Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| 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, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(44,844 |
) |
|
$ |
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) attributable to controlling interest |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(49,800 |
) |
|
$ |
94,469 |
|
|
$ |
(235,770 |
) |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(21,967 |
) |
|
$ |
36,631 |
|
|
$ |
(94,284 |
) |
Other comprehensive gain (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(2,012 |
) |
|
— |
|
|
(2,012 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
405 |
|
|
— |
|
|
405 |
|
Total other comprehensive gain (loss), net of tax: |
— |
|
|
— |
|
|
(1,607 |
) |
|
— |
|
|
(1,607 |
) |
Comprehensive income (loss) |
(95,073 |
) |
|
(13,875 |
) |
|
(23,574 |
) |
|
36,631 |
|
|
(95,891 |
) |
Comprehensive (income) loss attributable to noncontrolling interest |
— |
|
|
— |
|
|
4,606 |
|
|
— |
|
|
4,606 |
|
Comprehensive income (loss) attributable to controlling interest |
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(18,968 |
) |
|
$ |
36,631 |
|
|
$ |
(91,285 |
) |
|
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 |
|
|
| Consolidating Condensed Statement of Operations |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
152,263 |
|
|
$ |
380,931 |
|
|
$ |
(106,190 |
) |
|
$ |
427,004 |
|
Operating expenses |
— |
|
|
103,013 |
|
|
365,698 |
|
|
(106,190 |
) |
|
362,521 |
|
Depreciation and amortization |
— |
|
|
90,218 |
|
|
49,577 |
|
|
— |
|
|
139,795 |
|
Total operating gross margin (loss) |
— |
|
|
(40,968 |
) |
|
(34,344 |
) |
|
— |
|
|
(75,312 |
) |
General and administration expense (1)
|
(410 |
) |
|
(29,355 |
) |
|
(4,567 |
) |
|
— |
|
|
(34,332 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(565 |
) |
|
(1,048 |
) |
|
— |
|
|
(1,613 |
) |
Total operating income (loss) |
(410 |
) |
|
(70,888 |
) |
|
(39,959 |
) |
|
— |
|
|
(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 |
— |
|
|
484 |
|
|
(117 |
) |
|
— |
|
|
367 |
|
Equity in net earnings of subsidiaries |
(94,469 |
) |
|
— |
|
|
— |
|
|
94,469 |
|
|
— |
|
Total other income (expense) |
(141,871 |
) |
|
537 |
|
|
1,478 |
|
|
94,469 |
|
|
(45,387 |
) |
Income (loss) before income taxes |
(142,281 |
) |
|
(70,351 |
) |
|
(38,481 |
) |
|
94,469 |
|
|
(156,644 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current tax expense (benefit) |
40,562 |
|
|
(35,572 |
) |
|
118 |
|
|
— |
|
|
5,108 |
|
Deferred tax expense (benefit) |
47,971 |
|
|
14,846 |
|
|
6,245 |
|
|
— |
|
|
69,062 |
|
Total income tax expense (benefit) |
88,533 |
|
|
(20,726 |
) |
|
6,363 |
|
|
— |
|
|
74,170 |
|
Net income (loss) attributable to controlling interest |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(44,844 |
) |
|
$ |
94,469 |
|
|
$ |
(230,814 |
) |
(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, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Total revenues |
$ |
— |
|
|
$ |
254,182 |
|
|
$ |
584,204 |
|
|
$ |
(126,203 |
) |
|
$ |
712,183 |
|
Operating expenses |
— |
|
|
143,563 |
|
|
508,930 |
|
|
(126,203 |
) |
|
526,290 |
|
Depreciation and amortization |
— |
|
|
95,071 |
