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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: January 18, 2001
HELMERICH & PAYNE, INC.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 1-4221 73-0679879
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
Utica at Twenty-first Street, Tulsa, Oklahoma 74114
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(Address of principal executive offices) (Zip Code)
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(918) 742-5531
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report)
Page 1 of 2 Pages.
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Item 9. Regulation FD Disclosure.
On January 18, 2001, Helmerich & Payne, Inc. issued the following press
release:
"TULSA, OK - Helmerich & Payne, Inc. announced today that, as
a result of a recently completed economic evaluation of the
useful lives of its drilling equipment, it has extended the
depreciable life of its rig equipment from 10 to 15 years.
This will provide a better matching of revenue and
depreciation expense over the useful life of the equipment.
This change, effective October 1, 2000, will reduce
depreciation expense in fiscal 2001 by an estimated $30
million, resulting in an earnings increase of approximately
$0.36 per share, or $0.09 per share per quarter.
Helmerich & Payne, Inc. also announced that it will
release its first quarter earnings the morning of
Thursday, January 25th and will hold a conference
call that afternoon at 3:30 p.m. EST (2:30 CST).
The call will be broadcast live over the Internet at
http://www.videonewswire.com/HELMERICHPAYNE012501.com.
The call will be archived for later review on the
website www.prnewswire.com.
Helmerich & Payne, Inc. (HP/NYSE) is an energy-oriented
company engaged in contract drilling and oil and gas
exploration and production. Its contract drilling subsidiary
owns 39 land rigs and 10 platform rigs in the U.S., and 39
land rigs in South America. The Company also holds substantial
equity investments in several other publicly owned
corporations.
The information contained within this announcement is forward
looking and involves risks and uncertainties that could
significantly impact expected results. A discussion of these
risks and uncertainties is contained in the Company's Form
10-K filed with the Securities and Exchange Commission on
December 28, 2000."
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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
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Name: Steven R. Mackey
Title: Vice President
Dated: January 18, 2001
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