Chapter 11 Cases and Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2020

Debtor in Possession Financial Statements [Abstract]

Schedule of Reorganization Items [Table Text Block]

Reorganization items consisted of the following for the three months ended March 31, 2020 (amounts in thousands):

Legal and professional fees	$	6,150
DIP facility costs	513
	$	6,663

Schedule of Liabilities Subject to Compromise [Table Text Block]

As of March 31, 2020, liabilities subject to compromise consisted of the following (amounts in thousands):

Senior Notes	$	300,000
Unamortized debt issuance costs on Senior Notes	(2,003		)
Accrued interest on Senior Notes	8,422
	$	306,419

Supplemental Debtor Entities Condensed Combined Balance Sheet [Table Text Block]

PIONEER ENERGY SERVICES CORP. DEBTOR ENTITIES (DEBTOR IN POSSESSION)

CONDENSED COMBINED BALANCE SHEET

(unaudited)

	March 31, 2020
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	7,938
Restricted cash	998
Receivables, net of allowance	84,674
Intercompany receivables, net	32,599
Inventory	9,530
Assets held for sale	1,825
Prepaid expenses and other current assets	7,127
Total current assets	144,691
Net property and equipment	412,711
Investment in subsidiaries	549,536
Deferred income taxes	38,948
Operating lease assets	7,441
Other noncurrent assets	1,754
Total assets	$	1,155,081
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	23,166
Deferred revenues	428
Commitment premium	9,584
Debtor in possession financing	4,000
Accrued expenses	48,480
Total current liabilities	85,658
Long-term debt, less unamortized discount and debt issuance costs	170,921
Noncurrent operating lease liabilities	6,058
Deferred income taxes	42,204
Other noncurrent liabilities	383
Total liabilities not subject to compromise	305,224
Liabilities subject to compromise	306,419
Stockholders’ equity	543,438
Total liabilities and stockholders’ equity	$	1,155,081

Supplemental Debtor Entities Condensed Combined Statement of Operations [Table Text Block]

PIONEER ENERGY SERVICES CORP. DEBTOR ENTITIES (DEBTOR IN POSSESSION)

CONDENSED COMBINED STATEMENT OF OPERATIONS

(unaudited)

	Three months ended March 31, 2020
	(in thousands)
Revenues	$	99,867
Costs and expenses:
Operating costs	79,885
Depreciation	20,683
General and administrative	14,155
Pre-petition restructuring charges	17,074
Impairment	17,853
Bad debt expense, net	727
Gain on dispositions of property and equipment, net	(717		)
Intercompany leasing	(1,215		)
Total costs and expenses	148,445
Loss from operations	(48,578		)
Other income (expense):
Equity in losses of subsidiaries	(31,726		)
Interest expense, net of interest capitalized	(8,668		)
Reorganization items	(6,663		)
Other income (expense), net	197
Total other expense, net	(46,860		)
Loss before income taxes	(95,438		)
Income tax (expense) benefit	1,116
Net loss	$	(94,322	)

Supplemental Debtor Entities Condensed Combined Statement of Cash Flows [Table Text Block]

PIONEER ENERGY SERVICES CORP. DEBTOR ENTITIES (DEBTOR IN POSSESSION)

CONDENSED COMBINED STATEMENT OF CASH FLOWS

(unaudited)

	Three months ended March 31, 2020
	(in thousands)
Cash flows from operating activities	$	(4,277	)
Cash flows from investing activities:
Purchases of property and equipment	(6,180		)
Proceeds from sale of property and equipment	876
	(5,304		)
Cash flows from financing activities:
Proceeds from DIP Facility	4,000
DIP Facility issuance costs	(988		)
Purchase of treasury stock	(7		)
Intercompany contributions	53
	3,058
Net decrease in cash, cash equivalents and restricted cash	(6,523		)
Beginning cash, cash equivalents and restricted cash	15,459
Ending cash, cash equivalents and restricted cash	$	8,936