Q3false202109/300000046765http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201613MemberP1Y3121200000467652020-10-012021-06-30xbrli:shares00000467652021-07-20iso4217:USD00000467652021-06-3000000467652020-09-30iso4217:USDxbrli:shares00000467652021-04-012021-06-3000000467652020-04-012020-06-3000000467652019-10-012020-06-300000046765us-gaap:CommonStockMember2020-09-300000046765us-gaap:AdditionalPaidInCapitalMember2020-09-300000046765us-gaap:RetainedEarningsMember2020-09-300000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000046765us-gaap:TreasuryStockCommonMember2020-09-300000046765us-gaap:RetainedEarningsMember2020-10-012020-12-3100000467652020-10-012020-12-310000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012020-12-310000046765us-gaap:CommonStockMember2020-10-012020-12-310000046765us-gaap:AdditionalPaidInCapitalMember2020-10-012020-12-310000046765us-gaap:TreasuryStockCommonMember2020-10-012020-12-3100000467652019-10-012020-09-300000046765srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2020-09-300000046765srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-09-300000046765us-gaap:CommonStockMember2020-12-310000046765us-gaap:AdditionalPaidInCapitalMember2020-12-310000046765us-gaap:RetainedEarningsMember2020-12-310000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000046765us-gaap:TreasuryStockCommonMember2020-12-3100000467652020-12-310000046765us-gaap:RetainedEarningsMember2021-01-012021-03-3100000467652021-01-012021-03-310000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000046765us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000046765us-gaap:TreasuryStockCommonMember2021-01-012021-03-310000046765us-gaap:CommonStockMember2021-03-310000046765us-gaap:AdditionalPaidInCapitalMember2021-03-310000046765us-gaap:RetainedEarningsMember2021-03-310000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000046765us-gaap:TreasuryStockCommonMember2021-03-3100000467652021-03-310000046765us-gaap:RetainedEarningsMember2021-04-012021-06-300000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000046765us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000046765us-gaap:TreasuryStockCommonMember2021-04-012021-06-300000046765us-gaap:CommonStockMember2021-06-300000046765us-gaap:AdditionalPaidInCapitalMember2021-06-300000046765us-gaap:RetainedEarningsMember2021-06-300000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000046765us-gaap:TreasuryStockCommonMember2021-06-300000046765us-gaap:CommonStockMember2019-09-300000046765us-gaap:AdditionalPaidInCapitalMember2019-09-300000046765us-gaap:RetainedEarningsMember2019-09-300000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300000046765us-gaap:TreasuryStockCommonMember2019-09-3000000467652019-09-300000046765us-gaap:RetainedEarningsMember2019-10-012019-12-3100000467652019-10-012019-12-310000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-012019-12-310000046765us-gaap:AdditionalPaidInCapitalMember2019-10-012019-12-310000046765us-gaap:TreasuryStockCommonMember2019-10-012019-12-310000046765us-gaap:CommonStockMember2019-10-012019-12-310000046765us-gaap:CommonStockMember2019-12-310000046765us-gaap:AdditionalPaidInCapitalMember2019-12-310000046765us-gaap:RetainedEarningsMember2019-12-310000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000046765us-gaap:TreasuryStockCommonMember2019-12-3100000467652019-12-310000046765us-gaap:RetainedEarningsMember2020-01-012020-03-3100000467652020-01-012020-03-310000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000046765us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000046765us-gaap:TreasuryStockCommonMember2020-01-012020-03-310000046765us-gaap:CommonStockMember2020-03-310000046765us-gaap:AdditionalPaidInCapitalMember2020-03-310000046765us-gaap:RetainedEarningsMember2020-03-310000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000046765us-gaap:TreasuryStockCommonMember2020-03-3100000467652020-03-310000046765us-gaap:RetainedEarningsMember2020-04-012020-06-300000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000046765us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000046765us-gaap:TreasuryStockCommonMember2020-04-012020-06-300000046765us-gaap:CommonStockMember2020-06-300000046765us-gaap:AdditionalPaidInCapitalMember2020-06-300000046765us-gaap:RetainedEarningsMember2020-06-300000046765us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000046765us-gaap:TreasuryStockCommonMember2020-06-3000000467652020-06-30hp:locationxbrli:pure0000046765us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberhp:TerraViciDrillingSolutionsInc.TerraViciMember2019-12-310000046765us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberhp:TerraViciDrillingSolutionsInc.TerraViciMember2019-12-012019-12-310000046765hp:A2018CreditFacilityMember2018-11-130000046765hp:A2018CreditFacilityMemberus-gaap:LetterOfCreditMember2018-11-130000046765hp:A2018CreditFacilityMember2021-06-300000046765hp:A2018CreditFacilityDueNovember2025Member2021-04-160000046765srt:MinimumMember2021-06-300000046765srt:MaximumMember2021-06-30hp:renewalOption0000046765srt:MinimumMemberhp:HoustonAssemblyFacilityMember2021-06-300000046765hp:HoustonAssemblyFacilityMembersrt:MaximumMember2021-06-300000046765hp:HoustonAssemblyFacilityMember2021-06-300000046765hp:DrillingTechnologyCompaniesAcquisitionsMember2021-06-300000046765hp:DrillingTechnologyCompaniesAcquisitionsMember2020-09-300000046765us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-06-300000046765us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-06-300000046765us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-09-300000046765us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-09-300000046765us-gaap:OtherNoncurrentAssetsMember2021-06-300000046765us-gaap:OtherNoncurrentAssetsMember2020-06-300000046765us-gaap:OtherNoncurrentAssetsMember2020-09-300000046765us-gaap:OtherNoncurrentAssetsMember2019-09-300000046765srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-10-010000046765srt:ConsolidationEliminationsMember2021-04-012021-06-300000046765srt:ConsolidationEliminationsMember2020-04-012020-06-300000046765srt:ConsolidationEliminationsMember2020-10-012021-06-300000046765srt:ConsolidationEliminationsMember2019-10-012020-06-300000046765country:AR2021-06-30hp:geographical_area0000046765srt:MinimumMember2020-10-012021-06-300000046765us-gaap:GeographicConcentrationRiskMemberus-gaap:GeographicDistributionForeignMemberus-gaap:SalesRevenueNetMember2021-04-012021-06-300000046765us-gaap:GeographicConcentrationRiskMemberus-gaap:GeographicDistributionForeignMemberus-gaap:SalesRevenueNetMember2020-04-012020-06-300000046765us-gaap:GeographicConcentrationRiskMemberus-gaap:GeographicDistributionForeignMemberus-gaap:SalesRevenueNetMember2019-10-012020-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:GeographicConcentrationRiskMembersrt:SouthAmericaMemberus-gaap:GeographicDistributionForeignMemberus-gaap:SalesRevenueNetMember2021-04-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:GeographicConcentrationRiskMembersrt:SouthAmericaMemberus-gaap:GeographicDistributionForeignMemberus-gaap:SalesRevenueNetMember2020-10-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:GeographicConcentrationRiskMembersrt:SouthAmericaMemberus-gaap:GeographicDistributionForeignMemberus-gaap:SalesRevenueNetMember2020-04-012020-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:GeographicConcentrationRiskMembersrt:SouthAmericaMemberus-gaap:GeographicDistributionForeignMemberus-gaap:SalesRevenueNetMember2019-10-012020-06-30iso4217:VEBiso4217:USD0000046765us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2020-10-012021-06-300000046765us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2020-10-012021-06-300000046765us-gaap:MachineryAndEquipmentMember2021-06-300000046765us-gaap:MachineryAndEquipmentMember2020-09-300000046765us-gaap:PublicUtilitiesInventoryTubularGoodsMember2020-10-012021-06-300000046765us-gaap:PublicUtilitiesInventoryTubularGoodsMember2021-06-300000046765us-gaap:PublicUtilitiesInventoryTubularGoodsMember2020-09-300000046765srt:MinimumMemberus-gaap:RealEstateInvestmentMember2020-10-012021-06-300000046765us-gaap:RealEstateInvestmentMembersrt:MaximumMember2020-10-012021-06-300000046765us-gaap:RealEstateInvestmentMember2021-06-300000046765us-gaap:RealEstateInvestmentMember2020-09-300000046765srt:MinimumMemberus-gaap:PropertyPlantAndEquipmentOtherTypesMember2020-10-012021-06-300000046765us-gaap:PropertyPlantAndEquipmentOtherTypesMembersrt:MaximumMember2020-10-012021-06-300000046765us-gaap:PropertyPlantAndEquipmentOtherTypesMember2021-06-300000046765us-gaap:PropertyPlantAndEquipmentOtherTypesMember2020-09-300000046765us-gaap:ConstructionInProgressMember2021-06-300000046765