0000950170-23-008104 | 10-K | XBRL Viewer | Superior Energy Services INC

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2022	Mar. 01, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Securities Act File Number	001-34037
Entity Registrant Name	SUPERIOR ENERGY SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-4613576
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Public Float	$ 0
Documents Incorporated by Reference	Not applicable.
Entity Central Index Key	0000886835
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas
Auditor Firm ID	238
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		152,030

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 258,999	$ 314,974
Accounts receivable, net	249,808	182,432
Income taxes receivable	6,665	5,099
Prepaid expenses	17,299	15,861
Inventory	65,587	60,603
Investment in equity securities	0	25,735
Other current assets	6,276	6,701
Assets held for sale	11,978	37,528
Total current assets	616,612	648,933
Property, plant and equipment, net	282,376	356,274
Note receivable	69,679	60,588
Restricted cash	80,108	79,561
Operating lease right-of-use assets	18,797	25,154
Noncurrent deferred tax assets	97,492	1,894
Other long-term assets, net	25,948	27,104
Total assets	1,191,012	1,199,508
Current liabilities:
Accounts payable	31,570	43,080
Accrued expenses	116,575	108,610
Income taxes payable	11,682	8,272
Current portion of decommissioning liability	9,770	0
Liabilities held for sale	3,349	5,607
Total current liabilities	172,946	165,569
Decommissioning liability	150,901	190,380
Deferred income taxes	3,388	12,441
Operating lease liability	14,634	19,193
Other long-term liabilities	66,259	70,192
Total liabilities	408,128	457,775
Stockholders’ equity (deficit):
Accumulated deficit	(125,699)	(162,178)
Total stockholders' equity	782,884	741,733
Total liabilities and stockholders' equity	1,191,012	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	$ 5,896	$ 1,224

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	84,000	76,000
Common stock, shares outstanding	80,000	76,000

Consolidated Statements Of Operations - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Revenues [Abstract]
Total revenues	$ 45,928	$ 648,754	$ 883,960	$ 667,249
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	422,252	476,951	408,131
Total depreciation, depletion, amortization and accretion	8,358	219,859	98,060	115,771
General and administrative expenses	11,052	117,575	128,294	205,773
Restructuring expenses	1,270	22,952	6,375	47,055
Other (gains) and losses, net		16,726	(29,134)
Reduction in value of assets	0	0	0	23,775
Income (loss) from operations	(4,525)	(150,610)	203,414	(133,256)
Other income (expense):
Interest income (expense), net	202	2,331	11,713	(92,426)
Reorganization items, net	335,560	0	0	(19,520)
Other income (expense)	(2,105)	(7,128)	(1,804)	(9,229)
Income (loss) from continuing operations before income taxes	329,132	(155,407)	213,323	(254,431)
Income tax (expense) benefit	(60,003)	33,298	77,719	26,888
Net income (loss) from continuing operation	269,129	(122,109)	291,042	(227,543)
Income (loss) from discontinued operations, net of income tax	(352)	(40,069)	(4,577)	(168,687)
Net income (loss)	$ 268,777	$ (162,178)	$ 286,465	$ (396,230)
Income (loss) per share -basic
Net income (loss) from continuing operations	$ 18.13	$ (6.11)	$ 14.53	$ (15.35)
Income (loss) from discontinued operations, net of income tax	(0.02)	(2.00)	(0.22)	(11.38)
Net income (loss)	18.11	(8.11)	14.31	(26.73)
Income (loss) per share - diluted:
Net income (loss) from continuing operations	18.06	(6.11)	14.49	(15.35)
Income (loss) from discontinued operations, net of income tax	(0.03)	(2.00)	(0.23)	(11.38)
Net income (loss)	$ 18.03	$ (8.11)	$ 14.26	$ (26.73)
Weighted-average shares outstanding - basic	14,845	19,998	20,024	14,822
Weighted-average shares outstanding - diluted	14,905	19,998	20,087	14,822
Services [Member]
Revenues [Abstract]
Total revenues	$ 19,234	$ 305,699	$ 386,775	$ 299,383
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	15,080	236,784	268,078	230,341
Total depreciation, depletion, amortization and accretion	3,500	105,426	37,168	51,754
Rentals [Member]
Revenues [Abstract]
Total revenues	14,434	208,951	309,314	225,363
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	5,876	86,354	102,975	88,535
Total depreciation, depletion, amortization and accretion	2,627	69,443	29,724	38,561
Product Sales [Member]
Revenues [Abstract]
Total revenues	12,260	134,104	187,871	142,503
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	8,817	99,114	105,898	89,255
Total depreciation, depletion, amortization and accretion	$ 2,231	$ 44,990	$ 31,168	$ 25,456

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 268,777	$ (162,178)	$ 286,465	$ (396,230)
Change in cumulative translation adjustment, net of tax	67,947	0	0	3,980
Comprehensive income (loss)	$ 336,724	$ (162,178)	$ 286,465	$ (392,250)

- Definition

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

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+ Details

Consolidated Statements Of Changes In Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member] Common Class A [Member]	Additional Paid-in Capital [Member] Common Class B [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss, Net [Member]	Accumulated Deficit [Member]
Beginning balance, value at Dec. 31, 2019	$ 49,573	$ 16		$ 2,752,859		$ (4,290)	$ (71,927)	$ (2,627,085)
Beginning balance, shares at Dec. 31, 2019		15,689
Net income	(396,230)							(396,230)
Foreign currency translation adjustment	3,980						3,980
Transactions under stock plans	(208)			(208)
Transactions under stock plans, shares		110
Stock-based compensation expense, net	4,238			4,238
Ending balance, value at Dec. 31, 2020	(338,647)	$ 16		2,756,889		(4,290)	(67,947)	(3,023,315)
Ending balance, shares at Dec. 31, 2020		15,799
Net income	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
Common stock issued,shares		19,996
Common stock issued,value	902,686	$ 200		902,486
Shares withheld and retired, shares		(15)
Cancellation of Predecessor equity, shares		(15,833)
Cancellation of Predecessor equity		$ (16)		(2,758,812)		$ 4,290		2,754,538
Ending balance, value at Feb. 02, 2021	902,686	$ 200		902,486
Ending balance, shares at Feb. 02, 2021		19,996
Net income	(162,178)							(162,178)
Foreign currency translation adjustment	0
Stock-based compensation expense, net	2,710				$ 2,710
Common stock issued,shares		3	114
Common stock issued,value			$ 1		(1)
Shares withheld and retired, shares			(38)
Shares withheld and retired, value	(1,485)				(1,485)
Ending balance, value at Dec. 31, 2021	741,733	$ 200	$ 1	902,486	1,224			(162,178)
Ending balance, shares at Dec. 31, 2021		19,999	76
Net income	286,465							286,465
Foreign currency translation adjustment	0
Cash dividends	(249,986)							(249,986)
Stock-based compensation expense, net	4,807				4,807
Restricted stock units vested			10
Shares withheld and retired, shares			(2)
Shares withheld and retired, value	(135)				(135)
Shares placed in treasury, shares			(4)
Ending balance, value at Dec. 31, 2022	$ 782,884	$ 200	$ 1	$ 902,486	$ 5,896			$ (125,699)
Ending balance, shares at Dec. 31, 2022		19,999	80

Consolidated Statements Of Changes In Stockholders' Equity (Deficit) (Parenthetical)	Dec. 31, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends ($12.45 per share)	$ 12.45

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 268,777	$ (162,178)	$ 286,465	$ (396,230)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	10,499	251,361	98,060	146,793
Right-of-use assets amortization	1,372	8,380	6,357	20,224
Deferred income taxes	54,322	(48,975)	(104,587)	2,041
Stock-based compensation expense	935	2,710	4,807	2,628
Reorganization items, net	(354,279)	0	0	18,087
Bad debt	(210)	(4,908)	2,248	12,473
Gain on sale of assets and businesses	58	0	0	0
Gain on sale of equity securities	0	(383)	(8,950)	0
Unrealized gain on investment in equity securities	0	(2,147)	0	0
Other (gains) and losses, net	0	30,707	(32,872)	141,110
Other reconciling items, net	(355)	6,687	(3,822)	(8,309)
Changes in operating assets and liabilities:
Accounts receivable	3,602	(28,676)	(65,669)	111,948
Prepaid expense	(340)	4,854	(1,096)	0
Inventory and other current assets	(221)	22,866	(4,568)	27,933
Accounts payable	(2,365)	735	(10,149)	(35,170)
Accrued expenses	23,489	(21,770)	8,503	(18,154)
Income taxes	340	11,535	771	0
Other, net	(241)	(11,914)	(82)	(23,157)
Net cash from operating activities	5,383	58,884	175,416	2,217
Cash flows from investing activities:
Payments for capital expenditures	(3,035)	(34,152)	(65,784)	(47,653)
Proceeds from sales of assets	775	97,505	50,376	50,039
Proceeds from sales of equity securities	0	4,099	34,685	0
Net cash from investing activities	(2,260)	67,452	19,277	2,386
Cash flows from financing activities:
Credit facility costs	(1,920)	(14)	0	(1,554)
Tax withholdings for vested restricted stock units	0	(1,485)	(135)	(208)
Distributions to shareholders	0	0	(249,986)	0
Other	0	0	0	(12,432)
Net cash from financing activities	(1,920)	(1,499)	(250,121)	(14,194)
Effect of exchange rate changes on cash	311	0	0	2,387
Net change in cash, cash equivalents, and restricted cash	1,514	124,837	(55,428)	(7,204)
Cash, cash equivalents, and restricted cash beginning of period	268,184	269,698	394,535	275,388
Cash, cash equivalents, and restricted cash at end of period	$ 269,698	$ 394,535	$ 339,107	$ 268,184

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Basis of Presentation

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

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


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

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

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

Business

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

Historically, we provided a wide variety of services and products to many markets within the energy industry. Our core businesses focus on products and services that we believe meet the criteria of:

•

being critical to our customers’ oil and gas operations;

•

limiting competition from the three largest global oilfield service companies;

•

requiring deep technical expertise through the design or use of our products or services, such as premium drill pipe and drilling bottom hole assembly accessory rentals;

•

unlikely to become a commoditized product or service to our customers; and

•

providing strong cash flow generation capacity and opportunities.

The result of this approach is a portfolio of business lines grounded in our core mission of providing high quality products and services while maintaining the trust and serving the needs of our customers, with an emphasis on free cash flow generation and capital efficiency.

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 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.

Major Customers and Concentration of Credit Risk

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

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

We derive a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of our total revenues in 2022, 2021 or 2020.

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

Cash Equivalents

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

Accounts Receivable and Allowances

Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. We maintain our allowance for doubtful accounts at net realizable value. The allowance for doubtful accounts is based on our best estimate of probable uncollectible amounts in existing accounts receivable. We assess individual customers and overall receivables balances to identify amounts that are believed to be uncertain of collection. The aging of the receivable balance as well as economic factors concerning the customer factor into the judgment and estimation of allowances, which often involve significant dollar amounts. Adjustments to the allowance in future periods may be made based on changing customer conditions. Our allowance for doubtful accounts as of December 31, 2022 and 2021 was $6.1 million and $2.2 million, respectively.

As part of the adoption of fresh start accounting and effective upon emergence from bankruptcy, we have adopted new presentations for certain items within our consolidated balance sheets and statement of operations. Prior to emergence from bankruptcy, we recognized bad debt expense within general and administrative expenses. These expenses are now recognized within cost of revenues. During the year ended December 31, 2022 (the "Current Period"), we recognized $2.2 million in bad debt expense. During the Successor Period and Predecessor Period, we recognized $4.9 million and $0.2 million, respectively, in bad debt recoveries. Additionally, in the year ended December 31, 2020 (the "Prior Period"), we recognized bad debt expense of $11.9 million.

Revenue Recognition

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

A performance obligation arises under contracts with customers and is the unit of account under Topic 606. We account for services rendered and rentals provided separately if they are distinct and the service or rental is separately identifiable from other items provided to a customer and if a customer can benefit from the services rendered or rentals provided on their own or with other resources that are readily available to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. A contract’s standalone selling prices are determined based on the prices charged for services rendered, rentals provided or products sold. Our payment terms vary by the type of products or services offered. The term between invoicing and when the payment is due is typically 30 days.

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

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

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

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

Property, Plant and Equipment

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


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

Reduction in Value of Long-Lived Assets

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

Prior to emergence from bankruptcy, we recognized the reduction in value assets separately on the consolidated statement of operations. Reduction in value of assets are now recognized within other (gains) and losses, net as a component of operating income.

Other (gains) and losses, net

Other (gains) and losses, net primarily relate to charges recorded as part of our strategic disposal of low margin assets in line with our efforts to reconfigure our organization both operationally and financially (the “Transformation Project”) and includes gains and losses on the disposal of assets, as well as impairments related to long-lived assets.

Other gains, net for the Current Period were $29.1 million, and are primarily comprised of gains of $23.6 million related to our Well Services segment, including a gain of $17.4 million from revisions in estimates related to our decommissioning liability, and $5.2 million related to net gains on the disposal of assets in our Rentals segment.

Other losses, net in the Successor Period were $16.7 million, and are comprised of $13.1 million related to our Well Services segment, including approximately $11.7 million from exit activities related to SES Energy Services India Pvt. Ltd, and $3.6 million related to our Rentals segment.

Restricted Cash

Restricted cash as of December 31, 2022 includes approximately $77.3 million held in a collateral account for the payment and performance of secured obligations including the reimbursement of letters of credit. Additionally, we hold approximately $2.8 million in escrow to secure the future decommissioning obligations related to the oil and gas property.

Income Taxes

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

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

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

Foreign Currency

The functional currency of our international subsidiaries is the U.S. dollar. Financial statements of our international subsidiaries are remeasured into U.S. dollars using the historical exchange rate for affected the long-term assets and liabilities and the balance sheet date exchange rate for affected current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. During the Current Period, the Successor Period, the Predecessor Period and the Prior Period, we recorded foreign currency losses of $12.6 million, $8.8 million, $2.1 million and $8.9 million, respectively.

