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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Acquisition [Line Items] |
Summary of Preliminary Allocation of Purchase Price | The following table represents our preliminary allocation of total purchase consideration of AST, BPC and NRG to the identifiable assets acquired and liabilities assumed based on the fair values on their acquisition dates:
|  | AST |  |  | BPC |  |  | NRG |
Cash and cash equivalents |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.4 |
Accounts receivable |  |  | 26.0 |  |  |  | 5.0 |  |  |  | 1.2 |
Prepaid expenses and other assets |  |  | 4.0 |  |  |  | 0.3 |  |  |  | 0.3 |
Operating lease assets |  |  | — |  |  |  | 1.5 |  |  |  | 10.7 |
Inventories |  |  | 13.1 |  |  |  | 12.2 |  |  |  | 3.9 |
Property, plant and equipment |  |  | 158.4 |  |  |  | 39.8 |  |  |  | 2.0 |
Intangible assets |  |  | — |  |  |  | 5.8 |  |  |  | — |
Total identifiable assets acquired |  |  | 201.5 |  |  |  | 64.7 |  |  |  | 18.5 |
Accounts payable |  |  | 13.9 |  |  |  | 6.3 |  |  |  | 1.5 |
Accrued expenses |  |  | 2.9 |  |  |  | 0.2 |  |  |  | — |
Current portion of long-term debt |  |  | — |  |  |  | 0.5 |  |  |  | — |
Current portion of operating lease liabilities |  |  | — |  |  |  | 0.4 |  |  |  | 1.0 |
Other current liabilities |  |  | 8.1 |  |  |  | 3.6 |  |  |  | — |
Non-current portion of debt |  |  | — |  |  |  | 20.4 |  |  |  | — |
Deferred tax liability |  |  | 25.6 |  |  |  | — |  |  |  | — |
Operating lease liabilities |  |  | — |  |  |  | 1.2 |  |  |  | 10.0 |
Other liabilities |  |  | — |  |  |  | 1.3 |  |  |  | — |
Total liabilities assumed |  |  | 50.5 |  |  |  | 33.9 |  |  |  | 12.5 |
Less: noncontrolling interest |  |  | — |  |  |  | 2.2 |  |  |  | — |
Goodwill |  |  | 23.0 |  |  |  | 11.2 |  |  |  | — |
Total purchase consideration |  | $ | 174.0 |  |  | $ | 39.8 |  |  | $ | 6.0 |
Summary of Unaudited Pro Forma Results of Operations | . Pro f orma amounts presented below are for illustrative purposes only and do not reflect future events that occurred after December 31, 2024, or any operating efficiencies or inefficiencies that may result from these significant acquisitions. The results of operations are not necessarily indicative of results that would have been achieved had we controlled AST, BPC, NRG, Producers and Performance Proppants during the periods presented.
|  | Year Ended December 31, |
(unaudited) |  | 2024 |  |  | 2023 |
Revenues |  | $ | 2,354.9 |  |  | $ | 3,100.7 |
Net loss |  | $ | (209.8 | ) |  | $ | (7.4 | )
We incurred $3.3 million, $16.2 million and $25.1 million of acquisition costs related to acquisitions in 2024, 2023 and 2022, respectively. Acquisition costs are included in acquisition and integration costs within the consolidated statements of operations.
