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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2019
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):
| 2017 |  |  | 2016 |
| (Unaudited) |
Revenues | $ | 2,738,579 |  |  | $ | 1,567,141 |
Net income (loss) | $ | 29,584 |  |  | $ | (505,413 | )
Net income (loss) per share |  |  |  |  |  |  |
Basic | $ | 0.13 |  |  | $ | (2.30 | )
Diluted | $ | 0.13 |  |  | $ | (2.30 | )
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 following table represents the final 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 Assigned to Identifiable Intangible Assets | A portion of the fair value consideration transferred has been 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 |
MS Directional |
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 following table represents the final 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 |  | 44,099 |
Other long-term liabilities |  | 327 |
Total liabilities assumed |  | 44,426 |
Net identifiable assets acquired |  | 167,590 |
Goodwill |  | 89,685 |
Total net assets acquired | $ | 257,275 |
Portion of Fair Value Consideration Transferred Assigned to Identifiable Intangible Assets | A portion of the fair value consideration transferred has been 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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