Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Consolidating Condensed Statement of Operations |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
168,490 |
|
|
$ |
355,044 |
|
|
$ |
(81,014 |
) |
|
$ |
442,520 |
|
Operating expenses |
— |
|
|
94,546 |
|
|
341,955 |
|
|
(81,014 |
) |
|
355,487 |
|
Depreciation and amortization |
— |
|
|
81,260 |
|
|
41,113 |
|
|
— |
|
|
122,373 |
|
Total operating gross margin (loss) |
— |
|
|
(7,316 |
) |
|
(28,024 |
) |
|
— |
|
|
(35,340 |
) |
General and administration expense (1)
|
(323 |
) |
|
(24,887 |
) |
|
(466 |
) |
|
— |
|
|
(25,676 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
(1,938 |
) |
|
— |
|
|
(1,938 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(247 |
) |
|
(2,604 |
) |
|
— |
|
|
(2,851 |
) |
Total operating income (loss) |
(323 |
) |
|
(32,450 |
) |
|
(33,032 |
) |
|
— |
|
|
(65,805 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(47,135 |
) |
|
(220 |
) |
|
(7,906 |
) |
|
11,035 |
|
|
(44,226 |
) |
Interest income |
831 |
|
|
744 |
|
|
9,704 |
|
|
(11,035 |
) |
|
244 |
|
Other |
— |
|
|
71 |
|
|
55 |
|
|
— |
|
|
126 |
|
Equity in net earnings of subsidiaries |
(40,752 |
) |
|
— |
|
|
— |
|
|
40,752 |
|
|
— |
|
Total other income (expense) |
(87,056 |
) |
|
595 |
|
|
1,853 |
|
|
40,752 |
|
|
(43,856 |
) |
Income (loss) before income taxes |
(87,379 |
) |
|
(31,855 |
) |
|
(31,179 |
) |
|
40,752 |
|
|
(109,661 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current tax expense (benefit) |
26,537 |
|
|
(22,494 |
) |
|
5,221 |
|
|
— |
|
|
9,264 |
|
Deferred tax expense (benefit) |
4,785 |
|
|
(7,750 |
) |
|
2,741 |
|
|
— |
|
|
(224 |
) |
Total income tax expense (benefit) |
31,322 |
|
|
(30,244 |
) |
|
7,962 |
|
|
— |
|
|
9,040 |
|
Net income (loss) |
(118,701 |
) |
|
(1,611 |
) |
|
(39,141 |
) |
|
40,752 |
|
|
(118,701 |
) |
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) attributable to controlling interest |
$ |
(118,701 |
) |
|
$ |
(1,611 |
) |
|
$ |
(39,141 |
) |
|
$ |
40,752 |
|
|
$ |
(118,701 |
) |
Less: Mandatory convertible preferred stock dividend |
$ |
3,051 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,051 |
|
Net income (loss) available to common stockholders |
$ |
(121,752 |
) |
|
$ |
(1,611 |
) |
|
$ |
(39,141 |
) |
|
$ |
40,752 |
|
|
$ |
(121,752 |
) |
(1)General and administration expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
152,263 |
|
|
$ |
380,931 |
|
|
$ |
(106,190 |
) |
|
$ |
427,004 |
|
Operating expenses |
— |
|
|
103,013 |
|
|
365,698 |
|
|
(106,190 |
) |
|
362,521 |
|
Depreciation and amortization |
— |
|
|
90,218 |
|
|
49,577 |
|
|
— |
|
|
139,795 |
|
Total operating gross margin (loss) |
— |
|
|
(40,968 |
) |
|
(34,344 |
) |
|
— |
|
|
(75,312 |
) |
General and administration expense (1)
|
(410 |
) |
|
(29,355 |
) |
|
(4,567 |
) |
|
— |
|
|
(34,332 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Gain (loss) on disposition of assets, net |
— |
|
|
(565 |
) |
|
(1,048 |
) |
|
— |
|
|
(1,613 |
) |
Total operating income (loss) |
(410 |
) |
|
(70,888 |
) |
|
(39,959 |
) |
|
— |
|
|
(111,257 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(48,160 |
) |
|
(642 |
) |
|
(6,434 |
) |
|
9,424 |
|
|
(45,812 |
) |
Interest income |
758 |
|
|
695 |
|
|
8,029 |
|
|
(9,424 |
) |
|
58 |
|
Other |
— |
|
|
484 |
|
|
(117 |
) |
|
— |
|
|
367 |
|
Equity in net earnings of subsidiaries |
(94,469 |
) |
|
— |
|
|
— |
|
|
94,469 |
|
|
— |
|
