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Financial Information Related to Guarantor Subsidiaries (Tables)
 9 Months Ended
Sep. 30, 2012
Financial Information Related to Guarantor Subsidiaries [Abstract]  
Consolidating Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Balance Sheets

 

September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$                -

 

$         5,347

 

$         20,707

 

$         53,032

 

$                  -

 

$         79,086

 

Accounts receivable, net

 

 -

 
703 

 
957,210 

 
232,004 

 
(60,203)

 
1,129,714 

 

Deferred Income Taxes

 
31,306 

 

 -

 

 -

 

 -

 

 -

 
31,306 

 

Income taxes receivable

 

 -

 

 -

 

 -

 
1,802 

 
(1,802)

 

 -

 

Prepaid expenses

 
85 

 
8,905 

 
47,710 

 
45,506 

 

 -

 
102,206 

 

Inventory and other current assets

 

 -

 
1,675 

 
153,994 

 
24,528 

 

 -

 
180,197 

 

Available-for-sale securities

 

 -

 
20,321 

 

 -

 

 -

 

 -

 
20,321 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 
31,391 

 
36,951 

 
1,179,621 

 
356,872 

 
(62,005)

 
1,542,830 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 -

 
6,603 

 
2,526,831 

 
629,839 

 

 -

 
3,163,273 

 

Goodwill

 

 -

 

 -

 
2,119,477 

 
408,835 

 

 -

 
2,528,312 

 

Notes receivable

 

 -

 

 -

 
44,129 

 

 -

 

 -

 
44,129 

 

Investments in subsidiaries

 
2,108,911 

 
4,776,411 

 
577,825 

 

 -

 
(7,463,147)

 

 -

 

Intangible and other long-term assets, net

 

 -

 
59,511 

 
372,614 

 
78,949 

 

 -

 
511,074 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$ 2,140,302

 

$  4,879,476

 

$    6,820,497

 

$    1,474,495

 

$   (7,525,152)

 

$    7,789,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$                -

 

$         5,487

 

$       207,140

 

$       111,032

 

$        (54,847)

 

$       268,812

 

Accrued expenses

 
139 

 
72,792 

 
212,310 

 
80,839 

 
(5,433)

 
360,647 

 

Income taxes payable

 
150,659 

 

 -

 

 -

 

 -

 
(1,802)

 
148,857 

 

Current maturities of long-term debt

 

 -

 
20,000 

 

 -

 

 -

 

 -

 
20,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       Total current liabilities

 
150,798 

 
98,279 

 
419,450 

 
191,871 

 
(62,082)

 
798,316 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 
709,077 

 

 -

 

 -

 
17,957 

 

 -

 
727,034 

 

Decommissioning liabilities

 

 -

 

 -

 
88,797 

 
2,215 

 

 -

 
91,012 

 

Long-term debt, net

 

 -

 
1,909,416 

 

 -

 

 -

 

 -

 
1,909,416 

 

Intercompany payables/(receivables)

 
(2,874,432)

 
730,801 

 
2,706,197 

 
(42,265)

 
(520,301)

 

 -

 

Other long-term liabilities

 
5,790 

 
32,069 

 
24,811 

 
52,101 

 

 -

 
114,771 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock of $.01 par value

 

 -

 

 -

 

 -

 

 -

 

 -

 

 -

 

Common stock of $.001 par value

 
157 

 

 -

 
782 

 
4,212 

 
(4,994)

 
157 

 

Additional paid in capital

 
2,846,236 

 
124,271 

 
687,939 

 
1,118,727 

 
(1,930,937)

 
2,846,236 

 

Accumulated other comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

 

income (loss), net

 
(20,432)

 
(20,432)

 
1,073 

 
(19,790)

 
39,149 

 
(20,432)

 

Retained earnings (accumulated deficit)

 
1,323,108 

 
2,005,072 

 
2,891,448 

 
149,467 

 
(5,045,987)

 
1,323,108 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity (deficit)

 
4,149,069 

 
2,108,911 

 
3,581,242 

 
1,252,616 

 
(6,942,769)

 
4,149,069 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$ 2,140,302

 

$  4,879,476

 

$    6,820,497

 

$    1,474,495

 

$   (7,525,152)

 

$    7,789,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Consolidating Statements of Operations and Consolidating Statements of Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Operations

 

Three Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$               -

 

$             -

 

$  1,003,373

 

$     198,277

 

$       (21,985)

 

$    1,179,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (exclusive of items shown

 

 

 

 

 

 

 

 

 

 

 

 

 

separately below)

 

 -

 

 -

 
597,931 

 
132,617 

 
(21,940)

 
708,608 

 

Depreciation, depletion, amortization and

 

 

 

 

 

 

 

 

 

 

 

 

 

accretion

 

 -

 
158 

 
103,838 

 
24,164 

 

 -

 
128,160 

 

General and administrative expenses

 
83 

 
31,229 

 
102,073 

 
30,118 

 
(45)

 
163,458 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
(83)

 
(31,387)

 
199,531 

 
11,378 

 

 -

 
179,439 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 -

 
(28,592)

 
1,253 

 
(779)

 

 -

 
(28,118)

 

Loss on early extinguishment of debt

 