Stock-Based Compensation

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

Self-Insurance Reserves

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

Restructuring expenses

Restructuring expenses in our consolidated statement of operations during the Current Period, Successor Period and Predecessor Period were $6.4 million, $23.0 million and $1.3 million, respectively. Restructuring expenses in the Current Period represent costs associated with our Transformation Project, as well as legal and other professional expenses primarily related to certain tax and shareholder distribution matters. Restructuring expenses in the Successor Period and Predecessor Period primarily relate to professional fees and separation costs related to former executives and personnel. Additionally, during the Successor Period, we incurred shut down costs of $8.9 million at certain locations in our Well Services segment. These shut down costs include the write-down of inventory of $6.5 million which is reflected in cost of sales and the severance of personnel and other shut down costs of $2.4 million which is primarily reflected in cost of services.

Recently Issued Accounting Standards

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

In 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.

Fresh Start Accounting

12 Months Ended

Dec. 31, 2022

Fresh Start Accounting [Abstract]

Fresh Start Accounting

(2) Fresh Start Accounting

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

Reorganization Value

In accordance with ASC 852, upon adoption of fresh start accounting, the reorganization value derived from the enterprise value as disclosed in the Plan was allocated to our assets and liabilities based on their fair values (except for deferred income taxes) in accordance with FASB ASC Topic No. 805 - Business Combinations (ASC 805) and FASB ASC Topic No. 820 - Fair Value Measurements (ASC 820). The amount of deferred income taxes recorded due to the fair value adjustments to assets and liabilities was determined in accordance with FASB ASC Topic No. 740 - Income Taxes.

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

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


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

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

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

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

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

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

Valuation Process

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

Inventory

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

Property, Plant and Equipment

Real Property

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

Tangible Assets Excluding Real Property and Oil and Gas Assets

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

Oil and Gas Assets

The oil and gas assets were valued using estimates of the reserve volumes and associated income data based on escalated price and cost parameters.

Internally-Developed Software

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

Decommissioning Liabilities

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

Intangible Assets

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

Lease Liabilities and Right of Use Assets

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

Consolidated Balance Sheet

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

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


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

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

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

Decommissioning liabilities		134,934			-				34,581		(25)		169,515
Operating lease liabilities		23,584			-				(29	)	(26)		23,555
Deferred income taxes		4,853			3,100		(8)		51,569		(27)		59,522
Other long-term liabilities		121,756			-				(45,826	)	(28)		75,930
Total non-current liabilities		285,127			3,100				40,295				328,522
Liabilities subject to compromise		1,572,772			(1,572,772	)	(9)		-				-
Total liabilities		2,076,125			(1,559,716	)			37,709				554,118

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

Reorganization Adjustments (in thousands)

(1)

Changes in cash and cash equivalents included the following:


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

(2)

Changes to restricted cash - current included the following:


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

(3)

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

(4)

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


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

(5)

Changes to accounts payable included the following:


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

(6)

Changes in accrued liabilities include the following:


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

(7)

Changes in liabilities held for sale reflect the fair value reinstatement of rejected lease claims.

(8)

Changes in deferred income taxes are due to reorganization adjustments.

(9)

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


Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	$	1,335,794
Rejected lease liability claims		4,956
Allowed Class 6 General Unsecured Claims against Parent		232,022
Liabilities subject to compromise settled in accordance with the Plan		1,572,772
Reinstatement of accrued liabilities for lease rejection claims		(700	)
Reinstatement of liabilities held for sale for lease rejection claims		(1,614	)
Payment to settle lease rejection claims		(400	)
Cash proceeds from rights offering		963
Cash payout provided to cash opt-in noteholders		(952	)
Cash Pool to settle GUCs against Parent		(125	)
Issuance of common stock to prepetition noteholders, incremental to rights offering (par value)		(193	)
Additional paid-in capital attributable to successor common stock issuance		(869,311	)
Successor common stock issued to cash opt-out noteholders in the rights offering (par value)		(7	)
Additional paid-in capital attributable to rights offering shares		(33,175	)
Gain on settlement of liabilities subject to compromise	$	667,258

The Equity Rights Offering generated $963 thousand in proceeds used to settle $952 thousand in Cash Opt-in Noteholder claims. The Equity Rights Offering shares were offered at a price of $1.31/share to Cash Opt-out Noteholders. As such, the Equity Rights Offering shares generated the $963 thousand in cash proceeds from the share issuance as well as an implied discount to the Cash Opt-in claimants of $32.2 million, recorded as a loss on share issuance in reorganization items, net. The loss on the Equity Rights Offering share issuance is offset by the gain on share issuance of $32.2 million implied by the issuance of shares to settle Cash Opt-out Noteholder claims at a value of $46.82/share compared to the reorganization value implied share price of $45.14/share.

(10)

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

(11)

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


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

(12)

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

(13)

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


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

(14)

Changes in Successor additional paid-in capital include the following:


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

(15)

Changes to retained earnings (deficit) include the following:


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

Fresh Start Adjustments (in thousands)

(16)

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

(17)

Changes in inventory and other current assets included the following:


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

(18)

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

(19)

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


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

(20)

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

(21)

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

(22)

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

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


	Successor Fair Value		Predecessor Net Book Value
Customer Relationships	$	-	$	4,901
Trademarks		4,166		11
Patents		2,120		-
Intangible Assets, Net	$	6,286	$	4,912

(23)

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

(24)

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

(25)

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

(26)

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

(27)

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

(28)

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

(29)

Changes to accumulated other comprehensive loss reflect the elimination of Predecessor currency translation adjustment balances due to the adoption of fresh start accounting on Predecessor currency translation adjustment balances.

(30)

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


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

Reorganization Items, net

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


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

(1) Includes approximately $16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 17 - Discontinued Operations.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

(3) Revenue

Disaggregation of Revenue

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


	Successor				Predecessor
	Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		For the Twelve Months Ended December 31, 2020
U.S. land
Rentals	$	160,742	$	87,432	$	4,917	$	78,537
Well Services		24,558		20,133		3,379		26,924
Total U.S. land		185,300		107,565		8,296		105,461

U.S. offshore
Rentals		140,881		103,646		8,196		129,021
Well Services		122,848		93,412		7,371		104,559
Total U.S. offshore		263,729		197,058		15,567		233,580

International
Rentals		101,319		77,617		5,226		90,277
Well Services		333,612		266,514		16,839		237,931
Total International		434,931		344,131		22,065		328,208
Total Revenues	$	883,960	$	648,754	$	45,928	$	667,249

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


	Successor				Predecessor
	Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		For the Twelve Months Ended December 31, 2020
Services
Rentals	$	53,029	$	33,629	$	2,005	$	45,226
Well Services		333,746		272,070		17,229		254,157
Total Services		386,775		305,699		19,234		299,383

Rentals
Rentals		299,128		197,050		14,082		215,163
Well Services		10,186		11,901		352		10,200
Total Rentals		309,314		208,951		14,434		225,363

Product Sales
Rentals		50,786		38,016		2,252		37,446
Well Services		137,085		96,088		10,008		105,057
Total Product Sales		187,871		134,104		12,260		142,503
Total Revenues	$	883,960	$	648,754	$	45,928	$	667,249

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Inventory

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

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


	December 31, 2022		December 31, 2021
Finished goods	$	36,136	$	26,187
Raw materials		8,351		9,753
Work-in-process		4,718		4,253
Supplies and consumables		16,382		20,410
Total	$	65,587	$	60,603

Finished goods inventory includes component parts awaiting assembly of approximately $20.7 million and $15.2 million as of December 31, 2022 and 2021, respectively.

Decommissioning Liability

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Decommissioning Liability

(5) 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 platform and related equipment and site restoration. We review the adequacy of our decommissioning liability whenever indicators suggest that the estimated cash flows and/or timing needed to satisfy the liability have changed materially.

During 2022, we revised our decommissioning program as follows:

•

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”). 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. Converting to a reef-in-place program reduced the estimated costs associated with decommissioning the wells and platform, and also impacted the time required to complete the decommissioning activities.

The reduction in cost estimates under a reef-in-place program resulted in a reduction in the carrying value of our decommissioning liability and related note receivable as discussed in Note 6 - Note Receivable, as well as impacted the carrying value of our oil and gas producing assets, such that as of June 30, 2022, our decommissioning liability was reduced by $53.0 million and the related note receivable was increased by $2.6 million. In accordance with ASC 410, the carrying value of our oil and gas producing assets was reduced by $38.2 million, which represented the net book value of our oil and gas assets at June 30, 2022. 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.

•

During the fourth quarter of 2022, information received from the operator of our oil and gas property raised concerns regarding the economic viability of the remaining well recompletions, which caused us to modify our planned well completions schedule. This change resulted in the acceleration of the estimated remaining life expectancy of the oil and gas assets. Concurrent with this ongoing analysis, the operator of our oil and gas property received a notice from the Bureau of Safety and Environmental Enforcement regarding idle wells, which was aligned with the actions we were initiating. In response, in December 2022, we revised our estimates relating to the timing and the cost of decommissioning the wells.

We now estimate all decommissioning activities, including the decommissioning of the platform, to be completed by the second quarter of 2030. Previously, we had expected final decommissioning activities to be completed by the second quarter of 2031. Due to the upward revision in decommissioning costs for the wells, and an acceleration in timing to decommission the wells and platform, at December 31, 2022, our decommissioning liability was increased by $13.8 million, the related note receivable was increased by $2.7 million and we recorded an asset retirement cost asset of $11.1 million.

The following table presents the activity during 2022 impacting our decommissioning liability, the related note receivable and oil and gas producing assets:


	Balance at December 31, 2021		2022 Activity (1)			Reef-in-place Adjustment			Year End 2022 Adjustment		Balance at December 31, 2022
Decommissioning Liability	$	190,380	$	9,500		$	(53,028	)	$	13,819	$	160,671
Note Receivable		60,588		3,823			2,581			2,687		69,679
Oil and gas producing assets, net		41,582		(2,790	)		(38,235	)		11,132		11,689

(1)

Activity during 2022 relates to accretion of the decommissioning liability, interest income on the note receivable and depletion and capital expenditures, net to the oil and gas producing assets.

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


	December 31, 2022			December 31, 2021
Wells	$	96,171		$	97,810
Platform		64,500			92,570
Decommissioning Liability		160,671			190,380
Less: Note Receivable		(69,679	)		(60,588	)
Decommissioning Liability, net of Note Receivable	$	90,992		$	129,792

Accretion expense associated with our decommissioning liability during the Current Period, the Successor Period, the Predecessor Period and the Prior Period was $9.5 million was $9.3 million and $0.5 million, and $6.5 million, respectively.

Note Receivable

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Note Receivable

(6) Note Receivable

Our note receivable consist of a commitment from the seller of oil and gas property for costs associated with abandonment. Pursuant to an agreement with the seller, we invoice the seller an agreed upon amount at the completion of certain decommissioning activities.

As discussed above, changes in estimates regarding the timing and the cost of decommissioning our oil and gas property under a reef-in-place program during the second quarter of 2022 resulted in a $2.6 million increase in the carrying value of our note receivable.

As discussed above, due to revisions in estimates in both costs and timing of decommissioning the wells associated with our oil and gas property, at December 31, 2022, the related note receivable was increased by $2.7 million.

Due to the reduction in estimated costs under the reef-in-place program and revisions to the timing of the expected completion of the platform decommissioning activities, the gross amount of the seller’s obligation is $105.2 million. The carrying value of the note receivable totaled $69.7 million as of December 31, 2022.

The discount on the notes 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. Interest receivable is considered paid in kind and is compounded into the carrying amount of the note.

We recorded non-cash interest income related to the note receivable of $3.8 million, $3.9 million, $0.4 million and $4.5 million related to our notes receivable during the Current Period, the Successor Period, the Predecessor Period and the Prior Period, respectively. Interest income is included in other reconciling items, net in the Consolidated Statements of Cash Flows.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

(7) Leases

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

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

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


			Successor		Predecessor
	Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		For the Twelve Months Ended December 31, 2020
Long-term fixed lease expense	$	9,761	$	12,579	$	1,824	$	18,454
Long-term variable lease expense		2		-		19		10
Short-term lease expense		22,705		10,165		789		4,322
Total operating lease expense	$	32,468	$	22,744	$	2,632	$	22,786

Operating leases were as follows (in thousands):



	December 31, 2022		December 31, 2021
Operating lease ROU assets	$	18,797	$	25,154

Accrued expenses	$	4,033	$	5,650
Operating lease liabilities		14,634		19,193
Total operating lease liabilities	$	18,667	$	24,843

Weighted average remaining lease term	18 years		15 years
Weighted average discount rate	5.33%		5.34%

Cash paid for operating leases	$	7,395	$	13,591
ROU assets obtained in exchange for lease obligations		5,069		2,820

During the Current Year, cash paid for operating leases totaled $7.4 million and ROU assets obtained in exchange for lease obligation were $5.1 million.

Maturities of operating lease liabilities at December 31, 2022 are as follows (in thousands):


2023	$	5,805
2024		4,301
2025		3,284
2026		1,573
2027		588
Thereafter		14,747
Total lease payments		30,298
Less imputed interest		(11,631	)
Total	$	18,667

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

(8) Property, Plant and Equipment, Net

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


	December 31, 2022			December 31, 2021
Machinery and equipment	$	378,907		$	360,353
Buildings, improvements and leasehold improvements		70,816			75,374
Automobiles, trucks, tractors and trailers		6,376			6,450
Furniture and fixtures		19,373			19,668
Construction-in-progress		5,185			6,700
Land		26,695			28,671
Oil and gas producing assets		11,714			44,700
Total		519,066			541,916
Accumulated depreciation and depletion		(236,690	)		(185,642	)
Property, plant and equipment, net	$	282,376		$	356,274

We had $7.1 million and $7.2 million of leasehold improvements at December 31, 2022 and 2021, respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Oil and gas producing assets include capitalized asset retirement costs associated with our oil and gas property.

