Parker Wellbore Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Statement of Operations (Detail)

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements - Consolidating Condensed Statement of Operations (Detail) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Condensed Financial Statements [Line Items]

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