Company Quick10K Filing
Quick10K
Oil States International
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$18.44 60 $1,110
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-07 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-02-13 Earnings, Exhibits
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-10-17 Exhibits
8-K 2018-08-07 Officers, Regulation FD, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-06-11 Officers, Exhibits
8-K 2018-06-04 Officers, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-02-28 Regulation FD, Other Events, Exhibits
8-K 2018-02-22 Other Events, Exhibits
8-K 2018-02-21 Regulation FD, Exhibits
8-K 2018-02-14 Earnings, Exhibits
8-K 2018-02-06 Officers
8-K 2018-01-30 Enter Agreement, Off-BS Arrangement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-01-25 Other Events, Exhibits
8-K 2018-01-24 Other Events, Exhibits
8-K 2018-01-12 Enter Agreement, M&A, Earnings, Sale of Shares, Regulation FD, Other Events, Exhibits
TSN Tyson Foods 28,430
KLAC KLA Tencor 18,450
GBT Global Blood Therapeutics 3,280
DDD 3D Systems 980
CDE Coeur Mining 681
BKSC Bank of South Carolina 105
UAMY United States Antimony 34
PCSA Processa Pharmaceuticals 0
AHL Aspen Insurance Holdings 0
SGY Talos Petroleum 0
OIS 2019-03-31
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II -- Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ois20190331ex311.htm
EX-31.2 ois20190331ex312.htm
EX-32.1 ois20190331ex321.htm
EX-32.2 ois20190331ex322.htm

Oil States International Earnings 2019-03-31

OIS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019

OR
[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____

Commission file number: 001-16337

OIL STATES INTERNATIONAL, INC.
______________
(Exact name of registrant as specified in its charter)
Delaware
76-0476605
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
 
 
Three Allen Center, 333 Clay Street, Suite 4620,
77002
Houston, Texas
(Zip Code)
(Address of principal executive offices)
 
(713) 652-0582
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES [X]
NO [   ]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YES [X]
NO [   ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
[X]
 
Accelerated filer
[   ]
 
 
 
 
 
Non-accelerated filer
[   ]
 
Smaller reporting company
[   ]
 
 
 
 
 
 
 
 
Emerging growth company
[   ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [   ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES [   ]
NO [X]

As of April 22, 2019, the number of shares of common stock outstanding was 60,441,064.



OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
INDEX
 
Page No.
Part I -- FINANCIAL INFORMATION
 
 
 
 
 
 
 
Item 1. Financial Statements:
 
 
 
 
 
 
 
Condensed Consolidated Financial Statements
 
 
 
Unaudited Consolidated Statements of Operations
Unaudited Consolidated Statements of Comprehensive Income (Loss)
Consolidated Balance Sheets
Unaudited Consolidated Statements of Stockholders’ Equity
Unaudited Consolidated Statements of Cash Flows
Notes to Unaudited Condensed Consolidated Financial Statements
 
 
 
 
Cautionary Statement Regarding Forward-Looking Statements
 
 
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
 
 
 
Item 4. Controls and Procedures
 
 
 
 
Part II -- OTHER INFORMATION
 
 
 
 
 
 
 
Item 1. Legal Proceedings
 
 
 
 
Item 1A. Risk Factors
 
 
 
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
 
Item 3. Defaults Upon Senior Securities
 
 
 
 
Item 4. Mine Safety Disclosures
 
 
 
 
Item 5. Other Information
 
 
 
 
Item 6. Exhibits
 
 
 
 
Signature Page

2


PART I – FINANCIAL INFORMATION
ITEM 1. Financial Statements
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
 
Three Months Ended
March 31,
 
2019
 
2018
Revenues:
 
 
 
Products
$
116,328

 
$
128,826

Services
134,283

 
124,750

 
250,611

 
253,576

 
 
 
 
Costs and expenses:
 
 
 
Product costs
89,268

 
92,976

Service costs
110,610

 
96,914

Cost of revenues (exclusive of depreciation and amortization expense presented below)
199,878

 
189,890

Selling, general and administrative expense
30,108

 
34,195

Depreciation and amortization expense
31,551

 
29,190

Other operating (income) expense, net
(86
)
 
1,215

 
261,451

 
254,490

Operating loss
(10,840
)
 
(914
)
 
 
 
 
Interest expense
(4,797
)
 
(4,533
)
Interest income
45

 
79

Other income
667

 
647

Loss before income taxes
(14,925
)
 
(4,721
)
Income tax benefit
277

 
1,229

Net loss
$
(14,648
)
 
$
(3,492
)
 
 
 
 
Net loss per share:
 
 
 
Basic
$
(0.25
)
 
$
(0.06
)
Diluted
(0.25
)
 
(0.06
)
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
Basic
59,258

 
57,787

Diluted
59,258

 
57,787


The accompanying notes are an integral part of these financial statements.

