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Business Combination - Schedule of Total Purchase Price of Assets Acquired and Liabilities Assumed Based on Fair Value (Details) - USD ($)
$ in Thousands
Sep. 01, 2023
Aug. 14, 2023
Sep. 30, 2023
Dec. 31, 2022
Liabilities assumed:        
Goodwill     $ 1,372,997 $ 0
Ulterra Drilling Technologies, L.P. [Member]        
Assets acquired:        
Cash and cash equivalents   $ 18,426    
Accounts receivable   68,467    
Inventory [1]   36,313    
Rental equipment [2]   109,055    
Property and equipment   27,583    
Intangible assets   313,000 313,000  
Operating lease right of use asset   7,513    
Finance lease right of use asset   5,228    
Other assets   14,274    
Total assets acquired   599,859    
Liabilities assumed:        
Accounts payable   23,258    
Accrued liabilities   26,475    
Operating lease liability   7,513    
Finance lease liability   5,228    
Deferred tax liabilities   82,851    
Total liabilities assumed   145,325    
Less: noncontrolling interest   (8,729)    
Net assets acquired   445,805    
Goodwill   451,341 451,300  
Total consideration transferred   $ 897,146    
NexTier Oilfield Solutions Inc. [Member]        
Assets acquired:        
Cash and cash equivalents $ 95,815      
Accounts receivable 420,200      
Inventory 71,930      
Property and equipment [3] 1,045,610      
Intangible assets 768,000   768,000  
Operating lease right of use asset 19,091      
Finance lease right of use asset 50,733      
Other assets 84,677      
Total assets acquired 2,556,056      
Liabilities assumed:        
Accounts payable 358,873      
Accrued liabilities 130,597      
Operating lease liability 19,091      
Finance lease liability 50,733      
Deferred tax liabilities 82,785      
Long-term debt 22,533      
Other liabilities 11,815      
Total liabilities assumed 676,427      
Net assets acquired 1,879,629      
Goodwill 921,656   $ 921,700  
Total consideration transferred $ 2,801,285      
[1] We recorded an adjustment of $5.5 million to write-up acquired drill bits classified as inventory to estimated fair value. This adjustment will be recorded as direct operating expense as acquired drill bits are sold
[2] We recorded an adjustment of $74.4 million to write-up acquired drill bits classified as long-lived assets to estimated fair value. This adjustment will be depreciated as acquired drill bits are rented over a weighted-average estimated useful life of 7.5 runs.
[3] We recorded an adjustment of $262.7 million to write-up acquired property and equipment to estimated fair value. This adjustment will be depreciated on a straight-line basis over a weighted average period of six years.