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Concentrations of Credit Risk
 12 Months Ended
Dec. 31, 2014
Risks And Uncertainties [Abstract]  
Concentrations of Credit Risk

15. Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of demand deposits, temporary cash investments and trade receivables.  

The Company believes it has placed its demand deposits and temporary cash investments with high credit-quality financial institutions. At December 31, 2014 and 2013, the Company’s demand deposits and temporary cash investments consisted of the following (in thousands):

 

 

 

2014

 

 

2013

 

Deposits in FDIC and SIPC-insured institutions under insurance limits

 

$

636

 

 

$

369

 

Deposits in FDIC and SIPC-insured institutions over insurance limits

 

 

1,420

 

 

 

269,314

 

Deposits in foreign banks

 

 

43,664

 

 

 

20,921

 

 

 

 

45,720

 

 

 

290,604

 

Less outstanding checks and other reconciling items

 

 

(2,708

)

 

 

(41,095

)

Cash and cash equivalents

 

$

43,012

 

 

$

249,509

 

 

Concentrations of credit risk with respect to trade receivables are primarily focused on companies involved in the exploration and development of oil and natural gas properties. The concentration is somewhat mitigated by the diversification of customers for which the Company provides services.  As is general industry practice, the Company typically does not require customers to provide collateral.  No significant losses from individual customers were experienced during the years ended December 31, 2014, 2013 or 2012.  No provision for bad debts was recognized in 2014 or in 2013.  The Company recognized $1.1 million provision for bad debts in 2012.