(Mark One)
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þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2011
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or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) of the Securities Exchange Act of 1934
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For the transition period from to
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Minnesota
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95-3409686
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(State or other jurisdiction
of incorporation or organization)
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(I.R.S. Employer
Identification No.)
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400 North Sam Houston Parkway East Suite 400
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77060
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Houston, Texas
(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock (no par value)
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New York Stock Exchange
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Large accelerated filer þ
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company o
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(Do not check if a smaller reporting company)
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Page
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PART I
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PART II
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73
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PART III
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PART IV
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•
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statements regarding our business strategy, including the potential sale of assets and/or other investments in our subsidiaries and facilities, or any other business plans, forecasts or objectives, any or all of which is subject to change;
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•
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statements regarding our anticipated production volumes, results of exploration, exploitation, development, acquisition or operations expenditures, and current or prospective reserve levels with respect to any oil and gas property or well;
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•
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statements related to commodity prices for oil and gas or with respect to the supply of and demand for oil and gas;
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•
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statements relating to our proposed acquisition, exploration, development and/or production of oil and gas properties, prospects or other interests and any anticipated costs related thereto;
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•
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statements related to environmental risks, exploration and development risks, or drilling and operating risks;
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•
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statements relating to the construction or acquisition of vessels or equipment and any anticipated costs related thereto;
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•
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statements regarding projections of revenues, gross margin, expenses, earnings or losses, working capital or other financial items;
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•
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statements regarding any financing transactions or arrangements, or ability to enter into such transactions;
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•
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statements regarding anticipated legislative, governmental, regulatory, administrative or other public body actions, requirements, permits or decisions;
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•
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statements regarding the collectability of our trade receivables;
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•
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statements regarding anticipated developments, industry trends, performance or industry ranking;
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•
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statements regarding general economic or political conditions, whether international, national or in the regional and local market areas in which we do business;
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•
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statements related to our ability to retain key members of our senior management and key employees;
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•
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statements related to the underlying assumptions related to any projection or forward-looking statement; and
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•
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any other statements that relate to non-historical or future information.
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•
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impact of weak domestic and global economic conditions and the future impact of such conditions on the oil and gas industry and the demand for our services;
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•
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uncertainties inherent in the development and production of oil and gas and in estimating reserves;
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•
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the geographic concentration of our oil and gas operations;
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•
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the effect of regulations on the offshore Gulf of Mexico oil and gas operations;
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•
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uncertainties regarding our ability to replace depletion;
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•
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unexpected future capital expenditures (including the amount and nature thereof);
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•
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impact of oil and gas price fluctuations and the cyclical nature of the oil and gas industry;
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•
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the effects of indebtedness, which could adversely restrict our ability to operate, could make us vulnerable to general adverse economic and industry conditions, could place us at a competitive disadvantage compared to our competitors that have less debt and could have other adverse consequences to us;
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•
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the effectiveness of our hedging activities;
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the results of our continuing efforts to control costs and improve performance;
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•
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the success of our risk management activities;
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•
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the effects of competition;
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•
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the availability (or lack thereof) of capital (including any financing) to fund our business strategy and/or operations, and the terms of any such financing;
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•
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the impact of current and future laws and governmental regulations, including tax and accounting developments;
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the effect of adverse weather conditions and/or other risks associated with marine operations, including the exposure of our oil and gas operations to tropical storm activity in the Gulf of Mexico;
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the impact of operational disruptions affecting the Helix Producer I vessel which is crucial to producing oil and natural gas from our Phoenix field;
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the effect of environmental liabilities that are not covered by an effective indemnity or insurance;
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the potential impact of a loss of one or more key employees; and
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•
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the impact of general, market, industry or business conditions.
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•
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Development. Installation of subsea pipelines, flowlines, control umbilicals, manifold assemblies and risers; pipelay and burial; installation and tie-in of riser and manifold assembly; commissioning, testing and inspection; and cable and umbilical lay and connection. In 2011, we experienced increased demand for our services from the alternative energy industry. Some of the services we provide to these alternative energy businesses include subsea power cable installation, trenching and burial, along with seabed coring and preparation for construction of windmill foundations.
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Production. Inspection, repair and maintenance of production structures, risers, pipelines and subsea equipment; well intervention; life of field support; and intervention engineering.
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Reclamation. Reclamation and remediation services; plugging and abandonment services; platform salvage and removal services; pipeline abandonment services; and site inspections.
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Production facilities. We are able to provide oil and natural gas processing services to oil and natural gas companies, primarily those operating in the deepwater of the Gulf of Mexico using our HP I vessel. Currently, the HP I is being utilized to process production from our Phoenix field (Note 5). In addition to the services provided by our HP I vessel, we maintain an equity investment in two production hub facilities in the Gulf of Mexico. We also established the HFRS as a response resource in permit applications to federal and state agencies.
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•
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a potential backlog for our contracting service assets as a hedge against cyclical service asset utilization;
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potential utilization for new non-conventional applications of contracting service assets to hedge against lack of initial market acceptance and utilization risk; and
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•
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incremental returns.
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Year Ended December 31,
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||||||||||||
2011
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2010
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2009
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||||||||||
United States
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$
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1,013,476
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$
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827,597
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$
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923,481
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||||||
United Kingdom
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275,499
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198,011
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124,896
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|||||||||
India
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44,772
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56,311
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233,466
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Other
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64,860
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117,919
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179,844
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|||||||||
Total
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$
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1,398,607
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$
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1,199,838
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$
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1,461,687
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||||||
Year Ended December 31,
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||||||||||||
2011
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2010
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2009
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||||||||||
United States
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$
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2,034,978
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$
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2,236,455
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$
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2,564,673
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United Kingdom
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281,430
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275,012
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284,637
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Other
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14,919
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15,613
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14,396
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Total
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$
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2,331,327
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$
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2,527,080
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$
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2,863,706
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•
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general global economic and business conditions, which affect demand for oil and natural gas and, in turn, our business;
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•
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our ability to manage risks related to our business and operations;
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•
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our ability to compete against companies that provide more services and products than we do, including “integrated service companies”;
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our ability to attract and retain skilled, trained personnel to provide technical services and support for our business;
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our ability to procure sufficient supplies of materials essential to our business in periods of high demand, and to reduce our commitments for such materials in periods of low demand;
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consolidation by our customers, which could result in loss of a customer; and
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changes in laws or regulations, including laws relating to the environment or to the oil and gas industry in general, and other factors, many of which are beyond our control.
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limiting our ability to obtain additional financing on satisfactory terms to fund our working capital requirements, capital expenditures, acquisitions, investments, debt service requirements and other general corporate requirements;
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increasing our vulnerability to a continued general economic downturn, competition and industry conditions, which could place us at a disadvantage compared to our competitors that are less leveraged;
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increasing our exposure to potential rising interest rates because a portion of our current and potential future borrowings are at variable interest rates;
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reducing the availability of our cash flow to fund our working capital requirements, capital expenditures, acquisitions, investments and other general corporate requirements because we will be required to use a substantial portion of our cash flow to service debt obligations;
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limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and
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limiting our ability to expand our business through capital expenditures or pursuit of acquisition opportunities due to negative covenants in senior secured credit facilities that place annual and aggregate limitations on the types and amounts of investments that we may make, and limiting our ability to use proceeds from asset sales for purposes other than debt repayment (except in certain circumstances where proceeds may be reinvested under criteria set forth in our credit agreements).
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the loss of revenue, property and equipment from expropriation, nationalization, war, insurrection, acts of terrorism and other political risks;
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increases in taxes and governmental royalties;
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changes in laws and regulations affecting our operations, including changes in customs, assessments and procedures, and changes in similar laws and regulations that may affect our ability to move our assets in and out of foreign jurisdictions;
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renegotiation or abrogation of contracts with governmental entities;
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changes in laws and policies governing operations of foreign-based companies;
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currency restrictions and exchange rate fluctuations;
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world economic cycles;
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restrictions or quotas on production and commodity sales;
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limited market access; and
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other uncertainties arising out of foreign government sovereignty over our international operations.
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worldwide economic activity;
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demand for oil and natural gas, especially in the United States, Europe, China and India;
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economic and political conditions in the Middle East and other oil-producing regions;
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actions taken by the Organization of Petroleum Exporting Countries (“OPEC”);
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the availability and discovery rate of new oil and natural gas reserves in offshore areas;
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the cost of offshore exploration for and production and transportation of oil and gas;
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the ability of oil and natural gas companies to generate funds or otherwise obtain external capital for exploration, development and production operations;
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the sale and expiration dates of offshore leases in the United States and overseas;
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technological advances affecting energy exploration, production, transportation and consumption;
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weather conditions;
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environmental and other governmental regulations; and
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tax laws, regulations and policies.
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fires;
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title problems;
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explosions;
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pressures and irregularities in formations;
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equipment availability;
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blow-outs and surface cratering;
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uncontrollable flows of underground natural gas, oil and formation water;
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natural events and natural disasters, such as loop currents, hurricanes and other adverse weather conditions;
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pipe or cement failures;
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casing collapses;
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lost or damaged oilfield drilling and service tools;
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abnormally pressured formations; and
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environmental hazards, such as natural gas leaks, oil spills, pipeline ruptures and discharges of toxic gases.
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supply of and demand for oil and gas;
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market uncertainty;
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worldwide political and economic instability; and
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government regulations.
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our revenues;
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results of operations;
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cashflow;
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financial condition;
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our ability to increase production and grow reserves in an economically efficient manner; and
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our access to capital.
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tropical storms and hurricanes, which are common in the Gulf of Mexico during certain times of the year;
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extensive governmental regulation (including regulations that may, in certain circumstances, impose strict liability for pollution damage); and
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interruption or termination of operations by governmental authorities based on environmental, safety or other considerations.
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refuse to initiate exploration or development projects;
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initiate exploration or development projects on a slower or faster schedule than we would prefer;
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delay the pace of exploratory drilling or development; and/or
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drill more wells or build more facilities on a project than we can afford, whether on a cash basis or through financing, which may limit our participation in those projects or limit the percentage of our revenues from those projects.
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•
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Approximately $55 million from the sale of individual oil and gas properties;
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•
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$100 million from the sale of a total of 15.2 million shares of CDI common stock held by us to CDI in separate transactions in January and June 2009;
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•
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Approximately $404.4 million, net of underwriting fees, from the sale of a total of 45.8 million shares of CDI common stock held by us to third parties in separate public secondary offerings one each in June 2009 and September 2009 (for additional information regarding the sales of CDI common shares by us see Note 3); and
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$25 million for the sale of our subsurface reservoir consulting business in April 2009.
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Flag
State
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Placed
in
Service(2)
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Length
(Feet)
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Berths
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SAT
Diving
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DP
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Crane
Capacity
(tons)
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CONTRACTING SERVICES:
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|||||||
Pipelay —
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Caesar (3)
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Vanuatu
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5/2010
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482
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220
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—
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DP
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300 and 36
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Express (3)
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Vanuatu
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8/2005
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531
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132
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—
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DP
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396 and 150
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Intrepid (3)
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Bahamas
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8/1997
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381
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89
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Capable
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DP
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400
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Floating Production Unit —
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|||||||
Helix Producer I (4)
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Bahamas
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4/2009
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528
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95
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—
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DP
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26 and 26
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Well Operations —
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Q4000 (5)
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U.S.
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4/2002
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312
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135
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—
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DP
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160 and 360; 600 Derrick
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Seawell
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U.K.
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7/2002
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368
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129
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Capable
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DP
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130 and 65 Derrick
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Well Enhancer
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U.K.
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10/2009
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432
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120
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Capable
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DP
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100 and 150 Derrick
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Normand Clough (6)
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Norway
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11/2008
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385
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120
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Capable
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DP
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250
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Robotics —
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41 ROVs, 3 Trenchers and 2 ROVDrills (3), (7) (8)
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—
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Various
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—
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—
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—
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—
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—
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Olympic Canyon (8)
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Norway
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4/2006
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304
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87
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—
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DP
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150
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Olympic Triton (8)
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Norway
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11/2007
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311
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87
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—
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DP
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150
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Island Pioneer (8)
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Vanuatu
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5/2008
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312
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110
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—
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DP
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140
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Deep Cygnus (8)
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Panama
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4/2010
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400
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92
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—
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DP
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150 and 25
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Stril Explorer (8)
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Isle of Man
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10/2011
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251
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70
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—
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DP
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60 and 10
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(1)
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Under government regulations and our insurance policies, we are required to maintain our vessels in accordance with standards of seaworthiness and safety set by government regulations and classification organizations. We maintain our fleet to the standards for seaworthiness, safety and health set by the ABS, Bureau Veritas (“BV”), Det Norske Veritas (“DNV”), Lloyds Register of Shipping (“Lloyds”), and the USCG. ABS, BV, DNV and Lloyds are classification societies used by ship owners to certify that their vessels meet certain structural, mechanical and safety equipment standards.
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(2)
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Represents the date we placed the vessel in service and not the date of commissioning.
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(3)
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Subject to vessel mortgages (US ROVs and trenchers only) securing our Credit Agreement described in Note 9.
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(4)
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Following the initial conversion of this vessel from a former ferry vessel into a DP floating production unit, additional topside production equipment was added to the vessel and it was certified for oil and natural gas processing work in June 2010 (see “Production Facilities”). The topside production equipment is subject to mortgages securing our Credit Agreement (Note 9).
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(5)
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Subject to vessel mortgage securing our MARAD debt described in Note 9.
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(6)
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Chartered by our Australian joint venture, in we which maintain a 50% ownership interest – Note 7
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(7)
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Average age of our fleet of ROVs, trenchers and ROV Drills is approximately 5.2 years.
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(8)
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Leased. One ROV is leased, we own the remaining 40 ROVs.
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Year Ended December 31,
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2011
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2010
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2009
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||||||||||
Contracting Services:
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||||||||||||
Pipelay and robotics support
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76
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%
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84
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%
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79
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%
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||||||
Well operations
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90
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%
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83
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%
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82
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%
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||||||
ROVs
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60
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%
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62
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%
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68
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%
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As of December 31, 2011
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||||||||||||
Proved Developed Reserves
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Proved Undeveloped Reserves
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Total Proved Reserves
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||||||||||
Gas (Bcf)
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59,859
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37,162
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97,021
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|||||||||
Oil (MBbls)
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12,754
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9,935
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22,689
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|||||||||
Total (MBOE)
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22,731
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16,129
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38,860
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|||||||||
Development Location
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Net Total Proved Reserves (MMBOE)
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Net Proved Reserves Mix
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2011 Net Production (MMBOE)
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Average WI%
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Expected First Production
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|||||||||||||||||||||
Oil %
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Gas %
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|||||||||||||||||||||||||
Deepwater
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||||||||||||||||||||||||||
Bushwood(1)
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U.S. GOM
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6.2
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9
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91
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1.3
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51
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Producing
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|||||||||||||||||||
Phoenix(2)
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U.S. GOM
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8.8
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77
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23
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4.1
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70
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Producing
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|||||||||||||||||||
Gunnison(3)
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U.S. GOM
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2.3
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81
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19
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0.3
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19
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Producing
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|||||||||||||||||||
Outer Continental Shelf
|
||||||||||||||||||||||||||
East Cameron 346
|
U.S. GOM
|
5.2
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81
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19
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0.1
|
75
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Producing
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|||||||||||||||||||
South Timbalier 86/63
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U.S. GOM
|
3.7
|
45
|
55
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0.4
|
91
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Producing
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|||||||||||||||||||
South Pass 89
|
U.S. GOM
|
1.2
|
30
|
70
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0.1
|
27
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Producing
|
|||||||||||||||||||
High Island A557
|
U.S. GOM
|
2.9
|
70
|
30
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0.3
|
100
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Producing
|
|||||||||||||||||||
South Marsh Island 130
|
U.S. GOM
|
2.4
|
81
|
19
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0.5
|
100
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Producing
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|||||||||||||||||||
Ship Shoal 223/224
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U.S. GOM
|
1.0
|
29
|
71
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0.3
|
51
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Producing
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|||||||||||||||||||
Eugene Island 302
|
U.S. GOM
|
1.2
|
82
|
18
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-
|
100
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PDSI 2012
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(1)
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Garden Banks Blocks 462, 463, 506 and 507. Although the Bushwood field is currently producing, there remains a significant amount of PUD reserves that we intend to develop in order to sustain future production from the field.
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(2)
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Green Canyon Blocks 236, 237, 238 and 282.
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(3)
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Third party operated property comprised of Garden Banks Blocks 625, 667, 668 and 669.
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Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Production:
|
||||||||||||
Gas (Bcf)
|
17
|
27
|
27
|
|||||||||
Oil (MMBbls)
|
6
|
3
|
3
|
|||||||||
Total (MBOE)
|
8,694
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7,870
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7,297
|
|||||||||
Average sales prices realized (including hedges):
|
||||||||||||
Gas (per Mcf)(1)
|
$
|
6.04
|
$
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6.01
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$
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4.48
|
||||||
Oil (per Bbl)
|
$
|
100.91
|
$
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75.27
|
$
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67.11
|
||||||
Total (BOE)
|
$
|
79.26
|
$
|
52.78
|
$
|
41.98
|
||||||
Average production cost per BOE
|
$
|
20.73
|
$
|
17.24
|
$
|
16.42
|
||||||
Average depletion and amortization per BOE
|
$
|
25.29
|
$
|
29.89
|
$
|
23.20
|
(1)
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Includes sales of natural gas liquids.
|
Oil Wells
|
Gas Wells
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Total Wells
|
||||||||||||||||||||||
Gross
|
Net
|
Gross
|
Net
|
Gross
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Net
|
|||||||||||||||||||
United States – Offshore
|
231
|
182
|
232
|
123
|
463
|
305
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Oil Wells
|
Gas Wells
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Total Wells
|
||||||||||||||||||||||
Gross
|
Net
|
Gross
|
Net
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Gross
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Net
|
|||||||||||||||||||
Not producing (shut-in)
|
77
|
56
|
128
|
67
|
205
|
123
|
||||||||||||||||||
Multiple completions
|
15
|
7
|
42
|
18
|
57
|
25
|
Undeveloped
|
Developed
|
|||||||||||||||
Gross
|
Net
|
Gross
|
Net
|
|||||||||||||
United States – Offshore
|
135,628
|
117,500
|
316,986
|
184,885
|
Offshore
|
||||||||
Gross
|
Net
|
|||||||
2012
|
26,515
|
18,755
|
||||||
2013
|
30,760
|
30,760
|
||||||
2014
|
5,760
|
5,760
|
||||||
2015
|
5,760
|
5,760
|
||||||
2016
|
40,320
|
33,408
|
||||||
2017 and beyond
|
26,513
|
23,057
|
||||||
Total
|
135,628
|
117,500
|
Net Exploratory Wells
|
Net Development Wells
|
|||||||||||||||||||||||
Productive
|
Dry
|
Total
|
Productive
|
Dry
|
Total
|
|||||||||||||||||||
Year ended December 31, 2011
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Year ended December 31, 2010
|
—
|
—
|
—
|
1.0
|
—
|
1.0
|
||||||||||||||||||
Year ended December 31, 2009
|
0.3
|
—
|
0.3
|
—
|
—
|
—
|
Location
|
Function
|
Size
|
Houston, Texas
|
Helix Energy Solutions Group, Inc.
Corporate Headquarters, Project
Management, and Sales Office
|
92,274 square feet
|
Helix Subsea Construction, Inc.
Corporate Headquarters
|
||
Energy Resource Technology
GOM, Inc.
Corporate Headquarters
|
||
Helix Well Ops, Inc.
Corporate Headquarters, Project
Management, and Sales Office
|
||
Kommandor LLC
Corporate Headquarters
|
||
Houston, Texas
|
Canyon Offshore, Inc.
Corporate, Management and Sales Office
|
1.0 acre
(Building: 24,000 square feet)
|
Dallas, Texas
|
Energy Resource Technology
GOM, Inc.
Dallas Office
|
8,999 square feet
|
Ingleside, Texas
|
Helix Ingleside LLC
Spoolbase
|
120 acres
|
Dulac, Louisiana
|
Energy Resource
Technology GOM, Inc.
Shore Base
|
20 acres 1,720 square feet
|
Aberdeen (Dyce), Scotland
|
Helix Well Ops (U.K.) Limited
Corporate Offices and Operations
|
3.9 acres
(Building: 42,463 square feet)
|
Canyon Offshore Limited
Corporate Offices, Operations and
Sales Office
|
||
Energy Resource Technology
(U.K). Limited
Corporate Offices
|
Location
|
Function
|
Size
|
Perth, Australia
|
Helix Well Ops SEA Pty Ltd
Well Ops SEA Pty Ltd
|
2.3 acres
(Buildings: 36,706 square feet)
|
Helix Energy Services Pty Limited
|
||
Corporate Offices
|
||
Singapore
|
Canyon Offshore
International Corp
Corporate, Operations and Sales
|
22,486 square feet
|
Helix Offshore Crewing Service Pte. Ltd.
Corporate Headquarters
|
Name
|
Age
|
Position
|
Owen Kratz
|
57
|
President and Chief Executive Officer and Director
|
Anthony Tripodo
|
59
|
Executive Vice President and Chief Financial Officer
|
Alisa B. Johnson
|
54
|
Executive Vice President, General Counsel and Corporate Secretary
|
Johnny Edwards
|
58
|
Executive Vice President — Oil & Gas
|
Clifford V. Chamblee | 52 | Executive Vice President — Contracting Services |
Lloyd A. Hajdik
|
46
|
Senior Vice President — Finance and Chief Accounting Officer
|
Common Stock Prices
|
||||||||
High
|
Low
|
|||||||
2010
|
||||||||
First Quarter
|
$ | 14.80 | $ | 9.98 | ||||
Second Quarter
|
$ | 17.00 | $ | 9.70 | ||||
Third Quarter
|
$ | 11.32 | $ | 8.38 | ||||
Fourth Quarter
|
$ | 14.48 | $ | 10.88 | ||||
2011
|
||||||||
First Quarter
|
$ | 17.69 | $ | 10.92 | ||||
Second Quarter
|
$ | 19.20 | $ | 14.57 | ||||
Third Quarter
|
$ | 21.65 | $ | 12.65 | ||||
Fourth Quarter
|
$ | 19.42 | $ | 11.57 | ||||
2012
|
||||||||
First Quarter(1)
|
$ | 19.69 | $ | 15.55 |
(1)
|
Through February 22, 2012
|
As of December 31,
|
|||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
||||||||||||||||||
Helix
|
$
|
100.0
|
$
|
132.3
|
$
|
23.1
|
$
|
37.5
|
$
|
38.7
|
$
|
50.4
|
|||||||||||
Peer Group Index
|
$
|
100.0
|
$
|
147.5
|
$
|
53.3
|
$
|
114.0
|
$
|
159.6
|
$
|
156.5
|
|||||||||||
Oil Service Index
|
$
|
100.0
|
$
|
150.9
|
$
|
60.7
|
$
|
97.5
|
$
|
122.6
|
$
|
108.2
|
|||||||||||
S&P 500
|
$
|
100.0
|
$
|
103.5
|
$
|
63.7
|
$
|
78.6
|
$
|
88.7
|
$
|
88.7
|
Period
|
(a) Total number
of shares
purchased (1)
|
(b) Average
price paid
per share
|
(c) Total number
of shares
purchased as
part of publicly
announced
program (2)
|
(d) Maximum
number of shares
that may yet be
purchased under
the program (3)
|
||||||
October 1 to October 31, 2011
|
498,851
|
$
|
13.06
|
497,412
|
─
|
|||||
November 1 to November 30, 2011
|
─
|
─
|
─
|
─
|
||||||
December 1 to December 31, 2011
|
265
|
16.91
|
─
|
─
|
||||||
499,116
|
$
|
13.06
|
497,412
|
─
|
(1)
|
Includes shares delivered to the Company by employees in satisfaction of minimum withholding taxes upon vesting of restricted shares.
|
(2)
|
Shares repurchased under previously announced stock buyback program (Note 14). In October 2011, we repurchased the then remaining available shares under stock buyback program. Additional shares became available under the stock buyback program in January 2012 (see footnote (3) below).
|
(3)
|
Amount as of December 31, 2011. In January 2012, we issued approximately 0.4 million shares to certain of our employees. These grants will increase the number of shares available for repurchase by a corresponding amount (Note 12).
|
Year Ended December 31,
|
||||||||||||||||||||
2011
|
2010
|
2009 (1)
|
2008
|
2007
|
||||||||||||||||
(amounts in thousands, except per share data)
|
||||||||||||||||||||
Net revenues
|
$
|
1,398,607
|
$
|
1,199, 838
|
$
|
1,461,687
|
$
|
2,114,074
|
$
|
1,732,420
|
||||||||||
Gross profit
|
330,592
|
33,672
|
243,162
|
372,191
|
505,907
|
|||||||||||||||
Operating income (loss) (2)
|
235,528
|
(94,656
|
)
|
203,815
|
(414,222
|
)
|
411,279
|
|||||||||||||
Equity in earnings of investments
|
22,215
|
19,469
|
32,329
|
31,854
|
19,573
|
|||||||||||||||
Income (loss) from continuing operations
|
133,077
|
(124,153
|
)
|
166,170
|
(580,245
|
)
|
343,639
|
|||||||||||||
Income (loss) from discontinued operations, net of taxes
|
─
|
─
|
9,581
|
(9,812
|
)
|
1,347
|
||||||||||||||
Net income (loss), including noncontrolling interests(3)
|
133,077
|
(124,153
|
)
|
175,751
|
(590,057
|
)
|
344,986
|
|||||||||||||
Net (income) loss applicable to noncontrolling interests
|
(3,098
|
)
|
(2,835
|
)
|
(19,697
|
)
|
(45,873
|
)
|
(29,288
|
)
|
||||||||||
Net income (loss) applicable to Helix
|
129,979
|
(126,988
|
)
|
156,054
|
(635,930
|
)
|
315,698
|
|||||||||||||
Preferred stock dividends (4)
|
(40
|
)
|
(114
|
)
|
(54,187
|
)
|
(3,192
|
)
|
(3,716
|
)
|
||||||||||
Net income (loss) applicable to Helix common shareholders
|
129,979
|
(127,102
|
)
|
101,867
|
(639,122
|
)
|
311,982
|
|||||||||||||
Adjusted EBITDAX, less Cal Dive (5)
|
$
|
668,662
|
$
|
430,326
|
$
|
490,092
|
$
|
575,272
|
$
|
608,813
|
||||||||||
Basic earnings (loss) per share of common stock:
|
||||||||||||||||||||
Continuing operations
|
$
|
1.23
|
(1.22
|
)
|
$
|
0.92
|
$
|
(6.94
|
)
|
$
|
3.40
|
|||||||||
Discontinued operations
|
─
|
─
|
0.09
|
(0.11
|
)
|
0.02
|
||||||||||||||
Net income (loss) per common share
|
$
|
1.23
|
$
|
(1.22
|
)
|
$
|
1.01
|
$
|
(7.05
|
)
|
$
|
3.42
|
||||||||
Diluted earnings (loss) per share of common stock:
|
||||||||||||||||||||
Continuing operations
|
$
|
1.22
|
$
|
(1.22
|
)
|
$
|
0.87
|
$
|
(6.94
|
)
|
$
|
3.25
|
||||||||
Discontinued operations
|
─
|
─
|
0.09
|
(0.11
|
)
|
0.01
|
||||||||||||||
Net income (loss) per common share
|
$
|
1.22
|
$
|
(1.22
|
)
|
$
|
0.96
|
$
|
(7.05
|
)
|
$
|
3.26
|
||||||||
Weighted average common shares outstanding:
|
||||||||||||||||||||
Basic
|
104,528
|
103,857
|
99,136
|
90,650
|
90,086
|
|||||||||||||||
Diluted
|
104,953
|
103,857
|
105,720
|
90,650
|
95,647
|
(1)
|
Excludes the results of Cal Dive subsequent to June 10, 2009 following its deconsolidation from our consolidated financial statements (Notes 1, 2 and 3).
|
(2)
|
Oil and gas property impairment charges totaled $132.6 million in 2011, $181.1 million in 2010, $120.6 million in 2009, $920.0 million in 2008 and $64.1 million in 2007. Our oil and gas impairment charges in the fourth quarter of 2008 totaled $896.9 million and included charges to reduce goodwill ($704.3 million) and certain oil and gas properties ($192.6 million) to their estimated fair value. Also includes exploration expenses totaling $10.9 million in 2011, $8.3 million in 2010, $24.4 million in 2009, $32.9 million in 2008 and $26.7 million in 2007.
|
|
|
(3)
|
In 2009, we had $77.3 million of gains on the sales of Cal Dive common stock held by us. Also includes the impact of gains on Cal Dive equity transactions of $98.5 million for the year ended December 31, 2007. See Note 3 for additional information related to our transactions involving Cal Dive common stock.
|
(4)
|
The amount in 2009, includes $53.4 million of beneficial conversion charges related to our convertible preferred stock (Note 11).
|
(5)
|
This is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below for an explanation of the definition and use of such measure as well as a reconciliation of these amount to each year’s respective reported income (loss) from continuing operations.
|
As of December 31,
|
|||||||||||||||||||
2011
|
2010
|
2009 (1)
|
2008
|
2007
|
|||||||||||||||
(In thousands)
|
|||||||||||||||||||
Working capital
|
$
|
548,066
|
$
|
373,057
|
$
|
197,072
|
$
|
287,225
|
$
|
48,290
|
|||||||||
Total assets
|
3,582,347
|
3,592,020
|
3,779,533
|
5,067,066
|
(2)
|
5,449,515
|
|||||||||||||
Long-term debt (including current maturities)
|
1,155,321
|
1,357,932
|
1,360,739
|
2,027,226
|
1,758,186
|
||||||||||||||
Convertible preferred stock
|
1,000
|
1,000
|
(3)
|
6,000
|
(3)
|
55,000
|
55,000
|
||||||||||||
Total controlling interest shareholders’ equity
|
1,421,403
|
1,260,604
|
1,405,257
|
1,191,149
|
(2)
|
1,829,951
|
|||||||||||||
Noncontrolling interests
|
28,138
|
25,040
|
22,205
|
322,627
|
263,926
|
||||||||||||||
Total equity
|
1,449,541
|
1,285,644
|
1,427,462
|
1,513,776
|
2,093,877
|
(1)
|
Reflects deconsolidation of Cal Dive effective June 10, 2009 (Notes 1, 2 and 3).
|
(2)
|
Includes the $907.6 million of impairment charges recorded to reduce goodwill, intangible assets with indefinite lives and certain oil and gas properties to their estimated fair values.
|
(3)
|
In 2010, the holder of the convertible preferred stock redeemed $5 million of our convertible preferred stock into 1.8 million shares of our common stock. In 2009, the holder of the convertible preferred stock redeemed $49 million of our convertible preferred stock into 12.8 million shares of our common stock (Note 11).
|
Year Ended December 31,
|
|||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||
(amounts in thousands)
|
|||||||||||||||||||
Income (loss) from continuing operations
|
$
|
133,077
|
$
|
(124,153
|
)
|
$
|
166,170
|
$
|
(580,245
|
)
|
$
|
343,639
|
|||||||
Adjustments:
|
|||||||||||||||||||
Income tax provision (benefit)
|
14,903
|
(39,598
|
)
|
95,822
|
86,779
|
171,862
|
|||||||||||||
Net interest expense and other
|
99,953
|
86,324
|
51,495
|
111,098
|
67,047
|
||||||||||||||
Depreciation, depletion and amortization expense
|
311,103
|
317,116
|
262,617
|
333,726
|
329,798
|
||||||||||||||
Asset impairment charges(1)
|
149,730
|
200,066
|
121,855
|
919,986
|
75,865
|
||||||||||||||
Exploration expenses
|
10,914
|
8,276
|
24,383
|
32,926
|
26,725
|
||||||||||||||
EBITDAX
|
719,680
|
448,031
|
722,342
|
904,270
|
1,014,936
|
||||||||||||||
Adjustments:
|
|||||||||||||||||||
Non-controlling interest in Cal Dive
|
─
|
─
|
(44,785
|
)
|
(105,280
|
)
|
(61,404
|
)
|
|||||||||||
Non-controlling interest in Kommandor LLC
|
(4,060
|
)
|
(3,878
|
)
|
(3,344
|
)
|
102
|
(82
|
)
|
||||||||||
Discontinued operations(2)
|
─
|
(16
|
)
|
(290
|
)
|
3,242
|
3,696
|
||||||||||||
Gain on sales of assets
|
(5,278
|
)
|
(9,405
|
)
|
(79,362
|
)
|
(73,471
|
)
|
(202,064
|
)
|
|||||||||
Asset impairments charges
|
(41,680
|
)
|
(4,406
|
)
|
(48,178
|
)
|
(13,031
|
)
|
─
|
||||||||||
ADJUSTED EBITDAX
|
$
|
668,662
|
$
|
430,326
|
$
|
546,383
|
$
|
715,832
|
$
|
755,082
|
|||||||||
ADJUSTED EBITDAX
|
$
|
668,662
|
$
|
430,326
|
$
|
546,383
|
$
|
715,832
|
$
|
755,082
|
|||||||||
Less Cal Dive, net of non-controlling interests
|
─
|
─
|
(56,291
|
)
|
(140,560
|
)
|
(146,269
|
)
|
|||||||||||
ADJUSTED EBITDAX less Cal Dive
|
$
|
668,662
|
$
|
430,326
|
$
|
490,092
|
$
|
575,272
|
$
|
608,813
|
(1)
|
Includes impairment charges related to our oil and gas properties, other than temporary losses on our equity investments and any impairment charges associated with goodwill and other intangible assets. Amount in 2011 also includes a $6.6 million impairment charge related to our well intervention equipment in Australia (Note 2). The amount in 2007 also includes $11.8 million related to Cal Dive’s impairment of an equity investment in Offshore Technology Solutions Limited.
