Helmerich & Payne, Inc. Announces Fourth Quarter & Fiscal Year End Results
November 16, 2017
- Quarterly
U.S. Land revenue days (activity) increased by approximately 6% - Quarterly
U.S. Land adjusted average rig margin per day increased by approximately 5% - H&P’s
U.S. Land contracted rig count increased by 102 rigs to 197 rigs fromSeptember 30, 2016 toSeptember 30, 2017 - H&P’s
U.S. Land market share(1) increased from 15% to 20% fromSeptember 30, 2016 toSeptember 30, 2017 - Upgraded 91 FlexRigs to super-spec(2) capacity during fiscal 2017
For the fiscal year 2017, the Company reported a net loss of
President and CEO
“The fourth fiscal quarter headlines were dominated by oil price uncertainty which remained range-bound in the mid $40s and set expectations for a substantial rig count reduction for the balance of 2017. Even with that cautious outlook, H&P was able to grow its rig count and leading edge pricing due to the value proposition we provide to customers. We have also seen some improvement in our international markets with the rig count significantly increasing during the quarter.
“Looking forward, the increases in oil prices during the past few weeks could provide opportunities for rig count growth and higher dayrates, improving our key financial metrics. H&P continues to be uniquely positioned to grow its active rig count without building new rigs whether that be under improved commodity pricing or the range-bound pricing we experienced most of this past year. The industry’s super-spec fleet in the
Operating Segment Results for the Fourth Quarter of Fiscal 2017
Segment operating loss narrowed by
The number of quarterly revenue days increased sequentially by approximately 6%. Adjusted average rig revenue per day slightly increased to
Offshore Operations:
Segment operating income decreased 22% sequentially primarily as a result of adjustments to self-insurance reserve charges related to management contracts during the fourth fiscal quarter. Management contracts on customer-owned platform rigs contributed approximately
International Land Operations:
The segment had an operating loss this quarter as compared to operating income during the previous quarter. The
Operational Outlook for the First Quarter of Fiscal 2018
- Quarterly revenue days expected to increase by approximately 4% to 5% sequentially
- Average rig revenue per day expected to be roughly
$21,700 (excluding any impact from early termination revenue) - Average rig expense per day expected to be roughly
$14,100
Offshore Operations:
- Quarterly revenue days expected to decrease by approximately 6% sequentially
- Average rig margin per day expected to be approximately
$13,000 - Management contracts expected to generate
$4 to$5 million in operating income
International Land Operations:
- Adjusted quarterly revenue days expected to increase by approximately 20% sequentially
- Average rig margin per day expected to be roughly
$8,000
Other Estimates for Fiscal 2018
- Today, the outlook for fiscal 2018 capital expenditures ranges from
$250 to$300 million - Depreciation is expected to decrease by about 4% to approximately
$560 million - General and administrative expenses are expected to increase by about 9% to approximately
$165 million
Other Highlights
- H&P’s spot pricing in the
U.S. Land market continued to increase (approximately 5%) from the date of the third quarter results announcement (July 27, 2017 ) toNovember 16, 2017 . - Since
July 27, 2017 , 21 AC drive FlexRigs with 1,500 hp drawworks and 750,000 lbs. hookload ratings were upgraded to include both a 7,500 psi mud circulating system and multiple-well pad capability, resulting in 161 rigs in our fleet today with rig specifications in highest demand(2). - H&P added 37 new
U.S. Land customers during fiscal 2017. - Recently, FlexRig 531, working for an operator in the
Utica Shale , drilled a total measured depth well of approximately 28,775 feet with an extended reach lateral measuring approximately 20,800 feet. This was completed in approximately 13 days (from spud to release). - On
September 6, 2017 , Directors of the Company declared a quarterly cash dividend of$0.70 per share on the Company’s common stock payableDecember 1, 2017 (as filed on Form 8‑K at the time of the declaration).
