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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies . Commitments and Contingencies

 

As of March 31, 2023, we maintained letters of credit in the aggregate amount of $65.0 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 March 31, 2023, no amounts had been drawn under the letters of credit.

 

As of March 31, 2023, we had commitments to purchase major equipment totaling approximately $129 million for our contract 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. As of March 31, 2023, the remaining minimum obligation under these agreements was approximately $17.5 million, of which approximately $14.5 million and $3.0 million relate to the remainder of 2023 and 2024, respectively.

 

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.