Helmerich & Payne reported a $70 million net loss or 66 cents a diluted share in the quarter that ended Dec. 31, 2020. The loss, from operating revenues of $246 million compared to a $59 million or 55-cent-a-share loss from the previous quarter that ended Sept. 30, 2020.
The company said the net cash used in operating activities was $20 million for the first quarter of 2021 compared to $93 million in net cash from the fourth quarter of fiscal year 2002.
“Like many, we entered 2021 with a combined sense of relief and optimism – relieved that one of the most difficult years in the Company’s 100-year history is behind us and optimistic given our market share gains during our first fiscal quarter of 2021,” said President and CEO John Lindsay.
The company came out of the first fiscal quarter with 94 rigs, double the number active in August. Lindsay said the upward trend continues.
Senior Vice President and CFO Mark Smith also commented, “The Company exited the recent fiscal quarter with $524 million in cash and short-term investments, a debt-to-cap of 13% and approximately $1.3 billion in available liquidity.
(H&P rigs stored near Calumet)
Helmerich & Payne also dealt in the first quarter with significant costs from the large number of rig reactivations which affected operating costs by $10.6 million.
“Such costs are necessary as we continue to reactivate rigs and we anticipate additional rig reactivations during the second fiscal quarter albeit at a more modest pace,” said Smith.
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