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Helmerich & Payne, Inc. (HP) CEO John Lindsay on q4 2020 consequences - salary name Transcript | HP0-M18 actual Questions and braindumps

Helmerich & Payne, Inc. (NYSE:HP) q4 2020 earnings convention name November 20, 2020 11:00 AM ET

company individuals

David Wilson - Director, Investor relations

John Lindsay - President and Chief govt Officer

Mark Smith - Senior vp and Chief financial Officer

convention call individuals

Ian Macpherson - Simmons

Kurt Hallead - RBC

Scott Gruber - Citigroup

Taylor Zurcher - Tudor, Pickering & Holt

Chase Mulvehill - financial institution of the us

Waqar Syed - ATB Capital Markets

Chris Voie - Wells Fargo

Operator

good day, everybody and welcome to these days’s Helmerich & Payne Fiscal Fourth Quarter income conference. at the moment, all participants are in a listen-most effective mode. [Operator Instructions] Please word this name probably recorded. it is now my pleasure to turn nowadays’s software over to Mark Smith.

Mark Smith

thanks, Christy. again, their straightforward apologies to all these on the mobilephone, we've had technical difficulties here with their webcast portion of this conference name, although the telephonic component is working simply great. So again, they do say sorry. They respect your endurance and your activity in H&P. with a purpose to treatment the issue, they might be posting the audio recording from this convention call within 2 hours from the conclusion. They could be restarting from the precise. They make an apology once more. they will habits a full 1-hour conference call. They hope you can be found to keep on with us and be part of us as they offer you their fourth quarter fiscal ‘20 results and seem to be forward to fiscal 2021.

i would like to turn the call over now to their Investor relations Director, Mr. David Wilson. Dave?

David Wilson

very well. Thank, Mark. and that i would like to re-welcome everyone to Helmerich & Payne’s convention demand the fourth quarter and financial yr ended 2020. With us today are John Lindsay, President and CEO; Mark Smith, Senior vice president and CFO. each John and Mark may be sharing some prepared feedback with us, after which they will open the call for questions.

earlier than they begin their prepared remarks, i will remind everybody that this call will consist of ahead-searching statements as defined under the securities legal guidelines. Such statements are based mostly upon latest advice and management’s expectations as of this date and aren't ensures of future performance. forward-looking statements contain certain risks, uncertainties and assumptions which are elaborate to predict. As such, their effects and results might vary materially. that you may study greater about these dangers in their annual report on kind 10-k, their quarterly experiences on kind 10-Q and their different SEC filings. remember to vicinity no undue reliance on ahead-searching statements and they undertake no responsibility to publicly update these ahead-looking statements. they are able to also be making reference to certain non-GAAP economic measures such as section operating earnings and operating records. you will find the GAAP reconciliation feedback and calculations in the day past’s press liberate.

With that spoke of, i will flip the name over to John Lindsay.

John Lindsay

thank you, Dave and respectable morning all and sundry. this is yet another illustration that this fourth fiscal quarter is exceptional in lots of techniques and definitely challenging all over the company’s 100-12 months background. The destruction of oil demand caused via COVID is smartly documented. And when it comes to drilling activity, their rig count hit bottom in August.

despite the challenging quarter, their potent financial place has enabled us to stay focused on their long-time period recommendations. Their individuals are establishing new commercial fashions and imaginative drilling and digital technologies that they consider will help radically change the consumer journey and form the future of this company. These efforts have advanced despite this complicated ambiance and may serve because the groundwork from which the enterprise will construct as the market continues to get well. Their customer-centric strategy is one that prioritizes offering personalized options through using a mixture of individuals, approaches, rigs and automation expertise to bring greater value and reduce risk for their purchasers. This method is multiple in the business, it resonates well throughout their client base and with further developments on the horizon may be a massive driver of growth as recreation ranges enhance.

with the exception of their two idle however reduced in size rigs, their present U.S. FlexRig endeavor has greater to 80 rigs and they expect their lively rig count will exit the primary quarter at approximately ninety rigs. this is well-nigh double the number of rigs turning to the correct in comparison to the bottom stage reached in August. The Permian has led the industry rig count recuperation and H&P has earned approximately two-thirds of the incremental work in that basin. As they predicted, their rig count increase has surpassed that of their peers coming off of the bottom, allowing us to recoup four to 5 elements of market share. They consider that the first-class of their container leadership, their rig crews, their FlexRig fleet and their digital options will proceed to increase this fashion.

Concurrent with this raise in close-term pastime, they are also experiencing improved customer utilization of their performance-primarily based contracts in their rig automation application, AutoSlide. They are expecting adoption of each to raise and become greater ordinary within the trade. H&P’s contact-of-a-button independent drilling method is designed to optimize drilling within the vertical, the curve and the lateral. These automatic solutions consist of actual-time automated geosteering, rotary and sliding execution and superior wellbore fine and placement. The forte of their automatic options is backed by using a patented financial-pushed approach the place the application no longer simplest makes most excellent can charge improvement selections but also directs the rig to execute these choices without the need of human intervention. This improves reliability, enhances value and reduces possibility for their consumers.

Let me provide an illustration of the H&P value proposition self sufficient directional drilling offers. When consumers use AutoSlide on their FlexRig, directional drilling personnel are no longer required on the rig website. this is possible since the directional drilling decisions are being calculated the usage of an algorithm in their patented rig information gadget, which could accurately procedure via heaps of variables in seconds as opposed to counting on the guide calculations of the natural directional driller. The software-enabled FlexRig permits the curve to be landed more precisely and reliably and the lateral to be placed greater precisely within the shale, which results in reduce drilling prices, stronger production, reduced lengthy-time period renovation charges for their shoppers and decrease environmental influence. commercial models that reward performance coupled with rig automation utility that enhances price are being adopted across the spectrum of the business. Mark will supply additional particulars on efficiency contracts, but we've been a hit in expanding their client base with a big range of E&Ps from super majors to small private organizations. these days, H&P owns greater than a third of the estimated 635 tremendous-spec rigs in the US market. With many rig count number forecasts ranging from 450 to 550 rigs over the subsequent couple of years, they see big additional super-spec FlexRig market share growth and opportunities for better pricing.