us-gaap:ConstructionInProgressMember2020-09-300000046765hp:DomesticNonSuperSpecAssetGroupMemberhp:NorthAmericaSolutionsMember2020-10-012021-06-30hp:rig0000046765hp:DomesticNonSuperSpecAssetGroupMemberhp:NorthAmericaSolutionsMember2021-06-300000046765hp:DomesticAssetGroupMemberhp:NorthAmericaSolutionsMember2021-04-012021-06-300000046765hp:DomesticAndInternationalConventionalFlexRig3AndFlexRig4AssetGroupsMember2020-03-310000046765hp:DomesticAndInternationalConventionalFlexRig3AndFlexRig4AssetGroupsMember2019-10-012020-06-300000046765hp:DomesticAndInternationalConventionalFlexRig3AndFlexRig4AssetGroupsMember2020-04-012020-06-300000046765hp:DomesticAndInternationalConventionalFlexRig3AndFlexRig4AssetGroupsMemberhp:NorthAmericaSolutionsMember2019-10-012020-06-300000046765hp:InternationalSolutionsSegmentMemberhp:DomesticAndInternationalConventionalFlexRig3AndFlexRig4AssetGroupsMember2019-10-012020-06-300000046765hp:InProcessDrillingEquipmentMember2019-10-012020-06-300000046765hp:InProcessDrillingEquipmentMember2020-04-012020-06-300000046765hp:RotationalInventoryMember2020-04-012020-06-300000046765hp:RotationalInventoryMember2019-10-012020-06-300000046765hp:InProcessDrillingEquipmentMember2020-06-300000046765hp:RotationalInventoryMember2020-06-300000046765hp:InProcessDrillingEquipmentMemberhp:NorthAmericaSolutionsMember2019-10-012020-06-300000046765hp:InternationalSolutionsSegmentMemberhp:RotationalInventoryMember2019-10-012020-06-300000046765us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-04-012021-06-300000046765hp:ReplacementValueOfDamagedDrillPipeMember2021-04-012021-06-300000046765hp:ExcessDrillingEquipmentAndSparesMember2021-01-012021-03-310000046765hp:OffshoreGulfofMexicoMember2020-10-012020-12-310000046765hp:OffshoreGulfofMexicoMember2020-12-310000046765hp:OffshoreGulfofMexicoMember2020-10-012021-06-300000046765us-gaap:DevelopedTechnologyRightsMember2020-10-012021-06-300000046765us-gaap:DevelopedTechnologyRightsMember2021-06-300000046765us-gaap:DevelopedTechnologyRightsMember2020-09-300000046765us-gaap:IntellectualPropertyMember2020-10-012021-06-300000046765us-gaap:IntellectualPropertyMember2021-06-300000046765us-gaap:IntellectualPropertyMember2020-09-300000046765us-gaap:TradeNamesMember2020-10-012021-06-300000046765us-gaap:TradeNamesMember2021-06-300000046765us-gaap:TradeNamesMember2020-09-300000046765us-gaap:CustomerRelationshipsMember2020-10-012021-06-300000046765us-gaap:CustomerRelationshipsMember2021-06-300000046765us-gaap:CustomerRelationshipsMember2020-09-300000046765hp:UnsecuredSeniorNotesIssued2015Member2021-06-300000046765hp:UnsecuredSeniorNotesIssued2015Member2020-09-300000046765hp:Company2025NotesMember2018-12-200000046765hp:A2018CreditFacilityDueNovember2024Member2021-04-16hp:letter_of_credit0000046765us-gaap:LetterOfCreditMemberhp:BilateralLineOfCreditWithBankOneMember2021-06-300000046765us-gaap:LetterOfCreditMemberhp:BilateralLineOfCreditWithBankTwoMember2021-06-300000046765hp:UnsecuredStandaloneLineOfCreditFacilityMember2021-06-3000000467652021-06-012021-06-0100000467652021-06-022021-06-020000046765us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300000046765us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300000046765us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000046765us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300000046765us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-012021-06-300000046765hp:NotificationFeeMember2020-10-012021-06-300000046765hp:NotificationFeeMember2021-04-012021-06-300000046765hp:NotificationFeeMember2020-04-012020-06-300000046765hp:NotificationFeeMember2019-10-012020-06-3000000467652021-07-012021-06-3000000467652021-10-012021-06-3000000467652022-10-012021-06-30hp:month0000046765hp:ContractDrillingCostsExcludingDepreciationAndAmortizationMember2021-04-012021-06-300000046765hp:ContractDrillingCostsExcludingDepreciationAndAmortizationMember2020-04-012020-06-300000046765hp:ContractDrillingCostsExcludingDepreciationAndAmortizationMember2020-10-012021-06-300000046765hp:ContractDrillingCostsExcludingDepreciationAndAmortizationMember2019-10-012020-06-300000046765us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300000046765us-gaap:ResearchAndDevelopmentExpenseMember2020-04-012020-06-300000046765us-gaap:ResearchAndDevelopmentExpenseMember2020-10-012021-06-300000046765us-gaap:ResearchAndDevelopmentExpenseMember2019-10-012020-06-300000046765us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-012021-06-300000046765us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-012020-06-300000046765us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-10-012021-06-300000046765us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-10-012020-06-300000046765us-gaap:RestrictedStockMember2020-09-300000046765us-gaap:RestrictedStockMember2020-10-012021-06-300000046765us-gaap:RestrictedStockMember2021-06-300000046765us-gaap:PhantomShareUnitsPSUsMember2020-10-012021-06-300000046765us-gaap:PerformanceSharesMember2020-09-300000046765us-gaap:PerformanceSharesMember2020-10-012021-06-300000046765us-gaap:PerformanceSharesMember2021-06-300000046765us-gaap:FairValueMeasurementsRecurringMember2021-06-300000046765us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000046765us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000046765us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000046765us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000046765us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000046765us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300000046765us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2021-06-300000046765us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2021-06-300000046765us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2021-06-300000046765us-gaap:FairValueInputsLevel3Member2021-06-300000046765us-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:FairValueInputsLevel1Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:FairValueInputsLevel3Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300000046765us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300000046765us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300000046765us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2020-09-300000046765hp:OtherShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765hp:OtherShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765hp:OtherShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765hp:OtherShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000046765us-gaap:FairValueInputsLevel3Member2021-03-310000046765us-gaap:FairValueInputsLevel3Member2020-03-310000046765us-gaap:FairValueInputsLevel3Member2020-09-300000046765us-gaap:FairValueInputsLevel3Member2019-09-300000046765us-gaap:FairValueInputsLevel3Member2021-04-012021-06-300000046765us-gaap:FairValueInputsLevel3Member2020-04-012020-06-300000046765us-gaap:FairValueInputsLevel3Member2020-10-012021-06-300000046765us-gaap:FairValueInputsLevel3Member2019-10-012020-06-300000046765us-gaap:FairValueInputsLevel3Member2020-06-300000046765us-gaap:FairValueInputsLevel3Memberhp:ValuationTechniqueMonteCarloSimulationMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberhp:ValuationTechniqueMonteCarloSimulationMember2021-06-300000046765hp:MeasurementInputRevenueVolatilityMemberus-gaap:FairValueInputsLevel3Memberhp:ValuationTechniqueMonteCarloSimulationMember2021-06-300000046765us-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueInputsLevel3Memberhp:ValuationTechniqueMonteCarloSimulationMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberhp:ValuationTechniqueProbabilityAnalysisMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberhp:ValuationTechniqueProbabilityAnalysisMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberhp:MeasurementInputPaymentAmountMembersrt:MinimumMemberhp:ValuationTechniqueProbabilityAnalysisMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberhp:MeasurementInputPaymentAmountMembersrt:MaximumMemberhp:ValuationTechniqueProbabilityAnalysisMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberhp:MeasurementInputPaymentAmountMembersrt:WeightedAverageMemberhp:ValuationTechniqueProbabilityAnalysisMember2021-06-300000046765us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberhp:MeasurementInputProbabilityMemberhp:ValuationTechniqueProbabilityAnalysisMember2021-06-300000046765us-gaap:FairValueInputsLevel3Memberhp:MeasurementInputProbabilityMembersrt:MaximumMemberhp:ValuationTechniqueProbabilityAnalysisMember2021-06-300000046765us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberhp:MeasurementInputProbabilityMemberhp:ValuationTechniqueProbabilityAnalysisMember2021-06-300000046765us