(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Exhibit Number | Description | ||
99.1 | |||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
HELMERICH & PAYNE, INC. | ||
By: | /s/ William H. Gault | |
Name: | William H. Gault | |
Title: | Assistant Corporate Secretary | |
Date: | July 28, 2020 |
Exhibit 99.1 |
• | Reported a net loss of $(0.43) per diluted share; including select items(1) of $(0.09) per diluted share |
• | The Company realigned its financial reporting into three operating segments - North America Solutions, International Solutions and Offshore Gulf of Mexico |
• | Quarterly North America Solutions operating gross margins(2) decreased $98 million to $102 million sequentially, as revenues decreased by $292 million to $254 million and expenses decreased by $194 million to $153 million |
• | The Company took additional actions reducing its cost structure by an additional $25 million annually bringing total cost-savings to over $75 million on an annualized basis |
• | Concurrent with its cost-saving measures the Company incurred a restructuring charge of $15 million |
• | H&P continued its leadership position in drilling automation technology as customers have now drilled more than 300 wells and over 5 million feet utilizing AutoSlideSM |
• | On June 3, 2020, Directors of the Company declared a quarterly cash dividend of $0.25 per share on August 31, 2020 to stockholders of record at the close of business August 17, 2020 |
• | The Company ended the quarter with $492 million in cash and short-term investments and no amounts drawn on its $750 million revolving credit facility creating over $1.2 billion in liquidity |
• | $0.02 of after-tax gains pertaining to a non-cash fair market adjustment to our equity investment |
• | $(0.11) of after-tax losses pertaining to restructuring charges |
• | We expect North America Solutions operating gross margins(2) to be between $38-$48 million, inclusive of approximately $12 million of contract early termination compensation |
• | We expect to exit the quarter at between 58-63 contracted rigs, inclusive of approximately 10-15 contracted rigs generating revenue that could remain idle |
• | We expect International Solutions operating gross margins(2) to be between $(2)-$0 million, exclusive of any foreign exchange gains or loses |
• | We expect Offshore Gulf of Mexico rig operating gross margins(2) to be between $5-$7 million |
• | Management contracts are also expected to generate approximately $2 million in operating income |
• | Gross capital expenditures are now expected to be approximately $150 to $165 million. Asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are expected to total approximately $35 million in fiscal year 2020. |
• | General and administrative expenses for fiscal year 2020 are expected to be less than $175 million, excluding any future one-time items |
• | Depreciation is now expected to be approximately $475 million |
• | $0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments |
• | $(0.11) of after-tax losses related to restructuring charges |
• | $0.03 of after-tax gains related to the change in fair value of a contingent liability |
• | $0.13 of after-tax benefits from the reversal of accrued compensation |
• | $(0.09) of non-cash after-tax losses related to fair market value adjustments to equity investments |
• | $(4.03) of non-cash after-tax losses related to the impairment of goodwill, less capable rigs and excess related equipment and inventory |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
