0000950170-22-014831 | 10-Q | XBRL Viewer | Superior Energy Services INC

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2022	Jul. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-34037
Entity Registrant Name	SUPERIOR ENERGY SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2379388
Entity Address, Address Line One	1001 Louisiana Street
Entity Address, Address Line Two	Suite 2900
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	654-2200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Central Index Key	0000886835
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,998,695
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,269

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 391,219	$ 314,974
Accounts receivable, net	211,014	182,432
Income taxes receivable	5,091	5,099
Prepaid expenses	18,513	15,861
Inventory	67,201	60,603
Investment in equity securities	16,524	25,735
Other current assets	5,349	6,701
Assets held for sale	25,629	37,528
Total current assets	740,540	648,933
Property, plant and equipment, net	286,927	356,274
Note receivable	65,140	60,588
Restricted cash	79,595	79,561
Other long-term assets, net	50,374	54,152
Total assets	1,222,576	1,199,508
Current liabilities:
Accounts payable	44,334	43,080
Accrued expenses	111,839	108,610
Income taxes payable	10,449	8,272
Liabilities held for sale	4,200	5,607
Total current liabilities	170,822	165,569
Decommissioning liability	142,740	190,380
Deferred income taxes	16,225	12,441
Other long-term liabilities	82,169	89,385
Total liabilities	411,956	457,775
Stockholders’ equity (deficit):
Accumulated deficit	(94,834)	(162,178)
Total stockholders' equity	810,620	741,733
Total liabilities and stockholders' equity	1,222,576	1,199,508
Common Class A [Member]
Stockholders’ equity (deficit):
Common Stock $0.001 par value	200	200
Additional paid in capital	902,486	902,486
Common Class B [Member]
Stockholders’ equity (deficit):
Common Stock $0.001 par value	1	1
Additional paid in capital	$ 2,767	$ 1,224

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Common Class A [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	19,999,000	19,999,000
Common stock, shares outstanding	19,999,000	19,999,000
Common Class B [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000	2,000,000
Common stock, shares issued	114,000	114,000
Common stock, shares outstanding	76,000	76,000

Consolidated Statements Of Operations - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Revenues:
Total revenues	$ 45,928	$ 224,640	$ 165,892	$ 271,735	$ 422,570
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	120,968	103,045	171,082	233,348
Depreciation, depletion, amortization and accretion	8,358	23,346	59,018	99,048	57,431
General and administrative expenses	11,052	30,231	32,308	50,746	62,249
Restructuring expense	1,270	1,663	7,438	15,821	3,218
Other (gains) and losses, net		(18,013)	534	365	(16,866)
Income (loss) from operations	(4,525)	66,445	(36,451)	(65,327)	83,190
Other income (expense):
Interest income (expense), net	202	1,459	535	747	2,638
Reorganization items, net	335,560
Other income (expense)	(2,105)	(13,471)	2,570	(275)	476
Income (loss) from continuing operations before income taxes	329,132	54,433	(33,346)	(64,855)	86,304
Income tax (expense) benefit	(60,003)	(10,871)	(1,747)	6,032	(18,755)
Net income (loss) from continuing operations	269,129	43,562	(31,599)	(58,823)	67,549
Income (loss) from discontinued operations, net of income tax	(352)	(1,944)	(19,400)	(28,806)	(205)
Net income (loss)	$ 268,777	$ 41,618	$ (50,999)	$ (87,629)	$ 67,344
Income (loss) per share -basic
Net income (loss) from continuing operations	$ 18.13	$ 2.18	$ (1.58)	$ (2.94)	$ 3.38
Income (loss) from discontinued operations, net of income tax	(0.02)	(0.10)	(0.97)	(1.44)	(0.01)
Net income (loss)	18.11	2.08	(2.55)	(4.38)	3.37
Income (loss) per share - diluted:
Net income (loss) from continuing operations	18.06	2.17	(1.58)	(2.94)	3.37
Income (loss) from discontinued operations, net of income tax	(0.03)	(0.10)	(0.97)	(1.44)	(0.01)
Net income (loss)	$ 18.03	$ 2.07	$ (2.55)	$ (4.38)	$ 3.36
Weighted Average Number of Shares Outstanding, Basic	14,845	20,024	19,999	19,997	20,011
Weighted Average Number of Shares Outstanding, Diluted	14,905	20,076	19,999	19,997	20,065
Services [Member]
Revenues:
Total revenues	$ 19,234	$ 100,066	$ 79,787	$ 123,466	$ 191,505
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	15,080	73,530	53,642	95,113	133,698
Depreciation, depletion, amortization and accretion	3,500	8,292	28,384	44,748	21,958
Rentals [Member]
Revenues:
Total revenues	14,434	76,993	53,238	84,552	144,155
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	5,876	24,235	24,750	34,949	48,848
Depreciation, depletion, amortization and accretion	2,627	6,492	18,940	30,841	16,529
Product Sales [Member]
Revenues:
Total revenues	12,260	47,581	32,867	63,717	86,910
Costs and expenses:
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	8,817	23,203	24,653	41,020	50,802
Depreciation, depletion, amortization and accretion	$ 2,231	$ 8,562	$ 11,694	$ 23,459	$ 18,944

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Consolidated Statements of Comprehensive Loss [Abstract]
Net income (loss)	$ 268,777	$ 41,618	$ (50,999)	$ (87,629)	$ 67,344
Change in cumulative translation adjustment, net of tax	67,947	0	0
Comprehensive income (loss)	$ 336,724	$ 41,618	$ (50,999)	$ (87,629)	$ 67,344

