Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| 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 |
|
Intangible assets, net |
— |
|
|
— |
|
|
4,286 |
|
|
— |
|
|
4,286 |
|
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 |
|
|
268,537 |
|
|
(167,562 |
) |
|
150,654 |
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
42,153 |
|
|
$ |
20,496 |
|
|
$ |
54,294 |
|
|
$ |
— |
|
|
$ |
116,943 |
|
Accounts and notes receivable, net |
(33 |
) |
|
73,014 |
|
|
162,853 |
|
|
— |
|
|
235,834 |
|
Rig materials and supplies |
— |
|
|
(2,715 |
) |
|
46,989 |
|
|
— |
|
|
44,274 |
|
Deferred costs |
— |
|
|
— |
|
|
7,281 |
|
|
— |
|
|
7,281 |
|
Deferred income taxes |
— |
|
|
4,748 |
|
|
1,070 |
|
|
— |
|
|
5,818 |
|
Other tax assets |
5,085 |
|
|
(4,065 |
) |
|
11,806 |
|
|
— |
|
|
12,826 |
|
Other current assets |
— |
|
|
8,825 |
|
|
12,137 |
|
|
— |
|
|
20,962 |
|
Total current assets |
47,205 |
|
|
100,303 |
|
|
296,430 |
|
|
— |
|
|
443,938 |
|
Property, plant and equipment, net |
(19 |
) |
|
575,087 |
|
|
290,223 |
|
|
— |
|
|
865,291 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
12,893 |
|
|
3,052 |
|
|
— |
|
|
15,945 |
|
Investment in subsidiaries and intercompany advances |
3,109,359 |
|
|
2,630,665 |
|
|
2,994,328 |
|
|
(8,734,352 |
) |
|
— |
|
Other noncurrent assets |
(327,236 |
) |
|
425,106 |
|
|
258,565 |
|
|
(166,639 |
) |
|
189,796 |
|
Total assets |
$ |
2,829,309 |
|
|
$ |
3,750,762 |
|
|
$ |
3,842,598 |
|
|
$ |
(8,900,991 |
) |
|
$ |
1,521,678 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Accounts payable and accrued liabilities |
77,632 |
|
|
92,994 |
|
|
308,926 |
|
|
(303,305 |
) |
|
176,247 |
|
Accrued income taxes |
(3,322 |
) |
|
11,659 |
|
|
4,257 |
|
|
— |
|
|
12,594 |
|
Total current liabilities |
74,310 |
|
|
104,653 |
|
|
313,183 |
|
|
(303,305 |
) |
|
188,841 |
|
Long-term debt |
585,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
585,000 |
|
Other long-term liabilities |
2,867 |
|
|
6,893 |
|
|
9,424 |
|
|
— |
|
|
19,184 |
|
Long-term deferred tax liability |
— |
|
|
71,957 |
|
|
(2,164 |
) |
|
— |
|
|
69,793 |
|
Intercompany payables |
1,512,881 |
|
|
1,392,937 |
|
|
1,562,481 |
|
|
(4,468,299 |
) |
|
— |
|
Total liabilities |
2,175,058 |
|
|
1,576,440 |
|
|
1,882,924 |
|
|
(4,771,604 |
) |
|
862,818 |
|
Total equity |
654,251 |
|
|
2,174,322 |
|
|
1,959,674 |
|
|
(4,129,387 |
) |
|
658,860 |
|
Total liabilities and stockholders’ equity |
$ |
2,829,309 |
|
|
$ |
3,750,762 |
|
|
$ |
3,842,598 |
|
|
$ |
(8,900,991 |
) |
|
$ |
1,521,678 |
|
|
| Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
— |
|
|
63,276 |
|
|
162,703 |
|
|
(40,038 |
) |
|
185,941 |
|
Operating expenses |
— |
|
|
35,627 |
|
|
147,980 |
|
|
(40,038 |
) |
|
143,569 |
|
Depreciation and amortization |
— |
|
|
23,958 |
|
|
14,393 |
|
|
— |
|
|
38,351 |
|
Total operating gross margin |
— |
|
|
3,691 |
|
|
330 |
|
|
— |
|
|
4,021 |
|
General and administration expense (1)
|
(891 |
) |
|
(12,924 |
) |
|
4,304 |
|
|
— |
|
|
(9,511 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
(2,316 |
) |
|
— |
|
|
(2,316 |
) |
(Loss) on disposition of assets, net |
— |
|
|
(6 |
) |
|
(132 |
) |
|
— |
|
|
(138 |
) |
Total operating income (loss) |
(891 |
) |
|
(9,239 |
) |
|
2,186 |
|
|
— |
|
|
(7,944 |
) |
Other income and (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,066 |
) |
|
(323 |
) |
|
(3,010 |
) |
|
3,003 |
|
|
(11,396 |
) |
Interest income |
165 |
|
|
3 |
|
|
2,854 |
|
|
(3,003 |
) |
|
19 |
|
Other |
— |
|
|
11 |
|
|
(1,540 |
) |
|
— |
|
|
(1,529 |
) |
Equity in net earnings of subsidiaries |
