0000950170-22-004202 | 10-K | XBRL Viewer | Superior Energy Services INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 314,974	$ 188,006
Accounts receivable, net	182,432	158,516
Income taxes receivable	5,099	8,891
Prepaid expenses	15,861	31,793
Inventory	60,603	77,027
Other current assets	6,701	9,171
Investment in equity securities	25,735
Assets held for sale	37,528	242,104
Total current assets	648,933	715,508
Property, plant and equipment, net	356,274	408,107
Operating lease right-of-use assets	25,154	33,317
Goodwill		138,677
Notes receivable	60,588	72,129
Restricted cash	79,561	80,178
Intangible and other long-term assets, net	28,998	53,163
Total assets	1,199,508	1,501,079
Current liabilities:
Accounts payable	43,080	50,330
Accrued expenses	116,882	114,777
Liabilities held for sale	5,607	46,376
Total current liabilities	165,569	211,483
Decommissioning liabilities	190,380	134,436
Operating lease liabilities	19,193	29,464
Deferred income taxes	12,441	5,288
Other long-term liabilities	70,192	123,261
Total non-current liabilities	292,206	292,449
Liabilities Subject to Compromise		1,335,794
Total liabilities	457,775	1,839,726
Stockholders’ equity (deficit):
Common Stock $0.001 par value		16
Predecessor Treasury stock at cost, 972,412 shares at December 31, 2020		(4,290)
Accumulated other comprehensive loss, net		(67,947)
Accumulated deficit	(162,178)	(3,023,315)
Total stockholders’ equity (deficit)	741,733	(338,647)
Total liabilities and stockholders’ equity (deficit)	1,199,508	1,501,079
Common Class A [Member]
Stockholders’ equity (deficit):
Common Stock $0.001 par value	200
Additional paid in capital	902,486	2,756,889
Common Class B [Member]
Stockholders’ equity (deficit):
Common Stock $0.001 par value	1
Additional paid in capital	$ 1,224	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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 at cost, 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

Consolidated Statements Of Operations - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 45,928	$ 648,754	$ 667,249	$ 972,052
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	422,252	408,131	558,265
Depreciation, depletion, amortization and accretion	8,358	219,859	115,771	146,791
General and administrative expenses	11,052	117,575	205,773	244,403
Restructuring expense	1,270	22,952	47,055
Other expenses	0	16,726	0	0
Reduction in value of assets	0	0	23,775	9,293
(Loss) income from operations	(4,525)	(150,610)	(133,256)	13,300
Other income (expense):
Interest income (expense), net	202	2,331	(92,426)	(98,339)
Reorganization items, net	335,560	0	(19,520)	0
Other income (expense)	(2,105)	(7,128)	(9,229)	(2,484)
Income (loss) from continuing operations before income taxes	329,132	(155,407)	(254,431)	(87,523)
Income tax (expense) benefit	(60,003)	33,298	26,888	(2,733)
Net income (loss) from continuing operation	269,129	(122,109)	(227,543)	(90,256)
Loss from discontinued operations, net of income tax	(352)	(40,069)	(168,687)	(165,465)
Net income (loss)	$ 268,777	$ (162,178)	$ (396,230)	$ (255,721)
Income (loss) per share -basic
Net income (loss) from continuing operations	$ 18.13	$ (6.11)	$ (15.35)	$ (5.86)
Loss from discontinued operations, net of income tax	(0.02)	(2.00)	(11.38)	(10.75)
Net income (loss)	18.11	(8.11)	(26.73)	(16.61)
Income (loss) per share - diluted:
Net income (loss) from continuing operations	18.06	(6.11)	(15.35)	(5.86)
Loss from discontinued operations, net of income tax	(0.03)	(2.00)	(11.38)	(10.75)
Net income (loss)	$ 18.03	$ (8.11)	$ (26.73)	$ (16.61)
Weighted Average Number of Shares Outstanding, Basic	14,845	19,998	14,822	15,393
Weighted Average Number of Shares Outstanding, Diluted	14,905	19,998	14,822	15,393
Services [Member]
Revenues:
Total revenues	$ 19,234	$ 305,699	$ 299,383	$ 482,347
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	15,080	236,784	230,341	345,653
Depreciation, depletion, amortization and accretion	3,500	105,426	51,754	77,237
Rentals [Member]
Revenues:
Total revenues	14,434	208,951	225,363	326,126
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	5,876	86,354	88,535	114,552
Depreciation, depletion, amortization and accretion	2,627	69,443	38,561	54,089
Product Sales [Member]
Revenues:
Total revenues	12,260	134,104	142,503	163,579
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	8,817	99,114	89,255	98,060
Depreciation, depletion, amortization and accretion	$ 2,231	$ 44,990	$ 25,456	$ 15,465

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Loss [Abstract]
Net income (loss)	$ 268,777	$ (162,178)	$ (396,230)	$ (255,721)
Change in cumulative translation adjustment, net of tax	67,947	0	3,980	1,250
Comprehensive income (loss)	$ 336,724	$ (162,178)	$ (392,250)	$ (254,471)

- 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

Consolidated Statements Of Changes In Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member] Common Class A [Member]	Additional Paid-in Capital [Member] Common Class B [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss, Net [Member]	Accumulated Deficit [Member]
Beginning balance, value at Dec. 31, 2018	$ 290,739	$ 155		$ 2,735,125			$ (73,177)	$ (2,371,364)
Beginning balance, shares at Dec. 31, 2018		154,885,418
Net income (loss)	(255,721)							(255,721)
Foreign currency translation adjustment	1,250						1,250
Purchases of treasury stock	(4,290)					$ 4,290
Stock-based compensation expense, net of forfeitures	18,459			18,459
Transactions under stock plans	(1,675)	$ 2		(1,677)
Transactions under stock plans, shares		1,187,961
Shares issued under Employee Stock Purchase Plan, value	811			811
Shares issued under Employee Stock Purchase Plan, shares		532,292
1-for-10 Reverse Stock Split		$ (141)		141
1-for-10 Reverse Stock Split, shares		140,916,208
Ending balance, value at Dec. 31, 2019	49,573	$ 16		2,752,859		(4,290)	(71,927)	(2,627,085)
Ending balance, shares at Dec. 31, 2019		15,689,463
Net income (loss)	(396,230)							(396,230)
Foreign currency translation adjustment	3,980						3,980
Stock-based compensation expense, net of forfeitures	4,238			4,238
Transactions under stock plans	(208)			(208)
Transactions under stock plans, shares		109,855
Ending balance, value at Dec. 31, 2020	(338,647)	$ 16		2,756,889		(4,290)	(67,947)	(3,023,315)
Ending balance, shares at Dec. 31, 2020		15,799,318
Net income (loss)	268,777							268,777
Foreign currency translation adjustment	67,947						$ 67,947
Stock-based compensation expense, net of forfeitures	935			935
Common stock issued,shares		19,995,581
Common stock issued,value	902,686	$ 200		902,486
Stock Withheld and Retired Shares		(14,701)
Extinguishment of unrecognized compensation expense	988			988
Restricted stock units vested		48,903
Stockholders' Equity, Other Shares		(15,833,520)
Stockholders' Equity, Other		$ (16)		(2,758,812)		$ 4,290		2,754,538
Ending balance, value at Feb. 02, 2021	902,686	$ 200		902,486
Ending balance, shares at Feb. 02, 2021		19,995,581
Net income (loss)	(162,178)							(162,178)
Foreign currency translation adjustment	0
Stock-based compensation expense, net of forfeitures	2,710				$ 2,710
Common stock issued,shares		3,114	113,840
Common stock issued,value			$ 1		(1)
Stock Withheld and Retired Shares			(37,571)
Stock Withheld and Retired Value	(1,485)				(1,485)
Ending balance, value at Dec. 31, 2021	$ 741,733	$ 200	$ 1	$ 902,486	$ 1,224			$ (162,178)
Ending balance, shares at Dec. 31, 2021		19,998,695	76,269

Consolidated Statements Of Changes In Stockholders' Equity (Deficit) (Parenthetical)	12 Months Ended
	Dec. 31, 2019
Consolidated Statements Of Changes In Stockholders' Equity (Deficit) [Abstract]
Stock split, conversion ratio	0.1

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 268,777	$ (162,178)	$ (396,230)	$ (255,721)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	10,499	251,361	146,793	271,410
Deferred income taxes	54,322	(48,975)	2,041	3,247
Reduction in value of assets	0	0	141,110	93,763
Right-of-use assets amortization	1,372	8,380	20,224	20,613
Amortization of Credit Facility Costs	0	452	0	0
Stock-based compensation expense	935	2,710	2,628	19,814
Reorganization items, net	(354,279)	0	18,087	0
Bad debt	(210)	(4,908)	12,473	76
Gain on sale of assets and businesses	58	0	0	0
Gain on sale of equity securities	0	383	0	0
Unrealized gain on investment in equity securities	0	(2,147)		0
Other expenses	0	30,707	0	0
Other reconciling items, net	355	6,687	8,309	16,023
Changes in operating assets and liabilities:
Accounts receivable	3,602	(28,676)	(111,948)	(104,462)
Prepaid expense	(340)	4,854	0	0
Inventory and other current assets	(221)	22,866	27,933	(6,137)
Accounts payable	(2,365)	735	(35,170)	(12,278)
Accrued expenses	23,489	(21,770)	(18,154)	(37,482)
Income taxes	340	11,535	0	0
Operating lease liabilities and other, net	(241)	(12,366)	(23,157)	(39,316)
Net cash provided by operating activities	5,383	58,884	2,217	146,428
Cash flows from investing activities:
Payments for capital expenditures	(3,035)	(34,152)	(47,653)	(140,465)
Proceeds from sales of assets	775	97,505	50,039	110,008
Proceeds from sales of equity securities	0	4,099	0	0
Net cash from investing activities	(2,260)	67,452	2,386	(30,457)
Cash flows from financing activities:
Credit facility costs	(1,920)	(14)	(1,554)	0
Tax withholdings for vested restricted stock units	0	(1,485)	(208)	(1,677)
Purchases of treasury stock	0	0	0	(4,290)
Delayed draw term loan commitment fee	0	0	(12,000)	0
Other	0	0	(432)	675
Net cash from financing activities	(1,920)	(1,499)	(14,194)	(5,292)
Effect of exchange rate changes on cash	311	0	2,387	961
Net change in cash, cash equivalents, and restricted cash	1,514	124,837	(7,204)	111,640
Cash, cash equivalents, and restricted cash beginning of period	268,184	269,698	275,388	163,748
Cash, cash equivalents, and restricted cash at end of period	$ 269,698	$ 394,535	$ 268,184	$ 275,388

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Basis of Presentation

As used herein, “we,” “us”, “our” and similar terms refer to (i) prior to February 2, 2021 (the “Emergence Date”), SESI Holdings, Inc. (formerly known as Superior Energy Services, Inc.) and its subsidiaries (“Predecessor”) and (ii) after the Emergence Date, Superior Energy Services, Inc. (formerly known as Superior Newco, Inc.) and its subsidiaries (“Successor”).

As used herein, the following terms refer to our operations:


"Predecessor Period"		January 1, 2021 through February 2, 2021
"Successor Period"		February 3, 2021 through December 31, 2021

Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying consolidated financial statements. Certain previously reported amounts, specifically related to assets held for sale and discontinued operations, have been reclassified to conform to current year presentation.

Due to the lack of comparability with historical financials, our consolidated 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. Our financial results for future periods following the application of fresh start accounting will be different from historical trends and the differences may be material.

Business

We serve major, national and independent oil and natural gas exploration and production companies around the world and offer products and services with respect to the various phases of a well’s economic life cycle.

2021 was a transformative year at Superior. Following our emergence from bankruptcy, we embarked on a diligent effort to reconfigure our operations and organization to maximize shareholder value, enhance margin growth and have a more disciplined approach, both operationally and financially (the “Transformation Project”).

The Transformation Project has been focused around three sequential phases:

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Business Unit Review – analyzing strategic changes and executing various non-core asset divestitures, which emphasized product optimization and margin enhancement to maximize the cash flow profile of our business units and focus on our core competencies (collectively, the “Business Unit Review”);

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

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

The evaluation and implementation of the Business Unit Review is substantially complete, which has resulted in lower revenue with increased margins. The Right Size Support and Geographic Focus components are ongoing and should be completed during 2022.

Historically, we provided a wide variety of services and products to many markets within the energy industry. During 2021, we realigned our core businesses to focus on products and services that we believe meet the criteria of (1) being critical to our customers’ oil and gas operations, (2) facing low or no competition from the three largest global oilfield service companies, (3) requiring deep technical expertise through the design or use of our product or service, and (4) being unlikely to become a commoditized product or service to our customers. The result of this approach is a portfolio of business lines grounded in our core mission of providing high quality products and services while maintaining the trust and serving the needs of our customers, with an emphasis on free cash flow generation and capital efficiency for us.

In connection with our Transformation Project, our reportable segments were changed to Rentals and Well Services.

Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code

On December 4, 2020, we and certain of our direct and indirect wholly-owned domestic subsidiaries (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 (the “RSA”), 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 the Chapter 11 Cases under Chapter 11 of 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”). 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.

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 an interim order approving the financing (the “Interim DIP Order”). In accordance with the Interim DIP Order, on December 9, 2020, we, as guarantor and SESI, as borrower, entered into a $120 million Senior Secured Debtor-in-Possession Credit Agreement (the “DIP Credit Facility”). On January 9, 2021, the Bankruptcy Court approved the Affiliate Debtors’ entry into the DIP Credit Facility on a final basis.

On January 19, 2021, the Bankruptcy Court entered an order, Docket No. 289, confirming and approving the Plan.

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, our 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.

We applied ASC 852 in preparing the 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 in our consolidated balance sheet as of December 31, 2020. These liabilities were reported at the amounts we anticipated would be allowed by the Bankruptcy Court. 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 consolidated statements of operations. 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 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. See Note 3 – Fresh Start Accounting for information about the use of estimates relating to fresh start accounting, .

Changes in Accounting Policies

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 consolidated balance sheets and statement of operations. The presentation changes related to foreign currencies, bad debt expense, gains/losses on sales of assets and reduction in value of assets are further described within their relevant discussion below.

Major Customers and Concentration of Credit Risk

The majority of our business is conducted with major and independent oil and gas companies. We evaluate the financial strength of our customers and provide allowances for probable credit losses when deemed necessary.

The market for our services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility.

We derive a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of our total revenues in 2021, 2020 or 2019.

Our assets that are potentially exposed to concentrations of credit risk consist primarily of cash, cash equivalents, and trade receivables. The financial institutions with which we transact business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines, thereby minimizing our exposure to credit risks for deposits in excess of federally insured amounts.

Cash Equivalents

We consider all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Accounts Receivable and Allowances

Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. We maintain our allowance for doubtful accounts at net realizable value. The allowance for doubtful accounts is based on our best estimate of probable uncollectible amounts in existing accounts receivable. We assess individual customers and overall receivables balances to identify amounts that are believed to be uncertain of collection. The aging of the receivable balance as well as economic factors concerning the customer factor into the judgment and estimation of allowances, which often involve significant dollar amounts. Adjustments to the allowance in future periods may be made based on changing customer conditions. Our allowance for doubtful accounts as of December 31, 2021 and 2020 was $2.2 million and $23.0 million, respectively.

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 consolidated balance sheets and statement of operations. Prior to emergence from bankruptcy, we recognized bad debt expense within general and administrative expenses. These expenses are now recognized within cost of revenues. During the Successor Period and Predecessor Period, we recognized $4.9 million, $0.2 million, respectively in bad debt recoveries. During the years ended December 31, 2020 and 2019, we recognized $11.9 million and $2.3 million, respectively, in bad debt expense.

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 or products sold. Taxes collected from customers and remitted to governmental authorities and revenues are reported on a net basis.

A performance obligation arises under contracts with customers and is the unit of account under 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 their 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 standalone selling prices are determined based on the prices charged for services rendered, rentals provided or products sold. 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 are primarily based on a 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 use of rental equipment over the term of the rental period, which is generally less than twelve months.

Product sales: 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 as the amortization period would have been one year or less.

