|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| 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, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
468,073 |
|
|
$ |
549,295 |
|
|
$ |
(143,196 |
) |
|
$ |
874,172 |
|
Operating expenses |
— |
|
|
252,211 |
|
|
462,657 |
|
|
(143,196 |
) |
|
571,672 |
|
Depreciation and amortization |
— |
|
|
77,416 |
|
|
56,637 |
|
|
— |
|
|
134,053 |
|
Total operating gross margin |
— |
|
|
138,446 |
|
|
30,001 |
|
|
— |
|
|
168,447 |
|
General and administration expense (1) |
(202 |
) |
|
(67,083 |
) |
|
(740 |
) |
|
— |
|
|
(68,025 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
(2,544 |
) |
|
— |
|
|
(2,544 |
) |
Gain on disposition of assets, net |
— |
|
|
1,759 |
|
|
2,235 |
|
|
— |
|
|
3,994 |
|
Total operating income (loss) |
(202 |
) |
|
73,122 |
|
|
28,952 |
|
|
— |
|
|
101,872 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(51,439 |
) |
|
(335 |
) |
|
(9,930 |
) |
|
13,884 |
|
|
(47,820 |
) |
Changes in fair value of derivative positions |
53 |
|
|
— |
|
|
— |
|
|
— |
|
|
53 |
|
Interest income |
3,824 |
|
|
1,761 |
|
|
10,749 |
|
|
(13,884 |
) |
|
2,450 |
|
Loss on extinguishment of debt |
(5,218 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,218 |
) |
Other |
(1 |
) |
|
(143 |
) |
|
1,594 |
|
|
— |
|
|
1,450 |
|
Equity in net earnings of subsidiaries |
55,430 |
|
|
— |
|
|
— |
|
|
(55,430 |
) |
|
— |
|
Total other income (expense) |
2,649 |
|
|
1,283 |
|
|
2,413 |
|
|
(55,430 |
) |
|
(49,085 |
) |
Income (loss) before income taxes |
2,447 |
|
|
74,405 |
|
|
31,365 |
|
|
(55,430 |
) |
|
52,787 |
|
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current |
(21,431 |
) |
|
18,737 |
|
|
15,603 |
|
|
— |
|
|
12,909 |
|
Deferred |
(3,137 |
) |
|
19,454 |
|
|
(3,618 |
) |
|
— |
|
|
12,699 |
|
Income tax expense (benefit) |
(24,568 |
) |
|
38,191 |
|
|
11,985 |
|
|
— |
|
|
25,608 |
|
Net income (loss) |
27,015 |
|
|
36,214 |
|
|
19,380 |
|
|
(55,430 |
) |
|
27,179 |
|
Less: Net (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
164 |
|
|
— |
|
|
164 |
|
Net income (loss) attributable to controlling interest |
$ |
27,015 |
|
|
$ |
36,214 |
|
|
$ |
19,216 |
|
|
$ |
(55,430 |
) |
|
$ |
27,015 |
|
|
|
(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, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
393,738 |
|
|
$ |
385,279 |
|
|
$ |
(101,256 |
) |
|
$ |
677,761 |
|
Operating expenses |
— |
|
|
184,946 |
|
|
329,498 |
|
|
(101,256 |
) |
|
413,188 |
|
Depreciation and amortization |
— |
|
|
65,354 |
|
|
47,663 |
|
|
— |
|
|
113,017 |
|
Total operating gross margin |
— |
|
|
143,438 |
|
|
8,118 |
|
|
— |
|
|
151,556 |
|
General and administration expense (1) |
(182 |
) |
|
(45,758 |
) |
|
(317 |
) |
|
— |
|
|
(46,257 |
) |
Gain on disposition of assets, net |
— |
|
|
775 |
|
|
1,199 |
|
|
— |
|
|
1,974 |
|
Total operating income (loss) |
(182 |
) |
|
98,455 |
|
|
9,000 |
|
|
— |
|
|
107,273 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(37,326 |
) |
|
(151 |
) |
|
(8,739 |
) |
|
