Helmerich & Payne, Inc. Announces Fiscal First Quarter Results
Helmerich & Payne (NYSE: HP) reported Q1 fiscal 2025 results with net income of $55 million ($0.54 per diluted share) on operating revenues of $677 million, down from $75 million ($0.76 per diluted share) on $694 million revenue in Q4 2024. The company reported Adjusted EBITDA of $199 million.
The North America Solutions segment maintained 148 active rigs with revenue per day of $38,600 and direct margins of $19,400/day. The company completed the exportation of eight super-spec FlexRigs to Saudi Arabia and declared a quarterly dividend of $0.25 per share.
A significant development was the completion of the KCA Deutag acquisition, which increases HP's contracted rig count in Middle Eastern markets from 11 to 65 and adds approximately $5.5 billion in backlog. The company expects its North America Solutions rig count to remain relatively flat, exiting Q2 with 146-152 active rigs.
Helmerich & Payne (NYSE: HP) ha riportato i risultati del primo trimestre fiscale 2025 con un utile netto di 55 milioni di dollari (0,54 dollari per azione diluita) su ricavi operativi di 677 milioni di dollari, in calo rispetto ai 75 milioni di dollari (0,76 dollari per azione diluita) e ai 694 milioni di dollari di ricavi nel quarto trimestre del 2024. L'azienda ha riportato un EBITDA rettificato di 199 milioni di dollari.
Il segmento Soluzioni Nord America ha mantenuto 148 impianti attivi con un fatturato per giorno di 38.600 dollari e margini diretti di 19.400 dollari/giorno. L'azienda ha completato l'esportazione di otto FlexRig super-specifici in Arabia Saudita e ha dichiarato un dividendo trimestrale di 0,25 dollari per azione.
Un sviluppo significativo è stato il completamento dell', che aumenta il numero di impianti a contratto di HP nei mercati mediorientali da 11 a 65 e aggiunge circa 5,5 miliardi di dollari di ordini in portafoglio. L'azienda si aspetta che il numero di impianti nel segmento Soluzioni Nord America rimanga relativamente stabile, uscendo dal secondo trimestre con 146-152 impianti attivi.
Helmerich & Payne (NYSE: HP) reportó los resultados del primer trimestre fiscal de 2025 con un ingreso neto de 55 millones de dólares (0,54 dólares por acción diluida) sobre ingresos operativos de 677 millones de dólares, una disminución frente a los 75 millones de dólares (0,76 dólares por acción diluida) y 694 millones de dólares en ingresos en el cuarto trimestre de 2024. La compañía reportó un EBITDA ajustado de 199 millones de dólares.
El segmento Soluciones de América del Norte mantuvo 148 plataformas activas con ingresos diarios de 38.600 dólares y márgenes directos de 19.400 dólares/día. La compañía completó la exportación de ocho FlexRigs super-especializados a Arabia Saudita y declaró un dividendo trimestral de 0,25 dólares por acción.
Un desarrollo significativo fue la finalización de la adquisición de KCA Deutag, que aumenta el número de plataformas contratadas de HP en los mercados de Oriente Medio de 11 a 65 y agrega aproximadamente 5.500 millones de dólares en órdenes pendientes. La compañía espera que su conteo de plataformas en el segmento Soluciones de América del Norte se mantenga relativamente estable, saliendo del segundo trimestre con 146-152 plataformas activas.
Helmerich & Payne (NYSE: HP)는 2025 회계연도 1분기 결과를 보고하며, 순이익이 5천5백만 달러(희석 주당 0.54 달러)로 운영 매출은 6억7천7백만 달러에 달한다고 밝혔습니다. 이는 2024 회계연도 4분기의 7천5백만 달러(희석 주당 0.76 달러)와 6억9천4백만 달러의 매출에서 감소한 수치입니다. 회사는 조정된 EBITDA로 1억9천9백만 달러를 보고하였습니다.
북미 솔루션 부문은 148개의 활성 굴착기를 유지했으며, 하루당 수익은 38,600 달러이고, 직접 마진은 하루당 19,400 달러를 기록했습니다. 또한 회사는 8개의 슈퍼 사양 FlexRig을 사우디 아라비아로 수출 완료했으며, 주당 0.25 달러의 분기 배당금을 발표했습니다.
중요한 발전으로는 KCA Deutag 인수가 완료되었으며, 이를 통해 HP의 중동 시장에서의 계약된 리그 수가 11개에서 65개로 증가하고 약 55억 달러의 미결 주문이 추가되었습니다. 회사는 북미 솔루션 부문의 리그 수가 크게 변동하지 않을 것으로 예상하며, 2분기 종료 시점에 146-152개의 활성 리그를 유지할 것으로 보입니다.
Helmerich & Payne (NYSE: HP) a annoncé les résultats du premier trimestre fiscal 2025, avec un revenu net de 55 millions de dollars (0,54 dollar par action diluée) sur des revenus d'exploitation de 677 millions de dollars, contre 75 millions de dollars (0,76 dollar par action diluée) sur 694 millions de dollars de revenus au quatrième trimestre 2024. La société a rapporté un EBITDA ajusté de 199 millions de dollars.
