TULSA, Okla., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Helmerich & Payne, Inc. (NYSE:HP) reported a net loss of $35
million (negative $0.33 per diluted share) from operating revenues of $369 million for the first quarter of fiscal 2017, compared
to net income of $16 million ($0.15 per diluted share) from operating revenues of $488 million during the first quarter of fiscal
2016, and a net loss of $73 million (negative $0.68 per diluted share) from operating revenues of $332 million during the fourth
quarter of fiscal 2016. Included in net income (loss) per diluted share for both this year’s first fiscal quarter and last
year’s first fiscal quarter are approximately $0.08 and $0.10, respectively, in after-tax income related to a combination of select
items described in a separate section of this press release. Included in net loss per diluted share for last year’s fourth
fiscal quarter are approximately $0.35 in after-tax losses related to a combination of select items.
President and CEO John Lindsay commented, “The outlook has been improving in the U.S. Land drilling market,
resulting in a significant increase in the Company’s activity levels and market share over the last few months. Spot pricing
remains low, although we continue to see some pricing improvements for high quality, high performing AC drive rigs. As
reflected in the first quarter results, the rapid pace of the market recovery and our efforts to redeploy additional rigs had an
impact on our daily expenses and operating income for the quarter. Although temporary in nature, we expect continued upward
pressure on expenses as the ramp-up proceeds and we absorb some up-front costs reactivating more rigs, particularly rigs that were
cold stacked during the early stages of the downturn. Nonetheless, we are pleased with our ability to respond to the
increasing level of demand and we believe that we are uniquely positioned to continue to gain incremental market share.
“The downturn has been a challenging two year journey, and H&P has been preparing for the opportunity this
upturn presents. Our competitive advantages remain in our people, performance, technology, reliability and uniform FlexRig®*
fleet. These advantages should allow us to continue to outpace our competitors and regain pricing power during this recovery,
especially as customer well designs become increasingly more complex and require higher specification AC drive rigs.”
Operating Segment Results
Segment operating loss for the Company’s U.S. land operations was $31 million for the first quarter of fiscal 2017, compared
with segment operating income of $56 million and loss of $70 million for last year’s first and fourth fiscal quarters,
respectively. Sequentially, the change in segment operating loss was primarily attributable to the absence of approximately
$61 million of various charges incurred during the fourth fiscal quarter, as compared to approximately $1 million of charges in the
first fiscal quarter. The corresponding after-tax per diluted share equivalents may be found in a later section of this press
release. The number of quarterly revenue days increased sequentially by approximately 23% to 9,784 days. Excluding the
impact of $3,744 and $897 per day of revenues from early contract terminations during last year’s fourth fiscal quarter and this
year’s first fiscal quarter, respectively, the average rig revenue per day decreased sequentially by $513 to $23,891.
Excluding the impact of $2,923 per day of lawsuit settlement and self-insurance reserve charges during the fourth quarter of fiscal
2016 and $140 per day of lawsuit settlement charges during the first quarter of fiscal 2017, the average rig expense per day
increased sequentially by $1,738 to $15,064. Thus, the corresponding average rig margin per day decreased sequentially by
$2,251 to $8,827. Rig utilization for the segment was 31% for this year’s first fiscal quarter, compared with 39% and 25% for
last year’s first and fourth fiscal quarters, respectively. At December 31, 2016, the Company’s U.S. land segment had
approximately 127 contracted rigs generating revenue (including 85 under long-term contracts) and 223 idle rigs. The 127
contracted rigs included 124 rigs generating revenue days.
Segment operating income for the Company’s offshore operations was $6.8 million for the first quarter of fiscal 2017, compared
with $7.7 million and $2.6 million for last year’s first and fourth fiscal quarters, respectively. Excluding the impact of
$752 per day for an adjustment to a self-insurance reserve for worker’s compensation claims during last year’s fourth fiscal
quarter, the average rig margin per day increased sequentially from $9,070 to $10,478, and quarterly revenue days remained
unchanged at 644 days during the first fiscal quarter.
