Following a first quarter gain in net income, Tulsa’s Helmerich & Payne prepares the release of its second quarter 2024 earnings report later this month.
A conference call will be held Thursday, April 25 at 10 a.m. and feature President and CEO John Lindsay, Senior Vice President and CFO Mark Smith and Vice President of Investor Relations Dave Wilson.
The company had net income of $95 million or 94 cents a share from operating revenues of $677 million in the first quarter that ended Dec. 31, 2023. It represented a gain from the $78 million or 77 cents a share from $660 million in operating revenues for the quarter that ended Sept. 30, 2023.
Helmerich & Payne finished the first quarter with 151 active rigs and planned to be between 154-159 active rigs by the end of this second quarter. The company also had received news in the first quarter of an award for delivery of seven super-spec rigs in the Middle East.
President Lindsay explained the active rig count was lower than expected.
“Expectations for modest incremental rig adds during the quarter were further tempered to some extent by the ongoing churn we are experiencing in the market and, as a result, we exited the December quarter at 151 active rigs, towards the lower end of our guidance range. We expect this churn to continue in the March quarter as E&P budgets are being reset in a relatively weaker commodity price environment, particularly on the natural gas side.”
