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HELMERICH and PAYNE, IDC

About HELMERICH and PAYNE, IDC

Helmerich & Payne International Drilling drills deep for Latin American and North African crude. The contract oil and gas driller (a subsidiary of Helmerich & Payne) has land drilling operations in six countries. Argentina is its core area, with nine rigs in operation there. It also drills in Colombia (where it has six rigs), Mexico (six rigs), and – more... Ecuador (four rigs). In North Africa the company operates in Bahrain (four rigs) and Tunisia (one rig). International land drilling accounted for 9% of Helmerich & Payne's total 2011 reveneus. It also has offshore drilling operations in Trinidad and Equatorial Guinea.

Venezuela had been the company's primary international drilling location. However, in 2010 the Venezuelan government, seized the 11 rigs owned by Helmerich & Payne International Drilling's Venezuelan subsidiary, prompting the company to file a lawsuit with that country's government. (In 2009 Helmerich & Payne International Drilling began to cease operating several of its 11 rigs in Venezuela as national oil company PDVSA had failed to make good on its back payments).

Helmerich & Payne International Drilling reported lower revenues and operating income in 2011, primarily due to lower rig use (Helmerich & Payne transferred five rigs to to its US land segment to take advantage of a boom in that drilling market) and higher operating expenses.

In 2012 the parent company reassigned another Helmerich & Payne International Drilling rig to its US operations.

The company was established in 1958, when Helmerich & Payne began drilling for oil and natural gas in Venezuela. – less

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