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Subsequent Event
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In April 2020, the Company conducted layoffs in response to customer work cancellations as a direct result of declining oil prices and reduced demand from the impact of global efforts to combat COVID-19. In the second quarter of 2020, the Company expects to record one-time severance costs of approximately $7.4 million.
Additionally, in April 2020, the Company and PropX amended certain logistics equipment leases to provide for a reduced monthly rate for the remaining lease term while also extending the term of those leases for an additional year (See Note 12–Related Party Transactions). The amendment results in approximately $1.0 million of reduced lease payments over the remaining portion of the original lease term. During the second quarter of 2020, in accordance with ASC Topic 842, Leases, the Company expects to record approximately $3.0 million of additional operating lease right-of-use assets and corresponding operating lease liabilities.
Further, on April 3, 2020, the Company announced the suspension of future quarterly dividends until business conditions warrant reinstatement.