Depreciation and depletion expense associated with our property, plant and equipment for the Current Period was $87.6 million. Depreciation and depletion expense, excluding depreciation related to assets held for sale, for the year ended for the Successor Period, Predecessor Period and the Prior Period was $209.7 million, $7.8 million and $108.0 million, respectively. See Note 17 - Discontinued Operations for a discussion of depreciation expense related to our discontinued operations.

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

Gains and losses on disposals of assets are recognized within other (gains) and losses, net in our statement of operations. Prior to the Emergence Date, we recognized gains and losses on the disposal of assets within general and administrative expenses.

During the second quarter of 2022, changes in estimates regarding the timing and cost of decommissioning our oil and gas property under a reef-in-place program impacted the carrying value of our oil and gas producing assets. 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 June 30, 2022.

As discussed above, due to revisions in estimates in both costs and timing of decommissioning the wells associated with our oil and gas property, at December 31, 2022, we recorded capitalized asset retirement costs of $11.1 million.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

(9) Debt

Credit Facility

On the Emergence Date, pursuant to the Plan, we entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and letter of credit issuers named therein providing for a $120.0 million asset-based secured revolving Credit Facility, all of which is available for the issuance of letters of credit (the “Credit Facility”). The issuance of letters of credit will reduce availability under the Credit Facility dollar-for-dollar.

As of December 31, 2022, the borrowing base under the Credit Facility was approximately $120.0 million and we had $34.9 million of letters of credit outstanding that reduced the borrowing availability under the revolving credit facility. We had no outstanding borrowings under the Credit Facility as of December 31, 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.

+ References

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

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation Plans

(10) Stock-Based Compensation Plans

2021 Management Incentive Plan

Our Board of Directors (the “Board”) and the Compensation Committee of the Board (the “Compensation Committee”) have approved and adopted our Management Incentive Plan (“MIP”), which provides for the grant of share-based and cash-based awards and, in connection therewith, the issuance from time to time of up to 1,999,869 shares of our Class B common stock, par value $0.01 per share. To date, grants under the MIP have been in the form of shares of Class B common stock ("RSAs"), restricted stock units which will be settled in Class B common stock upon the satisfaction of time-based vesting conditions ("RSUs") and performance stock units which will be settled in Class B common stock upon the satisfaction of time-based vesting conditions and performance-based vesting conditions ("PSUs").

The RSAs vest over a period of three years, subject to earlier vesting and forfeiture on terms and conditions set forth in the applicable award agreement. RSUs granted in 2022 generally vest in three equal annual installments over the three-year period, subject generally to continued employment and the other terms and conditions set forth in the forms of the RSU award agreements. RSUs granted in 2021 vest in full in the first quarter of 2023, subject generally to continued employment and the other terms and conditions set forth in the forms of the RSU award agreements. PSUs may be earned between 25% and 100% of the target award based on achievement of share price goals set forth in the forms of the 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 the PSU award agreements.

The following sets forth issuances under the MIP:

In June 2021, we issued 76,269 RSAs with a grant date fair value of $39.53 per share. During the Current Period, 42,389 RSAs vested and 3,904 RSAs were forfeited and placed in treasury. The unamortized estimated grant date fair value as of December 31, 2022 was approximately $0.8 million.

During the third quarter of 2021, we granted 50,596 RSUs with a grant date fair value of $39.53 per share. During the Current Period, 10,437 shares vested and 2,212 shares were forfeited. The unamortized estimated grant date fair value as of December 31, 2022 was immaterial. All RSUs granted in 2021 are scheduled to vest in the first quarter of 2023.

In March 2022, we granted 72,050 RSUs and 288,199 PSUs which was intended to satisfy stock awards for the next three years. Additional grants may be issued for new hires and promotions. The grant date fair value of the RSUs was estimated to be $58.80 per share. The unamortized estimated grant date fair value as of December 31, 2022 was $3.1 million.

In July 2022, we granted 88,215 RSUs with a grant date fair value of $58.80 per share. The unamortized estimated grant date fair value as of December 31, 2022 was $4.2 million.

During the Current Period we recognized $4.8 million in compensation expense associated with grants of RSAs and RSUs. We are currently not amortizing the PSUs as we have not concluded that it is probable that the performance condition will be achieved.

During the Predecessor Period and the Successor Period, we recognized $0.2 million and $2.7 million, respectively, 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 canceled for zero consideration. Reorganization items, net in the Predecessor Period include $0.9 million in costs associated with the cancellation of the pre-Emergence outstanding restricted stock units.

Liability-Classified Compensation

401(k)

We maintain a defined contribution profit sharing plan for employees who have satisfied minimum service requirements. Employees may contribute up to 75% of their eligible earnings to the plan subject to the contribution limitations imposed by the Internal Revenue Service. We provide a nondiscretionary match of 100% of an employee’s contributions to the plan, up to 4% of the employee’s salary. We made contributions of $3.1 million, $2.6 million, $0.4 million and $6.2 million during December 31, 2022, the Successor Period, the Predecessor Period and in 2020, respectively.

Supplemental Executive Retirement Plan

We have a supplemental executive retirement plan (“SERP”). The SERP provides retirement benefits to our executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. Prior to January 1, 2020, under the SERP, we made annual contributions to a retirement account based on age and years of service. The participants in the plan received contributions ranging from 5% to 35% of salary and annual cash bonus, which totaled $0 million during 2020. We made payments to eligible participants in the SERP of $1.7 million and $3.4 million during 2022 and the Successor Period, respectively. No payments were made during the Predecessor Period or during 2020.

Non-Qualified Deferred Compensation Plan

The Nonqualified Deferred Compensation Plan (“NQDC Plan”) provides an income deferral opportunity for executive officers and certain senior managers who qualified for participation. Participants in the NQDC Plan could make an advance election each year to defer portions of their base salary, bonus and other compensation. Payments made to participants are based on their enrollment elections and plan balances. No deferrals were elected for 2022. We have not had enrollment periods for the NQDC since 2019.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

(11) Income Taxes

The income tax provision is as follows:


	Successor						Predecessor
In thousands:	For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021			For the Year Ended December 31, 2020
Current income tax expense/(benefit)
Federal	$	(50	)	$	(1,106	)	$	-		$	(36,506	)
State		945			(307	)		-			635
Foreign		23,738			6,220			3,314			8,497
Total current income tax expense/(benefit)		24,633			4,807			3,314			(27,374	)

Deferred income tax expense/(benefit)
Federal		(83,420	)		(42,904	)		55,015			4,593
State		165			2,633			(182	)		(638	)
Foreign		(19,097	)		2,166			1,856			(3,469	)
Total deferred income tax expense/(benefit)		(102,352	)		(38,105	)		56,689			486
Total income tax expense/(benefit)	$	(77,719	)	$	(33,298	)	$	60,003		$	(26,888	)

For the year ended December 31, 2022, we recognized a worthless stock deduction in the U.S. related to deductible outside basis differences in certain domestic subsidiaries, which is the primary driver of the increase in federal deferred tax. We executed a transaction through which a worthless stock deduction of approximately $495.2 million was deducted for income tax purposes resulting in an estimated net tax benefit of $104.0 million. Consistent with our policy, we evaluated the deduction and believe it will more likely than not be sustained on its technical merits and have recognized its benefits accordingly.

During the Current Period, U.S. rental income and foreign tax from foreign jurisdictions increased. Additionally, income in a few of our foreign operations improved. In these jurisdictions, namely Brazil, we benefitted from the release of a valuation allowance due to a pattern of sustained profitability such that it is viewed as more likely than not that the deferred income tax assets will be realized.

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), a tax relief and spending package intended to provide economic stimulus to address the impact of the COVID-19 pandemic. The CARES Act allows corporations with net operating losses generated in 2018, 2019 and 2020 to elect to carryback those losses for a period of five years and relaxes the limitation for business interest deductions for 2019 and 2020. Under the provisions of the CARES Act, we received a refund of $30.5 million in July 2020 related to the carryback of the 2018 net operating loss and received a refund of $8.2 million in February 2021 related to the carryback of the 2019 net operating loss.

Effective in tax year 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures in the current period and requires taxpayers to capitalize and amortize them over five or fifteen years pursuant to Internal Revenue Code Section 174. The legislation did not have a material impact in our business, operating results, and financial condition

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


	Successor						Predecessor
Continuing Operations (in thousands):	For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021			For the Year Ended December 31, 2020
Computed expected tax expense/(benefit)	$	44,798		$	(32,635	)	$	69,125		$	(53,431	)
State and foreign income taxes		(350	)		(17,893	)		6,217			5,026
Valuation allowance		(13,140	)		-			(46,208	)		19,024
Gain on Settlement of Liabilities Subject to Compromise					-			(89,905	)		-
Reduction in Deferred Tax Assets					19,154			87,316			-
Fresh Start Adjustments					-			29,099			-
Worthless stock deduction		(103,992	)		-			-			-
Foreign Tax Credit		(5,161	)		-			-			-
Other		126			(1,924	)		4,359			2,493
Total income tax expense/(benefit)	$	(77,719	)	$	(33,298	)	$	60,003		$	(26,888	)

For the year ended December 31, 2022, the total tax provision differs from the tax computed using the standard tax rate primarily due to the worthless stock deduction of $104.0 million previously discussed. In addition, due to increased profitability, we released several valuation allowances including a $14.5 million related our U.S. foreign tax credit (“FTC”) carryforward and $8.7 million related to Brazil deferred tax assets primarily consisting of NOL carryforward.

For the year ended December 31, 2021, we evaluated the tax impact resulting from our emergence from Chapter 11 Bankruptcy on February 2, 2021 and the Plan. As part of the debt restructuring, a substantial portion of our pre-petition debt was extinguished. Absent an exception, a taxpayer recognizes cancellation of indebtedness income (“CODI”) upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. A taxpayer in bankruptcy may exclude CODI from taxable income but must first reduce its tax attributes by the amount of CODI realized. When the debt was extinguished, we realized CODI for U.S. federal income tax purposes of approximately $433.0 million. The CODI exclusion resulted in a partial elimination of our federal net operating loss carryforwards, as well as a partial reduction in tax basis in assets, primarily property, plant and equipment. The CODI also eliminated $19.2 million of state NOL deferred tax asset which resulted in a corresponding reduction in the state valuation allowance.

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

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


In thousands:	December 31, 2022			December 31, 2021
Deferred tax assets:
Allowance for doubtful accounts	$	1,374		$	1,046
Operating loss and tax credit carryforwards		157,395			84,684
Compensation and employee benefits		7,376			8,832
Decommissioning liabilities		39,328			39,328
Goodwill and other intangible assets		369			772
Operating leases		126			197
Other Asset		52,345			30,749
Total gross deferred tax assets		258,313			165,608
Less: Valuation allowance		(80,280	)		(90,781	)
Total deferred tax assets	$	178,033			74,827

Deferred tax liabilities:
Property, plant and equipment	$	64,571		$	64,721
Notes receivable		17,812			17,812
Other Liability		1,546			1,287
Total deferred tax liabilities	$	83,929		$	83,820

Net deferred tax assets (liabilities)	$	94,104		$	(8,993	)

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

The ultimate realization of deferred tax assets for the U.S. FTC carryovers is dependent on the generation of future taxable income of the appropriate character during the FTC carryforward period. We previously considered FTC credit carryforwards to be unrealizable primarily due to our cumulative history of losses in the U.S. and Sec. 382 tax attribute utilization limits resulting from bankruptcy. During 2022, we determined there is now enough positive evidence to realize a portion of the tax benefit related to U.S. FTC carryforwards. This is due to a pattern of sustained profitability in the U.S. since we emerged from bankruptcy and capacity relief under Section 382. The amount of valuation allowance released recognizes the FTC deferred tax assets we estimate will offset U.S. taxes in the next 2-3 years before expiration. We have $40.0 million of U.S. FTC deferred tax assets that continue to have a valuation allowance against them, including $5.2 million in 2022 FTCs that carryforward up to 10 years. We will continue to evaluate the realizability of U.S. FTCs in future years.

A valuation allowance has been placed on the state net operating losses. Similarly, with the exception of Brazil, the deferred tax assets on the majority of our foreign operation jurisdictions continue to require a valuation allowance.

The amount of our net deferred tax assets considered realizable could be adjusted if projections of future taxable income are reduced or objective negative evidence in the form of a three-year cumulative loss is present or both. Should we no longer have a level of sustained profitability, excluding non-recurring charges, we will have to rely more on our future projections of taxable income to determine if we have an adequate source of taxable income for the realization of our deferred tax assets, namely NOL, interest limitation, and tax credit carryforwards. This may result in the need to record a valuation allowance against all or a portion of our deferred tax assets.

The amount of U.S. consolidated net operating losses available as of December 31, 2022, after attribute reduction, is estimated to be approximately $367.9 million, which are available to reduce future taxable income, of which $20.4 million have a 20-year carryforward period and expire after 2036 and $347.5 million have an indefinite carryforward but are limited to offsetting 80% of taxable income each year. At December 31, 2022, we also had various state net operating loss carryforwards with expiration dates starting in 2022. The state net operating losses net deferred tax asset of $19.6 million has a full valuation allowance. At December 31, 2022, we also had a U.S. foreign tax credit carryforward of $59.7 million with expiration dates from 2024 to 2032. A partial valuation

allowance was setup against the foreign tax credit carryforward in the amount of $40.0 million, which will more-likely-than-not expire before being utilized.

