Helmerich & Payne, Inc. Announces Second Quarter Fiscal 2019 Results
April 24, 2019
-
Quarterly
U.S. Land adjusted average rig revenue increased by more than$450 (1) per day, up approximately 2% sequentially -
Quarterly
U.S. Land adjusted average rig margin increased by approximately$900 (1) per day, up more than 8% sequentially - H&P upgraded 9 FlexRigs® to super-spec(2) capacity during the second fiscal quarter of 2019
- The Company signed a letter of intent to deploy its first super-spec FlexRig to an international market
-
Achieved commercialization of our drilling automation technology,
AutoSlideSM in the
Midland Basin and just last week deployed into theEagle Ford Shale -
On
March 6, 2019 , Directors of the Company declared a quarterly cash dividend of$0.71 per share -
H&P has been ranked 1st in total customer satisfaction
for 11 years in a row by
EnergyPoint Research (3)
-
$0.13 of after-tax gains related to early termination compensation, a non-cash fair market adjustment to our equity investments, and gains on sales -
$(0.14) of after-tax losses related to abandonments and accelerated depreciation, and losses from discontinued operations related to currency fluctuations
Net cash provided by operating activities was
President and CEO
“Concern over crude oil prices persisted from the prior quarter which softened demand for incremental super-spec rigs, but H&P completed the planned upgrades already in its pipeline bringing our total number of super-spec FlexRigs to 230 at quarter end. Based on trends we are seeing in rig releases and current demand, we believe the Company’s active rig count will bottom-out early during this quarter with super-spec utilization in the 90%-plus range. This should be supportive of the current pricing environment.
“Crude oil prices are up approximately 40% since the beginning of the calendar year and in past cycles this would have resulted in higher activity. However, we have seen a tempered response and even reductions in activity by some in the industry. Clearly, customer behavior is changing, and their movement is towards prioritization of cash flows and returns. An additional emphasis is placed on disciplined spending and determining where value can be added to improve performance and long-term cash flows. H&P is well positioned in this type of environment with the hardware – a FlexRig fleet that is an industry leader in drilling unconventional wells, and with the software – a digital technology platform that when deployed on a rig can improve well economics, both of which help our customers achieve their goals.
“During the quarter, H&P achieved a major milestone through the commercialization of its drilling automation technology, AutoSlide. We believe AutoSlide and the other software-based offerings from our H&P Technologies (HPT) platform, Motive and MagVar, will continue to gain traction in the industry as the benefits of wellbore quality and placement become more evident as multi-well pad drilling shifts to a manufacturing-type process. The benefits of these technologies can have a meaningful impact on customer well economics by improving production dynamics and lowering the risk of wellbore interference, thereby bolstering financial returns through the life of the well. We are committed to partnering with our customers to unlock these benefits.
“A pivotal long-term objective has been to translate H&P’s position of
drilling leadership in
Vice President and CFO
Operating Segment Results for the Second Quarter of Fiscal 2019
Segment operating income increased by
The adjusted average rig expense per day decreased sequentially by
The segment’s depreciation expense for the quarter includes non-cash
charges of
International Land Operations:
Segment operating income increased by
Offshore Operations:
Segment operating income decreased by
H&P Technologies:
The segment had an operating loss of
Operational Outlook for the Third Quarter of Fiscal 2019
- Quarterly revenue days expected to decrease by approximately 4%-6% sequentially representing a roughly 5%-7% decrease in the average number of active rigs; we expect to exit the quarter at between 215-225 active rigs
-
Average rig revenue per day expected to be relatively flat between
$25,500-$26,000 (excluding any impact from early termination revenue) -
Average rig expense per day expected to be between
$14,250-$14,750 - We expect to upgrade 2-3 FlexRigs to walking super-spec capabilities during the quarter
International Land Operations:
- Quarterly revenue days expected to be down approximately 1% sequentially, representing an average rig count of 17 rigs for the quarter
-
Average rig margin per day expected to be roughly
$9,000-$10,000
Offshore Operations:
- Quarterly revenue days expected to increase by approximately 1% sequentially, representing an average rig count of 6 rigs for the quarter
-
Average rig margin per day expected to be approximately
$9,500-$10,500 as two rigs return to full operating dayrates -
Management contracts expected to generate approximately
$3-$4 million in operating income
HP Technologies:
-
Following our recent deployment in the
Eagle Ford Shale , we anticipate introducing the AutoSlide technology into the Scoop/Stack in the next 2-3 months. - The recent moderation of industry rig demand has the potential to slow the rate of adoption of our new technologies.
