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BUSINESS COMBINATION (Tables) | 9 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | The following table summarizes the preliminary purchase price and the fair values of assets acquired and liabilities assumed at the Acquisition Date:
(in thousands) |
Total cash consideration | $ | 2,035,523 |
Allocation of purchase price |
Current assets acquired: |
Cash and cash equivalents | 196,667 |
Short-term investments | 33 |
Accounts receivable, net 1 | 367,168 |
Inventories of materials and supplies, net | 195,599 |
Noncurrent assets acquired: |
Investments, net | 1,146 |
Property, plant and equipment, net | 1,460,732 |
Intangible assets, net | 470,663 |
Operating lease right-of-use assets | 47,277 |
Total assets acquired | 2,739,285 |
Current liabilities assumed: |
Accounts payable and accrued liabilities | 478,274 |
Current portion of long-term debt, net | 6,755 |
Noncurrent liabilities assumed: |
Long-term debt, net | 78,188 |
Deferred income taxes | 184,849 |
Retirement benefit obligations | 99,043 |
Other | 34,756 |
Total liabilities assumed | 881,865 |
Estimated preliminary fair value of net assets | $ | 1,857,420 |
Add: Estimated preliminary fair value of non-controlling interests acquired | 116,061 |
Goodwill | $ | 294,164 |
(1)The preliminary estimated fair value of accounts receivable is $367.2 million, with the gross contractual amount being $381.3 million. The Company estimates $14.1 million to be uncollectible.
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary values assigned to each intangible asset and the corresponding preliminary useful lives, as of the Acquisition Date, are as follows:
(in thousands) | Amount |  | Weighted Average Useful life (Years)
Customer relationships | $ | 432,200 |  |  | 9 years
Trade name | 10,860 |  |  | 10 years
Developed technology | 21,420 |  |  | 11 years
In-process research and development | 6,183 |  |  | Indefinite
Estimated fair value of acquired intangible assets | $ | 470,663 |  |  |
Lessee, Operating Lease Right-of-use Assets and Noncurrent Liability | In connection with the Acquisition, we acquired operating lease right-of-use assets and a corresponding current and noncurrent liability as summarized below:
(in thousands) | Amount
Real estate properties | $ | 35,333 |
Drilling equipment | 11,944 |
Total Operating lease right-of-use asset | 47,277 |
Current portion of lease liabilities within Accounts payable and Accrued liabilities | $ | 19,964 |
Noncurrent portion of operating lease liabilities within Other noncurrent liabilities | 36,920 |
Schedule of Business Acquisition, Pro Forma Information | The following unaudited pro forma combined financial information presents results for the three and nine months ended June 30, 2025 and 2024, as if we had completed the Acquisition on October 1, 2023:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 1,040,924 |  |  | $ | 1,139,718 |  |  | $ | 3,220,357 |  |  | $ | 3,366,714 |
Net income (loss) | (161,899) |  |  | 59,989 |  |  | (177,803) |  |  | 216,324 |
Net income attributable to non-controlling interest | 859 |  |  | 13,319 |  |  | 6,138 |  |  | 10,355 |
Net income (loss) attributable to Helmerich & Payne, Inc. | $ | (162,758) |  |  | $ | 46,670 |  |  | $ | (183,941) |  |  | $ | 205,969 |

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