0000950170-23-022029 | 10-Q | XBRL Viewer | Superior Energy Services INC

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Summary Of Property, Plant And Equipment

A summary of property, plant and equipment, net is as follows:


	March 31, 2023			December 31, 2022
Machinery and equipment	$	397,539		$	378,907
Buildings, improvements and leasehold improvements		69,691			70,816
Automobiles, trucks, tractors and trailers		6,689			6,376
Furniture and fixtures		19,378			19,373
Construction-in-progress		12,191			5,185
Land		26,049			26,695
Oil and gas producing assets		12,582			11,714
Total		544,119			519,066
Accumulated depreciation and depletion		(250,025	)		(236,690	)
Property, plant and equipment, net	$	294,094		$	282,376

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 30,213	$ 25,726	$ 286,465

- Definition

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

+ References

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+ Details

Note Receivable (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Note receivable	$ 70,643		$ 69,679
Change In Gross Amount Of Sellers Obligation	$ 105,200
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	$ 1,000	$ 1,000

Contingencies	3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(14) Contingencies Due to the nature of our business, we are involved, from time to time, in various routine litigation or subject to disputes or claims or actions, including those commercial in nature, regarding our business activities in the ordinary course of business. Legal costs related to these matters are expensed as incurred. Management is of the opinion that none of the claims and actions will have a material adverse impact on our financial position, results of operations or cash flows. We are currently involved in legal proceedings with 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 March 31, 2023, the assessment, including interest, totaled $27.0 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.

Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies

(14) Contingencies

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

We are currently involved in legal proceedings with 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 March 31, 2023, the assessment, including interest, totaled $27.0 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

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

(15) Discontinued Operations

The following table summarizes the components of discontinued operations, net of tax:


	For the Three Months Ended
	March 31,
	2023			2022
General and administrative expenses	$	461		$	3,742
Other gains, net		(827	)		(5,943	)
Income from discontinued operations before tax		366			2,201
Income tax benefit (expense)		(77	)		(462	)
Income from discontinued operations, net of income tax	$	289		$	1,739

The following summarizes the assets and liabilities related to discontinued operations:


	March 31, 2023		December 31, 2022
Assets:
Accounts receivable, net	$	340	$	350
Property, plant and equipment, net		3,947		11,468
Other assets		134		160
Total assets held for sale	$	4,421	$	11,978

Liabilities:
Accounts payable	$	-	$	86
Accrued expenses		3,444		3,192
Other liabilities		72		71
Total liabilities held for sale	$	3,516	$	3,349

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


	For the Three Months Ended
	March 31,
	2023			2022
Cash flows from discontinued operating activities:
Other gains, net	$	(827	)	$	(5,943	)
Cash flows from discontinued investing activities:
Proceeds from sales of assets	$	8,740		$	13,194

Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2023

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

Issuances Under Management Incentive Plan

The following sets forth issuances under the MIP for the three months ended March 31, 2023 and 2022:


	Grants of Share-Based Awards
			July/
	June		August			March			July
	2021		2021			2022			2022			Total
Awards outstanding, December 31, 2022		29,976		37,947			72,050			88,215			228,188
Vested		-		(37,947	)		(24,017	)		(29,405	)		(91,369	)
Awards outstanding, March 31, 2023		29,976		-			48,033			58,810			136,819

Estimated grant date fair value	$	39.53	$	39.53		$	58.80		$	58.80

Unamortized grant date fair value, December 31, 2022 (in millions)	$	0.9	$	-		$	3.1		$	4.2		$	8.2
Unamortized grant date fair value, March 31, 2023 (in millions)	$	0.7	$	-		$	2.7		$	3.7		$	7.1


	Grants of Share-Based Awards
			July/
	June		August		March
	2021		2021		2022		Total
Awards outstanding, December 31, 2021		76,269		50,596		-		126,865
Granted		-		-		72,050		72,050
Awards outstanding, March 31, 2022		76,269		50,596		72,050		198,915

Estimated grant date fair value	$	39.53	$	39.53	$	58.80

Unamortized grant date fair value, December 31, 2021 (in millions)	$	2.4	$	1.4	$	-	$	3.8
Unamortized grant date fair value, March 31, 2022 (in millions)	$	2.2	$	1.0	$	4.2	$	7.4

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Components Of Income (Loss) From Discontinued Operations

The following table summarizes the components of discontinued operations, net of tax:


	For the Three Months Ended
	March 31,
	2023			2022
General and administrative expenses	$	461		$	3,742
Other gains, net		(827	)		(5,943	)
Income from discontinued operations before tax		366			2,201
Income tax benefit (expense)		(77	)		(462	)
Income from discontinued operations, net of income tax	$	289		$	1,739

Assets And Liabilities Of Discontinued Operation

The following summarizes the assets and liabilities related to discontinued operations:


	March 31, 2023		December 31, 2022
Assets:
Accounts receivable, net	$	340	$	350
Property, plant and equipment, net		3,947		11,468
Other assets		134		160
Total assets held for sale	$	4,421	$	11,978

Liabilities:
Accounts payable	$	-	$	86
Accrued expenses		3,444		3,192
Other liabilities		72		71
Total liabilities held for sale	$	3,516	$	3,349

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:


	For the Three Months Ended
	March 31,
	2023			2022
Cash flows from discontinued operating activities:
Other gains, net	$	(827	)	$	(5,943	)
Cash flows from discontinued investing activities:
Proceeds from sales of assets	$	8,740		$	13,194

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

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.


