812 Well servicing 121,180 124,458 121,180 124,458 Wireline services 94,413 99,243 94,413 99,243 Coiled tubing services 37,292 31,889 37,292 31,889 Production services 252,885 255,590 252,885 255,590 Corporate 58,149 78,642 58,149 78,642 Consolidated identifiable assets $ 723,669 $ 757,044 $ 723,669 $ 757,044 Depreciation: Domestic drilling $ 10,888 $ 10,139 $ 21,433 $ 20,588 International drilling 1,373 1,301 2,716 2,748 Drilling services 12,261 11,440 24,149 23,336 Well servicing 4,942 4,865 9,824 9,785 Wireline services 3,907 4,601 7,982 9,209 Coiled tubing services 1,531 2,114 3,059 4,146 Production services 10,380 11,580 20,865 23,140 Corporate 210 267 490 558 Consolidated depreciation $ 22,851 $ 23,287 $ 45,504 $ 47,034 As of and for the three months ended June 30, As of and for the six months ended June 30, 2019 2018 2019 2018 Capital Expenditures: Domestic drilling $ 3,325 $ 4,736 $ 11,567 $ 7,494 International drilling 524 1,213 2,282 3,913 Drilling services 3,849 5,949 13,849 11,407 Well servicing 2,141 3,403 6,036 5,452 Wireline services 1,588 4,917 4,423 8,590 Coiled tubing services 1,287 4,817 2,811 7,981 Production services 5,016 13,137 13,270 22,023 Corporate 376 251 497 495 Consolidated capital expenditures $ 9,241 $ 19,337 $ 27,616 $ 33,925 (1) Identifiable assets for our drilling segments include the impact of a $38.6 million and $35.1 million intercompany balance, as of June 30, 2019 and 2018 , 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Consolidated gross margin $ 36,873 $ 40,585 $ 74,856 $ 82,297 Depreciation (22,851 ) (23,287 ) (45,504 ) (47,034 ) General and administrative (18,028 ) (24,829 ) (37,786 ) (44,023 ) Bad debt recovery, net 348 370 286 422 Impairment (332 ) (2,368 ) (1,378 ) (2,368 ) Gain on dispositions of property and equipment, net 1,126 726 2,201 1,061 Loss from operations $ (2,864 ) $ (8,803 ) $ (7,325 ) $ (9,645 ) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
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 $63.0 million relating to our performance under these bonds as of June 30, 2019 . Based on historical experience and information currently available, we believe the likelihood of demand for payment under these bonds and guarantees is remote. We are currently undergoing sales and use tax audits for multi-year periods. As of June 30, 2019 and December 31, 2018 , our accrued liability was $1.8 million and $1.7 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 | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 , 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) June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 25,591 $ — $ 4,541 $ — $ 30,132 Restricted cash 998 — — — 998 Receivables, net of allowance 169 108,747 36,088 568 145,572 Intercompany receivable (payable) (27,363 ) 65,708 (38,345 ) — — Inventory — 11,784 11,016 — 22,800 Assets held for sale — 5,962 — — 5,962 Prepaid expenses and other current assets 2,301 3,591 1,169 — 7,061 Total current assets 1,696 195,792 14,469 568 212,525 Net property and equipment 2,029 471,153 27,661 — 500,843 Investment in subsidiaries 570,070 31,020 — (601,090 ) — Deferred income taxes 43,490 — — (43,490 ) — Operating lease assets 3,353 4,779 643 — 8,775 Other noncurrent assets 616 485 425 — 1,526 Total assets $ 621,254 $ 703,229 $ 43,198 $ (644,012 ) $ 723,669 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,798 $ 32,324 $ 5,897 $ — $ 41,019 Deferred revenues — 528 892 — 1,420 Accrued expenses 10,266 48,063 4,664 568 63,561 Total current liabilities 13,064 80,915 11,453 568 106,000 Long-term debt, less unamortized discount and debt issuance costs 466,093 — — — 466,093 Noncurrent operating lease liabilities 2,968 3,034 493 — 6,495 Deferred income taxes — 48,403 — (43,490 ) 4,913 Other noncurrent liabilities 784 807 232 — 1,823 Total liabilities 482,909 133,159 12,178 (42,922 ) 585,324 Total shareholders’ equity 138,345 570,070 31,020 (601,090 ) 138,345 Total liabilities and shareholders’ equity $ 621,254 $ 703,229 $ 43,198 $ (644,012 ) $ 723,669 December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 50,350 $ — $ 3,216 $ — $ 53,566 Restricted cash 998 — — — 998 Receivables, net of allowance 436 95,030 35,219 196 130,881 Intercompany receivable (payable) (27,245 ) 67,098 (39,853 ) — — Inventory — 9,945 8,953 — 18,898 Assets held for sale — 3,582 — — 3,582 Prepaid expenses and other current assets 1,743 3,197 2,169 — 7,109 Total current assets 26,282 178,852 9,704 196 215,034 Net property and equipment 2,022 494,376 28,460 — 524,858 Investment in subsidiaries 574,695 25,370 — (600,065 ) — Deferred income taxes 42,585 — — (42,585 ) — Other noncurrent assets 596 511 551 — 1,658 Total assets $ 646,180 $ 699,109 $ 38,715 $ (642,454 ) $ 741,550 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,093 $ 26,795 $ 6,246 $ — $ 34,134 Deferred revenues — 95 1,627 — 1,722 Accrued expenses 14,020 49,640 5,056 196 68,912 Total current liabilities 15,113 76,530 12,929 196 104,768 Long-term debt, less unamortized discount and debt issuance costs 464,552 — — — 464,552 Deferred income taxes — 46,273 — (42,585 ) 3,688 Other noncurrent liabilities 1,457 1,611 416 — 3,484 Total liabilities 481,122 124,414 13,345 (42,389 ) 576,492 Total shareholders’ equity 165,058 574,695 25,370 (600,065 ) 165,058 Total liabilities and shareholders’ equity $ 646,180 $ 699,109 $ 38,715 $ (642,454 ) $ 741,550 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands) Three months ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 127,421 $ 25,422 $ — $ 152,843 Costs and expenses: Operating costs — 97,417 18,553 — 115,970 Depreciation and amortization 210 21,268 1,373 — 22,851 General and administrative 6,907 10,579 677 (135 ) 18,028 Intercompany leasing — (1,215 ) 1,215 — — Bad debt expense (recovery), net — (348 ) — — (348 ) Impairment — 332 — — 332 Gain on dispositions of property and equipment, net — (1,121 ) (5 ) — (1,126 ) Total costs and expenses 7,117 126,912 21,813 (135 ) 155,707 Income (loss) from operations (7,117 ) 509 3,609 135 (2,864 ) Other income (expense): Equity in earnings of subsidiaries 3,305 3,431 — (6,736 ) — Interest expense (10,059 ) (1 ) (45 ) — (10,105 ) Other income (expense) 91 401 (8 ) (135 ) 349 Total other income (expense), net (6,663 ) 3,831 (53 ) (6,871 ) (9,756 ) Income (loss) before income taxes (13,780 ) 4,340 3,556 (6,736 ) (12,620 ) Income tax (expense) benefit 1 836 (1,035 ) (125 ) — (324 ) Net income (loss) $ (12,944 ) $ 3,305 $ 3,431 $ (6,736 ) $ (12,944 ) Three months ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 133,008 $ 21,774 $ — $ 154,782 Costs and expenses: Operating costs — 97,134 17,063 — 114,197 Depreciation and amortization 266 21,720 1,301 — 23,287 General and administrative 10,130 14,090 714 (105 ) 24,829 Intercompany leasing — (1,215 ) 1,215 — — Bad debt expense (recovery), net — (370 ) — — (370 ) Impairment — 2,368 — — 2,368 Gain on dispositions of property and equipment, net — (713 ) (13 ) — (726 ) Total costs and expenses 10,396 133,014 20,280 (105 ) 163,585 Income (loss) from operations (10,396 ) (6 ) 1,494 105 (8,803 ) Other income (expense): Equity in earnings of subsidiaries 521 1,034 — (1,555 ) — Interest expense (9,645 ) (2 ) 5 — (9,642 ) Other income (expense) 159 223 (233 ) (105 ) 44 Total other income (expense), net (8,965 ) 1,255 (228 ) (1,660 ) (9,598 ) Income (loss) before income taxes (19,361 ) 1,249 1,266 (1,555 ) (18,401 ) Income tax (expense) benefit 1 1,209 (728 ) (232 ) — 249 Net income (loss) $ (18,152 ) $ 521 $ 1,034 $ (1,555 ) $ (18,152 ) 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) Six months ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 252,346 $ 47,065 $ — $ 299,411 Costs and expenses: Operating costs — 189,519 35,036 — 224,555 Depreciation and amortization 490 42,298 2,716 — 45,504 General and administrative 14,903 22,025 1,128 (270 ) 37,786 Intercompany leasing — (2,430 ) 2,430 — — Bad debt recovery, net of expense — (286 ) — — (286 ) Impairment — 1,378 — — 1,378 Gain on dispositions of property and equipment, net — (2,105 ) (96 ) — (2,201 ) Total costs and expenses 15,393 250,399 41,214 (270 ) 306,736 Income (loss) from operations (15,393 ) 1,947 5,851 270 (7,325 ) Other income (expense): Equity in earnings of subsidiaries 6,073 5,895 — (11,968 ) — Interest expense (19,933 ) (15 ) (42 ) — (19,990 ) Other income 297 667 339 (270 ) 1,033 Total other income (expense), net (13,563 ) 6,547 297 (12,238 ) (18,957 ) Income (loss) before income taxes (28,956 ) 8,494 6,148 (11,968 ) (26,282 ) Income tax (expense) benefit 1 897 (2,421 ) (253 ) — (1,777 ) Net income (loss) $ (28,059 ) $ 6,073 $ 5,895 $ (11,968 ) $ (28,059 ) Six months ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 259,875 $ 39,385 $ — $ 299,260 Costs and expenses: Operating costs — 186,943 30,020 — 216,963 Depreciation and amortization 557 43,729 2,748 — 47,034 General and administrative 16,368 26,629 1,236 (210 ) 44,023 Intercompany leasing — (2,430 ) 2,430 — — Bad debt recovery, net of expense — (422 ) — — (422 ) Impairment — 2,368 — — 2,368 Gain on dispositions of property and equipment, net — (1,034 ) (27 ) — (1,061 ) Total costs and expenses 16,925 255,783 36,407 (210 ) 308,905 Income (loss) from operations (16,925 ) 4,092 2,978 210 (9,645 ) Other income (expense): Equity in earnings of subsidiaries 5,070 2,687 — (7,757 ) — Interest expense (19,161 ) (2 ) 8 — (19,155 ) Other income 161 442 155 (210 ) 548 Total other income (expense), net (13,930 ) 3,127 163 (7,967 ) (18,607 ) Income (loss) before income taxes (30,855 ) 7,219 3,141 (7,757 ) (28,252 ) Income tax (expense) benefit 1 1,564 (2,149 ) (454 ) — (1,039 ) Net income (loss) $ (29,291 ) $ 5,070 $ 2,687 $ (7,757 ) $ (29,291 ) 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) Six months ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (35,104 ) $ 35,209 $ 3,941 $ — $ 4,046 Cash flows from investing activities: Purchases of property and equipment (314 ) (28,634 ) (2,434 ) — (31,382 ) Proceeds from sale of property and equipment — 3,376 63 — 3,439 Proceeds from insurance recoveries — 588 — — 588 (314 ) (24,670 ) (2,371 ) — (27,355 ) Cash flows from financing activities: Purchase of treasury stock (125 ) — — — (125 ) Intercompany contributions/distributions 10,784 (10,539 ) (245 ) — — 10,659 (10,539 ) (245 ) — (125 ) Net increase (decrease) in cash, cash equivalents and restricted cash (24,759 ) — 1,325 — (23,434 ) Beginning cash, cash equivalents and restricted cash 51,348 — 3,216 — 54,564 Ending cash, cash equivalents and restricted cash $ 26,589 $ — $ 4,541 $ — $ 31,130 Six months ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (26,626 ) $ 37,071 $ 6,680 $ — $ 17,125 Cash flows from investing activities: Purchases of property and equipment (435 ) (26,989 ) (4,061 ) — (31,485 ) Proceeds from sale of property and equipment — 2,212 13 — 2,225 Proceeds from insurance recoveries — 527 14 — 541 (435 ) (24,250 ) (4,034 ) — (28,719 ) Cash flows from financing activities: Proceeds from exercise of options 12 — — — 12 Purchase of treasury stock (549 ) — — — (549 ) Intercompany contributions/distributions 12,876 (12,821 ) (55 ) — — 12,339 (12,821 ) (55 ) — (537 ) Net increase (decrease) in cash, cash equivalents and restricted cash (14,722 ) — 2,591 — (12,131 ) Beginning cash, cash equivalents and restricted cash 72,385 — 3,263 — 75,648 Ending cash, cash equivalents and restricted cash $ 57,663 $ — $ 5,854 $ — $ 63,517 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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, 2018 . |
Use of Estimates | 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 | Subsequent Events — In preparing the accompanying unaudited condensed consolidated financial statements, we have reviewed events that have occurred after June 30, 2019 , through the filing of this Form 10-Q , for inclusion as necessary. |
Reclassifications | 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. |
Change in Accounting Principle and Recently Issued Accounting Standards | 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. 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 former lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance in ASC Topic 606. 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 elected to apply the practical expedient which allows 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 unaudited condensed consolidated statements of operations. As a lessee, this standard primarily impacts our accounting for long-term real estate and office equipment leases, for which we recognized an operating lease asset and a corresponding operating lease liability on our unaudited condensed consolidated balance sheet of $9.8 million at the adoption date of January 1, 2019. For leases that commenced prior to adoption of ASC Topic 842 , we elected to apply the package of practical expedients which allows us to carry forward the historical lease classification. The adoption of ASC Topic 842 also resulted in a cumulative effect adjustment of $0.3 million after applicable income taxes, related to the write off of previously unamortized deferred lease liabilities at the date of adoption. For more information about the accounting under ASC Topic 842, and disclosures under the new standard, see Note 3 , Leases . |
Cash Equivalents and Restricted Cash | Cash Equivalents and Restricted Cash — Cash equivalents at June 30, 2019 and December 31, 2018 were $11.8 million and $40.6 million , respectively, consisting of investments in highly-liquid money-market mutual funds . 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. |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets — Prepaid expenses and other current assets include items such as insurance, rent deposits, software subscriptions and other fees. We routinely expense these items in the normal course of business over the periods that we benefit from these expenses. Prepaid expenses and other current assets also include deferred mobilization costs for short-term drilling contracts. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [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. Daywork contracts are comprehensive agreements under which we provide a comprehensive service offering, including the drilling rig, crew, supplies and most of the ancillary equipment 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.” |
Leases (Leases) (Policies)
Leases (Leases) (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lessor, Operating Leases [Text Block] | As a drilling and production services provider, we provide the drilling rigs and production services equipment which are necessary to fulfill our performance obligations and which are considered leases under ASU No. 2016-02, Leases, ( together with its amendments, herein referred to as “ASC Topic 842”). However, ASU No. 2018-11, Leases: Targeted Improvements , allows lessors to (i) combine the lease and non-lease components of revenues when the revenue recognition pattern is the same and when the lease component, when accounted for separately, would be considered an operating lease, and (ii) 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. We elected to apply this expedient and therefore 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 unaudited condensed consolidated statements of operations. |
Property and Equipment (Impairm
Property and Equipment (Impairments) (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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 concluded there are no triggers present that require impairment testing as of June 30, 2019 , other than the placement of certain assets as held for sale. 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. The most significant inputs used in our impairment analysis include the projected utilization and pricing of our services, as well as the estimated proceeds upon any future sale or disposal of the assets, all of 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) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Drilling Long-Lived Assets, by Type | 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 17 — 17 International drilling — 8 8 25 |
Schedule of Production Services Long-Lived Assets, by Type | As of June 30, 2019 , 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 95 Coiled tubing services units 9 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 and December 31, 2018 were as follows (amounts in thousands): June 30, 2019 December 31, 2018 Current deferred revenues $ 1,420 $ 1,722 Current deferred costs 978 1,543 Noncurrent deferred revenues $ 313 $ 437 Noncurrent deferred costs 581 679 |
Schedule of Amortization of Deferred Revenue and Costs [Table Text Block] | Amortization of deferred revenues and costs during the three and six months ended June 30, 2019 and 2018 were as follows (amounts in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Amortization of deferred revenues $ 1,280 $ 542 $ 2,235 $ 1,041 Amortization of deferred costs 1,110 486 2,096 949 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table summarizes our lease expense recognized for the three and six months ending June 30, 2019 , excluding variable lease costs (amounts in thousands): Three months ended June 30, Six months ended June 30, 2019 2019 Long-term operating lease expense $ 829 $ 1,671 Short-term operating lease expense $ 4,333 $ 7,736 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table summarizes the amount and timing of our obligations associated with our long-term operating leases (amounts in thousands): June 30, 2019 December 31, 2018 Within 1 year $ 2,659 $ 3,318 In the second year 1,964 2,032 In the third year 1,658 1,721 In the fourth year 1,358 1,407 In the fifth year 905 1,110 Thereafter 1,268 1,738 Total undiscounted lease obligations $ 9,812 $ 11,326 Impact of discounting (995 ) Discounted value of operating lease obligations $ 8,817 Current operating lease liabilities $ 2,322 Noncurrent operating lease liabilities 6,495 $ 8,817 |
Lessee, Supplemental Disclosure [Table Text Block] | The following table summarizes the weighted-average remaining lease term and discount rate associated with our long-term operating leases: June 30, 2019 Weighted-average remaining lease term (in years) 4.8 Weighted-average discount rate 4.5 % |
Valuation Allowances on Defer_2
Valuation Allowances on Deferred Tax Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Our deferred tax assets related to net operating losses, which are available to reduce future taxable income, consist of the following (amounts in thousands): June 30, 2019 December 31, 2018 Domestic net operating loss carryforward $ 100,110 $ 96,777 Foreign net operating loss carryforward 8,083 9,582 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our debt consists of the following (amounts in thousands): June 30, 2019 December 31, 2018 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%) (2,278 ) (2,668 ) Less unamortized debt issuance costs (6,629 ) (7,780 ) $ 466,093 $ 464,552 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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): June 30, 2019 December 31, 2018 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Senior notes 2 $ 297,411 $ 141,000 $ 296,988 $ 186,750 Senior secured term loan 3 168,682 $ 166,250 167,564 175,875 $ 466,093 $ 307,250 $ 464,552 $ 362,625 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, Six months ended June 30, 2019 2018 2019 2018 Numerator (both basic and diluted): Net loss $ (12,944 ) $ (18,152 ) $ (28,059 ) $ (29,291 ) Denominator: Weighted-average shares (denominator for basic earnings (loss) per share) 78,430 77,944 78,371 77,776 Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards — — — — Denominator for diluted earnings (loss) per share 78,430 77,944 78,371 77,776 Loss per common share - Basic $ (0.17 ) $ (0.23 ) $ (0.36 ) $ (0.38 ) Loss per common share - Diluted $ (0.17 ) $ (0.23 ) $ (0.36 ) $ (0.38 ) Potentially dilutive securities excluded as anti-dilutive 4,858 4,055 3,709 5,015 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 six months ended June 30, 2019 and 2018 (amounts in thousands): Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Stock option awards $ 23 $ 99 $ 74 $ 241 Restricted stock awards 121 115 235 228 Restricted stock unit awards 183 883 885 1,887 $ 327 $ 1,097 $ 1,194 $ 2,356 Phantom stock unit awards $ (797 ) $ 6,099 $ 51 $ 6,529 |