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 inventory. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in the services provided to our customers. The components of inventory balances are as follows (in thousands):


	December 31, 2021		December 31, 2020
Finished goods	$	26,187	$	35,074
Raw materials		9,753		5,139
Work-in-process		4,253		2,994
Supplies and consumables		20,410		33,820
Total	$	60,603	$	77,027

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, which are recorded at fair value as of the date of acquisition. Depreciation 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		10-30 years
Automobiles, trucks, tractors and trailers		4-7 years
Furniture and fixtures		3-10 years

As part of the adoption of fresh start accounting and effective upon emergence from bankruptcy, certain fully depreciated assets were assigned a new remaining useful life of less than 36 months. Prior to emergence from bankruptcy, we recognized gains/losses on sales of assets within general and administrative expenses. Gains/losses on sales of assets are now recognized within other expenses as a component of operating income.

In connection with changes in estimates of our decommissioning liability for our oil and gas property and related notes receivable as of December 31, 2021, we established an asset retirement cost (“ARC”) of $24.2 million which will be depreciated over the estimated life of the oil and gas reserves. See further discussion of our decommissioning liability and notes receivable below.

Reduction in Value of Long-Lived Assets

We review long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The carrying amount of an asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. We record impairment losses on long-lived assets to be held and used in operations when the fair value of those assets is less than their respective carrying amount. Impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Fair value is measured, in part, by the estimated cash flows to be generated by those assets. Our cash flow estimates are based upon, among other things, historical results adjusted to reflect our best estimate of future market rates, utilization levels and operating performance. Our 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. Assets are generally grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. Assets held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell. Our estimate of fair value represents our best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and our estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying value of these assets and, in periods of prolonged down cycles, may result in impairment charges.

During 2020 and 2019, we recorded $23.8 million and $9.3 million, respectively, in connection with the reduction in value of our long-lived assets. The reduction in value of assets was related to long-lived assets primarily in our Well Services segment.

Prior to emergence from bankruptcy, we recognized the reduction in value assets separately on the consolidated statement of operations. Reduction in value of assets are now recognized within other expenses as a component of operating income. The bankruptcy filings required an assessment whether the carrying amounts of our long-lived assets would be recoverable. Management’s evaluation at the Emergence Date indicated that no additional impairment was necessary as a direct result of the bankruptcy filings.

Other Expenses

Other expenses during the Successor Period were $16.7 million. Other expenses comprised $13.1 million related to our Wells Services segment, which includes approximately $11.7 million from exit activities related to SES Energy Services India Pvt. Ltd, and $3.6 million related to our Rentals segment. Other expenses primarily relate to charges recorded as part of our strategic disposal of low margin assets in line with our Transformation Project strategy and includes gains/losses on asset sales, as well as impairments primarily related to long-lived assets.

Goodwill

As part of our emergence from the Chapter 11 Cases, we 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 we retained no goodwill balance based on the assignment of reorganization value to our identifiable assets and liabilities. As noted in Note 3 – Fresh Start Accounting, our goodwill balance of $138.9 million was eliminated as of the Emergence Date. During the Predecessor Period and the years ended December 31, 2020 and 2019, we did not recognize any reduction in value of goodwill. Fluctuations in the carrying amount of goodwill from period to period were from the impacts of foreign currency and were not material for any period.

Notes Receivable

We have decommissioning liabilities related to the acquisition of a single oil and gas property. Our notes receivable consist of a commitment from the seller of the oil and gas property for costs associated with the abandonment of the property. Pursuant to an agreement with the seller, we invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of the seller’s obligation to us totals $115.0 million and is recorded at its present value.

In December 2021, it was determined that the interest rate applied to calculate the fair value of our notes receivable was not revised to reflect the appropriate credit adjusted risk-free rate at the time of our emergence from bankruptcy, and in December 2021, we recorded an increase in the carrying value of our notes receivable of approximately $4.8 million to correct this immaterial misstatement.

Additionally, in December 2021, we revised our estimates relating to the timing of decommissioning work on our oil and gas property, resulting in a three year extension of the expected completion of the platform decommissioning to an estimated date of 2031. This change in estimate resulted in a $20.6 million reduction of the carrying value of the note receivable, which totaled $60.6 million as of December 31, 2021.

The discount on the notes receivable, which is currently based on an effective interest rate of 6.6%, is amortized to interest income over the expected timing of the completion of the decommissioning activities. Interest receivable is considered paid in kind and is compounded into the carrying amount of the note.

During the Successor Period, the Predecessor Period and the years ended December 31, 2020 and 2019, we recorded non-cash interest income of $3.9 million, $0.4 million, $4.5 million and $4.2 million related to our notes receivable, which is included in other reconciling items, net in the Consolidated Statements of Cash Flows.

Restricted Cash

Restricted cash as of December 31, 2021 includes approximately $76.9 million held in a collateral account for the payment and performance of secured obligations including the reimbursement of letters of credit. Additionally, we hold approximately $2.7 million in escrow to secure the future decommissioning obligations related to the oil and gas property.

Decommissioning Liabilities

We account for decommissioning liabilities under ASC 410 – Asset Retirement Obligations. Our decommissioning liabilities are associated with our 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.

In December 2021, we revised our estimates relating to the timing and the cost of decommissioning work on our oil and gas property, which included a three year extension of the completion of the platform decommissioning to an estimated date of 2031. This change in estimate resulted in an increase in the present value of decommissioning liabilities of $3.6 million as of December 31, 2021. Additionally, during the revision of the decommissioning estimates as of December 31, 2021, it was determined that certain wells, primarily conductor and methanol wells, were historically excluded from the estimate of the decommissioning liability, including as part of our fresh start accounting. We also identified an error in the accretion calculation for the successor period. At December 31, 2021, we recognized a combined $11.0 million increase in the decommissioning liability and recorded incremental accretion of $3.1 million to correct these immaterial misstatements. In applying ASC 852, the additional decommissioning liability as of fresh start led to an increase to intangible assets, specifically trademarks of $3.1 million after considering the effects of the notes receivable adjustment, that was also recognized at December 31, 2021.

We had decommissioning liabilities of $190.4 million as of December 31, 2021. We had decommissioning liabilities of $142.7 million as of December 31, 2020, including decommissioning liabilities included within liabilities held for sale. In connection with fresh start accounting, we now present all decommissioning liabilities separately on the balance sheet. Previously, certain decommissioning liabilities were included as a component of other long-term liabilities.

During the Successor Period, the Predecessor Period and the years ended December 31, 2020 and 2019, we recognized $9.3 million, $0.5 million, $6.5 million and $6.1 million of accretion expense associated with our decommissioning liabilities.

Income Taxes

We use the asset and liability method of accounting for income taxes. This method takes into account the differences between financial statement treatment and tax treatment of certain transactions. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Our deferred tax calculation requires us to make certain estimates about our future operations. Changes in state, federal and foreign tax laws, as well as changes in our financial condition or the carrying value of existing assets and liabilities, could affect these estimates. The effect of a change in tax rates is recognized as income or expense in the period that the rate is enacted.

We recognize DTAs to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. If we determine that we would be able to realize our DTAs in the future in excess of their net recorded amount, we would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes.

We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

Earnings per Share

Our common equity consists of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”) and Class B common stock, par value $0.01 per share (“Class B Common Stock”). See Note 2 - Emergence from Voluntary Reorganization under Chapter 11 and Note 9 - Stock-Based Compensation Plans for further discussion of our Class A and Class B Common Stock.

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 conversion of restricted stock units.

During the Successor Period and the years ended December 31, 2020 and 2019, we incurred losses from continuing operations; as such, the impact of any incremental shares would be anti-dilutive. Diluted earnings per share for the Predecessor Period includes the impact of approximately 0.1 million dilutive securities. At December 31, 2021, we have 0.1 million shares of unvested restricted stock and $1.4 million in unvested restricted stock units outstanding which will be converted into Class B common shares upon vesting.

Foreign Currency

As part of the adoption of fresh start accounting and effective upon emergence from bankruptcy, we have adopted new presentations for certain items. The functional currency of certain international subsidiaries changed from the local currency to U.S. 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's parent currency as the functional currency which resulted in a change in functional currency to U.S. dollars for all international subsidiaries.

Financial statements of our international subsidiaries are remeasured into U.S. dollars using the historical exchange rate for affected the long-term assets and liabilities and the balance sheet date exchange rate for affected current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. During the Successor Period, the Predecessor Period and the years ended December 31, 2020 and 2019, we recorded foreign currency losses of $8.8 million, $2.1 million, $8.9 million and $0.8 million, respectively.

Stock-Based Compensation

We record compensation costs relating to share-based payment transactions and include such costs in general and administrative expenses in the consolidated statements of operations. The cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award).

Self-Insurance Reserves

We are self-insured, through deductibles and retentions, up to certain levels for losses under our insurance programs. We accrue for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. We regularly review the estimates of asserted and unasserted claims and provide for losses through reserves. We obtain actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis.

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 us beginning on January 1, 2023. We have concluded that the adoption of ASU 2016-13 will not have a material impact on our 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 consolidated 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 our 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.

Subsequent Events

We and stockholders holding a majority of our Class A common stock entered into the Fifth Amendment to the Stockholders Agreement, effective as of February 9, 2022, which provides that if an officer or other authorized agent has been granted authority to approve a matter or take other action pursuant to a board-approved delegation of authority matrix, prior approval of the board will be deemed obtained without any further approval from the board.

On February 10, 2022, we entered into a Third Amendment to Credit Agreement to, among other things, provide us with additional flexibility around making asset sales. Specifically, the Credit Agreement was amended to refresh the amount of properties sold, transferred or otherwise disposed of pursuant to the “Substantial Portion” exception to $0 as of January 31, 2022. The “Substantial Portion” exception allows us to sell, transfer or otherwise dispose of properties so long as the aggregate value of all such properties sold, transferred or otherwise disposed of do not exceed (a) 10% of our gross book value of the assets during the four fiscal year quarter period ending with the fiscal quarter in which such determination is made, or (b) 10% of our consolidated net sales or net income during the four fiscal year quarter period ending with the fiscal quarter in which such determination is made. The Credit Agreement was also amended to add a new asset sale exception that allows us to make additional asset sales up to $25.0 million so long as (a) liquidity is greater than $100.0 million, (ii) unused availability under the Credit Agreement is greater than $25.0 million, and (iii) we receive 100% cash consideration to the extent that the property being sold is otherwise included in the calculation of the borrowing base under the Credit Agreement.

On March 8, 2022, we entered into a Fourth Amendment and Waiver to Credit Agreement to, among other things, permit us to file SES Energy Services India Pvt. Ltd, a private limited company of India and an indirect subsidiary, for bankruptcy under the Insolvency and Bankruptcy Code of India without triggering a default under the Credit Agreement.

Emergence from Voluntary Reorganization under Chapter 11

12 Months Ended

Dec. 31, 2021

Chapter 11 Reorganization [Abstract]

Emergence from Voluntary Reorganization under Chapter 11

(2) Emergence from Voluntary Reorganization under Chapter 11

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

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. Certain holders of pre-petition claims that were governmental units were required to file proofs of claim by the bar date of June 7, 2021. The Affiliate Debtors’ have received proofs of claim, primarily representing general unsecured claims, of approximately $1.7 billion. The

Bankruptcy Court disallows claims that have been acknowledged as duplicates. Claims totaling approximately $1.4 billion have been withdrawn or disallowed. Differences in amounts recorded and claims filed by creditors were 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 took considerable time to complete and continued even after the Affiliate Debtors emerged from bankruptcy. As a result of the claims resolution process post-emergence, the Affiliate Debtors agreed to allow certain claims classified per the Plan as Class 6 General Unsecured Claims against the Parent. 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.

On the Emergence Date and pursuant to the Plan:

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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);

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

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General unsecured creditors for the Predecessor received their pro rata share of a cash pool in the amount of $125,000;

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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:

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A cash 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 or was otherwise deemed to have opted 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,

•

Predecessor equity interests 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.

Prior to the Emergence Date, the Equity Rights Offering was completed in accordance with the Plan, which resulted in the issuance of 735,189 shares of Class A Common Stock. The Class A Common Stock issued in the Equity Rights Offering was exempt from registration under the Securities Act pursuant to section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.

The costs of our 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 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 the 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 which are incorporated by reference herein.

Fresh Start Accounting

12 Months Ended

Dec. 31, 2021

Fresh Start Accounting [Abstract]

Fresh Start Accounting

(3) 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 our then existing common shares received less than 50 percent of our new common shares outstanding upon emergence and (2) the reorganization value of our 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.

Reorganization Value

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 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.

The reorganization value represents the fair value of our total assets before considering certain liabilities and is intended to approximate the amount a willing buyer would pay for our 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 our 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 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 using estimates of the reserve volumes and associated income data based on escalated price and cost parameters.

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.

Decommissioning Liabilities

In accordance with FASB ASC Topic No. 410 – Asset Retirement and Environmental Obligations (“ASC 410”), the decommissioning liabilities associated with our oil and gas assets were valued using the income approach. Estimates of future retirement costs were adjusted for an estimated inflation rate over the expected time period prior to retirement and future cash outflows were discounted by a credit adjusted risk-free rate. We changed our presentation to consolidate the decommissioning liabilities previously recorded to other long-term liabilities into decommissioning liabilities.

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 Balance Sheet

The adjustments included in the following fresh start consolidated 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 balance sheet as of the Emergence Date was as follows (in thousands):

As of February 2, 2021

Reorganization

Fresh Start


	Predecessor			Adjustments				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		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		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		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 from the Chapter 11 Cases 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 lease 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 million in proceeds used to settle $952 million 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 million 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 which decreased the value of 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)

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.

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	$	-	$	4,901
Trademarks		4,166		11
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.

(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 Predecessor Period. 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 Predecessor Period, with $3.1 million representing cash used in operating activities during the 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 14 - Discontinued Operations.

Restructuring expenses

In connection with the Transformation Project, during the Successor Period and Predecessor Period, we incurred costs of $23.0 million and $1.3 million, respectively, which primarily relate to professional fees and separation costs related to former executives and personnel. These costs are included in Restructuring expenses in the consolidated statements of operations. Additionally, during the Successor Period, we have incurred shut down costs of $8.9 million at certain locations in our Well Services segment. These shut down costs include the write-down of inventory of $6.5 million which is reflected in cost of sales and the severance of personnel and other shut down costs of $2.4 million which is primarily reflected in cost of services.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue [Abstract]

Revenue

(4) Revenue

Disaggregation of revenue

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


	Successor		Predecessor
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
U.S. land
Rentals	$	87,432	$	4,917	$	78,537	$	178,345
Well Services		20,133		3,379		26,924		66,643
Total U.S. land		107,565		8,296		105,461		244,988

U.S. offshore
Rentals		103,646		8,196		129,021		143,973
Well Services		93,412		7,371		104,559		196,592
Total U.S. offshore		197,058		15,567		233,580		340,565

International
Rentals		77,617		5,226		90,277		108,124
Well Services		266,514		16,839		237,931		278,375
Total International		344,131		22,065		328,208		386,499
Total Revenues	$	648,754	$	45,928	$	667,249	$	972,052

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


	Successor		Predecessor
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
Services
Rentals	$	33,629	$	2,005	$	45,226	$	69,958
Well Services		272,070		17,229		254,157		412,389
Total Services		305,699		19,234		299,383		482,347

Rentals
Rentals		197,050		14,082		215,163		310,844
Well Services		11,901		352		10,200		15,282
Total Rentals		208,951		14,434		225,363		326,126

Product Sales
Rentals		38,016		2,252		37,446		49,640
Well Services		96,088		10,008		105,057		113,939
Total Product Sales		134,104		12,260		142,503		163,579
Total Revenues	$	648,754	$	45,928	$	667,249	$	972,052

- 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

(5) Leases

We determine if an arrangement is a lease at inception. All of our leases are operating leases and are included in ROU assets, accounts payable and operating lease liabilities in the consolidated balance sheet.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the 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.

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
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
Long-term fixed lease expense	$	12,579	$	1,824	$	18,454	$	22,882
Long-term variable lease expense		-		19		10		54
Short-term lease expense		10,165		789		4,322		3,205
Total operating lease expense	$	22,744	$	2,632	$	22,786	$	26,141

Operating leases were as follows (in thousands):


	Successor		Predecessor
	December 31, 2021		December 31, 2020
Operating lease ROU assets	$	25,154	$	33,317

Accrued expenses	$	5,650	$	10,698
Operating lease liabilities		19,193		29,464
Total operating lease liabilities	$	24,843	$	40,162

Weighted average remaining lease term	15 years		11 years
Weighted average discount rate	5.34%		6.35%

Cash paid for operating leases	$	13,591	$	24,657
ROU assets obtained in exchange for lease obligations	$	2,820	$	5,259

During the Predecessor Period, cash paid for operating leases totaled $1.6 million and ROU assets obtained in exchange for lease obligation were $0.4 million.

