Helmerich & Payne earnings drop

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TULSA – Helmerich & Payne Inc. on Thursday reported net income for the third fiscal quarter ended June 30 of $91 million, or 83 cents per diluted share, down from $192 million, or $1.75 cents per diluted share, for the third quarter of the previous fiscal year.

Revenue for the quarter totaled $660 million, down from $952 million for the third fiscal quarter of the previous fiscal year.

“The industry has endured an unprecedented rig count decline, and yet we believe that the company remains well-positioned,” said President and CEO John Lindsay. “Long-term contracts continue to protect our investments, the balance sheet is in great shape, our customer base remains strong, and our competitive advantages have positioned us very well to manage through this cycle and to capture opportunities when they emerge.”

At June 30, Tulsa-based Helmerich & Payne had 153 contract rigs generating revenue, including 123 rigs under long-term contracts, 188 idle rigs.

Net income for the first nine months of the fiscal year totaled $443.4 million, down from $540 million for the first nine months of the previous fiscal year.

Revenue for the first nine months of the fiscal year totaled $2.6 billion, down from $2.7 billion a year earlier.