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© provided with the aid of The Motley fool Helmerich & Payne, inc (HP) Q3 2021 salary call Transcript

Helmerich & Payne, inc (NYSE: HP)

CONSTELLATION manufacturers, INC.

Q3 2021 salary call

Jul 29, 2021, eleven:00 a.m. ET

Contents:

organized Remarks

Questions and solutions

name contributors

prepared Remarks:

Operator

good day, all and sundry, and welcome to today's Helmerich & Payne's Fiscal Third Quarter earnings call. at this time, all participants are in a listen-handiest mode. Later, you will have probability to ask questions right through the question-and-reply session. [Operator Instructions] Please observe latest call could be recorded. I could be standing via in case you need any suggestions.

it is now my pleasure to turn the call over to the VP of Investor family members, Dave Wilson. Please go forward.

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this text is a transcript of this conference name produced for The Motley fool. whereas they try for their silly most advantageous, there could be blunders, omissions, or inaccuracies during this transcript. as with all their articles, The Motley fool doesn't anticipate any responsibility to your use of this content material, and they strongly encourage you to do your personal research, including being attentive to the name yourself and analyzing the business's SEC filings. Please see their phrases and prerequisites for extra details, including their necessary Capitalized Disclaimers of legal responsibility.

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Dave Wilson -- vice chairman of Investor relations

thanks, Reed, and welcome, all and sundry, to Helmerich & Payne's conference name and webcast for the third quarter of fiscal 12 months 2021. With us nowadays are John Lindsay, President and CEO; and Mark Smith, Senior vp and CFO. John and Mark might be sharing some feedback with us, after which they are going to open the call for questions.

before they start their organized remarks, i could remind each person that this name will consist of forward-searching statements as defined below the securities laws. Such statements are based on existing guidance and management's expectations as of this date and aren't guarantees of future performance. forward-searching statements contain certain hazards, uncertainties and assumptions that are elaborate to foretell. As such, their exact effects and results may range materially. that you can learn greater about these dangers in their annual document on kind 10-okay, their quarterly reports on form 10-Q and their other SEC filings. be sure to not place undue reliance on ahead-searching statements, and they undertake no duty to publicly replace these forward-searching statements. [Technical Issues]

Operator

And team, we're experiencing technical difficulties. you'll hear song unless the application resumes.

Dave Wilson -- vp of Investor members of the family

thank you, Reed, and welcome, all and sundry, once again, to Helmerich & Payne conference name and webcast for the third quarter of fiscal year 2021. With us these days are John Lindsay, President and CEO; and Mark Smith, Senior vice chairman and CFO. each John and Mark could be sharing some feedback with us, after which we'll open the demand questions. before they begin their prepared remarks, i'll remind all and sundry that this name will encompass ahead-searching statements as defined beneath the securities legal guidelines. Such statements are based mostly upon latest tips and management's expectations as of this date -- They don't seem to be guarantees of future performance. forward-searching statements involve certain risks, uncertainties and assumptions which are elaborate to predict. As such, their genuine effects and consequences may range materially. that you may be taught more about these hazards in their annual document on form 10-k, their quarterly reports on form 10-Q and their other SEC filings.

make sure you no longer region undue reliance on forward-searching statements, and they undertake no responsibility to publicly replace these ahead-looking statements. they can also be making reference to certain non-GAAP fiscal measures comparable to section working profits and working data. you are going to find the GAAP reconciliation feedback and calculations in the day before today's press liberate.

With that spoke of, i may flip the name over to John Lindsay.

John Lindsay -- Helmerich & Payne, inc

thanks, Dave, and decent morning, every person. considering the trade rig count number hit bottom just about a 12 months ago, H&P's rig count and market share good points have located us because the main drilling outcomes provider in the US land market. in accordance with their assistance, they exited the third fiscal quarter at 121 rigs. And nowadays, we're at 123 energetic FlexRigs. They expect to continue to have a reasonable and slightly choppy upward trajectory in their rig count number in addition to stronger pricing over the subsequent quarter. youngsters there are about 260 idle tremendous-spec rigs available within the US market, they trust fewer than 10 of those rigs have actually labored within the previous 12 months and a lot of of these rigs have been idle for well over 18 months. there is a excessive cost involved in reactivating lengthy idle rigs, which customarily items a type of classic 'pay me now or pay me later' conundrums.

most importantly, surprising the right stability to start-up enhances defense of an operation, nonetheless it can additionally significantly influence the cost proposition for consumers by using riding improved metrics and drilling performance, downtime and crew retention. Their stellar tune listing of productive beginning-u.s.provides superior customer adoption and is one reason they constantly outperform because the rig count number increases. As demand grows, these reactivation costs will continue to power rig pricing better as the provide of work-equipped tremendous-spec rigs turn into scarce. all of the drivers that cause more advantageous pricing and contract economics are in area. higher crude fee, greater exercise stages, better reactivation fees, pricing discipline in the business and maybe greater consequences to their customers.

In mild of these factors, they have been in discussions with valued clientele to raise pricing. further, they stay optimistic that present oil prices will translate into larger 2022 E&P drilling budgets and exercise in the US land market. As of today, discussions with purchasers related to pastime for the rest of 2021 inform their estimate of approximately 50 to 75 incremental trade rigs returning to work through year-conclusion, and they expect that to be again-end loaded in the fourth calendar quarter. That anticipated rig enhance coupled with the lengthy idle fleet also enhances the knowledge for extra rig pricing advancements within the fourth calendar quarter and into 2022. Assuming oil expenses continue to be stable and near existing stages, we'd not be shocked to see 2022 budgets for public businesses force additional incremental raises in rig endeavor next yr.

We are expecting the Permian will proceed to paved the way and incremental rig adds. Their leadership position in this location is multifaceted. we've a superior infrastructure, skilled individuals, the main variety of energetic tremendous-spec rigs at sixty seven rigs as well because the biggest inventory of idle tremendous-spec rigs. This mixture of attributes bolsters the business's potential for additional boom within the Permian Basin. With this context in mind, let's now flip to field efficiency and the implementation of digital know-how solutions mixed with new business fashions. there's a starting to be appreciation for the value proposition H&P provides as we're efficaciously transforming into their rig count with present clients in addition to partnering with new consumers to obtain more advantageous drilling consequences.

