Parent, Guarantor, Non-Guarantor Unaudited Consolidating Financial Statements (Unaudited) (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Consolidating Condensed Balance Sheet |
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
5,905 |
|
|
$ |
9,321 |
|
|
$ |
33,376 |
|
|
$ |
— |
|
|
$ |
48,602 |
|
Restricted cash |
10,389 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,389 |
|
Accounts and notes receivable, net |
— |
|
|
48,598 |
|
|
87,839 |
|
|
— |
|
|
136,437 |
|
Rig materials and supplies |
— |
|
|
1,650 |
|
|
34,002 |
|
|
593 |
|
|
36,245 |
|
Deferred costs |
— |
|
|
975 |
|
|
3,378 |
|
|
— |
|
|
4,353 |
|
Other tax assets |
— |
|
|
— |
|
|
2,949 |
|
|
— |
|
|
2,949 |
|
Other current assets |
8,088 |
|
|
10,241 |
|
|
9,600 |
|
|
— |
|
|
27,929 |
|
Total current assets |
24,382 |
|
|
70,785 |
|
|
171,144 |
|
|
593 |
|
|
266,904 |
|
Property, plant and equipment, net |
(19 |
) |
|
369,529 |
|
|
164,861 |
|
|
— |
|
|
534,371 |
|
Intangible assets, net |
— |
|
|
4,821 |
|
|
— |
|
|
— |
|
|
4,821 |
|
Rig materials and supplies |
— |
|
|
7,036 |
|
|
5,935 |
|
|
— |
|
|
12,971 |
|
Deferred income taxes |
1,918 |
|
|
(14,806 |
) |
|
15,031 |
|
|
— |
|
|
2,143 |
|
Investment in subsidiaries and intercompany advances |
2,871,807 |
|
|
3,024,736 |
|
|
4,264,747 |
|
|
(10,161,290 |
) |
|
— |
|
Other non-current assets |
(277,183 |
) |
|
257,204 |
|
|
507,932 |
|
|
(480,749 |
) |
|
7,204 |
|
Total assets |
$ |
2,620,905 |
|
|
$ |
3,719,305 |
|
|
$ |
5,129,650 |
|
|
$ |
(10,641,446 |
) |
|
$ |
828,414 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Debtor in possession financing |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,000 |
|
Accounts payable |
(200,977 |
) |
|
222,903 |
|
|
511,770 |
|
|
(494,018 |
) |
|
39,678 |
|
Accrued liabilities |
69,961 |
|
|
11,934 |
|
|
76,947 |
|
|
(123,457 |
) |
|
35,385 |
|
Accrued income taxes |
88,494 |
|
|
(67,333 |
) |
|
(17,776 |
) |
|
— |
|
|
3,385 |
|
Total current liabilities |
(32,522 |
) |
|
167,504 |
|
|
570,941 |
|
|
(617,475 |
) |
|
88,448 |
|
Other long-term liabilities |
2,867 |
|
|
4,128 |
|
|
4,549 |
|
|
— |
|
|
11,544 |
|
Long-term deferred tax liability |
— |
|
|
— |
|
|
510 |
|
|
— |
|
|
510 |
|
Intercompany payables |
1,918,709 |
|
|
1,487,904 |
|
|
2,719,884 |
|
|
(6,126,497 |
) |
|
— |
|
Total liabilities not subject to compromise |
1,889,054 |
|
|
1,659,536 |
|
|
3,295,884 |
|
|
(6,743,972 |
) |
|
100,502 |
|
Liabilities subject to compromise |
600,996 |
|
|
— |
|
|
— |
|
|
— |
|
|
600,996 |
|
Total stockholder's equity |
130,855 |
|
|
2,059,769 |
|
|
1,833,766 |
|
|
(3,897,474 |
) |
|
126,916 |
|
Total liabilities and stockholders’ equity |
$ |
2,620,905 |
|
|
$ |
3,719,305 |
|
|
$ |
5,129,650 |
|
|
$ |
(10,641,446 |
) |
|
$ |
828,414 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
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 |
) |
|
429,999 |
|
|
195,791 |
|
|
— |
|
|
625,771 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
7,128 |
|
|
— |
|
|
— |
|
|
7,128 |
|
Rig and materials and supplies |
— |
|
|
7,256 |
|
|
11,532 |
|
|
— |
|
|
18,788 |
|
Deferred income taxes |
15,144 |
|
|
(26,623 |
) |
|
12,763 |
|
|
— |
|
|
1,284 |
|
