Helmerich & Payne is going through the important phase of its top leadership change as its Chairman and CEO, Hans Helmerich will be stepping down immediately after the company is able to successfully hold the Annual Stockholders' Meeting, on March 5, 2014. John W. Lindsay, President & COO will be assuming his new responsibilities as the new CEO of Helmerich & Payne. Never-the-less, Hans Helmerich will be continuing to perform his responsibilities as Chairman of the Board of Directors.
This change of hats event augurs well for HP as John Lindsay who has been with the company since 1987 has been at the heart of company operations throughout. His role as COO since Dec 2010 saw the company maintaining an impressive portfolio of operations even through the financial meltdown period. This ensured the continuous flow of revenue stream to the company during the times when other companies were struggling for their survival. HP seems to be set practicing new operations synergies and rig workout optimizations to ensure enhanced revenues.
It was this dire need and importance of the energy that made the oil and gas industry show its resilience even during the times of worst recession and financial meltdown. The oil prices along with the prices of commodities of other sectors dived nose down from the peak of US $145 in July 2008 to the bottom of US $30.28 but were quick to bounce back to US $100 in Jan 2011.
Even during these abysmal recessionary periods when the oil industry experienced the quick evaporation of revenue streams special arrangements were made to carry on with the exploration and production activities. This phenomenon can be best observed by reviewing the amounts of funds that were earmarked by the companies for exploration and production activities or through the performance of the drilling companies stocks during that particular period. Below simple line graph captures the performance of the HP share during the period 2009 to 2013.
HP because of its brilliant performance in the past and the imminent change of top management in the near future seems all set to perform majestically.