Producers and Performance Proppants |
Business Acquisition [Line Items] |
Summary of Preliminary Allocation of Purchase Price | The following table represents our allocation of total purchase consideration of Producers and Performance Proppants to the identifiable assets acquired and liabilities assumed based on the fair values on their acquisition dates:
|  | Producers |  |  | Performance Proppants |
Cash and cash equivalents |  | $ | 0.3 |  |  | $ | 2.0 |
Accounts receivable |  |  | 6.6 |  |  |  | 17.1 |
Prepaid expenses and other assets |  |  | 1.1 |  |  |  | 0.6 |
Inventories |  |  | 2.0 |  |  |  | 7.5 |
Property, plant and equipment |  |  | 29.5 |  |  |  | 476.9 |
Intangible assets |  |  | — |  |  |  | 5.6 |
Total identifiable assets acquired |  |  | 39.5 |  |  |  | 509.7 |
Accounts payable |  |  | 10.9 |  |  |  | 16.7 |
Accrued expenses |  |  | 2.8 |  |  |  | 3.3 |
Current portion of long-term debt |  |  | 0.2 |  |  |  | 2.1 |
Other current liabilities |  |  | — |  |  |  | 49.6 |
Non-current portion of debt |  |  | 0.1 |  |  |  | 0.6 |
Other non-current liabilities |  |  | — |  |  |  | 42.3 |
Total liabilities assumed |  |  | 14.0 |  |  |  | 114.6 |
Goodwill |  |  | 11.0 |  |  |  | 67.7 |
Total purchase consideration |  | $ | 36.5 |  |  | $ | 462.8 |
FTS International, Inc |
Business Acquisition [Line Items] |
Summary of Preliminary Allocation of Purchase Price | The following table summarizes the fair value of consideration transferred in the FTSI Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the FTSI Acquisition Date:
Total purchase consideration |  | $ | 405.7 |
Cash and cash equivalents |  |  | 53.8 |
Accounts receivable |  |  | 89.3 |
Prepaid expense and other assets |  |  | 4.0 |
Inventories |  |  | 42.3 |
Property, plant and equipment |  |  | 307.1 |
Operating lease right-of-use asset |  |  | 2.7 |
Intangible assets |  |  | 1.2 |
Other assets |  |  | 1.6 |
Total identifiable assets acquired |  |  | 502.0 |
Accounts payable |  |  | 63.0 |
Accrued expenses |  |  | 19.3 |
Operating lease liability current |  |  | 1.2 |
Current portion of debt |  |  | 10.1 |
Other current liabilities |  |  | 0.3 |
Operating lease liability non-current |  |  | 1.5 |
Other non-current liabilities |  |  | 0.9 |
Total liabilities assumed |  |  | 96.3 |
Goodwill |  |  | — |
Total purchase consideration |  | $ | 405.7 |
Flotek Industries, Inc. |
Business Acquisition [Line Items] |
Summary of Preliminary Allocation of Purchase Price | The following table summarizes the fair value of consideration transferred in the transaction, which consisted of settlement of pre-existing relationships, and its allocation to the fair values of Flotek’s assets, liabilities and noncontrolling interest as of May 17, 2022 (the “Flotek Acquisition Date”):
Settlement of pre-existing relationships: |  |  |
Accounts payable |  | $ | (2.7 | )
Supply Agreement contract liability |  |  | (9.9 | )
Fair value of previously held interest in 10% Convertible PIK Notes |  |  | 30.2 |
Total purchase consideration |  | $ | 17.6 |
Cash and cash equivalents |  | $ | 21.7 |
Accounts receivable |  |  | 18.9 |
Inventories |  |  | 12.2 |
Assets held for sale |  |  | 1.8 |
Other current assets |  |  | 3.4 |
Property and equipment |  |  | 21.6 |
Operating lease right-of-use assets |  |  | 3.9 |
Deferred tax assets |  |  | 0.3 |
Total identifiable assets acquired |  |  | 83.8 |
Accounts payable and accrued liabilities |  |  | 24.2 |
Operating lease liabilities |  |  | 7.4 |
Finance lease liabilities |  |  | 0.1 |
Long-term debt |  |  | 17.1 |
Other liabilities |  |  | 0.1 |
Total liabilities assumed |  |  | 48.9 |
Less: noncontrolling interests |  |  | 99.0 |
Goodwill |  |  | 81.7 |
Total purchase consideration |  | $ | 17.6 |
Monahans |
Business Acquisition [Line Items] |
