v3.26.1
Parker Acquisition (Tables)
6 Months Ended
Jun. 30, 2026
Parker Acquisition  
Schedule of fair value of assets acquired and liabilities assumed

The table below presents the allocation of the estimated fair value of identifiable assets acquired and liabilities assumed, and the resulting gain on bargain purchase as of the closing date:

​

​

​

​

​

​

​

  ​ ​ ​

Fair Value

 

(In thousands)

​

at Acquisition

 

Assets:

​

​

​

​

Cash and cash equivalents

​

$

84,995

​

Accounts receivable

​

 

132,084

​

Inventory

​

 

4,576

​

Other current assets

​

 

37,664

​

Property, plant and equipment

​

 

264,500

​

Deferred income taxes

​

 

64,103

​

Other assets

​

 

43,910

​

Total assets acquired

​

​

631,832

​

​

​

​

​

​

Liabilities:

​

​

​

​

Trade accounts payable

​

$

43,774

​

Accrued liabilities

​

​

66,808

​

Income taxes payable

​

​

4,148

​

Other short-term liabilities

​

​

6,462

​

Long-term debt

​

​

177,755

​

Deferred income taxes

​

​

2,594

​

Other liabilities

​

​

36,076

​

Total liabilities assumed

​

​

337,617

​

Net assets acquired

​

​

294,215

​

Gain on bargain purchase

​

​

113,653

​

Total consideration transferred

​

$

180,562

​

​

Schedule of selected financial information on a proforma basis

The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Parker acquisition taken place on January 1, 2024. Furthermore, the financial information is not intended to be a projection of future results.

​

​

​

​

​

​

​

​

The following table summarizes our selected financial information on a pro forma basis:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

 

Six Months Ended

​

​

June 30,

 

June 30,

​

  ​ ​ ​

2025

 

2025

​

​

(In thousands)

Operating revenues (1)

​

$

832,788

​

$

1,672,093

Net income (loss)

​

 

(3,770)

​

 

(32,432)

(1)Includes operating revenue from Quail Tools, LLC, which was part of the Company’s acquisition of Parker and sold to Superior Energy Services, Inc. on August 20, 2025, for the three and six months ended June 30, 2025 of $62.6 million and $120.6 million, respectively.