|
|
61,123 |
|
|
— |
|
|
156,194 |
|
Total operating gross margin (loss) |
— |
|
|
15,548 |
|
|
14,151 |
|
|
— |
|
|
29,699 |
|
General and administration expense (1)
|
(1,279 |
) |
|
(38,643 |
) |
|
3,732 |
|
|
— |
|
|
(36,190 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
(2,088 |
) |
|
(10,402 |
) |
|
— |
|
|
(12,490 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
439 |
|
|
1,204 |
|
|
— |
|
|
1,643 |
|
Total operating income (loss) |
(1,279 |
) |
|
(24,744 |
) |
|
8,685 |
|
|
— |
|
|
(17,338 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(47,659 |
) |
|
(1,035 |
) |
|
(11,579 |
) |
|
15,118 |
|
|
(45,155 |
) |
Interest income |
1,424 |
|
|
852 |
|
|
13,111 |
|
|
(15,118 |
) |
|
269 |
|
Other |
— |
|
|
(200 |
) |
|
(9,547 |
) |
|
— |
|
|
(9,747 |
) |
Equity in net earnings of subsidiaries |
(36,631 |
) |
|
— |
|
|
— |
|
|
36,631 |
|
|
— |
|
Total other income (expense) |
(82,866 |
) |
|
(383 |
) |
|
(8,015 |
) |
|
36,631 |
|
|
(54,633 |
) |
Income (loss) before income taxes |
(84,145 |
) |
|
(25,127 |
) |
|
670 |
|
|
36,631 |
|
|
(71,971 |
) |
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
Current tax expense (benefit) |
29,643 |
|
|
(22,970 |
) |
|
12,931 |
|
|
— |
|
|
19,604 |
|
Deferred tax expense (benefit) |
(18,715 |
) |
|
11,718 |
|
|
9,706 |
|
|
— |
|
|
2,709 |
|
Total income tax expense (benefit) |
10,928 |
|
|
(11,252 |
) |
|
22,637 |
|
|
— |
|
|
22,313 |
|
Net income (loss) |
(95,073 |
) |
|
(13,875 |
) |
|
(21,967 |
) |
|
36,631 |
|
|
(94,284 |
) |
Less: Net income attributable to noncontrolling interest |
— |
|
|
— |
|
|
789 |
|
|
— |
|
|
789 |
|
Net income (loss) attributable to controlling interest |
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(22,756 |
) |
|
$ |
36,631 |
|
|
$ |
(95,073 |
) |
(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, 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 (loss) |
— |
|
|
139,561 |
|
|
14,621 |
|
|
— |
|
|
154,182 |
|
General and administration expense (1)
|
(302 |
) |
|
(33,035 |
) |
|
(1,679 |
) |
|
— |
|
|
(35,016 |
) |
Provision for reduction in carrying value of certain assets |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
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 and (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 tax expense (benefit) |
(17,702 |
) |
|
24,106 |
|
|
16,163 |
|
|
— |
|
|
22,567 |
|
Deferred tax expense (benefit) |
(13,932 |
) |
|
16,949 |
|
|
(1,508 |
) |
|
— |
|
|
1,509 |
|
Total 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 |
|
|
| Consolidating Condensed Balance Sheet |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
65,000 |
|
|
$ |
14,365 |
|
|
$ |
40,326 |
|
|
$ |
— |
|
|
$ |
119,691 |
|
Accounts and notes receivable, net |
— |
|
|
15,749 |
|
|
97,482 |
|
|
— |
|
|
113,231 |
|
Rig materials and supplies |
— |
|
|
(5,369 |
) |
|
37,723 |
|
|
— |
|
|
32,354 |
|
Deferred costs |
— |
|
|
16 |
|
|
1,420 |
|
|
— |
|
|
1,436 |
|
Other tax assets |
(50,296 |
) |
|
35,733 |
|
|
21,038 |
|
|
— |
|
|
6,475 |
|
Other current assets |
— |
|
|
5,555 |
|
|
7,576 |
|
|
— |
|
|
13,131 |
|
Total current assets |
14,704 |
|
|
66,049 |
|
|
205,565 |
|
|
— |
|
|
286,318 |
|
Property, plant and equipment, net |
