DE
|
|
1-4221
|
|
73-0679879
|
(State or other jurisdiction of
Incorporation) |
|
(Commission File
Number) |
|
(I.R.S. Employer
Identification No.) |
Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
|
Common Stock ($0.10 par value)
|
HP
|
NYSE
|
Exhibit Number
|
|
Description
|
|
99.1
|
|
|
|
104
|
|
|
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
|
|
HELMERICH & PAYNE, INC.
|
|
|
|
|
|
By:
|
/s/ William H. Gault
|
|
Name:
|
William H. Gault
|
|
Title:
|
Assistant Corporate Secretary
|
|
Date:
|
November 19, 2020
|
|
Exhibit 99.1
|
•
|
The Company ended the quarter with $577 million in cash and short-term investments and no amounts drawn on its $750 million revolving credit facility culminating in over $1.3 billion in liquidity
|
•
|
H&P expects its first quarter of fiscal 2021 North America Solutions rig count to exit at approximately 90 rigs up over 30% during the quarter
|
•
|
Reported a fiscal fourth quarter net loss of $(0.55) per diluted share; including select items(1) of $0.19 per diluted share
|
•
|
Quarterly North America Solutions operating gross margins(2) decreased $63 million to $39 million sequentially, as revenues decreased by $105 million to $149 million and expenses decreased by $43 million to $110 million
|
•
|
H&P's leadership position in automated directional drilling technology continues as AutoSlide® commercial deployments accelerated despite a significantly declining rig market with some notable operators implementing this technology on 100% of their wells in multiple basins
|
•
|
On September 9, 2020, Directors of the Company declared a quarterly cash dividend of $0.25 per share payable on December 1, 2020 to stockholders of record at the close of business on November 13, 2020
|
•
|
$0.20 of after-tax gains pertaining to the sale of industrial real estate property
|
•
|
$(0.01) of after-tax losses pertaining to a non-cash fair market adjustment to our equity investment and restructuring charges
|
•
|
We expect North America Solutions operating gross margins(2) to be between $40-$50 million, inclusive of approximately $1 million of contract early termination compensation
|
•
|
We expect to exit the quarter at between 88-93 contracted rigs, inclusive of approximately 0-2 contracted rigs generating revenue that could remain idle
|
•
|
We expect International Solutions operating gross margins(2) to be between $(5)-$(7) million, exclusive of any foreign exchange gains or loses
|
•
|
We expect Offshore Gulf of Mexico rig operating gross margins(2) to be between $5-$7 million
|
•
|
Management contracts are also expected to generate approximately $1-2 million in operating income
|
•
|
Gross capital expenditures are expected to be approximately $85 to $105 million; roughly one-third expected for maintenance, roughly one-third expected for skidding to walking conversions and roughly one-third for corporate and information technology. Asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are expected to total approximately $20 million in fiscal year 2021.