When utilized on a FlexRig platform, H&P's digital know-how and automation solutions like Autoslide, their bettering drilling results both when it comes to efficiency good points and wellbore excellent, leading to better lengthy-term neatly economics and returns. they now have numerous shoppers, colossal and small, public and personal, using their FlexRigs and digital and automation applied sciences. This mixture enables them to reliably reduce their universal neatly costs, improved wellbore first-class and reduce downhole hazards.

Let me supply an instance these days where they had a consumer with a performance contract that became paying us smartly over market spot costs. They have been nervous about explaining that to their management group. youngsters, they additionally mentioned to their administration team that they have been saving over $0.25 million per well by using H&P. So on account of that recognition, administration wanted to proceed to use H&P on all their wells, and that increased their rig count with that consumer. This outcomes-based mostly method, which is records-driven, gives you more predictive, consistent and sophisticated well outcomes over a complete drilling software for their consumers. The awesome information. These aren't one-off examples. they now have these partnerships and effects with most important tremendous E&Ps and personal corporations.

during the last few a long time, the methods, the device, the technology and the risk profile and the drilling of unconventional oil and gas wells has advanced drastically. although, the legacy dayrate model assemble has no longer. The pricing mannequin for presenting stronger drilling outcomes will continue to conform and H&P along with several of their client partnerships is pioneering new industrial fashions to superior align their efficiency with their consumers' desires and allow us to share within the cost-introduced effects they assist create. until a pricing model can equitably share the advantages derived through more advantageous applied sciences and efficiencies, the capability of the trade to continue to innovate and increase will reduce.

We're happy to see foreign endeavor birth to pick up again after a long pandemic-driven hiatus. they are participating in a few tenders with each NOCs and IOCs however these are very considerate, gradual procedures and uncertain of timing. apart from engaged on new growth alternatives, Argentina and Colombia appear to be ready to put rigs returned to work during their fourth quarter. they are seeing some traction of their digital expertise and automation solutions internationally as well. Their overseas FlexRig digital platform is able to internet hosting their automation solutions, which they agree with can be a driver of extra FlexRig adoption. before turning the call over to Mark, i wanted to touch on sustainability. they have a protracted historical past of providing solutions, which helped each H&P and their customers' sustainability needs, and they proceed to invest in these and different sustainability efforts that advantages all their stakeholders, their employees, their customers, vendors, traders and society at enormous.

We're partnering with their consumers and taking a thoughtful and methodical method to offer options to healthy their preferred effects, both from an environmental and economic perspective. they now have many options in their toolkit that they now have had for decades, reminiscent of using option vigour sources on the rig like herbal gasoline engines, high line energy or dual gas engines. but greater lately, they have now invested in power storage solutions the use of battery know-how and rig engine effectivity utility options to support in the reduction of greenhouse gasoline emissions and lower rig gasoline consumption. As i discussed on the ultimate earnings name, we're committed to publishing their inaugural sustainability report in 2021, with a purpose to include important statistics and information about their sustainability efforts and successes.

In parallel to the building of the document, we've additionally improved sustainability disclosures on their site, which comprises records and assistance about emissions, safety and variety, fairness and inclusion. closing year, one of the crucial renewable investments they made become in geothermal resources. a long time ago, they intermittently drilled typical geothermal wells, but a brand new unconventional closed-loop approach to geothermal is making a doable supply for renewable energy going forward. H&P has a crew committed to investing and collaborating in geothermal, where their drilling applied sciences and knowledge are simply transferable.

So in closing, they continue to be confident concerning the business and their means to capitalize on their scale and their distinctive capabilities as they focus on delivering the best results for shoppers and cost for their shareholders. And now i'll turn the name over to Mark.

Mark Smith -- Senior vice chairman and Chief monetary Officer

Thanks, John. nowadays, i will be able to assessment their fiscal third quarter 2021 working results, provide information for the fourth quarter, replace last full fiscal year 2021 tips as acceptable and comment on their monetary position. Let me beginning with highlights for the currently achieved third quarter ended June 30, 2021. The company generated quarterly revenues of $332 million versus $296 million in the outdated quarter. The quarterly increase in earnings turned into due to bigger rig count pastime in North the united states solutions as expected. total direct operating charges incurred had been $257 million for the third quarter versus $232 million for the old quarter. This sequential raise is because of the aforementioned extra rig count within the North the usa solutions phase.

generic and administrative costs totaled $forty two million for the third quarter, additionally in line with their expectations. Their Q3 useful salary tax price become about 30%, which was above their old annual guided range. Taxes have been positively impacted with the aid of a discrete tax benefit essentially regarding a transformation within the state deferred revenue tax expense. To summarize this quarter's results, H&P incurred a lack of $0.52 per diluted share versus a lack of $1.13 within the old quarter. Third quarter income per share were impacted by a web $0.05 profit per share of select items as highlighted in their press liberate. Absent these choose gadgets, adjusted diluted loss per share became $0.57 in the third fiscal quarter versus an adjusted $0.60 loss all through the 2nd fiscal quarter.

Capital charges for the third quarter of fiscal 2021 were $18 million, with 12 months-to-date spending degrees under their previous implied assistance. planned spending continues to shift to the correct, however they are expecting a more huge spend in their fourth fiscal quarter. which they can focus on later.

