Exhibit Number | Exhibit Description | |
99.1 | Press Release dated November 10, 2014. |
ATWOOD OCEANICS, INC. | |
(Registrant) | |
Date: November 10, 2014 | |
/s/ Mark L. Mey | |
Mark L. Mey | |
Senior Vice President |
Exhibit Number | Exhibit Description | |
99.1 | Press Release dated November 10, 2014. |
For the Three Months Ended | |||||||||||
(Unaudited) | |||||||||||
(In thousands, except per share amounts) | September 30, 2014 | June 30, 2014 | September 30, 2013 | ||||||||
Revenues | $ | 323,373 | $ | 292,777 | $ | 292,721 | |||||
Income before Income Taxes | 126,385 | 79,365 | 118,152 | ||||||||
Provision for Income Taxes | (14,185 | ) | (7,440 | ) | (16,259 | ) | |||||
Net Income | $ | 112,200 | $ | 71,925 | $ | 101,893 | |||||
Earnings per Common Share - | |||||||||||
Basic | $ | 1.74 | $ | 1.12 | $ | 1.59 | |||||
Diluted | $ | 1.72 | $ | 1.11 | $ | 1.57 |
For the Twelve Months Ended | |||||||||
(Unaudited) | |||||||||
(In thousands, except per share amounts) | September 30, 2014 | September 30, 2013 | |||||||
Revenues | $ | 1,173,953 | $ | 1,063,663 | |||||
Income before Income Taxes | 397,293 | 404,801 | |||||||
Provision for Income Taxes | (56,471 | ) | (54,577 | ) | |||||
Net Income | $ | 340,822 | $ | 350,224 | |||||
Earnings per Common Share - | |||||||||
Basic | $ | 5.31 | $ | 5.38 | |||||
Diluted | $ | 5.24 | $ | 5.32 |
Three Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||
REVENUES: | |||||||||||||||
Contract drilling | $ | 304,853 | $ | 279,318 | $ | 1,103,397 | $ | 1,017,923 | |||||||
Revenues related to reimbursable expenses | 18,520 | 13,403 | 70,556 | 45,740 | |||||||||||
Total revenues | 323,373 | 292,721 | 1,173,953 | 1,063,663 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Contract drilling | 117,413 | 112,186 | 506,128 | 426,198 | |||||||||||
Reimbursable expenses | 15,130 | 9,387 | 56,225 | 32,727 | |||||||||||
Depreciation | 39,982 | 31,098 | 147,358 | 117,510 | |||||||||||
General and administrative | 13,773 | 12,634 | 61,461 | 56,786 | |||||||||||
(Gain)/loss on sale of equipment | (67 | ) | 1,039 | (34,139 | ) | 971 | |||||||||
Other, net | (49 | ) | — | (1,864 | ) | — | |||||||||
186,182 | 166,344 | 735,169 | 634,192 | ||||||||||||
OPERATING INCOME | $ | 137,191 | $ | 126,377 | $ | 438,784 | $ | 429,471 | |||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Interest expense, net of capitalized interest | (10,871 | ) | (8,256 | ) | (41,803 | ) | (24,903 | ) | |||||||
Interest Income | 65 | 31 | 312 | 233 | |||||||||||
(10,806 | ) | (8,225 | ) | (41,491 | ) | (24,670 | ) | ||||||||
INCOME BEFORE INCOME TAXES | 126,385 | 118,152 | 397,293 | 404,801 | |||||||||||
PROVISION FOR INCOME TAXES | 14,185 | 16,259 | 56,471 | 54,577 | |||||||||||
NET INCOME | $ | 112,200 | $ | 101,893 | $ | 340,822 | $ | 350,224 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||
Basic | $ | 1.74 | $ | 1.59 | $ | 5.31 | $ | 5.38 | |||||||
Diluted | $ | 1.72 | $ | 1.57 | $ | 5.24 | $ | 5.32 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 64,352 | 64,024 | 64,240 | 65,073 | |||||||||||
Diluted | 65,229 | 64,895 | 65,074 | 65,845 |
REVENUES | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
(In millions) | September 30, 2014 | June 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||
Ultra-Deepwater | $ | 137 | $ | 118 | $ | 89 | $ | 462 | $ | 335 | |||||||||
Deepwater | 92 | 70 | 109 | 333 | 415 | ||||||||||||||
Jackups | 76 | 77 | 81 | 308 | 268 | ||||||||||||||
Reimbursable | 18 | 28 | 14 | 71 | 46 | ||||||||||||||
$ | 323 | $ | 293 | $ | 293 | $ | 1,174 | $ | 1,064 |
DRILLING COSTS | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
(In millions) | September 30, 2014 | June 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||
Ultra-Deepwater | $ | 42 | $ | 44 | $ | 32 | $ | 167 | $ | 127 | |||||||||
Deepwater | 43 | 52 | 41 | 201 | 168 | ||||||||||||||
Jackups | 30 | 32 | 34 | 132 | 124 | ||||||||||||||
Reimbursable | 15 | 23 | 9 | 56 | 33 | ||||||||||||||
Other | 3 | 1 | 6 | 6 | 7 | ||||||||||||||
$ | 133 | $ | 152 | $ | 122 | $ | 562 | $ | 459 |
(In thousands) | September 30, 2014 | September 30, 2013 | |||||
ASSETS | |||||||
Cash | $ | 80,080 | $ | 88,770 | |||
Accounts receivable | 242,684 | 199,689 | |||||
Income tax receivable | 6,260 | 4,672 | |||||
Inventories of materials and supplies | 132,368 | 121,833 | |||||
Prepaid expenses, deferred costs and other current assets | 36,415 | 38,796 | |||||
Total current assets | 497,807 | 453,760 | |||||
