Supplemental Guarantor Information (Tables)

12 Months Ended

Dec. 31, 2019

Supplemental Guarantor Information [Abstract]

Condensed Consolidating Balance Sheets

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
December 31, 2019
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	-	$	210,691	$	612	$	61,321	$	-	$	272,624
Accounts receivable, net		-		750		245,941		85,356		-		332,047
Income taxes receivable		-		(1,080)		-		1,820		-		740
Other current assets		-		9,594		106,857		50,310		-		166,761
Assets held for sale		-		-		216,197		-		-		216,197
Total current assets		-		219,955		569,607		198,807		-		988,369
Property, plant and equipment, net		-		11,129		497,395		156,425		-		664,949
Operating lease right-of-use assets		-		22,052		44,048		14,806		-		80,906
Goodwill		-		-		80,544		57,151		-		137,695
Notes receivable		-		-		68,092		-		-		68,092
Long-term intercompany accounts receivable		2,260,980		1,281,183		3,020,808		202,331		(6,765,302)		-
Intercompany notes receivable		-		-		-		9,400		(9,400)		-
Equity investments of consolidated subsidiaries		(2,207,117)		3,498,602		10,449		-		(1,301,934)		-
Restricted cash		-		-		2,719		45		-		2,764
Intangible and other long-term assets, net		-		19,466		24,313		6,676		-		50,455
Total assets	$	53,863	$	5,052,387	$	4,317,975	$	645,641	$	(8,076,636)	$	1,993,230
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	-	$	10,701	$	49,159	$	33,106	$	-	$	92,966
Accrued expenses		-		76,249		80,696		25,989		-		182,934
Income taxes payable		-		-		-		-		-		-
Current portion of decommissioning liabilities		-		-		-		3,649		-		3,649
Liabilities held for sale		-		-		44,938		-		-		44,938
Total current liabilities		-		86,950		174,793		62,744		-		324,487
Long-term debt, net		-		1,286,629		-		-		-		1,286,629
Deferred income taxes		-		3,247		-		-		-		3,247
Decommissioning liabilities		-		-		132,632		-		-		132,632
Operating lease liabilities		-		22,738		29,206		10,410		-		62,354
Long-term intercompany accounts payable		4,290		5,805,516		832,407		123,089		(6,765,302)		-
Intercompany notes payable		-		9,400		-		-		(9,400)		-
Other long-term liabilities		-		45,024		75,976		13,308		-		134,308
Total stockholders' equity (deficit)		49,573		(2,207,117)		3,072,961		436,090		(1,301,934)		49,573
Total liabilities and stockholders' equity	$	53,863	$	5,052,387	$	4,317,975	$	645,641	$	(8,076,636)	$	1,993,230

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
December 31, 2018
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	-	$	102,224	$	707	$	55,119	$	-	$	158,050
Accounts receivable, net		-		160		367,497		79,696		-		447,353
Intercompany accounts receivable		-		12,279		74,906		3,489		(90,674)		-
Other current assets		-		12,805		111,560		43,137		-		167,502
Total current assets		-		127,468		554,670		181,441		(90,674)		772,905
Property, plant and equipment, net		-		10,129		920,978		178,019		-		1,109,126
Goodwill		-		-		80,544		56,244		-		136,788
Notes receivable		-		-		63,993		-		-		63,993
Long-term intercompany accounts receivable		2,243,431		-		1,991,912		182,284		(4,417,627)		-
Equity investments of consolidated subsidiaries		(1,952,647)		3,754,887		5,992		-		(1,808,232)		-
Restricted cash		-		-		5,653		45		-		5,698
Intangible and other long-term assets, net		-		19,255		100,847		7,350		-		127,452
Total assets	$	290,784	$	3,911,739	$	3,724,589	$	605,383	$	(6,316,533)	$	2,215,962
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	-	$	8,807	$	109,903	$	20,615	$	-	$	139,325
Accrued expenses		45		102,845		86,926		29,364		-		219,180
Income taxes payable		-		1,237		-		(503)		-		734
Intercompany accounts payable		-		724		6,869		83,081		(90,674)		-
Current portion of decommissioning liabilities		-		-		-		3,538		-		3,538
Total current liabilities		45		113,613		203,698		136,095		(90,674)		362,777
Long-term debt, net		-		1,282,921		-		-		-		1,282,921
Decommissioning liabilities		-		-		126,558		-		-		126,558
Long-term intercompany accounts payable		-		4,417,627		-		-		(4,417,627)		-
Other long-term liabilities		-		50,225		76,543		26,199		-		152,967
Total stockholders' equity (deficit)		290,739		(1,952,647)		3,317,790		443,089		(1,808,232)		290,739
Total liabilities and stockholders' equity	$	290,784	$	3,911,739	$	3,724,589	$	605,383	$	(6,316,533)	$	2,215,962

