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Impairment of Fixed and Long-lived Assets
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment of Fixed and Long-lived Assets Impairment of Fixed and Long-lived Assets
During the first quarter of 2020, the price of crude oil declined by over 50%, trading below $25 per barrel, causing a significant disruption across the energy industry, which began to negatively impact the Company’s results of operations. The decline of results of operations were driven by market factors, including an oversupply of oil, insufficient storage and demand destruction resulting from the reaction to COVID-19. Based on these factors, the Company concluded that a triggering event occurred and, accordingly, an interim quantitative impairment test was performed as of March 31, 2020.

The impairment loss of fixed and intangible assets as of March 31, 2020 was recorded as follows (in thousands):
March, 31, 2020
Property and equipment, net$30,178 
Operating lease right-of-use assets7,434 
Other Intangibles:
   Patents and technology9,902 
   Customer relationships9,165 
   Intangible assets in progress596 
   Trademarks and brand names179 
Total other intangibles19,842 
Total impairment of fixed, long-lived and intangible assets$57,454 
Using the income approach, the fair value of the reporting unit was determined based on the present value of future cash flows. The Company utilized internal forecast trends and potential growth rates to estimate future cash flows of the asset group. Based on the results of the quantitative assessment, the Company concluded the carrying value of the asset group exceeded its fair value as of March 31, 2020, and an impairment loss of $57.5 million was recorded as a result of the adverse effect of the COVID-19 pandemic, estimated effect on the economy, and the related negative impact on oil and natural gas prices on projections of future cash flows. Prior to the impairment, the Company recognized amortization expense for finite-lived intangible assets acquired of $0.5 million for the three months ended March 31, 2020.

The Company concluded no triggering events during the first and second quarters of 2021.