<SEC-DOCUMENT>0001104659-18-033740.txt : 20181018
<SEC-HEADER>0001104659-18-033740.hdr.sgml : 20181018
<ACCEPTANCE-DATETIME>20180516120939
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-18-033740
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Helmerich & Payne, Inc.
		CENTRAL INDEX KEY:			0000046765
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				730679879
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1437 S. BOULDER AVE., SUITE 1400
		CITY:			TULSA
		STATE:			OK
		ZIP:			74119
		BUSINESS PHONE:		9187425531

	MAIL ADDRESS:	
		STREET 1:		1437 S. BOULDER AVE., SUITE 1400
		CITY:			TULSA
		STATE:			OK
		ZIP:			74119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HELMERICH & PAYNE INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">BY EDGAR</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;16, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Ethan Horowitz</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Branch Chief</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mail Stop 4628</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 45.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RE:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Helmerich&nbsp;&amp; Payne,&nbsp;Inc.</b></p>
<p style="margin:0in 0in .0001pt 1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended September&nbsp;30, 2017</font></b></p>
<p style="margin:0in 0in .0001pt 1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed November&nbsp;22, 2017</font></b></p>
<p style="margin:0in 0in .0001pt 1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;001-04221</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Horowitz:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Helmerich&nbsp;&amp; Payne,&nbsp;Inc., a Delaware company (the &#147;<u>Company</u>&#148;), hereby responds to the comments (the &#147;<u>Comments</u>&#148;) of the staff (the &#147;<u>Staff</u>&#148;) set forth in the Staff&#146;s letter dated April&nbsp;12, 2018 (the &#147;<u>Comment Letter</u>&#148;) in relation to the above-referenced Form&nbsp;10-K. Set forth below in this letter is the Company&#146;s response to the Comments raised in the Comment Letter. For the convenience of the Staff, the Company has restated in this letter the Comments. All references to page&nbsp;numbers correspond to the page&nbsp;numbers in the Company&#146;s above-referenced Form&nbsp;10-K.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended September&nbsp;30, 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes to Consolidated Financial Statements, page&nbsp;54</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note 1 &#151; Summary of Significant Accounting Policies, page&nbsp;54</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valuation of Long-Lived Assets, page&nbsp;56</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>We note from your response to prior comment 1 that you have ten asset groups</i><i>.</i><i> Using the rig information in Item 2 &#151; Properties of your Form&nbsp;10-K, provide us with a summary of your rigs by asset group. Include a description of the characteristics supporting your asset groupings and list their respective geographic locations (e.g., by state and / or country) and contract status. Also, describe your conclusion regarding the interdependency of cash flows to the extent that you have rigs in the same asset group that are located in different countries</i>  <i>or where there are factors that may influence transfer decisions.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosed with this letter please find supplemental information captioned <u>Exhibit&nbsp;I</u>, which contains the information requested regarding our asset groups. Pursuant to Rule&nbsp;12b-4 under the Securities Exchange Act of 1934, as amended (&#147;<u>Rule&nbsp;12b-4</u>&#148;), we are providing this supplemental information to the Staff. We further request that the Freedom of Information Act officer of the Commission accord such supplemental information (but not, for the avoidance of doubt, the responses set forth in this letter) confidential treatment under Rule&nbsp;83 of the Commission&#146;s Rules&nbsp;on Information and Requests, 17 C.F.R. &#167; 200.83 (&#147;<u>Rule&nbsp;83</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As can be seen in the characteristics noted, each rig asset group contains rigs that have similar capabilities and market application and are typically interchangeable within the class. Each rig class is uniquely suited to a particular range of well depths and drilling site conditions and has significant asset standardization, such that rigs within the same class may be substituted to satisfy customer drilling requirements. Components of drilling rigs within the same rig class are regularly transferred between rigs. Although there are some minor differences noted within the hook capacity, optimum drilling depth, and drawworks horsepower within certain asset groups, the rigs within each group target the same general markets and earn relatively similar margins.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Four of our five international rig asset groups have rigs located in different countries. Drilling rigs are highly mobile and are regularly transferred between various locations, basins, and countries. However, factors such as distance, transportation costs, and country regulations may influence transfer decisions as well as variances in margin profiles. For example, costs to move U.S. based land rigs between states within the continental U.S. include only nominal trucking and transportation costs, whereas moving rigs between countries is more expensive as it also involves customs, duties, and increased transportation costs because of country regulations and the distance involved. Another important consideration in evaluating international moves of drilling rigs is the economic cost of international maintenance capital because of the way we manage our fleet.