- Definition

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

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+ Details

Condensed Consolidated Statements Of 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, 2020	$ (338,647)	$ 16		$ 2,756,889		$ (4,290)	$ (67,947)	$ (3,023,315)
Beginning balance, shares at Dec. 31, 2020		15,799,000
Net income (loss)	268,777							268,777
Foreign currency translation adjustment	67,947						$ 67,947
Extinguishment of unrecognized compensation expense	988			988
Stock-based compensation expense, net	935			935
Restricted stock units vested		49,000
Shares withheld and retired, shares		(15,000)
Cancellation of Predecessor equity, shares		(15,833,000)
Cancellation of Predecessor equity, value		$ (16)		(2,758,812)		$ 4,290		2,754,538
Common stock issued,shares		19,996,000
Common stock issued,value	902,686	$ 200		902,486
Ending balance, value at Feb. 02, 2021	902,686	$ 200		902,486
Ending balance, shares at Feb. 02, 2021		19,996,000
Net income (loss)	(36,630)							(36,630)
Ending balance, value at Mar. 31, 2021	866,056	$ 200		902,486				(36,630)
Ending balance, shares at Mar. 31, 2021		19,996,000
Beginning balance, value at Feb. 02, 2021	902,686	$ 200		902,486
Beginning balance, shares at Feb. 02, 2021		19,996,000
Net income (loss)	(87,629)
Foreign currency translation adjustment
Ending balance, value at Jun. 30, 2021	815,142	$ 200	$ 1	902,486	$ 84			(87,629)
Ending balance, shares at Jun. 30, 2021		19,999,000	76,000
Beginning balance, value at Mar. 31, 2021	866,056	$ 200		902,486				(36,630)
Beginning balance, shares at Mar. 31, 2021		19,996,000
Net income (loss)	(50,999)							(50,999)
Foreign currency translation adjustment	0
Stock-based compensation expense, net	1,570				1,570
Shares withheld and retired, shares			38
Shares withheld and retired, value	(1,485)				(1,485)
Common stock issued,shares		3,000	114,000
Common stock issued,value			$ 1		(1)
Ending balance, value at Jun. 30, 2021	815,142	$ 200	$ 1	902,486	84			(87,629)
Ending balance, shares at Jun. 30, 2021		19,999,000	76,000
Beginning balance, value at Dec. 31, 2021	741,733	$ 200	$ 1	902,486	1,224			(162,178)
Beginning balance, shares at Dec. 31, 2021		19,999,000	76,000
Net income (loss)	25,726							25,726
Stock-based compensation expense, net	585				585
Ending balance, value at Mar. 31, 2022	768,044	$ 200	$ 1	902,486	1,809			(136,452)
Ending balance, shares at Mar. 31, 2022		19,999,000	76,000
Beginning balance, value at Dec. 31, 2021	741,733	$ 200	$ 1	902,486	1,224			(162,178)
Beginning balance, shares at Dec. 31, 2021		19,999,000	76,000
Net income (loss)	67,344
Foreign currency translation adjustment
Ending balance, value at Jun. 30, 2022	810,620	$ 200	$ 1	902,486	2,767			(94,834)
Ending balance, shares at Jun. 30, 2022		19,999,000	76,000
Beginning balance, value at Mar. 31, 2022	768,044	$ 200	$ 1	902,486	1,809			(136,452)
Beginning balance, shares at Mar. 31, 2022		19,999,000	76,000
Net income (loss)	41,618							41,618
Foreign currency translation adjustment	0
Stock-based compensation expense, net	958				958
Ending balance, value at Jun. 30, 2022	$ 810,620	$ 200	$ 1	$ 902,486	$ 2,767			$ (94,834)
Ending balance, shares at Jun. 30, 2022		19,999,000	76,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 268,777	$ (87,629)	$ 67,344
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion, amortization and accretion	10,499	130,404	57,431
Deferred income taxes	54,322	(16,295)	1,687
Amortization of credit facility costs	0	0	254
Stock based compensation expense	935	1,570	1,543
Reorganization items, net	(354,279)	0	0
Bad debt	(210)	(5,433)	(920)
Gain on sale of assets and businesses	58	0	0
Gain on sale of equity securities	0	0	(3,611)
Unrealized gain on investment in equity securities	0	0	(544)
Other (gains) and losses, net	0	7,883	(23,296)
Other reconciling items, net	1,017	(1,886)	2,529
Changes in operating assets and liabilities:
Accounts receivable	3,602	(12,518)	(26,362)
Prepaid expenses	(340)	(2,910)	(2,652)
Inventory and other current assets	(221)	7,314	(5,358)
Accounts payable	(2,365)	9,619	(1,986)
Accrued expenses	23,489	(25,604)	144
Income taxes	340	13,805	2,185
Other, net	(241)	(5,817)	(144)
Net cash from operating activities	5,383	12,503	68,244
Cash flows from investing activities:
Payments for capital expenditures	(3,035)	(10,995)	(20,514)
Proceeds from sales of assets	775	16,200	15,183
Proceeds from sales of equity securities	0	0	13,366
Net cash from investing activities	(2,260)	5,205	8,035
Cash flows from financing activities:
Credit facility costs	(1,920)	(14)	0
Tax withholdings for vested restricted stock units	0	(1,485)	0
Net cash from financing activities	(1,920)	(1,499)	0
Effect of exchange rate changes on cash	311	0	0
Net change in cash, cash equivalents, and restricted cash	1,514	16,209	76,279
Cash, cash equivalents, and restricted cash at beginning of period		269,698	394,535
Cash, cash equivalents, and restricted cash at end of period	$ 269,698	$ 285,907	$ 470,814

Basis of Presentation

6 Months Ended

Jun. 30, 2022

Disclosure Text Block [Abstract]

Basis of Presentation

(1) Basis of Presentation

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

As used herein, “we,” “us” and similar terms refer to (i) prior to the Emergence Date (as defined below), 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”). Due to our adoption of fresh start accounting, discussed below, our operations for the six months ended June 30, 2021 are separated by the operations which occurred from January 1, 2021 through February 2, 2021 (the “Predecessor Period”) and the operations that occurred from February 3, 2021 through June 30, 2021 (the “Successor Period”).

These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. As described below, as a result of the application of fresh start accounting and the effects of the implementation of the Plan (as defined below), the financial statements after the Emergence Date are not comparable with the consolidated financial statements on or before that date.

In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair statement of our financial position as of June 30, 2022, and our results of operations and cash flows for the three months ended June 30, 2022 and 2021. The balance sheet as of December 31, 2021, was derived from our audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Emergence from Voluntary Reorganization under Chapter 11

On December 7, 2020, certain of our direct and indirect wholly-owned domestic subsidiaries (the “Affiliate Debtors”) filed petitions for reorganization under the provisions of Chapter 11 of the Bankruptcy Code and, in connection therewith, filed the proposed Joint Prepackaged Plan of Reorganization (as amended, modified or supplemented from time to time, the “Plan”). On February 2, 2021 (the “Emergence Date”), the conditions to the effectiveness of the Plan were satisfied and we emerged from Chapter 11.

On the Emergence Date, we qualified for and adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 852 – Reorganizations, 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 results of operations for any period after our adoption of fresh start accounting.

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.

Revenue

6 Months Ended

Jun. 30, 2022

Revenue [Abstract]

Revenue

(2) Revenue

Disaggregation of Revenue

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


	For the Three Months Ended June 30,
	2022		2021
U.S. land
Rentals	$	43,791	$	20,789
Well Services		4,151		6,781
Total U.S. land		47,942		27,570

U.S. offshore
Rentals		36,331		26,890
Well Services		32,569		26,574
Total U.S. offshore		68,900		53,464

International
Rentals		23,607		19,558
Well Services		84,191		65,300
Total International		107,798		84,858
Total Revenues	$	224,640	$	165,892


	Successor				Predecessor
	For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
U.S. land
Rentals	$	77,753	$	31,898	$	4,917
Well Services		8,699		8,907		3,379
Total U.S. land		86,452		40,805		8,296

U.S. offshore
Rentals		69,084		47,293		8,196
Well Services		60,890		45,995		7,371
Total U.S. offshore		129,974		93,288		15,567

International
Rentals		45,648		30,494		5,226
Well Services		160,496		107,148		16,839
Total International		206,144		137,642		22,065
Total Revenues	$	422,570	$	271,735	$	45,928

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


	For the Three Months Ended June 30,
	2022		2021
Services
Rentals	$	12,654	$	9,592
Well Services		87,412		70,195
Total Services		100,066		79,787

Rentals
Rentals		73,563		47,895
Well Services		3,430		5,343
Total Rentals		76,993		53,238

Product Sales
Rentals		17,512		9,750
Well Services		30,069		23,117
Total Product Sales		47,581		32,867
Total Revenues	$	224,640	$	165,892


	Successor				Predecessor
	For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
Services
Rentals	$	23,812	$	15,856	$	2,005
Well Services		167,693		107,610		17,229
Total Services		191,505		123,466		19,234

Rentals
Rentals		138,810		76,488		14,082
Well Services		5,345		8,064		352
Total Rentals		144,155		84,552		14,434

Product Sales
Rentals		29,863		17,341		2,252
Well Services		57,047		46,376		10,008
Total Product Sales		86,910		63,717		12,260
Total Revenues	$	422,570	$	271,735	$	45,928

Accounts Receivable

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 June 30, 2022 and December 31, 2021 was approximately $5.2 million and $2.2 million, respectively.

