10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

______________________________________________ 

FORM 10-Q

______________________________________________ 

(Mark one)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-8182

PIONEER ENERGY SERVICES CORP.

(Exact name of registrant as specified in its charter)

____________________________________________ 

TEXAS	74-2088619
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
1250 N.E. Loop 410, Suite 1000 San Antonio, Texas	78209
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number, including area code: (855) 884-0575

Securities registered pursuant to Section 12(b) of the Act
Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x  No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	x
Emerging Growth Company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No x

As of October 15, 2019, there were 79,202,216 shares of common stock, par value $0.10 per share, of the registrant outstanding.

TABLE OF CONTENTS

		Page
	PART I
Item 1.	Financial Statements and Supplementary Data	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Shareholders’ Equity	5
	Condensed Consolidated Statements of Cash Flow	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	44
Item 4.	Controls and Procedures	45
	PART II
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	46
Item 6.	Exhibits	47

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2019			December 31, 2018
	(unaudited)			(audited)
	(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	26,955		$	53,566
Restricted cash	998			998
Receivables:
Trade, net of allowance for doubtful accounts	81,039			76,924
Unbilled receivables	20,906			24,822
Insurance recoveries	23,186			23,656
Other receivables	7,421			5,479
Inventory	22,086			18,898
Assets held for sale	6,233			3,582
Prepaid expenses and other current assets	6,991			7,109
Total current assets	195,815			215,034
Property and equipment, at cost	1,118,488			1,118,215
Less accumulated depreciation	633,233			593,357
Net property and equipment	485,255			524,858
Operating lease assets	7,692			—
Other noncurrent assets	931			1,658
Total assets	$	689,693		$	741,550
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	32,127		$	34,134
Deferred revenues	1,616			1,722
Accrued expenses:
Employee compensation and related costs	22,489			24,598
Insurance claims and settlements	22,991			23,593
Insurance premiums and deductibles	6,036			5,482
Interest	1,008			6,148
Other	12,035			9,091
Total current liabilities	98,302			104,768
Long-term debt, less unamortized discount and debt issuance costs	466,887			464,552
Noncurrent operating lease liabilities	6,189			—
Deferred income taxes	4,708			3,688
Other noncurrent liabilities	459			3,484
Total liabilities	576,545			576,492
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred stock, 10,000,000 shares authorized; none issued and outstanding	—			—
Common stock $.10 par value; 200,000,000 shares authorized; 79,202,216 and 78,214,550 shares outstanding at September 30, 2019 and December 31, 2018, respectively	8,008			7,900
Additional paid-in capital	552,453			550,548
Treasury stock, at cost; 877,047 and 789,532 shares at September 30, 2019 and December 31, 2018, respectively	(5,090		)	(4,965		)
Accumulated deficit	(442,223		)	(388,425		)
Total shareholders’ equity	113,148			165,058
Total liabilities and shareholders’ equity	$	689,693		$	741,550

See accompanying notes to condensed consolidated financial statements.

3

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
	(in thousands, except per share data)
Revenues	$	146,398		$	149,332		$	445,809		$	448,592
Costs and expenses:
Operating costs	108,059			108,961			332,614			325,924
Depreciation	22,924			23,501			68,428			70,535
General and administrative	30,485			14,043			68,271			58,066
Bad debt expense (recovery), net	196			111			(90		)	(311		)
Impairment	—			239			1,378			2,607
Loss (gain) on dispositions of property and equipment, net	17			(1,861		)	(2,184		)	(2,922		)
Total costs and expenses	161,681			144,994			468,417			453,899
Income (loss) from operations	(15,283		)	4,338			(22,608		)	(5,307		)
Other income (expense):
Interest expense, net of interest capitalized	(10,013		)	(9,811		)	(30,003		)	(28,966		)
Other income (expense), net	(588		)	498			445			1,046
Total other expense, net	(10,601		)	(9,313		)	(29,558		)	(27,920		)
Loss before income taxes	(25,884		)	(4,975		)	(52,166		)	(33,227		)
Income tax expense	(132		)	(258		)	(1,909		)	(1,297		)
Net loss	$	(26,016	)	$	(5,233	)	$	(54,075	)	$	(34,524	)
Loss per common share - Basic	$	(0.33	)	$	(0.07	)	$	(0.69	)	$	(0.44	)
Loss per common share - Diluted	$	(0.33	)	$	(0.07	)	$	(0.69	)	$	(0.44	)
Weighted average number of shares outstanding—Basic	78,473			78,136			78,405			77,897
Weighted average number of shares outstanding—Diluted	78,473			78,136			78,405			77,897

See accompanying notes to condensed consolidated financial statements.

4

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATEDSTATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)

	As of and for the nine months ended September 30, 2019
	Shares			Amount					Additional Paid In Capital			Accumulated Deficit			Total Shareholders’ Equity
	Common	Treasury		Common		Treasury
	(in thousands)
Balance as of December 31, 2018	79,005	(790	)	$	7,900	$	(4,965	)	$	550,548		$	(388,425	)	$	165,058
Net loss	—	—		—		—			—			(15,115		)	(15,115		)
Purchase of treasury stock	—	(84	)	—		(120		)	—			—			(120		)
Cumulative-effect adjustment due to adoption of ASC Topic 842	—	—		—		—			—			277			277
Issuance of restricted stock	326	—		33		—			(33		)	—			—
Stock-based compensation expense	—	—		—		—			867			—			867
Balance as of March 31, 2019	79,331	(874	)	$	7,933	$	(5,085	)	$	551,382		$	(403,263	)	$	150,967
Net loss	—	—		—		—			—			(12,944		)	(12,944		)
Purchase of treasury stock	—	(3	)	—		(5		)	—			—			(5		)
Issuance of restricted stock	667	—		67		—			(67		)	—			—
Stock-based compensation expense	—	—		—		—			327			—			327
Balance as of June 30, 2019	79,998	(877	)	$	8,000	$	(5,090	)	$	551,642		$	(416,207	)	$	138,345
Net loss	—	—		—		—			—			(26,016		)	(26,016		)
Issuance of restricted stock	81	—		8		—			(8		)	—			—
Stock-based compensation expense	—	—		—		—			819			—			819
Balance as of September 30, 2019	80,079	(877	)	$	8,008	$	(5,090	)	$	552,453		$	(442,223	)	$	113,148

See accompanying notes to condensed consolidated financial statements.

5

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Continued)

(unaudited)

	As of and for the nine months ended September 30, 2018
	Shares			Amount					Additional Paid In Capital			Accumulated Deficit			Total Shareholders’ Equity
	Common	Treasury		Common		Treasury
	(in thousands)
Balance as of December 31, 2017	78,350	(631	)	$	7,835	$	(4,416	)	$	546,158		$	(339,481	)	$	210,096
Net loss	—	—		—		—			—			(11,139		)	(11,139		)
Purchase of treasury stock	—	(28	)	—		(96		)	—			—			(96		)
Cumulative-effect adjustment due to adoption of ASC Topic 606	—	—		—		—			—			67			67
Issuance of restricted stock	105	—		10		—			(10		)	—			—
Stock-based compensation expense	—	—		—		—			1,259			—			1,259
Balance as of March 31, 2018	78,455	(659	)	$	7,845	$	(4,512	)	$	547,407		$	(350,553	)	$	200,187
Net loss	—	—		—		—			—			(18,152		)	(18,152		)
Exercise of options	3	—		—		—			12			—			12
Purchase of treasury stock	—	(131	)	—		(453		)	—			—			(453		)
Issuance of restricted stock	547	—		55		—			(55		)	—			—
Stock-based compensation expense	—	—		—		—			1,097			—			1,097
Balance as of June 30, 2018	79,005	(790	)	$	7,900	$	(4,965	)	$	548,461		$	(368,705	)	$	182,691
Net loss	—	—		—		—			—			(5,233		)	(5,233		)
Stock-based compensation expense	—	—		—		—			1,039			—			1,039
Balance as of September 30, 2018	79,005	(790	)	$	7,900	$	(4,965	)	$	549,500		$	(373,938	)	$	178,497

See accompanying notes to condensed consolidated financial statements.

6

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Nine months ended September 30,
	2019			2018
	(in thousands)
Cash flows from operating activities:
Net loss	$	(54,075	)	$	(34,524	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	68,428			70,535
Allowance for doubtful accounts, net of recoveries	(90		)	(311		)
Write-off of obsolete inventory	502			—
Gain on dispositions of property and equipment, net	(2,184		)	(2,922		)
Stock-based compensation expense	2,013			3,395
Phantom stock compensation expense	(99		)	2,808
Amortization of debt issuance costs and discount	2,335			2,153
Impairment	1,378			2,607
Deferred income taxes	1,020			189
Change in other noncurrent assets	3,125			541
Change in other noncurrent liabilities	(4,163		)	(735		)
Changes in current assets and liabilities:
Receivables	(2,126		)	(16,549		)
Inventory	(3,652		)	(4,934		)
Prepaid expenses and other current assets	30			329
Accounts payable	2,346			1,527
Deferred revenues	(106		)	(173		)
Accrued expenses	(6,044		)	(2,446		)
Net cash provided by operating activities	8,638			21,490
Cash flows from investing activities:
Purchases of property and equipment	(40,543		)	(48,778		)
Proceeds from sale of property and equipment	4,778			4,665
Proceeds from insurance recoveries	641			980
Net cash used in investing activities	(35,124		)	(43,133		)
Cash flows from financing activities:
Proceeds from exercise of options	—			12
Purchase of treasury stock	(125		)	(549		)
Net cash used in financing activities	(125		)	(537		)
Net decrease in cash, cash equivalents and restricted cash	(26,611		)	(22,180		)
Beginning cash, cash equivalents and restricted cash	54,564			75,648
Ending cash, cash equivalents and restricted cash	$	27,953		$	53,468
Supplementary disclosure:
Interest paid	$	32,773		$	31,872
Income tax paid	$	3,103		$	2,739
Noncash investing and financing activity:
Change in capital expenditure accruals	$	(4,267	)	$	3,564

See accompanying notes to condensed consolidated financial statements.

7

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Summary of Significant Accounting Policies

Business

Pioneer Energy Services Corp. provides land-based drilling services and production services to a diverse group of oil and gas exploration and production companies in the United States and internationally in Colombia.

Our drilling services business segments provide contract land drilling services through three domestic divisions which are located in the Marcellus/Utica, Permian Basin and Eagle Ford, and Bakken regions, and internationally in Colombia. We provide a comprehensive service offering which includes the drilling rig, crews, supplies and most of the ancillary equipment needed to operate our drilling rigs. Our drilling rigs are equipped with 1,500 horsepower or greater drawworks, are 100% pad-capable and offer the latest advancements in pad drilling. The following table summarizes our current rig fleet count and composition for each drilling services business segment:

	Multi-well, Pad-capable
	AC rigs	SCR rigs	Total
Domestic drilling	17	—	17
International drilling	—	8	8
			25

Our production services business segments provide well, wireline and coiled tubing servicesto producers primarily in Texas and the Mid-Continent and Rocky Mountain regions, as well as in North Dakota, Louisiana and Mississippi. As of September 30, 2019, the fleet count for each of our production services business segments are as follows:

	550 HP	600 HP	Total
Well servicing rigs, by horsepower (HP) rating	112	12	124
			Total
Wireline services units			93
Coiled tubing services units			9

Basis of Presentation

The accompanyingunaudited condensed consolidatedfinancial statements include the accounts of Pioneer Energy Services Corp. and our wholly owned subsidiaries.All intercompany balances and transactions have been eliminated in consolidation.The accompanyingunaudited condensed consolidatedfinancial statements have been prepared in accordance with accounting principles generally accepted in the United States of Americafor interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of our management, all adjustments (consisting of normal, recurring accruals) necessary for a fair presentation have been included. We suggest that you read theseunaudited condensed consolidatedfinancial statements together with the consolidated financial statements and the related notes included in our annual report on Form 10-K for the year endedDecember 31, 2018.

Use of Estimates — In preparing the accompanyingunaudited condensed consolidatedfinancial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities we report as of the dates of the balance sheets and income and expenses we report for the periods shown in the income statements and statements of cash flows.Our actual results could differ significantly from those estimates.Material estimates that are particularly susceptible to significant changes in the near term relate to our estimates of certain variable revenues and amortization periods of certain deferred revenues and costs associated with drilling daywork contacts, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance and our estimate of compensation-related accruals.

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Subsequent Events — In preparing the accompanyingunaudited condensed consolidatedfinancial statements, we have reviewed events that have occurred afterSeptember 30, 2019, through the filing of thisForm 10-Q, for inclusion as necessary.

Change in Accounting Principle and Recently Issued Accounting Standards

Changes to accounting principles generally accepted in the United States of America (“U.S. GAAP”) are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). We consider the applicability and impact of all ASUs. Any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our consolidated financial position and results of operations.

Leases.In February 2016, the FASB issued ASU No. 2016-02, Leases, which among other things, requires lessees to recognize substantially all leases on the balance sheet, with expense recognition that is similar to the former lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance in ASC Topic 606. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, which provides an option to apply the guidance prospectively, and provides a practical expedient allowing lessors to combine the lease and non-lease components of revenues where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component.

As a lessor, we elected to apply the practical expedient which allows us to continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in ourunaudited condensed consolidatedstatements of operations. As a lessee, this standard primarily impacts our accounting for long-term real estate and office equipment leases, for which we recognized an operating lease asset and a corresponding operating lease liability on ourunaudited condensed consolidatedbalance sheet of$9.8 millionat the adoption date of January 1, 2019. For leases that commenced prior to adoption of ASC Topic 842, we elected to apply the package of practical expedients which allows us to carry forward the historical lease classification. The adoption of ASC Topic 842 also resulted in a cumulative effect adjustment of$0.3 millionafter applicable income taxes, related to the write off of previously unamortized deferred lease liabilities at the date of adoption. For more information about the accounting under ASC Topic 842, and disclosures under the new standard, see Note3, Leases.

Additional Detail of Account Balances

Cash Equivalents and Restricted Cash — Cash equivalents at September 30, 2019 and December 31, 2018 were $13.9 million and $40.6 million, respectively, consisting of investments in highly-liquid money-market mutual funds. Our restricted cash balance reflects the portion of net proceeds from the issuance of our senior secured term loan which are currently held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property.

Other Receivables — Our other receivables primarily consist of recoverable taxes related to our international operations, as well as net income tax receivables.

Prepaid Expenses and Other Current Assets —Prepaid expenses and other current assets include items such as insurance, rent deposits, software subscriptions and other fees. We routinely expense these items in the normal course of business over the periods that we benefit from these expenses. Prepaid expenses and other current assets also include deferred mobilization costs for short-term drilling contracts.

Other Noncurrent Assets— Other noncurrent assets consist of deferred mobilization costs on long-term drilling contracts, cash deposits related to the deductibles on our workers’ compensation insurance policies, and deferred compensation plan investments.

Other Accrued Expenses — Our other accrued expenses include accruals for items such as sales taxes, property taxes, withholding tax liabilities related to our international operations, and professional and other fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Our other accrued expenses also includes the current portion of the lease liability associated with our long-term operating leases.

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Other Noncurrent Liabilities — Our other noncurrent liabilities consist of the noncurrent portion of deferred mobilization revenues and liabilities associated with our long-term compensation plans.

2.    Revenue from Contracts with Customers

Our production services business segments earn revenues for well servicing, wireline services and coiled tubing services pursuant to master services agreements based on purchase orders or other contractual arrangements with the client. Production services jobs are generally short-term (ranging in duration from several hours to less than30days) and are charged at current market rates for the labor, equipment and materials necessary to complete the job.Production services jobs are varied in nature, but typically represent a single performance obligation, either for a particular job, a series of distinct jobs, or a period of time during which we stand ready to provide services as our client needs them. Revenue is recognized for these services over time, as the services are performed.

Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts.Daywork contracts are comprehensive agreements under which we provide a comprehensive service offering, including the drilling rig, crew, supplies and most of the ancillary equipment necessary to operate the rig.Contract modifications that extend the term of a dayrate contract are generally accounted for prospectively as a separate dayrate contract.We account for our services provided under daywork contracts as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Accordingly, dayrate revenues are recognized in the period during which the services are performed.

With most drilling contracts, we also receive payments contractually designated for the mobilization and demobilization of drilling rigs and other equipment to and from the client’s drill site. Revenues associated with the mobilization and demobilization of our drilling rigs to and from the client’s drill site do not relate to a distinct good or service and are recognized ratably over the related contract term.

The amount of demobilization revenue that we ultimately collect is dependent upon the specific contractual terms, most of which include provisions for reduced (or no) payment for demobilization when, among other things, the contract is renewed or extended with the same client, or when the rig is subsequently contracted with another client prior to the termination of the current contract. Since revenues associated with demobilization activity are typically variable, at each period end, they are estimated at the most likely amount, and constrained when the likelihood of a significant reversal is probable. Any change in the expected amount of demobilization revenue is accounted for with the net cumulative impact of the change in estimate recognized in the period during which the revenue estimate is revised.

The upfront costs that we incur to mobilize the drilling rig to our client’s initial drilling site are capitalized and recognized ratably over the term of the related contract, including any contracted renewal or extension periods, which is our estimate of the period during which we expect to benefit from the cost of mobilizing the rig. Costs associated with the final demobilization at the end of the contract term are expensed when incurred, when the demobilization activity is performed.

We also act as a principal for certain reimbursable services and auxiliary equipment provided by us to our clients, for which we incur costs and earn revenues, many of which are variable, or dependent upon the activity that is actually performed each day under the related contract. Accordingly, reimbursements that we receive for out-of-pocket expenses are recorded as revenues and the out-of-pocket expenses for which they relate are recorded as operating costs during the period to which they relate within the series of distinct time increments.

All of our revenues are recognized net of sales taxes, when applicable.

Contract Asset and Liability Balances and Contract Cost Assets

Contract asset and contract liability balances relate to demobilization and mobilization revenues, respectively. Demobilization revenue that we expect to receive is recognized ratably over the related contract term, but invoiced upon completion of the demobilization activity. Mobilization revenue, which is typically collected upon the completion of the initial mobilization activity, is deferred and recognized ratably over the related contract term. Contract asset and liability balances are netted at the contract level, with the net current and noncurrent portions separately classified in ourcondensed consolidatedbalance sheets, and referred to herein as “deferred revenues.”

Contract cost assets represent the costs associated with the initial mobilization required in order to fulfill the contract, which are deferred and recognized ratably over the period during which we expect to benefit from the mobilization, or the period during which we expect to satisfy the performance obligations of the related contract. Contract cost assets are presented as

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either current or noncurrent, according to the duration of the original contract to which it relates, and referred to herein as “deferred costs.”

Our current and noncurrent deferred revenues and costs as ofSeptember 30, 2019 and December 31, 2018were as follows (amounts in thousands):

	September 30, 2019		December 31, 2018
Current deferred revenues	$	1,616	$	1,722
Current deferred costs	2,418		1,543
Noncurrent deferred revenues	$	77	$	437
Noncurrent deferred costs	130		679

The changes in deferred revenue and cost balances during the nine months ended September 30, 2019 are primarily related to increases in deferred revenue and costs for the deployment of rigs under five new domestic and four new international contracts in 2019, offset by decreases related to the amortization of deferred revenues and costs during the period. Amortization of deferred revenues and costs during the three and nine months ended September 30, 2019 and 2018 were as follows (amounts in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Amortization of deferred revenues	$	1,219	$	720	$	3,453	$	1,762
Amortization of deferred costs	1,293		1,100		3,389		2,050

In 2019, two of our domestic clients elected to early terminate their contract with us and make upfront early termination payments based on a per day rate for the respective remaining contract term, resulting in $2.2 million and $2.6 million of revenue recognized for the three and nine months ended September 30, 2019, respectively. Currently, 21 of our 25 rigs are earning under daywork contracts, 12of which are domestic term contracts. Unlike our domestic term contracts, our international drilling contracts are cancelable by our clients without penalty, although the contracts require 15 to 30 days notice and payment for demobilization services.The spot contracts for our domestic drilling rigs are also terminable by our client with30days notice and include a required payment for demobilization services.

3.     Leases

As a drilling and production services provider, we provide the drilling rigs and production services equipment which are necessary to fulfill our performance obligations and which are considered leases under ASU No. 2016-02, Leases, (together with its amendments, herein referred to as “ASC Topic 842”). However, ASU No. 2018-11, Leases: Targeted Improvements, allows lessors to (i) combine the lease and non-lease components of revenues when the revenue recognition pattern is the same and when the lease component, when accounted for separately, would be considered an operating lease, and (ii) account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component. We elected to apply this expedient and therefore continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in our unaudited condensed consolidated statements of operations.

As a lessee, we lease our corporate office headquarters in San Antonio, Texas, and we conduct our business operations through25 other regional offices located throughout the United States and internationally in Colombia. These operating locations typically includeregional offices, storage and maintenance yards and employee housing sufficient to support our operations in the area. We lease most of these properties under non-cancelable term and month-to-month operating leases, many of which contain renewal options that can extend the lease term from one to five years and some of which contain escalation clauses. We also lease supplemental equipment, typically under cancelable short-term and very short term (less than 30 days) leases. Due to the nature of our business, any option to renew these short-term leases, and the options to extend certain of our long-term real estate leases, are generally not considered reasonably certain to be exercised. Therefore, the periods covered by such optional periods are not included in the determination of the term of the lease, and the lease payments during these periods are similarly excluded from the calculation of operating lease asset and lease liability balances.

In accordance with ASC Topic 842, we recognize an operating lease asset and a corresponding operating lease liability for all our long-term leases, which include real estate and office equipment leases, for which we elected to combine, or not separate, the lease and non-lease components, and therefore, all fixed charges associated with non-lease components are included in the lease payments and the calculation of the operating lease asset and associated lease liability. The operating

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lease asset and operating lease liability are discounted at the rate which represents our secured incremental borrowing rate, as most of our leases do not provide an implicit rate, and which we estimate based on the rate in effect under our asset-based lending facility.

We recognize rent expense on a straight-line basis, except for certain variable expenses which are recognized when the variability is resolved, typically during the period in which they are paid. Variable lease payments typically include charges for property taxes and insurance, and some leases contain variable payments related to non-lease components, including common area maintenance and usage of office equipment (for example, copiers), which totaled approximately $0.3 million and $0.9 million during the three and nine months ended September 30, 2019. The following table summarizes our lease expense recognized, excluding variable lease costs (amounts in thousands):

	Three months ended September 30,		Nine months ended September 30,
	2019		2019
Long-term operating lease expense	$	1,272	$	2,943
Short-term operating lease expense	$	3,754	$	11,490

The following table summarizes the amount and timing of our obligations associated with our long-term operating leases (amounts in thousands):

	September 30, 2019			December 31, 2018
Within 1 year	$	2,499		$	3,318
In the second year	1,970			2,032
In the third year	1,624			1,721
In the fourth year	1,235			1,407
In the fifth year	909			1,110
Thereafter	1,041			1,738
Total undiscounted lease obligations	$	9,278		$	11,326
Impact of discounting	(909		)
Discounted value of operating lease obligations	$	8,369
Current operating lease liabilities	$	2,180
Noncurrent operating lease liabilities	6,189
	$	8,369

The following table summarizes the weighted-average remaining lease term and discount rate associated with our long-term operating leases:

	September 30, 2019
Weighted-average remaining lease term (in years)	4.7
Weighted-average discount rate	4.5	%

4.    Property and Equipment

Capital Expenditures — Our capital expenditures were $36.3 million and $52.3 million during the nine months ended September 30, 2019 and 2018, respectively. Capital expenditures during the nine months ended September 30, 2019 primarily related to various upgrades and refurbishments of our drilling and production services fleets, vehicle and ancillary equipment purchases, and the completion of construction on our 17^th AC drilling rig, which we deployed in March. Capital expenditures during the nine months ended September 30, 2018 primarily related to various routine expenditures to maintain our fleets and purchase new support equipment, as well as the expansion of our wireline and coiled tubing fleets, capital projects to upgrade and refurbish certain components of our international and domestic drilling rigs and begin construction of one new-build drilling rig, and vehicle fleet upgrades in all domestic business segments.

At September 30, 2019, capital expenditures incurred for property and equipment not yet placed in service was $3.3 million, primarily related to capital projects to upgrade and refurbish certain components of our drilling and well servicing rig fleets. At December 31, 2018, property and equipment not yet placed in service was $19.6 million, primarily related to approximately $8.0 million of costs for the construction of a new-build drilling rig, various refurbishments and upgrades of drilling and production services equipment, and the purchase of other new ancillary equipment.

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Gain/Loss on Disposition of Property — During the nine months ended September 30, 2019, we recognized a net gain of $2.2 million on the disposition of drill pipe and various other property and equipment, including some assets which were previously held for sale, as well as insurance proceeds received for damaged equipment. During the nine months ended September 30, 2018, we recognized a net gain of$2.9 millionon the disposition of various property and equipment, including the sale offivecoiled tubing units,twelvewireline units, andonedrilling rig, which was previously held for sale.

Assets Held for Sale — As of September 30, 2019, ourcondensed consolidatedbalance sheet reflects assets held for sale of $6.2 million, which includes the fair value of buildings and yards for one domestic drilling yard and two closed wireline locations, both of which were designated as held for sale in 2019, onedomestic SCR drilling rig,two coiled tubing units, and spare support equipment.As of December 31, 2018, ourcondensed consolidatedbalance sheet reflects assets held for sale of $3.6 million, which primarily represents the fair value of onedomestic SCR drilling rig and related spare equipment and three coiled tubing units.

During thenine months ended September 30, 2019 and 2018, we recognized impairment charges of $1.4 million and $2.6 millionto reduce the carrying values of assets which were classified as held for sale, to their estimated fair values, based on expected sales prices which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures.

Impairments — In accordance with ASC Topic 360, Property, Plant and Equipment, we monitor all indicators of potential impairments. We evaluate for potential impairment of long-lived assets when indicators of impairment are present, which may include, among other things, significant adverse changes in industry trends (including revenue rates, utilization rates, oil and natural gas market prices, and industry rig counts).In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of the assets grouped at the lowest level that independent cash flows can be identified. We perform an impairment evaluation and estimate future undiscounted cash flows for each of our asset groups separately, which are our domestic drilling services, international drilling services, well servicing, wireline services and coiled tubing services segments.If the sum of the estimated future undiscounted net cash flows is less than the carrying amount of the asset group, then we determine the fair value of the asset group, and the amount of an impairment charge would be measured as the difference between the carrying amount and the fair value of the assets.

Due to lower than anticipated operating results and a decline in our projected cash flows for the coiled tubing reporting unit, we performed an impairment analysis of this reporting unit at September 30, 2019. As a result of this analysis, we concluded that this reporting unit was not at risk of impairment because the estimated fair value of the reporting unit’s assets was in excess of the carrying value.

The assumptions we use in the evaluation for impairment are inherently uncertain and require management judgment.Although we believe the assumptions and estimates used in our impairment analysis are reasonable, different assumptions and estimates could materially impact the analysis and resulting conclusions.The most significant inputs used in our impairment analysis include the projected utilization and pricing of our services, as well as the estimated proceeds upon any future sale or disposal of the assets, all of which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures.If commodity prices decrease or remain at current levels for an extended period of time, or if the demand for any of our services decreases below what we are currently projecting, our estimated cash flows may decrease and our estimates of the fair value of certain assets may decrease as well. If any of the foregoing were to occur, we could incur impairment charges on the related assets.

5. Valuation Allowances on Deferred Tax Assets

Our deferred tax assets related to net operating losses, which are available to reduce future taxable income, consist of the following (amounts in thousands):

	September 30, 2019		December 31, 2018
Domestic net operating loss carryforward	$	101,332	$	96,777
Foreign net operating loss carryforward	6,931		9,582

The majority of our domestic net operating losses will begin to expire in 2030, while losses generated after 2017 are carried forward indefinitely but are limited in usage to 80% of taxable income. The majority of our foreign net operating losses are carried forward indefinitely, but losses generated after 2016 are carried forward for 12 years and will begin to expire in 2029.

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We provide a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized.As result, as ofSeptember 30, 2019 and December 31, 2018, we had valuation allowances of $69.7 million and $62.6 million that offset a portion of our domestic and foreign net deferred tax assets.

Since 2017, market conditions and operating results for our Colombian operations have improved, and if they continue to improve, then we may determine that there is sufficient evidence that future taxable income will be generated to utilize our foreign deferred tax assets which would result in the reversal of a portion of the valuation allowance relating to our foreign deferred tax assets.

6.     Debt

Our debt consists of the following (amounts in thousands):

	September 30, 2019			December 31, 2018
Senior secured term loan	$	175,000		$	175,000
Senior notes	300,000			300,000
	475,000			475,000
Less unamortized discount (based on imputed interest rate of 10.46%)	(2,077		)	(2,668		)
Less unamortized debt issuance costs	(6,036		)	(7,780		)
	$	466,887		$	464,552

Senior Secured Term Loan

Our senior secured term loan (the “Term Loan”) entered into on November 8, 2017 provided for one drawing in the amount of $175 million, net of a 2% original issue discount.Proceeds from the issuance of the Term Loan were used to repay the entire outstanding balance under our previous credit facility, plus fees and accrued and unpaid interest, as well as the fees and expenses associated with entering into the Term Loan and ABL Facility, which is further described below.The remainder of the proceeds are available to be used for other general corporate purposes.

The Term Loan is not subject to amortization payments of principal. Interest on the principal amount accrues at the LIBOR rate or the base rate as defined in the agreement, at our option, plus an applicable margin of 7.75% and 6.75%, respectively. The Term Loan is set to mature on November 8, 2022, or earlier, subject to certain circumstances as described in the agreement, and including an earlier maturity date if the outstanding balance of the Senior Notes exceeds $15.0 million on December 14, 2021, at which time the Term Loan would then mature. However, the Term Loan may be prepaid, at our option, at any time, in whole or in part, subject to a minimum of $5 million, and subject to a declining call premium as defined in the agreement.

The Term Loan contains a financial covenant requiring the ratio of (i) the net orderly liquidation value of our fixed assets (based on appraisals obtained as required by our lenders), on a consolidated basis, in which the lenders under the Term Loan maintain a first priority security interest, plus proceeds of asset dispositions not required to be used to effect a prepayment of the Term Loan to (ii) the outstanding principal amount of the Term Loan, to be at least equal to 1.50 to 1.00 as of any June 30 or December 31 of any calendar year through maturity.

The Term Loan contains customary mandatory prepayments from the proceeds of certain transactions including certain asset dispositions and debt issuances, and has additional customary restrictions that, among other things, and subject to certain exceptions, limit our ability to:

• incur additional debt;

• incur or permit liens on assets;

• make investments and acquisitions;

• consolidate or merge with another company;

• engage in asset sales; and

• pay dividends or make distributions.

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In addition, the Term Loan contains customary events of default, upon the occurrence and during the continuation of any of which the applicable margin would increase by 2% per year, including without limitation:

• payment defaults;

• covenant defaults;

• material breaches of representations or warranties;

• event of default under, or acceleration of, other material indebtedness;

• bankruptcy or insolvency;

• material judgments against us;

• failure of any security document supporting the Term Loan; and

• change of control.

Our obligations under the Term Loan are guaranteed by our wholly-owned domestic subsidiaries, and are secured by substantially all of our domestic assets, in each case, subject to certain exceptions and permitted liens.

