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News Release
November 19, 2020

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Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE: November 19, 2020

 
HELMERICH & PAYNE, INC. ANNOUNCES FISCAL FOURTH QUARTER & FISCAL YEAR RESULTS


The Company ended the quarter with $577 million in cash and short-term investments and no amounts drawn on its $750 million revolving credit facility culminating in over $1.3 billion in liquidity

H&P expects its first quarter of fiscal 2021 North America Solutions rig count to exit at approximately 90 rigs up over 30% during the quarter

Reported a fiscal fourth quarter net loss of $(0.55) per diluted share; including select items(1) of $0.19 per diluted share

Quarterly North America Solutions operating gross margins(2) decreased $63 million to $39 million sequentially, as revenues decreased by $105 million to $149 million and expenses decreased by $43 million to $110 million

H&P's leadership position in automated directional drilling technology continues as AutoSlide® commercial deployments accelerated despite a significantly declining rig market with some notable operators implementing this technology on 100% of their wells in multiple basins

On September 9, 2020, Directors of the Company declared a quarterly cash dividend of $0.25 per share payable on December 1, 2020 to stockholders of record at the close of business on November 13, 2020


Helmerich & Payne, Inc. (NYSE: HP) reported a net loss of $59 million, or $(0.55) per diluted share, from operating revenues of $208 million for the quarter ended September 30, 2020, compared to a net loss of $46 million, or $(0.43) per diluted share, on revenues of $317 million for the quarter ended June 30, 2020.  The net losses per diluted share for the fourth and third quarters of fiscal year 2020 include $0.19 and $(0.09) of after-tax gains and losses, respectively, comprised of select items(1). For the fourth quarter of fiscal year 2020, select items(1) were comprised of:

$0.20 of after-tax gains pertaining to the sale of industrial real estate property
$(0.01) of after-tax losses pertaining to a non-cash fair market adjustment to our equity investment and restructuring charges

Net cash provided by operating activities was $93 million for the fourth quarter of fiscal year 2020 compared to $214 million for the third quarter of fiscal year 2020.

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The following information was filed by Helmerich Payne, Inc. (HP) on Thursday, November 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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