Maturities of operating lease liabilities at December 31, 2021 are as follows (in thousands):


2022	$	8,002
2023		5,735
2024		3,611
2025		2,905
2026		1,854
Thereafter		16,628
Total lease payments		38,735
Less imputed interest		(13,892	)
Total	$	24,843

Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

(6) Intangibles

Intangible assets, net as of December 31, 2021 and 2020 consist of the following (in thousands):


			Successor							Predecessor
			December 31, 2021							December 31, 2020
	Estimated		Gross		Accumulated			Net		Gross		Accumulated			Net
	Useful Lives		Amount		Amortization			Balance		Amount		Amortization			Balance
Trademarks		10	$	7,294	$	(655	)	$	6,639	$	4,744	$	(4,263	)	$	481
Patents		10		2,120		(195	)		1,925		-		-			-
Customer Relationships		17		-		-			-		14,592		(10,077	)		4,515
Non-Compete Agreements		3		-		-			-		3,478		(3,478	)		-
Total			$	9,414	$	(850	)	$	8,564	$	22,814	$	(17,818	)	$	4,996

At December 31, 2021, we recognized an increase in trademarks of approximately $3.1 million related to fresh start accounting adjustments associated with the revision of our decommissioning liabilities. See Note 1 - Summary of Significant Accounting Policies for further discussion of the changes in our decommissioning liabilities.

Amortization expense for the Successor Period, the Predecessor Period and the years ended December 31, 2020 and 2019 was $0.9 million, $0.1 million, $1.3 million and $1.3 million, respectively. Based on the carrying values of intangible assets of December 31, 2021, amortization expense for the next five years (2022 through 2026) is estimated to be $0.9 million.

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant And Equipment [Abstract]

Property, Plant and Equipment, Net

(7) Property, Plant and Equipment, Net

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


	Successor			Predecessor
	December 31, 2021			December 31, 2020
Machinery and equipment	$	360,353		$	1,727,454
Buildings, improvements and leasehold improvements		75,374			171,635
Automobiles, trucks, tractors and trailers		6,450			11,742
Furniture and fixtures		19,668			31,407
Construction-in-progress		6,700			4,793
Land		28,671			33,394
Oil and gas producing assets		44,700			15,117
Total		541,916			1,995,542
Accumulated depreciation and depletion		(185,642	)		(1,587,435	)
Property, plant and equipment, net	$	356,274		$	408,107

We had $7.2 million and $28.9 million of leasehold improvements at December 31, 2021 and 2020, respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Oil and gas producing assets includes $24.2 million and $4.6 million as of December 31, 2021 and 2020, respectively, for asset retirement costs associated with our oil and gas property.

Depreciation expense (excluding depletion, amortization and accretion) for the Successor Period, the Predecessor Period and the years ended December 31, 2020 and 2019 was $238.8 million, $9.5 million, $103.5 million and $131.5 million, respectively. See Note 14 - Discontinued Operations for a discussion of depreciation expense related to our discontinued operations.

As discussed above, depreciation expense in the Successor Period was impacted by the valuation process under fresh start accounting. Certain fully depreciated assets were assigned an estimated fair value of approximately $197.5 million and a remaining useful life of less than 36 months which significantly increased the amount of depreciation expense recorded in the Successor Period. Depreciation expense for these previously fully depreciated assets was $167.5 million for the Successor Period. See Note 3 – Fresh Start Accounting for additional information.

Debt

12 Months Ended

Dec. 31, 2021

Debt [Abstract]

Debt

(8) Debt

Credit Facility

On the Emergence Date, pursuant to the Plan, we 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, all of which is available for the issuance of letters of credit (the “Credit Facility”). The issuance of letters of credit will reduce availability under the Credit Facility dollar-for-dollar.

As of December 31, 2021, the borrowing base under the Credit Facility was approximately $114.9 million and we had $37.1 million of letters of credit outstanding that reduced the borrowing availability under the revolving credit facility. We had no outstanding borrowings under the Credit Facility as of December 31, 2021.

On the Emergence Date, the Credit Facility replaced the DIP Credit Facility and the 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 cash in full as well. 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 the Emergence Date 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 will be the lesser of (i) the commitments and (ii) the borrowing base. 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 us and all of SESI’s material domestic subsidiaries and secured by substantially all of our, SESI’s and the subsidiary guarantors’ assets, other than real property.

Any borrowings under the Credit Facility will bear interest, at SESI’s option, at either an adjusted LIBOR 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 consolidated fixed charge coverage ratio. In addition, SESI is required to pay (i) a letter of credit fee, (ii) to the issuing lender of each letter of credit, a fronting fee and (iii) commitment fees. Upon the cessation of LIBOR, the Credit Facility provides for the use of alternative benchmark rates for the determination of the borrowing rate, and the cessation of LIBOR will not have a material impact on us.

Unless all loans are paid off and letters of credit outstanding are cash collateralized and the Credit Facility terminated, the Credit Facility requires, subject to permitted exceptions, compliance with various covenants, 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 also requires compliance with a fixed charge coverage ratio of 1.0 to 1.0 if (a) an event of default has occurred and is continuing or (b) 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.

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. As discussed below, we have filed the required financial statements and delivered the revised borrowing base certificate in satisfaction of this requirement.

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. We filed our consolidated unaudited financial statements as of, and for, the quarters ended March 31, 2021 and June 30, 2021 and delivered a revised borrowing base certificate within the required timeframe.

On November 15, 2021, we entered into a Second Amendment and Waiver to our Credit Agreement to (i) extend the deadline under the Credit Agreement for the delivery of our consolidated unaudited financial statements as of, and for, the quarter ended September 30, 2021 and the calendar month ending October 31, 2021 to December 10, 2021, (ii) obtain a limited waiver of potential defaults under the Credit Agreement related to a delayed public filing of the quarterly report on Form 10-Q for the quarter ended September 30, 2021 after the original deadline, and (iii) agree that until the quarterly unaudited financial statements and a revised borrowing base certificate in connection with such quarter are delivered, the lenders will not be required to make any advances requested by Borrower. We filed our consolidated unaudited financial statements as of, and for, the quarter ended September 30, 2021 and delivered a revised borrowing base

certificate within the required timeframe. In addition, the Credit Agreement was amended to, among other things, permit the disposition of the HB Onshore Rentals Business (as defined in the Credit Agreement).

Prepetition Indebtedness:

The commencement of the Chapter 11 Cases constituted an event of default with respect to the Prepetition Credit Facility (defined below) and the 7.125% Notes and 7.750% Notes. The enforcement of any obligations under the prepetition debt was automatically stayed as a result of the Chapter 11 Cases.

Debtor-in-Possession Credit Agreement

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 an interim order approving the financing (the “Interim DIP Order”). In accordance with the Interim DIP Order, on December 9, 2020, we, as guarantor and SESI, as borrower, entered into a $120 million Senior Secured Debtor-in-Possession Credit Agreement (the “DIP Credit Facility”). On January 19, 2021, the Bankruptcy Court approved the Affiliated Debtors’ entry into the DIP Credit Facility on a final basis.

Delayed-Draw Term Loan Commitment Letter

On September 29, 2020, we 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.

We 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. The termination resulted in the recognition of $12.0 million of reorganization items, net during the Predecessor Period.

Prepetition Credit Facility

Prior to the commencement of the Chapter 11 Cases, we had an asset-based revolving credit facility (the “Prepetition Credit Facility”) which was scheduled to mature in October 2022. Upon commencement of the Chapter 11 Cases, all amounts outstanding under the Prepetition Credit Facility became outstanding under the DIP Credit Facility.

The borrowing base under the Prepetition Credit Facility was calculated based on a formula referencing the borrower’s and the subsidiary guarantors’ eligible accounts receivable, eligible inventory and eligible premium rental drill pipe less reserves. Availability under the Prepetition Credit Facility was the lesser of (i) the commitments, (ii) the borrowing base and (iii) the highest principal amount permitted to be secured under the indenture governing the 7.125% Notes.

Senior Unsecured Notes

We had outstanding $800.0 million of 7.125% 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 15 of each year through the maturity date of December 15, 2021. Additionally, we had outstanding $500.0 million of 7.750% senior unsecured notes due September 2024. The indenture governing the 7.750% 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.

We, along with certain of our direct and indirect 100% owned domestic subsidiaries, entered into guarantees of the outstanding 7.750% Notes. All guarantees were full and unconditional, joint and several, except that the guarantee of any subsidiary guarantor could be released under certain customary circumstances, including, but not limited to, upon legal defeasance or satisfaction and discharge of the indenture that governed the 7.750% Notes. We were to be released from our guarantee only in connection with any legal defeasance or

satisfaction and discharge of the indenture. At the Emergence Date, all obligations under the 7.750% Notes were cancelled and the applicable agreements governing such obligations were terminated.

The balances outstanding under the 7.125% Notes and 7.750% Notes were classified as liabilities subject to compromise in the accompanying consolidated balance sheet at December 31, 2020. On the Emergence Date, obligations under the 7.125% Notes and 7.750% Notes, including principal and accrued interest of $35.8 million, were fully extinguished in exchange for equity.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2021

Stock-Based And Long-Term Incentive Compensation [Abstract]

Stock-Based And Long-Term Incentive Compensation

(9) Stock-Based Compensation Plans

As noted in Note 2 – Emergence from Voluntary Reorganization under Chapter 11, our outstanding 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 Management Incentive Plan (“MIP”), 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

Total stock-based compensation expense and the associated tax benefits during the Successor Period are as follows (in thousands):


	Successor
	For the Period February 3, 2021 through December 31, 2021
Restricted stock awards	$	2,071
Restricted stock units		639
Cash-based PSUs (1)		(1,268	)
Total compensation expense		1,442
Related income taxes		(335	)
Total compensation expense, net of income taxes	$	1,107

(1)

The PSU's related to the performance period ended December 31, 2021 were canceled due to not achieving the required performance.

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 2, 2021, the Board and the Compensation Committee approved the issuance of 113,840 shares of restricted stock (76,269 shares of restricted stock after giving effect to tax withholding) of Class B common stock under the MIP to certain of our non-employee directors and officers (the “Restricted Stock Awards”). Upon issuance of the Restricted Stock Awards, we immediately vested and retired 35,571 shares which were withheld for taxes. The Restricted Stock Awards 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 Stock Awards was estimated to be $39.53 per share as of the date of grant. The unamortized estimated grant date fair value as of December 31, 2021 was approximately $2.4 million.

During the third quarter of 2021, the Board and the Compensation Committee approved the issuance of $2.0 million in restricted stock units which will be convertible into Class B common stock upon vesting (the “Restricted Stock Units”). These Restricted Stock Units will vest over a period of 18 months, subject to earlier vesting and forfeiture on terms and conditions set forth in the applicable award agreement. The fair value of the Restricted Stock Units was estimated to be $39.53 per share as of the date of grant. The unamortized estimated grant date fair value as of December 31, 2021 was approximately $1.4 million.

Liability-Classified Compensation

401(k)

We maintain a defined contribution profit sharing plan for employees who have satisfied minimum service requirements. Employees may contribute up to 75% of their eligible earnings to the plan subject to the contribution limitations imposed by the Internal Revenue Service. We provide a nondiscretionary match of 100% of an employee’s contributions to the plan, up to 4% of the employee’s salary. We made contributions of $2.6 million, $0.4 million, $6.2 million and $10.5 million during the Successor Period, Predecessor Period and in 2020 and 2019, respectively.

Supplemental Executive Retirement Plan

We have a supplemental executive retirement plan (“SERP”). The SERP provides retirement benefits to our executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. Prior to January 1, 2020, under the SERP, we made annual contributions to a retirement account based on age and years of service. The participants in the plan received contributions ranging from 5% to 35% of salary and annual cash bonus, which totaled $0 million, $1.1 million and $1.2 million during 2020, 2019 and 2018, respectively. We made payments to eligible participants in the SERP of $3.4 million during the Successor Period, and made payments to eligible participants of $2.3 million in 2019. No payments were made during the Predecessor Period or during 2020.

Predecessor Stock-Based and Long-Term Incentive Compensation

On September 28, 2020, the Board of Directors of the Predecessor approved the implementation of a Key Employee Retention Program (“KERP”), which was designed to retain key employees in their current roles over the near term while providing them with financial stability. KERP payments were in lieu of any outstanding unvested awards under our long-term equity-based incentive plans (other than any cash-based performance units (which we refer to as PSUs) any annual bonuses that would otherwise be payable to the KERP participants. The KERP provided for one-time retention payments equal to approximately $7.3 million in the aggregate to our six executive officers, including our named executive officers. The KERP further provided for approximately $2.4 million of retention payments to other non-executive employees.

We were authorized to grant restricted stock units, stock options, performance share units and other cash and stock awards as part of its Long-Term Incentive Program (LTIP). Total stock-based compensation expense is reflected in general and administrative expenses in the consolidated statements of operations. Total stock-based compensation expense and the associated tax benefits are as follows (in thousands):


	Predecessor
				Year ended December 31,
	For the Period January 1, 2021 through February 2, 2021			2020			2019
Stock options	$	-		$	94		$	2,743
Restricted stock units		1,170			4,144			15,716
Cash restricted stock units		-			(56	)		298
Cash-based PSUs		78			(1,554	)		935
Total compensation expense		1,248			2,628			19,692
Related income taxes		(60	)		(610	)		(4,569	)
Total compensation expense, net of income taxes	$	1,188		$	2,018		$	15,123

Stock Options

Stock option grants generally vested in equal installments over three years and expired in ten years from the grant date. Non-vested stock options were generally forfeited upon termination of employment. Compensation expense for stock option grants was recognized based on the fair value at the date of grant using the Black-Scholes-Merton option pricing model. Historical data, among other factors, was used to estimate the expected volatility and the expected life of the stock options. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the stock option. The dividend yield was based on our historical and projected dividend payouts.

We did not grant any stock options during the Predecessor Period or the year ended December 31, 2020. The weighted average fair values of stock options granted in 2019 was $24.60 and was based on a risk free interest rate of 2.57%, an expected life of 6 years and

an expected volatility of 56.62%. As of December 31, 2020, 468,247 stock options were outstanding and exercisable at a weighted average option price of $156.97. As discussed above, all stock options were canceled for no consideration at the Emergence Date.

Restricted Stock Units

RSUs granted as part of the LTIP generally vested in equal annual installments over three years. At December 31, 2020, 134,236 non-vested RSUs were outstanding at a weighted average grant date fair value of $80.27. During the Predecessor Period, 48,903 RSU's vested, and we recognized approximately $1.0 million in Reorganization items, net associated with the remaining RSUs, which were either forfeited or canceled for no consideration at the Emergence Date.

Performance Share Units

As part of our LTIP, PSUs were issued providing for a three year performance period. At December 31, 2020, there were 210,398 PSUs outstanding (96,522 and 113,876 related to performance periods ending December 31, 2020 and 2021, respectively). The 2020 PSU grants (related to performance periods ending December 31, 2022) were surrendered as a condition to participation in the KERP. During the Successor Period, payments of approximately $4.0 million were made related to the performance period ended December 31, 2020 and the PSU's related to the performance period ended December 31, 2021 were canceled due to not achieving the required performance.

Non-Qualified Deferred Compensation Plan

The Nonqualified Deferred Compensation Plan (“NQDC Plan”) provides an income deferral opportunity for executive officers and certain senior managers who qualified for participation. Participants in the NQDC Plan could make an advance election each year to defer portions of their base salary, bonus and other compensation. Payments made to participants are based on their enrollment elections and plan balances. No deferrals were elected for 2021. We have not had enrollment periods for the NQDC since 2019.

