- Quarterly U.S. Land adjusted average
rig revenue increased by more than $450(1) per day, up
approximately 2% sequentially
- Quarterly U.S. Land adjusted average
rig margin increased by approximately $900(1) per day, up more than
8% sequentially
- H&P upgraded 9 FlexRigs® to
super-spec(2) capacity during the second fiscal quarter of
2019
- The Company signed a letter of intent
to deploy its first super-spec FlexRig to an international
market
- Achieved commercialization of our
drilling automation technology, AutoSlideSM in the Midland Basin
and just last week deployed into the Eagle Ford Shale
- On March 6, 2019, Directors of the
Company declared a quarterly cash dividend of $0.71 per share
- H&P has been ranked 1st in total
customer satisfaction for 11 years in a row by EnergyPoint
Research(3)
Helmerich & Payne, Inc. (NYSE:HP) reported income of $61
million or $0.55 per diluted share from operating revenues of $721
million for the quarter ended March 31, 2019, compared to income of
$19 million, or $0.17 per diluted share, on revenues of $741
million for the quarter ended December 31, 2018. Net income per
diluted share for the second and first fiscal quarters of 2019
include $(0.01) and $(0.25), respectively, of after-tax losses
comprised of select items(4). For the second fiscal quarter select
items(4) were comprised of:
- $0.13 of after-tax gains related to
early termination compensation, a non-cash fair market adjustment
to our equity investments, and gains on sales
- $(0.14) of after-tax losses related to
abandonments and accelerated depreciation, and losses from
discontinued operations related to currency fluctuations
Net cash provided by operating activities was $200 million for
the second quarter of fiscal 2019 compared to $209 million for the
first fiscal quarter of fiscal 2019.
President and CEO John Lindsay commented, “From the outset, this
was a quarter challenged by industry uncertainty, so I am pleased
to report that the Company not only stayed on target and delivered
sequentially improved net income, but also achieved two significant
milestones.
“Concern over crude oil prices persisted from the prior quarter
which softened demand for incremental super-spec rigs, but H&P
completed the planned upgrades already in its pipeline bringing our
total number of super-spec FlexRigs to 230 at quarter end. Based on
trends we are seeing in rig releases and current demand, we believe
the Company’s active rig count will bottom-out early during this
quarter with super-spec utilization in the 90%-plus range. This
should be supportive of the current pricing environment.
“Crude oil prices are up approximately 40% since the beginning
of the calendar year and in past cycles this would have resulted in
higher activity. However, we have seen a tempered response and even
reductions in activity by some in the industry. Clearly, customer
behavior is changing, and their movement is towards prioritization
of cash flows and returns. An additional emphasis is placed on
disciplined spending and determining where value can be added to
improve performance and long-term cash flows. H&P is well
positioned in this type of environment with the hardware – a
FlexRig fleet that is an industry leader in drilling unconventional
wells, and with the software – a digital technology platform that
when deployed on a rig can improve well economics, both of which
help our customers achieve their goals.
“During the quarter, H&P achieved a major milestone through
the commercialization of its drilling automation technology,
AutoSlide. We believe AutoSlide and the other software-based
offerings from our H&P Technologies (HPT) platform, Motive and
MagVar, will continue to gain traction in the industry as the
benefits of wellbore quality and placement become more evident as
multi-well pad drilling shifts to a manufacturing-type process. The
benefits of these technologies can have a meaningful impact on
customer well economics by improving production dynamics and
lowering the risk of wellbore interference, thereby bolstering
financial returns through the life of the well. We are committed to
partnering with our customers to unlock these benefits.
“A pivotal long-term objective has been to translate H&P’s
position of drilling leadership in U.S. unconventional basins to
key international markets where super-spec FlexRigs and HPT
software solutions, including AutoSlide, can add significant value
to the customer. That has started coming to fruition with the
signing of a letter of intent to deploy our first super-spec
FlexRig from the U.S. to Argentina later this quarter. We see this
as a significant milestone and are excited about this opportunity
and what it portends for H&P’s Latin America business, as well
as other international markets.”
Vice President and CFO Mark Smith also commented, “Despite the
head winds that prevailed in the beginning of calendar year 2019,
H&P kept its focus on achieving long-term success with the
commercialization of AutoSlide and a letter of intent to send a
super-spec FlexRig to an international location. Both lay the
groundwork for future growth opportunities for H&P. The
Company’s previously reduced cadence for super-spec upgrades
remains unchanged for the balance of our fiscal year, as does our
capital allocation strategy. As we look ahead, we are confident in
the cash flow generation potential of our upgraded super-spec
FlexRig fleet.”
