Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-4221

HELMERICH & PAYNE, INC.

(Exact name of registrant as specified in its charter)


Delaware			73-0679879
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

222 North Detroit Avenue, Tulsa, Oklahoma 74103

(Address of principal executive offices) (Zip Code)

(918) 742-5531

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year,

if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock ($0.10 par value)	HP	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒


CLASS						OUTSTANDING AT January 29, 2025
Common Stock, $0.10 par value						99,378,608

Table of Contents


HELMERICH & PAYNE, INC.
INDEX TO FORM 10‑Q



PART I		3
Item 1.	Financial Statements	3
	Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024	3
	Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended December 31, 2024 and 2023	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended December 31, 2024 and 2023	5
	Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended December 31, 2024 and 2023	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2024 and 2023	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3 .	Quantitative and Qualitative Disclosures about Market Risk	39
Item 4.	Controls and Procedures	39
PART II.		39
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39

Item 5.	Other Information	39
Item 6.	Exhibits	40
SIGNATURES		41

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
	December 31,		September 30,
(in thousands except share data)	2024		2024
ASSETS
Current Assets:
Cash and cash equivalents	$	391,179	$	217,341
Restricted cash	73,216		68,902
Short-term investments	135,317		292,919
Accounts receivable, net of allowance of $2,720 and $2,977, respectively	426,933		418,604
Inventories of materials and supplies, net	127,288		117,884
Prepaid expenses and other, net	70,898		76,419

Total current assets	1,224,831		1,192,069

Investments, net	101,652		100,567
Property, plant and equipment, net	3,009,360		3,016,277
Other Noncurrent Assets:
Goodwill	45,653		45,653
Intangible assets, net	52,547		54,147
Operating lease right-of-use assets	67,510		67,076
Restricted cash	1,242,124		1,242,417
Other assets, net	72,944		63,692
Total other noncurrent assets	1,480,778		1,472,985

Total assets	$	5,816,621	$	5,781,898

LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	148,752	$	135,084
Dividends payable	25,154		25,024
Accrued liabilities	261,807		286,841
Total current liabilities	435,713		446,949

Noncurrent Liabilities:
Long-term debt, net	1,781,674		1,782,182
Deferred income taxes	485,682		495,481
Other	166,771		140,134

Total noncurrent liabilities	2,434,127		2,417,797
Commitments and Contingencies (Note 12)
Shareholders' Equity:
Common stock, $0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of December 31, 2024 and September 30, 2024, and 99,186,843 and 98,755,412 shares outstanding as of December 31, 2024 and September 30, 2024, respectively	11,222		11,222
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued	—		—
Additional paid-in capital	501,516		518,083
Retained earnings	2,913,211		2,883,590
Accumulated other comprehensive loss	(5,987)		(6,350)
Treasury stock, at cost, 13,036,022 shares and 13,467,453 shares as of December 31, 2024 and September 30, 2024, respectively	(473,181)		(489,393)
Total shareholders’ equity	2,946,781		2,917,152
Total liabilities and shareholders' equity	$	5,816,621	$	5,781,898

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended December 31,
(in thousands, except per share amounts)	2024		2023
OPERATING REVENUES
Drilling services	$	674,613	$	674,565
Other	2,689		2,582
	677,302		677,147
OPERATING COSTS AND EXPENSES
Drilling services operating expenses, excluding depreciation and amortization	411,857		403,303
Other operating expenses	1,156		1,137
Depreciation and amortization	99,080		93,991
Research and development	9,359		8,608
Selling, general and administrative	63,062		56,577
Acquisition transaction costs	10,535		—


Gain on reimbursement of drilling equipment	(9,403)		(7,494)
Other (gain) loss on sale of assets	1,673		(2,443)
	587,319		553,679
OPERATING INCOME	89,983		123,468
Other income (expense)
Interest and dividend income	21,741		10,734
Interest expense	(22,298)		(4,372)
Loss on investment securities	(13,367)		(4,034)

Other	360		(543)
	(13,564)		1,785
Income before income taxes	76,419		125,253
Income tax expense	21,647		30,080
NET INCOME	$	54,772	$	95,173

Basic earnings per common share	$	0.55	$	0.95

Diluted earnings per common share:	$	0.54	$	0.94

Weighted average shares outstanding:
Basic	98,867		99,143
Diluted	99,159		99,628

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	Three Months Ended December 31,
(in thousands)	2024		2023
Net income	$	54,772	$	95,173
Other comprehensive income, net of income taxes:
Net change related to employee benefit plans, net of income taxes of $(15.7) thousand and $(39.5) thousand for the three months ended December 31, 2024 and 2023, respectively	54		134
Unrealized gain on available-for-sale debt security, net of income taxes of $(91.0) thousand for the three months ended December 31, 2024	309		—
Other comprehensive income	363		134
Comprehensive income	$	55,135	$	95,307

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
	Three Months Ended December 31, 2024
	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock
(in thousands, except per share amounts)	Shares	Amount								Shares	Amount		Total
Balance at September 30, 2024	112,222	$	11,222	$	518,083	$	2,883,590	$	(6,350)	13,467	$	(489,393)	$	2,917,152
Comprehensive income:
Net income	—	—		—		54,772		—		—	—		54,772
Other comprehensive income	—	—		—		—		363		—	—		363
Dividends declared ($0.25 per share)	—	—		—		(25,151)		—		—	—		(25,151)

Vesting of restricted stock awards, net of shares withheld for employee taxes	—	—		(23,125)		—		—		(431)	16,212		(6,913)
Stock-based compensation	—	—		6,851		—		—		—	—		6,851

Other	—	—		(293)		—		—		—	—		(293)
Balance at December 31, 2024	112,222	$	11,222	$	501,516	$	2,913,211	$	(5,987)	13,036	$	(473,181)	$	2,946,781


	Three Months Ended December 31, 2023
	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock
(in thousands, except per share amounts)	Shares	Amount								Shares	Amount		Total
Balance at September 30, 2023	112,222	$	11,222	$	525,369	$	2,707,715	$	(7,981)	12,796	$	(464,382)	$	2,771,943
Comprehensive income:
Net income	—	—		—		95,173		—		—	—		95,173
Other comprehensive income	—	—		—		—		134		—	—		134
Dividends declared ($0.25 base per share, $0.34 supplemental per share)	—	—		—		(59,094)		—		—	—		(59,094)

Vesting of restricted stock awards, net of shares withheld for employee taxes	—	—		(26,661)		—		—		(495)	17,841		(8,820)
Stock-based compensation	—	—		7,672		—		—		—	—		7,672
Share repurchases	—	—		—		—		—		1,298	(47,654)		(47,654)
Other	—	—		292		—		—		—	—		292
Balance at December 31, 2023	112,222	$	11,222	$	506,672	$	2,743,794	$	(7,847)	13,599	$	(494,195)	$	2,759,646

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended December 31,
(in thousands)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	54,772	$	95,173
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,080		93,991
Amortization of debt discount and debt issuance costs	2,390		148


Stock-based compensation	6,851		7,672
Loss on investment securities	13,367		4,034
Gain on reimbursement of drilling equipment	(9,403)		(7,494)
Other (gain) loss on sale of assets	1,673		(2,443)


Deferred income tax benefit	(9,923)		(7,829)

Other	(381)		305
Change in assets and liabilities
Accounts receivable	(6,404)		(28,931)
Inventories of materials and supplies	(9,500)		(7,191)
Prepaid expenses and other	1,034		(8,404)
Other noncurrent assets	(7,933)		(1,150)
Accounts payable	4,492		23,865
Accrued liabilities	8,915		19,022

Other noncurrent liabilities	9,328		(5,970)
Net cash provided by operating activities	158,358		174,798
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(106,485)		(136,411)

Purchase of short-term investments	(95,956)		(46,250)
Purchase of long-term investments	(646)		(291)

Proceeds from sale of short-term investments	242,920		57,956


Insurance proceeds from involuntary conversion	698		—
Proceeds from asset sales	12,120		11,929


Net cash provided by (used in) investing activities	52,651		(113,067)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid	(25,021)		(42,294)

Debt issuance costs	(1,216)		—

Payments for employee taxes on net settlement of equity awards	(6,913)		(8,820)
Payment of contingent consideration from acquisition of business	—		(250)


Share repurchases	—		(47,364)

Net cash used in financing activities	(33,150)		(98,728)
Net increase (decrease) in cash and cash equivalents and restricted cash	177,859		(36,997)
Cash and cash equivalents and restricted cash, beginning of period	1,528,660		316,238
Cash and cash equivalents and restricted cash, end of period	$	1,706,519	$	279,241

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid/(received) during the period:
Interest paid	$	—	$	927
Income tax paid	4,284		5,960
Income tax received	—		—
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases	3,822		3,262
Non-cash operating and investing activities:
Change in accounts payable and accrued liabilities related to purchases of property, plant and equipment	12,422		(7,611)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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HELMERICH & PAYNE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 NATURE OF OPERATIONS

Helmerich & Payne, Inc. (“H&P,” which, together with its subsidiaries, is identified as the “Company,” “we,” “us,” or “our,” except where stated or the context requires otherwise) through its operating subsidiaries provides performance-driven drilling solutions and technologies that are intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies.

Our drilling services operations are organized into the following reportable operating business segments: North America Solutions, International Solutions and Offshore Gulf of Mexico. Our real estate operations and our wholly-owned captive insurance companies are included in "Other." Refer to Note 13—Business Segments and Geographic Information for further details on our reportable segments.

Our North America Solutions operations are primarily located in Texas, but also traditionally operate in other states, depending on demand. Such states include: Colorado, Louisiana, Montana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Utah, and West Virginia. Our International Solutions operations have rigs and/or services primarily located in five international locations: Argentina, Australia, Bahrain, Colombia, and Saudi Arabia. Our Offshore Gulf of Mexico operations are conducted in Louisiana and in U.S. federal waters in the Gulf of Mexico.

We also own and operate a limited number of commercial real estate properties located in Tulsa, Oklahoma. Our real estate investments include a shopping center and undeveloped real estate.

KCA Deutag Acquisition

On January 16, 2025 (the “Closing Date”), H&P completed its acquisition of the entire issued share capital (the "Acquisition") of KCA Deutag International Limited (KCA Deutag") pursuant to the Sale and Purchase Agreement (the "Purchase Agreement"). H&P paid aggregate cash consideration of approximately $2.0 billion, which consisted of the share purchase price of $0.9 billion and $1.1 billion which was used to contemporaneously repay or redeem certain of KCA Deutag existing debt, including, as applicable, the payment of all accrued and unpaid interest, premiums, and fees. For additional information regarding the completion of the Acquisition, refer to Note 14—Subsequent Events.

KCA Deutag is a diverse global drilling company. The company has a significant land drilling presence in the Middle East, which represents approximately two-thirds of the company’s calendar year 2023 Operating EBITDA, with additional operations in South America, Europe and Africa. In addition to its land operations, KCA Deutag has asset-light offshore management contract operations in the North Sea, Angola, Azerbaijan and Canada, with super major customers and long-term earnings visibility through a robust backlog. KCA Deutag’s Kenera segment comprises manufacturing and engineering businesses, including Bentec, with three facilities serving the energy industry, representing a longer-term growth opportunity.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, RELATED RISKS AND UNCERTAINTIES

Interim Financial Information

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. Accordingly, these interim financial statements do not include all information or footnote disclosures required by U.S. GAAP for complete financial statements and, therefore, should be read in conjunction with the Consolidated Financial Statements and notes thereto in our 2024 Annual Report on Form 10-K and other current filings with the SEC. In the opinion of management, all adjustments, consisting of those of a normal recurring nature, necessary to present fairly the results of the periods presented have been included. The results of operations for the interim periods presented may not necessarily be indicative of the results to be expected for the full year.

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Principles of Consolidation

The Unaudited Condensed Consolidated Financial Statements include the accounts of H&P and its domestic and foreign subsidiaries. Consolidation of a subsidiary begins when the Company gains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income, expenses and other comprehensive income or loss of a subsidiary acquired or disposed of during the fiscal year are included in the Unaudited Condensed Consolidated Statements of Operations and Unaudited Condensed Consolidated Statements of Comprehensive Income from the date the Company gains control until the date when the Company ceases to control the subsidiary. All intercompany accounts and transactions have been eliminated upon consolidation.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits.

We recorded restricted cash of $1.3 billion and $65.1 million at December 31, 2024 and 2023, respectively, and $1.3 billion and $59.1 million at September 30, 2024 and 2023, respectively. Of the total at December 31, 2024 and September 30, 2024, $1.2 billion represents net proceeds from senior notes issued in fiscal year 2024 to finance the purchase price of the Acquisition and to repay certain of KCA Deutag's outstanding indebtedness, and $73.2 million and $68.9 million represents the amount management has elected to restrict for the purpose of potential insurance claims in our wholly-owned captive insurance companies at December 31, 2024 and September 30, 2024 respectively. The restricted amounts are primarily invested in short-term money market securities. Subsequent to December 31, 2024, $1.2 billion of restricted cash was used to fund the Acquisition. For additional information regarding the completion of the Acquisition, refer to Note 14—Subsequent Events.

Cash, cash equivalents, and restricted cash are reflected on the Unaudited Condensed Consolidated Balance Sheets as follows:


	December 31,				September 30,
(in thousands)	2024		2023		2024		2023
Cash and cash equivalents	$	391,179	$	214,104	$	217,341	$	257,174
Restricted cash	73,216		65,137		68,902		59,064
Restricted cash - long-term:
Other assets, net	1,242,124		—		1,242,417		—
Total cash, cash equivalents, and restricted cash	$	1,706,519	$	279,241	$	1,528,660	$	316,238

Related Party Transactions

In October 2022, we made a $14.1 million equity investment, representing 106.0 million common shares in Tamboran Resources Limited ("Tamboran Resources"). In December 2023, all shares of Tamboran Resources were transferred to Tamboran Corp. in exchange for depository interests in Tamboran Corp. Depository interests, referred to as CHESS Depository Interests, each representing beneficial interests of 1/200th of a share of Tamboran Corp. common stock, are listed on the Australian Stock Exchange under the ticker symbol "TBN." Tamboran Corp. is focused on developing a natural gas resource in Australia's Beetaloo Sub-basin.

On June 4, 2024, the Company entered into a convertible note agreement with Tamboran Corp. This note was utilized to relieve Tamboran's outstanding accounts receivable balance owed to the Company, and therefore no cash was exchanged as part of the transaction. The convertible note agreement provided that the notes converted into shares of common stock of Tamboran Corp. under certain circumstances in connection with an initial public offering in which its stock was listed on the New York Stock Exchange ("NYSE") or NASDAQ Stock Exchange. On June 26, 2024, Tamboran Corp. completed an initial public offering of its common stock on the NYSE and its common stock is listed on the NYSE, under the ticker "TBN". As a result of this offering, the convertible note of $9.4 million was converted into 0.5 million common shares in Tamboran Corp. Additionally and separately, one of our executive officers serves as a director of Tamboran Corp. Refer to Note 11—Fair Value Measurement of Financial Instruments for additional information related to our investment.

Concurrent with the October 2022 investment agreement, we entered into a fixed-term drilling services agreement with Tamboran Resources. As of December 31, 2024, we recorded $1.0 million in receivables and $3.4 million in contract liabilities on our Unaudited Condensed Consolidated Balance Sheet. As of September 30, 2024, we recorded $5.0 million in receivables and $3.9 million in contract liabilities on our Consolidated Balance Sheet. We recognized $4.8 million and $4.3 million in revenue on our Unaudited Condensed Consolidated Statement of Operations during the three months ended December 31, 2024, and 2023 respectively, related to the drilling services agreement with Tamboran Resources. We expect to earn $35.0 million in revenue over the remaining contract term, and, as such, this amount is included within our contract backlog as of December 31, 2024.

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Recently Issued Accounting Updates

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). We consider the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable, clarifications of ASUs listed below, immaterial, or already adopted by the Company.

The following table provides a brief description of recently adopted accounting pronouncements and our analysis of the effects on our Unaudited Condensed Consolidated Financial Statements:


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters

Standards that are not yet adopted as of December 31, 2024
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update enhance annual and interim disclosure requirements, determine significant segment expense, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This update is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.	September 30, 2025	We plan to adopt this ASU, as required, during fiscal year 2025, with the first disclosure enhancements reflected in our Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures.
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU enhances income tax disclosure requirements. Under the ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). Specific categories that must be included in the reconciliation for each annual reporting period are specified in the amendment. This update is effective for annual periods beginning after December 15, 2024. Early adoption of the amendments is permitted. Upon adoption, the amendments shall be applied on a prospective basis. Retrospective application is permitted.	September 30, 2026	We plan to adopt this ASU, as required, during fiscal year 2026, with the first disclosure enhancements reflected in our fiscal year 2026 Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures.
ASU No. 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosure (Subtopic 220-40)	This ASU enhances disclosure requirements for certain costs and expenses. The amendments in this update enhance annual and interim disclosure requirements, certain liability-related expenses, expense reimbursements related to a cost-sharing or cost-reimbursement arrangement with another entity, and the disaggregation of relevant expense captions. This update gives entities the ability to use estimates or other methods that produce a reasonable approximation of the amounts required to be disclosed. This update is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments shall be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements.	September 30, 2028	We plan to adopt this ASU, as required, during fiscal year 2028 with the first disclosure enhancements reflected in our 2028 fiscal year Form 10-K. We are currently evaluating the impact the new guidance may have on our consolidated financial statements and disclosures.

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Self-Insurance

We continue to use our captive insurance companies to insure the deductibles for our domestic workers’ compensation, general liability, automobile liability claims programs, and medical stop-loss program and to insure the deductibles from the Company's international casualty and property programs. Our operating subsidiaries are paying premiums to the Captives, typically on a monthly basis, for the estimated losses based on an external actuarial analysis. These premiums are currently held in a restricted cash account, resulting in a transfer of risk from our operating subsidiaries to the Captives. Direct operating costs primarily consisted of adjustments to accruals for estimated losses of $3.9 million and $3.5 million and rig and casualty insurance premiums of $10.5 million and $9.1 million during the three months ended December 31, 2024 and 2023, respectively. These operating costs were recorded within Drilling services operating expenses in our Unaudited Condensed Consolidated Statement of Operations. Intercompany premium revenues recorded by the Captives during the three months ended December 31, 2024 and 2023 amounted to $16.6 million and $15.2 million, respectively, which were eliminated upon consolidation. These intercompany insurance premiums are reflected as segment operating expenses within the North America Solutions, International Solutions, and Offshore Gulf of Mexico reportable operating segments and are reflected as intersegment sales within "Other." Our medical stop loss operating expenses for the three months ended December 31, 2024 and 2023 were $5.2 million and $4.1 million, respectively.

International Solutions Drilling Risks

International Solutions drilling operations may significantly contribute to our revenues and net operating income. There can be no assurance that we will be able to successfully conduct such operations, and a failure to do so may have an adverse effect on our financial position, results of operations, and cash flows. Also, the success of our International Solutions operations will be subject to numerous contingencies, some of which are beyond management’s control. These contingencies include general and regional economic conditions, geopolitical developments and tensions, war and uncertainty in oil-producing countries, fluctuations in currency exchange rates, modified exchange controls, changes in international regulatory requirements and international employment issues, risk of expropriation of real and personal property and the burden of complying with foreign laws. Additionally, in the event that extended labor strikes occur or a country experiences significant political, economic or social instability, we could experience shortages in labor and/or material and supplies necessary to operate some of our drilling rigs, thereby potentially causing an adverse material effect on our business, financial condition and results of operations.

We have also experienced certain risks specific to our Argentine operations. In Argentina, while our dayrate is denominated in U.S. dollars, we are paid the equivalent in Argentine pesos. The Argentine branch of one of our second-tier subsidiaries remits U.S. dollars to its U.S. parent by converting the Argentine pesos into U.S. dollars through the Argentine Foreign Exchange Market and repatriating the U.S. dollars. Argentina also has a history of implementing currency controls that restrict the conversion and repatriation of U.S. dollars. In September 2020, Argentina implemented additional currency controls in an effort to preserve Argentina's U.S. dollar reserves. As a result of these currency controls, our ability to remit funds from our Argentine subsidiary to its U.S. parent has been limited. In the past, the Argentine government has also instituted price controls on crude oil, diesel and gasoline prices and instituted an exchange rate freeze in connection with those prices. These price controls and an exchange rate freeze could be instituted again in the future. Further, there are additional concerns regarding Argentina's debt burden, notwithstanding Argentina's restructuring deal with international bondholders in August 2020, as Argentina attempts to manage its substantial sovereign debt issues. These concerns could further negatively impact Argentina's economy and adversely affect our Argentine operations. Argentina’s economy is considered highly inflationary, which is defined as cumulative inflation rates exceeding 100 percent in the most recent three-year period based on inflation data published by the respective governments.

All of our foreign subsidiaries use the U.S. dollar as the functional currency and local currency monetary assets and liabilities are remeasured into U.S. dollars with gains and losses resulting from foreign currency transactions included in current results of operations.

We recorded aggregate foreign currency losses of $0.9 million and $1.8 million for the three months ended December 31, 2024 and 2023, respectively. Following Argentina's devaluation of its peso relative to the U.S. dollar by approximately 55 percent in December 2023, the peso continued to depreciate during the calendar year 2024. In the future, we may incur larger currency devaluations, foreign exchange restrictions or other difficulties repatriating U.S. dollars from Argentina or elsewhere, which could have a material adverse impact on our business, financial condition and results of operations.

Because of the impact of local laws, our future operations in certain areas may be conducted through entities in which local citizens own interests and through entities (including joint ventures) in which we hold only a minority interest or pursuant to arrangements under which we conduct operations under contract to local entities. While we believe that neither operating through such entities nor pursuant to such arrangements would have a material adverse effect on our operations or revenues, there can be no assurance that we will in all cases be able to structure or restructure our operations to conform to local law (or the administration thereof) on terms acceptable to us.

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Although we attempt to minimize the potential impact of such risks by operating in more than one geographical area, during the three months ended December 31, 2024, approximately 7.2 percent of our operating revenues were generated from international locations compared to 8.2 percent during the three months ended December 31, 2023, respectively. During the three months ended December 31, 2024, approximately 71.3 percent of operating revenues from international locations were from operations in South America compared to 78.5 percent during the three months ended December 31, 2023, respectively. All of the South American operating revenues were from Argentina and Colombia. The future occurrence of one or more international events arising from the types of risks described above could have a material adverse impact on our business, financial condition and results of operations.

NOTE 3 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment as of December 31, 2024 and September 30, 2024 consisted of the following:


(in thousands)	Estimated Useful Lives	December 31, 2024		September 30, 2024
Drilling services equipment	4 - 15 years	$	6,713,200	$	6,671,975
Tubulars	4 years	539,876		552,773
Real estate properties	10 - 45 years	49,061		48,617
Other	2 - 23 years	465,604		460,857
Construction in progress1		132,367		106,183
		7,900,108		7,840,405
Accumulated depreciation		(4,890,748)		(4,824,128)
Property, plant and equipment, net		$	3,009,360	$	3,016,277

(1)Included in construction in progress are costs for projects in progress to upgrade or refurbish certain rigs in our existing fleet. Additionally, we include other advances for capital maintenance purchase-orders that are open/in process. As these various projects are completed, the costs are then classified to their appropriate useful life category.

Depreciation

Depreciation expense during the three months ended December 31, 2024 and 2023 was $97.0 million and $92.4 million, including abandonments of $0.7 million and $0.5 million, respectively. During the three months ended December 31, 2024, depreciation expense included $1.2 million of accelerated depreciation for components on rigs that are scheduled for conversion in fiscal year 2025 compared to $0.9 million in the three months ended December 31, 2023. These expenses are recorded within Depreciation and amortization on our Unaudited Condensed Consolidated Statements of Operations.

Gain on Reimbursement of Drilling Equipment

We recognized a gain of $9.4 million and $7.5 million during the three months ended December 31, 2024 and 2023, respectively, related to customer reimbursement for the current replacement value of lost or damaged drill pipe. Gains related to these asset sales are recorded in Gain on reimbursement of drilling equipment within our Unaudited Condensed Consolidated Statements of Operations.

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NOTE 4 GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of the purchase price over the fair values of the assets acquired and liabilities assumed in a business combination, at the date of acquisition. Goodwill is not amortized but is tested for potential impairment at the reporting unit level, at a minimum on an annual basis in the fourth fiscal quarter, or when indications of potential impairment exist. All of our goodwill is within our North America Solutions reportable segment.

During the three months ended December 31, 2024, there were no additions or impairments to goodwill. As of December 31, 2024 and September 30, 2024, the goodwill balance was $45.7 million.

Intangible Assets

Finite-lived intangible assets are amortized using the straight-line method over the period in which these assets contribute to our cash flows and are evaluated for impairment in accordance with our policies for valuation of long-lived assets. Our intangible assets are within our North America Solutions reportable segment and consist of the following:


		December 31, 2024						September 30, 2024
(in thousands)	Weighted Average Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Finite-lived intangible asset:
Developed technology	15 years	$	89,096	$	41,536	$	47,560	$	89,096	$	40,047	$	49,049
Intellectual property	13 years	2,000		702		1,298		2,000		662		1,338
Trade name	20 years	5,865		2,176		3,689		5,865		2,105		3,760
		$	96,961	$	44,414	$	52,547	$	96,961	$	42,814	$	54,147

Amortization expense in the Unaudited Condensed Consolidated Statements of Operations was $1.6 million for the three months ended December 31, 2024 and 2023, respectively.

NOTE 5 DEBT

As of December 31, 2024 and September 30, 2024, we had the following unsecured long-term debt outstanding with maturity shown in the following table:


	December 31, 2024						September 30, 2024
(in thousands)	Face Amount		Unamortized Discount and Debt Issuance Cost		Book Value		Face Amount		Unamortized Discount and Debt Issuance Cost		Book Value
Unsecured senior notes:

Due December 1, 2027	$	350,000	$	(3,066)	$	346,934	$	350,000	$	(2,907)	$	347,093
Due December 1, 2029	350,000		(3,932)		346,068		350,000		(3,703)		346,297
Due September 29, 2031	550,000		(4,112)		545,888		550,000		(4,262)		545,738
Due December 1, 2034	550,000		(7,216)		542,784		550,000		(6,946)		543,054
Long-term debt	$	1,800,000	$	(18,326)	$	1,781,674	$	1,800,000	$	(17,818)	$	1,782,182

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Senior Notes Issued in Fiscal Year 2024

On September 17, 2024, we completed a private offering of $1.25 billion aggregate principal amount of senior notes, comprised of the following tranches (collectively, the "Notes"): $350.0 million aggregate principal amount of 4.65 percent senior notes due 2027 issued at a price equal to 99.958 percent of their face value, $350.0 million aggregate principal amount of 4.85 percent senior notes due 2029 issued at a price equal to 99.883 percent of their face value and $550.0 million aggregate principal amount of 5.50 percent senior notes due 2034 issued at a price equal to 99.670 percent of their face value. Interest on the Notes is payable semi-annually on June 1 and December 1 of each year, commencing on June 1, 2025.

