Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company is organized on a geographic basis into three reportable segments. These reportable segments, which are also the Company's operating segments, are comprised of the Rocky Mountains Region (the Bakken, Williston, DJ, Uinta, Powder River, Piceance and Niobrara basins), the Southwest Region (the Permian Basin and the Eagle Ford Shale) and the Northeast/Mid-Con Region (the Marcellus and Utica Shale as well as the Mid-Continent STACK and SCOOP and Haynesville Shale). The segments regularly report their results of operations and make requests for capital expenditures and acquisition funding to the Chief Operating Decision Maker (“CODM”). The Company’s CODM is our Chief Executive Officer.

The following tables present revenues, significant expenses and operating (loss) income by reportable segment:

	Three Months Ended
		March 31, 2026
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	38.6	$	53.7	$	52.6	$	(0.2)	$	144.7
Less
Cost of sales		33.8		45.8		38.8		(0.2)
Depreciation and amortization		5.9		7.9		7.9
Selling, general and administrative(1)		1.9		3.1		1.6
Other segment items		0.8		0.3		1.3
Segment operating income		$	(3.8)	$	(3.4)	$	3.0	$	—	$	(4.2)
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses(2)										(7.9)
Interest income										0.0
Interest expense										(11.7)
Loss before income tax										$	(23.8)

(1) Note that the Selling, general and administrative line item in the Consolidated Statement of Operations contains the Other segment items line item here, less the Research and development costs line item.

(2) For the three months ended March 31, 2026, these consist of $0.9 of cost of sales, $0.2 of depreciation and amortization, $6.4 of selling, general and administrative, and $0.4 of other expenses.

	Three Months Ended
		March 31, 2025
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	47.9	$	65.4	$	41.0	$	(0.3)	$	154.0
Less
Cost of sales		37.7		49.7		35.8		(0.3)
Depreciation and amortization		6.8		8.3		9.0
Selling, general and administrative(1)		1.9		3.4		1.6
Other segment items		1.7		1.0		2.7
Segment operating income		$	(0.2)	$	3.0	$	(8.1)	$	—	$	(5.3)
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses(2)										(11.2)
Interest income										0.3
Interest expense										(10.3)
Loss on debt extinguishment										(1.2)
Loss before income tax										$	(27.7)

(1) Note that the Selling, general and administrative line item in the Consolidated Statement of Operations contains the Other segment items line item here, less the Research and development costs line item.

(2) For the three months ended March 31, 2025, these consist of $0.8 of cost of sales, $0.6 of depreciation and amortization, $9.4 of selling, general and administrative, and $0.4 of other expenses.

Other segment items include research and development costs, allocations and other expenses.

The following tables present revenues by service offering by reportable segment:

	Three Months Ended
	March 31, 2026
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	5.9	$	10.7	$	12.5	$	(0.2)	$	28.9
Completion	17.7		28.2		32.1				78.0
Production	10.7		9.5		3.7				23.9
Intervention	4.3		5.3		4.3				13.9
Total revenues	$	38.6	$	53.7	$	52.6	$	(0.2)	$	144.7

	Three Months Ended
	March 31, 2025
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	7.5	$	12.0	$	11.4	$	(0.3)	$	30.6
Completion	22.3		32.9		22.9				78.1
Production	12.4		12.4		2.9				27.7
Intervention	5.7		8.1		3.8				17.6
Total revenues	$	47.9	$	65.4	$	41.0	$	(0.3)	$	154.0

The following table presents total assets by segment:

	Three Months Ended
	March 31, 2026		December 31, 2025
Rocky Mountains	$	90.5	$	103.0
Southwest	134.2		139.2
Northeast/Mid-Con	101.2		92.4
Total	325.9		334.6
Unallocated corporate assets	5.6		5.7
Total assets	$	331.5	$	340.3

The following table presents cash capital expenditures by reportable segment:

	Three Months Ended
	March 31, 2026		March 31, 2025
Rocky Mountains	$	1.7	$	1.5
Southwest	1.8		6.1
Northeast/Mid-Con	5.2		7.1
Unallocated corporate expenditures	—		0.3
Total capital expenditures	$	8.7	$	15.0