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Parker Drilling Reports 2016 Fourth Quarter Results

Mittwoch, 15.02.2017 23:20 von

PR Newswire

HOUSTON, Feb. 15, 2017 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) today announced results for the fourth quarter ended December 31, 2016, including a reported net loss of $48.9 million, or a $0.39 loss per share, on revenues of $94.0 million.

The net loss includes a pre-tax $0.9 million expense related to executive departures and a $6.8 million non-cash valuation allowance taken primarily against UK deferred tax assets largely relating to fixed assets.  The valuation allowance accounted for $0.05 of the reported loss per share. While the deferred tax assets have been reserved on the Company's financial statements, they have not expired and remain available to offset future cash taxes.  Excluding these items, the adjusted net loss was $41.3 million, or a $0.33 loss per share.

Fourth quarter Adjusted EBITDA was $5.2 million.

"Our fourth quarter results were in line with our expectations in the face of ongoing market challenges.  We continue our efforts to maximize results and aggressively pursue opportunities across all of our business lines," said Gary Rich, the Company's Chairman, President and CEO.

"U.S. land activity drove improvements in our U.S. Rental Tools Tubular Goods Utilization Index.  We also saw continued multi-well rig inquiries in the U.S. barge business.  We executed a contract for an 11 well, or approximately six month, project for 1 barge rig that has mobilized to its first well location and have prospects for 2 to 3 additional contracts with anticipated start-ups late in the first quarter.  Internationally, current activity levels remain low; however, we see increased rig tendering in many of our markets for work anticipated to begin in late 2017 or early 2018.

"Throughout 2016, we remained focused on disciplined cost control and cash management while maintaining the strength of our business lines in order to benefit from improving conditions. We ended the quarter with $210 million in liquidity, up from $194 million at the end of the third quarter, including $120 million in cash and $90 million available on our undrawn revolver.

"For 2017, we have identified a number of growth opportunities and estimate total capital expenditures of $40 to $50 million, with expenditures weighted toward the first half of 2017.  While we are increasing investments in our growth, we will continue to carefully manage our liquidity and costs so we can respond to changing market conditions and opportunities that develop," concluded Rich.

Fourth Quarter Review

Parker Drilling's revenues for the 2016 fourth quarter, compared with the 2016 third quarter, decreased 3.3 percent to $94.0 million from $97.2 million.  Operating gross margin, excluding depreciation and amortization expense (gross margin) increased 8.0 percent to $13.5 million from $12.5 million and gross margin as a percentage of revenues was 14.4 percent, compared with 12.9 percent for the prior period. 

Drilling Services

For the Company's Drilling Services business, which is comprised of the U.S. (Lower 48) Drilling and the International & Alaska Drilling segments, revenues declined 6.6 percent to $62.3 million from $66.7 million.  Gross margin increased 9.1 percent to $10.8 million from $9.9 million, and gross margin as a percentage of revenues was 17.3 percent, compared with 14.8 percent for the prior period.  Contracted backlog was $379 million at the end of the fourth quarter compared with $421 million as of September 30, 2016.

U.S. (Lower 48) Drilling

U.S. (Lower 48) Drilling segment revenues were $0.8 million, a 42.9 percent decrease from 2016 third quarter revenues of $1.4 million.  Gross margin was a $3.4 million loss as compared with a 2016 third quarter loss of $3.7 million. The decline in revenues was primarily the result of fewer revenue days, and the improvement in gross margin was due to lower costs.

International & Alaska Drilling

International & Alaska Drilling segment revenues were $61.5 million, a 5.8 percent decrease from 2016 third quarter revenues of $65.3 million.  Gross margin was $14.2 million, a 4.4 percent increase from 2016 third quarter gross margin of $13.6 million. Gross margin as a percentage of revenues was 23.1 percent as compared with 20.8 percent for the 2016 third quarter. The decrease in revenues was primarily attributable to lower reimbursable activity partially offset by an increase in activity associated with our Atlantic Canada O&M project.  The increase in gross margin was primarily the result of lower operating expenses in addition to a benefit associated with the release of a legacy contract related accrual.

Rental Tools Services

Rental Tools Services revenues were $31.7 million, a 3.9 percent increase from 2016 third quarter revenues of $30.5 million.  Gross margin was $2.7 million, a 3.8 percent increase from $2.6 million for the 2016 third quarter. Gross margin as a percentage of revenues was 8.5 percent as compared with 8.5 percent in the 2016 third quarter.

U.S. Rental Tools

U.S. Rental tools segment revenues were $16.1 million, compared with $15.0 million for the 2016 third quarter. Gross margin was $4.0 million compared with $4.2 million for the 2016 third quarter.  Revenues were up as land based activity outpaced declines in offshore activity.  Gross margin declined as a result of bad debt expense.