- 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
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+ Details

Inventory

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventory

(3) 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):


	June 30, 2022		December 31, 2021
Finished goods	$	31,046	$	26,187
Raw materials		9,397		9,753
Work-in-process		3,520		4,253
Supplies and consumables		23,238		20,410
Total	$	67,201	$	60,603

Decommissioning Liabilities

6 Months Ended

Jun. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

Decommissioning Liability

(4) Decommissioning Liability

We account for our decommissioning liability under ASC 410 – Asset Retirement Obligations. Our decommissioning liability is associated with our oil and gas property and includes costs related to the plugging of wells, decommissioning of the related platform and equipment and site restoration. We review the adequacy of our decommissioning liability whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially.

During the second quarter of 2022, we undertook an initiative to alter our decommissioning program, whereby we intend to convert the platform into an artificial reef (“reef-in-place”) and no longer expect to fully decommission the platform. The reef-in-place program would involve severing the top portion of the structure at a permitted navigation depth and placing the severed structure on the sea floor next to the base of the remaining structure.

In connection with the changes in the decommissioning program, we have revised the timing and estimates for the plugging and abandonment of the associated wells, as well as the timing to complete the decommissioning of the platform under a reef-in-place program such that we now expect all decommissioning activities to be completed by the second quarter of 2031.

The changes in estimates under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable, as well as impacted the carrying value of our oil and gas producing assets. Due to the reduction in both costs and timing, our decommissioning liability was reduced by $53.0 million and the related note receivable was increased by $2.6 million. Additionally, in accordance with ASC 410, the carrying value of our oil and gas producing assets, which included capitalized oil and gas reserves and capitalized asset retirement costs, was reduced by$38.2 million, which represented the net book value of all of our oil and gas assets at the time of the reduction. In connection with these changes, we recognized a gain of approximately $17.4 million which is included in other (gains) and losses, net in our statement of operations.

The following table presents our decommissioning liability as of the periods indicated:


	June 30, 2022			December 31, 2021
Wells	$	81,995		$	97,810
Platform		60,745			92,570
Decommissioning Liability		142,740			190,380
Less: Note Receivable		(65,140	)		(60,588	)
Decommissioning Liability, net of Note Receivable	$	77,600		$	129,792

Accretion expense for the three and six months ended June 30, 2022 was $2.7 million and $5.4 million respectively. Accretion expense for the three months ended June 30, 2021, the Successor Period and Predecessor Period was $1.2 million, $2.2 million and $0.5 million, respectively.

Note Receivable

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Note Receivable

(5) Note Receivable

We have a decommissioning liability related to the acquisition of a single oil and gas property. Our note receivable arises from 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.

During the second quarter of 2022, changes in estimates regarding the timing and the cost of decommissioning our oil and gas property under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable, as well as impacted the carrying value of our oil and gas producing assets. Due to the reduction in both costs and timing, our decommissioning liability was reduced by $53.0 million and the related note receivable was increased by $2.6 million. Additionally, in accordance with ASC 410-20, the carrying value of our oil and gas producing assets, which included capitalized oil and gas reserves and capitalized asset retirement costs, was reduced by $38.2 million, which represented the net book value of all of our oil and gas assets at the time of the reduction. In connection with these changes, we recognized a gain of approximately $17.4 million which is included in other (gains) and losses, net in our statement of operations.

Due to the reduction in estimated costs under the reef-in-place program, the gross amount of the seller’s obligation was reduced to $106.9 million as of June 30, 2022 and was recorded at its present value, which totaled $65.1 million.

The discount on the note receivable, which is currently based on an effective interest rate of 5.6%, is amortized to interest income over the expected timing of the completion of the decommissioning activities, which are now expected to be completed during the second quarter of 2031. Interest receivable is considered paid in kind and is compounded into the carrying amount of the note.

Non-cash interest income for the three and six months ended June 30, 2022 was $1.0 million and $2.0 million respectively. Non-cash interest income for the three months ended June 30, 2021, the Successor Period and Predecessor Period was $1.2 million, $1.9 million and $0.4 million, respectively. As the interest income on the note receivable is non-cash, it is included in other reconciling items, net in the condensed consolidated statements of cash flows.

Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant And Equipment [Abstract]

Property, Plant and Equipment, Net

(6) Property, Plant and Equipment, Net

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


	June 30, 2022			December 31, 2021
Machinery and equipment	$	368,220		$	360,353
Buildings, improvements and leasehold improvements		77,529			75,374
Automobiles, trucks, tractors and trailers		6,550			6,450
Furniture and fixtures		19,707			19,668
Construction-in-progress		5,078			6,700
Land		28,446			28,671
Oil and gas producing assets		-			44,700
Total		505,530			541,916
Accumulated depreciation and depletion		(218,603	)		(185,642	)
Property, plant and equipment, net	$	286,927		$	356,274

Depreciation and depletion expense associated with our property, plant and equipment for the three and six months ended June 30, 2022 was $20.4 million and $51.6 million respectively. Depreciation and depletion expense, excluding depreciation and depletion related to assets held for sale, for the three months ended June 30, 2021, the Successor Period and Predecessor Period was $57.6 million, $96.5 million and $7.8 million, respectively. Gains and losses on disposals of assets are recognized within other (gains) and losses, net in our statement of operations.

During the second quarter of 2022, changes in estimates regarding the timing and the cost of decommissioning our oil and gas property under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable, as well as impacted the carrying value of our oil and gas producing assets. Due to the reduction in both costs and timing, our decommissioning liability was reduced by $53.0 million and the related note receivable was increased by $2.6 million. Additionally, in accordance with ASC 410, the carrying value of our oil and gas producing assets, which included capitalized oil and gas reserves and capitalized asset retirement costs, was reduced by $38.2 million, which represented the net book value of all of our oil and gas assets at the time of the reduction. In connection with these changes, we recognized a gain of approximately $17.4 million which is included in other (gains) and losses, net in our statement of operations.

Debt

6 Months Ended

Jun. 30, 2022

Debt [Abstract]

Debt

(7) Debt

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 reduces availability under the Credit Facility on a dollar-for-dollar basis. The Credit Facility will mature on December 9, 2024.

As of June 30, 2022, our borrowing base, as defined in the Credit Agreement, was approximately $120.0 million, and we had $34.3 million of letters of credit outstanding that reduced the borrowing availability. We had no outstanding borrowings under the Credit Facility as of June 30, 2022.

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. We were in compliance with all required covenants as of June 30, 2022.

- 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.

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+ Details

Other income (expense)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Other Income And Other Expense

(9) Other income (expense)

Other income (expense) primarily relate to re-measurement gains and losses associated with our foreign currencies and realized and unrealized gains and losses on our investment in equity securities.

As of June 30, 2022, we held 2.4 million shares of Select common stock. During the three and six months ended June 30, 2022, we recognized unrealized losses of $5.9 million and unrealized gains of $0.5 million, respectively from our investment in equity securities. During the six months ended June 30, 2022, we disposed of 1.7 million shares of Select for $13.4 million, of which 0.7 million shares were disposed of for $6.0 million during the three months ended June 30, 2022. During the three and six months ended June 30, 2022, we recognized gains totaling $1.9 million and $3.6 million, respectively, in connection with these transactions.