Employee Stock Purchase Plan

Our Employee Stock Purchase Plan (“ESPP”) terminated in accordance with its terms in 2019. Prior to termination, eligible employees were allowed to purchase shares of common stock at a discount during six month offering periods beginning on January 1st and July 1st of each year and ending on June 30 and December 31 of each year, respectively. During 2019, 532,292 shares were issued in connection with the ESPP. Cash received from participants totaled $0.7 million and we recognized compensation expense of $0.1 million.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Income Taxes

(10) Income Taxes

The income tax provision is as follows:


	Successor			Predecessor
In thousands:	Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Current income tax expense/(benefit)
Federal	$	(1,106	)	$	-		$	(36,506	)	$	-
State		(307	)		-			635			546
Foreign		6,220			3,314			8,497			(3,359	)
Total current income tax expense/(benefit)		4,807			3,314			(27,374	)		(2,813	)

Deferred income tax expense/(benefit)
Federal		(42,904	)		55,015			4,593			10,175
State		2,633			(182	)		(638	)		1,623
Foreign		2,166			1,856			(3,469	)		(6,252	)
Total deferred income tax expense/(benefit)		(38,105	)		56,689			486			5,546
Total income tax expense/(benefit)	$	(33,298	)	$	60,003		$	(26,888	)	$	2,733

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), a tax relief and spending package intended to provide economic stimulus to address the impact of the COVID-19 pandemic. The CARES Act allows corporations with net operating losses generated in 2018, 2019 and 2020 to elect to carryback those losses for a period of five years and relaxes the limitation for business interest deductions for 2019 and 2020. Under the provisions of the CARES Act, we received a refund

of $30.5 million in July 2020 related to the carryback of the 2018 net operating loss and received a refund of $8.2 million in February 2021 related to the carryback of the 2019 net operating loss.

A reconciliation of the U.S. statutory federal tax rate to the consolidated effective tax rate is as follows:


	Successor			Predecessor
In thousands:	Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Computed expected tax expense/(benefit)	$	(32,635	)	$	69,125		$	(53,431	)	$	(18,380	)
State and foreign income taxes		(17,893	)		6,217			5,026			(7,444	)
Valuation allowance		-			(46,208	)		19,024			24,638
Gain on Settlement of Liabilities Subject to Compromise		-			(89,905	)		-			-
Reduction in Deferred Tax Assets		19,154			87,316			-			(233	)
Fresh Start Adjustments		-			29,099			-			-
Other		(1,924	)		4,359			2,493			4,152
Total income tax expense/(benefit)	$	(33,298	)	$	60,003		$	(26,888	)	$	2,733

We have evaluated the tax impact resulting from our emergence from Chapter 11 Bankruptcy on February 2, 2021 and the Plan. As part of the debt restructuring, a substantial portion of our pre-petition debt was extinguished. Absent an exception, a taxpayer recognizes cancellation of indebtedness income (“CODI”) upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. A taxpayer in bankruptcy may exclude CODI from taxable income but must first reduce its tax attributes by the amount of CODI realized. When the debt was extinguished, we realized CODI for U.S. federal income tax purposes of approximately $428 million. The CODI exclusion resulted in a partial elimination of our federal net operating loss carryforwards, as well as a partial reduction in tax basis in assets, primarily property, plant and equipment. The CODI also eliminated $19.2 million of state NOL deferred tax asset which resulted in a corresponding reduction in the state valuation allowance.

Section 382 of the Internal Revenue Code of 1986 provides an annual limitation with respect to the ability of a corporation to utilize its tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. We experienced an ownership change on February 2, 2021, as defined in Section 382, due to the Plan. The limitation under Section 382 is based on the value of the corporation as of the Emergence Date. We do not expect the Section 382 limitation to impact our ability to use U.S. tax attributes other than foreign tax credits.

Significant components of our deferred tax assets and liabilities are as follows:


	Successor			Predecessor
In thousands:	December 31, 2021			December 31, 2020
Deferred tax assets:
Allowance for doubtful accounts	$	1,046		$	1,713
Operating loss and tax credit carryforwards		84,684			150,426
Compensation and employee benefits		8,832			27,625
Decommissioning liabilities		39,328			30,960
Operating leases		197			2,792
Other assets		30,749			34,578
Total gross deferred tax assets		164,836			248,094
Less: Valuation allowance		(90,781	)		(139,106	)
Total deferred tax assets		74,055			108,988

Deferred tax liabilities:
Property, plant and equipment		64,721			69,510
Notes receivable		17,812			12,977
Goodwill and other intangible assets		(772	)		23,920
Other liabilities		1,287			7,869
Total deferred tax liabilities		83,048			114,276
Net deferred tax liabilities	$	8,993		$	5,288

Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. The measurement of deferred tax assets and liabilities is based on enacted tax laws and rates currently in effect in each of the jurisdictions in which we have operations. In recording deferred income tax assets, we consider whether it is more likely than not that some portion or all of the deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income of the appropriate character during the periods in which those deferred income tax assets would be deductible. We consider all available positive and negative evidence, including scheduled reversal of deferred income tax liabilities, projected future taxable income,

tax-planning strategies, and results of recent operations for this determination. Due to the history of losses in recent years, we are not relying on any projected future taxable income for this analysis. We are in a net deferred tax liability position as of December 31, 2021 in the U.S., and the reversal of the deferred tax liability is expected to offset the reversal of U.S. deferred tax assets in the future periods. Thus, management believes that it is more likely than not that U.S. federal deferred tax assets, with the exception of certain credits, will be realized. Management determined that sufficient positive evidence does not exist to realize deferred tax assets for certain U.S. federal credits, certain U.S. state tax attributes, and for deferred tax assets in the majority of our foreign operations.

The amount of U.S. consolidated net operating losses available as of December 31, 2021, after attribute reduction, is estimated to be approximately $43.3 million, which are available to reduce future taxable income. These losses have an indefinite carryforward but are limited to offsetting 80% of taxable income each year. At December 31, 2021, we also had various state net operating loss carryforwards with expiration dates starting in 2022. A net deferred tax asset of $18.8 million reflects the expected future tax benefit for the state loss carryforwards. At December 31, 2021, we also had a U.S. foreign tax credit carryforward of $55.9 million with expiration dates from 2025 to 2027.

We have not provided income tax expense on earnings of our foreign subsidiaries, since we have reinvested or expect to reinvest undistributed earnings outside the U.S. indefinitely. At December 31, 2021, our foreign subsidiaries had an overall accumulated deficit in earnings. We do not intend to repatriate the earnings of our profitable foreign subsidiaries. We have not provided U.S. income taxes for such earnings. These earnings could become subject to U.S. income tax, state and foreign taxes if repatriated. It is not practicable to estimate the amount of taxes that might be payable on such undistributed earnings.

We file income tax return in the U.S., including federal and various state filings, and certain foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. We remain subject to U.S. federal tax examinations for years after 2017.

The activity in unrecognized tax benefits is as follows:


	Successor			Predecessor
In thousands:	Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021		For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Unrecognized tax benefits at beginning of period	$	14,706		$	13,206	$	13,206		$	30,558
Additions based on tax positions related to prior years		2,848			1,500		1,757			2,500
Reductions based on tax positions related to prior years		(552	)		-		-			-
Additions based on tax positions related to current year		-			-		-			-
Reductions as a result of a lapse of the applicable statute of limitations		-			-		(757	)		-
Reductions relating to settlements with taxing authorities		(2,029	)		-		(1,000	)		(19,852	)
Unrecognized tax benefits at end of period	$	14,973		$	14,706	$	13,206		$	13,206

We had unrecognized tax benefits of $15.0 million, $13.2 million and $13.2 million as of December 31, 2021, 2020 and 2019, respectively, all of which would impact our effective tax rate if recognized. It is reasonably possible that $2.9 million of unrecognized tax benefits could be settled in the next twelve-month period due to the conclusion of tax audits or due to the expiration of statute of limitations.

The amounts above include accrued interest and penalties of $6.9 million, $5.8 million and $5.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2019, we recorded a reduction in unrecognized tax benefits of $19.9 million relating to settlements of income tax audits in foreign countries. Interest and penalties associated with the unrecognized tax benefits are classified as a component of income tax expense in the consolidated statements of operations.

- 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

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Information [Abstract]

Segment Information

(11) Segment Information

In connection with our Transformation Project, our reportable segments were changed to Rentals and Well Services. We have recast historical amounts below and in Note 4 - Revenue in connection with this change.

Business Segments

The products and service offerings of Rentals are comprised of value-added engineering and design services, rental of premium drill strings, tubing, landing strings, completion tubulars and handling accessories, 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, and onshore international production services. The Well Services segment also includes the operations of our offshore oil and gas property.

We evaluate the performance of our reportable segments based on income or loss from operations. The segment measure is calculated as segment revenues less segment operating expenses, including general and administrative 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):


For the Period February 3, 2021 through December 31, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	268,695		$	380,059		$	-		$	648,754
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		105,373			316,879			-			422,252
Depreciation, depletion, amortization and accretion		152,250			61,074			6,535			219,859
General and administrative expenses		24,812			46,780			45,983			117,575
Restructuring expenses		-			-			22,952			22,952
Other expenses		3,609			13,117			-			16,726
Income (loss) from operations		(17,349	)		(57,791	)		(75,470	)		(150,610	)
Interest income (expense), net		(7	)		3,930			(1,592	)		2,331
Other income (expense)		1,280			(14,407	)		5,999			(7,128	)
Income (loss) from continuing operations before income taxes	$	(16,076	)	$	(68,268	)	$	(71,063	)	$	(155,407	)


For the Period January 1, 2021 through February 2, 2021 (Predecessor)				Well			Corporate and			Consolidated
	Rentals			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			4,111			4,914			11,052
Restructuring expenses		-			-			1,270			1,270
Income (loss) from operations		4,202			(2,122	)		(6,605	)		(4,525	)
Interest income (expense), net		10			356			(164	)		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		$	29,885		$	297,471		$	329,132


For the year ended December 31, 2020 (Predecessor)
			Well			Corporate and			Consolidated
	Rentals		Services			Other			Total
Revenues	$	297,835	$	369,414		$	-		$	667,249
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		109,902		298,229			-			408,131
Depreciation, depletion, amortization and accretion		63,072		48,929			3,770			115,771
General and administrative expenses		52,718		73,200			79,855			205,773
Restructuring expenses		-		-			47,055			47,055
Reduction in value of assets		754		21,038			1,983			23,775
Income (loss) from operations		71,389		(71,982	)		(132,663	)		(133,256	)
Interest income (expense), net		-		4,539			(96,965	)		(92,426	)
Reorganization expenses		-		-			(19,520	)		(19,520	)
Other income		-		-			(9,229	)		(9,229	)
Income (loss) from continuing operations before income taxes	$	71,389	$	(67,443	)	$	(258,377	)	$	(254,431	)


For the year ended December 31, 2019 (Predecessor)
			Well			Corporate and			Consolidated
	Rentals		Services			Other			Total
Revenues	$	430,442	$	541,610		$	-		$	972,052
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		168,608		389,657			-			558,265
Depreciation, depletion, amortization and accretion		86,395		55,670			4,726			146,791
General and administrative expenses		61,829		89,272			93,302			244,403
Reduction in value of assets		-		9,293			-			9,293
Income (loss) from operations		113,610		(2,282	)		(98,028	)		13,300
Interest income (expense), net		-		4,172			(102,511	)		(98,339	)
Reorganization expenses		-		-			-			-
Other income		-		-			(2,484	)		(2,484	)
Income (loss) from continuing operations before income taxes	$	113,610	$	1,890		$	(203,023	)	$	(87,523	)

Identifiable Assets




			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2021 (Successor)	$	365,358	$	715,738	$	118,412	$	1,199,508
December 31, 2020 (Predecessor)		572,776		554,178		374,125		1,501,079

At December 31, 2021 and 2020, the Corporate and Other segment included $37.5 million and $242.1 million of identifiable assets relating to assets held for sale. For further discussion see Note 14 - Discontinued Operations.

Capital Expenditures




			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
For the period from February 3, 2021 through December 31, 2021 (Successor)	$	27,335	$	6,817	$	-	$	34,152
For the period from January 1, 2021 through February 2, 2021 (Predecessor)		2,429		606		-		3,035
December 31, 2020 (Predecessor)		24,053		19,609		3,991		47,653
December 31, 2019 (Predecessor)		63,252		28,386		12,084		103,722

Geographic Information

We operate in the U.S. and in various other countries throughout the world. Our international operations are primarily focused in Latin America, Asia-Pacific and the Middle East and North Africa regions. We attribute revenue to various countries based on the location 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.

Revenues


	Successor		Predecessor
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
United States	$	304,623	$	23,863	$	339,041	$	585,553
Other countries		344,131		22,065		328,208		386,499
Total	$	648,754	$	45,928	$	667,249	$	972,052

Long-Lived Assets


	Successor		Predecessor
	December 31, 2021		December 31, 2020
United States	$	231,388	$	253,114
Other countries		124,886		154,993
Total	$	356,274	$	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.

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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 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; and

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
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Non-qualified deferred compensation assets and liabilities
Intangible and other long-term assets, net	$	-	$	15,896	$	-	$	15,896
Accounts payable		-		2,250		-		2,250
Other long-term liabilities		-		19,218		-		19,218

Investment in equity securities	$	25,735	$	-	$	-	$	25,735

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

Investment in equity securities relates to our ownership in 4.1 million shares of common stock of Select Energy Services, Inc. This investment is reported at fair value based on unadjusted quoted prices which are readily determinable, which represents a Level 1 in the fair value hierarchy. During the Successor Period, we recognized an unrealized gain on equity securities of $2.1 million, which is included in other expense in our consolidated statement of operations. See Note 14 - Discontinued Operations for further discussion.

The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued expenses, as reflected in the consolidated balance sheets, approximates fair value due to the short maturities. We historically utilized unadjusted quoted prices in the market for measuring the fair value of debt.

- 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

Contingencies

12 Months Ended

Dec. 31, 2021

Contingencies [Abstract]

Contingencies

(13) 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. Commencement of the Chapter 11 Cases automatically stayed certain proceedings and actions, these cases have continued after the Emergence Date.

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. Oral arguments in front of the Court of Appeals are scheduled for April 2022. 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 December 31, 2021, we have reserved $7.0 million for the judgements in the First Case and Second Case.

Our Indian subsidiary, SES Energy Services India Pvt. Ltd, entered into a contract with an Indian oil and gas company to provide an off shore vessel for well stimulation. A dispute arose over the performability of the terms of the contract. The contract was terminated by the customer. The maximum liability under the contract is capped at approximately $7.3 million, of which approximately $3.5 million has been claimed via revocation of performance bank guarantees.

Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations [Abstract]

Discontinued Operations

(14) Discontinued Operations

In December 2019, Pumpco Energy Services, Inc (“Pumpco”) completed its hydraulic fracturing field operations and made the determination to discontinue, wind down and exit its hydraulic fracturing operations. We have, and will continue, to sell Pumpco’s fixed assets over time. During the Successor Period, we have recognized gains of approximately $10.5 million related to the sales of these assets.

During the third quarter of 2021, we sold all of the issued and outstanding equity of Complete Energy Services, Inc. (“Complete”) to Select Energy Services, Inc. (“Select”), which also included SPN Well Services, Inc.’s (“SPW”) flowback and well testing businesses, including the associated assets, liabilities and working capital, pursuant to a Securities Purchase and Sale Agreement (the “Purchase Agreement”) with SES Holdings, LLC, Select and Complete. Pursuant to the Purchase Agreement, Select acquired 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 Select, subject to customary post-closing adjustments. The Purchase Agreement contains customary representations, warranties and covenants. In connection with this disposition, during the Successor Period, we recognized a reduction in value of assets related to Complete of approximately $12.4 million.

During the third quarter of 2021, we entered into an agreement with an unrelated third party to sell tranches of coil tubing assets held by SPW for $14.0 million. As of December 31, 2021, we have completed sales totaling $11.4 million under this contract. The gain/loss on these assets sales was not material.

In November 2021, we completed an agreement with an unrelated third party to sell the remaining assets of SPW for $8.5 million. In connection with the sale of the remaining assets of SPW, we recognized a reduction in value of assets totaling $14.5 million during the third quarter of 2021.

The disposal of 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.