On January 16, 2025, H&P completed the Acquisition, and the Company used the net proceeds of the Notes, together with the proceeds of its term loan credit agreement (discussed below) and cash on hand, to finance the purchase price for the Acquisition, to repay or redeem certain of KCA Deutag’s outstanding indebtedness, and to pay related fees and expenses. For additional information regarding the completion of the Acquisition, refer to Note 14—Subsequent Events. The net proceeds reduced the commitments under the Company’s Bridge Loan Facility (discussed herein) for purposes of financing the Acquisition.

In connection with the issuance of the Notes, the Company also entered into a registration rights agreement, dated as of September 17, 2024 (the "Registration Rights Agreement'), with the initial purchasers of the Notes named therein. Under the Registration Rights Agreement, the Company agreed, among other things, to: (i) file a registration statement (the “Exchange Offer Registration Statement”) with the SEC to register an offer to exchange each series of the Notes for freely tradable notes having terms identical in all material respects to each such series of Notes (the “Registered Exchange Offer”); (ii) use commercially reasonable efforts to cause the Exchange Offer Registration Statement to become effective under the Securities Act not later than the later of (x) the 30th day following the Company’s filing of a Current Report on Form 8-K or an amendment thereto including the financial statements of KCA Deutag and pro forma financial information related to the Company’s acquisition of KCA Deutag required by Items 9.01(a) and 9.01(b) of Form 8-K (the “KCA Deutag Financials Form 8-K”) and (y) June 16, 2025; and (iii) use commercially reasonable efforts to cause the Registered Exchange Offer to be completed not later than the later of (x) the 60th day following the Company’s filing of the KCA Deutag Financials Form 8-K and (y) July 14, 2025 (the “Exchange Offer Closing Deadline”), subject to certain limitations.

If, among other events, the Registered Exchange Offer is not completed by the Exchange Offer Closing Deadline, then special additional interest will accrue in an amount equal to 0.25 percent per annum of the principal amount of the Notes, from and including the date on which such default shall occur to but excluding the date on which such default is cured.

The indenture governing the Notes contains certain covenants that, among other things, limit the ability of the Company and its subsidiaries to incur certain liens; engage in sale and lease-back transactions; and consolidate, merge or transfer all or substantially all of the assets of the Company. The indenture governing the Notes also contains customary events of default with respect to the Notes.

Senior Notes Issued in Fiscal Year 2021

On September 29, 2021, we issued $550.0 million aggregate principal amount of the 2.90 percent senior notes due 2031 ("the 2031 Notes") in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. Interest on the 2031 Notes is payable semi-annually on March 29 and September 29 of each year, commencing on March 29, 2022.

In June 2022, we settled a registered exchange offer (the “2022 Registered Exchange Offer”) to exchange the 2031 Notes for new, SEC-registered notes that are substantially identical to the terms of the 2031 Notes, except that the offer and issuance of the new notes have been registered under the Securities Act and certain transfer restrictions, registration rights and additional interest provisions relating to the 2031 Notes do not apply to the new notes. All of the 2031 Notes were exchanged in the Registered Exchange Offer.

The indenture governing the 2031 Notes contains certain covenants that, among other things and subject to certain exceptions, limit the ability of the Company and its subsidiaries to incur certain liens; engage in sale and lease-back transactions; and consolidate, merge or transfer all or substantially all of the assets of the Company. The indenture governing the 2031 Notes also contains customary events of default with respect to the 2031 Notes.

Term Loan Credit Agreement

On August 14, 2024, the Company entered into a unsecured term loan credit agreement (the "Term Loan Credit Agreement"), dated as of August 14, 2024, among the Company, Morgan Stanley Senior Funding, Inc. (“MSSF”) as administrative agent, and the other lenders party thereto. Under the Term Loan Credit Agreement, the Company may obtain unsecured term loans in a single delayed draw in an aggregate principal amount up to $400.0 million, which reduced the commitments under the Company's Bridge Loan Facility (discussed herein) for purposes of financing the Acquisition. The Term Loan Credit Agreement matures at the two-year anniversary of the funding of the term loans unless earlier terminated pursuant to the terms of the Term Loan Credit Agreement.

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The benchmark rate is the Secured Overnight Financing Rate ("SOFR"). We can elect to borrow at either an adjusted SOFR rate or an adjusted base rate, plus an applicable margin. The adjusted SOFR rate is the forward-looking term rate based on SOFR for the applicable tenor of one, three, or six months, plus 0.10 percent per annum. The adjusted base rate is a fluctuating rate per annum equal to the highest of (i) the administrative agent's prime rate, (ii) the federal funds effective rate plus 0.50 percent, or (iii) the one-month adjusted SOFR rate plus 1.0 percent. We also pay a commitment fee on the unused balance of the facility. Borrowing spreads as well as commitment fees are determined based on the debt rating for senior unsecured debt of the Company, as determined by Moody’s and Standard & Poor’s. The applicable margin for SOFR borrowings and adjusted base rate borrowings ranges from 1.0 percent to 1.625 percent per annum and zero to 0.625 percent per annum, respectively. Commitment fees for both rates range from 0.10 percent to 0.250 percent per annum. Based on the unsecured debt rating of the Company on December 31, 2024, the spread over SOFR would have been 1.375 percent had borrowings been outstanding under the Term Loan Credit Agreement and commitment fees would have been 0.175 percent.

The funding of the term loans had not occurred as of December 31, 2024. On January 16, 2025, H&P completed the Acquisition, and the Company used the proceeds from the Term Loan Credit Agreement, together with the net proceeds from the sale of the Notes and cash on hand, to finance the purchase price for the Acquisition, to repay or redeem certain of KCA Deutag's outstanding indebtedness, and to pay related fees and expenses. For additional information regarding the completion of the Acquisition, refer to Note 14—Subsequent Events.

Bridge Loan Facility

In connection with, and concurrently with the entry into, the Purchase Agreement, the Company entered into a debt commitment letter dated July 25, 2024 with MSSF, pursuant to which MSSF committed, subject to satisfaction of standard conditions, to provide the Company with an unsecured 364-day bridge loan facility in an aggregate principal amount of approximately $2.0 billion (the “Bridge Loan Facility”) the proceeds of which would, if drawn, be used to fund the Acquisition. In connection with the Bridge Loan Facility, the Company incurred approximately $10.6 million in commitment fees during the fiscal year ended September 30, 2024. Due to the execution of the other financing arrangements discussed above, the commitments under the Bridge Loan Facility were reduced to $335.3 million as of September 30, 2024. As a result, we recognized approximately $9.2 million of commitment fees within Interest expense on the Consolidated Statement of Operations during fiscal year 2024. As of September 30, 2024, approximately $1.4 million in commitment fees were deferred and included in Prepaid assets and other, net within the Consolidated Balance Sheet. On October 15, 2024, the remaining commitments under the Bridge Loan Facility were reduced such that there were no remaining commitments available, and the Bridge Loan Facility was automatically terminated in accordance with its terms. Upon termination of the facility, we recognized the remaining $1.4 million of commitment fees within Interest expense on the Unaudited Condensed Consolidated Statement of Operations during the three months ended December 31, 2024.

Revolving Credit Facility

On August 14, 2024, the Company entered into an Amended and Restated Credit Agreement (the "Amended Credit Facility") with the lenders party thereto (the "Revolving Credit Agreement Lenders"), the issuing lenders party thereto and Wells Fargo, National Association ("Wells Fargo") as administrative agent, swing line lender and issuing lender, which amended and restated the Credit Agreement, dated as of November 13, 2018 (as amended through Amendment No. 2 to the Credit Agreement dated as of March 8, 2022, the “Existing Credit Agreement”), among the Company, the lenders party thereto and Wells Fargo, as administrative agent, swing line lender and issuing lender.

Under the terms of the Amended Credit Facility, the Company may obtain unsecured revolving loans in an aggregate principal amount not to exceed $950.0 million outstanding at any time (the “Revolving Credit Facility”). $775.0 million of the revolving commitments under the Amended Credit Facility expire on November 12, 2028 and $175.0 million of the revolving commitments mature on November 10, 2027 (the “Stated Maturity Date”), but the Company may request two one-year extensions of the Stated Maturity Date, subject to satisfaction of certain conditions. Commitments under the Amended Credit Facility may be increased by up to $100.0 million, subject to the agreement of the Company and new or existing Revolving Credit Agreement Lenders.

The proceeds of the loans made under the Amended Credit Facility may be used by the Company for (i) working capital and other general corporate purposes, (ii) for the payment of fees and expenses related to the entering into of the Amended Credit Facility and the other credit documents and (iii) for the refinancing of the extensions of credit under the Existing Credit Agreement.

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The benchmark rate is the SOFR. We can elect to borrow at either an adjusted SOFR rate or an adjusted base rate, plus an applicable margin. The adjusted SOFR rate is the forward-looking term rate based on SOFR for the applicable tenor of one, three, or six months, plus 0.10 percent per annum. The adjusted base rate is a fluctuating rate per annum equal to the highest of (i) the administrative agent's prime rate, (ii) the federal funds effective rate plus 0.50 percent, or (iii) the one-month adjusted SOFR rate plus 1.0 percent. We also pay a commitment fee on the unused balance of the facility. Borrowing spreads as well as commitment fees are determined based on the debt rating for senior unsecured debt of the Company, as determined by Moody’s and Standard & Poor’s. The applicable margin for SOFR borrowings and adjusted base rate borrowings ranges from 0.875 percent to 1.500 percent per annum and zero to 0.50 percent per annum, respectively. Commitment fees for both rates range from 0.075 percent to 0.200 percent per annum. Based on the unsecured debt rating of the Company on December 31, 2024, the spread over SOFR would have been 1.250 percent had borrowings been outstanding under the Amended Credit Facility and commitment fees would have been 0.150 percent. There is a financial covenant in the Amended Credit Facility that requires us to maintain a total funded debt to total capitalization ratio of less than or equal to 55.0 percent. The Amended Credit Facility contains additional terms, conditions, restrictions and covenants that we believe are usual and customary in unsecured debt arrangements for companies of similar size and credit quality, including a limitation that priority debt (as defined in the credit agreement) may not exceed 17.5 percent of the net worth of the Company. As of December 31, 2024, there were no borrowings or letters of credit outstanding, leaving $950.0 million available to borrow under the Amended Credit Facility.

As of December 31, 2024, we had $160.0 million in uncommitted bilateral credit facilities, for the purpose of obtaining the issuance of international letters of credit, bank guarantees, and performance bonds. Of the $160.0 million, $47.2 million was outstanding as of December 31, 2024. Separately, we had $5.0 million in standby letters of credit and bank guarantees outstanding. In total, we had $52.2 million outstanding as of December 31, 2024.

The applicable agreements for all unsecured debt contain additional terms, conditions and restrictions that we believe are usual and customary in unsecured debt arrangements for companies that are similar in size and credit quality. At December 31, 2024, we were in compliance with all debt covenants.

NOTE 6 INCOME TAXES

We use an estimated annual effective tax rate for purposes of determining the income tax provision during interim reporting periods. In calculating our estimated annual effective tax rate, we consider forecasted annual pre-tax income and estimated permanent book versus tax differences. Adjustments to the effective tax rate and estimates could occur during the year as information and assumptions change which could include, but are not limited to, changes to the forecasted amounts, estimates of permanent book versus tax differences, and changes to tax laws and rates.

Our income tax expense from continuing operations for the three months ended December 31, 2024 and 2023 was $21.6 million and $30.1 million, respectively, resulting in effective tax rates of 28.3 percent and 24.0 percent, respectively. Effective tax rates differ from the U.S. federal statutory rate of 21.0 percent for the three months ended December 31, 2024 and 2023 primarily due to state and foreign income taxes, permanent non-deductible items, and discrete adjustments. The discrete adjustments for the three months ended December 31, 2024 and 2023 are primarily due to tax expense (benefit) related to equity compensation of $0.7 million and $(0.9) million, respectively.

As of December 31, 2024, we have recorded unrecognized tax benefits and related interest and penalties of approximately $0.6 million. We cannot predict with certainty if we will achieve ultimate resolution of any additional uncertain tax positions associated with our U.S. and international operations resulting in any additional material increases or decreases of our unrecognized tax benefits for the next twelve months.

NOTE 7 SHAREHOLDERS’ EQUITY

The Company has an evergreen authorization from the Board of Directors ("the Board") for the repurchase of up to four million common shares in any calendar year. The repurchases are made using our cash and cash equivalents or other available sources and are held as treasury shares on our Unaudited Condensed Consolidated Balance Sheets. We did not make any share repurchases during the three months ended December 31, 2024. We repurchased 1.3 million common shares at an aggregate cost of $47.7 million, including excise tax of $0.3 million during the three months ended December 31, 2023.

A cash dividend of $0.25 per share was declared on December 11, 2024 for shareholders of record on February 14, 2025, payable on February 28, 2025. As a result, we recorded a Dividend payable of $25.2 million on our Unaudited Condensed Consolidated Balance Sheet as of December 31, 2024.

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Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss were as follows:


	December 31,		September 30,
(in thousands)	2024		2024
Pre-tax amounts:
Unrealized pension actuarial loss	$	(7,563)	$	(7,632)
Unrealized loss on available-for-sale debt security	(262)		(662)
	$	(7,825)	$	(8,294)
After-tax amounts:
Unrealized pension actuarial loss	$	(5,784)	$	(5,838)
Unrealized loss on available-for-sale debt security	(203)		(512)
	$	(5,987)	$	(6,350)

Fluctuations in pension actuarial gains and losses are primarily due to changes in the discount rate and investment returns related to the defined benefit pension plan.

Investments classified as available-for-sale debt securities are reported at fair value with unrealized gains and losses excluded from net income and reported in other comprehensive income.

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, for the three months ended December 31, 2024:


	Three Months Ended December 31, 2024
(in thousands)	Unrealized Loss on Available-for-Sale Securities		Defined Benefit Pension Plan		Total
Balance at beginning of period	$	(512)	$	(5,838)	$	(6,350)
Other comprehensive income before reclassifications	309		—		309
Amounts reclassified from accumulated other comprehensive loss	—		54		54
Net current-period other comprehensive income	309		54		363
Balance at December 31	$	(203)	$	(5,784)	$	(5,987)

NOTE 8 REVENUE FROM CONTRACTS WITH CUSTOMERS

Drilling Services Revenue

The majority of our drilling services are performed on a “daywork” contract basis, under which we charge a rate per day, with the price determined by the location, depth and complexity of the well to be drilled, operating conditions, the duration of the contract, and the competitive forces of the market. These drilling services, including our technology solutions, represent a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. Because our customers benefit equally throughout the service period and our efforts in providing drilling services are incurred relatively evenly over the period of performance, revenue is recognized over time using a time-based input measure as we provide services to the customer. For any contracts that include a provision for pooled term days at contract inception, followed by the assignment of days to specific rigs throughout the contract term, we have elected, as a practical expedient, to recognize revenue in the amount for which the entity has a right to invoice, as permitted by ASC 606.

Performance-based contracts are contracts pursuant to which we are compensated partly based upon our performance against a mutually agreed upon set of predetermined targets. These types of contracts are relatively new to the industry and typically have a lower base dayrate, but give us the opportunity to receive additional compensation by meeting or exceeding certain performance targets agreed to by our customers. The variable consideration that we expect to receive is estimated at the most likely amount, and constrained to an amount such that it is probable a significant reversal of revenue previously recognized will not occur based on the performance targets. Total revenue recognized from performance contracts, including performance bonuses, was $305.8 million and $298.2 million, of which $16.9 million and $15.2 million was related to performance bonuses recognized due to the achievement of performance targets during the three months ended December 31, 2024 and 2023, respectively.

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Contracts generally contain renewal or extension provisions exercisable at the option of the customer at prices mutually agreeable to us and the customer. For contracts that are terminated by customers prior to the expiration of their fixed terms, contractual provisions customarily require early termination amounts to be paid to us. Revenues from early terminated contracts are recognized when all contractual requirements have been met. During the three months ended December 31, 2024 and 2023, early termination revenue associated with term contracts was $1.4 million and $5.4 million, respectively.

Contract Costs

As of December 31, 2024 and September 30, 2024, we had capitalized fulfillment costs of $29.9 million and $19.2 million, respectively.

Remaining Performance Obligations

The total aggregate transaction price allocated to the unsatisfied performance obligations, commonly referred to as backlog, as of December 31, 2024 was approximately $1.5 billion, of which approximately $0.8 billion is expected to be recognized during the remainder of fiscal year 2025, approximately $0.7 billion during fiscal year 2026 and thereafter. These amounts do not include anticipated contract renewals or expected performance bonuses as part of its calculation. Additionally, contracts that currently contain month-to-month terms are represented in our backlog as one month of unsatisfied performance obligations. Our contracts are subject to cancellation or modification at the election of the customer; however, due to the level of capital deployed by our customers on underlying projects, we have not been materially adversely affected by contract cancellations or modifications in the past.

Contract Assets and Liabilities

The following tables summarize the balances of our contract assets (net of allowance for estimated credit losses) and liabilities at the dates indicated:


(in thousands)	December 31, 2024		September 30, 2024
Contract assets, net	$	4,439	$	4,563


(in thousands)	December 31, 2024
Contract liabilities balance at September 30, 2024	$	29,052
Payment received/accrued and deferred	23,594
Revenue recognized during the period	(14,905)
Contract liabilities balance at December 31, 2024	$	37,741

NOTE 9 ACQUISITION TRANSACTION COSTS

During the three months ended December 31, 2024, we recognized approximately $10.5 million in acquisition transaction costs associated with the Acquisition. These non-recurring costs are primarily related to third-party legal, consulting and advisory services and are included in Acquisition transaction costs on the Unaudited Condensed Consolidated Statements of Operations.

NOTE 10 EARNINGS PER COMMON SHARE

ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents as a separate class of securities in calculating earnings per share. We have granted and expect to continue to grant to employees restricted stock grants that contain non-forfeitable rights to dividends. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Basic earnings per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented.

Diluted earnings per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options, non-vested restricted stock and performance units.

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested restricted stock grants that receive dividends, which are considered participating securities.

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The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended December 31,
(in thousands, except per share amounts)	2024		2023
Numerator:
Net income	$	54,772	$	95,173

Adjustment for basic earnings per share
Earnings allocated to unvested shareholders	(760)		(1,248)
Numerator for basic earnings per share	54,012		93,925

Adjustment for diluted earnings per share
Effect of reallocating undistributed earnings of unvested shareholders	1		2
Numerator for diluted earnings per share	$	54,013	$	93,927

Denominator:
Denominator for basic earnings per share - weighted-average shares	98,867		99,143
Effect of dilutive shares from restricted stock and performance share units	292		485
Denominator for diluted earnings per share - adjusted weighted-average shares	99,159		99,628

Basic earnings per common share:	$	0.55	$	0.95

Diluted earnings per common share:	$	0.54	$	0.94

The following potentially dilutive average shares attributable to outstanding equity awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:


	Three Months Ended December 31,
(in thousands, except per share amounts)	2024		2023
Potentially dilutive shares excluded as anti-dilutive	2,341		2,601
Weighted-average price per share	$	54.91	$	57.21

NOTE 11 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

We have certain assets and liabilities that are required to be measured and disclosed at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use the following fair value hierarchy established in ASC 820-10 to measure fair value to prioritize the inputs:

•Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

•Level 2 — Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

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Fair Value Measurements

The following tables summarize our financial assets and liabilities measured at fair value and indicate the level in the fair value hierarchy in which we classify the fair value measurement as of the dates indicated below:


	December 31, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Money market mutual funds	$	72,305	$	72,305	$	—	$	—
Corporate and municipal debt securities	26,234		—		26,234		—
U.S. government and federal agency securities	36,778		36,778		—		—
Total	135,317		109,083		26,234		—

Long-term Investments:
Recurring fair value measurements:
Equity securities:
Non-qualified supplemental savings plan	16,275		16,275		—		—
Investment in Tamboran	19,810		19,810		—		—
Debt securities:
Investment in Galileo, net	27,499		—		—		27,499
Geothermal debt securities, net	2,000		—		—		2,000
Other debt securities	4,988		4,738		—		250
Total	70,572		40,823		—		29,749

As of December 31, 2024, our equity security investments in geothermal energy were $26.2 million, of which $0.5 million was measured at fair value as of December 31, 2024. The remaining $25.7 million is measured at cost, less any impairments. Our other equity security investments totaled $4.6 million and our debt security investments in held to maturity bonds totaled $0.2 million. These investments are measured at cost, less any impairments.


	September 30, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Corporate debt securities	$	33,813	$	—	$	33,813	$	—
U.S. government and federal agency securities	53,490		53,490		—		—
Investment in ADNOC Drilling	205,616		205,616		—		—
Total	292,919		259,106		33,813		—

Long-term investments:
Recurring fair value measurements:
Equity securities:
Non-qualified supplemental savings plan	15,633		15,633		—		—
Investment in Tamboran	20,958		20,958		—		—
Debt securities:
Investment in Galileo, net	27,044		—		—		27,044
Geothermal debt securities, net	2,000		—		—		2,000
Other debt securities	4,588		4,338		—		250
Total	70,223		40,929		—		29,294

As of September 30, 2024, our equity security investments in geothermal energy were $25.8 million, of which $0.1 million was measured at fair value as of September 30, 2024. The remaining $25.7 million is measured at cost, less any impairments. Our other equity security investments totaled $4.3 million and our debt security investments in held to maturity bonds totaled $0.3 million. These investments are measured at cost, less any impairments.

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Recurring Fair Value Measurements

Short-term Investments

Short-term investments primarily include securities classified as trading securities. Both realized and unrealized gains and losses on trading securities are included in Other income (expense) in the Unaudited Condensed Consolidated Statements of Operations. These securities are recorded at fair value. Level 1 inputs include U.S. agency issued debt securities with active markets and money market funds. For these items, quoted current market prices are readily available. Level 2 inputs include corporate and municipal bonds measured using broker quotations that utilize observable market inputs.

During September 2021, the Company made a $100.0 million cornerstone investment in ADNOC Drilling in advance of its announced initial public offering, representing 159.7 million shares of ADNOC Drilling, equivalent to a one percent ownership stake and subject to a three-year lockup period. ADNOC Drilling’s initial public offering was completed on October 3, 2021, and its shares are listed and traded on the Abu Dhabi Securities Exchange. During September 2024, the three-year lockup period expired and the balance was reclassified to Short-term investments on our Unaudited Condensed Consolidated Balance Sheet.

During the three months ended December 31, 2024, we sold our equity securities of 159.7 million shares in ADNOC Drilling and received net proceeds of approximately $193.3 million. During the three months ended December 31, 2024, we recognized a loss of $12.4 million on our Unaudited Condensed Consolidated Statements of Operations, related to this investment, of which $8.4 million is associated with the change in the fair value of the investment and $4.0 million relates to transaction fees associated with the sale of the securities. During the three months ended December 31, 2023, we recognized a loss of $10.4 million on our Unaudited Condensed Consolidated Statements of Operations as a result of the change in fair value of the investment. This investment was classified as a Level 1 investment based on the quoted stock price on the Abu Dhabi Securities Exchange, and was measured at fair value with any losses recorded within Loss on investment securities on our Unaudited Condensed Consolidated Statements of Operations.

Long-term Investments

Equity Securities Our long-term investments include debt and equity securities and assets held in a Non-Qualified Supplemental Savings Plan ("Savings Plan") and are recorded within Investments on our Unaudited Condensed Consolidated Balance Sheets. Our assets that we hold in the Savings Plan are comprised of mutual funds that are measured using Level 1 inputs.

Equity Securities with Fair Value Option In October 2022, we made a $14.1 million equity investment, representing 106.0 million common shares in Tamboran Resources. In December 2023, all shares of Tamboran Resources were transferred to Tamboran Corp. in exchange for depository interests in Tamboran Corp. Depository interests, referred to as CHESS Depository Interests, each representing beneficial interests of 1/200th of a share of Tamboran Corp. common stock, are listed on the Australian Stock Exchange under the ticker symbol "TBN." Tamboran Corp. is focused on developing a natural gas resource in Australia's Beetaloo Sub-basin.

On June 4, 2024, the Company entered into a convertible note agreement with Tamboran Corp. This note was utilized to relieve Tamboran's outstanding accounts receivable balance owed to the Company, and therefore no cash was exchanged as part of the transaction. The convertible note agreement provided that the notes converted into shares of common stock of Tamboran Corp. under certain circumstances in connection with an initial public offering in which its stock was listed on the New York Stock Exchange ("NYSE") or NASDAQ Stock Exchange. On June 26, 2024, Tamboran Corp. completed an initial public offering of its common stock on the NYSE and its common stock is listed on the NYSE, under the ticker "TBN". As a result of this offering, the convertible note of $9.4 million was converted into 0.5 million common shares in Tamboran Corp. Our investment is classified as a long-term equity investment within Investments on our Unaudited Condensed Consolidated Balance Sheets and measured at fair value with any gains or losses recognized through net income and recorded within Loss on investment securities on our Unaudited Condensed Consolidated Statements of Operations. Our shares received in this initial public offering were subject to a 180-day lockup period.

We believe we have a significant influence, but not control or joint control over the investee, due to several factors, including our ownership percentage, operational involvement and role on the investee's board of directors. As of December 31, 2024, our combined equity ownership was approximately 7.2 percent representing 1.0 million common shares in Tamboran Corp. We consider this investment to have a readily determinable fair value and have elected to account for this investment using the fair value option with any changes in fair value recognized through net income. Under the guidance, Topic 820, Fair Value Measurement, this investment is classified as a Level 1 investment based on the quoted stock price which is publicly available. During the three months ended December 31, 2024 and 2023, we recognized a gain (loss) of $(1.1) million and $6.3 million, respectively, recorded within Loss on investment securities on our Unaudited Condensed Consolidated Statements of Operations, as a result of the change in fair value of the investment.