 -

 
(2,294)

 

 -

 

 -

 

 -

 
(2,294)

 

Earnings (losses) from consolidated subsidiaries

 
146,257 

 
208,530 

 
8,110 

 

 -

 
(362,897)

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

 

income taxes

 
146,174 

 
146,257 

 
208,894 

 
10,599 

 
(362,897)

 
149,027 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 
52,288 

 

 -

 

 -

 
2,852 

 

 -

 
55,140 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 
93,886 

 
146,257 

 
208,894 

 
7,747 

 
(362,897)

 
93,887 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income tax

 

 -

 

 -

 

 -

 

 -

 

 -

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$     93,886

 

$ 146,257

 

$     208,894

 

$         7,747

 

$     (362,897)

 

$         93,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Comprehensive Income

 

Three Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$     93,886

 

$ 146,257

 

$     208,894

 

$         7,747

 

$     (362,897)

 

$         93,887

 

Unrealized net loss on investment securities, net of tax

 
2,198 

 
2,198 

 

 -

 

 -

 
(2,198)

 
2,198 

 

Change in cumulative translation adjustment

 
7,216 

 
7,216 

 
1,529 

 
7,216 

 
(15,961)

 
7,216 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$   103,300

 

$ 155,671

 

$     210,423

 

$       14,963

 

$     (381,056)

 

$       103,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Operations

 

Three Months Ended September 30, 2011 *

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$             -

 

$               -

 

$     450,186

 

$     104,476

 

$       (17,620)

 

$       537,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (exclusive of items shown

 

 

 

 

 

 

 

 

 

 

 

 

 

separately below)

 

 -

 

 -

 
222,930 

 
79,716 

 
(17,522)

 
285,124 

 

Depreciation, depletion, amortization and

 

 

 

 

 

 

 

 

 

 

 

 

 

accretion

 

 -

 
131 

 
51,634 

 
10,042 

 

 -

 
61,807 

 

General and administrative expenses

 
81 

 
17,880 

 
58,426 

 
17,524 

 
(98)

 
93,813 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
(81)

 
(18,011)

 
117,196 

 
(2,806)

 

 -

 
96,298 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 -

 
(20,631)

 
1,253 

 
484 

 

 -

 
(18,894)

 

Intercompany interest income (expense)

 

 -

 
6,822 

 

 -

 
(6,822)

 

 -

 

 -

 

Earnings (losses) from consolidated subsidiaries

 
94,682 

 
118,768 

 
881 

 

 -

 
(214,331)

 

 -

 

Earnings (losses) from equity-method

 

 

 

 

 

 

 

 

 

 

 

 

 

investments, net

 

 -

 
8,198 

 

 -

 

 -

 

 -

 
8,198 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

 

income taxes

 
94,601 

 
95,146 

 
119,330 

 
(9,144)

 
(214,331)

 
85,602 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 
32,268 

 

 -

 

 -

 
(1,465)

 

 -

 
30,803 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 
62,333 

 
95,146 

 
119,330 

 
(7,679)

 
(214,331)

 
54,799 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income tax

 
(2,753)

 
(464)

 
8,073 

 
(75)

 

 -

 
4,781 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   59,580

 

$      94,682

 

$     127,403

 

$         (7,754)

 

$     (214,331)

 

$         59,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Comprehensive Income

 

Three Months Ended September 30, 2011 *

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   59,580

 

$      94,682

 

$     127,403

 

$         (7,754)

 

$     (214,331)

 

$         59,580

 

Change in cumulative translation adjustment

 
(6,027)

 
(6,027)

 

 -

 
(6,027)

 
12,054 

 
(6,027)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$   53,553

 

$      88,655

 

$     127,403

 

$       (13,781)

 

$     (202,277)

 

$         53,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* As adjusted for discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Operations

 

Nine Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$               -

 

$             -

 

$  2,933,132

 

$     562,010

 

$     (105,321)

 

$    3,389,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (exclusive of items shown

 

 

 

 

 

 

 

 

 

 

 

 

 

separately below)

 

 -

 

 -

 
1,693,002 

 
378,848 

 
(105,191)

 
1,966,659 

 

Depreciation, depletion, amortization and

 

 

 

 

 

 

 

 

 

 

 

 

 

accretion

 

 -

 
527 

 
306,161 

 
59,584 

 

 -

 
366,272 

 

General and administrative expenses

 
311 

 
117,485 

 
302,567 

 
76,765 

 
(130)

 
496,998 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
(311)

 
(118,012)

 
631,402 

 
46,813 

 

 -

 
559,892 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 -

 
(88,322)

 
2,446 

 
(2,225)

 

 -

 
(88,101)

 

Loss on early extinguishment of debt

 

 -

 
(2,294)

 

 -

 

 -

 

 -

 
(2,294)

 

Earnings (losses) from consolidated subsidiaries

 
452,358 

 
645,368 

 
36,311 

 

 -

 
(1,134,037)

 

 -

 

Earnings (losses) from equity-method

 

 

 

 

 

 

 

 -

 

 

 

 

 

investments, net

 

 -

 
(287)

 

 -

 

 -

 

 -

 
(287)

 

