Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Superior Energy Services Inc | ||
Entity Central Index Key | 886835 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 149,785,368 | ||
Entity Public Float | $5.41 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Trading Symbol | spn | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $393,046 | $196,047 |
Accounts receivable, net of allowance for doubtful accounts of $22,076 and $31,030 at December 31, 2014 and December 31, 2013, respectively | 926,768 | 937,195 |
Deferred income taxes | 32,138 | 8,785 |
Prepaid expenses | 74,750 | 70,421 |
Income tax receivable | 5,532 | |
Inventory and other current assets | 185,429 | 258,449 |
Assets Held-for-sale, at Carrying Value | 116,680 | |
Total current assets | 1,728,811 | 1,476,429 |
Property, plant and equipment, net | 2,733,839 | 3,002,194 |
Goodwill | 2,468,409 | 2,458,109 |
Notes receivable | 25,970 | 23,708 |
Intangible and other long-term assets, net | 420,360 | 450,867 |
Total assets | 7,377,389 | 7,411,307 |
Current liabilities: | ||
Accounts payable | 225,306 | 216,029 |
Accrued expenses | 363,747 | 376,049 |
Income taxes payable | 40,213 | |
Current maturities of long-term debt | 20,941 | 20,000 |
Current portion of decommissioning liabilities | 27,322 | |
Liabilities Held-for-sale | 61,840 | |
Total current liabilities | 712,047 | 639,400 |
Deferred income taxes | 702,996 | 736,080 |
Decommissioning liabilities | 88,000 | 56,197 |
Long-term debt, net | 1,627,842 | 1,646,535 |
Other long-term liabilities | 166,766 | 201,651 |
Stockholders' equity: | ||
Preferred stock of $0.01 par value. Authorized, 5,000,000 shares; none issued | ||
Common stock of $0.001 par value. Authorized - 250,000,000, Issued - 149,648,826, Outstanding - 149,708,825 at December 31, 2014 Authorized - 250,000,000, Issued - 158,976,784, Outstanding - 159,158,022 at December 31, 2013 | 150 | 159 |
Additional paid in capital | 2,620,328 | 2,873,579 |
Accumulated other comprehensive loss, net | -36,280 | -17,500 |
Retained earnings | 1,495,540 | 1,275,206 |
Total stockholders' equity | 4,079,738 | 4,131,444 |
Total liabilities and stockholders' equity | $7,377,389 | $7,411,307 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $22,076 | $31,030 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 149,648,826 | 158,976,784 |
Common stock, shares outstanding | 149,708,825 | 159,158,022 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidated Statements of Operations [Abstract] | |||
Services | $3,466,279 | $3,371,847 | $3,315,072 |
Rentals | 1,090,343 | 978,210 | 978,204 |
Total, Revenues | 4,556,622 | 4,350,057 | 4,293,276 |
Costs and expenses: | |||
Cost of Services (exclusive of items shown separately below) | 2,308,270 | 2,244,881 | 2,100,168 |
Cost of Rentals (exclusive of items shown separately below) | 426,563 | 388,709 | 369,252 |
Cost of goods and services | 2,734,833 | 2,633,590 | 2,469,420 |
Depreciation, depletion, amortization and accretion | 650,814 | 604,441 | 488,061 |
General and administrative expenses | 624,371 | 597,778 | 625,422 |
Reduction in value of assets | 300,078 | ||
Income from operations | 546,604 | 214,170 | 710,373 |
Other income (expense): | |||
Interest expense, net | 96,734 | 107,902 | 116,479 |
Interest expense, net | -96,734 | -107,902 | -116,479 |
Other Expense | -7,681 | -4,627 | -2,317 |
Loss on early estinguishment of debt | -884 | -2,294 | |
Gain on sale of equity-method investments | 17,880 | ||
Income from continuing operations before income taxes | 442,189 | 100,757 | 607,163 |
Income taxes | 161,399 | 55,272 | 223,246 |
Net income from continuing operations | 280,790 | 45,485 | 383,917 |
Loss from discontinued operations, net of tax | -22,973 | -156,903 | -17,982 |
Net income (loss) | $257,817 | ($111,418) | $365,935 |
Earnings per share information: | |||
Continuing operations, basic | $1.81 | $0.29 | $2.57 |
Discontinued operations, basic | ($0.15) | ($0.99) | ($0.12) |
Basic earnings (loss) per share | $1.66 | ($0.70) | $2.45 |
Continuing operations, diluted | $1.79 | $0.28 | $2.54 |
Discontinued operations, diluted | ($0.14) | ($0.97) | ($0.12) |
Diluted earnings per share | $1.65 | ($0.69) | $2.42 |
Cash dividends declared per share | $0.24 | $0.08 | |
Weighted average common shares used in computing earnings per share: | |||
Basic | 155,154 | 159,206 | 149,288 |
Incremental common shares from stock based compensation | 1,572 | 1,574 | 1,818 |
Diluted | 156,726 | 160,780 | 151,106 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $257,817 | ($111,418) | $365,935 |
Unrealized net gain (loss) on investment securities, net of tax | -256 | -897 | |
Reclassification adjustment, net of tax | -1,153 | ||
Change in cumulative translation adjustment, net of tax | -19,933 | 2,073 | 8,516 |
Comprehensive income (loss) | $239,037 | ($109,601) | $373,554 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning balance, value at Dec. 31, 2011 | $80 | $447,007 | ($26,936) | $1,033,448 | $1,453,599 |
Beginning balance, shares at Dec. 31, 2011 | 80,425,443 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | 365,935 | 365,935 | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Unrealized net gain (loss) on investment securities | -897 | -897 | |||
Unrealized net gain (loss) on investment securities, net of tax | -897 | -897 | |||
Foreign currency translation adjustment | 8,516 | 8,516 | |||
Stock Withheld and Retired Value | -3,424 | -3,424 | |||
Stock Withheld and Retired Shares | 135,128 | ||||
Restricted stock grant and expense, net of forefeitures, shares | -295,366 | ||||
Vesting of restricted stock assumed with acquisition | 64,356 | ||||
Exercise of stock options, value | 2 | 14,775 | 14,777 | ||
Exercise of stock options, shares | 1,962,248 | ||||
Tax benefit (expense) from stock-based compensation | -675 | -675 | |||
Stock-based compensation expense, net of forfeitures | 23,737 | 23,737 | |||
Shares issued to pay performance share unit, value | 1,140 | 1,140 | |||
Shares issued to pay performance share unit, shares | 43,259 | ||||
Shares issued under Employee Stock Purchase Plan, value | 3,360 | 3,360 | |||
Shares issued under Employee Stock Purchase Plan, shares | 147,026 | 147,026 | |||
Stock issued under acquisition, value | 76 | 2,361,391 | 2,361,467 | ||
Stock issued under acquisition, shares | 74,699,065 | ||||
Fair value of options exchanged in with acquisition | 3,932 | 3,932 | |||
Share issuance cost | -388 | -388 | |||
Ending balance, value at Dec. 31, 2012 | 158 | 2,850,855 | -19,317 | 1,399,383 | 4,231,079 |
Ending balance, shares at Dec. 31, 2012 | 157,501,635 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | -111,418 | -111,418 | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Unrealized net gain (loss) on investment securities | -256 | -256 | |||
Unrealized net gain (loss) on investment securities, net of tax | -256 | -256 | |||
Foreign currency translation adjustment | 2,073 | 2,073 | |||
Stock Withheld and Retired Value | 2,811 | 2,811 | |||
Stock Withheld and Retired Shares | 119,070 | ||||
Stock Repurchased and Retired During Period, Shares | -426,883 | ||||
Stock Repurchased and Retired During Period, Value | -10,627 | -10,627 | |||
Restricted stock grant and expense, net of forefeitures, value | 1 | ||||
Restricted stock grant and expense, net of forefeitures, shares | -1,154,032 | ||||
Vesting of restricted stock assumed with acquisition | 210,951 | ||||
Exercise of stock options, value | 6,263 | 6,263 | |||
Exercise of stock options, shares | 470,712 | ||||
Tax benefit (expense) from stock-based compensation | -1,185 | -1,185 | |||
Cash dividends declared ($0.08 per share) | -12,759 | -12,759 | |||
Stock-based compensation expense, net of forfeitures | 26,071 | 26,072 | |||
Shares issued under Employee Stock Purchase Plan, value | 5,013 | 5,013 | |||
Shares issued under Employee Stock Purchase Plan, shares | 185,407 | 185,407 | |||
Exercise of stock options, shares | 426,883 | ||||
Ending balance, value at Dec. 31, 2013 | 159 | 2,873,579 | -17,500 | 1,275,206 | 4,131,444 |
Ending balance, shares at Dec. 31, 2013 | 158,976,784 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income (loss) | 257,817 | 257,817 | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,153 | 1,153 | |||
Foreign currency translation adjustment | -19,933 | -19,933 | |||
Stock Withheld and Retired Value | -7,315 | -7,315 | |||
Stock Withheld and Retired Shares | 267,340 | ||||
Stock Repurchased and Retired During Period, Shares | -10,246,091 | 2,532,540 | |||
Stock Repurchased and Retired During Period, Value | -10 | -299,734 | -299,744 | ||
Incremental common shares from restricted stock units | 95,914 | ||||
Restricted stock grant and expense, net of forefeitures, shares | -152,447,000 | ||||
Vesting of restricted stock assumed with acquisition | 114,839 | ||||
Exercise of stock options, value | 1 | 10,560 | 10,561 | ||
Exercise of stock options, shares | 880,687 | 880,687 | |||
Tax benefit (expense) from stock-based compensation | 6,160 | 6,160 | |||
Cash dividends declared ($0.08 per share) | -37,483 | -37,483 | |||
Stock-based compensation expense, net of forfeitures | 30,982 | 30,982 | |||
Shares issued under Employee Stock Purchase Plan, value | 6,096 | 6,096 | |||
Shares issued under Employee Stock Purchase Plan, shares | 246,480 | 246,480 | |||
Exercise of stock options, shares | 10,246,091 | -2,532,540 | |||
Ending balance, value at Dec. 31, 2014 | $150 | $2,620,328 | ($36,280) | $1,495,540 | $4,079,738 |
Ending balance, shares at Dec. 31, 2014 | 149,648,826 |
Recovered_Sheet1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per share | $0.24 | $0.08 |
Common Stock, Dividends, Per Share, Amount | $0.08 | $0.08 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $257,817 | ($111,418) | $365,935 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 652,143 | 625,928 | 510,526 |
Writeoff of debt acquisition costs and note discount | -884 | -3,460 | |
Deferred income taxes | -49,567 | 14,435 | 11,218 |
Gain loss from Equity method investment | -17,880 | ||
Reduction in value of assets including discontinued operations | 419,380 | ||
Stock based and performance share unit compensation expense | 42,748 | 35,832 | 36,570 |
Amortization of debt acquisition costs and note discount | 8,110 | 8,919 | 9,856 |
(Gains) losses on sales of assets and businesses | -12,777 | -657 | 5,763 |
Other reconciling items, net | -6,803 | -1,783 | -12,377 |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||
Accounts receivable | -9,487 | 85,423 | -42,946 |
Inventory and other current assets | 53,594 | -70,995 | 62,720 |
Accounts payable | 36,450 | -32,304 | -30,977 |
Accrued expenses | 16,411 | 25,154 | -26,107 |
Income taxes | 46,134 | -162,148 | 152,093 |
Other, net | -1,762 | 56,158 | -10,691 |
Net Cash Provided by (Used in) Operating Activities, Total | 1,033,011 | 892,808 | 1,035,043 |
Cash flows from investing activities: | |||
Payments for capital expenditures | -616,102 | -608,960 | -1,141,922 |
Proceeds from Sale of Available-for-sale Securities, Equity | 10,622 | 41,874 | |
Change in restricted cash held for acquisition of business | 785,280 | ||
Acquisitions of businesses, net of cash acquired | -24,327 | -23,797 | -1,091,161 |
Cash Proceeds From Sales of Assets And Businesses | 147,305 | 6,292 | 193,166 |
Proceeds from Sale of Equity Method Investments | 34,087 | ||
Proceeds from Insurance Settlement, Investing Activities | 22,650 | ||
Other | 7,767 | -1,753 | 21,558 |
Net Cash Provided by (Used in) Investing Activities, Total | -474,735 | -605,568 | -1,157,118 |
Cash flows from financing activities: | |||
Repayments of Long-term Lines of Credit | -14,736 | -581,771 | -771,439 |
Proceeds from Long-term Lines of Credit | 14,736 | 581,771 | 696,439 |
Proceeds from issuance of long-term debt | 2,602 | 400,000 | |
Principal payments of long-term debt | -21,564 | -170,000 | -177,546 |
Share repurchases | -299,734 | -10,627 | |
Cash dividends | -49,756 | ||
Payment of debt acquisition costs | -25,274 | ||
Proceeds from exercise of stock options | 10,560 | 6,264 | 14,777 |
Proceeds from issuance of stock through employee benefit plans | 4,870 | 4,124 | 2,855 |
Other | 724 | -6,840 | -5,973 |
Net Cash Provided by (Used in) Financing Activities, Total | -357,168 | -181,203 | 130,984 |
Effect of exchange rate changes on cash | -4,109 | -1,189 | 2,016 |
Net increase in cash and cash equivalents | 196,999 | 104,848 | 10,925 |
Cash and cash equivalents at beginning of period | 196,047 | 91,199 | 80,274 |
Cash and cash equivalents at end of period | $393,046 | $196,047 | $91,199 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||
Summary Of Significant Accounting Policies | (1) Summary of Significant Accounting Policies | ||||||||||||||||||
Basis of Presentation | |||||||||||||||||||
The consolidated financial statements include the accounts of Superior Energy Services, Inc. and subsidiaries (the Company). All significant intercompany accounts and transactions are eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the 2014 presentation. | |||||||||||||||||||
Business | |||||||||||||||||||
The Company provides a wide variety of services and products to the energy industry related to the exploration, development and production of oil and natural gas. The Company serves major, national and independent oil and natural gas companies throughout the world. The Company’s operations are managed and organized by business units, which offer products and services within the various phases of a well’s economic life cycle. The Company reports its operating results in four business segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions (formerly, Subsea and Technical Solutions). Given the Company’s history of growth and long-term strategy of expanding geographically, the Company also provides supplemental segment revenue information in three geographic areas: U.S. land; Gulf of Mexico; and International. | |||||||||||||||||||
Use of Estimates | |||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||
Major Customers and Concentration of Credit Risk | |||||||||||||||||||
The majority of the Company’s business is conducted with major and independent oil and gas companies. The Company evaluates the financial strength of its customers and provides allowances for probable credit losses when deemed necessary. | |||||||||||||||||||
The market for the Company’s services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. | |||||||||||||||||||
The Company derives a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of total revenue in 2014. In 2013 and 2012, EOG Resources, Inc. accounted for approximately 10% and 13%, respectively, of total revenue, primarily within the Onshore Completion and Workover segment. | |||||||||||||||||||
In addition to trade receivables, other financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and derivative instruments used in hedging activities. The financial institutions in which the Company transacts business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines, thereby minimizing its exposure to credit risks for deposits in excess of federally insured amounts and for failure to perform as the counterparty on interest rate swap agreements. The Company periodically evaluates the creditworthiness of financial institutions that may serve as a counterparty to its derivative instruments. | |||||||||||||||||||
Cash Equivalents | |||||||||||||||||||
The Company considers all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. | |||||||||||||||||||
Accounts Receivable and Allowances | |||||||||||||||||||
Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. The Company maintains allowances for estimated uncollectible receivables, including bad debts and other items. The allowance for doubtful accounts is based on the Company’s best estimate of probable uncollectible amounts in existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific identification. | |||||||||||||||||||
Inventory | |||||||||||||||||||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in the Company’s services provided to its customers. | |||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment are stated at cost, except assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. With the exception of certain marine assets and oil and natural gas properties, depreciation is computed using the straight line method over the estimated useful lives of the related assets as follows: | |||||||||||||||||||
Buildings and improvements | 5 | to | 40 | years | |||||||||||||||
Marine vessels and equipment | 5 | to | 25 | years | |||||||||||||||
Machinery and equipment | 2 | to | 25 | years | |||||||||||||||
Automobiles, trucks, tractors and trailers | 3 | to | 10 | years | |||||||||||||||
Furniture and fixtures | 2 | to | 10 | years | |||||||||||||||
The Company follows the successful efforts method of accounting for its investment in oil and natural gas properties. Under the successful efforts method, the costs of successful exploratory wells and leases containing productive reserves are capitalized. Costs incurred to drill and equip developmental wells, including unsuccessful wells, are capitalized. Other costs such as geological and geophysical costs and the drilling costs of unsuccessful exploratory wells are expensed. Leasehold and well costs are depleted on a units-of-production basis based on the estimated remaining equivalent oil and gas reserves of each field. | |||||||||||||||||||
Capitalized Interest | |||||||||||||||||||
The Company capitalizes interest on the cost of major capital projects during the active construction period. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. The Company capitalized $1.0 million, $2.4 million and $7.7 million of interest expense in the years ended December 31, 2014, 2013 and 2012, respectively, for various capital projects. | |||||||||||||||||||
Reduction in Value of Long-Lived Assets | |||||||||||||||||||
Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of such assets to their fair value calculated, in part, by the estimated undiscounted future cash flows expected to be generated by the assets. Cash flow estimates are based upon, among other things, historical results adjusted to reflect the best estimate of future market rates, utilization levels, and operating performance. Estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. The Company’s assets are grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. The Company has long-lived assets, such as facilities, utilized by multiple operating divisions that do not have identifiable cash flows. Impairment testing for these long-lived assets is based on the consolidated entity. If the asset grouping’s fair value is less than the carrying amount of those items, impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less estimated costs to sell. The net carrying value of assets not fully recoverable is reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying values of these assets and, in periods of prolonged down cycles, may result in impairment charges. See note 9 for a discussion of reduction in values of long-lived assets recorded during 2013. | |||||||||||||||||||
Goodwill | |||||||||||||||||||
The following table summarizes the activity for the Company’s goodwill for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products | and Workover | Production | Technical | ||||||||||||||||
and Services | Services | Services | Solutions | Total | |||||||||||||||
Balance, December 31, 2012 | $ | 144,947 | $ | 1,418,050 | $ | 878,052 | $ | 91,016 | $ | 2,532,065 | |||||||||
Acquisition activities | - | 1,500 | 15,099 | - | 16,599 | ||||||||||||||
Disposition activities | -756 | - | - | - | -756 | ||||||||||||||
Reduction in value of assets | - | - | - | -91,016 | -91,016 | ||||||||||||||
Foreign currency translation adjustment | 681 | - | 536 | - | 1,217 | ||||||||||||||
Balance, December 31, 2013 | 144,872 | 1,419,550 | 893,687 | - | 2,458,109 | ||||||||||||||
Acquisition activities | - | - | 13,909 | - | 13,909 | ||||||||||||||
Disposition activities | - | - | - | - | - | ||||||||||||||
Foreign currency translation adjustment | -2,033 | - | -1,576 | - | -3,609 | ||||||||||||||
Balance, December 31, 2014 | $ | 142,839 | $ | 1,419,550 | $ | 906,020 | $ | - | $ | 2,468,409 | |||||||||
Goodwill is tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of the asset has decreased below its carrying value. During the third quarter of 2014, the Company changed its annual goodwill impairment testing date from December 31 to October 1. Management considers this accounting change preferable because it allows the Company additional time to complete the annual goodwill test. This change does not accelerate, delay, avoid, or cause an impairment charge, nor does this change result in adjustments to previously issued financial statements. In order to estimate the fair value of the reporting units (which is consistent with the reported business segments), the Company used a weighting of the discounted cash flow method and the public company guideline method of determining fair value of each reporting unit. The Company weighted the discounted cash flow method 80% and the public company guideline method 20% due to differences between the Company’s reporting units and the peer companies’ size, profitability and diversity of operations. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization was performed for each unit on a standalone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with the Company’s capitalization. These fair value estimates were then compared to the carrying value of the reporting units. No impairment loss was recognized during the year ended December 31, 2014, as the fair value of each of the reporting units exceeded its carrying amount. Based on the most recent goodwill impairment test, the fair values of the Drilling Products and Services and Onshore Completion and Workover Services segments were substantially in excess of their carrying values. The fair value of the Production Services segment exceeded its carrying value by approximately 9%. A significant amount of judgment was involved in performing these evaluations since the results are based on estimated future events. | |||||||||||||||||||
See note 9 for a discussion of reduction in value of goodwill recorded during 2013. As of December 31, 2014, the Company’s accumulated reduction in value of goodwill was $91.0 million. | |||||||||||||||||||
If, among other factors, (1) the Company’s market capitalization declines and remains below its stockholders’ equity, (2) the fair value of the reporting units decline, or (3) economic or competitive conditions deteriorate, the Company could conclude in future periods that impairment losses are required. | |||||||||||||||||||
Notes Receivable | |||||||||||||||||||
The Company’s wholly owned subsidiary, Wild Well Control, Inc. (Wild Well) has decommissioning obligations related to its ownership of the Bullwinkle platform. Notes receivable consist of a commitment from the seller of the platform towards its eventual abandonment. Pursuant to an agreement with the seller, the Company will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of this obligation totaled $115.0 million and is recorded at present value using an effective interest rate of 6.58%. The related discount is amortized to interest income based on the expected timing of the platform’s removal. The Company recorded interest income related to notes receivable of $1.6 million, $2.6 million and $2.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Intangible and Other Long-Term Assets | |||||||||||||||||||
Intangible and other long-term assets consist of the following as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amount | Amortization | Balance | Amount | Amortization | Balance | ||||||||||||||
Customer relationships | $ | 339,695 | $ | -64,954 | $ | 274,741 | $ | 335,590 | $ | -44,117 | $ | 291,473 | |||||||
Tradenames | 41,265 | -13,151 | 28,114 | 45,025 | -9,175 | 35,850 | |||||||||||||
Non-compete agreements | 4,487 | -3,281 | 1,206 | 4,256 | -2,163 | 2,093 | |||||||||||||
Debt issuance costs | 63,829 | -36,360 | 27,469 | 63,829 | -28,250 | 35,579 | |||||||||||||
Deferred compensation | 12,982 | - | 12,982 | 13,731 | - | 13,731 | |||||||||||||
plan assets | |||||||||||||||||||
Escrowed cash | 58,421 | - | 58,421 | 58,406 | - | 58,406 | |||||||||||||
Other | 18,356 | -929 | 17,427 | 14,597 | -862 | 13,735 | |||||||||||||
Total | $ | 539,035 | $ | -118,675 | $ | 420,360 | $ | 535,434 | $ | -84,567 | $ | 450,867 | |||||||
Customer relationships, tradenames, and non-compete agreements are amortized using the straight line method over the life of the related asset with weighted average useful lives of 17 years, 10 years, and 3 years, respectively. Amortization expense (exclusive of debt issuance costs) was $25.9 million, $26.2 million and $22.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Estimated annual amortization of intangible assets (exclusive of debt acquisition costs) will be approximately $25.6 million for 2015, $24.8 million for 2016, $24.0 million for 2017, $23.9 million for 2018 and $23.7 million for 2019, excluding the effects of any acquisitions or dispositions subsequent to December 31, 2014. | |||||||||||||||||||
Debt issuance costs are amortized using the effective interest method over the life of the related debt agreements with a weighted average useful life of 7 years. Amortization of debt issuance costs is recorded in interest expense, net of amounts capitalized within the consolidated statements of operations. | |||||||||||||||||||
In accordance with the asset purchase agreement between Wild Well and the seller to acquire the Bullwinkle platform and its related assets and to assume the related decommissioning obligations, Wild Well obtained a $50.0 million performance bond and funded $50.0 million into an escrow account. Included in intangible and other long-term assets, net is escrowed cash related to the Bullwinkle platform of $50.4 million as of December 31, 2014 and 2013. | |||||||||||||||||||
Decommissioning Liabilities | |||||||||||||||||||
The Company records estimated future decommissioning liabilities in accordance with the authoritative guidance related to asset retirement obligations (decommissioning liabilities), which requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred, with a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the decommissioning liability is required to be accreted each period to present value. | |||||||||||||||||||
The Company’s decommissioning liabilities associated with the Bullwinkle platform and its related assets consist of costs related to the plugging of wells, the removal of the related facilities and equipment, and site restoration. The Company reviews the adequacy of its decommissioning liabilities whenever indicators suggest that the estimated cash flows needed to satisfy the liability have changed materially. During 2013, as a result of an increase in third party drilling activity in the vicinity of the Bullwinkle platform, the Company believed new economic opportunities existed for additional production handling agreements with those third party production companies utilizing the Bullwinkle platform. As a result, the Company revised its estimates relating to the timing of decommissioning work on its Bullwinkle assets, including a 10 year postponement of the platform decommissioning to an estimated date of 2038. This change in estimate resulted in a reduction in the present value of decommissioning liabilities. Further, as of December 31, 2013, the Company anticipated that it would be able to decommission several depleted wells that are part of the Bullwinkle assets based on the estimates received from engineers regarding platform availability during 2014. As a result, as of December 31, 2013, the decommissioning liabilities associated with those wells were classified as current liabilities on the consolidated balance sheet. Based on revised estimates received during 2014, the Company did not anticipate decommissioning any of the wells during the next twelve months. As a result, all of the decommissioning liabilities were classified as long-term liabilities on the consolidated balance sheet as of December 31, 2014. | |||||||||||||||||||
The following table summarizes the activity for the Company’s decommissioning liabilities for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Decommissioning liabilities, December 31, 2013 and 2012, respectively | $ | 83,519 | $ | 93,053 | |||||||||||||||
Liabilities acquired and incurred | 866 | 445 | |||||||||||||||||
Liabilities settled | -579 | -87 | |||||||||||||||||
Accretion | 4,470 | 5,320 | |||||||||||||||||
Revisions in estimated timing and cash flows | -276 | -15,212 | |||||||||||||||||
Total decommissioning liabilities, December 31, 2014 and 2013, respectively | $ | 88,000 | $ | 83,519 | |||||||||||||||
Revenue Recognition | |||||||||||||||||||