Condensed Consolidating Statements of Operations And Comprehensive Income

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
Year Ended December 31, 2019
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	-	$	1,126,456		324,200		(25,287)	$	1,425,369
Cost of revenues (exclusive of depreciation,
depletion, amortization and accretion)		-		(7,023)		730,473		226,919		(25,287)		925,082
Depreciation, depletion, amortization and
accretion		-		3,682		154,424		38,353		-		196,459
General and administrative expenses		-		87,727		134,123		46,376		-		268,226
Reduction in value of assets		-		-		14,900		2,285		-		17,185
Income (loss) from operations		-		(84,386)		92,536		10,267		-		18,417
Other income (expense):
Interest income (expense), net		-		(103,397)		5,115		(30)		-		(98,312)
Intercompany interest income (expense)		-		(107)		-		107		-		-
Other income (expense)		-		(1,732)		(759)		7		-		(2,484)
Equity in losses of consolidated subsidiaries		(255,721)		(107,768)		3,333		-		360,156		-
Income (loss) from operations before income taxes		(255,721)		(297,390)		100,225		10,351		360,156		(82,379)
Income taxes		-		(41,669)		47,771		(10,728)		-		(4,626)
Net loss from continuing operations		(255,721)		(255,721)		52,454		21,079		360,156		(77,753)
Loss from discontinued operations, net of tax		-		-		(177,968)		-		-		(177,968)
Net income (loss)	$	(255,721)	$	(255,721)	$	(125,514)	$	21,079	$	360,156	$	(255,721)
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Consolidating Statements of Comprehensive Income (Loss)
Year Ended December 31, 2019
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	(255,721)	$	(255,721)	$	(125,514)	$	21,079	$	360,156	$	(255,721)
Change in cumulative translation adjustment, net of tax		1,250		1,250		-		1,250		(2,500)		1,250
Comprehensive loss	$	(254,471)	$	(254,471)	$	(125,514)	$	22,329	$	357,656	$	(254,471)

‎

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
Year Ended December 31, 2018
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	-	$	1,238,343	$	271,769	$	(31,255)	$	1,478,857
Cost of revenues (exclusive of depreciation,
depletion, amortization and accretion)		-		(13,265)		823,908		191,100		(31,255)		970,488
Depreciation, depletion, amortization and
accretion		-		3,945		229,565		44,929		-		278,439
General and administrative expenses		-		95,725		129,667		51,076		-		276,468
Reduction in value of assets		-		-		230,429		92,284		-		322,713
Loss from operations		-		(86,405)		(175,226)		(107,620)		-		(369,251)
Other income (expense):
Interest expense, net		-		(103,594)		3,950		167		-		(99,477)
Other income (expense)		-		71		1,014		(2,763)		-		(1,678)
Equity in losses of consolidated subsidiaries		(858,115)		(707,348)		(597)		-		1,566,060		-
Loss from continuing operations before income taxes		(858,115)		(897,276)		(170,859)		(110,216)		1,566,060		(470,406)
Income taxes		-		(39,161)		(4,124)		282		-		(43,003)
Net loss from continuing operations		(858,115)		(858,115)		(166,735)		(110,498)		1,566,060		(427,403)
Loss from discontinued operations, net of income taxes		-		-		(429,983)		(729)		-		(430,712)
Net loss	$	(858,115)	$	(858,115)	$	(596,718)	$	(111,227)	$	1,566,060	$	(858,115)
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Consolidating Statements of Comprehensive Income (Loss)
Year Ended December 31, 2018
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	(858,115)	$	(858,115)	$	(596,718)	$	(111,227)	$	1,566,060	$	(858,115)
Change in cumulative translation adjustment, net of tax		(5,750)		(5,750)		-		(5,750)		11,500		(5,750)
Comprehensive income (loss)	$	(863,865)	$	(863,865)	$	(596,718)	$	(116,977)	$	1,577,560	$	(863,865)