Asset-based Lending Facility

In addition to entering into the Term Loan, on November 8, 2017, we also entered into a senior secured revolving asset-based credit facility (the “ABL Facility”) providing for borrowings in the aggregate principal amount of up to $75 million, subject to a borrowing base and including a $30 million sub-limit for letters of credit. The ABL Facility bears interest, at our option, at the LIBOR rate or the base rate as defined in the ABL Facility, plus an applicable margin ranging from 1.75% to 3.25%, based on average availability on the ABL Facility.The ABL Facility requires a commitment fee due monthly based on the average monthly unused amount of the commitments of the lenders, a fronting fee due for each letter of credit issued, and a monthly letter of credit fee due based on the average undrawn amount of letters of credit outstanding during such period.The ABL Facility is generally set to mature 90 days prior to the maturity of the Term Loan, subject to certain circumstances, including the future repayment, extinguishment or refinancing of our Term Loan and/or Senior Notes prior to their respective maturity dates. Availability under the ABL Facility is determined by reference to a borrowing base as defined in the agreement, generally comprised of a percentage of our accounts receivable and inventory.

We have not drawn upon the ABL Facilityto date. As ofSeptember 30, 2019, we had $9.4 million in committed letters of credit, which, after borrowing base limitations, resulted in borrowing availability of $50.6 million. Borrowings available under the ABL Facility are available for general corporate purposes, and there are no limitations on our ability to access the borrowing capacity provided there is no default and compliance with the covenants under the ABL Facility is maintained.Additionally, if our availability under the ABL Facility is less than 15% of the maximum amount (or$11.25 million), we are required to maintain a minimum fixed charge coverage ratio, as defined in the ABL Facility, of at least 1.00 to 1.00, measured on a trailing 12 month basis.

The ABL Facility also contains customary restrictive covenants which, subject to certain exceptions, limit, among other things, our ability to:

• declare dividends and make other distributions;

• issue or sell certain equity interests;

• optionally prepay, redeem or repurchase certain of our subordinated indebtedness;

• make loans or investments (including acquisitions);

• incur additional indebtedness or modify the terms of permitted indebtedness;

• grant liens;

• change our business or the business of our subsidiaries;

• merge, consolidate, reorganize, recapitalize, or reclassify our equity interests;

• sell our assets, and

• enter into certain types of transactions with affiliates.

Our obligations under the ABL Facility are guaranteed by us and our domestic subsidiaries, subject to certain exceptions, and are secured by (i) a first-priority perfected security interest in all inventory and cash, and (ii) a second-priority perfected security in substantially all of our tangible and intangible assets, in each case, subject to certain exceptions and permitted liens.

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Senior Notes

In 2014, we issued $300 million of unregistered senior notes at face value, with a coupon interest rate of 6.125% that are due in 2022 (the “Senior Notes”). The Senior Notes will mature on March 15, 2022 with interest due semi-annually in arrears on March 15 and September 15 of each year. We have the option to redeem the Senior Notes, in whole or in part, in each case at the redemption price specified in the Indenture dated March 18, 2014 (the “Indenture”) plus any accrued and unpaid interest and any additional interest (as defined in the Indenture) thereon to the date of redemption.

In accordance with a registration rights agreement with the holders of our Senior Notes, we filed an exchange offer registration statement on Form S-4 with the Securities and Exchange Commission that became effective on October 2, 2014. The exchange offer registration statement enabled the holders of our Senior Notes to exchange their senior notes for publicly registered notes with substantially identical terms. References to the “Senior Notes” herein include the senior notes issued in the exchange offer.

If we experience a change of control (as defined in the Indenture), we will be required to make an offer to each holder of the Senior Notes to repurchase all or any part of the Senior Notes at a purchase price equal to101%of the principal amount of each Senior Note, plus accrued and unpaid interest, if any, to the date of repurchase. If we engage in certain asset sales, within 365 days of such sale we will be required to use the net cash proceeds from such sale, to the extent we do not reinvest those proceeds in our business, to make an offer to repurchase the Senior Notes at a price equal to100%of the principal amount of each Senior Note, plus accrued and unpaid interest to the repurchase date.

The Indenture, among other things, limits us and certain of our subsidiaries, subject to certain exceptions, in our ability to:

• pay dividends on stock, repurchase stock, redeem subordinated indebtedness or make other restricted payments and investments;

• incur, assume or guarantee additional indebtedness or issue preferred or disqualified stock;

• create liens on our or their assets;

• enter into sale and leaseback transactions;

• sell or transfer assets;

• borrow, pay dividends, or transfer other assets from certain of our subsidiaries;

• consolidate with or merge with or into, or sell all or substantially all of our properties to any other person;

• enter into transactions with affiliates; and

• enter into new lines of business.

The Senior Notes are not subject to any sinking fund requirements. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our existing domestic subsidiaries and by certain of our future domestic subsidiaries. (See Note 12, Guarantor/Non-Guarantor Condensed Consolidating Financial Statements.)

Debt Issuance Costs and Original Issue Discount

Costs incurred in connection with the issuance of our Senior Notes were capitalized and are being amortized using the effective interest method over the term of the Senior Notes which mature in March 2022. The original issue discount and costs incurred in connection with the issuance of the Term Loan were capitalized and are being amortized using the effective interest method over the expected term of the agreement. Costs incurred in connection with the ABL Facility were capitalized and are being amortized using the straight-line method over the expected term of the agreement.

7. Fair Value of Financial Instruments

The FASB’s Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures, defines fair value and provides a hierarchal framework associated with the level of subjectivity used in measuring assets and liabilities at fair value. Our financial instruments consist primarily of cash and cash equivalents, trade and other receivables, trade payables, phantom stock unit awards and long-term debt.

The carrying value of cash and cash equivalents, trade and other receivables, and trade payables are considered to be representative of their respective fair values due to the short-term nature of these instruments. The phantom stock unit awards, and the measurement of fair value for these awards, are described in more detail in Note 9, Stock-Based Compensation Plans.At September 30, 2019, the estimated aggregate fair value of our phantom stock unit awards was $0.1 million.

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The fair value of our Senior Notes is estimated based on recent observable market prices for our debt instruments, which are defined by ASC Topic 820 as Level 2 inputs. The fair value of our Term Loan is based on estimated market pricing for our debt instrument, which is defined by ASC Topic 820 as using Level 3 inputs which are unobservable and therefore more likely to be affected by changes in assumptions. The following table presents supplemental fair value information and carrying value for our debt, net of discount and debt issuance costs (amounts in thousands):

		September 30, 2019				December 31, 2018
	Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior notes	2	$	297,628	$	114,000	$	296,988	$	186,750
Senior secured term loan	3	169,259		$	166,250	167,564		175,875
		$	466,887	$	280,250	$	464,552	$	362,625

8. Earnings (Loss) Per Common Share

The following table presents a reconciliation of the numerators and denominators of the basic earnings per share and diluted earnings per share computations (amounts in thousands, except per share data):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Numerator (both basic and diluted):
Net loss	$	(26,016	)	$	(5,233	)	$	(54,075	)	$	(34,524	)
Denominator:
Weighted-average shares (denominator for basic earnings (loss) per share)	78,473			78,136			78,405			77,897
Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards	—			—			—			—
Denominator for diluted earnings (loss) per share	78,473			78,136			78,405			77,897
Loss per common share - Basic	$	(0.33	)	$	(0.07	)	$	(0.69	)	$	(0.44	)
Loss per common share - Diluted	$	(0.33	)	$	(0.07	)	$	(0.69	)	$	(0.44	)
Potentially dilutive securities excluded as anti-dilutive	5,577			3,964			4,962			4,895

9. Stock-Based Compensation Plans

We currently have outstanding stock option and restricted stock awards with vesting based on time of service conditions; restricted stock unit awards with vesting based on time of service conditions, and in certain cases, subject to performance and market conditions; and phantom stock unit awards with vesting based on time of service, performance and market conditions, which are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation since we expect to settle the awards in cash when they become vested. At this time, however, we have temporarily discontinued the grants of any new equity-based incentive awards.

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We recognize compensation cost for our stock-based compensation awards based on the fair value estimated in accordance with ASC Topic 718, Compensation—Stock Compensation, and we recognize forfeitures when they occur.For our awards with graded vesting, we recognize compensation expense on a straight-line basis over the service period for each separately vesting portion of the award as if the award was, in substance, multiple awards.The following table summarizes the stock-based compensation expense recognized, by award type, and the compensation expense (benefit) recognized for phantom stock unit awards during thethree and nine months ended September 30, 2019 and 2018 (amounts in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Stock option awards	$	31		$	101		$	105		$	342
Restricted stock awards	135			116			370			344
Restricted stock unit awards	653			822			1,538			2,709
	$	819		$	1,039		$	2,013		$	3,395
Phantom stock unit awards	$	(150	)	$	(3,722	)	$	(99	)	$	2,808

Stock Option Awards

We grant stock option awards which generally become exercisable over athree-year period and expire tenyears after the date of grant. Our stock-based compensation plans require that all stock option awards have an exercise price that is not less than the fair market value of our common stock on the date of grant. We issue shares of our common stock when vested stock option awards are exercised. We estimate the fair value of each option grant on the date of grant using a Black-Scholes option pricing model. We did not grant any stock option awards during the nine months ended September 30, 2019 or 2018.

Restricted Stock and Restricted Stock Unit Awards

We grant restricted stock awards that vest over aone-year period with a fair value based on the closing price of our common stock on the date of the grant.When restricted stock awards are granted, or when restricted stock unit awards are converted to restricted stock, shares of our common stock are considered issued, but subject to certain restrictions.

We grant restricted stock unit awards with vesting based on time of service conditions only (“time-based RSUs”), and we grant restricted stock unit awards with vesting based on time of service, which are also subject to performance and market conditions (“performance-based RSUs”). Shares of our common stock are issued to recipients of restricted stock units only when they have satisfied the applicable vesting conditions.

The following table summarizes the number and weighted-average grant-date fair value of the restricted stock and restricted stock unit awards granted during the nine months ended September 30, 2019 and 2018:

	Nine months ended September 30,
	2019		2018
Restricted Stock:
Restricted stock awards granted	729,112		78,632
Weighted-average grant-date fair value (per share)	$	0.73	$	5.85
Time-based RSUs:
Time-based RSUs granted	870,648		788,377
Weighted-average grant-date fair value (per unit)	$	1.38	$	3.85

Our time-based RSUs generally vest over athree-year period, with fair values based on the closing price of our common stock on the date of grant.Our performance-based RSUs cliff vest at 39months from the date of grant and are granted at a target number of issuable shares, for which the final number of shares of common stock is adjusted based on our actual achievement levels that are measured against predetermined performance conditions. The number of shares of common stock awarded will be based upon the Company’s achievement in certain performance conditions, as compared to a predefined peer group, over the performance period, generallythree years.As ofSeptember 30, 2019, we estimate that the achievement level for our outstanding performance-based RSUs granted in 2017 will be approximately80%of the predetermined performance conditions.

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Phantom Stock Unit Awards

We grant phantom stock unit awards with vesting based on time of service, performance and market conditions.Time-based phantom stock unit awards, which were granted in 2019, vest annually in thirds over a three-year vesting period. Performance-based phantom stock unit awards, which were granted in 2016, 2018 and 2019, cliff-vest after39months from the date of grant, with vesting based on time of service, performance and market conditions.The number of performance-based units ultimately awarded will be based upon the Company’s achievement in certain performance conditions, as compared to a predefined peer group, over the respectivethree-year performance periods. Each unit awarded will entitle the employee to a cash payment equal to the stock price of our common stock on the date of vesting, subject to an applicable maximum payout feature that is based on a multiple of the grant date stock price.

The fair value of time-based phantom stock unit awards is measured using a Black-Scholes pricing model and the fair value of performance-based phantom stock unit awards is measured using a Monte Carlo simulation model, with inputs that are defined as Level 3 inputs under ASC Topic 820, Fair Value Measurements and Disclosures.

The following table summarizes the number, weighted-average grant-date fair value, and applicable maximum cash value of the phantom stock unit awards granted during the nine months ended September 30, 2019 and 2018:

	Nine months ended September 30,
	2019		2018
Performance-based:
Phantom stock unit awards granted	2,467,776		1,188,216
Weighted-average grant-date fair value (per unit)	$	1.10	$	3.06
Maximum cash value per unit (three times the grant date stock price)	$	4.62	$	9.66
Time-based:
Phantom stock unit awards granted	810,648		—
Weighted-average grant-date fair value (per unit)	$	1.17	$	—
Maximum cash value per unit (three times the grant date stock price)	$	4.62	$	—

These awards are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation, because we expect to settle the awards in cash when they vest, and are remeasured at fair value at the end of each reporting period until they vest. The change in fair value is recognized as a current period compensation expense in our condensed consolidated statements of operations.Therefore, changes in the inputs used to measure fair value can result in volatility in our compensation expense. This volatility increases as the phantom stock awards approach the vesting date.We estimate that a hypothetical increase of$1in the market price of our common stock, which was$0.06 as of September 30, 2019, if all other inputs were unchanged, would result in an increase in cumulative compensation expense of$1.2 million, which represents the hypothetical increase in fair value of the liability for the 2018 and 2019 phantom stock unit awards. The maximum payout feature of these awards would limit this volatility if the stock price exceeds the maximum payout threshold. As of September 30, 2019, we estimate the weighted-average achievement level for our outstanding phantom stock unit awards granted in 2018 and 2019 to be67%.

In April 2019, we determined that175%of the target number of phantom stock unit awards granted during 2016 were earned based on the Company’s achievement of the performance measures, as compared to the predefined peer group, which resulted in an aggregate cash payment of $3.5 millionto settle these awards.

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10. Segment Information

We have five operating segments, comprised of two drilling services business segments (domestic and international drilling) and three production services business segments (well servicing, wireline services and coiled tubing services), which reflects the basis used by management in making decisions regarding our business for resource allocation and performance assessment, as required by ASC Topic 280, Segment Reporting.

Our domestic and international drilling services segments provide contract land drilling services to a diverse group of exploration and production companies through our three drilling divisions in the US and internationally in Colombia.We provide a comprehensive service offering which includes the drilling rig, crews, supplies and most of the ancillary equipment needed to operate our drilling rigs.

Our well servicing, wireline services and coiled tubing services segments provide a range of production services to producers primarily in Texas and the Mid-Continent and Rocky Mountain regions, as well as in North Dakota, Louisiana and Mississippi.

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The following tables set forth certain financial information for each of our segments and corporate (amounts in thousands):

	As of and for the three months ended September 30,				As of and for the nine months ended September 30,
	2019		2018		2019		2018
Revenues:
Domestic drilling	$	38,168	$	36,586	$	115,829	$	108,146
International drilling	21,617		23,131		68,682		62,515
Drilling services	59,785		59,717		184,511		170,661
Well servicing	30,293		24,369		86,053		68,645
Wireline services	43,874		52,654		137,134		171,392
Coiled tubing services	12,446		12,592		38,111		37,894
Production services	86,613		89,615		261,298		277,931
Consolidated revenues	$	146,398	$	149,332	$	445,809	$	448,592
Operating costs:
Domestic drilling	$	21,931	$	21,650	$	69,098	$	64,297
International drilling	15,844		19,013		50,884		49,038
Drilling services	37,775		40,663		119,982		113,335
Well servicing	21,414		17,193		61,348		49,443
Wireline services	38,349		40,840		119,500		130,042
Coiled tubing services	10,521		10,265		31,784		33,104
Production services	70,284		68,298		212,632		212,589
Consolidated operating costs	$	108,059	$	108,961	$	332,614	$	325,924
Gross margin:
Domestic drilling	$	16,237	$	14,936	$	46,731	$	43,849
International drilling	5,773		4,118		17,798		13,477
Drilling services	22,010		19,054		64,529		57,326
Well servicing	8,879		7,176		24,705		19,202
Wireline services	5,525		11,814		17,634		41,350
Coiled tubing services	1,925		2,327		6,327		4,790
Production services	16,329		21,317		48,666		65,342
Consolidated gross margin	$	38,339	$	40,371	$	113,195	$	122,668
Identifiable Assets:
Domestic drilling (1)	$	354,534	$	375,982	$	354,534	$	375,982
International drilling (1) (2)	47,320		41,807		47,320		41,807
Drilling services	401,854		417,789		401,854		417,789
Well servicing	118,686		123,933		118,686		123,933
Wireline services	80,054		96,585		80,054		96,585
Coiled tubing services	34,339		34,866		34,339		34,866
Production services	233,079		255,384		233,079		255,384
Corporate	54,760		79,702		54,760		79,702
Consolidated identifiable assets	$	689,693	$	752,875	$	689,693	$	752,875
Depreciation:
Domestic drilling	$	10,864	$	10,358	$	32,297	$	30,946
International drilling	1,512		1,463		4,228		4,211
Drilling services	12,376		11,821		36,525		35,157
Well servicing	5,132		4,903		14,956		14,688
Wireline services	3,537		4,518		11,519		13,727
Coiled tubing services	1,660		1,991		4,719		6,137
Production services	10,329		11,412		31,194		34,552
Corporate	219		268		709		826
Consolidated depreciation	$	22,924	$	23,501	$	68,428	$	70,535

21

	As of and for the three months ended September 30,				As of and for the nine months ended September 30,
	2019		2018		2019		2018
Capital Expenditures:
Domestic drilling	$	2,777	$	6,274	$	14,344	$	13,768
International drilling	1,162		264		3,444		4,177
Drilling services	3,939		6,538		17,788		17,945
Well servicing	2,146		2,989		8,182		8,441
Wireline services	775		3,973		5,198		12,563
Coiled tubing services	1,756		4,498		4,567		12,479
Production services	4,677		11,460		17,947		33,483
Corporate	44		419		541		914
Consolidated capital expenditures	$	8,660	$	18,417	$	36,276	$	52,342

(1) Identifiable assets for our drilling segments include the impact of a $37.5 million and $39.4 million intercompany balance, as of September 30, 2019 and 2018, respectively, between our domestic drilling segment (intercompany receivable) and our international drilling segment (intercompany payable).

(2) Identifiable assets for our international drilling segment include five drilling rigs that are owned by our Colombia subsidiary and three drilling rigs that are owned by one of our domestic subsidiaries and leased to our Colombia subsidiary.

The following table reconciles theconsolidated gross margin of our segments reported above to loss from operations as reported on the condensed consolidated statements of operations (amounts in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Consolidated gross margin	$	38,339		$	40,371		$	113,195		$	122,668
Depreciation	(22,924		)	(23,501		)	(68,428		)	(70,535		)
General and administrative	(30,485		)	(14,043		)	(68,271		)	(58,066		)
Bad debt (expense) recovery, net	(196		)	(111		)	90			311
Impairment	—			(239		)	(1,378		)	(2,607		)
Gain (loss) on dispositions of property and equipment, net	(17		)	1,861			2,184			2,922
Income (loss) from operations	$	(15,283	)	$	4,338		$	(22,608	)	$	(5,307	)

11. Commitments and Contingencies

In connection with our operations in Colombia, our foreign subsidiaries routinely obtain bonds for bidding on drilling contracts, performing under drilling contracts, and remitting customs and importation duties. We have guaranteed payments of $70.2 million relating to our performance under these bonds as of September 30, 2019. Based on historical experience and information currently available, we believe the likelihood of demand for payment under these bonds and guarantees is remote.

We are currently undergoing sales and use tax audits for multi-year periods.As ofSeptember 30, 2019 and December 31, 2018, our accrued liability was$1.9 million and $1.7 million, respectively, based on our estimate of the sales and use tax obligations that are expected to result from these audits. Due to the inherent uncertainty of the audit process, we believe that it is reasonably possible that we may incur additional tax assessments with respect to one or more of the audits in excess of the amount accrued. We believe that such an outcome would not have a material adverse effect on our results of operations or financial position. Because certain of these audits are in a preliminary stage, an estimate of the possible loss or range of loss from an adverse result in all or substantially all of these cases cannot reasonably be made.

Due to the nature of our business, we are, from time to time, involved in litigation or subject to disputes or claims related to our business activities, including workers’ compensation claims and employment-related disputes. Legal costs relating to these matters are expensed as incurred. In the opinion of our management, none of the pending litigation, disputes or claims against us will have a material adverse effect on our financial condition, results of operations or cash flow from operations.

22

12. Guarantor/Non-Guarantor Condensed Consolidating Financial Statements

Our Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all existing 100% owned domestic subsidiaries, except for Pioneer Services Holdings, LLC. The subsidiaries that generally operate our non-U.S. business concentrated in Colombia do not guarantee our Senior Notes. The non-guarantor subsidiaries do not have any payment obligations under the Senior Notes, the guarantees or the Indenture.

In the event of a bankruptcy, liquidation or reorganization of any non-guarantor subsidiary, such non-guarantor subsidiary will pay the holders of its debt and other liabilities, including its trade creditors, before it will be able to distribute any of its assets to us. In the future, any non-U.S. subsidiaries, immaterial subsidiaries and subsidiaries that we designate as unrestricted subsidiaries under the Indenture will not guarantee the Senior Notes. As of September 30, 2019, there were no restrictions on the ability of subsidiary guarantors to transfer funds to the parent company.

As a result of the guarantee arrangements, we are presenting the following condensed consolidating balance sheets, statements of operations and statements of cash flows of the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries.

23

CONDENSED CONSOLIDATING BALANCE SHEETS

(unaudited, in thousands)

	September 30, 2019
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	22,195		$	—	$	4,760		$	—		$	26,955
Restricted cash	998			—		—			—			998
Receivables, net of allowance	258			96,704		34,979			611			132,552
Intercompany receivable (payable)	(28,105		)	65,374		(37,269		)	—			—
Inventory	—			10,103		11,983			—			22,086
Assets held for sale	—			6,233		—			—			6,233
Prepaid expenses and other current assets	2,497			2,994		1,500			—			6,991
Total current assets	(2,157		)	181,408		15,953			611			195,815
Net property and equipment	1,853			456,106		27,296			—			485,255
Investment in subsidiaries	545,141			32,086		—			(577,227		)	—
Deferred income taxes	44,277			—		—			(44,277		)	—
Operating lease assets	3,234			3,852		606			—			7,692
Other noncurrent assets	512			415		4			—			931
Total assets	$	592,860		$	673,867	$	43,859		$	(620,893	)	$	689,693
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,441		$	26,000	$	4,686		$	—		$	32,127
Deferred revenues	—			424		1,192			—			1,616
Accrued expenses	8,342			50,166		5,440			611			64,559
Total current liabilities	9,783			76,590		11,318			611			98,302
Long-term debt, less unamortized discount and debt issuance costs	466,887			—		—			—			466,887
Noncurrent operating lease liabilities	2,859			2,875		455			—			6,189
Deferred income taxes	—			48,985		—			(44,277		)	4,708
Other noncurrent liabilities	183			276		—			—			459
Total liabilities	479,712			128,726		11,773			(43,666		)	576,545
Total shareholders’ equity	113,148			545,141		32,086			(577,227		)	113,148
Total liabilities and shareholders’ equity	$	592,860		$	673,867	$	43,859		$	(620,893	)	$	689,693
	December 31, 2018
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	50,350		$	—	$	3,216		$	—		$	53,566
Restricted cash	998			—		—			—			998
Receivables, net of allowance	436			95,030		35,219			196			130,881
Intercompany receivable (payable)	(27,245		)	67,098		(39,853		)	—			—
Inventory	—			9,945		8,953			—			18,898
Assets held for sale	—			3,582		—			—			3,582
Prepaid expenses and other current assets	1,743			3,197		2,169			—			7,109
Total current assets	26,282			178,852		9,704			196			215,034
Net property and equipment	2,022			494,376		28,460			—			524,858
Investment in subsidiaries	574,695			25,370		—			(600,065		)	—
Deferred income taxes	42,585			—		—			(42,585		)	—
Other noncurrent assets	596			511		551			—			1,658
Total assets	$	646,180		$	699,109	$	38,715		$	(642,454	)	$	741,550
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,093		$	26,795	$	6,246		$	—		$	34,134
Deferred revenues	—			95		1,627			—			1,722
Accrued expenses	14,020			49,640		5,056			196			68,912
Total current liabilities	15,113			76,530		12,929			196			104,768
Long-term debt, less unamortized discount and debt issuance costs	464,552			—		—			—			464,552
Deferred income taxes	—			46,273		—			(42,585		)	3,688
Other noncurrent liabilities	1,457			1,611		416			—			3,484
Total liabilities	481,122			124,414		13,345			(42,389		)	576,492
Total shareholders’ equity	165,058			574,695		25,370			(600,065		)	165,058
Total liabilities and shareholders’ equity	$	646,180		$	699,109	$	38,715		$	(642,454	)	$	741,550

24

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands)

	Three months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	124,781		$	21,617		$	—		$	146,398
Costs and expenses:
Operating costs	—			92,216			15,843			—			108,059
Depreciation	219			21,193			1,512			—			22,924
General and administrative	15,979			13,640			1,001			(135		)	30,485
Intercompany leasing	—			(1,215		)	1,215			—			—
Bad debt expense, net of recovery	—			196			—			—			196
Loss (gain) on dispositions of property and equipment, net	—			28			(11		)	—			17
Total costs and expenses	16,198			126,058			19,560			(135		)	161,681
Income (loss) from operations	(16,198		)	(1,277		)	2,057			135			(15,283		)
Other income (expense):
Equity in earnings of subsidiaries	(640		)	1,164			—			(524		)	—
Interest expense	(10,020		)	3			4			—			(10,013		)
Other income (expense)	86			236			(775		)	(135		)	(588		)
Total other income (expense), net	(10,574		)	1,403			(771		)	(659		)	(10,601		)
Income (loss) before income taxes	(26,772		)	126			1,286			(524		)	(25,884		)
Income tax (expense) benefit 1	756			(766		)	(122		)	—			(132		)
Net income (loss)	$	(26,016	)	$	(640	)	$	1,164		$	(524	)	$	(26,016	)
	Three months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	126,202		$	23,130		$	—		$	149,332
Costs and expenses:
Operating costs	—			89,950			19,011			—			108,961
Depreciation	269			21,769			1,463			—			23,501
General and administrative	2,260			11,152			736			(105		)	14,043
Intercompany leasing	—			(1,215		)	1,215			—			—
Bad debt expense, net of recovery	—			111			—			—			111
Impairment	—			239			—			—			239
Gain on dispositions of property and equipment, net	—			(1,856		)	(5		)	—			(1,861		)
Total costs and expenses	2,529			120,150			22,420			(105		)	144,994
Income (loss) from operations	(2,529		)	6,052			710			105			4,338
Other income (expense):
Equity in earnings of subsidiaries	5,011			618			—			(5,629		)	—
Interest expense	(9,802		)	(12		)	3			—			(9,811		)
Other income	244			222			137			(105		)	498
Total other income (expense), net	(4,547		)	828			140			(5,734		)	(9,313		)
Income (loss) before income taxes	(7,076		)	6,880			850			(5,629		)	(4,975		)
Income tax (expense) benefit 1	1,843			(1,869		)	(232		)	—			(258		)
Net income (loss)	$	(5,233	)	$	5,011		$	618		$	(5,629	)	$	(5,233	)
1  The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries.

25

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands)

	Nine months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	377,127		$	68,682		$	—		$	445,809
Costs and expenses:
Operating costs	—			281,735			50,879			—			332,614
Depreciation	709			63,491			4,228			—			68,428
General and administrative	30,882			35,665			2,129			(405		)	68,271
Intercompany leasing	—			(3,645		)	3,645			—			—
Bad debt recovery, net of expense	—			(90		)	—			—			(90		)
Impairment	—			1,378			—			—			1,378
Gain on dispositions of property and equipment, net	—			(2,077		)	(107		)	—			(2,184		)
Total costs and expenses	31,591			376,457			60,774			(405		)	468,417
Income (loss) from operations	(31,591		)	670			7,908			405			(22,608		)
Other income (expense):
Equity in earnings of subsidiaries	5,433			7,059			—			(12,492		)	—
Interest expense	(29,953		)	(12		)	(38		)	—			(30,003		)
Other income (expense)	383			903			(436		)	(405		)	445
Total other income (expense), net	(24,137		)	7,950			(474		)	(12,897		)	(29,558		)
Income (loss) before income taxes	(55,728		)	8,620			7,434			(12,492		)	(52,166		)
Income tax (expense) benefit 1	1,653			(3,187		)	(375		)	—			(1,909		)
Net income (loss)	$	(54,075	)	$	5,433		$	7,059		$	(12,492	)	$	(54,075	)
	Nine months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	386,077		$	62,515		$	—		$	448,592
Costs and expenses:
Operating costs	—			276,893			49,031			—			325,924
Depreciation	826			65,498			4,211			—			70,535
General and administrative	18,628			37,781			1,972			(315		)	58,066
Intercompany leasing	—			(3,645		)	3,645			—			—
Bad debt recovery, net of expense	—			(311		)	—			—			(311		)
Impairment	—			2,607			—			—			2,607
Gain on dispositions of property and equipment, net	—			(2,890		)	(32		)	—			(2,922		)
Total costs and expenses	19,454			375,933			58,827			(315		)	453,899
Income (loss) from operations	(19,454		)	10,144			3,688			315			(5,307		)
Other income (expense):
Equity in earnings of subsidiaries	10,081			3,305			—			(13,386		)	—
Interest expense	(28,963		)	(14		)	11			—			(28,966		)
Other income	405			664			292			(315		)	1,046
Total other income (expense), net	(18,477		)	3,955			303			(13,701		)	(27,920		)
Income (loss) before income taxes	(37,931		)	14,099			3,991			(13,386		)	(33,227		)
Income tax (expense) benefit 1	3,407			(4,018		)	(686		)	—			(1,297		)
Net income (loss)	$	(34,524	)	$	10,081		$	3,305		$	(13,386	)	$	(34,524	)
1  The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries.

26

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Nine months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(38,177	)	$	41,854		$	4,961		$	—	$	8,638
Cash flows from investing activities:
Purchases of property and equipment	(637		)	(36,644		)	(3,262		)	—		(40,543		)
Proceeds from sale of property and equipment	—			4,688			90			—		4,778
Proceeds from insurance recoveries	—			641			—			—		641
	(637		)	(31,315		)	(3,172		)	—		(35,124		)
Cash flows from financing activities:
Purchase of treasury stock	(125		)	—			—			—		(125		)
Intercompany contributions/distributions	10,784			(10,539		)	(245		)	—		—
	10,659			(10,539		)	(245		)	—		(125		)
Net increase (decrease) in cash, cash equivalents and restricted cash	(28,155		)	—			1,544			—		(26,611		)
Beginning cash, cash equivalents and restricted cash	51,348			—			3,216			—		54,564
Ending cash, cash equivalents and restricted cash	$	23,193		$	—		$	4,760		$	—	$	27,953
	Nine months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(43,466	)	$	60,269		$	4,687		$	—	$	21,490
Cash flows from investing activities:
Purchases of property and equipment	(762		)	(43,374		)	(4,642		)	—		(48,778		)
Proceeds from sale of property and equipment	—			4,648			17			—		4,665
Proceeds from insurance recoveries	—			965			15			—		980
	(762		)	(37,761		)	(4,610		)	—		(43,133		)
Cash flows from financing activities:
Proceeds from exercise of options	12			—			—			—		12
Purchase of treasury stock	(549		)	—			—			—		(549		)
Intercompany contributions/distributions	22,784			(22,508		)	(276		)	—		—
	22,247			(22,508		)	(276		)	—		(537		)
Net decrease in cash, cash equivalents and restricted cash	(21,981		)	—			(199		)	—		(22,180		)
Beginning cash, cash equivalents and restricted cash	72,385			—			3,263			—		75,648
Ending cash, cash equivalents and restricted cash	$	50,404		$	—		$	3,064		$	—	$	53,468

27

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Statements we make in the following discussion that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. These forward-looking statements are based on our current beliefs, intentions, and expectations and are not guarantees or indicators of future performance. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the following discussion as a result of a variety of factors, including general economic and business conditions and industry trends, levels and volatility of oil and gas prices, the continued demand for drilling services or production services in the geographic areas where we operate, decisions about exploration and development projects to be made by oil and gas exploration and production companies, the highly competitive nature of our business, technological advancements and trends in our industry and improvements in our competitors' equipment, the loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt agreements, including our senior secured term loan, our senior secured revolving asset-based credit facility, and our senior notes, operating hazards inherent in our operations, the supply of marketable drilling rigs, well servicing rigs, coiled tubing units and wireline units within the industry, the continued availability of new components for drilling rigs, well servicing rigs, coiled tubing units and wireline units, the continued availability of qualified personnel, the success or failure of our acquisition strategy, the occurrence of cybersecurity incidents, the political, economic, regulatory and other uncertainties encountered by our operations, and changes in, or our failure or inability to comply with, governmental regulations, including those relating to the environment. We have discussed many of these factors in more detailelsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2018,including under the headings “Risk Factors” in Item 1A and “Special Note Regarding Forward-Looking Statements” in the Introductory Note to Part I. These factors are not necessarily all the important factors that could affect us.Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We advise our shareholders that they should (1) recognize that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.

