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Reportable Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedules of Concentration of Risk, by Risk Factor

A breakout of our Completion Services revenue by operating segment for the three and six months ended June 30, 2023 and 2022 is presented below:

						Three Months Ended June 30,												Six Months Ended June 30,
						2023						2022						2023						2022
Hydraulic fracturing revenue						78.9		%				92.9		%				78.9		%				93.2		%
Cementing revenue						6.4		%				7.1		%				6.4		%				6.8		%
Wireline revenue						14.7		%				—		%				14.7		%				—		%
Total Completion Services revenue						100.0		%				100.0		%				100.0		%				100.0		%

Reconciliation of Segment Information

A reconciliation from segment level financial information to the consolidated statements of operations is provided in the table below (in thousands):

						Three Months Ended June 30, 2023
						Completion Services						All Other						Total
Service revenue						$	435,249					$	—					$	435,249
Adjusted EBITDA						$	112,813					$	—					$	112,813
Depreciation and amortization						$	52,889					$	—					$	52,889
Capital expenditures						$	115,233					$	—					$	115,233
Goodwill at June 30, 2023						$	23,624					$	—					$	23,624
Total assets at June 30, 2023						$	1,433,379					$	—					$	1,433,379

						Three Months Ended June 30, 2022
						Completion Services						All Other						Total
Service revenue						$	309,445					$	5,638					$	315,083
Adjusted EBITDA						$	75,842					$	105					$	75,947
Depreciation and amortization						$	40,131					$	838					$	40,969
Capital expenditures						$	88,842					$	239					$	89,081
Total assets December 31, 2022						$	1,335,501					$	285					$	1,335,786

						Six Months Ended June 30, 2023
						Completion Services						All Other						Total
Service revenue						$	858,819					$	—					$	858,819
Adjusted EBITDA						$	231,978					$	—					$	231,978
Depreciation and amortization						$	103,687					$	—					$	103,687
Capital expenditures						$	212,403					$	—					$	212,403
Goodwill at June 30, 2023						$	23,624					$	—					$	23,624
Total assets June 30, 2023						$	1,433,379					$	—					$	1,433,379

						Six Months Ended June 30, 2022
						Completion Services						All Other						Total
Service revenue						$	586,557					$	11,206					$	597,763
Adjusted EBITDA						$	141,814					$	666					$	142,480
Depreciation and amortization						$	77,293					$	1,680					$	78,973
Capital expenditures						$	160,444					$	365					$	160,809
Total assets December 31, 2022						$	1,335,501					$	285					$	1,335,786

Reconciliation of net income (loss) to adjusted EBITDA (in thousands):

						Three Months Ended June 30, 2023
						Completion Services						All Other						Total
Net income						$	39,257					$	—					$	39,257
Depreciation and amortization						52,889						—						52,889
Interest expense						1,180						—						1,180
Income tax expense						12,118						—						12,118
Loss on disposal of assets						3,065						—						3,065
Stock-based compensation						3,758						—						3,758
Other income (1)						(72)						—						(72)
Other general and administrative expense, (net) (2)						263						—						263
Retention bonus and severance expense						355						—						355
Adjusted EBITDA						$	112,813					$	—					$	112,813
						Three Months Ended June 30, 2022
						Completion Services						All Other						Total
Net loss						$	(32,119)					$	(741)					$	(32,860)
Depreciation and amortization						40,131						838						40,969
Impairment expense						57,454						—						57,454
Interest expense						669						—						669
Income tax benefit						(8,069)						—						(8,069)
Loss on disposal of assets						12,970						8						12,978
Stock-based compensation						3,458						—						3,458
Other income						(6)						—						(6)
Other general and administrative expense, (net) (2)						1,345						—						1,345
Severance expense						9						—						9
Adjusted EBITDA						$	75,842					$	105					$	75,947

						Six Months Ended June 30, 2023
						Completion Services						All Other						Total
Net income						$	67,990					$	—					$	67,990
Depreciation and amortization						103,687						—						103,687
Interest expense						1,847						—						1,847
Income tax expense						20,474						—						20,474
Loss on disposal of assets						25,145						—						25,145
Stock-based compensation						7,294						—						7,294
Other expense (1)						3,632						—						3,632
Other general and administrative expense, (net) (2)						1,209						—						1,209
Severance expense						700						—						700
Adjusted EBITDA						$	231,978					$	—					$	231,978
						Six Months Ended June 30, 2022
						Completion Services						All Other						Total
Net loss						$	(20,036)					$	(1,007)					$	(21,043)
Depreciation and amortization						77,293						1,680						78,973
Impairment expense						57,454						—						57,454
Interest expense						803						—						803
Income tax benefit						(3,932)						—						(3,932)
Loss (gain) on disposal of assets						22,954						(7)						22,947
Stock-based compensation						14,822						—						14,822
Other income (3)						(10,364)						—						(10,364)
Other general and administrative expense, (net) (2)						2,791						—						2,791
Severance expense						29						—						29
Adjusted EBITDA						$	141,814					$	666					$	142,480

(1)Includes unrealized loss on short-term investment of $0.1 million and $3.9 million for the three and six months ended June 30, 2023, respectively.

(2)Other general and administrative expense, (net of reimbursement from insurance carriers) primarily relates to nonrecurring professional fees paid to external consultants in connection with our audit committee review, SEC investigation, shareholder litigation, legal settlement to a vendor and other legal matters, net of insurance recoveries. During the three and six months ended June 30, 2023, we received reimbursement of approximately $0 and $0.3 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. During the three and six months ended June 30, 2022, we received reimbursement of approximately $2.4 million and $3.5 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. See "Note 13 - Commitments and Contingencies—Contingent Liabilities—Legal Matters" for further information.

(3)Includes a $10.7 million net tax refund (net of advisory fees) received in March 2022 from the Texas Comptroller of Public Accounts in connection with limited sales, excise and use tax audit of the period July 1, 2015 through December 31, 2018.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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