Pride International Reports Quarterly Results

Apr 26, 2001, 01:00 ET from Pride International, Inc.

    HOUSTON, April 26 /PRNewswire/ -- Pride International, Inc. (NYSE:   PDE)
 reported net earnings for the first quarter of 2001 of $11,962,000, or
 $.16 per share, on revenues of $270,354,000.  For the same period in 2000,
 Pride reported a net loss of $6,893,000, or $.11 per share, on revenues of
 $170,083,000.
     Increased spending by oil and gas producers has driven substantial
 increases in utilization and day rates in each of the Company's operating
 segments over the past year.  These improvements were most evident in the
 Company's Gulf of Mexico jackup fleet, where average utilization during the
 first quarter of 2001 increased to 99% from 67% during the first quarter of
 2000, and average dayrates increased to $36,400 from $22,000 over the same
 period.  International offshore operations benefited from the addition of a
 second new ultra-deepwater drillship and two jackups over the past year, as
 well as contribution from one of two semisubmersibles acquired during the
 first quarter of 2001.  In addition, operating results have benefited from
 contributions of the E&P services segment acquired in April 2000.
     Pride will host a conference call at 9:00 a.m. central time on Friday,
 April 27, 2001, to further discuss earnings for the quarter, recent events and
 management's operational outlook.  Individuals who wish to participate in the
 conference call may do so by dialing (888) 577-8996 in the United States or
 (212) 547-0139, worldwide.  The conference leader will be Paul Bragg and the
 password is "Pride".  In addition, the conference call will be broadcast live,
 on a listen-only basis, over the Internet at
 http://www.videonewswire.com/PRIDE/042701/. A replay of the conference call
 will be available on Pride's corporate web site at
 http://www.prideinternational.com.
 
     Pride International, Inc. headquartered in Houston, Texas, is one of the
 world's largest drilling contractors.  The Company provides onshore and
 offshore drilling, workover and related services in more than 20 countries,
 operating a diverse fleet of 299 rigs, including two ultra-deepwater
 drillships, eight semisubmersible rigs, 19 jackup rigs, five tender-assisted
 rigs, three barge rigs, 21 offshore platform rigs and 241 land rigs.
 
 
                           PRIDE INTERNATIONAL, INC.
                      CONSOLIDATED STATEMENT OF OPERATIONS
                    (In thousands, except per share amounts)
                                  (Unaudited)
 
                                                    Three Months Ended
                                                         March 31,
                                                     2001           2000
 
     Revenues                                     $270,354       $170,083
     Operating costs                               173,689        114,505
       Gross margin                                 96,665         55,578
     Depreciation and amortization                  36,582         27,948
     Selling, general and administrative            21,589         16,309
     Earnings from operations                       38,494         11,321
     Other income (expense)
       Interest expense                            (23,223)       (19,005)
       Interest income                               3,782          2,147
       Other income (expense)                        1,475         (1,403)
         Total other income (expense), net         (17,966)       (18,261)
     Earnings (loss) before income taxes
      and minority interest                         20,528         (6,940)
     Income tax provision (benefit)                  4,510         (3,107)
     Minority interest                               4,056          3,060
     Net earnings (loss)                           $11,962        $(6,893)
     Net earnings (loss) per share
       Basic                                         $0.17         $(0.11)
       Diluted                                       $0.16         $(0.11)
     Weighted average shares outstanding
       Basic                                        70,046         60,500
       Diluted                                      80,644         60,500
 
 
                           PRIDE INTERNATIONAL, INC.
                          RESULTS BY OPERATING SEGMENT
                                 (In thousands)
                                  (Unaudited)
 
                                                    Three Months Ended
                                                         March 31,
                                                    2001            2000
     Revenues
       United States offshore                     $54,276         $21,978
       International offshore                      84,057          74,452
       International land                         100,666          73,653
       E&P services                                31,355             ---
         Total revenues                           270,354         170,083
     Operating Costs
       United States offshore                      31,027          17,577
       International offshore                      50,015          40,158
       International land                          69,966          56,770
       E&P services                                22,681             ---
         Total operating costs                    173,689         114,505
     Gross Margin
       United States offshore                      23,249           4,401
       International offshore                      34,042          34,294
       International land                          30,700          16,883
       E&P services                                 8,674             ---
         Total gross margin                       $96,665         $55,578
 