28

Company Overview

Pioneer Energy Services Corp. provides land-based drilling services and production services to a diverse group of oil and gas exploration and production companies in the United States and internationally in Colombia.Drilling services and production services are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well.

• Drilling Services—Our current drilling rig fleet is100% pad-capable and offers the latest advancements in pad drilling. We have17AC rigs in the US and 8SCR rigs in Colombia, all of which have 1,500 horsepower or greater drawworks. We provide a comprehensive service offering which includes the drilling rig, crews, supplies and most of the ancillary equipment needed to operate our drilling rigswhich are deployed through our division offices in the following regions:

	Rig Count
Domestic drilling:
Marcellus/Utica	5
Permian Basin and Eagle Ford	10
Bakken	2
International drilling	8
	25

• Production Services—Our production services business segments provide well, wireline and coiled tubing servicesto producers primarily in Texas and the Mid-Continent and Rocky Mountain regions, as well as in North Dakota, Louisiana and Mississippi.

• Well Servicing. A range of services are required in order to establish production in newly-drilled wells and to maintain production over the useful lives of active wells. We use our well servicing rig fleet to provide these necessary services, including the completion of newly-drilled wells, maintenance and workover of active wells, and plugging and abandonment of wells at the end of their useful lives.As ofSeptember 30, 2019, we have a fleet of 112rigs with 550 horsepower and 12rigs with 600 horsepower with operations in 9locations concentrated in Texas, as well as in North Dakota, Colorado and Mississippi.

• Wireline Services. Oil and gas exploration and production companies require wireline services to better understand the reservoirs they are drilling or producing and use logging services to accurately characterize reservoir rocks and fluids. To complete a cased-hole well, the production casing must be perforated to establish a flow path between the reservoir and the wellbore. We use our fleet of wireline units to provide these important logging and perforating services in addition to a range of other mechanical services that are needed in order to place equipment in or retrieve equipment or debris from the wellbore, install bridge plugs and control pressure.As of September 30, 2019, we have a fleet of 93 wireline units, including2greaseless, EcoQuiet^TM units designed to reduce noise when operating in proximity to urban areas and an additional6units that offer greaseless electric wireline used to reach further depths in longer laterals. Our fleet is deployed through10operating locations concentrated in Texas and the Rocky Mountain and Mid-Continent regions, as well as in Louisiana and North Dakota.

• Coiled Tubing Services. Coiled tubing is another important element of the well servicing industry that allows operators to continue production during service operations on a well under pressure without shutting in the well, thereby reducing the risk of formation damage. Coiled tubing services involve the use of a continuous flexible metal pipe which is spooled on a large reel and inserted into the wellbore to perform a variety of oil and natural gas well applications, such as wellbore clean-outs, nitrogen jet lifts, through-tubing fishing, formation stimulation utilizing acid, chemical treatments and fracturing. Coiled tubing is also used for a number of horizontal well applications, such as milling temporary plugs between frac stages.As ofSeptember 30, 2019, we have a current fleet of9coiled tubing units, consisting of 4small-diameter and 5large-diameter units (larger than two inches), deployed through2operating locations that provide services in Texas, Wyoming and surrounding areas.

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Pioneer Energy Services Corp. was incorporated under the laws of the State of Texas in 1979 as the successor to a business that had been operating since 1968. Since then, we have significantly expanded and transformed our business through acquisitions and organic growth.Our business is comprised of two business lines — Drilling Services and Production Services. We report our Drilling Services business as two reportable segments: (i) Domestic Drilling and (ii) International Drilling. We report our Production Services business as three reportable segments: (i) Well Servicing, (ii) Wireline Services, and (iii) Coiled Tubing Services. Financial information about our operating segments is included in Note 10, Segment Information, of the Notes to Unaudited Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q.

Pioneer Energy Services Corp.’s corporate office is located at 1250 N.E. Loop 410, Suite 1000, San Antonio, Texas 78209. Our phone number is (855) 884-0575 and our website address is www.pioneeres.com. We make available free of charge through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with the Securities and Exchange Commission (SEC). Information on our website is not incorporated into this report or otherwise made part of this report.

Market Conditions in Our Industry

Industry Overview — Demand for oilfield services offered by our industry is a function of our clients’ willingness to make operating expenditures and capital expenditures to explore for, develop and produce hydrocarbons, which is primarily driven by current and expected oil and natural gas prices.

Our business is influenced substantially by exploration and production companies’ spending that is generally categorized as either a capital expenditure or an operating expenditure.Capital expenditures for the drilling and completion of exploratory and development wells in proven areas are more directly influenced by current and expected oil and natural gas prices and generally reflect the volatility of commodity prices. In contrast, operating expenditures for the maintenance of existing wells, for which a range of production services are required in order to maintain production, are relatively more stable and predictable.

Drilling and production services have historically trended similarly in response to fluctuations in commodity prices. However, because exploration and production companies often adjust their budgets for exploration and development drilling first in response to a change in commodity prices, the demand for drilling services is generally impacted first and to a greater extent than the demand for production services which is more dependent on ongoing expenditures that are necessary to maintain production. Additionally, within the range of production services businesses, those that derive more revenue from production-related activity, as opposed to completion of new wells, tend to be less affected by fluctuations in commodity prices and temporary reductions in industry activity.

However, in a severe downturn that is prolonged, both operating and capital expenditures are significantly reduced, and the demand for all our service offerings is significantly impacted. After a prolonged downturn, among the production services, the demand for completion-oriented services generally improves first, as exploration and production companies begin to complete wells that were previously drilled but not completed during the downturn, and to complete newly drilled wells as the demand for drilling services improves during recovery.

From time to time, temporary regional slowdowns or constraints occur in our industry due to a variety of factors, including, among others, infrastructure or takeaway capacity limitations, labor shortages, increased regulatory or environmental pressures, or an influx of competitors in a particular region. Any of these factors can influence the profitability of operations in the affected region. However, term contract coverage for our drilling services business and the mobility of all our equipment between regions reduces our exposure to the impact of regional constraints and fluctuations in demand.

Technological advancements and trends in our industry also affect the demand for certain types of equipment, and can affect the overall demand for the services our industry provides.Enhanced directional and horizontal drilling techniques have allowed exploration and production operators to drill increasingly longer lateral wellbores which enable higher hydrocarbon production per well, and reduce the overall number of wells needed to achieve the desired production. The trend in our industry toward fewer, but longer lateral wellbores has led to an overall reduction in drilling and completion activity and demand for the equipment in our industry that is more heavily weighted toward the more specialized equipment available, such as high-spec drilling rigs, higher horsepower well servicing rigs equipped with taller masts, larger diameter coiled tubing units, and other higher power ancillary equipment, which is needed in order to drill, complete and provide services

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to the full length of the wellbore.Our domestic drilling and production services fleets are highly capable and designed for operation in today’s long lateral, pad-oriented environment.

For additional information concerning the potential effects of volatility in oil and gas prices and other industry trends, see Item 1A – “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2018.

Market Conditions — Our industry experienced a severe down cycle from late 2014 through 2016, during which WTI oil prices dipped below $30 per barrel in early 2016. A modest recovery in commodity prices began in the latter half of 2016 with WTI oil prices steadily increasing from just under $50 per barrel at the end of June 2016 to approximately $60 per barrel at the end of 2017. In 2018, WTI oil prices continued to increase to a high of $75 per barrel in October, but then decreased to $45 per barrel at the end of 2018. Despite some improvement in 2019, oil prices have averaged just over $55 per barrel through September 2019.

The trends in spot prices of WTI crude oil and Henry Hub natural gas, and the resulting trends in domestic land rig counts (per Baker Hughes) and domestic well servicing rig counts (per Guiberson/Association of Energy Service Companies) over the last three years are illustrated in the graphs below.

The trends in commodity pricing and domestic rig counts over the last 12 months are illustrated below:

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Currently, 21of our25drilling rigs are earning revenues,18of which are under term contracts, which if not canceled or renewed prior to the end of their terms, will expire as follows:

	Spot Market Contracts		Term Contract Expiration by Period
		Total Term Contracts	Within 6 Months	6 Months to 1 Year	1 Year to 18 Months	18 Months to 2 Years	2 to 4 Years
Domestic rigs	3	12	6	3	2	—	1
International rigs	—	6	4	2	—	—	—
	3	18	10	5	2	—	1

Unlike our domestic term contracts, our international drilling contracts are cancelable by our clients without penalty, although the contracts require 15 to 30 days notice and payment for demobilization services.The spot contracts for our domestic drilling rigs are also terminable by our client with30days notice and include a required payment for demobilization services. We are actively marketing our idle drilling rigs, as well as those that have terms expiring in the near term or that we otherwise expect to complete their current contracts in the short term.

As compared to our drilling services businesses which generally perform one type of service under longer-term contracts, our production services businesses perform a range of services that are more short-term in nature, and for which demand can, at times, experience quicker adjustments to regional demand and capacity. As compared to the second quarter of 2019, overall demand for our well servicing business was consistent with some slight pricing improvement, our wireline business experienced slight pricing improvements despite a 9% decline in the total number of jobs performed, and our coiled tubing business experienced both improved utilization and pricing during the quarter.

The level of exploration and production activity within a region can fluctuate due to a variety of factors which may directly or indirectly impact our operations in the region. A recent influx of coiled tubing equipment has led to excess capacity and increased competition in the South Texas and Rocky Mountain regions, while certain seasonal factors surrounding wildlife migration during the second quarter caused an interruption to the operations in affected areas of the Rocky Mountains. In Colorado, Senate Bill 19-181 was enacted in April 2019, which gives the state’s oil and gas conservation commission and the state’s local governments more authority over oil and gas operations, and which could lead to newly imposed regulations that may impede our clients’ ability to operate in the region, and similarly reduce demand for the services that we provide in this region. At the end of September 2019, we were operating ten wireline units and six well servicing rigs in Colorado, which we believe can be redeployed to other markets should future regulations negatively impact demand.

The continuing trend toward longer lateral wellbores and the enhanced efficiency of the equipment in our industry, in combination with current commodity prices and more disciplined spending by exploration and production companies, has contributed to some oversupply of equipment in our industry, declining rig counts and reduced completion activity. Although we expect a competitive market environment and some additional clients to decrease their activity during the remainder of 2019 due to budget constraints, we remain focused on improving margins through realignment of certain businesses and reducing costs, and we believe our high-quality equipment, services and excellent safety record position us well to compete.

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Liquidity and Capital Resources

Sources of Capital Resources

Our principal sources of liquidity currently consist of:

• total cash and cash equivalents ($28.0 million as of September 30, 2019);

• cash generated from operations ($8.6 million during the nine months ended September 30, 2019);

• proceeds from sales of assets; ($4.8 million during the nine months ended September 30, 2019); and

• the availability under our asset-based lending facility ($50.6 million as of September 30, 2019).

Our asset-based lending facility (the “ABL Facility”) provides for a senior secured revolving asset-based credit facility, with sub-limits for letters of credit, of up to a current aggregate commitment amount of $75 million, subject to availability under a borrowing base generally comprised of a percentage of our accounts receivable and inventory. The ABL Facility is generally set to mature 90 days prior to the maturity of the Term Loan, subject to certain circumstances, including the future repayment, extinguishment or refinancing of our Term Loan and/or Senior Notes prior to their respective maturity dates.

We have not drawn upon our ABL Facility to date. As of September 30, 2019, we had $9.4 million in committed letters of credit, which, after borrowing base limitations, resulted in borrowing availability of $50.6 million. Borrowings available under the ABL Facility are available for general corporate purposes, and there are no limitations on our ability to access the borrowing capacity provided there is no default and compliance with the covenants under the ABL Facility is maintained. Additional information regarding these covenants is provided in the Debt Compliance Requirements section below.

In the future, we may also consider equity and/or debt offerings, as appropriate, to meet our liquidity needs. On May 22, 2018, we filed a registration statement that permits us to sell equity or debt in one or more offerings up to a total dollar amount of $300 million. As of September 30, 2019, the entire$300 millionunder the shelf registration statement is available for equity or debt offerings, subject to the limitations imposed by our Term Loan, ABL Facility and Senior Notes. Our ability to access the capital markets by issuing debt or equity securities will be dependent on market conditions, our financial condition, and other factors beyond our control.

We currently expect that cash and cash equivalents, cash generated from operations, proceeds from sales of assets, and available funds under our ABL Facility are adequate to cover our liquidity requirements for at least the next 12 months.

Uses of Capital Resources

Our principal liquidity requirements are currently for:

• working capital needs;

• debt service; and

• capital expenditures.

Our operations have historically generated cash flows sufficient to meet our requirements for debt service and normal capital expenditures. However, our capital requirements generally increase during periods when rig construction projects are in progress or during periods of expansion in our production services business, at which times we have been more likely to access capital through equity or debt financing. Additionally, our working capital needs may increase in periods of increasing activity following a sustained period of low activity. During periods of sustained low activity and pricing, we may also access additional capital through the use of available funds under our ABL Facility.

We believe that we will have sufficient liquidity to fund our business and operations for at least the next 12 months. While the Term Loan is not expected to mature until December 2021, we continue to proactively explore various strategic and other alternatives to address the uncertainties related to our ability to refinance our outstanding debts as their maturities approach.

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Working Capital — Our working capital was $97.5 million at September 30, 2019, compared to $110.3 million at December 31, 2018. Our current ratio, which we calculate by dividing current assets by current liabilities, was 2.0 at September 30, 2019, as compared to 2.1 at December 31, 2018. The changes in the components of our working capital were as follows (amounts in thousands), and as described below:

	September 30, 2019		December 31, 2018		Change
Cash and cash equivalents	$	26,955	$	53,566	$	(26,611	)
Restricted cash	998		998		—
Receivables:
Trade, net of allowance for doubtful accounts	81,039		76,924		4,115
Unbilled receivables	20,906		24,822		(3,916		)
Insurance recoveries	23,186		23,656		(470		)
Other receivables	7,421		5,479		1,942
Inventory	22,086		18,898		3,188
Assets held for sale	6,233		3,582		2,651
Prepaid expenses and other current assets	6,991		7,109		(118		)
Current assets	195,815		215,034		(19,219		)
Accounts payable	32,127		34,134		(2,007		)
Deferred revenues	1,616		1,722		(106		)
Accrued expenses:
Employee compensation and related costs	22,489		24,598		(2,109		)
Insurance claims and settlements	22,991		23,593		(602		)
Insurance premiums and deductibles	6,036		5,482		554
Interest	1,008		6,148		(5,140		)
Other	12,035		9,091		2,944
Current liabilities	98,302		104,768		(6,466		)
Working capital	$	97,513	$	110,266	$	(12,753	)

• Cash and cash equivalents— The decrease in cash and cash equivalents during 2019 is primarily due to $40.5 million of cash used for the purchase of property and equipment, offset in part by $8.6 million of cash provided by operating activities and $4.8 million of proceeds from the sale of property and equipment.

• Trade and unbilled receivables— The net increase in our total trade and unbilled receivables during 2019 is primarily due to the 3%increase in our revenues during the quarter ended September 30, 2019, as compared to the quarter ended December 31, 2018. Our domestic trade receivables generally turn over within 60 days, and our Colombian trade receivables generally turn over within 120 days.

• Other receivables — The increase in other receivables during 2019 is primarily due to an increase in recoverable income tax receivables attributable to the increase in activity for our international operations.

• Inventory — The increase in inventory during 2019 is primarily due to an increase in inventory for our international operations’ spare parts and supplies supporting rigs working in remote locations.

• Assets held for sale— As of September 30, 2019, ourcondensed consolidatedbalance sheet reflects assets held for sale of $6.2 million, which includes the fair value of buildings and yards for one domestic drilling yard and two closed wireline locations, both of which were designated as held for sale in 2019, onedomestic SCR drilling rig,two coiled tubing units, and spare support equipment.As of December 31, 2018, ourcondensed consolidatedbalance sheet reflects assets held for sale of $3.6 million, which primarily represents the fair value of onedomestic SCR drilling rig and related spare equipment and three coiled tubing units. For additional information, see Note 4, Property and Equipment of the Notes to Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q.

• Prepaid expenses and other current assets — The decrease in prepaid expenses and other current assets during 2019 is primarily due to the amortization of prepaid insurance premiums which are generally paid annually in October, which

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was largely offset by an increase in deferred mobilization costs for one domestic drilling rig that moved between geographic regions.

• Accounts payable — Our accounts payable generally turn over within 90 days. The decrease in accounts payable during 2019 is primarily due to a $4.3 milliondecrease in our accruals for capital expenditures, which was partially offset by an increase in accounts payable primarily attributable to the 4%increase in our operating costs for the quarter ended September 30, 2019 as compared to the quarter ended December 31, 2018.

• Deferred revenues— The decrease in deferred revenues during 2019 is primarily due to deferred revenue amortization, offset by increases associated with the deployment of rigs under five new domestic and four new international contracts in 2019.

• Employee compensation and related costs — The decrease in employee compensation and related costs during 2019 resulted from a decrease in accrued incentive cash compensation associated with the payment of 2018 annual bonuses in the first quarter of $6.6 million, the $3.5 million settlement of our phantom stock unit awards that vested in April 2019, and the termination of both our annual and long-term cash incentive awards in September 2019. The overall decrease was net of $9.8 million of incentive compensation that was granted in September 2019 and paid in October 2019.

• Accrued interest— The decrease in accrued interest expense during 2019 is primarily due to the payment of interest on our Senior Notes which is due semi-annually on March 15^th and September 15^th each year.

• Other accrued expenses— The increase in other accrued expenses during 2019 is primarily due to the recognition of $2.2 million of current operating lease liabilities upon our adoption of ASU No. 2016-02, Leases, and its related amendments, as of January 1, 2019. For additional information about adoption of this standard, see Note 1, Organization and Summary of Significant Accounting Policies and Note 3, Leases, of the Notes to Unaudited Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q. The increase in other accrued expenses during 2019 is also related to an increase in accrued taxes associated with the increase in revenues for our international operations.

Debt and Other Contractual Obligations — The following table includes information about the amount and timing of our contractual obligations atSeptember 30, 2019(amounts are undiscounted and in thousands):

	Payments Due by Period
Contractual Obligations	Total		Within 1 Year		2 to 3 Years		4 to 5 Years		Beyond 5 Years
Debt	$	475,000	$	—	$	475,000	$	—	$	—
Interest on debt	93,713		35,525		58,188		—		—
Purchase commitments	4,238		4,238		—		—		—
Operating leases	9,278		2,499		3,594		2,144		1,041
Incentive compensation	10,820		10,163		657		—		—
	$	593,049	$	52,425	$	537,439	$	2,144	$	1,041

• Debt — Debt obligations at September 30, 2019 consist of $300 million of principal amount outstanding under our Senior Notes which mature on March 15, 2022 and $175 million of principal amount outstanding under our Term Loan which is expected to mature December 14, 2021. As of September 30, 2019, we had no debt outstanding under our ABL Facility.

• Interest on debt— Interest payment obligations on our Senior Notes are calculated based on the coupon interest rate of 6.125% due semi-annually in arrears on March 15 and September 15 of each year until maturity on March 15, 2022. Interest payment obligations on our Term Loan were estimated based on (1) the 9.8% interest rate that was in effect at September 30, 2019, and (2) the principal balance of $175 million at September 30, 2019, and assuming repayment of the outstanding balance occurs at December 14, 2021.

• Purchase commitments —Purchase commitments generally relate to capital projects for the repair, upgrade and maintenance of our equipment, the construction or purchase of new equipment, and purchase orders for various job and inventory supplies. AtSeptember 30, 2019, our purchase commitments primarily pertain to$1.8 millionof inventory and job supplies for our coiled tubing operations as well as various refurbishments and upgrades to our drilling and production services fleets.

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• Operating leases — Our operating lease obligations relate to long-term lease agreements for office space, operating facilities, field personnel housing, and office equipment.

• Incentive compensation — Incentive compensation is payable to our employees, generally contingent upon their continued employment through the date of each respective award’s payout. A portion of our long-term incentive compensation is performance-based, and therefore, the final amount will be determined based on our actual performance relative to a pre-determined peer group over the performance period. At September 30, 2019, our incentive compensation payable primarily relates to $9.8 million of incentive compensation for awards which were granted in September, in conjunction with the termination of the 2019 annual bonus incentive awards and the cancellation of all prior long-term cash incentive awards, and which was subsequently paid in October 2019.

Debt Compliance Requirements — The following is a summary of our debt compliance requirements including covenants, restrictions and guarantees, all of which are described in more detail in Note 6, Debt, and Note 12, Guarantor/Non-Guarantor Condensed Consolidating Financial Statements, of the Notes to Unaudited Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q.

The Term Loan contains a financial covenant requiring the ratio of (i) the net orderly liquidation value of our fixed assets (based on appraisals obtained as required by our lenders), on a consolidated basis, in which the lenders under the Term Loan maintain a first priority security interest, plus proceeds of asset dispositions not required to be used to effect a prepayment of the Term Loan to (ii) the outstanding principal amount of the Term Loan, to be at least equal to 1.50 to 1.00 as of any June 30 or December 31 of any calendar year through maturity. As of June 30, 2019, the asset coverage ratio, as calculated under the Term Loan, was 2.41 to 1.00.

The Term Loan contains customary mandatory prepayments from the proceeds of certain transactions including certain asset dispositions and debt issuances, and has additional customary restrictions that limit our ability to enter into various transactions. In addition, the Term Loan contains customary events of default, upon the occurrence and during the continuation of any of which the applicable margin would increase by 2% per year. Our obligations under the Term Loan are guaranteed by our wholly-owned domestic subsidiaries, and are secured by substantially all of our domestic assets, in each case, subject to certain exceptions and permitted liens.

The ABL Facility also contains customary restrictive covenants which, subject to certain exceptions, limit, among other things, our ability to enter into certain transactions. Additionally, if our availability under the ABL Facility is less than 15% of the maximum amount (or$11.25 million), we are required to maintain a minimum fixed charge coverage ratio, as defined in the ABL Facility, of at least 1.00 to 1.00, measured on a trailing 12 month basis.

Our obligations under the ABL Facility are guaranteed by us and our domestic subsidiaries, subject to certain exceptions, and are secured by (i) a first-priority perfected security interest in all inventory and cash, and (ii) a second-priority perfected security in substantially all of our tangible and intangible assets, in each case, subject to certain exceptions and permitted liens.

The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our existing domestic subsidiaries and by certain of our future domestic subsidiaries.The subsidiaries that generally operate our non-U.S. business concentrated in Colombia do not guarantee our Senior Notes.Our Senior Notes are not subject to any sinking fund requirements. The Indenture governing our Senior Notes contains additional restrictive covenants that limit our ability to enter into various transactions.

As of September 30, 2019, we were in compliance with all covenants required by our Term Loan, ABL Facility and Senior Notes.

Capital Expenditures — During the nine months ended September 30, 2019, we spent $40.5 million on purchases of property and equipment and placed into service property and equipment of $36.3 million. Currently, we expect to spend approximately$46 million to $49 millionon capital expenditures during2019, which includes approximately $8 millionfor final payments on the construction of the new-build drilling rig and previous commitments on high-pressure pump packages for coiled tubing completion operations, all of which were made earlier in the year.

Actual capital expenditures may vary depending on the climate of our industry and any resulting increase or decrease in activity levels, the timing of commitments and payments, and the level of rig build and other expansion opportunities that meet our strategic and return on capital employed criteria.We expect to fundthe remaining capital expendituresin2019

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from operating cash flow in excess of our working capital requirements, althoughproceeds from sales of assets, remaining proceeds from our Term Loan issuance, and available borrowings under our ABL Facility are also available, if necessary.

Results of Operations

Statements of Operations Analysis

The following table provides certain information about our operations, including details of each of our business segments’ revenues, operating costs and gross margin for thethree and nine months ended September 30, 2019 and 2018(amounts in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Revenues:
Domestic drilling	$	38,168		$	36,586		$	115,829		$	108,146
International drilling	21,617			23,131			68,682			62,515
Drilling services	59,785			59,717			184,511			170,661
Well servicing	30,293			24,369			86,053			68,645
Wireline services	43,874			52,654			137,134			171,392
Coiled tubing services	12,446			12,592			38,111			37,894
Production services	86,613			89,615			261,298			277,931
Consolidated revenues	$	146,398		$	149,332		$	445,809		$	448,592
Operating costs:
Domestic drilling	$	21,931		$	21,650		$	69,098		$	64,297
International drilling	15,844			19,013			50,884			49,038
Drilling services	37,775			40,663			119,982			113,335
Well servicing	21,414			17,193			61,348			49,443
Wireline services	38,349			40,840			119,500			130,042
Coiled tubing services	10,521			10,265			31,784			33,104
Production services	70,284			68,298			212,632			212,589
Consolidated operating costs	$	108,059		$	108,961		$	332,614		$	325,924
Gross margin:
Domestic drilling	$	16,237		$	14,936		$	46,731		$	43,849
International drilling	5,773			4,118			17,798			13,477
Drilling services	22,010			19,054			64,529			57,326
Well servicing	8,879			7,176			24,705			19,202
Wireline services	5,525			11,814			17,634			41,350
Coiled tubing services	1,925			2,327			6,327			4,790
Production services	16,329			21,317			48,666			65,342
Consolidated gross margin	$	38,339		$	40,371		$	113,195		$	122,668
Consolidated:
Net loss	$	(26,016	)	$	(5,233	)	$	(54,075	)	$	(34,524	)
Adjusted EBITDA (1)	$	7,053		$	28,576		$	47,643		$	68,881

(1)    Adjusted EBITDA represents income (loss) before interest expense, income tax (expense) benefit, depreciation and amortization, impairment, and any loss on extinguishment of debt. Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities or (c) as a measure of liquidity. In addition,

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Adjusted EBITDA does not represent funds available for discretionary use. Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies.

A reconciliation of net loss, as reported, to Adjusted EBITDA, and toconsolidated gross margin, are set forth in the following table:

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
	(amounts in thousands)
Net loss	$	(26,016	)	$	(5,233	)	$	(54,075	)	$	(34,524	)
Depreciation	22,924			23,501			68,428			70,535
Impairment	—			239			1,378			2,607
Interest expense	10,013			9,811			30,003			28,966
Income tax expense	132			258			1,909			1,297
Adjusted EBITDA	7,053			28,576			47,643			68,881
General and administrative	30,485			14,043			68,271			58,066
Bad debt expense (recovery), net	196			111			(90		)	(311		)
Loss (gain) on dispositions of property and equipment, net	17			(1,861		)	(2,184		)	(2,922		)
Other expense (income)	588			(498		)	(445		)	(1,046		)
Consolidated gross margin	$	38,339		$	40,371		$	113,195		$	122,668

Consolidated gross margin— Our consolidated gross margindecreased by $2.0 million, or 5%, and $9.5 million, or 8%, for the three and nine months ended September 30, 2019, respectively, as compared to the corresponding periods in 2018, due to a decline in demand for our wireline services, despite an increase in gross margin for all our other business segments in 2019. The $2.0 million and $9.5 million overall decreases in consolidated gross margin were net of $4.7 million and $12.7 million combined increases in gross margin for our drilling services and well servicing segments.

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• DrillingServices— Our drilling services revenues increased slightly for the three months ended September 30, 2019 and by $13.9 million, or 8%, for the nine months ended September 30, 2019, as compared to the corresponding periods in 2018, while operating costs decreased by $2.9 million, or 7%, and increased by $6.6 million, or 6%, respectively. The increases in margin for the three and nine months ended September 30, 2019 are primarily due to the deployment of our newest AC drilling rig in March 2019, the benefit of early termination revenues during 2019 on two domestic drilling contracts and increased revenues associated with the demobilization of rigs in Colombia. The following table provides operating statistics for each of our drilling services segments:

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Domestic drilling:
Average number of drilling rigs	17			16			17			16
Utilization rate	88		%	99		%	94		%	100		%
Revenue days	1,383			1,459			4,279			4,353
Average revenues per day	$	27,598		$	25,076		$	27,069		$	24,844
Average operating costs per day	15,858			14,839			16,148			14,771
Average margin per day	$	11,740		$	10,237		$	10,921		$	10,073
International drilling:
Average number of drilling rigs	8			8			8			8
Utilization rate	71		%	76		%	79		%	79		%
Revenue days	521			562			1,724			1,733
Average revenues per day	$	41,491		$	41,158		$	39,839		$	36,073
Average operating costs per day	30,411			33,831			29,515			28,297
Average margin per day	$	11,080		$	7,327		$	10,324		$	7,776

Our domestic drilling average revenues and margin per day for the three and nine months ended September 30, 2019 increased as compared to the corresponding periods in 2018, primarily due to $2.2 million and $2.6 million of revenues, respectively, for the early termination of two of our drilling contracts and the deployment of our newest AC drilling rig in March 2019, as well as increasing dayrates during 2019, despite the impact of four rigs that re-priced downward in the second half of 2018 from historically high pre-downturn rates. These increases were partially offset by the impact of reduced utilization in 2019, as compared to 2018.

Our international average revenues and margin per day increased for the three and nine months ended September 30, 2019, as compared to the corresponding periods in 2018, primarily due to $1.4 million of revenues associated with the demobilization of three rigs in Colombia during the third quarter of 2019, as well as increasing dayrates during late 2018 and early 2019. Average margin per day during these periods also benefited from reduced costs associated with mobilization and demobilization activity during 2019 as compared to 2018.

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• Production Services— Our revenues from production services decreased by $3.0 million, or 3%, and $16.6 million, or 6%, for the three and nine months ended September 30, 2019, respectively, as compared to the corresponding periods in 2018, while operating costs increased$2.0 million, or 3%, for the three months ended September 30, 2019, and operating costs for the nine months ended September 30, 2019 were comparable with the corresponding period in 2018. The decrease in revenue is a result of the decreased demand for wireline completion services, partially offset by increased demand for our well servicing business which experienced a 25% increase in revenue and a 29% increase in gross margin during 2019. The following table provides operating statistics for each of our production services segments:

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Well servicing:
Average number of rigs	125			125			125			125
Utilization rate	59		%	51		%	58		%	49		%
Rig hours	52,210			44,155			151,169			127,800
Average revenue per hour	$	580		$	552		$	569		$	537
Wireline services:
Average number of units	94			104			98			107
Number of jobs	2,077			2,684			6,697			8,536
Average revenue per job	$	21,124		$	19,618		$	20,477		$	20,079
Coiled tubing services:
Average number of units	9			11			9			13
Revenue days	339			362			997			1,126
Average revenue per day	$	36,714		$	34,785		$	38,226		$	33,654

Our well servicing business experienced increases in demand during the three and nine months ended September 30, 2019, as compared to the corresponding periods in 2018, as the number of completed wells increased during the recovery of our industry, resulting in a larger inventory of producing wells that now require ongoing maintenance. Our well servicing rig hours increased by 18% in each period, while revenues per hour increased by 5% and 6%for the three and nine months ended September 30, 2019, respectively, as compared to the corresponding periods in 2018.

