Helmerich & Payne, Inc. Announces Fiscal Third Quarter Results
Helmerich & Payne (NYSE: HP) reported fiscal Q3 2024 net income of $89 million, or $0.88 per diluted share, from operating revenues of $698 million. The North America Solutions (NAS) segment exited Q3 with 146 active rigs and recognized revenue per day of $39,800 with direct margins of $20,300/day. NAS operating income increased $16 million sequentially, while direct margins rose by $6 million to $277 million. H&P anticipates exiting Q4 FY2024 with 147-153 active rigs. The company declared a quarterly base cash dividend of $0.25 per share and a supplemental cash dividend of $0.17 per share, both payable on August 30, 2024. H&P's first super-spec FlexRig® arrived in Saudi Arabia, marking progress in expanding its international presence.
Helmerich & Payne (NYSE: HP) ha riportato un utile netto per il terzo trimestre fiscale 2024 di 89 milioni di dollari, ovvero 0,88 dollari per azione diluita, a fronte di ricavi operativi di 698 milioni di dollari. Il segmento North America Solutions (NAS) ha chiuso il Q3 con 146 impianti attivi e ha registrato ricavi giornalieri di 39.800 dollari con margini diretti di 20.300 dollari al giorno. L'utile operativo di NAS è aumentato di 16 milioni di dollari rispetto al trimestre precedente, mentre i margini diretti sono aumentati di 6 milioni di dollari, raggiungendo 277 milioni di dollari. H&P prevede di chiudere il quarto trimestre dell'anno fiscale 2024 con 147-153 impianti attivi. L'azienda ha dichiarato un dividendo in contante base trimestrale di 0,25 dollari per azione e un dividendo in contante supplementare di 0,17 dollari per azione, entrambi pagabili il 30 agosto 2024. Il primo FlexRig® super-spec di H&P è arrivato in Arabia Saudita, segnando un progresso nell'espansione della sua presenza internazionale.
Helmerich & Payne (NYSE: HP) reportó un ingreso neto de 89 millones de dólares para el tercer trimestre fiscal 2024, o 0,88 dólares por acción diluida, a partir de ingresos operativos de 698 millones de dólares. El segmento de Soluciones de América del Norte (NAS) terminó el Q3 con 146 plataformas activas y reconoció ingresos diarios de 39,800 dólares con márgenes directos de 20,300 dólares/día. El ingreso operativo de NAS aumentó 16 millones de dólares secuencialmente, mientras que los márgenes directos subieron en 6 millones de dólares, alcanzando 277 millones de dólares. H&P anticipa terminar el cuarto trimestre del año fiscal 2024 con 147-153 plataformas activas. La empresa declaró un dividendo base en efectivo trimestral de 0,25 dólares por acción y un dividendo en efectivo suplementario de 0,17 dólares por acción, ambos pagaderos el 30 de agosto de 2024. El primer FlexRig® super-especificado de H&P llegó a Arabia Saudita, marcando un avance en la expansión de su presencia internacional.
헬머리치 & 페인(뉴욕증권거래소: HP)은 2024 회계 연도 3분기 순이익이 8,900만 달러, 즉 희석 주당 0.88달러로 운영 수익 6억 9,800만 달러의 결과를 발표했습니다. 북미 솔루션(NAS) 부문은 3분기에 146개의 활발한 굴착기를 보유하고 있으며, 하루 수익은 39,800달러, 직접 마진은 하루 20,300달러로 확인했습니다. NAS의 운영 수익은 전분기 대비 1,600만 달러 증가했으며, 직접 마진은 600만 달러 증가하여 2억 7,700만 달러에 도달했습니다. H&P는 2024 회계 연도 4분기 종료 시점에 147~153개의 활발한 굴착기를 보유할 것으로 예상하고 있습니다. 이 회사는 주당 0.25달러의 분기 기본 현금 배당금과 주당 0.17달러의 추가 현금 배당금을 선언했으며, 두 배당금 모두 2024년 8월 30일에 지급될 예정입니다. H&P의 첫 번째 슈퍼 스펙 플렉스 리그®가 사우디아라비아에 도착하여 국제적 존재 확장의 진전을 나타내고 있습니다.
Helmerich & Payne (NYSE: HP) a annoncé un bénéfice net de 89 millions de dollars pour le troisième trimestre de l'exercice 2024, soit 0,88 dollar par action diluée, sur des revenus d'exploitation de 698 millions de dollars. Le segment North America Solutions (NAS) a terminé le T3 avec 146 plateformes actives et a connu un revenu quotidien de 39 800 dollars avec des marges directes de 20 300 dollars/jour. Le revenu d'exploitation de NAS a augmenté de 16 millions de dollars par rapport au trimestre précédent, tandis que les marges directes ont augmenté de 6 millions de dollars pour atteindre 277 millions de dollars. H&P prévoit de terminer le quatrième trimestre de l'exercice 2024 avec 147-153 plateformes actives. La société a déclaré un dividende en espèces de base trimestriel de 0,25 dollar par action et un dividende en espèces supplémentaire de 0,17 dollar par action, tous deux payables le 30 août 2024. Le premier FlexRig® super-spécifié de H&P est arrivé en Arabie Saoudite, marquant un progrès dans l'expansion de sa présence internationale.
