Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 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		64,103
Other assets		43,910
Total assets acquired		631,832
Liabilities:
Trade accounts payable	$	43,774
Accrued liabilities		66,808
Income taxes payable		4,148
Other short-term liabilities		6,462
Long-term debt		177,755
Deferred income taxes		2,594
Other liabilities		36,076
Total liabilities assumed		337,617
Net assets acquired		294,215
Gain on bargain purchase		113,653
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:

	Year Ended
	December 31,
	2025		2024
Operating revenues (1)	$	3,287,812	$	3,527,085
Net income (loss) (2)		289,873		21,871

(1) Includes operating revenue from Quail Tools of $154.8 million and $252.0 million for the years ended December 31, 2025 and 2024, respectively.

(2) Net income (loss) for the year ended December 31, 2025 includes the gain on disposition of Quail Tools of $414.0 million.