Supplemental Guarantor Information (Tables)

6 Months Ended

Jun. 30, 2019

Supplemental Guarantor Information [Abstract]

Condensed Consolidating Balance Sheets

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
June 30, 2019
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	-	$	171,636	$	1,383	$	61,113	$	-	$	234,132
Accounts receivable, net		-		53		282,845		86,936		-		369,834
Intercompany accounts receivable		-		16,634		74,813		4,623		(96,070)		-
Other current assets		-		10,753		129,111		55,940		-		195,804
Total current assets		-		199,076		488,152		208,612		(96,070)		799,770
Property, plant and equipment, net		-		11,485		767,468		161,980		-		940,933
Operating lease right-of-use assets		-		22,970		61,325		14,709		-		99,004
Goodwill		-		-		80,544		56,243		-		136,787
Notes receivable		-		-		66,010		-		-		66,010
Long-term intercompany accounts receivable		2,252,636		-		2,296,357		186,844		(4,735,837)		-
Intercompany notes receivable		-		600		-		6,000		(6,600)		-
Equity investments of consolidated subsidiaries		(2,072,245)		3,709,645		6,668		-		(1,644,068)		-
Restricted cash		-		-		2,694		45		-		2,739
Intangible and other long-term assets, net		-		19,439		74,397		7,218		-		101,054
Total assets	$	180,391	$	3,963,215	$	3,843,615	$	641,651	$	(6,482,575)	$	2,146,297
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	-	$	7,220	$	64,473	$	24,201	$	-	$	95,894
Accrued expenses		-		86,167		96,837		35,878		-		218,882
Income taxes payable		-		(126)		-		3,860		-		3,734
Intercompany accounts payable		-		753		8,762		86,555		(96,070)		-
Current portion of decommissioning liabilities		-		-		-		3,593		-		3,593
Total current liabilities		-		94,014		170,072		154,087		(96,070)		322,103
Long-term debt, net		-		1,284,814		-		-		-		1,284,814
Deferred income taxes		-		(156,259)		152,305		3,954		-		-
Decommissioning liabilities		-		-		129,604		-		-		129,604
Operating lease liabilities		-		23,564		44,875		10,534		-		78,973
Long-term intercompany accounts payable		-		4,735,837		-		-		(4,735,837)		-
Intercompany notes payable		-		6,000		-		600		(6,600)		-
Other long-term liabilities		-		47,490		76,722		26,200		-		150,412
Total stockholders' equity (deficit)		180,391		(2,072,245)		3,270,037		446,276		(1,644,068)		180,391
Total liabilities and stockholders' equity	$	180,391	$	3,963,215	$	3,843,615	$	641,651	$	(6,482,575)	$	2,146,297

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Balance Sheets
December 31, 2018
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Assets
Current assets:
Cash and cash equivalents	$	-	$	102,224	$	707	$	55,119	$	-	$	158,050
Accounts receivable, net		-		160		367,497		79,696		-		447,353
Intercompany accounts receivable		-		12,279		74,906		3,489		(90,674)		-
Other current assets		-		12,805		111,560		43,137		-		167,502
Total current assets		-		127,468		554,670		181,441		(90,674)		772,905
Property, plant and equipment, net		-		10,129		920,978		178,019		-		1,109,126
Goodwill		-		-		80,544		56,244		-		136,788
Notes receivable		-		-		63,993		-		-		63,993
Long-term intercompany accounts receivable		2,243,431		-		1,991,912		182,284		(4,417,627)		-
Equity investments of consolidated subsidiaries		(1,952,647)		3,754,887		5,992		-		(1,808,232)		-
Restricted cash		-		-		5,653		45		-		5,698
Intangible and other long-term assets, net		-		19,255		100,847		7,350		-		127,452
Total assets	$	290,784	$	3,911,739	$	3,724,589	$	605,383	$	(6,316,533)	$	2,215,962
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	-	$	8,807	$	109,903	$	20,615	$	-	$	139,325
Accrued expenses		45		102,845		86,926		29,364		-		219,180
Income taxes payable		-		1,237		-		(503)		-		734
Intercompany accounts payable		-		724		6,869		83,081		(90,674)		-
Current portion of decommissioning liabilities		-		-		-		3,538		-		3,538
Total current liabilities		45		113,613		203,698		136,095		(90,674)		362,777
Long-term debt, net		-		1,282,921		-		-		-		1,282,921
Decommissioning liabilities		-		-		126,558		-		-		126,558
Long-term intercompany accounts payable		-		4,417,627		-		-		(4,417,627)		-
Other long-term liabilities		-		50,225		76,543		26,199		-		152,967
Total stockholders' equity (deficit)		290,739		(1,952,647)		3,317,790		443,089		(1,808,232)		290,739
Total liabilities and stockholders' equity	$	290,784	$	3,911,739	$	3,724,589	$	605,383	$	(6,316,533)	$	2,215,962