Other Estimates for Fiscal 2019
-
Capital expenditures are still expected to be approximately
$500 to$530 million with roughly 35% expected for super-spec upgrades, 33-38% expected for maintenance and 27-32% expected for continued reactivations and other bulk purchases. -
Depreciation is now expected to be approximately
$580 million , inclusive of abandonment and accelerated depreciation charges estimated at approximately$20 million .
Select Items Included in Net Income per Diluted Share
Second Quarter of Fiscal 2019 net income of
-
$0.01 of after-tax income from long-term contract early termination compensation from customers -
$0.04 of non-cash after-tax gains related to the fair market adjustment of equity investments -
$0.08 of after-tax gains related to the sale of used drilling equipment -
$(0.04) of after-tax losses from abandonment charges and accelerated depreciation related to the decommissioning of used drilling equipment -
$(0.10) of after-tax losses from discontinued operations related to adjustments resulting from currency fluctuations
First Quarter of Fiscal 2019 net income of
-
$0.01 of income tax adjustments related to certain discrete tax items -
$0.04 of after-tax gains related to the sale of used drilling equipment -
$0.05 of after-tax income from long-term contract early termination compensation from customers -
$0.10 of after-tax income from discontinued operations related to adjustments resulting from currency fluctuations -
$(0.02) of after-tax losses from abandonment charges and accelerated depreciation related to the decommissioning of used drilling equipment -
$(0.02) of after-tax losses from bond exchange fees -
$(0.12) of after-tax losses from the settlement of a lawsuit -
$(0.29) of non-cash after-tax losses related to the fair market adjustment of equity investments
Conference Call
A conference call will be held on
About
Founded in 1920,
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.
(1) 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.
(2) The term “super-spec” herein refers to rigs with the following specifications: AC drive, 1,500 hp drawworks, 750,000 lbs. hookload rating, 7,500 psi mud circulating system and multiple-well pad capability.
(3)
(4) See the corresponding section of this release for details regarding the select items.
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Unaudited (in thousands, except per share data) |
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| Three Months Ended | Six Months Ended | |||||||||||||||||||||
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| CONSOLIDATED STATEMENTS OF OPERATIONS | 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||||
| As adjusted | As adjusted | |||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||
| Contract drilling | $ | 717,653 | $ | 737,358 | $ | 574,471 | $ | 1,455,011 | $ | 1,135,540 | ||||||||||||
| Other | 3,215 | 3,240 | 3,013 | 6,455 | 6,031 | |||||||||||||||||
| $ | 720,868 | $ | 740,598 | $ | 577,484 | $ | 1,461,466 | $ | 1,141,571 | |||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||||
| Contract drilling operating expenses, excluding depreciation and amortization | 441,719 | 487,593 | 384,419 | 929,312 | 756,335 | |||||||||||||||||
| Operating expenses applicable to other revenues | 1,620 | 1,274 | 1,137 | 2,894 | 2,304 | |||||||||||||||||
| Depreciation and amortization | 143,161 | 141,460 | 145,675 | 284,620 | 288,942 | |||||||||||||||||
| Research and development | 7,262 | 7,019 | 4,436 | 14,281 | 7,670 | |||||||||||||||||
| Selling, general and administrative | 43,506 | 54,508 | 48,236 | 98,014 | 94,695 | |||||||||||||||||
| Gain on sale of assets | (11,546 | ) | (5,545 | ) | (5,255 | ) | (17,090 | ) | (10,820 | ) | ||||||||||||
