Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2025

Acquisitions and Dispositions

Schedule of fair value of assets acquired and liabilities assumed

The table below presents the allocation of the estimated fair value of identifiable assets acquired and liabilities assumed, and the resulting gain on bargain purchase as of the closing date:

	Fair Value
(In thousands)	at Acquisition
Assets:
Cash and cash equivalents	$	84,995
Accounts receivable		132,084
Inventory		4,576
Other current assets		37,664
Property, plant and equipment		264,500
Deferred income taxes		66,828
Other assets		43,910
Total assets acquired		634,557
Liabilities:
Trade accounts payable	$	43,774
Accrued liabilities		66,808
Income taxes payable		4,027
Other short-term liabilities		6,462
Long-term debt		177,755
Deferred income taxes		2,594
Other liabilities		36,076
Total liabilities assumed		337,496
Net assets acquired		297,061
Gain on bargain purchase		116,499
Total consideration transferred	$	180,562

Schedule of selected financial information on a proforma basis

The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Parker acquisition taken place on January 1, 2024. Furthermore, the financial information is not intended to be a projection of future results. The following table summarizes our selected financial information on a pro forma basis:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(In thousands)
Operating revenues (1)	$	818,190	$	874,410	$	2,490,283	$	2,659,395
Net income (loss) (2)		302,466		(23,815)		270,034		53,737

(1) Includes operating revenue from Quail Tools of $34.2 million and $154.8 million for the three and nine months ended September 30, 2025 respectively, and $64.4 million and $193.5 million for the three and nine months ended September 30, 2024 respectively.

(2) Net income (loss) for the three and nine months ended September 30, 2025 includes the gain on disposition of Quail Tools of $415.6 million.