Le segment Solutions Amérique du Nord a maintenu 148 plateformes actives avec des revenus quotidiens de 38.600 dollars et des marges directes de 19.400 dollars/jour. L'entreprise a achevé l'exportation de huit FlexRigs de super-spécification vers l'Arabie Saoudite et a déclaré un dividende trimestriel de 0,25 dollar par action.
Un développement significatif a été l'achèvement de l', ce qui augmente le nombre de plateformes contractées de HP sur les marchés du Moyen-Orient de 11 à 65 et ajoute environ 5,5 milliards de dollars de carnet de commandes. L'entreprise s'attend à ce que son nombre de plateformes dans le segment Solutions Amérique du Nord reste relativement stable, sortant du deuxième trimestre avec 146-152 plateformes actives.
Helmerich & Payne (NYSE: HP) berichtete über die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 mit einem Nettogewinn von 55 Millionen Dollar (0,54 Dollar pro verwässerter Aktie) bei Betriebseinnahmen von 677 Millionen Dollar, was einen Rückgang gegenüber 75 Millionen Dollar (0,76 Dollar pro verwässerter Aktie) bei 694 Millionen Dollar Einnahmen im vierten Quartal 2024 darstellt. Das Unternehmen meldete ein bereinigtes EBITDA von 199 Millionen Dollar.
Das Segment Nordamerika-Lösungen hielt 148 aktive Bohrgeräte mit Einnahmen pro Tag von 38.600 Dollar und direkten Margen von 19.400 Dollar/Tag. Das Unternehmen schloss den Export von acht Super-Spezifikations-FlexRigs nach Saudi-Arabien ab und erklärte eine vierteljährliche Dividende von 0,25 Dollar pro Aktie.
Eine bedeutende Entwicklung war der Abschluss der KCA Deutag-Übernahme, die die Anzahl der vertraglich gebundenen Bohrgeräte von HP in den Märkten des Nahen Ostens von 11 auf 65 erhöht und ungefähr 5,5 Milliarden Dollar an Auftragsbestand hinzufügt. Das Unternehmen erwartet, dass die Anzahl der Bohrgeräte im Segment Nordamerika-Lösungen relativ stabil bleibt und das zweite Quartal mit 146-152 aktiven Bohrungen abschließt.
- Completed KCA Deutag acquisition, adding $5.5 billion in backlog
- Significant Middle East expansion from 11 to 65 contracted rigs
- Strong cash flow with $158 million from operating activities
- Maintained stable North America Solutions performance with 148 active rigs
- Successful deployment of eight super-spec FlexRigs to Saudi Arabia
- Net income decreased from $75M to $55M quarter-over-quarter
- Operating revenues declined from $694M to $677M
- North America Solutions operating income decreased by $4M
- International Solutions segment reported $15.2M operating loss
Insights
The Q1 FY2025 results reveal a complex narrative of strategic expansion amid operational headwinds. While headline numbers show sequential declines - net income down
The KCA Deutag acquisition marks a transformative moment, adding
Operational metrics warrant attention: North America Solutions' direct margins compressed to
The financial outlook appears measured but promising. The company expects to generate substantial free cash flow, supported by: 1) Lower legacy capex requirements 2) KCA Deutag's cash flow contribution 3) Stable North American operations. This positions H&P well for both debt reduction and maintaining its
Looking ahead, management's guidance suggests operational stability in North America (146-152 rigs) while projecting significant growth in International and Offshore segments. The integration costs and near-term margin pressure in Saudi operations require monitoring, but the long-term strategic benefits appear to outweigh these temporary headwinds.
H&P's strategic evolution represents a calculated shift in market positioning, transforming from a North America-centric operator to a truly global drilling leader. The KCA Deutag acquisition delivers immediate scale in premium markets - Saudi Arabia, Oman, Kuwait and Bahrain - where national oil companies' spending remains resilient regardless of commodity price cycles.
The market dynamics support this strategic pivot. While North American activity faces pressure from efficiency gains and operator consolidation, Middle Eastern markets are expanding. The increase from 11 to 65 contracted rigs in the region positions H&P to capture a larger share of this growth market.
A key competitive advantage emerges from the combination of H&P's technological leadership with KCA Deutag's established regional relationships. Early indicators suggest this is already generating new commercial opportunities for H&P's technology solutions in these markets.
The offshore expansion through approximately 30 management contracts adds another dimension to H&P's market presence, providing exposure to stable markets in the North Sea, U.S. Gulf of Mexico and other key regions. This diversification reduces cyclical exposure while maintaining focus on premium drilling services.