Condensed Consolidating Statements of Operations And Comprehensive Income

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
Three Months Ended June 30, 2019
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	-	$	365,091		76,237		(5,013)	$	436,315
Cost of services and rentals (exclusive of depreciation,
depletion, amortization and accretion)		-		(6,052)		257,675		49,818		(5,013)		296,428
Depreciation, depletion, amortization and
accretion		-		923		64,797		9,498		-		75,218
General and administrative expenses		-		23,416		35,247		13,321		-		71,984
Reduction in value of assets		-		-		31,381		-		-		31,381
Income (loss) from operations		-		(18,287)		(24,009)		3,600		-		(38,696)
Other income (expense):
Interest income (expense), net		-		(25,902)		1,245		7		-		(24,650)
Intercompany interest income (expense)		-		(25)		-		25		-		-
Other income (expense)		-		(284)		(1,308)		2,082		-		490
Equity in losses of consolidated subsidiaries		(71,050)		(36,551)		(5)		-		107,606		-
Income (loss) from operations before income taxes		(71,050)		(81,049)		(24,077)		5,714		107,606		(62,856)
Income taxes		-		(9,999)		14,703		3,490		-		8,194
Net income (loss)		(71,050)		(71,050)		(38,780)		2,224		107,606		(71,050)
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Consolidating Statements of Comprehensive Income (Loss)
Three Months Ended June 30, 2019
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	(71,050)	$	(71,050)	$	(38,780)	$	2,224	$	107,606	$	(71,050)
Change in cumulative translation adjustment, net of tax		(1,916)		(1,916)		-		(1,916)		3,832		(1,916)
Comprehensive loss	$	(72,966)	$	(72,966)	$	(38,780)	$	308	$	111,438	$	(72,966)

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
Three Months Ended June 30, 2018
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	-	$	473,724	$	73,289	$	(11,465)	$	535,548
Cost of services and rentals (exclusive of depreciation,
depletion, amortization and accretion)		-		(2,963)		334,169		50,069		(11,465)		369,810
Depreciation, depletion, amortization and
accretion		-		990		85,501		11,482		-		97,973
General and administrative expenses		-		21,098		35,668		13,130		-		69,896
Income (loss) from operations		-		(19,125)		18,386		(1,392)		-		(2,131)
Other income (expense):
Interest income (expense), net		-		(25,884)		980		10		-		(24,894)
Other income (expense)		-		(186)		264		(2,460)		-		(2,382)
Equity in earnings (losses) of consolidated subsidiaries		(26,390)		11,361		(200)		-		15,229		-
Income (loss) from continuing operations before income taxes		(26,390)		(33,834)		19,430		(3,842)		15,229		(29,407)
Income taxes		-		(7,444)		3,001		473		-		(3,970)
Net income (loss) from continuing operations		(26,390)		(26,390)		16,429		(4,315)		15,229		(25,437)
Loss from discontinued operations, net of income tax		-		-		-		(953)		-		(953)
Net income (loss)	$	(26,390)	$	(26,390)	$	16,429	$	(5,268)	$	15,229	$	(26,390)
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Consolidating Statements of Comprehensive Income (Loss)
Three Months Ended June 30, 2018
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	(26,390)	$	(26,390)	$	16,429	$	(5,268)	$	15,229	$	(26,390)
Change in cumulative translation adjustment, net of tax		(7,053)		(7,053)		-		(7,053)		14,106		(7,053)
Comprehensive income (loss)	$	(33,443)	$	(33,443)	$	16,429	$	(12,321)	$	29,335	$	(33,443)

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
Six Months Ended June 30, 2019
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	-	$	756,483	$	158,136	$	(11,128)	$	903,491
Cost of services and rentals (exclusive of depreciation,
depletion, amortization and accretion)		-		(6,871)		538,653		105,937		(11,128)		626,591
Depreciation, depletion, amortization and
accretion		-		1,873		136,360		19,424		-		157,657
General and administrative expenses		-		47,738		74,663		23,428		-		145,829
Reduction in value of assets		-		-		31,381		-		-		31,381
Income (loss) from operations		-		(42,740)		(24,574)		9,347		-		(57,967)
Other income (expense):
Interest income (expense), net		-		(52,284)		2,472		41		-		(49,771)
Intercompany interest income (expense)				(25)		-		25
Other income (expense)		-		(1,075)		(1,210)		1,163		-		(1,122)
Equity in earnings (losses) of consolidated subsidiaries		(118,755)		(44,399)		724		-		162,430		-
Income (loss) from continuing operations before income taxes		(118,755)		(140,523)		(22,588)		10,576		162,430		(108,860)
Income taxes		-		(21,768)		25,162		6,501		-		9,895
Net income (loss)	$	(118,755)	$	(118,755)	$	(47,750)	$	4,075	$	162,430	$	(118,755)
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Consolidating Statements of Comprehensive Income (Loss)
Six Months Ended June 30, 2019
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	(118,755)	$	(118,755)	$	(47,750)	$	4,075	$	162,430	$	(118,755)
Change in cumulative translation adjustment, net of tax		(843)		(843)		-		(843)		1,686		(843)
Comprehensive income (loss)	$	(119,598)	$	(119,598)	$	(47,750)	$	3,232	$	164,116	$	(119,598)

