May 1, 2020 / 5:34 PM / a month ago

BRIEF-Helmerich And Payne Expects Q3 To Be Hit By Covid-19

May 1 (Reuters) - Helmerich and Payne Inc:

* HELMERICH AND PAYNE EXPECTS Q3 TO BE HIT BY COVID-19 BUT ENCOURAGED ABOUT INTERNATIONAL PROSPECTS - CEO ON CONF CALL

* HELMERICH AND PAYNE CFO SAYS REDUCTION OF FIELD WORKFORCE, IMPACTING OVER 2,800 INDIVIDUALS- CONF CALL

* HELMERICH AND PAYNE CFO SAYS CURRENT EXPECTATION FOR FULL FISCAL 2020 GENERAL AND ADMINISTRATIVE EXPENSES IS NOW $180 MILLION - CONF CALL

* HELMERICH AND PAYNE CFO SAYS ANNUAL EFFECTIVE TAX RATE TO BE IN THE RANGE OF 16% TO 21% - CONF CALL

* HELMERICH AND PAYNE CFO SAYS DO NOT ANTICIPATE INCURRING ANY SIGNIFICANT ADDITIONAL CASH TAX-RELATED TO THE FULL 2020 FISCAL YEAR - CONF CALL

* HELMERICH AND PAYNE CFO SAY EXPECTATIONS FOR THE REMAINDER OF FISCAL 2020 INCLUDE CONTINUED DECLINES IN RIG ACTIVITY, MOST OF WHICH WILL OCCUR IN Q3 - CONF CALL

* HELMERICH AND PAYNE CFO SAYS NO FURTHER SHARE BUYBACKS ARE CONTEMPLATED AT THIS TIME- CONF CALL

* HELMERICH AND PAYNE CFO SAYS EXPECT OPERATING INCOME TO BE LOWER IN THE REMAINING QUARTERS OF THE FISCAL YEAR - CONF CALL

* HELMERICH AND PAYNE CFO SAYS EXPECT CASH FLOWS FROM OPERATIONS TO BE HIGHER IN THE SECOND HALF OF THE FISCAL YEAR-CONF CALL

* HELMERICH AND PAYNE CFO SAYS DEBT-TO-CAPITAL AT QUARTER END WAS 12% WITH A 2.5% NET DEBT TO CAP-CONF CALL

* HELMERICH AND PAYNE CFO SAYS HAVE NO DEBT MATURING UNTIL 2025-CONF CALL

* HELMERICH AND PAYNE CFO SAYS CAPITAL EXPENDITURES FOR THE FULL FISCAL 2020 ARE NOW EXPECTED TO RANGE BETWEEN $185 MILLION TO $205 MILLION-CONF CALL

* HELMERICH AND PAYNE CFO SAYS NEXT QUARTER’S INTERNATIONAL SEGMENT ACROSS ALL COUNTRIES EXPECT TO HAVE ABOUT 10 RIGS WORKING-CONF CALL

* HELMERICH AND PAYNE CFO SAYS CAPEX REDUCTIONS WILL BE A LITTLE MORE EVIDENT, AS CO MOVES THROUGH THE REMAINING 2 QUARTERS OF FISCAL YEAR-CONF CALL

* HELMERICH AND PAYNE CFO EXPECT TO END Q3 BELOW 70 RIGS WITH THE VAST MAJORITY OF THAT DECREASE HAPPENING PRIOR TO JUNE 1-CONF CALL

* HELMERICH AND PAYNE CFO SAYS Q3 ACTIVITY IN ARGENTINA ALREADY EXPECTED TO SUFFER DUE TO THE LOCAL MACROECONOMIC SITUATION AND ROLL-OFF OF LEGACY CONTRACTS-CONF CALL

* HELMERICH AND PAYNE CFO SAYS “WE’RE MAKING THE CASE THAT THE DAYRATE MODEL IS OBSOLETE, NEEDS TO BE RETIRED”-CONF CALL

* HELMERICH AND PAYNE CFO SAYS “GOAL IS TO NOT BE DISCUSSING DAY RATES BECAUSE OF THE OBSOLESCENCE OF THE MODEL, AND WE’RE GOING TO KEEP WORKING ON DIFFERENT MODELS WITH CUSTOMERS”-CONF CALL Source: Conference Call Further company coverage:

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