Helmerich & Payne announces supplemental shareholder return plan

Helmerich & Payne announced its planned capital expenditures and supplemental shareholder return plan for fiscal year 2024. 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. Under the plan, the Company may utilize remaining cash flow projected to be generated in fiscal year 2024, after planned capital expenditures, established base and supplemental dividends, as well as cash on hand, to fund additional supplemental dividends or to opportunistically repurchase shares of its common stock under its evergreen four million shares per calendar year annual repurchase authorization. The 2024 supplemental shareholder return plan is specific to fiscal year 2024 and is derived from current forecasts and projections for fiscal year 2024, which are subject to change based on industry factors and market conditions.