12,674 |
|
|
(33,542 |
) |
Interest income |
9,863 |
|
|
5,073 |
|
|
41,999 |
|
|
(56,782 |
) |
|
153 |
|
Loss on extinguishment of debt |
(2,130 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,130 |
) |
Changes in fair value of derivative positions |
55 |
|
|
— |
|
|
— |
|
|
— |
|
|
55 |
|
Other |
— |
|
|
(206 |
) |
|
(626 |
) |
|
— |
|
|
(832 |
) |
Equity in net earnings of subsidiaries |
43,884 |
|
|
— |
|
|
— |
|
|
(43,884 |
) |
|
— |
|
Total other income (expense) |
14,346 |
|
|
4,716 |
|
|
32,634 |
|
|
(87,992 |
) |
|
(36,296 |
) |
Income (loss) before income taxes |
14,164 |
|
|
103,171 |
|
|
41,634 |
|
|
(87,992 |
) |
|
70,977 |
|
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current |
(25,406 |
) |
|
32,781 |
|
|
10,667 |
|
|
— |
|
|
18,042 |
|
Deferred |
2,257 |
|
|
15,429 |
|
|
(1,849 |
) |
|
— |
|
|
15,837 |
|
Income tax expense (benefit) |
(23,149 |
) |
|
48,210 |
|
|
8,818 |
|
|
— |
|
|
33,879 |
|
Net income (loss) |
37,313 |
|
|
54,961 |
|
|
32,816 |
|
|
(87,992 |
) |
|
37,098 |
|
Less: Net (loss) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(215 |
) |
|
— |
|
|
(215 |
) |
Net income (loss) attributable to controlling interest |
37,313 |
|
|
54,961 |
|
|
33,031 |
|
|
(87,992 |
) |
|
37,313 |
|
______________________
|
|
(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, 2011 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
375,798 |
|
|
$ |
426,491 |
|
|
$ |
(116,055 |
) |
|
$ |
686,234 |
|
Operating expenses |
— |
|
|
174,955 |
|
|
357,777 |
|
|
(116,055 |
) |
|
416,677 |
|
Depreciation and amortization |
— |
|
|
62,744 |
|
|
49,392 |
|
|
— |
|
|
112,136 |
|
Total operating gross margin |
— |
|
|
138,099 |
|
|
19,322 |
|
|
— |
|
|
157,421 |
|
General and administration expense (1) |
(218 |
) |
|
(30,968 |
) |
|
(381 |
) |
|
— |
|
|
(31,567 |
) |
Impairment and other charges |
— |
|
|
(170,000 |
) |
|
— |
|
|
— |
|
|
(170,000 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
(1,350 |
) |
|
— |
|
|
— |
|
|
(1,350 |
) |
Gain on disposition of assets, net |
— |
|
|
2,706 |
|
|
953 |
|
|
— |
|
|
3,659 |
|
Total operating income (loss) |
(218 |
) |
|
(61,513 |
) |
|
19,894 |
|
|
— |
|
|
(41,837 |
) |
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(26,654 |
) |
|
(17,889 |
) |
|
(8,865 |
) |
|
30,814 |
|
|
(22,594 |
) |
Interest income |
18,131 |
|
|
750 |
|
|
12,189 |
|
|
(30,814 |
) |
|
256 |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Changes in fair value of derivative positions |
(110 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(110 |
) |
Other |
— |
|
|
(315 |
) |
|
(812 |
) |
|
— |
|
|
(1,127 |
) |
Equity in net earnings of subsidiaries |
(23,484 |
) |
|
— |
|
|
— |
|
|
23,484 |
|
|
— |
|
Total other income and (expense) |
(32,117 |
) |
|
(17,454 |
) |
|
2,512 |
|
|
23,484 |
|
|
(23,575 |
) |
Income (loss) before income taxes |
(32,335 |
) |
|
(78,967 |
) |
|
22,406 |
|
|
23,484 |
|
|
(65,412 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current |
(13,402 |
) |
|
27,169 |
|
|
19,841 |
|
|
— |
|