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300000046765us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-09-300000046765us-gaap:FairValueInputsLevel2Member2021-06-300000046765us-gaap:FairValueInputsLevel2Member2020-09-300000046765hp:NorthAmericaSolutionsMember2021-04-012021-06-300000046765hp:OffshoreGulfofMexicoMember2021-04-012021-06-300000046765hp:InternationalSolutionsSegmentMember2021-04-012021-06-300000046765us-gaap:AllOtherSegmentsMember2021-04-012021-06-300000046765us-gaap:IntersegmentEliminationMemberhp:NorthAmericaSolutionsMember2021-04-012021-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000046765us-gaap:IntersegmentEliminationMember2021-04-012021-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2021-04-012021-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000046765us-gaap:OperatingSegmentsMember2021-04-012021-06-300000046765hp:NorthAmericaSolutionsMember2020-04-012020-06-300000046765hp:OffshoreGulfofMexicoMember2020-04-012020-06-300000046765hp:InternationalSolutionsSegmentMember2020-04-012020-06-300000046765us-gaap:AllOtherSegmentsMember2020-04-012020-06-300000046765us-gaap:IntersegmentEliminationMemberhp:NorthAmericaSolutionsMember2020-04-012020-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2020-04-012020-06-300000046765us-gaap:IntersegmentEliminationMember2020-04-012020-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2020-04-012020-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000046765us-gaap:OperatingSegmentsMember2020-04-012020-06-300000046765hp:NorthAmericaSolutionsMember2020-10-012021-06-300000046765hp:InternationalSolutionsSegmentMember2020-10-012021-06-300000046765us-gaap:AllOtherSegmentsMember2020-10-012021-06-300000046765us-gaap:IntersegmentEliminationMemberhp:NorthAmericaSolutionsMember2020-10-012021-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:IntersegmentEliminationMember2020-10-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:IntersegmentEliminationMember2020-10-012021-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2020-10-012021-06-300000046765us-gaap:IntersegmentEliminationMember2020-10-012021-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2020-10-012021-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:OperatingSegmentsMember2020-10-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMember2020-10-012021-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2020-10-012021-06-300000046765us-gaap:OperatingSegmentsMember2020-10-012021-06-300000046765hp:NorthAmericaSolutionsMember2019-10-012020-06-300000046765hp:OffshoreGulfofMexicoMember2019-10-012020-06-300000046765hp:InternationalSolutionsSegmentMember2019-10-012020-06-300000046765us-gaap:AllOtherSegmentsMember2019-10-012020-06-300000046765us-gaap:IntersegmentEliminationMemberhp:NorthAmericaSolutionsMember2019-10-012020-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:IntersegmentEliminationMember2019-10-012020-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:IntersegmentEliminationMember2019-10-012020-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2019-10-012020-06-300000046765us-gaap:IntersegmentEliminationMember2019-10-012020-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2019-10-012020-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:OperatingSegmentsMember2019-10-012020-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMember2019-10-012020-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2019-10-012020-06-300000046765us-gaap:OperatingSegmentsMember2019-10-012020-06-300000046765us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300000046765us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300000046765us-gaap:MaterialReconcilingItemsMember2020-10-012021-06-300000046765us-gaap:MaterialReconcilingItemsMember2019-10-012020-06-300000046765us-gaap:CorporateNonSegmentMember2021-04-012021-06-300000046765us-gaap:CorporateNonSegmentMember2020-04-012020-06-300000046765us-gaap:CorporateNonSegmentMember2020-10-012021-06-300000046765us-gaap:CorporateNonSegmentMember2019-10-012020-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2021-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2020-09-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:OperatingSegmentsMember2021-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:OperatingSegmentsMember2020-09-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMember2021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMember2020-09-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2021-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMember2020-09-300000046765us-gaap:OperatingSegmentsMember2021-06-300000046765us-gaap:OperatingSegmentsMember2020-09-300000046765us-gaap:CorporateNonSegmentMember2021-06-300000046765us-gaap:CorporateNonSegmentMember2020-09-300000046765country:US2021-04-012021-06-300000046765country:US2020-04-012020-06-300000046765country:US2020-10-012021-06-300000046765country:US2019-10-012020-06-300000046765country:AR2021-04-012021-06-300000046765country:AR2020-04-012020-06-300000046765country:AR2020-10-012021-06-300000046765country:AR2019-10-012020-06-300000046765country:BH2021-04-012021-06-300000046765country:BH2020-04-012020-06-300000046765country:BH2020-10-012021-06-300000046765country:BH2019-10-012020-06-300000046765country:AE2021-04-012021-06-300000046765country:AE2020-04-012020-06-300000046765country:AE2020-10-012021-06-300000046765country:AE2019-10-012020-06-300000046765country:CO2021-04-012021-06-300000046765country:CO2020-04-012020-06-300000046765country:CO2020-10-012021-06-300000046765country:CO2019-10-012020-06-300000046765hp:OtherForeignMember2021-04-012021-06-300000046765hp:OtherForeignMember2020-04-012020-06-300000046765hp:OtherForeignMember2020-10-012021-06-300000046765hp:OtherForeignMember2019-10-012020-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMemberus-gaap:EmployeeSeveranceMember2021-04-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2021-04-012021-06-300000046765us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeSeveranceMember2021-04-012021-06-300000046765us-gaap:EmployeeSeveranceMember2021-04-012021-06-300000046765us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2021-04-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000046765us-gaap:CorporateNonSegmentMemberus-gaap:OtherRestructuringMember2021-04-012021-06-300000046765us-gaap:OtherRestructuringMember2021-04-012021-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMemberus-gaap:EmployeeSeveranceMember2020-10-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2020-10-012021-06-300000046765us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeSeveranceMember2020-10-012021-06-300000046765us-gaap:EmployeeSeveranceMember2020-10-012021-06-300000046765us-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2020-10-012021-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OtherRestructuringMemberus-gaap:OperatingSegmentsMember2020-10-012021-06-300000046765us-gaap:CorporateNonSegmentMemberus-gaap:OtherRestructuringMember2020-10-012021-06-300000046765us-gaap:OtherRestructuringMember2020-10-012021-06-300000046765us-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMemberus-gaap:EmployeeSeveranceMember2019-10-012020-06-300000046765hp:OffshoreGulfofMexicoMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2019-10-012020-06-300000046765hp:InternationalSolutionsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2019-10-012020-06-300000046765us-gaap:AllOtherSegmentsMemberus-gaap:OperatingSegmentsMemberus-gaap:EmployeeSeveranceMember2019-10-012020-06-300000046765us-gaap:CorporateNonSegmentMemberus-gaap:EmployeeSeveranceMember2019-10-012020-06-300000046765us-gaap:EmployeeSeveranceMember2019-10-012020-06-300000046765hp:StockBasedCompensationExpenseBenefitMemberus-gaap:OperatingSegmentsMemberhp:NorthAmericaSolutionsMember2019-10-012020-06-300000046765hp:OffshoreGulfofMexicoMemberhp:StockBasedCompensationExpenseBenefitMemberus-gaap:OperatingSegmentsMember2019-10-012020-06-300000046765hp:InternationalSolutionsSegmentMemberhp:StockBasedCompensationExpenseBenefitMemberus-gaap:OperatingSegmentsMember2019-10-012020-06-300000046765us-gaap:AllOtherSegmentsMemberhp:StockBasedCompensationExpenseBenefitMemberus-gaap:OperatingSegmentsMember2019-10-012020-06-300000046765us-gaap:CorporateNonSegmentMemberhp:StockBasedCompensationExpenseBenefitMember2019-10-012020-06-300000046765hp:StockBasedCompensationExpenseBenefitMember2019-10-012020-06-30
Table of Contents
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 quarterly period ended: June 30, 2021
OR
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)
Delaware73-0679879
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