John Lindsay concluded, “The Company achieved excellent
operational results and several technical accomplishments during
the quarter. Our ability to adapt and respond to uncertain market
conditions while securing new opportunities for long-term success
is paramount. These achievements aren’t possible without the
efforts of our people working as a team to deliver on our goals;
this exemplifies H&P’s commitment to excellence, which
culminated in the Company being ranked first in customer
satisfaction for 11 years in a row.”
Operating Segment Results for the Second
Quarter of Fiscal 2019
U.S. Land Operations:
Segment operating income increased by $26.5 million to $106.1
million sequentially. The increase in operating results was
primarily driven by a legal settlement cost that adversely impacted
the prior quarter and the sequential increase in the adjusted
average rig margin per day. The number of quarterly revenue days
decreased sequentially by approximately 3% as expected. Adjusted
average rig revenue per day improved by $468 to $25,624(1) largely
due to the average dayrate increasing during the quarter.
The adjusted average rig expense per day decreased sequentially
by $427 to $14,195(1) as the quarter benefitted from favorable
adjustments to self-insurance expenses and lower reactivation costs
associated with the Company’s slower upgrade cadence. Corresponding
adjusted average rig margin per day increased $895 to
$11,429(1).
The segment’s depreciation expense for the quarter includes
non-cash charges of $5.3 million for abandonments and accelerated
depreciation of used drilling rig components related to rig
upgrades, compared to similar non-cash charges of $3.5 million
during the first fiscal quarter of 2019.
International Land Operations:
Segment operating income increased by $1.3 million to $8.0
million sequentially. The increase in operating income was
attributable to a higher adjusted average rig margin offset to some
extent by less revenue days as some rigs in Colombia became idle.
Revenue days decreased during the quarter by 11% to 1,559 while the
adjusted average rig margin per day increased by $1,679 to
$11,861(1).
Offshore Operations:
Segment operating income decreased by $2.6 million to $4.5
million sequentially. The number of quarterly revenue days on
H&P-owned platform rigs increased sequentially by approximately
3%, while the average rig margin per day decreased sequentially by
$4,578 to $5,420 due to unfavorable adjustments to self-insurance
expenses and a rig moving to a standby rate during the quarter.
Management contracts on customer-owned platform rigs contributed
approximately $4.7 million to the segment’s operating income,
compared to approximately $5.4 million during the prior
quarter.
H&P Technologies:
The segment had an operating loss of $7.9 million this quarter
as compared to an operating loss of $10.3 million during the
previous quarter. The $2.4 million sequential decrease in the
operating loss was due primarily to lower costs incurred during the
quarter.
Operational Outlook for the Third Quarter
of Fiscal 2019
U.S. Land Operations:
- Quarterly revenue days expected to
decrease by approximately 4%-6% sequentially representing a roughly
5%-7% decrease in the average number of active rigs; we expect to
exit the quarter at between 215-225 active rigs
- Average rig revenue per day expected to
be relatively flat between $25,500-$26,000 (excluding any impact
from early termination revenue)
- Average rig expense per day expected to
be between $14,250-$14,750
- We expect to upgrade 2-3 FlexRigs to
walking super-spec capabilities during the quarter
International Land Operations:
- Quarterly revenue days expected to be
down approximately 1% sequentially, representing an average rig
count of 17 rigs for the quarter
- Average rig margin per day expected to
be roughly $9,000-$10,000
Offshore Operations:
- Quarterly revenue days expected to
increase by approximately 1% sequentially, representing an average
rig count of 6 rigs for the quarter
- Average rig margin per day expected to
be approximately $9,500-$10,500 as two rigs return to full
operating dayrates
- Management contracts expected to
generate approximately $3-$4 million in operating income
HP Technologies:
- Following our recent deployment in the
Eagle Ford Shale, we anticipate introducing the AutoSlide
technology into the Scoop/Stack in the next 2-3 months.
- The recent moderation of industry rig
demand has the potential to slow the rate of adoption of our new
technologies.
Other Estimates for Fiscal 2019
- Capital expenditures are still expected
to be approximately $500 to $530 million with roughly 35% expected
for super-spec upgrades, 33-38% expected for maintenance and 27-32%
expected for continued reactivations and other bulk purchases.
