Helmerich Stock Price, News & Analysis

Helmerich & Payne (NYSE:HP) has released its 2024 Sustainability Report, covering the fiscal year ended September 30, 2024. The report showcases the company's progress in sustainability initiatives and responsible energy solutions. Key highlights include updates on emissions reduction goals, environmental management system improvements, enhanced governance practices, and revised Quantitative Scenario Analysis.

CEO John Lindsay emphasized the company's commitment to transparency in non-financial data reporting and acknowledged employees' contributions to their success. The report adheres to major sustainability reporting frameworks, including IFRS Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI), and Task Force on Climate-related Financial Disclosures (TCFD). It covers various sustainability programs encompassing environmental, safety, talent, and governance metrics.

Helmerich & Payne (NYSE: HP) reported Q4 fiscal 2024 net income of $75 million ($0.76 per diluted share) on revenues of $694 million, compared to $89 million ($0.88 per share) in Q3. Full fiscal year 2024 delivered net income of $344 million ($3.43 per share) on revenues of $2.8 billion. The North America Solutions segment exited Q4 with 151 active rigs and revenue per day of $39,100 with direct margins of $19,800/day. The company expects FY2025 capital expenditures between $290-325 million and declared a quarterly dividend of $0.25 per share.

Helmerich & Payne, Inc. (NYSE: HP) has announced its fiscal fourth quarter 2024 earnings conference call and webcast, scheduled for Thursday, November 14, 2024, at 11:00 a.m. (ET). The call will feature John Lindsay (President and CEO), Kevin Vann (Senior Vice President and CFO), and Dave Wilson (Vice President of Investor Relations).

Investors can participate via phone or audio webcast. Domestic callers can dial 800-225-9448, while international callers should use 203-518-9708, both with the access code 'Helmerich'. The webcast link will be available on the company's website under the 'Investors' section. For those unable to attend live, the call will be archived for 365 days on the company's website.

Helmerich & Payne (NYSE:HP) has priced a $1.25 billion senior notes offering, consisting of three tranches: $350 million of 4.650% notes due 2027, $350 million of 4.850% notes due 2029, and $550 million of 5.500% notes due 2034. The offering is expected to close on September 17, 2024. The proceeds will be used to finance the acquisition of KCA Deutag International (KCAD), repay KCAD's debt, and cover related expenses. This offering will reduce the company's bridge loan commitments to approximately $332 million. The notes are subject to a special mandatory redemption if the KCAD acquisition doesn't close by October 25, 2025. The notes are being offered only to qualified institutional buyers and non-U.S. persons outside the United States.

Helmerich & Payne (NYSE:HP) has announced a private offering of senior unsecured notes to qualified institutional buyers and non-U.S. persons. The proceeds will be used to finance the acquisition of KCA Deutag International (KCAD), repay KCAD's outstanding debt, and cover related expenses. This offering will reduce commitments under HP's existing bridge loan facility for the acquisition.

The notes will have a 'special mandatory redemption' clause if the acquisition doesn't occur by October 25, 2025, or if HP decides not to pursue it. The notes are not registered under the Securities Act and cannot be sold in the U.S. without registration or an exemption. This announcement does not constitute an offer to sell or solicit offers to buy the notes.

Tamboran Resources (NYSE: TBN, ASX: TBN) has commenced its Shenandoah South (SS) Pilot Project drilling program in EP 98. The company has spudded the SS-2H well, targeting the Middle Velkerri B Shale at a depth of approximately 9,910 feet. This will be followed by the SS-3H well, both designed with a 10,000-foot horizontal section and up to 60 stimulation stages each.

The drilling program utilizes Helmerich & Payne's super-spec FlexRig® Flex 3 rig and Liberty Energy's modern frac fleet, recently mobilized from the US. Initial flow test results are expected in Q1 2025, with production from the SS Pilot Project anticipated to commence in H1 2026, subject to approvals. This campaign represents the largest single campaign in the Beetaloo Basin to date.

Helmerich & Payne (NYSE: HP) has announced its participation in two major investor conferences in September 2024. Key executives, including President and CEO John Lindsay, CFO Kevin Vann, and other senior leaders, will represent the company at these events:

1. Barclays 38th Annual CEO Energy-Power Conference (September 4-5, 2024): John Lindsay will participate in a panel discussion on September 4 at 11:30 a.m. ET.

2. Pickering Energy Partners 4th Annual Energy Conference (September 17-18, 2024)

Investor slides for these conferences will be available on the company's website under the Investors section, in the Presentations area. This participation demonstrates HP's commitment to engaging with investors and sharing insights into their operations and strategy.

Helmerich & Payne (NYSE: HP) has announced the appointment of J. Kevin Vann as Chief Financial Officer Designate, effective August 5, 2024. Vann will succeed Mark W. Smith as CFO upon Smith's retirement on August 15, 2024. Vann brings extensive public company financial and accounting experience in the oil and gas industry, having previously served as CFO at WPX Energy from 2014 to 2021. His background in M&A is expected to be valuable as H&P looks to close its planned acquisition of KCA Deutag.

John Lindsay, President and CEO of H&P, expressed confidence that Vann's leadership will maintain and strengthen the company's financial policies, strategy, and performance. H&P, founded in 1920, is committed to delivering industry-leading drilling productivity and reliability, operating with integrity, safety, and innovation.

Helmerich & Payne (NYSE: HP) has announced a definitive agreement to acquire KCA Deutag for $1.9725 billion in cash. This transformative transaction establishes H&P as a global leader in onshore drilling, significantly expanding its presence in the Middle East. Key highlights include:

- Increases H&P's Middle East rig count from 12 to 88
- Immediately accretive to cash flow and free cash flow per share
- Adds complementary offshore management contract business and manufacturing operations
- Expected to maintain investment grade credit rating
- Anticipates ~$25 million in run-rate synergies by 2026

The acquisition enhances H&P's scale and diversification, positioning it as one of the largest rig providers in the Middle East market. The transaction is expected to close before the end of 2024, subject to customary conditions and regulatory approvals.