The following table summarizes the components of loss from discontinued operations, net of tax (in thousands):


	Successor			Predecessor
							Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021			2020			2019
Revenues	$	90,682		$	10,719		$	184,580		$	734,768
Cost of services		85,191			10,398			180,408			639,065
Depreciation, depletion, amortization and accretion		31,502			2,141			31,022			124,746
General and administrative expenses		8,847			1,119			22,035			50,953
Other expenses		15,807			-			-			-
Reduction in value of assets		-			-			117,335			84,470
Loss from operations		(50,665	)		(2,939	)		(166,220	)		(164,466	)
Other income (expense)		188			2,485			(2,069	)		27
Loss from discontinued operations before tax		(50,477	)		(454	)		(168,289	)		(164,439	)
Income tax benefit (expense)		10,408			102			(398	)		(1,026	)
Loss from discontinued operations, net of income tax	$	(40,069	)	$	(352	)	$	(168,687	)	$	(165,465	)

The following summarizes the assets and liabilities related to the business reported as discontinued operations (in thousands):


	Successor		Predecessor
	December 31, 2021		December 31, 2020
Current assets:
Accounts receivable, net	$	7,469	$	25,448
Prepaid expenses		26		4,881
Other current assets		447		12,076
Total current assets		7,942		42,405

Property, plant and equipment, net		29,328		179,380
Operating lease ROU assets		127		16,958
Other assets		131		3,361
Total assets held for sale	$	37,528	$	242,104

Liabilities:
Accounts payable	$	652	$	2,830
Accrued expenses		4,268		11,153
Operating lease liabilities		72		21,987
Decommissioning liabilities		-		8,311
Other liabilities		615		2,095
Total liabilities	$	5,607	$	46,376

Significant operating non-cash items and cash flows from investing activities for our discontinued operations were as follows (in thousands):


	Successor		Predecessor
						Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021			2020		2019
Cash flows from discontinued operating activities:
Reduction in value of assets	$	-	$	-		$	117,335	$	84,470
(Gain)/loss on sale of assets		-		(43	)		286		12,727
Other expenses		15,807		-			-		-
Depreciation, depletion, amortization and accretion		31,502		2,141			31,022		124,746
Cash flows from discontinued investing activities:
Proceeds from sales of assets		88,332		486			22,224		23,140

Additionally, we have recast certain historical amounts in our consolidated balance sheet, statements of operations and in the following notes to these financial statements: Note 1 - Summary of Significant Account Policies, Note 3 - Fresh Start Accounting, Note 5 - Leases, Note 6 - Intangibles, Note 7 - Property, Plant and Equipment, Net, Note 10 - Income Taxes and Note 11 - Segment Information as it pertains to these discontinued operations.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

(15) 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
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	172,768	$	188,006	$	272,624	$	158,050
Restricted cash-current		16,751		-		-		-
Restricted cash-non-current		80,179		80,178		2,764		5,698
Cash, cash equivalents, and restricted cash, beginning of period	$	269,698	$	268,184	$	275,388	$	163,748

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	314,974	$	172,768	$	188,006	$	272,624
Restricted cash-current		-		16,751		-		-
Restricted cash-non-current		79,561		80,179		80,178		2,764
Cash, cash equivalents, and restricted cash, end of period	$	394,535	$	269,698	$	268,184	$	275,388

Non-cash investing activities during the Successor Period include the acquisition of investments in equity securities of $27.3 million in connection with asset disposals.

Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2021

Supplemental Guarantor Information [Abstract]

Supplemental Cash Flow Information

(15) 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
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	172,768	$	188,006	$	272,624	$	158,050
Restricted cash-current		16,751		-		-		-
Restricted cash-non-current		80,179		80,178		2,764		5,698
Cash, cash equivalents, and restricted cash, beginning of period	$	269,698	$	268,184	$	275,388	$	163,748

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	314,974	$	172,768	$	188,006	$	272,624
Restricted cash-current		-		16,751		-		-
Restricted cash-non-current		79,561		80,179		80,178		2,764
Cash, cash equivalents, and restricted cash, end of period	$	394,535	$	269,698	$	268,184	$	275,388

Non-cash investing activities during the Successor Period include the acquisition of investments in equity securities of $27.3 million in connection with asset disposals.

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2021

Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation

As used herein, the following terms refer to our operations:


"Predecessor Period"		January 1, 2021 through February 2, 2021
"Successor Period"		February 3, 2021 through December 31, 2021

Business

The Transformation Project has been focused around three sequential phases:

•

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

•

In connection with our Transformation Project, our reportable segments were changed to Rentals and Well Services.

Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code

On January 19, 2021, the Bankruptcy Court entered an order, Docket No. 289, confirming and approving the Plan.

Use of Estimates

Changes in Accounting Policies

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 consolidated balance sheets and statement of operations. The presentation changes related to foreign currencies, bad debt expense, gains/losses on sales of assets and reduction in value of assets are further described within their relevant discussion below.

Major Customers and Concentration of Credit Risk

We derive a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of our total revenues in 2021, 2020 or 2019.

Cash Equivalents

We consider all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Accounts Receivable and Allowances

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 consolidated balance sheets and statement of operations. Prior to emergence from bankruptcy, we recognized bad debt expense within general and administrative expenses. These expenses are now recognized within cost of revenues. During the Successor Period and Predecessor Period, we recognized $4.9 million, $0.2 million, respectively in bad debt recoveries. During the years ended December 31, 2020 and 2019, we recognized $11.9 million and $2.3 million, respectively, in bad debt expense.

Revenue Recognition

We expense sales commissions when incurred as the amortization period would have been one year or less.

Inventory


	December 31, 2021		December 31, 2020
Finished goods	$	26,187	$	35,074
Raw materials		9,753		5,139
Work-in-process		4,253		2,994
Supplies and consumables		20,410		33,820
Total	$	60,603	$	77,027

Property, Plant and Equipment


Machinery and equipment		3-12 years
Buildings, improvements and leasehold improvements		10-30 years
Automobiles, trucks, tractors and trailers		4-7 years
Furniture and fixtures		3-10 years

Reduction In Value Of Long-Lived Assets

Reduction in Value of Long-Lived Assets

Decommissioning Liabilities

Income Taxes

Earnings Per Share

Earnings per Share

During the Successor Period and the years ended December 31, 2020 and 2019, we incurred losses from continuing operations; as such, the impact of any incremental shares would be anti-dilutive.

Foreign Currency

Stock-Based Compensation

Self-Insurance Reserves

New Accounting Pronouncements

Recently Issued Accounting Standards

Subsequent Events

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary Of Significant Accounting Policies [Abstract]

Schedule Of Inventory


	December 31, 2021		December 31, 2020
Finished goods	$	26,187	$	35,074
Raw materials		9,753		5,139
Work-in-process		4,253		2,994
Supplies and consumables		20,410		33,820
Total	$	60,603	$	77,027

Estimated Useful Lives Of The Related Assets

Depreciation 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		10-30 years
Automobiles, trucks, tractors and trailers		4-7 years
Furniture and fixtures		3-10 years

Schedule of Intangible Assets

Intangible assets, net as of December 31, 2021 and 2020 consist of the following (in thousands):


			Successor							Predecessor
			December 31, 2021							December 31, 2020
	Estimated		Gross		Accumulated			Net		Gross		Accumulated			Net
	Useful Lives		Amount		Amortization			Balance		Amount		Amortization			Balance
Trademarks		10	$	7,294	$	(655	)	$	6,639	$	4,744	$	(4,263	)	$	481
Patents		10		2,120		(195	)		1,925		-		-			-
Customer Relationships		17		-		-			-		14,592		(10,077	)		4,515
Non-Compete Agreements		3		-		-			-		3,478		(3,478	)		-
Total			$	9,414	$	(850	)	$	8,564	$	22,814	$	(17,818	)	$	4,996

Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 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

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

As of February 2, 2021

Reorganization

Fresh Start


	Predecessor			Adjustments				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		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		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		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 from the Chapter 11 Cases 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 lease 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

(18)

(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	$	-	$	4,901
Trademarks		4,166		11
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.

(28)

(29)

(30)


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

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue by Geography [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

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


	Successor		Predecessor
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
U.S. land
Rentals	$	87,432	$	4,917	$	78,537	$	178,345
Well Services		20,133		3,379		26,924		66,643
Total U.S. land		107,565		8,296		105,461		244,988

U.S. offshore
Rentals		103,646		8,196		129,021		143,973
Well Services		93,412		7,371		104,559		196,592
Total U.S. offshore		197,058		15,567		233,580		340,565

International
Rentals		77,617		5,226		90,277		108,124
Well Services		266,514		16,839		237,931		278,375
Total International		344,131		22,065		328,208		386,499
Total Revenues	$	648,754	$	45,928	$	667,249	$	972,052

Revenue by Type [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

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


	Successor		Predecessor
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
Services
Rentals	$	33,629	$	2,005	$	45,226	$	69,958
Well Services		272,070		17,229		254,157		412,389
Total Services		305,699		19,234		299,383		482,347

Rentals
Rentals		197,050		14,082		215,163		310,844
Well Services		11,901		352		10,200		15,282
Total Rentals		208,951		14,434		225,363		326,126

Product Sales
Rentals		38,016		2,252		37,446		49,640
Well Services		96,088		10,008		105,057		113,939
Total Product Sales		134,104		12,260		142,503		163,579
Total Revenues	$	648,754	$	45,928	$	667,249	$	972,052

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Operating Lease Expense


	Successor		Predecessor
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
Long-term fixed lease expense	$	12,579	$	1,824	$	18,454	$	22,882
Long-term variable lease expense		-		19		10		54
Short-term lease expense		10,165		789		4,322		3,205
Total operating lease expense	$	22,744	$	2,632	$	22,786	$	26,141

Operating leases were as follows (in thousands):


	Successor		Predecessor
	December 31, 2021		December 31, 2020
Operating lease ROU assets	$	25,154	$	33,317

Accrued expenses	$	5,650	$	10,698
Operating lease liabilities		19,193		29,464
Total operating lease liabilities	$	24,843	$	40,162

Weighted average remaining lease term	15 years		11 years
Weighted average discount rate	5.34%		6.35%

Cash paid for operating leases	$	13,591	$	24,657
ROU assets obtained in exchange for lease obligations	$	2,820	$	5,259

Maturities Of Operating Lease Liabilities

Maturities of operating lease liabilities at December 31, 2021 are as follows (in thousands):


2022	$	8,002
2023		5,735
2024		3,611
2025		2,905
2026		1,854
Thereafter		16,628
Total lease payments		38,735
Less imputed interest		(13,892	)
Total	$	24,843

Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets, net as of December 31, 2021 and 2020 consist of the following (in thousands):


			Successor							Predecessor
			December 31, 2021							December 31, 2020
	Estimated		Gross		Accumulated			Net		Gross		Accumulated			Net
	Useful Lives		Amount		Amortization			Balance		Amount		Amortization			Balance
Trademarks		10	$	7,294	$	(655	)	$	6,639	$	4,744	$	(4,263	)	$	481
Patents		10		2,120		(195	)		1,925		-		-			-
Customer Relationships		17		-		-			-		14,592		(10,077	)		4,515
Non-Compete Agreements		3		-		-			-		3,478		(3,478	)		-
Total			$	9,414	$	(850	)	$	8,564	$	22,814	$	(17,818	)	$	4,996

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant And Equipment [Abstract]

Summary Of Property, Plant And Equipment

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


	Successor			Predecessor
	December 31, 2021			December 31, 2020
Machinery and equipment	$	360,353		$	1,727,454
Buildings, improvements and leasehold improvements		75,374			171,635
Automobiles, trucks, tractors and trailers		6,450			11,742
Furniture and fixtures		19,668			31,407
Construction-in-progress		6,700			4,793
Land		28,671			33,394
Oil and gas producing assets		44,700			15,117
Total		541,916			1,995,542
Accumulated depreciation and depletion		(185,642	)		(1,587,435	)
Property, plant and equipment, net	$	356,274		$	408,107

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Compensation Expense And Tax Benefits

Total stock-based compensation expense and the associated tax benefits are as follows (in thousands):


	Predecessor
				Year ended December 31,
	For the Period January 1, 2021 through February 2, 2021			2020			2019
Stock options	$	-		$	94		$	2,743
Restricted stock units		1,170			4,144			15,716
Cash restricted stock units		-			(56	)		298
Cash-based PSUs		78			(1,554	)		935
Total compensation expense		1,248			2,628			19,692
Related income taxes		(60	)		(610	)		(4,569	)
Total compensation expense, net of income taxes	$	1,188		$	2,018		$	15,123

Restricted Stock Grants

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Compensation Expense And Tax Benefits

Total stock-based compensation expense and the associated tax benefits during the Successor Period are as follows (in thousands):


	Successor
	For the Period February 3, 2021 through December 31, 2021
Restricted stock awards	$	2,071
Restricted stock units		639
Cash-based PSUs (1)		(1,268	)
Total compensation expense		1,442
Related income taxes		(335	)
Total compensation expense, net of income taxes	$	1,107

(1)

The PSU's related to the performance period ended December 31, 2021 were canceled due to not achieving the required performance.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Schedule Of Income Tax Provision

The income tax provision is as follows:


	Successor			Predecessor
In thousands:	Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Current income tax expense/(benefit)
Federal	$	(1,106	)	$	-		$	(36,506	)	$	-
State		(307	)		-			635			546
Foreign		6,220			3,314			8,497			(3,359	)
Total current income tax expense/(benefit)		4,807			3,314			(27,374	)		(2,813	)

Deferred income tax expense/(benefit)
Federal		(42,904	)		55,015			4,593			10,175
State		2,633			(182	)		(638	)		1,623
Foreign		2,166			1,856			(3,469	)		(6,252	)
Total deferred income tax expense/(benefit)		(38,105	)		56,689			486			5,546
Total income tax expense/(benefit)	$	(33,298	)	$	60,003		$	(26,888	)	$	2,733

Schedule Of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal tax rate to the consolidated effective tax rate is as follows:


	Successor			Predecessor
In thousands:	Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Computed expected tax expense/(benefit)	$	(32,635	)	$	69,125		$	(53,431	)	$	(18,380	)
State and foreign income taxes		(17,893	)		6,217			5,026			(7,444	)
Valuation allowance		-			(46,208	)		19,024			24,638
Gain on Settlement of Liabilities Subject to Compromise		-			(89,905	)		-			-
Reduction in Deferred Tax Assets		19,154			87,316			-			(233	)
Fresh Start Adjustments		-			29,099			-			-
Other		(1,924	)		4,359			2,493			4,152
Total income tax expense/(benefit)	$	(33,298	)	$	60,003		$	(26,888	)	$	2,733

Schedule Of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:


	Successor			Predecessor
In thousands:	December 31, 2021			December 31, 2020
Deferred tax assets:
Allowance for doubtful accounts	$	1,046		$	1,713
Operating loss and tax credit carryforwards		84,684			150,426
Compensation and employee benefits		8,832			27,625
Decommissioning liabilities		39,328			30,960
Operating leases		197			2,792
Other assets		30,749			34,578
Total gross deferred tax assets		164,836			248,094
Less: Valuation allowance		(90,781	)		(139,106	)
Total deferred tax assets		74,055			108,988

Deferred tax liabilities:
Property, plant and equipment		64,721			69,510
Notes receivable		17,812			12,977
Goodwill and other intangible assets		(772	)		23,920
Other liabilities		1,287			7,869
Total deferred tax liabilities		83,048			114,276
Net deferred tax liabilities	$	8,993		$	5,288

Summary Of Activity In Unrecognized Tax Benefits

The activity in unrecognized tax benefits is as follows:


	Successor			Predecessor
In thousands:	Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021		For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Unrecognized tax benefits at beginning of period	$	14,706		$	13,206	$	13,206		$	30,558
Additions based on tax positions related to prior years		2,848			1,500		1,757			2,500
Reductions based on tax positions related to prior years		(552	)		-		-			-
Additions based on tax positions related to current year		-			-		-			-
Reductions as a result of a lapse of the applicable statute of limitations		-			-		(757	)		-
Reductions relating to settlements with taxing authorities		(2,029	)		-		(1,000	)		(19,852	)
Unrecognized tax benefits at end of period	$	14,973		$	14,706	$	13,206		$	13,206

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Information [Abstract]

Schedule Of Segment Reporting Information


For the Period February 3, 2021 through December 31, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	268,695		$	380,059		$	-		$	648,754
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		105,373			316,879			-			422,252
Depreciation, depletion, amortization and accretion		152,250			61,074			6,535			219,859
General and administrative expenses		24,812			46,780			45,983			117,575
Restructuring expenses		-			-			22,952			22,952
Other expenses		3,609			13,117			-			16,726
Income (loss) from operations		(17,349	)		(57,791	)		(75,470	)		(150,610	)
Interest income (expense), net		(7	)		3,930			(1,592	)		2,331
Other income (expense)		1,280			(14,407	)		5,999			(7,128	)
Income (loss) from continuing operations before income taxes	$	(16,076	)	$	(68,268	)	$	(71,063	)	$	(155,407	)


