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TheStreet Open House

Helmerich & Payne Management Discusses Q3 2012 Results - Earnings Call Transcript

Stock quotes in this article: HP

Turning to our new build effort. We continue to make deliveries on time and on budget, including 11 new FlexRigs since our last webcast. We have 25 rigs that remain under construction that will roll off at a pace of 4 per month. As we mentioned on the last call, the ongoing rig rotation in the oil patch represents a kind of competition for new build orders as customers have taken a wait-and-see approach in terms of what rigs may become available. The added volatility and certainty we are discussing today has further quieted conversations at least at this point, and this is not a big surprise. Our experience reminds us that this also can turn around very quickly. In the meantime, our ongoing construction effort buys us some time. We suspect that the entire land industry is dialing back on new builds, resulting in around 150 AC drive rig deliveries for 2012. It's too early to predict 2013 except to say that the number of industry deliveries will be significantly less. Our own expectations after our last scheduled delivery in February 2013 are for things to start slowing but find traction as the year progresses. Our integrated effort affords us an important flexibility that should serve us well.

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