- Quarterly U.S. Land revenue decreased $36 million to $509
million sequentially, while operating gross margins(1) decreased by
$7 million to $182 million sequentially; revenue days decreased 6%
to 17,684 from 18,765 in the prior quarter
- Both quarterly U.S. Land adjusted average rig revenue of
$25,397(2) per day and U.S Land adjusted average rig margin of
$10,410(2) per day were roughly flat sequentially
- H&P's drilling automation technology, AutoSlideSM, has been
commercially deployed in six U.S. shale basins, and has drilled
over 150 wells and 2.6 million feet
- Approximately 10% of the Company’s active U.S. FlexRig® fleet
operated under non-traditional dayrate contracts during the
quarter
- On December 13, 2019, Directors of the Company declared a
quarterly cash dividend of $0.71 per share
- In 2020, the Company is celebrating its Centennial Anniversary
and over 60 years as a public company
Helmerich & Payne, Inc. (NYSE: HP) reported income of $31
million or $0.27 per diluted share from operating revenues of $615
million for the quarter ended December 31, 2019, compared to net
income of $41 million, or $0.37 per diluted share, on revenues of
$649 million for the quarter ended September 30, 2019. The net
income per diluted share for the first fiscal quarter of 2020 and
the fourth fiscal quarter of 2019 include $0.14 and $(0.01),
respectively, of after-tax gains and losses comprised of select
items(3). For the first fiscal quarter, select items(3) were
comprised of:
- $0.15 of after-tax gains pertaining to gains on sales and a net
mark-to-market gain related to our equity investments
- $(0.01) of after-tax losses pertaining to abandonments and
accelerated depreciation
Net cash provided by operating activities was $112 million for
the first quarter of fiscal 2020 compared to $196 million for the
fourth fiscal quarter of fiscal 2019. The timing of certain
accruals and payments and a seasonal slowdown in receivable
collections combined with modestly lower activity contributed to
the sequential decline in operating cash flow.
President and CEO John Lindsay commented, “As we look back on
the challenges the industry experienced in 2019, our leadership
position and performance continued to demonstrate our ability to
deliver value while adapting to rapidly changing market conditions.
This quarter's results reflect the momentum of those successes.
“H&P continued to gain market share during the quarter while
the overall industry rig count declined. This is indicative of the
growing preference for super-spec(4) rigs and the performance these
rigs deliver relative to legacy SCR rigs, which still represented
roughly 15% of the unconventional activity at calendar year-end. We
believe this replacement trend will persist as our super-spec
FlexRig fleet's performance and efficiency gains create value for
our customers.
"H&P remains committed to developing new pricing models that
enable us to share in an equitable portion of the value created.
While performance and commodity-based contracts made up 10% of our
U.S. contract mix during the first fiscal quarter, today we have
approximately 15% of our active U.S. FlexRig fleet contracted under
non-traditional dayrate contracts, the majority of which are
performance-based contracts.
“We are encouraged as we head into fiscal 2020. For the first
time in four quarters our ending rig count was sequentially higher
than the previous quarter's ending rig count. We believe capital
discipline by our customers will remain a prevailing theme and we
expect industry activity to look similar to the average level
experienced during the second half of calendar 2019, which implies
a modest increase from current levels.
“Our H&P Technologies (HPT) segment solutions continue to
gain momentum with customers, particularly AutoSlide, our software
that automatically controls the rig to execute steering of the well
with a simple press of a button. To date, AutoSlide's deployment
count is more than 150 wells, executing the drilling of the
vertical, curve and horizontal wellbore totaling over 2.6 million
feet. Customers using AutoSlide are seeing significant benefits
from wellbore quality and placement in the forms of efficiency,
predictability, and risk mitigation that only automation can
provide.
"The power of predictability in performance has enabled our
customers to optimize completion stages, increase contact with the
reservoir in ways that are better for life of the well, and push
the envelope on new methods and techniques that ultimately lead to
production increases. We believe these advantages are improving
well economics, capital certainty and becoming overriding factors
for increasing adoption of our software solutions.
“Turning to our international operations, we remain optimistic
about the opportunities we are seeing in the Middle East. Our rigs
in the Middle East are now fully utilized and prospects for further
growth will likely result in exporting additional FlexRig drilling
rigs from the U.S. In Argentina, the Company has a strong market
presence in the Vaca Muerta, and economic concerns notwithstanding,
we continue to believe this world-class resource play remains an
attractive area for further industry activity in the future.”
