Helmerich & Payne’s order backlog
On June 30, 2016, Helmerich & Payne (HP) had an order backlog of ~$2.0 billion compared to ~$3.5 billion in the previous year. A company’s backlog estimates the sales value of unfilled, confirmed customer orders.
Revenue versus backlog
From fiscal 3Q15 to fiscal 3Q16, HP’s total backlog fell 43%. In fiscal 3Q16, revenue as percentage of backlog was 18%.
We will discuss HP’s rigs under contract in the next part of the series.