3


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands)
 
Three Months Ended
March 31,
 
2019
 
2018
Net loss
$
(14,648
)
 
$
(3,492
)
 
 
 
 
Other comprehensive income:
 
 
 
Currency translation adjustments
2,466

 
5,034

Comprehensive income (loss)
$
(12,182
)
 
$
1,542


The accompanying notes are an integral part of these financial statements.

4


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Amounts)
 
March 31,
2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
 
 
 
 
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
15,309

 
$
19,316

Accounts receivable, net
262,296

 
283,607

Inventories, net
207,179

 
209,393

Prepaid expenses and other current assets
24,041

 
21,715

Total current assets
508,825

 
534,031

 
 
 
 
Property, plant, and equipment, net
533,994

 
540,427

Operating lease assets, net
49,171

 

Goodwill, net
647,185

 
647,018

Other intangible assets, net
248,911

 
255,301

Other noncurrent assets
29,141

 
27,044

Total assets
$
2,017,227

 
$
2,003,821

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt
$
25,561

 
$
25,561

Accounts payable
78,688

 
77,511

Accrued liabilities
48,833

 
60,730

Current operating lease liabilities
8,712

 

Income taxes payable
4,934

 
3,072

Deferred revenue
12,899

 
14,160

Total current liabilities
179,627

 
181,034

 
 
 
 
Long-term debt
292,072

 
306,177

Long-term operating lease liabilities
40,311

 

Deferred income taxes
52,370

 
53,831

Other noncurrent liabilities
25,203

 
23,011

Total liabilities
589,583

 
564,053

 
 
 
 
Stockholders’ equity:
 
 
 
Common stock, $.01 par value, 200,000,000 shares authorized, 72,484,043 shares and 71,753,937 shares issued, respectively
725

 
718

Additional paid-in capital
1,102,176

 
1,097,758

Retained earnings
1,014,870

 
1,029,518

Accumulated other comprehensive loss
(68,931
)
 
(71,397
)
Treasury stock, at cost, 12,038,859 and 11,784,242 shares, respectively
(621,196
)
 
(616,829
)
Total stockholders’ equity
1,427,644

 
1,439,768

Total liabilities and stockholders’ equity
$
2,017,227

 
$
2,003,821


The accompanying notes are an integral part of these financial statements.

5


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In Thousands)
 
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Treasury
Stock
 
Total
Stockholders'
Equity
Balance, December 31, 2018
$
718

 
$
1,097,758

 
$
1,029,518

 
$
(71,397
)
 
$
(616,829
)
 
$
1,439,768

Net loss

 

 
(14,648
)
 

 

 
(14,648
)
Currency translation adjustments (excluding intercompany advances)

 

 

 
2,553

 

 
2,553

Currency translation adjustments on intercompany advances

 

 

 
(87
)
 

 
(87
)
Stock-based compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Restricted stock
7

 
4,365

 

 

 

 
4,372

Stock options

 
53

 

 

 

 
53

Stock repurchases

 

 

 

 
(757
)
 
(757
)
Surrender of stock to settle taxes on restricted stock awards

 

 

 

 
(3,610
)
 
(3,610
)
Balance, March 31, 2019
$
725

 
$
1,102,176

 
$
1,014,870

 
$
(68,931
)
 
$
(621,196
)
 
$
1,427,644


 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Total Stockholders' Equity
Balance, December 31, 2017
$
627

 
$
754,607

 
$
1,048,623

 
$
(58,493
)
 
$
(612,651
)
 
$
1,132,713

Net loss

 

 
(3,492
)
 

 

 
(3,492
)
Currency translation adjustments (excluding intercompany advances)

 

 

 
5,104

 

 
5,104

Currency translation adjustments on intercompany advances

 

 

 
(70
)
 

 
(70
)
Stock-based compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Restricted stock
3

 
4,940

 

 

 

 
4,943

Stock options

 
206

 

 

 

 
206

Issuance of common stock in connection with GEODynamics acquisition
87

 
294,823

 

 

 

 
294,910

Issuance of 1.50% convertible senior notes, net of income taxes of $7,744

 
25,640

 

 

 

 
25,640

Surrender of stock to settle taxes on restricted stock awards

 

 

 

 
(3,939
)
 
(3,939
)
Balance, March 31, 2018
$
717

 
$
1,080,216

 
$
1,045,131

 
$
(53,459
)
 
$
(616,590
)
 
$
1,456,015


The accompanying notes are an integral part of these financial statements.

