0000886835-21-000013 | 10-Q | XBRL Viewer | Superior Energy Services INC

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Oct. 28, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-34037
Entity Registrant Name	SUPERIOR ENERGY SERVICES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2379388
Entity Address, Address Line One	1001 Louisiana Street
Entity Address, Address Line Two	Suite 2900
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	654-2200
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000886835
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Class A [Member]
Entity Common Stock, Shares Outstanding		19,998,695
Common Class B [Member]
Entity Common Stock, Shares Outstanding		76,269

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 205,748,000	$ 188,006,000
Accounts receivable, net of allowance for doubtful accounts of $0 and $24,629 at June 30, 2021 and December 31, 2020, respectively	171,480,000	158,516,000
Income taxes receivable		8,891,000
Prepaid expenses	34,540,000	31,793,000
Inventory	86,064,000	77,027,000
Other current assets	7,762,000	9,171,000
Assets held for sale	170,194,000	242,104,000
Total current assets	675,788,000	715,508,000
Property, plant and equipment, net	455,079,000	408,107,000
Operating lease right-of-use assets	30,755,000	33,317,000
Goodwill		138,677,000
Notes receivable	74,370,000	72,129,000
Restricted cash	80,159,000	80,179,000
Intangible and other long-term assets, net	24,436,000	53,162,000
Total assets	1,340,587,000	1,501,079,000
Current liabilities:
Accounts payable	60,735,000	50,330,000
Accrued expenses	115,069,000	114,777,000
Income taxes payable	4,829,000
Liabilities held for sale	35,730,000	46,376,000
Total current liabilities	216,363,000	211,483,000
Decommissioning liabilities	171,744,000	134,436,000
Operating lease liabilities	21,353,000	29,464,000
Deferred income taxes	43,227,000	5,288,000
Other long-term liabilities	72,758,000	123,261,000
Total non-current liabilities	309,082,000	292,449,000
Liabilities subject to compromise		1,335,794,000
Total liabilities	525,445,000	1,839,726,000
Stockholders’ equity (deficit):
Common stock		16,000
Predecessor Treasury stock at cost, 972,412 shares at December 31, 2020		(4,290,000)
Accumulated other comprehensive loss, net		(67,947,000)
Accumulated deficit	(87,629,000)	(3,023,315,000)
Total stockholders’ equity (deficit)	815,142,000	(338,647,000)
Total liabilities and stockholders’ equity (deficit)	1,340,587,000	1,501,079,000
Common Class A [Member]
Stockholders’ equity (deficit):
Common stock	200,000
Additional paid-in capital	902,486,000	$ 2,756,889,000
Common Class B [Member]
Stockholders’ equity (deficit):
Common stock	1,000
Additional paid-in capital	$ 84,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 515	$ 24,629
Common stock, par value		$ 0.001
Common stock, shares authorized		25,000,000
Common stock, shares issued		15,799,318
Common stock, shares outstanding		14,826,906
Treasury Stock, Shares		972,412
Common Class A [Member]
Common stock, par value	$ 0.01
Common stock, shares authorized	50,000,000
Common stock, shares issued	19,998,695
Common stock, shares outstanding	19,998,695
Common Class B [Member]
Common stock, par value	$ 0.01
Common stock, shares authorized	2,000,000
Common stock, shares issued	113,840
Common stock, shares outstanding	76,269

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenues	$ 45,928,000	$ 165,892,000	$ 151,582,000	$ 271,735,000	$ 385,821,000
Costs and expenses:
Cost of revenues	29,773,000	103,579,000	93,426,000	171,447,000	230,939,000
Depreciation, depletion, amortization and accretion	8,358,000	59,018,000	28,708,000	99,048,000	60,889,000
General and administrative expenses	11,052,000	32,308,000	55,528,000	50,746,000	114,804,000
Restructuring and other expenses	1,270,000	7,438,000		15,821,000
Reduction in value of assets					16,522,000
Loss from operations	(4,525,000)	(36,451,000)	(26,080,000)	(65,327,000)	(37,333,000)
Other income (expense):
Interest income (expense), net	202,000	535,000	(24,757,000)	747,000	(49,898,000)
Reorganization items, net	335,560,000			0
Other income (expense)	(2,105,000)	2,570,000	821,000	(275,000)	(3,411,000)
Income (loss) from continuing operations before income taxes	329,132,000	(33,346,000)	(50,016,000)	(64,855,000)	(90,642,000)
Income tax expense (benefit)	(60,003,000)	1,747,000	4,324,000	6,032,000	14,160,000
Net income (loss) from continuing operations	269,129,000	(31,599,000)	(45,692,000)	(58,823,000)	(76,482,000)
Income (loss) from discontinued operations, net of income tax	(352,000)	(19,400,000)	(19,414,000)	(28,806,000)	(68,088,000)
Net income (loss)	$ 268,777,000	$ (50,999,000)	$ (65,106,000)	$ (87,629,000)	$ (144,570,000)
Income (loss) per share -basic and diluted
Net income (loss) from continuing operations		$ (1.58)	$ (3.08)
Income (loss) from discontinued operations, net of income tax		(0.97)	(1.31)
Net income (loss)		$ (2.55)	$ (4.39)
Income (loss) per share -basic
Net income (loss) from continuing operations	$ 18.13			$ (2.94)	$ (5.18)
Income (loss) from discontinued operations, net of income tax	(0.02)			(1.44)	(4.61)
Net income (loss)	18.11			(4.38)	(9.79)
Income (loss) per share - diluted:
Net income (loss) from continuing operations	18.05			(2.94)	(5.18)
Income (loss) from discontinued operations, net of income tax	(0.02)			(1.44)	(4.61)
Net income (loss)	$ 18.03			$ (4.38)	$ (9.79)
Weighted-average shares outstanding - basic and diluted		19,999	14,826
Weighted-average shares outstanding - basic	14,845			19,997	14,767
Weighted-average shares outstanding - diluted	14,905			19,997	14,767
Services [Member]
Revenues:
Total revenues	$ 19,234,000	$ 79,787,000	$ 59,919,000	$ 123,466,000	$ 163,722,000
Costs and expenses:
Cost of revenues	15,080,000	54,176,000	47,685,000	95,478,000	122,867,000
Depreciation, depletion, amortization and accretion	3,500,000	28,384,000	11,483,000	44,748,000	25,831,000
Rentals [Member]
Revenues:
Total revenues	14,434,000	53,238,000	51,758,000	84,552,000	141,085,000
Costs and expenses:
Cost of revenues	5,876,000	24,750,000	19,307,000	34,949,000	50,234,000
Depreciation, depletion, amortization and accretion	2,627,000	18,940,000	9,761,000	30,841,000	22,266,000
Product Sales [Member]
Revenues:
Total revenues	12,260,000	32,867,000	39,905,000	63,717,000	81,014,000
Costs and expenses:
Cost of revenues	8,817,000	24,653,000	26,434,000	41,020,000	57,838,000
Depreciation, depletion, amortization and accretion	$ 2,231,000	$ 11,694,000	$ 7,464,000	$ 23,459,000	$ 12,792,000

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Comprehensive Loss [Abstract]
Net income (loss)	$ 268,777	$ (50,999)	$ (65,106)	$ (87,629)	$ (144,570)
Change in cumulative translation adjustment, net of tax	67,947		(285)		(4,823)
Comprehensive income (loss)	$ 336,724	$ (50,999)	$ (65,391)	$ (87,629)	$ (149,393)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 268,777	$ (87,629)	$ (144,570)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	10,498	130,404	78,141
Deferred income taxes	54,322	(16,295)	(716)
Reduction in value of assets			16,522
Reduction in value of assets held for sale	(2,654)	12,430	49,361
Right-of-use assets amortization	1,372	6,309	9,943
Stock-based compensation expense, net		1,570	7,293
Reorganization items, net	(354,279)
Retirement and deferred compensation plan expense, net	260	(1,885)
Bad debt	(210)	(5,433)
Gain on sale of assets and businesses	58	(4,513)
Other reconciling items, net	(307)	(1,886)	(1,906)
Changes in operating assets and liabilities:
Accounts receivable	3,602	(12,518)	88,182
Prepaid expenses	(340)	(2,910)	(8)
Inventory and other current assets	(221)	7,314	5,668
Accounts payable	(2,365)	9,619	(27,250)
Accrued expenses	24,425	(25,604)	(38,137)
Income taxes	340	13,805	(31,677)
Operating lease liabilities and other, net	2,105	(10,275)	(11,419)
Net cash provided by (used in) operating activities	5,383	12,503	(573)
Cash flows from investing activities:
Payments for capital expenditures	(3,035)	(10,995)	(30,518)
Proceeds from sales of assets	775	16,200	39,445
Net cash provided by (used in) investing activities	(2,260)	5,205	8,927
Cash flows from financing activities:
Credit facility costs	(1,920)	(14)
Tax withholdings for vested restricted stock units		(1,485)	(208)
Net cash used in financing activities	(1,920)	(1,499)	(208)
Effect of exchange rate changes on cash	311		(2,351)
Net change in cash, cash equivalents, and restricted cash	1,514	16,209	5,795
Cash, cash equivalents, and restricted cash at beginning of period	268,184	269,698	275,388
Cash, cash equivalents, and restricted cash at end of period	$ 269,698	$ 285,907	$ 281,183

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($)	Common Class A [Member] Common Stock [Member]	Common Class A [Member] Additional Paid-in Capital [Member]	Common Class A [Member]	Common Class B [Member] Common Stock [Member]	Common Class B [Member] Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss, Net [Member]	Accumulated Deficit [Member]	Total
Balances at Dec. 31, 2019	$ 16,000	$ 2,752,859,000				$ (4,290,000)	$ (71,927,000)	$ (2,627,085,000)	$ 49,573,000
Beginning balance, shares at Dec. 31, 2019	15,689,463
Net income (loss)								(79,464,000)	(79,464,000)
Foreign currency translation adjustment							(4,538,000)		(4,538,000)
Stock-based compensation expense, net of forfeitures		2,527,000							2,527,000
Transactions under stock plans, value		(208,000)							(208,000)
Transactions under stock plans, shares	108,965
Balances at Mar. 31, 2020	$ 16,000	2,755,178,000				(4,290,000)	(76,465,000)	(2,706,549,000)	(32,110,000)
Ending balance, shares at Mar. 31, 2020	15,798,428
Balances at Dec. 31, 2019	$ 16,000	2,752,859,000				(4,290,000)	(71,927,000)	(2,627,085,000)	49,573,000
Beginning balance, shares at Dec. 31, 2019	15,689,463
Net income (loss)									(144,570,000)
Foreign currency translation adjustment									(4,823,000)
Balances at Jun. 30, 2020	$ 16,000	2,757,552,000				(4,290,000)	(76,750,000)	(2,771,655,000)	(95,127,000)
Ending balance, shares at Jun. 30, 2020	15,799,039
Balances at Mar. 31, 2020	$ 16,000	2,755,178,000				(4,290,000)	(76,465,000)	(2,706,549,000)	(32,110,000)
Beginning balance, shares at Mar. 31, 2020	15,798,428
Net income (loss)								(65,106,000)	(65,106,000)
Foreign currency translation adjustment							(285,000)		(285,000)
Stock-based compensation expense, net of forfeitures		2,374,000							2,374,000
Transactions under stock plans, shares	611
Balances at Jun. 30, 2020	$ 16,000	2,757,552,000				(4,290,000)	(76,750,000)	(2,771,655,000)	(95,127,000)
Ending balance, shares at Jun. 30, 2020	15,799,039
Balances at Dec. 31, 2020	$ 16,000	2,756,889,000				(4,290,000)	(67,947,000)	(3,023,315,000)	(338,647,000)
Beginning balance, shares at Dec. 31, 2020	15,799,318
Net income (loss)								268,777,000	268,777,000
Foreign currency translation adjustment							$ 67,947,000		67,947,000
Extinguishment of unrecognized compensation expense		988,000							988,000
Stock-based compensation expense, net of forfeitures		935,000							935,000
Restricted stock units vested, shares	48,903
Shares withheld and retired, shares	(14,701)
Cancellation of Predecessor equity, value	$ (16,000)	(2,758,812,000)				$ 4,290,000		2,754,538,000
Cancellation of Predecessor equity, shares	(15,833,520)
Issuance of common stock, value	$ 200,000	902,486,000	$ 902,686,000
Issuance of common stock, shares	19,995,581
Balances at Feb. 02, 2021	$ 200,000	902,486,000							902,686,000
Ending balance, shares at Feb. 02, 2021	19,995,581
Net income (loss)								(36,630,000)	(36,630,000)
Balances at Mar. 31, 2021	$ 200,000	902,486,000						(36,630,000)	866,056,000
Ending balance, shares at Mar. 31, 2021	19,995,581
Balances at Feb. 02, 2021	$ 200,000	902,486,000							902,686,000
Beginning balance, shares at Feb. 02, 2021	19,995,581
Net income (loss)									(87,629,000)
Balances at Jun. 30, 2021	$ 200,000	902,486,000		$ 1,000	$ 84,000			(87,629,000)	815,142,000
Ending balance, shares at Jun. 30, 2021	19,998,695			76,269
Balances at Mar. 31, 2021	$ 200,000	902,486,000						(36,630,000)	866,056,000
Beginning balance, shares at Mar. 31, 2021	19,995,581
Net income (loss)								(50,999,000)	(50,999,000)
Stock-based compensation expense, net of forfeitures					1,570,000				1,570,000
Shares withheld and retired, value				$ (37,571)	(1,485,000)				(1,485,000)
Issuance of common stock, value				$ 1,000	(1,000)
Issuance of common stock, shares	3,114			113,840
Balances at Jun. 30, 2021	$ 200,000	$ 902,486,000		$ 1,000	$ 84,000			$ (87,629,000)	$ 815,142,000
Ending balance, shares at Jun. 30, 2021	19,998,695			76,269

Basis of Presentation

6 Months Ended

Jun. 30, 2021

Basis of Presentation [Abstract]

Basis of Presentation

(1)Basis of Presentation

Certain information and footnote disclosures normally in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”); however, management believes the disclosures that are made are adequate to make the information presented not misleading.

As used herein, the “Company,” “we,” “us”, “our” and similar terms refer to (i) prior to the Emergence Date (as defined below), SESI Holdings, Inc. (formerly known as Superior Energy Services, Inc.) (the “Former Parent”) and its subsidiaries and (ii) after the Emergence Date, Superior Energy Services, Inc. (formerly known as Superior Newco, Inc.) and its subsidiaries.

These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Superior Energy Services, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020. As described below, as a result of the application of fresh start accounting and the effects of the implementation of our Plan (as defined below), the financial statements after the Emergence Date are not comparable with the consolidated financial statements on or before that date. Refer to Note 3 – “Fresh Start Accounting” below for additional information.

In our opinion, the accompanying unaudited condensed financial statements contain all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair statement of our financial position as of June 30, 2021, 2021, and our results of operations for the three months ended June 30, 2021 and 2020, and cash flows for the periods January 1, 2021 through February 2, 2021 and February 3, 2021 through June 30, 2021 and six months ended June 30, 2020. The condensed balance sheet at December 31, 2020, was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. See “Changes in Accounting Policies” below for further information. The year-end condensed consolidated balance sheet for the Predecessor (as defined below) was derived from audited financial statements but does not include all disclosures required by GAAP.

Effective as of February 2, 2021 (the “Emergence Date”), the entity now known as Superior Energy Services, Inc. (formerly known as Superior Newco, Inc.) became the successor reporting company to the Former Parent pursuant to Rule 15d-5 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Between December 7, 2020 (the “Petition Date”) and the Emergence Date, we operated as a debtor-in-possession under the supervision of the United States Bankruptcy Court for the Southern District of Texas Houston Division (the “Bankruptcy Court”). For financial reporting purposes, the close of business on February 2, 2021 represents the date of our emergence from bankruptcy. As used herein, the following terms refer to us and our operations:


"Predecessor"	The Company, prior to the Emergence Date
"Current Predecessor Period"	The Company's operations, January 1, 2021 - February 2, 2021
"Prior Predecessor Quarter"	The Company's operations, April 1, 2020 - June 30, 2020
"Prior Predecessor Period"	The Company's operations January 1, 2020 - June 30, 2020
"Successor"	The Company, after the Emergence Date
"Successor Quarter"	The Company's operations, April 1, 2021 - June 30, 2021
"Successor Period"	The Company's operations, February 3, 2021 - June 30, 2021

We evaluate events that occur after the balance sheet date but before the financial statements are issued for potential recognition or disclosure.

Recent Developments

Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code

On December 4, 2020, the Former Parent and certain of its direct and indirect wholly-owned domestic subsidiaries (together with the Former Parent, the “Affiliate Debtors”) entered into an Amended and Restated Restructuring Support Agreement (the “Amended RSA”) that amended and restated in its entirety the Restructuring Support Agreement, dated September 29, 2020, with certain holders of SESI, L.L.C.’s (“SESI”) outstanding (i) 7.125% senior unsecured notes due 2021 (the “7.125% Notes”) and (ii) 7.750% senior unsecured notes due 2024 (the “7.750% Notes”). The parties to the Amended RSA agreed to the principal terms of a proposed financial restructuring of the Affiliate Debtors, which was implemented through the Plan (as defined below).

On December 7, 2020, the Affiliate Debtors filed voluntary petitions for relief (the “Chapter 11 Cases”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the Bankruptcy Court, and, in connection therewith, the Affiliate Debtors filed with the Bankruptcy Court the proposed Joint Prepackaged Plan of Reorganization under the Bankruptcy Code (as amended, modified or supplemented from time to time, the “Plan”).

On January 19, 2021, the Bankruptcy Court entered an order, Docket No. 289, confirming and approving the Plan. On the Emergence Date, the conditions to effectiveness of the Plan were satisfied or waived and we emerged from Chapter 11.

On the Emergence Date, we qualified for and adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 852 – Reorganizations (ASC 852), which specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. The application of fresh start accounting resulted in a new basis of accounting and we became a new entity for financial reporting purposes. As a result of the implementation of the Plan and the application of fresh start accounting, these unaudited condensed consolidated financial statements after the Emergence Date are not comparable to the consolidated financial statements before that date and the historical financial statements on or before the Emergence Date are not a reliable indicator of our financial condition and results of operations for any period after our adoption of fresh start accounting.

The accompanying unaudited condensed consolidated financial statements have been prepared as if we are a going concern and in accordance with ASC 852.

During the Current Predecessor Period, the Predecessor applied ASC 852 in preparing the unaudited condensed consolidated financial statements, which requires distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Accordingly, pre-petition liabilities that could have been impacted by the Chapter 11 Cases were classified as liabilities subject to compromise. Additionally, certain expenses, realized gains and losses and provisions for losses that were realized or incurred during and directly related to the Chapter 11 Cases, including fresh start valuation adjustments and gains on liabilities subject to compromise were recorded as reorganization items, net in the condensed consolidated statements of operations in the Current Predecessor Period. See Note 2 – “Emergence from Voluntary Reorganization under Chapter 11” for more information on the events of the Chapter 11 Cases as well as the accounting and reporting impacts of the reorganization during the Current Predecessor Period.

Use of Estimates — In preparing the accompanying financial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities reported as of the dates of the balance sheets and the amounts of revenues and expenses reported for the periods shown in the income statements and statements of cash flows. All estimates, assumptions, valuations and financial projections related to fresh start accounting, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, we cannot assure you that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. For information about the use of estimates relating to fresh start accounting, see – Note 3 – “Fresh Start Accounting” below.

Due to the lack of comparability with historical financials, our unaudited consolidated condensed financial statements and related footnotes are presented with a “black line” division to emphasize the lack of comparability between amounts presented as of and after February 2, 2021 and amounts presented for all prior periods. The Successor’s financial results for future periods following the application of fresh start accounting will be different from historical trends and the differences may be material.

Changes in Accounting Policies

Accounting policies are disclosed in the Predecessor Company’s Annual Report on Form 10-K. As of the Emergence Date, the amounts for these accounts have been recorded at fair value. After the Emergence Date, we will continue to follow the accounting policies within the Predecessor Company’s Annual Report on Form 10-K except for the policies discussed below. As part of the adoption of fresh start accounting and effective upon emergence from bankruptcy, we have adopted new presentations for certain items within our condensed consolidated balance sheets and statement of operations. The presentation changes are described below:

The functional currency of certain international subsidiaries changed from the local currency to US dollars. This brings alignment so that our functional currency is US dollars. Management considered the economic factors outlined in FASB ASC Topic No. 830 - Foreign Currency Matters in the determination of the functional currency. Management concluded that the predominance of factors support the use of the Successor parent’s currency as the functional currency and resulted in a change in functional currency to US dollars for all international subsidiaries.

In connection with our Transformation Project, which is discussed further below, and our pending disposition activities, during the second quarter of 2021, our reportable segments were changed to Rentals, Well Services and Corporate and other. The reportable segments were changed to Rentals and Well Services for the Successor Quarter, Successor Period and Current Predecessor Period. Reportable segments in the Predecessor Company’s Annual Report on Form 10-K were, and remain, Drilling Products and Services, Onshore Completion and Workover Services, Production Services and Technical Solutions.

The Predecessor recognized bad debt expense and gains/losses on sales of assets within general and administrative expenses. The Successor recognizes these expenses within cost of revenues. See Note 3 – “Fresh Start Accounting” for additional information.

Additional Detail of Account Balances

Restricted Cash —Restricted cash as of June 30, 2021 primarily represents cash of $77.5 million held in a collateral account for the payment and performance of secured obligations including the reimbursement of letters of credit, and $2.7 million relates to cash held in escrow to secure the future decommissioning obligations related to the sole oil and gas property.

Emergence from Voluntary Reorganization under Chapter 11

6 Months Ended

Jun. 30, 2021

Emergence from Voluntary Reorganization under Chaper 11 [Abstract]

Emergence from Voluntary Reorganization under Chapter 11

(2)Emergence from Voluntary Reorganization under Chapter 11

Plan of Reorganization under Chapter 11 of the Bankruptcy Code

On December 7, 2020, the Affiliate Debtors commenced the Chapter 11 Cases as described in Note 1 – “Basis of Presentation” above. After commencement of the Chapter 11 Cases, the Affiliate Debtors continued to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

Executory Contracts

Subject to certain exceptions, under the Bankruptcy Code, the Affiliate Debtors could assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the debtors from performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance.

Bankruptcy Claims

During the Chapter 11 Cases, the Affiliate Debtors filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of each of the Affiliate Debtors, subject to the assumptions filed in connection therewith. Certain holders of pre-petition claims that were not governmental units were required to file proofs of claim by the bar date of January 7, 2021. As of October 13, 2021, the Affiliate Debtors’ have received approximately 646 proofs of claim, primarily representing general unsecured claims, for an amount of approximately $1.7 billion. The Bankruptcy Court does not allow for claims that have been acknowledged as duplicates. Approximately 570 claims totaling approximately $1.4 billion have been withdrawn, disallowed or are pending approval to be disallowed. Differences in amounts recorded and claims filed by creditors are currently being investigated and resolved, including through filing objections with the Bankruptcy Court, where appropriate. We may ask the Bankruptcy Court to disallow claims that we believe are duplicative, have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. In light of the substantial number of claims filed, the claims resolution process may take considerable time to complete and is continuing even after the Affiliate Debtors emerged from bankruptcy. As a result of the ongoing claims resolution process post-emergence, the Affiliate Debtors agreed to allow certain claims in the amount of $232.0 million classified per the Plan of Reorganization as Class 6 General Unsecured Claims against the Parent. Each holder of a Class 6 claim receives their pro rata share of the $125,000 general unsecured claim cash pool described below. Per ASC 852-10, liabilities are measured at their allowed claim amount, and the result of allowing these claims increased liabilities subject to compromise prior to emergence. The resolution of these Class 6 claims is considered in the $125,000 cash pool as part of the emergence transaction.

On the Emergence Date, the conditions to effectiveness of the Plan were satisfied or waived and we emerged from Chapter 11.

On the Emergence Date and pursuant to the Plan:

Administrative expense claims, priority tax claims, other priority claims and other secured claims were paid or will be paid in full in the ordinary course (or receive such other treatment rendering such claims unimpaired);

General unsecured creditors for the Affiliate Debtors remained unimpaired and received payment in cash, in full, in the ordinary course;

General unsecured creditors for the Former Parent receive their pro rata share of a cash pool in the amount of $125,000;

Eligible holders of the claims arising as a result of holding either the 7.125% Notes or the 7.750% Notes against the Affiliate Debtors received their pro rata share of:

A payment equal to 2% of the principal amount of 7.125% Notes or 7.750% Notes held by all holders who did not opt out of receiving a cash payout; or

Solely to the extent that such a holder timely and validly elected to opt out of receiving the cash payout, (A) 100% of the Class A common stock issued and outstanding on the Emergence Date, subject to dilution, and (B), to the extent such holder was an “accredited investor” or “qualified institutional buyer” within the meaning of the SEC’s rules, subscription rights to participate in an equity rights offering (the “Equity Rights Offering”);

The Affiliate Debtors conducted the Equity Rights Offering through an offering of subscription rights for the purchase of Class A common stock on a pro rata basis; and

Prior parent equity interests and common stock of the Affiliate Debtors were cancelled and new Class A common stock was issued to settle claims arising as a result of holding either the 7.125% Notes or the 7.750% Notes, as noted above.

The costs of efforts to restructure our capital, prior to and during the Chapter 11 Cases, along with all other costs incurred in connection with the Chapter 11 Cases, have been material.

On the Emergence Date, pursuant to the terms of the Plan, we filed an amended and restated certificate of incorporation (the “Certificate of Incorporation”) and a certificate of amendment of the amended and restated certificate of incorporation (the “Certificate of Amendment”).

Also, on the Emergence Date, and pursuant to the terms of the Plan, we adopted amended and restated bylaws (the “Bylaws”). The descriptions of the Certificate of Incorporation and the Bylaws are qualified in their entirety by reference to the full texts of the Certificate of Incorporation, Bylaws, and Certificate of Amendment.

Fresh Start Accounting

6 Months Ended

Jun. 30, 2021

Fresh Start Accounting [Abstract]

Fresh Start Accounting

(3)Fresh Start Accounting

Fresh Start Accounting

In connection with the emergence from bankruptcy and in accordance with ASC 852, we qualified for and adopted fresh start accounting on the Emergence Date because (1) the holders of the then existing common shares of the Predecessor received less than 50 percent of the new common shares of the Successor outstanding upon emergence and (2) the reorganization value of the Predecessor’s assets immediately prior to confirmation of the Plan of $1,456.8 million was less than the total of all post-petition liabilities and allowed claims of $2,076.1 million.

In accordance with ASC 852, upon adoption of fresh start accounting, the reorganization value derived from the enterprise value as disclosed in the Plan was allocated to our assets and liabilities based on their fair values (except for deferred income taxes) in accordance with FASB ASC Topic No. 805 - Business Combinations (ASC 805) and FASB ASC Topic No. 820 - Fair Value Measurements (ASC 820). The reorganization value represents the fair value of the Successor’s assets before considering certain liabilities and is intended to represent the approximate amount a willing buyer would pay for our assets immediately after reorganization. The amount of deferred income taxes recorded due to the fair value adjustments to assets and liabilities was determined in accordance with FASB ASC Topic No. 740 - Income Taxes.

Reorganization Value

The reorganization value represents the fair value of the Successor’s total assets before considering certain liabilities and is intended to approximate the amount a willing buyer would pay for the Successor’s assets immediately after restructuring. The Plan confirmed by the Bankruptcy Court estimated a range of enterprise values between $710.0 million and $880.0 million.

The following table reconciles the enterprise value to the reorganization value of Successor’s assets that has been allocated to our individual assets as of the Emergence Date (in thousands):



	Emergence Date
Selected Enterprise Value within Bankruptcy Court Range	$	729,918
Plus: Cash and cash equivalents		172,768
Plus: Liabilities excluding the decommissioning liabilities		380,496
Plus: Decommissioning liabilities, including decommissioning liabilities classified as held for sale		173,622
Reorganization Value		1,456,804

Management determined the enterprise and corresponding equity value of the Successor using various valuation methods, including (i) discounted cash flow analysis (“DCF”), (ii) comparable company analysis and (iii) precedent transaction analysis. The use of each approach provides corroboration for the other approaches.

In order to estimate the enterprise value using the DCF analysis approach, management’s estimated future cash flow projections, plus a terminal value which was calculated by applying a multiple based on our internal rate of return (“IRR”) of 17.6% and a perpetuity growth rate of 3.0% to the terminal year’s projected earnings before interest, tax, depreciation and amortization (“EBITDA”). These estimated future cash flows were then discounted to an assumed present value using our estimated weighted-average cost of capital, which is represented by our IRR.

The comparable company analysis provides an estimate of our value relative to other publicly traded companies with similar operating and financial characteristics, by which a range of EBITDA multiples of the comparable companies was then applied to management’s projected EBITDA to derive an estimated enterprise value.

Precedent transaction analysis provides an estimate of enterprise value based on recent sale transactions of similar companies, by deriving the implied EBITDA multiple of those transactions, based on sales prices, which was then applied to management’s projected EBITDA.

The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, we cannot assure you that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially.

Valuation Process

The reorganization value was allocated to the Successor’s reporting segments using the discounted cash flow approach. The reorganization value was then allocated to the Successor’s identifiable assets and liabilities using the fair value principle as contemplated in ASC 820. The specific approach, or approaches, used to allocate reorganization value by asset class are noted below.

Inventory

The fair value of the inventory was determined by using both a cost approach and income approach. Inventory was segregated into raw materials, spare parts, work in process (“WIP”), and finished goods. Fair value of raw materials and spare parts inventory were determined using the cost approach. Fair value of finished goods and WIP inventory were determined by using the net realizable value approach. The fair value of finished goods was measured using an estimate of the costs to sell or dispose of the inventory plus a reasonable profit allowance on those efforts adjusted for holding costs. The fair value of WIP was measured using an estimate of the costs to complete and sell or consume the inventory plus a reasonable profit allowance on those efforts adjusted for holding costs.

Property, Plant and Equipment

Real Property

The fair values of real property locations were estimated using the sales comparison (market) approach and cost approach. As part of the valuation process, information was obtained on the Successor’s current usage, building type, year built, and cost history for all properties valued. In determining the fair value and remaining useful life for real property assets, functional and economic obsolescence was considered and taken as an adjustment at the asset level.

Tangible Assets Excluding Real Property and Oil and Gas Assets

The fair values of our tangible assets were calculated using either the cost or market approach. For most tangible asset categories, a cost approach was utilized relying on purchase year, historic costs, and industry/equipment based trend factors to determine replacement cost new of the assets. Readily available market transaction data was used and adjusted for current market conditions for asset categories with active secondary markets such as heavy trucks and computer equipment. In both approaches, consideration was made for the effects of physical deterioration as well as functional and economic obsolescence in determining both estimates of fair value and the remaining useful lives of the assets.

Oil and Gas Assets

The oil and gas assets were valued as of January 31, 2021, for the purposes of the February 2, 2021 condensed consolidated balance sheet, using estimates of the reserve volumes and associated income data based on escalated price and cost parameters.

Decommissioning Liabilities

In accordance with FASB ASC Topic No. 410 – Asset Retirement and Environmental Obligations (“ASC 410”), the asset retirement obligations associated with the Successor’s oil and gas assets were valued using the income approach. Estimates were used for future retirement costs and the expected time to retirement, then adjusted for an estimated inflation rate over the time period prior to retirement and discounted future cash outflows by a credit adjusted risk-free rate of 5.6%. As such, the Successor changed its presentation to consolidate the fair value of the Predecessor’s decommissioning liabilities previously recorded to other long-term liabilities into the Successor’s decommissioning liabilities.

Internally-Developed Software

Internally-developed software was valued using the cost approach in which a replacement cost was estimated based on the software developer time, materials, and other supporting services required to replicate the software.

Intangible Assets

Intangible assets were identified apart from goodwill using the guidance provided in ASC 805. Intangible assets that were identified as either separable or arose from contract or other legal rights were valued using either the cost or income approaches. The principal intangible assets identified were trademarks and patents. Trademarks and patents were valued using the relief from royalty method in which the subject intangible asset is valued by reference to the amount of royalty income it could generate if it was licensed in an arm’s length transaction to a third party.

Lease Liabilities and Right of Use Assets

The fair value of lease liabilities was measured as the present value of the remaining lease payments, as if the lease were a new lease as of the Emergence Date. The Successor used its incremental borrowing rate of 5.3% commensurate with the Successor's capital structure as the discount rate in determining the present value of the remaining lease payments.

Consolidated Successor Balance Sheet

The adjustments included in the following fresh start consolidated condensed balance sheet as of February 2, 2021 reflect the effects of the transactions contemplated by the Plan and executed by the Successor on the Emergence Date (reflected in the column Reorganization Adjustments), and fair value and other required accounting adjustments resulting from the adoption of fresh start accounting (reflected in the column Fresh Start Adjustments). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine the fair values and significant assumptions.

The consolidated condensed balance sheet as of the Emergence Date was as follows (in thousands):



	As of February 2, 2021
	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor
ASSETS
Current assets:
Cash and cash equivalents	$	194,671	$	(21,903)	⁽¹⁾	$	-		$	172,768
Restricted cash - current		-		16,751	⁽²⁾		-			16,751
Accounts receivable, net of allowance for doubtful accounts		153,518		11	⁽³⁾		-			153,529
Income taxes receivable		9,146		-			(170)	⁽¹⁶⁾		8,976
Prepaid expenses		31,630		-			-			31,630
Inventory and other current assets		90,073		-			11,067	⁽¹⁷⁾		101,140
Assets held for sale		240,761		-			(20,402)	⁽¹⁸⁾		220,359
Total current assets		719,799		(5,141)			(9,505)			705,153

Property, plant and equipment, net of accumulated depreciation and depletion		401,263		-			139,587	⁽¹⁹⁾		540,850
Operating lease right-of-use assets		32,488		-			1,430	⁽²⁰⁾		33,918
Goodwill		138,934		-			(138,934)	⁽²¹⁾		-
Notes receivable		72,484		-			-			72,484
Restricted cash - non-current		80,179		-			-			80,179
Intangible and other long-term assets, net of accumulated amortization		52,264		(10,080)	⁽⁴⁾		(17,964)	⁽²²⁾		24,220
Total assets	$	1,497,411	$	(15,221)		$	(25,386)		$	1,456,804

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	51,816	$	(700)	⁽⁵⁾	$	-		$	51,116
Accrued expenses		126,768		9,042	⁽⁶⁾		1,406	⁽²³⁾		137,216
Liabilities held for sale		39,642		1,614	⁽⁷⁾		(3,992)	⁽²⁴⁾		37,264
Total current liabilities		218,226		9,956			(2,586)			225,596

Decommissioning liabilities		134,934		-			34,581	⁽²⁵⁾		169,515
Operating lease liabilities		23,584		-			(29)	⁽²⁶⁾		23,555
Deferred income taxes		4,853		3,100	⁽⁸⁾		51,569	⁽²⁷⁾		59,522
Other long-term liabilities		121,756		-			(45,826)	⁽²⁸⁾		75,930
Total non-current liabilities		285,127		3,100			40,295			328,522

Liabilities subject to compromise		1,572,772		(1,572,772)	⁽⁹⁾		-			-

Total liabilities		2,076,125		(1,559,716)			37,709			554,118
Stockholders’ equity (deficit):
Predecessor common stock $0.001 par value		16		(16)	⁽¹⁰⁾		-			-
Predecessor Additional paid-in capital		2,757,824		(2,757,824)	⁽¹¹⁾		-			-
Predecessor Treasury stock at cost		(4,290)		4,290	⁽¹²⁾		-			-
Successor Class A common stock $0.001 par value		-		200	⁽¹³⁾		-			200
Successor Additional paid-in capital		-		902,486	⁽¹⁴⁾		-			902,486
Accumulated other comprehensive loss, net		(67,532)		-			67,532	⁽²⁹⁾		-
Accumulated deficit		(3,264,732)		3,395,359	⁽¹⁵⁾		(130,627)	⁽³⁰⁾		-
Total stockholders’ equity (deficit)		(578,714)		1,544,495			(63,095)			902,686
Total liabilities and stockholders’ equity (deficit)	$	1,497,411	$	(15,221)		$	(25,386)		$	1,456,804

Reorganization Adjustments (in thousands)

(1)Changes in cash and cash equivalents included the following:


Payment of debtor in possession financing fees	(183)
Payment of professional fees at the Emergence Date	(2,649)
Payment of lease rejection damages classified as liabilities subject to compromise	(400)
Transfers from cash to restricted cash for Professional Fees Escrow and General Unsecured Creditors Escrow	(16,751)
Payment of debt issuance costs for the Credit Facility	(1,920)
Net change in cash and cash equivalents	(21,903)

(2)Changes to restricted cash - current included the following:


Transfer from cash for Professional Fee Escrow	16,626
Transfer from cash for General Unsecured Creditors Escrow	125
Net change in restricted cash - current	16,751

(3)Changes of $11 to accounts receivable reflect a receivable from the solicitor for excess proceeds received during the Rights Offering.

(4)Changes to intangibles and other long-term assets included the following:


Write-off of deferred financing costs related to the Delayed-Draw Term Loan	(12,000)
Capitalization of debt issuance costs associated with the Credit Facility	1,920
Net change in intangibles and other long-term assets	(10,080)

(5)Changes to accounts payable included the following:


Payment of professional fees at the Emergence Date	(2,649)
Professional fees recognized and payable at the Emergence Date	1,949
Net change in accounts payable	(700)

(6)Changes in accrued liabilities include the following:


Payment of debtor in possession financing fees	(183)
Accrual of professional fees	6,500
Accrual for transfer taxes	1,900
Reinstatement of lease rejection liabilities to be settled post-emergence	700
Accrual of general unsecured claims against parent	125
Net change in accrued liabilities	9,042

(7)Changes in liabilities held for sale reflect the fair value reinstatement of rejected leases claims.

(8)Changes in deferred income taxes are due to reorganization adjustments.

(9)The resulting gain on liabilities subject to compromise was determined as follows:


Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	1,335,794
Rejected lease liability claims	4,956
Allowed Class 6 General Unsecured Claims against Parent	232,022
Liabilities subject to compromise settled in accordance with the Plan	1,572,772


Reinstatement of accrued liabilities for lease rejection claims	(700)
Reinstatement of liabilities held for sale for lease rejection claims	(1,614)
Payment to settle lease rejection claims	(400)
Cash proceeds from rights offering	963
Cash payout provided to cash opt-in noteholders	(952)
Cash Pool to settle GUCs against Parent	(125)
Issuance of common stock to prepetition noteholders, incremental to rights offering (par value)	(193)
Additional paid-in capital attributable to successor common stock issuance	(869,311)
Successor common stock issued to cash opt-out noteholders in the rights offering (par value)	(7)
Additional paid-in capital attributable to rights offering shares	(33,175)
Gain on settlement of liabilities subject to compromise	667,258

The Equity Rights Offering generated $963 in proceeds used to settle $952 in Cash Opt-in Noteholder claims. The Equity Rights Offering shares were offered at a price of $1.31/share to Cash Opt-out Noteholders. As such, the Equity Rights Offering shares generated the $963 in cash proceeds from the share issuance as well as an implied discount to the Cash Opt-in claimants of $32.2 million, recorded as a loss on share issuance in reorganization items, net. The loss on the Equity Rights Offering share

issuance is offset by the gain on share issuance of $32.2 million implied by the issuance of shares to settle Cash Opt-out Noteholder claims at a value of $46.82/share compared to the reorganization value implied share price of $45.14/share.

(10)Changes of $16 in Predecessor common stock reflect the cancellation of the Predecessor’s common stock.