Select Items Included in Net Income (or Loss) per Diluted Share
Fourth Quarter of Fiscal 2017 net loss of
$0.03 of after-tax income from long-term contract early termination compensation from customers$0.02 of after-tax gains related to the sale of used drilling equipment$0.03 of after-tax gains related to a favorable adjustment to interest and other expenses as a result of the reversal of previously booked uncertain tax positions where the statute of limitations has expired$(0.11) of after-tax losses from abandonment charges related to the decommissioning of used drilling equipment$(0.04) of income tax adjustments related to a net operating loss carryback to a prior fiscal year that caused a reduction of prior year Section 199 domestic production deductions
Third Quarter of Fiscal 2017 net loss of
$0.07 of after-tax income related to retroactive revenue received for five rigs in the International Land Segment$0.03 of after-tax income from long-term contract early termination compensation from customers$0.01 of after-tax gains related to the sale of used drilling equipment$(0.02) of after-tax losses from charges related to theMOTIVE Drilling Technologies, Inc. acquisition transaction$(0.05) of after-tax losses from abandonment charges related to the decommissioning of used drilling equipment
Fiscal 2017 net loss of
$0.18 of after-tax income from long-term contract early termination compensation from customers$0.13 of after-tax gains related to the sale of used drilling equipment$0.07 of after-tax income related to retroactive revenue received for five rigs in the International Land Segment$0.03 of after-tax gains related to a favorable adjustment to interest and other expenses as a result of the reversal of previously booked uncertain tax positions where the statute of limitations has expired$(0.01) of after-tax losses from accrued charges related to a lawsuit settlement agreement$(0.02) of after-tax losses from charges related to theMOTIVE Drilling Technologies, Inc. acquisition transaction$(0.27) of after-tax losses from abandonment charges related to the decommissioning of used drilling equipment$(0.04) of income tax adjustments related to a net operating loss carryback to a prior fiscal year that caused a reduction of prior year Section 199 domestic production deductions
About Helmerich & Payne, Inc.
Helmerich & Payne, Inc. is primarily a contract drilling company. As of
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
Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release include FlexRig and Family of Solutions, which may be registered or trademarked in the
(1) This market share estimate is derived from RigData as of
(2) The combined rigs specifications of AC drive, 1,500 hp drawworks, 750,000 lbs. hookload rating, 7,500 psi mud circulating system and multiple-well pad capability are in high demand and fit the description of what some industry followers refer to as “super-spec” rigs.
(3) See the corresponding section of this release for details regarding the select items.
(4) See the Selected Statistical & Operational Highlights table(s) for details on the revenues or charges excluded on a per revenue day basis. The inclusion or exclusion of these amounts results in adjusted revenue, expense, and/or margin per day figures, which are all non-GAAP measures.
(5) As reported on
Contact: Investor Relations
investor.relations@hpinc.com
(918) 588‑5190
HELMERICH & PAYNE, INC. Unaudited (in thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF | June 30 | |||||||||||||||||||