Gain on sale of equity-method investment

 

 -

 
17,880 

 

 -

 

 -

 

 -

 
17,880 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

 

income taxes

 
452,047 

 
454,333 

 
670,159 

 
44,588 

 
(1,134,037)

 
487,090 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 
164,857 

 

 -

 

 -

 
15,366 

 

 -

 
180,223 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 
287,190 

 
454,333 

 
670,159 

 
29,222 

 
(1,134,037)

 
306,867 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income tax

 
2,470 

 
(1,975)

 
(14,693)

 
(3,009)

 

 -

 
(17,207)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   289,660

 

$ 452,358

 

$     655,466

 

$       26,213

 

$  (1,134,037)

 

$       289,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Comprehensive Income

 

Nine Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   289,660

 

$ 452,358

 

$     655,466

 

$       26,213

 

$  (1,134,037)

 

$       289,660

 

Unrealized net loss on investment securities, net of tax

 
(642)

 
(642)

 

 -

 

 -

 
642 

 
(642)

 

Change in cumulative translation adjustment

 
7,146 

 
7,146 

 
1,073 

 
7,146 

 
(15,365)

 
7,146 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$   296,164

 

$ 458,862

 

$     656,539

 

$       33,359

 

$  (1,148,760)

 

$       296,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidating Statements of Cash Flows
(19)

Financial Information Related to Guarantor Subsidiaries

 

SESI, L.L.C. (Issuer), a 100% owned subsidiary of Superior Energy Services, Inc. (Parent), has  $500 million of unsecured 6 3/8% senior notes due 2019 and $800 million of unsecured 7 1/8% senior notes due 2021.  The Parent, along with certain of its 100% owned domestic subsidiaries, fully and unconditionally guaranteed the senior notes, and such guarantees are joint and several.  Domestic income taxes are paid by the Parent through a consolidated tax return and are accounted for by the Parent.  The Company has revised the comparative condensed consolidating financial information to reflect the Parent’s and Issuer’s investments in subsidiaries using the equity-method.  The following tables present the condensed consolidating balance sheets as of September 30, 2012 and December 31, 2011, and the condensed consolidating statements of operations and cash flows for the three and nine months ended September 30, 2012 and 2011.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Balance Sheets

 

September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$                -

 

$         5,347

 

$         20,707

 

$         53,032

 

$                  -

 

$         79,086

 

Accounts receivable, net

 

 -

 
703 

 
957,210 

 
232,004 

 
(60,203)

 
1,129,714 

 

Deferred Income Taxes

 
31,306 

 

 -

 

 -

 

 -

 

 -

 
31,306 

 

Income taxes receivable

 

 -

 

 -

 

 -

 
1,802 

 
(1,802)

 

 -

 

Prepaid expenses

 
85 

 
8,905 

 
47,710 

 
45,506 

 

 -

 
102,206 

 

Inventory and other current assets

 

 -

 
1,675 

 
153,994 

 
24,528 

 

 -

 
180,197 

 

Available-for-sale securities

 

 -

 
20,321 

 

 -

 

 -

 

 -

 
20,321 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 
31,391 

 
36,951 

 
1,179,621 

 
356,872 

 
(62,005)

 
1,542,830 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 -

 
6,603 

 
2,526,831 

 
629,839 

 

 -

 
3,163,273 

 

Goodwill

 

 -

 

 -

 
2,119,477 

 
408,835 

 

 -

 
2,528,312 

 

Notes receivable

 

 -

 

 -

 
44,129 

 

 -

 

 -

 
44,129 

 

Investments in subsidiaries

 
2,108,911 

 
4,776,411 

 
577,825 

 

 -

 
(7,463,147)

 

 -

 

Intangible and other long-term assets, net

 

 -

 
59,511 

 
372,614 

 
78,949 

 

 -

 
511,074 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$ 2,140,302

 

$  4,879,476

 

$    6,820,497

 

$    1,474,495

 

$   (7,525,152)

 

$    7,789,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$                -

 

$         5,487

 

$       207,140

 

$       111,032

 

$        (54,847)

 

$       268,812

 

Accrued expenses

 
139 

 
72,792 

 
212,310 

 
80,839 

 
(5,433)

 
360,647 

 

Income taxes payable

 
150,659 

 

 -

 

 -

 

 -

 
(1,802)

 
148,857 

 

Current maturities of long-term debt

 

 -

 
20,000 

 

 -

 

 -

 

 -

 
20,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       Total current liabilities

 
150,798 

 
98,279 

 
419,450 

 
191,871 

 
(62,082)

 
798,316 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 
709,077 

 

 -

 

 -

 
17,957 

 

 -

 
727,034 

 

Decommissioning liabilities

 

 -

 

 -

 
88,797 

 
2,215 

 

 -

 
91,012 

 

Long-term debt, net

 

 -

 
1,909,416 

 

 -

 

 -

 

 -

 
1,909,416 

 

Intercompany payables/(receivables)

 
(2,874,432)

 
730,801 

 
2,706,197 

 
(42,265)

 
(520,301)

 

 -

 

Other long-term liabilities

 
5,790 

 
32,069 

 
24,811 

 
52,101 

 

 -

 
114,771 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock of $.01 par value

