Helmerich & Payne (HP) 10-Q 1 May 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Mar. 31, 2015	Apr. 30, 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-Mar-15
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		107,654,499
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

CONSOLIDATED_CONDENSED_BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$719,127	$360,909
Accounts receivable, less reserve of $4,592 at March 31, 2015 and $4.597 at September 30, 2014	623,706	705,214
Inventories	124,269	106,241
Deferred income taxes	14,649	16,519
Prepaid expenses and other	79,132	80,912
Current assets of discontinued operations	7,486	7,206
Total current assets	1,568,369	1,277,001
Investments	164,648	236,644
Property, plant and equipment, net	5,572,818	5,188,544
Other assets	38,315	18,809
Total assets	7,344,150	6,720,998
Current liabilities:
Long-term debt due within one year less unamortized debt issuance costs	39,207	39,635
Accounts payable	172,373	182,031
Accrued liabilities	176,256	282,278
Current liabilities of discontinued operations	3,309	3,217
Total current liabilities	391,145	507,161
Noncurrent liabilities:
Long-term debt less unamortized discount and debt issuance costs	532,908	39,502
Deferred income taxes	1,320,364	1,215,259
Other	93,180	64,110
Noncurrent liabilities of discontinued operations	4,177	3,989
Total noncurrent liabilities	1,950,629	1,322,860
Shareholders' equity:
Common stock, $.10 par value, 160,000,000 shares authorized, 110,846,112 shares and 110,508,605 shares issued as of March 31, 2015 and September 30, 2014, respectively and 107,654,499 shares and 108,232,284 shares outstanding as of March 31, 2015 and September 30, 2014, respectively	11,085	11,051
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued
Additional paid-in capital	402,442	383,972
Retained earnings	4,729,390	4,525,797
Accumulated other comprehensive income	40,072	83,126
Treasury stock, at cost	-180,613	-112,969
Total shareholders' equity	5,002,376	4,890,977
Total liabilities and shareholders' equity	$7,344,150	$6,720,998

CONSOLIDATED_CONDENSED_BALANCE1

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, except Share data, unless otherwise specified
CONSOLIDATED CONDENSED BALANCE SHEETS
Accounts receivable, reserve (in dollars)	$4,592	$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	110,846,112	110,508,605
Common stock, shares outstanding	107,654,499	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		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Operating revenues:
Drilling - U.S. Land	$718,463	$741,791	$1,608,510	$1,473,465
Drilling - Offshore	62,626	63,276	132,099	122,330
Drilling - International Land	98,222	85,533	191,107	180,874
Other	3,741	2,830	7,921	5,913
Total operating revenues	883,052	893,430	1,939,637	1,782,582
Operating costs and other:
Operating costs, excluding depreciation	469,328	480,167	1,023,571	954,215
Depreciation	149,708	123,963	287,321	244,200
General and administrative	34,902	34,431	67,809	66,674
Research and development	4,857	3,625	9,015	7,882
Income from asset sales	-2,915	-4,098	-7,070	-9,762
Total operating costs and other	655,880	638,088	1,380,646	1,263,209
Operating income from continuing operations	227,172	255,342	558,991	519,373
Other income (expense):
Interest and dividend income	2,549	490	2,834	943
Interest expense	-2,471	-1,725	-3,032	-2,919
Gain on sale of investment securities		21,352		21,352
Other	55	-32	369	-377
Total other income (expense)	133	20,085	171	18,999
Income from continuing operations before income taxes	227,305	275,427	559,162	538,372
Income tax provision	77,769	100,838	206,569	190,601
Income from continuing operations	149,536	174,589	352,593	347,771
Income (loss) from discontinued operations before income taxes	-76	2,786	-91	2,786
Income tax provision	-77	2,805	-77	2,805
Income (loss) from discontinued operations	1	-19	-14	-19
NET INCOME	$149,537	$174,570	$352,579	$347,752
Basic earnings per common share:
Income from continuing operations (in dollars per share)	$1.38	$1.61	$3.25	$3.22
Net income (in dollars per share)	$1.38	$1.61	$3.25	$3.22
Diluted earnings per common share:
Income from continuing operations (in dollars per share)	$1.37	$1.59	$3.23	$3.17
Net income (in dollars per share)	$1.37	$1.59	$3.23	$3.17
Weighted average shares outstanding (in thousands):
Basic (in shares)	107,646	107,692	107,812	107,417
Diluted (in shares)	108,370	109,081	108,620	108,945
Dividends declared, per share (in dollars per share)	$0.69	$0.63	$1.38	$1.25

CONSOLIDATED_CONDENSED_STATEME1

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$149,537	$174,570	$352,579	$347,752
Other comprehensive income (loss), net of income taxes:
Unrealized depreciation on securities, net of income taxes of ($0.8) million and ($27.4) million at March 31, 2015 and ($2.3) million and ($4.3) million at March 31, 2014	-1,203	-3,552	-43,447	-6,513
Reclassification of realized gains in net income, net of income taxes of ($8.5) million at March 31, 2014		-12,884		-12,884
Minimum pension liability adjustments, net of income taxes of $0.1 million and $0.2 million at March 31, 2015 and $0.1 million and $0.2 million at March 31, 2014	197	145	393	292
Other comprehensive loss	-1,006	-16,291	-43,054	-19,105
Comprehensive income	$148,531	$158,279	$309,525	$328,647

CONSOLIDATED_CONDENSED_STATEME2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized depreciation on securities, income taxes	($0.80)	($2.30)	($27.40)	($4.30)
Reclassification of realized gains in net income, income taxes		-8.5		-8.5
Minimum pension liability adjustments, income taxes	$0.10	$0.10	$0.20	$0.20

CONSOLIDATED_CONDENSED_STATEME3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
OPERATING ACTIVITIES:
Net income	$352,579	$347,752
Adjustment for loss from discontinued operations	14	19
Income from continuing operations	352,593	347,771
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	287,321	244,200
Amortization of debt discount and debt issuance costs	187	186
Provision for bad debt		-194
Stock-based compensation	13,079	12,804
Other	32
Gain on sale of investment securities		-21,352
Income from asset sales	-7,070	-9,762
Deferred income tax expense	134,185	13,751
Change in assets and liabilities:
Accounts receivable	81,508	-2,494
Inventories	-18,028	-10,963
Prepaid expenses and other	-17,726	21,629
Accounts payable	1,120	-25,337
Accrued liabilities	-45,405	-19,017
Deferred income taxes	-30	-1,109
Other noncurrent liabilities	30,832	-10,083
Net cash provided by operating activities from continuing operations	812,598	540,030
Net cash used in operating activities from discontinued operations	-14	-19
Net cash provided by operating activities	812,584	540,011
INVESTING ACTIVITIES:
Capital expenditures	-763,365	-356,753
Proceeds from sale of investments securities		23,338
Proceeds from asset sales	15,214	13,321
Net cash used in investing activities	-748,151	-320,094
FINANCING ACTIVITIES:
Dividends paid	-149,347	-121,545
Repurchase of common stock	-59,654
Proceeds from senior notes, net of discount and debt issuance costs	492,791
Proceeds on short-term debt	1,002
Payments on short-term debt	-1,002
Net increase in bank overdraft	12,560
Exercise of stock options, net of tax withholding	-1,078	19,701
Tax withholdings related to net share settlements of restricted stock	-4,248	-3,049
Excess tax benefit from stock-based compensation	2,761	22,087
Net cash provided by (used in) financing activities	293,785	-82,806
Net increase in cash and cash equivalents	358,218	137,111
Cash and cash equivalents, beginning of period	360,909	447,868
Cash and cash equivalents, end of period	$719,127	$584,979

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			352,579			352,579
Other comprehensive loss				-43,054		-43,054
Dividends declared ($1.375 per share)			-148,986			-148,986
Exercise of stock options, net of tax withholding	13	2,651			-3,742	-1,078
Exercise of stock options, net of tax withholding (in shares)	123,000				47,000
Tax benefit of stock-based awards		2,761				2,761
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		13,079				13,079
Balance at Mar. 31, 2015	$11,085	$402,442	$4,729,390	$40,072	($180,613)	$5,002,376
Balance (in shares) at Mar. 31, 2015					3,192,000
Balance (in shares) at Mar. 31, 2015	110,846,000					110,846,112

