ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 81-4808566 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | |||
Emerging growth company | ¨ |
Page | ||
Consolidated Statements of Operations for the three months ended June 30, 2018 and 2017 | ||
Consolidated Statements of Operations for the six months ended June 30, 2018 and 2017 (Successor) and on January 1, 2017 (Predecessor) | ||
Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2018 and 2017 (Successor) and on January 1, 2017 (Predecessor) | ||
June 30, 2018 | December 31, 2017 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 110,042 | $ | 113,887 | ||||
Accounts receivable, net of allowance of $5,002 at June 30, 2018 and $4,269 at December 31, 2017 | 411,165 | 367,906 | ||||||
Inventories, net | 83,092 | 77,793 | ||||||
Prepaid and other current assets | 32,503 | 33,011 | ||||||
Total current assets | 636,802 | 592,597 | ||||||
Property, plant and equipment, net of accumulated depreciation of $227,160 at June 30, 2018 and $133,755 at December 31, 2017 | 746,814 | 703,029 | ||||||
Other assets: | ||||||||
Goodwill | 146,015 | 147,515 | ||||||
Intangible assets, net | 119,445 | 123,837 | ||||||
Deferred financing costs, net of accumulated amortization of $2,464 at June 30, 2018 and $608 at December 31, 2017 | 4,667 | 3,379 | ||||||
Other noncurrent assets | 28,967 | 38,500 | ||||||
Total assets | $ | 1,682,710 | $ | 1,608,857 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 187,166 | $ | 138,624 | ||||
Payroll and related costs | 41,014 | 52,812 | ||||||
Accrued expenses | 59,110 | 67,414 | ||||||
Total current liabilities | 287,290 | 258,850 | ||||||
Deferred tax liabilities | 2,560 | 3,917 | ||||||
Other long-term liabilities | 26,464 | 24,668 | ||||||
Total liabilities | 316,314 | 287,435 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Common stock, par value of $0.01, 1,000,000,000 shares authorized, 68,386,944 and 68,546,820 issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 684 | 686 | ||||||
Additional paid-in capital | 1,307,585 | 1,298,859 | ||||||
Accumulated other comprehensive loss | (260 | ) | (580 | ) | ||||
Retained earnings | 58,387 | 22,457 | ||||||
Total stockholders' equity | 1,366,396 | 1,321,422 | ||||||
Total liabilities and stockholders’ equity | $ | 1,682,710 | $ | 1,608,857 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | ||||||
(Unaudited) | |||||||
Revenue | $ | 610,521 | $ | 390,143 | |||
Costs and expenses: | |||||||
Direct costs | 463,602 | 310,473 | |||||
Selling, general and administrative expenses | 59,908 | 61,165 | |||||
Research and development | 1,681 | 2,052 | |||||
Depreciation and amortization | 54,387 | 32,833 | |||||
(Gain) loss on disposal of assets | 49 | (3,136 | ) | ||||
Operating income (loss) | 30,894 | (13,244 | ) | ||||
Other income (expense): | |||||||
Interest expense, net | (2,185 | ) | (414 | ) | |||
Other income (expense), net | (1,106 | ) | (1,456 | ) | |||
Total other income (expense) | (3,291 | ) | (1,870 | ) | |||
Income (loss) before income taxes | 27,603 | (15,114 | ) | ||||
Income tax benefit | (893 | ) | (2,393 | ) | |||
Net income (loss) | $ | 28,496 | $ | (12,721 | ) | ||
Net income (loss) per common share: | |||||||
Basic | $ | 0.42 | $ | (0.20 | ) | ||
Diluted | $ | 0.42 | $ | (0.20 | ) | ||
Weighted average common shares outstanding: | |||||||
Basic | 67,268 | 62,232 | |||||
Diluted | 67,268 | 62,232 |
Successor | Predecessor | |||||||||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | On January 1, 2017 | ||||||||||
(Unaudited) | ||||||||||||
Revenue | $ | 1,163,521 | $ | 704,337 | $ | — | ||||||
Costs and expenses: | ||||||||||||
Direct costs | 882,599 | 572,216 | — | |||||||||
Selling, general and administrative expenses | 125,843 | 123,257 | — | |||||||||
Research and development | 3,553 | 3,269 | — | |||||||||
Depreciation and amortization | 100,730 | 64,439 | — | |||||||||
Gain on disposal of assets | (440 | ) | (9,192 | ) | — | |||||||
Operating income (loss) | 51,236 | (49,652 | ) | — | ||||||||
Other income (expense): | ||||||||||||
Interest expense, net | (2,613 | ) | (1,105 | ) | — | |||||||
Other income (expense), net | (486 | ) | 106 | — | ||||||||
Total other income (expense) | (3,099 | ) | (999 | ) | — | |||||||
Income (loss) before reorganization items and income taxes | 48,137 | (50,651 | ) | — | ||||||||
Reorganization items | — | — | (293,969 | ) | ||||||||
Income tax benefit | (953 | ) | (5,629 | ) | (4,613 | ) | ||||||
Net income (loss) | $ | 49,090 | $ | (45,022 | ) | $ | 298,582 | |||||
Net income (loss) per common share: | ||||||||||||
Basic | $ | 0.73 | $ | (0.76 | ) | $ | 2.52 | |||||
Diluted | $ | 0.73 | $ | (0.76 | ) | $ | 2.52 | |||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 67,227 | 58,913 | 118,633 | |||||||||
Diluted | 67,267 | 58,913 | 118,633 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | ||||||
(Unaudited) | |||||||
Net income (loss) | $ | 28,496 | $ | (12,721 | ) | ||
Other comprehensive income (loss): | |||||||
Foreign currency translation gain, net of tax | 690 | 409 | |||||
Comprehensive income (loss) | $ | 29,186 | $ | (12,312 | ) |
Successor | Predecessor | |||||||||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | On January 1, 2017 | ||||||||||
(Unaudited) | ||||||||||||
Net income (loss) | $ | 49,090 | $ | (45,022 | ) | $ | 298,582 | |||||
Other comprehensive income (loss): | ||||||||||||
Foreign currency translation gain (loss), net of tax | 320 | (304 | ) | — | ||||||||
Comprehensive income (loss) | $ | 49,410 | $ | (45,326 | ) | $ | 298,582 |
Common Stock | Additional Paid-in Capital | Other Comprehensive Loss | Retained Earnings (Deficit) | Total | |||||||||||||||||||
Number of Shares | Amount, at $0.01 par value | ||||||||||||||||||||||
Balance, December 31, 2016 (Predecessor) | 119,530 | 1,195 | 1,009,426 | (2,600 | ) | (1,306,591 | ) | (298,570 | ) | ||||||||||||||
Cancellation of Predecessor equity | (119,530 | ) | (1,195 | ) | (1,009,426 | ) | 2,600 | 1,306,591 | 298,570 | ||||||||||||||
Issuance of New Equity and New Warrants | 40,000 | 400 | 725,464 | — | — | 725,864 | |||||||||||||||||
Rights Offering | 15,464 | 155 | 199,845 | — | — | 200,000 | |||||||||||||||||
Balance, January 1, 2017 (Successor) | 55,464 | 555 | 925,309 | — | — | 925,864 | |||||||||||||||||
Public offering of common stock, net of offering costs | 7,050 | 71 | 215,849 | — | — | 215,920 | |||||||||||||||||
Issuance of stock for business acquisition | 4,420 | 44 | 138,122 | — | — | 138,166 | |||||||||||||||||
Issuance of restricted stock, net of forfeitures | 1,718 | 17 | (17 | ) | — | — | — | ||||||||||||||||
Exercise of warrants | 2 | — | — | — | — | — | |||||||||||||||||
Employee tax withholding on restricted stock vesting | (107 | ) | (1 | ) | (3,841 | ) | — | — | (3,842 | ) | |||||||||||||
Share-based compensation | — | — | 23,437 | — | — | 23,437 | |||||||||||||||||
Net income | — | — | — | — | 22,457 | 22,457 | |||||||||||||||||
Foreign currency translation loss, net of tax | — | — | — | (580 | ) | — | (580 | ) | |||||||||||||||
Balance, December 31, 2017 (Successor) | 68,547 | $ | 686 | $ | 1,298,859 | $ | (580 | ) | $ | 22,457 | $ | 1,321,422 | |||||||||||
Cumulative effect from change in accounting principle | — | — | — | — | (13,160 | ) | (13,160 | ) | |||||||||||||||
Issuance of restricted stock, net of forfeitures | (80 | ) | (1 | ) | 1 | — | — | — | |||||||||||||||
Employee tax withholding on restricted stock vesting | (80 | ) | (1 | ) | (2,192 | ) | — | — | (2,193 | ) | |||||||||||||
Share-based compensation | — | — | 10,917 | — | — | 10,917 | |||||||||||||||||
Net income | — | — | — | — | 49,090 | 49,090 | |||||||||||||||||
Foreign currency translation gain, net of tax | — | — | — | 320 | — | 320 | |||||||||||||||||
Balance, June 30, 2018 (Successor) * | 68,387 | 684 | 1,307,585 | (260 | ) | 58,387 | 1,366,396 |
* | Unaudited |
Successor | Predecessor | ||||||||||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | On January 1, 2017 | |||||||||||
(Unaudited) | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income (loss) | $ | 49,090 | $ | (45,022 | ) | $ | 298,582 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||
Depreciation and amortization | 100,730 | 64,439 | — | ||||||||||
Deferred income taxes | (1,112 | ) | — | (4,613 | ) | ||||||||
Provision for doubtful accounts | 1,497 | 2,032 | — | ||||||||||
Equity (earnings) loss from unconsolidated affiliate | 1,199 | (153 | ) | — | |||||||||
Gain on disposal of assets | (440 | ) | (9,192 | ) | — | ||||||||
Share-based compensation expense | 10,917 | 19,541 | — | ||||||||||
Amortization of deferred financing costs | 1,856 | 306 | — | ||||||||||
Reorganization items, net | — | — | (315,626 | ) | |||||||||
Changes in operating assets and liabilities: | |||||||||||||
Accounts receivable | (46,408 | ) | (159,643 | ) | — | ||||||||
Inventories | (6,020 | ) | (6,978 | ) | — | ||||||||
Prepaid expenses and other current assets | 2,933 | 6,741 | — | ||||||||||
Accounts payable | 40,239 | 27,784 | — | ||||||||||
Payroll related costs and accrued expenses | (23,077 | ) | 6,747 | (1,436 | ) | ||||||||
Liabilities subject to compromise | — | — | (33,000 | ) | |||||||||
Income taxes receivable (payable) | 4,215 | (5,200 | ) | — | |||||||||
Other | (892 | ) | 1,744 | — | |||||||||
Net cash provided by (used in) operating activities | 134,727 | (96,854 | ) | (56,093 | ) | ||||||||
Cash flows from investing activities: | |||||||||||||
Purchases of and deposits on property, plant and equipment | (155,790 | ) | (72,547 | ) | — | ||||||||
Proceeds from disposal of property, plant and equipment and non-core service lines | 20,862 | 31,182 | — | ||||||||||
Business acquisition purchase price adjustment | 1,500 | — | — | ||||||||||
Net cash used in investing activities | (133,428 | ) | (41,365 | ) | — | ||||||||
Cash flows from financing activities: | |||||||||||||
Payments on DIP Facility | — | — | (25,000 | ) | |||||||||
Financing costs | (3,144 | ) | (1,463 | ) | (2,248 | ) | |||||||
Proceeds from issuance of common stock, net of offering costs | — | 215,920 | 200,000 | ||||||||||
Employee tax withholding on restricted stock vesting | (2,193 | ) | (3,870 | ) | — | ||||||||
Net cash provided by (used in) financing activities | (5,337 | ) | 210,587 | 172,752 | |||||||||
Effect of exchange rate changes on cash | 193 | (855 | ) | — | |||||||||
Net increase (decrease) in cash and cash equivalents | (3,845 | ) | 71,513 | 116,659 | |||||||||
Cash and cash equivalents, beginning of period | 113,887 | 181,242 | 64,583 | ||||||||||
Cash and cash equivalents, end of period | $ | 110,042 | $ | 252,755 | $ | 181,242 |
June 30, 2018 | December 31, 2017 | |||||||
Raw materials | $ | 3,544 | $ | 5,302 | ||||
Work-in-process | 664 | 1,329 | ||||||
Finished goods | 81,919 | 74,552 | ||||||
Total inventory | 86,127 | 81,183 | ||||||
Inventory reserve | (3,035 | ) | (3,390 | ) | ||||
Inventory, net | $ | 83,092 | $ | 77,793 |
Three Months Ended June 30, 2018 | ||||||||||||||||
Completion Services | WC&I | Well Support Services | Total | |||||||||||||
Product Service Line | ||||||||||||||||
Fracturing | $ | 288,855 | $ | — | $ | — | $ | 288,855 | ||||||||
Cased-hole Wireline & Pumping | 115,377 | — | — | 115,377 | ||||||||||||
Cementing | — | 69,328 | — | 69,328 | ||||||||||||
Coiled Tubing | — | 29,758 | — | 29,758 | ||||||||||||
Rig Services | — | — | 51,716 | 51,716 | ||||||||||||
Fluids Management | — | — | 34,128 | 34,128 | ||||||||||||
Other | 8,663 | — | 12,696 | 21,359 | ||||||||||||
$ | 412,895 | $ | 99,086 | $ | 98,540 | $ | 610,521 | |||||||||
Geography | ||||||||||||||||
West Texas | $ | 170,343 | $ | 56,504 | $ | 26,286 | $ | 253,133 | ||||||||
South Texas / South East | 135,437 | 13,034 | 9,280 | 157,751 | ||||||||||||
Rockies / Bakken | 44,076 | 5,557 | 9,402 | 59,035 | ||||||||||||
California | 5,796 | — | 44,570 | 50,366 | ||||||||||||
Mid-Con | 38,833 | 12,157 | 8,278 | 59,268 | ||||||||||||
North East | 16,418 | 11,834 | 659 | 28,911 | ||||||||||||
Other | 1,992 | — | 65 | 2,057 | ||||||||||||
$ | 412,895 | $ | 99,086 | $ | 98,540 | $ | 610,521 |
Three Months Ended June 30, 2017 | ||||||||||||||||
Completion Services | WC&I | Well Support Services | Total | |||||||||||||
Product Service Line | ||||||||||||||||
Fracturing | $ | 183,714 | $ | — | $ | — | $ | 183,714 | ||||||||
Cased-hole Wireline & Pumping | 76,644 | — | — | 76,644 | ||||||||||||
Cementing | — | 12,432 | — | 12,432 | ||||||||||||
Coiled Tubing | — | 18,577 | — | 18,577 | ||||||||||||
Rig Services | — | — | 54,022 | 54,022 | ||||||||||||
Fluids Management | — | — | 32,141 | 32,141 | ||||||||||||
Other | 2,522 | 258 | 9,833 | 12,613 | ||||||||||||
$ | 262,880 | $ | 31,267 | $ | 95,996 | $ | 390,143 | |||||||||
Geography | ||||||||||||||||
West Texas | $ | 100,987 | $ | 11,392 | $ | 21,874 | $ | 134,253 | ||||||||
South Texas / South East | 62,966 | 9,216 | 10,886 | 83,068 | ||||||||||||
Rockies / Bakken | 53,628 | — | 9,893 | 63,521 | ||||||||||||
California | 3,494 | — | 37,885 | 41,379 | ||||||||||||
Mid-Con | 20,075 | 3,154 | 6,794 | 30,023 | ||||||||||||
North East | 20,979 | 7,505 | 1,934 | 30,418 | ||||||||||||
Other | 751 | — | 6,730 | 7,481 | ||||||||||||
$ | 262,880 | $ | 31,267 | $ | 95,996 | $ | 390,143 |
Six Months Ended June 30, 2018 | ||||||||||||||||
Completion Services | WC&I | Well Support Services | Total | |||||||||||||
Product Service Line | ||||||||||||||||
Fracturing | $ | 558,346 | $ | — | $ | — | $ | 558,346 | ||||||||
Cased-hole Wireline & Pumping | 215,131 | — | — | 215,131 | ||||||||||||
Cementing | — | 130,877 | — | 130,877 | ||||||||||||
Coiled Tubing | — | 55,546 | — | 55,546 | ||||||||||||
Rig Services | — | — | 100,162 | 100,162 | ||||||||||||
Fluids Management | — | — | 65,923 | 65,923 | ||||||||||||
Other | 13,563 | 80 | 23,893 | 37,536 | ||||||||||||
$ | 787,040 | $ | 186,503 | $ | 189,978 | $ | 1,163,521 | |||||||||
Geography | ||||||||||||||||
West Texas | $ | 349,318 | $ | 105,283 | $ | 50,108 | $ | 504,709 | ||||||||
South Texas / South East | 234,621 | 25,717 | 18,057 | 278,395 | ||||||||||||
Rockies / Bakken | 83,085 | 10,539 | 19,335 | 112,959 | ||||||||||||
California | 10,844 | — | 84,400 | 95,244 | ||||||||||||
Mid-Con | 74,453 | 22,337 | 16,107 | 112,897 | ||||||||||||
North East | 31,454 | 22,627 | 1,280 | 55,361 | ||||||||||||
Other | 3,265 | — | 691 | 3,956 | ||||||||||||
$ | 787,040 | $ | 186,503 | $ | 189,978 | $ | 1,163,521 |
Six Months Ended June 30, 2017 | ||||||||||||||||
Completion Services | WC&I | Well Support Services | Total | |||||||||||||
Product Service Line | ||||||||||||||||
Fracturing | $ | 314,377 | $ | — | $ | — | $ | 314,377 | ||||||||
Cased-hole Wireline & Pumping | 132,909 | — | — | 132,909 | ||||||||||||
Cementing | — | 19,935 | — | 19,935 | ||||||||||||
Coiled Tubing | — | 36,335 | — | 36,335 | ||||||||||||
Rig Services | — | — | 109,567 | 109,567 | ||||||||||||
Fluids Management | — | — | 62,075 | 62,075 | ||||||||||||
Other | 7,403 | 1,116 | 20,620 | 29,139 | ||||||||||||
$ | 454,689 | $ | 57,386 | $ | 192,262 | $ | 704,337 | |||||||||
Geography | ||||||||||||||||
West Texas | $ | 186,565 | $ | 19,798 | $ | 41,362 | $ | 247,725 | ||||||||
South Texas / South East | 101,243 | 19,364 | 23,287 | 143,894 | ||||||||||||
Rockies / Bakken | 87,597 | — | 18,873 | 106,470 | ||||||||||||
California | 6,210 | — | 72,451 | 78,661 | ||||||||||||
Mid-Con | 36,789 | 5,280 | 12,946 | 55,015 | ||||||||||||
North East | 34,634 | 12,944 | 4,059 | 51,637 | ||||||||||||
Other | 1,651 | — | 19,284 | 20,935 | ||||||||||||
$ | 454,689 | $ | 57,386 | $ | 192,262 | $ | 704,337 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | |||||||
(In thousands, except per share amounts) | ||||||||
Numerator: | ||||||||
Net income (loss) attributed to common stockholders | $ | 28,496 | $ | (12,721 | ) | |||
Denominator: | ||||||||
Weighted average common shares outstanding | 67,268 | 62,232 | ||||||
Effect of potentially dilutive common shares: | ||||||||
Stock options | — | — | ||||||
Warrants | — | — | ||||||
Restricted shares | — | — | ||||||
Weighted average common shares outstanding and assumed conversions | 67,268 | 62,232 | ||||||
Income (loss) per common share: | ||||||||
Basic | $ | 0.42 | $ | (0.20 | ) | |||
Diluted | $ | 0.42 | $ | (0.20 | ) |
Successor | Predecessor | ||||||||||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | On January 1, 2017 | |||||||||||
(In thousands, except per share amounts) | (In thousands, except per share amounts) | ||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributed to common stockholders | $ | 49,090 | $ | (45,022 | ) | $ | 298,582 | ||||||
Denominator: | |||||||||||||
Weighted average common shares outstanding | 67,227 | 58,913 | 118,633 | ||||||||||
Effect of potentially dilutive common shares: | |||||||||||||
Stock options | — | — | — | ||||||||||
Warrants | 38 | — | — | ||||||||||
Restricted shares | 2 | — | — | ||||||||||
Weighted average common shares outstanding and assumed conversions | 67,267 | 58,913 | 118,633 | ||||||||||
Income (loss) per common share: | |||||||||||||
Basic | $ | 0.73 | $ | (0.76 | ) | $ | 2.52 | ||||||
Diluted | $ | 0.73 | $ | (0.76 | ) | $ | 2.52 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | ||||
(In thousands) | |||||
Basic earnings (loss) per share: | |||||
Restricted shares | 1,130 | 572 | |||
Diluted earnings (loss) per share: | |||||
Anti-dilutive stock options | 351 | 256 | |||
Anti-dilutive warrants | 3,528 | — | |||
Anti-dilutive restricted shares | 1,104 | 556 | |||
Potentially dilutive securities excluded as anti-dilutive | 4,983 | 812 |
Successor | Predecessor | ||||||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | On January 1, 2017 | |||||||
(In thousands) | (In thousands) | ||||||||
Basic earnings (loss) per share: | |||||||||
Restricted shares | 1,205 | 436 | 898 | ||||||
Diluted earnings (loss) per share: | |||||||||
Anti-dilutive stock options | 351 | 205 | 4,416 | ||||||
Anti-dilutive warrants | 1,764 | — | — | ||||||
Anti-dilutive restricted shares | 1,188 | 427 | 898 | ||||||
Potentially dilutive securities excluded as anti-dilutive | 3,303 | 632 | 5,314 |
On January 1, 2017 | |||
Gain on settlement of liabilities subject to compromise | $ | 666,399 | |
Net loss on fresh start fair value adjustments | (358,557 | ) | |
Professional fees | (13,435 | ) | |
Vendor claims adjustment | (438 | ) | |
Total reorganization items | $ | 293,969 |
WC&I | |||
December 31, 2017 | 147,515 | ||
Purchase price adjustment | (1,500 | ) | |
June 30, 2018 | 146,015 |
Amortization Period | December 31, 2017 | Amortization Expense | June 30, 2018 | |||||||||||
Customer relationships | 8-15 years | $ | 58,100 | $ | — | $ | 58,100 | |||||||
Trade name | 10-15 years | 68,300 | — | 68,300 | ||||||||||
Non-compete | 4-5 years | 1,600 | — | 1,600 | ||||||||||
128,000 | — | 128,000 | ||||||||||||
Less: accumulated amortization | (4,163 | ) | (4,392 | ) | (8,555 | ) | ||||||||
Intangible assets, net | $ | 123,837 | $ | (4,392 | ) | $ | 119,445 |
Expected volatility | 50.1% - 53.2% | |
Expected dividends | None | |
Exercise price | $30.83 - $42.65 | |
Expected term (in years) | 5.7 - 6.0 | |
Risk-free rate | 2.03% - 2.24% |
Expected volatility, including peer group | 30.8% - 81.6% | |
Expected dividends | None | |
30 calendar day volume weighted average stock price, including peer group | $2.13 - $133.20 | |
Expected term (in years) | 3.0 | |
Risk-free rate | 1.94% - 1.95% |
Completion Services | WC&I | Well Support Services | Corporate / Elimination | Total | ||||||||||||||||
Three months ended June 30, 2018 | ||||||||||||||||||||
Revenue from external customers | $ | 412,895 | $ | 99,086 | $ | 98,540 | $ | — | $ | 610,521 | ||||||||||
Inter-segment revenues | 134 | — | 44 | (178 | ) | — | ||||||||||||||
Depreciation and amortization | 29,048 | 9,831 | 13,199 | 2,309 | 54,387 | |||||||||||||||
Operating income (loss) | 55,626 | 8,498 | (2,709 | ) | (30,521 | ) | 30,894 | |||||||||||||
Net income (loss) | 54,371 | 8,725 | (2,830 | ) | (31,770 | ) | 28,496 | |||||||||||||
Adjusted EBITDA | 83,252 | 19,632 | 10,933 | (26,041 | ) | 87,776 | ||||||||||||||
Capital expenditures | 79,663 | 11,234 | 988 | 877 | 92,762 | |||||||||||||||
Six months ended June 30, 2018 | ||||||||||||||||||||
Revenue from external customers | $ | 787,040 | $ | 186,503 | $ | 189,978 | $ | — | $ | 1,163,521 | ||||||||||