H&P continues to invest in new and assorted applied sciences for the long-time period sustainability of the business. recently, they now have made investments in and are supporting the efforts of a number of agencies using the evolution of the geothermal industry. The core of this evolution is a transition from geographically focused and naturally taking place hydrothermal materials to increase geothermal methods and closed loop systems. The technologies and techniques these groups are exploring are expected to increase assignment economics, leading to the most suitable scalability of geothermal as a source of power. The growth talents of unconventional geothermal power purposes represents a brand new possibility for H&P to increase the utilization of its put in FlexRig asset base together with their digital know-how options. Their leadership place as a drilling solutions company is a herbal fit for the evolving geothermal market. here's pushed partly from their expertise choices that have already been utilized through some geothermal agencies in Europe and are a proven success in unconventional oil and gasoline drilling in the US and internationally. contemporary geothermal drilling purposes require the benefits that self sufficient drilling and digital know-how grants for wellbore first-class and placement.

earlier than turning the call over to Mark, i wanted to thank all of their teams which are completely engaged with their valued clientele and working tough to deliver on a couple of strategic targets that I even have described. we're inspired by using the successes, however they are also cognizant that quite a lot of uncertainty continues to be available in the market surrounding the have an impact on of the pandemic. it will possibly take a few quarters to remember what the brand new regular exercise ambiance will look like. That spoke of, I continue to be impressed with their crew’s ability to manipulate via this complex time and particularly the diligence they have confirmed in retaining their personnel and purchasers fitness and safety suitable of mind.

And now, i will be able to turn the call over to Mark.

Mark Smith

Thanks, John. today, i will evaluate their fiscal fourth quarter and entire year 2020 operating consequences, supply tips for the primary quarter and whole fiscal 12 months 2021 as applicable and comment on their monetary position.

Let me delivery with highlights for the currently completed fourth quarter and fiscal yr ended September 30, 2020. The business generated quarterly revenues of $208 million versus $317 million in the old quarter. The quarterly decrease in salary is as a result of further declines in their rig count number brought about by using the power demand destruction associated with the COVID-19 pandemic as well as lower early termination revenues in comparison to the prior quarter. Correspondingly, total direct operating fees incurred were $164 million for the fourth quarter versus $207 million for the old quarter. accepted and administrative fees totaled $33 million for the fourth quarter, reduce than their previous tips.

all through the fourth quarter, they closed on the sale of a portion of their true property investment portfolio created from six industrial developments in Tulsa, Oklahoma for $40.7 million, which had an mixture web ebook cost of $13.5 million. The ensuing profit of $27.2 million is mentioned as the sale of assets on their consolidated operations. As mentioned within the press unlock, the sale of these homes turned into meditated smartly ahead of the pandemic. despite the fact, the pandemic did lengthen the sale method. Their this autumn positive tax rate became approximately 28% as they diagnosed an Oklahoma tax improvement related to the sale of their industrial properties in the state net operating losses.

To summarize this quarter’s consequences, H&P incurred a loss of $0.55 per diluted share versus a loss to $0.forty three within the old quarter. The fourth quarter income per share was positively impacted with the aid of a internet $0.19 gain per share on select items as highlighted in their press unencumber and this basically pertains to the industrial portfolio precise estate sale. Absent these select gadgets adjusted diluted loss per share of $0.74 in the fourth fiscal quarter versus an adjusted $0.34 loss during the third fiscal quarter. For fiscal 2020 as an entire, they incurred a lack of $4.60 per diluted share. This turned into pushed largely by means of the $563 million non-money impairment announced in their 2nd quarter as well as other choose items, including restructuring costs and mark-to-market losses on their legacy securities portfolio. jointly, these select objects constituted a loss of $three.seventy four per diluted share. And absent these objects, fiscal 2020 adjusted losses had been $0.86 per diluted share.

Capital expenses for the entire fiscal 2020 totaled $141 million, under their old tips as a result of the mixture of ongoing capital effectivity efforts as neatly because the timing of a small amount of provide chain spending that crossed into fiscal 2021. This annual complete is a reduction of $a hundred forty five million from their initial fiscal 2020 budget and a reduction of over $315 million from fiscal 2019 CapEx. H&P generated $539 million in working money circulate all over fiscal 2020, representing a reduce of about $317 million. i will be able to note that their money and short-term investments steadiness accelerated by means of $176 million sequentially yr-over-12 months, which i will focus on extra in detail later in my remarks.

Turning now to their three segments, starting with the North the us solutions phase, they averaged sixty five contracted rigs all through the fourth quarter, approximately 15 of which have been idle but shriveled on some sort of cold or heat stack rate. i will be able to check with idle but shrunk rigs with the acronym IBC hereafter. This shrunk usual turned into down from a normal of 89 rigs in Q3. during the fourth quarter, they bottomed to 62 rigs contracted with about 16 IBC rigs leading to 46 energetic rigs on the low endeavor factor. They exited the fourth quarter with sixty nine contracted rigs, of which 11 were IBC. The exit count number changed into somewhat above their guidance expectations as demand for rigs discovered footing from the backside late in the quarter. Revenues have been sequentially decrease by means of $one hundred and five million due to the aforementioned undertaking decline as neatly as the IBC count. blanketed in this quarter’s revenues were $12 million of early termination earnings.