CONSOLIDATED_CONDENSED_STATEME5

CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $)	0 Months Ended		3 Months Ended		6 Months Ended
	Mar. 04, 2015	Dec. 02, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY
Dividends declared (in dollars per share)	$0.69	$0.69	$0.69	$0.63	$1.38	$1.25

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2015
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.
	In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03 “Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”.  ASU No. 2015-03 amends the FASB Accounting Standards Codification (“ASC”) to require that debt issuance cost be presented in the balance sheet as a direct deduction from the carrying amount of the related liability.  Prior to the amendment, debt issuance costs were reported in the balance sheet as an asset.  The amended guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, however, we have elected to early adopt effective January 1, 2015.  The election requires retrospective application and represents a change in accounting principle. The ASU provides that debt issuance costs are similar to debt discounts and in effect reduce the proceeds of borrowing, thereby increasing the effective interest rate.  As a result of the adoption, the September 30, 2014 Consolidated Condensed Balance Sheet is restated as follows:
					Effect of
			Previously		Accounting
			Reported		Principle Adoption			Adjusted
			(in thousands)
	Consolidated Condensed Balance Sheet
	Prepaid expenses and other		$	81,277	$	(365	)	$	80,912
	Total current assets		1,277,366		(365		)	1,277,001
	Other assets		19,307		(498		)	18,809
	Total assets		6,721,861		(863		)	6,720,998
	Long-term debt due within one year less unamortized discount and debt issuance costs		40,000		(365		)	39,635
	Total current liabilities		507,526		(365		)	507,161
	Long-term debt less unamortized discount and debt issuance costs		40,000		(498		)	39,502
	Total noncurrent liabilities		1,323,358		(498		)	1,322,860
	Total liabilities and shareholders’ equity		6,721,861		(863		)	6,720,998
	Amortization of debt discount and debt issuance costs has been reclassified in the accompanying Consolidated Condensed Statements of Cash Flow for the three months ended March 31, 2014 to conform to current year presentation.  The amortization was previously included as a change in assets.
	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.  During the three and six months ended March 31, 2015, early termination revenue was approximately $71.7 million and $95.1 million, respectively.  We had no early termination revenue for the three months ended March 31, 2014 and had $9.9 million for the six months ended March 31, 2014.
	Depreciation in the Consolidated Condensed Statements of Income includes abandonments of $10.2 million and $12.2 million for the three and six months ended March 31, 2015 compared to $1.8 million and $3.7 million for the three and six months ended March 31, 2014.  Effective March 31, 2015, we decommissioned all 17 of our SCR powered FlexRigs including 6 idle FlexRig1 rigs and 11 idle FlexRig2 rigs.

Discontinued_Operations

Discontinued Operations	6 Months Ended
	Mar. 31, 2015
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	6 Months Ended
	Mar. 31, 2015
Earnings per Share
Earnings per Share
	3.Earnings per Share
	ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have non-forfeitable rights to dividends 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						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands, except per share amounts)
	Numerator:
	Income from continuing operations	$	149,536		$	174,589		$	352,593		$	347,771
	Loss from discontinued operations	1			(19		)	(14		)	(19		)
	Net income	149,537			174,570			352,579			347,752
	Adjustment for basic earnings per share:
	Earnings allocated to unvested shareholders	(948		)	(1,035		)	(2,212		)	(2,027		)
	Numerator for basic earnings per share:
	From continuing operations	148,588			173,554			350,381			345,744
	From discontinued operations	1			(19		)	(14		)	(19		)
		148,589			173,535			350,367			345,725
	Adjustment for diluted earnings per share:
	Effect of reallocating undistributed earnings of unvested shareholders	3			8			9			17
	Numerator for diluted earnings per share:
	From continuing operations	148,591			173,562			350,390			345,761
	From discontinued operations	1			(19		)	(14		)	(19		)
		$	148,592		$	173,543		$	350,376		$	345,742
	Denominator:
	Denominator for basic earnings per share — weighted-average shares	107,646			107,692			107,812			107,417
	Effect of dilutive shares from stock options and restricted stock	724			1,389			808			1,528
	Denominator for diluted earnings per share — adjusted weighted-average shares	108,370			109,081			108,620			108,945
	Basic earnings per common share:
	Income from continuing operations	$	1.38		$	1.61		$	3.25		$	3.22
	Income from discontinued operations	—			—			—			—
	Net income	$	1.38		$	1.61		$	3.25		$	3.22
	Diluted earnings per common share:
	Income from continuing operations	$	1.37		$	1.59		$	3.23		$	3.17
	Income from discontinued operations	—			—			—			—
	Net income	$	1.37		$	1.59		$	3.23		$	3.17
	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						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands, except per share amounts)
	Shares excluded from calculation of diluted earnings per share	667			215			667			256
	Weighted-average price per share	$	72.85		$	79.67		$	72.85		$	79.67

Financial_Instruments_and_Fair

Financial Instruments and Fair Value Measurement	6 Months Ended
	Mar. 31, 2015
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 March 31, 2015		$	64,462	$	86,986	$	—	$	151,448
	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.
	During the three months ended March 31, 2014, marketable equity available-for-sale securities with a fair value at the date of sale of $23.3 million were sold.  The gross realized gain on such sales of available-for-sale securities totaled $21.4 million.  We had no sales of marketable equity available-for-sale securities during the six months ended March 31, 2015.
	The assets held in the Non-qualified Supplemental Savings Plan are carried at fair value which totaled $13.2 million at March 31, 2015 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 March 31, 2015, our financial instruments utilizing Level 1 inputs include cash equivalents, equity securities with active markets, 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 March 31, 2015, 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 March 31, 2015:
					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		$	719,127	$	719,127	$	—	$	—
	Equity securities		151,448		151,448		—		—
	Other current assets		36,340		36,090		250		—
	Other assets		2,000		2,000		—		—
	Total assets measured at fair value		$	908,915	$	908,665	$	250	$	—
	The following information presents the supplemental fair value information about long-term fixed-rate debt at March 31, 2015 and September 30, 2014:
			March 31,		September 30,
			2015		2014
			(in millions)
	Carrying value of long-term fixed-rate debt		$	572.1	$	79.0
	Fair value of long-term fixed-rate debt		$	597.2	$	84.3
	The fair value for the $80 million 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.
	The fair value for the $500 million fixed-rate debt was based on broker quotes at March 31, 2015.  The notes are classified within Level 2 as they are not actively traded in markets.

Shareholders_Equity

Shareholders' Equity	6 Months Ended
	Mar. 31, 2015
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 six months ended March 31, 2015, 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:
		March 31,			September 30,
		2015			2014
		(in thousands)
	Pre-tax amounts:
	Unrealized appreciation on securities	$	86,986		$	157,838
	Unrecognized actuarial loss	(22,787		)	(23,405		)
		$	64,199		$	134,433
	After-tax amounts:
	Unrealized appreciation on securities	$	53,971		$	97,418
	Unrecognized actuarial loss	(13,899		)	(14,292		)
		$	40,072		$	83,126
	The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the three and six months ended March 31, 2015:
		Three Months Ended March 31, 2015
		Unrealized
		Appreciation			Defined
		(Depreciation) on
		Available-for-sale			Benefit
		Securities			Pension Plan			Total
		(in thousands)
	Balances at January 1, 2015	$	55,174		$	(14,096	)	$	41,078
	Other comprehensive loss before reclassifications	(1,203		)	—			(1,203		)
	Amounts reclassified from accumulated other comprehensive income (loss)	—			197			197
	Net current-period other comprehensive income (loss)	(1,203		)	197			(1,006		)
	Balances at March 31, 2015	$	53,971		$	(13,899	)	$	40,072
		Six Months Ended March 31, 2015
		Unrealized
		Appreciation			Defined
		(Depreciation) on
		Available-for-sale			Benefit
		Securities			Pension Plan			Total
		(in thousands)
	Balances at October 1, 2014	$	97,418		$	(14,292	)	$	83,126
	Other comprehensive loss before reclassifications	(43,447		)	—			(43,447		)
	Amounts reclassified from accumulated other comprehensive income (loss)	—			393			393
	Net current-period other comprehensive income (loss)	(43,447		)	393			(43,054		)
	Balances at March 31, 2015	$	53,971		$	(13,899	)	$	40,072
	The following provides detail about accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income during the three and six months ended March 31, 2015:
		Amount Reclassified from Accumulated
		Other Comprehensive Income (Loss)
	Details About Accumulated Other	Three Months Ended						Six Months Ended						Affected Line Item in the
	Comprehensive Income	March 31,						March 31,						Condensed Consolidated
	(Loss) Components	2015			2014			2015			2014			Statement of Income
		(in thousands)						(in thousands)
	Unrealized gains on available-for-sale securities	$	—		$	(21,352	)	$	—		$	(21,352	)	Gain on sale of investment securities
		—			8,468			—			8,468			Income tax provision
		$	—		$	(12,884	)	$	—		$	(12,884	)	Net of tax
	Defined Benefit Pension Items Amortization of net actuarial loss	$	309		$	229		$	618		$	458		General and administrative
		(112		)	(84		)	(225		)	(166		)	Income tax provision
		$	197		$	145		$	393		$	292		Net of tax
	Total reclassifications for the period	$	197		$	(12,739	)	$	393		$	(12,592	)

