Helmerich & Payne (HP) 10-Q 6 Feb 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Dec. 31, 2014	Jan. 31, 2015
Document and Entity Information
Entity Registrant Name	HELMERICH & PAYNE INC
Entity Central Index Key	46765
Document Type	10-Q
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		107,640,834
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_CONDENSED_BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)	Dec. 31, 2014	Sep. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$251,636	$360,909
Accounts receivable, less reserve of $4,597 at December 31, 2014 and September 30, 2014	734,329	705,214
Inventories	110,773	106,241
Deferred income taxes	15,739	16,519
Prepaid expenses and other	90,118	81,277
Current assets of discontinued operations	7,397	7,206
Total current assets	1,209,992	1,277,366
Investments	165,581	236,644
Property, plant and equipment, net	5,400,016	5,188,544
Other assets	25,930	19,307
Total assets	6,801,519	6,721,861
Current liabilities:
Accounts payable	168,346	182,031
Accrued liabilities	234,932	282,278
Short-term debt	1,002
Long-term debt due within one year	40,000	40,000
Current liabilities of discontinued operations	3,176	3,217
Total current liabilities	447,456	507,526
Noncurrent liabilities:
Long-term debt	40,000	40,000
Deferred income taxes	1,317,264	1,215,259
Other	71,356	64,110
Noncurrent liabilities of discontinued operations	4,221	3,989
Total noncurrent liabilities	1,432,841	1,323,358
Shareholders' equity:
Common stock, $.10 par value, 160,000,000 shares authorized, 110,826,947 shares and 110,508,605 shares issued as of December 31, 2014 and September 30, 2014, respectively and 107,635,334 shares and 108,232,284 shares outstanding as of December 31, 2014 and September 30, 2014, respectively	11,083	11,051
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued
Additional paid-in capital	395,325	383,972
Retained earnings	4,654,349	4,525,797
Accumulated other comprehensive income (loss)	41,078	83,126
Treasury stock, at cost	-180,613	-112,969
Total shareholders' equity	4,921,222	4,890,977
Total liabilities and shareholders' equity	$6,801,519	$6,721,861

CONSOLIDATED_CONDENSED_BALANCE1

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Sep. 30, 2014
In Thousands, except Share data, unless otherwise specified
Consolidated Balance Sheets
Accounts receivable, reserve (in dollars)	$4,597	$4,597
Common stock, par value (in dollars per share)	$0.10	$0.10
Common stock, shares authorized	160,000,000	160,000,000
Common stock, shares issued	110,826,947	110,508,605
Common stock, shares outstanding	107,635,334	108,232,284
Preferred stock, no par value (in dollars per share)	$0	$0
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0

CONSOLIDATED_CONDENSED_STATEME

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Operating revenues:
Drilling - U.S. Land	$890,047	$731,674
Drilling - Offshore	69,473	59,054
Drilling - International Land	92,885	95,341
Other	4,180	3,083
Total operating revenues	1,056,585	889,152
Operating costs and other:
Operating costs, excluding depreciation	554,243	474,048
Depreciation	137,613	120,237
General and administrative	32,907	32,243
Research and development	4,158	4,257
Income from asset sales	-4,155	-5,664
Total operating costs and expenses	724,766	625,121
Operating income from continuing operations	331,819	264,031
Other income (expense):
Interest and dividend income	285	453
Interest expense	-561	-1,194
Other	314	-345
Total other income (expense)	38	-1,086
Income from continuing operations before income taxes	331,857	262,945
Income tax provision	128,800	89,763
Income from continuing operations	203,057	173,182
Loss from discontinued operations before income taxes	-15
Loss from discontinued operations	-15
NET INCOME	$203,042	$173,182
Basic earnings per common share:
Income from continuing operations (in dollars per share)	$1.87	$1.61
Net income (in dollars per share)	$1.87	$1.61
Diluted earnings per common share:
Income from continuing operations (in dollars per share)	$1.85	$1.59
Net income (in dollars per share)	$1.85	$1.59
Weighted average shares outstanding (in thousands):
Basic (in shares)	107,973	107,149
Diluted (in shares)	108,843	108,577
Dividends declared, per share (in dollars per share)	$0.69	$0.63

CONSOLIDATED_CONDENSED_STATEME1

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Comprehensive Income
Net income	$203,042	$173,182
Other comprehensive income (loss), net of income taxes:
Unrealized depreciation on securities, net of income taxes of $26.6 million at December 31, 2014 and $1.9 million at December 31, 2013	-42,244	-2,961
Minimum pension liability adjustments, net of income taxes of ($0.1) million at December 31, 2014 and December 31, 2013	196	147
Other comprehensive loss	-42,048	-2,814
Comprehensive income	$160,994	$170,368

CONSOLIDATED_CONDENSED_STATEME2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Comprehensive Income
Unrealized depreciation on securities, income taxes	$26.60	$1.90
Minimum pension liability adjustments, income taxes	($0.10)	($0.10)

CONSOLIDATED_CONDENSED_STATEME3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES:
Net income	$203,042	$173,182
Adjustment for loss from discontinued operations	15
Income from continuing operations	203,057	173,182
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	137,613	120,237
Stock-based compensation	6,982	7,010
Income from asset sales	-4,155	-5,664
Deferred income tax expense	129,548	1,943
Change in assets and liabilities:
Accounts receivable	-29,115	-8,820
Inventories	-4,532	-8,469
Prepaid expenses and other	-15,464	20,003
Accounts payable	-4,373	-25,701
Accrued liabilities	-39,352	38,705
Deferred income taxes	-229	-1,317
Other noncurrent liabilities	9,727	-6,251
Net cash provided by operating activities from continuing operations	389,707	304,858
Net cash used in operating activities from discontinued operations	-15
Net cash provided by operating activities	389,692	304,858
INVESTING ACTIVITIES:
Capital expenditures	-369,029	-140,643
Proceeds from asset sales	7,125	7,913
Net cash used in investing activities from continuing operations	-361,904	-132,730
FINANCING ACTIVITIES:
Dividends paid	-74,822	-53,860
Repurchase of common stock	-59,654
Proceeds on short-term debt	1,002
Exercise of stock options, net of tax withholding	-2,062	8,201
Tax withholdings related to net share settlements of restricted stock	-4,248	-3,049
Excess tax benefit from stock-based compensation	2,723	10,126
Net cash used in financing activities	-137,061	-38,582
Net increase (decrease) in cash and cash equivalents	-109,273	133,546
Cash and cash equivalents, beginning of period	360,909	447,868
Cash and cash equivalents, end of period	$251,636	$581,414

CONSOLIDATED_CONDENSED_STATEME4

CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income.	Treasury Stock	Total
In Thousands, except Share data, unless otherwise specified
Balance at Sep. 30, 2014	$11,051	$383,972	$4,525,797	$83,126	($112,969)	$4,890,977
Balance (in shares) at Sep. 30, 2014					2,276,000
Balance (in shares) at Sep. 30, 2014	110,509,000					110,508,605
Increase (Decrease) in Shareholders' Equity
Net income			203,042			203,042
Other comprehensive loss				-42,048		-42,048
Dividends declared ($0.6875 per share)			-74,490			-74,490
Exercise of stock options, net of tax withholding	11	1,669			-3,742	-2,062
Exercise of stock options, net of tax withholding (in shares)	104,000				47,000
Tax benefit of stock-based awards		2,723				2,723
Stock issued for vested restricted stock, net of shares withheld for employee taxes	21	-21			-4,248	-4,248
Stock issued for vested restricted stock, net of shares withheld for employee taxes (in shares)	214,000				59,000
Repurchase of common stock					-59,654	-59,654
Repurchase of common stock (in shares)					810,000	810,097
Stock-based compensation		6,982				6,982
Balance at Dec. 31, 2014	$11,083	$395,325	$4,654,349	$41,078	($180,613)	$4,921,222
Balance (in shares) at Dec. 31, 2014					3,192,000
Balance (in shares) at Dec. 31, 2014	110,827,000					110,826,947

