Helmerich & Payne, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2017; Provides Capital Expenditures Guidance for the Fiscal 2018
January 25, 2018 at 06:00 am
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Helmerich & Payne, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported operating revenues of $564,087,000 compared to $368,590,000 a year ago. Operating income was $3,520,000 compared to operating loss of $49,164,000 a year ago. Income from continuing operations before income taxes was $1,000 compared to loss from continuing operations before income taxes of $52,842,000 a year ago. Net income was $500,106,000 or $4.55 per diluted share compared to net loss of $35,063,000 or $0.33 per diluted share a year ago. Net cash provided by operating activities was $72,215,000 compared to $74,371,000 a year ago. Capital expenditures were $91,698,000 compared to $82,127,000 a year ago.
The company's fiscal 2018 capital expenditures are now expected to be approximately $350 million, up from original estimate of $250 to $300 million.
Helmerich & Payne, Inc., through its subsidiaries, designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. The Company also develops and implements advanced automation, directional drilling and survey management technologies. Its segments include North America Solutions, Offshore Gulf of Mexico and International Solutions. The North America Solutions segment has operations which are located in Texas and other states, including Colorado, Louisiana and New Mexico. The Offshore Gulf of Mexico segment has operations that are located in Louisiana and in United States federal waters in the Gulf of Mexico. The International Solutions segment has rigs and/or services located in five international locations: Argentina, Bahrain, Colombia, the United Arab Emirates and Australia. The Company's fleet includes approximately 233 land rigs in the United States, 22 international land rigs and seven offshore platform rigs.
Helmerich & Payne, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2017; Provides Capital Expenditures Guidance for the Fiscal 2018