Net cash provided by operating activities was
Quarter Highlights
-
The Company reported fiscal first quarter Adjusted EBITDA(2) of
$199 million -
The North America Solutions ("NAS") segment exited the first quarter of fiscal year 2025 with 148 active rigs and recognized revenue per day of
/day with associated direct margins(3) per day of$38,600 day during the quarter$19,400 -
Quarterly NAS operating income decreased
to$4 million , from the fourth fiscal quarter of 2024; while direct margins(3) decreased by$152 million to$9 million as revenues decreased by$266 million to$20 million and expenses decreased by$598 million to$11 million $333 million -
Completed the exportation of eight super-spec FlexRigs into our
Saudi Arabia operations -
On December 11, 2024, the Board of Directors of the Company declared a quarterly cash dividend of
per share, payable on February 28, 2025 to stockholders of record at the close of business on February 14, 2025$0.25
On January 16th, the Company completed the acquisition of KCA Deutag, which establishes H&P as a global leader in onshore drilling and positions the Company for value creation opportunities in the years ahead. Key highlights of the acquisition include:
-
An increase in our contracted rig count in key Middle Eastern markets from 11 to 65, with significant sources of cash flows in
Saudi Arabia ,Oman ,Kuwait , andBahrain -
Substantial growth in our offshore business, with exposure now to stable markets in the North Sea,
U.S. Gulf ofMexico , the Caspian Sea, and offshoreCanada - Growth in key customer relationships, with legacy KCA Deutag activity already generating incremental new commercial interest for H&P's leading technology solution offerings
-
The addition of approximately
(4) billion in backlog with high-quality, investment-grade customers$5.5 - Maintenance of H&P's own strong, investment-grade credit profile, with additional cash flow diversification to provide stability across a variety of market environments
- Enhances geographic footprint, with the Company levered to the most resilient basins in the world
Commentary
President and CEO John Lindsay commented, "During the first fiscal quarter of 2025, the Company executed at a high level on multiple fronts. Our NAS segment maintained its industry leading position with a financial performance and a stable rig count reflecting the value proposition we are providing to customers. In our International Solutions segment, we completed the exportation of eight rigs into
"Crude oil prices and industry rig counts were relatively steady during the quarter, but market sentiment remained cautious in the face of a multitude of economic and geopolitical uncertainties that have materialized over the past several quarters. Contractual churn in our NAS rig count continues to characterize the market, yet we have been successful in managing that volatility by consistently delivering drilling performance and efficiencies for our customers. Looking through the remainder of the second fiscal quarter we expect our NAS rig count to remain relatively flat and exit the quarter in a range of 146-152 active rigs.
"Results in our International Solutions and Offshore Solutions segments were in line with recent quarter norms but are poised to increase significantly in the second fiscal quarter. In addition to the direct margin contributions from KCA Deutag's core
Senior Vice President and CFO Kevin Vann also commented, "As John mentioned, we are excited about the recent completion of the KCA Deutag acquisition as it substantially accelerates our international growth, and we are looking forward to the benefits of being a larger and more diversified company. We expect operations in our North America Solutions segment to continue generating significant levels of cash flow. We believe that cash generation combined with a lower capex outlook for fiscal 2025 for H&P's legacy operations relative to fiscal 2024 and the inclusion of KCA Deutag's cash flow from operations, will create free cash flow that we intend to use to service our near-term debt reduction goals as well as continue to provide a competitive dividend to our shareholders."
John Lindsay concluded, “Over the past several months H&P and KCA Deutag employees have been working on integration planning, and now with the acquisition complete that integration is underway. I have been impressed by the hard work of our employees while maintaining our focus on safety. We realize that it may take several months to fully harmonize the new organization, but we believe the leadership and plans are in place to achieve that end. During this time of internal integration, our external focus will remain on our customers. We will continue to have a customer centric approach, putting safety and value creation at the forefront of our operations."
Operating Segment Results for the First Quarter of Fiscal Year 2025
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
Select Items(1) Included in Net Income per Diluted Share
First quarter of fiscal year 2025 net income of
-
of after-tax gains related to an insurance claim$0.02 -
of after-tax losses related to fees associated with acquisition financing$(0.01) -
of after-tax losses related to transaction and integration costs$(0.08) -
of non-cash after-tax losses related to fair market value adjustments to equity investments$(0.10)
Fourth quarter of fiscal year 2024 net income of
-
of non-cash after-tax gains related to fair market value adjustments to equity investments$0.10 -
of after-tax losses related to fees associated with acquisition financing$(0.05) -
of after-tax losses related to transaction and integration costs$(0.05)
Operational Outlook for the Second Quarter of Fiscal Year 2025
The below guidance represents our expectations as of the date of this release.
North America Solutions:
-
Direct margins(3) to be between
$240 -$260 million - Exit the quarter between approximately 146-152 contracted rigs
International Solutions:
-
Direct margin(3) contribution from H&P's legacy operations to be between
, exclusive of any foreign exchange gains or losses$(7) -$(3) million -
Direct margin(3) contribution from KCA Deutag's legacy operations to be between
, exclusive of any foreign exchange gains or losses$35 -$50 million - Collectively exit the quarter between approximately 88-94 contracted rigs, of which 71-77 are expected to be generating revenue
Offshore Solutions:
-
Direct margin(3) contribution from H&P's legacy operations to be between
$6 -$8 million -
Direct margin(3) contribution from KCA Deutag's legacy operations to be between
$18 -$25 million - Collectively exit the quarter between approximately 35-39 management contracts and contracted platform rigs
Other:
-
Direct margin(3) contribution from the Company's other operations to be between
$4 -$6 million
Other Estimates for Fiscal Year 2025 (inclusive of KCA Deutag's legacy operations)
-
Gross capital expenditures are now expected to be approximately
;$360 -$395 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 still expected to total approximately
in fiscal year 2025$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 still expected to total approximately
-
Depreciation for H&P's legacy operations fiscal year 2025 is still expected to be approximately
; purchase price accounting for the KCA Deutag acquisition has not been completed$400 million -
Research and development expenses for fiscal year 2025 are still expected to be roughly
$32 million -
General and administrative expenses for fiscal year 2025 are now expected to be approximately
$280 million -
Cash taxes to be paid in fiscal year 2025 are now expected to be approximately
$190 -$240 million -
Interest expense for the remainder of fiscal year 2025 (Q2-Q4) is expected to be approximately
$75 million
Conference Call
A conference call will be held on Thursday, February 6, 2024 at 11:00 a.m. (ET) with John Lindsay, President and CEO, Kevin Vann, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations, to discuss the Company’s first quarter fiscal year 2025 results. Dial-in information for the conference call is (800) 445-7795 for domestic callers or (785) 424-1699 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 and can access the Company's earnings presentation 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 and presentation.