Products and services are generally sold based upon purchase orders or contracts with customers that include fixed or determinable prices. Revenue is recognized when services or equipment are provided and collectability is reasonably assured. The Company’s drilling products and services are billed on a day rate basis, and revenue from the sale of equipment is recognized when the title to the equipment has been transferred. Reimbursements from customers for the cost of drilling products and services that are damaged or lost down-hole are reflected as revenue at the time of the incident. The Company accounts for the revenue and related costs on large-scale platform decommissioning contracts on the percentage-of-completion method utilizing costs incurred as a percentage of total estimated costs. The Company recognizes oil and gas revenue from its interests in producing wells as oil and natural gas is sold. | |||||||||||||||||||
Taxes Collected from Customers | |||||||||||||||||||
In accordance with authoritative guidance related to taxes collected from customers and remitted to governmental authorities, the Company elected to net taxes collected from customers against those remitted to government authorities in the financial statements consistent with the historical presentation of this information. | |||||||||||||||||||
Income Taxes | |||||||||||||||||||
The Company accounts for income taxes and the related accounts under the asset and liability method. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and rates that are in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on the deferred income taxes is recognized in income in the period in which the change occurs. A valuation allowance is recorded when management believes it is more likely than not that at least some portion of any deferred tax asset will not be realized. | |||||||||||||||||||
The Company has adopted authoritative guidance surrounding accounting for uncertainty in income taxes. It is the Company’s policy to recognize interest and applicable penalties related to uncertain tax positions in income tax expense. | |||||||||||||||||||
Earnings per Share | |||||||||||||||||||
Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional shares of common stock that could have been outstanding assuming the exercise of stock options and conversion of restricted stock units. | |||||||||||||||||||
Stock options for approximately 1,100,000 shares, 1,100,000 shares and 2,100,000 shares of the Company’s common stock were excluded in the computation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012, respectively, as the effect would have been anti-dilutive. | |||||||||||||||||||
Cash Dividends | |||||||||||||||||||
In December 2013, the Company’s Board of Directors approved initiating a quarterly dividend program and declared an initial quarterly dividend of $0.08 per share on its outstanding common stock. The dividend payable of $12.8 million was included in accrued expenses in the consolidated balance sheet as of December 31, 2013. The initial dividend was paid on February 19, 2014 to all stockholders of record as of January 30, 2014. During 2014, $49.8 million of dividends was paid to stockholders. | |||||||||||||||||||
Discontinued Operations | |||||||||||||||||||
The Company classifies assets and liabilities of a disposal group as held for sale and discontinued operations if the following criteria are met: (1) management, with appropriate authority, commits to a plan to sell a disposal group; (2) the asset is available for immediate sale in its current condition; (3) an active program to locate a buyer and other actions to complete the sale have been initiated; (4) the sale is probable; (5) the disposal group is being actively marketed for sale at a reasonable price; and (6) actions required to complete the plan of sale indicate it is unlikely that significant changes to the plan of sale will occur or that the plan will be withdrawn. Once deemed as held for sale, the Company no longer depreciates the assets of the disposal group. Upon sale, the Company calculates the gain or loss associated with the disposition by comparing the carrying value of the assets less direct costs of the sale with the proceeds received. In the consolidated statements of operations, losses from discontinued operations are presented, net of tax effect, as a separate caption below net income (loss) from continuing operations. | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
The company follows the authoritative guidance for fair value measurements relating to financial and nonfinancial assets and liabilities, including presentation of required disclosures herein. This guidance establishes a fair value framework requiring the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | |||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities; | |||||||||||||||||||
Level 2: Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets or model-derived valuations or other inputs that can be corroborated by observable market data; and | |||||||||||||||||||
Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | |||||||||||||||||||
Financial Instruments | |||||||||||||||||||
The fair value of the Company’s financial instruments of cash equivalents, accounts receivable, accounts payable, accrued expenses and borrowings under its credit facility approximates their carrying amounts due to their short maturity or market interest rates. The fair value of the Company’s debt was $1,624.3 million and $1,789.0 million as of December 31, 2014 and 2013, respectively, and was categorized as Level 1 in the fair value hierarchy. The fair value of these debt instruments is determined by reference to the market value of the instrument as quoted in an over-the-counter market. | |||||||||||||||||||
Foreign Currency | |||||||||||||||||||
Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are reported as accumulated other comprehensive loss in the Company’s stockholders’ equity. | |||||||||||||||||||
For international subsidiaries where the functional currency is the U.S. dollar, financial statements are remeasured into U.S. dollars using the historical exchange rate for most of the long-term assets and liabilities and the balance sheet date exchange rate for most of the current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. For the years ended December 31, 2014, 2013 and 2012, the Company recorded $7.3 million, $7.1 million and $2.9 million of foreign currency losses, respectively. | |||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
In accordance with authoritative guidance related to stock compensation, the Company records compensation costs relating to share-based payment transactions and includes such costs in general and administrative expenses in the consolidated statement of operations. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). Excess tax benefits of awards that are recognized in equity related to stock option exercises and restricted stock vesting are reflected as financing cash flows. | |||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||
The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. Interest rate swap agreements that are effective at hedging the fair value of fixed-rate debt agreements are designated and accounted for as fair value hedges. The Company also assesses, both at inception of the hedging relationship and on an ongoing basis, whether the derivatives used in hedging relationships are highly effective in offsetting changes in fair value. | |||||||||||||||||||
In an attempt to achieve a more balanced debt portfolio between fixed and variable interest, the Company enters into interest rate swaps. Under these agreements, the Company is entitled to receive semi-annual interest payments at a fixed rate and is obligated to make quarterly interest payments at a variable rate. The Company had fixed-rate interest on approximately 61% and 60% of its long-term debt as of December 31, 2014 and 2013, respectively. The Company had notional amounts of $300 million related to interest rate swaps with a variable interest rate, adjusted every 90 days, based on LIBOR plus a fixed margin as of December 31, 2014 and 2013. | |||||||||||||||||||
Self-Insurance Reserves | |||||||||||||||||||
The Company is self-insured, through deductibles and retentions, up to certain levels for losses under its insurance programs. With the Company’s growth, the Company has elected to retain more risk by increasing its self-insurance levels. The Company accrues for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. The Company regularly reviews the estimates of reported and unreported claims and provides for losses through reserves. The Company obtains actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. | |||||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in GAAP. The guidance in this update requires an entity to recognize the amount of revenue that it expects to be entitled for the transfer of promised goods or services to customers. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the accounting guidance on its ongoing financial reporting. | |||||||||||||||||||
In April 2014, the Financial Accounting Standards Board issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant and Equipment, which changes the definition of discontinued operations. The guidance permits only those disposed components (or components held-for-sale) representing a strategic shift that have (or will have) a major effect on operations and financial results to be reported in discontinued operations. The new standard is effective prospectively for disposals (or classifications as held-for-sale) that occur after December 31, 2014. The Company has adopted the accounting guidance as of January 1, 2015. | |||||||||||||||||||
Subsequent Events | |||||||||||||||||||
In accordance with authoritative guidance, the Company has evaluated and disclosed all material subsequent events that occurred after the balance sheet date, but before financial statements were issued. | |||||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||
Supplemental Cash Flow Information | (2) Supplemental Cash Flow Information | |||||||||
The following table includes the Company’s supplemental cash flow information for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Cash paid for interest, net of amounts capitalized | $ | 102,880 | $ | 97,129 | $ | 109,112 | ||||
Cash paid for income taxes, net of refunds | $ | 127,132 | $ | 164,158 | $ | 42,261 | ||||
Details of business acquisitions: | ||||||||||
Fair value of assets | $ | 29,468 | $ | 34,964 | $ | 4,364,872 | ||||
Fair value of liabilities | -5,125 | -10,942 | -695,243 | |||||||
Common stock issued | - | - | -2,361,466 | |||||||
Cash paid | 24,343 | 24,022 | 1,308,163 | |||||||
Less cash acquired | -16 | -225 | -217,002 | |||||||
Net cash paid for acquisitions | $ | 24,327 | $ | 23,797 | $ | 1,091,161 | ||||
Non-cash investing activity: | ||||||||||
Capital expenditures included in accounts payable, | ||||||||||
accrued expenses and other long term liabilities | $ | 49,118 | $ | 70,463 | $ | 61,035 | ||||
Non-cash financing activity: | ||||||||||
Cash dividends declared | $ | - | $ | 12,759 | $ | - | ||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations [Abstract] | ||||||||||
Discontinued Operations | (3) Discontinued Operations | |||||||||
2014 | ||||||||||
During 2014, the Company conducted a strategic review and analysis of its subsea construction business. As of December 31, 2014, the Company has sold $131.1 million of the assets related to this business and is committed to sell the remaining assets and exit the subsea construction business. The disposition of the remaining assets is expected to be completed by the end of the first half of 2015. | ||||||||||
During 2014, the Company also made a decision to discontinue its conventional decommissioning business. As of December 31, 2014, the Company was committed to sell the assets of and exit the conventional decommissioning business. The disposition of assets is expected to be completed by the end of the first half of 2015. | ||||||||||
Both the subsea construction business and conventional decommissioning business were included in the Technical Solutions segment, formerly referred to as the Subsea and Technical Solutions segment. As of December 31, 2014, the assets and liabilities of these businesses were classified as held for sale. For the years ended December 31, 2014, 2013 and 2012, the results of operations of these businesses are reported as discontinued operations in the consolidated statements of operations. | ||||||||||
The following table summarizes the components of loss from discontinued operations, net of tax for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues | $ | 145,463 | $ | 261,767 | $ | 274,792 | ||||
Loss from discontinued operations, net of tax (benefit) expense of ($19,330), | $ | -22,973 | $ | -156,903 | $ | -775 | ||||
($15,439) and $1,774, for the years ended December 31, 2014, 2013 and | ||||||||||
2012, respectively | ||||||||||
For the year ended December 31, 2014, loss from discontinued operations included an $18.8 million gain related to the sale of marine vessels and equipment in the subsea construction business. | ||||||||||
For the year ended December 31, 2013, loss from discontinued operations included a $119.3 million expense related to the reduction in value of assets. The expense relating to the reduction in value of assets was comprised of a $98.3 million expense primarily relating to certain marine vessels included in our subsea construction business; a $15.4 million expense relating to reduction in carrying values of the intangible assets in the subsea construction business; and a $5.6 million expense relating to the retirement of long-lived assets in our conventional decommissioning business. | ||||||||||
The following summarizes the assets and liabilities related to the businesses reported as discontinued operations as of December 31, 2014 and 2013 (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Accounts receivable, net | $ | 16,701 | $ | 26,858 | ||||||
Prepaid expenses | 2,463 | 8,164 | ||||||||
Inventory and other current assets | 5,576 | 63,618 | ||||||||
Current assets | $ | 24,740 | $ | 98,640 | ||||||
Property, plant and equipment, net | 91,171 | 217,089 | ||||||||
Intangible and other long-term assets, net | 769 | 4,854 | ||||||||
Long-term assets | $ | 91,940 | $ | 221,943 | ||||||
Accounts payable | 20,530 | 13,449 | ||||||||
Accrued expenses | 24,496 | 52,133 | ||||||||
Current liabilities | $ | 45,026 | $ | 65,582 | ||||||
Other long-term liabilities | $ | 16,814 | $ | 21,801 | ||||||
Assets and liabilities held for sale include a capital lease for a dynamically positioned subsea vessel. Such amounts are recorded at the present value of the lease payments. The vessel’s gross asset value under the capital lease was $37.6 million at inception and accumulated depreciation through December 31, 2014 and 2013 was $17.4 million and $16.4 million, respectively. As of December 31, 2014, $16.8 million of other long-term liabilities and $4.6 million of accounts payable related to this capital lease are included in the liabilities held for sale. As of December 31, 2013, $21.4 million of other long-term liabilities and $4.2 million of accounts payable related to this capital lease are included in the liabilities held for sale. In February 2015, the Company purchased this leased vessel for $45.2 million. The purchase was made to facilitate the disposition of the vessel during the first half of 2015. | ||||||||||
2012 | ||||||||||
During 2012, the Company sold one of its derrick barges and received proceeds of $44.5 million, inclusive of selling costs. The Company recorded a pre-tax loss of $3.1 million, inclusive of $9.7 million of goodwill, during the year ended December 31, 2012 in connection with this sale. The operations and loss on the sale of this disposal group have been reported within loss from discontinued operations in the consolidated statement of operations for the year ended December 31, 2012. | ||||||||||
During 2012, the Company sold 18 liftboats and related assets comprising its former Marine business. The Company received cash proceeds of $138.6 million, inclusive of working capital and selling costs. In connection with the sale, the Company repaid $12.5 million in U.S. Government guaranteed long-term financing. Additionally, the Company paid $4.0 million of make-whole premiums and wrote off $0.7 million of unamortized loan costs as a result of this repayment. The Company’s pre-tax loss on the disposal of this business recorded during 2012 was $10.0 million. | ||||||||||
The following table summarizes the components of loss from discontinued operations, net of tax related to the dispositions of derrick barges and liftboats for the year ended December 31, 2012 (in thousands): | ||||||||||
2012 | ||||||||||
Revenues | $ | 16,231 | ||||||||
Loss from discontinued operations, net of tax benefit of $620 | $ | -17,207 | ||||||||
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Acquisitions [Abstract] | |
Acquisitions | (4) Acquisitions |
2014 | |
In October 2014, the Company acquired all of the equity interests in a company that provides well testing and slickline services in India. The purchase price of the acquisition was approximately $22.0 million. Goodwill of $13.9 million was recognized as a result of this acquisition and was calculated as the excess of the consideration paid over the net assets recognized and represents estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. None of the goodwill related to this acquisition will be deductible for tax purposes. All of the goodwill was assigned to the Production Services segment. | |
2013 | |
In March 2013, the Company acquired all of the equity interests in a company that provides cementing services in Colombia. The Company paid approximately $20.4 million at closing and repaid $3.0 million of the acquired company’s debt. In 2014, the Company paid $2.4 million as a result of a post-closing process to reconcile the net working capital of the acquired company and settlement of certain liabilities. Goodwill of $15.1 million was recognized as a result of this acquisition and was calculated as the excess of the consideration paid over the net assets recognized and represents estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. None of the goodwill related to this acquisition will be deductible for tax purposes. All of the goodwill was assigned to the Production Services segment. | |
2012 | |
In February 2012, the Company acquired Complete in a cash and stock merger transaction valued at approximately $2,914.8 million. Complete focused on providing specialized completion and production services and products that help oil and gas companies develop hydrocarbon reserves, reduce costs and enhance production. Complete’s operations were located throughout the U.S. and Mexico. The acquisition of Complete substantially expanded the size and scope of the Company’s services. | |
Goodwill of $1,922.7 million was recognized as a result of this acquisition and was calculated as the excess of the consideration paid over the net assets recognized and represents estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. It includes access to new product and service offerings, an experienced management team and workforce, and other benefits that the Company believes will result from the combination of the operations, and any other intangible assets that do not qualify for separate recognition. None of the goodwill related to this acquisition will be deductible for tax purposes. The goodwill has been allocated between the Onshore Completion and Workover Services and the Production Services segments based on the relative fair value of these segments. | |
In August 2012, the Company acquired all of the equity interests in a company that provides mechanical wireline, electric line and well testing services to oil and gas companies in Argentina. The Company paid approximately $37.6 million in cash related to this acquisition, including approximately $6.5 million of contingent consideration which was paid during 2013 based upon achievement of certain performance metrics. Goodwill of $22.6 million was recognized as a result of this acquisition and was calculated as the excess of the consideration paid over the net assets recognized and represents estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. None of the goodwill related to this acquisition will be deductible for tax purposes. The goodwill has been allocated to the Onshore Completion and Workover Services, the Production Services, and the Technical Solutions segments based on each segment’s relative fair value. | |
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property, Plant And Equipment [Abstract] | |||||||
Property, Plant And Equipment | (5) Property, Plant and Equipment | ||||||
A summary of property, plant and equipment as of December 31, 2014 and 2013 is as follows (in thousands): | |||||||
2014 | 2013 | ||||||
Buildings, improvements and leasehold improvements | $ | 328,651 | $ | 284,273 | |||
Marine vessels and equipment | 55,494 | 137,955 | |||||
Machinery and equipment | 4,126,570 | 3,864,599 | |||||
Automobiles, trucks, tractors and trailers | 66,032 | 64,102 | |||||
Furniture and fixtures | 75,631 | 72,563 | |||||
Construction-in-progress | 102,895 | 211,017 | |||||
Land | 58,814 | 56,786 | |||||
Oil and gas producing assets | 189,294 | 137,910 | |||||
Total | 5,003,381 | 4,829,205 | |||||
Accumulated depreciation and depletion | -2,269,542 | -1,827,011 | |||||
Property, plant and equipment, net | $ | 2,733,839 | $ | 3,002,194 | |||
The Company had $93.3 million and $75.0 million of leasehold improvements as of December 31, 2014 and 2013, respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Depreciation expense (excluding depletion, amortization and accretion) was $620.6 million, $572.9 million, and $460.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||
Inventory_and_Other_Current_As
Inventory and Other Current Assets | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventory and Other Current Assets [Abstract] | |||||||
Inventory and Other Current Assets | (6) Inventory and Other Current Assets | ||||||
Inventory and other current assets includes $165.6 million and $162.9 million of inventory as of December 31, 2014 and 2013, respectively. The components of inventory balances as of December 31, 2014 and 2013 are as follows (in thousands): | |||||||
2014 | 2013 | ||||||
Finished goods | $ | 72,788 | $ | 65,621 | |||
Raw materials | 29,718 | 20,764 | |||||
Work-in-process | 20,317 | 20,064 | |||||
Supplies and consumables | 42,739 | 56,470 | |||||
Total | $ | 165,562 | $ | 162,919 | |||
As of December 31, 2013, inventory and other current assets included $63.2 million of costs incurred and estimated earnings in excess of billings on uncompleted contracts. The Company follows the percentage-of-completion method of accounting for applicable contracts. | |||||||
As of December 31, 2013, inventory and other current assets also included $8.8 million of available-for-sale securities recorded at fair value. These available-for-sale securities consisted of approximately 1.4 million shares of SandRidge Energy, Inc. (SandRidge) common stock held by the Company. During 2014, the Company sold all of its remaining shares of SandRidge common stock for $10.6 million. In connection with the sale, the Company reversed $1.2 million of previously recorded unrealized losses, of which $1.8 million was reclassified out of accumulated other comprehensive loss, net of tax benefit of $0.6 million. | |||||||
During the year ended December 31, 2013, the Company recorded an unrealized loss on these securities of $0.4 million, of which $0.3 million was reported within accumulated other comprehensive loss, net of tax benefit of $0.1 million. During the year ended December 31, 2012, the Company recorded an unrealized loss on these securities of $1.4 million, of which $0.9 million was reported within accumulated other comprehensive loss, net of tax benefit of $0.5 million. During 2012, the Company sold approximately 5.6 million shares of SandRidge stock for $41.9 million, resulting in a realized gain of $0.9 million. | |||||||
Debt
Debt | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Debt [Abstract] | |||||||
Debt | (7) Debt | ||||||
The Company’s long-term debt as of December 31, 2014 and 2013 consisted of the following (in thousands): | |||||||
2014 | 2013 | ||||||
Term loan - interest payable monthly at floating rate and | $ | 345,000 | $ | 365,000 | |||
principal payable quarterly, due February 2017 | |||||||
Senior Notes - interest payable semiannually at 6 3/8%, | 500,000 | 500,000 | |||||
due May 2019 | |||||||
Senior Notes - interest payable semiannually at 7 1/8%, | 800,000 | 800,000 | |||||
due December 2021 | |||||||
Other | 3,783 | 1,535 | |||||
1,648,783 | 1,666,535 | ||||||
Less current portion | 20,941 | 20,000 | |||||
Long-term debt | $ | 1,627,842 | $ | 1,646,535 | |||
Annual maturities of long-term debt for each of the five fiscal years following December 31, 2014 and thereafter are as follows (in thousands): | |||||||
2015 | $ | 20,941 | |||||
2016 | 21,134 | ||||||
2017 | 306,085 | ||||||
2018 | 623 | ||||||
2019 | 500,000 | ||||||
Thereafter | 800,000 | ||||||
Total | $ | 1,648,783 | |||||
Credit Facility | |||||||
The Company has a $1.0 billion bank credit facility, comprised of a $600 million revolving credit facility and a $400 million term loan. As of December 31, 2014, $345 million was outstanding under the term loan. The principal balance of the term loan is payable in installments of $5.0 million on the last day of each fiscal quarter, which began on June 30, 2012. As of December 31, 2014, the Company had no amounts outstanding under the revolving portion of its credit facility. The Company had $44.2 million of letters of credit outstanding, which reduce the Company’s borrowing availability under this portion of the credit facility. | |||||||
Any amounts outstanding on the revolving portion of the credit facility and the term loan are due on February 7, 2017. Amounts borrowed under the credit facility bear interest at LIBOR plus margins that depend on the Company’s credit rating. | |||||||
Senior Unsecured Notes | |||||||
The Company has outstanding $500 million of 6 3/8% unsecured senior notes due 2019. The indenture governing the 6 3/8% senior notes requires semi-annual interest payments on May 1st and November 1st of each year through the maturity date of May 1, 2019. | |||||||
The Company also has outstanding $800 million of 7 1/8% unsecured senior notes due 2021. The indenture governing the 7 1/8% senior notes requires semi-annual interest payments on June 15th and December 15th of each year through the maturity date of December 15, 2021. | |||||||
During 2012, the Company redeemed $150 million, or 50%, of the principal amount of its $300 million 6 7/8% unsecured senior notes due 2014 at 100% of face value. This redemption resulted in a loss on early extinguishment of debt of $2.3 million related to the write off of debt acquisition costs and notes discount. During 2013, the Company redeemed the remaining $150 million aggregate principal amount of its 6 7/8% unsecured senior notes due 2014 at 100% of face value using proceeds from the revolving portion of its credit facility. The redemption resulted in a loss on early extinguishment of debt of $0.9 million related to the writeoff of unamortized debt acquisition costs and note discount. | |||||||
StockBased_Compensation_And_Re
Stock-Based Compensation And Retirement Plans | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||
Stock-Based and Long-Term Compensation | (8) Stock-Based and Long-Term Compensation | ||||||||||
The Company maintains various stock incentive plans that provide long-term incentives to the Company’s key employees, including officers and directors (Eligible Participants). Under the stock incentive plan, the Company may grant incentive stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, other stock-based awards or any combination thereof to Eligible Participants. The Compensation Committee of the Company’s Board of Directors establishes the terms and conditions of any awards granted under the plans, provided that the exercise price of any stock options granted may not be less than the fair value of the common stock on the date of the grant. Under the terms of the 2013 Stock Incentive Plan, approximately 8,000,000 shares of the Company’s common stock have been reserved for issuance to employees and non-employee directors. As of December 31, 2014, approximately 5,400,000 shares of the Company’s common stock were available for future grants under the 2013 plan. | |||||||||||
Total stock-based compensation expense and the associated tax benefits for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||
Compensation Expense | |||||||||||
2014 | 2013 | 2012 | |||||||||
Stock options | $ | 3,900 | $ | 3,586 | $ | 4,829 | |||||
Restricted stock | 15,800 | 21,460 | 16,981 | ||||||||
Restricted stock units | 11,282 | - | 2,360 | ||||||||
Performance share units | 10,688 | 10,014 | 11,894 | ||||||||
Strategic performance share units | 2,404 | - | - | ||||||||
Total | $ | 44,074 | $ | 35,060 | $ | 36,064 | |||||
Tax Benefit | |||||||||||
2014 | 2013 | 2012 | |||||||||
Stock options | $ | 1,443 | $ | 1,327 | $ | 1,787 | |||||
Restricted stock | 5,846 | 7,940 | 6,283 | ||||||||
