Discontinued Operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations [Abstract]

Discontinued Operations

(12) Discontinued Operations

On December 10, 2019, the Company’s indirect, wholly owned subsidiary, Pumpco, completed its existing hydraulic fracturing field operations and determined to discontinue, wind down and exit its hydraulic fracturing operations. The Company intends to maintain an adequate number of employees to efficiently wind down Pumpco’s business. The financial results of Pumpco’s operations have historically been included in the Company’s Onshore Completions and Workover Services segment. The Company intends to sell Pumpco’s fixed assets over time during the next twelve months.

The following table summarizes the components of loss from discontinued operations, net of tax for the years ended December 31, 2019, 2018 and 2017 (in thousands):

	Years Ended December 31,
	2019			2018	2017
Revenues	$	281,452	$	651,408	$	568,547
Cost of services		272,248		531,616		508,886
Loss from discontinued operations before tax		(169,582)		(433,142)		(84,813)
Loss from discontinued operations, net of income tax		(177,968)		(430,712)		(25,606)

For the years ended December 31, 2018 and 2017, loss from discontinued operations included $0.7 million and $18.9 million, respectively, related to the Company’s former subsea construction business, which was wound down in 2018.

The following summarizes the assets and liabilities related to the business reported as discontinued operations (in thousands):

	December 31,
	2019		2018
Current assets:
Accounts receivable, net	$	25,106	$	98,003
Other current assets		6,215		21,474
Total current assets	$	31,321	$	119,477
Property, plant and equipment, net		179,144		248,874
Operating lease ROU assets		5,732		-
Intangible and other assets		-		67,421
Total assets	$	216,197	$	435,772
Current liabilities:
Accounts payable	$	14,370	$	60,576
Accrued expenses		24,751		12,073
Total current liabilities		39,121		72,649
Operating lease liabilities		5,415		-
Other long-term liabilities		402		848
Total liabilities	$	44,938	$	73,497

Significant operating non-cash items of Pumpco and cash flows from investing activities were as follows (in thousands):

	Years Ended December 31,
	2019			2018	2017
Cash flows from discontinued operating activities:
Depreciation and amortization	$	75,077	$	122,409	$	111,860
Reduction in value of assets		76,577		417,011		3,765
Cash flows from discontinued investing activities:
Payments for capital expenditures	$	(36,743)	$	(108,094)	$	(99,544)
Proceeds from sales of assets		1,669		-		5,262