Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 05, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PTEN | ||
Entity Registrant Name | PATTERSON UTI ENERGY INC | ||
Entity Central Index Key | 889900 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 146,458,290 | ||
Entity Public Float | $5 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $43,012 | $249,509 |
Accounts receivable, net of allowance for doubtful accounts of $3,546 and $3,674 at December 31, 2014 and 2013, respectively | 663,404 | 451,517 |
Federal and state income taxes receivable | 81,726 | |
Inventory | 32,251 | 21,248 |
Deferred tax assets, net | 37,075 | 32,952 |
Other | 51,624 | 53,424 |
Total current assets | 909,092 | 808,650 |
Property and equipment, net | 4,131,071 | 3,635,541 |
Goodwill and intangible assets | 220,813 | 167,470 |
Deposits on equipment purchases | 112,379 | 52,560 |
Other | 20,656 | 22,906 |
Total assets | 5,394,011 | 4,687,127 |
Current liabilities: | ||
Accounts payable | 382,438 | 173,150 |
Federal and state income taxes payable | 10,670 | |
Accrued expenses | 173,466 | 160,457 |
Current portion of long-term debt | 12,500 | 10,000 |
Total current liabilities | 568,404 | 354,277 |
Borrowings under revolving credit facility | 303,000 | |
Other long-term debt | 670,000 | 682,500 |
Deferred tax liabilities, net | 935,660 | 887,864 |
Other | 11,137 | 6,489 |
Total liabilities | 2,488,201 | 1,931,130 |
Commitments and contingencies (see Note 8) | ||
Stockholders’ equity: | ||
Preferred stock, par value $.01; authorized 1,000,000 shares, no shares issued | ||
Common stock, par value $.01; authorized 300,000,000 shares with 189,262,876 and 186,487,246 issued and 146,444,291 and 144,219,189 outstanding at December 31, 2014 and 2013, respectively | 1,893 | 1,865 |
Additional paid-in capital | 984,674 | 913,505 |
Retained earnings | 2,811,815 | 2,707,439 |
Accumulated other comprehensive income | 6,463 | 14,076 |
Treasury stock, at cost, 42,818,585 shares and 42,268,057 shares at December 31, 2014 and 2013, respectively | -899,035 | -880,888 |
Total stockholders’ equity | 2,905,810 | 2,755,997 |
Total liabilities and stockholders’ equity | $5,394,011 | $4,687,127 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $3,546 | $3,674 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 189,262,876 | 186,487,246 |
Common stock, outstanding | 146,444,291 | 144,219,189 |
Treasury stock, shares | 42,818,585 | 42,268,057 |
CONSOLIDATED_STATEMENTS_OF_OPE
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 | |||
Operating revenues: | ||||||
Total operating revenues | $3,182,291 | $2,716,034 | $2,723,414 | |||
Operating costs and expenses: | ||||||
Contract drilling | 1,066,659 | 968,754 | 1,075,491 | |||
Pressure pumping | 1,036,310 | 744,243 | 580,878 | |||
Oil and natural gas | 13,102 | 12,909 | 11,303 | |||
Depreciation, depletion, amortization and impairment | 718,730 | 597,469 | 526,614 | |||
Selling, general and administrative | 80,145 | 73,852 | 64,473 | |||
Net gain on asset disposals | -15,781 | [1] | -3,384 | [1] | -33,806 | [1] |
Provision for bad debts | 0 | 0 | 1,100 | |||
Total operating costs and expenses | 2,899,165 | 2,393,843 | 2,226,053 | |||
Operating income | 283,126 | 322,191 | 497,361 | |||
Other income (expense): | ||||||
Interest income | 979 | 918 | 554 | |||
Interest expense, net of amount capitalized | -29,825 | -28,359 | -22,750 | |||
Other | 3 | 1,691 | 508 | |||
Total other expense | -28,843 | -25,750 | -21,688 | |||
Income before income taxes | 254,283 | 296,441 | 475,673 | |||
Income tax expense: | ||||||
Current | 47,946 | 57,863 | 15,760 | |||
Deferred | 43,673 | 50,569 | 160,436 | |||
Total income tax expense | 91,619 | 108,432 | 176,196 | |||
Net income | 162,664 | 188,009 | 299,477 | |||
Net income per common share: | ||||||
Basic | $1.12 | $1.29 | $1.96 | |||
Diluted | $1.11 | $1.28 | $1.96 | |||
Weighted average number of common shares outstanding: | ||||||
Basic | 144,066 | 144,356 | 151,144 | |||
Diluted | 145,376 | 145,303 | 151,699 | |||
Cash dividends per common share | $0.40 | $0.20 | $0.20 | |||
Contract Drilling | ||||||
Operating revenues: | ||||||
Oil and gas services | 1,838,830 | 1,679,611 | 1,821,713 | |||
Pressure Pumping | ||||||
Operating revenues: | ||||||
Oil and gas services | 1,293,265 | 979,166 | 841,771 | |||
Oil And Natural Gas | ||||||
Operating revenues: | ||||||
Oil and natural gas | $50,196 | $57,257 | $59,930 | |||
[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. |
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 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $162,664 | $188,009 | $299,477 |
Other comprehensive income, net of taxes of $0 for 2014, $0 for 2013 and $0 for 2012: | |||
Foreign currency translation adjustment | -7,613 | -7,691 | 2,308 |
Total comprehensive income | $155,051 | $180,318 | $301,785 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Other comprehensive income (loss), taxes | $0 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2011 | $2,516,631 | $1,833 | $840,731 | $2,279,367 | $19,459 | ($624,759) |
Beginning Balance (in shares) at Dec. 31, 2011 | 183,295,000 | |||||
Net income | 299,477 | 299,477 | ||||
Foreign currency translation adjustment | 2,308 | 2,308 | ||||
Issuance of restricted stock (in shares) | 792,000 | |||||
Issuance of restricted stock | 8 | -8 | ||||
Vesting of restricted stock units (in shares) | 8,000 | |||||
Forfeitures of restricted stock (in shares) | -99,000 | |||||
Forfeitures of restricted stock | -1 | 1 | ||||
Exercise of stock options (in shares) | 64,000 | |||||
Exercise of stock options | 934 | 1 | 933 | |||
Stock-based compensation | 23,185 | 23,185 | ||||
Tax benefit (expense) related to stock-based compensation | -1,284 | -1,284 | ||||
Payment of cash dividends | -30,302 | -30,302 | ||||
Purchase of treasury stock | -170,292 | -170,292 | ||||
Ending Balance at Dec. 31, 2012 | 2,640,657 | 1,841 | 863,558 | 2,548,542 | 21,767 | -795,051 |
Ending Balance (in shares) at Dec. 31, 2012 | 184,060,000 | |||||
Net income | 188,009 | 188,009 | ||||
Foreign currency translation adjustment | -7,691 | -7,691 | ||||
Issuance of restricted stock (in shares) | 1,312,000 | |||||
Issuance of restricted stock | 13 | -13 | ||||
Vesting of restricted stock units (in shares) | 9,000 | |||||
Forfeitures of restricted stock (in shares) | -84,000 | |||||
Forfeitures of restricted stock | -1 | 1 | ||||
Exercise of stock options (in shares) | 1,190,000 | |||||
Exercise of stock options | 19,286 | 12 | 19,274 | |||
Stock-based compensation | 25,891 | 25,891 | ||||
Tax benefit (expense) related to stock-based compensation | 4,794 | 4,794 | ||||
Payment of cash dividends | -29,112 | -29,112 | ||||
Purchase of treasury stock | -85,837 | -85,837 | ||||
Ending Balance at Dec. 31, 2013 | 2,755,997 | 1,865 | 913,505 | 2,707,439 | 14,076 | -880,888 |
Ending Balance (in shares) at Dec. 31, 2013 | 186,487,246 | 186,487,246 | ||||
Net income | 162,664 | 162,664 | ||||
Foreign currency translation adjustment | -7,613 | -7,613 | ||||
Issuance of restricted stock (in shares) | 1,102,000 | |||||
Issuance of restricted stock | 11 | -11 | ||||
Vesting of restricted stock units (in shares) | 10,000 | |||||
Vesting of restricted stock units | 1 | 1 | ||||
Forfeitures of restricted stock (in shares) | -61,000 | |||||
Forfeitures of restricted stock | -1 | 1 | ||||
Exercise of stock options (in shares) | 1,725,195 | 1,725,000 | ||||
Exercise of stock options | 35,435 | 17 | 35,418 | |||
Stock-based compensation | 27,032 | 27,032 | ||||
Tax benefit (expense) related to stock-based compensation | 8,729 | 8,729 | ||||
Payment of cash dividends | -58,288 | -58,288 | ||||
Purchase of treasury stock | -18,147 | -18,147 | ||||
Ending Balance at Dec. 31, 2014 | $2,905,810 | $1,893 | $984,674 | $2,811,815 | $6,463 | ($899,035) |
Ending Balance (in shares) at Dec. 31, 2014 | 189,262,876 | 189,262,876 |
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 | $162,664 | $188,009 | $299,477 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation, depletion, amortization and impairment | 718,730 | 597,469 | 526,614 | |||
Provision for bad debts | 0 | 0 | 1,100 | |||
Dry holes and abandonments | 550 | 89 | 308 | |||
Deferred income tax expense | 43,673 | 50,569 | 160,436 | |||
Stock-based compensation expense | 27,032 | 25,891 | 23,185 | |||
Net gain on asset disposals | -15,781 | [1] | -3,384 | [1] | -33,806 | [1] |
Tax expense related to stock-based compensation | -1,284 | |||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | -214,059 | 12,007 | 52,612 | |||
Income taxes receivable/payable | -92,352 | 4,447 | 3,506 | |||
Inventory and other assets | -5,737 | 570 | 5,276 | |||
Accounts payable | 86,621 | 11,331 | -25,199 | |||
Accrued expenses | 12,838 | 1,973 | -6,048 | |||
Other liabilities | 4,547 | -100 | -837 | |||
Net cash provided by operating activities | 728,726 | 888,871 | 1,005,340 | |||
Cash flows from investing activities: | ||||||
Acquisitions | -176,301 | |||||
Purchases of property and equipment | -1,052,341 | -662,461 | -973,988 | |||
Proceeds from disposal of assets | 33,233 | 10,386 | 66,027 | |||
Net cash used in investing activities | -1,195,409 | -652,075 | -907,961 | |||
Cash flows from financing activities: | ||||||
Purchases of treasury stock | -13,554 | -73,510 | -170,292 | |||
Dividends paid | -58,288 | -29,112 | -30,302 | |||
Tax benefit related to stock-based compensation | 8,729 | 4,794 | ||||
Proceeds from long-term debt | 400,000 | |||||
Repayment of long-term debt | -10,000 | -6,250 | -93,750 | |||
Proceeds from borrowings under revolving credit facility | 349,500 | 123,400 | ||||
Repayment of borrowings under revolving credit facility | -46,500 | -233,400 | ||||
Debt issuance costs | -7,581 | |||||
Proceeds from exercise of stock options | 30,842 | 6,959 | 934 | |||
Net cash provided by (used in) financing activities | 260,729 | -97,119 | -10,991 | |||
Effect of foreign exchange rate changes on cash | -543 | -891 | 389 | |||
Net increase (decrease) in cash and cash equivalents | -206,497 | 138,786 | 86,777 | |||
Cash and cash equivalents at beginning of year | 249,509 | 110,723 | 23,946 | |||
Cash and cash equivalents at end of year | 43,012 | 249,509 | 110,723 | |||
Net cash paid during the year for: | ||||||
Interest, net of capitalized interest of $6,883 in 2014, $7,775 in 2013 and $8,673 in 2012 | -27,813 | -26,228 | -16,651 | |||
Income taxes | -125,953 | -42,600 | -7,964 | |||
Non-cash investing and financing activities: | ||||||
Net increase (decrease) in payables for purchases of property and equipment | 122,148 | -26,899 | -27,838 | |||
Net (increase) decrease in deposits on equipment purchases | ($59,819) | ($8,784) | $55,767 | |||
[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. |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Cash Flows [Abstract] | |||
Interest expense, capitalized interest | $6,883 | $7,775 | $8,673 |
Description_of_Business_and_Su
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Description of Business and Summary of Significant Accounting Policies | 1. Description of Business and Summary of Significant Accounting Policies | ||||||||||||
A description of the business and basis of presentation follows: | |||||||||||||
Description of business — Patterson-UTI Energy, Inc., through its wholly-owned subsidiaries (collectively referred to herein as “Patterson-UTI” or the “Company”), provides onshore contract drilling services to major and independent oil and natural gas operators in the continental United States, and western and northern Canada. The Company provides pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian region. The Company also invests in oil and natural gas properties on a non-operating working interest basis. | |||||||||||||
Basis of presentation — The consolidated financial statements include the accounts of Patterson-UTI and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Except for wholly-owned subsidiaries, the Company has no controlling financial interests in any other entity which would require consolidation. | |||||||||||||
The U.S. dollar is the functional currency for all of the Company’s operations except for its Canadian operations, which use the Canadian dollar as its functional currency. The effects of exchange rate changes are reflected in accumulated other comprehensive income, which is a separate component of stockholders’ equity. | |||||||||||||
A summary of the significant accounting policies follows: | |||||||||||||
Management estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make 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 such estimates. | |||||||||||||
Revenue recognition — Revenues from daywork drilling and pressure pumping activities are recognized as services are performed. Expenditures reimbursed by customers are recognized as revenue and the related expenses are recognized as direct costs. All of the wells the Company drilled in 2014, 2013 and 2012 were drilled under daywork contracts. | |||||||||||||
Accounts receivable — Trade accounts receivable are recorded at the invoiced amount. The allowance for doubtful accounts represents the Company’s estimate of the amount of probable credit losses existing in the Company’s accounts receivable. The Company reviews the adequacy of its allowance for doubtful accounts at least quarterly. Significant individual accounts receivable balances and balances which have been outstanding greater than 90 days are reviewed individually for collectability. Account balances, when determined to be uncollectable, are charged against the allowance. | |||||||||||||
Inventories — Inventories consist primarily of sand and other products to be used in conjunction with the Company’s pressure pumping activities. The inventories are stated at the lower of cost or market, determined under the average cost method. | |||||||||||||
Property and equipment — Property and equipment is carried at cost less accumulated depreciation. Depreciation is provided on the straight-line method over the estimated useful lives. The method of depreciation does not change whenever equipment becomes idle. The estimated useful lives, in years, are shown below: | |||||||||||||
Useful Lives | |||||||||||||
Drilling rigs and other equipment | 1.25-15 | ||||||||||||
Buildings | 15-20 | ||||||||||||
Other | 12-Mar | ||||||||||||
Long-lived assets, including property and equipment, are evaluated for impairment when certain triggering events or changes in circumstances indicate that the carrying values may not be recoverable over their estimated remaining useful life. | |||||||||||||
Oil and natural gas properties — Working interests in oil and natural gas properties are accounted for using the successful efforts method of accounting. Under the successful efforts method of accounting, exploration costs which result in the discovery of oil and natural gas reserves and all development costs are capitalized to the appropriate well. Exploration costs which do not result in discovering oil and natural gas reserves are charged to expense when such determination is made. Costs of exploratory wells are initially capitalized to wells-in-progress until the outcome of the drilling is known. The Company reviews wells-in-progress quarterly to determine whether sufficient progress is being made in assessing the reserves and economic viability of the respective projects. If no progress has been made in assessing the reserves and economic viability of a project after one year following the completion of drilling, the Company considers the well costs to be impaired and recognizes the costs as expense. Geological and geophysical costs, including seismic costs, and costs to carry and retain undeveloped properties are charged to expense when incurred. The capitalized costs of both developmental and successful exploratory type wells, consisting of lease and well equipment and intangible development costs, are depreciated, depleted and amortized using the units-of-production method, based on engineering estimates of total proved developed oil and natural gas reserves for each respective field. Oil and natural gas leasehold acquisition costs are depreciated, depleted and amortized using the units-of-production method, based on engineering estimates of total proved oil and natural gas reserves for each respective field. | |||||||||||||
The Company reviews its proved oil and natural gas properties for impairment whenever a triggering event occurs, such as downward revisions in reserve estimates or decreases in expected future oil and natural gas prices. Proved properties are grouped by field and undiscounted cash flow estimates are prepared based on management’s expectation of future pricing over the lives of the respective fields. These cash flow estimates are reviewed by an independent petroleum engineer. If the net book value of a field exceeds its undiscounted cash flow estimate, impairment expense is measured and recognized as the difference between net book value and fair value. The fair value estimates used in measuring impairment are based on internally developed unobservable inputs including reserve volumes and future production, pricing and operating costs (level 3 inputs in the fair value hierarchy of fair value accounting). The expected future net cash flows are discounted using an annual rate of 10% to determine fair value. The Company reviews unproved oil and natural gas properties quarterly to assess potential impairment. The Company’s impairment assessment is made on a lease-by-lease basis and considers factors such as management’s intent to drill, lease terms and abandonment of an area. If an unproved property is determined to be impaired, the related property costs are expensed. | |||||||||||||
Goodwill — Goodwill is considered to have an indefinite useful economic life and is not amortized. The Company assesses impairment of its goodwill at least annually as of December 31, or on an interim basis if events or circumstances indicate that the fair value of goodwill may have decreased below its carrying value. | |||||||||||||
Maintenance and repairs — Maintenance and repairs are charged to expense when incurred. Renewals and betterments which extend the life or improve existing property and equipment are capitalized. | |||||||||||||
Disposals — Upon disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is reflected in the consolidated statement of operations. | |||||||||||||
Net income per common share — The Company provides a dual presentation of its net income per common share in its consolidated statements of operations: Basic net income per common share (“Basic EPS”) and diluted net income per common share (“Diluted EPS”). | |||||||||||||
Basic EPS excludes dilution and is computed by first allocating earnings between common stockholders and holders of non-vested shares of restricted stock. Basic EPS is then determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period, excluding non-vested shares of restricted stock. | |||||||||||||
Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options, non-vested shares of restricted stock and restricted stock units. The dilutive effect of stock options and restricted stock units is determined using the treasury stock method. The dilutive effect of non-vested shares of restricted stock is based on the more dilutive of the treasury stock method or the two-class method, assuming a reallocation of undistributed earnings to common stockholders after considering the dilutive effect of potential common shares other than non-vested shares of restricted stock. | |||||||||||||
The following table presents information necessary to calculate income from continuing operations per share and net income per share for the years ended December 31, 2014, 2013 and 2012, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
BASIC EPS: | |||||||||||||
Net income | $ | 162,664 | $ | 188,009 | $ | 299,477 | |||||||
Adjust for income attributed to holders of non-vested restricted stock | (1,663 | ) | (1,859 | ) | (2,532 | ) | |||||||
Income attributed to common stockholders | $ | 161,001 | $ | 186,150 | $ | 296,945 | |||||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 144,066 | 144,356 | 151,144 | ||||||||||
Basic net income per common share | $ | 1.12 | $ | 1.29 | $ | 1.96 | |||||||
DILUTED EPS: | |||||||||||||
Income attributed to common stockholders | $ | 161,001 | $ | 186,150 | $ | 296,945 | |||||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 144,066 | 144,356 | 151,144 | ||||||||||
Add dilutive effect of potential common shares | 1,310 | 947 | 555 | ||||||||||
Weighted average number of diluted common shares outstanding | 145,376 | 145,303 | 151,699 | ||||||||||
Diluted income per common share | $ | 1.11 | $ | 1.28 | $ | 1.96 | |||||||
Potentially dilutive securities excluded as anti-dilutive | 1,088 | 2,447 | 5,416 | ||||||||||
Income taxes — The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. If applicable, a valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. The Company’s policy is to account for interest and penalties with respect to income taxes as operating expenses. | |||||||||||||
Stock-based compensation — The Company recognizes the cost of share-based payments under the fair-value-based method. Under this method, compensation cost related to share-based payments is measured based on the estimated fair value of the awards at the date of grant, net of estimated forfeitures. This expense is recognized over the expected life of the awards (See Note 10). | |||||||||||||
Statement of cash flows — For purposes of reporting cash flows, cash and cash equivalents include cash on deposit and money market funds. | |||||||||||||
Recently Issued Accounting Standards — In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update to provide guidance on the recognition of revenue from customers. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty, if any, of revenue and cash flows arising from contracts with customers. The requirements in this update are effective during interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. | |||||||||||||
In June 2014, the FASB issued an accounting standards update to provide guidance on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a | |||||||||||||
performance condition. The requirements in this update are effective during interim and annual periods beginning after December 15, 2015. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | 2. Acquisitions | ||||||||
During 2014, the Company completed two pressure pumping acquisitions. In June 2014, a subsidiary of the Company acquired the East Texas-based pressure pumping assets of a privately held company. This acquisition included 31,500 horsepower of hydraulic fracturing equipment. In October 2014, a subsidiary of the Company completed the acquisition of the Texas-based pressure pumping assets of a privately held company. This acquisition included 148,250 horsepower of hydraulic fracturing equipment. | |||||||||
In total, the Company paid $176 million in cash for these two acquisitions plus the assumption of property leases and other contractual obligations. The purchase price was allocated to the assets acquired based on fair value. A summary of the purchase price allocation follows (in thousands): | |||||||||