We have not provided additional US income tax expense on foreign earnings of foreign affiliates. At December 31, 2022 our foreign subsidiaries had an overall accumulated deficit in earnings. We are repatriating from foreign subsidiaries and the distributions are not subject to incremental US taxation because they represent either 1) return of basis where there is not current or accumulated earnings and profits, 2) previously taxed earnings and profits or 3) foreign earnings exempt from incremental US tax. We file income tax returns in the U.S., including federal and various state filings, and certain foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. We remain subject to U.S. federal tax examinations for years after 2018.

The activity in unrecognized tax benefits is as follows:


	Successor						Predecessor
In thousands:	For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021		For the Year Ended December 31, 2020
Unrecognized tax benefits at beginning of period	$	14,973		$	14,706		$	13,206	$	13,206
Additions based on tax positions related to prior years		569			2,848			1,500		1,757
Reductions based on tax positions related to prior years		(334	)		(552	)		-		-
Additions based on tax positions related to current year		78			-			-		-
Reductions as a result of a lapse of the applicable statute of limitations		-			-			-		(757	)
Reductions relating to settlements with taxing authorities		(1,277	)		(2,029	)		-		(1,000	)
Unrecognized tax benefits at end of period	$	14,009		$	14,973		$	14,706	$	13,206

We had unrecognized tax benefits of $14.0 million as of December 31, 2022, and $15.0 million as of December 31, 2021, all of which would impact our effective tax rate if recognized. It is reasonably possible that $9.7 million of unrecognized tax benefits could be settled in the next twelve-month period due to the conclusion of tax audits or due to the expiration of statute of limitations. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense.

The amounts above includes accrued interest and penalties of $7.2 million and $6.9 million for periods ended December 31, 2022 and 2021, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

(12) 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.


					Predecessor
	For the Twelve Months Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Weighted-average shares outstanding - basic		20,024		19,998		14,845
Potentially dilutive stock awards and units		63		-		60
Weighted-average shares outstanding - diluted		20,087		19,998		14,905

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

(13) Segment Information

Our reportable segments are Rentals and Well Services.

Business Segments

The products and service offerings of Rentals are comprised of value-added engineering and design services, rental of premium drill strings, tubing, landing strings, completion tubulars and handling accessories, manufacturing and rental of bottom hole assemblies, and rentals of accommodation units.

The products and service offerings of Well Services are comprised of risk management, well control and training solutions, hydraulic workover and snubbing services, engineering and manufacturing of premium sand control tools, and onshore international production services. The Well Services segment also includes the operations of our offshore oil and gas property.

We evaluate the performance of our reportable segments based on income or loss from operations. The segment measure is calculated as segment revenues less segment operating expenses, including general and administrative expenses, depreciation, depletion, amortization and accretion expense and other (gains) and losses, net. 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 year ended December 31, 2022 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	402,942		$	481,018		$	-		$	883,960
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		137,626			339,325			-			476,951
Depreciation, depletion, amortization and accretion		58,731			34,841			4,488			98,060
General and administrative expenses		28,139			45,898			54,257			128,294
Restructuring expenses		-			-			6,375			6,375
Other (gains) and losses, net		(5,190	)		(23,575	)		(369	)		(29,134	)
Income (loss) from operations	$	183,636		$	84,529		$	(64,751	)	$	203,414

For the Period February 3, 2021 through December 31, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	268,695		$	380,059		$	-		$	648,754
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		105,373			316,879			-			422,252
Depreciation, depletion, amortization and accretion		152,250			61,074			6,535			219,859
General and administrative expenses		24,812			46,780			45,983			117,575
Restructuring expenses		-			-			22,952			22,952
Other (gains) and losses, net		3,609			13,117			-			16,726
Income (loss) from operations	$	(17,349	)	$	(57,791	)	$	(75,470	)	$	(150,610	)

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	)

For the year ended December 31, 2020 (Predecessor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	297,835		$	369,414		$	-		$	667,249
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		109,902			298,229			-			408,131
Depreciation, depletion, amortization and accretion		63,072			48,929			3,770			115,771
General and administrative expenses		52,718			73,200			79,855			205,773
Restructuring expenses		-			-			47,055			47,055
Reduction in value of assets		754			21,038			1,983			23,775
Income (loss) from operations	$	71,389		$	(71,982	)	$	(132,663	)	$	(133,256	)

Identifiable Assets


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2022	$	432,437	$	533,327	$	225,248	$	1,191,012
December 31, 2021		379,453		636,256		183,799		1,199,508

At December 31, 2022 and 2021, the Corporate and Other segment included $12.0 million and $37.5 million of identifiable assets relating to assets held for sale. Additionally, the Corporate and Other segment as of December 31, 2022 includes $97.5 million of non-current deferred tax assets. For further discussion see Note 17 - Discontinued Operations.

Capital Expenditures


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2022	$	54,126	$	10,729	$	929	$	65,784
For the period from February 3, 2021 through December 31, 2021		27,335		6,817		-		34,152
For the period from January 1, 2021 through February 2, 2021 (Predecessor)		2,429		606		-		3,035
December 31, 2020 (Predecessor)		24,053		19,609		3,991		47,653

Geographic Information

We operate in the U.S. and in various other countries throughout the world. Our international operations are primarily focused in Latin America, Asia-Pacific and the Middle East and North Africa regions. We attribute revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or rented. See Note 3 - Revenues for a detail of our domestic and international revenues. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period.

Long-Lived Assets


	December 31, 2022		December 31, 2021
United States	$	212,534	$	231,388
Other countries		69,842		124,886
Total	$	282,376	$	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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

(14) Fair Value Measurements

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

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

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

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

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


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Non-qualified deferred compensation assets and liabilities
Other long-term assets, net	$	-	$	16,299	$	-	$	16,299
Accrued expenses		-		1,831		-		1,831
Other long-term liabilities		-		15,855		-		15,855

Investment in equity securities	$	-	$	-	$	-	$	-

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

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

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

Investment in equity securities related to our ownership in common stock of Select Energy Services, Inc. ("Select"). This investment was reported at fair value based on unadjusted quoted prices which are readily determinable, which represents a Level 1 in the fair value hierarchy.

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

- Definition

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

+ References + Details

Other Income (Expense)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other Income (Expense)

(15) 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 common stock of Select.

Losses on foreign currencies during the Current Period, the Successor Period, the Predecessor Period and the Prior Period were $12.6 million, $8.8 million, $2.1 million and $8.9 million, respectively. Losses on foreign currencies during the Current Period 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. Gains and losses on foreign currencies are primarily related to our operations in Brazil and Argentina.

During the Current Period, we disposed of 4.1 million shares of Select for $34.7 million, and we recognized gains totaling $8.9 million in connection with these transactions. During the Successor Period, we disposed of 0.7 million shares of Select for $4.1 million, and we recognized gains totaling $0.4 million. Unrealized gains during the Successor Period were $2.1 million. As of December 31, 2022, all shares of Select have been disposed.

Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Contingencies

(16) Contingencies

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

A subsidiary of ours is involved in legal proceedings with two former employees regarding the payment of royalties for a patentable product paid for by the subsidiary and developed while they worked for the subsidiary. Those former employees have filed separate two lawsuits in the Harris County District Court, in which the former employees allege that the royalty payments they had invoiced at 25% and for which they received payments in the invoiced amounts since 2010, instead should have been paid at a rate of 50%. The first lawsuit (the “First Case”), filed during the second quarter of 2018, sought to recover alleged unpaid royalties from May 2014 through May 2019. The second lawsuit (the “Second Case”) was filed in the same district court against the same subsidiary of ours, brought the same claims, and sought damages post-judgment from the First Case until the discontinuation of the leasing of the product at issue by the subsidiary at the end of 2019.

In both lawsuits, the district court ruled against our subsidiary and entered final judgments, which we fully secured with a bond. We strongly disagreed with the result and believed the district court committed several legal errors that should be corrected by reversal of each of the judgments. Accordingly, we pursued separate appeals in the Fourteenth Court of Appeals

In August 2022, in the appeal from the judgment in the First Case, the Fourteenth Court of Appeals (the "Court of Appeals") ruled in favor of our subsidiary on the plaintiffs’ claims for a combined 50% royalty. The Court of Appeals ruled that because the plaintiffs invoiced our subsidiary for a combined 25% royalty and accepted payments in that amount every month since 2010, the plaintiffs forever waived any claim to any royalties in any amount other than a combined 25% royalty, net of expenses. The Court of Appeals reversed the judgment in the First Case and remanded to the district court to assess damages, if any, owed for royalties between January 2018 and May 2019.

The appeal from the judgment in the Second Case was abated by the Fourteenth Court of Appeals pending the resolution of the appeal in the First Case.

On October 7, 2022, our subsidiary reached a confidential settlement in both the First Case and the Second Case with the plaintiffs to resolve any and all disputes between them. At the request of both parties in the appeals from both the First Case and the Second Case, the Fourteenth Court of Appeals has reversed the respective judgments entered by the district court. The district court has now entered take-nothing judgments in favor of our subsidiary in both cases and has released the supersedeas bonds filed by our subsidiary in both cases. Accordingly, both the First Case and the Second Case are fully and finally resolved.

Our Indian subsidiary, SES Energy Services India Pvt. Ltd (“SES India”), entered into a contract with an Indian oil and gas company to provide an offshore vessel for well stimulation. A dispute arose over the performability of the terms of the contract. The contract was terminated by the customer. Any remaining contingency under this contract was terminated in connection with SES India entering into bankruptcy during 2022.

In October 2022, we had a hearing before the Washington State Board of Tax Appeals (the “Tax Board”) in relation to a dispute arising in April 2019 pertaining to a use tax assessment from 2016 as a result of the construction of a vessel by one of our subsidiaries. As of December 31, 2022, the assessment, including interest, totaled $26.9 million. While we are confident that the assessment is legally insupportable, if the Tax Board upholds the assessment we will be responsible for payment of the full assessment within thirty days of the decision. Although we are unable to estimate the probability of the outcome of this matter or the range of reasonably possible loss, if any, we have reserved an amount we believe to be adequate to cover any final assessment levied by the state.

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

(17) Discontinued Operations

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


	Successor						Predecessor
	Year Ended December 31, 2022			For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021			Year Ended December 31, 2020
Revenues	$	-		$	90,682		$	10,719		$	184,580
Cost of services		-			85,191			10,398			180,408
Depreciation, depletion, amortization and accretion		-			31,502			2,141			31,022
General and administrative expenses		8,043			8,847			1,119			22,035
Other (gains) and losses, net		(2,249	)		15,807			-			-
Reduction in value of assets		-			-			-			117,335
Loss from operations		(5,794	)		(50,665	)		(2,939	)		(166,220	)
Other income (expense)		-			188			2,485			(2,069	)
Loss from discontinued operations before tax		(5,794	)		(50,477	)		(454	)		(168,289	)
Income tax benefit (expense)		1,217			10,408			102			(398	)
Income (loss) from discontinued operations, net of income tax	$	(4,577	)	$	(40,069	)	$	(352	)	$	(168,687	)

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


	December 31, 2022		December 31, 2021
Assets:
Accounts receivable, net	$	350	$	7,469
Property, plant and equipment, net		11,468		29,328
Other assets		160		731
Total assets held for sale	$	11,978	$	37,528

Liabilities:
Accounts payable	$	86	$	652
Accrued expenses		3,192		4,268
Other liabilities		71		687
Total liabilities held for sale	$	3,349	$	5,607

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


	Successor					Predecessor
	Year Ended December 31, 2022			For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021			Year Ended December 31, 2020
Cash flows from discontinued operating activities:
Reduction in value of assets	$	-		$	-	$	-		$	117,335
(Gain)/loss on sale of assets		-			-		(43	)		286
Other (gains) and losses, net		(2,249	)		15,807		-			-
Depreciation, depletion, amortization and accretion		-			31,502		2,141			31,022
Cash flows from discontinued investing activities:
Proceeds from sales of assets		20,110			88,332		486			22,224

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

(18) Supplemental Cash Flow Information

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


	Successor				Predecessor
	Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		Year Ended December 31, 2020
Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	314,974	$	172,768	$	188,006	$	272,624
Restricted cash-current		-		16,751		-		-
Restricted cash-non-current		79,561		80,179		80,178		2,764
Cash, cash equivalents, and restricted cash, beginning of period	$	394,535	$	269,698	$	268,184	$	275,388

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	258,999	$	314,974	$	172,768	$	188,006
Restricted cash-current		-		-		16,751		-
Restricted cash-non-current		80,108		79,561		80,179		80,178
Cash, cash equivalents, and restricted cash, end of period	$	339,107	$	394,535	$	269,698	$	268,184

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

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


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

Business

Historically, we provided a wide variety of services and products to many markets within the energy industry. Our core businesses focus on products and services that we believe meet the criteria of:

•

being critical to our customers’ oil and gas operations;

•

limiting competition from the three largest global oilfield service companies;

•

requiring deep technical expertise through the design or use of our products or services, such as premium drill pipe and drilling bottom hole assembly accessory rentals;

•

unlikely to become a commoditized product or service to our customers; and

•

providing strong cash flow generation capacity and opportunities.

Emergence from Voluntary Reorganization under Chapter 11

Use of Estimates

Major Customers and Concentration of Credit Risk

We derive a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of our total revenues in 2022, 2021 or 2020.