|
•
|
Depreciation is expected to be approximately $430 million
|
•
|
Research and development expenses for fiscal year 2021 are expected to be roughly $30 million
|
•
|
General and administrative expenses for fiscal year 2021 are expected to be approximately $160 million
|
•
|
$0.20 of after-tax gains pertaining to the sale of industrial real estate property
|
•
|
$(0.00) of after-tax losses related to restructuring charges
|
•
|
$(0.01) of non-cash after-tax losses related to fair market value adjustments to equity investments
|
•
|
$0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments
|
•
|
$(0.11) of after-tax losses related to restructuring charges
|
•
|
$0.03 of after-tax gains related to the change in fair value of a contingent liability
|
•
|
$0.10 of after-tax gains related to the sale of a subsidiary
|
•
|
$0.13 of after-tax benefits from the reversal of accrued compensation
|
•
|
$0.20 of after-tax gains pertaining to the sale of industrial real estate property
|
•
|
$(0.06) of non-cash after-tax losses related to fair market value adjustments to equity investments
|
•
|
$(0.11) of after-tax losses related to restructuring charges
|
•
|
$(4.03) of non-cash after-tax losses related to the impairment of goodwill, less capable rigs, predominantly consisting of U.S. non-super-spec rigs, and excess related equipment and inventory
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
||||||||||
Drilling services
|
$
|
205,621
|
|
|
$
|
314,405
|
|
|
$
|
645,759
|
|
|
$
|
1,761,714
|
|
|
$
|
2,785,557
|
|
Other
|
2,646
|
|
|
2,959
|
|
|
3,291
|
|
|
12,213
|
|
|
12,933
|
|
|||||
|
208,267
|
|
|
317,364
|
|
|
649,050
|
|
|
1,773,927
|
|
|
2,798,490
|
|
|||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Drilling services operating expenses, excluding depreciation and amortization
|
162,518
|
|
|
205,198
|
|
|
430,778
|
|
|
1,184,788
|
|
|
1,803,204
|
|
|||||
Other operating expenses
|
1,491
|
|
|
1,549
|
|
|
1,072
|
|
|
5,777
|
|
|
5,382
|
|
|||||
Depreciation and amortization
|
109,587
|
|
|
110,161
|
|
|
134,887
|
|
|
481,885
|
|
|
562,803
|
|
|||||
Research and development
|
4,915
|
|
|
3,638
|
|
|
6,121
|
|
|
21,645
|
|
|
27,467
|
|
|||||
Selling, general and administrative
|
32,619
|
|
|
43,108
|
|
|
49,812
|
|
|
167,513
|
|
|
194,416
|
|
|||||
Asset impairment charge
|
—
|
|
|
—
|
|
|
—
|
|
|
563,234
|
|
|
224,327
|
|
|||||
Restructuring charges
|
552
|
|
|
15,495
|
|
|
—
|
|
|
16,047
|
|
|
—
|
|
|||||
Gain on sale of assets
|
(27,985
|
)
|
|
(4,201
|
)
|
|
(12,641
|
)
|
|
(46,775
|
)
|
|
(39,691
|
)
|
|||||
|
283,697
|
|
|
374,948
|
|
|
610,029
|
|
|
2,394,114
|
|
|
2,777,908
|
|
|||||
Operating income (loss) from continuing operations
|
(75,430
|
)
|
|
(57,584
|
)
|
|
39,021
|
|
|
(620,187
|
)
|
|
20,582
|
