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Segment Information
6 Months Ended
Jun. 30, 2011
Segment Information  
Segment Information

12.                   Segment Information

 

We have two reportable operating segments, which are oil and gas exploration and production and contract drilling services.

 

The following tables present selected financial information regarding our operating segments for the three-month and six-month periods ended June 30, 2011 and 2010.

 

For the Three Months Ended

 

 

 

 

 

 

 

 

 

June 30, 2011

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

Contract

 

Intercompany

 

Consolidated

 

(In thousands)

 

Oil and Gas

 

Drilling

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

107,118

 

$

12,634

 

$

(10,209

)

$

109,543

 

Depreciation, depletion and amortization (a)

 

29,081

 

2,967

 

(2,282

)

29,766

 

Other operating expenses (b)

 

32,531

 

10,775

 

(8,787

)

34,519

 

Interest expense

 

9,175

 

 

 

9,175

 

Other (income) expense

 

(30,087

)

 

 

(30,087

)

Income (loss) before income taxes

 

66,418

 

(1,108

)

860

 

66,170

 

 

 

 

 

 

 

 

 

 

 

Income tax (expense) benefit

 

(23,626

)

124

 

 

(23,502

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

42,792

 

$

(984

)

$

860

 

$

42,668

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

972,459

 

$

50,068

 

$

105

 

$

1,022,632

 

Additions to property and equipment

 

$

81,544

 

$

13,170

 

$

 

$

94,714

 

 

For the Six Months Ended

 

 

 

 

 

 

 

 

 

June 30, 2011

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

Contract

 

Intercompany

 

Consolidated

 

(In thousands)

 

Oil and Gas

 

Drilling

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

216,031

 

$

24,793

 

$

(22,108

)

$

218,716

 

Depreciation, depletion and amortization (a)

 

52,565

 

5,822

 

(4,877

)

53,510

 

Other operating expenses (b)

 

73,064

 

20,184

 

(17,336

)

75,912

 

Interest expense

 

15,587

 

 

 

15,587

 

Other (income) expense

 

32,987

 

(13,222

)

 

19,765

 

Income (loss) before income taxes

 

41,828

 

12,009

 

105

 

53,942

 

 

 

 

 

 

 

 

 

 

 

Income tax (expense) benefit

 

(14,946

)

(4,203

)

 

(19,149

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

26,882

 

$

7,806

 

$

105

 

$

34,793

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

972,459

 

$

50,068

 

$

105

 

$

1,022,632

 

Additions to property and equipment

 

$

168,231

 

$

14,723

 

$

 

$

182,954

 

 

 

For the Three Months Ended

 

 

 

 

 

 

 

 

 

June 30, 2010

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

Contract

 

Intercompany

 

Consolidated

 

(In thousands)

 

Oil and Gas

 

Drilling

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

77,483

 

$

8,410

 

$

(8,410

)

$

77,483

 

Depreciation, depletion and amortization (a)

 

36,097

 

2,495

 

(2,041

)

36,551

 

Other operating expenses (b)

 

34,373

 

6,642

 

(5,936

)

35,079

 

Interest expense

 

6,241

 

3

 

 

6,244

 

Other (income) expense

 

(21,999

)

 

 

(21,999

)

Income (loss) before income taxes

 

22,771

 

(730

)

(433

)

21,608

 

 

 

 

 

 

 

 

 

 

 

Income tax (expense) benefit

 

(7,900

)

255

 

 

(7,645

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

14,871

 

$

(475

)

$

(433

)

$

13,963

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

757,998

 

$

37,078

 

$

(10

)

$

795,066

 

Additions to property and equipment

 

$

82,906

 

$

4,021

 

$

 

$

86,927

 

 

For the Six Months Ended

 

 

 

 

 

 

 

 

 

June 30, 2010

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

Contract

 

Intercompany

 

Consolidated

 

(In thousands)

 

Oil and Gas

 

Drilling

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

157,314

 

$

14,383

 

$

(14,383

)

$

157,314

 

Depreciation, depletion and amortization (a)

 

60,857

 

4,833

 

(3,527

)

62,163

 

Other operating expenses (b)

 

67,236

 

11,248

 

(10,059

)

68,425

 

Interest expense

 

12,350

 

3

 

 

12,353

 

Other (income) expense

 

(33,128

)

 

 

(33,128

)

Income (loss) before income taxes

 

49,999

 

(1,701

)

(797

)

47,501

 

 

 

 

 

 

 

 

 

 

 

Income tax (expense) benefit

 

(17,458

)

595

 

 

(16,863

)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

32,541

 

$

(1,106

)

$

(797

)

$

30,638

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

757,998

 

$

37,078

 

$

(10

)

$

795,066

 

Additions to property and equipment

 

$

138,000

 

$

7,579

 

$

 

$

145,579

 

 

 

(a)                      Includes impairment of property and equipment.

(b)                     Includes the following expenses:  production, exploration, natural gas services, drilling rig services, accretion of abandonment obligations, general and administrative and loss on sales of assets and impairment of inventory.