For the Period January 1, 2021 through February 2, 2021 (Predecessor)				Well			Corporate and			Consolidated
	Rentals			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			4,111			4,914			11,052
Restructuring expenses		-			-			1,270			1,270
Income (loss) from operations		4,202			(2,122	)		(6,605	)		(4,525	)
Interest income (expense), net		10			356			(164	)		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		$	29,885		$	297,471		$	329,132


For the year ended December 31, 2020 (Predecessor)
			Well			Corporate and			Consolidated
	Rentals		Services			Other			Total
Revenues	$	297,835	$	369,414		$	-		$	667,249
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		109,902		298,229			-			408,131
Depreciation, depletion, amortization and accretion		63,072		48,929			3,770			115,771
General and administrative expenses		52,718		73,200			79,855			205,773
Restructuring expenses		-		-			47,055			47,055
Reduction in value of assets		754		21,038			1,983			23,775
Income (loss) from operations		71,389		(71,982	)		(132,663	)		(133,256	)
Interest income (expense), net		-		4,539			(96,965	)		(92,426	)
Reorganization expenses		-		-			(19,520	)		(19,520	)
Other income		-		-			(9,229	)		(9,229	)
Income (loss) from continuing operations before income taxes	$	71,389	$	(67,443	)	$	(258,377	)	$	(254,431	)


For the year ended December 31, 2019 (Predecessor)
			Well			Corporate and			Consolidated
	Rentals		Services			Other			Total
Revenues	$	430,442	$	541,610		$	-		$	972,052
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		168,608		389,657			-			558,265
Depreciation, depletion, amortization and accretion		86,395		55,670			4,726			146,791
General and administrative expenses		61,829		89,272			93,302			244,403
Reduction in value of assets		-		9,293			-			9,293
Income (loss) from operations		113,610		(2,282	)		(98,028	)		13,300
Interest income (expense), net		-		4,172			(102,511	)		(98,339	)
Reorganization expenses		-		-			-			-
Other income		-		-			(2,484	)		(2,484	)
Income (loss) from continuing operations before income taxes	$	113,610	$	1,890		$	(203,023	)	$	(87,523	)

Schedule Of Identifiable Assets




			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2021 (Successor)	$	365,358	$	715,738	$	118,412	$	1,199,508
December 31, 2020 (Predecessor)		572,776		554,178		374,125		1,501,079

Schedule Of Capital Expenditures, By Segment




			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
For the period from February 3, 2021 through December 31, 2021 (Successor)	$	27,335	$	6,817	$	-	$	34,152
For the period from January 1, 2021 through February 2, 2021 (Predecessor)		2,429		606		-		3,035
December 31, 2020 (Predecessor)		24,053		19,609		3,991		47,653
December 31, 2019 (Predecessor)		63,252		28,386		12,084		103,722

Schedule Of Revenues By Geographic Segment

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.

Revenues


	Successor		Predecessor
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
United States	$	304,623	$	23,863	$	339,041	$	585,553
Other countries		344,131		22,065		328,208		386,499
Total	$	648,754	$	45,928	$	667,249	$	972,052

Long-Lived Assets


	Successor		Predecessor
	December 31, 2021		December 31, 2020
United States	$	231,388	$	253,114
Other countries		124,886		154,993
Total	$	356,274	$	408,107

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurements [Abstract]

Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis


	Successor Fair Value at
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Non-qualified deferred compensation assets and liabilities
Intangible and other long-term assets, net	$	-	$	15,896	$	-	$	15,896
Accounts payable		-		2,250		-		2,250
Other long-term liabilities		-		19,218		-		19,218

Investment in equity securities	$	25,735	$	-	$	-	$	25,735

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

Total debt	$	409,050	$	-	$	-	$	409,050

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations [Abstract]

Components Of Income (Loss) From Discontinued Operations


	Successor			Predecessor
							Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021			2020			2019
Revenues	$	90,682		$	10,719		$	184,580		$	734,768
Cost of services		85,191			10,398			180,408			639,065
Depreciation, depletion, amortization and accretion		31,502			2,141			31,022			124,746
General and administrative expenses		8,847			1,119			22,035			50,953
Other expenses		15,807			-			-			-
Reduction in value of assets		-			-			117,335			84,470
Loss from operations		(50,665	)		(2,939	)		(166,220	)		(164,466	)
Other income (expense)		188			2,485			(2,069	)		27
Loss from discontinued operations before tax		(50,477	)		(454	)		(168,289	)		(164,439	)
Income tax benefit (expense)		10,408			102			(398	)		(1,026	)
Loss from discontinued operations, net of income tax	$	(40,069	)	$	(352	)	$	(168,687	)	$	(165,465	)

Assets And Liabilities Of Discontinued Operation


	Successor		Predecessor
	December 31, 2021		December 31, 2020
Current assets:
Accounts receivable, net	$	7,469	$	25,448
Prepaid expenses		26		4,881
Other current assets		447		12,076
Total current assets		7,942		42,405

Property, plant and equipment, net		29,328		179,380
Operating lease ROU assets		127		16,958
Other assets		131		3,361
Total assets held for sale	$	37,528	$	242,104

Liabilities:
Accounts payable	$	652	$	2,830
Accrued expenses		4,268		11,153
Operating lease liabilities		72		21,987
Decommissioning liabilities		-		8,311
Other liabilities		615		2,095
Total liabilities	$	5,607	$	46,376

Schedule Of Cash Flows From Discontinued Operations


	Successor		Predecessor
						Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021			2020		2019
Cash flows from discontinued operating activities:
Reduction in value of assets	$	-	$	-		$	117,335	$	84,470
(Gain)/loss on sale of assets		-		(43	)		286		12,727
Other expenses		15,807		-			-		-
Depreciation, depletion, amortization and accretion		31,502		2,141			31,022		124,746
Cash flows from discontinued investing activities:
Proceeds from sales of assets		88,332		486			22,224		23,140

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information


	Successor		Predecessor
					Year ended December 31,
	For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		2020		2019
Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	172,768	$	188,006	$	272,624	$	158,050
Restricted cash-current		16,751		-		-		-
Restricted cash-non-current		80,179		80,178		2,764		5,698
Cash, cash equivalents, and restricted cash, beginning of period	$	269,698	$	268,184	$	275,388	$	163,748

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	314,974	$	172,768	$	188,006	$	272,624
Restricted cash-current		-		16,751		-		-
Restricted cash-non-current		79,561		80,179		80,178		2,764
Cash, cash equivalents, and restricted cash, end of period	$	394,535	$	269,698	$	268,184	$	275,388

Summary Of Significant Accounting Policies (Narrative) (Details)			1 Months Ended	11 Months Ended			12 Months Ended
	Feb. 10, 2022 USD ($)	Jan. 31, 2022 USD ($)	Feb. 02, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Nov. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) Customer $ / shares shares	Dec. 31, 2020 USD ($) Customer $ / shares	Dec. 31, 2019 USD ($) Customer
Summary Of Significant Accounting Policies [Line Items]
Restructuring expense			$ 1,270,000		$ 22,952,000			$ 47,055,000
Reorganization items, net			335,560,000		0		$ 335,600,000	(19,520,000)	0
bad debt expense								11,900,000	2,300,000
Payment term of obligation							30 days
Other expenses			0		16,726,000		$ 16,700,000	0	0
Liabilities subject to compromise			1,572,772,000					1,335,794,000
Allowance for Doubtful Accounts, Premiums and Other Receivables				2,200,000	2,200,000		2,200,000	23,000,000.0
Decommissioning liability				11,000,000.0	11,000,000.0		11,000,000.0
Decommissioning liabilities			169,515,000	$ 190,380,000	$ 190,380,000		190,380,000	134,436,000
Change in present value of decommissioning liabilities							$ 3,100,000
Stated interest rate on unsecured senior notes				7.125%	7.125%		7.125%
bad debt recoveries								$ 4,900,000	$ 200,000
Property, Plant and Equipment, useful life				36 months			36 months
Increase in Interest Income Notes Receivable							$ 4,800,000
Number of customers exceeding threshhold measurement \| Customer							0	0	0
Reduction in value of goodwill							$ 138,900,000
Amount of notes receivable net				$ 115,000,000.0	$ 115,000,000.0		115,000,000.0
Change in carrying value of notes receivables							$ 20,600,000
Interest rate percentage to record present value of notes receivable							6.60%
Company recorded interest income						$ 400,000	$ 3,900,000	$ 4,500	$ 4,200
Carrying value of notes receivables				$ 60,600,000	$ 60,600,000		60,600,000
Common stock, par value \| $ / shares								$ 0.001
Amortization expense			100,000					$ 1,300,000	1,300,000
Foreign currency gains (losses)						2,100,000	8,800,000	(8,900,000)	(800,000)
Decommissioning liabilities								142,700,000
Accretion Expense associated with our decommissioning liabilities						$ 500,000	9,300,000	6,500,000	6,100,000
Dilutive securities							100,000
Unvested Restricted shares							$ 100,000
Unvested Restricted stock units outstanding \| shares				1.4	1.4		1.4
Properties Sold		$ 0
Cash Consideration Received Percentage	100.00%
Additional Asset Sales	$ 25,000.0
Common Class A [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock, par value \| $ / shares				$ 0.01	$ 0.01		$ 0.01
Common Class B [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock, par value \| $ / shares				$ 0.01	$ 0.01		$ 0.01
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Gross Book Value	10.00%
Percentage Net Sale	10.00%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Liquidity	$ 100,000,000.0
Unused Availability Under Credit Agreement	$ 25,000.0
Asia Pacific [Member]
Summary Of Significant Accounting Policies [Line Items]
Other expenses							$ 11,700,000
Production Services [Member]
Summary Of Significant Accounting Policies [Line Items]
Reduction in carrying value of intangibles								23,800,000	9,300,000
Well Services [Member]
Summary Of Significant Accounting Policies [Line Items]
Restructuring expense					$ 0
Reorganization items, net			31,816,000					0	0
Other expenses					13,117,000		13,100,000
Rentals [Member]
Summary Of Significant Accounting Policies [Line Items]
Restructuring expense					0
Reorganization items, net			$ (2,037,000)					0	$ 0
Other expenses					3,609,000		3,600,000
Collateral, Secured Obligations [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted Cash				$ 76,900,000	76,900,000		76,900,000
Escrow, Future Decommissioning Obligations [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted Cash				2,700,000	2,700,000		2,700,000
Oil And Gas Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Decommissioning liabilities				3,600,000	3,600,000		3,600,000
Asset Retirement Costs				$ 24,200,000	$ 24,200,000		$ 24,200,000	$ 4,600,000
7.125% Senior Notes [Member]
Summary Of Significant Accounting Policies [Line Items]
Stated interest rate on unsecured senior notes				7.125%	7.125%		7.125%
7.750% Senior Notes [Member]
Summary Of Significant Accounting Policies [Line Items]
Stated interest rate on unsecured senior notes				7.75%	7.75%		7.75%
Original Senior Unsecured Notes Due 2021 [Member]
Summary Of Significant Accounting Policies [Line Items]
Stated interest rate on unsecured senior notes				7.125%	7.125%		7.125%
Senior Unsecured Notes Due 2024 [Member]
Summary Of Significant Accounting Policies [Line Items]
Stated interest rate on unsecured senior notes			7.75%	7.75%	7.75%		7.75%
senior secured Debtor in possession credit agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Senior unsecured notes				$ 120,000,000	$ 120,000,000		$ 120,000,000

Summary Of Significant Accounting Policies (Reorganization Expenses) (Details) - USD ($) $ in Thousands		1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Write-off of deferred financing costs related to the Delayed-Draw Term Loan	$ (12,000)	$ (12,000)
Total reorganization items, net		$ 335,560	$ 0	$ 335,600	$ (19,520)	$ 0

Summary Of Significant Accounting Policies (Liabilities Subject to Compromise) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Feb. 02, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Liabilities subject to compromise settled in accordance with the Plan		$ 1,572,772	$ 1,335,794

Summary Of Significant Accounting Policies (Schedule Of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Abstract]
Finished goods	$ 26,187	$ 35,074
Raw materials	9,753	5,139
Work-in-process	4,253	2,994
Supplies and consumables	20,410	33,820
Total	$ 60,603	$ 77,027

Summary Of Significant Accounting Policies (Estimated Useful Lives Of The Related Assets) (Details)	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	36 months	36 months
Machinery And Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		3 years
Machinery And Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		12 years
Buildings, Improvements and Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		10 years
Buildings, Improvements and Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		30 years
Automobiles, Trucks, Tractors And Trailers [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		4 years
Automobiles, Trucks, Tractors And Trailers [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		7 years
Furniture And Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		3 years
Furniture And Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		10 years

Summary Of Significant Accounting Policies (Composition Of Intangible And Other Long-term Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Feb. 02, 2021	Dec. 31, 2020
Schedule of Intangible Assets by Major Class [Line Items]
Gross Amount	$ 9,414		$ 22,814
Accumulated Amortization	850		17,818
Net Balance	$ 8,564	$ 24,220	4,996
Customer relationships
Schedule of Intangible Assets by Major Class [Line Items]
Estimated Useful Lives	17 years
Gross Amount	$ 0		14,592
Accumulated Amortization	0		10,077
Net Balance	$ 0		4,515
Trademarks
Schedule of Intangible Assets by Major Class [Line Items]
Estimated Useful Lives	10 years
Gross Amount	$ 7,294		4,744
Accumulated Amortization	655		4,263
Net Balance	$ 6,639		481
Non-Compete Agreements
Schedule of Intangible Assets by Major Class [Line Items]
Estimated Useful Lives	3 years
Gross Amount	$ 0		3,478
Accumulated Amortization	0		3,478
Net Balance	$ 0

Emergence from Voluntary Reorganization under Chapter 11 (Narrative) (Details) - USD ($) $ in Thousands	Oct. 13, 2021	Dec. 31, 2021	Feb. 02, 2021
Fresh Start Adjustment 1 [Line Items]
Bankruptcy Claims, Amount of Claims Filed	$ 1,700,000
Bankruptcy Claims, Amount of Claims Expunged by Bankruptcy Court	1,400,000
Stated interest rate		7.125%
Amount of Principal		2.00%
Debtor Reorganization Items Percent Of Stock		100.00%
Common Class A [Member]
Fresh Start Adjustment 1 [Line Items]
Rights outstanding		735,189
Class 6 General Unsecured Claims [Member]
Fresh Start Adjustment 1 [Line Items]
Debtor-in-Possession Financing, Pro Rata Share	$ 125,000
New Senior Unsecured Notes Due 2021 [Member]
Fresh Start Adjustment 1 [Line Items]
Stated interest rate		7.125%	7.125%
Senior Unsecured Notes Due 2024 [Member]
Fresh Start Adjustment 1 [Line Items]
Stated interest rate		7.75%	7.75%
7.125% Senior Notes [Member]
Fresh Start Adjustment 1 [Line Items]
Stated interest rate		7.125%
7.750% Senior Notes [Member]
Fresh Start Adjustment 1 [Line Items]
Stated interest rate		7.75%

Fresh Start Accounting (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	11 Months Ended		12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reorganization, Chapter 11 [Line Items]
Identifiable Assets	$ 1,456,804	$ 1,199,508	$ 1,199,508	$ 1,199,508	$ 1,199,508	$ 1,501,079
Postconfirmation Liabilities	554,118	457,775	457,775	457,775	$ 457,775	1,839,726
Internal Rate Of Return					17.60%
Perpetuity Growth Rate					3.00%
Reorganization Expenses, Discount Rate					5.30%
Reorganization Expenses, Cash Used In Operating Activities	3,100				$ 13,700
Reorganization items, net	335,560		0		335,600	(19,520)	$ 0
Reorganization Expenses, Professional Fees, Expense					2,700
Reorganization Expenses, Professional Fees, Lease Rejection Damages					400
Reorganization Expenses				1,300	23,000
Well Services [Member]
Reorganization, Chapter 11 [Line Items]
Identifiable Assets		715,738	715,738	715,738	715,738	554,178
Reorganization items, net	31,816					$ 0	$ 0
Shut Down Cost		8,900
Well Services [Member] \| Cost of Sales [Member]
Reorganization, Chapter 11 [Line Items]
Inventory write down		6,500
Well Services [Member] \| Cost Of Services [Member]
Reorganization, Chapter 11 [Line Items]
Other ShutDown Cost		2,400
Maximum [Member]
Reorganization, Chapter 11 [Line Items]
Bankruptcy Proceedings, Enterprise Value		880,000	880,000	880,000	880,000
Minimum [Member]
Reorganization, Chapter 11 [Line Items]
Bankruptcy Proceedings, Enterprise Value		710,000	710,000	710,000	710,000
Reorganization, Chapter 11, Predecessor, before Adjustment [Member]
Reorganization, Chapter 11 [Line Items]
Identifiable Assets	1,497,411	1,456,800	1,456,800	1,456,800	1,456,800
Postconfirmation Liabilities	$ 2,076,125	$ 2,076,100	$ 2,076,100	$ 2,076,100	$ 2,076,100