Restricted stock units | 4,174 | - | 873 | ||||||||
Total | $ | 11,463 | $ | 9,267 | $ | 8,943 | |||||
Stock Options | |||||||||||
The Company has granted non-qualified stock options under its stock incentive plans. The stock options generally vest in equal installments over three years and expire in ten years. Non-vested stock options are generally forfeitable upon termination of employment. | |||||||||||
The Company recognizes compensation expense for stock option grants based on the fair value at the date of grant using the Black-Scholes-Merton option pricing model. The Company uses historical data, among other factors, to estimate the expected volatility and the expected life of the stock options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the stock option. The dividend yield is based on our history of dividend payouts. | |||||||||||
The following table presents the fair value of stock option grants made during the years ended December 31, 2014, 2013 and 2012, as well as the options assumed and converted in the Complete acquisition, and the related assumptions used to calculate the fair value: | |||||||||||
2014 | 2013 | 2012 | |||||||||
Weighted average fair value of grants | $ | 6.95 | $ | 8.98 | $ | 21.76 | |||||
Black-Scholes-Merton Assumptions: | |||||||||||
Risk free interest rate | 1.42% | 0.63% | 0.41% | ||||||||
Expected life (years) | 4 | 4 | 2 | ||||||||
Volatility | 34.50% | 48.41% | 55.27% | ||||||||
Dividend yield | 1.23 | - | - | ||||||||
For 2012, the expected life of options assumed and converted in connection with the Complete acquisition was approximately two years, and the expected life of new option grants issued in 2012 was approximately five years, resulting in a weighted average life of approximately two years. | |||||||||||
The Company has reported tax benefits of $5.6 million, $0.7 million, $0.6 million from the exercise of stock options for the years ended December 31, 2014, 2013 and 2012, respectively, as financing cash flows in the consolidated statement of cash flows. | |||||||||||
The following table summarizes stock option activity for the year ended December 31, 2014: | |||||||||||
Number of Options | Weighted Average Option Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||
(in thousands) | |||||||||||
Outstanding as of December 31, 2013 | 4,857,376 | $ | 21.43 | 4.8 | $ | 29,990 | |||||
Granted | 567,084 | $ | 26.01 | ||||||||
Exercised | -880,687 | $ | 11.99 | ||||||||
Forfeited | -41,166 | $ | 25.39 | ||||||||
Expired | -18,102 | $ | 35.77 | ||||||||
Outstanding as of December 31, 2014 | 4,484,505 | $ | 23.76 | 5.1 | $ | 4,095 | |||||
Exercisable as of December 31, 2014 | 3,660,017 | $ | 23.45 | 4.3 | $ | 4,095 | |||||
Options expected to vest as of December 31, 2014 | 824,488 | $ | 25.14 | 8.7 | $ | - | |||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on December 31, 2014 and the stock option price, multiplied by the number of “in-the-money” stock options) that would have been received by the stock option holders if all the options had been exercised on December 31, 2014. The Company expects all of its remaining non-vested options to vest as they are primarily held by its officers and senior managers. | |||||||||||
The total intrinsic value of stock options exercised (the difference between the stock price upon exercise and the stock option price) during the years ended December 31, 2014, 2013 and 2012 was $17.1 million, $5.1 million and $40.4 million, respectively. The Company received $10.6 million, $6.3 million and $14.8 million during the years ended December 31, 2014, 2013 and 2012, respectively, from employee stock option exercises. | |||||||||||
The following table summarizes non-vested stock option activity for the year ended December 31, 2014: | |||||||||||
Number of Options | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested as of December 31, 2013 | 536,498 | $ | 10.19 | ||||||||
Granted | 567,084 | $ | 6.95 | ||||||||
Vested | -237,928 | $ | 13.39 | ||||||||
Forfeited | -41,166 | $ | 8.16 | ||||||||
Non-vested as of December 31, 2014 | 824,488 | $ | 7.83 | ||||||||
As of December 31, 2014, there was $4.2 million of unrecognized compensation expense related to non-vested stock options outstanding. The Company expects to recognize approximately $2.4 million, $1.3 million and $0.5 million of compensation expense during the years 2015, 2016 and 2017, respectively, for these outstanding non-vested stock options. | |||||||||||
Restricted Stock | |||||||||||
Shares of restricted stock generally vest in equal annual installments over three years. On February 7, 2012, the Company also assumed and converted 609,743 shares of restricted stock related to the Complete acquisition. Non-vested shares are generally forfeited upon termination of employment. With the exception of the non-vested shares of restricted stock assumed and converted as a result of the Complete acquisition, holders of shares of restricted stock are entitled to all rights of a stockholder of the Company with respect to the restricted stock, including the right to vote the shares and receive any dividends or other distributions. Compensation expense associated with restricted stock is measured based on the grant date fair value of our common stock. | |||||||||||
A summary of the status of restricted stock for the year ended December 31, 2014 is presented in the table below: | |||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested as of December 31, 2013 | 2,020,448 | $ | 24.71 | ||||||||
Vested | -842,257 | $ | 27.27 | ||||||||
Forfeited | -155,911 | $ | 24.29 | ||||||||
Non-vested as of December 31, 2014 | 1,022,280 | $ | 24.08 | ||||||||
The weighted average grant-date fair value per share of restricted stock granted during the years ended December 31, 2013 and 2012 was $23.14 and $22.87, respectively. No restricted stock was granted during the year ended December 31, 2014. The total fair value of restricted stock vested during the years ended December 31, 2014, 2013 and 2012 was $23.0 million, $9.6 million and $13.0 million, respectively. As of December 31, 2014, there was approximately $10.4 million of unrecognized compensation expense related to non-vested restricted stock. The Company expects to recognize approximately $10.0 million and $0.4 million during the years 2015 and 2016, respectively, for non-vested restricted stock. | |||||||||||
Restricted Stock Units | |||||||||||
Beginning in 2014, Restricted Stock Units (RSUs) were granted to eligible employees. Prior to 2014, RSUs were only granted to non-employee directors. RSUs granted to employees vest in equal annual installments over three years. On the vesting date, each RSU is converted to one share of the Company’s common stock having an aggregate value determined by the Company’s closing stock price on the vesting date. Holders of RSUs are not entitled to any rights of stockholders, such as the right to vote share, but will accrue dividend equivalents that are paid out upon vesting. | |||||||||||
Each non-employee director is issued annually a number of RSUs having an aggregate dollar value determined by the Company’s Board of Directors. The exact number of RSUs granted is determined by dividing the aggregate dollar value determined by the Company’s Board of Directors by the fair market value of the Company’s common stock on the day of the annual stockholders’ meeting. If the director’s election occurs at a time other than at the annual meeting, the director will receive a pro rata number of RSUs based on the number of months between his or her election date and the anniversary of the previous annual meeting. Each RSU granted prior to 2013 represents the right to receive from the Company, within 30 days of the date the director ceases to serve on the Board, one share of the Company’s common stock. Beginning with the RSU grants in 2013, the RSUs will vest and pay out in shares of the Company’s common stock in the year following the grant date on the date of Company’s annual meeting. | |||||||||||
A summary of the activity of restricted stock units for the year ended December 31, 2014 is presented in the table below: | |||||||||||
Number of Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding as of December 31, 2013 | 324,481 | $ | 26.34 | ||||||||
Granted | 1,352,184 | $ | 26.45 | ||||||||
Vested | -95,914 | $ | 30.65 | ||||||||
Forfeited | -164,274 | $ | 26.36 | ||||||||
Outstanding as of December 31, 2014 | 1,416,477 | $ | 26.40 | ||||||||
As of December 31, 2014, there was approximately $21.2 million of unrecognized compensation expense related to unvested RSUs. The Company expects to recognize approximately $10.6 million, $10.0 million, and $0.6 million for the years ended 2015, 2016, and 2017, respectively. | |||||||||||
Performance Share Units | |||||||||||
The Company has issued performance share units (PSUs) to its employees as part of the Company’s long-term incentive program. There is a three-year performance period associated with each PSU grant. The two performance measures applicable to all participants are the Company’s return on invested capital and total stockholder return relative to those of the Company’s pre-defined peer group. If the participant has met specified continued service requirements, the PSUs will settle in cash or a combination of cash and up to 50% of equivalent value in the Company’s common stock, at the discretion of the Compensation Committee of the Board of Directors. As of December 31, 2014, there were 360,329 PSUs outstanding (115,788, 115,376 and 129,165 related to performance periods ending December 31, 2014, 2015 and 2016, respectively). The Company has recorded both current and long-term liabilities for this liability-based compensation award. | |||||||||||
In February 2014, the Company granted strategic performance share units (SPSUs) to certain executive officers of the Company. The executives received a grant of SPSUs in February 2014 and will receive another grant in 2015, each with a specified target grant date value and each subject to a one-year performance period. The SPSUs will be paid out in an equivalent number of the Company’s common stock with the number SPSUs earned based upon the level of the Company’s free cash flow achieved for each of the fiscal years ended December 31, 2014 and December 31, 2015, respectively. The earned SPSUs will vest in 2016 provided the participant remains actively employed by the Company through January 2, 2016. | |||||||||||
Employee Stock Purchase Plan | |||||||||||
In 2013, the stockholders of the Company approved the 2013 Employee Stock Purchase Plan (ESPP). This plan went into effect on July 1, 2013 and replaced the prior plan. Under this plan 3,000,000 shares of common stock were reserved for issuance. Eligible employees are allowed to purchase shares of the Company’s common stock at a discount during six-month offering periods beginning on January 1 and July 1 of each year and ending on June 30 and December 31 of each year, respectively. Shares were purchased under this plan for the time period ending December 31, 2014. | |||||||||||
The following table summarizes ESPP activity for the years ended December 31, 2014, 2013 and 2012 (in thousands except shares): | |||||||||||
2014 | 2013 | 2012 | |||||||||
2013 Plan | 2013 and 2007 Plans | 2007 Plan | |||||||||
Cash received for shares issued | $ | 4,870 | $ | 4,124 | $ | 2,855 | |||||
Compensation expense | $ | 1,078 | $ | 947 | $ | 504 | |||||
Shares issued | 246,480 | 185,407 | 147,026 | ||||||||
401(k)/Profit Sharing Plan | |||||||||||
The Company maintains a defined contribution profit sharing plan for employees who have satisfied minimum service requirements. Employees may contribute up to 75% of their eligible earnings to the plan subject to the contribution limitations imposed by the Internal Revenue Service. In 2012, the Company adopted a “safe harbor” match for its 401(k) plan, which includes a nondiscretionary match of 100% of an employee’s contributions to the plan, up to 4% of the employee’s salary. The Company made contributions of $16.7 million, $16.0 million and $8.4 million in the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
Non-Qualified Deferred Compensation Plans | |||||||||||
The Company has a non-qualified deferred compensation plan which allows certain highly compensated employees to defer up to 75% of their base salary, up to 100% of their bonus, and up to 100% of the cash portion of their PSU compensation to the plan. The Company also has a non-qualified deferred compensation plan for its non-employee directors which allows each director to defer up to 100% of their cash compensation paid by the Company to the plan. Additionally, participating directors may defer up to 100% of the shares of common stock they are entitled to receive in connection with the payout of RSUs. Payments are made to participants based on their annual enrollment elections and plan balances. Participants earn a return on their deferred compensation that is based on hypothetical investments in certain mutual funds. Changes in market value of these hypothetical participant investments are reflected as an adjustment to the deferred compensation liability of the Company with an offset to compensation expense (see note 13). As of December 31, 2014 and 2013, the liability of the Company to the participants was $14.7 million and $15.0 million, respectively, which reflects the accumulated participant deferrals and earnings (losses) as of that date. These amounts are recorded in other long-term liabilities. Additionally, as of December 31, 2014 and 2013, the Company had $2.3 million and $1.9 million in accounts payable in anticipation of pending payments. For the years ended December 31, 2014, 2013 and 2012, the Company recorded compensation expense of $0.9 million, $2.5 million and $1.6 million, respectively, related to the earnings and losses of the deferred compensation plan liability. The Company makes contributions that approximate the participant deferrals into various investments, principally life insurance that is invested in mutual funds similar to the participants’ hypothetical investment elections. Changes in market value of the investments and life insurance are reflected as adjustments to the deferred compensation plan asset with an offset to other income (expense). As of December 31, 2014 and 2013, the deferred compensation plan asset was $13.0 million and $13.7 million, respectively, and is recorded in intangible and other long-term assets, net. For the years ended December 31, 2014, 2013 and 2012, the Company recorded other income of $1.2 million, $2.4 million and $0.7 million, respectively, related to the net earnings and losses of the deferred compensation plan assets. | |||||||||||
Supplemental Executive Retirement Plan | |||||||||||
The Company has a supplemental executive retirement plan (SERP). The SERP provides retirement benefits to the Company’s executive officers and certain other designated key employees. The SERP is an unfunded, non-qualified defined contribution retirement plan, and all contributions under the plan are unfunded credits to a notional account maintained for each participant. Under the SERP, the Company will generally make annual contributions to a retirement account based on age and years of service. During 2014, 2013 and 2012, the participants in the plan received contributions ranging from 5% to 35% of salary and annual cash bonus, which totaled $1.2 million, $1.2 million and $1.8 million, respectively. The Company may also make discretionary contributions to a participant’s account. The Company recorded compensation expense of $1.6 million, $1.2 million and $2.4 million in general and administrative expenses for the years ended December 31, 2014, 2013 and 2012, respectively, inclusive of discretionary contributions. During the years ended December 31, 2014, 2013 and 2012, the Company paid $3.0 million, $3.0 million and $6.7 million, respectively, to select participants in the SERP. | |||||||||||
Reduction_in_Value_of_Assets
Reduction in Value of Assets | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Reduction In Value Of Assets [Abstract] | ||||
Reduction In Value Of Assets | (9) Reduction in Value of Assets | |||
During 2013, the Company recorded $300.1 million in expense related to reduction in value of assets. The components of reduction in value of assets are as follows (in thousands): | ||||
2013 | ||||
Reduction in value of long-lived assets and related other assets | $ | 180,320 | ||
Reduction in value of goodwill | 91,016 | |||
Retirements of long-lived assets | 14,418 | |||
Reduction in value of assets related to Venezuela exit activities | 14,324 | |||
Total reduction in value of assets | $ | 300,078 | ||
Reduction in Value of Long-Lived Assets | ||||
During the fourth quarter of 2013, the Company recorded $180.3 million in expense in connection with reduction in value of its long-lived assets and related other assets. The reduction in value of assets expense was comprised of $122.8 million related to certain marine equipment and related write-off of other assets of $31.9 million included in the Technical Solutions segment, $11.4 million related to equipment in the coiled tubing division within the Production Services segment and $11.2 million related to mechanical drilling rigs included in the Onshore Completion and Workover Services segment. In addition, the Company recorded an $3.0 million expense related to reduction in carrying values of the intangible assets in the coiled tubing business in the Production Services segment. | ||||
The reduction in value of assets in the Technical Solutions segment was primarily driven by the decline in demand for services in the Company’s marine technical services business. During the fourth quarter of 2013, the demand for these services continued to decline and the forecast for these markets did not indicate a timely recovery sufficient to support the carrying values of these assets. The reduction in value of assets in the Onshore Completion and Workover Services segment related to the reduction in carrying values of the mechanical drilling rigs, primarily driven by the shift in customer demand away from mechanically powered rigs to electrically powered drilling rigs. The reduction in value of assets in the Production Services segment related to the coiled tubing business in Mexico and was primarily driven by the decrease in demand for the Company’s services during 2013 coupled with a decrease in the forecast for future activities in that region. | ||||
Reduction in Value of Goodwill | ||||
The Company performed its annual test for goodwill impairment as of December 31, 2013, which indicated that the carrying value of the Technical Solutions segment exceeded its fair value, indicating that goodwill was potentially impaired. As such, the Company performed the second step of the goodwill impairment test, which involved calculating the implied fair value of the goodwill by allocating the fair value of the Technical Solutions segment to all of the assets and liabilities other than goodwill and comparing it to the carrying amount of goodwill. The Company determined that the implied fair value of the goodwill for the Technical Solutions segment was less than its carrying value and fully wrote-off the goodwill balance of $91.0 million, which is included in the reduction in value of assets in the consolidated statement of operations. The reduction in value of goodwill in our Technical Solutions segment was primarily driven by the decline in demand for services in our subsea construction and marine technical services divisions. During the fourth quarter of 2013, the demand for these services continued to decline and the forecast for these markets did not indicate a timely recovery sufficient to support the carrying values of the goodwill. | ||||
Retirements of Long-Lived Assets | ||||
During 2013, the Company recorded $14.4 million for retirement and abandonment of inoperable and/or functionally obsolete long-lived assets. The total amount recorded includes $6.4 million for Technical Solutions segment, $5.8 million for Onshore Completion and Workover Services segment and $2.2 million for Production Services segment. | ||||
Reduction in Value of Assets Related to Venezuela Exit Activities | ||||
In November 2013, the government of Venezuela seized two of the Company’s hydraulic snubbing units from its facility in Anaco, Venezuela. As a result, the Company recorded a $14.3 million reduction in value of net assets, primarily related to accounts receivable, prepaid expenses and property, plant and equipment. During the years ended December 31, 2013 and 2012, the Company generated $9.5 million and $20.5 million, respectively, in revenue from its operations in Venezuela. | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Income Taxes | (10) Income Taxes | |||||||||
The components of income (loss) from continuing operations before income taxes for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Domestic | $ | 372,672 | $ | 165,463 | $ | 554,675 | ||||
Foreign | 69,517 | -64,706 | 52,488 | |||||||
$ | 442,189 | $ | 100,757 | $ | 607,163 | |||||
The components of income tax expense (benefit) for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | 150,997 | $ | 19,897 | $ | 119,797 | ||||
State | 11,339 | 10,816 | 14,155 | |||||||
Foreign | 36,287 | 25,613 | 33,279 | |||||||
198,623 | 56,326 | 167,231 | ||||||||
Deferred: | ||||||||||
Federal | -33,172 | -6,341 | 54,718 | |||||||
State | 648 | 386 | 915 | |||||||
Foreign | -4,700 | 4,901 | 382 | |||||||
-37,224 | -1,054 | 56,015 | ||||||||
$ | 161,399 | $ | 55,272 | $ | 223,246 | |||||
Income tax expense differs from the amounts computed by applying the U.S. Federal income tax rate of 35% to income (loss) before income taxes for the years ended December 31, 2014, 2013 and 2012 as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Computed expected tax expense | $ | 154,766 | $ | 35,265 | $ | 212,581 | ||||
Increase (decrease) resulting from | ||||||||||
State and foreign income taxes | 8,467 | -852 | 15,176 | |||||||
Reduction in value of assets | - | 34,874 | - | |||||||
Other | -1,834 | -14,015 | -4,511 | |||||||
Income tax | $ | 161,399 | $ | 55,272 | $ | 223,246 | ||||
The tax effects of temporary differences that give rise to significant components of deferred income tax assets and liabilities as of December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Allowance for doubtful accounts | $ | 3,942 | $ | 8,482 | ||||||
Operating loss and tax credit carryforwards | 21,928 | 32,543 | ||||||||
Compensation and employee benefits | 57,045 | 50,136 | ||||||||
Decommissioning liabilities | 21,029 | 22,124 | ||||||||
Other | 50,641 | 51,161 | ||||||||
154,585 | 164,446 | |||||||||
Valuation allowance | - | - | ||||||||
Net deferred tax assets | 154,585 | 164,446 | ||||||||
Deferred tax liabilities: | ||||||||||
Property, plant and equipment | 648,054 | 671,172 | ||||||||
Notes receivable | 5,718 | 5,429 | ||||||||
Goodwill and other intangible assets | 138,017 | 136,940 | ||||||||
Deferred revenue on long-term contracts | 1,470 | 21,354 | ||||||||
Other | 32,184 | 56,846 | ||||||||
Deferred tax liabilities | 825,443 | 891,741 | ||||||||
Net deferred tax liability | $ | 670,858 | $ | 727,295 | ||||||
The net deferred tax assets reflect management’s estimate of the amount that will be realized from future profitability and the reversal of taxable temporary differences that can be predicted with reasonable certainty. A valuation allowance is recognized if it is more likely than not that at least some portion of any deferred tax asset will not be realized. | ||||||||||
Net deferred tax liabilities were classified in the consolidated balance sheet as of December 31, 2014 and 2013 as follows (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Current deferred income taxes | $ | 32,138 | $ | 8,785 | ||||||
Deferred tax liabilities: | ||||||||||
Non-current deferred income taxes | -702,996 | -736,080 | ||||||||
Net deferred tax liability | $ | -670,858 | $ | -727,295 | ||||||
As of December 31, 2014, the Company had approximately $1.3 million in net operating loss carryforwards, which are available to reduce future taxable income. The expiration dates for utilization of the loss carryforwards are 2020 through 2026. Utilization of $0.5 million of the net operating loss carryforwards will be subject to the annual limitations due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended. As of December 31, 2014, the Company also has various state net operating loss carryforwards with expiration dates from 2016 to 2029. A deferred tax asset of $9.9 million reflects the expected future tax benefit for the state loss carryforwards. | ||||||||||
The Company has not provided U.S. income tax expense on earnings of its foreign subsidiaries, since the Company has reinvested or expects to reinvest outside the U.S. the undistributed earnings indefinitely. As of December 31, 2014, the undistributed earnings of the Company’s foreign subsidiaries were approximately $61.0 million. If these earnings are repatriated to the U.S. in the future, additional tax provisions may be required. It is not practicable to estimate the amount of taxes that might be payable on such undistributed earnings. | ||||||||||
The Company files income tax returns in the U.S., including federal and various state filings, and certain foreign jurisdictions. The number of years that are open under the statute of limitations and subject to audit varies depending on the tax jurisdiction. The Company remains subject to U.S. federal tax examinations for years after 2010. | ||||||||||
The Company had unrecognized tax benefits of $30.3 million, $29.9 million and $26.4 million as of December 31, 2014, 2013 and 2012, respectively all of which would impact the Company’s effective tax rate if recognized. | ||||||||||
The activity in unrecognized tax benefits as of December 31, 2014, 2013 and 2012 is as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Unrecognized tax benefits, | $ | 29,899 | $ | 26,399 | $ | 21,692 | ||||
December 31, 2013, 2012 and 2011, respectively | ||||||||||
Additions based on tax positions related to current year | - | - | - | |||||||
Additions based on tax positions related to prior years | 7,860 | 5,065 | 6,873 | |||||||
Reductions based on tax positions related to prior years | -7,415 | -1,565 | -2,166 | |||||||
Unrecognized tax benefits, | $ | 30,344 | $ | 29,899 | $ | 26,399 | ||||
December 31, 2014, 2013 and 2012, respectively | ||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||||
Segment Information | (11) Segment Information | ||||||||||||||||||
Business Segments | |||||||||||||||||||
The Drilling Products and Services segment rents and sells bottom hole assemblies, premium drill pipe, tubulars and specialized equipment for use with onshore and offshore oil and gas well drilling, completion, production and workover activities. It also provides on-site accommodations and bolting and machining services. The Onshore Completion and Workover Services segment provides pressure pumping services used to complete and stimulate production in new oil and gas wells, fluid handling services and well servicing rigs that provide a variety of well completion, workover and maintenance services. The Production Services segment provides intervention services such as coiled tubing, cased hole and mechanical wireline, hydraulic workover and snubbing, production testing and optimization, and remedial pumping services. It also provides specialized pressure control tools used to manage and control pressure throughout the life of a well. The Technical Solutions segment provides services typically requiring specialized engineering, manufacturing or project planning, including well control services, well containment systems, stimulation and sand control services and well plug and abandonment services. It also includes production handling arrangements and the production and sale of oil and gas. | |||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, operating results for the Company’s subsea construction and conventional decommissioning businesses are reported in discontinued operations (see note 3). Previously those operating results were reported within the Technical Solutions segment, which was previously named the Subsea and Technical Solutions segment. | |||||||||||||||||||
The Company evaluates the performance of its reportable segments based on income or loss from operations. The segment measure is calculated as follows: segment revenues less segment operating expenses, depreciation expense and allocated general and administrative expenses. General and administrative expenses are allocated to the segments based primarily on specific identification and, to the extent that such identification is not practical, other methods which the Company believes to be a reasonable reflection of the utilization of services provided. The Company believes this segment measure is useful in evaluating the performance of its reportable segments because it highlights operating trends and aids analytical comparisons. | |||||||||||||||||||
