Annual report pursuant to Section 13 and 15(d)

Parent, Guarantor, Non-Guarantor Unaudited Consolidating Financial Statements (Unaudited) (Tables)

v3.19.1
Parent, Guarantor, Non-Guarantor Unaudited Consolidating Financial Statements (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidating Condensed Balance Sheet
CONSOLIDATING CONDENSED BALANCE SHEET
(Dollars in Thousands)
(Unaudited)
 
December 31, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
ASSETS
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
5,905

 
$
9,321

 
$
33,376

 
$

 
$
48,602

Restricted cash
10,389

 

 

 

 
10,389

Accounts and notes receivable, net

 
48,598

 
87,839

 

 
136,437

Rig materials and supplies

 
1,650

 
34,002

 
593

 
36,245

Deferred costs

 
975

 
3,378

 

 
4,353

Other tax assets

 

 
2,949

 

 
2,949

Other current assets
8,088

 
10,241

 
9,600

 

 
27,929

Total current assets
24,382

 
70,785

 
171,144

 
593

 
266,904

Property, plant and equipment, net
(19
)
 
369,529

 
164,861

 

 
534,371

Intangible assets, net

 
4,821

 

 

 
4,821

Rig materials and supplies

 
7,036

 
5,935

 

 
12,971

Deferred income taxes
1,918

 
(14,806
)
 
15,031

 

 
2,143

Investment in subsidiaries and intercompany advances
2,871,807

 
3,024,736

 
4,264,747

 
(10,161,290
)
 

Other non-current assets
(277,183
)
 
257,204

 
507,932

 
(480,749
)
 
7,204

Total assets
$
2,620,905

 
$
3,719,305

 
$
5,129,650

 
$
(10,641,446
)
 
$
828,414

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Debtor in possession financing
$
10,000

 
$

 
$

 
$

 
$
10,000

Accounts payable
(200,977
)
 
222,903

 
511,770

 
(494,018
)
 
39,678

Accrued liabilities
69,961

 
11,934

 
76,947

 
(123,457
)
 
35,385

Accrued income taxes
88,494

 
(67,333
)
 
(17,776
)
 

 
3,385

Total current liabilities
(32,522
)
 
167,504

 
570,941

 
(617,475
)
 
88,448

Other long-term liabilities
2,867

 
4,128

 
4,549

 

 
11,544

Long-term deferred tax liability

 

 
510

 

 
510

Intercompany payables
1,918,709

 
1,487,904

 
2,719,884

 
(6,126,497
)
 

Total liabilities not subject to compromise
1,889,054

 
1,659,536

 
3,295,884

 
(6,743,972
)
 
100,502

Liabilities subject to compromise
600,996

 

 

 

 
600,996

Total stockholder's equity
130,855

 
2,059,769

 
1,833,766

 
(3,897,474
)
 
126,916

Total liabilities and stockholders’ equity
$
2,620,905

 
$
3,719,305

 
$
5,129,650

 
$
(10,641,446
)
 
$
828,414


PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
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

Deferred costs

 
17

 
3,128

 

 
3,145

Other tax assets

 

 
4,889

 

 
4,889

Other current assets

 
6,345

 
7,982

 

 
14,327

Total current assets
75,342

 
56,330

 
186,164

 

 
317,836

Property, plant and equipment, net
(19
)
 
429,999

 
195,791

 

 
625,771

Goodwill

 
6,708

 

 

 
6,708

Intangible assets, net

 
7,128

 

 

 
7,128

Rig and materials and supplies

 
7,256

 
11,532

 

 
18,788

Deferred income taxes
15,144

 
(26,623
)
 
12,763

 

 
1,284

Investment in subsidiaries and intercompany advances
2,955,050

 
2,970,220

 
3,956,747

 
(9,882,017
)
 

Other non-current assets
(276,375
)
 
257,121

 
512,870

 
(480,852
)
 
12,764

Total assets
$
2,769,142

 
$
3,708,139

 
$
4,875,867

 
$
(10,362,869
)
 
$
990,279

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
(137,047
)
 
$
162,505

 
$
510,083

 
$
(494,018
)
 
$
41,523

Accrued liabilities
85,987

 
16,742

 
78,452

 
(123,458
)
 
57,723

Accrued income taxes
76,883

 
(56,870
)
 