Turning to their three segments, beginning with the North america solutions phase. They averaged 119 shriveled rigs all over the third quarter, up from a normal of a hundred and five rigs in fiscal Q2. As John mentioned, they exited the third fiscal quarter with 121 shriveled rigs. They additionally had about 15 rigs roll off time period contracts and into shorter-time period contracts all the way through the quarter as purchasers maintained their budgeted drilling programs. Revenues had been sequentially better by way of $31 million due to the aforementioned endeavor increase. North america solutions working prices increased $20 million sequentially within the third quarter, primarily due to the addition of 12 rigs. The onetime reactivation fees associated with those rigs become approximately $6 million in fiscal Q3.

searching ahead to the fourth quarter of fiscal 2021 for North the usa solutions. As expected, rig count number boom become extra average all the way through the third quarter. As of contemporary call, they now have 123 gotten smaller rigs, and their expectation is to conclusion the fourth quarter of fiscal 2021 with between 127 and 132 reduced in size rigs. Publicly traded consumers proceed to operate within their calendar 12 months funds plans. So most of their contemporary active rig additions had been driven by using privately held purchasers. They still see opportunities for publicly traded clients so as to add rigs late in this calendar yr as capital budgets are refreshed heading into 2022.

within the North the us options phase, they are expecting gross margins to latitude between $72 million to $82 million and not using a early termination salary expected. As they continue so as to add rigs, onetime reactivation expenses proceed to drive margins. They predict those expenses to be about $eight million in the fourth quarter. As i discussed in the ultimate quarter, the length of time a rig has been idle and the costs required to reactivate it have a direct correlation. lots of the rigs we're reactivating within the fourth quarter had been idle for 12-plus months. Reactivation prices are broadly speaking incurred within the quarter of beginning-up, so the absence of such charges in future quarters is margin accretive. That referred to, some anticipated reactivation prices in the quarter ended September 30 might be for rigs readied for October commitments.

As John outlined, they predict to achieve greater pricing in light of better demand and tight equipped-to-work super spec supply. however, due to varying advantageous dates of latest fees, many of the merits on margins may be realized in fiscal 2022. Their existing profits backlog from their North america solutions fleet is roughly $493 million for rigs beneath time period contract. concerning their overseas solutions phase, foreign options enterprise exercise averaged about five energetic rigs quarter-on-quarter, and they did add a sixth rig late in the third fiscal quarter. Margin contribution was based on expectations for the quarter, albeit towards the low conclusion of the latitude. As they appear towards the fourth quarter of fiscal 2021 for international, at the moment, their exercise in Bahrain is protecting regular with three rigs working, and they now have three rigs beneath contract in Argentina.

right through the quarter, they predict a bit churn in their foreign rigs as a rig in Bahrain is anticipated to stack, however an extra rig in Argentina is expected to commence work. extra, the gotten smaller rig in Colombia is anticipated to start operations very late in the quarter. in the fourth quarter, they are expecting working gross margins to be between breakeven and a lack of $2 million, other than any international trade affects.

Turning to their Offshore Gulf of Mexico phase. They proceed to have four of their seven offshore platform rigs shriveled. Offshore generated a gross margin of $9 million all the way through the quarter, which is on the excessive end of their guided latitude. As they seem to be toward the fourth quarter of fiscal 2021 for the offshore segment, they are expecting that offshore will generate between $7 million and $9 million of working gross margin.

To conclude third quarter consequences commentary, i will spotlight their nonoperating and different section pastime. As a reminder, at first of fiscal 2020, they elected to set up a wholly owned assurance captive to be sure the deductibles for their employees' compensation, commonplace legal responsibility and vehicle liability insurance classes from October 1, 2019, ahead. Their operating segments pay monthly premiums to the captive for the estimated losses in accordance with an annual external actuarial analysis.

The influence is a switch of risk from their operating subsidiaries to the captive for the deductibles, which might be their self-insurance retention. The actuarial estimated underwriting fee can fluctuate from quarter-to-quarter as claims developed, get settled or brushed aside. For the three months ended June 30, 2021, the estimated reserves within the captive have been adjusted upward for self-coverage claim trends.

Now let me appear ahead to the fourth fiscal quarter and replace fiscal full yr 2021 tips as acceptable. Capital costs for the total fiscal 12 months 2021 are actually expected to be at the low conclusion of the prior to now guided range of $85 million to $one hundred and five million with, as outlined earlier, greater spend expected throughout the fourth fiscal quarter than the previous three-quarter normal. This returned-conclusion weighted fiscal 12 months spend is essentially as a result of some skidding to walking pad capacity conversions because of select consumer demand.

Our expectations for time-honored and administrative fees for the whole customary and administrative costs for the full fiscal 12 months 2021 haven't changed and remain at about $one hundred sixty million. They additionally continue to be relaxed with the 19% to 24% latitude for estimated annual beneficial tax fee and do not count on incurring any big cash tax in fiscal yr 2021. The change in beneficial price versus statutory expense is involving everlasting publication-to-tax changes in addition to state and foreign profits taxes.

Now their financial position. They had money and brief-time period investments of about $558 million at June 30, 2021 versus $562 million in March 31, including availability beneath their revolving credit score facility, liquidity was approximately $1.3 billion. Their debt to capital at quarter end was about 14% and their web cash place again exceeds their superb bond. As a reminder, they don't have any debt maturing until 2025, and their credit rating continues to be investment grade.

Given their latest outlook for exercise, they predict to peer minimal adjustments in their money balances at fiscal year-end in comparison to June 30 balances. At modern recreation degrees, they agree with their 0.four early working revenue will fund their maintenance capital expenses, debt carrier charges and dividends. Their expectations past next quarter for rising undertaking drives their run rate cash generation greater, while nevertheless, at least within the brief time period, a fine component of that higher money technology will be consumed by using reactivation fees and working capital investments required to allow that future better pastime.

As John outlined, cost control remains a high priority. when you consider that they ultimate spoke on the March revenue name, they are advancing along several work streams which are being carried out in parallel to adjust their can charge structure. Some gadgets expected to be completed within the fourth fiscal quarter will culminate in about $7 million in annualized discount rates basically in working prices. we're engaged on different initiatives that can be completed in the coming quarters to extra optimize future run expense expenses. As these plans growth, they will deliver updates on future calls in regards to the expected magnitude and timing of these quite a few charge structure initiatives. That concludes their organized comments for the third quarter.

Now let me flip the call over to Reid for questions.

Questions and answers:

Operator

[Operator Instructions] they will take their first question from Tommy Moll. Please go ahead.

Tommy Moll -- Stephens, Inc. -- Analyst

decent morning and thanks for taking my questions..