 
                           PRIDE INTERNATIONAL, INC.
                           CONSOLIDATED BALANCE SHEET
                                 (In thousands)
 
                                                 March 31,      December 31,
                                                    2001            2000
                                                (Unaudited)
                        ASSETS
 
     CURRENT ASSETS
       Cash and cash equivalents                 $274,910        $123,488
       Trade receivables, net                     255,539         234,990
       Parts and supplies                          53,339          53,938
       Deferred income taxes                        1,373             601
       Other current assets                        71,192          65,131
         Total current assets                     656,353         478,148
     PROPERTY AND EQUIPMENT, net                2,596,725       2,020,123
     OTHER ASSETS
       Investments in and advances
        to affiliates                              25,130          59,420
       Goodwill, net                               51,043          51,940
       Other assets, net                           86,154          67,297
         Total other assets                       162,327         178,657
                                               $3,415,405      $2,676,928
         LIABILITIES AND SHAREHOLDERS' EQUITY
     CURRENT LIABILITIES
       Accounts payable                          $132,208        $144,710
       Accrued expenses                           145,967         131,218
       Short-term borrowings                       39,345          22,135
       Current portion of long-term debt          143,556          85,286
       Current portion of long-term lease
        obligations                                 2,477           4,267
         Total current liabilities                463,553         387,616
     OTHER LONG-TERM LIABILITIES                   92,428          81,364
     LONG-TERM DEBT, net of current portion     1,642,832       1,144,638
     LONG-TERM LEASE OBLIGATIONS, net of
      current portion                              17,007          17,682
     DEFERRED INCOME TAXES                         43,754          40,793
     MINORITY INTEREST                             54,655          46,739
     SHAREHOLDERS' EQUITY                       1,101,176         958,096
                                               $3,415,405      $2,676,928
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X48842452
 
 

SOURCE Pride International, Inc.
    HOUSTON, April 26 /PRNewswire/ -- Pride International, Inc. (NYSE:   PDE)
 reported net earnings for the first quarter of 2001 of $11,962,000, or
 $.16 per share, on revenues of $270,354,000.  For the same period in 2000,
 Pride reported a net loss of $6,893,000, or $.11 per share, on revenues of
 $170,083,000.
     Increased spending by oil and gas producers has driven substantial
 increases in utilization and day rates in each of the Company's operating
 segments over the past year.  These improvements were most evident in the
 Company's Gulf of Mexico jackup fleet, where average utilization during the
 first quarter of 2001 increased to 99% from 67% during the first quarter of
 2000, and average dayrates increased to $36,400 from $22,000 over the same
 period.  International offshore operations benefited from the addition of a
 second new ultra-deepwater drillship and two jackups over the past year, as
 well as contribution from one of two semisubmersibles acquired during the
 first quarter of 2001.  In addition, operating results have benefited from
 contributions of the E&P services segment acquired in April 2000.
     Pride will host a conference call at 9:00 a.m. central time on Friday,
 April 27, 2001, to further discuss earnings for the quarter, recent events and
 management's operational outlook.  Individuals who wish to participate in the
 conference call may do so by dialing (888) 577-8996 in the United States or
 (212) 547-0139, worldwide.  The conference leader will be Paul Bragg and the
 password is "Pride".  In addition, the conference call will be broadcast live,
 on a listen-only basis, over the Internet at
 http://www.videonewswire.com/PRIDE/042701/. A replay of the conference call
 will be available on Pride's corporate web site at
 http://www.prideinternational.com.
 
     Pride International, Inc. headquartered in Houston, Texas, is one of the
 world's largest drilling contractors.  The Company provides onshore and
 offshore drilling, workover and related services in more than 20 countries,
 operating a diverse fleet of 299 rigs, including two ultra-deepwater
 drillships, eight semisubmersible rigs, 19 jackup rigs, five tender-assisted
 rigs, three barge rigs, 21 offshore platform rigs and 241 land rigs.
 
