Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

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CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 27,179 $ 37,098 $ (50,645)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 134,053 113,017 112,136
Impairment of property, plant and equipment 0 0 170,000
Loss on extinguishment of debt 5,218 2,130 0
Gain on disposition of assets (3,994) (1,974) (3,659)
Deferred tax expense (benefit) 12,699 15,837 (48,375)
Provision for reduction in carrying value of certain assets 2,544 0 1,350
Expenses not requiring cash 17,764 22,600 12,833
Change in assets and liabilities:      
Accounts and notes receivable (33,512) 15,241 (6,841)
Rig materials and supplies 1,754 344 (913)
Other current assets (11,715) (4,313) 63,816
Accounts payable and accrued liabilities (286) (2,657) (24,908)
Accrued income taxes 10,454 (6,102) 2,141
Other assets (661) (1,522) (1,050)
Net cash provided by operating activities 161,497 189,699 225,885
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (155,645) (191,543) (190,399)
Proceeds from the sale of assets 8,218 3,937 5,535
Acquisition of ITS, net of cash acquired (117,991) 0 0
Proceeds from insurance claims 0 0 250
Net cash used in investing activities (265,418) (187,606) (184,614)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of debt 350,000 130,000 50,000
Proceeds from draw on revolver credit facility 0 7,000 0
Repayments of long-term debt (125,000) 0 0
Repayments of senior notes 0 (125,000) 0
Repayments of term loan (50,000) (18,000) (21,000)
Repayments of revolver 0 0 (25,000)
Payments of debt issuance costs (11,172) (4,859) (504)
Payments of debt extinguishment costs 0 (555) 0
Proceeds from stock options exercised 0 0 183
Excess tax benefit (expense) from stock-based compensation 896 (662) 1,488
Net cash provided by (used in) financing activities 164,724 (12,076) 5,167
Net increase (decrease) in cash and cash equivalents 60,803 (9,983) 46,438
Cash and cash equivalents at beginning of year 87,886 97,869 51,431
Cash and cash equivalents at end of year 148,689 87,886 97,869
Supplemental cash flow information:      
Interest paid 42,236 37,405 32,785
Income taxes paid $ 17,036 $ 40,234 $ 21,742