Operating revenues | |||||||||||||||||||
Contract drilling services | $ | 314,405 | $ | 630,290 | $ | 684,788 | $ | 1,556,093 | $ | 2,139,798 | |||||||||
Other | 2,959 | 3,349 | 3,186 | 9,567 | 9,642 | ||||||||||||||
317,364 | 633,639 | 687,974 | 1,565,660 | 2,149,440 | |||||||||||||||
Operating costs and expenses | |||||||||||||||||||
Contract drilling services operating expenses, excluding depreciation and amortization | 205,198 | 417,743 | 443,114 | 1,022,270 | 1,372,426 | ||||||||||||||
Other operating expenses | 1,549 | 1,315 | 1,414 | 4,286 | 4,308 | ||||||||||||||
Depreciation and amortization | 110,161 | 132,006 | 143,297 | 372,298 | 427,917 | ||||||||||||||
Research and development | 3,638 | 6,214 | 7,066 | 16,730 | 21,347 | ||||||||||||||
Selling, general and administrative | 43,108 | 41,978 | 46,590 | 134,894 | 144,604 | ||||||||||||||
Asset impairment charge | — | 563,234 | 224,327 | 563,234 | 224,327 | ||||||||||||||
Restructuring charges | 15,495 | — | — | 15,495 | — | ||||||||||||||
Gain on sale of assets | (4,201 | ) | (10,310 | ) | (9,960 | ) | (18,790 | ) | (27,050 | ) | |||||||||
374,948 | 1,152,180 | 855,848 | 2,110,417 | 2,167,879 | |||||||||||||||
Operating loss from continuing operations | (57,584 | ) | (518,541 | ) | (167,874 | ) | (544,757 | ) | (18,439 | ) | |||||||||
Other income (expense) | |||||||||||||||||||
Interest and dividend income | 771 | 3,566 | 2,349 | 6,551 | 6,861 | ||||||||||||||
Interest expense | (6,125 | ) | (6,095 | ) | (6,257 | ) | (18,320 | ) | (17,145 | ) | |||||||||
Gain (loss) on investment securities | 2,267 | (12,413 | ) | (13,271 | ) | (7,325 | ) | (50,228 | ) | ||||||||||
Gain on sale of subsidiary | — | — | — | 14,963 | — | ||||||||||||||
Other | (2,914 | ) | (398 | ) | (1,599 | ) | (3,711 | ) | (1,051 | ) | |||||||||
(6,001 | ) | (15,340 | ) | (18,778 | ) | (7,842 | ) | (61,563 | ) | ||||||||||
Loss from continuing operations before income taxes | (63,585 | ) | (533,881 | ) | (186,652 | ) | (552,599 | ) | (80,002 | ) | |||||||||
Income tax benefit | (17,578 | ) | (113,413 | ) | (32,031 | ) | (116,853 | ) | (5,602 | ) | |||||||||
Loss from continuing operations | (46,007 | ) | (420,468 | ) | (154,621 | ) | (435,746 | ) | (74,400 | ) | |||||||||
Income from discontinued operations before income taxes | 9,151 | 6,067 | 7,244 | 22,675 | 22,798 | ||||||||||||||
Income tax provision | 8,743 | 6,139 | 7,306 | 22,463 | 23,231 | ||||||||||||||
Income (loss) from discontinued operations | 408 | (72 | ) | (62 | ) | 212 | (433 | ) | |||||||||||
Net loss | $ | (45,599 | ) | $ | (420,540 | ) | $ | (154,683 | ) | $ | (435,534 | ) | $ | (74,833 | ) | ||||
Basic loss per common share: | |||||||||||||||||||
Loss from continuing operations | $ | (0.43 | ) | $ | (3.88 | ) | $ | (1.42 | ) | $ | (4.05 | ) | $ | (0.71 | ) | ||||
Loss from discontinued operations | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Net loss | $ | (0.43 | ) | $ | (3.88 | ) | $ | (1.42 | ) | $ | (4.05 | ) | $ | (0.71 | ) | ||||
Diluted loss per common share: | |||||||||||||||||||
Loss from continuing operations | $ | (0.43 | ) | $ | (3.88 | ) | $ | (1.42 | ) | $ | (4.05 | ) | $ | (0.71 | ) | ||||
Loss from discontinued operations | $ | — | $ | — | $ | — | — | $ | — | ||||||||||
Net loss | $ | (0.43 | ) | $ | (3.88 | ) | $ | (1.42 | ) | $ | (4.05 | ) | $ | (0.71 | ) | ||||
Weighted average shares outstanding (in thousands): | |||||||||||||||||||
Basic | 107,439 | 108,557 | 109,425 | 108,185 | 109,324 | ||||||||||||||
