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Commitments, Contingencies and Other Matters | 6 Months Ended
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Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract] |
Commitments, Contingencies and Other Matters | 9. Commitments, Contingencies and Other Matters As of June 30, 2015, the Company maintained letters of credit in the aggregate amount of $41.3 million for the benefit of various insurance companies as collateral for retrospective premiums and retained losses which could become payable under the terms of the underlying insurance contracts. These letters of credit expire annually at various times during the year and are typically r enewed. As of June 30, 2015, no amounts had been drawn under the letters of credit. As of June 30, 2015, the Company had commitments to purchase approximately $189 million of major equipment for its drilling and pressure pumping businesses. The Company’s pressure pumping business has entered into agreements to purchase minimum quantities of proppants and chemicals from certain vendors. These agreements expire in 2016, 2017 and 2018. As of June 30, 2015, the remaining obligation under these agreements was approximately $57.9 million, of which materials with a total purchase price of approximately $4.4 million were required to be purcha sed during the remainder of 2015. In the event that the required minimum quantities are not purchased during any contract year, the Company could be required to make a liquidated damages payment to the respective vendor for any shortfall. In November 2011, the Company’s pressure pumping business entered into an agreement with a proppant vendor to advance up to $12.0 million to such vendor to finance the construction of certain processing facilities. This advance is secured by the underlying processing facilities and bears interest at an annual rate of 5.0%. Repayment of the advance is to be made through discounts applied to purchases from the vendor and repayment of all amounts advanced must be made no later than October 1, 2017. As of June 30, 2015, advances of approximately $11.8 million had been made under this agreement and principal repayments of approximately $10.4 million had been received resulting in a balance outstanding of approximately $1.4 million. In March 201 5, the U.S. Equal Employment Opportunity Commission filed a lawsuit against the Company’s U.S. drilling subsidiary alleging that the subsidiary engaged in a pattern or practice of nationwide discrimination based on race, color, and/or national origin. In April 2015, a Federal court judge approved and signed a consent decree in which the parties agreed to settle the lawsuit on a no-fault basis and the subsidiary agreed to pay $12.3 million into a settlement fund for eligible participants. A $12.3 million charge related to this settlement was recorded in the first quarter of 2015. Other than the matter described above, the Company is party to various legal proceedings arising in the normal course of its business; the Company does not believe that the outcome of these proceedings, either individually or in the aggregate, will have a material adverse effect on its financial condition, results of operations or cash flows.

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