Parker Drilling Co. (NYSE:PKD) Q1 2019 Earnings Conference Call Transcript

May 08, 2019 • 11:00 am ET


Parker Drilling Co. (NYSE:PKD) Q1 2019 Earnings Conference Call Transcript


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Greetings, and welcome to the Parker Drilling First Quarter 2019 Earnings Conference Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation.

(Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Nick Henley, Director of Investor Relations. Please go ahead, sir.

Nick Henley

Good morning, and thank you for joining today's conference call. With me today are Gary Rich, President and CEO of Parker Drilling and Mike Sumruld, Senior Vice President and Chief Financial Officer. We are pleased to have the opportunity to speak with you today and look forward to sharing new information about the Company following the completion of our financial restructuring.

In today's call, Gary will provide a recap of our new capital structure and an update on each of our business segments. Then Mike will provide details regarding the Company's first quarter financial performance and Gary will close by providing some forward guidance and final thoughts.

As a reminder, during this conference call, management may make statements regarding future expectations about the Company's business, management's plans for future operations or similar matters. These statements are considered forward-looking statements within the meaning of the US securities laws and speak only as of the date of this call. The company's actual results could differ materially due to several important factors, including those described in the Company's filings with the SEC.

During this call, management will refer to non-GAAP financial measures. In accordance with Regulation G, the Company has provided a reconciliation of these measures in its earnings release.

With that, I will now turn the call over to Gary Rich.

Gary G. Rich

Thank you, Nick, and good morning to everyone. As you know we emerged from Chapter 11 on March 26th, 2019, after completing a substantial financial restructuring in less than four months. And subsequently, relisted on the New York Stock Exchange, less than one week later on April 3.

Before I get into the details of what we accomplished through this process, I want to say thank you to all of our stakeholders. This was a challenging process for all of us; including our investors who we appreciate for their continued support throughout this process. I also want to thank our customers and vendors for their continued loyalty to Parker, throughout this process as well. And most importantly, thank you Parker employees.

I'm proud of the hard work you've accomplished, serving our customers with innovative, reliable and efficient solutions. This process could have served as a distraction, but you didn't miss a beat, as proven by our strong first quarter results and the award of several new contracts. And lastly, I want to thank our former directors who helped us navigate the downturn and complete a successful restructuring process. Their insight and leadership are much appreciated by all of us at Parker.

As part of the restructuring, we set out three key objectives; first, we sought to preserve as much value as possible for