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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 |
|
UNITED STATES
|
|
|
SECURITIES AND EXCHANGE COMMISSION
|
|
|
WASHINGTON, DC 20549
|
|
(Mark One)
|
|
Form 10-Q
|
|
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the quarterly period ended June 30, 2016
|
|
|
or
|
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the transition period from __________________________________to __________________________________
|
|
|
Commission file number 1-13167
|
|
Texas
|
|
74-1611874
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(IRS Employer Identification No.)
|
|
|
|
15011 Katy Freeway, Suite 800, Houston, Texas
|
|
77094
|
(Address of Principal Executive Offices including Zip Code)
|
|
(Zip Code)
|
|
N/A
|
|
||
|
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
|
|
Large accelerated filer
þ
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
||
Item 1.
|
Page
|
|
a)
|
||
b)
|
||
c)
|
||
d)
|
||
e)
|
||
f)
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 6.
|
||
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
(In thousands, except per share amounts)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
REVENUES:
|
|
|
|
|
|
|
|
||||||||
Contract drilling
|
$
|
217,818
|
|
|
$
|
317,531
|
|
|
$
|
794,979
|
|
|
$
|
992,913
|
|
Revenues related to reimbursable expenses
|
9,979
|
|
|
13,031
|
|
|
36,988
|
|
|
39,762
|
|
||||
Total revenues
|
227,797
|
|
|
330,562
|
|
|
831,967
|
|
|
1,032,675
|
|
||||
|
|
|
|
|
|
|
|
||||||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Contract drilling
|
80,524
|
|
|
134,258
|
|
|
301,094
|
|
|
401,847
|
|
||||
Reimbursable expenses
|
5,489
|
|
|
9,066
|
|
|
22,898
|
|
|
29,634
|
|
||||
Depreciation
|
41,084
|
|
|
42,534
|
|
|
124,964
|
|
|
129,637
|
|
||||
General and administrative
|
12,028
|
|
|
10,473
|
|
|
38,693
|
|
|
42,619
|
|
||||
Asset impairment
|
(659
|
)
|
|
—
|
|
|
64,773
|
|
|
60,777
|
|
||||
Loss on sale of assets
|
—
|
|
|
27
|
|
|
77
|
|
|
15,362
|
|
||||
Other, net
|
16
|
|
|
—
|
|
|
(1,044
|
)
|
|
—
|
|
||||
|
138,482
|
|
|
196,358
|
|
|
551,455
|
|
|
679,876
|
|
||||
|
|
|
|
|
|
|
|
||||||||
OPERATING INCOME
|
89,315
|
|
|
134,204
|
|
|
280,512
|
|
|
352,799
|
|
||||
|
|
|
|
|
|
|
|
||||||||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
||||||||
Interest expense, net of capitalized interest
|
(19,674
|
)
|
|
(11,677
|
)
|
|
(50,533
|
)
|
|
(40,028
|
)
|
||||
Interest income
|
9
|
|
|
12
|
|
|
19
|
|
|
84
|
|
||||
Gains on extinguishment of debt
|
50,466
|
|
|
—
|
|
|
58,863
|
|
|
—
|
|
||||
Other income
|
—
|
|
|
—
|
|
|
17,976
|
|
|
—
|
|
||||
|
30,801
|
|
|
(11,665
|
)
|
|
26,325
|
|
|
(39,944
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
INCOME BEFORE INCOME TAXES
|
120,116
|
|
|
122,539
|
|
|
306,837
|
|
|
312,855
|
|
||||
PROVISION FOR INCOME TAXES
|
20,611
|
|
|
9,547
|
|
|
45,814
|
|
|
30,976
|
|
||||
NET INCOME
|
$
|
99,505
|
|
|
$
|
112,992
|
|
|
$
|
261,023
|
|
|
$
|
281,879
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS PER COMMON SHARE (NOTE 2):
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.54
|
|
|
$
|
1.75
|
|
|
$
|
4.03
|
|
|
$
|
4.37
|
|
Diluted
|
$
|
1.53
|
|
|
$
|
1.73
|
|
|
$
|
4.02
|
|
|
$
|
4.33
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (NOTE 2):
|
|
|
|
|
|
|
|
||||||||
Basic