North the usa solutions working charges diminished $43 million sequentially within the fourth quarter, primarily because of decreased exercise and to the proactive operating initiatives on the field stage that I mentioned all over the third quarter call. That referred to, the sustained decline in rig pastime all the way through the quarter did trigger per day charges to boost on a per income day groundwork. costs absorbed in the box consist of overhead for their container administration and upkeep groups, ongoing stacking expenses, consumption of on-hand average cost inventory as they exhaust penny inventory and confined reactivation fees for rigs returning to work.

additional, they had larger than anticipated self-coverage fees, including a lot of former personnel on persisted health and welfare merits to be able to mostly expire towards the end of the first quarter fiscal 2021. One comment to place these self-assurance charges in context. Their prior duration self-assurance claims have been generated with larger common rig endeavor, but some of these incurred however now not pronounced claims are just now being developed when current operations are a lot smaller. while they see both fine and bad volatility in their claims costs as they authentic up the estimated liability each quarter, the percentage impact is extra suggested when their operations are smaller as they are nowadays.

Now, searching ahead to the primary quarter of fiscal 2021 for North the us solutions, as i discussed earlier, they exited this autumn fiscal 2020 with greater rigs shriveled and operating than expected. The exercise stage has endured to develop as operators add rigs with oil hovering round $40 per barrel. As of today’s call, we've eighty two rigs contracted with best two IBC rigs final. The market is still unclear with macro COVID demand pressures, political uncertainties and ahead crude provide balances. In all but two cases, operators with idle but contracted rigs have put them back to work and we're successful choose alternatives for incremental rigs. They expect to conclusion the first fiscal quarter of 2021 with between 88 and ninety three contracted rigs and they also expect the remaining two IBC rigs to come back to work in late December or early January. while the decrease in IBC rigs will not enhance their shrunk rig count number, it may be accretive to recreation and margins. just about all of these IBC rigs are on term contracts at fees entered into right through the outdated tremendous-spec Boost cycle.

As John mentioned, their efficiency contracts are gaining consumer acceptance. And of the about 21 rigs we've brought or anticipating so as to add to the active H&P rig count, after September 30 via December 31 just over 30% are working under efficiency contracts. As they outlined within the may also and July calls, their focus on answer-based efficiency contracts has pushed us to adapt the nomenclature they used to latest their enterprise with buyers. They began this transition as they shifted their segment advice to focal point on the section margins driven by rig and expertise solutions rather than individual rig charges. they are able to comprehensive this transition as they flow ahead into fiscal yr 2021 and begin publishing per day assistance within the phase tables in their future press releases.

in the North the united states options phase, they predict gross margins to latitude between $forty million to $50 million with approximately $1 million of that coming from early termination revenue. This margin tips is enhanced than the prior quarter in total. And extra, it is not impacted in any tremendous way with the aid of early termination revenues. although, Q1 margins might be briefly adversely impacted via reactivation fees as they hastily add rigs from the latest backside and re-commissioning costs for a few jogging rig conversions. Their present profits backlog from their North the united states solutions fleet is roughly $554 million for rigs beneath term contract, however importantly is not inclusive of any advantage performance bonuses. This amount does not encompass the aforementioned $1 million of early terminations expected in Q1.

concerning their international options section, foreign solutions company endeavor declined from 11 active rigs right through the third fiscal quarter to five lively rigs at fiscal yr-end. This reduce is the outcome of rig releases in Argentina and Abu Dhabi, due in significant part to the ongoing COVID-19 pandemic. As they appear towards the first fiscal quarter of 2021 for foreign, their undertaking in Bahrain is preserving regular with the three rigs working, whereas their two rigs in Abu Dhabi and their entire Argentina and Colombia fleets are actually idle.

In Argentina, they proceed to work inside an exhausting regulatory environment, which has prevented us from decreasing labor charges to levels that are more in proportion with reactivity capabilities. this will lead us to incur a legacy cost constitution into as a minimum the first quarter and may cause international margins to be poor. in the first quarter, they expect to have a loss of between $5 million to $7 million, other than any international alternate impacts. They nevertheless have a pending rig deployment in Colombia, nevertheless it has been delayed as their client remains waiting on the entire required regulatory approvals to begin work. On the marketing entrance, their overseas company construction team is seeing some bidding tendering endeavor in Argentina, Colombia, the middle East and sure other markets. At this juncture, these possibilities are early within the system and are not included in their forward outlook.

at last, turning to their Offshore Gulf of Mexico section, they have four of their 8 offshore platform rigs shrunk. Offshore generated a gross margin of $four.6 million all over the quarter below their estimates partially because of detrimental alterations to self-assurance reserves related to a previous duration claim. The up to now mentioned gross margin also comprises about $1 million of contribution from management contract rigs. As they seem to be towards the first quarter of fiscal 2021 for the Offshore phase they expect that offshore rigs will generate between $5 million to $7 million of operating gross margin with offshore management contracts contributing an extra $1 million to $2 million.

Now, let me seem to be ahead to the primary fiscal quarter and whole fiscal 12 months 2021 for definite consolidated and company objects. As they mentioned in their may additionally and July calls, they implemented a large number of rightsizing efforts by using reducing capital expenditures; reducing North the united states options overhead; rightsizing promoting, everyday and administrative overhead; and taking identical moves in the international segment where viable. As outlined, we're carrying on with to investigate their international workplaces to appropriately calibrate for pastime. In all areas, they are able to continue to identify can charge reduction opportunities and power efficiency in their daily work activities.

Capital expenses for the entire fiscal 2021 year are expected to latitude between $eighty five million to $one hundred and five million, which is a reduction of about 33% to fiscal 2020 CapEx. This capital outlay is made from three approximately equal buckets. First, upkeep CapEx to aid their active rig fleet. Given existing pastime ranges, they have sufficient capacity to reduce new renovation CapEx fees for the foreseeable future. As you may do not forget, in fiscal 2019, they had bulk purchases in CapEx to scale up rotating componentry who're then 200 plus working tremendous-Spec FlexRig count. in addition, they proceed to reap add-ons from in the past impaired and decommissioned rigs to conserve capital. As such, they are expecting fiscal 2020 yr renovation CapEx will latitude between $250,000 to $four hundred,000 per lively rig within the North the usa solutions segment, neatly under their prior year counsel of $750,000 to $1 million.