|
(2)
|
Amounts are associated with Helix RDS Limited, our former reservoir technology consulting company that we sold in April 2009 (Note 1).
|
•
|
worldwide economic activity, including available access to global capital and capital markets;
|
||
•
|
demand for oil and natural gas, especially in the United States, Europe, China and India;
|
||
•
|
economic and political conditions in the Middle East and other oil-producing regions;
|
||
•
|
the effect of regulations on offshore Gulf of Mexico oil and gas operations;
|
||
•
|
actions taken by OPEC;
|
||
•
|
the availability and discovery rate of new oil and natural gas reserves in offshore areas;
|
||
•
|
the cost of offshore exploration for and production and transportation of oil and gas;
|
||
•
|
the ability of oil and natural gas companies to generate funds or otherwise obtain external capital for exploration, development and production operations;
|
||
•
|
the sale and expiration dates of offshore leases in the United States and overseas;
|
||
•
|
technological advances affecting energy exploration production transportation and consumption;
|
||
•
|
weather conditions;
|
||
•
|
environmental and other governmental regulations; and
|
||
•
|
tax policies.
|
·
|
upgrading of the Q4000;
|
·
|
construction of a multi-service DP dive support/well intervention vessel (Well Enhancer). The Well Enhancer joined our fleet in October 2009;
|
·
|
conversion of the Caesar into a deepwater pipelay vessel; the Caesar was commissioned into our fleet in May 2010; and
|
·
|
conversion of a ferry vessel into a DP floating production unit (the Helix Producer I or HP I); the HP I was commissioned in April 2009 and its production facilities upgrades were certified and placed in service in June 2010.
|
Year Ended December 31,
|
Increase/ (Decrease)
|
|||||||||||
2011
|
2010
|
|||||||||||
Revenues (in thousands) –
|
||||||||||||
Contracting Services
|
$
|
738,235
|
$
|
780,339
|
$
|
(42,104
|
)
|
|||||
Oil and Gas
|
696,607
|
425,369
|
271,238
|
|||||||||
Production facilities
|
75,460
|
117,300
|
(41,840
|
)
|
||||||||
Intercompany elimination
|
(111,695
|
)
|
(123,170
|
)
|
11,475
|
|||||||
$
|
1,398,607
|
$
|
1,199,838
|
$
|
198,769
|
|||||||
Gross profit (loss) (in thousands) –
|
||||||||||||
Contracting Services(1)
|
$
|
137,444
|
$
|
132,723
|
$
|
4,721
|
||||||
Oil and Gas(2)
|
156,967
|
(140,714
|
)
|
297,681
|
||||||||
Production facilities
|
39,170
|
64,203
|
(25,033
|
)
|
||||||||
Corporate
|
(3,082
|
)
|
(3,428
|
)
|
346
|
|||||||
Intercompany elimination
|
93
|
(19,112
|
)
|
19,205
|
||||||||
$
|
330,592
|
$
|
33,672
|
$
|
296,920
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
|||||||||||
Gross Margin –
|
||||||||||||
Contracting Services
|
19
|
%
|
17
|
%
|
2
|
pts
|
||||||
Oil and Gas (1)
|
23
|
%
|
(33)
|
%
|
56
|
pts
|
||||||
Production facilities
|
52
|
%
|
55
|
%
|
(3)
|
pts
|
||||||
Total company
|
24
|
%
|
3
|
%
|
21
|
pts
|
||||||
Number of vessels(3)/ Utilization(4) –
|
||||||||||||
Contracting Services:
|
||||||||||||
Pipelay and Robotics support vessels
|
8/76
|
%
|
7/84
|
%
|
||||||||
Well operations
|
3/90
|
%
|
4/83
|
%
|
||||||||
ROVs/Trenchers/ROVDrill Units
|
46/60
|
%
|
46/62
|
%
|
(1)
|
Included a $6.6 million charge in 2011 to partially impair our subsea well intervention equipment located in
Australia (Note 2).
|
|||||||||||||||
(2)
|
Included asset impairment charges of oil and gas properties totaling $132.6 million in 2011 and $181.1 million in 2010. These amounts also include exploration expenses totaling $10.9 million in 2011 and $8.3 million in
2010, which primarily reflect the write off of expiring leasehold costs (Note 5).
|
|||||||||||||||
(3)
|
Represented number of vessels as of the end the period excluding acquired vessels prior to their in-service dates, vessels taken out of service prior to their disposition and vessels jointly owned with a third party. At December 31, 2010, our well operations vessels count included one vessel chartered by us from our Australian joint venture company (Note 7).
|
|||||||||||||||
(4)
|
Average vessel utilization rate is calculated by dividing the total number of days the vessels in this category generated revenues by the total number of calendar days in the applicable period.
|
Year Ended December 31,
|
Increase/ (Decrease)
|
||||||||||||
2011
|
2010
|
||||||||||||
Contracting Services
|
$
|
65,638
|
$
|
109,012
|
$
|
(43,374
|
)
|
||||||
Production Facilities
|
46,057
|
14,158
|
31,899
|
||||||||||
$
|
111,695
|
$
|
123,170
|
$
|
(11,475
|
)
|
|||||||
Year Ended December 31,
|
Increase/ (Decrease)
|
||||||||||||
2011
|
2010
|
||||||||||||
Contracting Services
|
$
|
104
|
$
|
15,655
|
$
|
(15,551
|
)
|
||||||
Production Facilities
|
(197
|
)
|
3,457
|
(3,654
|
)
|
||||||||
$
|
(93
|
)
|
$
|
19,112
|
$
|
(19,205
|
)
|
Year Ended December 31,
|
Increase/ (Decrease)
|
||||||||
2011
|
2010
|
||||||||
Oil and Gas information–
|
|||||||||
Oil production volume (MBbls)
|
5,785
|
3,354
|
2,431
|
||||||
Oil sales revenue (in thousands)
|
$
|
583,725
|
$
|
252,445
|
$
|
331,280
|
|||
Average oil sales price per Bbl (excluding hedges)
|
$
|
106.42
|
$
|
78.46
|
$
|
27.96
|
|||
Average realized oil price per Bbl (including hedges)
|
$
|
100.91
|
$
|
75.27
|
$
|
25.64
|
|||
Increase in oil sales revenue due to:
|
|||||||||
Change in prices (in thousands)
|
$
|
85,998
|
|||||||
Change in production volume (in thousands)
|
245,282
|
||||||||
Total increase in oil sales revenue (in thousands)
|
$
|
331,280
|
|||||||
Gas production volume (MMcf)
|
17,458
|
27,097
|
(9,639
|
)
|
|||||
Gas sales revenue (in thousands)
|
$
|
105,404
|
$
|
162,919
|
$
|
(57,515
|
)
|
||
Average gas sales price per mcf (excluding hedges)
|
$
|
5.45
|
$
|
4.67
|
$
|
0.78
|
|||
Average realized gas price per mcf (including hedges)
|
$
|
6.04
|
$
|
6.01
|
$
|
0.03
|
|||
Increase (decrease) in gas sales revenue due to:
|
|||||||||
Change in prices (in thousands)
|
$
|
687
|
|||||||
Change in production volume (in thousands)
|
(58,202
|
)
|
|||||||
Total increase in gas sales revenue (in thousands)
|
$
|
(57,515
|
)
|
||||||
Total production (MBOE)
|
8,694
|
7,870
|
824
|
||||||
Price per BOE
|
$
|
79.26
|
$
|
52.78
|
$
|
26.48
|
|||
Oil and Gas revenue information (in thousands)-
|
|||||||||
Oil and gas sales revenue
|
$
|
689,129
|
$
|
415,364
|
$
|
273,765
|
|||
Miscellaneous revenues 1
|
$
|
7,478
|
$
|
10,005
|
$
|
(2,527
|
)
|
||
(1)
|
Miscellaneous revenues primarily relate to fees earned under our process handling agreements.
|
Year Ended December 31,
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
Total
|
Per barrel
|
Total
|
Per barrel
|
|||||||||||||
Oil and gas operating expenses(1):
|
||||||||||||||||
Direct operating expenses(2)
|
$ | 130,182 | $ | 14.97 | $ | 87,688 | $ | 11.14 | ||||||||
Workover (3)
|
16,534 | 1.90 | 23,156 | 2.94 | ||||||||||||
Transportation
|
8,589 | 0.99 | 6,924 | 0.88 | ||||||||||||
Repairs and maintenance
|
12,256 | 1.41 | 8,033 | 1.02 | ||||||||||||
Overhead and company labor
|
12,682 | 1.46 | 9,884 | 1.26 | ||||||||||||
Sub Total
|
$ | 180,243 | $ | 20.73 | $ | 135,685 | $ | 17.24 | ||||||||
Depletion and amortization
|
$ | 205,035 | $ | 23.58 | $ | 219,773 | $ | 27.92 | ||||||||
Abandonment
|
803 | 0.09 | 1,050 | 0.13 | ||||||||||||
Accretion
|
14,880 | 1.71 | 15,517 | 1.97 | ||||||||||||
Impairments (Note 5)
|
132,603 | 15.25 | 181,083 | 23.01 | ||||||||||||
Net hurricane (reimbursements) costs
|
(4,838 | ) | (0.55 | ) | 4,699 | 0.60 | ||||||||||
348,483 | 40.08 | 422,122 | 53.63 | |||||||||||||
Total
|
$ | 528,726 | $ | 60.81 | $ | 557,807 | $ | 70.87 |
(1)
|
Excludes exploration expense of $10.9 million and $8.3 million for the years ended December 31, 2011 and 2010, respectively. Exploration expense is not a component of lease operating expense.
|
(2)
|
Includes production taxes.
|
(3)
|
Excludes all hurricane-related costs and charges resulting from Hurricane Ike in September 2008. Amounts in 2010 primarily reflect efforts to resolve production issues at both our Bushwood and East Cameron Block 346 fields.
|
Year Ended December 31,
|
Increase/ (Decrease)
|
|||||||||||
2010
|
2009
|
|||||||||||
Revenues (in thousands) –
|
||||||||||||
Contracting Services
|
$
|
780,339
|
$
|
796,158
|
$
|
(15,819
|
)
|
|||||
Shelf Contracting(1)
|
—
|
404,709
|
(404,709
|
)
|
||||||||
Oil and Gas
|
425,369
|
385,338
|
40,031
|
|||||||||
Production facilities
|
117,300
|
3,395
|
113,905
|
|||||||||
Intercompany elimination
|
(123,170
|
)
|
(127,913
|
)
|
4,743
|
|||||||
$
|
1,199,838
|
$
|
1,461,687
|
$
|
(261,849
|
)
|
||||||
Gross profit (loss) (in thousands) –
|
||||||||||||
Contracting Services
|
$
|
132,723
|
$
|
148,375
|
$
|
(15,652
|
)
|
|||||
Shelf Contracting(1)
|
—
|
92,728
|
(92,728
|
)
|
||||||||
Oil and Gas(2)
|
(140,714
|
)
|
21,788
|
(162,502
|
)
|
|||||||
Production facilities
|
64,203
|
(3,478
|
)
|
67,681
|
||||||||
Corporate
|
(3,428
|
)
|
(2,797
|
)
|
(631
|
)
|
||||||
Intercompany elimination
|
(19,112
|
)
|
(13,454
|
)
|
(5,658
|
)
|
||||||
$
|
33,672
|
$
|
243,162
|
$
|
(209,490
|
)
|
||||||
Gross Margin –
|
||||||||||||
Contracting Services
|
17
|
%
|
19
|
%
|
(2
|
)pts
|
||||||
Shelf Contracting(1)
|
N/A
|
23
|
%
|
(23
|
)pts
|
|||||||
Oil and Gas (2)
|
(33)
|
%
|
6
|
%
|
(39
|
)pts
|
||||||
Production facilities
|
55
|
%
|
N/A
|
55
|
pts
|
|||||||
Total company
|
3
|
%
|
17
|
%
|
(14
|
)pt
|
||||||
Number of vessels(3)/ Utilization(4) –
|
||||||||||||
Contracting Services:
|
||||||||||||
Pipelay and Robotics support vessels
|
7/84
|
%
|
7/79
|
%
|
||||||||
Well operations
|
4/83
|
%
|
3/82
|
%
|
||||||||
ROVs/Trenchers/ROVDrill Units
|
46/62
|
%
|
47/68
|
%
|
1(1)
|
Represented results of our former majority-owned subsidiary, CDI. We deconsolidated CDI from our financial statements in June 2009 (see “Reduction in Ownership of Cal Dive” above and Note 3).
|
2(2)
|
Included oil and gas property asset impairment charges totaling $181.1 million in 2010 and $120.6 million in 2009. These amounts also include exploration expenses totaling $8.3 million in 2010 and $24.4 million in 2009, which primarily reflect the write off of expiring leasehold costs (Note 5).
|
(3)
|
Represented number of vessels as of the end the period excluding acquired vessels prior to their in-service dates, vessels taken out of service prior to their disposition and vessels jointly owned with a third party. At December 31, 2010, our well operations vessels count included one vessel chartered by us from our Australian joint venture.
|
4(4)
|
Average vessel utilization rate is calculated by dividing the total number of days the vessels in this category generated revenues by the total number of calendar days in the applicable period.
|
Year Ended December 31,
|
Increase/ (Decrease)
|
||||||||||||||
2010
|
2009
|
||||||||||||||
Contracting Services
|
$
|
109,012
|
$
|
120,048
|
$
|
(11,036
|
)
|
||||||||
Production Facilities
|
14,158
|
—
|
14,158
|
||||||||||||
Shelf Contracting
|
—
|
7,865
|
(7,865
|
)
|
|||||||||||
$
|
123,170
|
$
|
127,913
|
$
|
(4,743
|
)
|
|||||||||
Year Ended December 31,
|
Increase/ (Decrease)
|
||||||||||||
2010
|
2009
|
||||||||||||
Contracting Services
|
$
|
15,655
|
$
|
13,205
|
$
|
2,450
|
|||||||
Production Facilities
|
3,457
|
(116
|
)
|
3,573
|
|||||||||
Shelf Contracting
|
—
|
365
|
(365
|
)
|
|||||||||
$
|
19,112
|
$
|
13,454
|
$
|
5,658
|
Year Ended December 31,
|
Increase/ (Decrease)
|
|||||||||||
2010
|
2009
|
|||||||||||
Oil and Gas information–
|
||||||||||||
Oil production volume (MBbls)
|
3,354
|
2,741
|
613
|
|||||||||
Oil sales revenue (in thousands)
|
$
|
252,445
|
$
|
183,973
|
$
|
68,472
|
||||||
Average oil sales price per Bbl (excluding hedges)
|
$
|
78.46
|
$
|
64.15
|
$
|
14.31
|
||||||
Average realized oil price per Bbl (including hedges)
|
$
|
75.27
|
$
|
67.11
|
$
|
8.16
|
||||||
Increase in oil sales revenue due to:
|
||||||||||||
Change in prices (in thousands)
|
$
|
22,359
|
||||||||||
Change in production volume (in thousands)
|
46,113
|
|||||||||||
Total increase in oil sales revenue (in thousands)
|
$
|
68,472
|
Year Ended December 31, | ||||||||||||
2010
|
2009
|
Increase/
(Decrease)
|
||||||||||
Gas production volume (MMcf)
|
27,097
|
27,334
|
(237
|
)
|
||||||||
Gas sales revenue (in thousands)
|
$
|
162,919
|
$
|
122,335
|
$
|
40,584
|
||||||
Average gas sales price per mcf (excluding hedges)
|
$
|
4.67
|
$
|
4.15
|
$
|
0.52
|
||||||
Average realized gas price per mcf (including hedges)
|
$
|
6.01
|
$
|
4.48
|
$
|
1.53
|
||||||
Increase (decrease) in gas sales revenue due to:
|
||||||||||||
Change in prices (in thousands)
|
$
|
42,005
|
||||||||||
Change in production volume (in thousands)
|
(1,421
|
)
|
||||||||||
Total increase in gas sales revenue (in thousands)
|
$
|
40,584
|
||||||||||
Total production (MBOE)
|
7,870
|
7,297
|
573
|
|||||||||
Price per barrel
|
$
|
52.78
|
$
|
42.00
|
$
|
10.78
|
||||||
Oil and Gas revenue information (in thousands)-
|
||||||||||||
Oil and gas sales revenue
|
$
|
415,364
|
$
|
306,308
|
$
|
109,056
|
||||||
Miscellaneous revenues(1)
|
$
|
10,005
|
$
|
79,030
|
$
|
(69,025
|
)
|
(1)
|
Miscellaneous revenues primarily relate to fees earned under our process handling agreements. The amount in 2009 also includes $73.5 million of accrued royalty payments previously involved in a legal dispute. These accrued royalties were reversed in January 2009. See Note 5, for additional information regarding the resolution of our royalty dispute.
|
Year Ended December 31,
|
||||||||||||||||
2010
|
2009
|
|||||||||||||||
Total
|
Per Barrel
|
Total
|
Per Barrel
|
|||||||||||||
Oil and gas operating expenses(1):
|
||||||||||||||||
Direct operating expenses(2)
|
$ | 87,688 | $ | 11.14 | $ | 78,348 | $ | 10.74 | ||||||||
Workover (3)
|
23,156 | 2.94 | 9,790 | 1.34 | ||||||||||||
Transportation
|
6,924 | 0.88 | 8,209 | 1.12 | ||||||||||||
Repairs and maintenance
|
8,033 | 1.02 | 13,469 | 1.85 | ||||||||||||
Overhead and company labor
|
9,884 | 1.26 | 10,020 | 1.37 | ||||||||||||
Sub Total
|
$ | 135,685 | $ | 17.24 | $ | 119,836 | $ | 16.42 | ||||||||
Depletion and amortization
|
$ | 219,773 | $ | 27.92 | $ | 154,052 | $ | 21.11 | ||||||||
Abandonment
|
1,050 | 0.13 | 4,369 | 0.60 | ||||||||||||
Accretion
|
15,517 | 1.97 | 15,204 | 2.09 | ||||||||||||
Impairments (4)
|
181,083 | 23.01 | 69,038 | 9.46 | ||||||||||||
Net hurricane (reimbursements) costs (5)
|
4,699 | 0.60 | (23,332 | ) | (3.20 | ) | ||||||||||
422,122 | 53.63 | 219,331 | 30.06 | |||||||||||||
Total
|
$ | 557,807 | $ | 70.87 | $ | 339,167 | $ | 46.48 |
(1)
|
Excludes exploration expense of $8.3 million and $24.4 million for the years ended December 31, 2010 and 2009, respectively. Exploration expense is not a component of lease operating expense.
|
(2)
|
Includes production taxes.
|
(3)
|
Excludes all hurricane-related costs and charges resulting from Hurricane Ike in September 2008 (see (5) below). Increase in 2010 primarily reflects our first quarter of 2010 efforts to resolve production issues at both our Bushwood and East Cameron Block 346 fields.
|
(4)
|
Includes impairment charges for certain oil and gas properties exclusive of hurricane related charges discussed in (5) below.
|
(5)
|
Amounts related to damages sustained from Hurricane Ike in September 2008 (Note 4). Hurricane-related impairments and adjustments to asset retirement obligations totaled $51.5 million in 2009.
|
2011
|
2010
|
|||||||
Net working capital
|
$
|
548,066
|
$
|
373,057
|
||||
Long-term debt(1)
|
$
|
1,147,444
|
$
|
1,347,753
|
||||
Liquidity(2)
|
$
|
1,105,065
|
$
|
787,296
|
(1)
|
Long-term debt does not include the current maturities portion of the long-term debt as that amount is included in net working capital.
|
(2)
|
Liquidity, as defined by us, is equal to cash and cash equivalents plus available capacity under our revolving credit facility, which capacity is reduced by current letters of credit drawn against the facility.
|
2011
|
2010
|
|||||||
Term Loan (matures July 2015) (1)
|
$ | 279,750 | $ | 410,441 | ||||
Revolving Credit Facility (matures July 2015) (1)
|
─
|
─
|
||||||
Convertible Senior Notes (matures March 2025) (2)
|
290,445 | 281,472 | ||||||
Senior Unsecured Notes (matures January 2016)
|
474,960 | 550,000 | ||||||
MARAD Debt (matures February 2027)
|
110,166 | 114,811 | ||||||
Loan Notes
|
─
|
1,208 | ||||||
Total
|
$ | 1,155,321 | $ | 1,357,932 | ||||
(1)
|
Represents earliest date debt would mature; see Note 9 for conditions that would provide extension of the maturity date.
|
(2)
|
This amount is net of the unamortized debt discount of $9.6 million and $18.5 million, respectively. The notes will increase to the $300 million face amount through accretion of non-cash interest charges through 2012. Notes may be redeemed by holders beginning in December 2012 (see “Contractual Commitments and Commercial Commitments” below and Note 9).
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Net cash provided by (used in):
|
||||||||||||
Operating activities
|
$
|
567,156
|
$
|
331,454
|
$
|
417,677
|
||||||
Investing activities
|
$
|
(182,317
|
)
|
$
|
(181,556
|
)
|
$
|
(68,532
|
)
|
|||
Financing activities
|
$
|
(229,895
|
)
|
$
|
(29,279
|
)
|
$
|
(300,709
|
)
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Capital expenditures:
|
||||||||||||
Contracting services
|
$ | (69,259 | ) | $ | (65,949 | ) | $ | (204,228 | ) | |||
Shelf contracting
|
─
|
─
|
(39,569 | ) | ||||||||
Oil and gas
|
(119,614 | ) | (84,554 | ) | (137,168 | ) | ||||||
Production facilities
|
(30,896 | ) | (56,269 | ) | (42,408 | ) | ||||||
Contribution to equity investments
|
(2,699 | ) | (8,253 | ) | (1,657 | ) | ||||||
Distributions from equity investments, net(1)
|
3,965 | 10,539 | 6,742 | |||||||||
Proceeds from insurance reimbursements
|
─
|
16,106 |
─
|
|||||||||
Proceeds from sale of Cal Dive common stock
|
3,588 |
─
|
418,168 | |||||||||
Reduction in cash from deconsolidation of Cal Dive
|
─
|
─
|
(112,995 | ) | ||||||||
Proceeds from sale of properties (2)
|
31,000 | 6,894 | 23,717 | |||||||||
Other, net
|
1,598 | (70 | ) | (6 | ) | |||||||
Net cash used in investing activities
|
(182,317 | ) | (181,556 | ) | (89,404 | ) | ||||||
Net cash provided by discontinued operations(3)
|
─
|
─
|
20,872 | |||||||||
Net cash used in investing activities
|
$ | (182,317 | ) | $ | (181,556 | ) | $ | (68,532 | ) |
(1)
|
Distributions from equity investments is net of undistributed equity earnings from our investments.
Gross distributions from our equity investments are detailed in Note 7.
|
|||||||||||||
(2)
|
For additional information related to sales of properties, see Note 5.
|
|||||||||||||
(3)
|
Amount for 2009 included the sale of Helix RDS for $25 million, see Note 1.
|
Total (1)
|
Less Than 1 year
|
1-3 Years
|
3-5 Years
|
More Than 5 Years
|
||||||||||||||||
Convertible Senior Notes(2)
|
$
|
300,000
|
$
|
─
|
$
|
─
|
$
|
─
|
$
|
300,000
|
||||||||||
Senior Unsecured Notes
|
474,960
|
─
|
─
|
474,960
|
─
|
|||||||||||||||
Term Loan(3)
|
279,750
|
3,000
|
6,000
|
270,750
|
─
|
|||||||||||||||
Revolving Loans(4)
|
─
|
─
|
─
|
─
|
─
|
|||||||||||||||
MARAD debt
|
110,166
|
4,877
|
10,496
|
11,569
|
83,224
|
|||||||||||||||
Interest related to long-term debt
|
413,956
|
76,365
|
150,255
|
83,396
|
103,940
|
|||||||||||||||
Drilling and development costs
|
12,667
|
12,667
|
─
|
─
|
─
|
|||||||||||||||
Property and equipment
|
29,819
|
29,819
|
─
|
─
|
─
|
|||||||||||||||
Operating leases(5)
|
54,426
|
42,813
|
9,418
|
1,589
|
606
|
|||||||||||||||
Total cash obligations
|
$
|
1,675,744
|
$
|
169,541
|
$
|
176,169
|
$
|
842,264
|
$
|
487,770
|
(1)
|
Excludes unsecured letters of credit outstanding at December 31, 2011 totaling $41.4 million. These letters of credit primarily guarantee asset retirement obligations as well as various contract bidding, insurance activities and shipyard commitments.
|
(2)
|
Contractual maturity in 2025 (Notes can be redeemed by us or we may be required to purchase beginning in December 2012). Notes can be converted prior to stated maturity if the closing sales price of Helix’s common stock for at least 20 days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter exceeds 120% of the closing price on that 30th trading day (i.e. $38.56 per share) and under certain triggering events as specified in the indenture governing the Convertible Senior Notes. To the extent we do not have alternative long-term financing secured to cover the conversion, the Convertible Senior Notes would be classified as a current liability in the accompanying balance sheet. As of December 31, 2011, the conversion trigger was not met.
|
(3)
|
Our Term Loan will mature on July 1, 2015 but may extend to July 1, 2016 if our Senior Unsecured Notes are either refinanced or repaid in full by July 1, 2015 (Note 9).
|
(4)
|
Our Revolving Credit Facility will mature on July 1, 2015 but may extend to January 1, 2016 if our Senior Unsecured Notes are either refinanced or repaid in full by July 1, 2015 (Note 9).
|
(5)
|
Operating leases include facility leases and vessel charter leases. Vessel charter lease commitments at December 31, 2011 were approximately $44.6 million.
|
•
|
the customer provides specifications for the construction of facilities or for the provision of related services;
|
||
•
|
we can reasonably estimate our progress towards completion and our costs;
|
||
•
|
the contract includes provisions as to the enforceable rights regarding the goods or services to be provided, consideration to be received and the manner and terms of payment;
|
||
•
|
the customer can be expected to satisfy its obligations under the contract; and
|
||
•
|
we can be expected to perform our contractual obligations.
|
Production Period
|
Instrument Type
|
Average
Monthly Volumes
|
Weighted Average
Price a
|
|||
Crude Oil:
|
(per barrel)
|
|||||
January 2012 — December 2012
|
Collar
|
75.0 MBbl
|
$ 96.67 — $118.57b
|
|||
January 2012 — December 2012
|
Collar
|
139.0 MBbl
|
$ 99.42 — $117.59
|
|||
January 2012 — December 2012
|
Swap
|
16.0 MBbl
|
$103.20
|
|||
January 2013 — December 2013
|
Swap
|
41.7 MBbl
|
$99.15
|
|||
January 2013 — December 2013
|
Collar
|
41.7 MBbl
|
$ 95.00 — $102.60
|
|||
Natural Gas:
|
(per Mcf)
|
|||||
January 2012 — December 2012
|
Swaps
|
750.0 Mmcf
|
$4.35
|
|||
January 2012 — December 2012
|
Collar
|
166.7 Mmcf
|
$4.75 — $5.09
|
|||
January 2013 — December 2013
|
Swaps
|
500.0 Mmcf
|
$4.09
|
a.
|
The prices quoted in the table above are NYMEX Henry Hub for natural gas. For oil most of the contracts are priced as Brent crude oil.
|
b.
|
This contract is priced using NYMEX West Texas Intermediate for crude oil.