Losses on foreign currencies during the three and six months ended June 30, 2022 were $10.5 million and $4.9 million, respectively. Gain on foreign currencies for the three months ended June 30, 2021 and the Successor Period were $2.9 million and $0.3 million, respectively. Losses on foreign currencies during the three and six months ended June 30, 2022 include an expense of $2.7 million which represents a correction of an immaterial error relating to a period prior to our emergence from bankruptcy. During the Predecessor Period, losses on foreign currencies were $2.1 million. Gains and losses on foreign currencies are primarily related to our operations in Brazil.

Segment Information

6 Months Ended

Jun. 30, 2022

Segment Information [Abstract]

Segment Information

(10) Segment Information

Business Segments

The products and service offerings of our Rentals segment 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 our Well Services segment 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, restructuring expenses and other gains and losses. 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 three months ended June 30, 2022				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	103,729		$	120,911		$	-		$	224,640
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		35,860			85,108			-			120,968
Depreciation, depletion, amortization and accretion		12,556			9,662			1,128			23,346
General and administrative expenses		6,559			11,202			12,470			30,231
Restructuring expenses		-			-			1,663			1,663
Other (gains) and losses, net		195			(18,208	)		-			(18,013	)
Income (loss) from operations	$	48,559		$	33,147		$	(15,261	)	$	66,445

For the three months ended June 30, 2021				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	67,237		$	98,655		$	-		$	165,892
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		27,309			75,736						103,045
Depreciation, depletion, amortization and accretion		42,083			15,213			1,722			59,018
General and administrative expenses		6,352			13,123			12,833			32,308
Restructuring expenses		-			-			7,438			7,438
Other (gains) and losses, net		725			(191	)					534
Income (loss) from operations	$	(9,232	)	$	(5,226	)	$	(21,993	)	$	(36,451	)


For the six months ended June 30, 2022 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	192,485		$	230,085		$	-		$	422,570
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		67,612			165,736			-			233,348
Depreciation, depletion, amortization and accretion		33,545			21,390			2,496			57,431
General and administrative expenses		13,924			22,603			25,722			62,249
Restructuring expenses		-			-			3,218			3,218
Other (gains) and losses, net		60			(16,926	)		-			(16,866	)
Income (loss) from operations	$	77,344		$	37,282		$	(31,436	)	$	83,190

For the Period February 3, 2021 through June 30, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	109,685		$	162,050		$	-		$	271,735
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		42,795			128,287			-			171,082
Depreciation, depletion, amortization and accretion		70,141			26,376			2,531			99,048
General and administrative expenses		9,803			21,584			19,359			50,746
Restructuring expenses		-			-			15,821			15,821
Other (gains) and losses, net		560			(195	)		-			365
Income (loss) from operations	$	(13,614	)	$	(14,002	)	$	(37,711	)	$	(65,327	)

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	)

Identifiable Assets


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
June 30, 2022	$	456,309	$	605,804	$	160,463	$	1,222,576
December 31, 2021		379,453		636,256		183,799		1,199,508

Geographic Segments

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 of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period.

Our revenue attributed to the U.S. and to other countries and the value of our long-lived assets by those locations are as follows (in thousands):

Revenues


	For the Three Months Ended June 30,
	2022		2021
United States	$	116,842	$	81,034
Other countries		107,798		84,858
Total	$	224,640	$	165,892


	Successor				Predecessor
	For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
United States	$	216,426	$	134,093	$	23,863
Other countries		206,144		137,642		22,065
Total	$	422,570	$	271,735	$	45,928

Long-Lived Assets


	June 30, 2022		December 31, 2021
United States	$	190,891	$	231,388
Other countries		96,036		124,886
Total	$	286,927	$	356,274

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2022

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

Stock-Based And Long-Term Incentive Compensation

(11) Stock-Based Compensation Plans

Our Management Incentive Plan (“MIP”) provides the issuance of up to 1,999,869 shares of our Class B common stock, par value $0.01 per share (the “Class B Common Stock”) for the grant of share-based and cash-based awards.

Approval of Forms of Award Agreement and Equity Awards

On March 28, 2022, the Board and the Compensation Committee approved new forms of restricted stock unit (“RSU”) award agreements and forms of performance stock unit (“PSU”) award agreements (collectively, the “Award Agreements”) under the MIP, and approved a special grant of 72,050 RSUs and 288,199 PSUs which was intended to satisfy stock awards for the next three years. Additional grants will be issued for new hires and promotions.

Awards made under the forms of RSU award agreements for our employees generally vest in three equal annual installments over the three-year period, subject to terms and conditions set forth in the forms of RSU award agreements. Awards made under the forms PSU award agreements may be earned between 25% and 100% of the target award based on achievement of share price goals set forth in the forms of PSU award agreements and will vest to the extent that share price goals are achieved based on the terms and conditions set forth in the forms of PSU award agreements.

During the three and six months ended June 30, 2022, we recognized $1.0 million and $1.5 million, respectively, in compensation expense associated with grants of restricted stock awards and RSUs. During both the three months ended June 30, 2021 and the Successor Period, we recognized $1.6 million in compensation cost associated with grants of restricted stock and RSUs.

As a result of the consummation of the Plan, restricted stock units issued prior to the Emergence Date were cancelled for zero consideration. We recognized $0.9 million in compensation costs during the Predecessor Period prior to cancellation of the pre-Emergence outstanding restricted stock units.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Income Taxes

(12) Income Taxes

The effective tax rate for the three and six months ended June 30, 2022 was 20.0% and 21.7%, respectively, on income from continuing operations. The effective tax rate is different from the U.S. federal statutory rate of 21% primarily from non-deductible items, foreign tax rates that differ from the U.S. federal statutory rate, the release of valuation allowance based on current period income in certain jurisdictions and foreign losses for which no tax benefit is being recorded.

In recording deferred income tax assets, we consider whether it is more likely than not some portion or all of the deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent on the generation of future taxable income of the appropriate character during the periods in which those deferred income tax assets would be deductible. Our annualized effective tax rate for the six months ended June 30, 2022 includes a tax benefit of $18.8 million related to the release of a valuation allowance previously recorded against U.S. foreign tax credit carryforwards. We previously considered these credit carryforwards to be unrealizable primarily due to our cumulative history of losses in the U.S. in recent years and tax attribute utilization limits under Section 382 resulting from bankruptcy. This was significant negative evidence that outweighed positive evidence from forecasts of future taxable income. However, based on recognized built in gains that have increased our limit under Section 382, year to date income in the U.S., and certain attributes promoting use of the foreign tax credit carryovers, when combined with our view on the remaining 2022 outlook, we determined there is now significant positive evidence for our ability to utilize available U.S. foreign tax credit carryforwards in 2022. The amount of valuation allowance released in the U.S. recognizes foreign tax credit deferred tax assets that we estimate will offset U.S. taxes payable in 2022. After the valuation allowance release, we have $37.1 million of U.S. foreign tax credit deferred tax assets that continue to have a valuation allowance against them. We will continue to evaluate the realizability of our U.S. foreign tax credit carryforwards and may have additional valuation allowance releases in future periods if we achieve positive cumulative U.S. income results of appropriate character and timing to do so.