2d, skidding to strolling skill conversions, for the client with a need or need for jogging rigs, they can invest to convert definite rigs from skidding to running pad skill in exchange for a term contract as adverse to opponents going for walks rig ability is completely utilized. we've select shoppers who select definite rig design facets and are inclined to enter into a contract with at least a 12 months of time period to enable that funding. They estimate going for walks conversions to approximately $6 million to $7 million per rig.

Third, corporate capital investments, the majority of this bucket is comprised of modernization for facts center, facts and analytics systems and enterprise IT methods. Their on-website facts core has aspects on the life cycle renewal stage and they are seizing the possibility to move to each co-discovered information facilities and cloud computing configurations that might be less capital intensive prospectively. The records and analytics modernization makes a speciality of the cloud ahead strategy for accelerated ability and scalability. in the business IT programs enviornment, they were imposing a brand new human capital management gadget to stronger accommodate how they manage their varied and dispersed worker base, including all phases of the employment cycle and worker journey. ultimately, a smaller volume of corporate capital is being allocated to workplace construct outs as they reconfigure for brand new flex work preparations with superior office capabilities that may facilitate smaller forward workplace footprints.

Depreciation for fiscal 2021 is anticipated to be about $430 million. this is about $50 million less in fiscal 2020, basically due to the 2nd quarter impairments of non-tremendous-Spec rigs and linked capital spares. Their time-honored and administrative fees for the full fiscal 2021 year are expected to be about $a hundred and sixty million. The reduce sequentially is driven by means of their rightsizing efforts as mentioned in the July convention call. They consider their restructuring will enable us to obtain pastime increase going forward with out large accretion of SG&A.

we're carrying on with their investment in research and development in the course of the cycle as they push towards autonomous drilling. Such innovation efforts will yield the next solution providing from their know-how roadmap. They predict R&D expenses to be about $30 million in fiscal 2021. The statutory U.S. federal earnings tax price for their fiscal 2021 12 months conclusion is 21%. moreover the U.S. statutory cost, we’re expecting incremental state and international profits taxes to influence their tax provision, leading to an anticipated effective profits tax cost range of 19% to 24%. based upon an estimated fiscal 2021operating effects and CapEx, we're projecting a lower to their deferred tax liability with no resulting cloth money tax.

Now, taking a look at their monetary position, Helmerich & Payne had money and short-term investments of approximately $577 million at September 30, 2020 versus $492 million at June 30, 2020. together with their revolving credit facility availability, their liquidity changed into in extra of $1.three billion. Their debt to capital at quarter conclusion turned into about 13% with a favorable internet cash position as their cash accessible exceeds their excellent bond. Their debt metrics proceed to be most efficient-in-class size amongst their peer neighborhood. As a reminder, they don't have any debt maturing except 2025 and their credit rating remains an investment grade.

Now, a couple of notes on working capital, they earned money move from operations in the fourth quarter of about $ninety three million versus $214 million in fiscal Q3. Their change money owed receivable at fiscal yr end turned into approximately $a hundred and fifty million with the preponderance being under 60 days astonishing. Their stock steadiness is decreased $9 million sequentially from June 30 to $104 million at September 30 as they now have leveraged consumables throughout the whole lot of U.S. basins and have decreased their min/max carrying aims to mirror the new pastime degrees.

As mentioned in the outdated call, they commenced a assignment to optimize their money owed payable terms and negotiate additional or early fee coupon codes from suppliers. These efforts endured to endure fruit throughout the fourth quarter. They predict further benefits, however the influence might be fairly modest in assessment to what we've realized to-date. The macro ambiance in fiscal 2020 drove capital allocation choices, cost administration measures and the rightsizing of the business to new recreation stages. These collective efforts undertaken to-date are geared toward producing free cash move of that, when combined with the modest uses of money reachable, will cowl their capital expenditure plan, debt service cost and dividends in fiscal 2021. according to their budget for 2021 fiscal 12 months, they are expecting to end fiscal 2021 with cash and brief-term investments of approximately $450 million to $500 million. The maintenance of their steadiness sheet energy and liquidity are foundational points in their a hundred-year way of life of capital stewardship and that they continue to be a significant differentiator during this volatile and cyclical business.

That concludes their prepared remarks for the fourth fiscal quarter. I want to once again say thanks to all of you on the mobilephone call for sticking with us through their technical difficulties. They seem to be forward to answering your questions.

Now, let me flip the call over to Christy for these questions.

query-and-answer Session

Operator

[Operator Instructions] they will take their first question from Ian Macpherson with Simmons. Ian, go ahead.

Ian Macpherson

hi, thanks. good morning, guys. i'll ask both of mine upfront. John, i needed to ask in case you might elaborate in any respect on sizing that geothermal chance in terms of rigs over the next couple of years? and then additionally for both of you, in case you could just sanity assess my math for me. It appears like your gross earnings per U.S. land rig is going to be up quarter-on-quarter, if you take out the termination revs that broadly speaking go away. So considering the fact that and also the phasing of IBC distortions, it seems like they had at least a short lived bottoming and advantageous inflection of money margins. and i suppose that’s appropriate. Do you see that as a long lasting bottom with some superb momentum going beyond this as you get into extra spot day rates over the path of the arrival fiscal? So, just these two questions. Thanks.

John Lindsay

Ian, yes, thanks for the questions. respectable morning and thanks for sticking round for forty eight added minutes. As to your second query first, yes, they do see the arriving off of the bottom and the inflection element in all of the drivers you just mentioned with money movement and margin accretive going forward. Don’t know in case you had another particulars otherwise you wanted to tease apart?