|
|
Page
|
Management’s Report on Internal Control Over Financial Reporting
|
75
|
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting
|
76
|
Report of Independent Registered Public Accounting Firm
|
77
|
Consolidated Balance Sheets as of December 31, 2011 and 2010
|
80
|
Consolidated Statements of Operations for the Years Ended December 31, 2011, 2010 and 2009
|
81
|
Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2011, 2010 and 2009
|
82
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2011, 2010 and 2009
|
84
|
Notes to the Consolidated Financial Statements
|
86
|
December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
546,465
|
$
|
391,085
|
||||
Accounts receivable —
Trade, net of allowance for uncollectible accounts
of $4,067 and $4,527
|
238,781
|
177,293
|
||||||
Unbilled revenue
|
24,338
|
33,712
|
||||||
Costs in excess of billing
|
13,037
|
15,699
|
||||||
Other current assets
|
121,621
|
123,065
|
||||||
Total current assets
|
944,242
|
740,854
|
||||||
Property and equipment
|
4,391,064
|
4,486,077
|
||||||
Less — Accumulated depreciation
|
(2,059,737
|
)
|
(1,958,997
|
)
|
||||
2,331,327
|
2,527,080
|
|||||||
Other assets:
|
||||||||
Equity investments
|
175,656
|
187,031
|
||||||
Goodwill, net
|
62,215
|
62,494
|
||||||
Other assets, net
|
68,907
|
74,561
|
||||||
$
|
3,582,347
|
$
|
3,592,020
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
147,043
|
$
|
159,381
|
||||
Accrued liabilities
|
239,963
|
198,237
|
||||||
Income tax payable
|
1,293
|
—
|
||||||
Current maturities of long-term debt
|
7,877
|
10,179
|
||||||
Total current liabilities
|
396,176
|
367,797
|
||||||
Long-term debt
|
1,147,444
|
1,347,753
|
||||||
Deferred income taxes
|
417,610
|
413,639
|
||||||
Asset retirement obligations
|
161,208
|
170,410
|
||||||
Other long-term liabilities
|
9,368
|
5,777
|
||||||
Total liabilities
|
2,131,806
|
2,305,376
|
||||||
Convertible preferred stock
|
1,000
|
1,000
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity:
|
||||||||
Common stock, no par, 240,000 shares authorized,
105,530 and 105,592 shares issued
|
908,776
|
906,957
|
||||||
Retained earnings
|
522,644
|
392,705
|
||||||
Accumulated other comprehensive loss
|
(10,017
|
)
|
(39,058
|
)
|
||||
Total controlling interest shareholders’ equity
|
1,421,403
|
1,260,604
|
||||||
Noncontrolling interests
|
28,138
|
25,040
|
||||||
Total equity
|
1,449,541
|
1,285,644
|
||||||
$
|
3,582,347
|
$
|
3,592,020
|
|||||
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands, except per share amounts)
|
||||||||||||
Net revenues:
|
||||||||||||
Contracting services
|
$
|
702,000
|
$
|
774,469
|
$
|
1,076,349
|
||||||
Oil and gas
|
696,607
|
425,369
|
385,338
|
|||||||||
1,398,607
|
1,199,838
|
1,461,687
|
||||||||||
Cost of sales:
|
||||||||||||
Contracting services
|
528,375
|
600,083
|
854,975
|
|||||||||
Oil and gas
|
396,123
|
376,724
|
218,617
|
|||||||||
Oil and gas property impairments
|
132,603
|
181,083
|
120,550
|
|||||||||
Exploration expense
|
10,914
|
8,276
|
24,383
|
|||||||||
1,068,015
|
1,166,166
|
1,218,525
|
||||||||||
Gross profit
|
330,592
|
33,672
|
243,162
|
|||||||||
Goodwill impairments
|
—
|
(16,743
|
)
|
—
|
||||||||
Gain on oil and gas derivative commodity contracts
|
—
|
1,088
|
89,485
|
|||||||||
Gain on sale of assets, net
|
4,525
|
9,405
|
2,019
|
|||||||||
Selling, general and administrative expenses
|
(99,589
|
)
|
(122,078
|
)
|
(130,851
|
)
|
||||||
Income (loss) from operations
|
235,528
|
(94,656
|
)
|
203,815
|
||||||||
Equity in earnings of investments
|
22,215
|
19,469
|
32,329
|
|||||||||
Other than temporary loss on equity investments
|
(10,563
|
)
|
(2,240
|
)
|
—
|
|||||||
Gain on investment in Cal Dive common stock
|
753
|
—
|
77,343
|
|||||||||
Net interest expense
|
(95,796
|
)
|
(85,303
|
)
|
(56,733
|
)
|
||||||
Other income (expense)
|
(4,157
|
)
|
(1,021
|
)
|
5,238
|
|||||||
Income (loss) before income taxes
|
147,980
|
(163,751
|
)
|
261,992
|
||||||||
Provision (benefit) for income taxes
|
14,903
|
(39,598
|
)
|
95,822
|
||||||||
Income (loss) from continuing operations
|
133,077
|
(124,153
|
)
|
166,170
|
||||||||
Income from discontinued operations, net of tax
|
—
|
—
|
9,581
|
|||||||||
Net income (loss), including noncontrolling interests
|
133,077
|
(124,153
|
)
|
175,751
|
||||||||
Net income applicable to noncontrolling interests
|
(3,098
|
)
|
(2,835
|
)
|
(19,697
|
)
|
||||||
Net income (loss) applicable to Helix
|
129,979
|
(126,988
|
)
|
156,054
|
||||||||
Preferred stock dividends
|
(40
|
)
|
(114
|
)
|
(748
|
)
|
||||||
Preferred stock beneficial conversion charges
|
—
|
—
|
(53,439
|
)
|
||||||||
Net income (loss) applicable to Helix common shareholders
|
$
|
129,939
|
$
|
(127,102
|
)
|
$
|
101,867
|
|||||
Basic earnings (loss) per share of common stock:
|
||||||||||||
Continuing operations
|
$
|
1.23
|
$
|
(1.22
|
)
|
$
|
0.92
|
|||||
Discontinued operations
|
—
|
—
|
0.09
|
|||||||||
Net income (loss) per common share
|
$
|
1.23
|
$
|
(1.22
|
)
|
$
|
1.01
|
|||||
Diluted earnings (loss) per share of common stock:
|
||||||||||||
Continuing operations
|
$
|
1.22
|
$
|
(1.22
|
)
|
$
|
0.87
|
|||||
Discontinued operations
|
—
|
—
|
0.09
|
|||||||||
Net income (loss) per common share
|
$
|
1.22
|
$
|
(1.22
|
)
|
$
|
0.96
|
|||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
104,528
|
103,857
|
99,136
|
|||||||||
Diluted
|
104,953
|
103,857
|
105,720
|
|||||||||
Helix Energy Solutions Shareholders’ Equity
|
||||||||||||||||||||||||||||||||
Common Stock
|
||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income (Loss)
|
Total controlling interest shareholders’ equity
|
Non-controlling Interest
|
Total
Equity
|
||||||||||||||||||||||||||
Balance, December 31, 2008
|
91,972
|
$
|
806,905
|
$
|
417,940
|
$
|
(33,696
|
)
|
$
|
1,191,149
|
$
|
322,627
|
$
|
1,513,776
|
||||||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||||||||||||||
Net income
|
—
|
—
|
156,054
|
—
|
156,054
|
19,697
|
175,751
|
|||||||||||||||||||||||||
Effect of deconsolidation of Cal Dive (Note 3)
|
—
|
—
|
—
|
—
|
—
|
(320,119
|
)
|
(320,119
|
)
|
|||||||||||||||||||||||
Foreign currency translations adjustments
|
—
|
—
|
—
|
30,617
|
30,617
|
—
|
30,617
|
|||||||||||||||||||||||||
Unrealized loss on hedges, net
|
—
|
—
|
—
|
(18,275
|
)
|
(18,275
|
)
|
—
|
(18,275
|
)
|
||||||||||||||||||||||
Unrealized loss on investment held for sale (Note 2)
|
—
|
—
|
—
|
(887
|
)
|
(887
|
)
|
—
|
(887
|
)
|
||||||||||||||||||||||
Comprehensive income (loss)
|
167,509
|
(300,422
|
)
|
(132,913
|
)
|
|||||||||||||||||||||||||||
Convertible preferred stock dividends and preferred stock beneficial charges
|
—
|
—
|
(54,187
|
)
|
—
|
(54,187
|
)
|
—
|
(54,187
|
)
|
||||||||||||||||||||||
Convertible preferred stock conversion (Note 11)
|
12,805
|
102,502
|
—
|
—
|
102,502
|
—
|
102,502
|
|||||||||||||||||||||||||
Other
|
—
|
(319
|
)
|
—
|
—
|
(319
|
)
|
—
|
(319
|
)
|
||||||||||||||||||||||
Stock compensation expense
|
—
|
9,530
|
—
|
—
|
9,530
|
—
|
9,530
|
|||||||||||||||||||||||||
Stock repurchase
|
(1,116
|
)
|
(13,995
|
)
|
—
|
—
|
(13,995
|
)
|
—
|
(13,995
|
)
|
|||||||||||||||||||||
Activity in company stock plans, net
|
620
|
2,173
|
—
|
—
|
2,173
|
—
|
2,173
|
|||||||||||||||||||||||||
Excess tax benefit from stock-
based compensation
|
—
|
895
|
—
|
—
|
895
|
—
|
895
|
|||||||||||||||||||||||||
Balance, December 31, 2009
|
104,281
|
$
|
907,691
|
$
|
519,807
|
$
|
(22,241
|
)
|
$
|
1,405,257
|
$
|
22,205
|
$
|
1,427,462
|
||||||||||||||||||
Comprehensive income (loss)
|
||||||||||||||||||||||||||||||||
Net income
|
—
|
—
|
(126,988
|
)
|
—
|
(126,988
|
)
|
2,835
|
(124,153
|
)
|
||||||||||||||||||||||
Foreign currency translation adjustments
|
—
|
—
|
—
|
(10,005
|
)
|
(10,005
|
)
|
—
|
(10,005
|
)
|
||||||||||||||||||||||
Unrealized loss on hedges, net
|
—
|
—
|
—
|
(7,699
|
)
|
(7,699
|
)
|
—
|
(7,699
|
)
|
||||||||||||||||||||||
Unrealized gain on investment held for sale (Note 2)
|
—
|
—
|
—
|
887
|
887
|
—
|
887
|
|||||||||||||||||||||||||
Comprehensive income (loss)
|
(143,805
|
)
|
2,835
|
(140,970
|
)
|
|||||||||||||||||||||||||||
Convertible preferred stock dividends and preferred stock beneficial charges
|
—
|
—
|
(114
|
)
|
—
|
(114
|
)
|
—
|
(114
|
)
|
||||||||||||||||||||||
Convertible preferred stock conversion (Note 11)
|
1,807
|
5,000
|
—
|
—
|
5,000
|
—
|
5,000
|
|||||||||||||||||||||||||
Stock compensation expense
|
—
|
9,217
|
—
|
—
|
9,217
|
—
|
9,217
|
|||||||||||||||||||||||||
Stock repurchase
|
(1,016
|
)
|
(11,680
|
)
|
—
|
—
|
(11,680
|
)
|
—
|
(11,680
|
)
|
|||||||||||||||||||||
Activity in company stock plans, net and other
|
520
|
674
|
—
|
—
|
674
|
—
|
674
|
|||||||||||||||||||||||||
Excess tax from stock-
based compensation
|
—
|
(3,945
|
)
|
—
|
—
|
(3,945
|
)
|
—
|
(3,945
|
)
|
||||||||||||||||||||||
Balance, December 31, 2010
|
105,592
|
$
|
906,957
|
$
|
392,705
|
$
|
(39,058
|
)
|
$
|
1,260,604
|
$
|
25,040
|
$
|
1,285,644
|
Helix Energy Solutions Shareholders’ Equity
|
|||||||||||||||||||||||||
Common Stock
|
|||||||||||||||||||||||||
Shares
|
Amount
|
Retained
Earnings
|
Accumulated
Other Comprehensive Income (Loss)
|
Total controlling interest shareholders’ equity
|
Non-controlling Interest
|
Total
Equity
|
|||||||||||||||||||
Balance, December 31, 2010
|
105,592
|
$
|
906,957
|
$
|
392,705
|
$
|
(39,058
|
)
|
$
|
1,260,604
|
$
|
25,040
|
$
|
1,285,644
|
|||||||||||
Comprehensive income (loss)
|
|||||||||||||||||||||||||
Net income
|
—
|
—
|
129,979
|
—
|
129,979
|
3,098
|
133,077
|
||||||||||||||||||
Foreign currency translations adjustments
|
—
|
—
|
—
|
(1,002
|
)
|
(1,002
|
)
|
—
|
(1,002
|
)
|
|||||||||||||||
Unrealized gain on hedges, net
|
—
|
—
|
—
|
30,043
|
30,043
|
—
|
30,043
|
||||||||||||||||||
Comprehensive income
|
159,020
|
3,098
|
162,118
|
||||||||||||||||||||||
Convertible preferred stock dividends and preferred stock beneficial charges
|
—
|
—
|
(40
|
)
|
—
|
(40
|
)
|
—
|
(40
|
)
|
|||||||||||||||
Stock compensation expense
|
—
|
8,418
|
—
|
—
|
8,418
|
—
|
8,418
|
||||||||||||||||||
Stock repurchase
|
(497
|
)
|
(6,502
|
)
|
—
|
—
|
(6,502
|
)
|
—
|
(6,502
|
)
|
||||||||||||||
Activity in company stock plans, net and other
|
435
|
916
|
—
|
—
|
916
|
—
|
916
|
||||||||||||||||||
Excess tax from stock-
based compensation
|
—
|
(1,013
|
)
|
—
|
—
|
(1,013
|
)
|
—
|
(1,013
|
)
|
|||||||||||||||
Balance, December 31, 2011
|
105,530
|
$
|
908,776
|
$
|
522,644
|
$
|
(10,017
|
)
|
$
|
1,421,403
|
$
|
28,138
|
$
|
1,449,541
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(In thousands)
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income (loss), including noncontrolling interests
|
$
|
133,077
|
$
|
(124,153
|
)
|
$
|
175,751
|
|||||
Adjustments to reconcile net income (loss), including noncontrolling interests to net cash provided by
operating activities —
|
||||||||||||
Depreciation and amortization
|
311,103
|
317,116
|
262,617
|
|||||||||
Asset impairment charges
|
139,167
|
181,083
|
121,855
|
|||||||||
Goodwill and other indefinite-lived intangible impairments
|
—
|
16,743
|
—
|
|||||||||
Exploratory drilling and related expenditures
|
8,264
|
5,969
|
21,367
|
|||||||||
Equity in earnings of investments, net of distributions
|
—
|
—
|
(6,321
|
)
|
||||||||
Amortization of deferred financing costs
|
8,910
|
7,703
|
6,693
|
|||||||||
Income from discontinued operations
|
—
|
—
|
(9,581
|
)
|
||||||||
Stock compensation expense
|
8,365
|
8,996
|
11,992
|
|||||||||
Amortization of debt discount
|
8,973
|
8,409
|
7,880
|
|||||||||
Deferred income taxes
|
(4,188
|
)
|
(46,836
|
)
|
(64,926
|
)
|
||||||
Excess tax benefit from stock-based compensation
|
1,013
|
3,945
|
(895
|
)
|
||||||||
Unrealized loss (gain) on derivative contracts
|
382
|
1,568
|
(5,237
|
)
|
||||||||
Loss on early extinguishment of Senior Unsecured Notes
|
2,354
|
—
|
—
|
|||||||||
Other than temporary loss on equity investments
|
10,563
|
2,240
|
—
|
|||||||||
Gain on investment in Cal Dive common stock
|
(753
|
)
|
—
|
(77,343
|
)
|
|||||||
Gain on sale of assets
|
(4,525
|
)
|
(9,405
|
)
|
(2,019
|
)
|
||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable, net
|
(47,998
|
)
|
(46,191
|
)
|
52,245
|
|||||||
Other current assets
|
560
|
|
21,894
|
51,158
|
||||||||
Income tax payable
|
6,472
|
214
|
48,831
|
|||||||||
Accounts payable and accrued liabilities
|
28,230
|
48,411
|
(62,341
|
)
|
||||||||
Oil and gas asset retirement costs
|
(41,980
|
)
|
(61,763
|
)
|
(45,038
|
)
|
||||||
Other noncurrent, net
|
(833
|
)
|
(4,489
|
)
|
(62,750
|
)
|
||||||
Cash provided by operating activities
|
567,156
|
331,454
|
423,938
|
|||||||||
Cash used in discontinued operations
|
—
|
—
|
(6,261
|
)
|
||||||||
Net cash provided by operating activities
|
567,156
|
331,454
|
417,677
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Capital expenditures
|
(219,769
|
)
|
(206,772
|
)
|
(423,373
|
)
|
||||||
Investments in equity investments
|
(2,699
|
)
|
(8,253
|
)
|
(1,657
|
)
|
||||||
Distributions from equity investments, net
|
3,965
|
10,539
|
6,742
|
|||||||||
Proceeds from insurance reimbursement
|
—
|
16,106
|
—
|
|||||||||
Proceeds from sale of Cal Dive common stock
|
3,588
|
—
|
418,168
|
|||||||||
Reduction in cash from deconsolidation of Cal Dive
|
—
|
—
|
(112,995
|
)
|
||||||||
Proceeds from sales of property
|
31,000
|
6,894
|
23,717
|
|||||||||
Decrease (increase) in restricted cash
|
1,598
|
(70
|
)
|
(6
|
)
|
|||||||
Cash used in investing activities
|
(182,317
|
)
|
(181,556
|
)
|
(89,404
|
)
|
||||||
Cash provided by discontinued operations
|
—
|
—
|
20,872
|
|||||||||
Net cash used in investing activities
|
$
|
(182,317
|
)
|
$
|
(181,556
|
)
|
$
|
(68,532
|
)
|
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(in thousands)
|
||||||||||||
Cash flows from financing activities:
|
||||||||||||
Repayment of Helix term loan
|
$
|
(130,691
|
)
|
$
|
(4,326
|
)
|
$
|
(4,326
|
)
|
|||
Borrowings on Helix Revolver
|
109,400
|
—
|
—
|
|||||||||
Repayments on Helix Revolver
|
(109,400
|
)
|
—
|
(349,500
|
)
|
|||||||
Early extinguishment of Senior Unsecured Notes
|
(77,394
|
)
|
—
|
—
|
||||||||
Repayment of MARAD borrowings
|
(4,645
|
)
|
(4,424
|
)
|
(4,214
|
)
|
||||||
Borrowings on CDI Revolver
|
—
|
—
|
100,000
|
|||||||||
Repayments on CDI term loan
|
—
|
—
|
(20,000
|
)
|
||||||||
Loan notes repayment
|
(1,215
|
)
|
(2,517
|
)
|
(2,130
|
)
|
||||||
Deferred financing costs
|
(9,311
|
)
|
(2,947
|
)
|
(6,970
|
)
|
||||||
Preferred stock dividends paid
|
(40
|
)
|
(114
|
)
|
(645
|
)
|
||||||
Repurchase of common stock
|
(7,604
|
)
|
(11,680
|
)
|
(13,995
|
)
|
||||||
Excess tax benefit from stock-based compensation
|
(1,013
|
)
|
(3,945
|
)
|
895
|
|||||||
Exercise of stock options, net
|
2,018
|
674
|
176
|
|||||||||
Net cash used in financing activities
|
(229,895
|
)
|
(29,279
|
)
|
(300,709
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
436
|
(207
|
)
|
(1,376
|
)
|
|||||||
Net increase in cash and cash equivalents
|
155,380
|
120,412
|
47,060
|
|||||||||
Cash and cash equivalents:
|
||||||||||||
Balance, beginning of year
|
391,085
|
270,673
|
223,613
|
|||||||||
Balance, end of year
|
$
|
546,465
|
$
|
391,085
|
$
|
270,673
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Interest paid, net of interest capitalized
|
$
|
81,000
|
$
|
68,534
|
$
|
48,313
|
||||||
Income taxes paid
|
$
|
11,216
|
$
|
10,071
|
$
|
106,480
|
Estimated
Useful Life
|
2011
|
2010
|
||||||||||
ROVs/Vessels
|
10 to 30 years
|
$
|
1,616,772
|
$
|
1,573,471
|
|||||||
Oil and gas leases and related equipment
|
Units-of-Production
|
2,574,693
|
2,747,895
|
|||||||||
Machinery, equipment, buildings and leasehold improvements
|
5 to 30 years
|
199,599
|
164,711
|
|||||||||
Total property and equipment
|
$
|
4,391,064
|
$
|
4,486,077
|
Contracting Services
|
||||
Balance at December 31, 2009 (1)
|
$ | 78,643 | ||
Impairments (2)
|
(16,743 | ) | ||
Other adjustments(3)
|
594 | |||
Balance at December 31, 2010
|
62,494 | |||
Impairments
|
— | |||
Other adjustments(3)
|
(279 | ) | ||
Balance at December 31, 2011
|
$ | 62,215 |
(1)
|
Prior to 2009, we fully impaired our oil and gas related goodwill ($704.3 million) as well as the $8.3 million of goodwill associated with our former reservoir consulting business.
|
(2)
|
Amount reflects full write off of goodwill associated with our WOSEA operations.
|
(3)
|
Reflects foreign currency adjustment for certain amounts of our goodwill.
|
2011
|
2010
|
|||||||
Asset retirement obligations at January 1,
|
$
|
234,936
|
$
|
248,128
|
||||
Liability incurred during the period
|
4,982
|
18,056
|
||||||
Liability settled during the period
|
(42,675
|
)
|
(55,114
|
)
|
||||
Other revisions in estimated cash flows
|
42,268
|
(1)
|
8,349
|
|||||
Accretion expense (included in depreciation and amortization)
|
14,880
|
15,517
|
||||||
Asset retirement obligations at December 31,
|
$
|
254,391
|
$
|
234,936
|
(1)
|
Includes impairment charges totaling $41.7 million, including $20.0 million associated with our only United Kingdom oil and gas property, to increase the estimated asset retirement obligation related to properties that are no longer producing oil or natural gas.
|
•
|
the customer provides specifications for the construction of facilities or for the provision of related services;
|
|
•
|
we can reasonably estimate our progress towards completion and our costs;
|
|
•
|
the contract includes provisions as to the enforceable rights regarding the goods or services to be provided, consideration to be received, and the manner and terms of payment;
|
|
•
|
the customer can be expected to satisfy its obligations under the contract; and
|
|
•
|
we can be expected to perform our contractual obligations.
|
Production Period
|
Instrument Type
|
Average
Monthly Volumes
|
Weighted Average
Price a
|
|||
Crude Oil:
|
(per barrel)
|
|||||
January 2012 — December 2012
|
Collar
|
75.0 MBbl
|
$ 96.67 — $118.57b
|
|||
January 2012 — December 2012
|
Collar
|
139.0 MBbl
|
$ 99.42 — $117.59
|
|||
January 2012 — December 2012
|
Swap
|
16.0 MBbl
|
$103.20
|
|||
January 2013 — December 2013
|
Swap
|
41.7 MBbl
|
$99.15
|
|||
January 2013 — December 2013
|
Collar
|
41.7 MBbl
|
$ 95.00 — $102.60
|
|||
Natural Gas:
|
(per Mcf)
|
|||||
January 2012 — December 2012
|
Swaps
|
750.0 Mmcf
|
$4.35
|
|||
January 2012 — December 2012
|
Collar
|
166.7 Mmcf
|
$4.75 — $5.09
|
|||
January 2013 — December 2013
|
Swaps
|
500.0 Mmcf
|
$4.09
|
a.
|
The prices quoted in the table above are NYMEX Henry Hub for natural gas. For oil most of the contracts are priced as Brent crude oil.
|
b.
|
This contract is priced using NYMEX West Texas Intermediate for crude oil.
|
Year Ended December 31,
|
||||||||||||||||||||||||
2011
|
2010
|
2009
|
||||||||||||||||||||||
Income
|
Shares
|
Income
|
Shares
|
Income
|
Shares
|
|||||||||||||||||||
Basic:
|
||||||||||||||||||||||||
Net income (loss) applicable to common shareholders
|
$
|
129,939
|
$
|
(127,102
|
)
|
$
|
101,867
|
|||||||||||||||||
Less: Undistributed net income allocable to participating securities
|
(1,599
|
)
|
─
|
(1,436
|
)
|
|||||||||||||||||||
Undistributed net income (loss) applicable to common shareholders
|
128,340
|
(127,102
|
)
|
100,431
|
||||||||||||||||||||
(Income) loss from discontinued operations
|
─
|
─
|
(9,581
|
)
|
||||||||||||||||||||
Add: Undiscounted net income from discontinued operations allocable to participating securities
|
─
|
─
|
135
|
|||||||||||||||||||||
Income (loss) per common share – continuing operations
|
$
|
128,340
|
104,528
|
$
|
(127,102
|
)
|
103,857
|
$
|
90,985
|
99,136
|
Year Ended December 31,
|
||||||||||||||||||||||||
2011
|
2010
|
2009
|
||||||||||||||||||||||
Income
|
Shares
|
Income
|
Shares
|
Income
|
Shares
|
|||||||||||||||||||
Diluted:
|
||||||||||||||||||||||||
Net income (loss) per common share –
continuing operations – Basic
|
$
|
128,340
|
104,528
|
$
|
(127,102
|
)
|
103,857
|
$
|
90,985
|
99,136
|
||||||||||||||
Effect of dilutive securities:
|
||||||||||||||||||||||||
Stock options
|
─
|
64
|
─
|
─
|
─
|
28
|
||||||||||||||||||
Undistributed earnings reallocated to participating securities
|
7
|
─
|
─
|
─
|
80
|
─
|
||||||||||||||||||
Convertible Senior Notes
|
─
|
─
|
─
|
─
|
─
|
─
|
||||||||||||||||||
Convertible preferred stock
|
40
|
361
|
─
|
─
|
748
|
6,556
|
||||||||||||||||||
Income (loss) per common share ─
continuing operations
|
128,387
|
(127,102
|
)
|
91,813
|
||||||||||||||||||||
Income (loss) per common share ─ discontinued operations
|
─
|
─
|
9,581
|
|||||||||||||||||||||
Net income (loss) per common share
|
$
|
128,387
|
104,953
|
$
|
(127,102
|
)
|
103,857
|
$
|
101,394
|
105,720
|
2010
|
||||
Diluted shares (as reported)
|
103,857 | |||
Stock options
|
54 | |||
Convertible preferred stock
|
1,015 | |||
Total
|
104,926 |
•
|
Level 1. Observable inputs such as quoted prices in active markets;
|
|
•
|
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
|
|
•
|
Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.
|
(a)
|
Market Approach. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
|
(b)
|
Cost Approach. Amount that would be required to replace the service capacity of an asset (replacement cost).
|
(c)
|
Income Approach. Techniques to convert expected future cash flows to a single present value amount based on market expectations (including present value techniques, option-pricing and excess earnings models).
|
Level 1
|
Level 2 (1)
|
Level 3
|
Total
|
Valuation Technique
|
||||||||||||||||
Assets:
|
||||||||||||||||||||
Oil and gas swaps and collars
|
$
|
–
|
$
|
22,381
|
$
|
–
|
$
|
22,381
|
(c)
|
|||||||||||
Interest rate swaps
|
–
|
327
|
–
|
327
|
(c)
|
|||||||||||||||
Foreign currency forwards
|
–
|
55
|
–
|
55
|
(c)
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Oil and gas swaps and collars
|
–
|
2,597
|
–
|
2,597
|
(c)
|
|||||||||||||||
Interest rate swaps
|
–
|
202
|
–
|
202
|
(c)
|
|||||||||||||||
Foreign currency forwards
|
–
|
159
|
–
|
159
|
(c)
|
|||||||||||||||
Fair value of long term debt (2)
|
1,081,376
|
124,488
|
–
|
1,205,864
|
(a)
|
|||||||||||||||
Total net liability
|
$
|
1,081,376
|
$
|
104,683
|
$
|
–
|
$
|
1,186,059
|
(1)
|
Unless otherwise indicated, the fair value of our Level 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. These modeling techniques require us to use published future market prices and estimate market volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences can be positive or negative.
|
(2)
|
See Note 9 for additional information regarding our long term debt. The fair value of our debt at December 31, 2011 and December 31, 2010 is as follows:
|
2011
|
2010
|
|||||||||||||||
Carrying Value
|
Fair Value
|
Carrying Value
|
Fair Value
|
|||||||||||||
Term Loan(1)
|
$ | 279,750 | $ | 279,750 | $ | 410,441 | $ | 406,337 | ||||||||
Revolving Credit Facility
|
─
|
─
|
─
|
─
|
||||||||||||
Convertible Senior Notes(1) (2)
|
300,000 | 300,543 | 300,000 | 289,158 | ||||||||||||
Senior Unsecured Notes(1)
|
474,960 | 501,083 | 550,000 | 567,875 | ||||||||||||
MARAD Debt(3)
|
110,166 | 124,488 | 114,811 | 122,159 | ||||||||||||
Loan Notes
|
─
|
─
|
1,208 | 1,208 | ||||||||||||
Total
|
$ | 1,164,876 | $ | 1,205,864 | $ | 1,376,460 | $ | 1,386,737 |
(1)
|
The fair values of these instruments were based on quoted market prices as of December 31, 2011 and 2010. The fair values were estimated using level 1 inputs using the market approach.
|
(2)
|
Carrying amounts exclude the $9.6 million and $18.5 million of unamortized discount on the Convertible Senior Notes at December 31, 2011 and 2010, respectively.
|
(3)
|
The fair value of the MARAD debt was determined by a third-party evaluation of the remaining average life and outstanding principal balance of the MARAD indebtedness as compared to other government guaranteed obligations in the market place with similar terms. The fair value of the MARAD debt was estimated using Level 2 fair value inputs using the market approach.
|
2011
|
2010
|
|||||||
Wang (1)
|
$
|
3,096
|
$
|
3,095
|
||||
Danny 2 (1)
|
2,619
|
32
|
||||||
Other
|
125
|
125
|
||||||
Total
|
$
|
5,840
|
$
|
3,252
|
(1)
|
Amounts primarily reflect pre-engineering costs. The Wang prospect is located in proximity of our Phoenix field that commenced production in October 2010. The Danny 2 (formerly Kathleen) prospect is located within our Bushwood field at Garden Banks Blocks 462, 463, 506 and 507. Both Wang and Danny 2 are budgeted exploration capital expenditures for 2012.
|
2011
|
2010
|
2009
|
||||||||||
Beginning balance at January 1,
|
$
|
3,252
|
$
|
3,059
|
$
|
2,105
|
||||||
Additions pending the determination of proved reserves
|
2,513
|
(944
|
)
|
36,208
|
||||||||
Reclassifications to proved properties
|
5
|
713
|
(34,622
|
)
|
||||||||
Charged to dry hole expense
|
70
|
424
|
(632
|
)
|
||||||||
Ending balance at December 31,
|
$
|
5,840
|
$
|
3,252
|
$
|
3,059
|
Years Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Delay rental and geological and geophysical costs
|
$
|
2,650
|
$
|
2,306
|
$
|
3,016
|
||||||
Impairment of unproved properties
|
8,334
|
6,394
|
20,130
|
|||||||||
Dry hole expense
|
(70
|
)
|
(424
|
)
|
1,237
|
|||||||
Total exploration expense
|
$
|
10,914
|
$
|
8,276
|
$
|
24,383
|
Cash
|
$
|
10,156
|
||
Deferred tax asset
|
2,083
|
|||
Accrued liabilities
|
(439
|
)
|
||
Asset retirement obligation
|
(5,841
|
)
|
||
Gain on acquisition of assets
|
$
|
5,959
|
2011
|
2010
|
||||||
Other receivables
|
$
|
5,096
|
$
|
1,247
|
|||
Prepaid insurance
|
12,701
|
12,375
|
|||||
Other prepaids
|
13,271
|
11,623
|
|||||
Spare parts inventory
|
18,066
|
25,333
|
|||||
Current deferred tax assets
|
41,449
|
49,200
|
|||||
Hedging assets
|
21,579
|
5,472
|
|||||
Income tax receivable
|
—
|
6,099
|
|||||
Gas and oil imbalance
|
5,134
|
6,001
|
|||||
Other
|
4,325
|
5,715
|
|||||
$
|
121,621
|
$
|
123,065
|
2011
|
2010
|
|||||||
Restricted cash
|
$
|
33,741
|
$
|
35,339
|
||||
Deferred drydock costs, net
|
5,381
|
11,086
|
||||||
Deferred financing costs, net
|
26,483
|
25,697
|
||||||
Intangible assets with finite lives
|
531
|
636
|
||||||
Other
|
2,771
|
1,803
|
||||||
$
|
68,907
|
$
|
74,561
|
2011
|
2010
|
|||||||
Accrued payroll and related benefits
|
$
|
49,599
|
$
|
38,026
|
||||
Royalties payable
|
19,391
|
15,008
|
||||||
Current asset retirement obligations
|
93,183
|
64,526
|
||||||
Unearned revenue
|
7,654
|
1,817
|
||||||
Billings in excess of costs
|
28,839
|
6,146
|
||||||
Accrued interest
|
24,028
|
27,308
|
||||||
Hedging liability
|
1,247
|
30,606
|
||||||
Gas and oil imbalance
|
4,177
|
770
|
||||||
Other
|
11,845
|
14,030
|
||||||
$
|
239,963
|
$
|
198,237
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Clough Helix Pty Ltd. (see below)
|
$
|
2,699
|
$
|
8,253
|
$
|
—
|
||||||
Other
|
—
|
—
|
1,657
|
|||||||||
Total
|
$
|
2,699
|
$
|
8,253
|
$
|
1,657
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Deepwater Gateway
|
$
|
7,600
|
$
|
8,125
|
$
|
6,750
|
||||||
Independence Hub
|
18,580
|
21,615
|
26,000
|
|||||||||
Other
|
—
|
268
|
—
|
|||||||||
Total
|
$
|
26,180
|
$
|
30,008
|
$
|
32,750
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Revenues
|
$
|
193,521 |
$
|
141,705 |
$
|
141,664
|
||||||
Operating income
|
97,954 | 93,324 |
118,566
|
|||||||||
Net income
|
93,215 | 93,005 |
118,602
|
At December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Current assets
|
$
|
39,754 |
$
|
25,352 |
$
|
18,620
|
||||||
Total assets
|
591,761 | 594,645 |
602,413
|
|||||||||
Current liabilities
|
11,012 | 6,434 |
415
|
|||||||||
Total liabilities
|
27,163 | 19,695 |
734
|
(1)
|
Results do not include any amounts associated with Cal Dive. We accounted for our investment in Cal Dive under the equity method from June 10, 2009 to September 23, 2009 (Note 3).
|
Year
|
Redemption Price
|
|
2012
|
104.750%
|
|
2013
|
102.375%
|
|
2014 and thereafter
|
100.000%
|
·
|
Increase the Revolving Credit Facility to $600 million (capacity was $435 million prior to closing of the June 2011 amendment);
|
·
|
provided for the repayment of $109.4 million of the outstanding principal portion of the Term Loan together with accrued interest thereon and related costs;
|
·
|
extend the maturity date of the Term Loan from July 1, 2013 to a maturity date that is the earlier of (A) July 1, 2016, or (B), if our currently outstanding Senior Unsecured Notes due in 2016 are not fully re-financed or repaid by July 1, 2015, July 1, 2015;
|
·
|
extend the maturity date of the Revolving Credit Facility from November 30, 2012 to a maturity date that is the earlier of (A) January 1, 2016, or (B), if our currently outstanding Senior Unsecured Notes due in 2016 are not fully re-financed or repaid by July 1, 2015, July 1, 2015;
|
·
|
relax limitations on our right to dispose of certain Contracting Services assets comprising collateral under the Credit Agreement;
|
·
|
permit us to repurchase or redeem all or part of our Convertible Senior Notes or Senior Unsecured Notes assuming certain conditions are met pro forma for any such transaction, including maintaining minimum levels of liquidity (defined as cash on hand and availability under our Revolving Credit Facility) of (A) $400 million with respect to the Convertible Senior Notes, and (B) $500 million with respect to the Senior Unsecured Notes; and
|
·
|
increase the amount of restricted payments in the form of stock repurchases or redemptions that we are permitted to repurchase or redeem up to $50 million
|
·
|
amend the consolidated leverage ratio (the ratio is now 4.00 to 1.00).
|
·
|
add a Senior Credit Facility leverage ratio, which is now 2.00 to 1.00
|
·
|
increase the margin on Revolving Loans by 0.50% should the consolidated leverage ratio equal or exceed 4.50 to 1.00 and increases the margin on the Term Loan by 0.25% if consolidated leverage ratio is less than 4.50 to 1.00 and 0.50% if the consolidated leverage ratio is equal to or greater than 4.50 to 1.00.
|
·
|
permit the disposition of certain oil and gas properties without a limit as to value, provided that we use 60% of the proceeds from such sales to make certain mandatory prepayments of the Term Loan (40% of the proceeds can be reinvested into collateral);
|
·
|
relax limitations on our right to dispose of the Caesar vessel, by permitting the disposition of the Caesar provided that we use 60% of the proceeds from such sale to make certain mandatory prepayments of the Term Loan and permit us to contribute the Caesar to a joint venture or similar arrangement (40% of the proceeds can be reinvested into collateral); and
|
·
|
increase the maximum amount of all investments permitted in subsidiaries that are neither loan parties nor whose equity interests are pledged from $100 million to $200 million.
|
•
|
during any fiscal quarter if the closing sale price of our common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter exceeds 120% of the conversion price on that 30th trading day (i.e., $38.56 per share);
|
|
•
|
upon the occurrence of specified corporate transactions; or
|
|
•
|
if we have called the Convertible Senior Notes for redemption and the redemption has not yet occurred.
|
•
|
cash equal to the lesser of $1,000 and the conversion value; and
|
|
•
|
to the extent the conversion value exceeds $1,000, a number of shares equal to the quotient of (A) the conversion value less $1,000, divided by (B) the last reported sale price of our common stock for such day.
|
Helix Term Loan
|
Helix Revolving Loans
|
Senior Unsecured Notes
|
Convertible Senior Notes(1)
|
MARAD Debt
|
Total
|
||||||||||||||||
Less than one year
|
$
|
3,000
|
$
|
─
|
$
|
─
|
$
|
─
|
$ |
4,877
|
$
|
7,877
|
|||||||||
One to two years
|
3,000
|
─
|
─
|
─
|
5,120
|
8,120
|
|||||||||||||||
Two to three years
|
3,000
|
─
|
─
|
─
|
5,376
|
8,376
|
|||||||||||||||
Three to four years
|
270,750
|
─
|
─
|
─
|
5,644
|
276,394
|
|||||||||||||||
Four to five years
|
─
|
─
|
474,960
|
─
|
5,925
|
480,885
|
|||||||||||||||
Over five years
|
─
|
─
|
─
|
300,000
|
83,224
|
383,224
|
|||||||||||||||
Total debt
|
279,750
|
─
|
474,960
|
300,000
|
110,166
|
1,164,876
|
|||||||||||||||
Current maturities
|
(3,000
|
)
|
─
|
─
|
─
|
(4,877
|
)
|
(7,877
|
)
|
||||||||||||
Long-term debt, less
current maturities
|
276,750
|
─
|
474,960
|
300,000
|
105,289
|
1,156,999
|
|||||||||||||||
Unamortized debt
Discount
|
─
|
─
|
─
|
(9,555
|
) |
|
—
|
(9,555
|
)
|
||||||||||||
Long-term debt
|
$
|
276,750
|
$
|
─
|
$
|
474,960
|
$
|
290,445
|
$ |
105,289
|
$
|
1,147,444
|
(1)
|
Beginning in December 2012, we may at our option repurchase the notes or the holders may require us to repurchase the notes. The notes will increase to the $300 million face amount through accretion of non-cash interest charges through December 2012.