CONSOLIDATED_CONDENSED_STATEME5

CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $)	0 Months Ended		3 Months Ended
	Dec. 02, 2014	Sep. 03, 2014	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Shareholders' Equity
Dividends declared (in dollars per share)	$0.69	$0.69	$0.69	$0.63

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2014
Basis of Presentation
Basis of Presentation
	1.Basis of Presentation
	Unless the context otherwise requires, the use of the terms “the Company”, “we”, “us” and “our” in these Notes to Consolidated Condensed Financial Statements refers to Helmerich & Payne, Inc. and its consolidated subsidiaries.
	The accompanying unaudited Consolidated Condensed Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “Commission”) pertaining to interim financial information.  Accordingly, these interim financial statements do not include all information or footnote disclosures required by GAAP for complete financial statements and, therefore, should be read in conjunction with the Consolidated Financial Statements and notes thereto in our 2014 Annual Report on Form 10-K and other current filings with the Commission.  In the opinion of management all adjustments, consisting of those of a normal recurring nature, necessary to present fairly the results of the periods presented have been included.  The results of operations for the interim periods presented may not necessarily be indicative of the results to be expected for the full year.
	As more fully described in our 2014 Annual Report on Form 10-K our contract drilling revenues are comprised of daywork drilling contracts for which the related revenues and expenses are recognized as services are performed.  For contracts that are terminated by customers prior to the expirations of their fixed terms, contractual provisions customarily require early termination amounts to be paid to us. Revenues from early terminated contracts are recognized when all contractual requirements have been met.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Dec. 31, 2014
Discontinued Operations.
Discontinued Operations
	2.Discontinued Operations
	Current assets of discontinued operations consist of restricted cash to meet remaining current obligations within the country of Venezuela.  Current and noncurrent liabilities consist of municipal and income taxes payable and social obligations due within the country of Venezuela.  Expenses incurred for in-country obligations are reported as discontinued operations.

Earnings_per_Share

Earnings per Share	3 Months Ended
	Dec. 31, 2014
Earnings per Share
Earnings per Share
	3.Earnings per Share
	Accounting Standards Codification (“ASC”) 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have non-forfeitable rights to dividend or dividend equivalents as a separate class of securities in calculating earnings per share.  We have granted and expect to continue to grant to employees restricted stock grants that contain non-forfeitable rights to dividends.  Such grants are considered participating securities under ASC 260.  As such, we are required to include these grants in the calculation of our basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
	Basic earnings per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented.
	Diluted earnings per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options and nonvested restricted stock.
	The following table sets forth the computation of basic and diluted earnings per share:
		Three Months Ended
		December 31,
		2014			2013
		(in thousands, except per share amounts)
	Numerator:
	Income from continuing operations	$	203,057		$	173,182
	Loss from discontinued operations	(15		)	—
	Net income	203,042			173,182
	Adjustment for basic earnings per share:
	Earnings allocated to unvested shareholders	(1,255		)	(992		)
	Numerator for basic earnings per share:
	From continuing operations	201,802			172,190
	From discontinued operations	(15		)	—
		201,787			172,190
	Adjustment for diluted earnings per share:
	Effect of reallocating undistributed earnings of unvested shareholders	6			7
	Numerator for diluted earnings per share:
	From continuing operations	201,808			172,197
	From discontinued operations	(15		)	—
		$	201,793		$	172,197
	Denominator:
	Denominator for basic earnings per share — weighted-average shares	107,973			107,149
	Effect of dilutive shares from stock options and restricted stock	870			1,428
	Denominator for diluted earnings per share — adjusted weighted-average shares	108,843			108,577
	Basic earnings per common share:
	Income from continuing operations	$	1.87		$	1.61
	Income from discontinued operations	—			—
	Net income	$	1.87		$	1.61
	Diluted earnings per common share:
	Income from continuing operations	$	1.85		$	1.59
	Income from discontinued operations	—			—
	Net income	$	1.85		$	1.59
	The following shares attributable to outstanding equity awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:
		Three Months Ended
		December 31,
		2014			2013
		(in thousands, except per share amounts)
	Shares excluded from calculation of diluted earnings per share	669			261
	Weighted-average price per share	$	72.87		$	79.67

Financial_Instruments_and_Fair

Financial Instruments and Fair Value Measurement	3 Months Ended
	Dec. 31, 2014
Financial Instruments and Fair Value Measurement
Financial Instruments and Fair Value Measurement
	4.Financial Instruments and Fair Value Measurement
	The estimated fair value of our available-for-sale securities, reflected on our Consolidated Condensed Balance Sheets as Investments, is based on market quotes.  The following is a summary of available-for-sale securities, which excludes assets held in a Non-qualified Supplemental Savings Plan:
				Gross		Gross		Estimated
				Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
		(in thousands)
	Equity securities December 31, 2014	$	64,462	$	88,947	$	—	$	153,409
	Equity securities September 30, 2014	$	64,462	$	157,838	$	—	$	222,300
	On an ongoing basis we evaluate the marketable equity securities to determine if any decline in fair value below cost is other-than-temporary.  If a decline in fair value below cost is determined to be other-than-temporary, an impairment charge is recorded and a new cost basis established.  We review several factors to determine whether a loss is other-than-temporary.  These factors include, but are not limited to, (i) the length of time a security is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near-term prospects of the issuer and (iv) our intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The cost of securities used in determining realized gains and losses is based on the average cost basis of the security sold.
	The assets held in the Non-qualified Supplemental Savings Plan are carried at fair value which totaled $12.2 million at December 31, 2014 and $14.3 million at September 30, 2014.  The assets are comprised of mutual funds that are measured using Level 1 inputs.
	The majority of cash equivalents are invested in highly liquid money-market mutual funds invested primarily in direct or indirect obligations of the U.S. Government.  The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those investments.
	Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.  We use the fair value hierarchy established in ASC 820-10 to measure fair value to prioritize the inputs:
	Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
	Level 2 — Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
	Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.  This includes pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
	At December 31, 2014, our financial instruments utilizing Level 1 inputs include cash equivalents, equity securities with active markets, restricted cash included in other current assets and money market funds we have elected to classify as restricted assets that are included in other current assets and other assets.  Also included is cash denominated in a foreign currency that we have elected to classify as restricted to be used to settle the remaining liabilities of discontinued operations.  For these items, quoted current market prices are readily available.
	At December 31, 2014, financial instruments utilizing level 2 inputs include a bank certificate of deposit included in other current assets.
	Currently, we do not have any financial instruments utilizing Level 3 inputs.
	The following table summarizes our assets measured at fair value on a recurring basis presented in our Consolidated Condensed Balance Sheet as of December 31, 2014:
				Quoted Prices
		Total		in Active		Significant
		Measure		Markets for		Other		Significant
		at		Identical		Observable		Unobservable
		Fair		Assets		Inputs		Inputs
		Value		(Level 1)		(Level 2)		(Level 3)
		(in thousands)
	Assets:
	Cash and cash equivalents	$	251,636	$	251,636	$	—	$	—
	Equity securities	153,409		153,409		—		—
	Other current assets	36,386		36,136		250		—
	Other assets	2,000		2,000		—		—
	Total assets measured at fair value	$	443,431	$	443,181	$	250	$	—
	The following information presents the supplemental fair value information about long-term fixed-rate debt at December 31, 2014 and September 30, 2014:
		December 31,		September 30,
		2014		2014
		(in millions)
	Carrying value of long-term fixed-rate debt	$	80.0	$	80.0
	Fair value of long-term fixed-rate debt	$	82.5	$	84.3
	The fair value for fixed-rate debt was estimated using discounted cash flows at rates reflecting current interest rates at similar maturities plus a credit spread which was estimated using the outstanding market information on debt instruments with a similar credit profile to us.  The debt was valued using a Level 2 input.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Dec. 31, 2014
SHAREHOLDERS' EQUITY
Shareholders' Equity
	5.Shareholders’ Equity
	The Company has authorization from the Board of Directors for the repurchase of up to four million shares per calendar year.  The repurchases may be made using our cash and cash equivalents or other available sources.  During the three months ended December 31, 2014, we purchased 810,097 common shares at an aggregate cost of $59.7 million, which are held as treasury shares.  We had no purchases of common shares in fiscal 2014.
	Components of accumulated other comprehensive income (loss) were as follows:
		December 31,			September 30,
		2014			2014
		(in thousands)
	Pre-tax amounts:
	Unrealized appreciation on securities	$	88,947		$	157,838
	Unrecognized actuarial loss	(23,096		)	(23,405		)
		$	65,851		$	134,433
	After-tax amounts:
	Unrealized appreciation on securities	$	55,174		$	97,418
	Unrecognized actuarial loss	(14,096		)	(14,292		)
		$	41,078		$	83,126
	The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the three months ended December 31, 2014:
		Three Months Ended December 31, 2014
		Unrealized
		Appreciation			Defined
		(Depreciation) on
		Available-for-sale			Benefit
		Securities			Pension Plan			Total
		(in thousands)
	Balances at September 30, 2014	$	97,418		$	(14,292	)	$	83,126
	Other comprehensive loss before reclassifications	(42,244		)	—			(42,244		)
	Amounts reclassified from accumulated other comprehensive income (loss)				196			196
	Net current-period other comprehensive income (loss)	(42,244		)	196			(42,048		)
	Balances at December 31, 2014	$	55,174		$	(14,096	)	$	41,078
	The following provides detail about accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income during the three months ended December 31, 2014:
	Details About Accumulated Other	Amount Reclassified from			Affected Line Item in the
		Accumulated Other Comprehensive
		Income (Loss)
	Comprehensive Income	Three Months Ended			Condensed Consolidated
	(Loss) Components	December 31, 2014			Statement of Income
		(in thousands)
	Defined Benefit Pension Items
	Amortization of net actuarial loss	$	309		General and administrative
		(113		)	Income tax provision
	Total reclassifications for the period	$	196		Net of tax

