##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2010
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Transition Period From  to
 Commission File No. 001-34037
 SUPERIOR ENERGY SERVICES, INC.
 (Exact name of registrant as specified in its charter)
 Delaware(State or other jurisdiction of 
incorporation or organization)
    
    75-2379388(I.R.S. Employer
Identification No.)
 601 Poydras, Suite 2400
New Orleans, Louisiana(Address of principal executive offices)
    
    70130(Zip Code)
 Registrants telephone number, including area code: (504) 587-7374
 þ o
 o o
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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##### 



SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
  
 TABLE OF CONTENTS
 PagePART I. FINANCIAL INFORMATIONItem 1. Financial Statements
    
    
    3Item 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    20Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    26Item 4. Controls and Procedures
    
    
    27PART II. OTHER INFORMATIONItem 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    28Item 6. Exhibits
    
    
    28EX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
 3/31/2010
    
    
    12/31/2009(Unaudited)
    
    
    (Audited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    53,948
    
    
    $
    206,505Accounts receivable, net
    
    
    388,497
    
    
    
    337,151Income taxes receivable
    
    
    
    
    
    
    12,674Prepaid expenses
    
    
    26,539
    
    
    
    20,209Other current assets
    
    
    278,471
    
    
    
    287,024Total current assets
    
    
    747,455
    
    
    
    863,563Property, plant and equipment, net
    
    
    1,263,760
    
    
    
    1,058,976Goodwill
    
    
    575,183
    
    
    
    482,480Notes receivable
    
    
    82,300
    
    
    
    Equity-method investments
    
    
    59,941
    
    
    
    60,677Intangible and other long-term assets, net
    
    
    72,363
    
    
    
    50,969Total assets
    
    $
    2,801,002
    
    
    $
    2,516,665LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    75,391
    
    
    $
    63,466Accrued expenses
    
    
    149,640
    
    
    
    133,602Income taxes payable
    
    
    2,315
    
    
    
    Deferred income taxes
    
    
    43,601
    
    
    
    30,501Current portion of decommissioning liabilities
    
    
    18,633
    
    
    
    Current maturities of long-term debt
    
    
    810
    
    
    
    810Total current liabilities
    
    
    290,390
    
    
    
    228,379Deferred income taxes
    
    
    207,097
    
    
    
    209,053Decommissioning liabilities
    
    
    109,232
    
    
    
    Long-term debt, net
    
    
    899,711
    
    
    
    848,665Other long-term liabilities
    
    
    102,687
    
    
    
    52,523Stockholders equity:Preferred stock of $.01 par value. Authorized, 5,000,000 shares;
none issued
    
    
    
    
    
    
    Common stock of $.001 par value. Authorized, 125,000,000 shares;
issued and outstanding, 78,563,330 shares at March 31, 2010
and 78,559,350 shares at December 31, 2009
    
    
    79
    
    
    
    79Additional paid in capital
    
    
    389,898
    
    
    
    387,885Accumulated other comprehensive loss, net
    
    
    (28,695
    )
    
    
    (18,996
    )Retained earnings
    
    
    830,603
    
    
    
    809,077Total stockholders equity
    
    
    1,191,885
    
    
    
    1,178,045Total liabilities and stockholders equity
    
    $
    2,801,002
    
    
    $
    2,516,665
  3




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##### Table of Contents



SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
 2010
    
    
    2009Revenues
    
    $
    364,511
    
    
    $
    437,109Costs and expenses:Cost of services (exclusive of items shown separately below)
    
    
    199,052
    
    
    
    222,465Depreciation, depletion, amortization and accretion
    
    
    51,048
    
    
    
    49,868General and administrative expenses
    
    
    70,724
    
    
    
    64,986Total costs and expenses
    
    
    320,824
    
    
    
    337,319Income from operations
    
    
    43,687
    
    
    
    99,790Other income (expense):Interest expense, net
    
    
    (14,038
    )
    
    
    (13,288
    )Earnings from equity-method investments, net
    
    
    3,985
    
    
    
    2,256Income before income taxes
    
    
    33,634
    
    
    
    88,758Income taxes
    
    
    12,108
    
    
    
    31,953Net income
    
    $
    21,526
    
    
    $
    56,805Basic earnings per share
    
    $
    0.27
    
    
    $
    0.73Diluted earnings per share
    
    $
    0.27
    
    
    $
    0.72Weighted average common shares used
in computing earnings per share:Basic
    
