8-K 1 d00380e8vk.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 September 30, 2002 Date of report (Date of earliest event reported) Helmerich & Payne, Inc. (Exact name of Registrant as specified in its charter) Delaware 1-4221 73-0679879 (State of (Commission File No.) (IRS Employer Incorporation) Identification No.) Utica at Twenty-First Street Tulsa, Oklahoma 74114 (Address of principal executive offices, including zip code) (918) 742-5531 (Registrant's telephone number, including area code) ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS On September 30, 2002, Helmerich & Payne, Inc., a Delaware corporation ("Helmerich & Payne"), distributed to its stockholders 26,591,321 shares of common stock, together with the associated preferred stock purchase rights, of its wholly-owned subsidiary Cimarex Energy Co., a Delaware corporation ("Cimarex"), representing all of the shares of Cimarex owned by Helmerich & Payne. As a result of the distribution, Helmerich & Payne and Cimarex are no longer affiliated entities. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (b) Pro Forma Financial Information Introduction The following unaudited pro forma consolidated condensed balance sheet and statements of income are based on the historical consolidated results of operations and financial condition of Helmerich & Payne and reflect the spinoff of its Oil and Gas Division as if the spinoff occurred on June 30, 2002 for purposes of the pro forma balance sheet and as of October 1, 2001 for purposes of the pro forma statements of income. The spinoff of Cimarex actually occurred on September 30, 2002, and therefore the actual consolidated financial statements of Helmerich & Payne will include the results of Cimarex until that date. The following unaudited pro forma financial information of the Oil and Gas Division is based on its historical balances reflected within Helmerich & Payne's historical financial statements, which utilizes the successful efforts method of accounting for its oil and gas producing activities. In Cimarex's separate financial statements, Cimarex uses the full cost method of accounting for its oil and gas producing activities, and therefore such balances are not comparable to those of the Oil and Gas Division presented below. Also, general corporate overhead costs previously absorbed by the Oil and Gas Division are not reflected in the Oil and Gas Division pro forma financial information below, but such costs are presented as part of the pro forma Helmerich & Payne financial information. The pro forma information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the spinoff had been consummated on the dates and in accordance with the assumptions described herein, nor is it necessarily indicative of future operating results or financial position. You are urged to read the financial information below, along with Helmerich & Payne's publicly available historical consolidated financial statements and accompanying notes. 2 Pro Forma Condensed Consolidated Balance Sheet (Unaudited) as of June 30, 2002..................... F-1 Pro Forma Condensed Consolidated Statement of Income (Unaudited) For the Nine-Month Period Ended June 30, 2002............................................................................. F-2 Pro Forma Condensed Consolidated Statement of Income (Unaudited) For the 12-Month Period Ended September 30, 2001........................................................................ F-3
3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. HELMERICH & PAYNE, INC. By: /s/ Steven R. Mackey ------------------------------------- Name: Steven R. Mackey Title: Vice President, General Counsel and Secretary Dated: October 15, 2002 4 HELMERICH & PAYNE INC. & SUBSIDIARIES BALANCE SHEETS JUNE 30, 2002 (Unaudited)
