XML 64 R55.htm IDEA: XBRL DOCUMENT v3.23.3
Business Combination (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 01, 2023
Aug. 14, 2023
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Business Acquisition [Line Items]              
Goodwill     $ 1,372,997   $ 1,372,997   $ 0
Net income (loss)     50 $ 61,452 184,342 $ 54,561  
Merger and integration expense     70,188 $ 24 78,128 $ 2,069  
Ulterra Drilling Technologies, L.P. [Member]              
Business Acquisition [Line Items]              
Business combination, shares issued   34,900,000          
Business combinations, consideration paid in cash [1]   $ 375,740          
Business combination, closing price   $ 14.94          
Business combination, consideration transferred   $ 897,146          
Weighted average cost of capital   10.50%          
Goodwill   $ 451,341 451,300   451,300    
Revenues         46,600    
Net income (loss)         6,600    
Merger and integration expenses         5,200    
Long-lived assets         74,400    
Acquired intangibles         77,600    
Inventory         5,500    
Interest expense of the acquired entity         12,800    
Tax Expense (Benefit)         (7,900)    
Merger and integration expense         5,200    
Shares of our common stock issued to nextier Oilfield   34,900,000          
NexTier Oilfield Solutions Inc. [Member]              
Business Acquisition [Line Items]              
Business combination, shares issued 172,224,000            
Business combination, closing price $ 14.91            
Business combination, consideration transferred $ 2,801,285            
Weighted average cost of capital   14.00%          
Goodwill $ 921,656   $ 921,700   921,700    
Revenues         272,100    
Net income (loss)         9,600    
Merger and integration expenses         72,900    
Acquired intangibles         720,700    
Acquired property and equipment         262,700    
Interest expense of the acquired entity         17,700    
Tax Expense (Benefit)         8,400    
Merger and integration expense         $ 72,900    
Shares of our common stock issued to nextier Oilfield 172,224,000            
Common stock consideration, shares issued 0.752            
[1] Net cash consideration included $370 million cash consideration as adjusted for customary purchase price adjustments set forth in the Ulterra merger agreement relating to cash, net working capital, indebtedness and transaction expenses of Ulterra as of the closing. The adjustment is subject to a post-closing target net working capital adjustment in accordance with the Ulterra merger agreement.