Cash_Dividends

Cash Dividends	6 Months Ended
	Mar. 31, 2015
Cash Dividends
Cash Dividends
	6.Cash Dividends
	The $0.6875 per share cash dividend declared December 2, 2014, was paid March 2, 2015.  On March 4, 2015, a cash dividend of $0.6875 per share was declared for shareholders of record on May 15, 2015, payable June 1, 2015. The dividend payable is included in accounts payable in the Consolidated Condensed Balance Sheet.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Mar. 31, 2015
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 six months ended March 31, 2015.  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						Six Months Ended
			March 31,						March 31,
			2015			2014			2015			2014
			(in thousands)						(in thousands)
	Compensation expense
	Stock options		$	1,908		$	1,989		$	4,970		$	5,642
	Restricted stock		4,189			3,805			8,109			7,162
			$	6,097		$	5,794		$	13,079		$	12,804
	STOCK OPTIONS
	The following summarizes the weighted-average assumptions utilized in determining the fair value of options granted during the six months ended March 31, 2015 and 2014:
			2015		2014
	Risk-free interest rate		1.7	%	1.6	%
	Expected stock volatility		36.9	%	52.6	%
	Dividend yield		3.9	%	3.1	%
	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 and six months ended March 31, 2015 is presented in the following tables:
			Three Months Ended March 31, 2015
								Weighted-
					Weighted-			Average		Aggregate
					Average			Remaining		Intrinsic
			Shares		Exercise			Contractual Term		Value
	Options		(in thousands)		Price			(in years)		(in millions)
	Outstanding at January 1, 2015		2,931		$	47.96
	Granted		—		—
	Exercised		(20	)	51.38
	Forfeited/Expired		(2	)	76.68
	Outstanding at March 31, 2015		2,909		$	47.91		5.6		$	61.8
	Vested and expected to vest at March 31, 2015		2,902		$	47.86		5.6		$	61.8
	Exercisable at March 31, 2015		2,147		$	41.22		4.6		$	58.7
			Six Months Ended
			March 31, 2015
					Weighted-
					Average
			Shares		Exercise
	Options		(in thousands)		Price
	Outstanding at October 1, 2014		2,629		$	43.46
	Granted		420		68.83
	Exercised		(124	)	21.56
	Forfeited/Expired		(16	)	68.59
	Outstanding at March 31, 2015		2,909		$	47.91
	The weighted-average fair value of options granted in the first quarter of fiscal 2015 was $16.39.  No options were granted in the second quarter of fiscal 2015.
	The total intrinsic value of options exercised during the three and six months ended March 31, 2015 was $0.3 million and $7.2 million, respectively.
	As of March 31, 2015, the unrecognized compensation cost related to stock options was $9.2 million which is expected to be recognized over a weighted-average period of 2.8 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 March 31, 2015, there was $29.9 million of total unrecognized compensation cost related to unvested restricted stock awards which is expected to be recognized over a weighted-average period of 2.7 years.
	A summary of the status of our restricted stock awards as of March 31, 2015 and changes in restricted stock outstanding during the six months then ended is presented below:
			Six Months Ended
			March 31, 2015
					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		(8	)	66.51
Unvested at March 31, 2015		687		$	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	6 Months Ended
	Mar. 31, 2015
Debt
Debt
	8.Debt
	At March 31, 2015 and September 30, 2014, we had the following unsecured long-term debt outstanding:
								Unamortized Discount and
		Principal						Debt Issuance Costs
		March 31,			September 30,			March 31,			September 30,
		2015			2014			2015			2014
		(in thousands)
	Unsecured senior notes issued July 21, 2009:
	Due July 21, 2015	$	40,000		$	40,000		$	112		$	141
	Due July 21, 2016	40,000			40,000			113			141
	Unsecured revolving credit facility issued May 25, 2012	—			—			471			581
	Unsecured senior notes issued March 19, 2015:
	Due March 19, 2025	500,000			—			7,189			—
		580,000			80,000			7,885			863
	Less long-term debt due within one year	(40,000		)	(40,000		)	(793		)	(365		)
	Long-term debt	$	540,000		$	40,000		$	7,092		$	498
	We have $80 million senior unsecured fixed-rate notes outstanding at March 31, 2015 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.
	On March 19, 2015, we issued $500 million of 4.65 percent 10-year unsecured senior notes.  The net proceeds, after discount and issuance cost, of approximately $492.8 million will be used for general corporate purposes, including capital expenditures associated with our rig construction program.  Interest is payable semi-annually on March 15 and September 15 each year, commencing on September 15, 2015.  The debt discount is being amortized to interest expense using the effective interest method.  The debt issuance costs are amortized straight-line over the stated life of the obligation, which approximates the effective yield method.
	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 March 31, 2015, 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 March 31, 2015, we were in compliance with all debt covenants.  As of March 31, 2015, there were no borrowings, but there were three letters of credit outstanding in the amount of $48.2 million.  One of the three outstanding letters of credit is a $21 million letter that supports an overdraft facility with a bank in an international location.  The short-term borrowing is in local currency with an interest rate that adjusts monthly based on local market rates.  Given local currency considerations, the annual interest rates approach 30 percent.  At March 31, 2015, we had $251.8 million available to borrow under our $300 million unsecured credit facility.
	At March 31, 2015, 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.
	We have a $9.5 million unsecured line of credit with a bank in an international location that will mature on June 12, 2015.  A total of $7 million may be borrowed for working capital needs and $2.5 million is reserved for bank guaranties.  The interest rate for borrowings would be at seven percent.  At March 31, 2015, there were no borrowings or bank guarantees outstanding against the line.