	For the Three Months Ended
	March 31,
		2023	2022
Weighted-average shares outstanding - basic		20,107	19,999
Potentially dilutive stock awards and units		24	57
Weighted-average shares outstanding - diluted		20,131	20,056

Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

(18) Subsequent Events

On May 8, 2023, SESI, L.L.C., as borrower, SESI Holdings, Inc., as parent, and the subsidiary guarantors party thereto entered into an Amendment No. 5 to Credit Agreement (the “Fifth Amendment to Credit Agreement”) to, among other things, replace the interest rate based on the London interbank offered rate (“LIBOR”) and related LIBOR-based mechanics applicable to borrowings under the Credit Agreement with a forward-looking interest rate based on the secured overnight financing rate (“Term SOFR”) (including a customary spread adjustment) and related Term SOFR-based mechanics and make certain other conforming changes.

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and depletion expense	$ 17.6	$ 31.2
Gain(Loss) on the disposal of assets	$ 1.4	$ (1.1)

Decommissioning Liability (Tables)

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Schedule of decommissioning liability

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


	March 31, 2023			December 31, 2022
Wells	$	97,223		$	96,171
Platform		65,416			64,500
Total decommissioning liability		162,639			160,671
Note receivable		(70,643	)		(69,679	)
Total decommissioning liability, net of note receivable	$	91,996		$	90,992

Decommissioning Liability (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Accretion expense	$ 2.3	$ 2.7
Decommissioning liability	162.6		$ 160.7
Decommissioning costs	$ 0.4

Revenue (Disaggregation Of Revenues, By Type) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 220,137	$ 197,930
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	108,821	88,756
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	111,316	109,174
Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	93,290	91,439
Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	17,145	11,158
Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	31,636	26,978
Rentals Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	85,610	67,162
Rentals Services [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	82,075	65,247
Rentals Services [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	3,535	1,915
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	41,237	39,329
Product Sales [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	9,601	12,351
Product Sales [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 76,145	$ 80,281

- 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.

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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation Plans

(11) Stock-Based Compensation Plans

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

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 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 vested in full during the current quarter. 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 for the three months ended March 31, 2023 and 2022:


	Grants of Share-Based Awards
			July/
	June		August			March			July
	2021		2021			2022			2022			Total
Awards outstanding, December 31, 2022		29,976		37,947			72,050			88,215			228,188
Vested		-		(37,947	)		(24,017	)		(29,405	)		(91,369	)
Awards outstanding, March 31, 2023		29,976		-			48,033			58,810			136,819

Estimated grant date fair value	$	39.53	$	39.53		$	58.80		$	58.80

Unamortized grant date fair value, December 31, 2022 (in millions)	$	0.9	$	-		$	3.1		$	4.2		$	8.2
Unamortized grant date fair value, March 31, 2023 (in millions)	$	0.7	$	-		$	2.7		$	3.7		$	7.1


	Grants of Share-Based Awards
			July/
	June		August		March
	2021		2021		2022		Total
Awards outstanding, December 31, 2021		76,269		50,596		-		126,865
Granted		-		-		72,050		72,050
Awards outstanding, March 31, 2022		76,269		50,596		72,050		198,915

Estimated grant date fair value	$	39.53	$	39.53	$	58.80

Unamortized grant date fair value, December 31, 2021 (in millions)	$	2.4	$	1.4	$	-	$	3.8
Unamortized grant date fair value, March 31, 2022 (in millions)	$	2.2	$	1.0	$	4.2	$	7.4

During the three months ended March 31, 2023 and 2022, we recognized $1.1 million and $0.6 million, respectively, in compensation expense associated with grants of RSAs and RSUs. We are currently not amortizing our PSUs as we have not concluded that it is probable that the performance condition will be achieved.

Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation, depletion, amortization and accretion	$ 20,139	$ 34,085
General and administrative expenses	30,990	32,018
Other (gains) and losses, net	(1,398)	1,147
Income from operations	50,702	16,745
Other income (expense)	(2,152)	(13,947)
Income from discontinued operations, net of income tax	289	1,739
Pumpco [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
General and administrative expenses	461	3,742
Other (gains) and losses, net	(827)	(5,943)
Income from discontinued operations before tax	366	2,201
Income tax benefit (expense)	(77)	(462)
Income from discontinued operations, net of income tax	$ 289	$ 1,739

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 324,128	$ 258,999
Accounts receivable, net	228,283	249,808
Income taxes receivable	7,540	6,665
Prepaid expenses	20,183	17,299
Inventory	72,324	65,587
Other current assets	5,886	6,276
Assets held for sale	4,421	11,978
Total current assets	662,765	616,612
Property, plant and equipment, net	294,094	282,376
Note receivable	70,643	69,679
Restricted cash	80,599	80,108
Deferred tax assets	81,652	97,492
Other assets, net	43,050	44,745
Total assets	1,232,803	1,191,012
Current liabilities:
Accounts payable	46,209	31,570
Accrued expenses	110,602	116,575
Income taxes payable	15,198	11,682
Decommissioning liability	19,361	9,770
Liabilities held for sale	3,516	3,349
Total current liabilities	194,886	172,946
Decommissioning liability	143,278	150,901
Deferred tax liabilities	3,181	3,388
Other liabilities	78,425	80,893
Total liabilities	419,770	408,128
Stockholders’ equity (deficit):
Accumulated deficit	(95,486)	(125,699)
Total stockholders' equity	813,033	782,884
Total liabilities and stockholders' equity	1,232,803	1,191,012
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	2	1
Additional paid in capital	$ 5,831	$ 5,896

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

The components of inventory balances are as follows:


	March 31, 2023		December 31, 2022
Finished goods	$	38,904	$	36,136
Raw materials		7,290		8,351
Work-in-process		12,150		4,718
Supplies and consumables		13,980		16,382
Total	$	72,324	$	65,587

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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]	Accumulated Deficit [Member]
Beginning balance, value at Dec. 31, 2021	$ 741,733	$ 200	$ 1	$ 902,486	$ 1,224	$ (162,178)
Beginning balance, shares at Dec. 31, 2021		19,999	76
Net income	286,465					286,465
Cash dividends	(249,986)					(249,986)
Stock-based compensation expense, net	4,807				4,807
Restricted stock units vested, Shares			10
Shares withheld and retired, value	(135)				(135)
Shares withheld and retired, shares			(2)
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
Net income	30,213					30,213
Stock-based compensation expense, net	1,052				$ 1,052
Restricted stock units vested, Shares			91		(1,000)
Restricted stock units vested, Value			$ 1
Shares withheld and retired, value	(1,116)				$ (1,116)
Shares withheld and retired, shares			19
Ending balance, value at Mar. 31, 2023	$ 813,033	$ 200	$ 2	$ 902,486	$ 5,831	$ (95,486)
Ending balance, shares at Mar. 31, 2023		19,999	152

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 324,128	$ 258,999	$ 359,511	$ 314,974
Restricted cash-non-current	80,599	80,108	79,561	79,561
Cash, cash equivalents, and restricted cash	$ 404,727	$ 339,107	$ 439,072	$ 394,535

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

(2) Revenue

Disaggregation of Revenue

The following table presents our revenues by segment disaggregated by geography:


	For the Three Months Ended
	March 31,
	2023		2022
U.S. land
Rentals	$	45,133	$	33,962
Well Services		6,355		4,548
Total U.S. land		51,488		38,510

U.S. offshore
Rentals		35,670		32,753
Well Services		16,321		28,321
Total U.S. offshore		51,991		61,074

International
Rentals		28,018		22,041
Well Services		88,640		76,305
Total International		116,658		98,346
Total Revenues	$	220,137	$	197,930

The following table presents our revenues by segment disaggregated by type:


	For the Three Months Ended
	March 31,
	2023		2022
Services
Rentals	$	17,145	$	11,158
Well Services		76,145		80,281
Total Services		93,290		91,439

Rentals
Rentals		82,075		65,247
Well Services		3,535		1,915
Total Rentals		85,610		67,162

Product Sales
Rentals		9,601		12,351
Well Services		31,636		26,978
Total Product Sales		41,237		39,329
Total Revenues	$	220,137	$	197,930

Accounts Receivable

Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. We maintain our allowance for doubtful accounts at net realizable value. The allowance for doubtful accounts is based on our best estimate of probable uncollectible amounts in existing accounts receivable. We assess individual customers and overall receivables balances to identify amounts that are believed to be uncertain of collection. The aging of the receivable balance as well as economic factors concerning the customer factor into the judgment and estimation of allowances, which often involve significant dollar amounts. Adjustments to the allowance in future periods may be made based on changing customer conditions. Our allowance for doubtful accounts as of March 31, 2023 and December 31, 2022 was approximately $6.9 million and $6.1 million, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Contingencies (Narrative) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Interest	$ 27.0

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Current Foreign Tax Expense (Benefit)	$ 0
Effective Income Tax Rate Reconciliation, Percent	44.60%	24.70%
Unrecognized tax benefits	$ 14,300		$ 14,000
Deferred income taxes	500
Reduction to unrecognized tax benefits, foreign tax audits	$ 10,200