|
33,608 |
|
Deferred |
31,518 |
|
|
(57,030 |
) |
|
(22,863 |
) |
|
— |
|
|
(48,375 |
) |
Total income tax expense (benefit) |
18,116 |
|
|
(29,861 |
) |
|
(3,022 |
) |
|
— |
|
|
(14,767 |
) |
Net income (loss) |
(50,451 |
) |
|
(49,106 |
) |
|
25,428 |
|
|
23,484 |
|
|
(50,645 |
) |
Less: Net (loss) attributable to noncontrolling interest |
$ |
— |
|
|
$ |
— |
|
|
$ |
(194 |
) |
|
$ |
— |
|
|
$ |
(194 |
) |
Net income (loss) attributable to controlling interest |
(50,451 |
) |
|
(49,106 |
) |
|
25,622 |
|
|
23,484 |
|
|
(50,451 |
) |
_______________________
|
|
(1) |
General and administration expenses for field operations are included in operating expenses. |
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
88,697 |
|
|
$ |
8,310 |
|
|
$ |
51,682 |
|
|
$ |
— |
|
|
$ |
148,689 |
|
Accounts and notes receivable, net |
— |
|
|
101,299 |
|
|
156,590 |
|
|
— |
|
|
257,889 |
|
Rig materials and supplies |
— |
|
|
3,002 |
|
|
38,779 |
|
|
— |
|
|
41,781 |
|
Deferred costs |
— |
|
|
— |
|
|
13,682 |
|
|
— |
|
|
13,682 |
|
Deferred income taxes |
(57 |
) |
|
8,435 |
|
|
1,562 |
|
|
— |
|
|
9,940 |
|
Other tax assets |
54,524 |
|
|
(46,770 |
) |
|
16,325 |
|
|
— |
|
|
24,079 |
|
Other current assets |
— |
|
|
9,089 |
|
|
14,134 |
|
|
— |
|
|
23,223 |
|
Total current assets |
143,164 |
|
|
83,365 |
|
|
292,754 |
|
|
— |
|
|
519,283 |
|
Property, plant and equipment, net |
60 |
|
|
562,148 |
|
|
309,148 |
|
|
— |
|
|
871,356 |
|
Investment in subsidiaries and intercompany advances |
1,906,128 |
|
|
(336,570 |
) |
|
1,667,937 |
|
|
(3,237,495 |
) |
|
— |
|
Other noncurrent assets |
(457,954 |
) |
|
468,864 |
|
|
250,983 |
|
|
(117,776 |
) |
|
144,117 |
|
Total assets |
$ |
1,591,398 |
|
|
$ |
777,807 |
|
|
$ |
2,520,822 |
|
|
$ |
(3,355,271 |
) |
|
$ |
1,534,756 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,000 |
|
Accounts payable and accrued liabilities |
75,268 |
|
|
92,546 |
|
|
261,436 |
|
|
(254,364 |
) |
|
174,886 |
|
Accrued income taxes |
— |
|
|
725 |
|
|
6,541 |
|
|
— |
|
|
7,266 |
|
Total current liabilities |
100,268 |
|
|
93,271 |
|
|
267,977 |
|
|
(254,364 |
) |
|
207,152 |
|
Long-term debt |
628,781 |
|
|
— |
|
|
— |
|
|
— |
|
|
628,781 |
|
Other long-term liabilities |
5,037 |
|
|
6,743 |
|
|
15,134 |
|
|
— |
|
|
26,914 |
|
Long-term deferred tax liability |
— |
|
|
51,747 |
|
|
(12,980 |
) |
|
— |
|
|
38,767 |
|
Intercompany payables |
227,504 |
|
|
291,783 |
|
|
422,645 |
|
|
(941,932 |
) |
|
— |
|
Contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
20,075 |
|
|
18,049 |
|
|
43,003 |
|
|
(61,052 |
) |
|
20,075 |
|
Capital in excess of par value |
657,349 |
|
|
740,438 |
|
|
1,572,919 |
|
|
(2,313,357 |
) |
|
657,349 |
|
Accumulated other comprehensive income |
— |
|
|
— |
|
|
1,888 |
|
|
— |
|
|
1,888 |
|
Retained earnings (accumulated deficit) |
(47,616 |
) |
|
(424,224 |
) |
|
208,790 |
|
|
215,434 |
|
|
(47,616 |
) |
Total controlling interest stockholders’ equity |
629,808 |
|
|
334,263 |
|
|
1,826,600 |
|
|
(2,158,975 |
) |
|
631,696 |
|