    
    78,534
    
    
    
    78,032Incremental common shares from stock-based compensation
    
    
    819
    
    
    
    396Diluted
    
    
    79,353
    
    
    
    78,428
  4




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SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
 2010
    
    
    2009Cash flows from operating activities:Net income
    
    $
    21,526
    
    
    $
    56,805Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation, depletion, amortization and accretion
    
    
    51,048
    
    
    
    49,868Deferred income taxes
    
    
    3,565
    
    
    
    27,151Tax benefit from exercise of stock options
    
    
    (70
    )
    
    
    Stock-based and performance share unit compensation expense, net
    
    
    4,760
    
    
    
    3,277Retirement and deferred compensation plans expense, net
    
    
    150
    
    
    
    1,445Earnings from equity-method investments, net of cash received
    
    
    2,035
    
    
    
    1,099Amortization of debt acquisition costs and note discount
    
    
    5,849
    
    
    
    5,305Changes in operating assets and liabilities, net of acquisitions
and dispositions:Receivables
    
    
    (26,665
    )
    
    
    6,211Other current assets
    
    
    22,601
    
    
    
    (69,846
    )Accounts payable
    
    
    (8,108
    )
    
    
    (27,517
    )Accrued expenses
    
    
    (4,098
    )
    
    
    (9,813
    )Income taxes
    
    
    14,522
    
    
    
    (23,769
    )Other, net
    
    
    250
    
    
    
    (3,872
    )Net cash provided by operating activities
    
    
    87,365
    
    
    
    16,344Cash flows from investing activities:Payments for capital expenditures
    
    
    (76,559
    )
    
    
    (82,270
    )Acquisitions of businesses, net of cash acquired
    
    
    (206,772
    )
    
    
    Other
    
    
    (1,938
    )
    
    
    (2,440
    )Net cash used in investing activities
    
    
    (285,269
    )
    
    
    (84,710
    )Cash flows from financing activities:Net borrowings from revolving credit facility
    
    
    46,200
    
    
    
    133,400Proceeds from exercise of stock options
    
    
    108
    
    
    
    9Tax benefit from exercise of stock options
    
    
    70
    
    
    
    Proceeds from issuance of stock through employee benefit plans
    
    
    599
    
    
    
    677Other
    
    
    (545
    )
    
    
    Net cash provided by financing activities
    
    
    46,432
    
    
    
    134,086Effect of exchange rate changes on cash
    
    
    (1,085
    )
    
    
    (199
    )Net increase (decrease) in cash and cash equivalents
    
    
    (152,557
    )
    
    
    65,521Cash and cash equivalents at beginning of period
    
    
    206,505
    
    
    
    44,853Cash and cash equivalents at end of period
    
    $
    53,948
    
    
    $
    110,374
  5




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SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
 Basis of Presentation
   Acquisitions
 Hallin
   Current assets
    
    $
    42,096Property, plant and equipment
    
    
    147,721Equity-method investments
    
    
    1,299Identifiable intangible assets
    
    
    118,150Current liabilities
    
    
    (30,217
    )Deferred income taxes
    
    
    (8,130
    )Other long term liabilities
    
    
    (53,159
    )Total consideration paid
    
    $
    217,760
   6




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##### Table of Contents



Bullwinkle Platform
   Current assets
    
    $
    3,098Notes receivable
    
    
    81,465Property, plant and equipment
    
    
    41,996Decommissioning liabilities
    
    
    (126,559
    )Total consideration paid
    
    $
    
  7




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##### Table of Contents



Basic
    
    Dilutedearnings
    
    earningsNet income
    
    (loss)
    
    (loss)Revenue
    
    (loss)
    
    per share
    
    per shareActual from date of acquisition through the
period ended March 31, 2010
    
    $
    19,658
    
    
    $
    (457
    )
    
    $
    (0.01
    )
    
    $
    (0.01
    )Supplemental pro forma for the Company:Three months ending March 31, 2010
    
    $
    379,035
    
    
    $
    19,982
    
    
    $
    0.25
    
    
    $
    0.25Three months ending March 31, 2009
    
    $
    473,357
    
    
    $
    62,898
    
    
    $
    0.81
    
    
    $
    0.80
  Long-Term Contracts
    8




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##### Table of Contents



Stock-Based Compensation and Retirement Plans
  Stock Options
  Restricted Stock
  Restricted Stock Units
  Performance Share Units
  Employee Stock Purchase Plan
  9