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Interest expense
|
$
|
99,152
|
$
|
99,184
|
$
|
105,775
|
||||||
Interest income
|
(2,079
|
)
|
(1,407
|
)
|
(923
|
)
|
||||||
Capitalized interest
|
(1,277
|
)
|
(12,474
|
)
|
(48,119
|
)
|
||||||
Interest expense, net
|
$
|
95,796
|
$
|
85,303
|
$
|
56,733
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Statutory rate
|
35.0 | % | 35.0 | % | 35.0 | % | ||||||
Foreign provision
|
(2.0 | ) | (4.3 | ) | (1.1 | ) | ||||||
Effect of Australian reorganization | (21.2 | ) |
─
|
─
|
||||||||
IRC Section 199 deduction
|
─
|
─
|
(1.2 | ) | ||||||||
CDI equity pick up in excess of tax basis
|
─
|
─
|
3.0 | |||||||||
Nondeductible goodwill impairment (Note 2)
|
─
|
(4.4 | ) |
─
|
||||||||
Valuation allowance on certain deferred tax assets
|
─
|
(3.1 | ) |
─
|
||||||||
Other
|
(1.7 | ) | 1.0 | 0.9 | ||||||||
Effective rate
|
10.1 | % | 24.2 | % | 36.6 | % |
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Current
|
$
|
16,306
|
$
|
7,238
|
$
|
160,829
|
||||||
Deferred
|
(1,403
|
)
|
(46,836
|
)
|
(65,007
|
)
|
||||||
$
|
14,903
|
$
|
(39,598
|
)
|
$
|
95,822
|
Domestic
|
$
|
119
|
$
|
(57,165
|
)
|
$
|
94,388
|
|||||
Foreign
|
14,784
|
17,567
|
1,434
|
|||||||||
$
|
14,903
|
$
|
(39,598
|
)
|
$
|
95,822
|
2011
|
2010
|
|||||||
Deferred tax liabilities:
|
||||||||
Depreciation and depletion
|
$
|
396,355
|
$
|
384,313
|
||||
OID on Convertible Notes
|
37,067
|
34,169
|
||||||
Equity investments in production facilities
|
76,911
|
69,495
|
||||||
Prepaid and other
|
14,779
|
15,616
|
||||||
Total deferred tax liabilities
|
$
|
525,112
|
$
|
503,593
|
||||
Deferred tax assets:
|
||||||||
Net operating loss carryforward
|
$
|
(34,987
|
)
|
$
|
(38,718
|
)
|
||
Asset retirement obligations
|
(88,279
|
)
|
(81,345
|
)
|
||||
Reserves, accrued liabilities and other
|
(39,995
|
)
|
(27,588
|
)
|
||||
Total deferred tax assets
|
$
|
(163,261
|
)
|
$
|
(147,651
|
)
|
||
Valuation allowance
|
14,310
|
8,497
|
||||||
Net deferred tax liability
|
$
|
376,161
|
$
|
364,439
|
||||
Deferred income tax is presented as:
|
||||||||
Current deferred tax asset
|
$
|
(41,449
|
)
|
$
|
(49,200
|
)
|
||
Noncurrent deferred tax liabilities
|
417,610
|
413,639
|
||||||
Net deferred tax liability
|
$
|
376,161
|
$
|
364,439
|
2011
|
2010
|
2009
|
||||||||||
Balance at January 1,
|
$ | 4,085 | $ | 3,417 | $ | 5,183 | ||||||
Additions based on tax positions related to current year
|
2,785 |
─
|
─
|
|||||||||
Additions for tax positions of prior years
|
215 | 668 | 773 | |||||||||
Reductions for tax positions of prior years
|
─
|
─
|
(2,539 | ) | ||||||||
Balance at December 31,
|
$ | 7,085 | $ | 4,085 | $ | 3,417 |
2011
|
2010
|
2009
|
||||||||||||||||||||||
Shares
|
Weighted Average Exercise Price
|
Shares
|
Weighted Average Exercise Price
|
Shares
|
Weighted Average Exercise Price
|
|||||||||||||||||||
Options outstanding at beginning of year
|
432,918 | $ | 10.78 | 501,318 | $ | 10.74 | 521,654 | $ | 10.66 | |||||||||||||||
Exercised
|
(181,670 | ) | $ | 10.92 | (68,400 | ) | $ | 10.52 | (20,336 | ) | $ | 8.67 | ||||||||||||
Terminated
|
(58,448 | ) | $ | 11.20 | — | — | — | — | ||||||||||||||||
Options outstanding at end of year
|
192,800 | $ | 10.52 | 432,918 | $ | 10.78 | 501,318 | $ | 10.74 | |||||||||||||||
Options exercisable end of year
|
192,800 | $ | 10.52 | 432,918 | $ | 10.78 | 501,318 | $ | 10.74 |
2011
|
2010
|
2009
|
||||||||||||||||||||||
Shares
|
Grant Date Fair Value(1)
|
Shares
|
Grant Date Fair Value(1)
|
Shares
|
Grant Date Fair Value(1)
|
|||||||||||||||||||
Restricted shares outstanding at beginning
of year
|
1,463,298 | $ | 16.93 | 1,443,265 | $ | 21.55 | 1,206,526 | $ | 31.73 | |||||||||||||||
Granted
|
571,163 | $ | 12.77 | 599,996 | $ | 12.01 | 656,887 | $ | 7.12 | |||||||||||||||
Vested
|
(504,813 | ) | $ | 19.87 | (444,905 | ) | $ | 25.10 | (327,777 | ) | $ | 33.69 | ||||||||||||
Forfeited
|
(266,430 | ) | $ | 12.55 | (135,058 | ) | $ | 17.48 | (92,371 | ) | $ | 8.90 | ||||||||||||
Restricted shares outstanding at end of year
|
1,263,218 | $ | 14.80 | 1,463,298 | $ | 16.93 | 1,443,265 | $ | 21.55 |
(1)
|
Represents the average grant date market value, which is based on the quoted market price of the common stock on the business day prior to the date of grant.
|
2011
|
2010
|
|||||||
Cumulative foreign currency translation adjustment
|
$
|
(22,958
|
)
|
$
|
(21,956
|
)
|
||
Unrealized losses on hedges, net (1)
|
12,941
|
(17,102
|
)
|
|||||
Accumulated other comprehensive loss
|
$
|
(10,017
|
)
|
$
|
(39,058
|
)
|
(1)
|
Amounts are net of deferred income tax asset (liabilities) totaling $7.0 million and $(9.2) million at December 31, 2011 and 2010, respectively.
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(in thousands)
|
||||||||||||
Revenues ─
|
||||||||||||
Contracting Services
|
$
|
738,235
|
$
|
780,339
|
$
|
796,158
|
||||||
Shelf Contracting
|
—
|
—
|
404,709
|
|||||||||
Oil and Gas
|
696,607
|
425,369
|
385,338
|
|||||||||
Production Facilities(1)
|
75,460
|
117,300
|
3,395
|
|||||||||
Intercompany elimination
|
(111,695
|
)
|
(123,170
|
)
|
(127,913
|
)
|
||||||
Total
|
$
|
1,398,607
|
$
|
1,199,838
|
$
|
1,461,687
|
||||||
Income (loss) from operations ─
|
||||||||||||
Contracting Services
|
$
|
107,013
|
$
|
77,391
|
$
|
118,176
|
||||||
Shelf Contracting
|
—
|
—
|
59,077
|
|||||||||
Oil and Gas
|
129,936
|
(160,206
|
)
|
91,668
|
||||||||
Production Facilities(1)
|
38,404
|
63,863
|
(3,918
|
)
|
||||||||
Corporate
|
(39,918
|
)
|
(56,609
|
)
|
(47,734
|
)
|
||||||
Intercompany elimination
|
93
|
(19,095
|
)
|
(13,454
|
)
|
|||||||
Total(2)
|
$
|
235,528
|
$
|
(94,656
|
)
|
$
|
203,815
|
|||||
Net interest expense and other ─
|
||||||||||||
Contracting Services
|
$
|
765
|
$
|
1,299
|
$
|
(2,280
|
)
|
|||||
Shelf Contracting
|
—
|
—
|
6,642
|
|||||||||
Oil and Gas
|
25,833
|
18,886
|
20,152
|
|||||||||
Production Facilities
|
442
|
865
|
2,011
|
|||||||||
Corporate and eliminations
|
72,913
|
65,274
|
24,970
|
|||||||||
Total
|
$
|
99,953
|
$
|
86,324
|
$
|
51,495
|
||||||
Equity in earnings of equity investments
|
$
|
22,215
|
$
|
19,469
|
$
|
32,329
|
||||||
Income (loss) before income taxes ─
|
||||||||||||
Contracting Services
|
$
|
97,798
|
$
|
72,459
|
$
|
120,456
|
||||||
Shelf Contracting
|
—
|
—
|
52,435
|
|||||||||
Oil and Gas
|
104,103
|
(179,092
|
)
|
71,516
|
||||||||
Production Facilities(1)
|
58,064
|
86,100
|
18,300
|
|||||||||
Corporate and eliminations
|
(111,985
|
)
|
(143,218
|
)
|
(715
|
)
|
||||||
Total
|
$
|
147,980
|
$
|
(163,751
|
)
|
$
|
261,992
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
(in thousands)
|
||||||||||||
Provision (benefit) for income taxes ─
|
||||||||||||
Contracting Services
|
$
|
29,235
|
$
|
42,828
|
$
|
43,334
|
||||||
Shelf Contracting
|
—
|
—
|
16,275
|
|||||||||
Oil and Gas
|
35,858
|
(62,954
|
)
|
23,352
|
||||||||
Production Facilities
|
19,233
|
29,049
|
6,198
|
|||||||||
Corporate and eliminations
|
(69,423
|
)
|
(48,521
|
)
|
6,663
|
|||||||
Total
|
$
|
14,903
|
$
|
(39,598
|
)
|
$
|
95,822
|
|||||
Identifiable assets ─
|
||||||||||||
Contracting Services
|
$
|
2,006,065
|
$
|
1,856,016
|
$
|
1,738,005
|
||||||
Oil and Gas
|
1,041,506
|
1,223,014
|
1,541,153
|
|||||||||
Production Facilities
|
534,776
|
512,990
|
499,497
|
|||||||||
Discontinued operations
|
—
|
—
|
878
|
|||||||||
Total
|
$
|
3,582,347
|
$
|
3,592,020
|
$
|
3,779,533
|
||||||
Capital expenditures ─
|
||||||||||||
Contracting Services
|
$
|
69,259
|
$
|
65,949
|
$
|
204,228
|
||||||
Shelf Contracting
|
—
|
—
|
39,569
|
|||||||||
Oil and Gas
|
119,614
|
84,554
|
137,168
|
|||||||||
Production Facilities
|
30,896
|
56,269
|
42,408
|
|||||||||
Total
|
$
|
219,769
|
$
|
206,772
|
$
|
423,373
|
||||||
Depreciation and amortization ─
|
||||||||||||
Contracting Services
|
$
|
73,291
|
$
|
66,333
|
$
|
53,411
|
||||||
Shelf Contracting
|
—
|
—
|
34,243
|
|||||||||
Oil and Gas
|
219,915
|
235,290
|
168,101
|
|||||||||
Production Facilities
|
14,935
|
9,907
|
3,295
|
|||||||||
Corporate and eliminations
|
2,962
|
5,586
|
3,567
|
|||||||||
Total
|
$
|
311,103
|
$
|
317,116
|
$
|
262,617
|
||||||
(1)
|
In April 2009, Kommandor LLC commenced leasing the HP I to us under terms of a charter arrangement following the completion of the initial conversion of the vessel (Note 8). The HP I was certified as a floating oil and gas production unit in June 2010 following the completion of installation of oil and gas processing facilities on the vessel. The HP I participated in the BP oil spill and containment response efforts and is currently being utilized as the processing unit for our Phoenix field.
|
(2)
|
Includes $16.7 million of goodwill impairment charge for year ending December 31, 2010 related to our contracting services segment. Also includes approximately $132.6 million, $181.1 million and $120.6 million of asset impairment charges for certain oil and gas properties for the years ended December 31, 2011, 2010 and 2009 respectively.
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Contracting Services
|
$
|
65,638
|
$
|
109,012
|
$
|
120,048
|
||||||
Production Facilities
|
46,057
|
14,158
|
—
|
|||||||||
Shelf Contracting
|
—
|
—
|
7,865
|
|||||||||
Total
|
$
|
111,695
|
$
|
123,170
|
$
|
127,913
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Contracting Services
|
$
|
104
|
$
|
15,655
|
$
|
13,205
|
||||||
Production Facilities
|
(197
|
)
|
3,457
|
(116
|
)
|
|||||||
Shelf Contracting
|
—
|
—
|
365
|
|||||||||
Total
|
$
|
(93
|
)
|
$
|
19,112
|
$
|
13,454
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
United States
|
$
|
1,013,476
|
$
|
827,597
|
$
|
923,481
|
||||||
United Kingdom
|
275,499
|
198,011
|
124,896
|
|||||||||
India
|
44,772
|
56,311
|
233,466
|
|||||||||
Other
|
64,860
|
117,919
|
179,844
|
|||||||||
Total
|
$
|
1,398,607
|
$
|
1,199,838
|
$
|
1,461,687
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
United States
|
$
|
2,034,978
|
$
|
2,236,455
|
$
|
2,564,673
|
||||||
United Kingdom
|
281,430
|
275,012
|
284,637
|
|||||||||
Other
|
14,919
|
15,613
|
14,396
|
|||||||||
Total
|
$
|
2,331,327
|
$
|
2,527,080
|
$
|
2,863,706
|
Allowance for Uncollectible Accounts
|
Deferred Tax Asset Valuation Allowance
|
|||||||
Balance, December 31, 2008
|
$ | 5,905 | $ | 3,317 | ||||
Additions
|
9,220 | — | ||||||
Deductions (1)
|
(9,953 | ) | (3,317 | ) | ||||
Balance, December 31, 2009
|
5,172 | — | ||||||
Additions (2)
|
4,108 | 8,497 | ||||||
Deductions(3)
|
(4,753 | ) | — | |||||
Balance, December 31, 2010
|
4,527 | 8,497 | ||||||
Additions(4)
|
61 | 5,813 | ||||||
Deductions
|
(521 | ) | — | |||||
Balance, December 31, 2011
|
$ | 4,067 | $ | 14,310 |
(1)
|
Amounts include reductions of $5.9 million to the allowance for uncollectible accounts and $3.3 million to the deferred tax valuation allowance to reflect the deconsolidation of Cal Dive in June 2009 (Note 3).
|
(2)
|
Amounts include a $4.0 million bad debt allowance related to a large international construction contract and the valuation allowance includes a $7.3 million valuation allowance related to our WOSEA operations with the remaining allowance being related to our acquisition of the remaining 50% of the Camelot field in the United Kingdom.
|
(3)
|
Includes the $3.7 million of bad debt expense related to settlement of third party claims related to a terminated international construction contract in Australia (Note 16).
|
(4)
|
The valuation allowance includes $4.9 million related to our WOSEA operations and $0.9 million to our oil and gas operations in the United Kingdom. WOSEA has a full valuation allowance against its deferred tax asset balance.
|
2011
|
2010
|
|||||||
Unproved oil and gas properties
|
$
|
50,389
|
$
|
56,093
|
||||
Proved oil and gas properties
|
2,524,304
|
2,691,802
|
||||||
Total oil and gas properties
|
2,574,693
|
2,747,895
|
||||||
Accumulated depletion, depreciation and amortization
|
(1,703,046
|
)
|
(1,673,740
|
)
|
||||
Net capitalized costs
|
$
|
871,647
|
$
|
1,074,155
|
United States
|
United Kingdom
|
Total
|
||||||||||
Year Ended December 31, 2011—
|
||||||||||||
Property acquisition costs:
|
||||||||||||
Proved properties
|
$ | — | $ | — | $ | — | ||||||
Unproved properties
|
41 | — | 41 | |||||||||
Total property acquisition costs
|
41 | — | 41 | |||||||||
Exploration costs
|
2,513 | — | 2,513 | |||||||||
Development costs(1)
|
126,196 | — | 126,196 | |||||||||
Asset retirement cost
|
26,523 | 19,923 | 46,446 | |||||||||
Total costs incurred
|
$ | 155,273 | $ | 19,923 | $ | 175,196 |
United States
|
United Kingdom
|
Total
|
||||||||||
Year Ended December 31, 2010—
|
||||||||||||
Property acquisition costs:
|
||||||||||||
Proved properties
|
$ | — | $ | — | $ | — | ||||||
Unproved properties
|
364 | — | 364 | |||||||||
Total property acquisition costs
|
364 | — | 364 | |||||||||
Exploration costs
|
1,362 | — | 1,362 | |||||||||
Development costs(1)
|
53,002 | — | 53,002 | |||||||||
Asset retirement cost
|
18,814 | 6,542 | 25,356 | |||||||||
Total costs incurred
|
$ | 73,542 | $ | 6,542 | $ | 80,084 | ||||||
Year Ended December 31, 2009—
|
||||||||||||
Property acquisition costs:
|
||||||||||||
Proved properties
|
$ | 56 | $ | — | $ | 56 | ||||||
Unproved properties
|
1,829 | — | 1,829 | |||||||||
Total property acquisition costs
|
1,885 | — | 1,885 | |||||||||
Exploration costs
|
39,225 | — | 39,225 | |||||||||
Development costs(1)
|
71,489 | — | 71,489 | |||||||||
Asset retirement cost
|
66,468 | 2,644 | 69,112 | |||||||||
Total costs incurred
|
$ | 179,067 | $ | 2,644 | $ | 181,711 | ||||||
(1) |
Development costs include costs incurred to obtain access to proved reserves to drill and equip development wells. Development costs also include costs of developmental dry holes.
|
United States
|
United Kingdom
|
Total
|
||||||||||
Year Ended December 31, 2011—
|
||||||||||||
Revenues
|
$ | 696,607 | $ | — | $ | 696,607 | ||||||
Production (lifting) costs
|
176,269 | 3,974 | 180,243 | |||||||||
Hurricane repair expense (Note 4)
|
(4,838 | ) | — | (4,838 | ) | |||||||
Exploration expenses(2)
|
10,914 | — | 10,914 | |||||||||
Depreciation, depletion, amortization and accretion
|
219,915 | — | 219,915 | |||||||||
Proved property impairment charges and other (3)
|
113,439 | 19,967 | 133,406 | |||||||||
Gain on sale or acquisition of oil and gas properties
|
(4,531 | ) | — | (4,531 | ) | |||||||
Selling and administrative expenses
|
31,455 | 107 | 31,562 | |||||||||
Pretax income (loss) from producing activities
|
153,984 | (24,048 | ) | 129,936 | ||||||||
Income tax expense (benefit)
|
45,233 | (9,375 | ) | 35,858 | ||||||||
Results of oil and gas producing activities(1)
|
$ | 108,751 | $ | (14,673 | ) | $ | 94,078 | |||||
Year Ended December 31, 2010—
|
||||||||||||
Revenues
|
$ | 425,369 | $ | — | $ | 425,369 | ||||||
Production (lifting) costs
|
131,156 | 4,529 | 135,685 | |||||||||
Net hurricane costs (Note 4)
|
4,699 | — | 4,699 | |||||||||
Exploration expenses(2)
|
8,276 | — | 8,276 | |||||||||
Depreciation, depletion, amortization and accretion
|
235,243 | 47 | 235,290 | |||||||||
Proved property impairment charges and other (3)
|
177,138 | 4,995 | 182,133 | |||||||||
Gain on sale of oil and gas properties
|
(287 | ) | (5,959 | ) | (6,246 | ) | ||||||
Gain on oil and gas derivative contracts
|
(1,088 | ) | — | (1,088 | ) | |||||||
Selling and administrative expenses
|
26,714 | 112 | 26,826 | |||||||||
Pretax loss from producing activities
|
(156,482 | ) | (3,724 | ) | (160,206 | ) | ||||||
Income tax expense (benefit)
|
(62,526 | ) | (428 | ) | (62,954 | ) | ||||||
Results of oil and gas producing activities(1)
|
$ | (93,956 | ) | $ | (3,296 | ) | $ | (97,252 | ) |
United States
|
United Kingdom
|
Total
|
||||||||||
Year Ended December 31, 2009—
|
||||||||||||
Revenues
|
$ | 384,375 | $ | 963 | $ | 385,338 | ||||||
Production (lifting) costs
|
117,565 | 2,271 | 119,836 | |||||||||
Net hurricane costs (Note 4)
|
(23,332 | ) | — | (23,332 | ) | |||||||
Exploration expenses(2)
|
24,383 | — | 24,383 | |||||||||
Depreciation, depletion, amortization and accretion
|
167,812 | 1,444 | 169,256 | |||||||||
Proved property impairment charges and other (3)
|
73,407 | — | 73,407 | |||||||||
Gain on sale of oil and gas properties
|
(1,949 | ) | — | (1,949 | ) | |||||||
Gain on oil and gas derivative contracts
|
(89,485 | ) | — | (89,485 | ) | |||||||
Selling and administrative expenses
|
21,495 | 59 | 21,554 | |||||||||
Pretax loss from producing activities
|
94,479 | (2,811 | ) | 91,668 | ||||||||
Income tax expense (benefit)
|
24,280 | (1,028 | ) | 23,252 | ||||||||
Results of oil and gas producing activities(1)
|
$ | 70,199 | $ | (1,783 | ) | $ | 68,416 |
(1)
|
Excludes net interest expense and other.
|
(2)
|
See Note 5 for additional information related to the components of our exploration costs, including impairment charges for expiring unproved leases.
|
(3)
|
Other amounts represent additional asset retirement expense recorded upon completion of a field’s abandonment.
|
United States
|
United Kingdom
|
Total
|
||||||||||
Total proved reserves at December 31, 2008
|
32,012 | — | 32,012 | |||||||||
Revision of previous estimates
|
232 | — | 232 | |||||||||
Production
|
(2,741 | ) | — | (2,741 | ) | |||||||
Purchases of reserves in place
|
— | — | — | |||||||||
Sales of reserves in place
|
(1 | ) | — | (1 | ) | |||||||
Extensions and discoveries
|
225 | — | 225 | |||||||||
Total proved reserves at December 31, 2009
|
29,727 | — | 29,727 | |||||||||
Revision of previous estimates(1)
|
(1,555 | ) | — | (1,555 | ) | |||||||
Production
|
(3,354 | ) | — | (3,354 | ) | |||||||
Purchases of reserves in place
|
— | — | — | |||||||||
Sales of reserves in place
|
— | — | — | |||||||||
Extensions and discoveries
|
— | — | — | |||||||||
Total proved reserves at December 31, 2010
|
24,818 | — | 24,818 | |||||||||
Revision of previous estimates(2)
|
3,475 | — | 3,475 | |||||||||
Production
|
(5,785 | ) | — | (5,785 | ) | |||||||
Purchases of reserves in place
|
— | — | — | |||||||||
Sales of reserves in place
|
(205 | ) | — | (205 | ) | |||||||
Extensions and discoveries
|
386 | — | 386 | |||||||||
Total proved reserves at December 31, 2011
|
22,689 | — | 22,689 | |||||||||
Total proved developed reserves as of :
|
||||||||||||
December 31, 2008
|
12,809 | — | 12,809 | |||||||||
December 31, 2009
|
14,850 | — | 14,850 | |||||||||
December 31, 2010
|
11,796 | — | 11,796 | |||||||||
December 31, 2011
|
12,754 | — | 12,754 |
(1)
|
Includes an approximate 1.8 MMBbls decrease as reflected in our independent petroleum engineer reserve report at June 30, 2010 resulting from a combination of factors, including well performance issues at certain of our producing fields, most notably our Bushwood field at Garden Banks Blocks 462/463/506/507, as well as changes in the field economics of some of our other oil and gas properties. The changes in field economics primarily affected properties that were either close to the end of their production life or in which we had proved undeveloped reserves, which would have been required to be developed in the near term. The decision not to develop these properties in light of these economic changes was also driven by our desire to pursue potential alternatives to divest all or a portion of our oil and gas assets and the increasing uncertainties about future oil and gas operations in the Gulf of Mexico as a result of the oil spill from the Macondo well.
|
|||||||||||
(2)
|
The positive revision reflects the better than expected production volumes primarily from our Phoenix field at Green Canyon Blocks 236, 237, 238 and 282 since it began production in October 2010.
|
United States
|
United(1) Kingdom
|
Total
|
||||||||||
Total proved reserves at December 31, 2008
|
460,456 | 12,950 | 473,406 | |||||||||
Revision of previous estimates (2)
|
(44,615 | ) | (755 | ) | (45,370 | ) | ||||||
Production
|
(27,139 | ) | (195 | ) | (27,334 | ) | ||||||
Purchases of reserves in place
|
— | — | — | |||||||||
Sales of reserves in place
|
(7,933 | ) | — | (7,933 | ) | |||||||
Extensions and discoveries
|
6,546 | — | 6,546 | |||||||||
Total proved reserves at December 31, 2009
|
387,315 | 12,000 | 399,315 | |||||||||
Revision of previous estimates (3)
|
(132,954 | ) | (12,000 | ) | (144,954 | ) | ||||||
Production
|
(27,097 | ) | — | (27,097 | ) | |||||||
Purchases of reserves in place
|
— | — | — | |||||||||
Sales of reserves in place
|
— | — | — | |||||||||
Extensions and discoveries
|
— | — | — | |||||||||
Total proved reserves at December 31, 2010
|
227,264 | — | 227,264 | |||||||||
Revision of previous estimates(4)
|
(108,947 | ) | — | (108,947 | ) | |||||||
Production
|
(17,458 | ) | — | (17,458 | ) | |||||||
Purchases of reserves in place
|
— | — | — | |||||||||
Sales of reserves in place
|
(4,109 | ) | — | (4,109 | ) | |||||||
Extensions and discoveries
|
271 | — | 271 | |||||||||
Total proved reserves at December 31, 2011
|
97,021 | — | 97,021 | |||||||||
Total proved developed reserves as of :
|
||||||||||||
December 31, 2008
|
256,794 | 950 | 257,744 | |||||||||
December 31, 2009
|
124,763 | — | 124,763 | |||||||||
December 31, 2010
|
75,664 | — | 75,664 | |||||||||
December 31, 2011
|
59,859 | — | 59,859 |
(1)
|
Reflects 50% ownership in the Camelot field’s reserves in 2009 and 2008. In February 2010 we acquired the other 50% ownership interest in the Camelot field. We no longer have any development plans for the field and we intend to fully abandon the field in 2012 in accordance with the applicable regulations in the United Kingdom. See Note 5 for additional information regarding our Camelot field.
|
|
|
(2)
|
Includes a 38 Bcfe reduction of the proved reserves at Bushwood field reflecting certain reservoir issues for our Noonan Gas wells subsequent to their reestablishing sustained production in January 2009 and new geologic data collected throughout 2009.
|
(3)
|
Includes an approximate 131 Bcf decrease as reflected in our independent petroleum engineer reserve report at June 30, 2010 resulting from a combination of factors, including well performance issues at certain of our producing fields, most notably our Bushwood field at Garden Banks Blocks 462/463/506/507, as well as changes in the field economics of some of our other oil and gas properties. The changes in field economics primarily affected properties that were either close to the end of their production life or in which we had proved undeveloped reserves, which would have been required to be developed in the near term. The decision not to develop these properties in light of these economic changes was also driven by our desire to pursue potential alternatives to divest all or a portion of our oil and gas assets and the increasing uncertainties about future oil and gas operations in the Gulf of Mexico as a result of the oil spill from the Macondo well.
|
(4)
|
Decrease primarily represents a reclassification of estimate proved reserves to the probable reserve category following the receipt and interpretation of new seismic data. The field with the largest shift from the proved to probable reserve category was our Bushwood field, where we reclassified approximately 87 Bcf at December 31, 2011.
|
United States
|
United(1) Kingdom
|
Total
|
||||||||||
As of December 31, 2011—
|
||||||||||||
Future cash inflows
|
$ | 2,811,956 | $ | — | $ | 2,811,956 | ||||||
Future costs:
|
||||||||||||
Production
|
(419,617 | ) | — | (419,617 | ) | |||||||
Development and abandonment
|
(557,323 | ) | (27,300 | ) | (584,623 | ) | ||||||
Future net cash flows before income taxes
|
1,835,016 | (27,300 | ) | 1,807,716 | ||||||||
Future income tax expense
|
(477,630 | ) | — | (477,630 | ) | |||||||
Future net cash flows
|
1,357,386 | (27,300 | ) | 1,330,086 | ||||||||
Discount at 10% annual rate
|
(266,954 | ) | — | (266,954 | ) | |||||||
Standardized measure of discounted future
net cash flows
|
$ | 1,090,432 | $ | (27,300 | ) | $ | 1,063,132 | |||||
As of December 31, 2010—
|
||||||||||||
Future cash inflows
|
$ | 2,925,744 | $ | — | $ | 2,925,744 | ||||||
Future costs:
|
||||||||||||
Production
|
(583,050 | ) | — | (583,050 | ) | |||||||
Development and abandonment
|
(590,870 | ) | (12,200 | ) | (603,070 | ) | ||||||
Future net cash flows before income taxes
|
1,751,824 | (12,200 | ) | 1,739,624 | ||||||||
Future income tax expense
|
(430,153 | ) | — | (430,153 | ) | |||||||
Future net cash flows
|
1,321,671 | (12,200 | ) | 1,309,471 | ||||||||
Discount at 10% annual rate
|
(318,404 | ) | — | (318,404 | ) | |||||||
Standardized measure of discounted future
net cash flows
|
$ | 1,003,267 | $ | (12,200 | ) | $ | 991,067 | |||||
As of December 31, 2009—
|
||||||||||||
Future cash inflows
|
$ | 3,166,306 | $ | 60,840 | $ | 3,227,146 | ||||||
Future costs:
|
||||||||||||
Production
|
(618,391 | ) | (19,075 | ) | (637,466 | ) | ||||||
Development and abandonment
|
(755,726 | ) | (33,807 | ) | (789,533 | ) | ||||||
Future net cash flows before income taxes
|
1,792,189 | 7,958 | 1,800,147 | |||||||||
Future income tax expense
|
(417,042 | ) | (1,560 | ) | (418,602 | ) | ||||||
Future net cash flows
|
1,375,147 | 6,398 | 1,381,545 | |||||||||
Discount at 10% annual rate
|
(387,036 | ) | (3,449 | ) | (390,485 | ) | ||||||
Standardized measure of discounted future
net cash flows
|
$ | 988,111 | $ | 2,949 | $ | 991,060 |
(1)
|
Reflects 50% ownership in the Camelot field’s reserves in 2009. In February 2010 we acquired the other 50% ownership interest in the Camelot field (Note 5).
