Quarterly report [Sections 13 or 15(d)]

Discontinued Operations (Tables)

v3.25.3
Discontinued Operations (Tables)
 9 Months Ended
Sep. 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
September 30, December 31, September 30, December 31,
2025 2024 2025 2024
Carrying amounts of the major classes of assets included in discontinued operations:
Cash and cash equivalents $ —  $ —  $ 59  $ 122 
Restricted cash —  2,000  —  — 
Accounts receivable, net —  22,408  1,098  12,843 
Inventories —  —  1,114  8,271 
Other current assets —  404  287  338 
Total current assets of discontinued operations —  24,812  2,558  21,574 
Property, plant and equipment, net —  13,190  4,142  35,166 
Operating lease right-of-use assets —  1,202  250  494 
Goodwill —  —  —  9,214 
Other non-current assets —  75  —  — 
Total noncurrent assets of discontinued operations —  14,467  4,392  44,874 
Total assets of discontinued operations $ —  $ 39,279  $ 6,950  $ 66,448 
Carrying amounts of the major classes of liabilities included in discontinued operations:
Accounts payable $ —  $ 4,673  $ 253  $ 14,346 
Accrued expenses and other current liabilities —  6,621  597  784 
Current operating lease liabilities —  248  202  302 
Total current liabilities of discontinued operations —  11,542  1,052  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  $ 1,052  $ 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 September 30, Three Months Ended September 30,
2025 2024 2025 2024
Services revenue $ —  $ 21,692  $ 207  $ 1,271 
COST, EXPENSES AND GAINS
Cost of revenue 519  18,771  2,286  5,768 
Selling, general and administrative 53  1,470  310  452 
Depreciation and amortization —  568  34  2,459 
Gains on disposal of assets, net —  (41) (851) (60)
Total cost, expenses and gains, net 572  20,768  1,779  8,619 
Operating (loss) income (572) 924  (1,572) (7,348)
OTHER (INCOME) EXPENSE
Interest expense, net —  8,177  44  490 
Other expense, net —  13  1  1 
Total other expense, net —  8,190  45  491 
Loss before income taxes (572) (7,266) (1,617) (7,839)
(Benefit) provision for income taxes (1,632) 72  —  — 
Net income (loss) from discontinued operations, net of income taxes $ 1,060  $ (7,338) $ (1,617) $ (7,839)
T&D Transaction Pressure Pumping Transaction
Nine Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Services revenue $ 29,553  $ 68,558  $ 41,916  $ 17,756 
COST, EXPENSES AND GAINS
Cost of revenue 25,897  56,965  41,793  22,603 
Selling, general and administrative 1,899  4,584  1,552  1,545 
Depreciation and amortization 957  1,830  5,738  8,076 
(Gains) losses on disposal of assets, net (20) (984) (1,488) 125 
Impairment of goodwill —  —  9,214  — 
Total cost, expenses and gains, net 28,733  62,395  56,809  32,349 
Operating income (loss) 820  6,163  (14,893) (14,593)
OTHER (INCOME) EXPENSE
Interest expense (income), net 59  10,211  (420) 1,479 
Other (income) expense, net (122) 32  4  2 
(Gain) loss on divestiture (83,747) —  24,974  — 
Total other (income) expense, net (83,810) 10,243  24,558  1,481 
Income (loss) before income taxes 84,630  (4,080) (39,451) (16,074)
Provision (benefit) for income taxes 1,418  104  (1,262) — 
Net income (loss) from discontinued operations, net of income taxes $ 83,212  $ (4,184) $ (38,189) $ (16,074)