Parent, Guarantor, Non-Guarantor Unaudited Consolidating Condensed Financial Statements (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
|---|
| 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
46,762 |
|
|
$ |
16,223 |
|
|
$ |
51,474 |
|
|
$ |
— |
|
|
$ |
114,459 |
|
Accounts and notes receivable, net |
— |
|
|
38,845 |
|
|
83,828 |
|
|
— |
|
|
122,673 |
|
Rig materials and supplies |
— |
|
|
(1,972 |
) |
|
33,494 |
|
|
399 |
|
|
31,921 |
|
Other current assets |
— |
|
|
8,651 |
|
|
14,989 |
|
|
— |
|
|
23,640 |
|
Total current assets |
46,762 |
|
|
61,747 |
|
|
183,785 |
|
|
399 |
|
|
292,693 |
|
Property, plant and equipment, net |
(19 |
) |
|
422,144 |
|
|
179,727 |
|
|
217 |
|
|
602,069 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
5,974 |
|
|
— |
|
|
— |
|
|
5,974 |
|
Investment in subsidiaries and intercompany advances |
2,923,231 |
|
|
2,993,050 |
|
|
4,100,944 |
|
|
(10,017,225 |
) |
|
— |
|
Other noncurrent assets |
(253,593 |
) |
|
231,233 |
|
|
532,946 |
|
|
(480,811 |
) |
|
29,775 |
|
Total assets |
$ |
2,716,381 |
|
|
$ |
3,720,856 |
|
|
$ |
4,997,402 |
|
|
$ |
(10,497,420 |
) |
|
$ |
937,219 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(73,337 |
) |
|
$ |
206,807 |
|
|
$ |
586,803 |
|
|
$ |
(617,476 |
) |
|
$ |
102,797 |
|
Accrued income taxes |
83,693 |
|
|
(62,838 |
) |
|
(17,398 |
) |
|
— |
|
|
3,457 |
|
Total current liabilities |
10,356 |
|
|
143,969 |
|
|
569,405 |
|
|
(617,476 |
) |
|
106,254 |
|
Long-term debt, net |
578,840 |
|
|
— |
|
|
— |
|
|
— |
|
|
578,840 |
|
Other long-term liabilities |
2,867 |
|
|
3,367 |
|
|
4,102 |
|
|
(1 |
) |
|
10,335 |
|
Long-term deferred tax liability |
— |
|
|
— |
|
|
60 |
|
|
— |
|
|
60 |
|
Intercompany payables |
1,879,491 |
|
|
1,471,636 |
|
|
2,571,268 |
|
|
(5,922,395 |
) |
|
— |
|
Total liabilities |
2,471,554 |
|
|
1,618,972 |
|
|
3,144,835 |
|
|
(6,539,872 |
) |
|
695,489 |
|
Total stockholders’ equity |
244,827 |
|
|
2,101,884 |
|
|
1,852,567 |
|
|
(3,957,548 |
) |
|
241,730 |
|
Total liabilities and stockholders’ equity |
$ |
2,716,381 |
|
|
$ |
3,720,856 |
|
|
$ |
4,997,402 |
|
|
$ |
(10,497,420 |
) |
|
$ |
937,219 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
ASSETS |
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
75,342 |
|
|
$ |
20,655 |
|
|
$ |
45,552 |
|
|
$ |
— |
|
|
$ |
141,549 |
|
Accounts and notes receivable, net |
— |
|
|
32,338 |
|
|
90,173 |
|
|
— |
|
|
122,511 |
|
Rig materials and supplies |
— |
|
|
(3,025 |
) |
|
34,440 |
|
|
— |
|
|
31,415 |
|
Other current assets |
— |
|
|
6,362 |
|
|
15,999 |
|
|
— |
|
|
22,361 |
|
Total current assets |
75,342 |
|
|
56,330 |
|
|
186,164 |
|
|
— |
|
|
317,836 |
|
Property, plant and equipment, net |
(19 |
) |
|
428,556 |
|
|
197,234 |
|
|
— |
|
|
625,771 |
|
Goodwill |
— |
|
|
6,708 |
|
|
— |
|
|
— |
|
|
6,708 |
|
Intangible assets, net |
— |
|
|
7,128 |
|
|
— |
|
|
— |
|
|
7,128 |
|
Investment in subsidiaries and intercompany advances |
2,955,050 |
|
|
2,971,456 |
|
|
3,955,553 |
|
|
(9,882,059 |
) |
|
— |
|
Other noncurrent assets |
(261,232 |
) |
|
237,755 |
|
|
537,124 |
|
|
(480,811 |
) |
|
32,836 |
|
Total assets |
$ |
2,769,141 |
|
|
$ |
3,707,933 |
|
|
$ |
4,876,075 |
|
|
$ |
(10,362,870 |
) |
|
$ |
990,279 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
(51,060 |
) |
|
$ |
179,247 |
|
|
$ |
588,536 |
|
|
$ |
(617,477 |
) |
|
$ |
99,246 |
|
Accrued income taxes |
76,883 |
|
|
(56,870 |
) |
|
(15,583 |
) |
|
— |
|
|
4,430 |
|
Total current liabilities |
25,823 |
|
|
122,377 |
|
|
572,953 |
|
|
(617,477 |
) |
|
103,676 |
|
Long-term debt, net |
577,971 |
|
|
— |
|
|
— |
|
|
— |
|
|
577,971 |
|
Other long-term liabilities |
2,867 |
|
|
5,741 |
|
|
3,825 |
|
|
— |
|
|
12,433 |
|
Long-term deferred tax liability |
(1 |
) |
|
— |
|
|
79 |
|
|
— |
|
|
78 |
|
Intercompany payables |
1,865,810 |
|
|
1,465,744 |
|
|
2,430,340 |
|
|
(5,761,894 |
) |
|
— |
|
Total liabilities |
2,472,470 |
|
|
1,593,862 |
|
|
3,007,197 |
|
|
(6,379,371 |
) |
|
694,158 |
|
Total stockholders’ equity |
296,671 |
|
|
2,114,071 |
|
|
1,868,878 |
|
|
(3,983,499 |
) |
|
296,121 |
|
Total liabilities and stockholders’ equity |
$ |
2,769,141 |
|
|
$ |
3,707,933 |
|
|
$ |
4,876,075 |
|
|
$ |
(10,362,870 |
) |
|
$ |
990,279 |
|
|
| Consolidating Condensed Statement of Operations |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
50,996 |
|
|
$ |
82,641 |
|
|
$ |
(15,034 |
) |
|
$ |
118,603 |
|
Operating expenses |
— |
|
|
26,375 |
|
|
80,293 |
|
|
(15,034 |
) |
|
91,634 |
|
Depreciation and amortization |
— |
|
|
19,488 |
|
|
7,648 |
|
|
— |
|
|
27,136 |
|
Total operating gross margin (loss) |
— |
|
|
5,133 |
|
|
(5,300 |
) |
|
— |
|
|
(167 |
) |
General and administrative expense (1)
|
(156 |
) |
|
(8,005 |
) |
|
(127 |
) |
|
— |
|
|
(8,288 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(63 |
) |
|
(415 |
) |
|
— |
|
|
(478 |
) |
Total operating income (loss) |
(156 |
) |
|
(2,935 |
) |
|
(5,842 |
) |
|
— |
|
|
(8,933 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,913 |
) |
|
(51 |
) |
|
(2,100 |
) |
|
2,867 |
|
|
(11,197 |
) |
Interest income |
139 |
|
|
180 |
|
|
2,578 |
|
|
(2,867 |
) |
|
30 |
|
Other |
— |
|
|
14 |
|
|
(1,205 |
) |
|
— |
|
|
(1,191 |
) |
Equity in net earnings of subsidiaries |
(11,079 |
) |
|
— |
|
|
— |
|
|
11,079 |
|
|
— |
|
Total other income (expense) |
(22,853 |
) |
|
143 |
|
|
(727 |
) |
|
11,079 |
|
|
(12,358 |
) |
Income (loss) before income taxes |
(23,009 |
) |
|
(2,792 |
) |
|
(6,569 |
) |
|
11,079 |
|
|
(21,291 |
) |
Income tax expense (benefit) |
(132 |
) |
|
277 |
|
|
1,441 |
|
|
— |
|
|
1,586 |
|
Net income (loss) |
(22,877 |
) |
|
(3,069 |
) |
|
(8,010 |
) |
|
11,079 |
|
|
(22,877 |
) |
Less: Convertible preferred stock dividend |
907 |
|
|
— |
|
|
— |
|
|
— |
|
|
907 |
|
Net income (loss) available to common stockholders |
$ |
(23,784 |
) |
|
$ |
(3,069 |
) |
|
$ |
(8,010 |
) |
|
$ |
11,079 |
|
|
$ |
(23,784 |
) |
|
|
(1) |
General and administrative expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
41,490 |
|
|
$ |
85,028 |
|
|
$ |
(16,911 |
) |
|
$ |
109,607 |
|
Operating expenses |
— |
|
|
25,327 |
|
|
81,225 |
|
|
(16,911 |
) |
|
89,641 |
|
Depreciation and amortization |
— |
|
|
20,270 |
|
|
10,712 |
|
|
— |
|
|
30,982 |
|
Total operating gross margin (loss) |
— |
|
|
(4,107 |
) |
|
(6,909 |
) |
|
— |
|
|
(11,016 |
) |
General and administrative expense (1)
|
(69 |
) |
|
(6,303 |
) |
|
(131 |
) |
|
— |
|
|
(6,503 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(26 |
) |
|
(87 |
) |
|
— |
|
|
(113 |
) |
Total operating income (loss) |
(69 |
) |
|
(10,436 |
) |
|
(7,127 |
) |
|
— |
|
|
(17,632 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(11,809 |
) |
|
(41 |
) |
|
(2,070 |
) |
|
2,825 |
|
|
(11,095 |
) |
Interest income |
184 |
|
|
179 |
|
|
2,484 |
|
|
(2,825 |
) |
|
22 |
|
Other |
— |
|
|
15 |
|
|
545 |
|
|
— |
|
|
560 |
|
Equity in net earnings of subsidiaries |
(15,823 |
) |
|
— |
|
|
— |
|
|
15,823 |
|
|
— |
|
Total other income (expense) |
(27,448 |
) |
|
153 |
|
|
959 |
|
|
15,823 |
|
|
(10,513 |
) |
Income (loss) before income taxes |
(27,517 |
) |
|
(10,283 |
) |
|
(6,168 |
) |
|
15,823 |
|
|
(28,145 |
) |
Income tax expense (benefit) |
2,371 |
|
|
(1,585 |
) |
|
957 |
|
|
— |
|
|
1,743 |
|
Net income (loss) |
(29,888 |
) |
|
(8,698 |
) |
|
(7,125 |
) |
|
15,823 |
|
|
(29,888 |
) |
Less: Convertible preferred stock dividend |
1,239 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,239 |
|
Net income (loss) available to common stockholders |
$ |
(31,127 |
) |
|
$ |
(8,698 |
) |
|
$ |
(7,125 |
) |
|
$ |
15,823 |
|
|
$ |
(31,127 |
) |
|
|
(1) |
General and administrative expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
93,587 |
|
|
$ |
164,264 |
|
|
$ |
(29,573 |
) |
|
$ |
228,278 |
|
Operating expenses |
— |
|
|
52,192 |
|
|
160,549 |
|
|
(29,573 |
) |
|
183,168 |
|
Depreciation and amortization |
— |
|
|
39,484 |
|
|
16,201 |
|
|
— |
|
|
55,685 |
|
Total operating gross margin (loss) |
— |
|
|
1,911 |
|
|
(12,486 |
) |
|
— |
|
|
(10,575 |
) |
General and administrative expense (1)
|
(245 |
) |
|
(13,988 |
) |
|
(256 |
) |
|
— |
|
|
(14,489 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(53 |
) |
|
(82 |
) |
|
— |
|
|
(135 |
) |
Total operating income (loss) |
(245 |
) |
|
(12,130 |
) |
|
(12,824 |
) |
|
— |
|
|
(25,199 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(24,141 |
) |
|
172 |
|
|
(4,156 |
) |
|
5,688 |
|
|
(22,437 |
) |
Interest income |
321 |
|
|
361 |
|
|
5,059 |
|
|
(5,688 |
) |
|
53 |
|
Other |
— |
|
|
16 |
|
|
(916 |
) |
|
— |
|
|
(900 |
) |
Equity in net earnings of subsidiaries |
(27,451 |
) |
|
— |
|
|
— |
|
|
27,451 |
|
|
— |
|
Total other income (expense) |
(51,271 |
) |
|
549 |
|
|
(13 |
) |
|
27,451 |
|
|
(23,284 |
) |
Income (loss) before income taxes |
(51,516 |
) |
|
(11,581 |
) |
|
(12,837 |
) |
|
27,451 |
|
|
(48,483 |
) |
Income tax expense (benefit) |
157 |
|
|
607 |
|
|
2,426 |
|
|
— |
|
|
3,190 |
|
Net income (loss) |
(51,673 |
) |
|
(12,188 |
) |
|
(15,263 |
) |
|
27,451 |
|
|
(51,673 |
) |
Less: Convertible preferred stock dividend |
1,813 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,813 |
|
Net income (loss) available to common stockholders |
$ |
(53,486 |
) |
|
$ |
(12,188 |
) |
|
$ |
(15,263 |
) |
|
$ |
27,451 |
|
|
$ |
(53,486 |
) |
|
|
(1) |
General and administrative expenses for field operations are included in operating expenses. |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Revenues |
$ |
— |
|
|
$ |
69,383 |
|
|
$ |
173,265 |
|
|
$ |
(34,770 |
) |
|
$ |
207,878 |
|
Operating expenses |
— |
|
|
46,277 |
|
|
163,948 |
|
|
(34,770 |
) |
|
175,455 |
|
Depreciation and amortization |
— |
|
|
41,458 |
|
|
21,726 |
|
|
— |
|
|
63,184 |
|
Total operating gross margin (loss) |
— |
|
|
(18,352 |
) |
|
(12,409 |
) |
|
— |
|
|
(30,761 |
) |
General and administrative expense (1)
|
(147 |
) |
|
(13,173 |
) |
|
(223 |
) |
|
— |
|
|
(13,543 |
) |
Gain (loss) on disposition of assets, net |
— |
|
|
(242 |
) |
|
(223 |
) |
|
— |
|
|
(465 |
) |
Total operating income (loss) |
(147 |
) |
|
(31,767 |
) |
|
(12,855 |
) |
|
— |
|
|
(44,769 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense |
(23,478 |
) |
|
(85 |
) |
|
(4,013 |
) |
|
5,611 |
|
|
(21,965 |
) |
Interest income |
332 |
|
|
357 |
|
|
4,954 |
|
|
(5,611 |
) |
|
32 |
|
Other |
— |
|
|
47 |
|
|
1,043 |
|
|
— |
|
|
1,090 |
|
Equity in net earnings of subsidiaries |
(37,602 |
) |
|
— |
|
|
— |
|
|
37,602 |
|
|
— |
|
Total other income (expense) |
(60,748 |
) |
|
319 |
|
|
1,984 |
|
|
37,602 |
|
|
(20,843 |
) |
Income (loss) before income taxes |
(60,895 |
) |
|
(31,448 |
) |
|
(10,871 |
) |
|
37,602 |
|
|
(65,612 |
) |
Income tax expense (benefit) |
8,801 |
|
|
(7,161 |
) |
|
2,445 |
|
|
— |
|
|
4,085 |
|
Net income (loss) |
(69,696 |
) |
|
(24,287 |
) |
|
(13,316 |
) |
|
37,602 |
|
|
(69,697 |
) |
Less: Convertible preferred stock dividend |
1,239 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,239 |
|
Net income (loss) available to common stockholders |
$ |
(70,935 |
) |
|
$ |
(24,287 |
) |
|
$ |
(13,316 |
) |
|
$ |
37,602 |
|
|
$ |
(70,936 |
) |
|
|
(1) |
General and administrative 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, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(22,877 |
) |
|
$ |
(3,069 |
) |
|
$ |
(8,010 |
) |
|
$ |
11,079 |
|
|
$ |
(22,877 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(445 |
) |
|
— |
|
|
(445 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(1,802 |
) |
|
— |
|
|
(1,802 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(2,247 |
) |
|
— |
|
|
(2,247 |
) |
Comprehensive income (loss) |
$ |
(22,877 |
) |
|
$ |
(3,069 |
) |
|
$ |
(10,257 |
) |
|
$ |
11,079 |
|
|
$ |
(25,124 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(29,888 |
) |
|
$ |
(8,698 |
) |
|
$ |
(7,125 |
) |
|
$ |
15,823 |
|
|
$ |
(29,888 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
185 |
|
|
— |
|
|
185 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
686 |
|
|
— |
|
|
686 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
871 |
|
|
— |
|
|
871 |
|
Comprehensive income (loss) |
$ |
(29,888 |
) |
|
$ |
(8,698 |
) |
|
$ |
(6,254 |
) |
|
$ |
15,823 |
|
|
$ |
(29,017 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(51,673 |
) |
|
$ |
(12,188 |
) |
|
$ |
(15,263 |
) |
|
$ |
27,451 |
|
|
$ |
(51,673 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
(169 |
) |
|
— |
|
|
(169 |
) |
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
(2,378 |
) |
|
— |
|
|
(2,378 |
) |
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
(2,547 |
) |
|
— |
|
|
(2,547 |
) |
Comprehensive income (loss) |
$ |
(51,673 |
) |
|
$ |
(12,188 |
) |
|
$ |
(17,810 |
) |
|
$ |
27,451 |
|
|
$ |
(54,220 |
) |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(69,696 |
) |
|
$ |
(24,287 |
) |
|
$ |
(13,316 |
) |
|
$ |
37,602 |
|
|
$ |
(69,697 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
Currency translation difference on related borrowings |
— |
|
|
— |
|
|
268 |
|
|
— |
|
|
268 |
|
Currency translation difference on foreign currency net investments |
— |
|
|
— |
|
|
1,449 |
|
|
— |
|
|
1,449 |
|
Total other comprehensive income (loss), net of tax: |
— |
|
|
— |
|
|
1,717 |
|
|
— |
|
|
1,717 |
|
Comprehensive income (loss) |
$ |
(69,696 |
) |
|
$ |
(24,287 |
) |
|
$ |
(11,599 |
) |
|
$ |
37,602 |
|
|
$ |
(67,980 |
) |
|
| Consolidated Condensed Statements of Cash Flows |
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2018 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(51,673 |
) |
|
$ |
(12,188 |
) |
|
$ |
(15,263 |
) |
|
$ |
27,451 |
|
|
$ |
(51,673 |
) |
Adjustments to reconcile net income (loss): |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
39,484 |
|
|
16,201 |
|
|
— |
|
|
55,685 |
|
(Gain) loss on disposition of assets, net |
— |
|
|
53 |
|
|
82 |
|
|
— |
|
|
135 |
|
Deferred tax expense (benefit) |
(6,782 |
) |
|
6,354 |
|
|
(468 |
) |
|
— |
|
|
(896 |
) |
Expenses not requiring cash |
2,681 |
|
|
561 |
|
|
(8,472 |
) |
|
9,260 |
|
|
4,030 |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(6,507 |
) |
|
6,115 |
|
|
— |
|
|
(392 |
) |
Other assets |
32,403 |
|
|
(22,769 |
) |
|
(136,289 |
) |
|
134,767 |
|
|
8,112 |
|
Accounts payable and accrued liabilities |
(8,596 |
) |
|
25,823 |
|
|
148,225 |
|
|
(171,478 |
) |
|
(6,026 |
) |
Accrued income taxes |
6,810 |
|
|
(5,968 |
) |
|
(1,786 |
) |
|
— |
|
|
(944 |
) |
Net cash provided by (used in) operating activities |
(25,157 |
) |
|
24,843 |
|
|
8,345 |
|
|
— |
|
|
8,031 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(29,342 |
) |
|
(3,207 |
) |
|
— |
|
|
(32,549 |
) |
Proceeds from the sale of assets |
— |
|
|
67 |
|
|
784 |
|
|
— |
|
|
851 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(29,275 |
) |
|
(2,423 |
) |
|
— |
|
|
(31,698 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payments of debt issuance costs |
(1,440 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,440 |
) |
Convertible preferred stock dividend |
(1,813 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,813 |
) |
Shares surrendered in lieu of tax |
(170 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(170 |
) |
Net cash provided by (used in) financing activities |
