Helmerich & Payne, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2016. For the quarter, the company's operating revenues were $368.6 million compared with $487.8 million a year ago. Operating loss was $49.2 million compared with operating income of $38.7 million a year ago. Loss from continuing operations before income taxes was $52.8 million compared with income of $34.6 million a year ago. Loss from continuing operations was $34.6 million or $0.33 per basic and diluted share compared with income of $15.9 million or $0.15 per basic and diluted share a year ago. Net loss was $35.1 million or $0.33 per basic and diluted share compared with net income of $16.0 million or $0.15 per basic and diluted share a year ago. Net cash provided by operating activities was $70.7 million compared with $308.2 million a year ago. Capital expenditures were $82.1 million compared with $114.5 million a year ago.

The company's capital expenditures for fiscal 2017 are now expected to be approximately $350 million.