Our wireline services business segment experienced decreases of 23% and 22% in the number of jobs completed during the three and nine months ended September 30, 2019, as compared to the corresponding periods in 2018, respectively, while average revenues per job increased8% and 2%, respectively. These decreases in activity were primarily a result of decreased demand for completion-related activity during the three and nine months ended September 30, 2019, as compared to the corresponding periods in 2018, when we experienced higher demand for services to complete both newly drilled wells and the remaining inventory of wells which had been drilled in prior periods but were not yet completed.

Our coiled tubing services business experienced decreases of 6% and 11% in revenue days for the three and nine months ended September 30, 2019, respectively, as compared to the corresponding periods in 2018, while average revenue per day increased6% and 14%. A recent influx of coiled tubing equipment has led to excess capacity and increased competition in the South Texas and Rocky Mountain regions, while certain seasonal factors surrounding wildlife migration during the second quarter caused an interruption to the operations in affected areas of the Rocky Mountains. The increases in average revenue per day were primarily due to a larger proportion of the work performed with larger diameter coiled tubing units, including the addition of two new large-diameter coiled tubing units which were placed in service in July and December 2018. Large-diameter coiled tubing units typically earn higher revenue rates as compared to smaller diameter coiled tubing units.

Depreciation expense — Our depreciation expense decreased by $0.6 million and $2.1 millionfor the three and nine months ended September 30, 2019, respectively, primarily in our wireline and coiled tubing segments, which currently operate with an overall smaller fleet as compared to the corresponding periods in 2018.

Impairment— During the nine months ended September 30, 2019 and 2018, we recognized impairment charges of $1.4 million and $2.6 million, respectively, to reduce the carrying values of certain assets which were classified as held for sale, to their estimated fair values based on expected sale prices. For more detail, see Note 4, Property and Equipment, of the

40

Notes to Condensed ConsolidatedFinancial Statements, included in Part I, Item 1, Financial Statements, of this Quarterly Report on Form 10-Q.

Interest expense — Our interest expense increased by $1.0 million during the nine months ended September 30, 2019, as compared to the corresponding period in 2018, primarily due to an increase in the LIBOR interest rate applicable to our Term Loan. For more detail see, Note 6, Debt, of the Notes to Condensed ConsolidatedFinancial Statements, included in Part I, Item 1, Financial Statements, of this Quarterly Report on Form 10-Q.

Income tax expense— Our effective tax rates differ from the applicable U.S. statutory rates due to a number of factors, including valuation allowances, impact of permanent items and the mix of profit and loss between federal, state and international taxing jurisdictions.

General and administrative expense —Our general and administrative expenseincreased by $16.4 million and $10.2 millionfor the three and nine months ended September 30, 2019, respectively, as compared to the corresponding periods in 2018, primarily due to a net increase in incentive compensation of $9.7 million and $9.1 million, respectively, associated with retention and incentive compensation awards granted in the third quarter of 2019, concurrent with the termination of the previous annual and long-term cash incentive awards. The change in the fair value of our phantom stock unit awards also impacted our general and administrative expense, which resulted in an increase of $3.6 million during the three months ended September 30, 2019 and a decrease of $2.9 million during the nine months ended September 30, 2019, as compared to the corresponding periods in 2018, respectively. Various other expenses contributed to the overall increase in expenses during these periods, including an increase in professional fees of $1.5 million and $2.5 millionfor the three and nine months ended September 30, 2019, respectively, as compared to the corresponding period in 2018, as well as an increase in rent expense associated with the termination of several leases for locations closed during the third quarter.

Loss (gain) on dispositions of property and equipment, net— During the nine months ended September 30, 2019, we recognized a net gain of $2.2 million on the disposition of drill pipe and various other property and equipment, including some assets which were previously held for sale, as well as insurance proceeds received for damaged equipment. During the nine months ended September 30, 2018, we recognized a net gain of$2.9 millionon the disposition of various property and equipment, including the sale offivecoiled tubing units,twelvewireline units, andonedrilling rig, which was previously held for sale.

Other expense (income)— The decrease in our other expense (income) is primarily related to net foreign currency losses recognized for our Colombian operations during the three and nine months ended September 30, 2019, as compared to net foreign currency gains during the corresponding periods in 2018.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Actual results could differ from those estimates. Except for those related to the adoption of ASC Topic 842 discussed below, as of September 30, 2019, there were no significant changes to our critical accounting policies since the date of our annual report on Form 10-K for the year ended December 31, 2018.

Leases— In February 2016, the FASB issued ASU No. 2016-02, Leases, which among other things, requires lessees to recognize substantially all leases on the balance sheet, with expense recognition that is similar to the former lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance in ASC Topic 606. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, which provides an option to apply the guidance prospectively, and provides a practical expedient allowing lessors to combine the lease and non-lease components of revenues where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component.

As a lessor, we elected to apply the practical expedient which allows us to continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in ourunaudited condensed consolidatedstatements of operations. As a lessee, this standard primarily impacts our accounting for long-term real estate and office equipment leases, for which we recognized an operating lease asset and a corresponding operating

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lease liability on ourunaudited condensed consolidatedbalance sheet of$9.8 millionat the adoption date of January 1, 2019. For leases that commenced prior to adoption of ASC Topic 842, we elected to apply the package of practical expedients which allows us to carry forward the historical lease classification. The adoption of ASC Topic 842 also resulted in a cumulative effect adjustment of$0.3 millionafter applicable income taxes, related to the write off of previously unamortized deferred lease liabilities at the date of adoption. For more information about the accounting under ASC Topic 842, and disclosures under the new standard, see Note3, Leases, of the Notes to Unaudited Condensed ConsolidatedFinancial Statements, included in Part I, Item 1Financial Statements, of this Quarterly Report on Form 10-Q.

Accounting estimates — Material estimates that are particularly susceptible to significant changes in the near term relate to our estimates of certain variable revenues and amortization periods of certain deferred revenues and costs associated with drilling daywork contacts, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance and our estimate of compensation-related accruals.

• In accordance with ASC Topic 606, Revenue from Contracts with Customers, we estimate certain variable revenues associated with the demobilization of our drilling rigs under daywork drilling contracts. We also make estimates of the applicable amortization periods for deferred mobilization costs, and for mobilization revenues related to cancelable term contracts which represent a material right to our clients. These estimates and assumptions are described in more detail in Note 2, Revenue from Contracts with Customers. In order to make these estimates, management considers all the facts and circumstances pertaining to each particular contract, our past experience and knowledge of current market conditions. For more information, see Note 2, Revenue from Contracts with Customers, of the Notes to Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q.

• In accordance with ASC Topic 360, Property, Plant and Equipment, we monitor all indicators of potential impairments. Due to lower than anticipated operating results and a decline in our projected cash flows for the coiled tubing reporting unit, we performed an impairment analysis of this reporting unit at September 30, 2019. As a result of this analysis, we concluded that this reporting unit was not at risk of impairment because the estimated fair value of the reporting unit’s assets was in excess of the carrying value.The assumptions we use in the evaluation for impairment are inherently uncertain and require management judgment.Although we believe the assumptions and estimates used in our impairment analysis are reasonable, different assumptions and estimates could materially impact the analysis and resulting conclusions.The most significant inputs used in our impairment analysis include the projected utilization and pricing of our services, as well as the estimated proceeds upon any future sale or disposal of the assets, all of which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures.If commodity prices decrease or remain at current levels for an extended period of time, or if the demand for any of our services decreases below what we are currently projecting, our estimated cash flows may decrease and our estimates of the fair value of certain assets may decrease as well. If any of the foregoing were to occur, we could incur impairment charges on the related assets. For more information, see Note 4, Property and Equipment, of the Notes to Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q.

• As ofSeptember 30, 2019, we had $101.3 million and $6.9 millionof deferred tax assets related to domestic and foreign net operating losses, respectively, that are available to reduce future taxable income.In assessing the realizability of our deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.As result, as ofSeptember 30, 2019, we had a valuation allowance of $69.7 million that offsets a portion of our domestic and foreign net deferred tax assets.Since 2017, market conditions and operating results for our Colombian operations have improved, and if they continue to improve, then we may determine that there is sufficient evidence that future taxable income will be generated to utilize our foreign deferred tax assets which would result in the reversal of a portion of the valuation allowance relating to our foreign deferred tax assets. For more information, see Note 5, Valuation Allowances on Deferred Tax Assets, of the Notes to Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q.

• We use a combination of self-insurance and third-party insurance for various types of coverage. We have stop-loss coverage of $200,000 per covered individual per year under our health insurance and a deductible of $500,000 per occurrence under our workers’ compensation insurance. We have a deductible of $250,000 per occurrence under both our general liability insurance and auto liability insurance, as well as an additional annual aggregate deductible of

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$250,000 under our general liability insurance. At September 30, 2019, our accrued insurance premiums and deductibles include approximately $1.1 million of accruals for costs incurred under the self-insurance portion of our health insurance and approximately $3.6 million of accruals for costs associated with our workers’ compensation insurance. We accrue for these costs as claims are incurred using an actuarial calculation that is based on industry and our company’s historical claim development data, and we accrue the cost of administrative services associated with claims processing.

• Our compensation expense includes estimates for certain of our long-term incentive compensation plans which have performance-based award components dependent upon our performance over a set performance period, as compared to the performance of a pre-defined peer group. The accruals for these awards include estimates which affect our compensation expense, employee related accruals and equity. The accruals are adjusted based on actual achievement levels at the end of the pre-determined performance periods. Additionally, our phantom stock unit awards are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation, because we expect to settle the awards in cash when they vest, and are remeasured at fair value at the end of each reporting period until they vest. The change in fair value is recognized as a current period compensation expense in our condensed consolidated statements of operations.Therefore, changes in the inputs used to measure fair value can result in volatility in our compensation expense. This volatility increases as the phantom stock awards approach the vesting date. For more information, see Note 9, Stock-Based Compensation Plans, of the Notes to Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q.

Recently Issued Accounting Standards

For a detail of recently issued accounting standards, see Note 1, Organization and Summary of Significant Accounting Policies, of the Notes to Condensed ConsolidatedFinancial Statements, included in Part I, Item 1,Financial Statements, of this Quarterly Report on Form 10-Q.

Recent Developments

On October 19, 2019, the Colombian Constitutional Court declared Colombia’s 2018 Tax Reform unconstitutional due to procedural flaws in the approval process, however, the decision is not effective until January 1, 2020. The Colombian government is currently working to reenact the tax reform through the correct procedure, to take effect on January 1, 2020. If a new tax reform package is not agreed to by that time, the tax regime prior to 2018 will be in effect as of January 1, 2020, in which case we would account for any potential changes in the fourth quarter of 2019.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our exposure to market risk primarily consists of (i) interest rate risk associated with our variable rate debt and (ii) foreign currency exchange rate risk associated with our Colombian operations.

Interest Rate Risk — We are exposed to interest rate market risk on our variable rate debt. We do not use financial instruments for trading or other speculative purposes. As of September 30, 2019, the principal amount under our Term Loan was $175 million, which is our only variable rate debt with an outstanding balance. The impact of a hypothetical 1% increase or decrease in interest rates on this amount of debt would have resulted in a corresponding increase or decrease, respectively, in interest expense of approximately $1.3 million during the nine months ended September 30, 2019. This potential increase or decrease is based on the simplified assumption that the level of variable rate debt remains constant with an immediate across-the-board interest rate increase or decrease as of January 1, 2019.

Foreign Currency Risk — While the U.S. dollar is the functional currency for reporting purposes for our Colombian operations, we enter into transactions denominated in Colombian Pesos. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the period. Income statement accounts are translated at average rates for the period. As a result, Colombian Peso denominated transactions are affected by changes in exchange rates. We generally accept the exposure to exchange rate movements without using derivative financial instruments to manage this risk. Therefore, both positive and negative movements in the Colombian Peso currency exchange rate against the U.S. dollar have and will continue to affect the reported amount of revenues, expenses, profit, and assets and liabilities in our consolidated financial statements. The impact of currency rate changes on our Colombian Peso denominated transactions and balances resulted in net foreign currency losses of $0.5 million for the nine months ended September 30, 2019.

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ITEM 4. CONTROLS AND PROCEDURES

In accordance with Exchange Act Rules 13a-15 and 15d-15, we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2019, to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

In the ordinary course of business, we may make changes to our systems and processes to improve controls and increase efficiency, and make changes to our internal controls over financial reporting in order to ensure that we maintain an effective internal control environment.

There has been no change in our internal control over financial reporting that occurred during the three months endedSeptember 30, 2019 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are involved in routine litigation or subject to disputes or claims arising out of our business activities, including workers’ compensation claims and employment-related disputes. In the opinion of our management, none of the pending litigation, disputes or claims against us will have a material adverse effect on our financial condition, results of operations or cash flows.

ITEM 1A. RISK FACTORS

There has been no material change in our risk factors as previously disclosed in Item 1A – “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”). In addition to the other factors set forth in this Form 10-Q, you should carefully consider the factors discussed in Item 1A – “Risk Factors” in our 2018 Form 10-K, which could materially affect our business, financial condition or future results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

We did not make any unregistered sales of equity securities during the quarter ended September 30, 2019. We did not repurchase any common shares during the quarter ended September 30, 2019.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

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ITEM 6. EXHIBITS

The following exhibits are filed as part of this report:

Exhibit Number		Description
3.1*	-	Restated Articles of Incorporation of Pioneer Energy Services Corp. (Form 8-K dated May 22, 2017 (File No. 1-8182, Exhibit 3.1)).
3.2*	-	Amended and Restated Bylaws of Pioneer Energy Services Corp. (Form 8-K dated July 2, 2019 (File No. 1-8182, Exhibit 3.1)).
4.1*	-	Form of Certificate representing Common Stock of Pioneer Energy Services Corp. (Form 10-Q dated August 7, 2012 (File No. 1-8182, Exhibit 4.1)).
4.2*	-	Indenture, dated March 18, 2014, by and among Pioneer Energy Services Corp., the subsidiaries named as guarantors therein and Wells Fargo Bank, National Association, as trustee (Form 8-K dated March 18, 2014 (File No. 1-8182, Exhibit 4.1)).
4.3*	-	Registration Rights Agreement, dated March 18, 2014, by and among Pioneer Energy Services Corp., the subsidiaries named as guarantors therein and the initial purchasers party thereto (Form 8-K dated March 18, 2014 (File No. 1-8182, Exhibit 10.1)).
10.1+*	-	Form of Retention Bonus Agreement (Form 8-K dated September 13, 2019 (File No. 1-8182, Exhibit 10.1)).
10.2+*	-	Pioneer Energy Services Corp. 2019 Employee Incentive Plan (Form 8-K dated September 13, 2019 (File No. 1-8182, Exhibit 10.2)).
10.3+*	-	Form of Bonus Award Letter (2019 Employee Incentive Plan) (Form 8-K dated September 13, 2019, (File No. 1-8182, Exhibit 10.3)).
31.1**	-	Certification by Wm. Stacy Locke, President and Chief Executive Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934.
31.2**	-	Certification by Lorne E. Phillips, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934.
32.1#	-	Certification by Wm. Stacy Locke, President and Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2#	-	Certification by Lorne E. Phillips, Executive Vice President and Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	-	XBRL Instance Document
101.SCH	-	XBRL Taxonomy Schema Document
101.CAL	-	XBRL Calculation Linkbase Document
101.LAB	-	XBRL Label Linkbase Document
101.PRE	-	XBRL Presentation Linkbase Document
101.DEF	-	XBRL Definition Linkbase Document
*	Incorporated by reference to the filing indicated.
**	Filed herewith.
#	Furnished herewith.
+	Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIONEER ENERGY SERVICES CORP.

/s/ Lorne E. Phillips

Lorne E. Phillips

Executive Vice President and Chief Financial Officer

(Principal Financial Officer and Duly Authorized Officer)

Dated: October 31, 2019

48

EX-31.1

Exhibit 31.1

I, Wm. Stacy Locke, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Pioneer Energy Services Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

October 31, 2019

/s/ Wm. Stacy Locke

Wm. Stacy Locke

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

I, Lorne E. Phillips, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Pioneer Energy Services Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

October 31, 2019

/s/ Lorne E. Phillips

Lorne E. Phillips

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Officer’s Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

(18 U.S.C 1350)

In connection with the Quarterly Report on Form 10-Q of Pioneer Energy Services Corp., a Texas corporation, (the “Company”) for the quarter ended September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Wm. Stacy Locke, President and Chief Executive Officer, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to the best of his knowledge:

(1) The Report is in full compliance with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	October 31, 2019	/s/ Wm. Stacy Locke
		Wm. Stacy Locke
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Officer’s Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

(18 U.S.C 1350)

In connection with the Quarterly Report on Form 10-Q of Pioneer Energy Services Corp., a Texas corporation, (the “Company”) for the quarter ended September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Lorne E. Phillips, Executive Vice President and Chief Financial Officer, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to the best of his knowledge:

(1) The Report is in full compliance with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	October 31, 2019	/s/ Lorne E. Phillips
		Lorne E. Phillips
		Executive Vice President and Chief Financial Officer

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Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Cash Flows)) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	$ 8,638	$ 21,490
Cash flows from investing activities:
Purchases of property and equipment	(40,543)	(48,778)
Proceeds from sale of property and equipment	4,778	4,665
Proceeds from insurance recoveries	641	980
Net cash provided by (used in) investing activities	(35,124)	(43,133)
Cash flows from financing activities:
Proceeds from exercise of options	0	12
Purchase of treasury stock	(125)	(549)
Proceeds from (Payments for) Contributions from Affiliates	0	0
Net cash used in financing activities	(125)	(537)
Net decrease in cash, cash equivalents and restricted cash	(26,611)	(22,180)
Beginning cash, cash equivalents, and restricted cash	54,564	75,648
Ending cash, cash equivalents, and restricted cash	27,953	53,468
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	0	0
Cash flows from investing activities:
Purchases of property and equipment	0	0
Proceeds from sale of property and equipment	0	0
Proceeds from insurance recoveries	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Proceeds from exercise of options		0
Purchase of treasury stock	0	0
Proceeds from (Payments for) Contributions from Affiliates	0	0
Net cash used in financing activities	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Beginning cash, cash equivalents, and restricted cash	0	0
Ending cash, cash equivalents, and restricted cash	0	0
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	41,854	60,269
Cash flows from investing activities:
Purchases of property and equipment	(36,644)	(43,374)
Proceeds from sale of property and equipment	4,688	4,648
Proceeds from insurance recoveries	641	965
Net cash provided by (used in) investing activities	(31,315)	(37,761)
Cash flows from financing activities:
Proceeds from exercise of options		0
Purchase of treasury stock	0	0
Proceeds from (Payments for) Contributions from Affiliates	(10,539)	(22,508)
Net cash used in financing activities	(10,539)	(22,508)
Net decrease in cash, cash equivalents and restricted cash	0	0
Beginning cash, cash equivalents, and restricted cash	0	0
Ending cash, cash equivalents, and restricted cash	0	0
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	4,961	4,687
Cash flows from investing activities:
Purchases of property and equipment	(3,262)	(4,642)
Proceeds from sale of property and equipment	90	17
Proceeds from insurance recoveries	0	15
Net cash provided by (used in) investing activities	(3,172)	(4,610)
Cash flows from financing activities:
Proceeds from exercise of options		0
Purchase of treasury stock	0	0
Proceeds from (Payments for) Contributions from Affiliates	(245)	(276)
Net cash used in financing activities	(245)	(276)
Net decrease in cash, cash equivalents and restricted cash	1,544	(199)
Beginning cash, cash equivalents, and restricted cash	3,216	3,263
Ending cash, cash equivalents, and restricted cash	4,760	3,064
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	(38,177)	(43,466)
Cash flows from investing activities:
Purchases of property and equipment	(637)	(762)
Proceeds from sale of property and equipment	0	0
Proceeds from insurance recoveries	0	0
Net cash provided by (used in) investing activities	(637)	(762)
Cash flows from financing activities:
Proceeds from exercise of options		12
Purchase of treasury stock	(125)	(549)
Proceeds from (Payments for) Contributions from Affiliates	10,784	22,784
Net cash used in financing activities	10,659	22,247
Net decrease in cash, cash equivalents and restricted cash	(28,155)	(21,981)
Beginning cash, cash equivalents, and restricted cash	51,348	72,385
Ending cash, cash equivalents, and restricted cash	$ 23,193	$ 50,404

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Valuation Allowances on Deferred Tax Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$ 101,332	$ 96,777
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	6,931	9,582
Deferred Tax Assets, Valuation Allowance	$ 69,678	$ 62,639
Loss Generated Through 2016 [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Statutory Carryforward Period	12 years
Loss Generated After 2017 [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Loss Limit of Taxable Income, Tax Reform Act, Provisions in Effect	80.00%
Minimum [Member] | Loss Generated Through 2017 [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2030
Minimum [Member] | Loss Generated Through 2016 [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2029

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Leases Operating Lease Maturities Under ASC 842 (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Lease Liability Maturities Under ASC 842 [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 2,499
Lessee, Operating Lease, Liability, Payments, Due Year Two	1,970
Lessee, Operating Lease, Liability, Payments, Due Year Three	1,624
Lessee, Operating Lease, Liability, Payments, Due Year Four	1,235
Lessee, Operating Lease, Liability, Payments, Due Year Five	909
Lessee, Operating Lease, Liability, Payments, Due after Year Five	1,041
Lessee, Operating Lease, Liability, Payments, Due	9,278
Impact of discounting	(909)
Discounted value of operating lease obligations	8,369
Current operating lease liabilities	2,180
Noncurrent operating lease liabilities	$ 6,189	$ 0

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Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	$ 280,250	$ 362,625
Estimate of Fair Value Measurement [Member] | Phantom Share Units (PSUs) [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value	100
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	114,000	186,750
Estimate of Fair Value Measurement [Member] | Term Loan [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	166,250	175,875
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	466,887	464,552
Reported Value Measurement [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	297,628	296,988
Reported Value Measurement [Member] | Term Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	$ 169,259	$ 167,564

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Liabilities, Fair Value Disclosure [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents supplemental fair value information and carrying value for our debt, net of discount and debt issuance costs (amounts in thousands):

		September 30, 2019				December 31, 2018
	Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior notes	2	$	297,628	$	114,000	$	296,988	$	186,750
Senior secured term loan	3	169,259		$	166,250	167,564		175,875
		$	466,887	$	280,250	$	464,552	$	362,625

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Revenue from Contracts with Customers (Policies)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Policy Text Block]

Revenue from Contracts with Customers

Our production services business segments earn revenues for well servicing, wireline services and coiled tubing services pursuant to master services agreements based on purchase orders or other contractual arrangements with the client. Production services jobs are generally short-term (ranging in duration from several hours to less than30days) and are charged at current market rates for the labor, equipment and materials necessary to complete the job.Production services jobs are varied in nature, but typically represent a single performance obligation, either for a particular job, a series of distinct jobs, or a period of time during which we stand ready to provide services as our client needs them. Revenue is recognized for these services over time, as the services are performed.

Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts.Daywork contracts are comprehensive agreements under which we provide a comprehensive service offering, including the drilling rig, crew, supplies and most of the ancillary equipment necessary to operate the rig.Contract modifications that extend the term of a dayrate contract are generally accounted for prospectively as a separate dayrate contract.We account for our services provided under daywork contracts as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Accordingly, dayrate revenues are recognized in the period during which the services are performed.

With most drilling contracts, we also receive payments contractually designated for the mobilization and demobilization of drilling rigs and other equipment to and from the client’s drill site. Revenues associated with the mobilization and demobilization of our drilling rigs to and from the client’s drill site do not relate to a distinct good or service and are recognized ratably over the related contract term.

The amount of demobilization revenue that we ultimately collect is dependent upon the specific contractual terms, most of which include provisions for reduced (or no) payment for demobilization when, among other things, the contract is renewed or extended with the same client, or when the rig is subsequently contracted with another client prior to the termination of the current contract. Since revenues associated with demobilization activity are typically variable, at each period end, they are estimated at the most likely amount, and constrained when the likelihood of a significant reversal is probable. Any change in the expected amount of demobilization revenue is accounted for with the net cumulative impact of the change in estimate recognized in the period during which the revenue estimate is revised.

The upfront costs that we incur to mobilize the drilling rig to our client’s initial drilling site are capitalized and recognized ratably over the term of the related contract, including any contracted renewal or extension periods, which is our estimate of the period during which we expect to benefit from the cost of mobilizing the rig. Costs associated with the final demobilization at the end of the contract term are expensed when incurred, when the demobilization activity is performed.

We also act as a principal for certain reimbursable services and auxiliary equipment provided by us to our clients, for which we incur costs and earn revenues, many of which are variable, or dependent upon the activity that is actually performed each day under the related contract. Accordingly, reimbursements that we receive for out-of-pocket expenses are recorded as revenues and the out-of-pocket expenses for which they relate are recorded as operating costs during the period to which they relate within the series of distinct time increments.

All of our revenues are recognized net of sales taxes, when applicable.

Revenue Recognition, Deferred Revenue [Policy Text Block]

Contract asset and contract liability balances relate to demobilization and mobilization revenues, respectively. Demobilization revenue that we expect to receive is recognized ratably over the related contract term, but invoiced upon completion of the demobilization activity. Mobilization revenue, which is typically collected upon the completion of the initial mobilization activity, is deferred and recognized ratably over the related contract term. Contract asset and liability balances are netted at the contract level, with the net current and noncurrent portions separately classified in ourcondensed consolidatedbalance sheets, and referred to herein as “deferred revenues.”

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Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contracts with Customer [Abstract]

Schedule of Deferred Revenues and Costs [Table Text Block]

Our current and noncurrent deferred revenues and costs as ofSeptember 30, 2019 and December 31, 2018were as follows (amounts in thousands):

	September 30, 2019		December 31, 2018
Current deferred revenues	$	1,616	$	1,722
Current deferred costs	2,418		1,543
Noncurrent deferred revenues	$	77	$	437
Noncurrent deferred costs	130		679

Schedule of Amortization of Deferred Revenue and Costs [Table Text Block]

Amortization of deferred revenues and costs during the three and nine months ended September 30, 2019 and 2018 were as follows (amounts in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Amortization of deferred revenues	$	1,219	$	720	$	3,453	$	1,762
Amortization of deferred costs	1,293		1,100		3,389		2,050

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Organization and Summary of Significant Accounting Policies (Production Services Business) (Details)	Sep. 30, 2019 coiled_tubing_units well_service_rigs wireline_tubing_units
Well Servicing [Member] | Production Services [Member]
Accounting Policies [Line Items]
Well Servicing Rigs	124
Well Servicing [Member] | 550 Horsepower [Member]
Accounting Policies [Line Items]
Well Servicing Rigs	112
Well Servicing [Member] | 600 Horsepower [Member]
Accounting Policies [Line Items]
Well Servicing Rigs	12
Wireline Services [Member] | Production Services [Member]
Accounting Policies [Line Items]
Wireline Units | wireline_tubing_units	93
Coiled Tubing Services [Member] | Production Services [Member]
Accounting Policies [Line Items]
Coiled Tubing Units | coiled_tubing_units	9

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain financial information for each of our segments and corporate (amounts in thousands):

	As of and for the three months ended September 30,				As of and for the nine months ended September 30,
	2019		2018		2019		2018
Revenues:
Domestic drilling	$	38,168	$	36,586	$	115,829	$	108,146
International drilling	21,617		23,131		68,682		62,515
Drilling services	59,785		59,717		184,511		170,661
Well servicing	30,293		24,369		86,053		68,645
Wireline services	43,874		52,654		137,134		171,392
Coiled tubing services	12,446		12,592		38,111		37,894
Production services	86,613		89,615		261,298		277,931
Consolidated revenues	$	146,398	$	149,332	$	445,809	$	448,592
Operating costs:
Domestic drilling	$	21,931	$	21,650	$	69,098	$	64,297
International drilling	15,844		19,013		50,884		49,038
Drilling services	37,775		40,663		119,982		113,335
Well servicing	21,414		17,193		61,348		49,443
Wireline services	38,349		40,840		119,500		130,042
Coiled tubing services	10,521		10,265		31,784		33,104
Production services	70,284		68,298		212,632		212,589
Consolidated operating costs	$	108,059	$	108,961	$	332,614	$	325,924
Gross margin:
Domestic drilling	$	16,237	$	14,936	$	46,731	$	43,849
International drilling	5,773		4,118		17,798		13,477
Drilling services	22,010		19,054		64,529		57,326
Well servicing	8,879		7,176		24,705		19,202
Wireline services	5,525		11,814		17,634		41,350
Coiled tubing services	1,925		2,327		6,327		4,790
Production services	16,329		21,317		48,666		65,342
Consolidated gross margin	$	38,339	$	40,371	$	113,195	$	122,668
Identifiable Assets:
Domestic drilling (1)	$	354,534	$	375,982	$	354,534	$	375,982
International drilling (1) (2)	47,320		41,807		47,320		41,807
Drilling services	401,854		417,789		401,854		417,789
Well servicing	118,686		123,933		118,686		123,933
Wireline services	80,054		96,585		80,054		96,585
Coiled tubing services	34,339		34,866		34,339		34,866
Production services	233,079		255,384		233,079		255,384
Corporate	54,760		79,702		54,760		79,702
Consolidated identifiable assets	$	689,693	$	752,875	$	689,693	$	752,875
Depreciation:
Domestic drilling	$	10,864	$	10,358	$	32,297	$	30,946
International drilling	1,512		1,463		4,228		4,211
Drilling services	12,376		11,821		36,525		35,157
Well servicing	5,132		4,903		14,956		14,688
Wireline services	3,537		4,518		11,519		13,727
Coiled tubing services	1,660		1,991		4,719		6,137
Production services	10,329		11,412		31,194		34,552
Corporate	219		268		709		826
Consolidated depreciation	$	22,924	$	23,501	$	68,428	$	70,535

	As of and for the three months ended September 30,				As of and for the nine months ended September 30,
	2019		2018		2019		2018
Capital Expenditures:
Domestic drilling	$	2,777	$	6,274	$	14,344	$	13,768
International drilling	1,162		264		3,444		4,177
Drilling services	3,939		6,538		17,788		17,945
Well servicing	2,146		2,989		8,182		8,441
Wireline services	775		3,973		5,198		12,563
Coiled tubing services	1,756		4,498		4,567		12,479
Production services	4,677		11,460		17,947		33,483
Corporate	44		419		541		914
Consolidated capital expenditures	$	8,660	$	18,417	$	36,276	$	52,342

(1) Identifiable assets for our drilling segments include the impact of a $37.5 million and $39.4 million intercompany balance, as of September 30, 2019 and 2018, respectively, between our domestic drilling segment (intercompany receivable) and our international drilling segment (intercompany payable).