| 625,722 | 686,309 | 578,648 | 1,312,031 | 1,139,126 | ||||||||||||||||||
| Operating income (loss) from continuing operations | 95,146 | 54,289 | (1,164 | ) | 149,435 | 2,445 | ||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||
| Interest and dividend income | 2,061 | 2,450 | 1,847 | 4,512 | 3,571 | |||||||||||||||||
| Interest expense | (6,167 | ) | (4,720 | ) | (6,028 | ) | (10,888 | ) | (11,801 | ) | ||||||||||||
| Gain (loss) on investment securities | 5,878 | (42,844 | ) | — | (36,957 | ) | — | |||||||||||||||
| Other | 17 | 541 | (210 | ) | 548 | 231 | ||||||||||||||||
| 1,789 | (44,573 | ) | (4,391 | ) | (42,785 | ) | (7,999 | ) | ||||||||||||||
| Income (loss) from continuing operations before income taxes | 96,935 | 9,716 | (5,555 | ) | 106,650 | (5,554 | ) | |||||||||||||||
| Income tax provision (benefit) | 25,078 | 1,352 | (3,922 | ) | 26,429 | (504,563 | ) | |||||||||||||||
| Income (loss) from continuing operations | 71,857 | 8,364 | (1,633 | ) | 80,221 | 499,009 | ||||||||||||||||
| Income from discontinued operations, before income taxes | 2,889 | 12,665 | 1,263 | 15,554 | 744 | |||||||||||||||||
| Income tax provision | 13,855 | 2,070 | 11,509 | 15,925 | 11,526 | |||||||||||||||||
| Income (loss) from discontinued operations | (10,966 | ) | 10,595 | (10,246 | ) | (371 | ) | (10,782 | ) | |||||||||||||
| Net income (loss) | $ | 60,891 | $ | 18,959 | $ | (11,879 | ) | $ | 79,850 | $ | 488,227 | |||||||||||
| Basic earnings (loss) per common share: | ||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.65 | $ | 0.07 | $ | (0.03 | ) | $ | 0.72 | $ | 4.55 | |||||||||||
| Income (loss) from discontinued operations | $ | (0.10 | ) | $ | 0.10 | $ | (0.09 | ) | $ | — | $ | (0.10 | ) | |||||||||
| Net income (loss) | $ | 0.55 | $ | 0.17 | $ | (0.12 | ) | $ | 0.72 | $ | 4.45 | |||||||||||
| Diluted earnings (loss) per common share: | ||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 0.65 | $ | 0.07 | $ | (0.03 | ) | $ | 0.72 | $ | 4.53 | |||||||||||
| Income (loss) from discontinued operations | $ | (0.10 | ) | $ | 0.10 | $ | (0.09 | ) | $ | — | $ | (0.10 | ) | |||||||||
| Net income (loss) | $ | 0.55 | $ | 0.17 | $ | (0.12 | ) | $ | 0.72 | $ | 4.43 | |||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||||
| Basic | 109,406 | 109,142 | 108,868 | 109,273 | 108,775 | |||||||||||||||||
| Diluted | 109,503 | 109,425 | 108,868 | 109,452 | 109,212 | |||||||||||||||||
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Unaudited (in thousands) |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
2019 | 2018 | ||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 243,912 | $ | 284,355 | ||||
| Short-term investments | 26,118 | 41,461 | ||||||
| Other current assets | 777,974 | 789,734 | ||||||
| Total current assets | 1,048,004 | 1,115,550 | ||||||
| Investments | 60,247 | 98,696 | ||||||
| Property, plant and equipment, net | 4,886,948 | 4,857,382 | ||||||
| Other noncurrent assets | 149,363 | 143,239 | ||||||
| Total Assets | $ | 6,144,562 | $ | 6,214,867 | ||||
| Liabilities and Shareholders' Equity | ||||||||
| Current liabilities | $ | 373,707 | $ | 377,168 | ||||
| Long-term debt | 491,227 | 493,968 | ||||||
| Other noncurrent liabilities | 946,429 | 946,742 | ||||||
| Noncurrent liabilities - discontinued operations | 14,579 | 14,254 | ||||||
| Total shareholders’ equity | 4,318,620 | 4,382,735 | ||||||
| Total Liabilities and Shareholders' Equity | $ | 6,144,562 | $ | 6,214,867 | ||||
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Unaudited (In thousands) |
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| Six Months Ended | ||||||||||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
2019 | 2018 | ||||||||
| As adjusted | ||||||||||