|
64,795
|
|
|
64,649
|
|
|
64,750
|
|
|
64,557
|
|
||||
Diluted
|
64,847
|
|
|
65,130
|
|
|
64,852
|
|
|
65,063
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
99,505
|
|
|
$
|
112,992
|
|
|
$
|
261,023
|
|
|
$
|
281,879
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding gains/(losses)
|
(452
|
)
|
|
(2,870
|
)
|
|
(5,214
|
)
|
|
87
|
|
||||
Gains/(losses) reclassified to net income
|
351
|
|
|
(216
|
)
|
|
3,032
|
|
|
(483
|
)
|
||||
Total other comprehensive income (loss)
|
(101
|
)
|
|
(3,086
|
)
|
|
(2,182
|
)
|
|
(396
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
99,404
|
|
|
$
|
109,906
|
|
|
$
|
258,841
|
|
|
$
|
281,483
|
|
(In thousands, except par value)
|
June 30,
2016 |
|
September 30,
2015 |
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Cash
|
$
|
198,974
|
|
|
$
|
113,983
|
|
Accounts receivable, net
|
166,534
|
|
|
311,514
|
|
||
Income tax receivable
|
8,194
|
|
|
8,705
|
|
||
Inventories of materials and supplies, net
|
113,161
|
|
|
137,998
|
|
||
Prepaid expenses, deferred costs and other current assets
|
10,040
|
|
|
33,735
|
|
||
Total current assets
|
496,903
|
|
|
605,935
|
|
||
|
|
|
|
||||
Property and equipment, net
|
4,198,069
|
|
|
4,172,132
|
|
||
|
|
|
|
||||
Other receivables
|
11,831
|
|
|
11,831
|
|
||
Deferred income taxes
|
150
|
|
|
150
|
|
||
Deferred costs and other assets
|
8,174
|
|
|
11,285
|
|
||
Total assets
|
$
|
4,715,127
|
|
|
$
|
4,801,333
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
43,252
|
|
|
$
|
70,161
|
|
Accrued liabilities
|
12,496
|
|
|
23,572
|
|
||
Dividends payable
|
—
|
|
|
16,164
|
|
||
Interest payable
|
15,506
|
|
|
7,704
|
|
||
Income tax payable
|
13,530
|
|
|
13,906
|
|
||
Deferred credits and other liabilities
|
1,486
|
|
|
3,941
|
|
||
Total current liabilities
|
86,270
|
|
|
135,448
|
|
||
|
|
|
|
||||
Long-term debt
|
1,374,780
|
|
|
1,678,268
|
|
||
Deferred income taxes
|
1,148
|
|
|
1,658
|
|
||
Deferred credits
|
—
|
|
|
800
|
|
||
Other
|
30,409
|
|
|
37,989
|
|
||
Total long-term liabilities
|
1,406,337
|
|
|
1,718,715
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 8)
|
|
|
|
|
|
||
|
|
|
|
||||
Preferred stock, no par value, 1,000 shares authorized, none outstanding
|
—
|
|
|
—
|
|
||
Common stock, $1.00 par value, 180,000 shares authorized with 64,798 issued and outstanding as of June 30, 2016 and 180,000 shares authorized and 64,654 shares issued and outstanding as of September 30, 2015
|
64,798
|
|
|
64,654
|
|
||
Paid-in capital
|
235,043
|
|
|
213,096
|
|
||
Retained earnings
|
2,925,589
|
|
|
2,670,148
|
|
||
Accumulated other comprehensive income
|
(2,910
|
)
|
|
(728
|
)
|
||
Total shareholders' equity
|
3,222,520
|
|
|
2,947,170
|
|
||
Total liabilities and shareholders' equity
|
$
|
4,715,127
|
|
|
$
|
4,801,333
|
|
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Accumulated
Other
Comprehensive
|
|
Total
Stockholders’
|
|||||||||||||
(In thousands)
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income (Loss)
|
|
Equity
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
September 30, 2015
|
64,654
|
|
|
$
|
64,654
|
|
|
$
|
213,096
|
|
|
$
|
2,670,148
|
|
|
$
|
(728
|
)
|
|
$
|
2,947,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
261,023
|
|
|
—
|
|
|
261,023
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,182
|
)
|
|