Income_Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2015
Income Taxes
Income Taxes
	9.Income Taxes
	Our effective tax rate for the first six months of fiscal 2015 and 2014 was 36.9 percent and 35.4 percent, respectively.  Our effective tax rate for the three months ended March 31, 2015 and 2014 was 34.2 percent and 36.6 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 six months ended March 31, 2015 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 do not expect the increases or decreases to have a material effect on results of operations or financial position.  We provided for uncertain tax positions of $7.0 million, including interest and penalties, during the six months ended March 31, 2015 related to the previous disclosure of a possible increase in the reserve for uncertain tax positions of approximately $8.4 million to $11.0 million due to international tax matters.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2015
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 $205.2 million are outstanding at March 31, 2015.
	Other than the matters described below, the Company is a party to various pending legal actions arising in the ordinary course of its business.  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	6 Months Ended
	Mar. 31, 2015
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 six months ended March 31, 2015 and 2014 is shown in the following tables:
												Segment
			External			Inter-			Total			Operating
	(in thousands)		Sales			Segment			Sales			Income (Loss)
	March 31, 2015
	Contract Drilling:
	U.S. Land		$	1,608,510		$	—		$	1,608,510		$	542,988
	Offshore		132,099			—			132,099			40,553
	International Land		191,107			—			191,107			18,542
			1,931,716			—			1,931,716			602,083
	Other		7,921			442			8,363			(5,116		)
			1,939,637			442			1,940,079			596,967
	Eliminations		—			(442		)	(442		)	—
	Total		$	1,939,637		$	—		$	1,939,637		$	596,967
												Segment
			External			Inter-			Total			Operating
	(in thousands)		Sales			Segment			Sales			Income (Loss)
	March 31, 2014
	Contract Drilling:
	U.S. Land		$	1,473,465		$	—		$	1,473,465		$	496,014
	Offshore		122,330			—			122,330			37,841
	International Land		180,874			—			180,874			23,919
			1,776,669			—			1,776,669			557,774
	Other		5,913			431			6,344			(5,249		)
			1,782,582			431			1,783,013			552,525
	Eliminations		—			(431		)	(431		)	—
	Total		$	1,782,582		$	—		$	1,782,582		$	552,525
	Summarized financial information of our reportable segments for the three months ended March 31, 2015 and 2014 is shown in the following tables:
												Segment
			External			Inter-			Total			Operating
	(in thousands)		Sales			Segment			Sales			Income (Loss)
	March 31, 2015
	Contract Drilling:
	U.S. Land		$	718,463		$	—		$	718,463		$	224,866
	Offshore		62,626			—			62,626			19,069
	International Land		98,222			—			98,222			6,328
			879,311			—			879,311			250,263
	Other		3,741			220			3,961			(3,217		)
			883,052			220			883,272			247,046
	Eliminations		—			(220		)	(220		)	—
	Total		$	883,052		$	—		$	883,052		$	247,046
												Segment
			External			Inter-			Total			Operating
	(in thousands)		Sales			Segment			Sales			Income (Loss)
	March 31, 2014
	Contract Drilling:
	U.S. Land		$	741,791		$	—		$	741,791		$	245,062
	Offshore		63,276			—			63,276			19,343
	International Land		85,533			—			85,533			11,168
			890,600			—			890,600			275,573
	Other		2,830			211			3,041			(2,244		)
			893,430			211			893,641			273,329
	Eliminations		—			(211		)	(211		)	—
Total		$	893,430		$	—		$	893,430		$	273,329
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						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands)						(in thousands)
Segment operating income		$	247,046		$	273,329		$	596,967		$	552,525
Income from asset sales		2,915			4,098			7,070			9,762
Corporate general and administrative costs and corporate depreciation		(22,789		)	(22,085		)	(45,046		)	(42,914		)
Operating income		227,172			255,342			558,991			519,373
Other income (expense):
Interest and dividend income		2,549			490			2,834			943
Interest expense		(2,471		)	(1,725		)	(3,032		)	(2,919		)
Gain on sale of investment securities		—			21,352			—			21,352
Other		55			(32		)	369			(377		)
Total other income (expense)		133			20,085			171			18,999
Income from continuing operations before income taxes		$	227,305		$	275,427		$	559,162		$	538,372
The following table presents total assets by reportable segment:
					September 30,
		March 31,			2014
		2015			(as adjusted)
		(in thousands)
Total assets
U.S. Land		$	5,482,725		$	5,259,947
Offshore		117,813			137,101
International Land		713,138			589,968
Other		40,228			40,080
		6,353,904			6,027,096
Investments and corporate operations		982,760			686,696
Total assets from continued operations		7,336,664			6,713,792
Discontinued operations		7,486			7,206
		$	7,344,150		$	6,720,998
The following table presents revenues from external customers by country based on the location of service provided:
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands)						(in thousands)
Operating revenues
United States		$	778,637		$	800,775		$	1,734,918		$	1,589,466
Argentina		39,480			26,695			64,563			53,054
Colombia		22,903			21,064			46,354			47,794
Ecuador		6,420			16,822			21,614			34,622
Other foreign		35,612			28,074			72,188			57,646
Total		$	883,052		$	893,430		$	1,939,637		$	1,782,582

Pensions_and_Other_Postretirem

Pensions and Other Post-retirement Benefits	6 Months Ended
	Mar. 31, 2015
Pensions and Other Post-retirement Benefits
Pensions and Other Post-retirement Benefits
	12.Pensions and Other Post-retirement Benefits
	The following provides information at March 31, 2015 and 2014 related to the Company-sponsored domestic defined benefit pension plan:
	Components of Net Periodic Benefit Cost
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands)						(in thousands)
	Interest cost	$	1,171		$	1,201		$	2,342		$	2,402
	Expected return on plan assets	(1,743		)	(1,664		)	(3,486		)	(3,328		)
	Recognized net actuarial loss	309			229			618			458
	Net pension expense	$	(263	)	$	(234	)	$	(526	)	$	(468	)
	Employer Contributions
	We did not make any contributions to the Pension Plan during the six months ended March 31, 2015.  Subsequent to March 31, 2015, we contributed $2.0 million to fund distributions.  We could make contributions for the remainder of fiscal 2015 to fund distributions in lieu of liquidating assets.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	6 Months Ended
	Mar. 31, 2015
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:
		Six Months Ended
		March 31,
		2015			2014
		(in thousands)
	Capital expenditures incurred	$	679,771		$	372,892
	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	(39,954		)	(45,403		)
	Capital expenditures per Consolidated Condensed Statements of Cash Flows	$	763,365		$	356,753

International_Risk_Factors

International Risk Factors	6 Months Ended
	Mar. 31, 2015
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 our customer’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	6 Months Ended
	Mar. 31, 2015
Recently Issued Accounting Standards
Recently Issued Accounting Standards
	15.Recently Issued Accounting Standards
	In May 2014, the 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	6 Months Ended
	Mar. 31, 2015
Subsequent Events
Subsequent Events
	16.Subsequent Events
	Due to the continued downturn in the oil and gas industry from the decline in oil prices, our customers have reduced their drilling activity.  As a result, we have received termination notices for rigs that were under contract at March 31, 2015.  Given the current trend, we could have less than 150 rigs contracted and generating revenue in the U.S. Land segment by June 30, 2015 and early termination revenue could exceed $75 million during the third quarter of fiscal 2015.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	6 Months Ended
	Mar. 31, 2015
Basis of Presentation
Schedule of restatement of financials from adoption of accounting principle change	As a result of the adoption, the September 30, 2014 Consolidated Condensed Balance Sheet is restated as follows:
				Effect of
		Previously		Accounting
		Reported		Principle Adoption			Adjusted
		(in thousands)
	Consolidated Condensed Balance Sheet
	Prepaid expenses and other	$	81,277	$	(365	)	$	80,912
	Total current assets	1,277,366		(365		)	1,277,001
	Other assets	19,307		(498		)	18,809
	Total assets	6,721,861		(863		)	6,720,998
	Long-term debt due within one year less unamortized discount and debt issuance costs	40,000		(365		)	39,635
	Total current liabilities	507,526		(365		)	507,161
	Long-term debt less unamortized discount and debt issuance costs	40,000		(498		)	39,502
	Total noncurrent liabilities	1,323,358		(498		)	1,322,860
	Total liabilities and shareholders’ equity	6,721,861		(863		)	6,720,998

Earnings_per_Share_Tables

Earnings per Share (Tables)	6 Months Ended
	Mar. 31, 2015
Earnings per Share
Computation of basic and diluted earnings per share
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands, except per share amounts)
	Numerator:
	Income from continuing operations	$	149,536		$	174,589		$	352,593		$	347,771
	Loss from discontinued operations	1			(19		)	(14		)	(19		)
	Net income	149,537			174,570			352,579			347,752
	Adjustment for basic earnings per share:
	Earnings allocated to unvested shareholders	(948		)	(1,035		)	(2,212		)	(2,027		)
	Numerator for basic earnings per share:
	From continuing operations	148,588			173,554			350,381			345,744
	From discontinued operations	1			(19		)	(14		)	(19		)
		148,589			173,535			350,367			345,725
	Adjustment for diluted earnings per share:
	Effect of reallocating undistributed earnings of unvested shareholders	3			8			9			17
	Numerator for diluted earnings per share:
	From continuing operations	148,591			173,562			350,390			345,761
	From discontinued operations	1			(19		)	(14		)	(19		)
		$	148,592		$	173,543		$	350,376		$	345,742
	Denominator:
	Denominator for basic earnings per share — weighted-average shares	107,646			107,692			107,812			107,417
	Effect of dilutive shares from stock options and restricted stock	724			1,389			808			1,528
	Denominator for diluted earnings per share — adjusted weighted-average shares	108,370			109,081			108,620			108,945
	Basic earnings per common share:
	Income from continuing operations	$	1.38		$	1.61		$	3.25		$	3.22
	Income from discontinued operations	—			—			—			—
	Net income	$	1.38		$	1.61		$	3.25		$	3.22
	Diluted earnings per common share:
	Income from continuing operations	$	1.37		$	1.59		$	3.23		$	3.17
	Income from discontinued operations	—			—			—			—
	Net income	$	1.37		$	1.59		$	3.23		$	3.17
Shares attributable to outstanding equity awards excluded from the calculation of diluted earnings per share
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands, except per share amounts)
	Shares excluded from calculation of diluted earnings per share	667			215			667			256
	Weighted-average price per share	$	72.85		$	79.67		$	72.85		$	79.67