1437 South Boulder Avenue, Suite 1400, Tulsa, Oklahoma, 74119
(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 classTrading symbol(s)Name of each exchange on which registered
Common Stock ($0.10 par value)HPNew 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, 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 filerAccelerated 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 
CLASSOUTSTANDING AT July 20, 2021
Common Stock, $0.10 par value107,898,782


Table of Contents
HELMERICH & PAYNE, INC.
INDEX TO FORM 10-Q
Page

2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
HELMERICH & PAYNE, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
June 30,September 30,
(in thousands except share data and share amounts)20212020
Assets
Current Assets:
Cash and cash equivalents$370,553 $487,884 
Short-term investments187,256 89,335 
Accounts receivable, net of allowance of $1,885 and $1,820, respectively
233,632 192,623 
Inventories of materials and supplies, net90,537 104,180 
Prepaid expenses and other, net91,477 89,305 
Assets held-for-sale10,088  
Total current assets983,543 963,327 
Investments36,886 31,585 
Property, plant and equipment, net3,281,082 3,646,341 
Other Noncurrent Assets:
Goodwill45,653 45,653 
Intangible assets, net75,634 81,027 
Operating lease right-of-use asset53,116 44,583 
Other assets, net19,371 17,105 
Total other noncurrent assets193,774 188,368 
Total assets$4,495,285 $4,829,621 
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable$64,193 $36,468 
Dividends payable27,324 27,226 
Accrued liabilities173,784 155,442 
Total current liabilities265,301 219,136 
Noncurrent Liabilities:
Long-term debt, net481,002 480,727 
Deferred income taxes584,633 650,675 
Other154,049 147,180 
Noncurrent liabilities - discontinued operations2,393 13,389 
Total noncurrent liabilities1,222,077 1,291,971 
Commitments and Contingencies (Note 13)
Shareholders' Equity:
Common stock, $.10 par value, 160,000,000 shares authorized, 112,222,865 and 112,151,563 shares issued as of June 30, 2021 and September 30, 2020, respectively, and 107,898,782 and 107,488,242 shares outstanding as of June 30, 2021 and September 30, 2020, respectively
11,222 11,215 
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued
  