Cash_Dividends

Cash Dividends	3 Months Ended
	Dec. 31, 2014
Cash Dividends
Cash Dividends
	6.Cash Dividends
	The $0.6875 per share cash dividend declared September 3, 2014, was paid December 1, 2014.  On December 2, 2014, a cash dividend of $0.6875 per share was declared for shareholders of record on February 13, 2015, payable March 2, 2015. The dividend payable is included in accounts payable in the Consolidated Condensed Balance Sheet.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2014
Stock-Based Compensation
Stock-Based Compensation
	7.Stock-Based Compensation
	On March 2, 2011, the 2010 Long-Term Incentive Plan (the “2010 Plan”) was approved by our stockholders.  The 2010 Plan, among other things, authorizes the Human Resources Committee of the Board to grant non-qualified stock options, restricted stock awards and stock appreciation rights to selected employees and to non-employee Directors.  Restricted stock may be granted for no consideration other than prior and future services.  The purchase price per share for stock options may not be less than market price of the underlying stock on the date of grant.  Stock options expire 10 years after the grant date.  There were 419,585 non-qualified stock options and 275,250 shares of restricted stock awards granted in the three months ended December 31, 2014.  Awards outstanding in the 2005 Long-Term Incentive Plan (the “2005 Plan”) and one prior equity plan remain subject to the terms and conditions of those plans.
	A summary of compensation cost for stock-based payment arrangements recognized in general and administrative expense is as follows:
			Three Months Ended
			December 31,
			2014			2013
			(in thousands)
	Compensation expense
	Stock options		$	3,062		$	3,653
	Restricted stock		3,920			3,357
			$	6,982		$	7,010
	STOCK OPTIONS
	The following summarizes the weighted-average assumptions utilized in determining the fair value of options granted during the three months ended December 31, 2014 and 2013:
			2014		2013
	Risk-free interest rate		1.72	%	1.58	%
	Expected stock volatility		36.92	%	52.55	%
	Dividend yield		3.92	%	3.14	%
	Expected term (in years)		5.5		5.5
	Risk-Free Interest Rate.  The risk-free interest rate is based on U.S. Treasury securities for the expected term of the option.
	Expected Volatility Rate.  Expected volatility is based on the daily closing price of our stock based upon historical experience over a period which approximates the expected term of the option.
	Expected Dividend Yield.  The expected dividend yield is based on our current dividend yield.
	Expected Term.  The expected term of the options granted represents the period of time that they are expected to be outstanding.  We estimate the expected term of options granted based on historical experience with grants and exercises.
	A summary of stock option activity under all existing long-term incentive plans for the three months ended December 31, 2014 is presented in the following tables:
			Three Months Ended December 31, 2014
								Weighted-
					Weighted-			Average	Aggregate
					Average			Remaining	Intrinsic
			Shares		Exercise			Contractual Term	Value
	Options		(in thousands)		Price			(in years)	(in millions)
	Outstanding at October 1, 2014		2,629		$	43.46
	Granted		420		68.83
	Exercised		(104	)	16.09
	Forfeited/Expired		(14	)	67.1
	Outstanding at December 31, 2014		2,931		$	47.96		5.9	$	60.7
	Vested and expected to vest at December 31, 2014		2,924		$	47.91		5.9	$	60.7
	Exercisable at December 31, 2014		2,168		$	41.35		4.8	$	57.8
	The weighted-average fair value of options granted in the first quarter of fiscal 2014 was $16.39.
	The total intrinsic value of options exercised during the three months ended December 31, 2014 was $6.9 million.
	As of December 31, 2014, the unrecognized compensation cost related to stock options was $11.1 million which is expected to be recognized over a weighted-average period of 3.0 years.
	RESTRICTED STOCK
	Restricted stock awards consist of our common stock and are time-vested over three to six years.  We recognize compensation expense on a straight-line basis over the vesting period.  The fair value of restricted stock awards under the 2010 Plan is determined based on the closing price of our shares on the grant date.  As of December 31, 2014, there was $34.2 million of total unrecognized compensation cost related to unvested restricted stock awards which is expected to be recognized over a weighted-average period of 2.9 years.
	A summary of the status of our restricted stock awards as of December 31, 2014 and changes in restricted stock outstanding during the three months then ended is presented below:
			Three Months Ended
			December 31, 2014
					Weighted-
					Average
			Shares		Grant-Date
	Restricted Stock Awards		(in thousands)		Fair Value
	Unvested at October 1, 2014		634		$	64.03
	Granted		275		68.83
	Vested (1)		(214	)	54.18
	Forfeited		(6	)	65.95
	Unvested at December 31, 2014		689		$	66.93
		-1		The number of restricted stock awards vested includes shares that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements.

Debt

Debt	3 Months Ended
	Dec. 31, 2014
Debt
Debt
	8.Debt
	At December 31, 2014 and September 30, 2014, we had the following unsecured long-term debt outstanding:
		December 31,		September 30,
		2014		2014
		(in thousands)
	Unsecured senior notes issued July 21, 2009:
	Due July 21, 2015, 6.10%	$	40,000	$	40,000
	Due July 21, 2016, 6.10%	40,000		40,000
		$	80,000	$	80,000
	Less long-term debt due within one year	40,000		40,000
	Long-term debt	$	40,000	$	40,000
	We have $80 million senior unsecured fixed-rate notes outstanding at December 31, 2014 that mature over a period from July 2015 to July 2016.  Interest on the notes is paid semi-annually based on an annual rate of 6.10 percent.  Annual principal repayments of $40 million are due July 2015 and July 2016.  We have complied with our financial covenants which require us to maintain a funded leverage ratio of less than 55 percent and an interest coverage ratio (as defined) of not less than 2.50 to 1.00.
	We have a $300 million unsecured revolving credit facility that will mature May 25, 2017.  The credit facility has $100 million available to use for letters of credit.  The majority of borrowings under the facility would accrue interest at a spread over the London Interbank Offered Rate (LIBOR).  We also pay a commitment fee based on the unused balance of the facility.  Borrowing spreads as well as commitment fees are determined according to a scale based on a ratio of our total debt to total capitalization.  The spread over LIBOR ranges from 1.125 percent to 1.75 percent per annum and commitment fees range from .15 percent to .35 percent per annum.  Based on our debt to total capitalization on December 31, 2014, the spread over LIBOR and commitment fees would be 1.125 percent and .15 percent, respectively.  Financial covenants in the facility require us to maintain a funded leverage ratio (as defined) of less than 50 percent and an interest coverage ratio (as defined) of not less than 3.00 to 1.00.  The credit facility contains additional terms, conditions, restrictions, and covenants that we believe are usual and customary in unsecured debt arrangements for companies of similar size and credit quality.  At December 31, 2014, we were in compliance with all debt covenants.  As of December 31, 2014, there were no borrowings, but there were three letters of credit outstanding in the amount of $42.2 million.  At December 31, 2014, we had $257.8 million available to borrow under our $300 million unsecured credit facility.
	At December 31, 2014, we had two letters of credit outstanding, totaling $12 million that were issued to support international operations.  These letters of credit were issued separately from the $300 million credit facility so they do not reduce the available borrowing capacity discussed in the previous paragraph.
	During the first quarter of fiscal 2015, we borrowed $1.0 million with an interest rate of seven percent against a short-term $9.5 million line of credit in an international location.  The $1.0 million and interest were paid in full subsequent to the end of the quarter.

