Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information and Dividends
The principal market on which our common stock is traded is the New York Stock Exchange under the symbol “HP.” As of November 12, 2020 , there were 425 record holders of our common stock as listed by our transfer agent’s records.
We have paid quarterly cash dividends on our common stock during the past two fiscal years. Payment of future dividends will depend on earnings and other factors.
Performance Graph
The following performance graph reflects the yearly percentage change in our cumulative total stockholder return on common stock as compared with the cumulative total return on the S&P 500 Index and the S&P 1500 Oil and Gas Drilling Index. All cumulative returns assume an initial investment of $100, the reinvestment of dividends and are calculated on a fiscal year basis ending on September 30 of each year.
INDEXED RETURNS
Base Period
Years Ending
Company / Index
Sep 2015
Sep 2016
Sep 2017
Sep 2018
Sep 2019
Sep 2020
Helmerich & Payne, Inc.
100.00
148.00
122.00
163.00
109.00
60.00
S&P 500 Index
100.00
115.00
136.00
159.00
166.00
189.00
Dow Jones U.S. Select Oil Equipment & Services Index
100.00
110.00
102.00
105.00
55.00
27.00
PHLX Oil Service Index
100.00
106.00
94.00
100.00
48.00
25.00
31
Table of Contents
The above performance graph and related information shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under the Exchange Act or to the liabilities of Section 18 of the Exchange Act, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent we specifically incorporate it by reference into such a filing.
Stock Portfolio
Information required by this item regarding our marketable securities may be found in, and is incorporated by reference to, Item 7— “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Investing Activities — Marketable Securities” included in this Form 10‑K.
32
Table of Contents
Item 6.
SELECTED FINANCIAL DATA
The following table summarizes selected financial information and should be read in conjunction with Item 7— “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8— “Financial Statements and Supplementary Data” included in this Form 10‑K.
Five‑year Summary of Selected Financial Data
(in thousands except per share amounts)
2020
2019
2018
2017
2016
Statements of Operations Selected Data
Operating revenues
$
1,773,927
$
2,798,490
$
2,487,268
$
1,804,741
$
1,624,332
Depreciation and amortization
481,885
562,803
583,802
585,543
598,587
Selling, general and administrative
167,513
194,416
199,257
147,548
140,486
Income (loss) from continuing operations
(496,392
)
(32,510
)
493,010
(127,863
)
(52,990
)
Income (loss) from discontinued operations
1,895
(1,146
)
(10,338
)
(349
)
(3,838
)
Net income (loss)
(494,497
)
(33,656
)
482,672
(128,212
)
(56,828
)
Per Share Data
Basic earnings (loss) per share from continuing operations
$
(4.62
)
$
(0.33
)
$
4.49
$
(1.20
)
$
(0.50
)
Basic earnings (loss) per share from discontinued operations
0.02
(0.01
)
(0.10
)
—
(0.04
)
Basic earnings (loss) per share
$
(4.60
)
$
(0.34
)
$
4.39
$
(1.20
)
$
(0.54
)
Diluted earnings (loss) per share from continuing operations
$
(4.62
)
$
(0.33
)
$
4.47
$
(1.20
)
$
(0.50
)
Diluted earnings (loss) per share from discontinued operations
0.02
(0.01
)
(0.10
)
—
(0.04
)
Diluted earnings (loss) per share
$
(4.60
)
$
(0.34
)
$
4.37
$
(1.20
)
$
(0.54
)
Cash dividends declared per common share
$
2.38
$
2.84
$
2.82
$
2.80
$
2.78
Balance Sheet Data
Cash, cash equivalents and short-term investments
$
577,219
$
400,903
$
325,816
$
565,866
$
949,709
Property, plant and equipment, net
3,646,341
4,502,084
4,857,382
5,001,051
5,144,733
Total assets (1)
4,829,621
5,839,515
6,214,867
6,439,988
6,832,019
Total debt (2)
487,148
487,148
500,000
500,000
500,000
Total shareholders' equity
3,318,514
4,012,223
4,382,735
4,164,591
4,560,925
Debt to capital ratio (3)
12.8
%
10.8
%
10.2
%
10.7
%
9.9
%
Net debt to net capital ratio (4)
(2.7
)%
2.1
%
3.8
%
(1.6
)%
(9.9
)%
Net working capital (5)
$
194,198
$
381,708
$
490,663
$
401,499
$
368,965
(1)
Total assets for all years include amounts related to discontinued operations. Our Venezuelan subsidiary was classified as discontinued operations on June 30, 2010, after the seizure of our drilling assets in that country by the Venezuelan government.
(2)
Total debt excludes unamortized discount and debt issuance cost. Refer to Note 8—Debt .
(3)
The debt to capital ratio is calculated by dividing total debt by total capitalization (total debt, excluding unamortized discount and debt issuance cost, plus shareholders’ equity). The debt to capital ratio is not a measure of operating performance or liquidity defined by U.S. GAAP and may not be comparable to similarly titled measures presented by other companies.
(4)
Net debt to net capital ratio is calculated as the excess of our total debt over total cash, cash equivalents and short-term investments divided by total shareholders' equity plus any positive net debt balances. The net debt to net capital ratio is not a measure of operating performance or liquidity defined by U.S. GAAP and may not be comparable to similarly titled measures presented by other companies.
(5)
For the purpose of understanding the impact on our Cash Flow from Operations, net working capital is calculated as current assets, excluding cash and short-term investments, less current liabilities, excluding dividends payable, short–term debt and the current portion of long–term debt. Net working capital is not a measure of operating performance or liquidity defined by U.S. GAAP and may not be comparable to similarly titled measures presented by other companies.
33
Table of Contents