Senior Vice President and CFO Mark Smith also commented, "As we
move into calendar 2020, we remain confident that our balance sheet
strength and level of free cash flow generation will allow us to
maintain industry leading returns to stockholders and have ample
flexibility to take advantage of additional investment
opportunities should they develop. H&P's cash flow from
operations during the first fiscal quarter was impacted by several
seasonal and one-time events. We expect it to be higher in the
remaining quarters of the fiscal year. Our fiscal 2020 capex budget
remains in the range we initially set, which is between $275 and
$300 million.”
John Lindsay concluded, “The year 2020 is momentous for the
Company as it is our centennial year. In keeping with this
milestone, we remain focused on maintaining our position as the
industry's most trusted partner in drilling productivity and
technological innovation. H&P's unmatched expertise, experience
and people are the linchpin of our leadership position as a
drilling solutions provider. Along with our exceptional workforce,
our best-in-class FlexRig fleet, balance sheet and leading-edge
digital technology, we continue to enable well economics and
returns that have strengthened our customer commitment of achieving
shared, long-term success.”
Operating Segment Results for the First
Quarter of Fiscal 2020
U.S. Land Operations:
Segment operating income decreased $2.6 million to $56.7 million
sequentially. The decrease in operating results was primarily
attributable to a decline in revenue days, which decreased by
approximately 6% sequentially.
Adjusted average rig revenue per day increased slightly by $32
to $25,397(2) largely due to an increase in our FlexServices
(trucking, casing running, rental equipment) during the quarter.
The adjusted average rig expense per day increased sequentially by
$53 to $14,987(2). Corresponding adjusted average rig margin per
day decreased $21, less than half of a percent, to $10,410(2).
The segment’s depreciation expense for the quarter includes
non-cash charges of $1.3 million for abandonments and accelerated
depreciation related to used drilling rig components related to rig
upgrades and scrapping of idle equipment, compared to similar
non-cash charges of $4.6 million during the fourth fiscal quarter
of 2019.
International Land Operations:
Segment operating income increased by $7.3 million to $3.1
million sequentially. The increase in operating income was
primarily attributable to higher average margins per day and a
foreign currency gain. Prior quarter results included a $3.5
million foreign currency loss related to our Argentina operations
compared to an approximate $0.7 million foreign currency gain in
the first fiscal quarter. Revenue days increased during the quarter
by 1% to 1,619 while the average rig margin per day increased by
$1,731 to $7,208.
Offshore Operations:
Segment operating income increased by $3.5 million to $6.3
million sequentially. The number of quarterly revenue days on
H&P-owned platform rigs was relatively flat sequentially at
550, while the average rig margin per day increased sequentially by
$5,777 to $13,237 due to unexpected repair down time that adversely
impacted prior quarter results. Segment operating income from
management contracts on customer-owned platform rigs contributed
approximately $2.9 million, compared to approximately $2.2 million
during the prior quarter.
H&P Technologies:
The segment had an operating loss of $4.6 million compared to
income of $0.6 million during the previous quarter. Prior quarter
results benefited from a change in the fair value of a contingent
liability. Excluding this benefit, HPT's operating loss decreased
by $3.7 million sequentially. The sequential decrease in the
operating loss was due primarily to higher revenues.
Operational Outlook for the Second Quarter
of Fiscal 2020
U.S. Land Operations:
- Quarterly revenue days expected to be flat-to-up 1.5%
sequentially, representing a roughly 1%-3% increase in the average
number of active rigs given the lower number of calendar days in
the second fiscal quarter; we expect to exit the quarter at between
193-203 active rigs
- Average rig revenue per day expected to be relatively flat
sequentially and in the range of $25,000-$25,500 (excluding any
impact from early termination revenue)
- Average rig expense per day expected to be between
$14,650-$15,150
International Land Operations:
- Quarterly revenue days expected to decrease roughly 7%
sequentially, representing an average rig count of approximately
16-17 rigs for the quarter
- Average rig margin per day expected to decrease to
$6,000-$7,000
Offshore Operations:
- Quarterly revenue days expected to decrease by approximately
30% sequentially, representing an average rig count of 4-5 rigs for
the quarter, as one rig demobilized to the yard and one rig
transitions between customers
- Despite recent rate increases, the average rig margin per day
is expected to decrease to $10,000-$11,000 due to the
aforementioned rig demobilization and transition
- Management contracts expected to generate approximately $2
million in operating income
HP Technologies:
- Fiscal second quarter revenue is expected to be between $16-$19
million, roughly flat sequentially
Other Estimates for Fiscal 2020
- Gross capital expenditures are still expected to be
approximately $275 to $300 million; 57-62% expected for
maintenance, 17-19% expected for tubular purchases, 11-15% for
walking conversions, and roughly 10% for corporate and information
technology projects. Asset sales include reimbursements for lost
and damaged tubulars and sales of other used drilling equipment
that offset a portion of the gross capital expenditures and are
expected to total $35 to $45 million in fiscal 2020.
