HELMERICH & PAYNE INC.
TULSA — Helmerich & Payne Inc. earned $130 million, or $1.18 a share, in the second quarter, the contract driller reported Thursday. The company earned $99 million, or 91 cents a share, during the same period of 2011. Its rig utilization rate improved from 85 percent to 91 percent in that time, while the company's average daily rig revenue was up $764 to $27,625. “The U.S. land market transition toward oil and liquids-rich-gas directed drilling continues, along with a clear trend toward more complex well designs and higher performance rig requirements,” CEO Hans Helmerich said. “Our FlexRigs, combined with our premium service offering, are well positioned to make the transition. We are fortunate to have a customer roster with substantial multiyear drilling inventory that is capable of shifting targets and taking advantage of strong oil prices.”
From Staff Reports