Summary of Preliminary Allocation of Purchase Price | The following table summarizes the fair value of consideration transferred in the Monahans Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the Monahans Acquisition Date:
Total purchase consideration |  | $ | 97.4 |
Cash and cash equivalents |  |  | 0.1 |
Accounts receivable |  |  | 11.7 |
Prepaid expense and other assets |  |  | 0.6 |
Inventories |  |  | 3.2 |
Property, plant and equipment |  |  | 115.7 |
Intangible assets |  |  | 6.2 |
Other assets |  |  | 9.2 |
Total identifiable assets acquired |  |  | 146.7 |
Accounts payable |  |  | 8.2 |
Accrued expenses |  |  | 1.0 |
Other current liabilities |  |  | 4.4 |
Other non-current liabilities |  |  | 38.1 |
Total liabilities assumed |  |  | 51.7 |
Goodwill |  |  | 2.4 |
Total purchase consideration |  | $ | 97.4 |
U.S. Well Services, Inc. |
Business Acquisition [Line Items] |
Summary of Preliminary Allocation of Purchase Price | The following table summarizes the fair value of consideration transferred in the USWS Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the USWS Acquisition Date:
Total purchase consideration |  | $ | 479.1 |
Cash and cash equivalents |  |  | 19.4 |
Accounts receivable |  |  | 34.3 |
Prepaid expense and other assets |  |  | 9.9 |
Inventories |  |  | 15.1 |
Property, plant and equipment |  |  | 278.4 |
Operating lease right-of-use assets |  |  | 40.9 |
Intangible assets |  |  | 136.3 |
Other assets |  |  | 0.4 |
Total identifiable assets acquired |  |  | 534.7 |
Accounts payable |  |  | 68.3 |
Accrued expenses and other current liabilities |  |  | 19.9 |
Current portion of debt |  |  | 13.1 |
Current portion of operating lease liabilities |  |  | 24.0 |
Current portion of finance lease liabilities |  |  | 1.8 |
Warrant liabilities |  |  | 15.6 |
Long-term debt |  |  | 27.7 |
Long-term operating lease liabilities |  |  | 16.9 |
Long-term finance lease liabilities |  |  | 4.9 |
Total liabilities assumed |  |  | 192.2 |
Goodwill |  |  | 136.6 |
Total purchase consideration |  | $ | 479.1 |
Monarch Silica, LLC |
Business Acquisition [Line Items] |
Summary of Preliminary Allocation of Purchase Price | The following table summarizes the fair value of consideration transferred in the Monarch Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the Monarch Acquisition Date:
Total purchase consideration |  | $ | 166.5 |
Cash and cash equivalents |  |  | 3.1 |
Accounts receivable |  |  | 5.9 |
Inventories |  |  | 1.3 |
Property, plant and equipment |  |  | 147.9 |
Operating lease right-of-use assets |  |  | 0.6 |
Intangible assets |  |  | 6.1 |
Total identifiable assets acquired |  |  | 164.9 |
Accounts payable |  |  | 1.5 |
Accrued expenses |  |  | 0.7 |
Current portion of operating lease liabilities |  |  | 0.2 |
Long-term operating lease liabilities |  |  | 0.4 |
Total liabilities assumed |  |  | 2.8 |
Goodwill |  |  | 4.4 |
Total purchase consideration |  | $ | 166.5 |
REV Energy Holdings, LLC |
Business Acquisition [Line Items] |
Summary of Preliminary Allocation of Purchase Price | The following table summarizes the fair value of consideration transferred in the REV Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the REV Acquisition Date:
Total purchase consideration |  | $ | 140.6 |
Cash and cash equivalents |  |  | 0.2 |
Accounts receivable |  |  | 10.0 |
Prepaid expense and other assets |  |  | 1.5 |
Inventories |  |  | 0.7 |
Property, plant and equipment |  |  | 75.0 |
Intangible assets |  |  | 53.0 |
Other assets |  |  | 0.1 |
Total identifiable assets acquired |  |  | 140.5 |
Accounts payable |  |  | 14.1 |
Accrued expenses |  |  | 2.4 |
Current portion of debt |  |  | 1.9 |
Long-term debt |  |  | 3.6 |
Total liabilities assumed |  |  | 22.0 |
Goodwill |  |  | 22.1 |
Total purchase consideration |  | $ | 140.6 |

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