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income
|
753
|
|
|
771
|
|
|
2,607
|
|
|
7,304
|
|
|
9,468
|
|
|||||
Interest expense
|
(6,154
|
)
|
|
(6,125
|
)
|
|
(8,043
|
)
|
|
(24,474
|
)
|
|
(25,188
|
)
|
|||||
Gain (loss) on investment securities
|
(1,395
|
)
|
|
2,267
|
|
|
(4,260
|
)
|
|
(8,720
|
)
|
|
(54,488
|
)
|
|||||
Gain on sale of subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
14,963
|
|
|
—
|
|
|||||
Other
|
(1,673
|
)
|
|
(2,914
|
)
|
|
(546
|
)
|
|
(5,384
|
)
|
|
(1,596
|
)
|
|||||
|
(8,469
|
)
|
|
(6,001
|
)
|
|
(10,242
|
)
|
|
(16,311
|
)
|
|
(71,804
|
)
|
|||||
Income (loss) from continuing operations before income taxes
|
(83,899
|
)
|
|
(63,585
|
)
|
|
28,779
|
|
|
(636,498
|
)
|
|
(51,222
|
)
|
|||||
Income tax benefit
|
(23,253
|
)
|
|
(17,578
|
)
|
|
(13,110
|
)
|
|
(140,106
|
)
|
|
(18,712
|
)
|
|||||
Income (loss) from continuing operations
|
(60,646
|
)
|
|
(46,007
|
)
|
|
41,889
|
|
|
(496,392
|
)
|
|
(32,510
|
)
|
|||||
Income from discontinued operations before income taxes
|
7,905
|
|
|
9,151
|
|
|
10,050
|
|
|
30,580
|
|
|
32,848
|
|
|||||
Income tax provision
|
6,222
|
|
|
8,743
|
|
|
10,763
|
|
|
28,685
|
|
|
33,994
|
|
|||||
Income (loss) from discontinued operations
|
1,683
|
|
|
408
|
|
|
(713
|
)
|
|
1,895
|
|
|
(1,146
|
)
|
|||||
Net income (loss)
|
$
|
(58,963
|
)
|
|
$
|
(45,599
|
)
|
|
$
|
41,176
|
|
|
$
|
(494,497
|
)
|
|
$
|
(33,656
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations
|
$
|
(0.57
|
)
|
|
$
|
(0.43
|
)
|
|
$
|
0.38
|
|
|
$
|
(4.62
|
)
|
|
$
|
(0.33
|
)
|
Income (loss) from discontinued operations
|
0.02
|
|
|
—
|
|
|
(0.01
|
)
|
|
0.02
|
|
|
(0.01
|
)
|
|||||
Net income (loss)
|
$
|
(0.55
|
)
|
|
$
|
(0.43
|
)
|
|
$
|
0.37
|
|
|
$
|
(4.60
|
)
|
|
$
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations
|
$
|
(0.57
|
)
|
|
$
|
(0.43
|
)
|
|
$
|
0.38
|
|
|
$
|
(4.62
|
)
|
|
$
|
(0.33
|
)
|
Income (loss) from discontinued operations
|
0.02
|
|
|
—
|
|
|
(0.01
|
)
|
|
0.02
|
|
|
(0.01
|
)
|
|||||
Net income (loss)
|
$
|
(0.55
|
)
|
|
$
|
(0.43
|
)
|
|
$
|
0.37
|
|
|
$
|
(4.60
|
)
|
|
$
|
(0.34
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
107,484
|
|
|
107,439
|
|
|
108,896
|
|
|
108,009
|
|
|
109,216
|
|
|||||
Diluted
|
107,484
|
|
|
107,439
|
|
|
108,950
|
|
|
108,009
|
|
|
109,216
|
|
|
September 30,
|
|
September 30,
|
||||
CONSOLIDATED BALANCE SHEETS
|
2020
|
|
2019
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
487,884
|
|
|
$
|
347,943
|
|
Short-term investments
|
89,335
|
|
|
52,960
|
|
||
Other current assets
|
386,108
|
|
|
714,183
|
|
||
Total current assets
|
963,327
|
|
|
1,115,086
|
|
||
Investments
|
31,585
|
|
|
31,991
|
|
||
Property, plant and equipment, net
|
3,646,341
|
|
|
4,502,084
|
|
||
Other noncurrent assets
|
188,368
|
|
|
190,354
|
|
||
Total Assets
|
$
|
4,829,621
|
|
|
$
|
5,839,515
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity
|
|
|
|
||||
Current liabilities
|
$
|
219,136
|
|
|
$
|
410,238
|
|
Long-term debt, net
|
480,727
|
|
|
479,356
|
|
||
Other noncurrent liabilities
|
797,855
|
|
|
922,357
|
|
||
Noncurrent liabilities - discontinued operations
|
13,389
|
|
|
15,341
|
|
||
Total shareholders’ equity
|
3,318,514
|
|
|
4,012,223
|
|
||
Total Liabilities and Shareholders' Equity
|
$
|
4,829,621
|
|
|
$
|
5,839,515
|
|
|
Year Ended September 30,
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
2020
|
|
2019
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(494,497
|
)
|
|
$
|
(33,656
|
)
|
Adjustment for (income) loss from discontinued operations
|
(1,895
|
)
|
|
1,146
|
|
||
Loss from continuing operations
|
(496,392
|
)
|
|
(32,510
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
481,885
|
|
|
562,803
|
|
||
Asset impairment charge
|
563,234
|
|
|
224,327
|
|
||
Restructuring charges
|
|
|
|
—
|
|
||
Amortization of debt discount and debt issuance costs
|
1,817
|
|
|
1,732
|
|
||
Provision for bad debt
|
2,203
|
|
|
2,321
|
|
||
Stock-based compensation
|
36,329
|
|
|
34,292
|
|
||
Loss on investment securities
|
8,720
|
|
|
54,488
|
|
||
Gain on sale of assets
|
(46,775
|
)
|
|
(39,691
|
)
|
||
Gain on sale of subsidiary
|
(14,963
|
)
|
|
—
|
|
||
Deferred income tax benefit
|
(157,555
|
)
|
|
(44,554
|
)
|
||
Other
|
(200
|
)
|
|
(3,295
|
)
|
||
Changes in assets and liabilities
|
160,625
|
|
|
95,900
|
|
||
Net cash provided by operating activities from continuing operations
|
538,928
|
|
|
855,813
|
|
||
Net cash used in operating activities from discontinued operations
|
(47
|
)
|
|
(62
|
)
|
||
Net cash provided by operating activities
|
538,881
|
|
|
855,751
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES:
|
|
|
|
||||
Capital expenditures
|
(140,795
|
)
|
|
(458,402
|
)
|
||
Purchase of short-term investments
|
(134,641
|
)
|
|
(97,652
|
)
|
||
Payment for acquisition of business, net of cash acquired
|
—
|
|
|
(16,163
|
)
|
||
Proceeds from sale of short-term investments
|
94,646
|
|
|
86,765
|
|
||
Proceeds from sale of subsidiary
|
15,056
|
|
|
—
|
|
||
Proceeds from sale of marketable securities
|
—
|
|
|
11,999
|
|
||
Proceeds from asset sales
|
78,399
|
|
|
50,817
|
|
||
Other
|
(550
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(87,885
|
)
|
|
(422,636
|
)
|
||
|
|
|
|
||||
FINANCING ACTIVITIES:
|
|
|
|
||||
Dividends paid
|
(260,335
|
)
|
|
(313,421
|
)
|
||
Debt issuance costs paid
|
—
|
|
|
(3,912
|
)
|
||
Proceeds from stock option exercises
|
4,100
|
|
|
3,053
|
|
||
Payments for employee taxes on net settlement of equity awards
|
(3,784
|
)
|
|
(6,418
|
)
|
||
Payment of contingent consideration from acquisition of business
|
(8,250
|
)
|
|
—
|
|
||
Payments for early extinguishment of long term debt
|
—
|
|
|
(12,852
|
)
|
||
Share repurchase
|
(28,505
|
)
|
|
(42,779
|
)
|
||
Other
|
(446
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(297,220