International Rental Tools

International Rental Tools segment revenues were $15.6 million, compared with $15.5 million for the 2016 third quarter and gross margin was a loss of $1.3 million compared with a loss of $1.7 million for the 2016 third quarter.  The improvement in gross margin was due to lower operating expenses.

Consolidated

General and Administrative expense increased to $9.1 million for the 2016 fourth quarter, from $7.4 million for the 2016 third quarter, predominately due to incentive plan adjustments and a $0.9 million charge related to executive departures recorded in the fourth quarter of 2016.

Capital expenditures in the fourth quarter were $8.0 million, and were $29.0 million for the year.

Conference Call

Parker Drilling has scheduled a conference call for 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Thursday, February 16, 2017, to review reported results.  You may access the call by telephone at (412) 902-0003 and asking for the 2016 Fourth Quarter Conference Call.  The call may also be accessed through the Investor Relations section of the Company's website.  A replay of the call can be accessed on the Company's website for 12 months and will be available by telephone through February 23, 2017, at (201) 612-7415, access code 13653021#.

Cautionary Statement

This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements in this press release other than statements of historical facts addressing activities, events or developments the Company expects, projects, believes, or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to, statements about anticipated future financial or operational results; the outlook for rental tools utilization and rig utilization and dayrates; the results of past capital expenditures; scheduled start-ups of rigs; general industry conditions such as the demand for drilling and the factors affecting demand; competitive advantages such as technological innovation; future operating results of the Company's rigs, rental tools operations and projects under management; future capital expenditures; expansion and growth opportunities; acquisitions or joint ventures; asset purchases and sales; successful negotiation and execution of contracts; scheduled delivery of drilling rigs or rental equipment for operation; the Company's financial position; changes in utilization or market share; outcomes of legal proceedings; compliance with credit facility and indenture covenants; and similar matters. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Although the Company believes its expectations stated in this press release are based on reasonable assumptions, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that could cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to changes in worldwide economic and business conditions, fluctuations in oil and natural gas prices, compliance with existing laws and changes in laws or government regulations, the failure to realize the benefits of, and other risks relating to, acquisitions, the risk of cost overruns, our ability to refinance our debt and other important factors, many of which could adversely affect market conditions, demand for our services, and costs, and all or any one of which could cause actual results to differ materially from those projected. For more information, see "Risk Factors" in the Company's Annual Report filed on Form 10-K with the Securities and Exchange Commission and other public filings and press releases. Each forward-looking statement speaks only as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This news release contains non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided in the following tables.

Company Description

Parker Drilling provides drilling services and rental tools to the energy industry. The Company's Drilling Services business serves operators in the inland waters of the U.S. Gulf of Mexico utilizing Parker Drilling's barge rig fleet and in select U.S. and international markets and harsh-environment regions utilizing Parker-owned and customer-owned equipment. The Company's Rental Tools Services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets.  More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.

Contact: Jason Geach, Vice President, Investor Relations & Corporate Development (+1) (281) 406-2310, jason.geach@parkerdrilling.com.


PARKER DRILLING COMPANY

Consolidated Condensed Balance Sheets

(Dollars in Thousands)






December 31, 2016


December 31, 2015


(Unaudited)



ASSETS:




Current Assets




Cash and Cash Equivalents

$

119,691



$

134,294


Accounts and Notes Receivable, Net

113,231



175,105


Rig Materials and Supplies

32,354



34,937


Deferred Costs

1,436



1,367


Other Current Assets

19,606



21,038


Total Current Assets

286,318



366,741






Property, Plant and Equipment, net

693,439



805,841






Other Assets




Deferred Income Taxes

70,309



139,282


Other Assets

53,485



54,838


Total Other Assets

123,794



194,120






Total Assets

$

1,103,551



$

1,366,702






LIABILITIES AND STOCKHOLDERS' EQUITY:




Current Liabilities




Accounts Payable and Accrued Liabilities

$

102,921



$

136,121


Total Current Liabilities

102,921



136,121






Long-Term Debt, net of debt issuance costs

576,326



574,798






Deferred Tax Liability

69,333



68,654






Other Long-Term Liabilities

15,836



18,617






Total Stockholders' Equity

339,135



568,512






Total Liabilities and Stockholders' Equity

$

1,103,551



$

1,366,702


 

PARKER DRILLING COMPANY

Consolidated Statement Of Operations

(Dollars in Thousands, Except Per Share Data)

(Unaudited)






Three Months
Ended
September 30,


Three Months Ended December 31,



2016


2015


2016







Revenues

$

94,025



$

148,748



$

97,189








Expenses:






Operating Expenses

80,529



114,488



84,680


Depreciation and Amortization

33,190



37,720



34,474



113,719



152,208



119,154


Total Operating Gross Margin

(19,694)



(3,460)