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 December 31, 2024, H&P's fleet included 225 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 anticipated benefits (including synergies and cash flow and free cash flow accretion) of the acquisition and integration of KCA Deutag, the anticipated impact of the acquisition of KCA Deutag on the Company's business and future financial and operating results, the anticipated timing of expected synergies and returns from the acquisition of KCA Deutag, the anticipated impact of suspended rigs related to the Acquisition, the timing and terms of recommencement of suspended rigs related to the Acquisition, the Company’s business strategy, future financial position, operations outlook, future cash flow, future use of generated cash flow, dividend amounts and timing, amounts of any future dividends, 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, future customer activity and relationships and the expected impact of the integration of KCA Deutag 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) Adjusted EBITDA is considered to be a non-GAAP metric. Adjusted EBITDA is defined as net income (loss) before taxes, depreciation and amortization, gains and losses on asset sales, other income and expense - which includes interest income and interest expense, and excludes the impact of 'select items' which management defines as certain items that do not reflect the ongoing performance of our core business operations. Adjusted EBITDA is included as supplemental disclosure as management uses it to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful to information to investors. The presence of non-GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define Adjusted EBITDA the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies. See Non-GAAP Measurements for a reconciliation of net income to Adjusted EBITDA.
(3) 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 second quarter of fiscal 2025 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.
(4) With the completion of the KCA Deutag acquisition on January 16, 2025, the Company added approximately
HELMERICH & PAYNE, INC. | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
|
Three Months Ended |
||||||||||
(in thousands, except per share amounts) |
December 31, |
|
September 30, |
|
December 31, |
||||||
2024 |
|
2024 |
|
2023 |
|||||||
OPERATING REVENUES |
|
|
|
|
|
||||||
Drilling services |
$ |
674,613 |
|
|
$ |
691,293 |
|
|
$ |
674,565 |
|
Other |
|
2,689 |
|
|
|
2,500 |
|
|
|
2,582 |
|
|
|
677,302 |
|
|
|
693,793 |
|
|
|
677,147 |
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
|
||||||
Drilling services operating expenses, excluding depreciation and amortization |
|
411,857 |
|
|
|
408,043 |
|
|
|
403,303 |
|
Other operating expenses |
|
1,156 |
|
|
|
1,176 |
|
|
|
1,137 |
|
Depreciation and amortization |
|
99,080 |
|
|
|
100,992 |
|
|
|
93,991 |
|
Research and development |
|
9,359 |
|
|
|
8,862 |
|
|
|
8,608 |
|
Selling, general and administrative |
|
63,062 |
|
|
|
66,923 |
|
|
|
56,577 |
|
Acquisition transaction costs |
|
10,535 |
|
|
|
7,452 |
|
|
|
— |
|
Gain on reimbursement of drilling equipment |
|
(9,403 |
) |
|
|
(8,622 |
) |
|
|
(7,494 |
) |
Other (gain) loss on sale of assets |
|
1,673 |
|
|
|
2,421 |
|
|
|
(2,443 |
) |
|
|
587,319 |
|
|
|
587,247 |
|
|
|
553,679 |
|
OPERATING INCOME |
|
89,983 |
|
|
|
106,546 |
|
|
|
123,468 |
|
Other income (expense) |
|
|
|
|
|
||||||
Interest and dividend income |
|
21,741 |
|
|
|
11,979 |
|
|
|
10,734 |
|
Interest expense |
|
(22,298 |
) |
|
|
(16,124 |
) |
|
|
(4,372 |
) |
Gain (loss) on investment securities |
|
(13,367 |
) |
|
|
13,851 |
|
|
|
(4,034 |
) |
Other |
|
360 |
|
|
|
102 |
|
|
|
(543 |
) |
|
|
(13,564 |
) |
|
|
9,808 |
|
|
|
1,785 |
|
Income before income taxes |
|
76,419 |
|
|
|
116,354 |
|
|
|
125,253 |
|
Income tax expense |
|
21,647 |
|
|
|
40,878 |
|
|
|
30,080 |
|
NET INCOME |
$ |
54,772 |
|
|
$ |
75,476 |
|
|
$ |
95,173 |
|
|
|
|
|
|
|
||||||
Basic earnings per common share |
$ |
0.55 |
|
|
$ |
0.75 |
|
|
$ |
0.95 |
|
|
|
|
|
|
|