- General and administrative expenses for fiscal 2020 are still
expected to be approximately $200 million
- Depreciation is still expected to be approximately $540
million
Select Items Included in Net Income per
Diluted Share
First Quarter of Fiscal 2020 net income of $0.27 per diluted
share included $0.14 in after-tax gains comprised of the
following:
- $0.02 of a net after-tax gain related to fair market
adjustments to equity investments
- $0.03 of after-tax gains related to the sale of used drilling
equipment
- $0.10 of after-tax gains related to the sale of a
subsidiary
- $(0.01) of non-cash after-tax losses from abandonment charges
and accelerated depreciation related to used drilling
equipment
Fourth Quarter of Fiscal 2019 net income of $0.37 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
- $0.05 of after-tax gains related to the change in fair value of
a contingent liability
- $0.07 of after-tax gains related to the sale of used drilling
equipment
- $(0.01) of after-tax losses related to bond redemption
fees
- $(0.01) of after-tax losses related to acquisition costs
- $(0.01) of after-tax losses from discontinued operations
related to adjustments resulting from currency fluctuations
- $(0.02) of a net after-tax loss related to fair market
adjustments to equity investments and the sale of a portion of
equity investments
- $(0.03) of non-cash after-tax losses from abandonment charges
and accelerated depreciation related to the decommissioning of used
drilling equipment
- $(0.06) of after-tax losses from the settlement of a
lawsuit
Conference Call
A conference call will be held on Tuesday, February 4, 2020 at
11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith,
Senior Vice President and CFO, and Dave Wilson, Director of
Investor Relations to discuss the Company’s fiscal first quarter
2020 results. Dial-in information for the conference call is (877)
876-9174 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 299 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, and AutoSlide, which may be
registered or trademarked in the U.S. and other jurisdictions.
(1) Operating gross margin defined as operating revenues less
direct operating expenses.
(2) 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.
(3) See the corresponding section of this release for details
regarding the select items.
(4) 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.
HELMERICH & PAYNE,
INC.
(Unaudited)
(in thousands, except per
share data)
Three Months Ended
December 31,
September 30,
December 31,
2019
2019
2018
CONSOLIDATED STATEMENTS OF
OPERATIONS
Operating revenues
Contract drilling services
$
611,398
$
645,759
$
737,358
Other
3,259
3,291
3,240
614,657
649,050
740,598
Operating costs and expenses
Contract drilling services operating
expenses, excluding depreciation and amortization
389,206
430,778
487,593
Other operating expenses
11,545
1,072
1,274
Depreciation and amortization
130,131
134,887
141,460
Research and development
6,878
6,121
7,019
Selling, general and administrative
49,808
49,812
54,508
Gain on sale of assets
(4,279
)
(12,641
)
(5,545
)
583,289
610,029
686,309
Operating income (loss) from continuing
operations
31,368
39,021
54,289
Other income (expense)
Interest and dividend income
2,214
2,607
2,450
Interest expense
(6,100
)
(8,043
)
(4,720
)
Gain (loss) on investment securities
2,821
(4,260
)
(42,844
)
Gain on sale of subsidiary
14,963
—
—
Other
(399
)
(546
)
541
13,499
(10,242
)
(44,573
)
Income from continuing operations before
income taxes
44,867
28,779
9,716
Income tax provision (benefit)
14,138
(13,110
)
1,352
Income from continuing operations
30,729
41,889
8,364
Income from discontinued operations before
income taxes
7,457
10,050
12,665
Income tax provision
7,581
10,763
2,070
Income (loss) from discontinued
operations
(124
)
(713
)
10,595
Net income
$
30,605
$
41,176
$
18,959
Basic earnings (loss) per common
share:
Income from continuing operations
$
0.27
$
0.38
$
0.07
Income (loss) from discontinued
operations
$
—
$
(0.01
)
$
0.10
Net income
$
0.27
$
0.37
$
0.17
Diluted earnings (loss) per common
share:
Income from continuing operations
$
0.27
$
0.38
$
0.07
Income (loss) from discontinued
operations
$
—
$
(0.01
)
$
0.10
Net income
$
0.27
$
0.37
$
0.17
Weighted average shares outstanding (in
thousands):
Basic
108,555
108,896
109,142
Diluted
108,724
108,950
109,425
HELMERICH & PAYNE,
INC.
