Thu, Jan. 29, 9:59 AM
- Helmerich & Payne (HP -6.9%) opens sharply lower after reporting better than expected FQ1 earnings due to compensation from the early termination of contracts, and warning that results for the rest of 2015 would be hurt by lower oil prices.
- In FQ2, HP expects revenue days (activity) in the U.S. land segment to decrease by ~25% Q/Q, with average rig revenue per day falling from $28.6K in FQ1 to $27K-$27.5K; in the offshore segment, HP sees revenue days remaining flat Q/Q, with average rig margin per day of ~$19.5K from $20.7K in FQ1.
- Citigroup downgrades HP shares to Sell from Neutral and cuts its price target to $55 from $71, believing "the defensive shine on the stock is tarnished by a collapse in rig pricing and utilization, as well as rising risk of contract cancellations/resets."
Thu, Jan. 29, 6:17 AM| 2 Comments
Wed, Jan. 28, 5:30 PM
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Nov. 13, 2014, 12:17 PM
- Helmerich & Payne (HP -7.2%) is sharply lower, despite setting records for revenue, operating income and drilling activity in its just concluded FY 2014.
- Q3 operating earnings for HP's U.S. land segment totaled $258M, up 9.6% Y/Y but down 4.6% from FQ3.
- HP expects to spend $1.4B-$1.7B capex in the next year, and says it is "very well prepared for any type of softening in the market."
- HP also says it entered into agreements to build and operate six new patented FlexRigs in U.S. oil and gas plays; the company has contracted 89 newbuild FlexRigs just in the past 14 months.
Nov. 13, 2014, 6:11 AM
Nov. 12, 2014, 5:30 PM
Oct. 23, 2014, 3:46 PM
- Diamond Offshore's (DO +5.5%) better than expected Q3 results is providing a lift across the offshore drilling sector today: RIG +3.8%, ESV +4.1%, RDC +2.6%, SDRL +1.9%, PKD +3.6%, HP +3.1%, ATW -0.5%.
- It was a trifecta of good news for DO: Its operating profit of $0.97/share easily topped Wall Street consensus for $0.79, it announced a special dividend of $0.75/share, and a positive fleet status update included two new rigs that had found work with Hess and Petrobras extending contracts on three rigs for three years.
- However, Cowen’s J.B. Lowe is cautious, noting that while that the $400K dayrates with Hess give DO a solid backlog though a soft time in the market, "they represent a new low in leading-edge newbuild ultra-deepwater floaters in this part of the cycle.”
Jul. 31, 2014, 6:04 AM| Comment!
Apr. 24, 2014, 2:48 PM
- Helmerich & Payne (HP -6%) shares are sharply lower after Q1 earnings came in lower than expected and the company’s international land operations business unit posted disappointing results.
- Operating revenues in U.S. land operations totaled $742M (83% of total revenue), up 8.2% Y/Y; average rig revenue per operating day was ~$28K, down 0.8%, while average rig margin per day fell 1.4% to $14,957.
- International land operations recorded revenues of $85.5M, down 9.1% Y/Y; average daily rig revenue was ~$37K, down 8.8%, while rig margin per day was $10,918, down 1.2%.
- Signed multi-year deals with five E&P companies to build and operate nine additional FlexRigs to drill unconventional U.S. resource plays, bringing the total number of newbuild FlexRig commitments announced in FY 2014 to 44.
Apr. 24, 2014, 6:02 AM| 5 Comments
Apr. 24, 2014, 12:05 AM
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Apr. 23, 2014, 5:30 PM
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Mar. 7, 2014, 5:52 PM
- YPF says Q4 profit surged 88% to 1.9B Argentine pesos ($241M) on higher revenue from sales and production, beating analysts’ estimates.
- YPF also says it boosted crude production by 6.3% Y/Y while natural gas output rose 10.2%.
- YPF produces ~35% of Argentina's oil and gas and accounts for more than half of the fuel sold in the country.
- Earlier this week, YPF said it signed two contracts totaling ~$1.2B to lease 15 drilling rigs to develop Vaca Muerta, which contains an estimated 27B barrels of shale oil; Helmerich & Payne (HP) will provide 10 of the rigs.
Jan. 30, 2014, 2:25 PM
- In addition to issuing a strong set of FQ1 results, Helmerich & Payne (HP +2.1%) announces plans to build and operate nine new FlexRigs for oil and gas companies in the U.S.
- Overall, HP nailed down 35 new FlexRig commitments in the quarter, and its global fleet is expected to total 366 land rigs once the new builds are completed.
- HP now expects to spend ~$950M on capital expenditures during FY 2014, citing increasing demand.
- But HP warns that U.S. land rig rates are set to flatten in FQ2 with rig expenses rising; in the U.S. offshore segment, rig margins and revenue days are set to decline, while rig rates are set to come in flat with revenue days down In international land drilling.
Jan. 30, 2014, 6:04 AM| Comment!
Jan. 30, 2014, 12:05 AM
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HP vs. ETF Alternatives
Helmerich & Payne Inc is engaged in contract drilling of oil & gas wells for others in the ownership, development & operation of commercial real estates. Its business comprises of three reportable segments: U.S. Land, Offshore & International Land.
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