Summarized financial information for the Company’s segments for the years ended December 31, 2014, 2013 and 2012 is shown in the following tables (in thousands): | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 923,849 | $ | 1,727,904 | $ | 1,356,057 | $ | 548,812 | $ | - | $ | 4,556,622 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 290,341 | 1,201,497 | 945,201 | 297,794 | - | 2,734,833 | |||||||||||||
Depreciation, depletion, amortization | 187,825 | 233,479 | 165,144 | 64,366 | - | 650,814 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 155,606 | 159,325 | 190,172 | 119,268 | - | 624,371 | |||||||||||||
Income from operations | 290,077 | 133,603 | 55,540 | 67,384 | - | 546,604 | |||||||||||||
Interest expense, net | - | - | - | 1,577 | -98,311 | -96,734 | |||||||||||||
Other expense | - | - | - | - | -7,681 | -7,681 | |||||||||||||
Income (loss) from continuing operations | $ | 290,077 | $ | 133,603 | $ | 55,540 | $ | 68,961 | $ | -105,992 | $ | 442,189 | |||||||
before income taxes | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 838,514 | $ | 1,596,704 | $ | 1,445,555 | $ | 469,284 | $ | - | $ | 4,350,057 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 276,131 | 1,083,494 | 1,011,933 | 262,032 | - | 2,633,590 | |||||||||||||
Depreciation, depletion, amortization | 169,296 | 215,506 | 178,442 | 41,197 | - | 604,441 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 142,850 | 156,405 | 190,931 | 107,592 | - | 597,778 | |||||||||||||
Reduction in value of assets | 2,292 | 16,975 | 28,568 | 252,243 | - | 300,078 | |||||||||||||
Income (loss) from operations | 247,945 | 124,324 | 35,681 | -193,780 | - | 214,170 | |||||||||||||
Interest expense, net | - | - | - | 1,323 | -109,225 | -107,902 | |||||||||||||
Other income (expense) | - | - | - | 836 | -5,463 | -4,627 | |||||||||||||
Loss on early extinguishment of debt | - | - | - | - | -884 | -884 | |||||||||||||
Income (loss) from continuing operations | $ | 247,945 | $ | 124,324 | $ | 35,681 | $ | -191,621 | $ | -115,572 | $ | 100,757 | |||||||
before income taxes | |||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 775,066 | $ | 1,593,977 | $ | 1,510,990 | $ | 413,243 | $ | - | $ | 4,293,276 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 255,853 | 1,039,732 | 929,552 | 244,283 | - | 2,469,420 | |||||||||||||
Depreciation, depletion, amortization | 150,687 | 171,853 | 135,910 | 29,611 | - | 488,061 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 130,954 | 185,548 | 210,411 | 98,509 | - | 625,422 | |||||||||||||
Income from operations | 237,572 | 196,844 | 235,117 | 40,840 | - | 710,373 | |||||||||||||
Interest expense, net | - | - | - | 849 | -117,328 | -116,479 | |||||||||||||
Other expense | - | - | - | -212 | -2,105 | -2,317 | |||||||||||||
Loss on early extinguishment of debt | - | - | - | - | -2,294 | -2,294 | |||||||||||||
Gain on sale of equity-method investment | 17,880 | 17,880 | |||||||||||||||||
Income (loss) from continuing operations | $ | 237,572 | $ | 196,844 | $ | 235,117 | $ | 41,477 | $ | -103,847 | $ | 607,163 | |||||||
before income taxes | |||||||||||||||||||
Identifiable Assets | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
31-Dec-14 | $ | 1,304,110 | $ | 3,010,295 | $ | 2,116,171 | $ | 946,813 | $ | - | $ | 7,377,389 | |||||||
31-Dec-13 | $ | 1,245,501 | $ | 2,973,916 | $ | 2,176,785 | $ | 1,015,105 | $ | - | $ | 7,411,307 | |||||||
31-Dec-12 | $ | 1,086,804 | $ | 3,223,984 | $ | 2,185,779 | $ | 1,295,134 | $ | 11,185 | $ | 7,802,886 | |||||||
As of December 31, 2014, the Technical Solutions segment included $116.7 million of identifiable assets of the subsea construction and conventional decommissioning businesses that were classified as assets held for sale on the consolidated balance sheet. | |||||||||||||||||||
Capital Expenditures | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Total | |||||||||||||||
31-Dec-14 | $ | 254,500 | $ | 160,888 | $ | 95,796 | $ | 95,037 | $ | 606,221 | |||||||||
31-Dec-13 | $ | 269,152 | $ | 99,517 | $ | 107,412 | $ | 144,388 | $ | 620,469 | |||||||||
31-Dec-12 | $ | 246,389 | $ | 308,317 | $ | 334,670 | $ | 279,729 | $ | 1,169,105 | |||||||||
Geographic Segments | |||||||||||||||||||
The Company attributes revenue to various countries based on the location where services are performed or the destination of the drilling products or equipment sold or rented. Long-lived assets consist primarily of property, plant and equipment and are attributed to various countries based on the physical location of the asset at the end of a period. As of December 31, 2014, the assets of the subsea construction and conventional decommissioning businesses were classified as assets held for sale on the consolidated balance sheet. The Company’s revenue attributed to the U.S. and to other countries and the value of its long-lived assets by those locations is as follows (in thousands): | |||||||||||||||||||
Revenues | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 3,848,929 | $ | 3,674,825 | $ | 3,680,817 | |||||||||||||
Other Countries | 707,693 | 675,232 | 612,459 | ||||||||||||||||
Total | $ | 4,556,622 | $ | 4,350,057 | $ | 4,293,276 | |||||||||||||
Long-Lived Assets | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
United States | $ | 2,416,306 | $ | 2,476,792 | |||||||||||||||
Other Countries | 317,533 | 525,402 | |||||||||||||||||
Total, net | $ | 2,733,839 | $ | 3,002,194 | |||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (12) Commitments and Contingencies |
The Company leases many of its office, service and assembly facilities under operating leases. In addition, the Company also leases certain assets used in providing services under operating leases. The leases expire at various dates over an extended period of time. Total rent expense was $26.2 million, $25.6 million and $23.1 million in the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum lease payments under non-cancelable leases for the five years ending December 31, 2015 through 2019 and thereafter are as follows: $64.7 million, $42.4 million, $30.3 million, $23.8 million, $13.8 million and $28.7 million, respectively. | |
Due to the nature of the Company’s business, the Company is involved, from time to time, in routine litigation or subject to disputes or claims regarding its business activities. Legal costs related to these matters are expensed as incurred. However, based on current circumstances, the Company does not believe that the ultimate resolution of these proceedings, after considering available defenses and any insurance coverage or indemnification rights, will have a material adverse effect on its financial position, results of operations or cash flows. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||
Fair Value Measurements | (13) Fair Value Measurements | |||||||||||||||
The following tables provide a summary of the financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | |||||||||||||
Intangible and other long-term assets, net | ||||||||||||||||
Non-qualified deferred compensation assets | $ | 12,982 | $ | 1,481 | $ | 11,501 | - | |||||||||
Interest rate swaps | $ | 4,183 | - | $ | 4,183 | - | ||||||||||
Accounts payable | ||||||||||||||||
Non-qualified deferred compensation liabilities | $ | 2,291 | - | $ | 2,291 | - | ||||||||||
Other long-term liabilities | ||||||||||||||||
Non-qualified deferred compensation liabilities | $ | 14,720 | - | $ | 14,720 | - | ||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | |||||||||||||
Inventory and other current assets | ||||||||||||||||
Available-for-sale securities | $ | 8,817 | $ | 8,817 | - | - | ||||||||||
Intangible and other long-term assets, net | ||||||||||||||||
Non-qualified deferred compensation assets | $ | 13,731 | $ | 2,330 | $ | 11,401 | - | |||||||||
Interest rate swap | $ | 337 | - | $ | 337 | - | ||||||||||
Accounts payable | ||||||||||||||||
Non-qualified deferred compensation liabilities | $ | 1,944 | - | $ | 1,944 | - | ||||||||||
Other long-term liabilities | ||||||||||||||||
Non-qualified deferred compensation liabilities | $ | 14,986 | - | $ | 14,986 | - | ||||||||||
As of December 31, 2013, available-for-sale securities was comprised of approximately 1.4 million shares of SandRidge common stock. The securities were reported at fair value based on the closing price of the shares as reported on the New York Stock Exchange (see note 6). | ||||||||||||||||
The Company’s non-qualified deferred compensation plans allow officers, certain highly compensated employees and non-employee directors to defer receipt of a portion of their compensation and contribute such amounts to one or more hypothetical investment funds (see note 8). The Company entered into separate trust agreements, subject to general creditors, to segregate assets of each plan and reports the accounts of the trusts in its consolidated financial statements. These investments are reported at fair value based on unadjusted quoted prices in active markets for identifiable assets and observable inputs for similar assets and liabilities, which represent Levels 1 and 2, respectively, in the fair value hierarchy. | ||||||||||||||||
The Company has three interest rate swap agreements related to its fixed rate debt maturing in 2021 for notional amounts of $100 million each, whereby the Company is entitled to receive semi-annual interest payments at a fixed rate of 7 1/8% per annum and is obligated to make semi-annual interest payments at floating rates, which are adjusted every 90 days, based on LIBOR plus a fixed margin. The swap agreements, scheduled to terminate on December 15, 2021, are designated as fair value hedges of a portion of the Company’s 7 1/8% senior notes, as the derivative has been tested to be highly effective in offsetting changes in the fair value of the underlying note. As these derivatives are classified as fair value hedges, the changes in the fair value of the derivatives are offset against the changes in the fair value of the underlying note in interest expense, net (see note 14). | ||||||||||||||||
The following table reflects the fair value measurements used in testing the impairment of long-lived assets and goodwill during the year ended December 31, 2013 (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
December 31, | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
2013 | Losses | |||||||||||||||
Property, plant and equipment, net | $ | 328,876 | $ | - | $ | - | $ | 328,876 | $ | 243,781 | ||||||
Goodwill | - | - | - | - | $ | 91,016 | ||||||||||
Intangible assets | $ | 4,355 | $ | - | $ | - | $ | 4,355 | $ | 18,296 | ||||||
During the year ended December 31, 2013, the Company recorded $243.8 million in expense related to reduction in carrying values of its property, plant and equipment, $98.3 million of which was included in the discontinued operations on the statement of operations. During the year ended December 31, 2013, the Company recorded a $91.0 million expense related to reduction in value of goodwill. In addition, the Company recorded an $18.3 million expense, primarily, related to reduction in carrying values of the intangible assets in the subsea construction division, of which $15.3 million is included in the discontinued operations on the statement of operations. See note 9 for a discussion of reduction in value of assets expense recorded during 2013. | ||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivative Financial Instruments [Abstract] | ||||||||||||||
Derivative Financial Instruments | (14) Derivative Financial Instruments | |||||||||||||
From time to time, the Company may enter into interest rate swaps in an attempt to achieve a more balanced debt portfolio between fixed and variable debt. The Company does not use derivative financial instruments for trading or speculative purposes. | ||||||||||||||
The Company has three interest rate swaps for notional amounts of $100 million each related to its 7 1/8% senior notes maturing in December 2021. These transactions are designated as fair value hedges since the swaps hedge against the change in fair value of fixed rate debt resulting from changes in interest rates. The Company recorded a derivative asset of $4.2 million and $0.3 million within intangible and other long term assets in the consolidated balance sheets as of December 31, 2014 and 2013, respectively, relating to these swaps. | ||||||||||||||
The changes in fair value of the interest rate swaps are included in the adjustments to reconcile net income to net cash provided by operating activities in the consolidated statement of cash flows. The location and effect of the derivative instrument on the consolidated statement of operations for the years ended December 31, 2014, 2013 and 2012, presented on a pre-tax basis, is as follows (in thousands): | ||||||||||||||
Effect of derivative instrument | Location of (gain) loss | 2014 | 2013 | 2012 | ||||||||||
recognized | ||||||||||||||
Interest rate swap | Interest expense, net | $ | -11,054 | $ | 13,079 | $ | -3,632 | |||||||
Hedged item - debt | Interest expense, net | 7,208 | -12,303 | 2,346 | ||||||||||
$ | -3,846 | $ | 776 | $ | -1,286 | |||||||||
For the years ended December 31, 2014, 2013 and 2012, $3.8 million of interest income, $0.8 million of interest expense and $1.3 million of interest income, respectively, was related to the ineffectiveness associated with these fair value hedges. Hedge ineffectiveness represents the difference between the changes in fair value of the derivative instruments and the changes in fair value of the fixed rate debt attributable to changes in the benchmark interest rate. | ||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (15) Related Party Transactions |
The Company purchases services, products and equipment, as well as leases certain facilities, from companies affiliated with an officer of one of its subsidiaries. The Company believes the transactions reflected below with these related parties are on terms and conditions no less favorable to the Company than transactions with unaffiliated parties. For the years ended December 31, 2014, 2013 and 2012, these transactions totaled approximately $221.1 million, $164.8 million and $240.3 million, respectively. For the year ended December 31, 2014, $92.1 million was purchased from ORTEQ Energy Services, a heavy equipment construction company which also manufactures pressure pumping equipment, $0.7 million was purchased from Ortowski Construction, primarily related to the manufacture of pressure pumping units, $21.6 million was paid to Resource Transport, LLC, related to the transportation of sand used in pressure pumping equipment, $79.3 million was purchased from Texas Specialty Sands, LLC primarily for the purchase of sand used for pressure pumping activities, $25.5 million was purchased from ProFuel, LLC, primarily related to the purchase of diesel used to operate equipment and trucks and $1.9 million was related to facilities leased from Timber Creek Real Estate Partners. For the year ended December 31, 2013, $52.8 million was purchased from ORTEQ Energy Services, $14.0 million was paid to Resource Transport, LLC, $69.1 million was purchased from Texas Specialty Sands, LLC, $26.9 million was purchased from ProFuel, LLC, and $2.0 million was related to facilities leased from Timber Creek Real Estate Partners. For the year ended December 31, 2012, $111.6 million was purchased from ORTEQ Energy Services, $4.1 million was purchased from Ortowski Construction, $12.1 million was paid to Resource Transport, $91.9 million was purchased from Texas Specialty Sands, LLC, $18.9 million was purchased from ProFuel, LLC, and $1.7 million was related to facilities leased from Timber Creek Real Estate Partners. | |
As of December 31, 2014, the Company’s trade accounts payable includes amounts due to these companies totaling approximately $26.8 million, of which $10.1 million was due ORTEQ Energy Services, $1.7 million was due Resource Transport, $14.0 million was due Texas Specialty Sands, and $1.0 million was due ProFuel, LLC. No amounts were due Ortowski Construction and Timber Creek Real Estate Partners. As of December 31, 2013, the Company’s trade accounts payable includes amounts due to these companies totaling approximately $14.6 million, of which $7.8 million was due ORTEQ Energy Services, $0.9 million was due Resource Transport, LLC, $2.0 million was due Texas Specialty Sands, LLC, $2.6 million was due ProFuel, LLC and $1.3 million was due Timber Creek Real Estate Partners. | |
The Company’s President and Chief Executive Officer serves as an independent director of the board of Linn Energy, LLC (Linn), an independent oil and gas development company with focus areas in the Rockies, Mid-Continent, the Hugoton Basin, California, the Permian Basin, Michigan, Illinois and east Texas. The Company recorded revenues from Linn of $19.7 million, $26.9 million and $21.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company had trade receivables from Linn of $1.6 million and $2.9 million as of December 31, 2014 and 2013, respectively. | |
Interim_Financial_Information_
Interim Financial Information (Unaudited) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Interim Financial Information (Unaudited) [Abstract] | |||||||||||||
Interim Financial Information (Unaudited) | (16) Interim Financial Information (Unaudited) | ||||||||||||
The following is a summary of consolidated interim financial information for the two years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||
Three Months Ended | |||||||||||||
31-Mar | 30-Jun | Sept. 30 | Dec. 31 | ||||||||||
2014 | |||||||||||||
Revenues | $ | 1,061,418 | $ | 1,107,552 | $ | 1,209,026 | $ | 1,178,626 | |||||
Less: | |||||||||||||
Cost of services and rentals | 651,605 | 650,293 | 721,692 | 711,243 | |||||||||
Depreciation, depletion, amortization | 162,318 | 160,965 | 170,154 | 157,377 | |||||||||
and accretion | |||||||||||||
Gross profit | 247,495 | 296,294 | 317,180 | 310,006 | |||||||||
Net income from operations | 42,626 | 79,057 | 85,743 | 73,364 | |||||||||
Loss from discontinued operations, net of tax | -5,954 | -3,895 | -5,886 | -7,238 | |||||||||
Net income | 36,672 | 75,162 | 79,857 | 66,126 | |||||||||
Earnings per share from continuing operations: | |||||||||||||
Basic | $ | 0.27 | $ | 0.51 | $ | 0.55 | $ | 0.49 | |||||
Diluted | 0.27 | 0.50 | 0.55 | 0.48 | |||||||||
Loss per share from discontinued operations: | |||||||||||||
Basic | $ | -0.04 | $ | -0.03 | $ | -0.03 | $ | -0.05 | |||||
Diluted | -0.04 | -0.03 | -0.04 | -0.05 | |||||||||
Three Months Ended | |||||||||||||
31-Mar | 30-Jun | Sept. 30 | Dec. 31 | ||||||||||
2013 | |||||||||||||
Revenues | $ | 1,086,872 | $ | 1,091,129 | $ | 1,096,412 | $ | 1,075,644 | |||||
Less: | |||||||||||||
Cost of services and rentals | 651,594 | 646,704 | 671,632 | 663,660 | |||||||||
Depreciation, depletion, amortization | 144,964 | 149,440 | 152,028 | 158,009 | |||||||||
and accretion | |||||||||||||
Gross profit | 290,314 | 294,985 | 272,752 | 253,975 | |||||||||
Reduction in value of assets | - | - | - | 300,078 | |||||||||
Net income (loss) from continuing operations | 80,618 | 74,079 | 67,469 | -176,681 | |||||||||
Income (loss) from discontinued operations, | -16,891 | -5,520 | 2,366 | -136,858 | |||||||||
net of tax | |||||||||||||
Net income (loss) | 63,727 | 68,559 | 69,835 | -313,539 | |||||||||
Earnings (loss) per share from continuing | |||||||||||||
operations: | |||||||||||||
Basic | $ | 0.51 | $ | 0.46 | $ | 0.42 | $ | -1.11 | |||||
Diluted | 0.51 | 0.46 | 0.42 | -1.11 | |||||||||
Earnings (loss) per share from discontinued | |||||||||||||
operations: | |||||||||||||
Basic | $ | -0.11 | $ | -0.03 | $ | 0.02 | $ | -0.86 | |||||
Diluted | -0.11 | -0.03 | 0.01 | -0.86 | |||||||||
Accelerated_Share_Repurchase_P
Accelerated Share Repurchase Program | 12 Months Ended |
Dec. 31, 2014 | |
Accelerated Share Repurchase Program [Abstract] | |
Accelerated Share Repurchases Program | (17) Accelerated Share Repurchase Program |
During 2014, the Company entered into an accelerated share repurchase program with a third-party financial institution to purchase $75.0 million aggregate amount of shares of the Company’s outstanding common stock. The Company paid $75.0 million and received and retired 2,532,540 shares of its outstanding common stock. | |
Supplementary_Oil_And_Natural_
Supplementary Oil And Natural Gas Disclosures (Unaudited) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplementary Oil And Natural Gas Disclosures [Abstract] | ||||||||||
Supplementary Oil And Natural Gas Disclosures (Unaudited) | (18) Supplementary Oil and Natural Gas Disclosures (Unaudited) | |||||||||
The Company’s December 31, 2014 estimates of proved reserves are based on reserve reports prepared by Ryder Scott Company, L.P., independent petroleum engineers. The Company’s December 31, 2013 and 2012 estimates of proved reserves are based on reserve reports prepared by Netherland, Sewell & Associates, Inc., independent petroleum engineers. Users of this information should be aware that the process of estimating quantities of “proved”, “proved developed” and “proved undeveloped” natural gas and crude oil reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir. This data may also change substantially over time as a result of multiple factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions to existing reserve estimates occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures. Proved reserves are estimated quantities of natural gas, crude oil and condensate that geological and engineering data demonstrate, with reasonable certainty, to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Proved undeveloped reserves are proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for completion. | ||||||||||
Oil and Natural Gas Reserves | ||||||||||
The following table sets forth the Company’s net proved reserves, including the changes therein, and proved developed reserves: | ||||||||||
Crude Oil | Natural Gas | |||||||||
(Mbbls) | (Mmcf) | |||||||||
Proved-developed and undeveloped reserves: | ||||||||||
31-Dec-11 | 6,430 | 6,268 | ||||||||
Revisions | 2,234 | 5,357 | ||||||||
Production | -457 | -341 | ||||||||
31-Dec-12 | 8,207 | 11,284 | ||||||||
Revisions | -3,203 | -4,036 | ||||||||
Production | -411 | -296 | ||||||||
31-Dec-13 | 4,593 | 6,952 | ||||||||
Revisions | -438 | 1,431 | ||||||||
Production | -738 | -1,247 | ||||||||
31-Dec-14 | 3,417 | 7,136 | ||||||||
Proved-developed reserves: | ||||||||||
31-Dec-12 | 5,076 | 5,085 | ||||||||
31-Dec-13 | 2,397 | 2,100 | ||||||||
31-Dec-14 | 3,184 | 6,945 | ||||||||
Proved-undeveloped reserves: | ||||||||||
31-Dec-12 | 3,131 | 6,199 | ||||||||
31-Dec-13 | 2,196 | 4,852 | ||||||||
31-Dec-14 | 233 | 191 | ||||||||
During the year ended December 31, 2013, the Company incurred a downward revision to its proved oil and natural gas reserves due to its drilling results during the year and resulting year-end production rates. | ||||||||||
Costs Incurred in Oil and Natural Gas Activities | ||||||||||
The following table displays certain information regarding the costs incurred associated with finding, acquiring and developing the Company’s proved oil and natural gas reserves for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Acquisition of properties - proved | $ | - | $ | - | $ | - | ||||
Acquisition of properties - unproved | - | - | - | |||||||
Exploratory costs | - | - | - | |||||||
Development costs | 52,719 | 51,527 | 34,685 | |||||||
Total costs incurred | $ | 52,719 | $ | 51,527 | $ | 34,685 | ||||
Capitalized costs for oil and gas producing activities consist of the following (in thousands): | ||||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
Proved oil and gas properties | $ | 189,294 | $ | 136,350 | ||||||
Accumulated depreciation, depletion and amortization | -55,864 | -21,158 | ||||||||
Capitalized costs, net | $ | 133,430 | $ | 115,192 | ||||||
Productive Wells Summary | ||||||||||
The following table presents the Company’s ownership of productive oil wells as of December 31, 2014. Productive wells consist of producing wells and wells capable of production. In the table, “gross” refers to the total wells in which the Company owns a working interest and “net” refers to the sum of fractional interests owned in gross wells. | ||||||||||
Productive Wells | ||||||||||
Gross | Net | |||||||||
Oil | 10.00 | 5.10 | ||||||||
Acreage | ||||||||||
The following table sets forth information as of December 31, 2014 relating to acreage held by the Company. Developed acreage is assigned to productive wells. | ||||||||||
Gross | Net | |||||||||
Acreage | Acreage | |||||||||
Developed | 23,040 | 11,750 | ||||||||
Undeveloped | - | - | ||||||||
Total | 23,040 | 11,750 | ||||||||
Drilling Activity | ||||||||||
The following table shows the Company’s drilling activity for the years ended December 31, 2014 and 2013. In the table, “gross” refers to the total wells in which the Company has a working interest and “net” refers to the gross wells multiplied by the Company’s working interest in these wells. Well activity refers to the number of wells completed during a fiscal year, regardless of when drilling first commenced. | ||||||||||
2014 | 2013 | |||||||||
Gross | Net | Gross | Net | |||||||
Exploratory Wells | ||||||||||
Productive | - | - | - | - | ||||||
Non-productive | - | - | - | - | ||||||
Total | - | - | - | - | ||||||
Development Wells | ||||||||||
Productive | 2.00 | 1.02 | 2.00 | 1.02 | ||||||
Non-productive | 1.00 | 0.51 | 1.00 | 0.51 | ||||||
Total | 3.00 | 1.53 | 3.00 | 1.53 | ||||||
Results of Operations | ||||||||||
The following table sets forth the Company’s results of operations for producing activities for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues | ||||||||||
Sales | $ | 77,845 | $ | 47,050 | $ | 57,757 | ||||
Production costs | 13,529 | 9,876 | 12,332 | |||||||
Exploration expenses | - | - | - | |||||||
Depreciation, depletion and amortization | 38,768 | 12,032 | 9,818 | |||||||
25,548 | 25,142 | 35,607 | ||||||||
Income tax expenses | 9,325 | 8,800 | 13,175 | |||||||
Results of operations from producing activities | $ | 16,223 | $ | 16,342 | $ | 22,432 | ||||
(excluding corporate overhead) | ||||||||||
The Company’s oil and gas operations are in the Gulf of Mexico. The Company’s average sales price was $92.86 per barrel of oil and $4.95 per mcf of gas in 2014, $101.85 per barrel of oil and $3.98 per mcf of gas in 2013 and $100.70 per barrel of oil and $2.45 per mcf of gas in 2012. Average production costs were $7.29, $10.70 and $10.71 per barrel of oil equivalent in years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Reserves | ||||||||||
The following information has been developed utilizing procedures prescribed by authoritative guidance related to oil and gas activities. It may be useful for certain comparative purposes, but should not be solely relied upon in evaluating the Company or its performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the standardized measure of discounted future net cash flows be viewed as representative of the current value of the Company. | ||||||||||
The Company believes that the following factors should be taken into account in reviewing this information: (1) future costs and selling prices will likely differ from those required to be used in these calculations; (2) due to future market conditions and governmental regulations, actual rates of production achieved in future years may vary significantly from the rate of production assumed in the calculations; (3) selection of a 10% discount rate is arbitrary and may not be reasonable as a measure of the relative risk inherent in realizing future net oil and gas revenues; and (4) future net revenues may be subject to different rates of income taxation. | ||||||||||
Under the standardized measure, future cash inflows were estimated by applying period-end oil and natural gas prices adjusted for differentials. Future cash inflows were reduced by estimated future development, abandonment and production costs based on period-end costs in order to arrive at net cash flow before tax. Future income tax expense has been computed by applying period-end statutory tax rates to aggregate future net cash flows, reduced by the tax basis of the properties involved and tax carryforwards. Use of a 10% discount rate is required by authoritative guidance related to oil and gas activities. | ||||||||||
The standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves as of December 31, 2014, 2013 and 2012 is as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Future cash inflows | $ | 336,944 | $ | 496,704 | $ | 891,215 | ||||
Future production costs | -71,209 | -82,487 | -141,980 | |||||||
Future development and abandonment costs | -111,374 | -156,340 | -91,632 | |||||||
Future income tax expenses | -60,345 | -89,507 | -229,808 | |||||||
Future net cash flows | 94,016 | 168,370 | 427,795 | |||||||
10% annual discount for estimated timing of | -17,034 | 10,641 | 124,365 | |||||||
cash flows | ||||||||||
Standardized measure of discounted future | $ | 111,050 | $ | 157,729 | $ | 303,430 | ||||
net cash flows | ||||||||||
For 2014, the 10% annual discount for the estimated timing of cash flows resulted in a negative discount as a result of significant abandonment costs that will occur at the end of the life of the platform. See note 1 (Decommissioning Liabilities). | ||||||||||
