Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Mar. 07, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34037 | |
Entity Registrant Name | SUPERIOR ENERGY SERVICES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-4613576 | |
Entity Address, Address Line One | 1001 Louisiana Street | |
Entity Address, Address Line Two | Suite 2900 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 654-2200 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Public Float | $ 0 | |
Document Financial Statement Error Correction [Flag] | false | |
Entity Common Stock, Shares Outstanding | 20,174,135 | |
Documents Incorporated by Reference | Not applicable. | |
Entity Central Index Key | 0000886835 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Auditor Name | PricewaterhouseCoopers LLP | |
Auditor Location | Houston, Texas | |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 391,684 | $ 258,999 |
Accounts receivable, net | 276,868 | 249,808 |
Income taxes receivable | 10,542 | 6,665 |
Prepaid expenses | 18,614 | 17,299 |
Inventory | 74,995 | 65,587 |
Other current assets | 7,922 | 6,276 |
Assets held for sale | 0 | 11,978 |
Total current assets | 780,625 | 616,612 |
Property, plant and equipment, net | 294,960 | 282,376 |
Note receivable | 69,005 | 69,679 |
Restricted cash | 85,444 | 80,108 |
Operating lease right-of-use assets | 15,972 | 18,797 |
Deferred tax assets | 67,241 | 97,492 |
Other assets, net | 27,746 | 25,948 |
Total assets | 1,340,993 | 1,191,012 |
Current liabilities: | ||
Accounts payable | 38,214 | 31,570 |
Accrued expenses | 103,782 | 116,575 |
Income taxes payable | 20,220 | 11,682 |
Decommissioning liability | 21,631 | 9,770 |
Liabilities held for sale | 0 | 3,349 |
Total current liabilities | 183,847 | 172,946 |
Decommissioning liability | 148,652 | 150,901 |
Operating lease liability | 11,338 | 14,634 |
Other liabilities | 36,245 | 69,647 |
Total liabilities | 380,082 | 408,128 |
Stockholders' equity: | ||
Accumulated deficit | 49,321 | (125,699) |
Total stockholders' equity | 960,911 | 782,884 |
Total liabilities and stockholders' equity | 1,340,993 | 1,191,012 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common Stock $0.001 par value | 202 | 200 |
Additional paid in capital | 911,388 | 902,486 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common Stock $0.001 par value | 0 | 1 |
Additional paid in capital | $ 0 | $ 5,896 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 52,000,000 | 52,000,000 |
Common stock, shares issued | 20,151,000 | 19,999,000 |
Common stock, shares outstanding | 20,151,000 | 19,999,000 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | |
Common stock, shares issued | 84,000 | |
Common stock, shares outstanding | 80,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues [Abstract] | ||||
Total revenues | $ 45,928 | $ 648,754 | $ 919,420 | $ 883,960 |
Costs and expenses: | ||||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 29,773 | 422,252 | 474,127 | 476,951 |
Total depreciation, depletion, amortization and accretion | 8,358 | 219,859 | 81,068 | 98,060 |
General and administrative expenses | 11,052 | 117,575 | 125,659 | 128,294 |
Restructuring and transaction expenses | 1,270 | 22,952 | 3,294 | 6,375 |
Other (gains) and losses, net | 0 | 16,726 | (6,549) | (29,134) |
Net income (loss) from operations | (4,525) | (150,610) | 241,821 | 203,414 |
Other income (expense): | ||||
Interest income, net | 202 | 2,331 | 25,761 | 11,713 |
Reorganization items, net | 335,560 | 0 | 0 | 0 |
Loss on Blue Chip Swap securities | 0 | 0 | (19,856) | 0 |
Other expense, net | (2,105) | (7,128) | (13,391) | (1,804) |
Income (loss) from continuing operations before income taxes | 329,132 | (155,407) | 234,335 | 213,323 |
Income tax benefit (expense) | (60,003) | 33,298 | (59,741) | 77,719 |
Net income (loss) from continuing operation | 269,129 | (122,109) | 174,594 | 291,042 |
Income (loss) from discontinued operations, net of income tax | (352) | (40,069) | 426 | (4,577) |
Net income (loss) | $ 268,777 | $ (162,178) | $ 175,020 | $ 286,465 |
Income (loss) per share -basic | ||||
Net income (loss) from continuing operations | $ 18.13 | $ (6.11) | $ 8.68 | $ 14.53 |
Income (loss) from discontinued operations, net of income tax | (0.02) | (2) | 0.02 | (0.22) |
Net income (loss) | 18.11 | (8.11) | 8.7 | 14.31 |
Income (loss) per share - diluted: | ||||
Net income (loss) from continuing operations | 18.06 | (6.11) | 8.66 | 14.49 |
Income (loss) from discontinued operations, net of income tax | (0.03) | (2) | 0.02 | (0.23) |
Net income (loss) | $ 18.03 | $ (8.11) | $ 8.68 | $ 14.26 |
Weighted-average shares outstanding - basic | 14,845 | 19,998 | 20,126 | 20,024 |
Weighted-average shares outstanding - diluted | 14,905 | 19,998 | 20,152 | 20,087 |
Services [Member] | ||||
Revenues [Abstract] | ||||
Total revenues | $ 19,234 | $ 305,699 | $ 357,936 | $ 386,775 |
Costs and expenses: | ||||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 15,080 | 236,784 | 238,543 | 268,078 |
Total depreciation, depletion, amortization and accretion | 3,500 | 105,426 | 26,878 | 37,168 |
Rentals [Member] | ||||
Revenues [Abstract] | ||||
Total revenues | 14,434 | 208,951 | 346,728 | 309,314 |
Costs and expenses: | ||||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 5,876 | 86,354 | 120,738 | 102,975 |
Total depreciation, depletion, amortization and accretion | 2,627 | 69,443 | 26,036 | 29,724 |
Product Sales [Member] | ||||
Revenues [Abstract] | ||||
Total revenues | 12,260 | 134,104 | 214,756 | 187,871 |
Costs and expenses: | ||||
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 8,817 | 99,114 | 114,846 | 105,898 |
Total depreciation, depletion, amortization and accretion | $ 2,231 | $ 44,990 | $ 28,154 | $ 31,168 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 268,777 | $ (162,178) | $ 175,020 | $ 286,465 |
Change in cumulative translation adjustment, net of tax | 67,947 | 0 | 0 | 0 |
Comprehensive income (loss) | $ 336,724 | $ (162,178) | $ 175,020 | $ 286,465 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Common Class A [Member] | Additional Paid-in Capital [Member] Common Class B [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss, Net [Member] | Accumulated Deficit [Member] |
Beginning balance, value at Dec. 31, 2020 | $ (338,647) | $ 16 | $ 2,756,889 | $ (4,290) | $ (67,947) | $ (3,023,315) | |||
Beginning balance, shares at Dec. 31, 2020 | 15,799 | ||||||||
Net income | 268,777 | 268,777 | |||||||
Foreign currency translation adjustment | 67,947 | $ 67,947 | |||||||
Extinguishment of unrecognized compensation expense | 988 | 988 | |||||||
Stock-based compensation expense, net | $ 935 | 935 | |||||||
Restricted stock units vested, shares | 49 | ||||||||
Common stock issued,shares | 19,996 | ||||||||
Common stock issued,value | $ 902,686 | $ 200 | 902,486 | ||||||
Shares withheld and retired, shares | 15 | ||||||||
Cancellation of Predecessor equity, shares | (15,833) | ||||||||
Cancellation of Predecessor equity | $ (16) | $ (2,758,812) | $ 4,290 | 2,754,538 | |||||
Ending balance, value at Feb. 02, 2021 | 902,686 | $ 200 | $ 902,486 | 902,486 | |||||
Ending balance, shares at Feb. 02, 2021 | 19,996 | ||||||||
Net income | (162,178) | (162,178) | |||||||
Foreign currency translation adjustment | 0 | ||||||||
Stock-based compensation expense, net | 2,710 | $ 2,710 | |||||||
Common stock issued,shares | 3 | 114 | |||||||
Common stock issued,value | $ 1 | (1) | |||||||
Shares withheld and retired, shares | 38 | ||||||||
Shares withheld and retired, value | (1,485) | (1,485) | |||||||
Ending balance, value at Dec. 31, 2021 | 741,733 | $ 200 | $ 1 | 902,486 | 1,224 | (162,178) | |||
Ending balance, shares at Dec. 31, 2021 | 19,999 | 76 | |||||||
Net income | 286,465 | 286,465 | |||||||
Foreign currency translation adjustment | 0 | ||||||||
Cash dividends | (249,986) | 249,986 | |||||||
Stock-based compensation expense, net | 4,807 | 4,807 | |||||||
Restricted stock units vested, shares | 10 | ||||||||
Shares withheld and retired, shares | 2 | ||||||||
Shares withheld and retired, value | (135) | (135) | |||||||
Shares placed in treasury, shares | (4) | ||||||||
Ending balance, value at Dec. 31, 2022 | 782,884 | $ 200 | $ 1 | 902,486 | 5,896 | (125,699) | |||
Ending balance, shares at Dec. 31, 2022 | 19,999 | 80 | |||||||
Net income | 175,020 | 175,020 | |||||||
Foreign currency translation adjustment | 0 | ||||||||
Stock-based compensation expense, net | 4,123 | 4,123 | |||||||
Restricted stock units vested, shares | 91 | ||||||||
Restricted stock units vested, value | $ 1 | (1) | |||||||
Shares withheld and retired, shares | 19 | ||||||||
Shares withheld and retired, value | (1,116) | (1,116) | |||||||
Reclassification Of Stock, Shares | 152 | (152) | |||||||
Reclassification Of Stock, Value | $ 2 | $ (2) | 8,902 | $ (8,902) | |||||
Ending balance, value at Dec. 31, 2023 | $ 960,911 | $ 202 | $ 911,388 | $ 49,321 | |||||
Ending balance, shares at Dec. 31, 2023 | 20,151 |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Stockholders' Equity (Deficit) (Parenthetical) | Dec. 31, 2022 $ / shares |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends ($12.45 per share) | $ 12.45 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 268,777 | $ (162,178) | $ 175,020 | $ 286,465 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation, depletion, amortization and accretion | 10,499 | 251,361 | 81,068 | 98,060 |
Right-of-use assets amortization | 1,372 | 8,380 | 2,825 | 6,357 |
Deferred income taxes | 54,322 | (48,975) | 33,000 | (104,587) |
Stock-based compensation expense | 935 | 2,710 | 4,123 | 4,807 |
Reorganization items, net | (354,279) | 0 | 0 | 0 |
Bad debt | (210) | (4,908) | 873 | 2,248 |
Gain on sale of assets and businesses | 58 | 0 | 0 | 0 |
Gain on sale of equity securities | 0 | (383) | 0 | (8,950) |
Unrealized gain on investment in equity securities | 0 | (2,147) | 0 | 0 |
Other (gains) and losses, net | 0 | 30,707 | (13,520) | (32,872) |
Loss on Blue Chip Swap securities | 0 | 0 | 19,856 | 0 |
Washington State Tax Settlement | 0 | 0 | (27,068) | 0 |
Decommissioning costs | 0 | 0 | (10,776) | 0 |
Other reconciling items, net | (355) | 6,687 | (3,427) | (3,822) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 3,602 | (28,676) | (30,168) | (65,669) |
Prepaid expense | (340) | 4,854 | (1,958) | (1,096) |
Inventory and other current assets | (221) | 22,866 | (28,153) | (4,568) |
Accounts payable | (2,365) | 735 | 2,015 | (10,149) |
Accrued expenses | 23,489 | (21,770) | (18,449) | 8,503 |
Income taxes | 340 | 11,535 | 5,318 | 771 |
Other, net | (241) | (11,914) | 11,811 | (82) |
Net cash from operating activities | 5,383 | 58,884 | 202,390 | 175,416 |
Cash flows from investing activities: | ||||
Payments for capital expenditures | (3,035) | (34,152) | (74,496) | (65,784) |
Proceeds from sales of assets | 775 | 97,505 | 31,099 | 50,376 |
Proceeds from sales of equity securities | 0 | 4,099 | 0 | 34,685 |
Proceeds from sales of Blue Chip Swap securities | 0 | 0 | 13,912 | 0 |
Purchases of Blue Chip Swap securities | 0 | 0 | (33,768) | 0 |
Net cash from investing activities | (2,260) | 67,452 | (63,253) | 19,277 |
Cash flows from financing activities: | ||||
Credit facility costs | (1,920) | (14) | 0 | 0 |
Tax withholdings for vested restricted stock units | 0 | (1,485) | (1,116) | (135) |
Distributions to shareholders | 0 | 0 | 0 | (249,986) |
Net cash from financing activities | (1,920) | (1,499) | (1,116) | (250,121) |
Effect of exchange rate changes on cash | 311 | 0 | 0 | 0 |
Net change in cash, cash equivalents, and restricted cash | 1,514 | 124,837 | 138,021 | (55,428) |
Cash, cash equivalents, and restricted cash beginning of period | 268,184 | 269,698 | 339,107 | 394,535 |
Cash, cash equivalents, and restricted cash at end of period | $ 269,698 | $ 394,535 | $ 477,128 | $ 339,107 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Basis of Presentation As used herein, “we,” “us,” “our” and similar terms refer to (i) prior to February 2, 2021 (the “Emergence Date”), SESI Holdings, Inc. and its subsidiaries (“Predecessor”) and (ii) after the Emergence Date, Superior Energy Services, Inc. and its subsidiaries (“Successor”). As used herein, the following terms refer to our operations: “Predecessor Period” January 1, 2021 through February 2, 2021 “Successor Period” February 3, 2021 through December 31, 2021 “Prior Year” January 1, 2022 through December 31, 2022 “Current Year” January 1, 2023 through December 31, 2023 Due to the lack of comparability with historical financials, our consolidated financial statements and related footnotes are presented with a “black line” division to emphasize the lack of comparability between amounts presented as of, and after, the Emergence Date. Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying consolidated financial statements. Business We serve major, national and independent oil and natural gas exploration and production companies around the world and offer products and services with respect to the various phases of a well’s economic life cycle. Historically, we provided a wide variety of services and products to many markets within the energy industry. Our core businesses focus on products and services that we believe meet the criteria of: • being critical to our customers’ oil and gas operations; • limiting competition from the three largest global oilfield service companies; • requiring deep technical expertise through the design or use of our products or services, such as premium drill pipe and drilling bottom hole assembly accessory rentals; • unlikely to become a commoditized product or service to our customers; and • providing strong cash flow generation capacity and opportunities. The result of this approach is a portfolio of business lines grounded in our core mission of providing high quality products and services while maintaining the trust and serving the needs of our customers, with an emphasis on free cash flow generation and capital efficiency. Emergence from Voluntary Reorganization under Chapter 11 On December 7, 2020, certain of our direct and indirect wholly-owned domestic subsidiaries filed petitions for reorganization under the provisions of Chapter 11 of the Bankruptcy Code and, in connection therewith, filed the proposed Joint Prepackaged Plan of Reorganization (as amended, modified or supplemented from time to time, the “Plan”). On the Emergence Date, the conditions to the effectiveness of the Plan were satisfied and we emerged from Chapter 11. Use of Estimates In preparing the accompanying financial statements, we make various estimates and assumptions that affect the reported amounts of assets and liabilities, including contingent liabilities as of the dates of the balance sheets and the amounts of revenues and expenses reported for the periods shown in the income statements. Actual results could differ from those estimates. Major Customers and Concentration of Credit Risk The majority of our business is conducted with major and independent oil and gas companies. We evaluate the financial strength of our customers and provide allowances for probable credit losses when deemed necessary. The market for our services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. We derive a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10 % of our total revenues in any of the last three years. Our assets that are potentially exposed to concentrations of credit risk consist primarily of cash, cash equivalents, and trade receivables. The financial institutions with which we transact business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines, thereby minimizing our exposure to credit risks for deposits in excess of federally insured amounts. Cash Equivalents We consider all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Restricted Cash Restricted cash totaled $ 85.4 million as of December 31, 2023 . This primarily includes approximately $ 32.3 million for the payment and performance of secured obligations including the reimbursement of letters of credit and approximately $ 51.6 million in escrow to secure the future decommissioning obligations related to our oil and gas property. Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount or the earned but not yet invoiced amount and do not bear interest. We maintain an allowance for credit losses based on our best estimate of probable uncollectible amounts in existing accounts receivable. Adjustments to the allowance for credit losses in future periods may be made based on changing customer conditions. Our allowance for credit losses as of December 31, 2023 and 2022 was $ 6.3 million and $ 6.1 million , respectively. Bad debt expenses or recoveries are recognized within cost of revenues. The following table presents bad debt expense or recoveries for the periods shown (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Bad debt expense (recoveries) $ 0.9 $ 2.2 $ ( 4.9 ) $ ( 0.2 ) Revenue Recognition Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration we expect to be entitled to in exchange for services rendered, rentals provided or products sold. Taxes collected from customers and remitted to governmental authorities and revenues are reported on a net basis. A performance obligation arises under contracts with customers and is the unit of account under Topic 606. We account for services rendered and rentals provided separately if they are distinct and the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered or rentals provided on their own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. A contract’s standalone selling prices are determined based on the prices charged for services rendered, rentals provided or products sold. Our payment terms vary by the type of products or services offered. The term between invoicing and when the payment is due is typically 30 days. Services revenue: primarily represents amounts charged to customers for the completion of services rendered, including labor, products and supplies necessary to perform the service. Rates for these services vary depending on the type of services provided and are primarily based on a per hour or per day basis. Rentals revenue : primarily priced on a per day, per man hour or similar basis and consists of fees charged to customers for use of rental equipment over the term of the rental period, which is generally less than twelve months. Product sales: products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. We recognize revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured and delivery occurs as directed by the customer. We expense sales commissions when incurred as the amortization period would typically be one year or less. Inventory Inventories are stated at the lower of cost or net realizable value. We apply net realizable value and obsolescence to the gross value of inventory. Work-in-progress and finished goods are primarily recorded utilizing the standard cost method. Supplies and consumables are recorded at either the first-in first-out or weighted average cost method. Supplies and consumables consist principally of products used in the services provided to our customers. Decommissioning Liabilities We account for our decommissioning liability under ASC 410 – Asset Retirement Obligations . Our decommissioning liability is associated with our oil and gas property and includes costs related to the plugging of wells, decommissioning of the related platform and equipment and site restoration. We review the adequacy of our decommissioning liability whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially. Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets for which impairments have been recorded and assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows: Machinery and equipment 3 - 12 years Buildings, improvements and leasehold improvements 10 - 30 years Automobiles, trucks, tractors and trailers 4 - 7 years Furniture and fixtures 3 - 10 years Impairment of long-lived assets We review long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The carrying amount of an asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. We record impairment losses on long-lived assets to be held and used when the fair value of those assets is less than their respective carrying amount. Impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Fair value is measured, in part, by the estimated cash flows to be generated by those assets. Our cash flow estimates are based upon, among other things, historical results adjusted to reflect our best estimate of future market rates, utilization levels and operating performance. Our estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. Assets are generally grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. Assets held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell. Our estimate of fair value represents our best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and our estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying value of these assets and, in periods of prolonged down cycles, may result in impairment charges. Other (gains) and losses, net Other (gains) and losses, net includes gains and losses on the disposal of assets, as well as impairments related to long-lived assets. Other gains, net for the Current Year were $ 6.5 million, and are primarily comprised of net gains of $ 5.0 million related to our Well Services segment from the sale of non-core assets. Other gains, net for the Prior Year were $ 29.1 million and are primarily comprised of gains of $ 23.6 million related to our Well Services segment, including a gain of $ 17.4 million from revisions in estimates related to our decommissioning liability, and $ 5.2 million related to net gains on the disposal of non-core assets within our Rentals segment. Other losses, net in the Successor Period were $ 16.7 million, and are comprised of $ 13.1 million related to our Well Services segment, including approximately $ 11.7 million from exit activities related to SES Energy Services India Pvt. Ltd, and $ 3.6 million related to our Rentals segment. Income Taxes We use the asset and liability method of accounting for income taxes. This method considers the differences between financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Our deferred tax calculation requires us to make certain estimates about our future operations. Changes in state, federal and foreign tax laws, as well as changes in our financial condition or the carrying value of existing assets and liabilities, could affect these estimates. The effect of a change in tax rates is recognized as income or expense in the period that the rate is enacted. We recognize deferred tax assets (“DTAs”) to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. If we determine that we would be able to realize our DTAs in the future in excess of their net recorded amount, we would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Foreign Currency The functional currency of our international subsidiaries is the U.S. dollar. Financial statements of our international subsidiaries are remeasured into U.S. dollars using the historical exchange rate for affected the long-term assets and liabilities and the balance sheet date exchange rate for affected current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change Foreign currency losses are as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Loss on foreign currency $ 12.8 $ 12.6 $ 8.8 $ 2.1 Stock-Based Compensation We record compensation costs relating to share-based payment transactions and include such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). Self-Insurance Reserves We are self-insured, through deductibles and retentions, up to certain levels for losses under our insurance programs. We accrue for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. We regularly review the estimates of asserted and unasserted claims and provide for losses through reserves. We obtain actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. Restructuring and Transaction Expenses Restructuring and transaction expenses in our consolidated statement of operations are as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Restructuring and transaction expenses $ 3.3 $ 6.4 $ 23.0 $ 1.3 Expenses in the Current Year represent charges recorded as part of our strategic efforts to reconfigure our organization both operationally and financially. Expenses in the Prior Year represent costs associated with these strategic efforts, as well as legal and other professional expenses primarily related to certain tax and stockholder distribution matters. Expenses in the Successor Period and Predecessor Period primarily relate to professional fees and separation costs related to former executives and personnel. During the Successor Period, we incurred shut down costs of $ 8.9 million at certain locations in our Well Services segment. These shut down costs include the write-down of inventory of $ 6.5 million which is reflected in cost of sales and the severance of personnel and other shut down costs of $ 2.4 million which is primarily reflected in cost of services. |
