For the six months ended March 31, 2013, the Company reported income from continuing operations of $310,678,000 ($2.87 per diluted share) from operating revenues of $1,682,881,000 compared with income from continuing operations of $274,060,000 ($2.51 per diluted share) from operating revenues of $1,502,570,000 during the six months ended March 31, 2012. Included in income from continuing operations for the first six months of fiscal 2013 and 2012 were approximately $0.11 and $0.07 per share, respectively, of after-tax gains from the sale of used drilling equipment and investment securities. Net income for the first six months of fiscal 2013 was $310,683,000 ($2.87 per diluted share), compared to net income of $274,005,000 ($2.51 per diluted share) during the first six months of fiscal 2012.Segment operating income for U.S. land operations was $225,998,000 for the second fiscal quarter of 2013, compared with $209,959,000 for last year's second fiscal quarter and $234,388,000 for this year's first fiscal quarter. Quarterly revenue days for the U.S. land segment sequentially increased by 104 days to 21,847 revenue days, and the corresponding average rig revenue per day increased by $215 to $28,255 during the second fiscal quarter of 2013. The average rig expense per day increased by $451 to $13,085, generating a sequential decline of $236 in average rig margin per day, from $15,406 during this year's first fiscal quarter to $15,170 during this year's second fiscal quarter. Both the average rig margin and average rig expense per day were negatively impacted by a bad debt reserve during the quarter equivalent to $174 per day. Rig utilization for the Company's U.S. land segment was 82% for this year's second fiscal quarter, compared with 91% for last year's second fiscal quarter and 82% for this year's first fiscal quarter. At March 31, 2013, the Company's U.S. land segment had 246 active rigs, including 161 under term contracts.
Helmerich & Payne, Inc. Announces Second Quarter Results
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