Total other income (expense) |
(141,871 |
) |
|
537 |
|
|
1,478 |
|
|
94,469 |
|
|
(45,387 |
) |
Income (loss) before income taxes |
(142,281 |
) |
|
(70,351 |
) |
|
(38,481 |
) |
|
94,469 |
|
|
(156,644 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current tax expense (benefit) |
40,562 |
|
|
(35,572 |
) |
|
118 |
|
|
— |
|
|
5,108 |
|
Deferred tax expense (benefit) |
47,971 |
|
|
14,846 |
|
|
6,245 |
|
|
— |
|
|
69,062 |
|
Total income tax expense (benefit) |
88,533 |
|
|
(20,726 |
) |
|
6,363 |
|
|
— |
|
|
74,170 |
|
Net income (loss) |
(230,814 |
) |
|
(49,625 |
) |
|
(44,844 |
) |
|
94,469 |
|
|
(230,814 |
) |
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) attributable to controlling interest |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(44,844 |
) |
|
$ |
94,469 |
|
|
$ |
(230,814 |
) |
Less: Mandatory convertible preferred stock dividend |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net income (loss) available to common stockholders |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(44,844 |
) |
|
$ |
94,469 |
|
|
$ |
(230,814 |
) |
(1)General and administration expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
254,182 |
|
|
$ |
584,204 |
|
|
$ |
(126,203 |
) |
|
$ |
712,183 |
|
Operating expenses |
— |
|
|
143,563 |
|
|
508,930 |
|
|
(126,203 |
) |
|
526,290 |
|
Depreciation and amortization |
— |
|
|
95,071 |
|
|
61,123 |
|
|
— |
|
|
156,194 |
|
Total operating gross margin (loss) |
— |
|
|
15,548 |
|
|
14,151 |
|
|
— |
|
|
29,699 |
|
General and administration expense (1)
|
(1,279 |
) |
|
(38,643 |
) |
|
3,732 |
|
|
— |
|
|
(36,190 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
(2,088 |
) |
|
(10,402 |
) |
|
— |
|
|
(12,490 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
439 |
|
|
1,204 |
|
|
— |
|
|
1,643 |
|
Total operating income (loss) |
(1,279 |
) |
|
(24,744 |
) |
|
8,685 |
|
|
— |
|
|
(17,338 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(47,659 |
) |
|
(1,035 |
) |
|
(11,579 |
) |
|
15,118 |
|
|
(45,155 |
) |
Interest income |
1,424 |
|
|
852 |
|
|
13,111 |
|
|
(15,118 |
) |
|
269 |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other |
— |
|
|
(200 |
) |
|
(9,547 |
) |
|
— |
|
|
(9,747 |
) |
Equity in net earnings of subsidiaries |
(36,631 |
) |
|
— |
|
|
— |
|
|
36,631 |
|
|
— |
|
Total other income (expense) |
(82,866 |
) |
|
(383 |
) |
|
(8,015 |
) |
|
36,631 |
|
|
(54,633 |
) |
Income (loss) before income taxes |
(84,145 |
) |
|
(25,127 |
) |
|
670 |
|
|
36,631 |
|
|
(71,971 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current tax expense (benefit) |
29,643 |
|
|
(22,970 |
) |
|
12,931 |
|
|
— |
|
|
19,604 |
|
Deferred tax expense (benefit) |
(18,715 |
) |
|
11,718 |
|
|
9,706 |
|
|
— |
|
|
2,709 |
|
Total income tax expense (benefit) |
10,928 |
|
|
(11,252 |
) |
|
22,637 |
|
|
— |
|
|
22,313 |
|
Net income (loss) |
(95,073 |
) |
|
(13,875 |
) |
|
(21,967 |
) |
|
36,631 |
|
|
(94,284 |
) |
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
789 |
|
|
— |
|
|
789 |
|
Net income (loss) attributable to controlling interest |
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(22,756 |
) |
|
$ |
36,631 |
|
|
$ |
(95,073 |
) |
Less: Mandatory convertible preferred stock dividend
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net income (loss) available to common stockholders
|
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(22,756 |
) |
|
$ |
36,631 |
|
|
$ |
(95,073 |
) |