- Depreciation is now expected to be
approximately $580 million, inclusive of abandonment and
accelerated depreciation charges estimated at approximately $20
million.
Select Items Included in Net Income per
Diluted Share
Second Quarter of Fiscal 2019 net income of $0.55 per diluted
share included $(0.01) in after-tax losses comprised of the
following:
- $0.01 of after-tax income from
long-term contract early termination compensation from
customers
- $0.04 of non-cash after-tax gains
related to the fair market adjustment of equity investments
- $0.08 of after-tax gains related to the
sale of used drilling equipment
- $(0.04) of after-tax losses from
abandonment charges and accelerated depreciation related to the
decommissioning of used drilling equipment
- $(0.10) of after-tax losses from
discontinued operations related to adjustments resulting from
currency fluctuations
First Quarter of Fiscal 2019 net income of $0.17 per diluted
share included $(0.25) in after-tax losses comprised of the
following:
- $0.01 of income tax adjustments related
to certain discrete tax items
- $0.04 of after-tax gains related to the
sale of used drilling equipment
- $0.05 of after-tax income from
long-term contract early termination compensation from
customers
- $0.10 of after-tax income from
discontinued operations related to adjustments resulting from
currency fluctuations
- $(0.02) of after-tax losses from
abandonment charges and accelerated depreciation related to the
decommissioning of used drilling equipment
- $(0.02) of after-tax losses from bond
exchange fees
- $(0.12) of after-tax losses from the
settlement of a lawsuit
- $(0.29) of non-cash after-tax losses
related to the fair market adjustment of equity investments
Conference Call
A conference call will be held on Thursday, April 25, 2019 at
11:00 a.m. (EDT) with John Lindsay, President and CEO, Mark Smith,
Vice President and CFO, and Dave Wilson, Director of Investor
Relations to discuss the Company’s fiscal second quarter 2019
results. Dial-in information for the conference call is (877)
876-9173 for domestic callers or (785) 424-1667 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.hpinc.com and accessing the corresponding link through
the Investor Relations section by clicking on “INVESTORS” and then
clicking on “Event Calendar” 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. H&P’s fleet includes 350 land rigs in the U.S.,
32 international land rigs and eight offshore platform rigs. For
more information, see H&P online at www.hpinc.com.
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 future financial position, operations outlook,
business strategy, budgets, projected costs and plans and
objectives of management for future operations, 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 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. We undertake no duty to update or revise our
forward-looking statements based on changes in internal estimates,
expectations or otherwise, except as required by law.
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, FlexApp and AutoSlide, which may
be registered or trademarked in the U.S. and other
jurisdictions.
(1) See the Selected Statistical & Operational Highlights
table(s) for details on the revenues or charges excluded on a per
revenue day basis. The inclusion or exclusion of these amounts
results in adjusted revenue, expense, and/or margin per day
figures, which are all non-GAAP measures.
(2) The term “super-spec” herein refers to rigs with the
following specifications: AC drive, 1,500 hp drawworks, 750,000
lbs. hookload rating, 7,500 psi mud circulating system and
multiple-well pad capability.
(3) EnergyPoint Research published its annual Oilfield Products
& Services Customer Satisfaction Survey results on February 5,
2019. Many in the industry use this independent survey as a
benchmark for measuring customer satisfaction within oilfield
services.
(4) See the corresponding section of this release for details
regarding the select items.
HELMERICH &
PAYNE, INC.
