Texas | 1-13167 | 74-1611874 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
15011 Katy Freeway, Suite 800, Houston, Texas | 77094 |
(Address of principal executive offices) | (Zip Code) |
N/A | ||||
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Exhibit Number | Exhibit Description | |
99.1 | Press Release dated July 29, 2015. |
ATWOOD OCEANICS, INC. | |
(Registrant) | |
Date: July 29, 2015 | |
/s/ Mark W. Smith | |
Mark W. Smith | |
Senior Vice President and Chief Financial Officer |
Exhibit Number | Exhibit Description | |
99.1 | Press Release dated July 29, 2015. |
For the Three Months Ended | |||||||||||
(Unaudited) | |||||||||||
(In thousands, except per share amounts) | June 30, 2015 | March 31, 2015 | June 30, 2014 | ||||||||
Revenues | $ | 330,562 | $ | 350,387 | $ | 292,777 | |||||
Income before Income Taxes | $ | 122,539 | $ | 134,976 | $ | 79,365 | |||||
Provision for Income Taxes | (9,547 | ) | (12,307 | ) | (7,440 | ) | |||||
Net Income | $ | 112,992 | $ | 122,669 | $ | 71,925 | |||||
Earnings per Common Share - | |||||||||||
Basic | $ | 1.75 | $ | 1.90 | $ | 1.12 | |||||
Diluted | $ | 1.73 | $ | 1.89 | $ | 1.11 |
For the Nine Months Ended | |||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | June 30, 2015 | June 30, 2014 | |||||
Revenues | $ | 1,032,675 | $ | 850,580 | |||
Income before Income Taxes | $ | 312,855 | $ | 270,908 | |||
Provision for Income Taxes | (30,976 | ) | (42,286 | ) | |||
Net Income | $ | 281,879 | $ | 228,622 | |||
Earnings per Common Share - | |||||||
Basic | $ | 4.37 | $ | 3.56 | |||
Diluted | $ | 4.33 | $ | 3.52 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
(In thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
REVENUES: | |||||||||||||||
Contract drilling | $ | 317,531 | $ | 264,925 | $ | 992,913 | $ | 798,544 | |||||||
Revenues related to reimbursable expenses | 13,031 | 27,852 | 39,762 | 52,036 | |||||||||||
Total revenues | 330,562 | 292,777 | 1,032,675 | 850,580 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Contract drilling | 134,258 | 128,586 | 401,847 | 388,715 | |||||||||||
Reimbursable expenses | 9,066 | 23,493 | 29,634 | 41,095 | |||||||||||
Depreciation | 42,534 | 37,601 | 129,637 | 107,376 | |||||||||||
General and administrative | 10,473 | 12,844 | 42,619 | 47,688 | |||||||||||
Asset impairment | — | — | 60,777 | — | |||||||||||
(Gain) loss on sale of assets | 27 | 7 | 15,362 | (34,072 | ) | ||||||||||
Other, net | — | (212 | ) | — | (1,815 | ) | |||||||||
196,358 | 202,319 | 679,876 | 548,987 | ||||||||||||
OPERATING INCOME | $ | 134,204 | $ | 90,458 | $ | 352,799 | $ | 301,593 | |||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Interest expense, net of capitalized interest | (11,677 | ) | (11,219 | ) | (40,028 | ) | (30,932 | ) | |||||||
Interest income | 12 | 126 | 84 | 247 | |||||||||||
(11,665 | ) | (11,093 | ) | (39,944 | ) | (30,685 | ) | ||||||||
INCOME BEFORE INCOME TAXES | 122,539 | 79,365 | 312,855 | 270,908 | |||||||||||
PROVISION FOR INCOME TAXES | 9,547 | 7,440 | 30,976 | 42,286 | |||||||||||
NET INCOME | $ | 112,992 | $ | 71,925 | $ | 281,879 | $ | 228,622 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||
Basic | $ | 1.75 | $ | 1.12 | $ | 4.37 | $ | 3.56 | |||||||
Diluted | $ | 1.73 | $ | 1.11 | $ | 4.33 | $ | 3.52 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 64,649 | 64,309 | 64,557 | 64,204 | |||||||||||
Diluted | 65,130 | 65,060 | 65,063 | 65,023 |
REVENUES | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
(In millions) | June 30, 2015 | March 31, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||
Ultra-Deepwater | $ | 174 | $ | 183 | $ | 118 | $ | 524 | $ | 326 | |||||||||
Deepwater | 77 | 82 | 70 | 257 | 241 | ||||||||||||||
Jackups | 67 | 73 | 77 | 212 | 232 | ||||||||||||||
Reimbursable | 13 | 12 | 28 | 40 | 52 | ||||||||||||||
$ | 331 | $ | 350 | $ | 293 | $ | 1,033 | $ | 851 |
DRILLING COSTS | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
(In millions) | June 30, 2015 | March 31, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||||
Ultra-Deepwater | $ | 75 | $ | 68 | $ | 44 | $ | 206 | $ | 125 | |||||||||
Deepwater | 29 | 32 | 52 | 102 | 157 | ||||||||||||||
Jackups | 29 | 30 | 32 | 91 | 102 | ||||||||||||||
