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Subsequent Event
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

17. Subsequent Event

 

On July 5, 2021, we and certain subsidiaries of ours entered into a merger agreement (the “Merger Agreement”) with Pioneer Energy Services Corp. (“Pioneer”), pursuant to which, upon the terms and subject to the conditions set forth therein, we will acquire Pioneer for aggregate consideration of up to 26,275,000 shares of our common stock and $30 million of cash. All Pioneer debt is being retired in connection with the transaction with a portion of such shares and cash and with Pioneer’s cash on hand determined in accordance with the Merger Agreement prior to closing.

The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals, customary closing conditions and the approval of Pioneer’s stockholders.