 

 -

 

 -

 

 -

 

 -

 

 -

 

 -

 

Common stock of $.001 par value

 
157 

 

 -

 
782 

 
4,212 

 
(4,994)

 
157 

 

Additional paid in capital

 
2,846,236 

 
124,271 

 
687,939 

 
1,118,727 

 
(1,930,937)

 
2,846,236 

 

Accumulated other comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

 

income (loss), net

 
(20,432)

 
(20,432)

 
1,073 

 
(19,790)

 
39,149 

 
(20,432)

 

Retained earnings (accumulated deficit)

 
1,323,108 

 
2,005,072 

 
2,891,448 

 
149,467 

 
(5,045,987)

 
1,323,108 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity (deficit)

 
4,149,069 

 
2,108,911 

 
3,581,242 

 
1,252,616 

 
(6,942,769)

 
4,149,069 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$ 2,140,302

 

$  4,879,476

 

$    6,820,497

 

$    1,474,495

 

$   (7,525,152)

 

$    7,789,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Balance Sheets

 

December 31, 2011

 

(in thousands)

 

(audited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$                -

 

$      29,057

 

$          6,272

 

$       44,945

 

$                -

 

$        80,274

 

Accounts receivable, net

 

 -

 
531 

 
437,963 

 
143,444 

 
(41,336)

 
540,602 

 

Income taxes receivable

 

 -

 

 -

 

 -

 
698 

 
(698)

 

 -

 

Prepaid expenses

 
34 

 
3,893 

 
9,796 

 
20,314 

 

 -

 
34,037 

 

Inventory and other current assets

 

 -

 
1,796 

 
214,381 

 
12,132 

 

 -

 
228,309 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 
34 

 
35,277 

 
668,412 

 
221,533 

 
(42,034)

 
883,222 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 -

 
2,758 

 
1,096,036 

 
408,574 

 

 -

 
1,507,368 

 

Goodwill

 

 -

 

 -

 
437,614 

 
143,765 

 

 -

 
581,379 

 

Notes receivable

 

 -

 

 -

 
73,568 

 

 -

 

 -

 
73,568 

 

Investments in subsidiaries

 
1,650,049 

 
2,833,659 

 
20,062 

 

 -

 
(4,503,770)

 

 -

 

Equity-method investments

 

 -

 
70,614 

 

 -

 
1,858 

 

 -

 
72,472 

 

Intangible and other long-term assets, net

 

 -

 
828,447 

 
71,625 

 
30,064 

 

 -

 
930,136 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 
1,650,083 

 
3,770,755 

 
2,367,317 

 
805,794 

 
(4,545,804)

 
4,048,145 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$                -

 

$        4,307

 

$      128,996

 

$       86,723

 

$      (41,381)

 

$      178,645

 

Accrued expenses

 
164 

 
54,000 

 
105,512 

 
38,503 

 
(605)

 
197,574 

 

Income taxes payable

 
1,415 

 

 -

 

 -

 

 -

 
(698)

 
717 

 

Deferred income taxes

 
831 

 

 -

 

 -

 

 -

 

 -

 
831 

 

Current portion of decommissioning liabilities

 

 -

 

 -

 
14,956 

 

 -

 

 -

 
14,956 

 

Current maturities of long-term debt

 

 -

 

 -

 

 -

 
810 

 

 -

 
810 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

       Total current liabilities

 
2,410 

 
58,307 

 
249,464 

 
126,036 

 
(42,684)

 
393,533 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 
285,871 

 

 -

 

 -

 
11,587 

 

 -

 
297,458 

 

Decommissioning liabilities

 

 -

 

 -

 
108,220 

 

 -

 

 -

 
108,220 

 

Long-term debt, net

 

 -

 
1,673,351 

 

 -

 
11,736 

 

 -

 
1,685,087 

 

Intercompany payables/(receivables)

 
(96,989)

 
356,668 

 
(253,053)

 
(7,276)

 
650 

 

 -

 

Other long-term liabilities

 
5,192 

 
32,380 

 
26,704 

 
45,972 

 

 -

 
110,248 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock of $.01 par value

 

 -

 

 -

 

 -

 

 -

 

 -

 

 -

 

Common stock of $.001 par value

 
80 

 

 -

 

 -

 
4,212 

 
(4,212)

 
80 

 

Additional paid in capital

 
447,007 

 
124,271 

 

 -

 
517,209 

 
(641,480)

 
447,007 

 

Accumulated other comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

 

income (loss), net

 
(26,936)

 
(26,936)

 

 -

 
(26,936)

 
53,872 

 
(26,936)

 

Retained earnings (accumulated deficit)

 
1,033,448 

 
1,552,714 

 
2,235,982 

 
123,254 

 
(3,911,950)

 
1,033,448 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity (deficit)

 
1,453,599 

 
1,650,049 

 
2,235,982 

 
617,739 

 
(4,503,770)

 
1,453,599 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$ 1,650,083

 

$ 3,770,755

 

$   2,367,317

 

$     805,794

 

$ (4,545,804)

 

$   4,048,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Operations

 

Three Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$               -

 

$             -

 

$  1,003,373

 

$     198,277

 

