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BUSINESS COMBINATION (Tables)
 9 Months Ended
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 equivalents196,667 
Short-term investments33 
Accounts receivable, net1
367,168 
Inventories of materials and supplies, net195,599 
Noncurrent assets acquired:
Investments, net1,146 
Property, plant and equipment, net1,460,732 
Intangible assets, net470,663 
Operating lease right-of-use assets47,277 
Total assets acquired2,739,285 
Current liabilities assumed:
Accounts payable and accrued liabilities
478,274 
Current portion of long-term debt, net6,755 
Noncurrent liabilities assumed:
Long-term debt, net78,188 
Deferred income taxes184,849 
Retirement benefit obligations99,043 
Other34,756 
Total liabilities assumed881,865 
Estimated preliminary fair value of net assets$1,857,420 
Add: Estimated preliminary fair value of non-controlling interests acquired116,061 
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 name10,860 10 years
Developed technology21,420 11 years
In-process research and development6,183 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)2025202420252024
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