Inter-segment revenues | 194 | — | 149 | (343 | ) | — | ||||||||||||||
Depreciation and amortization | 51,687 | 19,763 | 25,250 | 4,030 | 100,730 | |||||||||||||||
Operating income (loss) | 113,934 | 13,955 | (11,251 | ) | (65,402 | ) | 51,236 | |||||||||||||
Net income (loss) | 112,748 | 14,177 | (11,189 | ) | (66,646 | ) | 49,090 | |||||||||||||
Adjusted EBITDA | 164,150 | 35,630 | 16,040 | (54,358 | ) | 161,462 | ||||||||||||||
Capital expenditures | 136,788 | 14,876 | 3,194 | 932 | 155,790 | |||||||||||||||
As of June 30, 2018 | ||||||||||||||||||||
Total assets | $ | 847,152 | $ | 400,091 | $ | 260,733 | $ | 174,734 | $ | 1,682,710 | ||||||||||
Goodwill | — | 146,015 | — | — | 146,015 | |||||||||||||||
Three months ended June 30, 2017 | ||||||||||||||||||||
Revenue from external customers | $ | 262,880 | $ | 31,267 | $ | 95,996 | $ | — | $ | 390,143 | ||||||||||
Inter-segment revenues | 746 | 59 | 256 | (1,061 | ) | — | ||||||||||||||
Depreciation and amortization | 16,274 | 2,707 | 12,035 | 1,817 | 32,833 | |||||||||||||||
Operating income (loss) | 28,936 | 448 | (7,608 | ) | (35,020 | ) | (13,244 | ) | ||||||||||||
Net income (loss) | 26,461 | 448 | (7,541 | ) | (32,089 | ) | (12,721 | ) | ||||||||||||
Adjusted EBITDA | 45,114 | 2,667 | 1,927 | (24,598 | ) | 25,110 | ||||||||||||||
Capital expenditures | 53,792 | 2,868 | 3,750 | 552 | 60,962 | |||||||||||||||
Six months ended June 30, 2017 | ||||||||||||||||||||
Revenue from external customers | $ | 454,689 | $ | 57,386 | $ | 192,262 | $ | — | $ | 704,337 | ||||||||||
Inter-segment revenues | 1,025 | 59 | 297 | (1,381 | ) | — | ||||||||||||||
Depreciation and amortization | 31,698 | 5,396 | 23,750 | 3,595 | 64,439 | |||||||||||||||
Operating income (loss) | 40,280 | (87 | ) | (15,550 | ) | (74,295 | ) | (49,652 | ) | |||||||||||
Net income (loss) | 37,280 | (87 | ) | (13,737 | ) | (68,478 | ) | (45,022 | ) | |||||||||||
Adjusted EBITDA | 66,820 | 3,703 | 5,751 | (46,580 | ) | 29,694 | ||||||||||||||
Capital expenditures | 60,951 | 3,143 | 7,771 | 682 | 72,547 | |||||||||||||||
As of June 30, 2017 | ||||||||||||||||||||
Total assets | $ | 575,267 | $ | 81,773 | $ | 302,639 | $ | 377,168 | $ | 1,336,847 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | |||||||
Net income (loss) | $ | 28,496 | $ | (12,721 | ) | |||
Interest expense, net | 2,185 | 414 | ||||||
Income tax benefit | (893 | ) | (2,393 | ) | ||||
Depreciation and amortization | 54,387 | 32,833 | ||||||
Other (income) expense, net | 1,106 | 1,456 | ||||||
(Gain) loss on disposal of assets | 49 | (3,136 | ) | |||||
Acquisition-related and other transaction costs | 243 | 298 | ||||||
Severance and business divestiture costs | 40 | 513 | ||||||
Restructuring costs | 2,163 | 7,846 | ||||||
Adjusted EBITDA | $ | 87,776 | $ | 25,110 |
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | |||||||
Net income (loss) | $ | 49,090 | $ | (45,022 | ) | |||
Interest expense, net | 2,613 | 1,105 | ||||||
Income tax benefit | (953 | ) | (5,629 | ) | ||||
Depreciation and amortization | 100,730 | 64,439 | ||||||
Other (income) expense, net | 486 | (106 | ) | |||||
Gain on disposal of assets | (440 | ) | (9,192 | ) | ||||
Acquisition-related and other transaction costs | 970 | 298 | ||||||
Severance and business divestiture costs | 6,180 | 513 | ||||||
Restructuring costs | 2,786 | 7,630 | ||||||
Share-based compensation expense acceleration | — | 15,658 | ||||||
Adjusted EBITDA | $ | 161,462 | $ | 29,694 |
Six Months Ended June 30, 2017 | ||||
Revenues | $ | 783,635 | ||
Net loss | $ | (48,579 | ) |
Successor | Predecessor | ||||||||||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | On January 1, 2017 | |||||||||||
Cash paid for interest | $ | (821 | ) | $ | (914 | ) | $ | — | |||||
Income taxes refunded, net | $ | 4,069 | $ | 488 | $ | — | |||||||
Reorganization items, cash | $ | — | $ | — | $ | (21,657 | ) | ||||||
Non-cash investing and financing activity: | |||||||||||||
Change in accrued capital expenditures | $ | 4,800 | $ | (3,127 | ) | $ | — |
• | a decline in demand for our services, including due to supply of oil and gas, declining or perceived instability of commodity prices, overcapacity of supply, constrained pipeline capacity, and other competitive factors affecting our industry; |
• | the cyclical nature and volatility of the oil and gas industry, which impacts the level of drilling, completion and production activity and spending patterns by our customers; |
• | a decline in, or substantial volatility of, crude oil and gas commodity prices, which generally leads to decreased spending by our customers and negatively impacts drilling, completion and production activity; |
• | pressure on pricing for our services, including due to competition and industry and/or economic conditions, which impacts, among other things, our ability to implement price increases or maintain pricing on our services; |
• | the loss of, or interruption or delay in operations by, one or more significant customers; |
• | the failure by one or more of our significant customers to pay amounts when due, or at all; |
• | changes in customer requirements in the markets we serve; |
• | costs, delays, compliance requirements and other difficulties in executing our short-and long-term business plans and growth strategies; |
• | the effects of recent or future acquisitions on our business, including our ability to successfully integrate our operations and the costs incurred in doing so; |
• | business growth outpacing the capabilities of our infrastructure; |
• | operating hazards inherent in our industry, including the possibility of accidents resulting in personal injury or death, property damage or environmental damage; |
• | adverse weather conditions in oil or gas producing regions; |
• | the loss of, or interruption or delay in operations by, one or more of our key suppliers; |
• | the effect of environmental and other governmental regulations on our operations, including the risk that future changes in the regulation of hydraulic fracturing could reduce or eliminate demand for our hydraulic fracturing services; |
• | the incurrence of significant costs and liabilities resulting from litigation or governmental proceedings; |
• | the incurrence of significant costs and liabilities or severe restrictions on our operations or the inability to perform certain operations or provide certain services resulting from a failure to comply, or our compliance with, new or existing regulations; |
• | the effect of new or existing regulations, industry and/or commercial conditions on the availability of and costs for raw materials, consumables and equipment; |
• | the loss of, or inability to attract, key management and other competent personnel; |
• | a shortage of qualified workers; |
• | damage to or malfunction of equipment; |
• | our ability to maintain sufficient liquidity and/or obtain adequate financing to allow us to execute our business plan; and |
• | our ability to comply with covenants under our debt facilities. |
• | Completion Services, which consisted of the following businesses and service lines: (1) fracturing services; (2) cased-hole wireline and pumping services; and (3) completion support services, which includes logistics services and our research and technology (“R&T”) department. |
• | Well Construction and Intervention Services, which consisted of the following businesses and service lines: (1) cementing services; (2) coiled tubing services; and (3) directional drilling services. |
• | Well Support Services, which consisted of the following businesses and service lines: (1) rig services; (2) fluids management services; and (3) special services, which included plug and abandonment, artificial lift applications and other specialty well site services. |
Three Months Ended | |||||||||||
June 30, 2018 | March 31, 2018 | June 30, 2017 | |||||||||
(in thousands) | |||||||||||
Revenue | |||||||||||
Fracturing | $ | 288,855 | $ | 269,491 | $ | 183,714 | |||||
Cased-hole Wireline & Pumping | 115,377 | 99,754 | 76,644 | ||||||||
Other | 8,663 | 4,900 | 2,522 | ||||||||
Total revenue | $ | 412,895 | $ | 374,145 | $ | 262,880 | |||||
Adjusted EBITDA | $ | 83,252 | $ | 80,894 | $ | 45,114 | |||||
Average active hydraulic fracturing horsepower | 675,000 | 630,000 | 490,000 | ||||||||
Total fracturing stages | 4,823 | 4,652 | 3,688 | ||||||||
Average active wireline trucks | 69 | 67 | 72 | ||||||||
Average active pumpdown units | 76 | 72 | 62 |
Three Months Ended | |||||||||||
June 30, 2018 | March 31, 2018 | June 30, 2017 | |||||||||
(in thousands) | |||||||||||
Revenue | |||||||||||
Cementing | $ | 69,328 | $ | 61,548 | $ | 12,432 | |||||
Coiled Tubing | 29,758 | 25,788 | 18,577 | ||||||||
Other | — | 81 | 258 | ||||||||
Total revenue | $ | 99,086 | $ | 87,417 | $ | 31,267 | |||||
Adjusted EBITDA | $ | 19,632 | $ | 16,001 | $ | 2,667 | |||||
Average cementing units | 118 | 117 | 34 | ||||||||
Average active cementing units | 73 | 71 | 29 | ||||||||
Average coiled tubing units | 45 | 44 | 44 | ||||||||
Average active coiled tubing units | 16 | 17 | 21 |
Three Months Ended | |||||||||||
June 30, 2018 | March 31, 2018 | June 30, 2017 | |||||||||
(in thousands) | |||||||||||
Revenue | |||||||||||
Rig Services | $ | 51,716 | $ | 48,445 | $ | 54,022 | |||||
Fluids Management | 34,128 | 31,795 | 32,141 | ||||||||
Other Special Well Site Services | 12,696 | 11,198 | 9,833 | ||||||||
Total revenue | $ | 98,540 | $ | 91,438 | $ | 95,996 | |||||
Adjusted EBITDA | $ | 10,933 | $ | 5,107 | $ | 1,927 | |||||
Average active workover rigs | 118 | 140 | 132 | ||||||||
Total workover rig hours | 93,911 | 92,428 | 101,872 | ||||||||
Average fluids management trucks | 981 | 1,064 | 1,121 | ||||||||
Average active fluids management trucks | 636 | 616 | 651 | ||||||||
Total fluids management truck hours | 310,445 | 307,002 | 318,111 |
Three Months Ended | ||||||||||||
June 30, 2018 | March 31, 2018 | June 30, 2017 | ||||||||||
Net income (loss) | $ | 28,496 | 20,594 | $ | (12,721 | ) | ||||||
Interest expense, net | 2,185 | 428 | 414 | |||||||||
Income tax benefit | (893 | ) | (60 | ) | (2,393 | ) | ||||||
Depreciation and amortization | 54,387 | 46,343 | 32,833 | |||||||||
Other (income) expense, net | 1,106 | (620 | ) | 1,456 | ||||||||
(Gain) loss on disposal of assets | 49 | (489 | ) | (3,136 | ) | |||||||
Acquisition-related and other transaction costs | 243 | 727 | 298 | |||||||||
Severance and business divestiture costs | 40 | 6,140 | 513 | |||||||||
Restructuring costs | 2,163 | 623 | 7,846 | |||||||||
Adjusted EBITDA | $ | 87,776 | $ | 73,686 | $ | 25,110 |
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | $ Change | ||||||||||
Completion Services: | ||||||||||||
Revenue | $ | 412,895 | $ | 262,880 | $ | 150,015 | ||||||
Operating income | $ | 55,626 | $ | 28,936 | $ | 26,690 | ||||||
Well Construction and Intervention Services: | ||||||||||||
Revenue | $ | 99,086 | $ | 31,267 | $ | 67,819 | ||||||
Operating income (loss) | $ | 8,498 | $ | 448 | $ | 8,050 | ||||||
Well Support Services: | ||||||||||||
Revenue | $ | 98,540 | $ | 95,996 | $ | 2,544 | ||||||
Operating loss | $ | (2,709 | ) | $ | (7,608 | ) | $ | 4,899 | ||||
Corporate / Elimination: | ||||||||||||
Revenue | $ | — | $ | — | $ | — | ||||||
Operating loss | $ | (30,521 | ) | $ | (35,020 | ) | $ | 4,499 | ||||
Combined: | ||||||||||||
Revenue | $ | 610,521 | $ | 390,143 | $ | 220,378 | ||||||
Costs and expenses: | ||||||||||||
Direct costs | 463,602 | 310,473 | 153,129 | |||||||||
Selling, general and administrative expenses | 59,908 | 61,165 | (1,257 | ) | ||||||||
Research and development | 1,681 | 2,052 | (371 | ) | ||||||||
Depreciation and amortization | 54,387 | 32,833 | 21,554 | |||||||||
(Gain) loss on disposal of assets | 49 | (3,136 | ) | 3,185 | ||||||||
Operating income (loss) | 30,894 | (13,244 | ) | 44,138 | ||||||||
Other income (expense): | ||||||||||||
Interest expense, net | (2,185 | ) | (414 | ) | (1,771 | ) | ||||||
Other income (expense), net | (1,106 | ) | (1,456 | ) | 350 | |||||||
Total other income (expense) | (3,291 | ) | (1,870 | ) | (1,421 | ) | ||||||
Income (loss) before income taxes | 27,603 | (15,114 | ) | 42,717 | ||||||||
Income tax benefit | (893 | ) | (2,393 | ) | 1,500 | |||||||
Net income (loss) | $ | 28,496 | $ | (12,721 | ) | $ | 41,217 |
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | $ Change | ||||||||||
Completion Services: | ||||||||||||
Revenue | $ | 787,040 | $ | 454,689 | $ | 332,351 | ||||||
Operating income | $ | 113,934 | $ | 40,280 | $ | 73,654 | ||||||
Well Construction and Intervention Services: | ||||||||||||
Revenue | $ | 186,503 | $ | 57,386 | $ | 129,117 | ||||||
Operating income (loss) | $ | 13,955 | $ | (87 | ) | $ | 14,042 | |||||
Well Support Services: | ||||||||||||
Revenue | $ | 189,978 | $ | 192,262 | $ | (2,284 | ) | |||||
Operating loss | $ | (11,251 | ) | $ | (15,550 | ) | $ | 4,299 | ||||
Corporate / Elimination: | ||||||||||||
Revenue | $ | — | $ | — | $ | — | ||||||
Operating loss | $ | (65,402 | ) | $ | (74,295 | ) | $ | 8,893 | ||||
Combined: | ||||||||||||
Revenue | $ | 1,163,521 | $ | 704,337 | $ | 459,184 | ||||||
Costs and expenses: | ||||||||||||
Direct costs | 882,599 | 572,216 | 310,383 | |||||||||
Selling, general and administrative expenses | 125,843 | 123,257 | 2,586 | |||||||||
Research and development | 3,553 | 3,269 | 284 | |||||||||
Depreciation and amortization | 100,730 | 64,439 | 36,291 | |||||||||
Gain on disposal of assets | (440 | ) | (9,192 | ) | 8,752 | |||||||
Operating income (loss) | 51,236 | (49,652 | ) | 100,888 | ||||||||
Other income (expense): | ||||||||||||
Interest expense, net | (2,613 | ) | (1,105 | ) | (1,508 | ) | ||||||
Other income (expense), net | (486 | ) | 106 | (592 | ) | |||||||
Total other income (expense) | (3,099 | ) | (999 | ) | (2,100 | ) | ||||||
Income (loss) before income taxes | 48,137 | (50,651 | ) | 98,788 | ||||||||
Income tax benefit | (953 | ) | (5,629 | ) | 4,676 | |||||||
Net income (loss) | $ | 49,090 | $ | (45,022 | ) | $ | 94,112 |
• | growth capital expenditures, which are capital expenditures made to acquire additional equipment and other assets, increase our service lines, or advance other strategic initiatives for the purpose of growing our business; and |
• | maintenance capital expenditures, which are capital expenditures related to our existing equipment, such as refurbishment and other activities to extend the useful life of partially or fully depreciated assets. |
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Cash provided by (used in): | |||||||||
Operating activities | $ | 134,727 | $ | (96,854 | ) | ||||
Investing activities | (133,428 | ) | (41,365 | ) | |||||
Financing activities | (5,337 | ) | 210,587 | ||||||
Effect of exchange rate on cash | 193 | (855 | ) | ||||||
Change in cash and cash equivalents | $ | (3,845 | ) | $ | 71,513 |
Period | Total Number of Shares Purchased (a) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares that may yet be Purchased Under Such Program | |||||||||
April 1 - April 30 | 326 | $ | 25.82 | — | — | ||||||||
May 1 - May 31 | — | $ | — | — | — | ||||||||
June 1 - June 30 | — | $ | — | — | — |
Exhibit No. | Description of Exhibit. | ||
* 31.1 | |||
* 31.2 | |||
** 32.1 | |||
** 32.2 | |||
*§101.INS | XBRL Instance Document | ||
*§101.SCH | XBRL Taxonomy Extension Schema Document | ||
* §101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
* §101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
* §101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||
* §101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
* | Filed herewith |
** | Furnished herewith in accordance with Item 601(b) (32) of Regulation S-K. |
+ | Management contract or any compensatory plan, contract or arrangement. |
C&J Energy Services, Inc. | ||||||||
Date: | August 7, 2018 | By: | /s/ Donald J. Gawick | |||||
Donald J. Gawick | ||||||||
Chief Executive Officer, President and Director | ||||||||
(Principal Executive Officer) | ||||||||
By: | /s/ Michael S. Galvan | |||||||
Michael S. Galvan | ||||||||
Interim Chief Financial Officer and Chief Accounting Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |
Exhibit No. | Description of Exhibit. | ||
* 31.1 | |||
* 31.2 | |||
** 32.1 | |||
** 32.2 | |||
*§101.INS | XBRL Instance Document | ||
*§101.SCH | XBRL Taxonomy Extension Schema Document | ||
* §101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
* §101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
* §101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||
* §101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
* | Filed herewith |
** | Furnished herewith in accordance with Item 601(b) (32) of Regulation S-K. |
+ | Management contract or any compensatory plan, contract or arrangement. |
Date: | August 7, 2018 | By: | /s/ Donald J. Gawick | |||
Donald J. Gawick | ||||||
Chief Executive Officer, President and Director | ||||||
(Principal Executive Officer) |
Date: | August 7, 2018 | By: | /s/ Michael S. Galvan | |||
Michael S. Galvan | ||||||
Interim Chief Financial Officer and Chief Accounting Officer | ||||||
(Principal Financial Officer and Principal Accounting Officer) |
Date: | August 7, 2018 | By: | /s/ Donald J. Gawick | |||
Donald J. Gawick | ||||||
Chief Executive Officer, President and Director | ||||||
(Principal Executive Officer) |
Date: | August 7, 2018 | By: | /s/ Michael S. Galvan | |||
Michael S. Galvan | ||||||
Interim Chief Financial Officer and Chief Accounting Officer | ||||||
(Principal Financial Officer and Principal Accounting Officer) |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Aug. 03, 2018 |
|
Document Information [Line Items] | ||
Entity Registrant Name | C&J Energy Services, Inc. | |
Entity Central Index Key | 0001615817 | |
Trading Symbol | cjes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 68,357,617 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts receivable, allowance | $ 5,002 | $ 4,269 |
Property, plant and equipment, accumulated depreciation | 227,160 | 133,755 |
Deferred financing costs, accumulated amortization | $ 2,464 | $ 608 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 68,386,944 | 68,546,820 |
Common stock, shares outstanding (in shares) | 68,386,944 | 68,546,820 |
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jan. 01, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenue | $ 610,521 | $ 390,143 | $ 1,163,521 | $ 704,337 | |
Costs and expenses: | |||||
Direct costs | 463,602 | 310,473 | 882,599 | 572,216 | |
Selling, general and administrative expenses | 59,908 | 61,165 | 125,843 | 123,257 | |
Research and development | 1,681 | 2,052 | 3,553 | 3,269 | |
Depreciation and amortization | 54,387 | 32,833 | 100,730 | 64,439 | |
(Gain) loss on disposal of assets | 49 | (3,136) | (440) | (9,192) | |
Operating income (loss) | 30,894 | (13,244) | 51,236 | (49,652) | |
Other income (expense): | |||||
Interest expense, net | (2,185) | (414) | (2,613) | (1,105) | |
Other income (expense), net | (1,106) | (1,456) | (486) | 106 | |
Total other income (expense) | (3,291) | (1,870) | (3,099) | (999) | |
Income (loss) before reorganization items and income taxes | 27,603 | (15,114) | 48,137 | (50,651) | |
Income tax benefit | (893) | (2,393) | (953) | (5,629) | |
Net income (loss) | $ 28,496 | $ (12,721) | 49,090 | (45,022) | |
Reorganization items | |||||
Net income (loss) per common share: | |||||
Basic (in dollars per share) | $ 0.42 | $ (0.20) | $ 0.73 | $ (0.76) | |
Diluted (in dollars per share) | $ 0.42 | $ (0.20) | $ 0.73 | $ (0.76) | |
Weighted average common shares outstanding: | |||||
Basic (in shares) | 67,268 | 62,232 | 67,227 | 58,913 | |
Diluted (in shares) | 67,268 | 62,232 | 67,267 | 58,913 | |
Revenue | $ 610,521 | $ 390,143 | $ 1,163,521 | $ 704,337 | |
Predecessor [Member] | |||||
Revenue | |||||
Costs and expenses: | |||||
Direct costs | |||||
Selling, general and administrative expenses | |||||
Research and development | |||||
Depreciation and amortization | |||||
(Gain) loss on disposal of assets | |||||
Operating income (loss) | |||||
Other income (expense): | |||||
Interest expense, net | |||||
Other income (expense), net | |||||
Total other income (expense) | |||||
Income (loss) before reorganization items and income taxes | |||||
Income tax benefit | (4,613) | ||||
Net income (loss) | 298,582 | ||||
Reorganization items | $ (293,969) | ||||