Noncontrolling interest |
— |
|
|
— |
|
|
1,446 |
|
|
— |
|
|
1,446 |
|
Total Equity |
629,808 |
|
|
334,263 |
|
|
1,828,046 |
|
|
(2,158,975 |
) |
|
633,142 |
|
Total liabilities and stockholders’ equity |
$ |
1,591,398 |
|
|
$ |
777,807 |
|
|
$ |
2,520,822 |
|
|
$ |
(3,355,271 |
) |
|
$ |
1,534,756 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
42,251 |
|
|
$ |
11,023 |
|
|
$ |
34,612 |
|
|
$ |
— |
|
|
$ |
87,886 |
|
Accounts and notes receivable, net |
(7 |
) |
|
77,927 |
|
|
90,695 |
|
|
— |
|
|
168,615 |
|
Rig materials and supplies |
— |
|
|
2,835 |
|
|
26,587 |
|
|
— |
|
|
29,422 |
|
Deferred costs |
— |
|
|
— |
|
|
1,089 |
|
|
— |
|
|
1,089 |
|
Deferred income taxes |
— |
|
|
7,615 |
|
|
1,127 |
|
|
— |
|
|
8,742 |
|
Other tax assets |
46,249 |
|
|
(31,136 |
) |
|
18,411 |
|
|
— |
|
|
33,524 |
|
Other current assets |
— |
|
|
8,708 |
|
|
4,145 |
|
|
— |
|
|
12,853 |
|
Total current assets |
88,493 |
|
|
76,972 |
|
|
176,666 |
|
|
— |
|
|
342,131 |
|
Property, plant and equipment, net |
60 |
|
|
548,794 |
|
|
244,343 |
|
|
— |
|
|
793,197 |
|
Investment in subsidiaries and intercompany advances |
1,492,708 |
|
|
(523,143 |
) |
|
1,467,617 |
|
|
(2,437,182 |
) |
|
— |
|
Other noncurrent assets |
(378,297 |
) |
|
370,877 |
|
|
219,196 |
|
|
(91,371 |
) |
|
120,405 |
|
Total assets |
$ |
1,202,964 |
|
|
$ |
473,500 |
|
|
$ |
2,107,822 |
|
|
$ |
(2,528,553 |
) |
|
$ |
1,255,733 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
Accounts payable and accrued liabilities |
65,839 |
|
|
94,037 |
|
|
205,864 |
|
|
(227,994 |
) |
|
137,746 |
|
Accrued income taxes |
— |
|
|
612 |
|
|
3,508 |
|
|
— |
|
|
4,120 |
|
Total current liabilities |
75,839 |
|
|
94,649 |
|
|
209,372 |
|
|
(227,994 |
) |
|
151,866 |
|
Long-term debt |
469,205 |
|
|
— |
|
|
— |
|
|
— |
|
|
469,205 |
|
Other long-term liabilities |
3,933 |
|
|
6,129 |
|
|
13,120 |
|
|
— |
|
|
23,182 |
|
Long-term deferred tax liability |
— |
|
|
36,894 |
|
|
(16,047 |
) |
|
— |
|
|
20,847 |
|
Intercompany payables |
62,583 |
|
|
43,657 |
|
|
216,369 |
|
|
(322,609 |
) |
|
— |
|
Contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
19,818 |
|
|
18,049 |
|
|
43,003 |
|
|
(61,052 |
) |
|
19,818 |
|
Capital in excess of par value |
646,217 |
|
|
733,112 |
|
|
1,455,246 |
|
|
(2,188,358 |
) |
|
646,217 |
|
Retained earnings (accumulated deficit) |
(74,631 |
) |
|
(458,990 |
) |
|
187,530 |
|
|
271,460 |
|
|
(74,631 |
) |
Total controlling interest stockholders’ equity |
591,404 |
|
|
292,171 |
|
|
1,685,779 |
|
|
(1,977,950 |
) |
|
591,404 |
|
Noncontrolling interest |
— |
|
|
— |
|
|
(771 |
) |
|
— |
|
|
(771 |
) |
Total Equity |
591,404 |
|
|
292,171 |
|
|
1,685,008 |
|
|
(1,977,950 |
) |
|
590,633 |
|
Total liabilities and stockholders’ equity |
$ |
1,202,964 |
|
|
$ |
473,500 |
|
|
$ |
2,107,822 |
|
|
$ |
(2,528,553 |
) |
|
$ |
1,255,733 |
|
|
| 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, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
27,015 |
|
|
$ |
36,214 |
|
|
$ |
19,380 |
|
|
$ |
(55,430 |
