Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net (loss) income $ (167,804) $ 3,881
Adjustments to reconcile net (loss) income to cash provided by operating activities:    
Stock based compensation 438 908
Depreciation, depletion, accretion and amortization 13,073 25,606
Amortization of debt origination costs 714 377
Change in provision for expected credit losses 171,076 (425)
Gains on disposal of assets (2,203) (834)
Gains from sales of equipment damaged or lost down-hole 0 (46)
Deferred income taxes 3,722 (46)
Other 1,099 387
Changes in assets and liabilities:    
Accounts receivable, net 39,073 7,880
Inventories 265 (1,306)
Prepaid expenses and other assets 5,703 5,162
Accounts payable (2,276) 466
Income taxes payable (17,692) 4,523
Net cash provided by operating activities 40,528 32,609
Cash flows from investing activities:    
Purchases of property and equipment (9,070) (10,539)
Proceeds from disposal of property and equipment 4,548 806
Net cash used in investing activities (4,522) (9,733)
Cash flows from financing activities:    
Borrowings on long-term debt 0 118,900
Repayments of long-term debt 0 (143,064)
Payments on financing transaction (46,837) 0
Payments on sale leaseback transaction (2,148) (2,449)
Principal payments on financing leases and equipment financing notes (966) (3,791)
Debt issuance costs (37) 0
Other 0 (919)
Net cash used in financing activities (49,988) (31,323)
Effect of foreign exchange rate on cash (50) 15
Net decrease in cash, cash equivalents and restricted cash (14,032) (8,432)
Cash, cash equivalents and restricted cash at beginning of period 24,298 17,282
Cash, cash equivalents and restricted cash at end of period 10,266 8,850
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,440 6,321
Cash paid for income taxes, net of refunds received 722 752
Supplemental disclosure of non-cash transactions:    
Purchases of property and equipment included in accounts payable and accrued expenses 2,258 6,732
Right-of-use assets obtained for financing lease liabilities 1,369 306
Nonrelated Party    
Changes in assets and liabilities:    
Accrued expenses and other liabilities (7,688) (13,924)
Related Parties    
Changes in assets and liabilities:    
Accrued expenses and other liabilities 3,028 0
Supplemental disclosure of non-cash transactions:    
Interest paid in kind - related parties $ 4,269 $ 0