|
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
| Condensed Statement of Comprehensive Income [Table Text Block] |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
23,451 |
|
|
$ |
69,912 |
|
|
$ |
(1,503 |
) |
|
$ |
(67,399 |
) |
|
$ |
24,461 |
|
Other comprehensive gain (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(4,870 |
) |
|
— |
|
|
$ |
(4,870 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
2,147 |
|
|
— |
|
|
$ |
2,147 |
|
Total other comprehensive gain (loss), net of tax: |
— |
|
|
— |
|
|
(2,723 |
) |
|
— |
|
|
(2,723 |
) |
Comprehensive income (loss) |
23,451 |
|
|
69,912 |
|
|
(4,226 |
) |
|
(67,399 |
) |
|
21,738 |
|
Comprehensive (income) loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
(673 |
) |
|
— |
|
|
(673 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
23,451 |
|
|
$ |
69,912 |
|
|
$ |
(4,899 |
) |
|
$ |
(67,399 |
) |
|
$ |
21,065 |
|
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2013 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
27,015 |
|
|
$ |
36,214 |
|
|
$ |
19,380 |
|
|
$ |
(55,430 |
) |
|
$ |
27,179 |
|
Other comprehensive gain, net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,525 |
) |
|
— |
|
|
(1,525 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
3,051 |
|
|
— |
|
|
3,051 |
|
Total other comprehensive gain, net of tax: |
— |
|
|
— |
|
|
1,526 |
|
|
— |
|
|
1,526 |
|
Comprehensive income (loss) |
27,015 |
|
|
36,214 |
|
|
20,906 |
|
|
(55,430 |
) |
|
28,705 |
|
Comprehensive (income) loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
198 |
|
|
— |
|
|
198 |
|
Comprehensive income (loss) attributable to controlling interest |
$ |
27,015 |
|
|
$ |
36,214 |
|
|
$ |
21,104 |
|
|
$ |
(55,430 |
) |
|
$ |
28,903 |
|
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2012 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
37,313 |
|
|
$ |
54,961 |
|
|
$ |
32,816 |
|
|
$ |
(87,992 |
) |
|
$ |
37,098 |
|
Other comprehensive gain, net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Comprehensive income (loss) |
37,313 |
|
|
54,961 |
|
|
32,816 |
|
|
(87,992 |
) |
|
37,098 |
|
Comprehensive (income) loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
215 |
|
|
— |
|
|
215 |
|
Comprehensive income (loss) attributable to controlling interest |
$ |
37,313 |
|
|
$ |
54,961 |
|
|
$ |
33,031 |
|
|
$ |
(87,992 |
) |
|
$ |
37,313 |
|
|
| Consolidating Condensed Statement of Operations |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
506,205 |
|
|
$ |
640,147 |
|
|
$ |
(177,668 |
) |
|
$ |
968,684 |
|
Operating expenses |
— |
|
|
279,396 |
|
|
567,653 |
|
|
(177,668 |
) |
|
669,381 |
|
Depreciation and amortization |
— |
|
|
87,248 |
|
|
57,873 |
|
|
— |
|
|
145,121 |
|
Total operating gross margin |
— |
|
|
139,561 |
|
|
14,621 |
|
|
— |
|
|
154,182 |
|
General and administration expense (1)
|
(302 |
) |
|
(33,035 |
) |
|
(1,679 |
) |
|
— |
|
|
(35,016 |
) |
Gain (loss) on disposition of assets, net |
(79 |
) |
|
1,156 |
|
|
(23 |
) |
|
— |
|
|
1,054 |
|
Total operating income (loss) |
(381 |
) |
|
107,682 |
|
|
12,919 |
|
|
— |
|
|
120,220 |
|
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(46,527 |
) |
|
(148 |
) |
|
(7,692 |
) |
|
10,102 |
|
|
(44,265 |
) |
Interest income |
1,478 |
|
|
623 |
|
|
8,196 |
|
|
(10,102 |
) |
|
195 |
|
Loss on extinguishment of debt |
(30,152 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,152 |
) |
Other |
— |
|
|
2,810 |
|
|
(271 |
) |
|
— |
|
|
2,539 |
|
Equity in net earnings of subsidiaries |
67,399 |
|
|
— |
|
|
— |
|
|
(67,399 |
) |
|
— |
|
Total other income (expense) |
(7,802 |
) |
|
3,285 |