Fresh Start Accounting
Fresh Start Accounting | 12 Months Ended |
Dec. 31, 2023 | |
Fresh Start Accounting [Abstract] | |
Fresh Start Accounting | (2) Fresh Start Accounting In connection with the emergence from bankruptcy and in accordance with ASC 852, we qualified for and adopted fresh start accounting on the Emergence Date because (1) the holders of our then existing common shares received less than 50 percent of our new common shares outstanding upon emergence and (2) the reorganization value of our assets immediately prior to confirmation of the Plan of $ 1,456.8 million was less than the total of all post-petition liabilities and allowed claims of $ 2,076.1 million. Reorganization Value In accordance with ASC 852, upon adoption of fresh start accounting, the reorganization value derived from the enterprise value as disclosed in the Plan was allocated to our assets and liabilities based on their fair values (except for deferred income taxes) in accordance with FASB ASC Topic No. 805 - Business Combinations (ASC 805) and FASB ASC Topic No. 820 - Fair Value Measurements (ASC 820). The amount of deferred income taxes recorded due to the fair value adjustments to assets and liabilities was determined in accordance with FASB ASC Topic No. 740 - Income Taxes. The reorganization value represents the fair value of our total assets before considering certain liabilities and is intended to approximate the amount a willing buyer would pay for our assets immediately after restructuring. The Plan confirmed by the Bankruptcy Court estimated a range of enterprise values between $ 710.0 million and $ 880.0 million. The following table reconciles the enterprise value to the reorganization value of our assets that has been allocated to our individual assets as of the Emergence Date (in thousands): Emergence Date Selected Enterprise Value within Bankruptcy Court Range $ 729,918 Plus: Cash and cash equivalents 172,768 Plus: Liabilities excluding the decommissioning liabilities 380,496 Plus: Decommissioning liabilities, including decommissioning liabilities classified as held for sale 173,622 Reorganization Value $ 1,456,804 Management determined the enterprise and corresponding equity value using various valuation methods, including (i) discounted cash flow analysis (“DCF”), (ii) comparable company analysis and (iii) precedent transaction analysis. The use of each approach provides corroboration for the other approaches. In order to estimate the enterprise value using the DCF analysis approach, management’s estimated future cash flow projections, plus a terminal value which was calculated by applying a multiple based on our internal rate of return (“IRR”) of 17.6 % and a perpetuity growth rate of 3.0 % to the terminal year’s projected earnings before interest, tax, depreciation and amortization (“EBITDA”). These estimated future cash flows were then discounted to an assumed present value using our estimated weighted-average cost of capital, which is represented by our IRR. The comparable company analysis provides an estimate of our value relative to other publicly traded companies with similar operating and financial characteristics, by which a range of EBITDA multiples of the comparable companies was then applied to management’s projected EBITDA to derive an estimated enterprise value. Precedent transaction analysis provides an estimate of enterprise value based on recent sale transactions of similar companies, by deriving the implied EBITDA multiple of those transactions, based on sales prices, which was then applied to management’s projected EBITDA. The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, we cannot assure you that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. Valuation Process The reorganization value was allocated to the Successor’s reporting segments using the discounted cash flow approach. The reorganization value was then allocated to the Successor’s identifiable assets and liabilities using the fair value principle as contemplated in ASC 820. The specific approach, or approaches, used to allocate reorganization value by asset class are noted below. Inventory The fair value of the inventory was determined by using both a cost approach and income approach. Inventory was segregated into raw materials, spare parts, work in process (“WIP”), and finished goods. Fair value of raw materials and spare parts inventory were determined using the cost approach. Fair value of finished goods and WIP inventory were determined by using the net realizable value approach. The fair value of finished goods was measured using an estimate of the costs to sell or dispose of the inventory plus a reasonable profit allowance on those efforts adjusted for holding costs. The fair value of WIP was measured using an estimate of the costs to complete and sell or consume the inventory plus a reasonable profit allowance on those efforts adjusted for holding costs. Property, Plant and Equipment Real Property The fair values of real property locations were estimated using the sales comparison (market) approach and cost approach. As part of the valuation process, information was obtained on the Successor’s current usage, building type, year built, and cost history for all properties valued. In determining the fair value and remaining useful life for real property assets, functional and economic obsolescence was considered and taken as an adjustment at the asset level. Tangible Assets Excluding Real Property and Oil and Gas Assets The fair values of our tangible assets were calculated using either the cost or market approach. For most tangible asset categories, a cost approach was utilized relying on purchase year, historic costs, and industry/equipment based trend factors to determine replacement cost new of the assets. Readily available market transaction data was used and adjusted for current market conditions for asset categories with active secondary markets such as heavy trucks and computer equipment. In both approaches, consideration was made for the effects of physical deterioration as well as functional and economic obsolescence in determining both estimates of fair value and the remaining useful lives of the assets. Oil and Gas Assets The oil and gas assets were valued using estimates of the reserve volumes and associated income data based on escalated price and cost parameters. Internally-Developed Software Internally-developed software was valued using the cost approach in which a replacement cost was estimated based on the software developer time, materials, and other supporting services required to replicate the software. Decommissioning Liabilities In accordance with FASB ASC Topic No. 410 – Asset Retirement and Environmental Obligations (“ASC 410”), the decommissioning liabilities associated with our oil and gas assets were valued using the income approach. Estimates of future retirement costs were adjusted for an estimated inflation rate over the expected time period prior to retirement and future cash outflows were discounted by a credit adjusted risk-free rate. We changed our presentation to consolidate the decommissioning liabilities previously recorded to other long-term liabilities into decommissioning liabilities. Intangible Assets Intangible assets were identified apart from goodwill using the guidance provided in ASC 805. Intangible assets that were identified as either separable or arose from contract or other legal rights were valued using either the cost or income approaches. The principal intangible assets identified were trademarks and patents. Trademarks and patents were valued using the relief from royalty method in which the subject intangible asset is valued by reference to the amount of royalty income it could generate if it was licensed in an arm’s length transaction to a third party. Lease Liabilities and Right of Use Assets The fair value of lease liabilities was measured as the present value of the remaining lease payments, as if the lease were a new lease as of the Emergence Date. The Successor used its incremental borrowing rate of 5.3 % commensurate with the Successor's capital structure as the discount rate in determining the present value of the remaining lease payments. Consolidated Balance Sheet The adjustments included in the following fresh start consolidated balance sheet as of February 2, 2021 reflect the effects of the transactions contemplated by the Plan and executed by the Successor on the Emergence Date (reflected in the column Reorganization Adjustments), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column Fresh Start Adjustments). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine the fair values and significant assumptions. The consolidated balance sheet as of the Emergence Date was as follows (in thousands): As of February 2, 2021 Reorganization Fresh Start Predecessor Adjustments Adjustments Successor ASSETS Current assets: Cash and cash equivalents $ 194,671 $ ( 21,903 ) (1) $ - $ 172,768 Restricted cash - current - 16,751 (2) - 16,751 Accounts receivable, net 153,518 11 (3) - 153,529 Income taxes receivable 9,146 - ( 170 ) (16) 8,976 Prepaid expenses 31,630 - - 31,630 Inventory and other current assets 90,073 - 11,067 (17) 101,140 Assets held for sale 240,761 - ( 20,402 ) (18) 220,359 Total current assets 719,799 ( 5,141 ) ( 9,505 ) 705,153 Property, plant and equipment, net 401,263 - 139,587 (19) 540,850 Operating lease right-of-use assets 32,488 - 1,430 (20) 33,918 Goodwill 138,934 - ( 138,934 ) (21) - Notes receivable 72,484 - - 72,484 Restricted cash - non-current 80,179 - - 80,179 Intangible and other long-term assets, net 52,264 ( 10,080 ) (4) ( 17,964 ) (22) 24,220 Total assets $ 1,497,411 $ ( 15,221 ) $ ( 25,386 ) $ 1,456,804 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable $ 51,816 $ ( 700 ) (5) $ - $ 51,116 Accrued expenses 126,768 9,042 (6) 1,406 (23) 137,216 Liabilities held for sale 39,642 1,614 (7) ( 3,992 ) (24) 37,264 Total current liabilities 218,226 9,956 ( 2,586 ) 225,596 Decommissioning liabilities 134,934 - 34,581 (25) 169,515 Operating lease liabilities 23,584 - ( 29 ) (26) 23,555 Deferred income taxes 4,853 3,100 (8) 51,569 (27) 59,522 Other long-term liabilities 121,756 - ( 45,826 ) (28) 75,930 Total non-current liabilities 285,127 3,100 40,295 328,522 Liabilities subject to compromise 1,572,772 ( 1,572,772 ) (9) - - Total liabilities 2,076,125 ( 1,559,716 ) 37,709 554,118 Stockholders’ equity (deficit): Predecessor common stock $ 0.001 par value 16 ( 16 ) (10) - - Predecessor Additional paid-in capital 2,757,824 ( 2,757,824 ) (11) - - Predecessor Treasury stock at cost ( 4,290 ) 4,290 (12) - - Successor Class A common stock $ 0.001 par value - 200 (13) - 200 Successor Additional paid-in capital - 902,486 (14) - 902,486 Accumulated other comprehensive loss, net ( 67,532 ) - 67,532 (29) - Accumulated deficit ( 3,264,732 ) 3,395,359 (15) ( 130,627 ) (30) - Total stockholders’ equity (deficit) ( 578,714 ) 1,544,495 ( 63,095 ) 902,686 Total liabilities and stockholders’ equity (deficit) $ 1,497,411 $ ( 15,221 ) $ ( 25,386 ) $ 1,456,804 Reorganization Adjustments (in thousands) (1) Changes in cash and cash equivalents included the following: Payment of debtor in possession financing fees $ ( 183 ) Payment of professional fees at the Emergence Date ( 2,649 ) Payment of lease rejection damages classified as liabilities subject to compromise ( 400 ) Transfers from cash to restricted cash for Professional Fees Escrow and General ( 16,751 ) Payment of debt issuance costs for the Credit Facility ( 1,920 ) Net change in cash and cash equivalents $ ( 21,903 ) (2) Changes to restricted cash - current included the following: Transfer from cash for Professional Fee Escrow $ 16,626 Transfer from cash for General Unsecured Creditors Escrow 125 Net change in restricted cash - current $ 16,751 (3) Changes of $ 11 to accounts receivable reflect a receivable from the solicitor from the Chapter 11 Cases for excess proceeds received during the Rights Offering. (4) Changes to intangibles and other long-term assets included the following: Write-off of deferred financing costs related to the Delayed-Draw Term Loan $ ( 12,000 ) Capitalization of debt issuance costs associated with the Credit Facility 1,920 Net change in intangibles and other long-term assets $ ( 10,080 ) (5) Changes to accounts payable included the following: Payment of professional fees at the Emergence Date $ ( 2,649 ) Professional fees recognized and payable at the Emergence Date 1,949 Net change in accounts payable $ ( 700 ) (6) Changes in accrued liabilities include the following: Payment of debtor in possession financing fees $ ( 183 ) Accrual of professional fees 6,500 Accrual for transfer taxes 1,900 Reinstatement of lease rejection liabilities to be settled post-emergence 700 Accrual of general unsecured claims against parent 125 Net change in accrued liabilities $ 9,042 (7) Changes in liabilities held for sale reflect the fair value reinstatement of rejected lease claims. (8) Changes in deferred income taxes are due to reorganization adjustments. (9) The resulting gain on liabilities subject to compromise was determined as follows: Prepetition 7.125 % and 7.750 % notes including accrued interest and unpaid interest $ 1,335,794 Rejected lease liability claims 4,956 Allowed Class 6 General Unsecured Claims against Parent 232,022 Liabilities subject to compromise settled in accordance with the Plan 1,572,772 Reinstatement of accrued liabilities for lease rejection claims ( 700 ) Reinstatement of liabilities held for sale for lease rejection claims ( 1,614 ) Payment to settle lease rejection claims ( 400 ) Cash proceeds from rights offering 963 Cash payout provided to cash opt-in noteholders ( 952 ) Cash Pool to settle GUCs against Parent ( 125 ) Issuance of common stock to prepetition noteholders, incremental to rights ( 193 ) Additional paid-in capital attributable to successor common stock issuance ( 869,311 ) Successor common stock issued to cash opt-out noteholders in the rights ( 7 ) Additional paid-in capital attributable to rights offering shares ( 33,175 ) Gain on settlement of liabilities subject to compromise $ 667,258 The Equity Rights Offering generated $ 963 thousand in proceeds used to settle $ 952 thousand in Cash Opt-in Noteholder claims. The Equity Rights Offering shares were offered at a price of $ 1.31 /share to Cash Opt-out Noteholders. As such, the Equity Rights Offering shares generated the $ 963 thousand in cash proceeds from the share issuance as well as an implied discount to the Cash Opt-in claimants of $ 32.2 million, recorded as a loss on share issuance in reorganization items, net. The loss on the Equity Rights Offering share issuance is offset by the gain on share issuance of $ 32.2 million implied by the issuance of shares to settle Cash Opt-out Noteholder claims at a value of $46.82/share compared to the reorganization value implied share price of $ 45.14 /share. (10) Changes of $ 16 in Predecessor common stock reflect the cancellation of the Predecessor’s common stock. (11) Changes in Predecessor additional paid-in capital (APIC) include the following: Extinguishment of APIC related to Predecessor's outstanding equity interests $ ( 2,758,812 ) Extinguishment of RSUs for the Predecessor's incentive plan 988 Net change in Predecessor's additional paid-in capital $ ( 2,757,824 ) (12) Reflects $ 4.3 million cancellation of Predecessor treasury stock held at cost. (13) Changes in the Successor’s Class A common stock include the following: Issuance of successor Class A common stock to prepetition noteholders, $ 193 Successor Class A common stock issued to cash opt-out noteholders in 7 Net change in Successor Class A common stock $ 200 (14) Changes in Successor additional paid-in capital include the following: Additional paid-in capital (Successor Class A common stock) $ 869,311 Additional paid-in capital (rights offering shares) 33,175 Net change in Successor additional paid-in capital $ 902,486 (15) Changes to retained earnings (deficit) include the following: Gain on settlement of liabilities subject to compromise $ 667,258 Accrual for transfer tax ( 1,900 ) Extinguishment of RSUs for Predecessor incentive plan ( 988 ) Adjustment to net deferred tax liability taken to tax expense ( 3,100 ) Professional fees earned and payable as a result of consummation of the Plan of Reorganization ( 8,449 ) Write-off of deferred financing costs related to the Delayed-Draw Term Loan ( 12,000 ) Extinguishment of Predecessor equity (par value, APIC, and treasury stock) 2,754,538 Net change in retained earnings (deficit) $ 3,395,359 Fresh Start Adjustments (in thousands) (16) Changes of $ 170 in income tax receivable reflects the decrease to current deferred tax assets due to the adoption of fresh start accounting. (17) Changes in inventory and other current assets included the following: Fair value adjustment to inventory - Global Segment $ 12,137 Fair value adjustment to other current assets ( 1,070 ) Net change in inventory and other current assets due to the adoption of fresh $ 11,067 (18) Changes of $ 20.4 million in assets held for sale primarily reflect a fair value adjustment of $ 16.5 million which decreased the value of real property and a $ 3.5 million decrease to Predecessor decommissioning balances due to the adoption of fresh start accounting. (19) Changes of $ 139.6 million to property, plant and equipment reflect the fair value adjustment. Successor Fair Predecessor Book Land, Buildings, and Associated Improvements $ 117,341 $ 205,237 Machinery and Equipment 290,593 1,103,501 Rental Services Equipment 92,861 617,762 Other Depreciable or Depletable Assets 35,143 46,403 Construction in Progress 4,912 4,912 540,850 1,977,815 Less: Accumulated Depreciation and Depletion - ( 1,576,552 ) Property, Plant and Equipment, net $ 540,850 $ 401,263 (20) Reflects $ 1.4 million due to the fair value adjustment increasing operating lease right-of-use assets. (21) Changes of $ 138.9 million to goodwill reflect the derecognition of the Predecessor’s goodwill due to the adoption of fresh start accounting. (22) Reduction of other long-term assets was due to the adoption of fresh start accounting and include $ 17.1 million in decommissioning liabilities related to Predecessor long-term assets fair valued and presented in the Successor’s property, plant, and equipment. The fair value changes of $ 1.4 million to intangibles assets are reflected in the table below: Successor Fair Value Predecessor Net Book Value Customer Relationships $ - $ 4,901 Trademarks 4,166 11 Patents 2,120 - Intangible Assets, Net $ 6,286 $ 4,912 (23) Changes of $ 1.4 million to accrued expenses reflect the fair value adjustment increasing the current portion of operating lease liabilities. (24) Reflects the $ 4.0 million fair value adjustment decreasing decommissioning liabilities and operating lease liabilities related to assets held for sale. (25) Reflects the $ 34.6 million fair value adjustment increasing the non-current portion of decommissioning liabilities. (26) Reflects the fair value adjustment decreasing the non-current portion of operating lease liabilities. (27) Reflects the $ 70.4 million increase of deferred tax liabilities netted against an $ 18.8 million increase in realizable deferred tax assets due to the adoption of fresh start accounting. (28) Changes of $ 45.8 million in other long-term liabilities reflects the reclassification of amounts associated with the Predecessor’s decommissioning liability balances that were fair valued and presented in the Successor’s decommissioning liabilities, as well as an increase in FIN48 liabilities of $ 1.5 million. (29) Changes to accumulated other comprehensive loss reflect the elimination of Predecessor currency translation adjustment balances due to the adoption of fresh start accounting on Predecessor currency translation adjustment balances. (30) Changes reflect the cumulative impact of fresh start accounting adjustments discussed above and the elimination of the Predecessor’s accumulated other comprehensive loss and the Predecessor’s accumulated deficit. Fresh start valuation adjustments $ ( 77,376 ) Adjustment to net deferred tax liability taken to tax expense ( 53,251 ) Net impact to accumulated other comprehensive loss and accumulated deficit $ ( 130,627 ) Reorganization Items, net In the Predecessor Period, we incurred costs associated with the reorganization, primarily unamortized debt issuance costs, expenses related to rejected leases and post-petition professional fees. In accordance with applicable guidance, costs associated with the Chapter 11 Cases have been recorded as reorganization items, net within the accompanying consolidated statement of operations for the Predecessor Period. Reorganization items, net was zero for the Successor Period, with $ 13.7 million used in operating activities during the Successor Period. Reorganization items, net was $ 335.6 million for the Predecessor Period, with $ 3.1 million representing cash used in operating activities during the Predecessor Period, $ 2.7 million and $ 0.4 million paid for professional fees and to settle lease rejection damages, respectively. Predecessor For the Period Gain on settlement of liabilities subject to compromise $ 667,258 Allowed claim adjustment for Class 6 claims ( 232,022 ) Fresh Start valuation adjustments (1) ( 77,376 ) Professional fees ( 16,005 ) Predecessor lease liabilities rejected per the Plan 13,347 Write off of deferred financing costs related to the Delayed-Draw Term Loan ( 12,000 ) Lease rejection damages ( 4,956 ) Extinguishment of RSU's for the Predecessor's incentive plan ( 988 ) Other items ( 1,698 ) Total reorganization items, net $ 335,560 (1) Includes approximately $ 16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 18 - Discontinued Operations . |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (3) Revenue Disaggregation of Revenue The following table presents revenues by segment disaggregated by geography (in thousands): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 U.S. land Rentals $ 166,938 $ 160,742 $ 87,432 $ 4,917 Well Services 25,572 24,558 20,133 3,379 Total U.S. land 192,510 185,300 107,565 8,296 U.S. offshore Rentals 161,771 140,881 103,646 8,196 Well Services 106,565 122,848 93,412 7,371 Total U.S. offshore 268,336 263,729 197,058 15,567 International Rentals 123,540 101,319 77,617 5,226 Well Services 335,034 333,612 266,514 16,839 Total International 458,574 434,931 344,131 22,065 Total Revenues $ 919,420 $ 883,960 $ 648,754 $ 45,928 The following table presents revenues by segment disaggregated by type (in thousands): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Services Rentals $ 71,088 $ 53,029 $ 33,629 $ 2,005 Well Services 286,848 333,746 272,070 17,229 Total Services 357,936 386,775 305,699 19,234 Rentals Rentals 330,475 299,128 197,050 14,082 Well Services 16,253 10,186 11,901 352 Total Rentals 346,728 309,314 208,951 14,434 Product Sales Rentals 50,686 50,786 38,016 2,252 Well Services 164,070 137,085 96,088 10,008 Total Product Sales 214,756 187,871 134,104 12,260 Total Revenues $ 919,420 $ 883,960 $ 648,754 $ 45,928 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | (4) Inventory The components of inventory balances are as follows (in thousands): December 31, 2023 December 31, 2022 Finished goods $ 41,082 $ 36,136 Raw materials 10,379 8,351 Work-in-process 8,025 4,718 Supplies and consumables 15,509 16,382 Total $ 74,995 $ 65,587 Finished goods inventory includes component parts awaiting assembly of approximately $ 25.0 million and $ 20.7 million as of December 31, 2023 and 2022 , respectively. |