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
Year Ended December 31, 2017
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	-	$	1,086,567	$	234,663	$	(15,701)	$	1,305,529
Cost of revenues (exclusive of depreciation,
depletion, amortization and accretion)		-		(4,123)		733,600		176,033		(15,701)		889,809
Depreciation, depletion, amortization and
accretion		-		4,149		271,853		50,854		-		326,856
General and administrative expenses		-		86,840		142,166		56,591		-		285,597
Reduction in value of assets		-		-		2,273		8,117		-		10,390
Income (loss) from operations		-		(86,866)		(63,325)		(56,932)		-		(207,123)
Other income (expense):
Interest income (expense), net		-		(105,585)		4,451		(321)		-		(101,455)
Other income (expense)		-		(1,350)		202		(2,151)		-		(3,299)
Equity in earnings (losses) of consolidated subsidiaries		(205,921)		(76,394)		(964)		-		283,279		-
Income (loss) from continuing operations before income taxes		(205,921)		(270,195)		(59,636)		(59,404)		283,279		(311,877)
Income taxes		-		(64,274)		(59,169)		(8,119)		-		(131,562)
Net loss from continuing operations		(205,921)		(205,921)		(467)		(51,285)		283,279		(180,315)
Loss from discontinued operations, net of income tax		-		-		(6,696)		(18,910)		-		(25,606)
Net income (loss)	$	(205,921)	$	(205,921)	$	(7,163)	$	(70,195)	$	283,279	$	(205,921)
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Consolidating Statements of Comprehensive Income (Loss)
Year Ended December 31, 2017
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	(205,921)	$	(205,921)	$	(7,163)	$	(70,195)	$	283,279	$	(205,921)
Change in cumulative translation adjustment, net of tax		12,821		12,821		-		12,821		(25,642)		12,821
Comprehensive income (loss)	$	(193,100)	$	(193,100)	$	(7,163)	$	(57,374)	$	257,637	$	(193,100)

Condensed Consolidating Statements Of Cash Flows

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2019
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	18,408	$	(12,879)	$	128,409	$	12,490	$	146,428
Cash flows from investing activities:
Payments for capital expenditures		-		(6,173)		(112,994)		(21,298)		(140,465)
Proceeds from sales of assets		-		-		110,008		-		110,008
Net cash provided by (used in) investing activities		-		(6,173)		(2,986)		(21,298)		(30,457)
Cash flows from financing activities:
Purchases of treasury stock		(4,290)		-		-		-		(4,290)
Changes in notes with affiliated companies, net		(13,259)		127,661		(128,452)		14,050		-
Other		(859)		(143)		-		-		(1,002)
Net cash provided by (used in) financing activities		(18,408)		127,518		(128,452)		14,050		(5,292)
Effect of exchange rate changes on cash		-		-		-		961		961
Net change in cash, cash equivalents, and restricted cash		-		108,466		(3,029)		6,203		111,640
Cash, cash equivalents, and restricted cash at beginning of period		-		102,224		6,360		55,164		163,748
Cash, cash equivalents, and restricted cash at end of period	$	-	$	210,690	$	3,331	$	61,367	$	275,388

‎

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2018
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	23,866	$	(2,013)	$	150,510	$	(4,023)	$	(3,283)	$	165,057
Cash flows from investing activities:
Payments for capital expenditures		-		(2,055)		(207,640)		(11,675)		-		(221,370)
Proceeds from sales of assets		-		-		20,003		13,296		-		33,299
Net cash provided by (used in) investing activities		-		(2,055)		(187,637)		1,621		-		(188,071)
Cash flows from financing activities:
Intercompany dividends		-		-		-		(3,283)		3,283		-
Changes in notes with affiliated companies, net		(21,734)		(19,787)		22,564		18,957		-		-
Other		(2,132)		(454)		-		-		-		(2,586)
Net cash provided by (used in) financing activities		(23,866)		(20,241)		22,564		15,674		3,283		(2,586)
Effect of exchange rate changes on cash		-		-		-		(3,135)		-		(3,135)
Net change in cash, cash equivalents, and restricted cash		-		(24,309)		(14,563)		10,137		-		(28,735)
Cash, cash equivalents, and restricted cash at beginning of period		-		126,533		20,923		45,027		-		192,483
Cash, cash equivalents, and restricted cash at end of period	$	-	$	102,224	$	6,360	$	55,164	$	-	$	163,748

‎

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
Year Ended December 31, 2017
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	26,221	$	3,369	$	89,739	$	(22,903)	$	96,426
Cash flows from investing activities:
Payments for capital expenditures		-		(1,041)		(148,738)		(15,154)		(164,933)
Other		-		-		23,485		4,784		28,269
Net cash used in investing activities		-		(1,041)		(125,253)		(10,370)		(136,664)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		-		500,000		-		-		500,000
Principal payments on long-term debt		-		(500,000)		-		-		(500,000)
Payment of debt issuance costs		-		(11,967)		-		-		(11,967)
Changes in notes with affiliated companies, net		(21,163)		8,727		4,648		7,788		-
Other		(5,058)		-		-		-		(5,058)
Net cash provided by (used in) financing activities		(26,221)		(3,240)		4,648		7,788		(17,025)
Effect of exchange rate changes on cash		-		-		-		3,654		3,654
Net decrease in cash, cash equivalents, and restricted cash		-		(912)		(30,866)		(21,831)		(53,609)
Cash, cash equivalents, and restricted cash at beginning of period		-		127,445		51,789		66,858		246,092
Cash, cash equivalents, and restricted cash at end of period	$	-	$	126,533	$	20,923	$	45,027	$	192,483