6


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
 
Three Months Ended March 31,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net loss
$
(14,648
)
 
$
(3,492
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization expense
31,551

 
29,190

Stock-based compensation expense
4,425

 
5,149

Amortization of debt discount and deferred financing costs
1,937

 
1,749

Deferred income tax provision (benefit)
(1,513
)
 
1,807

Gain on disposals of assets
(418
)
 
(493
)
Other, net
(340
)
 
2,061

Changes in operating assets and liabilities, net of effect from acquired businesses:
 
 
 
Accounts receivable
21,893

 
(27,094
)
Inventories
2,735

 
1,719

Accounts payable and accrued liabilities
(9,576
)
 
(19,905
)
Income taxes payable
1,878

 
645

Other operating assets and liabilities, net
(3,632
)
 
(3,587
)
Net cash flows provided by (used in) operating activities
34,292

 
(12,251
)
 
 
 
 
Cash flows from investing activities:
 
 
 
Capital expenditures
(17,922
)
 
(14,238
)
Acquisitions of businesses, net of cash acquired

 
(379,676
)
Proceeds from disposition of property, plant and equipment
368

 
540

Other, net
(304
)
 
(289
)
Net cash flows used in investing activities
(17,858
)
 
(393,663
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Issuance of 1.50% convertible senior notes

 
200,000

Revolving credit facility borrowings
57,874

 
622,369

Revolving credit facility repayments
(73,774
)
 
(434,369
)
Other debt and capital lease repayments, net
(142
)
 
(132
)
Payment of financing costs

 
(6,712
)
Purchase of treasury stock
(757
)
 

Shares added to treasury stock as a result of net share settlements
due to vesting of restricted stock
(3,610
)
 
(3,939
)
Net cash flows provided by (used in) financing activities
(20,409
)
 
377,217

 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
(32
)
 
383

Net change in cash and cash equivalents
(4,007
)
 
(28,314
)
Cash and cash equivalents, beginning of period
19,316

 
53,459

Cash and cash equivalents, end of period
$
15,309

 
$
25,145

 
 
 
 
Cash paid for:
 
 
 
Interest
$
3,460

 
$
1,859

Income taxes, net of refunds
(487
)
 
767


The accompanying notes are an integral part of these financial statements.

7

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

 
1.
Organization and Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its subsidiaries (referred to in this report as “we” or the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair statement of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. Certain prior-year amounts in the Company’s unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation.
The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Examples of such estimates include goodwill and long-lived asset impairment analyses, revenue and income recognized over time, valuation allowances recorded on deferred tax assets, the fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets, reserves on inventory, allowances for doubtful accounts, warranty obligations and potential future adjustments related to contractual indemnification and other agreements. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may differ from those included in the accompanying condensed consolidated financial statements. Our industry is cyclical and this cyclicality impacts our estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows including our determination of whether a decline in value of our long-lived assets, including definite-lived intangibles, and/or goodwill has occurred.
The financial statements included in this report should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10‑K”).
2.
Recent Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption.
In February 2016, the FASB issued guidance on leases which, as amended, introduced the recognition of lease assets and lease liabilities by lessees for all leases that are not short-term in nature. The Company adopted this guidance on January 1, 2019, using the optional transition method of recognizing any cumulative effect of adopting this guidance as an adjustment to the opening balance of retained earnings. The cumulative impact of the adoption of the new standard was not material to the Company's consolidated financial statements. Prior periods were not retrospectively adjusted. In addition, the Company elected a package of practical expedients permitted under transition guidance for the new standard which, among other things, allowed for the carryforward of historical lease classification. The Company has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Most of the Company's leases do not provide an implicit interest rate. Therefore, the Company's incremental borrowing rate, based on available information at the lease commencement date, is used to determine the present value of lease payments.
In connection with the adoption of the new standard, the Company recorded $47.7 million of operating lease assets and liabilities as of January 1, 2019. The standard did not materially impact our consolidated statement of operations and had no impact on cash flows.

