Quarterly report pursuant to Section 13 or 15(d)

Reporting Segments (Tables)

v3.24.3
Reporting Segments (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables set forth certain financial information with respect to the Company’s reportable segments (in thousands):
Three Months Ended September 30, 2024 Well Completion Infrastructure Sand Drilling All Other Eliminations Total
Revenue from external customers $ 2,124  $ 26,043  $ 4,909  $ 1,557  $ 5,382  $ —  $ 40,015 
Intersegment revenues 108  —  —  —  1,641  (1,749) — 
Total revenue 2,232  26,043  4,909  1,557  7,023  (1,749) 40,015 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 7,099  22,539  3,110  1,478  3,746  —  37,972 
Intersegment cost of revenues 185  —  —  1  1,565  (1,751) — 
Total cost of revenue 7,284  22,539  3,110  1,479  5,311  (1,751) 37,972 
Selling, general and administrative 887  5,557  1,211  230  817  —  8,702 
Depreciation, depletion, amortization and accretion 2,546  626  1,688  587  737  —  6,184 
Gains on disposal of assets, net (60) (41) —  —  (192) —  (293)
Operating (loss) income (8,425) (2,638) (1,100) (739) 350  2  (12,550)
Interest expense and financing charges, net 533  8,742  135  127  193  —  9,730 
Other expense (income), net 1  1,491  3  —  (373) —  1,122 
(Loss) income before income taxes $ (8,959) $ (12,871) $ (1,238) $ (866) $ 530  $ 2  $ (23,402)
Three Months Ended September 30, 2023 Well Completion Infrastructure Sand Drilling All Other Eliminations Total
Revenue from external customers $ 20,166  $ 26,712  $ 10,633  $ 2,337  $ 5,111  $ —  $ 64,959 
Intersegment revenues 161  —  —  —  909  (1,070) — 
Total revenue 20,327  26,712  10,633  2,337  6,020  (1,070) 64,959 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 17,528  22,042  6,977  2,194  4,076  —  52,817 
Intersegment cost of revenues 325  10  —  —  735  (1,070) — 
Total cost of revenue 17,853  22,052  6,977  2,194  4,811  (1,070) 52,817 
Selling, general and administrative 1,579  6,495  1,224  215  898  —  10,411 
Depreciation, depletion, amortization and accretion 3,971  1,557  2,836  1,114  1,755  —  11,233 
Gains on disposal of assets, net (2,016) (311) —  —  (123) —  (2,450)
Impairment of goodwill —  —  —  —  1,810  —  1,810 
Operating loss (1,060) (3,081) (404) (1,186) (3,131) —  (8,862)
Interest expense and financing charges, net 774  1,647  117  117  221  —  2,876 
Other income, net —  (11,348) (6) —  (2,734) —  (14,088)
(Loss) income before income taxes $ (1,834) $ 6,620  $ (515) $ (1,303) $ (618) $ —  $ 2,350 
Nine Months Ended September 30, 2024 Well Completion Infrastructure Sand Drilling All Other Eliminations Total
Revenue from external customers $ 20,218  $ 82,514  $ 13,908  $ 2,804  $ 15,288  $ —  $ 134,732 
Intersegment revenues 331  —  27  —  5,005  (5,363) — 
Total revenue 20,549  82,514  13,935  2,804  20,293  (5,363) 134,732 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 25,533  68,704  13,540  3,683  10,939  —  122,399 
Intersegment cost of revenues 638  26  —  4  4,695  (5,363) — 
Total cost of revenue 26,171  68,730  13,540  3,687  15,634  (5,363) 122,399 
Selling, general and administrative 3,156  105,625  3,185  618  2,377  —  114,961 
Depreciation, depletion, amortization and accretion 8,501  1,972  4,105  2,075  2,603  —  19,256 
Loss (gains) on disposal of assets, net 85  (984) (110) —  (1,487) —  (2,496)
Operating (loss) income (17,364) (92,829) (6,785) (3,576) 1,166  —  (119,388)
Interest expense and financing charges, net 1,624  17,417  408  377  574  —  20,400 
Other expense, net 2  63,919  2  —  735  —  64,658 
Loss before income taxes $ (18,990) $ (174,165) $ (7,195) $ (3,953) $ (143) $ —  $ (204,446)
Nine Months Ended September 30, 2023 Well Completion Infrastructure Sand Drilling All Other Eliminations Total
Revenue from external customers $ 114,810  $ 83,308  $ 34,643  $ 6,501  $ 17,448  $ —  $ 256,710 
Intersegment revenues 400  —  25  —  1,743  (2,168) — 
Total revenue 115,210  83,308  34,668  6,501  19,191  (2,168) 256,710 
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion 93,158  67,810  21,905  6,035  13,153  —  202,061 
Intersegment cost of revenues 1,029  29  —  26  1,084  (2,168) — 
Total cost of revenue 94,187  67,839  21,905  6,061  14,237  (2,168) 202,061 
Selling, general and administrative 5,847  17,091  2,682  554  2,977  —  29,151 
Depreciation, depletion, amortization and accretion 13,288  7,366  6,397  3,497  6,291  —  36,839 
Gains on disposal of assets, net (2,016) (439) (16) —  (813) —  (3,284)
Impairment of goodwill —  —  —  —  1,810  —  1,810 
Operating income (loss) 3,904  (8,549) 3,700  (3,611) (5,311) —  (9,867)
Interest expense and financing charges, net 2,527  5,361  422  376  699  —  9,385 
Other expense (income), net 1  (28,713) (12) —  (2,327) —  (31,051)
Income (loss) before income taxes $ 1,376  $ 14,803  $ 3,290  $ (3,987) $ (3,683) $ —  $ 11,799 
Well Completion Infrastructure Sand Drilling All Other Eliminations Total
As of September 30, 2024:
Total assets $ 48,399  $ 251,697  $ 115,764  $ 12,287  $ 65,813  $ (50,982) $ 442,978 
As of December 31, 2023:
Total assets $ 50,965  $ 462,429  $ 121,162  $ 13,492  $ 69,005  $ (18,574) $ 698,479