$       (21,985)

 

$    1,179,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (exclusive of items shown

 

 

 

 

 

 

 

 

 

 

 

 

 

separately below)

 

 -

 

 -

 
597,931 

 
132,617 

 
(21,940)

 
708,608 

 

Depreciation, depletion, amortization and

 

 

 

 

 

 

 

 

 

 

 

 

 

accretion

 

 -

 
158 

 
103,838 

 
24,164 

 

 -

 
128,160 

 

General and administrative expenses

 
83 

 
31,229 

 
102,073 

 
30,118 

 
(45)

 
163,458 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
(83)

 
(31,387)

 
199,531 

 
11,378 

 

 -

 
179,439 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 -

 
(28,592)

 
1,253 

 
(779)

 

 -

 
(28,118)

 

Loss on early extinguishment of debt

 

 -

 
(2,294)

 

 -

 

 -

 

 -

 
(2,294)

 

Earnings (losses) from consolidated subsidiaries

 
146,257 

 
208,530 

 
8,110 

 

 -

 
(362,897)

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

 

income taxes

 
146,174 

 
146,257 

 
208,894 

 
10,599 

 
(362,897)

 
149,027 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 
52,288 

 

 -

 

 -

 
2,852 

 

 -

 
55,140 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 
93,886 

 
146,257 

 
208,894 

 
7,747 

 
(362,897)

 
93,887 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income tax

 

 -

 

 -

 

 -

 

 -

 

 -

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$     93,886

 

$ 146,257

 

$     208,894

 

$         7,747

 

$     (362,897)

 

$         93,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Comprehensive Income

 

Three Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$     93,886

 

$ 146,257

 

$     208,894

 

$         7,747

 

$     (362,897)

 

$         93,887

 

Unrealized net loss on investment securities, net of tax

 
2,198 

 
2,198 

 

 -

 

 -

 
(2,198)

 
2,198 

 

Change in cumulative translation adjustment

 
7,216 

 
7,216 

 
1,529 

 
7,216 

 
(15,961)

 
7,216 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$   103,300

 

$ 155,671

 

$     210,423

 

$       14,963

 

$     (381,056)

 

$       103,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Operations

 

Three Months Ended September 30, 2011 *

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$             -

 

$               -

 

$     450,186

 

$     104,476

 

$       (17,620)

 

$       537,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (exclusive of items shown

 

 

 

 

 

 

 

 

 

 

 

 

 

separately below)

 

 -

 

 -

 
222,930 

 
79,716 

 
(17,522)

 
285,124 

 

Depreciation, depletion, amortization and

 

 

 

 

 

 

 

 

 

 

 

 

 

accretion

 

 -

 
131 

 
51,634 

 
10,042 

 

 -

 
61,807 

 

General and administrative expenses

 
81 

 
17,880 

 
58,426 

 
17,524 

 
(98)

 
93,813 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
(81)

 
(18,011)

 
117,196 

 
(2,806)

 

 -

 
96,298 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 -

 
(20,631)

 
1,253 

 
484 

 

 -

 
(18,894)

 

Intercompany interest income (expense)

 

 -

 
6,822 

 

 -

 
(6,822)

 

 -

 

 -

 

Earnings (losses) from consolidated subsidiaries

 
94,682 

 
118,768 

 
881 

 

 -

 
(214,331)

 

 -

 

Earnings (losses) from equity-method

 

 

 

 

 

 

 

 

 

 

 

 

 

investments, net

 

 -

 
8,198 

 

 -

 

 -

 

 -

 
8,198 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

 

income taxes

 
94,601 

 
95,146 

 
119,330 

 
(9,144)

 
(214,331)

 
85,602 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 
32,268 

 

 -

 

 -

 
(1,465)

 

 -

 
30,803 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 
62,333 

 
95,146 

 
119,330 

 
(7,679)

 
(214,331)

 
54,799 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income tax

 
(2,753)

 
(464)

 
8,073 

 
(75)

 

 -

 
4,781 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   59,580

 

$      94,682

 

$     127,403

 

$         (7,754)

 

$     (214,331)

 

$         59,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Comprehensive Income

 

Three Months Ended September 30, 2011 *

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   59,580

 

$      94,682

 

$     127,403

 

$         (7,754)

 

$     (214,331)

 

$         59,580

 

Change in cumulative translation adjustment

 
(6,027)

 
(6,027)

 

 -

 
(6,027)

 
12,054 

 
(6,027)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$   53,553

 

$      88,655

 

$     127,403

 

$       (13,781)

 

$     (202,277)

 

$         53,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* As adjusted for discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Operations

 

Nine Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$               -

 

$             -

 

$  2,933,132

 

$     562,010

 

$     (105,321)

 

$    3,389,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (exclusive of items shown

 

 

 

 

 

 

 

 

 

 

 

 

 

separately below)

 

 -

 

 -

 
1,693,002 

 
378,848 

 
(105,191)

 
1,966,659 

 

Depreciation, depletion, amortization and

 

 

 

 

 

 

 

 

 

 

 

 

 

accretion

 

 -

 
527 

 
306,161 

 
59,584 

 

 -

 
366,272 

 

