SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: February 13, 2003
HELMERICH & PAYNE, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-4221 73-0679879
--------------------------------------------------------------------------------
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
Utica at Twenty-first Street, Tulsa, Oklahoma 74114
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(918) 742-5531
--------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
N/A
--------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Page 1 of 3 Pages.
Item 5. Other Events and Regulation FD Disclosure.
On February 13, 2003, the Registrant issued the following press
release:
"Helmerich & Payne, Inc. announced today that it has been informed by
one of its major customers that, due to new budget constraints, twelve
H&P domestic land rigs currently under contract would be released after
the completion of wells on which they are drilling. The H&P rigs
contracted by the customer consist of six FlexRig3s, three FlexRig2s,
and three conventional land rigs. It is estimated that four rigs will
be released within the next two weeks, five rigs within three to four
weeks, and three rigs within seven to ten weeks. Since release
notification, the Company has already obtained verbal contract
commitments from other operators for work to begin immediately
following the release of three of the FlexRig3s.
Helmerich & Payne President and CEO, Hans Helmerich commented, 'Our
FlexRigs have achieved activity rates in excess of 95% since their
introduction. Given the recent increased level of bid activity and the
schedule of rig release dates, we anticipate that the remaining
FlexRigs and conventional rigs should have jobs by the completion of
their current commitments.'
Helmerich & Payne, Inc. (HP/NYSE) is a contract drilling company that
owns 75 U.S. land rigs, 12 U.S. platform rigs located in the Gulf of
Mexico, and 33 rigs located in South America, or a total of 120 rigs.
Of the 75 U.S. land rigs currently available, 35 are the H&P-designed
FlexRigTM. The Company is scheduled to complete the construction of an
additional 8 FlexRigs to be put in service over the next five months.
The information disclosed herein includes forward-looking statements
within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements are subject to
certain risks and uncertainties, as disclosed by H&P from time to time
2
in its filings with the Securities and Exchange Commission. As a result
of these factors, H&P's actual results may differ materially from those
indicated or implied by such forward-looking statements."
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)
By: /s/ STEVEN R. MACKEY
--------------------------------
Name: Steven R. Mackey
Title: Vice President
Dated: February 13, 2003
3