Parker Drilling Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017 and First Quarter of 2017
February 16, 2017 at 11:03 am
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Parker Drilling Co. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported revenues of $94,025,000 against $148,748,000 a year ago. Total operating loss was $30,190,000 against $20,718,000 a year ago. Loss before income taxes was $42,637,000 against $38,165,000 a year ago. Net loss was $48,929,000 or $0.39 per basic and diluted share against $35,646,000 or $0.29 per basic and diluted share a year ago. EBITDA was $1,601,000 against $10,943,000 a year ago. Adjusted EBITDA was $5,240,000 against $28,578,000 a year ago. Adjusted net loss attributable to controlling interest was $41,281,000 or $0.33 per diluted share against $23,324,000 or $0.19 per diluted share a year ago. Capital spending in the fourth quarter was $8 million. Net debt position was $457 million or 57% of net capitalization.
For the year, the company reported revenues of $427,004,000 against $712,183,000 a year ago. Total operating loss was $111,257,000 against $17,338,000 a year ago. Los before income taxes was $156,644,000 against $71,971,000 a year ago. Net loss was $230,814,000 or $1.86 per basic and diluted share against $94,284,000 or $0.78 per diluted share a year ago. Full year capital expenditures came in at $29 million.
For the year 2017, company expects capital expenditures are to range between $40 million and $50 million. Effective tax rate to range between negative 5% and negative 15%. This is largely the result of noncash valuation allowances that restrict company ability to recognize benefits associated with certain losses
For the first quarter, company expects capital spending to be between $15 million and $20 million.
Parker Drilling Company provides drilling services and rental tools to the energy industry. The Companyâs business lines include rental tools services and drilling services. Its rental tools services operate through two segments: United States rental tools and International rental tools. Its drilling services operate through two segments: United States (lower 48) drilling and International & Alaska drilling segments. The Company's drilling services business serves operators using parker-owned and customer-owned rig fleets in select United States and international markets, specialized in remote and harsh environment regions. The Company's rental tools services business supplies equipment and well services to operators on land and offshore in the United States and international markets. The Company also provides well construction services such as tubular running services and downhole tool rentals, and well intervention services such as whipstocks, fishing, and related services.
Parker Drilling Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017 and First Quarter of 2017