) |
|
$ |
27,179 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
77,416 |
|
|
56,637 |
|
|
— |
|
|
134,053 |
|
Loss on extinguishment of debt |
5,218 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,218 |
|
Gain on disposition of assets |
— |
|
|
(1,759 |
) |
|
(2,235 |
) |
|
— |
|
|
(3,994 |
) |
Deferred income tax expense |
(3,137 |
) |
|
19,454 |
|
|
(3,618 |
) |
|
— |
|
|
12,699 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
2,544 |
|
|
— |
|
|
2,544 |
|
Expenses not requiring cash |
13,173 |
|
|
12 |
|
|
4,579 |
|
|
— |
|
|
17,764 |
|
Equity in net earnings of subsidiaries |
(55,430 |
) |
|
— |
|
|
— |
|
|
55,430 |
|
|
— |
|
Change in accounts receivable |
(7 |
) |
|
(12,888 |
) |
|
(20,617 |
) |
|
— |
|
|
(33,512 |
) |
Change in other assets |
74,411 |
|
|
(85,520 |
) |
|
487 |
|
|
— |
|
|
(10,622 |
) |
Change in accrued income taxes |
6,617 |
|
|
(1,052 |
) |
|
4,889 |
|
|
— |
|
|
10,454 |
|
Change in liabilities |
6,934 |
|
|
(877 |
) |
|
(6,343 |
) |
|
— |
|
|
(286 |
) |
Net cash provided by (used in) operating activities |
74,794 |
|
|
31,000 |
|
|
55,703 |
|
|
— |
|
|
161,497 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(94,269 |
) |
|
(61,376 |
) |
|
— |
|
|
(155,645 |
) |
Proceeds from the sale of assets |
— |
|
|
3,725 |
|
|
4,493 |
|
|
— |
|
|
8,218 |
|
Acquisition of ITS, net of cash acquired |
— |
|
|
(6,903 |
) |
|
(111,088 |
) |
|
— |
|
|
(117,991 |
) |
Intercompany dividend payment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net cash (used in) investing activities |
— |
|
|
(97,447 |
) |
|
(167,971 |
) |
|
— |
|
|
(265,418 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
350,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
350,000 |
|
Proceeds from draw on revolver credit facility |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Repayment of long term debt |
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Repayment of term loan |
(50,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(50,000 |
) |
Paydown on revolver credit facility |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Payment of debt issuance costs |
(11,172 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(11,172 |
) |
Payment of debt extinguishment costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Excess tax benefit from stock-based compensation |
896 |
|
|
— |
|
|
— |
|
|
— |
|
|
896 |
|
Intercompany advances, net |
(193,072 |
) |
|
63,734 |
|
|
129,338 |
|
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(28,348 |
) |
|
63,734 |
|
|
129,338 |
|
|
— |
|
|
164,724 |
|
Net change in cash and cash equivalents |
46,446 |
|
|
(2,713 |
) |
|
17,070 |
|
|
— |
|
|
60,803 |
|
Cash and cash equivalents at beginning of year |
42,251 |
|
|
11,023 |
|
|
34,612 |
|
|
— |
|
|
87,886 |
|
Cash and cash equivalents at end of year |
$ |
88,697 |
|
|
$ |
8,310 |
|
|
$ |
51,682 |
|
|
$ |
— |
|
|
$ |
148,689 |
|
See accompanying notes to unaudited consolidated condensed financial statements.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