|
United States
|
United Kingdom
|
Total
|
||||||||||
Year Ended December 31, 2011—
|
||||||||||||
Oil price per Bbl
|
$ | 105.35 | $ | — | $ | 105.35 | ||||||
Natural gas prices per Mcf
|
$ | 4.34 | $ | — | $ | 4.34 | ||||||
Year Ended December 31, 2010—
|
||||||||||||
Oil price per Bbl
|
$ | 77.55 | $ | — | $ | 77.55 | ||||||
Natural gas prices per Mcf
|
$ | 4.40 | $ | — | $ | 4.40 | ||||||
Year Ended December 31, 2009—
|
||||||||||||
Oil price per Bbl
|
$ | 58.05 | $ | — | $ | 58.05 | ||||||
Natural gas prices per Mcf
|
$ | 3.72 | $ | 5.07 | $ | 3.76 |
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
2009
|
||||||||||
Standardized measure, beginning of year
|
$
|
991,067
|
$
|
991,060
|
$
|
1,312,155
|
||||||
Changes during the year:
|
||||||||||||
Sales, net of production costs
|
(516,895
|
)
|
(294,212
|
)
|
(265,501
|
)
|
||||||
Net change in prices and production costs
|
414,426
|
577,687
|
(245,883
|
)
|
||||||||
Changes in future development costs
|
(108,007
|
) |
84,907
|
(16,905
|
)
|
|||||||
Development costs incurred
|
168,005
|
55,646
|
74,133
|
|||||||||
Accretion of discount
|
131,464
|
129,083
|
161,254
|
|||||||||
Net change in income taxes
|
(54,613
|
)
|
(41,115
|
)
|
257,919
|
|||||||
Purchases of reserves in place
|
—
|
—
|
—
|
|||||||||
Extensions and discoveries
|
29,479
|
—
|
10,457
|
|||||||||
Sales of reserves in place
|
(14,324
|
)
|
—
|
(30,124
|
)
|
|||||||
Net change due to revision in quantity estimates
|
(186,197
|
)
|
(422,987
|
)
|
(85,450
|
)
|
||||||
Changes in production rates (timing) and other
|
208,727
|
(89,002
|
)
|
(180,995
|
)
|
|||||||
Total
|
72,065
|
7
|
(321,095
|
)
|
||||||||
Standardized measure, end of year
|
$
|
1,063,132
|
$
|
991,067
|
$
|
991,060
|
As of December 31, 2011
|
As of December 31, 2010
|
|||||||||
Balance Sheet Location
|
Fair Value
|
Balance Sheet Location
|
Fair Value
|
|||||||
Asset Derivatives:
|
||||||||||
Natural gas contracts
|
Other current assets
|
$ | 12,957 |
Other current assets
|
$ | 5,324 | ||||
Oil contracts
|
Other current assets
|
8,567 |
Other current assets
|
— | ||||||
Natural gas contracts
|
Other assets
|
857 |
Other assets
|
— | ||||||
Interest rate swaps
|
Other assets
|
327 |
Other assets
|
— | ||||||
$ | 22,708 | $ | 5,324 |
As of December 31, 2011
|
As of December 31, 2010
|
|||||||||
Balance Sheet Location
|
Fair Value
|
Balance Sheet Location
|
Fair Value
|
|||||||
Liability Derivatives:
|
||||||||||
Oil contracts
|
Accrued liabilities
|
$ | 886 |
Accrued liabilities
|
$ | 28,855 | ||||
Interest rate swaps
|
Accrued liabilities
|
202 |
Accrued liabilities
|
1,751 | ||||||
Gas contracts
|
Other long-term liabilities
|
— |
Other long-term liabilities
|
913 | ||||||
Oil contracts
|
Other long-term liabilities
|
1,711 |
Other long-term liabilities
|
— | ||||||
Interest rate swaps
|
Other long-term liabilities
|
— |
Other long-term liabilities
|
115 | ||||||
$ | 2,799 | $ | 31,634 |
As of December 31, 2011
|
As of December 31, 2010
|
|||||||||
Balance Sheet Location
|
Fair Value
|
Balance Sheet Location
|
Fair Value
|
|||||||
Asset Derivatives:
|
||||||||||
Foreign exchange forwards
|
Other current assets
|
$ | 55 |
Other current assets
|
$ | 148 | ||||
Foreign exchange forwards
|
Other assets
|
— |
Other assets
|
42 | ||||||
$ | 55 | $ | 190 | |||||||
As of December 31, 2011
|
As of December 31, 2010
|
|||||||||
Balance Sheet Location
|
Fair Value
|
Balance Sheet Location
|
Fair Value
|
|||||||
Liability Derivatives:
|
||||||||||
Foreign exchange forwards
|
Accrued liabilities
|
$ | 159 |
Accrued liabilities
|
$ | — | ||||
$ | 159 | $ | — | |||||||
Gain (Loss) Recognized in OCI on Derivatives
|
||||||||||||
2011(1)
|
2010
|
2009
|
||||||||||
Oil and natural gas commodity contracts
|
$
|
28,749
|
$
|
(6,486
|
)
|
$
|
(19,092
|
)
|
||||
Foreign exchange forwards
|
—
|
—
|
(538
|
)
|
||||||||
Interest rate swaps
|
1,294
|
(1,213
|
)
|
712
|
||||||||
$
|
30,043
|
$
|
(7,699
|
)
|
$
|
(18,918
|
)
|
(1)
|
All unrealized gains (losses) related to our derivatives are expected to be reclassified into earnings by no later than December 31, 2014. The last of our interest rate swaps will be settled in January 2014. The last of our oil and natural gas commodity contracts will settle in December 2013. Most of our unrealized gain (losses) in OCI at December 31, 2011 is expected to be reclassified to earnings in 2012, including $13.4 million for our oil and natural gas contracts and $(0.1) million related to our interest swap contracts.
|
Location of Gain (Loss) Reclassified from Accumulated OCI into Income
|
Gain (Loss) Reclassified from Accumulated OCI into Income
|
||||||||||||
Years Ended December 31,
|
|||||||||||||
2011
|
2010
|
2009
|
|||||||||||
Oil and natural gas commodity contracts
|
Oil and Gas Revenues
|
$
|
(21,659
|
)
|
$
|
25,575
|
$
|
16,972
|
|||||
Interest rate swaps
|
Net interest expense
|
(2,010
|
)
|
(1,849
|
)
|
(1,096
|
)
|
||||||
$
|
(23,669
|
)
|
$
|
23,726
|
$
|
15,876
|
|||||||
Location of Gain (Loss) Recognized in Income on Derivatives
|
Gain (Loss) Recognized in Income on Derivatives
|
||||||||||||
Years Ended December 31,
|
|||||||||||||
2011
|
2010
|
2009
|
|||||||||||
Natural gas contracts
|
Gain on oil and gas derivative contracts
|
$
|
—
|
$
|
1,088
|
$
|
89,485
|
||||||
Foreign exchange forwards
|
Other income (expense)
|
249
|
(2,560
|
)
|
3,279
|
||||||||
Interest rate swaps
|
Other income (expense)
|
—
|
—
|
(468
|
)
|
||||||||
$
|
249
|
$
|
(1,472
|
)
|
$
|
92,296
|
|||||||
Quarter Ended
|
||||||||||||||||
March 31,
|
June 30,
|
September 30,
|
December 31,
|
|||||||||||||
2011
|
||||||||||||||||
Net revenues
|
$
|
291,607
|
$
|
338,319
|
$
|
372,496
|
$
|
396,185
|
||||||||
Gross profit (1)
|
77,076
|
100,198
|
122,295
|
31,023
|
||||||||||||
Net income (2)
|
25,867
|
41,323
|
46,026
|
16,763
|
||||||||||||
Net income applicable to common shareholders
|
25,857
|
41,313
|
46,016
|
16,753
|
||||||||||||
Basic earnings per common share
|
0.24
|
0.39
|
0.43
|
0.16
|
||||||||||||
Diluted earnings per common share
|
0.24
|
0.39
|
0.43
|
0.16
|
Quarter Ended
|
||||||||||||||||
March 31,
|
June 30,
|
September 30,
|
December 31,
|
|||||||||||||
2010
|
||||||||||||||||
Net revenues
|
$
|
201,570
|
$
|
299,262
|
$
|
392,669
|
$
|
306,337
|
||||||||
Gross profit (loss) (3)
|
25,856
|
(94,818
|
)
|
86,552
|
16,082
|
|||||||||||
Net income (loss) (4)
|
(17,831
|
)
|
(85,517
|
)
|
26,171
|
(49,811
|
)
|
|||||||||
Net income (loss) applicable to common shareholders
|
(17,891
|
)
|
(85,551
|
)
|
26,161
|
(49,821
|
)
|
|||||||||
Basic earnings (loss) per common share
|
(0.17
|
)
|
(0.82
|
)
|
0.25
|
(0.48
|
)
|
|||||||||
Diluted earnings (loss) per common share
|
(0.17
|
)
|
(0.82
|
)
|
0.25
|
(0.48
|
)
|
(1)
|
Includes oil and gas property impairment charges totaling $22.7 million in the second quarter of 2011 and $2.4 million in the third quarter of 2011. Our fourth quarter of 2011 includes a total of $107.5 million of impairment charges, including $79.3 million related to eight oil and gas properties to reduce them to their estimated fair value at December 31, 2011 and $28.2 million to increase certain non-producing properties estimated asset retirement obligations, including $15.9 million related to our one U.K. oil and gas property (Note 5). The fourth quarter also includes a $6.6 million impairment charge to reduce our Australian well intervention equipment to is estimated fair value at December 31, 2011. There were no asset impairment charges in the first quarter of 2011.
|
(2)
|
Our fourth quarter 2011 includes a $10.6 million other than temporary impairment loss on our equity investment in our Australian joint venture (Note 7). The fourth quarter also includes a $31.3 million tax benefit related to reorganization of our Australian well intervention business.
|
(3)
|
Includes oil and gas property impairment charges totaled $11.1 in the first quarter of 2010, $159.9 million in the second quarter of 2010, $0.9 million in the third quarter of 2010 and $9.2 million in the fourth quarter of 2010.
|
(4)
|
Includes an impairment charges of $16.7 million to reduce goodwill associated with our Australia well intervention business in the fourth quarter of 2010 (Note 2).
|
As of December 31, 2011
|
|||||||||||||||||
Helix
|
Guarantors
|
Non-Guarantors
|
Consolidating Entries
|
Consolidated
|
|||||||||||||
ASSETS
|
|||||||||||||||||
Current assets:
|
|||||||||||||||||
Cash and cash equivalents
|
$
|
495,484
|
$
|
2,434
|
$
|
48,547
|
$
|
—
|
$
|
546,465
|
|||||||
Accounts receivable, net
|
79,290
|
117,767
|
41,724
|
—
|
238,781
|
||||||||||||
Unbilled revenue
|
10,530
|
155
|
26,690
|
—
|
37,375
|
||||||||||||
Income taxes receivable
|
80,388
|
—
|
—
|
(80,388
|
)
|
—
|
|||||||||||
Other current assets
|
68,627
|
48,661
|
10,159
|
(5,826
|
)
|
121,621
|
|||||||||||
Total current assets
|
734,319
|
169,017
|
127,120
|
(86,214
|
)
|
944,242
|
|||||||||||
Intercompany
|
(147,187
|
)
|
315,821
|
(102,826
|
)
|
(65,808
|
)
|
—
|
|||||||||
Property and equipment, net
|
230,946
|
1,422,326
|
682,899
|
(4,844
|
)
|
2,331,327
|
|||||||||||
Other assets:
|
|||||||||||||||||
Equity investments in unconsolidated affiliates
|
—
|
—
|
175,656
|
—
|
175,656
|
||||||||||||
Equity investments in affiliates
|
1,952,392
|
37,239
|
—
|
(1,989,631
|
)
|
—
|
|||||||||||
Goodwill, net
|
—
|
45,107
|
17,108
|
—
|
62,215
|
||||||||||||
Other assets, net
|
53,425
|
36,453
|
16,809
|
(37,780
|
)
|
68,907
|
|||||||||||
Due from subsidiaries/parent
|
64,655
|
430,496
|
—
|
(495,151
|
)
|
—
|
|||||||||||
$
|
2,888,550
|
$
|
2,456,459
|
$
|
916,766
|
$
|
(2,679,428
|
)
|
$
|
3,582,347
|
|||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||||
Current liabilities:
|
|||||||||||||||||
Accounts payable
|
$
|
39,280
|
$
|
82,750
|
$
|
25,013
|
$
|
—
|
$
|
147,043
|
|||||||
Accrued liabilities
|
115,921
|
97,692
|
26,350
|
—
|
239,963
|
||||||||||||
Income taxes payable
|
—
|
97,692
|
217
|
(96,616
|
)
|
1,293
|
|||||||||||
Current maturities of long-term debt
|
3,000
|
—
|
10,377
|
(5,500
|
)
|
7,877
|
|||||||||||
Total current liabilities
|
158,201
|
278,134
|
61,957
|
(102,116
|
)
|
396,176
|
|||||||||||
Long-term debt
|
1,042,155
|
—
|
105,289
|
—
|
1,147,444
|
||||||||||||
Deferred income taxes
|
231,255
|
88,625
|
103,552
|
(5,822
|
)
|
417,610
|
|||||||||||
Asset retirement obligations
|
—
|
161,208
|
—
|
—
|
161,208
|
||||||||||||
Other long-term liabilities
|
4,150
|
4,647
|
571
|
—
|
9,368
|
||||||||||||
Due to parent
|
—
|
—
|
98,285
|
(98,285
|
)
|
—
|
|||||||||||
Total liabilities
|
1,435,761
|
532,614
|
369,654
|
(206,223
|
)
|
2,131,806
|
|||||||||||
Convertible preferred stock
|
1,000
|
—
|
—
|
—
|
1,000
|
||||||||||||
Total equity
|
1,451,789
|
1,923,845
|
547,112
|
(2,473,205
|
)
|
1,449,541
|
|||||||||||
$
|
2,888,550
|
$
|
2,456,459
|
$
|
916,766
|
$
|
(2,679,428
|
)
|
$
|
3,582,347
|
|||||||
As of December 31, 2010
|
|||||||||||||||||
Helix
|
Guarantors
|
Non-Guarantors
|
Consolidating Entries
|
Consolidated
|
|||||||||||||
ASSETS
|
|||||||||||||||||
Current assets:
|
|||||||||||||||||
Cash and cash equivalents
|
$
|
376,434
|
$
|
3,294
|
$
|
11,357
|
$
|
—
|
$
|
391,085
|
|||||||
Accounts receivable, net
|
61,846
|
91,659
|
23,788
|
—
|
177,293
|
||||||||||||
Unbilled revenue
|
11,990
|
—
|
37,421
|
—
|
49,411
|
||||||||||||
Income taxes receivable
|
19,334
|
—
|
7,195
|
(20,430
|
)
|
6,099
|
|||||||||||
Other current assets
|
63,306
|
49,557
|
12,889
|
(8,786
|
)
|
116,966
|
|||||||||||
Total current assets
|
532,910
|
144,510
|
92,650
|
(29,216
|
)
|
740,854
|
|||||||||||
Intercompany
|
1,906
|
263,920
|
(171,513
|
)
|
(94,313
|
)
|
—
|
||||||||||
Property and equipment, net
|
217,153
|
1,605,906
|
709,082
|
(5,061
|
)
|
2,527,080
|
|||||||||||
Other assets:
|
|||||||||||||||||
Equity investments in unconsolidated affiliates
|
—
|
—
|
187,031
|
—
|
187,031
|
||||||||||||
Equity investments in affiliates
|
1,998,289
|
29,899
|
—
|
(2,028,188
|
)
|
—
|
|||||||||||
Goodwill, net
|
—
|
45,107
|
17,387
|
—
|
62,494
|
||||||||||||
Other assets, net
|
43,971
|
38,324
|
21,900
|
(29,634
|
)
|
74,561
|
|||||||||||
Due from subsidiaries/parent
|
95,398
|
105,434
|
—
|
(200,832
|
)
|
—
|
|||||||||||
$
|
2,889,627
|
$
|
2,233,100
|
$
|
856,537
|
$
|
(2,387,244
|
)
|
$
|
3,592,020
|
|||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||||
Current liabilities:
|
|||||||||||||||||
Accounts payable
|
$
|
60,308
|
$
|
56,107
|
$
|
42,966
|
$
|
—
|
$
|
159,381
|
|||||||
Accrued liabilities
|
58,074
|
107,874
|
32,289
|
—
|
198,237
|
||||||||||||
Income taxes payable
|
—
|
36,678
|
—
|
(36,678
|
)
|
—
|
|||||||||||
Current maturities of long-term debt
|
4,326
|
—
|
14,301
|
(8,448
|
)
|
10,179
|
|||||||||||
Total current liabilities
|
122,708
|
200,659
|
89,556
|
(45,126
|
)
|
367,797
|
|||||||||||
Long-term debt
|
1,237,587
|
—
|
110,166
|
—
|
1,347,753
|
||||||||||||
Deferred income taxes
|
185,453
|
135,101
|
98,968
|
(5,883
|
)
|
413,639
|
|||||||||||
Assets retirement obligations
|
—
|
170,410
|
—
|
—
|
170,410
|
||||||||||||
Other long-term liabilities
|
1,421
|
3,691
|
665
|
—
|
5,777
|
||||||||||||
Due to parent
|
—
|
—
|
120,884
|
(120,884
|
)
|
—
|
|||||||||||
Total liabilities
|
1,547,169
|
509,861
|
420,239
|
(171,893
|
)
|
2,305,376
|
|||||||||||
Convertible preferred stock
|
1,000
|
—
|
—
|
—
|
1,000
|
||||||||||||
Total equity
|
1,341,458
|
1,723,239
|
436,298
|
(2,215,351
|
)
|
1,285,644
|
|||||||||||
$
|
2,889,627
|
$
|
2,233,100
|
$
|
856,537
|
$
|
(2,387,244
|
)
|
$
|
3,592,020
|
|||||||
Year Ended December 31, 2011
|
||||||||||||||||||||
Helix
|
Guarantors
|
Non-Guarantors
|
Consolidating Entries
|
Consolidated
|
||||||||||||||||
Net revenues
|
$ | 84,748 | $ | 1,059,255 | $ | 367,114 | $ | (112,510 | ) | $ | 1,398,607 | |||||||||
Cost of sales
|
72,902 | 673,415 | 289,462 | (111,281 | ) | 924,498 | ||||||||||||||
Oil and gas impairments
|
— | 112,636 | 19,967 | — | 132,603 | |||||||||||||||
Exploration expense
|
— | 10,914 | — | — | 10,914 | |||||||||||||||
Gross profit (loss)
|
11,846 | 262,290 | 57,685 | (1,229 | ) | 330,592 | ||||||||||||||
Gain on sale of assets, net
|
(6 | ) | 4,531 | — | — | 4,525 | ||||||||||||||
Selling, general and administrative expenses
|
(74,205 | ) | (38,915 | ) | 12,101 | 1,430 | (99,589 | ) | ||||||||||||
Loss from operations
|
(62,365 | ) | 227,906 | 69,786 | 201 | 235,528 | ||||||||||||||
Equity in earnings of unconsolidated affiliates
|
— | — | 22,215 | — | 22,215 | |||||||||||||||
Equity in earnings (losses) of affiliates
|
262,990 | 7,340 | — | (270,330 | ) | — | ||||||||||||||
Gain on investment in Cal Dive common stock
|
753 | — | — | — | 753 | |||||||||||||||
Other than temporary loss on equity investments
|
— | — | (10,563 | ) | — | (10,563 | ) | |||||||||||||
Net interest expense and other
|
(158,299 | ) | (32,345 | ) | 67,181 | 23,510 | (99,953 | ) | ||||||||||||
Income before income taxes
|
43,079 | 202,901 | 148,619 | (246,619 | ) | 147,980 | ||||||||||||||
(Benefit) provision for income taxes
|
(63,242 | ) | 69,890 | 8,186 | 69 | 14,903 | ||||||||||||||
Net income (loss), including noncontrolling interests
|
106,321 | 133,011 | 140,433 | (246,688 | ) | 133,077 | ||||||||||||||
Net income applicable to noncontrolling interests
|
— | — | — | (3,098 | ) | (3,098 | ) | |||||||||||||
Net income (loss) applicable to Helix
|
106,321 | 133,011 | 140,433 | (249,786 | ) | 129,979 | ||||||||||||||
Preferred stock dividends
|
(40 | ) | — | — | — | (40 | ) | |||||||||||||
Net income (loss) applicable to Helix common shareholders
|
$ | 106,281 | $ | 133,011 | $ | 140,433 | $ | (249,786 | ) | $ | 129,939 | |||||||||
Year Ended December 31, 2010
|
||||||||||||||||||||
Helix
|
Guarantors
|
Non-Guarantors
|
Consolidating Entries
|
Consolidated
|
||||||||||||||||
Net revenues
|
$ | 183,147 | $ | 801,503 | $ | 334,726 | $ | (119,538 | ) | $ | 1,199,838 | |||||||||
Cost of sales
|
124,722 | 659,859 | 297,056 | (104,830 | ) | 976,807 | ||||||||||||||
Oil and gas impairments
|
— | 176,088 | 4,995 | — | 181,083 | |||||||||||||||
Exploration expense
|
— | 8,276 | — | — | 8,276 | |||||||||||||||
Gross profit (loss)
|
58,425 | (42,720 | ) | 32,675 | (14,708 | ) | 33,672 | |||||||||||||
Goodwill impairment
|
— | — | (16,743 | ) | — | (16,743 | ) | |||||||||||||
Gain on oil and gas derivative commodity contracts
|
— | 1,088 | — | — | 1,088 | |||||||||||||||
Gain on sale of assets, net
|
3,159 | 287 | 5,959 | — | 9,405 | |||||||||||||||
Selling, general and administrative expenses
|
(67,165 | ) | (34,233 | ) | (22,482 | ) | 1,802 | (122,078 | ) | |||||||||||
Loss from operations
|
(5,581 | ) | (75,578 | ) | (591 | ) | (12,906 | ) | (94,656 | ) | ||||||||||
Equity in earnings of unconsolidated affiliates
|
— | — | 19,469 | — | 19,469 | |||||||||||||||
Equity in earnings (losses) of affiliates
|
(60,443 | ) | 8,473 | — | 51,970 | — | ||||||||||||||
Other than temporary loss on equity investments
|
(2,240 | ) | — | — | — | (2,240 | ) | |||||||||||||
Net interest expense and other
|
(59,522 | ) | (21,677 | ) | (5,125 | ) | — | (86,324 | ) | |||||||||||
Income before income taxes
|
(127,786 | ) | (88,782 | ) | 13,753 | 39,064 | (163,751 | ) | ||||||||||||
(Benefit) provision for income taxes
|
(9,175 | ) | (35,299 | ) | 9,405 | (4,529 | ) | (39,598 | ) | |||||||||||
Net income (loss), including noncontrolling interests
|
(118,611 | ) | (53,483 | ) | 4,348 | 43,593 | (124,153 | ) | ||||||||||||
Net income applicable to noncontrolling interests
|
— | — | — | (2,835 | ) | (2,835 | ) | |||||||||||||
Net income (loss) applicable to Helix
|
(118,611 | ) | (53,483 | ) | 4,348 | 40,758 | (126,988 | ) | ||||||||||||
Preferred stock dividends
|
(114 | ) | — | — | — | (114 | ) | |||||||||||||
Net income (loss) applicable to Helix common shareholders
|
$ | (118,725 | ) | $ | (53,483 | ) | $ | 4,348 | $ | 40,758 | $ | (127,102 | ) |
Year Ended December 31, 2009
|
|||||||||||||||||
Helix
|
Guarantors
|
Non-Guarantors
|
Consolidating Entries
|
Consolidated
|
|||||||||||||
Net revenues
|
$
|
211,222
|
$
|
701,706
|
$
|
648,705
|
$
|
(99,946
|
)
|
$
|
1,461,687
|
||||||
Cost of sales
|
162,225
|
484,802
|
521,689
|
(95,124
|
)
|
1,073,592
|
|||||||||||
Oil and gas impairments
|
—
|
120,550
|
—
|
—
|
120,550
|
||||||||||||
Exploration expense
|
—
|
24,383
|
—
|
—
|
24,383
|
||||||||||||
Gross profit (loss)
|
48,997
|
71,971
|
127,016
|
(4,822
|
)
|
243,162
|
|||||||||||
Gain on oil and gas derivative commodity contracts
|
—
|
89,485
|
—
|
—
|
89,485
|
||||||||||||
Gain on sale of assets, net
|
—
|
2,019
|
—
|
—
|
2,019
|
||||||||||||
Selling, general and administrative expenses
|
(52,101
|
)
|
(28,520
|
)
|
(53,919
|
)
|
3,689
|
(130,851
|
)
|
||||||||
Income (loss) from operations
|
(3,104
|
)
|
134,955
|
73,097
|
(1,133
|
)
|
203,815
|
||||||||||
Equity in earnings of unconsolidated affiliates
|
—
|
—
|
33,229
|
(900
|
)
|
32,329
|
|||||||||||
Equity in earnings (losses) of affiliates
|
145,340
|
(1,725
|
)
|
—
|
(143,615
|
)
|
—
|
||||||||||
Gain on investment in of Cal Dive common stock
|
77,343
|
—
|
—
|
—
|
77,343
|
||||||||||||
Net interest expense and other
|
(18,188
|
)
|
(16,978
|
)
|
(15,341
|
)
|
(988
|
)
|
(51,495
|
)
|
|||||||
Income before income taxes
|
201,391
|
116,252
|
90,985
|
(146,636
|
)
|
261,992
|
|||||||||||
(Benefit) provision for income taxes
|
43,417
|
39,855
|
13,571
|
(1,021
|
)
|
95,822
|
|||||||||||
Income (loss) from continuing operations
|
157,974
|
76,397
|
77,414
|
(145,615
|
)
|
166,170
|
|||||||||||
Discontinued operations, net of tax
|
99
|
—
|
9,482
|
—
|
9,581
|
||||||||||||
Net income (loss), including noncontrolling interests
|
158,073
|
76,397
|
86,896
|
(145,615
|
)
|
175,751
|
|||||||||||
Net income applicable to noncontrolling interests
|
—
|
—
|
—
|
(19,697
|
)
|
(19,697
|
)
|
||||||||||
Net income (loss) applicable to Helix
|
158,073
|
76,397
|
86,896
|
(165,312
|
)
|
156,054
|
|||||||||||
Preferred stock dividends
|
(54,187
|
)
|
—
|
—
|
—
|
(54,187
|
)
|
||||||||||
Net income (loss) applicable to Helix common shareholders
|
$
|
103,886
|
$
|
76,397
|
$
|
86,896
|
$
|
(165,312
|
)
|
$
|
101,867
|
||||||
For the Year Ended December 31, 2011
|
||||||||||||||||||||
Helix
|
Guarantors
|
Non-Guarantors
|
Consolidating Entries
|
Consolidated
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net income (loss), including noncontrolling interests
|
$ | 106,321 | $ | 133,011 | $ | 140,433 | $ | (246,688 | ) | $ | 133,077 | |||||||||
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
|
||||||||||||||||||||
Equity in earnings of affiliates
|
(262,990 | ) | (7,340 | ) | — | 270,330 | — | |||||||||||||
Other adjustments
|
39,860 | 353,728 | 40,293 | 198 | 434,079 | |||||||||||||||
Net cash provided by (used in) operating activities
|
(116,809 | ) | 479,399 | 180,726 | 23,840 | 567,156 | ||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Capital expenditures
|
(32,417 | ) | (174,739 | ) | (12,613 | ) | — | (219,769 | ) | |||||||||||
Investments in equity investments
|
— | — | (2,699 | ) | — | (2,699 | ) | |||||||||||||
Distributions from equity investments, net
|
— | — | 3,965 | — | 3,965 | |||||||||||||||
Proceeds from sale of Cal Dive common stock
|
3,588 | — | — | — | 3,588 | |||||||||||||||
Other, net
|
— | 32,598 | — | — | 32,598 | |||||||||||||||
Net cash used in investing activities
|
(28,829 | ) | (142,141 | ) | (11,347 | ) | — | (182,317 | ) | |||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Borrowings on revolvers
|
109,400 | — | — | — | 109,400 | |||||||||||||||
Repayments on revolvers
|
(109,400 | ) | — | — | — | (109,400 | ) | |||||||||||||
Repayments of debt
|
(208,085 | ) | — | (4,645 | ) | — | (212,730 | ) | ||||||||||||
Loan notes repayment
|
— | — | (1,215 | ) | — | (1,215 | ) | |||||||||||||
Deferred financing costs
|
(9,311 | ) | — | — | — | (9,311 | ) | |||||||||||||
Preferred stock dividends paid
|
(40 | ) | — | — | — | (40 | ) | |||||||||||||
Repurchase of common stock
|
(7,604 | ) | — | — | — | (7,604 | ) | |||||||||||||
Excess tax benefit from stock-based compensation
|
(1,013 | ) | — | — | — | (1,013 | ) | |||||||||||||
Exercise of stock options, net
|
2,018 | — | — | — | 2,018 | |||||||||||||||
Intercompany financing
|
488,723 | (338,118 | ) | (126,765 | ) | (23,840 | ) | — | ||||||||||||
Net cash provided by (used in) financing activities
|
264,688 | (338,118 | ) | (132,625 | ) | (23,840 | ) | (229,895 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
— | — | 436 | — | 436 | |||||||||||||||
Net increase in cash and cash equivalents
|
119,050 | (860 | ) | 37,190 | — | 155,380 | ||||||||||||||
Cash and cash equivalents:
|
||||||||||||||||||||
Balance, beginning of year
|
376,434 | 3,294 | 11,357 | — | 391,085 | |||||||||||||||
Balance, end of year
|
$ | 495,484 | $ | 2,434 | $ | 48,547 | $ | — | $ | 546,465 | ||||||||||
For the Year Ended December 31, 2010
|
||||||||||||||||||||
Helix
|
Guarantors
|
Non-Guarantors
|
Consolidating Entries
|
Consolidated
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net income (loss), including noncontrolling interests
|
$ | (118,611 | ) | $ | (53,483 | ) | $ | 4,348 | $ | 43,593 | $ | (124,153 | ) | |||||||
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
|
||||||||||||||||||||
Equity in earnings of affiliates
|
60,443 | (8,473 | ) | — | (51,970 | ) | — | |||||||||||||
Other adjustments
|
94,376 | 305,649 | 76,865 | (21,283 | ) | 455,607 | ||||||||||||||
Net cash provided by (used in) operating activities
|
36,208 | 243,693 | 81,213 | (29,660 | ) | 331,454 | ||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Capital expenditures
|
(56,650 | ) | (121,709 | ) | (28,413 | ) | — | (206,772 | ) | |||||||||||
Investments in equity investments
|
— | — | (8,253 | ) | — | (8,253 | ) | |||||||||||||
Distributions from equity investments, net
|
— | — | 10,539 | — | 10,539 | |||||||||||||||
Proceeds from insurance reimbursement
|
7,020 | 9,086 | — | — | 16,106 | |||||||||||||||
Proceeds from sale of Cal Dive common stock
|
— | — | — | — | — | |||||||||||||||
Proceeds from sales of property
|
6,042 | 852 | — | — | 6,894 | |||||||||||||||
Increases in restricted cash
|
— | (70 | ) | — | — | (70 | ) | |||||||||||||
Net cash used in investing activities
|
(43,588 | ) | (111,841 | ) | (26,127 | ) | — | (181,556 | ) | |||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Repayments of debt
|
(4,326 | ) | — | (4,424 | ) | — | (8,750 | ) | ||||||||||||
Loan notes repayment
|
— | — | (2,517 | ) | — | (2,517 | ) | |||||||||||||
Deferred financing costs
|
(2,947 | ) | — | — | — | (2,947 | ) | |||||||||||||
Preferred stock dividends paid
|
(114 | ) | — | — | — | (114 | ) | |||||||||||||
Repurchase of common stock
|
(11,680 | ) | — | — | — | (11,680 | ) | |||||||||||||
Excess tax benefit from
stock-based compensation
|
(3,945 | ) | — | — | — | (3,945 | ) | |||||||||||||
Exercise of stock options, net
|
674 | — | — | — | 674 | |||||||||||||||
Intercompany financing
|
147,410 | (131,080 | ) | (45,990 | ) | 29,660 | — | |||||||||||||
Net cash provided by (used in) financing activities
|
125,072 | (131,080 | ) | (52,931 | ) | 29,660 | (29,279 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
— | — | (207 | ) | — | (207 | ) | |||||||||||||
Net increase in cash and cash equivalents
|
117,692 | 772 | 1,948 | — | 120,412 | |||||||||||||||
Cash and cash equivalents:
|
||||||||||||||||||||
Balance, beginning of year
|
258,742 | 2,522 | 9,409 | — | 270,673 | |||||||||||||||
Balance, end of year
|
$ | 376,434 | $ | 3,294 | $ | 11,357 | $ | — | $ | 391,085 | ||||||||||
For the Year Ended December 31, 2009
|
||||||||||||||||
Helix
|
Guarantors
|
Non-Guarantors
|
Consolidating Entries
|
Consolidated
|
||||||||||||
(in thousands)
|
||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income (loss), including noncontrolling interests
|
$
|
158,073
|
$
|
76,397
|
$
|
86,896
|
$
|
(145,615
|
$
|
175,751
|
||||||
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
|
||||||||||||||||
Equity in earnings of unconsolidated
affiliates
|
—
|
—
|
(7,220
|
)
|
899
|
(6,321
|
)
|
|||||||||
Equity in earnings of affiliates
|
(145,340
|
)
|
1,725
|
—
|
143,615
|
—
|
||||||||||
Other adjustments
|
26,633
|
163,451
|
82,411
|
(17,987
|
254,508
|
|||||||||||
Net cash provided by (used in) operating activities
|
39,366
|
241,573
|
162,087
|
(19,088
|
423,938
|
|||||||||||
Net cash used in discontinued operations
|
—
|
—
|
(6,261
|
)
|
—
|
(6,261
|
)
|
|||||||||
Net cash provided by (used in) operating activities
|
39,366
|
241,573
|
155,826
|
(19,088
|
417,677
|
|||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Capital expenditures
|
(35,657
|
)
|
(245,354
|
)
|
(142,362
|
)
|
—
|
(423,373
|
)
|
|||||||
Acquisition of businesses, net of cash acquired
|
—
|
—
|
—
|
—
|
—
|
|||||||||||
Investments in equity investments
|
—
|
—
|
(1,657
|
)
|
—
|
(1,657
|
)
|
|||||||||
Distributions from equity investments, net
|
—
|
—
|
6,742
|
—
|
6,742
|
|||||||||||
Increases in restricted cash
|
—
|
(6
|
)
|
—
|
—
|
(6
|
)
|
|||||||||
Proceeds from sale of Cal Dive common stock
|
504,168
|
—
|
(112,995
|
)
|
(86,000
|
305,173
|
||||||||||
Proceeds from sales of property
|
—
|
23,717
|
—
|
—
|
23,717
|
|||||||||||
Net cash provided by (used in) investing activities
|
468,511
|
(221,643
|
)
|
(250,272
|
)
|
(86,000
|
(89,404
|
)
|
||||||||
Net cash provided by discontinued operations
|
—
|
—
|
20,872
|
—
|
20,872
|
|||||||||||
Net cash provided by (used in) investing activities
|
468,511
|
(221,643
|
)
|
(229,400
|
)
|
(86,000
|
(68,532
|
)
|
||||||||
Cash flows from financing activities:
|
||||||||||||||||
Borrowings on revolvers
|
—
|
—
|
100,000
|
—
|
100,000
|
|||||||||||
Repayments on revolvers
|
(349,500
|
)
|
—
|
—
|
—
|
(349,500
|
)
|
|||||||||
Repayments of debt
|
(4,326
|
)
|
—
|
(24,214
|
)
|
—
|
(28,540
|
)
|
||||||||
Loan notes repayment
|
—
|
—
|
(2,130
|
)
|
—
|
(2,130
|
)
|
|||||||||
Deferred financing costs
|
(6,970
|
)
|
—
|
—
|
—
|
(6,970
|
)
|
|||||||||
Preferred stock dividends paid
|
(645
|
)
|
—
|
—
|
—
|
(645
|
)
|
|||||||||
Repurchase of common stock
|
(13,995
|
)
|
—
|
(86,000
|
)
|
86,000
|
(13,995
|
)
|
||||||||
Excess tax benefit from
stock-based compensation
|
895
|
—
|
—
|
—
|
895
|
|||||||||||
Exercise of stock options, net
|
176
|
—
|
—
|
—
|
176
|
|||||||||||
Intercompany financing
|
(23,474
|
)
|
(22,391
|
)
|
26,777
|
19,088
|
—
|
|||||||||
Net cash provided by (used in) financing activities
|
(397,839
|
)
|
(22,391
|
)
|
14,433
|
105,088
|
(300,709
|
)
|
||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
—
|
(1,376
|
)
|
—
|
(1,376
|
)
|
|||||||||
Net increase (decrease) in cash and cash equivalents
|
110,038
|
(2,461
|
)
|
(60,517
|
)
|
—
|
47,060
|
|||||||||
Cash and cash equivalents:
|
||||||||||||||||
Balance, beginning of year
|
148,704
|
4,983
|
69,926
|
—
|
223,613
|
|||||||||||
Balance, end of year
|
$
|
258,742
|
$
|
2,522
|
$
|
9,409
|
$
|
—
|
$
|
270,673
|
||||||
•
|
Management’s Report on Internal Control Over Financial Reporting
|
|
•
|
Report of Independent Registered Public Accounting Firm
|
|
•
|
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting
|
|
•
|
Consolidated Balance Sheets as of December 31, 2011 and 2010
|
|
•
|
Consolidated Statements of Operations for the Years Ended December 31, 2011, 2010 and 2009
|
|
•
|
Consolidated Statements of Shareholders’ Equity for the Years Ended December 31, 2011, 2010 and 2009
|
|
•
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2011, 2010 and 2009
|
|
•
|
Notes to Consolidated Financial Statements.