Additional paid-in capital523,281 521,628 
Retained earnings2,679,859 3,010,012 
Accumulated other comprehensive loss(24,814)(26,188)
Treasury stock, at cost, 4,324,083 shares and 4,663,321 shares as of June 30, 2021 and September 30, 2020, respectively
(181,641)(198,153)
Total shareholders’ equity3,007,907 3,318,514 
Total liabilities and shareholders' equity$4,495,285 $4,829,621 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

Table of Contents
HELMERICH & PAYNE, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in thousands, except per share amounts)2021202020212020
Operating revenues
Drilling services$329,774 $314,405 $868,581 $1,556,093 
Other2,439 2,959 6,180 9,567 
332,213 317,364 874,761 1,565,660 
Operating costs and expenses
Drilling services operating expenses, excluding depreciation and amortization255,471 205,198 684,473 1,022,270 
Other operating expenses1,481 1,549 4,117 4,286 
Depreciation and amortization104,493 110,161 317,771 372,298 
Research and development5,610 3,638 16,527 16,730 
Selling, general and administrative41,719 43,108 120,371 134,894 
Asset impairment charge2,130  56,414 563,234 
Restructuring charges2,110 15,495 3,856 15,495 
(Gain) loss on sale of assets(3,434)(4,201)2,745 (18,790)
409,580 374,948 1,206,274 2,110,417 
Operating loss from continuing operations(77,367)(57,584)(331,513)(544,757)
Other income (expense)
Interest and dividend income1,527 771 8,225 6,551 
Interest expense(5,963)(6,125)(17,861)(18,320)
Gain (loss) on investment securities2,409 2,267 7,853 (7,325)
Gain on sale of subsidiary   14,963 
Other(970)(2,914)(3,027)(3,711)
(2,997)(6,001)(4,810)(7,842)
Loss from continuing operations before income taxes (80,364)(63,585)(336,323)(552,599)
Income tax benefit(23,659)(17,578)(78,398)(116,853)
Loss from continuing operations(56,705)(46,007)(257,925)(435,746)
Income from discontinued operations before income taxes1,150 9,151 10,936 22,675 
Income tax provision 8,743  22,463 
Income from discontinued operations1,150 408 10,936 212 
Net loss$(55,555)$(45,599)$(246,989)$(435,534)
Basic earnings (loss) per common share:
Loss from continuing operations$(0.53)$(0.43)$(2.40)$(4.05)
Income from discontinued operations0.01  0.10  
Net loss$(0.52)$(0.43)$(2.30)$(4.05)
Diluted earnings (loss) per common share:
Loss from continuing operations$(0.53)$(0.43)$(2.40)$(4.05)
Income from discontinued operations0.01  0.10  
Net loss$(0.52)$(0.43)$(2.30)$(4.05)
Weighted average shares outstanding:
Basic107,896 107,439 107,790 108,185 
Diluted107,896 107,439 107,790 108,185 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

Table of Contents
HELMERICH & PAYNE, INC.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
Three Months Ended
June 30,
Nine Months Ended
June 30,
(in thousands)2021202020212020
Net loss$(55,555)$(45,599)$(246,989)$(435,534)
Other comprehensive income, net of income taxes:
Minimum pension liability adjustments, net of income taxes of $(0.2) million and $(0.5) million for the three and nine months ended June 30, 2021, respectively, and $(0.3) million and $(0.6) million for the three and nine months ended June 30, 2020, respectively
460 521 1,374 1,553 
Other comprehensive income460 521 1,374 1,553 
Comprehensive loss$(55,095)$(45,078)$(245,615)$(433,981)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

Table of Contents
HELMERICH & PAYNE, INC.
Condensed Consolidated Statements of Shareholders’ Equity
Three and Nine Months Ended June 30, 2021
(Unaudited)
(in thousands, except per share amounts)Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock
SharesAmountSharesAmountTotal
Balance, September 30, 2020112,151 $11,215 $521,628 $3,010,012 $(26,188)4,663 $(198,153)$3,318,514 
Comprehensive income:
Net loss— — — (70,431)— — — (70,431)
Other comprehensive income— — — — 457 — — 457 
Dividends declared ($0.25 per share)
— — — (27,324)— — — (27,324)
Vesting of restricted stock awards, net of shares withheld for employee taxes72 7 (16,742)— — (295)14,618 (2,117)
Stock-based compensation— — 7,451 — — — — 7,451 
Cumulative effect adjustment for adoption of ASU No. 2016-13— — — (1,251)— — — (1,251)
Other— — (381)— — — — (381)
Balance, December 31, 2020
112,223 $11,222 $511,956 $2,911,006 $(25,731)4,368 $(183,535)$3,224,918 
Comprehensive income:
Net loss— — — (121,003)— — — (121,003)
Other comprehensive income— — — — 457 — — 457 
Dividends declared ($0.25 per share)
— — — (27,268)— — — (27,268)
Vesting of restricted stock awards, net of shares withheld for employee taxes— — (1,678)— — (39)1,678  
Stock-based compensation— — 6,826 — — — — 6,826 
Other— — (234)— — — — (234)
Balance, March 31, 2021112,223 $11,222 $516,870 $2,762,735 $(25,274)4,329 $(181,857)$3,083,696 
Comprehensive income:
Net loss— — — (55,555)— — — (55,555)
Other comprehensive income— — — — 460 — — 460 
Dividends declared ($0.25 per share)
— — — (27,321)— — — (27,321)
Vesting of restricted stock awards, net of shares withheld for employee taxes— — (257)— — (5)216 (41)
Stock-based compensation— — 6,963 — — — — 6,963 
Other— — (295)— — — — (295)
Balance, June 30, 2021112,223 $11,222 $523,281 $2,679,859 $(24,814)4,324 $(181,641)$3,007,907 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
6