(19 |
) |
|
469,927 |
|
|
223,531 |
|
|
— |
|
|
693,439 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
9,434 |
|
|
494 |
|
|
— |
|
|
9,928 |
|
Investment in subsidiaries and intercompany advances |
2,979,413 |
|
|
2,932,375 |
|
|
3,676,402 |
|
|
(9,588,190 |
) |
|
— |
|
Other noncurrent assets |
(253,679 |
) |
|
301,771 |
|
|
539,877 |
|
|
(480,811 |
) |
|
107,158 |
|
Total assets |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
(10,080 |
) |
|
149,210 |
|
|
577,188 |
|
|
(617,477 |
) |
|
98,841 |
|
Accrued income taxes |
— |
|
|
1,576 |
|
|
2,504 |
|
|
— |
|
|
4,080 |
|
Total current liabilities |
(10,080 |
) |
|
150,786 |
|
|
579,692 |
|
|
(617,477 |
) |
|
102,921 |
|
Long-term debt, net |
576,326 |
|
|
— |
|
|
— |
|
|
— |
|
|
576,326 |
|
Other long-term liabilities |
2,867 |
|
|
9,338 |
|
|
3,631 |
|
|
— |
|
|
15,836 |
|
Deferred tax liability |
(28 |
) |
|
73,039 |
|
|
(3,678 |
) |
|
— |
|
|
69,333 |
|
Intercompany payables |
1,828,317 |
|
|
1,437,417 |
|
|
2,161,864 |
|
|
(5,427,598 |
) |
|
— |
|
Total liabilities |
2,397,402 |
|
|
1,670,580 |
|
|
2,741,509 |
|
|
(6,045,075 |
) |
|
764,416 |
|
Total equity |
343,017 |
|
|
2,115,684 |
|
|
1,904,360 |
|
|
(4,023,926 |
) |
|
339,135 |
|
Total liabilities and stockholders’ equity |
$ |
2,740,419 |
|
|
$ |
3,786,264 |
|
|
$ |
4,645,869 |
|
|
$ |
(10,069,001 |
) |
|
$ |
1,103,551 |
|
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
73,985 |
|
|
$ |
13,854 |
|
|
$ |
46,455 |
|
|
$ |
— |
|
|
$ |
134,294 |
|
Accounts and notes receivable, net |
— |
|
|
42,261 |
|
|
132,844 |
|
|
— |
|
|
175,105 |
|
Rig materials and supplies |
— |
|
|
(4,744 |
) |
|
39,681 |
|
|
— |
|
|
34,937 |
|
Deferred costs |
— |
|
|
— |
|
|
1,367 |
|
|
— |
|
|
1,367 |
|
Other tax assets |
— |
|
|
457 |
|
|
4,735 |
|
|
— |
|
|
5,192 |
|
Other current assets |
— |
|
|
5,525 |
|
|
10,321 |
|
|
— |
|
|
15,846 |
|
Total current assets |
73,985 |
|
|
57,353 |
|
|
235,403 |
|
|
— |
|
|
366,741 |
|
Property, plant and equipment, net |
(19 |
) |
|
543,346 |
|
|
262,514 |
|
|
— |
|
|
805,841 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
11,740 |
|
|
1,637 |
|
|
— |
|
|
13,377 |
|
Investment in subsidiaries and intercompany advances |
3,057,220 |
|
|
2,770,501 |
|
|
3,319,702 |
|
|
(9,147,423 |
) |
|
— |
|
Other noncurrent assets |
(234,786 |
) |
|
312,790 |
|
|
265,995 |
|
|
(169,964 |
) |
|
174,035 |
|
Total assets |
$ |
2,896,400 |
|
|
$ |
3,702,438 |
|
|
$ |
4,085,251 |
|
|
$ |
(9,317,387 |
) |
|
$ |
1,366,702 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
84,456 |
|
|
56,382 |
|
|
295,439 |
|
|
(306,574 |
) |
|
129,703 |
|
Accrued income taxes |
9,900 |
|
|
2,111 |
|
|
(5,593 |
) |
|
— |
|
|
6,418 |
|
Total current liabilities |
94,356 |
|
|
58,493 |
|
|
289,846 |
|
|
(306,574 |
) |
|
136,121 |
|
Long-term debt, net |
574,798 |
|
|
— |
|
|
— |
|
|
— |
|
|
574,798 |
|
Other long-term liabilities |
2,868 |
|
|
7,446 |
|
|
8,303 |
|
|
— |
|
|
18,617 |
|
Deferred tax liability |
(29 |
) |
|
69,679 |
|
|
(996 |
) |
|
— |
|
|
68,654 |
|
Intercompany payables |
1,656,968 |
|
|
1,401,510 |
|
|
1,864,671 |
|
|
(4,923,149 |
) |
|
— |
|
Total liabilities |
2,328,961 |
|
|
1,537,128 |
|
|