(11)Changes in Predecessor additional paid-in capital (APIC) include the following:


Extinguishment of APIC related to Predecessor's outstanding equity interests	(2,758,812)
Extinguishment of RSUs for the Predecessor's incentive plan	988
Net change in Predecessor's additional paid-in capital	(2,757,824)

(12)Reflects $4.3 million cancellation of Predecessor treasury stock held at cost.

(13)Changes in the Successor’s Class A common stock include the following:


Issuance of successor Class A common stock to prepetition noteholders, incremental to rights offering (par value)	193
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)	7
Net change in Successor Class A common stock	200

(14)Changes in Successor additional paid-in capital include the following:


Additional paid-in capital (Successor Class A common stock)	869,311
Additional paid-in capital (rights offering shares)	33,175
Net change in Successor additional paid-in capital	902,486

(15)Changes to retained earnings (deficit) include the following:


Gain on settlement of liabilities subject to compromise	667,258
Accrual for transfer tax	(1,900)
Extinguishment of RSUs for Predecessor incentive plan	(988)
Adjustment to net deferred tax liability taken to tax expense	(3,100)
Professional fees earned and payable as a result of consummation of the Plan of Reorganization	(8,449)
Write-off of deferred financing costs related to the Delayed-Draw Term Loan	(12,000)
Extinguishment of Predecessor equity (par value, APIC, and treasury stock)	2,754,538
Net change in retained earnings (deficit)	3,395,359

Fresh Start Adjustments (in thousands)

(16)Changes of $170 in income tax receivable reflects the decrease to current deferred tax assets due to the adoption of fresh start accounting.

(17)Changes in inventory and other current assets included the following:


Fair value adjustment to inventory - Global Segment	12,137
Fair value adjustment to other current assets	(1,070)
Net change in inventory and other current assets due to the adoption of fresh start accounting	11,067

(18)Changes of $20.4 million in assets held for sale primarily reflect a fair value adjustment of $16.5 million decreasing real property and a $3.5 million decrease to Predecessor decommissioning balances due to the adoption of fresh start accounting.

(19)Changes of $139.6 million to property, plant and equipment reflect the fair value adjustment.


	Successor Fair Value	Predecessor Book Value
Land, Buildings, and Associated Improvements	117,341	205,237
Machinery and Equipment	290,593	1,103,501
Rental Services Equipment	92,861	617,762
Other Depreciable or Depletable Assets	35,143	46,403
Construction in Progress	4,912	4,912
	540,850	1,977,815
Less: Accumulated Depreciation and Depletion	-	(1,576,552)
Property, Plant and Equipment, net	540,850	401,263

(20)Reflects $1.4 million due to the fair value adjustment increasing operating lease right-of-use assets.

(21)Changes of $138.9 million to goodwill reflect the derecognition of the Predecessor’s goodwill due to the adoption of fresh start accounting.

(22)The fair value changes of $1.4 million to intangibles assets are reflected in the table below:


	Successor Fair Value	Predecessor Net Book Value
Customer Relationships	-	2,644
Trade Names	4,166	2,268
Patents	2,120	-
Intangible Assets, Net	6,286	4,912

Reduction of other long-term assets was due to the adoption of fresh start accounting and include $17.1 million in decommissioning liabilities related to Predecessor long-term assets fair valued and presented in the Successor’s property, plant, and equipment.

(23)Changes of $1.4 million to accrued expenses reflect the fair value adjustment increasing the current portion of operating lease liabilities.

(24)Reflects the $4.0 million fair value adjustment decreasing decommissioning liabilities and operating lease liabilities related to assets held for sale.

(25)Reflects the $34.6 million fair value adjustment increasing the non-current portion of decommissioning liabilities.

(26)Reflects the fair value adjustment decreasing the non-current portion of operating lease liabilities.

(27)Reflects the $70.4 million increase of deferred tax liabilities netted against an $18.8 million increase in realizable deferred tax assets due to the adoption of fresh start accounting.

(28)Changes of $45.8 million in other long-term liabilities reflects the reclassification of amounts associated with the Predecessor’s decommissioning liability balances that were fair valued and presented in the Successor’s decommissioning liabilities, as well as an increase in FIN48 liabilities of $1.5 million.

(29)Changes to accumulated other comprehensive loss reflect the elimination of Predecessor currency translation adjustment balances

due to the adoption of fresh start accounting on Predecessor currency translation adjustment balances.

(30)Changes reflect the cumulative impact of fresh start accounting adjustments discussed above and the elimination of the Predecessor’s accumulated other comprehensive loss and the Predecessor’s accumulated deficit.



Fresh start valuation adjustments	(77,376)
Adjustment to net deferred tax liability taken to tax expense	(53,251)
Net impact to accumulated other comprehensive loss and accumulated deficit	(130,627)

Reorganization Items, net

The Predecessor incurred costs associated with the reorganization, primarily unamortized debt issuance costs, expenses related to rejected leases and post-petition professional fees. In accordance with applicable guidance, costs associated with the Chapter 11 Cases have been recorded as reorganization items, net within the accompanying consolidated statement of operations for the Current Predecessor Period ended February 2, 2021. Reorganization items, net was zero for the Successor Period, with $13.7 million used in operating activities during the Successor Period. Reorganization items, net was $335.6 million for the Current Predecessor Period, with $3.1 million representing cash used in operating activities during the Current Predecessor Period, $2.7 million and $0.4 million paid for professional fees and to settle lease rejection damages, respectively.



		Predecessor
		For the Period January 1, 2021 through February 2, 2021
Gain on settlement of liabilities subject to compromise	$	667,258
Allowed claim adjustment for Class 6 claims		(232,022)
Fresh Start valuation adjustments ⁽¹⁾		(77,376)
Professional fees		(16,005)
Predecessor lease liabilities rejected per the Plan		13,347
Write off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000)
Lease rejection damages		(4,956)
Extinguishment of RSU's for the Predecessor's incentive plan		(988)
Other items		(1,698)
Total reorganization items, net	$	335,560

(1) Includes approximately $16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 20-Discontinued Operations.

Restructuring and other expenses

We embarked on a transformation project as part of our emergence from bankruptcy to reconfigure our operations and organization to maximize shareholder value and margin growth. The project is focused around three sequential phases:

Business Unit Review – Analyzing strategic changes that emphasize product optimization and margin enhancement to maximize the cash flow profile of our business units and focus on our core competencies;

Geographic Focus – Review our footprint and improve capital efficiency by focusing on low-risk, high reward geographies to maximize returns; and

Right Size Support – Streamline support to match optimized business units that represent our core portfolio and consolidate our operational footprint to align the size of our operations with current demand to provide a superior value proposition and exhibit capital discipline.

Transformation Project

In connection with this initiative, during 2021, we incurred costs of $7.4 million and $15.8 million in the Successor Quarter and Successor Period, respectively, and $1.3 million in the Current Predecessor Period, which primarily relate to professional fees and separation costs related to former executives and personnel. These costs are included in Restructuring and other expenses in the Condensed Consolidated Statements of Operations.

Additionally, we have disposed of certain assets with a net book value of approximately $27.0 million. Proceeds from the sales of these assets have totaled approximately $43.8 million through October 29, 2021.

Revenue

6 Months Ended

Jun. 30, 2021

Revenue [Abstract]

Revenue

(4)Revenue

Revenue Recognition

Revenues are recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the consideration we expect to be entitled to in exchange for services rendered, rentals provided, and products sold. Taxes collected from customers and remitted to governmental authorities and revenues are reported on a net basis in our financial statements.

Performance Obligations

A performance obligation arises under contracts with customers to render services, provide rentals or sell products, and is the unit of account under FASB Accounting Standards Update 2014-09 - Revenue from Contracts with Customers (Topic 606). We account for services rendered and rentals provided separately if they are distinct and the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered or rentals provided on its own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. A contract’s selling prices are determined based on prices we charge for services rendered, rentals provided, and products sold. The majority of our performance obligations are satisfied over time, which is generally represented by a period of 30 days or less. Our payment terms vary by the type of products or services offered. The term between invoicing and when the payment is due is typically 30 days.

Services Revenue: primarily represents amounts charged to customers for the completion of services rendered, including labor, products and supplies necessary to perform the service. Rates for these services vary depending on the type of services provided and can be based on a per job, per hour or per day basis.

Rentals Revenue: primarily priced on a per day, per man hour or similar basis and consists of fees charged to customers for the use of our rental equipment over the term of the rental period, which is generally less than twelve months.

Product Sales Revenue: products are generally sold based upon purchase orders or contracts with our customers that include fixed or determinable prices but do not include right of return provisions or other significant post-delivery obligations. We recognize revenue from product sales when title passes to the customer, the customer assumes risks and rewards of ownership, collectability is reasonably assured and delivery occurs as directed by the customer.

We expense sales commissions when incurred because the amortization period would be one year or less.

Disaggregation of Revenue

The following table presents our revenues by segment disaggregated by geography (in thousands):



	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
U.S. land
Rentals	$	20,789	$	N/A
Well Services		6,781		N/A
Drilling Products and Services		N/A		19,538
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		6
Technical Solutions		N/A		3,166
Total U.S. land	$	27,570	$	22,710

U.S. offshore
Rentals	$	26,890	$	N/A
Well Services		26,574		N/A
Drilling Products and Services		N/A		28,587
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		6,363
Technical Solutions		N/A		23,611
Total U.S. offshore	$	53,464	$	58,561

International
Rentals	$	19,558	$	N/A
Well Services		65,300		N/A
Drilling Products and Services		N/A		19,225
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		37,033
Technical Solutions		N/A		14,053
Total International	$	84,858	$	70,311
Total Revenues	$	165,892	$	151,582



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
U.S. land
Rentals	$	31,898	$	4,917	$	N/A
Well Services		8,907		3,379		N/A
Drilling Products and Services		N/A		N/A		56,193
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		4,633
Technical Solutions		N/A		N/A		9,303
Total U.S. land	$	40,805	$	8,296	$	70,129

U.S. offshore
Rentals	$	47,293	$	8,196	$	N/A
Well Services		45,995		7,371		N/A
Drilling Products and Services		N/A		N/A		65,811
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		17,663
Technical Solutions		N/A		N/A		55,144
Total U.S. offshore	$	93,288	$	15,567	$	138,618

International
Rentals	$	30,494	$	5,226	$	N/A
Well Services		107,148		16,839		N/A
Drilling Products and Services		N/A		N/A		49,338
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		96,571
Technical Solutions		N/A		N/A		31,165
Total International	$	137,642	$	22,065	$	177,074
Total Revenues	$	271,735	$	45,928	$	385,821

The following table presents our revenues by segment disaggregated by type (in thousands):



	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Services
Rentals	$	9,592	$	N/A
Well Services		70,195		N/A
Drilling Products and Services		N/A		13,012
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		28,759
Technical Solutions		N/A		18,148
Total Services	$	79,787	$	59,919

Rentals
Rentals	$	47,895	$	N/A
Well Services		5,343		N/A
Drilling Products and Services		N/A		44,573
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		4,959
Technical Solutions		N/A		2,226
Total Rentals	$	53,238	$	51,758

Product Sales
Rentals	$	9,750	$	N/A
Well Services		23,117		N/A
Drilling Products and Services		N/A		9,764
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		9,684
Technical Solutions		N/A		20,457
Total Product Sales	$	32,867	$	39,905
Total Revenues	$	165,892	$	151,582



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
Services
Rentals	$	15,856	$	2,005	$	N/A
Well Services		107,610		17,229		N/A
Drilling Products and Services		N/A		N/A		27,589
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		89,224
Technical Solutions		N/A		N/A		46,909
Total Services	$	123,466	$	19,234	$	163,722

Rentals
Rentals	$	76,488	$	14,082	$	N/A
Well Services		8,064		352		N/A
Drilling Products and Services		N/A		N/A		122,402
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		10,083
Technical Solutions		N/A		N/A		8,600
Total Rentals	$	84,552	$	14,434	$	141,085

Product Sales
Rentals	$	17,341	$	2,252	$	N/A
Well Services		46,376		10,008		N/A
Drilling Products and Services		N/A		N/A		21,352
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		19,559
Technical Solutions		N/A		N/A		40,103
Total Product Sales	$	63,717	$	12,260	$	81,014
Total Revenues	$	271,735	$	45,928	$	385,821

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Inventory

6 Months Ended

Jun. 30, 2021

Inventory [Abstract]

Inventory

(5)Inventory

Inventories are stated at the lower of cost or net realizable value. We apply net realizable value and obsolescence to the gross value of the inventory. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and WIP. Supplies and consumables primarily consist of products used in our services provided to customers. The components of the inventory balances are as follows (in thousands):



	Successor		Predecessor
	June 30, 2021		December 31, 2020
Finished goods	$	42,000	$	35,074
Raw materials		1,009		5,139
WIP		6,350		2,994
Supplies and consumables		36,705		33,820
Total	$	86,064	$	77,027

Notes Receivable

6 Months Ended

Jun. 30, 2021

Notes Receivable [Abstract]

Notes Receivable

(6)Notes Receivable

Notes receivable consist of a commitment from the seller of an oil and gas property acquired by us related to costs associated with the abandonment of the acquired property. Pursuant to an agreement with the seller, we invoice the seller an agreed upon amount at the completion of certain decommissioning activities for the offshore platform. The gross amount of the seller’s obligation to us totals $115.0 million and is recorded at present value, which totaled $74.4 million as of June 30, 2021. The related discount, which is based on an effective interest rate of 6.58%, is amortized to interest income based on the expected timing of completion of the decommissioning activities. We recorded non-cash interest income related to notes receivable of $1.2 million and $1.9 million for the Successor Quarter and Successor Period, respectively, which is included in other reconciling items, net in the Condensed Consolidated Statements of Cash Flows. The Predecessor recorded interest income related to notes receivable of $0.4 million and $1.2 million for the Current Predecessor Period and the Prior Predecessor Quarter, respectively. Interest receivable is considered paid in kind and is compounded into the carrying amount of the note.

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

(7) Property, Plant and Equipment

Property, plant and equipment are stated at cost, except for assets for which reduction in value is recorded during the period and assets acquired using purchase accounting and through fresh start accounting, which are recorded at fair value as of the date of acquisition. Depreciation on acquired assets is computed using the straight-line method over the estimated useful lives of the related assets as follows:


Machinery and equipment			3-12 years
Buildings, improvements and leasehold improvements			10-25 years
Automobiles, trucks, tractors and trailers			4-7 years
Furniture and fixtures			3-10 years

A summary of property, plant and equipment is as follows (in thousands):



		Successor		Predecessor
	June 30, 2021		December 31, 2020
Machinery and equipment	$	380,318	$	1,727,454
Buildings, improvements and leasehold improvements		85,082		171,635
Automobiles, trucks, tractors and trailers		7,534		11,742
Furniture and fixtures		19,996		31,407
Construction-in-progress		6,122		4,793
Land		31,782		33,394
Oil and gas producing assets		20,028		15,117
Total		550,862		1,995,542
Accumulated depreciation and depletion		(95,783)		(1,587,435)
Property, plant and equipment, net	$	455,079	$	408,107

Depreciation expense (excluding depletion, amortization and accretion) for the Successor Quarter and Prior Predecessor Quarter was $57.3 million and $26.2 million, respectively. Depreciation expense (excluding depletion, amortization and accretion) for the Successor Period, Current Predecessor Period and Prior Predecessor Period was $95.4 million, $9.5 million and $54.8 million, respectively.

As discussed above, in connection with the valuation process under fresh start accounting, certain fully depreciated assets were assigned an estimated fair value of approximately $282.1 million and remaining useful life of less than 36 months. Depreciation expense for the remainder of 2021 is expected to be approximately $104.6 million and approximately $75.1 million and $46.5 million for the years ended December 31, 2022 and 2023, respectively. See Note 3 – “Fresh Start Accounting” for additional information.

Intangibles

6 Months Ended

Jun. 30, 2021

Goodwill and Intangibles [Abstract]

Intangibles

(8) Intangibles

Intangible assets consist of the following (in thousands):



		Successor						Predecessor
		June 30, 2021						December 31, 2020
	Estimated	Gross		Accumulated		Net		Gross		Accumulated		Net
	Useful Lives	Amount		Amortization		Balance		Amount		Amortization		Balance
Trade Names	10		4,166		(174)		3,992		4,744		(4,263)		481
Customer Relationships	17		-		-		-		14,592		(10,077)		4,515
Patents	10		2,120		(88)		2,032		-		-		-
Non-Compete Agreements	3		-		-		-		3,478		(3,478)		-
Total		$	6,286	$	(262)	$	6,024	$	22,814	$	(17,818)	$	4,996

At June 30, 2021, trade name intangible assets totaling $0.7 million were included in Assets Held for Sale. Amortization expense for both the Successor Quarter and Prior Predecessor Quarter was $0.2 million. For the Successor Period, Current Predecessor Period and Prior Predecessor Period amortization expense was $0.3 million, $0.1 million and $0.5 million, respectively. Based on the carrying values of intangible assets June 30, 2021, amortization expense for the next five years (2021 through 2025) is estimated to be $0.3 million for the remainder of 2021 and $0.7 million for the years 2022 through 2025.

See Note 3 – “Fresh Start Accounting” for additional information.

Debt

6 Months Ended

Jun. 30, 2021

Debt [Abstract]

Debt

(9)Debt

Credit Facility

On the Emergence Date, pursuant to the Plan, the Former Parent, as parent guarantor, and SESI, as borrower, entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and letter of credit issuers named therein providing for a $120.0 million asset-based secured revolving credit facility (the “Credit Facility”), which provides for revolving loans and is available for the issuances of letters of credit. The Credit Facility will mature on December 9, 2024. The borrowing base under the Credit Facility is determined by reference to SESI’s and its subsidiary guarantors’ (i) eligible accounts receivable, (ii) eligible inventory, (iii) solely during the period from February 2, 2021 until the earlier of December 9, 2022 and the date that unrestricted cash of SESI and its wholly-owned subsidiaries is less than $75.0 million, eligible premium rental drill pipe and (iv) so long as there are no loans outstanding at such time, certain cash of SESI and its subsidiary guarantors, less reserves established by the administrative agent in its permitted discretion.

Availability under the Credit Facility at any time is equal to the lesser of (i) the aggregate commitments under the Credit Facility and (ii) the borrowing base at such time. As of June 30, 2021, the borrowing base under the Credit Facility was approximately $120.0 million and we had $45.0 million of letters of credit outstanding that reduced its borrowing availability under the revolving credit facility. Subject to certain conditions, upon request and with the consent of the participating lenders, the total commitments under the Credit Facility may be increased to $170.0 million. SESI’s obligations under the Credit Facility are guaranteed by the Former Parent and all of SESI’s material domestic subsidiaries, and secured by substantially all of the personal property of the Former Parent, SESI and SESI’s material domestic subsidiaries, in each case, subject to certain customary exceptions.

Borrowings under the Credit Facility bear interest, at SESI’s option, at either an adjusted LIBOR (as defined below) rate plus an applicable margin ranging from 3.00% to 3.50% per annum, or an alternate base rate plus an applicable margin ranging from 2.00% to 2.50% per annum, in each case, on the basis of the then applicable consolidated fixed charge coverage ratio. In addition, SESI is required to pay (i) a letter of credit fee ranging from 3.00% to 3.50% per annum on the basis of the consolidated fixed charge coverage ratio on the aggregate face amount of all outstanding letters of credit, (ii) to the issuing lender of each letter of credit, a fronting fee of no less than 0.25% per annum on the outstanding amount of each such letter of credit and (iii) commitment fees of 0.50% per annum on the daily unused amount of the Credit Facility, in each case, quarterly in arrears.

The Credit Facility contains various covenants requiring compliance, including, but not limited to, limitations on the incurrence of indebtedness, permitted investments, liens on assets, making distributions, transactions with affiliates, mergers, consolidations, dispositions of assets and other provisions customary in similar types of agreements. The Credit Facility requires compliance with a fixed charge coverage ratio of 1.0 to 1.0 if either (i) an event of default has occurred and is continuing or (ii) availability under the Credit Facility is less than the greater of $20.0 million or 15% of the lesser of the aggregate commitments and the borrowing base. The covenant and other restrictions of the Credit Facility significantly restrict the ability to incur borrowings other than letters of credit.