Net income (loss) per common share: | |||||
Basic (in dollars per share) | $ 2.52 | ||||
Diluted (in dollars per share) | $ 2.52 | ||||
Weighted average common shares outstanding: | |||||
Basic (in shares) | 118,633 | ||||
Diluted (in shares) | 118,633 | ||||
Revenue |
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jan. 01, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Net income (loss) | $ 28,496 | $ (12,721) | $ 49,090 | $ (45,022) | |
Other comprehensive income (loss): | |||||
Foreign currency translation gain, net of tax | 690 | 409 | 320 | (304) | |
Comprehensive income (loss) | 29,186 | (12,312) | 49,410 | (45,326) | |
Net income (loss) | $ 28,496 | $ (12,721) | $ 49,090 | $ (45,022) | |
Predecessor [Member] | |||||
Net income (loss) | $ 298,582 | ||||
Other comprehensive income (loss): | |||||
Foreign currency translation gain, net of tax | |||||
Comprehensive income (loss) | 298,582 | ||||
Net income (loss) | $ 298,582 |
Consolidated Statements of Changes in Stockholders' Equity (Current Period Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
|||
---|---|---|---|---|---|---|---|---|
Balance (in shares) (Predecessor [Member]) at Dec. 30, 2016 | 119,530 | |||||||
Balance (Predecessor [Member]) at Dec. 30, 2016 | $ 1,195 | $ 1,009,426 | $ (2,600) | $ (1,306,591) | $ (298,570) | |||
Cancellation of Predecessor equity (in shares) | Predecessor [Member] | (119,530) | |||||||
Cancellation of Predecessor equity | Predecessor [Member] | $ (1,195) | (1,009,426) | 2,600 | 1,306,591 | 298,570 | |||
Issuance of New Equity and New Warrants (in shares) | Predecessor [Member] | 40,000 | |||||||
Issuance of New Equity and New Warrants | Predecessor [Member] | $ 400 | 725,464 | 725,864 | |||||
Rights Offering (in shares) | Predecessor [Member] | 15,464 | |||||||
Rights Offering | Predecessor [Member] | $ 155 | 199,845 | 200,000 | |||||
Balance (in shares) at Dec. 31, 2016 | 55,464 | |||||||
Balance at Dec. 31, 2016 | $ 555 | 925,309 | 925,864 | |||||
Public offering of common stock, net of offering costs (in shares) | 7,050 | |||||||
Public offering of common stock, net of offering costs | $ 71 | 215,849 | 215,920 | |||||
Issuance of stock for business acquisition (in shares) | 4,420 | |||||||
Issuance of stock for business acquisition | $ 44 | 138,122 | 138,166 | |||||
Issuance of restricted stock, net of forfeitures (in shares) | 1,718 | |||||||
Issuance of restricted stock, net of forfeitures | $ 17 | (17) | ||||||
Exercise of warrants (in shares) | 2 | |||||||
Employee tax withholding on restricted stock vesting (in shares) | (107) | |||||||
Employee tax withholding on restricted stock vesting | $ (1) | (3,841) | (3,842) | |||||
Share-based compensation | 23,437 | 23,437 | ||||||
Net income (loss) | 22,457 | 22,457 | ||||||
Foreign currency translation gain (loss), net of tax | (580) | (580) | ||||||
Balance (in shares) at Dec. 31, 2017 | 68,547 | |||||||
Balance at Dec. 31, 2017 | $ 686 | 1,298,859 | (580) | 22,457 | 1,321,422 | |||
Issuance of restricted stock, net of forfeitures | $ (1) | 1 | ||||||
Employee tax withholding on restricted stock vesting (in shares) | (80) | |||||||
Employee tax withholding on restricted stock vesting | $ (1) | (2,192) | (2,193) | |||||
Share-based compensation | 10,917 | 10,917 | ||||||
Net income (loss) | 49,090 | 49,090 | ||||||
Foreign currency translation gain (loss), net of tax | 320 | 320 | ||||||
Issuance of restricted stock, net of forfeitures (in shares) | (80) | |||||||
Balance (in shares) at Jun. 30, 2018 | [1] | 68,387 | ||||||
Balance at Jun. 30, 2018 | [1] | $ 684 | 1,307,585 | (260) | 58,387 | 1,366,396 | ||
Cumulative effect from change in accounting principle | $ (13,160) | $ (13,160) | ||||||
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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
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Cash flows from operating activities: | ||||
Net income (loss) | $ 49,090 | $ (45,022) | $ 22,457 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 100,730 | 64,439 | ||
Deferred income taxes | (1,112) | |||
Provision for doubtful accounts | 1,497 | 2,032 | ||
Equity (earnings) loss from unconsolidated affiliate | 1,199 | (153) | ||
Gain on disposal of assets | (440) | (9,192) | ||
Share-based compensation expense | 10,917 | 19,541 | ||
Amortization of deferred financing costs | 1,856 | 306 | ||
Reorganization items, net | ||||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (46,408) | (159,643) | ||
Inventories | (6,020) | (6,978) | ||
Prepaid expenses and other current assets | 2,933 | 6,741 | ||
Accounts payable | 40,239 | 27,784 | ||
Payroll related costs and accrued expenses | (23,077) | 6,747 | ||
Liabilities subject to compromise | ||||
Income taxes receivable (payable) | 4,215 | (5,200) | ||
Other | (892) | 1,744 | ||
Net cash provided by (used in) operating activities | 134,727 | (96,854) | ||
Cash flows from investing activities: | ||||
Purchases of and deposits on property, plant and equipment | (155,790) | (72,547) | ||
Proceeds from disposal of property, plant and equipment and non-core service lines | 20,862 | 31,182 | ||
Business acquisition purchase price adjustment | 1,500 | |||
Net cash used in investing activities | (133,428) | (41,365) | ||
Cash flows from financing activities: | ||||
Payments on DIP Facility | ||||
Financing costs | (3,144) | (1,463) | ||
Proceeds from issuance of common stock, net of offering costs | 215,920 | |||
Employee tax withholding on restricted stock vesting | (2,193) | (3,870) | ||
Net cash provided by (used in) financing activities | (5,337) | 210,587 | ||
Effect of exchange rate changes on cash | 193 | (855) | ||
Net increase (decrease) in cash and cash equivalents | (3,845) | 71,513 | ||
Cash and cash equivalents, beginning of period | $ 181,242 | 113,887 | 181,242 | 181,242 |
Cash and cash equivalents, end of period | $ 110,042 | 252,755 | 113,887 | |
Predecessor [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 298,582 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | ||||
Deferred income taxes | (4,613) | |||
Provision for doubtful accounts | ||||
Equity (earnings) loss from unconsolidated affiliate | ||||
Gain on disposal of assets | ||||
Share-based compensation expense | ||||
Amortization of deferred financing costs | ||||
Reorganization items, net | (315,626) | |||
Changes in operating assets and liabilities: | ||||
Accounts receivable | ||||
Inventories | ||||
Prepaid expenses and other current assets | ||||
Accounts payable | ||||
Payroll related costs and accrued expenses | (1,436) | |||
Liabilities subject to compromise | (33,000) | |||
Income taxes receivable (payable) | ||||
Other | ||||
Net cash provided by (used in) operating activities | (56,093) | |||
Cash flows from investing activities: | ||||
Purchases of and deposits on property, plant and equipment | ||||
Proceeds from disposal of property, plant and equipment and non-core service lines | ||||
Business acquisition purchase price adjustment | ||||
Net cash used in investing activities | ||||
Cash flows from financing activities: | ||||
Payments on DIP Facility | (25,000) | |||
Financing costs | (2,248) | |||
Proceeds from issuance of common stock, net of offering costs | 200,000 | |||
Employee tax withholding on restricted stock vesting | ||||
Net cash provided by (used in) financing activities | 172,752 | |||
Effect of exchange rate changes on cash | ||||
Net increase (decrease) in cash and cash equivalents | 116,659 | |||
Cash and cash equivalents, beginning of period | 64,583 | $ 64,583 | $ 64,583 | |
Cash and cash equivalents, end of period | $ 181,242 |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies |
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 - Organization, Nature of Business and Summary of Significant Accounting PoliciesOrganization and Nature of Business C&J Energy Services, Inc., a Delaware corporation (the “Successor” and together with its consolidated subsidiaries for periods subsequent to the Plan Effective Date (as defined in Note 2 - Chapter 11 Proceeding and Emergence), “C&J” or the “Company”), is a leading provider of well construction and intervention, well completion, well support and other complementary oilfield services and technologies to independent and major oil field companies engaged in the exploration, production and development of oil and gas properties in onshore basins throughout the continental United States. The Company is a new well-focused service provider offering a diverse, integrated suite of services across the life cycle of the well, including hydraulic fracturing, cased-hole wireline and pumping, cementing, coiled tubing, rig services, fluids management and other completions-focused and specialty well site support services.The Company was founded in Texas in 1997 and is headquartered in Houston, Texas. On April 12, 2017, following the successful completion of a financial restructuring (see Note 2 - Chapter 11 Proceeding and Emergence), the Company completed an underwritten public offering of common stock and began trading on the New York Stock Exchange (“NYSE”) under the symbol “CJ.”Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation not been audited by the Company’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2017, the consolidated statements of operations, comprehensive income (loss), and cash flows on January 1, 2017, and the consolidated statement of changes in stockholders' equity as of December 31, 2016, January 1, 2017 and December 31, 2017, are derived from audited consolidated financial statements. In the opinion of management, all material adjustments, consisting of normal recurring adjustments, necessary for fair presentation have been included. These consolidated financial statements include all accounts of the Company. All significant intercompany transactions and accounts have been eliminated upon consolidation.These consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2017, which are included in the Company’s Annual Report on Form 10 -K for the fiscal year ended December 31, 2017 filed with the SEC. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.On January 1, 2017 ( the "Fresh Start Reporting Date"), in connection with the Company's emergence from its Chapter 11 Proceeding (as defined in Note 2 - Chapter 11 Proceeding and Emergence), the Company adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852 - Reorganizations , in preparing the consolidated financial statements. ASC 852 requires that the financial statements distinguish transactions and events that are directly associated with the Chapter 11 Proceeding from the ongoing operations of the business. Accordingly, certain expenses, gains and losses that were realized or incurred in the Chapter 11 Proceeding were recorded in a reorganization line item on the consolidated statements of operations. The Company's consolidated financial statements and notes on January 1, 2017, are not comparable to the consolidated financial statements for the periods subsequent to January 1, 2017, due to the application of fresh start accounting as noted above.Reclassifications not affect previously reported results of operations, stockholders' equity, comprehensive income or cash flows.Use of Estimates not limited to, determining the following: allowance for doubtful accounts, valuation of long-lived assets and intangibles, goodwill, useful lives used in depreciation and amortization, inventory reserves, income taxes and share-based compensation. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, as more experience is acquired, or as additional information is obtained and as the Company’s operating environment changes.Cash and Cash Equivalents . For purposes of the consolidated statement of cash flows, cash is defined as cash on-hand, demand deposits and short-term investments with initial maturities of three months or less. The Company maintains its cash and cash equivalents in various financial institutions, which at times may exceed federally insured amounts. Management believes that this risk is not significant. Cash balances related to the Company's captive insurance subsidiaries, which totaled $9.6 million and $23.8 million at June 30, 2018 and December 31, 2017, respectively, are included in cash and cash equivalents in the consolidated balance sheets, and the Company expects to use these cash balances to fund the day to day operations of the captive insurance subsidiaries and to settle future anticipated claims.Accounts Receivable and Allowance for Doubtful Accounts . Accounts receivable are generally stated at the amount billed to customers. The Company provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information and existing economic conditions. Provisions for doubtful accounts are recorded when it is deemed probable that the customer will not make the required payments at either the contractual due dates or in the future.Inventories . Inventories are carried at the lower of cost or net realizable value using a weighted average cost flow method. Inventories for the Company consist of raw materials, work-in-process and finished goods, including equipment components, chemicals, proppants, supplies and materials for the Company's operations.Inventories consisted of the following (in thousands):
Property, Plant and Equipment . Property, plant and equipment ("PP&E") are reported at cost less accumulated depreciation. Maintenance and repairs, which do not improve or extend the life of the related assets, are charged to expense when incurred. Refurbishments are capitalized when the value of the equipment is enhanced for an extended period. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are relieved, and any gain or loss is included in operating income.PP&E are evaluated on a quarterly basis to identify events or changes in circumstances (“triggering events”) that indicate the carrying value of certain PP&E may not be recoverable. PP&E are reviewed for impairment upon the occurrence of a triggering event. An impairment loss is recorded in the period in which it is determined that the carrying amount of PP&E is not recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups of assets with such cash flows to be realized over the estimated remaining useful life of the primary asset within the asset group, excluding interest expense. The Company determined the lowest level of identifiable cash flows that are independent of other asset groups to be primarily at the service line level. The Company's asset groups consist of the well support services, fracturing, cased-hole wireline and pumping services, cementing, coiled tubing, and data acquisition and control instruments provider service lines as well as the research and technology ("R&T") service lines. If the estimated undiscounted future net cash flows for a given asset group is less than the carrying amount of the related assets, an impairment loss is determined by comparing the estimated fair value with the carrying value of the related assets. The impairment loss is then allocated across the asset group's major classifications. No impairment charge was recorded for the six months ended June 30, 2018 and 2017. Goodwill and Definite-Lived Intangible Assets . Goodwill may be allocated across three reporting units: Completion Services, Well Construction and Intervention Services ("WC&I") and Well Support Services. At the reporting unit level, the Company tests goodwill for impairment on an annual basis as of October 31 of each year, or when events or changes in circumstances, referred to as triggering events, indicate the carrying value of goodwill may not be recoverable and that a potential impairment exists.Judgment is used in assessing whether goodwill should be tested for impairment more frequently than annually. Factors such as unexpected adverse economic conditions, competition, market changes and other external events may require more frequent assessments.Before employing quantitative impairment testing methodologies, the Company may first evaluate the likelihood of impairment by considering qualitative factors relevant to each reporting unit, such as macroeconomic, industry, market or any other factors that have a significant bearing on fair value. If the Company first utilizes a qualitative approach and determines that it is more likely than not that goodwill is impaired, quantitative testing methodologies are then applied. Otherwise, the Company concludes that no impairment has occurred. Quantitative impairment testing involves comparing the fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value an impairment loss is recognized in an amount equal to the excess, not to exceed the amount of goodwill allocated to the reporting unit.The Company’s impairment analysis involves the use of a blended income and market approach. Significant management judgment is necessary to evaluate the impact of operating and macroeconomic changes on each reporting unit. Critical assumptions include projected revenue growth, fleet count, utilization, gross profit rates, sales, general and administrative ("SG&A") rates, working capital fluctuations, capital expenditures, discount rates, terminal growth rates and price-to-earnings multiples. The Company’s market capitalization is also used to corroborate reporting unit valuations. Definite-lived intangible assets are amortized over their estimated useful lives and are reviewed for impairment when a triggering event occurs. With the exception of the C&J trade name, these intangibles, along with PP&E, are reviewed for impairment when a triggering event indicates that the asset group may have a net book value in excess of recoverable value. In these cases, the Company performs a recoverability test on its PP&E and definite-lived intangible assets by comparing the estimated future net undiscounted cash flows expected to be generated from the use of these assets to the carrying amount of the assets for recoverability. If the estimated undiscounted cash flows exceed the carrying amount of the assets, an impairment does not exist, and a loss will not be recognized. If the undiscounted cash flows are less than the carrying amount of the assets, the assets are not recoverable and the amount of impairment must be determined by fair valuing the assets. The C&J trade name is a corporate asset and is reviewed for impairment upon the occurrence of a triggering event by comparing the carrying amount of the corporate assets with the remaining cash flows available, after taking into consideration the lower level asset groups that benefit from the C&J trade name.Deferred Financing Costs. Revenue Recognition No. 2014 -09, Revenue from Contracts with Customers and its related updates as codified under ASC 606, Revenue from Contracts with Customers ("ASC 606" ) on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for the three and six months ended June 30, 2018 reflect the application of ASC 606 guidance while the reported results for the corresponding prior year period were prepared under the previous guidance of ASC No. 605, Revenue Recognition ("ASC 605" ).The adoption of ASC 606 represents a change in accounting principle that more closely aligns revenue recognition with the performance of the Company's services and provides financial statement readers with enhanced disclosures. In accordance with ASC 606, revenue is recognized in a manner reflecting the transfer of goods or services to customers based on consideration a company expects to receive. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. To achieve this core principle, ASC 606 requires the Company to apply the following five steps: (1 ) identify the contract with a customer, (2 ) identify the performance obligations in the contract, (3 ) determine the transaction price, (4 ) allocate the transaction price to performance obligations in the contract, and (5 ) recognize revenue when or as the Company satisfies a performance obligation. The five -step model requires management to exercise judgment when evaluating contracts and recognize revenue.The Company’s services create or enhance a customer controlled asset. The performance obligations of each of the Company’s services lines are primarily satisfied over time. Measurement of the satisfaction of the performance obligations is measured using the output method, which is typically evidenced by a field ticket. A field ticket includes items such as services performed, consumables used, and man hours incurred to complete the job for the customer. Each field ticket is used to invoice customers. Payment terms for invoices issued are in accordance with the master services agreement with each customer, which typically require payment within 30 days of the invoice issuance.A portion of the Company’s contracts contain variable consideration; however, this variable consideration is typically unknown at the time of contract inception, and is not known until the job is complete, at which time the variability is resolved. Examples of variable consideration include the number of hours that will be incurred and the amount of consumables (such as fluids and proppants) that will be used to complete a job.In the course of providing services to its customers, the Company may use consumables; for example, in the Company’s fracturing business, sand, guar and chemicals are used in the fracturing service for the customer. ASC 606 requires that goods or services promised to a customer be identified separately when they are distinct within the contract. However, the consumables are used to complete the service for the customer and are not beneficial to the customer on their own. As such, the consumables are not a separate performance obligation, but instead are combined with the other services within the context of the contract and accounted for as a single performance obligation.Disaggregation of Revenue The following tables disaggregate revenue by the Company's reportable segments, core service lines and geography (in thousands):