(Unaudited)
(in thousands)
December 31,
September 30,
CONDENSED CONSOLIDATED BALANCE
SHEETS
2019
2019
Assets
Cash and cash equivalents
$
355,010
$
347,943
Short-term investments
57,044
52,960
Other current assets
742,590
714,183
Total current assets
1,154,644
1,115,086
Investments
35,149
31,991
Property, plant and equipment, net
4,412,359
4,502,084
Other noncurrent assets
239,358
190,354
Total Assets
$
5,841,510
$
5,839,515
Liabilities and Shareholders'
Equity
Current liabilities
$
419,347
$
410,238
Long-term debt, net
479,355
479,356
Other noncurrent liabilities
951,828
922,357
Noncurrent liabilities - discontinued
operations
15,443
15,341
Total shareholders’ equity
3,975,537
4,012,223
Total Liabilities and Shareholders'
Equity
$
5,841,510
$
5,839,515
HELMERICH & PAYNE,
INC.
(Unaudited)
(in thousands)
Three Months Ended
December 31,
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
2019
2018
OPERATING ACTIVITIES:
Net income
$
30,605
$
18,959
Adjustment for (income) loss from
discontinued operations
124
(10,595
)
Income (loss) from continuing
operations
30,729
8,364
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
130,131
141,460
Amortization of debt discount and debt
issuance costs
444
329
Provision for bad debt
(2,069
)
873
Stock-based compensation
10,201
7,158
(Gain) loss on investment securities
(2,821
)
42,844
Gain on sale of assets
(4,279
)
(5,545
)
Gain on sale of subsidiary
(14,963
)
—
Deferred income tax (benefit) expense
(7,966
)
1,107
Other
(139
)
168
Changes in assets and liabilities
(27,487
)
12,750
Net cash provided by operating activities
from continuing operations
111,781
209,508
Net cash used in operating activities from
discontinued operations
—
(26
)
Net cash provided by operating
activities
111,781
209,482
INVESTING ACTIVITIES:
Capital expenditures
(46,021
)
(196,094
)
Purchase of short-term investments
(28,948
)
(31,324
)
Payment for acquisition of business, net
of cash acquired
—
(2,781
)
Proceeds from sale of short-term
investments
25,000
31,860
Proceeds from sale of subsidiary
15,056
—
Proceeds from asset sales
11,878
11,609
Net cash used in investing
activities
(23,035
)
(186,730
)
FINANCING ACTIVITIES:
Dividends paid
(77,602
)
(78,122
)
Debt issuance costs paid
—
(3,912
)
Proceeds from stock option exercises
4,100
1,954
Payments for employee taxes on net
settlement of equity awards
(3,455
)
(6,267
)
Other
(445
)
0
Net cash used in financing
activities
(77,402
)
(86,347
)
Net increase (decrease) in cash and
cash equivalents and restricted cash
11,344
(63,595
)
Cash and cash equivalents and
restricted cash, beginning of period
382,971
326,185
Cash and cash equivalents and
restricted cash, end of period
$
394,315
$
262,590
Three Months Ended
December 31,
September 30,
December 31,
SEGMENT REPORTING (in thousands,
except operating statistics)
2019
2019
2018
U.S. LAND OPERATIONS
Operating revenues
$
508,828
$
545,060
$
619,425
Direct operating expenses
327,292
356,704
407,852
Research and development
259
188
166
Selling, general and administrative
expense
10,861
9,864
11,656
Depreciation
113,726
119,060
124,003
Segment operating income
$
56,690
$
59,244
$
75,748
Revenue days
17,684
18,765
21,933
Average rig revenue per day
$
25,405
$
25,478
$
25,047
Average rig expense per day
14,987
15,440
15,400
Average rig margin per day
$
10,418
$
10,038
$
9,647
Rig utilization
64
%
68
%
68
%
INTERNATIONAL LAND OPERATIONS
Operating revenues
$
46,462
$
48,353
$
66,287
Direct operating expenses
34,075
43,119
47,539
Selling, general and administrative
expense
1,455
1,399
2,281
Depreciation
7,817
8,042
9,837
Segment operating income (loss)
$
3,115
$
(4,207
)
$
6,630
Revenue days
1,619
1,598
1,758
Average rig revenue per day
$
27,714
$
28,199
$
35,575
Average rig expense per day
20,506
22,722
22,704
Average rig margin per day
$
7,208
$
5,477
$
12,871
Rig utilization
57
%
56
%
60
%
OFFSHORE OPERATIONS
Operating revenues
$
40,255
$
38,468
$
36,910
Direct operating expenses
30,045
32,148
26,305
Selling, general and administrative
expense
1,137
1,004
769
Depreciation
2,745
2,499
2,668
Segment operating income
$
6,328
$
2,817
$
7,168
Revenue days
550
552
525
Average rig revenue per day
$
43,839
$
43,072
$
35,635
Average rig expense per day
30,602
35,612
25,637
Average rig margin per day
$
13,237
$
7,460
$
9,998
Rig utilization
75
%
75
%
71
%
H&P TECHNOLOGIES
Operating revenues
$
18,552
$
13,878
$
14,736
Direct operating expenses
8,389
(874
)
6,326
Research and development
6,490
5,730
6,853
Selling, general and administrative
expense
5,885
6,471
6,056
Depreciation and amortization
2,339
1,928
1,882
Segment operating income (loss)
$
(4,551
)
$
623
$
(6,381
)
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 per day calculations. Additionally, expense per day and
margin per day calculations do not include intercompany
expenses.
