Helmerich & Payne logs record net income
BY ROD WALTON World Staff Writer
Friday, February 01, 2013
2/01/13 at 7:10 AM
The new fiscal year is off to a roaring start for Tulsa-based Helmerich & Payne Inc., the company reported Thursday.
The rig manufacturer and operator logged a record $159.6 million in net income for the three months ending Dec. 31. Helmerich & Payne topped $844.6 million in revenue for its first quarter, compared with $732.6 million during the same period of fiscal 2012.
Net income rose $15 million from the previous year, despite lower daily rig revenue averages and slightly higher expenses. Helmerich & Payne also announced contracts to build and operate three of its FlexRigs for exploration and production companies in the U.S.
"Going forward, E&P spending plans appear poised for increases as our customers remain focused on innovative technology and productivity improvements that are transforming the energy sector in this country," CEO Hans Helmerich said in a statement.
The U.S. land segment generated $234.4 million in operating income during the first fiscal quarter, the company reported. Rig utilization rates domestically dropped to 82 percent from 91 percent a year earlier.
Income from Helmerich & Payne's offshore operations increased 25 percent to $15 million for the period. The international land segment also was up slightly to $9.1 million.
As of Thursday, Helmerich & Payne maintained a fleet of 334 rigs, most of those in the U.S. land segment.
Helmerich & Payne Inc. Earnings
|Net income (loss)
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Original Print Headline: H&P logs record net income
Rod Walton 918-581-8457