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##### Table of Contents



Deferred Compensation Plan
  Supplemental Executive Retirement Plan
  Equity-Method Investments
     10




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Debt
  rd rd
 st st
  th th
 11




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
    
    during any fiscal quarter (and only during such fiscal quarter), if the last reported
sale price of the Companys common stock is greater than or equal to 135% of the applicable
exchange price of the notes for at least 20 trading days in the period of 30 consecutive
trading days ending on the last trading day of the preceding fiscal quarter;
 
    
    prior to December 15, 2011, during the five business-day period after any ten
consecutive trading-day period (the measurement period) in which the trading price of
$1,000 principal amount of notes for each trading day in the measurement period was less
than 95% of the product of the last reported sale price of the Companys common stock and
the exchange rate on such trading day;
 
    
    if the notes have been called for redemption;
 
    
    upon the occurrence of specified corporate transactions; or
 
    
    at any time beginning on September 15, 2026, and ending at the close of business on the
second business day immediately preceding the maturity date of December 15, 2026.
  Earnings per Share
   12




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##### Table of Contents



Other Comprehensive Loss
  2010
    
    
    2009Accumulated other comprehensive loss, December 31, 2009 and 2008, respectively
    
    $
    (18,996
    )
    
    $
    (32,641
    )Other comprehensive loss:Other comprehensive loss, net of taxHedging activities:Unrealized loss on equity-method
investments hedging
activities, net of tax of ($777) in 2009
    
    
    
    
    
    
    (1,323
    )Foreign currency translation adjustment
    
    
    (9,699
    )
    
    
    1,117Total other comprehensive loss
    
    
    (9,699
    )
    
    
    (206
    )Accumulated other comprehensive loss, March 31,
2010 and 2009, respectively
    
    $
    (28,695
    )
    
    $
    (32,847
    )
 Decommissioning Liabilities
   13




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Decommissioning liabilities, beginning of period
    
    $
    Liabilities acquired
    
    
    126,559Accretion
    
    
    1,306Total decommissioning liabilities, end of period
    
    
    127,865Less: current portion
    
    
    18,633Long-term decommissioning liabilities, end of period
    
    $
    109,232
 Notes Receivable
  Segment Information
 Business Segments
   14




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Three Months March 31, 2010
 Subsea and
    
    
    DrillingWell
    
    
    Products and
    
    
    
    
    
    
    
    
    
    
    ConsolidatedEnhancement
    
    
    Services
    
    
    Marine
    
    
    Unallocated
    
    
    TotalRevenues
    
    $
    232,766
    
    
    $
    114,277
    
    
    $
    17,468
    
    
    $
    
    
    
    $
    364,511Cost of services
(exclusive of items shown
separately below)
    
    
    142,869
    
    
    
    40,095
    
    
    
    16,088
    
    
    
    
    
    
    
    199,052Depreciation, depletion,
amortization and accretion
    
    
    20,422
    
    
    
    28,236
    
    
    
    2,390
    
    
    
    
    
    
    
    51,048General and administrative expenses
    
    
    45,778
    
    
    
    21,999
    
    
    
    2,947
    
    
    
    
    
    
    
    70,724Income (loss) from operations
    
    
    23,697
    
    
    
    23,947
    
    
    
    (3,957
    )
    
    
    
    
    
    
    43,687Interest expense, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (14,038
    )
    
    
    (14,038
    )Earnings from equity-method
investments, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,985
    
    
    
    3,985Income (loss) before income taxes
    
    $
    23,697
    
    
    $
    23,947
    
    
    $
    (3,957
    )
    
    $
    (10,053
    )
    
    $
    33,634
 Three Months March 31, 2009
 Subsea and
    
    
    DrillingWell
    
    
    Products and
    
    
    
    
    
    
    
    
    
    
    ConsolidatedEnhancement
    
    
    Services
    
    
    Marine
    
    
    Unallocated
    
    
    TotalRevenues
    
    $
    288,057
    
    
    $
    125,944
    
    
    $
    23,108
    
    
    $
    
    
    
    $
    437,109Cost of services
(exclusive of items shown
separately below)
    