(8,392 |
) |
|
— |
|
|
— |
|
|
8,392 |
|
|
— |
|
Total other income (expense) |
(19,293 |
) |
|
(309 |
) |
|
(1,696 |
) |
|
8,392 |
|
|
(12,906 |
) |
Income (loss) before income taxes |
(20,184 |
) |
|
(9,548 |
) |
|
490 |
|
|
8,392 |
|
|
(20,850 |
) |
Total income tax expense (benefit) |
(6,155 |
) |
|
(2,361 |
) |
|
1,600 |
|
|
— |
|
|
(6,916 |
) |
Net income (loss) |
(14,029 |
) |
|
(7,187 |
) |
|
(1,110 |
) |
|
8,392 |
|
|
(13,934 |
) |
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
95 |
|
|
— |
|
|
95 |
|
Net income (loss) attributable to controlling interest |
$ |
(14,029 |
) |
|
$ |
(7,187 |
) |
|
$ |
(1,205 |
) |
|
$ |
8,392 |
|
|
$ |
(14,029 |
) |
(1) General and administration expenses for field operations are included in operating expenses.
|
| Consolidating Condensed Statements of Comprehensive Income (Loss) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(14,029 |
) |
|
$ |
(7,187 |
) |
|
$ |
(1,110 |
) |
|
$ |
8,392 |
|
|
$ |
(13,934 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
647 |
|
|
— |
|
|
647 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
1,723 |
|
|
— |
|
|
1,723 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
2,370 |
|
|
— |
|
|
2,370 |
|
Comprehensive income (loss) |
(14,029 |
) |
|
(7,187 |
) |
|
1,260 |
|
|
8,392 |
|
|
(11,564 |
) |
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(95 |
) |
|
— |
|
|
(95 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(14,029 |
) |
|
$ |
(7,187 |
) |
|
$ |
1,165 |
|
|
$ |
8,392 |
|
|
$ |
(11,659 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
15,681 |
|
|
$ |
22,148 |
|
|
$ |
(1,333 |
) |
|
$ |
(20,659 |
) |
|
$ |
15,837 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
336 |
|
|
— |
|
|
336 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(188 |
) |
|
— |
|
|
(188 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
148 |
|
|
— |
|
|
148 |
|
Comprehensive income (loss) |
15,681 |
|
|
22,148 |
|
|
(1,185 |
) |
|
(20,659 |
) |
|
15,985 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(80 |
) |
|
— |
|
|
(80 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
15,681 |
|
|
$ |
22,148 |
|
|
$ |
(1,265 |
) |
|
$ |
(20,659 |
) |
|
$ |
15,905 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(10,807 |
) |
|
$ |
(4,868 |
) |
|
$ |
6,116 |
|
|
$ |
(597 |
) |
|
$ |
(10,156 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(1,023 |
) |
|
— |
|
|
(1,023 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
874 |
|
|
— |
|
|
874 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(149 |
) |
|
— |
|
|
(149 |
) |
Comprehensive income (loss) |
(10,807 |
) |
|
(4,868 |
) |
|
5,967 |
|
|
(597 |
) |
|
(10,305 |
) |
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(489 |
) |
|
— |
|
|
(489 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
(10,807 |
) |
|
$ |
(4,868 |
) |
|
$ |
5,478 |
|
|
$ |
(597 |
) |
|
$ |
(10,794 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,132 |
|
|
$ |
34,191 |
|
|
$ |
(2,729 |
) |
|
$ |
(31,149 |
) |
|
$ |
3,445 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(468 |
) |
|
— |
|
|
(468 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
511 |
|
|
— |
|
|
511 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
43 |
|
|
— |
|
|
43 |
|
Comprehensive income (loss) |
3,132 |
|
|
34,191 |
|
|
(2,686 |
) |
|
(31,149 |
) |
|
3,488 |
|
Comprehensive (income) attributable to noncontrolling interest |
— |
|
|
— |
|
|
(234 |
) |
|
— |
|
|
(234 |
) |
Comprehensive income (loss) attributable to controlling interest |
$ |
3,132 |
|
|
$ |
34,191 |
|
|
$ |
(2,920 |
) |
|
