Long‑Lived Asset Impairment and Assets Held for Sale |
12 Months Ended |
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Dec. 31, 2025 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Long‑Lived Asset Impairment and Assets Held for Sale | Long‑Lived Asset Impairment and Assets Held for Sale During the first quarter of 2025, the Company reclassified its drilling rig assets from held for use to held for sale pursuant to a plan to divest of its contract drilling assets. There was no impairment related to the classification changes as the fair value, less estimated selling costs, of the disposal group exceeded its carrying value.
During the second quarter of 2025, management made the decision to market assets related to its natural sand proppant operations at its Piranha Proppant LLC and Muskie Proppant LLC processing plants. As a result, the Company recorded impairment expense of $31.7 million, representing the amount by which the carrying amounts exceeded estimated fair value less costs to sell at the time the assets were classified as held for sale.
In September 2025, we completed the sale of the Piranha Proppant LLC assets and recognized a loss of $2.4 million, calculated as the difference between the carrying amount and final sales proceeds. Following the sale, no natural sand proppant assets remained classified as held for sale, and related liabilities were nominal. As of December 31, 2025, the carrying amount of assets classified as held for sale related solely to our contract drilling assets, totaling $4.3 million and recorded in current assets held for sale.
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- Definition Long‑Lived Asset Impairment And Assets Held For Sale No definition available.
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- References No definition available.
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