Financial_Instruments_and_Fair1

Financial Instruments and Fair Value Measurement (Tables)	6 Months Ended
	Mar. 31, 2015
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 March 31, 2015	$	64,462	$	86,986	$	—	$	151,448
	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 March 31, 2015:
				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	$	719,127	$	719,127	$	—	$	—
	Equity securities	151,448		151,448		—		—
	Other current assets	36,340		36,090		250		—
	Other assets	2,000		2,000		—		—
	Total assets measured at fair value	$	908,915	$	908,665	$	250	$	—
Summary of supplemental fair value information about long-term fixed-rate debt
		March 31,		September 30,
		2015		2014
		(in millions)
	Carrying value of long-term fixed-rate debt	$	572.1	$	79.0
	Fair value of long-term fixed-rate debt	$	597.2	$	84.3

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	6 Months Ended
	Mar. 31, 2015
SHAREHOLDERS' EQUITY
Schedule of accumulated other comprehensive income (loss)
		March 31,			September 30,
		2015			2014
		(in thousands)
	Pre-tax amounts:
	Unrealized appreciation on securities	$	86,986		$	157,838
	Unrecognized actuarial loss	(22,787		)	(23,405		)
		$	64,199		$	134,433
	After-tax amounts:
	Unrealized appreciation on securities	$	53,971		$	97,418
	Unrecognized actuarial loss	(13,899		)	(14,292		)
		$	40,072		$	83,126
Summary of the changes in accumulated other comprehensive income (loss), net of tax, by component
		Three Months Ended March 31, 2015
		Unrealized
		Appreciation			Defined
		(Depreciation) on
		Available-for-sale			Benefit
		Securities			Pension Plan			Total
		(in thousands)
	Balances at January 1, 2015	$	55,174		$	(14,096	)	$	41,078
	Other comprehensive loss before reclassifications	(1,203		)	—			(1,203		)
	Amounts reclassified from accumulated other comprehensive income (loss)	—			197			197
	Net current-period other comprehensive income (loss)	(1,203		)	197			(1,006		)
	Balances at March 31, 2015	$	53,971		$	(13,899	)	$	40,072
		Six Months Ended March 31, 2015
		Unrealized
		Appreciation			Defined
		(Depreciation) on
		Available-for-sale			Benefit
		Securities			Pension Plan			Total
		(in thousands)
	Balances at October 1, 2014	$	97,418		$	(14,292	)	$	83,126
	Other comprehensive loss before reclassifications	(43,447		)	—			(43,447		)
	Amounts reclassified from accumulated other comprehensive income (loss)	—			393			393
	Net current-period other comprehensive income (loss)	(43,447		)	393			(43,054		)
	Balances at March 31, 2015	$	53,971		$	(13,899	)	$	40,072
Schedule of accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income
		Amount Reclassified from Accumulated
		Other Comprehensive Income (Loss)
	Details About Accumulated Other	Three Months Ended						Six Months Ended						Affected Line Item in the
	Comprehensive Income	March 31,						March 31,						Condensed Consolidated
	(Loss) Components	2015			2014			2015			2014			Statement of Income
		(in thousands)						(in thousands)
	Unrealized gains on available-for-sale securities	$	—		$	(21,352	)	$	—		$	(21,352	)	Gain on sale of investment securities
		—			8,468			—			8,468			Income tax provision
		$	—		$	(12,884	)	$	—		$	(12,884	)	Net of tax
	Defined Benefit Pension Items Amortization of net actuarial loss	$	309		$	229		$	618		$	458		General and administrative
		(112		)	(84		)	(225		)	(166		)	Income tax provision
		$	197		$	145		$	393		$	292		Net of tax
	Total reclassifications for the period	$	197		$	(12,739	)	$	393		$	(12,592	)

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Mar. 31, 2015
Stock-Based Compensation
Summary of compensation cost for stock-based payment arrangements recognized in general and administrative expense
			Three Months Ended						Six Months Ended
			March 31,						March 31,
			2015			2014			2015			2014
			(in thousands)						(in thousands)
	Compensation expense
	Stock options		$	1,908		$	1,989		$	4,970		$	5,642
	Restricted stock		4,189			3,805			8,109			7,162
			$	6,097		$	5,794		$	13,079		$	12,804
Summary of weighted-average assumptions utilized in determining the fair value of options granted
			2015		2014
	Risk-free interest rate		1.7	%	1.6	%
	Expected stock volatility		36.9	%	52.6	%
	Dividend yield		3.9	%	3.1	%
	Expected term (in years)		5.5		5.5
Summary of stock option activity
			Three Months Ended March 31, 2015
								Weighted-
					Weighted-			Average		Aggregate
					Average			Remaining		Intrinsic
			Shares		Exercise			Contractual Term		Value
	Options		(in thousands)		Price			(in years)		(in millions)
	Outstanding at January 1, 2015		2,931		$	47.96
	Granted		—		—
	Exercised		(20	)	51.38
	Forfeited/Expired		(2	)	76.68
	Outstanding at March 31, 2015		2,909		$	47.91		5.6		$	61.8
	Vested and expected to vest at March 31, 2015		2,902		$	47.86		5.6		$	61.8
	Exercisable at March 31, 2015		2,147		$	41.22		4.6		$	58.7
			Six Months Ended
			March 31, 2015
					Weighted-
					Average
			Shares		Exercise
	Options		(in thousands)		Price
	Outstanding at October 1, 2014		2,629		$	43.46
	Granted		420		68.83
	Exercised		(124	)	21.56
	Forfeited/Expired		(16	)	68.59
	Outstanding at March 31, 2015		2,909		$	47.91
Summary of restricted stock awards and changes in restricted stock outstanding
			Six Months Ended
			March 31, 2015
					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		(8	)	66.51
	Unvested at March 31, 2015		687		$	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)	6 Months Ended
	Mar. 31, 2015
Debt
Components of unsecured long-term debt outstanding
								Unamortized Discount and
		Principal						Debt Issuance Costs
		March 31,			September 30,			March 31,			September 30,
		2015			2014			2015			2014
		(in thousands)
	Unsecured senior notes issued July 21, 2009:
	Due July 21, 2015	$	40,000		$	40,000		$	112		$	141
	Due July 21, 2016	40,000			40,000			113			141
	Unsecured revolving credit facility issued May 25, 2012	—			—			471			581
	Unsecured senior notes issued March 19, 2015:
	Due March 19, 2025	500,000			—			7,189			—
		580,000			80,000			7,885			863
	Less long-term debt due within one year	(40,000		)	(40,000		)	(793		)	(365		)
	Long-term debt	$	540,000		$	40,000		$	7,092		$	498