Helmerich & Payne (NYSE: HP) meldete einen Nettogewinn von 89 Millionen Dollar für das dritte Quartal des Geschäftsjahres 2024, was 0,88 Dollar pro verwässerter Aktie entspricht, basierend auf Betriebseinnahmen von 698 Millionen Dollar. Das Segment Nordamerika-Lösungen (NAS) schloss das Q3 mit 146 aktiven Bohrgeräten ab und erzielte Einnahmen pro Tag von 39.800 Dollar mit direkten Margen von 20.300 Dollar pro Tag. Das Betriebsergebnis von NAS stieg im Vergleich zum Vorquartal um 16 Millionen Dollar, während die direkten Margen um 6 Millionen Dollar auf 277 Millionen Dollar anstiegen. H&P erwartet, das vierte Quartal des Geschäftsjahres 2024 mit 147-153 aktiven Bohrgeräten abzuschließen. Das Unternehmen erklärte eine quartalsweise Basisbar-Dividende von 0,25 Dollar pro Aktie und eine zusätzliche Bar-Dividende von 0,17 Dollar pro Aktie, die beide am 30. August 2024 zahlbar sind. Der erste Super-Spec FlexRig® von H&P ist in Saudi-Arabien angekommen, was einen Fortschritt beim Ausbau seiner internationalen Präsenz markiert.
- Fiscal Q3 2024 net income increased to $89 million from $85 million in Q2
- NAS segment operating income increased by $16 million sequentially
- NAS direct margins rose by $6 million to $277 million
- Declared quarterly base cash dividend of $0.25 and supplemental dividend of $0.17 per share
- First super-spec FlexRig® arrived in Saudi Arabia, expanding international presence
- Macro headwinds causing a cautionary outlook for the industry
- Contractual churn remains prevalent in the U.S. market
- International Solutions segment reported an operating loss of $4.8 million compared to $3.6 million income in previous quarter
- Projected International Solutions direct margins include $6-$8 million of rig preparation and start-up expenses for Saudi Arabia operations
Helmerich & Payne's Q3 fiscal 2024 results demonstrate resilience in a challenging market. The company reported
Key highlights include:
- North America Solutions (NAS) segment's operating income increased by
$16.3 million sequentially, with direct margins rising by$6 million to$277.4 million . - The company maintained a stable rig count of 146 active rigs, outperforming the broader industry trend of declining rig counts.
- Revenue per day in the NAS segment reached
$39,800 with direct margins per day of$20,300 . - A quarterly base cash dividend of
$0.25 per share and a supplemental cash dividend of$0.17 per share were declared.
The company's ability to maintain its rig count and improve margins in a challenging environment is commendable. However, the
Looking ahead, H&P expects its NAS rig count to remain relatively stable in Q4, projecting 147-153 active rigs. This stability, coupled with consistent direct margin guidance, suggests the company's strategy of focusing on contract economics is paying off, reducing volatility typically associated with rig count fluctuations.
Investors should note the company's ongoing capital expenditure of approximately
Helmerich & Payne's Q3 results offer valuable insights into the current state of the oil and gas drilling market. Despite industry-wide headwinds, H&P's performance suggests a level of resilience that sets it apart from competitors.
The company's ability to maintain a stable rig count in its North America Solutions segment, even as the overall industry rig count declined, is particularly noteworthy. This stability indicates that H&P's focus on providing value to customers is resonating in the market, potentially giving the company a competitive edge.
However, the broader market outlook remains cautious. CEO John Lindsay's comments about persistent macro headwinds suggest that the industry may continue to face challenges in the near term. This could lead to ongoing contractual churn and pressure on pricing, although H&P seems well-positioned to weather these conditions.
The company's expansion into Saudi Arabia represents a significant strategic move. The deployment of the first super-spec FlexRig® to the region could open up new growth opportunities, diversifying H&P's revenue streams and reducing its dependence on the North American market.
Investors should also note the company's commitment to shareholder returns, with
Looking ahead, H&P's guidance for Q4 and fiscal 2025 indicates a cautious but stable outlook. The company's focus on contract economics over rig count growth could provide more predictable returns, which may be attractive to investors in a volatile market.
Overall, while the oil and gas drilling market remains challenging, H&P's performance and strategic positioning suggest it's well-equipped to navigate current conditions and potentially capitalize on future market improvements.
-
The Company reported fiscal third quarter net income of
, or$89 million per diluted share; including select items(1) of$0.88 per diluted share$(0.04)
-
The North America Solutions ("NAS") segment exited the third quarter of fiscal year 2024 with 146 active rigs and recognized revenue per day of
/day with associated direct margins(2) per day of$39,800 /day during the quarter$20,300
-
Quarterly NAS operating income increased
sequentially; while direct margins(2) increased by$16 million to$6 million , as revenues increased by$277 million to$6 million and expenses remained relatively flat at$620 million $343 million
- H&P's NAS segment anticipates exiting the fourth quarter of fiscal year 2024 between 147-153 active rigs
-
On June 5, 2024, the Board of Directors of the Company declared a quarterly base cash dividend of
per share and a supplemental cash dividend of$0.25 per share; both dividends are payable on August 30, 2024 to stockholders of record at the close of business on August 16, 2024$0.17
-
of after-tax gains related to the non-cash fair market value adjustments to our equity investments$0.06 -
of after-tax losses related to a Blue Chip Swap transaction and non-recurring professional service fees$(0.10)
Net cash provided by operating activities was
President and CEO John Lindsay commented, “Our financial results for the third fiscal quarter continue to demonstrate the resilience of our strategy in the North America Solutions segment. Once again, it was particularly notable, that despite a more sizeable decline in the overall industry rig count, our NAS active rig count remained relatively stable during the third fiscal quarter which is a reflection of H&P’s unyielding focus on providing value to our customers. On the international front, the Company's first super-spec FlexRig® arrived in
“Macro headwinds, both directly and indirectly related to the oil and gas industry, persist and are still causing a more cautionary outlook for the industry. With the cyclical nature of our industry, we are hopeful that these will subside and bring about a more positive outlook for the industry in the coming quarters. Contractual churn remains prevalent in the U.S. market, but our people are doing a good job managing through this. We expect the churn to continue and as we have seen in recent summers, we also anticipate our active rig count to be flat with perhaps a modest incline heading into our fiscal year-end.
