Helmerich & Payne, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Helmerich & Payne, Inc. filed its Q1 2024 10-Q report on January 29, 2024.</b>

AI Summary

Helmerich & Payne, Inc. (HP) filed a Quarterly Report (10-Q) with the SEC on January 29, 2024. Filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on January 29, 2024. Helmerich & Payne, Inc. is in the Drilling Oil & Gas Wells industry (SIC 1381).

Why It Matters

For investors and stakeholders tracking Helmerich & Payne, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Helmerich & Payne, Inc. for the first quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks in the oil and gas drilling sector.

Risk Assessment

Risk Level: low — Helmerich & Payne, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance drivers and outlook.

Key Numbers

• 2023-12-31 — Report Period End Date (Conformed period of report.)
• 2024-01-29 — Filing Date (Date the 10-Q was filed.)
• 2023-10-01 — Quarter Start Date (Start date of the reporting quarter.)
• 2023-09-30 — Fiscal Year End (Company's fiscal year end.)

Key Players & Entities

• Helmerich & Payne, Inc. (company) — Filer of the 10-Q report.
• 0000046765 (company) — Central Index Key for Helmerich & Payne, Inc.
• 1381 (industry) — Standard Industrial Classification for Drilling Oil & Gas Wells.
• DE (jurisdiction) — State of incorporation for Helmerich & Payne, Inc.
• TULSA (location) — City for the business and mailing address.
• OK (location) — State for the business and mailing address.
• 74119 (location) — ZIP code for the business and mailing address.
• 9187425531 (phone) — Business phone number.

Forward-Looking Statements

• Helmerich & Payne, Inc. will continue to show positive retained earnings growth in the next quarter. (Helmerich & Payne, Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

Helmerich & Payne operates in the oil and gas well drilling sector, providing land drilling services and equipment.

Regulatory Implications

As a publicly traded company, Helmerich & Payne is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial and operational status.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Identify any new or updated risk factors disclosed in the filing.

Key Dates

• 2023-12-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-01-29: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. Previous filings would need to be compared for year-over-year or sequential changes.

Key Financial Figures

• $0.10 — ange on which registered Common Stock ($0.10 par value) HP New York Stock Exchange

Filing Documents

• hp-20231231.htm (10-Q) — 1332KB
• hp-20231231xexx101.htm (EX-10.1) — 69KB
• hp-20231231xexx311.htm (EX-31.1) — 8KB
• hp-20231231xexx312.htm (EX-31.1) — 8KB
• hp-20231231xexx32.htm (EX-32) — 6KB
• hp-20231231_g1.jpg (GRAPHIC) — 180KB
• hp-20231231_g2.jpg (GRAPHIC) — 2KB
• 0000046765-24-000006.txt (&nbsp;) — 8460KB
• hp-20231231.xsd (EX-101.SCH) — 58KB
• hp-20231231_cal.xml (EX-101.CAL) — 75KB
• hp-20231231_def.xml (EX-101.DEF) — 284KB
• hp-20231231_lab.xml (EX-101.LAB) — 761KB
• hp-20231231_pre.xml (EX-101.PRE) — 526KB
• hp-20231231_htm.xml (XML) — 1193KB

Financial Statements

Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets as of December 3 1 , 2023 and September 30, 202 3 3 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended December 3 1 , 2023 and 2022 4 Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended December 31, 2023 and 2022 5 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended December 3 1 , 2023 and 2022 6 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 3 1 , 2023 and 2022 7 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3 .

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II. 39 Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 5. Other Information 40 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 40 Q1FY24 FORM 10-Q | 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS HELMERICH & PAYNE, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS December 31, September 30, (in thousands except share data) 2023 2023 ASSETS Current Assets: Cash and cash equivalents $ 214,104 $ 257,174 Restricted cash 65,137 59,064 Short-term investments 84,121 93,600 Accounts receivable, net of allowance of $ 3,948 and $ 2,688 , respectively 435,819 404,188 Inventories of materials and supplies, net 101,419 94,227 Prepaid expenses and other, net 88,080 97,727 Assets held-for-sale — 645 Total current assets 988,680 1,006,625 Investments 263,443 264,947 Property, plant and equipment, net 2,970,371 2,921,695 Other Noncurrent Assets: Goodwill 45,653 45,653 Intangible assets, net 58,968 60,575 Operating lease right-of-use assets 62,254 50,400 Other assets, net 31,959 32,061 Total other noncurrent assets 198,834 188,689 Total assets $ 4,421,328 $ 4,381,956 LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 157,302 $ 130,852 Dividends payable 41,993 25,194 Accrued liabilities 269,691 262,885 Total current liabilities 468,986 418,931 Noncurrent Liabilities: Long-term debt, net 545,292 545,144 Deferred income taxes 510,015 517,809 Other 137,389 128,129 Total noncurrent liabilities 1,192,696 1,191,082 Commitments and Contingencies (Note 12) Shareholders' Equity: Common stock, $ 0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of December 31, 2023 and September 30, 2023, and 98,623,747 and 99,426,526 shares outstanding as of December 31, 2023 and September 30, 2023, respectively 11,222 11,222 Preferred stock, no par value, 1,000,000 shares authorized, no shares issued — — Additional paid-in capital 506,672 525,369 Retained earnings 2,743,794 2,707,715 Accumulated other comprehensive loss ( 7,847 ) ( 7,981 ) Treasury stock, at cost, 13,599,118 shares and 12,796,339 shares as of December 31, 2023 and September 30, 2023, respectively ( 49

View Full Filing

View this 10-Q filing on SEC EDGAR