Revenue (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Allowance for doubtful accounts	$ 6.9	$ 6.1

Discontinued Operations (Assets And Liabilities Of Discontinued Operation) (Details) - Pumpco Member - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 340	$ 350
Property, plant and equipment, net	3,947	11,468
Other assets	134	160
Total assets held for sale	4,421	11,978
Accounts payable	0	86
Accrued expenses	3,444	3,192
Other liabilities	72	71
Total liabilities held for sale	$ 3,516	$ 3,349

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-34037
Entity Registrant Name	SUPERIOR ENERGY SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Central Index Key	0000886835
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,998,695
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		152,030

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	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term assets, net	$ 16,384	$ 16,299
Accrued expense	1,663	1,831
Other long-term liabilities	$ 14,616	$ 15,855

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

(8) Fair Value Measurements

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

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

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

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

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


	March 31, 2023		December 31, 2022
Non-qualified deferred compensation assets and liabilities
Other long-term assets, net	$	16,384	$	16,299
Accrued expenses		1,663		1,831
Other long-term liabilities		14,616		15,855

Our non-qualified deferred compensation plans 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.

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.

- 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)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other Income (Expense)

(9) Other Income (Expense)

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

Losses on foreign currencies were $1.8 million for the three months ended March 31, 2023. Gains on foreign currencies were $5.6 million for the three months ended March 31, 2022. Gains and losses on foreign currencies are primarily related to our operations in Brazil and Argentina.

During the three months ended March 31, 2022, proceeds from the disposal of equity securities totaled $7.4 million and we recognized gains of $1.8 million in connection with these transactions. Unrealized gains related to our investment in equity securities during the three months ended March 31, 2022 were $6.5 million. All investments in equity securities were disposed of prior to December 31, 2022.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	156,000	84,000
Common stock, shares outstanding	152,000	80,000

Decommissioning Liabilities

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Decommissioning Liability

(4) Decommissioning Liability

Our total decommissioning liability was $162.6 million and $160.7 million as of March 31, 2023 and December 31, 2022, respectively. We account for our decommissioning liability under ASC 410 – Asset Retirement Obligations. Our decommissioning liability is associated with our oil and gas property and includes costs related to the plugging of wells, decommissioning of the related platform and equipment and site restoration. We review the adequacy of our decommissioning liability whenever indicators suggest that the estimated cash flows and/or relating timing needed to satisfy the liability have changed materially.

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


	March 31, 2023			December 31, 2022
Wells	$	97,223		$	96,171
Platform		65,416			64,500
Total decommissioning liability		162,639			160,671
Note receivable		(70,643	)		(69,679	)
Total decommissioning liability, net of note receivable	$	91,996		$	90,992

Accretion expense for the three months ended March 31, 2023 and 2022 was $2.3 million and $2.7 million, respectively. Additionally, during the three months ended March 31, 2023, we incurred well decommissioning costs of $0.4 million.

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

(7) Debt

We have a Credit Agreement 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”) which matures in December 2024. The issuance of letters of credit reduces availability under the Credit Facility on a dollar-for-dollar basis.

As of March 31, 2023, our borrowing base, as defined in the Credit Agreement, was approximately $115.8 million, and we had $34.9 million of letters of credit outstanding that reduced the borrowing availability. We had no outstanding borrowings under the Credit Facility as of March 31, 2023. We were in compliance with all required covenants as of March 31, 2023.

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Property, Plant and Equipment, Net (Summary Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 544,119	$ 519,066
Accumulated depreciation and depletion	(250,025)	(236,690)
Property, plant and equipment, net	294,094	282,376
Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	397,539	378,907
Buildings, Improvements And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	69,691	70,816
Automobiles, Trucks, Tractors and Trailers [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,689	6,376
Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,378	19,373
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,191	5,185
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	26,049	26,695
Oil and Gas Producing Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 12,582	$ 11,714

Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Identifiable Assets	$ 1,232,803	$ 1,191,012
Rentals [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	488,613	432,437
Well Services [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	541,724	533,327
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Identifiable Assets	$ 202,466	$ 225,248

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Revenue (Disaggregation Of Revenues, By Geography) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 220,137	$ 197,930
Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	108,821	88,756
Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	111,316	109,174
U.S. Land [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	51,488	38,510
U.S. Land [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	45,133	33,962
U.S. Land [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	6,355	4,548
U.S. Offshore [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	51,991	61,074
U.S. Offshore [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	28,018	22,041
U.S. Offshore [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	16,321	28,321
International [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	116,658	98,346
International [Member] \| Rentals [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	35,670	32,753
International [Member] \| Well Services [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 88,640	$ 76,305

- Definition

+ References

+ Details

Earnings Per Share (Summary of weighted average number of shares for basic and diluted earnings per share) (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted-average shares outstanding - basic	20,107	19,999
Potentially dilutive stock awards and units	24	57
Weighted-average shares outstanding - diluted	20,131	20,056

- 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.

