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) |
(d) | EXHIBITS |
99.1 | Press Release dated February 2, 2016. |
ATWOOD OCEANICS, INC. | |
(Registrant) | |
Date: February 2, 2016 | |
/s/ Mark W. Smith | |
Mark W. Smith | |
Senior Vice President and Chief Financial Officer |
EXHIBIT NO | DESCRIPTION | |
99.1 | Press Release dated February 2, 2016 |
For the Three Months Ended | |||||||||||
(Unaudited) | |||||||||||
(In thousands, except per share amounts) | December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||
Revenues | $ | 307,819 | $ | 363,176 | $ | 351,726 | |||||
Income before Income Taxes | 50,295 | 166,115 | 55,340 | ||||||||
Provision for Income Taxes | (11,214 | ) | (15,421 | ) | (9,122 | ) | |||||
Net Income | $ | 39,081 | $ | 150,694 | $ | 46,218 | |||||
Earnings per Common Share - | |||||||||||
Basic | $ | 0.60 | $ | 2.33 | $ | 0.72 | |||||
Diluted | $ | 0.60 | $ | 2.32 | $ | 0.71 |
Three Months Ended December 31, | |||||||
(In thousands, except per share amounts) | 2015 | 2014 | |||||
REVENUES: | |||||||
Contract drilling | $ | 294,615 | $ | 336,761 | |||
Revenues related to reimbursable expenses | 13,204 | 14,965 | |||||
Total revenues | 307,819 | 351,726 | |||||
COSTS AND EXPENSES: | |||||||
Contract drilling | 130,652 | 136,465 | |||||
Reimbursable expenses | 8,286 | 11,907 | |||||
Depreciation | 42,827 | 44,575 | |||||
General and administrative | 15,177 | 17,409 | |||||
Asset impairment | 64,724 | 60,777 | |||||
Loss on sale of equipment | 77 | 9,806 | |||||
261,743 | 280,939 | ||||||
OPERATING INCOME | $ | 46,076 | $ | 70,787 | |||
OTHER INCOME (EXPENSE): | |||||||
Interest expense, net of capitalized interest | (13,761 | ) | (15,504 | ) | |||
Interest income | 4 | 57 | |||||
Other income | 17,976 | — | |||||
4,219 | (15,447 | ) | |||||
INCOME BEFORE INCOME TAXES | 50,295 | 55,340 | |||||
PROVISION FOR INCOME TAXES | 11,214 | 9,122 | |||||
NET INCOME | $ | 39,081 | $ | 46,218 | |||
EARNINGS PER COMMON SHARE: | |||||||
Basic | $ | 0.60 | $ | 0.72 | |||
Diluted | $ | 0.60 | $ | 0.71 | |||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||
Basic | 64,765 | 64,405 | |||||
Diluted | 64,921 | 65,015 |
REVENUES | |||||||||||
Three Months Ended | |||||||||||
(In millions) | December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||
Ultra-Deepwater | $ | 182 | $ | 197 | $ | 167 | |||||
Deepwater | 72 | 79 | 98 | ||||||||
Jackups | 41 | 73 | 72 | ||||||||
Reimbursable | 13 | 14 | 15 | ||||||||
$ | 308 | $ | 363 | $ | 352 |
DRILLING COSTS | |||||||||||
Three Months Ended | |||||||||||
(In millions) | December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||
Ultra-Deepwater | $ | 61 | $ | 58 | $ | 63 | |||||
Deepwater | 43 | 25 | 41 | ||||||||
Jackups | 26 | 35 | 31 | ||||||||
Reimbursable | 8 | 9 | 12 | ||||||||
Other | 1 | — | 1 | ||||||||
$ | 139 | $ | 127 | $ | 148 |
(In thousands, except par value) | December 31, 2015 | September 30, 2015 | |||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash | $ | 115,669 | $ | 113,983 | |||
Accounts receivable, net | 249,874 | 311,514 | |||||
Income tax receivable | 9,534 | 8,705 | |||||
Inventories of materials and supplies, net | 117,703 | 137,998 | |||||
Prepaid expenses, deferred costs and other current assets | 24,461 | 33,735 | |||||
Total current assets | 517,241 | 605,935 | |||||
Property and equipment, net | 4,208,091 | 4,172,132 | |||||