The following is a description of the Company’s core service lines separated by reportable segments from which the Company generates its revenue. For additional detailed information regarding reportable segments, see Note 7 - Segment Information.Completion Services Segment Fracturing Services Revenue. one or more fracturing stages. Once a job has been completed to the customer’s satisfaction, a field ticket is written that includes charges for the services performed and the consumables (such as fluids and proppants) used during the course of service. The field tickets may also include charges for the personnel on the job, any additional equipment used on the job and other miscellaneous consumables.Under term pricing agreements, the Company and its customer agree to set pricing for a specified period of time. The agreed-upon pricing is subject to periodic review, as specifically defined in the agreement, and may be adjusted upon the agreement of both parties. These agreements typically do not feature provisions obligating either party to commit to a certain utilization level. Additionally, these agreements typically allow either party to terminate the agreement for its convenience without incurring a termination penalty.Rates for services performed on a spot market basis are based on an agreed-upon spot market rate for each stage the Company fractures. Pursuant to dedicated fleet arrangements, customers typically commit to targeted utilization levels based on a specified number of fracturing stages per calendar month or fulfilling the customer's requirements, in either instance at agreed-upon pricing. These agreements typically do not feature obligations to pay for services not used by the customer. In addition, the agreed-upon pricing is typically subject to periodic review, as specifically defined in the agreement, and may be adjusted upon the agreement of both parties. These contracts also typically allow for termination for either party's convenience with a brief notice period and typically feature a termination penalty in the event the customer terminates the contract for its convenience.Under term contracts with “take-or-pay” provisions, the Company’s customers are typically obligated to pay on a monthly basis for a specified quantity of services, whether or not those services are actually utilized. To the extent customers use more than the specified contracted minimums, the Company will charge a pre-agreed amount for the provision of such additional services, which amounts are typically subject to periodic review. In addition, these contracts typically feature a termination penalty in the event the customer terminates the contract for its convenience.Cased-hole Wireline & Pumping Services Revenue. The Company may enter into dedicated unit arrangements with its cased-hole wireline & pumping customers from time to time. Pursuant to dedicated unit arrangements, customers typically commit to targeted utilization levels based on the Company fulfilling the customer’s requirements for cased-hole wireline & pumping services at agreed-upon pricing. These agreements typically do not feature obligations to pay for services not used by the customer. In addition, the agreed-upon pricing is typically subject to periodic review, as specifically defined in the agreement, and may be adjusted upon the agreement of both parties.Other Completion Services Revenue. Well Construction and Intervention Services Segment Cementing Services Revenue. Coiled Tubing Services Revenue. may also include charges for the mobilization and set-up of equipment, the personnel on the job, any additional equipment used on the job, and other miscellaneous consumables. The Company typically charges the customer for the services performed and resources provided on an hourly basis at agreed-upon spot market rates or pursuant to pricing agreements.Directional Drilling Services Revenue. first quarter of 2018, the Company provided directional drilling services on a spot market basis. Jobs for these services were typically short-term in nature, lasting anywhere from a few days to multiple weeks. The Company typically charged the customer for these services on a per day basis at agreed-upon spot market rates depending on the level of services required and the complexity of the job. Revenue was recognized, and customers were invoiced upon the completion of each job. Once a job had been completed to the customer’s satisfaction, a field ticket was written that included charges for the service performed. During the first quarter of 2018, the Company decided to exit the directional drilling business. Directional drilling operations ceased during the first quarter of 2018. Well Support Services Segment Rig Services Revenue. not contemplated in the base hourly rate. The field ticket may also include charges for the mobilization and set-up of equipment.Fluids Management Services Revenue. Other Special Well Site Services Revenue. With respect to its artificial lift applications, the Company generated revenue primarily from the sale of manufactured equipment and products. Revenue was recognized upon the completion, delivery and customer acceptance of each order. During the first quarter of 2018, the Company began to divest this business and has completed the divestiture of substantially all of the assets and inventory associated with the artificial lift business.Remaining Performance Obligations The Company invoices its customers for the services provided at contractual rates agreed to in pricing agreements multiplied by the applicable unit of measurement, including volume of consumables used and hours incurred. In accordance with ASC 606 -10 -55 -18, the Company has elected the “Right to Invoice” practical expedient, which allows the Company to invoice its customers in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. With this election, the Company is not required to disclose information about the variable consideration related to its remaining performance obligations. Because of the short-term nature of the Company’s services, which generally last a few hours to multiple days, the Company does not have any contracts with a duration of longer than one year that require disclosure.Contract Balances Accounts receivable as presented on the Company’s consolidated balance sheets represent amounts due from customers for services provided. Bad debt expense of $1.5 million and $2.0 million was included as a component of direct costs on the consolidated statements of operations for the six months ended June 30, 2018 and 2017, respectively.The Company does not have any contracts in which it performs services to customers and payment for those services are contingent upon a future event (e.g., satisfaction of another performance obligation). As such, there are no contingent revenues or other contract assets recorded in the financial statements.Significant Judgments The majority of the Company’s performance obligations are satisfied over time. The Company has determined this best represents the transfer of control over services to the customer as performance by the Company helps to enhance a customer controlled asset (e.g., unplugging a well, enabling a well to produce oil or natural gas). Revenue is recognized over time as the Company satisfies its performance obligations. Field tickets are issued periodically throughout and upon completion of each job to evidence the services performed for each job and support the use of the output method. "Take-or-pay" provisions as part of fracturing contracts are considered stand ready performance obligations. The Company recognizes revenue for "take-or-pay" revenues using a time-based measure of progress, as the Company cannot reasonably estimate if and when the customer will require the use of the Company’s fleet to provide the fracturing services; likewise, the customer can benefit when a well needs fracturing services from the fleet which is standing by to provide such services. For R&T sales, the Company recognizes revenue at the point in time in which the products are delivered to and accepted by the customer because the customer obtains control along with the risks and rewards of ownership of the products at such time. Once delivered, the Company has the right to invoice the customer. The Company does not have any significant contract costs to obtain or fulfill contracts with customers; as such, no amounts are recognized on the consolidated balance sheet.Impact of Adoption on the Financial Statements The Company adopted ASC 606 on January 1, 2018 using the modified retrospective method for all contracts not completed as of such date. Under this method, the comparative financial statements for the periods presented prior to the adoption date are not adjusted and continue to be reported under the revenue recognition guidance of ASC 605. After reviewing the Company's contracts and the revenue recognition guidance under ASC 606 there are no material differences between revenue recognition under ASC 605 and ASC 606. As a result, there is not a cumulative effect adjustment recorded to beginning retained earnings or recognition of any contract assets or liabilities upon adoption of ASC 606. Share-Based Compensation . The Company’s share-based compensation plan provides the ability to grant equity awards to the Company’s employees, consultants and non-employee directors. As of June 30, 2018, only nonqualified stock options, restricted shares and performance awards had been granted under such plans. The fair value of restricted stock grants is based on the closing price of C&J’s common stock on the grant date. The Company values option grants based on the grant date fair value using the Black-Scholes option-pricing model, and the Company values equity awards with market conditions based on the grant date fair value using a Monte Carlo simulation, both of which require the use of subjective assumptions. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period for the entire award. Further information regarding the Company’s share-based compensation arrangements and the related accounting treatment can be found in Note 5 - Share-Based Compensation.Fair Value of Financial Instruments . The Company’s financial instruments consist of cash and cash equivalents, accounts receivable and accounts payable. The recorded values of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values given the short-term nature of these instruments.Equity Method Investments Income Taxes . The Company is subject to income and other similar taxes in all areas in which they operate. When recording income tax expense, certain estimates are required because: (a) income tax returns are generally filed months after the close of the Company's annual accounting period; (b) tax returns are subject to audit by taxing authorities and audits can often take years to complete and settle; and (c) future events often impact the timing of when the Company recognizes income tax expenses and benefits.The Company accounts for income taxes utilizing the asset and liability method. Under this method, 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 basis. 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. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized as income or expense in the period that includes the enactment date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In assessing the likelihood and extent that deferred tax assets will be realized, consideration is given to cumulative losses in recent years, projected future taxable income and tax planning strategies. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that a portion or all of the deferred tax assets will not be realized.The Company has federal, state and international net operating losses ("NOLs") carried forward from prior years that will expire in the years 2021 through 2037. After considering the scheduled reversal of deferred tax liabilities, projected future taxable income, the potential limitation on use of NOLs under Section 382 of the Internal Revenue Code of 1986, as amended (the "Code") and tax planning strategies, the Company established a valuation allowance due to the uncertainty regarding the ultimate realization of the deferred tax assets associated with its NOL carryforwards.As a result of the Chapter 11 Proceeding, on the Plan Effective Date, the Company believes it experienced an ownership change for purposes of Section 382 of the Code because of its Restructuring Plan and that consequently its pre-change NOLs are subject to an annual limitation (See Note 2 - Chapter 11 Proceeding and Emergence for additional information, including definitions of capitalized defined terms, about the Chapter 11 Proceeding and emergence from the Chapter 11 Proceeding). The ownership change and resulting annual limitation on use of NOLs are not expected to result in the expiration of the Company's NOL carryforwards if it is able to generate sufficient future taxable income within the carryforward periods. However, the limitation on the amount of NOLs available to offset taxable income in a specific year may result in the payment of income taxes before all NOLs have been utilized. Additionally, a subsequent ownership change may result in further limitation on the ability to utilize existing NOLs and other tax attributes, which could cause our pre-change NOL carryforwards to expire unused.The Company recognizes the financial statement effects of a tax position when it is more-likely-than- not, based on the technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50.0% likely of being realized upon ultimate settlement with a taxing authority. Previously recognized uncertain tax positions are reversed in the first period in which it is more-likely-than-not that the tax position would be sustained upon examination. Income tax related interest and penalties, if applicable, are recorded as a component of the provision for income tax expense. As of June 30, 2018, the Company has no uncertain tax positions.Earnings (Loss) Per Share . Basic earnings per share is based on the weighted average number of common shares (“common shares”) outstanding during the applicable period and excludes shares subject to outstanding stock options and shares of restricted stock. Diluted earnings per share is computed based on the weighted average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to outstanding stock options and restricted stock. The following is a reconciliation of the components of the basic and diluted earnings (loss) per share calculations for the applicable periods:
A summary of securities excluded from the computation of basic and diluted earnings (loss) per share is presented below for the applicable periods:
Recent Accounting Pronouncements February 2016, the FASB issued ASU No. 2016 -02, Leases (Topic ("ASU 842 ) 2016 -02" ). ASU No. 2016 -02 seeks to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. Unlike current U.S. GAAP, which requires only capital leases to be recognized on the balance sheet, ASU No. 2016 -02 will require both operating and finance leases to be recognized on the balance sheet. Additionally, the new guidance will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The amendments in ASU No. 2016 -02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early application is permitted. The Company will adopt this new accounting standard on January 1, 2019. The Company is currently determining the impacts of the new standard on its consolidated financial statements. The approach includes performing a detailed review of its lease portfolio by evaluating its population of leased assets and designing and implementing new processes and controls.In June 2016, the FASB issued ASU No. 2016 -13, Financial Instruments-Credit Losses (Topic (“ASU 326 ): Measurement of Credit Losses on Financial Instruments2016 -13” ), which amends U.S. GAAP by introducing a new impairment model for financial instruments that is based on expected credit losses rather than incurred credit losses. The new impairment model applies to most financial assets, including trade accounts receivable. The amendments in ASU 2016 -13 are effective for interim and annual reporting periods beginning after December 15, 2019, although it may be adopted one year earlier, and requires a modified retrospective transition approach. The Company is currently evaluating the impact this standard will have on its consolidated financial statements.In October 2016, the FASB issued ASU No. 2016 -16, Income Taxes (Topic ("ASU 740 ): Intra-Entity Transfers of Assets Other Than Inventory 2016 -16" ), which requires an entity to recognize the income tax consequences of an intra-entity asset transfer, other than an intra-entity asset transfer of inventory, when the transfer occurs. The ASU is effective for the interim and annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, and early application is permitted. The Company adopted this new accounting standard on January 1, 2018. The Company recognized a cumulative effect adjustment as a reduction to retained earnings of $13.2 million which occurred as a result of the Company's adoption of ASU 2016 -16. In January 2017, the FASB issued ASU No. 2017 -04, Intangibles-Goodwill and Other (Topic ("ASU 350 ): Simplifying the Test for Goodwill Impairment2017 -04" ), which establishes a one -step process for testing goodwill for a drop in value. This ASU is effective for the interim and annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company early adopted this new accounting standard on January 1, 2018, and there was no impact on its consolidated financial statements.In February 2018, the FASB issued ASU No. 2018 -02, Income Statement - Reporting Comprehensive Income (Topic ("ASU 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income2018 -02" ), which December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.In March 2018, the FASB issued ASU No. 2018 -05, Income Taxes (Topic , ("ASU 740 ): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 2018 -05" ), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (the "Tax Act") pursuant to Staff Accounting Bulletin No. 18, which allows companies to complete the accounting under ASC 740 within a one -year measurement period from the Tax Act enactment date. This standard is effective upon issuance. The Company is currently within the one -year measurement period and is in the process of accounting for the tax effects of the Tax Act.In June 2018, the FASB issued ASU No. 2018 -07, Compensation-Stock Compensation (Topic , ("ASU 718 ): Improvements to Nonemployee Share-Based Payment Accounting2018 -07" ), which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. This ASU is effective for the interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. |
