Quarterly report [Sections 13 or 15(d)]

Discontinued Operations (Tables)

v3.25.2
Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Major Components of Discontinued Operations
The following table presents the major classes of assets and liabilities of discontinued operations (in thousands):
T&D Transaction Pressure Pumping Transaction
June 30, December 31, June 30, December 31,
2025 2024 2025 2024
Carrying amounts of the major classes of assets included in discontinued operations:
Cash and cash equivalents $ —  $ —  $ 88  $ 122 
Restricted cash —  2,000  —  — 
Accounts receivable, net —  22,408  15,418  12,843 
Inventories —  —  1,114  8,271 
Other current assets —  404  381  338 
Total current assets of discontinued operations —  24,812  17,001  21,574 
Property, plant and equipment, net —  13,190  4,176  35,166 
Operating lease right-of-use assets —  1,202  332  494 
Goodwill —  —  —  9,214 
Other non-current assets —  75  —  — 
Total noncurrent assets of discontinued operations —  14,467  4,508  44,874 
Total assets of discontinued operations $ —  $ 39,279  $ 21,509  $ 66,448 
Carrying amounts of the major classes of liabilities included in discontinued operations:
Accounts payable $ —  $ 4,673  $ 8,803  $ 14,346 
Accrued expenses and other current liabilities —  6,621  1,639  784 
Current operating lease liabilities —  248  236  302 
Total current liabilities of discontinued operations —  11,542  10,678  15,432 
Long-term operating lease liabilities —  954  —  — 
Other long-term liabilities —  6,415  —  — 
Total noncurrent liabilities of discontinued operations —  7,369  —  — 
Total liabilities of discontinued operations $ —  $ 18,911  $ 10,678  $ 15,432 
The following tables present the major components from discontinued operations in the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss) (in thousands):
T&D Transaction Pressure Pumping Transaction
Three Months Ended June 30, Three Months Ended June 30,
2025 2024 2025 2024
Services revenue $ 3,502  $ 26,892  $ 20,887  $ 8,617 
COST, EXPENSES AND GAINS
Cost of revenue 3,831  20,580  20,660  8,932 
Selling, general and administrative 374  1,527  666  668 
Depreciation and amortization 96  580  2,614  2,564 
Losses (gains) on disposal of assets, net 146  (460) (256) (64)
Impairment of goodwill —  —  9,214  — 
Total cost, expenses and gains, net 4,447  22,227  32,898  12,100 
Operating (loss) income (945) 4,665  (12,011) (3,483)
OTHER (INCOME) EXPENSE
Interest expense (income), net 3  1,032  (368) 476 
Other (income) expense, net (127) 10  2  — 
(Gain) loss on divestiture (83,747) —  24,974  — 
Total other (income) expense, net (83,871) 1,042  24,608  476 
Income (loss) before income taxes 82,926  3,623  (36,619) (3,959)
Provision (benefit) for income taxes 3,028  32  (1,262) — 
Net income (loss) from discontinued operations $ 79,898  $ 3,591  $ (35,357) $ (3,959)
T&D Transaction Pressure Pumping Transaction
Six Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Services revenue $ 29,553  $ 46,866  $ 41,709  $ 16,485 
COST, EXPENSES AND GAINS
Cost of revenue 25,378  38,194  39,507  16,835 
Selling, general and administrative 1,846  3,114  1,242  1,093 
Depreciation and amortization 957  1,262  5,704  5,617 
(Gains) losses on disposal of assets, net (20) (943) (637) 185 
Impairment of goodwill —  —  9,214  — 
Total cost, expenses and gains, net 28,161  41,627  55,030  23,730 
Operating (loss) income 1,392  5,239  (13,321) (7,245)
OTHER (INCOME) EXPENSE
Interest expense (income), net 59  2,034  (465) 989 
Other (income) expense, net (122) 19  3  1 
(Gain) loss on divestiture (83,747) —  24,974  — 
Total other (income) expense, net (83,810) 2,053  24,512  990 
Income (loss) before income taxes 85,202  3,186  (37,833) (8,235)
Provision (benefit) for income taxes 3,050  32  (1,262) — 
Net income (loss) from discontinued operations $ 82,152  $ 3,154  $ (36,571) $ (8,235)