“Activity levels in the International Solutions segment in the fourth fiscal quarter are expected to remain consistent with the third fiscal quarter with the exception that the first of the eight
Senior Vice President and CFO Mark Smith also commented, “Currently, we expect our active NAS rig count in the fourth fiscal quarter to remain consistent with our third fiscal quarter average. Accordingly, our NAS direct margin guidance also remains relatively consistent with the level recognized during the third fiscal quarter. Contract economics remain the cornerstone of our NAS strategy and we do not anticipate the same level of volatility or correlation to overall rig counts that we have experienced in the past. Recent quarterly results continue to provide evidence of that.
“The Company returned another
John Lindsay concluded, “The Company will continue to execute as it always has with a customer-centric approach and safety focus, which is ingrained in our Company culture. We look forward to commencing work in
Operating Segment Results for the Third Quarter of Fiscal Year 2024
North America Solutions:
This segment had operating income of
International Solutions:
This segment had an operating loss of
Offshore Gulf of
This segment had operating income of
Operational Outlook for the Fourth Quarter of Fiscal Year 2024
North America Solutions:
-
We expect North America Solutions direct margins(2) to be between
$260 -$280 million - We expect to exit the quarter between approximately 147-153 contracted rigs
International Solutions:
-
We expect International Solutions direct margins(2) to be between
, exclusive of any foreign exchange gains or losses$(2) -$2 million -
Projected International Solutions direct margins(2) for the fourth fiscal quarter are inclusive of approximately
of rig preparation and start-up expense related to our$6 -$8 million Saudi Arabia operations, higher than previous guidance as some costs shifted from the third fiscal quarter into the fourth fiscal quarter
Offshore Gulf of
-
We expect Offshore Gulf of
Mexico direct margins(2) to be between$6 -$8 million
Other Estimates for Fiscal Year 2024
-
Gross capital expenditures are still expected to be approximately
;$500 million -
Ongoing asset sales that include reimbursements for lost and damaged tubulars and sales of other used drilling equipment offset a portion of the gross capital expenditures, and are now expected to total approximately
in fiscal year 2024$45 million
-
Ongoing asset sales that include reimbursements for lost and damaged tubulars and sales of other used drilling equipment offset a portion of the gross capital expenditures, and are now expected to total approximately
-
Depreciation for fiscal year 2024 is now expected to be approximately
$400 million -
Research and development expenses for fiscal year 2024 are now expected to be roughly
$40 million -
General and administrative expenses for fiscal year 2024 are now expected to be approximately
$250 million -
Cash taxes to be paid in fiscal year 2024 are still expected to be approximately
$150 -$200 million
Select Items(1) Included in Net Income per Diluted Share
Third quarter of fiscal year 2024 net income of
-
of non-cash after-tax gains related to fair market value adjustments to equity investments$0.06 -
of after-tax losses on a Blue Chip Swap transaction to repatriate cash to the$(0.05) U.S. fromArgentina -
of after-tax losses related to non-recurring professional service fees$(0.05)
Second quarter of fiscal year 2024 net income of
-
of non-cash after-tax gains related to fair market value adjustments to equity investments$0.03 -
of after-tax losses related to research and development expenses associated with an asset acquisition$(0.03)
Conference Call
A conference call will be held on Thursday, July 25, 2024 at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations, to discuss the Company’s third quarter fiscal year 2024 results. Dial-in information for the conference call is (800) 225-9448 for domestic callers or (203) 518-9814 for international callers. The call access code is ‘Helmerich’. You may also listen to the conference call that will be broadcast live over the Internet by logging on to the Company’s website at http://www.helmerichpayne.com and accessing the corresponding link through the investor relations section by clicking on “Investors” and then clicking on “News and Events - Events & Presentations” to find the event and the link to the webcast.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. At June 30, 2024, H&P's fleet included 232 land rigs in
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrant’s business strategy, future financial position, operations outlook, future cash flow, future use of generated cash flow, dividend amounts and timing, supplemental shareholder return plans and amounts of any future dividends, future share repurchases, investments, active rig count projections, projected costs and plans, objectives of management for future operations, contract terms, financing and funding, capex spending and budgets, outlook for domestic and international markets, future commodity prices, and future customer activity and relationships are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and other disclosures in the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. Investors are cautioned not to put undue reliance on such statements. We undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information, changes in internal estimates, expectations or otherwise, except as required under applicable securities laws.
Helmerich & Payne uses its Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com. Information on our website is not part of this release.
|
Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig, which may be registered or trademarked in
(1) Select items are considered non-GAAP metrics and are included as a supplemental disclosure as the Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside the Company's core business operations. See Non-GAAP Measurements.
(2) Direct margin, which is considered a non-GAAP metric, is defined as operating revenues (less reimbursements) less direct operating expenses (less reimbursements) and is included as a supplemental disclosure. We believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See Non-GAAP Measurements for a reconciliation of segment operating income(loss) to direct margin. Expected direct margin for the third quarter of fiscal 2024 is provided on a non-GAAP basis only because certain information necessary to calculate the most comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of certain items. Therefore, as a result of the uncertainty and variability of the nature and amount of future items and adjustments, which could be significant, we are unable to provide a reconciliation of expected direct margin to the most comparable GAAP measure without unreasonable effort.