OPERATIONS | 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Drilling — | $ | 439,404 | $ | 405,516 | $ | 238,346 | $ | 1,439,523 | $ | 1,242,462 | ||||||||||
Drilling — Offshore | 32,505 | 33,711 | 31,904 | 136,263 | 138,601 | |||||||||||||||
Drilling — International Land | 55,109 | 55,075 | 58,365 | 212,972 | 229,894 | |||||||||||||||
Other | 5,286 | 4,262 | 3,093 | 15,983 | 13,275 | |||||||||||||||
$ | 532,304 | $ | 498,564 | $ | 331,708 | $ | 1,804,741 | $ | 1,624,232 | |||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Operating costs, excluding depreciation and amortization | 367,346 | 337,463 | 214,404 | 1,249,317 | 898,805 | |||||||||||||||
Depreciation and amortization | 153,876 | 145,043 | 176,251 | 585,543 | 598,587 | |||||||||||||||
Asset impairment charge | — | — | — | — | 6,250 | |||||||||||||||
General and administrative | 40,331 | 42,890 | 33,802 | 151,002 | 146,183 | |||||||||||||||
Research and development | 3,462 | 3,058 | 2,328 | 12,047 | 10,269 | |||||||||||||||
Income from asset sales | (3,034 | ) | (1,862 | ) | (2,076 | ) | (20,627 | ) | (9,896 | ) | ||||||||||
561,981 | 526,592 | 424,709 | 1,977,282 | 1,650,198 | ||||||||||||||||
Operating loss | (29,677 | ) | (28,028 | ) | (93,001 | ) | (172,541 | ) | (25,966 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||||
Interest and dividend income | 1,887 | 1,700 | 856 | 5,915 | 3,166 | |||||||||||||||
Interest expense | (2,244 | ) | (6,364 | ) | (6,261 | ) | (19,747 | ) | (22,913 | ) | ||||||||||
Loss on investment securities | — | — | (25,989 | ) | — | (25,989 | ) | |||||||||||||
Other | 2,125 | (911 | ) | (1,891 | ) | 1,775 | (965 | ) | ||||||||||||
1,768 | (5,575 | ) | (33,285 | ) | (12,057 | ) | (46,701 | ) | ||||||||||||
Loss from continuing operations before income taxes | (27,909 | ) | (33,603 | ) | (126,286 | ) | (184,598 | ) | (72,667 | ) | ||||||||||
Income tax benefit | (6,198 | ) | (10,478 | ) | (53,417 | ) | (56,735 | ) | (19,677 | ) | ||||||||||
Loss from continuing operations | (21,711 | ) | (23,125 | ) | (72,869 | ) | (127,863 | ) | (52,990 | ) | ||||||||||
Income from discontinued operations, before income taxes | 580 | 3,223 | 119 | 3,285 | 2,360 | |||||||||||||||
Income tax provision | 1,401 | 1,897 | 85 | 3,634 | 6,198 | |||||||||||||||
Income (loss) from discontinued operations | (821 | ) | 1,326 | 34 | (349 | ) | (3,838 | ) | ||||||||||||
NET LOSS | $ | (22,532 | ) | $ | (21,799 | ) | $ | (72,835 | ) | $ | (128,212 | ) | $ | (56,828 | ) | |||||
Basic earnings per common share: | ||||||||||||||||||||
Loss from continuing operations | $ | (0.20 | ) | $ | (0.22 | ) | $ | (0.68 | ) | $ | (1.20 | ) | $ | (0.50 | ) | |||||
Income (loss) from discontinued operations | $ | (0.01 | ) | $ | 0.01 | $ | — | $ | — | $ | (0.04 | ) | ||||||||
Net loss | $ | (0.21 | ) | $ | (0.21 | ) | $ | (0.68 | ) | $ | (1.20 | ) | $ | (0.54 | ) | |||||
Diluted earnings per common share: | ||||||||||||||||||||
Loss from continuing operations | $ | (0.20 | ) | $ | (0.22 | ) | $ | (0.68 | ) | $ | (1.20 | ) | $ | (0.50 | ) | |||||
Income (loss) from discontinued operations | $ | (0.01 | ) | $ | 0.01 | $ | — | $ | — | $ | (0.04 | ) | ||||||||
Net loss | $ | (0.21 | ) | $ | (0.21 | ) | $ | (0.68 | ) | $ | (1.20 | ) | $ | (0.54 | ) | |||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 108,588 | 108,572 | 108,070 | 108,500 | 107,996 | |||||||||||||||
Diluted | 108,588 | 108,572 | 108,070 | 108,500 | 107,996 |