Inventory | $ | 1,357 | |||||||
Equipment | 117,958 | ||||||||
Goodwill | 56,986 | ||||||||
Total purchase price | $ | 176,301 | |||||||
Results of operations of the acquired businesses are included in the Company’s consolidated results of operations from their respective dates of acquisition. Revenues of $80.8 million and income from operations of $13.7 million from the acquired businesses are included in the consolidated statement of operations for the year ended December 31, 2014. | |||||||||
The following represents pro-forma unaudited financial information for the years ended December 31, 2014 and 2013 as if the acquisitions had been completed on January 1, 2013 (in thousands, except per share amounts): | |||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Revenue | $ | 3,302,492 | $ | 2,854,867 | |||||
Net income | $ | 169,831 | $ | 196,600 | |||||
Basic net income per common share | $ | 1.17 | $ | 1.35 | |||||
Diluted net income per common share | $ | 1.16 | $ | 1.34 | |||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||
Property and Equipment | 3. Property and Equipment | ||||||||||||
Property and equipment consisted of the following at December 31, 2014 and 2013 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Equipment | $ | 6,679,894 | $ | 5,749,975 | |||||||||
Oil and natural gas properties | 196,234 | 183,571 | |||||||||||
Buildings | 83,465 | 80,050 | |||||||||||
Land | 12,038 | 12,054 | |||||||||||
6,971,631 | 6,025,650 | ||||||||||||
Less accumulated depreciation, depletion and impairment | (2,840,560 | ) | (2,390,109 | ) | |||||||||
Property and equipment, net | $ | 4,131,071 | $ | 3,635,541 | |||||||||
Depreciation, depletion, amortization and impairment — The following table summarizes depreciation, depletion, amortization and impairment expense related to property and equipment and intangible assets for 2014, 2013 and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and impairment expense | $ | 693,390 | $ | 573,106 | $ | 502,953 | |||||||
Amortization expense | 3,643 | 3,993 | 4,110 | ||||||||||
Depletion expense | 21,697 | 20,370 | 19,551 | ||||||||||
Total | $ | 718,730 | $ | 597,469 | $ | 526,614 | |||||||
The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable (a “triggering event”). In light of the significant decline in oil and natural gas commodity prices beginning in the fourth quarter of 2014 and continuing into 2015, management deemed it necessary to assess the recoverability of long-lived assets within its contract drilling and pressure pumping segments. With respect to the long-lived assets in the Company’s oil and natural gas exploration and production segment, the Company assesses the recoverability of long-lived assets at the end of each quarter due to revisions in its oil and natural gas reserve estimates and expectations about future commodity prices. | |||||||||||||
Long-lived assets are evaluated for impairment at the lowest level for which identifiable cash flows can be separated from other long-lived assets. The Company performs the first step of its impairment assessments by comparing the undiscounted cash flows for each long-lived asset or asset group to its respective carrying value. In 2014, the Company’s analysis indicated that the carrying amounts of long-lived assets in the contract drilling and pressure pumping segments were recoverable. The Company’s analysis indicated that the carrying amounts of certain oil and natural gas properties were not recoverable at various testing dates in 2014, 2013 and 2012. The Company’s estimates of expected future net cash flows from impaired properties are used in measuring the fair value of such properties. The Company recorded impairment charges of $20.9 million, $4.0 million and $1.9 million in 2014, 2013 and 2012, respectively, related to its oil and natural gas properties. | |||||||||||||
On a periodic basis, the Company evaluates its fleet of drilling rigs for marketability based on the condition of inactive rigs, expenditures that would be necessary to bring them to working condition and the expected demand for drilling services by rig type (such as drilling conventional vertical wells versus drilling longer horizontal wells using high capacity rigs). The components comprising rigs that will no longer be marketed are evaluated, and those components with continuing utility to the Company’s other marketed rigs are transferred to other rigs or to its yards to be used as spare equipment. The remaining components of these rigs are retired. In 2014, the Company identified 55 mechanical rigs that it determined would no longer be marketed. The Company recorded a charge of $77.9 million related to the retirement of these mechanical rigs and the write-off of excess spare components for the now reduced size of the Company’s mechanical fleet. In 2013, the Company identified 48 rigs that would no longer be marketed. Also, the Company had 55 additional mechanical rigs that were not operating. Although these 55 rigs remained marketable at the time, the Company had lower expectations with respect to utilization of these rigs due to the industry shift to electric powered drilling rigs. The Company recorded a charge of $37.8 million related to the retirement of the 48 rigs and the 55 mechanical rigs that remained marketable but were not operating. In 2012, the Company identified 36 rigs that it determined would no longer be marketed and recorded a charge of $5.2 million related to the retirement of these rigs. | |||||||||||||
In 2013, due to a shift in customer demand away from mechanically powered drilling rigs to electric powered drilling rigs, the Company recorded in its consolidated statement of operations a charge of $29.9 million related to 55 mechanical rigs that were not under contract. Although these 55 rigs remained marketable at the time, the Company had lower expectations with respect to utilization of these rigs due to the industry shift to electric powered drilling rigs. There were no similar charges in 2014 or 2012. | |||||||||||||
The Company also evaluates its fleet of marketable pressure pumping equipment and in 2012 identified approximately 37,000 horsepower of pressure pumping equipment that would be retired. The net book value of these assets of $7.3 million was expensed in the Company’s consolidated statements of operations. There were no similar charges in 2014 or 2013. | |||||||||||||
During 2012, the Company sold its flowback operations in a cash transaction. The sale price was $42.5 million and the Company recognized a gain on disposal of $22.6 million. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill — Goodwill by operating segment as of December 31, 2014 and 2013 and changes for the years then ended are as follows (in thousands): | |||||||||||||||||||||||||
Contract | Pressure | ||||||||||||||||||||||||
Drilling | Pumping | Total | |||||||||||||||||||||||
Balance December 31, 2012 | $ | 86,234 | $ | 67,575 | $ | 153,809 | |||||||||||||||||||
Changes to goodwill | — | — | - | ||||||||||||||||||||||
Balance December 31, 2013 | 86,234 | 67,575 | 153,809 | ||||||||||||||||||||||
Changes to goodwill | — | 56,986 | 56,986 | ||||||||||||||||||||||
Balance December 31, 2014 | $ | 86,234 | $ | 124,561 | $ | 210,795 | |||||||||||||||||||
There were no accumulated impairment losses as of December 31, 2014 or 2013. | |||||||||||||||||||||||||
Goodwill is evaluated at least annually on December 31, or when circumstances require, to determine if the fair value of recorded goodwill has decreased below its carrying value. For purposes of impairment testing, goodwill is evaluated at the reporting unit level. The Company’s reporting units for impairment testing have been determined to be its operating segments. The Company first determines whether it is more likely than not that the fair value of a reporting unit is less than its carrying value after considering qualitative, market and other factors. If so, then goodwill impairment is determined using a two-step impairment test. From time to time, the Company may perform the first step of quantitative testing for goodwill impairment in lieu of performing a qualitative assessment. The first step is to compare the fair value of an entity’s reporting units to the respective carrying value of those reporting units. If the carrying value of a reporting unit exceeds its fair value, the second step of the impairment test is performed whereby the fair value of the reporting unit is allocated to its identifiable tangible and intangible assets and liabilities with any remaining fair value representing the fair value of goodwill. If this resulting fair value of goodwill is less than the carrying value of goodwill, an impairment loss would be recognized in the amount of the shortfall. | |||||||||||||||||||||||||
The Company performed a quantitative impairment assessment of its goodwill as of December 31, 2013. In completing the first step of the analysis, the Company used a three-year projection of discounted cash flows, plus a terminal value determined using the constant growth method to estimate the fair value of the reporting units. In developing this fair value estimate, the Company applied key assumptions including an assumed discount rate of 11.87% for the contract drilling reporting unit and an assumed discount rate of 12.40% for the pressure pumping reporting unit. An assumed long-term growth rate of 3.00% was used for both reporting units. Based on the results of the first step of the impairment test in 2013, the Company concluded that no impairment was indicated in its contract drilling or pressure pumping reporting units as the estimated fair value of each reporting unit exceeded its carrying value. | |||||||||||||||||||||||||
In connection with its annual goodwill impairment assessment as of December 31, 2014, the Company determined based on an assessment of qualitative factors that it was more likely than not that the fair values of the Company’s reporting units were greater than their carrying amounts and further testing was not necessary. In making this determination, the Company considered the continued demand experienced during 2014 for its services in the contract drilling and pressure pumping businesses. The Company also considered the current and expected levels of commodity prices for oil and natural gas, which influence its overall level of business activity in these operating segments. Additionally, operating results for 2014 and forecasted operating results for 2015 were also taken into account. The Company’s overall market capitalization and the large amount of calculated excess of the fair values of the Company’s reporting units over their carrying values from its 2013 quantitative impairment assessment were also considered. | |||||||||||||||||||||||||
The Company has undertaken extensive efforts in the past several years to upgrade its fleet of equipment and believes that it is well positioned from a competitive standpoint to satisfy demand for high technology drilling of unconventional horizontal wells, which should help mitigate decreases in demand for drilling conventional vertical wells that has resulted primarily from currently low oil and natural gas prices. In the event that market conditions were to remain weak for a protracted period, the Company may be required to record an impairment of goodwill in its contract drilling or pressure pumping reporting units in the future, and such impairment could be material. | |||||||||||||||||||||||||
Intangible Assets — Intangible assets were recorded in the pressure pumping operating segment in connection with the fourth quarter 2010 acquisition of the assets of a pressure pumping business. As a result of the purchase price allocation, the Company recorded intangible assets related to a non-compete agreement and the customer relationships acquired. These intangible assets were recorded at fair value on the date of acquisition. | |||||||||||||||||||||||||
The non-compete agreement had a term of three years from October 1, 2010. The value of this agreement was estimated using a with and without scenario where cash flows were projected through the term of the agreement assuming the agreement is in place and compared to cash flows assuming the non-compete agreement was not in place. The intangible asset associated with the non-compete agreement was amortized on a straight-line basis over the three-year term of the agreement. Amortization expense of $350,000 and $467,000 was recorded in the years ended December 31, 2013 and 2012, respectively, associated with the non-compete agreement. The non-compete agreement expired in 2013. | |||||||||||||||||||||||||
The value of the customer relationships was estimated using a multi-period excess earnings model to determine the present value of the projected cash flows associated with the customers in place at the time of the acquisition and taking into account a contributory asset charge. The resulting intangible asset is being amortized on a straight-line basis over seven years. Amortization expense of $3.6 million was recorded in each of the years ended December 31, 2014, 2013 and 2012, associated with customer relationships. | |||||||||||||||||||||||||
The Company concluded no triggering events necessitating an impairment assessment of the non-compete agreement had occurred in 2013 or 2012. The Company concluded no triggering events necessitating an impairment assessment of the customer relationships had occurred in 2014, 2013 or 2012. | |||||||||||||||||||||||||
The following table presents the gross carrying amount and accumulated amortization of the customer relationships as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Gross Carrying | Accumulated | Net Carrying | ||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Customer relationships | $ | 25,500 | $ | (15,482 | ) | $ | 10,018 | $ | 25,500 | $ | (11,839 | ) | $ | 13,661 | |||||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | |||||||||
Accrued Expenses | 5. Accrued Expenses | ||||||||
Accrued expenses consisted of the following at December 31, 2014 and 2013 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Salaries, wages, payroll taxes and benefits | $ | 52,956 | $ | 45,836 | |||||
Workers’ compensation liability | 77,348 | 74,975 | |||||||
Property, sales, use and other taxes | 11,644 | 12,367 | |||||||
Insurance, other than workers’ compensation | 9,632 | 10,129 | |||||||
Accrued interest payable | 7,427 | 7,604 | |||||||
Other | 14,459 | 9,546 | |||||||
$ | 173,466 | $ | 160,457 | ||||||
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Asset Retirement Obligation | 6. Asset Retirement Obligation | ||||||||
The Company records a liability for the estimated costs to be incurred in connection with the abandonment of oil and natural gas properties in the future. This liability is included in the caption “other” in the liabilities section of the consolidated balance sheet. The following table describes the changes to the Company’s asset retirement obligations during 2014 and 2013 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 4,837 | $ | 4,422 | |||||
Liabilities incurred | 473 | 375 | |||||||
Liabilities settled | (197 | ) | (126 | ) | |||||
Accretion expense | 169 | 166 | |||||||
Revision in estimated costs of plugging oil and natural gas wells | 19 | — | |||||||
Asset retirement obligation at end of year | $ | 5,301 | $ | 4,837 | |||||
Long_Term_Debt
Long Term Debt | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Long Term Debt | 7. Long Term Debt | ||||
Credit Facilities—On August 19, 2010, the Company entered into a committed senior unsecured Credit Agreement (the “2010 Credit Agreement”) which included a revolving credit facility that permitted aggregate borrowings of up to $400 million and a $100 million term loan facility. The term loan facility was fully drawn on August 19, 2010. The term loan facility was payable in quarterly principal installments commencing November 10, 2010. The installment amounts were scheduled to vary from 1.25% of the original principal amount for each of the first four quarterly installments, 2.50% of the original principal amount for each of the subsequent eight quarterly installments and 5.00% of the original principal amount for the next subsequent three quarterly installments, with the balance due on the maturity date of August 19, 2014. The outstanding balance of the term loan facility was paid in full on June 14, 2012. | |||||
On September 27, 2012, the Company entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A., as administrative agent, letter of credit issuer, swing line lender and lender, and each of the other lenders party thereto. The Credit Agreement is a committed senior unsecured credit facility that includes a revolving credit facility and a term loan facility. The Credit Agreement replaced the 2010 Credit Agreement. | |||||
The revolving credit facility permits aggregate borrowings of up to $500 million outstanding at any time. The revolving credit facility contains a letter of credit facility that is limited to $150 million and a swing line facility that is limited to $40 million, in each case outstanding at any time. | |||||
The term loan facility provides for a loan of $100 million, which was drawn on December 24, 2012. The term loan facility is payable in quarterly principal installments, which commenced December 27, 2012. The installment amounts vary from 1.25% of the original principal amount for each of the first four quarterly installments, 2.50% of the original principal amount for each of the subsequent eight quarterly installments, 5.00% of the original principal amount for the subsequent four quarterly installments and 13.75% of the original principal amount for the final four quarterly installments. | |||||
Subject to customary conditions, the Company may request that the lenders’ aggregate commitments with respect to the revolving credit facility and/or the term loan facility be increased by up to $100 million, not to exceed total commitments of $700 million. The maturity date under the Credit Agreement is September 27, 2017 for both the revolving facility and the term facility. | |||||
Loans under the Credit Agreement bear interest by reference, at the Company’s election, to the LIBOR rate or base rate, provided, that swing line loans bear interest by reference only to the base rate. The applicable margin on LIBOR rate loans varies from 2.25% to 3.25% and the applicable margin on base rate loans varies from 1.25% to 2.25%, in each case determined based upon the Company’s debt to capitalization ratio. As of December 31, 2014, the applicable margin on LIBOR rate loans was 2.25% and the applicable margin on base rate loans was 1.25%. Based on the Company’s debt to capitalization ratio at December 31, 2014, the applicable margin on LIBOR loans will be 2.75% and the applicable margin on base rate loans will be 1.75% as of April 1, 2015. A letter of credit fee is payable by the Company equal to the applicable margin for LIBOR rate loans times the amount available to be drawn under outstanding letters of credit. The commitment fee rate payable to the lenders for the unused portion of the credit facility is 0.50%. | |||||
Each U.S. subsidiary of the Company, other than one domestic holding company and certain immaterial subsidiaries, has unconditionally guaranteed all existing and future indebtedness and liabilities of the other guarantors and the Company arising under the Credit Agreement and other loan documents. Such guarantees also cover obligations of the Company and any subsidiary of the Company arising under any interest rate swap contract with any person while such person is a lender or an affiliate of a lender under the Credit Agreement. | |||||
The Credit Agreement requires compliance with two financial covenants. The Company must not permit its debt to capitalization ratio to exceed 45%. The Credit Agreement generally defines the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 3.00 to 1.00. The Credit Agreement generally defines the interest coverage ratio as the ratio of earnings before interest, taxes, depreciation and amortization (“EBITDA”) of the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at December 31, 2014. The Credit Agreement also contains customary representations, warranties and affirmative and negative covenants. | |||||
Events of default under the Credit Agreement include failure to pay principal or interest when due, failure to comply with the financial and operational covenants, as well as a cross default event, loan document enforceability event, change of control event and bankruptcy and other insolvency events. If an event of default occurs and is continuing, then a majority of the lenders have the right, among others, to (i) terminate the commitments under the Credit Agreement, (ii) accelerate and require the Company to repay all the outstanding amounts owed under any loan document (provided that in limited circumstances with respect to insolvency and bankruptcy of the Company, such acceleration is automatic), and (iii) require the Company to cash collateralize any outstanding letters of credit. | |||||
As of December 31, 2014, the Company had $82.5 million principal amount outstanding under the term loan facility at an interest rate of 2.50% and $303 million principal amount outstanding under the revolving credit facility at a weighted average interest rate of 2.65%. The Company had $39.8 million in letters of credit outstanding at December 31, 2014 and, as a result, had available borrowing capacity of approximately $157 million at that date. | |||||
Senior Notes – On October 5, 2010, the Company completed the issuance and sale of $300 million in aggregate principal amount of its 4.97% Series A Senior Notes due October 5, 2020 (the “Series A Notes”) in a private placement. The Series A Notes bear interest at a rate of 4.97% per annum. The Company will pay interest on the Series A Notes on April 5 and October 5 of each year. The Series A Notes will mature on October 5, 2020. | |||||
On June 14, 2012, the Company completed the issuance and sale of $300 million in aggregate principal amounts of its 4.27% Series B Senior Notes due June 14, 2022 (the “Series B Notes”) in a private placement. The Series B Notes bear interest at a rate of 4.27% per annum. The Company will pay interest on the Series B Notes on April 5 and October 5 of each year. The Series B Notes will mature on June 14, 2022. | |||||
The Series A Notes and Series B Notes are senior unsecured obligations of the Company which rank equally in right of payment with all other unsubordinated indebtedness of the Company. The Series A Notes and Series B Notes are guaranteed on a senior unsecured basis by each of the existing domestic subsidiaries of the Company other than immaterial subsidiaries. | |||||
The Series A Notes and Series B Notes are prepayable at the Company’s option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date, plus a “make-whole” premium as specified in the note purchase agreements. The Company must offer to prepay the notes upon the occurrence of any change of control. In addition, the Company must offer to prepay the notes upon the occurrence of certain asset dispositions if the proceeds therefrom are not timely reinvested in productive assets. If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. | |||||