|
)
|
|
(376,329
|
)
|
||
Net increase in cash and cash equivalents and restricted cash
|
153,776
|
|
|
56,786
|
|
||
Cash and cash equivalents and restricted cash, beginning of period
|
382,971
|
|
|
326,185
|
|
||
Cash and cash equivalents and restricted cash, end of period
|
$
|
536,747
|
|
|
$
|
382,971
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||
SEGMENT REPORTING
(in thousands, except operating statistics)
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||
2020
|
|
2020
|
|
2019 (1)
|
|
2020
|
|
2019 (1)
|
|||||||||||
NORTH AMERICA SOLUTIONS
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
149,304
|
|
|
$
|
254,434
|
|
|
$
|
558,938
|
|
|
$
|
1,474,380
|
|
|
$
|
2,426,191
|
|
Direct operating expenses
|
110,048
|
|
|
152,663
|
|
|
355,830
|
|
|
942,277
|
|
|
1,532,576
|
|
|||||
Research and development
|
4,828
|
|
|
3,459
|
|
|
5,918
|
|
|
20,699
|
|
|
25,164
|
|
|||||
Selling, general and administrative expense
|
10,916
|
|
|
13,533
|
|
|
15,818
|
|
|
53,714
|
|
|
66,179
|
|
|||||
Depreciation
|
101,941
|
|
|
102,699
|
|
|
120,988
|
|
|
438,039
|
|
|
504,466
|
|
|||||
Asset impairment charge
|
—
|
|
|
—
|
|
|
—
|
|
|
406,548
|
|
|
216,908
|
|
|||||
Restructuring charges
|
(232
|
)
|
|
7,237
|
|
|
—
|
|
|
7,005
|
|
|
—
|
|
|||||
Segment operating income (loss)
|
$
|
(78,197
|
)
|
|
$
|
(25,157
|
)
|
|
$
|
60,384
|
|
|
$
|
(393,902
|
)
|
|
$
|
80,898
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue days
|
5,945
|
|
|
8,101
|
|
|
18,765
|
|
|
49,003
|
|
|
81,805
|
|
|||||
Average rig revenue per day
|
$
|
23,951
|
|
|
$
|
27,975
|
|
|
$
|
26,218
|
|
|
$
|
26,589
|
|
|
$
|
26,167
|
|
Average rig expense per day
|
17,348
|
|
|
15,412
|
|
|
15,394
|
|
|
15,730
|
|
|
15,243
|
|
|||||
Average rig margin per day
|
$
|
6,603
|
|
|
$
|
12,563
|
|
|
$
|
10,824
|
|
|
$
|
10,859
|
|
|
$
|
10,924
|
|
Rig utilization
|
25
|
%
|
|
32
|
%
|
|
68
|
%
|
|
47
|
%
|
|
67
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
INTERNATIONAL SOLUTIONS
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
23,996
|
|
|
$
|
22,477
|
|
|
$
|
48,353
|
|
|
$
|
144,185
|
|
|
$
|
211,731
|
|
Direct operating expenses
|
25,157
|
|
|
27,595
|
|
|
43,119
|
|
|
124,791
|
|
|
157,856
|
|
|||||
Selling, general and administrative expense
|
733
|
|
|
1,129
|
|
|
1,399
|
|
|
4,565
|
|
|
5,624
|
|
|||||
Depreciation
|
897
|
|
|
996
|
|
|
8,042
|
|
|
17,531
|
|
|
35,466
|
|
|||||
Asset impairment charge
|
—
|
|
|
—
|
|
|
—
|
|
|
156,686
|
|
|
7,419
|
|
|||||
Restructuring charges
|
683
|
|
|
2,297
|
|
|
—
|
|
|
2,980
|
|
|
—
|
|
|||||
Segment operating income (loss)
|
$
|
(3,474
|
)
|
|
$
|
(9,540
|
)
|
|
$
|
(4,207
|
)
|
|
$
|
(162,368
|
)
|
|
$
|
5,366
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue days
|
452
|
|
|
988
|
|
|
1,598
|
|
|
4,605
|
|
|
6,426
|
|
|||||
Average rig revenue per day
|
$
|
45,986
|
|
|
$
|
19,642
|
|
|
$
|