|
|
(1) |
General and administration expenses for field operations are included in operating expenses. |
|
| Consolidating Condensed Statement of Comprehensive Income (Loss) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(118,701 |
) |
|
$ |
(1,611 |
) |
|
$ |
(39,141 |
) |
|
$ |
40,752 |
|
|
$ |
(118,701 |
) |
Other comprehensive gain (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
643 |
|
|
— |
|
|
$ |
643 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
2,689 |
|
|
— |
|
|
$ |
2,689 |
|
Total other comprehensive gain (loss), net of tax: |
— |
|
|
— |
|
|
3,332 |
|
|
— |
|
|
3,332 |
|
Comprehensive income (loss) attributable to controlling interest |
$ |
(118,701 |
) |
|
$ |
(1,611 |
) |
|
$ |
(35,809 |
) |
|
$ |
40,752 |
|
|
$ |
(115,369 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(44,844 |
) |
|
$ |
94,469 |
|
|
$ |
(230,814 |
) |
Other comprehensive gain (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(691 |
) |
|
— |
|
|
(691 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(4,265 |
) |
|
— |
|
|
(4,265 |
) |
Total other comprehensive gain (loss), net of tax: |
— |
|
|
— |
|
|
(4,956 |
) |
|
— |
|
|
(4,956 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(49,800 |
) |
|
$ |
94,469 |
|
|
$ |
(235,770 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(21,967 |
) |
|
$ |
36,631 |
|
|
$ |
(94,284 |
) |
Other comprehensive gain (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(2,012 |
) |
|
— |
|
|
(2,012 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
405 |
|
|
— |
|
|
405 |
|
Total other comprehensive gain (loss), net of tax: |
— |
|
|
— |
|
|
(1,607 |
) |
|
— |
|
|
(1,607 |
) |
Comprehensive income (loss) |
(95,073 |
) |
|
(13,875 |
) |
|
(23,574 |
) |
|
36,631 |
|
|
(95,891 |
) |
Comprehensive (income) loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
4,606 |
|
|
— |
|
|
4,606 |
|
Comprehensive income (loss) attributable to controlling interest |
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(18,968 |
) |
|
$ |
36,631 |
|
|
$ |
(91,285 |
) |
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
75,342 |
|
|
$ |
20,655 |
|
|
$ |
45,552 |
|
|
$ |
— |
|
|
$ |
141,549 |
|
Accounts and notes receivable, net |
— |
|
|
32,338 |
|
|
90,173 |
|
|
— |
|
|
122,511 |
|
Rig materials and supplies |
— |
|
|
(3,025 |
) |
|
34,440 |
|
|
— |
|
|
31,415 |
|
Deferred costs |
— |
|
|
17 |
|
|
3,128 |
|
|
— |
|
|
3,145 |
|
Other tax assets |
— |
|
|
— |
|
|
4,889 |
|
|
— |
|
|
4,889 |
|
Other current assets |
— |
|
|
6,345 |
|
|
7,982 |
|
|
— |
|
|
14,327 |
|
Total current assets |
75,342 |
|
|
56,330 |
|
|
186,164 |
|
|
— |
|
|
317,836 |
|
Property, plant and equipment, net |
(19 |
) |
|
428,556 |
|
|
197,234 |
|
|
— |
|
|
625,771 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
7,128 |
|
|
— |
|
|
— |
|
|
7,128 |
|
Investment in subsidiaries and intercompany advances |
2,955,050 |
|
|
2,971,456 |
|
|
3,955,553 |
|
|
(9,882,059 |
) |
|
— |
|
Other noncurrent assets |
(261,232 |
) |
|
237,755 |
|
|
537,124 |
|
|
(480,811 |
) |
|
32,836 |
|
Total assets |
$ |
2,769,141 |
|
|
$ |
3,707,933 |
|
|
$ |
4,876,075 |
|
|
$ |
(10,362,870 |
) |
|
$ |
990,279 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
(51,060 |
) |
|
179,247 |
|
|
588,536 |
|
|
(617,477 |
) |
|
99,246 |
|
Accrued income taxes |
76,883 |
|
|
(56,870 |
) |
|
(15,583 |
) |
|
— |
|
|
4,430 |
|
Total current liabilities |
25,823 |
|
|
122,377 |
|
|
572,953 |
