v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company is organized on a geographic basis into three reportable segments. These reportable segments, which are also the Company's operating segments, are comprised of the Rocky Mountains Region (the Bakken, Williston, DJ, Uinta, Powder River, Piceance and Niobrara basins), the Southwest Region (the Permian Basin and the Eagle Ford Shale) and the Northeast/Mid-Con Region (the Marcellus and Utica Shale as well as the Mid-Continent STACK and SCOOP and Haynesville Shale). The segments regularly report their results of operations and make requests for capital expenditures and acquisition funding to the Chief Operating Decision Maker (“CODM”). The Company’s CODM is our Chief Executive Officer.

The following tables present revenues, significant expenses and operating (loss) income by reportable segment:
Three Months Ended
June 30, 2026June 30, 2025
Rocky
Mountains		SouthwestNortheast
/Mid-Con		EliminationsTotalRocky
Mountains		SouthwestNortheast
/Mid-Con		EliminationsTotal
Revenues$50.8 $64.7 $52.0 $(0.2)$167.3 $54.2 $59.0 $46.2 $(0.4)$159.0 
Less
   Cost of sales40.9 52.4 36.7 (0.2)40.2 48.7 36.6 (0.4)
   Depreciation and amortization5.4 7.5 7.2 6.5 8.4 8.4 
   Selling, general and administrative(1)
2.0 2.9 1.6 1.9 3.0 1.5 
   Other segment items2.3 1.7 1.4 2.3 0.6 1.0 
Segment operating income$0.2 $0.2 $5.1 $— $5.5 $3.3 $(1.7)$(1.3)$— $0.3 
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses(2)
(3.4)(9.0)
Interest income0.0 0.0 
Interest expense(12.5)(11.0)
Gain on debt extinguishment0.3 — 
Loss before income tax$(10.1)$(19.7)
(1) Note that the Selling, general and administrative line item in the Consolidated Statement of Operations contains the Other segment items line item here, less the Research and development costs line item.
(2) For the three months ended June 30, 2026, these consist of $1.0 of cost of sales, $0.7 of depreciation and amortization, $7.4 of selling, general and administrative, and $(5.7) of other expenses. For the three months ended June 30, 2025, these consist of $0.6 of cost of sales, $0.4 of depreciation and amortization, $7.6 of selling, general and administrative, and $0.4 of other expenses.
Six Months Ended
June 30, 2026June 30, 2025
Rocky
Mountains		SouthwestNortheast
/Mid-Con		EliminationsTotalRocky
Mountains		SouthwestNortheast
/Mid-Con		EliminationsTotal
Revenues$89.4 $118.4 $104.6 $(0.4)$312.0 $102.1 $124.4 $87.2 $(0.7)$313.0 
Less
   Cost of sales74.7 98.2 75.5 (0.4)77.9 98.4 72.4 (0.7)
   Depreciation and amortization11.3 15.4 15.1 13.3 16.7 17.4 
   Selling, general and administrative(1)
3.9 6.0 3.2 3.8 6.4 3.1 
   Other segment items3.1 2.0 2.7 4.0 1.6 3.7 
Segment operating income$(3.6)$(3.2)$8.1 $— $1.3 $3.1 $1.3 $(9.4)$— $(5.0)
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses(2)
(11.3)(20.2)
Interest income0.0 0.3 
Interest expense(24.2)(21.3)
Gain (loss) on debt extinguishment0.3 (1.2)
Loss before income tax$(33.9)$(47.4)
(1) Note that the Selling, general and administrative line item in the Consolidated Statement of Operations contains the Other segment items line item here, less the Research and development costs line item.
(2) For the six months ended June 30, 2026, these consist of $1.9 of cost of sales, $0.9 of depreciation and amortization, $13.8 of selling, general and administrative, and $(5.3) of other expenses. For the six months ended June 30, 2025, these consist of $1.4 of cost of sales, $1.0 of depreciation and amortization, $17.0 of selling, general and administrative, and $0.8 of other expenses.

Other segment items include research and development costs, allocations and other expenses.


The following tables present revenues by service offering by reportable segment:

Three Months Ended
June 30, 2026June 30, 2025
Rocky
Mountains		SouthwestNortheast
/Mid-Con		EliminationsTotalRocky
Mountains		SouthwestNortheast
/Mid-Con		EliminationsTotal
Drilling$7.6 $15.8 $15.0 $(0.2)$38.2 $5.4 $10.4 $10.4 $(0.4)$25.8 
Completion25.8 33.4 28.3 87.5 30.6 30.9 27.0 88.5 
Production12.2 10.1 3.9 26.2 13.4 10.9 4.0 28.3 
Intervention5.2 5.4 4.8 15.4 4.8 6.8 4.8 16.4 
Total revenues$50.8 $64.7 $52.0 $(0.2)$167.3 $54.2 $59.0 $46.2 $(0.4)$159.0 
Six Months Ended
June 30, 2026June 30, 2025
Rocky
Mountains		SouthwestNortheast
/Mid-Con		EliminationsTotalRocky
Mountains		SouthwestNortheast
/Mid-Con		EliminationsTotal
Drilling$13.5 $26.5 $27.5 $(0.4)$67.1 $12.9 $22.4 $21.8 $(0.7)$56.4 
Completion43.5 61.6 60.4 165.5 52.9 63.8 49.9 166.6 
Production22.9 19.6 7.6 50.1 25.8 23.3 6.9 56.0 
Intervention9.5 10.7 9.1 29.3 10.5 14.9 8.6 34.0 
Total revenues$89.4 $118.4 $104.6 $(0.4)$312.0 $102.1 $124.4 $87.2 $(0.7)$313.0 


The following table presents total assets by segment:
As of
June 30, 2026December 31, 2025
Rocky Mountains$93.3 $103.0 
Southwest162.0 139.2 
Northeast/Mid-Con108.7 92.4 
   Total364.0 334.6 
Unallocated assets7.9 5.7 
   Total assets$371.9 $340.3 


The following table presents cash capital expenditures by reportable segment:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Rocky Mountains$2.2 $1.3 $3.9 $2.8 
Southwest2.0 3.9 3.8 10.0 
Northeast/Mid-Con4.3 7.4 9.5 14.5 
Unallocated expenditures0.1 0.1 0.1 0.4 
   Total capital expenditures$8.6 $12.7 $17.3 $27.7