28,199
|
|
|
$
|
29,116
|
|
|
$
|
31,269
|
|
Average rig expense per day
|
42,816
|
|
|
21,589
|
|
|
22,722
|
|
|
23,066
|
|
|
21,626
|
|
|||||
Average rig margin per day
|
$
|
3,170
|
|
|
$
|
(1,947
|
)
|
|
$
|
5,477
|
|
|
$
|
6,050
|
|
|
$
|
9,643
|
|
Rig utilization
|
15
|
%
|
|
34
|
%
|
|
56
|
%
|
|
40
|
%
|
|
55
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
OFFSHORE GULF OF MEXICO
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
32,321
|
|
|
$
|
37,494
|
|
|
$
|
38,468
|
|
|
$
|
143,149
|
|
|
$
|
147,635
|
|
Direct operating expenses
|
27,711
|
|
|
28,967
|
|
|
32,148
|
|
|
119,371
|
|
|
114,306
|
|
|||||
Selling, general and administrative expense
|
72
|
|
|
1,248
|
|
|
1,004
|
|
|
3,365
|
|
|
3,725
|
|
|||||
Depreciation
|
3,090
|
|
|
3,004
|
|
|
2,499
|
|
|
11,681
|
|
|
10,010
|
|
|||||
Restructuring charges
|
(8
|
)
|
|
1,262
|
|
|
—
|
|
|
1,254
|
|
|
—
|
|
|||||
Segment operating income
|
$
|
1,456
|
|
|
$
|
3,013
|
|
|
$
|
2,817
|
|
|
$
|
7,478
|
|
|
$
|
19,594
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue days
|
460
|
|
|
455
|
|
|
552
|
|
|
1,922
|
|
|
2,163
|
|
|||||
Average rig revenue per day
|
$
|
45,254
|
|
|
$
|
49,654
|
|
|
$
|
43,072
|
|
|
$
|
45,145
|
|
|
$
|
37,478
|
|
Average rig expense per day
|
37,591
|
|
|
34,702
|
|
|
35,612
|
|
|
37,410
|
|
|
28,663
|
|
|||||
Average rig margin per day
|
$
|
7,663
|
|
|
$
|
14,952
|
|
|
$
|
7,460
|
|
|
$
|
7,735
|
|
|
$
|
8,815
|
|
Rig utilization
|
63
|
%
|
|
63
|
%
|
|
75
|
%
|
|
66
|
%
|
|
74
|
%
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||
(in thousands)
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
North America Solutions
|
$
|
6,915
|
|
|
$
|
27,807
|
|
|
$
|
66,966
|
|
|
$
|
171,455
|
|
|
$
|
285,614
|
|
International Solutions
|
3,224
|
|
|
3,079
|
|
|
3,291
|
|
|
10,099
|
|
|
10,797
|
|
|||||
Offshore Gulf of Mexico
|
5,548
|
|
|
8,223
|
|
|
7,899
|
|
|
30,436
|
|
|
26,433
|
|
|
Three Months Ended September 30, 2020
|
||||||||||||||||||||||
(in thousands)
|
North America Solutions
|
|
Offshore Gulf of Mexico
|
|
International Solutions
|
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
Operating revenue
|
$
|
149,304
|
|
|
$
|
32,321
|
|
|
$
|
23,996
|
|
|
$
|
2,646
|
|
|
$
|
—
|
|
|
$
|
208,267
|
|
Intersegment
|
—
|
|
|
—
|
|
|
—
|
|
|
7,974
|
|
|
(7,974
|
)
|
|
—
|
|
||||||
Total operating revenue
|
$
|
149,304
|
|
|
$
|
32,321
|
|
|
$
|
23,996
|
|
|
$
|
10,620
|
|
|
$
|
(7,974
|
)
|
|
$
|
208,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Direct operating expenses
|
104,742
|
|
|
25,567
|
|
|
24,760
|
|
|
8,940
|
|
|
—
|
|
|
164,009
|
|
||||||
Intersegment
|
5,306
|
|
|
2,144
|
|
|
397
|
|
|
127
|
|
|
(7,974
|
)
|
|
—
|
|
||||||
Total contract drilling services & other operating expenses
|
$
|
110,048
|
|
|
$
|
27,711
|
|
|
$
|
25,157
|
|
|
$
|
9,067
|
|
|
$
|
(7,974
|
)
|
|
$
|
164,009
|
|
|
Year Ended September 30, 2020
|
