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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 

 

 

 

 

FORM 10-Q

 

 

 

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from to

 

Commission File No. 001-34037

Commission Company Name: SUPERIOR ENERGY SERVICES INC

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC.

 

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware

 

75-2379388

 

 

(State or other jurisdiction of

 

(I.R.S. Employer

 

 

incorporation or organization)

 

Identification No.)

 

 

 

 

 

 

 

1001 Louisiana Street, Suite 2900

 

77002

 

 

Houston, TX

 

(Zip Code)

 

 

(Address of principal executive offices)

 

 

 

 

Registrant’s telephone number, including area code: (713) 654-2200

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

Trading symbol

Name of each exchange on which registered

 None

N/A

None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

Large Accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No

 

The number of shares of the registrant’s Class A common stock outstanding on November 30, 2021 was 19,998,695.

The number of shares of the registrant’s Class B common stock outstanding on November 30, 2021 was 76,269.

 

1


 

 

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Unaudited Condensed Consolidated Financial Statements and Notes

3

 

Unaudited Condensed Consolidated Balance Sheets

3

 

Unaudited Condensed Consolidated Statements of Operations

4

 

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)

6

 

Unaudited Condensed Consolidated Statements of Cash Flows

7

 

Unaudited Consolidated Statements of Changes in Stockholders' Equity (Deficit)

8

 

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

40

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

49

Item 4.

Controls and Procedures

50

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Sales of Unregistered Equity Securities and Use of Proceeds

51

Item 6.

Exhibits

52

 

 

 

SIGNATURES

 

53

 

2


 

PART I. FINANCIAL INFORMATION

 

Item 1. Unaudited Condensed Consolidated Financial Statements and Notes

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands, except share data)

(unaudited)

 

 

 

 Successor

 

 

 

 Predecessor

 

ASSETS

 

 September 30, 2021

 

 

 

 December 31, 2020

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

258,024

 

 

 

$

188,006

 

Accounts receivable, net of allowance for doubtful accounts of $585 and $24,629 
  at September 30, 2021 and December 31, 2020, respectively

 

 

174,065

 

 

 

 

158,516

 

Income taxes receivable

 

 

-

 

 

 

 

8,891

 

Prepaid expenses

 

 

26,881

 

 

 

 

31,793

 

Inventory

 

 

71,684

 

 

 

 

77,027

 

Other current assets

 

 

6,946

 

 

 

 

9,171

 

Investment in equity securities

 

 

18,684

 

 

 

 

-

 

Assets held for sale

 

 

87,922

 

 

 

 

242,104

 

Total current assets

 

 

644,206

 

 

 

 

715,508

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

403,473

 

 

 

 

408,107

 

Operating lease right-of-use assets

 

 

28,871

 

 

 

 

33,317

 

Goodwill

 

 

-

 

 

 

 

138,677

 

Notes receivable

 

 

75,564

 

 

 

 

72,129

 

Restricted cash

 

 

79,560

 

 

 

 

80,178

 

Intangible and other long-term assets, net

 

 

24,109

 

 

 

 

53,163

 

Total assets

 

$

1,255,783

 

 

 

$

1,501,079

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

56,500

 

 

 

$

50,330

 

Accrued expenses

 

 

109,054

 

 

 

 

114,777

 

Liabilities held for sale

 

 

23,241

 

 

 

 

46,376

 

Total current liabilities

 

 

188,795

 

 

 

 

211,483

 

Decommissioning liabilities

 

 

173,132

 

 

 

 

134,436

 

Operating lease liabilities

 

 

20,608

 

 

 

 

29,464

 

Deferred income taxes

 

 

32,396

 

 

 

 

5,288

 

Other long-term liabilities

 

 

70,355

 

 

 

 

123,261

 

Total non-current liabilities

 

 

296,491

 

 

 

 

292,449

 

Liabilities Subject to Compromise

 

 

-

 

 

 

 

1,335,794

 

Total liabilities

 

 

485,286

 

 

 

 

1,839,726

 

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

Predecessor common stock $0.001 par value; Authorized - 25,000,000;
   
15,799,318 shares issued and 14,826,906 shares outstanding at December 31, 2020

 

 

-

 

 

 

 

16

 

Successor Class A common stock $0.01 par value; Authorized - 50,000,000 shares;
   
19,998,695 shares issued and outstanding at September 30, 2021

 

 

200

 

 

 

 

-

 

Successor Class B common stock $0.01 par value; Authorized - 2,000,000 shares;
   
113,840 shares issued and 76,269 shares outstanding at September 30, 2021

 

 

1

 

 

 

 

-

 