The Company’s international land operations reported segment operating income of $0.8 million for this year’s first fiscal
quarter, compared with an operating loss of $6.7 million and $0.2 million for last year’s first and fourth fiscal quarters,
respectively. The sequential improvement in operating results was attributable to approximately $4.7 million in early
termination revenues in the first quarter of fiscal 2017. Excluding the impact of $4,086 per day of revenues from early
contract terminations during this year’s first fiscal quarter, the average rig margin per day decreased sequentially from $10,619
during last year’s fourth fiscal quarter to $8,883 during this year’s first fiscal quarter. Quarterly revenue days decreased
sequentially by approximately 16% to 1,157 days.
Drilling Operations Outlook for the Second Quarter of Fiscal
2017
In the U.S. land segment, the Company expects revenue days (activity) to increase by roughly 30% to 35% during the second fiscal
quarter as compared to the first fiscal quarter of 2017. Excluding any impact from early termination revenue, the average rig
revenue per day is expected to be roughly $22,400, and the average rig expense per day is expected to be roughly $14,900. As
of today, the U.S. land segment has approximately 140 contracted rigs that are generating revenue (including 89 under term
contracts) and 210 idle rigs. The 140 contracted rigs include 138 rigs generating revenue days.
In the offshore segment, the Company expects revenue days to decrease by approximately 10% during the second fiscal quarter as
compared to the first fiscal quarter of 2017. The average rig margin per day is expected to be approximately $12,000 during
the second quarter of fiscal 2017.
In the international land segment, the Company expects revenue days to decrease by approximately 38% during the second fiscal
quarter as compared to the first fiscal quarter of 2017 due to an early termination notice for five rigs under long-term
contracts. Excluding any impact from early termination revenue, the average rig margin per day is expected to be roughly
$5,000 during the second quarter of fiscal 2017.
Capital Expenditures for Fiscal 2017
Given the level of demand and prospect improvements in the U.S. Land market, the Company’s capital expenditures for fiscal 2017
are now expected to be approximately $350 million.
Select Items Included in Net Income (or Loss) per Diluted
Share
Included in net loss per diluted share for the first quarter of fiscal 2017 are approximately $0.08 in after-tax income
comprised of the following: $0.08 of after-tax income from long-term contract early termination compensation from customers; $0.01
of after-tax gains related to the sale of used drilling equipment; and $0.01 of after-tax losses from accrued charges related to a
lawsuit settlement agreement.
Included in net loss per diluted share for the fourth quarter of fiscal 2016 are select items totaling approximately $0.35 in
after-tax losses comprised of the following: $0.18 of after-tax income from long-term contract early termination compensation from
customers; $0.01 of after-tax gains related to the sale of used drilling equipment; $0.03 of after-tax losses related to an
adjustment to the self-insurance reserve for worker’s compensation claims; $0.11 of after-tax losses from accrued charges related
to a lawsuit settlement agreement; $0.15 of after-tax losses from the impairment of a position in the Company’s portfolio of
marketable securities; $0.23 of after-tax losses from abandonment charges related to the decommissioning of used drilling
equipment; and a negative impact of $0.02 related to adjustments to the Internal Revenue Code Section 199 deduction for domestic
production activities.
Included in net income per diluted share for the first quarter of fiscal 2016 are approximately $0.10 in after-tax income
comprised of the following: $0.17 of after-tax income from long-term contract early termination compensation from customers; $0.03
of after-tax gains related to the sale of used drilling equipment; $0.05 of after-tax losses related to a currency exchange loss;
and a negative $0.05 impact on income tax expense primarily due to a fiscal 2015 adjustment to the Domestic Production Deduction
that resulted from a U.S. tax law change in December 2015 extending bonus depreciation allowances that had expired December 31,
2014.
About Helmerich & Payne, Inc.
Helmerich & Payne, Inc. is primarily a contract drilling company. As of January 26, 2017, the Company’s existing fleet
includes 350 land rigs in the U.S., 38 international land rigs, and nine offshore platform rigs. The Company’s global fleet
has a total of 388 land rigs, including 373 AC drive FlexRigs.