HELMERICH & PAYNE, INC. | |||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
(in thousands, except per share amounts) |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||||
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
||||||||||
Drilling services |
$ |
695,139 |
|
|
$ |
685,131 |
|
|
$ |
721,567 |
|
|
$ |
2,054,835 |
|
|
$ |
2,205,419 |
|
Other |
|
2,585 |
|
|
|
2,812 |
|
|
|
2,389 |
|
|
|
7,979 |
|
|
|
7,396 |
|
|
|
697,724 |
|
|
|
687,943 |
|
|
|
723,956 |
|
|
|
2,062,814 |
|
|
|
2,212,815 |
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
|
||||||||||
Drilling services operating expenses, excluding depreciation and amortization |
|
417,028 |
|
|
|
401,851 |
|
|
|
429,182 |
|
|
|
1,222,182 |
|
|
|
1,306,543 |
|
Other operating expenses |
|
1,144 |
|
|
|
1,026 |
|
|
|
1,003 |
|
|
|
3,307 |
|
|
|
3,317 |
|
Depreciation and amortization |
|
97,816 |
|
|
|
104,545 |
|
|
|
94,811 |
|
|
|
296,352 |
|
|
|
287,721 |
|
Research and development |
|
10,555 |
|
|
|
12,942 |
|
|
|
7,085 |
|
|
|
32,105 |
|
|
|
22,720 |
|
Selling, general and administrative |
|
66,870 |
|
|
|
62,037 |
|
|
|
49,271 |
|
|
|
185,484 |
|
|
|
150,581 |
|
Asset impairment charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,097 |
|
Gain on reimbursement of drilling equipment |
|
(9,732 |
) |
|
|
(7,461 |
) |
|
|
(10,642 |
) |
|
|
(24,687 |
) |
|
|
(37,940 |
) |
Other (gain) loss on sale of assets |
|
2,730 |
|
|
|
2,431 |
|
|
|
4,504 |
|
|
|
2,718 |
|
|
|
(394 |
) |
|
|
586,411 |
|
|
|
577,371 |
|
|
|
575,214 |
|
|
|
1,717,461 |
|
|
|
1,744,645 |
|
OPERATING INCOME |
|
111,313 |
|
|
|
110,572 |
|
|
|
148,742 |
|
|
|
345,353 |
|
|
|
468,170 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income |
|
11,888 |
|
|
|
6,567 |
|
|
|
10,748 |
|
|
|
29,189 |
|
|
|
20,508 |
|
Interest expense |
|
(4,336 |
) |
|
|
(4,261 |
) |
|
|
(4,324 |
) |
|
|
(12,969 |
) |
|
|
(12,918 |
) |
Gain (loss) on investment securities |
|
389 |
|
|
|
3,747 |
|
|
|
(18,538 |
) |
|
|
102 |
|
|
|
6,123 |
|
Other |
|
3,134 |
|
|
|
400 |
|
|
|
(672 |
) |
|
|
2,991 |
|
|
|
(1,218 |
) |
|
|
11,075 |
|
|
|
6,453 |
|
|
|
(12,786 |
) |
|
|
19,313 |
|
|
|
12,495 |
|
Income before income taxes |
|
122,388 |
|
|
|
117,025 |
|
|
|
135,956 |
|
|
|
364,666 |
|
|
|
480,665 |
|
Income tax expense |
|
33,703 |
|
|
|
32,194 |
|
|
|
40,663 |
|
|
|
95,977 |
|
|
|
124,187 |
|
NET INCOME |
$ |
88,685 |
|
|
$ |
84,831 |
|
|
$ |
95,293 |
|
|
$ |
268,689 |
|
|
$ |
356,478 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
$ |
0.89 |
|
|
$ |
0.85 |
|
|
$ |
0.93 |
|
|
$ |
2.68 |
|
|
$ |
3.40 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per common share |
$ |
0.88 |
|
|
$ |
0.84 |
|
|
$ |
0.93 |
|
|
$ |
2.67 |
|
|
$ |
3.39 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
98,752 |
|
|
|
98,774 |
|
|
|
101,163 |
|
|
|
98,891 |
|
|
|
103,464 |
|
Diluted |
|
99,007 |
|
|
|
99,046 |
|
|
|
101,550 |
|
|
|
99,116 |
|
|
|
103,852 |
|
HELMERICH & PAYNE, INC. |
|||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
June 30, |
|
September 30, |
||||
(in thousands except share data and share amounts) |
2024 |
|
2023 |
||||
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
203,633 |
|
|
$ |
257,174 |
|
Restricted cash |
|
78,369 |
|
|
|
59,064 |
|
Short-term investments |
|
86,088 |
|
|
|
93,600 |
|
Accounts receivable, net of allowance of |
|
415,395 |
|
|
|
404,188 |
|
Inventories of materials and supplies, net |
|
115,312 |
|
|
|
94,227 |
|
Prepaid expenses and other, net |
|
71,522 |
|
|
|
97,727 |
|
Assets held-for-sale |
|
— |
|
|
|
645 |
|
Total current assets |
|
970,319 |
|
|
|
1,006,625 |
|
|
|
|
|
||||
Investments |
|
292,229 |
|
|
|
264,947 |
|
Property, plant and equipment, net |
|
3,014,345 |
|
|
|
2,921,695 |
|
Other Noncurrent Assets: |
|
|
|
||||
Goodwill |
|
45,653 |
|
|
|
45,653 |
|
Intangible assets, net |
|
55,752 |
|
|
|
60,575 |
|
Operating lease right-of-use asset |
|
57,315 |
|
|
|
50,400 |
|
Other assets, net |
|
49,369 |
|
|
|
32,061 |
|
Total other noncurrent assets |
|
208,089 |
|
|
|
188,689 |
|
|
|
|
|
||||
Total assets |
$ |
4,484,982 |
|
|
$ |
4,381,956 |
|
|
|
|
|
||||
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
158,896 |
|
|
$ |
130,852 |
|
Dividends payable |
|
42,045 |
|
|
|
25,194 |
|
Accrued liabilities |
|
255,851 |
|
|
|
262,885 |
|
Total current liabilities |
|
456,792 |
|
|
|
418,931 |
|
|
|
|
|
||||
Noncurrent Liabilities: |
|
|
|
||||
Long-term debt, net |
|
545,589 |
|
|
|
545,144 |
|
Deferred income taxes |
|
494,412 |
|
|
|
517,809 |
|
Other |
|
131,344 |
|
|
|
128,129 |
|
Total noncurrent liabilities |
|
1,171,345 |
|
|
|
1,191,082 |
|
|
|
|
|
||||
Shareholders' Equity: |
|
|
|
||||
Common stock, |
