Helmerich and Payne gains all-time quarterly, annual profit
BY ROD WALTON World Staff Writer
Thursday, November 15, 2012
Growing drilling plays and asset sales helped push Helmerich and Payne Inc. to all-time high profits for the last quarter and fiscal year, the Tulsa-based contract rig firm announced Thursday.
Net income totaled a record $157.1 million for the fourth quarter ending Sept. 30, while the full-year profits topped $581 million, another company best. Helmerich and Payne increased operating income from all of its U.S. land, offshore and international drilling segments.
“We are very pleased with our fiscal 2012 record results and with the brand leadership and competitive position that we continue to build,” CEO Hans Helmerich said in a statement. “While market conditions in the coming year remain uncertain, we believe we will be able to continue to add value to our customers through innovative technology, drilling performance and safety leadership.”
U.S. land operations generated $236.6 million in operating income, more than $40 million better than the same period last fiscal year. Offshore operations were up nearly $200,000 while the international segment doubled to $7.1 million.
The firm also added after-tax gains on the sales of used drilling equipment and investment securities, according to the earnings report.
Helmerich and Payne’s overall assets totaled $5.7 billion by the end of fiscal 2012, well above the $5 billion booked in 2011. As of Thursday, the Tulsa company had 289 U.S., 26 international and nine offshore platform rigs within its fleet.
Another nine company-designed and built FlexRigs, already under long-term contracts, are expected to be completed in early fiscal 2013.