Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net loss $ (101,430,000) $ (107,607,000) $ (79,044,000)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:      
Stock based compensation 1,191,000 1,952,000 4,177,000
Depreciation, depletion, amortization and accretion 78,475,000 95,317,000 117,033,000
Amortization of coil tubing strings 0 359,000 1,641,000
Amortization of debt origination costs 665,000 831,000 326,000
Bad debt expense (recoveries) 41,662,000 21,958,000 1,434,000
(Gain) loss on disposal of property and equipment (5,435,000) (1,379,000) 55,000
Impairment of goodwill 891,000 54,973,000 33,664,000
Impairment of other long-lived assets 1,212,000 12,897,000 7,358,000
Inventory obsolescence 0 0 1,349,000
Deferred income taxes (32,005,000) (12,186,000) (42,639,000)
Other (280,000) 143,000 986,000
Changes in assets and liabilities:      
Accounts receivable, net (55,898,000) (32,621,000) (27,006,000)
Receivables from related parties 28,373,000 (40,333,000) 3,641,000
Inventories 3,654,000 5,103,000 830,000
Prepaid expenses and other assets 1,444,000 1,996,000 (1,040,000)
Accounts payable (2,982,000) 2,004,000 (25,812,000)
Accrued expenses and other liabilities 12,380,000 3,198,000 (18,800,000)
Income taxes payable 8,658,000 648,000 (71,499,000)
Net cash (used in) provided by operating activities (18,865,000) 6,967,000 (95,318,000)
Cash flows from investing activities:      
Purchases of property and equipment (5,843,000) (6,761,000) (35,417,000)
Purchases of property and equipment from related parties 0 (76,000) (344,000)
Contributions to equity investee 0 (490,000) (680,000)
Proceeds from disposal of property and equipment 11,350,000 6,782,000 3,217,000
Purchase of short-term investment 0 (1,750,000) 0
Net cash provided by (used in) investing activities 5,507,000 (2,295,000) (33,224,000)
Cash flows from financing activities:      
Borrowings on long-term debt 73,100,000 35,351,000 156,000,000
Repayments of long-term debt (68,911,000) (32,800,000) (76,000,000)
Proceeds from sale-leaseback transaction 9,473,000 5,000,000 0
Payments on sale-leaseback transaction (2,951,000) (268,000) 0
Dividends paid 0 0 (11,219,000)
Principal payments on financing leases and equipment financing notes (2,283,000) (1,966,000) (2,079,000)
Debt issuance costs 0 (1,051,000) 0
Net cash provided by financing activities 8,428,000 4,266,000 66,702,000
Effect of foreign exchange rate on cash 7,000 12,000 87,000
Net (decrease) increase in cash and cash equivalents (4,923,000) 8,950,000 (61,753,000)
Cash and cash equivalents at beginning of period 14,822,000 5,872,000 67,625,000
Cash and cash equivalents at end of period 9,899,000 14,822,000 5,872,000
Supplemental disclosure of cash flow information:      
Cash paid for interest 4,827,000 4,729,000 4,741,000
Cash paid (recovered) for income taxes 829,000 (617,000) 110,848,000
Supplemental disclosure of non-cash transactions:      
Purchases of property and equipment included in accounts payable 1,535,000 1,312,000 2,303,000
Right-of-use assets obtained for financing lease liabilities $ 1,750,000 $ 2,431,000 $ 3,721,000