Helmerich & Payne (HP) Reports Q1 Loss, Revenue Beat Expectations

[Para 1: The Lead] Helmerich & Payne Inc. (HP), a Tulsa, Oklahoma-based oil and gas well-drilling contractor, reported a fiscal Q1 loss of $96.7 million, or 98 cents per share, significantly below Wall Street expectations of 12 cents per share. Despite the loss, HP's revenue of $1.02 billion surpassed forecasts, marking a 6.5% increase over the prior year's Q1 revenue of $966.4 million. [Para 2-3: Supporting details & Context] HP's adjusted earnings of 15 cents per share fell short of analyst estimates. The company's revenue growth can be attributed to increased demand in its core drilling services. HP's management attributes the Q1 loss to higher-than-expected operational costs and maintenance expenses. The company's stock closed down 5% in after-hours trading following the earnings release. HP's shares are currently trading at $52.30, down 1.5% year-to-date.