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Dec 31, 2020
Helmerich & Payne Q1 2021 Earnings Report
Helmerich & Payne reported a net loss of $70.4 million with operating revenues of $246.4 million for the quarter ended December 31, 2020.
Key Takeaways
Helmerich & Payne's Q1 2021 results showed a net loss of $70.4 million, or $(0.66) per diluted share, with operating revenues of $246.4 million. The North America Solutions segment exited the quarter with 94 rigs, a significant increase from the lows in August 2020. The company's cash and short-term investments totaled $524 million, with $1.3 billion in available liquidity.
North America Solutions segment exited Q1 2021 with 94 rigs, doubling the lows experienced in August 2020.
The company ended the quarter with $524 million in cash and short-term investments and $1.3 billion in available liquidity.
North America Solutions operating gross margins increased $5 million sequentially to $45 million, with revenues increasing by $53 million to $202 million.
H&P's active FlexRig® fleet utilized AutoSlide® and performance-based contracts for 25% to 30% of its operations.
Revenue by Segment
Forward Guidance
Helmerich & Payne provided guidance for the second quarter of fiscal year 2021.
Positive Outlook
- North America Solutions operating gross margins are expected to be between $60-$70 million.
- The company expects to exit the quarter at between 105-110 contracted rigs.
- Offshore Gulf of Mexico operating gross margins are expected to be between $6-$9 million.
- Gross capital expenditures are still expected to be approximately $85 to $105 million.
- Asset sales are now expected to total approximately $25 million in fiscal year 2021.
Challenges Ahead
- International Solutions operating gross margins are expected to be between $(1)-$(3) million, exclusive of any foreign exchange gains or losses.
- COVID-19 pandemic continues to have a significant impact.
- Industry activity still remains at much lower relative levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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