Helmerich & Payne, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016; Provides Capital Expenditures Guidance for the Fiscal 2017
January 26, 2017 at 04:30 pm IST
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Helmerich & Payne, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, the company's operating revenues were $368.6 million compared with $487.8 million a year ago. Operating loss was $49.2 million compared with operating income of $38.7 million a year ago. Loss from continuing operations before income taxes was $52.8 million compared with income of $34.6 million a year ago. Loss from continuing operations was $34.6 million or $0.33 per basic and diluted share compared with income of $15.9 million or $0.15 per basic and diluted share a year ago. Net loss was $35.1 million or $0.33 per basic and diluted share compared with net income of $16.0 million or $0.15 per basic and diluted share a year ago. Net cash provided by operating activities was $70.7 million compared with $308.2 million a year ago. Capital expenditures were $82.1 million compared with $114.5 million a year ago.
The company's capital expenditures for fiscal 2017 are now expected to be approximately $350 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. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2016; Provides Capital Expenditures Guidance for the Fiscal 2017