(2) Identifiable assets for our international drilling segment include five drilling rigs that are owned by our Colombia subsidiary and three drilling rigs that are owned by one of our domestic subsidiaries and leased to our Colombia subsidiary.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table reconciles theconsolidated gross margin of our segments reported above to loss from operations as reported on the condensed consolidated statements of operations (amounts in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Consolidated gross margin	$	38,339		$	40,371		$	113,195		$	122,668
Depreciation	(22,924		)	(23,501		)	(68,428		)	(70,535		)
General and administrative	(30,485		)	(14,043		)	(68,271		)	(58,066		)
Bad debt (expense) recovery, net	(196		)	(111		)	90			311
Impairment	—			(239		)	(1,378		)	(2,607		)
Gain (loss) on dispositions of property and equipment, net	(17		)	1,861			2,184			2,922
Income (loss) from operations	$	(15,283	)	$	4,338		$	(22,608	)	$	(5,307	)

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Leases (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Regional Offices	25	25
Variable Lease Payments	$ 300	$ 900
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating Lease Renewal Term Options	1 year	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating Lease Renewal Term Options	5 years	5 years

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Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Long-term Debt

Debt

Our debt consists of the following (amounts in thousands):

	September 30, 2019			December 31, 2018
Senior secured term loan	$	175,000		$	175,000
Senior notes	300,000			300,000
	475,000			475,000
Less unamortized discount (based on imputed interest rate of 10.46%)	(2,077		)	(2,668		)
Less unamortized debt issuance costs	(6,036		)	(7,780		)
	$	466,887		$	464,552

Senior Secured Term Loan

Our senior secured term loan (the “Term Loan”) entered into on November 8, 2017 provided for one drawing in the amount of $175 million, net of a 2% original issue discount.Proceeds from the issuance of the Term Loan were used to repay the entire outstanding balance under our previous credit facility, plus fees and accrued and unpaid interest, as well as the fees and expenses associated with entering into the Term Loan and ABL Facility, which is further described below.The remainder of the proceeds are available to be used for other general corporate purposes.

The Term Loan is not subject to amortization payments of principal. Interest on the principal amount accrues at the LIBOR rate or the base rate as defined in the agreement, at our option, plus an applicable margin of 7.75% and 6.75%, respectively. The Term Loan is set to mature on November 8, 2022, or earlier, subject to certain circumstances as described in the agreement, and including an earlier maturity date if the outstanding balance of the Senior Notes exceeds $15.0 million on December 14, 2021, at which time the Term Loan would then mature. However, the Term Loan may be prepaid, at our option, at any time, in whole or in part, subject to a minimum of $5 million, and subject to a declining call premium as defined in the agreement.

The Term Loan contains a financial covenant requiring the ratio of (i) the net orderly liquidation value of our fixed assets (based on appraisals obtained as required by our lenders), on a consolidated basis, in which the lenders under the Term Loan maintain a first priority security interest, plus proceeds of asset dispositions not required to be used to effect a prepayment of the Term Loan to (ii) the outstanding principal amount of the Term Loan, to be at least equal to 1.50 to 1.00 as of any June 30 or December 31 of any calendar year through maturity.

The Term Loan contains customary mandatory prepayments from the proceeds of certain transactions including certain asset dispositions and debt issuances, and has additional customary restrictions that, among other things, and subject to certain exceptions, limit our ability to:

• incur additional debt;

• incur or permit liens on assets;

• make investments and acquisitions;

• consolidate or merge with another company;

• engage in asset sales; and

• pay dividends or make distributions.

In addition, the Term Loan contains customary events of default, upon the occurrence and during the continuation of any of which the applicable margin would increase by 2% per year, including without limitation:

• payment defaults;

• covenant defaults;

• material breaches of representations or warranties;

• event of default under, or acceleration of, other material indebtedness;

• bankruptcy or insolvency;

• material judgments against us;

• failure of any security document supporting the Term Loan; and

• change of control.

Our obligations under the Term Loan are guaranteed by our wholly-owned domestic subsidiaries, and are secured by substantially all of our domestic assets, in each case, subject to certain exceptions and permitted liens.

Asset-based Lending Facility

In addition to entering into the Term Loan, on November 8, 2017, we also entered into a senior secured revolving asset-based credit facility (the “ABL Facility”) providing for borrowings in the aggregate principal amount of up to $75 million, subject to a borrowing base and including a $30 million sub-limit for letters of credit. The ABL Facility bears interest, at our option, at the LIBOR rate or the base rate as defined in the ABL Facility, plus an applicable margin ranging from 1.75% to 3.25%, based on average availability on the ABL Facility.The ABL Facility requires a commitment fee due monthly based on the average monthly unused amount of the commitments of the lenders, a fronting fee due for each letter of credit issued, and a monthly letter of credit fee due based on the average undrawn amount of letters of credit outstanding during such period.The ABL Facility is generally set to mature 90 days prior to the maturity of the Term Loan, subject to certain circumstances, including the future repayment, extinguishment or refinancing of our Term Loan and/or Senior Notes prior to their respective maturity dates. Availability under the ABL Facility is determined by reference to a borrowing base as defined in the agreement, generally comprised of a percentage of our accounts receivable and inventory.

We have not drawn upon the ABL Facilityto date. As ofSeptember 30, 2019, we had $9.4 million in committed letters of credit, which, after borrowing base limitations, resulted in borrowing availability of $50.6 million. Borrowings available under the ABL Facility are available for general corporate purposes, and there are no limitations on our ability to access the borrowing capacity provided there is no default and compliance with the covenants under the ABL Facility is maintained.Additionally, if our availability under the ABL Facility is less than 15% of the maximum amount (or$11.25 million), we are required to maintain a minimum fixed charge coverage ratio, as defined in the ABL Facility, of at least 1.00 to 1.00, measured on a trailing 12 month basis.

The ABL Facility also contains customary restrictive covenants which, subject to certain exceptions, limit, among other things, our ability to:

• declare dividends and make other distributions;

• issue or sell certain equity interests;

• optionally prepay, redeem or repurchase certain of our subordinated indebtedness;

• make loans or investments (including acquisitions);

• incur additional indebtedness or modify the terms of permitted indebtedness;

• grant liens;

• change our business or the business of our subsidiaries;

• merge, consolidate, reorganize, recapitalize, or reclassify our equity interests;

• sell our assets, and

• enter into certain types of transactions with affiliates.

Our obligations under the ABL Facility are guaranteed by us and our domestic subsidiaries, subject to certain exceptions, and are secured by (i) a first-priority perfected security interest in all inventory and cash, and (ii) a second-priority perfected security in substantially all of our tangible and intangible assets, in each case, subject to certain exceptions and permitted liens.

Senior Notes

In 2014, we issued $300 million of unregistered senior notes at face value, with a coupon interest rate of 6.125% that are due in 2022 (the “Senior Notes”). The Senior Notes will mature on March 15, 2022 with interest due semi-annually in arrears on March 15 and September 15 of each year. We have the option to redeem the Senior Notes, in whole or in part, in each case at the redemption price specified in the Indenture dated March 18, 2014 (the “Indenture”) plus any accrued and unpaid interest and any additional interest (as defined in the Indenture) thereon to the date of redemption.

In accordance with a registration rights agreement with the holders of our Senior Notes, we filed an exchange offer registration statement on Form S-4 with the Securities and Exchange Commission that became effective on October 2, 2014. The exchange offer registration statement enabled the holders of our Senior Notes to exchange their senior notes for publicly registered notes with substantially identical terms. References to the “Senior Notes” herein include the senior notes issued in the exchange offer.

If we experience a change of control (as defined in the Indenture), we will be required to make an offer to each holder of the Senior Notes to repurchase all or any part of the Senior Notes at a purchase price equal to101%of the principal amount of each Senior Note, plus accrued and unpaid interest, if any, to the date of repurchase. If we engage in certain asset sales, within 365 days of such sale we will be required to use the net cash proceeds from such sale, to the extent we do not reinvest those proceeds in our business, to make an offer to repurchase the Senior Notes at a price equal to100%of the principal amount of each Senior Note, plus accrued and unpaid interest to the repurchase date.

The Indenture, among other things, limits us and certain of our subsidiaries, subject to certain exceptions, in our ability to:

• pay dividends on stock, repurchase stock, redeem subordinated indebtedness or make other restricted payments and investments;

• incur, assume or guarantee additional indebtedness or issue preferred or disqualified stock;

• create liens on our or their assets;

• enter into sale and leaseback transactions;

• sell or transfer assets;

• borrow, pay dividends, or transfer other assets from certain of our subsidiaries;

• consolidate with or merge with or into, or sell all or substantially all of our properties to any other person;

• enter into transactions with affiliates; and

• enter into new lines of business.

The Senior Notes are not subject to any sinking fund requirements. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by certain of our existing domestic subsidiaries and by certain of our future domestic subsidiaries. (See Note 12, Guarantor/Non-Guarantor Condensed Consolidating Financial Statements.)

Debt Issuance Costs and Original Issue Discount

Costs incurred in connection with the issuance of our Senior Notes were capitalized and are being amortized using the effective interest method over the term of the Senior Notes which mature in March 2022. The original issue discount and costs incurred in connection with the issuance of the Term Loan were capitalized and are being amortized using the effective interest method over the expected term of the agreement. Costs incurred in connection with the ABL Facility were capitalized and are being amortized using the straight-line method over the expected term of the agreement.

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Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

Segment Information

We have five operating segments, comprised of two drilling services business segments (domestic and international drilling) and three production services business segments (well servicing, wireline services and coiled tubing services), which reflects the basis used by management in making decisions regarding our business for resource allocation and performance assessment, as required by ASC Topic 280, Segment Reporting.

Our domestic and international drilling services segments provide contract land drilling services to a diverse group of exploration and production companies through our three drilling divisions in the US and internationally in Colombia.We provide a comprehensive service offering which includes the drilling rig, crews, supplies and most of the ancillary equipment needed to operate our drilling rigs.

Our well servicing, wireline services and coiled tubing services segments provide a range of production services to producers primarily in Texas and the Mid-Continent and Rocky Mountain regions, as well as in North Dakota, Louisiana and Mississippi.

The following tables set forth certain financial information for each of our segments and corporate (amounts in thousands):

	As of and for the three months ended September 30,				As of and for the nine months ended September 30,
	2019		2018		2019		2018
Revenues:
Domestic drilling	$	38,168	$	36,586	$	115,829	$	108,146
International drilling	21,617		23,131		68,682		62,515
Drilling services	59,785		59,717		184,511		170,661
Well servicing	30,293		24,369		86,053		68,645
Wireline services	43,874		52,654		137,134		171,392
Coiled tubing services	12,446		12,592		38,111		37,894
Production services	86,613		89,615		261,298		277,931
Consolidated revenues	$	146,398	$	149,332	$	445,809	$	448,592
Operating costs:
Domestic drilling	$	21,931	$	21,650	$	69,098	$	64,297
International drilling	15,844		19,013		50,884		49,038
Drilling services	37,775		40,663		119,982		113,335
Well servicing	21,414		17,193		61,348		49,443
Wireline services	38,349		40,840		119,500		130,042
Coiled tubing services	10,521		10,265		31,784		33,104
Production services	70,284		68,298		212,632		212,589
Consolidated operating costs	$	108,059	$	108,961	$	332,614	$	325,924
Gross margin:
Domestic drilling	$	16,237	$	14,936	$	46,731	$	43,849
International drilling	5,773		4,118		17,798		13,477
Drilling services	22,010		19,054		64,529		57,326
Well servicing	8,879		7,176		24,705		19,202
Wireline services	5,525		11,814		17,634		41,350
Coiled tubing services	1,925		2,327		6,327		4,790
Production services	16,329		21,317		48,666		65,342
Consolidated gross margin	$	38,339	$	40,371	$	113,195	$	122,668
Identifiable Assets:
Domestic drilling (1)	$	354,534	$	375,982	$	354,534	$	375,982
International drilling (1) (2)	47,320		41,807		47,320		41,807
Drilling services	401,854		417,789		401,854		417,789
Well servicing	118,686		123,933		118,686		123,933
Wireline services	80,054		96,585		80,054		96,585
Coiled tubing services	34,339		34,866		34,339		34,866
Production services	233,079		255,384		233,079		255,384
Corporate	54,760		79,702		54,760		79,702
Consolidated identifiable assets	$	689,693	$	752,875	$	689,693	$	752,875
Depreciation:
Domestic drilling	$	10,864	$	10,358	$	32,297	$	30,946
International drilling	1,512		1,463		4,228		4,211
Drilling services	12,376		11,821		36,525		35,157
Well servicing	5,132		4,903		14,956		14,688
Wireline services	3,537		4,518		11,519		13,727
Coiled tubing services	1,660		1,991		4,719		6,137
Production services	10,329		11,412		31,194		34,552
Corporate	219		268		709		826
Consolidated depreciation	$	22,924	$	23,501	$	68,428	$	70,535

	As of and for the three months ended September 30,				As of and for the nine months ended September 30,
	2019		2018		2019		2018
Capital Expenditures:
Domestic drilling	$	2,777	$	6,274	$	14,344	$	13,768
International drilling	1,162		264		3,444		4,177
Drilling services	3,939		6,538		17,788		17,945
Well servicing	2,146		2,989		8,182		8,441
Wireline services	775		3,973		5,198		12,563
Coiled tubing services	1,756		4,498		4,567		12,479
Production services	4,677		11,460		17,947		33,483
Corporate	44		419		541		914
Consolidated capital expenditures	$	8,660	$	18,417	$	36,276	$	52,342

(1) Identifiable assets for our drilling segments include the impact of a $37.5 million and $39.4 million intercompany balance, as of September 30, 2019 and 2018, respectively, between our domestic drilling segment (intercompany receivable) and our international drilling segment (intercompany payable).

(2) Identifiable assets for our international drilling segment include five drilling rigs that are owned by our Colombia subsidiary and three drilling rigs that are owned by one of our domestic subsidiaries and leased to our Colombia subsidiary.

The following table reconciles theconsolidated gross margin of our segments reported above to loss from operations as reported on the condensed consolidated statements of operations (amounts in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Consolidated gross margin	$	38,339		$	40,371		$	113,195		$	122,668
Depreciation	(22,924		)	(23,501		)	(68,428		)	(70,535		)
General and administrative	(30,485		)	(14,043		)	(68,271		)	(58,066		)
Bad debt (expense) recovery, net	(196		)	(111		)	90			311
Impairment	—			(239		)	(1,378		)	(2,607		)
Gain (loss) on dispositions of property and equipment, net	(17		)	1,861			2,184			2,922
Income (loss) from operations	$	(15,283	)	$	4,338		$	(22,608	)	$	(5,307	)

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Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Guarantor Obligations, Current Carrying Value	$ 70.2
Sales and Use Tax [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 1.9	$ 1.7

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Earnings (Loss) Per Common Share (Reconciliation of Earnings (loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator (both basic and diluted)
Net loss	$ (26,016)	$ (12,944)	$ (15,115)	$ (5,233)	$ (18,152)	$ (11,139)	$ (54,075)	$ (34,524)
Denominator
Weighted-average shares (denominator for basic earnings (loss) per share)	78,473			78,136			78,405	77,897
Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards	0			0			0	0
Denominator for diluted earnings (loss) per share	78,473			78,136			78,405	77,897
Loss per common share - Basic	$ (0.33)			$ (0.07)			$ (0.69)	$ (0.44)
Loss per common share - Diluted	$ (0.33)			$ (0.07)			$ (0.69)	$ (0.44)
Share-based Payment Arrangement [Member]
Denominator
Potentially dilutive securities excluded as anti-dilutive	5,577			3,964			4,962	4,895

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Consolidated Balance Sheet (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares outstanding	79,202,216	78,214,550
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	877,047	789,532

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Organization and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

Organization and Summary of Significant Accounting Policies

Business

Pioneer Energy Services Corp. provides land-based drilling services and production services to a diverse group of oil and gas exploration and production companies in the United States and internationally in Colombia.

Our drilling services business segments provide contract land drilling services through three domestic divisions which are located in the Marcellus/Utica, Permian Basin and Eagle Ford, and Bakken regions, and internationally in Colombia. We provide a comprehensive service offering which includes the drilling rig, crews, supplies and most of the ancillary equipment needed to operate our drilling rigs. Our drilling rigs are equipped with 1,500 horsepower or greater drawworks, are 100% pad-capable and offer the latest advancements in pad drilling. The following table summarizes our current rig fleet count and composition for each drilling services business segment:

	Multi-well, Pad-capable
	AC rigs	SCR rigs	Total
Domestic drilling	17	—	17
International drilling	—	8	8
			25

Our production services business segments provide well, wireline and coiled tubing servicesto producers primarily in Texas and the Mid-Continent and Rocky Mountain regions, as well as in North Dakota, Louisiana and Mississippi. As of September 30, 2019, the fleet count for each of our production services business segments are as follows:

	550 HP	600 HP	Total
Well servicing rigs, by horsepower (HP) rating	112	12	124
			Total
Wireline services units			93
Coiled tubing services units			9

Basis of Presentation

The accompanyingunaudited condensed consolidatedfinancial statements include the accounts of Pioneer Energy Services Corp. and our wholly owned subsidiaries.All intercompany balances and transactions have been eliminated in consolidation.The accompanyingunaudited condensed consolidatedfinancial statements have been prepared in accordance with accounting principles generally accepted in the United States of Americafor interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of our management, all adjustments (consisting of normal, recurring accruals) necessary for a fair presentation have been included. We suggest that you read theseunaudited condensed consolidatedfinancial statements together with the consolidated financial statements and the related notes included in our annual report on Form 10-K for the year endedDecember 31, 2018.

Use of Estimates — In preparing the accompanyingunaudited condensed consolidatedfinancial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities we report as of the dates of the balance sheets and income and expenses we report for the periods shown in the income statements and statements of cash flows.Our actual results could differ significantly from those estimates.Material estimates that are particularly susceptible to significant changes in the near term relate to our estimates of certain variable revenues and amortization periods of certain deferred revenues and costs associated with drilling daywork contacts, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance and our estimate of compensation-related accruals.

Subsequent Events — In preparing the accompanyingunaudited condensed consolidatedfinancial statements, we have reviewed events that have occurred afterSeptember 30, 2019, through the filing of thisForm 10-Q, for inclusion as necessary.

Change in Accounting Principle and Recently Issued Accounting Standards

Changes to accounting principles generally accepted in the United States of America (“U.S. GAAP”) are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). We consider the applicability and impact of all ASUs. Any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our consolidated financial position and results of operations.

Leases.In February 2016, the FASB issued ASU No. 2016-02, Leases, which among other things, requires lessees to recognize substantially all leases on the balance sheet, with expense recognition that is similar to the former lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance in ASC Topic 606. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, which provides an option to apply the guidance prospectively, and provides a practical expedient allowing lessors to combine the lease and non-lease components of revenues where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component.

As a lessor, we elected to apply the practical expedient which allows us to continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in ourunaudited condensed consolidatedstatements of operations. As a lessee, this standard primarily impacts our accounting for long-term real estate and office equipment leases, for which we recognized an operating lease asset and a corresponding operating lease liability on ourunaudited condensed consolidatedbalance sheet of$9.8 millionat the adoption date of January 1, 2019. For leases that commenced prior to adoption of ASC Topic 842, we elected to apply the package of practical expedients which allows us to carry forward the historical lease classification. The adoption of ASC Topic 842 also resulted in a cumulative effect adjustment of$0.3 millionafter applicable income taxes, related to the write off of previously unamortized deferred lease liabilities at the date of adoption. For more information about the accounting under ASC Topic 842, and disclosures under the new standard, see Note3, Leases.

Additional Detail of Account Balances

Cash Equivalents and Restricted Cash — Cash equivalents at September 30, 2019 and December 31, 2018 were $13.9 million and $40.6 million, respectively, consisting of investments in highly-liquid money-market mutual funds. Our restricted cash balance reflects the portion of net proceeds from the issuance of our senior secured term loan which are currently held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property.

Other Receivables — Our other receivables primarily consist of recoverable taxes related to our international operations, as well as net income tax receivables.

Prepaid Expenses and Other Current Assets —Prepaid expenses and other current assets include items such as insurance, rent deposits, software subscriptions and other fees. We routinely expense these items in the normal course of business over the periods that we benefit from these expenses. Prepaid expenses and other current assets also include deferred mobilization costs for short-term drilling contracts.

Other Noncurrent Assets— Other noncurrent assets consist of deferred mobilization costs on long-term drilling contracts, cash deposits related to the deductibles on our workers’ compensation insurance policies, and deferred compensation plan investments.

Other Accrued Expenses — Our other accrued expenses include accruals for items such as sales taxes, property taxes, withholding tax liabilities related to our international operations, and professional and other fees. We routinely expense these items in the normal course of business over the periods these expenses benefit. Our other accrued expenses also includes the current portion of the lease liability associated with our long-term operating leases.

Other Noncurrent Liabilities — Our other noncurrent liabilities consist of the noncurrent portion of deferred mobilization revenues and liabilities associated with our long-term compensation plans.

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Stock-Based Compensation Plans (Schedule of Phantom Stock Unit Activity) (Details) - Phantom Share Units (PSUs) [Member] - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Performance-based phantom stock unit awards [Member] | Phantom Stock Units, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	2,467,776
Weighted average grant date awards granted, fair value	$ 1.10
Performance-based phantom stock unit awards [Member] | Phantom Stock Units, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted		1,188,216
Weighted average grant date awards granted, fair value		$ 3.06
Time-based phantom stock unit awards [Member] | Phantom Stock Units, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	810,648
Weighted average grant date awards granted, fair value	$ 1.17
Time-based phantom stock unit awards [Member] | Phantom Stock Units, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted		0
Weighted average grant date awards granted, fair value		$ 0.00
Maximum [Member] | Performance-based phantom stock unit awards [Member] | Phantom Stock Units, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards	$ 4.62
Maximum [Member] | Performance-based phantom stock unit awards [Member] | Phantom Stock Units, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards		$ 9.66
Maximum [Member] | Time-based phantom stock unit awards [Member] | Phantom Stock Units, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards	$ 4.62
Maximum [Member] | Time-based phantom stock unit awards [Member] | Phantom Stock Units, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Maximum Cash Value of Phantom Stock Unit Awards		$ 0.00

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Revenue from Contracts with Customers Amortization of Deferred Revenues and Costs (Details) - Drilling Services [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Deferred Revenue Arrangement [Line Items]
Amortization of deferred revenues	$ 1,219	$ 720	$ 3,453	$ 1,762
Amortization of deferred costs	$ 1,293	$ 1,100	$ 3,389	$ 2,050

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Organization and Summary of Significant Accounting Policies (Drilling Services Business) (Details) - Drilling Services [Member]	Sep. 30, 2019 drilling_rigs
Accounting Policies [Line Items]
Drilling Rigs	25
Pad-Capable [Member]
Accounting Policies [Line Items]
Percentage of Drilling Fleet	100.00%
United States [Member] | Domestic Drilling [Member]
Accounting Policies [Line Items]
Drilling Divisions	3
Drilling Rigs	17
United States [Member] | AC [Member] | Domestic Drilling [Member]
Accounting Policies [Line Items]
Drilling Rigs	17
United States [Member] | SCR Drilling Rigs [Member] | Domestic Drilling [Member]
Accounting Policies [Line Items]
Drilling Rigs	0
Colombia [Member] | International Drilling [Member]
Accounting Policies [Line Items]
Drilling Rigs	8
Colombia [Member] | AC [Member] | International Drilling [Member]
Accounting Policies [Line Items]
Drilling Rigs	0
Colombia [Member] | SCR Drilling Rigs [Member] | International Drilling [Member]
Accounting Policies [Line Items]
Drilling Rigs	8

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Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table summarizes the stock-based compensation expense recognized, by award type, and the compensation expense (benefit) recognized for phantom stock unit awards during thethree and nine months ended September 30, 2019 and 2018 (amounts in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Stock option awards	$	31		$	101		$	105		$	342
Restricted stock awards	135			116			370			344
Restricted stock unit awards	653			822			1,538			2,709
	$	819		$	1,039		$	2,013		$	3,395
Phantom stock unit awards	$	(150	)	$	(3,722	)	$	(99	)	$	2,808

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Award Activity [Table Text Block]

The following table summarizes the number and weighted-average grant-date fair value of the restricted stock and restricted stock unit awards granted during the nine months ended September 30, 2019 and 2018:

	Nine months ended September 30,
	2019		2018
Restricted Stock:
Restricted stock awards granted	729,112		78,632
Weighted-average grant-date fair value (per share)	$	0.73	$	5.85
Time-based RSUs:
Time-based RSUs granted	870,648		788,377
Weighted-average grant-date fair value (per unit)	$	1.38	$	3.85

Schedule of Share-based Compensation, Phantom Stock Unit Award Activity [Table Text Block]

The following table summarizes the number, weighted-average grant-date fair value, and applicable maximum cash value of the phantom stock unit awards granted during the nine months ended September 30, 2019 and 2018:

	Nine months ended September 30,
	2019		2018
Performance-based:
Phantom stock unit awards granted	2,467,776		1,188,216
Weighted-average grant-date fair value (per unit)	$	1.10	$	3.06
Maximum cash value per unit (three times the grant date stock price)	$	4.62	$	9.66
Time-based:
Phantom stock unit awards granted	810,648		—
Weighted-average grant-date fair value (per unit)	$	1.17	$	—
Maximum cash value per unit (three times the grant date stock price)	$	4.62	$	—

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The FASB’s Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements and Disclosures, defines fair value and provides a hierarchal framework associated with the level of subjectivity used in measuring assets and liabilities at fair value. Our financial instruments consist primarily of cash and cash equivalents, trade and other receivables, trade payables, phantom stock unit awards and long-term debt.

The carrying value of cash and cash equivalents, trade and other receivables, and trade payables are considered to be representative of their respective fair values due to the short-term nature of these instruments. The phantom stock unit awards, and the measurement of fair value for these awards, are described in more detail in Note 9, Stock-Based Compensation Plans.At September 30, 2019, the estimated aggregate fair value of our phantom stock unit awards was $0.1 million.

The fair value of our Senior Notes is estimated based on recent observable market prices for our debt instruments, which are defined by ASC Topic 820 as Level 2 inputs. The fair value of our Term Loan is based on estimated market pricing for our debt instrument, which is defined by ASC Topic 820 as using Level 3 inputs which are unobservable and therefore more likely to be affected by changes in assumptions. The following table presents supplemental fair value information and carrying value for our debt, net of discount and debt issuance costs (amounts in thousands):

		September 30, 2019				December 31, 2018
	Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior notes	2	$	297,628	$	114,000	$	296,988	$	186,750
Senior secured term loan	3	169,259		$	166,250	167,564		175,875
		$	466,887	$	280,250	$	464,552	$	362,625

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

Commitments and Contingencies

In connection with our operations in Colombia, our foreign subsidiaries routinely obtain bonds for bidding on drilling contracts, performing under drilling contracts, and remitting customs and importation duties. We have guaranteed payments of $70.2 million relating to our performance under these bonds as of September 30, 2019. Based on historical experience and information currently available, we believe the likelihood of demand for payment under these bonds and guarantees is remote.

We are currently undergoing sales and use tax audits for multi-year periods.As ofSeptember 30, 2019 and December 31, 2018, our accrued liability was$1.9 million and $1.7 million, respectively, based on our estimate of the sales and use tax obligations that are expected to result from these audits. Due to the inherent uncertainty of the audit process, we believe that it is reasonably possible that we may incur additional tax assessments with respect to one or more of the audits in excess of the amount accrued. We believe that such an outcome would not have a material adverse effect on our results of operations or financial position. Because certain of these audits are in a preliminary stage, an estimate of the possible loss or range of loss from an adverse result in all or substantially all of these cases cannot reasonably be made.

Due to the nature of our business, we are, from time to time, involved in litigation or subject to disputes or claims related to our business activities, including workers’ compensation claims and employment-related disputes. Legal costs relating to these matters are expensed as incurred. In the opinion of our management, none of the pending litigation, disputes or claims against us will have a material adverse effect on our financial condition, results of operations or cash flow from operations.

