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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Atwood Oceanics, Inc. (delisted) | NYSE:ATW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.32 | 0 | 01:00:00 |
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 April 29, 2015. |
ATWOOD OCEANICS, INC. | |
(Registrant) | |
Date: April 29, 2015 | |
/s/ Mark L. Mey | |
Mark L. Mey | |
Executive Vice President and Chief Financial Officer |
Exhibit Number | Exhibit Description | |
99.1 | Press Release dated April 29, 2015. |
For the Three Months Ended | |||||||||||
(Unaudited) | |||||||||||
(In thousands, except per share amounts) | March 31, 2015 | December 31, 2014 | March 31, 2014 | ||||||||
Revenues | $ | 350,387 | $ | 351,726 | $ | 273,097 | |||||
Income before Income Taxes | $ | 134,976 | $ | 55,340 | $ | 97,283 | |||||
Provision for Income Taxes | (12,307 | ) | (9,122 | ) | (23,983 | ) | |||||
Net Income | $ | 122,669 | $ | 46,218 | $ | 73,300 | |||||
Earnings per Common Share - | |||||||||||
Basic | $ | 1.90 | $ | 0.72 | $ | 1.14 | |||||
Diluted | $ | 1.89 | $ | 0.71 | $ | 1.13 |
For the Six Months Ended | |||||||
(Unaudited) | |||||||
(In thousands, except per share amounts) | March 31, 2015 | March 31, 2014 | |||||
Revenues | $ | 702,113 | $ | 557,803 | |||
Income before Income Taxes | $ | 190,316 | $ | 191,543 | |||
Provision for Income Taxes | (21,429 | ) | (34,846 | ) | |||
Net Income | $ | 168,887 | $ | 156,697 | |||
Earnings per Common Share - | |||||||
Basic | $ | 2.62 | $ | 2.44 | |||
Diluted | $ | 2.60 | $ | 2.41 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
(In thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | |||||||||||
REVENUES: | |||||||||||||||
Contract drilling | $ | 338,621 | $ | 260,062 | $ | 675,382 | $ | 533,619 | |||||||
Revenues related to reimbursable expenses | 11,766 | 13,035 | 26,731 | 24,184 | |||||||||||
Total revenues | 350,387 | 273,097 | 702,113 | 557,803 | |||||||||||
COSTS AND EXPENSES: | |||||||||||||||
Contract drilling | 131,124 | 136,966 | 267,589 | 260,128 | |||||||||||
Reimbursable expenses | 8,661 | 9,188 | 20,568 | 17,602 | |||||||||||
Depreciation | 42,528 | 37,231 | 87,103 | 69,775 | |||||||||||
General and administrative | 14,737 | 15,022 | 32,146 | 34,844 | |||||||||||
Asset impairment | — | — | 60,777 | — | |||||||||||
(Gain) loss on sale of assets | 5,529 | (32,442 | ) | 15,335 | (34,079 | ) | |||||||||
Other, net | — | (1,602 | ) | — | (1,602 | ) | |||||||||
202,579 | 164,363 | 483,518 | 346,668 | ||||||||||||
OPERATING INCOME | $ | 147,808 | $ | 108,734 | $ | 218,595 | $ | 211,135 | |||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Interest expense, net of capitalized interest | (12,847 | ) | (11,502 | ) | (28,351 | ) | (19,713 | ) | |||||||
Interest income | 15 | 51 | 72 | 121 | |||||||||||
(12,832 | ) | (11,451 | ) | (28,279 | ) | (19,592 | ) | ||||||||
INCOME BEFORE INCOME TAXES | 134,976 | 97,283 | 190,316 | 191,543 | |||||||||||
PROVISION FOR INCOME TAXES | 12,307 | 23,983 | 21,429 | 34,846 | |||||||||||
NET INCOME | $ | 122,669 | $ | 73,300 | $ | 168,887 | $ | 156,697 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||
Basic | $ | 1.90 | $ | 1.14 | $ | 2.62 | $ | 2.44 | |||||||
Diluted | $ | 1.89 | $ | 1.13 | $ | 2.60 | $ | 2.41 | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||
Basic | 64,620 | 64,238 | 64,513 | 64,175 | |||||||||||
Diluted | 65,048 | 65,031 | 65,031 | 65,028 |
REVENUES | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
(In millions) | March 31, 2015 | December 31, 2014 | March 31, 2014 | March 31, 2015 | March 31, 2014 | ||||||||||||||
Ultra-Deepwater | $ | 183 | $ | 167 | $ | 120 | $ | 350 | $ | 207 | |||||||||
Deepwater | 82 | 98 | 64 | 181 | 172 | ||||||||||||||
Jackups | 73 | 72 | 76 | 145 | 155 | ||||||||||||||
Reimbursable | 12 | 15 | 13 | 26 | 24 | ||||||||||||||
$ | 350 | $ | 352 | $ | 273 | $ | 702 | $ | 558 |
CONTRACT DRILLING COSTS | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
(In millions) | March 31, 2015 | December 31, 2014 | March 31, 2014 | March 31, 2015 | March 31, 2014 | ||||||||||||||
Ultra-Deepwater | $ | 68 | $ | 63 | $ | 46 | $ | 131 | $ | 81 | |||||||||
Deepwater | 32 | 41 | 57 | 73 | 105 | ||||||||||||||
Jackups | 30 | 31 | 33 | 61 | 70 | ||||||||||||||
