Parker Drilling Company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenues of $109,607,000 compared to $105,287,000 a year ago. Operating loss was $17,632,000 compared to $28,222,000 a year ago. Loss before income taxes was $28,145,000 compared to $40,735,000 a year ago. Net loss attributable to common stockholders was $31,127,000 compared to $39,822,000 a year ago. Basic and diluted loss per share was $0.23 compared to $0.32 a year ago. EBITDA was $13,932,000 compared to $7,769,000 a year ago. Adjusted EBITDA was $13,463,000 or 12% of revenues compared to $8,097,000 a year ago. Adjusted net loss attributable to common shareholders was $31,127,000 compared to $39,809,000 a year ago. Adjusted basic and diluted loss per share was $0.23 compared to $0.32 a year ago. Capital expenditures were $12.1 million. Effective tax rate for the second quarter was a negative 6.2%. Total debt outstanding at the end of the second quarter was $577 million, which includes a principal amount of $585 million, less $8 million of unamortized debt issuance cost. Net debt position was $439 million or 56% of net capitalization.

For the six months, the company reported revenues of $207,878,000 compared to $235,790,000 a year ago. Operating loss was $44,769,000 compared to $51,491,000 a year ago. Loss before income taxes was $65,612,000 compared to $73,074,000 a year ago. Net loss attributable to common stockholders was $70,936,000 compared to $135,657,000 a year ago. Basic and diluted loss per share was $0.53 compared to $1.10 a year ago. Capital expenditures for the year-to-date through June 30, 2017 were $26.6 million.

For the third quarter of 2017, the company expects capital spending range between $20 million and $25 million. Consolidated revenues and gross margin to increase compared to the second quarter, driven primarily by increased activity in company Rental Tools Service business.

For the year 2017, the company expects effective tax rate to range between negative 5% and negative 15%. Total CapEx to range between $60 million and $65 million, which is higher than company previous guidance. The increase is primarily driven by company decision to selectively fund certain market share gaining opportunities in company U.S. rentals business. company continue to maintain capital discipline and are investing only in opportunities where company can achieve pricing levels that generate attractive returns.