XML 47 R17.htm IDEA: XBRL DOCUMENT v3.20.1
11. SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 11: SUBSEQUENT EVENTS

 

We have evaluated subsequent events through the date the consolidated financial statements were filed with the Securities and Exchange Commission.

 

There have been recent events that have applied significant pressure to the global economic environment. In particular, oil prices have reacted unfavorably to the spread of the COVID-19 virus, Russia’s decision not to follow the proposal to decrease oil production at the OPEC meeting in March 2020, and Saudi Arabia’s announcement shortly thereafter to flood the market with discounted oil. The Company acknowledges that a sustained lower oil price environment could cause exploration and production companies to either significantly reduce or delay their operating and capital spending programs, especially when coupled with restricted travel to mitigate against the spread of COVID-19. This could lead to delays in payments by significant customers or delays in completion of our contracts for any reason, which could have a material adverse impact on the Company’s operations and cash flows. Given the recent timing of these events, the Company is currently assessing the full impact on its business.

 

In the first quarter of 2020, the Company repurchased an additional 744 shares of common stock for an aggregate amount of $524.