| OPERATING ACTIVITIES: | ||||||||||
| Net income | $ | 79,850 | $ | 488,227 | ||||||
| Adjustment for (income) loss from discontinued operations | 371 | 10,782 | ||||||||
| Income from continuing operations | 80,221 | 499,009 | ||||||||
| Depreciation and amortization | 284,620 | 288,942 | ||||||||
| Amortization of debt discount and debt issuance costs | 752 | 531 | ||||||||
| Provision for bad debt | (75 | ) | 429 | |||||||
| Stock-based compensation | 16,589 | 15,546 | ||||||||
| Loss on investment securities | 36,957 | — | ||||||||
| Gain on sale of assets | (17,090 | ) | (10,820 | ) | ||||||
| Deferred income tax (benefit) expense | 8,827 | (506,373 | ) | |||||||
| Other | (3,209 | ) | 5,701 | |||||||
| Changes in assets and liabilities | 1,471 | (85,218 | ) | |||||||
| Net cash provided by operating activities from continuing operations | 409,063 | 207,747 | ||||||||
| Net cash used in operating activities from discontinued operations | (45 | ) | (96 | ) | ||||||
| Net cash provided by operating activities | 409,018 | 207,651 | ||||||||
| INVESTING ACTIVITIES: | ||||||||||
| Capital expenditures | (329,980 | ) | (191,202 | ) | ||||||
| Purchase of short-term investments | (42,406 | ) | (36,784 | ) | ||||||
| Payment for acquisition of business, net of cash acquired | (2,781 | ) | (47,886 | ) | ||||||
| Proceeds from sale of short-term investments | 58,015 | 32,020 | ||||||||
| Proceeds from asset sales | 24,559 | 17,826 | ||||||||
| Net cash used in investing activities | (292,593 | ) | (226,026 | ) | ||||||
| FINANCING ACTIVITIES: | ||||||||||
| Dividends paid | (156,580 | ) | (153,433 | ) | ||||||
| Debt issuance costs paid | (3,912 | ) | — | |||||||
| Proceeds from stock option exercises | 2,257 | 1,645 | ||||||||
| Payments for employee taxes on net settlement of equity awards | (6,268 | ) | (5,791 | ) | ||||||
| Payment of contingent consideration from acquisition of business | — | (4,500 | ) | |||||||
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Net cash used in financing activities |
(164,503 | ) | (162,079 | ) | ||||||
| Net decrease in cash and cash equivalents and restricted cash | (48,078 | ) | (180,454 | ) | ||||||
| Cash and cash equivalents and restricted cash, beginning of period | 326,185 | 560,509 | ||||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 278,107 | $ | 380,055 | ||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
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| SEGMENT REPORTING | 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||||
| (in thousands, except operating statistics) | ||||||||||||||||||||||
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| Operating revenues | $ | 622,204 | $ | 624,241 | $ | 482,729 | $ | 1,246,445 | $ | 944,369 | ||||||||||||
| Direct operating expenses | 377,984 | 408,806 | 317,688 | 786,790 | 616,752 | |||||||||||||||||
| Selling, general and administrative expense | 11,169 | 11,656 | 14,011 | 22,826 | 28,004 | |||||||||||||||||
| Depreciation | 126,912 | 124,111 | 123,955 | 251,022 | 247,793 | |||||||||||||||||
| Segment operating income | $ | 106,139 | $ | 79,668 | $ | 27,075 | $ | 185,807 | $ | 51,820 | ||||||||||||
| Revenue days | 21,262 | 21,933 | 18,666 | 43,194 | 37,028 | |||||||||||||||||
| Average rig revenue per day | $ | 25,681 | $ | 25,265 | $ | 22,928 | $ | 25,471 | $ | 22,666 | ||||||||||||
| Average rig expense per day | $ | 14,195 | $ | 15,443 | $ | 14,086 | $ | 14,829 | $ | 13,818 | ||||||||||||
| Average rig margin per day | $ | 11,486 | $ | 9,822 | $ | 8,842 | $ | 10,642 | $ | 8,848 | ||||||||||||
| Rig utilization | 67 | % | 68 | % | 59 | % | 68 | % | 58 | % | ||||||||||||
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INTERNATIONAL LAND OPERATIONS |