(2,182
|
)
|
|||||
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,582
|
)
|
|
—
|
|
|
(5,582
|
)
|
|||||
Vesting of restricted stock and performance unit awards
|
144
|
|
|
144
|
|
|
(1,074
|
)
|
|
—
|
|
|
—
|
|
|
(930
|
)
|
|||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
8,224
|
|
|
—
|
|
|
—
|
|
|
8,224
|
|
|||||
Stock compensation windfall tax benefits
|
—
|
|
|
—
|
|
|
14,797
|
|
|
—
|
|
|
—
|
|
|
14,797
|
|
|||||
June 30, 2016
|
64,798
|
|
|
$
|
64,798
|
|
|
$
|
235,043
|
|
|
$
|
2,925,589
|
|
|
$
|
(2,910
|
)
|
|
$
|
3,222,520
|
|
|
Nine Months Ended June 30,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
261,023
|
|
|
$
|
281,879
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
124,964
|
|
|
129,637
|
|
||
Amortization
|
2,407
|
|
|
5,179
|
|
||
Provision for doubtful accounts
|
4,619
|
|
|
3,337
|
|
||
Deferred income tax benefit
|
(378
|
)
|
|
(3,453
|
)
|
||
Share-based compensation expense
|
8,224
|
|
|
9,277
|
|
||
Asset impairment
|
64,753
|
|
|
60,777
|
|
||
Loss on sale of assets
|
(71
|
)
|
|
15,362
|
|
||
(Gain) on extinguishment of debt
|
(58,863
|
)
|
|
—
|
|
||
Other, net
|
(1,137
|
)
|
|
—
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
121,964
|
|
|
(17,917
|
)
|
||
Income tax receivable
|
511
|
|
|
(3,868
|
)
|
||
Inventories of materials and supplies
|
12,988
|
|
|
(16,917
|
)
|
||
Prepaid expenses, deferred costs and other current assets
|
19,377
|
|
|
13,274
|
|
||
Deferred costs and other assets
|
(1,019
|
)
|
|
(341
|
)
|
||
Accounts payable
|
(33,674
|
)
|
|
(17,511
|
)
|
||
Accrued liabilities
|
(3,274
|
)
|
|
24,049
|
|
||
Income tax payable
|
(376
|
)
|
|
(5,450
|
)
|
||
Deferred credits and other liabilities
|
(6,623
|
)
|
|
6,291
|
|
||
Net cash provided by operating activities
|
515,415
|
|
|
483,605
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(198,248
|
)
|
|
(420,077
|
)
|
||
Proceeds from sale of assets
|
20,813
|
|
|
2,339
|
|
||
Net cash used in investing activities
|
(177,435
|
)
|
|
(417,738
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowing of long-term debt
|
45,000
|
|
|
225,000
|
|
||
Principal repayments on long-term debt
|
(290,110
|
)
|
|
(250,000
|
)
|
||
Repayments on short-term debt, net
|
—
|
|
|
(11,885
|
)
|
||
Debt issuance costs paid
|
—
|
|
|
(3,440
|
)
|
||
Dividends paid
|
(21,746
|
)
|
|
(32,397
|
)
|
||
Proceeds (payments) related to exercise of stock options
|
(930
|
)
|
|
1,279
|
|
||
Windfall tax benefits from share-based payment arrangements
|
14,797
|
|
|
—
|
|
||
Net cash used by financing activities
|
(252,989
|
)
|
|
(71,443
|
)
|
||
Net increase in cash and cash equivalents
|
84,991
|
|
|
(5,576
|
)
|
||
Cash and cash equivalents, at beginning of period
|
113,983
|
|
|
80,080
|
|
||
Cash and cash equivalents, at end of period
|
198,974
|
|
|
74,504
|
|
||
|
|
|
|
||||
Non-cash activities:
|
|
|
|
||||
Increase (decrease) in accounts payable and accrued liabilities related to capital expenditures
|
$
|
7,902
|
|
|
$
|
(15,501
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
(In thousands, except per share amounts)
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
|
Net Income
|
|
Shares
|
|
Per Share
Amount
|
||||||||||
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
$
|
99,505
|
|
|
64,795
|
|
|
$
|
1.54
|
|
|
$
|
261,023
|
|
|
64,750
|
|
|
$
|