John Lindsay -- Helmerich & Payne, inc

first rate morning, Tommy.

Tommy Moll -- Stephens, Inc. -- Analyst

John, i wanted to start on the subject of cost inflation. Any anecdotes or numbers you might present in terms of what you might be seeing, whether it be on the labor facet, transport materials, anything else it is hitting that general every day can charge line you would want to name out?

John Lindsay -- Helmerich & Payne, inc

neatly, Tommy, their labor costs haven't accelerated. They didn't cut back their wages within the container operation all over the downturn. And so there hasn't been any influence there. there is now not truly anything certain that they are able to aspect to presently apart from just the can charge associated with reactivating rigs. I consider average, you've got heard a dialogue just within the industry in time-honored in terms of tubulars, each casing in addition to drill pipe. and i believe it really is -- drill pipe is likely something that could be -- whatever we'll must be buying extra of in the near future. and that i would imagine with metal prices the cost of tubulars are going to be better there. So those are the things that are evoked at the moment on the inflation facet.

Tommy Moll -- Stephens, Inc. -- Analyst

it truly is effective. i wished to follow up on the geothermal feedback that you just made. within the earnings unlock, you said some investment alternatives into different organizations. So I just wondered in case you could share any concepts around what those might seem like, or should still they consider about these as probably modest measurement investments or anything better? And extra extensively, simply the rest you need to offer when it comes to the chance you're going after there with geothermal generally would be extremely good.

John Lindsay -- Helmerich & Payne, inc

sure. neatly, like they talked about in their remarks, they suppose it be a fine possibility that there is several diverse technologies which are obtainable that are an awful lot different than viewed forever. I imply, I be aware listening to about wells they drilled likely again in the '60s and the '70s but lots different class of operation. I feel these are opportunities for us, sure, to make investments within the agencies which they now have, however they have been modest investments. however receives us a seat on the desk and there is some partnership opportunities.

there is some actually transferable talents that we've as a driller and as a know-how provider that they can use. So they have made some in fact effective, what i would trust early partnerships with three different organizations, and that i consider they will even have one operation that might be starting up right here quickly, a drilling operation if i am now not unsuitable. So it truly is encouraging. Mark, do you have got anything else?

Mark Smith -- Senior vice chairman and Chief fiscal Officer

No, John, just that as it relates to the drilling operation, we've some of those investments into these early partnerships that are in cash and a few are within the sort of any type of investments throughout the drilling services. besides the three John mentioned, they have a few different things in the pipeline, together with an LOI on line. So enthusiastic about numerous different technologies within the geo spectrum, together with the closed loop gadget John mentioned in the prepared remarks in addition to every other burgeoning technologies as neatly.

Tommy Moll -- Stephens, Inc. -- Analyst

thank you. i'll turn it lower back.

John Lindsay -- Helmerich & Payne, inc

All appropriate, Tommy. Thanks.

Operator

[Operator Instructions] they are going to go subsequent to John Daniel with Daniel energy partners. Please go ahead.

John Daniel -- Daniel power partners -- Analyst

good day, first rate morning, guys. thank you for putting in the name.

John Lindsay -- Helmerich & Payne, inc

hi John.

John Daniel -- Daniel power companions -- Analyst

hello, i am riding here so, I could have ignored anything. but when I heard you accurately, possibility for, call it, 50 to 75 rigs across the U.S. by means of 12 months-end.

John Lindsay -- Helmerich & Payne, inc

sure.

John Daniel -- Daniel energy companions -- Analyst

And intellectual math does here about 25% of the united states market ballpark, supply or take, and you have got an excellent popularity. So my query is, what if you just observed no to your purchasers, in the event that they do not want to sign your pricing mannequin? What happens?

John Lindsay -- Helmerich & Payne, inc

well, i might think about there could be. smartly, first of all, that you just understand if that wouldn't be their method.

John Daniel -- Daniel energy companions -- Analyst

No, i do know that, hypothetical.

John Lindsay -- Helmerich & Payne, inc

correct. They see this as -- in fact as a partnership. however evidently, the market is tight and purchasers are searching for the choicest solutions. they may be looking to have more suitable consequences, more professional consequences. we've an excellent track listing for starting rigs up out of stack, as I talked about in the remarks. there's below 10 rigs that have labored in the ultimate yr. everything else is 15 to 18 months. I imply they have been idle for a long time. so that you want to be sure that you might be working with somebody it's going to be able to bring coming right out of the chute. or not it's an excellent query but a tough one to answer.

I think in usual, they might be capable of -- basically the encouraging news is that they do have shoppers that are interested in transferring the mannequin because they see greater results out of it. So while there is going to be some customers which are going to wish to proceed to use the day price model it really is fine. they are going to be -- we'll absolutely be pushing pricing on the day rate model as well.

John Daniel -- Daniel power companions -- Analyst

Do you discover that these inclined to sort of embody that model in the view, are they -- I don't wish to say private organizations are not sophisticated that might be offensive to some of my pals, however is it the better public individuals that usually tend to include their model or no?

John Lindsay -- Helmerich & Payne, inc

John, in past cycles, i'd -- of direction, they didn't have near as many rigs working for personal companies lower back in these days. however i have been very inspired that whether an excellent main, colossal unbiased, mid-cap, PE-backed, small private company across the board, they now have valued clientele that are interested in expertise. they're drawn to trying to work out the way to be extra useful, extra effective, greater legit. I imply we're all attempting to try this, appropriate? We're trying to make their business as productive and advantageous as viable. And we're working in conjunction with other suppliers on place to do that.

So I see it as basically throughout the board. and i believe they are going to continue to peer that fashion. a superb example is, seem on the number of deepest groups these days which are the use of AC drive, tremendous-spec rigs, whereas three years in the past, in many circumstances, they have been the use of smaller avid gamers with SCR rigs and even some mechanical rigs.

So there is a large shift. those deepest groups that are probably the most refined, that are the most advantageous in doing what they do, they are those that have become the investment dollars, and we're just comfortable to be capable of accomplice with them.

