Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v2.4.0.6
Consolidated Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (50,645) $ (14,708) $ 9,267
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 112,136 115,030 113,975
Impairment of property, plant and equipment 170,000    
Loss on extinguishment of debt   7,209  
Gain on disposition of assets (3,659) (4,620) (5,906)
Deferred tax expense (48,375) (1,308) (14,864)
Provision for reduction in carrying value of certain assets 1,350 1,952 4,646
Expenses not requiring cash 12,833 14,829 11,626
Change in assets and liabilities:      
Accounts and notes receivable (6,841) 20,752 1,656
Rig materials and supplies (913) (856) (3,464)
Other current assets 63,816 (2,969) (29,903)
Accounts payable and accrued liabilities (24,908) (10,868) 29,735
Accrued income taxes 2,141 (4,124) (13,004)
Other assets (1,050) 3,231 7,108
Net cash provided by operating activities 225,885 123,550 110,872
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (190,399) (219,184) (160,054)
Proceeds from the sale of assets 5,535 6,475 9,336
Proceeds from insurance claims 250    
Net cash used in investing activities (184,614) (212,709) (150,718)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of debt 50,000 300,000  
Proceeds from draw on revolver credit facility   25,000 4,000
Repayments of senior notes   (225,000)  
Repayments of term loan (21,000) (12,000) (6,000)
Repayments of revolver (25,000) (42,000) (20,000)
Payments of debt issuance costs (504) (7,976)  
Payments of debt extinguishment costs   (7,466)  
Proceeds from stock options exercised 183 26 199
Excess tax benefit (expense) from stock-based compensation 1,488 1,203 (1,848)
Net cash provided by (used in) financing activities 5,167 31,787 (23,649)
Net increase (decrease) in cash and cash equivalents 46,438 (57,372) (63,495)
Cash and cash equivalents at beginning of year 51,431 108,803 172,298
Cash and cash equivalents at end of year 97,869 51,431 108,803
Supplemental cash flow information:      
Interest paid 32,785 30,377 28,721
Income taxes paid $ 21,742 $ 41,024 $ 17,462