4.03
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Restricted stock and performance units
|
—
|
|
|
52
|
|
|
(0.01
|
)
|
|
—
|
|
|
102
|
|
|
(0.01
|
)
|
||||
Diluted earnings per share
|
$
|
99,505
|
|
|
64,847
|
|
|
$
|
1.53
|
|
|
$
|
261,023
|
|
|
64,852
|
|
|
$
|
4.02
|
|
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
$
|
112,992
|
|
|
64,649
|
|
|
1.75
|
|
|
281,879
|
|
|
64,557
|
|
|
$
|
4.37
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options
|
—
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|
—
|
|
||||
Restricted stock and performance units
|
—
|
|
|
420
|
|
|
(0.02
|
)
|
|
—
|
|
|
432
|
|
|
(0.04
|
)
|
||||
Diluted earnings per share
|
$
|
112,992
|
|
|
65,130
|
|
|
$
|
1.73
|
|
|
281,879
|
|
|
65,063
|
|
|
$
|
4.33
|
|
(In thousands)
|
June 30,
2016 |
|
September 30,
2015 |
||||
Drilling vessels and equipment
|
$
|
3,951,885
|
|
|
$
|
4,003,483
|
|
Construction work in progress
|
843,778
|
|
|
720,852
|
|
||
Drill pipe
|
52,725
|
|
|
55,248
|
|
||
Office equipment and other
|
39,155
|
|
|
36,379
|
|
||
Total cost
|
4,887,543
|
|
|
4,815,962
|
|
||
Less: Accumulated depreciation
|
(689,474
|
)
|
|
(643,830
|
)
|
||
Property and equipment, net
|
$
|
4,198,069
|
|
|
$
|
4,172,132
|
|
(In thousands)
|
June 30,
2016 |
|
September 30,
2015 |
||||
6.5% Senior Notes due February 2020 ("Senior Notes")
|
$
|
489,780
|
|
|
$
|
648,268
|
|
Revolving Credit Facility
|
885,000
|
|
|
1,030,000
|
|
||
Total long-term debt
|
$
|
1,374,780
|
|
|
$
|
1,678,268
|
|
|
|
|
June 30,
|
|
September 30,
|
||||
(In thousands)
|
Balance Sheet Classification
|
|
2016
|
|
2015
|
||||
Derivative assets designated as hedges:
|
|
|
|
|
|
||||
Short-term foreign currency forwards
|
Prepaid expenses, deferred costs and other current assets
|
|
$
|
114
|
|
|
$
|
3,822
|
|
Derivative liabilities designated as hedges:
|
|
|
|
|
|
||||
Short-term interest rate swaps
|
Accrued liabilities
|
|
(1,765
|
)
|
|
(1,326
|
)
|
||
Short-term foreign currency forwards
|
Deferred credits and other liabilities
|
|
—
|
|
|
—
|
|
||
Long-term interest rate swaps
|
Other long-term liabilities
|
|
(1,144
|
)
|
|
(974
|
)
|
||
Total derivative contracts, net
|
|
|
$
|
(2,795
|
)
|
|
$
|
1,522
|
|
|
Nine Months Ended June 30,
|
||||||
(In thousands, except average service periods)
|
2016
|
|
2015
|
||||
Share-based compensation recognized
|
$
|
8,224
|
|
|
$
|
9,277
|
|
Unrecognized compensation cost, net of estimated forfeitures
|
18,085
|
|
|
19,416
|
|
||
Remaining weighted-average service period (years)
|
1.9
|
|
|
2.1
|
|
|
Number of Shares (000s)
|
|
Weighted Average Fair Value
|
|||
Unvested as of October 1, 2015
|
711
|
|
|
$
|
43.14
|
|
Granted
|
1,091
|
|
|
13.20
|
|
|
Vested
|
(192
|
)
|
|
45.60
|
|
|
Forfeited
|
(91
|
)
|
|
31.20
|
|
|
Unvested as of June 30, 2016
|
1,519
|
|
|
22.07
|
|
|
Number of Shares (000s)
|
|
Weighted Average Fair Value
|
|||
Unvested as of October 1, 2015
|
240
|
|
|
$
|
43.73
|
|
Granted
|
254
|
|
|
15.63
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
(68
|
)
|
|
45.20
|
|
|
Unvested as of June 30, 2016
|
426
|
|
|
26.69
|
|
|
Number of
Options (000s) |
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Contractual Life (Years) |
|
Aggregate
Intrinsic Value (000s) |
||||
Outstanding as of October 1, 2015
|
685
|
|
|
$
|
34.90
|
|
|
|
|
|