Note 2 - Chapter 11 Proceeding and Emergence |
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Reorganization under Chapter 11 of US Bankruptcy Code Disclosure [Text Block] | Note 2 - Chapter 11 Proceeding and EmergenceOn July 8, 2016, C&J Energy Services Ltd., a Bermuda corporation (the “Predecessor”) and certain of its direct and indirect subsidiaries (collectively, the “Debtors”), including C&J Corporate Services (Bermuda) Ltd. (together with the Predecessor, the “Bermudian Entities”), C&J Energy Production Services-Canada Ltd. and Mobile Data Technologies Ltd. (together, the “Canadian Entities”), entered into a Restructuring Support and Lock-Up Agreement (the “Restructuring Support Agreement”), with certain lenders (the “Supporting Lenders”) holding approximately 90.0% of the secured claims and interests arising under the Credit Agreement, dated as of March 24, 2015 (as amended and otherwise modified, the “Original Credit Agreement”). The Restructuring Support Agreement contemplated the implementation of a financial restructuring of the Company, including the elimination of all amounts owed under the Original Credit Agreement through a complete debt-to-equity conversion and a re-investment in the Company through an equity rights offering. This financial restructuring was effectuated through the Restructuring Plan under Chapter 11 of the Bankruptcy Code.To implement the Restructuring Support Agreement, on July 20, 2016 (11 of the Bankruptcy Code with the United States Bankruptcy Court in the Southern District of Texas, Houston Division (the “Bankruptcy Court”), and also commenced ancillary proceedings in Canada on behalf of the Canadian Entities and a provisional liquidation proceeding in Bermuda on behalf of the Bermudian Entities (collectively, the “Chapter 11 Proceeding”). The Chapter 11 Proceeding was being administered under the caption “In re: CJ Holding Co., et al., Case ”. Throughout the Chapter No. 16 -33590 11 Proceeding, the Debtors continued operations and management of their assets in the ordinary course as debtors-in-possession under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.In accordance with the Restructuring Support Agreement, the Debtors filed the plan of reorganization (the " Restructuring Plan") and related disclosure statement (the “Disclosure Statement”) with the Bankruptcy Court on August 19, 2016, with a first amendment to the Restructuring Plan filed on September 28, 2016 and a second amendment filed on November 3, 2016. On November 4, 2016, the Bankruptcy Court approved the Disclosure Statement, finding that the Disclosure Statement contained adequate information as required by the Bankruptcy Code. The Debtors then launched a solicitation of acceptances of the Restructuring Plan, as required by the Bankruptcy Code. On December 16, 2016, an order confirming the Restructuring Plan was entered by the Bankruptcy Court. On January 6, 2017 ( the "Plan Effective Date"), the Debtors substantially consummated the Restructuring Plan and emerged from the Chapter 11 Proceeding. As part of the transactions undertaken pursuant to the Restructuring Plan, as of the Plan Effective Date, the Successor was formed, the Predecessor's equity was canceled, the Predecessor transferred all of its assets and operations to the Successor and the Predecessor was subsequently dissolved. As a result, the Successor became the successor issuer to the Predecessor. For additional information regarding the Chapter 11 Proceeding and Emergence, please read the Company’s Annual Report on Form 10 -K for the fiscal year ended December 31, 2017. Reorganization Items The Company classifies all income, expenses, gains or losses that were incurred or realized as a result of the Chapter 11 Proceeding as reorganization items in its consolidated statements of operations. In addition, the Company reports professional fees and related costs associated with and incurred during the Chapter 11 Proceeding as reorganization items. The components of reorganization items are as follows (in thousands):
While the Company’s emergence from bankruptcy is complete, certain administrative activities will continue under the authority of the Bankruptcy Court through at least the remainder of 2018. |
Note 3 - Debt |
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Long-term Debt [Text Block] | Note 3 - DebtCredit Facility The Company and certain of its subsidiaries (the “Borrowers”) entered into an asset-based revolving credit agreement with, among others, JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”), on May 1, 2018 ( the “Credit Facility”).The Credit Facility allows the Borrowers to incur revolving loans in an aggregate amount up to the lesser of (a) $400.0 million or (b) a borrowing base (the “Loan Cap”), which borrowing base is based upon the value of the Borrowers’ accounts receivable, inventory and restricted cash, subject to eligibility criteria and customary reserves which may be modified in the Agent’s permitted discretion.The Credit Facility also provides for the issuance of letters of credit, which would further reduce borrowing capacity thereunder. The maturity date of the Credit Facility is May 1, 2023. If at any time the amount of loans and other extensions of credit outstanding under the Credit Facility exceed the borrowing base, the Borrowers may be required, among other things, to prepay outstanding loans immediately.The Borrowers’ obligations under the Credit Facility are secured by liens on a substantial portion of the Borrowers’ personal property, subject to certain exclusions and limitations. Upon the occurrence of certain events, additional collateral, including a portion of the Borrowers’ real properties, may also be required to be pledged. Each of the Borrowers is jointly and severally liable for the obligations of the other Borrowers under the Credit Facility.At the Borrowers’ election, interest on borrowings under the Credit Facility will be determined by reference to either LIBOR plus an applicable margin of between 1.5% and 2.0% or an “alternate base rate” plus an applicable margin of between 0.5% and 1.0%, in each case based on the Company’s total leverage ratio. Interest will be payable quarterly for loans bearing interest based on the alternative base rate and on the last day of the interest period applicable to LIBOR-based loans and, in the case of an interest period longer than three months, quarterly, upon any prepayment and at final maturity. The Borrowers will also be required to pay a fee on the unused portion of the Credit Facility equal to (i) 0.5% per annum if average utilization is less than or equal to 25% or (ii) 0.375% per annum if average utilization is greater than 25%, in each case payable quarterly in arrears to the Agent.The Credit Facility contains covenants that limit the Borrowers’ ability to incur additional indebtedness, grant liens, make loans, make acquisitions or investments, make distributions, merge into or consolidate with other persons, or engage in certain asset dispositions. The Credit Facility also contains a financial covenant which requires the Company to maintain a monthly minimum fixed charge coverage ratio of 1.0:1.0 upon the occurrence of an event of default or on any date upon which the excess availability is less than the greater of (x ) 12.5% of the lesser of the Loan Cap and (y) $30.0 million.The fixed charge coverage ratio is generally defined in the Credit Facility as the ratio of (i) EBITDA minus certain capital expenditures and cash taxes paid to (ii) the sum of cash interest expenses, scheduled principal payments on borrowed money and certain distributions. As of June 30, 2018, the Company was in compliance with all financial covenants of the Credit Facility.Prior Credit Facility On January 6, 2017, in connection with the emergence from bankruptcy, the Company entered into a revolving credit and security agreement with PNC Bank, National Association, as administrative agent (the “Prior Agent”), which was subsequently amended and restated on May 4, 2017 ( the “Prior Credit Facility”). The Prior Credit Facility was canceled and discharged on May 1, 2018. The Prior Credit Facility allowed the Company and certain of its subsidiaries (the “Prior Borrowers”), to incur revolving loans in an aggregate amount up to the lesser of $200.0 million and a borrowing base, which borrowing base was based upon the value of the Prior Borrowers’ accounts receivable and inventory, subject to eligibility criteria and customary reserves which may have been modified in the Agent’s permitted discretion. The Prior Credit Facility also provided for the issuance of letters of credit, which would further reduce borrowing capacity thereunder. The maturity date of the Prior Credit Facility was May 4, 2022. If at any time the amount of loans and other extensions of credit outstanding under the Prior Credit Facility exceeded the borrowing base, the Prior Borrowers may have been required, among other things, to prepay outstanding loans immediately.The Prior Borrowers’ obligations under the Prior Credit Facility were secured by liens on a substantial portion of the Prior Borrowers’ personal property, subject to certain exclusions and limitations. Upon the occurrence of certain events, additional collateral, including a portion of the Prior Borrowers’ real properties, may also have been required to be pledged. Each of the Prior Borrowers was jointly and severally liable for the obligations of the other Prior Borrowers under the Prior Credit Facility.At the Prior Borrowers’ election, interest on borrowings under the Prior Credit Facility would have been determined by reference to either LIBOR plus an applicable margin of 2.0% or an “alternate base rate” plus an applicable margin of 1.0%. Beginning after the fiscal month ending on or about September 30, 2017, these margins were subject to a monthly step-up of 0.25% in the event that average excess availability under the Prior Credit Facility was less than 37.5% of the total commitment, and a monthly step-down of 0.25% in the event that average excess availability under the Prior Credit Facility was equal to or greater than 62.5% of the total commitment. Interest was payable quarterly for loans bearing interest based on the alternative base rate and on the last day of the interest period applicable to LIBOR-based loans. The Prior Borrowers were also required to pay a fee on the unused portion of the Prior Credit Facility equal to (i) 0.75% in the event that utilization was less than 25% of the total commitment, (ii) 0.50% in the event utilization was equal to or greater than 25% of the total commitment but less than 50% of the total commitment and (iii) 0.375% in the event that utilization was equal to or greater than 50% of the total commitment.The Prior Credit Facility contained covenants that limited the Prior Borrowers’ ability to incur additional indebtedness, grant liens, make loans or investments, make distributions, merge into or consolidate with other persons, make capital expenditures or engage in certain asset dispositions including a sale of all or substantially all of the Company’s assets. The Prior Credit Facility also contained a financial covenant that required the Company to maintain a monthly minimum fixed charge coverage ratio of 1.0:1.0 if, as of any month-end, liquidity was less than $40.0 million.The fixed charge coverage ratio was generally defined in the Prior Credit Facility as the ratio of (i) EBITDA minus certain capital expenditures and cash taxes paid to (ii) the sum of cash interest expenses, scheduled principal payments on borrowed money and certain distributions. In connection with the cancellation and discharge of the Prior Credit Facility, the Company accelerated the amortization of $1.5 million in deferred financing costs. |
Note 4 - Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Text Block] | Note 4 - Goodwill and Other Intangible AssetsOn November 30, 2017, the Company acquired all of the outstanding equity interests of O-Tex Holdings, Inc., and its operating subsidiaries (“O-Tex”). See Note 8 - Acquisitions for further discussion on the O-Tex acquisition. As of June 30, 2018, all of the goodwill reported on the Company's consolidated balance sheet is related to the O-Tex acquisition, which was allocated to the Company's WC&I reporting unit.The change in the carrying amounts of other intangible assets as of the June 30, 2018 is presented as follows (in thousands):
Definite-Lived Intangible Assets The Company reviews definite-lived intangible assets, along with PP&E, for impairment when a triggering event indicates that the asset may have a net book value in excess of recoverable value.The change in the carrying amounts of other intangible assets as of the June 30, 2018 is presented as follows (in thousands):
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Note 5 - Share-based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 - Share-Based CompensationPursuant to the Restructuring Plan, the Company adopted the C&J Energy Services, Inc. 2017 Management Incentive Plan (as amended from time to time, the “MIP”) as of the Plan Effective Date.The MIP provides for the grant of share-based awards to the Company’s employees, consultants and non-employee directors. The following types of awards are available for issuance under the MIP: incentive stock options and nonqualified stock options, share appreciation rights, restricted shares, restricted share units, dividend equivalent rights, performance awards, share awards, other share-based awards and substitute awards. As of June 30, 2018, only nonqualified stock options, restricted shares and performance awards have been awarded under the MIP.A total of approximately 8.0 million shares of common stock were originally authorized and approved for issuance under the MIP. The number of shares of common stock available for issuance under the MIP is subject to adjustment in the event of a reclassification, recapitalization, merger, consolidation, reorganization, spin-off, split-up, issuance of warrants, rights or debentures, share dividend, share split or reverse share split, cash dividend, property dividend, combination or exchange of shares, repurchase of shares, change in corporate structure or any similar corporate event or transaction. The number of shares of common stock available for issuance may also increase due to the termination of an award granted under the MIP or by expiration, forfeiture, cancellation or otherwise without the issuance of the common stock.Stock Options The fair value of each option award granted under the MIP is estimated on the date of grant using the Black-Scholes option-pricing model. Determination of the fair value was a matter of judgment and often involved the use of significant estimates and assumptions. Additionally, due to the Company’s lack of historical volume of option activity, the expected term of options granted was derived using the “plain vanilla” method. Expected volatilities were based on comparable public company data, with consideration given to the Company’s limited historical data. The Company makes estimates with respect to employee termination and forfeiture rates of the options within the valuation model. The risk-free rate is based on the approximate U.S. Treasury yield rate in effect at the time of grant. During the year ended December 31, 2017, approximately 0.4 million nonqualified stock options were granted under the MIP to certain of the Company's executive officers at a fair market value ranging from $16.55 to $22.19 per nonqualified stock option. Stock options granted during the first quarter of 2017 will expire on the tenth anniversary of the grant date and will vest over three years of continuous service from the grant date, with 34% vesting immediately upon the grant date, and 22% on each of the first, second and third anniversaries of the grant date. Stock options granted during the fourth quarter of 2017 will expire on the tenth anniversary of the grant date and will vest over three years of continuous service from the grant date, with one -third vesting on each of the first, second and third anniversaries of the grant date. During the six months ended June 30, 2018, no stock options were granted by the Company.As of June 30, 2018, the Company had approximately 0.4 million options outstanding to employees, including 0.2 million unvested options. The Company had approximately $3.0 million of share-based compensation remaining to be expensed over a weighted average remaining service period of 2.0 years.The following table includes the assumptions used in determining the fair value of option awards granted during the year ended December 31, 2017.
Restricted Stock The value of the Company’s outstanding restricted stock is based on the closing price of the Company’s common stock on the NYSE on the date of grant. During year ended December 31, 2017, approximately 1.7 million shares of restricted stock were granted to employees and non-employee directors under the MIP, at fair market values ranging from $31.52 to $44.90 per share of restricted stock. Restricted stock awards granted to employees during the first quarter of 2017 will vest over three years of continuous service from the grant date, with 34% having vested immediately upon the grant date, and 22% on each of the first, second and third anniversaries of the grant date. Restricted stock awards granted to non-employee directors will vest in full on the first anniversary of the date of grant, subject to each director's continued service. Restricted stock awards granted to employees during the fourth quarter of 2017 will vest over three years of continuous service from the grant date, with one -third vesting on each of the first, second and third anniversaries. During the six months ended June 30, 2018, no restricted shares were granted by the Company.To the extent permitted by law, the recipient of an award of restricted stock will generally have all of the rights of a stockholder with respect to the underlying common stock, including the right to vote the common stock and to receive all dividends or other distributions made with respect to the common stock. Dividends on restricted stock will be deferred until the lapsing of the restrictions imposed on the stock and will be held by the Company for the account of the recipient (either in cash or to be reinvested in restricted stock) until such time. Payment of the deferred dividends and accrued interest, if any, shall be made upon the lapsing of restrictions on the restricted stock, and any dividends deferred in respect of any restricted stock shall be forfeited upon the forfeiture of such restricted stock. As of June 30, 2018, the Company had not issued any dividends.As of June 30, 2018, the Company had approximately 1.0 million shares of restricted stock outstanding to employees and non-employee directors. The Company had $29.2 million of share-based compensation remaining to be expensed over a weighted average remaining service period of 2.1 years.Performance Stock During the fourth quarter of 2017, the Company granted approximately 0.1 million shares of performance stock under the MIP to certain of the Company's executive officers at a fair market value of approximately $37.20 per share of restricted stock. The performance award cliff vests at the end of a three year performance period, and the participants may earn between 0% and 200% of the target number of the shares granted based on actual stock price performance upon comparison to a peer group. The vesting of these awards is subject to the employee's continued employment. The Company values equity awards with market conditions at the grant date using a Monte Carlo simulation model which simulates many possible future outcomes. During the six months ended June 30, 2018, no performance stock was granted by the Company.As of June 30, 2018, the Company had approximately 0.1 million shares of performance stock outstanding. The Company had $2.6 million of share-based compensation remaining to be expensed over a weighted average remaining service period of 2.5 years.The following table presents the assumptions used in determining the fair value of the performance stock granted during the fourth quarter of 2017.
