Chapter 11 Reorganization (Tables)

12 Months Ended

Dec. 31, 2020

Chapter 11 Reorganization [Abstract]

Schedule Of Chapter 11 Reorganization Balance Sheet

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES (DEBTOR IN POSSESSION)
Condensed Combined Balance Sheet
(in thousands)
(Unaudited)
	December 31,
ASSETS	2020
Current assets:
Cash and cash equivalents	$	132,932
Accounts receivable, net of allowance for doubtful accounts of $19,036 at December 31, 2020 (1)		239,962
Income taxes receivable		13,490
Prepaid expenses		20,064
Inventory and other current assets		72,278
Assets held for sale		47,635
Total current assets		526,361
Property, plant and equipment, net of accumulated depreciation and depletion		422,848
Operating lease right-of-use assets		36,893
Notes receivable (2)		73,027
Restricted cash		80,133
Intangible and other long-term assets, net of accumulated amortization		49,841
Investment in subsidiaries		3,914,155
Total assets	$	5,103,258
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable (3)	$	2,348,756
Accrued expenses		106,730
Current portion of decommissioning liabilities		3,765
Liabilities held for sale		4,079
Total current liabilities		2,463,330
Intra-group notes payable		10,500
Decommissioning liabilities		138,981
Operating lease liabilities		30,184
Deferred income taxes		16,748
Other long-term liabilities		125,176
Total liabilities not subject to compromise		2,784,919
Liabilities subject to compromise		1,335,794
Total stockholders' equity		982,545
Total liabilities and stockholders' equity	$	5,103,258
(1) Includes intra-group receivables in the amount of $111.4 million.
(2) Includes intra-group note receivables in the amount of $0.4 million.
(3) Includes intra-group payables in the amount of $2,315.8 million.

Schedule Of Chapter 11 Reorganization Income Statement

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES (DEBTOR IN POSSESSION)
Condensed Combined Statement of Operations
(in thousands)
(Unaudited)
	Year Ended December 31,
	2020
Revenues:
Revenues	$	627,070
Revenues - affiliates		25,790
Total revenues		652,860
Costs and expenses:
Cost of revenues		421,295
Cost of revenues - affiliates		14,046
Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)		435,341
Depreciation, depletion, amortization and accretion		112,395
General and administrative expenses		185,236
Restructuring expense		47,055
Reduction in value of assets		21,049
Income (loss) from operations		(148,216)
Other income (expense):
Interest expense, net (contractual interest $95.8 million)		(93,132)
Reorganization expenses		(21,616)
Other income (expense):		(555)
Loss from continuing operations before income taxes		(263,519)
Income taxes		(1,155)
Net loss from continuing operations		(262,364)
Loss from discontinued operations, net of income tax		(114,882)
Net loss	$	(377,246)

Schedule Of Chapter 11 Reorganization Cash Flows

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES (DEBTOR IN POSSESSION)
Condensed Combined Statement of Cash Flows
(in thousands)
(Unaudited)
	Year Ended December 31,
	2020
Cash flows from operating activities:
Net loss	$	(377,246)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion, amortization and accretion		112,395
Deferred income taxes		8,569
Reduction in value of assets		21,049
Reduction in value of assets held for sale		114,213
Right-of-use assets amortization		16,107
Stock-based compensation expense		2,344
Bad debt		12,377
Reorganization items		18,087
Other reconciling items, net		(4,569)
Changes in operating assets and liabilities:
Accounts receivable		96,851
Inventory and other current assets		27,856
Accounts payable		(19,282)
Accrued expenses		(18,089)
Income taxes		(12,208)
Other, net		(3,509)
Net cash used in operating activities		(5,055)
Cash flows from investing activities:
Payments for capital expenditures		(41,179)
Proceeds from sales of assets		49,792
Net cash provided by investing activities		8,613
Cash flows from financing activities:
Delayed draw term loan commitment fee		(12,000)
Debtor in possession credit facility costs		(1,554)
Other		(640)
Net cash used in financing activities		(14,194)
Net change in cash, cash equivalents, and restricted cash		(10,636)
Cash, cash equivalents, and restricted cash at beginning of period		223,702
Cash, cash equivalents, and restricted cash at end of period	$	213,066