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Helmerich & Payne Inc. (NYSE: HP) delivers cutting-edge drilling solutions to global energy markets through its AC FlexRig® technology and operational expertise. This news hub provides investors and industry professionals with essential updates on HP's strategic initiatives, technological advancements, and market positioning.
Access authoritative coverage of earnings announcements, contract awards, and operational milestones. Our curated collection features press releases detailing HP's innovations in automated drilling systems, sustainability efforts, and international expansion across key regions including the Permian Basin and Middle East.
Stay informed about developments impacting HP's fleet utilization rates, technology licensing agreements, and responses to energy market dynamics. Bookmark this page for real-time updates on one of the drilling sector's most technologically advanced contractors.
Helmerich & Payne (NYSE: HP) has announced a definitive agreement to acquire KCA Deutag for $1.9725 billion in cash. This transformative transaction establishes H&P as a global leader in onshore drilling, significantly expanding its presence in the Middle East. Key highlights include:
- Increases H&P's Middle East rig count from 12 to 88
- Immediately accretive to cash flow and free cash flow per share
- Adds complementary offshore management contract business and manufacturing operations
- Expected to maintain investment grade credit rating
- Anticipates ~$25 million in run-rate synergies by 2026
The acquisition enhances H&P's scale and diversification, positioning it as one of the largest rig providers in the Middle East market. The transaction is expected to close before the end of 2024, subject to customary conditions and regulatory approvals.
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) has announced a conference call and webcast for its fiscal third quarter 2024 earnings release. The event is scheduled for Thursday, July 25, 2024, at 11:00 a.m. ET. Key executives including John Lindsay (President and CEO), Mark Smith (Senior VP and CFO), and Dave Wilson (VP of Investor Relations) will participate. Investors can join via phone or internet, and the webcast will be archived for one year on the company's website.
Helmerich & Payne (NYSE: HP) announced that key executives, including CEO John Lindsay, CFO Mark Smith, and VP of Investor Relations Dave Wilson, will participate in the J.P. Morgan 2024 Energy, Power and Renewables Conference in New York City on June 17-18, 2024.
John Lindsay will discuss the company's perspectives on June 17 at 4:05 p.m. ET. Investor slides will be available on the company's website the day before the conference.
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