37,313 |
|
|
$ |
54,961 |
|
|
$ |
32,816 |
|
|
$ |
(87,992 |
) |
|
$ |
37,098 |
|
Adjustments to reconcile net income (loss)to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
65,354 |
|
|
47,663 |
|
|
— |
|
|
113,017 |
|
Loss on extinguishment of debt |
2,130 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,130 |
|
Gain on disposition of assets |
— |
|
|
(775 |
) |
|
(1,199 |
) |
|
— |
|
|
(1,974 |
) |
Deferred income tax expense |
2,257 |
|
|
15,429 |
|
|
(1,849 |
) |
|
— |
|
|
15,837 |
|
Expenses not requiring cash |
16,558 |
|
|
33,644 |
|
|
(27,602 |
) |
|
— |
|
|
22,600 |
|
Equity in net earnings of subsidiaries |
(43,884 |
) |
|
— |
|
|
— |
|
|
43,884 |
|
|
— |
|
Change in accounts receivable |
(445 |
) |
|
(1,788 |
) |
|
17,474 |
|
|
— |
|
|
15,241 |
|
Change in other assets |
1,649 |
|
|
2,060 |
|
|
(9,200 |
) |
|
— |
|
|
(5,491 |
) |
Change in accrued income taxes |
(4,055 |
) |
|
220 |
|
|
(2,267 |
) |
|
— |
|
|
(6,102 |
) |
Change in liabilities |
3,914 |
|
|
(4,158 |
) |
|
(2,413 |
) |
|
— |
|
|
(2,657 |
) |
Net cash provided by (used in) operating activities |
15,437 |
|
|
164,947 |
|
|
53,423 |
|
|
(44,108 |
) |
|
189,699 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(176,333 |
) |
|
(15,210 |
) |
|
— |
|
|
(191,543 |
) |
Proceeds from the sale of assets |
— |
|
|
2,062 |
|
|
1,875 |
|
|
— |
|
|
3,937 |
|
Intercompany dividend payment |
(8,387 |
) |
|
(4,357 |
) |
|
(31,364 |
) |
|
44,108 |
|
|
— |
|
Net cash provided by (used in) investing activities |
(8,387 |
) |
|
(178,628 |
) |
|
(44,699 |
) |
|
44,108 |
|
|
(187,606 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
130,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
130,000 |
|
Proceeds from draw on revolver credit facility |
7,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,000 |
|
Paydown on senior notes |
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Paydown on term note |
(18,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(18,000 |
) |
Paydown on revolver credit facility |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Payment of debt issuance costs |
(4,859 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(4,859 |
) |
Payment of debt extinguishment costs |
(555 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(555 |
) |
Excess tax benefit from stock-based compensation |
(662 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(662 |
) |
Intercompany advances, net |
(8,393 |
) |
|
20,492 |
|
|
(12,099 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(20,469 |
) |
|
20,492 |
|
|
(12,099 |
) |
|
— |
|
|
(12,076 |
) |
Net change in cash and cash equivalents |
(13,419 |
) |
|
6,811 |
|
|
(3,375 |
) |
|
— |
|
|
(9,983 |
) |
Cash and cash equivalents at beginning of year |
55,670 |
|
|
4,212 |
|
|
37,987 |
|
|
— |
|
|
97,869 |
|
Cash and cash equivalents at end of year |
$ |
42,251 |
|
|
$ |
11,023 |
|
|
$ |
34,612 |
|
|
$ |
— |
|
|
$ |
87,886 |
|
See accompanying notes to unaudited consolidated condensed financial statements.
