Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - Helmerich & Payne, Inc. | a12-26949_18k.htm |
Exhibit 99
|
|
|
NEWS RELEASE
HELMERICH & PAYNE, INC. / 1437 SOUTH BOULDER AVENUE / TULSA, OKLAHOMA
November 15, 2012
HELMERICH & PAYNE, INC. ANNOUNCES RECORD FOURTH QUARTER AND
YEAR-END RESULTS
Helmerich & Payne, Inc. (NYSE:HP) reported record income from continuing operations of $573,609,000 ($5.27 per diluted share) from record operating revenues of $3,151,802,000 for its fiscal year ended September 30, 2012, compared to income from continuing operations of $434,668,000 ($3.99 per diluted share) from operating revenues of $2,543,894,000 during the prior fiscal year ended September 30, 2011. Included in fiscal 2012 and fiscal 2011 income from continuing operations were $0.11 and $0.09 per diluted share, respectively, of after-tax gains related to the sale of used drilling equipment during 2012 and 2011, and the sale of investment securities during 2011. Net income for fiscal 2012 was also at an all-time high level of $581,045,000 ($5.34 per diluted share), compared to $434,186,000 ($3.99 per diluted share) for fiscal 2011.
Income from continuing operations for the fourth quarter of fiscal 2012 was $149,606,000 ($1.39 per diluted share) from operating revenues of $829,447,000, compared to income from continuing operations of $121,514,000 ($1.11 per diluted share) from operating revenues of $700,751,000 during the fourth fiscal quarter of 2011, and income from continuing operations of $149,943,000 ($1.38 per diluted share) from operating revenues of $819,785,000 during the third fiscal quarter of 2012. Included in income from continuing operations for the fourth and third fiscal quarters of 2012 were $0.03 and $0.01 per diluted share, respectively, of after-tax gains related to the sale of used drilling equipment. Net income for the fourth fiscal quarter of 2012 was also at a record level of $157,115,000 ($1.46 per diluted share), compared to net income of $121,420,000 ($1.11 per diluted share) during the fourth fiscal quarter of 2011, and net income of $149,925,000 ($1.38 per diluted share) during the third fiscal quarter of 2012.
Chairman and CEO Hans Helmerich commented, “We are very pleased with our fiscal 2012 record results and with the brand leadership and competitive position that we continue to build. While market conditions in the coming year remain uncertain, we believe we will be able to continue to add value to our customers through innovative technology, drilling performance and safety leadership.”
(over)
News Release
November 15, 2012
Segment operating income for U.S. land operations was $236,619,000 for the fourth fiscal quarter of 2012, compared with $192,133,000 for last year’s fourth fiscal quarter and $235,684,000 for this year’s third fiscal quarter. As compared to this year’s third fiscal quarter, the number of revenue days for the segment sequentially decreased by less than one percent to 21,951, and the average rig revenue per day increased by $229 to $28,325 during the fourth fiscal quarter of 2012. Also as compared to this year’s third fiscal quarter, the average rig expense per day for the segment declined by $717, and the average rig margin per day increased by $946 to $15,705 during this year’s fourth fiscal quarter. The rig revenue and margin per day averages included approximately $283 per day of early termination fees during the fourth fiscal quarter as compared to approximately $140 per day during the previous quarter. The favorable impact of lower sequential average rig expense per day during the quarter in this segment was offset by abandonment charges of approximately $14 million that were mostly associated with obsolete equipment previously used to support drilling rig operations. Abandonments are included with depreciation in the consolidated statements of income. Rig utilization for the Company’s U.S. land segment was 85% for this year’s fourth fiscal quarter, compared with 87% for last year’s fourth fiscal quarter and 89% for this year’s third fiscal quarter. At September 30, 2012, the Company’s U.S. land segment had 231 contracted rigs (including 158 under term contracts) and 51 idle rigs. Excluded from these 51 idle rigs are 4 highly mobile rigs and 2 conventional rigs that were decommissioned at the end of the fiscal year.
