By the OGJ Online Staff
HOUSTON, Sept. 6 -- Helmerich & Payne Inc., Tulsa, plans to acquire 25 more land rigs and two offshore platform rigs in 2002.
It plans capital expenditure of $340 million for next year on fleet additions and refurbishment of existing rigs and other capital equipment. The acquisitions will bring its fleet to 118 total rigs.
It also plans to spend $80 million through its exploration and production division, bringing total capital spending to $420 million. H&P plans to fund its capex plan through existing cash on hand, operating cash flow, the sale of securities, and/or additional borrowings.
Pres. and CEO Hans Helmerich said, "Our capital expenditure program for the coming year continues a successful building effort.... The recent reduction in rig activity brought on by the decline of natural gas prices is not anticipated to be severe or long term in nature."