HELMERICH & PAYNE, INC. Unaudited (in thousands) | ||||||
CONSOLIDATED CONDENSED BALANCE SHEETS | 2017 | 2016 | ||||
ASSETS | ||||||
Cash and cash equivalents | $ | 521,375 | $ | 905,561 | ||
Short-term investments | 44,491 | 44,148 | ||||
Other current assets | 669,398 | 622,913 | ||||
Current assets of discontinued operations | 3 | 64 | ||||
Total current assets | 1,235,267 | 1,572,686 | ||||
Investments | 84,026 | 84,955 | ||||
Net property, plant, and equipment | 5,001,051 | 5,144,733 | ||||
Other assets | 119,644 | 29,645 | ||||
TOTAL ASSETS | $ | 6,439,988 | $ | 6,832,019 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current liabilities | $ | 344,311 | $ | 330,061 | ||
Current liabilities of discontinued operations | 74 | 59 | ||||
Total current liabilities | 344,385 | 330,120 | ||||
Non-current liabilities | 1,434,098 | 1,445,237 | ||||
Non-current liabilities of discontinued operations | 4,012 | 3,890 | ||||
Long-term debt less unamortized discount and debt issuance costs | 492,902 | 491,847 | ||||
Total shareholders’ equity | 4,164,591 | 4,560,925 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 6,439,988 | $ | 6,832,019 |
HELMERICH & PAYNE, INC. Unaudited (in thousands) | ||||||||
Year Ended | ||||||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | 2017 | 2016 | ||||||
OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (128,212 | ) | $ | (56,828 | ) | ||
Adjustment for loss from discontinued operations | 349 | 3,838 | ||||||
Loss from continuing operations | (127,863 | ) | (52,990 | ) | ||||
Depreciation and amortization | 585,543 | 598,587 | ||||||
Asset impairment charge | — | 6,250 | ||||||
Loss on investment securities | — | 25,989 | ||||||
Changes in assets and liabilities | (111,123 | ) | 156,957 | |||||
Income from asset sales | (20,627 | ) | (9,896 | ) | ||||
Other | 31,437 | 28,653 | ||||||
Net cash provided by operating activities from continuing operations | 357,367 | 753,550 | ||||||
Net cash provided by (used in) operating activities from discontinued operations | (150 | ) | 47 | |||||
Net cash provided by operating activities | 357,217 | 753,597 | ||||||
INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (397,567 | ) | (257,169 | ) | ||||
Purchase of short-term investments | (69,866 | ) | (57,276 | ) | ||||
Payment for acquisition of business, net of cash acquired | (70,416 | ) | — | |||||
Proceeds from sale of short-term investments | 69,449 | 58,381 | ||||||
Proceeds from asset sales | 23,412 | 21,845 | ||||||
Net cash used in investing activities | (444,988 | ) | (234,219 | ) | ||||
FINANCING ACTIVITIES: | ||||||||
Debt issuance costs | — | (1,111 | ) | |||||
Payment on long-term debt | — | (40,000 | ) | |||||
Dividends paid | (305,515 | ) | (300,152 | ) | ||||
Exercise of stock options, net of tax withholding | 10,534 | 1,040 | ||||||
Tax withholdings related to net share settlements of restricted stock | (5,848 | ) | (3,912 | ) | ||||
Excess tax benefit from stock-based compensation | 4,414 | 934 | ||||||
Net cash used in financing activities | (296,415 | ) | (343,201 | ) | ||||
Net increase (decrease) in cash and cash equivalents | (384,186 | ) | 176,177 | |||||
Cash and cash equivalents, beginning of period | 905,561 | 729,384 | ||||||
Cash and cash equivalents, end of period | $ | 521,375 | $ | 905,561 |
Three Months Ended | Year Ended | ||||||||||||||||||||
June 30 | |||||||||||||||||||||
SEGMENT REPORTING | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