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Debt Securities During April 2022, the Company made a $33.0 million cornerstone investment in Galileo Holdco 2 Limited Technologies ("Galileo Holdco 2"), part of the group of companies known as Galileo Technologies (“Galileo”) in the form of notes with an option to convert into common shares of the parent of Galileo Holdco 2 ("Galileo parent"). Galileo specializes in liquification, natural gas compression and re-gasification modular systems and technologies to make the production, transportation, and consumption of natural gas, biomethane, and hydrogen more economically viable. The convertible note bears interest at 5.0 percent per annum with a maturity date of the earlier of April 2027 or an exit event (as defined in the agreement as either an initial public offering or a sale of Galileo). During the fiscal year ended September 30, 2023, our convertible note agreement was amended to include any interest which has accrued but not yet compounded or issued as a note. As a result, we include accrued interest in our total investment balance. We do not intend to sell this investment prior to its maturity date or an exit event.

As of December 31, 2024 and September 30, 2024, our net debt security investment in Galileo was $27.5 million and $27.0 million, respectively.

The significant unobservable inputs related to the valuation of our debt security investment with Galileo are subject to change based on changes in economic and market conditions. The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. Significant increases or decreases in the discount rate, risk-free rate, and equity volatility in isolation would result in a significantly lower or higher fair value measurement. It is not possible for us to predict the effect of future economic or market conditions on our estimated fair values. During the three months ended December 31, 2024, there were no changes to the Level 3 unobservable significant inputs.

A majority of our long-term debt securities, including our investment in Galileo, are classified as available-for-sale and are measured using Level 3 unobservable inputs based on the absence of market activity. The following table reconciles changes in the fair value of our Level 3 assets for the periods presented below:


	Three Months Ended December 31,
(in thousands)	2024		2023
Assets at beginning of period	$	29,294	$	37,440

Accrued interest	455		433
Total losses:
Included in earnings	—		(5)
Assets at end of period	$	29,749	$	37,868

Nonrecurring Fair Value Measurements

We have certain assets that are subject to measurement at fair value on a nonrecurring basis. For these nonfinancial assets, measurement at fair value in periods subsequent to their initial recognition is applicable if they are determined to be impaired. These assets generally include property, plant and equipment, goodwill, intangible assets, and operating lease right-of-use assets. If measured at fair value in the Unaudited Condensed Consolidated Balance Sheets, these would generally be classified within Level 2 or 3 of the fair value hierarchy. Further details on any changes in valuation of these assets is provided in their respective footnotes.

Equity Securities

We also hold various other equity securities without readily determinable fair values, primarily comprised of geothermal investments. These equity securities are initially measured at cost, less any impairments, and will be marked to fair value once observable changes in identical or similar investments from the same issuer occur. All of our long-term equity securities are measured using Level 3 unobservable inputs based on the absence of market activity.

The following table reconciles changes in the balance of our equity securities, without readily determinable fair values, including investments that have been marked to fair value on a nonrecurring basis, for the periods presented below:


	Three Months Ended December 31,
(in millions)	2024		2023
Assets at beginning of period	$	30,090	$	28,232
Purchases	646		291
Total gains:
Included in earnings	109		—
Assets at end of period	$	30,845	$	28,523

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Other Financial Instruments

The carrying amount of cash and cash equivalents and restricted cash approximates fair value due to the short-term nature of these items. The majority of cash equivalents are invested in highly liquid money-market mutual funds invested primarily in direct or indirect obligations of the U.S. Government and in federally insured deposit accounts. The carrying value of accounts receivable, other current and noncurrent assets, accounts payable, accrued liabilities and other liabilities approximated fair value at December 31, 2024 and September 30, 2024.

The following information presents the supplemental fair value information for our long-term fixed-rate debt at December 31, 2024 and September 30, 2024:


	December 31,	September 30,
(in millions)	2024	2024
Long-term debt, net
Carrying value	1,781.7	1,782.2
Fair value	1,666.5	1,702.9

The fair values of the long-term fixed-rate debt is based on broker quotes at December 31, 2024 and September 30, 2024. The notes are classified within Level 2 of the fair value hierarchy as they are not actively traded in markets.

NOTE 12 COMMITMENTS AND CONTINGENCIES

Purchase Commitments

Equipment, parts, and supplies are ordered in advance to promote efficient construction and capital improvement progress. At December 31, 2024, we had purchase commitments for equipment, parts and supplies of approximately $129.6 million.

Guarantee Arrangements

We are contingently liable to sureties in respect of bonds issued by the sureties in connection with certain commitments entered into by us in the normal course of business. We have agreed to indemnify the sureties for any payments made by them in respect of such bonds.

Contingencies

During the ordinary course of our business, contingencies arise resulting from an existing condition, situation or set of circumstances involving an uncertainty as to the realization of a possible gain or loss contingency. We account for gain contingencies in accordance with the provisions of ASC 450, Contingencies, and, therefore, we do not record gain contingencies or recognize income until realized. The property and equipment of our Venezuelan subsidiary was seized by the Venezuelan government on June 30, 2010. Our wholly-owned subsidiaries, Helmerich & Payne International Drilling Co. ("HPIDC"), and Helmerich & Payne de Venezuela, C.A. filed a lawsuit in the United States District Court for the District of Columbia on September 23, 2011 against the Bolivarian Republic of Venezuela, Petroleos de Venezuela, S.A. and PDVSA Petroleo, S.A., seeking damages for the seizure of their Venezuelan drilling business in violation of international law and for breach of contract. While there exists the possibility of realizing a recovery on HPIDC's expropriation claims, we are currently unable to determine the timing or amounts we may receive, if any, or the likelihood of recovery.

The Company and its subsidiaries are parties to various other pending legal actions arising in the ordinary course of our business. We maintain insurance against certain business risks subject to certain deductibles. Although no assurance can be given, we believe, based on our experiences to date and taking into account established reserves and insurance, that the ultimate resolution of such items will not have a material adverse impact on our financial condition, cash flows, or results of operations. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose contingencies where an adverse outcome may be material, or in the judgment of management, we conclude the matter should otherwise be disclosed.

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NOTE 13 BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION

Description of the Business

We are a performance-driven drilling solutions and technologies company based in Tulsa, Oklahoma with operations in all major U.S. onshore oil and gas producing basins as well as South America, the Middle East and Australia. Our drilling operations consist mainly of contracting Company-owned drilling equipment primarily to large oil and gas exploration companies. We believe we are the recognized industry leader in drilling as well as technological innovation. We focus on offering our customers an integrated solutions-based approach by combining proprietary rig technology, automation software, and digital expertise into our rig operations rather than a product-based offering, such as a rig or separate technology package. Our drilling services operations are organized into the following reportable operating business segments: North America Solutions, International Solutions, and Offshore Gulf of Mexico.

Each reportable operating segment is a strategic business unit that is managed separately, and consolidated revenues and expenses reflect the elimination of all material intercompany transactions. Our real estate operations and our wholly-owned captive insurance companies are included in "Other." External revenues included in “Other” primarily consist of rental income.

Segment Performance

We evaluate segment performance based on income, segment operating income (loss) before income taxes which includes:

•Revenues from external and internal customers

•Direct operating costs

•Depreciation and amortization

•Research and development

•Allocated general and administrative expenses

but excludes acquisition transaction costs, gain on reimbursement of drilling equipment, other gain (loss) on sale of assets, corporate selling, general and administrative costs, and corporate depreciation.

General and administrative costs are allocated to the segments based primarily on specific identification and, to the extent that such identification is not practical, other methods may be used which we believe to be a reasonable reflection of the utilization of services provided.

Summarized financial information of our reportable segments for the three months ended December 31, 2024 and 2023 is shown in the following tables:


	Three Months Ended December 31, 2024
(in thousands)	North America Solutions		International Solutions		Offshore Gulf of Mexico		Other		Eliminations		Total
External sales	$	597,923	$	47,480	$	29,210	$	2,689	$	—	$	677,302
Intersegment	222		—		—		16,593		(16,815)		—
Total sales	598,145		47,480		29,210		19,282		(16,815)		677,302

Segment operating income (loss)	$	151,994	$	(15,170)	$	3,505	$	774	$	102	$	141,205


	Three Months Ended December 31, 2023
(in thousands)	North America Solutions		International Solutions		Offshore Gulf of Mexico		Other		Eliminations		Total
External sales	$	594,282	$	54,752	$	25,531	$	2,582	$	—	$	677,147
Intersegment	—		—		—		15,226		(15,226)		—
Total sales	594,282		54,752		25,531		17,808		(15,226)		677,147

Segment operating income (loss)	$	144,490	$	5,423	$	3,052	$	(67)	$	334	$	153,232

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The following table reconciles segment operating income per the tables above to income before income taxes as reported on the Unaudited Condensed Consolidated Statements of Operations:


	Three Months Ended December 31,
(in thousands)	2024		2023
Segment operating income	$	141,205	$	153,232
Acquisition transaction costs	(10,535)		—
Gain on reimbursement of drilling equipment	9,403		7,494
Other gain (loss) on sale of assets	(1,673)		2,443
Corporate selling, general and administrative costs and corporate depreciation	(48,417)		(39,701)
Operating income	89,983		123,468
Other income (expense)
Interest and dividend income	21,741		10,734
Interest expense	(22,298)		(4,372)
Loss on investment securities	(13,367)		(4,034)


Other	360		(543)
Total unallocated amounts	(13,564)		1,785
Income before income taxes	$	76,419	$	125,253

The following table reconciles segment total assets to total assets as reported on the Unaudited Condensed Consolidated Balance Sheets:


(in thousands)	December 31, 2024		September 30, 2024
Total assets1
North America Solutions	$	3,102,356	$	3,225,410
International Solutions	806,521		685,833
Offshore Gulf of Mexico	69,542		73,119
Other	163,659		157,877
	4,142,078		4,142,239
Investments and corporate operations	1,674,543		1,639,659
	$	5,816,621	$	5,781,898

(1)Assets by segment exclude investments in subsidiaries and intersegment activity.

The following table presents revenues from external customers by country based on the location of service provided:


	Three Months Ended December 31,
(in thousands)	2024		2023
Operating revenues
United States	$	628,680	$	621,617
Argentina	34,660		35,876
Bahrain	4,848		4,497
Australia	4,757		4,312
Saudi Arabia	3,231		—
Colombia	—		7,703
United Arab Emirates	—		2,365
Other foreign	1,126		777
Total	$	677,302	$	677,147

Refer to Note 8—Revenue from Contracts with Customers for additional information regarding the recognition of revenue.

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NOTE 14 SUBSEQUENT EVENTS

On January 16, 2025 (the “Closing Date”), H&P completed the Acquisition of KCA Deutag pursuant to the Purchase Agreement. H&P paid aggregate cash consideration of approximately $2.0 billion, which consisted of the share purchase price of $0.9 billion and $1.1 billion which was used to contemporaneously repay or redeem certain of KCA Deutag existing debt, including, as applicable, the payment of all accrued and unpaid interest, premiums, and fees. Of the $0.9 billion, approximately $80.0 million was deposited into a customary escrow on the Closing Date pending the resolution of certain potential tax obligations of KCA Deutag. On the Closing Date, the Company drew an aggregate principal amount of $400.0 million under the Term Loan Credit Agreement for purposes of financing the Acquisition as further described in Note 5—Debt. The cash consideration was funded through a combination of net proceeds from the Company’s September 2024 senior notes offering, net proceeds from the funding of the Company’s Term Loan Credit Agreement, cash on hand, and monetization of our investment in ADNOC Drilling.

The $1.1 billion repayment or redemption of certain KCA Deutag existing debt consisted of (a) the redemption in full of all of (i) KCA Deutag UK Finance PLC’s outstanding $500 million aggregate principal amount of 9.875% Senior Secured Notes due 2025, (ii) KCA Deutag UK Finance PLC’s outstanding $250 million aggregate principal amount of Senior Secured Floating Rate Notes due 2025 and (iii) KCA Deutag PIKCO PLC’s outstanding $272.2 million aggregate principal amount (which includes approximately $72.2 million of accrued and capitalized interest) of 15.0%/17.5% Payment-In-Kind Notes due 2027, and (b) the repayment of all of the (i) approximately $50 million of outstanding borrowings under KCA Deutag’s Senior Secured Guarantee and Revolving Credit Facilities provided by Barclays Bank plc and (ii) approximately $50 million of outstanding borrowings under KCA Deutag’s Senior Secured Revolving Credit Facilities provided by Deutsche Bank AG, in each case including, as applicable, the payment of all accrued and unpaid interest, premiums and fees in connection with each such redemption or repayment.

To date, the initial accounting for the Acquisition is incomplete. Due to the limited time since the Closing Date, it is impracticable for the Company to include business combination disclosures related to the Acquisition. The Company is still gathering the necessary information to provide such disclosures in future filings.

Effective January 16, 2025, and as a result of the Acquisition, the naming convention for one of our reportable segments changed from Offshore Gulf of Mexico to Offshore Solutions.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q (“Form 10‑Q”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included in this Form 10-Q are forward-looking statements. Forward-looking statements may be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “predict,” “project,” “target,” “continue,” or the negative thereof or similar terminology, and such statements include, but are not limited to, statements regarding the Acquisition (as defined herein) and the anticipated benefits; and impact of such transaction, the timing and terms of recommencement of suspended rigs related to the Acquisition, our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions, many of which are beyond our control and any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. The inclusion of such statements should not be regarded as a representation that such plans, estimates, or expectations will be achieved.

Factors that could cause actual results to differ materially from those expressed in or implied by such forward-looking statements include, but are not limited to:

•our ability to achieve the strategic and other objectives relating to the Acquisition;

•the risk that we are unable to integrate KCA Deutag International Limited's ("KCA Deutag") operations in a successful manner and in the expected time period;

•the volatility of future oil and natural gas prices;

•contracting of our rigs and actions by current or potential customers;

•the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries (“OPEC”) and other oil producing nations (together, “OPEC+”) with respect to production levels or other matters related to the prices of oil and natural gas;

•changes in future levels of drilling activity and capital expenditures by our customers, whether as a result of global capital markets and liquidity, changes in prices of oil and natural gas or otherwise, which may cause us to idle or stack additional rigs, or increase our capital expenditures and the construction, upgrade or acquisition of rigs;

•the impact and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic;

•changes in worldwide rig supply and demand, competition, or technology;

•possible cancellation, suspension, renegotiation or termination (with or without cause) of our contracts as a result of general or industry-specific economic conditions, mechanical difficulties, performance or other reasons;

•expansion and growth of our business and operations;

•our belief that the final outcome of our legal proceedings will not materially affect our financial results;

•the impact of federal, state and foreign legislative and regulatory actions and policies, affecting our costs and increasing operating restrictions or delay and other adverse impacts on our business;

•environmental or other liabilities, risks, damages or losses, whether related to storms or hurricanes (including wreckage or debris removal), collisions, grounding, blowouts, fires, explosions, other accidents, terrorism or otherwise, for which insurance coverage and contractual indemnities may be insufficient, unenforceable or otherwise unavailable;

•the impact of geopolitical developments and tensions, war and uncertainty involving or in the geographic region of oil-producing countries (including the ongoing armed conflicts between Russia and Ukraine and conflicts in Israel, and any related political or economic responses and counter-responses or otherwise by various global actors or the general effect on the global economy);

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•global economic conditions, such as a general slowdown in the global economy, supply chain disruptions, inflationary pressures, currency fluctuations, and instability of financial institutions, and their impact on the Company;

•our financial condition and liquidity;

•tax matters, including our effective tax rates, tax positions, results of audits, changes in tax laws, treaties and regulations, tax assessments and liabilities for taxes;

•the occurrence of security incidents, including breaches of security, or other attack, destruction, alteration, corruption, or unauthorized access to our information technology systems or destruction, loss, alteration, corruption or misuse or unauthorized disclosure of or access to data;

•potential impacts on our business resulting from climate change, greenhouse gas regulations, and the impact of climate change related changes in the frequency and severity of weather patterns;

•potential long-lived asset impairments; and

•our sustainability strategy, including expectations, plans, or goals related to corporate responsibility, sustainability and environmental matters, and any related reputational risks as a result of execution of this strategy.

Additional factors that could cause actual results to differ materially from our expectations or results discussed in the forward‑looking statements are disclosed in our 2024 Annual Report on Form 10‑K under Part I, Item 1A— “Risk Factors” and Item 7— “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” All subsequent written and oral forward‑looking statements, express or implied, are expressly qualified in their entirety by such cautionary statements.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Because of the underlying risks and uncertainties, we caution you against placing undue reliance on these forward-looking statements. We assume no duty to update or revise these forward‑looking statements based on changes in internal estimates, expectations or otherwise, except as required by law.

Executive Summary

H&P through its operating subsidiaries provides performance-driven drilling solutions and technologies that are intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies. As of December 31, 2024, our drilling rig fleet included a total of 262 drilling rigs. Our reportable operating business segments consist of the North America Solutions segment with 225 rigs, the International Solutions segment with 30 rigs, and the Offshore Gulf of Mexico segment with seven offshore platform rigs as of December 31, 2024. At the close of the first quarter of fiscal year 2025, we had 171 active contracted rigs, of which 103 were under a fixed-term contract and 68 were working well-to-well, compared to 170 contracted rigs at September 30, 2024. Our long-term strategy remains focused on innovation, technology, safety, operational excellence, and reliability. As we move forward, we believe that our rig fleet, technology offerings, financial strength, contract backlog and strong customer and employee base position us very well to respond to continued cyclical and often times, volatile market conditions and to take advantage of future opportunities.

Market Outlook

Our revenues are primarily derived from the capital expenditures of companies involved in the exploration, development and production of crude oil and natural gas (“E&Ps”). Generally, the level of capital expenditures is dictated by capital budgets set to achieve respective production targets in relation to current and expected future prices of crude oil and natural gas, which are determined by various supply and demand factors and have historically been volatile. Furthermore, E&Ps have become more fiscally disciplined in their level of capital expenditures relative to commodity price fluctuations, which has resulted in less volatility within the oilfield service businesses, including our operations.

Based upon the current conducive pricing environment for crude oil and natural gas and the capital budgets established by our customers for calendar year 2025 and their desires to at least maintain current production levels, we expect the level of capital spending and activity in calendar year 2025 to be similar to that experienced in calendar year 2024. The overall demand for super-spec rigs in the U.S. remains relatively strong and while some readily available idle super-spec capacity exists in the market, it is not to a level that has materially impacted pricing as it could be quickly reabsorbed into the market. This supply-demand dynamic combined with the value proposition we provide our customers through our drilling expertise, high-quality FlexRig® fleet, and automation technology remains constructive for our underlying contract economics.

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With regard to our North America Solutions segment, we believe the supply and demand dynamics surrounding our North America Solutions segment remain constructive for future activity and pricing levels. As such, during fiscal year 2025, we expect our rig activity to remain relatively stable absent any significant changes to commodity prices. The Company also intends to maintain its strategy around employing a fiscally prudent approach to deploying capital and prioritizing economic margins over rig utilization to remain intact.

Collectively, our other business segments, Offshore Gulf of Mexico and International Solutions, are exposed to the same macro commodity price environment affecting our North America Solutions segment; however, activity levels in the International Solutions segment are also subject to other various geopolitical and financial factors specific to the countries of our operations. During fiscal 2025, our operational presence in certain international markets, primarily the Middle East and the offshore management contract business, is expected to increase substantially due to the completion of the Acquisition. With the closing of the Acquisition, the Company's International Solutions segment contracted rig count is expected to increase to approximately 89 rigs from 20 contracted rigs as of December 31, 2024. Included in the contracted rigs acquired as part of the Acquisition are 12 rigs that have either temporarily suspended operations or been notified to suspend operations in Saudi Arabia due to a customer's desire to reduce their level of capital expenditures. The suspension of the operations of these rigs is expected to have an adverse impact on our International Solutions segment's operating results during fiscal 2025. Given the nature of these suspensions, we expect these rigs to re-commence operations during fiscal 2026, however, we have no assurances that such activity will occur on the anniversaries of the notices to suspend. Similarly, our Offshore Gulf of Mexico reportable segment, to be re-named Offshore Solutions subsequent to the Acquisition, is expected to increase its active management contract and rig count to approximately 37 from six as of December 31 ,2024. Current expectations are for activity and pricing in the International Solutions and Offshore Gulf of Mexico (Offshore Solutions) reportable segments to remain relatively stable post the completion of the Acquisition.

Recent Developments

International Revenue Contracts

In February 2024, the Company finalized the contractual terms with Saudi Aramco for a seven super-spec FlexRig® tender award for work in the Kingdom of Saudi Arabia. The rigs are being sourced from our idle super-spec rigs in the U.S., converted to walking configurations, and further equipped to suit contractual specifications. During the year ended September 30, 2024, we began mobilizing five super-spec rigs to the Kingdom of Saudi Arabia, while the remaining rigs mobilized during the three months ended December 31, 2024. We commenced operations in the first quarter of fiscal 2025.

KCA Deutag Acquisition

Contract Backlog

As of December 31, 2024 and September 30, 2024, our contract drilling backlog, being the expected future dayrate revenue from executed contracts, was $1.5 billion. These amounts do not include anticipated contract renewals or expected performance bonuses. Approximately 50.6 percent of the December 31, 2024 total backlog is reasonably expected to be fulfilled in fiscal year 2025.

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The following table sets forth the total backlog by reportable segment as of December 31, 2024 and September 30, 2024, and the percentage of the December 31, 2024 backlog reasonably expected to be fulfilled in fiscal year 2025:


(in billions)	December 31, 2024		September 30, 2024		Percentage Reasonably Expected to be Fulfilled in Fiscal Year 2025
North America Solutions	$	0.7	$	0.7	78.8	%
International Solutions	0.8		0.8		26.9
Offshore Gulf of Mexico	—		—		—
	$	1.5	$	1.5

The early termination of a contract may result in a rig being idle for an extended period of time, which could adversely affect our financial condition, results of operations and cash flows. In some limited circumstances, such as sustained unacceptable performance by us, no early termination payment would be paid to us. Early terminations could cause the actual amount of revenue earned to vary from the backlog reported. See Item 1A—"Risk Factors—Our current backlog of drilling services and solutions revenue may decline and may not be ultimately realized as fixed‑term contracts and may, in certain instances, be terminated without an early termination payment” and Item 1A—Risk Factors—"The impact and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic, could have a material adverse effect on our business, financial condition and results of operations. within our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), regarding fixed term contract risk.

Results of Operations for the Three Months Ended December 31, 2024 and 2023

Consolidated Results of Operations

Net Income We reported income of $54.8 million ($0.54 per diluted share) for the three months ended December 31, 2024 compared to income of $95.2 million ($0.94 per diluted share) for the three months ended December 31, 2023.

Operating Revenue Consolidated operating revenues were $677.3 million and $677.1 million for the three months ended December 31, 2024 and 2023, respectively.

Direct Operating Expenses, Excluding Depreciation and Amortization Direct operating expenses were $413.0 million and $404.4 million for the three months ended December 31, 2024 and 2023, respectively. The increase was primarily driven by start-up costs associated with our commencement of operations in Saudi Arabia.

Selling, General and Administrative Expense Selling, general and administrative expenses increased to $63.1 million during the three months ended December 31, 2024 compared to $56.6 million during the three months ended December 31, 2023. The increase was primarily due to a $3.3 million increase in labor and labor-related expenses and a $3.1 million increase in IT related expenses.

Acquisition Transaction Costs During the three months ended December 31, 2024, we recognized approximately $10.5 million in acquisition transaction costs associated with the acquisition of KCA Deutag. These non-recurring costs are primarily related to third-party legal, consulting and advisory services. See Note 9—Acquisition Transaction Costs for additional details related to the Acquisition.

Interest Expense Interest expenses were $22.3 million and $4.4 million for the three months ended December 31, 2024 and 2023, respectively. The increase was primarily driven by accrued interest associated with our September 2024 senior notes offering. See Note 5—Debt for additional details related to our debt agreements.

Loss on Investment Securities During the three months ended December 31, 2024, we recognized an aggregate loss of $13.4 million on investment securities. The aggregate loss is mainly comprised of a $12.4 million loss on our sale of equity securities in ADNOC Drilling, of which $8.4 million is associated with the change in the fair value of the investment and $4.0 million relates to transaction fees associated with the sale of the securities. Additionally, during the three months ended December 31, 2024, we recognized a $1.1 million loss on our equity investment in Tamboran Corp. as a result of a decrease in the fair market value of the stock. During the three months ended December 31, 2023, we recognized an aggregate loss of $4.0 million on investment securities. The loss was mainly comprised of a $10.4 million loss on our equity investment in ADNOC Drilling, partially offset against a $6.3 million gain on our investment in Tamboran Corp.; both of which were a result of fluctuations in the fair market value of the stocks.

Income Taxes We recorded income tax expense of $21.6 million for the three months ended December 31, 2024 (which includes a discrete tax expense of $0.7 million related to equity compensation) compared to income tax expense of $30.1 million (which includes a discrete tax benefit of $0.9 million related to equity compensation) for the three months ended December 31, 2023. Our statutory federal income tax rate for fiscal year 2025 is 21.0 percent (before incremental state and foreign taxes).

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North America Solutions


	Three Months Ended December 31,
(in thousands, except operating statistics)	2024		2023		% Change
Operating revenues	$	598,145	$	594,282	0.7	%
Direct operating expenses	332,602		338,208		(1.7)
Depreciation and amortization	88,336		87,019		1.5
Research and development	9,440		8,689		8.6
Selling, general and administrative expense	15,773		15,876		(0.6)

Segment operating income	$	151,994	$	144,490	5.2

Financial Data and Other Operating Statistics1:
Direct margin (Non-GAAP)2	$	265,543	$	256,074	3.7
Revenue days3	13,708		13,711		—
Average active rigs4	149		149		—
Number of active rigs at the end of period5	148		151		(2.0)
Number of available rigs at the end of period	225		233		(3.4)
Reimbursements of "out-of-pocket" expenses	$	68,426	$	69,728	(1.9)

(1)These operating metrics and financial data, including average active rigs, are provided to allow investors to analyze the various components of segment financial results in terms of activity, utilization and other key results. Management uses these metrics to analyze historical segment financial results and as the key inputs for forecasting and budgeting segment financial results.