8

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

3.
Business Acquisitions, Goodwill and Other Intangible Assets
GEODynamics Acquisition
On January 12, 2018, the Company acquired GEODynamics, Inc. ("GEODynamics"), which provides oil and gas perforation systems and downhole tools in support of completion, intervention, wireline and well abandonment operations (the “GEODynamics Acquisition”). Total purchase price consideration was $615.3 million, consisting of (i) $295.4 million in cash (net of cash acquired), which was funded through borrowings under the Company's Revolving Credit Facility (as defined in Note 6, "Long-term Debt"), (ii) approximately 8.66 million shares of the Company's common stock (having a market value of approximately $295 million as of the closing date of the acquisition) and (iii) an unsecured $25 million promissory note that bears interest at 2.5% per annum and is scheduled to mature on July 12, 2019. Under the terms of the purchase agreement, the Company may be entitled to indemnification in respect of certain matters occurring prior to the acquisition and payments due under the promissory note may be subject to set-off, in part or in full, regarding such indemnified matters. See Note 14, "Commitments and Contingencies."
GEODynamics’ results of operations have been included in the Company’s financial statements subsequent to the closing of the acquisition on January 12, 2018. The acquired GEODynamics operations are reported as the Downhole Technologies segment. See Note 13, "Segments and Related Information" for further information with respect to the Downhole Technologies segment operations.
Falcon Acquisition
On February 28, 2018, the Company acquired Falcon Flowback Services, LLC (“Falcon”), a full service provider of flowback and well testing services for the separation and recovery of fluids, solid debris and proppant used during hydraulic fracturing operations. Falcon provides additional scale and diversity to our Completion Services well testing operations in key shale plays in the United States. The purchase price was $84.2 million (net of cash acquired). The Falcon acquisition was funded by borrowings under the Company's Revolving Credit Facility. Under the terms of the purchase agreement, the Company may be entitled to indemnification in respect of certain matters occurring prior to acquisition. Falcon’s results of operations have been included in the Company’s financial statements and has been reported within the Completion Services business subsequent to the closing of the acquisition on February 28, 2018.
Transaction-Related Costs
During the three months ended March 31, 2018, the Company expensed transaction-related costs of $2.6 million, which are included within selling, general and administrative expense and within other operating income. No material transaction-related costs were incurred during the three months ended March 31, 2019.
Supplemental Unaudited Pro Forma Financial Information
The following supplemental unaudited pro forma results of operations data for the three months ended March 31, 2018 gives pro forma effect to the consummation of the GEODynamics and Falcon acquisitions as if they had occurred on January 1, 2018. The supplemental unaudited pro forma financial information was prepared based on historical financial information, adjusted to give pro forma effect to fair value adjustments on depreciation and amortization expense, interest expense, and related tax effects, among others. The pro forma results for the three months ended March 31, 2018 also reflect adjustments to exclude the after-tax impact of transaction costs of $2.0 million. The supplemental unaudited pro forma financial information may not reflect what the results of the combined operations would have been had the acquisitions occurred on January 1, 2018. As such, it is presented for informational purposes only (in thousands, except per share amount).
 
Three Months Ended March 31, 2018
Revenue
$
280,200

Net loss
$
(992
)
Diluted net loss per share
$
(0.02
)
Diluted weighted average common shares outstanding
58,811



9

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

Goodwill
Changes in the carrying amount of goodwill for the three-month period ended March 31, 2019 were as follows (in thousands):
 
Well Site Services
 
Downhole Technologies
 
Offshore/
Manufactured Products
 
Total
Completion Services
 
Drilling Services
 
Subtotal
Balance as of December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Goodwill
$
221,582

 
$
22,767

 
$
244,349

 
$
357,502

 
$
162,462

 
$
764,313

Accumulated impairment losses
(94,528
)
 
(22,767
)
 
(117,295
)
 

 

 
(117,295
)
 
127,054

 

 
127,054

 
357,502

 
162,462

 
647,018

Foreign currency translation

 

 

 

 
167

 
167

Balance as of March 31, 2019
$
127,054

 
$

 
$
127,054

 
$
357,502

 
$
162,629

 
$
647,185

 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Goodwill
$
221,582

 
$
22,767

 
$
244,349

 
$
357,502

 
$
162,629

 
$
764,480

Accumulated impairment losses
(94,528
)
 
(22,767
)
 
(117,295
)
 

 

 
(117,295
)
 
$
127,054

 
$

 
$
127,054

 
$
357,502

 
$
162,629

 
$
647,185


Other Intangible Assets
The following table presents the total gross carrying amount of intangibles and the total accumulated amortization for major intangible asset classes as of March 31, 2019 and December 31, 2018 (in thousands):
 
March 31, 2019
 
December 31, 2018
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
Other intangible assets:
 
 
 
 
 
 
 
Customer relationships
$
167,811

 
$
35,980

 
$
167,811

 
$
33,247

Patents/Technology/Know-how
85,223

 
25,336

 
84,903

 
23,418

Noncompete agreements
17,616

 
7,729

 
18,705

 
7,544

Tradenames and other
53,709

 
6,403

 
53,708

 
5,617

Total other intangible assets
$
324,359

 
$
75,448

 
$
325,127

 
$
69,826


Amortization expense was $6.7 million and $5.6 million for the three months ended March 31, 2019 and 2018, respectively.