Unaudited
(in thousands, except per share
data)
Three Months Ended Six Months Ended March
31 December 31 March 31 March 31
CONSOLIDATED STATEMENTS OF OPERATIONS 2019
2018 2018 2019 2018 As adjusted
As adjusted Operating Revenues: Contract drilling $
717,653 $ 737,358 $ 574,471 $ 1,455,011 $ 1,135,540 Other
3,215 3,240 3,013 6,455
6,031 $ 720,868 $ 740,598 $
577,484 $ 1,461,466 $ 1,141,571
Operating costs and expenses: Contract drilling operating
expenses, excluding depreciation and amortization 441,719 487,593
384,419 929,312 756,335 Operating expenses applicable to other
revenues 1,620 1,274 1,137 2,894 2,304 Depreciation and
amortization 143,161 141,460 145,675 284,620 288,942 Research and
development 7,262 7,019 4,436 14,281 7,670 Selling, general and
administrative 43,506 54,508 48,236 98,014 94,695 Gain on sale of
assets (11,546 ) (5,545 ) (5,255 )
(17,090 ) (10,820 ) 625,722 686,309
578,648 1,312,031
1,139,126
Operating income (loss) from continuing
operations 95,146 54,289 (1,164 )
149,435 2,445 Other income (expense): Interest
and dividend income 2,061 2,450 1,847 4,512 3,571 Interest expense
(6,167 ) (4,720 ) (6,028 ) (10,888 ) (11,801 ) Gain (loss) on
investment securities 5,878 (42,844 ) — (36,957 ) — Other 17
541 (210 ) 548 231
1,789 (44,573 ) (4,391 )
(42,785 ) (7,999 ) Income (loss) from continuing
operations before income taxes 96,935 9,716 (5,555 ) 106,650 (5,554
) Income tax provision (benefit) 25,078 1,352
(3,922 ) 26,429 (504,563 )
Income (loss) from continuing operations 71,857 8,364 (1,633 )
80,221 499,009 Income from discontinued operations, before
income taxes 2,889 12,665 1,263 15,554 744 Income tax provision
13,855 2,070 11,509
15,925 11,526 Income (loss) from
discontinued operations (10,966 ) 10,595
(10,246 ) (371 ) (10,782 )
Net
income (loss) $ 60,891 $
18,959 $ (11,879 ) $
79,850 $ 488,227 Basic
earnings (loss) per common share: Income (loss) from continuing
operations $ 0.65 $ 0.07 $ (0.03 ) $ 0.72 $ 4.55 Income (loss) from
discontinued operations $ (0.10 ) $ 0.10 $ (0.09 ) $ —
$ (0.10 ) Net income (loss) $ 0.55 $ 0.17
$ (0.12 ) $ 0.72 $ 4.45 Diluted
earnings (loss) per common share: Income (loss) from continuing
operations $ 0.65 $ 0.07 $ (0.03 ) $ 0.72 $ 4.53 Income (loss) from
discontinued operations $ (0.10 ) $ 0.10 $ (0.09 ) $ —
$ (0.10 ) Net income (loss) $ 0.55 $ 0.17
$ (0.12 ) $ 0.72 $ 4.43 Weighted
average shares outstanding: Basic 109,406 109,142 108,868 109,273
108,775 Diluted 109,503 109,425 108,868 109,452 109,212
HELMERICH &
PAYNE, INC.
Unaudited
(in thousands)
March 31 September 30
CONDENSED CONSOLIDATED BALANCE
SHEETS
2019 2018 Assets Cash and cash
equivalents $ 243,912 $ 284,355 Short-term investments 26,118
41,461 Other current assets 777,974 789,734 Total
current assets 1,048,004 1,115,550 Investments 60,247
98,696 Property, plant and equipment, net 4,886,948 4,857,382 Other
noncurrent assets 149,363 143,239
Total
Assets $ 6,144,562 $ 6,214,867
Liabilities and
Shareholders' Equity Current liabilities $ 373,707 $ 377,168
Long-term debt 491,227 493,968 Other noncurrent liabilities 946,429
946,742 Noncurrent liabilities - discontinued operations 14,579
14,254 Total shareholders’ equity 4,318,620 4,382,735
Total Liabilities and Shareholders' Equity $
6,144,562 $ 6,214,867
HELMERICH &
PAYNE, INC.
