Helmerich & Payne, Inc. Announces Supplemental Shareholder Return Plan and Planned Capital Expenditures for Fiscal 2024 and Conference Call and Webcast for Fiscal Fourth Quarter 2023

Helmerich & Payne, Inc. (“H&P” or the “Company”) (NYSE: HP) today announced its planned capital expenditures and supplemental shareholder return plan for fiscal year 2024. The Company also announced the timing of the upcoming conference call and webcast for its fiscal fourth quarter of 2023.

President and CEO John Lindsay commented, “I am pleased with the execution of our 2023 supplemental shareholder return plan, utilizing it to not only maintain a competitive dividend yield, but also to take advantage of what we viewed as dislocations in stock prices to opportunistically repurchase shares. A key element in the plan’s design was flexibility, which we believe is necessary to return capital more efficiently to shareholders in a cyclical business such as ours. Our 2024 supplemental shareholder return plan will retain many of these characteristics, including the flexibility to further invest in the business, supplement additional dividend returns, and/or repurchase shares if and when those opportunities arise.

“The Company’s annual supplemental shareholder return plans serve to augment our long-standing commitment to returning cash to shareholders. In fiscal 2024, our current base dividend of $1.00/share per annum will continue to serve as a foundation of that cash return commitment. The supplemental dividend for fiscal 2024, which we anticipate will be approximately $68 million in the aggregate, is intended to further enhance shareholder returns. The Company’s annual supplemental shareholder return plan is a fundamental component of our overall capital allocation strategy. Accordingly, the planned supplemental dividend for fiscal 2024 is lower than fiscal 2023 as we balance, among other things, the outlook for this fiscal year’s activity levels, which are more subdued than last year’s at this time, and our continued efforts to expand internationally, including the related capital required to do so. We continue to recognize that our international strategy is a long-term diversification and growth commitment, and capital devoted to its expansion will take multiple years to fully develop and generate returns for the Company.”

2024 Supplemental Shareholder Return Plan:

The Company has established its 2024 supplemental shareholder return plan, which is currently projected to provide approximately $68 million in additional cash returns to shareholders in the form of additional dividends. These supplemental dividends are expected to be paid in four, approximately equal, installments during fiscal 2024. These additional cash returns represent approximately 50% of the Company’s projected cash flow generation in fiscal 2024 after planned capital expenditures and after the Company’s already established “base” annual dividend of $1.00/share, which is roughly $100 million on an annualized basis. All such established base and supplemental dividends are subject to the determination and approval of the Company’s Board of Directors on a quarterly basis.