Table of Contents
HELMERICH & PAYNE, INC.
Condensed Consolidated Statements of Shareholders’ Equity
Three and Nine Months Ended June 30, 2020
(Unaudited)
(in thousands, except per share amounts)Common StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury Stock
SharesAmountSharesAmountTotal
Balance, September 30, 2019112,080 $11,208 $510,305 $3,714,307 $(28,635)3,642 $(194,962)$4,012,223 
Comprehensive income:
Net income— — — 30,605 — — — 30,605 
Other comprehensive income— — — — 516 — — 516 
Dividends declared ($0.71 per share)
— — — (78,652)— — — (78,652)
Exercise of employee stock options, net of shares withheld for employee taxes— — (3,103)— — (110)7,148 4,045 
Vesting of restricted stock awards, net of shares withheld for employee taxes71 7 (18,126)— — (258)14,718 (3,401)
Stock-based compensation— — 10,201 — — — — 10,201 
Balance, December 31, 2019
112,151 $11,215 $499,277 $3,666,260 $(28,119)3,274 $(173,096)$3,975,537 
Comprehensive income:
Net income— — — (420,540)— — — (420,540)
Other comprehensive income— — — — 516 — — 516 
Dividends declared ($0.71 per share)
— — — (76,754)— — — (76,754)
Exercise of employee stock options, net of shares withheld for employee taxes— — (47)— — — 47  
Vesting of restricted stock awards, net of shares withheld for employee taxes— — (53)— — (1)53  
Stock-based compensation— — 10,751 — — — — 10,751 
Share repurchases— — — — — 1,460 (28,504)(28,504)
Balance, March 31, 2020112,151 $11,215 $509,928 $3,168,966 $(27,603)4,733 $(201,500)$3,461,006 
Comprehensive income:
Net income— — — (45,599)— — — (45,599)
Other comprehensive income— — — — 521 — — 521 
Dividends declared ($0.25 per share)
— — — (27,199)— — — (27,199)
Vesting of restricted stock awards, net of shares withheld for employee taxes— — (2,879)— — (53)2,583 (296)
Stock-based compensation— — 7,624 — — — — 7,624 
Balance, June 30, 2020
112,151 $11,215 $514,673 $3,096,168 $(27,082)4,680 $(198,917)$3,396,057 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

7

Table of Contents
HELMERICH & PAYNE, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended June 30,
(in thousands)20212020
Cash flows from operating activities:
Net loss$(246,989)$(435,534)
Adjustment for income from discontinued operations(10,936)(212)
Loss from continuing operations(257,925)(435,746)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization317,771 372,298 
Asset impairment charge56,414 563,234 
Amortization of debt discount and debt issuance costs994 1,358 
Provision for credit loss8 4,151 
Stock-based compensation21,240 32,059 
(Gain) loss on investment securities(7,853)7,325 
(Gain) loss on sale of assets 2,745 (18,790)
Gain on sale of subsidiary (14,963)
Deferred income tax benefit(66,102)(122,366)
Other8,849 (1,580)
Change in assets and liabilities:
Accounts receivable(33,075)189,280 
Inventories of materials and supplies14,073 568 
Prepaid expenses and other(1,638)3,051 
Other noncurrent assets(3,337)5,343 
Accounts payable24,908 (16,170)
Accrued liabilities8,643 (118,178)
Other noncurrent liabilities4,147 (4,583)
Net cash provided by operating activities from continuing operations89,862 446,291 
Net cash used in operating activities from discontinued operations(41)(38)
Net cash provided by operating activities89,821 446,253 
Cash flows from investing activities:
Capital expenditures(49,173)(120,960)
Purchase of investments(236,784)(78,303)
Proceeds from sale of investments139,430 66,033 
Proceeds from sale of subsidiary 15,056 
Proceeds from asset sales26,775 31,200 
Other (50)
Net cash used in investing activities(119,752)(87,024)
Cash flows from financing activities:
Dividends paid(81,815)(233,124)
Proceeds from stock option exercises 4,100 
Payments for employee taxes on net settlement of equity awards(2,160)(3,752)
Payment of contingent consideration from acquisition of business(250)(4,250)
Share repurchases (28,504)
Other(719)(446)
Net cash used in financing activities(84,944)(265,976)
Net increase (decrease) in cash and cash equivalents and restricted cash(114,875)93,253 
Cash and cash equivalents and restricted cash, beginning of period536,747 382,971 
Cash and cash equivalents and restricted cash, end of period$421,872 $476,224 
Supplemental disclosure of cash flow information:
Cash paid during the period:
Interest paid$11,642 $11,511 
Income tax paid (received), net(31,826)43,629 
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases13,353 13,945 
Non-cash operating and investing activities:
Changes in accounts payable and accrued liabilities related to purchases of property, plant and equipment(746)2,251 
Changes in accounts receivable, property, plant and equipment and other noncurrent assets related to the sale of equipment9,290  
Cumulative effect adjustment for adoption of ASU No. 2016-13(1,251) 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8

Table of Contents
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, Offshore Gulf of Mexico and International Solutions. Our real estate operations, our incubator program for new research and development projects and our wholly-owned captive insurance companies are included in "Other." Refer to Note 14—Business Segments and Geographic Information for further details on our reportable segments.
Our North America Solutions operations are primarily located in Colorado, Louisiana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, West Virginia and Wyoming. Additionally, our Offshore Gulf of Mexico operations are conducted in Louisiana and in U.S. federal waters in the Gulf of Mexico and our International Solutions operations have rigs primarily located in four international locations: Argentina, Bahrain, Colombia and United Arab Emirates. 
We also own and operate limited commercial real estate properties. Our real estate investments, which are located exclusively within Tulsa, Oklahoma, include a shopping center and undeveloped real estate.
Fiscal Year 2020 Dispositions
In December 2019, we closed on the sale of a wholly-owned subsidiary of Helmerich & Payne International Drilling Co. ("HPIDC"), TerraVici Drilling Solutions, Inc. ("TerraVici"). As a result of the sale, 100% of TerraVici's outstanding capital stock was transferred to the purchaser in exchange for approximately $15.1 million, resulting in a total gain on the sale of TerraVici of approximately $15.0 million. Prior to the sale, TerraVici was a component of the North America Solutions operating segment. This transaction did not represent a strategic shift in our operations and will not have a significant effect on our operations and financial results going forward.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 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 (“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 GAAP for complete financial statements and, therefore, should be read in conjunction with the Consolidated Financial Statements and notes thereto in our 2020 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.
Principles of Consolidation
The unaudited condensed consolidated financial statements include the accounts of Helmerich & Payne, Inc. and its domestic and foreign subsidiaries. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the fiscal year are included in the Unaudited Condensed Consolidated Statements of Operations and Statements of Comprehensive Loss 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 in consolidation.
9

