v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (43,751) $ (47,407)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion, amortization and impairment 436,175 493,724
Deferred income tax expense (benefit) (12,577) 1,704
Stock-based compensation 12,937 21,867
Net (gain) loss on asset disposals 3,643 (973)
Colombia contract drilling exit costs 20,011 0
Other 61 (1,972)
Changes in operating assets and liabilities:    
Accounts receivable (196,854) (6,902)
Inventory (18,397) 2,316
Other current assets 2,568 (1,980)
Other assets 13,755 3,236
Accounts payable 32,404 17,132
Accrued liabilities (118,871) (125,396)
Other liabilities (11,164) (7,459)
Net cash provided by operating activities 119,940 347,890
Cash flows from investing activities:    
Purchases of property and equipment (272,552) (306,037)
Proceeds from disposal of assets, including insurance recoveries 14,879 28,344
Other (1,597) (11,514)
Net cash used in investing activities (259,270) (289,207)
Cash flows from financing activities:    
Purchases of treasury stock (9,478) (35,849)
Dividends paid (76,016) (61,619)
Net proceeds from issuance of senior notes 496,015 0
Repayment of senior notes (482,505) 0
Payments of finance leases (3,250) (4,432)
Other (1,936) (10,820)
Net cash used in financing activities (77,170) (112,720)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (973) (1,365)
Net change in cash, cash equivalents and restricted cash (217,473) (55,402)
Cash, cash equivalents and restricted cash at beginning of period 420,642 241,293
Cash, cash equivalents and restricted cash at end of period 203,169 185,891
Net cash received (paid) during the period for:    
Interest, net of capitalized interest of $155 in 2026 and $443 in 2025 (40,122) (33,396)
Income taxes 13,276 (3,106)
Non-cash investing and financing activities:    
Net increase (decrease) in payables for purchases of property and equipment 10,147 (12,115)
Purchases of property and equipment through exchange of lease right of use asset 2,878 1,007
Derecognition of right of use asset (2,878) (755)
Net investment in sales-type leases recognized $ 8,942 $ 0