$HP

HELMERICH & PAYNE INC

CIK:0000046765|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING REVENUES
Drilling services	$ 986,882	$ 1,037,876	$ 2,874,433	$ 2,724,883
Other	47,974	3,048	109,811	9,382
Total operating revenues	1,034,856	1,040,924	2,984,244	2,734,265
OPERATING COSTS AND EXPENSES
Drilling services operating expenses, excluding depreciation and amortization	684,913	704,224	2,028,873	1,816,797
Other operating expenses	44,489	31,059	100,548	35,700
Depreciation and amortization	180,960	179,491	543,613	436,228
Research and development	5,909	7,777	19,571	26,558
Selling, general and administrative	65,849	65,506	207,373	209,407
Acquisition transaction and integration costs	1,671	8,623	7,814	49,025
Asset impairment charges	1,153	173,258	130,340	175,102
Restructuring charges	1,362	4,681	5,835	4,681
Gain on involuntary conversion	(13,581)	0	(13,581)	0
Gain on reimbursement of drilling equipment	(6,036)	(6,773)	(18,099)	(26,149)
Other (gain) loss on sale of assets	(120,044)	1,347	(119,423)	2,136
Total operating costs and expenses	846,645	1,169,193	2,892,864	2,729,485
OPERATING INCOME (LOSS)	188,211	(128,269)	91,380	4,780
Other income (expense)
Interest and dividend income	2,280	2,856	7,193	31,854
Interest expense	(24,439)	(29,200)	(75,860)	(79,836)
Gain (loss) on investment securities	(16,007)	(337)	(687)	14,084
Foreign currency exchange gain (loss)	1,885	(9,216)	4,864	(16,137)
Other	(1,411)	31,258	(6,664)	33,214
Total other income (expense)	(37,692)	(4,639)	(71,154)	(16,821)
Income (loss) before income taxes	150,519	(132,908)	20,226	(12,041)
Income tax expense	72,362	28,991	92,861	92,100
NET INCOME (LOSS)	78,157	(161,899)	(72,635)	(104,141)
Net income attributable to non-controlling interest	2,475	859	6,998	2,191
NET INCOME (LOSS) ATTRIBUTABLE TO HELMERICH & PAYNE, INC.	$ 75,682	$ (162,758)	$ (79,633)	$ (106,332)
Earnings (loss) per share attributable to Helmerich & Payne, Inc.:
Basic (in dollars per share)	$ 0.74	$ (1.64)	$ (0.81)	$ (1.08)
Diluted (in dollars per share)	$ 0.74	$ (1.64)	$ (0.81)	$ (1.08)
Weighted average shares outstanding:
Basic (in shares)	99,931	99,422	99,783	99,214
Diluted (in shares)	100,030	99,422	99,783	99,214

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (72,635)	$ (104,141)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	543,613	436,228
Asset impairment charges	130,340	175,102
Amortization of debt discount and debt issuance costs	4,230	4,799
Stock-based compensation	28,013	22,837
(Gain) loss on investment securities	687	(14,084)
Gain on involuntary conversion	(13,581)	0
Gain on reimbursement of drilling equipment	(18,099)	(26,149)
Other (gain) loss on sale of assets	(119,423)	2,136
Deferred income tax	(28,980)	(64,649)
Other	(4,974)	5,832
Change in assets and liabilities
Accounts receivable	(66,165)	2,299
Inventories of materials and supplies	1,079	(17,538)
Prepaid expenses and other	(900)	(56,792)
Other noncurrent assets	4,087	(14,610)
Accounts payable	(8,283)	(1,108)
Accrued liabilities	(947)	(72,884)
Other noncurrent liabilities	(5,384)	58,722
Net cash provided by operating activities	372,678	336,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(200,198)	(362,232)
Purchase of short-term investments	(49,640)	(111,678)
Purchase of long-term investments	(2,239)	(2,055)
Payment for acquisition of business, net of cash acquired	0	(1,838,852)
Proceeds from sale of short-term investments	42,542	373,028
Proceeds from sale of long-term investments	0	31,990
Insurance proceeds from involuntary conversion	2,500	2,366
Proceeds from asset sales	35,797	34,923
Proceeds from real estate asset sales	127,667	0
Other	(686)	0
Net cash used in investing activities	(44,257)	(1,872,510)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid	(76,077)	(75,534)
Distributions to non-controlling interests	(15,000)	(15,380)
Proceeds from debt issuance	0	400,000
Debt issuance costs	0	(2,629)
Payments for employee taxes on net settlement of equity awards	(6,398)	(10,759)
Payments on unsecured long-term debt	(200,000)	(73,000)
Other	(5,145)	(2,044)
Net cash provided by (used in) financing activities	(302,620)	220,654
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(12,393)	14,322
Net increase (decrease) in cash, cash equivalents and restricted cash	13,408	(1,301,534)
Cash, cash equivalents and restricted cash, beginning of period	225,900	1,528,660
Cash, cash equivalents and restricted cash, end of period	239,308	227,126
Cash paid/(received) during the period:
Interest paid	82,625	67,724
Income tax paid	78,493	164,631
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases	25,828	41,038
Non-cash operating and investing activities:
Change in accounts payable and accrued liabilities related to purchases of property, plant and equipment	(765)	11,943
Changes in accounts receivable related to the involuntary conversion	$ 22,500	$ 0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current Assets:
Cash and cash equivalents	$ 204,427	$ 196,848
Restricted cash	33,552	27,412
Short-term investments	26,960	21,496
Accounts receivable, net of allowance of $21,162 and $19,647, respectively	869,464	782,644
Inventories of materials and supplies, net	325,803	324,326
Prepaid expenses and other, net	97,592	97,518
Assets held-for-sale	12,659	15,231
Total current assets	1,570,457	1,465,475
Investments, net	72,856	68,198
Property, plant and equipment, net	3,865,332	4,313,074
Other Noncurrent Assets:
Goodwill	182,425	182,854
Intangible assets, net	423,633	485,540
Operating lease right-of-use assets	109,250	123,598
Other assets, net	62,821	66,999
Total other noncurrent assets	778,129	858,991
Total assets	6,286,774	6,705,738
Current Liabilities:
Accounts payable	207,365	217,923
Dividends payable	25,416	25,199
Accrued liabilities	560,850	564,855
Current portion of long-term debt, net	6,859	6,859
Total current liabilities	800,490	814,836
Noncurrent Liabilities:
Long-term debt, net	1,855,257	2,057,084
Deferred income taxes	592,397	624,000
Retirement benefit obligations	98,815	109,864
Other	269,406	270,616
Total noncurrent liabilities	2,815,875	3,061,564
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 June 30, 2026 and September 30, 2025, and 99,935,617 and 99,446,577 shares outstanding as of June 30, 2026 and September 30, 2025, respectively	11,222	11,222
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued	0	0
Additional paid-in capital	514,167	513,050
Retained earnings	2,463,057	2,619,090
Accumulated other comprehensive income	30,233	44,964
Treasury stock, at cost,12,287,248 shares and 12,776,288 shares as of June 30, 2026 and September 30, 2025, respectively	(444,588)	(463,536)
Non-controlling interest	96,318	104,548
Total shareholders’ equity	2,670,409	2,829,338
Total liabilities and shareholders' equity	$ 6,286,774	$ 6,705,738