Decommissioning Liability
Decommissioning Liability | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Decommissioning Liability | (5) Decommissioning Liability The following table presents our decommissioning liability as of the periods indicated: December 31, 2023 December 31, 2022 Wells $ 96,603 $ 96,171 Platform 73,680 64,500 Total decommissioning liability 170,283 160,671 Note receivable ( 69,005 ) ( 69,679 ) Total decommissioning liability, net of note receivable $ 101,278 $ 90,992 In December 2023, revisions to our decommissioning cost estimates resulted in an $ 11.4 million increase in our decommissioning liability. During the Current Year, we incurred $ 11.5 million in costs associated with our decommissioning program. The following table presents the activity during 2023 impacting our decommissioning liability, the related note receivable and oil and gas producing assets: December 31, 2023 2023 December 31, 2022 Activity (1) Revision 2023 Wells $ 96,171 $ ( 5,606 ) $ 6,038 $ 96,603 Platform 64,500 3,800 5,380 73,680 Decommissioning liability 160,671 ( 1,806 ) 11,418 170,283 Note receivable ( 69,679 ) ( 3,935 ) 4,609 ( 69,005 ) Decommissioning liability, net of note receivable $ 90,992 $ ( 5,741 ) $ 16,027 $ 101,278 (1) Activity during 2023 includes $ 9.7 million in accretion expense associated with the decommissioning liability, net of $ 11.5 million in decommissioning costs incurred and $ 3.9 million in interest income recognized on the note receivable. The following table presents accretion expense as of the periods indicated (in millions): For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Accretion expense $ 9.7 $ 9.5 $ 9.3 $ 0.5 During the second quarter of 2022, we undertook an initiative to alter our decommissioning program, whereby we intend to convert the platform into an artificial reef (“reef-in-place”). The reduction in cost estimates under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable (see “ Note 6 - Note Receivable” ), as well as impacted the carrying value of our oil and gas producing assets, such that as of June 30, 2022, our decommissioning liability was reduced by $ 53.0 million, and the related note receivable was increased by $ 2.6 million. In accordance with ASC 410, the carrying value of our oil and gas producing assets was reduced by $ 38.2 million, which represented the net book value of our oil and gas assets as of June 30, 2022. In connection with these changes, we recognized a gain of approximately $ 17.4 million, which is included in other (gains) and losses, net in our statement of operations. |
Note Receivable
Note Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Note Receivable | (6) Note Receivable Our note receivable consists of a commitment from the seller of our oil and gas property for costs associated with the abandonment of the platform. Pursuant to an agreement with the seller, we will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. In December 2023, revisions to our decommissioning cost estimates increased the gross amount of the seller’s obligation to us, which totaled $ 108.4 million as of December 31, 2023. The carrying value of the note receivable, which is recorded at its present value, totaled $ 69.0 million as of December 31, 2023. The discount on the note receivable is currently based on an effective interest rate of 7.2 % and is amortized to interest income over the expected timing of the completion of the decommissioning activities, which are expected to be completed during the second quarter of 2030. Interest receivable is considered paid in kind and is compounded into the carrying amount of the note. We recorded non-cash interest income related to the note receivable as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Interest income $ 3.9 $ 3.8 $ 3.9 $ 0.4 Interest income is included in Other, net in the Consolidated Statements of Cash Flows. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | (7) Property, Plant and Equipment, Net A summary of property, plant and equipment, net is as follows (in thousands): December 31, 2023 December 31, 2022 Machinery and equipment $ 422,071 $ 378,907 Buildings, improvements and leasehold improvements 66,746 70,816 Automobiles, trucks, tractors and trailers 8,106 6,376 Furniture and fixtures 22,746 19,373 Construction-in-progress 8,195 5,185 Land 25,654 26,695 Oil and gas producing assets 28,984 11,714 Total 582,502 519,066 Accumulated depreciation and depletion ( 287,542 ) ( 236,690 ) Property, plant and equipment, net $ 294,960 $ 282,376 We had $ 6.0 million and $ 7.1 million of leasehold improvements at December 31, 2023 and 2022 , respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Oil and gas producing assets include capitalized asset retirement costs associated with our oil and gas property, which are being depreciated over the remaining life of the underlying reserves. In December 2023, revisions to our decommissioning cost estimates resulted in the recognition of $ 16.0 million in additional capitalized asset retirement costs. A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows: For the Year Ended December 31, 2023 2022 Depreciation $ 68,100 $ 84,005 Depletion 2,305 3,615 Total depreciation and depletion $ 70,405 $ 87,620 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | (8) Leases We determine if an arrangement is a lease at inception. All of our leases are operating leases and are included in right-of-use (“ROU”) assets, accounts payable and operating lease liabilities in the consolidated balance sheet per ASC 842. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligations to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease. We have elected not to recognize ROU assets and lease liabilities that arise from short-term leases for any class of underlying asset, Our operating leases are primarily for real estate, machinery and equipment, and vehicles. The terms and conditions for these leases vary by the type of underlying asset. Total operating lease expense was as follows (in thousands): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Long-term fixed lease expense $ 8,477 $ 9,761 $ 12,579 $ 1,824 Long-term variable lease expense - 2 - 19 Short-term lease expense 8,771 22,705 10,165 789 Total operating lease expense $ 17,248 $ 32,468 $ 22,744 $ 2,632 Operating leases for the Current Year were as follows (dollars in thousands): December 31, 2023 Weighted average remaining lease term 19 years Weighted average discount rate 5.33 % Cash paid for operating leases $ 6,828 ROU assets obtained in exchange for lease obligations 4,621 Maturities of operating lease liabilities at December 31, 2023 are as follows (in thousands): 2024 $ 6,998 2025 5,242 2026 2,467 2027 997 2028 832 Thereafter 14,909 Total lease payments 31,445 Less: imputed interest ( 15,671 ) Total $ 15,774 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | (9) Debt Credit Facility On December 6, 2023, we, certain of our subsidiaries (the “Parent Entities”) and SESI, L.L.C. (the “Borrower”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative and collateral agent, and other lenders providing for a senior secured asset-based revolving credit facility in an aggregate principal amount of $ 140 million (including a sub-facility for financial letters of credit in an amount up to $ 40 million) (the “Credit Facility”). The issuance of letters of credit will reduce availability under the Credit Facility dollar-for-dollar. The Credit Facility matures on December 6, 2028, subject to certain conditions set forth in the Credit Agreement. The obligations under the Credit Agreement are guaranteed by the Parent Entities and the Borrower’s direct and indirect, existing and future domestic subsidiaries, subject to certain exceptions (collectively, the “Guarantors” and each, a “Guarantor”). The obligations under the Credit Agreement are secured by a first priority lien on substantially all of the personal property of the Borrower and the Guarantors (collectively, the “Loan Parties”). Subject to certain limitations set forth in the Credit Agreement, the Credit Agreement includes certain conditions to borrowings, representations and warranties, affirmative and negative covenants, and events of default customary for financings of its type and size. Under the terms of the Credit Agreement, the amount available for advances is subject to a borrowing base, which is calculated by reference to the value of certain eligible accounts receivable, inventory, equipment, cash and cash equivalents, offset by certain reserves. As of December 31, 2023, the borrowing base under the Credit Facility was approximately $ 140.0 million and we had $ 31.5 million of letters of credit outstanding that reduced the borrowing availability under the revolving credit facility. We had no outstanding borrowings under the Credit Facility as of December 31, 2023. |
Equity and Earnings per Share
Equity and Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Equity and Earnings per Share | (10) Equity and Earnings per Share Our common equity consists of Class A Common Stock, par value $ 0.01 per share (the “Class A Common Stock”). All holders of Class A Common Stock have one vote per share in matters subject to a stockholder vote. Class B Common Stock Reclassification On December 18, 2023, following the approval of our Board and stockholders each outstanding share of Class B Common Stock, par value $ 0.01 per share, was automatically reclassified into one share of Class A Common Stock. Prior to the reclassification, holders of Class B Common Stock were not entitled to vote on the election or removal of our directors. This reclassification became effective as of December 18, 2023, at which time our Class B Common Stock was no longer outstanding. There was no impact on basic and diluted EPS or the carrying value of total common stock as presented in our consolidated balance sheet as it was a one-for-one stock exchange. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of Common Stock outstanding during the period plus any potentially dilutive Common Stock, such as restricted stock awards and restricted stock units calculated using the treasury stock method. The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share. Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Weighted-average shares outstanding - basic 20,126 20,024 19,998 14,845 Potentially dilutive stock awards and units 26 63 - 60 Weighted-average shares outstanding - diluted 20,152 20,087 19,998 14,905 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Plans | (11) Stock-Based Compensation Plans 2021 Management Incentive Plan On December 15, 2023, the Board and the Compensation Committee approved an amendment to the Management Incentive Plan (“MIP”), to provide for the grant of share-based and cash-based awards and to provide for the issuance from time to time of up to 1,999,869 shares of our Class A Common Stock. Outstanding grants under the MIP are in the form of restricted stock awards (“RSAs”) and time-based vesting restricted stock units (“RSUs”). The RSUs will be settled in Class A Common Stock upon the satisfaction of time-based vesting conditions. In December 2023, we cancelled all outstanding performance-based vesting restricted stock units (“PSUs”) in exchange for a cash retention bonus, payable in four equal semi-annual installments beginning on March 15, 2024, subject generally to the executive’s continued employment on each payment date. The RSAs vest over a period of three years, subject to earlier vesting and forfeiture on terms and conditions set forth in the applicable award agreement. RSUs granted in 2022 generally vest in three equal annual installments over the three-year period, subject generally to continued employment and the other terms and conditions set forth in the forms of the RSU award agreements. RSUs granted in 2021 vested in full in the first quarter of 2023, subject generally to continued employment and the other terms and conditions set forth in the forms of the RSU award agreements. Prior to cancellation, holders of PSUs were eligible to earn between 25 % and 100 % of the target award based on achievement of share price goals set forth in the forms of the PSU award agreements. The following sets forth activity related to issuances under the MIP for the year ended December 31, 2023 and 2022 : Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Unvested awards outstanding, December 31, 2022 29,976 37,947 72,050 88,215 228,188 Vested ( 14,988 ) ( 37,947 ) ( 24,017 ) ( 29,405 ) ( 106,357 ) Unvested awards outstanding, December 31, 2023 14,988 - 48,033 58,810 121,831 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 $ 58.80 Unamortized grant date fair value, December 31, 2022 (in millions) $ 0.8 $ - $ 3.1 $ 4.2 $ 8.1 Unamortized grant date fair value, December 31, 2023 (in millions) $ 0.2 $ - $ 1.6 $ 2.2 $ 4.0 Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Unvested awards outstanding, December 31, 2021 76,269 50,596 - - 126,865 Granted - 72,050 88,215 160,265 Vested ( 46,293 ) ( 12,649 ) - - ( 58,942 ) Unvested awards outstanding, December 31, 2022 29,976 37,947 72,050 88,215 228,188 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 $ 58.80 Unamortized grant date fair value, December 31, 2021 (in millions) $ 2.4 $ 1.4 $ - $ - $ 3.8 Unamortized grant date fair value, December 31, 2022 (in millions) $ 0.8 $ - $ 3.1 $ 4.2 $ 8.1 Compensation expense associated with RSA and RSU grants are as follows: For the Year Ended December 31, 2023 2022 Compensation Expense $ 4,123 $ 4,807 Liability-Classified Compensation 401(k) We maintain a defined contribution profit sharing plan for employees who have satisfied minimum service requirements. Employees may contribute up to 75 % of their eligible earnings to the plan subject to the contribution limitations imposed by the Internal Revenue Service. We provide a nondiscretionary match of 100 % of an employee’s contributions to the plan, up to 4 % of the employee’s salary. We made contributions to the plan as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 401K $ 3.2 $ 3.1 $ 2.6 $ 0.4 Supplemental Executive Retirement Plan We have a supplemental executive retirement plan (“SERP”). The SERP provides retirement benefits to our executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. We suspended all contributions to the plan effective January 1, 2020. We made payments to eligible participants in the SERP as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 SERP $ 0.2 $ 1.7 $ 3.4 $ - Non-Qualified Deferred Compensation Plan The Nonqualified Deferred Compensation Plan (“NQDC Plan”) provides an income deferral opportunity for executive officers and certain senior managers who qualified for participation. Participants in the NQDC Plan could make an advance election each year to defer portions of their base salary, bonus and other compensation. Payments made to participants are based on their enrollment elections and plan balances. No deferrals were elected for 2023. We have not had enrollment periods for the NQDC since 2019. Retention Bonus Agreements On December 15, 2023, the Board and the Compensation Committee of the Board approved retention bonus agreements for executives pursuant to which each is eligible to earn a cash retention bonus beginning on March 15, 2024, subject to continued employment on each payment date. As a condition to execution of the retention bonus, all rights and obligations under the existing PSU agreements were forfeited and PSUs were cancelled. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes The income tax provision is as follows: Successor Predecessor In thousands: For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 Period Period Current income tax expense/(benefit) Federal $ 205 $ ( 50 ) $ ( 1,106 ) $ - State 576 945 ( 307 ) - Foreign 36,111 23,738 6,220 3,314 Total current income tax expense/(benefit) 36,892 24,633 4,807 3,314 Deferred income tax expense/(benefit) Federal 44,712 ( 83,420 ) ( 42,904 ) 55,015 State ( 886 ) 165 2,633 ( 182 ) Foreign ( 20,977 ) ( 19,097 ) 2,166 1,856 Total deferred income tax expense/(benefit) 22,849 ( 102,352 ) ( 38,105 ) 56,689 Total income tax expense/(benefit) $ 59,741 $ ( 77,719 ) $ ( 33,298 ) $ 60,003 Federal current and deferred tax primarily reflect use of NOL carryforwards. Foreign current tax is commensurate with prior year’s based on profitable operations in jurisdictions with limited annual or little NOL carryforwards and deferred benefit related to the release of valuation allowances on deferred tax assets in jurisdictions where there was positive evidence. The Organization for Economic Co-operation and Development (“OECD”) reached agreement on Pillar Two Model Rules (“Pillar Two”) to implement a minimum 15 % tax rate on certain multinational companies. Many countries are in the process of proposing and enacting tax laws to implement the Pillar Two framework. We continue to evaluate the impact of these proposals and legislative changes as new guidance emerges. Due to the uncertainty regarding the timing and manner in which the separate jurisdictions in which we operate may adopt the Pillar Two rules, its impact is not currently estimable. Effective in tax year 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures in the current period and requires taxpayers to capitalize and amortize them over five or fifteen years pursuant to Internal Revenue Code Section 174. The legislation did not have a material impact in our business, operating results, and financial condition. A reconciliation of the U.S. statutory federal tax rate to the consolidated effective tax rate is as follows: Successor Predecessor Continuing Operations (i n thousands): For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 Period Period Computed expected tax expense/(benefit) $ 49,211 $ 44,798 $ ( 32,635 ) $ 69,125 State and foreign income taxes 17,249 ( 350 ) ( 17,893 ) 6,217 Foreign Tax Credit ( 15,022 ) ( 5,161 ) - - Valuation allowance ( 4,580 ) ( 13,140 ) - ( 46,208 ) Release of unrecognized tax benefits ( 9,897 ) - - - Non-recurring non-deductible 3,498 - - - Foreign income inclusion in US 10,270 - - - Gain on Settlement of Liabilities Subject to Compromise - - - ( 89,905 ) Reduction in Deferred Tax Assets - - 19,154 87,316 Fresh Start Adjustments - - - 29,099 Worthless stock deduction 6,781 ( 103,992 ) - - Other 2,231 126 ( 1,924 ) 4,359 Total income tax expense/(benefit) $ 59,741 $ ( 77,719 ) $ ( 33,298 ) $ 60,003 The effective tax rate in the Current Year is different from the U.S. federal statutory rate of 21.0 % due to foreign income taxable in the U.S., a non-recurring non-deductible loss, and foreign tax rates that differ from the U.S. federal statutory rate. The effective tax rate in the Current Year was also impacted by the benefit of FTC generated in and carried over from 2023, and $ 9.9 million in income tax benefits from reversals of uncertain tax positions in foreign jurisdictions. Finally, the effective tax rate in the Current Year was impacted by adjustments to valuation allowances in the U.S. and foreign jurisdictions. We evaluate deferred tax assets, including tax credits and net operating losses, on a routine basis and this may result in the release of all or a portion of currently recorded valuation allowance when there is sufficient positive evidence. Additionally, we identified an error in the tax provision for the year ended December 31, 2022 pertaining to certain net operating loss carryforwards that should have been eliminated as part of a worthless stock deduction taken in the fourth quarter of 2022. As such, we recognized an additional income tax expense of $ 7.6 million during the three months ended March 31, 2023, with a corresponding decrease to deferred tax assets, to correct this immaterial misstatement. The effective tax rate for the Prior Year is different from the U.S. federal statutory rate of 21.0 % primarily from a