|
11,222 |
|
|
|
11,222 |
|
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
510,379 |
|
|
|
525,369 |
|
Retained earnings |
|
2,833,136 |
|
|
|
2,707,715 |
|
Accumulated other comprehensive loss |
|
(8,499 |
) |
|
|
(7,981 |
) |
Treasury stock, at cost, 13,467,453 shares and 12,796,339 shares as of June 30, 2024 and September 30, 2023, respectively |
|
(489,393 |
) |
|
|
(464,382 |
) |
Total shareholders’ equity |
|
2,856,845 |
|
|
|
2,771,943 |
|
Total liabilities and shareholders' equity |
$ |
4,484,982 |
|
|
$ |
4,381,956 |
|
HELMERICH & PAYNE, INC. |
|||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
Nine Months Ended June 30, |
||||||
(in thousands) |
2024 |
|
2023 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net income |
$ |
268,689 |
|
|
$ |
356,478 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
296,352 |
|
|
|
287,721 |
|
Asset impairment charges |
|
— |
|
|
|
12,097 |
|
Provision for credit loss |
|
(213 |
) |
|
|
2,165 |
|
Stock-based compensation |
|
23,777 |
|
|
|
23,884 |
|
Gain on investment securities |
|
(102 |
) |
|
|
(6,123 |
) |
Gain on reimbursement of drilling equipment |
|
(24,687 |
) |
|
|
(37,940 |
) |
Other (gain) loss on sale of assets |
|
2,718 |
|
|
|
(394 |
) |
Deferred income tax expense (benefit) |
|
(23,634 |
) |
|
|
4,197 |
|
Other |
|
3,011 |
|
|
|
3,960 |
|
Changes in assets and liabilities |
|
(30,004 |
) |
|
|
(27,045 |
) |
Net cash provided by operating activities |
|
515,907 |
|
|
|
619,000 |
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Capital expenditures |
|
(389,095 |
) |
|
|
(281,790 |
) |
Purchase of short-term investments |
|
(148,451 |
) |
|
|
(102,140 |
) |
Purchase of long-term investments |
|
(9,167 |
) |
|
|
(18,813 |
) |
Proceeds from sale of short-term investments |
|
152,034 |
|
|
|
148,651 |
|
Insurance proceeds from involuntary conversion |
|
5,533 |
|
|
|
— |
|
Proceeds from asset sales |
|
35,148 |
|
|
|
63,048 |
|
Net cash used in investing activities |
|
(353,998 |
) |
|
|
(191,044 |
) |
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Dividends paid |
|
(126,417 |
) |
|
|
(152,579 |
) |
Payments for employee taxes on net settlement of equity awards |
|
(12,176 |
) |
|
|
(14,410 |
) |
Payment of contingent consideration from acquisition of business |
|
(6,250 |
) |
|
|
(250 |
) |
Share repurchases |
|
(51,302 |
) |
|
|
(247,213 |
) |
Other |
|
— |
|
|
|
(540 |
) |
Net cash used in financing activities |
|
(196,145 |
) |
|
|
(414,992 |
) |
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
(34,236 |
) |
|
|
12,964 |
|
Cash and cash equivalents and restricted cash, beginning of period |
|
316,238 |
|
|
|
269,009 |
|
Cash and cash equivalents and restricted cash, end of period |
$ |
282,002 |
|
|
$ |
281,973 |
|
HELMERICH & PAYNE, INC. |
||||||||||||||||
SEGMENT REPORTING |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|||||||
(in thousands, except operating statistics) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Operating revenues |
$ |
620,040 |
|
|
$ |
613,339 |
|
$ |
641,612 |
|
|
$ |
1,827,661 |
|
$ |
1,944,555 |
Direct operating expenses |
|
342,617 |
|
|
|
341,938 |
|
|
364,688 |
|
|
|
1,022,763 |
|
|
1,111,154 |
Depreciation and amortization |
|
89,207 |
|
|
|
97,573 |
|
|
87,209 |
|
|
|
273,799 |
|
|
266,093 |
Research and development |
|
10,623 |
|
|
|
13,006 |
|
|
7,254 |
|
|
|
32,318 |
|
|
23,051 |
Selling, general and administrative expense |
|
14,234 |
|
|
|
13,692 |
|
|
12,962 |
|
|
|
43,802 |
|
|
43,364 |
Asset impairment charges |
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
3,948 |
Segment operating income |
$ |
163,359 |
|
|
$ |
147,130 |
|
$ |
169,499 |
|
|
$ |
454,979 |
|
$ |
496,945 |
Financial Data and Other Operating Statistics1: |
|
|
|
|
|
|
|
|
|
|||||||
Direct margin (Non-GAAP)2 |
$ |
277,423 |
|
|
$ |
271,401 |
|
$ |
276,924 |
|
|
$ |
804,898 |
|
$ |
833,401 |
Revenue days3 |
|
13,683 |
|
|
|
14,123 |
|
|
15,075 |
|
|
|
41,516 |
|
|
48,142 |
Average active rigs4 |
|
150 |
|
|
|
155 |
|
|
166 |
|
|
|
152 |
|
|
176 |
Number of active rigs at the end of period5 |
|
146 |
|
|
|
152 |
|
|
153 |
|
|
|
146 |
|
|
153 |
Number of available rigs at the end of period |
|
232 |
|
|
|
233 |
|
|
233 |
|
|
|
232 |
|
|
233 |
Reimbursements of "out-of-pocket" expenses |
$ |
74,915 |
|
|
$ |
73,584 |
|
$ |
82,688 |
|
|
$ |
218,227 |
|
$ |
239,288 |
|
|
|
|
|
|
|
|
|
|
|||||||
INTERNATIONAL SOLUTIONS |
|
|
|
|
|
|
|
|
|
|||||||
Operating revenues |
$ |
47,882 |
|
|
$ |
45,878 |
|
$ |
48,692 |
|
|
$ |
148,512 |
|
$ |
159,383 |
Direct operating expenses |
|
47,446 |
|
|
|
37,514 |
|
|
45,390 |
|
|
|
129,479 |
|
|
133,642 |
Depreciation |
|
2,797 |
|
|
|
2,418 |
|
|
2,171 |