Segment operating income for the Company’s offshore operations was $12,033,000 for the fourth fiscal quarter of 2012, compared with $11,871,000 for last year’s fourth fiscal quarter and $7,720,000 for this year’s third fiscal quarter. The sequential increase in segment operating income was attributable to higher levels of activity and a higher average rig margin per day. The number of revenue days for this year’s fourth fiscal quarter sequentially increased by approximately 15 percent to 695, and the average rig margin per day for this year’s fourth fiscal quarter was $23,330, as compared to $16,901 for this year’s third fiscal quarter.
The Company’s international land segment operating income was $7,126,000 for this year’s fourth fiscal quarter, compared with $3,525,000 for last year’s fourth fiscal quarter and $6,275,000 for this year’s third fiscal quarter. The sequential increase in segment operating income was attributable to increased activity and daily margins during this year’s fourth fiscal quarter. The average rig margin per day increased to $8,210 in the fourth fiscal quarter of 2012 from $7,704 in the third fiscal quarter of 2012. Also as compared to the third fiscal quarter of 2012, the number of revenue days for the fourth fiscal quarter increased by approximately eight percent to 2,001.
Helmerich & Payne, Inc. is primarily a contract drilling company. As of November 15, 2012, the Company’s existing fleet included 289 land rigs in the U.S., 29 international land rigs and 9 offshore platform rigs. In addition, the Company is scheduled to complete another 9 new H&P-designed and operated FlexRigs®* under long-term contracts with customers by early calendar 2013. Upon completion of these commitments, the Company’s global fleet is expected to have a total of 327 land rigs, including 296 FlexRigs. Helmerich & Payne, Inc.’s conference call/webcast is scheduled to begin this morning at 11:00 a.m. ET (10:00 a.m. CT) and can be accessed at http://www.hpinc.com under Investors. If you are unable to participate during the live webcast, the call will be archived on H&P’s website indicated above for at least one year.
(more)
News Release
November 15, 2012
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, 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 & Analysis of Results of Operations and Financial Condition” 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.
Contact:
Investor Relations
investor.relations@hpinc.com
(918) 588-5207
(more)
News Release
November 15, 2012
HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
| |||||||||||
|
CONSOLIDATED STATEMENTS OF |
|
June 30 |
|
September 30 |
|
September 30 |
| |||||||||
|
INCOME |
|
2012 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Drilling — U.S. Land |
|
$ |
706,786 |
|
$ |
695,106 |
|
$ |
588,859 |
|
$ |
2,678,475 |
|
$ |
2,100,508 |
|
|
Drilling — Offshore |
|
41,617 |
|
53,256 |
|
51,395 |
|
189,086 |
|
201,417 |
| |||||
|
Drilling — International Land |
|
67,482 |
|
77,722 |
|
57,160 |
|
270,027 |
|
226,849 |
| |||||
|
Other |
|
3,900 |
|
3,363 |
|
3,337 |
|
14,214 |
|
15,120 |
| |||||
|
|
|
819,785 |
|
829,447 |
|
700,751 |
|
3,151,802 |
|
2,543,894 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating costs, excluding depreciation |