$ |
(31,149 |
) |
|
$ |
3,254 |
|
|
| Consolidated Condensed Statements of Cash Flows |
ARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(10,807 |
) |
|
$ |
(4,868 |
) |
|
$ |
6,116 |
|
|
$ |
(597 |
) |
|
$ |
(10,156 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
47,268 |
|
|
31,622 |
|
|
— |
|
|
78,890 |
|
Accretion of contingent consideration |
— |
|
|
— |
|
|
306 |
|
|
— |
|
|
306 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
2,316 |
|
|
— |
|
|
2,316 |
|
Gain on disposition of assets |
— |
|
|
(45 |
) |
|
(2,258 |
) |
|
— |
|
|
(2,303 |
) |
Deferred income tax expense |
(22,414 |
) |
|
6,574 |
|
|
(1,286 |
) |
|
— |
|
|
(17,126 |
) |
Expenses not requiring cash |
4,039 |
|
|
441 |
|
|
828 |
|
|
— |
|
|
5,308 |
|
Equity in net earnings of subsidiaries |
(597 |
) |
|
— |
|
|
— |
|
|
597 |
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
27,778 |
|
|
11,905 |
|
|
— |
|
|
39,683 |
|
Other assets |
(77,427 |
) |
|
59,964 |
|
|
10,111 |
|
|
— |
|
|
(7,352 |
) |
Accounts payable and accrued liabilities |
29 |
|
|
14,890 |
|
|
(156 |
) |
|
— |
|
|
14,763 |
|
Accrued income taxes |
2,146 |
|
|
229 |
|
|
(3,611 |
) |
|
— |
|
|
(1,236 |
) |
Net cash provided by (used in) operating activities |
(105,031 |
) |
|
152,231 |
|
|
55,893 |
|
|
— |
|
|
103,093 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(37,794 |
) |
|
(16,811 |
) |
|
— |
|
|
(54,605 |
) |
Proceeds from the sale of assets |
— |
|
|
82 |
|
|
206 |
|
|
— |
|
|
288 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Acquisition, net of cash acquired |
— |
|
|
(10,431 |
) |
|
— |
|
|
— |
|
|
(10,431 |
) |
Net cash (used in) investing activities |
— |
|
|
(48,143 |
) |
|
(14,105 |
) |
|
— |
|
|
(62,248 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,359 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,359 |
) |
Excess tax benefit from stock-based compensation |
(999 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(999 |
) |
Intercompany advances, net |
142,814 |
|
|
(97,138 |
) |
|
(45,676 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
110,456 |
|
|
(97,138 |
) |
|
(45,676 |
) |
|
— |
|
|
(32,358 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
5,425 |
|
|
6,950 |
|
|
(3,888 |
) |
|
— |
|
|
8,487 |
|
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
42,153 |
|
|
$ |
20,496 |
|
|
$ |
54,294 |
|
|
$ |
— |
|
|
$ |
116,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(10,807 |
) |
|
$ |
(4,868 |
) |
|
$ |
6,116 |
|
|
$ |
(597 |
) |
|
$ |
(10,156 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
47,268 |
|
|
31,622 |
|
|
— |
|
|
78,890 |
|
Accretion of contingent consideration |
— |
|
|
— |
|
|
306 |
|
|
— |
|
|
306 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
2,316 |
|
|
— |
|
|
2,316 |
|
Gain on disposition of assets |
— |
|
|
(45 |
) |
|
(2,258 |
) |
|
— |
|
|
(2,303 |
) |
Deferred income tax expense |
(22,414 |
) |
|
6,574 |
|
|
(1,286 |
) |
|
— |
|
|
(17,126 |
) |
Expenses not requiring cash |
4,039 |
|
|
441 |
|
|
828 |
|
|
— |
|
|
5,308 |
|
Equity in net earnings of subsidiaries |
(597 |
) |
|
— |
|
|
— |
|
|
597 |
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
27,778 |
|
|
11,905 |
|
|
— |
|
|
39,683 |
|
Other assets |
(77,427 |
) |
|
59,964 |
|
|
10,111 |
|
|
— |
|
|
(7,352 |
) |
Accounts payable and accrued liabilities |
29 |
|
|
14,890 |
|
|
(156 |
) |
|
— |
|
|
14,763 |
|
Accrued income taxes |
2,146 |
|
|
229 |
|
|
(3,611 |
) |
|
— |
|
|
(1,236 |
) |
Net cash provided by (used in) operating activities |
(105,031 |
) |
|
152,231 |
|
|
55,893 |
|
|
— |
|
|