General and administrative expenses

 
311 

 
117,485 

 
302,567 

 
76,765 

 
(130)

 
496,998 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
(311)

 
(118,012)

 
631,402 

 
46,813 

 

 -

 
559,892 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 -

 
(88,322)

 
2,446 

 
(2,225)

 

 -

 
(88,101)

 

Loss on early extinguishment of debt

 

 -

 
(2,294)

 

 -

 

 -

 

 -

 
(2,294)

 

Earnings (losses) from consolidated subsidiaries

 
452,358 

 
645,368 

 
36,311 

 

 -

 
(1,134,037)

 

 -

 

Earnings (losses) from equity-method

 

 

 

 

 

 

 

 -

 

 

 

 

 

investments, net

 

 -

 
(287)

 

 -

 

 -

 

 -

 
(287)

 

Gain on sale of equity-method investment

 

 -

 
17,880 

 

 -

 

 -

 

 -

 
17,880 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

 

income taxes

 
452,047 

 
454,333 

 
670,159 

 
44,588 

 
(1,134,037)

 
487,090 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 
164,857 

 

 -

 

 -

 
15,366 

 

 -

 
180,223 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 
287,190 

 
454,333 

 
670,159 

 
29,222 

 
(1,134,037)

 
306,867 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income tax

 
2,470 

 
(1,975)

 
(14,693)

 
(3,009)

 

 -

 
(17,207)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   289,660

 

$ 452,358

 

$     655,466

 

$       26,213

 

$  (1,134,037)

 

$       289,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Comprehensive Income

 

Nine Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   289,660

 

$ 452,358

 

$     655,466

 

$       26,213

 

$  (1,134,037)

 

$       289,660

 

Unrealized net loss on investment securities, net of tax

 
(642)

 
(642)

 

 -

 

 -

 
642 

 
(642)

 

Change in cumulative translation adjustment

 
7,146 

 
7,146 

 
1,073 

 
7,146 

 
(15,365)

 
7,146 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$   296,164

 

$ 458,862

 

$     656,539

 

$       33,359

 

$  (1,148,760)

 

$       296,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Operations

 

Nine Months Ended September 30, 2011 *

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$             -

 

$               -

 

$  1,176,163

 

$     279,475

 

$       (53,706)

 

$    1,401,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services (exclusive of items shown

 

 

 

 

 

 

 

 

 

 

 

 

 

separately below)

 

 -

 

 -

 
600,340 

 
205,954 

 
(53,481)

 
752,813 

 

Depreciation, depletion, amortization and

 

 

 

 

 

 

 

 

 

 

 

 

 

accretion

 

 -

 
388 

 
145,731 

 
31,532 

 

 -

 
177,651 

 

General and administrative expenses

 
611 

 
56,360 

 
162,817 

 
52,680 

 
(225)

 
272,243 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 
(611)

 
(56,748)

 
267,275 

 
(10,691)

 

 -

 
199,225 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 -

 
(50,691)

 
3,523 

 
(141)

 

 -

 
(47,309)

 

Intercompany interest income (expense)

 

 -

 
19,633 

 

 -

 
(19,633)

 

 -

 

 -

 

Earnings (losses) from consolidated subsidiaries

 
190,643 

 
267,082 

 
2,062 

 

 -

 
(459,787)

 

 -

 

Earnings (losses) from equity-method

 

 

 

 

 

 

 

 

 

 

 

 

 

investments, net

 

 -

 
12,598 

 

 -

 
1,126 

 

 -

 
13,724 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before

 

 

 

 

 

 

 

 

 

 

 

 

 

income taxes

 
190,032 

 
191,874 

 
272,860 

 
(29,339)

 
(459,787)

 
165,640 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 
57,057 

 

 -

 

 -

 
2,532 

 

 -

 
59,589 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 
132,975 

 
191,874 

 
272,860 

 
(31,871)

 
(459,787)

 
106,051 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income tax

 
(9,783)

 
(1,231)

 
28,289 

 
(134)

 

 -

 
17,141 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$ 123,192

 

$    190,643

 

$     301,149

 

$       (32,005)

 

$     (459,787)

 

$       123,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Consolidating Statements of Comprehensive Income

 

Nine Months Ended September 30, 2011 *

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$ 123,192

 

$    190,643

 

$     301,149

 

$       (32,005)

 

$     (459,787)

 

$       123,192

 

Change in cumulative translation adjustment

 
2,539 

 
2,539 

 

 -

 
2,539 

 
(5,078)

 
2,539 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$ 125,731

 

$    193,182

 

$     301,149

 

$       (29,466)

 

$     (464,865)

 

$       125,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* As adjusted for discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Condensed Consolidating Statements of Cash Flows

 

Nine Months Ended September 30, 2012

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$      289,660

 

$     452,358

 

$     655,466

 

$       26,213

 

$  (1,134,037)

 

$       289,660

 

Adjustments to reconcile net income (loss) to net cash

 

 

 

 

 

 

 

 

 

 

 

 

 

provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

 -

 
527 

 
307,270 

 
59,721 

 

 -

 
367,518 

 

Deferred income taxes

 
(18,204)

 

 -

 

 -

 
3,459 

 

 -

 
(14,745)