(in thousands, except days and per day amounts) | |||||||||||||||||||||
Revenues | $ | 439,404 | $ | 405,516 | $ | 238,346 | $ | 1,439,523 | $ | 1,242,462 | |||||||||||
Direct operating expenses | 297,978 | 277,372 | 143,681 | 984,205 | 603,800 | ||||||||||||||||
General and administrative expense | 13,150 | 13,347 | 11,267 | 50,712 | 50,057 | ||||||||||||||||
Depreciation | 132,438 | 122,777 | 153,135 | 499,486 | 508,237 | ||||||||||||||||
Asset impairment charge | — | — | — | — | 6,250 | ||||||||||||||||
Segment operating income (loss) | $ | (4,162 | ) | $ | (7,980 | ) | $ | (69,737 | ) | $ | (94,880 | ) | $ | 74,118 | |||||||
Revenue days | 17,593 | 16,577 | 7,955 | 57,120 | 36,984 | ||||||||||||||||
Average rig revenue per day | $ | 21,944 | $ | 21,986 | $ | 28,148 | $ | 22,607 | $ | 31,369 | |||||||||||
Average rig expense per day | $ | 13,905 | $ | 14,256 | $ | 16,249 | $ | 14,623 | $ | 14,117 | |||||||||||
Average rig margin per day | $ | 8,039 | $ | 7,730 | $ | 11,899 | $ | 7,984 | $ | 17,252 | |||||||||||
Rig utilization | 55 | % | 52 | % | 25 | % | 45 | % | 30 | % | |||||||||||
OFFSHORE OPERATIONS | |||||||||||||||||||||
Revenues | $ | 32,505 | $ | 33,711 | $ | 31,904 | $ | 136,263 | $ | 138,601 | |||||||||||
Direct operating expenses | 24,069 | 23,656 | 25,376 | 96,593 | 106,983 | ||||||||||||||||
General and administrative expense | 918 | 969 | 790 | 3,705 | 3,464 | ||||||||||||||||
Depreciation | 2,469 | 2,630 | 3,184 | 11,764 | 12,495 | ||||||||||||||||
Segment operating income | $ | 5,049 | $ | 6,456 | $ | 2,554 | $ | 24,201 | $ | 15,659 | |||||||||||
Revenue days | 491 | 546 | 644 | 2,277 | 2,708 | ||||||||||||||||
Average rig revenue per day | $ | 34,797 | $ | 35,644 | $ | 26,608 | $ | 34,332 | $ | 26,973 | |||||||||||
Average rig expense per day | $ | 22,709 | $ | 24,141 | $ | 18,290 | $ | 23,172 | $ | 19,381 | |||||||||||
Average rig margin per day | $ | 12,088 | $ | 11,503 | $ | 8,318 | $ | 11,160 | $ | 7,592 | |||||||||||
Rig utilization | 67 | % | 75 | % | 78 | % | 74 | % | 82 | % | |||||||||||
INTERNATIONAL LAND OPERATIONS | |||||||||||||||||||||
Revenues | $ | 55,109 | $ | 55,075 | $ | 58,365 | $ | 212,972 | $ | 229,894 | |||||||||||
Direct operating expenses | 42,949 | 35,006 | 43,618 | 163,486 | 183,969 | ||||||||||||||||
General and administrative expense | 785 | 714 | 532 | 3,088 | 2,909 | ||||||||||||||||
Depreciation | 13,374 | 14,428 | 14,377 | 53,622 | 57,102 | ||||||||||||||||
Segment operating income (loss) | $ | (1,999 | ) | $ | 4,927 | $ | (162 | ) | $ | (7,224 | ) | $ | (14,086 | ) | |||||||
Revenue days | 1,291 | 1,633 | 1,372 | 4,951 | 5,364 | ||||||||||||||||
Average rig revenue per day | $ | 40,540 | $ | 32,708 | $ | 38,061 | $ | 40,979 | $ | 39,044 | |||||||||||
Average rig expense per day | $ | 28,154 | $ | 19,645 | $ | 27,442 | $ | 29,761 | $ | 28,638 | |||||||||||
Average rig margin per day | $ | 12,386 | $ | 13,063 | $ | 10,619 | $ | 11,218 | $ | 10,406 | |||||||||||
Rig utilization | 37 | % | 47 | % | 39 | % | 36 | % | 39 | % |
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:
$ | 53,357 | $ | 41,059 | $ | 14,422 | $ | 148,218 | $ | 82,337 | ||||||
Offshore Operations | $ | 5,900 | $ | 5,181 | $ | 5,451 | $ | 21,578 | $ | 23,138 | |||||
International Land Operations | $ | 2,762 | $ | 1,663 | $ | 6,142 | $ | 10,074 | $ | 20,458 | |||||
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 loss from continuing operations before income taxes as reported on the Consolidated Statements of Operations (in thousands).