2,161,824 |
|
|
(5,229,723 |
) |
|
798,190 |
|
Total equity |
567,439 |
|
|
2,165,310 |
|
|
1,923,427 |
|
|
(4,087,664 |
) |
|
568,512 |
|
Total liabilities and stockholders’ equity |
$ |
2,896,400 |
|
|
$ |
3,702,438 |
|
|
$ |
4,085,251 |
|
|
$ |
(9,317,387 |
) |
|
$ |
1,366,702 |
|
|
|
| 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, 2016 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(230,814 |
) |
|
$ |
(49,625 |
) |
|
$ |
(44,844 |
) |
|
$ |
94,469 |
|
|
(230,814 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
90,218 |
|
|
49,577 |
|
|
— |
|
|
139,795 |
|
Accretion of contingent consideration |
— |
|
|
419 |
|
|
— |
|
|
— |
|
|
419 |
|
(Gain) loss on debt modification |
1,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,088 |
|
(Gain) loss on disposition of assets |
— |
|
|
565 |
|
|
1,048 |
|
|
— |
|
|
1,613 |
|
Deferred income tax expense |
47,971 |
|
|
14,846 |
|
|
6,245 |
|
|
— |
|
|
69,062 |
|
Expenses not requiring cash |
8,389 |
|
|
(1,624 |
) |
|
(5,403 |
) |
|
— |
|
|
1,362 |
|
Equity in net earnings (losses) of subsidiaries |
94,469 |
|
|
— |
|
|
— |
|
|
(94,469 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
25,923 |
|
|
34,468 |
|
|
— |
|
|
60,391 |
|
Rig materials and supplies |
— |
|
|
(73 |
) |
|
(1,679 |
) |
|
— |
|
|
(1,752 |
) |
Other current assets |
50,296 |
|
|
(35,322 |
) |
|
(12,834 |
) |
|
— |
|
|
2,140 |
|
Accounts payable and accrued liabilities |
(121,016 |
) |
|
97,315 |
|
|
4,207 |
|
|
— |
|
|
(19,494 |
) |
Accrued income taxes |
(10,381 |
) |
|
(626 |
) |
|
4,585 |
|
|
— |
|
|
(6,422 |
) |
Other assets |
(299 |
) |
|
101 |
|
|
4,095 |
|
|
— |
|
|
3,897 |
|
Net cash provided by (used in) operating activities |
(160,297 |
) |
|
142,117 |
|
|
39,465 |
|
|
— |
|
|
21,285 |
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
Intercompany advances, net |
154,687 |
|
|
(120,659 |
) |
|
(34,028 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
151,312 |
|
|
(126,659 |
) |
|
(34,028 |
) |
|
— |
|
|
(9,375 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
(8,985 |
) |
|
511 |
|
|
(6,129 |
) |
|
— |
|
|
(14,603 |
) |
Cash and cash equivalents at beginning of year |
73,985 |
|
|
13,854 |
|
|
46,455 |
|
|
— |
|
|
134,294 |
|
Cash and cash equivalents at end of year |
$ |
65,000 |
|
|
$ |
14,365 |
|
|
$ |
40,326 |
|
|
$ |
— |
|
|
$ |
119,691 |
|
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2015 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(95,073 |
) |
|
$ |
(13,875 |
) |
|
$ |
(21,967 |
) |
|
$ |
36,631 |
|
|
(94,284 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
95,071 |
|
|
61,123 |
|
|
— |
|
|
156,194 |
|
Accretion of contingent consideration |
— |
|
|
826 |
|
|
— |
|
|
— |
|
|
826 |
|
(Gain) loss on disposition of assets |
— |
|
|
(439 |
) |
|
(1,204 |
) |
|
— |
|
|
(1,643 |
) |
Deferred income tax expense (benefit) |
(18,715 |
) |
|
11,718 |
|
|
9,706 |
|
|
— |
|
|
2,709 |
|
Provision for reduction in carrying value of certain assets |
— |
|
|
2,088 |
|
|
10,402 |
|
|
— |
|
|
12,490 |
|
Expenses not requiring cash |
6,311 |
|
|
854 |
|
|
(2,062 |
) |
|
— |
|
|
5,103 |
|
Equity in net earnings (losses) of subsidiaries |
36,631 |
|
|
— |
|
|
— |
|
|