|
|
(617,477 |
) |
|
103,676 |
|
Long-term debt, net |
577,971 |
|
|
— |
|
|
— |
|
|
— |
|
|
577,971 |
|
Other long-term liabilities |
2,867 |
|
|
5,741 |
|
|
3,825 |
|
|
— |
|
|
12,433 |
|
Deferred tax liability |
(1 |
) |
|
— |
|
|
79 |
|
|
— |
|
|
78 |
|
Intercompany payable |
1,865,810 |
|
|
1,465,744 |
|
|
2,430,340 |
|
|
(5,761,894 |
) |
|
— |
|
Total liabilities |
2,472,470 |
|
|
1,593,862 |
|
|
3,007,197 |
|
|
(6,379,371 |
) |
|
694,158 |
|
Total equity |
296,671 |
|
|
2,114,071 |
|
|
1,868,878 |
|
|
(3,983,499 |
) |
|
296,121 |
|
Total liabilities and stockholders’ equity |
$ |
2,769,141 |
|
|
$ |
3,707,933 |
|
|
$ |
4,876,075 |
|
|
$ |
(10,362,870 |
) |
|
$ |
990,279 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
65,000 |
|
|
$ |
14,365 |
|
|
$ |
40,326 |
|
|
$ |
— |
|
|
$ |
119,691 |
|
Accounts and notes receivable, net |
— |
|
|
15,749 |
|
|
97,482 |
|
|
— |
|
|
113,231 |
|
Rig materials and supplies |
— |
|
|
(5,369 |
) |
|
37,723 |
|
|
— |
|
|
32,354 |
|
Deferred costs |
— |
|
|
16 |
|
|
1,420 |
|
|
— |
|
|
1,436 |
|
Other tax assets |
(50,296 |
) |
|
35,733 |
|
|
21,038 |
|
|
— |
|
|
6,475 |
|
Other current assets |
— |
|
|
5,555 |
|
|
7,576 |
|
|
— |
|
|
13,131 |
|
Total current assets |
14,704 |
|
|
66,049 |
|
|
205,565 |
|
|
— |
|
|
286,318 |
|
Property, plant and equipment, net |
(19 |
) |
|
469,927 |
|
|
223,531 |
|
|
— |
|
|
693,439 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
9,434 |
|
|
494 |
|
|
— |
|
|
9,928 |
|
Investment in subsidiaries and intercompany advances |
2,979,413 |
|
|
2,932,375 |
|
|
3,676,402 |
|
|
(9,588,190 |
) |
|
— |
|
Other noncurrent assets |
(253,679 |
) |
|
301,771 |
|
|
539,877 |
|
|
(480,811 |
) |
|
107,158 |
|
Total assets |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
(10,080 |
) |
|
149,210 |
|
|
577,188 |
|
|
(617,477 |
) |
|
98,841 |
|
Accrued income taxes |
— |
|
|
1,576 |
|
|
2,504 |
|
|
— |
|
|
4,080 |
|
Total current liabilities |
(10,080 |
) |
|
150,786 |
|
|
579,692 |
|
|
(617,477 |
) |
|
102,921 |
|
Long-term debt, net |
576,326 |
|
|
— |
|
|
— |
|
|
— |
|
|
576,326 |
|
Other long-term liabilities |
2,867 |
|
|
9,338 |
|
|
3,631 |
|
|
— |
|
|
15,836 |
|
Deferred tax liability |
(28 |
) |
|
73,039 |
|
|
(3,678 |
) |
|
— |
|
|
69,333 |
|
Intercompany payables |
1,828,317 |
|
|
1,437,417 |
|
|
2,161,864 |
|
|
(5,427,598 |
) |
|
— |
|
Total liabilities |
2,397,402 |
|
|
1,670,580 |
|
|
2,741,509 |
|
|
(6,045,075 |
) |
|
764,416 |
|
Total equity |
343,017 |
|
|
2,115,684 |
|
|
1,904,360 |
|
|
(4,023,926 |
) |
|
339,135 |
|
Total liabilities and stockholders’ equity |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
|
| Consolidated Condensed Statements of Cash Flows |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(118,701 |
) |
|
$ |
(1,611 |
) |
|
$ |
(39,141 |
) |
|
$ |
40,752 |
|
|
(118,701 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
81,260 |
|
|
41,113 |
|
|
— |
|
|
122,373 |
|
(Gain) loss on disposition of assets |
— |
|
|
247 |
|
|
2,604 |
|
|
— |
|
|
2,851 |
|
Deferred tax expense (benefit) |
4,785 |
|
|
(7,750 |
) |
|
2,741 |
|
|
— |
|
|
(224 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
1,938 |
|
|
— |
|
|
1,938 |
|
Expenses not requiring cash |
5,651 |
|
|
(218 |
) |
|
9,880 |
|
|
(11,062 |
) |
|
4,251 |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(16,540 |
) |
|
13,483 |
|
|
(6,571 |
) |
|
(9,628 |
) |
Rig materials and supplies |
— |
|
|