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Note 6 - Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Text Block] | Note 6 - Commitments and ContingenciesEnvironmental Regulations & Liabilities The Company is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for the protection of the environment. The Company continues to monitor the status of these laws and regulations. However, the Company cannot predict the future impact of such standards and requirements on its business, which are subject to change and can have retroactive effectiveness. Currently, the Company has not been fined, cited or notified of any environmental violations or liabilities that would have a material adverse effect upon its consolidated financial position, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions which may be required, the determination of the Company’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification.Litigation The Company is, and from time to time may be, involved in claims and litigation arising in the ordinary course of business. Because there are inherent uncertainties in the ultimate outcome of such matters, it is difficult to determine or otherwise predict with any certainty the ultimate outcome of any pending or potential claims or litigation against the Company; however, management believes that the outcome of those matters that are presently known to the Company will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.Self-Insured Risk Accruals The Company maintains insurance policies for workers’ compensation, automobile liability, general liability, environmental liability, and property damage relating to catastrophic events, together with excess loss liability coverage. These insurance policies carry self-insured retention limits or deductibles on a per occurrence basis. The Company has deductibles per occurrence for: (i) workers’ compensation of $1,000,000; (ii) automobile liability claims of $1,000,000; (iii) general liability claims, including sudden and accidental pollution claims, of $250,000, plus an additional annual aggregate deductible of $250,000; (iv) environmental liability claims of $500,000; and (v) property damage for catastrophic events of $50,000. The excess loss liability coverage is subject to an annual aggregate self-insured retention of $5,000,000. Additionally, under the terms of the Separation Agreement, dated as of February 12, 2015, by and between the Predecessor and Nabors Industries, Ltd. (“Nabors”), relating to a transformative transaction between the Predecessor and Nabors (the “Nabors Merger”), with the exception of certain liabilities for which Nabors has agreed to indemnify the Predecessor, the Predecessor assumed, among other liabilities, all liabilities of the completion and production services business (the “C&P Business”) to the extent arising out of or resulting from the operation of the C&P Business at any time before, at or after the closing of the Nabors Merger, including liability for death, personal injury and property damage resulting from or caused by the assets, products and services of the C&P Business. Any liability relating to or resulting from any claim or litigation asserted after the closing of the Nabors Merger, but where the underlying cause of action arose prior to that time, would not be covered by the Company’s insurance policies. |
Note 7 - Segment Information |
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Segment Reporting Disclosure [Text Block] | Note 7 - Segment InformationIn accordance with ASC No. 280 - Segment Reporting, the Company routinely evaluates whether its separate operating and reportable segments have changed. This determination is made based on the following factors: (1 ) the Company’s chief operating decision maker (“CODM”) is currently managing each operating segment as a separate business and evaluating the performance of each segment and making resource allocation decisions distinctly and expects to do so for the foreseeable future, and (2 ) discrete financial information for each operating segment is available.Prior to and as of the year ended December 31, 2017, the Company’s reportable segments were: (i) Completion Services and (ii) Well Support Services. Due to the significant expansion of C&J's cementing business, during the first quarter of 2018 the CODM revised the approach in which performance evaluation and resource allocation decisions are made. Discrete financial information was created to provide the segment information necessary for the CODM to manage the Company under the revised operating segment structure. As a result of this change in operating segments, the Company revised its reportable segments in the first quarter of 2018. The Company's operating and reportable segments are now: (i) Completion Services, (ii) WC&I and (iii) Well Support Services. This segment structure reflects the financial information and reports used by the Company’s management, including its CODM, to make decisions regarding the Company’s business, including performance evaluation and resource allocation decisions. As a result of the revised reportable segment structure, the Company has restated the corresponding segment information for all periods presented.The following is a brief description of the Company's reportable segments as of June 30, 2018: Completion Services The Company’s Completion Services segment consisted of the following businesses and service lines: ( 1 ) fracturing services; (2 ) cased-hole wireline and pumping services; and (3 ) completion support services, which includes logistics services and the Company's R&T department.Well Construction and Intervention Services The Company’s WC&I segment consisted of the following businesses and service lines: ( 1 ) cementing services; (2 ) coiled tubing services and (3 ) directional drilling services. During the first quarter of 2018, the Company exited its directional drilling business.Well Support Services The Company’s Well Support Services segment consisted of the following businesses and service lines: ( 1 ) rig services; (2 ) fluids management services; and (3 ) special services, which included plug and abandonment, artificial lift applications and other specialty well site services.The following table sets forth certain financial information with respect to the Company’s reportable segments.
Management evaluates reportable segment performance and allocates resources based on total earnings (loss) before net interest expense, income taxes, depreciation and amortization, other income (expense), net gain or (loss) on disposal of assets, acquisition-related costs, and non-routine items (“Adjusted EBITDA”), because Adjusted EBITDA is considered an important measure of each reportable segment’s performance. In addition, management believes that the disclosure of Adjusted EBITDA as a measure of each reportable segment’s operating performance allows investors to make a direct comparison to competitors, without regard to differences in capital and financing structure. Investors should be aware, however, that there are limitations inherent in using Adjusted EBITDA as a measure of overall profitability because it excludes significant expense items. An improving trend in Adjusted EBITDA may not be indicative of an improvement in the Company’s profitability. To compensate for the limitations in utilizing Adjusted EBITDA as an operating measure, management also uses U.S. GAAP measures of performance, including operating income (loss) and net income (loss), to evaluate performance, but only with respect to the Company as a whole and not on a reportable segment basis.As required under Item 10 (e) of Regulation S-K of the Exchange Act, included below is a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, from net income (loss), which is the nearest comparable U.S. GAAP financial measure (in thousands) on a consolidated basis for the three and six months ended June 30, 2018 and 2017.
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Note 8 - Acquisitions |
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Business Combination Disclosure [Text Block] | Note 8 - AcquisitionsAcquisition of O-Tex On November 30, 2017, the Company acquired all of the outstanding equity interest of O-Tex for approximately $271.9 million, consisting of cash of approximately $132.5 million and 4.42 million shares of the Company's common stock with a fair value of $138.2 million. The Company also acquired the remaining 49.0% non-controlling interest in an O-Tex subsidiary for $1.25 million.The O-Tex transaction was accounted for using the acquisition method of accounting for business combinations. The preliminary purchase price was allocated to the net assets acquired based upon their estimated fair values. The estimated fair values of certain assets and liabilities, including property plant and equipment, other intangible assets, and contingencies required significant judgments and estimates. As a result, the provisional measurements are preliminary and subject to change during the measurement period and such changes could be material. The following unaudited pro forma results of operations have been prepared as though the O-Tex transaction was completed on January 1, 2016. Pro forma amounts are based on the purchase price allocation of the acquisition and are not necessarily indicative of results that may be reported in the future (in thousands):
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Note 9 - Supplemental Cash Flow Disclosures |
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Cash Flow, Supplemental Disclosures [Text Block] | Note 9 - Supplemental Cash Flow DisclosuresListed below are supplemental cash flow disclosures for the six months ended June 30, 2018 and 2017 and the Fresh Start Reporting Date:
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Note 10 - Subsequent Events |
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Subsequent Events [Text Block] | Note 10 - Subsequent EventsOn July 31, 2018, the Company’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to $150.0 million of the Company’s common stock over a twelve month period starting August 1, 2018. Repurchases may commence or be suspended at any time without notice. The program does not obligate the Company to purchase a specified number of shares of common stock during the period or at all, and may be modified or suspended at any time at the Company’s discretion. |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation not been audited by the Company’s independent registered public accounting firm, except that the consolidated balance sheet at December 31, 2017, the consolidated statements of operations, comprehensive income (loss), and cash flows on January 1, 2017, and the consolidated statement of changes in stockholders' equity as of December 31, 2016, January 1, 2017 and December 31, 2017, are derived from audited consolidated financial statements. In the opinion of management, all material adjustments, consisting of normal recurring adjustments, necessary for fair presentation have been included. These consolidated financial statements include all accounts of the Company. All significant intercompany transactions and accounts have been eliminated upon consolidation.These consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Therefore, these consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2017, which are included in the Company’s Annual Report on Form 10 -K for the fiscal year ended December 31, 2017 filed with the SEC. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.On January 1, 2017 ( the "Fresh Start Reporting Date"), in connection with the Company's emergence from its Chapter 11 Proceeding (as defined in Note 2 - Chapter 11 Proceeding and Emergence), the Company adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852 - Reorganizations , in preparing the consolidated financial statements. ASC 852 requires that the financial statements distinguish transactions and events that are directly associated with the Chapter 11 Proceeding from the ongoing operations of the business. Accordingly, certain expenses, gains and losses that were realized or incurred in the Chapter 11 Proceeding were recorded in a reorganization line item on the consolidated statements of operations. The Company's consolidated financial statements and notes on January 1, 2017, are not comparable to the consolidated financial statements for the periods subsequent to January 1, 2017, due to the application of fresh start accounting as noted above. |
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Reclassification, Policy [Policy Text Block] | Reclassifications not affect previously reported results of operations, stockholders' equity, comprehensive income or cash flows. |
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates not limited to, determining the following: allowance for doubtful accounts, valuation of long-lived assets and intangibles, goodwill, useful lives used in depreciation and amortization, inventory reserves, income taxes and share-based compensation. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, as more experience is acquired, or as additional information is obtained and as the Company’s operating environment changes. |
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Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents . For purposes of the consolidated statement of cash flows, cash is defined as cash on-hand, demand deposits and short-term investments with initial maturities of three months or less. The Company maintains its cash and cash equivalents in various financial institutions, which at times may exceed federally insured amounts. Management believes that this risk is not significant. Cash balances related to the Company's captive insurance subsidiaries, which totaled $9.6 million and $23.8 million at June 30, 2018 and December 31, 2017, respectively, are included in cash and cash equivalents in the consolidated balance sheets, and the Company expects to use these cash balances to fund the day to day operations of the captive insurance subsidiaries and to settle future anticipated claims. |
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Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts . Accounts receivable are generally stated at the amount billed to customers. The Company provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information and existing economic conditions. Provisions for doubtful accounts are recorded when it is deemed probable that the customer will not make the required payments at either the contractual due dates or in the future. |
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Inventory, Policy [Policy Text Block] | Inventories consisted of the following (in thousands):
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Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment . Property, plant and equipment ("PP&E") are reported at cost less accumulated depreciation. Maintenance and repairs, which do not improve or extend the life of the related assets, are charged to expense when incurred. Refurbishments are capitalized when the value of the equipment is enhanced for an extended period. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are relieved, and any gain or loss is included in operating income.PP&E are evaluated on a quarterly basis to identify events or changes in circumstances (“triggering events”) that indicate the carrying value of certain PP&E may not be recoverable. PP&E are reviewed for impairment upon the occurrence of a triggering event. An impairment loss is recorded in the period in which it is determined that the carrying amount of PP&E is not recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups of assets with such cash flows to be realized over the estimated remaining useful life of the primary asset within the asset group, excluding interest expense. The Company determined the lowest level of identifiable cash flows that are independent of other asset groups to be primarily at the service line level. The Company's asset groups consist of the well support services, fracturing, cased-hole wireline and pumping services, cementing, coiled tubing, and data acquisition and control instruments provider service lines as well as the research and technology ("R&T") service lines. If the estimated undiscounted future net cash flows for a given asset group is less than the carrying amount of the related assets, an impairment loss is determined by comparing the estimated fair value with the carrying value of the related assets. The impairment loss is then allocated across the asset group's major classifications. No impairment charge was recorded for the six months ended June 30, 2018 and 2017. |
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Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Definite-Lived Intangible Assets . Goodwill may be allocated across three reporting units: Completion Services, Well Construction and Intervention Services ("WC&I") and Well Support Services. At the reporting unit level, the Company tests goodwill for impairment on an annual basis as of October 31 of each year, or when events or changes in circumstances, referred to as triggering events, indicate the carrying value of goodwill may not be recoverable and that a potential impairment exists.Judgment is used in assessing whether goodwill should be tested for impairment more frequently than annually. Factors such as unexpected adverse economic conditions, competition, market changes and other external events may require more frequent assessments.Before employing quantitative impairment testing methodologies, the Company may first evaluate the likelihood of impairment by considering qualitative factors relevant to each reporting unit, such as macroeconomic, industry, market or any other factors that have a significant bearing on fair value. If the Company first utilizes a qualitative approach and determines that it is more likely than not that goodwill is impaired, quantitative testing methodologies are then applied. Otherwise, the Company concludes that no impairment has occurred. Quantitative impairment testing involves comparing the fair value of each reporting unit to its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential sale of the reporting unit. If the fair value exceeds carrying value, then it is concluded that no goodwill impairment has occurred. If the carrying value of the reporting unit exceeds its fair value an impairment loss is recognized in an amount equal to the excess, not to exceed the amount of goodwill allocated to the reporting unit.The Company’s impairment analysis involves the use of a blended income and market approach. Significant management judgment is necessary to evaluate the impact of operating and macroeconomic changes on each reporting unit. Critical assumptions include projected revenue growth, fleet count, utilization, gross profit rates, sales, general and administrative ("SG&A") rates, working capital fluctuations, capital expenditures, discount rates, terminal growth rates and price-to-earnings multiples. The Company’s market capitalization is also used to corroborate reporting unit valuations. Definite-lived intangible assets are amortized over their estimated useful lives and are reviewed for impairment when a triggering event occurs. With the exception of the C&J trade name, these intangibles, along with PP&E, are reviewed for impairment when a triggering event indicates that the asset group may have a net book value in excess of recoverable value. In these cases, the Company performs a recoverability test on its PP&E and definite-lived intangible assets by comparing the estimated future net undiscounted cash flows expected to be generated from the use of these assets to the carrying amount of the assets for recoverability. If the estimated undiscounted cash flows exceed the carrying amount of the assets, an impairment does not exist, and a loss will not be recognized. If the undiscounted cash flows are less than the carrying amount of the assets, the assets are not recoverable and the amount of impairment must be determined by fair valuing the assets. The C&J trade name is a corporate asset and is reviewed for impairment upon the occurrence of a triggering event by comparing the carrying amount of the corporate assets with the remaining cash flows available, after taking into consideration the lower level asset groups that benefit from the C&J trade name. |
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Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs. |
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Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition No. 2014 -09, Revenue from Contracts with Customers and its related updates as codified under ASC 606, Revenue from Contracts with Customers ("ASC 606" ) on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for the three and six months ended June 30, 2018 reflect the application of ASC 606 guidance while the reported results for the corresponding prior year period were prepared under the previous guidance of ASC No. 605, Revenue Recognition ("ASC 605" ).The adoption of ASC 606 represents a change in accounting principle that more closely aligns revenue recognition with the performance of the Company's services and provides financial statement readers with enhanced disclosures. In accordance with ASC 606, revenue is recognized in a manner reflecting the transfer of goods or services to customers based on consideration a company expects to receive. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. To achieve this core principle, ASC 606 requires the Company to apply the following five steps: (1 ) identify the contract with a customer, (2 ) identify the performance obligations in the contract, (3 ) determine the transaction price, (4 ) allocate the transaction price to performance obligations in the contract, and (5 ) recognize revenue when or as the Company satisfies a performance obligation. The five -step model requires management to exercise judgment when evaluating contracts and recognize revenue.The Company’s services create or enhance a customer controlled asset. The performance obligations of each of the Company’s services lines are primarily satisfied over time. Measurement of the satisfaction of the performance obligations is measured using the output method, which is typically evidenced by a field ticket. A field ticket includes items such as services performed, consumables used, and man hours incurred to complete the job for the customer. Each field ticket is used to invoice customers. Payment terms for invoices issued are in accordance with the master services agreement with each customer, which typically require payment within 30 days of the invoice issuance.A portion of the Company’s contracts contain variable consideration; however, this variable consideration is typically unknown at the time of contract inception, and is not known until the job is complete, at which time the variability is resolved. Examples of variable consideration include the number of hours that will be incurred and the amount of consumables (such as fluids and proppants) that will be used to complete a job.In the course of providing services to its customers, the Company may use consumables; for example, in the Company’s fracturing business, sand, guar and chemicals are used in the fracturing service for the customer. ASC 606 requires that goods or services promised to a customer be identified separately when they are distinct within the contract. However, the consumables are used to complete the service for the customer and are not beneficial to the customer on their own. As such, the consumables are not a separate performance obligation, but instead are combined with the other services within the context of the contract and accounted for as a single performance obligation.Disaggregation of Revenue The following tables disaggregate revenue by the Company's reportable segments, core service lines and geography (in thousands):