10

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

4.
Details of Selected Balance Sheet Accounts
Additional information regarding selected balance sheet accounts at March 31, 2019 and December 31, 2018 is presented below (in thousands):
 
March 31,
2019
 
December 31,
2018
Accounts receivable, net:
 
 
 
Trade
$
205,328

 
$
227,052

Unbilled revenue
36,685

 
35,674

Contract assets
21,069

 
21,201

Other
5,938

 
6,381

Total accounts receivable
269,020

 
290,308

Allowance for doubtful accounts
(6,724
)
 
(6,701
)
 
$
262,296

 
$
283,607


 
March 31,
2019
 
December 31,
2018
Deferred revenue (contract liabilities)
$
12,899

 
$
14,160


For the three months ended March 31, 2019, the $0.1 million net decrease in contract assets was primarily attributable to $5.3 million in revenue recognized during the period, which was offset by $5.4 million transferred to accounts receivable. Deferred revenue decreased by $1.3 million in 2019, reflecting the recognition of $4.3 million of revenue that was deferred at the beginning of the period partially offset by $3.7 million in new customer billings which were not recognized as revenue during the period.
 
March 31,
2019
 
December 31,
2018
Inventories, net:
 
 
 
Finished goods and purchased products
$
105,834

 
$
96,195

Work in process
19,541

 
20,552

Raw materials
100,658

 
111,197

Total inventories
226,033

 
227,944

Allowance for excess or obsolete inventory
(18,854
)
 
(18,551
)
 
$
207,179

 
$
209,393


 
Estimated
Useful Life (years)
 
March 31,
2019
 
December 31,
2018
Property, plant and equipment, net:
 
 
 
 
 
 
 
 
 
Land
 
$
37,650

 
$
37,545

Buildings and leasehold improvements
2
 
 
40
 
260,746

 
259,834

Machinery and equipment
1
 
 
28
 
487,641

 
483,629

Completion Services equipment
2
 
 
10
 
497,593

 
492,183

Office furniture and equipment
3
 
 
10
 
44,422

 
43,654

Vehicles
2
 
 
10
 
120,571

 
122,982

Construction in progress
 
30,759

 
29,451

Total property, plant and equipment
 
1,479,382

 
1,469,278

Accumulated depreciation
 
(945,388
)
 
(928,851
)
 
 
 
 
 
 
 
$
533,994

 
$
540,427



11

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

 
March 31,
2019
 
December 31,
2018
Other noncurrent assets:
 
 
 
Deferred compensation plan
$
22,641

 
$
20,468

Deferred income taxes
770

 
761

Other
5,730

 
5,815

 
$
29,141

 
$
27,044


 
March 31,
2019
 
December 31,
2018
Accrued liabilities:
 
 
 
Accrued compensation
$
18,424

 
$
29,867

Insurance liabilities
9,480

 
9,177

Accrued taxes, other than income taxes
7,270

 
4,530

Accrued commissions
1,822

 
1,484

Accrued claims
205

 
2,983

Other
11,632

 
12,689

 
$
48,833

 
$
60,730


5.
Net Loss Per Share
The table below provides a reconciliation of the numerators and denominators of basic and diluted net loss per share for the three months ended March 31, 2019 and 2018 (in thousands, except per share amounts):
 
Three Months Ended
March 31,
 
2019
 
2018
Numerators:
 
 
 
Net loss
$
(14,648
)
 
$
(3,492
)
Less: Income attributable to unvested restricted stock awards

 

Numerator for basic net loss per share
(14,648
)
 
(3,492
)
Effect of dilutive securities:
 
 
 
Unvested restricted stock awards

 

Numerator for diluted net loss per share
$
(14,648
)
 
$
(3,492
)
 
 
 
 
Denominators:
 
 
 
Weighted average number of common shares outstanding
60,249

 
58,814

Less: Weighted average number of unvested restricted stock awards outstanding
(991
)
 
(1,027
)
Denominator for basic net loss per share
59,258

 
57,787

Effect of dilutive securities:
 
 
 
Unvested restricted stock awards

 

Assumed exercise of stock options

 

1.50% convertible senior notes (see Note 6)

 

 

 

Denominator for diluted net loss per share
59,258

 
57,787

 
 
 
 
Net loss per share:
 
 
 
Basic
$
(0.25
)
 
$
(0.06
)
Diluted
(0.25
)
 
(0.06
)

The calculation of diluted net loss per share for the three months ended March 31, 2019 and 2018 excluded 687 thousand shares and 700 thousand shares, respectively, issuable pursuant to outstanding stock options, due to their antidilutive effect. Additionally, shares issuable upon conversion of the 1.50% convertible senior notes were not convertible and therefore excluded for the three months ended March 31, 2019 and 2018, due to their antidilutive effect.

