Annual report pursuant to Section 13 and 15(d)

Business Combinations (Tables)

v3.24.0.1
Business Combinations (Tables)
12 Months Ended
Dec. 31, 2023
Business Acquisition [Line Items]  
Summary of Unaudited Pro Forma Results of Operations USWS, FTSI, Flotek, Monahans, REV, and Monarch acquisitions had been completed on January 1, 2021. Pro forma amounts presented below are for illustrative purposes only and do not reflect future events that occurred after December 31, 2023 or any operating efficiencies or inefficiencies that may result from these significant acquisitions. The results of operations are not necessarily indicative of results that would have been achieved had we controlled Performance Proppants, Producers, USWS, FTSI, Flotek, Monahans, REV, and Monarch during the periods presented.

 

 

Year Ended December 31,

 

(unaudited)

 

2023

 

 

2022

 

 

2021

 

Revenues

 

$

2,668.1

 

 

$

3,159.5

 

 

$

1,581.8

 

Net income (loss)

 

$

(51.8

)

 

$

270.1

 

 

$

(300.8

)

We incurred $16.2 million and $25.1 million of acquisition costs related to these acquisitions in 2023 and 2022, respectively. Acquisition costs are included in acquisition and integration costs within the consolidated statements of operations.

Producers and Performance Proppants  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

The following table represents our allocation of total purchase consideration of Producers and Performance Proppants to the identifiable assets acquired and liabilities assumed based on the fair values on their acquisition dates:

 

 

Producers

 

 

Performance Proppants

 

Cash and cash equivalents

 

$

0.3

 

 

$

2.0

 

Accounts receivable

 

 

6.6

 

 

 

17.1

 

Prepaid expenses and other assets

 

 

1.1

 

 

 

0.6

 

Inventories

 

 

2.0

 

 

 

7.5

 

Property, plant and equipment

 

 

29.5

 

 

 

476.9

 

Intangible assets

 

 

 

 

 

5.6

 

Total identifiable assets acquired

 

 

39.5

 

 

 

509.7

 

Accounts payable

 

 

10.9

 

 

 

16.7

 

Accrued expenses

 

 

2.8

 

 

 

3.3

 

Current portion of long-term debt

 

 

0.2

 

 

 

2.1

 

Other current liabilities

 

 

 

 

 

49.6

 

Non-current portion of debt

 

 

0.1

 

 

 

0.6

 

Other non-current liabilities

 

 

 

 

 

42.3

 

Total liabilities assumed

 

 

14.0

 

 

 

114.6

 

Goodwill

 

 

11.0

 

 

 

67.7

 

Total purchase consideration

 

$

36.5

 

 

$

462.8

 

FTS International, Inc  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

The following table summarizes the fair value of consideration transferred in the FTSI Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the FTSI Acquisition Date:

Total purchase consideration

 

$

405.7

 

 

 

 

 

Cash and cash equivalents

 

 

53.8

 

Accounts receivable

 

 

89.3

 

Prepaid expense and other assets

 

 

4.0

 

Inventories

 

 

42.3

 

Property, plant and equipment

 

 

307.1

 

Operating lease right-of-use asset

 

 

2.7

 

Intangible assets

 

 

1.2

 

Other assets

 

 

1.6

 

Total identifiable assets acquired

 

 

502.0

 

Accounts payable

 

 

63.0

 

Accrued expenses

 

 

19.3

 

Operating lease liability current

 

 

1.2

 

Current portion of debt

 

 

10.1

 

Other current liabilities

 

 

0.3

 

Operating lease liability non-current

 

 

1.5

 

Other non-current liabilities

 

 

0.9

 

Total liabilities assumed

 

 

96.3

 

Goodwill

 

 

 

Total purchase consideration

 

$

405.7

 

Flotek Industries, Inc.  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

The following table summarizes the fair value of consideration transferred in the transaction, which consisted of settlement of pre-existing relationships, and its allocation to the fair values of Flotek’s assets, liabilities and noncontrolling interest as of May 17, 2022 (the “Flotek Acquisition Date”):

Settlement of pre-existing relationships:

 

 

 

Accounts payable

 

$

(2.7

)

Supply Agreement contract liability

 

 

(9.9

)

Fair value of previously held interest in 10% Convertible PIK Notes

 

 

30.2

 

Total purchase consideration

 

$

17.6

 

 

 

 

 

Cash and cash equivalents

 

$

21.7

 

Accounts receivable

 

 

18.9

 

Inventories

 

 

12.2

 

Assets held for sale

 

 

1.8

 

Other current assets

 

 

3.4

 

Property and equipment

 

 

21.6

 

Operating lease right-of-use assets

 