Fresh Start Accounting - (Reorganization of Assets) (Details) $ in Thousands	Feb. 02, 2021 USD ($)
Fresh Start Accounting [Abstract]
Selected Enterprise Value win 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	Dec. 31, 2021	Feb. 03, 2021	Feb. 02, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 314,974	$ 172,768	$ 172,768	$ 188,006	$ 272,624	$ 158,050
Restricted Cash and Cash Equivalents, Current		16,751	16,751
Accounts receivable, net			153,529
Income taxes receivable			8,976
Prepaid Expense, Current	15,861		31,630	31,793
Inventory and Other Current Assets	60,603		101,140	77,027
Assets held for sale			220,359
Total current assets	648,933		705,153	715,508
Property, plant and equipment, net	356,274		540,850	408,107
Operating lease right-of-use assets			33,918
Goodwill				138,677
Notes receivable			72,484
Restricted Cash and Cash Equivalents, Noncurrent	79,561	$ 80,179	80,179	80,178	2,764	5,698
Finite-Lived Intangible Assets, Net	8,564		24,220	4,996
Total assets	1,199,508		1,456,804	1,501,079
Current liabilities:
Accounts payable	43,080		51,116	50,330
Accrued expenses	116,882		137,216	114,777
Liabilities held for sale	5,607		37,264	46,376
Total current liabilities	165,569		225,596	211,483
Decommissioning liabilities	190,380		169,515	134,436
Operating lease liabilities	19,193		23,555	29,464
Deferred income taxes	12,441		59,522	5,288
Other long-term liabilities	70,192		75,930	123,261
Total non-current liabilities	292,206		328,522	292,449
Liabilities subject to compromise			1,572,772	1,335,794
Total liabilities	457,775		554,118	1,839,726
Stockholders’ equity (deficit):
Treasury Stock at Cost				4,290
Common Stock $0.001 par value			200	16
Additional paid-in capital			902,486
Accumulated other comprehensive loss, net				(67,947)
Accumulated deficit	(162,178)			(3,023,315)
Total stockholders’ equity (deficit)	741,733		902,686	(338,647)	$ 49,573	$ 290,739
Total liabilities and stockholders’ equity (deficit)	1,199,508		1,456,804	$ 1,501,079
Reorganization, Chapter 11, Predecessor, before Adjustment [Member]
Current assets:
Cash and cash equivalents			194,671
Accounts receivable, net			153,518
Income taxes receivable			9,146
Prepaid Expense, Current			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			401,263
Operating lease right-of-use assets			32,488
Goodwill			138,934
Notes receivable			72,484
Restricted Cash and Cash Equivalents, Noncurrent			80,179
Finite-Lived Intangible Assets, Net			52,264
Total assets	1,456,800		1,497,411
Current liabilities:
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	$ 2,076,100		2,076,125
Stockholders’ equity (deficit):
Treasury Stock at Cost			(4,290)
Common Stock $0.001 par value			16
Additional paid-in capital			2,757,824
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
Reorganization Adjustments [Member]
Current assets:
Cash and cash equivalents			(21,903)
Restricted Cash and Cash Equivalents, Current			16,751
Accounts receivable, net			11
Total current assets			(5,141)
Finite-Lived Intangible Assets, Net			(10,080)
Total assets			(15,221)
Current liabilities:
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			(1,559,716)
Stockholders’ equity (deficit):
common stock $0.001 par value			(16)
Additional paid-in capital			(2,757,824)
Treasury Stock at Cost			4,290
Common Stock $0.001 par value			200
Additional paid-in capital			902,486
Accumulated deficit			3,395,359
Total stockholders’ equity (deficit)			1,544,495
Total liabilities and stockholders’ equity (deficit)			(15,221)
Reorganization, Chapter 11, Fresh-Start Adjustment [Member]
Current assets:
Restricted Cash and Cash Equivalents, Current			16,751
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			139,587
Operating lease right-of-use assets			1,430
Goodwill			(138,934)
Notes receivable
Restricted Cash and Cash Equivalents, Noncurrent
Finite-Lived Intangible Assets, Net			(17,964)
Total assets			(25,386)
Current liabilities:
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			37,709
Stockholders’ equity (deficit):
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	12 Months Ended
	Feb. 02, 2021	Feb. 02, 2021	Feb. 02, 2021	Mar. 31, 2021	Dec. 31, 2021	Feb. 03, 2021	Dec. 31, 2020
Reorganization Adjustments, Cash And Cash Equivalents [Abstract]
Payment of debtor in possession financing fees		$ (183)	$ (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)
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	$ 16,751	16,751	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)		(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)	(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]
Debt Instrument, Interest Rate, Stated Percentage					7.125%
Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	1,335,794	1,335,794	1,335,794
Rejected lease liability claims	4,956	4,956	4,956
Allowed Class 6 General Unsecured Claims against Parent	232,022	232,022	232,022
Liabilities subject to compromise settled in accordance with the Plan	1,572,772	1,572,772	1,572,772				$ 1,335,794
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	963,000		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		667,258
Proceeds from rights offering	963,000		963
Cash payout provided to cash opt-in noteholders	$ 952,000
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)
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		667,258
Accrual for transfer tax	(1,900)
Extinguishment of RSUs for the Predecessor's 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)
Debtor-in-Possession Financing, Amount Arranged	(12,000)		(12,000)
Debtor Reorganization Items, Extinguishment Of Equity	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	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)
Global [Member]
Reorganization Adjustments, Change In Inventory And Other Current Assets [Abstract]
Fair value adjustment to inventory	12,137
Patents
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value				2,120
TrademarksMember
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	11	11	11	4,166
Customer relationships
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	$ 4,901	$ 4,901	4,901
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
New Senior Unsecured Notes Due 2021 [Member]
Liabilities Subject To Compromise, Settled [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	7.125%	7.125%	7.125%		7.125%
Senior Unsecured Notes Due 2024 [Member]
Liabilities Subject To Compromise, Settled [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	7.75%	7.75%	7.75%		7.75%
Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	$ 16,751	$ 16,751	$ 16,751
Professional Fee Escrow \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	16,626	16,626	16,626
General Unsecured Creditors Escrow \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	125	$ 125	$ 125
Common Class A [Member]
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

Fresh Start Accounting - (Reorganization) (Details) - USD ($)
$ in Thousands

1 Months Ended

11 Months Ended

12 Months Ended

Feb. 02, 2021

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Fresh Start Accounting [Abstract]

Gain on settlement of liabilities subject to compromise

$ 667,258

Allowed claim adjustment for Class 6 claims

(232,022)

Loss on fresh start adjustment

^[1]

(77,376)

Professional fees

(16,005)

Rejected leases

13,347

Debtor in possession credit facility costs

(12,000)

Lease rejection damages

(4,956)

Extinguishment of RSUs for the Predecessor's incentive plan

(988)

Other items

(1,698)

Total reorganization items, net

335,560

$ 0

$ 335,600

$ (19,520)

$ 0

Adjustment for discontinued operations

$ 16,400

[1]	Includes approximately $16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 14 - Discontinued Operations.

Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 648,754	$ 667,249	$ 972,052
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	268,695	297,835	430,442
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	380,059	369,414	541,610
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,296	107,565	105,461	244,988
U.S. Land [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	4,917	87,432	78,537	178,345
U.S. Land [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,379	20,133	26,924	66,643
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	15,567	197,058	233,580	340,565
U.S. Offshore [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,196	103,646	129,021	143,973
U.S. Offshore [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	7,371	93,412	104,559	196,592
International [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	22,065	344,131	328,208	386,499
International [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,226	77,617	90,277	108,124
International [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 16,839	$ 266,514	$ 237,931	$ 278,375

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 648,754	$ 667,249	$ 972,052
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	268,695	297,835	430,442
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	380,059	369,414	541,610
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	19,234	305,699	299,383	482,347
Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,005	33,629	45,226	69,958
Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	17,229	272,070	254,157	412,389
Rentals Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,434	208,951	225,363	326,126
Rentals Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,082	197,050	215,163	310,844
Rentals Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	352	11,901	10,200	15,282
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	12,260	134,104	142,503	163,579
Product Sales [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,252	38,016	37,446	49,640
Product Sales [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 10,008	$ 96,088	$ 105,057	$ 113,939

- Definition

+ References

+ Details

Leases (Additional Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leased Assets [Line Items]
Operating lease right-of-use assets	$ 25,154	$ 33,317
OperatingLeaseLiability	24,843	$ 40,162
Predecessor member
Operating Leased Assets [Line Items]
Operating lease right-of-use assets	1,600
OperatingLeaseLiability	$ 400

Leases (Operating Lease Expense) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Long-term fixed lease expense	$ 1,824	$ 12,579	$ 18,454	$ 22,882
Long-term variable lease expense	19		10	54
Short-term lease expense	789	10,165	4,322	3,205
Total operating lease expense	$ 2,632	$ 22,744	$ 22,786	$ 26,141

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Feb. 02, 2021
Leases [Abstract]
Operating lease ROU assets	$ 25,154	$ 33,317
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Accrued expenses	$ 5,650	$ 10,698
Operating lease liabilities	19,193	29,464	$ 23,555
Total operating lease liabilities	$ 24,843	$ 40,162
Weighted average remaining lease term	15 years	11 years
Weighted average discount rate	5.34%	6.35%
Cash paid for operating leases	$ 13,591	$ 24,657
ROU assets obtained in exchange for lease obligations	$ 2,820	$ 5,259

Leases (Maturities Of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 8,002
2023	5,735
2024	3,611
2025	2,905
2026	1,854
Thereafter	16,628
Total lease payments	38,735
Less imputed interest	(13,892)
Total operating lease liabilities	$ 24,843	$ 40,162

Intangibles (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Intangibles (Narrative) (Details) - USD ($) $ in Millions	Feb. 02, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 0.1	$ 1.3	$ 1.3

Intangibles (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Feb. 02, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 9,414		$ 22,814
Accumulated Amortization	850		17,818
Net Balance	$ 8,564	$ 24,220	4,996
Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	10 years
Gross Amount	$ 7,294		4,744
Accumulated Amortization	655		4,263
Net Balance	$ 6,639		481
Patents
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	10 years
Gross Amount	$ 2,120		0
Accumulated Amortization	195		0
Net Balance	$ 1,925		0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	17 years
Gross Amount	$ 0		14,592
Accumulated Amortization	0		10,077
Net Balance	$ 0		4,515
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years
Gross Amount	$ 0		3,478
Accumulated Amortization	0		3,478
Net Balance	$ 0

Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Feb. 02, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 541,916		$ 1,995,542
Accumulated depreciation and depletion	(185,642)		(1,587,435)
Property, plant and equipment, net	356,274	$ 540,850	408,107
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	360,353		1,727,454
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	75,374		171,635
Automobiles, trucks, tractors and trailers [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,450		11,742
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,668		31,407
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,700		4,793
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	28,671		33,394
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 44,700		$ 15,117

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($)	1 Months Ended	11 Months Ended		12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Leasehold Improvements, Gross		$ 7,200,000	$ 7,200,000	$ 7,200,000	$ 28,900,000
Depreciation	$ 9,500,000		238,800,000		103,500,000	$ 131,500
Property, Plant and Equipment, useful life		36 months		36 months
Fully Depreciated Assets
Property, Plant and Equipment [Line Items]
Depreciation				$ 167,500,000
Assets, Fair Value Disclosure		$ 197,500	197,500	197,500
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Asset Retirement Costs		$ 24,200,000	$ 24,200,000	$ 24,200,000	$ 4,600,000

Debt (Narrative) (Details) $ in Thousands		1 Months Ended	11 Months Ended	12 Months Ended
Debt (Narrative) (Details) $ in Thousands	Feb. 02, 2021 USD ($)	Feb. 02, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 09, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 08, 2020 USD ($)	Sep. 29, 2020 USD ($)
Debt Instrument [Line Items]
Credit facility, borrowing base			$ 20,000	$ 20,000
Line of Credit Facility, Commitment Fee Percentage				15.00%
Stated interest rate on unsecured senior notes			7.125%	7.125%
Fixed charge coverage ratio			1.0	1.0
Wholly-owned subsidiaries							$ 75,000
Commitment fee					12.0
Reorganization items, net		$ 335,560	$ 0	$ 335,600	$ (19,520)	$ 0
Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 200,000
Letters of Credit Outstanding, Amount			35,800	35,800
Unsecured Senior Notes Due 2024 [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount			$ 500,000	$ 500,000
Stated interest rate on unsecured senior notes			7.75%	7.75%
DIP Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount									$ 120,000
7.125% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate on unsecured senior notes			7.125%	7.125%
7.125% Senior Notes [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount			$ 800,000	$ 800,000
7.125% Senior Notes [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Stated interest rate on unsecured senior notes			7.125%	7.125%
7.125% Senior Notes [Member] \| Prepetition Credit Facility [Member]
Debt Instrument [Line Items]
Stated interest rate on unsecured senior notes			7.125%	7.125%
7.750% Senior Notes [Member]
Debt Instrument [Line Items]
Stated interest rate on unsecured senior notes			7.75%	7.75%
Fronting fee, percent			100.00%	100.00%
7.750% Senior Notes [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Stated interest rate on unsecured senior notes			7.75%	7.75%
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 114,900	$ 114,900				$ 120,000
Letters of Credit Outstanding, Amount			37,100	$ 37,100
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread				3.00%
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread				3.50%
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread				2.00%
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread				2.50%
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Scenario, Plan [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 170,000	$ 170,000
Delayed-Draw Term Loan Commitment Letter [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Reorganization items, net	$ 12,000

Stock-Based Compensation Plans (Narrative) (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

11 Months Ended

12 Months Ended

Jun. 02, 2021

$ / shares

Feb. 02, 2021

USD ($)

Sep. 30, 2021

Dec. 31, 2021

USD ($)

Dec. 31, 2021

USD ($)

Item

Dec. 31, 2020

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

$ / shares

Dec. 31, 2018

USD ($)

Jun. 01, 2021

$ / shares

Cancelled stock incentive plans

Stated interest rate

7.125%

Cancelled stock incentive plans

$ 0

Common stock, par value | $ / shares

$ 0.001

Share based Compensation Arrangement By Share based Payment Award Options Vested And Retired Number Of Shares | shares

35,571

Weighted average fair value of stock options granted | $ / shares

$ 24.60

Risk free interest rate

2.57%

Expected life (years)

6 years

Volatility

56.62%

Number of options outstanding | shares

468,247

Weighted average option price exercisable | $ / shares

$ 156.97

Compensation expense

$ 1,248

$ 1,442

$ 2,628

$ 19,692

Original Senior Unsecured Notes Due 2021 [Member]

Cancelled stock incentive plans

Stated interest rate

7.125%

Senior Unsecured Notes Due 2024 [Member]

Cancelled stock incentive plans

Stated interest rate

7.75%

Employee Restricted Stock Award Agreement [Member]

Cancelled stock incentive plans

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares

2,000,000.0

Unamortized estimated grant date fair value

$ 1,400

Stock Options [Member]

Cancelled stock incentive plans

Shares available for future grants | shares

Share-based payment vesting period, years

3 years

Compensation expense

$ 0

$ 94

2,743

Stock Options [Member] | Equal Installments [Member]

Cancelled stock incentive plans

Share-based payment expiration period, years

10 years

Restricted Stock Units R S U [Member]

Cancelled stock incentive plans

Share-based compensation arrangement by share-based payment award, fair value of the units vested

$ 1,000

Non-vested | shares

134,236

Weighted Average Grant Date Fair Value | $ / shares

$ 80.27

Shares, vested | shares

(48,903)

Compensation expense

1,170

$ 639

$ 4,144

15,716

Restricted Stock Units R S U [Member] | Equal Installments [Member]

Cancelled stock incentive plans

Share-based payment vesting period, years

3 years

Performance Share Units [Member]

Cancelled stock incentive plans

Payment of performance

$ 4,000

Performance period of PSU grant, years

3 years

Performance Share Units Outstanding, in 2020 | shares

210,398

Performance Share Units Outstanding, in next year | shares

96,522

Performance Share Units Outstanding, in 2 years | shares

113,876

Compensation expense

$ 78

$ (1,268)

^[1]

$ (1,554)

$ 935

Restricted Stock Awards [Member]

Cancelled stock incentive plans

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares

113,840

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Net | shares

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 | $ / shares

$ 39.53

Unamortized estimated grant date fair value

2,400

$ 2,400

Compensation expense

$ 2,071

KERP [Member]

Cancelled stock incentive plans

Number of executive officers associated to KERP | Item

KERP [Member] | Executive Officers [Member]

Cancelled stock incentive plans

Retention payments

$ 7,300

KERP [Member] | Non-executive Employees [Member]

Cancelled stock incentive plans

Retention payments

$ 2,400

Employee Stock Purchase Plan [Member]

Cancelled stock incentive plans

Offering period

6 months

Shares issued | shares

532,292

Cash received for shares issued

$ 700

Compensation expense

100

401K [Member]

Cancelled stock incentive plans

Maximum empoyee contribution

75.00%

Maximum portion of base salary to defer under non-qualified deferred compensation plan

100.00%

Maximum Portion of Base Salary to Defer under Non Qualified Deferred Compensation Plan

4.00%

401K [Member] | Predecessor member

Cancelled stock incentive plans

Company discretionary contributions

400

10,500

401K [Member] | Successor Period

Cancelled stock incentive plans

Company discretionary contributions

2,600

6,200

2021 Management Incentive Plan [Member]

Cancelled stock incentive plans

Common stock reserved for issuance | shares

1,999,869

Common stock, par value | $ / shares

$ 0.01

Supplemental Executive Retirement Plan [Member]

Cancelled stock incentive plans

Employers Contribution to be received by plan participants, Minimum

5.00%

Employers Contribution to be received by plan participants, Maximum

35.00%

Employers contribution

1,100

$ 1,200

Distribution to select participants

$ 3,400

$ 0

$ 2,300

[1]	The PSU's related to the performance period ended December 31, 2021 were canceled due to not achieving the required performance.