The respective note purchase agreements require compliance with two financial covenants. The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at December 31, 2014. | |||||
Events of default under the note purchase agreements include failure to pay principal or interest when due, failure to comply with the financial and operational covenants, a cross default event, a judgment in excess of a threshold event, the guaranty agreement ceasing to be enforceable, the occurrence of certain ERISA events, a change of control event and bankruptcy and other insolvency events. If an event of default under the note purchase agreements occurs and is continuing, then holders of a majority in principal amount of the respective notes have the right to declare all the notes then-outstanding to be immediately due and payable. In addition, if the Company defaults in payments on any note, then until such defaults are cured, the holder thereof may declare all the notes held by it pursuant to the note purchase agreement to be immediately due and payable. | |||||
The Company incurred approximately $10.8 million in debt issuance costs during 2010 in connection with the 2010 Credit Agreement and the Series A Notes. The Company incurred approximately $7.6 million in debt issuance costs during 2012 in connection with the Series B Notes and the Credit Agreement. These costs were deferred and are recognized as interest expense over the term of the underlying debt. Interest expense related to the amortization of debt issuance costs for the 2010 Credit Agreement, the Series A Notes, the Series B Notes and the Credit Agreement was approximately $2.2 million, $2.2 million and $3.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. The amount for the year ended December 31, 2012 includes $978,000 of costs related to the early termination of the 2010 Credit Agreement. | |||||
Presented below is a schedule of the principal repayment requirements of long-term debt by fiscal year as of December 31, 2014 (in thousands): | |||||
Year ending December 31, | |||||
2015 | $ | 12,500 | |||
2016 | 28,750 | ||||
2017 | 344,250 | ||||
2018 | — | ||||
2019 | — | ||||
Thereafter | 600,000 | ||||
Total | $ | 985,500 | |||
Commitments_Contingencies_and_
Commitments, Contingencies and Other Matters | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Commitments, Contingencies and Other Matters | 8. Commitments, Contingencies and Other Matters | |
Commitments – As of December 31, 2014, the Company maintained letters of credit in the aggregate amount of $39.8 million for the benefit of various insurance companies as collateral for retrospective premiums and retained losses which could become payable under the terms of the underlying insurance contracts. These letters of credit expire annually at various times during the year and are typically renewed. As of December 31, 2014, no amounts had been drawn under the letters of credit. | ||
As of December 31, 2014, the Company had commitments to purchase approximately $512 million of major equipment for its drilling and pressure pumping businesses. | ||
The Company’s pressure pumping business has entered into agreements to purchase minimum quantities of proppants and chemicals from certain vendors. These agreements expire in 2016, 2017 and 2018. As of December 31, 2014, the remaining obligation under these agreements was approximately $71.8 million, of which materials with a total purchase price of approximately $15.4 million are required to be purchased during 2015. In the event that the required minimum quantities are not purchased during any contract year, the Company could be required to make a liquidated damages payment to the respective vendor for any shortfall. | ||
In November 2011, the Company’s pressure pumping business entered into an agreement with a proppant vendor to advance up to $12.0 million to such vendor to finance the construction of certain processing facilities. This advance is secured by the underlying processing facilities and bears interest at an annual rate of 5.0%. Repayment of the advance is to be made through discounts applied to purchases from the vendor and repayment of all amounts advanced must be made no later than October 1, 2017. As of December 31, 2014, advances of approximately $11.8 million had been made under this agreement and repayments of approximately $8.6 million had been received resulting in a balance outstanding of approximately $3.2 million. | ||
Contingencies – In May 2013, the U.S. Equal Employment Opportunity Commission (“EEOC”) notified the Company of cause findings related to certain of its employment practices. The cause findings relate to allegations that the Company tolerated a hostile work environment for employees based on national origin and race. The cause findings also allege, among other things, failure to promote, subjecting employees to adverse employment terms and conditions and retaliation. The Company and the EEOC engaged in the statutory conciliation process. In March 2014, the EEOC notified the Company that this matter will be forwarded to its legal unit for litigation review. In November 2014, the Company and the EEOC participated in a mediation to resolve the matter. Discussions are ongoing. If no resolution is reached, the Company believes that litigation will ensue, and the Company intends to defend itself vigorously. Based on the information available to the Company at this time, the Company does not expect the outcome of this matter to have a material adverse effect on its financial condition, results of operations or cash flows; however, there can be no assurance as to the ultimate outcome of this matter. | ||
In October 2014, the Company was notified by EPA Region 6 that it intends to seek civil penalties for alleged RCRA administrative violations at a former facility of one of the Company’s subsidiaries in Midland, Texas. The EPA subsequently alleged RCRA administrative violations at other facilities of that subsidiary and are seeking an aggregate monetary penalty of approximately $1.1 million. The Company is in negotiations with the EPA regarding the scope and amount of any potential settlement. The Company does not expect the outcome of this matter to have a material adverse effect on its financial condition, results of operations or cash flows. | ||
The Company’s operations are subject to many hazards inherent in the contract drilling and pressure pumping businesses, including inclement weather, blowouts, well fires, loss of well control, pollution and reservoir damage. These hazards could cause personal injury or death, work stoppage, and serious damage to equipment and other property, as well as significant environmental and reservoir damages. These risks could expose the Company to substantial liability for personal injury, wrongful death, property damage, loss of oil and natural gas production, pollution and other environmental damages. | ||
Any contractual right to indemnification that the Company may have for any such risk, may be unenforceable or limited due to negligent or willful acts of commission or omission by the Company, its subcontractors and/or suppliers. The Company’s customers may dispute, or be unable to meet, their contractual indemnification obligations to the Company due to financial, legal or other reasons. Accordingly, the Company may be unable to transfer these risks to its customers by contract or indemnification agreements. Incurring a liability for which the Company is not fully indemnified or insured could have a material adverse effect on its business, financial condition, cash flows and results of operations. | ||
The Company has insurance coverage for comprehensive general liability, automobile liability, workers’ compensation and employer’s liability, and certain other specific risks. The Company has also elected in some cases to accept a greater amount of risk through increased deductibles on certain insurance policies. For example, the Company generally maintains a $1.5 million per occurrence deductible on its workers’ compensation and equipment insurance coverages and a $2.0 million per occurrence self-insured retention on its general liability coverage and $2.0 million per occurrence deductible on its automobile liability insurance coverage. The Company self-insures a number of other risks, including loss of earnings and business interruption, and does not carry a significant amount of insurance to cover risks of underground reservoir damage. If a significant accident or other event occurs and is not fully covered by insurance or an enforceable or recoverable indemnity from a customer, it could have a material adverse effect on the Company’s business, financial condition, cash flows and results of operations. Accrued expenses related to insurance claims are set forth in Note 5. | ||
The Company is party to various legal proceedings arising in the normal course of its business. The Company does not believe that the outcome of these proceedings, either individually or in the aggregate, will have a material adverse effect on its financial condition, results of operations or cash flows. | ||
Other Matters — The Company has Change in Control Agreements with its Chairman of the Board, Chief Executive Officer, two Senior Vice Presidents and its General Counsel (the “Key Employees”). Each Change in Control Agreement generally has an initial term with automatic twelve-month renewals unless the Company notifies the Key Employee at least ninety days before the end of such renewal period that the term will not be extended. If a change in control of the Company occurs during the term of the agreement and the Key Employee’s employment is terminated (i) by the Company other than for cause or other than automatically as a result of death, disability or retirement, or (ii) by the Key Employee for good reason (as those terms are defined in the Change in Control Agreements), then the Key Employee shall generally be entitled to, among other things: | ||
— | a bonus payment equal to the highest bonus paid after the Change in Control Agreement was entered into (such bonus payment for each Key Employee prorated for the portion of the fiscal year preceding the termination date); | |
— | a payment equal to 2.5 times (in the case of the Chairman of the Board and Chief Executive Officer), 2 times (in the case of the Senior Vice Presidents) or 1.5 times (in the case of the General Counsel) of the sum of (i) the highest annual salary in effect for such Key Employee and (ii) the average of the three annual bonuses earned by the Key Employee for the three fiscal years preceding the termination date and | |
— | continued coverage under the Company’s welfare plans for up to three years (in the case of the Chairman of the Board and Chief Executive Officer) or two years (in the case of the Senior Vice Presidents and General Counsel). | |
Other than with respect to the Chief Executive Officer, each Change in Control Agreement provides the Key Employee with a full gross-up payment for any excise taxes imposed on payments and benefits received under the Change in Control Agreements or otherwise, including other taxes that may be imposed as a result of the gross-up payment. | ||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity | 9. Stockholders’ Equity | ||||||||||||||||||||||||
Cash Dividends – The Company paid cash dividends during the years ended December 31, 2012, 2013 and 2014 as follows: | |||||||||||||||||||||||||
Per Share | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Paid on March 30, 2012 | $ | 0.05 | $ | 7,788 | |||||||||||||||||||||
Paid on June 29, 2012 | 0.05 | 7,650 | |||||||||||||||||||||||
Paid on September 28, 2012 | 0.05 | 7,518 | |||||||||||||||||||||||
Paid on December 28, 2012 | 0.05 | 7,346 | |||||||||||||||||||||||
Total cash dividends | $ | 0.2 | $ | 30,302 | |||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Paid on March 29, 2013 | $ | 0.05 | $ | 7,312 | |||||||||||||||||||||
Paid on June 28, 2013 | 0.05 | 7,361 | |||||||||||||||||||||||
Paid on September 30, 2013 | 0.05 | 7,231 | |||||||||||||||||||||||
Paid on December 31, 2013 | 0.05 | 7,208 | |||||||||||||||||||||||
Total cash dividends | $ | 0.2 | $ | 29,112 | |||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||
Paid on March 27, 2014 | $ | 0.1 | $ | 14,456 | |||||||||||||||||||||
Paid on June 26, 2014 | 0.1 | 14,562 | |||||||||||||||||||||||
Paid on September 24, 2014 | 0.1 | 14,634 | |||||||||||||||||||||||
Paid on December 24, 2014 | 0.1 | 14,636 | |||||||||||||||||||||||
Total cash dividends | $ | 0.4 | $ | 58,288 | |||||||||||||||||||||
On February 4, 2015, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.10 per share to be paid on March 25, 2015 to holders of record as of March 11, 2015. The amount and timing of all future dividend payments, if any, are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s credit facilities and other factors. | |||||||||||||||||||||||||
On August 1, 2007, the Company’s Board of Directors approved a stock buyback program authorizing purchases of up to $250 million of the Company’s common stock in open market or privately negotiated transactions. On July 25, 2012, the Company’s Board of Directors terminated the remaining authority under the 2007 stock buyback program, and approved a new stock buyback program authorizing purchases of up to $150 million of common stock in open market or privately negotiated transactions. On September 6, 2013, the Company’s Board of Directors terminated any remaining authority under the 2012 stock buyback program, and approved a new stock buyback program that authorizes purchase of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. As of December 31, 2014, the Company had remaining authorization to purchase approximately $187 million of the Company’s outstanding common stock under the new stock buyback program. Shares purchased under a buyback program are accounted for as treasury stock. | |||||||||||||||||||||||||
The Company acquired shares of stock from employees during 2014, 2013 and 2012 that are accounted for as treasury stock. Certain of these shares were acquired to satisfy the exercise price in connection with the exercise of stock options by employees. The remainder of these shares was acquired to satisfy payroll tax withholding obligations upon the exercise of stock options, the settlement of performance unit awards and the vesting of restricted stock. These shares were acquired at fair market value. These acquisitions were made pursuant to the terms of the Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan (the “2005 Plan”) or the Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan (the “2014 Plan”) and not pursuant to the stock buyback programs. | |||||||||||||||||||||||||
Treasury stock acquisitions during the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Cost | Shares | Cost | Shares | Cost | ||||||||||||||||||||
Treasury shares at beginning of period | 42,268,057 | $ | 880,888 | 38,146,738 | $ | 795,051 | 27,487,571 | $ | 624,759 | ||||||||||||||||
Purchases pursuant to stock buyback programs: | |||||||||||||||||||||||||
2007 program | — | — | — | — | 4,708,784 | 70,092 | |||||||||||||||||||
2012 program | — | — | 2,567,266 | 51,107 | 5,863,451 | 98,892 | |||||||||||||||||||
2013 program | 13,898 | 466 | 602,564 | 12,517 | — | — | |||||||||||||||||||
Acquisitions pursuant to long-term incentive plans | 536,630 | 17,681 | 951,489 | 22,213 | 86,932 | 1,308 | |||||||||||||||||||
Treasury shares at end of period | 42,818,585 | $ | 899,035 | 42,268,057 | $ | 880,888 | 38,146,738 | $ | 795,051 | ||||||||||||||||
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||
Stock-based Compensation | 10. Stock-based Compensation | ||||||||||||||||||||
The Company uses share-based payments to compensate employees and non-employee directors. The Company recognizes the cost of share-based payments under the fair-value-based method. Share-based awards consist of equity instruments in the form of stock options, restricted stock or restricted stock units and have included service and, in certain cases, performance conditions. The Company’s share-based awards have also included both cash-settled and share-settled performance unit awards. Cash-settled performance unit awards are accounted for as liability awards. Share-settled performance unit awards are accounted for as equity awards. The Company issues shares of common stock when vested stock options are exercised, when restricted stock is granted and when restricted stock units and share-settled performance unit awards vest. | |||||||||||||||||||||
The Company’s shareholders have approved the 2014 Plan, and the Board of Directors adopted a resolution that no future grants would be made under any of the Company’s other previously existing plans. The Company’s share-based compensation plans at December 31, 2014 follow: | |||||||||||||||||||||
Shares | Shares Underlying | Shares | |||||||||||||||||||
Authorized | Awards | Available | |||||||||||||||||||
Plan Name | for Grant | Outstanding | for Grant | ||||||||||||||||||
Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan | 9,100,000 | 1,242,600 | 6,478,876 | ||||||||||||||||||
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended | — | 6,070,794 | — | ||||||||||||||||||
Patterson-UTI Energy, Inc. Amended and Restated 1997 Long-Term Incentive Plan, as amended (“1997 Plan”) | — | 300,000 | — | ||||||||||||||||||
A summary of the 2014 Plan follows: | |||||||||||||||||||||
· | The Compensation Committee of the Board of Directors administers the plan other than the awards to directors. | ||||||||||||||||||||
· | All employees, officers and directors are eligible for awards. | ||||||||||||||||||||
· | The Compensation Committee determines the vesting schedule for awards. Awards typically vest over one year for non-employee directors and three years for employees. | ||||||||||||||||||||
· | The Compensation Committee sets the term of awards and no option term can exceed 10 years. | ||||||||||||||||||||
· | All options granted under the plan are granted with an exercise price equal to or greater than the fair market value of the Company’s common stock at the time the option is granted. | ||||||||||||||||||||
· | The plan provides for awards of incentive stock options, non-incentive stock options, tandem and freestanding stock appreciation rights, restricted stock awards, other stock unit awards, performance share awards, performance unit awards and dividend equivalents. As of December 31, 2014, non-incentive stock options, restricted stock awards, restricted stock units and performance unit awards had been granted under the plan. | ||||||||||||||||||||
Options granted under the 2005 Plan typically vested over one year for non-employee directors and three years for employees. All options were granted with an exercise price equal to the fair market value of the related common stock at the time of grant. Restricted stock awards granted under the 2005 Plan typically vested over one year for non-employee directors and three years for employees. | |||||||||||||||||||||
Options granted under the 1997 Plan typically vested over three or five years as dictated by the Compensation Committee. These options have terms of no more than ten years. All options were granted with an exercise price equal to the fair market value of the related common stock at the time of grant. Restricted stock awards granted under the 1997 Plan typically vested over four years. | |||||||||||||||||||||
Stock Options—The Company estimates the grant date fair values of stock options using the Black-Scholes-Merton valuation model. Volatility assumptions are based on the historic volatility of the Company’s common stock over the most recent period equal to the expected term of the options as of the date the options are granted. The expected term assumptions are based on the Company’s experience with respect to employee stock option activity. Dividend yield assumptions are based on the expected dividends at the time the options are granted. The risk-free interest rate assumptions are determined by reference to United States Treasury yields. Weighted-average assumptions used to estimate grant date fair values for stock options granted in the years ended December 31, 2014, 2013 and 2012 follow: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Volatility | 35.89 | % | 41.36 | % | 48.79 | % | |||||||||||||||
Expected term (in years) | 5 | 5 | 5 | ||||||||||||||||||
Dividend yield | 1.17 | % | 0.89 | % | 1.21 | % | |||||||||||||||
Risk-free interest rate | 1.76 | % | 0.7 | % | 0.87 | % | |||||||||||||||
Stock option activity for the year ended December 31, 2014 follows: | |||||||||||||||||||||
Weighted-average | |||||||||||||||||||||
Shares | exercise price | ||||||||||||||||||||
Outstanding at beginning of year | 7,319,695 | $ | 21.23 | ||||||||||||||||||
Granted | 491,750 | $ | 32.32 | ||||||||||||||||||
Exercised | (1,725,195 | ) | $ | 20.54 | |||||||||||||||||
Cancelled | — | $ | — | ||||||||||||||||||
Expired | — | — | |||||||||||||||||||
Outstanding at end of year | 6,086,250 | $ | 22.32 | ||||||||||||||||||
Exercisable at end of year | 5,224,223 | $ | 21.45 | ||||||||||||||||||
During 2014, the Company acquired 190,919 shares of treasury stock from employees upon the exercise of stock options. Shares having a market value of $4.6 million were withheld from employees and added to treasury stock to satisfy the exercise price in connection with the exercise of the stock options. Shares having a market value of $1.6 million were withheld from employees and added to treasury stock to satisfy payroll tax withholding obligations upon the exercise of the stock options. | |||||||||||||||||||||
Options outstanding at December 31, 2014 have an aggregate intrinsic value of approximately $4.3 million and a weighted-average remaining contractual term of 4.92 years. Options exercisable at December 31, 2014 have an aggregate intrinsic value of approximately $4.2 million and a weighted-average remaining contractual term of 4.28 years. Additional information with respect to options granted, vested and exercised during the years ended December 31, 2014, 2013 and 2012 follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted-average grant date fair value of stock options granted (per share) | $ | 9.81 | $ | 7.59 | $ | 6.37 | |||||||||||||||
Aggregate grant date fair value of stock options vested during the year (in thousands) | $ | 5,173 | $ | 5,240 | $ | 5,512 | |||||||||||||||
Aggregate intrinsic value of stock options exercised (in thousands) | $ | 21,862 | $ | 8,683 | $ | 138 | |||||||||||||||
As of December 31, 2014, options to purchase 862,000 shares were outstanding and not vested. All of these non-vested options are expected to ultimately vest. Additional information as of December 31, 2014 with respect to these non-vested options follows: | |||||||||||||||||||||
Aggregate intrinsic value (in thousands) | $ | 33 | |||||||||||||||||||
Weighted-average remaining contractual term | 8.77 years | ||||||||||||||||||||
Weighted-average remaining expected term | 3.77 years | ||||||||||||||||||||