|
463,935 |
|
447,335 |
|
396,931 |
|
1,750,510 |
|
1,432,602 |
| |||||
|
Depreciation |
|
95,182 |
|
115,145 |
|
87,018 |
|
387,549 |
|
315,468 |
| |||||
|
General and administrative |
|
25,576 |
|
27,763 |
|
23,086 |
|
107,307 |
|
91,452 |
| |||||
|
Research and development |
|
4,299 |
|
4,682 |
|
4,255 |
|
16,060 |
|
15,764 |
| |||||
|
Income from asset sales |
|
(1,862 |
) |
(4,858 |
) |
(3,641 |
) |
(19,223 |
) |
(13,903 |
) | |||||
|
|
|
587,130 |
|
590,067 |
|
507,649 |
|
2,242,203 |
|
1,841,383 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Operating income |
|
232,655 |
|
239,380 |
|
193,102 |
|
909,599 |
|
702,511 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest and dividend income |
|
329 |
|
359 |
|
378 |
|
1,380 |
|
1,951 |
| |||||
|
Interest expense |
|
(2,411 |
) |
(1,360 |
) |
(4,170 |
) |
(8,653 |
) |
(17,355 |
) | |||||
|
Gain on sale of investment securities |
|
— |
|
— |
|
— |
|
— |
|
913 |
| |||||
|
Other |
|
309 |
|
(34 |
) |
(1,161 |
) |
254 |
|
(953 |
) | |||||
|
|
|
(1,773 |
) |
(1,035 |
) |
(4,953 |
) |
(7,019 |
) |
(15,444 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from continuing operations before income taxes |
|
230,882 |
|
238,345 |
|
188,149 |
|
902,580 |
|
687,067 |
| |||||
|
Income tax provision |
|
80,939 |
|
88,739 |
|
66,635 |
|
328,971 |
|
252,399 |
| |||||
|
Income from continuing operations |
|
149,943 |
|
149,606 |
|
121,514 |
|
573,609 |
|
434,668 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income (loss) from discontinued operations before income taxes |
|
(18 |
) |
7,509 |
|
(94 |
) |
7,355 |
|
(487 |
) | |||||
|
Income tax provision |
|
— |
|
— |
|
— |
|
(81 |
) |
(5 |
) | |||||
|
Income (loss) from discontinued operations |
|
(18 |
) |
7,509 |
|
(94 |
) |
7,436 |
|
(482 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NET INCOME |
|
$ |
149,925 |
|
$ |
157,115 |
|
$ |
121,420 |
|
$ |
581,045 |
|
$ |
434,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from continuing operations |
|
$ |
1.40 |
|
$ |
1.41 |
|
$ |
1.13 |
|
$ |
5.35 |
|
$ |
4.06 |
|
|
Income from discontinued operations |
|
$ |
— |
|
$ |
.07 |
|
$ |
— |
|
$ |
.07 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net income |
|
$ |
1.40 |
|
$ |
1.48 |
|
$ |
1.13 |
|
$ |
5.42 |
|
$ |
4.06 |
|
News Release
November 15, 2012
HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
| |||||||||||
|
CONSOLIDATED STATEMENTS OF |
|
June 30 |
|
September 30 |
|
September 30 |
| |||||||||
|
INCOME |
|
2012 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from continuing operations |
|
$ |
1.38 |
|
$ |
1.39 |
|
$ |
1.11 |
|
$ |
5.27 |
|
$ |
3.99 |
|
|
Income from discontinued operations |
|
$ |
— |
|
$ |
.07 |
|
$ |
— |
|
$ |
.07 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net income |
|
$ |
1.38 |
|
$ |
1.46 |
|
$ |
1.11 |
|
$ |
5.34 |
|
$ |
3.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Basic |
|
107,016 |
|
105,695 |
|
107,066 |
|
106,819 |
|
106,643 |
| |||||
|
Diluted |
|
108,425 |
|
107,086 |
|
108,782 |
|
108,377 |
|
108,632 |
| |||||
News Release
November 15, 2012
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
|
|
|
September 30 |
| ||||
|
CONSOLIDATED CONDENSED BALANCE SHEETS |
