Quarterly report pursuant to Section 13 or 15(d)

Related-Party Transactions

v3.21.1
Related-Party Transactions
3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
Corporate Office Building
          Prior to April 2020, the Company rented its corporate office building and the associated real property from an entity, in which a former executive officer of the Company has an equity interest for approximately $0.1 million per year. In April 2020, the Company acquired the corporate office building and the associated real property for approximately $1.5 million.
Operations and Maintenance Yards
           The Company also leases five yards from an entity, in which certain former executive officers and a director of the Company have equity interests and the total annual rent expense for each of the five yards was approximately $0.03 million, $0.03 million, $0.1 million, $0.1 million, and $0.2 million, respectively. The Company also leased its drilling yard from another entity, in which a certain former executive officer of the Company has an equity interest, for an annual lease expense of approximately $0.1 million. In November 2020, we terminated the drilling yard lease.
Equipment Rental and Other Services
         The Company obtains equipment maintenance services from an entity that has a family relationship with an executive officer of the Company. During the three months ended March 31, 2021 and 2020, the Company incurred approximately $0 and $0.3 million, respectively, for equipment maintenance services associated with this related party.
         At March 31, 2021 and December 31, 2020, the Company had no outstanding payables or receivables to or from the above related party transactions.
Pioneer
          On December 31, 2018, we consummated the purchase of certain pressure pumping assets and real property from Pioneer Natural Resources USA, Inc. (“Pioneer”) and Pioneer Pumping Services (the "Pioneer Pressure Pumping Acquisition"). In connection with the Pioneer Pressure Pumping Acquisition, Pioneer received 16.6 million shares of our common stock and approximately $110.0 million in cash.
          Revenue from services provided to Pioneer (including idle fees) accounted for approximately $86.3 million and $127.4 million of our total revenue during the three months ended March 31, 2021 and 2020, respectively.
          In connection with the Pioneer Pressure Pumping Acquisition, the Company agreed to reimburse Pioneer for the Company's portion of the retention bonuses paid to former Pioneer employees that were subsequently employed by the Company. During the three months ended March 31, 2021 and 2020, the Company fully reimbursed Pioneer approximately $0 and $2.6 million, respectively.          As of March 31, 2021, the total accounts receivable due from Pioneer, including estimated unbilled receivable for services (including idle fees) we provided, amounted to approximately $61.2 million and the amount due to Pioneer was $0. As of December 31, 2020, the balance due from Pioneer for services (including idle fees) we provided amounted to approximately $41.7 million and the amount due to Pioneer was $0.