John Daniel -- Daniel power partners -- Analyst

ok. neatly, very respectable color and good anecdotes in the messaging on the organized remarks. The last one for me, greater, I guess, housekeeping, I guess. however can you remind me the place you peaked in Argentina? after which, just a few concepts on that certain market as you head into next yr.

John Lindsay -- Helmerich & Payne, inc

after I say 10 or eleven, become it 10 to eleven, Dave, you remember the count number what you had at the map.

Dave Wilson -- vice president of Investor members of the family

eleven, sure.

John Lindsay -- Helmerich & Payne, inc

So they now have three working now and the fourth one, as they talked about, about to head back to work, with discussions with operators for even more hobby.

John Daniel -- Daniel power companions -- Analyst

k. thanks, guys, very, very plenty.

John Lindsay -- Helmerich & Payne, inc

Thanks, John. be careful.

Operator

We're going subsequent to Vebs Vaishnav with Coker & Palmer. Please go ahead.

Vebs Vaishnav -- Coker & Palmer -- Analyst

hiya, guys. thanks for taking my query. So it looks just like the near-time period dated improvements can come from as the rigs which have been idle for a very long time, they ought to be unstacked. maybe if you can just frame it for us, like what's the rig reactivation can charge today? where can it go? And is that -- how are you getting paid for that?

and maybe just on proper of that, if you can think of -- if you can assist us just consider about what drives day expense improvements from there on, given they still have about 200 super-spec rigs purchasable. That might be helpful.

John Lindsay -- Helmerich & Payne, inc

Vebs, we'll -- they will birth -- i could delivery with simply the reactivation technique and then flip it over to Mark. but I suppose charge intelligent, we're doubtless, at least in their fleet today, $400,000 to $500,000 to reactivate a rig. And early on, as you consider about how many rigs they have reactivated, we've reactivated, I believe, 76 or 77 rigs.

And so, those early rigs have been $a hundred,000, $a hundred and fifty,000. so as they have gotten deeper into the rigs which have been idle in an extended period of time, surely, it charges greater funds. Their aim is to get that reactivation cost paid returned, and there are a few alternative ways to do it.

undoubtedly, time period is -- a component of the time period or performance-based pricing. but we're simply no longer going to go out and reactivate a rig and spend $400,000 or $500,000 and just drill one smartly. they will have to have rather a little of work lined up. and then once more, we'll are looking to be capable of share the more advantageous consequences that we're offering. and fortunately, like I stated before in their organized remarks and an past question, they do have consumers that are inclined to do this.

What else to add on to this question?

Mark Smith -- Senior vp and Chief fiscal Officer

i could simply footnote that with some little bit of numbers detail, John. And if you believe concerning the margins from their viewpoint, truly the usual apples-to-apples, quarter-to-quarter working margins bottomed out in this fall of fiscal 2020. And what they have now seen this year and margins are affected by these recommissioning fees basically, and if you believe about what they just guided for q4 that we're in now, $eight million. if you do the maths on that that may in reality equate to about $seven-hundred a day detriment to their q4 salary. So within the absence of that, Q1 fiscal 2022, $seven hundred development in margins just for those reactivated rigs. Is that useful?

Vebs Vaishnav -- Coker & Palmer -- Analyst

Yeah, reasonable. And in fact, it is a pretty good segue into my subsequent query. so you guys, most likely, have carried out a fine job on bringing down the fees. you're nevertheless engaged on that, i can remember. as an instance, in a few years, maybe when you are speakme about 200 rigs, H&P rigs working, how should still they feel about normalized cost the place they should not have this rig reactivation cost, and they now have normalized the bottom charge levels. can they -- can or not it's?

Mark Smith -- Senior vp and Chief economic Officer

Sorry, go forward.

Vebs Vaishnav -- Coker & Palmer -- Analyst

i used to be simply making an attempt to assert if it would come returned to 13,000, 14,000 stage? Or is that a unique degree now?

Mark Smith -- Senior vice president and Chief monetary Officer

it's TBD. There are pressures in varied instructions, but just to remind you a bit bit, ultimate year, they had colossal across-the-board charge discounts. I feel they took in the remaining fiscal 12 months, about $50 million out of opex, $25 million out of SG&A. And that become to reduce what had been a growth scale for the enterprise. So they didn't cut to the bone, and we've the largest tremendous-spec ability. So we've the obtainable to put back to work, and we've the optimum public company exposure, which positions us well as John mentioned, for knowledge calendar 12 months 2022 budgets and the resulting rig additions.

So what we're engaged on now, Vaib, is in fact extra can charge-out initiatives that are very targeted. We're attempting to enhance efficiencies internally in strategies, provider beginning models, automation and expertise. in order that $7 million they simply mentioned is the first installment as they continue to work via a lot of work streams internally. So or not it's too early to tell. however suffice it to claim, they are working to get that ancient each day normal can charge back down after which simply see how the market strikes in the interim, not definitely involving any inflation questions. As John talked about, they actually are not experiencing that in labor these days, but they simply must see as they unfold in the course of the coming quarters, what occurs if they put pressures in the other route.

Vebs Vaishnav -- Coker & Palmer -- Analyst

and perhaps if i will be able to squeeze in ultimate one. So, obviously, you guys diminished the capex budget towards the lessen conclusion for this fiscal 12 months. Given the metal expenses increasing and endeavor expanding, how should still they feel about capex for next 12 months?

Mark Smith -- Senior vp and Chief financial Officer

smartly, we've been at this lessen capex stage, as you spoke of. And the brief short-term, they hope to continue a little bit of momentum in that latitude. but I believe it's early days. We're definitely in their budgeting manner as they talk. So no longer able to be definitive yet, but through fiscal 2022, I might see we're south of $500,000 per energetic rig renovation capex every year nowadays. I might see us going from a $500 million to $750 million latitude in fiscal 2022, however as I stated, early days in their budgeting procedure.

after which as they circulate through time, possibly to fiscal 2023 prognosticating back to the ancient latitude of $750,000 to $1 million. So we're nonetheless making the most of being capable of harvest loads of the componentry that they had returned once they had been scaled up to be a bigger increase company. And as they circulation through time and reactivate rigs, we'll without doubt ought to finally trap it again up harvesting those accessories that really benefited us right here in fiscal 2021.

