Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions [Abstract]

Related Party Transactions

21. Related Party Transactions

In connection with the closing of the Elite Acquisition, we issued 21.7 million shares of our common stock to JDH Capital, an affiliate of our customer Hilcorp. As long as JDH Capital, together with affiliates of Hilcorp, owns at least 7.5% of our outstanding common stock, it will have the right to designate one director to our Board of Directors. In August 2019, Jeffery D. Hildebrand, founder and executive chairman of Hilcorp, was elected to our Board of Directors. Mr. Hildebrand receives no compensation for his role as a director. As of June 30, 2020, JDH Capital owned 14.2% of our outstanding common stock.

Revenue from Hilcorp and affiliates was $10.2 million and $4.9 million during the three months ended June 30, 2020 and 2019, respectively, and $20.8 million and $10.4 million during the six months ended June 30, 2020 and 2019, respectively. Accounts receivable, net due from Hilcorp and affiliates was $4.0 million and $5.1 million as of June 30, 2020 and December 31, 2019, respectively.