(15,583
)
 

 
4,430

Total current liabilities
25,823

 
122,377

 
572,952

 
(617,476
)
 
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

 

 
78

 

 
78

Intercompany payables
1,865,810

 
1,465,745

 
2,430,339

 
(5,761,894
)
 

Total stockholders' equity
296,671

 
2,114,276

 
1,868,673

 
(3,983,499
)
 
296,121

Total liabilities and stockholders’ equity
$
2,769,142

 
$
3,708,139

 
$
4,875,867

 
$
(10,362,869
)
 
$
990,279

Consolidating Condensed Statement of Operations
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
Year ended December 31, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
204,319

 
$
327,266

 
$
(50,764
)
 
$
480,821

Expenses:
 
 
 
 
 
 
 
 
 
Operating expenses

 
115,291

 
313,577

 
(50,764
)
 
378,104

Depreciation and amortization

 
76,353

 
31,192

 

 
107,545



 
191,644


344,769


(50,764
)

485,649

Total operating gross margin (loss)

 
12,675

 
(17,503
)
 

 
(4,828
)
General and administrative expense (1)
23,568

 
(47,819
)
 
(294
)
 

 
(24,545
)
Loss on impairment

 
(40,917
)
 
(9,781
)
 

 
(50,698
)
Gain (loss) on disposition of assets, net

 
(1,347
)
 
(377
)
 

 
(1,724
)
Pre-petition restructuring charges
(21,820
)
 

 

 

 
(21,820
)
Reorganization items
(9,789
)






 
(9,789
)
Total operating income (loss)
(8,041
)
 
(77,408
)
 
(27,955
)
 

 
(113,404
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(45,696
)
 
67

 
(9,214
)
 
12,278

 
(42,565
)
Interest income
572

 
721

 
11,076

 
(12,278
)
 
91

Other

 
6

 
(2,029
)
 

 
(2,023
)
Equity in net earnings of subsidiaries
(87,548
)
 

 

 
87,548

 

Total other income (expense)
(132,672
)
 
794

 
(167
)
 
87,548

 
(44,497
)
Income (loss) before income taxes
(140,713
)
 
(76,614
)
 
(28,122
)
 
87,548

 
(157,901
)
Income tax expense (benefit):
 
 
 
 
 
 
 
 
 
Current tax expense
11,758

 
(10,241
)
 
6,708

 

 
8,225

Deferred tax expense (benefit)
13,226

 
(11,865
)
 
(1,790
)
 

 
(429
)
Total income tax expense (benefit)
24,984

 
(22,106
)
 
4,918

 

 
7,796

Net income (loss)
(165,697
)
 
(54,508
)
 
(33,040
)
 
87,548

 
(165,697
)
Less: Convertible preferred stock dividend
2,719

 

 

 

 
2,719

Net income (loss) available to common stockholders
$
(168,416
)
 
$
(54,508
)
 
$
(33,040
)
 
$
87,548

 
$
(168,416
)
(1)General and administration expenses for field operations are included in operating expenses.
PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited) 
 
Year ended December 31, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
167,675

 
$
355,859

 
$
(81,014
)
 
$
442,520

Expenses:
 
 
 
 
 
 
 
 
 
Operating expenses

 
93,834

 
342,667

 
(81,014
)
 
355,487

Depreciation and amortization

 
81,248

 
41,125

 

 
122,373



 
175,082

 
383,792

 
(81,014
)
 
477,860

Total operating gross margin (loss)

 
(7,407
)
 
(27,933
)
 

 
(35,340
)
General and administrative expense (1)
(323
)
 
(24,887
)
 
(466
)
 

 
(25,676
)
Loss on impairment
 
 
 
 
 
 
 
 
 
Provision for reduction in carrying value of certain assets

 

 
(1,938
)
 

 
(1,938
)
Gain (loss) on disposition of assets, net

 
(243
)
 
(2,608
)
 

 
(2,851
)
Total operating income (loss)
(323
)
 
(32,537
)
 
(32,945
)
 

 
(65,805
)
Other income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(47,135
)
 
(220
)
 
(7,906
)
 
11,035

 
(44,226
)
Interest income
831

 
744

 
9,704

 
(11,035
)
 
244

Other

 
71

 
55

 

 
126

Equity in net earnings of subsidiaries
(40,752
)
 

