Helmerich & Payne's Early Hurricane Impact Assessment Finds No Major Damage
September 16 2008 - 4:48PM
PR Newswire (US)
TULSA, Okla., Sept. 16 /PRNewswire-FirstCall/ -- Helmerich &
Payne, Inc. (NYSE:HP) announced today that early field reports
indicate that Hurricane Ike has apparently not resulted in material
damage to any of its drilling rigs or facilities. It is uncertain
at this time however, to what extent the loss of power and the
impact on the labor force in the Houston and southeast Texas area
will affect the Company's rig construction facilities and efforts,
as well as those of its vendors. Furthermore, the Company reported
that some of the facilities of a primary rig fabricator and
supplier were impacted by flood waters and it is uncertain what
their recovery time and corresponding impact to the Company's new
build rig delivery schedule will be at this time. Company personnel
were evacuated from offshore platforms and other onshore areas in
the projected impact zones, and no personal injuries were
sustained. At this point, the Company does not expect operating
disruptions attributable to Hurricane Ike to have a material impact
on its earnings. It will take several days for the Company to
confirm its preliminary assessment corresponding to Hurricane Ike's
impact on its assets and operations. A subsequent announcement will
be made should the Company find any material damage to its assets
or identify any other condition that could materially impact the
Company's earnings or operations. In relation to a prior storm, the
Company affirmed that Hurricane Gustav did not impact its
operations or assets in any significant manner. Helmerich &
Payne, Inc. is primarily a contract drilling company. As of
September 15, 2008, the Company's existing fleet included 184 U.S.
land rigs, 29 international land rigs and nine offshore platform
rigs. The information disclosed herein includes "forward-looking
statements" within the meaning of the Securities Act of 1933 and
the Securities Exchange Act of 1934 are based on current
expectations and assumptions that are subject to risks and
uncertainties. For information regarding risks and uncertainties
associated with the Company's business, please refer to the "Risk
Factors" and "Management's Discussion & Analysis of Results of
Operations and Financial Condition" sections of 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. DATASOURCE: Helmerich & Payne, Inc. CONTACT: Juan
Pablo Tardio, Director, Investor Relations of Helmerich &
Payne, Inc., +1-918-588-5383 Web site: http://www.hpinc.com/
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