Income_Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2014
Income Taxes
Income Taxes
	9.Income Taxes
	Our effective tax rate for the three months ended December 31, 2014 and 2013 was 38.8 percent and 34.1 percent, respectively.  Effective tax rates differ from the U.S. federal statutory rate of 35.0 percent primarily due to state and foreign income taxes and the tax benefit from the Internal Revenue Code Section 199 deduction for domestic production activities.  The effective tax rate for the three months ended December 31, 2014 was also impacted by a December 2014 tax law change which resulted in a reduction of the fiscal 2014 Internal Revenue Code Section 199 deduction for domestic production activities.
	For the next 12 months, we cannot predict with certainty whether we will achieve ultimate resolution of any uncertain tax positions associated with our U.S. and international operations that could result in increases or decreases of our unrecognized tax benefits.  However, we believe it is reasonably possible that the reserve for uncertain tax positions may increase by approximately $8.4 million to $11.0 million during the next 12 months due to an international matter.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2014
Commitments and Contingencies
Commitments and Contingencies
	10.Commitments and Contingencies
	In conjunction with our current drilling rig construction program, purchase commitments for equipment, parts and supplies of approximately $327.2 million are outstanding at December 31, 2014.
	Various legal actions, the majority of which arise in the ordinary course of business, are pending.  We maintain insurance against certain business risks subject to certain deductibles.  None of these legal actions are expected to have a material adverse effect on our financial condition, cash flows or results of operations.
	We are contingently liable to sureties in respect of bonds issued by the sureties in connection with certain commitments entered into by us in the normal course of business.  We have agreed to indemnify the sureties for any payments made by them in respect of such bonds.
	During the ordinary course of our business, contingencies arise resulting from an existing condition, situation or set of circumstances involving an uncertainty as to the realization of a possible gain contingency.  We account for gain contingencies in accordance with the provisions of ASC 450, Contingencies, and, therefore, we do not record gain contingencies or recognize income until realized.  The property and equipment of our Venezuelan subsidiary was seized by the Venezuelan government on June 30, 2010.  Our wholly-owned subsidiaries, Helmerich & Payne International Drilling Co. and Helmerich & Payne de Venezuela, C.A., filed a lawsuit in the United States District Court for the District of Columbia on September 23, 2011 against the Bolivarian Republic of Venezuela, Petroleos de Venezuela, S.A. (“PDVSA”) and PDVSA Petroleo, S.A. (“Petroleo”).  Our subsidiaries seek damages for the taking of their Venezuelan drilling business in violation of international law and for breach of contract.  While there exists the possibility of realizing a recovery, we are currently unable to determine the timing or amounts we may receive, if any, or the likelihood of recovery.  No gain contingencies are recognized in our Consolidated Financial Statements.
	On November 8, 2013, the United States District Court for the Eastern District of Louisiana approved the previously disclosed October 30, 2013 plea agreement between our wholly owned subsidiary, Helmerich & Payne International Drilling Co., and the United States Department of Justice, United States Attorney’s Office for the Eastern District of Louisiana (“DOJ”).  The court’s approval of the plea agreement resolved the DOJ’s investigation into certain choke manifold testing irregularities that occurred in 2010 at one of Helmerich & Payne International Drilling Co.’s offshore platform rigs in the Gulf of Mexico.  We have been engaged in discussions with the Inspector General’s office of the Department of Interior regarding the same events that were the subject of the DOJ’s investigation.  We can provide no assurances as to the timing or eventual outcome of these discussions and are unable to determine the amount of penalty, if any, that may be assessed.  However, we presently believe that the outcome of our discussions will not have a material adverse effect on the Company.

Segment_Information

Segment Information	3 Months Ended
	Dec. 31, 2014
Segment Information
Segment Information
	11.Segment Information
	We operate principally in the contract drilling industry. Our contract drilling business includes the following reportable operating segments: U.S. Land, Offshore and International Land.  The contract drilling operations consist mainly of contracting Company-owned drilling equipment primarily to large oil and gas exploration companies.  To provide information about the different types of business activities in which we operate, we have included Offshore and International Land, along with our U.S. Land reportable operating segment, as separate reportable operating segments.  Additionally, each reportable operating segment is a strategic business unit that is managed separately.  Our primary international areas of operation include Colombia, Ecuador, Argentina, Tunisia, Bahrain, U.A.E. and other South American and Middle Eastern countries.  Other includes additional non-reportable operating segments.  Revenues included in Other consist primarily of rental income.  Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.
	We evaluate segment performance based on income or loss from continuing operations (segment operating income) before income taxes which includes:
	revenues from external and internal customers
	direct operating costs
	depreciation and
	allocated general and administrative costs
	but excludes corporate costs for other depreciation, income from asset sales and other corporate income and expense.
	General and administrative costs are allocated to the segments based primarily on specific identification and, to the extent that such identification is not practical, on other methods which we believe to be a reasonable reflection of the utilization of services provided.
	Segment operating income for all segments is a non-GAAP financial measure of our performance, as it excludes certain general and administrative expenses, corporate depreciation, income from asset sales and other corporate income and expense.  We consider segment operating income to be an important supplemental measure of operating performance by presenting trends in our core businesses.  We use this measure to facilitate period-to-period comparisons in operating performance of our reportable segments in the aggregate by eliminating items that affect comparability between periods.  We believe that segment operating income is useful to investors because it provides a means to evaluate the operating performance of the segments on an ongoing basis using criteria that are used by our internal decision makers.  Additionally, it highlights operating trends and aids analytical comparisons.  However, segment operating income has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in accordance with GAAP, as it excludes certain costs that may affect our operating performance in future periods.
	Summarized financial information of our reportable segments for the three months ended December 31, 2014 and 2013 is shown in the following tables:
											Segment
		External			Inter-			Total			Operating
	(in thousands)	Sales			Segment			Sales			Income (Loss)
	31-Dec-14
	Contract Drilling:
	U.S. Land	$	890,047		$	—		$	890,047		$	318,122
	Offshore	69,473			—			69,473			21,484
	International Land	92,885			—			92,885			12,214
		1,052,405			—			1,052,405			351,820
	Other	4,180			222			4,402			(1,899		)
		1,056,585			222			1,056,807			349,921
	Eliminations	—			(222		)	(222		)	—
	Total	$	1,056,585		$	—		$	1,056,585		$	349,921
											Segment
		External			Inter-			Total			Operating
	(in thousands)	Sales			Segment			Sales			Income (Loss)
	31-Dec-13
	Contract Drilling:
	U.S. Land	$	731,674		$	—		$	731,674		$	250,952
	Offshore	59,054			—			59,054			18,498
	International Land	95,341			—			95,341			12,751
		886,069			—			886,069			282,201
	Other	3,083			220			3,303			(3,005		)
		889,152			220			889,372			279,196
	Eliminations	—			(220		)	(220		)	—
	Total	$	889,152		$	—		$	889,152		$	279,196
	The following table reconciles segment operating income per the table above to income from continuing operations before income taxes as reported on the Consolidated Condensed Statements of Income.
		Three Months Ended
		December 31,
		2014			2013
		(in thousands)
	Segment operating income	$	349,921		$	279,196
	Income from asset sales	4,155			5,664
	Corporate general and administrative costs and corporate depreciation	(22,257		)	(20,829		)
	Operating income	331,819			264,031
	Other income (expense):
	Interest and dividend income	285			453
	Interest expense	(561		)	(1,194		)
	Gain on sale of investment securities	—			—
	Other	314			(345		)
	Total other income (expense)	38			(1,086		)
	Income from continuing operations before income taxes	$	331,857		$	262,945
	The following table presents total assets by reportable segment.
		December 31,			September 30,
		2014			2014
		(in thousands)
	Total assets
	U.S. Land	$	5,451,403		$	5,260,810
	Offshore	138,539			137,101
	International Land	650,872			589,968
	Other	40,612			40,080
		6,281,426			6,027,959
Investments and corporate operations	512,696			686,696
Total assets from continued operations	6,794,122			6,714,655
Discontinued operations	7,397			7,206
	$	6,801,519		$	6,721,861
The following table presents revenues from external customers by country based on the location of service provided.
	Three Months Ended
	December 31,
	2014			2013
	(in thousands)
Operating revenues
United States	$	956,281		$	788,691
Colombia	23,451			26,730
Argentina	25,083			26,359
Ecuador	15,194			17,800
Other foreign	36,576			29,572
Total	$	1,056,585		$	889,152