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

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

Inventory (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods inventory	$ 22.9	$ 20.7

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

(6) Property, Plant and Equipment, Net

A summary of property, plant and equipment, net is as follows:


	March 31, 2023			December 31, 2022
Machinery and equipment	$	397,539		$	378,907
Buildings, improvements and leasehold improvements		69,691			70,816
Automobiles, trucks, tractors and trailers		6,689			6,376
Furniture and fixtures		19,378			19,373
Construction-in-progress		12,191			5,185
Land		26,049			26,695
Oil and gas producing assets		12,582			11,714
Total		544,119			519,066
Accumulated depreciation and depletion		(250,025	)		(236,690	)
Property, plant and equipment, net	$	294,094		$	282,376

Depreciation and depletion expense associated with our property, plant and equipment for the three months ended March 31, 2023 and 2022 was $17.6 million and $31.2 million, respectively.

Other (gains) and losses, net include gains and losses on the disposal of assets, as well as impairments related to long-lived assets. During the three months ended March 31, 2023, we recognized net gains of $1.4 million. During the three months ended March 31, 2022, we recognized net losses of $1.1 million.

Segment Information (Schedule Of Revenues By Geographic Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 220,137	$ 197,930
Long-lived assets	294,094		$ 282,376
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	226,091		212,534
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	116,658	$ 98,346
Long-lived assets	$ 68,003		$ 69,842

- Definition

+ References

+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue by Geography [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

The following table presents our revenues by segment disaggregated by geography:


	For the Three Months Ended
	March 31,
	2023		2022
U.S. land
Rentals	$	45,133	$	33,962
Well Services		6,355		4,548
Total U.S. land		51,488		38,510

U.S. offshore
Rentals		35,670		32,753
Well Services		16,321		28,321
Total U.S. offshore		51,991		61,074

International
Rentals		28,018		22,041
Well Services		88,640		76,305
Total International		116,658		98,346
Total Revenues	$	220,137	$	197,930

Revenue by Type [Member]

Disaggregation of Revenue [Line Items]

Disaggregation Of Revenues

The following table presents our revenues by segment disaggregated by type:


	For the Three Months Ended
	March 31,
	2023		2022
Services
Rentals	$	17,145	$	11,158
Well Services		76,145		80,281
Total Services		93,290		91,439

Rentals
Rentals		82,075		65,247
Well Services		3,535		1,915
Total Rentals		85,610		67,162

Product Sales
Rentals		9,601		12,351
Well Services		31,636		26,978
Total Product Sales		41,237		39,329
Total Revenues	$	220,137	$	197,930

Other Income (Expense) (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Unrealized gain on equity securities		$ 6.5
Disposal of equity securities		7.4
Recognized gains on equity securities		1.8
Gain loss on foreign currencies	$ 1.8	$ 5.6

Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 38,904	$ 36,136
Raw materials	7,290	8,351
Work-in-process	12,150	4,718
Supplies and consumables	13,980	16,382
Total	$ 72,324	$ 65,587

Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues [Abstract]
Total revenues	$ 220,137	$ 197,930
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	117,721	112,380
Depreciation, depletion, amortization and accretion	20,139	34,085
General and administrative expenses	30,990	32,018
Restructuring expense	1,983	1,555
Other (gains) and losses, net	(1,398)	1,147
Income from operations	50,702	16,745
Other income (expense):
Interest income , net	5,439	1,179
Other income (expense)	(2,152)	(13,947)
Income from continuing operations before income taxes	53,989	31,871
Income tax expense	(24,065)	(7,884)
Net income from continuing operations	29,924	23,987
Income from discontinued operations, net of income tax	289	1,739
Net income	$ 30,213	$ 25,726
Income (loss) per share -basic
Net income from continuing operations	$ 1.49	$ 1.20
Income from discontinued operations, net of income tax	0.01	0.09
Net income (loss)	(1.50)	1.29
Income (loss) per share - diluted:
Net income from continuing operations	1.49	1.20
Income from discontinued operations, net of income tax	0.01	0.08
Net income	$ 1.50	$ 1.28
Weighted Average Number of Shares Outstanding, Basic	20,107	19,999
Weighted Average Number of Shares Outstanding, Diluted	20,131	20,056
Services [Member]
Revenues [Abstract]
Total revenues	$ 93,290	$ 91,439
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	65,079	62,216
Depreciation, depletion, amortization and accretion	7,295	13,666
Rentals [Member]
Revenues [Abstract]
Total revenues	85,610	67,162
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	29,048	24,613
Depreciation, depletion, amortization and accretion	6,694	10,037
Product Sales [Member]
Revenues [Abstract]
Total revenues	41,237	39,329
Costs and expenses:
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	23,594	25,551
Depreciation, depletion, amortization and accretion	$ 6,150	$ 10,382