|
|
|
7,549 |
|
|
5,215 |
Selling, general and administrative expense |
|
2,483 |
|
|
|
2,377 |
|
|
2,528 |
|
|
|
7,336 |
|
|
8,245 |
Asset impairment charges |
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
8,149 |
Segment operating income (loss) |
$ |
(4,844 |
) |
|
$ |
3,569 |
|
$ |
(1,397 |
) |
|
$ |
4,148 |
|
$ |
4,132 |
Financial Data and Other Operating Statistics1: |
|
|
|
|
|
|
|
|
|
|||||||
Direct margin (Non-GAAP)2 |
$ |
436 |
|
|
$ |
8,364 |
|
$ |
3,302 |
|
|
$ |
19,033 |
|
$ |
25,741 |
Revenue days3 |
|
1,067 |
|
|
|
1,038 |
|
|
1,215 |
|
|
|
3,278 |
|
|
3,618 |
Average active rigs4 |
|
12 |
|
|
|
11 |
|
|
13 |
|
|
|
12 |
|
|
13 |
Number of active rigs at the end of period5 |
|
12 |
|
|
|
11 |
|
|
13 |
|
|
|
12 |
|
|
13 |
Number of available rigs at the end of period |
|
23 |
|
|
|
22 |
|
|
22 |
|
|
|
23 |
|
|
22 |
Reimbursements of "out-of-pocket" expenses |
$ |
2,069 |
|
|
$ |
1,964 |
|
$ |
2,098 |
|
|
$ |
7,417 |
|
$ |
7,743 |
|
|
|
|
|
|
|
|
|
|
|||||||
OFFSHORE GULF OF |
|
|
|
|
|
|
|
|
|
|||||||
Operating revenues |
$ |
27,218 |
|
|
$ |
25,913 |
|
$ |
31,221 |
|
|
$ |
78,662 |
|
$ |
101,364 |
Direct operating expenses |
|
19,611 |
|
|
|
23,010 |
|
|
23,913 |
|
|
|
62,200 |
|
|
75,292 |
Depreciation |
|
1,798 |
|
|
|
1,941 |
|
|
1,873 |
|
|
|
5,807 |
|
|
5,671 |
Selling, general and administrative expense |
|
799 |
|
|
|
884 |
|
|
730 |
|
|
|
2,515 |
|
|
2,263 |
Segment operating income |
$ |
5,010 |
|
|
$ |
78 |
|
$ |
4,705 |
|
|
$ |
8,140 |
|
$ |
18,138 |
Financial Data and Other Operating Statistics1: |
|
|
|
|
|
|
|
|
|
|||||||
Direct margin (Non-GAAP)2 |
$ |
7,607 |
|
|
$ |
2,903 |
|
$ |
7,308 |
|
|
$ |
16,462 |
|
$ |
26,072 |
Revenue days3 |
|
273 |
|
|
|
273 |
|
|
364 |
|
|
|
835 |
|
|
1,092 |
Average active rigs4 |
|
3 |
|
|
|
3 |
|
|
4 |
|
|
|
3 |
|
|
4 |
Number of active rigs at the end of period5 |
|
3 |
|
|
|
3 |
|
|
4 |
|
|
|
3 |
|
|
4 |
Number of available rigs at the end of period |
|
7 |
|
|
|
7 |
|
|
7 |
|
|
|
7 |
|
|
7 |
Reimbursements of "out-of-pocket" expenses |
$ |
7,746 |
|
|
$ |
8,857 |
|
$ |
7,823 |
|
|
$ |
24,430 |
|
$ |
23,006 |
(1) | These operating metrics and financial data, including average active rigs, are provided to allow investors to analyze the various components of segment financial results in terms of activity, utilization and other key results. Management uses these metrics to analyze historical segment financial results and as the key inputs for forecasting and budgeting segment financial results. |
|
(2) | Direct margin, which is considered a non-GAAP metric, is defined as operating revenues (less reimbursements) less direct operating expenses (less reimbursements) and is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See — Non-GAAP Measurements below for a reconciliation of segment operating income (loss) to direct margin. |
|
(3) | Defined as the number of contractual days we recognized revenue for during the period. |
|
(4) | Active rigs generate revenue for the Company; accordingly, 'average active rigs' represents the average number of rigs generating revenue during the applicable time period. This metric is calculated by dividing revenue days by total days in the applicable period (i.e. 91 days for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, 274 days for the nine months ended June 30, 2024 and 273 days for the nine months ended June 30, 2023). |
|
(5) | Defined as the number of rigs generating revenue at the applicable end date of the time period. |
Segment operating income (loss) for all segments is a non-GAAP financial measure of the Company’s performance, as it excludes gain on sale of assets, corporate selling, general and administrative expenses and corporate depreciation. The Company considers segment operating income (loss) to be an important supplemental measure of operating performance for presenting trends in the Company’s core businesses. This measure is used by the Company to facilitate period-to-period comparisons in operating performance of the Company’s reportable segments in the aggregate by eliminating items that affect comparability between periods. The Company believes that segment operating income (loss) is useful to investors because it provides a means to evaluate the operating performance of the segments and the Company on an ongoing basis using criteria that are used by our internal decision makers. Additionally, it highlights operating trends and aids analytical comparisons. However, segment operating income (loss) has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in accordance with GAAP, as it excludes certain costs that may affect the Company’s operating performance in future periods.