Cash Equivalents

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

Accounts Receivable and Allowances

Revenue Recognition

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

Property, Plant and Equipment


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

Reduction In Value Of Long-Lived Assets

Reduction in Value of Long-Lived Assets

Other (Gains) and Losses, Net

Other (gains) and losses, net

Restricted Cash

Income Taxes

Foreign Currency

Stock-Based Compensation

Self-Insurance Reserves

Restructuring expenses

Recently Issued Accounting Standards

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule Of Inventory

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


	December 31, 2022		December 31, 2021
Finished goods	$	36,136	$	26,187
Raw materials		8,351		9,753
Work-in-process		4,718		4,253
Supplies and consumables		16,382		20,410
Total	$	65,587	$	60,603

Estimated Useful Lives Of The Related Assets

Depreciation is computed using the straight-line method over the estimated useful lives of the related assets as follows:


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

Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 2022

Fresh Start Accounting [Abstract]

Reorganization Of Assets

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


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

Fresh Start

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


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

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

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

Decommissioning liabilities		134,934			-				34,581		(25)		169,515
Operating lease liabilities		23,584			-				(29	)	(26)		23,555
Deferred income taxes		4,853			3,100		(8)		51,569		(27)		59,522
Other long-term liabilities		121,756			-				(45,826	)	(28)		75,930
Total non-current liabilities		285,127			3,100				40,295				328,522
Liabilities subject to compromise		1,572,772			(1,572,772	)	(9)		-				-
Total liabilities		2,076,125			(1,559,716	)			37,709				554,118

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

Reorganization Adjustments (in thousands)

(1)

Changes in cash and cash equivalents included the following:


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

(2)

Changes to restricted cash - current included the following:


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

(3)

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

(4)

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


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

(5)

Changes to accounts payable included the following:


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

(6)

Changes in accrued liabilities include the following:


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

(7)

Changes in liabilities held for sale reflect the fair value reinstatement of rejected lease claims.

(8)

Changes in deferred income taxes are due to reorganization adjustments.

(9)

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


Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	$	1,335,794
Rejected lease liability claims		4,956
Allowed Class 6 General Unsecured Claims against Parent		232,022
Liabilities subject to compromise settled in accordance with the Plan		1,572,772
Reinstatement of accrued liabilities for lease rejection claims		(700	)
Reinstatement of liabilities held for sale for lease rejection claims		(1,614	)
Payment to settle lease rejection claims		(400	)
Cash proceeds from rights offering		963
Cash payout provided to cash opt-in noteholders		(952	)
Cash Pool to settle GUCs against Parent		(125	)
Issuance of common stock to prepetition noteholders, incremental to rights offering (par value)		(193	)
Additional paid-in capital attributable to successor common stock issuance		(869,311	)
Successor common stock issued to cash opt-out noteholders in the rights offering (par value)		(7	)
Additional paid-in capital attributable to rights offering shares		(33,175	)
Gain on settlement of liabilities subject to compromise	$	667,258

(10)

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

(11)

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


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

(12)

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

(13)

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


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

(14)

Changes in Successor additional paid-in capital include the following:


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

(15)

Changes to retained earnings (deficit) include the following:


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

Fresh Start Adjustments (in thousands)

(16)

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

(17)

Changes in inventory and other current assets included the following:


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

(18)

(19)

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


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

(20)

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

(21)

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

(22)

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


	Successor Fair Value		Predecessor Net Book Value
Customer Relationships	$	-	$	4,901
Trademarks		4,166		11
Patents		2,120		-
Intangible Assets, Net	$	6,286	$	4,912

(23)

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

(24)

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

(25)

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

(26)

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

(27)

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

(28)

(29)

(30)


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

Reorganization


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

(1) Includes approximately $16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 17 - Discontinued Operations.

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue by Geography [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

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


	Successor				Predecessor
	Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		For the Twelve Months Ended December 31, 2020
U.S. land
Rentals	$	160,742	$	87,432	$	4,917	$	78,537
Well Services		24,558		20,133		3,379		26,924
Total U.S. land		185,300		107,565		8,296		105,461

U.S. offshore
Rentals		140,881		103,646		8,196		129,021
Well Services		122,848		93,412		7,371		104,559
Total U.S. offshore		263,729		197,058		15,567		233,580

International
Rentals		101,319		77,617		5,226		90,277
Well Services		333,612		266,514		16,839		237,931
Total International		434,931		344,131		22,065		328,208
Total Revenues	$	883,960	$	648,754	$	45,928	$	667,249

Revenue by Type [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

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


	Successor				Predecessor
	Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		For the Twelve Months Ended December 31, 2020
Services
Rentals	$	53,029	$	33,629	$	2,005	$	45,226
Well Services		333,746		272,070		17,229		254,157
Total Services		386,775		305,699		19,234		299,383

Rentals
Rentals		299,128		197,050		14,082		215,163
Well Services		10,186		11,901		352		10,200
Total Rentals		309,314		208,951		14,434		225,363

Product Sales
Rentals		50,786		38,016		2,252		37,446
Well Services		137,085		96,088		10,008		105,057
Total Product Sales		187,871		134,104		12,260		142,503
Total Revenues	$	883,960	$	648,754	$	45,928	$	667,249

Inventory (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Components of Inventory

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


	December 31, 2022		December 31, 2021
Finished goods	$	36,136	$	26,187
Raw materials		8,351		9,753
Work-in-process		4,718		4,253
Supplies and consumables		16,382		20,410
Total	$	65,587	$	60,603

Decommissioning Liability (Tables)

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of decommissioning program activity

The following table presents the activity during 2022 impacting our decommissioning liability, the related note receivable and oil and gas producing assets:


	Balance at December 31, 2021		2022 Activity (1)			Reef-in-place Adjustment			Year End 2022 Adjustment		Balance at December 31, 2022
Decommissioning Liability	$	190,380	$	9,500		$	(53,028	)	$	13,819	$	160,671
Note Receivable		60,588		3,823			2,581			2,687		69,679
Oil and gas producing assets, net		41,582		(2,790	)		(38,235	)		11,132		11,689

(1)

Activity during 2022 relates to accretion of the decommissioning liability, interest income on the note receivable and depletion and capital expenditures, net to the oil and gas producing assets.

Schedule of decommissioning liability

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


	December 31, 2022			December 31, 2021
Wells	$	96,171		$	97,810
Platform		64,500			92,570
Decommissioning Liability		160,671			190,380
Less: Note Receivable		(69,679	)		(60,588	)
Decommissioning Liability, net of Note Receivable	$	90,992		$	129,792

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Operating Lease Expense


			Successor		Predecessor
	Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		For the Twelve Months Ended December 31, 2020
Long-term fixed lease expense	$	9,761	$	12,579	$	1,824	$	18,454
Long-term variable lease expense		2		-		19		10
Short-term lease expense		22,705		10,165		789		4,322
Total operating lease expense	$	32,468	$	22,744	$	2,632	$	22,786

Operating leases were as follows (in thousands):



	December 31, 2022		December 31, 2021
Operating lease ROU assets	$	18,797	$	25,154

Accrued expenses	$	4,033	$	5,650
Operating lease liabilities		14,634		19,193
Total operating lease liabilities	$	18,667	$	24,843

Weighted average remaining lease term	18 years		15 years
Weighted average discount rate	5.33%		5.34%

Cash paid for operating leases	$	7,395	$	13,591
ROU assets obtained in exchange for lease obligations		5,069		2,820

Maturities Of Operating Lease Liabilities

Maturities of operating lease liabilities at December 31, 2022 are as follows (in thousands):


2023	$	5,805
2024		4,301
2025		3,284
2026		1,573
2027		588
Thereafter		14,747
Total lease payments		30,298
Less imputed interest		(11,631	)
Total	$	18,667

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2022			December 31, 2021
Machinery and equipment	$	378,907		$	360,353
Buildings, improvements and leasehold improvements		70,816			75,374
Automobiles, trucks, tractors and trailers		6,376			6,450
Furniture and fixtures		19,373			19,668
Construction-in-progress		5,185			6,700
Land		26,695			28,671
Oil and gas producing assets		11,714			44,700
Total		519,066			541,916
Accumulated depreciation and depletion		(236,690	)		(185,642	)
Property, plant and equipment, net	$	282,376		$	356,274

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Provision

The income tax provision is as follows:


	Successor						Predecessor
In thousands:	For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021			For the Year Ended December 31, 2020
Current income tax expense/(benefit)
Federal	$	(50	)	$	(1,106	)	$	-		$	(36,506	)
State		945			(307	)		-			635
Foreign		23,738			6,220			3,314			8,497
Total current income tax expense/(benefit)		24,633			4,807			3,314			(27,374	)

Deferred income tax expense/(benefit)
Federal		(83,420	)		(42,904	)		55,015			4,593
State		165			2,633			(182	)		(638	)
Foreign		(19,097	)		2,166			1,856			(3,469	)
Total deferred income tax expense/(benefit)		(102,352	)		(38,105	)		56,689			486
Total income tax expense/(benefit)	$	(77,719	)	$	(33,298	)	$	60,003		$	(26,888	)

Schedule Of Effective Income Tax Rate Reconciliation

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


	Successor						Predecessor
Continuing Operations (in thousands):	For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021			For the Year Ended December 31, 2020
Computed expected tax expense/(benefit)	$	44,798		$	(32,635	)	$	69,125		$	(53,431	)
State and foreign income taxes		(350	)		(17,893	)		6,217			5,026
Valuation allowance		(13,140	)		-			(46,208	)		19,024
Gain on Settlement of Liabilities Subject to Compromise					-			(89,905	)		-
Reduction in Deferred Tax Assets					19,154			87,316			-
Fresh Start Adjustments					-			29,099			-
Worthless stock deduction		(103,992	)		-			-			-
Foreign Tax Credit		(5,161	)		-			-			-
Other		126			(1,924	)		4,359			2,493
Total income tax expense/(benefit)	$	(77,719	)	$	(33,298	)	$	60,003		$	(26,888	)

Schedule Of Deferred Tax Assets and Liabilities

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


In thousands:	December 31, 2022			December 31, 2021
Deferred tax assets:
Allowance for doubtful accounts	$	1,374		$	1,046
Operating loss and tax credit carryforwards		157,395			84,684
Compensation and employee benefits		7,376			8,832
Decommissioning liabilities		39,328			39,328
Goodwill and other intangible assets		369			772
Operating leases		126			197
Other Asset		52,345			30,749
Total gross deferred tax assets		258,313			165,608
Less: Valuation allowance		(80,280	)		(90,781	)
Total deferred tax assets	$	178,033			74,827

Deferred tax liabilities:
Property, plant and equipment	$	64,571		$	64,721
Notes receivable		17,812			17,812
Other Liability		1,546			1,287
Total deferred tax liabilities	$	83,929		$	83,820

Net deferred tax assets (liabilities)	$	94,104		$	(8,993	)

Summary Of Activity In Unrecognized Tax Benefits

The activity in unrecognized tax benefits is as follows:


	Successor						Predecessor
In thousands:	For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021		For the Year Ended December 31, 2020
Unrecognized tax benefits at beginning of period	$	14,973		$	14,706		$	13,206	$	13,206
Additions based on tax positions related to prior years		569			2,848			1,500		1,757
Reductions based on tax positions related to prior years		(334	)		(552	)		-		-
Additions based on tax positions related to current year		78			-			-		-
Reductions as a result of a lapse of the applicable statute of limitations		-			-			-		(757	)
Reductions relating to settlements with taxing authorities		(1,277	)		(2,029	)		-		(1,000	)
Unrecognized tax benefits at end of period	$	14,009		$	14,973		$	14,706	$	13,206

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 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.


					Predecessor
	For the Twelve Months Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Weighted-average shares outstanding - basic		20,024		19,998		14,845
Potentially dilutive stock awards and units		63		-		60
Weighted-average shares outstanding - diluted		20,087		19,998		14,905

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information

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


For the year ended December 31, 2022 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	402,942		$	481,018		$	-		$	883,960
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		137,626			339,325			-			476,951
Depreciation, depletion, amortization and accretion		58,731			34,841			4,488			98,060
General and administrative expenses		28,139			45,898			54,257			128,294
Restructuring expenses		-			-			6,375			6,375
Other (gains) and losses, net		(5,190	)		(23,575	)		(369	)		(29,134	)
Income (loss) from operations	$	183,636		$	84,529		$	(64,751	)	$	203,414

For the Period February 3, 2021 through December 31, 2021 (Successor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	268,695		$	380,059		$	-		$	648,754
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		105,373			316,879			-			422,252
Depreciation, depletion, amortization and accretion		152,250			61,074			6,535			219,859
General and administrative expenses		24,812			46,780			45,983			117,575
Restructuring expenses		-			-			22,952			22,952
Other (gains) and losses, net		3,609			13,117			-			16,726
Income (loss) from operations	$	(17,349	)	$	(57,791	)	$	(75,470	)	$	(150,610	)

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	)

For the year ended December 31, 2020 (Predecessor)				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	297,835		$	369,414		$	-		$	667,249
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		109,902			298,229			-			408,131
Depreciation, depletion, amortization and accretion		63,072			48,929			3,770			115,771
General and administrative expenses		52,718			73,200			79,855			205,773
Restructuring expenses		-			-			47,055			47,055
Reduction in value of assets		754			21,038			1,983			23,775
Income (loss) from operations	$	71,389		$	(71,982	)	$	(132,663	)	$	(133,256	)

Schedule Of Identifiable Assets


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2022	$	432,437	$	533,327	$	225,248	$	1,191,012
December 31, 2021		379,453		636,256		183,799		1,199,508

Schedule Of Capital Expenditures, By Segment


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
December 31, 2022	$	54,126	$	10,729	$	929	$	65,784
For the period from February 3, 2021 through December 31, 2021		27,335		6,817		-		34,152
For the period from January 1, 2021 through February 2, 2021 (Predecessor)		2,429		606		-		3,035
December 31, 2020 (Predecessor)		24,053		19,609		3,991		47,653

Schedule Of Revenues By Geographic Segment

Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period.