Class A Additional paid-in capital

 

 

902,486

 

 

 

 

2,756,889

 

Class B Additional paid-in capital

 

 

640

 

 

 

 

-

 

Predecessor Treasury stock at cost, 972,412 shares at December 31, 2020

 

 

-

 

 

 

 

(4,290

)

Accumulated other comprehensive loss, net

 

 

-

 

 

 

 

(67,947

)

Accumulated deficit

 

 

(132,830

)

 

 

 

(3,023,315

)

Total stockholders’ equity (deficit)

 

 

770,497

 

 

 

 

(338,647

)

Total liabilities and stockholders’ equity (deficit)

 

$

1,255,783

 

 

 

$

1,501,079

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3


 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)
 

 

 

 

Successor

 

 

 

Predecessor

 

 

 

For the Three Months Ended September 30, 2021

 

 

 

For the Three Months Ended September 30, 2020

 

Revenues:

 

 

 

 

 

 

 

Services

 

$

85,667

 

 

 

$

67,213

 

Rentals

 

 

59,420

 

 

 

 

41,351

 

Product sales

 

 

33,496

 

 

 

 

27,412

 

Total revenues

 

 

178,583

 

 

 

 

135,976

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of services

 

 

70,591

 

 

 

 

53,467

 

Cost of rentals

 

 

26,011

 

 

 

 

21,743

 

Cost of sales

 

 

28,371

 

 

 

 

11,864

 

Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)

 

 

124,973

 

 

 

 

87,074

 

Depreciation, depletion, amortization and accretion - services

 

 

28,426

 

 

 

 

13,670

 

Depreciation, depletion, amortization and accretion - rentals

 

 

19,717

 

 

 

 

8,814

 

Depreciation, depletion, amortization and accretion - sales

 

 

11,065

 

 

 

 

5,679

 

General and administrative expenses

 

 

33,671

 

 

 

 

51,440

 

Restructuring and other expense

 

 

4,712

 

 

 

 

25,746

 

Reduction in value of assets

 

 

-

 

 

 

 

2,929

 

Loss from operations

 

 

(43,981

)

 

 

 

(59,376

)

Other income (expense):

 

 

 

 

 

 

 

Interest income (expense), net

 

 

647

 

 

 

 

(24,800

)

Other expense

 

 

(6,224

)

 

 

 

(1,399

)

Loss from continuing operations before income taxes

 

 

(49,558

)

 

 

 

(85,575

)

Income tax benefit (expense)

 

 

9,518

 

 

 

 

(1,815

)

Net loss from continuing operations

 

 

(40,040

)

 

 

 

(87,390

)

Loss from discontinued operations, net of income tax

 

 

(5,161

)

 

 

 

(69,914

)

Net loss

 

$

(45,201

)

 

 

$

(157,304

)

 

 

 

 

 

 

 

 

Loss per share -basic and diluted

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(2.00

)

 

 

$

(5.89

)

Loss from discontinued operations, net of income tax

 

 

(0.26

)

 

 

 

(4.72

)

Net loss

 

$

(2.26

)

 

 

$

(10.61

)

 

 

 

 

 

 

 

 

Weighted-average shares outstanding - basic and diluted

 

 

19,999

 

 

 

 

14,827

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)
 

 

 

 

Successor

 

 

 

Predecessor

 

 

 

For the Period
February 3, 2021
through September 30, 2021

 

 

 

For the Period
January 1, 2021
through February 2, 2021

 

 

For the Nine Months
Ended September 30, 2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

Services

 

$

209,133

 

 

 

$

19,234

 

 

$

230,935

 

Rentals

 

 

143,972

 

 

 

 

14,434

 

 

 

182,436

 

Product sales

 

 

97,213

 

 

 

 

12,260

 

 

 

108,426

 

Total revenues

 

 

450,318

 

 

 

 

45,928

 

 

 

521,797

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

166,069

 

 

 

 

15,080

 

 

 

176,334

 

Cost of rentals

 

 

60,960

 

 

 

 

5,876

 

 

 

71,977

 

Cost of sales

 

 

69,391

 

 

 

 

8,817

 

 

 

69,702

 

Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)

 

 

296,420

 

 

 

 

29,773

 

 

 

318,013

 

Depreciation, depletion, amortization and accretion - services

 

 

73,174

 

 

 

 

3,500

 

 

 

39,501

 

Depreciation, depletion, amortization and accretion - rentals

 

 

50,558

 

 

 

 

2,627

 

 

 

31,080

 

Depreciation, depletion, amortization and accretion - sales

 

 

34,524

 

 

 

 

2,231

 

 

 

18,471

 