Schedule of Share-based Compensation, Phantom Stock Unit Award Activity [Table Text Block] | The following table summarizes the number, weighted-average grant-date fair value, and applicable maximum cash value of the phantom stock unit awards granted during the six months ended June 30, 2019 and 2018 : Six months ended June 30, 2019 2018 Performance-based: Phantom stock unit awards granted 2,467,776 1,188,216 Weighted-average grant-date fair value (per unit) $ 1.10 $ 3.06 Maximum cash value per unit (three times the grant date stock price) $ 4.62 $ 9.66 Time-based: Phantom stock unit awards granted 810,648 — Weighted-average grant-date fair value (per unit) $ 1.17 $ — Maximum cash value per unit (three times the grant date stock price) $ 4.62 $ — |
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 time-based restricted stock unit awards granted during the three and six months ended June 30, 2019 and 2018 : Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Restricted Stock: Restricted stock awards granted 648,100 78,632 648,100 78,632 Weighted-average grant-date fair value (per share) $ 0.79 $ 5.85 $ 0.79 $ 5.85 Time-based RSUs: Time-based RSUs granted — — 870,648 788,377 Weighted-average grant-date fair value (per unit) $ — $ — $ 1.38 $ 3.85 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, As of and for the six months ended June 30, 2019 2018 2019 2018 Revenues: Domestic drilling $ 39,652 $ 35,634 $ 77,661 $ 71,560 International drilling 25,422 21,773 47,065 39,384 Drilling services 65,074 57,407 124,726 110,944 Well servicing 29,506 23,162 55,760 44,276 Wireline services 47,386 62,137 93,260 118,738 Coiled tubing services 10,877 12,076 25,665 25,302 Production services 87,769 97,375 174,685 188,316 Consolidated revenues $ 152,843 $ 154,782 $ 299,411 $ 299,260 Operating costs: Domestic drilling $ 24,698 $ 21,749 $ 47,167 $ 42,647 International drilling 18,555 17,064 35,040 30,025 Drilling services 43,253 38,813 82,207 72,672 Well servicing 21,038 16,680 39,934 32,250 Wireline services 41,804 46,716 81,151 89,202 Coiled tubing services 9,875 11,988 21,263 22,839 Production services 72,717 75,384 142,348 144,291 Consolidated operating costs $ 115,970 $ 114,197 $ 224,555 $ 216,963 Gross margin: Domestic drilling $ 14,954 $ 13,885 $ 30,494 $ 28,913 International drilling 6,867 4,709 12,025 9,359 Drilling services 21,821 18,594 42,519 38,272 Well servicing 8,468 6,482 15,826 12,026 Wireline services 5,582 15,421 12,109 29,536 Coiled tubing services 1,002 88 4,402 2,463 Production services 15,052 21,991 32,337 44,025 Consolidated gross margin $ 36,873 $ 40,585 $ 74,856 $ 82,297 Identifiable Assets: Domestic drilling (1) $ 365,477 $ 380,355 $ 365,477 $ 380,355 International drilling (1) (2) 47,158 42,457 47,158 42,457 Drilling services 412,635 422,812 412,635 422,812 Well servicing 121,180 124,458 121,180 124,458 Wireline services 94,413 99,243 94,413 99,243 Coiled tubing services 37,292 31,889 37,292 31,889 Production services 252,885 255,590 252,885 255,590 Corporate 58,149 78,642 58,149 78,642 Consolidated identifiable assets $ 723,669 $ 757,044 $ 723,669 $ 757,044 Depreciation: Domestic drilling $ 10,888 $ 10,139 $ 21,433 $ 20,588 International drilling 1,373 1,301 2,716 2,748 Drilling services 12,261 11,440 24,149 23,336 Well servicing 4,942 4,865 9,824 9,785 Wireline services 3,907 4,601 7,982 9,209 Coiled tubing services 1,531 2,114 3,059 4,146 Production services 10,380 11,580 20,865 23,140 Corporate 210 267 490 558 Consolidated depreciation $ 22,851 $ 23,287 $ 45,504 $ 47,034 As of and for the three months ended June 30, As of and for the six months ended June 30, 2019 2018 2019 2018 Capital Expenditures: Domestic drilling $ 3,325 $ 4,736 $ 11,567 $ 7,494 International drilling 524 1,213 2,282 3,913 Drilling services 3,849 5,949 13,849 11,407 Well servicing 2,141 3,403 6,036 5,452 Wireline services 1,588 4,917 4,423 8,590 Coiled tubing services 1,287 4,817 2,811 7,981 Production services 5,016 13,137 13,270 22,023 Corporate 376 251 497 495 Consolidated capital expenditures $ 9,241 $ 19,337 $ 27,616 $ 33,925 (1) Identifiable assets for our drilling segments include the impact of a $38.6 million and $35.1 million intercompany balance, as of June 30, 2019 and 2018 , 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Consolidated gross margin $ 36,873 $ 40,585 $ 74,856 $ 82,297 Depreciation (22,851 ) (23,287 ) (45,504 ) (47,034 ) General and administrative (18,028 ) (24,829 ) (37,786 ) (44,023 ) Bad debt recovery, net 348 370 286 422 Impairment (332 ) (2,368 ) (1,378 ) (2,368 ) Gain on dispositions of property and equipment, net 1,126 726 2,201 1,061 Loss from operations $ (2,864 ) $ (8,803 ) $ (7,325 ) $ (9,645 ) |
Guarantor_Non Guarantor Conde_2
Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (unaudited, in thousands) June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 25,591 $ — $ 4,541 $ — $ 30,132 Restricted cash 998 — — — 998 Receivables, net of allowance 169 108,747 36,088 568 145,572 Intercompany receivable (payable) (27,363 ) 65,708 (38,345 ) — — Inventory — 11,784 11,016 — 22,800 Assets held for sale — 5,962 — — 5,962 Prepaid expenses and other current assets 2,301 3,591 1,169 — 7,061 Total current assets 1,696 195,792 14,469 568 212,525 Net property and equipment 2,029 471,153 27,661 — 500,843 Investment in subsidiaries 570,070 31,020 — (601,090 ) — Deferred income taxes 43,490 — — (43,490 ) — Operating lease assets 3,353 4,779 643 — 8,775 Other noncurrent assets 616 485 425 — 1,526 Total assets $ 621,254 $ 703,229 $ 43,198 $ (644,012 ) $ 723,669 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,798 $ 32,324 $ 5,897 $ — $ 41,019 Deferred revenues — 528 892 — 1,420 Accrued expenses 10,266 48,063 4,664 568 63,561 Total current liabilities 13,064 80,915 11,453 568 106,000 Long-term debt, less unamortized discount and debt issuance costs 466,093 — — — 466,093 Noncurrent operating lease liabilities 2,968 3,034 493 — 6,495 Deferred income taxes — 48,403 — (43,490 ) 4,913 Other noncurrent liabilities 784 807 232 — 1,823 Total liabilities 482,909 133,159 12,178 (42,922 ) 585,324 Total shareholders’ equity 138,345 570,070 31,020 (601,090 ) 138,345 Total liabilities and shareholders’ equity $ 621,254 $ 703,229 $ 43,198 $ (644,012 ) $ 723,669 December 31, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 50,350 $ — $ 3,216 $ — $ 53,566 Restricted cash 998 — — — 998 Receivables, net of allowance 436 95,030 35,219 196 130,881 Intercompany receivable (payable) (27,245 ) 67,098 (39,853 ) — — Inventory — 9,945 8,953 — 18,898 Assets held for sale — 3,582 — — 3,582 Prepaid expenses and other current assets 1,743 3,197 2,169 — 7,109 Total current assets 26,282 178,852 9,704 196 215,034 Net property and equipment 2,022 494,376 28,460 — 524,858 Investment in subsidiaries 574,695 25,370 — (600,065 ) — Deferred income taxes 42,585 — — (42,585 ) — Other noncurrent assets 596 511 551 — 1,658 Total assets $ 646,180 $ 699,109 $ 38,715 $ (642,454 ) $ 741,550 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,093 $ 26,795 $ 6,246 $ — $ 34,134 Deferred revenues — 95 1,627 — 1,722 Accrued expenses 14,020 49,640 5,056 196 68,912 Total current liabilities 15,113 76,530 12,929 196 104,768 Long-term debt, less unamortized discount and debt issuance costs 464,552 — — — 464,552 Deferred income taxes — 46,273 — (42,585 ) 3,688 Other noncurrent liabilities 1,457 1,611 416 — 3,484 Total liabilities 481,122 124,414 13,345 (42,389 ) 576,492 Total shareholders’ equity 165,058 574,695 25,370 (600,065 ) 165,058 Total liabilities and shareholders’ equity $ 646,180 $ 699,109 $ 38,715 $ (642,454 ) $ 741,550 |
Condensed Consolidating Statements of Operations | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands) Three months ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 127,421 $ 25,422 $ — $ 152,843 Costs and expenses: Operating costs — 97,417 18,553 — 115,970 Depreciation and amortization 210 21,268 1,373 — 22,851 General and administrative 6,907 10,579 677 (135 ) 18,028 Intercompany leasing — (1,215 ) 1,215 — — Bad debt expense (recovery), net — (348 ) — — (348 ) Impairment — 332 — — 332 Gain on dispositions of property and equipment, net — (1,121 ) (5 ) — (1,126 ) Total costs and expenses 7,117 126,912 21,813 (135 ) 155,707 Income (loss) from operations (7,117 ) 509 3,609 135 (2,864 ) Other income (expense): Equity in earnings of subsidiaries 3,305 3,431 — (6,736 ) — Interest expense (10,059 ) (1 ) (45 ) — (10,105 ) Other income (expense) 91 401 (8 ) (135 ) 349 Total other income (expense), net (6,663 ) 3,831 (53 ) (6,871 ) (9,756 ) Income (loss) before income taxes (13,780 ) 4,340 3,556 (6,736 ) (12,620 ) Income tax (expense) benefit 1 836 (1,035 ) (125 ) — (324 ) Net income (loss) $ (12,944 ) $ 3,305 $ 3,431 $ (6,736 ) $ (12,944 ) Three months ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 133,008 $ 21,774 $ — $ 154,782 Costs and expenses: Operating costs — 97,134 17,063 — 114,197 Depreciation and amortization 266 21,720 1,301 — 23,287 General and administrative 10,130 14,090 714 (105 ) 24,829 Intercompany leasing — (1,215 ) 1,215 — — Bad debt expense (recovery), net — (370 ) — — (370 ) Impairment — 2,368 — — 2,368 Gain on dispositions of property and equipment, net — (713 ) (13 ) — (726 ) Total costs and expenses 10,396 133,014 20,280 (105 ) 163,585 Income (loss) from operations (10,396 ) (6 ) 1,494 105 (8,803 ) Other income (expense): Equity in earnings of subsidiaries 521 1,034 — (1,555 ) — Interest expense (9,645 ) (2 ) 5 — (9,642 ) Other income (expense) 159 223 (233 ) (105 ) 44 Total other income (expense), net (8,965 ) 1,255 (228 ) (1,660 ) (9,598 ) Income (loss) before income taxes (19,361 ) 1,249 1,266 (1,555 ) (18,401 ) Income tax (expense) benefit 1 1,209 (728 ) (232 ) — 249 Net income (loss) $ (18,152 ) $ 521 $ 1,034 $ (1,555 ) $ (18,152 ) 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) Six months ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 252,346 $ 47,065 $ — $ 299,411 Costs and expenses: Operating costs — 189,519 35,036 — 224,555 Depreciation and amortization 490 42,298 2,716 — 45,504 General and administrative 14,903 22,025 1,128 (270 ) 37,786 Intercompany leasing — (2,430 ) 2,430 — — Bad debt recovery, net of expense — (286 ) — — (286 ) Impairment — 1,378 — — 1,378 Gain on dispositions of property and equipment, net — (2,105 ) (96 ) — (2,201 ) Total costs and expenses 15,393 250,399 41,214 (270 ) 306,736 Income (loss) from operations (15,393 ) 1,947 5,851 270 (7,325 ) Other income (expense): Equity in earnings of subsidiaries 6,073 5,895 — (11,968 ) — Interest expense (19,933 ) (15 ) (42 ) — (19,990 ) Other income 297 667 339 (270 ) 1,033 Total other income (expense), net (13,563 ) 6,547 297 (12,238 ) (18,957 ) Income (loss) before income taxes (28,956 ) 8,494 6,148 (11,968 ) (26,282 ) Income tax (expense) benefit 1 897 (2,421 ) (253 ) — (1,777 ) Net income (loss) $ (28,059 ) $ 6,073 $ 5,895 $ (11,968 ) $ (28,059 ) Six months ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ — $ 259,875 $ 39,385 $ — $ 299,260 Costs and expenses: Operating costs — 186,943 30,020 — 216,963 Depreciation and amortization 557 43,729 2,748 — 47,034 General and administrative 16,368 26,629 1,236 (210 ) 44,023 Intercompany leasing — (2,430 ) 2,430 — — Bad debt recovery, net of expense — (422 ) — — (422 ) Impairment — 2,368 — — 2,368 Gain on dispositions of property and equipment, net — (1,034 ) (27 ) — (1,061 ) Total costs and expenses 16,925 255,783 36,407 (210 ) 308,905 Income (loss) from operations (16,925 ) 4,092 2,978 210 (9,645 ) Other income (expense): Equity in earnings of subsidiaries 5,070 2,687 — (7,757 ) — Interest expense (19,161 ) (2 ) 8 — (19,155 ) Other income 161 442 155 (210 ) 548 Total other income (expense), net (13,930 ) 3,127 163 (7,967 ) (18,607 ) Income (loss) before income taxes (30,855 ) 7,219 3,141 (7,757 ) (28,252 ) Income tax (expense) benefit 1 1,564 (2,149 ) (454 ) — (1,039 ) Net income (loss) $ (29,291 ) $ 5,070 $ 2,687 $ (7,757 ) $ (29,291 ) 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) Six months ended June 30, 2019 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (35,104 ) $ 35,209 $ 3,941 $ — $ 4,046 Cash flows from investing activities: Purchases of property and equipment (314 ) (28,634 ) (2,434 ) — (31,382 ) Proceeds from sale of property and equipment — 3,376 63 — 3,439 Proceeds from insurance recoveries — 588 — — 588 (314 ) (24,670 ) (2,371 ) — (27,355 ) Cash flows from financing activities: Purchase of treasury stock (125 ) — — — (125 ) Intercompany contributions/distributions 10,784 (10,539 ) (245 ) — — 10,659 (10,539 ) (245 ) — (125 ) Net increase (decrease) in cash, cash equivalents and restricted cash (24,759 ) — 1,325 — (23,434 ) Beginning cash, cash equivalents and restricted cash 51,348 — 3,216 — 54,564 Ending cash, cash equivalents and restricted cash $ 26,589 $ — $ 4,541 $ — $ 31,130 Six months ended June 30, 2018 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities $ (26,626 ) $ 37,071 $ 6,680 $ — $ 17,125 Cash flows from investing activities: Purchases of property and equipment (435 ) (26,989 ) (4,061 ) — (31,485 ) Proceeds from sale of property and equipment — 2,212 13 — 2,225 Proceeds from insurance recoveries — 527 14 — 541 (435 ) (24,250 ) (4,034 ) — (28,719 ) Cash flows from financing activities: Proceeds from exercise of options 12 — — — 12 Purchase of treasury stock (549 ) — — — (549 ) Intercompany contributions/distributions 12,876 (12,821 ) (55 ) — — 12,339 (12,821 ) (55 ) — (537 ) Net increase (decrease) in cash, cash equivalents and restricted cash (14,722 ) — 2,591 — (12,131 ) Beginning cash, cash equivalents and restricted cash 72,385 — 3,263 — 75,648 Ending cash, cash equivalents and restricted cash $ 57,663 $ — $ 5,854 $ — $ 63,517 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Jun. 30, 2019USD ($)coiled_tubing_unitswell_service_rigsdrilling_rigswireline_tubing_units | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Impact of adoption, operating lease assets | $ | $ 8,775 | $ 0 | |
Impact of adoption, operating lease liability | $ | 8,817 | ||
Cash and Cash Equivalents | |||
Cash Equivalents, at Carrying Value | $ | $ 11,800 | $ 40,600 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Impact of adoption, operating lease assets | $ | $ 9,800 | ||
Impact of adoption, operating lease liability | $ | 9,800 | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ | $ 300 | ||
Drilling Services [Member] | |||
Business - Drilling | |||
Drilling Rigs | 25 | ||
Drilling Services [Member] | Pad-Capable [Member] | |||
Business - Drilling | |||
Percentage of Drilling Fleet | 100.00% | ||
Well Servicing [Member] | 550 Horsepower [Member] | |||
Business - Production Services | |||
Well Servicing Rigs | well_service_rigs | 113 | ||
Well Servicing [Member] | 600 Horsepower [Member] | |||
Business - Production Services | |||
Well Servicing Rigs | well_service_rigs | 12 | ||
Well Servicing [Member] | Production Services [Member] | |||
Business - Production Services | |||
Well Servicing Rigs | well_service_rigs | 125 | ||
Wireline Services [Member] | Production Services [Member] | |||
Business - Production Services | |||
Wireline Units | wireline_tubing_units | 95 | ||
Coiled Tubing Services [Member] | Production Services [Member] | |||
Business - Production Services | |||
Coiled Tubing Units | coiled_tubing_units | 9 | ||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | |||
Business - Drilling | |||
Drilling Divisions | 3 | ||
Drilling Rigs | 17 | ||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | AC [Member] | |||
Business - Drilling | |||
Drilling Rigs | 17 | ||
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | SCR Drilling Rigs [Member] | |||
Business - Drilling | |||
Drilling Rigs | 0 | ||
International Drilling [Member] | Drilling Services [Member] | Colombia [Member] | |||
Business - Drilling | |||
Drilling Rigs | 8 | ||
International Drilling [Member] | Drilling Services [Member] | Colombia [Member] | AC [Member] | |||
Business - Drilling | |||
Drilling Rigs | 0 | ||
International Drilling [Member] | Drilling Services [Member] | Colombia [Member] | SCR Drilling Rigs [Member] | |||
Business - Drilling | |||
Drilling Rigs | 8 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies (Drilling Services Business) (Details) - Drilling Services [Member] | Jun. 30, 2019drilling_rigs |
Accounting Policies [Line Items] | |
Drilling Rigs | 25 |
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 | 17 |
United States [Member] | AC [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 17 |
United States [Member] | SCR Drilling Rigs [Member] | Domestic Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 0 |
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 |
Colombia [Member] | SCR Drilling Rigs [Member] | International Drilling [Member] | |
Accounting Policies [Line Items] | |
Drilling Rigs | 8 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies (Production Services Business) (Details) | Jun. 30, 2019coiled_tubing_unitswell_service_rigswireline_tubing_units |
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 |
Wireline Services [Member] | Production Services [Member] | |
Accounting Policies [Line Items] | |
Wireline Units | wireline_tubing_units | 95 |
Coiled Tubing Services [Member] | Production Services [Member] | |
Accounting Policies [Line Items] | |
Coiled Tubing Units | coiled_tubing_units | 9 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)drilling_rigs | |
Drilling Services [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 25 |
Drilling Services [Member] | Not Under Drilling Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 2 |
Drilling Services [Member] | Earning Under Contract [Member] | Currently Under Drilling Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 23 |
Drilling Services [Member] | Domestic Drilling [Member] | Earning But Not Working [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Gain (Loss) on Contract Termination | $ | $ 0.4 |
Earning But Not Working Days | 34 days |
Drilling Services [Member] | Domestic Drilling [Member] | Cancelable Spot Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Notice Period to Cancel Contract | 30 days |
Drilling Services [Member] | Domestic Drilling [Member] | Term Contract [Member] | Earning Under Contract [Member] | Currently Under Drilling Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 14 |
Drilling Services [Member] | Domestic Drilling [Member] | Deployed under new contract during current period [Member] | Daywork Drilling Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 4 |
Drilling Services [Member] | International Drilling [Member] | Deployed under new contract during current period [Member] | Term Contract, Cancelable [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Drilling Rigs | 1 |
Drilling Services [Member] | International Drilling [Member] | Minimum [Member] | Cancelable Spot or Cancelable Term Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Notice Period to Cancel Contract | 15 days |
Drilling Services [Member] | International Drilling [Member] | Maximum [Member] | Cancelable Spot or Cancelable Term Contract [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Notice Period to Cancel Contract | 30 days |
Short-term Contract with Customer [Member] | Production Services [Member] | Maximum [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Typical Revenue Contract Duration | 30 days |
Revenue from Contracts with C_5
Revenue from Contracts with Customers Deferred Revenues and Costs (Details) - Drilling Services [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Revenues and Costs, Classified | ||
Current deferred revenues | $ 1,420 | $ 1,722 |
Current deferred costs | 978 | 1,543 |
Noncurrent deferred revenues | 313 | 437 |
Noncurrent deferred costs | $ 581 | $ 679 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers Amortization of Deferred Revenues and Costs (Details) - Drilling Services [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Deferred Revenue Arrangement [Line Items] | ||||
Amortization of deferred revenues | $ 1,280 | $ 542 | $ 2,235 | $ 1,041 |
Amortization of deferred costs | $ 1,110 | $ 486 | $ 2,096 | $ 949 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Regional Offices | 27 | 27 |
Variable Lease Payments | $ 300 | $ 600 |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease Renewal Term Options | 1 year | 1 year |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease Renewal Term Options | 5 years | 5 years |
Leases Lease Cost (Details)
Leases Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Components of Lease Cost [Line Items] | ||
Short-Term Operating Lease Expense | $ 4,333 | $ 7,736 |
Lease Term, Greater than 12 Months [Member] | ||
Components of Lease Cost [Line Items] | ||
Long-Term Operating Lease Expense | $ 829 | $ 1,671 |
Leases Operating Lease Maturiti
Leases Operating Lease Maturities Under ASC 842 (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Lease Liability Maturities Under ASC 842 [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 2,659 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,964 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,658 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,358 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 905 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,268 | |
Lessee, Operating Lease, Liability, Payments, Due | 9,812 | |
Impact of discounting | (995) | |
Discounted value of operating lease obligations | 8,817 | |
Current operating lease liabilities | 2,322 | |
Noncurrent operating lease liabilities | $ 6,495 | $ 0 |
Leases Operating Lease Maturi_2
Leases Operating Lease Maturities Under ASC 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Lease Maturities Under ASC 840 [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,318 |
Operating Leases, Future Minimum Payments, Due in Two Years | 2,032 |
Operating Leases, Future Minimum Payments, Due in Three Years | 1,721 |
Operating Leases, Future Minimum Payments, Due in Four Years | 1,407 |
Operating Leases, Future Minimum Payments, Due in Five Years | 1,110 |
Operating Leases, Future Minimum Payments, Due Thereafter | 1,738 |
Operating Leases, Future Minimum Payments Due | $ 11,326 |
Leases Supplemental Lease Infor
Leases Supplemental Lease Information (Details) | Jun. 30, 2019 |
Supplemental Lease Information [Abstract] | |
Weighted-average remaining lease term (in years) | 4 years 9 months 15 days |
Weighted-average discount rate | 4.50% |
Property and Equipment (Details
Property and Equipment (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)coiled_tubing_unitsdrilling_rigswireline_tubing_units | Jun. 30, 2018USD ($)drilling_rigswireline_tubing_units | Jun. 30, 2019USD ($)coiled_tubing_unitsdrilling_rigswireline_tubing_units | Jun. 30, 2018USD ($)drilling_rigswireline_tubing_units | Dec. 31, 2018USD ($)coiled_tubing_unitsdrilling_rigs | |
Property, Plant and Equipment [Line Items] | |||||
Capital Expenditures | $ 9,241 | $ 19,337 | $ 27,616 | $ 33,925 | |
Construction in Progress, Gross | 6,000 | 6,000 | $ 19,600 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 1,126 | 726 | 2,201 | 1,061 | |
Assets Held-for-sale, Not Part of Disposal Group, Current | 5,962 | 5,962 | $ 3,582 | ||
Asset Impairment Charges | 332 | 2,368 | 1,378 | 2,368 | |
Production Services [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital Expenditures | 5,016 | 13,137 | 13,270 | 22,023 | |
Production Services [Member] | Wireline Services [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital Expenditures | $ 1,588 | $ 4,917 | $ 4,423 | $ 8,590 | |
Wireline Units | wireline_tubing_units | 95 | 95 | |||
Production Services [Member] | Wireline Services [Member] | Sold During the Period [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Wireline Units | wireline_tubing_units | 6 | 6 | |||
Production Services [Member] | Wireline Services [Member] | Wireline Units [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Wireline Units | wireline_tubing_units | 12 | 12 | |||
Production Services [Member] | Wireline Services [Member] | Building [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Operating Location, Closed | 2 | 2 | |||
Production Services [Member] | Coiled Tubing Services [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital Expenditures | $ 1,287 | $ 4,817 | $ 2,811 | $ 7,981 | |
Coiled Tubing Units | coiled_tubing_units | 9 | 9 | |||
Production Services [Member] | Coiled Tubing Services [Member] | Coiled Tubing Units [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Coiled Tubing Units | coiled_tubing_units | 2 | 2 | 3 | ||
Drilling Services [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital Expenditures | $ 3,849 | 5,949 | $ 13,849 | 11,407 | |
Drilling Rigs | drilling_rigs | 25 | 25 | |||
Drilling Services [Member] | Domestic Drilling [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital Expenditures | $ 3,325 | $ 4,736 | $ 11,567 | $ 7,494 | |
Drilling Services [Member] | Domestic Drilling [Member] | Construction in Progress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Construction in Progress, Gross | $ 8,000 | ||||
Drilling Rigs | drilling_rigs | 1 | ||||
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] | SCR Drilling Rigs [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Drilling Rigs | drilling_rigs | 1 | 1 | 1 | ||
Drilling Services [Member] | International Drilling [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capital Expenditures | $ 524 | $ 1,213 | $ 2,282 | $ 3,913 |
Valuation Allowances on Defer_3
Valuation Allowances on Deferred Tax Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 100,110 | $ 96,777 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 8,083 | 9,582 |
Deferred Tax Assets, Valuation Allowance | $ 67,209 | $ 62,639 |
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 | |
Minimum [Member] | Loss Generated Through 2016 [Member] | Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 |
Valuation Allowances on Defer_4
Valuation Allowances on Deferred Tax Assets Schedule of Deferred Tax Assets from Net Operating Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Components of Deferred Tax Assets [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 100,110 | $ 96,777 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 8,083 | $ 9,582 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 475,000 | $ 475,000 |
Less unamortized debt discount (based on imputed interest rate of 10.46%) | (2,278) | (2,668) |
Less unamortized debt issuance costs | (6,629) | (7,780) |
Long-term Debt, Excluding Current Maturities | 466,093 | 464,552 |
Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 300,000 | $ 300,000 |
Debt (Details)
Debt (Details) $ in Thousands | Nov. 08, 2017USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 18, 2014USD ($) |
Debt Instrument [Line Items] | ||||
Long-term Debt, Excluding Current Maturities | $ 466,093 | $ 464,552 | ||
Debt Issuance Costs, Net | (6,629) | (7,780) | ||
Debt Instrument, Unamortized Discount | (2,278) | (2,668) | ||
Debt Instrument, Interest Rate, Effective Percentage | 10.46% | |||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Amount outstanding | 475,000 | 475,000 | ||
Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member] | ||||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Maximum borrowing capacity | $ 75,000 | |||
Letters of Credit Outstanding, Amount | 9,700 | |||
Borrowing available | 59,800 | |||
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 | |||
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 | |||
London Interbank Offered Rate (LIBOR) or Bank Base Rate [Member] | Minimum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
London Interbank Offered Rate (LIBOR) or Bank Base Rate [Member] | Maximum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [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 | |||
Term Loan [Member] | Term Loan [Member] | ||||
Senior Secured Revolving Asset-based Lending Facility [Abstract] | ||||
Amount outstanding | 175,000 | 175,000 | ||
Term Loan [Member] | Minimum [Member] | ||||
Senior Secured Term Loan [Abstract] | ||||
Debt Instrument, Optional Principal Payment, Minimum | $ 5,000 | |||
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 | |||
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% | |||
Senior Notes [Member] | ||||
Senior Notes [Abstract] | ||||
Debt Instrument, Face Amount | $ 300,000 | |||
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 | $ 300,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 307,250 | $ 362,625 |
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 | 800 | 5,100 |
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] | ||
Debt, fair value disclosure | 141,000 | 186,750 |
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] | ||
Debt, fair value disclosure | 166,250 | 175,875 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 466,093 | 464,552 |
Reported Value Measurement [Member] | Phantom Share Units (PSUs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Liabilities | 200 | 3,600 |
Reported Value Measurement [Member] | Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | 297,411 | 296,988 |
Reported Value Measurement [Member] | Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 168,682 | $ 167,564 |