worthless stock deduction. Other impacts to the rate included non-deductible items, foreign tax rates that differ from the U.S. federal statutory rate, valuation allowance adjustments based on current period income in certain jurisdictions and foreign losses for which no tax benefit was being recorded. For the year ended December 31, 2021, we evaluated the tax impact resulting from our emergence from Chapter 11 Bankruptcy on February 2, 2021 and the Plan. As part of the debt restructuring, a substantial portion of our pre-petition debt was extinguished. We recognized cancellation of indebtedness income (“CODI”) upon discharge of our outstanding indebtedness. Due to bankruptcy, CODI was excluded from taxable income provided tax attributes were reduced by the amount of CODI realized. We realized CODI for U.S. federal income tax purposes of approximately $ 433.0 million resulting in a partial elimination of our federal net operating loss carryforwards, as well as a partial reduction in tax basis in assets. The CODI also eliminated $ 19.2 million of state NOL deferred tax asset which resulted in a corresponding reduction in the state valuation allowance. Section 382 of the Internal Revenue Code of 1986 provides an annual limitation with respect to the ability of a corporation to utilize its tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. We experienced an ownership change on February 2, 2021, as defined in Section 382, due to the Plan. The limitation under Section 382 is based on the value of the corporation as of the Emergence Date. Currently, we do not expect the Section 382 limitation to impact our ability to use U.S. NOLs and FTC carryover tax attributes under Section 382 relief provisions. Significant components of our deferred tax assets and liabilities are as follows: In thousands: December 31, 2023 December 31, 2022 Deferred tax assets: Allowance for doubtful accounts $ 1,159 $ 1,374 U.S. operating loss and tax credit carryforwards 163,823 157,395 Compensation and employee benefits 6,843 7,376 Decommissioning liabilities 38,989 39,328 Goodwill and other intangible assets 63 369 Operating leases 147 126 Foreign deferred tax assets 45,003 38,780 Other assets 9,779 13,565 Total gross deferred tax assets 265,806 258,313 Less: Valuation allowance ( 132,031 ) ( 80,280 ) Total deferred tax assets $ 133,775 $ 178,033 Deferred tax liabilities: Property, plant and equipment $ 53,613 $ 64,571 Notes receivable 17,659 17,812 Other Liability 1,399 1,546 Total deferred tax liabilities $ 72,671 $ 83,929 Net deferred tax assets (liabilities) $ 61,104 $ 94,104 The Balance Sheet classification is based on a jurisdictional grouping: Deferred tax assets 67,241 97,492 Less: Deferred tax liabilities (included in Other liabilities) ( 6,137 ) ( 3,388 ) Total deferred tax assets and liabilities $ 61,104 $ 94,104 Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. The measurement of deferred tax assets and liabilities is based on enacted tax laws and rates currently in effect in each of the jurisdictions in which we have operations. In recording deferred income tax assets, we consider whether it is more likely than not that some portion or all of the deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income of the appropriate character during the periods in which those deferred income tax assets would be deductible. We consider all available positive and negative evidence, including scheduled reversal of deferred income tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations for this determination. The ultimate realization of deferred tax assets for the U.S. FTC carryovers is dependent on the generation of future taxable income of the appropriate character during the FTC carryforward period. During 2022, we determined there was enough positive evidence to realize a portion of the tax benefit related to FTC carryforwards. This is due to a pattern of sustained profitability in the U.S. since we emerged from bankruptcy and capacity of relief under Section 382. At December 31, 2023, we had a FTC carryforward of $ 77.6 million with expiration dates from 2024 to 2033. There is a partial valuation allowance of $ 50 million against the FTC carryforward at year end 2023 which will more-likely-than-not expire before being utilized. We will continue to evaluate the realizability of FTCs in future years. The amount of our net deferred tax assets considered realizable could be adjusted if projections of future taxable income are reduced or objective negative evidence in the form of a three-year cumulative loss is present or both. Should we no longer have a level of sustained profitability, excluding non-recurring charges, we will have to rely more on our future projections of taxable income to determine if we have an adequate source of taxable income for the realization of our deferred tax assets, namely NOL, interest limitation, and tax credit carryforwards. This may result in the need to record a valuation allowance against all or a portion of our deferred tax assets. The amount of U.S. consolidated net operating losses available as of December 31, 2023 is $ 90.0 million, which have an indefinite carryforward but are limited to offsetting 80 % of taxable income each year. At December 31, 2023, we also had state net operating losses net deferred tax asset of $ 16.9 million offset by a full valuation allowance. We have not provided additional US income tax expense on foreign earnings of foreign affiliates. We are repatriating from foreign subsidiaries and the distributions are not subject to incremental US taxation because they represent either 1) return of basis where there is not current or accumulated earnings and profits, 2) previously taxed earnings and profits or 3) foreign earnings exempt from incremental US tax. We file income tax returns in the U.S., including federal and various state filings, and certain foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. We remain subject to U.S. federal tax examinations for years after 2019. The activity in unrecognized tax benefits is as follows: Successor Predecessor In thousands: For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 Period Period Unrecognized tax benefits at beginning of period $ 14,009 $ 14,973 $ 14,706 $ 13,206 Additions based on tax positions related to prior years 55 569 2,848 1,500 Reductions based on tax positions related to prior years ( 75 ) ( 334 ) ( 552 ) - Additions based on tax positions related to current year - 78 - - Reductions as a result of a lapse of the applicable statute of limitations ( 9,765 ) - - - Reductions relating to settlements with taxing authorities ( 112 ) ( 1,277 ) ( 2,029 ) - Unrecognized tax benefits at end of period $ 4,112 $ 14,009 $ 14,973 $ 14,706 We had unrecognized tax benefits of $ 4.1 million as of December 31, 2023, $ 14.0 million as of December 31, 2022, and $ 15.0 million as of December 31, 2021, all of which would impact our effective tax rate if recognized. It is reasonably possible that $ 0.9 million of unrecognized tax benefits could be settled in the next twelve-month period due to the conclusion of tax audits or due to the expiration of statute of limitations. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense. The amounts in the tabular reconciliation above include accrued interest and penalties of $ 1.9 million, $ 7.2 million and $ 6.9 million for periods ended December 31, 2023, 2022 and 2021, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | (13) Segment Information Our reportable segments are Rentals and Well Services. Business Segments The products and service offerings of Rentals are comprised of value-added engineering and design services, rental of premium drill strings, tubing, landing strings, completion tubulars and handling accessories, manufacturing and rental of bottom hole assemblies, and rentals of accommodation units. The products and service offerings of Well Services are comprised of risk management, well control and training solutions, hydraulic workover and snubbing services, engineering and manufacturing of premium sand control tools, and onshore international production services. The Well Services segment also includes the operations of our offshore oil and gas property. We evaluate the performance of our reportable segments based on income or loss from operations. The segment measure is calculated as segment revenues less segment operating expenses, including general and administrative expenses, depreciation, depletion, amortization and accretion expense and other (gains) and losses, net. We use this segment measure to evaluate our reportable segments as it is the measure that is most consistent with how we organize and manage our business operations. Corporate and other costs primarily include expenses related to support functions, including salaries and benefits for corporate employees. Summarized financial information for our segments is as follows (in thousands): For the year ended December 31, 2023 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 452,249 $ 467,171 $ - $ 919,420 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 149,835 324,292 - 474,127 Depreciation, depletion, amortization and accretion 49,414 28,796 2,858 81,068 General and administrative expenses 28,475 44,267 52,917 125,659 Restructuring expenses - - 3,294 3,294 Other gains, net ( 495 ) ( 5,000 ) ( 1,054 ) ( 6,549 ) Income (loss) from operations $ 225,020 $ 74,816 $ ( 58,015 ) $ 241,821 For the year ended December 31, 2022 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 402,942 $ 481,018 $ - $ 883,960 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 137,626 339,325 - 476,951 Depreciation, depletion, amortization and accretion 58,731 34,841 4,488 98,060 General and administrative expenses 28,139 45,898 54,257 128,294 Restructuring expenses - - 6,375 6,375 Other gains, net ( 5,190 ) ( 23,575 ) ( 369 ) ( 29,134 ) Income (loss) from operations $ 183,636 $ 84,529 $ ( 64,751 ) $ 203,414 For the Period February 3, 2021 through December 31, 2021 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 268,695 $ 380,059 $ - $ 648,754 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 105,373 316,879 - 422,252 Depreciation, depletion, amortization and accretion 152,250 61,074 6,535 219,859 General and administrative expenses 24,812 46,780 45,983 117,575 Restructuring expenses - - 22,952 22,952 Other losses, net 3,609 13,117 - 16,726 Loss from operations $ ( 17,349 ) $ ( 57,791 ) $ ( 75,470 ) $ ( 150,610 ) For the Period January 1, 2021 through February 2, 2021 (Predecessor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 18,339 $ 27,589 $ - $ 45,928 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 7,839 21,934 - 29,773 Depreciation, depletion, amortization and accretion 4,271 3,666 421 8,358 General and administrative expenses 2,027 4,111 4,914 11,052 Restructuring expenses - - 1,270 1,270 Income (loss) from operations $ 4,202 $ ( 2,122 ) $ ( 6,605 ) $ ( 4,525 ) Identifiable Assets Well Corporate Consolidated Rentals Services and Other Total December 31, 2023 $ 553,706 $ 597,438 $ 189,849 $ 1,340,993 December 31, 2022 432,437 533,327 225,248 1,191,012 The Corporate and Other segment as of December 31, 2023 and 2022 includes $ 67.2 million and $ 97.5 million of non-current deferred tax assets, respectfully. At December 31, 2022, the Corporate and Other segment included $ 12.0 million of identifiable assets relating to assets held for sale. We had no assets held for sale as of December 31, 2023. Capital Expenditures The following represents capital expenditures for the periods presented: Well Corporate Consolidated Rentals Services and Other Total December 31, 2023 $ 58,962 $ 12,103 $ 3,431 $ 74,496 December 31, 2022 54,126 10,729 929 65,784 For the period from February 3, 2021 through December 31, 2021 (Successor) 27,335 6,817 - 34,152 For the period from January 1, 2021 through February 2, 2021 (Predecessor) 2,429 606 - 3,035 Geographic Information We operate in the U.S. and in various other countries throughout the world. Our international operations are primarily focused in Latin America, Asia-Pacific and the Middle East regions. We attribute revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or rented. See “ Note 3 - Revenues” for a detail of our domestic and international revenues. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period . Long-Lived Assets December 31, 2023 December 31, 2022 United States $ 232,629 $ 212,534 International 62,331 69,842 Total $ 294,960 $ 282,376 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (14) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted prices in active markets for identical assets and liabilities; Level 2 : Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets or model-derived valuations or other inputs that can be corroborated by observable market data; and Level 3 : Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands): December 31, 2023 December 31, 2022 Non-qualified deferred compensation assets and liabilities Other assets, net $ 17,079 $ 16,299 Accrued expenses 1,797 1,831 Other liabilities 15,589 15,855 Our non-qualified deferred compensation plans investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent a Level 2 in the fair value hierarchy. The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued expenses, as reflected in the consolidated balance sheets, approximates fair value due to the short maturities. |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) | (15) Other Income (Expense) Other income (expense) primarily relates to re-measurement gains and losses associated with our foreign currencies and gains on our investment in common stock of Select Energy Services, Inc. (“Select”). Foreign currency losses are as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Loss on foreign currency $ 12.8 $ 12.6 $ 8.8 $ 2.1 Losses on foreign currencies during the Prior Year include an expense of $ 2.7 million which represents a correction of an immaterial error relating to a period prior to our emergence from bankruptcy. Gains and losses on foreign currencies are primarily related to our operations in Brazil and Argentina. During the Prior Year, we disposed of 4.1 million shares of Select for $ 34.7 million, and we recognized gains totaling $ 8.9 million in connection with these transactions. During the Successor Period, we disposed of 0.7 million shares of Select for $ 4.1 million, and we recognized gains totaling $ 0.4 million. As of December 31, 2022, all shares of Select have been disposed. |
Blue Chip Swap Securities
Blue Chip Swap Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Blue Chip Swap Securities | (16) Blue Chip Swap Securities The functional currency for our Argentine operations is the U.S. dollar and we use Argentina’s official exchange rate to remeasure our Argentine peso-denominated net monetary assets into U.S. dollars at each balance sheet date. The Central Bank of Argentina has maintained certain currency controls that limited our ability to access U.S. dollars in Argentina and to remit cash from our Argentine operations. During the third quarter of 2023, we utilized an indirect foreign exchange mechanism known as a Blue Chip Swap (“BCS”) to remit $ 9.7 million U.S. dollars from Argentina through the purchase and sale of BCS securities. These transactions were completed at exchange rates that represented a premium of approximately 123 %. Additionally, during the fourth quarter of 2023, we performed a BCS to remit approximately $ 4.3 million U.S. dollars from Argentina through the purchase and sale of BCS securities. The transactions were completed at exchange rates that represented a premium of approximately 184 %. These BCS transactions resulted in a net loss of $ 19.9 million during the Current Year. We continue to use the official exchange rate for remeasurement of our Argentine peso-denominated net monetary assets under U.S. GAAP as the BCS rate does not meet the criteria for remeasurement under U.S. GAAP. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | (17) Contingencies Due to the nature of our business, we are involved, from time to time, in various routine litigation or subject to disputes or claims or actions, including those commercial in nature, regarding our business activities in the ordinary course of business. Legal costs related to these matters are expensed as incurred. Management is of the opinion that none of the claims and actions will have a material adverse impact on our financial position, results of operations or cash flows. We are currently involved in legal proceedings with the Washington State Department of Revenue in relation to a dispute arising in April 2019 pertaining to a use tax assessment from 2016 as a result of the construction of a vessel by one of our subsidiaries. The matter was appealed to the Washington State Board of Tax Appeals, which affirmed the assessment on May 22, 2023. In order to appeal the assessment to Whatcom County Superior Court, we paid the full $ 27.1 million assessment on May 31, 2023. On June 20, 2023, we appealed this decision to Whatcom County Superior Court where it is currently pending review. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | (18) Discontinued Operations The following table summarizes the components of loss from discontinued operations, net of tax (in thousands): Successor Predecessor For the Year Ended December 31, For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 2023 2022 Revenues $ - $ - $ 90,682 $ 10,719 Cost of services - - 85,191 10,398 Depreciation, depletion, amortization and accretion - - 31,502 2,141 General and administrative expenses 590 8,043 8,847 1,119 Other (gains) and losses, net ( 1,129 ) ( 2,249 ) 15,807 - Loss from operations 539 ( 5,794 ) ( 50,665 ) ( 2,939 ) Other income (expense) - - 188 2,485 Income (loss) from discontinued operations before tax 539 ( 5,794 ) ( 50,477 ) ( 454 ) Income tax benefit (expense) ( 113 ) 1,217 10,408 102 Income (loss) from discontinued operations, net of income tax $ 426 $ ( 4,577 ) $ ( 40,069 ) $ ( 352 ) The following summarizes the assets and liabilities related to our discontinued operations (in thousands): For the Year Ended December 31, 2023 2022 Assets: Accounts receivable, net $ - $ 350 Property, plant and equipment, net - 11,468 Other assets, net - 160 Total assets held for sale $ - $ 11,978 Liabilities: Accounts payable $ - $ 86 Accrued expenses - 3,192 Other liabilities - 71 Total liabilities held for sale $ - $ 3,349 Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows (in thousands): For the Year Ended December 31, 2023 2022 Cash flows from discontinued operating activities: Other gains, net $ ( 1,129 ) $ ( 2,249 ) Cash flows from discontinued investing activities: Proceeds from sales of assets $ 13,020 $ 20,110 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | (19) Supplemental Cash Flow Information The table below is a reconciliation of cash, cash equivalents and restricted cash for the beginning and the end of the period for all periods presented: Successor Predecessor For the Year Ended December 31, For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 2023 2022 Cash and cash equivalents $ 258,999 $ 314,974 $ 172,768 $ 188,006 Restricted cash-current - - 16,751 - Restricted cash-non-current 80,108 79,561 80,179 80,178 Cash, cash equivalents, and restricted cash, beginning of period $ 339,107 $ 394,535 $ 269,698 $ 268,184 Cash and cash equivalents $ 391,684 $ 258,999 $ 314,974 $ 172,768 Restricted cash-current - - - 16,751 Restricted cash-non-current 85,444 80,108 79,561 80,179 Cash, cash equivalents, and restricted cash, end of period $ 477,128 $ 339,107 $ 394,535 $ 269,698 |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block [Abstract] | |
New Accounting Pronouncements | (20) New Accounting Pronouncements On January 1, 2023, we adopted Financial Accounting Standards Board (FASB) ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements , which replaces the incurred loss impairment methodology from previous U.S. GAAP with the Current Expected Credit losses model (“CECL”). The CECL model contemplates a broader range of information to estimate expected credit losses over the contractual lifetime of an asset. It also requires consideration on the risk of loss even if it is remote. We estimate expected credit losses through an assessment of our portfolio on a collective (pool) basis with the primary factor based on the aging of our customer accounts. Additionally, we review historical collection experience and the financial condition of our customers when assessing the CECL allowance. In November 2023, the FASB issued ASU 2023-07, “Segment reporting (Topic 280)”, which is intended to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments require disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM) as well as other segment items, extend certain annual disclosures to interim periods, clarify the applicability to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. We expect to adopt the new disclosures as required for the year ended December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with a retrospective option. We are currently evaluating the effect the adoption of ASU 2023-07 and ASU 2023-09 will have on our disclosures. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | (21) Subsequent Events On February 13, 2024, we announced that our Board declared a special dividend of $ 12.38 per share on our outstanding Class A Common Stock. Additionally, the Board determined that, in addition to the special dividend to holders of our Class A Common Stock, we would make dividend equivalent payments to each holder of unvested restricted stock units. The special dividend will be paid on March 12, 2024 to holders of record as of February 27, 2024. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation As used herein, “we,” “us,” “our” and similar terms refer to (i) prior to February 2, 2021 (the “Emergence Date”), SESI Holdings, Inc. and its subsidiaries (“Predecessor”) and (ii) after the Emergence Date, Superior Energy Services, Inc. and its subsidiaries (“Successor”). As used herein, the following terms refer to our operations: “Predecessor Period” January 1, 2021 through February 2, 2021 “Successor Period” February 3, 2021 through December 31, 2021 “Prior Year” January 1, 2022 through December 31, 2022 “Current Year” January 1, 2023 through December 31, 2023 Due to the lack of comparability with historical financials, our consolidated financial statements and related footnotes are presented with a “black line” division to emphasize the lack of comparability between amounts presented as of, and after, the Emergence Date. Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying consolidated financial statements. |