(36,631 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
(33 |
) |
|
61,818 |
|
|
42,210 |
|
|
— |
|
|
103,995 |
|
Rig materials and supplies |
— |
|
|
51 |
|
|
2,671 |
|
|
— |
|
|
2,722 |
|
Other current assets |
19,885 |
|
|
(16,257 |
) |
|
8,920 |
|
|
— |
|
|
12,548 |
|
Accounts payable and accrued liabilities |
10,228 |
|
|
(21,396 |
) |
|
(16,257 |
) |
|
— |
|
|
(27,425 |
) |
Accrued income taxes |
15,368 |
|
|
(9,405 |
) |
|
(13,920 |
) |
|
— |
|
|
(7,957 |
) |
Other assets |
(198,955 |
) |
|
186,591 |
|
|
9,208 |
|
|
— |
|
|
(3,156 |
) |
Net cash provided by (used in) operating activities |
(224,353 |
) |
|
297,645 |
|
|
88,830 |
|
|
— |
|
|
162,122 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(58,817 |
) |
|
(29,380 |
) |
|
— |
|
|
(88,197 |
) |
Proceeds from the sale of assets |
— |
|
|
500 |
|
|
330 |
|
|
— |
|
|
830 |
|
Proceeds from insurance settlements |
— |
|
|
— |
|
|
2,500 |
|
|
— |
|
|
2,500 |
|
Acquisitions, net of cash acquired |
(3,375 |
) |
|
(10,431 |
) |
|
— |
|
|
— |
|
|
(13,806 |
) |
Divestitures, net of cash acquired |
— |
|
|
— |
|
|
(2,570 |
) |
|
— |
|
|
(2,570 |
) |
Net cash provided by (used in) investing activities |
(3,375 |
) |
|
(68,748 |
) |
|
(29,120 |
) |
|
— |
|
|
(101,243 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repayment of long term debt |
(30,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30,000 |
) |
Payment of debt issuance costs |
(1,996 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,996 |
) |
Payment of contingent consideration |
— |
|
|
(2,000 |
) |
|
— |
|
|
— |
|
|
(2,000 |
) |
Excess tax benefit from stock-based compensation |
(1,045 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,045 |
) |
Intercompany advances, net |
298,026 |
|
|
(226,589 |
) |
|
(71,437 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
264,985 |
|
|
(228,589 |
) |
|
(71,437 |
) |
|
— |
|
|
(35,041 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
37,257 |
|
|
308 |
|
|
(11,727 |
) |
|
— |
|
|
25,838 |
|
Cash and cash equivalents at beginning of year |
36,728 |
|
|
13,546 |
|
|
58,182 |
|
|
— |
|
|
108,456 |
|
Cash and cash equivalents at end of year |
$ |
73,985 |
|
|
$ |
13,854 |
|
|
$ |
46,455 |
|
|
$ |
— |
|
|
$ |
134,294 |
|
|
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 (loss) 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 assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
32 |
|
|
11,937 |
|
|
(24,207 |
) |
|
— |
|
|
(12,238 |
) |
Rig materials and supplies |
— |
|
|
2,990 |
|
|
(5,868 |
) |
|
— |
|
|
(2,878 |
) |
Other current assets |
34,639 |
|
|
(27,404 |
) |
|
18,797 |
|
|
— |
|
|
26,032 |
|
Accounts payable and accrued liabilities |
2,336 |
|
|
(20,492 |
) |
|
45,387 |
|
|
— |
|
|
27,231 |
|
Accrued income taxes |
(12,474 |
) |
|
11,107 |
|
|
(6,290 |
) |
|
— |
|
|
(7,657 |
) |
Other assets |
799 |
|
|
(32,259 |
) |
|
(16,083 |
) |
|
— |
|
|
(47,543 |
) |
Net cash provided by (used in) 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 provided by (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 |
(435,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(435,000 |
) |
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 |
|
|