(760 |
) |
|
5,470 |
|
|
— |
|
|
4,710 |
|
Other current assets |
(50,296 |
) |
|
34,941 |
|
|
14,036 |
|
|
— |
|
|
(1,319 |
) |
Accounts payable and accrued liabilities |
(4,393 |
) |
|
56,354 |
|
|
262,884 |
|
|
(323,559 |
) |
|
(8,714 |
) |
Accrued income taxes |
79,319 |
|
|
(60,882 |
) |
|
(17,899 |
) |
|
— |
|
|
538 |
|
Other assets |
24,722 |
|
|
(35,829 |
) |
|
(280,675 |
) |
|
300,440 |
|
|
8,658 |
|
Net cash provided by (used in) operating activities |
(58,913 |
) |
|
49,212 |
|
|
16,434 |
|
|
— |
|
|
6,733 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(42,990 |
) |
|
(11,543 |
) |
|
— |
|
|
(54,533 |
) |
Proceeds from the sale of assets |
— |
|
|
68 |
|
|
335 |
|
|
— |
|
|
403 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(42,922 |
) |
|
(11,208 |
) |
|
— |
|
|
(54,130 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of mandatory convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,864 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,864 |
) |
Mandatory convertible preferred stock dividend |
(2,145 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,145 |
) |
Shares surrendered in lieu of tax |
(936 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(936 |
) |
Net cash provided by (used in) financing activities |
69,255 |
|
|
— |
|
|
— |
|
|
— |
|
|
69,255 |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
10,342 |
|
|
6,290 |
|
|
5,226 |
|
|
— |
|
|
21,858 |
|
Cash and cash equivalents at beginning of year |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents at end of year |
$ |
75,342 |
|
|
$ |
20,655 |
|
|
$ |
45,552 |
|
|
$ |
— |
|
|
$ |
141,549 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(44,844 |
) |
|
$ |
94,469 |
|
|
(230,814 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
90,218 |
|
|
49,577 |
|
|
— |
|
|
139,795 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
Loss on extinguishment of debt |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
(Gain) loss on disposition of assets |
— |
|
|
565 |
|
|
1,048 |
|
|
— |
|
|
1,613 |
|
Deferred tax expense (benefit) |
47,971 |
|
|
14,846 |
|
|
6,245 |
|
|
— |
|
|
69,062 |
|
Expenses not requiring cash |
9,545 |
|
|
(1,624 |
) |
|
(5,403 |
) |
|
— |
|
|
2,518 |
|
Equity in net earnings (losses) of subsidiaries |
94,469 |
|
|
— |
|
|
— |
|
|
(94,469 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
25,923 |
|
|
34,468 |
|
|
— |
|
|
60,391 |
|
Rig materials and supplies |
— |
|
|
(73 |
) |
|
(1,679 |
) |
|
— |
|
|
(1,752 |
) |
Other current assets |
50,296 |
|
|
(35,322 |
) |
|
(12,834 |
) |
|
— |
|
|
2,140 |
|
Accounts payable and accrued liabilities |
(121,016 |
) |
|
97,315 |
|
|
4,207 |
|
|
— |
|
|
(19,494 |
) |
Accrued income taxes |
(10,381 |
) |
|
(626 |
) |
|
4,585 |
|
|
— |
|
|
(6,422 |
) |
Other assets |
(299 |
) |
|
101 |
|
|
4,095 |
|
|
— |
|
|
3,897 |
|
Net cash provided by (used in) operating activities |
(159,141 |
) |
|
142,117 |
|
|
39,465 |
|
|
— |
|
|
22,441 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(15,384 |
) |
|
(13,570 |
) |
|
— |
|
|
(28,954 |
) |
Proceeds from the sale of assets |
— |
|
|
437 |
|
|
2,004 |
|
|
— |
|
|
2,441 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(14,947 |
) |
|
(11,566 |
) |
|
— |
|
|
(26,513 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payment for noncontrolling interest |
(3,375 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,375 |
) |
Payment of contingent consideration |