Weighted-average remaining vesting period | 1.63 years | ||||||||||||||||||||
Unrecognized compensation cost | $6.0 million | ||||||||||||||||||||
Restricted Stock—For all restricted stock awards to date, shares of common stock were issued when the awards were made. Non-vested shares are subject to forfeiture for failure to fulfill service conditions and, in certain cases, performance conditions. Non-forfeitable dividends are paid on non-vested shares of restricted stock. The Company uses the straight-line method to recognize periodic compensation cost over the vesting period. | |||||||||||||||||||||
Restricted stock activity for the year ended December 31, 2014 follows: | |||||||||||||||||||||
Weighted- | |||||||||||||||||||||
average Grant | |||||||||||||||||||||
Shares | Date Fair Value | ||||||||||||||||||||
Non-vested restricted stock outstanding at beginning of year | 1,496,692 | $ | 20.84 | ||||||||||||||||||
Granted | 813,150 | $ | 33.07 | ||||||||||||||||||
Vested | (755,564 | ) | $ | 21.67 | |||||||||||||||||
Forfeited | (61,219 | ) | $ | 24.66 | |||||||||||||||||
Non-vested restricted stock outstanding at end of year | 1,493,059 | $ | 26.93 | ||||||||||||||||||
As of December 31, 2014, approximately 1.4 million shares of non-vested restricted stock outstanding are expected to vest. Additional information as of December 31, 2014 with respect to these non-vested shares follows: | |||||||||||||||||||||
Aggregate intrinsic value | $23.2 million | ||||||||||||||||||||
Weighted-average remaining vesting period | 1.83 years | ||||||||||||||||||||
Unrecognized compensation cost | $29.0 million | ||||||||||||||||||||
Restricted Stock Units—For all restricted stock unit awards made to date, shares of common stock are not issued until the units vest. Restricted stock units are subject to forfeiture for failure to fulfill service conditions. Non-forfeitable cash dividend equivalents are paid on certain non-vested restricted stock units. The Company uses the straight-line method to recognize periodic compensation cost over the vesting period. | |||||||||||||||||||||
Restricted stock unit activity for the year ended December 31, 2014 follows: | |||||||||||||||||||||
Weighted-average | |||||||||||||||||||||
Grant Date Fair | |||||||||||||||||||||
Shares | Value | ||||||||||||||||||||
Non-vested restricted stock units outstanding at beginning of year | 20,256 | $ | 20.67 | ||||||||||||||||||
Granted | 24,250 | $ | 34.66 | ||||||||||||||||||
Vested | (9,754 | ) | $ | 22.13 | |||||||||||||||||
Forfeited | (667 | ) | $ | 21.09 | |||||||||||||||||
Non-vested restricted stock units outstanding at end of year | 34,085 | $ | 30.2 | ||||||||||||||||||
Performance Unit Awards. In 2009, the Company granted cash-settled performance unit awards to certain executive officers (the “2009 Performance Units”). The 2009 Performance Units provided for those executive officers to receive a cash payment upon the achievement of certain performance goals established by the Compensation Committee during a specified period. The performance period for the 2009 Performance Units was the period from April 1, 2009 through March 31, 2012. The performance goals for the 2009 Performance Units were tied to the Company’s total shareholder return for the performance period as compared to total shareholder return for a peer group determined by the Compensation Committee. These goals were considered to be market conditions under the relevant accounting standards and the market conditions were factored into the determination of the fair value of the performance units. Generally, the recipients would receive a target payment if the Company’s total shareholder return was positive and, when compared to the peer group, was at or above the 50th percentile but less than the 75th percentile and two times the target if at the 75th percentile or higher. If the Company’s total shareholder return was positive, and, when compared to the peer group, was at or above the 25th percentile but less than the 50th percentile, the recipients would only receive one-half of the target payment. The total target amount with respect to the 2009 Performance Units was approximately $3.4 million. Because the 2009 Performance Units were settled in cash at the end of the performance period, they were accounted for as liability awards and the Company’s pro-rated obligation was measured at estimated fair value at the end of each reporting period using a Monte Carlo simulation model. The performance period ended on March 31, 2012 and the Company’s total shareholder return was at the 46th percentile. The resulting cash payments totaling $1.7 million were paid in April 2012. For the year ended December 31, 2012, a compensation benefit of approximately $1.9 million was recognized. | |||||||||||||||||||||
In 2010, 2011, 2012, 2013 and 2014 the Company granted stock-settled performance unit awards to certain executive officers (the “Stock-Settled Performance Units”). The Stock-Settled Performance Units provide for the recipients to receive a grant of shares of stock upon the achievement of certain performance goals established by the Compensation Committee during a specified period. The performance period for the Stock-Settled Performance Units is the three year period commencing on April 1 of the year of grant. For the 2012 and 2013 Stock-Settled Performance Units, the performance period can extend for an additional two years in certain circumstances. The performance goals for the Stock-Settled Performance Units are tied to the Company’s total shareholder return for the performance period as compared to total shareholder return for a peer group determined by the Compensation Committee. These goals are considered to be market conditions under the relevant accounting standards and the market conditions were factored into the determination of the fair value of the respective performance units. Generally, the recipients will receive a target number of shares if the Company’s total shareholder return is positive and, when compared to the peer group, is at the 50th percentile and two times the target if at the 75th percentile or higher. If the Company’s total shareholder return is positive, and, when compared to the peer group, is at the 25th percentile, the recipients will only receive one-half of the target number of shares. The grant of shares when achievement is between the 25th and 75th percentile will be determined on a pro-rata basis. The performance period for the 2010 Stock-Settled Performance Units ended on March 31, 2013, and the Company’s total shareholder return was at the 93rd percentile. In April 2013, 357,500 shares were issued to settle the 2010 Stock-Settled Performance Units. The performance period for the 2011 Stock-Settled Performance Units ended on March 31, 2014, and the Company’s total shareholder return was at the 94th percentile. In April 2014, 288,750 shares were issued to settle the 2011 Stock-Settled Performance Units. The total target number of shares with respect to the Stock-Settled Performance Units is set forth below: | |||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Performance | Performance | Performance | Performance | Performance | |||||||||||||||||
Unit Awards | Unit Awards | Unit Awards | Unit Awards | Unit Awards | |||||||||||||||||
Target number of shares | 154,000 | 236,500 | 192,000 | 144,375 | 178,750 | ||||||||||||||||
Because the Stock-Settled Performance Units are stock-settled awards, they are accounted for as equity awards and measured at fair value on the date of grant using a Monte Carlo simulation model. The fair value of the Stock-Settled Performance Units is set forth below (in thousands): | |||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Performance | Performance | Performance | Performance | Performance | |||||||||||||||||
Unit Awards | Unit Awards | Unit Awards | Unit Awards | Unit Awards | |||||||||||||||||
Aggregate fair value at date of grant | $ | 5,388 | $ | 5,564 | $ | 3,065 | $ | 5,569 | $ | 3,117 | |||||||||||
These fair value amounts are charged to expense on a straight-line basis over the performance period. Compensation expense associated with the Stock-Settled Performance Units is set forth below (in thousands): | |||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Performance | Performance | Performance | Performance | Performance | |||||||||||||||||
Unit Awards | Unit Awards | Unit Awards | Unit Awards | Unit Awards | |||||||||||||||||
Year ended December 31, 2014 | $ | 1,347 | $ | 1,855 | $ | 1,022 | $ | 464 | NA | ||||||||||||
Year ended December 31, 2013 | NA | $ | 1,391 | $ | 1,022 | $ | 1,856 | $ | 260 | ||||||||||||
Year ended December 31, 2012 | NA | NA | $ | 766 | $ | 1,856 | $ | 1,039 | |||||||||||||
Dividends on Equity Awards – Non-forfeitable cash dividends are paid on restricted stock awards and dividend equivalents are paid on certain restricted stock units. These payments are recognized as follows: | |||||||||||||||||||||
· | Dividends are recognized as reductions of retained earnings for the portion of restricted stock awards expected to vest. | ||||||||||||||||||||
· | Dividends are recognized as additional compensation cost for the portion of restricted stock awards that are not expected to vest or that ultimately do not vest. | ||||||||||||||||||||
· | Dividend equivalents are recognized as additional compensation cost for restricted stock units. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases | 11. Leases | ||||
The Company incurred rent expense of $51.9 million, $47.4 million and $39.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. Rent expense is primarily related to short-term equipment rentals that are generally passed through to customers. | |||||
Future minimum rental payments required under operating leases having initial or remaining non-cancelable lease terms in excess of one year at December 31, 2014 are as follows: | |||||
Year ending December 31, | |||||
2015 | $ | 14,554 | |||
2016 | 8,838 | ||||
2017 | 3,431 | ||||
2018 | 2,638 | ||||
2019 | 1,834 | ||||
Thereafter | 3,587 | ||||
Total | $ | 34,882 | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||
Income Taxes | 12. Income Taxes | ||||||||||||||||||||||||||||
Components of the income tax provision applicable to federal, state and foreign income taxes for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Federal income tax expense (benefit): | |||||||||||||||||||||||||||||
Current | $ | 39,438 | $ | 41,558 | $ | (512 | ) | ||||||||||||||||||||||
Deferred | 39,673 | 47,136 | 156,003 | ||||||||||||||||||||||||||
79,111 | 88,694 | 155,491 | |||||||||||||||||||||||||||
State income tax expense: | |||||||||||||||||||||||||||||
Current | 3,987 | 11,733 | 12,455 | ||||||||||||||||||||||||||
Deferred | 5,292 | 4,229 | 5,483 | ||||||||||||||||||||||||||
9,279 | 15,962 | 17,938 | |||||||||||||||||||||||||||
Foreign income tax expense (benefit): | |||||||||||||||||||||||||||||
Current | 4,521 | 4,572 | 3,817 | ||||||||||||||||||||||||||
Deferred | (1,292 | ) | (796 | ) | (1,050 | ) | |||||||||||||||||||||||
3,229 | 3,776 | 2,767 | |||||||||||||||||||||||||||
Total income tax expense: | |||||||||||||||||||||||||||||
Current | 47,946 | 57,863 | 15,760 | ||||||||||||||||||||||||||
Deferred | 43,673 | 50,569 | 160,436 | ||||||||||||||||||||||||||
Total income tax expense: | $ | 91,619 | $ | 108,432 | $ | 176,196 | |||||||||||||||||||||||
The difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2014, 2013 and 2012 is summarized as follows: | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||||||||||||||||||
State income taxes | 2.5 | 3.7 | 2.5 | ||||||||||||||||||||||||||
Permanent differences | (1.4 | ) | (1.5 | ) | (0.2 | ) | |||||||||||||||||||||||
Other, net | (0.1 | ) | (0.6 | ) | (0.3 | ) | |||||||||||||||||||||||
Effective tax rate | 36 | % | 36.6 | % | 37 | % | |||||||||||||||||||||||
The Domestic Production Activities Deduction was enacted as part of the American Jobs Creation Act of 2004 (as revised by the Emergency Economic Stabilization Act of 2008) and allows a deduction of 9% in 2010 and thereafter on the lesser of qualified production activities income or taxable income. The permanent difference for 2012 does not include any deduction as it is limited to taxable income and the Company did not have taxable income in 2012 due to the utilization of net operating loss carryforwards. The permanent differences for 2013 include a deduction of $10.0 million as the Company fully utilized its remaining net operating loss carryforwards. The permanent difference for 2014 includes a deduction of $8.8 million. | |||||||||||||||||||||||||||||
The tax effect of significant temporary differences representing deferred tax assets and liabilities and changes therein were as follows (in thousands): | |||||||||||||||||||||||||||||
December 31, | Net | December 31, | Net | December 31, | Net | December 31, | |||||||||||||||||||||||
2014 | Change | 2013 | Change | 2012 | Change | 2011 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Net operating loss carryforwards | $ | — | $ | (— | ) | $ | — | $ | (18,914 | ) | $ | 18,914 | $ | (95,662 | ) | $ | 114,576 | ||||||||||||
Workers’ compensation allowance | 28,310 | 698 | 27,612 | 2,534 | 25,078 | 1,074 | 24,004 | ||||||||||||||||||||||
Other | 22,396 | 2,749 | 19,647 | (804 | ) | 20,451 | 1,651 | 18,800 | |||||||||||||||||||||
50,706 | 3,447 | 47,259 | (17,184 | ) | 64,443 | (92,937 | ) | 157,380 | |||||||||||||||||||||
Non-current: | |||||||||||||||||||||||||||||
Net operating loss carryforwards | 12,464 | (988 | ) | 13,452 | 1,690 | 11,762 | (6,672 | ) | 18,434 | ||||||||||||||||||||
Expense associated with employee stock options | 14,386 | (1,822 | ) | 16,208 | 1,536 | 14,672 | 1,944 | 12,728 | |||||||||||||||||||||
Federal benefit of state deferred tax liabilities | 24,019 | 1,181 | 22,838 | 816 | 22,022 | 1,762 | 20,260 | ||||||||||||||||||||||
Other | 16,047 | 1,344 | 14,703 | (421 | ) | 15,124 | 4,454 | 10,670 | |||||||||||||||||||||
66,916 | (285 | ) | 67,201 | 3,621 | 63,580 | 1,488 | 62,092 | ||||||||||||||||||||||
Total deferred tax assets | 117,622 | 3,162 | 114,460 | (13,563 | ) | 128,023 | (91,449 | ) | 219,472 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Other | (13,631 | ) | 676 | (14,307 | ) | (2,823 | ) | (11,484 | ) | 3,171 | (14,655 | ) | |||||||||||||||||
Non-current: | |||||||||||||||||||||||||||||
Property and equipment basis difference | (986,953 | ) | (47,359 | ) | (939,594 | ) | (33,997 | ) | (905,597 | ) | (69,774 | ) | (835,823 | ) | |||||||||||||||
Other | (15,623 | ) | (152 | ) | (15,471 | ) | (186 | ) | (15,285 | ) | (2,384 | ) | (12,901 | ) | |||||||||||||||
(1,002,576 | ) | (47,511 | ) | (955,065 | ) | (34,183 | ) | (920,882 | ) | (72,158 | ) | (848,724 | ) | ||||||||||||||||
Total deferred tax liabilities | (1,016,207 | ) | (46,835 | ) | (969,372 | ) | (37,006 | ) | (932,366 | ) | (68,987 | ) | (863,379 | ) | |||||||||||||||
Net deferred tax liability | $ | (898,585 | ) | $ | (43,673 | ) | $ | (854,912 | ) | $ | (50,569 | ) | $ | (804,343 | ) | $ | (160,436 | ) | $ | (643,907 | ) | ||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The Company expects the deferred tax assets at December 31, 2014 and 2013 to be realized as a result of the reversal of existing taxable temporary differences giving rise to deferred tax liabilities and the generation of taxable income; therefore, no valuation allowance is considered necessary. | |||||||||||||||||||||||||||||
Other deferred tax assets consist primarily of the tax effect of various allowance accounts and tax-deferred expenses expected to generate future tax benefits of approximately $38.4 million. Other deferred tax liabilities consist primarily of the tax effect of receivables from insurance companies and tax-deferred income not yet recognized for tax purposes. | |||||||||||||||||||||||||||||
For income tax purposes, the Company has approximately $164 million of state net operating losses that can be carried forward as of December 31, 2014. The state net operating losses that can be carried forward, if unused, are scheduled to expire as follows: 2016—$6.8 million; 2025—$630,000; 2026—$16.9 million: 2029—$31.9 million; 2030—$25.7 million; 2031—$82.5 million. | |||||||||||||||||||||||||||||
As of December 31, 2014, the Company had no unrecognized tax benefits. The Company has established a policy to account for interest and penalties related to uncertain income tax positions as operating expenses. As of December 31, 2014, the tax years ended December 31, 2011 through December 31, 2013 are open for examination by U.S. taxing authorities. As of December 31, 2014, the tax years ended December 31, 2010 through December 31, 2013 are open for examination by Canadian taxing authorities. | |||||||||||||||||||||||||||||
On January 1, 2010, the Company converted its Canadian operations from a Canadian branch to a controlled foreign corporation for federal income tax purposes. Because the statutory tax rates in Canada are lower than those in the United States, this transaction triggered a $5.1 million reduction in deferred tax liabilities, which is being amortized as a reduction to deferred income tax expense over the weighted average remaining useful life of the Canadian assets. | |||||||||||||||||||||||||||||
As a result of the above conversion, the Company’s Canadian assets are no longer directly subject to United States taxation, provided that the related unremitted earnings are permanently reinvested in Canada. Effective January 1, 2010, the Company has elected to permanently reinvest these unremitted earnings in Canada, and intends to do so for the foreseeable future. As a result, no deferred United States federal or state income taxes have been provided on such unremitted foreign earnings, which totaled approximately $47.5 million as of December 31, 2014. The unrecognized deferred tax liability associated with these earnings was approximately $7.2 million, net of available foreign tax credits. This liability would be recognized if the Company received a dividend of the unremitted earnings. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | 13. Employee Benefits |
The Company maintains a 401(k) plan for all eligible employees. The Company’s operating results include expenses of approximately $7.2 million in 2014, $6.2 million in 2013 and $5.4 million in 2012 for the Company’s contributions to the plan. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Business Segments | 14. Business Segments | ||||||||||||
The Company’s revenues, operating profits and identifiable assets are primarily attributable to three business segments: (i) contract drilling of oil and natural gas wells, (ii) pressure pumping services and (iii) the investment, on a non-operating working interest basis, in oil and natural gas properties. Each of these segments represents a distinct type of business. These segments have separate management teams which report to the Company’s chief operating decision maker. The results of operations in these segments are regularly reviewed by the chief operating decision maker for purposes of determining resource allocation and assessing performance. | |||||||||||||
Contract Drilling — The Company markets its contract drilling services to major and independent oil and natural gas operators. As of December 31, 2014, the Company had 239 land-based drilling rigs in the continental United States, and western and northern Canada. | |||||||||||||
For the years ended December 31, 2014, 2013 and, 2012, contract drilling revenue earned in Canada was $87.5 million, $86.6 million and $79.4 million, respectively. Additionally, long-lived assets within the contract drilling segment located in Canada totaled $57.6 million and $69.1 million as of December 31, 2014 and 2013, respectively. | |||||||||||||
Pressure Pumping — The Company provides pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian region. Pressure pumping services are primarily well stimulation services (such as hydraulic fracturing) and cementing services for the completion of new wells and remedial work on existing wells. Well stimulation involves processes inside a well designed to enhance the flow of oil, natural gas, or other desired substances from the well. Cementing is the process of inserting material between the hole and the pipe to center and stabilize the pipe in the hole. | |||||||||||||
Oil and Natural Gas — The Company owns and invests in oil and natural gas assets as a non-operating working interest owner. The Company’s oil and natural gas interests are located primarily in Texas and New Mexico. | |||||||||||||
Major Customer — No single customer accounted for 10% or more of consolidated operating revenue in 2014. During 2013, one customer accounted for approximately $286 million or 10.5% of the Company’s consolidated operating revenues. These revenues were earned in both the Company’s contract drilling and pressure pumping businesses. No single customer accounted for 10% or more of consolidated operating revenues in 2012. | |||||||||||||
The following tables summarize selected financial information relating to the Company’s business segments (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues: | |||||||||||||
Contract drilling | $ | 1,843,707 | $ | 1,684,878 | $ | 1,826,519 | |||||||
Pressure pumping | 1,294,569 | 979,166 | 841,771 | ||||||||||
Oil and natural gas | 50,196 | 57,257 | 59,930 | ||||||||||
Total segment revenues | 3,188,472 | 2,721,301 | 2,728,220 | ||||||||||
Elimination of intercompany revenues(a) | (6,181 | ) | (5,267 | ) | (4,806 | ) | |||||||
Total revenues | $ | 3,182,291 | $ | 2,716,034 | $ | 2,723,414 | |||||||
Income before income taxes: | |||||||||||||
Contract drilling | $ | 241,851 | $ | 266,262 | $ | 349,393 | |||||||
Pressure pumping | 89,081 | 87,244 | 132,795 | ||||||||||
Oil and natural gas | (5,482 | ) | 19,948 | 27,210 | |||||||||
325,450 | 373,454 | 509,398 | |||||||||||
Corporate and other | (58,105 | ) | (54,647 | ) | (45,843 | ) | |||||||
Net gain on asset disposals(b) | 15,781 | 3,384 | 33,806 | ||||||||||
Interest income | 979 | 918 | 554 | ||||||||||
Interest expense | (29,825 | ) | (28,359 | ) | (22,750 | ) | |||||||
Other | 3 | 1,691 | 508 | ||||||||||
Income before income taxes | $ | 254,283 | $ | 296,441 | $ | 475,673 | |||||||
Identifiable assets: | |||||||||||||
Contract drilling | $ | 4,000,576 | $ | 3,569,588 | $ | 3,538,289 | |||||||
Pressure pumping | 1,186,010 | 761,199 | 784,128 | ||||||||||
Oil and natural gas | 50,945 | 58,656 | 54,188 | ||||||||||
Corporate and other(c) | 156,480 | 297,684 | 180,306 | ||||||||||
Total assets | $ | 5,394,011 | $ | 4,687,127 | $ | 4,556,911 | |||||||
Depreciation, depletion, amortization and impairment: | |||||||||||||
Contract drilling | $ | 524,023 | $ | 438,728 | $ | 390,316 | |||||||
Pressure pumping | 147,595 | 129,984 | 111,062 | ||||||||||
Oil and natural gas | 42,576 | 24,400 | 21,417 | ||||||||||
Corporate and other | 4,536 | 4,357 | 3,819 | ||||||||||
Total depreciation, depletion, amortization and impairment | $ | 718,730 | $ | 597,469 | $ | 526,614 | |||||||
Capital expenditures: | |||||||||||||
Contract drilling | $ | 771,593 | $ | 504,508 | $ | 744,949 | |||||||
Pressure pumping | 241,359 | 122,782 | 194,117 | ||||||||||
Oil and natural gas | 36,683 | 31,245 | 29,888 | ||||||||||
