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, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (94,284) $ 24,461 $ 27,179
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 156,194 145,121 134,053
Accretion Expense 826 0 0
Loss on extinguishment of debt 0 30,152 5,218
Gain on disposition of assets (1,643) (1,054) (3,994)
Deferred tax expense 2,709 1,509 12,699
Provision for reduction in carrying value of certain assets (12,490) 0 (2,544)
Expenses not requiring cash 5,103 19,331 17,764
Change in assets and liabilities:      
Accounts and notes receivable 103,995 (12,238) (33,512)
Rig materials and supplies 2,722 (2,878) 1,754
Other current assets 12,548 26,032 (11,715)
Accounts payable and accrued liabilities (27,425) 27,231 (286)
Increase (Decrease) in Income Taxes Payable (7,957) (7,657) 10,454
Other assets (3,156) (47,543) (661)
Net cash provided by operating activities 162,122 202,467 161,497
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (88,197) (179,513) (155,645)
Proceeds from the sale of assets 830 5,938 8,218
Proceeds from Insurance Settlement, Investing Activities 2,500 0 0
Acquisition of ITS, net of cash acquired (13,806) 0 (117,991)
Proceeds from Divestiture of Businesses, Net of Cash Divested (2,570) 0 0
Net cash used in investing activities (101,243) (173,575) (265,418)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of debt 0 400,000 350,000
Repayments of long-term debt (30,000) (435,000) (175,000)
Repayments of term loan   (435,000) (175,000)
Payments of debt issuance costs (1,996) (7,630) (11,172)
Payments of debt extinguishment costs 0 (26,214) 0
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability (2,000) 0 0
Excess tax benefit (expense) from stock-based compensation (1,045) (281) 896
Net cash provided by (used in) financing activities (35,041) (69,125) 164,724
Net increase (decrease) in cash and cash equivalents 25,838 (40,233) 60,803
Cash and cash equivalents at beginning of year 108,456 148,689 87,886
Cash and cash equivalents at end of year 134,294 108,456 148,689
Supplemental cash flow information:      
Interest paid 41,393 41,820 42,236
Income taxes paid $ 26,208 $ 26,694 $ 17,036