Reimbursed amounts were as follows:
Three Months Ended
December 31,
September 30,
December 31,
(in thousands)
2019
2019
2018
U.S. Land Operations
$
59,566
$
66,966
$
70,090
International Land Operations
1,587
3,291
3,746
Offshore Operations
9,902
7,899
5,750
Intercompany amounts were as follows:
Three Months Ended
December 31,
September 30,
December 31,
(in thousands)
2019
2019
2018
U.S. Land Operations - Direct operating
expenses
$
2,699,000
$
—
$
—
Segment operating income 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 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 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 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 (loss) per the
information above to income (loss) from continuing operations
before income taxes as reported on the Consolidated Statements of
Operations.
Three Months Ended
December 31,
September 30,
December 31,
(in thousands)
2019
2019
2018
Operating income
U.S. Land
$
56,690
$
59,244
$
75,748
International Land
3,115
(4,207
)
6,630
Offshore
6,328
2,817
7,168
H&P Technologies
(4,551
)
623
(6,381
)
Other
(1,237
)
1,388
1,554
Segment operating income
$
60,345
$
59,865
$
84,719
Gain on sale of assets
4,279
12,641
5,545
Corporate selling, general and
administrative costs and corporate depreciation
(33,256
)
(33,485
)
(35,975
)
Operating income
$
31,368
$
39,021
$
54,289
Other income (expense):
Interest and dividend income
$
2,214
$
2,607
$
2,450
Interest expense
(6,100
)
(8,043
)
(4,720
)
Gain (loss) on investment securities
2,821
(4,260
)
(42,844
)
Gain on sale of subsidiary
14,963
—
—
Other
(399
)
(546
)
541
Total unallocated amounts
13,499
(10,242
)
(44,573
)
Income from continuing operations
before income taxes
$
44,867
$
28,779
$
9,716
SUPPLEMENTARY STATISTICAL
INFORMATION
Unaudited
SELECTED STATISTICAL &
OPERATIONAL HIGHLIGHTS
(Used to determine adjusted per
day statistics for revenue and expense, which are non-GAAP
measures)
Three Months Ended
(in dollars per revenue day)
December 31, 2019
September 30, 2019
U.S. Land Operations
Early contract termination revenue
$
8
$
113
Total impact on U.S. Land revenue per
day:
8
113
Settlement of lawsuit
—
506
Total impact on U.S. Land expense per
day:
—
506
U.S. LAND RIG COUNTS &
MARKETABLE FLEET STATISTICS
February 3,
December 31,
September 30,
Q1FY20
2020
2019
2019
Average
U.S. Land Operations
Term Contract Rigs
128
132
124
128
Spot Contract Rigs
69
63
70
64
Total Contracted Rigs
197
195
194
192
Idle or Other Rigs
102
104
105
107
Total Marketable Fleet
299
299
299
299
H&P GLOBAL FLEET UNDER
TERM CONTRACT STATISTICS
Number of Rigs Already Under
Long-Term Contracts(1)
(Estimated Quarterly Average — as
of 2/3/20)
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Segment
FY20
FY20
FY20
FY21
FY21
FY21
FY21
U.S. Land Operations
125.6
101.5
81.5
64.2
32.4
23.0
20.1
International Land Operations
7.2
2.1
1.0
1.0
1.0
1.0
1.0
Offshore Operations
—
—
—
—
—
—
—
Total
132.8
103.6
82.5
65.2
33.4
24.0
21.1
(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/20200203005799/en/
Dave Wilson, Director of Investor Relations
investor.relations@hpinc.com (918) 588-5190
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