On October 19, 2022, Helmerich & Payne Inc (HP) announced that it will pay a special dividend of $0.235 per share. The regular quarterly dividend for HP is $0.25 per share.

The Company has established its 2023 supplemental shareholder return plan, which is currently projected to provide approximately $100 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 2023. These additional cash returns represent approximately 50% of the Company’s projected cash flow generation in fiscal 2023 after planned capital expenditures and after the Company’s already established “base” annual dividend of $1.00/share, which is roughly $110 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.

Under the plan, the Company may utilize remaining cash flow projected to be generated in fiscal year 2023, after planned capital expenditures, established base and supplemental dividends, as well as cash on hand, to fund additional supplemental dividends or opportunistically repurchase shares of its common stock under its evergreen four million shares per annum repurchase authorization. Such repurchases will be dependent upon several factors, including market and industry conditions and other investment opportunities available to the Company.

Helmerich & Payne, Inc. is primarily a contract drilling company. The company provides performance-driven drilling services and technologies for oil and gas exploration and production companies. The company's business is composed of four reportable business segments - three contract drilling business segments: U.S. Land, Offshore and International Land and one drilling technology-based business segment: Helmerich & Payne Technologies. U.S. Land operations are located in Colorado, Louisiana, Ohio, Oklahoma, Montana, New Mexico, North Dakota, Pennsylvania, Texas, Utah, West Virginia and Wyoming. Offshore operations are conducted in U.S. federal waters in the Gulf of Mexico and International Land operations has rigs located in Argentina, Bahrain, Colombia and United Arab Emirates. HP also owns, develops and operates limited commercial real estate properties. Real estate investments, which are located exclusively within Tulsa, Oklahoma, include a shopping center, multi‑tenant industrial warehouse properties and approximately 210 acres of undeveloped real estate. Helmerich & Payne, Inc. was incorporated under the laws of the State of Delaware on February 3, 1940 and is successor to a business originally organized in 1920.