H&P posts quarterly profit, annual loss

TULSA — Helmerich & Payne dealt pretty well with reduced business opportunities in the final quarter of its fiscal year, its top executive said this week.

The company, which own sand operates land rigs throughout North America, South America, the Middle East and Africa and offshore rigs in the Gulf of

Mexico, earned a fourthquarter 2019 net income of about $ 41.2 million, or 37 cents per share, on total revenues of about $649 million.

In its final quarter of 2018, it had posted a net income of about $4.6 million, or 2 cents per share, on total revenues of about $697 million.

It ended its final quarter of 2019 with about $383 million in cash, cash equivalent sand restricted cash, compared to about $326 million the previous year.

For Fiscal 2019, the company posted a net loss of about $34 million, or 34 cents per share, on total revenue of about $ 2.8 billion. The company posted a net income of about $483 million, or $4.39 per share, on total revenue of about $2.5 billion in 2018.

“The company continued to perform efficiently, despite a sizable pull-back in industry activity ,” CEO John Lindsay stated as part of its announcement.

Lindsay attributed a fourth-quarter dive in rig activity to overspends by exploration and production companies during the first six months of the calendar year.

Based on recent conversations with customers, Lindsay said H&P expects rig demand to return somewhat heading into 2020, but added, “capital discipline will remain the dominant theme.”