Quarterly ResultMay 7, 2026, 04:35 PM
Helmerich & Payne Q2 Net Loss $(58.6)M; EPS $(0.59); Revenue Down
AI Summary
Helmerich & Payne, Inc. reported a significant net loss of $(58.6) million for the second quarter of fiscal year 2026, a sharp decline from a net income of $1.7 million in the prior-year quarter. Diluted earnings per share also fell to $(0.59) from $0.01. The company's operating revenues decreased to $932.4 million, primarily due to lower drilling services revenue. This quarter's results were heavily impacted by substantial asset impairment charges totaling $26.1 million, including a $97.9 million non-cash charge related to scrapping 30 North America Solutions rigs as part of a fleet right-sizing strategy. Additionally, the company announced the rebranding of its Kenera business unit to BENTEC™.
Key Highlights
- Helmerich & Payne reported a net loss of $(58.6) million for Q2 FY26, down from $1.7 million net income in Q2 FY25.
- Diluted EPS was $(0.59) for Q2 FY26, compared to $0.01 in Q2 FY25.
- Operating revenues decreased to $932.4 million in Q2 FY26 from $1,016.0 million in Q2 FY25.
- Asset impairment charges totaled $26.1 million in Q2 FY26, significantly up from $1.8 million in Q2 FY25.
- The company recognized $97.9 million in non-cash impairment for scrapping 30 North America Solutions rigs.
- Net cash provided by operating activities was $219.0 million for the six months ended March 31, 2026.
- Total assets decreased to $6.34 billion as of March 31, 2026, from $6.71 billion as of September 30, 2025.
- Long-term debt, net, decreased to $1.86 billion from $2.06 billion over the same period.
Price Impact
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