(2)Direct margin, which is considered a non-GAAP metric, is defined as operating revenues less direct operating expenses and is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See — Non-GAAP Measurements below for a reconciliation of segment operating income (loss) to direct margin.

(3)Defined as the number of contractual days we recognized revenue for during the period.

(4)Active rigs generate revenue for the Company; accordingly, 'average active rigs' represents the average number of rigs generating revenue during the applicable time period. This metric is calculated by dividing revenue days by total days in the applicable period (i.e., 92 days).

(5)Defined as the number of rigs generating revenue at the applicable end date of the time period.

Operating Revenues Operating revenues were $598.1 million and $594.3 million in the three months ended December 31, 2024 and 2023, respectively. The increase in operating revenue was primarily due to higher average pricing levels.

Direct Operating Expenses Direct operating expenses decreased to $332.6 million during the three months ended December 31, 2024 as compared to $338.2 million during the three months ended December 31, 2023. This decrease was primarily driven by a decrease in per revenue day labor and materials and supplies expense.

Depreciation and Amortization Expense Depreciation and amortization expense increased $1.3 million to $88.3 million during the three months ended December 31, 2024 as compared to $87.0 million during the three months ended December 31, 2023. The increase is reflective of higher capital expenditures over the last several years.

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International Solutions


	Three Months Ended December 31,
(in thousands, except operating statistics)	2024		2023		% Change
Operating revenues	$	47,480	$	54,752	(13.3)	%
Direct operating expenses	55,114		44,519		23.8
Depreciation	4,828		2,334		106.9
Selling, general and administrative expense	2,708		2,476		9.4


Segment operating income (loss)	$	(15,170)	$	5,423	(379.7)

Financial Data and Other Operating Statistics1:
Direct margin (Non-GAAP)2	$	(7,634)	$	10,233	(174.6)
Revenue days3	1,689		1,173		44.0
Average active rigs4	18		13		38.5
Number of active rigs at the end of period5	20		12		66.7
Number of available rigs at the end of period	30		22		36.4
Reimbursements of "out-of-pocket" expenses	$	2,119	$	3,384	(37.4)

(3)Defined as the number of contractual days we recognized revenue for during the period.

(5)Defined as the number of rigs generating revenue at the applicable end date of the time period.

Operating Revenues Operating revenues were $47.5 million and $54.8 million in the three months ended December 31, 2024 and 2023, respectively. The $7.3 million decrease in operating revenues was primarily due to no revenue producing activities in Colombia and United Arab Emirates partially offset by the commencement of operations in Saudi Arabia during three months ended December 31, 2024.

Direct Operating Expenses Direct operating expenses increased to $55.1 million during the three months ended December 31, 2024 as compared to $44.5 million during the three months ended December 31, 2023. This increase was primarily driven by start-up costs associated with our commencement of operations in Saudi Arabia.

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Offshore Gulf of Mexico


	Three Months Ended December 31,
(in thousands, except operating statistics)	2024		2023		% Change
Operating revenues	$	29,210	$	25,531	14.4	%
Direct operating expenses	22,661		19,579		15.7
Depreciation	1,980		2,068		(4.3)
Selling, general and administrative expense	1,064		832		27.9

Segment operating income	$	3,505	$	3,052	14.8

Financial Data and Other Operating Statistics1:
Direct margin (Non-GAAP)2	$	6,549	$	5,952	10.0
Revenue days3	276		289		(4.5)
Average active rigs4	3		3		—
Number of active rigs at the end of period5	3		3		—
Number of available rigs at the end of period	7		7		—
Reimbursements of "out-of-pocket" expenses	$	7,225	$	7,827	(7.7)

(3)Defined as the number of contractual days we recognized revenue for during the period.

(5)Defined as the number of rigs generating revenue at the applicable end date of the time period.

Operating Revenues Operating revenues were $29.2 million and $25.5 million in the three months ended December 31, 2024 and 2023, respectively. The $3.7 million increase in operating revenue was primarily due to higher pricing levels.

Direct Operating Expenses Direct operating expenses increased to $22.7 million during the three months ended December 31, 2024 as compared to $19.6 million during the three months ended December 31, 2023. This increase was primarily driven by a $3.1 million increase in labor and labor-related expenses.

Other Operations

Results of our other operations, excluding corporate selling, general and administrative costs, and corporate depreciation, are as follows:


	Three Months Ended December 31,
(in thousands)	2024		2023		% Change
Operating revenues	$	19,282	$	17,808	8.3	%
Direct operating expenses	17,737		17,089		3.8
Depreciation	402		472		(14.8)

Selling, general and administrative expense	369		314		17.5

Operating income (loss)	$	774	$	(67)	1,255.2

Operating Revenues We continue to use our Captive insurance companies to insure the deductibles for our domestic workers’ compensation, general liability, automobile liability claims programs, and medical stop-loss program and to insure the deductibles from the Company's international casualty and rig property programs. Operating revenues of $19.3 million and $17.8 million during the three months ended December 31, 2024 and 2023, respectively, primarily consisted of $16.6 million and $15.2 million, respectively, in intercompany premium revenues recorded by the Captives. These revenues were eliminated upon consolidation.

Direct Operating Expenses Direct operating expenses of $17.7 million and $17.1 million during the three months ended December 31, 2024 and 2023, respectively, primarily consisted of $3.9 million and $3.5 million, respectively, in adjustments to accruals for estimated losses allocated to the Captives, rig and casualty insurance premiums of $10.5 million and $9.1 million, respectively, and medical stop loss expenses of $5.2 million and $4.1 million, respectively. The change to accruals for estimated losses was primarily due to actuarial valuation adjustments by our third-party actuary.

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Liquidity and Capital Resources

Sources of Liquidity

Our sources of available liquidity include existing cash balances on hand, cash flows from operations, and availability under the Amended Credit Facility. Our liquidity requirements include meeting ongoing working capital needs, funding our capital expenditure projects, paying dividends declared, repaying our outstanding indebtedness, and funding the pending acquisition of KCA Deutag. Historically, we have financed operations primarily through internally generated cash flows. During periods when internally generated cash flows are not sufficient to meet liquidity needs, we may utilize cash on hand, borrow from available credit sources, access capital markets or sell our investments. Likewise, if we are generating excess cash flows or have cash balances on hand beyond our near-term needs, we may return cash to shareholders through dividends or share repurchases, or we may invest in highly rated short-term money market and debt securities. These investments can include U.S. Treasury securities, U.S. Agency issued debt securities, highly rated corporate bonds and commercial paper, certificates of deposit and money market funds. However, in some international locations we may make short-term investments that are less conservative, as equivalent highly rated investments are unavailable. See—Note 2—Summary of Significant Accounting Policies, Related Risks and Uncertainties—International Solutions Drilling Risks.

We may seek to access the debt and equity capital markets from time to time to raise additional capital, increase liquidity as necessary, fund our additional purchases, exchange or redeem senior notes, or repay any amounts under the Amended Credit Facility. Our ability to access the debt and equity capital markets depends on a number of factors, including our credit rating, market and industry conditions and market perceptions of our industry, general economic conditions, our revenue backlog and our capital expenditure commitments.

Cash Flows

Our cash flows fluctuate depending on a number of factors, including, among others, the number of our drilling rigs under contract, the revenue we receive under those contracts, the efficiency with which we operate our drilling rigs, the timing of collections on outstanding accounts receivable, the timing of payments to our vendors for operating costs, and capital expenditures. As our revenues increase, net working capital is typically a use of capital, while conversely, as our revenues decrease, net working capital is typically a source of capital.

Net working capital (defined as current assets less current liabilities) was $789.1 million and $745.1 million as of December 31, 2024 and September 30, 2024, respectively.

As of December 31, 2024, we had cash and cash equivalents of $391.2 million, restricted cash of $1.3 billion and short-term investments of $135.3 million. Our cash flows for the three months ended December 31, 2024, and 2023 are presented below:


	Three Months Ended December 31,
(in thousands)	2024		2023
Net cash provided by (used in):
Operating activities	$	158,358	$	174,798
Investing activities	52,651		(113,067)
Financing activities	(33,150)		(98,728)
Net increase (decrease) in cash and cash equivalents and restricted cash	$	177,859	$	(36,997)

Operating Activities

Cash flows provided by operating activities were approximately $158.4 million and $174.8 million for the three months ended December 31, 2024 and 2023, respectively. The change in cash provided by operating activities is primarily driven by start-up costs associated with our commencement of our operations in Saudi Arabia.

Investing Activities

Capital Expenditures Our capital expenditures during the three months ended December 31, 2024 were $106.5 million compared to $136.4 million during the three months ended December 31, 2023. The decrease in capital expenditures is driven by the timing of procurement associated with equipment overhauls and certain long-term projects including skidding to walking rig conversions.

Net Sales of Short-Term Investments Our net sales of short-term investments during the three months ended December 31, 2024 were $147.0 million compared to net sales of $11.7 million during the three months ended December 31, 2023. The change in activity is primarily driven by $193.3 million of net proceeds received from the liquidation of shares in ADNOC Drilling and our ongoing liquidity management.

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Sale of Assets Our proceeds from asset sales during the three months ended December 31, 2024 were $12.1 million compared to proceeds of $11.9 million during the three months ended December 31, 2023. The increase in proceeds is mainly driven by higher rig activity which drives higher reimbursement from customers for lost or damaged drill pipe and other used drilling equipment.

Financing Activities

Dividends We paid a cash dividend of $0.25 per share during the three months ended December 31, 2024. Comparatively, during the three months ended December 31, 2023, we paid cash dividends of $0.42 per share, comprising of a base cash dividend of $0.25 and a supplemental cash dividend of $0.17. Total dividends paid were $25.0 million and $42.3 million during the three months ended December 31, 2024 and 2023, respectively.

Repurchase of Shares The Company has an evergreen authorization from the Board of Directors for the repurchase of up to four million common shares in any calendar year. The repurchases are made using our cash and cash equivalents or other available sources and are held as treasury shares on our Unaudited Condensed Consolidated Balance Sheets. We did not make any share repurchases during the three months ended December 31, 2024. We repurchased 1.3 million common shares at an aggregate cost of $47.7 million, including excise tax of $0.3 million during the three months ended December 31, 2023.

Senior Notes Issued in Fiscal Year 2024

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Senior Notes Issued in Fiscal Year 2021

Term Loan Credit Agreement

Revolving Credit Facility

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Future Cash Requirements

Our operating cash requirements, scheduled debt repayments, interest payments, any declared dividends, and estimated capital expenditures for fiscal year 2025 are expected to be funded through current cash and cash to be provided from operating activities. However, there can be no assurance that we will continue to generate cash flows at current levels. If needed, we may decide to obtain additional funding from our $950.0 million Amended Credit Facility. As of December 31, 2024, our indebtedness under our unsecured senior notes totaled $1.8 billion and comprised with the following maturities: $350.0 million due December 2027, $350.0 million due December 2029, $550.0 million due September 2031, and $550.0 million due December 2034.

As of December 31, 2024, we had a $485.7 million deferred tax liability on our Unaudited Condensed Consolidated Balance Sheets, primarily related to temporary differences between the financial and income tax basis of property, plant and equipment. Our capital expenditures over the last several years have been subject to accelerated depreciation methods (including bonus depreciation) available under the Internal Revenue Code of 1986, as amended, enabling us to defer a portion of cash tax payments to future years. Future levels of capital expenditures and results of operations will determine the timing and amount of future cash tax payments. We expect to be able to meet any such obligations utilizing cash and investments on hand, as well as cash generated from ongoing operations.

As of December 31, 2024, we have recorded unrecognized tax benefits and related interest and penalties of approximately $0.6 million.

Subsequent to December 31, 2024, we drew $400.0 million from the Term Loan Credit Agreement and the Company used the proceeds from the Term Loan Credit Agreement, together with the net proceeds from the sale of the Notes and cash on hand, to finance the purchase price for the Acquisition, to repay or redeem certain of KCA Deutag's outstanding indebtedness, and to pay related fees and expenses. We utilized approximately $2.0 billion of cash, cash equivalents, and restricted cash to finance the purchase price for the Acquisition, to repay or redeem certain of KCA Deutag’s outstanding indebtedness, and to pay related fees and expenses. For additional information regarding the completion of the Acquisition, refer to Note 14—Subsequent Events. .

Material Commitments

Material commitments as reported in our 2024 Annual Report on Form 10-K have not changed significantly as of December 31, 2024, other than those disclosed in Note 12—Commitments and Contingencies to the Unaudited Condensed Consolidated Financial Statements.

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Critical Accounting Policies and Estimates

Our accounting policies and estimates that are critical or the most important to understand our financial condition and results of operations, and that require management to make the most difficult judgments, are described in our 2024 Annual Report on Form 10-K. There have been no material changes in these critical accounting policies and estimates.

Recently Issued Accounting Standards

See Note 2—Summary of Significant Accounting Policies, Related Risks and Uncertainties to the Unaudited Condensed Consolidated Financial Statements for new accounting standards not yet adopted.

Non-GAAP Measurements

Direct Margin

Direct margin is considered a non-GAAP metric. We define "Direct margin" as operating revenues less direct operating expenses. Direct margin is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. Direct margin is not a substitute for financial measures prepared in accordance with U.S. GAAP and should therefore be considered only as supplemental to such U.S. GAAP financial measures.

The following table reconciles direct margin to segment operating income (loss), which we believe is the financial measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to direct margin.


	Three Months Ended
	December 31,		December 31,
(in thousands)	2024		2023
NORTH AMERICA SOLUTIONS
Segment operating income	$	151,994	$	144,490
Add back:
Depreciation and amortization	88,336		87,019
Research and development	9,440		8,689
Selling, general and administrative expense	15,773		15,876
Direct margin (Non-GAAP)	$	265,543	$	256,074

INTERNATIONAL SOLUTIONS
Segment operating income (loss)	$	(15,170)	$	5,423
Add back:
Depreciation and amortization	4,828		2,334

Selling, general and administrative expense	2,708		2,476
Direct margin (Non-GAAP)	$	(7,634)	$	10,233

OFFSHORE GULF OF MEXICO
Segment operating income	$	3,505	$	3,052
Add back:
Depreciation and amortization	1,980		2,068

Selling, general and administrative expense	1,064		832
Direct margin (Non-GAAP)	$	6,549	$	5,952

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For a description of our market risks, see the following:

•Note 2—Summary of Significant Accounting Policies, Related Risks and Uncertainties to the Unaudited Condensed Consolidated Financial Statements contained in Item 1 of Part I hereof with regard to foreign currency exchange rate risk which is incorporated herein by reference;

•Note 5—Debt to the Unaudited Condensed Consolidated Financial Statements contained in Item 1 of Part I hereof with regard to interest rate risk which is incorporated herein by reference;

•Note 11—Fair Value Measurement of Financial Instruments to the Unaudited Condensed Consolidated Financial Statements contained in Item 1 of Part I hereof with regard to equity price risk which is incorporated herein by reference; and

•“Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Annual Report on Form 10-K filed with the SEC on November 13, 2024.

ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, an evaluation was performed with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of December 31, 2024 at ensuring that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There have been no material changes in our internal controls over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 12—Commitments and Contingencies to the Unaudited Condensed Consolidated Financial Statements for information regarding our legal proceedings.

ITEM 1A. RISK FACTORS

There have been no material changes in the risk factors previously disclosed in Part I, Item 1A— “Risk Factors” in our 2024 Annual Report on Form 10-K.

ITEM 5. OTHER INFORMATION

On December 26, 2024, Michael Lennox, Senior Vice President, Americas Operations of Helmerich & Payne International Drilling Co., adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 30,400 shares of Company common stock between March 27, 2025 and December 5, 2025, subject to certain conditions, 8,400 of which shares are to be acquired upon the exercise of employee stock options.

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ITEM 6. EXHIBITS

The following documents are included as exhibits to this Form 10-Q. Those exhibits below that are incorporated herein by reference are indicated as such by the information supplied in the parenthetical thereafter. If no parenthetical appears after an exhibit, the exhibit is filed or furnished herewith.


Exhibit Number			Description

3.1			Amended and Restated Certificate of Incorporation of Helmerich & Payne, Inc. (incorporated herein by reference to Exhibit 3.1 of the Company’s Form 8‑K filed on March 14, 2012, SEC File No. 001‑04221).
3.2			Amended and Restated By‑L aws of Helmerich & Payne, Inc. (incorporated herein by reference to Exhibit 3.1 of the Company's Form 8-K filed on September 12, 2024, SEC File No. 001-04221).
10.1			Deed of Amendment, dated December 20, 2024, to the Sale and Purchase Agreement, dated July 25, 2024, among Helmerich & Payne, Inc., the Majority Sellers named therein, the Management Seller named therein, Ocorian Limited, HP Global Holdings Limited and KCA Deutag International Limited (incorporated herein by reference to Exhibit 2.2 of the Company’s Form 8-K filed on January 16, 2025, SEC File No. 001-04221).
10.2			Form of Annual Three-Year Performance-Vested Restricted Share Unit Award Agreement for the Helmerich & Payne, Inc. 2024 Omnibus Incentive Plan.
10.3			Form of Standard Three-Year Performance-Vested Restricted Share Unit Award Agreement for the Helmerich & Payne, Inc. 2024 Omnibus Incentive Plan.
10.4			Form of Restricted Stock Award Agreement for the Helmerich & Payne, Inc. 2024 Omnibus Incentive Plan applicable to employees.
31.1			Certification of Chief Executive Officer, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of Chief Financial Officer, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32			Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101			Financial statements from the quarterly report on Form 10-Q of Helmerich & Payne, Inc. for the quarter ended December 31, 2024, filed on February 5, 2025, formatted in Inline Extensive Business Reporting Language (XBRL): (i) the Unaudited Condensed Consolidated Balance Sheets, (ii) the Unaudited Condensed Consolidated Statements of Operations, (iii) the Unaudited Condensed Consolidated Statements of Comprehensive Income, (iv) the Unaudited Condensed Consolidated Statements of Shareholders’ Equity, (v) the Unaudited Condensed Consolidated Statements of Cash Flows and (vi) the Notes to Unaudited Condensed Consolidated Financial Statements.
104			Cover Page Interactive Date File (formatted as Inline XBRL and contained in Exhibit 101).

Q1 FY25 FORM 10-Q | 40

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		HELMERICH & PAYNE, INC.
		(Registrant)

Date:	February 5, 2025	By:	/S/ JOHN W. LINDSAY
			John W. Lindsay Director, President and Chief Executive Officer

Date:	February 5, 2025	By:	/S/ J. KEVIN VANN
			J. Kevin Vann Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Q1 FY25 FORM 10-Q | 41

HELMERICH & PAYNE, INC.

2024 OMNIBUS INCENTIVE PLAN

ANNUAL THREE-YEAR PERFORMANCE-VESTED

RESTRICTED SHARE UNIT AWARD AGREEMENT

Participant Name:

Date of Grant:

Number of Awarded Restricted Share Units:

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ANNUAL THREE-YEAR PERFORMANCE-VESTED

RESTRICTED SHARE UNIT AWARD AGREEMENT

UNDER THE HELMERICH & PAYNE, INC.

2024 OMNIBUS INCENTIVE PLAN

THIS ANNUAL THREE-YEAR PERFORMANCE-VESTED RESTRICTED SHARE UNIT AWARD AGREEMENT (this “Award Agreement”), is made as of the grant date (the “Date of Grant”) set forth on the cover page of this Award Agreement (the “Cover Page”) at Tulsa, Oklahoma by and between the participant named on the Cover Page (the “Participant”) and Helmerich & Payne, Inc. (the “Company”).

W I T N E S S E T H:

WHEREAS, the Participant is an employee of the Company or an Affiliate or Subsidiary of the Company, and it is important to the Company that the Participant be encouraged to remain in the employ of the Company or its Affiliate or Subsidiary and to contribute to the success of the Company; and

WHEREAS, in recognition of such facts, the Company desires to provide to the Participant an opportunity to receive Common Shares of the Company, as hereinafter provided, pursuant to the Helmerich & Payne, Inc. 2024 Omnibus Incentive Plan (the “Plan”), a copy of which has been provided to the Participant; and

WHEREAS, any capitalized terms used but not defined herein have the same meanings given them in the Plan.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the Participant and the Company hereby agree as follows:

Section 1. Grant of Annual Three-Year Performance-Vested Restricted Share Unit Award. The Company hereby grants to the Participant an award (the “Award”) of [[•] ([•])] Restricted Share Units (the “Awarded RSUs”) set forth on the Cover Page, under and subject to the terms and conditions of this Award Agreement and the Plan, which is incorporated herein by reference and made a part hereof for all purposes. The Awarded RSUs shall be divided into the three tranches set out below (each, an “Annual Tranche”), with each Annual Tranche being subject to the applicable one-year Performance Cycle (as further described in Schedule I).

•[•] Awarded RSUs, which shall be subject to the First One-Year Performance Cycle (as defined in Schedule I) (the “First Tranche”);

•[•] Awarded RSUs, which shall be subject to the Second One-Year Performance Cycle (as defined in Schedule I) (the “Second Tranche”); and

•[•] Awarded RSUs, which shall be subject to the Third One-Year Performance Cycle (as defined in Schedule I) (the “Third Tranche”).

For purposes of this Award, the Awarded RSUs that separately relate to each of the First Tranche, Second Tranche and Third Tranche are referred to as the “Subject RSUs”.

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Section 2. Vesting of the Award. Vesting determinations shall be made separately with respect to the Subject RSUs that relate to each of the First Tranche, Second Tranche and Third Tranche. The number of such Subject RSUs that are eligible to vest hereunder shall be based on the extent to which the applicable Performance Goal, as described in the attached Schedule I, is achieved pursuant to the vesting schedule set forth therein. If (a) at least a level of “Threshold Performance” is attained with respect to such Performance Goal that is applicable to such Subject RSUs, and (b) the Participant remains continuously employed by the Company or an Affiliate or Subsidiary of the Company from the Date of Grant through the end of the “Three-Year Performance Period” (the three-year period ending December 31, 20[•]), then vesting of the applicable number of the Subject RSUs shall occur (as determined pursuant to Section 3 below), and the forfeiture restrictions applicable to such number of Subject RSUs shall terminate. Subject to Section 9, any Subject RSUs that do not vest with respect to any Annual Tranche shall be forfeited by the Participant.

Section 3. Certification of Performance; Effect of Certification of Performance on Vesting. Subject to the provisions of Section 2 and Section 9, as soon as reasonably practicable following the close of each Performance Cycle, but not later than 30 days thereafter, the Committee shall determine and certify in writing (a) the extent to which the applicable Performance Goal, as described in the attached Schedule I, is attained, and (b) if at least the level of “Threshold Performance” is attained with respect to such Performance Goal, the corresponding number of Subject RSUs that shall vest or remain eligible to vest, as applicable, pursuant to the vesting schedule set forth in the attached Schedule I, it being understood that the determinations and certifications made by the Committee pursuant to this sentence shall be final, conclusive and binding on the Participant, and on all other persons, to the maximum extent permitted by law. For the avoidance of doubt, the number of such Subject RSUs that “remain eligible to vest” pursuant to the preceding sentence, when applicable, shall relate to (i) the Subject RSUs under the First Tranche, and (ii) the Subject RSUs under the Second Tranche. Accordingly, subject to the provisions of Section 2 and Section 9, any such Subject RSUs under the First Tranche or Second Tranche that “remain eligible to vest” pursuant to the foregoing shall vest, if at all, if the Participant also remains continuously employed by the Company or an Affiliate or Subsidiary of the Company from the end of the First One-Year Performance Cycle or Second One-Year Performance Cycle, as the case may be, through the end of the Three-Year Performance Period. Fractional Common Shares subject to vested Subject RSUs shall be rounded down to the nearest whole number when it is first determined that they “remain eligible to vest.”

Section 4. Issuance of Shares. As soon as reasonably practicable following the close of the Three-Year Performance Period, but no later than 74 days thereafter (or, in the event of death occurring before the end of the Three-Year Performance Period, within 30 days following death), the Company shall issue or transfer to the Participant one Common Share in settlement of each Subject RSU that becomes vested pursuant to this Agreement rounded down to the nearest whole number (each, a “Vested RSU”) (whether by delivery of a Common Share certificate or book entry in the Participant’s name) and the corresponding Awarded RSU (i.e., with respect to such Subject RSU and Vested RSU) shall be canceled, it being understood that such issuance or transfer shall be subject to the “Six-Month Delay Toggle” (as defined in Section 19 of this Agreement) when applicable.

Section 5. No Rights as Shareholder. The Participant shall have no rights as a shareholder of the Company, including, without limitation, voting rights or the right to receive

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dividends and distributions as a shareholder, with respect to the Common Shares subject to the Awarded RSUs, unless and until such Common Shares are issued or transferred to the Participant as provided herein.

Section 6. Dividend Equivalent Rights. In respect of each Awarded RSU, from and after the Date of Grant until the earlier of (a) the time when the Awarded RSU is paid in accordance with Section 4 or (b) the time when the Awarded RSU is forfeited, as of the date that the Company pays a cash dividend to holders of Common Shares, additional Restricted Share Units shall be credited hereunder in respect of such Awarded RSU in a number determined by dividing (i) the product of (A) the dollar amount of the cash dividend paid per Common Share and (B) the total number of such Awarded RSUs (including additional Restricted Share Units attributable to prior dividend equivalents) as of such date, by (ii) the Fair Market Value of a Common Share on such date. Such dividend equivalents (if any) shall be subject to the same terms and conditions and will be settled or forfeited in the same manner and at the same time as the Awarded RSUs in respect of which the dividend equivalents were credited.

Section 7. Nontransferability of the Award. The Award shall not be transferable by the Participant otherwise than by will or the laws of descent and distribution. Any attempted sale, assignment, transfer, pledge, hypothecation or other disposition of, or change to, the Award contrary to the provisions hereof shall be null and void and without effect. Furthermore, in no event shall any Awarded RSUs or Vested RSUs be subject to attachment or any other legal or equitable process brought by or on behalf of any creditor of the Participant, and any such attempt to attach or receive any Awarded RSUs or Vested RSUs shall be null and void and without effect.

Section 8. Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to continue in the employ of the Company or its Affiliates or Subsidiaries, or interfere in any way with the right of the Company or its Affiliates or Subsidiaries to terminate the Participant’s employment at any time.