Investment in subsidiaries and intercompany advances |
2,955,050 |
|
|
2,970,220 |
|
|
3,956,747 |
|
|
(9,882,017 |
) |
|
— |
|
Other non-current assets |
(276,375 |
) |
|
257,121 |
|
|
512,870 |
|
|
(480,852 |
) |
|
12,764 |
|
Total assets |
$ |
2,769,142 |
|
|
$ |
3,708,139 |
|
|
$ |
4,875,867 |
|
|
$ |
(10,362,869 |
) |
|
$ |
990,279 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
(137,047 |
) |
|
$ |
162,505 |
|
|
$ |
510,083 |
|
|
$ |
(494,018 |
) |
|
$ |
41,523 |
|
Accrued liabilities |
85,987 |
|
|
16,742 |
|
|
78,452 |
|
|
(123,458 |
) |
|
57,723 |
|
Accrued income taxes |
76,883 |
|
|
(56,870 |
) |
|
(15,583 |
) |
|
— |
|
|
4,430 |
|
Total current liabilities |
25,823 |
|
|
122,377 |
|
|
572,952 |
|
|
(617,476 |
) |
|
103,676 |
|
Long-term debt, net |
577,971 |
|
|
— |
|
|
— |
|
|
— |
|
|
577,971 |
|
Other long-term liabilities |
2,867 |
|
|
5,741 |
|
|
3,825 |
|
|
— |
|
|
12,433 |
|
Long-term deferred tax liability |
— |
|
|
— |
|
|
78 |
|
|
— |
|
|
78 |
|
Intercompany payables |
1,865,810 |
|
|
1,465,745 |
|
|
2,430,339 |
|
|
(5,761,894 |
) |
|
— |
|
Total stockholders' equity |
296,671 |
|
|
2,114,276 |
|
|
1,868,673 |
|
|
(3,983,499 |
) |
|
296,121 |
|
Total liabilities and stockholders’ equity |
$ |
2,769,142 |
|
|
$ |
3,708,139 |
|
|
$ |
4,875,867 |
|
|
$ |
(10,362,869 |
) |
|
$ |
990,279 |
|
|
| Consolidating Condensed Statement of Operations |
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
204,319 |
|
|
$ |
327,266 |
|
|
$ |
(50,764 |
) |
|
$ |
480,821 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Operating expenses |
— |
|
|
115,291 |
|
|
313,577 |
|
|
(50,764 |
) |
|
378,104 |
|
Depreciation and amortization |
— |
|
|
76,353 |
|
|
31,192 |
|
|
— |
|
|
107,545 |
|
|
— |
|
|
191,644 |
|
— |
|
344,769 |
|
— |
|
(50,764 |
) |
— |
|
485,649 |
|
Total operating gross margin (loss) |
— |
|
|
12,675 |
|
|
(17,503 |
) |
|
— |
|
|
(4,828 |
) |
General and administrative expense (1)
|
23,568 |
|
|
(47,819 |
) |
|
(294 |
) |
|
— |
|
|
(24,545 |
) |
Loss on impairment |
— |
|
|
(40,917 |
) |
|
(9,781 |
) |
|
— |
|
|
(50,698 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(1,347 |
) |
|
(377 |
) |
|
— |
|
|
(1,724 |
) |
Pre-petition restructuring charges |
(21,820 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(21,820 |
) |
Reorganization items |
(9,789 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
(9,789 |
) |
Total operating income (loss) |
(8,041 |
) |
|
(77,408 |
) |
|
(27,955 |
) |
|
— |
|
|
(113,404 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(45,696 |
) |
|
67 |
|
|
(9,214 |
) |
|
12,278 |
|
|
(42,565 |
) |
Interest income |
572 |
|
|
721 |
|
|
11,076 |
|
|
(12,278 |
) |
|
91 |
|
Other |
— |
|
|
6 |
|
|
(2,029 |
) |
|
— |
|
|
(2,023 |
) |
Equity in net earnings of subsidiaries |
(87,548 |
) |
|
— |
|
|
— |
|
|
87,548 |
|
|
— |
|
Total other income (expense) |
(132,672 |
) |
|
794 |
|
|
(167 |
) |
|
87,548 |
|
|
(44,497 |
) |
Income (loss) before income taxes |
(140,713 |
) |
|
(76,614 |
) |
|
(28,122 |
) |
|
87,548 |
|
|
(157,901 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current tax expense |
11,758 |
|
|
(10,241 |
) |
|
6,708 |
|
|
— |
|
|
8,225 |
|