||||||
Diluted earnings per common share |
$ |
0.54 |
|
|
$ |
0.76 |
|
|
$ |
0.94 |
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding: |
|
|
|
|
|
||||||
Basic |
|
98,867 |
|
|
|
98,755 |
|
|
|
99,143 |
|
Diluted |
|
99,159 |
|
|
|
98,995 |
|
|
|
99,628 |
|
HELMERICH & PAYNE, INC. |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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|
December 31, |
|
September 30, |
||||
(in thousands except share data and share amounts) |
2024 |
|
2024 |
||||
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
391,179 |
|
|
$ |
217,341 |
|
Restricted cash |
|
73,216 |
|
|
|
68,902 |
|
Short-term investments |
|
135,317 |
|
|
|
292,919 |
|
Accounts receivable, net of allowance of |
|
426,933 |
|
|
|
418,604 |
|
Inventories of materials and supplies, net |
|
127,288 |
|
|
|
117,884 |
|
Prepaid expenses and other, net |
|
70,898 |
|
|
|
76,419 |
|
Total current assets |
|
1,224,831 |
|
|
|
1,192,069 |
|
|
|
|
|
||||
Investments |
|
101,652 |
|
|
|
100,567 |
|
Property, plant and equipment, net |
|
3,009,360 |
|
|
|
3,016,277 |
|
Other Noncurrent Assets: |
|
|
|
||||
Goodwill |
|
45,653 |
|
|
|
45,653 |
|
Intangible assets, net |
|
52,547 |
|
|
|
54,147 |
|
Operating lease right-of-use asset |
|
67,510 |
|
|
|
67,076 |
|
Restricted cash |
|
1,242,124 |
|
|
|
1,242,417 |
|
Other assets, net |
|
72,944 |
|
|
|
63,692 |
|
Total other noncurrent assets |
|
1,480,778 |
|
|
|
1,472,985 |
|
|
|
|
|
||||
Total assets |
$ |
5,816,621 |
|
|
$ |
5,781,898 |
|
|
|
|
|
||||
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
148,752 |
|
|
$ |
135,084 |
|
Dividends payable |
|
25,154 |
|
|
|
25,024 |
|
Accrued liabilities |
|
261,807 |
|
|
|
286,841 |
|
Total current liabilities |
|
435,713 |
|
|
|
446,949 |
|
|
|
|
|
||||
Noncurrent Liabilities: |
|
|
|
||||
Long-term debt, net |
|
1,781,674 |
|
|
|
1,782,182 |
|
Deferred income taxes |
|
485,682 |
|
|
|
495,481 |
|
Other |
|
166,771 |
|
|
|
140,134 |
|
Total noncurrent liabilities |
|
2,434,127 |
|
|
|
2,417,797 |
|
|
|
|
|
||||
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 |
|
501,516 |
|
|
|
518,083 |
|
Retained earnings |
|
2,913,211 |
|
|
|
2,883,590 |
|
Accumulated other comprehensive loss |
|
(5,987 |
) |
|
|
(6,350 |
) |
Treasury stock, at cost, 13,036,022 shares and 13,467,453 shares as of December 31, 2024 and September 30, 2024, respectively |
|
(473,181 |
) |
|
|
(489,393 |
) |
Total shareholders’ equity |
|
2,946,781 |
|
|
|
2,917,152 |
|
Total liabilities and shareholders' equity |
$ |
5,816,621 |
|
|
$ |
5,781,898 |
|
HELMERICH & PAYNE, INC. |
|||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
Three Months Ended December 31, |
||||||
(in thousands) |
2024 |
|
2023 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net income |
$ |
54,772 |
|
|
$ |
95,173 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
99,080 |
|
|
|
93,991 |
|
Amortization of debt discount and debt issuance costs |
|
2,390 |
|
|
|
148 |
|
Stock-based compensation |
|
6,851 |
|
|
|
7,672 |
|
Loss on investment securities |
|
13,367 |
|
|
|
4,034 |
|
Gain on reimbursement of drilling equipment |
|
(9,403 |
) |
|
|
(7,494 |
) |
Other (gain) loss on sale of assets |
|
1,673 |
|
|
|
(2,443 |
) |
Deferred income tax benefit |
|
(9,923 |
) |
|
|
(7,829 |
) |
Other |
|
(381 |
) |
|
|
305 |
|
Changes in assets and liabilities |
|
(68 |
) |
|
|
(8,759 |
) |
Net cash provided by operating activities |
|
158,358 |
|
|
|
174,798 |
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Capital expenditures |
|
(106,485 |
) |
|
|
(136,411 |
) |
Purchase of short-term investments |
|
(95,956 |
) |
|
|
(46,250 |
) |
Purchase of long-term investments |
|
(646 |
) |
|
|
(291 |
) |
Proceeds from sale of short-term investments |
|
242,920 |
|
|
|
57,956 |
|
Insurance proceeds from involuntary conversion |
|
698 |
|
|
|
— |
|
Proceeds from asset sales |
|
12,120 |
|
|
|
11,929 |
|
Net cash provided by (used in) investing activities |
|
52,651 |
|
|
|
(113,067 |
) |
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Dividends paid |
|
(25,021 |
) |
|
|
(42,294 |
) |