Diluted | 107,439 | 108,557 | 109,425 | 108,185 | 109,324 |
June 30, | September 30, | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | 2020 | 2019 | |||||
Assets | |||||||
Cash and cash equivalents | $ | 426,245 | $ | 347,943 | |||
Short-term investments | 65,787 | 52,960 | |||||
Other current assets | 498,512 | 714,183 | |||||
Total current assets | 990,544 | 1,115,086 | |||||
Investments | 25,280 | 31,991 | |||||
Property, plant and equipment, net | 3,754,206 | 4,502,084 | |||||
Other noncurrent assets | 192,296 | 190,354 | |||||
Total Assets | $ | 4,962,326 | $ | 5,839,515 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities | $ | 242,167 | $ | 410,238 | |||
Long-term debt, net | 480,269 | 479,356 | |||||
Other noncurrent liabilities | 828,751 | 922,357 | |||||
Noncurrent liabilities - discontinued operations | 15,082 | 15,341 | |||||
Total shareholders’ equity | 3,396,057 | 4,012,223 | |||||
Total Liabilities and Shareholders' Equity | $ | 4,962,326 | $ | 5,839,515 |
Nine Months Ended June 30, | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | 2020 | 2019 | |||||
OPERATING ACTIVITIES: | |||||||
Net loss | $ | (435,534 | ) | $ | (74,833 | ) | |
Adjustment for (income) loss from discontinued operations | (212 | ) | 433 | ||||
Loss from continuing operations | (435,746 | ) | (74,400 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 372,298 | 427,917 | |||||
Asset impairment charge | 563,234 | 224,327 | |||||
Restructuring charges | 3,536 | — | |||||
Amortization of debt discount and debt issuance costs | 1,358 | 1,176 | |||||
Provision for bad debt | 4,151 | 544 | |||||
Stock-based compensation | 32,059 | 25,467 | |||||
Loss on investment securities | 7,325 | 50,228 | |||||
Gain on sale of assets | (18,790 | ) | (27,050 | ) | |||
Gain on sale of subsidiary | (14,963 | ) | — | ||||
Deferred income tax benefit | (122,366 | ) | (25,503 | ) | |||
Other | (2,891 | ) | 5,356 | ||||
Changes in assets and liabilities | 57,086 | 51,365 | |||||
Net cash provided by operating activities from continuing operations | 446,291 | 659,427 | |||||
Net cash used in operating activities from discontinued operations | (38 | ) | (56 | ) | |||
Net cash provided by operating activities | 446,253 | 659,371 | |||||
INVESTING ACTIVITIES: | |||||||
Capital expenditures | (120,960 | ) | (403,570 | ) | |||
Purchase of short-term investments | (78,303 | ) | (71,852 | ) | |||
Payment for acquisition of business, net of cash acquired | — | (2,781 | ) | ||||
Proceeds from sale of short-term investments | 66,033 | 68,015 | |||||
Proceeds from sale of subsidiary | 15,056 | — | |||||
Proceeds from asset sales | 31,200 | 36,227 | |||||
Other | (50 | ) | — | ||||
Net cash used in investing activities | (87,024 | ) | (373,961 | ) | |||
FINANCING ACTIVITIES: | |||||||
Dividends paid | (233,124 | ) | (235,058 | ) | |||
Debt issuance costs paid | — | (3,912 | ) | ||||
Proceeds from stock option exercises | 4,100 | 2,901 | |||||
Payments for employee taxes on net settlement of equity awards | (3,752 | ) | (6,420 | ) | |||
Payment of contingent consideration from acquisition of business | (4,250 | ) | — | ||||
Share repurchase | (28,504 | ) | — | ||||
Other | (446 | ) | — | ||||
Net cash used in financing activities | (265,976 | ) | (242,489 | ) | |||
Net increase in cash and cash equivalents and restricted cash | 93,253 | 42,921 | |||||
Cash and cash equivalents and restricted cash, beginning of period | 382,971 | 326,185 | |||||