Long-Lived Assets


	December 31, 2022		December 31, 2021
United States	$	212,534	$	231,388
Other countries		69,842		124,886
Total	$	282,376	$	356,274

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Non-qualified deferred compensation assets and liabilities
Other long-term assets, net	$	-	$	16,299	$	-	$	16,299
Accrued expenses		-		1,831		-		1,831
Other long-term liabilities		-		15,855		-		15,855

Investment in equity securities	$	-	$	-	$	-	$	-

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

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

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Components Of Income (Loss) From Discontinued Operations

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


	Successor						Predecessor
	Year Ended December 31, 2022			For the Period February 3, 2021 through December 31, 2021			For the Period January 1, 2021 through February 2, 2021			Year Ended December 31, 2020
Revenues	$	-		$	90,682		$	10,719		$	184,580
Cost of services		-			85,191			10,398			180,408
Depreciation, depletion, amortization and accretion		-			31,502			2,141			31,022
General and administrative expenses		8,043			8,847			1,119			22,035
Other (gains) and losses, net		(2,249	)		15,807			-			-
Reduction in value of assets		-			-			-			117,335
Loss from operations		(5,794	)		(50,665	)		(2,939	)		(166,220	)
Other income (expense)		-			188			2,485			(2,069	)
Loss from discontinued operations before tax		(5,794	)		(50,477	)		(454	)		(168,289	)
Income tax benefit (expense)		1,217			10,408			102			(398	)
Income (loss) from discontinued operations, net of income tax	$	(4,577	)	$	(40,069	)	$	(352	)	$	(168,687	)

Assets And Liabilities Of Discontinued Operation

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


	December 31, 2022		December 31, 2021
Assets:
Accounts receivable, net	$	350	$	7,469
Property, plant and equipment, net		11,468		29,328
Other assets		160		731
Total assets held for sale	$	11,978	$	37,528

Liabilities:
Accounts payable	$	86	$	652
Accrued expenses		3,192		4,268
Other liabilities		71		687
Total liabilities held for sale	$	3,349	$	5,607

Schedule Of Cash Flows From Discontinued Operations

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


	Successor					Predecessor
	Year Ended December 31, 2022			For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021			Year Ended December 31, 2020
Cash flows from discontinued operating activities:
Reduction in value of assets	$	-		$	-	$	-		$	117,335
(Gain)/loss on sale of assets		-			-		(43	)		286
Other (gains) and losses, net		(2,249	)		15,807		-			-
Depreciation, depletion, amortization and accretion		-			31,502		2,141			31,022
Cash flows from discontinued investing activities:
Proceeds from sales of assets		20,110			88,332		486			22,224

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 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
	Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021		Year Ended December 31, 2020
Cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents	$	314,974	$	172,768	$	188,006	$	272,624
Restricted cash-current		-		16,751		-		-
Restricted cash-non-current		79,561		80,179		80,178		2,764
Cash, cash equivalents, and restricted cash, beginning of period	$	394,535	$	269,698	$	268,184	$	275,388

Cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	$	258,999	$	314,974	$	172,768	$	188,006
Restricted cash-current		-		-		16,751		-
Restricted cash-non-current		80,108		79,561		80,179		80,178
Cash, cash equivalents, and restricted cash, end of period	$	339,107	$	394,535	$	269,698	$	268,184

Summary Of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands	1 Months Ended	11 Months Ended		12 Months Ended
	Feb. 02, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2022 USD ($) Customer $ / shares	Dec. 31, 2021 USD ($) Customer $ / shares	Dec. 31, 2020 USD ($) Customer	Jun. 30, 2022 USD ($)	Feb. 03, 2021 USD ($)	Jan. 01, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
bad debt expense				$ 2,200		$ 11,900
Payment term of obligation				30 days
Other gains				$ 29,100
bad debt recoveries								$ 4,900	$ 200
Property, Plant and Equipment, useful life		36 months
Number of customers exceeding threshhold measurement \| Customer				0	0	0
Allowance for doubtful accounts		$ 2,200	$ 2,200	$ 6,100	$ 2,200
Amount of notes receivable net							$ 2,600
Less: Note Receivable		60,588	$ 60,588	69,679	$ 60,588
Asset Retirement Costs				11,100			$ 38,200
Other (gains) and losses, net		16,726		(29,134)
Common stock, par value \| $ / shares	$ 0.001
Foreign currency gains (losses)	$ 2,100	8,800		12,600		$ 8,900
Restructuring expenses	$ 1,270	$ 22,952		$ 6,375		$ 47,055
Common Class A [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock, par value \| $ / shares	$ 0.001	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common Class B [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock, par value \| $ / shares		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Asia Pacific [Member]
Summary Of Significant Accounting Policies [Line Items]
Other (gains) and losses, net		$ 11,700
Decommissioning liability [Member]
Summary Of Significant Accounting Policies [Line Items]
Other (gains) and losses, net				$ 17,400
Well Services [Member]
Summary Of Significant Accounting Policies [Line Items]
Other gains				23,600
Other (gains) and losses, net		13,100
Shut Down Cost		8,900
Inventory write down			$ 6,500
Other ShutDown Cost			$ 2,400
Rentals [Member]
Summary Of Significant Accounting Policies [Line Items]
Other gains				5,200
Other (gains) and losses, net		$ 3,600
Collateral, Secured Obligations [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted Cash				77,300
Escrow, Future Decommissioning Obligations [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted Cash				2,800
Oil and Gas Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Amount of notes receivable net				2,700
Asset Retirement Costs				$ 11,100
Senior Unsecured Notes Due 2024 [Member]
Summary Of Significant Accounting Policies [Line Items]
Stated interest rate on unsecured senior notes	7.75%

Summary Of Significant Accounting Policies (Estimated Useful Lives Of The Related Assets) (Details)	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life	36 months
Machinery And Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		3 years
Machinery And Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		12 years
Buildings, Improvements and Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		10 years
Buildings, Improvements and Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		30 years
Automobiles, Trucks, Tractors And Trailers [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		4 years
Automobiles, Trucks, Tractors And Trailers [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		7 years
Furniture And Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		3 years
Furniture And Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, useful life		10 years

Fresh Start Accounting (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended		12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]
Identifiable Assets	$ 1,456,804	$ 1,199,508	$ 1,199,508	$ 1,191,012
Postconfirmation Liabilities	554,118	457,775	457,775	$ 408,128
Internal Rate Of Return				17.60%
Perpetuity Growth Rate				3.00%
Reorganization Expenses, Discount Rate				5.30%
Reorganization Expenses, Cash Used In Operating Activities	3,100			$ 13,700
Reorganization items, net	335,560	0		0	$ (19,520)
Reorganization Expenses, Professional Fees, Expense				2,700
Reorganization Expenses, Professional Fees, Lease Rejection Damages				400
Well Services [Member]
Reorganization, Chapter 11 [Line Items]
Identifiable Assets		636,256	636,256	533,327
Shut Down Cost		$ 8,900
Inventory write down			6,500
Other ShutDown Cost			$ 2,400
Maximum [Member]
Reorganization, Chapter 11 [Line Items]
Bankruptcy Proceedings, Enterprise Value				880,000
Minimum [Member]
Reorganization, Chapter 11 [Line Items]
Bankruptcy Proceedings, Enterprise Value				710,000
Reorganization, Chapter 11, Predecessor, before Adjustment [Member]
Reorganization, Chapter 11 [Line Items]
Identifiable Assets	1,497,411			1,456,800
Postconfirmation Liabilities	$ 2,076,125			$ 2,076,100

Fresh Start Accounting - (Reorganization of Assets) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fresh Start Accounting [Abstract]
Selected Enterprise Value win Range	$ 729,918
Plus: Cash and cash equivalents	172,768
Plus: Decommissioning Liabilities
Plus: Liabilities excluding the decommissioning liabilities	380,496
Plus: Decommissioning liabilities	173,622
Reorganization Value	$ 1,456,804

Fresh Start Accounting - (Fresh Start) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Feb. 03, 2021	Feb. 02, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 258,999	$ 314,974	$ 172,768	$ 172,768	$ 188,006	$ 188,006	$ 272,624
Restricted Cash and Cash Equivalents, Current	0	0	16,751	16,751	0	0	0
Accounts receivable, net				153,529
Income taxes receivable				8,976
Prepaid Expense, Current	17,299	15,861		31,630
Inventory and Other Current Assets	65,587	60,603		101,140
Assets held for sale				220,359
Total current assets	616,612	648,933		705,153
Property, plant and equipment, net	282,376	356,274		540,850
Operating lease right-of-use assets				33,918
Notes receivable				72,484
Restricted Cash and Cash Equivalents, Noncurrent	80,108	79,561	$ 80,179	80,179	$ 80,178	80,178	2,764
Net Balance				24,220
Total assets	1,191,012	1,199,508		1,456,804
Current liabilities:
Accounts payable	31,570	43,080		51,116
Accrued expenses	116,575	108,610		137,216
Liabilities held for sale	3,349	5,607		37,264
Total current liabilities	172,946	165,569		225,596
Decommissioning liability	150,901	190,380		169,515
Operating lease liability	14,634	19,193		23,555
Deferred income taxes	3,388	12,441		59,522
Other long-term liabilities	66,259	70,192		75,930
Total non-current liabilities				328,522
Liabilities subject to compromise				1,572,772
Total liabilities	408,128	457,775		554,118
Stockholders’ equity (deficit):
Common Stock $0.001 par value				200
Additional paid-in capital				902,486
Accumulated deficit	(125,699)	(162,178)
Total stockholders' equity	782,884	741,733		902,686		$ (338,647)	$ 49,573
Total liabilities and stockholders' equity	1,191,012	$ 1,199,508		1,456,804
Reorganization, Chapter 11, Predecessor, before Adjustment [Member]
Current assets:
Cash and cash equivalents				194,671
Accounts receivable, net				153,518
Income taxes receivable				9,146
Prepaid Expense, Current				31,630
Inventory and Other Current Assets				90,073
Assets held for sale				240,761
Total current assets				719,799
Property, plant and equipment, net				401,263
Operating lease right-of-use assets				32,488
Goodwill				138,934
Notes receivable				72,484
Restricted Cash and Cash Equivalents, Noncurrent				80,179
Net Balance				52,264
Total assets	1,456,800			1,497,411
Current liabilities:
Accounts payable				51,816
Accrued expenses				126,768
Liabilities held for sale				39,642
Total current liabilities				218,226
Decommissioning liability				134,934
Operating lease liability				23,584
Deferred income taxes				4,853
Other long-term liabilities				121,756
Total non-current liabilities				285,127
Liabilities subject to compromise				1,572,772
Total liabilities	$ 2,076,100			2,076,125
Stockholders’ equity (deficit):
common stock $0.001 par value				16
Additional paid-in capital				2,757,824
Treasury Stock at Cost				(4,290)
Accumulated other comprehensive loss, net				(67,532)
Accumulated deficit				(3,264,732)
Total stockholders' equity				(578,714)
Total liabilities and stockholders' equity				1,497,411
Reorganization Adjustments [Member]
Current assets:
Cash and cash equivalents				(21,903)
Restricted Cash and Cash Equivalents, Current				16,751
Accounts receivable, net				11
Total current assets				(5,141)
Net Balance				(10,080)
Total assets				(15,221)
Current liabilities:
Accounts payable				(700)
Accrued expenses				9,042
Liabilities held for sale				1,614
Total current liabilities				9,956
Deferred income taxes				3,100
Total non-current liabilities				3,100
Liabilities subject to compromise				(1,572,772)
Total liabilities				(1,559,716)
Stockholders’ equity (deficit):
common stock $0.001 par value				(16)
Additional paid-in capital				(2,757,824)
Treasury Stock at Cost				4,290
Common Stock $0.001 par value				200
Additional paid-in capital				902,486
Accumulated deficit				3,395,359
Total stockholders' equity				1,544,495
Total liabilities and stockholders' equity				(15,221)
Reorganization, Chapter 11, Fresh-Start Adjustment [Member]
Current assets:
Restricted Cash and Cash Equivalents, Current				16,751
Income taxes receivable				(170)
Inventory and Other Current Assets				11,067
Assets held for sale				(20,402)
Total current assets				(9,505)
Property, plant and equipment, net				139,587
Operating lease right-of-use assets				1,430
Goodwill				(138,934)
Net Balance				(17,964)
Total assets				(25,386)
Current liabilities:
Accrued expenses				1,406
Liabilities held for sale				(3,992)
Total current liabilities				(2,586)
Decommissioning liability				34,581
Operating lease liability				(29)
Deferred income taxes				51,569
Other long-term liabilities				(45,826)
Total non-current liabilities				40,295
Total liabilities				37,709
Stockholders’ equity (deficit):
Accumulated other comprehensive loss, net				67,532
Accumulated deficit				(130,627)
Total stockholders' equity				(63,095)
Total liabilities and stockholders' equity				$ (25,386)