Unaudited
(In thousands)
Six Months Ended March 31
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
2019 2018 As adjusted OPERATING
ACTIVITIES: Net income $ 79,850 $ 488,227 Adjustment for
(income) loss from discontinued operations 371
10,782 Income from continuing operations 80,221 499,009
Depreciation and amortization 284,620 288,942 Amortization of debt
discount and debt issuance costs 752 531 Provision for bad debt (75
) 429 Stock-based compensation 16,589 15,546 Loss on investment
securities 36,957 — Gain on sale of assets (17,090 ) (10,820 )
Deferred income tax (benefit) expense 8,827 (506,373 ) Other (3,209
) 5,701 Changes in assets and liabilities 1,471
(85,218 ) Net cash provided by operating activities from
continuing operations 409,063 207,747 Net cash used in operating
activities from discontinued operations (45 ) (96 )
Net cash provided by operating activities 409,018
207,651
INVESTING ACTIVITIES:
Capital expenditures (329,980 ) (191,202 ) Purchase of short-term
investments (42,406 ) (36,784 ) Payment for acquisition of
business, net of cash acquired (2,781 ) (47,886 ) Proceeds from
sale of short-term investments 58,015 32,020 Proceeds from asset
sales 24,559 17,826
Net cash used in
investing activities (292,593 ) (226,026 )
FINANCING ACTIVITIES: Dividends paid (156,580 ) (153,433 )
Debt issuance costs paid (3,912 ) — Proceeds from stock option
exercises 2,257 1,645 Payments for employee taxes on net settlement
of equity awards (6,268 ) (5,791 ) Payment of contingent
consideration from acquisition of business —
(4,500 )
Net cash used in financing
activities
(164,503 ) (162,079 )
Net decrease in cash
and cash equivalents and restricted cash (48,078 ) (180,454 )
Cash and cash equivalents and restricted cash, beginning of
period 326,185 560,509
Cash and
cash equivalents and restricted cash, end of period $ 278,107
$ 380,055
Three Months Ended Six Months
Ended March 31 December 31 March 31
March 31 SEGMENT REPORTING 2019 2018
2018 2019 2018 (in thousands, except
operating statistics)
U.S. LAND
OPERATIONS
Operating revenues $ 622,204 $ 624,241 $ 482,729 $ 1,246,445 $
944,369 Direct operating expenses 377,984 408,806 317,688 786,790
616,752 Selling, general and administrative expense 11,169 11,656
14,011 22,826 28,004 Depreciation 126,912
124,111 123,955 251,022
247,793 Segment operating income $ 106,139 $ 79,668 $ 27,075
$ 185,807 $ 51,820 Revenue days 21,262 21,933 18,666 43,194
37,028 Average rig revenue per day $ 25,681 $ 25,265 $ 22,928 $
25,471 $ 22,666 Average rig expense per day $ 14,195 $ 15,443 $
14,086 $ 14,829 $ 13,818 Average rig margin per day $ 11,486 $
9,822 $ 8,842 $ 10,642 $ 8,848 Rig utilization 67 % 68 % 59 % 68 %
58 %
INTERNATIONAL
LAND OPERATIONS
Operating revenues $ 50,808 $ 66,287 $ 52,459 $ 117,095 $ 115,673
Direct operating expenses 33,051 47,539 39,249 80,590 85,986
Selling, general and administrative expense 794 2,281 832 3,076
1,964 Depreciation 8,995 9,837
13,073 18,832 24,884 Segment
operating income (loss) $ 7,968 $ 6,630 $ (695 ) $ 14,597 $ 2,839
Revenue days 1,559 1,758 1,530 3,318 3,117 Average rig
revenue per day $ 31,130 $ 35,575 $ 32,796 $ 33,476 $ 35,465
Average rig expense per day $ 19,269 $ 22,704 $ 24,263 $ 21,083 $
25,497 Average rig margin per day $ 11,861 $ 12,871 $ 8,533 $
12,393 $ 9,968 Rig utilization 54 % 60 % 45 % 57 % 45 %
OFFSHORE
OPERATIONS
Operating revenues $ 34,583 $ 36,910 $ 32,983 $ 71,493 $ 66,349
Direct operating expenses 26,984 26,305 23,595 53,289 44,717
Selling, general and administrative expense 805 769 1,106 1,574
2,271 Depreciation 2,263 2,668
2,833 4,931 5,187 Segment
operating income $ 4,531 $ 7,168 $ 5,449 $ 11,699 $ 14,174
Revenue days 540 525 450 1,065 910 Average rig revenue per day $
31,361 $ 35,635 $ 33,583 $ 33,468 $ 34,692 Average rig expense per
day $ 25,941 $ 25,637 $ 24,079 $ 25,791 $ 23,737 Average rig margin
per day $ 5,420 $ 9,998 $ 9,504 $ 7,677 $ 10,955 Rig utilization 75
% 71 % 63 % 73 % 63 %
H&P
TECHNOLOGIES
Revenues $
10,141
$ 9,920 $ 6,300 $
20,061
$ 9,149 Direct operating expenses, including research and
development
11,476
12,391 8,686
23,867
17,275 General and administrative expense 4,782 6,099 4,109 10,881
5,818 Depreciation 1,816 1,774
2,038 3,590 3,404 Segment
operating loss $ (7,933 ) $ (10,344 ) $ (8,533 ) $ (18,277 ) $
(17,348 )
Operating statistics exclude the effects of offshore platform
management contracts and gains and losses from translation of
foreign currency transactions and do not include reimbursements of
“out-of-pocket” expenses in revenue per day, expense per day and
margin calculations.