|
2012 |
|
2011 |
| ||
|
|
|
|
|
|
| ||
|
ASSETS |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
96,095 |
|
$ |
364,246 |
|
|
Other current assets |
|
791,514 |
|
584,538 |
| ||
|
Current assets of discontinued operations |
|
7,619 |
|
7,529 |
| ||
|
Total current assets |
|
895,228 |
|
956,313 |
| ||
|
Investments |
|
451,144 |
|
347,924 |
| ||
|
Net property, plant, and equipment |
|
4,351,571 |
|
3,677,070 |
| ||
|
Other assets |
|
23,142 |
|
22,584 |
| ||
|
TOTAL ASSETS |
|
$ |
5,721,085 |
|
$ |
5,003,891 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Current liabilities |
|
$ |
376,035 |
|
$ |
411,750 |
|
|
Current liabilities of discontinued operations |
|
5,129 |
|
4,979 |
| ||
|
Total current liabilities |
|
381,164 |
|
416,729 |
| ||
|
Non-current liabilities |
|
1,307,433 |
|
1,079,565 |
| ||
|
Non-current liabilities of discontinued operations |
|
2,490 |
|
2,550 |
| ||
|
Long-term notes payable |
|
195,000 |
|
235,000 |
| ||
|
Total shareholders’ equity |
|
3,834,998 |
|
3,270,047 |
| ||
|
|
|
|
|
|
| ||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
5,721,085 |
|
$ |
5,003,891 |
|
News Release
November 15, 2012
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
|
|
|
Years Ended |
| ||||
|
|
|
September 30 |
| ||||
|
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
|
2012 |
|
2011 |
| ||
|
|
|
|
|
|
| ||
|
OPERATING ACTIVITIES: |
|
|
|
|
| ||
|
Net income |
|
$ |
581,045 |
|
$ |
434,186 |
|
|
Adjustment for (income) loss from discontinued operations |
|
(7,436 |
) |
482 |
| ||
|
Income from continuing operations |
|
573,609 |
|
434,668 |
| ||
|
Depreciation |
|
387,549 |
|
315,468 |
| ||
|
Changes in assets and liabilities |
|
40,178 |
|
230,507 |
| ||
|
Gain on sale of assets and investment securities |
|
(19,223 |
) |
(14,816 |
) | ||
|
Other |
|
18,283 |
|
12,207 |
| ||
|
Net cash provided by operating activities from continuing operations |
|
1,000,396 |
|
978,034 |
| ||
|
Net cash used in operating activities from discontinued operations |
|
(64 |
) |
(482 |
) | ||
|
Net cash provided by operating activities |
|
1,000,332 |
|
977,552 |
| ||
|
|
|
|
|
|
| ||
|
INVESTING ACTIVITIES: |
|
|
|
|
| ||
|
Capital expenditures |
|
(1,097,680 |
) |
(694,264 |
) | ||
|
Proceeds from sale of assets |
|
39,894 |
|
30,727 |
| ||
|
Acquisition of TerraVici Drilling Solutions |
|
— |
|
(4,000 |
) | ||
|
Net cash used in investing activities from continuing operations |
|
(1,057,786 |
) |
(667,537 |
) | ||
|
Net cash provided by investing activities from discontinued operations |
|
7,500 |
|
— |
| ||
|
Net cash used in investing activities |
|
(1,050,286 |
) |
(667,537 |
) | ||
|
|
|
|
|
|
| ||
|
FINANCING ACTIVITIES: |
|
|
|
|
| ||
|
Repurchase of common stock |
|
(77,610 |
) |
— |
| ||
|
Dividends paid |
|
(30,049 |
) |
(26,741 |
) | ||
|
Exercise of stock options |
|
2,673 |
|
15,441 |
| ||
|
Tax withholdings related to net share settlements of restricted stock |
|
(1,514 |
) |
— |
| ||
|
Net payments for short-term and long-term debt |
|
(115,000 |
) |
(10,000 |
) | ||
|
Excess tax benefit from stock-based compensation |
|
3,303 |
|
12,511 |
| ||
|
Net cash used in financing activities |
|
(218,197 |
) |
(8,789 |
) | ||
|
|
|
|
|
|
| ||
|