Other receivables | 11,831 | 11,831 | |||||
Deferred income taxes | 150 | 150 | |||||
Deferred costs and other assets | 11,133 | 11,285 | |||||
Total assets | $ | 4,748,446 | $ | 4,801,333 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable | $ | 55,313 | $ | 70,161 | |||
Accrued liabilities | 20,528 | 23,572 | |||||
Dividends payable | 4,858 | 16,164 | |||||
Interest payable | 19,042 | 7,704 | |||||
Income tax payable | 13,264 | 13,906 | |||||
Deferred credits and other liabilities | 3,284 | 3,941 | |||||
Total current liabilities | 116,289 | 135,448 | |||||
Long-term debt | 1,608,399 | 1,678,268 | |||||
Deferred income taxes | 988 | 1,658 | |||||
Deferred credits | 309 | 800 | |||||
Other | 38,922 | 37,989 | |||||
Total long-term liabilities | 1,648,618 | 1,718,715 | |||||
Commitments and contingencies | |||||||
Preferred stock, no par value, 1,000 shares authorized, none outstanding | — | — | |||||
Common stock | 64,768 | 64,654 | |||||
Paid-in capital | 214,754 | 213,096 | |||||
Retained earnings | 2,704,219 | 2,670,148 | |||||
Accumulated other comprehensive loss | (202 | ) | (728 | ) | |||
Total shareholders' equity | 2,983,539 | 2,947,170 | |||||
Total liabilities and shareholders' equity | $ | 4,748,446 | $ | 4,801,333 |
Three Months Ended December 31, | |||||||
(In thousands) | 2015 | 2014 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 39,081 | $ | 46,218 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 42,827 | 44,575 | |||||
Amortization | 1,250 | 2,504 | |||||
Provision for doubtful accounts | 757 | — | |||||
Deferred income tax benefit | (714 | ) | (3,380 | ) | |||
Share-based compensation expense | 2,371 | 4,024 | |||||
Asset impairment | 64,724 | 60,777 | |||||
Loss on sale of assets | 77 | 9,806 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 60,883 | 27,965 | |||||
Income tax receivable | (829 | ) | (717 | ) | |||
Inventories of materials and supplies | 1,628 | (6,771 | ) | ||||
Prepaid expenses, deferred costs and other current assets | 7,462 | 5,095 | |||||
Deferred costs and other assets | (1,050 | ) | 62 | ||||
Accounts payable | (8,220 | ) | (14,248 | ) | |||
Accrued liabilities | 8,570 | 14,866 | |||||
Income tax payable | (642 | ) | (1,333 | ) | |||
Deferred credits and other liabilities | 1,973 | 5,263 | |||||
Net cash provided by operating activities | 220,148 | 194,706 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (131,547 | ) | (149,042 | ) | |||
Proceeds from sale of assets | — | 1,348 | |||||
Net cash used in investing activities | (131,547 | ) | (147,694 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt | 45,000 | — | |||||
Principal payments on long-term debt | (115,000 | ) | — | ||||
Repayments on short-term debt, net | — | (5,931 | ) | ||||
Dividends paid | (16,316 | ) | — | ||||
Proceeds (payments) related to exercise of stock options | (599 | ) | 784 | ||||
Debt issuance costs paid | — | (142 | ) | ||||
Net cash used by financing activities | (86,915 | ) | (5,289 | ) | |||
Net increase in cash and cash equivalents | 1,686 | 41,723 | |||||
Cash and cash equivalents, at beginning of period | 113,983 | 80,080 | |||||
Cash and cash equivalents, at end of period | $ | 115,669 | $ | 121,803 | |||
Non-cash activities: | |||||||
Increase decrease in accrued liabilities relate to capital expenditures | $ | 10,530 | $ | (4,525 | ) | ||
Change in dividends payable | 4,858 | — |