Reimbursed amounts were as follows:
Three Months
Ended Six Months Ended March 31 December
31 March 31 March 31 2019 2018
2018 2019 2018 U.S. Land Operations $ 76,172 $
70,090 $ 54,750 $ 146,262 $ 105,065 International Land Operations $
2,277 $ 3,746 $ 2,281 $ 6,023 $ 5,142 Offshore Operations $ 5,507 $
5,750 $ 5,199 $ 11,257 $ 9,297
The following table reconciles operating income (loss) per the
information above to income (loss) from continuing operations
before income taxes as reported on the Consolidated Statements of
Operations (in thousands).
Three Months
Ended Six Months Ended March 31 December
31 March 31 March 31 2019 2018
2018 2019 2018 As adjusted As
adjusted
Operating income
(loss)
U.S. Land $ 106,139 $ 79,668 $ 27,075 $ 185,807 $ 51,820
International Land 7,968 6,630 (695 ) 14,597 2,839 Offshore 4,531
7,168 5,449 11,699 14,174 H&P Technologies (7,933 ) (10,344 )
(8,533 ) (18,277 ) (17,348 ) Other 1,165 1,554
1,518 2,719 3,016
Segment operating income $ 111,870 $ 84,676 $ 24,814 $
196,545 $ 54,501 Gain on sale of assets 11,546 5,545 5,255 17,090
10,820 Corporate selling, general and administrative costs and
corporate depreciation (28,270 ) (35,932 )
(31,233 ) (64,200 ) (62,876 )
Operating income
(loss) $ 95,146 $ 54,289 $
(1,164 ) $ 149,435 $
2,445 Other income (expense): Interest and dividend
income 2,061 2,450 1,847 4,512 3,571 Interest expense (6,167 )
(4,720 ) (6,028 ) (10,888 ) (11,801 ) Gain (loss) on investment
securities 5,878 (42,844 ) — (36,957 ) — Other 17
541 (210 ) 548 231
Total unallocated amounts 1,789 (44,573 )
(4,391 ) (42,785 ) (7,999 )
Income
(loss) from continuing operations before income taxes $
96,935 $ 9,716 $
(5,555 ) $ 106,650 $
(5,554 )
SUPPLEMENTARY STATISTICAL
INFORMATION
Unaudited
SELECTED STATISTICAL &
OPERATIONAL HIGHLIGHTS
(Used to determine adjusted per revenue
day statistics, which is a non-GAAP measure)
Three Months Ended March 31 December 31
2019 2018 (in dollars per revenue day) U.S.
Land Operations Total impact on U.S. Land revenue per day: $ 57
$ 109
International Land Operations Total impact on
International Land revenue per day: $ — $ 2,689
U.S. LAND RIG COUNTS &
MARKETABLE FLEET STATISTICS
April 24 March 31 December 31
Q2FY19 2019 2019 2018
Average U.S. Land Operations Term Contract
Rigs 142 146 156 148.9 Spot Contract Rigs 78 80 88 87.4
Total
Contracted Rigs 220 226 244 236.3
Idle or Other Rigs 130 124 106 113.7
Total Marketable Fleet
350 350 350 350.0
H&P GLOBAL FLEET UNDER TERM
CONTRACT STATISTICS
Number of Rigs Already Under Long-Term
Contracts(1)
(Estimated Quarterly Average — as of
04/24/19)
Q3 Q4 Q1 Q2 Q3 Q4
Q1 Segment FY19 FY19 FY20
FY20 FY20 FY20 FY21 U.S. Land
Operations 136.8 124.3 108.3 80.2 68.8 57.9 40.2 International Land
Operations 11.0 11.0 10.0 6.2 1.1 — — Offshore Operations 0.4 — — —
— — —
Total 148.2 135.3 118.3
86.4 69.9 57.9 40.2
____________________
(1) All of the above rig contracts have original terms equal to
or in excess of six months and include provisions for early
termination fees.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190424006105/en/
Dave Wilson, Director of Investor
Relationsinvestor.relations@hpinc.com(918)
588-5190
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