Net increase (decrease) in cash and cash equivalents |
|
(268,151 |
) |
301,226 |
| ||
|
Cash and cash equivalents, beginning of period |
|
364,246 |
|
63,020 |
| ||
|
Cash and cash equivalents, end of period |
|
$ |
96,095 |
|
$ |
364,246 |
|
News Release
November 15, 2012
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
| |||||||||||
|
|
|
June 30 |
|
September 30 |
|
September 30 |
| |||||||||
|
SEGMENT REPORTING |
|
2012 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| |||||
|
|
|
(in thousands, except days and per day amounts) |
| |||||||||||||
|
U.S. LAND OPERATIONS |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenues |
|
$ |
706,786 |
|
$ |
695,106 |
|
$ |
588,859 |
|
$ |
2,678,475 |
|
$ |
2,100,508 |
|
|
Direct operating expenses |
|
382,418 |
|
350,364 |
|
317,317 |
|
1,407,986 |
|
1,119,700 |
| |||||
|
General and administrative expense |
|
7,227 |
|
8,078 |
|
6,493 |
|
30,798 |
|
25,066 |
| |||||
|
Depreciation |
|
81,457 |
|
100,045 |
|
72,916 |
|
332,723 |
|
264,127 |
| |||||
|
Segment operating income |
|
$ |
235,684 |
|
$ |
236,619 |
|
$ |
192,133 |
|
$ |
906,968 |
|
$ |
691,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenue days |
|
21,977 |
|
21,951 |
|
19,947 |
|
86,340 |
|
73,905 |
| |||||
|
Average rig revenue per day |
|
$ |
28,096 |
|
$ |
28,325 |
|
$ |
26,549 |
|
$ |
27,737 |
|
$ |
25,809 |
|
|
Average rig expense per day |
|
$ |
13,337 |
|
$ |
12,620 |
|
$ |
12,935 |
|
$ |
13,022 |
|
$ |
12,538 |
|
|
Average rig margin per day |
|
$ |
14,759 |
|
$ |
15,705 |
|
$ |
13,614 |
|
$ |
14,715 |
|
$ |
13,271 |
|
|
Rig utilization |
|
89 |
% |
85 |
% |
87 |
% |
89 |
% |
86 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
OFFSHORE OPERATIONS |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenues |
|
$ |
41,617 |
|
$ |
53,256 |
|
$ |
51,395 |
|
$ |
189,086 |
|
$ |
201,417 |
|
|
Direct operating expenses |
|
28,972 |
|
35,824 |
|
33,841 |
|
126,470 |
|
135,368 |
| |||||
|
General and administrative expense |
|
1,725 |
|
1,974 |
|
1,579 |
|
7,386 |
|
6,074 |
| |||||
|
Depreciation |
|
3,200 |
|
3,425 |
|
4,104 |
|
13,455 |
|
14,684 |
| |||||
|
Segment operating income |
|
$ |
7,720 |
|
$ |
12,033 |
|
$ |
11,871 |
|
$ |
41,775 |
|
$ |
45,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenue days |
|
606 |
|
695 |
|
701 |
|
2,625 |
|
2,544 |
| |||||
|
Average rig revenue per day |
|
$ |
49,539 |
|
$ |
62,018 |
|
$ |
54,176 |
|
$ |
53,927 |
|
$ |
51,794 |
|
|
Average rig expense per day |
|
$ |
32,638 |
|
$ |
38,688 |
|
$ |
32,393 |
|
$ |
33,051 |
|
$ |
29,379 |
|
|
Average rig margin per day |
|
$ |
16,901 |
|
$ |
23,330 |
|
$ |
21,783 |
|
$ |
20,876 |
|
$ |
22,415 |
|
|
Rig utilization |
|
74 |
% |
84 |
% |
85 |
% |
79 |
% |
77 |
% | |||||
News Release
November 15, 2012
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
| |||||||||||
|
|
|
June 30 |
|
September 30 |
|
September 30 |
| |||||||||
|
SEGMENT REPORTING |
|
2012 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| |||||
|
|
|
(in thousands, except days and per day amounts) |
| |||||||||||||
|
INTERNATIONAL LAND OPERATIONS |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenues |
|
$ |
67,482 |
|
$ |
77,722 |
|
$ |
57,160 |
|
$ |
270,027 |
|
$ |
226,849 |
|
|
Direct operating expenses |
