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Segment Reporting | 3 Months Ended
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Mar. 31, 2026
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Segment Reporting | Note 16 — Segment Reporting The Company’s operations are located in the United States and organized into three reportable segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services. The balances included in Other reflect other general and administrative costs, which are not directly attributable to High Specification Rigs, Wireline Services, or Processing Solutions and Ancillary Services. The reportable segments comprise the structure used by the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance during the years presented in the accompanying Consolidated Financial Statements. The Chief Executive Officer is regarded as the Company’s CODM. The primary profitability measurement used by the CODM to review segment operating results is Adjusted EBITDA. We define Adjusted EBITDA as net income or loss before net interest expense, income tax expense, depreciation and amortization, equity-based compensation, acquisition related costs, severance and reorganization costs, gain or loss on sale of assets, significant and unusual legal fees and settlements, impairment of assets, adjustment to contingent consideration, and certain other non-cash and certain other items that we do not view as indicative of our ongoing performance. The CODM utilizes Adjusted EBITDA to allocate resources for each segment predominantly in the annual planning process and to monitor segment results compared to prior period, forecasted results, and the annual plan. The reportable segments have been categorized based on services provided in each line of business. The tables below present Adjusted EBITDA, as the Company believes this is most consistent with the principles used in measuring the financial statements. During the fourth quarter of 2022, the Company determined assets are routinely utilized across multiple segments and Management does not utilize the net property and equipment value as a metric to evaluate the profitability of the respective segments. Therefore, the net property and equipment values have been removed from the segment data presented below. The following is a description of each operating segment: High Specification Rigs. Provides high specification well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well. Wireline Services. Provides services necessary to bring and maintain a well on production and consists of our completion, production and pump down service lines. Processing Solutions and Ancillary Services. Provides complementary services often utilized in conjunction with our High Specification Rigs and Wireline Services segments. These services primarily include equipment rentals, plug and abandonment, and processing solutions. Certain segment information for the three months ended March 31, 2026 and 2025 is as follows (in millions):
|  | High Specification Rigs |  | Wireline Services |  | Processing Solutions and Ancillary Services |  | Total
|  | Three Months Ended March 31, 2026
Revenue |  | $ | 106.2 |  |  | $ | 10.6 |  |  | $ | 42.3 |  |  | $ | 159.1 |
Employee expenses |  | 53.4 |  |  | 5.2 |  |  | 16.1 |  |  | 74.7 |
Repair and maintenance |  | 10.7 |  |  | 0.8 |  |  | 4.9 |  |  | 16.4 |
Other segment items* |  | 21.2 |  |  | 4.7 |  |  | 13.6 |  |  | 39.5 |
Plus: Acquisition related costs |  | 0.5 |  |  | — |  |  | 0.3 |  |  | 0.8 |
Adjusted EBITDA |  | $ | 21.4 |  |  | $ | (0.1) |  |  | $ | 8.0 |  |  | $ | 29.3 |
Depreciation and amortization |  | $ | 10.3 |  |  | $ | 2.3 |  |  | $ | 3.7 |  |  | $ | 16.3 |
Capital expenditures |  | $ | 16.1 |  |  | $ | — |  |  | $ | 3.5 |  |  | $ | 19.6 |
|  | High Specification Rigs |  | Wireline Services |  | Processing Solutions and Ancillary Services |  | Total
|  | Three Months Ended March 31, 2025
Revenue |  | $ | 87.5 |  |  | $ | 17.2 |  |  | $ | 30.5 |  |  | $ | 135.2 |
Employee expenses |  | 45.1 |  |  | 9.5 |  |  | 6.5 |  |  | 61.1 |
Repair and maintenance |  | 8.0 |  |  | 2.3 |  |  | 2.7 |  |  | 13.0 |
Other segment items* |  | 17.0 |  |  | 8.5 |  |  | 15.8 |  |  | 41.3 |
Plus: Severance and reorganization costs |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 0.3 |
Plus: Acquisition related costs |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Adjusted EBITDA |  | $ | 17.4 |  |  | $ | (2.3) |  |  | $ | 5.5 |  |  | $ | 20.7 |
Depreciation and amortization |  | $ | 5.4 |  |  | $ | 2.7 |  |  | $ | 2.2 |  |  | $ | 10.3 |
Capital expenditures |  | $ | 7.3 |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | 9.0 |
_____________________________________ * Other Segment Items include Direct Materials, Subcontractor Expense, Reimbursable Expenses, Equipment Rentals, Fuel, Per Diem, Travel & Entertainment, Vehicles and Miscellaneous. These items, including Employee Expenses and Repair and Maintenance, are included in Cost of Services and General and Administrative expense in the Consolidated Statements of Operations. A reconciliation of Adjusted EBITDA to income before income taxes and net income is as follows (in millions):
|  | Three Months Ended March 31,
|  | 2026 |  | 2025
Total segment Adjusted EBITDA |  | $ | 29.3 |  |  | $ | 20.7 |
Other unallocated expenses |  | (6.0) |  |  | (5.2) |
Impairment of assets |  | — |  |  | (0.4) |
Equity based compensation |  | (1.6) |  |  | (1.5) |
Gain (loss) on sale of assets |  | 0.6 |  |  | (0.7) |
Severance and reorganization costs |  | — |  |  | (0.6) |
Acquisition related costs |  | (1.0) |  |  | (0.4) |
Legal fees and settlements |  | — |  |  | (0.3) |
Adjustment to contingent consideration |  | (0.3) |  |  | — |
Depreciation and amortization |  | (16.2) |  |  | (10.6) |
Interest expense, net |  | (0.8) |  |  | (0.5) |
Income before income taxes |  | 4.0 |  |  | 0.5 |
Income tax expense (benefit) |  | (1.0) |  |  | 0.1 |
Net income |  | $ | 3.0 |  |  | $ | 0.6 |

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- Definition The entire disclosure for reporting segments including data and tables. 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