On May 13, 2021, SESI, SESI Holdings, Inc. and the subsidiary guarantors party thereto entered into a first amendment and waiver to the Credit Facility (the “First Amendment and Waiver to the Credit Facility”) to, among other things, (i) extend the deadline thereunder for the delivery of our consolidated unaudited financial statements for the quarter ended March 31, 2021 to June 1, 2021 and (ii) obtain a limited waiver of potential defaults under the Credit Facility related to a delayed public filing of such financial statements after the original deadline for delivery of such financial statements.

On May 28, 2021, SESI, L.L.C., SESI Holdings, Inc. and the subsidiary guarantors party thereto entered into a waiver to the Credit Facility to (i) extend the deadline under the Credit Agreement for the delivery of Superior Energy Services, Inc.’s consolidated unaudited financial statements for the quarter ended March 31, 2021 and the calendar months ending April 30, 2021 and May 31, 2021 to July 15, 2021 and (ii) agree that until the unaudited financial statements and a revised borrowing base certificate in connection therewith are delivered, the lenders will not be required to make any advances requested.

On July 15, 2021, SESI, the Former Parent, and the subsidiary guarantors party thereto entered into a waiver to the Credit Facility with JPMorgan Chase Bank, N.A., as administrative agent and lender, and certain other financial institutions and other parties thereto as lenders to (i) extend the deadline under the Credit Facility for the delivery of our consolidated unaudited financial statements (x) as of and for the quarter ended March 31, 2021 to September 30, 2021 and (y) as of and for the quarter ended June 30, 2021 and the calendar months ending April 30, 2021, May 31, 2021, July 31, 2021 and August 31, 2021 to October 30, 2021, (ii) obtain a limited waiver of potential defaults under the Credit Facility related to a delayed public filing of this quarterly report on Form 10-Q with respect to the fiscal quarter ended June 30, 2021 (including related financial statements) after the original deadline (and confirmation of such waiver as it pertains to the quarterly report on Form 10-Q with respect to the fiscal quarter ended March 31, 2021), and (iii) agree that until the quarterly unaudited financial statements and a revised borrowing base certificate in connection with each such quarter is delivered, the lenders will not be required to make any advances requested.

Delayed-Draw Term Loan Commitment Letter

On September 29, 2020, the Predecessor entered into a commitment letter (the “Delayed-Draw Term Loan Commitment Letter”) with certain of the consenting noteholders (such consenting noteholders, the “Backstop Commitment Parties”). The Backstop Commitment Parties committed to provide a delayed draw term loan facility (the “Delayed-Draw Term Loan Facility”) in an aggregate principal amount not to exceed $200.0 million, upon our emergence from bankruptcy on the terms and subject to the conditions of the Delayed-Draw Term Loan Commitment Letter.

The Predecessor paid $12.0 million of fees in consideration for the commitment by the Backstop Commitment Parties during 2020. On the Emergence Date, the Delayed-Draw Term Loan Commitment Letter terminated in accordance with its terms upon the effectiveness of the Credit Facility without the establishment of the Delayed-Draw Term Loan Facility. The termination resulted in the Predecessor recognizing $12.0 million of reorganization items, net during the Current Predecessor Period.

Debtor-in-Possession Financing

In connection with the Chapter 11 Cases, the Affiliate Debtors filed a motion for approval of a debtor-in-possession financing facility, and on December 8, 2020, the Bankruptcy Court approved such motion and entered into an order approving the financings (the “DIP Order”). In accordance with the DIP Order, on December 9, 2020, the Predecessor, as guarantor, and SESI, as borrower, entered into a $120.0 million Senior Secured Debtor-in-Possession Credit Agreement (the “DIP Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto.

On the Emergence Date, the Credit Facility replaced the DIP Credit Facility and approximately $46.6 million of undrawn letters of credit outstanding under the former DIP Credit Facility were deemed outstanding under the Credit Facility. All accrued and unpaid fees and other amounts outstanding thereunder were paid in full as well.

Prepetition Indebtedness

The Predecessor’s outstanding debt was as follows (in thousands) for the periods indicated:



	Stated Interest Rate (%)	December 31, 2020
Senior unsecured notes due September 2024	7.750	$	500,000
Senior unsecured notes due December 2021	7.125		800,000
Total debt, gross			1,300,000
Reclassification to liabilities subject to compromise			(1,300,000)
Unamortized debt issuance costs			-
Total debt, net		$	-

The Predecessor had outstanding $800.0 million of senior unsecured notes due December 2021. The indenture governing the 7.125% senior unsecured notes due 2021 required semi-annual interest payments on June 15 and December 15of each year through the maturity date of December 15, 2021.

The Predecessor also had outstanding $500.0 million of senior unsecured notes due September 2024. The indenture governing the 7.75% senior unsecured notes due 2024 required semi-annual interest payments on March 15 and September 15 of each year through the maturity date of September 15, 2024.

At the Petition Date, there was pre-petition accrued interest of $35.8 million under the two issuances of senior secured notes. As a result of the automatic stay from bankruptcy, principal and interest was not paid during the bankruptcy proceedings. On the Emergence Date, obligations under these notes, including principal and accrued interest of $35.8 million, were fully extinguished in exchange for cash and equity in the Successor.

Decommissioning Liabilities

6 Months Ended

Jun. 30, 2021

Decommissioning Liabilities [Abstract]

Decommissioning Liabilities

(10) Decommissioning Liabilities

We account for decommissioning liabilities under ASC 410 – Asset Retirement Obligations. Our decommissioning liabilities are associated with an oil and gas property and include liabilities related to the plugging of wells, removal of the related platform and equipment and site restoration. We review the adequacy of our decommissioning liabilities whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially. The Successor had decommissioning liabilities of $171.1 million as of June 30, 2021 and the Predecessor had decommissioning liabilities of $142.7 million as of December 31, 2020, respectively, including decommissioning liabilities included within liabilities held for sale. In connection with fresh start accounting, we now present all asset retirement obligations separately as decommissioning liabilities on the balance sheet. Previously, certain of these decommissioning liabilities were included as a component of other long-term liabilities.

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

(11) Leases

Accounting Policy for Leases

We determine if an arrangement is a lease at inception. All of our leases are operating leases and are included in right-of-use (“ROU”) assets, accounts payable and operating lease liabilities in the condensed consolidated balance sheet.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligations to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. We use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease.

Overview

Our operating leases are primarily for real estate, machinery and equipment, and vehicles. The terms and conditions for these leases vary by the type of underlying asset. Total operating lease expense was as follows (in thousands):



	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020


Long-term fixed lease expense	$	3,779	$	4,624
Short-term lease expense		2,349		884
Total operating lease expense	$	6,128	$	5,508



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
Long-term fixed lease expense	$	5,759	$	1,824	$	10,255
Long-term variable lease expense		-		19		-
Short-term lease expense		3,345		789		1,875
Total operating lease expense	$	9,104	$	2,632	$	12,130

Supplemental Balance Sheet and Cash Flows Information

Operating leases were as follows (in thousands):


	Successor		Predecessor
	June 30, 2021		December 31, 2020
Operating lease ROU assets	$	30,755	$	33,317

Accrued expenses	$	9,522	$	10,698
Operating lease liabilities		21,353		29,464
Total operating lease liabilities	$	30,875	$	40,162

Weighted-average remaining lease term		11 years		9 years
Weighted-average discount rate		5.34%		6.35%


	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
Cash paid for operating leases	$	7,614	$	1,575	$	13,494
ROU assets obtained in exchange for lease obligations	$	2,823	$	453	$	2,996

Maturities of operating lease liabilities at June 30, 2021 are as follows (in thousands):



Remainder of 2021	$	5,284
2022		9,180
2023		6,841
2024		4,403
2025		3,396
Thereafter		20,902
Total lease payments		50,006
Less imputed interest		(19,131)
Total	$	30,875

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Measurements [Abstract]

Fair Value Measurements

(12) Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2: Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets; or model-derived valuations or other inputs that can be corroborated by observable market data.

Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis (in thousands):




	Successor Fair Value at June 30, 2021
	Level 1		Level 2		Level 3		Total
Intangible and other long-term assets, net:
Non-qualified deferred compensation assets	$	7,457	$	8,146	$	-	$	15,603
Accounts payable:
Non-qualified deferred compensation liabilities	$	-	$	2,112	$	-	$	2,112
Other long-term liabilities:
Non-qualified deferred compensation liabilities	$	-	$	19,702	$	-	$	19,702


	Predecessor Fair Value at December 31, 2020
	Level 1		Level 2		Level 3		Total
Intangible and other long-term assets, net:
Non-qualified deferred compensation assets	$	-	$	15,013	$	-	$	15,013
Accounts payable:
Non-qualified deferred compensation liabilities	$	-	$	2,869	$	-	$	2,869
Other long-term liabilities:
Non-qualified deferred compensation liabilities	$	-	$	20,697	$	-	$	20,697
Total debt	$	409,050	$	-	$	-	$	409,050

Our non-qualified deferred compensation plans allow officers, certain highly compensated employees and non-employee directors to defer receipt of a portion of their compensation and contribute such amounts to one or more hypothetical investment funds. These investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent either a Level 1 or Level 2 in the fair value hierarchy depending on the type of investment. Commencement of the Chapter 11 Cases automatically stayed payments under the non-qualified deferred compensation plans. As a result of the consummation of the Plan, restricted stock units issued prior to the Fresh Start Accounting Date under our stock incentive plans were cancelled for zero consideration.

The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued expenses, as reflected in the condensed consolidated balance sheets, approximates fair value due to the short maturities. The fair value of the debt instruments is determined by reference to the market value of such instruments as quoted in an over-the-counter market, which represents Level 1 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Information [Abstract]

Segment Information

(13) Segment Information

In connection with our previously discussed Transformation Project and pending disposition activities, during the second quarter of 2021, our reportable segments were changed to Rentals, Well Services and Corporate and other. Reportable segments for periods prior to January 1, 2021 which were presented in our Annual Report on Form 10-K were Drilling Products and Services, Onshore Completion and Workover Services, Production Services and Technical Solutions. The Predecessor segment presentation has not been revised due to the change in reporting entity as a result of our application of fresh start accounting.

Business Segments

The products and service offerings of Rentals are comprised of value-added engineering services and premium downhole tubular rentals, design engineering, manufacturing and rental of bottom hole assemblies and rentals of accommodation units.

The products and service offerings of Well Services are comprised of risk management, well control and training solutions, hydraulic workover and snubbing services, engineering and manufacturing of premium sand control tools, coiled tubing, cased hole and mechanical wireline, production testing and optimization, pressure control and remedial pumping services.

We evaluate the performance of our reportable segments based on income or loss from operations excluding corporate expenses. The segment measure is calculated as follows: segment revenues less segment operating expenses, depreciation, depletion, amortization and accretion expense and reduction in value of assets. We use this segment measure to evaluate our reportable segments as it is the measure that is most consistent with how we organize and manage our business operations. Corporate and other costs primarily include expenses related to support functions, including salaries and benefits for corporate employees.

Summarized financial information for our segments is as follows (in thousands):



Successor
Three Months Ended June 30, 2021
			Well		Corporate and		Consolidated
	Rental		Services		Other		Total
Revenues	$	67,237	$	98,655	$	-	$	165,892
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		28,034		75,545		-		103,579
Depreciation, depletion, amortization
and accretion		42,083		14,859		2,076		59,018
General and administrative expenses		6,352		9,566		16,390		32,308
Restructuring and other expenses		-		-		7,438		7,438
Reduction in value of assets		-		-		-		-
Income (loss) from operations		(9,232)		(1,315)		(25,904)		(36,451)
Interest income (expense), net		-		1		534		535
Other income (expense)		(501)		2,640		431		2,570
Income (loss) from continuing operations
before income taxes	$	(9,733)	$	1,326	$	(24,939)	$	(33,346)



Predecessor
Three Months Ended June 30, 2020				Onshore
				Completion
		Drilling Products		and Workover		Production		Technical		Corporate and		Consolidated
		and Services		Services		Services		Solutions		Other		Total
Revenues	$	67,349	$	-	$	43,402	$	40,831	$	-	$	151,582
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		22,485		(29)		37,792		33,178		-		93,426
Depreciation, depletion, amortization
and accretion		15,827		102		7,592		4,260		927		28,708
General and administrative expenses		10,927		12		6,343		10,209		28,037		55,528
Income (loss) from operations		18,110		(85)		(8,325)		(6,816)		(28,964)		(26,080)
Interest income (expense), net		-		-				1,104		(25,861)		(24,757)
Other income		-		-						821		821
Income (loss) from continuing operations
before income taxes	$	18,110	$	(85)	$	(8,325)	$	(5,712)	$	(54,004)	$	(50,016)



Predecessor
For the Period January 1, 2021 through February 2, 2021
			Well		Corporate and		Consolidated
	Rental		Services		Other		Total
Revenues	$	18,339	$	27,589	$	-	$	45,928
Cost of revenues (exclusive of depreciation,
depletion, amortization and accretion)		7,839		21,934		-		29,773
Depreciation, depletion, amortization
and accretion		4,271		3,666		421		8,358
General and administrative expenses		2,027		3,107		5,918		11,052
Restructuring and other expenses		-		-		1,270		1,270
Income (loss) from operations		4,202		(1,118)		(7,609)		(4,525)
Interest income (expense), net		10		1		191		202
Reorganization items, net		(2,037)		31,816		305,781		335,560
Other income (expense)		(399)		(165)		(1,541)		(2,105)
Income (loss) from continuing operations
before income taxes	$	1,776	$	30,534	$	296,822	$	329,132



Successor
For the Period February 3, 2021 to June 30, 2021
			Well		Corporate and		Consolidated
	Rental		Services		Other		Total
Revenues	$	109,685	$	162,050	$	-	$	271,735
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		43,355		128,092		-		171,447
Depreciation, depletion, amortization
and accretion		70,141		25,676		3,231		99,048
General and administrative expenses		9,803		15,826		25,117		50,746
Restructuring and other expenses		-		-		15,821		15,821
Loss from operations		(13,614)		(7,544)		(44,169)		(65,327)
Interest income (expense), net		-		3		744		747
Other income (expense)		(701)		2,235		(1,809)		(275)
Loss from continuing operations
before income taxes	$	(14,315)	$	(5,306)	$	(45,234)	$	(64,855)



Predecessor
Six Months Ended June 30, 2020				Onshore
				Completion
		Drilling Products		and Workover		Production		Technical		Corporate and		Consolidated
		and Services		Services		Services		Solutions		Other		Total
Revenues	$	171,343	$	-	$	118,866	$	95,612	$	-	$	385,821
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		57,449		(2,018)		100,808		74,700		-		230,939
Depreciation, depletion, amortization
and accretion		33,618		215		15,457		9,604		1,995		60,889
General and administrative expenses		25,440		35		13,607		24,244		51,478		114,804
Reduction in value of assets		-		-		4,064		12,458		-		16,522
Income (loss) from operations		54,836		1,768		(15,070)		(25,394)		(53,473)		(37,333)
Interest income (expense), net		-		-				2,277		(52,175)		(49,898)
Other income		-		-						(3,411)		(3,411)
Income (loss) from continuing operations
before income taxes	$	54,836	$	1,768	$	(15,070)	$	(23,117)	$	(109,059)	$	(90,642)



Identifiable Assets
			Well		Corporate and		Consolidated
	Rentals		Services		Other		Total
June 30, 2021 - Successor	$	399,537	$	694,074	$	246,976	$	1,340,587




		Drilling Products		Completion and Workover		Production		Technical		Corporate and		Consolidated
		and Services		Services		Services		Solutions		Other		Total
December 31, 2020 - Predecessor	$	557,469	$	183,065	$	368,185	$	260,339	$	132,021	$	1,501,079

Geographic Segments

We attribute revenue to various countries based on the location of where services are performed or the destination of the drilling products or equipment sold or rented. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. Our revenue attributed to the U.S. and to other countries and the value of our long-lived assets by those locations are as follows (in thousands):



Revenues
	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
United States	$	81,034	$	81,271
Other countries		84,858		70,311
Total	$	165,892	$	151,582



Revenues
	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		Six Months Ended June 30, 2020
United States	$	134,093	$	23,863	$	208,747
Other countries		137,642		22,065		177,074
Total	$	271,735	$	45,928	$	385,821

Long-Lived Assets

	Successor		Predecessor
	June 30, 2021		December 31, 2020
United States	$	285,413	$	253,114
Other countries		169,666		154,993
Total	$	455,079	$	408,107

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Reduction in Value of Assets

6 Months Ended

Jun. 30, 2021

Reduction in Value of Assets [Abstract]

Reduction in Value of Assets

(14) Reduction in Value of Assets

Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of such assets to their fair value calculated, in part, by the estimated undiscounted future cash flows expected to be generated by the assets. Cash flow estimates are based upon, among other things, historical results adjusted to reflect the best estimate of future market rates, utilization levels, and operating performance. Estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. Our assets are grouped by line of business or division for the impairment testing, which represents the lowest level of identifiable cash flows. If the asset grouping’s fair value is less than the carrying amount of the asset grouping, impairment losses are recorded in the amount by which the carrying amount of asset grouping exceeds the fair value. The estimate of fair value represents our best estimate based on industry trends and reference to market transactions and is subject to variability.

During the first quarter of 2020, in line with the rapidly changing market conditions, our market capitalization deteriorated. We determined that these events constituted a triggering event that required us to review the recoverability of our long-lived assets and to perform an interim goodwill impairment as of March 31, 2020. During the Prior Predecessor Period, we recorded a reduction in value of assets totaling $16.5 million which related to property, plant and equipment in the Production Services and Technical Solutions segments.

Goodwill

6 Months Ended

Jun. 30, 2021

Goodwill and Intangibles [Abstract]

Goodwill

(15) Goodwill

As part of the Successor’s emergence from the Chapter 11 Cases, the Successor adopted fresh start accounting and began reporting as a new accounting entity as of the Emergence Date. Due to the fair value measurement of our assets and liabilities as required by ASC 852, we determined that the Successor retained no goodwill balance based on the assignment of reorganization value to the Successor’s identifiable assets and liabilities. As noted in Note 3 – “Fresh Start Accounting,” the Predecessor’s goodwill balance of $138.9 million was eliminated during the fresh start adjustments to the consolidated condensed balance sheet as of February 2, 2021.

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2021

Stock-Based Compensation Plans [Abstract]

Stock-Based Compensation Plans

(16) Stock-Based Compensation Plans

As noted in Note 2 – “Emergence from Voluntary Reorganization under Chapter 11,” the Former Parent’s equity interests were cancelled as of the Emergence Date and new Class A common stock was issued to settle claims arising as a result of holding either the 7.125% Notes or the 7.750% Notes. As a result of the consummation of the Plan, restricted stock units issued prior to the fresh start accounting date under our stock incentive plans were cancelled for zero consideration. The balance sheet effect of the cancellation is noted in Note 3 – “Fresh Start Accounting.”

2021 Management Incentive Plan

On June 1, 2021, our Board of Directors (the “Board”) and the Compensation Committee of the Board (the “Compensation Committee”) approved and adopted our Incentive Plan, which provides for the grant of share-based and cash-based awards and, in connection therewith, the issuance from time to time of up to 1,999,869 shares of our Class B common stock, par value $0.01 per share.

Restricted Stock Grants

On June 1, 2021, the Board and the Compensation Committee approved the forms of restricted stock award agreements for (i) employee participants (the “Employee Restricted Stock Award Agreement”) and (ii) non-employee directors (the “Director Restricted Stock Award Agreement”).

