Helmerich & Payne, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Helmerich & Payne, Inc. has filed its Q2 2024 10-Q report.</b>

AI Summary

Helmerich & Payne, Inc. (HP) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Helmerich & Payne, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on April 24, 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 second 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 future performance in the oil and gas drilling sector.

Risk Assessment

Risk Level: — Helmerich & Payne, Inc. shows moderate risk based on this filing. The company operates in the cyclical oil and gas industry, which is subject to price volatility and regulatory changes, impacting demand for drilling services.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis in the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (The end date for the reporting period)
• 2024-04-24 — Filing Date (The date the report was filed with the SEC)
• 0930 — Fiscal Year End (The end month and day of the company's fiscal year)

Key Players & Entities

• Helmerich & Payne, Inc. (company) — Filer and subject of the report
• 2024-03-31 (date) — Period of report
• 2024-04-24 (date) — Filing date
• 1381 (industry_code) — Standard Industrial Classification for Drilling Oil & Gas Wells

FAQ

Industry Context

Helmerich & Payne, Inc. operates in the oil and gas drilling sector, providing land and offshore contract drilling services.

Regulatory Implications

As a publicly traded company, Helmerich & Payne, Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q2 2024.
2. Review management's discussion and analysis for insights into operational performance and future outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Year-Over-Year Comparison

This filing is a standard 10-Q report for the second quarter of fiscal year 2024, providing updated financial information compared to previous filings.

Key Financial Figures

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

Filing Documents

• hp-20240331.htm (10-Q) — 1687KB
• hp-20240331xexx102.htm (EX-10.2) — 34KB
• hp-20240331xexx103.htm (EX-10.3) — 62KB
• hp-20240331xexx311.htm (EX-31.1) — 8KB
• hp-20240331xexx312.htm (EX-31.2) — 8KB
• hp-20240331xexx32.htm (EX-32) — 6KB
• hp-20240331_g1.jpg (GRAPHIC) — 180KB
• hp-20240331_g2.jpg (GRAPHIC) — 2KB
• image_0a.jpg (GRAPHIC) — 0KB
• 0000046765-24-000030.txt (&nbsp;) — 8885KB
• hp-20240331.xsd (EX-101.SCH) — 52KB
• hp-20240331_cal.xml (EX-101.CAL) — 73KB
• hp-20240331_def.xml (EX-101.DEF) — 239KB
• hp-20240331_lab.xml (EX-101.LAB) — 650KB
• hp-20240331_pre.xml (EX-101.PRE) — 468KB
• hp-20240331_htm.xml (XML) — 1417KB

Financial Statements

Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets as of March 31, 202 4 and September 30, 202 3 3 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended March 31, 202 4 and 202 3 4 Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended March 31, 202 4 and 202 3 5 Unaudited Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended March 31, 202 4 and 202 3 6 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 202 4 and 202 3 8 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 27 Item 3 .

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II. 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 5. Other Information 43 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 Q2FY24 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 March 31, September 30, (in thousands except share data) 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 193,636 $ 257,174 Restricted cash 68,547 59,064 Short-term investments 83,390 93,600 Accounts receivable, net of allowance of $ 2,769 and $ 2,688 , respectively 431,681 404,188 Inventories of materials and supplies, net 107,210 94,227 Prepaid expenses and other, net 64,316 97,727 Assets held-for-sale — 645 Total current assets 948,780 1,006,625 Investments 274,446 264,947 Property, plant and equipment, net 2,993,825 2,921,695 Other Noncurrent Assets: Goodwill 45,653 45,653 Intangible assets, net 57,360 60,575 Operating lease right-of-use assets 59,730 50,400 Other assets, net 45,054 32,061 Total other noncurrent assets 207,797 188,689 Total assets $ 4,424,848 $ 4,381,956 LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 158,296 $ 130,852 Dividends payable 42,047 25,194 Accrued liabilities 238,494 262,885 Total current liabilities 438,837 418,931 Noncurrent Liabilities: Long-term debt, net 545,441 545,144 Deferred income taxes 502,088 517,809 Other 135,408 128,129 Total noncurrent liabilities 1,182,937 1,191,082 Commitments and Contingencies (Note 11) Shareholders' Equity: Common stock, $ 0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of March 31, 2024 and September 30, 2023, and 98,752,018 and 99,426,526 shares outstanding as of March 31, 2024 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 502,586 525,369 Retained earnings 2,786,495 2,707,715 Accumulated other comprehensive loss ( 7,713 ) ( 7,981 ) Treasury stock, at cost, 13,470,847 shares and 12,796,339 shares as of March 31, 2024 and September 30, 2023, respectively ( 489,516 ) ( 46

View Full Filing

View this 10-Q filing on SEC EDGAR