WASHINGTON (dpa-AFX) - Contract driller of oil and gas wells Helmerich & Payne, Inc. (HP) reported Tuesday a profit for the first quarter that increased from last year, reflecting revenue growth amid higher rig utilization across operating segments. Both adjusted earnings per share and quarterly revenues topped analysts' expectations. 'We are pleased to announce strong first quarter results including an all-time record level of income from continuing operations. We also reached best ever levels for revenue and rig activity during this recent quarter,' President and CEO Hans Helmerich said in a statement. The Tulsa, Oklahoma-based company reported net income of $144.29 million or $1.32 per share for the first quarter, higher than $104.15 million or $0.96 per share in the prior-year quarter. Excluding items, adjusted earnings grew to $1.29 per share from last year's $0.94 per share. On average, 23 analysts polled by Thomson Reuters expected the company to earn $1.16 per share for the first quarter. Analysts' estimates typically exclude special items. Total operating revenues for the quarter increased to $732.59 million from $594.64 million in the same quarter last year, and topped fifteen Wall Street analysts' consensus estimate of $727.57 million by a whisker. Operating revenues for U.S. land operations for the first quarter rose to $617.78 million from $476.82 million in the year-ago quarter, with rig utilization growing to 91 percent from last year's 84 percent. Offshore operations revenues for the quarter totaled $50.79 million, up from $44.87 million in the prior-year quarter, with rig utilization increasing to 84 percent from last year's 71 percent. Operating revenues for international land operations declined to $60.74 million from $68.95 million in the same quarter last year, while rig utilization grew to 78 percent from last year's 76 percent. Operating income for the quarter increased to $230.54 million from $170.73 million in the prior-year quarter, and total operating costs and expenses were $502.05 million, up from $423.92 million in the year-ago quarter. Income tax provisions for the quarter rose to $84.14 million from $62.39 million in the comparable quarter a year ago. 'While we expect some moderation in this record breaking pace in the upcoming March quarter, we are gratified for the strong start for our 2012 fiscal year. Even with the uncertainty surrounding slumping natural gas prices and the anticipated softening in dry gas directed drilling in the U.S., we remain upbeat that our business model of providing premium drilling services will continue to prosper in 2012,' Helmerich added. HP closed Monday's regular trading session at $60.33, up $0.27 on a volume of 1.84 million shares, higher than the three-month average volume of 1.73 million shares.
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