On June 1, 2021, the Board and the Compensation Committee approved, pursuant to the applicable Employee Restricted Stock Award Agreements and Director Restricted Stock Award Agreements, the issuance of 113,840 restricted shares (76,269 restricted shares after giving effect to tax withholding) of Class B common stock under the Incentive Plan to certain of our non-employee directors and officers (the “Restricted Stock Grants”). The Restricted Stock Grants will vest over a period of three years, subject to earlier vesting and forfeiture on terms and conditions set forth in the applicable award agreement. The fair value of the restricted shares was estimated to be $39.53 per share as of the date of grant.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Taxes [Abstract]

Income Taxes

(17) Income Taxes

The effective tax rate for the Current Predecessor Period, the Successor Quarter and the Successor Period was 18.2%, 5.2% and 9.3%, respectively, on income from continuing operations. The tax rate in the Current Predecessor Period is different from the blended federal and state statutory rate of 22.5% primarily from the adoption of fresh start accounting during the period. The cancellation of indebtedness income resulting from the restructuring has significantly reduced our US tax attributes, including but not limited to NOL carryforwards. We experienced an ownership change under Sec. 382 of the Internal Revenue Code of 1986, as amended (the “Code”), which is anticipated to limit certain remaining tax attributes. The tax rate in the Successor Quarter and the Successor Period is different from the blended federal and state statutory rate of 22.5% primarily from non-deductible items and foreign losses for which no tax benefit is being recorded.

The effective tax rate for Prior Predecessor Quarter and Prior Predecessor Period was 8.6% and 15.6%, respectively, on income from continuing operations. The tax rate is different from the blended federal and state statutory rate of 22.5% primarily from foreign losses for which no tax benefit was recorded.

The Successor had $14.7 million of unrecognized tax benefits as of June 30, 2021 and the Predecessor had $13.2 million of unrecognized tax benefits as of December 31, 2020, all of which would impact our effective tax rate if recognized. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense.

As of June 30, 2021, we have a deferred tax liability of $43.2 million and a valuation allowance of $96.0 million recorded against our deferred tax assets that relate to US foreign tax credits, US state net operating losses and other non-US deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the carryforward period. We assess the realizability of deferred tax assets quarterly and consider carryback availability, the scheduled reversal of deferred tax liabilities, and tax planning strategies in making this assessment.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

(18) Earnings per Share

Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the denominator is increased to include the number of additional shares of common stock that could have been outstanding assuming the exercise of stock options and the conversion of restricted stock units.

Diluted earnings per share for the Successor Period, Successor Quarter, Prior Predecessor Period and Prior Predecessor Quarter do not include any potentially dilutive shares as these periods reflected a net loss.

Contingencies

6 Months Ended

Jun. 30, 2021

Contingencies [Abstract]

Contingencies

(19) Contingencies

Due to the nature of our business, we are involved, from time to time, in various routine litigation or subject to disputes or claims or actions, including those commercial in nature, regarding our business activities in the ordinary course of business. Legal costs related to these matters are expensed as incurred. Management is of the opinion that none of the claims and actions will have a material adverse impact on our financial position, results of operations or cash flows.

A subsidiary of ours is involved in legal proceedings with two former employees regarding the payment of royalties for a patentable product paid for by the subsidiary and developed while they worked for the subsidiary. On April 2, 2018, the former employees and their corporation filed a lawsuit (the “First Case) in the Harris County District Court (the “District Court”) alleging that the royalty payments they had invoiced at 25% and for which they received payments since 2010, should have been paid at a rate of 50%. In May 2019, the jury issued a verdict in favor of the plaintiffs. On October 25, 2019, the court issued a final judgment against us, which we have fully secured with a bond. We strongly disagree with the verdict and believe the District Court committed several legal errors that should result in a reversal or remand of the case by the Court of Appeals.

A second case (the “Second Case”) was filed in District Court against the same subsidiary of ours bringing the same claims and seeking damages post judgment from the First Case until discontinuation of the sale of the product at issue by the subsidiary. In December 2020, the Court entered a final judgement for the Plaintiffs’ and the Second Case was stayed for the duration of our bankruptcy. We have filed an appeal and a Motion to Abate the Second Case pending the appeal of the First Case. The Motion to Abate the Second Case was granted on October 26, 2021 by the Court of Appeals. As of June 30, 2021, we have reserved $7.0 million for the judgements in the First Case and Second Case.

An Indian subsidiary of the Company had entered into a contract with an Indian oil and gas company to provide an off-shore vessel for various types of work. A dispute arose over the performability of the terms of the contract. The potential loss of this possible onerous contract is approximately $7.3 million.

Commencement of the Chapter 11 Cases automatically stayed certain proceedings and actions against the Predecessor. These cases have continued after the Emergence Date.

Discontinued Operations

6 Months Ended

Jun. 30, 2021

Discontinued Operations [Abstract]

Discontinued Operations

(20) Discontinued Operations

On December 10, 2019, Pumpco Energy Services, Inc (“Pumpco”) completed its existing hydraulic fracturing field operations and was determined to discontinue, wind down and exit its hydraulic fracturing operations. The financial results of Pumpco’s operations have historically been included in the Predecessor’s North America segment. The Successor continued to sell Pumpco’s fixed assets as of June 30, 2021.

During the second quarter of 2021, we signed a Letter of Intent (“LOI”) with Select Energy Services, Inc. (“Select”) to sell all of the issued and outstanding equity of Complete Energy Services, Inc. (“Complete”) which would also include Superior Well Services (“SPW”) flowback and well testing businesses, including the associated assets, liabilities and working capital. The financial results of Complete and SPW operations have historically been included in our Onshore Completion and Workover Services segment. Discontinuing Complete and SPW is aligned with our overall strategic objective to divest assets and service lines that do not compete for investment in the current market environment. Net proceeds from the sale of Complete and any remaining assets from SPW will be used to fund current operations, reinvest in other of the Company’s service lines, or return capital to investors. In connection with these pending dispositions, during the second quarter of 2021, we recognized a reduction in value of assets related to Complete for approximately $12.4 million. We expect to complete the sale of the remaining assets of SPW within the next 12 months.

The following tables summarizes the components of our discontinued operations, net of tax (in thousands):



		Successor	Predecessor
		Three Months Ended June 30, 2021	Three Months Ended June 30, 2020
Revenues	$	45,114	$	32,485
Cost of services		35,459		36,450
Depreciation, depletion, amortization and accretion		18,581		8,034
General and administrative expenses		3,623		3,505
Reduction in value of assets		12,430		3,003
Loss from operations		(24,979)		(18,507)
Other income (expense)		(53)		8
Loss from discontinued operations before tax		(25,032)		(18,499)
Income tax benefit (expense)		5,632		(915)
Loss from discontinued operations, net of income tax	$	(19,400)	$	(19,414)



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		Six Months Ended June 30, 2020
Revenues	$	68,366	$	10,719	$	119,996
Cost of services		55,481		10,398		116,081
Depreciation, depletion, amortization and accretion		31,356		2,141		17,206
General and administrative expenses		6,218		1,119		17,475
Reduction in value of assets		12,430		-		49,361
Loss from operations		(37,119)		(2,939)		(80,127)
Other income (expense)		(50)		2,485		15
Loss from discontinued operations before tax		(37,169)		(454)		(80,112)
Income tax benefit (expense)		8,363		102		12,024
Loss from discontinued operations, net of income tax	$	(28,806)	$	(352)	$	(68,088)

The following summarizes the assets and liabilities related to assets held for sale (in thousands):




	Successor		Predecessor
	June 30, 2021		December 31, 2020
Current assets:
Accounts receivable, net	$	35,853	$	25,448
Prepaid expenses		5,154		4,881
Other current assets		7,443		12,076
Total current assets		48,450		42,405

Property, plant and equipment, net		106,425		179,380
Operating lease ROU assets		13,549		16,958
Other assets		1,770		3,361
Total assets held for sale	$	170,194	$	242,104

Current liabilities:
Accounts payable	$	6,075	$	2,830
Accrued expenses		11,391		11,153
Total current liabilities		17,466		13,983

Operating lease liabilities		13,562		21,987
Decommissioning liabilities		4,156		8,311
Other liabilities		546		2,095
Total liabilities	$	35,730	$	46,376

Significant operating non-cash items relating to assets held for sale and cash flows from investing activities were as follows (in thousands):



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		Six Months Ended June 30, 2020
Cash flows from discontinued operating activities:
Reduction in value of assets	$	12,430	$	-	$	49,361
Gain on sale of assets		(5,118)		(43)
Depreciation, depletion, amortization and accretion		31,356		2,142		17,206
Cash flows from discontinued investing activities:
Proceeds from sales of assets		10,867		486		-

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

(21) Supplemental Cash Flow Information

The table below is a reconciliation of cash, cash equivalents and restricted cash for the beginning and the end of the period for all periods presented:



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020


Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	172,768	$	188,006	$	272,624
Restricted cash-current		16,751		-		-
Restricted cash-non-current		80,179		80,178		2,764
Cash, cash equivalents, and restricted cash, beginning of period	$	269,698	$	268,184	$	275,388

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	205,748	$	172,768	$	278,409
Restricted cash-current		-		16,751		-
Restricted cash-non-current		80,159		80,179		2,774
Cash, cash equivalents, and restricted cash, end of period	$	285,907	$	269,698	$	281,183

New Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

New Accounting Pronouncements

New Accounting Pronouncements

(22) New Accounting Pronouncements

Recently Issued Accounting Standards

In June 2016, the FASB issued ASU 2016-13 - Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This update improves financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope by using the Current Expected Credit Losses (the “CECL”) model. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses on financial instruments at the time the asset is originated or acquired. This update will apply to receivables arising from revenue transactions. The new standard is effective for the us beginning on January 1, 2023. We have concluded that the adoption of ASU 2016-13 will not have a material impact on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12 - Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This update simplifies the accounting for income taxes by removing the following exceptions: (1) the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items; (2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The update also (1) requires an entity to recognize a franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; (2) requires an entity to evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction; (3) specifies that an entity is not required to allocate the consolidate amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; (4) requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date; and (5) makes minor codification improvements for income taxes related to employee stock ownership plans. Our adoption of ASU 2019-12 as of January 1, 2021 has not had a material impact on its financial position, results of operations or cash flows.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This update provides an optional expedient and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In January 2021, the FASB issued ASU No. 2021-01, which clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in these ASUs are effective for all entities as of March 12, 2020 through December

31, 2022. As our credit agreement allows for alternative benchmark rates to be applied to any borrowings, we do not expect the cessation of LIBOR to have a material impact on our financial position, results of operations, cash flows or disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

(23) Subsequent Events

Divestiture

On July 9, 2021, we entered into a Securities Purchase and Sale Agreement (the “Purchase Agreement”) with SES Holdings, LLC (the “Parent”), Select Energy Services, Inc. (the “Buyer”) (solely to the extent stated therein), and Complete. Pursuant to the Purchase Agreement, the Buyer acquired certain of our onshore oilfield services operations in the United States through the acquisition of 100% of the equity interests of Complete, for a purchase price of approximately $14.0 million in cash and the issuance of 3.6 million shares of Class A common stock, $0.01 par value, of the Buyer, subject to customary post-closing adjustments. The Purchase Agreement also contains certain registration rights of the Company which required the Buyer to file a registration statement with the SEC for the resale of the Class A common stock issued to us. On August 26, 2021 the Buyer filed a registration statement on Form S-1 to register the resale of the 3.6 million shares of Class A common stock acquired by us, which was declared effective by the SEC on September 3, 2021. The Purchase Agreement contains customary representations, warranties and covenants. As discussed above, in connection with this disposition, during the second quarter of 2021, we recognized a reduction in value of assets related to Complete for approximately $12.4 million.

Fresh Start Accounting (Tables)

6 Months Ended

Jun. 30, 2021

Fresh Start Accounting [Abstract]

Reorganization Of Assets



	Emergence Date
Selected Enterprise Value within Bankruptcy Court Range	$	729,918
Plus: Cash and cash equivalents		172,768
Plus: Liabilities excluding the decommissioning liabilities		380,496
Plus: Decommissioning liabilities, including decommissioning liabilities classified as held for sale		173,622
Reorganization Value		1,456,804

Fresh Start



	As of February 2, 2021
	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor
ASSETS
Current assets:
Cash and cash equivalents	$	194,671	$	(21,903)	⁽¹⁾	$	-		$	172,768
Restricted cash - current		-		16,751	⁽²⁾		-			16,751
Accounts receivable, net of allowance for doubtful accounts		153,518		11	⁽³⁾		-			153,529
Income taxes receivable		9,146		-			(170)	⁽¹⁶⁾		8,976
Prepaid expenses		31,630		-			-			31,630
Inventory and other current assets		90,073		-			11,067	⁽¹⁷⁾		101,140
Assets held for sale		240,761		-			(20,402)	⁽¹⁸⁾		220,359
Total current assets		719,799		(5,141)			(9,505)			705,153

Property, plant and equipment, net of accumulated depreciation and depletion		401,263		-			139,587	⁽¹⁹⁾		540,850
Operating lease right-of-use assets		32,488		-			1,430	⁽²⁰⁾		33,918
Goodwill		138,934		-			(138,934)	⁽²¹⁾		-
Notes receivable		72,484		-			-			72,484
Restricted cash - non-current		80,179		-			-			80,179
Intangible and other long-term assets, net of accumulated amortization		52,264		(10,080)	⁽⁴⁾		(17,964)	⁽²²⁾		24,220
Total assets	$	1,497,411	$	(15,221)		$	(25,386)		$	1,456,804

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	51,816	$	(700)	⁽⁵⁾	$	-		$	51,116
Accrued expenses		126,768		9,042	⁽⁶⁾		1,406	⁽²³⁾		137,216
Liabilities held for sale		39,642		1,614	⁽⁷⁾		(3,992)	⁽²⁴⁾		37,264
Total current liabilities		218,226		9,956			(2,586)			225,596

Decommissioning liabilities		134,934		-			34,581	⁽²⁵⁾		169,515
Operating lease liabilities		23,584		-			(29)	⁽²⁶⁾		23,555
Deferred income taxes		4,853		3,100	⁽⁸⁾		51,569	⁽²⁷⁾		59,522
Other long-term liabilities		121,756		-			(45,826)	⁽²⁸⁾		75,930
Total non-current liabilities		285,127		3,100			40,295			328,522

Liabilities subject to compromise		1,572,772		(1,572,772)	⁽⁹⁾		-			-

Total liabilities		2,076,125		(1,559,716)			37,709			554,118
Stockholders’ equity (deficit):
Predecessor common stock $0.001 par value		16		(16)	⁽¹⁰⁾		-			-
Predecessor Additional paid-in capital		2,757,824		(2,757,824)	⁽¹¹⁾		-			-
Predecessor Treasury stock at cost		(4,290)		4,290	⁽¹²⁾		-			-
Successor Class A common stock $0.001 par value		-		200	⁽¹³⁾		-			200
Successor Additional paid-in capital		-		902,486	⁽¹⁴⁾		-			902,486
Accumulated other comprehensive loss, net		(67,532)		-			67,532	⁽²⁹⁾		-
Accumulated deficit		(3,264,732)		3,395,359	⁽¹⁵⁾		(130,627)	⁽³⁰⁾		-
Total stockholders’ equity (deficit)		(578,714)		1,544,495			(63,095)			902,686
Total liabilities and stockholders’ equity (deficit)	$	1,497,411	$	(15,221)		$	(25,386)		$	1,456,804

Reorganization Adjustments (in thousands)

(1)Changes in cash and cash equivalents included the following:


Payment of debtor in possession financing fees	(183)
Payment of professional fees at the Emergence Date	(2,649)
Payment of lease rejection damages classified as liabilities subject to compromise	(400)
Transfers from cash to restricted cash for Professional Fees Escrow and General Unsecured Creditors Escrow	(16,751)
Payment of debt issuance costs for the Credit Facility	(1,920)
Net change in cash and cash equivalents	(21,903)

(2)Changes to restricted cash - current included the following:


Transfer from cash for Professional Fee Escrow	16,626
Transfer from cash for General Unsecured Creditors Escrow	125
Net change in restricted cash - current	16,751

(3)Changes of $11 to accounts receivable reflect a receivable from the solicitor for excess proceeds received during the Rights Offering.

(4)Changes to intangibles and other long-term assets included the following:


Write-off of deferred financing costs related to the Delayed-Draw Term Loan	(12,000)
Capitalization of debt issuance costs associated with the Credit Facility	1,920
Net change in intangibles and other long-term assets	(10,080)

(5)Changes to accounts payable included the following:


Payment of professional fees at the Emergence Date	(2,649)
Professional fees recognized and payable at the Emergence Date	1,949
Net change in accounts payable	(700)

(6)Changes in accrued liabilities include the following:


Payment of debtor in possession financing fees	(183)
Accrual of professional fees	6,500
Accrual for transfer taxes	1,900
Reinstatement of lease rejection liabilities to be settled post-emergence	700
Accrual of general unsecured claims against parent	125
Net change in accrued liabilities	9,042

(7)Changes in liabilities held for sale reflect the fair value reinstatement of rejected leases claims.

(8)Changes in deferred income taxes are due to reorganization adjustments.

(9)The resulting gain on liabilities subject to compromise was determined as follows:


Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	1,335,794
Rejected lease liability claims	4,956
Allowed Class 6 General Unsecured Claims against Parent	232,022
Liabilities subject to compromise settled in accordance with the Plan	1,572,772


Reinstatement of accrued liabilities for lease rejection claims	(700)
Reinstatement of liabilities held for sale for lease rejection claims	(1,614)
Payment to settle lease rejection claims	(400)
Cash proceeds from rights offering	963
Cash payout provided to cash opt-in noteholders	(952)
Cash Pool to settle GUCs against Parent	(125)
Issuance of common stock to prepetition noteholders, incremental to rights offering (par value)	(193)
Additional paid-in capital attributable to successor common stock issuance	(869,311)
Successor common stock issued to cash opt-out noteholders in the rights offering (par value)	(7)
Additional paid-in capital attributable to rights offering shares	(33,175)
Gain on settlement of liabilities subject to compromise	667,258

(10)Changes of $16 in Predecessor common stock reflect the cancellation of the Predecessor’s common stock.

(11)Changes in Predecessor additional paid-in capital (APIC) include the following:


Extinguishment of APIC related to Predecessor's outstanding equity interests	(2,758,812)
Extinguishment of RSUs for the Predecessor's incentive plan	988
Net change in Predecessor's additional paid-in capital	(2,757,824)

(12)Reflects $4.3 million cancellation of Predecessor treasury stock held at cost.

(13)Changes in the Successor’s Class A common stock include the following:


Issuance of successor Class A common stock to prepetition noteholders, incremental to rights offering (par value)	193
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)	7
Net change in Successor Class A common stock	200

(14)Changes in Successor additional paid-in capital include the following:


Additional paid-in capital (Successor Class A common stock)	869,311
Additional paid-in capital (rights offering shares)	33,175
Net change in Successor additional paid-in capital	902,486

(15)Changes to retained earnings (deficit) include the following:


Gain on settlement of liabilities subject to compromise	667,258
Accrual for transfer tax	(1,900)
Extinguishment of RSUs for Predecessor incentive plan	(988)
Adjustment to net deferred tax liability taken to tax expense	(3,100)
Professional fees earned and payable as a result of consummation of the Plan of Reorganization	(8,449)
Write-off of deferred financing costs related to the Delayed-Draw Term Loan	(12,000)
Extinguishment of Predecessor equity (par value, APIC, and treasury stock)	2,754,538
Net change in retained earnings (deficit)	3,395,359

Fresh Start Adjustments (in thousands)

(16)Changes of $170 in income tax receivable reflects the decrease to current deferred tax assets due to the adoption of fresh start accounting.

(17)Changes in inventory and other current assets included the following:


Fair value adjustment to inventory - Global Segment	12,137
Fair value adjustment to other current assets	(1,070)
Net change in inventory and other current assets due to the adoption of fresh start accounting	11,067

(19)Changes of $139.6 million to property, plant and equipment reflect the fair value adjustment.


	Successor Fair Value	Predecessor Book Value
Land, Buildings, and Associated Improvements	117,341	205,237
Machinery and Equipment	290,593	1,103,501
Rental Services Equipment	92,861	617,762
Other Depreciable or Depletable Assets	35,143	46,403
Construction in Progress	4,912	4,912
	540,850	1,977,815
Less: Accumulated Depreciation and Depletion	-	(1,576,552)
Property, Plant and Equipment, net	540,850	401,263

(20)Reflects $1.4 million due to the fair value adjustment increasing operating lease right-of-use assets.