A summary of the changes in the standardized measure of discounted future net cash flows applicable to proved oil and natural gas reserves for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Beginning of the period | $ | 157,729 | $ | 303,430 | $ | 237,749 | ||||
Net change in sales and transfer prices and in | -57,568 | -13,278 | -17,734 | |||||||
production (lifting) costs related to future production | ||||||||||
Changes in estimated future development costs | -5,512 | -48,594 | -5,569 | |||||||
Sales and transfers of oil and gas produced | -64,316 | -45,866 | -45,425 | |||||||
during the period | ||||||||||
Net change due to extensions, discoveries, | - | 75,304 | 206,313 | |||||||
and improved recovery | ||||||||||
Net changes due to revisions in quantity | -8,396 | -228,620 | -63,192 | |||||||
estimates | ||||||||||
Previously estimated development costs | 40,962 | 10,136 | 4,748 | |||||||
incurred during the period | ||||||||||
Accretion of discount | 24,251 | 46,711 | 37,252 | |||||||
Other-unspecified | 4,125 | -24,169 | -21,799 | |||||||
Net change in income taxes | 19,775 | 82,675 | -28,913 | |||||||
Aggregate change in the standardized measure | -46,679 | -145,701 | 65,681 | |||||||
of discounted future net cash flows for the year | ||||||||||
End of the period | $ | 111,050 | $ | 157,729 | $ | 303,430 | ||||
The December 31, 2014 amount was estimated by Ryder Scott Company, L.P. using a twelve month average WTI price of $94.99 per barrel (bbl), and a Henry Hub gas price of $4.35 per million British Thermal Units, and price differentials. | ||||||||||
The December 31, 2013 amount was estimated by Netherland, Sewell & Associates, Inc. using a twelve month average WTI price of $93.42 per barrel (bbl), and a Henry Hub gas price of $3.670 per million British Thermal Units, and price differentials. | ||||||||||
The December 31, 2012 amount was estimated by Netherland, Sewell & Associates, Inc. using a twelve month average WTI price of $91.21 per barrel (bbl), and a Henry Hub gas price of $2.757 per million British Thermal Units, and price differentials. | ||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule II Valuation and Qualifying Accounts | SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES | |||||||||||||||
Schedule II Valuation and Qualifying Accounts | ||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance at the | Charged to | |||||||||||||||
beginning of | costs and | Discontinued | Balance at the | |||||||||||||
Description | the year | expenses | Deductions | operations | end of the year | |||||||||||
Year ended December 31, 2014: | $ | 31,030 | $ | 6,299 | $ | 10,639 | $ | 4,614 | $ | 22,076 | ||||||
Allowance for doubtful accounts | ||||||||||||||||
Year ended December 31, 2013: | $ | 28,715 | $ | 7,587 | $ | 7,763 | -2,491 | $ | 31,030 | |||||||
Allowance for doubtful accounts | ||||||||||||||||
Year ended December 31, 2012: | $ | 17,484 | $ | 11,038 | $ | 2,308 | -2,501 | $ | 28,715 | |||||||
Allowance for doubtful accounts | ||||||||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||
Basis of Presentation | |||||||||||||||||||
Basis of Presentation | |||||||||||||||||||
The consolidated financial statements include the accounts of Superior Energy Services, Inc. and subsidiaries (the Company). All significant intercompany accounts and transactions are eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the 2014 presentation. | |||||||||||||||||||
Business | |||||||||||||||||||
Business | |||||||||||||||||||
The Company provides a wide variety of services and products to the energy industry related to the exploration, development and production of oil and natural gas. The Company serves major, national and independent oil and natural gas companies throughout the world. The Company’s operations are managed and organized by business units, which offer products and services within the various phases of a well’s economic life cycle. The Company reports its operating results in four business segments: Drilling Products and Services; Onshore Completion and Workover Services; Production Services; and Technical Solutions (formerly, Subsea and Technical Solutions). Given the Company’s history of growth and long-term strategy of expanding geographically, the Company also provides supplemental segment revenue information in three geographic areas: U.S. land; Gulf of Mexico; and International. | |||||||||||||||||||
Use of Estimates | |||||||||||||||||||
Use of Estimates | |||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||
Major Customers and Concentration of Credit Risk | |||||||||||||||||||
Major Customers and Concentration of Credit Risk | |||||||||||||||||||
The majority of the Company’s business is conducted with major and independent oil and gas companies. The Company evaluates the financial strength of its customers and provides allowances for probable credit losses when deemed necessary. | |||||||||||||||||||
The market for the Company’s services and products is the oil and gas industry in the U.S. land and Gulf of Mexico areas and select international market areas. Oil and gas companies make capital expenditures on exploration, development and production operations. The level of these expenditures historically has been characterized by significant volatility. | |||||||||||||||||||
The Company derives a large amount of revenue from a small number of major and independent oil and gas companies. There were no customers that exceeded 10% of total revenue in 2014. In 2013 and 2012, EOG Resources, Inc. accounted for approximately 10% and 13%, respectively, of total revenue, primarily within the Onshore Completion and Workover segment. | |||||||||||||||||||
In addition to trade receivables, other financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and derivative instruments used in hedging activities. The financial institutions in which the Company transacts business are large, investment grade financial institutions which are “well capitalized” under applicable regulatory capital adequacy guidelines, thereby minimizing its exposure to credit risks for deposits in excess of federally insured amounts and for failure to perform as the counterparty on interest rate swap agreements. The Company periodically evaluates the creditworthiness of financial institutions that may serve as a counterparty to its derivative instruments. | |||||||||||||||||||
Cash Equivalents | |||||||||||||||||||
Cash Equivalents | |||||||||||||||||||
The Company considers all short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. | |||||||||||||||||||
Accounts Receivable and Allowances | |||||||||||||||||||
Accounts Receivable and Allowances | |||||||||||||||||||
Trade accounts receivable are recorded at the invoiced amount or the earned amount but not yet invoiced and do not bear interest. The Company maintains allowances for estimated uncollectible receivables, including bad debts and other items. The allowance for doubtful accounts is based on the Company’s best estimate of probable uncollectible amounts in existing accounts receivable. The Company determines the allowance based on historical write-off experience and specific identification. | |||||||||||||||||||
Inventory and Other Current Assets | |||||||||||||||||||
Inventory | |||||||||||||||||||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out or weighted-average cost methods for finished goods and work-in-process. Supplies and consumables consist principally of products used in the Company’s services provided to its customers. | |||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment are stated at cost, except assets acquired using purchase accounting, which are recorded at fair value as of the date of acquisition. With the exception of certain marine assets and oil and natural gas properties, depreciation is computed using the straight line method over the estimated useful lives of the related assets as follows: | |||||||||||||||||||
Buildings and improvements | 5 | to | 40 | years | |||||||||||||||
Marine vessels and equipment | 5 | to | 25 | years | |||||||||||||||
Machinery and equipment | 2 | to | 25 | years | |||||||||||||||
Automobiles, trucks, tractors and trailers | 3 | to | 10 | years | |||||||||||||||
Furniture and fixtures | 2 | to | 10 | years | |||||||||||||||
The Company follows the successful efforts method of accounting for its investment in oil and natural gas properties. Under the successful efforts method, the costs of successful exploratory wells and leases containing productive reserves are capitalized. Costs incurred to drill and equip developmental wells, including unsuccessful wells, are capitalized. Other costs such as geological and geophysical costs and the drilling costs of unsuccessful exploratory wells are expensed. Leasehold and well costs are depleted on a units-of-production basis based on the estimated remaining equivalent oil and gas reserves of each field. | |||||||||||||||||||
Capitalized Interest | |||||||||||||||||||
The Company capitalizes interest on the cost of major capital projects during the active construction period. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. The Company capitalized $1.0 million, $2.4 million and $7.7 million of interest expense in the years ended December 31, 2014, 2013 and 2012, respectively, for various capital projects. | |||||||||||||||||||
Reduction in Value of Long-Lived Assets | |||||||||||||||||||
Long-lived assets, such as property, plant and equipment and purchased intangibles subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of such assets to their fair value calculated, in part, by the estimated undiscounted future cash flows expected to be generated by the assets. Cash flow estimates are based upon, among other things, historical results adjusted to reflect the best estimate of future market rates, utilization levels, and operating performance. Estimates of cash flows may differ from actual cash flows due to, among other things, changes in economic conditions or changes in an asset’s operating performance. The Company’s assets are grouped by subsidiary or division for the impairment testing, which represent the lowest level of identifiable cash flows. The Company has long-lived assets, such as facilities, utilized by multiple operating divisions that do not have identifiable cash flows. Impairment testing for these long-lived assets is based on the consolidated entity. If the asset grouping’s fair value is less than the carrying amount of those items, impairment losses are recorded in the amount by which the carrying amount of such assets exceeds the fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less estimated costs to sell. The net carrying value of assets not fully recoverable is reduced to fair value. The estimate of fair value represents the Company’s best estimate based on industry trends and reference to market transactions and is subject to variability. The oil and gas industry is cyclical and estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows, can have a significant impact on the carrying values of these assets and, in periods of prolonged down cycles, may result in impairment charges. See note 9 for a discussion of reduction in values of long-lived assets recorded during 2013. | |||||||||||||||||||
Goodwill | |||||||||||||||||||
Goodwill | |||||||||||||||||||
The following table summarizes the activity for the Company’s goodwill for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products | and Workover | Production | Technical | ||||||||||||||||
and Services | Services | Services | Solutions | Total | |||||||||||||||
Balance, December 31, 2012 | $ | 144,947 | $ | 1,418,050 | $ | 878,052 | $ | 91,016 | $ | 2,532,065 | |||||||||
Acquisition activities | - | 1,500 | 15,099 | - | 16,599 | ||||||||||||||
Disposition activities | -756 | - | - | - | -756 | ||||||||||||||
Reduction in value of assets | - | - | - | -91,016 | -91,016 | ||||||||||||||
Foreign currency translation adjustment | 681 | - | 536 | - | 1,217 | ||||||||||||||
Balance, December 31, 2013 | 144,872 | 1,419,550 | 893,687 | - | 2,458,109 | ||||||||||||||
Acquisition activities | - | - | 13,909 | - | 13,909 | ||||||||||||||
Disposition activities | - | - | - | - | - | ||||||||||||||
Foreign currency translation adjustment | -2,033 | - | -1,576 | - | -3,609 | ||||||||||||||
Balance, December 31, 2014 | $ | 142,839 | $ | 1,419,550 | $ | 906,020 | $ | - | $ | 2,468,409 | |||||||||
Goodwill is tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of the asset has decreased below its carrying value. During the third quarter of 2014, the Company changed its annual goodwill impairment testing date from December 31 to October 1. Management considers this accounting change preferable because it allows the Company additional time to complete the annual goodwill test. This change does not accelerate, delay, avoid, or cause an impairment charge, nor does this change result in adjustments to previously issued financial statements. In order to estimate the fair value of the reporting units (which is consistent with the reported business segments), the Company used a weighting of the discounted cash flow method and the public company guideline method of determining fair value of each reporting unit. The Company weighted the discounted cash flow method 80% and the public company guideline method 20% due to differences between the Company’s reporting units and the peer companies’ size, profitability and diversity of operations. In order to validate the reasonableness of the estimated fair values obtained for the reporting units, a reconciliation of fair value to market capitalization was performed for each unit on a standalone basis. A control premium, derived from market transaction data, was used in this reconciliation to ensure that fair values were reasonably stated in conjunction with the Company’s capitalization. These fair value estimates were then compared to the carrying value of the reporting units. No impairment loss was recognized during the year ended December 31, 2014, as the fair value of each of the reporting units exceeded its carrying amount. Based on the most recent goodwill impairment test, the fair values of the Drilling Products and Services and Onshore Completion and Workover Services segments were substantially in excess of their carrying values. The fair value of the Production Services segment exceeded its carrying value by approximately 9%. A significant amount of judgment was involved in performing these evaluations since the results are based on estimated future events. | |||||||||||||||||||
See note 9 for a discussion of reduction in value of goodwill recorded during 2013. As of December 31, 2014, the Company’s accumulated reduction in value of goodwill was $91.0 million. | |||||||||||||||||||
If, among other factors, (1) the Company’s market capitalization declines and remains below its stockholders’ equity, (2) the fair value of the reporting units decline, or (3) economic or competitive conditions deteriorate, the Company could conclude in future periods that impairment losses are required. | |||||||||||||||||||
Notes Receivable | |||||||||||||||||||
Notes Receivable | |||||||||||||||||||
The Company’s wholly owned subsidiary, Wild Well Control, Inc. (Wild Well) has decommissioning obligations related to its ownership of the Bullwinkle platform. Notes receivable consist of a commitment from the seller of the platform towards its eventual abandonment. Pursuant to an agreement with the seller, the Company will invoice the seller an agreed upon amount at the completion of certain decommissioning activities. The gross amount of this obligation totaled $115.0 million and is recorded at present value using an effective interest rate of 6.58%. The related discount is amortized to interest income based on the expected timing of the platform’s removal. The Company recorded interest income related to notes receivable of $1.6 million, $2.6 million and $2.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Intangible and Other Long-Term Assets | Intangible and Other Long-Term Assets | ||||||||||||||||||
Intangible and other long-term assets consist of the following as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amount | Amortization | Balance | Amount | Amortization | Balance | ||||||||||||||
Customer relationships | $ | 339,695 | $ | -64,954 | $ | 274,741 | $ | 335,590 | $ | -44,117 | $ | 291,473 | |||||||
Tradenames | 41,265 | -13,151 | 28,114 | 45,025 | -9,175 | 35,850 | |||||||||||||
Non-compete agreements | 4,487 | -3,281 | 1,206 | 4,256 | -2,163 | 2,093 | |||||||||||||
Debt issuance costs | 63,829 | -36,360 | 27,469 | 63,829 | -28,250 | 35,579 | |||||||||||||
Deferred compensation | 12,982 | - | 12,982 | 13,731 | - | 13,731 | |||||||||||||
plan assets | |||||||||||||||||||
Escrowed cash | 58,421 | - | 58,421 | 58,406 | - | 58,406 | |||||||||||||
Other | 18,356 | -929 | 17,427 | 14,597 | -862 | 13,735 | |||||||||||||
Total | $ | 539,035 | $ | -118,675 | $ | 420,360 | $ | 535,434 | $ | -84,567 | $ | 450,867 | |||||||
Customer relationships, tradenames, and non-compete agreements are amortized using the straight line method over the life of the related asset with weighted average useful lives of 17 years, 10 years, and 3 years, respectively. Amortization expense (exclusive of debt issuance costs) was $25.9 million, $26.2 million and $22.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Estimated annual amortization of intangible assets (exclusive of debt acquisition costs) will be approximately $25.6 million for 2015, $24.8 million for 2016, $24.0 million for 2017, $23.9 million for 2018 and $23.7 million for 2019, excluding the effects of any acquisitions or dispositions subsequent to December 31, 2014. | |||||||||||||||||||
Debt issuance costs are amortized using the effective interest method over the life of the related debt agreements with a weighted average useful life of 7 years. Amortization of debt issuance costs is recorded in interest expense, net of amounts capitalized within the consolidated statements of operations. | |||||||||||||||||||
In accordance with the asset purchase agreement between Wild Well and the seller to acquire the Bullwinkle platform and its related assets and to assume the related decommissioning obligations, Wild Well obtained a $50.0 million performance bond and funded $50.0 million into an escrow account. Included in intangible and other long-term assets, net is escrowed cash related to the Bullwinkle platform of $50.4 million as of December 31, 2014 and 2013. | |||||||||||||||||||
Decommissioning Liabilities | Decommissioning Liabilities | ||||||||||||||||||
The Company records estimated future decommissioning liabilities in accordance with the authoritative guidance related to asset retirement obligations (decommissioning liabilities), which requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred, with a corresponding increase in the carrying amount of the related long-lived asset. Subsequent to initial measurement, the decommissioning liability is required to be accreted each period to present value. | |||||||||||||||||||
The Company’s decommissioning liabilities associated with the Bullwinkle platform and its related assets consist of costs related to the plugging of wells, the removal of the related facilities and equipment, and site restoration. The Company reviews the adequacy of its decommissioning liabilities whenever indicators suggest that the estimated cash flows needed to satisfy the liability have changed materially. During 2013, as a result of an increase in third party drilling activity in the vicinity of the Bullwinkle platform, the Company believed new economic opportunities existed for additional production handling agreements with those third party production companies utilizing the Bullwinkle platform. As a result, the Company revised its estimates relating to the timing of decommissioning work on its Bullwinkle assets, including a 10 year postponement of the platform decommissioning to an estimated date of 2038. This change in estimate resulted in a reduction in the present value of decommissioning liabilities. Further, as of December 31, 2013, the Company anticipated that it would be able to decommission several depleted wells that are part of the Bullwinkle assets based on the estimates received from engineers regarding platform availability during 2014. As a result, as of December 31, 2013, the decommissioning liabilities associated with those wells were classified as current liabilities on the consolidated balance sheet. Based on revised estimates received during 2014, the Company did not anticipate decommissioning any of the wells during the next twelve months. As a result, all of the decommissioning liabilities were classified as long-term liabilities on the consolidated balance sheet as of December 31, 2014. | |||||||||||||||||||
The following table summarizes the activity for the Company’s decommissioning liabilities for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Decommissioning liabilities, December 31, 2013 and 2012, respectively | $ | 83,519 | $ | 93,053 | |||||||||||||||
Liabilities acquired and incurred | 866 | 445 | |||||||||||||||||
Liabilities settled | -579 | -87 | |||||||||||||||||
Accretion | 4,470 | 5,320 | |||||||||||||||||
Revisions in estimated timing and cash flows | -276 | -15,212 | |||||||||||||||||
Total decommissioning liabilities, December 31, 2014 and 2013, respectively | $ | 88,000 | $ | 83,519 | |||||||||||||||
Revenue Recognition | |||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
Products and services are generally sold based upon purchase orders or contracts with customers that include fixed or determinable prices. Revenue is recognized when services or equipment are provided and collectability is reasonably assured. The Company’s drilling products and services are billed on a day rate basis, and revenue from the sale of equipment is recognized when the title to the equipment has been transferred. Reimbursements from customers for the cost of drilling products and services that are damaged or lost down-hole are reflected as revenue at the time of the incident. The Company accounts for the revenue and related costs on large-scale platform decommissioning contracts on the percentage-of-completion method utilizing costs incurred as a percentage of total estimated costs. The Company recognizes oil and gas revenue from its interests in producing wells as oil and natural gas is sold. | |||||||||||||||||||
Taxes Collected from Customers | |||||||||||||||||||
Taxes Collected from Customers | |||||||||||||||||||
In accordance with authoritative guidance related to taxes collected from customers and remitted to governmental authorities, the Company elected to net taxes collected from customers against those remitted to government authorities in the financial statements consistent with the historical presentation of this information. | |||||||||||||||||||
Income Taxes | |||||||||||||||||||
Income Taxes | |||||||||||||||||||
The Company accounts for income taxes and the related accounts under the asset and liability method. Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and rates that are in effect when the temporary differences are expected to reverse. The effect of a change in tax rates on the deferred income taxes is recognized in income in the period in which the change occurs. A valuation allowance is recorded when management believes it is more likely than not that at least some portion of any deferred tax asset will not be realized. | |||||||||||||||||||
The Company has adopted authoritative guidance surrounding accounting for uncertainty in income taxes. It is the Company’s policy to recognize interest and applicable penalties related to uncertain tax positions in income tax expense. | |||||||||||||||||||
Earnings (Loss) per Share | |||||||||||||||||||
Earnings per Share | |||||||||||||||||||
Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional shares of common stock that could have been outstanding assuming the exercise of stock options and conversion of restricted stock units. | |||||||||||||||||||
Stock options for approximately 1,100,000 shares, 1,100,000 shares and 2,100,000 shares of the Company’s common stock were excluded in the computation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012, respectively, as the effect would have been anti-dilutive. | |||||||||||||||||||
Cash Dividends Policy Text Block | Cash Dividends | ||||||||||||||||||
In December 2013, the Company’s Board of Directors approved initiating a quarterly dividend program and declared an initial quarterly dividend of $0.08 per share on its outstanding common stock. The dividend payable of $12.8 million was included in accrued expenses in the consolidated balance sheet as of December 31, 2013. The initial dividend was paid on February 19, 2014 to all stockholders of record as of January 30, 2014. During 2014, $49.8 million of dividends was paid to stockholders. | |||||||||||||||||||
Discontinued Operations | Discontinued Operations | ||||||||||||||||||
The Company classifies assets and liabilities of a disposal group as held for sale and discontinued operations if the following criteria are met: (1) management, with appropriate authority, commits to a plan to sell a disposal group; (2) the asset is available for immediate sale in its current condition; (3) an active program to locate a buyer and other actions to complete the sale have been initiated; (4) the sale is probable; (5) the disposal group is being actively marketed for sale at a reasonable price; and (6) actions required to complete the plan of sale indicate it is unlikely that significant changes to the plan of sale will occur or that the plan will be withdrawn. Once deemed as held for sale, the Company no longer depreciates the assets of the disposal group. Upon sale, the Company calculates the gain or loss associated with the disposition by comparing the carrying value of the assets less direct costs of the sale with the proceeds received. In the consolidated statements of operations, losses from discontinued operations are presented, net of tax effect, as a separate caption below net income (loss) from continuing operations. | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
The company follows the authoritative guidance for fair value measurements relating to financial and nonfinancial assets and liabilities, including presentation of required disclosures herein. This guidance establishes a fair value framework requiring the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | |||||||||||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities; | |||||||||||||||||||
Level 2: Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets or model-derived valuations or other inputs that can be corroborated by observable market data; and | |||||||||||||||||||
Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | |||||||||||||||||||
Financial Instruments | |||||||||||||||||||
Financial Instruments | |||||||||||||||||||
The fair value of the Company’s financial instruments of cash equivalents, accounts receivable, accounts payable, accrued expenses and borrowings under its credit facility approximates their carrying amounts due to their short maturity or market interest rates. The fair value of the Company’s debt was $1,624.3 million and $1,789.0 million as of December 31, 2014 and 2013, respectively, and was categorized as Level 1 in the fair value hierarchy. The fair value of these debt instruments is determined by reference to the market value of the instrument as quoted in an over-the-counter market. | |||||||||||||||||||
Foreign Currency | |||||||||||||||||||
Foreign Currency | |||||||||||||||||||
Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, and the resulting translation adjustments are reported as accumulated other comprehensive loss in the Company’s stockholders’ equity. | |||||||||||||||||||
For international subsidiaries where the functional currency is the U.S. dollar, financial statements are remeasured into U.S. dollars using the historical exchange rate for most of the long-term assets and liabilities and the balance sheet date exchange rate for most of the current assets and liabilities. An average exchange rate is used for each period for revenues and expenses. These transaction gains and losses, as well as any other transactions in a currency other than the functional currency, are included in other income (expense) in the consolidated statements of operations in the period in which the currency exchange rates change. For the years ended December 31, 2014, 2013 and 2012, the Company recorded $7.3 million, $7.1 million and $2.9 million of foreign currency losses, respectively. | |||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
In accordance with authoritative guidance related to stock compensation, the Company records compensation costs relating to share-based payment transactions and includes such costs in general and administrative expenses in the consolidated statement of operations. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award). Excess tax benefits of awards that are recognized in equity related to stock option exercises and restricted stock vesting are reflected as financing cash flows. | |||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||
