Subsequent Events |
6 Months Ended |
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Jun. 30, 2019 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
Subsequent to June 30, 2019, the Company borrowed an additional $3.5 million under its credit facility. At July 31, 2019, outstanding borrowings under the Company's revolving credit facility totaled $85.5 million, leaving an aggregate of $90.0 million of available borrowing capacity under the facility, which is net of letters of credit of $8.7 million.
As a result of market conditions, subsequent to June 30, 2019, the Company temporarily shut down its cementing and acidizing operations as well as its flowback operations. The Company is currently evaluating the impact this event will have on its consolidated financial statements. An estimate of such impact cannot be made at this time.
As a result of oilfield market conditions, the Company's Board of Directors has suspended the quarterly cash dividend.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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