Vebs Vaishnav -- Coker & Palmer -- Analyst

it really is beneficial colour. thanks and thank you for taking my questions.

John Lindsay -- Helmerich & Payne, inc

thank you.

Operator

we will go next to Waqar Syed with ATB Markets. Please go ahead.

Waqar Syed -- ATB Markets -- Analyst

thank you for taking my questions. John, as your rigs return returned to work in the overseas markets, do you expect the day costs to be larger than what they have been getting earlier than they have been stacked? Or do you believe they'll be discounts versus prior dayrates?

John Daniel -- Daniel energy companions -- Analyst

well, they now have some rigs which have gone back. i'm now not certain on what their level of pricing is today versus when idle. I don't know, Dave, if you do?

Dave Wilson -- vice chairman of Investor family members

it's going to vary.

John Lindsay -- Helmerich & Payne, inc

sure. I think it's some situations, they will probably be identical. And once more, I wish I knew extra of the particulars, Waqar, however I do not at this stage. i'd imagine early on, there will be doubtless some bargain compared to when there have been more rigs running simply from a provide/demand standpoint.

Waqar Syed -- ATB Markets -- Analyst

k. So the market at this time for international frequently, you could possibly say is still despite reactivations can charge to reactivations, quotes are more likely to be softer for now unless perhaps a year from now when the market tightens a bit bit. Is that a fair commentary?

John Lindsay -- Helmerich & Payne, inc

it's difficult to it's basically complicated to say, Waqar, to assert a 12 months I imply you heard us say earlier than, it be type of -- it's really challenging to look out greater than a quarter or two, however does not take lots pastime to tighten that rig count number -- rig provide up relatively quickly in nations like Argentina for example. and that is the reason kind of a case, I suppose they could see some enhanced pricing relatively immediately. but the foreign market has simply spoke back very slowly. And again, their expectation goes to opt for up right here quickly. but it's tough to say that a good deal on the pricing side.

Mark Smith -- Senior vice president and Chief economic Officer

John, i could simply add to that. I think in certain markets, it may well be analogous to what we've been talking about these days with the U.S.. And as an instance, some of those purchasers in Argentina are interested, Waqar, in super spec. And so once again, you get to that very tight provide assembly that customer demand, and that's as they are experiencing in the US now, and or not it's very valuable to pricing.

Waqar Syed -- ATB Markets -- Analyst

Now in Bahrain, you mentioned that your rig is stacked. In frequent, their view would have been that greater rigs are going to move lower back to work. So here is sort of a astonishing facts element that a rig is being stacked that become working. Is there the rest in selected to that selected rig or that specific client? Or how should still they be analyzing that facts element?

Mark Smith -- Senior vice president and Chief economic Officer

it's simply the place the customer is at this point in the application?

John Lindsay -- Helmerich & Payne, inc

yes. I think it's price range-pushed. it be a kind of things that we're so respectable. They drilled ourselves a bit bit out of work. And so, I think they had three rigs operating and they just have satisfactory budget to run too for the next whatever thing length of time. My assumption may be the third rig would ultimately go again to work. but frequently speakme, there may be no longer been an incredible change within the application.

Waqar Syed -- ATB Markets -- Analyst

okay. just last question. They hear about labor shortages and particularly on the trucking aspect and with truck drivers. Are you seeing any inefficiencies strengthen in the complete drilling technique since the sites don't seem to be getting ready on time pad they are getting ready on time or a customer or another service companies that aren't getting device on time on the neatly web site and therefore neatly time to drill wells is increasing otherwise you're not since at the moment?

John Lindsay -- Helmerich & Payne, inc

Waqar, at the least in their operations, I cannot really speak to others. now they have got very high stages of efficiency, efficiency degrees are high. Their purchasers are managing their pad development smartly. I mean, you might be appropriate, there's definitely an basic countrywide shortage on truck drivers. To my knowledge, now they have not had a huge impact in moving their rigs.

The good news is, is they don't move rigs as commonly as they used to because of pad drilling. but in familiar, I see us acting at very, very high stages. definitely, we've no longer had any challenges to speak of related to americans. they have bought a fine group of americans in the box, brilliant management and a good looking mighty bench. So, we're completely happy with that. but I cannot consider of the rest where we're having to attend and we're seeing inefficiencies.

Waqar Syed -- ATB Markets -- Analyst

great. thanks very a whole lot. admire the solutions.

John Lindsay -- Helmerich & Payne, inc

thank you Waqar.

Operator

we are able to go subsequent to Neil Mehta with Goldman Sachs.

Artie -- Goldman Sachs -- Analyst

here is Artie [Phonetic] on for Neil. So, searching on the relaxation of the yr and into 2022, many of the incremental activity here on seems adore it can be pushed by using the principal probably some private as smartly. may you remind us of the publicity you've got with them relative to your peers and what the upside might appear to be for you when it comes to the variety of rigs that can be added from right here on?

John Lindsay -- Helmerich & Payne, inc

certain. it's a very good query. i will be able to say that, it be exciting and we've all heard these numbers. but one photograph is the remaining 100 days, 42 rigs have long past to work and 39 of these rigs have been from privates. So, privates have in reality been making a difference in '21 about seventy five% of the work. They acquired eleven of those 42 rigs. but I suppose going forward, it's going to be a combination of the majors, big independents, I feel just the publicly traded groups in normal, when budgets are reset for 2022. Let's expect the existing budgets are $45 to $50. in case you think about a $60 million, $sixty five million category quantity is going to have, I believe, a good looking tremendous pickup in activity. So I consider it may be that we're seeing some of that even hitting on the returned half of the yr.

I believe their present publicity, I suppose now they have acquired 35% of their latest fleet working for privates. traditionally, or not it's been 20%. So we're very pleased with that capacity, however they nevertheless have 65% of their current fleet with the general public. And in case you study these valued clientele who were their biggest consumers, these top 10 clients, ahead of the pandemic, these had been the corporations that cut back their rig counts the most. And so once more, their hope is that these organizations are responding in a strong trend for a a great deal greater 2022, and they will see an outsized increase on their rig count number. that is their hope.

