Acquisition (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Allocation of Net Assets Acquired

The Company's preliminary allocation of the purchase price, including preliminary working capital adjustments, to the estimated fair value of the CJWS net assets is as follows (in thousands):

	March 9, 2020
Current assets	$	42,061
Property and equipment	63,418
Operating lease right of use asset	734
Other assets	1,859
Intangible asset	4,000
Goodwill	18,874
Total assets acquired	130,946
Current liabilities	24,742
Long-term liabilities	12,051
Total liabilities assumed	36,793
Net assets acquired	$	94,153

Components of Property and Equipment

We depreciate our assets over the following depreciable lives:

Buildings	20 to 30 years
Machinery and equipment	3 to 15 years
Automobiles and trucks	3 to 7 years

The following table summarizes the components of property and equipment (in thousands):

	June 30, 2020		December 31, 2019
Land	$	22,902	$	15,682
Buildings and improvements	39,196		30,902
Well service units and equipment	59,337		130,318
Disposal facilities	89,213		87,763
Fluid services equipment	80,839		79,024
Rental equipment	47,825		60,886
Pumping equipment	35,303		47,083
Light vehicles	17,244		26,630
Fracturing/test tanks	6,266		6,153
Brine and fresh water stations	5,341		4,340
Other	4,483		3,948
Software	924		896
Property and equipment, gross	408,873		493,625
Less accumulated depreciation and amortization	(159,225)		(196,512)
Property and equipment, net	$	249,648	$	297,113

 The Company is obligated under various finance leases for certain vehicles and equipment that expire at various dates during the next five years. The table below summarizes the gross amount of property and equipment

and related accumulated amortization recorded under finance leases and included above (in thousands):

	June 30, 2020		December 31, 2019
Fluid services equipment	$	33,061	$	34,499
Pumping equipment	10,671		16,576
Light vehicles	8,996		19,563
Rental equipment	878		1,130
Well service units and equipment	193		—
Property and equipment under finance lease, cost	53,799		71,768
Less accumulated amortization	(19,894)		(27,727)
Property and equipment under finance lease, net	$	33,905	$	44,041

Pro Forma Information

The following pro forma information is not necessarily indicative of the results that would have been achieved if the CJWS Transaction had occurred in the past, and should not be relied upon as an indication of the operating results that the Company would have achieved if the transaction had occurred at the beginning of the periods presented, and our operating results, or the future results that we will achieve, may be different from those reflected in the pro forma information below (in thousands, except per share and average share outstanding information).

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Revenues	$	89,637	$	253,979	$	275,845	$	511,809
Loss from continuing operations	(39,725)		(27,098)		$	(161,227)	$	(48,952)
Net loss from continuing operations per
Net loss from continuing operations per share, basic and diluted	$	(1.59)	$	(1.00)	$	(6.47)	$	(1.81)
Weighted average shares outstanding, basic and diluted	24,957,478		27,203,635		24,935,693		27,028,041