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2011 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(50,451 |
) |
|
$ |
(49,106 |
) |
|
$ |
25,428 |
|
|
$ |
23,484 |
|
|
$ |
(50,645 |
) |
Adjustments to reconcile net income (loss)to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
62,744 |
|
|
49,392 |
|
|
— |
|
|
112,136 |
|
Loss on extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Gain on disposition of assets |
— |
|
|
(2,706 |
) |
|
(953 |
) |
|
— |
|
|
(3,659 |
) |
Deferred income tax expense |
31,518 |
|
|
(57,030 |
) |
|
(22,863 |
) |
|
— |
|
|
(48,375 |
) |
Impairment and other charges |
— |
|
|
170,000 |
|
|
— |
|
|
— |
|
|
170,000 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
1,350 |
|
|
— |
|
|
— |
|
|
1,350 |
|
Expenses not requiring cash |
16,411 |
|
|
376 |
|
|
(3,954 |
) |
|
— |
|
|
12,833 |
|
Equity in net earnings of subsidiaries |
23,484 |
|
|
— |
|
|
— |
|
|
(23,484 |
) |
|
— |
|
Change in accounts receivable |
(288,333 |
) |
|
347,344 |
|
|
(65,852 |
) |
|
— |
|
|
(6,841 |
) |
Change in other assets |
62,173 |
|
|
(16,724 |
) |
|
16,404 |
|
|
— |
|
|
61,853 |
|
Change in accrued income taxes |
(12,852 |
) |
|
(2,053 |
) |
|
17,046 |
|
|
— |
|
|
2,141 |
|
Change in liabilities |
2,398 |
|
|
(51,351 |
) |
|
24,045 |
|
|
— |
|
|
(24,908 |
) |
Net cash provided by (used in) operating activities |
(215,652 |
) |
|
402,844 |
|
|
38,693 |
|
|
— |
|
|
225,885 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(174,999 |
) |
|
(15,400 |
) |
|
— |
|
|
(190,399 |
) |
Proceeds from the sale of assets |
— |
|
|
4,335 |
|
|
1,200 |
|
|
— |
|
|
5,535 |
|
Proceeds from insurance settlements |
— |
|
|
250 |
|
|
— |
|
|
— |
|
|
250 |
|
Intercompany dividend payment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net cash provided by (used in) investing activities |
— |
|
|
(170,414 |
) |
|
(14,200 |
) |
|
— |
|
|
(184,614 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Paydown on term note |
(21,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(21,000 |
) |
Paydown on revolver credit facility |
(25,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(25,000 |
) |
Payment of debt issuance costs |
(504 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(504 |
) |
Payment of debt extinguishment costs |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proceeds from stock options exercised |
183 |
|
|
— |
|
|
— |
|
|
— |
|
|
183 |
|
Excess tax benefit from stock-based compensation |
1,488 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,488 |
|
Intercompany advances, net |
252,320 |
|
|
(230,535 |
) |
|
(21,785 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
257,487 |
|
|
(230,535 |
) |
|
(21,785 |
) |
|
— |
|
|
5,167 |
|
Net change in cash and cash equivalents |
41,835 |
|
|
1,895 |
|
|
2,708 |
|
|
— |
|
|
46,438 |
|
Cash and cash equivalents at beginning of year |
13,835 |
|
|
2,317 |
|
|
35,279 |
|
|
— |
|
|
51,431 |
|
Cash and cash equivalents at end of year |
$ |
55,670 |
|
|
$ |
4,212 |
|
|
$ |
37,987 |
|
|
$ |
— |
|
|
$ |
97,869 |
|
See accompanying notes to unaudited consolidated condensed financial statements.
|