|
By:
|
/s/ ANTHONY TRIPODO
|
Signature
|
Title
|
Date
|
/s/ OWEN KRATZ
Owen Kratz
|
President, Chief Executive Officer and
Director (principal executive officer)
|
February 24, 2012
|
/s/ ANTHONY TRIPODO
Anthony Tripodo
|
Executive Vice President and Chief
Financial Officer (principal financial officer)
|
February 24, 2012
|
/s/ LLOYD A. HAJDIK
Lloyd A. Hajdik
|
Senior Vice President — Finance and Chief
Accounting Officer (principal accounting officer)
|
February 24, 2012
|
/s/ JOHN V. LOVOI
John V. Lovoi
|
Director
|
February 24, 2012
|
/s/ T. WILLIAM PORTER
T. William Porter
|
Director
|
February 24, 2012
|
/s/ NANCY K. QUINN
Nancy K. Quinn
|
Director
|
February 24, 2012
|
/s/ WILLIAM L. TRANSIER
William L. Transier
|
Director
|
February 24, 2012
|
/s/ JAMES A. WATT
James A. Watt
|
Director
|
February 24, 2012
|
Exhibits
|
|
2.1
|
Agreement and Plan of Merger dated January 22, 2006, among Cal Dive International, Inc. and Remington Oil and Gas Corporation, incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K/A, filed by the registrant with the Securities and Exchange Commission on January 25, 2006 (the “Form 8-K/A”).
|
2.2
|
Amendment No. 1 to Agreement and Plan of Merger dated January 24, 2006, by and among, Cal Dive International, Inc., Cal Dive Merger — Delaware, Inc. and Remington Oil and Gas Corporation, incorporated by reference to Exhibit 2.2 to the Form 8-K/A.
|
3.1
|
2005 Amended and Restated Articles of Incorporation, as amended, of registrant, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by registrant with the Securities and Exchange Commission on March 1, 2006.
|
3.2
|
Second Amended and Restated By-Laws of Helix, as amended, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on September 28, 2006.
|
3.3
|
Certificate of Rights and Preferences for Series A-1 Cumulative Convertible Preferred Stock, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed by registrant with the Securities and Exchange Commission on January 22, 2003 (the “2003 Form 8-K”).
|
4.1
|
Credit Agreement dated July 3, 2006 by and among Helix Energy Solutions Group, Inc., and Bank of America, N.A., as administrative agent and as lender, together with the other lender parties thereto, incorporated by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on July 5, 2006.
|
4.2
|
Amendment No. 1 to Credit Agreement, dated as of November 29, 2007, by and among Helix, as borrower, Bank of America, N.A., as administrative agent, and the lenders named thereto incorporated by reference to Exhibit 10.3 to the December 2007 8-K.
|
4.3
|
Amendment No. 2 to Credit Agreement, dated as of October 9, 2009, by and among Helix, as borrower, Bank of America, N.A., as administrative agent, and the lenders named thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on October 13, 2009.
|
4.4
|
Amendment No. 3 to Credit Agreement, dated as of February 19, 2010, by and among Helix, as borrower, Bank of America, N.A., as administrative agent, and the lenders named thereto. Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on February 24, 2010.
|
4.5
|
Amendment No. 4 to Credit Agreement, dated as of June 8, 2011, by and among Helix, as borrower, Bank of America, N.A., as administrative agent, swing line lender and L/C issuer, and the lenders named thereto. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by registrant with Securities and Exchange Commission on June 8, 2011.
|
4.6 *
|
|
4.7
|
Form of Common Stock certificate, incorporated by reference to Exhibit 4.7 to the Form 8-A filed by the Registrant with the Securities and Exchange Commission on June 30, 2006.
|
4.8
|
Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank International LLC dated as of August 16, 2000, incorporated by reference to Exhibit 4.4 to the 2001 Form 10-K.
|
4.9
|
Amendment No. 1 to Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank International LLC dated as of January 25, 2002, incorporated by reference to Exhibit 4.9 to the Form 10-K/A filed with the Securities and Exchange Commission on April 8, 2003.
|
4.10
|
Amendment No. 2 to Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank International LLC dated as of November 15, 2002, incorporated by reference to Exhibit 4.4 to the Form S-3 filed with the Securities and Exchange Commission on February 26, 2003.
|
4.11
|
First Amended and Restated Agreement dated January 17, 2003, but effective as of December 31, 2002, by and between Helix Energy Solutions Group, Inc. and Fletcher International, Ltd., incorporated by reference to Exhibit 10.1 to the 2003 Form 8-K.
|
4.12
|
Amendment No. 3 Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank International LLC dated as of July 31, 2003, incorporated by reference to Exhibit 4.12 to Annual Report for the year ended December 31, 2004, filed by the registrant with the Securities Exchange Commission on March 16, 2005 (the “2004 10-K”).
|
4.13
|
Amendment No. 4 to Credit Agreement among Cal Dive I-Title XI, Inc., GOVCO Incorporated, Citibank N.A. and Citibank International LLC dated as of December 15, 2004 , incorporated by reference to Exhibit 4.13 to the 2004 10-K.
|
4.14
|
Indenture relating to the 3.25% Convertible Senior Notes due 2025 dated as of March 30, 2005, between Cal Dive International, Inc. and JPMorgan Chase Bank, National Association, as Trustee., incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on April 4, 2005 (the “April 2005 8-K”).
|
4.15
|
Form of 3.25% Convertible Senior Note due 2025 (filed as Exhibit A to Exhibit 4.15).
|
4.16
|
Registration Rights Agreement dated as of March 30, 2005, between Cal Dive International, Inc. and Banc of America Securities LLC, as representative of the initial purchasers, incorporated by reference to Exhibit 4.3 to the April 2005 8-K.
|
4.17
|
Trust Indenture, dated as of August 16, 2000, between Cal Dive I-Title XI, Inc. and Wilmington Trust, as Indenture Trustee, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on October 6, 2005 (the “October 2005 8-K”).
|
4.18
|
Supplement No. 1 to Trust Indenture, dated as of January 25, 2002, between Cal Dive I-Title XI, Inc. and Wilmington Trust, as Indenture Trustee, incorporated by reference to Exhibit 4.2 to the October 2005 8-K.
|
4.19
|
Supplement No. 2 to Trust Indenture, dated as of November 15, 2002, between Cal Dive I-Title XI, Inc. and Wilmington Trust, as Indenture Trustee, incorporated by reference to Exhibit 4.3 to the October 2005 8-K.
|
4.20
|
Supplement No. 3 to Trust Indenture, dated as of December 14, 2004, between Cal Dive I-Title XI, Inc. and Wilmington Trust, as Indenture Trustee, incorporated by reference to Exhibit 4.4 to the October 2005 8-K.
|
4.21
|
Supplement No. 4 to Trust Indenture, dated September 30, 2005, between Cal Dive I-Title XI, Inc. and Wilmington Trust, as Indenture Trustee, incorporated by reference to Exhibit 4.5 to the October 2005 8-K.
|
4.23
|
Form of United States Government Guaranteed Ship Financing Bonds, Q4000 Series 4.93% Sinking Fund Bonds Due February 1, 2027 (filed as Exhibit A to Exhibit 4.21).
|
4.24
|
Form of Third Amended and Restated Promissory Note to United States of America, incorporated by reference to Exhibit 4.6 to the October 2005 8-K.
|
4.25
|
Term Loan Agreement by and among Kommandor LLC, Nordea Bank Norge ASA, as arranger and agent, Nordea Bank Finland Plc, as swap bank, together with the other lender parties thereto, effective as of June 13, 2007 incorporated by reference to Exhibit 4.7 to the registrants Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2007, file by the registrant with the Securities and Exchange Commission on August 3, 2007.
|
4.26
|
Indenture, dated as of December 21, 2007, by and among Helix Energy Solutions Group, Inc., the Guarantors and Wells Fargo Bank, N.A. incorporated by reference to Exhibit 4.1 to the registrants Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on December 21, 2007 (the “December 2007 8-K”).
|
10.1
|
1995 Long Term Incentive Plan, as amended, incorporated by reference to Exhibit 10.3 to the Form S-1.
|
10.2
|
Amendment to 1995 Long Term Incentive Plan of Helix Energy Solutions Group, Inc.
|
10.3
|
2009 Long-Term Incentive Cash Plan of Helix Energy Solutions Group, Inc., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on January 6, 2009 (the “January 2009 8-K”).
|
10.4
|
Form of Award Letter related to the 2009 Long-Term Incentive Cash Plan, incorporated by reference to Exhibit 10.2 to the January 2009 8-K.
|
10.5
|
Employment Agreement between Owen Kratz and Company dated February 28, 1999, incorporated by reference to Exhibit 10.5 to the Annual Report for the fiscal year ended December 31, 1998, filed by the registrant with the Securities and Exchange Commission on March 31, 1999 (the “1998 Form 10-K”).
|
10.6
|
Employment Agreement between Owen Kratz and Company dated November 17, 2008, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on November 19, 2008 (the “November 2008 8-K”).
|
10.7
|
Helix 2005 Long Term Incentive Plan, including the Form of Restricted Stock Award Agreement, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed by the registrant with the Securities and Exchange Commission on May 12, 2005.
|
10.8
|
Amendment to 2005 Long Term Incentive Plan of Helix Energy Solutions Group, Inc.
|
10.11
|
Separation and Release Agreement between Helix Energy Solutions Group, Inc. and Bart H. Heijermans dated January 21, 2011, incorporated by reference to Exhibit 10.1 to the January 24, 2011 Form 8-K.
|
10.12
|
Stock and Cash Award Amendment Agreement effective January 21, 2011, incorporated by reference to Exhibit 10.2 to the January 24, 2011 Form 8-K.
|
10.13
|
Employment Agreement between Alisa B. Johnson and Company dated September 18, 2006, incorporated by reference to Exhibit 10.2 to the 2006 Form 10-Q.
|
10.14
|
Employment Agreement between Alisa B. Johnson and Company dated November 17, 2008, incorporated by reference to Exhibit 10.3 to the November 2008 8-K.
|
10.15
|
Registration Rights Agreement dated as of December 21, 2007 by and among Helix Energy Solutions Group, Inc., the Guarantors named therein and Banc of America Securities LLC, as representative of the Initial Purchasers, incorporated by reference to Exhibit 10.1 to December 2007 8-K.
|
10.16
|
Purchase Agreement dated as of December 18, 2007 by and among Helix Energy Solutions Group, Inc., the Guarantors named therein and Banc of America Securities LLC, and the other Initial Purchasers named therein incorporated by reference to Exhibit 10.2 to the December 2007 8-K.
|
10.17
|
Employment Agreement between Anthony Tripodo and the Company dated June 25, 2008, incorporated by reference to Exhibit 10.2 to the June 2008 8-K.
|
10.18 | Employment Agreeement by and between Helix Energy Solutions Group, Inc. and Johnny Edwards dated May 11, 2011. Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed by reegistrant with the Securities and Exchange Commission on May 13, 2011. |
10.19 | Employment Agreeement by and between Helix Energy Solutions Group, Inc. and Clifford Chamblee dated May 11, 2011. Incorporated by reference to Exhibit 10.3 to the Quaterly Report on Form 10-Q, filed by reegistrant with the Securities and Exchange Commission on July 27, 2011 |
10.20 | First Amendment to Employment Agreement between Anthony Tripodo adn the Company dated November 17, 2008, incorporated by reference to Exhibit 10.5 to the November 2008 Form 8-K. |
0.21 | Employment Agreement between Lloyd A. Hajdik and the Company dated November 17, 2008, incorporated by reference to Exhibit 10.4 to the November 2008 Form 8-K. |
10.22 | Stock Repurchase Agreement betweeen Company and Cal Dive International, Inc. dated January 23, 2009, incoporated by reference to Exhibit 10.1 to teh Current Report on Form 8-K, filed by registrant with the Securities and Exchange Commission on January 28, 2009. |
10.23 | Stock Repurchase Agreement betweeen Company and Cal Dive International, Inc. dated May 29, 2009, incoporated by reference to Exhibit 10.1 to teh Current Report on Form 8-K, filed by registrant with the Securities and Exchange Commission on June 1, 2009. |
14.1 | Code of Ethics for Chief Executive Officer and Senior Financial Officers, incorporated by reference to Exhibit 14.1 to the Registrant's Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 7, 2009. |
21.1 * | List of Subsidiaries of the Company. |
23.1 * | Consent of Ernst & Young LLP. |
23.2 * | Consent of Huddleston & Co., Inc. |
23.3 * | Consent of Deloitte & Touche LLP. (Deepwater Gateway L.L.C.). |
23.4 * | Consent of Deloitte & Touche LLP. (Independence Hub LLC). |
31.1 * | Certification Pursuant to Rule 13a-14(a) under the Securities and Exchange Act of 1934 by Owen Kratz, Chief Executive Officer. |
31.2 * | Certification Pursuant to Rule 13a-14(a) under the Securities and Exchange Act of 1934 by Anthony Tripodo, Chief Financial Officer. |
32.1 ** | Certification of Helix's Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes - Oxley Act of 2002. |
99.1 * | Report of Huddleston & Co., Inc. |
101.INS**
|
XBRL Instance Document
|
101.SCH**
|
XBRL Schema Document
|
101.CAL**
|
XBRL Calculation Linkbase Document
|
101.PRE**
|
XBRL Presentation Linkbase Document
|
101.DEF**
|
XBRL Definition Linkbase Document
|
101.LAB** | XBRL Label Linkbase Document |
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
Applicable Margin – Revolving Credit Loans and Additional Term Loans
|
|||||
Pricing Level
|
Consolidated Leverage Ratio
|
Commitment Fee
(Revolving Credit Loans and Additional Term Loans)
|
Eurodollar Rate (Revolving Credit Loans and Additional Term Loans) +
|
Letters of Credit
|
Base Rate (Revolving Credit Loans and Additional Term Loans) +
|
1
|
Less than 1.00x
|
0.50%
|
2.50%
|
2.00%
|
1.50%
|
2
|
Greater than or equal to 1.00x but less than 2.00x
|
0.50%
|
2.75%
|
2.25%
|
1.75%
|
3
|
Greater than or equal to 2.00x but less than 3.00x
|
0.50%
|
3.00%
|
2.50%
|
2.00%
|
4
|
Greater than or equal to 3.00x but less than 3.50x
|
0.50%
|
3.25%
|
2.75%
|
2.25%
|
5
|
Greater than or equal to 3.50x
|
0.50%
|
3.50%
|
3.00%
|
2.50%
|
Applicable Margin – Term Loans
|
|||
Pricing Level
|
Consolidated Leverage Ratio
|
Eurodollar Rate – Term Loans
|
Base Rate – Term Loans
|
1
|
Less than 1.75x
|
3.25%
|
2.25%
|
2
|
Greater than or equal to 1.75x
|
3.50%
|
2.50%
|
|
BORROWER
|
|
HELIX ENERGY SOLUTIONS GROUP, INC.
|
|
GUARANTORS
|
|
CAESAR HOLDING CO LLC, a Delaware limited liability company
|
|
CANYON OFFSHORE, INC., a Texas corporation
|
|
CANYON OFFSHORE INTERNATIONAL CORP., a Texas corporation
|
|
ENERGY RESOURCE TECHNOLOGY GOM, INC., a Delaware corporation
|
|
HELIX INGLESIDE LLC, a Delaware limited liability company
|
|
HELIX OFFSHORE INTERNATIONAL, INC., a Texas corporation
|
|
HELIX SUBSEA CONSTRUCTION, INC., a Delaware corporation
|
|
HELIX VESSEL HOLDINGS LLC, a Delaware limited liability company
|
|
HELIX WELL OPS INC., a Texas corporation
|
|
NEPTUNE VESSEL HOLDINGS LLC, a Delaware limited liability company
|
|
VULCAN MARINE TECHNOLOGY LLC, a Delaware limited liability company
|
|
BANK OF AMERICA, N.A., as Administrative Agent
|
|
Borrower
|
=
|
Helix Energy Solutions Group, Inc.
|
|
Agent
|
=
|
Bank of America, N.A., as Administrative Agent
|
|
Guarantors
|
=
|
Canyon Offshore, Inc., Canyon Offshore International Corp., Energy Resource Technology GOM, Inc., Helix Ingleside LLC, Helix Offshore International, Inc., Helix Subsea Construction, Inc., Helix Vessel Holdings LLC, Neptune Vessel Holdings LLC, Caesar Holding Co LLC, Vulcan Marine Technology LLC, and Helix Well Ops Inc.
|
|
B&G
|
=
|
Bracewell & Giuliani LLP, Agent's counsel
|
|
F&J
|
=
|
Fulbright & Jaworski LLP, Borrower's counsel
|
#
|
Document
|
Responsible Party
|
Status/Comments
|
Credit Documents.
|
|||
Amendment No. 6 to Credit Agreement
|
B&G
|
||
Annex A – Closing Documents List
Schedule 2.01 – Commitments and Applicable Percentages
Exhibit A – Form of Loan Notice
Exhibit C-3 Additional Term Note
|
B&G
|
||
2.
|
Notes for the Additional Term Lenders requesting a Note
|
B&G
|
|
Security Documents.
|
|||
1.
|
Amendment No. 5 to First Preferred Mortgage (Vanuatu) made by Helix Vessel Holdings LLC with respect to Express (recorded with the Vanuatu Maritime Authority in Book PM 27, Page 59 on 7/3/06)
Attachment: Copy of Amendment No. 6 to the Credit Agreement
|
B&G
|
|
2.
|
Amendment No. 5 to First Preferred Mortgage (Vanuatu) made by Vulcan Marine Technology LLC with respect to Caesar (Vanuatu Vessel Mortgage recorded with the Vanuatu Maritime Authority in Book PM 28, Page 31 on 6/13/07)
Attachment: Copy of Amendment No. 6 to the Credit Agreement
|
B&G
|
|
Certificates and Opinions
|
|||
1.
|
Certificate of the Secretary of Borrower, certifying the following:
(a) that the Borrower's Certificate of Incorporation has not been modified since previously certified to the Agent and remains in full force and effect (or attaching a certified copy of any modifications);
(b) that the Borrower's Bylaws have not been modified since previously certified to the Agent and remain in full force and effect (or attaching a copy of any modifications);
(c) resolutions adopted by the Borrower's Board of Directors authorizing Amendment No. 6 and related transactions (attached thereto); and
(d) incumbency and signatures of the officers of Borrower authorized to execute the Loan Documents.
|
Borrower
|
|
2.
|
Certificate of the Secretary or Assistant Secretary of each Guarantor, certifying the following:
(a) that such Guarantor's Certificate of Incorporation, Limited Liability Company Certificate, or other applicable organizational document has not been modified since previously certified to the Agent and remains in full force and effect (or attaching a certified copy of any modifications);
(b) that such Guarantor's Bylaws, Limited Liability Company Agreement, or other applicable governance document has not been modified since previously certified to the Agent and remains in full force and effect (or attaching a certified copy of any modifications);
(c) resolutions adopted by such Guarantor's Board of Directors or other applicable governing body, authorizing Amendment No. 6 and related transactions (attached thereto), or that the resolutions of such Guarantor have not been modified since previously certified to the Agent and remain in full force and effect; and
(d) incumbency and signatures of the officers of such Guarantor authorized to execute the Loan Documents.
|
Borrower
|
|
3.
|
Certificate re: no default; representations and warranties
|
Borrower
|
|
4.
|
Legal opinion of in-house counsel
|
Borrower
|
|
5.
|
Legal opinion of F&J, counsel to the Loan Parties
|
F&J
|
|
Diligence and Miscellaneous
|
|||
1.
|
Lien search bringdowns for Borrower and Guarantors
|
B&G
|
|
2.
|
Insurance Certificates and Endorsements
|
Borrower
|
|
3.
|
Certificate of Ownership and Encumbrance for Caesar and Express
|
B&G
|
|
4.
|
Lien/title search with respect to Intrepid
|
B&G
|
Lender
|
Revolving Credit Commitment
|
Applicable Percentage
|
BANK OF AMERICA, N.A.
|
$67,500,000.00
|
11.250000000%
|
WELLS FARGO, N.A.
|
$67,500,000.00
|
11.250000000%
|
AMEGY BANK, N.A.
|
$50,000,000.00
|
8.333333333%
|
NATIXIS
|
$50,000,000.00
|
8.333333333%
|
NORDEA BANK FINLAND PLC
|
$50,000,000.00
|
8.333333333%
|
DEUTSCHE BANK TRUST COMPANY AMERICAS
|
$40,000,000.00
|
6.666666667%
|
CAPITAL ONE, N.A.
|
$40,000,000.00
|
6.666666667%
|
ING CAPITAL LLC
|
$40,000,000.00
|
6.666666667%
|
BBVA COMPASS
|
$35,000,000.00
|
5.833333333%
|
CREDIT SUISSE AG
|
$35,000,000.00
|
5.833333333%
|
WHITNEY NATIONAL BANK
|
$35,000,000.00
|
5.833333333%
|
COMERICA BANK
|
$30,000,000.00
|
5.000000000%
|
IBERIABANK
|
$25,000,000.00
|
4.166666667%
|
RB INTERNATIONAL FINANCE (USA) LLC
|
$25,000,000.00
|
4.166666667%
|
RAYMOND JAMES BANK, FSB
|
$10,000,000.00
|
1.666666667%
|
TOTALS
|
$600,000,000.00
|
100.000000000%
|
Lender
|
Additional Term Commitment
|
Applicable Percentage
|
BANK OF AMERICA, N.A.
|
$30,000,000.00
|
30.000000000%
|
WELLS FARGO, N.A.
|
$25,000,000.00
|
25.000000000%
|
FROST NATIONAL BANK
|
$20,000,000.00
|
20.000000000%
|
BBVA COMPASS
|
$10,000,000.00
|
10.000000000%
|
COMERICA BANK
|
$10,000,000.00
|
10.000000000%
|
WHITNEY NATIONAL BANK
|
$5,000,000.00
|
5.000000000%
|
TOTALS
|
$100,000,000.00
|
100.000000000%
|
Date
|
Type of Loan Made
|
Amount of Loan Made
|
End of Interest Period
|
Amount of Principal or Interest Paid This Date
|
Outstanding Principal Balance This Date
|
Notation Made By
|
Name of Subsidiary
|
Jurisdiction of Formation
|
Canyon Offshore, Inc.
|
Texas
|
Canyon Offshore Limited
|
Scotland
|
Canyon Offshore International Corp.
|
Texas
|
Helix Energy Solutions BV
|
The Netherlands
|
Helix Energy Solutions (U.K.) Limited
|
Scotland
|
Helix Well Ops (U.K.) Limited
|
Scotland
|
Helix HR Services Limited
|
Scotland
|
Helix Offshore Crewing Services Pte Ltd
|
Singapore
|
Helix Well Ops Inc.
|
Texas
|
Energy Resource Technology GOM, Inc.
|
Delaware
|
CKB Petroleum, Inc.
|
Texas
|
Energy Resource Technology (U.K.) Limited
|
Scotland
|
Cal Dive I-Title XI, Inc.
|
Texas
|
Helix Vessel Holdings LLC
|
Delaware
|
Neptune Vessel Holdings LLC
|
Delaware
|
Caesar Holding Co LLC
|
Delaware
|
Vulcan Marine Technology LLC
|
Delaware
|
Helix Offshore Ltd.
|
Cayman Islands
|
Helix Subsea Construction, Inc.
|
Delaware
|
Kommandor LLC (81% interest)
|
Delaware
|
Helix Energy Services Pte Limited
|
Singapore
|
AGR-Helix Floating Production Limited (50%)
|
Cayman Islands
|
Helix Well Ops SEA Pty Ltd
|
Australia
|
Helix Energy Services Pty Ltd
|
Australia
|
Helix Ingleside LLC
|
Delaware
|
Helix Energy Services (Cyprus) Limited
|
Cyprus
|
Deepwater Gateway, L.L.C. (50%)
|
Delaware
|
Helix Do Brasil Servicos De Petróleo Ltda
|
Brazilian Limitada
|
Helix Offshore International, Inc.
|
Texas
|
Helix RDS SDN BHD
|
Malaysia
|
Independence Hub, LLC (20%)
|
Delaware
|
Intercoastal Vessel Services Ltd. (49%)
|
Cayman Islands
|
Pacific Shelf 1590 Limited
|
Scotland
|
Clough Helix JV Pty Ltd
|
Australia
|
ERT Camelot Limited
|
Scotland
|
Offshore Well Services, S. de R.L. de C.V.
|
Mexico
|
Well Ops SEA Pty Ltd.
|
Australia
|
|
Mr. Lee I. Williams
|
|
Manager of Planning & Reserves Evaluation
|
|
Energy Resource Technology GOM, Inc.
|
|
400 North Sam Houston Parkway, East
|
Net to Energy Resource Technology GOM, Inc.*
|
|||||
Proved Development
|
Proved
|
Total
|
|||
SEC Pricing Case
|
Producing
|
Nonproducing
|
Shut-In
|
Undeveloped
|
Proved*
|
Estimated Net Oil/Cond., Mbbl.
|
9,036
|
2,683
|
1,036
|
9,935
|
22,689
|
Estimated Net Gas, MMcf
|
19,667.3
|
26,017.8
|
14,173.7
|
37,162.2
|
97,021.0
|
Total Furture Gross Revenue, M$
|
1,044,720
|
389,120
|
175,786
|
1,202,330
|
2,811,956
|
Operating Expenses, M$
|
184,085
|
83,950
|
6,870
|
144,712
|
419,617
|
Severance & Ad Valorem Taxes, M$
|
-
|
-
|
-
|
-
|
-
|
Capital Costs, M$
|
164,512
|
52,635
|
3,951
|
336,225
|
557,323
|
Estimated Future Net Revenue ("FNR"), M$
|
696,123
|
252,534
|
164,966
|
721,394
|
1,835,016
|
Discounted FNR at 10%, M$
|
646,075
|
174,530
|
143,161
|
507,803
|
1,471,570
|
Estimated Future Net Revenues by Year, M$
|
|||||
2012
|
455,651
|
17,385
|
62,682
|
(82,951)
|
452,767
|
2013
|
175,766
|
38,438
|
54,272
|
41,729
|
310,204
|
2014
|
47,441
|
53,595
|
26,275
|
374,603
|
501,914
|
Thereafter
|
17,265
|
143,116
|
21,737
|
388,013
|
570,131
|
Total
|
696,123
|
252,534
|
164,966
|
721,394
|
1,835,016
|
Estimated Future Net Production - 2012
|
|||||
Oil/Cond., Mbbl
|
4,870
|
201
|
293
|
6
|
5,370
|
Gas, MMcf
|
12,674.8
|
1,677.4
|
7,391.8
|
209.8
|
21,953.8
|
*Numbers subject to rounding.
|
|||||
1.
|
Federal income tax
|
2.
|
Depreciation, depletion, and amortization
|
3.
|
General and administrative expenses
|
4.
|
Nonproducing acreage
|
5.