(21)Changes of $138.9 million to goodwill reflect the derecognition of the Predecessor’s goodwill due to the adoption of fresh start accounting.

(22)The fair value changes of $1.4 million to intangibles assets are reflected in the table below:


	Successor Fair Value	Predecessor Net Book Value
Customer Relationships	-	2,644
Trade Names	4,166	2,268
Patents	2,120	-
Intangible Assets, Net	6,286	4,912

(23)Changes of $1.4 million to accrued expenses reflect the fair value adjustment increasing the current portion of operating lease liabilities.

(24)Reflects the $4.0 million fair value adjustment decreasing decommissioning liabilities and operating lease liabilities related to assets held for sale.

(25)Reflects the $34.6 million fair value adjustment increasing the non-current portion of decommissioning liabilities.

(26)Reflects the fair value adjustment decreasing the non-current portion of operating lease liabilities.

(27)Reflects the $70.4 million increase of deferred tax liabilities netted against an $18.8 million increase in realizable deferred tax assets due to the adoption of fresh start accounting.

(29)Changes to accumulated other comprehensive loss reflect the elimination of Predecessor currency translation adjustment balances

due to the adoption of fresh start accounting on Predecessor currency translation adjustment balances.



Fresh start valuation adjustments	(77,376)
Adjustment to net deferred tax liability taken to tax expense	(53,251)
Net impact to accumulated other comprehensive loss and accumulated deficit	(130,627)

Reorganization



		Predecessor
		For the Period January 1, 2021 through February 2, 2021
Gain on settlement of liabilities subject to compromise	$	667,258
Allowed claim adjustment for Class 6 claims		(232,022)
Fresh Start valuation adjustments ⁽¹⁾		(77,376)
Professional fees		(16,005)
Predecessor lease liabilities rejected per the Plan		13,347
Write off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000)
Lease rejection damages		(4,956)
Extinguishment of RSU's for the Predecessor's incentive plan		(988)
Other items		(1,698)
Total reorganization items, net	$	335,560

(1) Includes approximately $16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 20-Discontinued Operations.

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue [Abstract]

Disaggregation Of Revenues

The following table presents our revenues by segment disaggregated by geography (in thousands):



	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
U.S. land
Rentals	$	20,789	$	N/A
Well Services		6,781		N/A
Drilling Products and Services		N/A		19,538
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		6
Technical Solutions		N/A		3,166
Total U.S. land	$	27,570	$	22,710

U.S. offshore
Rentals	$	26,890	$	N/A
Well Services		26,574		N/A
Drilling Products and Services		N/A		28,587
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		6,363
Technical Solutions		N/A		23,611
Total U.S. offshore	$	53,464	$	58,561

International
Rentals	$	19,558	$	N/A
Well Services		65,300		N/A
Drilling Products and Services		N/A		19,225
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		37,033
Technical Solutions		N/A		14,053
Total International	$	84,858	$	70,311
Total Revenues	$	165,892	$	151,582



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
U.S. land
Rentals	$	31,898	$	4,917	$	N/A
Well Services		8,907		3,379		N/A
Drilling Products and Services		N/A		N/A		56,193
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		4,633
Technical Solutions		N/A		N/A		9,303
Total U.S. land	$	40,805	$	8,296	$	70,129

U.S. offshore
Rentals	$	47,293	$	8,196	$	N/A
Well Services		45,995		7,371		N/A
Drilling Products and Services		N/A		N/A		65,811
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		17,663
Technical Solutions		N/A		N/A		55,144
Total U.S. offshore	$	93,288	$	15,567	$	138,618

International
Rentals	$	30,494	$	5,226	$	N/A
Well Services		107,148		16,839		N/A
Drilling Products and Services		N/A		N/A		49,338
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		96,571
Technical Solutions		N/A		N/A		31,165
Total International	$	137,642	$	22,065	$	177,074
Total Revenues	$	271,735	$	45,928	$	385,821

The following table presents our revenues by segment disaggregated by type (in thousands):



	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020
Services
Rentals	$	9,592	$	N/A
Well Services		70,195		N/A
Drilling Products and Services		N/A		13,012
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		28,759
Technical Solutions		N/A		18,148
Total Services	$	79,787	$	59,919

Rentals
Rentals	$	47,895	$	N/A
Well Services		5,343		N/A
Drilling Products and Services		N/A		44,573
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		4,959
Technical Solutions		N/A		2,226
Total Rentals	$	53,238	$	51,758

Product Sales
Rentals	$	9,750	$	N/A
Well Services		23,117		N/A
Drilling Products and Services		N/A		9,764
Onshore Completion and Workover Services		N/A		-
Production Services		N/A		9,684
Technical Solutions		N/A		20,457
Total Product Sales	$	32,867	$	39,905
Total Revenues	$	165,892	$	151,582



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
Services
Rentals	$	15,856	$	2,005	$	N/A
Well Services		107,610		17,229		N/A
Drilling Products and Services		N/A		N/A		27,589
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		89,224
Technical Solutions		N/A		N/A		46,909
Total Services	$	123,466	$	19,234	$	163,722

Rentals
Rentals	$	76,488	$	14,082	$	N/A
Well Services		8,064		352		N/A
Drilling Products and Services		N/A		N/A		122,402
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		10,083
Technical Solutions		N/A		N/A		8,600
Total Rentals	$	84,552	$	14,434	$	141,085

Product Sales
Rentals	$	17,341	$	2,252	$	N/A
Well Services		46,376		10,008		N/A
Drilling Products and Services		N/A		N/A		21,352
Onshore Completion and Workover Services		N/A		N/A		-
Production Services		N/A		N/A		19,559
Technical Solutions		N/A		N/A		40,103
Total Product Sales	$	63,717	$	12,260	$	81,014
Total Revenues	$	271,735	$	45,928	$	385,821

Inventory (Tables)

6 Months Ended

Jun. 30, 2021

Inventory [Abstract]

Components Of Inventory



	Successor		Predecessor
	June 30, 2021		December 31, 2020
Finished goods	$	42,000	$	35,074
Raw materials		1,009		5,139
WIP		6,350		2,994
Supplies and consumables		36,705		33,820
Total	$	86,064	$	77,027

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Estimated Useful Lives


Machinery and equipment			3-12 years
Buildings, improvements and leasehold improvements			10-25 years
Automobiles, trucks, tractors and trailers			4-7 years
Furniture and fixtures			3-10 years

Summary of PP&E



		Successor		Predecessor
	June 30, 2021		December 31, 2020
Machinery and equipment	$	380,318	$	1,727,454
Buildings, improvements and leasehold improvements		85,082		171,635
Automobiles, trucks, tractors and trailers		7,534		11,742
Furniture and fixtures		19,996		31,407
Construction-in-progress		6,122		4,793
Land		31,782		33,394
Oil and gas producing assets		20,028		15,117
Total		550,862		1,995,542
Accumulated depreciation and depletion		(95,783)		(1,587,435)
Property, plant and equipment, net	$	455,079	$	408,107

Intangibles (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangibles [Abstract]

Intangible Assets



		Successor						Predecessor
		June 30, 2021						December 31, 2020
	Estimated	Gross		Accumulated		Net		Gross		Accumulated		Net
	Useful Lives	Amount		Amortization		Balance		Amount		Amortization		Balance
Trade Names	10		4,166		(174)		3,992		4,744		(4,263)		481
Customer Relationships	17		-		-		-		14,592		(10,077)		4,515
Patents	10		2,120		(88)		2,032		-		-		-
Non-Compete Agreements	3		-		-		-		3,478		(3,478)		-
Total		$	6,286	$	(262)	$	6,024	$	22,814	$	(17,818)	$	4,996

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt [Abstract]

Schedule Of Long Term Debt



	Stated Interest Rate (%)	December 31, 2020
Senior unsecured notes due September 2024	7.750	$	500,000
Senior unsecured notes due December 2021	7.125		800,000
Total debt, gross			1,300,000
Reclassification to liabilities subject to compromise			(1,300,000)
Unamortized debt issuance costs			-
Total debt, net		$	-

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Operating Lease Expense



	Successor		Predecessor
	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020


Long-term fixed lease expense	$	3,779	$	4,624
Short-term lease expense		2,349		884
Total operating lease expense	$	6,128	$	5,508



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
Long-term fixed lease expense	$	5,759	$	1,824	$	10,255
Long-term variable lease expense		-		19		-
Short-term lease expense		3,345		789		1,875
Total operating lease expense	$	9,104	$	2,632	$	12,130

Supplemental Balance Sheet Information


	Successor		Predecessor
	June 30, 2021		December 31, 2020
Operating lease ROU assets	$	30,755	$	33,317

Accrued expenses	$	9,522	$	10,698
Operating lease liabilities		21,353		29,464
Total operating lease liabilities	$	30,875	$	40,162

Weighted-average remaining lease term		11 years		9 years
Weighted-average discount rate		5.34%		6.35%


	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020
Cash paid for operating leases	$	7,614	$	1,575	$	13,494
ROU assets obtained in exchange for lease obligations	$	2,823	$	453	$	2,996

Maturities Of Operating Lease Liabilities



Remainder of 2021	$	5,284
2022		9,180
2023		6,841
2024		4,403
2025		3,396
Thereafter		20,902
Total lease payments		50,006
Less imputed interest		(19,131)
Total	$	30,875

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Measurements [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis




	Successor Fair Value at June 30, 2021
	Level 1		Level 2		Level 3		Total
Intangible and other long-term assets, net:
Non-qualified deferred compensation assets	$	7,457	$	8,146	$	-	$	15,603
Accounts payable:
Non-qualified deferred compensation liabilities	$	-	$	2,112	$	-	$	2,112
Other long-term liabilities:
Non-qualified deferred compensation liabilities	$	-	$	19,702	$	-	$	19,702


	Predecessor Fair Value at December 31, 2020
	Level 1		Level 2		Level 3		Total
Intangible and other long-term assets, net:
Non-qualified deferred compensation assets	$	-	$	15,013	$	-	$	15,013
Accounts payable:
Non-qualified deferred compensation liabilities	$	-	$	2,869	$	-	$	2,869
Other long-term liabilities:
Non-qualified deferred compensation liabilities	$	-	$	20,697	$	-	$	20,697
Total debt	$	409,050	$	-	$	-	$	409,050

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Information [Abstract]

Schedule Of Segment Reporting Information



Successor
Three Months Ended June 30, 2021
			Well		Corporate and		Consolidated
	Rental		Services		Other		Total
Revenues	$	67,237	$	98,655	$	-	$	165,892
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		28,034		75,545		-		103,579
Depreciation, depletion, amortization
and accretion		42,083		14,859		2,076		59,018
General and administrative expenses		6,352		9,566		16,390		32,308
Restructuring and other expenses		-		-		7,438		7,438
Reduction in value of assets		-		-		-		-
Income (loss) from operations		(9,232)		(1,315)		(25,904)		(36,451)
Interest income (expense), net		-		1		534		535
Other income (expense)		(501)		2,640		431		2,570
Income (loss) from continuing operations
before income taxes	$	(9,733)	$	1,326	$	(24,939)	$	(33,346)



Predecessor
Three Months Ended June 30, 2020				Onshore
				Completion
		Drilling Products		and Workover		Production		Technical		Corporate and		Consolidated
		and Services		Services		Services		Solutions		Other		Total
Revenues	$	67,349	$	-	$	43,402	$	40,831	$	-	$	151,582
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		22,485		(29)		37,792		33,178		-		93,426
Depreciation, depletion, amortization
and accretion		15,827		102		7,592		4,260		927		28,708
General and administrative expenses		10,927		12		6,343		10,209		28,037		55,528
Income (loss) from operations		18,110		(85)		(8,325)		(6,816)		(28,964)		(26,080)
Interest income (expense), net		-		-				1,104		(25,861)		(24,757)
Other income		-		-						821		821
Income (loss) from continuing operations
before income taxes	$	18,110	$	(85)	$	(8,325)	$	(5,712)	$	(54,004)	$	(50,016)



Predecessor
For the Period January 1, 2021 through February 2, 2021
			Well		Corporate and		Consolidated
	Rental		Services		Other		Total
Revenues	$	18,339	$	27,589	$	-	$	45,928
Cost of revenues (exclusive of depreciation,
depletion, amortization and accretion)		7,839		21,934		-		29,773
Depreciation, depletion, amortization
and accretion		4,271		3,666		421		8,358
General and administrative expenses		2,027		3,107		5,918		11,052
Restructuring and other expenses		-		-		1,270		1,270
Income (loss) from operations		4,202		(1,118)		(7,609)		(4,525)
Interest income (expense), net		10		1		191		202
Reorganization items, net		(2,037)		31,816		305,781		335,560
Other income (expense)		(399)		(165)		(1,541)		(2,105)
Income (loss) from continuing operations
before income taxes	$	1,776	$	30,534	$	296,822	$	329,132



Successor
For the Period February 3, 2021 to June 30, 2021
			Well		Corporate and		Consolidated
	Rental		Services		Other		Total
Revenues	$	109,685	$	162,050	$	-	$	271,735
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		43,355		128,092		-		171,447
Depreciation, depletion, amortization
and accretion		70,141		25,676		3,231		99,048
General and administrative expenses		9,803		15,826		25,117		50,746
Restructuring and other expenses		-		-		15,821		15,821
Loss from operations		(13,614)		(7,544)		(44,169)		(65,327)
Interest income (expense), net		-		3		744		747
Other income (expense)		(701)		2,235		(1,809)		(275)
Loss from continuing operations
before income taxes	$	(14,315)	$	(5,306)	$	(45,234)	$	(64,855)



Predecessor
Six Months Ended June 30, 2020				Onshore
				Completion
		Drilling Products		and Workover		Production		Technical		Corporate and		Consolidated
		and Services		Services		Services		Solutions		Other		Total
Revenues	$	171,343	$	-	$	118,866	$	95,612	$	-	$	385,821
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		57,449		(2,018)		100,808		74,700		-		230,939
Depreciation, depletion, amortization
and accretion		33,618		215		15,457		9,604		1,995		60,889
General and administrative expenses		25,440		35		13,607		24,244		51,478		114,804
Reduction in value of assets		-		-		4,064		12,458		-		16,522
Income (loss) from operations		54,836		1,768		(15,070)		(25,394)		(53,473)		(37,333)
Interest income (expense), net		-		-				2,277		(52,175)		(49,898)
Other income		-		-						(3,411)		(3,411)
Income (loss) from continuing operations
before income taxes	$	54,836	$	1,768	$	(15,070)	$	(23,117)	$	(109,059)	$	(90,642)

Schedule Of Identifiable Assets



Predecessor
Six Months Ended June 30, 2020				Onshore
				Completion
		Drilling Products		and Workover		Production		Technical		Corporate and		Consolidated
		and Services		Services		Services		Solutions		Other		Total
Revenues	$	171,343	$	-	$	118,866	$	95,612	$	-	$	385,821
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		57,449		(2,018)		100,808		74,700		-		230,939
Depreciation, depletion, amortization
and accretion		33,618		215		15,457		9,604		1,995		60,889
General and administrative expenses		25,440		35		13,607		24,244		51,478		114,804
Reduction in value of assets		-		-		4,064		12,458		-		16,522
Income (loss) from operations		54,836		1,768		(15,070)		(25,394)		(53,473)		(37,333)
Interest income (expense), net		-		-				2,277		(52,175)		(49,898)
Other income		-		-						(3,411)		(3,411)
Income (loss) from continuing operations
before income taxes	$	54,836	$	1,768	$	(15,070)	$	(23,117)	$	(109,059)	$	(90,642)



Identifiable Assets
			Well		Corporate and		Consolidated
	Rentals		Services		Other		Total
June 30, 2021 - Successor	$	399,537	$	694,074	$	246,976	$	1,340,587




		Drilling Products		Completion and Workover		Production		Technical		Corporate and		Consolidated
		and Services		Services		Services		Solutions		Other		Total
December 31, 2020 - Predecessor	$	557,469	$	183,065	$	368,185	$	260,339	$	132,021	$	1,501,079

Revenue By Geographic Area



Revenues
	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		Six Months Ended June 30, 2020
United States	$	134,093	$	23,863	$	208,747
Other countries		137,642		22,065		177,074
Total	$	271,735	$	45,928	$	385,821

Long-Lived Assets

	Successor		Predecessor
	June 30, 2021		December 31, 2020
United States	$	285,413	$	253,114
Other countries		169,666		154,993
Total	$	455,079	$	408,107

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations [Abstract]

Components Of Income (Loss) From Discontinued Operations



		Successor	Predecessor
		Three Months Ended June 30, 2021	Three Months Ended June 30, 2020
Revenues	$	45,114	$	32,485
Cost of services		35,459		36,450
Depreciation, depletion, amortization and accretion		18,581		8,034
General and administrative expenses		3,623		3,505
Reduction in value of assets		12,430		3,003
Loss from operations		(24,979)		(18,507)
Other income (expense)		(53)		8
Loss from discontinued operations before tax		(25,032)		(18,499)
Income tax benefit (expense)		5,632		(915)
Loss from discontinued operations, net of income tax	$	(19,400)	$	(19,414)



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		Six Months Ended June 30, 2020
Revenues	$	68,366	$	10,719	$	119,996
Cost of services		55,481		10,398		116,081
Depreciation, depletion, amortization and accretion		31,356		2,141		17,206
General and administrative expenses		6,218		1,119		17,475
Reduction in value of assets		12,430		-		49,361
Loss from operations		(37,119)		(2,939)		(80,127)
Other income (expense)		(50)		2,485		15
Loss from discontinued operations before tax		(37,169)		(454)		(80,112)
Income tax benefit (expense)		8,363		102		12,024
Loss from discontinued operations, net of income tax	$	(28,806)	$	(352)	$	(68,088)

Assets And Liabilities Of Discontinued Operation




	Successor		Predecessor
	June 30, 2021		December 31, 2020
Current assets:
Accounts receivable, net	$	35,853	$	25,448
Prepaid expenses		5,154		4,881
Other current assets		7,443		12,076
Total current assets		48,450		42,405

Property, plant and equipment, net		106,425		179,380
Operating lease ROU assets		13,549		16,958
Other assets		1,770		3,361
Total assets held for sale	$	170,194	$	242,104

Current liabilities:
Accounts payable	$	6,075	$	2,830
Accrued expenses		11,391		11,153
Total current liabilities		17,466		13,983

Operating lease liabilities		13,562		21,987
Decommissioning liabilities		4,156		8,311
Other liabilities		546		2,095
Total liabilities	$	35,730	$	46,376

Schedule Of Cash Flows From Discontinued Operations



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		Six Months Ended June 30, 2020
Cash flows from discontinued operating activities:
Reduction in value of assets	$	12,430	$	-	$	49,361
Gain on sale of assets		(5,118)		(43)
Depreciation, depletion, amortization and accretion		31,356		2,142		17,206
Cash flows from discontinued investing activities:
Proceeds from sales of assets		10,867		486		-

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information



	Successor		Predecessor
	For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021		For the Six Months Ended June 30, 2020


Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	172,768	$	188,006	$	272,624
Restricted cash-current		16,751		-		-
Restricted cash-non-current		80,179		80,178		2,764
Cash, cash equivalents, and restricted cash, beginning of period	$	269,698	$	268,184	$	275,388

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	205,748	$	172,768	$	278,409
Restricted cash-current		-		16,751		-
Restricted cash-non-current		80,159		80,179		2,774
Cash, cash equivalents, and restricted cash, end of period	$	285,907	$	269,698	$	281,183

Basis Of Presentation (Details) - USD ($) $ in Millions	Jun. 30, 2021	Feb. 02, 2021	Dec. 31, 2020
Original Senior Unsecured Notes Due 2021 [Member]
Basis Of Presentation [Line Items]
Stated interest rate	7.125%
New Senior Unsecured Notes Due 2021 [Member]
Basis Of Presentation [Line Items]
Stated interest rate	7.125%	7.125%	7.125%
Senior Unsecured Notes Due 2024 [Member]
Basis Of Presentation [Line Items]
Stated interest rate	7.75%	7.75%	7.75%
Collateral, Secured Obligations [Member]
Basis Of Presentation [Line Items]
Restricted Cash	$ 77.5
Escrow, Future Decommissioning Obligations [Member]
Basis Of Presentation [Line Items]
Restricted Cash	$ 2.7