Oil & Gas Consolidated Division H&P, Inc. ------------ ----------- ----------- ASSETS Current assets Cash $ 48,200 $ 3,183 $ 45,017 Accounts & notes receivable, less allowances of $2,605 122,267 29,273 92,994 Inventories 26,964 4,182 22,782 Other current assets 19,263 3,800 15,463 ----------- ----------- ----------- Total current assets 216,694 40,438 176,256 ----------- ----------- ----------- Investments 167,356 167,356 Fixed assets, at cost Property, Plant and Equipment 1,797,706 539,106 1,258,600 Other fixed assets 90,213 8,658 81,555 ----------- ----------- ----------- 1,887,919 547,764 1,340,155 Accumulated depreciation (909,505) (387,699) (521,806) ----------- ----------- ----------- Net fixed assets 978,414 160,065 818,349 ----------- ----------- ----------- Other assets 12,796 1,442 11,354 ----------- ----------- ----------- TOTAL ASSETS $ 1,375,260 $ 201,945 $ 1,173,315 =========== =========== =========== LIABILITIES AND OWNER'S EQUITY Current liabilities Accounts payable $ 29,822 $ 8,340 $ 21,482 Accrued liabilities 54,131 15,649 38,482 Due to Helmerich & Payne, Inc. -- 2,370 (2,370) ----------- ----------- ----------- Total current liabilities 83,953 26,359 57,594 ----------- ----------- ----------- Noncurrent liabilities Long-term notes payable 50,000 50,000 Deferred payables 24,784 1,520 23,264 Deferred income taxes 155,056 24,765 130,291 ----------- ----------- ----------- Total noncurrent liabilities 229,840 26,285 203,555 ----------- ----------- ----------- Owner's equity Capital Stock 5,353 5,353 Additional paid-in capital 81,881 81,881 Retained earnings 986,559 149,301 837,258 Unearned compensation (713) (713) Accumulated other comprehensive income 36,453 36,453 Treasury stock (48,066) (48,066) ----------- ----------- ----------- Total owner's equity 1,061,467 149,301 912,166 ----------- ----------- ----------- TOTAL LIABILITIES & OWNER'S EQUITY $ 1,375,260 $ 201,945 $ 1,173,315 =========== =========== ===========
F-1 HELMERICH & PAYNE INC. & SUBSIDIARIES STATEMENT OF INCOME--FISCAL 2001 NINE MONTHS ENDED JUNE 30, 2002 (Unaudited)
Oil & Gas Consolidated Division H&P, Inc. ------------ --------- --------- (in thousands) REVENUES: Sales and other operating revenues $ 486,668 $ 119,380 $ 367,288 Income from investments 28,522 159 28,363 --------- --------- --------- 515,190 119,539 395,651 --------- --------- --------- COSTS AND EXPENSES: Operating costs 290,714 56,187 234,527 Depreciation, depletion and amortization 74,614 30,836 43,778 Dry holes and abandonments 15,751 15,403 348 Taxes, other than income taxes 28,502 7,928 20,574 General and administrative 14,053 727 13,326 Interest 32 223 (191) --------- --------- --------- 423,666 111,304 312,362 --------- --------- --------- Operating income 91,524 8,235 83,289 Provision for income tax 39,354 3,920 35,434 Equity in income of affiliates, net of income taxes 2,524 2,524 --------- --------- --------- NET INCOME $ 54,694 $ 4,315 $ 50,379 ========= ========= ========= EARNINGS PER COMMON SHARE: BASIC $ 1.10 $ 1.01 DILUTED $ 1.09 $ 1.00 AVERAGE COMMON SHARES OUTSTANDING: BASIC 49,793 49,793 DILUTED 50,306 50,306
F-2 HELMERICH & PAYNE INC. & SUBSIDIARIES STATEMENT OF INCOME--FISCAL 2001 (Unaudited)
Oil & Gas Consolidated Division H&P, Inc. ------------ --------- --------- (in thousands) REVENUES: Sales and other operating revenues $ 816,262 $ 317,305 $ 498,957 Income from investments 10,592 275 10,317 --------- --------- --------- 826,854 317,580 509,274 --------- --------- --------- COSTS AND EXPENSES: Operating costs 413,378 125,687 287,691 Depreciation, depletion and amortization 87,309 38,274 49,035 Dry holes and abandonments 34,042 33,546 496 Taxes, other than income taxes 41,640 18,965 22,675 General and administrative 15,415 732 14,683 Interest (32) (1,509) 1,477 --------- --------- --------- 591,752 215,695 376,057 --------- --------- --------- Operating income 235,102 101,885 133,217 Provision for income tax 93,027 37,382 55,645 Equity in income of affiliates, net on income taxes 2,179 2,179 --------- --------- --------- NET INCOME $ 144,254 $ 64,503 $ 79,751 ========= ========= ========= EARNINGS PER COMMON SHARE: BASIC $ 2.88 $ 1.59 DILUTED $ 2.84 $ 1.57 AVERAGE COMMON SHARES OUTSTANDING: BASIC 50,096 50,096 DILUTED 50,772 50,772
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