Segment_Information_Tables

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2015
Segment Information
Summary of financial information of the entity's reportable segments for continuing operations	Summarized financial information of our reportable segments for the six months ended March 31, 2015 and 2014 is shown in the following tables:
											Segment
		External			Inter-			Total			Operating
	(in thousands)	Sales			Segment			Sales			Income (Loss)
	March 31, 2015
	Contract Drilling:
	U.S. Land	$	1,608,510		$	—		$	1,608,510		$	542,988
	Offshore	132,099			—			132,099			40,553
	International Land	191,107			—			191,107			18,542
		1,931,716			—			1,931,716			602,083
	Other	7,921			442			8,363			(5,116		)
		1,939,637			442			1,940,079			596,967
	Eliminations	—			(442		)	(442		)	—
	Total	$	1,939,637		$	—		$	1,939,637		$	596,967
											Segment
		External			Inter-			Total			Operating
	(in thousands)	Sales			Segment			Sales			Income (Loss)
	March 31, 2014
	Contract Drilling:
	U.S. Land	$	1,473,465		$	—		$	1,473,465		$	496,014
	Offshore	122,330			—			122,330			37,841
	International Land	180,874			—			180,874			23,919
		1,776,669			—			1,776,669			557,774
	Other	5,913			431			6,344			(5,249		)
		1,782,582			431			1,783,013			552,525
	Eliminations	—			(431		)	(431		)	—
	Total	$	1,782,582		$	—		$	1,782,582		$	552,525
	Summarized financial information of our reportable segments for the three months ended March 31, 2015 and 2014 is shown in the following tables:
											Segment
		External			Inter-			Total			Operating
	(in thousands)	Sales			Segment			Sales			Income (Loss)
	March 31, 2015
	Contract Drilling:
	U.S. Land	$	718,463		$	—		$	718,463		$	224,866
	Offshore	62,626			—			62,626			19,069
	International Land	98,222			—			98,222			6,328
		879,311			—			879,311			250,263
	Other	3,741			220			3,961			(3,217		)
		883,052			220			883,272			247,046
	Eliminations	—			(220		)	(220		)	—
	Total	$	883,052		$	—		$	883,052		$	247,046
											Segment
		External			Inter-			Total			Operating
	(in thousands)	Sales			Segment			Sales			Income (Loss)
	March 31, 2014
	Contract Drilling:
	U.S. Land	$	741,791		$	—		$	741,791		$	245,062
	Offshore	63,276			—			63,276			19,343
	International Land	85,533			—			85,533			11,168
		890,600			—			890,600			275,573
	Other	2,830			211			3,041			(2,244		)
		893,430			211			893,641			273,329
	Eliminations	—			(211		)	(211		)	—
	Total	$	893,430		$	—		$	893,430		$	273,329
Schedule of reconciliation of segment operating income to income from continuing operations before income taxes
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands)						(in thousands)
	Segment operating income	$	247,046		$	273,329		$	596,967		$	552,525
	Income from asset sales	2,915			4,098			7,070			9,762
	Corporate general and administrative costs and corporate depreciation	(22,789		)	(22,085		)	(45,046		)	(42,914		)
	Operating income	227,172			255,342			558,991			519,373
	Other income (expense):
	Interest and dividend income	2,549			490			2,834			943
	Interest expense	(2,471		)	(1,725		)	(3,032		)	(2,919		)
	Gain on sale of investment securities	—			21,352			—			21,352
	Other	55			(32		)	369			(377		)
	Total other income (expense)	133			20,085			171			18,999
	Income from continuing operations before income taxes	$	227,305		$	275,427		$	559,162		$	538,372
Schedule of total assets by reportable segments
					September 30,
		March 31,			2014
		2015			(as adjusted)
		(in thousands)
	Total assets
	U.S. Land	$	5,482,725		$	5,259,947
	Offshore	117,813			137,101
	International Land	713,138			589,968
	Other	40,228			40,080
		6,353,904			6,027,096
	Investments and corporate operations	982,760			686,696
	Total assets from continued operations	7,336,664			6,713,792
	Discontinued operations	7,486			7,206
		$	7,344,150		$	6,720,998
Schedule of revenues from external customers by country based on the location of service provided
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands)						(in thousands)
	Operating revenues
	United States	$	778,637		$	800,775		$	1,734,918		$	1,589,466
	Argentina	39,480			26,695			64,563			53,054
	Colombia	22,903			21,064			46,354			47,794
	Ecuador	6,420			16,822			21,614			34,622
	Other foreign	35,612			28,074			72,188			57,646
	Total	$	883,052		$	893,430		$	1,939,637		$	1,782,582

Pensions_and_Other_Postretirem1

Pensions and Other Post-retirement Benefits (Tables)	6 Months Ended
	Mar. 31, 2015
Pensions and Other Post-retirement Benefits
Schedule of components of net periodic benefit cost
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
		(in thousands)						(in thousands)
	Interest cost	$	1,171		$	1,201		$	2,342		$	2,402
	Expected return on plan assets	(1,743		)	(1,664		)	(3,486		)	(3,328		)
	Recognized net actuarial loss	309			229			618			458
	Net pension expense	$	(263	)	$	(234	)	$	(526	)	$	(468	)

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Information
Schedule of supplement cash flow information
		Six Months Ended
		March 31,
		2015			2014
		(in thousands)
	Capital expenditures incurred	$	679,771		$	372,892
	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	(39,954		)	(45,403		)
	Capital expenditures per Consolidated Condensed Statements of Cash Flows	$	763,365		$	356,753

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
	item
CONSOLIDATED CONDENSED BALANCE SHEETS
Prepaid expenses and other	$79,132,000	$79,132,000		$79,132,000		$80,912,000
Total current assets	1,568,369,000	1,568,369,000		1,568,369,000		1,277,001,000
Other assets	38,315,000	38,315,000		38,315,000		18,809,000
Total assets	7,344,150,000	7,344,150,000		7,344,150,000		6,720,998,000
Long-term debt due within one year less unamortized debt issuance costs	39,207,000	39,207,000		39,207,000		39,635,000
Total current liabilities	391,145,000	391,145,000		391,145,000		507,161,000
Long-term debt less unamortized discount and debt issuance costs	532,908,000	532,908,000		532,908,000		39,502,000
Total noncurrent liabilities	1,950,629,000	1,950,629,000		1,950,629,000		1,322,860,000
Total liabilities and shareholders' equity	7,344,150,000	7,344,150,000		7,344,150,000		6,720,998,000
Early Termination Revenue		71,700,000	0	95,100,000	9,900,000
Abandonments		10,200,000	1,800,000	12,200,000	3,700,000
Number of SCR powered FlexRigs decommissioned	17
Number of idle FlexRigs1 decommissioned	6
Number of idle FlexRigs2 decommissioned	11
Previously Reported
CONSOLIDATED CONDENSED BALANCE SHEETS
Prepaid expenses and other						81,277,000
Total current assets						1,277,366,000
Other assets						19,307,000
Total assets						6,721,861,000
Long-term debt due within one year less unamortized debt issuance costs						40,000,000
Total current liabilities						507,526,000
Long-term debt less unamortized discount and debt issuance costs						40,000,000
Total noncurrent liabilities						1,323,358,000
Total liabilities and shareholders' equity						6,721,861,000
Effect of Accounting Principle Change
CONSOLIDATED CONDENSED BALANCE SHEETS
Prepaid expenses and other						-365,000
Total current assets						-365,000
Other assets						-498,000
Total assets						-863,000
Long-term debt due within one year less unamortized debt issuance costs						-365,000
Total current liabilities						-365,000
Long-term debt less unamortized discount and debt issuance costs						-498,000
Total noncurrent liabilities						-498,000
Total liabilities and shareholders' equity						($863,000)

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Income from continuing operations	$149,536	$174,589	$352,593	$347,771
Loss from discontinued operations	1	-19	-14	-19
NET INCOME	149,537	174,570	352,579	347,752
Adjustment for basic earnings per share:
Earnings allocated to unvested shareholders	-948	-1,035	-2,212	-2,027
Numerator for basic earnings per share:
From continuing operations	148,588	173,554	350,381	345,744
From discontinued operations	1	-19	-14	-19
Net income (loss) attributable to parent, basic	148,589	173,535	350,367	345,725
Adjustment for diluted earnings per share:
Effect of reallocating undistributed earnings of unvested shareholders	3	8	9	17
Numerator for diluted earnings per share:
From continuing operations	148,591	173,562	350,390	345,761
From discontinued operations	1	-19	-14	-19
Net income (loss) attributable to parent, diluted	$148,592	$173,543	$350,376	$345,742
Denominator:
Denominator for basic earnings per share - weighted-average shares	107,646	107,692	107,812	107,417
Effect of dilutive shares from stock options and restricted stock (in shares)	724	1,389	808	1,528
Denominator for diluted earnings per share - adjusted weighted-average shares	108,370	109,081	108,620	108,945
Basic earnings per common share:
Income from continuing operations (in dollars per share)	$1.38	$1.61	$3.25	$3.22
Net income (in dollars per share)	$1.38	$1.61	$3.25	$3.22
Diluted earnings per common share:
Income from continuing operations (in dollars per share)	$1.37	$1.59	$3.23	$3.17
Net income (in dollars per share)	$1.37	$1.59	$3.23	$3.17
Outstanding equity awards
Shares excluded from calculation of diluted earnings per share	667	215	667	256
Weighted-average price per share (in dollars per share)	$72.85	$79.67	$72.85	$79.67