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
||
Expired
|
(49
|
)
|
|
30.85
|
|
|
|
|
|
||
Outstanding as of June 30, 2016
|
636
|
|
|
35.22
|
|
|
3.6
|
|
(14,427
|
)
|
|
Exercisable as of June 30, 2016
|
636
|
|
|
35.22
|
|
|
3.6
|
|
(14,427
|
)
|
•
|
Operating revenues totaling
$228 million
and
$832 million
on
634
and
2,204
operating days for the
three and nine months ended
June 30, 2016
, respectively, as compared to operating revenues of
$331 million
and
$1 billion
on
991
and
3,003
operating days for the
three and nine months ended
June 30, 2015
, respectively;
|
•
|
Net income of
$100 million
and
$261 million
for the
three and nine months ended
June 30, 2016
, respectively, as compared to net income of
$113 million
and
$282 million
for the
three and nine months ended
June 30, 2015
, respectively;
|
•
|
Capital expenditures of
$198 million
for the
nine months ended
June 30, 2016
, as compared to capital expenditures of
$420 million
for the
nine months ended
June 30, 2015
; and
|
•
|
Increase in cash on hand of
$85 million
for the
nine months ended
June 30, 2016
to
$199 million
.
|
Contract Drilling Revenue Backlog
|
Remaining Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2018
|
|
Fiscal 2019
|
|
Fiscal 2020
|
|
Total
|
||||||||||||
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ultra-deepwater
|
$
|
191
|
|
|
$
|
391
|
|
|
$
|
181
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
784
|
|
Deepwater
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Jackups
|
24
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||||
Total
|
$
|
215
|
|
|
$
|
393
|
|
|
$
|
181
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
810
|
|
Percentage of Available Operating Days Committed
|
Remaining Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2018
|
|
Fiscal 2019
|
|
Fiscal 2020
|
|||||
Ultra-deepwater
|
100
|
%
|
|
56
|
%
|
|
25
|
%
|
|
3
|
%
|
|
—
|
%
|
Deepwater
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Jackups
|
42
|
%
|
|
2
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Total
|
61
|
%
|
|
23
|
%
|
|
10
|
%
|
|
1
|
%
|
|
—
|
%
|
|
|
|||||||||||||||||||||||
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||||||||||
(In millions)
|
|
2016
|
|
2015
|
|
Variance
|
|
2016
|
|
2015
|
|
Variance
|
||||||||||||
Ultra-Deepwater
|
|
$
|
182
|
|
|
$
|
174
|
|
|
$
|
8
|
|
|
$
|
553
|
|
|
$
|
524
|
|
|
$
|
29
|
|
Deepwater
|
|
—
|
|
|
77
|
|
|
(77
|
)
|
|
131
|
|
|
257
|
|
|
(126
|
)
|
||||||
Jackups
|
|
36
|
|
|
67
|
|
|
(31
|
)
|
|
111
|
|
|
212
|
|
|
(101
|
)
|
||||||
Reimbursable
|
|
10
|
|
|
13
|
|
|
(3
|
)
|
|
37
|
|
|
40
|
|
|
(3
|
)
|
||||||
|
|
$
|
228
|
|
|
$
|
331
|
|
|
$
|
(103
|
)
|
|
$
|
832
|
|
|
$
|
1,033
|
|
|
$
|
(201
|
)
|
|
DRILLING COSTS
|
||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||||||||||
(In millions)
|
2016
|
|
2015
|
|
Variance
|
|
2016
|
|
2015
|
|
Variance
|
||||||||||||
Ultra-Deepwater
|
$
|
54
|
|
|
$
|
75
|
|
|
$
|
(21
|
)
|
|
$
|
168
|
|
|
$
|
206
|
|
|
$
|
(38
|
)
|
Deepwater
|
10
|
|
|
29
|
|
|
(19
|
)
|
|
71
|
|
|
102
|
|
|
(31
|
)
|
||||||
Jackups
|
16
|
|
|
29
|
|
|
(13
|
)
|
|
62
|
|
|
91
|
|
|
(29
|
)
|
||||||
Reimbursable
|
5
|
|
|
9
|
|
|
(4
|
)
|
|
23
|
|
|
30
|
|
|
(7
|
)
|
||||||
Other
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
||||||
|
$
|
86
|
|
|
$
|
143
|
|
|
$
|
(57
|
)
|
|
$
|