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosed with this letter please also find a memorandum (the &#147;<u>Supplemental Memorandum</u>&#148;) which provides further response to your Comment. The Supplemental Memorandum is being submitted pursuant to Rule&nbsp;12b-4. We further request that the Freedom of Information Act officer of the Commission accord the Supplemental Memorandum (but not, for the avoidance of doubt, the responses set forth in this letter) confidential treatment under Rule&nbsp;83.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2</font></i><i>.</i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>For each respective asset group, provide us with a summary of your future expectations for rig utilization levels, dayrates, and rig margins along with a comparison of the key elements of your forecast to your historical experience with similar market conditions</i><i>.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Please refer to the Supplemental Memorandum discussed above and supplemental information captioned <u>Exhibit&nbsp;II</u>, each of which provides a response to your Comment and is submitted pursuant to Rule&nbsp;12b-4. We further request that the Freedom of Information Act officer of the Commission accord the Supplemental Memorandum and supplemental information</font>  </font>(but not, for the avoidance of doubt, the responses set forth in this letter) confidential treatment under Rule&nbsp;83.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3</font></i><i>.</i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>You indicate in your response to prior comment 1 that Domestic FlexRig4 and International FlexRig4 asset groups were subject to an impairment recoverability test during the fiscal quarter ended September&nbsp;30, 2017, while the remaining eight asset groups were determined to not have impairment indicators during the period. Explain the changes that occurred during the period and describe differences in circumstances that resulted in the existence of impairment indicators for the Domestic and International FlexRig4 asset groups compared to the other asset groups. See FASB ASC 360-10-35-21</i><i>.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We regularly review long-lived assets for indicators of impairment in accordance with ASC section 360-10-35-21 and have recognized impairments, as required. Our review for impairment indicators is conducted at least quarterly and whenever events and changes in circumstances occur.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The drilling business is cyclical, driven by customer demand and influenced by trends in crude oil and natural gas commodity prices. We have determined there is a strong historical correlation between commodity prices and drilling rig utilization rates and margins. Due to this correlation, we considered the significant decrease in commodity prices and forward outlook in 2015 to be an impairment indicator for all rig asset groups during fiscal 2015. We subsequently continued to review for and identify, in certain circumstances, impairment indicators during fiscal 2016 and 2017 as the market recovery lagged beyond the market&#146;s original expectations. Therefore, all of our rig asset groups were subject to impairment testing during this cyclical downturn. We recognized impairments of the Domestic Conventional 3000HP and International Conventional 1500-2500HP asset groups during fiscal years 2015 and 2016.&#160; At the beginning of fiscal 2017, spot and near-term forward commodity prices increased. Similarly, demand for our rigs improved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosed with this letter please find supplemental information captioned <u>Exhibit&nbsp;III</u> which contains a summary, by rig asset group, of the most recent date for which we reviewed for impairment indicators, the date of our most recent impairment recoverability test, and historical impairments recognized, and which is provided pursuant to Rule&nbsp;12b-4. We further request that the Freedom of Information Act officer of the Commission accord such supplemental information (but not, for the avoidance of doubt, the responses set forth in this letter) confidential treatment under Rule&nbsp;83.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the fourth fiscal quarter of 2017, we assessed whether there were indicators of impairment for our ten rig asset groups. From an overall market perspective, there were no adverse changes in the industry or business climate during the fourth quarter nor was it more-likely-than-not that the rigs will be sold or disposed of significantly before the end of their previously estimated useful lives (i.e., the circumstances included in ASC 360-10-35-21(a)&nbsp;through (d)&nbsp;and (f)&nbsp;were not present).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We also considered other indicators, including ASC 360-10-35-21(e). While at a macro level, the energy industry improved in fiscal year 2017, our customer&#146;s drilling prospects become</font>  </font>economical at different commodity prices. The rigs required by our customers differ by prospect and therefore, the demand and near-term financial results will vary by asset group in the shorter-term. To consider whether there was an impairment indicator, we considered the amount of</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">excess over carrying value from the asset group&#146;s previous impairment recoverability test or appraisals (if applicable), current and recent historical period results, and changes in the forecasted market (e.g., commodity prices, rig count, tendering activity).