Section 9. Special Vesting of the Awarded RSUs. In the event the Participant’s employment terminates by reason of death, the “Target Awarded RSUs” (as defined in Schedule I) subject to the Award for any open Performance Cycle shall automatically become fully vested as Vested RSUs and the Subject RSUs that otherwise vested or remained eligible to vest hereunder pursuant to Section 3 based on actual performance for any completed Performance Cycle shall automatically become fully vested as Vested RSUs (in which case the Three-Year Performance Period shall terminate and the issuance or transfer of the applicable Common Shares shall occur pursuant to Section 4). Any performance modifier set forth in Schedule I shall be disregarded for this purpose. The Committee, in its sole discretion, may accelerate, in whole or in part, the vesting of the Awarded RSUs upon (a) the Participant’s Disability, (b) the Participant’s Retirement or (c) a Change in Control (in which case the Three-Year Performance Period shall terminate and the issuance or transfer of the applicable Common Shares shall occur pursuant to Section 4).

Section 10. Suspension or Termination of Awards.

(a)This Award Agreement and all rights the Participant, or any person claiming through the Participant, may have under this Award Agreement shall be subject to all applicable laws,

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government regulations, stock exchange listing requirements, and policies the Company has established or may establish after the date of this Award Agreement, including without limitation the Company’s Rule 10-D-1 Clawback Policy, Senior Leader Recoupment Policy (to the extent such policies are applicable thereto by their terms) and any other policy regarding the clawback or recoupment of compensation.

a.In any event, if at any time the Committee reasonably believes that the Participant has committed an act of misconduct as described in this subsection (b), the Committee may suspend the Participant’s right to exercise or receive any Award pending a determination of whether an act of misconduct has been committed. If the Committee determines the Participant has committed an illegal act, fraud, embezzlement or deliberate disregard of Company rules or policies (including any violation of the Participant’s non-disclosure, non-compete or similar agreement) that may reasonably be expected to result in loss, damage or injury to the Company, the Committee may (i) cancel any outstanding Award granted to the Participant, in whole or in part, whether or not vested or deferred and/or (ii) if such conduct or activity occurs during a Company fiscal year in which there was also an exercise or receipt of an Award, require the Participant to repay to the Company any gain realized or value received upon the exercise or receipt of such Award (with such gain or value received valued as of the date of exercise or receipt). Cancellation and repayment obligations shall be effective as of the date specified by the Committee. Any repayment obligation may be satisfied in Common Shares or cash or a combination thereof (based upon the Fair Market Value of Common Shares on the day of payment), and the Committee may provide for an offset to any future payments owed by the Company or any Affiliate to the Participant if necessary to satisfy the repayment obligation. The determination regarding cancellation of an Award or a repayment obligation shall be within the sole discretion of the Committee and shall be binding upon the Participant and the Company.

Section 11. Change in Control. Subject to Section 9, upon the occurrence of a Change in Control, the Award shall be subject to Section 13 of the Plan.

Section 12. Securities Law Restrictions. The Awarded RSUs shall not be vested to any extent, and the Company shall not be obligated to transfer any Common Shares to the Participant upon the vesting of the Award, if such vesting or transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended or any other federal or state statutes having similar requirements as may be in effect at that time.

Section 13. Withholding of Taxes. The Company may make such provision as it may deem appropriate for the withholding of any applicable federal, state, or local taxes that it determines it may be obligated to withhold or pay in connection with the vesting of the Awarded RSUs subject to the Award. A Participant must pay the amount of taxes required by law in connection with the vesting of the Awarded RSUs subject to the Award (a) in cash or by check, (b) by the Participant surrendering, or the Company retaining from the Common Shares to be issued to the Participant in respect of any Vested RSUs, that number of Common Shares having a Fair Market Value on the date of payment equal to the amount of such required withholding, or (c) by a combination of the foregoing.

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Section 14. Notices. All notices and other communications under this Award Agreement shall be in writing and shall be delivered personally or given by certified or registered mail with return receipt requested, and shall be deemed to have been duly given upon personal delivery or three days after mailing to the respective parties as follows: (a) if to the Company, Helmerich & Payne, Inc., 1437 South Boulder Avenue, Suite 1400, Tulsa, Oklahoma 74119, Attn: Secretary of the Company and (b) if to the Participant, using the contact information on file with the Company. Either party hereto may change such party’s address for notices by notice duly given pursuant hereto.

Section 15. Conflicts; Severability. In the event of any conflicts between this Award Agreement and the Plan, the latter shall control. Should any provision of this Award Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Award Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Award Agreement.

Section 16. No Part of Other Plans. The benefits provided under this Award Agreement or the Plan shall not be deemed to be a part of or considered in the calculation of any other benefit provided by the Company or its Subsidiaries or Affiliates to the Participant.

Section 17. Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, the Award or any of the Awarded RSUs underlying it in violation of the provisions of this Award Agreement shall be valid, and the Company shall not issue or transfer any such Awarded RSUs or Common Shares in respect of any Vested RSUs on its books, unless and until there has been full compliance with such provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

Section 18. Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Award Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

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Company and its Affiliates and Subsidiaries; provided, that amounts which qualify for the separation pay plan exemption under Treas. Reg. Section 1.409A-1(b)(9)(v)(D) and do not exceed the limits set forth in Section 402(g)(1)(B) of the Code in the year of such separation from service shall be payable immediately upon such separation from service (the “Six-Month Delay Toggle”). Any payments or benefits deferred due to the Six-Month Delay Toggle shall be paid in a lump sum (without interest) to Participant on the earliest to occur of clause (a) or (b) in the immediately preceding sentence.

Section 20. Entirety; Participant and Award Subject to Plan. This Award Agreement, which includes all schedules, exhibits and appendices hereto, contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements, whether written or oral, between such parties relating to such subject matter. Subject to Section 14 of the Plan, no modification, alteration, amendment or supplement to this Award Agreement shall be valid or effective unless the same is in writing and signed by the party against whom it is sought to be enforced. As specific consideration to the Company for the Award, the Participant agrees to be bound by the terms of the Plan and this Award Agreement.

Section 21. Dispute Resolution; Interpretation. With respect to any claim or dispute related to or arising under this Award Agreement or the Award, the parties hereto hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Tulsa, Oklahoma. EACH PARTY HERETO WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AWARD AGREEMENT. If a court of competent jurisdiction determines that any provision of this Award Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Award Agreement, and all other provisions shall remain in full force and effect.

* * * *

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IN WITNESS WHEREOF, the parties have executed this Annual Three-Year Performance-Vested Restricted Share Unit Award Agreement as of the day and year first above written.


			HELMERICH & PAYNE, INC., a Delaware corporation


			By:

			“COMPANY”



			“PARTICIPANT”

Exhibit A - Page 1

SCHEDULE I

HELMERICH & PAYNE, INC.

AWARD OF ANNUAL THREE-YEAR PERFORMANCE-VESTED

RESTRICTED SHARE UNITS

PERFORMANCE MEASURES FOR THE 2024 AWARDED RSUS

The Committee has determined and specifies that the following (a) Performance Cycles, (b) Target Awarded RSUs and (c) Performance Goals (consisting of the rTSR Performance Goals and the ROIC Performance Modifier), shall be applied with respect to the Awarded RSUs as described below:

1. Performance Cycles. The “Performance Cycles” applicable to the Awarded RSUs shall be based on the following:

•For the Subject RSUs under the First Tranche, the one-year period beginning on January 1, 20[], and ending on December 31, 20[] (the “First One-Year Performance Cycle”);

•For the Subject RSUs under the Second Tranche, the one-year period beginning on January 1, 20[], and ending on December 31, 20[] (the “Second One-Year Performance Cycle”); and

•For the Subject RSUs under the Third Tranche, the one-year period beginning on January 1, 20[], and ending on December 31, 20[] (the “Third One-Year Performance Cycle”).

2. Target Awarded RSUs; Vesting of Awarded RSUs. The “Target Awarded RSUs” shall equal 100% of the number of the Subject RSUs that relate to a particular Annual Tranche and that are outstanding as of the end of the applicable Performance Cycle. As further discussed below, the number of such Target Awarded RSUs shall be multiplied by the vesting percentage described in the following paragraph 3 and paragraph 4 to determine the number of the corresponding Subject RSUs that shall, as applicable, become rTSR Earned RSUs that vest or remain eligible to vest, if at all, upon the close of the Three-Year Performance Period. The number of rTSR Earned RSUs shall be adjusted by the ROIC Performance Modifier (as defined below) upon the completion of the Three-Year Performance Period in the manner described in the following paragraph 5 to determine the final number of Vested RSUs.

3. Performance Goals. The Performance Goal used to determine the extent to which the Subject RSUs will become rTSR Earned RSUs is the cumulative total shareholder return (“TSR”) for the Common Shares of the Company during a particular Performance Cycle. The Subject RSUs that are outstanding as of the end of a Performance Cycle shall vest or remain eligible to vest or be forfeited, in part, based on the Company’s TSR percentile ranking relative to a group of peer companies for such Performance Cycle (the “Applicable Peer Group”):

The Applicable Peer Group shall consist of:

TSR for the Company and each member of the Applicable Peer Group for the applicable Performance Cycle shall be defined and calculated as follows, where “Beginning Price” is the

Schedule I - Page 1

average closing price on the relevant United States stock market (NYSE or NASDAQ) for a share of the relevant company’s common equity security during the 20 trading days immediately preceding the beginning of the applicable Performance Cycle and the “Ending Price” is the average closing price on the relevant United States stock market (NYSE or NASDAQ) for a share of the relevant company’s common equity security during the last 20 trading days of the applicable Performance Cycle:


TSR for the Performance Cycle			=			(Ending Price – Beginning Price + dividends and cash distributions per share paid*) ÷ Beginning Price

* Stock dividends paid in common equity securities rather than cash in which there is a distribution of less than 25% of the fully diluted outstanding shares (as calculated prior to the distribution) shall be treated as cash for purposes of this calculation.

For purposes of determining the Company’s TSR percentile ranking, as further described below, the companies in the Applicable Peer Group whose common equity securities are publicly traded on either the NYSE or NASDAQ Stock Market on the last trading day of the applicable Performance Cycle shall be the companies comprising the Applicable Peer Group. If the common equity security of any Applicable Peer Group company is no longer publicly traded on either the NYSE or NASDAQ Stock Market on the last trading day of the applicable Performance Cycle, then adjustments may be effected by the Committee, as appropriate, with respect to the applicable Performance Goal and vesting percentages that apply to the Awarded RSUs. In addition, if the common equity security of any Applicable Peer Group company is not publicly traded on either the NYSE or NASDAQ Stock Market on a continuous basis during the applicable Performance Cycle, but is otherwise publicly traded on either the NYSE or NASDAQ Stock Market on the last trading day of the applicable Performance Cycle, then adjustments may be effected by the Committee, as appropriate, with respect to the Performance Goal and vesting percentages that apply to the applicable Subject RSUs.

4. Percentile Ranking, Performance Percentage; Determination of rTSR Earned RSUs. Measurement of the Company’s TSR percentile ranking relative to the Applicable Peer Group shall be calculated using the following formula for purposes of the table below:


Company’s TSR Percentile Ranking			=			((1 – X) + Y)) ÷ 2

Where:

•X = the number of members of the Applicable Peer Group with a TSR greater than the TSR of the Company during the relevant Performance Cycle, expressed as a percentage of the total number of members of the Applicable Peer Group.

•Y = the number of members of the Applicable Peer Group with a TSR less than the TSR of the Company during the relevant Performance Cycle, expressed as a percentage of the total number of members of the Applicable Peer Group.

Schedule I - Page 2

The number of rTSR Earned RSUs for a Performance Cycle shall be determined by multiplying the number of Subject RSUs by the applicable percentage set forth below in the column entitled “The Company’s Performance Percentage/Vested Percentage of the Subject RSUs”.


The Company’s TSR Percentile Ranking Relative to the Applicable Peer Group	The Company’s Performance Percentage / Vested Percentage of the Subject RSUs	The Company’s Performance Category
Greater than or Equal to 85th Percentile	200%	Maximum Performance
Equal to 75th Percentile	150%
Equal to 65th Percentile	125%
Equal to 55th Percentile	100%	Target Performance
Equal to 45th Percentile	75%
Equal to 35th Percentile	50%	Threshold Performance
Less than 35th Percentile	0%	Below Threshold Performance

Accordingly, for purposes of establishing the Company’s TSR percentile ranking relative to the Applicable Peer Group pursuant to the table above, the TSR of the Company and each of the members of the Applicable Peer Group shall be determined as soon as practicable following the close of the applicable Performance Cycle.

If the Company’s TSR percentile ranking relative to the Applicable Peer Group exceeds “Threshold Performance” (i.e. the ranking exceeds the “35th Percentile” set forth in the table above) and is between two of the percentile ranks set forth in the table above, the applicable performance percentage for such performance measurement shall be interpolated between the applicable ranges (e.g., a 60th percentile ranking would result in a performance percentage of 112.5%). Notwithstanding the foregoing, if the Company’s TSR is negative, the Performance Percentage set forth in the table above shall not exceed 100% of “Target Performance,” regardless of whether the Company’s TSR percentile ranking relative to the Applicable Peer Group exceeds the “55th Percentile” set forth in the table above.

For the avoidance of doubt: (a) if the Company’s TSR results in “Below Threshold Performance” pursuant to the table above, then all Subject RSUs with respect to the relevant Performance Cycle shall be forfeited; and (b) if the Company’s TSR at least results in “Threshold Performance” pursuant to the table above, but such performance does not equal “Target Performance,” then the number of Subject RSUs that exceeds the applicable number of the rTSR Earned RSUs shall be forfeited. All forfeitures under this Agreement shall be at no cost to the Company.

5. Application of the ROIC Performance Modifier. At the end of the Three-Year Performance Period, the Committee may, in its sole discretion, adjust the aggregate number of rTSR Earned RSUs upward or downward by up to 25% based on the Committee’s assessment of the Company’s ROIC over the period commencing on October 1, 20[] and ending on September

Schedule I - Page 3

30, 20[•] (the “ROIC Performance Modifier”). In the event the Committee determines that the ROIC Performance Modifier should be applied, the final number of Vested RSUs shall be equal to the aggregate number of rTSR Earned RSUs over each of the three Performance Cycles as modified by the application of the ROIC Performance Modifier.

As used herein, the “Company’s ROIC” means the quotient of (a) normalized Operating Income x (1 — normalized Effective Tax Rate) divided by (b) Total Debt + Shareholder’s Equity; provided, that the calculation of the Company’s ROIC, including any and all adjustments made in determining normalized Operating Income and the Company’s normalized Effective Tax Rate, shall be determined by the Committee in its sole discretion.

Schedule I - Page 4

HELMERICH & PAYNE, INC.

2024 OMNIBUS INCENTIVE PLAN

STANDARD THREE-YEAR PERFORMANCE-VESTED

RESTRICTED SHARE UNIT AWARD AGREEMENT

Participant Name:

Date of Grant:

Number of Awarded Restricted Share Units:

STANDARD THREE-YEAR PERFORMANCE-VESTED

RESTRICTED SHARE UNIT AWARD AGREEMENT

UNDER THE HELMERICH & PAYNE, INC.

2024 OMNIBUS INCENTIVE PLAN

THIS STANDARD THREE-YEAR PERFORMANCE-VESTED RESTRICTED SHARE UNIT AWARD AGREEMENT (this “Award Agreement”), is made as of the grant date (the “Date of Grant”) set forth on the cover page of this Award Agreement (the “Cover Page”) at Tulsa, Oklahoma by and between the participant named on the Cover Page (the “Participant”) and Helmerich & Payne, Inc. (the “Company”).

W I T N E S S E T H:

WHEREAS, any capitalized terms used but not defined herein have the same meanings given them in the Plan.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the Participant and the Company hereby agree as follows:

Section 1. Grant of Standard Three-Year Performance-Vested Restricted Share Unit Award. The Company hereby grants to the Participant an award (the “Award”) of [[•] ([•])] Restricted Share Units (the “Awarded RSUs”) set forth on the Cover Page, under and subject to the terms and conditions of this Award Agreement and the Plan, which is incorporated herein by reference and made a part hereof for all purposes.

Section 2. Vesting of the Award. The number of Awarded RSUs that are eligible to vest hereunder shall be based on the extent to which the Performance Goal, as described in the attached Schedule I, is achieved pursuant to the vesting schedule set forth therein. If (a) at least a level of “Threshold Performance” is attained with respect to the Performance Goal, and (b) the Participant remains continuously employed by the Company or an Affiliate or Subsidiary of the Company from the Date of Grant through the end of the Three-Year Performance Cycle (as described in the attached Schedule I), then vesting of the applicable number of the Awarded RSUs shall occur (as determined pursuant to Section 3 below), and the forfeiture restrictions applicable to the Awarded RSUs shall terminate. Subject to Section 9, any Awarded RSUs that do not vest upon the end of the Three-Year Performance Cycle shall be forfeited by the Participant.

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Section 4. Issuance of Shares. As soon as reasonably practicable following the close of the Three-Year Performance Cycle, but no later than 74 days thereafter (or, in the event of death occurring before the end of the Three-Year Performance Cycle, within 30 days following death), the Company shall issue or transfer to the Participant one Common Share in settlement of each Awarded RSU that becomes vested pursuant to this Agreement rounded down to the nearest whole number (each, a “Vested RSU”) (whether by delivery of a Common Share certificate or book entry in the Participant’s name) and the corresponding Awarded RSU shall be canceled, it being understood that such issuance or transfer shall be subject to the “Six-Month Delay Toggle” (as defined in Section 19 of this Agreement) when applicable.

Section 5. No Rights as Shareholder. The Participant shall have no rights as a shareholder of the Company, including, without limitation, voting rights or the right to receive dividends and distributions as a shareholder, with respect to the Common Shares subject to the Awarded RSUs, unless and until such Common Shares are issued or transferred to the Participant as provided herein.

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Section 9. Special Vesting of the Awarded RSUs. In the event the Participant’s employment terminates by reason of death, the Awarded RSUs shall automatically become fully vested at Target Performance (as set forth on Schedule I) as Vested RSUs (and the Three-Year Performance Cycle shall terminate and the issuance or transfer of the applicable Common Shares shall occur pursuant to Section 4). The Committee, in its sole discretion, may accelerate, in whole or in part, the vesting of the Awarded RSUs upon (a) the Participant’s Disability, (b) the Participant’s Retirement or (c) a Change in Control (in which case the Three-Year Performance Cycle shall terminate and the issuance or transfer of the applicable Common Shares shall occur pursuant to Section 4).

Section 10. Suspension or Termination of Awards.

(a)This Award Agreement and all rights the Participant, or any person claiming through the Participant, may have under this Award Agreement shall be subject to all applicable laws, government regulations, stock exchange listing requirements, and policies the Company has established or may establish after the date of this Award Agreement, including without limitation the Company’s Rule 10-D-1 Clawback Policy, Senior Leader Recoupment Policy (to the extent such policies are applicable thereto by their terms) and any other policy regarding the clawback or recoupment of compensation.

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Section 11. Change in Control. Subject to Section 9, upon the occurrence of a Change in Control, the Award shall be subject to Section 13 of the Plan.

Page 4

Section 19. Section 409A. The compensation payable pursuant to the Award is intended to be exempt from, or otherwise in compliance with, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code"), as applicable, and this Agreement shall be administered and construed to the fullest extent possible to reflect and implement such intent. Notwithstanding anything herein to the contrary, if, at the time of the Participant’s “separation from service” (as defined in the Treasury Regulations under Section 409A of the Code) with the Company and its Affiliates and Subsidiaries, the Participant is a “specified employee” (as defined in the Treasury Regulations under Section 409A of the Code), and the deferral of the commencement of any amount of the payments or benefits otherwise payable pursuant to the Plan is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then, to the extent permitted by Section 409A of the Code, such payments or benefits hereunder (without any reduction in the payments or benefits ultimately paid or provided to the Participant) shall be deferred until the earlier to occur of (a) the Participant’s death or (b) the first business day that is six months following the Participant’s separation from service with the Company and its Affiliates and Subsidiaries; provided, that amounts which qualify for the separation pay plan exemption under Treas. Reg. Section 1.409A-1(b)(9)(v)(D) and do not exceed the limits set forth in Section 402(g)(1)(B) of the Code in the year of such separation from service shall be payable immediately upon such separation from service (the “Six-Month Delay Toggle”). Any payments or benefits deferred due to the Six-Month Delay Toggle shall be paid in a lump sum (without interest) to Participant on the earliest to occur of clause (a) or (b) in the immediately preceding sentence.

* * * *

Page 5

IN WITNESS WHEREOF, the parties have executed this Standard Three-Year Performance-Vested Restricted Share Unit Award Agreement as of the day and year first above written.


			HELMERICH & PAYNE, INC., a Delaware corporation


			By:

			“COMPANY”



			“PARTICIPANT”

Page 6

SCHEDULE I

HELMERICH & PAYNE, INC.

AWARD OF STANDARD THREE-YEAR PERFORMANCE-VESTED

RESTRICTED SHARE UNITS

PERFORMANCE MEASURES FOR THE 2024 AWARDED RSUS

The Committee has determined and specifies that the following Performance Goal (consisting of the rTSR Performance Goal and the ROIC Performance Modifier) shall be applied with respect to the Awarded RSUs as described below:

1. Vesting of Awarded RSUs. As further discussed below, the number of Awarded RSUs that shall vest, if at all, and become Vested RSUs shall be determined as follows:

(a) The Awarded RSUs shall be multiplied by the vesting percentage described in the following paragraph 2 and paragraph 3 to determine the number of “rTSR Earned RSUs”; and

(b) The number of rTSR Earned RSUs shall be adjusted by the ROIC Performance Modifier (as defined below) in the manner described in the following paragraph 4 to determine the final number of Vested RSUs.

2. rTSR Performance Goal. The rTSR Performance Goal used to determine the number of rTSR Earned RSUs is the cumulative total shareholder return (“TSR”) for the Common Shares of the Company during the three-year period beginning on January 1, [], and ending on December 31, [] (the “Three-Year Performance Cycle”). The Awarded RSUs that are outstanding as of the end of the Three-Year Performance Cycle shall vest or be forfeited, in part, based on the Company’s TSR percentile ranking relative to a group of peer companies for the Three-Year Performance Cycle (the “Applicable Peer Group”):

The Applicable Peer Group shall consist of:

TSR for the Company and each member of the Applicable Peer Group for the Three-Year Performance Cycle shall be defined and calculated as follows, where “Beginning Price” is the average closing price on the relevant United States stock market (NYSE or NASDAQ) for a share of the relevant company’s common equity security during the 20 trading days immediately preceding the beginning of the Three-Year Performance Cycle and the “Ending Price” is the average closing price on the relevant United States stock market (NYSE or NASDAQ) for a share of the relevant company’s common equity security during the last 20 trading days of the Three-Year Performance Cycle:


TSR for the Three-Year Performance Cycle			=			(Ending Price – Beginning Price + dividends and cash distributions per share paid*) ÷ Beginning Price

Schedule I - Page 1

For purposes of determining the Company’s TSR percentile ranking, as further described below, the companies in the Applicable Peer Group whose common equity securities are publicly traded on either the NYSE or NASDAQ Stock Market on the last trading day of the Three-Year Performance Cycle shall be the companies comprising the Applicable Peer Group. If the common equity security of any Applicable Peer Group company is no longer publicly traded on either the NYSE or NASDAQ Stock Market on the last trading day of the Three-Year Performance Cycle, then adjustments may be effected by the Committee, as appropriate, with respect to the Performance Goal and vesting percentages that apply to the Awarded RSUs. In addition, if the common equity security of any Applicable Peer Group company is not publicly traded on either the NYSE or NASDAQ Stock Market on a continuous basis during the Three-Year Performance Cycle, but is otherwise publicly traded on either the NYSE or NASDAQ Stock Market on the last trading day of the Three-Year Performance Cycle, then adjustments may be effected by the Committee, as appropriate, with respect to the Performance Goal and vesting percentages that apply to the Awarded RSUs.

3. Percentile Ranking, Performance Percentage; Determination of rTSR Earned RSUs. Measurement of the Company’s TSR percentile ranking relative to the Applicable Peer Group shall be calculated using the following formula for purposes of the table below:


Company’s TSR Percentile Ranking			=			((1 – X) + Y)) ÷ 2

Where:

•X = the number of members of the Applicable Peer Group with a TSR greater than the TSR of the Company during the Three-Year Performance Cycle, expressed as a percentage of the total number of members of the Applicable Peer Group.

•Y = the number of members of the Applicable Peer Group with a TSR less than the TSR of the Company during the Three-Year Performance Cycle, expressed as a percentage of the total number of members of the Applicable Peer Group.

The number of rTSR Earned RSUs shall be determined by multiplying the number of Awarded RSUs by the applicable percentage set forth below in the column entitled “The Company’s Performance Percentage/Vested Percentage of the Awarded RSUs”.


The Company’s TSR Percentile Ranking Relative to the Applicable Peer Group	The Company’s Performance Percentage / Vested Percentage of the Awarded RSUs	The Company’s Performance Category
Greater than or Equal to 85th Percentile	200%	Maximum Performance
Equal to 75th Percentile	150%

Schedule I - Page 2


Equal to 65th Percentile	125%
Equal to 55th Percentile	100%	Target Performance
Equal to 45th Percentile	75%
Equal to 35th Percentile	50%	Threshold Performance
Less than 35th Percentile	0%	Below Threshold Performance

For the avoidance of doubt: (a) if the Company’s TSR results in “Below Threshold Performance” pursuant to the table above, then all Awarded RSUs shall be forfeited; and (b) if the Company’s TSR at least results in “Threshold Performance” pursuant to the table above, but such performance does not equal “Target Performance,” then the Awarded RSUs that have not become Vested RSUs (after application of paragraphs 3 and 4 of this Schedule I) shall be forfeited. All forfeitures under this Agreement shall be at no cost to the Company.

4. Application of the ROIC Performance Modifier. If the Company’s TSR results in at least “Threshold Performance,” the Committee may, in its sole discretion, adjust the number of rTSR Earned RSUs upward or downward by up to 25% based on the Committee’s assessment of the Company’s ROIC over the period commencing on October 1, [] and ending on September 30, [] (the “ROIC Performance Modifier”). In the event the Committee determines that the ROIC Performance Modifier should be applied, the final number of Vested RSUs shall be equal to the number of rTSR Earned RSUs as modified by the application of the ROIC Performance Modifier.