324
|
|
|
$
|
432
|
|
|
$
|
(108
|
)
|
|
DEPRECIATION EXPENSE
|
||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||||||||||
(In millions)
|
2016
|
|
2015
|
|
Variance
|
|
2016
|
|
2015
|
|
Variance
|
||||||||||||
Ultra-Deepwater
|
$
|
29
|
|
|
$
|
28
|
|
|
$
|
1
|
|
|
$
|
87
|
|
|
$
|
85
|
|
|
$
|
2
|
|
Deepwater
|
2
|
|
|
4
|
|
|
(2
|
)
|
|
7
|
|
|
13
|
|
|
(6
|
)
|
||||||
Jackups
|
9
|
|
|
9
|
|
|
—
|
|
|
26
|
|
|
27
|
|
|
(1
|
)
|
||||||
Other
|
1
|
|
|
2
|
|
|
(1
|
)
|
|
5
|
|
|
5
|
|
|
—
|
|
||||||
|
$
|
41
|
|
|
$
|
43
|
|
|
$
|
(2
|
)
|
|
$
|
125
|
|
|
$
|
130
|
|
|
$
|
(5
|
)
|
|
Nine Months Ended June 30,
|
||||||
(In millions)
|
2016
|
|
2015
|
||||
Net cash provided by operating activities
|
$
|
515,415
|
|
|
$
|
483,605
|
|
Net cash used in investing activities
|
(177,435
|
)
|
|
(417,738
|
)
|
||
Net cash used in financing activities
|
(252,989
|
)
|
|
(71,443
|
)
|
Commitment under Credit Facility
|
$
|
1,395
|
|
Borrowings under Credit Facility
|
885
|
|
|
Letters of Credit Outstanding
|
—
|
|
|
Availability
|
$
|
510
|
|
•
|
prices of oil and natural gas and industry expectations about future prices;
|
•
|
market conditions and level of activity in the drilling industry and the global economy in general;
|
•
|
the level of capital expenditures by our clients;
|
•
|
the termination, renegotiation, or repudiation of contracts or payment delays by our clients;
|
•
|
the operational risks involved in drilling for oil and gas;
|
•
|
the highly competitive and volatile nature of our business;
|
•
|
our ability to enter into, and the terms of, future drilling contracts, including contracts for our newbuild units, for rigs currently idled and for rigs whose contracts are expiring;
|
•
|
our ability to access debt and equity capital markets, and the terms and prices that are available if we issue debt or equity securities;
|
•
|
the impact of governmental or industry regulation, both in the United States and internationally;
|
•
|
the risks of and disruptions to international operations, including political instability and the impact of terrorist acts, acts of piracy, embargoes, war or other military operations;
|
•
|
our ability to obtain and retain qualified personnel to operate our vessels;
|
•
|
unplanned downtime and repairs on our rigs;
|
•
|
timely access to spare parts, equipment and personnel to maintain and service our fleet;
|
•
|
client requirements for drilling capacity and client drilling plans;
|
•
|
the adequacy of sources of liquidity for us and for our clients;
|
•
|
changes in tax laws, treaties and regulations;
|
•
|
the risks involved in the construction, upgrade, and repair of our drilling units; and
|
•
|
such other risks discussed in Item 1A. “Risk Factors” of our Form 10-K for the fiscal year ended September 30, 2015 and in our other reports filed with the Securities and Exchange Commission, or SEC.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Change in Internal Control over Financial Reporting
|
(a)
|
Exhibits
|
|
|
|
|
|
|
|
|
|
ATWOOD OCEANICS, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
Date:
|
August 2, 2016
|
|
|
/
S
/ MARK W. SMITH
|
|
|
|
|
Mark W. Smith
|
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Atwood Oceanics Chart |
1 Month Atwood Oceanics Chart |
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