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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 9. Commitments and Contingencies As of June 30, 2020, we maintained letters of credit in the aggregate amount of $60.8 million primarily 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 renewed. As of June 30, 2020, no amounts had been drawn under the letters of credit. As of June 30, 2020, we had commitments to purchase major equipment and make investments totaling approximately $11.7 million for our drilling, pressure pumping, directional drilling and oilfield rentals businesses. Our pressure pumping business has entered into agreements to purchase minimum quantities of proppants and chemicals from certain vendors. The agreements expire in years 2020 through 2022. As of June 30, 2020, the remaining minimum obligation under these agreements was approximately $26.4 million, of which approximately $13.0 million, $10.0 million, and $3.4 million relate to the remainder of 2020, 2021, and 2022, respectively. In 2017, we entered into a capacity reservation agreement that required a cash deposit to increase access to finer grades of sand for our pressure pumping business. As market prices for sand have substantially decreased since 2017, we have purchased lower cost sand outside of this capacity reservation contract and recorded charges of $9.2 million and $12.7 million in the quarters ended June 30, 2020 and June 30, 2019, respectively, to revalue the deposit to its expected realizable value. The deposit related to the capacity reservation agreement has no balance remaining subsequent to the charge recorded in the quarter ended June 30, 2020. We are party to various legal proceedings arising in the normal course of our business. We do not believe that the outcome of these proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition, cash flows or results of operations.

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