Forward-Looking Statements
This release includes "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange
Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and
uncertainties. All statements other than statements of historical facts included in this release, including, without
limitation, statements regarding the registrant’s future financial position, operations outlook, business strategy, budgets,
projected costs and plans and objectives of management for future operations, are forward-looking statements. For information
regarding risks and uncertainties associated with the Company's business, please refer to the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's SEC filings, including
but not limited to its annual report on Form 10-K and quarterly reports on Form 10-Q. As a result of these factors, Helmerich
& Payne, Inc.'s actual results may differ materially from those indicated or implied by such forward-looking statements. We
undertake no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations or
otherwise, except as required by law.
*FlexRig® is a registered trademark of Helmerich & Payne, Inc.
|
HELMERICH & PAYNE, INC. |
Unaudited |
(in thousands, except per share
data) |
|
|
|
|
Three Months
Ended
|
CONSOLIDATED STATEMENTS OF |
|
|
September
30
|
|
|
|
December
31
|
OPERATIONS |
|
|
|
2016
|
|
|
|
|
|
2016 |
|
|
2015 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling – U.S. Land |
|
|
$ |
238,346 |
|
|
|
|
$ |
263,636 |
|
$ |
369,805 |
|
Drilling – Offshore |
|
|
|
31,904 |
|
|
|
|
|
33,812 |
|
|
41,880 |
|
Drilling – International Land |
|
|
|
58,365 |
|
|
|
|
|
68,031 |
|
|
72,194 |
|
Other |
|
|
|
3,093 |
|
|
|
|
|
3,111 |
|
|
3,968 |
|
|
|
|
$ |
331,708 |
|
|
|
|
$ |
368,590 |
|
$ |
487,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs, excluding depreciation |
|
|
|
214,404 |
|
|
|
|
|
247,679 |
|
|
276,644 |
|
Depreciation |
|
|
|
176,251 |
|
|
|
|
|
133,847 |
|
|
142,129 |
|
General and administrative |
|
|
|
33,802 |
|
|
|
|
|
34,262 |
|
|
32,074 |
|
Research and development |
|
|
|
2,328 |
|
|
|
|
|
2,808 |
|
|
2,919 |
|
Income from asset sales |
|
|
|
(2,076 |
) |
|
|
|
|
(842 |
) |
|
(4,589 |
) |
|
|
|
|
424,709 |
|
|
|
|
|
417,754 |
|
|
449,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
(93,001 |
) |
|
|
|
|
(49,164 |
) |
|
38,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income |
|
|
|
856 |
|
|
|
|
|
990 |
|
|
733 |
|
Interest expense |
|
|
|
(6,261 |
) |
|
|
|
|
(5,055 |
) |
|
(4,524 |
) |
Loss on investment securities |
|
|
|
(25,989 |
) |
|
|
|
|
- |
|
|
- |
|
Other |
|
|
|
(1,891 |
) |
|
|
|
|
387 |
|
|
(261 |
) |
|
|
|
|
(33,285 |
) |
|
|
|
|
(3,678 |
) |
|
(4,052 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes |
|
|
|
(126,286 |
) |
|
|
|
|
(52,842 |
) |
|
34,618 |
|
Income tax provision |
|
|
|
(53,417 |
) |
|
|
|
|
(18,288 |
) |
|
18,720 |
|
Income (loss) from continuing operations |
|
|
|
(72,869 |
) |
|
|
|
|
(34,554 |
) |
|
15,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations before income taxes |
|
|
|
119 |
|
|
|
|
|
(424 |
) |
|
104 |
|
Income tax provision |
|
|
|
85 |
|
|
|
|
|
85 |
|
|
- |
|
Income (loss) from discontinued operations |
|
|
|
34 |
|
|
|
|
|
(509 |
) |
|