Corporate and other | 2,706 | 3,926 | 5,034 | ||||||||||
Total capital expenditures | $ | 1,052,341 | $ | 662,461 | $ | 973,988 | |||||||
(a) | Consists of contract drilling and, in 2014, pressure pumping intercompany revenues for services provided to the oil and natural gas exploration and production segment. | ||||||||||||
(b) | 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. | ||||||||||||
(c) | Corporate and other assets primarily include cash on hand, income tax receivables and certain deferred tax assets. |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks And Uncertainties [Abstract] | |||||||||
Concentrations of Credit Risk | 15. Concentrations of Credit Risk | ||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of demand deposits, temporary cash investments and trade receivables. | |||||||||
The Company believes it has placed its demand deposits and temporary cash investments with high credit-quality financial institutions. At December 31, 2014 and 2013, the Company’s demand deposits and temporary cash investments consisted of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Deposits in FDIC and SIPC-insured institutions under insurance limits | $ | 636 | $ | 369 | |||||
Deposits in FDIC and SIPC-insured institutions over insurance limits | 1,420 | 269,314 | |||||||
Deposits in foreign banks | 43,664 | 20,921 | |||||||
45,720 | 290,604 | ||||||||
Less outstanding checks and other reconciling items | (2,708 | ) | (41,095 | ) | |||||
Cash and cash equivalents | $ | 43,012 | $ | 249,509 | |||||
Concentrations of credit risk with respect to trade receivables are primarily focused on companies involved in the exploration and development of oil and natural gas properties. The concentration is somewhat mitigated by the diversification of customers for which the Company provides services. As is general industry practice, the Company typically does not require customers to provide collateral. No significant losses from individual customers were experienced during the years ended December 31, 2014, 2013 or 2012. No provision for bad debts was recognized in 2014 or in 2013. The Company recognized $1.1 million provision for bad debts in 2012. |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Values of Financial Instruments | 16. Fair Values of Financial Instruments | ||||||||||||||||
The carrying values of cash and cash equivalents, trade receivables and accounts payable approximate fair value due to the short-term maturity of these items. These fair value estimates are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting. | |||||||||||||||||
The estimated fair value of the Company’s outstanding debt balances (including current portion) as of December 31, 2014 and 2013 is set forth below (in thousands): | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Borrowings under Credit Agreements: | |||||||||||||||||
Revolving credit facility | $ | 303,000 | $ | 303,000 | $ | — | $ | — | |||||||||
Term loan facility | 82,500 | 82,500 | 92,500 | 92,500 | |||||||||||||
4.97% Series A Senior Notes | 300,000 | 288,346 | 300,000 | 304,293 | |||||||||||||
4.27% Series B Senior Notes | 300,000 | 269,173 | 300,000 | 286,772 | |||||||||||||
Total debt | $ | 985,500 | $ | 943,019 | $ | 692,500 | $ | 683,565 | |||||||||
The carrying values of the balances outstanding under the revolving credit facility and the term loan facility approximate their fair values as these instruments have floating interest rates. The fair values of the Series A Notes and Series B Notes at December 31, 2014 and 2013 are based on discounted cash flows associated with the respective notes using current market rates of interest at those respective dates. For the Series A Notes, the current market rates used in measuring this fair value were 5.77% at December 31, 2014 and 4.52% at December 31, 2013. For the Series B Notes, the current market rates used in measuring this fair value were 6.00% at December 31, 2014 and 4.89% at December 31, 2013. These fair value estimates are based on observable market inputs and are considered Level 2 fair value estimates in the fair value hierarchy of fair value accounting. | |||||||||||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information | 17. Quarterly Financial Information (in thousands, except per share amounts) (unaudited) | ||||||||||||||||
1st | 2nd | 3rd | 4th | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 667,039 | $ | 659,316 | $ | 730,907 | $ | 658,772 | |||||||||
Operating income | 94,932 | 70,606 | 124,551 | 32,102 | |||||||||||||
Net income | 56,230 | 40,768 | 74,420 | 16,591 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.38 | $ | 0.28 | $ | 0.51 | $ | 0.12 | |||||||||
Diluted | $ | 0.38 | $ | 0.28 | $ | 0.51 | $ | 0.11 | |||||||||
2014 | |||||||||||||||||
Operating revenues | $ | 678,168 | $ | 757,276 | $ | 845,628 | $ | 901,219 | |||||||||
Operating income | 58,776 | 87,226 | 30,291 | 106,833 | |||||||||||||
Net income | 34,822 | 54,283 | 15,976 | 57,583 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.37 | $ | 0.11 | $ | 0.39 | |||||||||
Diluted | $ | 0.24 | $ | 0.37 | $ | 0.11 | $ | 0.39 | |||||||||
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation And Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Charged to | |||||||||||||||||
Beginning | Costs and | Ending | |||||||||||||||
Description | Balance | Expenses | Deductions(1) | Balance | |||||||||||||
(In thousands) | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 3,674 | $ | — | $ | (128 | ) | $ | 3,546 | ||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 3,513 | $ | — | $ | 161 | $ | 3,674 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 4,887 | $ | 1,100 | $ | (2,474 | ) | $ | 3,513 | ||||||||
-1 | Consists of uncollectible accounts (written off) or recovered. | ||||||||||||||||
Description_of_Business_and_Su1
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Management Estimates | Management estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make 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 such estimates. | ||||||||||||
Revenue Recognition | Revenue recognition — Revenues from daywork drilling and pressure pumping activities are recognized as services are performed. Expenditures reimbursed by customers are recognized as revenue and the related expenses are recognized as direct costs. All of the wells the Company drilled in 2014, 2013 and 2012 were drilled under daywork contracts. | ||||||||||||
Accounts Receivable | Accounts receivable — Trade accounts receivable are recorded at the invoiced amount. The allowance for doubtful accounts represents the Company’s estimate of the amount of probable credit losses existing in the Company’s accounts receivable. The Company reviews the adequacy of its allowance for doubtful accounts at least quarterly. Significant individual accounts receivable balances and balances which have been outstanding greater than 90 days are reviewed individually for collectability. Account balances, when determined to be uncollectable, are charged against the allowance. | ||||||||||||
Inventories | Inventories — Inventories consist primarily of sand and other products to be used in conjunction with the Company’s pressure pumping activities. The inventories are stated at the lower of cost or market, determined under the average cost method. | ||||||||||||
Property and Equipment | Property and equipment — Property and equipment is carried at cost less accumulated depreciation. Depreciation is provided on the straight-line method over the estimated useful lives. The method of depreciation does not change whenever equipment becomes idle. The estimated useful lives, in years, are shown below: | ||||||||||||
Useful Lives | |||||||||||||
Drilling rigs and other equipment | 1.25-15 | ||||||||||||
Buildings | 15-20 | ||||||||||||
Other | 12-Mar | ||||||||||||
Long-lived assets, including property and equipment, are evaluated for impairment when certain triggering events or changes in circumstances indicate that the carrying values may not be recoverable over their estimated remaining useful life. | |||||||||||||
Oil and Natural Gas Properties | Oil and natural gas properties — Working interests in oil and natural gas properties are accounted for using the successful efforts method of accounting. Under the successful efforts method of accounting, exploration costs which result in the discovery of oil and natural gas reserves and all development costs are capitalized to the appropriate well. Exploration costs which do not result in discovering oil and natural gas reserves are charged to expense when such determination is made. Costs of exploratory wells are initially capitalized to wells-in-progress until the outcome of the drilling is known. The Company reviews wells-in-progress quarterly to determine whether sufficient progress is being made in assessing the reserves and economic viability of the respective projects. If no progress has been made in assessing the reserves and economic viability of a project after one year following the completion of drilling, the Company considers the well costs to be impaired and recognizes the costs as expense. Geological and geophysical costs, including seismic costs, and costs to carry and retain undeveloped properties are charged to expense when incurred. The capitalized costs of both developmental and successful exploratory type wells, consisting of lease and well equipment and intangible development costs, are depreciated, depleted and amortized using the units-of-production method, based on engineering estimates of total proved developed oil and natural gas reserves for each respective field. Oil and natural gas leasehold acquisition costs are depreciated, depleted and amortized using the units-of-production method, based on engineering estimates of total proved oil and natural gas reserves for each respective field. | ||||||||||||
The Company reviews its proved oil and natural gas properties for impairment whenever a triggering event occurs, such as downward revisions in reserve estimates or decreases in expected future oil and natural gas prices. Proved properties are grouped by field and undiscounted cash flow estimates are prepared based on management’s expectation of future pricing over the lives of the respective fields. These cash flow estimates are reviewed by an independent petroleum engineer. If the net book value of a field exceeds its undiscounted cash flow estimate, impairment expense is measured and recognized as the difference between net book value and fair value. The fair value estimates used in measuring impairment are based on internally developed unobservable inputs including reserve volumes and future production, pricing and operating costs (level 3 inputs in the fair value hierarchy of fair value accounting). The expected future net cash flows are discounted using an annual rate of 10% to determine fair value. The Company reviews unproved oil and natural gas properties quarterly to assess potential impairment. The Company’s impairment assessment is made on a lease-by-lease basis and considers factors such as management’s intent to drill, lease terms and abandonment of an area. If an unproved property is determined to be impaired, the related property costs are expensed. | |||||||||||||
Goodwill | Goodwill — Goodwill is considered to have an indefinite useful economic life and is not amortized. The Company assesses impairment of its goodwill at least annually as of December 31, or on an interim basis if events or circumstances indicate that the fair value of goodwill may have decreased below its carrying value. | ||||||||||||
Maintenance and Repairs | Maintenance and repairs — Maintenance and repairs are charged to expense when incurred. Renewals and betterments which extend the life or improve existing property and equipment are capitalized. | ||||||||||||
Disposals | Disposals — Upon disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is reflected in the consolidated statement of operations. | ||||||||||||
Net Income Per Common Share | Net income per common share — The Company provides a dual presentation of its net income per common share in its consolidated statements of operations: Basic net income per common share (“Basic EPS”) and diluted net income per common share (“Diluted EPS”). | ||||||||||||
Basic EPS excludes dilution and is computed by first allocating earnings between common stockholders and holders of non-vested shares of restricted stock. Basic EPS is then determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period, excluding non-vested shares of restricted stock. | |||||||||||||
Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options, non-vested shares of restricted stock and restricted stock units. The dilutive effect of stock options and restricted stock units is determined using the treasury stock method. The dilutive effect of non-vested shares of restricted stock is based on the more dilutive of the treasury stock method or the two-class method, assuming a reallocation of undistributed earnings to common stockholders after considering the dilutive effect of potential common shares other than non-vested shares of restricted stock. | |||||||||||||
The following table presents information necessary to calculate income from continuing operations per share and net income per share for the years ended December 31, 2014, 2013 and 2012, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
BASIC EPS: | |||||||||||||
Net income | $ | 162,664 | $ | 188,009 | $ | 299,477 | |||||||
Adjust for income attributed to holders of non-vested restricted stock | (1,663 | ) | (1,859 | ) | (2,532 | ) | |||||||
Income attributed to common stockholders | $ | 161,001 | $ | 186,150 | $ | 296,945 | |||||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 144,066 | 144,356 | 151,144 | ||||||||||
Basic net income per common share | $ | 1.12 | $ | 1.29 | $ | 1.96 | |||||||
DILUTED EPS: | |||||||||||||
Income attributed to common stockholders | $ | 161,001 | $ | 186,150 | $ | 296,945 | |||||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 144,066 | 144,356 | 151,144 | ||||||||||
Add dilutive effect of potential common shares | 1,310 | 947 | 555 | ||||||||||
Weighted average number of diluted common shares outstanding | 145,376 | 145,303 | 151,699 | ||||||||||
Diluted income per common share | $ | 1.11 | $ | 1.28 | $ | 1.96 | |||||||
Potentially dilutive securities excluded as anti-dilutive | 1,088 | 2,447 | 5,416 | ||||||||||
Income Taxes | Income taxes — The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for operating loss and tax credit carryforwards and for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. If applicable, a valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. The Company’s policy is to account for interest and penalties with respect to income taxes as operating expenses. | ||||||||||||
Stock-based Compensation | Stock-based compensation — The Company recognizes the cost of share-based payments under the fair-value-based method. Under this method, compensation cost related to share-based payments is measured based on the estimated fair value of the awards at the date of grant, net of estimated forfeitures. This expense is recognized over the expected life of the awards (See Note 10). | ||||||||||||
Statement of Cash Flows | Statement of cash flows — For purposes of reporting cash flows, cash and cash equivalents include cash on deposit and money market funds. | ||||||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards — In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update to provide guidance on the recognition of revenue from customers. Under this guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty, if any, of revenue and cash flows arising from contracts with customers. The requirements in this update are effective during interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. | ||||||||||||
In June 2014, the FASB issued an accounting standards update to provide guidance on the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a | |||||||||||||
performance condition. The requirements in this update are effective during interim and annual periods beginning after December 15, 2015. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. |
Description_of_Business_and_Su2
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Estimated Useful Lives of Property and Equipment | The estimated useful lives, in years, are shown below: | ||||||||||||
Useful Lives | |||||||||||||
Drilling rigs and other equipment | 1.25-15 | ||||||||||||
Buildings | 15-20 | ||||||||||||
Other | 12-Mar | ||||||||||||
Calculation of Basic and Diluted Net Income per Share | The following table presents information necessary to calculate income from continuing operations per share and net income per share for the years ended December 31, 2014, 2013 and 2012, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive (in thousands, except per share amounts): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
BASIC EPS: | |||||||||||||
Net income | $ | 162,664 | $ | 188,009 | $ | 299,477 | |||||||
Adjust for income attributed to holders of non-vested restricted stock | (1,663 | ) | (1,859 | ) | (2,532 | ) | |||||||
Income attributed to common stockholders | $ | 161,001 | $ | 186,150 | $ | 296,945 | |||||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 144,066 | 144,356 | 151,144 | ||||||||||
Basic net income per common share | $ | 1.12 | $ | 1.29 | $ | 1.96 | |||||||
DILUTED EPS: | |||||||||||||
Income attributed to common stockholders | $ | 161,001 | $ | 186,150 | $ | 296,945 | |||||||
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 144,066 | 144,356 | 151,144 | ||||||||||
Add dilutive effect of potential common shares | 1,310 | 947 | 555 | ||||||||||
Weighted average number of diluted common shares outstanding | 145,376 | 145,303 | 151,699 | ||||||||||
Diluted income per common share | $ | 1.11 | $ | 1.28 | $ | 1.96 | |||||||
Potentially dilutive securities excluded as anti-dilutive | 1,088 | 2,447 | 5,416 | ||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Summary of the Purchase Price Allocation | A summary of the purchase price allocation follows (in thousands): | ||||||||
Inventory | $ | 1,357 | |||||||
Equipment | 117,958 | ||||||||
Goodwill | 56,986 | ||||||||
Total purchase price | $ | 176,301 | |||||||
Business Acquisition Pro-forma Unaudited Financial Information | The following represents pro-forma unaudited financial information for the years ended December 31, 2014 and 2013 as if the acquisitions had been completed on January 1, 2013 (in thousands, except per share amounts): | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Revenue | $ | 3,302,492 | $ | 2,854,867 | |||||
Net income | $ | 169,831 | $ | 196,600 | |||||
Basic net income per common share | $ | 1.17 | $ | 1.35 | |||||
Diluted net income per common share | $ | 1.16 | $ | 1.34 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||
Property and Equipment | Property and equipment consisted of the following at December 31, 2014 and 2013 (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Equipment | $ | 6,679,894 | $ | 5,749,975 | |||||||||
Oil and natural gas properties | 196,234 | 183,571 | |||||||||||
Buildings | 83,465 | 80,050 | |||||||||||
Land | 12,038 | 12,054 | |||||||||||
6,971,631 | 6,025,650 | ||||||||||||
Less accumulated depreciation, depletion and impairment | (2,840,560 | ) | (2,390,109 | ) | |||||||||
Property and equipment, net | $ | 4,131,071 | $ | 3,635,541 | |||||||||
Summary of Depreciation, Depletion, Amortization and Impairment Expense related to Property and Equipment and Intangible Assets | Depreciation, depletion, amortization and impairment — The following table summarizes depreciation, depletion, amortization and impairment expense related to property and equipment and intangible assets for 2014, 2013 and 2012 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and impairment expense | $ | 693,390 | $ | 573,106 | $ | 502,953 | |||||||
Amortization expense | 3,643 | 3,993 | 4,110 | ||||||||||
Depletion expense | 21,697 | 20,370 | 19,551 | ||||||||||
Total | $ | 718,730 | $ | 597,469 | $ | 526,614 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill by Operating Segment | Goodwill — Goodwill by operating segment as of December 31, 2014 and 2013 and changes for the years then ended are as follows (in thousands): | ||||||||||||||||||||||||
Contract | Pressure | ||||||||||||||||||||||||
Drilling | Pumping | Total | |||||||||||||||||||||||
Balance December 31, 2012 | $ | 86,234 | $ | 67,575 | $ | 153,809 | |||||||||||||||||||
Changes to goodwill | — | — | - | ||||||||||||||||||||||
Balance December 31, 2013 | 86,234 | 67,575 | 153,809 | ||||||||||||||||||||||
Changes to goodwill | — | 56,986 | 56,986 | ||||||||||||||||||||||
Balance December 31, 2014 | $ | 86,234 | $ | 124,561 | $ | 210,795 | |||||||||||||||||||
Gross Carrying Amount and Accumulated Amortization of Customer Relationships | The following table presents the gross carrying amount and accumulated amortization of the customer relationships as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Gross Carrying | Accumulated | Net Carrying | ||||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Customer relationships | $ | 25,500 | $ | (15,482 | ) | $ | 10,018 | $ | 25,500 | $ | (11,839 | ) | $ | 13,661 | |||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | |||||||||
Accrued Expenses | Accrued expenses consisted of the following at December 31, 2014 and 2013 (in thousands): | ||||||||
2014 | 2013 | ||||||||
Salaries, wages, payroll taxes and benefits | $ | 52,956 | $ | 45,836 | |||||
Workers’ compensation liability | 77,348 | 74,975 | |||||||
Property, sales, use and other taxes | 11,644 | 12,367 | |||||||
Insurance, other than workers’ compensation | 9,632 | 10,129 | |||||||
Accrued interest payable | 7,427 | 7,604 | |||||||
Other | 14,459 | 9,546 | |||||||
$ | 173,466 | $ | 160,457 | ||||||
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Changes to Company's Asset Retirement Obligations | The following table describes the changes to the Company’s asset retirement obligations during 2014 and 2013 (in thousands): | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 4,837 | $ | 4,422 | |||||
Liabilities incurred | 473 | 375 | |||||||
Liabilities settled | (197 | ) | (126 | ) | |||||
Accretion expense | 169 | 166 | |||||||
Revision in estimated costs of plugging oil and natural gas wells | 19 | — | |||||||
Asset retirement obligation at end of year | $ | 5,301 | $ | 4,837 | |||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Principal Repayment Requirements of Long Term Debt | Presented below is a schedule of the principal repayment requirements of long-term debt by fiscal year as of December 31, 2014 (in thousands): | ||||
Year ending December 31, | |||||
2015 | $ | 12,500 | |||
2016 | 28,750 | ||||
2017 | 344,250 | ||||
2018 | — | ||||
2019 | — | ||||
Thereafter | 600,000 | ||||
Total | $ | 985,500 | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Cash Dividends | Cash Dividends – The Company paid cash dividends during the years ended December 31, 2012, 2013 and 2014 as follows: | ||||||||||||||||||||||||
Per Share | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2012:00:00 | |||||||||||||||||||||||||
