Company: NINE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001532286-25-000026
Chunk: 28

Company: Nine Energy Service, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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,280 $197,283 2025 ABL Credit Facility$63,258 $— 2018 ABL Credit Facility$— $47,000 Short-term debt$— $3,580 The fair value of the 2028 Notes, 2025 ABL Credit Facility, 2018 ABL Credit Facility, and short-term debt is classified as Level 2 in the fair value hierarchy. The fair value of the 2028 Notes is established based on observable inputs in less active markets. The fair value of the 2025 ABL Credit Facility, 2018 ABL Credit Facility, and short-term debt approximates their carrying value.

9. Related Party Transactions

The Company leases office space, yard facilities, and equipment and purchases building maintenance and repair services from entities owned by David Crombie, an executive officer of the Company. Total lease expense and building maintenance and repair expense associated with these entities was $0.2 million and $0.7 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.8 million for the three and nine months ended September 30, 2024, respectively. The Company also purchased $0.9 million and $3.2 million of products and services during the three and nine months ended September 30, 2025, respectively, and $1.1 million and $2.6 million for the three and nine months ended September 30, 2024, respectively, from an entity in which Mr. Crombie is a limited partner. There were outstanding payables due to entities associated with Mr. Crombie of $0.8 million and $0.3 million at September 30, 2025 and December 31, 2024, respectively. Ann G. Fox, President and Chief Executive Officer and a director of the Company, is a director of Devon Energy Corporation (“Devon”). The Company generated revenue from Devon of $1.0 million and $2.1 million for the three and nine months ended September 30, 2025, respectively, and $1.2 million and $4.2 million for the three and nine months ended September 30, 2024, respectively. There were outstanding receivables due from Devon of $0.6 million and $0.3 million at September 30, 2025 and December 31, 2024, respectively.The Company provides products and