Reimbursable | 9 | 12 | 9 | 21 | 18 | ||||||||||||||
Other | 1 | 1 | 1 | 2 | 4 | ||||||||||||||
$ | 140 | $ | 148 | $ | 146 | $ | 288 | $ | 278 |
(In thousands, except par value) | March 31, 2015 | September 30, 2014 | |||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash | $ | 90,234 | $ | 80,080 | |||
Accounts receivable | 226,695 | 242,684 | |||||
Income tax receivable | 9,864 | 6,260 | |||||
Inventories of materials and supplies | 134,415 | 132,368 | |||||
Prepaid expenses, deferred costs and other current assets | 28,069 | 36,415 | |||||
Total current assets | 489,277 | 497,807 | |||||
Property and equipment, net | 4,010,691 | 3,967,028 | |||||
Other receivables | 11,831 | 11,831 | |||||
Deferred income taxes | 166 | 589 | |||||
Deferred costs and other assets | 24,317 | 29,973 | |||||
Total assets | $ | 4,536,282 | $ | 4,507,228 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable | $ | 106,150 | $ | 94,315 | |||
Accrued liabilities | 20,194 | 19,158 | |||||
Dividends payable | 16,161 | 16,090 | |||||
Short-term debt | — | 11,885 | |||||
Interest payable | 8,424 | 8,099 | |||||
Income tax payable | 13,924 | 14,234 | |||||
Deferred credits and other liabilities | 4,145 | 3,596 | |||||
Total current liabilities | 168,998 | 167,377 | |||||
Long-term debt | 1,606,542 | 1,742,122 | |||||
Deferred income taxes | 822 | 783 | |||||
Deferred credits | 4,532 | 4,100 | |||||
Other | 37,439 | 37,322 | |||||
Total long-term liabilities | 1,649,335 | 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 64,644 issued and outstanding at March 31, 2015 and 180,000 shares authorized and 64,362 shares issued and outstanding at September 30, 2014 | 64,644 | 64,362 | |||||
Paid-in capital | 208,264 | 201,464 | |||||
Retained earnings | 2,438,790 | 2,286,137 | |||||
Accumulated other comprehensive income | 6,251 | 3,561 | |||||
Total shareholders' equity | 2,717,949 | 2,555,524 | |||||
Total liabilities and shareholders' equity | $ | 4,536,282 | $ | 4,507,228 |
Six Months Ended March 31, | |||||||
(In thousands) | 2015 | 2014 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 168,887 | $ | 156,697 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 87,103 | 69,775 | |||||
Amortization | 3,761 | 4,513 | |||||
Provision for doubtful accounts and inventory obsolescence | 160 | 1,539 | |||||
Deferred income tax benefit | (3,512 | ) | (649 | ) | |||
Share-based compensation expense | 8,119 | 7,725 | |||||
Asset impairment | 60,777 | — | |||||
(Gain) loss on sale of assets | 15,335 | (34,079 | ) | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 15,829 | (39,559 | ) | ||||
Income tax receivable | (3,604 | ) | (1,543 | ) | |||
Inventories of materials and supplies | (17,110 | ) | (8,097 | ) | |||
Prepaid expenses, deferred costs and other current assets | 9,789 | 9,524 | |||||
Deferred costs and other assets | (357 | ) | (26,568 | ) | |||
Accounts payable | 2,825 | (8,617 | ) | ||||
Accrued liabilities | (3,691 | ) | (1,158 | ) | |||
Income tax payable | (310 | ) | 3,091 | ||||
Deferred credits and other liabilities | 5,747 | 34,910 | |||||
Net cash provided by operating activities | 349,748 | 167,504 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (177,130 | ) | (497,634 | ) | |||
Proceeds from sale of assets | 2,524 | 57,517 | |||||
Net cash used in investing activities | (174,606 | ) | (440,117 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of long-term debt | — | 340,000 | |||||
Principal payments on long-term debt | (135,000 | ) | (90,000 | ) | |||
Repayments on short-term debt, net | (11,885 | ) | (8,071 | ) | |||
Dividends paid | (16,163 | ) | — | ||||
Proceeds from exercise of stock options | 1,186 | 1,651 | |||||
Debt issuance costs paid | (3,126 | ) | (102 | ) | |||
Net cash (used) provided by financing activities | (164,988 | ) | 243,478 | ||||
Net increase (decrease) in cash and cash equivalents | 10,154 | (29,135 | ) | ||||
Cash and cash equivalents, at beginning of period | 80,080 | 88,770 | |||||
Cash and cash equivalents, at end of period | $ | 90,234 | $ | 59,635 | |||
Non-cash activities: | |||||||
Increase in accounts payable and accrued liabilities related to capital expenditures | $ | 3,020 | $ | 1,375 |
1 Year Atwood Oceanics Chart |
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