Helmerich & Payne Files 2024 10-K

TL;DR

HP files 2024 10-K. All looks normal.

AI Summary

Helmerich & Payne, Inc. filed its 10-K for the fiscal year ending September 30, 2024. The company, headquartered in Tulsa, Oklahoma, operates in the drilling oil and gas wells sector. The filing provides detailed financial information and business operations for the period.

Why It Matters

This annual report provides investors and stakeholders with a comprehensive overview of Helmerich & Payne's financial health, operational performance, and strategic outlook for the past fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 20240930 — Fiscal Year End (The reporting period covered by the 10-K)
• 20241113 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• Helmerich & Payne, Inc. (company) — Filer of the 10-K
• 20240930 (date) — Fiscal year end
• 20241113 (date) — Filing date
• Tulsa, OK (location) — Company headquarters and mailing address

FAQ

Key Financial Figures

• $0.10 — ange on which registered Common Stock ($0.10 par value) HP New York Stock Exchange
• $42.06 — New York Stock Exchange on such date of $42.06. Number of shares of common stock outs
• $2.0 b — tal cash consideration of approximately $2.0 billion, which consists of the $0.9 billi
• $0.9 billion — ely $2.0 billion, which consists of the $0.9 billion unadjusted share purchase price and $1.
• $1.1 billion — ion unadjusted share purchase price and $1.1 billion to contemporaneously repay or redeem ce
• $302.6 million — mer totaled approximately 11.0 percent ($302.6 million) of our total consolidated revenues dur
• $2.4 billion — contributed approximately 88.7 percent ($2.4 billion) of our consolidated operating revenues
• $2.5 billion — compared to approximately 87.7 percent ($2.5 billion) and 86.8 percent ($1.8 billion) of our
• $1.8 billion — ercent ($2.5 billion) and 86.8 percent ($1.8 billion) of our consolidated operating revenues
• $299.3 m — mer totaled approximately 12.2 percent ($299.3 milli

Filing Documents

• hp-20240930.htm (10-K) — 2857KB
• hp-20240930xexx191.htm (EX-19.1) — 46KB
• hp-20240930xexx21.htm (EX-21) — 19KB
• hp-20240930xexx231.htm (EX-23.1) — 5KB
• hp-20240930xexx311.htm (EX-31.1) — 8KB
• hp-20240930xexx312.htm (EX-31.2) — 8KB
• hp-20240930xexx32.htm (EX-32) — 6KB
• hp-20240930_g1.jpg (GRAPHIC) — 180KB
• hp-20240930_g2.jpg (GRAPHIC) — 2KB
• hp-20240930_g3.jpg (GRAPHIC) — 67KB
• hp-20240930_g4.jpg (GRAPHIC) — 110KB
• hp-20240930_g5.jpg (GRAPHIC) — 92KB
• hp-20240930_g6.jpg (GRAPHIC) — 3KB
• 0000046765-24-000076.txt ( ) — 15670KB
• hp-20240930.xsd (EX-101.SCH) — 92KB
• hp-20240930_cal.xml (EX-101.CAL) — 139KB
• hp-20240930_def.xml (EX-101.DEF) — 437KB
• hp-20240930_lab.xml (EX-101.LAB) — 1122KB
• hp-20240930_pre.xml (EX-101.PRE) — 823KB
• hp-20240930_htm.xml (XML) — 2410KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 40 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 PART II 43 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. Reserved 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107 Item 9A.

Controls and Procedures

Controls and Procedures 107 Item 9B. Other Information 107 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 107 PART III 108 Item 10. Directors, Executive Officers and Corporate Governance 108 Item 11.

Executive Compensation

Executive Compensation 108 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108 Item 13. Certain Relationships and Related Transactions, and Director Independence 108 Item 14. Principal Accountant Fees and Services 108 PART IV 108 Item 15. Exhibits and Financial Statement Schedules 108 Item 16. Form 10K Summary 111

SIGNATURES

SIGNATURES 113 2024 FORM 10-K | 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10K ("Form 10K") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts included in this Form 10-K are forward-looking statements. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "predict," "project," "target," "continue," or the negative thereof or similar terminology, and such statements include, but are not limited to, statements regarding the Acquisition (as defined herein) and the anticipated benefits, impact and timing of such transaction, our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions, many of which are beyond our control and any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. The inclusion of such statements should not be regarded as a representation that such plans, estimates, or expectations will be achieved. Factors that could cause actual results to differ materially from those expressed in or implied by such forward-looking statements include, but are not limited to: our ability and the time required to consummate the Acquisition; our ability to achieve the strategic and other objec

BUSINESS

ITEM 1. BUSINESS Overview Helmerich & Payne, Inc. ("H&P," which, together with its subsidiaries, is identified as the "Company," "we," "us" or "our," except where stated or the context requires otherwise) was incorporated under the laws of the State of Delaware on February 3, 1940 and is successor to a business originally organized in 1920. We provide performance-driven drilling solutions and technologies that are intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies. We are an important partner for a number of oil and gas exploration and production companies, but we focus primarily on the drilling segment of the oil and gas production value chain. Our technology services focus on developing, promoting and commercializing technologies designed to improve the efficiency and accuracy of drilling operations, as well as wellbore quality and placement. Our drilling services operations are organized into the following reportable operating business segments: North America Solutions, International Solutions and Offshore Gulf of Mexico. Our North America Solutions operations are primarily located in Texas, but also traditionally operate in other states, depending on demand. Such states include: Colorado, Louisiana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Utah, West Virginia, and Wyoming. Our International Solutions operations have rigs and/or services primarily located in five international locations: Argentina, Australia, Bahrain, Colombia and the United Arab Emirates ("U.A.E."). Additionally, we commenced operations in Saudi Arabia in the first quarter of fiscal 2025. We also own and operate a limited number of commercial real estate properties located in Tulsa, Oklahoma. Our real estate investments include a shopping center containing approximately 371,000 leasable square feet and approximately 176 acres of undeveloped real estate. Our research and development endeavors include both inter

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View this 10-K filing on SEC EDGAR