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Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Apr. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price		$ 0.06
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period		3 years
Award Expiration Period		10 years
Granted		0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period		1 year
Awards granted		729,112	78,632
Weighted average grant date awards granted, fair value		$ 0.73	$ 5.85
Restricted Stock Units (RSUs) [Member] | Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period		3 years
Awards granted		870,648	788,377
Weighted average grant date awards granted, fair value		$ 1.38	$ 3.85
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period		39 months
Award Performance Period		3 years
Restricted Stock Units (RSUs) [Member] | Performance-Based RSUs, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Estimated Achievement Level, Percentage		80.00%
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sensitivity Analysis of Fair Value, Change in Compensation Cost Due to Change in Assumption, Impact of $1 Increase in Price of Common Stock		$ 1.2
Share-based Compensation Arrangement by Share-based Payment Award, Estimated Weighted Average Achievement Level, Percentage		67.00%
Phantom Share Units (PSUs) [Member] | Phantom Share Units, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid	$ 3.5
Share-based Payment Award, Actual Achievement Level, Percentage	175.00%
Time-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted			0
Weighted average grant date awards granted, fair value			$ 0.00
Time-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period		3 years
Awards granted		810,648
Weighted average grant date awards granted, fair value		$ 1.17
Performance-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period		39 months
Award Performance Period		3 years
Performance-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted			1,188,216
Weighted average grant date awards granted, fair value			$ 3.06
Performance-based phantom stock unit awards [Member] | Phantom Share Units (PSUs) [Member] | Phantom Stock Units, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted		2,467,776
Weighted average grant date awards granted, fair value		$ 1.10

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Condensed Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 26,955	$ 53,566
Restricted cash	998	998
Receivables:
Trade, net of allowance for doubtful accounts	81,039	76,924
Unbilled receivables	20,906	24,822
Insurance recoveries	23,186	23,656
Other receivables	7,421	5,479
Inventory	22,086	18,898
Assets held for sale	6,233	3,582
Prepaid expenses and other current assets	6,991	7,109
Total current assets	195,815	215,034
Property and equipment, at cost	1,118,488	1,118,215
Less accumulated depreciation	633,233	593,357
Net property and equipment	485,255	524,858
Operating lease assets	7,692	0
Other noncurrent assets	931	1,658
Total assets	689,693	741,550
Current liabilities:
Accounts payable	32,127	34,134
Deferred revenues	1,616	1,722
Accrued expenses:
Employee compensation and related costs	22,489	24,598
Insurance claims and settlements	22,991	23,593
Insurance premiums and deductibles	6,036	5,482
Interest	1,008	6,148
Other	12,035	9,091
Total current liabilities	98,302	104,768
Long-term debt, less unamortized discount and debt issuance costs	466,887	464,552
Noncurrent operating lease liabilities	6,189	0
Deferred income taxes	4,708	3,688
Other noncurrent liabilities	459	3,484
Total liabilities	576,545	576,492
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred stock, 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock $.10 par value; 200,000,000 shares authorized; 79,202,216 and 78,214,550 shares outstanding at September 30, 2019 and December 31, 2018, respectively	8,008	7,900
Additional paid-in capital	552,453	550,548
Treasury stock, at cost; 877,047 and 789,532 shares at September 30, 2019 and December 31, 2018, respectively	(5,090)	(4,965)
Accumulated deficit	(442,223)	(388,425)
Total shareholders' equity	113,148	165,058
Total liabilities and shareholders' equity	$ 689,693	$ 741,550

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (54,075)	$ (34,524)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	68,428	70,535
Allowance for doubtful accounts, net of recoveries	(90)	(311)
Write-off of obsolete inventory	502	0
Gain on dispositions of property and equipment, net	(2,184)	(2,922)
Stock-based compensation expense	2,013	3,395
Phantom stock compensation expense	(99)	2,808
Amortization of debt issuance costs and discount	2,335	2,153
Impairment	1,378	2,607
Deferred income taxes	1,020	189
Change in other noncurrent assets	3,125	541
Change in other noncurrent liabilities	(4,163)	(735)
Changes in current assets and liabilities:
Receivables	(2,126)	(16,549)
Inventory	(3,652)	(4,934)
Prepaid expenses and other current assets	30	329
Accounts payable	2,346	1,527
Deferred revenues	(106)	(173)
Accrued expenses	(6,044)	(2,446)
Net cash provided by operating activities	8,638	21,490
Cash flows from investing activities:
Purchases of property and equipment	(40,543)	(48,778)
Proceeds from sale of property and equipment	4,778	4,665
Proceeds from insurance recoveries	641	980
Net cash used in investing activities	(35,124)	(43,133)
Cash flows from financing activities:
Proceeds from exercise of options	0	12
Purchase of treasury stock	(125)	(549)
Net cash used in financing activities	(125)	(537)
Net decrease in cash, cash equivalents and restricted cash	(26,611)	(22,180)
Beginning cash, cash equivalents, and restricted cash	54,564	75,648
Ending cash, cash equivalents, and restricted cash	27,953	53,468
Supplementary disclosure:
Interest Paid	32,773	31,872
Income tax paid	3,103	2,739
Change in capital expenditure accruals	$ (4,267)	$ 3,564

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Segment Information (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) drilling_rigs	Sep. 30, 2018 USD ($) drilling_rigs	Sep. 30, 2019 USD ($) segments drilling_rigs	Sep. 30, 2018 USD ($) drilling_rigs	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segments			5
Revenues	$ 146,398	$ 149,332	$ 445,809	$ 448,592
Operating costs	108,059	108,961	332,614	325,924
Consolidated Gross Margin	38,339	40,371	113,195	122,668
Total assets	689,693	752,875	689,693	752,875	$ 741,550
Depreciation	22,924	23,501	68,428	70,535
Capital Expenditures	8,660	18,417	36,276	52,342
Related Party Transaction, Due from (to) Related Party, Current	0		$ 0		$ 0
Drilling Services [Member]
Segment Reporting Information [Line Items]
Number of Operating Segments | segments			2
Revenues	59,785	59,717	$ 184,511	170,661
Operating costs	37,775	40,663	119,982	113,335
Consolidated Gross Margin	22,010	19,054	64,529	57,326
Total assets	401,854	417,789	401,854	417,789
Depreciation	12,376	11,821	36,525	35,157
Capital Expenditures	$ 3,939	6,538	$ 17,788	17,945
Drilling Rigs | drilling_rigs	25		25
Drilling Services [Member] | Domestic Drilling [Member]
Segment Reporting Information [Line Items]
Revenues	$ 38,168	36,586	$ 115,829	108,146
Operating costs	21,931	21,650	69,098	64,297
Consolidated Gross Margin	16,237	14,936	46,731	43,849
Total assets	354,534	375,982	354,534	375,982
Depreciation	10,864	10,358	32,297	30,946
Capital Expenditures	2,777	6,274	14,344	13,768
Related Party Transaction, Due from (to) Related Party, Current	37,500	39,400	37,500	39,400
Drilling Services [Member] | International Drilling [Member]
Segment Reporting Information [Line Items]
Revenues	21,617	23,131	68,682	62,515
Operating costs	15,844	19,013	50,884	49,038
Consolidated Gross Margin	5,773	4,118	17,798	13,477
Total assets	47,320	41,807	47,320	41,807
Depreciation	1,512	1,463	4,228	4,211
Capital Expenditures	1,162	264	3,444	4,177
Related Party Transaction, Due from (to) Related Party, Current	$ (37,500)	$ (39,400)	$ (37,500)	$ (39,400)
Drilling Services [Member] | International Drilling [Member] | Drilling Rigs [Member]
Segment Reporting Information [Line Items]
Drilling Rigs | drilling_rigs	5	5	5	5
Drilling Services [Member] | International Drilling [Member] | Assets Leased From Others [Member]
Segment Reporting Information [Line Items]
Drilling Rigs | drilling_rigs	3	3	3	3
Drilling Services [Member] | United States [Member] | Domestic Drilling [Member]
Segment Reporting Information [Line Items]
Drilling Divisions	3		3
Drilling Rigs | drilling_rigs	17		17
Production Services [Member]
Segment Reporting Information [Line Items]
Number of Operating Segments | segments			3
Revenues	$ 86,613	$ 89,615	$ 261,298	$ 277,931
Operating costs	70,284	68,298	212,632	212,589
Consolidated Gross Margin	16,329	21,317	48,666	65,342
Total assets	233,079	255,384	233,079	255,384
Depreciation	10,329	11,412	31,194	34,552
Capital Expenditures	4,677	11,460	17,947	33,483
Production Services [Member] | Well Servicing [Member]
Segment Reporting Information [Line Items]
Revenues	30,293	24,369	86,053	68,645
Operating costs	21,414	17,193	61,348	49,443
Consolidated Gross Margin	8,879	7,176	24,705	19,202
Total assets	118,686	123,933	118,686	123,933
Depreciation	5,132	4,903	14,956	14,688
Capital Expenditures	2,146	2,989	8,182	8,441
Production Services [Member] | Wireline Services [Member]
Segment Reporting Information [Line Items]
Revenues	43,874	52,654	137,134	171,392
Operating costs	38,349	40,840	119,500	130,042
Consolidated Gross Margin	5,525	11,814	17,634	41,350
Total assets	80,054	96,585	80,054	96,585
Depreciation	3,537	4,518	11,519	13,727
Capital Expenditures	775	3,973	5,198	12,563
Production Services [Member] | Coiled Tubing Services [Member]
Segment Reporting Information [Line Items]
Revenues	12,446	12,592	38,111	37,894
Operating costs	10,521	10,265	31,784	33,104
Consolidated Gross Margin	1,925	2,327	6,327	4,790
Total assets	34,339	34,866	34,339	34,866
Depreciation	1,660	1,991	4,719	6,137
Capital Expenditures	1,756	4,498	4,567	12,479
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	54,760	79,702	54,760	79,702
Depreciation	219	268	709	826
Capital Expenditures	$ 44	$ 419	$ 541	$ 914

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Guarantor/Non Guarantor Condensed Consolidating Financial Statements Narrative (Details)	Mar. 18, 2014
Senior Notes [Member] | Senior Notes [Member]
Debt Instrument Domestic Subsidiaries That Secure Debt Obligations, Ownership Percentage	100.00%

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Debt (Details) $ in Thousands	Nov. 08, 2017 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Mar. 18, 2014 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities		$ 466,887	$ 464,552
Debt Issuance Costs, Net		(6,036)	(7,780)
Debt Instrument, Unamortized Discount		(2,077)	(2,668)
Debt Instrument, Interest Rate, Effective Percentage	10.46%
Senior Secured Revolving Asset-based Lending Facility [Abstract]
Amount outstanding		475,000	475,000
Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member]
Senior Secured Revolving Asset-based Lending Facility [Abstract]
Maximum borrowing capacity	$ 75,000
Letters of Credit Outstanding, Amount		9,400
Borrowing available		50,600
Debt Instrument, Covenant Compliance, Fixed Charge Coverage Ratio, Minimum Credit Availability Threshold for Covenant Requirement, Percentage	15.00%
Debt Instrument, Covenant Compliance, Fixed Charge Coverage Ratio, Minimum Credit Availability Threshold for Covenant Requirement, Amount	$ 11,250
Minimum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member] | Covenant Compliance Date, Trailing 12 Months [Member]
Senior Secured Revolving Asset-based Lending Facility [Abstract]
Debt Instrument, Covenant Compliance, Fixed Charge Cover Ratio, Required Minimum	1.00
Maximum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member]
Senior Secured Revolving Asset-based Lending Facility [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity, Letters of Credit Sub-Limit	$ 30,000
London Interbank Offered Rate (LIBOR) or Bank Base Rate [Member] | Minimum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member]
Senior Secured Term Loan [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.75%
London Interbank Offered Rate (LIBOR) or Bank Base Rate [Member] | Maximum [Member] | Revolving Asset-Based Lending Facility [Member] | Line of Credit [Member]
Senior Secured Term Loan [Abstract]
Debt Instrument, Basis Spread on Variable Rate	3.25%
Term Loan [Member]
Senior Secured Term Loan [Abstract]
Debt Instrument, Original issue discount Rate, Percentage	2.00%
Senior Notes [Abstract]
Debt Instrument, Face Amount	$ 175,000
Term Loan [Member] | Term Loan [Member]
Senior Secured Revolving Asset-based Lending Facility [Abstract]
Amount outstanding		175,000	175,000
Term Loan [Member] | Minimum [Member]
Senior Secured Term Loan [Abstract]
Debt Instrument, Optional Principal Payment, Minimum	$ 5,000
Debt Instrument, Covenant Compliance, Ratio of Fixed Assets to Term Loan Indebtedness, Required Minimum	1.50
Term Loan [Member] | Minimum [Member] | December 14, 2021 [Member]
Senior Secured Term Loan [Abstract]
Debt Instrument, Maturity Acceleration Terms, Senior Notes Balance Accelerates Term Loan Maturity	$ 15,000
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Senior Secured Term Loan [Abstract]
Debt Instrument, Basis Spread on Variable Rate	7.75%
Term Loan [Member] | Bank Base Rate [Member]
Senior Secured Term Loan [Abstract]
Debt Instrument, Basis Spread on Variable Rate	6.75%
Term Loan [Member] | Basis Spread on Variable Rate [Member]
Senior Secured Term Loan [Abstract]
Debt Instrument, Default Penalty, Variable Rate Increase Provision	2.00%
Senior Notes [Member]
Senior Notes [Abstract]
Debt Instrument, Face Amount				$ 300,000
Debt Instrument, Interest Rate, Stated Percentage				6.125%
Debt Instrument, Redeemable with Equity Issuance Proceeds, Required Repurchase Due to Change in Control Redemption Price, Percentage				101.00%
Debt Instrument, Redeemable with Equity Issuance Proceeds, Required Repurchase Due to Asset Disposition, Redemption Price, Percentage				100.00%
Senior Notes [Member] | Senior Notes [Member]
Senior Secured Revolving Asset-based Lending Facility [Abstract]
Amount outstanding		$ 300,000	$ 300,000

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Property and Equipment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) coiled_tubing_units drilling_rigs wireline_tubing_units	Sep. 30, 2018 USD ($) coiled_tubing_units drilling_rigs wireline_tubing_units	Sep. 30, 2019 USD ($) coiled_tubing_units drilling_rigs wireline_tubing_units	Sep. 30, 2018 USD ($) coiled_tubing_units drilling_rigs wireline_tubing_units	Dec. 31, 2018 USD ($) coiled_tubing_units drilling_rigs
Property, Plant and Equipment [Line Items]
Capital Expenditures	$ 8,660	$ 18,417	$ 36,276	$ 52,342
Construction in Progress, Gross	3,300		3,300		$ 19,600
Gain (Loss) on Disposition of Property Plant Equipment	(17)	1,861	2,184	2,922
Assets Held-for-sale, Not Part of Disposal Group, Current	6,233		6,233		$ 3,582
Asset Impairment Charges	0	239	1,378	2,607
Production Services [Member]
Property, Plant and Equipment [Line Items]
Capital Expenditures	4,677	11,460	17,947	33,483
Production Services [Member] | Wireline Services [Member]
Property, Plant and Equipment [Line Items]
Capital Expenditures	$ 775	$ 3,973	$ 5,198	$ 12,563
Wireline Units | wireline_tubing_units	93		93
Production Services [Member] | Wireline Services [Member] | Sold During the Period [Member]
Property, Plant and Equipment [Line Items]
Wireline Units | wireline_tubing_units		12		12
Production Services [Member] | Wireline Services [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Operating Location, Closed	2		2
Production Services [Member] | Coiled Tubing Services [Member]
Property, Plant and Equipment [Line Items]
Capital Expenditures	$ 1,756	$ 4,498	$ 4,567	$ 12,479
Coiled Tubing Units | coiled_tubing_units	9		9
Production Services [Member] | Coiled Tubing Services [Member] | Sold During the Period [Member]
Property, Plant and Equipment [Line Items]
Coiled Tubing Units | coiled_tubing_units		5		5
Production Services [Member] | Coiled Tubing Services [Member] | Coiled Tubing Units [Member]
Property, Plant and Equipment [Line Items]
Coiled Tubing Units | coiled_tubing_units	2		2		3
Drilling Services [Member]
Property, Plant and Equipment [Line Items]
Capital Expenditures	$ 3,939	$ 6,538	$ 17,788	$ 17,945
Drilling Rigs | drilling_rigs	25		25
Drilling Services [Member] | Domestic Drilling [Member]
Property, Plant and Equipment [Line Items]
Capital Expenditures	$ 2,777	$ 6,274	$ 14,344	$ 13,768
Drilling Services [Member] | Domestic Drilling [Member] | Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Construction in Progress, Gross					$ 8,000
Drilling Rigs | drilling_rigs		1		1
Drilling Services [Member] | Domestic Drilling [Member] | Sold During the Period [Member]
Property, Plant and Equipment [Line Items]
Drilling Rigs | drilling_rigs		1		1
Drilling Services [Member] | Domestic Drilling [Member] | Drilling Rigs [Member] | SCR Drilling Rigs [Member]
Property, Plant and Equipment [Line Items]
Drilling Rigs | drilling_rigs	1		1		1
Drilling Services [Member] | Domestic Drilling [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Operating Location, Closed	1		1
Drilling Services [Member] | International Drilling [Member]
Property, Plant and Equipment [Line Items]
Capital Expenditures	$ 1,162	$ 264	$ 3,444	$ 4,177

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Leases Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Components of Lease Cost [Line Items]
Short-Term Operating Lease Expense	$ 3,754	$ 11,490
Lease Term, Greater than 12 Months [Member]
Components of Lease Cost [Line Items]
Long-Term Operating Lease Expense	$ 1,272	$ 2,943

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Leases (Leases) (Policies)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lessor, Operating Leases [Text Block]

As a drilling and production services provider, we provide the drilling rigs and production services equipment which are necessary to fulfill our performance obligations and which are considered leases under ASU No. 2016-02, Leases, (together with its amendments, herein referred to as “ASC Topic 842”). However, ASU No. 2018-11, Leases: Targeted Improvements, allows lessors to (i) combine the lease and non-lease components of revenues when the revenue recognition pattern is the same and when the lease component, when accounted for separately, would be considered an operating lease, and (ii) account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component. We elected to apply this expedient and therefore continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in our unaudited condensed consolidated statements of operations.

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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease, Cost [Table Text Block]

The following table summarizes our lease expense recognized, excluding variable lease costs (amounts in thousands):

	Three months ended September 30,		Nine months ended September 30,
	2019		2019
Long-term operating lease expense	$	1,272	$	2,943
Short-term operating lease expense	$	3,754	$	11,490

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table summarizes the amount and timing of our obligations associated with our long-term operating leases (amounts in thousands):

	September 30, 2019			December 31, 2018
Within 1 year	$	2,499		$	3,318
In the second year	1,970			2,032
In the third year	1,624			1,721
In the fourth year	1,235			1,407
In the fifth year	909			1,110
Thereafter	1,041			1,738
Total undiscounted lease obligations	$	9,278		$	11,326
Impact of discounting	(909		)
Discounted value of operating lease obligations	$	8,369
Current operating lease liabilities	$	2,180
Noncurrent operating lease liabilities	6,189
	$	8,369

Lessee, Supplemental Disclosure [Table Text Block]

The following table summarizes the weighted-average remaining lease term and discount rate associated with our long-term operating leases:

	September 30, 2019
Weighted-average remaining lease term (in years)	4.7
Weighted-average discount rate	4.5	%

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Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of the numerators and denominators of the basic earnings per share and diluted earnings per share computations (amounts in thousands, except per share data):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Numerator (both basic and diluted):
Net loss	$	(26,016	)	$	(5,233	)	$	(54,075	)	$	(34,524	)
Denominator:
Weighted-average shares (denominator for basic earnings (loss) per share)	78,473			78,136			78,405			77,897
Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards	—			—			—			—
Denominator for diluted earnings (loss) per share	78,473			78,136			78,405			77,897
Loss per common share - Basic	$	(0.33	)	$	(0.07	)	$	(0.69	)	$	(0.44	)
Loss per common share - Diluted	$	(0.33	)	$	(0.07	)	$	(0.69	)	$	(0.44	)
Potentially dilutive securities excluded as anti-dilutive	5,577			3,964			4,962			4,895

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Organization and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanyingunaudited condensed consolidatedfinancial statements include the accounts of Pioneer Energy Services Corp. and our wholly owned subsidiaries.All intercompany balances and transactions have been eliminated in consolidation.The accompanyingunaudited condensed consolidatedfinancial statements have been prepared in accordance with accounting principles generally accepted in the United States of Americafor interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of our management, all adjustments (consisting of normal, recurring accruals) necessary for a fair presentation have been included. We suggest that you read theseunaudited condensed consolidatedfinancial statements together with the consolidated financial statements and the related notes included in our annual report on Form 10-K for the year endedDecember 31, 2018.

Use of Estimates

Use of Estimates — In preparing the accompanyingunaudited condensed consolidatedfinancial statements, we make various estimates and assumptions that affect the amounts of assets and liabilities we report as of the dates of the balance sheets and income and expenses we report for the periods shown in the income statements and statements of cash flows.Our actual results could differ significantly from those estimates.Material estimates that are particularly susceptible to significant changes in the near term relate to our estimates of certain variable revenues and amortization periods of certain deferred revenues and costs associated with drilling daywork contacts, our estimates of projected cash flows and fair values for impairment evaluations, our estimate of the valuation allowance for deferred tax assets, our estimate of the liability relating to the self-insurance portion of our health and workers’ compensation insurance and our estimate of compensation-related accruals.

Subsequent Events

Subsequent Events — In preparing the accompanyingunaudited condensed consolidatedfinancial statements, we have reviewed events that have occurred afterSeptember 30, 2019, through the filing of thisForm 10-Q, for inclusion as necessary.

Change in Accounting Principle and Recently Issued Accounting Standards

Change in Accounting Principle and Recently Issued Accounting Standards

Changes to accounting principles generally accepted in the United States of America (“U.S. GAAP”) are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). We consider the applicability and impact of all ASUs. Any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on our consolidated financial position and results of operations.

Leases.In February 2016, the FASB issued ASU No. 2016-02, Leases, which among other things, requires lessees to recognize substantially all leases on the balance sheet, with expense recognition that is similar to the former lease standard, and aligns the principles of lessor accounting with the principles of the FASB’s new revenue guidance in ASC Topic 606. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, which provides an option to apply the guidance prospectively, and provides a practical expedient allowing lessors to combine the lease and non-lease components of revenues where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component.

As a lessor, we elected to apply the practical expedient which allows us to continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in ourunaudited condensed consolidatedstatements of operations. As a lessee, this standard primarily impacts our accounting for long-term real estate and office equipment leases, for which we recognized an operating lease asset and a corresponding operating lease liability on ourunaudited condensed consolidatedbalance sheet of$9.8 millionat the adoption date of January 1, 2019. For leases that commenced prior to adoption of ASC Topic 842, we elected to apply the package of practical expedients which allows us to carry forward the historical lease classification. The adoption of ASC Topic 842 also resulted in a cumulative effect adjustment of$0.3 millionafter applicable income taxes, related to the write off of previously unamortized deferred lease liabilities at the date of adoption. For more information about the accounting under ASC Topic 842, and disclosures under the new standard, see Note3, Leases.

Cash Equivalents and Restricted Cash

Cash Equivalents and Restricted Cash — Cash equivalents at September 30, 2019 and December 31, 2018 were $13.9 million and $40.6 million, respectively, consisting of investments in highly-liquid money-market mutual funds. Our restricted cash balance reflects the portion of net proceeds from the issuance of our senior secured term loan which are currently held in a restricted account until the completion of certain administrative tasks related to providing access rights to certain of our real property.

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets —Prepaid expenses and other current assets include items such as insurance, rent deposits, software subscriptions and other fees. We routinely expense these items in the normal course of business over the periods that we benefit from these expenses. Prepaid expenses and other current assets also include deferred mobilization costs for short-term drilling contracts.

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Valuation Allowances on Deferred Tax Assets (Notes)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Valuation Allowances on Deferred Tax Assets [Text Block]

Valuation Allowances on Deferred Tax Assets

Our deferred tax assets related to net operating losses, which are available to reduce future taxable income, consist of the following (amounts in thousands):

	September 30, 2019		December 31, 2018
Domestic net operating loss carryforward	$	101,332	$	96,777
Foreign net operating loss carryforward	6,931		9,582

The majority of our domestic net operating losses will begin to expire in 2030, while losses generated after 2017 are carried forward indefinitely but are limited in usage to 80% of taxable income. The majority of our foreign net operating losses are carried forward indefinitely, but losses generated after 2016 are carried forward for 12 years and will begin to expire in 2029.

We provide a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized.As result, as ofSeptember 30, 2019 and December 31, 2018, we had valuation allowances of $69.7 million and $62.6 million that offset a portion of our domestic and foreign net deferred tax assets.

Since 2017, market conditions and operating results for our Colombian operations have improved, and if they continue to improve, then we may determine that there is sufficient evidence that future taxable income will be generated to utilize our foreign deferred tax assets which would result in the reversal of a portion of the valuation allowance relating to our foreign deferred tax assets.

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Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Equity Transactions and Stock-Based Compensation Plans

Stock-Based Compensation Plans

We currently have outstanding stock option and restricted stock awards with vesting based on time of service conditions; restricted stock unit awards with vesting based on time of service conditions, and in certain cases, subject to performance and market conditions; and phantom stock unit awards with vesting based on time of service, performance and market conditions, which are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation since we expect to settle the awards in cash when they become vested. At this time, however, we have temporarily discontinued the grants of any new equity-based incentive awards.

We recognize compensation cost for our stock-based compensation awards based on the fair value estimated in accordance with ASC Topic 718, Compensation—Stock Compensation, and we recognize forfeitures when they occur.For our awards with graded vesting, we recognize compensation expense on a straight-line basis over the service period for each separately vesting portion of the award as if the award was, in substance, multiple awards.The following table summarizes the stock-based compensation expense recognized, by award type, and the compensation expense (benefit) recognized for phantom stock unit awards during thethree and nine months ended September 30, 2019 and 2018 (amounts in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Stock option awards	$	31		$	101		$	105		$	342
Restricted stock awards	135			116			370			344
Restricted stock unit awards	653			822			1,538			2,709
	$	819		$	1,039		$	2,013		$	3,395
Phantom stock unit awards	$	(150	)	$	(3,722	)	$	(99	)	$	2,808

Stock Option Awards

We grant stock option awards which generally become exercisable over athree-year period and expire tenyears after the date of grant. Our stock-based compensation plans require that all stock option awards have an exercise price that is not less than the fair market value of our common stock on the date of grant. We issue shares of our common stock when vested stock option awards are exercised. We estimate the fair value of each option grant on the date of grant using a Black-Scholes option pricing model. We did not grant any stock option awards during the nine months ended September 30, 2019 or 2018.

Restricted Stock and Restricted Stock Unit Awards

We grant restricted stock awards that vest over aone-year period with a fair value based on the closing price of our common stock on the date of the grant.When restricted stock awards are granted, or when restricted stock unit awards are converted to restricted stock, shares of our common stock are considered issued, but subject to certain restrictions.

We grant restricted stock unit awards with vesting based on time of service conditions only (“time-based RSUs”), and we grant restricted stock unit awards with vesting based on time of service, which are also subject to performance and market conditions (“performance-based RSUs”). Shares of our common stock are issued to recipients of restricted stock units only when they have satisfied the applicable vesting conditions.

The following table summarizes the number and weighted-average grant-date fair value of the restricted stock and restricted stock unit awards granted during the nine months ended September 30, 2019 and 2018:

	Nine months ended September 30,
	2019		2018
Restricted Stock:
Restricted stock awards granted	729,112		78,632
Weighted-average grant-date fair value (per share)	$	0.73	$	5.85
Time-based RSUs:
Time-based RSUs granted	870,648		788,377
Weighted-average grant-date fair value (per unit)	$	1.38	$	3.85

Our time-based RSUs generally vest over athree-year period, with fair values based on the closing price of our common stock on the date of grant.Our performance-based RSUs cliff vest at 39months from the date of grant and are granted at a target number of issuable shares, for which the final number of shares of common stock is adjusted based on our actual achievement levels that are measured against predetermined performance conditions. The number of shares of common stock awarded will be based upon the Company’s achievement in certain performance conditions, as compared to a predefined peer group, over the performance period, generallythree years.As ofSeptember 30, 2019, we estimate that the achievement level for our outstanding performance-based RSUs granted in 2017 will be approximately80%of the predetermined performance conditions.

Phantom Stock Unit Awards

We grant phantom stock unit awards with vesting based on time of service, performance and market conditions.Time-based phantom stock unit awards, which were granted in 2019, vest annually in thirds over a three-year vesting period. Performance-based phantom stock unit awards, which were granted in 2016, 2018 and 2019, cliff-vest after39months from the date of grant, with vesting based on time of service, performance and market conditions.The number of performance-based units ultimately awarded will be based upon the Company’s achievement in certain performance conditions, as compared to a predefined peer group, over the respectivethree-year performance periods. Each unit awarded will entitle the employee to a cash payment equal to the stock price of our common stock on the date of vesting, subject to an applicable maximum payout feature that is based on a multiple of the grant date stock price.

The fair value of time-based phantom stock unit awards is measured using a Black-Scholes pricing model and the fair value of performance-based phantom stock unit awards is measured using a Monte Carlo simulation model, with inputs that are defined as Level 3 inputs under ASC Topic 820, Fair Value Measurements and Disclosures.

The following table summarizes the number, weighted-average grant-date fair value, and applicable maximum cash value of the phantom stock unit awards granted during the nine months ended September 30, 2019 and 2018:

	Nine months ended September 30,
	2019		2018
Performance-based:
Phantom stock unit awards granted	2,467,776		1,188,216
Weighted-average grant-date fair value (per unit)	$	1.10	$	3.06
Maximum cash value per unit (three times the grant date stock price)	$	4.62	$	9.66
Time-based:
Phantom stock unit awards granted	810,648		—
Weighted-average grant-date fair value (per unit)	$	1.17	$	—
Maximum cash value per unit (three times the grant date stock price)	$	4.62	$	—

These awards are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation, because we expect to settle the awards in cash when they vest, and are remeasured at fair value at the end of each reporting period until they vest. The change in fair value is recognized as a current period compensation expense in our condensed consolidated statements of operations.Therefore, changes in the inputs used to measure fair value can result in volatility in our compensation expense. This volatility increases as the phantom stock awards approach the vesting date.We estimate that a hypothetical increase of$1in the market price of our common stock, which was$0.06 as of September 30, 2019, if all other inputs were unchanged, would result in an increase in cumulative compensation expense of$1.2 million, which represents the hypothetical increase in fair value of the liability for the 2018 and 2019 phantom stock unit awards. The maximum payout feature of these awards would limit this volatility if the stock price exceeds the maximum payout threshold. As of September 30, 2019, we estimate the weighted-average achievement level for our outstanding phantom stock unit awards granted in 2018 and 2019 to be67%.

In April 2019, we determined that175%of the target number of phantom stock unit awards granted during 2016 were earned based on the Company’s achievement of the performance measures, as compared to the predefined peer group, which resulted in an aggregate cash payment of $3.5 millionto settle these awards.

