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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2018
Summary of Selected Financial Information of the Company on a Pro Forma Basis | The following table summarizes selected financial information of the Company on a pro forma basis (in thousands, except per share data):
| Three Months Ended |
| March 31, 2017 |
Revenues | $ | 530,787 |
Net loss |  | (69,944 | )
Loss per share |  | (0.32 | )
Seventy Seven Energy Inc. |
Total Fair Value of Consideration Transferred | The total fair value of the consideration transferred was determined as follows (in thousands, except stock price):
Shares of Company common stock issued to SSE shareholders |  | 46,298 |
Company common stock price on April 20, 2017 | $ | 22.45 |
Fair value of common stock issued | $ | 1,039,396 |
Plus SSE long-term debt repaid by Company | $ | 472,000 |
Total fair value of consideration transferred | $ | 1,511,396 |
Schedule of Total Purchase Price of Assets Acquired and Liabilities Assumed Based on Fair Value | The final determination of the fair value of assets acquired and liabilities assumed at the merger date will be completed as soon as possible, but no later than one year from the merger date (the “measurement period”). The Company’s preliminary purchase price allocation is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information that existed as of the merger date, but at the time was unknown to the Company, may become known to the Company during the remainder of the measurement period. The final determination of fair value may differ materially from these preliminary estimates. The following table represents the preliminary allocation of the total purchase price of SSE to the assets acquired and the liabilities assumed based on the fair value at the merger date, with the excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill (in thousands):
Identifiable assets acquired |  |  |
Cash and cash equivalents | $ | 37,806 |
Accounts receivable |  | 149,659 |
Inventory |  | 8,518 |
Other current assets |  | 19,038 |
Property and equipment |  | 984,433 |
Other long-term assets |  | 20,918 |
Intangible assets |  | 22,500 |
Total identifiable assets acquired |  | 1,242,872 |
Liabilities assumed |  |  |
Accounts payable and accrued liabilities |  | 133,415 |
Deferred income taxes |  | 32,881 |
Other long-term liabilities |  | 1,734 |
Total liabilities assumed |  | 168,030 |
Net identifiable assets acquired |  | 1,074,842 |
Goodwill |  | 436,554 |
Total net assets acquired | $ | 1,511,396 |
Portion of Fair Value Consideration Transferred Provisionally Assigned to Identifiable Intangible Assets | A portion of the fair value consideration transferred has been provisionally assigned to identifiable intangible assets as follows:
| Fair Value |  |  | Weighted Average Useful Life |
| (in thousands) |  |  | (in years) |
Assets |  |  |  |  |  |  |
Favorable drilling contracts | $ | 22,500 |  |  |  | 0.83 |
Multi Shot, LLC |
Total Fair Value of Consideration Transferred | The total fair value of the consideration transferred was determined as follows (in thousands, except stock price):
Shares of Company common stock issued to MS Directional shareholders |  | 8,798 |
Company common stock price on October 11, 2017 | $ | 21.31 |
Fair value of common stock issued | $ | 187,494 |
Plus MS Directional long-term debt repaid by Company | $ | 63,000 |
Plus cash to sellers | $ | 6,781 |
Total fair value of consideration transferred | $ | 257,275 |
Schedule of Total Purchase Price of Assets Acquired and Liabilities Assumed Based on Fair Value | The final determination of the fair value of assets acquired and liabilities assumed at the acquisition date will be completed as soon as possible, but no later than one year from the acquisition date (the “measurement period”). The Company’s preliminary purchase price allocation is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information that existed as of the acquisition date, but at the time was unknown to the Company, may become known to the Company during the remainder of the measurement period. The final determination of fair value may differ materially from these preliminary estimates. The following table represents the preliminary allocation of the total purchase price of MS Directional to the assets acquired and the liabilities assumed based on the fair value at the merger date, with the excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill (in thousands):
Identifiable assets acquired |  |  |
Cash and cash equivalents | $ | 2,021 |
Accounts receivable |  | 42,782 |
Inventory |  | 28,060 |
Other current assets |  | 155 |
Property and equipment |  | 63,998 |
Other long-term assets |  | 318 |
Intangible assets |  | 74,682 |
Total identifiable assets acquired |  | 212,016 |
Liabilities assumed |  |  |
Accounts payable and accrued liabilities |  | 43,099 |
Other long-term liabilities |  | 327 |
Total liabilities assumed |  | 43,426 |
Net identifiable assets acquired |  | 168,590 |
Goodwill |  | 88,685 |
Total net assets acquired | $ | 257,275 |
Portion of Fair Value Consideration Transferred Provisionally Assigned to Identifiable Intangible Assets | A portion of the fair value consideration transferred has been provisionally assigned to identifiable intangible assets as follows:
| Fair Value |  |  | Weighted Average Useful Life |
| (in thousands) |  |  | (in years) |
Assets |  |  |  |  |  |  |
Developed technology | $ | 48,000 |  |  |  | 10.00 |
Customer relationships |  | 26,200 |  |  |  | 3.00 |
Internal use software |  | 482 |  |  |  | 5.00 |
| $ | 74,682 |  |  |  | 7.51 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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