    
    165,489
    
    
    
    42,036
    
    
    
    14,940
    
    
    
    
    
    
    
    222,465Depreciation and amortization
    
    
    22,057
    
    
    
    25,371
    
    
    
    2,440
    
    
    
    
    
    
    
    49,868General and administrative expenses
    
    
    38,811
    
    
    
    23,228
    
    
    
    2,947
    
    
    
    
    
    
    
    64,986Income from operations
    
    
    61,700
    
    
    
    35,309
    
    
    
    2,781
    
    
    
    
    
    
    
    99,790Interest expense, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (13,288
    )
    
    
    (13,288
    )Earnings from equity-method
investments, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,256
    
    
    
    2,256Income before income taxes
    
    $
    61,700
    
    
    $
    35,309
    
    
    $
    2,781
    
    
    $
    (11,032
    )
    
    $
    88,758
 Identifiable Assets
 Subsea and
    
    
    DrillingWell
    
    
    Products and
    
    
    
    
    
    
    
    
    
    
    ConsolidatedEnhancement
    
    
    Services
    
    
    Marine
    
    
    Unallocated
    
    
    TotalMarch 31, 2010
    
    $
    1,687,810
    
    
    $
    768,695
    
    
    $
    286,468
    
    
    $
    58,029
    
    
    $
    2,801,002December 31, 2009
    
    $
    1,377,122
    
    
    $
    759,418
    
    
    $
    299,834
    
    
    $
    80,291
    
    
    $
    2,516,665
 15




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Geographic Segments
  Three Months Ended March 31,Revenues:
    
    2010
    
    
    2009United States
    
    $
    255,325
    
    
    $
    364,129Other Countries
    
    
    109,186
    
    
    
    72,980Total
    
    $
    364,511
    
    
    $
    437,109
 March 31,
    
    
    December 31,Long-Lived Assets:
    
    2010
    
    
    2009United States
    
    $
    852,861
    
    
    $
    828,662Other Countries
    
    
    410,899
    
    
    
    230,314Total
    
    $
    1,263,760
    
    
    $
    1,058,976
 16




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##### Table of Contents



Guarantee
  Fair Value Measurements
  Level 1:
    
    Unadjusted quoted prices in active markets for identical assets and liabilities.Level 2:
    
    Observable inputs other than those included in Level 1 such as quoted
prices for similar assets and liabilities in active markets; quoted prices for
identical assets or liabilities in inactive markets or model-derived valuations or
other inputs that can be corroborated by observable market data.Level 3:
    
    Unobservable inputs reflecting managements own assumptions about the
inputs used in pricing the asset or liability.
  March 31,
    
    
    
    Fair Value Measurements at Reporting Date Using2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Intangible and other long-term assetsNon-qualified deferred compensation assets
    
    $
    11,513
    
    
    $
    3,631
    
    
    $
    7,882
    
    
    
    Other long-term liabilitiesNon-qualified deferred compensation
liabilities
    
    $
    15,446
    
    
    
    
    
    
    $
    15,446
    
    
    
    Interest rate swap agreement
    
    $
    623
    
    
    
    
    
    
    $
    623
    
    
    
    
 December 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Intangible and other long-term assetsNon-qualified deferred compensation assets
    
    $
    12,382
    
    
    $
    4,586
    
    
    $
    7,796
    
    
    
    Other long-term liabilitiesNon-qualified deferred compensation
liabilities
    
    $
    15,758
    
    
    
    
    
    
    $
    15,758
    
    
    
    
  17




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##### Table of Contents



Derivative Financial Instruments
    Location of
    
    Amount of(gain) loss
    
    (gain) lossrecognized
    
    recognizedInterest rate swap
    
    Interest expense, net
    
    $
    1,115Hedged item  debt
    
    Interest expense, net
    
    
    (492
    )$
    623
  Income Taxes
  18




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Commitments and Contingencies
  Subsequent Events
  New Accounting Pronouncements
    19




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##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
 Forward-Looking Statements
  Executive Summary
    20




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##### Table of Contents



Comparison of the Results of Operations for the Three Months Ended March 31, 2010 and 2009
   Revenue
    
    
    Cost of Services2010
    
    
    2009
    
    
    Change
    
    
    2010
    
    
    %

    
    2009
    
    
    %
    
    ChangeSubsea and Well
Enhancement
    
    $
    232,766
    
    
    $
    288,057
    
    
    $
    (55,291
    )
    
