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HP

Helmerich & Payne

$13.17 /

+0.36 (+2.81%)

08:07
03/23/20
03/23
08:07
03/23/20
08:07

Helmerich & Payne withdraws Q2 guidance due to COVID-19

Helmerich & Payne announced it is implementing additional cost controls and re-evaluating its capital allocation to proactively preserve its strong financial position in response to a combination of a weakened commodity price environment, broader uncertainties related to COVID-19 and the resulting high market volatility. Concurrently, due to the rapidly evolving market conditions over the past few weeks, the company feels that it is appropriate to withdraw its fiscal second quarter guidance, which was previously provided on February 3. The company regularly reviews its costs, both operational and SG&A, as well as capital expenditures and is doing so now in light of the precipitous fall in the active rig count following the recent OPEC meeting in mid-March 2020 and the increasing concerns over the ultimate impact of COVID-19, which together manifested in the lowest oil prices in 20 years this past week. H&P is reassessing its cost structure based on newly developing rig activity levels and will provide updated guidance as part of the upcoming fiscal second quarter results process. In addition to these measures, the company and its board are currently reassessing optimal cash deployment plans, including the levels of future dividends, in order to balance the company's commitment to shareholder returns while maintaining its ongoing financial strength. At the same time, H&P remains committed to paying the previously announced 71c per share dividend on June 1, to stockholders of record at the close of business May 11.

  • 01

    Apr

HP Helmerich & Payne
$13.17 /

+0.36 (+2.81%)

03/20/20 Credit Suisse
Helmerich & Payne upgraded to Outperform from Neutral at Credit Suisse
03/20/20 Credit Suisse
Helmerich & Payne upgraded to Outperform from Neutral at Credit Suisse
03/19/20 Wolfe Research
Helmerich & Payne upgraded to Peer Perform from Underperform at Wolfe Research
03/19/20 Barclays
Helmerich & Payne downgraded to Equal Weight from Overweight at Barclays

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