Deferred tax expense (benefit) |
13,226 |
|
|
(11,865 |
) |
|
(1,790 |
) |
|
— |
|
|
(429 |
) |
Total income tax expense (benefit) |
24,984 |
|
|
(22,106 |
) |
|
4,918 |
|
|
— |
|
|
7,796 |
|
Net income (loss) |
(165,697 |
) |
|
(54,508 |
) |
|
(33,040 |
) |
|
87,548 |
|
|
(165,697 |
) |
Less: Convertible preferred stock dividend |
2,719 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,719 |
|
Net income (loss) available to common stockholders
|
$ |
(168,416 |
) |
|
$ |
(54,508 |
) |
|
$ |
(33,040 |
) |
|
$ |
87,548 |
|
|
$ |
(168,416 |
) |
(1)General and administration expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
167,675 |
|
|
$ |
355,859 |
|
|
$ |
(81,014 |
) |
|
$ |
442,520 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Operating expenses |
— |
|
|
93,834 |
|
|
342,667 |
|
|
(81,014 |
) |
|
355,487 |
|
Depreciation and amortization |
— |
|
|
81,248 |
|
|
41,125 |
|
|
— |
|
|
122,373 |
|
|
— |
|
|
175,082 |
|
|
383,792 |
|
|
(81,014 |
) |
|
477,860 |
|
Total operating gross margin (loss) |
— |
|
|
(7,407 |
) |
|
(27,933 |
) |
|
— |
|
|
(35,340 |
) |
General and administrative expense (1)
|
(323 |
) |
|
(24,887 |
) |
|
(466 |
) |
|
— |
|
|
(25,676 |
) |
Loss on impairment |
|
|
|
|
|
|
|
|
|
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
(1,938 |
) |
|
— |
|
|
(1,938 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(243 |
) |
|
(2,608 |
) |
|
— |
|
|
(2,851 |
) |
Total operating income (loss) |
(323 |
) |
|
(32,537 |
) |
|
(32,945 |
) |
|
— |
|
|
(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 |
) |
|
(31,942 |
) |
|
(31,092 |
) |
|
40,752 |
|
|
(109,661 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current tax expense |
26,537 |
|
|
(22,524 |
) |
|
5,251 |
|
|
— |
|
|
9,264 |
|
Deferred tax expense (benefit) |
4,785 |
|
|
(7,763 |
) |
|
2,754 |
|
|
— |
|
|
(224 |
) |
Total income tax expense (benefit) |
31,322 |
|
|
(30,287 |
) |
|
8,005 |
|
|
— |
|
|
9,040 |
|
Net income (loss) |
(118,701 |
) |
|
(1,655 |
) |
|
(39,097 |
) |
|
40,752 |
|
|
(118,701 |
) |
Less: Convertible preferred stock dividend |
3,051 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,051 |
|
Net income (loss) available to common stockholders
|
$ |
(121,752 |
) |
|
$ |
(1,655 |
) |
|
$ |
(39,097 |
) |
|
$ |
40,752 |
|
|
$ |
(121,752 |
) |
(1)General and administration expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
151,100 |
|
|
$ |
382,094 |
|
|
$ |
(106,190 |
) |
|
$ |
427,004 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Operating expenses |
— |
|
|
100,751 |
|
|
367,960 |
|
|
(106,190 |
) |
|
362,521 |
|
Depreciation and amortization |
— |
|
|
90,197 |
|
|
49,598 |
|
|
— |
|
|
139,795 |
|
|
— |
|
|
190,948 |
|
|
417,558 |
|
|
(106,190 |
) |
|
502,316 |
|
Total operating gross margin (loss) |
— |
|
|
(39,848 |
) |
|
(35,464 |
) |
|
— |
|
|
(75,312 |
) |
General and administrative expense (1)
|
(410 |
) |
|
(29,356 |
) |
|
(4,566 |
) |
|
— |
|
|
(34,332 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(565 |
) |
|
(1,048 |
) |
|
— |
|
|
(1,613 |
) |
Total operating income (loss) |
(410 |
) |
|
(69,769 |
) |
|
(41,078 |
) |
|
— |
|
|
(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 |
— |
|
|
483 |
|
