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HP NEWS RELEASE April 29 , 2021 • • . • HELMERICH & PAYNE , INC . ANNOUNCES SECOND QUARTER RESULTS H & P's North America Solutions segment exited the second quarter of fiscal year 2021 with 109 active rigs up roughly 15 % during the quarter The Company ended the quarter with $ 562 million in cash and short - term investments and no amounts drawn on its $ 750 million revolving credit facility culminating in approximately $ 1.3 billion in available liquidity Quarterly North America Solutions operating gross margins ( 1 ) increased $ 19 million to $ 64 million sequentially , as revenues increased by $ 48 million to $ 250 million and expenses increased by $ 29 million to $ 186 million The Company reported a fiscal second quarter net loss of $ ( 1.13 ) per diluted share ; including select items ( 2 ) of $ ( 0.53 ) per diluted share The Company incurred a non - cash impairment charge of $ 54 million related to fair market adjustments for decommissioned rigs that are held for sale and recognized a $ 23 million loss on sales related to excess drilling equipment and spares Adoption of our drilling automation technologies and new commercial models continues to increase with 25 % to 30 % of our active FlexRigⓇ fleet utilizing AutoSlide® , and roughly 30 % utilizing some form of performance - based contract On March 3 , 2021 , the Board of Directors of the Company declared a quarterly cash dividend of $ 0.25 per share , payable on June 1 , 2021 , to stockholders of record at the close of business on May 17 , 2021 Helmerich & Payne , Inc. ( NYSE : HP ) reported a net loss of $ 121 million , or $ ( 1.13 ) per diluted share , from operating revenues of $ 296 million for the quarter ended March 31 , 2021 , compared to a net loss of $ 70 million , or $ ( 0.66 ) per diluted share , on revenues of $ 246 million for the quarter ended December 31 , 2020 . The net losses per diluted share for the second and first quarters of fiscal year 2021 include $ ( 0.53 ) and $ 0.16 , respectively , of after - tax gains and losses comprised of select items ( 2 ) . For the second quarter of fiscal year 2021 , select items ( 2 ) were comprised of : • • $ 0.04 of after - tax gains pertaining to a non - cash fair market adjustment to our equity investment , and discontinued operations related to adjustments resulting from currency fluctuations $ ( 0.57 ) of after - tax losses pertaining to a non - cash impairment for fair market adjustments to decommissioned rigs that are held for sale , loss on sales of excess drilling equipment and spares , and restructuring charges Net cash provided by operating activities was $ 78 million for the second quarter of fiscal year 2021 compared to net cash used in operating activities of $ 20 million for the first quarter of fiscal year 2021 . Helmerich & Payne Inc. | 1437 S Boulder Ave | Suite 1400 Tulsa , OK 74119 | 918.588.5190 | helmerichpayne.com