Pensions_and_Other_Postretirem

Pensions and Other Post-retirement Benefits	3 Months Ended
	Dec. 31, 2014
Pensions and Other Post-retirement Benefits
Pensions and Other Post-retirement Benefits
	12.Pensions and Other Post-retirement Benefits
	The following provides information at December 31, 2014 and 2013 related to the Company-sponsored domestic defined benefit pension plan.
	Components of Net Periodic Benefit Cost
		Three Months Ended
		December 31,
		2014			2013
		(in thousands)
	Interest cost	$	1,171		$	1,201
	Expected return on plan assets	(1,743		)	(1,664		)
	Recognized net actuarial loss	309			229
	Net pension benefit	$	(263	)	$	(234	)
	Employer Contributions
	We did not make any contributions to the Pension Plan during the three months ended December 31, 2014.  We could make contributions during fiscal 2015 to fund distributions in lieu of liquidating assets.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	3 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Information
Supplemental Cash Flow Information
	13.Supplemental Cash Flow Information
	Capital expenditures on the Consolidated Condensed Statements of Cash Flows do not include additions which have been incurred but not paid for as of the end of the period.  The following table reconciles total capital expenditures incurred to total capital expenditures in the Consolidated Condensed Statements of Cash Flows:
		Three Months Ended
		December 31,
		2014			2013
		(in thousands)
	Capital expenditures incurred	$	352,055		$	140,153
	Additions incurred prior year but paid for in current period	123,548			29,264
	Additions incurred but not paid for as of the end of the period	(106,574		)	(28,774		)
	Capital expenditures per Consolidated Condensed Statements of Cash Flows	$	369,029		$	140,643

International_Risk_Factors

International Risk Factors	3 Months Ended
	Dec. 31, 2014
International Risk Factors
International Risk Factors
	14.International Risk Factors
	International operations are subject to certain political, economic and other uncertainties not encountered in U.S. operations, including increased risks of terrorism, kidnapping of employees, expropriation of drilling rigs, equipment, land and other property, as well as expropriation of a particular oil company’s property and drilling rights, taxation policies, foreign exchange restrictions, currency rate fluctuations and general hazards associated with foreign sovereignty over certain areas in which operations are conducted. In January 2015, the Venezuelan government announced plans for a new foreign currency exchange system. We are monitoring the status of this change in Venezuela’s exchange control policy. There can be no assurance that there will not be changes in local laws, regulations and administrative requirements or the interpretation thereof which could have a material adverse effect on the profitability of our operations or on our ability to continue operations in certain areas.

Recently_Issued_Accounting_Sta

Recently Issued Accounting Standards	3 Months Ended
	Dec. 31, 2014
Recently Issued Accounting Standards
Recently Issued Accounting Standards
	15.Recently Issued Accounting Standards
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes virtually all existing revenue recognition guidance.  The new standard requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services.  This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract.  The provisions of ASU 2014-09 are effective for interim and annual periods beginning after December 15, 2016, and we have the option of using either a full retrospective or a modified retrospective approach when adopting this new standard.  We are currently evaluating the alternative transition methods and the potential effects of the adoption of this update on our financial statements.

Subsequent_Events

Subsequent Events	3 Months Ended
	Dec. 31, 2014
SUBSEQUENT EVENTS
Subsequent Events
	16.Subsequent Events
	Due to the decline in oil prices, our customers are reducing their drilling activity.  As a result, in the U.S. Land segment we have received termination notices for rigs that were under long-term contracts at December 31, 2014.  Given the current trend, we could have less than 200 rigs active in the U.S. Land segment by March 31, 2015 and early termination revenue could exceed $60 million during the second quarter of fiscal 2015.  We expect to have approximately $8 million of early termination revenue in our International Land segment as one early termination has been received.  We are also having ongoing discussions with a customer regarding the possibility of an additional rig contract being terminated early.

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Dec. 31, 2014
Earnings per Share
Computation of basic and diluted earnings per share
		Three Months Ended
		December 31,
		2014			2013
		(in thousands, except per share amounts)
	Numerator:
	Income from continuing operations	$	203,057		$	173,182
	Loss from discontinued operations	(15		)	—
	Net income	203,042			173,182
	Adjustment for basic earnings per share:
	Earnings allocated to unvested shareholders	(1,255		)	(992		)
	Numerator for basic earnings per share:
	From continuing operations	201,802			172,190
	From discontinued operations	(15		)	—
		201,787			172,190
	Adjustment for diluted earnings per share:
	Effect of reallocating undistributed earnings of unvested shareholders	6			7
	Numerator for diluted earnings per share:
	From continuing operations	201,808			172,197
	From discontinued operations	(15		)	—
		$	201,793		$	172,197
	Denominator:
	Denominator for basic earnings per share — weighted-average shares	107,973			107,149
	Effect of dilutive shares from stock options and restricted stock	870			1,428
	Denominator for diluted earnings per share — adjusted weighted-average shares	108,843			108,577
	Basic earnings per common share:
	Income from continuing operations	$	1.87		$	1.61
	Income from discontinued operations	—			—
	Net income	$	1.87		$	1.61
	Diluted earnings per common share:
	Income from continuing operations	$	1.85		$	1.59
	Income from discontinued operations	—			—
	Net income	$	1.85		$	1.59
Shares attributable to outstanding equity awards excluded from the calculation of diluted earnings per share
		Three Months Ended
		December 31,
		2014			2013
		(in thousands, except per share amounts)
	Shares excluded from calculation of diluted earnings per share	669			261
	Weighted-average price per share	$	72.87		$	79.67

Financial_Instruments_and_Fair1

Financial Instruments and Fair Value Measurement (Tables)	3 Months Ended
	Dec. 31, 2014
Financial Instruments and Fair Value Measurement
Summary of available-for-sale securities
				Gross		Gross		Estimated
				Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
		(in thousands)
	Equity securities December 31, 2014	$	64,462	$	88,947	$	—	$	153,409
	Equity securities September 30, 2014	$	64,462	$	157,838	$	—	$	222,300
Summary of assets measured at fair value on a recurring basis	The following table summarizes our assets measured at fair value on a recurring basis presented in our Consolidated Condensed Balance Sheet as of December 31, 2014:
				Quoted Prices
		Total		in Active		Significant
		Measure		Markets for		Other		Significant
		at		Identical		Observable		Unobservable
		Fair		Assets		Inputs		Inputs
		Value		(Level 1)		(Level 2)		(Level 3)
		(in thousands)
	Assets:
	Cash and cash equivalents	$	251,636	$	251,636	$	—	$	—
	Equity securities	153,409		153,409		—		—
	Other current assets	36,386		36,136		250		—
	Other assets	2,000		2,000		—		—
	Total assets measured at fair value	$	443,431	$	443,181	$	250	$	—
Summary of supplemental fair value information about long-term fixed-rate debt
		December 31,		September 30,
		2014		2014
		(in millions)
	Carrying value of long-term fixed-rate debt	$	80.0	$	80.0
	Fair value of long-term fixed-rate debt	$	82.5	$	84.3