|
(116 |
) |
|
— |
|
|
367 |
|
Equity in net earnings of subsidiaries |
(94,469 |
) |
|
— |
|
|
— |
|
|
94,469 |
|
|
— |
|
Total other income (expense) |
(141,871 |
) |
|
536 |
|
|
1,479 |
|
|
94,469 |
|
|
(45,387 |
) |
Income (loss) before income taxes |
(142,281 |
) |
|
(69,233 |
) |
|
(39,599 |
) |
|
94,469 |
|
|
(156,644 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current tax expense |
40,562 |
|
|
(35,251 |
) |
|
(203 |
) |
|
— |
|
|
5,108 |
|
Deferred tax expense (benefit) |
47,971 |
|
|
14,940 |
|
|
6,151 |
|
|
— |
|
|
69,062 |
|
Total income tax expense (benefit) |
88,533 |
|
|
(20,311 |
) |
|
5,948 |
|
|
— |
|
|
74,170 |
|
Net income (loss) |
(230,814 |
) |
|
(48,922 |
) |
|
(45,547 |
) |
|
94,469 |
|
|
(230,814 |
) |
Less: Convertible preferred stock dividend |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) available to common stockholders
|
$ |
(230,814 |
) |
|
$ |
(48,922 |
) |
|
$ |
(45,547 |
) |
|
$ |
94,469 |
|
|
$ |
(230,814 |
) |
|
|
(1) |
General and administration expenses for field operations are included in operating expenses. |
|
| Consolidating Condensed Statement of Comprehensive Income (Loss) |
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Net income (loss) |
$ |
(165,697 |
) |
|
$ |
(54,508 |
) |
|
$ |
(33,040 |
) |
|
$ |
87,548 |
|
|
$ |
(165,697 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(646 |
) |
|
— |
|
|
$ |
(646 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(2,721 |
) |
|
— |
|
|
$ |
(2,721 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(3,367 |
) |
|
— |
|
|
(3,367 |
) |
Comprehensive income (loss) |
$ |
(165,697 |
) |
|
$ |
(54,508 |
) |
|
$ |
(36,407 |
) |
|
$ |
87,548 |
|
|
$ |
(169,064 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Net income (loss) |
$ |
(118,701 |
) |
|
$ |
(1,655 |
) |
|
$ |
(39,097 |
) |
|
$ |
40,752 |
|
|
$ |
(118,701 |
) |
Other comprehensive income (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 income (loss), net of tax: |
— |
|
|
— |
|
|
3,332 |
|
|
— |
|
|
3,332 |
|
Comprehensive income (loss) |
$ |
(118,701 |
) |
|
$ |
(1,655 |
) |
|
$ |
(35,765 |
) |
|
$ |
40,752 |
|
|
$ |
(115,369 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Net income (loss) |
$ |
(230,814 |
) |
|
$ |
(48,922 |
) |
|
$ |
(45,547 |
) |
|
$ |
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) |
$ |
(230,814 |
) |
|
$ |
(48,922 |
) |
|
$ |
(50,503 |
) |
|
$ |
94,469 |
|
|
$ |
(235,770 |
) |
|
| Consolidated Statements of Cash Flows |
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION) CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(165,697 |
) |
|
$ |
(54,508 |
) |
|
$ |
(33,040 |
) |
|
$ |
87,548 |
|
|
$ |
(165,697 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
— |
|
|
|
Depreciation and amortization |
— |
|
|
76,353 |
|
|
31,192 |
|
|
— |
|
|
107,545 |
|
Gain (loss) on disposition of assets, net |
— |
|
|
1,347 |
|
|
377 |
|
|
— |
|
|
1,724 |
|
Deferred tax expense (benefit) |
13,226 |
|
|
(11,865 |
) |
|
(1,790 |
) |
|
— |
|
|
(429 |
) |
Loss on impairment |
— |
|
|
40,917 |
|
|
9,781 |
|
|
— |
|
|
50,698 |
|
Reorganization items |
7,538 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,538 |
|