 

 
40,752

 

Total other income (expense)
(87,056
)
 
595

 
1,853

 
40,752

 
(43,856
)
Income (loss) before income taxes
(87,379
)
 
(31,942
)
 
(31,092
)
 
40,752

 
(109,661
)
Income tax expense (benefit):
 
 
 
 
 
 
 
 
 
Current tax expense
26,537

 
(22,524
)
 
5,251

 

 
9,264

Deferred tax expense (benefit)
4,785

 
(7,763
)
 
2,754

 

 
(224
)
Total income tax expense (benefit)
31,322

 
(30,287
)
 
8,005

 

 
9,040

Net income (loss)
(118,701
)
 
(1,655
)
 
(39,097
)
 
40,752

 
(118,701
)
Less: Convertible preferred stock dividend
3,051








3,051

Net income (loss) available to common stockholders
$
(121,752
)
 
$
(1,655
)

$
(39,097
)

$
40,752


$
(121,752
)
(1)General and administration expenses for field operations are included in operating expenses.

PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
(Dollars in Thousands)
(Unaudited)
 
Year ended December 31, 2016
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Revenues
$

 
$
151,100

 
$
382,094

 
$
(106,190
)
 
$
427,004

Expenses:
 
 
 
 
 
 
 
 
 
Operating expenses

 
100,751

 
367,960

 
(106,190
)
 
362,521

Depreciation and amortization

 
90,197

 
49,598

 

 
139,795



 
190,948

 
417,558

 
(106,190
)
 
502,316

Total operating gross margin (loss)

 
(39,848
)
 
(35,464
)
 

 
(75,312
)
General and administrative expense (1)
(410
)
 
(29,356
)
 
(4,566
)
 

 
(34,332
)
Gain (loss) on disposition of assets, net

 
(565
)
 
(1,048
)
 

 
(1,613
)
Total operating income (loss)
(410
)
 
(69,769
)
 
(41,078
)
 

 
(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

 
483

 
(116
)
 

 
367

Equity in net earnings of subsidiaries
(94,469
)
 

 

 
94,469

 

Total other income (expense)
(141,871
)
 
536

 
1,479

 
94,469

 
(45,387
)
Income (loss) before income taxes
(142,281
)
 
(69,233
)
 
(39,599
)
 
94,469

 
(156,644
)
Income tax expense (benefit):
 
 
 
 
 
 
 
 
 
Current tax expense
40,562

 
(35,251
)
 
(203
)
 

 
5,108

Deferred tax expense (benefit)
47,971

 
14,940

 
6,151

 

 
69,062

Total income tax expense (benefit)
88,533

 
(20,311
)
 
5,948

 

 
74,170

Net income (loss)
(230,814
)
 
(48,922
)
 
(45,547
)
 
94,469

 
(230,814
)
Less: Convertible preferred stock dividend

 

 

 

 

Net income (loss) available to common stockholders
$
(230,814
)
 
$
(48,922
)
 
$
(45,547
)
 
$
94,469

 
$
(230,814
)

(1)
General and administration expenses for field operations are included in operating expenses.

Consolidating Condensed Statement of Comprehensive Income (Loss)
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Year Ended December 31, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Net income (loss)
$
(165,697
)
 
$
(54,508
)
 
$
(33,040
)
 
$
87,548

 
$
(165,697
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
(646
)
 

 
$
(646
)
Currency translation difference on foreign currency net investments

 

 
(2,721
)
 

 
$
(2,721
)
Total other comprehensive income (loss), net of tax:

 

 
(3,367
)
 

 
(3,367
)
Comprehensive income (loss)
$
(165,697
)
 
$
(54,508
)
 
$
(36,407
)
 
$
87,548

 
$
(169,064
)


PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Year Ended December 31, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Net income (loss)
$
(118,701
)
 
$
(1,655
)
 
$
(39,097
)
 
$
40,752

 
$
(118,701
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
 
Currency translation difference on related borrowings

 

 
643

 

 
643

Currency translation difference on foreign currency net investments

 

 
2,689

 

 
2,689

Total other comprehensive income (loss), net of tax:

 

 
3,332

 

 
3,332

Comprehensive income (loss)
$
(118,701
)
 
$
(1,655
)
 
$
(35,765
)
 
$
40,752

 
$
(115,369
)


PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATING CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Dollars in Thousands)
(Unaudited)
 
Year ended December 31, 2016
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Net income (loss)
$
(230,814
)
 
$
(48,922
)
 
$
(45,547
)
 
$
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)
$
(230,814
)
 
$
(48,922
)
 
$
(50,503
)
 
$
94,469

 
$
(235,770
)
Consolidated Statements of Cash Flows PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Year Ended December 31, 2018
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:

 

 

 

 

Net income (loss)
$
(165,697
)
 
$
(54,508
)
 
$
(33,040
)
 
$
87,548

 
$
(165,697
)
Adjustments to reconcile net income (loss):

 

 

 

 

Depreciation and amortization

 
76,353

 
31,192

 

 
107,545

Gain (loss) on disposition of assets, net

 
1,347

 
377

 

 
1,724

Deferred tax expense (benefit)
13,226

 
(11,865
)
 
(1,790
)
 

 
(429
)
Loss on impairment

 
40,917

 
9,781

 

 
50,698

Reorganization items
7,538

 

 

 

 
7,538

Expenses not requiring cash
4,526

 
(302
)
 
(8,498
)
 
9,425

 
5,151

Equity in net earnings (losses) of subsidiaries
87,548

 

 

 
(87,548
)
 

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
(16,244
)
 
1,009

 

 
(15,235
)
Rig materials and supplies

 
(4,454
)
 
5,296

 
(593
)
 
249

Other current assets
(8,088
)
 
(4,854
)
 
2,082

 

 
(10,860
)
Other non-current assets
1,042

 
3,315

 
8,763

 
(101
)
 
13,019

Accounts payable and accrued liabilities
(63,054
)
 
57,305

 
7,207

 
(10,947
)
 
(9,489
)
Accrued income taxes
11,611

 
(10,415
)
 
(2,460
)
 

 
(1,264
)
Net cash provided by (used in) operating activities
(111,348
)
 
76,595

 
19,919

 
(2,216
)
 
(17,050
)
Cash flows from investing activities:

 

 

 

 

Capital expenditures

 
(56,897
)
 
(13,670
)
 

 
(70,567
)
Proceeds from the sale of assets

 
87

 
1,266

 

 
1,353

Net cash provided by (used in) investing activities

 
(56,810
)
 
(12,404
)
 

 
(69,214
)
Cash flows from financing activities:


 


 


 


 


Proceeds from borrowing under DIP facility
10,000

 

 

 

 
10,000

Payment of DIP facility costs
(975
)
 

 

 

 
(975
)
Convertible preferred stock dividend
(3,625
)
 

 

 

 
(3,625
)
Payments of debt issuance costs
(1,443
)
 

 

 

 
(1,443
)
Shares surrendered in lieu of tax
(251
)
 

 

 

 
(251
)
Intercompany advances, net
48,594

 
(31,119
)
 
(19,691
)
 
2,216

 

Net cash provided by (used in) financing activities
52,300

 
(31,119
)
 
(19,691
)
 
2,216

 
3,706

Net increase (decrease) in cash, cash equivalents and restricted cash
(59,048
)
 
(11,334
)
 
(12,176
)
 

 
(82,558
)
Cash, cash equivalents and restricted cash at beginning of period
75,342

 
20,655

 
45,552

 

 
141,549

Cash, cash equivalents and restricted cash at end of period
$
16,294

 
$
9,321

 
$
33,376

 
$

 
$
58,991

PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
 
Year Ended December 31, 2017
 
Parent
 
Guarantor
 
Non-Guarantor
 
Eliminations
 
Consolidated
Cash flows from operating activities:

 

 

 

 

Net income (loss)
$
(118,701
)
 
$
(1,655
)
 
$
(39,097
)
 
$
40,752

 
(118,701
)
Adjustments to reconcile net income (loss):


 


 


 

 


Depreciation and amortization

 
81,248

 
41,125

 

 
122,373

Gain (loss) on disposition of assets, net

 
243

 
2,608

 

 
2,851

Deferred tax expense (benefit)
4,785

 
(7,763
)
 
2,754

 

 
(224
)
Provision for reduction in carrying value of certain assets

 

 
1,938

 

 
1,938

Expenses not requiring cash
5,651

 
4,793

 
4,869

 
(11,062
)
 