 
                           PRIDE INTERNATIONAL, INC.
                      CONSOLIDATED STATEMENT OF OPERATIONS
                    (In thousands, except per share amounts)
                                  (Unaudited)
 
                                                    Three Months Ended
                                                         March 31,
                                                     2001           2000
 
     Revenues                                     $270,354       $170,083
     Operating costs                               173,689        114,505
       Gross margin                                 96,665         55,578
     Depreciation and amortization                  36,582         27,948
     Selling, general and administrative            21,589         16,309
     Earnings from operations                       38,494         11,321
     Other income (expense)
       Interest expense                            (23,223)       (19,005)
       Interest income                               3,782          2,147
       Other income (expense)                        1,475         (1,403)
         Total other income (expense), net         (17,966)       (18,261)
     Earnings (loss) before income taxes
      and minority interest                         20,528         (6,940)
     Income tax provision (benefit)                  4,510         (3,107)
     Minority interest                               4,056          3,060
     Net earnings (loss)                           $11,962        $(6,893)
     Net earnings (loss) per share
       Basic                                         $0.17         $(0.11)
       Diluted                                       $0.16         $(0.11)
     Weighted average shares outstanding
       Basic                                        70,046         60,500
       Diluted                                      80,644         60,500
 
 
                           PRIDE INTERNATIONAL, INC.
                          RESULTS BY OPERATING SEGMENT
                                 (In thousands)
                                  (Unaudited)
 
                                                    Three Months Ended
                                                         March 31,
                                                    2001            2000
     Revenues
       United States offshore                     $54,276         $21,978
       International offshore                      84,057          74,452
       International land                         100,666          73,653
       E&P services                                31,355             ---
         Total revenues                           270,354         170,083
     Operating Costs
       United States offshore                      31,027          17,577
       International offshore                      50,015          40,158
       International land                          69,966          56,770
       E&P services                                22,681             ---
         Total operating costs                    173,689         114,505
     Gross Margin
       United States offshore                      23,249           4,401
       International offshore                      34,042          34,294
       International land                          30,700          16,883
       E&P services                                 8,674             ---
         Total gross margin                       $96,665         $55,578
 
 
                           PRIDE INTERNATIONAL, INC.
                           CONSOLIDATED BALANCE SHEET
                                 (In thousands)
 
                                                 March 31,      December 31,
                                                    2001            2000
                                                (Unaudited)
                        ASSETS
 
     CURRENT ASSETS
       Cash and cash equivalents                 $274,910        $123,488
       Trade receivables, net                     255,539         234,990
       Parts and supplies                          53,339          53,938
       Deferred income taxes                        1,373             601
       Other current assets                        71,192          65,131
         Total current assets                     656,353         478,148
     PROPERTY AND EQUIPMENT, net                2,596,725       2,020,123
     OTHER ASSETS
       Investments in and advances
        to affiliates                              25,130          59,420
       Goodwill, net                               51,043          51,940
       Other assets, net                           86,154          67,297
         Total other assets                       162,327         178,657
                                               $3,415,405      $2,676,928
         LIABILITIES AND SHAREHOLDERS' EQUITY
     CURRENT LIABILITIES
       Accounts payable                          $132,208        $144,710
       Accrued expenses                           145,967         131,218
       Short-term borrowings                       39,345          22,135
       Current portion of long-term debt          143,556          85,286
       Current portion of long-term lease
        obligations                                 2,477           4,267
         Total current liabilities                463,553         387,616
     OTHER LONG-TERM LIABILITIES                   92,428          81,364
     LONG-TERM DEBT, net of current portion     1,642,832       1,144,638
     LONG-TERM LEASE OBLIGATIONS, net of
      current portion                              17,007          17,682
     DEFERRED INCOME TAXES                         43,754          40,793
     MINORITY INTEREST                             54,655          46,739
     SHAREHOLDERS' EQUITY                       1,101,176         958,096
                                               $3,415,405      $2,676,928
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X48842452
 
 SOURCE  Pride International, Inc.