The Company recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. Interest rate swap agreements that are effective at hedging the fair value of fixed-rate debt agreements are designated and accounted for as fair value hedges. The Company also assesses, both at inception of the hedging relationship and on an ongoing basis, whether the derivatives used in hedging relationships are highly effective in offsetting changes in fair value. | |||||||||||||||||||
In an attempt to achieve a more balanced debt portfolio between fixed and variable interest, the Company enters into interest rate swaps. Under these agreements, the Company is entitled to receive semi-annual interest payments at a fixed rate and is obligated to make quarterly interest payments at a variable rate. The Company had fixed-rate interest on approximately 61% and 60% of its long-term debt as of December 31, 2014 and 2013, respectively. The Company had notional amounts of $300 million related to interest rate swaps with a variable interest rate, adjusted every 90 days, based on LIBOR plus a fixed margin as of December 31, 2014 and 2013. | |||||||||||||||||||
Self Insurance Reserves | |||||||||||||||||||
Self-Insurance Reserves | |||||||||||||||||||
The Company is self-insured, through deductibles and retentions, up to certain levels for losses under its insurance programs. With the Company’s growth, the Company has elected to retain more risk by increasing its self-insurance levels. The Company accrues for these liabilities based on estimates of the ultimate cost of claims incurred as of the balance sheet date. The Company regularly reviews the estimates of reported and unreported claims and provides for losses through reserves. The Company obtains actuarial reviews to evaluate the reasonableness of internal estimates for losses related to workers’ compensation, auto liability and group medical on an annual basis. | |||||||||||||||||||
Subsequent Events | |||||||||||||||||||
Subsequent Events | |||||||||||||||||||
In accordance with authoritative guidance, the Company has evaluated and disclosed all material subsequent events that occurred after the balance sheet date, but before financial statements were issued. | |||||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, Revenue from Contracts with Customers, which will replace most existing revenue recognition guidance in GAAP. The guidance in this update requires an entity to recognize the amount of revenue that it expects to be entitled for the transfer of promised goods or services to customers. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the accounting guidance on its ongoing financial reporting. | |||||||||||||||||||
In April 2014, the Financial Accounting Standards Board issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant and Equipment, which changes the definition of discontinued operations. The guidance permits only those disposed components (or components held-for-sale) representing a strategic shift that have (or will have) a major effect on operations and financial results to be reported in discontinued operations. The new standard is effective prospectively for disposals (or classifications as held-for-sale) that occur after December 31, 2014. The Company has adopted the accounting guidance as of January 1, 2015. | |||||||||||||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||
Estimated Useful Lives Of The Related Assets | Buildings and improvements | 5 | to | 40 | years | ||||||||||||||
Marine vessels and equipment | 5 | to | 25 | years | |||||||||||||||
Machinery and equipment | 2 | to | 25 | years | |||||||||||||||
Automobiles, trucks, tractors and trailers | 3 | to | 10 | years | |||||||||||||||
Furniture and fixtures | 2 | to | 10 | years | |||||||||||||||
Summary Of Activity Of Goodwill | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products | and Workover | Production | Technical | ||||||||||||||||
and Services | Services | Services | Solutions | Total | |||||||||||||||
Balance, December 31, 2012 | $ | 144,947 | $ | 1,418,050 | $ | 878,052 | $ | 91,016 | $ | 2,532,065 | |||||||||
Acquisition activities | - | 1,500 | 15,099 | - | 16,599 | ||||||||||||||
Disposition activities | -756 | - | - | - | -756 | ||||||||||||||
Reduction in value of assets | - | - | - | -91,016 | -91,016 | ||||||||||||||
Foreign currency translation adjustment | 681 | - | 536 | - | 1,217 | ||||||||||||||
Balance, December 31, 2013 | 144,872 | 1,419,550 | 893,687 | - | 2,458,109 | ||||||||||||||
Acquisition activities | - | - | 13,909 | - | 13,909 | ||||||||||||||
Disposition activities | - | - | - | - | - | ||||||||||||||
Foreign currency translation adjustment | -2,033 | - | -1,576 | - | -3,609 | ||||||||||||||
Balance, December 31, 2014 | $ | 142,839 | $ | 1,419,550 | $ | 906,020 | $ | - | $ | 2,468,409 | |||||||||
Composition Of Intangible And Other Long-term Assets | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amount | Amortization | Balance | Amount | Amortization | Balance | ||||||||||||||
Customer relationships | $ | 339,695 | $ | -64,954 | $ | 274,741 | $ | 335,590 | $ | -44,117 | $ | 291,473 | |||||||
Tradenames | 41,265 | -13,151 | 28,114 | 45,025 | -9,175 | 35,850 | |||||||||||||
Non-compete agreements | 4,487 | -3,281 | 1,206 | 4,256 | -2,163 | 2,093 | |||||||||||||
Debt issuance costs | 63,829 | -36,360 | 27,469 | 63,829 | -28,250 | 35,579 | |||||||||||||
Deferred compensation | 12,982 | - | 12,982 | 13,731 | - | 13,731 | |||||||||||||
plan assets | |||||||||||||||||||
Escrowed cash | 58,421 | - | 58,421 | 58,406 | - | 58,406 | |||||||||||||
Other | 18,356 | -929 | 17,427 | 14,597 | -862 | 13,735 | |||||||||||||
Total | $ | 539,035 | $ | -118,675 | $ | 420,360 | $ | 535,434 | $ | -84,567 | $ | 450,867 | |||||||
Summary Of The Activity For Company's Decommissioning Liabilities | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Decommissioning liabilities, December 31, 2013 and 2012, respectively | $ | 83,519 | $ | 93,053 | |||||||||||||||
Liabilities acquired and incurred | 866 | 445 | |||||||||||||||||
Liabilities settled | -579 | -87 | |||||||||||||||||
Accretion | 4,470 | 5,320 | |||||||||||||||||
Revisions in estimated timing and cash flows | -276 | -15,212 | |||||||||||||||||
Total decommissioning liabilities, December 31, 2014 and 2013, respectively | $ | 88,000 | $ | 83,519 | |||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||
Supplemental Cash Flow Information | ||||||||||
2014 | 2013 | 2012 | ||||||||
Cash paid for interest, net of amounts capitalized | $ | 102,880 | $ | 97,129 | $ | 109,112 | ||||
Cash paid for income taxes, net of refunds | $ | 127,132 | $ | 164,158 | $ | 42,261 | ||||
Details of business acquisitions: | ||||||||||
Fair value of assets | $ | 29,468 | $ | 34,964 | $ | 4,364,872 | ||||
Fair value of liabilities | -5,125 | -10,942 | -695,243 | |||||||
Common stock issued | - | - | -2,361,466 | |||||||
Cash paid | 24,343 | 24,022 | 1,308,163 | |||||||
Less cash acquired | -16 | -225 | -217,002 | |||||||
Net cash paid for acquisitions | $ | 24,327 | $ | 23,797 | $ | 1,091,161 | ||||
Non-cash investing activity: | ||||||||||
Capital expenditures included in accounts payable, | ||||||||||
accrued expenses and other long term liabilities | $ | 49,118 | $ | 70,463 | $ | 61,035 | ||||
Non-cash financing activity: | ||||||||||
Cash dividends declared | $ | - | $ | 12,759 | $ | - | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Components Of Income (Loss) From Discontinued Operations | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues | $ | 145,463 | $ | 261,767 | $ | 274,792 | ||||
Loss from discontinued operations, net of tax (benefit) expense of ($19,330), | $ | -22,973 | $ | -156,903 | $ | -775 | ||||
($15,439) and $1,774, for the years ended December 31, 2014, 2013 and | ||||||||||
2012, respectively | ||||||||||
Assets And Liabilities Of Disposal Groups | ||||||||||
2014 | 2013 | |||||||||
Accounts receivable, net | $ | 16,701 | $ | 26,858 | ||||||
Prepaid expenses | 2,463 | 8,164 | ||||||||
Inventory and other current assets | 5,576 | 63,618 | ||||||||
Current assets | $ | 24,740 | $ | 98,640 | ||||||
Property, plant and equipment, net | 91,171 | 217,089 | ||||||||
Intangible and other long-term assets, net | 769 | 4,854 | ||||||||
Long-term assets | $ | 91,940 | $ | 221,943 | ||||||
Accounts payable | 20,530 | 13,449 | ||||||||
Accrued expenses | 24,496 | 52,133 | ||||||||
Current liabilities | $ | 45,026 | $ | 65,582 | ||||||
Other long-term liabilities | $ | 16,814 | $ | 21,801 | ||||||
Segment, Derrick Barges and Liftboats [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Components Of Income (Loss) From Discontinued Operations | ||||||||||
2012 | ||||||||||
Revenues | $ | 16,231 | ||||||||
Loss from discontinued operations, net of tax benefit of $620 | $ | -17,207 | ||||||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property, Plant And Equipment [Abstract] | |||||||
Summary Of Property, Plant And Equipment | |||||||
2014 | 2013 | ||||||
Buildings, improvements and leasehold improvements | $ | 328,651 | $ | 284,273 | |||
Marine vessels and equipment | 55,494 | 137,955 | |||||
Machinery and equipment | 4,126,570 | 3,864,599 | |||||
Automobiles, trucks, tractors and trailers | 66,032 | 64,102 | |||||
Furniture and fixtures | 75,631 | 72,563 | |||||
Construction-in-progress | 102,895 | 211,017 | |||||
Land | 58,814 | 56,786 | |||||
Oil and gas producing assets | 189,294 | 137,910 | |||||
Total | 5,003,381 | 4,829,205 | |||||
Accumulated depreciation and depletion | -2,269,542 | -1,827,011 | |||||
Property, plant and equipment, net | $ | 2,733,839 | $ | 3,002,194 | |||
Inventory_and_Other_Current_As1
Inventory and Other Current Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventory Disclosure [Abstract] | |||||||
Schedule of Inventory, Current [Table Text Block] | |||||||
2014 | 2013 | ||||||
Finished goods | $ | 72,788 | $ | 65,621 | |||
Raw materials | 29,718 | 20,764 | |||||
Work-in-process | 20,317 | 20,064 | |||||
Supplies and consumables | 42,739 | 56,470 | |||||
Total | $ | 165,562 | $ | 162,919 | |||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Debt [Abstract] | |||||||
Summary Of Long-Term Debt | |||||||
2014 | 2013 | ||||||
Term loan - interest payable monthly at floating rate and | $ | 345,000 | $ | 365,000 | |||
principal payable quarterly, due February 2017 | |||||||
Senior Notes - interest payable semiannually at 6 3/8%, | 500,000 | 500,000 | |||||
due May 2019 | |||||||
Senior Notes - interest payable semiannually at 7 1/8%, | 800,000 | 800,000 | |||||
due December 2021 | |||||||
Other | 3,783 | 1,535 | |||||
1,648,783 | 1,666,535 | ||||||
Less current portion | 20,941 | 20,000 | |||||
Long-term debt | $ | 1,627,842 | $ | 1,646,535 | |||
Schedule Of Maturities Of Long-Term Debt | |||||||
2015 | $ | 20,941 | |||||
2016 | 21,134 | ||||||
2017 | 306,085 | ||||||
2018 | 623 | ||||||
2019 | 500,000 | ||||||
Thereafter | 800,000 | ||||||
Total | $ | 1,648,783 | |||||
StockBased_And_LongTerm_Compen
Stock-Based And Long-Term Compensation (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stock-Based And Long-Term Compensation [Abstract] | |||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | |||||||||||
Compensation Expense | |||||||||||
2014 | 2013 | 2012 | |||||||||
Stock options | $ | 3,900 | $ | 3,586 | $ | 4,829 | |||||
Restricted stock | 15,800 | 21,460 | 16,981 | ||||||||
Restricted stock units | 11,282 | - | 2,360 | ||||||||
Performance share units | 10,688 | 10,014 | 11,894 | ||||||||
Strategic performance share units | 2,404 | - | - | ||||||||
Total | $ | 44,074 | $ | 35,060 | $ | 36,064 | |||||
Tax Benefit | |||||||||||
2014 | 2013 | 2012 | |||||||||
Stock options | $ | 1,443 | $ | 1,327 | $ | 1,787 | |||||
Restricted stock | 5,846 | 7,940 | 6,283 | ||||||||
Restricted stock units | 4,174 | - | 873 | ||||||||
Total | $ | 11,463 | $ | 9,267 | $ | 8,943 | |||||
Summary Of The Valuation Assumptions Used To Calculate The Fair Value Of Stock Option Grants | |||||||||||
2014 | 2013 | 2012 | |||||||||
Weighted average fair value of grants | $ | 6.95 | $ | 8.98 | $ | 21.76 | |||||
Black-Scholes-Merton Assumptions: | |||||||||||
Risk free interest rate | 1.42% | 0.63% | 0.41% | ||||||||
Expected life (years) | 4 | 4 | 2 | ||||||||
Volatility | 34.50% | 48.41% | 55.27% | ||||||||
Dividend yield | 1.23 | - | - | ||||||||
Summary Of Stock Option Activity | |||||||||||
Number of Options | Weighted Average Option Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||
(in thousands) | |||||||||||
Outstanding as of December 31, 2013 | 4,857,376 | $ | 21.43 | 4.8 | $ | 29,990 | |||||
Granted | 567,084 | $ | 26.01 | ||||||||
Exercised | -880,687 | $ | 11.99 | ||||||||
Forfeited | -41,166 | $ | 25.39 | ||||||||
Expired | -18,102 | $ | 35.77 | ||||||||
Outstanding as of December 31, 2014 | 4,484,505 | $ | 23.76 | 5.1 | $ | 4,095 | |||||
Exercisable as of December 31, 2014 | 3,660,017 | $ | 23.45 | 4.3 | $ | 4,095 | |||||
Options expected to vest as of December 31, 2014 | 824,488 | $ | 25.14 | 8.7 | $ | - | |||||
Summary Of Non-Vested Stock Option Activity | |||||||||||
Number of Options | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested as of December 31, 2013 | 536,498 | $ | 10.19 | ||||||||
Granted | 567,084 | $ | 6.95 | ||||||||
Vested | -237,928 | $ | 13.39 | ||||||||
Forfeited | -41,166 | $ | 8.16 | ||||||||
Non-vested as of December 31, 2014 | 824,488 | $ | 7.83 | ||||||||
Summary Of The Status Of Restricted Stock | |||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested as of December 31, 2013 | 2,020,448 | $ | 24.71 | ||||||||
Vested | -842,257 | $ | 27.27 | ||||||||
Forfeited | -155,911 | $ | 24.29 | ||||||||
Non-vested as of December 31, 2014 | 1,022,280 | $ | 24.08 | ||||||||
Summary Of Restricted Stock Unit Activity | |||||||||||
Number of Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding as of December 31, 2013 | 324,481 | $ | 26.34 | ||||||||
Granted | 1,352,184 | $ | 26.45 | ||||||||
Vested | -95,914 | $ | 30.65 | ||||||||
Forfeited | -164,274 | $ | 26.36 | ||||||||
Outstanding as of December 31, 2014 | 1,416,477 | $ | 26.40 | ||||||||
Summary Of Employee Stock Purchase Plan Activity Table Text Block | |||||||||||
2014 | 2013 | 2012 | |||||||||
2013 Plan | 2013 and 2007 Plans | 2007 Plan | |||||||||
Cash received for shares issued | $ | 4,870 | $ | 4,124 | $ | 2,855 | |||||
Compensation expense | $ | 1,078 | $ | 947 | $ | 504 | |||||
Shares issued | 246,480 | 185,407 | 147,026 | ||||||||
Reduction_in_Value_of_Assets_T
Reduction in Value of Assets (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Reduction In Value Of Assets [Abstract] | ||||
Reduction in Value of Assets [Table Text Block] | ||||
2013 | ||||
Reduction in value of long-lived assets and related other assets | $ | 180,320 | ||
Reduction in value of goodwill | 91,016 | |||
Retirements of long-lived assets | 14,418 | |||
Reduction in value of assets related to Venezuela exit activities | 14,324 | |||
Total reduction in value of assets | $ | 300,078 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes | ||||||||||
2014 | 2013 | 2012 | ||||||||
Domestic | $ | 372,672 | $ | 165,463 | $ | 554,675 | ||||
Foreign | 69,517 | -64,706 | 52,488 | |||||||
$ | 442,189 | $ | 100,757 | $ | 607,163 | |||||
Schedule Of Components Of Income Tax Expense (Benefit) | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | 150,997 | $ | 19,897 | $ | 119,797 | ||||
State | 11,339 | 10,816 | 14,155 | |||||||
Foreign | 36,287 | 25,613 | 33,279 | |||||||
198,623 | 56,326 | 167,231 | ||||||||
Deferred: | ||||||||||
Federal | -33,172 | -6,341 | 54,718 | |||||||
State | 648 | 386 | 915 | |||||||
Foreign | -4,700 | 4,901 | 382 | |||||||
-37,224 | -1,054 | 56,015 | ||||||||
$ | 161,399 | $ | 55,272 | $ | 223,246 | |||||
Schedule Of Effective Income Tax Rate Reconciliation | ||||||||||
2014 | 2013 | 2012 | ||||||||
Computed expected tax expense | $ | 154,766 | $ | 35,265 | $ | 212,581 | ||||
Increase (decrease) resulting from | ||||||||||
State and foreign income taxes | 8,467 | -852 | 15,176 | |||||||
Reduction in value of assets | - | 34,874 | - | |||||||
Other | -1,834 | -14,015 | -4,511 | |||||||
Income tax | $ | 161,399 | $ | 55,272 | $ | 223,246 | ||||
Schedule Of Deferred Tax Assets and Liabilities | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Allowance for doubtful accounts | $ | 3,942 | $ | 8,482 | ||||||
Operating loss and tax credit carryforwards | 21,928 | 32,543 | ||||||||
Compensation and employee benefits | 57,045 | 50,136 | ||||||||
Decommissioning liabilities | 21,029 | 22,124 | ||||||||
Other | 50,641 | 51,161 | ||||||||
154,585 | 164,446 | |||||||||
Valuation allowance | - | - | ||||||||
Net deferred tax assets | 154,585 | 164,446 | ||||||||
Deferred tax liabilities: | ||||||||||
Property, plant and equipment | 648,054 | 671,172 | ||||||||
Notes receivable | 5,718 | 5,429 | ||||||||
Goodwill and other intangible assets | 138,017 | 136,940 | ||||||||
Deferred revenue on long-term contracts | 1,470 | 21,354 | ||||||||
Other | 32,184 | 56,846 | ||||||||
Deferred tax liabilities | 825,443 | 891,741 | ||||||||
Net deferred tax liability | $ | 670,858 | $ | 727,295 | ||||||
Net Deferred Tax Liabilities Classified In The Consolidated Balance Sheet | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Current deferred income taxes | $ | 32,138 | $ | 8,785 | ||||||
Deferred tax liabilities: | ||||||||||
Non-current deferred income taxes | -702,996 | -736,080 | ||||||||
Net deferred tax liability | $ | -670,858 | $ | -727,295 | ||||||
Summary Of Activity In Unrecognized Tax Benefits | ||||||||||
2014 | 2013 | 2012 | ||||||||
Unrecognized tax benefits, | $ | 29,899 | $ | 26,399 | $ | 21,692 | ||||
December 31, 2013, 2012 and 2011, respectively | ||||||||||
Additions based on tax positions related to current year | - | - | - | |||||||
Additions based on tax positions related to prior years | 7,860 | 5,065 | 6,873 | |||||||
Reductions based on tax positions related to prior years | -7,415 | -1,565 | -2,166 | |||||||
Unrecognized tax benefits, | $ | 30,344 | $ | 29,899 | $ | 26,399 | ||||
December 31, 2014, 2013 and 2012, respectively | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||||
Schedule Of Segment Reporting Information | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 923,849 | $ | 1,727,904 | $ | 1,356,057 | $ | 548,812 | $ | - | $ | 4,556,622 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 290,341 | 1,201,497 | 945,201 | 297,794 | - | 2,734,833 | |||||||||||||
Depreciation, depletion, amortization | 187,825 | 233,479 | 165,144 | 64,366 | - | 650,814 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 155,606 | 159,325 | 190,172 | 119,268 | - | 624,371 | |||||||||||||
Income from operations | 290,077 | 133,603 | 55,540 | 67,384 | - | 546,604 | |||||||||||||
Interest expense, net | - | - | - | 1,577 | -98,311 | -96,734 | |||||||||||||
Other expense | - | - | - | - | -7,681 | -7,681 | |||||||||||||
Income (loss) from continuing operations | $ | 290,077 | $ | 133,603 | $ | 55,540 | $ | 68,961 | $ | -105,992 | $ | 442,189 | |||||||
before income taxes | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 838,514 | $ | 1,596,704 | $ | 1,445,555 | $ | 469,284 | $ | - | $ | 4,350,057 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 276,131 | 1,083,494 | 1,011,933 | 262,032 | - | 2,633,590 | |||||||||||||
Depreciation, depletion, amortization | 169,296 | 215,506 | 178,442 | 41,197 | - | 604,441 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 142,850 | 156,405 | 190,931 | 107,592 | - | 597,778 | |||||||||||||
Reduction in value of assets | 2,292 | 16,975 | 28,568 | 252,243 | - | 300,078 | |||||||||||||
Income (loss) from operations | 247,945 | 124,324 | 35,681 | -193,780 | - | 214,170 | |||||||||||||
Interest expense, net | - | - | - | 1,323 | -109,225 | -107,902 | |||||||||||||
Other income (expense) | - | - | - | 836 | -5,463 | -4,627 | |||||||||||||
Loss on early extinguishment of debt | - | - | - | - | -884 | -884 | |||||||||||||
Income (loss) from continuing operations | $ | 247,945 | $ | 124,324 | $ | 35,681 | $ | -191,621 | $ | -115,572 | $ | 100,757 | |||||||
before income taxes | |||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
Revenues | $ | 775,066 | $ | 1,593,977 | $ | 1,510,990 | $ | 413,243 | $ | - | $ | 4,293,276 | |||||||
Cost of services and rentals | |||||||||||||||||||
(exclusive of items shown separately below) | 255,853 | 1,039,732 | 929,552 | 244,283 | - | 2,469,420 | |||||||||||||
Depreciation, depletion, amortization | 150,687 | 171,853 | 135,910 | 29,611 | - | 488,061 | |||||||||||||
and accretion | |||||||||||||||||||
General and administrative expenses | 130,954 | 185,548 | 210,411 | 98,509 | - | 625,422 | |||||||||||||
Income from operations | 237,572 | 196,844 | 235,117 | 40,840 | - | 710,373 | |||||||||||||
Interest expense, net | - | - | - | 849 | -117,328 | -116,479 | |||||||||||||
Other expense | - | - | - | -212 | -2,105 | -2,317 | |||||||||||||
Loss on early extinguishment of debt | - | - | - | - | -2,294 | -2,294 | |||||||||||||
Gain on sale of equity-method investment | 17,880 | 17,880 | |||||||||||||||||
Income (loss) from continuing operations | $ | 237,572 | $ | 196,844 | $ | 235,117 | $ | 41,477 | $ | -103,847 | $ | 607,163 | |||||||
before income taxes | |||||||||||||||||||
Schedule Of Identifiable Assets | |||||||||||||||||||
Identifiable Assets | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Unallocated | Total | ||||||||||||||
31-Dec-14 | $ | 1,304,110 | $ | 3,010,295 | $ | 2,116,171 | $ | 946,813 | $ | - | $ | 7,377,389 | |||||||
31-Dec-13 | $ | 1,245,501 | $ | 2,973,916 | $ | 2,176,785 | $ | 1,015,105 | $ | - | $ | 7,411,307 | |||||||
31-Dec-12 | $ | 1,086,804 | $ | 3,223,984 | $ | 2,185,779 | $ | 1,295,134 | $ | 11,185 | $ | 7,802,886 | |||||||
Schedule of Capital Expenditures Table Text Block | |||||||||||||||||||
Capital Expenditures | |||||||||||||||||||
Onshore | |||||||||||||||||||
Drilling | Completion | ||||||||||||||||||
Products and | and Workover | Production | Technical | Consolidated | |||||||||||||||
Services | Services | Services | Solutions | Total | |||||||||||||||
31-Dec-14 | $ | 254,500 | $ | 160,888 | $ | 95,796 | $ | 95,037 | $ | 606,221 | |||||||||
31-Dec-13 | $ | 269,152 | $ | 99,517 | $ | 107,412 | $ | 144,388 | $ | 620,469 | |||||||||
31-Dec-12 | $ | 246,389 | $ | 308,317 | $ | 334,670 | $ | 279,729 | $ | 1,169,105 | |||||||||
Schedule Of Revenues By Geographic Segment | |||||||||||||||||||
Revenues | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
United States | $ | 3,848,929 | $ | 3,674,825 | $ | 3,680,817 | |||||||||||||
Other Countries | 707,693 | 675,232 | 612,459 | ||||||||||||||||
Total | $ | 4,556,622 | $ | 4,350,057 | $ | 4,293,276 | |||||||||||||
Long-Lived Assets | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
United States | $ | 2,416,306 | $ | 2,476,792 | |||||||||||||||
Other Countries | 317,533 | 525,402 | |||||||||||||||||
Total, net | $ | 2,733,839 | $ | 3,002,194 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||
Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | |||||||||||||
Intangible and other long-term assets, net | ||||||||||||||||
Non-qualified deferred compensation assets | $ | 12,982 | $ | 1,481 | $ | 11,501 | - | |||||||||
Interest rate swaps | $ | 4,183 | - | $ | 4,183 | - | ||||||||||
Accounts payable | ||||||||||||||||
Non-qualified deferred compensation liabilities | $ | 2,291 | - | $ | 2,291 | - | ||||||||||
Other long-term liabilities | ||||||||||||||||
Non-qualified deferred compensation liabilities | $ | 14,720 | - | $ | 14,720 | - | ||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | |||||||||||||
Inventory and other current assets | ||||||||||||||||
Available-for-sale securities | $ | 8,817 | $ | 8,817 | - | - | ||||||||||
Intangible and other long-term assets, net | ||||||||||||||||
Non-qualified deferred compensation assets | $ | 13,731 | $ | 2,330 | $ | 11,401 | - | |||||||||
Interest rate swap | $ | 337 | - | $ | 337 | - | ||||||||||
Accounts payable | ||||||||||||||||
Non-qualified deferred compensation liabilities | $ | 1,944 | - | $ | 1,944 | - | ||||||||||
Other long-term liabilities | ||||||||||||||||
Non-qualified deferred compensation liabilities | $ | 14,986 | - | $ | 14,986 | - | ||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
December 31, | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
2013 | Losses | |||||||||||||||
Property, plant and equipment, net | $ | 328,876 | $ | - | $ | - | $ | 328,876 | $ | 243,781 | ||||||
Goodwill | - | - | - | - | $ | 91,016 | ||||||||||
Intangible assets | $ | 4,355 | $ | - | $ | - | $ | 4,355 | $ | 18,296 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivative Financial Instruments [Abstract] | ||||||||||||||
Location And Effect Of The Derivative Instrument On The Statements Of Operations | ||||||||||||||
Effect of derivative instrument | Location of (gain) loss | 2014 | 2013 | 2012 | ||||||||||
recognized | ||||||||||||||
Interest rate swap | Interest expense, net | $ | -11,054 | $ | 13,079 | $ | -3,632 | |||||||
Hedged item - debt | Interest expense, net | 7,208 | -12,303 | 2,346 | ||||||||||
$ | -3,846 | $ | 776 | $ | -1,286 | |||||||||
Interim_Financial_Information_1
Interim Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Interim Financial Information (Unaudited) [Abstract] | |||||||||||||
Schedule Of Interim Financial Information | |||||||||||||
Three Months Ended | |||||||||||||
31-Mar | 30-Jun | Sept. 30 | Dec. 31 | ||||||||||
2014 | |||||||||||||
Revenues | $ | 1,061,418 | $ | 1,107,552 | $ | 1,209,026 | $ | 1,178,626 | |||||
Less: | |||||||||||||
Cost of services and rentals | 651,605 | 650,293 | 721,692 | 711,243 | |||||||||
Depreciation, depletion, amortization | 162,318 | 160,965 | 170,154 | 157,377 | |||||||||
and accretion | |||||||||||||
Gross profit | 247,495 | 296,294 | 317,180 | 310,006 | |||||||||
Net income from operations | 42,626 | 79,057 | 85,743 | 73,364 | |||||||||
Loss from discontinued operations, net of tax | -5,954 | -3,895 | -5,886 | -7,238 | |||||||||
Net income | 36,672 | 75,162 | 79,857 | 66,126 | |||||||||
Earnings per share from continuing operations: | |||||||||||||
Basic | $ | 0.27 | $ | 0.51 | $ | 0.55 | $ | 0.49 | |||||
Diluted | 0.27 | 0.50 | 0.55 | 0.48 | |||||||||
Loss per share from discontinued operations: | |||||||||||||
Basic | $ | -0.04 | $ | -0.03 | $ | -0.03 | $ | -0.05 | |||||
Diluted | -0.04 | -0.03 | -0.04 | -0.05 | |||||||||
Three Months Ended | |||||||||||||
31-Mar | 30-Jun | Sept. 30 | Dec. 31 | ||||||||||
2013 | |||||||||||||
Revenues | $ | 1,086,872 | $ | 1,091,129 | $ | 1,096,412 | $ | 1,075,644 | |||||
Less: | |||||||||||||
Cost of services and rentals | 651,594 | 646,704 | 671,632 | 663,660 | |||||||||
Depreciation, depletion, amortization | 144,964 | 149,440 | 152,028 | 158,009 | |||||||||
and accretion | |||||||||||||
Gross profit | 290,314 | 294,985 | 272,752 | 253,975 | |||||||||
Reduction in value of assets | - | - | - | 300,078 | |||||||||
Net income (loss) from continuing operations | 80,618 | 74,079 | 67,469 | -176,681 | |||||||||
Income (loss) from discontinued operations, | -16,891 | -5,520 | 2,366 | -136,858 | |||||||||
net of tax | |||||||||||||
Net income (loss) | 63,727 | 68,559 | 69,835 | -313,539 | |||||||||
Earnings (loss) per share from continuing | |||||||||||||
operations: | |||||||||||||
Basic | $ | 0.51 | $ | 0.46 | $ | 0.42 | $ | -1.11 | |||||
Diluted | 0.51 | 0.46 | 0.42 | -1.11 | |||||||||
Earnings (loss) per share from discontinued | |||||||||||||
operations: | |||||||||||||
Basic | $ | -0.11 | $ | -0.03 | $ | 0.02 | $ | -0.86 | |||||
Diluted | -0.11 | -0.03 | 0.01 | -0.86 | |||||||||
Supplementary_Oil_And_Natural_1
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplementary Oil And Natural Gas Disclosures [Abstract] | ||||||||||
Schedule Of Proved Developed And Undeveloped Oil And Gas Reserves | ||||||||||
Crude Oil | Natural Gas | |||||||||
(Mbbls) | (Mmcf) | |||||||||
Proved-developed and undeveloped reserves: | ||||||||||
31-Dec-11 | 6,430 | 6,268 | ||||||||
Revisions | 2,234 | 5,357 | ||||||||
Production | -457 | -341 | ||||||||
31-Dec-12 | 8,207 | 11,284 | ||||||||
Revisions | -3,203 | -4,036 | ||||||||
Production | -411 | -296 | ||||||||
31-Dec-13 | 4,593 | 6,952 | ||||||||
Revisions | -438 | 1,431 | ||||||||
Production | -738 | -1,247 | ||||||||
31-Dec-14 | 3,417 | 7,136 | ||||||||
Proved-developed reserves: | ||||||||||
31-Dec-12 | 5,076 | 5,085 | ||||||||
31-Dec-13 | 2,397 | 2,100 | ||||||||
31-Dec-14 | 3,184 | 6,945 | ||||||||
Proved-undeveloped reserves: | ||||||||||
31-Dec-12 | 3,131 | 6,199 | ||||||||
31-Dec-13 | 2,196 | 4,852 | ||||||||
31-Dec-14 | 233 | 191 | ||||||||
Cost Incurred In Oil And Gas Property Acquisition, Exploration, And Development Activities | ||||||||||
2014 | 2013 | 2012 | ||||||||
Acquisition of properties - proved | $ | - | $ | - | $ | - | ||||
Acquisition of properties - unproved | - | - | - | |||||||
Exploratory costs | - | - | - | |||||||
Development costs | 52,719 | 51,527 | 34,685 | |||||||
Total costs incurred | $ | 52,719 | $ | 51,527 | $ | 34,685 | ||||
Capitalized Costs Relating To Oil And Gas Producing Activities | ||||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