 

3.9

 

Deferred tax assets

 

 

0.3

 

Total identifiable assets acquired

 

 

83.8

 

Accounts payable and accrued liabilities

 

 

24.2

 

Operating lease liabilities

 

 

7.4

 

Finance lease liabilities

 

 

0.1

 

Long-term debt

 

 

17.1

 

Other liabilities

 

 

0.1

 

Total liabilities assumed

 

 

48.9

 

Noncontrolling interests

 

 

99.0

 

Goodwill

 

 

81.7

 

Total purchase consideration

 

$

17.6

 

 

Monahans  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

The following table summarizes the fair value of consideration transferred in the Monahans Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the Monahans Acquisition Date:

Total purchase consideration

 

$

97.4

 

 

 

 

 

Cash and cash equivalents

 

 

0.1

 

Accounts receivable

 

 

11.7

 

Prepaid expense and other assets

 

 

0.6

 

Inventories

 

 

3.2

 

Property, plant and equipment

 

 

115.7

 

Intangible assets

 

 

6.2

 

Other assets

 

 

9.2

 

Total identifiable assets acquired

 

 

146.7

 

Accounts payable

 

 

8.2

 

Accrued expenses

 

 

1.0

 

Other current liabilities

 

 

4.4

 

Other non-current liabilities

 

 

38.1

 

Total liabilities assumed

 

 

51.7

 

Goodwill

 

 

2.4

 

Total purchase consideration

 

$

97.4

 

U.S. Well Services, Inc.  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

The following table summarizes the fair value of consideration transferred in the USWS Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the USWS Acquisition Date:

Total purchase consideration

 

$

479.1

 

 

 

 

 

Cash and cash equivalents

 

 

19.4

 

Accounts receivable

 

 

34.3

 

Prepaid expense and other assets

 

 

9.9

 

Inventories

 

 

15.1

 

Property, plant and equipment

 

 

278.4

 

Operating lease right-of-use assets

 

 

40.9

 

Intangible assets

 

 

136.3

 

Other assets

 

 

0.4

 

Total identifiable assets acquired

 

 

534.7

 

Accounts payable

 

 

68.3

 

Accrued expenses and other current liabilities

 

 

19.9

 

Current portion of debt

 

 

13.1

 

Current portion of operating lease liabilities

 

 

24.0

 

Current portion of finance lease liabilities

 

 

1.8

 

Warrant liabilities

 

 

15.6

 

Long-term debt

 

 

27.7

 

Long-term operating lease liabilities

 

 

16.9

 

Long-term finance lease liabilities

 

 

4.9

 

Total liabilities assumed

 

 

192.2

 

Goodwill

 

 

136.6

 

Total purchase consideration

 

$

479.1

 

Monarch Silica, LLC  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

The following table summarizes the fair value of consideration transferred in the Monarch Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the Monarch Acquisition Date:

Total purchase consideration

 

$

166.5

 

 

 

 

 

Cash and cash equivalents

 

 

3.1

 

Accounts receivable

 

 

5.9

 

Inventories

 

 

1.3

 

Property, plant and equipment

 

 

147.9

 

Operating lease right-of-use assets

 

 

0.6

 

Intangible assets

 

 

6.1

 

Total identifiable assets acquired

 

 

164.9

 

Accounts payable

 

 

1.5

 

Accrued expenses

 

 

0.7

 

Current portion of operating lease liabilities

 

 

0.2

 

Long-term operating lease liabilities

 

 

0.4

 

Total liabilities assumed

 

 

2.8

 

Goodwill

 

 

4.4

 

Total purchase consideration

 

$

166.5

 

REV Energy Holdings, LLC  
Business Acquisition [Line Items]  
Summary of Preliminary Allocation of Purchase Price

The following table summarizes the fair value of consideration transferred in the REV Acquisition and the allocation of the purchase price to the fair values of assets acquired and liabilities assumed at the REV Acquisition Date:

Total purchase consideration

 

$

140.6

 

 

 

 

 

Cash and cash equivalents

 

 

0.2

 

Accounts receivable

 

 

10.0

 

Prepaid expense and other assets

 

 

1.5

 

Inventories

 

 

0.7

 

Property, plant and equipment

 

 

75.0

 

Intangible assets

 

 

53.0

 

Other assets

 

 

0.1

 

Total identifiable assets acquired

 

 

140.5

 

Accounts payable

 

 

14.1

 

Accrued expenses

 

 

2.4

 

Current portion of debt

 

 

1.9

 

Long-term debt

 

 

3.6

 

Total liabilities assumed

 

 

22.0

 

Goodwill

 

 

22.1

 

Total purchase consideration

 

$

140.6