    $
    142,869
    
    
    
    61
    %
    
    $
    165,489
    
    
    
    57
    %
    
    $
    (22,620
    )Drilling Products
and Services
    
    
    114,277
    
    
    
    125,944
    
    
    
    (11,667
    )
    
    
    40,095
    
    
    
    35
    %
    
    
    42,036
    
    
    
    33
    %
    
    
    (1,941
    )Marine
    
    
    17,468
    
    
    
    23,108
    
    
    
    (5,640
    )
    
    
    16,088
    
    
    
    92
    %
    
    
    14,940
    
    
    
    65
    %
    
    
    1,148Total
    
    $
    364,511
    
    
    $
    437,109
    
    
    $
    (72,598
    )
    
    $
    199,052
    
    
    
    55
    %
    
    $
    222,465
    
    
    
    51
    %
    
    $
    (23,413
    )
  Subsea and Well Enhancement
  Drilling Products and Services Segment
  21




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##### Table of Contents



Marine Segment
   Depreciation, Depletion, Amortization and Accretion
  General and Administrative Expenses
  Liquidity and Capital Resources
   22




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rd rd
 st st
  th th
  
    
    during any fiscal quarter (and only during such fiscal quarter), if the last reported
sale price of our common stock is greater than or equal to 135% of the applicable exchange
price of the notes for at least 20 trading days in the period of 30 consecutive trading
days ending on the last trading day of the preceding fiscal quarter;
 23




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
    
    prior to December 15, 2011, during the five business-day period after any ten
consecutive trading-day period (the measurement period) in which the trading price of
$1,000 principal amount of notes for each trading day in the measurement period was less
than 95% of the product of the last reported sale price of our common stock and the
exchange rate on such trading day;
    
    if the notes have been called for redemption;
    
    upon the occurrence of specified corporate transactions; or
    
    at any time beginning on September 15, 2026, and ending at the close of business on the
second business day immediately preceding the maturity date of December 15, 2026.
   RemainingNineMonthsDescription
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    ThereafterLong-term debt, including
estimated interest
payments
    
    $
    36,262
    
    
    $
    256,703
    
    
    $
    27,231
    
    
    $
    27,179
    
    
    $
    316,814
    
    
    $
    6,449
    
    
    $
    467,904Decommissioning liabilities
    
    
    15,334
    
    
    
    12,891
    
    
    
    7,643
    
    
    
    5,673
    
    
    
    4,024
    
    
    
    82,300
    
    
    
    Operating leases
    
    
    10,194
    
    
    
    8,338
    
    
    
    4,963
    
    
    
    2,893
    
    
    
    2,277
    
    
    
    960
    
    
    
    11,397Other long-term liabilities
    
    
    
    
    
    
    12,262
    
    
    
    17,894
    
    
    
    16,902
    
    
    
    12,097
    
    
    
    6,651
    
    
    
    36,881Total
    
    $
    61,790
    
    
    $
    290,194
    
    
    $
    57,731
    
    
    $
    52,647
    
    
    $
    335,212
    
    
    $
    96,360
    
    
    $
    516,182
     24




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##### Table of Contents



Off-Balance Sheet Financing Arrangements
  Hedging Activities
   New Accounting Pronouncements
    25




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##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures about Market Risk
  Foreign Currency Exchange Rates
    Interest Rate Risk
  Fixed
    
    
    VariableRate Debt
    
    
    Rate DebtBank revolving credit facility due 2011
    
    $
    
    
    
    $
    223,2006.875% Senior notes due 2014 *
    
    
    150,000
    
    
    
    150,0001.5% Senior exchangeable notes due 2026
    
    
    400,000
    
    
    
    U.S. Government guaranteed long-term
financing due 2027
    
    
    14,166
    
    
    
    Total Debt
    
    $
    564,166
    
    
    $
    373,200
 
 (*)
    
    In March 2010, we entered into an interest rate swap agreement for a notional amount
of $150 million, whereby we are entitled to receive quarterly interest payments at a fixed rate of
6 7/8% per annum and are obligated to make quarterly interest payments at a variable rate. The
variable interest rate, which is adjusted every 90 days, is based on LIBOR plus a fixed margin.  Equity Price Risk
  26




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##### Table of Contents



Commodity Price Risk
   
 Item 4. Controls and Procedures
 a.
    