General and administrative expenses

 

 

84,417

 

 

 

 

11,052

 

 

 

164,957

 

Restructuring and other expenses

 

 

20,533

 

 

 

 

1,270

 

 

 

27,033

 

Reduction in value of assets

 

 

-

 

 

 

 

-

 

 

 

19,451

 

Loss from operations

 

 

(109,308

)

 

 

 

(4,525

)

 

 

(96,709

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

1,394

 

 

 

 

202

 

 

 

(74,698

)

Reorganization items, net

 

 

-

 

 

 

 

335,560

 

 

 

-

 

Other expense

 

 

(6,499

)

 

 

 

(2,105

)

 

 

(4,810

)

Income (loss) from continuing operations before income taxes

 

 

(114,413

)

 

 

 

329,132

 

 

 

(176,217

)

Income tax (expense) benefit

 

 

15,550

 

 

 

 

(60,003

)

 

 

12,345

 

Net income (loss) from continuing operations

 

 

(98,863

)

 

 

 

269,129

 

 

 

(163,872

)

Loss from discontinued operations, net of income tax

 

 

(33,967

)

 

 

 

(352

)

 

 

(138,002

)

Net income (loss)

 

$

(132,830

)

 

 

$

268,777

 

 

$

(301,874

)

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share -basic

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

(4.94

)

 

 

$

18.13

 

 

$

(11.08

)

Loss from discontinued operations, net of income tax

 

 

(1.70

)

 

 

 

(0.02

)

 

 

(9.32

)

Net income (loss)

 

$

(6.64

)

 

 

$

18.11

 

 

$

(20.40

)

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share - diluted:

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

(4.94

)

 

 

$

18.06

 

 

$

(11.08

)

Loss from discontinued operations, net of income tax

 

 

(1.70

)

 

 

 

(0.03

)

 

 

(9.32

)

Net income (loss)

 

$

(6.64

)

 

 

$

18.03

 

 

$

(20.40

)

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding - basic

 

 

19,997

 

 

 

 

14,845

 

 

 

14,795

 

Weighted-average shares outstanding - diluted

 

 

19,997

 

 

 

 

14,905

 

 

 

14,795

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

5


 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

For the Three Months Ended September 30, 2021

 

 

 

For the Three Months Ended September 30, 2020

 

Net loss

 

$

(45,201

)

 

 

$

(157,304

)

Change in cumulative translation adjustment, net of tax

 

 

-

 

 

 

 

4,216

 

Comprehensive loss

 

$

(45,201

)

 

 

$

(153,088

)

 

 

 

 

Successor

 

 

 

Predecessor

 

 

 

For the Period
February 3, 2021
through September 30, 2021

 

 

 

For the Period
January 1, 2021
through
February 2, 2021

 

 

For the Nine Months
Ended September 30, 2020

 

Net income (loss)

 

$

(132,830

)

 

 

$

268,777

 

 

$

(301,874

)

Change in cumulative translation adjustment, net of tax

 

 

-

 

 

 

 

67,947

 

 

 

(607

)

Comprehensive income (loss)

 

$

(132,830

)

 

 

$

336,724

 

 

$

(302,481

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

6


 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

For the Period
February 3, 2021
through September 30, 2021

 

 

 

For the Period
January 1, 2021
through February 2, 2021

 

 

For the Nine Months
Ended September 30, 2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(132,830

)

 

 

$

268,777

 

 

$

(301,874

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

Depreciation, depletion, amortization and accretion

 

 

189,758

 

 

 

 

10,499

 

 

 

113,313

 

Deferred income taxes

 

 

(27,126

)

 

 

 

54,322

 

 

 

352

 

Reduction in value of assets

 

 

-

 

 

 

 

-

 

 

 

19,451

 

Reduction in value of assets held for sale

 

 

26,905

 

 

 

 

-

 

 

 

109,591

 

Right-of-use assets amortization

 

 

6,145

 

 

 

 

1,372

 

 

 

14,738

 

Stock based compensation expense

 

 

2,126

 

 

 

 

935

 

 

 

6,074

 

Reorganization items, net

 

 

-

 

 

 

 

(354,279

)

 

 

-

 

Bad debt

 

 

(5,303

)

 

 

 

(210

)

 

 

-

 

Gain on sale of assets and businesses

 

 

(16,304

)

 

 

 

58

 

 

 

-

 

Unrealized loss on investment in equity securities

 

 

1,620

 

 

 

 

-

 

 

 

-

 

Other reconciling items, net

 

 

3,447

 

 

 

 

(355

)

 

 

(3,537

)

Changes in operating assets and liabilities: