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
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income (loss) $ (118,701) $ (230,814) $ (94,284)
Adjustments to reconcile net income (loss):      
Depreciation and amortization 122,373 139,795 156,194
Accretion of contingent consideration 0 419 826
(Gain) loss on debt modification 0 1,088 0
(Gain) loss on disposition of assets 2,851 1,613 (1,643)
Deferred tax expense (benefit) (224) 69,062 2,709
Provision for reduction in carrying value of certain assets 1,938 0 12,490
Excess tax benefit (expense) from stock-based compensation 0   (1,045)
Expenses not requiring cash 4,251 2,518 6,136
Change in assets and liabilities:      
Accounts and notes receivable (9,628) 60,391 103,995
Rig materials and supplies 4,710 (1,752) 2,722
Other current assets (1,319) 2,140 12,548
Accounts payable and accrued liabilities (8,714) (19,494) (27,425)
Accrued income taxes 538 (6,422) (7,957)
Other assets 8,658 3,897 (3,156)
Net cash provided by (used in) operating activities 6,733 22,441 162,110
Cash flows from investing activities:      
Capital expenditures (54,533) (28,954) (88,197)
Proceeds from the sale of assets 403 2,441 830
Proceeds from insurance settlements 0 0 2,500
Acquisitions, net of cash acquired 0 0 (13,806)
Divestitures, net of cash paid 0 0 (2,570)
Net cash provided by (used in) investing activities (54,130) (26,513) (101,243)
Cash flows from financing activities:      
Repayments of long-term debt 0 0 (30,000)
Proceeds from the issuance of common stock 25,200 0 0
Proceeds from the issuance of mandatory convertible preferred stock 50,000 0 0
Payment of equity issuance costs (2,864) 0 0
Mandatory convertible preferred stock dividend (2,145) 0 0
Shares surrendered in lieu of tax (936) (1,156) (1,033)
Payments of debt issuance costs 0 0 (1,996)
Payment for noncontrolling interest 0 (3,375) 0
Payment of contingent consideration 0 (6,000) (2,000)
Net cash provided by (used in) financing activities 69,255 (10,531) (35,029)
Net increase (decrease) in cash and cash equivalents 21,858 (14,603) 25,838
Cash and cash equivalents at beginning of year 119,691 134,294 108,456
Cash and cash equivalents at end of year 141,549 119,691 134,294
Supplemental cash flow information:      
Interest paid 41,175 41,175 41,393
Income taxes paid $ 8,422 $ 14,341 $ 26,208