Property and equipment, net | 3,967,028 | 3,164,724 | |||||
Other receivables | 11,831 | 11,831 | |||||
Deferred income taxes | 589 | — | |||||
Deferred costs and other assets | 29,973 | 26,951 | |||||
Total assets | $ | 4,507,228 | $ | 3,657,266 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable | $ | 94,315 | $ | 95,827 | |||
Accrued liabilities | 19,158 | 17,653 | |||||
Dividends payable | 16,090 | — | |||||
Short-term debt | 11,885 | 8,071 | |||||
Interest payable | 8,099 | 7,945 | |||||
Income tax payable | 14,234 | 16,554 | |||||
Deferred credits and other liabilities | 3,596 | 10,822 | |||||
Total current liabilities | 167,377 | 156,872 | |||||
Long-term debt | 1,742,122 | 1,263,232 | |||||
Deferred income taxes | 783 | 485 | |||||
Deferred credits | 4,100 | 1,176 | |||||
Other | 37,322 | 28,130 | |||||
Total long-term liabilities | 1,784,327 | 1,293,023 | |||||
Commitments and contingencies | |||||||
Preferred stock, no par value, 1,000 shares authorized, none outstanding | — | — | |||||
Common stock, $1.00 par value, 180,000 shares authorized with 64,362 issued and outstanding at September 30, 2014 and 90,000 shares authorized with 64,057 issued and outstanding at September 30, 2013 | 64,362 | 64,057 | |||||
Paid-in capital | 201,464 | 183,390 | |||||
Retained earnings | 2,286,137 | 1,961,405 | |||||
Accumulated other comprehensive income (loss) | 3,561 | (1,481 | ) | ||||
Total shareholders' equity | 2,555,524 | 2,207,371 | |||||
Total liabilities and shareholders' equity | $ | 4,507,228 | $ | 3,657,266 |
Twelve Months Ended September 30, | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 340,822 | $ | 350,224 | $ | 272,171 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | 147,358 | 117,510 | 70,599 | ||||||||
Amortization | 8,634 | 5,224 | (712 | ) | |||||||
Provision for doubtful accounts and inventory obsolescence | 2,826 | 5,582 | 765 | ||||||||
Deferred income tax benefit | (1,270 | ) | (816 | ) | (989 | ) | |||||
Share-based compensation expense | 14,691 | 14,231 | 10,402 | ||||||||
(Gain) loss on sale of assets | (34,139 | ) | 971 | 457 | |||||||
Change in assets and liabilities: | |||||||||||
Accounts receivable | (43,965 | ) | (36,330 | ) | (80,013 | ) | |||||
Income tax receivable | (1,588 | ) | 1,078 | (119 | ) | ||||||
Inventories of materials and supplies | (17,220 | ) | (43,254 | ) | (23,395 | ) | |||||
Prepaid expenses, deferred costs and other current assets | 15,463 | (712 | ) | (6,386 | ) | ||||||
Deferred costs and other assets | (11,682 | ) | (19,700 | ) | (32,597 | ) | |||||
Accounts payable | 1,932 | 11,440 | 27,536 | ||||||||
Accrued liabilities | 1,647 | 1,430 | (7,096 | ) | |||||||
Premium on Senior Notes | — | 8,500 | |||||||||
Income tax payable | (2,320 | ) | 5,863 | 1,250 | |||||||
Deferred credits and other liabilities | 21,431 | 10,869 | 23,730 | ||||||||
Net cash provided by operating activities | 442,620 | 432,110 | 255,603 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (975,731 | ) | (745,223 | ) | (785,083 | ) | |||||
Proceeds from sale of assets | 61,516 | 147 | 7,646 | ||||||||
Net cash used in investing activities | (914,215 | ) | (745,076 | ) | (777,437 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of long term debt | 700,000 | 600,000 | 760,000 | ||||||||
Principal payments on long-term debt | (220,000 | ) | (175,000 | ) | (450,000 | ) | |||||
Repayments on short-term debt | (13,979 | ) | 2,923 | (313 | ) | ||||||
Repurchase and retirement of common shares | — | (107,260 | ) | — | |||||||
Proceeds from exercise of stock options | 3,688 | 9,224 | 5,546 | ||||||||
Debt issuance costs paid | (6,804 | ) | (6,022 | ) | (10,530 | ) | |||||
Net cash provided by financing activities | 462,905 | 323,865 | 304,703 | ||||||||
Net increase (decrease) in cash and cash equivalents | (8,690 | ) | 10,899 | (217,131 | ) | ||||||
Cash at beginning of period | 88,770 | 77,871 | 295,002 | ||||||||
Cash at end of period | $ | 80,080 | $ | 88,770 | $ | 77,871 | |||||
Cash paid during the period for: | |||||||||||
Domestic and foreign income taxes | $ | 55,777 | $ | 49,105 | $ | 49,636 | |||||
Interest, net of amounts capitalized | 35,265 | 21,200 | 1,849 | ||||||||
Non-cash activities: | |||||||||||
Increase (decrease in accrued liabilities related to capital expenditures | (2,804 | ) | 795 | (56,965 | ) | ||||||
Dividends Payable | 16,090 | — | — | ||||||||
Increase in short-term debt related to funding of insurance policies | 17,793 | — | — |