Paid on March 30, 2012 | $ | 0.05 | $ | 7,788 | |||||||||||||||||||||
Paid on June 29, 2012 | 0.05 | 7,650 | |||||||||||||||||||||||
Paid on September 28, 2012 | 0.05 | 7,518 | |||||||||||||||||||||||
Paid on December 28, 2012 | 0.05 | 7,346 | |||||||||||||||||||||||
Total cash dividends | $ | 0.2 | $ | 30,302 | |||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||
Paid on March 29, 2013 | $ | 0.05 | $ | 7,312 | |||||||||||||||||||||
Paid on June 28, 2013 | 0.05 | 7,361 | |||||||||||||||||||||||
Paid on September 30, 2013 | 0.05 | 7,231 | |||||||||||||||||||||||
Paid on December 31, 2013 | 0.05 | 7,208 | |||||||||||||||||||||||
Total cash dividends | $ | 0.2 | $ | 29,112 | |||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||
Paid on March 27, 2014 | $ | 0.1 | $ | 14,456 | |||||||||||||||||||||
Paid on June 26, 2014 | 0.1 | 14,562 | |||||||||||||||||||||||
Paid on September 24, 2014 | 0.1 | 14,634 | |||||||||||||||||||||||
Paid on December 24, 2014 | 0.1 | 14,636 | |||||||||||||||||||||||
Total cash dividends | $ | 0.4 | $ | 58,288 | |||||||||||||||||||||
Treasury Stock Acquisition | Treasury stock acquisitions during the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Cost | Shares | Cost | Shares | Cost | ||||||||||||||||||||
Treasury shares at beginning of period | 42,268,057 | $ | 880,888 | 38,146,738 | $ | 795,051 | 27,487,571 | $ | 624,759 | ||||||||||||||||
Purchases pursuant to stock buyback programs: | |||||||||||||||||||||||||
2007 program | — | — | — | — | 4,708,784 | 70,092 | |||||||||||||||||||
2012 program | — | — | 2,567,266 | 51,107 | 5,863,451 | 98,892 | |||||||||||||||||||
2013 program | 13,898 | 466 | 602,564 | 12,517 | — | — | |||||||||||||||||||
Acquisitions pursuant to long-term incentive plans | 536,630 | 17,681 | 951,489 | 22,213 | 86,932 | 1,308 | |||||||||||||||||||
Treasury shares at end of period | 42,818,585 | $ | 899,035 | 42,268,057 | $ | 880,888 | 38,146,738 | $ | 795,051 | ||||||||||||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Share-based Compensation Plans | The Company’s share-based compensation plans at December 31, 2014 follow: | ||||||||||||||||||||
Shares | Shares Underlying | Shares | |||||||||||||||||||
Authorized | Awards | Available | |||||||||||||||||||
Plan Name | for Grant | Outstanding | for Grant | ||||||||||||||||||
Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan | 9,100,000 | 1,242,600 | 6,478,876 | ||||||||||||||||||
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended | — | 6,070,794 | — | ||||||||||||||||||
Patterson-UTI Energy, Inc. Amended and Restated 1997 Long-Term Incentive Plan, as amended (“1997 Plan”) | — | 300,000 | — | ||||||||||||||||||
Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted | Weighted-average assumptions used to estimate grant date fair values for stock options granted in the years ended December 31, 2014, 2013 and 2012 follow: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Volatility | 35.89 | % | 41.36 | % | 48.79 | % | |||||||||||||||
Expected term (in years) | 5 | 5 | 5 | ||||||||||||||||||
Dividend yield | 1.17 | % | 0.89 | % | 1.21 | % | |||||||||||||||
Risk-free interest rate | 1.76 | % | 0.7 | % | 0.87 | % | |||||||||||||||
Stock Option Activity | Stock option activity for the year ended December 31, 2014 follows: | ||||||||||||||||||||
Weighted-average | |||||||||||||||||||||
Shares | exercise price | ||||||||||||||||||||
Outstanding at beginning of year | 7,319,695 | $ | 21.23 | ||||||||||||||||||
Granted | 491,750 | $ | 32.32 | ||||||||||||||||||
Exercised | (1,725,195 | ) | $ | 20.54 | |||||||||||||||||
Cancelled | — | $ | — | ||||||||||||||||||
Expired | — | — | |||||||||||||||||||
Outstanding at end of year | 6,086,250 | $ | 22.32 | ||||||||||||||||||
Exercisable at end of year | 5,224,223 | $ | 21.45 | ||||||||||||||||||
Additional Information with Respect to Options Granted, Vested and Exercised | Additional information with respect to options granted, vested and exercised during the years ended December 31, 2014, 2013 and 2012 follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted-average grant date fair value of stock options granted (per share) | $ | 9.81 | $ | 7.59 | $ | 6.37 | |||||||||||||||
Aggregate grant date fair value of stock options vested during the year (in thousands) | $ | 5,173 | $ | 5,240 | $ | 5,512 | |||||||||||||||
Aggregate intrinsic value of stock options exercised (in thousands) | $ | 21,862 | $ | 8,683 | $ | 138 | |||||||||||||||
Restricted Stock Activity | Restricted stock activity for the year ended December 31, 2014 follows: | ||||||||||||||||||||
Weighted- | |||||||||||||||||||||
average Grant | |||||||||||||||||||||
Shares | Date Fair Value | ||||||||||||||||||||
Non-vested restricted stock outstanding at beginning of year | 1,496,692 | $ | 20.84 | ||||||||||||||||||
Granted | 813,150 | $ | 33.07 | ||||||||||||||||||
Vested | (755,564 | ) | $ | 21.67 | |||||||||||||||||
Forfeited | (61,219 | ) | $ | 24.66 | |||||||||||||||||
Non-vested restricted stock outstanding at end of year | 1,493,059 | $ | 26.93 | ||||||||||||||||||
Restricted Stock Unit Activity | Restricted stock unit activity for the year ended December 31, 2014 follows: | ||||||||||||||||||||
Weighted-average | |||||||||||||||||||||
Grant Date Fair | |||||||||||||||||||||
Shares | Value | ||||||||||||||||||||
Non-vested restricted stock units outstanding at beginning of year | 20,256 | $ | 20.67 | ||||||||||||||||||
Granted | 24,250 | $ | 34.66 | ||||||||||||||||||
Vested | (9,754 | ) | $ | 22.13 | |||||||||||||||||
Forfeited | (667 | ) | $ | 21.09 | |||||||||||||||||
Non-vested restricted stock units outstanding at end of year | 34,085 | $ | 30.2 | ||||||||||||||||||
Stock-Settled Performance Units | The total target number of shares with respect to the Stock-Settled Performance Units is set forth below: | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Performance | Performance | Performance | Performance | Performance | |||||||||||||||||
Unit Awards | Unit Awards | Unit Awards | Unit Awards | Unit Awards | |||||||||||||||||
Target number of shares | 154,000 | 236,500 | 192,000 | 144,375 | 178,750 | ||||||||||||||||
Fair Value of Stock-Settled Performance Units | The fair value of the Stock-Settled Performance Units is set forth below (in thousands): | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Performance | Performance | Performance | Performance | Performance | |||||||||||||||||
Unit Awards | Unit Awards | Unit Awards | Unit Awards | Unit Awards | |||||||||||||||||
Aggregate fair value at date of grant | $ | 5,388 | $ | 5,564 | $ | 3,065 | $ | 5,569 | $ | 3,117 | |||||||||||
Compensation Expense Associated with Stock-Settled Performance Units | Compensation expense associated with the Stock-Settled Performance Units is set forth below (in thousands): | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
Performance | Performance | Performance | Performance | Performance | |||||||||||||||||
Unit Awards | Unit Awards | Unit Awards | Unit Awards | Unit Awards | |||||||||||||||||
Year ended December 31, 2014 | $ | 1,347 | $ | 1,855 | $ | 1,022 | $ | 464 | NA | ||||||||||||
Year ended December 31, 2013 | NA | $ | 1,391 | $ | 1,022 | $ | 1,856 | $ | 260 | ||||||||||||
Year ended December 31, 2012 | NA | NA | $ | 766 | $ | 1,856 | $ | 1,039 | |||||||||||||
Employee Stock Option | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Additional Information with Respect to Non-vested Shares | Additional information as of December 31, 2014 with respect to these non-vested options follows: | ||||||||||||||||||||
Aggregate intrinsic value (in thousands) | $ | 33 | |||||||||||||||||||
Weighted-average remaining contractual term | 8.77 years | ||||||||||||||||||||
Weighted-average remaining expected term | 3.77 years | ||||||||||||||||||||
Weighted-average remaining vesting period | 1.63 years | ||||||||||||||||||||
Unrecognized compensation cost | $6.0 million | ||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Additional Information with Respect to Non-vested Shares | As of December 31, 2014, approximately 1.4 million shares of non-vested restricted stock outstanding are expected to vest. Additional information as of December 31, 2014 with respect to these non-vested shares follows: | ||||||||||||||||||||
Aggregate intrinsic value | $23.2 million | ||||||||||||||||||||
Weighted-average remaining vesting period | 1.83 years | ||||||||||||||||||||
Unrecognized compensation cost | $29.0 million | ||||||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Summary of Future Minimum Rental Payments Under Operating Leases | Future minimum rental payments required under operating leases having initial or remaining non-cancelable lease terms in excess of one year at December 31, 2014 are as follows: | ||||
Year ending December 31, | |||||
2015 | $ | 14,554 | |||
2016 | 8,838 | ||||
2017 | 3,431 | ||||
2018 | 2,638 | ||||
2019 | 1,834 | ||||
Thereafter | 3,587 | ||||
Total | $ | 34,882 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||
Components of Income Tax Provision | Components of the income tax provision applicable to federal, state and foreign income taxes for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Federal income tax expense (benefit): | |||||||||||||||||||||||||||||
Current | $ | 39,438 | $ | 41,558 | $ | (512 | ) | ||||||||||||||||||||||
Deferred | 39,673 | 47,136 | 156,003 | ||||||||||||||||||||||||||
79,111 | 88,694 | 155,491 | |||||||||||||||||||||||||||
State income tax expense: | |||||||||||||||||||||||||||||
Current | 3,987 | 11,733 | 12,455 | ||||||||||||||||||||||||||
Deferred | 5,292 | 4,229 | 5,483 | ||||||||||||||||||||||||||
9,279 | 15,962 | 17,938 | |||||||||||||||||||||||||||
Foreign income tax expense (benefit): | |||||||||||||||||||||||||||||
Current | 4,521 | 4,572 | 3,817 | ||||||||||||||||||||||||||
Deferred | (1,292 | ) | (796 | ) | (1,050 | ) | |||||||||||||||||||||||
3,229 | 3,776 | 2,767 | |||||||||||||||||||||||||||
Total income tax expense: | |||||||||||||||||||||||||||||
Current | 47,946 | 57,863 | 15,760 | ||||||||||||||||||||||||||
Deferred | 43,673 | 50,569 | 160,436 | ||||||||||||||||||||||||||
Total income tax expense: | $ | 91,619 | $ | 108,432 | $ | 176,196 | |||||||||||||||||||||||
Difference Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2014, 2013 and 2012 is summarized as follows: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||||||||||||||||||
State income taxes | 2.5 | 3.7 | 2.5 | ||||||||||||||||||||||||||
Permanent differences | (1.4 | ) | (1.5 | ) | (0.2 | ) | |||||||||||||||||||||||
Other, net | (0.1 | ) | (0.6 | ) | (0.3 | ) | |||||||||||||||||||||||
Effective tax rate | 36 | % | 36.6 | % | 37 | % | |||||||||||||||||||||||
Tax Effect of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities | The tax effect of significant temporary differences representing deferred tax assets and liabilities and changes therein were as follows (in thousands): | ||||||||||||||||||||||||||||
December 31, | Net | December 31, | Net | December 31, | Net | December 31, | |||||||||||||||||||||||
2014 | Change | 2013 | Change | 2012 | Change | 2011 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Net operating loss carryforwards | $ | — | $ | (— | ) | $ | — | $ | (18,914 | ) | $ | 18,914 | $ | (95,662 | ) | $ | 114,576 | ||||||||||||
Workers’ compensation allowance | 28,310 | 698 | 27,612 | 2,534 | 25,078 | 1,074 | 24,004 | ||||||||||||||||||||||
Other | 22,396 | 2,749 | 19,647 | (804 | ) | 20,451 | 1,651 | 18,800 | |||||||||||||||||||||
50,706 | 3,447 | 47,259 | (17,184 | ) | 64,443 | (92,937 | ) | 157,380 | |||||||||||||||||||||
Non-current: | |||||||||||||||||||||||||||||
Net operating loss carryforwards | 12,464 | (988 | ) | 13,452 | 1,690 | 11,762 | (6,672 | ) | 18,434 | ||||||||||||||||||||
Expense associated with employee stock options | 14,386 | (1,822 | ) | 16,208 | 1,536 | 14,672 | 1,944 | 12,728 | |||||||||||||||||||||
Federal benefit of state deferred tax liabilities | 24,019 | 1,181 | 22,838 | 816 | 22,022 | 1,762 | 20,260 | ||||||||||||||||||||||
Other | 16,047 | 1,344 | 14,703 | (421 | ) | 15,124 | 4,454 | 10,670 | |||||||||||||||||||||
66,916 | (285 | ) | 67,201 | 3,621 | 63,580 | 1,488 | 62,092 | ||||||||||||||||||||||
Total deferred tax assets | 117,622 | 3,162 | 114,460 | (13,563 | ) | 128,023 | (91,449 | ) | 219,472 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Other | (13,631 | ) | 676 | (14,307 | ) | (2,823 | ) | (11,484 | ) | 3,171 | (14,655 | ) | |||||||||||||||||
Non-current: | |||||||||||||||||||||||||||||
Property and equipment basis difference | (986,953 | ) | (47,359 | ) | (939,594 | ) | (33,997 | ) | (905,597 | ) | (69,774 | ) | (835,823 | ) | |||||||||||||||
Other | (15,623 | ) | (152 | ) | (15,471 | ) | (186 | ) | (15,285 | ) | (2,384 | ) | (12,901 | ) | |||||||||||||||
(1,002,576 | ) | (47,511 | ) | (955,065 | ) | (34,183 | ) | (920,882 | ) | (72,158 | ) | (848,724 | ) | ||||||||||||||||
Total deferred tax liabilities | (1,016,207 | ) | (46,835 | ) | (969,372 | ) | (37,006 | ) | (932,366 | ) | (68,987 | ) | (863,379 | ) | |||||||||||||||
Net deferred tax liability | $ | (898,585 | ) | $ | (43,673 | ) | $ | (854,912 | ) | $ | (50,569 | ) | $ | (804,343 | ) | $ | (160,436 | ) | $ | (643,907 | ) | ||||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Business Segments - Financial Information | The following tables summarize selected financial information relating to the Company’s business segments (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues: | |||||||||||||
Contract drilling | $ | 1,843,707 | $ | 1,684,878 | $ | 1,826,519 | |||||||
Pressure pumping | 1,294,569 | 979,166 | 841,771 | ||||||||||
Oil and natural gas | 50,196 | 57,257 | 59,930 | ||||||||||
Total segment revenues | 3,188,472 | 2,721,301 | 2,728,220 | ||||||||||
Elimination of intercompany revenues(a) | (6,181 | ) | (5,267 | ) | (4,806 | ) | |||||||
Total revenues | $ | 3,182,291 | $ | 2,716,034 | $ | 2,723,414 | |||||||
Income before income taxes: | |||||||||||||
Contract drilling | $ | 241,851 | $ | 266,262 | $ | 349,393 | |||||||
Pressure pumping | 89,081 | 87,244 | 132,795 | ||||||||||
Oil and natural gas | (5,482 | ) | 19,948 | 27,210 | |||||||||
325,450 | 373,454 | 509,398 | |||||||||||
Corporate and other | (58,105 | ) | (54,647 | ) | (45,843 | ) | |||||||
Net gain on asset disposals(b) | 15,781 | 3,384 | 33,806 | ||||||||||
Interest income | 979 | 918 | 554 | ||||||||||
Interest expense | (29,825 | ) | (28,359 | ) | (22,750 | ) | |||||||
Other | 3 | 1,691 | 508 | ||||||||||
Income before income taxes | $ | 254,283 | $ | 296,441 | $ | 475,673 | |||||||
Identifiable assets: | |||||||||||||
Contract drilling | $ | 4,000,576 | $ | 3,569,588 | $ | 3,538,289 | |||||||
Pressure pumping | 1,186,010 | 761,199 | 784,128 | ||||||||||
Oil and natural gas | 50,945 | 58,656 | 54,188 | ||||||||||
Corporate and other(c) | 156,480 | 297,684 | 180,306 | ||||||||||
Total assets | $ | 5,394,011 | $ | 4,687,127 | $ | 4,556,911 | |||||||
Depreciation, depletion, amortization and impairment: | |||||||||||||
Contract drilling | $ | 524,023 | $ | 438,728 | $ | 390,316 | |||||||
Pressure pumping | 147,595 | 129,984 | 111,062 | ||||||||||
Oil and natural gas | 42,576 | 24,400 | 21,417 | ||||||||||
Corporate and other | 4,536 | 4,357 | 3,819 | ||||||||||
Total depreciation, depletion, amortization and impairment | $ | 718,730 | $ | 597,469 | $ | 526,614 | |||||||
Capital expenditures: | |||||||||||||
Contract drilling | $ | 771,593 | $ | 504,508 | $ | 744,949 | |||||||
Pressure pumping | 241,359 | 122,782 | 194,117 | ||||||||||
Oil and natural gas | 36,683 | 31,245 | 29,888 | ||||||||||
Corporate and other | 2,706 | 3,926 | 5,034 | ||||||||||
Total capital expenditures | $ | 1,052,341 | $ | 662,461 | $ | 973,988 | |||||||
(a) | Consists of contract drilling and, in 2014, pressure pumping intercompany revenues for services provided to the oil and natural gas exploration and production segment. | ||||||||||||
(b) | 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. | ||||||||||||
(c) | Corporate and other assets primarily include cash on hand, income tax receivables and certain deferred tax assets. |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Risks And Uncertainties [Abstract] | |||||||||
Company's Demand Deposits and Temporary Cash Investments | At December 31, 2014 and 2013, the Company’s demand deposits and temporary cash investments consisted of the following (in thousands): | ||||||||
2014 | 2013 | ||||||||
Deposits in FDIC and SIPC-insured institutions under insurance limits | $ | 636 | $ | 369 | |||||
Deposits in FDIC and SIPC-insured institutions over insurance limits | 1,420 | 269,314 | |||||||
Deposits in foreign banks | 43,664 | 20,921 | |||||||
45,720 | 290,604 | ||||||||
Less outstanding checks and other reconciling items | (2,708 | ) | (41,095 | ) | |||||
Cash and cash equivalents | $ | 43,012 | $ | 249,509 | |||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Estimated Fair Value of Outstanding Debt Balances | The estimated fair value of the Company’s outstanding debt balances (including current portion) as of December 31, 2014 and 2013 is set forth below (in thousands): | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Borrowings under Credit Agreements: | |||||||||||||||||
Revolving credit facility | $ | 303,000 | $ | 303,000 | $ | — | $ | — | |||||||||
Term loan facility | 82,500 | 82,500 | 92,500 | 92,500 | |||||||||||||
4.97% Series A Senior Notes | 300,000 | 288,346 | 300,000 | 304,293 | |||||||||||||
4.27% Series B Senior Notes | 300,000 | 269,173 | 300,000 | 286,772 | |||||||||||||
Total debt | $ | 985,500 | $ | 943,019 | $ | 692,500 | $ | 683,565 | |||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Unaudited Quarterly Financial Information | |||||||||||||||||
1st | 2nd | 3rd | 4th | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Operating revenues | $ | 667,039 | $ | 659,316 | $ | 730,907 | $ | 658,772 | |||||||||
Operating income | 94,932 | 70,606 | 124,551 | 32,102 | |||||||||||||
Net income | 56,230 | 40,768 | 74,420 | 16,591 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.38 | $ | 0.28 | $ | 0.51 | $ | 0.12 | |||||||||
Diluted | $ | 0.38 | $ | 0.28 | $ | 0.51 | $ | 0.11 | |||||||||
2014 | |||||||||||||||||
Operating revenues | $ | 678,168 | $ | 757,276 | $ | 845,628 | $ | 901,219 | |||||||||
Operating income | 58,776 | 87,226 | 30,291 | 106,833 | |||||||||||||
Net income | 34,822 | 54,283 | 15,976 | 57,583 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.37 | $ | 0.11 | $ | 0.39 | |||||||||
Diluted | $ | 0.24 | $ | 0.37 | $ | 0.11 | $ | 0.39 | |||||||||
Estimated_Useful_Lives_of_Prop
Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum | Drilling Rigs and Other Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year 3 months |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum | Drilling Rigs and Other Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 12 years |
Description_of_Business_and_Su3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Future net cash flow discount rate | 10.00% |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Net Income per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
BASIC EPS: | |||
Net income | $162,664 | $188,009 | $299,477 |
Adjust for income attributed to holders of non-vested restricted stock | -1,663 | -1,859 | -2,532 |
Income attributed to common stockholders | 161,001 | 186,150 | 296,945 |
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 144,066 | 144,356 | 151,144 |
Basic net income per common share | $1.12 | $1.29 | $1.96 |
DILUTED EPS: | |||
Income attributed to common stockholders | $161,001 | $186,150 | $296,945 |
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock | 144,066 | 144,356 | 151,144 |
Add dilutive effect of potential common shares | 1,310 | 947 | 555 |
Weighted average number of diluted common shares outstanding | 145,376 | 145,303 | 151,699 |
Diluted income per common share | $1.11 | $1.28 | $1.96 |
Potentially dilutive securities excluded as anti-dilutive | 1,088 | 2,447 | 5,416 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 |
hp | hp | ||
Business Acquisition [Line Items] | |||
Hydraulic fracturing equipment purchased in the acquisition | 148,250 | 31,500 | |
Payments to acquire businesses | $176 | ||
Revenue from acquired business | 80.8 | ||
Operating income (loss) from acquired business | $13.70 | ||
Pressure Pumping | |||
Business Acquisition [Line Items] | |||
Number of pressure pumping acquisitions | 2 |
Summary_of_Purchase_Price_Allo
Summary of Purchase Price Allocation (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $210,795 | $153,809 | $153,809 |
Pressure Pumping Acquisitions | |||
Business Acquisition [Line Items] | |||
Inventory | 1,357 | ||
Equipment | 117,958 | ||
Goodwill | 56,986 | ||
Total purchase price | $176,301 |
Business_Acquisition_Proforma_
Business Acquisition Pro-forma Unaudited Financial Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition Pro Forma Information [Abstract] | ||
Revenue | $3,302,492 | $2,854,867 |
Net income | $169,831 | $196,600 |
Basic net income per common share | $1.17 | $1.35 |
Diluted net income per common share | $1.16 | $1.34 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ||
Equipment | $6,679,894 | $5,749,975 |
Oil and natural gas properties | 196,234 | 183,571 |
Buildings | 83,465 | 80,050 |
Land | 12,038 | 12,054 |
Property, Plant and Equipment, Gross, Total | 6,971,631 | 6,025,650 |
Less accumulated depreciation, depletion and impairment | -2,840,560 | -2,390,109 |
Property and equipment, net | $4,131,071 | $3,635,541 |
Depreciation_Depletion_Amortiz
Depreciation, Depletion, Amortization and Impairment Expense Related to Property and Equipment and Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment [Abstract] | |||
Depreciation and impairment expense | $693,390 | $573,106 | $502,953 |
Amortization expense | 3,643 | 3,993 | 4,110 |
Depletion expense | 21,697 | 20,370 | 19,551 |
Total | $718,730 | $597,469 | $526,614 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Impairment charges related to oil and natural gas properties | $20.90 | $4 | $1.90 |
Proceeds from sale of oil and natural gas properties | 42.5 | ||
Gain on sale of oil and natural gas properties | 22.6 | ||
Drilling Rigs That Would No Longer Be Marketed As Rigs | |||
Property, Plant and Equipment [Line Items] | |||
Number of drilling rigs | 55 | 48 | 36 |
Impairment charges of fleets | 77.9 | 37.8 | 5.2 |
Mechanically powered drilling rigs | |||
Property, Plant and Equipment [Line Items] | |||
Number of drilling rigs | 55 | ||
Impairment charges of fleets | 29.9 | ||
Pressure Pumping | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charges of fleets | $7.30 | ||
Number of horsepower of pressure pumping equipment that would no longer be marketed | 37,000 |
Goodwill_by_Operating_Segment_
Goodwill by Operating Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Goodwill [Line Items] | |||
Beginning Balance | $153,809 | $153,809 | |
Changes to goodwill | 56,986 | ||
Ending Balance | 210,795 | 153,809 | |
Contract Drilling | |||
Goodwill [Line Items] | |||
Beginning Balance | 86,234 | 86,234 | |
Ending Balance | 86,234 | 86,234 | 86,234 |
Pressure Pumping | |||
Goodwill [Line Items] | |||
Beginning Balance | 67,575 | 67,575 | |
