Helmerich & Payne, Inc. (NYSE: HP) reported net income of $46 million, or $0.42 per diluted share, from operating revenues of $631 million for the quarter ended September 30, 2022, compared to net income of $18 million, or $0.16 per diluted share, from operating revenues of $550 million for the quarter ended June 30, 2022. The net income per diluted share for the fourth and third quarters of fiscal year 2022 include $(0.03) and $(0.11) of after-tax losses, respectively, comprised of select items(2). For the fourth quarter of fiscal year 2022, select items(2) were comprised of:
- $0.03 of after-tax gains pertaining to the sale of equipment and non-cash fair market adjustments to equity investments
- $(0.06) of after-tax losses pertaining to a lump sum settlement for a distribution from the pension plan
Net cash provided by operating activities was $117 million for the fourth quarter of fiscal year 2022 compared to $98 million for the third quarter of fiscal year 2022.
For fiscal year 2022, the Company reported net income of $7 million, or $0.05 per diluted share, from operating revenues of $2.1 billion. The net income per diluted share includes $(0.05) of after-tax losses comprised of select items(2). Net cash provided by operating activities was $234 million in fiscal year 2022 compared to $136 million in fiscal year 2021.
Additional Fourth Quarter and Fiscal Year Highlights included:
- Quarterly North American Solutions (NAS) operating income increased $35 million sequentially, while direct margins increased $36 million to approximately $203 million, as revenues increased by $66 million to $552 million, and expenses increased by $30 million to $349 million
- The NAS segment exited the fiscal year 2022 with 176 active rigs reflecting an increase in revenue per day of approximately $3,000/day, or 11%, to $29,500/day on a sequential basis, while direct margins per day increased by roughly $2,000/day, or almost 20%, to $12,600/day. NAS anticipates exiting the first quarter of fiscal year 2023 between 181-186 active rigs and expects to reach a maximum active rig count for fiscal year 2023 of 192 rigs by March 31, 2023
- Fiscal year 2023 capex budget to range between $425 and $475 million
- On September 7, 2022, the H&Ps Board of Directors declared a quarterly cash base dividend of $0.25 per share, and on October 17, 2022, declared a supplemental dividend of $0.235 per share; both dividends are payable on December 1, 2022, to stockholders of record at the close of business on November 15, 2022