Debt issuance costs |
|
(1,216 |
) |
|
|
— |
|
Payments for employee taxes on net settlement of equity awards |
|
(6,913 |
) |
|
|
(8,820 |
) |
Payment of contingent consideration from acquisition of business |
|
— |
|
|
|
(250 |
) |
Share repurchases |
|
— |
|
|
|
(47,364 |
) |
Net cash used in financing activities |
|
(33,150 |
) |
|
|
(98,728 |
) |
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
177,859 |
|
|
|
(36,997 |
) |
Cash and cash equivalents and restricted cash, beginning of period |
|
1,528,660 |
|
|
|
316,238 |
|
Cash and cash equivalents and restricted cash, end of period |
$ |
1,706,519 |
|
|
$ |
279,241 |
|
HELMERICH & PAYNE, INC. |
|||||||||||
SEGMENT REPORTING |
|||||||||||
|
Three Months Ended |
||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
||||||
(in thousands, except operating statistics) |
2024 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
||||||
Operating revenues |
$ |
598,145 |
|
|
$ |
618,285 |
|
|
$ |
594,282 |
|
Direct operating expenses |
|
332,602 |
|
|
|
343,651 |
|
|
|
338,208 |
|
Depreciation and amortization |
|
88,336 |
|
|
|
92,647 |
|
|
|
87,019 |
|
Research and development |
|
9,440 |
|
|
|
8,987 |
|
|
|
8,689 |
|
Selling, general and administrative expense |
|
15,773 |
|
|
|
17,305 |
|
|
|
15,876 |
|
Segment operating income |
$ |
151,994 |
|
|
$ |
155,695 |
|
|
$ |
144,490 |
|
Financial Data and Other Operating Statistics1: |
|
|
|
|
|
||||||
Direct margin (Non-GAAP)2 |
$ |
265,543 |
|
|
$ |
274,634 |
|
|
$ |
256,074 |
|
Revenue days3 |
|
13,708 |
|
|
|
13,871 |
|
|
|
13,711 |
|
Average active rigs4 |
|
149 |
|
|
|
151 |
|
|
|
149 |
|
Number of active rigs at the end of period5 |
|
148 |
|
|
|
151 |
|
|
|
151 |
|
Number of available rigs at the end of period |
|
225 |
|
|
|
228 |
|
|
|
233 |
|
Reimbursements of "out-of-pocket" expenses |
$ |
68,426 |
|
|
$ |
76,148 |
|
|
$ |
69,728 |
|
|
|
|
|
|
|
||||||
INTERNATIONAL SOLUTIONS |
|
|
|
|
|
||||||
Operating revenues |
$ |
47,480 |
|
|
$ |
45,463 |
|
|
$ |
54,752 |
|
Direct operating expenses |
|
55,114 |
|
|
|
45,155 |
|
|
|
44,519 |
|
Depreciation |
|
4,828 |
|
|
|
3,314 |
|
|
|
2,334 |
|
Selling, general and administrative expense |
|
2,708 |
|
|
|
2,091 |
|
|
|
2,476 |
|
Segment operating income (loss) |
$ |
(15,170 |
) |
|
$ |
(5,097 |
) |
|
$ |
5,423 |
|
Financial Data and Other Operating Statistics1: |
|
|
|
|
|
||||||
Direct margin (Non-GAAP)2 |
$ |
(7,634 |
) |
|
$ |
308 |
|
|
$ |
10,233 |
|
Revenue days3 |
|
1,689 |
|
|
|
1,336 |
|
|
|
1,173 |
|
Average active rigs4 |
|
18 |
|
|
|
15 |
|
|
|
13 |
|
Number of active rigs at the end of period5 |
|
20 |
|
|
|
16 |
|
|
|
12 |
|
Number of available rigs at the end of period |
|
30 |
|
|
|
27 |
|
|
|
22 |
|
Reimbursements of "out-of-pocket" expenses |
$ |
2,119 |
|
|
$ |
1,065 |
|
|
$ |
3,384 |
|
|
|
|
|
|
|
||||||
OFFSHORE GULF OF |
|
|
|
|
|
||||||
Operating revenues |
$ |
29,210 |
|
|
$ |
27,545 |
|
|
$ |
25,531 |
|
Direct operating expenses |
|
22,661 |
|
|
|
20,468 |
|
|
|
19,579 |
|
Depreciation |
|
1,980 |
|
|
|
1,723 |
|
|
|
2,068 |
|
Selling, general and administrative expense |
|
1,064 |
|
|
|
1,079 |
|
|
|
832 |
|
Segment operating income |
$ |
3,505 |
|
|
$ |
4,275 |
|
|
$ |
3,052 |
|
Financial Data and Other Operating Statistics1: |
|
|
|
|
|
||||||
Direct margin (Non-GAAP)2 |
$ |
6,549 |
|
|
$ |
7,077 |
|
|
$ |
5,952 |
|
Revenue days3 |
|
276 |
|
|
|
276 |
|
|
|
289 |
|
Average active rigs4 |
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Number of active rigs at the end of period5 |
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Number of available rigs at the end of period |
|
7 |
|
|
|
7 |
|
|
|
7 |
|
Reimbursements of "out-of-pocket" expenses |
$ |
7,225 |
|
|
$ |
7,287 |
|
|
$ |
7,827 |
|
(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. 92 days for the three months ended December 31, 2024, September 30, 2024, and December 31, 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 acquisition transaction costs, gain on reimbursement of drilling equipment, other gain (loss) 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.