Ian Macpherson

basically, I suggest, it sounds love it’s about $5,500 implied gross margin per rig day in Q1, you have some charge aid coming after that. Do you suppose that’s an absolute bottom this cycle to your money margins is just about the question?

John Lindsay

neatly, given the macro uncertainties I took via, I hate to call the rest an absolute, but actually...

Ian Macpherson

inside the context of the free money movement finances that you simply laid out, I consider maybe it is, right?

John Lindsay

I consider that’s relevant, Ian. fully.

Mark Smith

whats up, Ian, once more on the geothermal, it's definitely early days. they now have got a couple of investments available. I believe what’s crucial is that this is a brand new approach and it’s tons different than the geothermal trade that we’ve all dealt with for many years in reality in some recognize. So, I think, the concept of closed loop classification techniques employing horizontal drilling, being able to drill in areas that don’t usually have geothermal methods, I suppose will make a huge change. And so it’s hard to size it at this element, but there might be extra to come back on that.

Ian Macpherson

all right. dwell tuned. Thanks, guys.

John Lindsay

thanks.

Operator

we can take their next question from Kurt Hallead with RBC.

Kurt Hallead

hello. How is everyone doing?

John Lindsay

hi, Kurt. hiya, we're doing first-rate. How about you?

Kurt Hallead

Doing well, doing neatly. thanks. thank you. So, I wager i wanted to comply with-up first, at the beginning simply Mark you gave some very express advice the place you thought the money was going to be at year-end 2021. So I recognize that colour commentary. So, it looks like you are expecting to be on the mid-factor of that may be roughly free cash flow breakeven. So it appears such as you’re going to get some high-quality unlock from working capital all the way through the direction of the yr. at least that’s what my initial math right here, which shows that variety of jive with the style you're taking a look at issues?

Mark Smith

I have, smartly, a little bit distinctive twist on that, Kurt, as a result of I believe we’ve gotten via loads of the working capital advantages. in reality, i'd expect working capital to flip as endeavor raises. however in terms of free cash movement, I showed the talents 12 months end latitude you simply alluded to. There are lots of relocating parts right here between exercise, pricing and working capital. but when you believe in regards to the $577 million in cash equivalents and short-time period investments available, you lower back out the $108 million dividend, lower back out yet another – the midpoint of their CapEx range is $ninety five million, add back asset sales, which can be primarily tubulars of $20 million. after which, the difference that you just might plug there is kind of the money movement that they might be having from operations.

Kurt Hallead

extremely good. appreciate you strolling through that aspect. Now, John, surely you've got – Helmerich & Payne has developed a very effective attractiveness over time with offering a great price proposition for the client base. It seems like they are naturally – the market is transferring and underway toward shifting and you appear to be you will definitely be at the forefront of this cost proposition, whether it’s on the automated drilling application or now you’re form of teasing out some context around the geothermal market. So i was questioning if you can give us a little bit greater color around what type of market penetration you have seen already for the AutoSlide? What you predict to potentially get over the course of the next one year? after which, considering the fact that you already teased the geothermal dynamic and also you teased that it’s going to be reasonably a bit distinct than what traditionally been the case, what do you believe the addressable market on the geothermal chance could be?

John Lindsay

sure. Thanks, Kurt. i will be able to beginning with AutoSlide. The autonomous drilling platform is in fact powerful. You touched on it and you picked up on this chance early. I might stress with, they began their experience towards the place we're these days on automation in 2015 and ‘16 in terms of just trying to determine a strategy. after which, of direction, they made a few acquisitions, purpose and MagVAR in 2017 and we’ve made two extra acquisitions considering then. And so, they are basically comfortable to peer that it’s starting to take shape within the present ambiance. The AutoSlide numbers continue to grow. we're glad with that. I think the component to keep in mind is that AutoSlide – the resolution engine for AutoSlide is bit advice equipment, which was the intent product and that’s a patented method. And it’s – some of the things that’s in reality wonderful about that and significant for valued clientele is that it makes economically driven choices. So each and every consumer can customise the algorithm to their needs, which is really essential. And so, it’s making – the algorithm is making choices on charge improvement foundation and its taking three costs into mind with time tortuosity and proximity to the pay them. in order you delivery considering that, that’s differentiated in comparison to what loads of products, if you will or pointed out out in the market. and i feel the proper examine of it is seeing how the adoption goes. And so, certainly you've got shoppers start with one rig. And we've had many shoppers that go from one to a few, one to five. currently they now have had a couple which have gone – at the least their forward plan is to move to all six or all eight of the rigs that they have operating. So it’s nonetheless a work-in-development and they are continuing to layer on extra capabilities with AutoSlide. they will speak more about that sooner or later. once more, on geothermal, it’s basically early days. but what must ensue is, you should have these new applied sciences and these new ideas work out. So there is increase knowledge for us because these geothermal energy functions are – can be focused on utilizing their put in FlexRig asset base, which – once more which would be excellent for H&P and it’d be remarkable for sustainability. So, that once more, they may be updating more on development on pastime opportunities in the future.

Kurt Hallead

okay, brilliant.

John Lindsay

Thanks, Kurt.

Operator

And they are able to take their subsequent question from Scott Gruber with Citigroup. Scott, go forward.

Scott Gruber

yes, good morning.

John Lindsay

decent morning, Scott.

Scott Gruber

simply a brief comply with-up on the money move discussion from earlier, simply wanted to unpack it a little bit extra, Mark, are you able to deliver any further color on the working capital range that you are thinking of in your forecast for ‘21?

John Lindsay

now not much greater than the huge amount of element I even have already unpacked, Scott.

Scott Gruber

ok. and perhaps just more of a form of excessive level query you guys have introduced a couple of compelling applied sciences, in particular AutoSlide. Internally, how are you measuring the return you have become on your R&D funding as you beginning to layer on further and further funding on the rigs? And based mostly upon the publicly available facts that you simply released, specially given the trade in the reporting constitution, what may still they be watching to believe about the return you have become in your R&D investment?