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 | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator (both basic and diluted) | ||||||
Net loss | $ (12,944) | $ (15,115) | $ (18,152) | $ (11,139) | $ (28,059) | $ (29,291) |
Denominator | ||||||
Weighted-average shares (denominator for basic earnings (loss) per share) | 78,430 | 77,944 | 78,371 | 77,776 | ||
Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards | 0 | 0 | 0 | 0 | ||
Denominator for diluted earnings (loss) per share | 78,430 | 77,944 | 78,371 | 77,776 | ||
Loss per common share - Basic | $ (0.17) | $ (0.23) | $ (0.36) | $ (0.38) | ||
Loss per common share - Diluted | $ (0.17) | $ (0.23) | $ (0.36) | $ (0.38) | ||
Share-based Payment Arrangement [Member] | ||||||
Denominator | ||||||
Potentially dilutive securities excluded as anti-dilutive | 4,858 | 4,055 | 3,709 | 5,015 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Price | $ 0.25 | $ 0.25 | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 3 years | ||||
Award Expiration Period | 10 years | ||||
Granted | 0 | 0 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 1 year | ||||
Awards granted | 648,100 | 78,632 | 648,100 | 78,632 | |
Weighted average grant date awards granted, fair value | $ 0.79 | $ 5.85 | $ 0.79 | $ 5.85 | |
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 | ||||
Awards granted | 0 | 0 | 870,648 | 788,377 | |
Weighted average grant date awards granted, fair value | $ 0 | $ 0 | $ 1.38 | $ 3.85 | |
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 | ||||
Awards granted | 0 | 0 | |||
Award Performance Period | 3 years | ||||
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 | 80.00% | 80.00% | |||
Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Sensitivity Analysis of Fair Value, Change in Compensation Cost Due to Change in Assumption, Impact of $1 Increase in Price of Common Stock | $ 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Estimated Weighted Average Achievement Level, Percentage | 100.00% | 100.00% | |||
Phantom Share Units (PSUs) [Member] | Phantom Share Units, 2016 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 3.5 | ||||
Share-based Payment Award, Actual Achievement Level, Percentage | 175.00% | ||||
Time-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2018 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted | 0 | ||||
Weighted average grant date awards granted, fair value | $ 0 | ||||
Time-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2019 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Period | 3 years | ||||
Awards granted | 810,648 | ||||
Weighted average grant date awards granted, fair value | $ 1.17 | ||||
Performance-based phantom stock unit awards [Member] | 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 | ||||
Performance-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2018 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted | 1,188,216 | ||||
Weighted average grant date awards granted, fair value | $ 3.06 | ||||
Performance-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2019 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted | 0 | 0 | 2,467,776 | ||
Weighted average grant date awards granted, fair value | $ 1.10 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Schedule of Allocation of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 327 | $ 1,097 | $ 1,194 | $ 2,356 |
Phantom stock unit awards | 51 | 6,529 | ||
Stock Options [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | 23 | 99 | 74 | 241 |
Restricted Stock [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | 121 | 115 | 235 | 228 |
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | 183 | 883 | 885 | 1,887 |
Phantom Share Units (PSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Phantom stock unit awards | $ (797) | $ 6,099 | $ 51 | $ 6,529 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Schedule of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Time-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | 0 | 0 | 870,648 | 788,377 |
Restricted Stock Units, Weighted Average Grant Date Fair Value per unit, Granted | $ 0 | $ 0 | $ 1.38 | $ 3.85 |
Performance-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | 0 | 0 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Schedule of Phantom Stock Unit Activity) (Details) - Phantom Share Units (PSUs) [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Performance-based phantom stock unit awards [Member] | Phantom Stock Units, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | 0 | 0 | 2,467,776 | |
Weighted average grant date awards granted, fair value | $ 1.10 | |||
Performance-based phantom stock unit awards [Member] | Phantom Stock Units, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | 1,188,216 | |||
Weighted average grant date awards granted, fair value | $ 3.06 | |||
Time-based phantom stock unit awards [Member] | Phantom Stock Units, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | 810,648 | |||
Weighted average grant date awards granted, fair value | $ 1.17 | |||
Time-based phantom stock unit awards [Member] | Phantom Stock Units, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted | 0 | |||
Weighted average grant date awards granted, fair value | $ 0 | |||
Maximum [Member] | Performance-based phantom stock unit awards [Member] | Phantom Stock Units, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards | $ 4.62 | |||
Maximum [Member] | Performance-based phantom stock unit awards [Member] | Phantom Stock Units, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards | $ 9.66 | |||
Maximum [Member] | Time-based phantom stock unit awards [Member] | Phantom Stock Units, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards | $ 4.62 | |||
Maximum [Member] | Time-based phantom stock unit awards [Member] | Phantom Stock Units, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards | $ 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)drilling_rigs | Jun. 30, 2018USD ($)drilling_rigs | Jun. 30, 2019USD ($)drilling_rigssegments | Jun. 30, 2018USD ($)drilling_rigs | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segments | 5 | ||||
Revenues | $ 152,843 | $ 154,782 | $ 299,411 | $ 299,260 | |
Operating costs | 115,970 | 114,197 | 224,555 | 216,963 | |
Consolidated Gross Margin | 36,873 | 40,585 | 74,856 | 82,297 | |
Total assets | 723,669 | 757,044 | 723,669 | 757,044 | $ 741,550 |
Depreciation | 22,851 | 23,287 | 45,504 | 47,034 | |
Capital Expenditures | 9,241 | 19,337 | 27,616 | 33,925 | |
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 | 65,074 | 57,407 | $ 124,726 | 110,944 | |
Operating costs | 43,253 | 38,813 | 82,207 | 72,672 | |
Consolidated Gross Margin | 21,821 | 18,594 | 42,519 | 38,272 | |
Total assets | 412,635 | 422,812 | 412,635 | 422,812 | |
Depreciation | 12,261 | 11,440 | 24,149 | 23,336 | |
Capital Expenditures | $ 3,849 | 5,949 | $ 13,849 | 11,407 | |
Drilling Rigs | drilling_rigs | 25 | 25 | |||
Drilling Services [Member] | Domestic Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 39,652 | 35,634 | $ 77,661 | 71,560 | |
Operating costs | 24,698 | 21,749 | 47,167 | 42,647 | |
Consolidated Gross Margin | 14,954 | 13,885 | 30,494 | 28,913 | |
Total assets | 365,477 | 380,355 | 365,477 | 380,355 | |
Depreciation | 10,888 | 10,139 | 21,433 | 20,588 | |
Capital Expenditures | 3,325 | 4,736 | 11,567 | 7,494 | |
Related Party Transaction, Due from (to) Related Party, Current | 38,600 | 35,100 | 38,600 | 35,100 | |
Drilling Services [Member] | International Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 25,422 | 21,773 | 47,065 | 39,384 | |
Operating costs | 18,555 | 17,064 | 35,040 | 30,025 | |
Consolidated Gross Margin | 6,867 | 4,709 | 12,025 | 9,359 | |
Total assets | 47,158 | 42,457 | 47,158 | 42,457 | |
Depreciation | 1,373 | 1,301 | 2,716 | 2,748 | |
Capital Expenditures | 524 | 1,213 | 2,282 | 3,913 | |
Related Party Transaction, Due from (to) Related Party, Current | $ (38,600) | $ (35,100) | $ (38,600) | $ (35,100) | |
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 | 17 | 17 | |||
Production Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segments | 3 | ||||
Revenues | $ 87,769 | $ 97,375 | $ 174,685 | $ 188,316 | |
Operating costs | 72,717 | 75,384 | 142,348 | 144,291 | |
Consolidated Gross Margin | 15,052 | 21,991 | 32,337 | 44,025 | |
Total assets | 252,885 | 255,590 | 252,885 | 255,590 | |
Depreciation | 10,380 | 11,580 | 20,865 | 23,140 | |
Capital Expenditures | 5,016 | 13,137 | 13,270 | 22,023 | |
Production Services [Member] | Well Servicing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 29,506 | 23,162 | 55,760 | 44,276 | |
Operating costs | 21,038 | 16,680 | 39,934 | 32,250 | |
Consolidated Gross Margin | 8,468 | 6,482 | 15,826 | 12,026 | |
Total assets | 121,180 | 124,458 | 121,180 | 124,458 | |
Depreciation | 4,942 | 4,865 | 9,824 | 9,785 | |
Capital Expenditures | 2,141 | 3,403 | 6,036 | 5,452 | |
Production Services [Member] | Wireline Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 47,386 | 62,137 | 93,260 | 118,738 | |
Operating costs | 41,804 | 46,716 | 81,151 | 89,202 | |
Consolidated Gross Margin | 5,582 | 15,421 | 12,109 | 29,536 | |
Total assets | 94,413 | 99,243 | 94,413 | 99,243 | |
Depreciation | 3,907 | 4,601 | 7,982 | 9,209 | |
Capital Expenditures | 1,588 | 4,917 | 4,423 | 8,590 | |
Production Services [Member] | Coiled Tubing Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 10,877 | 12,076 | 25,665 | 25,302 | |
Operating costs | 9,875 | 11,988 | 21,263 | 22,839 | |
Consolidated Gross Margin | 1,002 | 88 | 4,402 | 2,463 | |
Total assets | 37,292 | 31,889 | 37,292 | 31,889 | |
Depreciation | 1,531 | 2,114 | 3,059 | 4,146 | |
Capital Expenditures | 1,287 | 4,817 | 2,811 | 7,981 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 58,149 | 78,642 | 58,149 | 78,642 | |
Depreciation | 210 | 267 | 490 | 558 | |