Expenses not requiring cash |
4,526 |
|
|
(302 |
) |
|
(8,498 |
) |
|
9,425 |
|
|
5,151 |
|
Equity in net earnings (losses) of subsidiaries |
87,548 |
|
|
— |
|
|
— |
|
|
(87,548 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(16,244 |
) |
|
1,009 |
|
|
— |
|
|
(15,235 |
) |
Rig materials and supplies |
— |
|
|
(4,454 |
) |
|
5,296 |
|
|
(593 |
) |
|
249 |
|
Other current assets |
(8,088 |
) |
|
(4,854 |
) |
|
2,082 |
|
|
— |
|
|
(10,860 |
) |
Other non-current assets |
1,042 |
|
|
3,315 |
|
|
8,763 |
|
|
(101 |
) |
|
13,019 |
|
Accounts payable and accrued liabilities |
(63,054 |
) |
|
57,305 |
|
|
7,207 |
|
|
(10,947 |
) |
|
(9,489 |
) |
Accrued income taxes |
11,611 |
|
|
(10,415 |
) |
|
(2,460 |
) |
|
— |
|
|
(1,264 |
) |
Net cash provided by (used in) operating activities |
(111,348 |
) |
|
76,595 |
|
|
19,919 |
|
|
(2,216 |
) |
|
(17,050 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(56,897 |
) |
|
(13,670 |
) |
|
— |
|
|
(70,567 |
) |
Proceeds from the sale of assets |
— |
|
|
87 |
|
|
1,266 |
|
|
— |
|
|
1,353 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(56,810 |
) |
|
(12,404 |
) |
|
— |
|
|
(69,214 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowing under DIP facility |
10,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,000 |
|
Payment of DIP facility costs |
(975 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(975 |
) |
Convertible preferred stock dividend |
(3,625 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,625 |
) |
Payments of debt issuance costs |
(1,443 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,443 |
) |
Shares surrendered in lieu of tax |
(251 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(251 |
) |
Intercompany advances, net |
48,594 |
|
|
(31,119 |
) |
|
(19,691 |
) |
|
2,216 |
|
|
— |
|
Net cash provided by (used in) financing activities |
52,300 |
|
|
(31,119 |
) |
|
(19,691 |
) |
|
2,216 |
|
|
3,706 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
(59,048 |
) |
|
(11,334 |
) |
|
(12,176 |
) |
|
— |
|
|
(82,558 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
75,342 |
|
|
20,655 |
|
|
45,552 |
|
|
— |
|
|
141,549 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
16,294 |
|
|
$ |
9,321 |
|
|
$ |
33,376 |
|
|
$ |
— |
|
|
$ |
58,991 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATED STATEMENT 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 |
) |
|
$ |
(1,655 |
) |
|
$ |
(39,097 |
) |
|
$ |
40,752 |
|
|
(118,701 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
Depreciation and amortization |
— |
|
|
81,248 |
|
|
41,125 |
|
|
— |
|
|
122,373 |
|
Gain (loss) on disposition of assets, net |
— |
|
|
243 |
|
|
2,608 |
|
|
— |
|
|
2,851 |
|
Deferred tax expense (benefit) |
4,785 |
|
|
(7,763 |
) |
|
2,754 |
|
|
— |
|
|
(224 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
1,938 |
|
|
— |
|
|
1,938 |
|
Expenses not requiring cash |
5,651 |
|
|
4,793 |
|
|
4,869 |
|
|
(11,062 |
) |
|
4,251 |
|
Equity in net earnings (losses) of subsidiaries |
40,752 |
|
|
— |
|
|
— |
|
|
(40,752 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(16,552 |
) |
|
13,495 |
|
|
(6,571 |
) |
|
(9,628 |
) |
Rig materials and supplies |
— |
|
|
(1,869 |
