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Helmerich & Payne, Inc. Announces Record First Quarter Results

Stocks in this article: HP

The Company also announced today that it has entered into agreements to build and operate three additional FlexRigs®* in the U.S. with two exploration and production companies.  The three rigs will be built under multi-year term contracts and are expected to generate attractive economic returns for the Company. Including the new builds announced today, five contracted FlexRigs remain to be delivered. Once these rigs are delivered, the Company's global fleet is expected to include 299 FlexRigs.

Chairman and CEO Hans Helmerich commented, "We are pleased that the Company remains on a record-breaking pace with the results from our most recent quarter.  Going forward, E&P spending plans appear poised for increases as our customers remain focused on innovative technology and productivity improvements that are transforming the energy sector in this country.  Our competitive advantages are well aligned with this ongoing industry transformation and should allow us to continue to expand our market share while sustaining premium dayrates and margins." 

Segment operating income for the Company's offshore operations was $15,006,000 for the first fiscal quarter of 2013, compared with $12,204,000 for last year's first fiscal quarter and $12,033,000 for last year's fourth fiscal quarter. The sequential increase in operating income was attributable to a higher number of revenue days along with higher average rig margin per day during the first fiscal quarter of 2013. Rig utilization in the segment was reported at 89% for the first fiscal quarter of 2013, as compared to 84% for the immediately preceding quarter.

The Company's international land operations reported segment operating income of $9,111,000 for this year's first fiscal quarter, compared with $7,939,000 for last year's first fiscal quarter and $7,126,000 for the fourth fiscal quarter of 2012. The increase in segment operating income as compared to last year's fourth fiscal quarter was mostly attributable to a 12% increase in revenue days. The average rig margin per day for the first fiscal quarter of 2013 increased sequentially to $8,400, from $8,210 per day during the fourth quarter of fiscal 2012. 

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