Proved oil and gas properties | $ | 189,294 | $ | 136,350 | ||||||
Accumulated depreciation, depletion and amortization | -55,864 | -21,158 | ||||||||
Capitalized costs, net | $ | 133,430 | $ | 115,192 | ||||||
Schedule Of Ownership In Productive Oil And Natural Gas Wells | ||||||||||
Productive Wells | ||||||||||
Gross | Net | |||||||||
Oil | 10.00 | 5.10 | ||||||||
Schedule Of Gas And Oil Acreage | ||||||||||
Gross | Net | |||||||||
Acreage | Acreage | |||||||||
Developed | 23,040 | 11,750 | ||||||||
Undeveloped | - | - | ||||||||
Total | 23,040 | 11,750 | ||||||||
Schedule Of Drilling Activity | ||||||||||
2014 | 2013 | |||||||||
Gross | Net | Gross | Net | |||||||
Exploratory Wells | ||||||||||
Productive | - | - | - | - | ||||||
Non-productive | - | - | - | - | ||||||
Total | - | - | - | - | ||||||
Development Wells | ||||||||||
Productive | 2.00 | 1.02 | 2.00 | 1.02 | ||||||
Non-productive | 1.00 | 0.51 | 1.00 | 0.51 | ||||||
Total | 3.00 | 1.53 | 3.00 | 1.53 | ||||||
Results Of Operations For Oil And Gas Producing Activities | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues | ||||||||||
Sales | $ | 77,845 | $ | 47,050 | $ | 57,757 | ||||
Production costs | 13,529 | 9,876 | 12,332 | |||||||
Exploration expenses | - | - | - | |||||||
Depreciation, depletion and amortization | 38,768 | 12,032 | 9,818 | |||||||
25,548 | 25,142 | 35,607 | ||||||||
Income tax expenses | 9,325 | 8,800 | 13,175 | |||||||
Results of operations from producing activities | $ | 16,223 | $ | 16,342 | $ | 22,432 | ||||
(excluding corporate overhead) | ||||||||||
Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves | ||||||||||
2014 | 2013 | 2012 | ||||||||
Future cash inflows | $ | 336,944 | $ | 496,704 | $ | 891,215 | ||||
Future production costs | -71,209 | -82,487 | -141,980 | |||||||
Future development and abandonment costs | -111,374 | -156,340 | -91,632 | |||||||
Future income tax expenses | -60,345 | -89,507 | -229,808 | |||||||
Future net cash flows | 94,016 | 168,370 | 427,795 | |||||||
10% annual discount for estimated timing of | -17,034 | 10,641 | 124,365 | |||||||
cash flows | ||||||||||
Standardized measure of discounted future | $ | 111,050 | $ | 157,729 | $ | 303,430 | ||||
net cash flows | ||||||||||
Summary Of Changes In Standardized Measure Of Discounted Future Net Cash Flows Applicable To Proved Oil And Natural Gas Reserves | ||||||||||
2014 | 2013 | 2012 | ||||||||
Beginning of the period | $ | 157,729 | $ | 303,430 | $ | 237,749 | ||||
Net change in sales and transfer prices and in | -57,568 | -13,278 | -17,734 | |||||||
production (lifting) costs related to future production | ||||||||||
Changes in estimated future development costs | -5,512 | -48,594 | -5,569 | |||||||
Sales and transfers of oil and gas produced | -64,316 | -45,866 | -45,425 | |||||||
during the period | ||||||||||
Net change due to extensions, discoveries, | - | 75,304 | 206,313 | |||||||
and improved recovery | ||||||||||
Net changes due to revisions in quantity | -8,396 | -228,620 | -63,192 | |||||||
estimates | ||||||||||
Previously estimated development costs | 40,962 | 10,136 | 4,748 | |||||||
incurred during the period | ||||||||||
Accretion of discount | 24,251 | 46,711 | 37,252 | |||||||
Other-unspecified | 4,125 | -24,169 | -21,799 | |||||||
Net change in income taxes | 19,775 | 82,675 | -28,913 | |||||||
Aggregate change in the standardized measure | -46,679 | -145,701 | 65,681 | |||||||
of discounted future net cash flows for the year | ||||||||||
End of the period | $ | 111,050 | $ | 157,729 | $ | 303,430 | ||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Major Customers And Concentration Of Credit Risk) (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Maximum percentage of revenue for a single major customer | 10.00% | 13.00% |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Cash Equivalents) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |
Maximum maturity of short-term investments purchased to be cash equivalents | 90 days |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Property, Plant And Equipment) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies [Abstract] | |||
Capitalized interest on the cost of major capital projects | $1 | $2.40 | $7.70 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Estimated Useful Lives Of The Related Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 40 years |
Marine Vessels And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 5 years |
Marine Vessels And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 25 years |
Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 2 years |
Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 25 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 3 years |
Automobiles, Trucks, Tractors And Trailers [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Furniture And Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 2 years |
Furniture And Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, useful life | 10 years |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Goodwill) (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Percentage of the discounted cash flow method for estimation of fair value of reporting units | 80.00% | |
Percentage of the public company guideline method for estimation of fair value of reporting units | 20.00% | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 9.00% | |
Goodwill, Impaired, Accumulated Impairment Loss | $91,000,000 | |
Goodwill, Impairment Loss | $91,016,000 |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies (Summary Of Activity Of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Beginning Balance | $2,458,109 | $2,532,065 |
Acquisition activities | 13,909 | 16,599 |
Disposition activities | -756 | |
Reduction in value of assets | -91,016 | |
Foreign currency translation adjustments | -3,609 | 1,217 |
Ending Balance | 2,468,409 | 2,458,109 |
Drilling Products And Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 144,872 | 144,947 |
Disposition activities | -756 | |
Foreign currency translation adjustments | -2,033 | 681 |
Ending Balance | 142,839 | 144,872 |
Onshore Completion Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 1,419,550 | 1,418,050 |
Acquisition activities | 1,500 | |
Disposition activities | ||
Reduction in value of assets | ||
Foreign currency translation adjustments | ||
Ending Balance | 1,419,550 | 1,419,550 |
Production Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 893,687 | 878,052 |
Acquisition activities | 13,909 | 15,099 |
Disposition activities | ||
Reduction in value of assets | ||
Foreign currency translation adjustments | -1,576 | 536 |
Ending Balance | 906,020 | 893,687 |
Technical Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 91,016 | |
Acquisition activities | ||
Disposition activities | ||
Reduction in value of assets | -91,016 | |
Foreign currency translation adjustments | ||
Ending Balance |
Summary_Of_Significant_Account9
Summary Of Significant Accounting Policies (Notes Receivable) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Notes Receivable [Abstract] | |||
Amount of notes receivable net | $115 | ||
Interest rate percentage to record present value of notes receivable | 6.58% | ||
Company recorded interest income | $1.60 | $2.60 | $2.80 |
Recovered_Sheet2
Summary Of Significant Accounting Policies (Intangible And Other Long-Term Assets) (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Escrow Deposit Required by Seller of Oil and Gas Properties | $50,000,000 | |||
Performance Bond Required by Seller | 50,000,000 | |||
Escrow Deposit | 50,400,000 | |||
Reduction in value of assets | 300,078,000 | 300,078,000 | ||
Amortization expense exclusive of debt acquisition costs | 25,900,000 | 26,200,000 | 22,600,000 | |
Amortization of intangible assets exclusive of debt acquisitions costs for 2015 | 25,600,000 | |||
Amortization of intangible assets exclusive of debt acquisitions costs for 2016 | 24,800,000 | |||
Amortization of intangible assets exclusive of debt acquisitions costs for 2017 | 24,000,000 | |||
Amortization of intangible assets exclusive of debt acquisitions costs for 2018 | 23,900,000 | |||
Amortization of intangible assets exclusive of debt acquisitions costs for 2019 | $23,700,000 | |||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 17 years | |||
Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Debt Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||
Unsecured Senior Notes Due 2021 [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Stated interest rate on unsecured senior notes | 7.13% |
Recovered_Sheet3
Summary Of Significant Accounting Policies (Composition Of Intangible And Other Long-term Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | $539,035 | $535,434 |
Accumulated Amortization | -118,675 | -84,567 |
Net Balance | 420,360 | 450,867 |
Deferred Compensation Plan Assets [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | 12,982 | 13,731 |
Accumulated Amortization | ||
Net Balance | 12,982 | 13,731 |
Escrowed Cash [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | 58,421 | 58,406 |
Accumulated Amortization | ||
Net Balance | 58,421 | 58,406 |
Customer Relationships [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | 339,695 | 335,590 |
Accumulated Amortization | -64,954 | -44,117 |
Net Balance | 274,741 | 291,473 |
Trade Names [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | 41,265 | 45,025 |
Accumulated Amortization | -13,151 | -9,175 |
Net Balance | 28,114 | 35,850 |
Noncompete Agreements [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | 4,487 | 4,256 |
Accumulated Amortization | -3,281 | -2,163 |
Net Balance | 1,206 | 2,093 |
Debt Issuance Costs [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | 63,829 | 63,829 |
Accumulated Amortization | -36,360 | -28,250 |
Net Balance | 27,469 | 35,579 |
Other Intangible Assets [Member] | ||
Schedule of Intangible Assets by Major Class [Line Items] | ||
Gross Amount | 18,356 | 14,597 |
Accumulated Amortization | -929 | -862 |
Net Balance | $17,427 | $13,735 |
Recovered_Sheet4
Summary Of Significant Accounting Policies (Decommissioning Liabilities) (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Policies [Abstract] | ||
Asset Retirement Obligation, Liabilities Incurred | $866 | $445 |
Recovered_Sheet5
Summary Of Significant Accounting Policies (Summary Of The Activity For Company's Decommissioning Liabilities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Policies [Abstract] | ||
Decommissioning liabilities, December 31, 2013 and 2012, respectively | $83,519 | $93,053 |
Liabilities acquired and incurred | 866 | 445 |
Liabilities settled | -579 | -87 |
Accretion | 4,470 | 5,320 |
Revision in estimated liabilities | -276 | -15,212 |
Total decommissioning liabilities, December 31, 2014 and 2013 , respectively | 88,000 | 83,519 |
Less: current portion of decommissioning liabilities as of December 31, 2014 and 2013, respectively | 27,322 | |
Long-term decommissioning liabilities, December 31, 2014 and 2013, respectively | $88,000 | $56,197 |
Recovered_Sheet6
Summary Of Significant Accounting Policies (Earnings (Loss) Per Share) (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, share | 1,100,000 | 1,100,000 | 2,100,000 |
Recovered_Sheet7
Summary Of Significant Accounting Policies (Financial Instruments) (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Abstract] | ||
Fair value of debt | $1,624.30 | $1,789 |
Recovered_Sheet8
Summary Of Significant Accounting Policies (Foreign Currency) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies [Abstract] | |||
Foreign currency gains | ($7.30) | $7.10 | $2.90 |
Recovered_Sheet9
Summary Of Significant Accounting Policies (Derivative Instruments And Hedging Activities) (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Percentage of fixed rate debt | 61.00% | 60.00% |
Notional amount of interest rate swap | $300,000,000 | |
Variable interest rate, Adjustment | 90 days |
Recovered_Sheet10
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Abstract] | ||
Accumulated other comprehensive loss, net | ($36,280) | ($17,500) |
Recovered_Sheet11
Summary of Significant Accounting Policies (Cash Dividends) (Details) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Policies [Abstract] | ||
Dividends Payable | $12.80 | |
Cash dividends declared per share | $0.24 | $0.08 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash paid for interest, net of amounts capitalized | $102,880 | $97,129 | $109,112 |
Cash paid for income taxes | 127,132 | 164,158 | 42,261 |
Details of business acquisitions: | |||
Fair Value of Assets Acquired | 29,468 | 34,964 | 4,364,872 |
Fair value of liabilities | -5,125 | -10,942 | -695,243 |
Common stock issued | -2,361,466 | ||
Cash paid | 24,343 | 24,022 | 1,308,163 |
Less cash acquired | -16 | -225 | -217,002 |
Net cash paid for acquisitions | 24,327 | 23,797 | 1,091,161 |
Non-cash investing activity: | |||
Capital Expenditures Incurred but Not yet Paid | 49,118 | 70,463 | 61,035 |
Non-cash financing activity: | |||
Dividends, Share-based Compensation, Cash | 12,759 | ||
India Acquisition Member | |||
Details of business acquisitions: | |||
Net cash paid for acquisitions | $24,327 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal group, including discontinued operations, long lived asets | $131,100,000 | |||
Vessel's gross asset value under the capital lease at inception | 37,600,000 | |||
Vessel's gross asset value under the capital lease at depreciation | 17,400,000 | 16,400,000 | ||
Other long-term liabilities | 16,800,000 | 21,400,000 | ||
Accounts Payable Related to Obligations Under Capital Lease | 4,600,000 | 4,200,000 | ||
Impairment Included in Discontinued Operations | 119,300,000 | |||
Long-term assets | 91,940,000 | 221,943,000 | ||
Gain on sale of assets, disposal group accounted for as discontinued operations | 18,800,000 | |||
Subsea Construction Marine Vessels Member | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment Included in Discontinued Operations | 98,300,000 | |||
Long-term assets | 45,200,000 | |||
Subsea Construction Intangible Assets Member | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment Included in Discontinued Operations | 15,400,000 | |||
Conventional Decommissioning Long-lived Assets Member | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment Included in Discontinued Operations | 5,600,000 | |||
Derrick Barge [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds received | 44,500,000 | |||
Pre-tax gain loss after sale | 3,100,000 | |||
Goodwill | 9,700,000 | |||
Liftboats [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds received | 138,600,000 | |||
Quantity of liftboats sold | 18 | |||
Repayment Of Us Government Guaranteed Long Term Financing Connected To Disposition | 12,500,000 | |||
Make Whole Premiums Connected To Dispositions | 4,000,000 | |||
Written Off Unamortized Loan Costs Connected To Repayments Of Make Whole Premiums | 700,000 | |||
Loss on sale of assets, disposal group accounted for as discontinued operations | $10,000,000 |
Discontinued_Operations_Compon
Discontinued Operations (Components Of Income (Loss) From Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | $145,463 | $261,767 | $274,792 | ||||||||
Income tax expense (benefit) | -19,330 | -15,439 | 1,774 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax (benefit) expense | -7,238 | -5,886 | -3,895 | -5,954 | -136,858 | 2,366 | -5,520 | -16,891 | -22,973 | -156,903 | -17,982 |
Segment, Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income tax expense (benefit) | 620 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax (benefit) expense | -775 | ||||||||||
Segment, Derrick Barges and Liftboats [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 16,231 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax (benefit) expense | ($17,207) |
Discontinued_Operations_Assets
Discontinued Operations (Assets And Liabilities of Disposal Groups) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||
Accounts receivable, net | $16,701 | $26,858 |
Prepaid expenses | 2,463 | 8,164 |
Disposal group inventory and other current assets | 5,576 | 63,618 |
Assets of Disposal Group, Including Discontinued Operation, Current | 24,740 | 98,640 |
Disposal group property, plant and equipment, net | 91,171 | 217,089 |
Intangible and other long-term assets, net | 769 | 4,854 |
Long-term assets | 91,940 | 221,943 |
Accounts payable | 20,530 | 13,449 |
Accrued expenses | 24,496 | 52,133 |
Current liabilities | 45,026 | 65,582 |
Other long-term liabilities | $16,814 | $21,801 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Mar. 31, 2013 | Feb. 07, 2012 | |
Business Acquisition [Line Items] | ||||||
Approximately cash paid | $24,343,000 | $24,022,000 | $1,308,163,000 | |||
Goodwill | 2,468,409,000 | 2,458,109,000 | 2,532,065,000 | |||
India Acquisition Member | ||||||
Business Acquisition [Line Items] | ||||||
Approximately cash paid | 22,000,000 | |||||
Goodwill | 13,900,000 | |||||
Other Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, total contingent consideration paid | 2,400,000 | 6,500,000 | ||||
Approximately cash paid | 37,600,000 | 20,400,000 | ||||
Repayment of acquired company debt | 3,000,000 | |||||
Goodwill | 22,600,000 | 15,100,000 | ||||
Complete Production Services, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Approximately cash paid | 2,914,800,000 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $1,922,700,000 |
Property_Plant_and_Equipment_a
Property, Plant and Equipment alt (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant And Equipment [Abstract] | |||
Impairment of long lived assets | $243,781,000 | ||
Leasehold Improvements, Gross | 93,300,000 | 75,000,000 | |
Depreciation | $620,600,000 | $572,900,000 | $460,200,000 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Summary Of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | $5,003,381 | $4,829,205 |
Accumulated depreciation and depletion | -2,269,542 | -1,827,011 |
Property, plant and equipment, net | 2,733,839 | 3,002,194 |
Buildings, Improvements And Leasehold Improvements [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 328,651 | 284,273 |
Marine Vessels And Equipment [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 55,494 | 137,955 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 4,126,570 | 3,864,599 |
Automobiles, trucks, tractors and trailers [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 66,032 | 64,102 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 75,631 | 72,563 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 102,895 | 211,017 |
Land [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | 58,814 | 56,786 |
Oil and Gas Properties [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, plant and equipment, gross | $189,294 | $137,910 |
Inventory_and_Other_Current_As2
Inventory and Other Current Assets (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory and Other Current Assets [Abstract] | |||
Costs and estimated earnings in excess of billings included in other current assets | $63,200,000 | ||
Supplies and consumables | 42,739,000 | 56,470,000 | |
Raw materials | 29,718,000 | 20,764,000 | |
Work-in-progress | 20,317,000 | 20,064,000 | |
Finished goods | 72,788,000 | 65,621,000 | |
Inventory | 165,562,000 | 162,919,000 | |
Number of shares comprising Available for Sale Securities | 1.4 | ||
Available-for-sale securities, net unrealized holding gain (loss) reversed following sale | 1,200,000 | ||
Available-for-sale securities, unrealized holding gain (loss) reversed following sale | 1,800,000 | ||
Available-for-sale securities, number of shares sold | 5.6 | ||
Available-for-sale Securities, Income Tax Expense on Change in Unrealized Holding Gain (Loss) | 600,000 | 100,000 | 500,000 |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | 300,000 | 900,000 | |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | 400,000 | 1,400,000 | |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 10,600,000 | 41,900,000 | |
Available-for-sale Securities, Gross Realized Gains | 900,000 | ||
Available-for-sale Securities, Current | $8,800,000 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
31-May-13 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | |
Debt Instrument [Line Items] | |||||
Term Loan A, Amount Outstanding | $345,000,000 | ||||
Revolving portion of credit facility, borrowing capacity | 600,000,000 | ||||
Face value of debt extinguished | 100 | ||||
Line of Credit Facility, Current Borrowing Capacity | 1,000,000,000 | ||||
Aggregate principal amount of term loan | 400,000,000 | ||||
Line of Credit Facility, Periodic Payment | 5,000,000 | ||||
Letters of Credit Outstanding, Amount | 44,200,000 | ||||
Gains (Losses) on Extinguishment of Debt | -884,000 | -2,294,000 | |||
Extinguishment of Debt, Amount | 150,000,000 | ||||
Unsecured Senior Notes Due 2014 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face value of debt extinguished | 100 | ||||
Portion of debt extinguished | 50.00% | ||||
Original face amount of debt instrument | 300,000,000 | ||||
Stated interest rate on unsecured senior notes | 6.00% | ||||
Gains (Losses) on Extinguishment of Debt | 900,000 | 2,300,000 | |||
Extinguishment of Debt, Amount | 150,000,000 | ||||
Unsecured Senior Notes Due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 500,000,000 | ||||
Stated interest rate on unsecured senior notes | 6.38% | ||||
Unsecured Senior Notes Due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $800,000,000 | ||||
Stated interest rate on unsecured senior notes | 7.13% |
Debt_Summary_Of_LongTerm_Debt_
Debt (Summary Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $1,648,783 | $1,666,535 |
Less current portion | 20,941 | 20,000 |
Long-term debt, noncurrent | 1,627,842 | 1,646,535 |
Other long term debt instrument [member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,783 | 1,535 |
Term Loan, Interest Payable Monthly At Floating Rate And Principal Payable Quarterly, Due December 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 345,000 | 365,000 |
Senior Notes, Interest Payable Semiannually At 6 3/8%, Due May 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 500,000 | 500,000 |
Senior Notes, Interest Payable Semiannually At 7 1/8%, Due December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $800,000 | $800,000 |
Debt_Schedule_Of_Maturities_Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt [Abstract] | |
2015 | $20,941 |
2016 | 21,134 |
2017 | 306,085 |
2018 | 623 |
2019 | 500,000 |
Thereafter | 800,000 |
Total | $1,648,783 |
StockBased_And_LongTerm_Compen1
Stock-Based And Long-Term Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 01, 2013 | |
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Common Stock Reserved for Issuance, Shares Remaining | 5,400,000 | |||
Compensation expense | $44,074,000 | $35,060,000 | $36,064,000 | |
Compensation expense expected to recognize in 2015 | 10,600,000 | |||
Compensation expense expected to recognize in 2016 | 10,000,000 | |||
Compensation expense expected to recognize in 2017 | 600,000 | |||
Shares issued under Employee Stock Purchase Plan, shares | 246,480 | 185,407 | 147,026 | |
Proceed from issue of shares under employee stock purchase plans | 4,870,000 | 4,124,000 | 2,855,000 | |
Common stock reserved for issuance | 8,000,000 | |||
Other income (expense) | -7,681,000 | -4,627,000 | -2,317,000 | |
Supplemental Executive Retirement Plan [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | 1,600,000 | 1,200,000 | 2,400,000 | |
Employers Contribution to be received by plan participants, Minimum | 5.00% | |||
Employers Contribution to be received by plan participants, Maximum | 35.00% | |||
Employers contribution | 1,200,000 | 1,200,000 | 1,800,000 | |
Distribution to select participants | 3,000,000 | 3,000,000 | 6,700,000 | |
Defined Contribution Pension [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Maximum employee contribution to be matched by employer | 4.00% | |||
Maximum empoyee contribution | 75.00% | |||
Company contribution, percent | 100.00% | |||
Company discretionary contributions | 16,700,000 | 16,000,000 | 8,400,000 | |
Non-Qualified Deferred Compensation Plans [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Maximum portion of base salary to defer under non-qualified deferred compensation plan | 75.00% | |||
Maximum portion of bonus to defer under non-qualified deferred compensation plan | 100.00% | |||
Non-employee cash deferred to non-qualified compensation plan | 100.00% | |||
Maximum of cash portion of PSU compensation to defer under non-qualified deferred compensation plan | 100.00% | |||
Non-employee RSU deferred to non-qualified compensation plan | 100.00% | |||
Long-term liability | 14,700,000 | 15,000,000 | ||
Current liability | 2,300,000 | 1,900,000 | ||
Deferred compensation, compensation expense | 900,000 | 2,500,000 | 1,600,000 | |
Deferred compensation plan assets | 13,000,000 | 13,700,000 | ||
Other income (expense) | -1,200,000 | -2,400,000 | 700,000 | |
Employee Stock Option [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Share-based payment vesting period, years | 3 years | |||
Share-based payment expiration period, years | 10 years | |||
Compensation expense | 3,900,000 | 3,586,000 | 4,829,000 | |
Intrinsic value of options exercised | 17,100,000 | 5,100,000 | 40,400,000 | |
Cash received from exercising options | 10,600,000 | 6,300,000 | 14,800,000 | |
Tax benefit from exercising stock options | 5,600,000 | 700,000 | 600,000 | |
Unrecognized compensation expense related to non-vested options oustanding | 4,200,000 | |||
Compensation expense expected to recognize in 2015 | 2,400,000 | |||
Compensation expense expected to recognize in 2016 | 1,300,000 | |||
Compensation expense expected to recognize in 2017 | 500,000 | |||
Restricted Stock [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Share-based payment vesting period, years | 3 years | |||
Compensation expense | 15,800,000 | 21,460,000 | 16,981,000 | |
Unrecognized compensation expense related to non-vested options oustanding | 10,400,000 | |||
Compensation expense expected to recognize in 2015 | 10,000,000 | |||
Compensation expense expected to recognize in 2016 | 400,000 | |||
Shares outstanding | 1,022,280 | 2,020,448 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 609,743 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $27.27 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $24.08 | $24.71 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 23,000,000 | 9,600,000 | 13,000,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | 11,282,000 | 2,360,000 | ||
Unrecognized compensation expense related to non-vested options oustanding | 21,200,000 | |||
Resticted stock granted | 1,352,184 | |||
Shares outstanding | 1,416,477 | 324,481 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $30.65 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $26.40 | $26.34 | ||
Performance Shares [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | 10,688,000 | 10,014,000 | 11,894,000 | |
Shares outstanding | 360,329 | |||
Performance period of PSU grant, years | 3 years | |||
Portion of equivalent value in common stock of company after meeting service requirements, at discretion of compensation committee | 50.00% | |||
Performance Share Units Outstanding, in 2014 | 115,788 | |||
Performance Share Units Outstanding, in 2015 | 115,376 | |||
Performance Share Units Outstanding, in 2016 | 129,165 | |||
Strategic Performance Shares [Member] | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | 2,404,000 | |||
Performance period of PSU grant, years | 1 year | |||
2013 Employee Stock Purchase Plan Member | ||||
Stock Based and Long-Term Compensation (Textual) [Abstract] | ||||
Compensation expense | $1,078,000 | $947,000 | $504,000 | |
Common stock reserved for issuance | 3,000,000 |
StockBased_And_LongTerm_Compen2
Stock-Based And Long-Term Compensation (Summary Of The Valuation Assumptions Used To Calculate The Fair Value Of Stock Option Grants) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average fair value of grants | $6.95 | $8.98 | $21.76 |
Black-Scholes-Merton Assumptions: | |||
Risk free interest rate | 1.42% | 0.63% | 0.41% |
Expected life (years) | 4 years | 4 years | 2 years |
Volatility | 34.50% | 48.41% | 55.27% |
Dividend yield | 1.23% |
StockBased_And_LongTerm_Compen3
Stock-Based And Long-Term Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summarization of stock option activity | ||
Number of options outstanding, beginning | 4,857,376 | |
Number of options granted | 567,084 | |
Number of options exercised | -880,687 | |
Number of options forfeited | -41,166 | |
Number of options expired | -18,102 | |
Number of options outstanding, ending | 4,484,505 | 4,857,376 |
Number of options exercisable | 3,660,017 | |
Number of options expected to vest | 824,488 | |
Weighted average option price outstanding, beginning | $21.43 | |
Weighted average option price granted | $26.01 | |
Weighted average option price excercised | $11.99 | |
Weighted average option price forfeited | $25.39 | |
Weighted average option price expired | $35.77 | |
Weighted average option price outstanding, ending | $23.76 | $21.43 |