The following is a description of the Company’s core service lines separated by reportable segments from which the Company generates its revenue. For additional detailed information regarding reportable segments, see Note 7 - Segment Information. |
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Revenue Recognition, Leases [Policy Text Block] | Completion Services Segment Fracturing Services Revenue. one or more fracturing stages. Once a job has been completed to the customer’s satisfaction, a field ticket is written that includes charges for the services performed and the consumables (such as fluids and proppants) used during the course of service. The field tickets may also include charges for the personnel on the job, any additional equipment used on the job and other miscellaneous consumables.Under term pricing agreements, the Company and its customer agree to set pricing for a specified period of time. The agreed-upon pricing is subject to periodic review, as specifically defined in the agreement, and may be adjusted upon the agreement of both parties. These agreements typically do not feature provisions obligating either party to commit to a certain utilization level. Additionally, these agreements typically allow either party to terminate the agreement for its convenience without incurring a termination penalty.Rates for services performed on a spot market basis are based on an agreed-upon spot market rate for each stage the Company fractures. Pursuant to dedicated fleet arrangements, customers typically commit to targeted utilization levels based on a specified number of fracturing stages per calendar month or fulfilling the customer's requirements, in either instance at agreed-upon pricing. These agreements typically do not feature obligations to pay for services not used by the customer. In addition, the agreed-upon pricing is typically subject to periodic review, as specifically defined in the agreement, and may be adjusted upon the agreement of both parties. These contracts also typically allow for termination for either party's convenience with a brief notice period and typically feature a termination penalty in the event the customer terminates the contract for its convenience.Under term contracts with “take-or-pay” provisions, the Company’s customers are typically obligated to pay on a monthly basis for a specified quantity of services, whether or not those services are actually utilized. To the extent customers use more than the specified contracted minimums, the Company will charge a pre-agreed amount for the provision of such additional services, which amounts are typically subject to periodic review. In addition, these contracts typically feature a termination penalty in the event the customer terminates the contract for its convenience.Cased-hole Wireline & Pumping Services Revenue. The Company may enter into dedicated unit arrangements with its cased-hole wireline & pumping customers from time to time. Pursuant to dedicated unit arrangements, customers typically commit to targeted utilization levels based on the Company fulfilling the customer’s requirements for cased-hole wireline & pumping services at agreed-upon pricing. These agreements typically do not feature obligations to pay for services not used by the customer. In addition, the agreed-upon pricing is typically subject to periodic review, as specifically defined in the agreement, and may be adjusted upon the agreement of both parties.Other Completion Services Revenue. Well Construction and Intervention Services Segment Cementing Services Revenue. Coiled Tubing Services Revenue. may also include charges for the mobilization and set-up of equipment, the personnel on the job, any additional equipment used on the job, and other miscellaneous consumables. The Company typically charges the customer for the services performed and resources provided on an hourly basis at agreed-upon spot market rates or pursuant to pricing agreements.Directional Drilling Services Revenue. first quarter of 2018, the Company provided directional drilling services on a spot market basis. Jobs for these services were typically short-term in nature, lasting anywhere from a few days to multiple weeks. The Company typically charged the customer for these services on a per day basis at agreed-upon spot market rates depending on the level of services required and the complexity of the job. Revenue was recognized, and customers were invoiced upon the completion of each job. Once a job had been completed to the customer’s satisfaction, a field ticket was written that included charges for the service performed. During the first quarter of 2018, the Company decided to exit the directional drilling business. Directional drilling operations ceased during the first quarter of 2018. Well Support Services Segment Rig Services Revenue. not contemplated in the base hourly rate. The field ticket may also include charges for the mobilization and set-up of equipment.Fluids Management Services Revenue. Other Special Well Site Services Revenue. With respect to its artificial lift applications, the Company generated revenue primarily from the sale of manufactured equipment and products. Revenue was recognized upon the completion, delivery and customer acceptance of each order. During the first quarter of 2018, the Company began to divest this business and has completed the divestiture of substantially all of the assets and inventory associated with the artificial lift business. |
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Remaining Performance Obligation [Policy Text Block] | Remaining Performance Obligations The Company invoices its customers for the services provided at contractual rates agreed to in pricing agreements multiplied by the applicable unit of measurement, including volume of consumables used and hours incurred. In accordance with ASC 606 -10 -55 -18, the Company has elected the “Right to Invoice” practical expedient, which allows the Company to invoice its customers in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. With this election, the Company is not required to disclose information about the variable consideration related to its remaining performance obligations. Because of the short-term nature of the Company’s services, which generally last a few hours to multiple days, the Company does not have any contracts with a duration of longer than one year that require disclosure. |
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Revenue from Contract with Customer [Policy Text Block] | Contract Balances Accounts receivable as presented on the Company’s consolidated balance sheets represent amounts due from customers for services provided. Bad debt expense of $1.5 million and $2.0 million was included as a component of direct costs on the consolidated statements of operations for the six months ended June 30, 2018 and 2017, respectively.The Company does not have any contracts in which it performs services to customers and payment for those services are contingent upon a future event (e.g., satisfaction of another performance obligation). As such, there are no contingent revenues or other contract assets recorded in the financial statements.Significant Judgments The majority of the Company’s performance obligations are satisfied over time. The Company has determined this best represents the transfer of control over services to the customer as performance by the Company helps to enhance a customer controlled asset (e.g., unplugging a well, enabling a well to produce oil or natural gas). Revenue is recognized over time as the Company satisfies its performance obligations. Field tickets are issued periodically throughout and upon completion of each job to evidence the services performed for each job and support the use of the output method. "Take-or-pay" provisions as part of fracturing contracts are considered stand ready performance obligations. The Company recognizes revenue for "take-or-pay" revenues using a time-based measure of progress, as the Company cannot reasonably estimate if and when the customer will require the use of the Company’s fleet to provide the fracturing services; likewise, the customer can benefit when a well needs fracturing services from the fleet which is standing by to provide such services. For R&T sales, the Company recognizes revenue at the point in time in which the products are delivered to and accepted by the customer because the customer obtains control along with the risks and rewards of ownership of the products at such time. Once delivered, the Company has the right to invoice the customer. The Company does not have any significant contract costs to obtain or fulfill contracts with customers; as such, no amounts are recognized on the consolidated balance sheet. |
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New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Adoption on the Financial Statements The Company adopted ASC 606 on January 1, 2018 using the modified retrospective method for all contracts not completed as of such date. Under this method, the comparative financial statements for the periods presented prior to the adoption date are not adjusted and continue to be reported under the revenue recognition guidance of ASC 605. After reviewing the Company's contracts and the revenue recognition guidance under ASC 606 there are no material differences between revenue recognition under ASC 605 and ASC 606. As a result, there is not a cumulative effect adjustment recorded to beginning retained earnings or recognition of any contract assets or liabilities upon adoption of ASC 606. Share-Based Compensation . The Company’s share-based compensation plan provides the ability to grant equity awards to the Company’s employees, consultants and non-employee directors. As of June 30, 2018, only nonqualified stock options, restricted shares and performance awards had been granted under such plans. The fair value of restricted stock grants is based on the closing price of C&J’s common stock on the grant date. The Company values option grants based on the grant date fair value using the Black-Scholes option-pricing model, and the Company values equity awards with market conditions based on the grant date fair value using a Monte Carlo simulation, both of which require the use of subjective assumptions. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period for the entire award. Further information regarding the Company’s share-based compensation arrangements and the related accounting treatment can be found in Note 5 - Share-Based Compensation.Fair Value of Financial Instruments . The Company’s financial instruments consist of cash and cash equivalents, accounts receivable and accounts payable. The recorded values of cash and cash equivalents, accounts receivable and accounts payable approximate their fair values given the short-term nature of these instruments.Equity Method Investments Income Taxes . The Company is subject to income and other similar taxes in all areas in which they operate. When recording income tax expense, certain estimates are required because: (a) income tax returns are generally filed months after the close of the Company's annual accounting period; (b) tax returns are subject to audit by taxing authorities and audits can often take years to complete and settle; and (c) future events often impact the timing of when the Company recognizes income tax expenses and benefits.The Company accounts for income taxes utilizing the asset and liability method. Under this method, 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 basis. 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. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized as income or expense in the period that includes the enactment date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In assessing the likelihood and extent that deferred tax assets will be realized, consideration is given to cumulative losses in recent years, projected future taxable income and tax planning strategies. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that a portion or all of the deferred tax assets will not be realized.The Company has federal, state and international net operating losses ("NOLs") carried forward from prior years that will expire in the years 2021 through 2037. After considering the scheduled reversal of deferred tax liabilities, projected future taxable income, the potential limitation on use of NOLs under Section 382 of the Internal Revenue Code of 1986, as amended (the "Code") and tax planning strategies, the Company established a valuation allowance due to the uncertainty regarding the ultimate realization of the deferred tax assets associated with its NOL carryforwards.As a result of the Chapter 11 Proceeding, on the Plan Effective Date, the Company believes it experienced an ownership change for purposes of Section 382 of the Code because of its Restructuring Plan and that consequently its pre-change NOLs are subject to an annual limitation (See Note 2 - Chapter 11 Proceeding and Emergence for additional information, including definitions of capitalized defined terms, about the Chapter 11 Proceeding and emergence from the Chapter 11 Proceeding). The ownership change and resulting annual limitation on use of NOLs are not expected to result in the expiration of the Company's NOL carryforwards if it is able to generate sufficient future taxable income within the carryforward periods. However, the limitation on the amount of NOLs available to offset taxable income in a specific year may result in the payment of income taxes before all NOLs have been utilized. Additionally, a subsequent ownership change may result in further limitation on the ability to utilize existing NOLs and other tax attributes, which could cause our pre-change NOL carryforwards to expire unused.The Company recognizes the financial statement effects of a tax position when it is more-likely-than- not, based on the technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50.0% likely of being realized upon ultimate settlement with a taxing authority. Previously recognized uncertain tax positions are reversed in the first period in which it is more-likely-than-not that the tax position would be sustained upon examination. Income tax related interest and penalties, if applicable, are recorded as a component of the provision for income tax expense. As of June 30, 2018, the Company has no uncertain tax positions.Earnings (Loss) Per Share . Basic earnings per share is based on the weighted average number of common shares (“common shares”) outstanding during the applicable period and excludes shares subject to outstanding stock options and shares of restricted stock. Diluted earnings per share is computed based on the weighted average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to outstanding stock options and restricted stock. The following is a reconciliation of the components of the basic and diluted earnings (loss) per share calculations for the applicable periods:
A summary of securities excluded from the computation of basic and diluted earnings (loss) per share is presented below for the applicable periods:
Recent Accounting Pronouncements February 2016, the FASB issued ASU No. 2016 -02, Leases (Topic ("ASU 842 ) 2016 -02" ). ASU No. 2016 -02 seeks to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. Unlike current U.S. GAAP, which requires only capital leases to be recognized on the balance sheet, ASU No. 2016 -02 will require both operating and finance leases to be recognized on the balance sheet. Additionally, the new guidance will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The amendments in ASU No. 2016 -02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early application is permitted. The Company will adopt this new accounting standard on January 1, 2019. The Company is currently determining the impacts of the new standard on its consolidated financial statements. The approach includes performing a detailed review of its lease portfolio by evaluating its population of leased assets and designing and implementing new processes and controls.In June 2016, the FASB issued ASU No. 2016 -13, Financial Instruments-Credit Losses (Topic (“ASU 326 ): Measurement of Credit Losses on Financial Instruments2016 -13” ), which amends U.S. GAAP by introducing a new impairment model for financial instruments that is based on expected credit losses rather than incurred credit losses. The new impairment model applies to most financial assets, including trade accounts receivable. The amendments in ASU 2016 -13 are effective for interim and annual reporting periods beginning after December 15, 2019, although it may be adopted one year earlier, and requires a modified retrospective transition approach. The Company is currently evaluating the impact this standard will have on its consolidated financial statements.In October 2016, the FASB issued ASU No. 2016 -16, Income Taxes (Topic ("ASU 740 ): Intra-Entity Transfers of Assets Other Than Inventory 2016 -16" ), which requires an entity to recognize the income tax consequences of an intra-entity asset transfer, other than an intra-entity asset transfer of inventory, when the transfer occurs. The ASU is effective for the interim and annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, and early application is permitted. The Company adopted this new accounting standard on January 1, 2018. The Company recognized a cumulative effect adjustment as a reduction to retained earnings of $13.2 million which occurred as a result of the Company's adoption of ASU 2016 -16. In January 2017, the FASB issued ASU No. 2017 -04, Intangibles-Goodwill and Other (Topic ("ASU 350 ): Simplifying the Test for Goodwill Impairment2017 -04" ), which establishes a one -step process for testing goodwill for a drop in value. This ASU is effective for the interim and annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company early adopted this new accounting standard on January 1, 2018, and there was no impact on its consolidated financial statements.In February 2018, the FASB issued ASU No. 2018 -02, Income Statement - Reporting Comprehensive Income (Topic ("ASU 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income2018 -02" ), which December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.In March 2018, the FASB issued ASU No. 2018 -05, Income Taxes (Topic , ("ASU 740 ): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 2018 -05" ), which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act (the "Tax Act") pursuant to Staff Accounting Bulletin No. 18, which allows companies to complete the accounting under ASC 740 within a one -year measurement period from the Tax Act enactment date. This standard is effective upon issuance. The Company is currently within the one -year measurement period and is in the process of accounting for the tax effects of the Tax Act.In June 2018, the FASB issued ASU No. 2018 -07, Compensation-Stock Compensation (Topic , ("ASU 718 ): Improvements to Nonemployee Share-Based Payment Accounting2018 -07" ), which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. This ASU is effective for the interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Tables) |
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Schedule of Inventory, Current [Table Text Block] |
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Disaggregation of Revenue [Table Text Block] |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
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Note 2 - Chapter 11 Proceeding and Emergence (Tables) |
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Restructuring and Related Costs [Table Text Block] |
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Note 4 - Goodwill and Other Intangible Assets (Tables) |
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Schedule of Goodwill [Table Text Block] |
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Schedule of Intangible Assets and Goodwill [Table Text Block] |
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Note 5 - Share-based Compensation (Tables) |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
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Note 7 - Segment Information (Tables) |
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Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Reconciliation of Earnings Before Interest Taxes Depreciationand Amortization [Table Text Block] |
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Note 8 - Acquisitions (Tables) |
6 Months Ended | |||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||
Notes Tables | ||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] |
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Note 9 - Supplemental Cash Flow Disclosures (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
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Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies (Details Textual) $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 01, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 110,042 | $ 252,755 | $ 113,887 | $ 181,242 | ||
Number of Reportable Segments | 3 | |||||
Accumulated Amortization, Debt Issuance Costs | $ 1,500 | 2,000 | ||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | |||||
Accounting Standards Update 2016-16 [Member] | ||||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 13,200 | |||||
Earliest Tax Year [Member] | ||||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2021 | |||||
Latest Tax Year [Member] | ||||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 | |||||
Directional Drilling, Cementing, Artificial Lift Applications and International Coiled Tubing [Member] | ||||||
Asset Impairment Charges, Total | $ 0 | $ 0 | ||||
Captive Insurance Subsidiaries [Member] | ||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 9,600 | $ 23,800 |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Raw materials | $ 3,544 | $ 5,302 |
Work-in-process | 664 | 1,329 |
Finished goods | 81,919 | 74,552 |
Total inventory | 86,127 | 81,183 |
Inventory reserve | (3,035) | (3,390) |
Inventory, net | $ 83,092 | $ 77,793 |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenue | $ 610,521 | $ 390,143 | $ 1,163,521 | $ 704,337 |
West Texas [Member] | ||||
Revenue | 253,133 | 134,253 | 504,709 | 247,725 |
South and South East Texas [Member] | ||||
Revenue | 157,751 | 83,068 | 278,395 | 143,894 |
Rockies/Bakken [Member] | ||||
Revenue | 59,035 | 63,521 | 112,959 | 106,470 |
California [Member] | ||||
Revenue | 50,366 | 41,379 | 95,244 | 78,661 |
Mid-con [Member] | ||||
Revenue | 59,268 | 30,023 | 112,897 | 55,015 |
North East [Member] | ||||
Revenue | 28,911 | 30,418 | 55,361 | 51,637 |
Outside of U.S. [Member] | ||||
Revenue | 2,057 | 7,481 | 3,956 | 20,935 |
Completion Services [Member] | ||||
Revenue | 412,895 | 262,880 | 787,040 | 454,689 |
Completion Services [Member] | West Texas [Member] | ||||
Revenue | 170,343 | 100,987 | 349,318 | 186,565 |
Completion Services [Member] | South and South East Texas [Member] | ||||
Revenue | 135,437 | 62,966 | 234,621 | 101,243 |
Completion Services [Member] | Rockies/Bakken [Member] | ||||
Revenue | 44,076 | 53,628 | 83,085 | 87,597 |
Completion Services [Member] | California [Member] | ||||
Revenue | 5,796 | 3,494 | 10,844 | 6,210 |
Completion Services [Member] | Mid-con [Member] | ||||
Revenue | 38,833 | 20,075 | 74,453 | 36,789 |
Completion Services [Member] | North East [Member] | ||||
Revenue | 16,418 | 20,979 | 31,454 | 34,634 |
Completion Services [Member] | Outside of U.S. [Member] | ||||
Revenue | 1,992 | 751 | 3,265 | 1,651 |
Well Construction & Intervention [Member] | ||||
Revenue | 99,086 | 31,267 | 186,503 | 57,386 |
Well Construction & Intervention [Member] | West Texas [Member] | ||||
Revenue | 56,504 | 11,392 | 105,283 | 19,798 |
Well Construction & Intervention [Member] | South and South East Texas [Member] | ||||