||||||||||||||||||||||
(in thousands)
|
North America Solutions
|
|
Offshore Gulf of Mexico
|
|
International Solutions
|
|
Other
|
|
Eliminations
|
|
Total
|
||||||||||||
Operating revenue
|
$
|
1,474,380
|
|
|
$
|
143,149
|
|
|
$
|
144,185
|
|
|
$
|
12,213
|
|
|
$
|
—
|
|
|
$
|
1,773,927
|
|
Intersegment
|
—
|
|
|
—
|
|
|
—
|
|
|
36,901
|
|
|
(36,901
|
)
|
|
—
|
|
||||||
Total operating revenue
|
$
|
1,474,380
|
|
|
$
|
143,149
|
|
|
$
|
144,185
|
|
|
$
|
49,114
|
|
|
$
|
(36,901
|
)
|
|
$
|
1,773,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Direct operating expenses
|
913,162
|
|
|
112,852
|
|
|
123,651
|
|
|
40,900
|
|
|
—
|
|
|
1,190,565
|
|
||||||
Intersegment
|
29,115
|
|
|
6,519
|
|
|
1,140
|
|
|
127
|
|
|
(36,901
|
)
|
|
—
|
|
||||||
Total contract drilling services & other operating expenses
|
$
|
942,277
|
|
|
$
|
119,371
|
|
|
$
|
124,791
|
|
|
$
|
41,027
|
|
|
$
|
(36,901
|
)
|
|
$
|
1,190,565
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||
(in thousands)
|
2020
|
|
2020
|
|
2019 (1)
|
|
2020
|
|
2019 (1)
|
||||||||||
Operating income (loss)
|
|
|
|
|
|
|
|
|
|
||||||||||
North America Solutions
|
$
|
(78,197
|
)
|
|
$
|
(25,157
|
)
|
|
$
|
60,384
|
|
|
$
|
(393,902
|
)
|
|
$
|
80,898
|
|
International Solutions
|
(3,474
|
)
|
|
(9,540
|
)
|
|
(4,207
|
)
|
|
(162,368
|
)
|
|
5,366
|
|
|||||
Offshore Gulf of Mexico
|
1,456
|
|
|
3,013
|
|
|
2,817
|
|
|
7,478
|
|
|
19,594
|
|
|||||
Other
|
699
|
|
|
4,389
|
|
|
1,388
|
|
|
4,403
|
|
|
3,375
|
|
|||||
Segment operating income (loss)
|
$
|
(79,516
|
)
|
|
$
|
(27,295
|
)
|
|
$
|
60,382
|
|
|
$
|
(544,389
|
)
|
|
$
|
109,233
|
|
Gain on sale of assets
|
27,985
|
|
|
4,201
|
|
|
12,641
|
|
|
46,775
|
|
|
39,691
|
|
|||||
Corporate selling, general and administrative costs, corporate depreciation and corporate restructuring charges
|
(23,899
|
)
|
|
(34,490
|
)
|
|
(34,002
|
)
|
|
(122,573
|
)
|
|
(128,342
|
)
|
|||||
Operating income (loss)
|
$
|
(75,430
|
)
|
|
$
|
(57,584
|
)
|
|
$
|
39,021
|
|
|
$
|
(620,187
|
)
|
|
$
|
20,582
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income
|
753
|
|
|
771
|
|
|
2,607
|
|
|
7,304
|
|
|
9,468
|
|
|||||
Interest expense
|
(6,154
|
)
|
|
(6,125
|
)
|
|
(8,043
|
)
|
|
(24,474
|
)
|
|
(25,188
|
)
|
|||||
Gain (loss) on investment securities
|
(1,395
|
)
|
|
2,267
|
|
|
(4,260
|
)
|
|
(8,720
|
)
|
|
(54,488
|
)
|
|||||
Gain on sale of subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
14,963
|
|
|
—
|
|
|||||
Other
|
(1,673
|
)
|
|
(2,914
|
)
|
|
(546
|
)
|
|
(5,384
|
)
|
|
(1,596
|
)
|
|||||
Total unallocated amounts
|
(8,469
|
)
|
|
(6,001
|
)
|
|
(10,242
|
)
|
|
(16,311
|
)
|
|
(71,804
|
)
|
|||||
Income (loss) from continuing operations before income taxes
|
$
|
(83,899
|
)
|
|
$
|
(63,585
|
)
|
|
$
|
28,779
|
|
|
$
|
(636,498
|
)
|
|
$
|
(51,222
|
)
|
|
November 19,
|
|
September 30,
|
|
June 30,
|
|
Q4FY20
|
||||
|
2020*
|
|
2020*
|
|
2020*