12

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

6.
Long-term Debt
As of March 31, 2019 and December 31, 2018, long-term debt consisted of the following (in thousands):
 
March 31,
2019
 
December 31,
2018
Revolving credit facility(1)
$
118,361

 
$
134,096

1.50% convertible senior notes(2)
168,873

 
167,102

Promissory note
25,000

 
25,000

Other debt and capital lease obligations
5,399

 
5,540

Total debt
317,633

 
331,738

Less: Current portion
(25,561
)
 
(25,561
)
Total long-term debt
$
292,072

 
$
306,177

(1)
Presented net of $1.9 million and $2.0 million of unamortized debt issuance costs as of March 31, 2019 and December 31, 2018, respectively.
(2)
The principal amount of the 1.50% convertible senior notes is $200.0 million. See "1.50% Convertible Senior Notes" below.
Revolving Credit Facility
The Company's senior secured revolving credit facility, as amended (the "Revolving Credit Facility") is governed by a credit agreement with Wells Fargo Bank, N.A., as administrative agent for the lenders party thereto and collateral agent for the secured parties thereunder, and the lenders and other financial institutions from time to time party thereto, dated as of January 30, 2018, as amended and restated (the "Credit Agreement"), and matures on January 30, 2022. The Credit Agreement governs our Revolving Credit Facility. The Revolving Credit Facility provides for $350 million in lender commitments with an option to increase the maximum borrowings to $500 million subject to additional lender commitments prior to its maturity on January 30, 2022. Under the Revolving Credit Facility, $50 million is available for the issuance of letters of credit.
As of March 31, 2019, the Company had $120.2 million of borrowings outstanding under the Credit Agreement and $20.4 million of outstanding letters of credit, leaving $133.1 million available to be drawn. The total amount available to be drawn under our Revolving Credit Facility was less than the lender commitments as of March 31, 2019, due to limits imposed by maintenance covenants in the Credit Agreement.
Amounts outstanding under the Revolving Credit Facility bear interest at LIBOR plus a margin of 1.75% to 3.00%, or at a base rate plus a margin of 0.75% to 2.00%, in each case based on a ratio of the Company's total net funded debt to consolidated EBITDA (as defined in the Credit Agreement). The Company must also pay a quarterly commitment fee of 0.25% to 0.50%, based on the Company's ratio of total net funded debt to consolidated EBITDA, on the unused commitments under the Credit Agreement.
The Credit Agreement contains customary financial covenants and restrictions. Specifically, the Company must maintain an interest coverage ratio, defined as the ratio of consolidated EBITDA to consolidated interest expense, of at least 3.00 to 1.0, a maximum senior secured leverage ratio, defined as the ratio of senior secured debt to consolidated EBITDA, of no greater than 2.25 to 1.0 and a total net leverage ratio, defined as the ratio of total net funded debt to consolidated EBITDA, of no greater than 3.75 to 1.0. The financial covenants give pro forma effect acquired businesses and the annualization of EBITDA for acquired businesses.
Each of the factors considered in the calculation of these ratios are defined in the Credit Agreement. Consolidated EBITDA and consolidated interest, as defined, exclude goodwill impairments, losses on extinguishment of debt, debt discount amortization, stock-based compensation expense and other non-cash charges.
Borrowings under the Credit Agreement are secured by a pledge of substantially all of the Company's assets and the assets of its domestic subsidiaries. The Company's obligations under the Credit Agreement are guaranteed by its significant domestic subsidiaries. The Credit Agreement also contains negative covenants that limit the Company's ability to borrow additional funds, encumber assets, pay dividends, sell assets and enter into other significant transactions.
Under the Credit Agreement, the occurrence of specified change of control events involving the Company would constitute an event of default that would permit the banks to, among other things, accelerate the maturity of the facility and cause it to become immediately due and payable in full.
As of March 31, 2019, the Company was in compliance with its debt covenants.

13

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

1.50% Convertible Senior Notes
On January 30, 2018, the Company issued $200 million aggregate principal amount of its 1.50% convertible senior notes due 2023 (the "Notes") pursuant to an indenture, dated as of January 30, 2018 (the “Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee. Net proceeds from the Notes, after deducting issuance costs, were approximately $194 million, which was used by the Company to repay a portion of the outstanding borrowings under the Revolving Credit Facility during the first quarter of 2018.
The initial carrying amount of the Notes recorded in the consolidated balance sheet was less than the $200 million in principal amount of the Notes, in accordance with applicable accounting principles, reflective of the estimated fair value of a similar debt instrument that does not have a conversion feature. The Company recorded the value of the conversion feature as a debt discount, which is amortized as interest expense over the term of the Notes, with a similar amount allocated to additional paid-in capital. As a result of this amortization, the interest expense the Company recognizes related to the Notes for accounting purposes is based on an effective interest rate of approximately 6.1%, which is greater than the cash interest payments the Company is obligated to pay on the Notes. Interest expense associated with the Notes for the three months ended March 31, 2019 and 2018 was $2.5 million and $1.6 million, respectively, while the related cash interest expense totaled $0.8 million and $0.5 million, respectively.
The following table presents the carrying amount of the Notes in the consolidated balance sheets (in thousands):
 