Changes to goodwill | 56,986 | ||
Ending Balance | $124,561 | $67,575 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2010 |
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Accumulated impairment losses | $0 | $0 | ||
Goodwill impairment, long-term growth rate | 3.00% | |||
Amortization expense | 3,643 | 3,993 | 4,110 | |
Non-compete Agreement | ||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Contract term | 3 years | |||
Amortization period (in years) | 3 years | |||
Amortization expense | 350 | 467 | ||
Customer Relationships | ||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Amortization period (in years) | 7 years | |||
Amortization expense | $3,600 | $3,600 | $3,600 | |
Contract Drilling | ||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Goodwill impairment, discount rate | 11.87% | |||
Pressure Pumping | ||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Goodwill impairment, discount rate | 12.40% |
Gross_Carrying_Amount_and_Accu
Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) (Customer Relationships, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Customer Relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $25,500 | $25,500 |
Accumulated Amortization | -15,482 | -11,839 |
Net Carrying Amount | $10,018 | $13,661 |
Summary_of_Accrued_Expenses_De
Summary of Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ||
Salaries, wages, payroll taxes and benefits | $52,956 | $45,836 |
Workers’ compensation liability | 77,348 | 74,975 |
Property, sales, use and other taxes | 11,644 | 12,367 |
Insurance, other than workers’ compensation | 9,632 | 10,129 |
Accrued interest payable | 7,427 | 7,604 |
Other | 14,459 | 9,546 |
Accrued expenses | $173,466 | $160,457 |
Changes_to_Companys_Asset_Reti
Changes to Company's Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance at beginning of year | $4,837 | $4,422 |
Liabilities incurred | 473 | 375 |
Liabilities settled | -197 | -126 |
Accretion expense | 169 | 166 |
Revision in estimated costs of plugging oil and natural gas wells | 19 | |
Asset retirement obligation at end of year | $5,301 | $4,837 |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 27, 2012 | Aug. 19, 2010 | Oct. 05, 2010 | Dec. 31, 2010 | Jun. 14, 2012 | Apr. 01, 2015 | |
LegalMatter | LegalMatter | LegalMatter | |||||||
Debt Disclosure [Line Items] | |||||||||
Unfunded letters of credit, amount outstanding | $39,800,000 | ||||||||
Line of credit, available borrowing capacity | 157,000,000 | ||||||||
Debt issuance costs | 7,581,000 | ||||||||
Interest expense related to amortization of debt issuance costs | 2,200,000 | 2,200,000 | 3,400,000 | ||||||
London Interbank Offered Rate (LIBOR) | |||||||||
Debt Disclosure [Line Items] | |||||||||
Applicable margin | 2.25% | ||||||||
London Interbank Offered Rate (LIBOR) | Scenario Forecast | |||||||||
Debt Disclosure [Line Items] | |||||||||
Applicable margin | 2.75% | ||||||||
Base Rate | |||||||||
Debt Disclosure [Line Items] | |||||||||
Applicable margin | 1.25% | ||||||||
Base Rate | Scenario Forecast | |||||||||
Debt Disclosure [Line Items] | |||||||||
Applicable margin | 1.75% | ||||||||
Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | 700,000,000 | ||||||||
Debt maturity date | 27-Sep-17 | ||||||||
Aggregate amount by which the revolving credit facility can be increased | 100,000,000 | ||||||||
Commitment fee payable to the lenders for the unused portion of the credit facility | 0.50% | ||||||||
Credit agreement, financial covenant description | The Company must not permit its debt to capitalization ratio to exceed 45%. The Credit Agreement generally defines the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 3.00 to 1.00. The Credit Agreement generally defines the interest coverage ratio as the ratio of earnings before interest, taxes, depreciation and amortization (“EBITDAâ€) of the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at December 31, 2014. | ||||||||
Number of compliance covenants | 2 | ||||||||
Credit Agreement | Minimum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Interest coverage ratio that the Company must exceed on the last day of the fiscal quarter | 300.00% | ||||||||
Credit Agreement | Maximum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Debt to capitalization ratio, percentage the Company must not exceed at any time | 45.00% | ||||||||
Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Applicable margin | 2.25% | ||||||||
Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Applicable margin | 3.25% | ||||||||
Credit Agreement | Base Rate | Minimum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Applicable margin | 1.25% | ||||||||
Credit Agreement | Base Rate | Maximum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Applicable margin | 2.25% | ||||||||
Term Loan Facility | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit, amount outstanding | 82,500,000 | ||||||||
Line of credit facility, interest rate | 2.50% | ||||||||
Term Loan Facility | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Current aggregate borrowing capacity | 100,000,000 | ||||||||
Line of credit facility, frequency of payment and payment terms | The term loan facility provides for a loan of $100 million, which was drawn on December 24, 2012. The term loan facility is payable in quarterly principal installments, which commenced December 27, 2012. The installment amounts vary from 1.25% of the original principal amount for each of the first four quarterly installments, 2.50% of the original principal amount for each of the subsequent eight quarterly installments, 5.00% of the original principal amount for the subsequent four quarterly installments and 13.75% of the original principal amount for the final four quarterly installments. | ||||||||
Line of credit facility, frequency of payments | Quarterly | ||||||||
Commencement date of principal payments | 27-Dec-12 | ||||||||
Term Loan Facility | First Four Quarterly Installments | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Installment amounts percentage of the original principal amount | 1.25% | ||||||||
Term Loan Facility | Subsequent Eight Quarterly Installments | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Installment amounts percentage of the original principal amount | 2.50% | ||||||||
Term Loan Facility | Subsequent Four Quarterly Installments | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Installment amounts percentage of the original principal amount | 5.00% | ||||||||
Term Loan Facility | Amount For The Final Four Quarterly Installments | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Installment amounts percentage of the original principal amount | 13.75% | ||||||||
Revolving Credit Facility | |||||||||
Debt Disclosure [Line Items] | |||||||||
Line of credit, amount outstanding | 303,000,000 | ||||||||
Line of credit facility, weighted average interest rate | 2.65% | ||||||||
Revolving Credit Facility | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Current aggregate borrowing capacity | 500,000,000 | ||||||||
2010 Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Credit agreement date | 19-Aug-10 | ||||||||
2010 Credit Agreement | Term Loan Facility | |||||||||
Debt Disclosure [Line Items] | |||||||||
Current aggregate borrowing capacity | 100,000,000 | ||||||||
Line of credit facility, frequency of payment and payment terms | The term loan facility was payable in quarterly principal installments commencing November 10, 2010. The installment amounts were scheduled to vary from 1.25% of the original principal amount for each of the first four quarterly installments, 2.50% of the original principal amount for each of the subsequent eight quarterly installments and 5.00% of the original principal amount for the next subsequent three quarterly installments, with the balance due on the maturity date of August 19, 2014. | ||||||||
Line of credit facility, frequency of payments | Quarterly | ||||||||
Commencement date of principal payments | 10-Nov-10 | ||||||||
Debt maturity date | 19-Aug-14 | ||||||||
2010 Credit Agreement | Term Loan Facility | First Four Quarterly Installments | |||||||||
Debt Disclosure [Line Items] | |||||||||
Installment amounts percentage of the original principal amount | 1.25% | ||||||||
2010 Credit Agreement | Term Loan Facility | Subsequent Eight Quarterly Installments | |||||||||
Debt Disclosure [Line Items] | |||||||||
Installment amounts percentage of the original principal amount | 2.50% | ||||||||
2010 Credit Agreement | Term Loan Facility | Subsequent Four Quarterly Installments | |||||||||
Debt Disclosure [Line Items] | |||||||||
Installment amounts percentage of the original principal amount | 5.00% | ||||||||
2010 Credit Agreement | Revolving Credit Facility | |||||||||
Debt Disclosure [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | 400,000,000 | ||||||||
Letter of Credit | Revolving Credit Facility | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Current aggregate borrowing capacity | 150,000,000 | ||||||||
Swing Line Facility | Revolving Credit Facility | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Current aggregate borrowing capacity | 40,000,000 | ||||||||
4.97% Series A Senior Notes, Due October 5th 2020 | |||||||||
Debt Disclosure [Line Items] | |||||||||
Debt maturity date | 5-Oct-20 | ||||||||
Number of compliance covenants | 2 | ||||||||
Long-term debt, aggregate principal amount | 300,000,000 | ||||||||
Debt interest rate | 4.97% | ||||||||
Notes issuance date | 5-Oct-10 | ||||||||
Description of the prepayment terms | Notes are prepayable at the Company’s option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date, plus a “make-whole†premium as specified in the note purchase agreements. The Company must offer to prepay the notes upon the occurrence of any change of control. In addition, the Company must offer to prepay the notes upon the occurrence of certain asset dispositions if the proceeds therefrom are not timely reinvested in productive assets. If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. | ||||||||
Description of the acceptance terms | If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. | ||||||||
Acceptance terms, percent of principal before accrued and unpaid interest | 100.00% | ||||||||
Note purchase agreement, financial covenant description | The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at December 31, 2014. | ||||||||
4.97% Series A Senior Notes, Due October 5th 2020 | Minimum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Interest coverage ratio that the Company must exceed on the last day of the fiscal quarter | 2.50% | ||||||||
Prepayment terms, percent of principal before accrued and unpaid interest and "make-whole" premium | 100.00% | ||||||||
4.97% Series A Senior Notes, Due October 5th 2020 | Maximum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Debt to capitalization ratio, percentage the Company must not exceed at any time | 50.00% | ||||||||
4.97% Series A Senior Notes, Due October 5th 2020 | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Debt issuance costs | 10,800,000 | ||||||||
4.97% Series A Senior Notes, Due October 5th 2020 | Semi Annual Payment, First Payment | |||||||||
Debt Disclosure [Line Items] | |||||||||
Interest pay date | 5-Apr | ||||||||
4.97% Series A Senior Notes, Due October 5th 2020 | Semi Annual Payment, Second Payment | |||||||||
Debt Disclosure [Line Items] | |||||||||
Interest pay date | 5-Oct | ||||||||
4.27% Series B Senior Notes, Due June 14th 2022 | |||||||||
Debt Disclosure [Line Items] | |||||||||
Debt maturity date | 14-Jun-22 | ||||||||
Number of compliance covenants | 2 | ||||||||
Long-term debt, aggregate principal amount | 300,000,000 | ||||||||
Debt interest rate | 4.27% | ||||||||
Notes issuance date | 14-Jun-12 | ||||||||
Description of the prepayment terms | Notes are prepayable at the Company’s option, in whole or in part, provided that in the case of a partial prepayment, prepayment must be in an amount not less than 5% of the aggregate principal amount of the notes then outstanding, at any time and from time to time at 100% of the principal amount prepaid, plus accrued and unpaid interest to the prepayment date, plus a “make-whole†premium as specified in the note purchase agreements. The Company must offer to prepay the notes upon the occurrence of any change of control. In addition, the Company must offer to prepay the notes upon the occurrence of certain asset dispositions if the proceeds therefrom are not timely reinvested in productive assets. If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. | ||||||||
Description of the acceptance terms | If any offer to prepay is accepted, the purchase price of each prepaid note is 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the prepayment date. | ||||||||
Acceptance terms, percent of principal before accrued and unpaid interest | 100.00% | ||||||||
Note purchase agreement, financial covenant description | The Company must not permit its debt to capitalization ratio to exceed 50% at any time. The note purchase agreements generally define the debt to capitalization ratio as the ratio of (a) total borrowed money indebtedness to (b) the sum of such indebtedness plus consolidated net worth, with consolidated net worth determined as of the last day of the most recently ended fiscal quarter. The Company also must not permit the interest coverage ratio as of the last day of a fiscal quarter to be less than 2.50 to 1.00. The note purchase agreements generally define the interest coverage ratio as the ratio of EBITDA for the four prior fiscal quarters to interest charges for the same period. The Company was in compliance with these covenants at December 31, 2014. | ||||||||
4.27% Series B Senior Notes, Due June 14th 2022 | Minimum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Interest coverage ratio that the Company must exceed on the last day of the fiscal quarter | 2.50% | ||||||||
Prepayment terms, percent of principal before accrued and unpaid interest and "make-whole" premium | 100.00% | ||||||||
4.27% Series B Senior Notes, Due June 14th 2022 | Maximum | |||||||||
Debt Disclosure [Line Items] | |||||||||
Debt to capitalization ratio, percentage the Company must not exceed at any time | 50.00% | ||||||||
4.27% Series B Senior Notes, Due June 14th 2022 | Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Debt issuance costs | 7,600,000 | ||||||||
4.27% Series B Senior Notes, Due June 14th 2022 | Semi Annual Payment, First Payment | |||||||||
Debt Disclosure [Line Items] | |||||||||
Interest pay date | 5-Apr | ||||||||
4.27% Series B Senior Notes, Due June 14th 2022 | Semi Annual Payment, Second Payment | |||||||||
Debt Disclosure [Line Items] | |||||||||
Interest pay date | 5-Oct | ||||||||
Corporate Debt Securities | 2010 Credit Agreement | |||||||||
Debt Disclosure [Line Items] | |||||||||
Interest expense on debt extinguishment | $978,000 |
Schedule_of_Principal_Repaymen
Schedule of Principal Repayment Requirements of Long Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $12,500 | |
2016 | 28,750 | |
2017 | 344,250 | |
Thereafter | 600,000 | |
Total | $985,500 | $692,500 |
Commitments_Contingencies_and_1
Commitments Contingencies and Other Matters - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
Oct. 31, 2014 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Letters of credit, collateral for retrospective premiums and retained losses | $39,800,000 | |
Amount drawn under letters of credit | 0 | |
Commitments to purchase major equipment | 512,000,000 | |
Current obligation | 71,800,000 | |
Purchase obligations for 2015 | 15,400,000 | |
Civil penalties for alleged RCRA violations | 1,100,000 | |
Self-insured retention | 2,000,000 | |
Workers' compensation, deductible per occurrence | 1,500,000 | |
Automobile liability insurance, deductible per occurrence | 2,000,000 | |
Key Employees | Change in Control Agreements | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Automatic renewal period | 12 months | |
New term notification period | 90 days | |
Chairman of the Board and Chief Executive Officer | Change in Control Agreements | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employee entitlement ratio | 2.5 | |
Continued coverage entitlement of welfare plan period | 3 years | |
Senior Vice Presidents | Change in Control Agreements | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employee entitlement ratio | 2 | |
Continued coverage entitlement of welfare plan period | 2 years | |
General Counsel | Change in Control Agreements | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Employee entitlement ratio | 1.5 | |
Continued coverage entitlement of welfare plan period | 2 years | |
Non Revolving Senior Secured Term Loan | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Advance to non-affiliates | 12,000,000 | |
Notes receivable interest rate | 5.00% | |
Notes receivable | 11,800,000 | |
Repayment of notes receivable | 8,600,000 | |
Notes receivable outstanding | $3,200,000 |
Cash_Dividends_Detail
Cash Dividends (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders Equity Note [Line Items] | |||
Cash dividends paid, per share | $0.40 | $0.20 | $0.20 |
Cash dividends paid | $58,288 | $29,112 | $30,302 |
Period 1 | |||
Stockholders Equity Note [Line Items] | |||
Cash dividends paid, date | 27-Mar-14 | 29-Mar-13 | 30-Mar-12 |
Cash dividends paid, per share | $0.10 | $0.05 | $0.05 |
Cash dividends paid | 14,456 | 7,312 | 7,788 |
Period 2 | |||
Stockholders Equity Note [Line Items] | |||
Cash dividends paid, date | 26-Jul-14 | 28-Jun-13 | 29-Jun-12 |
Cash dividends paid, per share | $0.10 | $0.05 | $0.05 |
Cash dividends paid | 14,562 | 7,361 | 7,650 |
Period 3 | |||
Stockholders Equity Note [Line Items] | |||
Cash dividends paid, date | 24-Sep-14 | 30-Sep-13 | 28-Sep-12 |
Cash dividends paid, per share | $0.10 | $0.05 | $0.05 |
Cash dividends paid | 14,634 | 7,231 | 7,518 |
Period 4 | |||
Stockholders Equity Note [Line Items] | |||
Cash dividends paid, date | 24-Dec-14 | 31-Dec-13 | 28-Dec-12 |
Cash dividends paid, per share | $0.10 | $0.05 | $0.05 |
Cash dividends paid | $14,636 | $7,208 | $7,346 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Feb. 04, 2015 | Dec. 31, 2014 | Aug. 01, 2007 | Jul. 25, 2012 | Sep. 06, 2013 |
Stockholders Equity Note [Line Items] | |||||
Remaining Amount approved for repurchases under stock buyback program | $187 | ||||
2007 Program | Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Amount approved for repurchases under stock buyback program | 250 | ||||
2012 Program | Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Amount approved for repurchases under stock buyback program | 150 | ||||
2013 Program | Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Amount approved for repurchases under stock buyback program | $200 | ||||
Subsequent Event | Dividend Declared | |||||
Stockholders Equity Note [Line Items] | |||||
Dividend declaration date | 4-Feb-15 | ||||
Dividend per share, declared | $0.10 | ||||
Dividend payment date | 25-Mar-15 | ||||
Dividend record date | 11-Mar-15 |
Treasury_Stock_Acquisition_Det
Treasury Stock Acquisition (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Treasury Stock [Line Items] | |||
Treasury stock acquired, Shares, Beginning balance | 42,268,057 | 38,146,738 | 27,487,571 |
Treasury stock acquired, Shares, Ending balance | 42,818,585 | 42,268,057 | 38,146,738 |
Treasury stock acquired, Values, Beginning balance | $880,888 | $795,051 | $624,759 |
Treasury stock acquired, Values | 18,147 | 85,837 | 170,292 |
Treasury stock acquired, Values, Ending balance | 899,035 | 880,888 | 795,051 |
2007 Program | |||
Schedule of Treasury Stock [Line Items] | |||
Treasury stock acquired, Shares | 4,708,784 | ||
Treasury stock acquired, Values | 70,092 | ||
2012 Program | |||
Schedule of Treasury Stock [Line Items] | |||
Treasury stock acquired, Shares | 2,567,266 | 5,863,451 | |
Treasury stock acquired, Values | 51,107 | 98,892 | |
2013 Program | |||
Schedule of Treasury Stock [Line Items] | |||
Treasury stock acquired, Shares | 13,898 | 602,564 | |
Treasury stock acquired, Values | 466 | 12,517 | |
Long Term Incentive Plan | |||
Schedule of Treasury Stock [Line Items] | |||
Treasury stock acquired, Shares | 536,630 | 951,489 | 86,932 |
Treasury stock acquired, Values | $17,681 | $22,213 | $1,308 |
Companys_ShareBased_Compensati
Company's Share-Based Compensation Plans (Detail) | Dec. 31, 2014 |
Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Authorized for Grant | 9,100,000 |
Shares Underlying Awards Outstanding | 1,242,600 |
Shares Available for Grant | 6,478,876 |
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Underlying Awards Outstanding | 6,070,794 |
Patterson-UTI Energy, Inc. Amended and Restated 1997 Long-Term Incentive Plan, as amended ("1997 Plan") | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Underlying Awards Outstanding | 300,000 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Treasury stock acquisition price | $18,147,000 | $85,837,000 | $170,292,000 | |||
Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Treasury stock shares acquired | 190,919 | |||||
Options outstanding, aggregate intrinsic value | 4,300,000 | |||||
Options outstanding, weighted-average remaining contractual term | 4 years 11 months 1 day | |||||
Options exercisable, aggregate intrinsic value | 4,200,000 | |||||
Options exercisable, weighted-average remaining contractual term | 4 years 3 months 11 days | |||||
Outstanding non-vested options | 862,000 | |||||
Employee Stock Option | Acquired to satisfy the exercise price | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Treasury stock acquisition price | 4,600,000 | |||||
Employee Stock Option | Acquired to satisfy payroll tax withholding obligations | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Treasury stock acquisition price | 1,600,000 | |||||
Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Outstanding non-vested restricted stock | 1,400,000 | |||||
Performance Units Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award description | Generally, the recipients will receive a target number of shares if the Company’s total shareholder return is positive and, when compared to the peer group, is at the 50th percentile and two times the target if at the 75th percentile or higher. | |||||
Performance period | 3 years | |||||
Performance Units Awards | 2009 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award description | Generally, the recipients would receive a target payment if the Company’s total shareholder return was positive and, when compared to the peer group, was at or above the 50th percentile but less than the 75th percentile and two times the target if at the 75th percentile or higher. | |||||
Target awards payment | 3,400,000 | |||||
Pro-rated obligation | 1,700,000 | |||||
Compensation expense | -1,900,000 | |||||
Performance Units Awards | 2010 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Compensation expense | 260,000 | 1,039,000 | ||||
Shares issued | 357,500 | |||||
Performance Units Awards | 2011 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Compensation expense | $464,000 | $1,856,000 | $1,856,000 | |||
Shares issued | 288,750 | |||||
Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Option term | 10 years | |||||
Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan | Non Employee Director | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 1 year | |||||
Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan | Employees | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 3 years | |||||
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended | Non Employee Director | Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 1 year | |||||
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended | Non Employee Director | Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 1 year | |||||
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended | Employees | Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 3 years | |||||
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended | Employees | Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 3 years | |||||
Patterson-UTI Energy, Inc. Amended and Restated 1997 Long-Term Incentive Plan, as amended ("1997 Plan") | Restricted Stock Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 4 years | |||||
Patterson-UTI Energy, Inc. Amended and Restated 1997 Long-Term Incentive Plan, as amended ("1997 Plan") | Maximum | Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 5 years | |||||
Option term | 10 years | |||||
Patterson-UTI Energy, Inc. Amended and Restated 1997 Long-Term Incentive Plan, as amended ("1997 Plan") | Minimum | Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 3 years |
WeightedAverage_Assumptions_Us
Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted (Detail) (Employee Stock Option) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used [Line Items] | |||
Volatility | 35.89% | 41.36% | 48.79% |
Expected term (in years) | 5 years | 5 years | 5 years |
Dividend yield | 1.17% | 0.89% | 1.21% |
Risk-free interest rate | 1.76% | 0.70% | 0.87% |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Underlying Shares | |
Outstanding at beginning of year | 7,319,695 |
Granted | 491,750 |
Exercised | -1,725,195 |
Outstanding at end of year | 6,086,250 |
Exercisable at end of year | 5,224,223 |
Weighted Average Exercise Price | |
Outstanding at beginning of year | $21.23 |
Granted | $32.32 |
Exercised | $20.54 |
Outstanding at end of year | $22.32 |
Exercisable at end of year | $21.45 |
Additional_Information_with_Re
Additional Information with Respect to Options Granted, Vested and Exercised (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Weighted-average grant date fair value of stock options granted (per share) | $9.81 | $7.59 | $6.37 |
Aggregate grant date fair value of stock options vested during the year | $5,173 | $5,240 | $5,512 |
Aggregate intrinsic value of stock options exercised | $21,862 | $8,683 | $138 |
Additional_Information_with_Re1
Additional Information with Respect to Non-vested Shares (Detail) (Employee Stock Option, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Employee Stock Option | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate intrinsic value (in thousands) | $33,000 |
Weighted-average remaining contractual term | 8 years 9 months 7 days |
Weighted-average remaining expected term | 3 years 9 months 7 days |
Weighted-average remaining vesting period | 1 year 7 months 17 days |
Unrecognized compensation cost | $6,000,000 |
Restricted_Stock_Activity_Deta
Restricted Stock Activity (Detail) (Restricted Stock Awards, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock Awards | |
Shares | |
Outstanding at beginning of period | 1,496,692 |
Granted | 813,150 |
Vested | -755,564 |
Forfeited | -61,219 |
Outstanding at end of period | 1,493,059 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of period | $20.84 |
Granted | $33.07 |
Vested | $21.67 |
Forfeited | $24.66 |
Outstanding at end of period | $26.93 |
Additional_Information_on_Non_
Additional Information on Non Vested Restricted Stock (Detail) (Restricted Stock Awards, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock Awards | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | |
Aggregate intrinsic value | $23.20 |
Weighted-average remaining vesting period | 1 year 9 months 29 days |
Unrecognized compensation cost | $29 |
Restricted_Stock_Unit_Activity
Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock Units (RSUs) | |
Shares | |
Outstanding at beginning of period | 20,256 |
Granted | 24,250 |
Vested | -9,754 |
Forfeited | -667 |
Outstanding at end of period | 34,085 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of period | $20.67 |
Granted | $34.66 |
Vested | $22.13 |
Forfeited | $21.09 |
Outstanding at end of period | $30.20 |
StockSettled_Performance_Units
Stock-Settled Performance Units (Detail) (Performance Units Awards) | 12 Months Ended |
Dec. 31, 2014 | |
2014 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Target number of shares | 154,000 |
2013 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Target number of shares | 236,500 |
2012 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Target number of shares | 192,000 |
2011 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Target number of shares | 144,375 |
2010 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Target number of shares | 178,750 |
Fair_Value_of_Stock_Settled_Pe
Fair Value of Stock Settled Performance Units (Detail) (Performance Units Awards, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
2014 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Aggregate fair value at date of grant | $5,388 |
2013 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Aggregate fair value at date of grant | 5,564 |
2012 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Aggregate fair value at date of grant | 3,065 |
2011 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Aggregate fair value at date of grant | 5,569 |
2010 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Performance Options [Line Items] | |
Aggregate fair value at date of grant | $3,117 |
Compensation_Expense_Associate
Compensation Expense Associated with Stock-Settled Performance Units (Detail) (Performance Units Awards, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
2014 | |||
Unrecognized Share Based Compensation Expense [Line Items] | |||
Stock-based compensation expense associated with Stock-Settled Performance Units | $1,347 | ||
2013 | |||
Unrecognized Share Based Compensation Expense [Line Items] | |||
Stock-based compensation expense associated with Stock-Settled Performance Units | 1,855 | 1,391 | |
2012 | |||
Unrecognized Share Based Compensation Expense [Line Items] | |||
Stock-based compensation expense associated with Stock-Settled Performance Units | 1,022 | 1,022 | 766 |
2011 | |||
Unrecognized Share Based Compensation Expense [Line Items] | |||
Stock-based compensation expense associated with Stock-Settled Performance Units | 464 | 1,856 | 1,856 |
2010 | |||
Unrecognized Share Based Compensation Expense [Line Items] | |||
Stock-based compensation expense associated with Stock-Settled Performance Units | $260 | $1,039 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Rent expense | $51.90 | $47.40 | $39 |
Summary_of_Future_Minimum_Rent
Summary of Future Minimum Rental Payments Under Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $14,554 |
2016 | 8,838 |
2017 | 3,431 |
2018 | 2,638 |
2019 | 1,834 |
Thereafter | 3,587 |
Total | $34,882 |
Components_of_Income_Tax_Provi
Components of Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal income tax expense (benefit): | |||
Current | $39,438 | $41,558 | ($512) |
Deferred | 39,673 | 47,136 | 156,003 |
Federal Income Tax Expense (Benefit), Continuing Operations, Total | 79,111 | 88,694 | 155,491 |
State income tax expense: | |||
Current | 3,987 | 11,733 | 12,455 |
Deferred | 5,292 | 4,229 | 5,483 |
State and Local Income Tax Expense (Benefit), Continuing Operations, Total | 9,279 | 15,962 | 17,938 |
Foreign income tax expense (benefit): | |||
Current | 4,521 | 4,572 | 3,817 |
Deferred | -1,292 | -796 | -1,050 |
Foreign Income Tax Expense (Benefit), Continuing Operations, Total | 3,229 | 3,776 | 2,767 |
Total income tax expense: | |||
Current | 47,946 | 57,863 | 15,760 |
Deferred | 43,673 | 50,569 | 160,436 |
Total income tax expense | $91,619 | $108,432 | $176,196 |
Difference_Between_Statutory_F
Difference Between Statutory Federal Income Tax Rate and Effective Income Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes | 2.50% | 3.70% | 2.50% |
Permanent differences | -1.40% | -1.50% | -0.20% |
Other, net | -0.10% | -0.60% | -0.30% |
Effective tax rate | 36.00% | 36.60% | 37.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 01, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | |
Income Taxes [Line Items] | ||||
Domestic Production Activities Deduction | 9.00% | |||
Permanent difference, domestic production activities deduction | $8,800,000 | $10,000,000 | ||
Other deferred tax assets | 38,400,000 | |||
State net operating losses | 164,000,000 | |||
Unrecognized tax benefits | 0 | |||
Reduction in deferred tax liabilities due to statutory tax rates in Canada being lower than those in the United States | 5,100,000 | |||
Unremitted Foreign Earnings | 47,500,000 | |||
Unrecognized deferred tax liability associated with undistributed foreign earnings | 7,200,000 | |||
State and Local Jurisdiction | Expire in 2016 | ||||
Income Taxes [Line Items] | ||||
Net operating losses carried forward | 6,800,000 | |||
State and Local Jurisdiction | Expire in 2025 | ||||
Income Taxes [Line Items] | ||||
Net operating losses carried forward | 630,000 | |||
State and Local Jurisdiction | Expire in 2026 | ||||
Income Taxes [Line Items] | ||||
Net operating losses carried forward | 16,900,000 | |||
State and Local Jurisdiction | Expire in 2029 | ||||
Income Taxes [Line Items] | ||||
Net operating losses carried forward | 31,900,000 | |||
State and Local Jurisdiction | Expire in 2030 | ||||
Income Taxes [Line Items] | ||||
Net operating losses carried forward | 25,700,000 | |||
State and Local Jurisdiction | Expire in 2031 | ||||
Income Taxes [Line Items] | ||||
Net operating losses carried forward | $82,500,000 | |||
U.S. | ||||
Income Taxes [Line Items] | ||||
Tax periods open for examination | Tax years ended December 31, 2011 through December 31, 2013 | |||
U.S. | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Tax period open for examination | 2011 | |||
U.S. | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Tax period open for examination | 2013 | |||
Canada | ||||
Income Taxes [Line Items] | ||||
Tax periods open for examination | Tax years ended December 31, 2010 through December 31, 2013 | |||
Canada | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Tax period open for examination | 2010 | |||
Canada | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Tax period open for examination | 2013 |
Tax_Effect_of_Significant_Temp
Tax Effect of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Ending Balance | $50,706 | $47,259 | $64,443 |
Net Change | 3,447 | -17,184 | -92,937 |
Beginning Balance | 47,259 | 64,443 | 157,380 |
Ending Balance | 66,916 | 67,201 | 63,580 |
Net Change | -285 | 3,621 | 1,488 |
Beginning Balance | 67,201 | 63,580 | 62,092 |
Ending Balance | 117,622 | 114,460 | 128,023 |
Net Change | 3,162 | -13,563 | -91,449 |
Beginning Balance | 114,460 | 128,023 | 219,472 |
Ending Balance | -1,002,576 | -955,065 | -920,882 |
Net Change | -47,511 | -34,183 | -72,158 |
Beginning Balance | -955,065 | -920,882 | -848,724 |
Ending Balance | -1,016,207 | -969,372 | -932,366 |
Net Change | -46,835 | -37,006 | -68,987 |
Beginning Balance | -969,372 | -932,366 | -863,379 |
Ending Balance | -898,585 | -854,912 | -804,343 |
Net Change | -43,673 | -50,569 | -160,436 |
Beginning Balance | -854,912 | -804,343 | -643,907 |
Net Operating Loss Carryforwards | |||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Ending Balance | 18,914 | ||
Net Change | -18,914 | -95,662 | |
Beginning Balance | 18,914 | 114,576 | |
Ending Balance | 12,464 | 13,452 | 11,762 |
Net Change | -988 | 1,690 | -6,672 |
Beginning Balance | 13,452 | 11,762 | 18,434 |
Workers Compensation Allowance | |||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Ending Balance | 28,310 | 27,612 | 25,078 |
Net Change | 698 | 2,534 | 1,074 |
Beginning Balance | 27,612 | 25,078 | 24,004 |
Other | |||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Ending Balance | 22,396 | 19,647 | 20,451 |
Net Change | 2,749 | -804 | 1,651 |
Beginning Balance | 19,647 | 20,451 | 18,800 |
Ending Balance | 16,047 | 14,703 | 15,124 |
Net Change | 1,344 | -421 | 4,454 |
Beginning Balance | 14,703 | 15,124 | 10,670 |
Ending Balance | -13,631 | -14,307 | -11,484 |
Net Change | 676 | -2,823 | 3,171 |
Beginning Balance | -14,307 | -11,484 | -14,655 |
Ending Balance | -15,623 | -15,471 | -15,285 |
Net Change | -152 | -186 | -2,384 |
Beginning Balance | -15,471 | -15,285 | -12,901 |
Expense associated with employee stock options | |||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Ending Balance | 14,386 | 16,208 | 14,672 |
Net Change | -1,822 | 1,536 | 1,944 |
Beginning Balance | 16,208 | 14,672 | 12,728 |
Federal benefit of state deferred tax liabilities | |||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Ending Balance | 24,019 | 22,838 | 22,022 |
Net Change | 1,181 | 816 | 1,762 |
Beginning Balance | 22,838 | 22,022 | 20,260 |
Property and equipment basis difference | |||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | |||
Ending Balance | -986,953 | -939,594 | -905,597 |
Net Change | -47,359 | -33,997 | -69,774 |
Beginning Balance | ($939,594) | ($905,597) | ($835,823) |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation And Retirement Disclosure [Abstract] | |||
Cash contributions to 401(K) plan | $7.20 | $6.20 | $5.40 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Customer | Customer | Customer | |
Segment Reporting Disclosure [Line Items] | |||
Number of reportable business segments | 3 | ||
Long-lived assets | 4,131,071,000 | $3,635,541,000 | |
Major Customer | |||
Segment Reporting Disclosure [Line Items] | |||
Revenues | 286,000,000 | ||
Number of customers accounted for 10% or more of consolidated revenues | 0 | 1 | 0 |
Major Customer | Revenues | |||
Segment Reporting Disclosure [Line Items] | |||
Percentage of sales revenues | 10.50% | ||
Contract Drilling | |||
Segment Reporting Disclosure [Line Items] | |||
Marketable land-based drilling rigs | 239 | ||
Canada | Contract Drilling | |||
Segment Reporting Disclosure [Line Items] | |||
Oil and gas services | 87,500,000 | 86,600,000 | 79,400,000 |
Long-lived assets | 57,600,000 | $69,100,000 |
Business_Segments_Revenues_Det
Business Segments - Revenues (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||
Total operating revenues | $3,182,291 | $2,716,034 | $2,723,414 | |||
Operating Segments | ||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||
Total operating revenues | 3,188,472 | 2,721,301 | 2,728,220 | |||
Operating Segments | Contract Drilling | ||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||
Total operating revenues | 1,843,707 | 1,684,878 | 1,826,519 | |||
Operating Segments | Pressure Pumping | ||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||
Total operating revenues | 1,294,569 | 979,166 | 841,771 | |||
Operating Segments | Oil And Natural Gas | ||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||
Total operating revenues | 50,196 | 57,257 | 59,930 | |||
Intersegment Elimination | ||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||
Total operating revenues | ($6,181) | [1] | ($5,267) | [1] | ($4,806) | [1] |
[1] | Consists of contract drilling and, in 2014, pressure pumping intercompany revenues for services provided to the oil and natural gas exploration and production segment. |
Business_Segments_Income_Loss_
Business Segments - Income (Loss) from Continuing Operations Before Income Taxes (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||||
Operating income (loss) | $283,126 | $322,191 | $497,361 | |||
Net gain on asset disposals | 15,781 | [1] | 3,384 | [1] | 33,806 | [1] |
Interest income | 979 | 918 | 554 | |||
Interest expense, net of amount capitalized | -29,825 | -28,359 | -22,750 | |||
Other | 3 | 1,691 | 508 | |||
Income before income taxes | 254,283 | 296,441 | 475,673 | |||
Operating Segments | ||||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||||
Operating income (loss) | 325,450 | 373,454 | 509,398 | |||
Operating Segments | Contract Drilling | ||||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||||
Operating income (loss) | 241,851 | 266,262 | 349,393 | |||
Operating Segments | Pressure Pumping | ||||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||||
Operating income (loss) | 89,081 | 87,244 | 132,795 | |||
Operating Segments | Oil And Natural Gas | ||||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||||
Operating income (loss) | -5,482 | 19,948 | 27,210 | |||
Corporate and other | ||||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||||
Operating income (loss) | ($58,105) | ($54,647) | ($45,843) | |||
[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. |
Business_Segments_Assets_Detai
Business Segments - Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Segment Reporting Asset Reconciling Item [Line Items] | ||||||
Assets | $5,394,011 | $4,687,127 | $4,556,911 | |||
Operating Segments | Contract Drilling | ||||||
Segment Reporting Asset Reconciling Item [Line Items] | ||||||
Assets | 4,000,576 | 3,569,588 | 3,538,289 | |||
Operating Segments | Pressure Pumping | ||||||
Segment Reporting Asset Reconciling Item [Line Items] | ||||||
Assets | 1,186,010 | 761,199 | 784,128 | |||
Operating Segments | Oil And Natural Gas | ||||||
Segment Reporting Asset Reconciling Item [Line Items] | ||||||
Assets | 50,945 | 58,656 | 54,188 | |||
Corporate and other | ||||||
Segment Reporting Asset Reconciling Item [Line Items] | ||||||
Assets | $156,480 | [1] | $297,684 | [1] | $180,306 | [1] |
[1] | Corporate and other assets primarily include cash on hand, income tax receivables and certain deferred tax assets. |
Business_Segments_Depreciation
Business Segments - Depreciation, Amortization and Improvement (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Depreciation, depletion, amortization and impairment | $718,730 | $597,469 | $526,614 |
Operating Segments | Contract Drilling | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion, amortization and impairment | 524,023 | 438,728 | 390,316 |
Operating Segments | Pressure Pumping | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion, amortization and impairment | 147,595 | 129,984 | 111,062 |
Operating Segments | Oil And Natural Gas | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion, amortization and impairment | 42,576 | 24,400 | 21,417 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion, amortization and impairment | $4,536 | $4,357 | $3,819 |
Business_Segments_Capital_Expe
Business Segments - Capital Expenditures (Detail) (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 | $1,052,341 | $662,461 | $973,988 |
Operating Segments | Contract Drilling | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 771,593 | 504,508 | 744,949 |
Operating Segments | Pressure Pumping | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 241,359 | 122,782 | 194,117 |
Operating Segments | Oil And Natural Gas | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 36,683 | 31,245 | 29,888 |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $2,706 | $3,926 | $5,034 |
Companys_Demand_Deposits_and_T
Company's Demand Deposits and Temporary Cash Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Risks And Uncertainties [Abstract] | ||||
Deposits in FDIC and SIPC-insured institutions under insurance limits | $636 | $369 | ||
Deposits in FDIC and SIPC-insured institutions over insurance limits | 1,420 | 269,314 | ||
Deposits in foreign banks | 43,664 | 20,921 | ||
Total Cash and cash equivalents., Total | 45,720 | 290,604 | ||
Less outstanding checks and other reconciling items | -2,708 | -41,095 | ||
Cash and cash equivalents | $43,012 | $249,509 | $110,723 | $23,946 |
Concentrations_of_Credit_Risk_1
Concentrations of Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Risks And Uncertainties [Abstract] | |||
Provision for bad debts | $0 | $0 | $1,100 |
Estimated_Fair_Value_of_Outsta
Estimated Fair Value of Outstanding Debt Balances (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of Debt | $985,500 | $692,500 |
Fair value of Debt | 943,019 | 683,565 |
Revolving Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of Debt | 303,000 | |
Fair value of Debt | 303,000 | |
Term Loan Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of Debt | 82,500 | 92,500 |
Fair value of Debt | 82,500 | 92,500 |
4.97% Series A Senior Notes, Due October 5th 2020 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of Debt | 300,000 | 300,000 |
Fair value of Debt | 288,346 | 304,293 |
4.27% Series B Senior Notes, Due June 14th 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of Debt | 300,000 | 300,000 |
Fair value of Debt | $269,173 | $286,772 |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
4.97% Series A Senior Notes, Due October 5th 2020 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Current market rates used in measuring fair value | 5.77% | 4.52% |
4.27% Series B Senior Notes, Due June 14th 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Current market rates used in measuring fair value | 6.00% | 4.89% |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | |||
Operating revenues | $3,182,291 | $2,716,034 | $2,723,414 |
Operating income | 283,126 | 322,191 | 497,361 |
Net income | 162,664 | 188,009 | 299,477 |
Net income per common share: | |||
Basic | $1.12 | $1.29 | $1.96 |
Diluted | $1.11 | $1.28 | $1.96 |
First Quarter | |||
Quarterly Financial Information [Line Items] | |||
Operating revenues | 678,168 | 667,039 | |
Operating income | 58,776 | 94,932 | |
Net income | 34,822 | 56,230 | |
Net income per common share: | |||
Basic | $0.24 | $0.38 | |
Diluted | $0.24 | $0.38 | |
Second Quarter | |||
Quarterly Financial Information [Line Items] | |||
Operating revenues | 757,276 | 659,316 | |
Operating income | 87,226 | 70,606 | |
Net income | 54,283 | 40,768 | |
Net income per common share: | |||
Basic | $0.37 | $0.28 | |
Diluted | $0.37 | $0.28 | |
Third Quarter | |||
Quarterly Financial Information [Line Items] | |||
Operating revenues | 845,628 | 730,907 | |
Operating income | 30,291 | 124,551 | |
Net income | 15,976 | 74,420 | |
Net income per common share: | |||
Basic | $0.11 | $0.51 | |
Diluted | $0.11 | $0.51 | |
Fourth Quarter | |||
Quarterly Financial Information [Line Items] | |||
Operating revenues | 901,219 | 658,772 | |
Operating income | 106,833 | 32,102 | |
Net income | $57,583 | $16,591 | |
Net income per common share: | |||
Basic | $0.39 | $0.12 | |
Diluted | $0.39 | $0.11 |
Recovered_Sheet1
Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for Doubtful Accounts | ||||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||||
Beginning Balance | $3,674 | $3,513 | $4,887 | |||
Charged to Costs and Expenses | 1,100 | |||||
Deductions | -128 | [1] | 161 | [1] | -2,474 | [1] |
Ending Balance | $3,546 | $3,674 | $3,513 | |||
[1] | Consists of uncollectible accounts (written off) or recovered |