Waqar Syed -- ATB Markets -- Analyst

first rate. and then -- It looks like round eighty% of current energetic rigs are super spec in keeping with the provide numbers you supplied. What do you view because the upper limit to the tremendous-spec rig share of the active US rig count?

John Daniel -- Daniel power companions -- Analyst

well, as you talked about, it continues to develop share. I think today, Dave, it's 70 -- there 70 still SCR rigs, legacy rigs which are obtainable working. We're seeing really simply every type of E&P out there, small and large that are carrying on with super-spec skill. I imply it basically makes the entire sense on earth since you're going to -- laterals are getting longer, smartly complexity is getting greater and people rigs just have a an awful lot more advantageous means to drill these wells and do it in a very productive vogue.

i discussed in my organized remarks coming off of an old expertise, SCR, mechanical-class rig. So the records set that we're developing coming off of their FlexRig platform definitely makes it possible for us to make the most of know-how and application options that you just cannot do with an older technology rig. So I feel at some point in time, you might be simply going to continue to peer these rig numbers continue to drop and get displaced since the value proposition is so massive.

Waqar Syed -- ATB Markets -- Analyst

first rate. this is very helpful. thank you. i may turn it lower back.

John Lindsay -- Helmerich & Payne, inc

okay, thanks.

Operator

we will go next to Derek Podhaizer with Barclays.

Derek Podhaizer -- Barclays -- Analyst

good day, decent morning. So it seems like your margin implies -- margins are beginning a bit for all the reasons you mentioned before. And Mark, I suppose you touched on it a little bit, but recommendations on if fiscal 4Q represents the bottom within the North america options margins? And if you see margin growth heading into fiscal 1Q 2022?

Mark Smith -- Senior vp and Chief monetary Officer

yes. neatly, I referred to in this fall 2020. So definitely, we'll proceed to have, as I've mentioned, drag on current earnings with the recommissioning fees. but as those unencumber ultimately and you've got a greater normalized larger rig count number, actually extra money circulation and margin from the absence of those fees. but maybe more importantly, the entire stuff John has been talking about this morning regarding pricing that may help drive up these margins. So I think those two issues delivered together bode rather smartly probably for fiscal 2022.

Derek Podhaizer -- Barclays -- Analyst

bought it. So just to clarify, do you trust your margins will come up from this 6,600 implied latitude even with the burden of the reactivation expenses, simply considering concerning the trajectory as they delivery in fiscal 2022?

Mark Smith -- Senior vice president and Chief economic Officer

neatly, it truly is going to rely. They just must see how many reactivations we've in these quarters that they have not yet guided to.

Derek Podhaizer -- Barclays -- Analyst

k, understood. i wanted to expand on the geothermal market. i wished to get your innovations on what you see as a complete addressable marketplace for you guys? and perhaps any insight of what that could suggest on your exact-line increase over the next three to 5 years as this begins unfold?

John Lindsay -- Helmerich & Payne, inc

I suppose it be -- I imply, surely, we've got performed some modeling, however I feel or not it's nevertheless too early for us to place a bunch available as a result of these technologies are in fact still in the construction levels. I suggest, the expertise appears fantastic, but we've got got to exit and definitely do the work and notice what, type of, energy will also be generated over time. however I feel it may be a bit of of a needle mover. And once again, I suppose the inner capacities that they have and potential we've is truly aligned smartly with that. however I simply think that attempting to provide a number these days is fairly hard to do.

Mark Smith -- Senior vp and Chief economic Officer

And only a footnote, some details why it really is so complicated. In their own analysis and modeling, definitely what we're trying to do is have an alternative use for the installed rig base of belongings and they do see possibility for that. however as John is saying, what that is, it be tough to pinpoint if you even go to US department of power, abilities wells that could be drilled it just varies wildly. And why is that? it is as a result of all of these technologies are in such early stage building. it's challenging to know, which ones should be a success and if successful, to what scale they'll be utilized. So extra to come back, but superb days.

John Daniel -- Daniel energy partners -- Analyst

Yeah. And once more, I suppose some of the things it really is exciting for us is the transferability of those technologies that we're the usage of to drill these horizontal wells. They drilled a U-form horizontal well a few weeks ago that was simply magnificent for those who examine it. and you just feel about that class of know-how and the way we're just continuing to develop in their capabilities. however as Mark spoke of, it be just not possible to nail a bunch at this stage.

Derek Podhaizer -- Barclays -- Analyst

correct. No, reasonable sufficient. All that colour become very constructive. after which if I might simply squeeze in yet another. You referred to one of the crucial more moderen device on the rig side, emissions pleasant, additionally helps economically. are you able to just perhaps provide us some particulars around the emission mark downs when brooding about excessive line or twin fuel or some of this vigor management with battery backup? i'm just curious your thoughts on how emissions here's saving, how a lot of a needle mover this is for your shoppers so far as getting used greater friendly with ESG.

John Lindsay -- Helmerich & Payne, inc

sure. high Line energy has been around for a really long time that now they have worked, definitely, the very first FlexRigs that they developed, the very first one they built became definitely on highline vigor. The difficulty is, of course, with the native grid. So, once more -- and then it also depends on where is the vigor it really is producing. Are you burning herbal gas or coal for example. So, naturally, the natural gasoline is only a super clean gas. What we've viewed as a corporation over date, whatever thing the final two, three years, they have now had what's their percentage in emission reduction?

Mark Smith -- Senior vice president and Chief monetary Officer

We're around 10%.