Financial_Instruments_and_Fair2

Financial Instruments and Fair Value Measurement (Details) (USD $)	3 Months Ended	6 Months Ended
	Mar. 31, 2014	Mar. 31, 2015	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		$13,200,000	$14,300,000
Equity securities
Available-for-sale securities
Cost		64,462,000	64,462,000
Gross Unrealized Gains		86,986,000	157,838,000
Estimated Fair Value		151,448,000	222,300,000
Equity available-for-sale securities sold, fair value	23,300,000	0
Total gross realized gain on such sales of available-for-sale securities	$21,400,000

Financial_Instruments_and_Fair3

Financial Instruments and Fair Value Measurement (Details 2) (USD $)	Mar. 31, 2015	Sep. 30, 2014
Supplemental fair value information about long-term fixed-rate debt
Carrying value of long-term fixed-rate debt	$572,100,000	$79,000,000
Fixed-rate debt	580,000,000	80,000,000
Unsecured senior notes issued July 21, 2009
Supplemental fair value information about long-term fixed-rate debt
Fixed-rate debt	80,000,000
Unsecured senior notes issued March 19, 2015
Supplemental fair value information about long-term fixed-rate debt
Fixed-rate debt	500,000,000
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets:
Cash and cash equivalents	719,127,000
Equity securities	151,448,000
Other current assets	36,090,000
Other assets	2,000,000
Total assets measured at fair value	908,665,000
Significant Other Observable Inputs (Level 2)
Supplemental fair value information about long-term fixed-rate debt
Fair value of long-term fixed-rate debt	597,200,000	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	719,127,000
Equity securities	151,448,000
Other current assets	36,340,000
Other assets	2,000,000
Total assets measured at fair value	$908,915,000

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2014	Dec. 31, 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	64,199	134,433
After-tax amounts:
Accumulated other comprehensive income	40,072	83,126	41,078
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	86,986	157,838
After-tax amounts:
Accumulated other comprehensive income	53,971	97,418	55,174
Defined Benefit Pension Plan
Pre-tax amounts:
Accumulated other comprehensive income (loss) before tax	-22,787	-23,405
After-tax amounts:
Accumulated other comprehensive income	($13,899)	($14,292)	($14,096)

Shareholders_Equity_Details_2

Shareholders' Equity (Details 2) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2015
Changes in accumulated other comprehensive income (loss), net of tax, by component
Balance	$41,078	$83,126
Other comprehensive income (loss) before reclassifications	-1,203	-43,447
Amounts reclassified from accumulated other comprehensive income (loss)	197	393
Net current-period other comprehensive income (loss)	-1,006	-43,054
Balance	40,072	40,072
Unrealized Appreciation (Depreciation) on Available-for-sale Securities
Changes in accumulated other comprehensive income (loss), net of tax, by component
Balance	55,174	97,418
Other comprehensive income (loss) before reclassifications	-1,203	-43,447
Net current-period other comprehensive income (loss)	-1,203	-43,447
Balance	53,971	53,971
Defined Benefit Pension Plan
Changes in accumulated other comprehensive income (loss), net of tax, by component
Balance	-14,096	-14,292
Amounts reclassified from accumulated other comprehensive income (loss)	197	393
Net current-period other comprehensive income (loss)	197	393
Balance	($13,899)	($13,899)

Shareholders_Equity_Details_3

Shareholders' Equity (Details 3) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income
Gain on sale of investment securities		($21,352)		($21,352)
General and administrative	34,902	34,431	67,809	66,674
Income tax provision	77,769	100,838	206,569	190,601
Net of tax	-149,537	-174,570	-352,579	-347,752
Reclassification out of AOCI
Accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income
Net of tax	197	-12,739	393	-12,592
Reclassification out of AOCI | Unrealized Appreciation (Depreciation) on Available-for-sale Securities
Accumulated other comprehensive income (loss) components which were reclassified to the Condensed Consolidated Statement of Income
Gain on sale of investment securities		-21,352		-21,352
Income tax provision		8,468		8,468
Net of tax		-12,884		-12,884
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	229	618	458
Income tax provision	-112	-84	-225	-166
Net of tax	$197	$145	$393	$292

Cash_Dividends_Details

Cash Dividends (Details) (USD $)	0 Months Ended			3 Months Ended		6 Months Ended
	Mar. 04, 2015	Mar. 02, 2015	Dec. 02, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Cash Dividends
Cash dividends declared, per share (in dollars per share)	$0.69		$0.69	$0.69	$0.63	$1.38	$1.25
Cash dividend paid, per share (in dollars per share)		$0.69

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended			6 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Common-stock based award plan
Number of prior equity plans				1
Compensation expense (in dollars)	$6,097,000		$5,794,000	$13,079,000	$12,804,000
Stock options
Common-stock based award plan
The period from the grant date after which options expire				10 years
Compensation expense (in dollars)	1,908,000		1,989,000	4,970,000	5,642,000
Weighted-average assumptions utilized in determining the fair value of options
Risk-free interest rate (as a percent)				1.70%	1.60%
Expected stock volatility (as a percent)				36.90%	52.60%
Dividend yield (as a percent)				3.90%	3.10%
Expected term				5 years 6 months	5 years 6 months
Options
Options outstanding at the beginning of the period (in shares)	2,931,000	2,629,000		2,629,000
Granted (in shares)				419,585
Exercised (in shares)	-20,000			-124,000
Forfeited/Expired (in shares)	-2,000			-16,000
Option outstanding at the end of the period (in shares)	2,909,000	2,931,000		2,909,000
Vested and expected to vest at the end of the period (in shares)	2,902,000			2,902,000
Exercisable at the end of the period (in shares)	2,147,000			2,147,000
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$47.96	$43.46		$43.46
Granted (in dollars per share)				$68.83
Exercised (in dollars per share)	$51.38			$21.56
Forfeited/Expired (in dollars per share)	$76.68			$68.59
Outstanding at the end of the period (in dollars per share)	$47.91	$47.96		$47.91
Vested and expected to vest at the end of the period (in dollars per share)	$47.86			$47.86
Exercisable at the end of the period (in dollars per share)	$41.22			$41.22
Weighted- Average Remaining Contractual Term
Outstanding at the end of the period	5 years 7 months 6 days
Vested and expected to vest at the end of the period	5 years 7 months 6 days
Exercisable at the end of the period	4 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding at the end of the period (in dollars)	61,800,000			61,800,000
Vested and expected to vest at the end of the period (in dollars)	61,800,000			61,800,000
Exercisable at the end of the period (in dollars)	58,700,000			58,700,000
Weighted-average fair value of options granted (in dollars per share)		$16.39
Total intrinsic value of options exercised (in dollars)	300,000			7,200,000
Unrecognized compensation cost (in dollars)	9,200,000			9,200,000
Weighted-average period over which unrecognized compensation cost is expected to be recognized				2 years 9 months 18 days
Restricted stock
Common-stock based award plan
Compensation expense (in dollars)	4,189,000		3,805,000	8,109,000	7,162,000
Aggregate Intrinsic Value
Unrecognized compensation cost (in dollars)	$29,900,000			$29,900,000
Weighted-average period over which unrecognized compensation cost is expected to be recognized				2 years 8 months 12 days
Restricted stock awards activity, shares
Unvested at the beginning of the period (in shares)		634,000		634,000
Granted (in shares)				275,250
Vested (in shares)				-214,000
Forfeited/Expired (in shares)				-8,000
Unvested at the end of the period (in shares)	687,000			687,000
Restricted stock awards activity, weighted average grant date fair value
Unvested at the beginning of the period (in dollars per share)		$64.03		$64.03
Granted (in dollars per share)				$68.83
Vested (in dollars per share)				$54.18
Forfeited/Expired (in dollars per share)				$66.51
Unvested at the end of the period (in dollars per share)	$66.93			$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 $)	6 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 19, 2015	Sep. 30, 2014
Debt
Unsecured long-term debt	$580,000,000		$80,000,000
Less long-term debt due within one year	-40,000,000		-40,000,000
Long-term debt	540,000,000		40,000,000
Unamortized discount and debt issuance costs	7,885,000		863,000
Less unamortized debt issuance costs	-793,000		-365,000
Unamortized discount and debt issuance costs, noncurrent	7,092,000		498,000
Proceeds from senior notes, net of discount	492,791,000
Issued to support international operations
Debt
Number of letters of credit outstanding	2
Letters of credit outstanding/issued	12,000,000
Unsecured revolving credit facility issued May 25, 2012
Debt
Unamortized discount and debt issuance costs	471,000		581,000
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	251,800,000
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	48,200,000
Unsecured revolving credit facility mature May 25, 2017 | Letter of credit supporting an overdraft facility
Debt
Number of letters of credit outstanding with overdraft facility	1
Letters of credit outstanding/issued	21,000,000
Annual interest rate on line of credit overdraft facility	30.00%
Unsecured Line of Credit in international location
Debt
Long-term debt stated interest rate percentage	7.00%
Available borrowing capacity to use for letters of credit	9,500,000
Borrowing amount outstanding	0
Unsecured Line of Credit in international location | Working capital
Debt
Available borrowing capacity to use for letters of credit	7,000,000
Unsecured Line of Credit in international location | Bank guarantees
Debt
Available borrowing capacity to use for letters of credit	2,500,000
Unsecured senior notes issued July 21, 2009
Debt
Unsecured 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
Debt
Unsecured long-term debt	40,000,000		40,000,000
Unamortized discount and debt issuance costs	112,000		141,000
Due July 21, 2016
Debt
Unsecured long-term debt	40,000,000		40,000,000
Unamortized discount and debt issuance costs	113,000		141,000
Unsecured senior notes issued March 19, 2015
Debt
Unsecured long-term debt	500,000,000
Unamortized discount and debt issuance costs	7,189,000
Long-term debt stated interest rate percentage		4.65%
Debt issued		500,000,000
Term of debt		10 years
Proceeds from senior notes, net of discount		$492,800,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Taxes
Effective income tax rate (as a percent)	34.20%	36.60%	36.90%	35.40%
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
Uncertain tax positions including interest and penalties	$7		$7
Reasonably possible increase in the reserve for uncertain tax positions, low range	8.4		8.4
Possible increase in the reserve for uncertain tax positions, high range	$11		$11