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Dec. 31, 2014
SHAREHOLDERS' EQUITY
Schedule of accumulated other comprehensive income (loss)
		December 31,			September 30,
		2014			2014
		(in thousands)
	Pre-tax amounts:
	Unrealized appreciation on securities	$	88,947		$	157,838
	Unrecognized actuarial loss	(23,096		)	(23,405		)
		$	65,851		$	134,433
	After-tax amounts:
	Unrealized appreciation on securities	$	55,174		$	97,418
	Unrecognized actuarial loss	(14,096		)	(14,292		)
		$	41,078		$	83,126
Summary of the changes in accumulated other comprehensive income (loss), net of tax, by component
		Three Months Ended December 31, 2014
		Unrealized
		Appreciation			Defined
		(Depreciation) on
		Available-for-sale			Benefit
		Securities			Pension Plan			Total
		(in thousands)
	Balances at September 30, 2014	$	97,418		$	(14,292	)	$	83,126
	Other comprehensive loss before reclassifications	(42,244		)	—			(42,244		)
	Amounts reclassified from accumulated other comprehensive income (loss)				196			196
	Net current-period other comprehensive income (loss)	(42,244		)	196			(42,048		)
	Balances at December 31, 2014	$	55,174		$	(14,096	)	$	41,078
Schedule of accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income
	Details About Accumulated Other	Amount Reclassified from			Affected Line Item in the
		Accumulated Other Comprehensive
		Income (Loss)
	Comprehensive Income	Three Months Ended			Condensed Consolidated
	(Loss) Components	December 31, 2014			Statement of Income
		(in thousands)
	Defined Benefit Pension Items
	Amortization of net actuarial loss	$	309		General and administrative
		(113		)	Income tax provision
	Total reclassifications for the period	$	196		Net of tax

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2014
Stock-Based Compensation
Summary of compensation cost for stock-based payment arrangements recognized in general and administrative expense
			Three Months Ended
			December 31,
			2014			2013
			(in thousands)
	Compensation expense
	Stock options		$	3,062		$	3,653
	Restricted stock		3,920			3,357
			$	6,982		$	7,010
Summary of weighted-average assumptions utilized in determining the fair value of options granted
			2014		2013
	Risk-free interest rate		1.72	%	1.58	%
	Expected stock volatility		36.92	%	52.55	%
	Dividend yield		3.92	%	3.14	%
	Expected term (in years)		5.5		5.5
Summary of stock option activity
			Three Months Ended December 31, 2014
								Weighted-
					Weighted-			Average	Aggregate
					Average			Remaining	Intrinsic
			Shares		Exercise			Contractual Term	Value
	Options		(in thousands)		Price			(in years)	(in millions)
	Outstanding at October 1, 2014		2,629		$	43.46
	Granted		420		68.83
	Exercised		(104	)	16.09
	Forfeited/Expired		(14	)	67.1
	Outstanding at December 31, 2014		2,931		$	47.96		5.9	$	60.7
	Vested and expected to vest at December 31, 2014		2,924		$	47.91		5.9	$	60.7
	Exercisable at December 31, 2014		2,168		$	41.35		4.8	$	57.8
Summary of restricted stock awards and changes in restricted stock outstanding
			Three Months Ended
			December 31, 2014
					Weighted-
					Average
			Shares		Grant-Date
	Restricted Stock Awards		(in thousands)		Fair Value
	Unvested at October 1, 2014		634		$	64.03
	Granted		275		68.83
	Vested (1)		(214	)	54.18
	Forfeited		(6	)	65.95
	Unvested at December 31, 2014		689		$	66.93
		-1		The number of restricted stock awards vested includes shares that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements.

Debt_Tables

Debt (Tables)	3 Months Ended
	Dec. 31, 2014
Debt
Components of unsecured long-term debt outstanding
		December 31,		September 30,
		2014		2014
		(in thousands)
	Unsecured senior notes issued July 21, 2009:
	Due July 21, 2015, 6.10%	$	40,000	$	40,000
	Due July 21, 2016, 6.10%	40,000		40,000
		$	80,000	$	80,000
	Less long-term debt due within one year	40,000		40,000
	Long-term debt	$	40,000	$	40,000

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2014
Segment Information
Summary of financial information of the entity's reportable segments for continuing operations
											Segment
		External			Inter-			Total			Operating
	(in thousands)	Sales			Segment			Sales			Income (Loss)
	31-Dec-14
	Contract Drilling:
	U.S. Land	$	890,047		$	—		$	890,047		$	318,122
	Offshore	69,473			—			69,473			21,484
	International Land	92,885			—			92,885			12,214
		1,052,405			—			1,052,405			351,820
	Other	4,180			222			4,402			(1,899		)
		1,056,585			222			1,056,807			349,921
	Eliminations	—			(222		)	(222		)	—
	Total	$	1,056,585		$	—		$	1,056,585		$	349,921
											Segment
		External			Inter-			Total			Operating
	(in thousands)	Sales			Segment			Sales			Income (Loss)
	31-Dec-13
	Contract Drilling:
	U.S. Land	$	731,674		$	—		$	731,674		$	250,952
	Offshore	59,054			—			59,054			18,498
	International Land	95,341			—			95,341			12,751
		886,069			—			886,069			282,201
	Other	3,083			220			3,303			(3,005		)
		889,152			220			889,372			279,196
	Eliminations	—			(220		)	(220		)	—
	Total	$	889,152		$	—		$	889,152		$	279,196
Schedule of reconciliation of segment operating income to income from continuing operations before income taxes
		Three Months Ended
		December 31,
		2014			2013
		(in thousands)
	Segment operating income	$	349,921		$	279,196
	Income from asset sales	4,155			5,664
	Corporate general and administrative costs and corporate depreciation	(22,257		)	(20,829		)
	Operating income	331,819			264,031
	Other income (expense):
	Interest and dividend income	285			453
	Interest expense	(561		)	(1,194		)
	Gain on sale of investment securities	—			—
	Other	314			(345		)
	Total other income (expense)	38			(1,086		)
	Income from continuing operations before income taxes	$	331,857		$	262,945
Schedule of total assets by reportable segments
		December 31,			September 30,
		2014			2014
		(in thousands)
	Total assets
	U.S. Land	$	5,451,403		$	5,260,810
	Offshore	138,539			137,101
	International Land	650,872			589,968
	Other	40,612			40,080
		6,281,426			6,027,959
	Investments and corporate operations	512,696			686,696
	Total assets from continued operations	6,794,122			6,714,655
	Discontinued operations	7,397			7,206
		$	6,801,519		$	6,721,861
Schedule of revenues from external customers by country based on the location of service provided
		Three Months Ended
		December 31,
		2014			2013
		(in thousands)
	Operating revenues
	United States	$	956,281		$	788,691
	Colombia	23,451			26,730
	Argentina	25,083			26,359
	Ecuador	15,194			17,800
	Other foreign	36,576			29,572
	Total	$	1,056,585		$	889,152

Pensions_and_Other_Postretirem1

Pensions and Other Post-retirement Benefits (Tables)	3 Months Ended
	Dec. 31, 2014
Pensions and Other Post-retirement Benefits
Schedule of components of net periodic benefit cost
		Three Months Ended
		December 31,
		2014			2013
		(in thousands)
	Interest cost	$	1,171		$	1,201
	Expected return on plan assets	(1,743		)	(1,664		)
	Recognized net actuarial loss	309			229
	Net pension benefit	$	(263	)	$	(234	)

