Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

v2.4.1.9
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 24,461us-gaap_ProfitLoss $ 27,179us-gaap_ProfitLoss $ 37,098us-gaap_ProfitLoss
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 145,121us-gaap_DepreciationDepletionAndAmortization 134,053us-gaap_DepreciationDepletionAndAmortization 113,017us-gaap_DepreciationDepletionAndAmortization
Loss on extinguishment of debt 30,152us-gaap_GainsLossesOnExtinguishmentOfDebt 5,218us-gaap_GainsLossesOnExtinguishmentOfDebt 2,130us-gaap_GainsLossesOnExtinguishmentOfDebt
Gain on disposition of assets (1,054)us-gaap_GainLossOnDispositionOfAssets (3,994)us-gaap_GainLossOnDispositionOfAssets (1,974)us-gaap_GainLossOnDispositionOfAssets
Deferred tax expense 1,509us-gaap_DeferredIncomeTaxExpenseBenefit 12,699us-gaap_DeferredIncomeTaxExpenseBenefit 15,837us-gaap_DeferredIncomeTaxExpenseBenefit
Provision for reduction in carrying value of certain assets 0us-gaap_OtherAssetImpairmentCharges 2,544us-gaap_OtherAssetImpairmentCharges 0us-gaap_OtherAssetImpairmentCharges
Expenses not requiring cash 19,331us-gaap_OtherNoncashExpense 17,764us-gaap_OtherNoncashExpense 22,600us-gaap_OtherNoncashExpense
Change in assets and liabilities:      
Accounts and notes receivable (12,238)us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable (33,512)us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable 15,241us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable
Rig materials and supplies (2,878)us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets 1,754us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets 344us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets
Other current assets 26,032us-gaap_IncreaseDecreaseInOtherCurrentAssets (11,715)us-gaap_IncreaseDecreaseInOtherCurrentAssets (4,313)us-gaap_IncreaseDecreaseInOtherCurrentAssets
Accounts payable and accrued liabilities 27,231us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (286)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (2,657)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Accrued income taxes (7,657)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 10,454us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable (6,102)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Other assets (47,543)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets (661)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets (1,522)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets
Net cash provided by operating activities 202,467us-gaap_NetCashProvidedByUsedInOperatingActivities 161,497us-gaap_NetCashProvidedByUsedInOperatingActivities 189,699us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (179,513)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (155,645)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (191,543)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from the sale of assets 5,938us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 8,218us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 3,937us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Acquisition of ITS, net of cash acquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (117,991)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired   
Net cash used in investing activities (173,575)us-gaap_NetCashProvidedByUsedInInvestingActivities (265,418)us-gaap_NetCashProvidedByUsedInInvestingActivities (187,606)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of debt 400,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt 350,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt 130,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt
Proceeds from draw on revolver credit facility 0us-gaap_ProceedsFromLinesOfCredit 0us-gaap_ProceedsFromLinesOfCredit 7,000us-gaap_ProceedsFromLinesOfCredit
Repayments of long-term debt (425,000)us-gaap_RepaymentsOfLongTermDebt (125,000)us-gaap_RepaymentsOfLongTermDebt 0us-gaap_RepaymentsOfLongTermDebt
Repayments of senior notes 0us-gaap_RepaymentsOfSeniorDebt 0us-gaap_RepaymentsOfSeniorDebt (125,000)us-gaap_RepaymentsOfSeniorDebt
Repayments of term loan (10,000)us-gaap_RepaymentsOfOtherLongTermDebt (50,000)us-gaap_RepaymentsOfOtherLongTermDebt (18,000)us-gaap_RepaymentsOfOtherLongTermDebt
Payments of debt issuance costs (7,630)us-gaap_PaymentsOfDebtIssuanceCosts (11,172)us-gaap_PaymentsOfDebtIssuanceCosts (4,859)us-gaap_PaymentsOfDebtIssuanceCosts
Payments of debt extinguishment costs (26,214)us-gaap_PaymentsOfDebtExtinguishmentCosts 0us-gaap_PaymentsOfDebtExtinguishmentCosts (555)us-gaap_PaymentsOfDebtExtinguishmentCosts
Excess tax benefit (expense) from stock-based compensation (281)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 896us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities (662)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash provided by (used in) financing activities (69,125)us-gaap_NetCashProvidedByUsedInFinancingActivities 164,724us-gaap_NetCashProvidedByUsedInFinancingActivities (12,076)us-gaap_NetCashProvidedByUsedInFinancingActivities
Net increase (decrease) in cash and cash equivalents (40,233)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 60,803us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (9,983)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of year 148,689us-gaap_CashAndCashEquivalentsAtCarryingValue 87,886us-gaap_CashAndCashEquivalentsAtCarryingValue 97,869us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of year 108,456us-gaap_CashAndCashEquivalentsAtCarryingValue 148,689us-gaap_CashAndCashEquivalentsAtCarryingValue 87,886us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental cash flow information:      
Interest paid 41,820us-gaap_InterestPaid 42,236us-gaap_InterestPaid 37,405us-gaap_InterestPaid
Income taxes paid $ 26,694us-gaap_IncomeTaxesPaid $ 17,036us-gaap_IncomeTaxesPaid $ 40,234us-gaap_IncomeTaxesPaid