XML 23 R4.htm IDEA: XBRL DOCUMENT v3.22.1
Unaudited Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2022
Mar. 31, 2021
OPERATING REVENUES        
Drilling services $ 465,370 $ 294,026 $ 872,904 $ 538,807
Other 2,227 2,145 4,475 3,741
Total operating revenues 467,597 296,171 877,379 542,548
OPERATING COSTS AND EXPENSES        
Drilling services operating expenses, excluding depreciation and amortization 339,759 230,313 639,411 429,002
Other operating expenses 1,181 1,274 2,363 2,636
Depreciation and amortization 102,937 106,417 203,374 213,278
Research and development 6,387 5,334 12,914 10,917
Selling, general and administrative 47,051 39,349 90,766 78,652
Asset impairment charge 0 54,284 4,363 54,284
Restructuring charges 63 1,608 805 1,746
Gain on reimbursement of drilling equipment (6,448) (3,748) (11,702) (5,939)
Other (gain) loss on sale of assets (716) 22,263 313 12,118
Total operating costs and expenses 490,214 457,094 942,607 796,694
OPERATING LOSS FROM CONTINUING OPERATIONS (22,617) (160,923) (65,228) (254,146)
Other income (expense)        
Interest and dividend income 3,399 4,819 5,988 6,698
Interest expense (4,390) (5,759) (10,504) (11,898)
Gain on investment securities 22,132 2,520 69,994 5,444
Loss on extinguishment of debt 0 0 (60,083) 0
Other (476) (577) (1,018) (2,057)
Total other income (expense) 20,665 1,003 4,377 (1,813)
Loss from continuing operations before income taxes (1,952) (159,920) (60,851) (255,959)
Income tax expense (benefit) 2,672 (36,624) (4,896) (54,739)
Loss from continuing operations (4,624) (123,296) (55,955) (201,220)
Income (loss) from discontinued operations before income taxes (352) 2,293 (383) 9,786
Income tax provision 0 0 0 0
Income (loss) from discontinued operations (352) 2,293 (383) 9,786
NET LOSS $ (4,976) $ (121,003) $ (56,338) $ (191,434)
Basic earnings (loss) per common share:        
Loss from continuing operations (in dollars per share) $ (0.05) $ (1.15) $ (0.53) $ (1.87)
Income from discontinued operations (in dollars per share) 0 0.02 0 0.09
Net loss (in dollars per share) (0.05) (1.13) (0.53) (1.78)
Diluted earnings (loss) per common share:        
Loss from continuing operations (in dollars per share) (0.05) (1.15) (0.53) (1.87)
Income from discontinued operations (in dollars per share) 0 0.02 0 0.09
Net loss (in dollars per share) $ (0.05) $ (1.13) $ (0.53) $ (1.78)
Weighted average shares outstanding:        
Basic (in shares) 105,393 107,861 106,494 107,738
Diluted (in shares) 105,393 107,861 106,494 107,738