Emergence from Voluntary Reorganization under Chapter 11 (Details) $ in Thousands	Oct. 13, 2021 USD ($) item	Jun. 30, 2021	Feb. 02, 2021	Dec. 31, 2020
Fresh-Start Adjustment [Line Items]
Amount of Principal		2.00%
Debtor Reorganization Items, Percent Of Stock		100.00%
Original Senior Unsecured Notes Due 2021 [Member]
Fresh-Start Adjustment [Line Items]
Stated interest rate		7.125%
New Senior Unsecured Notes Due 2021 [Member]
Fresh-Start Adjustment [Line Items]
Stated interest rate		7.125%	7.125%	7.125%
Senior Unsecured Notes Due 2024 [Member]
Fresh-Start Adjustment [Line Items]
Stated interest rate		7.75%	7.75%	7.75%
Subsequent Event [Member]
Fresh-Start Adjustment [Line Items]
Bankruptcy Claims, Number Claims Filed \| item	646
Bankruptcy Claims, Amount of Claims Filed	$ 1,700,000
Bankruptcy Claims, Number of Claims Expunged by Bankruptcy Court \| item	570
Bankruptcy Claims, Amount of Claims Expunged by Bankruptcy Court	$ 1,400,000
Subsequent Event [Member] \| Class 6 General Unsecured Claims [Member]
Fresh-Start Adjustment [Line Items]
Bankruptcy Claims, Amount of Claims Filed	232,000
Debtor-in-Possession Financing, Pro Rata Share	$ 125

Fresh Start Accounting (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended	5 Months Ended	6 Months Ended
Fresh Start Accounting (Narrative) (Details) - USD ($)	Oct. 29, 2021	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021
Fresh-Start Adjustment [Line Items]
Preconfirmation, Assets		$ 1,497,411,000	$ 1,456,800,000	$ 1,456,800,000	$ 1,456,800,000
Postconfirmation, Liabilities		554,118,000	2,076,100,000	2,076,100,000	$ 2,076,100,000
Internal Rate Of Return					17.60%
Perpetuity Growth Rate					3.00%
Credit Adjusted Risk-Free Rate					5.60%
Reorganization Expenses, Discount Rate					5.30%
Reorganization Expenses			7,400,000	1,300,000	$ 15,800,000
Reorganization Expenses, Cash Used In Operating Activities		3,100,000		13,700,000
Reorganization Items		335,560,000		0
Reorganization Expenses, Professional Fees, Expense		2,700,000
Reorganization Expenses, Professional Fees, Lease Rejection Damages		$ 400,000
Minimum [Member]
Fresh-Start Adjustment [Line Items]
Bankruptcy Proceedings, Enterprise Value			710,000,000.0	710,000,000.0	710,000,000.0
Maximum [Member]
Fresh-Start Adjustment [Line Items]
Bankruptcy Proceedings, Enterprise Value			$ 880,000,000.0	$ 880,000,000.0	$ 880,000,000.0
Subsequent Event [Member]
Fresh-Start Adjustment [Line Items]
Net book value	$ 27,000,000.0
Proceeds from Sale of Other Assets	$ 43,800,000

Fresh Start Accounting (Reorganization Of Assets) (Details) $ in Thousands	Feb. 02, 2021 USD ($)
Fresh Start Accounting [Abstract]
Selected Enterprise Value w/in Range	$ 729,918
Plus: Cash and cash equivalents	172,768
Plus: Decommissioning Liabilities
Plus: Liabilities excluding the decommissioning liabilities	380,496
Plus: Decommissioning liabilities	173,622
Reorganization value	$ 1,456,804

Fresh Start Accounting (Fresh Start) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Feb. 02, 2021
Current assets:
Cash and cash equivalents		$ 194,671
Accounts receivable, net of allowance for doubtful accounts		153,518
Income taxes receivable		9,146
Prepaid expenses		31,630
Inventory and other current assets		90,073
Assets held for sale		240,761
Total current assets		719,799
Property, plant and equipment, net of accumulated depreciation and depletion		401,263
Operating lease right-of-use assets		32,488
Goodwill		138,934
Notes receivable		72,484
Restricted cash - non-current		80,179
Intangible and other long-term assets, net of accumulated amortization		52,264
Total assets	$ 1,456,800	1,497,411
Preconfirmation, Current Liabilities [Abstract]
Accounts payable		51,816
Accrued expenses		126,768
Liabilities held for sale		39,642
Total current liabilities		218,226
Decommissioning liabilities		134,934
Operating lease liabilities		23,584
Deferred income taxes		4,853
Other long-term liabilities		121,756
Total non-current liabilities		285,127
Liabilities subject to compromise		1,572,772
Total liabilities not subject to compromise		2,076,125
Stockholders’ equity (deficit):
common stock $0.001 par value		16
Additional paid-in capital		2,757,824
Treasury stock at cost		4,290
Accumulated other comprehensive loss, net		(67,532)
Accumulated deficit		(3,264,732)
Total stockholders’ equity (deficit)		(578,714)
Total liabilities and stockholders’ equity (deficit)		1,497,411
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract]
Restricted cash - current		16,751
Fresh-Start Adjustment, Increase (Decrease), Liabilities [Abstract]
Liabilities subject to compromise		1,572,772
Postconfirmation, Assets [Abstract]
Cash and cash equivalents		172,768
Restricted cash - current		16,751
Accounts receivable, net of allowance for doubtful accounts		153,529
Income taxes receivable		8,976
Prepaid expenses		31,630
Inventory and other current assets		101,140
Assets held for sale		220,359
Total current assets		705,153
Property, plant and equipment, net of accumulated depreciation and depletion		540,850
Operating lease right-of-use assets		33,918
Notes receivable		72,484
Restricted cash - non-current		80,179
Intangible and other long-term assets, net of accumulated amortization		24,220
Total assets		1,456,804
Postconfirmation, Liabilities [Abstract]
Postconfirmation, Accounts Payable		51,116
Postconfirmation, Accrued Liabilities		137,216
Postconfirmation, Disposal Group, Including Discontinued Operation, Liabilities		37,264
Postconfirmation, Current Liabilities, Total		225,596
Postconfirmation, Asset Retirement Obligations, Noncurrent		169,515
Postconfirmation, Operating Lease, Liability, Noncurrent		23,555
Postconfirmation, Deferred Income Tax Liabilities, Noncurrent		59,522
Postconfirmation, Noncurrent Other Obligations		75,930
Total non-current liabilities		328,522
Postconfirmation, Liabilities, Total	$ 2,076,100	554,118
Postconfirmation, Stockholders' Equity [Abstract]
common stock $0.001 par value		200
Additional paid-in capital		902,486
Total stockholders’ equity (deficit)		902,686
Total liabilities and stockholders’ equity (deficit)		1,456,804
Reorganization Adjustments [Member]
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract]
Cash and cash equivalents		(21,903)
Restricted cash - current		16,751
Accounts receivable, net of allowance for doubtful accounts		11
Total current assets		(5,141)
Intangible and other long-term assets, net of accumulated amortization		(10,080)
Total assets		(15,221)
Fresh-Start Adjustment, Increase (Decrease), Liabilities [Abstract]
Accounts payable		(700)
Accrued expenses		9,042
Liabilities held for sale		1,614
Total current liabilities		9,956
Deferred income taxes		3,100
Total non-current liabilities		3,100
Liabilities subject to compromise		(1,572,772)
Total liabilities not subject to compromise		(1,559,716)
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract]
common stock $0.001 par value		(16)
common stock $0.001 par value		200
Additional paid-in capital		(2,757,824)
Additional paid-in capital		902,486
Treasury stock at cost		(4,290)
Accumulated deficit		3,395,359
Total stockholders’ equity (deficit)		1,544,495
Total liabilities and stockholders’ equity (deficit)		(15,221)
Fresh Start Accounting Adjustments [Member]
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract]
Income taxes receivable		(170)
Inventory and other current assets		11,067
Assets held for sale		(20,402)
Total current assets		(9,505)
Property, plant and equipment, net of accumulated depreciation and depletion		139,587
Operating lease right-of-use assets		1,430
Goodwill		(138,934)
Intangible and other long-term assets, net of accumulated amortization		(17,964)
Total assets		(25,386)
Fresh-Start Adjustment, Increase (Decrease), Liabilities [Abstract]
Accrued expenses		1,406
Liabilities held for sale		(3,992)
Total current liabilities		(2,586)
Decommissioning liabilities		34,581
Operating lease liabilities		(29)
Deferred income taxes		51,569
Other long-term liabilities		(45,826)
Total non-current liabilities		40,295
Total liabilities not subject to compromise		37,709
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract]
Accumulated other comprehensive loss, net		67,532
Accumulated deficit		(130,627)
Total stockholders’ equity (deficit)		(63,095)
Total liabilities and stockholders’ equity (deficit)		$ (25,386)

Fresh Start Accounting (Fresh Start II) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	6 Months Ended
	Feb. 02, 2021	Feb. 02, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Fresh Start, Parenthetical [Abstract]
Common stock, par value					$ 0.001
Reorganization Adjustments, Cash And Cash Equivalents [Abstract]
Payment of debtor in possession financing fees		$ (183)
Payment of professional fees at the Emergence Date		(2,649)
Payment to cash opt-in claimants	$ 952
Lease rejection settlements paid at the Emergence Date		(400)
Transfers from cash to restricted cash for Professional Fees Escrow and General Unsecured Creditors Escrow		(16,751)
Payment of debt issuance costs for the Credit Facility		(1,920)
Net change in cash and cash equivalents		(21,903)
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted cash - current	16,751	16,751
Debtor Reorganization Items, Accounts Receivables		11
Reorganization Adjustments, Intangibles [Abstract]
Write-off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000)
Capitalization of debt issuance costs associated with the Credit Facility		1,920
Net change in intangibles and other long-term assets		(10,080)
Reorganization Adjustments, Accounts Payable [Abstract]
Payment of professional fees at the Emergence Date		(2,649)
Professional fees recognized and payable at the Emergence Date		1,949
Net change in accounts payable		(700)
Reorganization Adjustments, Accrued Liabilities [Abstract]
Payment of debtor in possession financing fees		(183)
Accrual of professional fees		6,500
Accrual for transfer taxes		1,900
Reinstatement of lease rejection liabilities to be settled post-emergence		700
Accrual of general unsecured claims against parent		125
Net change in accrued liabilities		9,042
Liabilities Subject To Compromise, Settled [Abstract]
Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	1,335,794	1,335,794
Lease liabilities settled at the Emergence Date	4,956	4,956
Debtor Reorganization Items, Class 6 Claims	232,022	232,022
Liabilities subject to compromise settled in accordance with the Plan	1,572,772	1,572,772
Reorganization Adjustments, Gain (Loss) On Settlement[Abstract]
Accrued liabilities for lease rejection claims		(700)
Lease liabilities settled at Emergence Date		(1,614)
Payment to settle lease rejection claims		(400)
Proceeds from rights offering	963	963
Cash payout provided to cash opt-in noteholders		(952)
Cash Pool to settle general unsecured claims against the Predecessor		(125)
Issuance of Successor Class A common stock to prepetition noteholders (par value)		(193)
Additional paid-in capital (Successor)		(869,311)
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)		(7)
Additional paid-in capital (rights offering shares)		(33,175)
Gain on settlement of liabilities subject to compromise		667,258
Proceeds from rights offering	963	963
Cash payout provided to cash opt-in noteholders	$ 952
Debtor Reorganization Items, Discount Price	$ 1.31
Debtor Reorganization Items, Implied Discount	$ 32,200
Debtor Reorganization Items, Settlement Value Per Share	$ 46.82
Debtor Reorganization Items, Implied Share Price	$ 45.14
Debtor Reorganization Items, Cancellation Of Common Stock		16
Reorganization Adjustments, APIC [Abstract]
Extinguishment of APIC related to Predecessor's outstanding equity interests		(2,758,812)
Extinguishment of RSUs for the Predecessor's incentive plan		988
Net change in Predecessor's additional paid-in capital		(2,757,824)
Debtor Reorganization Items, Cancellation Of Treasury Shares		4,300
Reorganization Adjustments, APIC, Successor [Abstract]
Postconfirmation, Additional APIC, Common Shares		869,311
Postconfirmation, Additional APIC, Rights Offering		33,175
Postconfirmation, Change In APIC		902,486
Reorganization Adjustments, Retained Earnings [Abstract]
Gain on settlement of liabilities subject to compromise		667,258
Debtor Reorganization Items, Taxes Triggered At Emergence Date		(1,900)
Extinguishment of RSUs for the Predecessor's incentive plan		(988)
Debtor Reorganization Items, Adjustment To Deferred Tax Liability		(3,100)
Debtor Reorganization Items, Professional Fees		(8,449)
Write-off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000)
Extinguishment of Predecessor's equity (par value, APIC, and treasury stock)		2,754,538
Net change in retained earnings		3,395,359
Debtor Reorganization Items, Change In Income Tax Receivable		(170)
Reorganization Adjustments, Change In Inventory And Other Current Assets [Abstract]
Fair value adjustment to other current assets		(1,070)
Net change in inventory and other current assets due to the adoption of fresh start accounting		11,067
Debtor Reorganization Items, Fair Value Adjustment, Assets Held For Sale		3,500	$ 16,500	$ 20,400
Debtor Reorganization Items, Fair Value Adjustment, PPE		139,600
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		1,977,815	540,850
Less: Accumulated Depreciation and Depletion		(1,576,552)
Property, Plant and Equipment, net		401,263	540,850
Debtor Reorganization Items, Fair Value Adjustment, Right Of Use Assets		1,400
Debtor Reorganization Items, Change In Goodwill		138,900
Debtor Reorganization Items, Fair Value Adjustment, Intangible Assets		1,400
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	$ 4,912	4,912	6,286
Debtor Reorganization Items, Change In Other Long Term Assets		(17,100)
Debtor Reorganization Items, Fair Value Adjustment, Accrued Expenses		1,400
Debtor Reorganization Items, Fair Value Adjustment, Current ARO		4,000
Debtor Reorganization Items, Fair Value Adjustment, Non-Current ARO		34,600
Debtor Reorganization Items, Change In Deferred Tax Liabilities		70,400
Debtor Reorganization Items, Change In Realizable Deferred Tax Assets		18,800
Debtor Reorganization Items, Reclassification Of Deferred Revenue		45,800
Debtor Reorganization Items, FIN48		1,500
Debtor Reorganization Items, Reorganization Expense AOCI		(77,376)
Debtor Reorganization Items, Cumulative Adjustment		(53,251)
Debtor Reorganization Items, Elimination Of AOCI		(130,627)
Trade Names [Member]
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	2,268	2,268	4,166
Land, Buildings and Improvements [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		205,237	117,341
Machinery and Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		1,103,501	290,593
Rental Services Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		617,762	92,861
Other Capitalized Property Plant and Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		46,403	35,143
Construction in Progress [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment		4,912	4,912
Customer Relationships [Member]
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	2,644	2,644
Patents [Member]
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value			$ 2,120
Common Class A [Member]
Fresh Start, Parenthetical [Abstract]
Common stock, par value				$ 0.01
Reorganization Adjustments, Changes In Common Stock [Abstract]
Issuance of successor Class A common stock to prepetition noteholders (par value)		193
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)		7
Net change in Successor Class A common stock		200
Common Class B [Member]
Fresh Start, Parenthetical [Abstract]
Common stock, par value				$ 0.01
Professional Fee Escrow [Member]
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted cash - current	16,626	16,626
General Unsecured Creditors Escrow [Member]
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted cash - current	$ 125	125
Global [Member]
Reorganization Adjustments, Change In Inventory And Other Current Assets [Abstract]
Fair value adjustment to inventory		$ 12,137
New Senior Unsecured Notes Due 2021 [Member]
Liabilities Subject To Compromise, Settled [Abstract]
Stated interest rate	7.125%	7.125%		7.125%	7.125%
Senior Unsecured Notes Due 2024 [Member]
Liabilities Subject To Compromise, Settled [Abstract]
Stated interest rate	7.75%	7.75%		7.75%	7.75%

Fresh Start Accounting (Reorganization) (Details) - USD ($)	1 Months Ended	5 Months Ended
	Feb. 02, 2021	Jun. 30, 2021
Fresh Start Accounting [Abstract]
Gain on settlement of liabilities subject to compromise	$ 667,258,000
Allowed claim adjustment for Class 6 claims	(232,022,000)
Loss on fresh start adjustment	(77,376,000)
Professional fees	(16,005,000)
Rejected leases	13,347,000
Debtor in possession credit facility costs	(12,000,000)
Lease rejection damages	(4,956,000)
Extinguishment of RSUs for the Predecessor's incentive plan	(988,000)
Other items	(1,698,000)
Total reorganization income (expense), net	335,560,000	$ 0
Adjustment for discontinued operations	$ 16,400,000

Revenue (Narrative) (Details)	6 Months Ended
Revenue (Narrative) (Details)	Jun. 30, 2021
Payment term	30 days
Maximum [Member]
Performance obligation satisfaction period	30 days

Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 45,928	$ 165,892	$ 151,582	$ 271,735	$ 385,821	$ 385,821
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total revenues	8,296	27,570	22,710	40,805		70,129
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total revenues	15,567	53,464	58,561	93,288		138,618
International [Member]
Disaggregation of Revenue [Line Items]
Total revenues	22,065	84,858	70,311	137,642	$ 177,074	177,074
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total revenues	18,339	67,237		109,685
Rentals [Member] \| U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total revenues	4,917	20,789		31,898
Rentals [Member] \| U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total revenues	8,196	26,890		47,293
Rentals [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Total revenues	5,226	19,558		30,494
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	27,589	98,655		162,050
Well Services [Member] \| U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total revenues	3,379	6,781		8,907
Well Services [Member] \| U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total revenues	7,371	26,574		45,995
Well Services [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 16,839	$ 65,300		$ 107,148
Drilling Products and Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			67,349			171,343
Drilling Products and Services [Member] \| U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total revenues			19,538			56,193
Drilling Products and Services [Member] \| U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total revenues			28,587			65,811
Drilling Products and Services [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Total revenues			19,225			49,338
Production Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			43,402			118,866
Production Services [Member] \| U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total revenues			6			4,633
Production Services [Member] \| U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total revenues			6,363			17,663
Production Services [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Total revenues			37,033			96,571
Technical Solutions [Member]
Disaggregation of Revenue [Line Items]
Total revenues			40,831			95,612
Technical Solutions [Member] \| U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total revenues			3,166			9,303
Technical Solutions [Member] \| U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total revenues			23,611			55,144
Technical Solutions [Member] \| International [Member]
Disaggregation of Revenue [Line Items]
Total revenues			$ 14,053			$ 31,165

Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 45,928	$ 165,892	$ 151,582	$ 271,735	$ 385,821	$ 385,821
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total revenues	18,339	67,237		109,685
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	27,589	98,655		162,050
Drilling Products and Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			67,349			171,343
Production Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			43,402			118,866
Technical Solutions [Member]
Disaggregation of Revenue [Line Items]
Total revenues			40,831			95,612
Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	19,234	79,787	59,919	123,466		163,722
Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total revenues	2,005	9,592		15,856
Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	17,229	70,195		107,610
Services [Member] \| Drilling Products and Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			13,012			27,589
Services [Member] \| Production Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			28,759			89,224
Services [Member] \| Technical Solutions [Member]
Disaggregation of Revenue [Line Items]
Total revenues			18,148			46,909
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total revenues	14,434	53,238	51,758	84,552		141,085
Rentals [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total revenues	14,082	47,895		76,488
Rentals [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	352	5,343		8,064
Rentals [Member] \| Drilling Products and Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			44,573			122,402
Rentals [Member] \| Production Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			4,959			10,083
Rentals [Member] \| Technical Solutions [Member]
Disaggregation of Revenue [Line Items]
Total revenues			2,226			8,600
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total revenues	12,260	32,867	39,905	63,717		81,014
Product Sales [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total revenues	2,252	9,750		17,341
Product Sales [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 10,008	$ 23,117		$ 46,376
Product Sales [Member] \| Drilling Products and Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			9,764			21,352
Product Sales [Member] \| Production Services [Member]
Disaggregation of Revenue [Line Items]
Total revenues			9,684			19,559
Product Sales [Member] \| Technical Solutions [Member]
Disaggregation of Revenue [Line Items]
Total revenues			$ 20,457			$ 40,103