Business | Business We serve major, national and independent oil and natural gas exploration and production companies around the world and offer products and services with respect to the various phases of a well’s economic life cycle. Historically, we provided a wide variety of services and products to many markets within the energy industry. Our core businesses focus on products and services that we believe meet the criteria of: • being critical to our customers’ oil and gas operations; • limiting competition from the three largest global oilfield service companies; • requiring deep technical expertise through the design or use of our products or services, such as premium drill pipe and drilling bottom hole assembly accessory rentals; • unlikely to become a commoditized product or service to our customers; and • providing strong cash flow generation capacity and opportunities. The result of this approach is a portfolio of business lines grounded in our core mission of providing high quality products and services while maintaining the trust and serving the needs of our customers, with an emphasis on free cash flow generation and capital efficiency. Emergence from Voluntary Reorganization under Chapter 11 On December 7, 2020, certain of our direct and indirect wholly-owned domestic subsidiaries filed petitions for reorganization under the provisions of Chapter 11 of the Bankruptcy Code and, in connection therewith, filed the proposed Joint Prepackaged Plan of Reorganization (as amended, modified or supplemented from time to time, the “Plan”). On the Emergence Date, the conditions to the effectiveness of the Plan were satisfied and we emerged from Chapter 11. |
Use of Estimates | Use of Estimates In preparing the accompanying financial statements, we make various estimates and assumptions that affect the reported amounts of assets and liabilities, including contingent liabilities as of the dates of the balance sheets and the amounts of revenues and expenses reported for the periods shown in the income statements. Actual results could differ from those estimates. |
Major Customers and Concentration of Credit Risk | Major Customers and Concentration of Credit Risk The majority of our business is conducted with major and independent oil and gas companies. We evaluate the financial strength of our customers and provide allowances for probable credit losses when deemed necessary. The market for our services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. We derive a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10 % of our total revenues in any of the last three years. Our assets that are potentially exposed to concentrations of credit risk consist primarily of cash, cash equivalents, and trade receivables. The financial institutions with which we transact business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines, thereby minimizing our exposure to credit risks for deposits in excess of federally insured amounts. |
Cash Equivalents | Cash Equivalents We consider all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash totaled $ 85.4 million as of December 31, 2023 . This primarily includes approximately $ 32.3 million for the payment and performance of secured obligations including the reimbursement of letters of credit and approximately $ 51.6 million in escrow to secure the future decommissioning obligations related to our oil and gas property. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount or the earned but not yet invoiced amount and do not bear interest. We maintain an allowance for credit losses based on our best estimate of probable uncollectible amounts in existing accounts receivable. Adjustments to the allowance for credit losses in future periods may be made based on changing customer conditions. Our allowance for credit losses as of December 31, 2023 and 2022 was $ 6.3 million and $ 6.1 million , respectively. Bad debt expenses or recoveries are recognized within cost of revenues. The following table presents bad debt expense or recoveries for the periods shown (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Bad debt expense (recoveries) $ 0.9 $ 2.2 $ ( 4.9 ) $ ( 0.2 ) |
Revenue Recognition | Revenue Recognition Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration we expect to be entitled to in exchange for services rendered, rentals provided or products sold. Taxes collected from customers and remitted to governmental authorities and revenues are reported on a net basis. A performance obligation arises under contracts with customers and is the unit of account under Topic 606. We account for services rendered and rentals provided separately if they are distinct and the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered or rentals provided on their own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. A contract’s standalone selling prices are determined based on the prices charged for services rendered, rentals provided or products sold. Our payment terms vary by the type of products or services offered. The term between invoicing and when the payment is due is typically 30 days. Services revenue: primarily represents amounts charged to customers for the completion of services rendered, including labor, products and supplies necessary to perform the service. Rates for these services vary depending on the type of services provided and are primarily based on a per hour or per day basis. Rentals revenue : primarily priced on a per day, per man hour or similar basis and consists of fees charged to customers for use of rental equipment over the term of the rental period, which is generally less than twelve months. Product sales: products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. We recognize revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured and delivery occurs as directed by the customer. We expense sales commissions when incurred as the amortization period would typically be one year or less. |
Inventory | Inventory Inventories are stated at the lower of cost or net realizable value. We apply net realizable value and obsolescence to the gross value of inventory. Work-in-progress and finished goods are primarily recorded utilizing the standard cost method. Supplies and consumables are recorded at either the first-in first-out or weighted average cost method. Supplies and consumables consist principally of products used in the services provided to our customers. |
Decommissioning Liabilities | Decommissioning Liabilities We account for our decommissioning liability under ASC 410 – Asset Retirement Obligations . Our decommissioning liability is associated with our oil and gas property and includes costs related to the plugging of wells, decommissioning of the related platform and equipment and site restoration. We review the adequacy of our decommissioning liability whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, except for assets for which impairments have been recorded and assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows: Machinery and equipment 3 - 12 years Buildings, improvements and leasehold improvements 10 - 30 years Automobiles, trucks, tractors and trailers 4 - 7 years Furniture and fixtures 3 - 10 years |
Impairment of long-lived assets | Impairment of long-lived assets We review long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The carrying amount of an asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. We record impairment losses on long-lived assets to be held and used when the fair value of those assets is less than their respective carrying amount. Impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Fair value is measured, in part, by the estimated cash flows to be generated by those assets. Our cash flow estimates are based upon, among other things, historical results adjusted to reflect our best estimate of future market rates, utilization levels and operating performance. Our estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. Assets are generally grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. Assets held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell. Our estimate of fair value represents our best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and our estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying value of these assets and, in periods of prolonged down cycles, may result in impairment charges. |
Other (Gains) and Losses, Net | Other (gains) and losses, net Other (gains) and losses, net includes gains and losses on the disposal of assets, as well as impairments related to long-lived assets. Other gains, net for the Current Year were $ 6.5 million, and are primarily comprised of net gains of $ 5.0 million related to our Well Services segment from the sale of non-core assets. Other gains, net for the Prior Year were $ 29.1 million and are primarily comprised of gains of $ 23.6 million related to our Well Services segment, including a gain of $ 17.4 million from revisions in estimates related to our decommissioning liability, and $ 5.2 million related to net gains on the disposal of non-core assets within our Rentals segment. Other losses, net in the Successor Period were $ 16.7 million, and are comprised of $ 13.1 million related to our Well Services segment, including approximately $ 11.7 million from exit activities related to SES Energy Services India Pvt. Ltd, and $ 3.6 million related to our Rentals segment. |
Income Taxes | Income Taxes We use the asset and liability method of accounting for income taxes. This method considers the differences between financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Our deferred tax calculation requires us to make certain estimates about our future operations. Changes in state, federal and foreign tax laws, as well as changes in our financial condition or the carrying value of existing assets and liabilities, could affect these estimates. The effect of a change in tax rates is recognized as income or expense in the period that the rate is enacted. We recognize deferred tax assets (“DTAs”) to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. If we determine that we would be able to realize our DTAs in the future in excess of their net recorded amount, we would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. |
Foreign Currency | Foreign Currency The functional currency of our international subsidiaries is the U.S. dollar. Financial statements of our international subsidiaries are remeasured into U.S. dollars using the historical exchange rate for affected the long-term assets and liabilities and the balance sheet date exchange rate for affected current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change Foreign currency losses are as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Loss on foreign currency $ 12.8 $ 12.6 $ 8.8 $ 2.1 |
Stock-Based Compensation | Stock-Based Compensation We record compensation costs relating to share-based payment transactions and include such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). |
Self-Insurance Reserves | Self-Insurance Reserves We are self-insured, through deductibles and retentions, up to certain levels for losses under our insurance programs. We accrue for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. We regularly review the estimates of asserted and unasserted claims and provide for losses through reserves. We obtain actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. |
Restructuring and Transaction Expenses | Restructuring and Transaction Expenses Restructuring and transaction expenses in our consolidated statement of operations are as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Restructuring and transaction expenses $ 3.3 $ 6.4 $ 23.0 $ 1.3 Expenses in the Current Year represent charges recorded as part of our strategic efforts to reconfigure our organization both operationally and financially. Expenses in the Prior Year represent costs associated with these strategic efforts, as well as legal and other professional expenses primarily related to certain tax and stockholder distribution matters. Expenses in the Successor Period and Predecessor Period primarily relate to professional fees and separation costs related to former executives and personnel. During the Successor Period, we incurred shut down costs of $ 8.9 million at certain locations in our Well Services segment. These shut down costs include the write-down of inventory of $ 6.5 million which is reflected in cost of sales and the severance of personnel and other shut down costs of $ 2.4 million which is primarily reflected in cost of services. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Bad Debt Expenses or Recoveries | Bad debt expenses or recoveries are recognized within cost of revenues. The following table presents bad debt expense or recoveries for the periods shown (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Bad debt expense (recoveries) $ 0.9 $ 2.2 $ ( 4.9 ) $ ( 0.2 ) |
Estimated Useful Lives Of The Related Assets | Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows: Machinery and equipment 3 - 12 years Buildings, improvements and leasehold improvements 10 - 30 years Automobiles, trucks, tractors and trailers 4 - 7 years Furniture and fixtures 3 - 10 years |
Summary of Foreign Currency Losses | Foreign currency losses are as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Loss on foreign currency $ 12.8 $ 12.6 $ 8.8 $ 2.1 |
Summary of Restructuring and Transaction Expenses | Restructuring and transaction expenses in our consolidated statement of operations are as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Restructuring and transaction expenses $ 3.3 $ 6.4 $ 23.0 $ 1.3 |
Fresh Start Accounting (Tables)
Fresh Start Accounting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fresh Start Accounting [Abstract] | |
Reorganization Of Assets | The following table reconciles the enterprise value to the reorganization value of our assets that has been allocated to our individual assets as of the Emergence Date (in thousands): Emergence Date Selected Enterprise Value within Bankruptcy Court Range $ 729,918 Plus: Cash and cash equivalents 172,768 Plus: Liabilities excluding the decommissioning liabilities 380,496 Plus: Decommissioning liabilities, including decommissioning liabilities classified as held for sale 173,622 Reorganization Value $ 1,456,804 |
Fresh Start | The consolidated balance sheet as of the Emergence Date was as follows (in thousands): As of February 2, 2021 Reorganization Fresh Start Predecessor Adjustments Adjustments Successor ASSETS Current assets: Cash and cash equivalents $ 194,671 $ ( 21,903 ) (1) $ - $ 172,768 Restricted cash - current - 16,751 (2) - 16,751 Accounts receivable, net 153,518 11 (3) - 153,529 Income taxes receivable 9,146 - ( 170 ) (16) 8,976 Prepaid expenses 31,630 - - 31,630 Inventory and other current assets 90,073 - 11,067 (17) 101,140 Assets held for sale 240,761 - ( 20,402 ) (18) 220,359 Total current assets 719,799 ( 5,141 ) ( 9,505 ) 705,153 Property, plant and equipment, net 401,263 - 139,587 (19) 540,850 Operating lease right-of-use assets 32,488 - 1,430 (20) 33,918 Goodwill 138,934 - ( 138,934 ) (21) - Notes receivable 72,484 - - 72,484 Restricted cash - non-current 80,179 - - 80,179 Intangible and other long-term assets, net 52,264 ( 10,080 ) (4) ( 17,964 ) (22) 24,220 Total assets $ 1,497,411 $ ( 15,221 ) $ ( 25,386 ) $ 1,456,804 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable $ 51,816 $ ( 700 ) (5) $ - $ 51,116 Accrued expenses 126,768 9,042 (6) 1,406 (23) 137,216 Liabilities held for sale 39,642 1,614 (7) ( 3,992 ) (24) 37,264 Total current liabilities 218,226 9,956 ( 2,586 ) 225,596 Decommissioning liabilities 134,934 - 34,581 (25) 169,515 Operating lease liabilities 23,584 - ( 29 ) (26) 23,555 Deferred income taxes 4,853 3,100 (8) 51,569 (27) 59,522 Other long-term liabilities 121,756 - ( 45,826 ) (28) 75,930 Total non-current liabilities 285,127 3,100 40,295 328,522 Liabilities subject to compromise 1,572,772 ( 1,572,772 ) (9) - - Total liabilities 2,076,125 ( 1,559,716 ) 37,709 554,118 Stockholders’ equity (deficit): Predecessor common stock $ 0.001 par value 16 ( 16 ) (10) - - Predecessor Additional paid-in capital 2,757,824 ( 2,757,824 ) (11) - - Predecessor Treasury stock at cost ( 4,290 ) 4,290 (12) - - Successor Class A common stock $ 0.001 par value - 200 (13) - 200 Successor Additional paid-in capital - 902,486 (14) - 902,486 Accumulated other comprehensive loss, net ( 67,532 ) - 67,532 (29) - Accumulated deficit ( 3,264,732 ) 3,395,359 (15) ( 130,627 ) (30) - Total stockholders’ equity (deficit) ( 578,714 ) 1,544,495 ( 63,095 ) 902,686 Total liabilities and stockholders’ equity (deficit) $ 1,497,411 $ ( 15,221 ) $ ( 25,386 ) $ 1,456,804 Reorganization Adjustments (in thousands) (1) Changes in cash and cash equivalents included the following: Payment of debtor in possession financing fees $ ( 183 ) Payment of professional fees at the Emergence Date ( 2,649 ) Payment of lease rejection damages classified as liabilities subject to compromise ( 400 ) Transfers from cash to restricted cash for Professional Fees Escrow and General ( 16,751 ) Payment of debt issuance costs for the Credit Facility ( 1,920 ) Net change in cash and cash equivalents $ ( 21,903 ) (2) Changes to restricted cash - current included the following: Transfer from cash for Professional Fee Escrow $ 16,626 Transfer from cash for General Unsecured Creditors Escrow 125 Net change in restricted cash - current $ 16,751 (3) Changes of $ 11 to accounts receivable reflect a receivable from the solicitor from the Chapter 11 Cases for excess proceeds received during the Rights Offering. (4) Changes to intangibles and other long-term assets included the following: Write-off of deferred financing costs related to the Delayed-Draw Term Loan $ ( 12,000 ) Capitalization of debt issuance costs associated with the Credit Facility 1,920 Net change in intangibles and other long-term assets $ ( 10,080 ) (5) Changes to accounts payable included the following: Payment of professional fees at the Emergence Date $ ( 2,649 ) Professional fees recognized and payable at the Emergence Date 1,949 Net change in accounts payable $ ( 700 ) (6) Changes in accrued liabilities include the following: Payment of debtor in possession financing fees $ ( 183 ) Accrual of professional fees 6,500 Accrual for transfer taxes 1,900 Reinstatement of lease rejection liabilities to be settled post-emergence 700 Accrual of general unsecured claims against parent 125 Net change in accrued liabilities $ 9,042 (7) Changes in liabilities held for sale reflect the fair value reinstatement of rejected lease claims. (8) Changes in deferred income taxes are due to reorganization adjustments. (9) The resulting gain on liabilities subject to compromise was determined as follows: Prepetition 7.125 % and 7.750 % notes including accrued interest and unpaid interest $ 1,335,794 Rejected lease liability claims 4,956 Allowed Class 6 General Unsecured Claims against Parent 232,022 Liabilities subject to compromise settled in accordance with the Plan 1,572,772 Reinstatement of accrued liabilities for lease rejection claims ( 700 ) Reinstatement of liabilities held for sale for lease rejection claims ( 1,614 ) Payment to settle lease rejection claims ( 400 ) Cash proceeds from rights offering 963 Cash payout provided to cash opt-in noteholders ( 952 ) Cash Pool to settle GUCs against Parent ( 125 ) Issuance of common stock to prepetition noteholders, incremental to rights ( 193 ) Additional paid-in capital attributable to successor common stock issuance ( 869,311 ) Successor common stock issued to cash opt-out noteholders in the rights ( 7 ) Additional paid-in capital attributable to rights offering shares ( 33,175 ) Gain on settlement of liabilities subject to compromise $ 667,258 The Equity Rights Offering generated $ 963 thousand in proceeds used to settle $ 952 thousand in Cash Opt-in Noteholder claims. The Equity Rights Offering shares were offered at a price of $ 1.31 /share to Cash Opt-out Noteholders. As such, the Equity Rights Offering shares generated the $ 963 thousand in cash proceeds from the share issuance as well as an implied discount to the Cash Opt-in claimants of $ 32.2 million, recorded as a loss on share issuance in reorganization items, net. The loss on the Equity Rights Offering share issuance is offset by the gain on share issuance of $ 32.2 million implied by the issuance of shares to settle Cash Opt-out Noteholder claims at a value of $46.82/share compared to the reorganization value implied share price of $ 45.14 /share. (10) Changes of $ 16 in Predecessor common stock reflect the cancellation of the Predecessor’s common stock. (11) Changes in Predecessor additional paid-in capital (APIC) include the following: Extinguishment of APIC related to Predecessor's outstanding equity interests $ ( 2,758,812 ) Extinguishment of RSUs for the Predecessor's incentive plan 988 Net change in Predecessor's additional paid-in capital $ ( 2,757,824 ) (12) Reflects $ 4.3 million cancellation of Predecessor treasury stock held at cost. (13) Changes in the Successor’s Class A common stock include the following: Issuance of successor Class A common stock to prepetition noteholders, $ 193 Successor Class A common stock issued to cash opt-out noteholders in 7 Net change in Successor Class A common stock $ 200 (14) Changes in Successor additional paid-in capital include the following: Additional paid-in capital (Successor Class A common stock) $ 869,311 Additional paid-in capital (rights offering shares) 33,175 Net change in Successor additional paid-in capital $ 902,486 (15) Changes to retained earnings (deficit) include the following: Gain on settlement of liabilities subject to compromise $ 667,258 Accrual for transfer tax ( 1,900 ) Extinguishment of RSUs for Predecessor incentive plan ( 988 ) Adjustment to net deferred tax liability taken to tax expense ( 3,100 ) Professional fees earned and payable as a result of consummation of the Plan of Reorganization ( 8,449 ) Write-off of deferred financing costs related to the Delayed-Draw Term Loan ( 12,000 ) Extinguishment of Predecessor equity (par value, APIC, and treasury stock) 2,754,538 Net change in retained earnings (deficit) $ 3,395,359 Fresh Start Adjustments (in thousands) (16) Changes of $ 170 in income tax receivable reflects the decrease to current deferred tax assets due to the adoption of fresh start accounting. (17) Changes in inventory and other current assets included the following: Fair value adjustment to inventory - Global Segment $ 12,137 Fair value adjustment to other current assets ( 1,070 ) Net change in inventory and other current assets due to the adoption of fresh $ 11,067 (18) Changes of $ 20.4 million in assets held for sale primarily reflect a fair value adjustment of $ 16.5 million which decreased the value of real property and a $ 3.5 million decrease to Predecessor decommissioning balances due to the adoption of fresh start accounting. (19) Changes of $ 139.6 million to property, plant and equipment reflect the fair value adjustment. Successor Fair Predecessor Book Land, Buildings, and Associated Improvements $ 117,341 $ 205,237 Machinery and Equipment 290,593 1,103,501 Rental Services Equipment 92,861 617,762 Other Depreciable or Depletable Assets 35,143 46,403 Construction in Progress 4,912 4,912 540,850 1,977,815 Less: Accumulated Depreciation and Depletion - ( 1,576,552 ) Property, Plant and Equipment, net $ 540,850 $ 401,263 (20) Reflects $ 1.4 million due to the fair value adjustment increasing operating lease right-of-use assets. (21) Changes of $ 138.9 million to goodwill reflect the derecognition of the Predecessor’s goodwill due to the adoption of fresh start accounting. (22) Reduction of other long-term assets was due to the adoption of fresh start accounting and include $ 17.1 million in decommissioning liabilities related to Predecessor long-term assets fair valued and presented in the Successor’s property, plant, and equipment. The fair value changes of $ 1.4 million to intangibles assets are reflected in the table below: Successor Fair Value Predecessor Net Book Value Customer Relationships $ - $ 4,901 Trademarks 4,166 11 Patents 2,120 - Intangible Assets, Net $ 6,286 $ 4,912 (23) Changes of $ 1.4 million to accrued expenses reflect the fair value adjustment increasing the current portion of operating lease liabilities. (24) Reflects the $ 4.0 million fair value adjustment decreasing decommissioning liabilities and operating lease liabilities related to assets held for sale. (25) Reflects the $ 34.6 million fair value adjustment increasing the non-current portion of decommissioning liabilities. (26) Reflects the fair value adjustment decreasing the non-current portion of operating lease liabilities. (27) Reflects the $ 70.4 million increase of deferred tax liabilities netted against an $ 18.8 million increase in realizable deferred tax assets due to the adoption of fresh start accounting. (28) Changes of $ 45.8 million in other long-term liabilities reflects the reclassification of amounts associated with the Predecessor’s decommissioning liability balances that were fair valued and presented in the Successor’s decommissioning liabilities, as well as an increase in FIN48 liabilities of $ 1.5 million. (29) Changes to accumulated other comprehensive loss reflect the elimination of Predecessor currency translation adjustment balances due to the adoption of fresh start accounting on Predecessor currency translation adjustment balances. (30) Changes reflect the cumulative impact of fresh start accounting adjustments discussed above and the elimination of the Predecessor’s accumulated other comprehensive loss and the Predecessor’s accumulated deficit. Fresh start valuation adjustments $ ( 77,376 ) Adjustment to net deferred tax liability taken to tax expense ( 53,251 ) Net impact to accumulated other comprehensive loss and accumulated deficit $ ( 130,627 ) |