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| Operating revenues | $ | 50,808 | $ | 66,287 | $ | 52,459 | $ | 117,095 | $ | 115,673 | ||||||||||||
| Direct operating expenses | 33,051 | 47,539 | 39,249 | 80,590 | 85,986 | |||||||||||||||||
| Selling, general and administrative expense | 794 | 2,281 | 832 | 3,076 | 1,964 | |||||||||||||||||
| Depreciation | 8,995 | 9,837 | 13,073 | 18,832 | 24,884 | |||||||||||||||||
| Segment operating income (loss) | $ | 7,968 | $ | 6,630 | $ | (695 | ) | $ | 14,597 | $ | 2,839 | |||||||||||
| Revenue days | 1,559 | 1,758 | 1,530 | 3,318 | 3,117 | |||||||||||||||||
| Average rig revenue per day | $ | 31,130 | $ | 35,575 | $ | 32,796 | $ | 33,476 | $ | 35,465 | ||||||||||||
| Average rig expense per day | $ | 19,269 | $ | 22,704 | $ | 24,263 | $ | 21,083 | $ | 25,497 | ||||||||||||
| Average rig margin per day | $ | 11,861 | $ | 12,871 | $ | 8,533 | $ | 12,393 | $ | 9,968 | ||||||||||||
| Rig utilization | 54 | % | 60 | % | 45 | % | 57 | % | 45 | % | ||||||||||||
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OFFSHORE OPERATIONS |
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| Operating revenues | $ | 34,583 | $ | 36,910 | $ | 32,983 | $ | 71,493 | $ | 66,349 | ||||||||||||
| Direct operating expenses | 26,984 | 26,305 | 23,595 | 53,289 | 44,717 | |||||||||||||||||
| Selling, general and administrative expense | 805 | 769 | 1,106 | 1,574 | 2,271 | |||||||||||||||||
| Depreciation | 2,263 | 2,668 | 2,833 | 4,931 | 5,187 | |||||||||||||||||
| Segment operating income | $ | 4,531 | $ | 7,168 | $ | 5,449 | $ | 11,699 | $ | 14,174 | ||||||||||||
| Revenue days | 540 | 525 | 450 | 1,065 | 910 | |||||||||||||||||
| Average rig revenue per day | $ | 31,361 | $ | 35,635 | $ | 33,583 | $ | 33,468 | $ | 34,692 | ||||||||||||
| Average rig expense per day | $ | 25,941 | $ | 25,637 | $ | 24,079 | $ | 25,791 | $ | 23,737 | ||||||||||||
| Average rig margin per day | $ | 5,420 | $ | 9,998 | $ | 9,504 | $ | 7,677 | $ | 10,955 | ||||||||||||
| Rig utilization | 75 | % | 71 | % | 63 | % | 73 | % | 63 | % | ||||||||||||
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H&P TECHNOLOGIES |
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| Revenues | $ |
10,141 |
$ | 9,920 | $ | 6,300 | $ |
20,061 |
$ | 9,149 | ||||||||||||
| Direct operating expenses, including research and development |
11,476 |
12,391 | 8,686 |
23,867 |
17,275 | |||||||||||||||||
| General and administrative expense | 4,782 | 6,099 | 4,109 | 10,881 | 5,818 | |||||||||||||||||
| Depreciation | 1,816 | 1,774 | 2,038 | 3,590 | 3,404 | |||||||||||||||||
| Segment operating loss | $ | (7,933 | ) | $ | (10,344 | ) | $ | (8,533 | ) | $ | (18,277 | ) | $ | (17,348 | ) | |||||||
Operating statistics exclude the effects of offshore platform management contracts and 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:
| Three Months Ended | Six Months Ended | ||||||||||||||||
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| 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||
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$ | 76,172 | $ | 70,090 | $ | 54,750 | $ | 146,262 | $ | 105,065 | |||||||
| International Land Operations | $ | 2,277 | $ | 3,746 | $ | 2,281 | $ | 6,023 | $ | 5,142 | |||||||
| Offshore Operations | $ | 5,507 | $ | 5,750 | $ | 5,199 | $ | 11,257 | $ | 9,297 | |||||||
The following table reconciles operating income (loss) 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 | Six Months Ended | |||||||||||||||||||||
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| 2019 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||||
| As adjusted | As adjusted | |||||||||||||||||||||
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Operating income (loss) |
