Acquisition and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2022

Acquisitions And Discontinued Operations [Abstract]

Schedule of Fair Value of Consideration Transferred

The total fair value of the consideration transferred was determined as follows (in thousands, except stock price):

Shares of our common stock issued to Pioneer shareholders		26,274
Our common stock price on October 1, 2021	$	9.44
Fair value of common stock issued	$	248,025
Plus cash consideration	$	30,007
Total fair value of consideration transferred	$	278,032

Schedule of Total Purchase Price of Assets Acquired and Liabilities Assumed Based on Fair Value

The valuation period adjustments did not have a material impact on our consolidated financial statements.

Identifiable assets acquired
Cash and cash equivalents	$	649
Accounts receivable		44,832
Inventory		8,513
Held for sale assets		73,649
Other current assets		4,479
Property and equipment		215,356
Other long-term assets		9,698
Total identifiable assets acquired		357,176
Liabilities assumed
Accounts payable and accrued liabilities		30,222
Held for sale liabilities		32,160
Deferred income taxes		11,832
Other long-term liabilities		4,930
Total liabilities assumed		79,144
Total net assets acquired	$	278,032

Schedule of Operating Results from Discontinued Operations

Summarized operating results from discontinued operations that were included in our consolidated statements of operations for the year ended December 31, 2021 are shown below (in thousands):

	2021
Operating revenues:
Wireline revenue	$	9,868
Well servicing revenue		19,652
Total operating revenues		29,520
Operating costs and expenses:
Wireline		10,465
Well servicing		16,585
Total operating costs and expenses		27,050
Operating income		2,470
Total other income (expense)		64
Income from discontinued operations before income taxes		2,534
Income tax benefit		—
Income from discontinued operations, net of tax	$	2,534