Reorganization | Predecessor For the Period Gain on settlement of liabilities subject to compromise $ 667,258 Allowed claim adjustment for Class 6 claims ( 232,022 ) Fresh Start valuation adjustments (1) ( 77,376 ) Professional fees ( 16,005 ) Predecessor lease liabilities rejected per the Plan 13,347 Write off of deferred financing costs related to the Delayed-Draw Term Loan ( 12,000 ) Lease rejection damages ( 4,956 ) Extinguishment of RSU's for the Predecessor's incentive plan ( 988 ) Other items ( 1,698 ) Total reorganization items, net $ 335,560 (1) Includes approximately $ 16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 18 - Discontinued Operations . |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue by Geography [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation Of Revenues | The following table presents revenues by segment disaggregated by geography (in thousands): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 U.S. land Rentals $ 166,938 $ 160,742 $ 87,432 $ 4,917 Well Services 25,572 24,558 20,133 3,379 Total U.S. land 192,510 185,300 107,565 8,296 U.S. offshore Rentals 161,771 140,881 103,646 8,196 Well Services 106,565 122,848 93,412 7,371 Total U.S. offshore 268,336 263,729 197,058 15,567 International Rentals 123,540 101,319 77,617 5,226 Well Services 335,034 333,612 266,514 16,839 Total International 458,574 434,931 344,131 22,065 Total Revenues $ 919,420 $ 883,960 $ 648,754 $ 45,928 |
Revenue by Type [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation Of Revenues | The following table presents revenues by segment disaggregated by type (in thousands): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Services Rentals $ 71,088 $ 53,029 $ 33,629 $ 2,005 Well Services 286,848 333,746 272,070 17,229 Total Services 357,936 386,775 305,699 19,234 Rentals Rentals 330,475 299,128 197,050 14,082 Well Services 16,253 10,186 11,901 352 Total Rentals 346,728 309,314 208,951 14,434 Product Sales Rentals 50,686 50,786 38,016 2,252 Well Services 164,070 137,085 96,088 10,008 Total Product Sales 214,756 187,871 134,104 12,260 Total Revenues $ 919,420 $ 883,960 $ 648,754 $ 45,928 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory balances are as follows (in thousands): December 31, 2023 December 31, 2022 Finished goods $ 41,082 $ 36,136 Raw materials 10,379 8,351 Work-in-process 8,025 4,718 Supplies and consumables 15,509 16,382 Total $ 74,995 $ 65,587 |
Decommissioning Liability (Tabl
Decommissioning Liability (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of decommissioning liability | The following table presents our decommissioning liability as of the periods indicated: December 31, 2023 December 31, 2022 Wells $ 96,603 $ 96,171 Platform 73,680 64,500 Total decommissioning liability 170,283 160,671 Note receivable ( 69,005 ) ( 69,679 ) Total decommissioning liability, net of note receivable $ 101,278 $ 90,992 |
Schedule of decommissioning program activity | The following table presents the activity during 2023 impacting our decommissioning liability, the related note receivable and oil and gas producing assets: December 31, 2023 2023 December 31, 2022 Activity (1) Revision 2023 Wells $ 96,171 $ ( 5,606 ) $ 6,038 $ 96,603 Platform 64,500 3,800 5,380 73,680 Decommissioning liability 160,671 ( 1,806 ) 11,418 170,283 Note receivable ( 69,679 ) ( 3,935 ) 4,609 ( 69,005 ) Decommissioning liability, net of note receivable $ 90,992 $ ( 5,741 ) $ 16,027 $ 101,278 (1) Activity during 2023 includes $ 9.7 million in accretion expense associated with the decommissioning liability, net of $ 11.5 million in decommissioning costs incurred and $ 3.9 million in interest income recognized on the note receivable. |
Schedule of accretion expenses | The following table presents accretion expense as of the periods indicated (in millions): For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Accretion expense $ 9.7 $ 9.5 $ 9.3 $ 0.5 |
Note Receivable (Tables)
Note Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule Of Non-cash Interest Income Related To Note Receivable | We recorded non-cash interest income related to the note receivable as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Interest income $ 3.9 $ 3.8 $ 3.9 $ 0.4 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | A summary of property, plant and equipment, net is as follows (in thousands): December 31, 2023 December 31, 2022 Machinery and equipment $ 422,071 $ 378,907 Buildings, improvements and leasehold improvements 66,746 70,816 Automobiles, trucks, tractors and trailers 8,106 6,376 Furniture and fixtures 22,746 19,373 Construction-in-progress 8,195 5,185 Land 25,654 26,695 Oil and gas producing assets 28,984 11,714 Total 582,502 519,066 Accumulated depreciation and depletion ( 287,542 ) ( 236,690 ) Property, plant and equipment, net $ 294,960 $ 282,376 |
Summary of depreciation and depletion expense | A summary of depreciation and depletion expense associated with our property, plant and equipment is as follows: For the Year Ended December 31, 2023 2022 Depreciation $ 68,100 $ 84,005 Depletion 2,305 3,615 Total depreciation and depletion $ 70,405 $ 87,620 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating Lease Expense | Our operating leases are primarily for real estate, machinery and equipment, and vehicles. The terms and conditions for these leases vary by the type of underlying asset. Total operating lease expense was as follows (in thousands): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Long-term fixed lease expense $ 8,477 $ 9,761 $ 12,579 $ 1,824 Long-term variable lease expense - 2 - 19 Short-term lease expense 8,771 22,705 10,165 789 Total operating lease expense $ 17,248 $ 32,468 $ 22,744 $ 2,632 Operating leases for the Current Year were as follows (dollars in thousands): December 31, 2023 Weighted average remaining lease term 19 years Weighted average discount rate 5.33 % Cash paid for operating leases $ 6,828 ROU assets obtained in exchange for lease obligations 4,621 |
Maturities Of Operating Lease Liabilities | Maturities of operating lease liabilities at December 31, 2023 are as follows (in thousands): 2024 $ 6,998 2025 5,242 2026 2,467 2027 997 2028 832 Thereafter 14,909 Total lease payments 31,445 Less: imputed interest ( 15,671 ) Total $ 15,774 |
Equity and Earnings per Share (
Equity and Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of weighted average number of shares for basic and diluted earnings per share | The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share. Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Weighted-average shares outstanding - basic 20,126 20,024 19,998 14,845 Potentially dilutive stock awards and units 26 63 - 60 Weighted-average shares outstanding - diluted 20,152 20,087 19,998 14,905 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Issuances Under Management Incentive Plan | The following sets forth activity related to issuances under the MIP for the year ended December 31, 2023 and 2022 : Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Unvested awards outstanding, December 31, 2022 29,976 37,947 72,050 88,215 228,188 Vested ( 14,988 ) ( 37,947 ) ( 24,017 ) ( 29,405 ) ( 106,357 ) Unvested awards outstanding, December 31, 2023 14,988 - 48,033 58,810 121,831 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 $ 58.80 Unamortized grant date fair value, December 31, 2022 (in millions) $ 0.8 $ - $ 3.1 $ 4.2 $ 8.1 Unamortized grant date fair value, December 31, 2023 (in millions) $ 0.2 $ - $ 1.6 $ 2.2 $ 4.0 Grants of Share-Based Awards July/ June August March July 2021 2021 2022 2022 Total Unvested awards outstanding, December 31, 2021 76,269 50,596 - - 126,865 Granted - 72,050 88,215 160,265 Vested ( 46,293 ) ( 12,649 ) - - ( 58,942 ) Unvested awards outstanding, December 31, 2022 29,976 37,947 72,050 88,215 228,188 Estimated grant date fair value $ 39.53 $ 39.53 $ 58.80 $ 58.80 Unamortized grant date fair value, December 31, 2021 (in millions) $ 2.4 $ 1.4 $ - $ - $ 3.8 Unamortized grant date fair value, December 31, 2022 (in millions) $ 0.8 $ - $ 3.1 $ 4.2 $ 8.1 |
Compensation expense associated with RSA and RSU grants | Compensation expense associated with RSA and RSU grants are as follows: For the Year Ended December 31, 2023 2022 Compensation Expense $ 4,123 $ 4,807 |
Summary of Contribution Plan | We made contributions to the plan as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 401K $ 3.2 $ 3.1 $ 2.6 $ 0.4 |
Schedule of Payments to Eligible Participants in the SERP | We made payments to eligible participants in the SERP as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 SERP $ 0.2 $ 1.7 $ 3.4 $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Provision | The income tax provision is as follows: Successor Predecessor In thousands: For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 Period Period Current income tax expense/(benefit) Federal $ 205 $ ( 50 ) $ ( 1,106 ) $ - State 576 945 ( 307 ) - Foreign 36,111 23,738 6,220 3,314 Total current income tax expense/(benefit) 36,892 24,633 4,807 3,314 Deferred income tax expense/(benefit) Federal 44,712 ( 83,420 ) ( 42,904 ) 55,015 State ( 886 ) 165 2,633 ( 182 ) Foreign ( 20,977 ) ( 19,097 ) 2,166 1,856 Total deferred income tax expense/(benefit) 22,849 ( 102,352 ) ( 38,105 ) 56,689 Total income tax expense/(benefit) $ 59,741 $ ( 77,719 ) $ ( 33,298 ) $ 60,003 |
Schedule Of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory federal tax rate to the consolidated effective tax rate is as follows: Successor Predecessor Continuing Operations (i n thousands): For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 Period Period Computed expected tax expense/(benefit) $ 49,211 $ 44,798 $ ( 32,635 ) $ 69,125 State and foreign income taxes 17,249 ( 350 ) ( 17,893 ) 6,217 Foreign Tax Credit ( 15,022 ) ( 5,161 ) - - Valuation allowance ( 4,580 ) ( 13,140 ) - ( 46,208 ) Release of unrecognized tax benefits ( 9,897 ) - - - Non-recurring non-deductible 3,498 - - - Foreign income inclusion in US 10,270 - - - Gain on Settlement of Liabilities Subject to Compromise - - - ( 89,905 ) Reduction in Deferred Tax Assets - - 19,154 87,316 Fresh Start Adjustments - - - 29,099 Worthless stock deduction 6,781 ( 103,992 ) - - Other 2,231 126 ( 1,924 ) 4,359 Total income tax expense/(benefit) $ 59,741 $ ( 77,719 ) $ ( 33,298 ) $ 60,003 |
Schedule Of Deferred Tax Assets and Liabilities | In thousands: December 31, 2023 December 31, 2022 Deferred tax assets: Allowance for doubtful accounts $ 1,159 $ 1,374 U.S. operating loss and tax credit carryforwards 163,823 157,395 Compensation and employee benefits 6,843 7,376 Decommissioning liabilities 38,989 39,328 Goodwill and other intangible assets 63 369 Operating leases 147 126 Foreign deferred tax assets 45,003 38,780 Other assets 9,779 13,565 Total gross deferred tax assets 265,806 258,313 Less: Valuation allowance ( 132,031 ) ( 80,280 ) Total deferred tax assets $ 133,775 $ 178,033 Deferred tax liabilities: Property, plant and equipment $ 53,613 $ 64,571 Notes receivable 17,659 17,812 Other Liability 1,399 1,546 Total deferred tax liabilities $ 72,671 $ 83,929 Net deferred tax assets (liabilities) $ 61,104 $ 94,104 The Balance Sheet classification is based on a jurisdictional grouping: Deferred tax assets 67,241 97,492 Less: Deferred tax liabilities (included in Other liabilities) ( 6,137 ) ( 3,388 ) Total deferred tax assets and liabilities $ 61,104 $ 94,104 |
Summary Of Activity In Unrecognized Tax Benefits | The activity in unrecognized tax benefits is as follows: Successor Predecessor In thousands: For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 Period Period Unrecognized tax benefits at beginning of period $ 14,009 $ 14,973 $ 14,706 $ 13,206 Additions based on tax positions related to prior years 55 569 2,848 1,500 Reductions based on tax positions related to prior years ( 75 ) ( 334 ) ( 552 ) - Additions based on tax positions related to current year - 78 - - Reductions as a result of a lapse of the applicable statute of limitations ( 9,765 ) - - - Reductions relating to settlements with taxing authorities ( 112 ) ( 1,277 ) ( 2,029 ) - Unrecognized tax benefits at end of period $ 4,112 $ 14,009 $ 14,973 $ 14,706 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information | Summarized financial information for our segments is as follows (in thousands): For the year ended December 31, 2023 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 452,249 $ 467,171 $ - $ 919,420 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 149,835 324,292 - 474,127 Depreciation, depletion, amortization and accretion 49,414 28,796 2,858 81,068 General and administrative expenses 28,475 44,267 52,917 125,659 Restructuring expenses - - 3,294 3,294 Other gains, net ( 495 ) ( 5,000 ) ( 1,054 ) ( 6,549 ) Income (loss) from operations $ 225,020 $ 74,816 $ ( 58,015 ) $ 241,821 For the year ended December 31, 2022 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 402,942 $ 481,018 $ - $ 883,960 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 137,626 339,325 - 476,951 Depreciation, depletion, amortization and accretion 58,731 34,841 4,488 98,060 General and administrative expenses 28,139 45,898 54,257 128,294 Restructuring expenses - - 6,375 6,375 Other gains, net ( 5,190 ) ( 23,575 ) ( 369 ) ( 29,134 ) Income (loss) from operations $ 183,636 $ 84,529 $ ( 64,751 ) $ 203,414 For the Period February 3, 2021 through December 31, 2021 (Successor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 268,695 $ 380,059 $ - $ 648,754 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 105,373 316,879 - 422,252 Depreciation, depletion, amortization and accretion 152,250 61,074 6,535 219,859 General and administrative expenses 24,812 46,780 45,983 117,575 Restructuring expenses - - 22,952 22,952 Other losses, net 3,609 13,117 - 16,726 Loss from operations $ ( 17,349 ) $ ( 57,791 ) $ ( 75,470 ) $ ( 150,610 ) For the Period January 1, 2021 through February 2, 2021 (Predecessor) Well Corporate and Consolidated Rentals Services Other Total Revenues $ 18,339 $ 27,589 $ - $ 45,928 Cost of revenues (exclusive of depreciation, depletion, amortization and accretion) 7,839 21,934 - 29,773 Depreciation, depletion, amortization and accretion 4,271 3,666 421 8,358 General and administrative expenses 2,027 4,111 4,914 11,052 Restructuring expenses - - 1,270 1,270 Income (loss) from operations $ 4,202 $ ( 2,122 ) $ ( 6,605 ) $ ( 4,525 ) |
Schedule Of Identifiable Assets | Well Corporate Consolidated Rentals Services and Other Total December 31, 2023 $ 553,706 $ 597,438 $ 189,849 $ 1,340,993 December 31, 2022 432,437 533,327 225,248 1,191,012 |
Schedule Of Capital Expenditures, By Segment | Well Corporate Consolidated Rentals Services and Other Total December 31, 2023 $ 58,962 $ 12,103 $ 3,431 $ 74,496 December 31, 2022 54,126 10,729 929 65,784 For the period from February 3, 2021 through December 31, 2021 (Successor) 27,335 6,817 - 34,152 For the period from January 1, 2021 through February 2, 2021 (Predecessor) 2,429 606 - 3,035 |
Schedule Of Revenues By Geographic Segment | . Long-Lived Assets December 31, 2023 December 31, 2022 United States $ 232,629 $ 212,534 International 62,331 69,842 Total $ 294,960 $ 282,376 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | December 31, 2023 December 31, 2022 Non-qualified deferred compensation assets and liabilities Other assets, net $ 17,079 $ 16,299 Accrued expenses 1,797 1,831 Other liabilities 15,589 15,855 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Foreign currency losses | Foreign currency losses are as follows (in millions): Successor Predecessor For the Year Ended For the Year Ended For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 Loss on foreign currency $ 12.8 $ 12.6 $ 8.8 $ 2.1 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Components Of Income (Loss) From Discontinued Operations | The following table summarizes the components of loss from discontinued operations, net of tax (in thousands): Successor Predecessor For the Year Ended December 31, For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 2023 2022 Revenues $ - $ - $ 90,682 $ 10,719 Cost of services - - 85,191 10,398 Depreciation, depletion, amortization and accretion - - 31,502 2,141 General and administrative expenses 590 8,043 8,847 1,119 Other (gains) and losses, net ( 1,129 ) ( 2,249 ) 15,807 - Loss from operations 539 ( 5,794 ) ( 50,665 ) ( 2,939 ) Other income (expense) - - 188 2,485 Income (loss) from discontinued operations before tax 539 ( 5,794 ) ( 50,477 ) ( 454 ) Income tax benefit (expense) ( 113 ) 1,217 10,408 102 Income (loss) from discontinued operations, net of income tax $ 426 $ ( 4,577 ) $ ( 40,069 ) $ ( 352 ) |
Assets And Liabilities Of Discontinued Operation | The following summarizes the assets and liabilities related to our discontinued operations (in thousands): For the Year Ended December 31, 2023 2022 Assets: Accounts receivable, net $ - $ 350 Property, plant and equipment, net - 11,468 Other assets, net - 160 Total assets held for sale $ - $ 11,978 Liabilities: Accounts payable $ - $ 86 Accrued expenses - 3,192 Other liabilities - 71 Total liabilities held for sale $ - $ 3,349 |
Schedule Of Cash Flows From Discontinued Operations | Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows (in thousands): For the Year Ended December 31, 2023 2022 Cash flows from discontinued operating activities: Other gains, net $ ( 1,129 ) $ ( 2,249 ) Cash flows from discontinued investing activities: Proceeds from sales of assets $ 13,020 $ 20,110 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | The table below is a reconciliation of cash, cash equivalents and restricted cash for the beginning and the end of the period for all periods presented: Successor Predecessor For the Year Ended December 31, For the Period February 3, 2021 through December 31, 2021 For the Period January 1, 2021 through February 2, 2021 2023 2022 Cash and cash equivalents $ 258,999 $ 314,974 $ 172,768 $ 188,006 Restricted cash-current - - 16,751 - Restricted cash-non-current 80,108 79,561 80,179 80,178 Cash, cash equivalents, and restricted cash, beginning of period $ 339,107 $ 394,535 $ 269,698 $ 268,184 Cash and cash equivalents $ 391,684 $ 258,999 $ 314,974 $ 172,768 Restricted cash-current - - - 16,751 Restricted cash-non-current 85,444 80,108 79,561 80,179 Cash, cash equivalents, and restricted cash, end of period $ 477,128 $ 339,107 $ 394,535 $ 269,698 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||
Feb. 02, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) Customer | Dec. 31, 2022 USD ($) Customer | Dec. 31, 2021 Customer | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Payment term of obligation | 30 days | |||||
Other gains | $ 6,500 | $ 29,100 | ||||
Number of customers exceeding threshhold measurement | Customer | 10 | 10 | 10 | |||
Allowance for doubtful accounts | $ 6,300 | $ 6,100 | ||||
Other (gains) and losses, net | $ 0 | $ 16,726 | (6,549) | (29,134) | ||
Restricted Cash | 85,400 | |||||
Asia Pacific [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Other (gains) and losses, net | 11,700 | |||||
Decommissioning liability [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Other (gains) and losses, net | 17,400 | |||||
Well Services [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Other gains | 5,000 | 23,600 | ||||
Other (gains) and losses, net | 13,100 | |||||
Shut Down Cost | 8,900 | |||||
Inventory write down | $ 6,500 | |||||
Other ShutDown Cost | $ 2,400 | |||||
Rentals [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Other gains | $ 5,200 | |||||
Other (gains) and losses, net | $ 3,600 | |||||
Collateral, Secured Obligations [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Restricted Cash | 32,300 | |||||
