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Segment Information (Tables)
6 Months Ended
Jun. 30, 2013
Segment Information  
Financial information with respect to operating segments

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(In thousands)

 

Operating revenues and Earnings (losses) from unconsolidated affiliates from continuing operations:

 

 

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

 

 

U.S.

 

$

467,129

 

$

598,765

 

$

951,902

 

$

1,225,870

 

Canada

 

64,789

 

66,015

 

191,656

 

210,750

 

International

 

351,421

 

304,622

 

672,937

 

611,087

 

Rig Services (1)

 

152,462

 

228,614

 

331,772

 

470,372

 

Subtotal Drilling & Rig Services (2)

 

1,035,801

 

1,198,016

 

2,148,267

 

2,518,079

 

Completion & Production Services:

 

 

 

 

 

 

 

 

 

Production Services

 

244,602

 

240,380

 

496,173

 

497,639

 

Completion Services

 

254,016

 

387,663

 

516,154

 

785,699

 

Subtotal Completion & Production Services (3)

 

498,618

 

628,043

 

1,012,327

 

1,283,338

 

 

 

 

 

 

 

 

 

 

 

Other reconciling items (4)

 

(41,473

)

(223,262

)

(86,108

)

(376,863

)

Total

 

$

1,492,946

 

$

1,602,797

 

$

3,074,486

 

$

3,424,554

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(In thousands)

 

Adjusted income (loss) derived from operating activities from continuing operations: (5)

 

 

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

 

 

U.S.

 

$

69,813

 

$

145,351

 

$

147,408

 

$

312,084

 

Canada

 

3,895

 

(529

)

34,413

 

42,617

 

International

 

32,481

 

16,401

 

53,950

 

37,539

 

Rig Services (1)

 

(4,044

)

28,179

 

3,693

 

58,025

 

Subtotal Drilling & Rig Services (2)

 

102,145

 

189,402

 

239,464

 

450,265

 

Completion & Production Services:

 

 

 

 

 

 

 

 

 

Production Services

 

23,471

 

25,397

 

49,485

 

53,426

 

Completion Services

 

6,870

 

46,144

 

24,626

 

111,004

 

Subtotal Completion & Production

 

 

 

 

 

 

 

 

 

Services (3)

 

30,341

 

71,541

 

74,111

 

164,430

 

Other reconciling items (6)

 

(41,543

)

(35,596

)

(73,044

)

(73,812

)

Total adjusted income (loss) derived from operating activities

 

$

90,943

 

$

225,347

 

$

240,531

 

$

540,883

 

 

 

 

 

 

 

 

 

 

 

U.S. oil and gas joint venture earnings (losses)

 

 

(140,434

)

 

(202,996

)

Interest expense

 

(60,271

)

(63,459

)

(120,279

)

(126,113

)

Investment income (loss)

 

14,821

 

5,368

 

94,242

 

25,620

 

Gains (losses) on sales and disposals of long-lived assets and other income (expense), net

 

(9,312

)

(160,917

)

(69,119

)

(159,077

)

Income (loss) from continuing operations before income taxes

 

$

36,181

 

$

(134,095

)

$

145,375

 

$

78,317

 

 

 

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

 

 

(In thousands)

 

Total assets:

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

U.S.

 

$

4,179,649

 

$

4,157,470

 

Canada

 

631,078

 

699,699

 

International

 

3,581,505

 

3,626,307

 

Rig Services

 

630,281

 

644,350

 

Subtotal Drilling & Rig Services (7)

 

9,022,513

 

9,127,826

 

Completion & Production Services (8) (9)

 

2,252,618

 

2,301,802

 

Other reconciling items (6) (10)

 

991,772

 

1,226,394

 

Total assets:

 

$

12,266,903

 

$

12,656,022

 

 

 

(1)         Includes our drilling technology and top drive manufacturing, directional drilling, rig instrumentation and software, and construction services. These services represent our other businesses that are not aggregated into a reportable operating segment.

 

(2)         Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of $1.2 million and $6.1 million for the three months ended June 30, 2013 and 2012, respectively, and $4.0 million for the six months ended June 30, 2013.

 

(3)         Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of $.2 million and $.3 million for the three and six months ended June 30, 2013, respectively.

 

(4)         Represents the elimination of inter-segment transactions and earnings (losses), net from our former U.S. unconsolidated oil and gas joint venture, accounted for using the equity method, of $(140.4) million and $(203.0) million for the three and six months ended June 30, 2012, respectively.  In December 2012, we sold our equity interest in the oil and gas joint venture.

 

(5)         Adjusted income (loss) derived from operating activities is computed by subtracting the sum of direct costs, general and administrative expenses, depreciation and amortization, and earnings (losses) from our former U.S. oil and gas joint venture from the sum of Operating revenues and Earnings (losses) from unconsolidated affiliates. These amounts should not be used as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our business units and the consolidated company based on several criteria, including adjusted income (loss) derived from operating activities, because it believes that these financial measures accurately reflect our ongoing profitability. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is a GAAP measure, is provided in the above table.

 

(6)         Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures.

 

(7)         Includes $62.7  million and $59.9 million of investments in unconsolidated affiliates accounted for using the equity method as of June 30, 2013 and December 31, 2012, respectively.

 

(8)         Reflects assets allocated to the line of business to conduct its operations. Further allocation to individual operating segments of Completion and Production Services is not available.

 

(9)         Includes $5.7 million and $1.8 million of investments in unconsolidated affiliates accounted for using the equity method as of June 30, 2013 and December 31, 2012, respectively.

 

(10)  Includes assets of $351.3 million and $377.6 million from oil and gas businesses classified as assets held-for-sale as of June 30, 2013 and December 31, 2012, respectively.