Stock-Based Compensation Plans - Issuances Under Management Incentive Plan (Details) - Management Incentive Plan [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, December 31, 2022	228,188	126,865
Vested	(91,369)
Granted		72,050
Awards outstanding, March 31, 2023	136,819	198,915
Unamortized grant date fair value, December 31, 2021	8,200,000	3,800,000
Unamortized grant date fair value, March 31, 2022	7,100,000	7,400,000
June 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, December 31, 2022	29,976	76,269
Vested	0
Granted		0
Awards outstanding, March 31, 2023	29,976	76,269
Estimated grant date fair value	$ 39,530
Unamortized grant date fair value, December 31, 2021	900,000	2,400,000
Unamortized grant date fair value, March 31, 2022	700,000	2,200,000
July/August 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, December 31, 2022	37,947	50,596
Vested	(37,947)
Granted		0
Awards outstanding, March 31, 2023	0	50,596
Estimated grant date fair value	$ 39,530
Unamortized grant date fair value, December 31, 2021	0	1,400,000
Unamortized grant date fair value, March 31, 2022	0	1,000,000.0
March 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, December 31, 2022	72,050
Vested	(24,017)
Granted		72,050
Awards outstanding, March 31, 2023	48,033	72,050
Estimated grant date fair value	$ 58,800
Unamortized grant date fair value, December 31, 2021	3,100,000	0
Unamortized grant date fair value, March 31, 2022	2,700,000	4,200,000
July 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards outstanding, December 31, 2022	88,215
Vested	(29,405)
Awards outstanding, March 31, 2023	58,810
Estimated grant date fair value	$ 58,800
Unamortized grant date fair value, December 31, 2021	4,200,000
Unamortized grant date fair value, March 31, 2022	3,700,000

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

(16) Supplemental Cash Flow Information

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


	March 31,
	2023		2022
Cash and cash equivalents	$	258,999	$	314,974
Restricted cash-non-current		80,108		79,561
Cash, cash equivalents, and restricted cash, beginning of period	$	339,107	$	394,535

Cash and cash equivalents	$	324,128	$	359,511
Restricted cash-non-current		80,599		79,561
Cash, cash equivalents, and restricted cash, end of period	$	404,727	$	439,072

Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 220,137	$ 197,930
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	117,721	112,380
Depreciation, depletion, amortization and accretion	20,139	34,085
General and administrative expenses	30,990	32,018
Restructuring expense	1,983	1,555
Other (gains) and losses, net	(1,398)	1,147
Income (loss) from operations	50,702	16,745
Rentals [Member]
Segment Reporting Information [Line Items]
Total revenues	108,821	88,756
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	36,468	31,752
Depreciation, depletion, amortization and accretion	12,168	20,989
General and administrative expenses	7,202	7,365
Other (gains) and losses, net	(31)	(135)
Income (loss) from operations	53,014	28,785
Well Services [Member]
Segment Reporting Information [Line Items]
Total revenues	111,316	109,174
Total cost of revenues (exclusive of depreciation, depletion, amortization and accretion)	81,253	80,628
Depreciation, depletion, amortization and accretion	7,077	11,728
General and administrative expenses	11,499	11,401
Other (gains) and losses, net	(1,367)	1,282
Income (loss) from operations	12,854	4,135
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion, amortization and accretion	894	1,368
General and administrative expenses	12,289	13,252
Restructuring expense	1,983	1,555
Income (loss) from operations	$ (15,166)	$ (16,175)

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

(3) Inventory

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


	March 31, 2023		December 31, 2022
Finished goods	$	38,904	$	36,136
Raw materials		7,290		8,351
Work-in-process		12,150		4,718
Supplies and consumables		13,980		16,382
Total	$	72,324	$	65,587

Finished goods inventory includes component parts awaiting assembly of approximately $22.9 million and $20.7 million as of March 31, 2023 and December 31, 2022, respectively.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

(12) Income Taxes

The effective tax rate for the three months ended March 31, 2023 was an expense of 44.6% on income from continuing operations and is different from the U.S. federal statutory rate of 21.0% due to non-deductible items and foreign losses for which no tax benefit was recorded. The Latin American and Middle East jurisdictions in which we currently, and will continue to, operate have tax rates significantly in excess of the U.S. federal statutory rate. Additionally, we identified an error in the tax provision for the year ended December 31, 2022 pertaining to certain net operating loss carryforwards that should have been eliminated as part of a worthless stock deduction taken in the fourth quarter of 2022. As such, we recognized an additional income tax expense of $7.6 million during the three months ended March 31, 2023 with a corresponding decrease to deferred tax assets to correct this immaterial misstatement. Management has determined that this misstatement was not material to any of its previously issued financial statements.

