v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Descriptive Information [Abstract]  
Segment Reporting
Note 17 — Segment Reporting
The Company’s operations are located in the United States and organized into three reportable segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services. The balances included in Other reflect other general and administrative costs, which are not directly attributable to High Specification Rigs, Wireline Services, or Processing Solutions and Ancillary Services. The reportable segments comprise the structure used by the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance during the years presented in the accompanying Consolidated Financial Statements. The Chief Executive Officer is regarded as the Company’s CODM. The primary profitability measurement used by the CODM to review segment operating results is Adjusted EBITDA. We define Adjusted EBITDA as net income or loss before net interest expense, income tax expense, depreciation and amortization, equity-based compensation, acquisition related costs, severance and reorganization costs, gain on sale of assets, significant and unusual legal fees and settlements, impairment of assets, employee retention credit, adjustment to contingent consideration, and certain other non-cash and certain other items that we do not view as indicative of our ongoing performance. The CODM uses Adjusted EBITDA as the primary measure of segment profitability to assess segment performance and monitor period-over-period, forecast-to-actual and plan-to-actual results. The CODM also uses Adjusted EBITDA to inform resource allocation decisions, including the allocation of equipment, financial and human resources, and in connection with the Company’s annual planning and forecasting process.
The reportable segments have been categorized based on services provided in each line of business. The tables below present Adjusted EBITDA, as the Company believes this is most consistent with the principles used in measuring the financial statements.
During the six months ended June 30, 2026, the Company changed the classification of certain revenues and related costs associated with the AWS Acquisition. These activities, which were previously included in the Processing Solutions and Ancillary Services segment, are now included in the High Specification Rigs segment to align with the manner in which management reviews the operations. The change impacted segment revenue for the three months ended March 31, 2026 and, accordingly, segment revenue for the six months ended June 30, 2026. The change had no impact on the Company’s consolidated financial position, results of operations or cash flows for the six months ended June 30, 2025.
During the fourth quarter of 2022, the Company determined assets are routinely utilized across multiple segments and management does not utilize the net property and equipment value as a metric to evaluate the profitability of the respective segments. Therefore, the net property and equipment values have been removed from the segment data presented below.
The following is a description of each operating segment:
High Specification Rigs. Provides high specification well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well.
Wireline Services. Provides services necessary to bring and maintain a well on production and consists of our completion, production and pump down service lines.
Processing Solutions and Ancillary Services. Provides complementary services often utilized in conjunction with our High Specification Rigs and Wireline Services segments. These services primarily include equipment rentals, plug and abandonment, and processing solutions.    
Certain segment information for the three and six months ended June 30, 2026 and 2025 is as follows (in millions):
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesTotal
Three Months Ended June 30, 2026
Revenue$113.4 $18.6 $44.5 $176.5 
Employee expenses57.1 6.5 16.5 80.1 
Repair and maintenance10.9 1.4 5.0 17.3 
Other segment items*25.0 7.3 13.0 45.3 
Plus: Severance and reorganization costs0.2 0.2 — 0.4 
Adjusted EBITDA$20.6 $3.6 $10.0 $34.2 
Depreciation and amortization$9.2 $2.4 $3.7 $15.3 
Capital expenditures$6.9 $0.6 $2.8 $10.3 
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesTotal
Six Months Ended June 30, 2026
Revenue$222.5 $29.2 $83.9 $335.6 
Employee expenses110.5 11.7 32.5 154.7 
Repair and maintenance21.6 2.2 9.9 33.7 
Other segment items*49.1 12.0 23.8 84.9 
Plus: Severance and reorganization costs0.2 0.2 — 0.4 
Plus: Acquisition related costs0.5 0.3 — 0.8 
Adjusted EBITDA$42.0 $3.8 $17.7 $63.5 
Depreciation and amortization$19.7 $4.7 $7.2 $31.6 
Capital expenditures$23.0 $0.6 $6.3 $29.9 
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesTotal
Three Months Ended June 30, 2025
Revenue$86.3 $22.1 $32.2 $140.6 
Employee expenses44.8 9.5 17.2 71.5 
Repair and maintenance8.3 2.2 3.8 14.3 
Other segment items*15.6 9.0 4.6 29.2 
Plus: Severance and reorganization costs— 0.2 — 0.2 
Adjusted EBITDA$17.6 $1.6 $6.6 $25.8 
Depreciation and amortization$5.6 $2.6 $2.1 $10.3 
Capital expenditures$7.2 $— $1.6 $8.8 
High Specification RigsWireline ServicesProcessing Solutions and Ancillary ServicesTotal
Six Months Ended June 30, 2025
Revenue$173.8 $39.3 $62.7 $275.8 
Employee expenses89.9 19.0 23.7 132.6 
Repair and maintenance16.3 4.5 6.5 27.3 
Other segment items*32.6 17.5 20.4 70.5 
Plus: Severance and reorganization costs— 0.6 — 0.6 
Plus: Acquisition related costs— 0.4 0.1 0.5 
Adjusted EBITDA$35.0 $(0.7)$12.2 $46.5 
Depreciation and amortization$11.0 $5.3 $4.3 $20.6 
Capital expenditures$14.5 $— $3.3 $17.8 
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* Other Segment Items include Direct Materials, Subcontractor Expense, Reimbursable Expenses, Equipment Rentals, Fuel, Per Diem, Travel & Entertainment, Vehicles and Miscellaneous. These items, including Employee Expenses and Repair and Maintenance, are included in Cost of Services and General and Administrative expense in the Consolidated Statements of Operations.
A reconciliation of Adjusted EBITDA to income before income taxes and net income is as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total segment Adjusted EBITDA$34.2 $25.8 $63.5 $46.5 
Other unallocated expenses(5.6)(5.2)(11.6)(10.4)
Impairment of assets— — — (0.4)
Equity based compensation(1.6)(1.7)(3.2)(3.2)
Gain on sale of assets1.2 0.9 1.8 0.2 
Severance and reorganization costs(0.4)(0.1)(0.4)(0.7)
Acquisition related costs(0.4)(0.2)(1.4)(0.6)
Legal fees and settlements— — — (0.3)
Adjustment to contingent consideration(0.4)— (0.7)— 
Employee retention credit— 1.6 — 1.6 
Depreciation and amortization(15.6)(10.9)(31.8)(21.5)
Interest expense, net(1.1)(0.1)(1.9)(0.6)
Income before income taxes10.3 10.1 14.3 10.6 
Income tax expense(3.4)(2.8)(4.4)(2.7)
Net income$6.9 $7.3 $9.9 $7.9