(3,423 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,423 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(28,580 |
) |
|
(4,432 |
) |
|
5,922 |
|
|
— |
|
|
(27,090 |
) |
Cash and cash equivalents at beginning of period |
75,342 |
|
|
20,655 |
|
|
45,552 |
|
|
— |
|
|
141,549 |
|
Cash and cash equivalents at end of period |
$ |
46,762 |
|
|
$ |
16,223 |
|
|
$ |
51,474 |
|
|
$ |
— |
|
|
$ |
114,459 |
|
PARKER DRILLING COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2017 |
|
Parent |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(69,696 |
) |
|
$ |
(24,287 |
) |
|
$ |
(13,316 |
) |
|
$ |
37,602 |
|
|
$ |
(69,697 |
) |
Adjustments to reconcile net income (loss) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
41,458 |
|
|
21,726 |
|
|
— |
|
|
63,184 |
|
(Gain) loss on disposition of assets, net |
— |
|
|
242 |
|
|
223 |
|
|
— |
|
|
465 |
|
Deferred tax expense (benefit) |
(10,359 |
) |
|
8,943 |
|
|
482 |
|
|
— |
|
|
(934 |
) |
Expenses not requiring cash |
3,154 |
|
|
120 |
|
|
1,674 |
|
|
— |
|
|
4,948 |
|
Equity in net earnings of subsidiaries |
37,602 |
|
|
— |
|
|
— |
|
|
(37,602 |
) |
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
— |
|
|
(13,787 |
) |
|
6,934 |
|
|
— |
|
|
(6,853 |
) |
Other assets |
(50,315 |
) |
|
32,013 |
|
|
16,580 |
|
|
— |
|
|
(1,722 |
) |
Accounts payable and accrued liabilities |
(37,753 |
) |
|
29,831 |
|
|
(313 |
) |
|
— |
|
|
(8,235 |
) |
Accrued income taxes |
71,942 |
|
|
(54,000 |
) |
|
(16,666 |
) |
|
— |
|
|
1,276 |
|
Net cash provided by (used in) operating activities |
(55,425 |
) |
|
20,533 |
|
|
17,324 |
|
|
— |
|
|
(17,568 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
— |
|
|
(18,726 |
) |
|
(7,833 |
) |
|
— |
|
|
(26,559 |
) |
Proceeds from the sale of assets |
— |
|
|
25 |
|
|
160 |
|
|
— |
|
|
185 |
|
Net cash provided by (used in) investing activities |
— |
|
|
(18,701 |
) |
|
(7,673 |
) |
|
— |
|
|
(26,374 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Convertible preferred stock dividend |
(1,239 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,239 |
) |
Shares surrendered in lieu of tax |
(612 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(612 |
) |
Proceeds from the issuance of common stock |
25,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
25,200 |
|
Proceeds from the issuance of convertible preferred stock |
50,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
Payment of equity issuance costs |
(2,864 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,864 |
) |
Intercompany advances, net |
8,946 |
|
|
361 |
|
|
(9,307 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
79,431 |
|
|
361 |
|
|
(9,307 |
) |
|
— |
|
|
70,485 |
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
24,006 |
|
|
2,193 |
|
|
344 |
|
|
— |
|
|
26,543 |
|
Cash and cash equivalents at beginning of period |
65,000 |
|
|
14,365 |
|
|
40,326 |
|
|
— |
|
|
119,691 |
|
Cash and cash equivalents at end of period |
$ |
89,006 |
|
|
$ |
16,558 |
|
|
$ |
40,670 |
|
|
$ |
— |
|
|
$ |
146,234 |
|
|