Mark Smith

smartly, recognize that and i will let John chime in right here as smartly. however I think probably the most things to me it's most wonderful about that return is what they now have just are staring at as they talk today. So, i mentioned that are actually the midpoint of their exit counsel for fiscal Q1 is set ninety rigs. So if they exited at sixty nine, they are including again 21 and they see that over 30% of those being added lower back are on performance contracts. So, they are seeing an accretion in North america options market share and that’s in reality driven by means of the expertise that they are able to install through these performance contracts. So, that’s – it’s basically booing their aggressive place with customers and their differentiation within the market to accrete market share after which as importantly do it in a different method in the course of the performance contract, which allows for advantage upside performance bonuses according to the KPIs, that are – which in the event that they are received and basically the objectives are met and we're paid, that might be accretive to the backlog that’s booked for those contracts.

John Lindsay

sure, i might add on to that, Scott and everybody knows this, however new applied sciences and adoption fees are difficult in the better of markets. after which, if you consider the category of market that we’ve been – that we’ve considered over the ultimate a number of – during 2020, but that’s the problem. however what I’ll leave you with is, i will assure you that early days of the FlexRig had been not, it wasn’t convenient to peer the return on invested capital that they were going to get that they in the end did get with the FlexRig, which was a know-how providing and it changed into a differentiated providing. The respectable information with the – with AutoSlide and their different digital options and utility is that it is low capital intensive. And so, they wholly intend to get returns and we’ll be extra transparent with that over time.

Mark Smith

As John has observed earlier than, downturns are alternatives and they really believe like we’ve hit a tipping aspect within the number of – in an upturn and efficiency contracts, in an upturn and the actual variety of deployed AutoSlides that we've working and all of that, as i mentioned with the talents to hit these efficiency target that's doubtlessly margin accretive.

Scott Gruber

yes, I understand. The uptake appears to be actually reflecting the appetite of the expertise. I think the investor base simply wishes a bit more colour on the margin have an effect on after they get in the course of the contract function. can you guys – if there's any colour that you guys can give on how accrete to the margins for the segment and have an impact on the margin profile, I feel would simply be valuable?

John Lindsay

yes and it'll be evident and they are able to see that over time. recognize that.

Scott Gruber

acquired it. appreciate the color. thanks.

John Lindsay

thanks.

Operator

And they are able to take their next question from Taylor Zurcher with Tudor, Pickering & Holt. Taylor, go ahead.

Taylor Zurcher

hi there, first rate morning. within the U.S., it seems like most E&Ps are targeting some form of construction protection finances subsequent year. And that’s using loads of the latest ramp in the rig count. i wonder, as you seem into the calendar yr 2021, how some distance do you feel they are in that method, the process being operators ramping it up into that renovation program. perhaps is there a different way, searching past the 12/31 of 2020? Do you have any visibility to – nowadays to further raises within the rig count above and past that ninety exit fee you’ve pointed to?

John Lindsay

sure. They may give you some further color on that. I consider some of the things to feel about with these latest raises and it truly form of begun in the beginning of their fiscal year after hitting the backside in August. They had been talking about this for a few months that the budgets, the optimal budgets that are, that shoppers and E&Ps had reduce down to become after successive reductions to their price range. and i think the finances expectation turned into likely set in a $25 to $30 oil price atmosphere, no longer with the $forty oil cost environment that we’ve been experiencing over the closing a few months. So, I think with that definitely, the definitely low endeavor stages they weren’t stunned to see the rig count beginning to grow. So we’re pleased with that customers are closing disciplined. They felt like several along that they would be at kind of on the cutting edge of that boom as soon as customers began getting back into the online game. one of the issues, I’m basically excited about in this, is that not only have they however many of the idle, however shriveled rigs returned to work, the different half of the rigs they put to work have been rigs that they now have competed on – in the marketplace and we’ve executed very neatly. We’ve multiplied their client base, and that i do consider that, like, they observed we’re going to shut the fiscal 12 months, they hope at across the ninety range. and i think there is a few talents they see further recreation in January and February viable. but once again, as you’ve heard me say over time, it’s variety of hard to peer out further than 90 days. however they do feel we’re going to have some extra raises as they get into 2021, likely in the main in the first quarter.

Mark Smith

always the fiscal yr, however I think it includes the calendar 12 months at ninety.

John Lindsay

I’m sorry. sure, shut the calendar 12 months. Thanks Mark.

Taylor Zurcher

Thanks for that. And my 2nd query is on overseas, one of the can charge and effectivity issues in Argentina have been smartly documented and clearly that’s a market, that’s taken on the chin following the pandemic. searching over the entire fiscal yr of 2021 we’ve already considered some development off the backside in Argentina in business-vast. and i wonder, if you could frame for us what type of demand tiers as COVID begins to turn into greater of a rearview replicate classification challenge? What kind of demand stages that you’d are expecting out of Argentina perhaps exiting 2021 or what they might develop into over the course of 2021?

Mark Smith

smartly in Argentina, they have seen some hobby pickup, but perhaps no longer as a whole lot as been mentioned in one of the industry chatter they hear. as a result of many of the rigs going back to work that they now have considered are both work-over rigs or rigs that are returning to work after contract suspension as a result of COVID-19. The aim there really may be to get short entry to a production raise in comparison to any new trends. we're seeing some tendering pastime take vicinity and these alternatives are customarily a year or much less in period and have some onerous terms in compensation relative to the size of time period. So, while there are some opportunities in Argentina COVID-19 continues to be an element as is of the lessen commodity price atmosphere, in addition to forex concerns and different issues involving that jurisdiction. in order that’s in reality type of their existing view on it.

Taylor Zurcher

very well. well, thanks for that. i'll turn it returned.

Mark Smith

thank you.

Operator

And they are able to take their next question from Chase Mulvehill with bank of the united states.

