XML 35 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:    
Net income $ 9,125us-gaap_ProfitLoss $ 34,822us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion, amortization and impairment 175,382pten_DepreciationDepletionAmortizationAndImpairment 147,322pten_DepreciationDepletionAmortizationAndImpairment
Tax expense on stock based compensation (34)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities  
Dry holes and abandonments 46us-gaap_ExplorationAbandonmentAndImpairmentExpense 283us-gaap_ExplorationAbandonmentAndImpairmentExpense
Deferred income tax (benefit) expense (23,800)us-gaap_DeferredIncomeTaxExpenseBenefit (9,993)us-gaap_DeferredIncomeTaxExpenseBenefit
Stock-based compensation expense 6,855us-gaap_ShareBasedCompensation 6,711us-gaap_ShareBasedCompensation
Net gain on asset disposals (2,916)us-gaap_GainLossOnSaleOfPropertyPlantEquipment [1] (1,744)us-gaap_GainLossOnSaleOfPropertyPlantEquipment [1]
Changes in operating assets and liabilities:    
Accounts receivable 176,672us-gaap_IncreaseDecreaseInAccountsReceivable (35,434)us-gaap_IncreaseDecreaseInAccountsReceivable
Income taxes receivable/payable 112,711us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable 14,180us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
Inventory and other assets 9,724us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets 2,513us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets
Accounts payable (65,196)us-gaap_IncreaseDecreaseInAccountsPayable 22,264us-gaap_IncreaseDecreaseInAccountsPayable
Accrued expenses 5,559us-gaap_IncreaseDecreaseInAccruedLiabilities (1,648)us-gaap_IncreaseDecreaseInAccruedLiabilities
Other liabilities 857us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 221us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash provided by operating activities 404,985us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 179,497us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:    
Purchases of property and equipment (241,466)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (170,372)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from disposal of assets 5,827us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 6,590us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Net cash used in investing activities (235,639)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (163,782)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:    
Purchases of treasury stock    (43)us-gaap_PaymentsForRepurchaseOfCommonStock
Dividends paid (14,640)us-gaap_PaymentsOfDividends (14,456)us-gaap_PaymentsOfDividends
Tax benefit related to stock-based compensation    1,961us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Debt issuance costs (1,940)us-gaap_PaymentsOfDebtIssuanceCosts  
Proceeds from long-term debt 200,000us-gaap_ProceedsFromIssuanceOfLongTermDebt  
Repayment of long-term debt (2,500)us-gaap_RepaymentsOfLongTermDebt (2,500)us-gaap_RepaymentsOfLongTermDebt
Proceeds from borrowings under revolving credit facility 54,000us-gaap_ProceedsFromLongTermLinesOfCredit  
Repayment of borrowings under revolving credit facility (357,000)us-gaap_RepaymentsOfLongTermLinesOfCredit  
Proceeds from exercise of stock options    8,033us-gaap_ProceedsFromStockOptionsExercised
Net cash provided by (used in) financing activities (122,080)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (7,005)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of foreign exchange rate changes on cash (3,361)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (473)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net increase in cash and cash equivalents 43,905us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 8,237us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 43,012us-gaap_CashAndCashEquivalentsAtCarryingValue 249,509us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 86,917us-gaap_CashAndCashEquivalentsAtCarryingValue 257,746us-gaap_CashAndCashEquivalentsAtCarryingValue
Net cash (paid) received during the period for:    
Interest, net of capitalized interest of $1,592 in 2015 and $1,667 in 2014 (783)us-gaap_InterestPaidNet  
Income taxes 83,135us-gaap_IncomeTaxesPaidNet (10,001)us-gaap_IncomeTaxesPaidNet
Non-cash investing and financing activities:    
Net (decrease) increase in payables for purchases of property and equipment (884)pten_IncreaseDecreaseInPayablesRelatedToPurchasesOfPropertyAndEquipment 68,802pten_IncreaseDecreaseInPayablesRelatedToPurchasesOfPropertyAndEquipment
Net decrease (increase) in deposits on equipment purchases $ 32,220pten_NetDecreaseIncreaseInDepositsOnEquipmentPurchases $ (4,677)pten_NetDecreaseIncreaseInDepositsOnEquipmentPurchases
[1] Net gains or losses associated with the disposal of assets relate to corporate strategy decisions of the executive management group. Accordingly, the related gains or losses have been separately presented and excluded from the results of specific segments.