— |
|
|
(6,000 |
) |
|
— |
|
|
— |
|
|
(6,000 |
) |
Shares surrendered in lieu of tax |
(1,156 |
) |
|
|
|
|
|
|
|
(1,156 |
) |
Intercompany advances, net |
154,687 |
|
|
(120,659 |
) |
|
(34,028 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
150,156 |
|
|
(126,659 |
) |
|
(34,028 |
) |
|
— |
|
|
(10,531 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(8,985 |
) |
|
511 |
|
|
(6,129 |
) |
|
— |
|
|
(14,603 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
65,000 |
|
|
$ |
14,365 |
|
|
$ |
40,326 |
|
|
$ |
— |
|
|
$ |
119,691 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(21,967 |
) |
|
$ |
36,631 |
|
|
$ |
(94,284 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
95,071 |
|
|
61,123 |
|
|
— |
|
|
156,194 |
|
Accretion of contingent consideration |
— |
|
|
826 |
|
|
— |
|
|
— |
|
|
826 |
|
Gain (loss) on disposition of assets |
— |
|
|
(439 |
) |
|
(1,204 |
) |
|
— |
|
|
(1,643 |
) |
Deferred tax expense (benefit) |
(18,715 |
) |
|
11,718 |
|
|
9,706 |
|
|
— |
|
|
2,709 |
|
Excess tax benefit (expense) from stock-based compensation |
(1,045 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,045 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
2,088 |
|
|
10,402 |
|
|
— |
|
|
12,490 |
|
Expenses not requiring cash |
7,344 |
|
|
854 |
|
|
(2,062 |
) |
|
— |
|
|
6,136 |
|
Equity in net earnings of subsidiaries |
36,631 |
|
|
— |
|
|
— |
|
|
(36,631 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
(33 |
) |
|
61,818 |
|
|
42,210 |
|
|
— |
|
|
103,995 |
|
Rig materials and supplies |
— |
|
|
51 |
|
|
2,671 |
|
|
— |
|
|
2,722 |
|
Other current assets |
19,885 |
|
|
(16,257 |
) |
|
8,920 |
|
|
— |
|
|
12,548 |
|
Accounts payable and accrued liabilities |
10,228 |
|
|
(21,396 |
) |
|
(16,257 |
) |
|
— |
|
|
(27,425 |
) |
Accrued income taxes |
15,368 |
|
|
(9,405 |
) |
|
(13,920 |
) |
|
— |
|
|
(7,957 |
) |
Other assets |
(198,955 |
) |
|
186,591 |
|
|
9,208 |
|
|
— |
|
|
(3,156 |
) |
Net cash provided by (used in) operating activities |
(224,365 |
) |
|
297,645 |
|
|
88,830 |
|
|
— |
|
|
162,110 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(58,817 |
) |
|
(29,380 |
) |
|
— |
|
|
(88,197 |
) |
Proceeds from the sale of assets |
— |
|
|
500 |
|
|
330 |
|
|
— |
|
|
830 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Acquisitions, net of cash acquired |
(3,375 |
) |
|
(10,431 |
) |
|
— |
|
|
— |
|
|
(13,806 |
) |
Divestitures, net of cash paid |
— |
|
|
— |
|
|
(2,570 |
) |
|
— |
|
|
(2,570 |
) |
Net cash provided by (used in) investing activities |
(3,375 |
) |
|
(68,748 |
) |
|
(29,120 |
) |
|
— |
|
|
(101,243 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Repayments of long term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payments of debt issuance costs |
(1,996 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,996 |
) |
Payment of contingent consideration |
— |
|
|
(2,000 |
) |
|
— |
|
|
— |
|
|
(2,000 |
) |
Shares surrendered in lieu of tax |
(1,033 |
) |
|
|
|
|
|
|
|
(1,033 |
) |
Intercompany advances, net |
298,026 |
|
|
(226,589 |
) |
|
(71,437 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
264,997 |
|
|
(228,589 |
) |
|
(71,437 |
) |
|
— |
|
|
(35,029 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
37,257 |
|
|
308 |
|
|
(11,727 |
) |
|
— |
|
|
25,838 |
|
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
73,985 |
|
|
$ |
13,854 |
|
|
$ |
46,455 |
|
|
$ |
— |
|
|
$ |
134,294 |
|
|