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Helmerich & Payne, Inc. Announces Third Quarter Earnings

TULSA, Okla., July 26, 2013 (GLOBE NEWSWIRE) -- Helmerich & Payne, Inc. (NYSE:HP) reported income from continuing operations of $250,978,000 ($2.32 per diluted share) from operating revenues of $840,197,000 for its third fiscal quarter ended June 30, 2013, compared to income from continuing operations of $149,943,000 ($1.38 per diluted share) from operating revenues of $819,785,000 during last year's third fiscal quarter, and income from continuing operations of $151,067,000 ($1.39 per diluted share) from operating revenues of $838,309,000 during the second fiscal quarter of 2013. Included in this year's third fiscal quarter income from continuing operations were $0.86 per share of after-tax gains related to the sale of investment securities and $0.02 per share of after-tax gains related to the sale of used drilling equipment. Last year's third fiscal quarter income from continuing operations included $0.01 per share of after-tax gains related to the sale of used drilling equipment, and this year's second fiscal quarter income from continuing operations included $0.03 per share of after-tax gains related to the sale of used drilling equipment. Net income for the third fiscal quarter of 2013 was $266,159,000 ($2.46 per diluted share), compared to net income of $149,925,000 ($1.38 per diluted share) during last year's third fiscal quarter, and net income of $151,080,000 ($1.39 per diluted share) during this year's second fiscal quarter.

For the nine months ended June 30, 2013, the Company reported income from continuing operations of $561,656,000 ($5.19 per diluted share) from operating revenues of $2,523,078,000, compared with income from continuing operations of $424,003,000 ($3.88 per diluted share) from operating revenues of $2,322,355,000 during the nine months ended June 30, 2012. Included in income from continuing operations for the first nine months of fiscal 2013 were $0.91 per share of after-tax gains from the sale of investment securities and $0.08 per share of after-tax gains from the sale of used drilling equipment. Income from continuing operations for the first nine months of fiscal 2012 included $0.08 per share of after-tax gains from the sale of used drilling equipment. Net income for the first nine months of fiscal 2013 was $576,842,000 ($5.33 per diluted share), compared to net income of $423,930,000 ($3.88 per diluted share) during the first nine months of fiscal 2012.

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