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Information
Schedule of supplement cash flow information
		Three Months Ended
		December 31,
		2014			2013
		(in thousands)
	Capital expenditures incurred	$	352,055		$	140,153
	Additions incurred prior year but paid for in current period	123,548			29,264
	Additions incurred but not paid for as of the end of the period	(106,574		)	(28,774		)
	Capital expenditures per Consolidated Condensed Statements of Cash Flows	$	369,029		$	140,643

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Income from continuing operations	$203,057	$173,182
Loss from discontinued operations	-15
NET INCOME	203,042	173,182
Adjustment for basic earnings per share:
Earnings allocated to unvested shareholders	-1,255	-992
Numerator for basic earnings per share:
From continuing operations	201,802	172,190
From discontinued operations	-15
Net income (loss) attributable to parent, basic	201,787	172,190
Adjustment for diluted earnings per share:
Effect of reallocating undistributed earnings of unvested shareholders	6	7
Numerator for diluted earnings per share:
From continuing operations	201,808	172,197
From discontinued operations	-15
Net income (loss) attributable to parent, diluted	$201,793	$172,197
Denominator:
Denominator for basic earnings per share - weighted-average shares	107,973	107,149
Effect of dilutive shares from stock options and restricted stock (in shares)	870	1,428
Denominator for diluted earnings per share - adjusted weighted-average shares	108,843	108,577
Basic earnings per common share:
Income from continuing operations (in dollars per share)	$1.87	$1.61
Net income (in dollars per share)	$1.87	$1.61
Diluted earnings per common share:
Income from continuing operations (in dollars per share)	$1.85	$1.59
Net income (in dollars per share)	$1.85	$1.59
Outstanding equity awards
Shares excluded from calculation of diluted earnings per share	669	261
Weighted-average price per share (in dollars per share)	$72.87	$79.67

Financial_Instruments_and_Fair2

Financial Instruments and Fair Value Measurement (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014
Quoted Prices in Active Markets for Identical Assets (Level 1)
Non-qualified Supplemental Savings Plan
Assets held in Non-qualified Supplement Savings Plan, at fair value	$12,200,000	$14,300,000
Equity securities
Available-for-sale securities
Cost	64,462,000	64,462,000
Gross Unrealized Gains	88,947,000	157,838,000
Estimated Fair Value	$153,409,000	$222,300,000

Financial_Instruments_and_Fair3

Financial Instruments and Fair Value Measurement (Details 2) (USD $)	Dec. 31, 2014	Sep. 30, 2014
Supplemental fair value information about long-term fixed-rate debt
Carrying value of long-term fixed-rate debt	$80,000,000	$80,000,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets:
Cash and cash equivalents	251,636,000
Equity securities	153,409,000
Other current assets	36,136,000
Other assets	2,000,000
Total assets measured at fair value	443,181,000
Significant Other Observable Inputs (Level 2)
Supplemental fair value information about long-term fixed-rate debt
Carrying value of long-term fixed-rate debt	80,000,000	80,000,000
Fair value of long-term fixed-rate debt	82,500,000	84,300,000
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets:
Other current assets	250,000
Total assets measured at fair value	250,000
Total Measure at Fair Value | Recurring basis
Assets:
Cash and cash equivalents	251,636,000
Equity securities	153,409,000
Other current assets	36,386,000
Other assets	2,000,000
Total assets measured at fair value	$443,431,000

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014
Repurchase of shares
Repurchase of common stock (in shares)	810,097	0
Aggregate cost of treasury shares purchase	$59,654
Pre-tax amounts:
Accumulated other comprehensive income (loss) before tax	65,851	134,433
After-tax amounts:
Accumulated other comprehensive income (loss)	41,078	83,126
Maximum
Repurchase of shares
Number of common shares authorized to be repurchased	4,000,000
Unrealized Appreciation (Depreciation) on Available-for-sale Securities
Pre-tax amounts:
Accumulated other comprehensive income (loss) before tax	88,947	157,838
After-tax amounts:
Accumulated other comprehensive income (loss)	55,174	97,418
Defined Benefit Pension Plan
Pre-tax amounts:
Accumulated other comprehensive income (loss) before tax	-23,096	-23,405
After-tax amounts:
Accumulated other comprehensive income (loss)	($14,096)	($14,292)

Shareholders_Equity_Details_2

Shareholders' Equity (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Changes in accumulated other comprehensive income (loss), net of tax, by component
Balance	$83,126
Other comprehensive income (loss) before reclassifications	-42,244
Amounts reclassified from accumulated other comprehensive income (loss)	196
Net current-period other comprehensive income (loss)	-42,048
Balance	41,078
Unrealized Appreciation (Depreciation) on Available-for-sale Securities
Changes in accumulated other comprehensive income (loss), net of tax, by component
Balance	97,418
Other comprehensive income (loss) before reclassifications	-42,244
Net current-period other comprehensive income (loss)	-42,244
Balance	55,174
Defined Benefit Pension Plan
Changes in accumulated other comprehensive income (loss), net of tax, by component
Balance	-14,292
Amounts reclassified from accumulated other comprehensive income (loss)	196
Net current-period other comprehensive income (loss)	196
Balance	($14,096)

Shareholders_Equity_Details_3

Shareholders' Equity (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income
General and administrative	($32,907)	($32,243)
Income tax provision	-128,800	-89,763
NET INCOME	203,042	173,182
Reclassification out of AOCI | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income
General and administrative	309
Income tax provision	-113
NET INCOME	$196

Cash_Dividends_Details

Cash Dividends (Details) (USD $)	0 Months Ended			3 Months Ended
	Dec. 02, 2014	Dec. 01, 2014	Sep. 03, 2014	Dec. 31, 2014	Dec. 31, 2013
Cash Dividends
Cash dividends declared, per share (in dollars per share)	$0.69		$0.69	$0.69	$0.63
Cash dividend paid, per share (in dollars per share)		$0.69

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	plan
Common-stock based award plan
Number of prior equity plans	1
Compensation expense (in dollars)	$6,982,000	$7,010,000
Excess tax benefit from stock-based compensation	2,723,000	10,126,000
Stock options
Common-stock based award plan
The period from the grant date after which options expire	10 years
Compensation expense (in dollars)	3,062,000	3,653,000
Weighted-average assumptions utilized in determining the fair value of options
Risk-free interest rate (as a percent)	1.72%	1.58%
Expected stock volatility (as a percent)	36.92%	52.55%
Dividend yield (as a percent)	3.92%	3.14%
Expected term	5 years 6 months	5 years 6 months
Weighted-average fair value of options granted (in dollars per share)	$16.39
Options
Options outstanding at the beginning of the period (in shares)	2,629,000
Granted (in shares)	419,585
Exercised (in shares)	-104,000
Forfeited/Expired (in shares)	-14,000
Option outstanding at the end of the period (in shares)	2,931,000
Vested and expected to vest at the end of the period (in shares)	2,924,000
Exercisable at the end of the period (in shares)	2,168,000
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$43.46
Granted (in dollars per share)	$68.83
Exercised (in dollars per share)	$16.09
Forfeited/Expired (in dollars per share)	$67.10
Outstanding at the end of the period (in dollars per share)	$47.96
Vested and expected to vest at the end of the period (in dollars per share)	$47.91
Exercisable at the end of the period (in dollars per share)	$41.35
Weighted- Average Remaining Contractual Term
Outstanding at the end of the period	5 years 10 months 24 days
Vested and expected to vest at the end of the period	5 years 10 months 24 days
Exercisable at the end of the period	4 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding at the end of the period (in dollars)	60,700,000
Vested and expected to vest at the end of the period (in dollars)	60,700,000
Exercisable at the end of the period (in dollars)	57,800,000
Total intrinsic value of options exercised (in dollars)	6,900,000
Unrecognized compensation cost (in dollars)	11,100,000
Weighted-average period over which unrecognized compensation cost is expected to be recognized	3 years
Restricted stock
Common-stock based award plan
Compensation expense (in dollars)	3,920,000	3,357,000
Aggregate Intrinsic Value
Unrecognized compensation cost (in dollars)	$34,200,000
Weighted-average period over which unrecognized compensation cost is expected to be recognized	2 years 10 months 24 days
Restricted stock awards activity, shares
Unvested at the beginning of the period (in shares)	634,000
Granted (in shares)	275,250
Vested (in shares)	-214,000
Forfeited/Expired (in shares)	-6,000
Unvested at the end of the period (in shares)	689,000
Restricted stock awards activity, weighted average grant date fair value
Unvested at the beginning of the period (in dollars per share)	$64.03
Granted (in dollars per share)	$68.83
Vested (in dollars per share)	$54.18
Forfeited/Expired (in dollars per share)	$65.95
Unvested at the end of the period (in dollars per share)	$66.93
Restricted stock | Minimum
Common-stock based award plan
Vesting period	3 years
Restricted stock | Maximum
Common-stock based award plan
Vesting period	6 years