John Lindsay -- Helmerich & Payne, inc

10%, eleven%. And a lot of that, i might say, now they have been a success by means of greater guide methods. And so I believe as they develop into greater positive with vigor management at the rig site, even burning diesel, we're going to proceed to increase their emissions. I do not need it on twin gasoline or I don't--

Mark Smith -- Senior vp and Chief financial Officer

it's truly going to rely on the vicinity and application

John Lindsay -- Helmerich & Payne, inc

yes, there are some challenges every now and then linked to twin gasoline functions with methane slip. So, or not it's -- but what they do be aware of is that they are carrying on with to pressure advancements. you're going to see that in their sustainability report that they will publish later this yr.

absolutely, the battery energy has some merits at this stage of the game, not super economic since the cost of the batteries. There are any other solutions that we're engaged on internally to assist their consumers together, working with their consumers to in the reduction of emissions. but I don't have any precise difficult and speedy numbers at this factor. extra to come on that. you're going to see that in October, November timeframe.

Derek Podhaizer -- Barclays -- Analyst

notable. and i'll look ahead to it. that is all my question. thanks.

John Lindsay -- Helmerich & Payne, inc

k. thanks.

Mark Smith -- Senior vice chairman and Chief monetary Officer

Time for one remaining query, Dave, as they began a bit late.

Dave Wilson -- vice president of Investor relations

sure.

Operator

And they will take their last question from Arun Jayaram. Please go ahead.

Arun Jayaram -- JPMorgan -- Analyst

hiya decent morning. Arun Jayaram with JPMorgan. John, you mentioned--

John Lindsay -- Helmerich & Payne, inc

first rate morning.

Arun Jayaram -- JPMorgan -- Analyst

first rate morning. You mentioned for the calendar 12 months you predict, maybe 50 to 75 incremental rigs industrywide with some expertise for maybe a combination shift over time towards the publics. i was wondering in case you can perhaps comment on at a basin stage the place you're the use of one of the incremental rig demand and are you starting to see some improvement famous conditions in herbal fuel basins with natural gasoline now, as a minimum the stock expenses, near-time period costs at $four per MCF?

John Lindsay -- Helmerich & Payne, inc

We have been actually speakme about that this morning. it be been about 30 days or so when you consider that that that precise uptick in nat gas costs and we're beginning to see that stream through and hopefully we're going to begin to peer purchasers investing extra within the drill bit for the herbal fuel side. And in order that -- I suppose it really is an encouraging. So, any of the any of the natural fuel areas -- one of the crucial gassier areas, even within the Eagle Ford we're seeing some pastime. So, actually it's kind of across the board, as you seem at the -- no matter if it's within the Northeast or the different gassy basins.

Arun Jayaram -- JPMorgan -- Analyst

sure. and then you mentioned in terms of majors, you possibly can predict, call it their exercise has been in reality down on the grounds that the bottom of the rig count number. so that you'd predict the new budgets and next time that may re-light some of that demand for the majors, is that relevant.

John Lindsay -- Helmerich & Payne, inc

that is what we're anticipating and what we're seeing in discussions with purchasers. And it in reality -- it best makes sense. They've simply -- everybody has executed, all of the E&P's have achieved such a good job in terms of being disciplined and sticking to their budgets.

And, obviously, in a stronger commodity expense ambiance, something that oil rate may be $60, $65, $70, we're going to peer a lot greater budgets and than what they have these days. So I do expect to look the rig counts grow with the majors as well as in reality all the publicly traded businesses that we've had conversations with, at least, have observed having rig wants late this fall or into the primary calendar quarter of 2022.

Arun Jayaram -- JPMorgan -- Analyst

extraordinary. and then, simply my comply with-up. John, the total business has been pushed through a day work sort of philosophy appropriate from the heritage. and you've articulated type of the evolution of your contracting philosophy.

simply more i wanted to ask you about what type of barriers do you see from common E&P, fundamental procurement departments have been focused on daywork, so making an attempt to suppose about how -- is it complex to ruin down some of these ancient barriers as you variety of move ahead?

John Lindsay -- Helmerich & Payne, inc

i would -- I consider, i might represent it as alternate. smartly, a transformation isn't convenient, and this industry isn't handy to exchange. I imply, all of us combat with it. but at the same time, we're additionally challenged in every of their corporations to work out how to do issues more suitable, greater correctly.

and you'll't -- you retailer your way to prosperity. you've got got to put money into applied sciences. And so, sure, I mean, supply chain plays a job. but in the purchasers, again, like I said previous, big and small that they associate with these days, there's a price part that supply chain recognizes.

So using that illustration of, if we're capable of work together, deploy their applied sciences and be able to share in those savings and we're saving the consumer $0.25 million a well. well, it really is basically what they desire, appropriate? And so, it's truly leveraging the expertise, constructing commercial models that make experience for each parties. And they just are looking to share in that, because we're investing true money in their know-how options. we've invested tens of millions and tens of millions of dollars in these solutions. and they, at the conclusion of the day, add excellent cost for valued clientele.

So, it be like anything. or not it's slow in some respects. The early days of the FlexRig had been now not convenient. but they have early adopters, and that's the reason the first rate news. And this company is pretty small. So individuals share concepts and start to need to are trying it out. So we're inspired via that.

Arun Jayaram -- JPMorgan -- Analyst

tremendous. Thanks plenty, John.

John Lindsay -- Helmerich & Payne, inc

All correct. thank you. Have a very good day.

Operator

And there are no further questions. i could turn it again to the speakers for closing remarks.

John Lindsay -- Helmerich & Payne, inc

ok. Thanks once again, everyone. Sorry for a bit bit of a late delivery there. however again, they remain positive concerning the trade and how issues are seeking for the rest of 2021 and going into 2022. So look forward to talking with you in November. Take care. [Operator Closing Remarks].

duration: 68 minutes

call participants:

Dave Wilson -- vice president of Investor family members

John Lindsay -- Helmerich & Payne, inc

Mark Smith -- Senior vice chairman and Chief fiscal Officer

Tommy Moll -- Stephens, Inc. -- Analyst

John Daniel -- Daniel power companions -- Analyst

Vebs Vaishnav -- Coker & Palmer -- Analyst

Waqar Syed -- ATB Markets -- Analyst

Artie -- Goldman Sachs -- Analyst

Derek Podhaizer -- Barclays -- Analyst

Arun Jayaram -- JPMorgan -- Analyst

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