Escrow, Future Decommissioning Obligations [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Restricted Cash | $ 51,600 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Summary of Bad Debt Expenses or Recoveries) (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Bad debt expense (recoveries) | $ (0.2) | $ (4.9) | $ 0.9 | $ 2.2 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Estimated Useful Lives Of The Related Assets) (Details) | Dec. 31, 2023 |
Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 3 years |
Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 12 years |
Buildings, Improvements and Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Buildings, Improvements and Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 30 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 4 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 7 years |
Furniture And Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 3 years |
Furniture And Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Summary of Foreign Currency Losses) (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Loss on foreign currency | $ 2.1 | $ 8.8 | $ 12.8 | $ 12.6 |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Summary of Restructuring and Transaction Expenses) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Restructuring and transaction expenses | $ 1,270 | $ 22,952 | $ 3,294 | $ 6,375 |
Fresh Start Accounting (Narrati
Fresh Start Accounting (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reorganization, Chapter 11 [Line Items] | |||||
Identifiable Assets | $ 1,456,804 | $ 1,340,993 | $ 1,191,012 | ||
Postconfirmation Liabilities | 554,118 | $ 380,082 | 408,128 | ||
Internal Rate Of Return | 17.60% | ||||
Perpetuity Growth Rate | 3% | ||||
Reorganization Expenses, Discount Rate | 5.30% | ||||
Reorganization Expenses, Cash Used In Operating Activities | 3,100 | $ 13,700 | |||
Reorganization items, net | 335,560 | $ 0 | 0 | 0 | |
Reorganization Expenses, Professional Fees, Expense | 2,700 | ||||
Reorganization Expenses, Professional Fees, Lease Rejection Damages | 400 | ||||
Well Services [Member] | |||||
Reorganization, Chapter 11 [Line Items] | |||||
Identifiable Assets | 597,438 | $ 533,327 | |||
Shut Down Cost | $ 8,900 | ||||
Inventory write down | $ 6,500 | ||||
Other ShutDown Cost | $ 2,400 | ||||
Maximum [Member] | |||||
Reorganization, Chapter 11 [Line Items] | |||||
Bankruptcy Proceedings, Enterprise Value | 880,000 | ||||
Minimum [Member] | |||||
Reorganization, Chapter 11 [Line Items] | |||||
Bankruptcy Proceedings, Enterprise Value | 710,000 | ||||
Reorganization, Chapter 11, Predecessor, before Adjustment [Member] | |||||
Reorganization, Chapter 11 [Line Items] | |||||
Identifiable Assets | 1,497,411 | 1,456,800 | |||
Postconfirmation Liabilities | $ 2,076,125 | $ 2,076,100 |
Fresh Start Accounting - (Reorg
Fresh Start Accounting - (Reorganization of Assets) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Fresh Start Accounting [Abstract] | |
Selected Enterprise Value win Range | $ 729,918 |
Plus: Cash and cash equivalents | 172,768 |
Plus: Decommissioning Liabilities | |
Plus: Liabilities excluding the decommissioning liabilities | 380,496 |
Plus: Decommissioning liabilities | 173,622 |
Reorganization Value | $ 1,456,804 |
Fresh Start Accounting - (Fresh
Fresh Start Accounting - (Fresh Start) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 03, 2021 | Feb. 02, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Current assets: | |||||||
Cash and cash equivalents | $ 391,684 | $ 258,999 | $ 314,974 | $ 172,768 | $ 172,768 | $ 188,006 | |
Restricted Cash and Cash Equivalents, Current | 0 | 0 | 0 | 16,751 | 16,751 | 0 | |
Accounts receivable, net | 153,529 | ||||||
Income taxes receivable | 8,976 | ||||||
Prepaid Expense, Current | 18,614 | 17,299 | 31,630 | ||||
Inventory and Other Current Assets | 74,995 | 65,587 | 101,140 | ||||
Assets held for sale | 220,359 | ||||||
Total current assets | 780,625 | 616,612 | 705,153 | ||||
Property, plant and equipment, net | 294,960 | 282,376 | 540,850 | ||||
Operating lease right-of-use assets | 33,918 | ||||||
Goodwill | 138,934 | ||||||
Notes receivable | 72,484 | ||||||
Restricted Cash and Cash Equivalents, Noncurrent | 85,444 | 80,108 | 79,561 | $ 80,179 | 80,179 | $ 80,178 | |
Net Balance | 24,220 | ||||||
Total assets | 1,340,993 | 1,191,012 | 1,456,804 | ||||
Current liabilities: | |||||||
Accounts payable | 38,214 | 31,570 | 51,116 | ||||
Accrued expenses | 103,782 | 116,575 | 137,216 | ||||
Liabilities held for sale | 0 | 3,349 | 37,264 | ||||
Total current liabilities | 183,847 | 172,946 | 225,596 | ||||
Decommissioning liability | 148,652 | 150,901 | 169,515 | ||||
Operating lease liability | 11,338 | 14,634 | 23,555 | ||||
Deferred income taxes | 6,137 | 3,388 | 59,522 | ||||
Other long-term liabilities | 36,245 | 69,647 | 75,930 | ||||
Total non-current liabilities | 328,522 | ||||||
Liabilities subject to compromise | 1,572,772 | ||||||
Total liabilities | 380,082 | 408,128 | 554,118 | ||||
Stockholders’ equity (deficit): | |||||||
Common Stock $0.001 par value | 200 | ||||||
Additional paid-in capital | 902,486 | ||||||
Accumulated deficit | 49,321 | (125,699) | |||||
Total stockholders' equity | 960,911 | 782,884 | $ 741,733 | 902,686 | $ (338,647) | ||
Total liabilities and stockholders' equity | 1,340,993 | $ 1,191,012 | 1,456,804 | ||||
Reorganization, Chapter 11, Predecessor, before Adjustment [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 194,671 | ||||||
Accounts receivable, net | 153,518 | ||||||
Income taxes receivable | 9,146 | ||||||
Prepaid Expense, Current | 31,630 | ||||||
Inventory and Other Current Assets | 90,073 | ||||||
Assets held for sale | 240,761 | ||||||
Total current assets | 719,799 | ||||||
Property, plant and equipment, net | 401,263 | ||||||
Operating lease right-of-use assets | 32,488 | ||||||
Goodwill | 138,934 | ||||||
Notes receivable | 72,484 | ||||||
Restricted Cash and Cash Equivalents, Noncurrent | 80,179 | ||||||
Net Balance | 52,264 | ||||||
Total assets | 1,456,800 | 1,497,411 | |||||
Current liabilities: | |||||||
Accounts payable | 51,816 | ||||||
Accrued expenses | 126,768 | ||||||
Liabilities held for sale | 39,642 | ||||||
Total current liabilities | 218,226 | ||||||
Decommissioning liability | 134,934 | ||||||
Operating lease liability | 23,584 | ||||||
Deferred income taxes | 4,853 | ||||||
Other long-term liabilities | 121,756 | ||||||
Total non-current liabilities | 285,127 | ||||||
Liabilities subject to compromise | 1,572,772 | ||||||
Total liabilities | $ 2,076,100 | 2,076,125 | |||||
Stockholders’ equity (deficit): | |||||||
common stock $0.001 par value | 16 | ||||||
Additional paid-in capital | 2,757,824 | ||||||
Treasury Stock at Cost | (4,290) | ||||||
Accumulated other comprehensive loss, net | (67,532) | ||||||
Accumulated deficit | (3,264,732) | ||||||
Total stockholders' equity | (578,714) | ||||||
Total liabilities and stockholders' equity | 1,497,411 | ||||||
Reorganization Adjustments [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | (21,903) | ||||||
Restricted Cash and Cash Equivalents, Current | 16,751 | ||||||
Accounts receivable, net | 11 | ||||||
Total current assets | 5,141 | ||||||
Net Balance | (10,080) | ||||||
Total assets | (15,221) | ||||||
Current liabilities: | |||||||
Accounts payable | (700) | ||||||
Accrued expenses | 9,042 | ||||||
Liabilities held for sale | 1,614 | ||||||
Total current liabilities | 9,956 | ||||||
Decommissioning liability | 0 | ||||||
Operating lease liability | 0 | ||||||
Deferred income taxes | 3,100 | ||||||
Other long-term liabilities | 0 | ||||||
Total non-current liabilities | 3,100 | ||||||
Liabilities subject to compromise | (1,572,772) | ||||||
Total liabilities | (1,559,716) | ||||||
Stockholders’ equity (deficit): | |||||||
common stock $0.001 par value | (16) | ||||||
Additional paid-in capital | (2,757,824) | ||||||
Treasury Stock at Cost | 4,290 | ||||||
Common Stock $0.001 par value | 200 | ||||||
Additional paid-in capital | 902,486 | ||||||
Accumulated other comprehensive loss, net | 0 | ||||||
Accumulated deficit | 3,395,359 | ||||||
Total stockholders' equity | 1,544,495 | ||||||
Total liabilities and stockholders' equity | (15,221) | ||||||
Reorganization, Chapter 11, Fresh-Start Adjustment [Member] | |||||||
Current assets: | |||||||
Restricted Cash and Cash Equivalents, Current | 16,751 | ||||||
Income taxes receivable | (170) | ||||||
Inventory and Other Current Assets | 11,067 | ||||||
Assets held for sale | (20,402) | ||||||
Total current assets | (9,505) | ||||||
Property, plant and equipment, net | 139,587 | ||||||
Operating lease right-of-use assets | 1,430 | ||||||
Net Balance | 17,964 | ||||||
Total assets | (25,386) | ||||||
Current liabilities: | |||||||
Accounts payable | 0 | ||||||
Accrued expenses | 1,406 | ||||||
Liabilities held for sale | (3,992) | ||||||
Total current liabilities | (2,586) | ||||||
Decommissioning liability | 34,581 | ||||||
Operating lease liability | (29) | ||||||
Deferred income taxes | 51,569 | ||||||
Other long-term liabilities | (45,826) | ||||||
Total non-current liabilities | 40,295 | ||||||
Total liabilities | 37,709 | ||||||
Stockholders’ equity (deficit): | |||||||
Common Stock $0.001 par value | |||||||
Additional paid-in capital | 0 | ||||||
Accumulated other comprehensive loss, net | 67,532 | ||||||
Accumulated deficit | (130,627) | ||||||
Total stockholders' equity | (63,095) | ||||||
Total liabilities and stockholders' equity | $ (25,386) |
Fresh Start Accounting (Fresh S
Fresh Start Accounting (Fresh Start II) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||
Feb. 02, 2021 | Feb. 02, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 03, 2021 | Jan. 01, 2021 | |
Fresh Start, Parenthetical [Abstract] | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Reorganization Adjustments, Cash And Cash Equivalents [Abstract] | ||||||||
Payment of debtor in possession financing fees | $ (183) | |||||||
Payment of professional fees at the Emergence Date | (2,649) | |||||||
Payment of lease rejection damages classified as liabilities subject to compromise | (400) | |||||||
Transfers from cash to restricted cash for Professional Fees Escrow and General Unsecured Creditors Escrow | (16,751) | |||||||
Payment of debt issuance costs for the Credit Facility | (1,920) | |||||||
Net change in cash and cash equivalents | (21,903) | |||||||
Reorganization Adjustments, Restricted Cash [Abstract] | ||||||||
Restricted Cash and Cash Equivalents, Current | $ 16,751 | 16,751 | $ 0 | $ 0 | $ 0 | $ 16,751 | $ 0 | |
Debtor Reorganization Items, Accounts Receivables | 11 | |||||||
Reorganization Adjustments, Intangibles [Abstract] | ||||||||
Write-off of deferred financing costs related to the Delayed-Draw Term Loan | (12,000) | (12,000) | ||||||
Capitalization of debt issuance costs associated with the Credit Facility | 1,920 | |||||||
Net change in intangibles and other long-term assets | (10,080) | |||||||
Reorganization Adjustments, Accounts Payable [Abstract] | ||||||||
Payment of professional fees at the Emergence Date | (2,649) | |||||||
Professional fees recognized and payable at the Emergence Date | 1,949 | |||||||
Net change in accounts payable | (700) | |||||||
Reorganization Adjustments, Accrued Liabilities [Abstract] | ||||||||
Payment of debtor in possession financing fees | (183) | |||||||
Accrual of professional fees | 6,500 | |||||||
Accrual for transfer taxes | 1,900 | |||||||
Reinstatement of lease rejection liabilities to be settled post-emergence | 700 | |||||||
Accrual of general unsecured claims against parent | 125 | |||||||
Net change in accrued liabilities | 9,042 | |||||||
Liabilities Subject To Compromise, Settled [Abstract] | ||||||||
Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest | 1,335,794 | 1,335,794 | ||||||
Rejected lease liability claims | 4,956 | 4,956 | ||||||
Allowed Class 6 General Unsecured Claims against Parent | 232,022 | 232,022 | ||||||
Liabilities subject to compromise settled in accordance with the Plan | 1,572,772 | 1,572,772 | ||||||
Reorganization Adjustments, Gain (Loss) On Settlement[Abstract] | ||||||||
Accrued liabilities for lease rejection claims | (700) | |||||||
Lease liabilities settled at Emergence Date | (1,614) | |||||||
Payment to settle lease rejection claims | (400) | |||||||
Proceeds from rights offering | 963 | 963 | ||||||
Cash payout provided to cash opt-in noteholders | (952) | |||||||
Cash Pool to settle general unsecured claims against the Predecessor | (125) | |||||||
Issuance of Successor Class A common stock to prepetition noteholders (par value) | (193) | |||||||
Additional paid-in capital (Successor) | (869,311) | |||||||
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value) | (7) | |||||||
Additional paid-in capital (rights offering shares) | 33,175 | |||||||
Gain on settlement of liabilities subject to compromise | 667,258 | 667,258 | ||||||
Proceeds from rights offering | 963 | 963 | ||||||
Cash payout provided to cash opt-in noteholders | $ 952 | |||||||
Debtor Reorganization Items, Discount Price | $ 1.31 | |||||||
Debtor Reorganization Items, Implied Discount | $ 32,200 | |||||||
Debtor Reorganization Items, Implied Share Price | $ 45.14 | |||||||
Debtor Reorganization Items, Cancellation Of Common Stock | $ 16 | |||||||
Debtor Reorganization Items, Cancellation Of Treasury Stock | 4,300 | |||||||
Reorganization Adjustments, APIC [Abstract] | ||||||||
Extinguishment of APIC related to Predecessor's outstanding equity interests | (2,758,812) | |||||||
Extinguishment of RSUs for the Predecessor's incentive plan | 988 | |||||||
Net change in Predecessor's additional paid-in capital | (2,757,824) | |||||||
Reorganization Adjustments, APIC, Successor [Abstract] | ||||||||
Postconfirmation, Additional APIC, Common Shares | 869,311 | |||||||
Postconfirmation, Additional APIC, Rights Offering | 33,175 | |||||||
Postconfirmation, Change In APIC | 902,486 | |||||||
Reorganization Adjustments, Retained Earnings [Abstract] | ||||||||
Gain on settlement of liabilities subject to compromise | 667,258 | 667,258 | ||||||
Accrual for transfer tax | (1,900) | |||||||
Extinguishment of RSUs for the Predecessor's incentive plan | (988) | |||||||
Adjustment to net deferred tax liability taken to tax expense | (3,100) | |||||||
Professional fees earned and payable as a result of consummation of the Plan of Reorganization | (8,449) | |||||||
Debtor Reorganization Items, Debt Issuance Cost and Debt Discount, Writeoff | (12,000) | (12,000) | ||||||
Debtor Reorganization Items, Extinguishment Of Equity | 2,754,538 | |||||||
Net change in retained earnings | 3,395,359 | |||||||
Debtor Reorganization Items, Change In Income Tax Receivable | 170 | |||||||
Reorganization Adjustments, Change In Inventory And Other Current Assets [Abstract] | ||||||||
Fair value adjustment to inventory | 12,137 | |||||||
Fair value adjustment to other current assets | (1,070) | |||||||
Net change in inventory and other current assets due to the adoption of fresh start accounting | 11,067 | |||||||
Debtor Reorganization Items, Fair Value Adjustment, Assets Held For Sale | 3,500 | $ 16,500 | 20,400 | |||||
Debtor Reorganization Items, Fair Value Adjustment, PPE | $ 139,600 | |||||||
Reorganization Adjustments, PPE [Abstract] | ||||||||
Property, Plant and Equipment | 1,977,815 | 540,850 | ||||||
Less: Accumulated Depreciation and Depletion | 1,576,552 | |||||||
Property, Plant and Equipment, net | 401,263 | 540,850 | ||||||
Debtor Reorganization Items, Fair Value Adjustment, Right Of Use Assets | 1,400 | |||||||
Debtor Reorganization Items, Change In Goodwill | 138,900 | |||||||
Debtor Reorganization Items, Fair Value Adjustment, Intangible Assets | 1,400 | |||||||
Reorganization Adjustments, Intangible Assets [Abstract] | ||||||||
Debtor Reorganization Items, Intangible Assets, Fair Value | 4,912 | 4,912 | 6,286 | |||||
Debtor Reorganization Items, Change In Other Long Term Assets | 17,100 | |||||||
Debtor Reorganization Items, Fair Value Adjustment, Accrued Expenses | 1,400 | |||||||
Debtor Reorganization Items, Fair Value Adjustment, Current ARO | 400 | |||||||
Debtor Reorganization Items, Fair Value Adjustment, Non-Current ARO | 34,600 | |||||||
Debtor Reorganization Items, Change In Deferred Tax Liabilities | 70,400 | |||||||
Debtor Reorganization Items, Change In Realizable Deferred Tax Assets | 18,800 | |||||||
Debtor Reorganization Items, Reclassification Of Deferred Revenue | 45,800 | |||||||
Debtor Reorganization Items, FIN48 | 1,500 | |||||||
Debtor Reorganization Items, Reorganization Expense AOCI | (77,376) | |||||||
Debtor Reorganization Items, Cumulative Adjustment | (53,251) | |||||||
Debtor Reorganization Items, Elimination Of AOCI | (130,627) | |||||||
Patents | ||||||||
Reorganization Adjustments, Intangible Assets [Abstract] | ||||||||
Debtor Reorganization Items, Intangible Assets, Fair Value | 0 | 0 | 2,120 | |||||
TrademarksMember | ||||||||
Reorganization Adjustments, Intangible Assets [Abstract] | ||||||||
Debtor Reorganization Items, Intangible Assets, Fair Value | 11 | 11 | 4,166 | |||||
Customer relationships | ||||||||
Reorganization Adjustments, Intangible Assets [Abstract] | ||||||||
Debtor Reorganization Items, Intangible Assets, Fair Value | $ 4,901 | 4,901 | ||||||
Land, Buildings and Improvements [Member] | ||||||||
Reorganization Adjustments, PPE [Abstract] | ||||||||
Property, Plant and Equipment | 205,237 | 117,341 | ||||||
Machinery and Equipment [Member] | ||||||||
Reorganization Adjustments, PPE [Abstract] | ||||||||
Property, Plant and Equipment | 1,103,501 | 290,593 | ||||||
Rental Services Equipment [Member] | ||||||||
Reorganization Adjustments, PPE [Abstract] | ||||||||
Property, Plant and Equipment | 617,762 | 92,861 | ||||||
Other Capitalized Property Plant and Equipment [Member] | ||||||||
Reorganization Adjustments, PPE [Abstract] | ||||||||
Property, Plant and Equipment | 46,403 | 35,143 | ||||||
Construction in Progress [Member] | ||||||||
Reorganization Adjustments, PPE [Abstract] | ||||||||
Property, Plant and Equipment | $ 4,912 | $ 4,912 | ||||||
New Senior Unsecured Notes Due 2021 [Member] | ||||||||
Liabilities Subject To Compromise, Settled [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | 7.125% | ||||||
Senior Unsecured Notes Due 2024 [Member] | ||||||||
Liabilities Subject To Compromise, Settled [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | 7.75% | ||||||
Reorganization, Chapter 11, Fresh-Start Adjustment | ||||||||
Reorganization Adjustments, Restricted Cash [Abstract] | ||||||||
Restricted Cash and Cash Equivalents, Current | $ 16,751 | $ 16,751 | ||||||
Professional Fee Escrow | Reorganization, Chapter 11, Fresh-Start Adjustment | ||||||||
Reorganization Adjustments, Restricted Cash [Abstract] | ||||||||
Restricted Cash and Cash Equivalents, Current | 16,626 | 16,626 | ||||||
General Unsecured Creditors Escrow | Reorganization, Chapter 11, Fresh-Start Adjustment | ||||||||
Reorganization Adjustments, Restricted Cash [Abstract] | ||||||||
Restricted Cash and Cash Equivalents, Current | $ 125 | $ 125 | ||||||
Common Class A [Member] | ||||||||
Fresh Start, Parenthetical [Abstract] | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.01 | $ 0.01 | ||||
Reorganization Adjustments, Changes In Common Stock [Abstract] | ||||||||
Issuance of successor Class A common stock to prepetition noteholders (par value) | $ 193 | |||||||
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value) | 7 | |||||||
Net change in Successor Class A common stock | $ 200 |
Fresh Start Accounting - (Reo_2
Fresh Start Accounting - (Reorganization) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 02, 2021 | Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fresh Start Accounting [Abstract] | |||||
Gain on settlement of liabilities subject to compromise | $ 667,258 | $ 667,258 | |||
Allowed claim adjustment for Class 6 claims | 232,022 | ||||
Loss on fresh start adjustment | (77,376) | ||||
Professional fees | (16,005) | ||||
Rejected leases | 13,347 | ||||
Debtor in possession credit facility costs | (12,000) | ||||
Lease rejection damages | (4,956) | ||||
Extinguishment of RSUs for the Predecessor's incentive plan | (988) | ||||
Other items | (1,698) | ||||
Total reorganization items, net | 335,560 | $ 0 | $ 0 | $ 0 | |
Adjustment for discontinued operations | $ 16,400 |
Revenue (Disaggregation Of Reve
Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 45,928 | $ 648,754 | $ 919,420 | $ 883,960 |
Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 18,339 | 268,695 | 452,249 | 402,942 |
Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 27,589 | 380,059 | 467,171 | 481,018 |
U.S. Land [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 8,296 | 107,565 | 192,510 | 185,300 |
U.S. Land [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 4,917 | 87,432 | 166,938 | 160,742 |
U.S. Land [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 3,379 | 20,133 | 25,572 | 24,558 |
U.S. Offshore [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 15,567 | 197,058 | 268,336 | 263,729 |
U.S. Offshore [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 8,196 | 103,646 | 161,771 | 140,881 |
U.S. Offshore [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 7,371 | 93,412 | 106,565 | 122,848 |
International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 22,065 | 344,131 | 458,574 | 434,931 |
International [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 5,226 | 77,617 | 123,540 | 101,319 |
International [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 16,839 | $ 266,514 | $ 335,034 | $ 333,612 |
Revenue (Disaggregation Of Re_2
Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 45,928 | $ 648,754 | $ 919,420 | $ 883,960 |
Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 18,339 | 268,695 | 452,249 | 402,942 |
Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 27,589 | 380,059 | 467,171 | 481,018 |
Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 19,234 | 305,699 | 357,936 | 386,775 |
Services [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,005 | 33,629 | 71,088 | 53,029 |
Services [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 17,229 | 272,070 | 286,848 | 333,746 |
Rentals Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 14,434 | 208,951 | 346,728 | 309,314 |
Rentals Services [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 14,082 | 197,050 | 330,475 | 299,128 |
Rentals Services [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 352 | 11,901 | 16,253 | 10,186 |
Product Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 12,260 | 134,104 | 214,756 | 187,871 |
Product Sales [Member] | Rentals [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | 2,252 | 38,016 | 50,686 | 50,786 |
Product Sales [Member] | Well Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenues | $ 10,008 | $ 96,088 | $ 164,070 | $ 137,085 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 41,082 | $ 36,136 |
Raw materials | 10,379 | 8,351 |