Chase Mulvehill

good day, I guess the first query i wished to ask is in regards to the counsel on the North america solutions section. I bet, margins probably came in a bit bit softer. I mean obviously you gave an excellent rig count e book. but if you think concerning the margin profile, perhaps that’s a little bit softer than some expected. So probably might you just support us bear in mind whether the softer than expect to variety of margin tips was greater of a feature of kind of tender day quotes, or is it type of multiplied OpEx per day as you are looking to type of reactivate rigs? I imply, then – and if you answer that if maybe you may speak to where you suppose that margins, I don’t understand in case you’re going to seek advice from margin percentages or cash margin per day, but where you think for you to get margins to extra time as the horizontal rig count variety of comes back toward 500 rigs?

John Lindsay

sure. a couple of thoughts there. Thanks for the query. there is a lot of – as i mentioned within the organized remarks, a lot of transitory costs in Q1 in reactivating 21 rigs, as you comprehend simply over 30% of was the year ending rig count number at the conclusion of the fiscal 12 months. in order that’s a large a rapid uptick and there’s lots of charge in there related to rig reactivation and additionally involving, as i mentioned commissioning a couple of strolling rig conversions. As we've stated earlier than, we’re making an attempt to get faraway from per day discussions, but i will be able to let you know, there might be some margin uplift as these rigs proceed to work factor ahead.

Chase Mulvehill

k, very well. And if i will be able to simply observe-up on type of the rig count, this perhaps the final time i will be able to ask you on the rig counts, so I’m going to take skills of it. You observed exiting at about ninety active rigs. If they believe about old share of the horizontal rig count number, your ancient share that would put type of the business rig count in about 325 horizontal rigs on the end of the 12 months. in order that’s adding one more 60 or so rigs during the conclusion of the year for the trade. Does that sound good value for an trade rig count number toward the conclusion of the year, and also you’re type of near 26%, 27%, 28% market share of the horizontal rigs? after which also after they suppose about including rigs through the conclusion of the year, do you believe it’s going to be greater weighted towards public E&Ps or deepest E&Ps?

John Lindsay

Answering your 2d part, first, I suppose it’s going to be a combination. to date they now have seen a pleasant mix between each small, inner most in addition to their typical client base going back to work with the idle however shrunk rigs. So it’s been a nice combine on that. and that i feel if you consider concerning the rig count number, I believe your numbers are in line. I imply on the end of the day, it type of depends on what H&P’s market share is as a result of that’s the capabilities that they now have. And so in a 90 rig count for H&P and they now have 25%, most likely where there's 360 rigs operating. So they feel we're going to proceed to trap extra market share. You’ve considered several studies that demonstrate 400 to 420 rigs. I think they can get there within the 2d or the first calendar quarter to 2d calendar quarter of 2021 and i think as you appear out a yr or two, I think it’s not pricey that you just might see a 450 to 550 rigs working once again. And why that’s important is as a result of again back to the 630 or so tremendous-spec rigs, and 450 to 500 rigs operating right here in that 70% to eighty% utilization where historically in their industry, you have got viewed pricing vigour. and that i feel the other issue to keep in mind of that 630 rigs, not all of those rigs are created equal, and are not going to be as tremendously sought after. So I think that offers us some encouragement that we’re going to – one have rigs going returned to work and two have some pricing. however returned to the business models, and it’s so convenient to fall returned into the dayrate dialog, and what they really need to continue to focal point on is new commercial models. and i wish to first provide a shout out to their individuals I supply them a lot of credit for undertaking the challenge. It’s hard to believe about retiring the dayrate we’ve had dayrates round for a long time. And so as to add new business models which are in fact greater pleasing and convey bigger ranges of value for their purchasers. So they definitely think that we’re growing an financial surplus for their shareholders and their purchasers collectively, so they simply consider that there's an outstanding possibility for these new business fashions. surely the easiest issue to do is to type of fall lower back into the dayrate focal point and margin per day center of attention, however you’ll be hearing extra from us on that as the photograph comes together.

Chase Mulvehill

best. I respect all the colour. I’ll turn it returned over.

John Lindsay

thanks.

Operator

we will take their subsequent query from Waqar Syed with ATB Capital Markets.

Waqar Syed

thank you for taking my query. John or Mark your counsel of $40 million to $50 million from margins a gross income margins in the U.S. options, what are you assuming for – what form of advantages you’re going to get from efficiency based contracts in that, is that latitude only driven by means of exercise levels, no matter if you ended 88 to ninety three rigs or is there whatever thing for the way the efficiency primarily based contracts going to shake out?

John Lindsay

well, Waqar, I recognize the question. From a GAAP viewpoint, if you consider of backlog and they try to do all of their work, as you be aware of very conservatively right here at H&P. So if you think about how the GAAP backlog calculation works is at the base dayrate. So, by the use of instance, if you get to the end of a neatly and you have got metrics tied to that well and also you get an uplift for hitting efficiency targets you booked at the conclusion of as smartly when it’s been earned. So it’s now not in backlog. So I talked about otherwise. Their budgeting in reality focuses alongside a GAAP line of sight, if you will. So they do have some upside competencies with margins with the starting to be number of efficiency contracts.

Waqar Syed

No, usually, these wells are taking let’s count on in a ballpark number 20 days. So there should be, most likely, there could be nonetheless a number of wells that might were achieved in the December quarter where a few generate performance based contracts that you simply may recognize that. Is that fair?

John Lindsay

That’s fair. yes.

Waqar Syed

k.

John Lindsay

The small, but becoming element of the fleet and the competencies upside there I suppose we’ll see extra of that definitely via calendar of 2021, if it is a primary fiscal quarter.

Waqar Syed

And so then to that point in terms of your free cash circulate or cash circulation advice that you just supplied, what are you assuming for performance payment? Are you assuming some performance primarily based contract contribution in 2021 in that assistance or that is going to be – that might also come when that happens, then you definitely will include that?