The effective tax rate for the three months ended June 30, 2021, the Successor Period and the Predecessor Period was 5.2%, 9.3% and 18.2%, respectively, on income from
continuing operations. The tax rate during the three months ended June 30, 2021 and the Successor Period is different from the U.S. federal statutory rate of 21% primarily from non-deductible items and foreign losses for which no tax benefit is being recorded. The tax rate in the Predecessor Period is different from the U.S. federal statutory rate of 21% primarily due the adoption of fresh start accounting during the period.

We had $15.7 million and $15.0 million of unrecognized tax benefits as of June 30, 2022 and December 31, 2021, respectively, all of which would impact our effective tax rate if recognized except for $1.6 million offset in deferred income taxes. It is reasonably possible $3.4 million of unrecognized tax benefits could be settled in the next twelve months due to the conclusion of tax audits or statutes of limitations expiration. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense.

- 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.

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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

(13) Earnings per Share

Our common equity consists of Class A Common Stock and Class B Common Stock (the “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 using the weighted average number of Common Stock outstanding during the period plus any potentially dilutive Common Stock, such as restricted stock awards, restricted stock units, and performance-based units calculated using the treasury stock method.

The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share.


	Successor								Predecessor
	For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
Weighted-average shares outstanding - basic		20,024		19,999		20,011		19,997		14,845
Potentially dilutive stock awards and units		52		-		54		-		60
Weighted-average shares outstanding - diluted		20,076		19,999		20,065		19,997		14,905

Contingencies

6 Months Ended

Jun. 30, 2022

Contingencies [Abstract]

Contingencies

(14) 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, and 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 took place in 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 June 30, 2022, 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.

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

(16) Supplemental Cash Flow Information

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


	Successor				Predecessor
	For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	314,974	$	172,768	$	188,006
Restricted cash-current		-		16,751		-
Restricted cash-non-current		79,561		80,179		80,178
Cash, cash equivalents, and restricted cash, beginning of period	$	394,535	$	269,698	$	268,184

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	391,219	$	205,748	$	172,768
Restricted cash-current		-		-		16,751
Restricted cash-non-current		79,595		80,159		80,179
Cash, cash equivalents, and restricted cash, end of period	$	470,814	$	285,907	$	269,698

New Accounting Pronouncements

6 Months Ended

Jun. 30, 2022

Disclosure Text Block [Abstract]

New Accounting Pronouncements

(17) New Accounting Pronouncements

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 March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). This update provides an optional expedient and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In January 2021, the FASB issued ASU No. 2021-01, which clarifies that certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in these ASUs are effective for all entities as of March 12, 2020 through December 31, 2022. As our credit agreement allows for alternative benchmark rates to be applied to any borrowings, we do not expect the cessation of LIBOR to have a material impact on our financial position, results of operations, cash flows or disclosures.

- Definition

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

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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

(18) Subsequent Events

On July 18, 2022, our Board and Compensation Committee (the “Committee”) approved an executive chairman agreement for Michael Y. McGovern, our Executive Chairman (the “Executive Chairman Agreement”).

Executive Chairman Agreement for Mr. McGovern

Mr. McGovern’s Executive Chairman Agreement provides for an annual base salary of $750,000, with an initial one-year term that automatically extends for an additional one-year term on the first anniversary of the effective date of the Agreement (the “Extension Date”) unless either party gives 60 days’ prior written notice of non-renewal before expiration of the then-current term. Mr. McGovern’s annual base salary is subject to adjustment (upward or downward) if Mr. McGovern’s duties or commitments change during the term of the Executive Chairman Agreement. Further, in connection with his Executive Chairman Agreement, we will grant Mr. McGovern RSUs under the MIP and accelerate the vesting of Mr. McGovern’s restricted shares of Class B common stock granted under the MIP (in each case, as discussed below). In addition, Mr. McGovern’s Executive Chairman Agreement provides for a cash lump sum payment to be made within thirty (30) days of the Effective Date (as defined in the Executive Chairman Agreement) in an amount equal to $288,306.45 to account for the annual base salary Mr. McGovern would have been paid since assuming the position of Executive Chairman until the Effective Date less any payments received from us since assuming the position of Executive Chairman until the Effective Date.

If Mr. McGovern’s employment is terminated by Mr. McGovern for good reason (as defined in the Executive Chairman Agreement) or by us for any reason other than: (a) Mr. McGovern’s death or incapacity; (b) for cause (as defined in the Executive Chairman Agreement); (c) upon any non-renewal of the term of the Executive Chairman Agreement; or (d) the occurrence of a change in control (as defined in the Plan), we will pay or provide to Mr. McGovern, in addition to his base salary through the date of termination and any rights under the term of equity awards and any medical or other welfare benefits required by law (the “Accrued Amounts”):

•

A lump-sum payment equal to the base salary Mr. McGovern would have been paid from the date of termination through the next Extension Date of the Executive Chairman Agreement; and

•

Healthcare continuation benefits for the period between the date of termination and the next Extension Date of the Executive Chairman Agreement.

The payments and benefits described above (other than the Accrued Amounts) are subject to Mr. McGovern’s timely execution of a release of claims in our favor.

If Mr. McGovern’s employment is terminated by us for cause, by Mr. McGovern other than for good reason, due to Mr. McGovern’s death or disability, or upon the occurrence of a change in control, then we will only be required to pay to Mr. McGovern or to Mr. McGovern’s estate, as applicable, the Accrued Amounts.

Mr. McGovern will also be bound by, among other typical restrictive covenants, a 12-month post-termination non-compete covenant (unless his employment is terminated by us without cause or Mr. McGovern terminates his employment for good reason) and a 12-month post-termination non-solicitation covenant with respect to customers and employees.

Equity Awards

On July 18, 2022, the Board and the Committee approved a RSU award agreement (the “Award Agreement”) under the MIP for Mr. McGovern for 79,375 RSUs (and a number of corresponding shares of our Class B common stock).

The RSUs under the Award Agreement generally vest in three equal annual installments over a three-year period commencing on the first anniversary of January 20, 2022, subject to earlier vesting upon a change in control (as defined in the Plan) and, generally, Mr. McGovern’s continued employment through the applicable vesting date, and forfeiture on terms and conditions set forth in the Award Agreement. Notwithstanding the foregoing, in the event that Mr. McGovern’s employment is terminated by us without cause (excluding due to death or disability (as defined in the Executive Chairman Agreement)) or by Mr. McGovern for good reason, subject to subject to Mr. McGovern’s timely execution of a release of claims in our favor and continued compliance with his restrictive covenants, the tranche of RSUs due to vest on the next scheduled vesting date following the date of termination (i.e., one-third (1/3rd)) will vest.

Acceleration of Restricted Stock Grant

On July 18, 2022, the Board and the Committee approved accelerated vesting with respect to 15,642 outstanding restricted shares of our Class B common stock granted by us to Mr. McGovern on June 1, 2021.