104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
|
$ |
(72,835 |
) |
|
|
|
$ |
(35,063 |
) |
$ |
16,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
|
$ |
(0.68 |
) |
|
|
|
$ |
(0.33 |
) |
$ |
0.15 |
|
Income (loss) from discontinued operations |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
$ |
(0.68 |
) |
|
|
|
$ |
(0.33 |
) |
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
|
$ |
(0.68 |
) |
|
|
|
$ |
(0.33 |
) |
$ |
0.15 |
|
Income (loss) from discontinued operations |
|
|
$ |
- |
|
|
|
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
$ |
(0.68 |
) |
|
|
|
$ |
(0.33 |
) |
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
108,070 |
|
|
|
|
|
108,276 |
|
|
107,852 |
|
Diluted |
|
|
|
108,070 |
|
|
|
|
|
108,276 |
|
|
108,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HELMERICH & PAYNE, INC. |
Unaudited |
(in
thousands) |
|
|
|
|
|
|
|
CONSOLIDATED CONDENSED BALANCE SHEETS |
|
December 31
2016
|
|
September 30
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
825,893 |
|
$ |
905,561 |
Short term investments |
|
|
45,263 |
|
|
44,148 |
Other current assets |
|
|
574,076 |
|
|
622,913 |
Current assets of discontinued operations |
|
|
51 |
|
|
64 |
Total current assets |
|
|
1,445,283 |
|
|
1,572,686 |
Investments |
|
|
105,177 |
|
|
84,955 |
Net property, plant, and equipment |
|
|
5,102,679 |
|
|
5,144,733 |
Other assets |
|
|
24,498 |
|
|
29,645 |
TOTAL ASSETS |
|
$ |
6,677,637 |
|
$ |
6,832,019 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
Current liabilities |
|
$ |
286,558 |
|
$ |
330,061 |
Current liabilities of discontinued operations |
|
|
70 |
|
|
59 |
Total current liabilities |
|
|
286,628 |
|
|
330,120 |
Non-current liabilities |
|
|
1,418,628 |
|
|
1,445,237 |
Non-current liabilities of discontinued operations |
|
|
4,356 |
|
|
3,890 |
Long-term notes payable |
|
|
492,110 |
|
|
491,847 |
Total shareholders’ equity |
|
|
4,475,915 |
|
|
4,560,925 |
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
6,677,637 |
|
$ |
6,832,019 |
|
|
|
|
|
|
|
HELMERICH & PAYNE, INC. |
Unaudited |
(in thousands) |
|
|
Three Months Ended |
|
December
31 |
CONSOLIDATED CONDENSED STATEMENTS OF
CASH FLOWS |
|
2016
|
|
|
2015
|
|
|
|
OPERATING ACTIVITIES: |
|
|
Net income (loss) |
$ |
(35,063 |
) |
$ |
16,002 |
|
Adjustment for (income) loss from discontinued operations |
|
509 |
|
|
(104 |
) |
Income from continuing operations |
|
(34,554 |
) |
|
15,898 |
|
Depreciation |
|
133,847 |
|
|
142,129 |
|
Changes in assets and liabilities |
|
(36,288 |
) |
|
146,239 |
|
Gain on sale of assets |
|
(842 |
) |
|
(4,589 |
) |
Other |
|
8,524 |
|
|
8,415 |
|
Net cash provided by operating activities from continuing
operations |
|
70,687 |
|
|
308,092 |
|
Net cash provided by (used in) operating activities from discontinued
operations |
|
(19 |
) |
|
104 |
|
Net cash provided by operating activities |
|
70,668 |
|
|
308,196 |
|
|
|
|
INVESTING ACTIVITIES: |
|
|
Capital expenditures |
|
(82,127 |
) |
|
(114,470 |
) |
Purchase of short-term investments |
|
(15,025 |
) |
|
(6,918 |
) |
Proceeds from sale of assets |
|
1,209 |
|
|
6,058 |
|
Proceeds from sales of short-term investments |
|
13,900 |
|
|
4,600 |
|
Net cash used in investing activities |
|
