Helmerich & Payne Makes Big Bet on Middle East With ~$2B KCA Deutag Acquisition
Helmerich & Payne Makes Big Bet on Middle East With ~$2B KCA Deutag Acquisition
Helmerich & Payne, Inc. (NYSE:HP) shares are trading higher today. The company disclosed the acquisition of KCA Deutag for $1.9725 billion in cash.
今天Helmerich & Payne, Inc. (NYSE:HP) 股票上涨。该公司披露以19.725亿现金收购KCA Deutag。
KCA Deutag is a drilling company with a land drilling presence in the Middle East. The acquisition grants Helmerich substantial entry into land operations in the region, where KCA Deutag earned about 70% of its 2023 Operating EBITDA.
KCA Deutag是一家在中东拥有陆地钻井业务的公司。该收购使Helmerich 大力进入该地区的陆上业务，在那里，KCA Deutag约70%的2023年运营EBITDA来自该地区。
The transaction is expected to close before the end of calendar year 2024, pending customary closing conditions.
交易预计将在2024年日历年结束前完成，前提是符合惯例的交割条件。
Post-acquisition, Helmerich's Middle East rig count will jump from 12 to 88, with 71 rigs in Saudi Arabia, Oman, and Kuwait, making it one of the region's largest rig providers.
收购后，Helmerich在中东的钻机数量将从12台增加到88台，在沙特阿拉伯、阿曼和科威特拥有71台钻机，成为该地区最大的钻机供应商之一。
The Middle East rig market is projected to grow, and with KCA Deutag's ~$5.5 billion contract backlog and strong customer base, H&P will gain resilient revenues and improved earnings visibility.
中东的钻机市场预计将增长，而KCA Deutag的约55亿美元合同积压和强大的客户基础将使H&P获得有弹性的收益和改善的收益能见度。
Synergies: H&P expects this transaction to grow its international land operations from ~1% on a standalone basis to ~19% on a pro forma basis based on calendar year 2023 Operating EBITDA, and also its offshore operations will rise from ~3% to ~7%.
协同作用：H&P预计此交易将使其国际陆地业务从独立基础的约1%增长至约19%，基于2023年日历年运营EBITDA的基准，并且其海上业务将从约3%增长至约7%。
The combined company's last-twelve months Operating EBITDA stands at approximately $1.2 billion.
合并公司过去十二个月运营EBITDA约为12亿美元。
The transaction is anticipated to be immediately accretive to cash flow and free cash flow per share, with double-digit free cash flow accretion expected by 2025. Returns are projected to surpass the cost of capital by 2026.
预计此交易对每股现金流和自由现金流立即增长，到2025年将实现两位数的自由现金流增长。收益预计将在2026年超过资本成本。
Despite the minimal geographic overlap, Helmerich anticipates achieving ~$25 million in run-rate synergies by 2026, mainly from overhead reductions and procurement savings.
尽管地理重叠很小，Helmerich预计到2026年将实现大约2500万美元的同步运转支持，主要来自开销减少和采购开支节约。
Post-closure, H&P will have three main operating segments: North America Solutions, International Solutions, and Offshore Solutions, with North America Solutions remaining unchanged.
交割后，H&P将拥有三个主要运营部门：北美解决方案、国际解决方案和近海解决方案，其中北美解决方案保持不变。
Yesterday, the company reported third-quarter adjusted EPS of $0.92, above the consensus of $0.77, and revenue of $698 million, beating the street view.
昨天，该公司发布了第三财季调整后的每股收益为0.92美元，高于0.77美元的共识，收入为69800万美元，超出了市场预期。
As of June 30, the company's cash and cash equivalent stood at $203.6 million.
截至6月30日，该公司的现金及现金等价物为20360万美元。
Investors can gain exposure to the stock via Invesco S&P SmallCap Energy ETF (NASDAQ:PSCE) and SPDR Series Trust SPDR S&P Oil & Gas Equipment & Services ETF (NYSE:XES).
投资者可以通过景顺SP证券小盘能源etf (NASDAQ:PSCE)和SPDR系列信托SPDR S&P石油和天然气设备和服务ETF (NYSE:XES)获得股票。
Price Action: HP shares are up 10.4% at $41.70 at the last check Thursday.
截至周四，HP股价上涨10.4%，至41.70美元。
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