John Lindsay

neatly, Waqar it’s – in their company in good instances, it’s difficult to look past a quarter forward, as you comprehend, and the place they are today taking a look at that exit count for the first quarter of approximately 90 rigs with all of the uncertainties I take via earlier the macro, you have the ongoing COVID demand issues with energy, deliver and balances, the geopolitical concerns, etcetera, etcetera, they definitely for their budgeting applications have taken that 90 rigs after which the conservative manner by which they give stewardship of their steadiness sheet, we've definitely flat line that for the leisure of the fiscal year. We’ll be updating that each quarter with their forecast as they flow through time, however that’s their conservative outlook these days.

Waqar Syed

yes. after which, John, when it comes to international exercise you mentioned Abu Dhabi rigs are down right now. Any techniques now those are gotten smaller so would they be coming returned on from time to time, let’s say, subsequent yr or calendar 12 months?

John Lindsay

No, I feel these rigs in Abu Dhabi, their contracts both had early termination, or we, these contracts are closed, these rigs are idle. They don’t have any additional contract time period left.

Waqar Syed

So for the international company is type of this – the tips that you provided for the subsequent quarter this is as bad as it goes to get, and probably as you manage your cost probably the revenues don’t exchange, but the charge may are available through the course of calendar yr or subsequent 12 months?

John Lindsay

I believe, yes, as you movement into – as you move in through calendar ‘21, a few things, yes, they are going to, as they outlined within the remarks, work on charge, chiefly if these fees involving the legacy sized constitution in Argentina. however also, as i mentioned, they are seeing rather a bit of advantage profits percentages. again it’s too early days to position any of these into their forward outlook, however we're participating in a few bidding and tendering actions in the areas we've rigs nowadays and also in new jurisdictions the place they don't.

Waqar Syed

ok, now issues circulation slowly internationally. Do you consider that the most useful case state of affairs in case you add up – pickup a couple of rigs, is that nevertheless from a calendar 12 months point of view second quarter or third quarter form of possibility?

John Lindsay

It’s Waqar, as you comprehend, it is so hard. I mean with the skills 2d wave with COVID, I mean foreign became began late slowed down a lot later than the U.S. market. So it’s simply truly hard to call at this stage, they don’t have any indication that things are going to get enhanced within the subsequent couple of quarters. but certainly, they can also be surprise to the upside but they bound don’t see anything right now.

Waqar Syed

certain. thank you. That’s all I even have. thank you for your answers.

John Lindsay

Thanks, Waqar.

Operator

[Operator Instruction] they are able to take their next call from Chris Voie with Wells Fargo.

Chris Voie

Thanks. first rate morning.

John Lindsay

decent morning, Chris.

Chris Voie

hello. So the number of time period shriveled rigs has come up a little bit. Has there been a great deal aggressive bidding yet, or is it still typically direct negotiations? And if so, can you touch upon whether those costs are dilutive to the general implied within the first quarter, or if possibly they’re sturdy quarter-over-quarter of step down? and that i wager the context here is that, it sounds like you trust in cutting edge margins granted, there's a efficiency-primarily based overlay they must have an estimate for that. It sounds such as you trust in that possibly bottoming. So, simply curious if there's a great deal aggressive bidding that’s backing that up?

John Lindsay

sure. i will give a little colour on the bidding and the term contract. I actually have Mark provide a little more colour on that’s dilutive or not. however a couple of of the rigs that they now have re-contracted have been aggressive bids and they did enter into some time period contract coverage is frequently 6-month – 6 to three hundred and sixty five days. so that’s a good. undoubtedly, those overall margins can be reduce than traditionally once they have been getting time period contracts for during the super-spec upgrade technique. but normal, it has been competitively bid and they are getting some term contract. Mark, anything else so as to add on?

Mark Smith

No, I suggest, i'd just remind you some of those IBC rigs we've which are coming returned into the active turning to the appropriate mode are accretive to their existing margins as a result of they’re on these legacy term contracts that we’re entered into all the way through the upgrade cycle.

John Lindsay

appropriate. and a few of those time period contracts that i discussed that they will keep it for also are on a efficiency primarily based contract. So whereas there might be a base margin that they are looking at, there's a higher margin that they are able to gain as they work with their partners and their partnership with their consumers and have – form of have that win-win situation.

Chris Voie

okay, thanks. That’s helpful. and perhaps shifting to performance primarily based contracts. Is there any shift now that you've got obtained rigs going up this year? Any shift in what’s everyday for customers or if the style you guys like to constitution these contracts in terms of which KPIs are involved? just curious if there's been any shift or and greater color around that?

John Lindsay

It’s truly all over the board. I think that’s what’s essential about these kinds of contracts is, we're having that dialogue with the consumer and what’s most crucial to the consumer, and what are the things that they are eager to obtain and how can they work with them and support them achieve that. And so once again, they are seeing efficiency based, KPI primarily based additionally shared savings category contracts, even some photos type contract. So it’s basically just working carefully with their consumers, and trying to be as client centric as they can when it comes to what is it that they're wanting to accomplish.

Chris Voie

terrific. thank you.

John Lindsay

thank you.

Operator

And that does conclude their query-and-reply session for today. i will be able to now turn their software returned over to John Lindsay for any further or closing remarks.

John Lindsay

thank you, Christy and once again, because of every person in your persistence today. i know your time is helpful and they recognize you hanging in there with us. just kind of closing out with looking lower back at this exceptional and annoying 2020 fiscal 12 months, they remain steadfast in their dedication to reshape their enterprise and the trade right through this challenging time. Their groups are doing first rate work to accelerate long-term strategic priorities, including riding effectivity across the business and evolving their digital technology and facts platforms to bring cost-delivered solutions and functions to their shoppers and companions. So, once more, thanks again for your interest and everybody, have a good day. thanks.


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