Acquisitions and investments (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Business Acquisition [Line Items] |
|
| Summary of Unaudited Pro Forma Results of Operations |
The following unaudited pro forma results of operations have been prepared as though the FTSI, Flotek, and Monahans acquisitions had been completed on January 1, 2021. Pro forma amounts are based on the purchase price allocation of the significant acquisition and are not necessarily indicative of the results that may be reported in the future.
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
(In thousands)
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Revenue
|
$
|
705,900
|
|
|
$
|
303,267
|
|
|
$
|
1,763,830
|
|
|
$
|
852,069
|
|
|
Net income (loss)
|
$
|
144,895
|
|
|
$
|
(40,763
|
)
|
|
$
|
195,268
|
|
|
$
|
(136,403
|
)
|
|
| FTS International, Inc |
|
| Business Acquisition [Line Items] |
|
| Summary of Preliminary Allocation of Purchase Price |
The following table summarizes the preliminary allocation of the purchase price:
|
(In thousands)
|
|
|
|
|
|
Assets acquired:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
53,771
|
|
|
Accounts receivable
|
|
|
89,268
|
|
|
Prepaid expense and other assets
|
|
|
4,037
|
|
|
Inventories
|
|
|
42,344
|
|
|
Property, plant and equipment
|
|
|
307,113
|
|
|
Operating lease ROU asset
|
|
|
2,748
|
|
|
Intangible assets
|
|
|
1,239
|
|
|
Other assets
|
|
|
1,583
|
|
|
Total assets acquired
|
|
|
502,103
|
|
|
Liabilities assumed:
|
|
|
|
|
|
Accounts payable
|
|
|
62,985
|
|
|
Accrued expenses
|
|
|
19,308
|
|
|
Operating lease liability current
|
|
|
1,235
|
|
|
Current portion of debt
|
|
|
10,136
|
|
|
Other current liabilities
|
|
|
309
|
|
|
Operating lease liability non-current
|
|
|
1,512
|
|
|
Other non-current liabilities
|
|
|
928
|
|
|
Total liabilities assumed
|
|
|
96,413
|
|
|
Net assets acquired
|
|
$
|
405,690
|
|
|
| Flotek Industries, Inc. |
|
| Business Acquisition [Line Items] |
|
| Summary of Preliminary Allocation of Purchase Price |
The following table summarizes the preliminary allocation of the fair value of Flotek’s assets, liabilities and noncontrolling interest:
|
(In thousands)
|
|
|
|
|
|
Settlement of pre-existing relationships
|
|
|
|
|
|
Accounts payable
|
|
$
|
(2,713
|
)
|
|
Supply Agreement contract liability
|
|
|
(9,874
|
)
|
|
Fair value of previously held interest in 10% Convertible PIK Notes
|
|
|
30,220
|
|
|
Settlement of pre-existing relationships
|
|
$
|
17,633
|
|
|
Assets acquired
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
21,725
|
|
|
Restricted cash
|
|
|
40
|
|
|
Accounts receivable
|
|
|
18,853
|
|
|
Inventories
|
|
|
12,210
|
|
|
Assets held for sale
|
|
|
1,805
|
|
|
Other current assets
|
|
|
3,405
|
|
|
Property and equipment
|
|
|
21,551
|
|
|
Operating lease right-of-use assets
|
|
|
3,884
|
|
|
Deferred tax assets
|
|
|
282
|
|
|
Goodwill
|
|
|
82,340
|
|
|
Other long-term assets
|
|
|
17
|
|
|
Total assets acquired
|
|
|
166,112
|
|
|
Liabilities assumed:
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
24,203
|
|
|
Operating lease liabilities
|
|
|
7,394
|
|
|
Finance lease liabilities
|
|
|
79
|
|
|
Long-term debt
|
|
|
17,101
|
|
|
Other liabilities
|
|
|
85
|
|
|
Total liabilities assumed
|
|
|
48,862
|
|
|
Noncontrolling interests
|
|
|
99,617
|
|
|
Assets acquired less liabilities assumed and noncontrolling interests
|
|
$
|
17,633
|
|
|
| Monahans |
|
| Business Acquisition [Line Items] |
|
| Summary of Preliminary Allocation of Purchase Price |
|
(In thousands)
|
|
|
|
|
|
Assets acquired:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
61
|
|
|
Accounts receivable
|
|
|
11,117
|
|
|
Prepaid expense and other assets
|
|
|
596
|
|
|
Inventories
|
|
|
3,148
|
|
|
Property, plant and equipment
|
|
|
103,665
|
|
|
Intangible assets
|
|
|
7,500
|
|
|
Goodwill
|
|
|
15,233
|
|
|
Other assets
|
|
|
8,916
|
|
|
Total assets acquired
|
|
|
150,236
|
|
|
Liabilities assumed:
|
|
|
|
|
|
Accounts payable
|
|
|
9,783
|
|
|
Accrued expenses
|
|
|
1,035
|
|
|
Deferred revenue
|
|
|
4,335
|
|
|
Current portion of debt
|
|
|
45
|
|
|
Other current liabilities
|
|
|
15,757
|
|
|
Long-term debt
|
|
|
25
|
|
|
Other non-current liabilities
|
|
|
21,596
|
|
|
Total liabilities assumed
|
|
|
52,576
|
|
|
Net assets acquired
|
|
$
|
97,660
|
|
|