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 |
||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
||||||
(in thousands) |
2024 |
|
2024 |
|
2023 |
||||||
Operating income (loss) |
|
|
|
|
|
||||||
North America Solutions |
$ |
151,994 |
|
|
$ |
155,695 |
|
|
$ |
144,490 |
|
International Solutions |
|
(15,170 |
) |
|
|
(5,097 |
) |
|
|
5,423 |
|
Offshore Gulf of |
|
3,505 |
|
|
|
4,275 |
|
|
|
3,052 |
|
Other |
|
774 |
|
|
|
714 |
|
|
|
(67 |
) |
Eliminations |
|
102 |
|
|
|
2,315 |
|
|
|
334 |
|
Segment operating income |
$ |
141,205 |
|
|
$ |
157,902 |
|
|
$ |
153,232 |
|
Acquisition transaction costs |
|
(10,535 |
) |
|
|
(7,452 |
) |
|
|
— |
|
Gain on reimbursement of drilling equipment |
|
9,403 |
|
|
|
8,622 |
|
|
|
7,494 |
|
Other gain (loss) on sale of assets |
|
(1,673 |
) |
|
|
(2,421 |
) |
|
|
2,443 |
|
Corporate selling, general and administrative costs and corporate depreciation |
|
(48,417 |
) |
|
|
(50,105 |
) |
|
|
(39,701 |
) |
Operating income |
$ |
89,983 |
|
|
$ |
106,546 |
|
|
$ |
123,468 |
|
Other income (expense): |
|
|
|
|
|
||||||
Interest and dividend income |
|
21,741 |
|
|
|
11,979 |
|
|
|
10,734 |
|
Interest expense |
|
(22,298 |
) |
|
|
(16,124 |
) |
|
|
(4,372 |
) |
Gain (loss) on investment securities |
|
(13,367 |
) |
|
|
13,851 |
|
|
|
(4,034 |
) |
Other |
|
360 |
|
|
|
102 |
|
|
|
(543 |
) |
Total unallocated amounts |
|
(13,564 |
) |
|
|
9,808 |
|
|
|
1,785 |
|
Income before income taxes |
$ |
76,419 |
|
|
$ |
116,354 |
|
|
$ |
125,253 |
|
SUPPLEMENTARY STATISTICAL INFORMATION |
|||||||
Unaudited |
|||||||
|
|
|
|
|
|
|
|
H&P GLOBAL LAND RIG COUNTS, MARKETABLE FLEET |
|||||||
& MANAGEMENT CONTRACT STATISTICS |
|||||||
|
February 5, |
|
December 31, |
|
September 30, |
|
Q1F25 |
|
2025 |
|
2024 |
|
2024 |
|
Average |
North American Solutions |
|
|
|
|
|
|
|
Term Contract Rigs |
87 |
|
87 |
|
88 |
|
86 |
Spot Contract Rigs |
61 |
|
61 |
|
63 |
|
63 |
Total Contracted Rigs |
148 |
|
148 |
|
151 |
|
149 |
Idle or Other Rigs |
77 |
|
77 |
|
77 |
|
77 |
Total Marketable Fleet |
225 |
|
225 |
|
228 |
|
226 |
|
|
|
|
|
|
|
|
International Solutions |
|
|
|
|
|
|
|
Total Contracted Rigs(1) |
89 |
|
20 |
|
16 |
|
18 |
Idle or Other Rigs |
64 |
|
10 |
|
11 |
|
11 |
Total Marketable Fleet |
153 |
|
30 |
|
27 |
|
29 |
|
|
|
|
|
|
|
|
Offshore Solutions |
|
|
|
|
|
|
|
Total Platform Rigs |
3 |
|
3 |
|
3 |
|
3 |
Idle or Other Rigs |
4 |
|
4 |
|
4 |
|
4 |
Total Fleet |
7 |
|
7 |
|
7 |
|
7 |
|
|
|
|
|
|
|
|
Total Management Contracts |
34 |
|
3 |
|
3 |
|
3 |
(1) |
Includes 17 rigs, 5 rigs, and 5 rigs as February 5, 2025, December 31, 2024, and September 30, 2024, respectively that are contracted but not earning revenue. |
NON-GAAP MEASUREMENTS |
|||||||||||||||
|
|
||||||||||||||
NON-GAAP RECONCILIATION OF SELECT ITEMS AND ADJUSTED NET INCOME(**) |
|||||||||||||||
|
Three Months Ended December 31, 2024 |
||||||||||||||
(in thousands, except per share data) |
Pretax |
|
Tax Impact |
|
Net |
|
EPS |
||||||||
Net income (GAAP basis) |
|
|
|
|
$ |
54,772 |
|
|
$ |
0.54 |
|
||||
(-) Gains related to an insurance claim |
$ |
2,366 |
|
|
$ |
656 |
|
|
$ |
1,710 |
|
|
$ |
0.02 |
|
(-) Losses related to fees associated with acquisition financing |
$ |
(1,468 |
) |
|
$ |
(407 |
) |
|
$ |
(1,061 |
) |
|
$ |
(0.01 |
) |
(-) Losses related to transaction and integration costs |
$ |
(10,535 |
) |
|
$ |
(2,918 |
) |
|
$ |
(7,617 |
) |
|
$ |
(0.08 |
) |
(-) Fair market adjustment to equity investments |
$ |
(13,427 |
) |
|
$ |
(3,719 |
) |
|
$ |
(9,708 |
) |
|
$ |
(0.10 |
) |
Adjusted net income |
|
|
|
|
$ |
71,448 |
|
|
$ |
0.71 |
|
||||
|
Three Months Ended September 30, 2024 |
||||||||||||||
(in thousands, except per share data) |
Pretax |
|
Tax Impact |
|
Net |
|
EPS |
||||||||
Net income (GAAP basis) |
|
|
|
|
$ |
75,476 |
|
|
$ |
0.76 |
|
||||
(-) Fair market adjustment to equity investments |