Cash and cash equivalents and restricted cash, end of period | $ | 476,224 | $ | 369,106 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
SEGMENT REPORTING (in thousands, except operating statistics) | 2020 | 2020 (1) | 2019 (1) | 2020 | 2019 (1) | ||||||||||||||
NORTH AMERICA SOLUTIONS OPERATIONS | |||||||||||||||||||
Operating revenues | $ | 254,434 | $ | 545,961 | $ | 600,831 | $ | 1,325,076 | $ | 1,867,253 | |||||||||
Direct operating expenses | 152,663 | 346,564 | 380,454 | 832,229 | 1,176,746 | ||||||||||||||
Research and development | 3,459 | 5,663 | 4,966 | 15,871 | 19,247 | ||||||||||||||
Selling, general and administrative expense | 13,533 | 12,519 | 16,654 | 42,798 | 50,361 | ||||||||||||||
Depreciation | 102,699 | 117,334 | 128,864 | 336,098 | 383,477 | ||||||||||||||
Asset impairment charge | — | 406,548 | 216,908 | 406,548 | 216,908 | ||||||||||||||
Restructuring charges | 7,237 | — | — | 7,237 | — | ||||||||||||||
Segment operating income (loss) | $ | (25,157 | ) | $ | (342,667 | ) | $ | (147,015 | ) | $ | (315,705 | ) | $ | 20,514 | |||||
Revenue days | 8,101 | 17,273 | 19,846 | 43,058 | 63,040 | ||||||||||||||
Average rig revenue per day | $ | 27,975 | $ | 27,281 | $ | 26,627 | $ | 26,953 | $ | 26,152 | |||||||||
Average rig expense per day | 15,412 | 15,598 | 15,523 | 15,507 | 15,198 | ||||||||||||||
Average rig margin per day | $ | 12,563 | $ | 11,683 | $ | 11,104 | $ | 11,446 | $ | 10,954 | |||||||||
Rig utilization | 32 | % | 63 | % | 62 | % | 54 | % | 66 | % | |||||||||
INTERNATIONAL SOLUTIONS OPERATIONS | |||||||||||||||||||
Operating revenues | $ | 22,477 | $ | 51,250 | $ | 46,283 | $ | 120,189 | $ | 163,378 | |||||||||
Direct operating expenses | 27,595 | 37,964 | 34,146 | 99,634 | 114,736 | ||||||||||||||
Selling, general and administrative expense | 1,129 | 1,248 | 1,150 | 3,832 | 4,225 | ||||||||||||||
Depreciation | 996 | 7,821 | 8,591 | 16,634 | 27,423 | ||||||||||||||
Asset impairment charge | — | 156,686 | 7,419 | 156,686 | 7,419 | ||||||||||||||
Restructuring charges | 2,297 | — | — | 2,297 | — | ||||||||||||||
Segment operating income (loss) | $ | (9,540 | ) | $ | (152,469 | ) | $ | (5,023 | ) | $ | (158,894 | ) | $ | 9,575 | |||||
Revenue days | 988 | 1,547 | 1,510 | 4,154 | 4,828 | ||||||||||||||
Average rig revenue per day | $ | 19,642 | $ | 31,706 | $ | 29,669 | $ | 27,281 | $ | 32,285 | |||||||||
Average rig expense per day | 21,589 | 20,922 | 21,650 | 20,919 | 21,261 | ||||||||||||||
Average rig margin per day | $ | (1,947 | ) | $ | 10,784 | $ | 8,019 | $ | 6,362 | $ | 11,024 | ||||||||
Rig utilization | 34 | % | 53 | % | 51 | % | 48 | % | 55 | % | |||||||||
OFFSHORE GULF OF MEXICO OPERATIONS | |||||||||||||||||||
Operating revenues | $ | 37,494 | $ | 33,079 | $ | 37,674 | $ | 110,828 | $ | 109,167 | |||||||||
Direct operating expenses | 28,967 | 32,648 | 28,869 | 91,660 | 82,158 | ||||||||||||||
Selling, general and administrative expense | 1,248 | 908 | 1,145 | 3,293 | 2,719 | ||||||||||||||
Depreciation | 3,004 | 2,842 | 2,582 | 8,591 | 7,512 | ||||||||||||||
Restructuring charges | 1,262 | — | — | 1,262 | — | ||||||||||||||
Segment operating income (loss) | $ | 3,013 | $ | (3,319 | ) | $ | 5,078 | $ | 6,022 | $ | 16,778 | ||||||||
Revenue days | 455 | 457 | 546 | 1,462 | 1,611 | ||||||||||||||
Average rig revenue per day | $ | 49,654 | $ | 42,098 | $ | 39,643 | $ | 45,105 | $ | 35,561 | |||||||||
Average rig expense per day | 34,702 | 48,117 | 27,222 | 37,348 | 26,276 | ||||||||||||||
Average rig margin per day | $ | 14,952 | $ | (6,019 | ) | $ | 12,421 | $ | 7,757 | $ | 9,285 | ||||||||