103,093 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(37,794 |
) |
|
(16,811 |
) |
|
— |
|
|
(54,605 |
) |
Proceeds from the sale of assets |
— |
|
|
82 |
|
|
206 |
|
|
— |
|
|
288 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Acquisition, net of cash acquired |
— |
|
|
(10,431 |
) |
|
— |
|
|
— |
|
|
(10,431 |
) |
Net cash (used in) investing activities |
— |
|
|
(48,143 |
) |
|
(14,105 |
) |
|
— |
|
|
(62,248 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,359 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,359 |
) |
Excess tax benefit from stock-based compensation |
(999 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(999 |
) |
Intercompany advances, net |
142,814 |
|
|
(97,138 |
) |
|
(45,676 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
110,456 |
|
|
(97,138 |
) |
|
(45,676 |
) |
|
— |
|
|
(32,358 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
5,425 |
|
|
6,950 |
|
|
(3,888 |
) |
|
— |
|
|
8,487 |
|
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
42,153 |
|
|
$ |
20,496 |
|
|
$ |
54,294 |
|
|
$ |
— |
|
|
$ |
116,943 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
3,132 |
|
|
$ |
34,191 |
|
|
$ |
(2,729 |
) |
|
$ |
(31,149 |
) |
|
$ |
3,445 |
|
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
41,175 |
|
|
29,342 |
|
|
— |
|
|
70,517 |
|
Loss on extinguishment of debt |
30,152 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,152 |
|
Gain on disposition of assets |
80 |
|
|
(432 |
) |
|
(538 |
) |
|
— |
|
|
(890 |
) |
Deferred income tax expense |
(19,621 |
) |
|
8,917 |
|
|
2,346 |
|
|
— |
|
|
(8,358 |
) |
Expenses not requiring cash |
7,939 |
|
|
(997 |
) |
|
1,806 |
|
|
— |
|
|
8,748 |
|
Equity in net earnings of subsidiaries |
(31,149 |
) |
|
— |
|
|
— |
|
|
31,149 |
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(6,132 |
) |
|
5,066 |
|
|
— |
|
|
(1,066 |
) |
Other assets |
37,589 |
|
|
(51,431 |
) |
|
13,065 |
|
|
— |
|
|
(777 |
) |
Accounts payable and accrued liabilities |
(19,629 |
) |
|
20,886 |
|
|
4,532 |
|
|
— |
|
|
5,789 |
|
Accrued income taxes |
(5,231 |
) |
|
9,481 |
|
|
(8,237 |
) |
|
— |
|
|
(3,987 |
) |
Net cash provided by (used in) operating activities |
3,262 |
|
|
55,658 |
|
|
44,653 |
|
|
— |
|
|
103,573 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(79,374 |
) |
|
(26,814 |
) |
|
— |
|
|
(106,188 |
) |
Proceeds from the sale of assets |
— |
|
|
1,008 |
|
|
2,338 |
|
|
— |
|
|
3,346 |
|
Net cash (used in) investing activities |
— |
|
|
(78,366 |
) |
|
(24,476 |
) |
|
— |
|
|
(102,842 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from debt issuance |
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Repayments of long-term debt |
(430,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(430,000 |
) |
Payment of debt issuance costs |
(7,425 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,425 |
) |
Payment of debt extinguishment costs |
(26,214 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(26,214 |
) |
Excess tax benefit from stock-based compensation |
665 |
|
|
— |
|
|
— |
|
|
— |
|
|
665 |
|
Intercompany advances, net |
(2,619 |
) |
|
21,836 |
|
|
(19,217 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
(65,593 |
) |
|
21,836 |
|
|
(19,217 |
) |
|
— |
|
|
(62,974 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(62,331 |
) |
|
(872 |
) |
|
960 |
|
|
— |
|
|
(62,243 |
) |
Cash and cash equivalents at beginning of year |
88,697 |
|
|
8,310 |
|
|
51,682 |
|
|
— |
|
|
148,689 |
|
Cash and cash equivalents at end of year |
$ |
26,366 |
|
|
$ |
7,438 |
|
|
$ |
52,642 |
|
|
$ |
— |
|
|
$ |
86,446 |
|
|