Table of Contents
COVID-19 and OPEC+ Production Impacts

The outbreak of a novel strain of coronavirus (“COVID-19”) and its development into a pandemic has resulted in significant global economic disruption, including North America and many of the other geographic areas where we operate, or where our customers are located, or suppliers or vendors operate. Actions taken to prevent the spread of COVID-19 by governmental authorities around the world, including imposing mandatory closures of all non-essential business facilities, seeking voluntary closures of such facilities and imposing restrictions on, or advisories with respect to, travel, business operations and public gatherings or interactions, have significantly reduced global economic activity, thereby resulting in lower demand for crude oil. In particular, the travel restrictions in certain countries where we operate, including the closure of their borders to travel into the country, have resulted in an inability to effectively staff or rotate personnel at, and thereby operate, certain of our rigs and could lead to an inability to fulfill our contractual obligations under contracts with customers. Governmental authorities have also implemented multi-step policies with the goal of reopening various sectors of the economy. However, certain jurisdictions began reopening only to return to restrictions in the face of increases in new COVID-19 cases, while other jurisdictions are continuing to reopen or have nearly completed the re-opening process despite increases in COVID-19 cases. Despite the increased availability of vaccines in certain jurisdictions, the COVID-19 outbreak may worsen during the upcoming months, including as a result of the emergence of more infectious strains of the virus, vaccine hesitancy or increased business and social activities, which may cause governmental authorities to reconsider restrictions on business and social activities. In the event governmental authorities increase restrictions, the reopening of the economy may be further curtailed. We have experienced, and expect to continue to experience, some disruptions to our business operations, as these restrictions have significantly impacted, and may continue to impact, many sectors of the economy. Depressed economic conditions exacerbated by COVID-19 restrictions in one foreign jurisdiction where we operate have led to an increase in community strikes which have resulted in periodic suspensions of our operations. In addition, the perceived risk of infection and health risk associated with COVID-19, and the illness of many individuals across the globe, has and will continue to alter behaviors of consumers and policies of companies around the world; such altered behaviors and policies have many of the same effects intended by governmental authorities to stop the spread of COVID-19, such as self-imposed or voluntary social distancing, quarantining, and remote work policies. We are complying with local governmental jurisdiction policies and procedures where our operations reside. In some cases, policies and procedures are more stringent in our foreign operations than in our North America operations.

In early March 2020, the increase in crude oil supply resulting from production escalations from the Organization of the Petroleum Exporting Countries and other oil producing nations (“OPEC+”) combined with a decrease in crude oil demand stemming from the global response and uncertainties surrounding the COVID-19 pandemic resulted in a sharp decline in crude oil prices. Consequently, we saw a significant decrease in customer 2020 capital budgets and a corresponding dramatic decline in the demand for land rigs. Although OPEC+ agreed in April 2020 to cut oil production, OPEC+ has been gradually reducing such cuts and in July 2021, agreed to further reduce such cuts on a monthly basis with a goal of phasing out all production cuts towards the end of 2022. There is no assurance that the most recent OPEC+ agreement will be observed by its parties and OPEC+ may change its agreement depending upon market conditions. Although crude oil prices have recovered since March 2020, oil and natural gas prices are expected to continue to be volatile as a result of near-term production instability, the ongoing COVID-19 outbreak, changes in oil and natural gas inventories, industry demand, global and national economic performance, and the actions of OPEC+.
These events have had, and could continue to have, an adverse impact on numerous aspects of our business, financial condition and results of operations. The ultimate extent of the impact of COVID-19 and prolonged excess oil supply on our business, financial condition and results of operations will depend largely on future developments, including the duration and spread of the COVID-19 outbreak within the United States and the parts of the world in which we operate and the related impact on the oil and gas industry, the impact of governmental actions designed to prevent the spread of COVID-19 and the development, availability and timely distribution of effective treatments and vaccines worldwide, all of which are highly uncertain and cannot be predicted with certainty at this time.

    From a financial perspective, we believe the Company is operationally and financially well positioned to continue as a going concern even through a more protracted disruption caused by COVID-19, oil oversupply and low oil prices. At June 30, 2021, the Company had cash and cash equivalents and short-term investments of $557.8 million. The 2018 Credit Facility (as defined within Note 6—Debt) has $750.0 million in aggregate availability with a maximum of $75.0 million available for use as letters of credit. As of June 30, 2021, there were no borrowings or letters of credit outstanding, leaving $750.0 million available to borrow under the 2018 Credit Facility. We currently do not anticipate the need to draw on the 2018 Credit Facility. Furthermore, the Company 2025 Notes (as defined within Note 6—Debt) do not mature until March 19, 2025. On April 16, 2021, lenders with $680.0 million of commitments under the 2018 Credit Facility exercised their option to extend the maturity of the 2018 Credit Facility from November 13, 2024 to November 12, 2025. Refer to Note 6—Debt for further details.
Leases
We lease various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of one to 15 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
10

Table of Contents
During the nine months ended June 30, 2021, we downsized and relocated our Houston assembly facility to a new location. Refer to Note 15—Restructuring Charges for additional details. As a result, during the second quarter of fiscal year 2021, we entered into a lease agreement for a new assembly facility located in Galena Park, Texas. This lease agreement commenced on January 1, 2021 and will expire on December 31, 2030; however, we have one renewal option for a minimum of five years and a maximum of 10 years, which was not recognized as part of our right-of-use assets and lease liabilities. This contract was accounted for as an operating lease resulting in an operating lease right-of-use asset and minimum lease liability of $16.4 million as of June 30, 2021.
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 had restricted cash of $51.3 million and $50.0 million at June 30, 2021 and 2020, respectively, and $48.9 million and $35.0 million at September 30, 2020 and 2019, respectively. Of the total at June 30, 2021 and September 30, 2020, $1.5 million and $3.6 million, respectively, is related to the acquisition of drilling technology companies, $2.0 million as of both fiscal period ends is from the initial capitalization of the captive insurance companies, and $47.8 million and $43.1 million, respectively, represents an additional amount management has elected to restrict for the purpose of potential insurance claims in our wholly-owned captive insurance companies. The restricted amounts are primarily invested in short-term money market securities.
The cash, cash equivalents, and restricted cash are reflected within the following line items on the Unaudited Condensed Consolidated Balance Sheets:
June 30,September 30,
(in thousands)2021202020202019
Cash and cash equivalents$370,553 $426,245 $487,884 $347,943 
Restricted cash
Prepaid expenses and other, net48,434 46,643 45,577 31,291 
Other assets, net2,885 3,336 3,286 3,737 
Total cash, cash equivalents, and restricted cash$421,872 $476,224 $536,747 $382,971 
11