Schedule I - Page 3

Helmerich & Payne, Inc.

2024 Omnibus Incentive Plan

Restricted Stock Award Agreement


Participant Name:	Date of Grant:

	Vesting Schedule
Shares Subject to Restricted Stock Award:		Percent of Award Vested
		33 and 1/3%
		33 and 1/3%
		33 and 1/3%

Restricted Stock Award Agreement

Under the Helmerich & Payne, Inc.

2024 Omnibus Incentive Plan

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Award Agreement”), is made as of the grant date (the "Date of Grant") set forth on the cover page of this Award Agreement (the “Cover Page”) at Tulsa, Oklahoma by and between the participant named on the Cover Page (the “Participant”) and Helmerich & Payne, Inc. (the “Company”).

W I T N E S S E T H:

WHEREAS, any capitalized terms used but not defined herein have the same meanings given them in the Plan.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for good and valuable consideration, the Participant and the Company hereby agree as follows:

Section 1.Grant of Restricted Stock Award. The Company hereby grants to the Participant an award (the “Restricted Stock Award”) of _____________ (____) Shares, under and subject to the terms and conditions of this Award Agreement and the Plan, which is incorporated herein by reference and made a part hereof for all purposes.

Section 2.Stock Held by Company. The Restricted Stock Award shall be evidenced via a book entry registration or the issuance of a stock certificate or certificates as determined by the Company. As a condition precedent to the book entry registration or the issuing of a certificate representing Shares subject to the Restricted Stock Award, the Participant must deliver to the Company a duly executed irrevocable stock power (in blank) covering such Shares represented by the certificate in the form of Exhibit A attached hereto. Shares subject to the Restricted Stock Award held by the Company pursuant to this Award Agreement shall constitute issued and outstanding shares of Common Stock of the Company for all corporate purposes, and the Participant shall be entitled to vote such Shares and shall receive all cash dividends thereon provided that the right to vote or receive such dividends shall terminate with respect to Shares which have been forfeited as provided under this Award Agreement. While such Shares are held by the Company and until such Shares have vested, the Participant for whose benefit such Shares are held shall not have the right to encumber or otherwise change, sell, assign, transfer, pledge or otherwise dispose of such unvested Shares or any interest therein, and such unvested Shares shall not be subject to attachment or any other legal or equitable process brought by or on behalf of any creditor of such Participant; and any such attempt to attach or receive Shares in violation of this Award Agreement shall be null and void.

Section 3.Vesting of Restricted Stock Award.

(a) Vesting Schedule. Subject to the applicable provisions of the Plan and this Award Agreement, this Restricted Stock Award shall vest on the applicable date(s) set forth on the Cover Page (each, a “Vesting Date”). The Participant shall be vested as of the applicable Vesting Date in the number of Shares determined by multiplying the aggregate number of Shares subject to the Restricted Stock Award set forth on the Cover Page by the corresponding percentage set forth on the Cover Page and rounding down to the nearest whole Share with any remaining Shares vesting on the later Vesting Date(s). Unless vesting is accelerated or extended pursuant to the terms of Section 6, unvested Shares subject to the Restricted Stock Award shall be forfeited immediately following the Participant’s termination of employment.

(b) Delivery of Shares. Reasonably promptly following vesting of a Share, the Company shall cause to be delivered to the Participant a certificate (or make a book entry in the Participant's name) evidencing such Share, free of the legend described in Section 11.

Section 4.Nontransferability of Restricted Stock Award. The Restricted Stock Award shall not be transferable by the Participant otherwise than by will or the laws of descent and distribution. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Restricted Stock Award contrary to the provisions hereof shall be null and void and without effect.

Section 5.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to continue in the employ of the Company or its Affiliates or Subsidiaries, or interfere in any way with the right of the Company or its Affiliates or Subsidiaries to terminate the Participant’s employment at any time.

Section 6.Special Vesting of Restricted Stock Award. In the event of the Participant’s death, any and all unvested Shares subject to the Restricted Stock Award shall become automatically fully vested. The Committee, in its sole discretion, may accelerate, in whole or in part, the vesting of the Restricted Stock Award to the extent the applicable Vesting Date(s) has not yet occurred upon (a) the Participant’s Disability, (b) the Participant’s Retirement or (c) a Change in Control.

Section 7.Suspension or Termination of Awards.

(a) This Award Agreement and all rights the Participant, or any person claiming through the Participant, may have under this Award Agreement shall be subject to all applicable laws, government regulations, stock exchange listing requirements, and policies the Company has established or may establish after the date of this Award Agreement, including without limitation the Company’s Rule 10-D-1 Clawback Policy, Senior Leader Recoupment Policy (to the extent such policies are applicable thereto by their terms) and any other policy regarding the clawback or recoupment of compensation.

(b) In any event, if at any time the Committee reasonably believes that the Participant has committed an act of misconduct as described in this subsection (b), the

Committee may suspend the Participant’s right to exercise or receive any Award pending a determination of whether an act of misconduct has been committed. If the Committee determines the Participant has committed an illegal act, fraud, embezzlement or deliberate disregard of Company rules or policies (including any violation of the Participant’s non-disclosure, non-compete or similar agreement) that may reasonably be expected to result in loss, damage or injury to the Company, the Committee may (i) cancel any outstanding Award granted to the Participant, in whole or in part, whether or not vested or deferred and/or (ii) if such conduct or activity occurs during a Company fiscal year in which there was also an exercise or receipt of an Award, require the Participant to repay to the Company any gain realized or value received upon the exercise or receipt of such Award (with such gain or value received valued as of the date of exercise or receipt). Cancellation and repayment obligations will be effective as of the date specified by the Committee. Any repayment obligation may be satisfied in Common Shares or cash or a combination thereof (based upon the Fair Market Value of Common Shares on the day of payment), and the Committee may provide for an offset to any future payments owed by the Company or any Affiliate to the Participant if necessary to satisfy the repayment obligation. The determination regarding cancellation of an Award or a repayment obligation shall be within the sole discretion of the Committee and shall be binding upon the Participant and the Company.

Section 8.Change in Control. Subject to Section 6, upon the occurrence of a Change in Control, this Restricted Stock Award shall be subject to Section 13 of the Plan.

Section 9.Securities Law Restrictions. The Restricted Stock Award shall not be vested to any extent, and the Company shall not be obligated to transfer any Shares to the Participant upon the vesting of the Restricted Stock Award, if such vesting, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended (the “Securities Act”), or any other federal or state statutes having similar requirements as may be in effect at that time. The Company shall be under no obligation to register the Restricted Stock Award or the Shares underlying the Restricted Stock Award pursuant to the Securities Act or any other federal or state securities laws.

Section 10.Withholding of Taxes. The Company may make such provision as it may deem appropriate for the withholding of any applicable federal, state, or local taxes that it determines it may be obligated to withhold or pay in connection with the vesting of the Shares subject to the Restricted Stock Award. A Participant must pay the amount of taxes required by law upon the vesting of the Shares subject to the Restricted Stock Award (a) in cash or by check, (b) by the Participant surrendering, or the Company retaining from the Shares to be issued to the Participant, that number of Shares having a Fair Market Value on the date of payment equal to the amount of such required withholding, or (c) by a combination of the foregoing.

Section 11.Legends. The Shares that are subject to the Award shall be subject to the following legend:

“THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND ARE TRANSFERABLE ONLY IN ACCORDANCE WITH THAT CERTAIN RESTRICTED STOCK AWARD AGREEMENT UNDER THE HELMERICH & PAYNE, INC. 2024 OMNIBUS INCENTIVE PLAN DATED THE [___] DAY OF [________], 20[__]. ANY ATTEMPTED TRANSFER OF THE SHARES OF STOCK

EVIDENCED BY THIS CERTIFICATE IN VIOLATION OF SUCH RESTRICTED STOCK AWARD AGREEMENT SHALL BE NULL AND VOID AND WITHOUT EFFECT. A COPY OF THE RESTRICTED STOCK AWARD AGREEMENT MAY BE OBTAINED FROM THE SECRETARY OF HELMERICH & PAYNE, INC.”

Section 12.Notices. All notices and other communications under this Award Agreement shall be in writing and shall be delivered personally or given by certified or registered mail with return receipt requested, and shall be deemed to have been duly given upon personal delivery or three days after mailing to the respective parties as follows: (a) if to the Company, Helmerich & Payne, Inc., 1437 South Boulder Avenue, Suite 1400, Tulsa, Oklahoma 74119, Attn: Secretary of the Company and (b) if to the Participant, using the contact information on file with the Company. Either party hereto may change such party’s address for notices by notice duly given pursuant hereto.

Section 13.Section 83(b) Election. If the Participant makes an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code"), or any successor section thereto, to be taxed with respect to the Shares subject to the Restricted Stock Award as of the Date of Grant, the Participant shall deliver a copy of such election to the Company immediately after filing such election with the Internal Revenue Service, together with any required tax withholding. The Participant hereby acknowledges that it is the Participant’s sole responsibility to file timely the election under Section 83(b) of the Code.

Section 14.Conflicts; Severability. In the event of any conflicts between this Award Agreement and the Plan, the latter shall control. Should any provision of this Award Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Award Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Award Agreement.

Section 15.No Part of Other Plans. The benefits provided under this Award Agreement or the Plan shall not be deemed to be a part of or considered in the calculation of any other benefit provided by the Company or its Subsidiaries or Affiliates to the Participant.

Section 16.Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, the Restricted Stock Award or any of the Shares underlying it in violation of the provisions of this Award Agreement will be valid, and the Company will not transfer any such Shares on its books, unless and until there has been full compliance with such provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

Section 17.Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Award Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

Section 18.Participant and Award Subject to Plan. As specific consideration to the Company for the Award, the Participant agrees to be bound by the terms of the Plan and this Award Agreement.

Section 19.Dispute Resolution; Interpretation. With respect to any claim or dispute related to or arising under this Award Agreement or the Restricted Stock Award, the parties hereto hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Tulsa, Oklahoma. EACH PARTY HERETO WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AWARD AGREEMENT. If a court of competent jurisdiction determines that any provision of this Award Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Award Agreement, and all other provisions shall remain in full force and effect.

* * * *

IN WITNESS WHEREOF, the parties have executed this Restricted Stock Award Agreement as of the day and year first above written.


			HELMERICH & PAYNE, INC., a Delaware corporation


			By:

			“COMPANY”



			“PARTICIPANT”

EXHIBIT A

ASSIGNMENT SEPARATE FROM CERTIFICATE

FOR VALUE RECEIVED, ______________, an individual (“Grantee”), hereby irrevocably assigns and conveys to Helmerich & Payne, Inc., those _________________________________ (_______) shares of the Common Capital Stock of Helmerich & Payne, Inc., a Delaware corporation, $0.10 par value, subject to that certain Restricted Stock Award Agreement dated as of [__________] between Helmerich & Payne, Inc. and Grantee.

DATED:

_______________________________________

Exhibit 31.1

CERTIFICATION

I, John W. Lindsay, certify that:

1 I have reviewed this report on Form 10‑Q of Helmerich & Payne, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a‑15(e) and 15d‑15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a‑15(f) and 15d‑15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: February 5, 2025
			/s/ John W. Lindsay
			John W. Lindsay
			Director, President and Chief Executive Officer

Exhibit 31.2

CERTIFICATION

I, J. Kevin Vann, certify that:

1. I have reviewed this annual report on Form 10‑Q of Helmerich & Payne, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: February 5, 2025
			/s/ J. Kevin Vann

			J. Kevin Vann
			Senior Vice President and Chief Financial Officer

Exhibit 32

Certifications Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes‑Oxley Act of 2002

In connection with the Quarterly Report of Helmerich & Payne, Inc. (the “Company”) on Form 10‑Q for the period ended December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), John W. Lindsay, as Director, President and Chief Executive Officer of the Company, and J. Kevin Vann, as Senior Vice President and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002, to the best of his knowledge, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



/s/ John W. Lindsay						/s/ J. Kevin Vann

John W. Lindsay						J. Kevin Vann
Director, President and Chief Executive Officer						Senior Vice President and Chief Financial Officer
Date: February 5, 2025						Date: February 5, 2025

COVER - shares	3 Months Ended
COVER - shares	Dec. 31, 2024	Jan. 29, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	1-4221
Entity Registrant Name	HELMERICH & PAYNE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-0679879
Entity Address, Address Line One	222 North Detroit Avenue,
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74103
City Area Code	918
Local Phone Number	742-5531
Title of 12(b) Security	Common Stock ($0.10 par value)
Trading Symbol	HP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,378,608
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--09-30
Entity Central Index Key	0000046765

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Current Assets:
Cash and cash equivalents	$ 391,179	$ 217,341
Restricted cash	73,216	68,902
Short-term investments	135,317	292,919
Accounts receivable, net of allowance of $2,720 and $2,977, respectively	426,933	418,604
Inventories of materials and supplies, net	127,288	117,884
Prepaid expenses and other, net	70,898	76,419
Total current assets	1,224,831	1,192,069
Investments, net	101,652	100,567
Property, plant and equipment, net	3,009,360	3,016,277
Other Noncurrent Assets:
Goodwill	45,653	45,653
Intangible assets, net	52,547	54,147
Operating lease right-of-use assets	67,510	67,076
Restricted cash	1,242,124	1,242,417
Other assets, net	72,944	63,692
Total other noncurrent assets	1,480,778	1,472,985
Total assets	5,816,621	5,781,898
Current Liabilities:
Accounts payable	148,752	135,084
Dividends payable	25,154	25,024
Accrued liabilities	261,807	286,841
Total current liabilities	435,713	446,949
Noncurrent Liabilities:
Long-term debt, net	1,781,674	1,782,182
Deferred income taxes	485,682	495,481
Other	166,771	140,134
Total noncurrent liabilities	2,434,127	2,417,797
Commitments and Contingencies (Note 12)
Shareholders' Equity:
Common stock, $0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of December 31, 2024 and September 30, 2024, and 99,186,843 and 98,755,412 shares outstanding as of December 31, 2024 and September 30, 2024, respectively	11,222	11,222
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued	0	0
Additional paid-in capital	501,516	518,083
Retained earnings	2,913,211	2,883,590
Accumulated other comprehensive loss	(5,987)	(6,350)
Treasury stock, at cost, 13,036,022 shares and 13,467,453 shares as of December 31, 2024 and September 30, 2024, respectively	(473,181)	(489,393)
Total shareholders’ equity	2,946,781	2,917,152
Total liabilities and shareholders' equity	$ 5,816,621	$ 5,781,898

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Current Assets:
Allowance for accounts receivable	$ 2,720	$ 2,977,000
Common Stock
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	112,222,865	112,222,865
Common stock, shares outstanding (in shares)	99,186,843	98,755,412
Preferred Stock
Preferred stock shares par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury Stock
Treasury stock, shares (in shares)	13,467,453	13,036,022

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
OPERATING REVENUES
Drilling services	$ 674,613	$ 674,565
Other	2,689	2,582
Total operating revenues	677,302	677,147
OPERATING COSTS AND EXPENSES
Drilling services operating expenses, excluding depreciation and amortization	411,857	403,303
Other operating expenses	1,156	1,137
Depreciation and amortization	99,080	93,991
Research and development	9,359	8,608
Selling, general and administrative	63,062	56,577
Acquisition transaction costs	10,535	0
Gain on reimbursement of drilling equipment	(9,403)	(7,494)
Other (gain) loss on sale of assets	1,673	(2,443)
Total operating costs and expenses	587,319	553,679
OPERATING INCOME	89,983	123,468
Other income (expense)
Interest and dividend income	21,741	10,734
Interest expense	(22,298)	(4,372)
Loss on investment securities	(13,367)	(4,034)
Other	360	(543)
Nonoperating Income (Expense), Total	(13,564)	1,785
Income before income taxes	76,419	125,253
Income tax expense	21,647	30,080
NET INCOME	$ 54,772	$ 95,173
Basic earnings per common share
Net income (loss) (in dollars per share)	$ 0.55	$ 0.95
Diluted earnings per common share:
Net income (in dollars per share)	$ 0.54	$ 0.94
Weighted average shares outstanding:
Basic (in shares)	98,867	99,143
Diluted (in shares)	99,159	99,628

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 54,772	$ 95,173
Other comprehensive income, net of income taxes:
Net change related to employee benefit plans, net of income taxes of $(15.7) thousand and $(39.5) thousand for the three months ended December 31, 2024 and 2023, respectively	54	134
Unrealized gain on available-for-sale debt security, net of income taxes of $(91.0) thousand for the three months ended December 31, 2024	309	0
Other comprehensive income	363	134
Comprehensive income	$ 55,135	$ 95,307

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Income tax on minimum pension liability adjustments	$ (15,700)	$ (39,500)
Other comprehensive (income) loss, other, tax	$ (91,000.0)	$ (91,000.0)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Sep. 30, 2023		112,222,000
Beginning balance at Sep. 30, 2023	$ 2,771,943	$ 11,222	$ 525,369	$ 2,707,715	$ (7,981)	$ (464,382)
Beginning balance (in shares) at Sep. 30, 2023						12,796,000
Increase (Decrease) in Shareholders' Equity
Net income	95,173			95,173
Other comprehensive income	134				134
Dividends declared	(59,094)			(59,094)
Vesting of restricted stock awards, net of shares withheld for employee taxes	(8,820)		(26,661)			$ 17,841
Vesting of restricted stock awards, net of shares withheld for employee taxes (in shares)						(495,000)
Stock-based compensation	7,672		7,672
Share repurchases (in shares)						1,298,000
Share repurchases	(47,654)					$ (47,654)
Other	292		292
Ending balance (in shares) at Dec. 31, 2023		112,222,000
Ending balance at Dec. 31, 2023	$ 2,759,646	$ 11,222	506,672	2,743,794	(7,847)	$ (494,195)
Ending balance (in shares) at Dec. 31, 2023						13,599,000
Beginning balance (in shares) at Sep. 30, 2024	98,755,412	112,222,000
Beginning balance at Sep. 30, 2024	$ 2,917,152	$ 11,222	518,083	2,883,590	(6,350)	$ (489,393)
Beginning balance (in shares) at Sep. 30, 2024	13,036,022					13,467,000
Increase (Decrease) in Shareholders' Equity
Net income	$ 54,772			54,772
Other comprehensive income	363				363
Dividends declared	(25,151)			(25,151)
Vesting of restricted stock awards, net of shares withheld for employee taxes	(6,913)		(23,125)			$ 16,212
Vesting of restricted stock awards, net of shares withheld for employee taxes (in shares)						(431,000)
Stock-based compensation	6,851		6,851
Other	$ (293)		(293)
Ending balance (in shares) at Dec. 31, 2024	99,186,843	112,222,000
Ending balance at Dec. 31, 2024	$ 2,946,781	$ 11,222	$ 501,516	$ 2,913,211	$ (5,987)	$ (473,181)
Ending balance (in shares) at Dec. 31, 2024	13,467,453					13,036,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Dividends declared (in dollars per share)	$ 0.25
O2025Q1 Dividends
Dividends declared (in dollars per share)	$ 0.25
O2024Q1 Dividends
Dividends declared (in dollars per share)		$ 0.25
S2024Q1 Dividends
Dividends declared (in dollars per share)		$ 0.34

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 54,772	$ 95,173
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,080	93,991
Amortization of debt discount and debt issuance costs	2,390	148
Stock-based compensation	6,851	7,672
Loss on investment securities	13,367	4,034
Gain on reimbursement of drilling equipment	(9,403)	(7,494)
Other (gain) loss on sale of assets	1,673	(2,443)
Deferred income tax benefit	(9,923)	(7,829)
Other	(381)	305
Change in assets and liabilities
Accounts receivable	(6,404)	(28,931)
Inventories of materials and supplies	(9,500)	(7,191)
Prepaid expenses and other	1,034	(8,404)
Other noncurrent assets	(7,933)	(1,150)
Accounts payable	4,492	23,865
Accrued liabilities	8,915	19,022
Other noncurrent liabilities	9,328	(5,970)
Net cash provided by operating activities	158,358	174,798
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(106,485)	(136,411)
Purchase of short-term investments	(95,956)	(46,250)
Purchase of long-term investments	(646)	(291)
Proceeds from sale of short-term investments	242,920	57,956
Insurance proceeds from involuntary conversion	698	0
Proceeds from asset sales	12,120	11,929
Net cash provided by (used in) investing activities	52,651	(113,067)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid	(25,021)	(42,294)
Debt issuance costs	(1,216)	0
Payments for employee taxes on net settlement of equity awards	(6,913)	(8,820)
Payment of contingent consideration from acquisition of business	0	(250)
Share repurchases	0	(47,364)
Net cash used in financing activities	(33,150)	(98,728)
Net increase (decrease) in cash and cash equivalents and restricted cash	177,859	(36,997)
Cash and cash equivalents and restricted cash, beginning of period	1,528,660	316,238
Cash and cash equivalents and restricted cash, end of period	1,706,519	279,241
Cash paid/(received) during the period:
Interest paid	0	927
Income tax paid	4,284	5,960
Income tax received	0	0
Payments for operating leases	3,822	3,262
Non-cash operating and investing activities:
Change in accounts payable and accrued liabilities related to purchases of property, plant and equipment	$ 12,422	$ (7,611)

NATURE OF OPERATIONS

3 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF OPERATIONS

NOTE 1 NATURE OF OPERATIONS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES , RELATED RISKS AND UNCERTAINTIES

3 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RELATED RISKS AND UNCERTAINTIES

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, RELATED RISKS AND UNCERTAINTIES

Interim Financial Information

Principles of Consolidation

Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash are reflected on the Unaudited Condensed Consolidated Balance Sheets as follows:


	December 31,				September 30,
(in thousands)	2024		2023		2024		2023
Cash and cash equivalents	$	391,179	$	214,104	$	217,341	$	257,174
Restricted cash	73,216		65,137		68,902		59,064
Restricted cash - long-term:
Other assets, net	1,242,124		—		1,242,417		—
Total cash, cash equivalents, and restricted cash	$	1,706,519	$	279,241	$	1,528,660	$	316,238

Related Party Transactions

Recently Issued Accounting Updates

The following table provides a brief description of recently adopted accounting pronouncements and our analysis of the effects on our Unaudited Condensed Consolidated Financial Statements:


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters

Standards that are not yet adopted as of December 31, 2024
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update enhance annual and interim disclosure requirements, determine significant segment expense, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This update is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.	September 30, 2025	We plan to adopt this ASU, as required, during fiscal year 2025, with the first disclosure enhancements reflected in our Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures.
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU enhances income tax disclosure requirements. Under the ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). Specific categories that must be included in the reconciliation for each annual reporting period are specified in the amendment. This update is effective for annual periods beginning after December 15, 2024. Early adoption of the amendments is permitted. Upon adoption, the amendments shall be applied on a prospective basis. Retrospective application is permitted.	September 30, 2026	We plan to adopt this ASU, as required, during fiscal year 2026, with the first disclosure enhancements reflected in our fiscal year 2026 Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures.
ASU No. 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosure (Subtopic 220-40)	This ASU enhances disclosure requirements for certain costs and expenses. The amendments in this update enhance annual and interim disclosure requirements, certain liability-related expenses, expense reimbursements related to a cost-sharing or cost-reimbursement arrangement with another entity, and the disaggregation of relevant expense captions. This update gives entities the ability to use estimates or other methods that produce a reasonable approximation of the amounts required to be disclosed. This update is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments shall be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements.	September 30, 2028	We plan to adopt this ASU, as required, during fiscal year 2028 with the first disclosure enhancements reflected in our 2028 fiscal year Form 10-K. We are currently evaluating the impact the new guidance may have on our consolidated financial statements and disclosures.

Self-Insurance

International Solutions Drilling Risks

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 3 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment as of December 31, 2024 and September 30, 2024 consisted of the following:


(in thousands)	Estimated Useful Lives	December 31, 2024		September 30, 2024
Drilling services equipment	4 - 15 years	$	6,713,200	$	6,671,975
Tubulars	4 years	539,876		552,773
Real estate properties	10 - 45 years	49,061		48,617
Other	2 - 23 years	465,604		460,857
Construction in progress1		132,367		106,183
		7,900,108		7,840,405
Accumulated depreciation		(4,890,748)		(4,824,128)
Property, plant and equipment, net		$	3,009,360	$	3,016,277

Depreciation

Gain on Reimbursement of Drilling Equipment

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 4 GOODWILL AND INTANGIBLE ASSETS

Goodwill

During the three months ended December 31, 2024, there were no additions or impairments to goodwill. As of December 31, 2024 and September 30, 2024, the goodwill balance was $45.7 million.

Intangible Assets


		December 31, 2024						September 30, 2024
(in thousands)	Weighted Average Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Finite-lived intangible asset:
Developed technology	15 years	$	89,096	$	41,536	$	47,560	$	89,096	$	40,047	$	49,049
Intellectual property	13 years	2,000		702		1,298		2,000		662		1,338
Trade name	20 years	5,865		2,176		3,689		5,865		2,105		3,760
		$	96,961	$	44,414	$	52,547	$	96,961	$	42,814	$	54,147

Amortization expense in the Unaudited Condensed Consolidated Statements of Operations was $1.6 million for the three months ended December 31, 2024 and 2023, respectively.

DEBT

3 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

NOTE 5 DEBT

As of December 31, 2024 and September 30, 2024, we had the following unsecured long-term debt outstanding with maturity shown in the following table:


	December 31, 2024						September 30, 2024
(in thousands)	Face Amount		Unamortized Discount and Debt Issuance Cost		Book Value		Face Amount		Unamortized Discount and Debt Issuance Cost		Book Value
Unsecured senior notes:

Due December 1, 2027	$	350,000	$	(3,066)	$	346,934	$	350,000	$	(2,907)	$	347,093
Due December 1, 2029	350,000		(3,932)		346,068		350,000		(3,703)		346,297
Due September 29, 2031	550,000		(4,112)		545,888		550,000		(4,262)		545,738
Due December 1, 2034	550,000		(7,216)		542,784		550,000		(6,946)		543,054
Long-term debt	$	1,800,000	$	(18,326)	$	1,781,674	$	1,800,000	$	(17,818)	$	1,782,182

Senior Notes Issued in Fiscal Year 2024

Senior Notes Issued in Fiscal Year 2021

Term Loan Credit Agreement

Bridge Loan Facility

Revolving Credit Facility

INCOME TAXES

3 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6 INCOME TAXES

SHAREHOLDERS' EQUITY

3 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

NOTE 7 SHAREHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss were as follows:


	December 31,		September 30,
(in thousands)	2024		2024
Pre-tax amounts:
Unrealized pension actuarial loss	$	(7,563)	$	(7,632)
Unrealized loss on available-for-sale debt security	(262)		(662)
	$	(7,825)	$	(8,294)
After-tax amounts:
Unrealized pension actuarial loss	$	(5,784)	$	(5,838)
Unrealized loss on available-for-sale debt security	(203)		(512)
	$	(5,987)	$	(6,350)

Fluctuations in pension actuarial gains and losses are primarily due to changes in the discount rate and investment returns related to the defined benefit pension plan.

