Parker Wellbore Registration of securities issued in business combination transactions

Registration of securities issued in business combination transactions

Reportable Segments (Tables)

Reportable Segments (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Segment Reporting [Abstract]

Results of Operations by Reportable Segment

The following table represents the results of operations by reportable segment:


	Three Months Ended March 31,
Operations by Reportable Industry Segment	2014			2013
	(Dollars in Thousands)
Revenues:
Rental Tools(1)	$	80,506		$	57,082
U.S. Barge Drilling(1)		30,490			29,865
U.S. Drilling(1)		19,417			11,635
International Drilling(1)		85,469			64,650
Technical Services(1)		13,343			3,903

Total revenues		229,225			167,135

Operating gross margin:
Rental Tools(2)		13,345			21,507
U.S. Barge Drilling(2)		7,824			8,758
U.S. Drilling(2)		1,641			(4,052	)
International Drilling(2)		5,477			(5,645	)
Technical Services(2)		576			309

Total operating gross margin		28,863			20,877
General and administrative expense		(8,964	)		(12,845	)
Gain (loss) on disposition of assets, net		(129	)		1,148

Total operating income		19,770			9,180
Interest expense		(12,039	)		(10,006	)
Interest income		32			59
Loss on extinguishment of debt		(29,673	)		—
Other		895			(165	)

Loss from continuing operations before income taxes	$	(21,015	)	$	(932	)

(1)

For the three months ended March 31, 2014, our largest customer, ENL, constituted 17.1% of our total consolidated revenues and approximately 37.6% and 52.4% of our International Drilling and Technical Services segment revenues, respectively. For the three months ended March 31, 2013, our largest customer, ENL, constituted approximately 15.1% of our total consolidated revenues and approximately 38.5% of our International Drilling segment revenues.

(2)

Operating gross margin is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

We eliminate inter-segment revenue and expenses. The following table represents the results of operations by reportable segment:


	Year Ended December 31,
Operations by Reportable Industry Segment:	2013			2012			2011
	(Dollars in Thousands)
Revenues:
Rental Tools(1)	$	310,041		$	246,900		$	237,068
U.S. Barge Drilling(1)		136,855			123,672			93,763
U.S. Drilling(1)		66,928			1,387			—
International Drilling(1)		333,962			291,772			318,481
Technical Services(1)		26,386			14,030			27,284
Construction Contract(1)		—			—			9,638

Total revenues		874,172			677,761			686,234

Operating income:
Rental Tools(2)		91,164			113,899			120,822
U.S. Barge Drilling(2)		51,257			39,608			11,115
U.S. Drilling(2)		(4,484	)		(15,168	)		(3,915	)
International Drilling(2)		23,732			13,138			22,948
Technical Services(2)		2,050			79			5,680
Construction Contract(2)		4,728			—			771

Total operating gross margin		168,447			151,556			157,421
General and administrative expense		(68,025	)		(46,257	)		(31,567	)
Impairments and other charges		—			—			(170,000	)
Provision for reduction in carrying value of certain assets		(2,544	)		—			(1,350	)
Gain on disposition of assets, net		3,994			1,974			3,659

Total operating income (loss)		101,872			107,273			(41,837	)
Interest expense		(47,820	)		(33,542	)		(22,594	)
Interest income		2,450			153			256
Loss on extinguishment of debt		(5,218	)		(2,130	)		—
Changes in fair value of derivative positions		53			55			(110	)
Other		1,450			(832	)		(1,127	)

Income (loss) from continuing operations before income taxes	$	52,787		$	70,977		$	(65,412	)


	2013		2012
Identifiable assets:
Rental Tools	$	350,429	$	194,600
U.S. Barge Drilling		89,884		99,409
U.S. Drilling		354,208		369,683
International Drilling		460,461		414,546

Total identifiable assets		1,254,982		1,078,238
Corporate and other assets(3)		279,774		177,495

Total assets	$	1,534,756	$	1,255,733

In 2013, our largest customer, Exxon Neftegas Limited (ENL), constituted approximately 15.6 percent, respectively, of our total consolidated revenues and approximately 38.3 percent of our International Drilling segment and 33.9 percent of our Technical Services segment. In 2012, our two largest customers, ENL and Schlumberger, constituted approximately 12 percent and 10 percent, respectively, of our total consolidated revenues and approximately 27 percent and 24 percent of our International Drilling segment, respectively. In 2011, our largest customer, ENL constituted approximately 16 percent of our total revenues and approximately 34 percent of our International Drilling segment.

2)	Operating income is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

3)	This category includes corporate assets as well as minimal assets for our Technical Services segment primarily related to office furniture and fixtures.

Operations by Industry Segment


	Year Ended December 31,
Operations by Reportable Industry Segment:	2013		2012		2011
	(Dollars in Thousands)
Capital expenditures:
Rental Tools	$	76,928	$	61,958	$	61,702
U.S. Barge Drilling		23,694		8,808		7,339
U.S. Drilling		1,809		86,786		99,915
International Drilling		39,115		15,240		15,011
Corporate		14,099		18,751		6,432

Total capital expenditures	$	155,645	$	191,543	$	190,399

Depreciation and amortization:
Rental Tools		54,625		42,944		40,497
U.S. Barge Drilling		13,796		13,906		17,006
U.S. Drilling		16,120		7,011		2,223
International Drilling		46,022		45,967		48,965
Corporate and other(1)		3,490		3,189		3,445

Total depreciation and amortization	$	134,053	$	113,017	$	112,136

1)	This category includes depreciation of corporate assets as well as minimal depreciation for our Technical Services segment primarily related to office furniture and fixtures.

Operations by Geographical Area


	Year Ended December 31,
Operations by Geographic Area:	2013			2012			2011
	(Dollars in Thousands)
Revenues:
Africa and Middle East	$	58,416		$	26,528		$	6,774
Asia Pacific		170,165			117,392			147,643
CIS		55,165			44,312			67,255
Europe		16,788			—			—
Latin America		120,261			103,540			96,810
United States		453,377			385,989			367,752

Total revenues		874,172			677,761			686,234

Operating gross margin:
Africa and Middle East(1)		(383	)		(2,027	)		(8,724	)
Asia Pacific(1)		21,995			16,550			23,528
CIS(1)		11,888			(9,580	)		8,709
Europe(1)		274			—			—
Latin America(1)		1,140			9,581			1,126
United States(1)		133,533			137,032			132,782

Total operating gross margin		168,447			151,556			157,421

General and administrative expense		(68,025	)		(46,257	)		(31,567	)
Impairments and other charges		—			—			(170,000	)
Provision for reduction in carrying value of certain assets		(2,544	)		—			(1,350	)
Gain on disposition of assets, net		3,994			1,974			3,659

Total operating income (loss)		101,872			107,273			(41,837	)
Interest expense		(47,820	)		(33,542	)		(22,594	)
Interest income		2,450			153			256
Loss on extinguishment of debt		(5,218	)		(2,130	)		—
Changes in fair value of derivative positions		53			55			(110	)
Other		1,450			(832	)		(1,127	)

Income (loss) from continuing operations before income taxes	$	52,787		$	70,977		$	(65,412	)

Long-lived assets:(2)
Africa and Middle East	$	110,336		$	25,032
Asia Pacific		44,606			18,688
CIS		55,722			110,848
Europe		82,473			—
Latin America		15,198			63,899
United States		563,021			574,730

Total long-lived assets	$	871,356		$	793,197

1)	Operating income is calculated as revenues less direct operating expenses, including depreciation and amortization expense.

2)	Long-lived assets primarily consist of property, plant and equipment, net and exclude assets held for sale, if any.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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