Reimbursable | 9 | 9 | 23 | 30 | 41 | ||||||||||||||
Other | 1 | 1 | 1 | 3 | 5 | ||||||||||||||
$ | 143 | $ | 140 | $ | 152 | $ | 432 | $ | 430 |
(In thousands, except par value) | June 30, 2015 | September 30, 2014 | |||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash | $ | 74,504 | $ | 80,080 | |||
Accounts receivable | 257,320 | 242,684 | |||||
Income tax receivable | 10,128 | 6,260 | |||||
Inventories of materials and supplies | 137,949 | 132,368 | |||||
Prepaid expenses, deferred costs and other current assets | 20,857 | 36,415 | |||||
Total current assets | 500,758 | 497,807 | |||||
Property and equipment, net | 4,188,794 | 3,967,028 | |||||
Other receivables | 11,831 | 11,831 | |||||
Deferred income taxes | 165 | 589 | |||||
Deferred costs and other assets | 22,697 | 29,973 | |||||
Total assets | $ | 4,724,245 | $ | 4,507,228 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable | $ | 85,650 | $ | 94,315 | |||
Accrued liabilities | 19,765 | 19,158 | |||||
Dividends payable | 16,163 | 16,090 | |||||
Short-term debt | — | 11,885 | |||||
Interest payable | 18,261 | 8,099 | |||||
Income tax payable | 8,784 | 14,234 | |||||
Deferred credits and other liabilities | 4,333 | 3,596 | |||||
Total current liabilities | 152,956 | 167,377 | |||||
Long-term debt | 1,716,247 | 1,742,122 | |||||
Deferred income taxes | 835 | 783 | |||||
Deferred credits | 3,320 | 4,100 | |||||
Other | 37,909 | 37,322 | |||||
Total long-term liabilities | 1,758,311 | 1,784,327 | |||||
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 64,653 issued and outstanding at June 30, 2015 and 180,000 shares authorized and 64,362 shares issued and outstanding at September 30, 2014 | 64,653 | 64,362 | |||||
Paid-in capital | 209,541 | 201,464 | |||||
Retained earnings | 2,535,619 | 2,286,137 | |||||
Accumulated other comprehensive income | 3,165 | 3,561 | |||||
Total shareholders' equity | 2,812,978 | 2,555,524 | |||||
Total liabilities and shareholders' equity | $ | 4,724,245 | $ | 4,507,228 |
Nine Months Ended June 30, | |||||||
(In thousands) | 2015 | 2014 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 281,879 | $ | 228,622 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 129,637 | 107,376 | |||||
Amortization | 5,179 | 5,876 | |||||
Provision for doubtful accounts and inventory obsolescence | 3,337 | 1,905 | |||||
Deferred income tax benefit | (3,453 | ) | (649 | ) | |||
Share-based compensation expense | 9,277 | 10,924 | |||||
Asset impairment | 60,777 | — | |||||
(Gain) loss on sale of assets | 15,362 | (34,072 | ) | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (17,917 | ) | (5,069 | ) | |||
Income tax receivable | (3,868 | ) | (1,425 | ) | |||
Inventories of materials and supplies | (16,917 | ) | (8,816 | ) | |||
Prepaid expenses, deferred costs and other current assets | 13,274 | 14,100 | |||||
Deferred costs and other assets | (341 | ) | (10,512 | ) | |||
Accounts payable | (17,511 | ) | (11,303 | ) | |||
Accrued liabilities | 24,049 | 15,118 | |||||
Income tax payable | (5,450 | ) | 6,032 | ||||
Deferred credits and other liabilities | 6,291 | 21,141 | |||||
Net cash provided by operating activities | 483,605 | 339,248 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (420,077 | ) | (564,119 | ) | |||
Proceeds from sale of assets | 2,339 | 61,516 | |||||
Net cash used in investing activities | (417,738 | ) | (502,603 | ) | |||
Cash flows from financing activities: | |||||||
Borrowings from credit facilities | 225,000 | 370,000 | |||||
Repayments on credit facilities | (250,000 | ) | (165,000 | ) | |||
Repayments on short-term debt, net | (11,885 | ) | (8,071 | ) | |||
Dividends paid | (32,397 | ) | — | ||||
Proceeds from exercise of stock options | 1,279 | 3,468 | |||||
Debt issuance costs paid | (3,440 | ) | (6,650 | ) | |||
Net cash (used) provided by financing activities | (71,443 | ) | 193,747 | ||||
Net increase (decrease) in cash and cash equivalents | (5,576 | ) | 30,392 | ||||
Cash and cash equivalents, at beginning of period | 80,080 | 88,770 | |||||
Cash and cash equivalents, at end of period | $ | 74,504 | $ | 119,162 | |||
Non-cash activities: | |||||||
Increase in accounts payable and accrued liabilities related to capital expenditures | $ | (15,501 | ) | $ | (13,573 | ) |