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue by Geography [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

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


	For the Three Months Ended June 30,
	2022		2021
U.S. land
Rentals	$	43,791	$	20,789
Well Services		4,151		6,781
Total U.S. land		47,942		27,570

U.S. offshore
Rentals		36,331		26,890
Well Services		32,569		26,574
Total U.S. offshore		68,900		53,464

International
Rentals		23,607		19,558
Well Services		84,191		65,300
Total International		107,798		84,858
Total Revenues	$	224,640	$	165,892


	Successor				Predecessor
	For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
U.S. land
Rentals	$	77,753	$	31,898	$	4,917
Well Services		8,699		8,907		3,379
Total U.S. land		86,452		40,805		8,296

U.S. offshore
Rentals		69,084		47,293		8,196
Well Services		60,890		45,995		7,371
Total U.S. offshore		129,974		93,288		15,567

International
Rentals		45,648		30,494		5,226
Well Services		160,496		107,148		16,839
Total International		206,144		137,642		22,065
Total Revenues	$	422,570	$	271,735	$	45,928

Revenue by Type [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

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


	For the Three Months Ended June 30,
	2022		2021
Services
Rentals	$	12,654	$	9,592
Well Services		87,412		70,195
Total Services		100,066		79,787

Rentals
Rentals		73,563		47,895
Well Services		3,430		5,343
Total Rentals		76,993		53,238

Product Sales
Rentals		17,512		9,750
Well Services		30,069		23,117
Total Product Sales		47,581		32,867
Total Revenues	$	224,640	$	165,892


	Successor				Predecessor
	For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
Services
Rentals	$	23,812	$	15,856	$	2,005
Well Services		167,693		107,610		17,229
Total Services		191,505		123,466		19,234

Rentals
Rentals		138,810		76,488		14,082
Well Services		5,345		8,064		352
Total Rentals		144,155		84,552		14,434

Product Sales
Rentals		29,863		17,341		2,252
Well Services		57,047		46,376		10,008
Total Product Sales		86,910		63,717		12,260
Total Revenues	$	422,570	$	271,735	$	45,928

Inventory (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Components Of Inventory

The components of inventory balances are as follows (in thousands):


	June 30, 2022		December 31, 2021
Finished goods	$	31,046	$	26,187
Raw materials		9,397		9,753
Work-in-process		3,520		4,253
Supplies and consumables		23,238		20,410
Total	$	67,201	$	60,603

Property, Plant and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant And Equipment [Abstract]

Summary Of Property, Plant And Equipment

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


	June 30, 2022			December 31, 2021
Machinery and equipment	$	368,220		$	360,353
Buildings, improvements and leasehold improvements		77,529			75,374
Automobiles, trucks, tractors and trailers		6,550			6,450
Furniture and fixtures		19,707			19,668
Construction-in-progress		5,078			6,700
Land		28,446			28,671
Oil and gas producing assets		-			44,700
Total		505,530			541,916
Accumulated depreciation and depletion		(218,603	)		(185,642	)
Property, plant and equipment, net	$	286,927		$	356,274

Decommissioning Liability (Tables)

6 Months Ended

Jun. 30, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of decommissioning liability

The following table presents our decommissioning liability as of the periods indicated:


	June 30, 2022			December 31, 2021
Wells	$	81,995		$	97,810
Platform		60,745			92,570
Decommissioning Liability		142,740			190,380
Less: Note Receivable		(65,140	)		(60,588	)
Decommissioning Liability, net of Note Receivable	$	77,600		$	129,792

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Information [Abstract]

Schedule Of Segment Reporting Information

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


For the three months ended June 30, 2022				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	103,729		$	120,911		$	-		$	224,640
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		35,860			85,108			-			120,968
Depreciation, depletion, amortization and accretion		12,556			9,662			1,128			23,346
General and administrative expenses		6,559			11,202			12,470			30,231
Restructuring expenses		-			-			1,663			1,663
Other (gains) and losses, net		195			(18,208	)		-			(18,013	)
Income (loss) from operations	$	48,559		$	33,147		$	(15,261	)	$	66,445

For the three months ended June 30, 2021				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	67,237		$	98,655		$	-		$	165,892
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		27,309			75,736						103,045
Depreciation, depletion, amortization and accretion		42,083			15,213			1,722			59,018
General and administrative expenses		6,352			13,123			12,833			32,308
Restructuring expenses		-			-			7,438			7,438
Other (gains) and losses, net		725			(191	)					534
Income (loss) from operations	$	(9,232	)	$	(5,226	)	$	(21,993	)	$	(36,451	)


For the six months ended June 30, 2022 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	192,485		$	230,085		$	-		$	422,570
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		67,612			165,736			-			233,348
Depreciation, depletion, amortization and accretion		33,545			21,390			2,496			57,431
General and administrative expenses		13,924			22,603			25,722			62,249
Restructuring expenses		-			-			3,218			3,218
Other (gains) and losses, net		60			(16,926	)		-			(16,866	)
Income (loss) from operations	$	77,344		$	37,282		$	(31,436	)	$	83,190

For the Period February 3, 2021 through June 30, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	109,685		$	162,050		$	-		$	271,735
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		42,795			128,287			-			171,082
Depreciation, depletion, amortization and accretion		70,141			26,376			2,531			99,048
General and administrative expenses		9,803			21,584			19,359			50,746
Restructuring expenses		-			-			15,821			15,821
Other (gains) and losses, net		560			(195	)		-			365
Income (loss) from operations	$	(13,614	)	$	(14,002	)	$	(37,711	)	$	(65,327	)

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	)

Schedule Of Identifiable Assets

Identifiable Assets


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
June 30, 2022	$	456,309	$	605,804	$	160,463	$	1,222,576
December 31, 2021		379,453		636,256		183,799		1,199,508

Schedule Of Revenues By Geographic Segment

Our revenue attributed to the U.S. and to other countries and the value of our long-lived assets by those locations are as follows (in thousands):

Revenues


	For the Three Months Ended June 30,
	2022		2021
United States	$	116,842	$	81,034
Other countries		107,798		84,858
Total	$	224,640	$	165,892


	Successor				Predecessor
	For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
United States	$	216,426	$	134,093	$	23,863
Other countries		206,144		137,642		22,065
Total	$	422,570	$	271,735	$	45,928

Long-Lived Assets


	June 30, 2022		December 31, 2021
United States	$	190,891	$	231,388
Other countries		96,036		124,886
Total	$	286,927	$	356,274

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Computation of weighted average number of shares for basic and diluted earnings per share

The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share.


	Successor								Predecessor
	For the Three Months Ended June 30, 2022		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
Weighted-average shares outstanding - basic		20,024		19,999		20,011		19,997		14,845
Potentially dilutive stock awards and units		52		-		54		-		60
Weighted-average shares outstanding - diluted		20,076		19,999		20,065		19,997		14,905

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations [Abstract]

Components Of Income (Loss) From Discontinued Operations

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


	For the Three Months Ended June 30,
	2022			2021
Revenues	$	-		$	45,114
Cost of services		-			37,871
Depreciation, depletion, amortization and accretion		-			18,581
General and administrative expenses		1,711			3,623
Other (gains) and losses, net		750			10,018
Loss from operations		(2,461	)		(24,979	)
Other income (expense)		-			(53	)
Loss from discontinued operations before tax		(2,461	)		(25,032	)
Income tax benefit (expense)		517			5,632
Income (loss) from discontinued operations, net of income tax	$	(1,944	)	$	(19,400	)


	Successor						Predecessor
	For the Six Months Ended June 30, 2022			For the Period February 3, 2021 through June 30, 2021			For the Period January 1, 2021 through February 2, 2021
Revenues	$	-		$	68,366		$	10,719
Cost of services		-			60,393			10,398
Depreciation, depletion, amortization and accretion		-			31,356			2,141
General and administrative expenses		5,453			6,218			1,119
Other (gains) and losses, net		(5,193	)		7,518			-
Loss from operations		(260	)		(37,119	)		(2,939	)
Other income (expense)		-			(50	)		2,485
Loss from discontinued operations before tax		(260	)		(37,169	)		(454	)
Income tax benefit (expense)		55			8,363			102
Income (loss) from discontinued operations, net of income tax	$	(205	)	$	(28,806	)	$	(352	)