Income from discontinued operations was presented as a separate line item on our Unaudited Condensed Consolidated Statements of Operations during the three and nine months ended June 30, 2023. To conform with the current fiscal year presentation, we reclassified amounts previously presented in Income from discontinued operations, which were not material, to Other within Other income (expense) on our Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2023.
The following table reconciles operating income per the information above to income (loss) from continuing operations before income taxes as reported on the Unaudited Condensed Consolidated Statements of Operations:
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||||||
(in thousands) |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
||||||||||
North America Solutions |
$ |
163,359 |
|
|
$ |
147,130 |
|
|
$ |
169,499 |
|
|
$ |
454,979 |
|
|
$ |
496,945 |
|
International Solutions |
|
(4,844 |
) |
|
|
3,569 |
|
|
|
(1,397 |
) |
|
|
4,148 |
|
|
|
4,132 |
|
Offshore Gulf of |
|
5,010 |
|
|
|
78 |
|
|
|
4,705 |
|
|
|
8,140 |
|
|
|
18,138 |
|
Other |
|
(4,791 |
) |
|
|
2,785 |
|
|
|
2,104 |
|
|
|
(2,073 |
) |
|
|
13,604 |
|
Eliminations |
|
(616 |
) |
|
|
(772 |
) |
|
|
4,470 |
|
|
|
(1,054 |
) |
|
|
4,513 |
|
Segment operating income |
$ |
158,118 |
|
|
$ |
152,790 |
|
|
$ |
179,381 |
|
|
$ |
464,140 |
|
|
$ |
537,332 |
|
Gain on reimbursement of drilling equipment |
|
9,732 |
|
|
|
7,461 |
|
|
|
10,642 |
|
|
|
24,687 |
|
|
|
37,940 |
|
Other gain (loss) on sale of assets |
|
(2,730 |
) |
|
|
(2,431 |
) |
|
|
(4,504 |
) |
|
|
(2,718 |
) |
|
|
394 |
|
Corporate selling, general and administrative costs and corporate depreciation |
|
(53,807 |
) |
|
|
(47,248 |
) |
|
|
(36,777 |
) |
|
|
(140,756 |
) |
|
|
(107,496 |
) |
Operating income |
$ |
111,313 |
|
|
$ |
110,572 |
|
|
$ |
148,742 |
|
|
$ |
345,353 |
|
|
$ |
468,170 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income |
|
11,888 |
|
|
|
6,567 |
|
|
|
10,748 |
|
|
|
29,189 |
|
|
|
20,508 |
|
Interest expense |
|
(4,336 |
) |
|
|
(4,261 |
) |
|
|
(4,324 |
) |
|
|
(12,969 |
) |
|
|
(12,918 |
) |
Gain (loss) on investment securities |
|
389 |
|
|
|
3,747 |
|
|
|
(18,538 |
) |
|
|
102 |
|
|
|
6,123 |
|
Other |
|
3,134 |
|
|
|
400 |
|
|
|
(672 |
) |
|
|
2,991 |
|
|
|
(1,218 |
) |
Total unallocated amounts |
|
11,075 |
|
|
|
6,453 |
|
|
|
(12,786 |
) |
|
|
19,313 |
|
|
|
12,495 |
|
Income before income taxes |
$ |
122,388 |
|
|
$ |
117,025 |
|
|
$ |
135,956 |
|
|
$ |
364,666 |
|
|
$ |
480,665 |
|
SUPPLEMENTARY STATISTICAL INFORMATION |
|||||||
Unaudited |
|||||||
|
|||||||
|
July 24, |
|
June 30, |
|
March 31, |
|
Q3FY24 |
|
2024 |
|
2024 |
|
2024 |
|
Average |
|
|
|
|
|
|
|
|
Term Contract Rigs |
88 |
|
83 |
|
96 |
|
86 |
Spot Contract Rigs |
60 |
|
63 |
|
56 |
|
64 |
Total Contracted Rigs |
148 |
|
146 |
|
152 |
|
150 |
Idle or Other Rigs |
84 |
|
86 |
|
81 |
|
82 |
Total Marketable Fleet |
232 |
|
232 |
|
233 |
|
232 |
H&P GLOBAL FLEET UNDER TERM CONTRACT STATISTICS |
|||||||||||||
Number of Rigs Already Under Long-Term Contracts(*) |
|||||||||||||
(Estimated Quarterly Average — as of 6/30/24) |
|||||||||||||
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
Segment |
FY24 |
|
FY25 |
|
FY25 |
|
FY25 |
|
FY25 |
|
FY26 |
|
FY26 |
|
86.9 |
|
72.5 |
|
40.8 |
|
30.4 |
|
27.1 |
|
19.3 |
|
4.0 |
International Land Operations |
9.0 |
|
10.9 |
|
13.1 |
|
11.7 |
|
11.0 |
|
10.9 |
|
10.0 |
Offshore Operations |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
Total |
95.9 |
|
83.4 |
|
53.9 |
|
42.1 |
|
38.1 |
|
30.2 |
|
14.0 |
(*) All of the above rig contracts have original terms equal to or in excess of six months and include provisions for early termination fees. |
NON-GAAP MEASUREMENTS |
|||||||||||||||
NON-GAAP RECONCILIATION OF SELECT ITEMS AND ADJUSTED NET INCOME(**) |
|||||||||||||||
|
Three Months Ended June 30, 2024 |
||||||||||||||
(in thousands, except per share data) |
Pretax |
|
Tax Impact |
|
Net |
|
EPS |
||||||||
Net income (GAAP basis) |
|
|
|
|
$ |
88,685 |
|
|
$ |
0.88 |
|
||||
(-) Fair market adjustment to equity investments |
$ |
7,508 |
|
|
$ |
1,944 |
|
|
$ |
5,564 |
|
|
$ |
0.06 |
|
(-) Non-recurring professional service fees |
$ |
(6,680 |
) |
|
$ |
(1,730 |
) |
|
$ |
(4,950 |
) |
|
$ |
(0.05 |
) |
(-) Losses on a Blue Chip Swap transaction |
$ |
(7,112 |
) |
|
$ |
(1,842 |
) |
|
$ |
(5,270 |
) |
|
$ |
(0.05 |
) |
Adjusted net income |
|
|
|
|
$ |
93,341 |
|
|
$ |
0.92 |
|
|
Three Months Ended March 31, 2024 |
||||||||||||||
(in thousands, except per share data) |
Pretax |
|
Tax Impact |
|
Net |
|
EPS |
||||||||
Net income (GAAP basis) |
|
|
|
|
$ |
84,831 |
|
|
$ |
0.84 |
|
||||
(-) Fair market adjustment to equity investments |
$ |
3,777 |
|
|
$ |
920 |
|
|
$ |
2,857 |
|
|
$ |
0.03 |
|
(-) Research and development expenses associated with an asset acquisition |
$ |
(3,840 |
) |
|
$ |
(995 |
) |
|
$ |
(2,845 |
) |
|
$ |
(0.03 |
) |
Adjusted net income |
|
|
|
|
$ |
84,819 |
|
|
$ |
0.84 |
|
(**)The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future period results. Select items are excluded as they are deemed to be outside of the Company's core business operations.