Three Months Ended | Year Ended | |||||||||||||||||||
June 30 | ||||||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Operating income (loss) | ||||||||||||||||||||
$ | (4,162 | ) | $ | (7,980 | ) | $ | (69,737 | ) | $ | (94,880 | ) | $ | 74,118 | |||||||
Offshore | 5,049 | 6,456 | 2,554 | 24,201 | 15,659 | |||||||||||||||
International Land | (1,999 | ) | 4,927 | (162 | ) | (7,224 | ) | (14,086 | ) | |||||||||||
Other | (3,697 | ) | (2,569 | ) | (2,652 | ) | (9,449 | ) | (7,491 | ) | ||||||||||
Segment operating income (loss) | $ | (4,809 | ) | $ | 834 | $ | (69,997 | ) | $ | (87,352 | ) | $ | 68,200 | |||||||
Corporate general and administrative | (24,506 | ) | (27,283 | ) | (21,213 | ) | (91,948 | ) | (89,753 | ) | ||||||||||
Other depreciation | (3,796 | ) | (3,852 | ) | (4,276 | ) | (15,547 | ) | (16,313 | ) | ||||||||||
Inter-segment elimination | 400 | 411 | 409 | 1,679 | 2,004 | |||||||||||||||
Income from asset sales | 3,034 | 1,862 | 2,076 | 20,627 | 9,896 | |||||||||||||||
Operating loss | $ | (29,677 | ) | $ | (28,028 | ) | $ | (93,001 | ) | $ | (172,541 | ) | $ | (25,966 | ) | |||||
Other income (expense): | ||||||||||||||||||||
Interest and dividend income | 1,887 | 1,700 | 856 | 5,915 | 3,166 | |||||||||||||||
Interest expense | (2,244 | ) | (6,364 | ) | (6,261 | ) | (19,747 | ) | (22,913 | ) | ||||||||||
Loss on investment securities | — | — | (25,989 | ) | — | (25,989 | ) | |||||||||||||
Other | 2,125 | (911 | ) | (1,891 | ) | 1,775 | (965 | ) | ||||||||||||
Total other income (expense) | 1,768 | (5,575 | ) | (33,285 | ) | (12,057 | ) | (46,701 | ) | |||||||||||
Loss from continuing operations before income taxes | $ | (27,909 | ) | $ | (33,603 | ) | $ | (126,286 | ) | $ | (184,598 | ) | $ | (72,667 | ) | |||||
SUPPLEMENTARY STATISTICAL INFORMATION
The tables and information that follow are additional statistical information that may also help provide further clarity and insight into the operations of the Company.
SELECTED STATISTICAL & OPERATIONAL HIGHLIGHTS (Used to determine adjusted per revenue day statistics, which is a non-GAAP measure) | ||||||
Three Months Ended | ||||||
June 30 | ||||||
2017 | 2017 | |||||
(in dollars per revenue day) | ||||||
Early contract termination revenues | $ | 260 | $ | 310 | ||
Total impact per revenue day: | $ | 260 | $ | 310 |
June 30 | Q4FY17 | |||||||
2017 | 2017 | 2017 | Average | |||||
Term Contract Rigs | 103 | 100 | 99 | 98.0 | ||||
Spot Contract Rigs | 97 | 97 | 91 | 93.2 | ||||
Total Contracted Rigs | 200 | 197 | 190 | 191.2 | ||||
Idle or Other Rigs | 150 | 153 | 160 | 158.8 | ||||
Total Marketable Fleet | 350 | 350 | 350 | 350.0 |
H&P GLOBAL FLEET UNDER TERM CONTRACT STATISTICS Number of Rigs Already Under Long-Term Contracts(1) (Estimated Quarterly Average — as of 11/16/17) | ||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||||||
Segment | FY18 | FY18 | FY18 | FY18 | FY19 | FY19 | FY19 | |||||||
100.2 | 87.0 | 72.6 | 60.3 | 50.9 | 27.4 | 23.5 | ||||||||
International Land Operations | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | |||||||
Offshore Operations | 2.0 | 2.0 | 1.9 | 0.3 | — | — | — | |||||||
Total | 112.2 | 99.0 | 84.5 | 70.6 | 60.9 | 37.4 | 33.5 |
__________________
(1) The above term contract coverage excludes long-term contracts for which the Company received early contract termination notifications as of 11/16/17. Given notifications as of 11/16/17, the Company expects to generate approximately