 

Excess tax benefit from stock-based compensation

 
(1,537)

 

 -

 

 -

 

 -

 

 -

 
(1,537)

 

Gain on sale of equity-method investment

 

 -

 
(17,880)

 

 -

 

 -

 

 -

 
(17,880)

 

Stock-based and performance share unit compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

expense

 

 -

 
27,845 

 

 -

 

 -

 

 -

 
27,845 

 

Retirement and deferred compensation plan expense

 

 -

 
1,455 

 

 -

 

 -

 

 -

 
1,455 

 

(Earnings) losses from consolidated subsidiaries

 
(452,358)

 
(645,368)

 
(36,311)

 

 -

 
1,134,037 

 

 -

 

(Earnings) losses from equity-method investments, net

 

 

 

 

 

 

 

 

 

 

 

 

 

of cash received

 

 -

 
2,787 

 

 -

 
553 

 

 -

 
3,340 

 

Amortization of debt acquisition costs and note

 

 

 

 

 

 

 

 

 

 

 

 

 

discount

 

 -

 
7,439 

 

 -

 

 -

 

 -

 
7,439 

 

Loss on sale of businesses

 

 -

 

 -

 
6,649 

 

 -

 

 -

 
6,649 

 

Write-off of debt acquisition costs and discount

 

 -

 
2,714 

 

 -

 
746 

 

 -

 
3,460 

 

Other reconciling items, net

 

 -

 
3,139 

 
(1,780)

 
223 

 

 -

 
1,582 

 

Changes in operating assets and liabilities, net

 

 

 

 

 

 

 

 

 

 

 

 

 

of acquisitions and dispositions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 -

 
(172)

 
(126,960)

 
(17,184)

 

 -

 
(144,316)

 

Inventory and other current assets

 

 -

 
121 

 
90,221 

 
(5,223)

 

 -

 
85,119 

 

Accounts payable

 

 -

 
1,180 

 
(8,524)

 
6,587 

 

 -

 
(757)

 

Accrued expenses

 
(24)

 
9,049 

 
(52,395)

 
13,535 

 

 -

 
(29,835)

 

Decommissioning liabilities

 

 -

 

 -

 
(4,566)

 
(58)

 

 -

 
(4,624)

 

Income taxes

 
145,424 

 

 -

 

 -

 
(3,508)

 

 -

 
141,916 

 

Other, net

 
(51)

 
(4,087)

 
(6,379)

 
(15,184)

 

 -

 
(25,701)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 
(37,090)

 
(158,893)

 
822,691 

 
69,880 

 

 -

 
696,588 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments for capital expenditures

 

 -

 
(5,041)

 
(799,330)

 
(113,822)

 

 -

 
(918,193)

 

Sale of available-for-sale securities

 

 -

 
31,150 

 

 -

 

 -

 

 -

 
31,150 

 

Acquisitions of businesses, net of cash acquired

 

 -

 
(1,229,327)

 
106,952 

 
49,843 

 

 -

 
(1,072,532)

 

Change in restricted cash held for acquisition of business

 

 -

 
785,280 

 

 -

 

 -

 

 -

 
785,280 

 

Cash proceeds from sale of businesses

 

 -

 
183,094 

 

 -

 

 -

 

 -

 
183,094 

 

Cash proceeds from the sale of equity-method investment

 

 

 
34,087 

 

 

 

 

 

 

 
34,087 

 

Other

 

 -

 

 -

 
25,022 

 
3,416 

 

 -

 
28,438 

 

Intercompany receivables/payables

 
19,834 

 
108,725 

 
(140,900)

 
12,341 

 

 -

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 
19,834 

 
(92,032)

 
(808,256)

 
(48,222)

 

 -

 
(928,676)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net payments on revolving line of credit

 

 -

 
15,000 

 

 -

 

 -

 

 -

 
15,000 

 

Proceeds from long-term debt

 

 -

 
400,000 

 

 -

 

 -

 

 -

 
400,000 

 

Principal payments on long-term debt

 

 -

 
(160,000)

 

 -

 
(12,546)

 

 -

 
(172,546)

 

Payment of debt acquisition costs

 

 -

 
(25,266)

 

 -

 

 -

 

 -

 
(25,266)

 

Proceeds from exercise of stock options

 
13,915 

 

 -

 

 -

 

 -

 

 -

 
13,915 

 

Excess tax benefit from stock-based compensation

 
1,537 

 

 -

 

 -

 

 -

 

 -

 
1,537 

 

Proceeds from issuance of stock through employee benefit plans

 
2,193 

 

 -

 

 -

 

 -

 

 -

 
2,193 

 

Other

 
(389)

 
(2,519)

 

 -

 
(2,935)

 

 -

 
(5,843)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 
17,256 

 
227,215 

 

 -

 
(15,481)

 

 -

 
228,990 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 -

 

 -

 

 -

 
1,910 

 

 -

 
1,910 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 -

 
(23,710)

 
14,435 

 
8,087 

 

 -

 
(1,188)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 -

 
29,057 

 
6,272 

 
44,945 

 

 -

 
80,274 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$                 -

 

$         5,347

 

$       20,707

 

$       53,032

 