Table of Contents
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 recent accounting pronouncements and our analysis of the effects on our financial statements:
Standard
Description
Date of
Adoption
Effect on the Financial Statements or Other Significant Matters
Recently Adopted Accounting Pronouncements
ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) and related ASUs issued subsequent
This ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income (loss), and (4) beneficial interests in securitized financial assets. This update is effective for annual periods beginning after December 15, 2019.    
October 1, 2020
We adopted this ASU during the first quarter of fiscal year 2021, as required. Refer to "—Allowance for Credit Losses" below for additional information.
Standards that are not yet adopted as of June 30, 2021
ASU No. 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans—General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans
This ASU amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit, pension and other postretirement plans. This update is effective for annual periods ending after December 15, 2020.
July 1, 2021
We plan to adopt this ASU, as required, during the fourth quarter of fiscal year 2021. We do not believe the adoption of this ASU will have a material effect on our consolidated financial statements and disclosures.
ASU No. 2019-12, Financial Instruments – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
This ASU simplifies the accounting for income taxes by removing certain exceptions related to Topic 740. The ASU also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This update is effective for annual and interim periods beginning after December 15, 2020. Early adoption of the amendment is permitted, including adoption in any interim period for public entities for periods for which financial statements have not yet been issued. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. Upon adoption, the amendments addressed in this ASU will be applied either prospectively, retrospectively or on a modified retrospective basis through a cumulative effect adjustment to retained earnings. This update is effective for annual periods beginning after December 15, 2020.    
October 1, 2021
We plan to adopt this ASU, as required, in the first quarter of fiscal year 2022. Although we are currently evaluating the impact the new guidance may have on our unaudited condensed consolidated financial statements and disclosures, we do not believe the adoption will have a material effect thereon.
Allowance for Credit Losses
On October 1, 2020, we adopted ASU 2016-13 on a modified retrospective basis through a cumulative-effect adjustment without restating comparative periods, as permitted under the adoption provisions. Upon adoption, we recognized a $1.6 million increase to our allowance for credit losses and a corresponding cumulative adjustment to reduce retained earnings, net of income taxes, of $1.3 million. This transition adjustment reflects the development of our models to estimate expected credit losses over the life of our financial assets, which primarily consist of our accounts receivable. Pursuant to ASU 2016-13, we have evaluated our customers’ financial strength and liquidity based on aging of accounts receivable, payment history, and other relevant information, including ratings agency, credit ratings and alerts, and publicly available reports.
12

Table of Contents
Self-Insurance
Our wholly-owned insurance captive ("Captive") incurred direct operating costs consisting primarily of adjustments to accruals for estimated losses of $6.0 million and $1.1 million allocated to the Captive during the three months ended June 30, 2021 and 2020, respectively, and $8.8 million and $15.8 million for the nine months ended June 30, 2021 and 2020, respectively, and were recorded within drilling services operating expenses in our Unaudited Condensed Consolidated Statement of Operations. Intercompany premium revenues recorded by the Captive during the three months ended June 30, 2021 and 2020 amounted to $9.4 million and $10.4 million, respectively, and $25.2 million and $28.9 million during the nine months ended June 30, 2021 and 2020, respectively, which were eliminated upon consolidation. These intercompany insurance premiums are reflected as segment operating expenses within the North America Solutions, Offshore Gulf of Mexico, and International Solutions reportable operating segments and are reflected as intersegment sales within "Other."
International Solutions Drilling Risks
International Solutions drilling operations may significantly contribute to our revenues and net operating income (loss). 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, 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 related to our Argentine operations. In Argentina, while our dayrate is denominated in U.S. dollars, we are paid 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 which restrict the conversion and repatriation of U.S. dollars, including controls that were implemented in September 2019. 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. In addition, in March 2020, the Argentine government introduced labor regulations that prohibit employee dismissals or suspensions without just cause, for lack of (or reduction in) work or due to force majeure, subject to certain exceptions that may result in the payment of compensation to suspended employees and/or increased severance costs to the company. These prohibitions have resulted in significant challenges for our Argentine operations and it remains uncertain for how long they will be in effect. 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. Nonetheless, 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.
For the three and nine months ended June 30, 2021, we recorded aggregate foreign currency losses of $0.7 million and $4.9 million, respectively. Comparatively, for the three and nine months ended June 30, 2020, we recorded aggregate foreign currency losses of $3.2 million and $6.0 million, respectively. 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. As of June 30, 2021, our cash balance in Argentina was $19.6 million.
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.
13

Table of Contents
Although we attempt to minimize the potential impact of such risks by operating in more than one geographical area, during both the three and nine months ended June 30, 2021, approximately 4.8 percent of our operating revenues was generated from international locations in our drilling business compared to 7.3 percent and 7.9 percent during the three and nine months ended June 30, 2020, respectively. During the three and nine months ended June 30, 2021, approximately 52.2 percent and 43.1 percent of operating revenues from international locations were from operations in South America, compared to 33.2 percent and 68.2 percent during the three and nine months ended June 30, 2020, respectively. Substantially 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 DISCONTINUED OPERATIONS
Noncurrent liabilities from discontinued operations consist of an uncertain tax liability related to the country of Venezuela. Expenses incurred for in-country obligations are reported as discontinued operations within our Unaudited Condensed Consolidated Statements of Operations. 
The activity for the three and nine months ended June 30, 2021 was primarily due to the remeasurement of an uncertain tax liability as a result of the devaluation of the Venezuela Bolivar.  Early in 2018, the Venezuelan government announced that it changed the existing dual-rate foreign currency exchange system by eliminating its heavily subsidized foreign exchange rate, which was 10 Bolivars per United States dollar, and relaunched an exchange system known as DICOM. The Venezuela government also established a new currency called the “Sovereign Bolivar,” which was determined by the elimination of five zeros from the old currency. The DICOM floating rate was approximately 3,220,598 Bolivars per United States dollar at June 30, 2021, compared to 436,677 and 204,418 Bolivars per United States dollar at September 30, 2020, and June 30, 2020, respectively. The DICOM floating rate might not reflect the barter market exchange rates.
NOTE 4 PROPERTY, PLANT AND EQUIPMENT 
Property, plant and equipment as of June 30, 2021 and September 30, 2020 consisted of the following:
(in thousands)Estimated Useful LivesJune 30, 2021September 30, 2020
Drilling services equipment
4 - 15 years
$6,456,608 $7,313,234 
Tubulars4 years602,689 615,281 
Real estate properties
10 - 45 years
43,358 43,389 
Other