Assets And Liabilities Of Discontinued Operation

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


	June 30, 2022		December 31, 2021
Assets:
Accounts receivable, net	$	4,809	$	7,469
Property, plant and equipment, net		20,659		29,328
Other assets		161		731
Total assets held for sale	$	25,629	$	37,528

Liabilities:
Accounts payable	$	544	$	652
Accrued expenses		3,433		4,268
Other liabilities		223		687
Total liabilities held for sale	$	4,200	$	5,607

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

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


	Successor				Predecessor
	For the Six Months Ended June 30, 2022		For the Period February 3, 2021 through June 30, 2021		For the Period January 1, 2021 through February 2, 2021
Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	314,974	$	172,768	$	188,006
Restricted cash-current		-		16,751		-
Restricted cash-non-current		79,561		80,179		80,178
Cash, cash equivalents, and restricted cash, beginning of period	$	394,535	$	269,698	$	268,184

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	391,219	$	205,748	$	172,768
Restricted cash-current		-		-		16,751
Restricted cash-non-current		79,595		80,159		80,179
Cash, cash equivalents, and restricted cash, end of period	$	470,814	$	285,907	$	269,698

Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 224,640	$ 165,892	$ 271,735	$ 422,570
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	103,729	67,237	109,685	192,485
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	120,911	98,655	162,050	230,085
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,296	47,942	27,570	40,805	86,452
U.S. Land [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	4,917	43,791	20,789	31,898	77,753
U.S. Land [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,379	4,151	6,781	8,907	8,699
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	15,567	68,900	53,464	93,288	129,974
U.S. Offshore [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,196	36,331	26,890	47,293	69,084
U.S. Offshore [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	7,371	32,569	26,574	45,995	60,890
International [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	22,065	107,798	84,858	137,642	206,144
International [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,226	23,607	19,558	30,494	45,648
International [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 16,839	$ 84,191	$ 65,300	$ 107,148	$ 160,496

- 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
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-Name Accounting Standards Codification
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+ Details

Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 224,640	$ 165,892	$ 271,735	$ 422,570
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	103,729	67,237	109,685	192,485
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	120,911	98,655	162,050	230,085
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	19,234	100,066	79,787	123,466	191,505
Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,005	12,654	9,592	15,856	23,812
Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	17,229	87,412	70,195	107,610	167,693
Rentals Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,434	76,993	53,238	84,552	144,155
Rentals Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,082	73,563	47,895	76,488	138,810
Rentals Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	352	3,430	5,343	8,064	5,345
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	12,260	47,581	32,867	63,717	86,910
Product Sales [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,252	17,512	9,750	17,341	29,863
Product Sales [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 10,008	$ 30,069	$ 23,117	$ 46,376	$ 57,047

- Definition

+ References

+ Details

Revenue (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenue [Abstract]
Allowance for doubtful accounts	$ 5.2	$ 2.2

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 31,046	$ 26,187
Raw materials	9,397	9,753
Work-in-process	3,520	4,253
Supplies and consumables	23,238	20,410
Total	$ 67,201	$ 60,603

Note Receivable (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
Note Receivable (Narrative) (Details) - USD ($)	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Amount of notes receivable		$ 2,600,000			$ 2,600,000
Cost and Timing of Decommissioning		53,000,000.0			53,000,000.0
Capitalized Costs Asset		38,200,000			38,200,000
Gain recognized from changes in cost and timing					17,400,000
Amount of notes receivable net		2,600,000			2,600,000
Change In Gross Amount Of Sellers Obligation		106,900			106,900
Present value of sellers obligation		65,100			$ 65,100
Notes Receivable, Seller Obligation [Member]
Financing Receivable, Past Due [Line Items]
Interest rate percentage to record present value of notes receivable					5.60%
Company recorded interest income	$ 400,000	$ 1,000,000.0	$ 1,900,000	$ 1,200,000	$ 2,000,000.0

Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 505,530	$ 541,916
Accumulated depreciation and depletion	(218,603)	(185,642)
Property, plant and equipment, net	286,927	356,274
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	368,220	360,353
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	77,529	75,374
Automobiles, Trucks, Tractors and Trailers [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,550	6,450
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,707	19,668
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,078	6,700
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	28,446	28,671
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 0	$ 44,700

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation and depletion expense		$ 20.4			$ 51.6
Depreciation and depletion related to assets held for sale	$ 7.8		$ 57.6	$ 96.5
Cost and Timing of Decommissioning		53.0			53.0
Capitalized Costs Asset		38.2			38.2
Gain recognized from changes in cost and timing					17.4
Amount of notes receivable		$ 2.6			$ 2.6

Debt (Narrative) (Details) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
Debt (Narrative) (Details) $ in Thousands	Feb. 02, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Credit facility, borrowing base			$ 20,000
Line of Credit Facility, Commitment Fee Percentage			15.00%
Fixed charge coverage ratio			1.0
Reorganization items, net	$ 335,560
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			120,000	$ 120,000
Letters of Credit Outstanding, Amount			$ 34,300

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	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets	$ 15,361	$ 15,896
Accounts payable	1,758	2,250
Other long-term liabilities	15,513	19,218
Investment in equity securities	16,524
Total debt		25,735
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	16,524
Total debt		25,735
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible and other long-term assets	15,361	15,896
Accounts payable	1,758	2,250
Other long-term liabilities	$ 15,513	$ 19,218

Other income (expense) (Additional Information) (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gain on equity securities		$ 5.9			$ 0.5
Number of shares issued in transaction		0.7
Gain on sale of assets, discontinued operation		$ 6.0			13.4
Recognized gains on equity securities		1.9			3.6
Gain loss on foreign currencies	$ (2.1)	(10.5)	$ 2.9	$ 0.3	(4.9)
Loss on foreign currency expense		$ 2.7			$ 2.7
Select Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Common stock, shares outstanding		2.4			2.4
Number of shares issued in transaction					1.7

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 45,928	$ 224,640	$ 165,892	$ 271,735	$ 422,570
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	120,968	103,045	171,082	233,348
Depreciation, depletion, amortization and accretion	8,358	23,346	59,018	99,048	57,431
General and administrative expenses	11,052	30,231	32,308	50,746	62,249
Restructuring expense	1,270	1,663	7,438	15,821	3,218
Other (gains) and losses, net		(18,013)	534	365	(16,866)
Income (loss) from operations	(4,525)	66,445	(36,451)	(65,327)	83,190
Rentals [Member]
Segment Reporting Information [Line Items]
Total revenues	18,339	103,729	67,237	109,685	192,485
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	7,839	35,860	27,309	42,795	67,612
Depreciation, depletion, amortization and accretion	4,271	12,556	42,083	70,141	33,545
General and administrative expenses	2,027	6,559	6,352	9,803	13,924
Other (gains) and losses, net		195	725	560	60
Income (loss) from operations	4,202	48,559	(9,232)	(13,614)	77,344
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues	27,589	120,911	98,655	162,050	230,085
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	21,934	85,108	75,736	128,287	165,736
Depreciation, depletion, amortization and accretion	3,666	9,662	15,213	26,376	21,390
General and administrative expenses	4,111	11,202	13,123	21,584	22,603
Other (gains) and losses, net		(18,208)	(191)	(195)	(16,926)
Income (loss) from operations	(2,122)	33,147	(5,226)	(14,002)	37,282
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, amortization and accretion	421	1,128	1,722	2,531	2,496
General and administrative expenses	4,914	12,470	12,833	19,359	25,722
Restructuring expense	1,270	1,663	7,438	15,821	3,218
Income (loss) from operations	$ (6,605)	$ (15,261)	$ (21,993)	$ (37,711)	$ (31,436)

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,222,576	$ 1,199,508
Rentals [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	456,309	379,453
Well Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	605,804	636,256
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 160,463	$ 183,799

- 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.