March 31,
2019
 
December 31,
2018
Principal amount of the liability component
$
200,000

 
$
200,000

Less: Unamortized discount
27,256

 
28,825

Less: Unamortized issuance costs
3,871

 
4,073

Net carrying amount of the liability
$
168,873

 
$
167,102


The Notes bear interest at a rate of 1.50% per year until maturity. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2018. In addition, additional interest and special interest may accrue on the Notes under certain circumstances as described in the Indenture. The Notes will mature on February 15, 2023, unless earlier repurchased, redeemed or converted. The initial conversion rate is 22.2748 shares of the Company's common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $44.89 per share of common stock). The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the Indenture. The Company’s intent is to repay the principal amount of the Notes in cash and the conversion feature in shares of the Company’s common stock.
Noteholders may convert their Notes, at their option only in the following circumstances: (1) if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s common stock, as described in the Indenture; or (4) if the Company calls the Notes for redemption, or at any time from, and including, November 15, 2022 until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of common stock or a combination of cash and shares of common stock, at the Company's election, based on the applicable conversion rate(s). If the Company elects to deliver cash or a combination of cash and shares of common stock, then the consideration due upon conversion will be based on a defined observation period.
The Notes will be redeemable, in whole or in part, at the Company's option at any time, and from time to time, on or after February 15, 2021, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of common stock exceeds 130% of the conversion price on each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice.

14

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

If specified change in control events involving the Company as defined in the Indenture occur, then noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest. Additionally, the Notes contain certain events of default as set forth in the Indenture. As of March 31, 2019, none of the conditions allowing holders of the Notes to convert, or requiring us to repurchase the Notes, had been met.
Promissory Note
In connection with the GEODynamics Acquisition, the Company issued a $25.0 million promissory note that bears interest at 2.50% per annum and is scheduled to mature on July 12, 2019. Payments due under the promissory note may be subject to set off, in part or in full, against certain claims related to matters occurring prior to the Company's acquisition of GEODynamics, which is expected to delay and/or reduce amounts paid under the promissory note. See Note 14, "Commitments and Contingencies."
7.
Fair Value Measurements
The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables and debt instruments. The Company believes that the carrying values of these instruments, other than the Notes, on the accompanying consolidated balance sheets approximate their fair values. The estimated fair value of the Notes as of March 31, 2019 and December 31, 2018 was approximately $175 million and $166 million, respectively, based on quoted market prices (a Level 1 fair value measurement), which compares to the $200 million in principal amount of the Notes.
8.
Leases

The Company leases a portion of its facilities, office space, equipment and vehicles. Leases with an initial term of 12 months or less are not recorded in the consolidated balance sheet as of March 31, 2019. Substantially all of the Company's future lease obligations are related to operating leases. Consistent with the Company's historical practice, finance (capital) lease obligations, which totaled $0.8 million as of March 31, 2019, are classified within long-term debt while related assets are included within property, plant and equipment.
Most of the Company's operating leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years. The exercise of lease renewal options is at the Company’s sole discretion. The depreciable life of lease-related assets and leasehold improvements are limited by the expected lease term. Certain operating lease agreements include rental payments adjusted periodically for inflation. The Company's operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. While the Company rents or subleases certain real estate to third parties, such amounts are not material. Cash outflows related to operating leases are presented within cash flows from operations.
Operating lease expense for the three months ended March 31, 2019 and 2018 totaled $4.3 million and $4.0 million, respectively. Of the $4.3 million in operating lease expense for the three months ended March 31, 2019, $1.4 million was associated with leases with an initial term of 12 months or less. During the three months ended March 31, 2019, $51.5 million in operating lease assets were recorded in the consolidated balance sheet ($49.2 million, net of accumulated amortization, as of March 31, 2019), together with associated operating lease obligations following the Company's adoption of the new lease accounting standard.

15

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

The following table provides maturities of operating lease liabilities as of March 31, 2019 (in thousands):
 
Operating Leases
2019 (less three months ended March 31)
$
8,390

2020
9,692

2021
7,867

2022
5,894

2023
4,947

After 2023
22,894

Total lease payments
59,684

Less: Interest
(10,661
)
Present value of operating lease liabilities
49,023

Less: Current portion
(8,712
)
Total long-term operating lease liabilities
$
40,311

Weighted-average remaining lease term (years)
7.8

Weighted-average discount rate
5.0
%

9.
Stockholders' Equity
The following table provides details with respect to the changes to the number of shares of common stock, $0.01 par value, outstanding during the first three months of 2019:
Shares of common stock outstanding – December 31, 2018
59,969,695

Restricted stock awards, net of forfeitures
730,106

Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury
(203,817
)
Purchase of treasury stock
(50,800
)
Shares of common stock outstanding – March 31, 2019
60,445,184