|
|
233 |
|
|
(67,399 |
) |
|
(71,683 |
) |
Income (loss) before income taxes |
(8,183 |
) |
|
110,967 |
|
|
13,152 |
|
|
(67,399 |
) |
|
48,537 |
|
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current |
(17,702 |
) |
|
24,106 |
|
|
16,163 |
|
|
— |
|
|
22,567 |
|
Deferred |
(13,932 |
) |
|
16,949 |
|
|
(1,508 |
) |
|
— |
|
|
1,509 |
|
Income tax expense (benefit) |
(31,634 |
) |
|
41,055 |
|
|
14,655 |
|
|
— |
|
|
24,076 |
|
Net income (loss) |
23,451 |
|
|
69,912 |
|
|
(1,503 |
) |
|
(67,399 |
) |
|
24,461 |
|
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
1,010 |
|
|
— |
|
|
1,010 |
|
Net income (loss) attributable to controlling interest |
$ |
23,451 |
|
|
$ |
69,912 |
|
|
$ |
(2,513 |
) |
|
$ |
(67,399 |
) |
|
$ |
23,451 |
|
(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, 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 |
) |
Interest income |
3,824 |
|
|
1,761 |
|
|
10,749 |
|
|
(13,884 |
) |
|
2,450 |
|
Loss on extinguishment of debt |
(5,218 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5,218 |
) |
Changes in fair value of derivative positions |
53 |
|
|
— |
|
|
— |
|
|
— |
|
|
53 |
|
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 income 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 and (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 |
|
Total 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 |
|
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
36,728 |
|
|
$ |
13,546 |
|
|
$ |
58,182 |
|
|
$ |
— |
|
|
$ |
108,456 |
|
Accounts and notes receivable, net |
(33 |
) |
|
96,100 |
|
|
174,885 |
|
|
— |
|
|
270,952 |
|
Rig materials and supplies |
— |
|
|
(1,473 |
) |
|
49,416 |
|
|
— |
|
|
47,943 |
|
Deferred costs |
— |
|
|
— |
|
|
5,673 |
|
|
— |
|
|
5,673 |
|
Deferred income taxes |
— |
|
|
6,131 |
|
|
1,345 |
|
|
— |
|
|
7,476 |
|
Other tax assets |
19,885 |
|
|
(18,273 |
) |
|
9,111 |
|
|
— |
|
|
10,723 |
|
Other current assets |
— |
|
|
7,999 |
|
|
10,557 |
|
|
— |
|
|
18,556 |
|
Total current assets |
56,580 |
|
|
104,030 |
|
|
309,169 |
|
|
— |
|
|
469,779 |
|
Property, plant and equipment, net |
(19 |
) |
|
589,055 |
|
|
306,904 |
|
|
— |
|
|
895,940 |
|
Investment in subsidiaries and intercompany advances |
3,060,867 |
|
|
2,441,527 |
|
|
2,464,502 |
|
|
(7,966,896 |
) |
|
— |
|
Other noncurrent assets |
(440,918 |
) |
|
490,597 |
|
|
272,823 |
|
|
(167,562 |
) |
|
154,940 |
|
Total assets |
$ |
2,676,510 |
|
|
$ |
3,625,209 |
|
|
$ |
3,353,398 |
|
|
$ |
(8,134,458 |
) |
|
$ |
1,520,659 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
10,000 |
|
Accounts payable and accrued liabilities |
77,603 |
|
|
71,645 |
|
|
309,344 |
|
|
(304,113 |
) |
|
154,479 |
|
Accrued income taxes |
(4,061 |
) |
|
10,109 |
|
|
8,138 |
|
|
— |
|
|
14,186 |
|
Total current liabilities |
83,542 |
|
|
81,754 |
|
|
317,482 |
|
|
(304,113 |
) |
|
178,665 |
|
Long-term debt |
605,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
605,000 |
|
Other long-term liabilities |
2,867 |
|
|
7,135 |
|
|
8,663 |
|
|
— |
|
|
18,665 |
|
Long-term deferred tax liability |
— |
|
|
56,105 |
|
|
(3,990 |
) |
|
— |
|
|
52,115 |
|
Intercompany payables |
1,322,172 |
|
|
1,311,405 |
|
|
1,204,768 |
|
|
(3,838,345 |
) |
|
— |
|
Total Liabilities |
2,013,581 |
|
|
1,456,399 |
|
|
1,526,923 |
|
|
(4,142,458 |
) |
|
854,445 |
|
Total Equity |
662,929 |
|
|
2,168,810 |
|
|
1,826,475 |
|
|
(3,992,000 |
) |
|
666,214 |
|
Total liabilities and stockholders’ equity |
$ |
2,676,510 |
|
|
$ |
3,625,209 |
|
|
$ |
3,353,398 |
|
|
$ |
(8,134,458 |
) |
|
$ |
1,520,659 |
|
|
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 |
