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Helmerich & Payne, Inc. Announces Second Quarter Results

Stocks in this article: HP

TULSA, Okla., April 25, 2013 (GLOBE NEWSWIRE) -- Helmerich & Payne, Inc. (NYSE:HP) reported income from continuing operations of $151,067,000 ($1.39 per diluted share) from operating revenues of $838,309,000 for the second quarter of fiscal 2013, compared to income from continuing operations of $129,763,000 ($1.18 per diluted share) from operating revenues of $769,982,000 during the second fiscal quarter of 2012, and income from continuing operations of $159,611,000 ($1.48 per diluted share) from operating revenues of $844,572,000 during the first fiscal quarter of 2013. Included in income from continuing operations for the second fiscal quarters of 2013 and 2012 are after-tax gains equivalent to $0.03 and $0.05 per diluted share, respectively, related to the sale of used drilling assets. Included in income from continuing operations for the first fiscal quarter of 2013 are after-tax gains equivalent to $0.08 per diluted share related to the sale of used drilling assets and investment securities. Net income for the second quarter of fiscal 2013 was $151,080,000 ($1.39 per diluted share), compared to net income of $129,719,000 ($1.18 per diluted share) during the second fiscal quarter of 2012, and net income of $159,603,000 ($1.48 per diluted share) during the first fiscal quarter of 2013.

Chairman and CEO Hans Helmerich commented, "We are pleased with our solid financial results for the quarter and continue to expect 2013 to improve as the year unfolds. Assuming some measure of oil price resiliency, we anticipate slow activity improvement ahead with customer focus around capturing potential efficiencies, performance reliability and safety providing attractive opportunities for the Company."

The Company also announced today that it has entered into agreements with two exploration and production companies to build and operate two additional FlexRigs®* in the U.S. In addition, the Company entered an agreement to build a new 3,000 horsepower AC drive rig which is scheduled to begin operations in Colombia in the spring of 2014. All three rigs are under multi-year term contracts and expected to generate attractive economic returns for the Company. 

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