WASHINGTON (dpa-AFX) - Helmerich & Payne, Inc. (HP) posted second quarter net income of $129.72 million or $1.18 per share versus $98.79 million or $0.91 per share last year.
On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $1.21 per share. Analysts' estimates typically exclude special items.
Operating revenues rose to $769.98 million from last year's $604.41 million. Analysts estimated revenues of $746.14 million.
Chairman and CEO Hans Helmerich commented, 'The U.S. land market transition towards oil and liquids-rich-gas directed drilling continues, along with a clear trend towards more complex well designs and higher performance rig requirements. Our FlexRigs®*, combined with our premium service offering, are well positioned to make the transition.
We are fortunate to have a customer roster with substantial multi-year drilling inventory that is capable of shifting targets and taking advantage of strong oil prices. These customers are also continuing to strive for added drilling efficiencies and allowed us to add nine previously announced new builds to our order book during the quarter. As we enter the second half of fiscal 2012, we continue to deliver four new rigs per month on time and on budget.'
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