Tulsa-based Helmerich and Payne, Inc. reported quarterly income of $2.5 million or 2-cents a diluted share as the company expands its rig numbers and anticipates increased revenue.
The company said it had operating revenues of $697 million for the quarter that ended Sept. 30 compared to a net loss of $8 million or 8 cents a share from the previous quarter that ended June 30, 2018.
Net cash provided by operating activities was $186 million for the fourth quarter of fiscal 2018 compared to $161 million for the third fiscal quarter of fiscal 2018.
For the fiscal year 2018 so far, the company has had net income of $483 million or $4.37 per share from operating revenues of $2.5 billion. Net cash provided by the operating activities was $545 million for the fiscal 2018 year.
The company reported its U.S. Land contracted rig count grew by 35 rigs to 232 from Sept. 30, 2017 to Sept. 30, 2018.
President and CEO John Lindsay commented, “ In accordance with the trend toward greater well complexity, we expect to see additional demand for the Company’s super-spec FlexRigs heading into our new fiscal year particularly as customers continue to push increased lateral lengths and their use of pad drilling. Our new lines of technology-based solutions gained further traction during the quarter as more and more customers realized the value these services provide.
The Company upgraded and converted 54 FlexRigs to super-spec during fiscal 2018, bringing the total number of super-spec FlexRigs to 207.
“ We are experiencing further demand for these rigs and expect to maintain an average upgrade/conversion cadence of 12 rigs per quarter for the next few quarters. Our ongoing investment in these upgrades generates good returns for our shareholders and enhances the overall value of the H&P fleet,” said Lindsay.
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