Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

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CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 37,098 $ (50,645) $ (14,708)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 113,017 112,136 115,030
Impairment of property, plant and equipment   170,000  
Loss on extinguishment of debt 2,130   7,209
Gain on disposition of assets (1,974) (3,659) (4,620)
Deferred tax expense (benefit) 15,837 (48,375) (1,308)
Provision for reduction in carrying value of certain assets 0 1,350 1,952
Expenses not requiring cash 22,600 12,833 14,829
Change in assets and liabilities:      
Accounts and notes receivable 15,241 (6,841) 20,752
Rig materials and supplies 344 (913) (856)
Other current assets (4,313) 63,816 (2,969)
Accounts payable and accrued liabilities (2,657) (24,908) (10,868)
Accrued income taxes (6,102) 2,141 (4,124)
Other assets (1,522) (1,050) 3,231
Net cash provided by operating activities 189,699 225,885 123,550
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (191,543) (190,399) (219,184)
Proceeds from the sale of assets 3,937 5,535 6,475
Proceeds from insurance claims   250  
Net cash used in investing activities (187,606) (184,614) (212,709)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of debt 130,000 50,000 300,000
Proceeds from draw on revolver credit facility 7,000   25,000
Repayments of senior notes (125,000)   (225,000)
Repayments of term loan (18,000) (21,000) (12,000)
Repayments of revolver   (25,000) (42,000)
Payments of debt issuance costs (4,859) (504) (7,976)
Payments of debt extinguishment costs (555)   (7,466)
Proceeds from stock options exercised   183 26
Excess tax benefit (expense) from stock-based compensation (662) 1,488 1,203
Net cash provided by (used in) financing activities (12,076) 5,167 31,787
Net increase (decrease) in cash and cash equivalents (9,983) 46,438 (57,372)
Cash and cash equivalents at beginning of year 97,869 51,431 108,803
Cash and cash equivalents at end of year 87,886 97,869 51,431
Supplemental cash flow information:      
Interest paid 37,405 32,785 30,377
Income taxes paid $ 40,234 $ 21,742 $ 41,024