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-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ Details

Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 45,928	$ 224,640	$ 165,892	$ 271,735	$ 422,570
Long-lived assets		286,927			286,927	$ 356,274
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	23,863	116,842	81,034	134,093	216,426
Long-lived assets		190,891			190,891	231,388
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 22,065	107,798	$ 84,858	$ 137,642	206,144
Long-lived assets		$ 96,036			$ 96,036	$ 124,886

- Definition

+ References

+ Details

Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Accretion Expense	$ 0.5	$ 2.7	$ 1.2	$ 2.2	$ 5.4
Decommissioning Liability, Noncurrent		53.0			53.0
Capitalized Costs, Asset Retirement Costs		38.2			38.2
Gain recognized from changes in cost and timing					17.4
Notes, Loans and Financing Receivable, Gross, Noncurrent		$ 2.6			$ 2.6

Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Decommissioning Liability	$ 142,740	$ 190,380
Less: Note Receivable	(65,140)	(60,588)
Decommissioning Liability, net of Note Receivable	77,600	129,792
Well Services [Member]
Decommissioning Liability	81,995	97,810
Platform Service [Member]
Decommissioning Liability	$ 60,745	$ 92,570

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Mar. 28, 2022	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Restricted Stock Units R S U [Member]
Cancelled stock incentive plans
Shares granted	72,050
Restricted Stock Units R S U [Member] \| Equal Installments [Member]
Cancelled stock incentive plans
Share-based payment vesting period, years	3 years
Restricted Stock Units R S U [Member] \| Predecessor Period
Cancelled stock incentive plans
Compensation expense		$ 0.9
Performance Share Units [Member]
Cancelled stock incentive plans
Shares granted	288,199
Performance Share Units [Member] \| Minimum [Member]
Cancelled stock incentive plans
Percentage of achievement of share price based on target award	25.00%
Performance Share Units [Member] \| Maximum [Member]
Cancelled stock incentive plans
Percentage of achievement of share price based on target award	100.00%
Restricted Stock Awards [Member]
Cancelled stock incentive plans
Compensation expense			$ 1.0	$ 1.6	$ 1.6	$ 1.5
Management Incentive Plan [Member]
Cancelled stock incentive plans
Common stock reserved for issuance			1,999,869			1,999,869
Common stock, par value			$ 0.01			$ 0.01

Stock-Based Compensation Plans (Summary Of Compensation Expense and Tax Benefits) (Details) - USD ($) $ in Millions	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Compensation expense	$ 1.0	$ 1.6	$ 1.6	$ 1.5

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	21.00%	21.00%
Current Foreign Tax Expense (Benefit)					$ 0
Effective Income Tax Rate Reconciliation, Percent	18.20%	20.00%	5.20%	9.30%	21.70%
Income tax benefit related to the release of valuation allowance					$ 18,800
Foreign tax credit carryforward		$ 37,100			37,100
Unrecognized tax benefits		$ 15,700			15,700	$ 15,000
Deferred income taxes					1,600
Reduction to unrecognized tax benefits, foreign tax audits					$ 3,400

Earnings Per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted-average shares outstanding - basic	14,845	20,024	19,999	19,997	20,011
Potentially dilutive stock awards and units	60	52	0	0	54
Weighted-average shares outstanding - diluted	14,905	20,076	19,999	19,997	20,065

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 54
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e2603-109256

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 44
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e2062-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1828-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e2600-109256

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e2597-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 48
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e2538-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 48
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1757-109256

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 51
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e2574-109256

+ Details

Contingencies (Narrative) (Details) $ in Millions		6 Months Ended
Contingencies (Narrative) (Details) $ in Millions	Apr. 02, 2018 Employee	Jun. 30, 2022 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 ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Gain on sale of assets, discontinued operation	$ 6,000	$ 13,400
Assets held for sale	$ 25,629	$ 25,629	$ 37,528

- 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

Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation, depletion, amortization and accretion	$ 8,358	$ 23,346	$ 59,018	$ 99,048	$ 57,431
General and administrative expenses	11,052	30,231	32,308	50,746	62,249
Other (gains) and losses, net		(18,013)	534	365	(16,866)
Income (loss) from operations	(4,525)	66,445	(36,451)	(65,327)	83,190
Other income (expense)	(2,105)	(13,471)	2,570	(275)	476
Income (loss) from discontinued operations, net of income tax	(352)	(1,944)	(19,400)	(28,806)	(205)
Pumpco [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	10,719	0	45,114	68,366	0
Cost of services	10,398	0	37,871	60,393	0
Depreciation, depletion, amortization and accretion	2,141	0	18,581	31,356	0
General and administrative expenses	1,119	1,711	3,623	6,218	5,453
Other (gains) and losses, net	0	750	10,018	7,518	(5,193)
Income (loss) from operations	(2,939)	(2,461)	(24,979)	(37,119)	(260)
Other income (expense)	2,485	0	(53)	(50)	0
Loss from discontinued operations before tax	(454)	(2,461)	(25,032)	(37,169)	(260)
Income tax benefit (expense)	102	517	5,632	8,363	(55)
Income (loss) from discontinued operations, net of income tax	$ (352)	$ (1,944)	$ (19,400)	$ (28,806)	$ (205)

Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets	$ 25,629	$ 37,528
Pumpco Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	4,809	7,469
Property, plant and equipment, net	20,659	29,328
Other assets	161	731
Total assets held for sale	25,629	37,528
Accounts payable	544	652
Accrued expenses	3,433	4,268
Other liabilities	223	687
Total liabilities held for sale	$ 4,200	$ 5,607

Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 02, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other (gains) and losses, net		$ (18,013)	$ 534	$ 365	$ (16,866)
Pumpco Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Gain)/loss on sale of assets	$ (43)			0	0
Other (gains) and losses, net	0	$ 750	$ 10,018	7,518	(5,193)
Depreciation, depletion, amortization and accretion	2,141			31,356	0
Proceeds from sales of assets	$ 486			$ 14,894	$ 13,861

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Feb. 03, 2021	Feb. 02, 2021	Jan. 01, 2021
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 391,219	$ 314,974	$ 205,748	$ 172,768	$ 172,768	$ 188,006
Restricted cash-current	0	0	0	16,751	16,751	0
Restricted cash-non-current	79,595	79,561	80,159	80,179	80,179	80,178
Cash, cash equivalents, and restricted cash	$ 470,814	$ 394,535	$ 285,907	$ 269,698	$ 269,698	$ 268,184

Subsequent Events (Narrative) (Details) - Subsequent Event [Member]	Jul. 18, 2022 USD ($) shares
Subsequent Event [Line Items]
Annual basic salary \| $	$ 750,000
Lump sum payment \| $	$ 288,306.45
Common Class B [Member]
Subsequent Event [Line Items]
Outstanding restricted shares \| shares	15,642
Restricted Stock Units (RSUs) [Member]
Subsequent Event [Line Items]
Shares of RSU \| shares	79,375