$                 -

 

$         79,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

 

Condensed Consolidating Statements of Cash Flows

 

Nine Months Ended September 30, 2011

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Parent

 

Issuer

 

Guarantor Subsidiaries

 

Non-Guarantor Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$   123,192

 

$   190,643

 

$     301,149

 

$       (32,005)

 

$    (459,787)

 

$       123,192

 

Adjustments to reconcile net income (loss) to net cash

 

 

 

 

 

 

 

 

 

 

 

 

 

provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

 -

 
388 

 
154,827 

 
32,337 

 

 -

 
187,552 

 

Deferred income taxes

 
39,503 

 

 -

 

 -

 
(603)

 

 -

 
38,900 

 

Excess tax benefit from stock-based compensation

 
(10,262)

 

 -

 

 -

 

 -

 

 -

 
(10,262)

 

Stock-based and performance share unit compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

expense

 

 -

 
10,273 

 

 -

 

 -

 

 -

 
10,273 

 

Retirement and deferred compensation plan expense

 

 -

 
1,994 

 

 -

 

 -

 

 -

 
1,994 

 

(Earnings) losses from consolidated subsidiaries

 
(190,643)

 
(267,082)

 
(2,062)

 

 -

 
459,787 

 

 -

 

(Earnings) losses from equity-method investments, net

 

 

 

 

 

 

 

 

 

 

 

 

 

of cash received

 

 -

 
(11,061)

 

 -

 
(1,126)

 

 -

 
(12,187)

 

Amortization of debt acquisition costs and note

 

 

 

 

 

 

 

 

 

 

 

 -

 

discount

 

 -

 
19,321 

 

 -

 
12 

 

 -

 
19,333 

 

Gain on sale of businesses

 

 -

 

 -

 
(8,558)

 

 -

 

 -

 
(8,558)

 

Other reconciling items, net

 

 -

 
(1,279)

 
(3,380)

 

 -

 

 -

 
(4,659)

 

Changes in operating assets and liabilities, net

 

 

 

 

 

 

 

 

 

 

 

 

 

of acquisitions and dispositions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 -

 
(1,072)

 
(23,515)

 
(4,012)

 

 -

 
(28,599)

 

Inventory and other current assets

 

 -

 
99 

 
14,281 

 
(2,965)

 

 -

 
11,415 

 

Accounts payable

 

 -

 
(2,956)

 
2,830 

 
3,190 

 

 -

 
3,064 

 

Accrued expenses

 
(13)

 
9,810 

 
11,034 

 
6,376 

 

 -

 
27,207 

 

Income taxes

 
5,444 

 

 -

 

 -

 
(4,667)

 

 -

 
777 

 

Other, net

 
(44)

 
(4,798)

 
8,395 

 
(870)

 

 -

 
2,683 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 
(32,823)

 
(55,720)

 
455,001 

 
(4,333)

 

 -

 
362,125 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments for capital expenditures

 

 -

 
(70)

 
(263,983)

 
(65,176)

 

 -

 
(329,229)

 

Purchases of short-term investments, net

 

 -

 
(223,491)

 

 -

 

 -

 

 -

 
(223,491)

 

Acquisitions of businesses, net of cash acquired

 

 -

 

 -

 
(200)

 
(548)

 

 -

 
(748)

 

Cash proceeds from sale of businesses

 

 -

 

 -

 
22,349 

 

 -

 

 -

 
22,349 

 

Other

 

 -

 

 -

 
(720)

 

 -

 

 -

 
(720)

 

Intercompany receivables/payables

 
10,648 

 
123,465 

 
(212,895)

 
78,782 

 

 -

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 
10,648 

 
(100,096)

 
(455,449)

 
13,058 

 

 -

 
(531,839)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net payments on revolving line of credit

 

 -

 
(175,000)

 

 -

 

 -

 

 -

 
(175,000)

 

Proceeds from issuance of long-term debt

 

 -

 
500,000 

 

 -

 

 -

 

 -

 
500,000 

 

Principal payments on long-term debt

 

 -

 

 -

 

 -

 
(405)

 

 -

 
(405)

 

Payment of debt acquisition costs

 

 -

 
(9,558)

 

 -

 

 -

 

 -

 
(9,558)

 

Proceeds from exercise of stock options

 
10,211 

 

 -

 

 -

 

 -

 

 -

 
10,211 

 

Excess tax benefit from stock-based compensation

 
10,262 

 

 -

 

 -

 

 -

 

 -

 
10,262 

 

Proceeds from issuance of stock through employee benefit plans

 
1,702 

 

 -

 

 -

 

 -

 

 -

 
1,702 

 

Other

 

 -

 
(6,100)

 

 -

 
(2,353)

 

 -

 
(8,453)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 
22,175 

 
309,342 

 

 -

 
(2,758)

 

 -

 
328,759 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 -

 

 -

 

 -

 
409 

 

 -

 
409 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 -

 
153,526 

 
(448)

 
6,376 

 

 -

 
159,454 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 -

 

 -

 
5,493 

 
45,234 

 

 -

 
50,727 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$               -

 

$   153,526

 

$         5,045

 

$       51,610

 

$                 -

 

$       210,181