$ |
13,764 |
|
|
$ |
4,073 |
|
|
$ |
9,691 |
|
|
$ |
0.10 |
|
(-) Fees associated with the acquisition financing |
$ |
(7,167 |
) |
|
$ |
(2,043 |
) |
|
$ |
(5,124 |
) |
|
$ |
(0.05 |
) |
(-) Expenses related to transaction and integration costs |
$ |
(7,452 |
) |
|
$ |
(2,287 |
) |
|
$ |
(5,165 |
) |
|
$ |
(0.05 |
) |
Adjusted net income |
|
|
|
|
$ |
76,074 |
|
|
$ |
0.76 |
|
(**)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 |
||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
||||||
(in thousands) |
2024 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
||||||
Segment operating income |
$ |
151,994 |
|
|
$ |
155,695 |
|
|
$ |
144,490 |
|
Add back: |
|
|
|
|
|
||||||
Depreciation and amortization |
|
88,336 |
|
|
|
92,647 |
|
|
|
87,019 |
|
Research and development |
|
9,440 |
|
|
|
8,987 |
|
|
|
8,689 |
|
Selling, general and administrative expense |
|
15,773 |
|
|
|
17,305 |
|
|
|
15,876 |
|
Direct margin (Non-GAAP) |
$ |
265,543 |
|
|
$ |
274,634 |
|
|
$ |
256,074 |
|
|
|
|
|
|
|
||||||
INTERNATIONAL SOLUTIONS |
|
|
|
|
|
||||||
Segment operating income (loss) |
$ |
(15,170 |
) |
|
$ |
(5,097 |
) |
|
$ |
5,423 |
|
Add back: |
|
|
|
|
|
||||||
Depreciation and amortization |
|
4,828 |
|
|
|
3,314 |
|
|
|
2,334 |
|
Selling, general and administrative expense |
|
2,708 |
|
|
|
2,091 |
|
|
|
2,476 |
|
Direct margin (Non-GAAP) |
$ |
(7,634 |
) |
|
$ |
308 |
|
|
$ |
10,233 |
|
|
|
|
|
|
|
||||||
OFFSHORE GULF OF |
|
|
|
|
|
||||||
Segment operating income |
$ |
3,505 |
|
|
$ |
4,275 |
|
|
$ |
3,052 |
|
Add back: |
|
|
|
|
|
||||||
Depreciation and amortization |
|
1,980 |
|
|
|
1,723 |
|
|
|
2,068 |
|
Selling, general and administrative expense |
|
1,064 |
|
|
|
1,079 |
|
|
|
832 |
|
Direct margin (Non-GAAP) |
$ |
6,549 |
|
|
$ |
7,077 |
|
|
$ |
5,952 |
|
NON-GAAP RECONCILIATION OF ADJUSTED EBITDA
Adjusted EBITDA and 'Select Items' are considered to be non-GAAP metrics. Adjusted EBITDA is defined as net income(loss) before taxes, depreciation and amortization, gains and losses on asset sales, other income and expense - which includes interest income and interest expense, and excludes the impact of 'select items' which management defines as certain items that do not reflect the ongoing performance of our core business operations. These metrics are included as supplemental disclosures as management uses them to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful to information to investors. The presence of non-GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define Adjusted EBITDA the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies.
|
Three Months Ended |
||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
||||||
(in thousands) |
2024 |
|
2024 |
|
2023 |
||||||
Net income |
$ |
54,772 |
|
|
$ |
75,476 |
|
|
$ |
95,173 |
|
Add back: |
|
|
|
|
|
||||||
Income tax expense |
|
21,647 |
|
|
|
40,878 |
|
|
|
30,080 |
|
Other income (expense) |
|
|
|
|
|
||||||
Interest and dividend income |
|
(21,741 |
) |
|
|
(11,979 |
) |
|
|
(10,734 |
) |
Interest expense |
|
22,298 |
|
|
|
16,124 |
|
|
|
4,372 |
|
(Gain) loss on investment securities |
|
13,367 |
|
|
|
(13,851 |
) |
|
|
4,034 |
|
Other |
|
(360 |
) |
|
|
(102 |
) |
|
|
543 |
|
Depreciation and amortization |
|
99,080 |
|
|
|
100,992 |
|
|
|
93,991 |
|
Other (gain) loss on sale of assets |
|
1,673 |
|
|
|
2,421 |
|
|
|
(2,443 |
) |
Excluding Select Items (Non-GAAP) |
|
|
|
|
|
||||||
Expenses related to transaction and integration costs |
|
10,535 |
|
|
|
7,452 |
|
|
|
— |
|
Gains related to an insurance claim |
|
(2,366 |
) |
|
|
— |
|
|
|
— |
|
Adjusted EBITDA (Non-GAAP) |
$ |
198,905 |
|
|
$ |
217,411 |
|
|
$ |
215,016 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250205447985/en/
Dave Wilson, Vice President of Investor Relations
investor.relations@hpinc.com
(918) 588‑5190
Source: Helmerich & Payne, Inc