Weighted average option price exercisable | $23.45 | |
Weighted average option price expected to vest | $25.14 | |
Weighted average remaining contractual term, outstanding | 5 years 1 month 6 days | 4 years 9 months 18 days |
Weighted average remaining contractual term, exercisable | 4 years 3 months 18 days | |
Weighted average remaining contractual term, expected to vest | 8 years 8 months 12 days | |
Aggregate intrinsic value, outstanding | $4,095 | $29,990 |
Aggregate intrinsic value, exercisable | $4,095 |
StockBased_And_LongTerm_Compen4
Stock-Based And Long-Term Compensation (Summary Of Non-Vested Stock Option Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Summarizes Non-vested Stock Option [Abstract] | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsStockOptionsForfeituresInPeriodWeightedAverageGrantDateFairValue | $8.16 |
Share based compensation arrangement by share based payment award equity instruments stock options forfeitures in period | -41,166 |
Number of Option, Beginning Balance | 536,498 |
Number of Option, Granted | 567,084 |
Number of Option, Vested | -237,928 |
Number of Option, Ending Balance | 824,488 |
Weighted Average Grant Date Fair Value, Beginning Balance | $10.19 |
Weighted Average Grant Date Fair Value, Granted | $6.95 |
Weighted Average Grant Date Fair Value, Vested | $13.39 |
Weighted Average Grant Date Fair Value, Ending Balance | $7.83 |
StockBased_And_LongTerm_Compen5
Stock-Based And Long-Term Compensation (Summary Of The Status Of Restricted Stock) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Summary of restricted stock | |||
Beginning balance | 2,020,448 | ||
Shares, vested | -842,257 | ||
Shares, fofeited | -155,911 | ||
Ending balance | 1,022,280 | 2,020,448 | |
Weighted average grant date fair value, beginning balance | $24.71 | ||
Weighted average grant date fair value, granted | $23.14 | $22.87 | |
Weighted average grant date fair value, vested | $27.27 | ||
Weighted average grant date fair value, forfeited | $24.29 | ||
Weighted average grant date fair value, ending balance | $24.08 | $24.71 |
StockBased_And_LongTerm_Compen6
Stock-Based And Long-Term Compensation (Summary Of The Activity Of Restricted Stock Units) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 324,481 |
Granted | 1,352,184 |
Shares, vested | -95,914 |
Shares, fofeited | -164,274 |
Ending balance | 1,416,477 |
Weighted average grant date fair value, beginning balance | $26.34 |
Weighted average grant date fair value, granted | $26.45 |
Weighted average grant date fair value, vested | $30.65 |
Weighted average grant date fair value, forfeited | $26.36 |
Weighted average grant date fair value, ending balance | $26.40 |
StockBased_And_LongTerm_Compen7
Stock-Based And Long-Term Compensation (Summary Of Compensation Expense and Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | $44,074 | $35,060 | $36,064 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 11,463 | 9,267 | 8,943 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 3,900 | 3,586 | 4,829 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,443 | 1,327 | 1,787 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 15,800 | 21,460 | 16,981 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 5,846 | 7,940 | 6,283 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 11,282 | 2,360 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 4,174 | 873 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | 10,688 | 10,014 | 11,894 |
2013 Employee Stock Purchase Plan Member | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Compensation expense | $1,078 | $947 | $504 |
Reduction_in_Value_of_Assets_N
Reduction in Value of Assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Impairment Charges [Line Items] | |||
Revenue Derived from Venezuela | $9,500,000 | $20,500,000 | |
Reduction in Value of Assets Related to Exit of Venezuela Activities | 14,324,000 | ||
Retirments of Long-Lived Assets | 14,418,000 | ||
Reduction in Value of Long-Lived Assets and Related Assets | 180,320,000 | ||
Goodwill, Impairment Loss | 91,016,000 | ||
Reduction in value of assets | 300,078,000 | 300,078,000 | |
Impairment of Intangible Assets, Finite-lived | 18,296,000 | ||
Impairment of Long-Lived Assets Held-for-use | 243,781,000 | ||
Technical Solutions [Member] | |||
Asset Impairment Charges [Line Items] | |||
Reduction in value of other assets | 31,900,000 | ||
Retirments of Long-Lived Assets | 6,400,000 | ||
Goodwill, Impairment Loss | 91,016,000 | ||
Reduction in value of assets | 252,243,000 | ||
Impairment of Intangible Assets, Finite-lived | 3,000,000 | ||
Impairment of Long-Lived Assets Held-for-use | 122,800,000 | ||
Production Services [Member] | |||
Asset Impairment Charges [Line Items] | |||
Retirments of Long-Lived Assets | 2,200,000 | ||
Goodwill, Impairment Loss | |||
Reduction in value of assets | 28,568,000 | ||
Impairment of Long-Lived Assets Held-for-use | 11,400,000 | ||
Onshore Completion Services [Member] | |||
Asset Impairment Charges [Line Items] | |||
Retirments of Long-Lived Assets | 5,800,000 | ||
Goodwill, Impairment Loss | |||
Reduction in value of assets | 16,975,000 | ||
Impairment of Long-Lived Assets Held-for-use | $11,200,000 |
Reduction_in_Value_of_Assets_C
Reduction in Value of Assets (Components of the Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Reduction In Value Of Assets [Abstract] | ||
Reduction in value of assets | $300,078 | $300,078 |
Reduction in Value of Assets Related to Exit of Venezuela Activities | 14,324 | |
Reduction in Value of Long-Lived Assets and Related Assets | 180,320 | |
Goodwill, Impairment Loss | 91,016 | |
Retirments of Long-Lived Assets | $14,418 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ||||
U.S. Federal income tax rate | 35.00% | 35.00% | ||
net operating loss carryforwards | $1,300,000 | |||
Annual limitation on utilization of net operating loss carryforwards | 500,000 | |||
Deferred tax assets, various state | 9,900,000 | |||
Undistributed earnings of foreign subsidiaries | 61,000,000 | |||
Unrecorded tax benefits | $30,344,000 | $29,899,000 | $26,399,000 | $21,692,000 |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income And Loss From Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $372,672 | $165,463 | $554,675 |
Foreign | 69,517 | -64,706 | 52,488 |
Income from continuing operations before income taxes | $442,189 | $100,757 | $607,163 |
Income_Taxes_Schedule_Of_Compo1
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current, federal | $150,997 | $19,897 | $119,797 |
Current, state | 11,339 | 10,816 | 14,155 |
Current, foreign | 36,287 | 25,613 | 33,279 |
Current, total | 198,623 | 56,326 | 167,231 |
Deferred, federal | -33,172 | -6,341 | 54,718 |
Deferred, state | 648 | 386 | 915 |
Deferred, foreign | -4,700 | 4,901 | 382 |
Deferred income taxes | -37,224 | -1,054 | 56,015 |
Income Tax Expense (Benefit), Total | $161,399 | $55,272 | $223,246 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed expected tax expense (benefit) | $154,766 | $35,265 | $212,581 |
Increase (decrease) resulting from State and foreign income taxes | 8,467 | -852 | 15,176 |
Increase (decrease) resulting other | -1,834 | -14,015 | -4,511 |
Income Tax Expense (Benefit), Total | 161,399 | 55,272 | 223,246 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $34,874 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets [Abstract] | ||
Allowance for doubtful accounts | $3,942 | $8,482 |
Operating loss and tax credit carryforwards | 21,928 | 32,543 |
Compensation and employee benefits | 57,045 | 50,136 |
Decommissioning liabilities | 21,029 | 22,124 |
Other | 50,641 | 51,161 |
Deferred tax assets, gross | 154,585 | 164,446 |
Net deferred tax assets | 154,585 | 164,446 |
Components of Deferred Tax Liabilities [Abstract] | ||
Property, plant and equipment | 648,054 | 671,172 |
Notes receivable | 5,718 | 5,429 |
Goodwill and other intangible assets | 138,017 | 136,940 |
Deferred revenue on long-term contracts | 1,470 | 21,354 |
Other | 32,184 | 56,846 |
Deferred tax liabilities | 825,443 | 891,741 |
Net deferred tax liability | $670,858 | $727,295 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes (Net Deferred Tax Liabilities Classified In The Consolidated Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Liabilities, Net, Classification [Abstract] | ||
Deferred Tax Assets, Net, Current | $32,138 | $8,785 |
Noncurrent deferred income taxes | -702,996 | -736,080 |
Net deferred tax liability | ($670,858) | ($727,295) |
Income_Taxes_Summary_Of_Activi
Income Taxes (Summary Of Activity In Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $29,899 | $26,399 | $21,692 |
Additions based on tax positions related to prior years | 7,860 | 5,065 | 6,873 |
Reductions based on tax positions related to prior years | -7,415 | -1,565 | -2,166 |
Unrecognized tax benefits, ending balance | $30,344 | $29,899 | $26,399 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $1,178,626 | $1,209,026 | $1,107,552 | $1,061,418 | $1,075,644 | $1,096,412 | $1,091,129 | $1,086,872 | $4,556,622 | $4,350,057 | $4,293,276 |
Cost of goods and services | 711,243 | 721,692 | 650,293 | 651,605 | 663,660 | 671,632 | 646,704 | 651,594 | 2,734,833 | 2,633,590 | 2,469,420 |
Depreciation, depletion, amortization and accretion | 157,377 | 170,154 | 160,965 | 162,318 | 158,009 | 152,028 | 149,440 | 144,964 | 650,814 | 604,441 | 488,061 |
General and administrative expenses | 624,371 | 597,778 | 625,422 | ||||||||
Reduction in the value of assets | 300,078 | 300,078 | |||||||||
Income from operations | 546,604 | 214,170 | 710,373 | ||||||||
Interest expense, net | -96,734 | -107,902 | -116,479 | ||||||||
Other Expense | -7,681 | -4,627 | -2,317 | ||||||||
Gain loss from Equity method investment | 17,880 | ||||||||||
Gains (Losses) on Extinguishment of Debt | -884 | -2,294 | |||||||||
Income (loss) from continuing operations before income taxes | 442,189 | 100,757 | 607,163 | ||||||||
Identifiable Assets | 7,377,389 | 7,411,307 | 7,377,389 | 7,411,307 | 7,802,886 | ||||||
Capital Expenditures | 606,221 | 620,469 | 1,169,105 | ||||||||
Drilling Products And Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 923,849 | 838,514 | 775,066 | ||||||||
Cost of goods and services | 290,341 | 276,131 | 255,853 | ||||||||
Depreciation, depletion, amortization and accretion | 187,825 | 169,296 | 150,687 | ||||||||
General and administrative expenses | 155,606 | 142,850 | 130,954 | ||||||||
Reduction in the value of assets | 2,292 | ||||||||||
Income from operations | 290,077 | 247,945 | 237,572 | ||||||||
Income (loss) from continuing operations before income taxes | 290,077 | 247,945 | 237,572 | ||||||||
Identifiable Assets | 1,304,110 | 1,245,501 | 1,304,110 | 1,245,501 | 1,086,804 | ||||||
Capital Expenditures | 254,500 | 269,152 | 246,389 | ||||||||
Onshore Completion Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,727,904 | 1,596,704 | 1,593,977 | ||||||||
Cost of goods and services | 1,201,497 | 1,083,494 | 1,039,732 | ||||||||
Depreciation, depletion, amortization and accretion | 233,479 | 215,506 | 171,853 | ||||||||
General and administrative expenses | 159,325 | 156,405 | 185,548 | ||||||||
Reduction in the value of assets | 16,975 | ||||||||||
Income from operations | 133,603 | 124,324 | 196,844 | ||||||||
Income (loss) from continuing operations before income taxes | 133,603 | 124,324 | 196,844 | ||||||||
Identifiable Assets | 3,010,295 | 2,973,916 | 3,010,295 | 2,973,916 | 3,223,984 | ||||||
Capital Expenditures | 160,888 | 99,517 | 308,317 | ||||||||
Production Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,356,057 | 1,445,555 | 1,510,990 | ||||||||
Cost of goods and services | 945,201 | 1,011,933 | 929,552 | ||||||||
Depreciation, depletion, amortization and accretion | 165,144 | 178,442 | 135,910 | ||||||||
General and administrative expenses | 190,172 | 190,931 | 210,411 | ||||||||
Reduction in the value of assets | 28,568 | ||||||||||
Income from operations | 55,540 | 35,681 | 235,117 | ||||||||
Income (loss) from continuing operations before income taxes | 55,540 | 35,681 | 235,117 | ||||||||
Identifiable Assets | 2,116,171 | 2,176,785 | 2,116,171 | 2,176,785 | 2,185,779 | ||||||
Capital Expenditures | 95,796 | 107,412 | 334,670 | ||||||||
Technical Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 548,812 | 469,284 | 413,243 | ||||||||
Cost of goods and services | 297,794 | 262,032 | 244,283 | ||||||||
Depreciation, depletion, amortization and accretion | 64,366 | 41,197 | 29,611 | ||||||||
General and administrative expenses | 119,268 | 107,592 | 98,509 | ||||||||
Reduction in the value of assets | 252,243 | ||||||||||
Income from operations | 67,384 | -193,780 | 40,840 | ||||||||
Interest expense, net | 1,577 | 1,323 | 849 | ||||||||
Other Expense | 836 | -212 | |||||||||
Income (loss) from continuing operations before income taxes | 68,961 | -191,621 | 41,477 | ||||||||
Identifiable Assets | 946,813 | 1,015,105 | 946,813 | 1,015,105 | 1,295,134 | ||||||
Capital Expenditures | 95,037 | 144,388 | 279,729 | ||||||||
Unallocated [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest expense, net | -98,311 | -109,225 | -117,328 | ||||||||
Other Expense | -7,681 | -5,463 | -2,105 | ||||||||
Gain loss from Equity method investment | 17,880 | ||||||||||
Gains (Losses) on Extinguishment of Debt | -884 | -2,294 | |||||||||
Income (loss) from continuing operations before income taxes | -105,992 | -115,572 | -103,847 | ||||||||
Identifiable Assets | $11,185 |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Identifiable Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | |||
Assets | $7,377,389 | $7,411,307 | $7,802,886 |
Drilling Products And Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,304,110 | 1,245,501 | 1,086,804 |
Onshore Completion Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,010,295 | 2,973,916 | 3,223,984 |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,116,171 | 2,176,785 | 2,185,779 |
Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 946,813 | 1,015,105 | 1,295,134 |
Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $11,185 |
Segment_Information_Schedule_O2
Segment Information (Schedule Of Revenues By Geographic Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Total, Revenues | $1,178,626 | $1,209,026 | $1,107,552 | $1,061,418 | $1,075,644 | $1,096,412 | $1,091,129 | $1,086,872 | $4,556,622 | $4,350,057 | $4,293,276 |
Property, plant and equipment, net | 2,733,839 | 3,002,194 | 2,733,839 | 3,002,194 | |||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,848,929 | 3,674,825 | 3,680,817 | ||||||||
Long-lived assets | 2,416,306 | 2,476,792 | 2,416,306 | 2,476,792 | |||||||
Other Countries Member | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 707,693 | 675,232 | 612,459 | ||||||||
Long-lived assets | $317,533 | $525,402 | $317,533 | $525,402 |
Recovered_Sheet12
Segment Information (Schedule of Capital Expenditures, by Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $606,221 | $620,469 | $1,169,105 |
Drilling Products And Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 254,500 | 269,152 | 246,389 |
Onshore Completion Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 160,888 | 99,517 | 308,317 |
Production Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 95,796 | 107,412 | 334,670 |
Technical Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $95,037 | $144,388 | $279,729 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies (Textual) [Abstract] | |||
Rent expense | $26.20 | $25.60 | $23.10 |
2015 | 64.7 | ||
2016 | 42.4 | ||
2017 | 30.3 | ||
2018 | 23.8 | ||
2019 | 13.8 | ||
Thereafter | $28.70 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of shares comprising Available for Sale Securities | 1.4 | |
Interest rate swap agreement for notional amount | $300,000,000 | |
Fair value of debt | 1,789,000,000 | 1,624,300,000 |
Impairment of long lived assets | 243,781,000 | |
Goodwill, Impairment Loss | 91,016,000 | |
Impairment of Long-Lived Assets Held-for-use | 243,781,000 | |
Impairment of Intangible Assets, Finite-lived | 18,296,000 | |
Discontinued Operations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of long lived assets | 98,300,000 | |
Impairment of Long-Lived Assets Held-for-use | 98,300,000 | |
Impairment of Intangible Assets, Finite-lived | $15,300,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $8,817 | |
Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 2,291 | |
Intangible and other long-term assets | 12,982 | 13,731 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 4,183 | 337 |
Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | 14,720 | 14,986 |
Accounts payable | 1,944 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 8,817 | |
Level 1 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
Intangible and other long-term assets | 1,481 | 2,330 |
Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | ||
Level 1 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | ||
Accounts payable | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | ||
Level 2 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | 2,291 | |
Intangible and other long-term assets | 11,501 | 11,401 |
Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | 4,183 | 337 |
Level 2 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | 14,720 | 14,986 |
Accounts payable | 1,944 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | ||
Level 3 [Member] | Non-Qualified Deferred Compensation Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accounts payable | ||
Intangible and other long-term assets | ||
Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Intangible and other long-term assets | ||
Level 3 [Member] | Non Qualified Deferred Compensation Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other long-term liabilities | ||
Accounts payable |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements Used in Testing) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | $4,355 |
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | 328,876 |
Goodwill, Impairment Loss | 91,016 |
Impairment of Intangible Assets, Finite-lived | 18,296 |
Impairment of Long-Lived Assets Held-for-use | 243,781 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Finite Lived Intangible Assets Fair Value Used In Testing for Impairment | 4,355 |
Property, Plant and Equipment Fair Value Measurment Used in Testing Impairment of Long-Lived Assets | $328,876 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Financial Instruments [Abstract] | |||
Derivative asset | $4,200,000 | $300,000 | |
Interest income (expense) related to the ineffectiveness associated with the fair value hedge | -3,800,000 | 800,000 | 1,300,000 |
Interest rate swap agreement for notional amount | $300,000,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Location And Effect Of The Derivative Instrument On The Statements Of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | ($3,846) | $776 | ($1,286) |
Hedged Item Debt [Member] | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | 7,208 | -12,303 | 2,346 |
Interest Rate Swap [Member] | |||
Derivative Instruments, (Gain) Loss [Line Items] | |||
Amount of (gain) loss recognized | ($11,054) | $13,079 | ($3,632) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Purchase of services | $221.10 | $164.80 | $240.30 |
Trade Accounts Payable | 26.8 | 14.6 | |
Ortowski Construction [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 0.7 | 4.1 | |
Trade Accounts Payable | 0 | ||
ORTEQ Energy Services [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 92.1 | 52.8 | 111.6 |
Trade Accounts Payable | 10.1 | 7.8 | |
Resource Transport [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 21.6 | 14 | 12.1 |
Trade Accounts Payable | 1.7 | 0.9 | |
Texas Specialty Sands [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 79.3 | 69.1 | 91.9 |
Trade Accounts Payable | 14 | 2 | |
ProFuel LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 25.5 | 26.9 | 18.9 |
Trade Accounts Payable | 1 | 2.6 | |
TIMBER CREEK REAL ESTATE PARTNERS [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of services | 1.9 | 2 | 1.7 |
Trade Accounts Payable | 1.3 | ||
LINNENERGY[MEMBER] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 19.7 | 26.9 | 21.1 |
Accounts Receivable, Related Parties, Current | $1.60 | $2.90 |
Interim_Financial_Information_2
Interim Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $1,178,626 | $1,209,026 | $1,107,552 | $1,061,418 | $1,075,644 | $1,096,412 | $1,091,129 | $1,086,872 | $4,556,622 | $4,350,057 | $4,293,276 |
Costs and Expenses [Abstract] | |||||||||||
Cost of services and rentals | 711,243 | 721,692 | 650,293 | 651,605 | 663,660 | 671,632 | 646,704 | 651,594 | 2,734,833 | 2,633,590 | 2,469,420 |
Depreciation, depletion, amortization and accretion | 157,377 | 170,154 | 160,965 | 162,318 | 158,009 | 152,028 | 149,440 | 144,964 | 650,814 | 604,441 | 488,061 |
Gross Profit | 310,006 | 317,180 | 296,294 | 247,495 | 253,975 | 272,752 | 294,985 | 290,314 | |||
Reduction in value of assets | 300,078 | 300,078 | |||||||||
Net income from continuing operations | 73,364 | 85,743 | 79,057 | 42,626 | -176,681 | 67,469 | 74,079 | 80,618 | |||
Loss from discontinued operations, net of tax | -7,238 | -5,886 | -3,895 | -5,954 | -136,858 | 2,366 | -5,520 | -16,891 | -22,973 | -156,903 | -17,982 |
Net Income (Loss) | $66,126 | $79,857 | $75,162 | $36,672 | ($313,539) | $69,835 | $68,559 | $63,727 | $257,817 | ($111,418) | $365,935 |
Earnings Per Share [Abstract] | |||||||||||
Continuing operations, basic | $0.49 | $0.55 | $0.51 | $0.27 | ($1.11) | $0.42 | $0.46 | $0.51 | $1.81 | $0.29 | $2.57 |
Continuing operations, diluted | $0.48 | $0.55 | $0.50 | $0.27 | ($1.11) | $0.42 | $0.46 | $0.51 | $1.79 | $0.28 | $2.54 |
Discontinued operations, basic | ($0.05) | ($0.03) | ($0.03) | ($0.04) | ($0.86) | $0.02 | ($0.03) | ($0.11) | ($0.15) | ($0.99) | ($0.12) |
Discontinued operations, diluted | ($0.05) | ($0.04) | ($0.03) | ($0.04) | ($0.86) | $0.01 | ($0.03) | ($0.11) | ($0.14) | ($0.97) | ($0.12) |
Accelerated_Share_Repurchases_
Accelerated Share Repurchases (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 |
Accelerated Share Repurchase Program [Abstract] | ||
Stock Repurchased During Period, Value | $75 | |
Stock Repurchased and Retired During Period, Shares | 2,532,540 |
Supplementary_Oil_And_Natural_2
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ||||||
Average sales prices | 92.86 | 4.95 | 3.98 | 101.85 | 100.7 | 2.45 |
Average production costs | 7.29 | 7.29 | 10.7 | 10.7 | 10.71 | 10.71 |
Percentage of annual discount rate for future cash flows | 10.00% | 10.00% | ||||
Supplementary Oil and Natural Gas Disclosures (Textual) [Abstract] | ||||||
Twelve month average price on the basis of which oil price is estimated | 94.99 | 94.99 | 93.42 | 93.42 | 91.21 | 91.21 |
Twelve month average price on the basis of which gas price is estimated | 4,350,000 | 4,350,000 | 3.67 | 3.67 | 2.757 | 2.757 |
Supplementary_Oil_And_Natural_3
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Schedule Of Proved Developed And Undeveloped Oil And Gas Reserves) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
MBbls | MBbls | MBbls | |
Oil [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Beginning balance | 4,593,000 | 8,207,000 | 6,430,000 |
Revisions | -438,000 | -3,203,000 | 2,234,000 |
Production | -738,000 | -411,000 | -457,000 |
Ending balance | 3,417,000 | 4,593,000 | 8,207,000 |
Proved-developed reserves: | |||
Proved Developed Reserves (Volume) | 3,184,000 | 2,397,000 | 5,076,000 |
Proved-undeveloped reserves: | |||
Proved Undeveloped Reserve (Volume) | 233,000 | 2,196,000 | 3,131,000 |
Natural Gas [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Beginning balance | 6,952,000 | 11,284,000 | 6,268,000 |
Revisions | 1,431,000 | -4,036,000 | 5,357,000 |
Production | -1,247,000 | -296,000 | -341,000 |
Ending balance | 7,136,000 | 6,952,000 | 11,284,000 |
Proved-developed reserves: | |||
Proved Developed Reserves (Volume) | 6,945,000 | 2,100,000 | 5,085,000 |
Proved-undeveloped reserves: | |||
Proved Undeveloped Reserve (Volume) | 191,000 | 4,852,000 | 6,199,000 |
Supplementary_Oil_And_Natural_4
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Cost Incurred In Oil And Gas Property Acquisition, Exploration, And Development Activities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Abstract] | |||
Development costs | $52,719 | $51,527 | $34,685 |
Total costs incurred | $52,719 | $51,527 | $34,685 |
Supplementary_Oil_And_Natural_5
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Capitalized Costs Relating To Oil And Gas Producing Activities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Capitalized Costs, Oil and Gas Producing Activities, Net [Abstract] | ||
Proved oil and gas properties | $189,294 | $136,350 |
Accumulated depreciation, depletion and amortization | -55,864 | -21,158 |
Capitalized costs, net | $133,430 | $115,192 |
Supplementary_Oil_And_Natural_6
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Schedule Of Ownership In Productive Oil And Natural Gas Wells) (Details) | Dec. 31, 2014 |
item | |
Company's ownership of productive oil and natural gas wells | |
Oil, gross | 10 |
Oil, net | 5.1 |
Supplementary_Oil_And_Natural_7
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Schedule Of Gas And Oil Acreage) (Details) | Dec. 31, 2014 |
acre | |
Information relating to acreage held by the Company | |
Developed, gross acreage | 23,040 |
Undeveloped, gross acreage | 0 |
Total developed and undeveloped gross acreage | 23,040 |
Developed, net acreage | 11,750 |
Undeveloped, net acreage | 0 |
Total developed and undeveloped net Acreage | 11,750 |
Supplementary_Oil_And_Natural_8
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Schedule Of Drilling Activity) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
item | item | |
Exploratory Wells Drilled | ||
Exploratory wells productive, gross | 0 | 0 |
Exploratory wells non-productive, gross | 0 | 0 |
Exploratory wells productive and non-productive, gross | 0 | 0 |
Exploratory wells productive, net | 0 | 0 |
Exploratory wells non-productive, net | 0 | 0 |
Exploratory wells productive and non-productive, net | 0 | |
Development Wells Drilled | ||
Total Development Wells Net | 1.53 | 1.53 |
Non-Productive Development Wells Net | 0.51 | 0.51 |
Productive Development Wells Net | 1.02 | 1.02 |
Total Development Wells Gross | 3 | 3 |
Non-Productive Development Wells Gross | 1 | 1 |
Productive Development Wells Gross | 2 | 2 |
Supplementary_Oil_And_Natural_9
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Results Of Operations For Oil And Gas Producing Activities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Sales | $77,845 | $47,050 | $57,757 |
Production costs | 13,529 | 9,876 | 12,332 |
Depreciation, depletion and amortization | 38,768 | 12,032 | 9,818 |
Income before income taxes | 25,548 | 25,142 | 35,607 |
Income tax expenses | 9,325 | 8,800 | 13,175 |
Results of operations from producing activities (excluding corporate overhead) | $16,223 | $16,342 | $22,432 |
Recovered_Sheet13
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Standardized Measure [Abstract] | |||
Future cash inflows | $336,944 | $496,704 | $891,215 |
Future production costs | -71,209 | -82,487 | -141,980 |
Future development and abandonment costs | -111,374 | -156,340 | -91,632 |
Future income tax expenses | -60,345 | -89,507 | -229,808 |
Future net cash flows | 94,016 | 168,370 | 427,795 |
10% annual discount for estimated timing of cash flows | -17,034 | 10,641 | 124,365 |
Standardized measure of discounted future net cash flows | $111,050 | $157,729 | $303,430 |
Recovered_Sheet14
Supplementary Oil And Natural Gas Disclosures (Unaudited) (Summary Of Changes In Standardized Measure Of Discounted Future Net Cash Flows Applicable To Proved Oil And Natural Gas Reserves) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | |||
Beginning of the period | $157,729 | $303,430 | $237,749 |
Net change in sales and transfer prices and in production (lifting) costs related to future production | -57,568 | -13,278 | -17,734 |
Changes in estimated future development costs | -5,512 | -48,594 | -5,569 |
Sales and transfers of oil and gas produced during the period | -64,316 | -45,866 | -45,425 |
Net change due to extensions, discoveries, and improved recovery | 75,304 | 206,313 | |
Net changes due to revisions in quantity estimates | -8,396 | -228,620 | -63,192 |
Previously estimated development costs incurred during period | 40,962 | 10,136 | 4,748 |
Accretion of discount | 24,251 | 46,711 | 37,252 |
Other-unspecified | 4,125 | -24,169 | -21,799 |
Net change in income taxes | 19,775 | 82,675 | -28,913 |
Aggregate change in the standardized measure of discounted future net cash flows for the year | -46,679 | -145,701 | 65,681 |
End of the period | $111,050 | $157,729 | $303,430 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance, Beginning Balance | $31,030 | $28,715 | $17,484 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 6,299 | 7,587 | 11,038 |
Valuation Allowances and Reserves, Deductions | 10,639 | 7,763 | 2,308 |
Valuation Allowances and Reserves, Reclassifications to Assets Held for Sale | 4,614 | -2,491 | -2,501 |
Valuation Allowances and Reserves, Balance, Ending Balance | $22,076 | $31,030 | $28,715 |