) |
|
— |
|
Total Liabilities |
961,590 |
|
|
443,544 |
|
|
692,776 |
|
|
(1,196,296 |
) |
|
901,614 |
|
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 |
|
|
|
| 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, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
23,451 |
|
|
$ |
69,912 |
|
|
$ |
(1,503 |
) |
|
$ |
(67,399 |
) |
|
24,461 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
87,248 |
|
|
57,873 |
|
|
— |
|
|
145,121 |
|
Loss on extinguishment of debt |
30,152 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,152 |
|
Gain on disposition of assets |
79 |
|
|
(1,156 |
) |
|
23 |
|
|
— |
|
|
(1,054 |
) |
Deferred income tax expense |
(13,932 |
) |
|
16,949 |
|
|
(1,508 |
) |
|
— |
|
|
1,509 |
|
Expenses not requiring cash |
11,978 |
|
|
(710 |
) |
|
8,063 |
|
|
— |
|
|
19,331 |
|
Equity in net earnings of subsidiaries |
(67,399 |
) |
|
— |
|
|
— |
|
|
67,399 |
|
|
— |
|
Change in accounts receivable |
32 |
|
|
11,937 |
|
|
(24,207 |
) |
|
— |
|
|
(12,238 |
) |
Change in other assets |
35,438 |
|
|
(56,673 |
) |
|
(3,154 |
) |
|
— |
|
|
(24,389 |
) |
Change in accrued income taxes |
(12,474 |
) |
|
11,107 |
|
|
(6,290 |
) |
|
— |
|
|
(7,657 |
) |
Change in liabilities |
2,336 |
|
|
(20,492 |
) |
|
45,387 |
|
|
— |
|
|
27,231 |
|
Net cash provided by operating activities |
9,661 |
|
|
118,122 |
|
|
74,684 |
|
|
— |
|
|
202,467 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(125,260 |
) |
|
(54,253 |
) |
|
— |
|
|
(179,513 |
) |
Proceeds from the sale of assets |
— |
|
|
2,594 |
|
|
3,344 |
|
|
— |
|
|
5,938 |
|
Net cash (used in) investing activities |
— |
|
|
(122,666 |
) |
|
(50,909 |
) |
|
— |
|
|
(173,575 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Repayment of long term debt |
(425,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(425,000 |
) |
Repayment of term loan |
(10,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10,000 |
) |
Payment of debt issuance costs |
(7,630 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,630 |
) |
Payment of debt extinguishment costs |
(26,214 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(26,214 |
) |
Excess tax benefit from stock-based compensation |
(281 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(281 |
) |
Intercompany advances, net |
7,495 |
|
|
9,780 |
|
|
(17,275 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(61,630 |
) |
|
9,780 |
|
|
(17,275 |
) |
|
— |
|
|
(69,125 |
) |
Net change in cash and cash equivalents |
(51,969 |
) |
|
5,236 |
|
|
6,500 |
|
|
— |
|
|
(40,233 |
) |
Cash and cash equivalents at beginning of year |
88,697 |
|
|
8,310 |
|
|
51,682 |
|
|
— |
|
|
148,689 |
|
Cash and cash equivalents at end of year |
$ |
36,728 |
|
|
$ |
13,546 |
|
|
$ |
58,182 |
|
|
$ |
— |
|
|
$ |
108,456 |
|
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, 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 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 |
) |
Net cash provided by (used in) investing activities |
— |
|
|
(97,447 |
) |
|
(167,971 |
) |
|
— |
|
|
(265,418 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
350,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
350,000 |
|
Repayment of long term debt |
(125,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(125,000 |
) |
Repayment of term loan |
(50,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(50,000 |
) |
Payment of debt issuance costs |
(11,172 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(11,172 |
) |
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 |
) |
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.
|