Helmerich & Payne, Inc. (NYSE:HP) Q1 2023 Earnings Conference Call January 31, 2023 11:00 AM ET

Company Participants

Dave Wilson - Vice President of Investor Relations

John Lindsay - President & Chief Executive Officer

Mark Smith - Senior Vice President & Chief Financial Officer

Conference Call Participants

David Smith - Pickering Energy

Saurabh Pant - Bank of America

Waqar Syed - ATB Capital Markets

Scott Gruber - Citigroup

Don Crist - Johnson Rice

Ati Modak - Goldman Sachs

Thomas Curran - Seaport Research Partners

Operator

Good day, everyone, and welcome to the Helmerich & Payne Fiscal First Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note this call may be recorded and I'll be standing by should you need any assistance.

It is now my pleasure to turn the conference over to Dave Wilson. Please go ahead.

Dave Wilson

Thank you, Nikki, and welcome everyone to Helmerich & Payne’s conference call and webcast for the first quarter of fiscal year 2023. With us today are John Lindsay, President and CEO; and Mark Smith, Senior Vice President and CFO. John and Mark will be sharing some comments with us, after which we’ll open the call for questions.

Before we begin our prepared remarks I'll remind everyone that this call will include forward-looking statements as defined under securities laws. Such statements are based on the current information and management's expectations as of this statement are not guarantees of future performance.

Forward-looking statements involve certain risks uncertainties and assumptions that are difficult to predict. As such our actual outcomes and results could differ materially. You can learn more about these risks in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our other SEC filings. You should not place undue reliance on forward-looking statements and we undertake no obligation to publicly update these forward-looking statements.

We will also make reference to certain non-GAAP financial measures such as segment operating income, direct margin and other operating statistics. You'll find the GAAP reconciliation comments and calculations in yesterday's press release.

With that said I'll turn the call over to John Lindsay.

John Lindsay

Thank you, Dave, and good morning, everyone. We are very pleased with our quarterly results and remain optimistic about the year ahead. Our first fiscal quarter results of 2023 showed another strong sequential improvement in financial performance and a continuation of the momentum established in fiscal 2022.