Capital Expenditures | $ 376 | $ 251 | $ 497 | $ 495 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)drilling_rigs | Jun. 30, 2018USD ($)drilling_rigs | Jun. 30, 2019USD ($)drilling_rigs | Jun. 30, 2018USD ($)drilling_rigs | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 152,843 | $ 154,782 | $ 299,411 | $ 299,260 | |
Operating costs | 115,970 | 114,197 | 224,555 | 216,963 | |
Segment/Consolidated Margin | 36,873 | 40,585 | 74,856 | 82,297 | |
Identifiable assets | 723,669 | 757,044 | 723,669 | 757,044 | $ 741,550 |
Depreciation | 22,851 | 23,287 | 45,504 | 47,034 | |
Capital Expenditures | 9,241 | 19,337 | 27,616 | 33,925 | |
Related Party Transaction, Due from (to) Related Party, Current | 0 | 0 | $ 0 | ||
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Identifiable assets | 58,149 | 78,642 | 58,149 | 78,642 | |
Depreciation | 210 | 267 | 490 | 558 | |
Capital Expenditures | 376 | 251 | 497 | 495 | |
Drilling Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 65,074 | 57,407 | 124,726 | 110,944 | |
Operating costs | 43,253 | 38,813 | 82,207 | 72,672 | |
Segment/Consolidated Margin | 21,821 | 18,594 | 42,519 | 38,272 | |
Identifiable assets | 412,635 | 422,812 | 412,635 | 422,812 | |
Depreciation | 12,261 | 11,440 | 24,149 | 23,336 | |
Capital Expenditures | $ 3,849 | 5,949 | $ 13,849 | 11,407 | |
Drilling Rigs | drilling_rigs | 25 | 25 | |||
Drilling Services [Member] | Domestic Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 39,652 | 35,634 | $ 77,661 | 71,560 | |
Operating costs | 24,698 | 21,749 | 47,167 | 42,647 | |
Segment/Consolidated Margin | 14,954 | 13,885 | 30,494 | 28,913 | |
Identifiable assets | 365,477 | 380,355 | 365,477 | 380,355 | |
Depreciation | 10,888 | 10,139 | 21,433 | 20,588 | |
Capital Expenditures | 3,325 | 4,736 | 11,567 | 7,494 | |
Related Party Transaction, Due from (to) Related Party, Current | 38,600 | 35,100 | 38,600 | 35,100 | |
Drilling Services [Member] | International Drilling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 25,422 | 21,773 | 47,065 | 39,384 | |
Operating costs | 18,555 | 17,064 | 35,040 | 30,025 | |
Segment/Consolidated Margin | 6,867 | 4,709 | 12,025 | 9,359 | |
Identifiable assets | 47,158 | 42,457 | 47,158 | 42,457 | |
Depreciation | 1,373 | 1,301 | 2,716 | 2,748 | |
Capital Expenditures | 524 | 1,213 | 2,282 | 3,913 | |
Related Party Transaction, Due from (to) Related Party, Current | $ (38,600) | $ (35,100) | $ (38,600) | $ (35,100) | |
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 | $ 87,769 | $ 97,375 | $ 174,685 | $ 188,316 | |
Operating costs | 72,717 | 75,384 | 142,348 | 144,291 | |
Segment/Consolidated Margin | 15,052 | 21,991 | 32,337 | 44,025 | |
Identifiable assets | 252,885 | 255,590 | 252,885 | 255,590 | |
Depreciation | 10,380 | 11,580 | 20,865 | 23,140 | |
Capital Expenditures | 5,016 | 13,137 | 13,270 | 22,023 | |
Production Services [Member] | Well Servicing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 29,506 | 23,162 | 55,760 | 44,276 | |
Operating costs | 21,038 | 16,680 | 39,934 | 32,250 | |
Segment/Consolidated Margin | 8,468 | 6,482 | 15,826 | 12,026 | |
Identifiable assets | 121,180 | 124,458 | 121,180 | 124,458 | |
Depreciation | 4,942 | 4,865 | 9,824 | 9,785 | |
Capital Expenditures | 2,141 | 3,403 | 6,036 | 5,452 | |
Production Services [Member] | Wireline Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 47,386 | 62,137 | 93,260 | 118,738 | |
Operating costs | 41,804 | 46,716 | 81,151 | 89,202 | |
Segment/Consolidated Margin | 5,582 | 15,421 | 12,109 | 29,536 | |
Identifiable assets | 94,413 | 99,243 | 94,413 | 99,243 | |
Depreciation | 3,907 | 4,601 | 7,982 | 9,209 | |
Capital Expenditures | 1,588 | 4,917 | 4,423 | 8,590 | |
Production Services [Member] | Coiled Tubing Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 10,877 | 12,076 | 25,665 | 25,302 | |
Operating costs | 9,875 | 11,988 | 21,263 | 22,839 | |
Segment/Consolidated Margin | 1,002 | 88 | 4,402 | 2,463 | |
Identifiable assets | 37,292 | 31,889 | 37,292 | 31,889 | |
Depreciation | 1,531 | 2,114 | 3,059 | 4,146 | |
Capital Expenditures | $ 1,287 | $ 4,817 | $ 2,811 | $ 7,981 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Consolidated Gross Margin | $ 36,873 | $ 40,585 | $ 74,856 | $ 82,297 |
Depreciation | (22,851) | (23,287) | (45,504) | (47,034) |
General and administrative | (18,028) | (24,829) | (37,786) | (44,023) |
Bad debt recovery, net | 348 | 370 | 286 | 422 |
Impairment | (332) | (2,368) | (1,378) | (2,368) |
Gain on dispositions of property and equipment, net | 1,126 | 726 | 2,201 | 1,061 |
Loss from operations | $ (2,864) | $ (8,803) | $ (7,325) | $ (9,645) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 63 | |
Sales and Use Tax [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 1.8 | $ 1.7 |
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 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||||
Cash and cash equivalents | $ 30,132 | $ 53,566 | ||||
Restricted cash | 998 | 998 | ||||
Receivables, net of allowance | 145,572 | 130,881 | ||||
Intercompany receivable (payable) | 0 | 0 | ||||
Inventory | 22,800 | 18,898 | ||||
Assets held for sale | 5,962 | 3,582 | ||||
Prepaid expenses and other current assets | 7,061 | 7,109 | ||||
Total current assets | 212,525 | 215,034 | ||||
Net property and equipment | 500,843 | 524,858 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Operating lease assets | 8,775 | 0 | ||||
Other noncurrent assets | 1,526 | 1,658 | ||||
Total assets | 723,669 | 741,550 | $ 757,044 | |||
Current liabilities: | ||||||
Accounts payable | 41,019 | 34,134 | ||||
Deferred revenues | 1,420 | 1,722 | ||||
Accrued expenses | 63,561 | 68,912 | ||||
Total current liabilities | 106,000 | 104,768 | ||||
Long-term debt, less unamortized discount and debt issuance costs | 466,093 | 464,552 | ||||
Noncurrent operating lease liabilities | 6,495 | 0 | ||||
Deferred income taxes | 4,913 | 3,688 | ||||
Other noncurrent liabilities | 1,823 | 3,484 | ||||
Total liabilities | 585,324 | 576,492 | ||||
Total shareholders' equity | 138,345 | $ 150,967 | 165,058 | $ 182,691 | $ 200,187 | $ 210,096 |
Total liabilities and shareholders' equity | 723,669 | 741,550 | ||||
Eliminations [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted cash | 0 | 0 | ||||
Receivables, net of allowance | 568 | 196 | ||||
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 | 568 | 196 | ||||
Net property and equipment | 0 | 0 | ||||
Investments in subsidiaries | (601,090) | (600,065) | ||||
Deferred income taxes | (43,490) | (42,585) | ||||
Operating lease assets | 0 | |||||
Other noncurrent assets | 0 | 0 | ||||
Total assets | (644,012) | (642,454) | ||||
Current liabilities: | ||||||
Accounts payable | 0 | 0 | ||||
Deferred revenues | 0 | 0 | ||||
Accrued expenses | 568 | 196 | ||||
Total current liabilities | 568 | 196 | ||||
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | ||||
Noncurrent operating lease liabilities | 0 | |||||
Deferred income taxes | (43,490) | (42,585) | ||||
Other noncurrent liabilities | 0 | 0 | ||||
Total liabilities | (42,922) | (42,389) | ||||
Total shareholders' equity | (601,090) | (600,065) | ||||
Total liabilities and shareholders' equity | (644,012) | (642,454) | ||||
Guarantor Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted cash | 0 | 0 | ||||
Receivables, net of allowance | 108,747 | 95,030 | ||||
Intercompany receivable (payable) | 65,708 | 67,098 | ||||
Inventory | 11,784 | 9,945 | ||||
Assets held for sale | 5,962 | 3,582 | ||||
Prepaid expenses and other current assets | 3,591 | 3,197 | ||||
Total current assets | 195,792 | 178,852 | ||||
Net property and equipment | 471,153 | 494,376 | ||||
Investments in subsidiaries | 31,020 | 25,370 | ||||
Deferred income taxes | 0 | 0 | ||||
Operating lease assets | 4,779 | |||||
Other noncurrent assets | 485 | 511 | ||||
Total assets | 703,229 | 699,109 | ||||
Current liabilities: | ||||||
Accounts payable | 32,324 | 26,795 | ||||
Deferred revenues | 528 | 95 | ||||
Accrued expenses | 48,063 | 49,640 | ||||
Total current liabilities | 80,915 | 76,530 | ||||
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | ||||
Noncurrent operating lease liabilities | 3,034 | |||||
Deferred income taxes | 48,403 | 46,273 | ||||
Other noncurrent liabilities | 807 | 1,611 | ||||
Total liabilities | 133,159 | 124,414 | ||||
Total shareholders' equity | 570,070 | 574,695 | ||||
Total liabilities and shareholders' equity | 703,229 | 699,109 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 4,541 | 3,216 | ||||
Restricted cash | 0 | 0 | ||||
Receivables, net of allowance | 36,088 | 35,219 | ||||
Intercompany receivable (payable) | (38,345) | (39,853) | ||||
Inventory | 11,016 | 8,953 | ||||
Assets held for sale | 0 | 0 | ||||
Prepaid expenses and other current assets | 1,169 | 2,169 | ||||
Total current assets | 14,469 | 9,704 | ||||
Net property and equipment | 27,661 | 28,460 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Operating lease assets | 643 | |||||
Other noncurrent assets | 425 | 551 | ||||
Total assets | 43,198 | 38,715 | ||||
Current liabilities: | ||||||
Accounts payable | 5,897 | 6,246 | ||||
Deferred revenues | 892 | 1,627 | ||||
Accrued expenses | 4,664 | 5,056 | ||||
Total current liabilities | 11,453 | 12,929 | ||||
Long-term debt, less unamortized discount and debt issuance costs | 0 | 0 | ||||
Noncurrent operating lease liabilities | 493 | |||||
Deferred income taxes | 0 | 0 | ||||
Other noncurrent liabilities | 232 | 416 | ||||
Total liabilities | 12,178 | 13,345 | ||||
Total shareholders' equity | 31,020 | 25,370 | ||||
Total liabilities and shareholders' equity | 43,198 | 38,715 | ||||
Parent [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 25,591 | 50,350 | ||||
Restricted cash | 998 | 998 | ||||
Receivables, net of allowance | 169 | 436 | ||||
Intercompany receivable (payable) | (27,363) | (27,245) | ||||
Inventory | 0 | 0 | ||||
Assets held for sale | 0 | 0 | ||||
Prepaid expenses and other current assets | 2,301 | 1,743 | ||||
Total current assets | 1,696 | 26,282 | ||||