(82,043 |
) |
|
(110,730 |
) |
|
|
|
FINANCING ACTIVITIES: |
|
|
Dividends paid |
|
(76,176 |
) |
|
(74,560 |
) |
Debt issuance costs |
|
- |
|
|
(32 |
) |
Exercise of stock options, net of tax withholding |
|
9,827 |
|
|
(59 |
) |
Tax withholdings related to net share settlements of restricted
stock |
|
(5,647 |
) |
|
(3,617 |
) |
Excess tax benefit from stock-based compensation |
|
3,703 |
|
|
(352 |
) |
Net cash used in financing activities |
|
(68,293 |
) |
|
(78,620 |
) |
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
(79,668 |
) |
|
118,846 |
|
Cash and cash equivalents, beginning of period, restated |
|
905,561 |
|
|
729,384 |
|
Cash and cash equivalents, end of period |
$ |
825,893 |
|
$ |
848,230 |
|
|
|
|
SEGMENT REPORTING |
Three Months
Ended |
|
September 30 |
December 31 |
|
2016
|
2016 |
2015 |
|
|
|
|
|
|
(in thousands, except days and
per day amounts) |
U.S. LAND
OPERATIONS |
|
|
|
|
Revenues |
$ |
238,346 |
|
|
$ |
263,636 |
|
$ |
369,805 |
|
Direct operating expenses |
|
143,681 |
|
|
|
170,606 |
|
|
181,541 |
|
General and administrative expense |
|
11,267 |
|
|
|
11,642 |
|
|
12,373 |
|
Depreciation |
|
153,135 |
|
|
|
112,276 |
|
|
120,359 |
|
Segment operating income (loss) |
$ |
(69,737 |
) |
|
$ |
(30,888 |
) |
$ |
55,532 |
|
|
|
|
|
|
|
|
|
|
|
Revenue days |
|
7,955 |
|
|
|
9,784 |
|
|
11,945 |
|
Average rig revenue per day |
$ |
28,148 |
|
|
$ |
24,788 |
|
$ |
28,651 |
|
Average rig expense per day |
$ |
16,249 |
|
|
$ |
15,204 |
|
$ |
12,890 |
|
Average rig margin per day |
$ |
11,899 |
|
|
$ |
9,584 |
|
$ |
15,761 |
|
Rig utilization |
|
25 |
% |
|
|
31 |
% |
|
39 |
% |
|
|
|
|
|
OFFSHORE
OPERATIONS |
|
|
|
|
Revenues |
$ |
31,904 |
|
|
$ |
33,812 |
|
$ |
41,880 |
|
Direct operating expenses |
|
25,376 |
|
|
|
22,845 |
|
|
30,293 |
|
General and administrative expense |
|
790 |
|
|
|
916 |
|
|
862 |
|
Depreciation |
|
3,184 |
|
|
|
3,267 |
|
|
3,003 |
|
Segment operating income |
$ |
2,554 |
|
|
$ |
6,784 |
|
$ |
7,722 |
|
|
|
|
|
|
|
|
|
|
|
Revenue days |
|
644 |
|
|
|
644 |
|
|
736 |
|
Average rig revenue per day |
$ |
26,608 |
|
|
$ |
31,317 |
|
$ |
27,539 |
|
Average rig expense per day |
$ |
18,290 |
|
|
$ |
20,839 |
|
$ |
19,619 |
|
Average rig margin per day |
$ |
8,318 |
|
|
$ |
10,478 |
|
$ |
7,920 |
|
Rig utilization |
|
78 |
% |
|
|
78 |
% |
|
89 |
% |
|
|
|
|
|
INTERNATIONAL
LAND OPERATIONS |
|
|
|
|
Revenues |
$ |
58,365 |
|
|
$ |
68,031 |
|
$ |
72,194 |
|
Direct operating expenses |
|
43,618 |
|
|
|
53,350 |
|
|
64,008 |
|
General and administrative expense |
|
532 |
|
|
|
669 |
|
|
718 |
|
Depreciation |
|
14,377 |
|
|
|
13,187 |
|
|
14,133 |
|
Segment operating income (loss) |
$ |
(162 |
) |
|
$ |
825 |
|
$ |
(6,665 |
) |
|
|
|
|
|
|
|
|
|
|
Revenue days |
|
1,372 |
|
|
|
1,157 |
|
|
1,411 |
|
Average rig revenue per day |
$ |
38,061 |
|
|
$ |
55,880 |
|
$ |
46,031 |
|
Average rig expense per day |
$ |
27,442 |
|
|
$ |
42,911 |
|
$ |
34,220 |
|
Average rig margin per day |
$ |
10,619 |
|
|
$ |
12,969 |
|
$ |
11,811 |
|
Rig utilization |
|
39 |
% |
|
|
33 |
% |
|
40 |
% |
|
|
|
|
|
Operating statistics exclude the effects of offshore
platform management contracts, gains and losses from translation of foreign currency transactions, and do not include