Fresh Start Accounting (Fresh Start II) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 02, 2021	Feb. 02, 2021	Feb. 02, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Feb. 03, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Fresh Start, Parenthetical [Abstract]
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Reorganization Adjustments, Cash And Cash Equivalents [Abstract]
Payment of debtor in possession financing fees			$ (183)
Payment of professional fees at the Emergence Date			(2,649)
Payment of lease rejection damages classified as liabilities subject to compromise			(400)
Transfers from cash to restricted cash for Professional Fees Escrow and General Unsecured Creditors Escrow			(16,751)
Payment of debt issuance costs for the Credit Facility			(1,920)
Net change in cash and cash equivalents			(21,903)
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	$ 16,751	$ 16,751	16,751		$ 0	$ 0	$ 16,751	$ 0	$ 0	$ 0
Debtor Reorganization Items, Accounts Receivables			11
Reorganization Adjustments, Intangibles [Abstract]
Write-off of deferred financing costs related to the Delayed-Draw Term Loan		(12,000)	(12,000)
Capitalization of debt issuance costs associated with the Credit Facility			1,920
Net change in intangibles and other long-term assets			(10,080)
Reorganization Adjustments, Accounts Payable [Abstract]
Payment of professional fees at the Emergence Date			(2,649)
Professional fees recognized and payable at the Emergence Date			1,949
Net change in accounts payable			(700)
Reorganization Adjustments, Accrued Liabilities [Abstract]
Payment of debtor in possession financing fees			(183)
Accrual of professional fees			6,500
Accrual for transfer taxes			1,900
Reinstatement of lease rejection liabilities to be settled post-emergence			700
Accrual of general unsecured claims against parent			125
Net change in accrued liabilities			9,042
Liabilities Subject To Compromise, Settled [Abstract]
Prepetition 7.125% and 7.750% notes including accrued interest and unpaid interest	1,335,794	1,335,794	1,335,794
Rejected lease liability claims	4,956	4,956	4,956
Allowed Class 6 General Unsecured Claims against Parent	232,022	232,022	232,022
Liabilities subject to compromise settled in accordance with the Plan	1,572,772	1,572,772	1,572,772
Reorganization Adjustments, Gain (Loss) On Settlement[Abstract]
Accrued liabilities for lease rejection claims			(700)
Lease liabilities settled at Emergence Date			(1,614)
Payment to settle lease rejection claims			(400)
Proceeds from rights offering		963	963
Cash payout provided to cash opt-in noteholders			(952)
Cash Pool to settle general unsecured claims against the Predecessor			(125)
Issuance of Successor Class A common stock to prepetition noteholders (par value)			(193)
Additional paid-in capital (Successor)			(869,311)
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)			(7)
Additional paid-in capital (rights offering shares)			(33,175)
Gain on settlement of liabilities subject to compromise		667,258	667,258
Proceeds from rights offering		963	963
Cash payout provided to cash opt-in noteholders		$ 952
Debtor Reorganization Items, Discount Price		$ 1.31
Debtor Reorganization Items, Implied Discount		$ 32,200
Debtor Reorganization Items, Implied Share Price		$ 45.14
Debtor Reorganization Items, Cancellation Of Common Stock		$ 16
Debtor Reorganization Items, Cancellation Of Treasury Stock		4,300
Reorganization Adjustments, APIC [Abstract]
Extinguishment of APIC related to Predecessor's outstanding equity interests		(2,758,812)
Extinguishment of RSUs for the Predecessor's incentive plan		988
Net change in Predecessor's additional paid-in capital		(2,757,824)
Reorganization Adjustments, APIC, Successor [Abstract]
Postconfirmation, Additional APIC, Common Shares		869,311
Postconfirmation, Additional APIC, Rights Offering		33,175
Postconfirmation, Change In APIC		902,486
Reorganization Adjustments, Retained Earnings [Abstract]
Gain on settlement of liabilities subject to compromise		667,258	667,258
Accrual for transfer tax		(1,900)
Extinguishment of RSUs for the Predecessor's incentive plan		(988)
Adjustment to net deferred tax liability taken to tax expense		(3,100)
Professional fees earned and payable as a result of consummation of the Plan of Reorganization		(8,449)
Debtor Reorganization Items, Write-off of Debt Issuance Costs and Debt Discounts		(12,000)	(12,000)
Debtor Reorganization Items, Extinguishment Of Equity		2,754,538
Net change in retained earnings		3,395,359
Debtor Reorganization Items, Change In Income Tax Receivable			170
Reorganization Adjustments, Change In Inventory And Other Current Assets [Abstract]
Fair value adjustment to inventory			12,137
Fair value adjustment to other current assets			(1,070)
Net change in inventory and other current assets due to the adoption of fresh start accounting			11,067
Debtor Reorganization Items, Fair Value Adjustment, Assets Held For Sale			3,500	$ 16,500	20,400
Debtor Reorganization Items, Fair Value Adjustment, PPE					$ 139,600
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment			1,977,815	540,850
Less: Accumulated Depreciation and Depletion			1,576,552
Property, Plant and Equipment, net			401,263	540,850
Debtor Reorganization Items, Fair Value Adjustment, Right Of Use Assets			1,400
Debtor Reorganization Items, Change In Goodwill			138,900
Debtor Reorganization Items, Fair Value Adjustment, Intangible Assets	1,400
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	4,912	4,912	4,912	6,286
Debtor Reorganization Items, Change In Other Long Term Assets			17,100
Debtor Reorganization Items, Fair Value Adjustment, Accrued Expenses			1,400
Debtor Reorganization Items, Fair Value Adjustment, Current ARO			4,000
Debtor Reorganization Items, Fair Value Adjustment, Non-Current ARO			34,600
Debtor Reorganization Items, Change In Deferred Tax Liabilities			70,400
Debtor Reorganization Items, Change In Realizable Deferred Tax Assets			18,800
Debtor Reorganization Items, Reclassification Of Deferred Revenue			45,800
Debtor Reorganization Items, FIN48			1,500
Debtor Reorganization Items, Reorganization Expense AOCI			(77,376)
Debtor Reorganization Items, Cumulative Adjustment			(53,251)
Debtor Reorganization Items, Elimination Of AOCI			(130,627)
Patents
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value				2,120
TrademarksMember
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	11	11	11	4,166
Customer relationships
Reorganization Adjustments, Intangible Assets [Abstract]
Debtor Reorganization Items, Intangible Assets, Fair Value	$ 4,901	$ 4,901	4,901
Land, Buildings and Improvements [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment			205,237	117,341
Machinery and Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment			1,103,501	290,593
Rental Services Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment			617,762	92,861
Other Capitalized Property Plant and Equipment [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment			46,403	35,143
Construction in Progress [Member]
Reorganization Adjustments, PPE [Abstract]
Property, Plant and Equipment			$ 4,912	$ 4,912
New Senior Unsecured Notes Due 2021 [Member]
Liabilities Subject To Compromise, Settled [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	7.125%	7.125%	7.125%
Senior Unsecured Notes Due 2024 [Member]
Liabilities Subject To Compromise, Settled [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	7.75%	7.75%	7.75%
Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	$ 16,751	$ 16,751	$ 16,751
Professional Fee Escrow \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	16,626	16,626	16,626
General Unsecured Creditors Escrow \| Reorganization, Chapter 11, Fresh-Start Adjustment
Reorganization Adjustments, Restricted Cash [Abstract]
Restricted Cash and Cash Equivalents, Current	$ 125	$ 125	$ 125
Common Class A [Member]
Fresh Start, Parenthetical [Abstract]
Common stock, par value	$ 0.001	$ 0.001	$ 0.001		$ 0.01	$ 0.01
Reorganization Adjustments, Changes In Common Stock [Abstract]
Issuance of successor Class A common stock to prepetition noteholders (par value)		$ 193
Successor Class A common stock issued to cash opt-out noteholders in the rights offering (par value)		7
Net change in Successor Class A common stock		$ 200

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

1 Months Ended

11 Months Ended

12 Months Ended

Feb. 02, 2021

Dec. 31, 2021

Dec. 31, 2022

Dec. 31, 2020

Fresh Start Accounting [Abstract]

Gain on settlement of liabilities subject to compromise

$ 667,258

Allowed claim adjustment for Class 6 claims

(232,022)

Loss on fresh start adjustment

^[1]

(77,376)

Professional fees

(16,005)

Rejected leases

13,347

Debtor in possession credit facility costs

(12,000)

Lease rejection damages

(4,956)

Extinguishment of RSUs for the Predecessor's incentive plan

(988)

Other items

(1,698)

Total reorganization items, net

335,560

$ 0

$ (19,520)

Adjustment for discontinued operations

$ 16,400

[1]	(1) Includes approximately $16.4 million in adjustments to assets and liabilities classified as held for sale. See Note 17 - Discontinued Operations.

Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 648,754	$ 883,960	$ 667,249
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	268,695	402,942	297,835
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	380,059	481,018	369,414
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,296	107,565	185,300	105,461
U.S. Land [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	4,917	87,432	160,742	78,537
U.S. Land [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,379	20,133	24,558	26,924
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	15,567	197,058	263,729	233,580
U.S. Offshore [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	8,196	103,646	140,881	129,021
U.S. Offshore [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	7,371	93,412	122,848	104,559
International [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	22,065	344,131	434,931	328,208
International [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	5,226	77,617	101,319	90,277
International [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 16,839	$ 266,514	$ 333,612	$ 237,931

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 4
-Subparagraph (a)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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

+ Details

Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total Revenues	$ 45,928	$ 648,754	$ 883,960	$ 667,249
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	18,339	268,695	402,942	297,835
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	27,589	380,059	481,018	369,414
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	19,234	305,699	386,775	299,383
Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,005	33,629	53,029	45,226
Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	17,229	272,070	333,746	254,157
Rentals Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,434	208,951	309,314	225,363
Rentals Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	14,082	197,050	299,128	215,163
Rentals Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	352	11,901	10,186	10,200
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	12,260	134,104	187,871	142,503
Product Sales [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	2,252	38,016	50,786	37,446
Product Sales [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 10,008	$ 96,088	$ 137,085	$ 105,057

- Definition

+ References

+ Details

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 36,136	$ 26,187
Raw materials	8,351	9,753
Work-in-process	4,718	4,253
Supplies and consumables	16,382	20,410
Total	$ 65,587	$ 60,603

Inventory (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods inventory	$ 20.7	$ 15.2

Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Accretion Expense	$ 0.5	$ 9.3	$ 9.5	$ 6.5
Decommissioning Liability, Noncurrent					$ 53.0
Capitalized Costs, Asset Retirement Costs			11.1		38.2
Gain recognized from changes in cost and timing			17.4
Financing Receivable, before Allowance for Credit Loss, Noncurrent					$ 2.6
Oil and Gas Properties [Member]
Schedule of Equity Method Investments [Line Items]
Decommissioning Liability, Noncurrent			13.8
Capitalized Costs, Asset Retirement Costs			11.1
Financing Receivable, before Allowance for Credit Loss, Noncurrent			$ 2.7

Decommissioning Liability - Schedule of Decommissioning Program Activity (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Decommissioning Liability

$ 160,671

$ 190,380

Note Receivable

69,679

60,588

Oil And Gas Producing Assets Net

11,689

$ 41,582

Two Thousand And Twenty Two Activity [Member]

Decommissioning Liability

^[1]

9,500

Note Receivable

^[1]

3,823

Oil And Gas Producing Assets Net

^[1]

(2,790)

Reef In Place Adjustment [Member]

Decommissioning Liability

(53,028)

Note Receivable

2,581

Oil And Gas Producing Assets Net

(38,235)

Year End Two Thousand And Twenty Two Adjustment [Member]

Decommissioning Liability

13,819

Note Receivable

2,687

Oil And Gas Producing Assets Net

$ 11,132

[1]	Activity during 2022 relates to accretion of the decommissioning liability, interest income on the note receivable and depletion and capital expenditures, net to the oil and gas producing assets.

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Decommissioning Liability	$ 160,671	$ 190,380
Less: Note Receivable	(69,679)	(60,588)
Decommissioning Liability, net of Note Receivable	90,992	129,792
Well Services [Member]
Decommissioning Liability	96,171	97,810
Platform Service [Member]
Decommissioning Liability	$ 64,500	$ 92,570

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

+ Details

Note Receivable (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Jun. 30, 2022
Financing Receivable, Past Due [Line Items]
Cost and Timing of Decommissioning					$ 53,000
Capitalized Costs, Asset Retirement Costs			$ 11,100		38,200
Gain recognized from changes in cost and timing			17,400
Amount of notes receivable net					$ 2,600
Note receivable		$ 60,588	69,679
Change In Gross Amount Of Sellers Obligation			105,200
Oil and Gas Properties [Member]
Financing Receivable, Past Due [Line Items]
Cost and Timing of Decommissioning			13,800
Capitalized Costs, Asset Retirement Costs			11,100
Amount of notes receivable net			2,700
Note receivable			$ 69,700
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	$ 3,900	$ 3,800	$ 4,500

Leases (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for operating leases	$ 7,395	$ 13,591
ROU assets obtained in exchange for lease obligations	$ 5,069	$ 2,820

Leases (Operating Lease Expense) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Leases [Abstract]
Long-term fixed lease expense	$ 1,824	$ 12,579	$ 9,761	$ 18,454
Long-term variable lease expense	19	0	2	10
Short-term lease expense	789	10,165	22,705	4,322
Total operating lease expense	$ 2,632	$ 22,744	$ 32,468	$ 22,786

Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Feb. 02, 2021
Leases [Abstract]
Operating lease ROU assets	$ 18,797	$ 25,154
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Accrued expenses	$ 4,033	$ 5,650
Operating lease liability	14,634	19,193	$ 23,555
Total operating lease liabilities	$ 18,667	$ 24,843
Weighted average remaining lease term	18 years	15 years
Weighted average discount rate	5.33%	5.34%
Cash paid for operating leases	$ 7,395	$ 13,591
ROU assets obtained in exchange for lease obligations	$ 5,069	$ 2,820

Leases (Maturities Of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 5,805
2024	4,301
2025	3,284
2026	1,573
2027	588
Thereafter	14,747
Total lease payments	30,298
Less imputed interest	(11,631)
Total operating lease liabilities	$ 18,667	$ 24,843

Property, Plant and Equipment, Net (Summary of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Feb. 02, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 519,066	$ 541,916
Accumulated depreciation and depletion	(236,690)	(185,642)
Property, plant and equipment, net	282,376	356,274	$ 540,850
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	378,907	360,353
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	70,816	75,374
Automobiles, trucks, tractors and trailers [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,376	6,450
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,373	19,668
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,185	6,700
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	26,695	28,671
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,714	$ 44,700

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020	Jun. 30, 2022	Feb. 03, 2021
Property, Plant and Equipment [Line Items]
Leasehold Improvements, Gross		$ 7.2	$ 7.1
Depreciation and depletion expense			87.6
Depreciation and depletion related to assets held for sale	$ 7.8	$ 209.7		$ 108.0
Property, Plant and Equipment, useful life		36 months
Asset Retirement Costs			11.1		$ 38.2
Gain recognized from changes in cost and timing			17.4
Fully Depreciated Assets
Property, Plant and Equipment [Line Items]
Depreciation			167.5
Assets, Fair Value Disclosure						$ 197.5
Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Asset Retirement Costs			$ 11.1