|
Product price hedges, if any
|
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Business Segment Information (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Financial Data By Segment |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Intercompany Segment Revenues |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany Segment Gross Profit (Loss) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue By Individually Significant Country |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property And Equipment Net Of Depreciation |
|
Summary Of Significant Accounting Policies (Summary Of Gross Components Of Property And Equipment) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
years
|
Dec. 31, 2010
|
|
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,391,064 | $ 4,486,077 |
ROVs/Vessels [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,616,772 | 1,573,471 |
Estimated Useful Life, Minimum in years | 10 | |
Estimated Useful Life, Maximum in years | 30 | |
Oil And Gas Leases And Related Equipment [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,574,693 | 2,747,895 |
Machinery, Equipment, Buildings And Leasehold Improvements [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 199,599 | $ 164,711 |
Estimated Useful Life, Minimum in years | 5 | |
Estimated Useful Life, Maximum in years | 30 |
Kommandor LLC (Details) (USD $)
|
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Apr. 30, 2009
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Noncontrolling Interest [Line Items] | |||
Oil and gas processing equipment, percentage of cost | 100.00% | ||
Property and equipment | $ 4,391,064,000 | $ 4,486,077,000 | |
Estimated cash outlay | 19,000,000 | ||
Kommandor LLC [Member]
|
|||
Noncontrolling Interest [Line Items] | |||
Working interest percentage | 81.00% | ||
Phoenix Field [Member]
|
|||
Noncontrolling Interest [Line Items] | |||
Working interest | 70.00% | ||
Conversion Of The Vessel [Member] | Kommandor LLC [Member]
|
|||
Noncontrolling Interest [Line Items] | |||
Property and equipment | 148,700,000 | ||
Topside Oil And Gas Processing Facilities [Member] | Kommandor LLC [Member]
|
|||
Noncontrolling Interest [Line Items] | |||
Property and equipment | $ 196,200,000 |
Summary Of Significant Accounting Policies (Fair Value Of Long Term Debt) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
Jan. 31, 2009
|
Dec. 31, 2011
Term Loan [Member]
|
Dec. 31, 2010
Term Loan [Member]
|
Dec. 31, 2011
Revolving Credit Facility [Member]
|
Dec. 31, 2010
Revolving Credit Facility [Member]
|
Dec. 31, 2011
Convertible Senior Notes [Member]
|
Dec. 31, 2010
Convertible Senior Notes [Member]
|
Mar. 31, 2005
Convertible Senior Notes [Member]
|
Dec. 31, 2011
Senior Unsecured Notes [Member]
|
Dec. 31, 2010
Senior Unsecured Notes [Member]
|
Dec. 31, 2011
MARAD Debt [Member]
|
Dec. 31, 2010
MARAD Debt [Member]
|
Dec. 31, 2010
Loan Notes [Member]
|
||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||
Long-term debt, carrying value | $ 1,164,876 | $ 1,376,460 | $ 279,750 | [1] | $ 410,441 | [1] | $ 300,000 | [1],[2] | $ 300,000 | [1],[2] | $ 300,000 | $ 474,960 | [1] | $ 550,000 | [1] | $ 110,166 | [3] | $ 114,811 | [3] | $ 1,208 | |||||||||||
Long-term debt, Fair Value | 1,205,864 | 1,386,737 | 279,750 | [1] | 406,337 | [1] | 300,543 | [1],[2] | 289,158 | [1],[2] | 501,083 | [1] | 567,875 | [1] | 124,488 | [3] | 122,159 | [3] | 1,208 | ||||||||||||
Unamortized debt discount | $ 9,555 | $ 60,200 | $ 9,555 | [4] | $ 18,500 | ||||||||||||||||||||||||||
|
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Income Taxes [Abstract] | ||
Depreciation and depletion | $ 396,355 | $ 384,313 |
OID on Convertible Notes | 37,067 | 34,169 |
Equity investments in production facilities | 76,911 | 69,495 |
Prepaid and other | 14,779 | 15,616 |
Total deferred tax liabilities | 525,112 | 503,593 |
Net operating loss carryforward | (34,987) | (38,718) |
Asset retirement obligations | (88,279) | (81,345) |
Reserves, accrued liabilities and other | (39,995) | (27,588) |
Total deferred tax assets | (163,261) | (147,651) |
Valuation allowance | 14,310 | 8,497 |
Current deferred tax asset | (41,449) | (49,200) |
Noncurrent deferred tax liabilities | 417,610 | 413,639 |
Net deferred tax liability | $ 376,161 | $ 364,439 |
Derivative Instruments And Hedging Activities (Impact Of Derivative Instruments On Accumulated Comprehensive Income (Loss)) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||
Derivatives, Fair Value [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | $ 30,043 | [1] | $ (7,699) | $ (18,918) | ||
Unrealized gains (losses) | (382) | (1,568) | 5,237 | |||
Oil And Natural Gas Commodity Contracts [Member]
|
||||||
Derivatives, Fair Value [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | 28,749 | [1] | (6,486) | (19,092) | ||
Unrealized gains (losses) | 13,400 | |||||
Foreign Exchange Forwards [Member]
|
||||||
Derivatives, Fair Value [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | (538) | |||||
Interest Rate Swaps [Member]
|
||||||
Derivatives, Fair Value [Line Items] | ||||||
Gain (Loss) Recognized in OCI on Derivatives | 1,294 | [1] | (1,213) | 712 | ||
Unrealized gains (losses) | $ (100) | |||||
|
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $)
|
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2010
MBbls
|
Jan. 31, 2010
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Sep. 30, 2009
|
Jun. 30, 2009
|
Sep. 30, 2010
|
Dec. 31, 2011
MMbls
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
Aug. 31, 2011
|
Jan. 31, 2009
|
Jun. 30, 2009
Cal Dive International Inc [Member]
|
Dec. 31, 2011
ROVs/Vessels [Member]
|
Dec. 31, 2010
ROVs/Vessels [Member]
|
Dec. 31, 2009
ROVs/Vessels [Member]
|
Dec. 31, 2009
ROV Equipment [Member]
|
Dec. 31, 2011
Equipment In Australia [Member]
|
Dec. 31, 2011
Gulf Of Mexico Oil And Gas Properties [Member]
|
Dec. 31, 2010
Non Producing Oil Field [Member]
|
Dec. 31, 2011
Producing Oil Field [Member]
|
Dec. 31, 2010
Producing Oil Field [Member]
|
Dec. 31, 2009
Producing Oil Field [Member]
|
Dec. 31, 2011
Other Current Assets [Member]
|
Dec. 31, 2011
Accrued Liabilities [Member]
|
Dec. 31, 2011
Shell [Member]
|
Dec. 31, 2010
Shell [Member]
|
Dec. 31, 2009
Shell [Member]
|
Dec. 31, 2010
BP Plc [Member]
|
Dec. 31, 2011
Crude Oil [Member]
|
Dec. 31, 2011
Natural Gas [Member]
|
Dec. 31, 2010
Convertible Preferred Stock [Member]
|
Dec. 31, 2011
Drilling Pipe Inventory [Member]
|
Dec. 31, 2011
United Kingdom [Member]
|
Jun. 30, 2010
United Kingdom [Member]
|
Dec. 31, 2011
United Kingdom [Member]
|
Dec. 31, 2010
United Kingdom [Member]
|
Dec. 31, 2009
United Kingdom [Member]
|
Dec. 31, 2009
Gulf Of Mexico Oil And Gas Properties [Member]
|
Dec. 31, 2011
3.25% Convertible Senior Notes [Member]
|
Jun. 30, 2009
Hurricane [Member]
|
Dec. 31, 2009
Hurricane [Member]
|
|||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership in CDI reduced | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | $ 33,741,000 | $ 35,339,000 | $ 33,741,000 | $ 35,339,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accruals for capital expenditures | 26,100,000 | 21,900,000 | 48,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | 18,066,000 | 25,333,000 | 18,066,000 | 25,333,000 | 4,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of drilling pipes sold, actual | 2,500,000 | 2,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Charges to reduce inventory to its lower cost | 2,100,000 | 0 | 1,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repair and maintenance expenses | 40,100,000 | 35,000,000 | 35,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized software costs | 18,100,000 | 17,800,000 | 18,100,000 | 17,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of software costs | 2,600,000 | 2,600,000 | 2,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of long-lived assets held-for-use | 0 | 0 | 0 | 1,300,000 | 6,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets classified as held for sale | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Oil and gas impairments | 107,500,000 | 2,400,000 | 22,700,000 | 0 | 9,200,000 | 900,000 | 159,900,000 | 11,100,000 | 64,600,000 | 48,200,000 | 132,603,000 | 181,083,000 | 120,550,000 | 21,700,000 | 3,500,000 | 90,900,000 | 172,600,000 | 72,400,000 | 5,000,000 | 20,000,000 | 5,000,000 | 43,800,000 | 51,500,000 | ||||||||||||||||||||||||||||||||
Impairment of unproved properties | 8,334,000 | 6,394,000 | 20,130,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dry hole expense and other | (70,000) | (424,000) | 1,237,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense capitalized | 1,300,000 | 12,500,000 | 48,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other indefinite-lived intangible impairments | 16,700,000 | 16,743,000 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 62,215,000 | 62,494,000 | 62,215,000 | 62,494,000 | 78,643,000 | [2] | 704,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets other than goodwill | 1,600,000 | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible asset, net of accumulated amortization | 531,000 | 636,000 | 531,000 | 636,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expenses for intangible assets | 100,000 | 100,000 | 2,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense 2012 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense 2013 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense 2014 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense 2015 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization expense 2016 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred drydock costs, net | 5,381,000 | 11,086,000 | 5,381,000 | 11,086,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Drydock amortization expense | 7,600,000 | 6,900,000 | 16,400,000 | 9,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash paid for loss on contracts | 5,500,000 | 7,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Previously accrued loss | 200,000 | 12,000,000 | 30,000,000 | 3,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net imbalance | 900,000 | 900,000 | 5,100,000 | 4,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) gain on translation adjustment | (1,000,000) | (10,000,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency gains (losses) | (1,600,000) | 1,700,000 | 2,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative contracts qualified for hedge accounting (MMbls) | 480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative, net liability | 19,800,000 | 24,400,000 | 19,800,000 | 24,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on commodity derivatives | 28,700,000 | (6,500,000) | (19,100,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on commodity derivatives, tax | 15,500,000 | (3,500,000) | (10,300,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) reclassified from accumulated other comprehensive income (loss) to oil and gas revenues | (21,700,000) | 25,600,000 | 17,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Commodity Contracts | 1,088,000 | 89,485,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward sales contract volume | 3,800,000 | 17,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Costless collar financial derivative contract | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floor price | 100 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ceiling price | 120 | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap maximum term in years | two | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps notional amount | 200,000,000 | 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest swap contracts assets | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest swap contracts liability | 1,900,000 | 1,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forwards net | 100,000 | 200,000 | 100,000 | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded gains (losses) foreign currency forwards | 200,000 | (2,600,000) | 3,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock beneficial conversion charges | 53,439,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and related costs | 40,000 | 114,000 | 54,187,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from major customers representing 10% or more of revenues | 49.00% | 29.00% | 19.00% | 17.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subsea services to customers | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate fair value of properties | 60,600,000 | 91,500,000 | 60,600,000 | 91,500,000 | 36,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in expected asset retirement cost | 28,200,000 | 20,000,000 | 15,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net book value of the affected fields | 2,331,327,000 | 2,527,080,000 | 2,331,327,000 | 2,527,080,000 | 2,863,706,000 | 281,430,000 | 281,430,000 | 275,012,000 | 284,637,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt discount | $ 9,555,000 | $ 9,555,000 | $ 60,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ 38.56 | $ 38.56 | $ 32.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument stated percentage | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Details Of Certain Accounts (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details Of Certain Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets, Net |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities |
|
Income Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Income Taxes [Abstract] | |||
Balance at January 1, | $ 4,085 | $ 3,417 | $ 5,183 |
Additions based on tax positions related to current year | 2,785 | ||
Additions for tax positions of prior years | 215 | 668 | 773 |
Reductions for tax positions of prior years | (2,539) | ||
Balance at December 31, | $ 7,085 | $ 4,085 | $ 3,417 |
Long-Term Debt (Maturities Of Long-Term Debt) (Details) (USD $)
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Jan. 31, 2009
|
|||
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Less than one year | $ 7,877,000 | |||||
One to two years | 8,120,000 | |||||
Two to three years | 8,376,000 | |||||
Three to four years | 276,394,000 | |||||
Four to five years | 480,885,000 | |||||
Over five years | 383,224,000 | |||||
Total debt | 1,164,876,000 | |||||
Current maturities | (7,877,000) | (10,179,000) | ||||
Long-term debt, less current maturities | 1,156,999,000 | |||||
Unamortized debt Discount | (9,555,000) | (60,200,000) | ||||
Long-term debt | 1,147,444,000 | 1,347,753,000 | ||||
Face amount notes will increase to through accretion of non-cash interest charges | 300,000,000 | |||||
Helix Term Loan [Member]
|
||||||
Debt Instrument [Line Items] | ||||||
Less than one year | 3,000,000 | |||||
One to two years | 3,000,000 | |||||
Two to three years | 3,000,000 | |||||
Three to four years | 270,750,000 | |||||
Total debt | 279,750,000 | |||||
Current maturities | (3,000,000) | |||||
Long-term debt, less current maturities | 276,750,000 | |||||
Long-term debt | 276,750,000 | |||||
Helix Revolving Loans [Member]
|
||||||
Debt Instrument [Line Items] | ||||||
Less than one year | ||||||
One to two years | ||||||
Two to three years | ||||||
Three to four years | ||||||
Four to five years | ||||||
Over five years | ||||||
Total debt | ||||||
Current maturities | ||||||
Long-term debt, less current maturities | ||||||
Unamortized debt Discount | ||||||
Long-term debt | ||||||
Senior Unsecured Notes [Member]
|
||||||
Debt Instrument [Line Items] | ||||||
Four to five years | 474,960,000 | |||||
Total debt | 474,960,000 | |||||
Long-term debt, less current maturities | 474,960,000 | |||||
Long-term debt | 474,960,000 | |||||
Convertible Senior Notes [Member]
|
||||||
Debt Instrument [Line Items] | ||||||
Over five years | 300,000,000 | [1] | ||||
Total debt | 300,000,000 | [1] | ||||
Long-term debt, less current maturities | 300,000,000 | [1] | ||||
Unamortized debt Discount | (9,555,000) | [1] | (18,500,000) | |||
Long-term debt | 290,445,000 | [1] | ||||
MARAD Debt [Member]
|
||||||
Debt Instrument [Line Items] | ||||||
Less than one year | 4,877,000 | |||||
One to two years | 5,120,000 | |||||
Two to three years | 5,376,000 | |||||
Three to four years | 5,644,000 | |||||
Four to five years | 5,925,000 | |||||
Over five years | 83,224,000 | |||||
Total debt | 110,166,000 | |||||
Current maturities | (4,877,000) | |||||
Long-term debt, less current maturities | 105,289,000 | |||||
Long-term debt | $ 105,289,000 | |||||
|
Business Segment Information (Summary Of Financial Data By Segment) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Sep. 30, 2009
|
Jun. 30, 2009
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Revenues | $ 396,185 | $ 372,496 | $ 338,319 | $ 291,607 | $ 306,337 | $ 392,669 | $ 299,262 | $ 201,570 | $ 1,398,607 | $ 1,199,838 | $ 1,461,687 | |||||||||||
Income (loss) from operations | 235,528 | [1] | (94,656) | [1] | 203,815 | [1] | ||||||||||||||||
Net interest expense and other | 99,953 | 86,324 | 51,495 | |||||||||||||||||||
Equity in earnings of equity investments | 22,215 | 19,469 | 32,329 | |||||||||||||||||||
Income (loss) before income taxes | 147,980 | (163,751) | 261,992 | |||||||||||||||||||
Provision (benefit) for income taxes | 14,903 | (39,598) | 95,822 | |||||||||||||||||||
Identifiable assets | 3,582,347 | 3,592,020 | 3,582,347 | 3,592,020 | 3,779,533 | |||||||||||||||||
Capital expenditures | 219,769 | 206,772 | 423,373 | |||||||||||||||||||
Depreciation and amortization | 311,103 | 317,116 | 262,617 | |||||||||||||||||||
Goodwill impairments | 16,700 | 16,743 | [2] | |||||||||||||||||||
Impairment charges | 107,500 | 2,400 | 22,700 | 0 | 9,200 | 900 | 159,900 | 11,100 | 64,600 | 48,200 | 132,603 | 181,083 | 120,550 | |||||||||
Contracting Services [Member]
|
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Revenues | 738,235 | 780,339 | 796,158 | |||||||||||||||||||
Income (loss) from operations | 107,013 | 77,391 | 118,176 | |||||||||||||||||||
Net interest expense and other | 765 | 1,299 | (2,280) | |||||||||||||||||||
Income (loss) before income taxes | 97,798 | 72,459 | 120,456 | |||||||||||||||||||
Provision (benefit) for income taxes | 29,235 | 42,828 | 43,334 | |||||||||||||||||||
Identifiable assets | 2,006,065 | 1,856,016 | 2,006,065 | 1,856,016 | 1,738,005 | |||||||||||||||||
Capital expenditures | 69,259 | 65,949 | 204,228 | |||||||||||||||||||
Depreciation and amortization | 73,291 | 66,333 | 53,411 | |||||||||||||||||||
Shelf Contracting [Member]
|
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Revenues | 404,709 | |||||||||||||||||||||
Income (loss) from operations | 59,077 | |||||||||||||||||||||
Net interest expense and other | 6,642 | |||||||||||||||||||||
Income (loss) before income taxes | 52,435 | |||||||||||||||||||||
Provision (benefit) for income taxes | 16,275 | |||||||||||||||||||||
Capital expenditures | 39,569 | |||||||||||||||||||||
Depreciation and amortization | 34,243 | |||||||||||||||||||||
Oil And Gas [Member]
|
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Revenues | 696,607 | 425,369 | 385,338 | |||||||||||||||||||
Income (loss) from operations | 129,936 | (160,206) | 91,668 | |||||||||||||||||||
Net interest expense and other | 25,833 | 18,886 | 20,152 | |||||||||||||||||||
Income (loss) before income taxes | 104,103 | (179,092) | 71,516 | |||||||||||||||||||
Provision (benefit) for income taxes | 35,858 | (62,954) | 23,352 | |||||||||||||||||||
Identifiable assets | 1,041,506 | 1,223,014 | 1,041,506 | 1,223,014 | 1,541,153 | |||||||||||||||||
Capital expenditures | 119,614 | 84,554 | 137,168 | |||||||||||||||||||
Depreciation and amortization | 219,915 | 235,290 | 168,101 | |||||||||||||||||||
Production Facilities [Member]
|
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Revenues | 75,460 | [3] | 117,300 | [3] | 3,395 | [3] | ||||||||||||||||
Income (loss) from operations | 38,404 | [3] | 63,863 | [3] | (3,918) | [3] | ||||||||||||||||
Net interest expense and other | 442 | 865 | 2,011 | |||||||||||||||||||
Income (loss) before income taxes | 58,064 | [3] | 86,100 | [3] | 18,300 | [3] | ||||||||||||||||
Provision (benefit) for income taxes | 19,233 | 29,049 | 6,198 | |||||||||||||||||||
Identifiable assets | 534,776 | 512,990 | 534,776 | 512,990 | 499,497 | |||||||||||||||||
Capital expenditures | 30,896 | 56,269 | 42,408 | |||||||||||||||||||
Depreciation and amortization | 14,935 | 9,907 | 3,295 | |||||||||||||||||||
Corporate [Member]
|
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Income (loss) from operations | (39,918) | (56,609) | (47,734) | |||||||||||||||||||
Intercompany Elimination [Member]
|
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Revenues | (111,695) | (123,170) | (127,913) | |||||||||||||||||||
Income (loss) from operations | 93 | (19,095) | (13,454) | |||||||||||||||||||
Corporate And Eliminations [Member]
|
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net interest expense and other | 72,913 | 65,274 | 24,970 | |||||||||||||||||||
Income (loss) before income taxes | (111,985) | (143,218) | (715) | |||||||||||||||||||
Provision (benefit) for income taxes | (69,423) | (48,521) | 6,663 | |||||||||||||||||||
Depreciation and amortization | 2,962 | 5,586 | 3,567 | |||||||||||||||||||
Discontinued Operations [Member]
|
||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Identifiable assets | $ 878 | |||||||||||||||||||||
|
Insurance Matters (Details) (USD $)
|
3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Sep. 30, 2009
|
Jun. 30, 2009
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Sep. 30, 2008
Hurricane [Member]
|
Jun. 30, 2009
Hurricane [Member]
|
Dec. 31, 2011
Catastrophic Bond [Member]
|
Sep. 30, 2011
Catastrophic Bond [Member]
|
Dec. 31, 2010
Catastrophic Bond [Member]
|
Sep. 30, 2010
Catastrophic Bond [Member]
|
Dec. 31, 2009
Catastrophic Bond [Member]
|
Sep. 30, 2009
Catastrophic Bond [Member]
|
Jun. 30, 2011
Catastrophic Bond [Member]
|
Jun. 30, 2010
Catastrophic Bond [Member]
|
Jun. 30, 2009
Catastrophic Bond [Member]
|
|
Supplementary Insurance Information, by Segment [Line Items] | ||||||||||||||||||||||||
Aggregate deductibles | $ 6,000,000 | |||||||||||||||||||||||
Hurricane-related repair costs | 4,700,000 | 25,800,000 | 8,100,000 | |||||||||||||||||||||
Insurance proceeds | 5,000,000 | 102,600,000 | ||||||||||||||||||||||
Reduction in cost of sales | 43,000,000 | |||||||||||||||||||||||
Insurance expense | 2,000,000 | 8,400,000 | 2,300,000 | 9,400,000 | 2,400,000 | 10,400,000 | ||||||||||||||||||
Hurricane-related impairment charges | 51,500,000 | |||||||||||||||||||||||
Oil and gas impairments | 107,500,000 | 2,400,000 | 22,700,000 | 0 | 9,200,000 | 900,000 | 159,900,000 | 11,100,000 | 64,600,000 | 48,200,000 | 132,603,000 | 181,083,000 | 120,550,000 | 43,800,000 | ||||||||||
Prepaid insurance | $ 12,701,000 | $ 12,375,000 | $ 12,701,000 | $ 12,375,000 | $ 10,600,000 | $ 11,900,000 | $ 13,100,000 |
Condensed Consolidated Guarantor And Non-Guarantor Financial Information (Schedule Of Condensed Consolidating Balance Sheets) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
|||
---|---|---|---|---|---|---|---|
Cash and cash equivalents | $ 546,465 | $ 391,085 | $ 270,673 | $ 223,613 | |||
Accounts receivable, net | 238,781 | 177,293 | |||||
Unbilled revenue | 37,375 | 49,411 | |||||
Income taxes receivable | 6,099 | ||||||
Other current assets | 121,621 | 116,966 | |||||
Total current assets | 944,242 | 740,854 | |||||
Property and equipment, net | 2,331,327 | 2,527,080 | 2,863,706 | ||||
Equity investments in unconsolidated affiliates | 175,656 | 187,031 | |||||
Goodwill, net | 62,215 | 62,494 | 78,643 | [1] | 704,300 | ||
Other assets, net | 68,907 | 74,561 | |||||
Total assets | 3,582,347 | 3,592,020 | 3,779,533 | ||||
Accounts payable | 147,043 | 159,381 | |||||
Accrued liabilities | 239,963 | 198,237 | |||||
Income taxes payable | 1,293 | ||||||
Current maturities of long-term debt | 7,877 | 10,179 | |||||
Total current liabilities | 396,176 | 367,797 | |||||
Long-term debt | 1,147,444 | 1,347,753 | |||||
Deferred income taxes | 417,610 | 413,639 | |||||
Asset retirement obligations | 161,208 | 170,410 | |||||
Other long-term liabilities | 9,368 | 5,777 | |||||
Total liabilities | 2,131,806 | 2,305,376 | |||||
Convertible preferred stock | 1,000 | 1,000 | |||||
Total equity | 1,449,541 | 1,285,644 | 1,427,462 | 1,513,776 | |||
Total liabilities and shareholders' equity | 3,582,347 | 3,592,020 | |||||
Helix [Member]
|
|||||||
Cash and cash equivalents | 495,484 | 376,434 | 258,742 | 148,704 | |||
Accounts receivable, net | 79,290 | 61,846 | |||||
Unbilled revenue | 10,530 | 11,990 | |||||
Income taxes receivable | 80,388 | 19,334 | |||||
Other current assets | 68,627 | 63,306 | |||||
Total current assets | 734,319 | 532,910 | |||||
Intercompany | (147,187) | 1,906 | |||||
Property and equipment, net | 230,946 | 217,153 | |||||
Equity investments in affiliates | 1,952,392 | 1,998,289 | |||||
Other assets, net | 53,425 | 43,971 | |||||
Due from subsidiaries/parent | 64,655 | 95,398 | |||||
Total assets | 2,888,550 | 2,889,627 | |||||
Accounts payable | 39,280 | 60,308 | |||||
Accrued liabilities | 115,921 | 58,074 | |||||
Current maturities of long-term debt | 3,000 | 4,326 | |||||
Total current liabilities | 158,201 | 122,708 | |||||
Long-term debt | 1,042,155 | 1,237,587 | |||||
Deferred income taxes | 231,255 | 185,453 | |||||
Other long-term liabilities | 4,150 | 1,421 | |||||
Total liabilities | 1,435,761 | 1,547,169 | |||||
Convertible preferred stock | 1,000 | 1,000 | |||||
Total equity | 1,451,789 | 1,341,458 | |||||
Total liabilities and shareholders' equity | 2,888,550 | 2,889,627 | |||||
Guarantors [Member]
|
|||||||
Cash and cash equivalents | 2,434 | 3,294 | 2,522 | 4,983 | |||
Accounts receivable, net | 117,767 | 91,659 | |||||
Unbilled revenue | 155 | ||||||
Other current assets | 48,661 | 49,557 | |||||
Total current assets | 169,017 | 144,510 | |||||
Intercompany | 315,821 | 263,920 | |||||
Property and equipment, net | 1,422,326 | 1,605,906 | |||||
Equity investments in affiliates | 37,239 | 29,899 | |||||
Goodwill, net | 45,107 | 45,107 | |||||
Other assets, net | 36,453 | 38,324 | |||||
Due from subsidiaries/parent | 430,496 | 105,434 | |||||
Total assets | 2,456,459 | 2,233,100 | |||||
Accounts payable | 82,750 | 56,107 | |||||
Accrued liabilities | 97,692 | 107,874 | |||||
Income taxes payable | 97,692 | 36,678 | |||||
Total current liabilities | 278,134 | 200,659 | |||||
Deferred income taxes | 88,625 | 135,101 | |||||
Asset retirement obligations | 161,208 | 170,410 | |||||
Other long-term liabilities | 4,647 | 3,691 | |||||
Total liabilities | 532,614 | 509,861 | |||||
Total equity | 1,923,845 | 1,723,239 | |||||
Total liabilities and shareholders' equity | 2,456,459 | 2,233,100 | |||||
Non-Guarantors [Member]
|
|||||||
Cash and cash equivalents | 48,547 | 11,357 | 9,409 | 69,926 | |||
Accounts receivable, net | 41,724 | 23,788 | |||||
Unbilled revenue | 26,690 | 37,421 | |||||
Income taxes receivable | 7,195 | ||||||
Other current assets | 10,159 | 12,889 | |||||
Total current assets | 127,120 | 92,650 | |||||
Intercompany | (102,826) | (171,513) | |||||
Property and equipment, net | 682,899 | 709,082 | |||||
Equity investments in unconsolidated affiliates | 175,656 | 187,031 | |||||
Goodwill, net | 17,108 | 17,387 | |||||
Other assets, net | 16,809 | 21,900 | |||||
Total assets | 916,766 | 856,537 | |||||
Accounts payable | 25,013 | 42,966 | |||||
Accrued liabilities | 26,350 | 32,289 | |||||
Income taxes payable | 217 | ||||||
Current maturities of long-term debt | 10,377 | 14,301 | |||||
Total current liabilities | 61,957 | 89,556 | |||||
Long-term debt | 105,289 | 110,166 | |||||
Deferred income taxes | 103,552 | 98,968 | |||||
Other long-term liabilities | 571 | 665 | |||||
Due to parent | 98,285 | 120,884 | |||||
Total liabilities | 369,654 | 420,239 | |||||
Total equity | 547,112 | 436,298 | |||||
Total liabilities and shareholders' equity | 916,766 | 856,537 | |||||
Consolidating Entries [Member]
|
|||||||
Income taxes receivable | (80,388) | (20,430) | |||||
Other current assets | (5,826) | (8,786) | |||||
Total current assets | (86,214) | (29,216) | |||||
Intercompany | (65,808) | (94,313) | |||||
Property and equipment, net | (4,844) | (5,061) | |||||
Equity investments in affiliates | (1,989,631) | (2,028,188) | |||||
Other assets, net | (37,780) | (29,634) | |||||
Due from subsidiaries/parent | (495,151) | (200,832) | |||||
Total assets | (2,679,428) | (2,387,244) | |||||
Income taxes payable | (96,616) | (36,678) | |||||
Current maturities of long-term debt | (5,500) | (8,448) | |||||
Total current liabilities | (102,116) | (45,126) | |||||
Deferred income taxes | (5,822) | (5,883) | |||||
Due to parent | (98,285) | (120,884) | |||||
Total liabilities | (206,223) | (171,893) | |||||
Total equity | (2,473,205) | (2,215,351) | |||||
Total liabilities and shareholders' equity | $ (2,679,428) | $ (2,387,244) | |||||
|
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Income Taxes [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Foreign provision | (2.00%) | (4.30%) | (1.10%) |
Effect of Australian reorganization | (21.20%) | ||
IRC Section 199 deduction | (1.20%) | ||
CDI equity pick up in excess of tax basis | 3.00% | ||
Nondeductible goodwill impairment (Note 2) | (4.40%) | ||
Valuation allowance on certain deferred tax assets | (3.10%) | ||
Other | (1.70%) | 1.00% | 0.90% |
Effective rate | 10.10% | 24.20% | 36.60% |
Stock Buyback Program (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Oct. 31, 2011
|
Dec. 31, 2011
|
Jun. 30, 2009
|
|
Stock Buyback Program [Abstract] | |||
Repurchase of common stock | 1,500,000 | ||
Total stock repurchase, shares | 2,473,730 | ||
Repurchase of common stock, shares | 497,412 | ||
Repurchase of common stock, value | $ 6.5 | ||
Total stock repurchase, value | $ 30.5 | ||
Repurchase of common stock, value per share | $ 13.07 | ||
Average stock repurchase, value per share | $ 12.34 |
Employee Benefit Plans (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
years
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Jan. 03, 2012
|
Dec. 31, 2008
|
Jan. 31, 2012
2005 Incentive Plan [Member]
|
Dec. 31, 2011
2005 Incentive Plan [Member]
|
Dec. 31, 2011
1995 Incentive Plan [Member]
|
Dec. 31, 2011
2009 Incentive Plan [Member]
|
Dec. 31, 2010
2009 Incentive Plan [Member]
|
Dec. 31, 2009
2009 Incentive Plan [Member]
|
Jan. 31, 2012
2009 Incentive Plan [Member]
|
Dec. 31, 2011
Stock Options [Member]
2005 Incentive Plan [Member]
|
Dec. 31, 2011
Stock Options [Member]
1995 Incentive Plan [Member]
|
Jan. 31, 2012
Restricted Stock Units (RSUs) [Member]
|
Dec. 31, 2011
Restricted Stock Units (RSUs) [Member]
2005 Incentive Plan [Member]
|
Dec. 31, 2011
Stock Option One [Member]
|
Dec. 31, 2011
Stock Option Two [Member]
|
Dec. 31, 2011
Stock Option Three [Member]
|
Dec. 31, 2011
Stock Option Four [Member]
|
Jan. 31, 2011
Performance Share Units (PSUs) [Member]
|
Jan. 31, 2012
Executive Officer [Member]
2005 Incentive Plan [Member]
|
Dec. 31, 2011
Executive Officer [Member]
2009 Incentive Plan [Member]
|
Dec. 31, 2010
Executive Officer [Member]
2009 Incentive Plan [Member]
|
Dec. 31, 2009
Executive Officer [Member]
2009 Incentive Plan [Member]
|
Jan. 31, 2012
Executive Officer [Member]
Performance Share Units (PSUs) [Member]
|
Jan. 31, 2012
Non-Executive Employees [Member]
Restricted Stock Units (RSUs) [Member]
|
Jan. 31, 2012
Maximum [Member]
Performance Share Units (PSUs) [Member]
|
Jan. 31, 2012
Minimum [Member]
Performance Share Units (PSUs) [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||
Share-based compensation, employer subscription rate | 50.00% | ||||||||||||||||||||||||||||
Share-based compensation, maximum employee subscription rate | 5.00% | ||||||||||||||||||||||||||||
Deferred compensation plan expense | $ 1.4 | $ 1.6 | $ 1.5 | ||||||||||||||||||||||||||
Shares available for grant | 920,748 | ||||||||||||||||||||||||||||
Maximum percentage of common stock that can be granted | 10.00% | ||||||||||||||||||||||||||||
Stock split | two-for-one stock split | ||||||||||||||||||||||||||||
Aggregate number of shares granted | 6,000,000 | 2,000,000 | 4,000,000 | ||||||||||||||||||||||||||
Awards granted to employees typically vest (in percentage) | 33.00% | 20.00% | 20.00% | 33.00% | 33.00% | 100.00% | |||||||||||||||||||||||
Awards vesting period, years | 3 | five | 5 | ||||||||||||||||||||||||||
Forfeitures on restricted stock (in percentage) | 17.00% | ||||||||||||||||||||||||||||
Stock options granted maximum exercise life, in years | 10 | ||||||||||||||||||||||||||||
Options outstanding, shares | 192,800 | 432,918 | 501,318 | 521,654 | 98,000 | 14,000 | 28,000 | 52,800 | |||||||||||||||||||||
Exercised, weighted average exercise price | $ 10.92 | $ 10.52 | $ 8.67 | $ 8.57 | $ 10.59 | $ 10.92 | $ 13.91 | ||||||||||||||||||||||
Weighted average remaining contractual life of stock options | 1.4 | ||||||||||||||||||||||||||||
Stock options compensation expense | 0 | ||||||||||||||||||||||||||||
Share based payment award value | 5.2 | 10.2 | 14.7 | 4.2 | 6.0 | 8.1 | |||||||||||||||||||||||
Intrinsic value of stock options exercised | 1.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||
Intrinsic value of options exercisable | 1.0 | 0.6 | 0.5 | ||||||||||||||||||||||||||
Restricted stock expense | 8.4 | 9.0 | 9.4 | 7.9 | 8.6 | 3.7 | 6.5 | 6.9 | 2.6 | ||||||||||||||||||||
Compensation cost of unvested restricted stock awards | 23.4 | 29.7 | 21.8 | ||||||||||||||||||||||||||
Weighted average vesting period related to nonvested restricted stock | 2.7 | ||||||||||||||||||||||||||||
Restricted shares issued, shares | 132,910 | ||||||||||||||||||||||||||||
Common stock performance awards percentage | 200.00% | 0.00% | |||||||||||||||||||||||||||
Restricted share grants, shares | 132,910 | 139,243 | |||||||||||||||||||||||||||
Market price per share of restricted share | $ 15.80 | $ 15.80 | |||||||||||||||||||||||||||
Market value of restricted shares | 2.2 | 2.1 | |||||||||||||||||||||||||||
Share-based payment award, method of measuring cost of award | The maximum amount payable under these share-based cash awards is twice the original targeted award and if the average price during the measurement period is less than 50% (75% for 2012 grants) of the base price, no payout will be made at the applicable anniversary date. | ||||||||||||||||||||||||||||
Liability long-term incentive compensation plan | 8.5 | ||||||||||||||||||||||||||||
Stock-based liability paid | $ 4.0 |
Related Party Transactions (Details) (USD $)
|
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 30, 2000
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
|
Percentage of working interests acquired | 20.00% | ||||
Financing exploratory costs | $ 5,840,000 | $ 3,252,000 | $ 3,059,000 | $ 2,105,000 | |
Financing exploratory costs | 20,000,000 | ||||
Royalty interest | 25.00% | ||||
Related party payments | 8,300,000 | 11,200,000 | 11,300,000 | ||
Partnership interests | 80.70% | ||||
Weatherford International, Ltd [Member]
|
|||||
Related party payments | $ 3,600,000 | $ 6,900,000 | $ 3,300,000 |
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Income Taxes [Abstract] | |||
Current | $ 16,306 | $ 7,238 | $ 160,829 |
Deferred | (1,403) | (46,836) | (65,007) |
Provision for income taxes | 14,903 | (39,598) | 95,822 |
Domestic | 119 | (57,165) | 94,388 |
Foreign | $ 14,784 | $ 17,567 | $ 1,434 |
Long-Term Debt (Narrative) (Details) (USD $)
|
1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Aug. 31, 2011
|
Jun. 30, 2011
|
May 31, 2011
|
Dec. 31, 2011
Helix Term Loan [Member]
|
Dec. 31, 2010
Helix Term Loan [Member]
|
Jul. 31, 2006
Helix Term Loan [Member]
|
Dec. 31, 2011
Revolving Credit Facility [Member]
|
Dec. 31, 2010
Revolving Credit Facility [Member]
|
Dec. 31, 2011
Helix Revolving Loans [Member]
|
Jun. 30, 2009
Helix Revolving Loans [Member]
|
Jul. 31, 2006
Helix Revolving Loans [Member]
|
Dec. 31, 2011
Senior Unsecured Notes [Member]
|
Dec. 31, 2010
Senior Unsecured Notes [Member]
|
Dec. 21, 2007
Senior Unsecured Notes [Member]
|
Dec. 31, 2005
Convertible Senior Notes [Member]
|
Mar. 31, 2005
Convertible Senior Notes [Member]
|
Dec. 31, 2011
Convertible Senior Notes [Member]
|
Dec. 31, 2010
Convertible Senior Notes [Member]
|
Sep. 30, 2005
MARAD Debt [Member]
|
Dec. 31, 2011
MARAD Debt [Member]
|
Dec. 31, 2010
MARAD Debt [Member]
|
Dec. 31, 2011
Letters Of Credit [Member]
|
Dec. 31, 2011
Other [Member]
|
Dec. 31, 2010
Other [Member]
|
Dec. 31, 2011
Senior Credit Facility [Member]
|
Dec. 31, 2011
Maximum [Member]
|
Feb. 28, 2010
Maximum [Member]
Helix Term Loan [Member]
|
Dec. 31, 2011
Maximum [Member]
Helix Revolving Loans [Member]
|
Dec. 31, 2011
Minimum [Member]
|
Dec. 31, 2011
Minimum [Member]
Helix Term Loan [Member]
|
|||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured letters of credit | $ 41,400,000 | $ 41,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, noncurrent | 1,147,444,000 | 1,347,753,000 | 276,750,000 | 474,960,000 | 290,445,000 | [1] | 105,289,000 | |||||||||||||||||||||||||||||||||||||||||
Long-term debt, carrying value | 1,164,876,000 | 1,376,460,000 | 474,960,000 | [2] | 550,000,000 | [2] | 300,000,000 | 300,000,000 | [2],[3] | 300,000,000 | [2],[3] | 110,166,000 | [4] | 114,811,000 | [4] | |||||||||||||||||||||||||||||||||
Debt instrument purchase price percentage of principal amount | 101.00% | 1000.00% | 1000.00% | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 835,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate | 9.50% | 3.25% | 4.93% | |||||||||||||||||||||||||||||||||||||||||||||
Contingent interest | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion percentage threshold of the convertible senior notes | 120.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of notes percentage | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Stated maturity year | January 15, 2016 | 2025 | February 2027 | |||||||||||||||||||||||||||||||||||||||||||||
Aggregate amount of debt payment | 77,394,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Premium on senior unsecured notes | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Payment on senior unsecured notes | 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of Notes | 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest paid on notes | 800,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of Senior Unsecured Notes | 2,354,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Original borrowing capacity | 600,000,000 | 435,000,000 | 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents plus available capacity under Revolving Credit Facility | 500,000,000 | 400,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Leverage ratio | 2.00 to 1.00 | 4.50 to 1.00 | 4.00 to 1.00 | |||||||||||||||||||||||||||||||||||||||||||||
Margin increase | 0.25% | 2.50% | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 3.80% | 2.90% | 3.40% | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate terms | one-, three- or six-month LIBOR at our current election plus a 2.00% margin (as amended in February 2010, the margin was increased up to 2.50% depending on current leverage ratios, as defined). | one-, three- or six-month LIBOR rates or on Base Rates at our current election plus an applicable margin as discussed below. Margins on the Revolving Loans will fluctuate in relation to the consolidated leverage ratio as provided in the Credit Agreement. | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument proceeds from sale of oil and gas properties percentage | 60.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument proceeds reinvested into collateral percentage | 40.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility available | 600,000,000 | 558,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Lines of Credit | 109,400,000 | 349,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries permitted by credit agreement, excluding loan party subsidiaries and subsidiaries with pledged equity interests | 200,000,000 | 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchases and redemptions permitted under credit agreement, common stock, value | 50,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap | 200,000,000 | 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap maximum term in years | two | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes, shares of common stock | 15.56 | 31.12 | ||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 6.60% | |||||||||||||||||||||||||||||||||||||||||||||||
Per share conversion price | $ 38.56 | $ 64.27 | $ 32.14 | |||||||||||||||||||||||||||||||||||||||||||||
Conversion rate | 103.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Convertible Senior Notes are convertible into shares | 13,303,770 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt percentage guaranteed | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Payments of debt issuance costs | 9,300,000 | 2,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 8,910,000 | 7,703,000 | 6,693,000 | 900,000 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | $ 26,483,000 | $ 25,697,000 | $ 26,500,000 | $ 25,700,000 | ||||||||||||||||||||||||||||||||||||||||||||
|
Supplemental Oil And Gas Disclosures
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Supplemental Oil and Gas Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Oil And Gas Disclosures | Note 19 — Supplemental Oil and Gas Disclosures (Unaudited)
Accounting Rules Activities
We adopted the modernized oil and gas reserve requirements for our proved reserve estimates and the related reserve report at December 31, 2009. Generally, adoption of these new regulations had little effect on our estimates of reserves however, the rule requiring development of proved undeveloped reserves within five years has subsequently affected our proved reserve estimate and could significantly impact future estimates of our proved reserves (see "Proved Undeveloped Reserves" below).