|
52,495 |
|
61,346 |
|
45,269 |
|
215,642 |
|
175,728 |
| |||||
|
General and administrative expense |
|
939 |
|
806 |
|
759 |
|
3,318 |
|
3,392 |
| |||||
|
Depreciation |
|
7,773 |
|
8,444 |
|
7,607 |
|
30,701 |
|
28,018 |
| |||||
|
Segment operating income |
|
$ |
6,275 |
|
$ |
7,126 |
|
$ |
3,525 |
|
$ |
20,366 |
|
$ |
19,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenue days |
|
1,852 |
|
2,001 |
|
1,625 |
|
7,343 |
|
6,406 |
| |||||
|
Average rig revenue per day |
|
$ |
33,362 |
|
$ |
35,732 |
|
$ |
30,001 |
|
$ |
32,998 |
|
$ |
31,633 |
|
|
Average rig expense per day |
|
$ |
25,658 |
|
$ |
27,522 |
|
$ |
22,311 |
|
$ |
25,524 |
|
$ |
23,416 |
|
|
Average rig margin per day |
|
$ |
7,704 |
|
$ |
8,210 |
|
$ |
7,690 |
|
$ |
7,474 |
|
$ |
8,217 |
|
|
Rig utilization |
|
77 |
% |
79 |
% |
74 |
% |
77 |
% |
70 |
% | |||||
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 |
|
$ |
89,313 |
|
$ |
73,346 |
|
$ |
59,295 |
|
$ |
283,640 |
|
$ |
193,093 |
|
|
Offshore Operations |
|
$ |
3,550 |
|
$ |
4,731 |
|
$ |
5,487 |
|
$ |
18,346 |
|
$ |
33,718 |
|
|
International Land Operations |
|
$ |
5,696 |
|
$ |
6,221 |
|
$ |
8,409 |
|
$ |
27,720 |
|
$ |
24,207 |
|
(more)
News Release
November 15, 2012
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 from continuing operations before income taxes as reported on the Consolidated Statements of Income (in thousands).
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
| |||||||||||
|
|
|
June 30 |
|
September 30 |
|
September 30 |
| |||||||||
|
|
|
2012 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| |||||
|
Operating income |
|
|
|
|
|
|
|
|
|
|
| |||||
|
U.S. Land |
|
$ |
235,684 |
|
$ |
236,619 |
|
$ |
192,133 |
|
$ |
906,968 |
|
$ |
691,615 |
|
|
Offshore |
|
7,720 |
|
12,033 |
|
11,871 |
|
41,775 |
|
45,291 |
| |||||
|
International Land |
|
6,275 |
|
7,126 |
|
3,525 |
|
20,366 |
|
19,711 |
| |||||
|
Other |
|
(2,161 |
) |
(3,042 |
) |
(2,638 |
) |
(8,824 |
) |
(7,682 |
) | |||||
|
Segment operating income |
|
$ |
247,518 |
|
$ |
252,736 |
|
$ |
204,891 |
|
$ |
960,285 |
|
$ |
748,935 |
|
|
Corporate general and administrative |
|
(15,685 |
) |
(16,905 |
) |
(14,255 |
) |
(65,805 |
) |
(56,920 |
) | |||||
|
Other depreciation |
|
(2,041 |
) |
(2,510 |
) |
(1,676 |
) |
(7,775 |
) |
(5,829 |
) | |||||
|
Inter-segment elimination |
|
1,001 |
|
1,201 |
|
501 |
|
3,671 |
|
2,422 |
| |||||
|
Income from asset sales |
|
1,862 |
|
4,858 |
|
3,641 |
|
19,223 |
|
13,903 |
| |||||
|
Operating income |
|
$ |
232,655 |
|
$ |
239,380 |
|
$ |
193,102 |
|
$ |
909,599 |
|
$ |
702,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest and dividend income |
|
329 |
|
359 |
|
378 |
|
1,380 |
|
1,951 |
| |||||
|
Interest expense |
|
(2,411 |
) |
(1,360 |
) |
(4,170 |
) |
(8,653 |
) |
(17,355 |
) | |||||
|
Gain on sale of investment securities |
|
— |
|
— |
|
— |
|
— |
|
913 |
| |||||
|
Other |
|
309 |
|
(34 |
) |
(1,161 |
) |
254 |
|
(953 |
) | |||||
|
Total other income (expense) |
|
(1,773 |
) |
(1,035 |
) |
(4,953 |
) |
(7,019 |
) |
(15,444 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Income from continuing operations before income taxes |
|
$ |
230,882 |
|
$ |
238,345 |
|
$ |
188,149 |
|
$ |
902,580 |
|
$ |
687,067 |
|
# # #