Investments classified as available-for-sale debt securities are reported at fair value with unrealized gains and losses excluded from net income and reported in other comprehensive income.

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, for the three months ended December 31, 2024:


	Three Months Ended December 31, 2024
(in thousands)	Unrealized Loss on Available-for-Sale Securities		Defined Benefit Pension Plan		Total
Balance at beginning of period	$	(512)	$	(5,838)	$	(6,350)
Other comprehensive income before reclassifications	309		—		309
Amounts reclassified from accumulated other comprehensive loss	—		54		54
Net current-period other comprehensive income	309		54		363
Balance at December 31	$	(203)	$	(5,784)	$	(5,987)

REVENUE FROM CONTRACTS WITH CUSTOMERS

3 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

NOTE 8 REVENUE FROM CONTRACTS WITH CUSTOMERS

Drilling Services Revenue

Contract Costs

As of December 31, 2024 and September 30, 2024, we had capitalized fulfillment costs of $29.9 million and $19.2 million, respectively.

Remaining Performance Obligations

Contract Assets and Liabilities

The following tables summarize the balances of our contract assets (net of allowance for estimated credit losses) and liabilities at the dates indicated:


(in thousands)	December 31, 2024		September 30, 2024
Contract assets, net	$	4,439	$	4,563


(in thousands)	December 31, 2024
Contract liabilities balance at September 30, 2024	$	29,052
Payment received/accrued and deferred	23,594
Revenue recognized during the period	(14,905)
Contract liabilities balance at December 31, 2024	$	37,741

ACQUISITION TRANSACTION COSTS

3 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITION TRANSACTION COSTS

NOTE 9 ACQUISITION TRANSACTION COSTS

EARNINGS PER COMMON SHARE

3 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

NOTE 10 EARNINGS PER COMMON SHARE

Basic earnings per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended December 31,
(in thousands, except per share amounts)	2024		2023
Numerator:
Net income	$	54,772	$	95,173

Adjustment for basic earnings per share
Earnings allocated to unvested shareholders	(760)		(1,248)
Numerator for basic earnings per share	54,012		93,925

Adjustment for diluted earnings per share
Effect of reallocating undistributed earnings of unvested shareholders	1		2
Numerator for diluted earnings per share	$	54,013	$	93,927

Denominator:
Denominator for basic earnings per share - weighted-average shares	98,867		99,143
Effect of dilutive shares from restricted stock and performance share units	292		485
Denominator for diluted earnings per share - adjusted weighted-average shares	99,159		99,628

Basic earnings per common share:	$	0.55	$	0.95

Diluted earnings per common share:	$	0.54	$	0.94


	Three Months Ended December 31,
(in thousands, except per share amounts)	2024		2023
Potentially dilutive shares excluded as anti-dilutive	2,341		2,601
Weighted-average price per share	$	54.91	$	57.21

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

3 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

NOTE 11 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS

•Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Fair Value Measurements


	December 31, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Money market mutual funds	$	72,305	$	72,305	$	—	$	—
Corporate and municipal debt securities	26,234		—		26,234		—
U.S. government and federal agency securities	36,778		36,778		—		—
Total	135,317		109,083		26,234		—

Long-term Investments:
Recurring fair value measurements:
Equity securities:
Non-qualified supplemental savings plan	16,275		16,275		—		—
Investment in Tamboran	19,810		19,810		—		—
Debt securities:
Investment in Galileo, net	27,499		—		—		27,499
Geothermal debt securities, net	2,000		—		—		2,000
Other debt securities	4,988		4,738		—		250
Total	70,572		40,823		—		29,749


	September 30, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Corporate debt securities	$	33,813	$	—	$	33,813	$	—
U.S. government and federal agency securities	53,490		53,490		—		—
Investment in ADNOC Drilling	205,616		205,616		—		—
Total	292,919		259,106		33,813		—

Long-term investments:
Recurring fair value measurements:
Equity securities:
Non-qualified supplemental savings plan	15,633		15,633		—		—
Investment in Tamboran	20,958		20,958		—		—
Debt securities:
Investment in Galileo, net	27,044		—		—		27,044
Geothermal debt securities, net	2,000		—		—		2,000
Other debt securities	4,588		4,338		—		250
Total	70,223		40,929		—		29,294

Recurring Fair Value Measurements

Short-term Investments

Long-term Investments

On June 4, 2024, the Company entered into a convertible note agreement with Tamboran Corp. This note was utilized to relieve Tamboran's outstanding accounts receivable balance owed to the Company, and therefore no cash was exchanged as part of the transaction. The convertible note agreement provided that the notes converted into shares of common stock of Tamboran Corp. under certain circumstances in connection with an initial public offering in which its stock was listed on the New York Stock Exchange ("NYSE") or NASDAQ Stock Exchange. On June 26, 2024, Tamboran Corp. completed an initial public offering of its common stock on the NYSE and its common stock is listed on the NYSE, under the ticker "TBN". As a result of this offering, the convertible note of $9.4 million was converted into 0.5 million common shares in Tamboran Corp. Our investment is classified as a long-term equity investment within Investments on our Unaudited Condensed Consolidated Balance Sheets and measured at fair value with any gains or losses recognized through net income and recorded within Loss on investment securities on our Unaudited Condensed Consolidated Statements of Operations. Our shares received in this initial public offering were subject to a 180-day lockup period.

As of December 31, 2024 and September 30, 2024, our net debt security investment in Galileo was $27.5 million and $27.0 million, respectively.


	Three Months Ended December 31,
(in thousands)	2024		2023
Assets at beginning of period	$	29,294	$	37,440

Accrued interest	455		433
Total losses:
Included in earnings	—		(5)
Assets at end of period	$	29,749	$	37,868

Nonrecurring Fair Value Measurements

Equity Securities


	Three Months Ended December 31,
(in millions)	2024		2023
Assets at beginning of period	$	30,090	$	28,232
Purchases	646		291
Total gains:
Included in earnings	109		—
Assets at end of period	$	30,845	$	28,523

Other Financial Instruments

The following information presents the supplemental fair value information for our long-term fixed-rate debt at December 31, 2024 and September 30, 2024:


	December 31,	September 30,
(in millions)	2024	2024
Long-term debt, net
Carrying value	1,781.7	1,782.2
Fair value	1,666.5	1,702.9

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 12 COMMITMENTS AND CONTINGENCIES

Purchase Commitments

Guarantee Arrangements

Contingencies

BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION

3 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION

NOTE 13 BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION

Description of the Business

Segment Performance

We evaluate segment performance based on income, segment operating income (loss) before income taxes which includes:

•Revenues from external and internal customers

•Direct operating costs

•Depreciation and amortization

•Research and development

•Allocated general and administrative expenses

Summarized financial information of our reportable segments for the three months ended December 31, 2024 and 2023 is shown in the following tables:


	Three Months Ended December 31, 2024
(in thousands)	North America Solutions		International Solutions		Offshore Gulf of Mexico		Other		Eliminations		Total
External sales	$	597,923	$	47,480	$	29,210	$	2,689	$	—	$	677,302
Intersegment	222		—		—		16,593		(16,815)		—
Total sales	598,145		47,480		29,210		19,282		(16,815)		677,302

Segment operating income (loss)	$	151,994	$	(15,170)	$	3,505	$	774	$	102	$	141,205


	Three Months Ended December 31, 2023
(in thousands)	North America Solutions		International Solutions		Offshore Gulf of Mexico		Other		Eliminations		Total
External sales	$	594,282	$	54,752	$	25,531	$	2,582	$	—	$	677,147
Intersegment	—		—		—		15,226		(15,226)		—
Total sales	594,282		54,752		25,531		17,808		(15,226)		677,147

Segment operating income (loss)	$	144,490	$	5,423	$	3,052	$	(67)	$	334	$	153,232

The following table reconciles segment operating income per the tables above to income before income taxes as reported on the Unaudited Condensed Consolidated Statements of Operations:


	Three Months Ended December 31,
(in thousands)	2024		2023
Segment operating income	$	141,205	$	153,232
Acquisition transaction costs	(10,535)		—
Gain on reimbursement of drilling equipment	9,403		7,494
Other gain (loss) on sale of assets	(1,673)		2,443
Corporate selling, general and administrative costs and corporate depreciation	(48,417)		(39,701)
Operating income	89,983		123,468
Other income (expense)
Interest and dividend income	21,741		10,734
Interest expense	(22,298)		(4,372)
Loss on investment securities	(13,367)		(4,034)


Other	360		(543)
Total unallocated amounts	(13,564)		1,785
Income before income taxes	$	76,419	$	125,253

The following table reconciles segment total assets to total assets as reported on the Unaudited Condensed Consolidated Balance Sheets:


(in thousands)	December 31, 2024		September 30, 2024
Total assets1
North America Solutions	$	3,102,356	$	3,225,410
International Solutions	806,521		685,833
Offshore Gulf of Mexico	69,542		73,119
Other	163,659		157,877
	4,142,078		4,142,239
Investments and corporate operations	1,674,543		1,639,659
	$	5,816,621	$	5,781,898

(1)Assets by segment exclude investments in subsidiaries and intersegment activity.

The following table presents revenues from external customers by country based on the location of service provided:


	Three Months Ended December 31,
(in thousands)	2024		2023
Operating revenues
United States	$	628,680	$	621,617
Argentina	34,660		35,876
Bahrain	4,848		4,497
Australia	4,757		4,312
Saudi Arabia	3,231		—
Colombia	—		7,703
United Arab Emirates	—		2,365
Other foreign	1,126		777
Total	$	677,302	$	677,147

Refer to Note 8—Revenue from Contracts with Customers for additional information regarding the recognition of revenue.

SUBSEQUENT EVENTS

3 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 14 SUBSEQUENT EVENTS

Effective January 16, 2025, and as a result of the Acquisition, the naming convention for one of our reportable segments changed from Offshore Gulf of Mexico to Offshore Solutions.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 54,772	$ 95,173

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 26, 2024, Michael Lennox, Senior Vice President, Americas Operations of Helmerich & Payne International Drilling Co., adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 30,400 shares of Company common stock between March 27, 2025 and December 5, 2025, subject to certain conditions, 8,400 of which shares are to be acquired upon the exercise of employee stock options.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael Lennox [Member]
Trading Arrangements, by Individual
Name	Michael Lennox
Title	Senior Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 26, 2024
Expiration Date	December 5, 2025
Arrangement Duration	253 days
Michael Lennox Trading Arrangement, Common Stock [Member] \| Michael Lennox [Member]
Trading Arrangements, by Individual
Aggregate Available	30,400
Michael Lennox Trading Arrangement, Stock Options [Member] \| Michael Lennox [Member]
Trading Arrangements, by Individual
Aggregate Available	8,400

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES , RELATED RISKS AND UNCERTAINTIES (Policies)

3 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Interim Financial Information

Principles of Consolidation

Cash, Cash Equivalents, and Restricted Cash

Related Party Transactions

Recently Issued Accounting Updates

The following table provides a brief description of recently adopted accounting pronouncements and our analysis of the effects on our Unaudited Condensed Consolidated Financial Statements:


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters

Standards that are not yet adopted as of December 31, 2024
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update enhance annual and interim disclosure requirements, determine significant segment expense, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This update is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.	September 30, 2025	We plan to adopt this ASU, as required, during fiscal year 2025, with the first disclosure enhancements reflected in our Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures.
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU enhances income tax disclosure requirements. Under the ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). Specific categories that must be included in the reconciliation for each annual reporting period are specified in the amendment. This update is effective for annual periods beginning after December 15, 2024. Early adoption of the amendments is permitted. Upon adoption, the amendments shall be applied on a prospective basis. Retrospective application is permitted.	September 30, 2026	We plan to adopt this ASU, as required, during fiscal year 2026, with the first disclosure enhancements reflected in our fiscal year 2026 Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures.
ASU No. 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosure (Subtopic 220-40)	This ASU enhances disclosure requirements for certain costs and expenses. The amendments in this update enhance annual and interim disclosure requirements, certain liability-related expenses, expense reimbursements related to a cost-sharing or cost-reimbursement arrangement with another entity, and the disaggregation of relevant expense captions. This update gives entities the ability to use estimates or other methods that produce a reasonable approximation of the amounts required to be disclosed. This update is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments shall be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements.	September 30, 2028	We plan to adopt this ASU, as required, during fiscal year 2028 with the first disclosure enhancements reflected in our 2028 fiscal year Form 10-K. We are currently evaluating the impact the new guidance may have on our consolidated financial statements and disclosures.

Self-Insurance

International Solutions Drilling Risks

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES , RELATED RISKS AND UNCERTAINTIES (Tables)

3 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash are reflected on the Unaudited Condensed Consolidated Balance Sheets as follows:


	December 31,				September 30,
(in thousands)	2024		2023		2024		2023
Cash and cash equivalents	$	391,179	$	214,104	$	217,341	$	257,174
Restricted cash	73,216		65,137		68,902		59,064
Restricted cash - long-term:
Other assets, net	1,242,124		—		1,242,417		—
Total cash, cash equivalents, and restricted cash	$	1,706,519	$	279,241	$	1,528,660	$	316,238

Schedule of Restricted Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash are reflected on the Unaudited Condensed Consolidated Balance Sheets as follows:


	December 31,				September 30,
(in thousands)	2024		2023		2024		2023
Cash and cash equivalents	$	391,179	$	214,104	$	217,341	$	257,174
Restricted cash	73,216		65,137		68,902		59,064
Restricted cash - long-term:
Other assets, net	1,242,124		—		1,242,417		—
Total cash, cash equivalents, and restricted cash	$	1,706,519	$	279,241	$	1,528,660	$	316,238

Schedule of Description of Recent Accounting Pronouncements and Analysis of the Effects on the Financial Statements


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters

Standards that are not yet adopted as of December 31, 2024
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update enhance annual and interim disclosure requirements, determine significant segment expense, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This update is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.	September 30, 2025	We plan to adopt this ASU, as required, during fiscal year 2025, with the first disclosure enhancements reflected in our Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures.
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU enhances income tax disclosure requirements. Under the ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). Specific categories that must be included in the reconciliation for each annual reporting period are specified in the amendment. This update is effective for annual periods beginning after December 15, 2024. Early adoption of the amendments is permitted. Upon adoption, the amendments shall be applied on a prospective basis. Retrospective application is permitted.	September 30, 2026	We plan to adopt this ASU, as required, during fiscal year 2026, with the first disclosure enhancements reflected in our fiscal year 2026 Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures.
ASU No. 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosure (Subtopic 220-40)	This ASU enhances disclosure requirements for certain costs and expenses. The amendments in this update enhance annual and interim disclosure requirements, certain liability-related expenses, expense reimbursements related to a cost-sharing or cost-reimbursement arrangement with another entity, and the disaggregation of relevant expense captions. This update gives entities the ability to use estimates or other methods that produce a reasonable approximation of the amounts required to be disclosed. This update is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments shall be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements.	September 30, 2028	We plan to adopt this ASU, as required, during fiscal year 2028 with the first disclosure enhancements reflected in our 2028 fiscal year Form 10-K. We are currently evaluating the impact the new guidance may have on our consolidated financial statements and disclosures.

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment as of December 31, 2024 and September 30, 2024 consisted of the following:


(in thousands)	Estimated Useful Lives	December 31, 2024		September 30, 2024
Drilling services equipment	4 - 15 years	$	6,713,200	$	6,671,975
Tubulars	4 years	539,876		552,773
Real estate properties	10 - 45 years	49,061		48,617
Other	2 - 23 years	465,604		460,857
Construction in progress1		132,367		106,183
		7,900,108		7,840,405
Accumulated depreciation		(4,890,748)		(4,824,128)
Property, plant and equipment, net		$	3,009,360	$	3,016,277

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Arising from Business Acquisitions

Our intangible assets are within our North America Solutions reportable segment and consist of the following:


		December 31, 2024						September 30, 2024
(in thousands)	Weighted Average Estimated Useful Lives	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Finite-lived intangible asset:
Developed technology	15 years	$	89,096	$	41,536	$	47,560	$	89,096	$	40,047	$	49,049
Intellectual property	13 years	2,000		702		1,298		2,000		662		1,338
Trade name	20 years	5,865		2,176		3,689		5,865		2,105		3,760
		$	96,961	$	44,414	$	52,547	$	96,961	$	42,814	$	54,147

DEBT (Tables)

3 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Components of Unsecured Long-Term Debt Outstanding

As of December 31, 2024 and September 30, 2024, we had the following unsecured long-term debt outstanding with maturity shown in the following table:


	December 31, 2024						September 30, 2024
(in thousands)	Face Amount		Unamortized Discount and Debt Issuance Cost		Book Value		Face Amount		Unamortized Discount and Debt Issuance Cost		Book Value
Unsecured senior notes:

Due December 1, 2027	$	350,000	$	(3,066)	$	346,934	$	350,000	$	(2,907)	$	347,093
Due December 1, 2029	350,000		(3,932)		346,068		350,000		(3,703)		346,297
Due September 29, 2031	550,000		(4,112)		545,888		550,000		(4,262)		545,738
Due December 1, 2034	550,000		(7,216)		542,784		550,000		(6,946)		543,054
Long-term debt	$	1,800,000	$	(18,326)	$	1,781,674	$	1,800,000	$	(17,818)	$	1,782,182

SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Components of Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss were as follows:


	December 31,		September 30,
(in thousands)	2024		2024
Pre-tax amounts:
Unrealized pension actuarial loss	$	(7,563)	$	(7,632)
Unrealized loss on available-for-sale debt security	(262)		(662)
	$	(7,825)	$	(8,294)
After-tax amounts:
Unrealized pension actuarial loss	$	(5,784)	$	(5,838)
Unrealized loss on available-for-sale debt security	(203)		(512)
	$	(5,987)	$	(6,350)

Schedule of Changes in Accumulated Other Comprehensive Loss

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, for the three months ended December 31, 2024:


	Three Months Ended December 31, 2024
(in thousands)	Unrealized Loss on Available-for-Sale Securities		Defined Benefit Pension Plan		Total
Balance at beginning of period	$	(512)	$	(5,838)	$	(6,350)
Other comprehensive income before reclassifications	309		—		309
Amounts reclassified from accumulated other comprehensive loss	—		54		54
Net current-period other comprehensive income	309		54		363
Balance at December 31	$	(203)	$	(5,784)	$	(5,987)

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Liabilities

The following tables summarize the balances of our contract assets (net of allowance for estimated credit losses) and liabilities at the dates indicated:


(in thousands)	December 31, 2024		September 30, 2024
Contract assets, net	$	4,439	$	4,563


(in thousands)	December 31, 2024
Contract liabilities balance at September 30, 2024	$	29,052
Payment received/accrued and deferred	23,594
Revenue recognized during the period	(14,905)
Contract liabilities balance at December 31, 2024	$	37,741

EARNINGS (LOSSES) PER COMMON SHARE (Tables)

3 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended December 31,
(in thousands, except per share amounts)	2024		2023
Numerator:
Net income	$	54,772	$	95,173

Adjustment for basic earnings per share
Earnings allocated to unvested shareholders	(760)		(1,248)
Numerator for basic earnings per share	54,012		93,925

Adjustment for diluted earnings per share
Effect of reallocating undistributed earnings of unvested shareholders	1		2
Numerator for diluted earnings per share	$	54,013	$	93,927

Denominator:
Denominator for basic earnings per share - weighted-average shares	98,867		99,143
Effect of dilutive shares from restricted stock and performance share units	292		485
Denominator for diluted earnings per share - adjusted weighted-average shares	99,159		99,628

Basic earnings per common share:	$	0.55	$	0.95

Diluted earnings per common share:	$	0.54	$	0.94

Schedule of Anti-Dilutive Shares Excluded from the Calculation of Diluted Earnings Per Share


	Three Months Ended December 31,
(in thousands, except per share amounts)	2024		2023
Potentially dilutive shares excluded as anti-dilutive	2,341		2,601
Weighted-average price per share	$	54.91	$	57.21

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	December 31, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Money market mutual funds	$	72,305	$	72,305	$	—	$	—
Corporate and municipal debt securities	26,234		—		26,234		—
U.S. government and federal agency securities	36,778		36,778		—		—
Total	135,317		109,083		26,234		—

Long-term Investments:
Recurring fair value measurements:
Equity securities:
Non-qualified supplemental savings plan	16,275		16,275		—		—
Investment in Tamboran	19,810		19,810		—		—
Debt securities:
Investment in Galileo, net	27,499		—		—		27,499
Geothermal debt securities, net	2,000		—		—		2,000
Other debt securities	4,988		4,738		—		250
Total	70,572		40,823		—		29,749


	September 30, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Assets
Short-term investments:
Corporate debt securities	$	33,813	$	—	$	33,813	$	—
U.S. government and federal agency securities	53,490		53,490		—		—
Investment in ADNOC Drilling	205,616		205,616		—		—
Total	292,919		259,106		33,813		—

Long-term investments:
Recurring fair value measurements:
Equity securities:
Non-qualified supplemental savings plan	15,633		15,633		—		—
Investment in Tamboran	20,958		20,958		—		—
Debt securities:
Investment in Galileo, net	27,044		—		—		27,044
Geothermal debt securities, net	2,000		—		—		2,000
Other debt securities	4,588		4,338		—		250
Total	70,223		40,929		—		29,294

Schedule of Reconciliation of Long Term Debt Securities Available For Sale, Classified as Level 3

The following table reconciles changes in the fair value of our Level 3 assets for the periods presented below:


	Three Months Ended December 31,
(in thousands)	2024		2023
Assets at beginning of period	$	29,294	$	37,440

Accrued interest	455		433
Total losses:
Included in earnings	—		(5)
Assets at end of period	$	29,749	$	37,868


	Three Months Ended December 31,
(in millions)	2024		2023
Assets at beginning of period	$	30,090	$	28,232
Purchases	646		291
Total gains:
Included in earnings	109		—
Assets at end of period	$	30,845	$	28,523

Schedule of Supplemental Fair Value Information about Long-Term Fixed-Rate Debt

The following information presents the supplemental fair value information for our long-term fixed-rate debt at December 31, 2024 and September 30, 2024:


	December 31,	September 30,
(in millions)	2024	2024
Long-term debt, net
Carrying value	1,781.7	1,782.2
Fair value	1,666.5	1,702.9

BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

3 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Information of Reportable Segments

Summarized financial information of our reportable segments for the three months ended December 31, 2024 and 2023 is shown in the following tables:


	Three Months Ended December 31, 2024
(in thousands)	North America Solutions		International Solutions		Offshore Gulf of Mexico		Other		Eliminations		Total
External sales	$	597,923	$	47,480	$	29,210	$	2,689	$	—	$	677,302
Intersegment	222		—		—		16,593		(16,815)		—
Total sales	598,145		47,480		29,210		19,282		(16,815)		677,302

Segment operating income (loss)	$	151,994	$	(15,170)	$	3,505	$	774	$	102	$	141,205


	Three Months Ended December 31, 2023
(in thousands)	North America Solutions		International Solutions		Offshore Gulf of Mexico		Other		Eliminations		Total
External sales	$	594,282	$	54,752	$	25,531	$	2,582	$	—	$	677,147
Intersegment	—		—		—		15,226		(15,226)		—
Total sales	594,282		54,752		25,531		17,808		(15,226)		677,147

Segment operating income (loss)	$	144,490	$	5,423	$	3,052	$	(67)	$	334	$	153,232

Schedule of Reconciliation of Segment Operating Income (Loss) to Income from Continuing Operations Before Income Taxes

The following table reconciles segment operating income per the tables above to income before income taxes as reported on the Unaudited Condensed Consolidated Statements of Operations:


	Three Months Ended December 31,
(in thousands)	2024		2023
Segment operating income	$	141,205	$	153,232
Acquisition transaction costs	(10,535)		—
Gain on reimbursement of drilling equipment	9,403		7,494
Other gain (loss) on sale of assets	(1,673)		2,443
Corporate selling, general and administrative costs and corporate depreciation	(48,417)		(39,701)
Operating income	89,983		123,468
Other income (expense)
Interest and dividend income	21,741		10,734
Interest expense	(22,298)		(4,372)
Loss on investment securities	(13,367)		(4,034)


Other	360		(543)
Total unallocated amounts	(13,564)		1,785
Income before income taxes	$	76,419	$	125,253

Schedule of Total Assets by Reportable Segment

The following table reconciles segment total assets to total assets as reported on the Unaudited Condensed Consolidated Balance Sheets:


(in thousands)	December 31, 2024		September 30, 2024
Total assets1
North America Solutions	$	3,102,356	$	3,225,410
International Solutions	806,521		685,833
Offshore Gulf of Mexico	69,542		73,119
Other	163,659		157,877
	4,142,078		4,142,239
Investments and corporate operations	1,674,543		1,639,659
	$	5,816,621	$	5,781,898

(1)Assets by segment exclude investments in subsidiaries and intersegment activity.

