Helmerich & Payne posts quarterly results
Helmerich & Payne announced Wednesday it earned a net income of about $61 million, or 55 cents a share, on operating revenues of about $721 million during its quarter that ended March 31.
Company officials said those results were based on a rig revenue increase of more than $450 a day and boosted daily average rig margins, which were up by about $900 a day.
“From the outset, this was a quarter challenged by industry uncertainty, so I am pleased to report that the company not only stayed on target and delivered sequentially improved net income, but also achieved two significant milestones,” CEO John Lindsay said.
Lindsay said the company boosted its count of super-spec FlexRigs to 230 and successfully commercialized new drilling automation technology. While Lindsay observed that crude oil prices are up about 40 percent compared to the end of 2018, he said the company hasn’t seen increased business from the higher prices.
ONEOK plans Bakken pipeline extension
ONEOK Inc. on Thursday announced plans to invest about $100 million to build a 75-mile natural gas liquids pipeline lateral connecting the northern portion of the Bakken NGL Pipeline with a third-party natural gas processing plant in eastern Williams County, North Dakota.
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