    Evaluation of disclosure control and procedures. As of the end of the period
covered by this quarterly report on Form 10-Q, our Chief Executive Officer and Chief
Financial Officer have concluded, based on their evaluation, that our disclosure controls
and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) are
effective for ensuring that information required to be disclosed by us in the reports that
we file or submit under the Securities Exchange Act of 1934 is accumulated and communicated
to management, including our Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosures and is recorded,
processed, summarized and reported within the time periods specified in the SECs rules and
forms.b.
    
    Changes in internal control. There has been no change in our internal control
over financial reporting that occurred during the three months ended March 31, 2010, that
has materially affected, or is reasonably likely to materially affect, our internal
controls over financial reporting.
 27




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##### Table of Contents



PART II. OTHER INFORMATION
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  Total Numberof Shares
    
    
    ApproximatePurchased as
    
    
    Dollar Value ofPart of
    
    
    Shares that MayTotal Number
    
    
    
    
    
    
    Publicly
    
    
    Yet beof Shares
    
    
    
    
    
    
    Announced
    
    
    PurchasedPurchased
    
    
    Average Price
    
    
    Plan
    
    
    Under the PlanPeriod
    
    (1)
    
    
    Paid per Share
    
    
    (2)
    
    
    (2)January 1 - 31, 2010
    
    
    43,000
    
    
    $
    24.29
    
    
    
    
    
    
    $
    350,000,000February 1 - 28, 2010
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    350,000,000March 1 - 31, 2010
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    350,000,000January 1, 2010 through
March 31, 2010
    
    
    43,000
    
    
    $
    24.29
    
    
    
    
    
    
    $
    350,000,000
 
 (1)
    
    Through our stock incentive plans, 43,000 shares were delivered to us by our employees
to satisfy their tax withholding requirements upon vesting of restricted stock.(2)
    
    In December 2009, our Board of Directors approved a $350 million share repurchase
program that expires on December 31, 2011. Under this program, we can repurchase shares
through open market transactions at prices deemed appropriate by management. There was no
common stock repurchased and retired under this program during the quarter ended March 31,
2010. 
 Item 6. Exhibits
 (a) The following exhibits are filed with this Form 10-Q:3.1
    
    Composite Certificate of Incorporation of the Company (incorporated herein by
reference to Exhibit 3.1 to the Companys Form 10-Q filed on August 7, 2009).3.2
    
    Amended and Restated Bylaws of the Company (incorporated herein by reference to
Exhibit 3.1 to the Companys Form 8-K filed on September 12, 2007).10.1*
    
    Employment Agreement, dated effective as of April 28, 2010, by and between Superior
Energy Services, Inc. and David D. Dunlap (incorporated herein by reference to the
Companys 8-K filed on May 3, 2010).10.2*
    
    Executive Chairman Agreement, dated effective as of April 28, 2010, by and between
Superior Energy Services, Inc. and Terence E. Hall (incorporated herein by reference to
the Companys 8-K filed on May 3, 2010).10.3*
    
    Buy-Out Agreement, dated effective as of April 28, 2010, by and between Superior
Energy Services, Inc. and Terence E. Hall (incorporated herein by reference to the
Companys 8-K filed on May 3, 2010).10.4*
    
    Senior Advisor Agreement, dated effective as of May 20, 2011, by and between
Superior Energy Services, Inc. and Terence E. Hall (incorporated herein by reference to
the Companys 8-K filed on May 3, 2010).
 28




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##### Table of Contents



10.5*
    
    Senior Advisor Agreement, dated effective as of January 1, 2011, by and between
Superior Energy Services, Inc. and Kenneth L. Blanchard (incorporated herein by reference
to the Companys 8-K filed on May 3, 2010).31.1
    
    Officers certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.31.2
    
    Officers certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.32.1
    
    Officers certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    Officers certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 *
    
    Management contract or compensatory plan or agreement. 29




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##### Table of Contents



SUPERIOR ENERGY SERVICES, INC.Date:   May 7, 2010
    By:
    /s/ Robert S. TaylorRobert S. TaylorExecutive Vice President, Treasurer and
Chief Financial Officer
(Principal Financial and Accounting Officer) 30