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory [Abstract]
Finished goods	$ 42,000	$ 35,074
Raw materials	1,009	5,139
WIP	6,350	2,994
Supplies and consumables	36,705	33,820
Total	$ 86,064	$ 77,027

Notes Receivable (Details) - Notes Receivable, Seller Obligation [Member] - USD ($)	1 Months Ended	3 Months Ended	5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument, Face Amount		$ 115,000,000.0	$ 115,000,000.0	$ 115,000,000.0
Amount of notes receivable		74,400,000	74,400,000	$ 74,400,000
Interest rate percentage to record present value of notes receivable				6.58%
Company recorded interest income	$ 400,000	$ 1,200,000	$ 1,900,000		$ 1,200,000

Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation	$ 9.5	$ 57.3	$ 26.2	$ 95.4		$ 54.8
Fully Depreciated Assets [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average					36 months
Assets, Fair Value Disclosure		282.1		282.1	$ 282.1
Depreciation, Remainder Of Year 1		104.6		104.6	104.6
Depreciation, Year 2		75.1		75.1	75.1
Depreciation, Year 3		$ 46.5		$ 46.5	$ 46.5

Property, Plant and Equipment (Estimated Useful Lives) (Details)	6 Months Ended
	Jun. 30, 2021
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average	12 years
Buildings, Improvements And Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average	10 years
Buildings, Improvements And Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average	25 years
Automobiles, Trucks, Tractors and Trailers [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average	4 years
Automobiles, Trucks, Tractors and Trailers [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average	7 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life, Average	10 years

Property, Plant and Equipment (Summary of PP&E) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total	$ 550,862	$ 1,995,542
Accumulated depreciation and depletion	(95,783)	(1,587,435)
Property, plant and equipment, net	455,079	408,107
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	380,318	1,727,454
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total	85,082	171,635
Automobiles, Trucks, Tractors and Trailers [Member]
Property, Plant and Equipment [Line Items]
Total	7,534	11,742
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total	19,996	31,407
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total	6,122	4,793
Land [Member]
Property, Plant and Equipment [Line Items]
Total	31,782	33,394
Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Total	$ 20,028	$ 15,117

Intangibles (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
Intangibles (Narrative) (Details) - USD ($) $ in Millions	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 0.1			$ 0.3	$ 0.5
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year		$ 0.3		0.3
Finite-Lived Intangible Asset, Expected Amortization, Year Two Through Five		0.7		0.7
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Assets Held-for-sale, Not Part of Disposal Group		0.7		$ 0.7
Amortization of Intangible Assets		$ 0.2	$ 0.2

Intangibles (Intangible Assets) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 6,286	$ 22,814
Accumulated Amortization	(262)	(17,818)
Net Balance	$ 6,024	4,996
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	10 years
Gross Amount	$ 4,166	4,744
Accumulated Amortization	(174)	(4,263)
Net Balance	$ 3,992	481
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	17 years
Gross Amount		14,592
Accumulated Amortization		(10,077)
Net Balance		4,515
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	10 years
Gross Amount	$ 2,120
Accumulated Amortization	(88)
Net Balance	$ 2,032
Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years
Gross Amount		3,478
Accumulated Amortization		$ (3,478)

Debt (Narrative) (Details) - USD ($)	1 Months Ended	2 Months Ended	5 Months Ended
Debt (Narrative) (Details) - USD ($)	Feb. 02, 2021	Mar. 31, 2021	Jun. 30, 2021	Feb. 01, 2021	Dec. 31, 2020	Dec. 09, 2020
Debt Instrument [Line Items]
Reorganization items, net	$ 335,560,000		$ 0
Extinguishment of Debt, Amount	$ 35,800,000		$ 35,800,000
Original Senior Unsecured Notes Due 2021 [Member]
Debt Instrument [Line Items]
Stated interest rate			7.125%
New Senior Unsecured Notes Due 2021 [Member]
Debt Instrument [Line Items]
Stated interest rate	7.125%		7.125%		7.125%
Letters of Credit Outstanding, Amount					$ 800,000,000.0
Senior Unsecured Notes Due 2024 [Member]
Debt Instrument [Line Items]
Stated interest rate	7.75%		7.75%		7.75%
Letters of Credit Outstanding, Amount					$ 500,000,000.0
JPMorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 120,000,000.0
Line of Credit Facility, Commitment Fee Percentage		0.50%
Line of Credit Facility, Fixed Charge Coverage Ratio, Amount		$ 20,000,000.0
Letters of Credit Outstanding, Amount		45,000,000.0
JPMorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| Scenario, Plan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 170,000,000.0
Delayed-Draw Term Loan Commitment Letter [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000.0
Line of Credit Facility, Commitment Fee Amount	12,000,000.0
Reorganization items, net	$ 12,000,000.0
Debtor-In-Possession Financing Facility [Member] \| Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 46,600,000		$ 120,000,000.0
Minimum [Member] \| JPMorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Stated interest rate		3.00%
Line of Credit Facility, Coverage Ratio		0.25%
Line of Credit Facility, Fixed Charge Coverage Ratio		1.00%
Line of Credit Facility, Fixed Charge Coverage Ratio, Aggregate Commitments		15.00%
Minimum [Member] \| JPMorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Variable interest rate		3.00%
Minimum [Member] \| JPMorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Variable interest rate		2.00%
Maximum [Member] \| JPMorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Cash collateralized		$ 75,000,000.0
Stated interest rate		3.50%
Line of Credit Facility, Fixed Charge Coverage Ratio		1.00%
Maximum [Member] \| JPMorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Variable interest rate		3.50%
Maximum [Member] \| JPMorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Variable interest rate		2.50%

Debt (Schedule Of Long Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Feb. 02, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt, gross			$ 1,300,000
liabilities subject to compromise			1,335,794
Unamortized debt issuance costs
Total debt, net
Revision of Prior Period, Reclassification, Adjustment [Member]
Debt Instrument [Line Items]
liabilities subject to compromise			(1,300,000)
Senior Unsecured Notes Due 2024 [Member]
Debt Instrument [Line Items]
Total debt, gross			$ 500,000
Stated interest rate	7.75%	7.75%	7.75%
New Senior Unsecured Notes Due 2021 [Member]
Debt Instrument [Line Items]
Total debt, gross			$ 800,000
Stated interest rate	7.125%	7.125%	7.125%
Original Senior Unsecured Notes Due 2021 [Member]
Debt Instrument [Line Items]
Stated interest rate	7.125%

Decommissioning Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Summary of the activity for the Company's decommissioning liabilities
Decommissioning liabilities	$ 171.1	$ 142.7

Leases (Operating Lease Expense) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Long-term fixed lease expense	$ 1,824	$ 3,779	$ 4,624	$ 5,759	$ 10,255
Long-term variable lease expense	19
Short-term lease expense	789	2,349	884	3,345	1,875
Total operating lease expense	$ 2,632	$ 6,128	$ 5,508	$ 9,104	$ 12,130

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Leases [Abstract]
Operating lease ROU assets		$ 30,755		$ 33,317
Accrued expenses		9,522		10,698
Operating lease liabilities		21,353		29,464
Total operating lease liabilities		$ 30,875		$ 40,162
Weighted average remaining lease term		11 years		9 years
Weighted average discount rate		5.34%		6.35%
Cash paid for operating leases	$ 1,575	$ 7,614	$ 13,494
ROU assets obtained in exchange for lease obligations	$ 453	$ 2,823	$ 2,996

Leases (Maturities Of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 5,284
2022	9,180
2023	6,841
2024	4,403
2025	3,396
Thereafter	20,902
Total lease payments	50,006
Less imputed interest	(19,131)
Total	$ 30,875	$ 40,162

Fair Value Measurements (Narrative) (Details)	6 Months Ended
Fair Value Measurements (Narrative) (Details)	Jun. 30, 2021 USD ($)
Fair Value Measurements [Abstract]
Cancelled stock incentive plans	$ 0

Fair Value Measurements (Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt		$ 409,050
Non-Qualified Deferred Compensation Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets, net	$ 15,603	15,013
Non Qualified Deferred Compensation Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	2,112	2,869
Other long-term liabilities	19,702	20,697
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt		409,050
Level 1 [Member] \| Non-Qualified Deferred Compensation Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets, net	7,457
Level 2 [Member] \| Non-Qualified Deferred Compensation Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets, net	8,146	15,013
Level 2 [Member] \| Non Qualified Deferred Compensation Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable	2,112	2,869
Other long-term liabilities	$ 19,702	$ 20,697

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($)	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 45,928,000	$ 165,892,000	$ 151,582,000	$ 271,735,000	$ 385,821,000	$ 385,821,000
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion	29,773,000	103,579,000	93,426,000	171,447,000		230,939,000
Depreciation, depletion, amortization and accretion	8,358,000	59,018,000	28,708,000	99,048,000		60,889,000
General and administrative expenses	11,052,000	32,308,000	55,528,000	50,746,000		114,804,000
Restructuring and other expenses	1,270,000	7,438,000		15,821,000
Reduction in value of assets						16,522,000
Loss from operations	(4,525,000)	(36,451,000)	(26,080,000)	(65,327,000)		(37,333,000)
Interest income (expense), net	202,000	535,000	(24,757,000)	747,000		(49,898,000)
Reorganization items, net	335,560,000			0
Other income (expense)	(2,105,000)	2,570,000	821,000	(275,000)		(3,411,000)
Income (loss) from continuing operations before income taxes	329,132,000	(33,346,000)	(50,016,000)	(64,855,000)		(90,642,000)
Rentals [Member]
Segment Reporting Information [Line Items]
Revenues	18,339,000	67,237,000		109,685,000
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion	7,839,000	28,034,000		43,355,000
Depreciation, depletion, amortization and accretion	4,271,000	42,083,000		70,141,000
General and administrative expenses	2,027,000	6,352,000		9,803,000
Loss from operations	4,202,000	(9,232,000)		(13,614,000)
Interest income (expense), net	10,000
Reorganization items, net	(2,037,000)
Other income (expense)	(399,000)	(501,000)		(701,000)
Income (loss) from continuing operations before income taxes	1,776,000	(9,733,000)		(14,315,000)
Well Services [Member]
Segment Reporting Information [Line Items]
Revenues	27,589,000	98,655,000		162,050,000
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion	21,934,000	75,545,000		128,092,000
Depreciation, depletion, amortization and accretion	3,666,000	14,859,000		25,676,000
General and administrative expenses	3,107,000	9,566,000		15,826,000
Loss from operations	(1,118,000)	(1,315,000)		(7,544,000)
Interest income (expense), net	1,000	1,000		3,000
Reorganization items, net	31,816,000
Other income (expense)	(165,000)	2,640,000		2,235,000
Income (loss) from continuing operations before income taxes	30,534,000	1,326,000		(5,306,000)
Drilling Products and Services [Member]
Segment Reporting Information [Line Items]
Revenues			67,349,000			171,343,000
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion			22,485,000			57,449,000
Depreciation, depletion, amortization and accretion			15,827,000			33,618,000
General and administrative expenses			10,927,000			25,440,000
Loss from operations			18,110,000			54,836,000
Income (loss) from continuing operations before income taxes			18,110,000			54,836,000
Onshore Completion and Workover Services [Member]
Segment Reporting Information [Line Items]
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion			(29,000)			(2,018,000)
Depreciation, depletion, amortization and accretion			102,000			215,000
General and administrative expenses			12,000			35,000
Loss from operations			(85,000)			1,768,000
Income (loss) from continuing operations before income taxes			(85,000)			1,768,000
Production Services [Member]
Segment Reporting Information [Line Items]
Revenues			43,402,000			118,866,000
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion			37,792,000			100,808,000
Depreciation, depletion, amortization and accretion			7,592,000			15,457,000
General and administrative expenses			6,343,000			13,607,000
Reduction in value of assets						4,064,000
Loss from operations			(8,325,000)			(15,070,000)
Income (loss) from continuing operations before income taxes			(8,325,000)			(15,070,000)
Technical Solutions [Member]
Segment Reporting Information [Line Items]
Revenues			40,831,000			95,612,000
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion			33,178,000			74,700,000
Depreciation, depletion, amortization and accretion			4,260,000			9,604,000
General and administrative expenses			10,209,000			24,244,000
Reduction in value of assets						12,458,000
Loss from operations			(6,816,000)			(25,394,000)
Interest income (expense), net			1,104,000			2,277,000
Income (loss) from continuing operations before income taxes			(5,712,000)			(23,117,000)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, amortization and accretion	421,000	2,076,000	927,000	3,231,000		1,995,000
General and administrative expenses	5,918,000	16,390,000	28,037,000	25,117,000		51,478,000
Restructuring and other expenses	1,270,000	7,438,000		15,821,000
Loss from operations	(7,609,000)	(25,904,000)	(28,964,000)	(44,169,000)		(53,473,000)
Interest income (expense), net	191,000	534,000	(25,861,000)	744,000		(52,175,000)
Reorganization items, net	305,781,000
Other income (expense)	(1,541,000)	431,000	821,000	(1,809,000)		(3,411,000)
Income (loss) from continuing operations before income taxes	$ 296,822,000	$ (24,939,000)	$ (54,004,000)	$ (45,234,000)		$ (109,059,000)

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,340,587	$ 1,501,079
Drilling Products and Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	399,537	557,469
Onshore Completion and Workover Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets		183,065
Production Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets		368,185
Technical Solutions [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	694,074	260,339
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 246,976	$ 132,021

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 944
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Revenue By Geographic Area) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 45,928	$ 165,892	$ 151,582	$ 271,735	$ 385,821	$ 385,821
Long-lived assets		455,079		455,079	455,079		$ 408,107
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	23,863	81,034	81,271	134,093	208,747
Long-lived assets		285,413		285,413	285,413		253,114
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 22,065	84,858	$ 70,311	137,642	177,074	$ 177,074
Long-lived assets		$ 169,666		$ 169,666	$ 169,666		$ 154,993

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 30
-Subparagraph (a)
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Reduction in Value of Assets (Details) $ in Thousands	6 Months Ended
Reduction in Value of Assets (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Reduction In Value Of Assets And Impairments [Line Items]
Reduction in value of long-lived assets	$ 16,522
Production Services [Member]
Reduction In Value Of Assets And Impairments [Line Items]
Reduction in value of long-lived assets	4,064
Technical Solutions [Member]
Reduction In Value Of Assets And Impairments [Line Items]
Reduction in value of long-lived assets	$ 12,458

Goodwill (Details) - USD ($)	Mar. 31, 2021	Feb. 02, 2021	Dec. 31, 2020
Goodwill and Intangibles [Abstract]
Goodwill	$ 0	$ 138,900,000	$ 138,677,000

Stock-Based Compensation Plans (Details) - USD ($)		6 Months Ended
Stock-Based Compensation Plans (Details) - USD ($)	Jun. 01, 2021	Jun. 30, 2021	Feb. 02, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value				$ 0.001
Cancelled stock incentive plans		$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	113,840
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Net	76,269
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 39.53
Original Senior Unsecured Notes Due 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stated interest rate		7.125%
New Senior Unsecured Notes Due 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stated interest rate		7.125%	7.125%	7.125%
Senior Unsecured Notes Due 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stated interest rate		7.75%	7.75%	7.75%
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value		$ 0.01
Common Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value		$ 0.01
2021 Management Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	1,999,869
Common stock, par value	$ 0.01

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Taxes [Abstract]
Effective Income Tax Rate Reconciliation, Percent	18.20%	5.20%	8.60%	9.30%		15.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					22.50%	22.50%
Unrecorded tax benefits		$ 14.7		$ 14.7	$ 14.7		$ 13.2
Deferred Tax Liabilities, Gross		43.2		43.2	43.2
Deferred Tax Assets, Valuation Allowance		$ 96.0		$ 96.0	$ 96.0

Contingencies (Details) $ in Millions	Apr. 02, 2018 employee	Jun. 30, 2021 USD ($)
Number of people involved in lawsuit \| employee	2
Loss Contingency, Royalty	25.00%
Loss Contingency, Alleged Royalty	50.00%
First And Second Case [Member]
Loss Contingency Accrual		$ 7.0
Indian Oil And Gas Company [Member]
Potential loss in lawsuit		$ 7.3

Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Discontinued Operations [Abstract]
Reduction in value of assets held for sale	$ (2,654)	$ 12,400	$ 12,430	$ 49,361

Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation, depletion, amortization and accretion	$ 8,358	$ 59,018	$ 28,708	$ 99,048	$ 60,889
General and administrative expenses	11,052	32,308	55,528	50,746	114,804
Reduction in value of assets					16,522
Loss from operations	(4,525)	(36,451)	(26,080)	(65,327)	(37,333)
Other income (expense)	(2,105)	2,570	821	(275)	(3,411)
Income (loss) from discontinued operations, net of income tax	(352)	(19,400)	(19,414)	(28,806)	(68,088)
Pumpco [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	10,719	45,114	32,485	68,366	119,996
Cost of services	10,398	35,459	36,450	55,481	116,081
Depreciation, depletion, amortization and accretion	2,141	18,581	8,034	31,356	17,206
General and administrative expenses	1,119	3,623	3,505	6,218	17,475
Reduction in value of assets		12,430	3,003	12,430	49,361
Loss from operations	(2,939)	(24,979)	(18,507)	(37,119)	(80,127)
Other income (expense)	2,485	(53)	8	(50)	15
Loss from discontinued operations before tax	(454)	(25,032)	(18,499)	(37,169)	(80,112)
Income tax expense (benefit)	102	5,632	(915)	8,363	12,024
Income (loss) from discontinued operations, net of income tax	$ (352)	$ (19,400)	$ (19,414)	$ (28,806)	$ (68,088)

Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets	$ 170,194	$ 242,104
Total liabilities	35,730	46,376
Pumpco [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	35,853	25,448
Prepaid expenses	5,154	4,881
Other current assets	7,443	12,076
Total current assets	48,450	42,405
Property, plant and equipment, net	106,425	179,380
Operating lease ROU assets	13,549	16,958
Other assets	1,770	3,361
Total assets	170,194	242,104
Accounts payable	6,075	2,830
Accrued expenses	11,391	11,153
Total current liabilities	17,466	13,983
Operating lease liabilities	13,562	21,987
Decommissioning liabilities	4,156	8,311
Other long-term liabilities	546	2,095
Total liabilities	$ 35,730	$ 46,376

Discontinued Operations (Schedule Of Cash Flows From Discontinued Operations) (Details) - Pumpco [Member] - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in value of assets		$ 12,430	$ 49,361
Gain on sale of assets	$ (43)	(5,118)
Depreciation, depletion, amortization and accretion	2,142	31,356	$ 17,206
Proceeds from sales of assets	$ 486	$ 10,867

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Feb. 02, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 205,748	$ 172,768	$ 188,006	$ 278,409	$ 272,624
Restricted cash-current		16,751
Restricted cash-current	80,159	80,179	80,178	2,774	2,764
Cash, cash equivalents, and restricted cash	$ 285,907	$ 269,698	$ 268,184	$ 281,183	$ 275,388

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 09, 2021	Jun. 01, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, par value				$ 0.001
Restricted Stock [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		113,840
Common Class A [Member]
Subsequent Event [Line Items]
Common stock, par value			$ 0.01
Common Class B [Member]
Subsequent Event [Line Items]
Common stock, par value			$ 0.01
SES Holdings [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, par value	$ 0.01
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, Consideration Transferred	$ 14.0
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	3,600,000