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Revenue from Contracts with Customers (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($) contract drilling_rigs	Sep. 30, 2019 USD ($) contract drilling_rigs	Oct. 31, 2019 drilling_rigs
Drilling Services [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Drilling Rigs	25	25
Drilling Services [Member] | Domestic Drilling [Member] | Earning But Not Working [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Drilling Rigs | contract	2	2
Gain (Loss) on Contract Termination | $	$ 2.2	$ 2.6
Drilling Services [Member] | Domestic Drilling [Member] | Cancelable Spot Contract [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Notice Period to Cancel Contract		30 days
Drilling Services [Member] | Domestic Drilling [Member] | Deployed under new contract during current period [Member] | Daywork Drilling Contract [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Drilling Rigs	5	5
Drilling Services [Member] | International Drilling [Member] | Deployed under new contract during current period [Member] | Term Contract, Cancelable [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Drilling Rigs	4	4
Drilling Services [Member] | International Drilling [Member] | Minimum [Member] | Cancelable Spot or Cancelable Term Contract [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Notice Period to Cancel Contract		15 days
Drilling Services [Member] | International Drilling [Member] | Maximum [Member] | Cancelable Spot or Cancelable Term Contract [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Notice Period to Cancel Contract		30 days
Short-term Contract with Customer [Member] | Production Services [Member] | Maximum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Typical Revenue Contract Duration		30 days
Subsequent Event [Member] | Drilling Services [Member] | Earning Under Contract [Member] | Currently Under Drilling Contract [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Drilling Rigs			21
Subsequent Event [Member] | Drilling Services [Member] | Domestic Drilling [Member] | Term Contract [Member] | Earning Under Contract [Member] | Currently Under Drilling Contract [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Drilling Rigs			12

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Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2019

Guarantor Non Guarantor Condensed Consolidated Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(unaudited, in thousands)

	September 30, 2019
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	22,195		$	—	$	4,760		$	—		$	26,955
Restricted cash	998			—		—			—			998
Receivables, net of allowance	258			96,704		34,979			611			132,552
Intercompany receivable (payable)	(28,105		)	65,374		(37,269		)	—			—
Inventory	—			10,103		11,983			—			22,086
Assets held for sale	—			6,233		—			—			6,233
Prepaid expenses and other current assets	2,497			2,994		1,500			—			6,991
Total current assets	(2,157		)	181,408		15,953			611			195,815
Net property and equipment	1,853			456,106		27,296			—			485,255
Investment in subsidiaries	545,141			32,086		—			(577,227		)	—
Deferred income taxes	44,277			—		—			(44,277		)	—
Operating lease assets	3,234			3,852		606			—			7,692
Other noncurrent assets	512			415		4			—			931
Total assets	$	592,860		$	673,867	$	43,859		$	(620,893	)	$	689,693
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,441		$	26,000	$	4,686		$	—		$	32,127
Deferred revenues	—			424		1,192			—			1,616
Accrued expenses	8,342			50,166		5,440			611			64,559
Total current liabilities	9,783			76,590		11,318			611			98,302
Long-term debt, less unamortized discount and debt issuance costs	466,887			—		—			—			466,887
Noncurrent operating lease liabilities	2,859			2,875		455			—			6,189
Deferred income taxes	—			48,985		—			(44,277		)	4,708
Other noncurrent liabilities	183			276		—			—			459
Total liabilities	479,712			128,726		11,773			(43,666		)	576,545
Total shareholders’ equity	113,148			545,141		32,086			(577,227		)	113,148
Total liabilities and shareholders’ equity	$	592,860		$	673,867	$	43,859		$	(620,893	)	$	689,693
	December 31, 2018
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	50,350		$	—	$	3,216		$	—		$	53,566
Restricted cash	998			—		—			—			998
Receivables, net of allowance	436			95,030		35,219			196			130,881
Intercompany receivable (payable)	(27,245		)	67,098		(39,853		)	—			—
Inventory	—			9,945		8,953			—			18,898
Assets held for sale	—			3,582		—			—			3,582
Prepaid expenses and other current assets	1,743			3,197		2,169			—			7,109
Total current assets	26,282			178,852		9,704			196			215,034
Net property and equipment	2,022			494,376		28,460			—			524,858
Investment in subsidiaries	574,695			25,370		—			(600,065		)	—
Deferred income taxes	42,585			—		—			(42,585		)	—
Other noncurrent assets	596			511		551			—			1,658
Total assets	$	646,180		$	699,109	$	38,715		$	(642,454	)	$	741,550
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,093		$	26,795	$	6,246		$	—		$	34,134
Deferred revenues	—			95		1,627			—			1,722
Accrued expenses	14,020			49,640		5,056			196			68,912
Total current liabilities	15,113			76,530		12,929			196			104,768
Long-term debt, less unamortized discount and debt issuance costs	464,552			—		—			—			464,552
Deferred income taxes	—			46,273		—			(42,585		)	3,688
Other noncurrent liabilities	1,457			1,611		416			—			3,484
Total liabilities	481,122			124,414		13,345			(42,389		)	576,492
Total shareholders’ equity	165,058			574,695		25,370			(600,065		)	165,058
Total liabilities and shareholders’ equity	$	646,180		$	699,109	$	38,715		$	(642,454	)	$	741,550

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands)

	Three months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	124,781		$	21,617		$	—		$	146,398
Costs and expenses:
Operating costs	—			92,216			15,843			—			108,059
Depreciation	219			21,193			1,512			—			22,924
General and administrative	15,979			13,640			1,001			(135		)	30,485
Intercompany leasing	—			(1,215		)	1,215			—			—
Bad debt expense, net of recovery	—			196			—			—			196
Loss (gain) on dispositions of property and equipment, net	—			28			(11		)	—			17
Total costs and expenses	16,198			126,058			19,560			(135		)	161,681
Income (loss) from operations	(16,198		)	(1,277		)	2,057			135			(15,283		)
Other income (expense):
Equity in earnings of subsidiaries	(640		)	1,164			—			(524		)	—
Interest expense	(10,020		)	3			4			—			(10,013		)
Other income (expense)	86			236			(775		)	(135		)	(588		)
Total other income (expense), net	(10,574		)	1,403			(771		)	(659		)	(10,601		)
Income (loss) before income taxes	(26,772		)	126			1,286			(524		)	(25,884		)
Income tax (expense) benefit 1	756			(766		)	(122		)	—			(132		)
Net income (loss)	$	(26,016	)	$	(640	)	$	1,164		$	(524	)	$	(26,016	)
	Three months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	126,202		$	23,130		$	—		$	149,332
Costs and expenses:
Operating costs	—			89,950			19,011			—			108,961
Depreciation	269			21,769			1,463			—			23,501
General and administrative	2,260			11,152			736			(105		)	14,043
Intercompany leasing	—			(1,215		)	1,215			—			—
Bad debt expense, net of recovery	—			111			—			—			111
Impairment	—			239			—			—			239
Gain on dispositions of property and equipment, net	—			(1,856		)	(5		)	—			(1,861		)
Total costs and expenses	2,529			120,150			22,420			(105		)	144,994
Income (loss) from operations	(2,529		)	6,052			710			105			4,338
Other income (expense):
Equity in earnings of subsidiaries	5,011			618			—			(5,629		)	—
Interest expense	(9,802		)	(12		)	3			—			(9,811		)
Other income	244			222			137			(105		)	498
Total other income (expense), net	(4,547		)	828			140			(5,734		)	(9,313		)
Income (loss) before income taxes	(7,076		)	6,880			850			(5,629		)	(4,975		)
Income tax (expense) benefit 1	1,843			(1,869		)	(232		)	—			(258		)
Net income (loss)	$	(5,233	)	$	5,011		$	618		$	(5,629	)	$	(5,233	)
1  The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands)

	Nine months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	377,127		$	68,682		$	—		$	445,809
Costs and expenses:
Operating costs	—			281,735			50,879			—			332,614
Depreciation	709			63,491			4,228			—			68,428
General and administrative	30,882			35,665			2,129			(405		)	68,271
Intercompany leasing	—			(3,645		)	3,645			—			—
Bad debt recovery, net of expense	—			(90		)	—			—			(90		)
Impairment	—			1,378			—			—			1,378
Gain on dispositions of property and equipment, net	—			(2,077		)	(107		)	—			(2,184		)
Total costs and expenses	31,591			376,457			60,774			(405		)	468,417
Income (loss) from operations	(31,591		)	670			7,908			405			(22,608		)
Other income (expense):
Equity in earnings of subsidiaries	5,433			7,059			—			(12,492		)	—
Interest expense	(29,953		)	(12		)	(38		)	—			(30,003		)
Other income (expense)	383			903			(436		)	(405		)	445
Total other income (expense), net	(24,137		)	7,950			(474		)	(12,897		)	(29,558		)
Income (loss) before income taxes	(55,728		)	8,620			7,434			(12,492		)	(52,166		)
Income tax (expense) benefit 1	1,653			(3,187		)	(375		)	—			(1,909		)
Net income (loss)	$	(54,075	)	$	5,433		$	7,059		$	(12,492	)	$	(54,075	)
	Nine months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	386,077		$	62,515		$	—		$	448,592
Costs and expenses:
Operating costs	—			276,893			49,031			—			325,924
Depreciation	826			65,498			4,211			—			70,535
General and administrative	18,628			37,781			1,972			(315		)	58,066
Intercompany leasing	—			(3,645		)	3,645			—			—
Bad debt recovery, net of expense	—			(311		)	—			—			(311		)
Impairment	—			2,607			—			—			2,607
Gain on dispositions of property and equipment, net	—			(2,890		)	(32		)	—			(2,922		)
Total costs and expenses	19,454			375,933			58,827			(315		)	453,899
Income (loss) from operations	(19,454		)	10,144			3,688			315			(5,307		)
Other income (expense):
Equity in earnings of subsidiaries	10,081			3,305			—			(13,386		)	—
Interest expense	(28,963		)	(14		)	11			—			(28,966		)
Other income	405			664			292			(315		)	1,046
Total other income (expense), net	(18,477		)	3,955			303			(13,701		)	(27,920		)
Income (loss) before income taxes	(37,931		)	14,099			3,991			(13,386		)	(33,227		)
Income tax (expense) benefit 1	3,407			(4,018		)	(686		)	—			(1,297		)
Net income (loss)	$	(34,524	)	$	10,081		$	3,305		$	(13,386	)	$	(34,524	)
1  The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries.

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Nine months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(38,177	)	$	41,854		$	4,961		$	—	$	8,638
Cash flows from investing activities:
Purchases of property and equipment	(637		)	(36,644		)	(3,262		)	—		(40,543		)
Proceeds from sale of property and equipment	—			4,688			90			—		4,778
Proceeds from insurance recoveries	—			641			—			—		641
	(637		)	(31,315		)	(3,172		)	—		(35,124		)
Cash flows from financing activities:
Purchase of treasury stock	(125		)	—			—			—		(125		)
Intercompany contributions/distributions	10,784			(10,539		)	(245		)	—		—
	10,659			(10,539		)	(245		)	—		(125		)
Net increase (decrease) in cash, cash equivalents and restricted cash	(28,155		)	—			1,544			—		(26,611		)
Beginning cash, cash equivalents and restricted cash	51,348			—			3,216			—		54,564
Ending cash, cash equivalents and restricted cash	$	23,193		$	—		$	4,760		$	—	$	27,953
	Nine months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(43,466	)	$	60,269		$	4,687		$	—	$	21,490
Cash flows from investing activities:
Purchases of property and equipment	(762		)	(43,374		)	(4,642		)	—		(48,778		)
Proceeds from sale of property and equipment	—			4,648			17			—		4,665
Proceeds from insurance recoveries	—			965			15			—		980
	(762		)	(37,761		)	(4,610		)	—		(43,133		)
Cash flows from financing activities:
Proceeds from exercise of options	12			—			—			—		12
Purchase of treasury stock	(549		)	—			—			—		(549		)
Intercompany contributions/distributions	22,784			(22,508		)	(276		)	—		—
	22,247			(22,508		)	(276		)	—		(537		)
Net decrease in cash, cash equivalents and restricted cash	(21,981		)	—			(199		)	—		(22,180		)
Beginning cash, cash equivalents and restricted cash	72,385			—			3,263			—		75,648
Ending cash, cash equivalents and restricted cash	$	50,404		$	—		$	3,064		$	—	$	53,468

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Stock-Based Compensation Plans (Schedule of Restricted Stock Unit Activity) (Details) - Time-Based RSUs [Member] - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	870,648	788,377
Restricted Stock Units, Weighted Average Grant Date Fair Value per unit, Granted	$ 1.38	$ 3.85

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Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Revenues	$ 146,398	$ 149,332	$ 445,809	$ 448,592
Costs and expenses:
Operating costs	108,059	108,961	332,614	325,924
Depreciation	22,924	23,501	68,428	70,535
General and administrative	30,485	14,043	68,271	58,066
Bad debt expense (recovery), net	196	111	(90)	(311)
Impairment	0	239	1,378	2,607
Loss (gain) on dispositions of property and equipment, net	17	(1,861)	(2,184)	(2,922)
Total costs and expenses	161,681	144,994	468,417	453,899
Income (loss) from operations	(15,283)	4,338	(22,608)	(5,307)
Other income (expense):
Interest expense, net of interest capitalized	(10,013)	(9,811)	(30,003)	(28,966)
Other income (expense), net	(588)	498	445	1,046
Total other expense, net	(10,601)	(9,313)	(29,558)	(27,920)
Loss before income taxes	(25,884)	(4,975)	(52,166)	(33,227)
Income tax expense	(132)	(258)	(1,909)	(1,297)
Net loss	$ (26,016)	$ (5,233)	$ (54,075)	$ (34,524)
Loss per common share - Basic	$ (0.33)	$ (0.07)	$ (0.69)	$ (0.44)
Loss per common share - Diluted	$ (0.33)	$ (0.07)	$ (0.69)	$ (0.44)
Weighted average number of shares outstanding - Basic	78,473	78,136	78,405	77,897
Weighted average number of shares outstanding - Diluted	78,473	78,136	78,405	77,897

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Segment Information (Reconciliation of Revenue from Segments to Consolidated) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting [Abstract]
Consolidated Gross Margin	$ 38,339	$ 40,371	$ 113,195	$ 122,668
Depreciation	(22,924)	(23,501)	(68,428)	(70,535)
General and administrative	(30,485)	(14,043)	(68,271)	(58,066)
Bad debt (expense) recovery, net	(196)	(111)	90	311
Impairment	0	(239)	(1,378)	(2,607)
Gain (loss) on dispositions of property and equipment, net	(17)	1,861	2,184	2,922
Income (loss) from operations	$ (15,283)	$ 4,338	$ (22,608)	$ (5,307)

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Revenue from Contracts with Customers (Notes)

9 Months Ended

Sep. 30, 2019

Revenue from Contracts with Customers [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

Our production services business segments earn revenues for well servicing, wireline services and coiled tubing services pursuant to master services agreements based on purchase orders or other contractual arrangements with the client. Production services jobs are generally short-term (ranging in duration from several hours to less than30days) and are charged at current market rates for the labor, equipment and materials necessary to complete the job.Production services jobs are varied in nature, but typically represent a single performance obligation, either for a particular job, a series of distinct jobs, or a period of time during which we stand ready to provide services as our client needs them. Revenue is recognized for these services over time, as the services are performed.

Our drilling services business segments earn revenues by drilling oil and gas wells for our clients under daywork contracts.Daywork contracts are comprehensive agreements under which we provide a comprehensive service offering, including the drilling rig, crew, supplies and most of the ancillary equipment necessary to operate the rig.Contract modifications that extend the term of a dayrate contract are generally accounted for prospectively as a separate dayrate contract.We account for our services provided under daywork contracts as a single performance obligation comprised of a series of distinct time increments which are satisfied over time. Accordingly, dayrate revenues are recognized in the period during which the services are performed.

With most drilling contracts, we also receive payments contractually designated for the mobilization and demobilization of drilling rigs and other equipment to and from the client’s drill site. Revenues associated with the mobilization and demobilization of our drilling rigs to and from the client’s drill site do not relate to a distinct good or service and are recognized ratably over the related contract term.

The amount of demobilization revenue that we ultimately collect is dependent upon the specific contractual terms, most of which include provisions for reduced (or no) payment for demobilization when, among other things, the contract is renewed or extended with the same client, or when the rig is subsequently contracted with another client prior to the termination of the current contract. Since revenues associated with demobilization activity are typically variable, at each period end, they are estimated at the most likely amount, and constrained when the likelihood of a significant reversal is probable. Any change in the expected amount of demobilization revenue is accounted for with the net cumulative impact of the change in estimate recognized in the period during which the revenue estimate is revised.

The upfront costs that we incur to mobilize the drilling rig to our client’s initial drilling site are capitalized and recognized ratably over the term of the related contract, including any contracted renewal or extension periods, which is our estimate of the period during which we expect to benefit from the cost of mobilizing the rig. Costs associated with the final demobilization at the end of the contract term are expensed when incurred, when the demobilization activity is performed.

We also act as a principal for certain reimbursable services and auxiliary equipment provided by us to our clients, for which we incur costs and earn revenues, many of which are variable, or dependent upon the activity that is actually performed each day under the related contract. Accordingly, reimbursements that we receive for out-of-pocket expenses are recorded as revenues and the out-of-pocket expenses for which they relate are recorded as operating costs during the period to which they relate within the series of distinct time increments.

All of our revenues are recognized net of sales taxes, when applicable.

Contract Asset and Liability Balances and Contract Cost Assets

Contract asset and contract liability balances relate to demobilization and mobilization revenues, respectively. Demobilization revenue that we expect to receive is recognized ratably over the related contract term, but invoiced upon completion of the demobilization activity. Mobilization revenue, which is typically collected upon the completion of the initial mobilization activity, is deferred and recognized ratably over the related contract term. Contract asset and liability balances are netted at the contract level, with the net current and noncurrent portions separately classified in ourcondensed consolidatedbalance sheets, and referred to herein as “deferred revenues.”

Contract cost assets represent the costs associated with the initial mobilization required in order to fulfill the contract, which are deferred and recognized ratably over the period during which we expect to benefit from the mobilization, or the period during which we expect to satisfy the performance obligations of the related contract. Contract cost assets are presented as either current or noncurrent, according to the duration of the original contract to which it relates, and referred to herein as “deferred costs.”

Our current and noncurrent deferred revenues and costs as ofSeptember 30, 2019 and December 31, 2018were as follows (amounts in thousands):

	September 30, 2019		December 31, 2018
Current deferred revenues	$	1,616	$	1,722
Current deferred costs	2,418		1,543
Noncurrent deferred revenues	$	77	$	437
Noncurrent deferred costs	130		679

The changes in deferred revenue and cost balances during the nine months ended September 30, 2019 are primarily related to increases in deferred revenue and costs for the deployment of rigs under five new domestic and four new international contracts in 2019, offset by decreases related to the amortization of deferred revenues and costs during the period. Amortization of deferred revenues and costs during the three and nine months ended September 30, 2019 and 2018 were as follows (amounts in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Amortization of deferred revenues	$	1,219	$	720	$	3,453	$	1,762
Amortization of deferred costs	1,293		1,100		3,389		2,050

In 2019, two of our domestic clients elected to early terminate their contract with us and make upfront early termination payments based on a per day rate for the respective remaining contract term, resulting in $2.2 million and $2.6 million of revenue recognized for the three and nine months ended September 30, 2019, respectively. Currently, 21 of our 25 rigs are earning under daywork contracts, 12of which are domestic term contracts. Unlike our domestic term contracts, our international drilling contracts are cancelable by our clients without penalty, although the contracts require 15 to 30 days notice and payment for demobilization services.The spot contracts for our domestic drilling rigs are also terminable by our client with30days notice and include a required payment for demobilization services.

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Valuation Allowances on Deferred Tax Assets Schedule of Deferred Tax Assets from Net Operating Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Components of Deferred Tax Assets [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$ 101,332	$ 96,777
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$ 6,931	$ 9,582

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Leases Operating Lease Maturities Under ASC 840 (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Operating Lease Maturities Under ASC 840 [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 3,318
Operating Leases, Future Minimum Payments, Due in Two Years	2,032
Operating Leases, Future Minimum Payments, Due in Three Years	1,721
Operating Leases, Future Minimum Payments, Due in Four Years	1,407
Operating Leases, Future Minimum Payments, Due in Five Years	1,110
Operating Leases, Future Minimum Payments, Due Thereafter	1,738
Operating Leases, Future Minimum Payments Due	$ 11,326

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Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 146,398			$ 149,332			$ 445,809	$ 448,592
Costs and expenses:
Operating costs	108,059			108,961			332,614	325,924
Depreciation	22,924			23,501			68,428	70,535
General and administrative	30,485			14,043			68,271	58,066
Bad debt expense (recovery), net	196			111			(90)	(311)
Impairment	0			239			1,378	2,607
Loss (gain) on dispositions of property and equipment, net	17			(1,861)			(2,184)	(2,922)
Intercompany leasing	0			0			0	0
Total costs and expenses	161,681			144,994			468,417	453,899
Income (loss) from operations	(15,283)			4,338			(22,608)	(5,307)
Other income (expense):
Equity in earnings of subsidiaries	0			0			0	0
Interest expense, net of interest capitalized	(10,013)			(9,811)			(30,003)	(28,966)
Other income (expense), net	(588)			498			445	1,046
Total other income (expense), net	(10,601)			(9,313)			(29,558)	(27,920)
Income (loss) before income taxes	(25,884)			(4,975)			(52,166)	(33,227)
Income tax (expense) benefit	(132)			(258)			(1,909)	(1,297)
Net income (loss)	(26,016)	$ (12,944)	$ (15,115)	(5,233)	$ (18,152)	$ (11,139)	(54,075)	(34,524)
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	0			0			0	0
Costs and expenses:
Operating costs	0			0			0	0
Depreciation	0			0			0	0
General and administrative	(135)			(105)			(405)	(315)
Bad debt expense (recovery), net	0			0			0	0
Impairment				0			0	0
Loss (gain) on dispositions of property and equipment, net	0			0			0	0
Intercompany leasing	0			0			0	0
Total costs and expenses	(135)			(105)			(405)	(315)
Income (loss) from operations	135			105			405	315
Other income (expense):
Equity in earnings of subsidiaries	(524)			(5,629)			(12,492)	(13,386)
Interest expense, net of interest capitalized	0			0			0	0
Other income (expense), net	(135)			(105)			(405)	(315)
Total other income (expense), net	(659)			(5,734)			(12,897)	(13,701)
Income (loss) before income taxes	(524)			(5,629)			(12,492)	(13,386)
Income tax (expense) benefit	0			0			0	0
Net income (loss)	(524)			(5,629)			(12,492)	(13,386)
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	124,781			126,202			377,127	386,077
Costs and expenses:
Operating costs	92,216			89,950			281,735	276,893
Depreciation	21,193			21,769			63,491	65,498
General and administrative	13,640			11,152			35,665	37,781
Bad debt expense (recovery), net	196			111			(90)	(311)
Impairment				239			1,378	2,607
Loss (gain) on dispositions of property and equipment, net	28			(1,856)			(2,077)	(2,890)
Intercompany leasing	(1,215)			(1,215)			(3,645)	(3,645)
Total costs and expenses	126,058			120,150			376,457	375,933
Income (loss) from operations	(1,277)			6,052			670	10,144
Other income (expense):
Equity in earnings of subsidiaries	1,164			618			7,059	3,305
Interest expense, net of interest capitalized	3			(12)			(12)	(14)
Other income (expense), net	236			222			903	664
Total other income (expense), net	1,403			828			7,950	3,955
Income (loss) before income taxes	126			6,880			8,620	14,099
Income tax (expense) benefit	(766)			(1,869)			(3,187)	(4,018)
Net income (loss)	(640)			5,011			5,433	10,081
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	21,617			23,130			68,682	62,515
Costs and expenses:
Operating costs	15,843			19,011			50,879	49,031
Depreciation	1,512			1,463			4,228	4,211
General and administrative	1,001			736			2,129	1,972
Bad debt expense (recovery), net	0			0			0	0
Impairment				0			0	0
Loss (gain) on dispositions of property and equipment, net	(11)			(5)			(107)	(32)
Intercompany leasing	1,215			1,215			3,645	3,645
Total costs and expenses	19,560			22,420			60,774	58,827
Income (loss) from operations	2,057			710			7,908	3,688
Other income (expense):
Equity in earnings of subsidiaries	0			0			0	0
Interest expense, net of interest capitalized	4			3			(38)	11
Other income (expense), net	(775)			137			(436)	292
Total other income (expense), net	(771)			140			(474)	303
Income (loss) before income taxes	1,286			850			7,434	3,991
Income tax (expense) benefit	(122)			(232)			(375)	(686)
Net income (loss)	1,164			618			7,059	3,305
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Revenues	0			0			0	0
Costs and expenses:
Operating costs	0			0			0	0
Depreciation	219			269			709	826
General and administrative	15,979			2,260			30,882	18,628
Bad debt expense (recovery), net	0			0			0	0
Impairment				0			0	0
Loss (gain) on dispositions of property and equipment, net	0			0			0	0
Intercompany leasing	0			0			0	0
Total costs and expenses	16,198			2,529			31,591	19,454
Income (loss) from operations	(16,198)			(2,529)			(31,591)	(19,454)
Other income (expense):
Equity in earnings of subsidiaries	(640)			5,011			5,433	10,081
Interest expense, net of interest capitalized	(10,020)			(9,802)			(29,953)	(28,963)
Other income (expense), net	86			244			383	405
Total other income (expense), net	(10,574)			(4,547)			(24,137)	(18,477)
Income (loss) before income taxes	(26,772)			(7,076)			(55,728)	(37,931)
Income tax (expense) benefit	756			1,843			1,653	3,407
Net income (loss)	$ (26,016)			$ (5,233)			$ (54,075)	$ (34,524)

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Organization and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Drilling Long-Lived Assets, by Type

The following table summarizes our current rig fleet count and composition for each drilling services business segment:

	Multi-well, Pad-capable
	AC rigs	SCR rigs	Total
Domestic drilling	17	—	17
International drilling	—	8	8
			25

Schedule of Production Services Long-Lived Assets, by Type

As of September 30, 2019, the fleet count for each of our production services business segments are as follows:

	550 HP	600 HP	Total
Well servicing rigs, by horsepower (HP) rating	112	12	124
			Total
Wireline services units			93
Coiled tubing services units			9

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Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt consists of the following (amounts in thousands):

	September 30, 2019			December 31, 2018
Senior secured term loan	$	175,000		$	175,000
Senior notes	300,000			300,000
	475,000			475,000
Less unamortized discount (based on imputed interest rate of 10.46%)	(2,077		)	(2,668		)
Less unamortized debt issuance costs	(6,036		)	(7,780		)
	$	466,887		$	464,552

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Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 475,000	$ 475,000
Less unamortized debt discount (based on imputed interest rate of 10.46%)	(2,077)	(2,668)
Less unamortized debt issuance costs	(6,036)	(7,780)
Long-term Debt, Excluding Current Maturities	466,887	464,552
Senior Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 300,000	$ 300,000

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Leases Supplemental Lease Information (Details)	Sep. 30, 2019
Supplemental Lease Information [Abstract]
Weighted-average remaining lease term (in years)	4 years 7 months 27 days
Weighted-average discount rate	4.50%

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Guarantor/Non Guarantor Condensed Consolidating Financial Statements (Balance Sheet)) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 26,955			$ 53,566
Restricted cash	998			998
Receivables, net of allowance	132,552			130,881
Intercompany receivable (payable)	0			0
Inventory	22,086			18,898
Assets held for sale	6,233			3,582
Prepaid expenses and other current assets	6,991			7,109
Total current assets	195,815			215,034
Net property and equipment	485,255			524,858
Investments in subsidiaries	0			0
Deferred income taxes	0			0
Operating lease assets	7,692			0
Other noncurrent assets	931			1,658
Total assets	689,693			741,550	$ 752,875
Current liabilities:
Accounts payable	32,127			34,134
Deferred revenues	1,616			1,722
Accrued expenses	64,559			68,912
Total current liabilities	98,302			104,768
Long-term debt, less unamortized discount and debt issuance costs	466,887			464,552
Noncurrent operating lease liabilities	6,189			0
Deferred income taxes	4,708			3,688
Other noncurrent liabilities	459			3,484
Total liabilities	576,545			576,492
Total shareholders' equity	113,148	$ 138,345	$ 150,967	165,058	$ 178,497	$ 182,691	$ 200,187	$ 210,096
Total liabilities and shareholders' equity	689,693			741,550
Eliminations [Member]
Current assets:
Cash and cash equivalents	0			0
Restricted cash	0			0
Receivables, net of allowance	611			196
Intercompany receivable (payable)	0			0
Inventory	0			0
Assets held for sale	0			0
Prepaid expenses and other current assets	0			0
Total current assets	611			196
Net property and equipment	0			0
Investments in subsidiaries	(577,227)			(600,065)
Deferred income taxes	(44,277)			(42,585)
Operating lease assets	0
Other noncurrent assets	0			0
Total assets	(620,893)			(642,454)
Current liabilities:
Accounts payable	0			0
Deferred revenues	0			0
Accrued expenses	611			196
Total current liabilities	611			196
Long-term debt, less unamortized discount and debt issuance costs	0			0
Noncurrent operating lease liabilities	0
Deferred income taxes	(44,277)			(42,585)
Other noncurrent liabilities	0			0
Total liabilities	(43,666)			(42,389)
Total shareholders' equity	(577,227)			(600,065)
Total liabilities and shareholders' equity	(620,893)			(642,454)
Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	0			0
Restricted cash	0			0
Receivables, net of allowance	96,704			95,030
Intercompany receivable (payable)	65,374			67,098
Inventory	10,103			9,945
Assets held for sale	6,233			3,582
Prepaid expenses and other current assets	2,994			3,197
Total current assets	181,408			178,852
Net property and equipment	456,106			494,376
Investments in subsidiaries	32,086			25,370
Deferred income taxes	0			0
Operating lease assets	3,852
Other noncurrent assets	415			511
Total assets	673,867			699,109
Current liabilities:
Accounts payable	26,000			26,795
Deferred revenues	424			95
Accrued expenses	50,166			49,640
Total current liabilities	76,590			76,530
Long-term debt, less unamortized discount and debt issuance costs	0			0
Noncurrent operating lease liabilities	2,875
Deferred income taxes	48,985			46,273
Other noncurrent liabilities	276			1,611
Total liabilities	128,726			124,414
Total shareholders' equity	545,141			574,695
Total liabilities and shareholders' equity	673,867			699,109
Non-Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	4,760			3,216
Restricted cash	0			0
Receivables, net of allowance	34,979			35,219
Intercompany receivable (payable)	(37,269)			(39,853)
Inventory	11,983			8,953
Assets held for sale	0			0
Prepaid expenses and other current assets	1,500			2,169
Total current assets	15,953			9,704
Net property and equipment	27,296			28,460
Investments in subsidiaries	0			0
Deferred income taxes	0			0
Operating lease assets	606
Other noncurrent assets	4			551
Total assets	43,859			38,715
Current liabilities:
Accounts payable	4,686			6,246
Deferred revenues	1,192			1,627
Accrued expenses	5,440			5,056
Total current liabilities	11,318			12,929
Long-term debt, less unamortized discount and debt issuance costs	0			0
Noncurrent operating lease liabilities	455
Deferred income taxes	0			0
Other noncurrent liabilities	0			416
Total liabilities	11,773			13,345
Total shareholders' equity	32,086			25,370
Total liabilities and shareholders' equity	43,859			38,715
Parent [Member]
Current assets:
Cash and cash equivalents	22,195			50,350
Restricted cash	998			998
Receivables, net of allowance	258			436
Intercompany receivable (payable)	(28,105)			(27,245)
Inventory	0			0
Assets held for sale	0			0
Prepaid expenses and other current assets	2,497			1,743
Total current assets	(2,157)			26,282
Net property and equipment	1,853			2,022
Investments in subsidiaries	545,141			574,695
Deferred income taxes	44,277			42,585
Operating lease assets	3,234
Other noncurrent assets	512			596
Total assets	592,860			646,180
Current liabilities:
Accounts payable	1,441			1,093
Deferred revenues	0			0
Accrued expenses	8,342			14,020
Total current liabilities	9,783			15,113
Long-term debt, less unamortized discount and debt issuance costs	466,887			464,552
Noncurrent operating lease liabilities	2,859
Deferred income taxes	0			0
Other noncurrent liabilities	183			1,457
Total liabilities	479,712			481,122
Total shareholders' equity	113,148			165,058
Total liabilities and shareholders' equity	$ 592,860			$ 646,180

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Property and Equipment (Impairments) (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Property, Plant and Equipment, Impairment [Policy Text Block]

Impairments — In accordance with ASC Topic 360, Property, Plant and Equipment, we monitor all indicators of potential impairments. We evaluate for potential impairment of long-lived assets when indicators of impairment are present, which may include, among other things, significant adverse changes in industry trends (including revenue rates, utilization rates, oil and natural gas market prices, and industry rig counts).In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of the assets grouped at the lowest level that independent cash flows can be identified. We perform an impairment evaluation and estimate future undiscounted cash flows for each of our asset groups separately, which are our domestic drilling services, international drilling services, well servicing, wireline services and coiled tubing services segments.If the sum of the estimated future undiscounted net cash flows is less than the carrying amount of the asset group, then we determine the fair value of the asset group, and the amount of an impairment charge would be measured as the difference between the carrying amount and the fair value of the assets.

Due to lower than anticipated operating results and a decline in our projected cash flows for the coiled tubing reporting unit, we performed an impairment analysis of this reporting unit at September 30, 2019. As a result of this analysis, we concluded that this reporting unit was not at risk of impairment because the estimated fair value of the reporting unit’s assets was in excess of the carrying value.

The assumptions we use in the evaluation for impairment are inherently uncertain and require management judgment.Although we believe the assumptions and estimates used in our impairment analysis are reasonable, different assumptions and estimates could materially impact the analysis and resulting conclusions.The most significant inputs used in our impairment analysis include the projected utilization and pricing of our services, as well as the estimated proceeds upon any future sale or disposal of the assets, all of which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures.If commodity prices decrease or remain at current levels for an extended period of time, or if the demand for any of our services decreases below what we are currently projecting, our estimated cash flows may decrease and our estimates of the fair value of certain assets may decrease as well. If any of the foregoing were to occur, we could incur impairment charges on the related assets.

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Valuation Allowances on Deferred Tax Assets (Tables)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Our deferred tax assets related to net operating losses, which are available to reduce future taxable income, consist of the following (amounts in thousands):

	September 30, 2019		December 31, 2018
Domestic net operating loss carryforward	$	101,332	$	96,777
Foreign net operating loss carryforward	6,931		9,582

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Property and Equipment

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment

Capital Expenditures — Our capital expenditures were $36.3 million and $52.3 million during the nine months ended September 30, 2019 and 2018, respectively. Capital expenditures during the nine months ended September 30, 2019 primarily related to various upgrades and refurbishments of our drilling and production services fleets, vehicle and ancillary equipment purchases, and the completion of construction on our 17^th AC drilling rig, which we deployed in March. Capital expenditures during the nine months ended September 30, 2018 primarily related to various routine expenditures to maintain our fleets and purchase new support equipment, as well as the expansion of our wireline and coiled tubing fleets, capital projects to upgrade and refurbish certain components of our international and domestic drilling rigs and begin construction of one new-build drilling rig, and vehicle fleet upgrades in all domestic business segments.

At September 30, 2019, capital expenditures incurred for property and equipment not yet placed in service was $3.3 million, primarily related to capital projects to upgrade and refurbish certain components of our drilling and well servicing rig fleets. At December 31, 2018, property and equipment not yet placed in service was $19.6 million, primarily related to approximately $8.0 million of costs for the construction of a new-build drilling rig, various refurbishments and upgrades of drilling and production services equipment, and the purchase of other new ancillary equipment.