Debt (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Debt Instrument [Line Items]
Reorganization items, net	$ 335,560	$ 0	$ 0	$ (19,520)
Jpmorgan Chase Bank Asset Backed Secured Revolving Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			120,000
Letters of Credit Outstanding, Amount			$ 34,900

Stock-Based Compensation Plans (Narrative) (Details) - USD ($)		1 Months Ended			3 Months Ended	11 Months Ended	12 Months Ended
	Jun. 02, 2021	Jul. 31, 2022	Mar. 31, 2022	Feb. 02, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Cancelled stock incentive plans
Common stock, par value				$ 0.001
Employee Restricted Stock Award Agreement [Member]
Cancelled stock incentive plans
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period					50,596
Restricted Stock Units (RSUs) [Member]
Cancelled stock incentive plans
Shares vested							10,437
Unamortized estimated grant date fair value							$ 4,200,000
Shares granted			72,050
Shares forfeited							2,212
Shares of RSU		88,215
Restricted Stock Units (RSUs) [Member] \| Equal Installments [Member]
Cancelled stock incentive plans
Share-based payment vesting period, years							3 years
Restricted Stock Units (RSUs) [Member] \| Predecessor member
Cancelled stock incentive plans
Compensation expense				$ 900,000
Performance Share Units [Member]
Cancelled stock incentive plans
Unamortized estimated grant date fair value							$ 3,100,000
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
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Net	76,269
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 39.53	$ 58.80	$ 58.80		$ 39.53
Shares vested							42,389
Unamortized estimated grant date fair value							$ 800,000
Shares forfeited							3,904
Compensation expense				200,000		$ 2,700,000	$ 4,800,000
401K [Member]
Cancelled stock incentive plans
Company discretionary contributions							$ 3,100,000	$ 6,200,000
Maximum empoyee contribution							75.00%
Maximum portion of base salary to defer under non-qualified deferred compensation plan							100.00%
Maximum Portion of Base Salary to Defer under Non Qualified Deferred Compensation Plan							4.00%
401K [Member] \| Predecessor member
Cancelled stock incentive plans
Company discretionary contributions				400,000
401K [Member] \| Successor Period
Cancelled stock incentive plans
Company discretionary contributions						2,600,000
2021 Management Incentive Plan [Member]
Cancelled stock incentive plans
Common stock reserved for issuance							1,999,869
Common stock, par value							$ 0.01
Supplemental Executive Retirement Plan [Member]
Cancelled stock incentive plans
Employers Contribution to be received by plan participants, Minimum							5.00%
Employers Contribution to be received by plan participants, Maximum							35.00%
Employers contribution								0
Distribution to select participants				$ 0		$ 3,400,000	$ 1,700,000	$ 0

Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current, federal	$ 0	$ (1,106)	$ (50)	$ (36,506)
Current, state	0	(307)	945	635
Current, foreign	3,314	6,220	23,738	8,497
Current, total	3,314	4,807	24,633	(27,374)
Deferred, federal	55,015	(42,904)	(83,420)	4,593
Deferred, state	(182)	2,633	165	(638)
Deferred, foreign	1,856	2,166	(19,097)	(3,469)
Deferred income taxes	56,689	(38,105)	(102,352)	486
Income tax (expense) benefit	$ 60,003	$ (33,298)	$ (77,719)	$ (26,888)

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed expected tax benefit	$ 69,125	$ (32,635)	$ 44,798	$ (53,431)
State and foreign income taxes	6,217	(17,893)	(350)	5,026
Valuation allowance	(46,208)	0	(13,140)	19,024
Gain on Settlement of Liabilities Subject to Compromise	(89,905)	0		0
Reduction in value of assets	87,316	19,154		0
Fresh Start Adjustments	29,099	0		0
Worthless stock deduction			(103,992)
Foreign Tax Credit			(5,161)
Other	4,359	(1,924)	126	2,493
Income tax (expense) benefit	$ 60,003	$ (33,298)	$ (77,719)	$ (26,888)

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended			11 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Feb. 02, 2021	Jul. 31, 2020	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 03, 2021	Jan. 01, 2021	Dec. 31, 2019
Tax refunds	$ 8,200		$ 30,500
Net operating loss carryforwards					$ 367,900
Limitation on operating loss carryforward usage as percent of taxable income					80.00%
Deferred tax assets, state net operating loss carryforwards					$ 19,600
Partial valuation allowance					40,000
Foreign tax credit carryforward					40,000
Tax credit carryforward, Brazil					8,700
Unrecognized tax benefits		$ 14,706		$ 14,973	14,009	$ 14,973	$ 13,206	$ 14,706	$ 13,206	$ 13,206
Deferred income taxes		56,689		(38,105)	(102,352)		486
Unrecognized tax benefits settlement due					9,700
Interest and penalties accrued				6,900	7,200	6,900
Reduction to unrecognized tax benefits, foreign tax audits				2,029	1,277		1,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount					5,200
Worthless stock deduction					(103,992)
Income tax (expense) benefit		$ 60,003		(33,298)	(77,719)		$ (26,888)
Expiring 2024 to 2032
Foreign tax credit carryforward					59,700
Expiring after 2036
Net operating loss carryforwards					20,400
Indefinite period
Net operating loss carryforwards					347,500
Worthless Stocks [Member]
Worthless stock deduction					104,000
Income tax (expense) benefit					104,000
U.S. Federal
Foreign tax credit carryforward					14,500
Domestic Subsidiaries [Member]
Gain loss from extinguishment of debt						433,000
Deferred tax assets, state net operating loss carryforwards				$ 19,200		$ 19,200
Worthless stock deduction					$ 495,200

Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowance for doubtful accounts	$ 1,374	$ 1,046
Operating loss and tax credit carryforwards	157,395	84,684
Compensation and employee benefits	7,376	8,832
Decommissioning liabilities	39,328	39,328
Goodwill and other intangible assets	369	772
Operating leases	126	197
Other assets	52,345	30,749
Deferred tax assets, gross	258,313	165,608
Valuation allowance	(80,280)	(90,781)
Total deferred tax assets	178,033	74,827
Deferred tax liabilities:
Property, plant and equipment	64,571	64,721
Notes receivable	17,812	17,812
Other Liability	1,546	1,287
Total deferred tax liabilities	83,929	83,820
Net deferred tax liability		$ (8,993)
Net deferred tax assets (liabilities)	$ 94,104

Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of period	$ 13,206	$ 14,706	$ 14,973	$ 13,206
Additions based on tax positions related to prior years	1,500	2,848	569	1,757
Reductions based on tax positions related to prior years		(552)	(334)	0
Additions based on tax positions related to current year		0	78	0
Reductions as a result of a lapse of the applicable statute of limitations		0	0	(757)
Reductions relating to settlements with taxing authorities		(2,029)	(1,277)	(1,000)
Unrecognized tax benefits at end of period	$ 14,706	$ 14,973	$ 14,009	$ 13,206

Earnings Per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted-average shares outstanding - basic	14,845	19,998	20,024	14,822
Potentially dilutive stock awards and units	60	0	63
Weighted-average shares outstanding - diluted	14,905	19,998	20,087	14,822

- 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
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-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e2603-109256

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+ Details

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets held for sale	$ 11,978	$ 37,528
Noncurrent deferred tax assets	97,492	$ 1,894
Corporate And Other [Member]
Noncurrent deferred tax assets	$ 97,500

- Definition

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

+ References + Details

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 45,928	$ 648,754	$ 883,960	$ 667,249
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,773	422,252	476,951	408,131
Depreciation, depletion, amortization and accretion	8,358	219,859	98,060	115,771
General and administrative expenses	11,052	117,575	128,294	205,773
Restructuring expenses	1,270	22,952	6,375	47,055
Other (gains) and losses, net		16,726	(29,134)
Reduction in value of assets	0	0	0	23,775
Income (loss) from operations	(4,525)	(150,610)	203,414	(133,256)
Rentals [Member]
Segment Reporting Information [Line Items]
Total revenues	18,339	268,695	402,942	297,835
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	7,839	105,373	137,626	109,902
Depreciation, depletion, amortization and accretion	4,271	152,250	58,731	63,072
General and administrative expenses	2,027	24,812	28,139	52,718
Other (gains) and losses, net		3,609	(5,190)
Reduction in value of assets				754
Income (loss) from operations	4,202	(17,349)	183,636	71,389
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues	27,589	380,059	481,018	369,414
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	21,934	316,879	339,325	298,229
Depreciation, depletion, amortization and accretion	3,666	61,074	34,841	48,929
General and administrative expenses	4,111	46,780	45,898	73,200
Other (gains) and losses, net		13,117	(23,575)
Reduction in value of assets				21,038
Income (loss) from operations	(2,122)	(57,791)	84,529	(71,982)
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, amortization and accretion	421	6,535	4,488	3,770
General and administrative expenses	4,914	45,983	54,257	79,855
Restructuring expenses	1,270	22,952	6,375	47,055
Other (gains) and losses, net			(369)
Reduction in value of assets				1,983
Income (loss) from operations	$ (6,605)	$ (75,470)	$ (64,751)	$ (132,663)

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Feb. 02, 2021
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,191,012	$ 1,199,508	$ 1,456,804
Rentals [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	432,437	379,453
Well Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	533,327	636,256
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 225,248	$ 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.

+ References

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+ Details

Segment Information (Schedule Of Capital Expenditures, By Segment) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Segment Reporting Information [Line Items]
Capital expenditures	$ 3,035	$ 34,152	$ 65,784	$ 47,653
Rentals [Member]
Segment Reporting Information [Line Items]
Capital expenditures	2,429	27,335	54,126	24,053
Well Services [Member]
Segment Reporting Information [Line Items]
Capital expenditures	$ 606	$ 6,817	10,729	19,609
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Capital expenditures			$ 929	$ 3,991

Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 282,376	$ 356,274
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	212,534	231,388
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 69,842	$ 124,886

Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - Non Qualified Deferred Compensation Assets and Liabilities [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets, net	$ 16,299	$ 15,896
Accrued expense	1,831	2,250
Other long-term liabilities	15,855	19,218
Investment in equity securities		25,735
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets, net	0
Investment in equity securities		25,735
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets, net	16,299	15,896
Accrued expense	1,831	2,250
Other long-term liabilities	$ 15,855	$ 19,218

Fair Value Measurements (Additional Information) (Details) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Cancelled stock incentive plans		$ 0
Unrealized gain on equity securities	$ 2,100,000

Other Income (Expense) (Additional Information) (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Gain loss on foreign currencies	$ (2.1)	$ (8.8)	$ (12.6)	$ (8.9)
Loss on foreign currency expense			2.7
Unrealized gain on equity securities		2.1
Gain on sale of assets, discontinued operation		4.1	34.7
Equity Securities, FV-NI, Realized Gain (Loss)		$ 0.4	$ 8.9
Select Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		0.7	4.1

Contingencies (Narrative) (Details) $ in Millions	1 Months Ended	12 Months Ended
Contingencies (Narrative) (Details) $ in Millions	Aug. 31, 2022	Dec. 31, 2022 USD ($) Employee Claim
Loss Contingencies [Line Items]
Number of people involved in lawsuit \| Employee		2
Lawsuits \| Claim		2
Rate of royalty payments invoiced by plaintiffs	25.00%	25.00%
Rate of royalty payments claimed by plaintiffs	50.00%	50.00%
Interest \| $		$ 26.9

Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation, depletion, amortization and accretion	$ 8,358	$ 219,859	$ 98,060		$ 115,771
General and administrative expenses	$ 11,052	117,575	128,294		205,773
Other (gains) and losses, net		$ 16,726	$ (29,134)
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges	Asset Impairment Charges	Asset Impairment Charges	Asset Impairment Charges
Income (loss) from operations	$ (4,525)	$ (150,610)	$ 203,414		(133,256)
Other income (expense)	(2,105)	(7,128)	(1,804)		(9,229)
Income (loss) from discontinued operations, net of income tax	(352)	(40,069)	(4,577)		(168,687)
Pumpco [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	10,719	90,682	0		184,580
Cost of services	10,398	85,191	0		180,408
Depreciation, depletion, amortization and accretion	2,141	31,502	0		31,022
General and administrative expenses	1,119	8,847	8,043		22,035
Other (gains) and losses, net	0	15,807	(2,249)		0
Reduction in value of assets	0	0	0		117,335
Income (loss) from operations	(2,939)	(50,665)	(5,794)		(166,220)
Other income (expense)	2,485	188	0		(2,069)
Loss from discontinued operations before tax	(454)	(50,477)	(5,794)		(168,289)
Income tax benefit (expense)	102	10,408	1,217		(398)
Income (loss) from discontinued operations, net of income tax	$ (352)	$ (40,069)	$ (4,577)		$ (168,687)

Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - Pumpco Member - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 350	$ 7,469
Property, plant and equipment, net	11,468	29,328
Other assets	160	731
Total assets held for sale	11,978	37,528
Accounts payable	86	652
Accrued expenses	3,192	4,268
Other liabilities	71	687
Total liabilities held for sale	$ 3,349	$ 5,607

Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 02, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other (gains) and losses, net		$ 16,726	$ (29,134)
Pumpco Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in value of assets	$ 0	0	0	$ 117,335
(Gain)/loss on sale of assets	(43)	0	0	286
Other (gains) and losses, net	0	15,807	(2,249)	0
Depreciation, depletion, amortization and accretion	2,141	31,502	0	31,022
Proceeds from sales of assets	$ 486	$ 88,332	$ 20,110	$ 22,224

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Feb. 03, 2021	Feb. 02, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 258,999	$ 314,974	$ 172,768	$ 172,768	$ 188,006	$ 188,006	$ 272,624
Restricted cash-current	0	0	16,751	16,751	0	0	0
Restricted cash-non-current	80,108	79,561	80,179	80,179	80,178	80,178	2,764
Cash, cash equivalents, and restricted cash	$ 339,107	$ 394,535	$ 269,698	$ 269,698	$ 268,184	$ 268,184	$ 275,388