Debt_Details

Debt (Details) (USD $)	3 Months Ended	1 Months Ended
	Dec. 31, 2014	Feb. 06, 2015	Sep. 30, 2014
Debt
Total long-term debt	$80,000,000		$80,000,000
Less long-term debt due within one year	40,000,000		40,000,000
Long-term debt	40,000,000		40,000,000
Proceeds on short-term debt	1,002,000
Issued to support international operations
Debt
Long-term debt stated interest rate percentage	7.00%
Available borrowing capacity to use for letters of credit	9,500,000
Number of letters of credit outstanding	2
Letters of credit outstanding/issued	12,000,000
Proceeds on short-term debt	1,000,000
Issued to support international operations | Subsequent Event.
Debt
Repayment of debt		1,000,000
Unsecured revolving credit facility mature May 25, 2017
Debt
Borrowing amount	300,000,000
Commitment fee (as a percent)	0.15%
Borrowing amount outstanding	0
Available borrowing capacity excluding letters of credit transaction	257,800,000
Unsecured revolving credit facility mature May 25, 2017 | Maximum
Debt
Funded leverage ratio (as a percent)	50.00%
Commitment fee (as a percent)	0.35%
Unsecured revolving credit facility mature May 25, 2017 | Minimum
Debt
Interest coverage ratio	3
Commitment fee (as a percent)	0.15%
Unsecured revolving credit facility mature May 25, 2017 | London Interbank Offered Rate (LIBOR)
Debt
LIBOR spread on borrowings (as a percent)	1.13%
Unsecured revolving credit facility mature May 25, 2017 | London Interbank Offered Rate (LIBOR) | Maximum
Debt
LIBOR spread on borrowings (as a percent)	1.75%
Unsecured revolving credit facility mature May 25, 2017 | London Interbank Offered Rate (LIBOR) | Minimum
Debt
LIBOR spread on borrowings (as a percent)	1.13%
Unsecured revolving credit facility mature May 25, 2017 | Letter of credit
Debt
Available borrowing capacity to use for letters of credit	100,000,000
Number of letters of credit outstanding	3
Letters of credit outstanding/issued	42,200,000
Unsecured senior notes issued July 21, 2009
Debt
Total long-term debt	80,000,000
Long-term debt stated interest rate percentage	6.10%
Annual principal repayments	40,000,000
Unsecured senior notes issued July 21, 2009 | Maximum
Debt
Funded leverage ratio (as a percent)	55.00%
Unsecured senior notes issued July 21, 2009 | Minimum
Debt
Interest coverage ratio	2.5
Due July 21, 2015, 6.10%
Debt
Total long-term debt	40,000,000		40,000,000
Long-term debt stated interest rate percentage	6.10%		6.10%
Due July 21, 2016, 6.10%
Debt
Total long-term debt	$40,000,000		$40,000,000
Long-term debt stated interest rate percentage	6.10%		6.10%

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Taxes
Effective income tax rate (as a percent)	38.80%	34.10%
Effective income tax rates as compared to the U.S. Federal income tax rate
U.S. federal statutory rate (as a percent)	35.00%
Uncertain tax positions
Reasonably possible increase in the reserve for uncertain tax positions, low range	$8.40
Reasonably possible increase in the reserve for uncertain tax positions, high range	$11

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
Commitments and Contingencies
Purchase orders outstanding for drilling equipment	$327.20
Gain contingencies recognized in consolidated financial statements	$0

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Segment information
Sales	$1,056,585	$889,152
Segment Operating Income (Loss)	349,921	279,196
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	349,921	279,196
Income from asset sales	4,155	5,664
Corporate general and administrative costs and corporate depreciation	-22,257	-20,829
Operating income from continuing operations	331,819	264,031
Other income (expense):
Interest and dividend income	285	453
Interest expense	-561	-1,194
Other	314	-345
Total other income (expense)	38	-1,086
Income from continuing operations before income taxes	331,857	262,945
Other
Segment information
Sales	4,180	3,083
Segment Operating Income (Loss)	-1,899	-3,005
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	-1,899	-3,005
Operating segment
Segment information
Sales	1,056,807	889,372
Operating segment | Other
Segment information
Sales	4,402	3,303
Inter-Segment
Segment information
Sales	-222	-220
Inter-Segment | Other
Segment information
Sales	222	220
Contract Drilling:
Segment information
Sales	1,052,405	886,069
Segment Operating Income (Loss)	351,820	282,201
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	351,820	282,201
Contract Drilling: | U.S. Land
Segment information
Sales	890,047	731,674
Segment Operating Income (Loss)	318,122	250,952
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	318,122	250,952
Contract Drilling: | Offshore
Segment information
Sales	69,473	59,054
Segment Operating Income (Loss)	21,484	18,498
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	21,484	18,498
Contract Drilling: | International Land
Segment information
Sales	92,885	95,341
Segment Operating Income (Loss)	12,214	12,751
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	12,214	12,751
Contract Drilling: | Operating segment
Segment information
Sales	1,052,405	886,069
Contract Drilling: | Operating segment | U.S. Land
Segment information
Sales	890,047	731,674
Contract Drilling: | Operating segment | Offshore
Segment information
Sales	69,473	59,054
Contract Drilling: | Operating segment | International Land
Segment information
Sales	$92,885	$95,341

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Segment information
Total assets	$6,801,519		$6,721,861
Operating revenues	1,056,585	889,152
United States
Segment information
Operating revenues	956,281	788,691
Colombia
Segment information
Operating revenues	23,451	26,730
Argentina
Segment information
Operating revenues	25,083	26,359
Ecuador
Segment information
Operating revenues	15,194	17,800
Other foreign
Segment information
Operating revenues	36,576	29,572
Continued operations
Segment information
Total assets	6,794,122		6,714,655
Discontinued operations
Segment information
Total assets	7,397		7,206
Other
Segment information
Operating revenues	4,180	3,083
Operating segment
Segment information
Total assets	6,281,426		6,027,959
Operating revenues	1,056,807	889,372
Operating segment | U.S. Land
Segment information
Total assets	5,451,403		5,260,810
Operating segment | Offshore
Segment information
Total assets	138,539		137,101
Operating segment | International Land
Segment information
Total assets	650,872		589,968
Operating segment | Other
Segment information
Total assets	40,612		40,080
Operating revenues	4,402	3,303
Investments and corporate operations
Segment information
Total assets	$512,696		$686,696

Pensions_and_Other_Postretirem2

Pensions and Other Post-retirement Benefits (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Components of Net Periodic Benefit Cost
Interest cost	$1,171	$1,201
Expected return on plan assets	-1,743	-1,664
Recognized net actuarial loss	309	229
Net pension benefit	($263)	($234)

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of total capital expenditures incurred to total capital expenditures in the consolidated statements of cash flows
Capital expenditures incurred	$352,055	$140,153
Additions incurred prior year but paid for in current year	123,548	29,264
Additions incurred but not paid for as of the end of the year	106,574	28,774
Capital expenditures per Consolidated Statements of Cash Flows	$369,029	$140,643

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
		item
U.S. Land | Scenario Forecast | Maximum | Subsequent Event.
Subsequent Event
Number of active rigs	200
U.S. Land | Scenario Forecast | Minimum | Subsequent Event.
Subsequent Event
Early termination revenue	$60
International Land
Subsequent Event
Number of termination received		1
International Land | Scenario Forecast | Subsequent Event.
Subsequent Event
Early termination revenue	$8