Capitalized Costs
Aggregate amounts of capitalized costs relating to our oil and gas activities and the aggregate amount of related accumulated depletion, depreciation and amortization as of the dates indicated are presented below (in thousands):
Included in the depreciable basis of our proved oil and gas properties is the estimate of our proportionate share of asset retirement obligations relating to these properties which are also reflected as asset retirement obligations in the accompanying consolidated balance sheets. At December 31, 2011 and 2010, our oil and gas asset retirement obligations totaled $254.4 million and $234.9 million, respectively.
Costs Incurred in Oil and Gas Producing Activities
The following table reflects the costs incurred in oil and gas property acquisition and development activities, including estimated asset retirement obligations, during the years indicated (in thousands):
Results of Operations for Oil and Gas Producing Activities
Amounts in thousands:
Estimated Quantities of Proved Oil and Gas Reserves
We employ full-time experienced reserve engineers and geologists who are responsible for determining proved reserves in compliance with SEC guidelines. Our engineering reserve estimates were prepared based upon interpretation of production performance data and sub-surface information obtained from the drilling of existing wells. Our internal reservoir engineers and independent petroleum engineers analyze 100% of our significant United States oil and gas fields (65 fields as of December 31, 2011). We consider any field with discounted future net revenues of 1% or greater of the total discounted future net revenues of all our fields to be significant.
We engaged Huddleston & Co., Inc. ("Huddleston"), an independent reservoir engineering firm, to prepare a report to estimate our proved reserves. Huddleston prepared a report to estimate our proved reserves at December 31, 2011, 2010 and 2009. Their reserve report at December 31, 2011 is included as Exhibit 99.1 to this Annual Report.
The following table presents our net ownership interest in proved oil reserves (MBbls):
The following table presents our net ownership interest in proved gas reserves, including natural gas liquids (MMcf):
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
The following table reflects the standardized measure of discounted future net cash flows relating to our interest in proved oil and gas reserves (in thousands):
Future cash inflows are computed by applying the appropriate average twelve month commodity prices as based on the price of oil and natural gas on the first day of each month during the year, adjusted for location and quality differentials on a property-by-property basis, to year-end quantities of proved reserves. The discounted future cash flow estimates do not include the effects of our derivative instruments. See the following table for base prices used in determining the standardized measure:
The future income tax expense was computed by applying the appropriate year-end statutory rates, with consideration of future tax rates already legislated, to the future pretax net cash flows less the tax basis of the associated properties. Future net cash flows are discounted at the prescribed rate of 10%. We caution that actual future net cash flows may vary considerably from these estimates. Although our estimates of total proved reserves, development costs and production rates were based on the best information available, the development and production of oil and gas reserves may not occur in the periods assumed. Actual prices realized, costs incurred and production quantities may vary significantly from those assumed. Therefore, such estimated future net cash flow computations should not be considered to represent our estimate of the expected revenues or the current value of existing proved reserves.
Changes in Standardized Measure of Discounted Future Net Cash Flows
Principal changes in the standardized measure of discounted future net cash flows attributable to our proved oil and gas reserves are as follows (in thousands):
|
Summary Of Significant Accounting Policies (Schedule Of Changes In Asset Retirement Obligations) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Sep. 30, 2009
|
Jun. 30, 2009
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Jun. 30, 2010
United Kingdom [Member]
|
Dec. 31, 2011
United Kingdom [Member]
|
Dec. 31, 2010
United Kingdom [Member]
|
Dec. 31, 2011
Asset Retirement Obligation [Member]
|
|||||
Asset Retirement Obligations [Line Items] | |||||||||||||||||||||
Asset retirement obligations beginning balance | $ 234,936 | $ 248,128 | $ 234,936 | $ 248,128 | |||||||||||||||||
Liability incurred during the period | 4,982 | 18,056 | |||||||||||||||||||
Liability settled during the period | (42,675) | (55,114) | |||||||||||||||||||
Other revisions in estimated cash flows | 42,268 | [1] | 8,349 | [1] | |||||||||||||||||
Accretion expense (included in depreciation and amortization) | 14,880 | 15,517 | |||||||||||||||||||
Asset retirement obligations ending balance | 254,391 | 234,936 | 254,391 | 234,936 | 248,128 | ||||||||||||||||
Impairment charges | $ 107,500 | $ 2,400 | $ 22,700 | $ 0 | $ 9,200 | $ 900 | $ 159,900 | $ 11,100 | $ 64,600 | $ 48,200 | $ 132,603 | $ 181,083 | $ 120,550 | $ 5,000 | $ 20,000 | $ 5,000 | $ 41,700 | ||||
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Derivative Instruments And Hedging Activities (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Derivative Instruments And Hedging Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Designated As Hedging Instruments |
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Derivatives Not Designated As Hedging Instruments |
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Impact Of Derivative Instruments On Accumulated Comprehensive Income (Loss) |
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Gain (Loss) Reclassified From Accumulated OCI Into Income |
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Impact Of Non-Designated Derivative Instruments On Income Statement |
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Income Taxes (Narrative) (Details) (USD $)
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12 Months Ended | ||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Income Taxes [Line Items] | |||
Effective income tax rate | 35.00% | 35.00% | 35.00% |
Operating loss carryforward | $ 17,600,000 | ||
Tax credit carryforward, amount | 9,700,000 | ||
Operating loss carryforwards, expiration dates | 2030 | ||
Tax credit carryforward, expiration dates | 2020 | ||
Valuation allowance related to certain non-U.S. deferred assets | 14,310,000 | 8,497,000 | |
Long term liability related to an uncertain tax position | 2,800,000 | ||
Unrecognized tax benefits, income tax penalties and interest expense | 200,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 6,200,000 | 3,400,000 | 3,400,000 |
Income tax benefit | 14,903,000 | (39,598,000) | 95,822,000 |
Uncertain tax positions | 7,100,000 | ||
Income tax, accrued interest and penalties | 900,000 | ||
Helix [Member]
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Income Taxes [Line Items] | |||
Income tax benefit | (63,242,000) | (9,175,000) | 43,417,000 |
Australian Subsidiary [Member]
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Income Taxes [Line Items] | |||
Income tax benefit | 31,300,000 | ||
Non-U.S. Subsidiaries [Member]
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Income Taxes [Line Items] | |||
Accumulated earnings and profits | $ 113,400,000 | $ 28,200,000 |
Supplemental Oil And Gas Disclosures (Results Of Operations For Oil And Gas Producing Activities) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||||||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||||||||||||
Revenues | $ 696,607 | $ 425,369 | $ 385,338 | |||||||||
Production (lifting) costs | 180,243 | 135,685 | 119,836 | |||||||||
Hurricane repair expense | (4,838) | 4,699 | (23,332) | |||||||||
Exploration expenses | 10,914 | [1] | 8,276 | [1] | 24,383 | [1] | ||||||
Depreciation, depletion, amortization and accretion | 219,915 | 235,290 | 169,256 | |||||||||
Proved property impairment charges and other | 133,406 | [2] | 182,133 | [2] | 73,407 | [2] | ||||||
Gain on sale or acquisition of oil and gas properties | (4,531) | (6,246) | (1,949) | |||||||||
Gain on oil and gas derivative contracts | (1,088) | (89,485) | ||||||||||
Selling and administrative expenses | 31,562 | 26,826 | 21,554 | |||||||||
Pretax income (loss) from producing activities | 129,936 | (160,206) | 91,668 | |||||||||
Income tax expense (benefit) | 35,858 | (62,954) | 23,252 | |||||||||
Results of oil and gas producing activities | 94,078 | [3] | (97,252) | [3] | 68,416 | [3] | ||||||
United States [Member]
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Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||||||||||||
Revenues | 696,607 | 425,369 | 384,375 | |||||||||
Production (lifting) costs | 176,269 | 131,156 | 117,565 | |||||||||
Hurricane repair expense | (4,838) | 4,699 | (23,332) | |||||||||
Exploration expenses | 10,914 | [1] | 8,276 | [1] | 24,383 | [1] | ||||||
Depreciation, depletion, amortization and accretion | 219,915 | 235,243 | 167,812 | |||||||||
Proved property impairment charges and other | 113,439 | [2] | 177,138 | [2] | 73,407 | [2] | ||||||
Gain on sale or acquisition of oil and gas properties | (4,531) | (287) | (1,949) | |||||||||
Gain on oil and gas derivative contracts | (1,088) | (89,485) | ||||||||||
Selling and administrative expenses | 31,455 | 26,714 | 21,495 | |||||||||
Pretax income (loss) from producing activities | 153,984 | (156,482) | 94,479 | |||||||||
Income tax expense (benefit) | 45,233 | (62,526) | 24,280 | |||||||||
Results of oil and gas producing activities | 108,751 | [3] | (93,956) | [3] | 70,199 | [3] | ||||||
United Kingdom [Member]
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Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||||||||||||
Revenues | 963 | |||||||||||
Production (lifting) costs | 3,974 | 4,529 | 2,271 | |||||||||
Depreciation, depletion, amortization and accretion | 47 | 1,444 | ||||||||||
Proved property impairment charges and other | 19,967 | [2] | 4,995 | [2] | ||||||||
Gain on sale or acquisition of oil and gas properties | (5,959) | |||||||||||
Selling and administrative expenses | 107 | 112 | 59 | |||||||||
Pretax income (loss) from producing activities | (24,048) | (3,724) | (2,811) | |||||||||
Income tax expense (benefit) | (9,375) | (428) | (1,028) | |||||||||
Results of oil and gas producing activities | $ (14,673) | [3] | $ (3,296) | [3] | $ (1,783) | [3] | ||||||
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Employee Benefit Plans (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Schedule Of Stock Options Activity |
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Restricted Stock Units (RSUs) [Member]
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Schedule Of Restricted Stock And Restricted Stock Units Activity |
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Summary Of Significant Accounting Policies (Computations Of Basic And Diluted EPS) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2011
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Earnings Per Share | |||||||||||
Net income (loss) applicable to common shareholders | $ 16,753 | $ 46,016 | $ 41,313 | $ 25,857 | $ (49,821) | $ 26,161 | $ (85,551) | $ (17,891) | $ 129,939 | $ (127,102) | $ 101,867 |
Less: Undistributed net income allocable to participating securities | (1,599) | (1,436) | |||||||||
Undistributed net income (loss) applicable to common shareholders | 128,340 | (127,102) | 100,431 | ||||||||
(Income) loss from discontinued operations | (9,581) | ||||||||||
Add: Undiscounted net income from discontinued operations allocable to participating securities | 135 | ||||||||||
Income (loss) per common share - continuing operations | 128,340 | (127,102) | 90,985 | ||||||||
Weighted average number of shares outstanding - basic | 104,528 | 103,857 | 99,136 | ||||||||
Stock options, Shares | 64 | 28 | |||||||||
Undistributed earnings reallocated to participating securities, value | 7 | 80 | |||||||||
Convertible Senior Notes, Value | |||||||||||
Convertible Senior Notes, Shares | |||||||||||
Convertible preferred stock, Income | 40 | 748 | |||||||||
Shares to be included in diluted shares outstanding amount | 361 | 6,556 | |||||||||
Income (loss) per common share - continuing operations | 128,387 | (127,102) | 91,813 | ||||||||
Income (loss) per common share - discontinued operations | 9,581 | ||||||||||
Net income (loss) per common share - Diluted | $ 128,387 | $ (127,102) | $ 101,394 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted, Total | 104,953 | 103,857 | 105,720 |
Equity Investments (Contributions To Equity Investments) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Schedule of Equity Method Investments [Line Items] | |||
Contributions to equity investments | $ 2,699 | $ 8,253 | $ 1,657 |
Clough Helix Pty Ltd. [Member]
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Schedule of Equity Method Investments [Line Items] | |||
Contributions to equity investments | 2,699 | 8,253 | |
Other [Member]
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Schedule of Equity Method Investments [Line Items] | |||
Contributions to equity investments | $ 1,657 |
Condensed Consolidated Guarantor And Non-Guarantor Financial Information (Schedule Of Condensed Consolidating Statements Of Cash Flows) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Net income (loss), including noncontrolling interests | $ 133,077 | $ (124,153) | $ 175,751 |
Equity in earnings of investments, net of distributions | (6,321) | ||
Other adjustments | 434,079 | 455,607 | 254,508 |
Cash provided by operating activities | 567,156 | 331,454 | 423,938 |
Net cash used in discontinued operations | (6,261) | ||
Net cash provided by operating activities | 567,156 | 331,454 | 417,677 |
Capital expenditures | (219,769) | (206,772) | (423,373) |
Acquisition of businesses, net of cash acquired | |||
Investments in equity investments | (2,699) | (8,253) | (1,657) |
Distributions from equity investments, net | 3,965 | 10,539 | 6,742 |
Increases in restricted cash | 1,598 | (70) | (6) |
Proceeds from insurance reimbursement | 16,106 | ||
Proceeds from sale of Cal Dive common stock | 3,588 | 418,168 | |
Proceeds from sale of Cal Dive common stock | 305,173 | ||
Proceeds from sales of property | 31,000 | 6,894 | 23,717 |
Other, net | 32,598 | ||
Net cash provided by (used in) investing activities | (182,317) | (181,556) | (89,404) |
Net cash provided by discontinued operations | 20,872 | ||
Net cash used in investing activities | (182,317) | (181,556) | (68,532) |
Borrowings on revolvers | 109,400 | 100,000 | |
Repayments on revolvers | (109,400) | (349,500) | |
Repayments of debt | (212,730) | (8,750) | (28,540) |
Loan notes repayment | (1,215) | (2,517) | (2,130) |
Deferred financing costs | (9,311) | (2,947) | (6,970) |
Preferred stock dividends paid | (40) | (114) | (645) |
Repurchases of common stock | (7,604) | (11,680) | (13,995) |
Excess tax benefit from stock-based compensation | (1,013) | (3,945) | 895 |
Exercise of stock options, net | 2,018 | 674 | 176 |
Net cash used in financing activities | (229,895) | (29,279) | (300,709) |
Effect of exchange rate changes on cash and cash equivalents | 436 | (207) | (1,376) |
Net increase in cash and cash equivalents | 155,380 | 120,412 | 47,060 |
Balance, beginning of year | 391,085 | 270,673 | 223,613 |
Balance, end of year | 546,465 | 391,085 | 270,673 |
Helix [Member]
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Net income (loss), including noncontrolling interests | 106,321 | (118,611) | 158,073 |
Equity in earnings of affiliates | (262,990) | 60,443 | (145,340) |
Other adjustments | 39,860 | 94,376 | 26,633 |
Cash provided by operating activities | 36,208 | 39,366 | |
Net cash provided by operating activities | (116,809) | 39,366 | |
Capital expenditures | (32,417) | (56,650) | (35,657) |
Acquisition of businesses, net of cash acquired | |||
Proceeds from insurance reimbursement | 7,020 | ||
Proceeds from sale of Cal Dive common stock | 3,588 | ||
Proceeds from sale of Cal Dive common stock | 504,168 | ||
Proceeds from sales of property | 6,042 | ||
Net cash provided by (used in) investing activities | 468,511 | ||
Net cash used in investing activities | (28,829) | (43,588) | 468,511 |
Borrowings on revolvers | 109,400 | ||
Repayments on revolvers | (109,400) | (349,500) | |
Repayments of debt | (208,085) | (4,326) | (4,326) |
Deferred financing costs | (9,311) | (2,947) | (6,970) |
Preferred stock dividends paid | (40) | (114) | (645) |
Repurchases of common stock | (7,604) | (11,680) | (13,995) |
Excess tax benefit from stock-based compensation | (1,013) | (3,945) | 895 |
Exercise of stock options, net | 2,018 | 674 | 176 |
Intercompany financing | 488,723 | 147,410 | (23,474) |
Net cash used in financing activities | 264,688 | 125,072 | (397,839) |
Net increase in cash and cash equivalents | 119,050 | 117,692 | 110,038 |
Balance, beginning of year | 376,434 | 258,742 | 148,704 |
Balance, end of year | 495,484 | 376,434 | 258,742 |
Guarantors [Member]
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Net income (loss), including noncontrolling interests | 133,011 | (53,483) | 76,397 |
Equity in earnings of affiliates | (7,340) | (8,473) | 1,725 |
Other adjustments | 353,728 | 305,649 | 163,451 |
Cash provided by operating activities | 243,693 | 241,573 | |
Net cash provided by operating activities | 479,399 | 241,573 | |
Capital expenditures | (174,739) | (121,709) | (245,354) |
Acquisition of businesses, net of cash acquired | |||
Increases in restricted cash | (70) | (6) | |
Proceeds from insurance reimbursement | 9,086 | ||
Proceeds from sale of Cal Dive common stock | |||
Proceeds from sales of property | 852 | 23,717 | |
Other, net | 32,598 | ||
Net cash provided by (used in) investing activities | (221,643) | ||
Net cash used in investing activities | (142,141) | (111,841) | (221,643) |
Intercompany financing | (338,118) | (131,080) | (22,391) |
Net cash used in financing activities | (338,118) | (131,080) | (22,391) |
Net increase in cash and cash equivalents | (860) | 772 | (2,461) |
Balance, beginning of year | 3,294 | 2,522 | 4,983 |
Balance, end of year | 2,434 | 3,294 | 2,522 |
Non-Guarantors [Member]
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Net income (loss), including noncontrolling interests | 140,433 | 4,348 | 86,896 |
Equity in earnings of investments, net of distributions | (7,220) | ||
Other adjustments | 40,293 | 76,865 | 82,411 |
Cash provided by operating activities | 81,213 | 162,087 | |
Net cash used in discontinued operations | (6,261) | ||
Net cash provided by operating activities | 180,726 | 155,826 | |
Capital expenditures | (12,613) | (28,413) | (142,362) |
Acquisition of businesses, net of cash acquired | |||
Investments in equity investments | (2,699) | (8,253) | (1,657) |
Distributions from equity investments, net | 3,965 | 10,539 | 6,742 |
Proceeds from sale of Cal Dive common stock | |||
Proceeds from sale of Cal Dive common stock | (112,995) | ||
Net cash provided by (used in) investing activities | (250,272) | ||
Net cash provided by discontinued operations | 20,872 | ||
Net cash used in investing activities | (11,347) | (26,127) | (229,400) |
Borrowings on revolvers | 100,000 | ||
Repayments of debt | (4,645) | (4,424) | (24,214) |
Loan notes repayment | (1,215) | (2,517) | (2,130) |
Repurchases of common stock | (86,000) | ||
Intercompany financing | (126,765) | (45,990) | 26,777 |
Net cash used in financing activities | (132,625) | (52,931) | 14,433 |
Effect of exchange rate changes on cash and cash equivalents | 436 | (207) | (1,376) |
Net increase in cash and cash equivalents | 37,190 | 1,948 | (60,517) |
Balance, beginning of year | 11,357 | 9,409 | 69,926 |
Balance, end of year | 48,547 | 11,357 | 9,409 |
Consolidating Entries [Member]
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Net income (loss), including noncontrolling interests | (246,688) | 43,593 | (145,615) |
Equity in earnings of investments, net of distributions | 899 | ||
Equity in earnings of affiliates | 270,330 | (51,970) | 143,615 |
Other adjustments | 198 | (21,283) | (17,987) |
Cash provided by operating activities | (29,660) | (19,088) | |
Net cash provided by operating activities | 23,840 | (19,088) | |
Acquisition of businesses, net of cash acquired | |||
Proceeds from sale of Cal Dive common stock | |||
Proceeds from sale of Cal Dive common stock | (86,000) | ||
Net cash provided by (used in) investing activities | (86,000) | ||
Net cash used in investing activities | (86,000) | ||
Repurchases of common stock | 86,000 | ||
Intercompany financing | (23,840) | 29,660 | 19,088 |
Net cash used in financing activities | $ (23,840) | $ 29,660 | $ 105,088 |
Oil And Gas Properties (Components Of Exploration Expenses) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Oil And Gas Properties [Abstract] | ||||||||
Delay rental and geological and geophysical costs | $ 2,650 | $ 2,306 | $ 3,016 | |||||
Impairment of unproved properties | 8,334 | 6,394 | 20,130 | |||||
Dry hole expense | (70) | (424) | 1,237 | |||||
Total exploration expense | $ 10,914 | [1] | $ 8,276 | [1] | $ 24,383 | [1] | ||
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Summary Of Significant Accounting Policies (Supplemental Cash Flow Information) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Summary Of Significant Accounting Policies [Abstract] | |||
Interest paid, net of interest capitalized | $ 81,000 | $ 68,534 | $ 48,313 |
Income Taxes Paid | $ 11,216 | $ 10,071 | $ 106,480 |
Ownership Of Cal Dive International, Inc.
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12 Months Ended |
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Dec. 31, 2011
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Ownership Of Cal Dive International, Inc. [Abstract] | |
Ownership Of Cal Dive International, Inc. | Note 3 — Ownership of Cal Dive International, Inc.
Our ownership in CDI as of December 31, 2008 was approximately 57.2%. In January 2009, we sold approximately 13.6 million shares of Cal Dive common stock to Cal Dive for $86 million. This transaction constituted a single transaction and was not part of any planned set of transactions that would result in us having a noncontrolling interest in Cal Dive, and reduced our ownership in Cal Dive to approximately 51%. Because we retained control of CDI immediately after the transaction, the loss of approximately $2.9 million on this sale was treated as a reduction of our equity in the accompanying consolidated balance sheet.
In June 2009, we sold 22.6 million shares of Cal Dive common stock held by us pursuant to a secondary public offering ("Offering"). Proceeds from the Offering totaled approximately $182.9 million, net of underwriting fees. Simultaneously with the closing of the Offering, pursuant to a Stock Repurchase Agreement with Cal Dive, Cal Dive repurchased from us approximately 1.6 million shares of its common stock for net proceeds of $14 million at $8.50 per share, the Offering price. Following the closing of these two transactions, our ownership of Cal Dive common stock was reduced to approximately 26%.
Because these transactions reduced our ownership in Cal Dive to less than 50%, the $59.4 million gain resulting from the sale of these shares was reflected in "Gain on investment in Cal Dive common stock" in the accompanying consolidated statement of operations. The $59.4 million amount included an approximate $27.1 million gain associated with the re-measurement of our remaining 26% ownership interest in Cal Dive at its fair value on June 10, 2009, the date of the closing of the Offering, which represented the date of deconsolidation. Since we no longer held a controlling interest in Cal Dive, we ceased consolidating Cal Dive effective June 10, 2009, and subsequently accounted for our remaining ownership interest in Cal Dive under the equity method of accounting until September 23, 2009, as further discussed below.
On September 23, 2009, we sold 20.6 million shares of Cal Dive common stock held by us pursuant to a second secondary public offering ("Second Offering"). On September 24, 2009, the underwriters sold an additional 2.6 million shares of Cal Dive common stock held by us pursuant to their overallotment option under the terms of the Second Offering. The price for the Second Offering was $10 per share, with resulting proceeds totaling approximately $221.5 million, net of underwriting fees. We recorded an approximate $17.9 million gain associated with the Second Offering transactions.
Following the closing of the Second Offering transactions, we owned 0.5 million shares of Cal Dive common stock, representing less than 1% of the total outstanding shares of Cal Dive. Accordingly we classified our remaining interest in Cal Dive as an investment available for sale. As an investment available for sale, the value of our remaining interest was marked-to-market at each period end with the corresponding change in value being reported as a component of accumulated other comprehensive income (loss) in the accompanying consolidated balance sheet at December 31, 2010. In 2010, we recorded a $2.2 million non-cash "other than temporary impairment" charge that reflected the substantial reduction in Cal Dive's common stock price since the closing of the Second Offering. Our investment in Cal Dive was $2.8 million at December 31, 2010. In March 2011, we sold our remaining 0.5 million shares of Cal Dive common stock on the open market for gross proceeds of $3.6 million resulting in a pre-tax gain of $0.8 million.
Proceeds from our Cal Dive stock sale transactions were used for general corporate purposes. |
Oil And Gas Properties (Fair Value Of Assets Acquired And Liabilities Assumed) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
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Oil And Gas Properties [Abstract] | |
Cash | $ 10,156 |
Deferred tax asset | 2,083 |
Accrued liabilities | (439) |
Asset retirement obligation | (5,841) |
Gain on acquisition of assets | $ 5,959 |