Schedule of Revenues from External Customers by Country

The following table presents revenues from external customers by country based on the location of service provided:


	Three Months Ended December 31,
(in thousands)	2024		2023
Operating revenues
United States	$	628,680	$	621,617
Argentina	34,660		35,876
Bahrain	4,848		4,497
Australia	4,757		4,312
Saudi Arabia	3,231		—
Colombia	—		7,703
United Arab Emirates	—		2,365
Other foreign	1,126		777
Total	$	677,302	$	677,147

NATURE OF OPERATIONS (Details) $ in Billions		1 Months Ended	3 Months Ended
NATURE OF OPERATIONS (Details) $ in Billions	Jan. 16, 2025 USD ($)	Oct. 31, 2022	Dec. 31, 2024 location
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of international locations \| location			5
Depository beneficial interests		0.50%
KCA Deutag \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Consideration given	$ 2.0
Unadjusted share purchase price	0.9
Consideration repay	$ 1.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, RELATED RISKS AND UNCERTAINTIES - Narrative (Details) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2022 USD ($) shares	Dec. 31, 2024 USD ($) executive_officer geographical_area shares	Dec. 31, 2023 USD ($)	Feb. 05, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and cash equivalents		$ 1,300,000	$ 65,100		$ 1,300,000	$ 59,100
Additional cash and cash equivalents restricted at the election of management for potential insurance claims		73,200			68,900
Convertible notes		$ 9,400
Convertible notes (in shares) \| shares		0.5
Number of executive officers serving on related party board \| executive_officer		1
Receivables		$ 426,933			418,604
Contract liability		37,741			29,052
Drilling services		674,613	674,565
Underwriting expense		3,900	3,500
Casualty insurance premiums		10,500	9,100
Premium revenues and expenses		16,600	15,200
Stop-loss medical expenses		$ 5,200	4,100
Cumulative inflation rate before a country is considered highly inflationary		100.00%
Foreign currency losses		$ 900	$ 1,800
Subsequent Event
Summary Of Significant Accounting Policies [Line Items]
Additional cash and cash equivalents restricted at the election of management for potential insurance claims				$ 1,200,000
KCA Deutag Acquisition
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and cash equivalents		$ 1,200,000			1,200,000
International Locations \| Geographic Concentration Risk \| Operating Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration percentage		7.20%	8.20%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Number of geographical areas operating \| geographical_area		1
South America \| International Locations \| Geographic Concentration Risk \| Operating Revenue \| International Solutions
Summary Of Significant Accounting Policies [Line Items]
Concentration percentage		71.30%	78.50%
Tamboran Resources Limited
Summary Of Significant Accounting Policies [Line Items]
Payments to acquire investments	$ 14,100
Investment shares acquired (in shares) \| shares	106.0
Investee
Summary Of Significant Accounting Policies [Line Items]
Receivables		$ 1,000			5,000
Contract liability		3,400			$ 3,900
Drilling services		4,800	$ 4,300
Expected revenue		$ 35,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES , RELATED RISKS AND UNCERTAINTIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Restricted Cash and Investments
Cash and cash equivalents	$ 391,179	$ 217,341	$ 214,104	$ 257,174
Restricted cash and cash equivalents	1,300,000	1,300,000	65,100	59,100
Total cash, cash equivalents, and restricted cash	1,706,519	1,528,660	279,241	316,238
Restricted cash
Restricted Cash and Investments
Restricted cash and cash equivalents	73,216	68,902	65,137	59,064
Other assets, net
Restricted Cash and Investments
Restricted cash and cash equivalents	$ 1,242,124	$ 1,242,417	$ 0	$ 0

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 7,900,108	$ 7,840,405
Accumulated depreciation	(4,890,748)	(4,824,128)
Property, plant and equipment, net	3,009,360	3,016,277
Drilling services equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 6,713,200	6,671,975
Drilling services equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	4 years
Drilling services equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Tubulars
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	4 years
Property, plant and equipment, gross	$ 539,876	552,773
Real estate properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 49,061	48,617
Real estate properties \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Real estate properties \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	45 years
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 465,604	460,857
Other \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	2 years
Other \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	23 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 132,367	$ 106,183

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 97,000	$ 92,400
Abandonments included in depreciation	700	500
Accelerated depreciation	1,200	900
Gain on reimbursement of drilling equipment	$ 9,403	$ 7,494

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill additions	$ 0
Impairments of goodwill	0
Goodwill	45,653		$ 45,653
Amortization	$ 1,600	$ 1,600

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets Arising from Business Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 96,961	$ 96,961
Accumulated Amortization	44,414	42,814
Net	$ 52,547	54,147
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	15 years
Gross Carrying Amount	$ 89,096	89,096
Accumulated Amortization	41,536	40,047
Net	$ 47,560	49,049
Intellectual property
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	13 years
Gross Carrying Amount	$ 2,000	2,000
Accumulated Amortization	702	662
Net	$ 1,298	1,338
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	20 years
Gross Carrying Amount	$ 5,865	5,865
Accumulated Amortization	2,176	2,105
Net	$ 3,689	$ 3,760

DEBT - Schedule of Unsecured Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Long-term debt
Face Amount	$ 1,800,000	$ 1,800,000
Unamortized Discount and Debt Issuance Cost	(18,326)	(17,818)
Long-term debt, net	1,781,674	1,782,182
Due December 1, 2027
Long-term debt, gross
Face Amount	350,000	350,000
Unamortized Discount and Debt Issuance Cost	(3,066)	(2,907)
Book Value	346,934	347,093
Due December 1, 2029
Long-term debt, gross
Face Amount	350,000	350,000
Unamortized Discount and Debt Issuance Cost	(3,932)	(3,703)
Book Value	346,068	346,297
Due September 29, 2031
Long-term debt, gross
Face Amount	550,000	550,000
Unamortized Discount and Debt Issuance Cost	(4,112)	(4,262)
Book Value	545,888	545,738
Due December 1, 2034
Long-term debt, gross
Face Amount	550,000	550,000
Unamortized Discount and Debt Issuance Cost	(7,216)	(6,946)
Book Value	$ 542,784	$ 543,054

DEBT - Narrative (Details)			3 Months Ended	12 Months Ended
DEBT - Narrative (Details)	Sep. 17, 2024 USD ($)	Aug. 14, 2024 USD ($) extension	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 29, 2021 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 335,300,000
Commitment fees				$ 10,600,000
Revolving commitments under amended credit facility expire		$ 775,000,000
Credit facility maturity term		1 year
Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 2,000,000,000
Long-term debt, term			364 days
Commitment fees			$ 1,400,000	1,400,000
Interest expense				9,200,000
Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400,000,000
Debt term after funding			2 years
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		950,000,000
Revolving commitments under amended credit facility mature		$ 175,000,000
Line of credit, number of loan extensions \| extension		2
Line of credit facility accordion increase		$ 100,000,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, potential special additional interest	0.0025
Notes \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt	$ 1,250,000,000
Senior Notes Due 2027 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt	$ 350,000,000
Interest rate (as a percent)	4.65%
Debt instrument, redemption price, percentage	99.958%
Senior Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt	$ 350,000,000
Interest rate (as a percent)	4.85%
Debt instrument, redemption price, percentage	99.883%
Due December 1, 2029
Debt Instrument [Line Items]
Long-term debt			$ 350,000,000	350,000,000
Due December 1, 2034
Debt Instrument [Line Items]
Long-term debt			550,000,000	550,000,000
Senior Notes Due 2034 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt	$ 550,000,000
Interest rate (as a percent)	5.50%
Debt instrument, redemption price, percentage	99.67%
Due September 29, 2031
Debt Instrument [Line Items]
Face amount of debt					$ 550,000,000.0
Interest rate (as a percent)					2.90%
Long-term debt			$ 550,000,000	$ 550,000,000
Term Loan Credit Facility
Debt Instrument [Line Items]
Line of credit facility, commitment fees, if debt was issued				0.00175
Term Loan Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.10%
Term Loan Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.25%
Term Loan Credit Facility \| Adjusted Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread		0.10%
Term Loan Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate spread		0.50%
Term Loan Credit Facility \| One Month Adjusted Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread		1.00%
Term Loan Credit Facility \| Secured Overnight Financing Rate (SOFR) Applicable Margin Rate \| Minimum
Debt Instrument [Line Items]
Interest rate spread		1.00%
Term Loan Credit Facility \| Secured Overnight Financing Rate (SOFR) Applicable Margin Rate \| Maximum
Debt Instrument [Line Items]
Interest rate spread		1.625%
Term Loan Credit Facility \| Adjusted Base Rate, Applicable Margin Rate \| Minimum
Debt Instrument [Line Items]
Interest rate spread		0.00%
Term Loan Credit Facility \| Adjusted Base Rate, Applicable Margin Rate \| Maximum
Debt Instrument [Line Items]
Interest rate spread		0.625%
Term Loan Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate, if debt was issued				0.01375
2018 Credit Facility
Debt Instrument [Line Items]
Commitment fee rate			0.15%
Maximum limit of priority debt on net worth		17.50%
Borrowings outstanding			$ 0
Available borrowing capacity			$ 950,000,000
2018 Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee rate		0.075%
2018 Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee rate		0.20%
Total debt to total capitalization ratio		55.00%
2018 Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate spread		0.50%
2018 Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread		0.10%
Spread over SOFR			1.25%
2018 Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Interest rate spread		0.875%
2018 Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Interest rate spread		1.50%
2018 Credit Facility \| One Month Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Interest rate spread		1.00%
2018 Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate spread		0.00%
2018 Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate spread		0.50%
Unsecured Standalone Line of Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 160,000,000
Borrowings outstanding			47,200,000
Letter of Credit - Instrument 1 \| Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding			5,000,000
Letter of Credit - Instrument 3 \| Letters of Credit
Debt Instrument [Line Items]
Letters of credit outstanding			$ 52,200,000

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 21,647	$ 30,080
Effective tax rate (as a percent)	28.30%	24.00%
Effective tax expense (benefit) related to equity compensation	$ 700	$ (900)
Potential increase (decrease) in uncertain tax liabilities	$ 600

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Number of common shares authorized to be repurchased (in shares)	4.0
Shares of common stock repurchased (in shares)		1.3
Aggregate cost of repurchased shares		$ 47,700
Excise tax		$ 300
Dividends declared (in dollars per share)	$ 0.25
Dividends payable	$ 25,154		$ 25,024

SHAREHOLDERS' EQUITY - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
After-tax amounts:
Unrealized pension actuarial loss	$ (5,987)	$ (6,350)
Accumulated Other Comprehensive Income (Loss)
Pre-tax amounts:
Unrealized pension actuarial loss	(7,825)	(8,294)
After-tax amounts:
Unrealized pension actuarial loss	(5,987)	(6,350)
Unrealized pension actuarial loss
Pre-tax amounts:
Unrealized pension actuarial loss	(7,563)	(7,632)
After-tax amounts:
Unrealized pension actuarial loss	(5,784)	(5,838)
Unrealized loss on available-for-sale debt security
Pre-tax amounts:
Unrealized pension actuarial loss	(262)	(662)
After-tax amounts:
Unrealized pension actuarial loss	$ (203)	$ (512)

SHAREHOLDERS' EQUITY - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2024 USD ($)
Rollforward of accumulated other comprehensive income (loss), net of tax
Beginning balance	$ 2,917,152
Other comprehensive income before reclassifications	309
Amounts reclassified from accumulated other comprehensive loss	54
Net current-period other comprehensive income	363
Ending balance	2,946,781
Accumulated Other Comprehensive Income (Loss)
Rollforward of accumulated other comprehensive income (loss), net of tax
Beginning balance	(6,350)
Ending balance	(5,987)
Unrealized pension actuarial loss
Rollforward of accumulated other comprehensive income (loss), net of tax
Beginning balance	(5,838)
Other comprehensive income before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss	54
Net current-period other comprehensive income	54
Ending balance	(5,784)
Unrealized loss on available-for-sale debt security
Rollforward of accumulated other comprehensive income (loss), net of tax
Beginning balance	(512)
Other comprehensive income before reclassifications	309
Amounts reclassified from accumulated other comprehensive loss	0
Net current-period other comprehensive income	309
Ending balance	$ (203)

REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from performance contracts	$ 305.8	$ 298.2
Performance bonuses recognized	16.9	15.2
Early termination revenue	1.4	$ 5.4
Capitalized fulfillment costs	$ 29.9		$ 19.2

REVENUE FROM CONTRACTS WITH CUSTOMERS - Remaining Performance Obligations (Details) $ in Billions	3 Months Ended
	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligation	$ 1.5
Period of unsatisfied performance obligations represented in backlog contracts with month-to-month terms	1 month
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligation	$ 0.8
Expected timing of satisfaction for remaining performance obligation	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amount of remaining performance obligation	$ 0.7
Expected timing of satisfaction for remaining performance obligation	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction for remaining performance obligation	12 months

REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract assets, net	$ 4,439	$ 4,563
Change in Contract with Customer, Liability [Roll Forward]
Contract liabilities beginning balance	29,052
Payment received/accrued and deferred	23,594
Revenue recognized during the period	(14,905)
Contract liabilities ending balance	$ 37,741

ACQUISITION TRANSACTION COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition transaction costs	$ 10,535	$ 0

EARNINGS (LOSSES) PER COMMON SHARE - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 54,772	$ 95,173
Adjustment for basic earnings per share
Earnings allocated to unvested shareholders	(760)	(1,248)
Numerator for basic earnings per share	54,012	93,925
Adjustment for diluted earnings per share
Effect of reallocating undistributed earnings of unvested shareholders	1	2
Numerator for diluted earnings per share	$ 54,013	$ 93,927
Denominator:
Denominator for basic earnings per share - weighted-average shares (in shares)	98,867	99,143
Effect of dilutive shares from stock options, restricted stock and performance share units (in shares)	292	485
Denominator for diluted earnings (loss) per share - adjusted weighted-average shares (in shares)	99,159	99,628
Basic earnings per common share (in dollars per share)	$ 0.55	$ 0.95
Diluted earnings per common share (in dollars per share)	$ 0.54	$ 0.94

EARNINGS (LOSSES) PER COMMON SHARE - Schedule of Anti-Dilutive Shares Excluded from the Calculation of Diluted Earnings Per Share (Details) - $ / shares shares in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Potentially dilutive shares excluded as anti-dilutive (in shares)	2,341	2,601
Weighted-average price per share (in dollars per share)	$ 54.91	$ 57.21

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS - Schedule of Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Short-term investments:
Total short-term investments	$ 135,317	$ 292,919
Recurring Fair Value Measurements
Long-term Investments:
Non-qualified supplemental savings plan	16,275	15,633
Total	70,572	70,223
Recurring Fair Value Measurements \| Tamboran Resources Limited
Long-term Investments:
Equity securities, investment	19,810	20,958
Recurring Fair Value Measurements \| Galileo Technologies
Long-term Investments:
Debt securities, investment	27,499	27,044
Recurring Fair Value Measurements \| Geothermal Investments
Long-term Investments:
Debt securities, investment	2,000	2,000
Recurring Fair Value Measurements \| Other
Long-term Investments:
Debt securities, investment	4,988	4,588
Fair Value, Nonrecurring
Long-term Investments:
Equity securities, investment	4,600	4,300
Fair Value, Nonrecurring \| Geothermal Investments
Long-term Investments:
Equity securities, investment	26,200	25,800
Level 1
Short-term investments:
Total short-term investments	109,083	259,106
Level 1 \| Recurring Fair Value Measurements
Long-term Investments:
Non-qualified supplemental savings plan	16,275	15,633
Total	40,823	40,929
Level 1 \| Recurring Fair Value Measurements \| Tamboran Resources Limited
Long-term Investments:
Equity securities, investment	19,810	20,958
Level 1 \| Recurring Fair Value Measurements \| Galileo Technologies
Long-term Investments:
Debt securities, investment	0	0
Level 1 \| Recurring Fair Value Measurements \| Geothermal Investments
Long-term Investments:
Debt securities, investment	0	0
Level 1 \| Recurring Fair Value Measurements \| Other
Long-term Investments:
Debt securities, investment	4,738	4,338
Level 2
Short-term investments:
Total short-term investments	26,234	33,813
Level 2 \| Recurring Fair Value Measurements
Long-term Investments:
Non-qualified supplemental savings plan	0	0
Total	0	0
Level 2 \| Recurring Fair Value Measurements \| Tamboran Resources Limited
Long-term Investments:
Equity securities, investment	0	0
Level 2 \| Recurring Fair Value Measurements \| Galileo Technologies
Long-term Investments:
Debt securities, investment	0	0
Level 2 \| Recurring Fair Value Measurements \| Geothermal Investments
Long-term Investments:
Debt securities, investment	0	0
Level 2 \| Recurring Fair Value Measurements \| Other
Long-term Investments:
Debt securities, investment	0	0
Level 3
Short-term investments:
Total short-term investments	0	0
Level 3 \| Recurring Fair Value Measurements
Long-term Investments:
Non-qualified supplemental savings plan	0	0
Debt securities, investment	27,500	27,000
Total	29,749	29,294
Level 3 \| Recurring Fair Value Measurements \| Tamboran Resources Limited
Long-term Investments:
Equity securities, investment	0	0
Level 3 \| Recurring Fair Value Measurements \| Galileo Technologies
Long-term Investments:
Debt securities, investment	27,499	27,044
Level 3 \| Recurring Fair Value Measurements \| Geothermal Investments
Long-term Investments:
Debt securities, investment	2,000	2,000
Level 3 \| Recurring Fair Value Measurements \| Other
Long-term Investments:
Debt securities, investment		250
Money market mutual funds
Short-term investments:
Total short-term investments	72,305
Money market mutual funds \| Level 1
Short-term investments:
Total short-term investments	72,305
Money market mutual funds \| Level 2
Short-term investments:
Total short-term investments	0
Money market mutual funds \| Level 3
Short-term investments:
Total short-term investments	0
Corporate and municipal debt securities
Short-term investments:
Total short-term investments	26,234	33,813
Corporate and municipal debt securities \| Level 1
Short-term investments:
Total short-term investments	0	0
Corporate and municipal debt securities \| Level 2
Short-term investments:
Total short-term investments	26,234	33,813
Corporate and municipal debt securities \| Level 3
Short-term investments:
Total short-term investments	0	0
U.S. government and federal agency securities
Short-term investments:
Total short-term investments	36,778	53,490
U.S. government and federal agency securities \| Level 1
Short-term investments:
Total short-term investments	36,778	53,490
U.S. government and federal agency securities \| Level 2
Short-term investments:
Total short-term investments	0	0
U.S. government and federal agency securities \| Level 3
Short-term investments:
Total short-term investments	$ 0	0
Investment in ADNOC Drilling
Short-term investments:
Total short-term investments		205,616
Investment in ADNOC Drilling \| Level 1
Short-term investments:
Total short-term investments		205,616
Investment in ADNOC Drilling \| Level 2
Short-term investments:
Total short-term investments		0
Investment in ADNOC Drilling \| Level 3
Short-term investments:
Total short-term investments		$ 0

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended				3 Months Ended
	Sep. 30, 2024	Oct. 31, 2022	Apr. 30, 2022	Sep. 30, 2021	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, net proceeds					$ 193,300
Gain (loss) resulting from the change in the fair value of investments					(12,400)	$ (10,400)
Equity securities, change in fair value of the investment					8,400
Proceeds from sale of equity securities, FV-NI					4,000
Convertible notes					$ 9,400
Convertible notes (in shares)					0.5
Lockup period					180 days
Investment shares					1.0
Unrealized gain (loss) on investments					$ (1,100)	$ 6,300
Convertible Debt \| Galileo Technologies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)			5.00%
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, investment	$ 4,300				4,600
Debt security investments	300				250
Recurring Fair Value Measurements \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, investment	27,000				27,500
Geothermal Investments \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, investment	25,800				26,200
Equity securities, fair value	100				500
Equity securities	25,700				25,700
Geothermal Investments \| Recurring Fair Value Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, investment	2,000				2,000
Geothermal Investments \| Recurring Fair Value Measurements \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, investment	$ 2,000				$ 2,000
ADNOC Drilling
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire investments				$ 100,000
Investment balance (in shares)				159.7
Investments lockup period (in years)	3 years			3 years
Sale of Equity Securities, Number of Shares Sold					159.7
ADNOC Drilling \| ADNOC Drilling
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage (as a percent)				1.00%
Tamboran Resources Limited
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire investments		$ 14,100
Investment shares acquired (in shares)		106.0
Tamboran Resources Limited \| Tamboran Resources Limited
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage (as a percent)					7.20%
Tamboran Resources Limited \| Recurring Fair Value Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, investment	$ 20,958				$ 19,810
Tamboran Resources Limited \| Recurring Fair Value Measurements \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, investment	0				0
Galileo Technologies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire investments			$ 33,000
Galileo Technologies \| Recurring Fair Value Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, investment	27,044				27,499
Galileo Technologies \| Recurring Fair Value Measurements \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, investment	$ 27,044				$ 27,499

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS - Supplemental Fair Value Information about Long-Term Fixed-Rate Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Long-term debt, net
Carrying value	$ 1,781,674	$ 1,782,182
Carrying value
Long-term debt, net
Carrying value	1,781,700	1,782,200
Fair value \| Level 2
Long-term debt, net
Fair value	$ 1,666,500	$ 1,702,900

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of changes in the fair value of our financial assets
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative	Selling, general and administrative
Level 3
Total gains:
Included in earnings	$ 109	$ 0
Level 3 \| Debt Securities
Reconciliation of changes in the fair value of our financial assets
Assets at beginning of period	29,294	37,440
Accrued interest	455	433
Total gains:
Included in earnings	0	(5)
Assets at end of period	29,749	37,868
Level 3 \| Equity Securities Without Readily Determinable Fair Value
Reconciliation of changes in the fair value of our financial assets
Assets at beginning of period	30,090	28,232
Purchases	646	291
Total gains:
Assets at end of period	$ 30,845	$ 28,523

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments for equipment, parts and supplies	$ 129.6

BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION - Schedule of Financial Information of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 677,302	$ 677,147
Segment operating income (loss)	89,983	123,468
Intersegment
Segment Reporting Information [Line Items]
Revenues	(16,815)	(15,226)
Segment operating income (loss)	102	334
Operating Segments
Segment Reporting Information [Line Items]
Revenues	677,302	677,147
Segment operating income (loss)	141,205	153,232
North America Solutions
Segment Reporting Information [Line Items]
Revenues	597,923	594,282
North America Solutions \| Intersegment
Segment Reporting Information [Line Items]
Revenues	(222)	0
North America Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	598,145	594,282
Segment operating income (loss)	151,994	144,490
International Solutions
Segment Reporting Information [Line Items]
Revenues	47,480	54,752
International Solutions \| Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0
International Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	47,480	54,752
Segment operating income (loss)	(15,170)	5,423
Offshore Gulf of Mexico
Segment Reporting Information [Line Items]
Revenues	29,210	25,531
Offshore Gulf of Mexico \| Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0
Offshore Gulf of Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	29,210	25,531
Segment operating income (loss)	3,505	3,052
Other
Segment Reporting Information [Line Items]
Revenues	2,689	2,582
Other \| Intersegment
Segment Reporting Information [Line Items]
Revenues	(16,593)	(15,226)
Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	19,282	17,808
Segment operating income (loss)	$ 774	$ (67)

BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION - Schedule of Reconciliation of Segment Operating Income (Loss) to Income from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Abstract]
Operating income	$ 89,983	$ 123,468
Acquisition transaction costs	10,535	0
Gain on reimbursement of drilling equipment	9,403	7,494
Other gain (loss) on sale of assets	(1,673)	2,443
Corporate selling, general and administrative costs and corporate depreciation	63,062	56,577
Other income (expense)
Interest and dividend income	21,741	10,734
Interest expense	(22,298)	(4,372)
Loss on investment securities	(13,367)	(4,034)
Other	360	(543)
Total unallocated amounts	(13,564)	1,785
Income before income taxes	76,419	125,253
Operating Segments
Segment Reporting Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Abstract]
Operating income	141,205	153,232
Segment Reconciling Items
Segment Reporting Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Abstract]
Acquisition transaction costs	(10,535)	0
Gain on reimbursement of drilling equipment	9,403	7,494
Other gain (loss) on sale of assets	(1,673)	2,443
Corporate, Non-Segment
Segment Reporting Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Abstract]
Corporate selling, general and administrative costs and corporate depreciation	$ (48,417)	$ (39,701)

BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION - Schedule of Reconciliation of Segment Assets to Consolidated Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Segment Reporting Information [Line Items]
Assets	$ 5,816,621	$ 5,781,898
Operating Segments
Segment Reporting Information [Line Items]
Assets	4,142,078	4,142,239
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets	1,674,543	1,639,659
North America Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Assets	3,102,356	3,225,410
International Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Assets	806,521	685,833
Offshore Gulf of Mexico \| Operating Segments
Segment Reporting Information [Line Items]
Assets	69,542	73,119
Other \| Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 163,659	$ 157,877

BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION - Schedule of Revenues from External Customers and Long-Lived Assets by Country (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating revenues	$ 677,302	$ 677,147
United States
Segment Reporting Information [Line Items]
Operating revenues	628,680	621,617
Argentina
Segment Reporting Information [Line Items]
Operating revenues	34,660	35,876
Bahrain
Segment Reporting Information [Line Items]
Operating revenues	4,848	4,497
Australia
Segment Reporting Information [Line Items]
Operating revenues	4,757	4,312
Saudi Arabia
Segment Reporting Information [Line Items]
Operating revenues	3,231	0
Colombia
Segment Reporting Information [Line Items]
Operating revenues	0	7,703
United Arab Emirates
Segment Reporting Information [Line Items]
Operating revenues	0	2,365
Other foreign
Segment Reporting Information [Line Items]
Operating revenues	$ 1,126	$ 777

SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions	Jan. 16, 2025 USD ($) segment
Subsequent Event [Line Items]
Proceeds from lines of credit	$ 400.0
Number of reportable segments \| segment	1
KCA Deutag
Subsequent Event [Line Items]
Consideration given	$ 2,000.0
Consideration repay	1,100.0
Unadjusted share purchase price	900.0
Escrow deposit	80.0
KCA Deutag \| Senior Notes
Subsequent Event [Line Items]
Extinguishment of debt, amount	50.0
KCA Deutag \| Revolving Credit Facility
Subsequent Event [Line Items]
Extinguishment of debt, amount	50.0
KCA Deutag \| Senior Secured Noted Due 2025 \| Senior Notes
Subsequent Event [Line Items]
Extinguishment of debt, amount	$ 500.0
Interest rate (as a percent)	9.875%
KCA Deutag \| Senior Secured Floating Rate Notes Due 2025 \| Senior Notes
Subsequent Event [Line Items]
Extinguishment of debt, amount	$ 250.0
KCA Deutag \| PIKCO PLC Debt \| Senior Notes
Subsequent Event [Line Items]
Extinguishment of debt, amount	$ 272.2
Interest rate (as a percent)	15.00%
KCA Deutag \| Payment-In-Kind Noted Due 2027 \| Senior Notes
Subsequent Event [Line Items]
Interest rate (as a percent)	17.50%
Extinguishment of debt, accrued and capitalized interest	$ 72.2

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