Gain/Loss on Disposition of Property — During the nine months ended September 30, 2019, we recognized a net gain of $2.2 million on the disposition of drill pipe and various other property and equipment, including some assets which were previously held for sale, as well as insurance proceeds received for damaged equipment. During the nine months ended September 30, 2018, we recognized a net gain of$2.9 millionon the disposition of various property and equipment, including the sale offivecoiled tubing units,twelvewireline units, andonedrilling rig, which was previously held for sale.

Assets Held for Sale — As of September 30, 2019, ourcondensed consolidatedbalance sheet reflects assets held for sale of $6.2 million, which includes the fair value of buildings and yards for one domestic drilling yard and two closed wireline locations, both of which were designated as held for sale in 2019, onedomestic SCR drilling rig,two coiled tubing units, and spare support equipment.As of December 31, 2018, ourcondensed consolidatedbalance sheet reflects assets held for sale of $3.6 million, which primarily represents the fair value of onedomestic SCR drilling rig and related spare equipment and three coiled tubing units.

During thenine months ended September 30, 2019 and 2018, we recognized impairment charges of $1.4 million and $2.6 millionto reduce the carrying values of assets which were classified as held for sale, to their estimated fair values, based on expected sales prices which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures.

Impairments — In accordance with ASC Topic 360, Property, Plant and Equipment, we monitor all indicators of potential impairments. We evaluate for potential impairment of long-lived assets when indicators of impairment are present, which may include, among other things, significant adverse changes in industry trends (including revenue rates, utilization rates, oil and natural gas market prices, and industry rig counts).In performing an impairment evaluation, we estimate the future undiscounted net cash flows from the use and eventual disposition of the assets grouped at the lowest level that independent cash flows can be identified. We perform an impairment evaluation and estimate future undiscounted cash flows for each of our asset groups separately, which are our domestic drilling services, international drilling services, well servicing, wireline services and coiled tubing services segments.If the sum of the estimated future undiscounted net cash flows is less than the carrying amount of the asset group, then we determine the fair value of the asset group, and the amount of an impairment charge would be measured as the difference between the carrying amount and the fair value of the assets.

Due to lower than anticipated operating results and a decline in our projected cash flows for the coiled tubing reporting unit, we performed an impairment analysis of this reporting unit at September 30, 2019. As a result of this analysis, we concluded that this reporting unit was not at risk of impairment because the estimated fair value of the reporting unit’s assets was in excess of the carrying value.

The assumptions we use in the evaluation for impairment are inherently uncertain and require management judgment.Although we believe the assumptions and estimates used in our impairment analysis are reasonable, different assumptions and estimates could materially impact the analysis and resulting conclusions.The most significant inputs used in our impairment analysis include the projected utilization and pricing of our services, as well as the estimated proceeds upon any future sale or disposal of the assets, all of which are classified as Level 3 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures.If commodity prices decrease or remain at current levels for an extended period of time, or if the demand for any of our services decreases below what we are currently projecting, our estimated cash flows may decrease and our estimates of the fair value of certain assets may decrease as well. If any of the foregoing were to occur, we could incur impairment charges on the related assets.

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Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings (loss) Per Common Share

Earnings (Loss) Per Common Share

The following table presents a reconciliation of the numerators and denominators of the basic earnings per share and diluted earnings per share computations (amounts in thousands, except per share data):

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Numerator (both basic and diluted):
Net loss	$	(26,016	)	$	(5,233	)	$	(54,075	)	$	(34,524	)
Denominator:
Weighted-average shares (denominator for basic earnings (loss) per share)	78,473			78,136			78,405			77,897
Dilutive effect of outstanding stock options, restricted stock and restricted stock unit awards	—			—			—			—
Denominator for diluted earnings (loss) per share	78,473			78,136			78,405			77,897
Loss per common share - Basic	$	(0.33	)	$	(0.07	)	$	(0.69	)	$	(0.44	)
Loss per common share - Diluted	$	(0.33	)	$	(0.07	)	$	(0.69	)	$	(0.44	)
Potentially dilutive securities excluded as anti-dilutive	5,577			3,964			4,962			4,895

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Guarantor/Non Guarantor Condensed Consolidating Financial Statements

9 Months Ended

Sep. 30, 2019

Guarantor Non-Guarantor Condensed Consolidated Financial Statements

Guarantor/Non Guarantor Condensed Consolidated Financial Statements

Guarantor/Non-Guarantor Condensed Consolidating Financial Statements

Our Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all existing 100% owned domestic subsidiaries, except for Pioneer Services Holdings, LLC. The subsidiaries that generally operate our non-U.S. business concentrated in Colombia do not guarantee our Senior Notes. The non-guarantor subsidiaries do not have any payment obligations under the Senior Notes, the guarantees or the Indenture.

In the event of a bankruptcy, liquidation or reorganization of any non-guarantor subsidiary, such non-guarantor subsidiary will pay the holders of its debt and other liabilities, including its trade creditors, before it will be able to distribute any of its assets to us. In the future, any non-U.S. subsidiaries, immaterial subsidiaries and subsidiaries that we designate as unrestricted subsidiaries under the Indenture will not guarantee the Senior Notes. As of September 30, 2019, there were no restrictions on the ability of subsidiary guarantors to transfer funds to the parent company.

As a result of the guarantee arrangements, we are presenting the following condensed consolidating balance sheets, statements of operations and statements of cash flows of the issuer, the guarantor subsidiaries and the non-guarantor subsidiaries.

CONDENSED CONSOLIDATING BALANCE SHEETS

(unaudited, in thousands)

	September 30, 2019
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	22,195		$	—	$	4,760		$	—		$	26,955
Restricted cash	998			—		—			—			998
Receivables, net of allowance	258			96,704		34,979			611			132,552
Intercompany receivable (payable)	(28,105		)	65,374		(37,269		)	—			—
Inventory	—			10,103		11,983			—			22,086
Assets held for sale	—			6,233		—			—			6,233
Prepaid expenses and other current assets	2,497			2,994		1,500			—			6,991
Total current assets	(2,157		)	181,408		15,953			611			195,815
Net property and equipment	1,853			456,106		27,296			—			485,255
Investment in subsidiaries	545,141			32,086		—			(577,227		)	—
Deferred income taxes	44,277			—		—			(44,277		)	—
Operating lease assets	3,234			3,852		606			—			7,692
Other noncurrent assets	512			415		4			—			931
Total assets	$	592,860		$	673,867	$	43,859		$	(620,893	)	$	689,693
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,441		$	26,000	$	4,686		$	—		$	32,127
Deferred revenues	—			424		1,192			—			1,616
Accrued expenses	8,342			50,166		5,440			611			64,559
Total current liabilities	9,783			76,590		11,318			611			98,302
Long-term debt, less unamortized discount and debt issuance costs	466,887			—		—			—			466,887
Noncurrent operating lease liabilities	2,859			2,875		455			—			6,189
Deferred income taxes	—			48,985		—			(44,277		)	4,708
Other noncurrent liabilities	183			276		—			—			459
Total liabilities	479,712			128,726		11,773			(43,666		)	576,545
Total shareholders’ equity	113,148			545,141		32,086			(577,227		)	113,148
Total liabilities and shareholders’ equity	$	592,860		$	673,867	$	43,859		$	(620,893	)	$	689,693
	December 31, 2018
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	50,350		$	—	$	3,216		$	—		$	53,566
Restricted cash	998			—		—			—			998
Receivables, net of allowance	436			95,030		35,219			196			130,881
Intercompany receivable (payable)	(27,245		)	67,098		(39,853		)	—			—
Inventory	—			9,945		8,953			—			18,898
Assets held for sale	—			3,582		—			—			3,582
Prepaid expenses and other current assets	1,743			3,197		2,169			—			7,109
Total current assets	26,282			178,852		9,704			196			215,034
Net property and equipment	2,022			494,376		28,460			—			524,858
Investment in subsidiaries	574,695			25,370		—			(600,065		)	—
Deferred income taxes	42,585			—		—			(42,585		)	—
Other noncurrent assets	596			511		551			—			1,658
Total assets	$	646,180		$	699,109	$	38,715		$	(642,454	)	$	741,550
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,093		$	26,795	$	6,246		$	—		$	34,134
Deferred revenues	—			95		1,627			—			1,722
Accrued expenses	14,020			49,640		5,056			196			68,912
Total current liabilities	15,113			76,530		12,929			196			104,768
Long-term debt, less unamortized discount and debt issuance costs	464,552			—		—			—			464,552
Deferred income taxes	—			46,273		—			(42,585		)	3,688
Other noncurrent liabilities	1,457			1,611		416			—			3,484
Total liabilities	481,122			124,414		13,345			(42,389		)	576,492
Total shareholders’ equity	165,058			574,695		25,370			(600,065		)	165,058
Total liabilities and shareholders’ equity	$	646,180		$	699,109	$	38,715		$	(642,454	)	$	741,550

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands)

	Three months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	124,781		$	21,617		$	—		$	146,398
Costs and expenses:
Operating costs	—			92,216			15,843			—			108,059
Depreciation	219			21,193			1,512			—			22,924
General and administrative	15,979			13,640			1,001			(135		)	30,485
Intercompany leasing	—			(1,215		)	1,215			—			—
Bad debt expense, net of recovery	—			196			—			—			196
Loss (gain) on dispositions of property and equipment, net	—			28			(11		)	—			17
Total costs and expenses	16,198			126,058			19,560			(135		)	161,681
Income (loss) from operations	(16,198		)	(1,277		)	2,057			135			(15,283		)
Other income (expense):
Equity in earnings of subsidiaries	(640		)	1,164			—			(524		)	—
Interest expense	(10,020		)	3			4			—			(10,013		)
Other income (expense)	86			236			(775		)	(135		)	(588		)
Total other income (expense), net	(10,574		)	1,403			(771		)	(659		)	(10,601		)
Income (loss) before income taxes	(26,772		)	126			1,286			(524		)	(25,884		)
Income tax (expense) benefit 1	756			(766		)	(122		)	—			(132		)
Net income (loss)	$	(26,016	)	$	(640	)	$	1,164		$	(524	)	$	(26,016	)
	Three months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	126,202		$	23,130		$	—		$	149,332
Costs and expenses:
Operating costs	—			89,950			19,011			—			108,961
Depreciation	269			21,769			1,463			—			23,501
General and administrative	2,260			11,152			736			(105		)	14,043
Intercompany leasing	—			(1,215		)	1,215			—			—
Bad debt expense, net of recovery	—			111			—			—			111
Impairment	—			239			—			—			239
Gain on dispositions of property and equipment, net	—			(1,856		)	(5		)	—			(1,861		)
Total costs and expenses	2,529			120,150			22,420			(105		)	144,994
Income (loss) from operations	(2,529		)	6,052			710			105			4,338
Other income (expense):
Equity in earnings of subsidiaries	5,011			618			—			(5,629		)	—
Interest expense	(9,802		)	(12		)	3			—			(9,811		)
Other income	244			222			137			(105		)	498
Total other income (expense), net	(4,547		)	828			140			(5,734		)	(9,313		)
Income (loss) before income taxes	(7,076		)	6,880			850			(5,629		)	(4,975		)
Income tax (expense) benefit 1	1,843			(1,869		)	(232		)	—			(258		)
Net income (loss)	$	(5,233	)	$	5,011		$	618		$	(5,629	)	$	(5,233	)
1  The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands)

	Nine months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	377,127		$	68,682		$	—		$	445,809
Costs and expenses:
Operating costs	—			281,735			50,879			—			332,614
Depreciation	709			63,491			4,228			—			68,428
General and administrative	30,882			35,665			2,129			(405		)	68,271
Intercompany leasing	—			(3,645		)	3,645			—			—
Bad debt recovery, net of expense	—			(90		)	—			—			(90		)
Impairment	—			1,378			—			—			1,378
Gain on dispositions of property and equipment, net	—			(2,077		)	(107		)	—			(2,184		)
Total costs and expenses	31,591			376,457			60,774			(405		)	468,417
Income (loss) from operations	(31,591		)	670			7,908			405			(22,608		)
Other income (expense):
Equity in earnings of subsidiaries	5,433			7,059			—			(12,492		)	—
Interest expense	(29,953		)	(12		)	(38		)	—			(30,003		)
Other income (expense)	383			903			(436		)	(405		)	445
Total other income (expense), net	(24,137		)	7,950			(474		)	(12,897		)	(29,558		)
Income (loss) before income taxes	(55,728		)	8,620			7,434			(12,492		)	(52,166		)
Income tax (expense) benefit 1	1,653			(3,187		)	(375		)	—			(1,909		)
Net income (loss)	$	(54,075	)	$	5,433		$	7,059		$	(12,492	)	$	(54,075	)
	Nine months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	386,077		$	62,515		$	—		$	448,592
Costs and expenses:
Operating costs	—			276,893			49,031			—			325,924
Depreciation	826			65,498			4,211			—			70,535
General and administrative	18,628			37,781			1,972			(315		)	58,066
Intercompany leasing	—			(3,645		)	3,645			—			—
Bad debt recovery, net of expense	—			(311		)	—			—			(311		)
Impairment	—			2,607			—			—			2,607
Gain on dispositions of property and equipment, net	—			(2,890		)	(32		)	—			(2,922		)
Total costs and expenses	19,454			375,933			58,827			(315		)	453,899
Income (loss) from operations	(19,454		)	10,144			3,688			315			(5,307		)
Other income (expense):
Equity in earnings of subsidiaries	10,081			3,305			—			(13,386		)	—
Interest expense	(28,963		)	(14		)	11			—			(28,966		)
Other income	405			664			292			(315		)	1,046
Total other income (expense), net	(18,477		)	3,955			303			(13,701		)	(27,920		)
Income (loss) before income taxes	(37,931		)	14,099			3,991			(13,386		)	(33,227		)
Income tax (expense) benefit 1	3,407			(4,018		)	(686		)	—			(1,297		)
Net income (loss)	$	(34,524	)	$	10,081		$	3,305		$	(13,386	)	$	(34,524	)
1  The income tax (expense) benefit reflected in each column does not include any tax effect of the equity in earnings (losses) of subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Nine months ended September 30, 2019
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(38,177	)	$	41,854		$	4,961		$	—	$	8,638
Cash flows from investing activities:
Purchases of property and equipment	(637		)	(36,644		)	(3,262		)	—		(40,543		)
Proceeds from sale of property and equipment	—			4,688			90			—		4,778
Proceeds from insurance recoveries	—			641			—			—		641
	(637		)	(31,315		)	(3,172		)	—		(35,124		)
Cash flows from financing activities:
Purchase of treasury stock	(125		)	—			—			—		(125		)
Intercompany contributions/distributions	10,784			(10,539		)	(245		)	—		—
	10,659			(10,539		)	(245		)	—		(125		)
Net increase (decrease) in cash, cash equivalents and restricted cash	(28,155		)	—			1,544			—		(26,611		)
Beginning cash, cash equivalents and restricted cash	51,348			—			3,216			—		54,564
Ending cash, cash equivalents and restricted cash	$	23,193		$	—		$	4,760		$	—	$	27,953
	Nine months ended September 30, 2018
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities	$	(43,466	)	$	60,269		$	4,687		$	—	$	21,490
Cash flows from investing activities:
Purchases of property and equipment	(762		)	(43,374		)	(4,642		)	—		(48,778		)
Proceeds from sale of property and equipment	—			4,648			17			—		4,665
Proceeds from insurance recoveries	—			965			15			—		980
	(762		)	(37,761		)	(4,610		)	—		(43,133		)
Cash flows from financing activities:
Proceeds from exercise of options	12			—			—			—		12
Purchase of treasury stock	(549		)	—			—			—		(549		)
Intercompany contributions/distributions	22,784			(22,508		)	(276		)	—		—
	22,247			(22,508		)	(276		)	—		(537		)
Net decrease in cash, cash equivalents and restricted cash	(21,981		)	—			(199		)	—		(22,180		)
Beginning cash, cash equivalents and restricted cash	72,385			—			3,263			—		75,648
Ending cash, cash equivalents and restricted cash	$	50,404		$	—		$	3,064		$	—	$	53,468

XML

Revenue from Contracts with Customers Deferred Revenues and Costs (Details) - Drilling Services [Member] - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Deferred Revenues and Costs, Classified
Current deferred revenues	$ 1,616	$ 1,722
Current deferred costs	2,418	1,543
Noncurrent deferred revenues	77	437
Noncurrent deferred costs	$ 130	$ 679

XML

Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	Sep. 30, 2019 USD ($) coiled_tubing_units well_service_rigs drilling_rigs wireline_tubing_units	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Operating lease assets | $	$ 7,692		$ 0
Operating lease liability | $	8,369
Cash and Cash Equivalents
Cash Equivalents, at Carrying Value | $	$ 13,900		$ 40,600
Accounting Standards Update 2016-02
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Operating lease assets | $		$ 9,800
Operating lease liability | $		9,800
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $		$ 300
Drilling Services [Member]
Business - Drilling
Drilling Rigs	25
Drilling Services [Member] | Pad-Capable [Member]
Business - Drilling
Percentage of Drilling Fleet	100.00%
Well Servicing [Member] | 550 Horsepower [Member]
Business - Production Services
Well Servicing Rigs | well_service_rigs	112
Well Servicing [Member] | 600 Horsepower [Member]
Business - Production Services
Well Servicing Rigs | well_service_rigs	12
Well Servicing [Member] | Production Services [Member]
Business - Production Services
Well Servicing Rigs | well_service_rigs	124
Wireline Services [Member] | Production Services [Member]
Business - Production Services
Wireline Units | wireline_tubing_units	93
Coiled Tubing Services [Member] | Production Services [Member]
Business - Production Services
Coiled Tubing Units | coiled_tubing_units	9
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member]
Business - Drilling
Drilling Divisions	3
Drilling Rigs	17
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | AC [Member]
Business - Drilling
Drilling Rigs	17
Domestic Drilling [Member] | Drilling Services [Member] | United States [Member] | SCR Drilling Rigs [Member]
Business - Drilling
Drilling Rigs	0
International Drilling [Member] | Drilling Services [Member] | Colombia [Member]
Business - Drilling
Drilling Rigs	8
International Drilling [Member] | Drilling Services [Member] | Colombia [Member] | AC [Member]
Business - Drilling
Drilling Rigs	0
International Drilling [Member] | Drilling Services [Member] | Colombia [Member] | SCR Drilling Rigs [Member]
Business - Drilling
Drilling Rigs	8

XML

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

As a drilling and production services provider, we provide the drilling rigs and production services equipment which are necessary to fulfill our performance obligations and which are considered leases under ASU No. 2016-02, Leases, (together with its amendments, herein referred to as “ASC Topic 842”). However, ASU No. 2018-11, Leases: Targeted Improvements, allows lessors to (i) combine the lease and non-lease components of revenues when the revenue recognition pattern is the same and when the lease component, when accounted for separately, would be considered an operating lease, and (ii) account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component. We elected to apply this expedient and therefore continue to recognize our revenues (both lease and service components) under ASC Topic 606, and continue to present them as one revenue stream in our unaudited condensed consolidated statements of operations.

As a lessee, we lease our corporate office headquarters in San Antonio, Texas, and we conduct our business operations through25 other regional offices located throughout the United States and internationally in Colombia. These operating locations typically includeregional offices, storage and maintenance yards and employee housing sufficient to support our operations in the area. We lease most of these properties under non-cancelable term and month-to-month operating leases, many of which contain renewal options that can extend the lease term from one to five years and some of which contain escalation clauses. We also lease supplemental equipment, typically under cancelable short-term and very short term (less than 30 days) leases. Due to the nature of our business, any option to renew these short-term leases, and the options to extend certain of our long-term real estate leases, are generally not considered reasonably certain to be exercised. Therefore, the periods covered by such optional periods are not included in the determination of the term of the lease, and the lease payments during these periods are similarly excluded from the calculation of operating lease asset and lease liability balances.

In accordance with ASC Topic 842, we recognize an operating lease asset and a corresponding operating lease liability for all our long-term leases, which include real estate and office equipment leases, for which we elected to combine, or not separate, the lease and non-lease components, and therefore, all fixed charges associated with non-lease components are included in the lease payments and the calculation of the operating lease asset and associated lease liability. The operating lease asset and operating lease liability are discounted at the rate which represents our secured incremental borrowing rate, as most of our leases do not provide an implicit rate, and which we estimate based on the rate in effect under our asset-based lending facility.

We recognize rent expense on a straight-line basis, except for certain variable expenses which are recognized when the variability is resolved, typically during the period in which they are paid. Variable lease payments typically include charges for property taxes and insurance, and some leases contain variable payments related to non-lease components, including common area maintenance and usage of office equipment (for example, copiers), which totaled approximately $0.3 million and $0.9 million during the three and nine months ended September 30, 2019. The following table summarizes our lease expense recognized, excluding variable lease costs (amounts in thousands):

	Three months ended September 30,		Nine months ended September 30,
	2019		2019
Long-term operating lease expense	$	1,272	$	2,943
Short-term operating lease expense	$	3,754	$	11,490

The following table summarizes the amount and timing of our obligations associated with our long-term operating leases (amounts in thousands):

	September 30, 2019			December 31, 2018
Within 1 year	$	2,499		$	3,318
In the second year	1,970			2,032
In the third year	1,624			1,721
In the fourth year	1,235			1,407
In the fifth year	909			1,110
Thereafter	1,041			1,738
Total undiscounted lease obligations	$	9,278		$	11,326
Impact of discounting	(909		)
Discounted value of operating lease obligations	$	8,369
Current operating lease liabilities	$	2,180
Noncurrent operating lease liabilities	6,189
	$	8,369

The following table summarizes the weighted-average remaining lease term and discount rate associated with our long-term operating leases:

	September 30, 2019
Weighted-average remaining lease term (in years)	4.7
Weighted-average discount rate	4.5	%

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Stock-Based Compensation Plans (Schedule of Allocation of Share-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Noncash Expense	$ 819	$ 1,039	$ 2,013	$ 3,395
Phantom stock unit awards			(99)	2,808
Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Noncash Expense	31	101	105	342
Restricted Stock [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Noncash Expense	135	116	370	344
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Noncash Expense	653	822	1,538	2,709
Phantom Share Units (PSUs) [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Phantom stock unit awards	$ (150)	$ (3,722)	$ (99)	$ 2,808

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 15, 2019
Document and Entity Information
Entity Registrant Name	PIONEER ENERGY SERVICES CORP.
Entity Central Index Key	0000320575
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,202,216

XML

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Treasury Stock, Shares			(631,000)
Common stock, shares, outstanding at Dec. 31, 2017		78,350,000
Beginning Balance, value at Dec. 31, 2017	$ 210,096	$ 7,835	$ (4,416)	$ 546,158	$ (339,481)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net loss	(11,139)				(11,139)
Purchase of treasury stock, shares			(28,000)
Purchase of treasury stock, value	(96)		$ (96)
Issuance of restricted stock, shares		105,000
Issuance of restricted stock, value		$ 10		(10)
Stock-based compensation expense	1,259			1,259
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2014-09 [Member]	67				67
Common stock, shares, outstanding at Mar. 31, 2018		78,455,000
Ending Balance, value at Mar. 31, 2018	200,187	$ 7,845	(4,512)	547,407	(350,553)
Common stock, shares, outstanding at Dec. 31, 2017		78,350,000
Beginning Balance, value at Dec. 31, 2017	210,096	$ 7,835	(4,416)	546,158	(339,481)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net loss	(34,524)
Common stock, shares, outstanding at Sep. 30, 2018		79,005,000
Ending Balance, value at Sep. 30, 2018	178,497	$ 7,900	$ (4,965)	549,500	(373,938)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Treasury Stock, Shares			(659,000)
Common stock, shares, outstanding at Mar. 31, 2018		78,455,000
Beginning Balance, value at Mar. 31, 2018	200,187	$ 7,845	$ (4,512)	547,407	(350,553)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net loss	(18,152)				(18,152)
Exercise of options and related income tax effect, shares		3,000
Exercise of options and related income tax effect, value	12			12
Purchase of treasury stock, shares			(131,000)
Purchase of treasury stock, value	(453)		$ (453)
Issuance of restricted stock, shares		547,000
Issuance of restricted stock, value		$ 55		(55)
Stock-based compensation expense	1,097			1,097
Common stock, shares, outstanding at Jun. 30, 2018		79,005,000
Ending Balance, value at Jun. 30, 2018	182,691	$ 7,900	$ (4,965)	548,461	(368,705)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Treasury Stock, Shares			(790,000)
Net loss	(5,233)				(5,233)
Stock-based compensation expense	1,039			1,039
Common stock, shares, outstanding at Sep. 30, 2018		79,005,000
Ending Balance, value at Sep. 30, 2018	$ 178,497	$ 7,900	$ (4,965)	549,500	(373,938)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Treasury Stock, Shares			(790,000)
Treasury Stock, Shares			(790,000)
Common stock, shares, outstanding at Dec. 31, 2018	78,214,550	79,005,000
Beginning Balance, value at Dec. 31, 2018	$ 165,058	$ 7,900	$ (4,965)	550,548	(388,425)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net loss	(15,115)				(15,115)
Purchase of treasury stock, shares			(84,000)
Purchase of treasury stock, value	(120)		$ (120)
Issuance of restricted stock, shares		326,000
Issuance of restricted stock, value		$ 33		(33)
Stock-based compensation expense	867			867
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2016-02 [Member]	277				277
Common stock, shares, outstanding at Mar. 31, 2019		79,331,000
Ending Balance, value at Mar. 31, 2019	$ 150,967	$ 7,933	(5,085)	551,382	(403,263)
Common stock, shares, outstanding at Dec. 31, 2018	78,214,550	79,005,000
Beginning Balance, value at Dec. 31, 2018	$ 165,058	$ 7,900	(4,965)	550,548	(388,425)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net loss	$ (54,075)
Common stock, shares, outstanding at Sep. 30, 2019	79,202,216	80,079,000
Ending Balance, value at Sep. 30, 2019	$ 113,148	$ 8,008	$ (5,090)	552,453	(442,223)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Treasury Stock, Shares			(874,000)
Common stock, shares, outstanding at Mar. 31, 2019		79,331,000
Beginning Balance, value at Mar. 31, 2019	150,967	$ 7,933	$ (5,085)	551,382	(403,263)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net loss	(12,944)				(12,944)
Purchase of treasury stock, shares			(3,000)
Purchase of treasury stock, value	(5)		$ (5)
Issuance of restricted stock, shares		667,000
Issuance of restricted stock, value		$ 67		(67)
Stock-based compensation expense	327			327
Common stock, shares, outstanding at Jun. 30, 2019		79,998,000
Ending Balance, value at Jun. 30, 2019	138,345	$ 8,000	$ (5,090)	551,642	(416,207)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Treasury Stock, Shares			(877,000)
Net loss	(26,016)				(26,016)
Issuance of restricted stock, shares		81,000
Issuance of restricted stock, value		$ 8		(8)
Stock-based compensation expense	$ 819			819
Common stock, shares, outstanding at Sep. 30, 2019	79,202,216	80,079,000
Ending Balance, value at Sep. 30, 2019	$ 113,148	$ 8,008	$ (5,090)	$ 552,453	$ (442,223)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Treasury Stock, Shares			(877,000)

XML

Segment Information (Schedule of Segment Reporting Information) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) drilling_rigs	Sep. 30, 2018 USD ($) drilling_rigs	Sep. 30, 2019 USD ($) drilling_rigs	Sep. 30, 2018 USD ($) drilling_rigs	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Revenues	$ 146,398	$ 149,332	$ 445,809	$ 448,592
Operating costs	108,059	108,961	332,614	325,924
Segment/Consolidated Margin	38,339	40,371	113,195	122,668
Identifiable assets	689,693	752,875	689,693	752,875	$ 741,550
Depreciation	22,924	23,501	68,428	70,535
Capital Expenditures	8,660	18,417	36,276	52,342
Related Party Transaction, Due from (to) Related Party, Current	0		0		$ 0
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Identifiable assets	54,760	79,702	54,760	79,702
Depreciation	219	268	709	826
Capital Expenditures	44	419	541	914
Drilling Services [Member]
Segment Reporting Information [Line Items]
Revenues	59,785	59,717	184,511	170,661
Operating costs	37,775	40,663	119,982	113,335
Segment/Consolidated Margin	22,010	19,054	64,529	57,326
Identifiable assets	401,854	417,789	401,854	417,789
Depreciation	12,376	11,821	36,525	35,157
Capital Expenditures	$ 3,939	6,538	$ 17,788	17,945
Drilling Rigs | drilling_rigs	25		25
Drilling Services [Member] | Domestic Drilling [Member]
Segment Reporting Information [Line Items]
Revenues	$ 38,168	36,586	$ 115,829	108,146
Operating costs	21,931	21,650	69,098	64,297
Segment/Consolidated Margin	16,237	14,936	46,731	43,849
Identifiable assets	354,534	375,982	354,534	375,982
Depreciation	10,864	10,358	32,297	30,946
Capital Expenditures	2,777	6,274	14,344	13,768
Related Party Transaction, Due from (to) Related Party, Current	37,500	39,400	37,500	39,400
Drilling Services [Member] | International Drilling [Member]
Segment Reporting Information [Line Items]
Revenues	21,617	23,131	68,682	62,515
Operating costs	15,844	19,013	50,884	49,038
Segment/Consolidated Margin	5,773	4,118	17,798	13,477
Identifiable assets	47,320	41,807	47,320	41,807
Depreciation	1,512	1,463	4,228	4,211
Capital Expenditures	1,162	264	3,444	4,177
Related Party Transaction, Due from (to) Related Party, Current	$ (37,500)	$ (39,400)	$ (37,500)	$ (39,400)
Drilling Services [Member] | Drilling Rigs [Member] | International Drilling [Member]
Segment Reporting Information [Line Items]
Drilling Rigs | drilling_rigs	5	5	5	5
Drilling Services [Member] | Assets Leased From Others [Member] | International Drilling [Member]
Segment Reporting Information [Line Items]
Drilling Rigs | drilling_rigs	3	3	3	3
Production Services [Member]
Segment Reporting Information [Line Items]
Revenues	$ 86,613	$ 89,615	$ 261,298	$ 277,931
Operating costs	70,284	68,298	212,632	212,589
Segment/Consolidated Margin	16,329	21,317	48,666	65,342
Identifiable assets	233,079	255,384	233,079	255,384
Depreciation	10,329	11,412	31,194	34,552
Capital Expenditures	4,677	11,460	17,947	33,483
Production Services [Member] | Well Servicing [Member]
Segment Reporting Information [Line Items]
Revenues	30,293	24,369	86,053	68,645
Operating costs	21,414	17,193	61,348	49,443
Segment/Consolidated Margin	8,879	7,176	24,705	19,202
Identifiable assets	118,686	123,933	118,686	123,933
Depreciation	5,132	4,903	14,956	14,688
Capital Expenditures	2,146	2,989	8,182	8,441
Production Services [Member] | Wireline Services [Member]
Segment Reporting Information [Line Items]
Revenues	43,874	52,654	137,134	171,392
Operating costs	38,349	40,840	119,500	130,042
Segment/Consolidated Margin	5,525	11,814	17,634	41,350
Identifiable assets	80,054	96,585	80,054	96,585
Depreciation	3,537	4,518	11,519	13,727
Capital Expenditures	775	3,973	5,198	12,563
Production Services [Member] | Coiled Tubing Services [Member]
Segment Reporting Information [Line Items]
Revenues	12,446	12,592	38,111	37,894
Operating costs	10,521	10,265	31,784	33,104
Segment/Consolidated Margin	1,925	2,327	6,327	4,790
Identifiable assets	34,339	34,866	34,339	34,866
Depreciation	1,660	1,991	4,719	6,137
Capital Expenditures	$ 1,756	$ 4,498	$ 4,567	$ 12,479