4,251

Equity in net earnings (losses) of subsidiaries
40,752

 

 

 
(40,752
)
 

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
(16,552
)
 
13,495

 
(6,571
)
 
(9,628
)
Rig materials and supplies

 
(1,869
)
 
6,579

 

 
4,710

Other current assets
(50,296
)
 
34,096

 
14,881

 

 
(1,319
)
Other non-current assets
361

 
(1,542
)
 
3,234

 
6,605

 
8,658

Accounts payable and accrued liabilities
(41,885
)
 
30,359

 
(7,925
)
 
10,737

 
(8,714
)
Accrued income taxes
79,319

 
(61,233
)
 
(17,548
)
 

 
538

Net cash provided by (used in) operating activities
(80,014
)
 
60,125

 
26,913

 
(291
)
 
6,733

Cash flows from investing activities:


 


 


 


 


Capital expenditures

 
(42,990
)
 
(11,543
)
 

 
(54,533
)
Proceeds from the sale of assets

 
68

 
335

 

 
403

Net cash provided by (used in) investing activities

 
(42,922
)
 
(11,208
)
 

 
(54,130
)
Cash flows from financing activities:


 


 


 


 


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
)
Convertible preferred stock dividend
(2,145
)
 

 

 

 
(2,145
)
Shares surrendered in lieu of tax
(936
)
 

 

 

 
(936
)
Intercompany advances, net
21,101

 
(10,753
)
 
(10,639
)
 
291

 

Net cash provided by (used in) financing activities
90,356

 
(10,753
)
 
(10,639
)
 
291

 
69,255

Net increase (decrease) in cash, cash equivalents and restricted cash
10,342

 
6,450

 
5,066

 

 
21,858

Cash and cash equivalents at beginning of period
65,000

 
14,205

 
40,486

 

 
119,691

Cash and cash equivalents at end of period
$
75,342

 
$
20,655

 
$
45,552

 
$

 
$
141,549


PARKER DRILLING COMPANY AND SUBSIDIARIES (DEBTOR IN POSSESSION)
CONSOLIDATED STATEMENT 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
)
 
$
(48,922
)
 
$
(45,547
)
 
$
94,469

 
$
(230,814
)
Adjustments to reconcile net income (loss):
 
 
 
 
 
 
 
 
 
Depreciation and amortization

 
90,197

 
49,598

 

 
139,795

(Gain) loss on debt modification
1,088

 

 

 

 
1,088

Accretion of contingent consideration

 
419

 

 

 
419

Gain (loss) on disposition of assets, net

 
565

 
1,048

 

 
1,613

Deferred tax expense (benefit)
47,971

 
14,940

 
6,151

 

 
69,062

Expenses not requiring cash
9,545

 
(4,900
)
 
(2,127
)
 

 
2,518

Equity in net earnings of subsidiaries
94,469

 

 

 
(94,469
)
 

Change in assets and liabilities:
 
 
 
 
 
 
 
 
 
Accounts and notes receivable

 
25,848

 
34,543

 

 
60,391

Rig materials and supplies

 
(361
)
 
(1,391
)
 

 
(1,752
)
Other current assets
50,296

 
(34,479
)
 
(13,677
)
 

 
2,140

Other non-current assets
(299
)
 
441

 
3,755

 

 
3,897

Accounts payable and accrued liabilities
(121,016
)
 
99,511

 
2,011

 

 
(19,494
)
Accrued income taxes
(10,381
)
 
(1,134
)
 
5,093

 

 
(6,422
)
Net cash provided by (used in) operating activities
(159,141
)
 
142,125

 
39,457

 

 
22,441

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
)
Shares surrendered in lieu of tax
(1,156
)
 
 
 
 
 
 
 
(1,156
)
Intercompany advances, net
154,687

 
(120,659
)
 
(34,028
)
 

 

Net cash provided by (used in) financing activities
150,156

 
(126,659
)
 
(34,028
)
 

 
(10,531
)
Net increase (decrease) in cash and cash equivalents
(8,985
)
 
519

 
(6,137
)
 

 
(14,603
)
Cash and cash equivalents at beginning of period
73,985

 
13,686

 
46,623

 

 
134,294

Cash and cash equivalents at end of period
$
65,000

 
$
14,205

 
$
40,486

 
$

 
$
119,691