NON-GAAP RECONCILIATION OF DIRECT MARGIN
Direct margin is considered a non-GAAP metric. We define "direct margin" as operating revenues (less reimbursements) less direct operating expenses (less reimbursements). Direct margin is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. Direct margin is not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures.
The following table reconciles direct margin to segment operating income (loss), which we believe is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to direct margin.
|
Three Months Ended June 30, 2024 |
||||||||
(in thousands) |
North America Solutions |
|
International Solutions |
|
Offshore Gulf of |
||||
Segment operating income (loss) |
$ |
163,359 |
|
$ |
(4,844 |
) |
|
$ |
5,010 |
Add back: |
|
|
|
|
|
||||
Depreciation and amortization |
|
89,207 |
|
|
2,797 |
|
|
|
1,798 |
Research and development |
|
10,623 |
|
|
— |
|
|
|
— |
Selling, general and administrative expense |
|
14,234 |
|
|
2,483 |
|
|
|
799 |
Direct margin (Non-GAAP) |
$ |
277,423 |
|
$ |
436 |
|
|
$ |
7,607 |
|
Three Months Ended March 31, 2024 |
|||||||
(in thousands) |
North America Solutions |
|
International Solutions |
|
Offshore Gulf of |
|||
Segment operating income |
$ |
147,130 |
|
$ |
3,569 |
|
$ |
78 |
Add back: |
|
|
|
|
|
|||
Depreciation and amortization |
|
97,573 |
|
|
2,418 |
|
|
1,941 |
Research and development |
|
13,006 |
|
|
— |
|
|
— |
Selling, general and administrative expense |
|
13,692 |
|
|
2,377 |
|
|
884 |
Direct margin (Non-GAAP) |
$ |
271,401 |
|
$ |
8,364 |
|
$ |
2,903 |
|
Three Months Ended June 30, 2023 |
||||||||
(in thousands) |
North America Solutions |
|
International Solutions |
|
Offshore Gulf of |
||||
Segment operating income (loss) |
$ |
169,499 |
|
$ |
(1,397 |
) |
|
$ |
4,705 |
Add back: |
|
|
|
|
|
||||
Depreciation and amortization |
|
87,209 |
|
|
2,171 |
|
|
|
1,873 |
Research and development |
|
7,254 |
|
|
— |
|
|
|
— |
Selling, general and administrative expense |
|
12,962 |
|
|
2,528 |
|
|
|
730 |
Direct margin (Non-GAAP) |
$ |
276,924 |
|
$ |
3,302 |
|
|
$ |
7,308 |
|
Nine Months Ended June 30, 2024 |
|||||||
(in thousands) |
North America Solutions |
|
International Solutions |
|
Offshore Gulf of |
|||
Segment operating income |
$ |
454,979 |
|
$ |
4,148 |
|
$ |
8,140 |
Add back: |
|
|
|
|
|
|||
Depreciation and amortization |
|
273,799 |
|
|
7,549 |
|
|
5,807 |
Research and development |
|
32,318 |
|
|
— |
|
|
— |
Selling, general and administrative expense |
|
43,802 |
|
|
7,336 |
|
|
2,515 |
Direct margin (Non-GAAP) |
$ |
804,898 |
|
$ |
19,033 |
|
$ |
16,462 |
|
Nine Months Ended June 30, 2023 |
|||||||
(in thousands) |
North America Solutions |
|
International Solutions |
|
Offshore Gulf of |
|||
Segment operating income |
$ |
496,945 |
|
$ |
4,132 |
|
$ |
18,138 |
Add back: |
|
|
|
|
|
|||
Depreciation and amortization |
|
266,093 |
|
|
5,215 |
|
|
5,671 |
Research and development |
|
23,051 |
|
|
— |
|
|
— |
Selling, general and administrative expense |
|
43,364 |
|
|
8,245 |
|
|
2,263 |
Asset impairment charges |
|
3,948 |
|
|
8,149 |
|
|
— |
Direct margin (Non-GAAP) |
$ |
833,401 |
|
$ |
25,741 |
|
$ |
26,072 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724653817/en/
Dave Wilson, Vice President of Investor Relations
investor.relations@hpinc.com
(918) 588‑5190
Source: Helmerich & Payne, Inc.
FAQ
What was Helmerich & Payne's (HP) net income for Q3 2024?
How many active rigs did HP's North America Solutions segment have at the end of Q3 2024?
What dividends did Helmerich & Payne (HP) declare for Q3 2024?
What is HP's projected active rig count for Q4 2024?