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Operations
Six Months Ended June 30, 2018
(in thousands)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Revenues	$	-	$	-	$	908,858	$	126,548	$	(17,540)	$	1,017,866
Cost of services and rentals (exclusive of depreciation,
depletion, amortization and accretion)		-		(5,589)		645,233		91,166		(17,540)		713,270
Depreciation, depletion, amortization and
accretion		-		2,009		178,215		23,468		-		203,692
General and administrative expenses		-		46,762		74,357		24,597		-		145,716
Loss from operations		-		(43,182)		11,053		(12,683)		-		(44,812)
Other income (expense):
Interest expense, net		-		(51,754)		1,947		26		-		(49,781)
Other income (expense)		-		(252)		538		(4,403)		-		(4,117)
Equity in losses of consolidated subsidiaries		(86,114)		(6,109)		(368)		-		92,591		-
Loss from continuing operations before income taxes		(86,114)		(101,297)		13,170		(17,060)		92,591		(98,710)
Income taxes		-		(15,183)		1,925		(67)		-		(13,325)
Net loss from continuing operations		(86,114)		(86,114)		11,245		(16,993)		92,591		(85,385)
Loss from discontinued operations, net of income tax		-		-		-		(729)		-		(729)
Net loss	$	(86,114)	$	(86,114)	$	11,245	$	(17,722)	$	92,591	$	(86,114)
SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Consolidating Statements of Comprehensive Income (Loss)
Six Months Ended June 30, 2018
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	(86,114)	$	(86,114)	$	11,245	$	(17,722)	$	92,591	$	(86,114)
Change in cumulative translation adjustment, net of tax		(2,665)		(2,665)		-		(2,665)		5,330		(2,665)
Comprehensive income (loss)	$	(88,779)	$	(88,779)	$	11,245	$	(20,387)	$	97,921	$	(88,779)

Condensed Consolidating Statements Of Cash Flows

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2019
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	10,232	$	(246,583)	$	288,600	$	16,581	$	68,830
Cash flows from investing activities:
Payments for capital expenditures		-		(3,290)		(72,981)		(2,865)		(79,136)
Proceeds from sales of assets		-		-		84,557		-		84,557
Net cash provided by (used in) investing activities		-		(3,290)		11,576		(2,865)		5,421
Cash flows from financing activities:
Changes in notes with affiliated companies, net		(9,206)		319,285		(302,459)		(7,620)		-
Other		(1,026)		-		-		-		(1,026)
Net cash provided by (used in) financing activities		(10,232)		319,285		(302,459)		(7,620)		(1,026)
Effect of exchange rate changes on cash		-		-		-		(102)		(102)
Net change in cash, cash equivalents, and restricted cash		-		69,412		(2,283)		5,994		73,123
Cash, cash equivalents, and restricted cash at beginning of period		-		102,224		6,360		55,164		163,748
Cash, cash equivalents, and restricted cash at end of period	$	-	$	171,636	$	4,077	$	61,158	$	236,871

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidating Statements of Cash Flows
Six Months Ended June 30, 2018
(in thousands)
(unaudited)
	Parent		Issuer		Guarantor ‎Subsidiaries		Non- ‎Guarantor ‎Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	12,342	$	(91,600)	$	131,729	$	(1,787)	$	(11,269)	$	39,415
Cash flows from investing activities:
Payments for capital expenditures		-		(549)		(114,360)		(4,932)		-		(119,841)
Proceeds from sales of assets		-		-		10,150		13,147		-		23,297
Net cash provided by (used in) investing activities		-		(549)		(104,210)		8,215		-		(96,544)
Cash flows from financing activities:
Intercompany dividends		-		-		-		(11,269)		11,269		-
Changes in notes with affiliated companies, net		(8,834)		34,815		(35,613)		9,632		-		-
Other		(3,508)		(392)		-		-		-		(3,900)
Net cash provided by (used in) financing activities		(12,342)		34,423		(35,613)		(1,637)		11,269		(3,900)
Effect of exchange rate changes on cash		-		-		-		(1,311)		-		(1,311)
Net change in cash, cash equivalents, and restricted cash		-		(57,726)		(8,094)		3,480		-		(62,340)
Cash, cash equivalents, and restricted cash at beginning of period		-		126,533		20,923		45,027		-		192,483
Cash, cash equivalents, and restricted cash at end of period	$	-	$	68,807	$	12,829	$	48,507	$	-	$	130,143