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Acquisition of OneStim
9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Acquisition of OneStim Acquisition of OneStim®On August 31, 2020, the Company and certain of its subsidiaries entered into that certain Master Transaction Agreement (the “Transaction Agreement”) with Schlumberger Technology Corporation and Schlumberger Canada Limited (collectively “Schlumberger”), pursuant to which the Company will acquire certain assets and liabilities of Schlumberger’s OneStim® business, which provides hydraulic fracturing pressure pumping services in onshore United States and Canada (such entire business of Schlumberger “OneStim,” and the potion of OneStim to be acquired pursuant to the Transaction Agreement the “Transferred Business”) in exchange for up to 66,326,134 shares of Class A Common Stock and a non-interest bearing demand promissory note payable in either cash or shares of Class A Common Stock (the “Canadian Buyer Note” and such acquisition, the “Acquisition”). The Company expects that upon closing Schlumberger will hold approximately 37% of the issued and outstanding shares of common stock, including Class A Common Stock and Class B Common Stock. The parties to the Transaction Agreement expect that the Canadian Buyer Note will be satisfied in shares of Company Class A Common Stock. The Acquisition is subject to approval by the stockholders of the Company, as well as other customary closing conditions. The Acquisition is expected to close in the fourth quarter of 2020. See “Item 1A. Risk Factors” in this Quarterly Report, for discussion of risks related to the Acquisition.