Work-in-process | 8,025 | 4,718 |
Supplies and consumables | 15,509 | 16,382 |
Total | $ 74,995 | $ 65,587 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods inventory | $ 25 | $ 20.7 |
Decommissioning Liability - Sch
Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Decommissioning Liability | $ 170,283 | $ 160,671 |
Less: Note Receivable | (69,005) | (69,679) |
Decommissioning Liability, net of Note Receivable | 101,278 | 90,992 |
Well Services [Member] | ||
Decommissioning Liability | 96,603 | 96,171 |
Platform Service [Member] | ||
Decommissioning Liability | $ 73,680 | $ 64,500 |
Decommissioning Liability (Narr
Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Decommissioning Liability, Noncurrent | $ 11.4 | $ 53 |
Decommissioning costs | 11.5 | |
Capitalized Costs, Asset Retirement Costs | 16 | 38.2 |
Gain recognized from changes in cost and timing | $ 17.4 | |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | $ 2.6 |
Decommissioning Liability - S_2
Decommissioning Liability - Schedule of Decommissioning Program Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Decommissioning Liability | $ 170,283 | $ 160,671 |
Note receivable | (69,005) | (69,679) |
Oil And Gas Producing Assets Net | 101,278 | 90,992 |
Platform Service [Member] | ||
Decommissioning Liability | 73,680 | 64,500 |
Well Services [Member] | ||
Decommissioning Liability | 96,603 | $ 96,171 |
Two Thousand And Twenty Three Activity [Member] | ||
Decommissioning Liability | (1,806) | |
Note receivable | (3,935) | |
Oil And Gas Producing Assets Net | (5,741) | |
Two Thousand And Twenty Three Activity [Member] | Platform Service [Member] | ||
Decommissioning Liability | 3,800 | |
Two Thousand And Twenty Three Activity [Member] | Well Services [Member] | ||
Decommissioning Liability | (5,606) | |
Two Thousand And Twenty Three Revision [Member] | ||
Decommissioning Liability | 11,418 | |
Note receivable | 4,609 | |
Oil And Gas Producing Assets Net | 16,027 | |
Two Thousand And Twenty Three Revision [Member] | Platform Service [Member] | ||
Decommissioning Liability | 5,380 | |
Two Thousand And Twenty Three Revision [Member] | Well Services [Member] | ||
Decommissioning Liability | $ 6,038 |
Decommissioning Liability - S_3
Decommissioning Liability - Schedule of Decommissioning Program Activity (Parenthetical) (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Accretion Expense | $ 0.5 | $ 9.3 | $ 9.7 | $ 9.5 |
Decommissioning costs | 11.5 | |||
Interest income | $ 0.4 | $ 3.9 | $ 3.9 | $ 3.8 |
Decommissioning Liability - S_4
Decommissioning Liability - Schedule of Accretion Expense (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Accretion expense | $ 0.5 | $ 9.3 | $ 9.7 | $ 9.5 |
Note Receivable (Narrative) (De
Note Receivable (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Note receivable | $ 69,005 | $ 69,679 |
Change In Gross Amount Of Sellers Obligation | $ 108,400 | |
Notes Receivable, Seller Obligation [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Interest rate percentage to record present value of notes receivable | 7.20% |
Note Receivable (Schedule Of No
Note Receivable (Schedule Of Non-cash Interest Income Related To Note Receivable) (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||||
Interest income | $ 0.4 | $ 3.9 | $ 3.9 | $ 3.8 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Summary of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 02, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 582,502 | $ 519,066 | |
Accumulated depreciation and depletion | (287,542) | (236,690) | |
Property, plant and equipment, net | 294,960 | 282,376 | $ 540,850 |
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 422,071 | 378,907 | |
Buildings, Improvements And Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 66,746 | 70,816 | |
Automobiles, Trucks, Tractors and Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 8,106 | 6,376 | |
Furniture And Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 22,746 | 19,373 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 8,195 | 5,185 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 25,654 | 26,695 | |
Oil and Gas Producing Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 28,984 | $ 11,714 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Property, Plant and Equipment [Abstract] | |||
Leasehold Improvements, Gross | $ 6 | $ 7.1 | |
Asset Retirement Costs | $ 16 | $ 38.2 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net (Summary of Depreciation and Depletion Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 68,100 | $ 84,005 |
Depletion | 2,305 | 3,615 |
Total depreciation and depletion | $ 70,405 | $ 87,620 |
Leases (Operating Lease Expense
Leases (Operating Lease Expense) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||||
Long-term fixed lease expense | $ 1,824 | $ 12,579 | $ 8,477 | $ 9,761 |
Long-term variable lease expense | 19 | 0 | 0 | 2 |
Short-term lease expense | 789 | 10,165 | 8,771 | 22,705 |
Total operating lease expense | $ 2,632 | $ 22,744 | $ 17,248 | $ 32,468 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Leases [Abstract] | |
Weighted average remaining lease term | 19 years |
Weighted average discount rate | 5.33% |
Cash paid for operating leases | $ 6,828 |
ROU assets obtained in exchange for lease obligations | $ 4,621 |
Leases (Maturities Of Operating
Leases (Maturities Of Operating Lease Liabilities) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 6,998 |
2025 | 5,242 |
2026 | 2,467 |
2027 | 997 |
2028 | 832 |
Thereafter | 14,909 |
Total lease payments | 31,445 |
Less imputed interest | (15,671) |
Total operating lease liabilities | $ 15,774 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 06, 2023 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 140 | |
Letters of Credit Outstanding, Amount | $ 31.5 | |
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] | Senior Secured Asset-Based Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 140 | |
Letters of Credit Outstanding, Amount | $ 40 |
Equity and Earnings per Share_2
Equity and Earnings per Share (Additional Information) (Details) - $ / shares | Dec. 31, 2023 | Dec. 18, 2023 | Dec. 31, 2022 | Feb. 02, 2021 |
Common stock, par value | $ 0.001 | |||
Common Class A [Member] | ||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.001 | |
Common Class B [Member] | ||||
Common stock, par value | $ 0.01 | $ 0.01 |
Equity and Earnings per Share_3
Equity and Earnings per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares outstanding - basic | 14,845 | 19,998 | 20,126 | 20,024 |
Potentially dilutive stock awards and units | 60 | 0 | 26 | 63 |
Weighted-average shares outstanding - diluted | 14,905 | 19,998 | 20,152 | 20,087 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 shares | |
Restricted Stock Units (RSUs) [Member] | Equal Installments [Member] | |
Cancelled stock incentive plans | |
Share-based payment vesting period, years | 3 years |
Performance Share Units [Member] | Minimum [Member] | |
Cancelled stock incentive plans | |
Percentage of achievement of share price based on target award | 25% |
Performance Share Units [Member] | Maximum [Member] | |
Cancelled stock incentive plans | |
Percentage of achievement of share price based on target award | 100% |
Management Incentive Plan [Member] | |
Cancelled stock incentive plans | |
Common stock reserved for issuance | 1,999,869 |
401K [Member] | |
Cancelled stock incentive plans | |
Maximum empoyee contribution | 75% |
Maximum portion of base salary to defer under non-qualified deferred compensation plan | 100% |
Maximum Portion of Base Salary to Defer under Non Qualified Deferred Compensation Plan | 4% |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Issuances Under Management Incentive Plan (Details) - Management Incentive Plan [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, beginning | 228,188 | 126,865 |
Vested | (106,357) | (58,942) |
Granted | 160,265 | |
Awards outstanding, ending | 121,831 | 228,188 |
Unamortized grant date fair value, beginning | 8,100,000 | 3,800,000 |
Unamortized grant date fair value, ending | 4,000,000 | 8,100,000 |
June 2021 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, beginning | 29,976 | 76,269 |
Vested | (14,988) | (46,293) |
Awards outstanding, ending | 14,988 | 29,976 |
Estimated grant date fair value | $ 39,530 | |
Unamortized grant date fair value, beginning | 800,000 | 2,400,000 |
Unamortized grant date fair value, ending | 200,000 | 800,000 |
July/August 2021 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, beginning | 37,947 | 50,596 |
Vested | (37,947) | (12,649) |
Granted | 0 | |
Awards outstanding, ending | 0 | 37,947 |
Estimated grant date fair value | $ 39,530 | |
Unamortized grant date fair value, beginning | 0 | 1,400,000 |
Unamortized grant date fair value, ending | 0 | 0 |
March 2022 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, beginning | 72,050 | 0 |
Vested | (24,017) | 0 |
Granted | 72,050 | |
Awards outstanding, ending | 48,033 | 72,050 |
Estimated grant date fair value | $ 58,800 | |
Unamortized grant date fair value, beginning | 3,100,000 | 0 |
Unamortized grant date fair value, ending | 1,600,000 | 3,100,000 |
July 2022 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Awards outstanding, beginning | 88,215 | 0 |
Vested | (29,405) | 0 |
Granted | 88,215 | |
Awards outstanding, ending | 58,810 | 88,215 |
Estimated grant date fair value | $ 58,800 | |
Unamortized grant date fair value, beginning | 4,200,000 | 0 |
Unamortized grant date fair value, ending | 2,200,000 | 4,200,000 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Compensation expense associated with RSA and RSU grants (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Unit And Awards [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation Expense | $ 4,123 | $ 4,807 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Summary of Contribution Plan (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
401K [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
401 (K) contribution plan | $ 0.4 | $ 2.6 | $ 3.2 | $ 3.1 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Schedule of Payments to Eligible Participants in the SERP (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
SERP [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Payments to participants in SERP | $ 0 | $ 3.4 | $ 0.2 | $ 1.7 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Mar. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Current, federal | $ 0 | $ (1,106) | $ (205) | $ (50) | |
Current, state | 0 | (307) | 576 | 945 | |
Current, foreign | 3,314 | 6,220 | 36,111 | 23,738 | |
Current, total | 3,314 | 4,807 | (36,892) | 24,633 | |
Deferred, federal | 55,015 | (42,904) | 44,712 | (83,420) | |
Deferred, state | (182) | 2,633 | (886) | 165 | |
Deferred, foreign | 1,856 | 2,166 | (20,977) | (19,097) | |
Deferred income taxes | 56,689 | $ 7,600 | (38,105) | 22,849 | (102,352) |
Income tax (expense) benefit | $ 60,003 | $ (33,298) | $ 59,741 | $ (77,719) |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Computed expected tax benefit | $ 69,125 | $ (32,635) | $ 49,211 | $ 44,798 |
State and foreign income taxes | 6,217 | (17,893) | 17,249 | (350) |
Foreign Tax Credit | 15,022 | 5,161 | ||
Valuation allowance | (46,208) | (4,580) | (13,140) | |
Release of unrecognized tax benefits | (9,897) | |||
Non-recurring non-deductible | 3,498 | |||
Foreign income inclusion in US | 10,270 | |||
Gain on Settlement of Liabilities Subject to Compromise | (89,905) | 0 | 0 | 0 |
Reduction in value of assets | 87,316 | 19,154 | 0 | 0 |
Fresh Start Adjustments | 29,099 | 0 | 0 | 0 |
Worthless stock deduction | 0 | 0 | 6,781 | (103,992) |
Other | 4,359 | (1,924) | 2,231 | 126 |
Income tax (expense) benefit | $ 60,003 | $ (33,298) | $ 59,741 | $ (77,719) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Feb. 02, 2021 | Mar. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 03, 2021 | Jan. 01, 2021 | |
Net operating loss carryforwards | $ 90,000,000 | |||||||
Limitation on operating loss carryforward usage as percent of taxable income | 80% | |||||||
Deferred tax assets, state net operating loss carryforwards | $ 16,900,000 | |||||||
Unrecognized tax benefits | $ 14,706,000 | $ 14,973,000 | 4,112,000 | $ 14,009,000 | $ 14,973,000 | $ 14,706,000 | $ 13,206,000 | |
Deferred income taxes | 56,689,000 | $ 7,600,000 | (38,105,000) | 22,849,000 | (102,352,000) | |||
Unrecognized tax benefits settlement due | 900,000 | |||||||
Interest and penalties accrued | 6,900,000 | 1,900,000 | 7,200,000 | 6,900,000 | ||||
Reduction to unrecognized tax benefits, foreign tax audits | 2,029,000 | 112,000 | 1,277,000 | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 50,000,000 | |||||||
Worthless stock deduction | 0 | 0 | 6,781,000 | (103,992,000) | ||||
Income tax (expense) benefit | $ 60,003,000 | (33,298,000) | 59,741,000 | $ (77,719,000) | ||||
Tax benefits, foreign uncertain tax positions | $ 9,900,000 | |||||||
Effective tax reconciliation, federal statutory rate | 21% | |||||||
Effective income tax rate reconciliation, OECD income tax rate | 15% | |||||||
Expiring 2024 to 2033 | ||||||||
Foreign tax credit carryforward | $ 77,600,000 | |||||||
Domestic Subsidiaries [Member] | ||||||||
Gain loss from extinguishment of debt | 433,000,000 | |||||||
Deferred tax assets, state net operating loss carryforwards | $ 19,200 | $ 19,200 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 02, 2021 |
Deferred tax assets: | |||
Allowance for doubtful accounts | $ 1,159 | $ 1,374 | |
U.S. operating loss and tax credit carryforwards | 163,823 | 157,395 | |
Compensation and employee benefits | 6,843 | 7,376 | |
Decommissioning liabilities | 38,989 | 39,328 | |
Goodwill and other intangible assets | 63 | 369 | |
Operating leases | 147 | 126 | |
Foreign deferred tax assets | 45,003 | 38,780 | |
Other assets | 9,779 | 13,565 | |
Deferred tax assets, gross | 265,806 | 258,313 | |
Valuation allowance | (132,031) | (80,280) | |
Total deferred tax assets | 133,775 | 178,033 | |
Deferred tax liabilities: | |||
Property, plant and equipment | 53,613 | 64,571 | |
Notes receivable | 17,659 | 17,812 | |
Other Liability | 1,399 | 1,546 | |
Total deferred tax liabilities | 72,671 | 83,929 | |
Net deferred tax assets (liabilities) | 61,104 | 94,104 | |
Deferred Income Tax Assets, Net | 67,241 | 97,492 | |
Deferred Income Tax Liabilities, Net | $ 6,137 | $ 3,388 | $ 59,522 |
Income Taxes (Summary Of Activi
Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits at beginning of period | $ 14,706 | $ 14,009 | $ 14,973 | |
Additions based on tax positions related to prior years | $ 1,500 | 2,848 | 55 | 569 |
Reductions based on tax positions related to prior years | (552) | (75) | (334) | |
Additions based on tax positions related to current year | 0 | 0 | 78 | |
Reductions as a result of a lapse of the applicable statute of limitations | 0 | (9,765) | 0 | |
Reductions relating to settlements with taxing authorities | (2,029) | (112) | (1,277) | |
Unrecognized tax benefits at end of period | $ 14,706 | $ 14,973 | $ 4,112 | $ 14,009 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets held for sale | $ 0 | $ 11,978 |
Noncurrent deferred tax assets | 67,241 | 97,492 |
Corporate And Other [Member] | ||
Noncurrent deferred tax assets | $ 67,200 | $ 97,500 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 45,928 | $ 648,754 | $ 919,420 | $ 883,960 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 29,773 | 422,252 | 474,127 | 476,951 |
Depreciation, depletion, amortization and accretion | 8,358 | 219,859 | 81,068 | 98,060 |
General and administrative expenses | 11,052 | 117,575 | 125,659 | 128,294 |
Restructuring expenses | 1,270 | 22,952 | 3,294 | 6,375 |
Other (gains) and losses, net | 16,726 | (6,549) | (29,134) | |
Income (loss) from operations | (4,525) | (150,610) | 241,821 | 203,414 |
Rentals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 18,339 | 268,695 | 452,249 | 402,942 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 7,839 | 105,373 | 149,835 | 137,626 |
Depreciation, depletion, amortization and accretion | 4,271 | 152,250 | 49,414 | 58,731 |
General and administrative expenses | 2,027 | 24,812 | 28,475 | 28,139 |
Other (gains) and losses, net | 3,609 | (495) | (5,190) | |
Income (loss) from operations | 4,202 | (17,349) | 225,020 | 183,636 |
Well Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 27,589 | 380,059 | 467,171 | 481,018 |
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion) | 21,934 | 316,879 | 324,292 | 339,325 |
Depreciation, depletion, amortization and accretion | 3,666 | 61,074 | 28,796 | 34,841 |
General and administrative expenses | 4,111 | 46,780 | 44,267 | 45,898 |
Other (gains) and losses, net | 13,117 | (5,000) | (23,575) | |
Income (loss) from operations | (2,122) | (57,791) | 74,816 | 84,529 |
Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion, amortization and accretion | 421 | 6,535 | 2,858 | 4,488 |
General and administrative expenses | 4,914 | 45,983 | 52,917 | 54,257 |
Restructuring expenses | 1,270 | 22,952 | 3,294 | 6,375 |
Other (gains) and losses, net | (1,054) | (369) | ||
Income (loss) from operations | $ (6,605) | $ (75,470) | $ (58,015) | $ (64,751) |
Segment Information (Schedule_2
Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 02, 2021 |
Segment Reporting Information [Line Items] | |||
Identifiable Assets | $ 1,340,993 | $ 1,191,012 | $ 1,456,804 |
Rentals [Member] | |||
Segment Reporting Information [Line Items] | |||
Identifiable Assets | 553,706 | 432,437 | |
Well Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Identifiable Assets | 597,438 | 533,327 | |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Identifiable Assets | $ 189,849 | $ 225,248 |
Segment Information (Schedule_3
Segment Information (Schedule Of Capital Expenditures, By Segment) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 3,035 | $ 34,152 | $ 74,496 | $ 65,784 |
Rentals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | 2,429 | 27,335 | 58,962 | 54,126 |
Well Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 606 | $ 6,817 | 12,103 | 10,729 |
Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 3,431 | $ 929 |
Segment Information (Schedule_4
Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 294,960 | $ 282,376 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 232,629 | 212,534 |
International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 62,331 | $ 69,842 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - Non Qualified Deferred Compensation Assets and Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets, net | $ 17,079 | $ 16,299 |
Accrued expense | 1,797 | 1,831 |
Other liabilities | $ 15,589 | $ 15,855 |
Other Income (Expense) Schedule
Other Income (Expense) Schedule of Foreign currency losses (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | ||||
Loss on foreign currency | $ 2.1 | $ 8.8 | $ 12.8 | $ 12.6 |
Other Income (Expense) (Narrati
Other Income (Expense) (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 11 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Loss on foreign currency expense | $ 2.7 | |
Gain on sale of assets, discontinued operation | $ 4.1 | 34.7 |
Equity Securities, FV-NI, Realized Gain (Loss) | $ 0.4 | $ 8.9 |
Select Common Stock | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Number of shares disposed | 0.7 | 4.1 |
Blue Chip Swap Securities (Addi
Blue Chip Swap Securities (Additional Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 02, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||||||
Proceeds from sales of Blue Chip Swap securities | $ 0 | $ 4,300 | $ 9,700 | $ 0 | $ 13,912 | $ 0 |
Derivative exchange rate premium percentage | 184% | 123% | ||||
Loss on Blue Chip Swap securities | $ 0 | $ 0 | $ (19,856) | $ 0 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | May 31, 2023 USD ($) |
Whatcom County Superi or Court [Member] | |
Loss Contingencies [Line Items] | |
Income Tax Examination, Estimate of Possible Loss | $ 27.1 |
Discontinued Operations (Compon
Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation, depletion, amortization and accretion | $ 8,358 | $ 219,859 | $ 81,068 | $ 98,060 |
General and administrative expenses | 11,052 | 117,575 | 125,659 | 128,294 |
Other (gains) and losses, net | 0 | 16,726 | (6,549) | (29,134) |
Net income (loss) from operations | (4,525) | (150,610) | 241,821 | 203,414 |
Other income (expense) | (2,105) | (7,128) | (13,391) | (1,804) |
Income (loss) from discontinued operations, net of income tax | (352) | (40,069) | 426 | (4,577) |
Pumpco [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 10,719 | 90,682 | 0 | 0 |
Cost of services | 10,398 | 85,191 | 0 | 0 |
Depreciation, depletion, amortization and accretion | 2,141 | 31,502 | 0 | 0 |
General and administrative expenses | 1,119 | 8,847 | 590 | 8,043 |
Other (gains) and losses, net | 0 | 15,807 | (1,129) | (2,249) |
Net income (loss) from operations | (2,939) | (50,665) | 539 | (5,794) |
Other income (expense) | 2,485 | 188 | 0 | 0 |
Loss from discontinued operations before tax | (454) | (50,477) | 539 | (5,794) |
Income tax benefit (expense) | 102 | 10,408 | (113) | 1,217 |
Income (loss) from discontinued operations, net of income tax | $ (352) | $ (40,069) | $ 426 | $ (4,577) |
Discontinued Operations (Assets
Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - Pumpco Member - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | $ 0 | $ 350 |
Property, plant and equipment, net | 0 | 11,468 |
Other assets | 0 | 160 |
Total assets held for sale | 0 | 11,978 |
Accounts payable | 0 | 86 |
Accrued expenses | 0 | 3,192 |
Other liabilities | 0 | 71 |
Total liabilities held for sale | $ 0 | $ 3,349 |
Discontinued Operation (Cash Fl
Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other gains, net | $ 0 | $ 16,726 | $ (6,549) | $ (29,134) |
Pumpco Member | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other gains, net | $ 0 | $ 15,807 | (1,129) | (2,249) |
Proceeds from sales of assets | $ 13,020 | $ 20,110 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 03, 2021 | Feb. 02, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Information [Abstract] | |||||||
Cash and cash equivalents | $ 391,684 | $ 258,999 | $ 314,974 | $ 172,768 | $ 172,768 | $ 188,006 | |
Restricted cash-current | 0 | 0 | 0 | 16,751 | 16,751 | 0 | |
Restricted cash-non-current | 85,444 | 80,108 | 79,561 | 80,179 | 80,179 | 80,178 | |
Cash, cash equivalents, and restricted cash | $ 477,128 | $ 339,107 | $ 394,535 | $ 269,698 | $ 269,698 | $ 268,184 | $ 268,184 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 13, 2024 | Dec. 31, 2022 |
Subsequent Event [Line Items] | ||
Special dividend | $ 12.45 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Special dividend date to be paid | Mar. 12, 2024 | |
Common Class A [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Special dividend | $ 12.38 |