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Mar. 31, 2015
In Millions, unless otherwise specified
Commitments and Contingencies
Purchase orders outstanding for drilling equipment	$205.20
Gain contingencies recognized in consolidated financial statements	$0

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Segment information
Sales	$883,052	$893,430	$1,939,637	$1,782,582
Segment Operating Income (Loss)	247,046	273,329	596,967	552,525
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	247,046	273,329	596,967	552,525
Income from asset sales	2,915	4,098	7,070	9,762
Corporate general and administrative costs and corporate depreciation	-22,789	-22,085	-45,046	-42,914
Operating income from continuing operations	227,172	255,342	558,991	519,373
Other income (expense):
Interest and dividend income	2,549	490	2,834	943
Interest expense	-2,471	-1,725	-3,032	-2,919
Gain on sale of investment securities		21,352		21,352
Other	55	-32	369	-377
Total other income (expense)	133	20,085	171	18,999
Income from continuing operations before income taxes	227,305	275,427	559,162	538,372
Other
Segment information
Sales	3,741	2,830	7,921	5,913
Segment Operating Income (Loss)	-3,217	-2,244	-5,116	-5,249
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	-3,217	-2,244	-5,116	-5,249
Operating segment
Segment information
Sales	883,272	893,641	1,940,079	1,783,013
Operating segment | Other
Segment information
Sales	3,961	3,041	8,363	6,344
Inter-Segment
Segment information
Sales	-220	-211	-442	-431
Inter-Segment | Other
Segment information
Sales	220	211	442	431
Contract Drilling:
Segment information
Sales	879,311	890,600	1,931,716	1,776,669
Segment Operating Income (Loss)	250,263	275,573	602,083	557,774
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	250,263	275,573	602,083	557,774
Contract Drilling: | U.S. Land
Segment information
Sales	718,463	741,791	1,608,510	1,473,465
Segment Operating Income (Loss)	224,866	245,062	542,988	496,014
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	224,866	245,062	542,988	496,014
Contract Drilling: | Offshore
Segment information
Sales	62,626	63,276	132,099	122,330
Segment Operating Income (Loss)	19,069	19,343	40,553	37,841
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	19,069	19,343	40,553	37,841
Contract Drilling: | International Land
Segment information
Sales	98,222	85,533	191,107	180,874
Segment Operating Income (Loss)	6,328	11,168	18,542	23,919
Reconciliation of segment operating income to income from continuing operations before income taxes
Segment operating income	6,328	11,168	18,542	23,919
Contract Drilling: | Operating segment
Segment information
Sales	879,311	890,600	1,931,716	1,776,669
Contract Drilling: | Operating segment | U.S. Land
Segment information
Sales	718,463	741,791	1,608,510	1,473,465
Contract Drilling: | Operating segment | Offshore
Segment information
Sales	62,626	63,276	132,099	122,330
Contract Drilling: | Operating segment | International Land
Segment information
Sales	$98,222	$85,533	$191,107	$180,874

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Segment information
Total assets	$7,344,150		$7,344,150		$6,720,998
Operating revenues	883,052	893,430	1,939,637	1,782,582
United States
Segment information
Operating revenues	778,637	800,775	1,734,918	1,589,466
Argentina
Segment information
Operating revenues	39,480	26,695	64,563	53,054
Colombia
Segment information
Operating revenues	22,903	21,064	46,354	47,794
Ecuador
Segment information
Operating revenues	6,420	16,822	21,614	34,622
Other foreign
Segment information
Operating revenues	35,612	28,074	72,188	57,646
Continued operations
Segment information
Total assets	7,336,664		7,336,664		6,713,792
Discontinued operations
Segment information
Total assets	7,486		7,486		7,206
Other
Segment information
Operating revenues	3,741	2,830	7,921	5,913
Operating segment
Segment information
Total assets	6,353,904		6,353,904		6,027,096
Operating revenues	883,272	893,641	1,940,079	1,783,013
Operating segment | U.S. Land
Segment information
Total assets	5,482,725		5,482,725		5,259,947
Operating segment | Offshore
Segment information
Total assets	117,813		117,813		137,101
Operating segment | International Land
Segment information
Total assets	713,138		713,138		589,968
Operating segment | Other
Segment information
Total assets	40,228		40,228		40,080
Operating revenues	3,961	3,041	8,363	6,344
Investments and corporate operations
Segment information
Total assets	$982,760		$982,760		$686,696

Pensions_and_Other_Postretirem2

Pensions and Other Post-retirement Benefits (Details) (USD $)	3 Months Ended		6 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	1-May-15
Components of Net Periodic Benefit Cost
Interest cost	$1,171,000	$1,201,000	$2,342,000	$2,402,000
Expected return on plan assets	-1,743,000	-1,664,000	-3,486,000	-3,328,000
Recognized net actuarial loss	309,000	229,000	618,000	458,000
Net pension expense	-263,000	-234,000	-526,000	-468,000
Subsequent Event.
Employer Contributions
Employer contribution					$2,000,000

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Reconciliation of total capital expenditures incurred to total capital expenditures in the consolidated statements of cash flows
Capital expenditures incurred	$679,771	$372,892
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	-39,954	-45,403
Capital expenditures per Consolidated Statements of Cash Flows	$763,365	$356,753

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015
Subsequent Event
Early termination revenue	$71.70	$0	$95.10	$9.90
U.S. Land | Scenario Forecast | Maximum | Subsequent Event.
Subsequent Event
Number of active rigs					150
U.S. Land | Scenario Forecast | Minimum | Subsequent Event.
Subsequent Event
Early termination revenue					$75