|
|
Average
|
||||
U.S. Land Operations
|
|
|
|
|
|
|
|
||||
Term Contract Rigs
|
57
|
|
|
54
|
|
|
53
|
|
|
54
|
|
Spot Contract Rigs
|
25
|
|
|
15
|
|
|
15
|
|
|
11
|
|
Total Contracted Rigs
|
82
|
|
|
69
|
|
|
68
|
|
|
65
|
|
Idle or Other Rigs
|
180
|
|
|
193
|
|
|
194
|
|
|
197
|
|
Total Marketable Fleet
|
262
|
|
|
262
|
|
|
262
|
|
|
262
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|||||||
Segment
|
FY21
|
|
FY21
|
|
FY21
|
|
FY21
|
|
FY22
|
|
FY22
|
|
FY22
|
|||||||
U.S. Land Operations
|
57.1
|
|
|
54.3
|
|
|
37.2
|
|
|
28.3
|
|
|
21.2
|
|
|
14.2
|
|
|
10.3
|
|
International Land Operations
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
|
1.0
|
|
Offshore Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
58.1
|
|
|
55.3
|
|
|
38.2
|
|
|
29.3
|
|
|
22.2
|
|
|
15.2
|
|
|
11.3
|
|
|
Three Months Ended September 30, 2020
|
||||||||||||||
(in thousands, except per share data)
|
Pretax
|
|
Tax
|
|
Net
|
|
EPS
|
||||||||
Net loss (GAAP basis)
|
|
|
|
|
$
|
(58,963
|
)
|
|
$
|
(0.55
|
)
|
||||
Fair market adjustment to equity investments
|
$
|
(1,395
|
)
|
|
$
|
(307
|
)
|
|
$
|
(1,088
|
)
|
|
$
|
(0.01
|
)
|
Restructuring charges
|
$
|
(552
|
)
|
|
$
|
(122
|
)
|
|
$
|
(430
|
)
|
|
$
|
—
|
|
Gain on the sale of real estate property
|
$
|
27,200
|
|
|
$
|
5,989
|
|
|
$
|
21,211
|
|
|
$
|
0.20
|
|
Adjusted net loss
|
|
|
|
|
$
|
(78,656
|
)
|
|
$
|
(0.74
|
)
|
|
Three Months Ended June 30, 2020
|
||||||||||||||
(in thousands, except per share data)
|
Pretax
|
|
Tax
|
|
Net
|
|
EPS
|
||||||||
Net loss (GAAP basis)
|
|
|
|
|
$
|
(45,599
|
)
|
|
$
|
(0.43
|
)
|
||||
Restructuring charges
|
$
|
(15,495
|
)
|
|
$
|
(3,254
|
)
|
|
$
|
(12,241
|
)
|
|
$
|
(0.11
|
)
|
Fair market adjustment to equity investments
|
$
|
2,267
|
|
|
$
|
652
|
|
|
$
|
1,615
|
|
|
$
|
0.02
|
|
Adjusted net loss
|
|
|
|
|
$
|
(34,973
|
)
|
|
$
|
(0.34
|
)
|
|
Fiscal Year Ended September 30, 2020
|
||||||||||||||
(in thousands, except per share data)
|
Pretax
|
|
Tax
|
|
Net
|
|
EPS
|
||||||||
Net loss (GAAP basis)
|
|
|
|
|
$
|
(494,497
|
)
|
|
$
|
(4.60
|
)
|
||||
Impairment of goodwill, rigs and related equipment
|
$
|
(563,234
|
)
|
|
$
|
(125,770
|
)
|
|
$
|
(437,464
|
)
|
|
$
|
(4.03
|
)
|
Restructuring charges
|
$
|
(16,047
|
)
|
|
$
|
(3,534
|
)
|
|
$
|
(12,513
|
)
|
|
$
|
(0.11
|
)
|
Fair market adjustment to equity investments
|
$
|
(8,720
|
)
|
|
$
|
(1,920
|
)
|
|
$
|
(6,800
|
)
|
|
$
|
(0.06
|
)
|
Gain on the sale of real estate property
|
$
|
27,200
|
|
|
$
|
5,989
|
|
|
$
|
21,211
|
|
|
$
|
0.20
|
|
Reversal of accrued compensation
|
$
|
17,681
|
|
|
$
|
4,038
|
|
|
$
|
13,643
|
|
|
$
|
0.13
|
|
Gain on the sale of a subsidiary
|
$
|
14,963
|
|
|
$
|
4,205
|
|
|
$
|
10,758
|
|
|
$
|
0.10
|
|
Change in fair value of contingent liability
|
$
|
3,100
|
|
|
$
|
683
|
|
|
$
|
2,417
|
|
|
$
|
0.03
|
|
Adjusted net loss
|
|
|
|
|
$
|
(85,749
|
)
|
|
$
|
(0.86
|
)
|