Rig utilization | 63 | % | 63 | % | 75 | % | 67 | % | 74 | % |
(1) | Prior period information has been restated to reflect the transition of the H&P Technologies reportable segment to the North America Solutions reportable segment. |
Three Months Ended | Nine Months Ended | |||||||||||||
June 30, | March 31, | June 30, | June 30, | |||||||||||
(in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||
North America Solutions Operations | 27,807 | 77,146 | 72,386 | 164,533 | 218,648 | |||||||||
International Solutions Operations | 3,079 | 2,209 | 1,483 | 6,875 | 7,506 | |||||||||
Offshore Gulf of Mexico Operations | 8,223 | 6,770 | 7,277 | 24,895 | 18,534 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
(in thousands) | North America Solutions | Offshore Gulf of Mexico | International Solutions | Other | Eliminations | Total | |||||||||||||||||
Operating revenue | $ | 254,434 | $ | 37,494 | $ | 22,477 | $ | 2,959 | $ | — | $ | 317,364 | |||||||||||
Intersegment | — | — | — | 10,384 | (10,384 | ) | — | ||||||||||||||||
Total operating revenue | $ | 254,434 | $ | 37,494 | $ | 22,477 | $ | 13,343 | $ | (10,384 | ) | $ | 317,364 | ||||||||||
Direct operating expenses | 144,522 | 26,986 | 27,333 | 7,906 | — | 206,747 | |||||||||||||||||
Intersegment | 8,141 | 1,981 | 262 | — | (10,384 | ) | — | ||||||||||||||||
Total contract drilling services & other operating expenses | $ | 152,663 | $ | 28,967 | $ | 27,595 | $ | 7,906 | $ | (10,384 | ) | $ | 206,747 |
Nine Months Ended June 30, 2020 | |||||||||||||||||||||||
(in thousands) | North America Solutions | Offshore Gulf of Mexico | International Solutions | Other | Eliminations | Total | |||||||||||||||||
Operating revenue | $ | 1,325,076 | $ | 110,828 | $ | 120,189 | $ | 9,567 | $ | — | $ | 1,565,660 | |||||||||||
Intersegment | — | — | — | 28,927 | (28,927 | ) | — | ||||||||||||||||
Total operating revenue | $ | 1,325,076 | $ | 110,828 | $ | 120,189 | $ | 38,494 | $ | (28,927 | ) | $ | 1,565,660 | ||||||||||
Direct operating expenses | 808,420 | 87,285 | 98,891 | 31,960 | — | 1,026,556 | |||||||||||||||||
Intersegment | 23,809 | 4,375 | 743 | — | (28,927 | ) | — | ||||||||||||||||
Total contract drilling services & other operating expenses | $ | 832,229 | $ | 91,660 | $ | 99,634 | $ | 31,960 | $ | (28,927 | ) | $ | 1,026,556 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | ||||||||||||||||
(in thousands) | 2020 | 2020 (1) | 2019 (1) | 2020 | 2019 (1) | ||||||||||||||
Operating income (loss) | |||||||||||||||||||
North America Solutions | $ | (25,157 | ) | $ | (342,667 | ) | $ | (147,015 | ) | $ | (315,705 | ) | $ | 20,514 | |||||
International Solutions | (9,540 | ) | (152,469 | ) | (5,023 | ) | (158,894 | ) | 9,575 | ||||||||||
Offshore Gulf of Mexico | 3,013 | (3,319 | ) | 5,078 | 6,022 | 16,778 | |||||||||||||
Other | 4,389 | 376 | (731 | ) | 3,704 | 1,988 | |||||||||||||
Segment operating income (loss) | $ | (27,295 | ) | $ | (498,079 | ) | $ | (147,691 | ) | $ | (464,873 | ) | $ | 48,855 | |||||
Gain on sale of assets | 4,201 | 10,310 | 9,960 | 18,790 | 27,050 | ||||||||||||||
Corporate selling, general and administrative costs, corporate depreciation and corporate restructuring charges | (34,490 | ) | (30,772 | ) | (30,143 | ) | (98,674 | ) | (94,344 | ) | |||||||||
Operating loss | $ | (57,584 | ) | $ | (518,541 | ) | $ | (167,874 | ) | $ | (544,757 | ) | $ | (18,439 | ) | ||||
Other income (expense): | |||||||||||||||||||
Interest and dividend income | 771 | 3,566 | 2,349 | 6,551 | 6,861 | ||||||||||||||