As of March 31, 2019 and December 31, 2018, the Company had 25,000,000 shares of preferred stock, $0.01 par value, authorized, with no shares issued or outstanding.
On July 29, 2015, the Company’s Board of Directors approved a share repurchase program providing for the repurchase of up to $150.0 million of the Company’s common stock, which, following extension, was scheduled to expire on July 29, 2018. On July 25, 2018, our Board of Directors extended the share repurchase program for one year to July 29, 2019. During the first quarter of 2019, the Company repurchased approximately 51 thousand shares of common stock under the program. The amount remaining under the Company's share repurchase authorization as of March 31, 2019 was $119.8 million. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate.
10.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, reported as a component of stockholders’ equity, decreased from $71.4 million at December 31, 2018 to $68.9 million at March 31, 2019, due to changes in currency exchange rates. Accumulated other comprehensive loss is primarily related to fluctuations in the currency exchange rates compared to the U.S. dollar which are used to translate certain of the international operations of our reportable segments. For the three months ended March 31, 2019 and 2018, currency translation adjustments recognized as a component of other comprehensive income were primarily attributable to the United Kingdom. As of March 31, 2019, the exchange rate for the British pound compared to the U.S. dollar strengthened by 2% compared to the exchange rate at December 31, 2018, contributing to other comprehensive income of $2.5 million for the three months ended March 31, 2019. During the first quarter of 2018, the exchange rates for the British pound strengthened by 4% compared to the U.S. dollar, contributing to other comprehensive income of $5.0 million.

16

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

11.
Long-Term Incentive Compensation
The following table presents a summary of activity for stock options, service-based restricted stock awards and performance-based stock unit awards for the three months ended March 31, 2019.
 
Stock Options
 
Service-based Restricted Stock
 
Performance-based Stock Units
Outstanding – December 31, 2018
681,894

 
929,554

 
227,124

Granted

 
627,270

 
76,793

Vested/Exercised

 
(503,539
)
 
(105,988
)
Forfeited
(10,463
)
 
(3,152
)
 

Outstanding – March 31, 2019
671,431

 
1,050,133

 
197,929

Weighted average grant date fair value (2019 awards)
$

 
$
17.58

 
$
17.58


The restricted stock program consists of a combination of service-based restricted stock and performance-based stock units. Service-based restricted stock awards generally vest on a straight-line basis over their term, which is generally three years. Performance-based restricted stock awards generally vest at the end of a three-year period, with the number of shares ultimately issued under the program dependent upon achievement of predefined specific performance measures.
In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. The performance measure for awards issued in 2017 is relative total stockholder return compared to a peer group of companies. The performance measures for performance-based stock units granted during 2018 and 2019 are based on the Company's EBITDA growth rate over a three-year period.
During the first quarters of 2019 and 2018, the Company issued conditional long-term cash incentive awards ("Cash Awards") of approximately $1.3 million each, with the ultimate dollar amount to be awarded ranging from zero to a maximum of $2.7 million each. The performance measure for these Cash Awards is relative total stockholder return compared to a peer group of companies measured over a three-year period. The obligation related to the Cash Awards is classified as a liability and recognized over the vesting period.
Stock-based compensation pre-tax expense recognized in the three-month periods ended March 31, 2019 and 2018 totaled $4.4 million and $5.2 million, respectively. As of March 31, 2019, there was $25.7 million of pre-tax compensation costs related to service-based and performance-based stock awards and unvested stock options, which will be recognized in future periods as vesting conditions are satisfied.
12.
Income Taxes
The income tax benefit for the three months ended March 31, 2019 was calculated using a discrete approach. This methodology was used because minor changes in the Company's results of operations and non-deductible expenses can materially impact the estimated annual effective tax rate. For the three months ended March 31, 2019, the Company’s income tax benefit was $0.3 million, or 1.9% of pre-tax losses. This compares to an income tax benefit of $1.2 million, or 26.0% of pre-tax losses, for the three months ended March 31, 2018. The lower effective tax rate benefit in the first quarter of 2019 was primarily attributable to certain non-deductible expenses.
13.
Segments and Related Information
The Company operates through three reportable segments: Well Site Services, Downhole Technologies and Offshore/Manufactured Products. The Company’s reportable segments represent strategic business units that generally offer different products and services. They are managed separately because each business often requires different technologies and marketing strategies. Recent acquisitions, except for the acquisition of GEODynamics in 2018, have been direct extensions to our business segments.

17

 
OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Continued)

Financial information by business segment for the three months ended March 31, 2019 and 2018 is summarized in the following tables (in thousands).
 
Revenues
 
Depreciation and
amortization
 
Operating income (loss)
 
Capital
expenditures
 
Total assets
Three months ended March 31, 2019
 
 
 
 
 
 
 
 
 
Well Site Services –
 
 
 
 
 
 
 
 
 
Completion Services
$
100,642

 
$
17,286

 
$