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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Operating revenues:        
Total operating revenues $ 291,774,000 $ 250,380,000 $ 532,703,000 $ 696,307,000
Operating costs and expenses:        
Depreciation, depletion, amortization and impairment 144,037,000 173,085,000 296,919,000 359,882,000
Impairment of goodwill       395,060,000
Selling, general and administrative 23,555,000 23,991,000 46,113,000 54,337,000
Merger and integration expenses 1,148,000   1,148,000  
Credit loss expense 0 4,551,000 0 5,606,000
Restructuring expenses   38,338,000   38,338,000
Other operating expenses, net (2,789,000) 4,753,000 (2,524,000) 5,204,000
Total operating costs and expenses 401,184,000 409,464,000 759,640,000 1,349,801,000
Operating loss (109,410,000) (159,084,000) (226,937,000) (653,494,000)
Other income (expense):        
Interest income 20,000 334,000 159,000 991,000
Interest expense, net of amount capitalized (10,704,000) (10,984,000) (20,713,000) (22,208,000)
Other 812,000 85,000 826,000 170,000
Total other expense (9,872,000) (10,565,000) (19,728,000) (21,047,000)
Loss before income taxes (119,282,000) (169,649,000) (246,665,000) (674,541,000)
Income tax benefit (15,973,000) (19,317,000) (36,943,000) (89,487,000)
Net loss $ (103,309,000) $ (150,332,000) $ (209,722,000) $ (585,054,000)
Net loss per common share:        
Basic $ (0.55) $ (0.81) $ (1.12) $ (3.10)
Diluted $ (0.55) $ (0.81) $ (1.12) $ (3.10)
Weighted average number of common shares outstanding:        
Basic 188,408 186,633 188,044 188,654
Diluted 188,408 186,633 188,044 188,654
Cash dividends per common share $ 0.02 $ 0.02 $ 0.04 $ 0.06
Contract Drilling        
Operating revenues:        
Total operating revenues $ 141,732,000 $ 171,134,000 $ 275,233,000 $ 438,498,000
Operating costs and expenses:        
Operating costs and expenses 100,134,000 87,127,000 179,512,000 250,547,000
Pressure Pumping        
Operating revenues:        
Total operating revenues 111,991,000 59,533,000 187,830,000 184,640,000
Operating costs and expenses:        
Operating costs and expenses 102,320,000 56,268,000 178,830,000 171,123,000
Directional Drilling        
Operating revenues:        
Total operating revenues 24,869,000 11,742,000 44,539,000 46,227,000
Operating costs and expenses:        
Operating costs and expenses 22,370,000 12,265,000 39,007,000 44,594,000
Other        
Operating revenues:        
Total operating revenues 13,182,000 7,971,000 25,101,000 26,942,000
Operating costs and expenses:        
Operating costs and expenses $ 10,409,000 $ 9,086,000 $ 20,635,000 $ 25,110,000