Interest expense | (6,125 | ) | (6,095 | ) | (6,257 | ) | (18,320 | ) | (17,145 | ) | |||||||||
Gain (loss) on investment securities | 2,267 | (12,413 | ) | (13,271 | ) | (7,325 | ) | (50,228 | ) | ||||||||||
Gain on sale of subsidiary | — | — | — | 14,963 | — | ||||||||||||||
Other | (2,914 | ) | (398 | ) | (1,599 | ) | (3,711 | ) | (1,051 | ) | |||||||||
Total unallocated amounts | (6,001 | ) | (15,340 | ) | (18,778 | ) | (7,842 | ) | (61,563 | ) | |||||||||
Loss from continuing operations before income taxes | $ | (63,585 | ) | $ | (533,881 | ) | $ | (186,652 | ) | $ | (552,599 | ) | $ | (80,002 | ) |
(1) | Prior period information has been restated to reflect the transition of the H&P Technologies reportable segment to the North America Solutions reportable segment. |
July 28, | June 30, | March 31, | Q3FY20 | ||||||||
2020* | 2020* | 2019 | Average | ||||||||
U.S. Land Operations | |||||||||||
Term Contract Rigs | 51 | 53 | 90 | 66 | |||||||
Spot Contract Rigs | 13 | 15 | 60 | 23 | |||||||
Total Contracted Rigs | 64 | 68 | 150 | 89 | |||||||
Idle or Other Rigs | 198 | 194 | 149 | 173 | |||||||
Total Marketable Fleet | 262 | 262 | 299 | 262 |
Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||
Segment | FY20 | FY21 | FY21 | FY21 | FY21 | FY22 | FY22 | |||||||||||||
U.S. Land Operations | 50.1 | 45.5 | 37.9 | 31.8 | 27.5 | 17.3 | 13.1 | |||||||||||||
International Land Operations | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | |||||||||||||
Offshore Operations | — | — | — | — | — | — | — | |||||||||||||
Total | 51.1 | 46.5 | 38.9 | 32.8 | 28.5 | 18.3 | 14.1 |
June 30, 2020 | |||||||||||||||
(in thousands, except per share data) | Pretax | Tax | Net | EPS | |||||||||||
Net loss (GAAP basis) | $ | (45,599 | ) | $ | (0.43 | ) | |||||||||
Restructuring charges | $ | (15,495 | ) | $ | (3,254 | ) | $ | (12,241 | ) | $ | (0.11 | ) | |||
Fair market adjustment to equity investments | $ | 2,267 | $ | 652 | $ | 1,615 | $ | 0.02 | |||||||
Adjusted net loss | $ | (34,973 | ) | $ | (0.34 | ) |
March 31, 2020 | |||||||||||||||
(in thousands, except per share data) | Pretax | Tax | Net | EPS | |||||||||||
Net loss (GAAP basis) | $ | (420,540 | ) | $ | (3.88 | ) | |||||||||
Impairment of goodwill, rigs and related equipment | $ | (563,234 | ) | $ | (125,770 | ) | $ | (437,464 | ) | $ | (4.03 | ) | |||
Fair market adjustment to equity investments | $ | (12,413 | ) | $ | (2,983 | ) | $ | (9,430 | ) | $ | (0.09 | ) | |||
Reversal of accrued compensation | $ | 17,681 | $ | 4,038 | $ | 13,643 | $ | 0.13 | |||||||
Change in fair value of contingent liability | $ | 3,600 | $ | 822 | $ | 2,778 | $ | 0.03 | |||||||
Adjusted net income | $ | 9,933 | $ | 0.08 |
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Cover Page |
Jul. 28, 2020 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Jul. 28, 2020 |
Entity Registrant Name | HELMERICH & PAYNE, INC. |
Entity Central Index Key | 0000046765 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-4221 |
Entity Tax Identification Number | 73-0679879 |
Entity Address, Address Line One | 1437 South Boulder Avenue, Suite 1400 |
Entity Address, City or Town | Tulsa |
Entity Address, State or Province | OK |
Entity Address, Postal Zip Code | 74119 |
City Area Code | 918 |
Local Phone Number | 742-5531 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock ($0.10 par value) |
Trading Symbol | HP |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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