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please refer to the Supplemental Memorandum discussed above for further response to your Comment, and which is provided pursuant to Rule&nbsp;12b-4. We further request that the Freedom of Information Act officer of the Commission accord the Supplemental Memorandum (but not, for the avoidance of doubt, the responses set forth in this letter) confidential treatment under Rule&nbsp;83.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4</font></i><i>.</i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>To the extent that you have rigs that have remained idle for an extended period or rigs that cannot be upgraded, specify such rigs and the asset groups to which they belong. In addition, provide us with an analysis supporting your conclusion that these rigs did not need to be tested for recoverability during the fiscal year ended September&nbsp;30, 2017</i><i>.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our response to Comment 3 above provides a description of our process for and the results of our review for impairment indicators for each of our rig asset groups. Each of the rigs included in <u>Exhibit&nbsp;I</u> are marketable and suitable for deployment in drilling operations in the current market. Further, we are marketing to customers all rigs within all of our rig asset groups. We perform upgrades and maintenance, when needed, on all of our marketed rigs in order to keep the rigs in operating condition and meet the needs of our customers&#146; drilling programs. As noted in our response to Comment 2 above, we regularly upgrade our fleet, construct new build rigs, and decommission rigs as customer demands and technology changes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please refer to the Supplemental Memorandum discussed above which provides further response to your Comment and is submitted pursuant to Rule&nbsp;12b-4. We further request that the Freedom of Information Act officer of the Commission accord the Supplemental Memorandum (but not, for the avoidance of doubt, the responses set forth in this letter) confidential treatment under Rule&nbsp;83.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">5</font></i><i>.</i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>For the asset groups that were subject to an impairment recoverability test, explain to us how you have considered providing expanded disclosure under Critical Accounting Policies and Estimates to:</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>State the percentage or amount by which the undiscounted cash flows exceeded their respective carrying values as of the date of the impairment test;</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Discuss qualitative and quantitative information addressing the uncertainty in the key assumptions underlying your impairment assessment (i.e., rig utilization levels, dayrates,&nbsp;etc.); and,</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Address the effect of reasonably likely changes to these assumptions</i><i>.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">See Section&nbsp;V of SEC Release No.&nbsp;33-8350.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We continuously evaluate the need to provide expanded disclosures within the Critical Accounting Policies and Estimates section of our Management Discussion and Analysis of</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_014421_5335"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Condition and Results of Operations in accordance with Section&nbsp;V of SEC Release No.&nbsp;33-8350. As contemplated in that guidance, in making a determination of the extent of our disclosures related to estimates, we consider the level of materiality, subjectivity, and judgment inherent in our estimates as well as the susceptibility of the estimates to change and have a material impact on our financial condition or operating performance. When determining the level of disclosures to make for the estimates underlying the impairment recoverability tests, we specifically evaluated (i)&nbsp;the significance of the carrying amount of the asset group, (ii)&nbsp;the amount by which the undiscounted cash flows were in excess of the carrying amount of the asset group, (iii)&nbsp;the likelihood of a near-term future impairment (considering the inherent subjectivity of the various key assumptions), and (iv)&nbsp;the potential significance of any impairment, if it were to exist.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please refer to the Supplemental Memorandum discussed above which provides further response to your Comment and is submitted pursuant to Rule&nbsp;12b-4. We further request that the Freedom of Information Act officer of the Commission accord the Supplemental Memorandum (but not, for the avoidance of doubt, the responses set forth in this letter) confidential treatment under Rule&nbsp;83.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company hereby acknowledges that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please contact us should you require further information or have any questions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Juan Pablo Tardio</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Juan   Pablo Tardio</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice   President and Chief Financial Officer</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Helmerich&nbsp;&amp;   Payne,&nbsp;Inc.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pankaj Sinha</p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom, LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_014514_5796"></a></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
