In demand: an H&P-built FlexRig
H&P adds profits sauce
Oklahoma-based rig builder and operator Helmerich & Payne saw net income in its fiscal fourth quarter edge up to $461.7 million from $449.3 million in the same quarter of 2007.
Earnings per diluted share rose to $4.43 per diluted share from $4.27 previously as operating revenues surged to $2.04 billion from $1.63 billion previously.
H&P said the annual per share earnings included gains related to non-operating activities of 27 cents and 74 cents per diluted share respectively.
For the fourth quarter the company reported net income of $126.4 million, or $1.18 per diluted share, up from net income of $116.4 million, or $1.10 per diluted share, in the fourth quarter of its 2007 fiscal year.
Operating revenues for the quarter rose to $583.7 million from $449.5 million previously.
The numbers included gains on non-operating activities of five cents per diluted share in the fourth quarter versus 13 cents per diluted share in the same period in 2007.
Operating income rose to $190.7 million in the quarter from $177.8 million a year ago.
H&P said it had signed 13 new contracts to build and operate its premium Flexrigs units with five exploration and production companies since July. The company said it had signed 63 new contracts to build and operate 63 Flexrigs under deals lasting three years or longer.