Revenue | 13,034 | 9,216 | 25,717 | 19,364 |
Well Construction & Intervention [Member] | Rockies/Bakken [Member] | ||||
Revenue | 5,557 | 10,539 | ||
Well Construction & Intervention [Member] | California [Member] | ||||
Revenue | ||||
Well Construction & Intervention [Member] | Mid-con [Member] | ||||
Revenue | 12,157 | 3,154 | 22,337 | 5,280 |
Well Construction & Intervention [Member] | North East [Member] | ||||
Revenue | 11,834 | 7,505 | 22,627 | 12,944 |
Well Construction & Intervention [Member] | Outside of U.S. [Member] | ||||
Revenue | ||||
Well Support Services [Member] | ||||
Revenue | 98,540 | 95,996 | 189,978 | 192,262 |
Well Support Services [Member] | West Texas [Member] | ||||
Revenue | 26,286 | 21,874 | 50,108 | 41,362 |
Well Support Services [Member] | South and South East Texas [Member] | ||||
Revenue | 9,280 | 10,886 | 18,057 | 23,287 |
Well Support Services [Member] | Rockies/Bakken [Member] | ||||
Revenue | 9,402 | 9,893 | 19,335 | 18,873 |
Well Support Services [Member] | California [Member] | ||||
Revenue | 44,570 | 37,885 | 84,400 | 72,451 |
Well Support Services [Member] | Mid-con [Member] | ||||
Revenue | 8,278 | 6,794 | 16,107 | 12,946 |
Well Support Services [Member] | North East [Member] | ||||
Revenue | 659 | 1,934 | 1,280 | 4,059 |
Well Support Services [Member] | Outside of U.S. [Member] | ||||
Revenue | 65 | 6,730 | 691 | 19,284 |
Fracturing [Member] | ||||
Revenue | 288,855 | 183,714 | 558,346 | 314,377 |
Fracturing [Member] | Completion Services [Member] | ||||
Revenue | 288,855 | 183,714 | 558,346 | 314,377 |
Fracturing [Member] | Well Construction & Intervention [Member] | ||||
Revenue | ||||
Fracturing [Member] | Well Support Services [Member] | ||||
Revenue | ||||
Casedhole [Member] | ||||
Revenue | 115,377 | 76,644 | 215,131 | 132,909 |
Casedhole [Member] | Completion Services [Member] | ||||
Revenue | 115,377 | 76,644 | 215,131 | 132,909 |
Casedhole [Member] | Well Construction & Intervention [Member] | ||||
Revenue | ||||
Casedhole [Member] | Well Support Services [Member] | ||||
Revenue | ||||
Cementing [Member] | ||||
Revenue | 69,328 | 12,432 | 130,877 | 19,935 |
Cementing [Member] | Completion Services [Member] | ||||
Revenue | ||||
Cementing [Member] | Well Construction & Intervention [Member] | ||||
Revenue | 69,328 | 12,432 | 130,877 | 19,935 |
Cementing [Member] | Well Support Services [Member] | ||||
Revenue | ||||
Coiled Tubing [Member] | ||||
Revenue | 29,758 | 18,577 | 55,546 | 36,335 |
Coiled Tubing [Member] | Completion Services [Member] | ||||
Revenue | ||||
Coiled Tubing [Member] | Well Construction & Intervention [Member] | ||||
Revenue | 29,758 | 18,577 | 55,546 | 36,335 |
Coiled Tubing [Member] | Well Support Services [Member] | ||||
Revenue | ||||
Rig Services [Member] | ||||
Revenue | 51,716 | 54,022 | 100,162 | 109,567 |
Rig Services [Member] | Completion Services [Member] | ||||
Revenue | ||||
Rig Services [Member] | Well Construction & Intervention [Member] | ||||
Revenue | ||||
Rig Services [Member] | Well Support Services [Member] | ||||
Revenue | 51,716 | 54,022 | 100,162 | 109,567 |
Fluids Management [Member] | ||||
Revenue | 34,128 | 32,141 | 65,923 | 62,075 |
Fluids Management [Member] | Completion Services [Member] | ||||
Revenue | ||||
Fluids Management [Member] | Well Construction & Intervention [Member] | ||||
Revenue | ||||
Fluids Management [Member] | Well Support Services [Member] | ||||
Revenue | 34,128 | 32,141 | 65,923 | 62,075 |
Product and Service, Other [Member] | ||||
Revenue | 21,359 | 12,613 | 37,536 | 29,139 |
Product and Service, Other [Member] | Completion Services [Member] | ||||
Revenue | 8,663 | 2,522 | 13,563 | 7,403 |
Product and Service, Other [Member] | Well Construction & Intervention [Member] | ||||
Revenue | 258 | 80 | 1,116 | |
Product and Service, Other [Member] | Well Support Services [Member] | ||||
Revenue | $ 12,696 | $ 9,833 | $ 23,893 | $ 20,620 |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies - Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 01, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Numerator: | ||||||
Net income (loss) attributed to common stockholders | $ 28,496 | $ (12,721) | $ 49,090 | $ (45,022) | $ 22,457 | |
Denominator: | ||||||
Weighted average common shares outstanding (in shares) | 67,268 | 62,232 | 67,227 | 58,913 | ||
Weighted average common shares outstanding and assumed conversions (in shares) | 67,268 | 62,232 | 67,267 | 58,913 | ||
Basic (in dollars per share) | $ 0.42 | $ (0.20) | $ 0.73 | $ (0.76) | ||
Diluted (in dollars per share) | $ 0.42 | $ (0.20) | $ 0.73 | $ (0.76) | ||
Employee Stock Option [Member] | ||||||
Denominator: | ||||||
Potentially dilutive common shares (in shares) | ||||||
Warrants [Member] | ||||||
Denominator: | ||||||
Potentially dilutive common shares (in shares) | 38 | |||||
Restricted Stock [Member] | ||||||
Denominator: | ||||||
Potentially dilutive common shares (in shares) | 2 | |||||
Predecessor [Member] | ||||||
Numerator: | ||||||
Net income (loss) attributed to common stockholders | $ 298,582 | |||||
Denominator: | ||||||
Weighted average common shares outstanding (in shares) | 118,633 | |||||
Weighted average common shares outstanding and assumed conversions (in shares) | 118,633 | |||||
Basic (in dollars per share) | $ 2.52 | |||||
Diluted (in dollars per share) | $ 2.52 | |||||
Predecessor [Member] | Employee Stock Option [Member] | ||||||
Denominator: | ||||||
Potentially dilutive common shares (in shares) | ||||||
Predecessor [Member] | Warrants [Member] | ||||||
Denominator: | ||||||
Potentially dilutive common shares (in shares) | ||||||
Predecessor [Member] | Restricted Stock [Member] | ||||||
Denominator: | ||||||
Potentially dilutive common shares (in shares) |
Note 1 - Organization, Nature of Business and Summary of Significant Accounting Policies - Securities Excluded From Computation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jan. 01, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Basic earnings (loss) per share: | |||||
Restricted shares (in shares) | 1,130 | 572 | 1,205 | 436 | |
Potentially dilutive securities excluded as anti-dilutive (in shares) | 4,983 | 812 | 3,303 | 632 | |
Employee Stock Option [Member] | |||||
Basic earnings (loss) per share: | |||||
Potentially dilutive securities excluded as anti-dilutive (in shares) | 351 | 256 | 351 | 205 | |
Warrant [Member] | |||||
Basic earnings (loss) per share: | |||||
Potentially dilutive securities excluded as anti-dilutive (in shares) | 3,528 | 1,764 | |||
Restricted Stock [Member] | |||||
Basic earnings (loss) per share: | |||||
Potentially dilutive securities excluded as anti-dilutive (in shares) | 1,104 | 556 | 1,188 | 427 | |
Predecessor [Member] | |||||
Basic earnings (loss) per share: | |||||
Restricted shares (in shares) | 898 | ||||
Potentially dilutive securities excluded as anti-dilutive (in shares) | 5,314 | ||||
Predecessor [Member] | Employee Stock Option [Member] | |||||
Basic earnings (loss) per share: | |||||
Potentially dilutive securities excluded as anti-dilutive (in shares) | 4,416 | ||||
Predecessor [Member] | Warrant [Member] | |||||
Basic earnings (loss) per share: | |||||
Potentially dilutive securities excluded as anti-dilutive (in shares) | |||||
Predecessor [Member] | Restricted Stock [Member] | |||||
Basic earnings (loss) per share: | |||||
Potentially dilutive securities excluded as anti-dilutive (in shares) | 898 |
Note 2 - Chapter 11 Proceeding and Emergence (Details Textual) |
Jul. 20, 2016 |
Jul. 08, 2016 |
---|---|---|
Secured Claims and Credit Agreement Interests, Percentage | 90.00% | |
Bankruptcy Proceedings, Date Petition for Bankruptcy Filed | Jul. 20, 2016 | |
Bankruptcy Proceedings, Court Where Petition Was Filed | United States Bankruptcy Court in the Southern District of Texas, Houston Division |
Note 2 - Chapter 11 Proceeding and Emergence - Reorganization Items (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Total reorganization items | |||
Predecessor [Member] | |||
Gain on settlement of liabilities subject to compromise | $ 666,399 | ||
Net loss on fresh start fair value adjustments | (358,557) | ||
Professional fees | (13,435) | ||
Vendor claims adjustment | (438) | ||
Total reorganization items | $ 293,969 |
Note 3 - Debt (Details Textual) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
May 01, 2018
USD ($)
|
May 04, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
|
Amortization of Debt Issuance Costs | $ 1,856 | $ 306 | ||
New Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |||
Line of Credit Facility, Monthly Minimum Fixed Charge Ratio | 1 | |||
Line of Credit Facility, Percent, Loan Cap Threshold for Default | 12.50% | |||
Line of Credit Facility Monthly Minimum Fixed Charge Coverage Ratio Liquidity Threshold For Testing | $ 30,000 | |||
New Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Less Than 25% of Total Commitment [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||
Line of Credit Facility, Used Capacity of Total Commitment | 25.00% | |||
New Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Equal To or Greater Than 25% of Total Commitment [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||
Line of Credit Facility, Used Capacity of Total Commitment | 25.00% | |||
New Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
New Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
New Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
New Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||
Line of Credit Facility, Monthly Minimum Fixed Charge Ratio | 1 | |||
Debt Instrument, Basis Spread On Variable Rate, Alternative Rate | 1.00% | |||
Line of Credit Facility, Monthly Minimum Fixed Charge Coverage Ratio, Liquidity Threshold for Testing, 2018 and Thereafter | $ 40,000 | |||
Amortization of Debt Issuance Costs | $ 1,500 | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Less Than 25% of Total Commitment [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.75% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Equal To or Greater Than 25% and Less Than 50% of Total Commitment [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Equal To or Greater Than 50% of Total Commitment [Member] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | Minimum [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Equal To or Greater Than 25% and Less Than 50% of Total Commitment [Member] | ||||
Line of Credit Facility, Used Capacity of Total Commitment | 25.00% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | Minimum [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Equal To or Greater Than 50% of Total Commitment [Member] | ||||
Line of Credit Facility, Used Capacity of Total Commitment | 50.00% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | Maximum [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Less Than 25% of Total Commitment [Member] | ||||
Line of Credit Facility, Used Capacity of Total Commitment | 25.00% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | Maximum [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Equal To or Greater Than 25% and Less Than 50% of Total Commitment [Member] | ||||
Line of Credit Facility, Used Capacity of Total Commitment | 50.00% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Less Than 37.5% of Total Commitment [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate, Step-up | 0.25% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Equal To or Greater Than 62.5% of Total Commitment [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate, Step-down | 0.25% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Equal To or Greater Than 62.5% of Total Commitment [Member] | ||||
Line of Credit Facility, Used Capacity of Total Commitment | 62.50% | |||
Amended Credit Facility [Member] | PNC Bank, National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Condition of a Credit Facility if the Used Capacity of Facility is Less Than 37.5% of Total Commitment [Member] | ||||
Line of Credit Facility, Used Capacity of Total Commitment | 37.50% |
Note 4 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Balance, goodwill | $ 147,515 |
Purchase price adjustment | (1,500) |
Balance, goodwill | $ 146,015 |
Note 4 - Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Finite-lived intangible assets, gross, balance | $ 128,000 | $ 128,000 |
Intangible assets, amortization expense | (4,392) | |
Finite-lived intangible assets, accumulated amortization, balance | (8,555) | (4,163) |
Finite-lived intangible assets, net, balance | 119,445 | 123,837 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross, balance | 58,100 | 58,100 |
Intangible assets, amortization expense | ||
Customer Relationships [Member] | Minimum [Member] | ||
Finite-lived Intangible Asset, Useful Life (Year) | 8 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-lived Intangible Asset, Useful Life (Year) | 15 years | |
Trade Names [Member] | ||
Finite-lived intangible assets, gross, balance | $ 68,300 | 68,300 |
Intangible assets, amortization expense | ||
Trade Names [Member] | Minimum [Member] | ||
Finite-lived Intangible Asset, Useful Life (Year) | 10 years | |
Trade Names [Member] | Maximum [Member] | ||
Finite-lived Intangible Asset, Useful Life (Year) | 15 years | |
Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross, balance | $ 1,600 | $ 1,600 |
Intangible assets, amortization expense | ||
Noncompete Agreements [Member] | Minimum [Member] | ||
Finite-lived Intangible Asset, Useful Life (Year) | 4 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Finite-lived Intangible Asset, Useful Life (Year) | 5 years |
Note 5 - Share-based Compensation (Details Textual) - Management Incentive Plan [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 8,000 | |||
Nonqualified Stock Options [Member] | Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 16,550 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.19 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 200 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 3,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Nonqualified Stock Options [Member] | Executive Officer [Member] | Vested on Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 34.00% | |||
Nonqualified Stock Options [Member] | Executive Officer [Member] | Vesting One Year After Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 22.00% | |||
Nonqualified Stock Options [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Nonqualified Stock Options [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Nonqualified Stock Options [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Nonqualified Stock Options [Member] | Executive Officer [Member] | Vesting Two Years After the Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 22.00% | |||
Nonqualified Stock Options [Member] | Executive Officer [Member] | Vesting Three Years After the Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 22.00% | |||
Restricted Stock [Member] | ||||
Dividends, Share-based Compensation, Stock | $ 0 | |||
Restricted Stock [Member] | Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 29,200 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 1,000 | |||
Restricted Stock [Member] | Employee Directors [Member] | Vested on Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 34.00% | |||
Restricted Stock [Member] | Employee Directors [Member] | Vesting One Year After Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 22.00% | |||
Restricted Stock [Member] | Employee Directors [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Restricted Stock [Member] | Employee Directors [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Restricted Stock [Member] | Employee Directors [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Restricted Stock [Member] | Employee Directors [Member] | Vesting Two Years After the Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 22.00% | |||
Restricted Stock [Member] | Employee Directors [Member] | Vesting Three Years After the Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 22.00% | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 2,600 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 100 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 100 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 37.20 | |||
Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||
Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% |
Note 5 - Share-based Compensation - Fair Value Assumptions (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2017
$ / shares
|
Dec. 31, 2017
$ / shares
|
|
Expected dividends | 0.00% | |
Performance Shares [Member] | ||
Expected dividends | 0.00% | |
Expected term (in years) (Year) | 3 years | |
Minimum [Member] | ||
Expected volatility | 50.10% | |
Exercise price (in dollars per share) | $ 30.83 | $ 30.83 |
Expected term (in years) (Year) | 5 years 255 days | |
Risk-free rate | 2.03% | |
Minimum [Member] | Performance Shares [Member] | ||
Expected volatility | 30.80% | |
Expected term (in years) (Year) | 3 years | |
Risk-free rate | 1.94% | |
30 calendar day volume weighted average stock price, including peer group (in dollars per share) | $ 2.13 | $ 2.13 |
Maximum [Member] | ||
Expected volatility | 53.20% | |
Exercise price (in dollars per share) | $ 42.65 | $ 42.65 |
Expected term (in years) (Year) | 6 years | |
Risk-free rate | 2.24% | |
Maximum [Member] | Performance Shares [Member] | ||
Expected volatility | 81.60% | |
Expected term (in years) (Year) | 3 years | |
Risk-free rate | 1.95% | |
30 calendar day volume weighted average stock price, including peer group (in dollars per share) | $ 133.20 | $ 133.20 |
Note 6 - Commitments and Contingencies (Details Textual) |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Workers’ Compensation Insurance, Deductible per Occurrence | $ 1,000,000 |
Automobile Liability Insurance, Deductible per Occurrence | 1,000,000 |
Sudden and Accidental Pollution Claims Insurance, Deductible per Occurrence | 250,000 |
General Liability Claims Insurance, Deductible per Occurrence | 250,000 |
Environmental Liability Claims Insurance Deductible Per Occurrence | 500,000 |
Property Damage Insurance, Deductible per Occurrence | 50,000 |
Excess Loss Liabilities Insurance, Deductible per Occurrence | $ 5,000,000 |
Note 7 - Segment Information - Segment Data (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Revenue from external customers | $ 610,521 | $ 390,143 | $ 1,163,521 | $ 704,337 | |
Inter-segment revenues | |||||
Depreciation and amortization | 54,387 | 32,833 | 100,730 | 64,439 | |
Operating income (loss) | 30,894 | (13,244) | 51,236 | (49,652) | |
Net income (loss) attributed to common stockholders | 28,496 | (12,721) | 49,090 | (45,022) | $ 22,457 |
Adjusted EBITDA | 87,776 | 25,110 | 161,462 | 29,694 | |
Capital expenditures | 92,762 | 60,962 | 155,790 | 72,547 | |
Total assets | 1,682,710 | 1,336,847 | 1,682,710 | 1,336,847 | 1,608,857 |
Goodwill | 146,015 | 146,015 | $ 147,515 | ||
Corporate and Eliminations [Member] | |||||
Revenue from external customers | |||||
Inter-segment revenues | (178) | (1,061) | (343) | (1,381) | |
Depreciation and amortization | 2,309 | 1,817 | 4,030 | 3,595 | |
Operating income (loss) | (30,521) | (35,020) | (65,402) | (74,295) | |
Net income (loss) attributed to common stockholders | (31,770) | (32,089) | (66,646) | (68,478) | |
Adjusted EBITDA | (26,041) | (24,598) | (54,358) | (46,580) | |
Capital expenditures | 877 | 552 | 932 | 682 | |
Total assets | 174,734 | 377,168 | 174,734 | 377,168 | |
Goodwill | |||||
Completion Services [Member] | |||||
Revenue from external customers | 412,895 | 262,880 | 787,040 | 454,689 | |
Completion Services [Member] | Operating Segments [Member] | |||||
Revenue from external customers | 412,895 | 262,880 | 787,040 | 454,689 | |
Inter-segment revenues | 134 | 746 | 194 | 1,025 | |
Depreciation and amortization | 29,048 | 16,274 | 51,687 | 31,698 | |
Operating income (loss) | 55,626 | 28,936 | 113,934 | 40,280 | |
Net income (loss) attributed to common stockholders | 54,371 | 26,461 | 112,748 | 37,280 | |
Adjusted EBITDA | 83,252 | 45,114 | 164,150 | 66,820 | |
Capital expenditures | 79,663 | 53,792 | 136,788 | 60,951 | |
Total assets | 847,152 | 575,267 | 847,152 | 575,267 | |
Goodwill | |||||
Well Construction & Intervention [Member] | |||||
Revenue from external customers | 99,086 | 31,267 | 186,503 | 57,386 | |
Well Construction & Intervention [Member] | Operating Segments [Member] | |||||
Revenue from external customers | 99,086 | 31,267 | 186,503 | 57,386 | |
Inter-segment revenues | 59 | 59 | |||
Depreciation and amortization | 9,831 | 2,707 | 19,763 | 5,396 | |
Operating income (loss) | 8,498 | 448 | 13,955 | (87) | |
Net income (loss) attributed to common stockholders | 8,725 | 448 | 14,177 | (87) | |
Adjusted EBITDA | 19,632 | 2,667 | 35,630 | 3,703 | |
Capital expenditures | 11,234 | 2,868 | 14,876 | 3,143 | |
Total assets | 400,091 | 81,773 | 400,091 | 81,773 | |
Goodwill | 146,015 | 146,015 | |||
Well Support Services [Member] | |||||
Revenue from external customers | 98,540 | 95,996 | 189,978 | 192,262 | |
Well Support Services [Member] | Operating Segments [Member] | |||||
Revenue from external customers | 98,540 | 95,996 | 189,978 | 192,262 | |
Inter-segment revenues | 44 | 256 | 149 | 297 | |
Depreciation and amortization | 13,199 | 12,035 | 25,250 | 23,750 | |
Operating income (loss) | (2,709) | (7,608) | (11,251) | (15,550) | |
Net income (loss) attributed to common stockholders | (2,830) | (7,541) | (11,189) | (13,737) | |
Adjusted EBITDA | 10,933 | 1,927 | 16,040 | 5,751 | |
Capital expenditures | 988 | 3,750 | 3,194 | 7,771 | |
Total assets | 260,733 | $ 302,639 | 260,733 | $ 302,639 | |
Goodwill |
Note 7 - Segment Information - EBITDA Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Net income (loss) | $ 28,496 | $ (12,721) | $ 49,090 | $ (45,022) | $ 22,457 |
Interest expense, net | 2,185 | 414 | 2,613 | 1,105 | |
Income tax benefit | (893) | (2,393) | (953) | (5,629) | |
Depreciation and amortization | 54,387 | 32,833 | 100,730 | 64,439 | |
Other (income) expense, net | 1,106 | 1,456 | 486 | (106) | |
(Gain) loss on disposal of assets | 49 | (3,136) | (440) | (9,192) | |
Acquisition-related and other transaction costs | 243 | 298 | 970 | 298 | |
Severance and business divestiture costs | 40 | 513 | 6,180 | 513 | |
Restructuring costs | 2,163 | 7,846 | 2,786 | 7,630 | |
Adjusted EBITDA | $ 87,776 | $ 25,110 | 161,462 | 29,694 | |
Share-based compensation expense acceleration | $ 15,658 |
Note 8 - Acquisitions (Details Textual) - O-Tex [Member] shares in Thousands, $ in Thousands |
Nov. 30, 2017
USD ($)
shares
|
---|---|
Business Combination, Consideration Transferred, Total | $ 271,900 |
Payments to Acquire Businesses, Gross | $ 132,500 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 4,420 |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 138,200 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% |
Business Combination, Consideration Transferred, Non-controlling Interest | $ 1,250 |
Note 8 - Acquisitions - Pro Forma Results (Details) - O-Tex [Member] $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Revenues | $ 783,635 |
Net loss | $ (48,579) |
Note 9 - Supplemental Cash Flow Disclosures - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jan. 01, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Cash paid for interest | $ (821) | $ (914) | |
Income taxes refunded, net | 4,069 | 488 | |
Reorganization items, cash | |||
Non-cash investing and financing activity: | |||
Change in accrued capital expenditures | $ 4,800 | $ (3,127) | |
Predecessor [Member] | |||
Cash paid for interest | |||
Income taxes refunded, net | |||
Reorganization items, cash | (21,657) | ||
Non-cash investing and financing activity: | |||
Change in accrued capital expenditures |
Note 10 - Subsequent Events (Details Textual) $ in Millions |
Jul. 31, 2018
USD ($)
|
---|---|
Subsequent Event [Member] | |
Stock Repurchase Program, Authorized Amount | $ 150 |
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