Net property and equipment | 2,029 | 2,022 | ||||
Investments in subsidiaries | 570,070 | 574,695 | ||||
Deferred income taxes | 43,490 | 42,585 | ||||
Operating lease assets | 3,353 | |||||
Other noncurrent assets | 616 | 596 | ||||
Total assets | 621,254 | 646,180 | ||||
Current liabilities: | ||||||
Accounts payable | 2,798 | 1,093 | ||||
Deferred revenues | 0 | 0 | ||||
Accrued expenses | 10,266 | 14,020 | ||||
Total current liabilities | 13,064 | 15,113 | ||||
Long-term debt, less unamortized discount and debt issuance costs | 466,093 | 464,552 | ||||
Noncurrent operating lease liabilities | 2,968 | |||||
Deferred income taxes | 0 | 0 | ||||
Other noncurrent liabilities | 784 | 1,457 | ||||
Total liabilities | 482,909 | 481,122 | ||||
Total shareholders' equity | 138,345 | 165,058 | ||||
Total liabilities and shareholders' equity | $ 621,254 | $ 646,180 |
Guarantor_Non Guarantor Conde_5
Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | $ 152,843 | $ 154,782 | $ 299,411 | $ 299,260 | ||
Costs and expenses: | ||||||
Operating costs | 115,970 | 114,197 | 224,555 | 216,963 | ||
Depreciation | 22,851 | 23,287 | 45,504 | 47,034 | ||
General and administrative | 18,028 | 24,829 | 37,786 | 44,023 | ||
Bad debt expense (recovery), net | (348) | (370) | (286) | (422) | ||
Impairment | 332 | 2,368 | 1,378 | 2,368 | ||
Gain on dispositions of property and equipment, net | (1,126) | (726) | (2,201) | (1,061) | ||
Intercompany leasing | 0 | 0 | 0 | 0 | ||
Total costs and expenses | 155,707 | 163,585 | 306,736 | 308,905 | ||
Income (loss) from operations | (2,864) | (8,803) | (7,325) | (9,645) | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Interest expense, net of interest capitalized | (10,105) | (9,642) | (19,990) | (19,155) | ||
Other income (expense), net | 349 | 44 | 1,033 | 548 | ||
Total other income (expense) | (9,756) | (9,598) | (18,957) | (18,607) | ||
Income (loss) before income taxes | (12,620) | (18,401) | (26,282) | (28,252) | ||
Income tax benefit (expense) | (324) | 249 | (1,777) | (1,039) | ||
Net income (loss) | (12,944) | $ (15,115) | (18,152) | $ (11,139) | (28,059) | (29,291) |
Eliminations [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Costs and expenses: | ||||||
Operating costs | 0 | 0 | 0 | 0 | ||
Depreciation | 0 | 0 | 0 | 0 | ||
General and administrative | (135) | (105) | (270) | (210) | ||
Bad debt expense (recovery), net | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Gain on dispositions of property and equipment, net | 0 | 0 | 0 | 0 | ||
Intercompany leasing | 0 | 0 | 0 | 0 | ||
Total costs and expenses | (135) | (105) | (270) | (210) | ||
Income (loss) from operations | 135 | 105 | 270 | 210 | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | (6,736) | (1,555) | (11,968) | (7,757) | ||
Interest expense, net of interest capitalized | 0 | 0 | 0 | 0 | ||
Other income (expense), net | (135) | (105) | (270) | (210) | ||
Total other income (expense) | (6,871) | (1,660) | (12,238) | (7,967) | ||
Income (loss) before income taxes | (6,736) | (1,555) | (11,968) | (7,757) | ||
Income tax benefit (expense) | 0 | 0 | 0 | 0 | ||
Net income (loss) | (6,736) | (1,555) | (11,968) | (7,757) | ||
Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | 127,421 | 133,008 | 252,346 | 259,875 | ||
Costs and expenses: | ||||||
Operating costs | 97,417 | 97,134 | 189,519 | 186,943 | ||
Depreciation | 21,268 | 21,720 | 42,298 | 43,729 | ||
General and administrative | 10,579 | 14,090 | 22,025 | 26,629 | ||
Bad debt expense (recovery), net | (348) | (370) | (286) | (422) | ||
Impairment | 332 | 2,368 | 1,378 | 2,368 | ||
Gain on dispositions of property and equipment, net | (1,121) | (713) | (2,105) | (1,034) | ||
Intercompany leasing | (1,215) | (1,215) | (2,430) | (2,430) | ||
Total costs and expenses | 126,912 | 133,014 | 250,399 | 255,783 | ||
Income (loss) from operations | 509 | (6) | 1,947 | 4,092 | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | 3,431 | 1,034 | 5,895 | 2,687 | ||
Interest expense, net of interest capitalized | (1) | (2) | (15) | (2) | ||
Other income (expense), net | 401 | 223 | 667 | 442 | ||
Total other income (expense) | 3,831 | 1,255 | 6,547 | 3,127 | ||
Income (loss) before income taxes | 4,340 | 1,249 | 8,494 | 7,219 | ||
Income tax benefit (expense) | (1,035) | (728) | (2,421) | (2,149) | ||
Net income (loss) | 3,305 | 521 | 6,073 | 5,070 | ||
Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | 25,422 | 21,774 | 47,065 | 39,385 | ||
Costs and expenses: | ||||||
Operating costs | 18,553 | 17,063 | 35,036 | 30,020 | ||
Depreciation | 1,373 | 1,301 | 2,716 | 2,748 | ||
General and administrative | 677 | 714 | 1,128 | 1,236 | ||
Bad debt expense (recovery), net | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Gain on dispositions of property and equipment, net | (5) | (13) | (96) | (27) | ||
Intercompany leasing | 1,215 | 1,215 | 2,430 | 2,430 | ||
Total costs and expenses | 21,813 | 20,280 | 41,214 | 36,407 | ||
Income (loss) from operations | 3,609 | 1,494 | 5,851 | 2,978 | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Interest expense, net of interest capitalized | (45) | 5 | (42) | 8 | ||
Other income (expense), net | (8) | (233) | 339 | 155 | ||
Total other income (expense) | (53) | (228) | 297 | 163 | ||
Income (loss) before income taxes | 3,556 | 1,266 | 6,148 | 3,141 | ||
Income tax benefit (expense) | (125) | (232) | (253) | (454) | ||
Net income (loss) | 3,431 | 1,034 | 5,895 | 2,687 | ||
Parent [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Costs and expenses: | ||||||
Operating costs | 0 | 0 | 0 | 0 | ||
Depreciation | 210 | 266 | 490 | 557 | ||
General and administrative | 6,907 | 10,130 | 14,903 | 16,368 | ||
Bad debt expense (recovery), net | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Gain on dispositions of property and equipment, net | 0 | 0 | 0 | 0 | ||
Intercompany leasing | 0 | 0 | 0 | 0 | ||
Total costs and expenses | 7,117 | 10,396 | 15,393 | 16,925 | ||
Income (loss) from operations | (7,117) | (10,396) | (15,393) | (16,925) | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | 3,305 | 521 | 6,073 | 5,070 | ||
Interest expense, net of interest capitalized | (10,059) | (9,645) | (19,933) | (19,161) | ||
Other income (expense), net | 91 | 159 | 297 | 161 | ||
Total other income (expense) | (6,663) | (8,965) | (13,563) | (13,930) | ||
Income (loss) before income taxes | (13,780) | (19,361) | (28,956) | (30,855) | ||
Income tax benefit (expense) | 836 | 1,209 | 897 | 1,564 | ||
Net income (loss) | $ (12,944) | $ (18,152) | $ (28,059) | $ (29,291) |
Guarantor_Non Guarantor Conde_6
Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Cash Flows)) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $ 4,046 | $ 17,125 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (31,382) | (31,485) |
Proceeds from sale of property and equipment | 3,439 | 2,225 |
Proceeds from insurance recoveries | 588 | 541 |
Net cash provided by (used in) investing activities | (27,355) | (28,719) |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 0 | 12 |
Purchase of treasury stock | (125) | (549) |
Proceeds from (Payments for) Contributions from Affiliates | 0 | 0 |
Net cash used in financing activities | (125) | (537) |
Net decrease in cash, cash equivalents and restricted cash | (23,434) | (12,131) |
Beginning cash, cash equivalents, and restricted cash | 54,564 | 75,648 |
Ending cash, cash equivalents, and restricted cash | 31,130 | 63,517 |
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 | 0 |
Proceeds from sale of property and equipment | 0 | 0 |
Proceeds from insurance recoveries | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 0 | |
Purchase of treasury stock | 0 | 0 |
Proceeds from (Payments for) Contributions from Affiliates | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Net 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 | 35,209 | 37,071 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (28,634) | (26,989) |
Proceeds from sale of property and equipment | 3,376 | 2,212 |
Proceeds from insurance recoveries | 588 | 527 |
Net cash provided by (used in) investing activities | (24,670) | (24,250) |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 0 | |
Purchase of treasury stock | 0 | 0 |
Proceeds from (Payments for) Contributions from Affiliates | (10,539) | (12,821) |
Net cash used in financing activities | (10,539) | (12,821) |
Net 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 | 3,941 | 6,680 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (2,434) | (4,061) |
Proceeds from sale of property and equipment | 63 | 13 |
Proceeds from insurance recoveries | 0 | 14 |
Net cash provided by (used in) investing activities | (2,371) | (4,034) |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 0 | |
Purchase of treasury stock | 0 | 0 |
Proceeds from (Payments for) Contributions from Affiliates | (245) | (55) |
Net cash used in financing activities | (245) | (55) |
Net decrease in cash, cash equivalents and restricted cash | 1,325 | 2,591 |
Beginning cash, cash equivalents, and restricted cash | 3,216 | 3,263 |
Ending cash, cash equivalents, and restricted cash | 4,541 | 5,854 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | (35,104) | (26,626) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (314) | (435) |
Proceeds from sale of property and equipment | 0 | 0 |
Proceeds from insurance recoveries | 0 | 0 |
Net cash provided by (used in) investing activities | (314) | (435) |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 12 | |
Purchase of treasury stock | (125) | (549) |
Proceeds from (Payments for) Contributions from Affiliates | 10,784 | 12,876 |
Net cash used in financing activities | 10,659 | 12,339 |
Net decrease in cash, cash equivalents and restricted cash | (24,759) | (14,722) |
Beginning cash, cash equivalents, and restricted cash | 51,348 | 72,385 |
Ending cash, cash equivalents, and restricted cash | $ 26,589 | $ 57,663 |