) |
|
6,579 |
|
|
— |
|
|
4,710 |
|
Other current assets |
(50,296 |
) |
|
34,096 |
|
|
14,881 |
|
|
— |
|
|
(1,319 |
) |
Other non-current assets |
361 |
|
|
(1,542 |
) |
|
3,234 |
|
|
6,605 |
|
|
8,658 |
|
Accounts payable and accrued liabilities |
(41,885 |
) |
|
30,359 |
|
|
(7,925 |
) |
|
10,737 |
|
|
(8,714 |
) |
Accrued income taxes |
79,319 |
|
|
(61,233 |
) |
|
(17,548 |
) |
|
— |
|
|
538 |
|
Net cash provided by (used in) operating activities |
(80,014 |
) |
|
60,125 |
|
|
26,913 |
|
|
(291 |
) |
|
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 convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,864 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,864 |
) |
Convertible preferred stock dividend |
(2,145 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,145 |
) |
Shares surrendered in lieu of tax |
(936 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(936 |
) |
Intercompany advances, net |
21,101 |
|
|
(10,753 |
) |
|
(10,639 |
) |
|
291 |
|
|
— |
|
Net cash provided by (used in) financing activities |
90,356 |
|
|
(10,753 |
) |
|
(10,639 |
) |
|
291 |
|
|
69,255 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
10,342 |
|
|
6,450 |
|
|
5,066 |
|
|
— |
|
|
21,858 |
|
Cash and cash equivalents at beginning of period |
65,000 |
|
|
14,205 |
|
|
40,486 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents at end of period |
$ |
75,342 |
|
|
$ |
20,655 |
|
|
$ |
45,552 |
|
|
$ |
— |
|
|
$ |
141,549 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATED STATEMENT 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 |
) |
|
$ |
(48,922 |
) |
|
$ |
(45,547 |
) |
|
$ |
94,469 |
|
|
$ |
(230,814 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
90,197 |
|
|
49,598 |
|
|
— |
|
|
139,795 |
|
(Gain) loss on debt modification |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
Gain (loss) on disposition of assets, net |
— |
|
|
565 |
|
|
1,048 |
|
|
— |
|
|
1,613 |
|
Deferred tax expense (benefit) |
47,971 |
|
|
14,940 |
|
|
6,151 |
|
|
— |
|
|
69,062 |
|
Expenses not requiring cash |
9,545 |
|
|
(4,900 |
) |
|
(2,127 |
) |
|
— |
|
|
2,518 |
|
Equity in net earnings of subsidiaries |
94,469 |
|
|
— |
|
|
— |
|
|
(94,469 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
25,848 |
|
|
34,543 |
|
|
— |
|
|
60,391 |
|
Rig materials and supplies |
— |
|
|
(361 |
) |
|
(1,391 |
) |
|
— |
|
|
(1,752 |
) |
Other current assets |
50,296 |
|
|
(34,479 |
) |
|
(13,677 |
) |
|
— |
|
|
2,140 |
|
Other non-current assets |
(299 |
) |
|
441 |
|
|
3,755 |
|
|
— |
|
|
3,897 |
|
Accounts payable and accrued liabilities |
(121,016 |
) |
|
99,511 |
|
|
2,011 |
|
|
— |
|
|
(19,494 |
) |
Accrued income taxes |
(10,381 |
) |
|
(1,134 |
) |
|
5,093 |
|
|
— |
|
|
(6,422 |
) |
Net cash provided by (used in) operating activities |
(159,141 |
) |
|
142,125 |
|
|
39,457 |
|
|
— |
|
|
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 |
) |
|
519 |
|
|
(6,137 |
) |
|
— |
|
|
(14,603 |
) |
Cash and cash equivalents at beginning of period |
73,985 |
|
|
13,686 |
|
|
46,623 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of period |
$ |
65,000 |
|
|
$ |
14,205 |
|
|
$ |
40,486 |
|
|
$ |
— |
|
|
$ |
119,691 |
|
|