On August 16, 2022, the Inflation Reduction Act (the IRA) was signed into law in the U.S. Among other changes, the IRA introduced a corporate minimum tax on certain corporations with average adjusted financial statement income over a three-tax year period in excess of $1.0 billion and an excise tax on certain stock repurchases by certain covered corporations for taxable years beginning after December 31, 2022 and several tax incentives to promote clean energy. Based on our current analysis and pending future guidance to be issued by Treasury, we do not believe these provisions will have a material impact on our consolidated financial statements.

The effective tax rate for the three months ended March 31, 2022 was an expense of 24.7% on income from continuing operations and is different from the U.S. federal statutory rate of 21.0% primarily from non-deductible items and foreign losses for which no tax benefit was recorded.

We had $14.3 million and $14.0 million of unrecognized tax benefits as of March 31, 2023 and December 31, 2022, respectively, all of which would impact our effective tax rate if recognized except for $0.5 million offset in deferred income taxes. It is reasonably possible $10.2 million of unrecognized tax benefits could be settled in the next twelve months due to the conclusion of tax audits or statutes of limitations expiration. It is our policy to recognize interest and applicable penalties, if any, related to uncertain tax positions in income tax expense.

- Definition

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

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Discontinued Operation (Cash Flow Of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other (gains) and losses, net	$ (1,398)	$ 1,147
Pumpco Member
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other (gains) and losses, net	(827)	(5,943)
Proceeds from sales of assets	$ 8,740	$ 13,194

Note Receivable

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Note Receivable

(5) 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. The gross amount of the seller’s obligation to us totals $105.2 million and is recorded at its present value, which totaled $70.6 million as of March 31, 2023.

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

Non-cash interest income related to the note receivable was $1.0 million for both the three months ended March 31, 2023 and 2022. As the interest income on the note receivable is non-cash, it is included in other reconciling items, net in the Condensed Consolidated Statements of Cash Flows.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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


	March 31, 2023		December 31, 2022
Non-qualified deferred compensation assets and liabilities
Other long-term assets, net	$	16,384	$	16,299
Accrued expenses		1,663		1,831
Other long-term liabilities		14,616		15,855

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 30,213	$ 25,726
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion, amortization and accretion	20,139	34,085
Deferred income taxes	15,677	(2,769)
Stock based compensation expense	1,052	585
Bad debt	732	(1,203)
Gain on sale of equity securities	0	(1,761)
Unrealized gain on investment in equity securities	0	(6,474)
Other gains, net	(2,225)	(5,755)
Other reconciling items, net	(837)	126
Changes in operating assets and liabilities:
Accounts receivable	20,793	(13,359)
Prepaid expenses	(2,884)	(176)
Inventory and other current assets	(7,292)	1,562
Accounts payable	1,963	3,888
Accrued expenses	(8,045)	(3,673)
Income taxes	2,641	4,239
Other, net	1,326	49
Net cash from operating activities	73,253	35,090
Cash flows from investing activities:
Payments for capital expenditures	(18,086)	(11,297)
Proceeds from sales of assets	11,569	13,379
Proceeds from sales of equity securities	0	7,365
Net cash from investing activities	(6,517)	9,447
Cash flows from financing activities:
Tax withholdings for vested restricted stock units	(1,116)	0
Net cash from financing activities	(1,116)	0
Net change in cash, cash equivalents, and restricted cash	65,620	44,537
Cash, cash equivalents, and restricted cash at beginning of period	339,107	394,535
Cash, cash equivalents, and restricted cash at end of period	$ 404,727	$ 439,072

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information

Summarized financial information for our segments is as follows:


For the Three Months Ended March 31, 2023				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	108,821		$	111,316		$	-		$	220,137
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		36,468			81,253			-			117,721
Depreciation, depletion, amortization and accretion		12,168			7,077			894			20,139
General and administrative expenses		7,202			11,499			12,289			30,990
Restructuring expenses		-			-			1,983			1,983
Other (gains) and losses, net		(31	)		(1,367	)		-			(1,398	)
Income (loss) from operations	$	53,014		$	12,854		$	(15,166	)	$	50,702

For the Three Months Ended March 31, 2022				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	88,756		$	109,174		$	-		$	197,930
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		31,752			80,628			-			112,380
Depreciation, depletion, amortization and accretion		20,989			11,728			1,368			34,085
General and administrative expenses		7,365			11,401			13,252			32,018
Restructuring expenses		-			-			1,555			1,555
Other (gains) and losses, net		(135	)		1,282			-			1,147
Income (loss) from operations	$	28,785		$	4,135		$	(16,175	)	$	16,745

Schedule Of Identifiable Assets

Identifiable Assets


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
March 31, 2023	$	488,613	$	541,724	$	202,466	$	1,232,803
December 31, 2022		432,437		533,327		225,248		1,191,012

Schedule Of Revenues By Geographic Segment

Long-lived assets consist of property, plant and equipment and are identified geographically based on the physical location of the asset at the end of a period. The value of our long-lived assets by U.S. and International locations are as follows:

Long-Lived Assets


	March 31, 2023		December 31, 2022
United States	$	226,091	$	212,534
International		68,003		69,842
Total	$	294,094	$	282,376

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

(13) Earnings per Share

Our common equity consists of Class A Common Stock and Class B Common Stock (the “Common Stock”).

Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of Common Stock outstanding during the period plus any potentially dilutive Common Stock, such as restricted stock awards, restricted stock units, and performance-based units calculated using the treasury stock method.

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


	For the Three Months Ended
	March 31,
		2023	2022
Weighted-average shares outstanding - basic		20,107	19,999
Potentially dilutive stock awards and units		24	57
Weighted-average shares outstanding - diluted		20,131	20,056

Basis of Presentation

3 Months Ended

Mar. 31, 2023

Disclosure Text Block [Abstract]

Basis of Presentation

(1) Basis of Presentation

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

As used herein, the “Company,” “we,” “us” and similar terms refer to Superior Energy Services, Inc. and its consolidated subsidiaries, unless otherwise specifically stated.

These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair statement of our financial position as of March 31, 2023, and our results of operations and cash flows for the three months ended March 31, 2023 and 2022. The balance sheet as of December 31, 2022, was derived from our audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements.

Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock Units (RSUs) [Member]
Cancelled stock incentive plans
Compensation expense		$ 0.6
Restricted Stock Units (RSUs) [Member] \| Equal Installments [Member]
Cancelled stock incentive plans
Share-based payment vesting period, years	3 years
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 (RSAs) [Member]
Cancelled stock incentive plans
Compensation expense	$ 1.1
Management Incentive Plan [Member]
Cancelled stock incentive plans
Common stock reserved for issuance	1,999,869
Common stock, par value	$ 0.01

Debt (Narrative) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 115.8
Letters of Credit Outstanding, Amount	34.9
Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 120.0

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

(10) Segment Information

Our reportable segments are Rentals and Well Services.

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:


For the Three Months Ended March 31, 2023				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	108,821		$	111,316		$	-		$	220,137
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		36,468			81,253			-			117,721
Depreciation, depletion, amortization and accretion		12,168			7,077			894			20,139
General and administrative expenses		7,202			11,499			12,289			30,990
Restructuring expenses		-			-			1,983			1,983
Other (gains) and losses, net		(31	)		(1,367	)		-			(1,398	)
Income (loss) from operations	$	53,014		$	12,854		$	(15,166	)	$	50,702

For the Three Months Ended March 31, 2022				Well			Corporate and			Consolidated
	Rentals			Services			Other			Total
Revenues	$	88,756		$	109,174		$	-		$	197,930
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		31,752			80,628			-			112,380
Depreciation, depletion, amortization and accretion		20,989			11,728			1,368			34,085
General and administrative expenses		7,365			11,401			13,252			32,018
Restructuring expenses		-			-			1,555			1,555
Other (gains) and losses, net		(135	)		1,282			-			1,147
Income (loss) from operations	$	28,785		$	4,135		$	(16,175	)	$	16,745

Identifiable Assets


			Well		Corporate		Consolidated
	Rentals		Services		and Other		Total
March 31, 2023	$	488,613	$	541,724	$	202,466	$	1,232,803
December 31, 2022		432,437		533,327		225,248		1,191,012

Geographic Segments

We operate in both the U.S. and internationally. Our international operations are primarily focused in Latin America and the Middle East regions. We attribute revenue geographically based on the location where the services are performed or the destination of the drilling products or equipment sold or rented. See Note 2 – Revenue for a detail of revenues attributable to our U.S and International operations.

Long-Lived Assets


	March 31, 2023		December 31, 2022
United States	$	226,091	$	212,534
International		68,003		69,842
Total	$	294,094	$	282,376

- 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
-Topic 280
-SubTopic 10
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2023

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 periods presented:


	March 31,
	2023		2022
Cash and cash equivalents	$	258,999	$	314,974
Restricted cash-non-current		80,108		79,561
Cash, cash equivalents, and restricted cash, beginning of period	$	339,107	$	394,535

Cash and cash equivalents	$	324,128	$	359,511
Restricted cash-non-current		80,599		79,561
Cash, cash equivalents, and restricted cash, end of period	$	404,727	$	439,072

New Accounting Pronouncements

3 Months Ended

Mar. 31, 2023

Disclosure Text Block [Abstract]

New Accounting Pronouncements

(17) New Accounting Pronouncements

There were no material changes in recently issued or adopted accounting standards from those disclosed in our Form 10-K.

- Definition

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

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+ Details

Decommissioning Liability - Schedule of Decommissioning Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Decommissioning Liability	$ 162,639	$ 160,671
Less: Note Receivable	(70,643)	(69,679)
Decommissioning Liability, net of Note Receivable	91,996	90,992
Well Services [Member]
Decommissioning Liability	97,223	96,171
Platform Service [Member]
Decommissioning Liability	$ 65,416	$ 64,500

- Definition

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

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