reimbursements of “out-of-pocket” expenses in revenue per day, expense per day and margin calculations. |
|
|
|
|
|
Reimbursed amounts were as follows: |
|
|
|
|
|
|
|
|
|
U.S. Land Operations |
$ |
14,422 |
|
|
$ |
21,098 |
|
$ |
27,571 |
|
Offshore Operations |
$ |
5,451 |
|
|
$ |
4,431 |
|
$ |
6,331 |
|
International Land Operations |
$ |
6,142 |
|
|
$ |
3,377 |
|
$ |
7,244 |
|
|
|
|
|
|
Segment operating income for all segments is a non-GAAP financial measure of the Company’s performance, as it excludes general
and administrative expenses, corporate depreciation, income from asset sales and other corporate income and expense. The
Company considers segment operating income to be an important supplemental measure of operating performance for presenting trends
in the Company’s core businesses. This measure is used by the Company to facilitate period-to-period comparisons in operating
performance of the Company’s reportable segments in the aggregate by eliminating items that affect comparability between
periods. The Company believes that segment operating income is useful to investors because it provides a means to evaluate
the operating performance of the segments and the Company on an ongoing basis using criteria that are used by our internal decision
makers. Additionally, it highlights operating trends and aids analytical comparisons. However, segment operating income
has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in
accordance with GAAP, as it excludes certain costs that may affect the Company’s operating performance in future periods.
The following table reconciles operating income per the information above to income (loss) from continuing operations before
income taxes as reported on the Consolidated Statements of Operations (in thousands).
|
|
Three Months Ended |
|
|
September
30 |
December 31 |
|
|
|
2016 |
|
|
|
2016 |
|
|
2015 |
|
Operating
income |
|
|
|
|
|
U.S. Land |
|
$ |
(69,737 |
) |
|
$ |
(30,888 |
) |
$ |
55,532 |
|
Offshore |
|
|
2,554 |
|
|
|
6,784 |
|
|
7,722 |
|
International Land |
|
|
(162 |
) |
|
|
825 |
|
|
(6,665 |
) |
Other |
|
|
(
2,652 |
) |
|
|
(2,049 |
) |
|
(1,304 |
) |
Segment operating income (loss) |
|
$ |
(69,997 |
) |
|
$ |
(25,328 |
) |
$ |
55,285 |
|
Corporate general and administrative |
|
|
(21,213 |
) |
|
|
(21,035 |
) |
|
(18,121 |
) |
Other depreciation |
|
|
(4,276 |
) |
|
|
(4,077 |
) |
|
(3,610 |
) |
Inter-segment elimination |
|
|
409 |
|
|
|
434 |
|
|
527 |
|
Income from asset sales |
|
|
2,076 |
|
|
|
842 |
|
|
4,589 |
|
Operating income (loss) |
|
$ |
(93,001 |
) |
|
$ |
(49,164 |
) |
$ |
38,670 |
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
Interest and dividend income |
|
|
856 |
|
|
|
990 |
|
|
733 |
|
Interest expense |
|
|
(6,261 |
) |
|
|
(5,055 |
) |
|
(4,524 |
) |
Loss on investment securities |
|
|
(25,989 |
) |
|
|
- |
|
|
- |
|
Other |
|
|
(1,891 |
) |
|
|
387 |
|
|
(261 |
) |
Total other income (expense) |
|
|
(33,285 |
) |
|
|
(3,678 |
) |
|
(4,052 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes |
|
$ |
(126,286 |
) |
|
$ |
(52,842 |
) |
$ |
34,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Investor Relations investor.relations@hpinc.com (918) 588-5190