Helmerich & Payne, Inc. Announces Fiscal Year-End Results

TULSA, Okla., Nov. 17, 2016 (GLOBE NEWSWIRE) -- Helmerich & Payne, Inc. (NYSE:HP) reported a net loss of $57 million (negative $0.54 per diluted share) from operating revenues of $1.6 billion for its fiscal year ended September 30, 2016, compared to net income of $420 million 1 ($3.85 per diluted share) from operating revenues of $3.2 billion for its prior fiscal year ended September 30, 2015.  Included in net income (loss) per diluted share for fiscal 2016 and fiscal 2015 are approximately $0.54 and $0.86, respectively, in after-tax income related to a combination of select items as described in a separate section of this press release.  Select items, among others, include long-term contract early termination compensation, lawsuit settlement charges, losses from the impairment of a position in the Company's portfolio of marketable securities, and abandonment charges.  

Net loss for the fourth fiscal quarter of 2016 was $73 million (negative $0.68 per diluted share) from operating revenues of $332 million.  Included in net loss per diluted share corresponding to this year's fourth fiscal quarter are approximately $0.35 in after-tax losses related to a combination of select items as described in a separate section of this press release.

President and CEO John Lindsay commented, "It is good to deliver better than expected quarterly operational results in the midst of an improving U.S. land market.  Our goal is to safely provide performance driven drilling services, and as we think about the future, it is helpful to properly frame where the Company is today. 

"Our AC drive FlexRig®* fleet is positioned to take market share in a strong or moderate U.S. land market recovery.  We are uniquely leveraged to provide E&P companies the rig of choice, particularly those drilling more challenging horizontal wells.  The design of our FlexRig fleet allows for a broad range of rig upgrades providing a family of solutions for our customers.

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