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$ | 106,139 | $ | 79,668 | $ | 27,075 | $ | 185,807 | $ | 51,820 | ||||||||||||
| International Land | 7,968 | 6,630 | (695 | ) | 14,597 | 2,839 | ||||||||||||||||
| Offshore | 4,531 | 7,168 | 5,449 | 11,699 | 14,174 | |||||||||||||||||
| H&P Technologies | (7,933 | ) | (10,344 | ) | (8,533 | ) | (18,277 | ) | (17,348 | ) | ||||||||||||
| Other | 1,165 | 1,554 | 1,518 | 2,719 | 3,016 | |||||||||||||||||
| Segment operating income | $ | 111,870 | $ | 84,676 | $ | 24,814 | $ | 196,545 | $ | 54,501 | ||||||||||||
| Gain on sale of assets | 11,546 | 5,545 | 5,255 | 17,090 | 10,820 | |||||||||||||||||
| Corporate selling, general and administrative costs and corporate depreciation | (28,270 | ) | (35,932 | ) | (31,233 | ) | (64,200 | ) | (62,876 | ) | ||||||||||||
| Operating income (loss) | $ | 95,146 | $ | 54,289 | $ | (1,164 | ) | $ | 149,435 | $ | 2,445 | |||||||||||
| Other income (expense): | ||||||||||||||||||||||
| Interest and dividend income | 2,061 | 2,450 | 1,847 | 4,512 | 3,571 | |||||||||||||||||
| Interest expense | (6,167 | ) | (4,720 | ) | (6,028 | ) | (10,888 | ) | (11,801 | ) | ||||||||||||
| Gain (loss) on investment securities | 5,878 | (42,844 | ) | — | (36,957 | ) | — | |||||||||||||||
| Other | 17 | 541 | (210 | ) | 548 | 231 | ||||||||||||||||
| Total unallocated amounts | 1,789 | (44,573 | ) | (4,391 | ) | (42,785 | ) | (7,999 | ) | |||||||||||||
| Income (loss) from continuing operations before income taxes | $ | 96,935 | $ | 9,716 | $ | (5,555 | ) | $ | 106,650 | $ | (5,554 | ) | ||||||||||
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SUPPLEMENTARY STATISTICAL INFORMATION Unaudited |
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SELECTED STATISTICAL & OPERATIONAL HIGHLIGHTS (Used to determine adjusted per revenue day statistics, which is a non-GAAP measure) |
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| Three Months Ended | ||||||||
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| 2019 | 2018 | |||||||
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Total impact on |
$ | 57 | $ | 109 | ||||
| International Land Operations | ||||||||
| Total impact on International Land revenue per day: | $ | — | $ | 2,689 | ||||
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Q2FY19 | |||||||
| 2019 | 2019 | 2018 | Average | |||||||
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| Term Contract Rigs | 142 | 146 | 156 | 148.9 | ||||||
| Spot Contract Rigs | 78 | 80 | 88 | 87.4 | ||||||
| Total Contracted Rigs | 220 | 226 | 244 | 236.3 | ||||||
| Idle or Other Rigs | 130 | 124 | 106 | 113.7 | ||||||
| Total Marketable Fleet | 350 | 350 | 350 | 350.0 | ||||||
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H&P GLOBAL FLEET UNDER TERM CONTRACT STATISTICS Number of Rigs Already Under Long-Term Contracts(1) |
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(Estimated Quarterly Average — as of 04/24/19) |
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| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||
| Segment | FY19 | FY19 | FY20 | FY20 | FY20 | FY20 | FY21 | |||||||
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|
136.8 | 124.3 | 108.3 | 80.2 | 68.8 | 57.9 | 40.2 | |||||||
| International Land Operations | 11.0 | 11.0 | 10.0 | 6.2 | 1.1 | — | — | |||||||
| Offshore Operations | 0.4 | — | — | — | — | — | — | |||||||
| Total | 148.2 | 135.3 | 118.3 | 86.4 | 69.9 | 57.9 | 40.2 | |||||||
|
____________________ |
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(1) All of the above rig contracts have original terms equal to or in excess of six months and include provisions for early termination fees.
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