(21,965)








General and Administrative Expense

(9,132)



(6,947)



(7,424)


Provision for Reduction in Carrying Value of Certain Assets



(9,268)




Gain (Loss) on Disposition of Assets, net

(1,364)



(1,043)



(187)


Total Operating Income (Loss)

(30,190)



(20,718)



(29,576)








Other Income (Expense)






Interest Expense

(11,048)



(11,388)



(11,015)


Interest Income

10



60



9


Other

(1,409)



(6,119)



(351)


Total Other Income (Expense)

(12,447)



(17,447)



(11,357)








Income (Loss) before Income Taxes

(42,637)



(38,165)



(40,933)








Income Tax Expense (Benefit)

6,292



(2,519)



5,295








Net Income (Loss)

(48,929)



(35,646)



(46,228)


Less: Net Income (Loss) Attributable to Noncontrolling Interest






Net Income (Loss) Attributable to Controlling Interest

$

(48,929)



$

(35,646)



$

(46,228)








Income (Loss) per Share - Basic






Net Income (Loss)

$

(0.39)



$

(0.29)



$

(0.37)








Income (Loss) per Share - Diluted






Net Income (Loss)

$

(0.39)



$

(0.29)



$

(0.37)








Number of common shares used in computing earnings per share:






Basic

124,830,473



122,951,598



124,486,848


Diluted

124,830,473



122,951,598



124,486,848


 

PARKER DRILLING COMPANY

Consolidated Statement Of Operations

(Dollars in Thousands, Except Per Share Data)

(Unaudited)








Year Ended December 31,


2016


2015


2014







Revenues

$

427,004



$

712,183



$

968,684








Expenses:






Operating Expenses

362,521



526,290



669,381


Depreciation and Amortization

139,795



156,194



145,121



502,316



682,484



814,502


Total Operating Gross Margin

(75,312)



29,699



154,182








General and Administrative Expense

(34,332)



(36,190)



(35,016)


Provision for Reduction in Carrying Value of Certain Assets



(12,490)




Gain (Loss) on Disposition of Assets, Net

(1,613)



1,643



1,054


Total Operating Income (Loss)

(111,257)



(17,338)



120,220








Other Income (Expense)






Interest Expense

(45,812)



(45,155)



(44,265)


Interest Income

58



269



195


Loss on extinguishment of debt





(30,152)


Other

367



(9,747)



2,539


Total Other Income (Expense)

(45,387)



(54,633)



(71,683)








Income (Loss) before Income Taxes

(156,644)



(71,971)



48,537








Income Tax Expense (Benefit)

74,170



22,313



24,076








Net Income (Loss)

(230,814)



(94,284)



24,461


Less: Net Income (Loss) Attributable to Noncontrolling Interest



789



1,010


Net Income (Loss) Attributable to Controlling Interest

$

(230,814)



$

(95,073)



$

23,451








Income (Loss) per Share - Basic






Net Income (Loss)

$

(1.86)



$

(0.78)



$

0.19








Income (Loss) per Share - Diluted






Net Income (Loss)

$

(1.86)



$

(0.78)



$

0.19








Number of common shares used in computing earnings per share:






Basic

124,130,004



122,562,187



121,186,464


Diluted

124,130,004



122,562,187



123,076,648


 

PARKER DRILLING COMPANY

Selected Financial Data

(Dollars in Thousands)

(Unaudited)
































Three Months Ended


Year Ended December 31,




December 31,


September 30,


2016


2015


2014




2016


2015


2016


















Revenues:













Drilling Services:













U.S. (Lower 48) Drilling


$

848



$

3,451



$

1,431



$

5,429



$

30,358



$

158,405


International & Alaska Drilling


61,478



95,546



65,307



287,332



435,096



462,513



Total Drilling Services:


62,326



98,997



66,738



292,761



465,454



620,918


Rental Tools Services:













U.S. Rental Tools


16,130



28,734



14,967



71,613



141,889



223,545


International Rental Tools


15,569



21,017



15,484



62,630



104,840



124,221



Total Rental Tools Services


31,699



49,751



30,451



134,243



246,729



347,766



  Total Revenues


$

94,025



$

148,748



$

97,189



$

427,004



$

712,183



$

968,684
















Operating Expenses:













Drilling Services:













U.S. (Lower 48) Drilling


$

4,232



$

5,616



$

5,112



$

19,733



$

36,247



$

90,314


International & Alaska Drilling


47,307



72,902



51,682



222,824



325,346



368,424



Total Drilling Services:


51,539



78,518



56,794



242,557



361,593



458,738


Rental Tools Services:













U.S. Rental Tools


12,102



15,593



10,746



50,216



77,056



105,353


International Rental Tools


16,888



20,377



17,140



69,748



87,641



105,290



Total Rental Tools Services


28,990



35,970



27,886



119,964



164,697



210,643



  Total Operating Expenses


$

80,529



$

114,488



$

84,680



$

362,521



$

526,290



$

669,381
















Operating Gross Margin:













Drilling Services:













U.S. (Lower 48) Drilling


$

(3,384)



$

(2,165)



$

(3,681)



$

(14,304)



$

(5,889)



$

68,091


International & Alaska Drilling


14,171



22,644



13,625



64,508



109,750



94,089



Total Drilling Services


10,787



20,479



9,944



50,204



103,861



162,180


Rental Tools Services:













U.S. Rental Tools


4,028



13,141



4,221



21,397



64,833



118,192


International Rental Tools


(1,319)



640



(1,656)



(7,118)



17,199



18,931



Total Rental Tools Services


2,709



13,781



2,565



14,279



82,032



137,123



   Total Operating Gross Margin Excluding 
   Depreciation and Amortization


13,496



34,260



12,509



64,483



185,893



299,303


Depreciation and Amortization


(33,190)



(37,720)



(34,474)



(139,795)



(156,194)



(145,121)



  Total Operating Gross Margin


$

(19,694)



$

(3,460)



$

(21,965)



$

(75,312)



$

29,699



$

154,182


 



PARKER DRILLING COMPANY

Adjusted EBITDA (1)

(Dollars in Thousands)

(Unaudited)














Three Months Ended



December
31, 2016


September
30, 2016


June 30,
2016


March 31,
2016


December
31, 2015












Net Income (Loss) Attributable to Controlling Interest


$

(48,929)



$

(46,228)



$

(39,822)



$

(95,835)



$

(35,646)


Interest Expense


11,048



11,015



12,187



11,562



11,388


Income Tax Expense (Benefit)


6,292



5,295



(913)



63,496



(2,519)


Depreciation and Amortization


33,190



34,474



36,317



35,814



37,720













EBITDA


1,601



4,556



7,769



15,037



10,943













Adjustments:











Other (Income) Expense


1,399



342



326



(2,492)



6,059


(Gain) Loss on Disposition of Assets, net


1,364



187



2



60



1,043


Provision for Reduction in Carrying Value of Certain Assets










9,268


Special items (2)


876









1,265













Adjusted EBITDA


$

5,240



$

5,085



$

8,097



$

12,605



$

28,578













(1)

We believe Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare our core operating results from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), remeasurement of foreign currency transactions, tax consequences, impairment and other special items. Special items include items impacting operating expenses that management believes detract from an understanding of normal operating performance. Management uses Adjusted EBITDA as a supplemental measure to review current period operating performance and period to period comparisons. Our Adjusted EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA in the same manner. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. Generally Accepted Accounting Principles (GAAP), and should not be considered in isolation or as an alternative to operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.



(2)

Special items include:  



-

For the three months ended December 31, 2015, special items include a $1.3 million write-off of inventory associated with our decision to no longer provide drilling services in Colombia.   



-

For the three months ended December 31, 2016, special items include $0.9 million of net severance associated with the departure of three executives.

 


PARKER DRILLING COMPANY

Reconciliation of Adjusted Earnings Per Share

(Dollars in Thousands, Except Per Share Data)

(Unaudited)




Three Months Ended




December 31,


September 30,




2016


2015


2016









Net Income (Loss) Attributable to Controlling Interest


$

(48,929)



$

(35,646)



$

(46,228)


Income (Loss) per Diluted Share


$

(0.39)



$

(0.29)



$

(0.37)










 Adjustments:








Sale of investment in joint venture


$



4,799





Provision for reduction in carrying value of certain assets




9,268





Write-off inventory




1,265





Valuation allowance


6,772







Special Items


876







           Total adjustments


7,648



15,332





 Tax effect of adjustments




(3,010)





           Net adjustments


7,648



12,322












 Adjusted net income (loss) attributable to controlling interest(1)


$

(41,281)



$

(23,324)



$

(46,228)


 Adjusted income (loss) per diluted share(1)


$

(0.33)



$

(0.19)



$

(0.37)










(1)

We believe Adjusted Net Income (Loss) Attributable to Controlling Interest and Adjusted Income (Loss) per Diluted Share are useful financial measures for investors to assess and understand operating performance for period to period comparisons. Management views the adjustments to Net Income (Loss) Attributable to Controlling Interest and Income (Loss) per Diluted Share to be items outside of the Company's normal operating results. Adjusted Net Income (Loss) Attributable to Controlling Interest and Adjusted Income (Loss) per Diluted Share are not measures of financial performance under GAAP, and should not be considered in isolation or as an alternative to Net Income (Loss) or Income (Loss) per Diluted Share.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/parker-drilling-reports-2016-fourth-quarter-results-300408352.html

SOURCE Parker Drilling Company