Stock-Based Compensation Plans (Summary Of Compensation Expense and Tax Benefits) (Details) - USD ($)
$ in Thousands

1 Months Ended

11 Months Ended

12 Months Ended

Feb. 02, 2021

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Compensation expense

$ 1,248

$ 1,442

$ 2,628

$ 19,692

Related income taxes

(60)

(335)

(610)

(4,569)

Total compensation expense, net of income taxes

1,188

1,107

2,018

15,123

Restricted Stock Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Compensation expense

2,071

Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Compensation expense

2,743

Restricted Stock Units R S U [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Compensation expense

1,170

639

4,144

15,716

Cash Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Compensation expense

(56)

298

Performance Share Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Compensation expense

$ 78

$ (1,268)

^[1]

$ (1,554)

$ 935

[1]	The PSU's related to the performance period ended December 31, 2021 were canceled due to not achieving the required performance.

Income Taxes (Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
Income (loss) from continuing operations before income taxes	$ 329,132	$ (155,407)	$ (254,431)	$ (87,523)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current, federal	$ 0	$ (1,106)	$ (36,506)	$ 0
Current, state	0	(307)	635	546
Current, foreign	3,314	6,220	8,497	(3,359)
Current, total	3,314	4,807	(27,374)	(2,813)
Deferred, federal	55,015	(42,904)	4,593	10,175
Deferred, state	(182)	2,633	(638)	1,623
Deferred, foreign	1,856	2,166	(3,469)	(6,252)
Deferred income taxes	56,689	(38,105)	486	5,546
Income tax (expense) benefit	$ 60,003	$ (33,298)	$ (26,888)	$ 2,733

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Computed expected tax benefit	$ 69,125	$ (32,635)	$ (53,431)	$ (18,380)
State and foreign income taxes	6,217	(17,893)	5,026	(7,444)
Valuation allowance	(46,208)	0	19,024	24,638
Gain on Settlement of Liabilities Subject to Compromise	(89,905)	0	0	0
Reduction in value of assets	87,316	19,154	0	(233)
Fresh Start Adjustments	29,099	0	0	0
Other	4,359	(1,924)	2,493	4,152
Income tax (expense) benefit	$ 60,003	$ (33,298)	$ (26,888)	$ 2,733

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Narrative) (Details) - USD ($)	1 Months Ended			11 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Feb. 28, 2021	Feb. 02, 2021	Jul. 31, 2020	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 03, 2021	Jan. 01, 2021	Dec. 31, 2018
Tax refunds	$ 8,200,000		$ 30,500,000
Reduction in value of goodwill					$ 138,900,000
Net operating loss carryforwards				$ 43,300,000	$ 43,300,000
Limitation on operating loss carryforward usage as percent of taxable income					80.00%
Deferred tax assets, state net operating loss carryforwards				18,800,000	$ 18,800,000
Foreign tax credit carryforward				55,900,000	55,900,000
Unrecognized tax benefits		$ 14,706,000		14,973,000	14,973,000	$ 13,206,000	$ 13,206,000	$ 14,706,000	$ 13,206,000	$ 30,558,000
Unrecognized tax benefits settlement due				2,900,000	2,900,000
Interest and penalties accrued				6,900,000	6,900,000	5,800,000	5,000,000.0
Reduction to unrecognized tax benefits, foreign tax audits		$ 0		2,029,000		$ 1,000,000	$ 19,852,000
U.S. Federal
Gain loss from extinguishment of debt					428,000
Deferred tax assets, state net operating loss carryforwards				$ 19,200	$ 19,200

Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for doubtful accounts	$ 1,046	$ 1,713
Operating loss and tax credit carryforwards	84,684	150,426
Compensation and employee benefits	8,832	27,625
Decommissioning liabilities	39,328	30,960
Operating leases	197	2,792
Other assets	30,749	34,578
Deferred tax assets, gross	164,836	248,094
Valuation allowance	(90,781)	(139,106)
Net deferred tax assets	74,055	108,988
Deferred tax liabilities:
Property, plant and equipment	64,721	69,510
Notes receivable	17,812	12,977
Goodwill and other intangible assets	772	23,920
Other liabilities	1,287	7,869
Deferred tax liabilities	83,048	114,276
Net deferred tax liability	$ 8,993	$ 5,288

Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of period	$ 13,206	$ 14,706	$ 13,206	$ 30,558
Additions based on tax positions related to prior years	1,500	2,848	1,757	2,500
Reductions based on tax positions related to prior years	0	(552)	0	0
Additions based on tax positions related to current year	0	0	0	0
Reductions as a result of a lapse of the applicable statute of limitations	0	0	(757)	0
Reductions relating to settlements with taxing authorities	0	(2,029)	(1,000)	(19,852)
Unrecognized tax benefits at end of period	$ 14,706	$ 14,973	$ 13,206	$ 13,206

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets held for sale	$ 37,528	$ 242,104
Property, plant and equipment, gross	541,916	1,995,542
Pumpco Member
Assets held for sale	$ 7,942	$ 42,405

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 45,928	$ 648,754		$ 667,249	$ 972,052
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	422,252		408,131	558,265
Depreciation, depletion, amortization and accretion	8,358	219,859		115,771	146,791
General and administrative expenses	11,052	117,575		205,773	244,403
Restructuring expense	1,270	22,952		47,055
Other expenses	0	16,726	$ 16,700	0	0
Reduction in value of assets	0	0		23,775	9,293
Income (loss) from operations	(4,525)	(150,610)		(133,256)	13,300
Interest income (expense), net	202	2,331		(92,426)	(98,339)
Reorganization expenses	(335,560)	0	(335,600)	19,520	0
Other income (expense)	(2,105)	(7,128)		(9,229)	(2,484)
Income (loss) from continuing operations before income taxes	329,132	(155,407)		(254,431)	(87,523)
Rentals [Member]
Segment Reporting Information [Line Items]
Total revenues	18,339	268,695		297,835	430,442
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	7,839	105,373		109,902	168,608
Depreciation, depletion, amortization and accretion	4,271	152,250		63,072	86,395
General and administrative expenses	2,027	24,812		52,718	61,829
Restructuring expense		0
Other expenses		3,609	3,600
Reduction in value of assets				754	0
Income (loss) from operations	4,202	(17,349)		71,389	113,610
Interest income (expense), net	10	(7)			0
Reorganization expenses	2,037			0	0
Other income (expense)	(399)	1,280			0
Income (loss) from continuing operations before income taxes	1,776	(16,076)		71,389	113,610
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues	27,589	380,059		369,414	541,610
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	21,934	316,879		298,229	389,657
Depreciation, depletion, amortization and accretion	3,666	61,074		48,929	55,670
General and administrative expenses	4,111	46,780		73,200	89,272
Restructuring expense		0
Other expenses		13,117	$ 13,100
Reduction in value of assets				21,038	9,293
Income (loss) from operations	(2,122)	(57,791)		(71,982)	(2,282)
Interest income (expense), net	356	3,930		4,539	4,172
Reorganization expenses	(31,816)			0	0
Other income (expense)	(165)	(14,407)			0
Income (loss) from continuing operations before income taxes	29,885	(68,268)		(67,443)	1,890
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Total revenues				0	0
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)				0	0
Depreciation, depletion, amortization and accretion	421	6,535		3,770	4,726
General and administrative expenses	4,914	45,983		79,855	93,302
Restructuring expense	1,270	22,952		47,055
Other expenses		0
Reduction in value of assets				1,983	0
Income (loss) from operations	(6,605)	(75,470)		(132,663)	(98,028)
Interest income (expense), net	164	1,592		(96,965)	(102,511)
Reorganization expenses	(305,781)			19,520	0
Other income (expense)	(1,541)	5,999		9,229	(2,484)
Income (loss) from continuing operations before income taxes	$ 297,471	$ (71,063)		$ (258,377)	$ (203,023)

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Feb. 02, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,199,508	$ 1,456,804	$ 1,501,079
Rentals [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	365,358		572,776
Well Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	715,738		554,178
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 118,412		$ 374,125

- 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

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+ Details

Segment Information (Schedule Of Capital Expenditures, By Segment) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Capital expenditures	$ 3,035	$ 34,152
Rentals [Member]
Segment Reporting Information [Line Items]
Capital expenditures	2,429	27,335	$ 24,053	$ 63,252
Well Services [Member]
Segment Reporting Information [Line Items]
Capital expenditures	$ 606	$ 6,817	19,609	28,386
Onshore Completion And Workover Services [Member]
Segment Reporting Information [Line Items]
Capital expenditures			47,653	103,722
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Capital expenditures			$ 3,991	$ 12,084

Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 45,928	$ 648,754	$ 667,249	$ 972,052
Long-lived assets		356,274	408,107
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	23,863	304,623	339,041	585,553
Long-lived assets		231,388	253,114
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 22,065	344,131	328,208	$ 386,499
Long-lived assets		$ 124,886	$ 154,993

- Definition

+ References

+ Details

Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - Non Qualified Deferred Compensation Assets and Liabilities [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets	$ 15,896	$ 15,013
Accounts payable	2,250	2,869
Other long-term liabilities	19,218	20,697
Investment in equity securities	25,735
Total debt		409,050
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets	0
Investment in equity securities	25,735
Total debt		409,050
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets	15,896	15,013
Accounts payable	2,250	2,869
Other long-term liabilities	$ 19,218	$ 20,697

Fair Value Measurements (Additional Information) (Details) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) shares
Fair Value Measurements [Abstract]
Cancelled stock incentive plans	$ 0
Number of shares owned \| shares	4.1
Unrealized gain on equity securities	$ 2,100

Contingencies (Narrative) (Details) $ in Millions		12 Months Ended
Contingencies (Narrative) (Details) $ in Millions	Apr. 02, 2018 Employee	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Number of people involved in lawsuit \| Employee	2
Rate of royalty payments invoiced by plaintiffs	25.00%
Rate of royalty payments claimed by plaintiffs	50.00%
Loss Contingency, Maximum Liability		$ 7.3
First And Second Case [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual		7.0
Performance Bank Guarantee [Member]
Loss Contingencies [Line Items]
Loss Contingency, Maximum Liability		$ 3.5

Discontinued Operations (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	9 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2021
Reduction in value of assets	$ 0	$ 14,500	$ 12,400	$ 0		$ 141,110	$ 93,763
Assets held for sale				37,528	$ 37,528	242,104
Complete Energy Services Inc Member \| Subsidiaries Member
Purchase price for acquisitions			$ 14,000
Complete Energy Services Inc Member \| Subsidiaries Member \| Select Energy Services Inc Member
Equity interest acquired		100.00%	100.00%
Complete Energy Services Inc Member \| Subsidiaries Member \| Select Energy Services Inc Member \| Common Class A [Member]
Business acquisitions stock issued			3.6
Business acquisitions, share price		$ 0.01	$ 0.01
Pumpco [Member]
Gain on sale of assets, discontinued operation					10,500
Assets held for sale				$ 7,942	7,942	$ 42,405
Spn Well Services Inc [Member]
Assets held for sale		$ 14,000	$ 14,000					$ 8,500
Sales totaling					$ 11,400

Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation, depletion, amortization and accretion	$ 8,358	$ 219,859		$ 115,771	$ 146,791
General and administrative expenses	11,052	117,575		205,773	244,403
Other expenses	0	16,726	$ 16,700	0	0
(Loss) income from operations	(4,525)	(150,610)		(133,256)	13,300
Other income (expense)	(2,105)	(7,128)		(9,229)	(2,484)
Loss from discontinued operations, net of income tax	(352)	(40,069)		(168,687)	(165,465)
Pumpco [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	10,719	90,682		184,580	734,768
Cost of services	10,398	85,191		180,408	639,065
Depreciation, depletion, amortization and accretion	2,141	31,502		31,022	124,746
General and administrative expenses	1,119	8,847		22,035	50,953
Other expenses	0	15,807		0	0
Reduction in value of assets	0	0		117,335	84,470
(Loss) income from operations	(2,939)	(50,665)		(166,220)	(164,466)
Other income (expense)	2,485	188		(2,069)	27
Loss from discontinued operations before tax	(454)	(50,477)		(168,289)	(164,439)
Income tax benefit (expense)	102	10,408		(398)	(1,026)
Loss from discontinued operations, net of income tax	$ (352)	$ (40,069)		$ (168,687)	$ (165,465)

Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets	$ 37,528	$ 242,104
Pumpco Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	7,469	25,448
Prepaid expenses	26	4,881
Other current assets	447	12,076
Total current assets	7,942	42,405
Property, plant and equipment, net	29,328	179,380
Operating lease ROU assets	127	16,958
Other assets	131	3,361
Total assets held for sale	37,528	242,104
Accounts payable	652	2,830
Accrued expenses	4,268	11,153
Operating lease liabilities	72	21,987
Decommissioning liabilities	0	8,311
Other liabilities	615	2,095
Total liabilities	$ 5,607	$ 46,376

Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other expenses	$ 0	$ 16,726	$ 16,700	$ 0	$ 0
Pumpco Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in value of assets	0	0		117,335	84,470
(Gain)/loss on sale of assets	(43)	(0)		286	12,727
Other expenses	0	15,807		0	0
Depreciation, depletion, amortization and accretion	2,141	31,502		31,022	124,746
Proceeds from sales of assets	$ 486	$ 88,332		$ 22,224	$ 23,140

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Feb. 03, 2021	Feb. 02, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 314,974	$ 172,768	$ 172,768	$ 188,006	$ 272,624	$ 158,050
Restricted cash-current		16,751	16,751
Restricted cash-non-current	79,561	80,179	80,179	80,178	2,764	5,698
Cash, cash equivalents, and restricted cash	$ 394,535	$ 269,698	$ 269,698	$ 268,184	$ 275,388	$ 163,748

Supplemental Cash Flow Information (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Supplemental Cash Flow Elements [Abstract]
Noncash acquisition of Investments in equity securities	$ 27.3

Supplemental Guarantor Information (Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Total Revenues	$ 45,928	$ 648,754	$ 667,249	$ 972,052
Cost of revenues	29,773	422,252	408,131	558,265
Loss from operations before income taxes	329,132	(155,407)	(254,431)	(87,523)
Income taxes	60,003	(33,298)	(26,888)	2,733
Net income (loss) from continuing operation	269,129	(122,109)	(227,543)	(90,256)
Loss from discontinued operations, net of income tax	(352)	(40,069)	(168,687)	(165,465)
Net income (loss)	$ 268,777	$ (162,178)	$ (396,230)	$ (255,721)

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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