Good day, everyone, and welcome to today's Helmerich & Payne Fiscal Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer period. It is now my pleasure to turn today's call over to Vice President of Investor Relations, Dave Wilson, please go ahead.

Thank you, Ashley, and welcome, everyone, to Helmerich & Payne conference call and webcast for the third quarter of fiscal year 2023. With us today are John Lindsay, President and CEO; and Mark Smith, Senior Vice President and CFO. Both John and Mark will be sharing some comments with us, after which we'll open the call for questions. Before we begin our prepared remarks, I remind everyone that this call will include forward-looking statements as defined under the Securities Laws. Such statements are based on current information and management’s expectations as of this date and are not guarantees of future performance. Forward-looking statements involve certain risks, uncertainties, and assumptions that are difficult to predict. As such, our actual outcomes and results could differ materially. You can learn more about these risks in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other SEC filings. You should not place undue reliance on forward-looking statements, and we undertake no obligation to publicly update these forward-looking statements. We’ll also make reference to certain non-GAAP financial measures such as segment operating income, direct margin, and other operating statistics. You’ll find the GAAP reconciliation comments and calculations in yesterday’s press release. With that said, I’ll turn the call over to John Lindsay.

Thank you, Dave, and good morning, everyone. H&P delivered another outstanding quarter, driven by service quality, technology, and reliable execution, enabling us to deliver quality outcomes for our customers. H&P's financial results for the third fiscal quarter were significant for a few reasons. First, they demonstrate that we are achieving economic returns in the low to mid-teens, which are just above our cost of capital. Second, these financial results were achieved during a slow period when rig activity was declining primarily due to weak natural gas prices. This demonstrates that contract economics rather than market share drove the company's financial performance this quarter. Finally, these results highlight the behavioral change that has transpired within the energy industry, one that reflects fiscal prudence and capital allocation. Uncertainty continued during the third fiscal quarter and was mostly centered around the macro outlook for crude oil and natural gas prices. While this created an underlying sense of apprehension in the US drilling market during the quarter, recent readings are more confident, and we're sensing some optimism on the horizon. In the near term, we believe that US rig activity declines will continue into the September-ended quarter, although at a more modest pace than experienced thus far this calendar year. We see these declines as more of a function of customer budget and production discipline rather than a response to short-term commodity price movements, which is a prime example of the behavioral change in the industry. Having already received some promising indications, we expect to see an increase in rig activity during the fourth calendar quarter as our customers establish their capital budgets for 2024. Commodity prices remain attractive, and we see the customer outlook being more positive regarding medium and long-term energy fundamentals. We believe there will be an increase in the demand for rigs relative to current levels due to fundamental supply and demand dynamics that are inherent in the industry. The major industry theme is service intensity. Our customers continue to do more with their acreage positions to drive stronger well economics. These desires typically require that our equipment works harder than ever. Laterals were longer, circulating pressures are higher to drill these wells and keep up with customer needs, and this drives costs higher. Our customers benefit from reliability, faster well cycles, and better well quality, all of which lowers the total well cost. Our operations and sales teams are working more closely than ever with the customer to deliver more collaborative solutions. In the face of recent rig count declines, we've been able to remain firm on our contractual economics by working with and collaborating closely with customers on alternative contract models. Our primary commercial model is using performance contracts combined with our technology solutions. Having the operational confidence in our ability to consistently execute enables H&P to enter into alternative contractual arrangements, including our automation solutions, which can result in win-win economics for both customer and H&P. Today, we have approximately 51% of our active fleet using performance-based contracts, which is a high point since we implemented this new commercial model in 2019. Even with these ongoing efforts, we are anticipating our North America Solutions margins in the fourth fiscal quarter to compress slightly as the rigs idled during the second half of our fiscal year have been mainly in the spot market and had contractual margins above the overall fleet average. In short, the absence of those rigs, which had leading-edge revenues and margins will likely result in a modest decline in North America Solutions margins during the fourth fiscal quarter. Expanding our international footprint remains a core strategy for the company, but it is unfolding at a slower pace than expected. Our FlexRig in Australia is scheduled to commence drilling soon. We look forward to demonstrating our expertise in drilling efficiencies and the power of our technology platform for our customer, Tamboran, as they work to unlock the unconventional resources of the Beetaloo Basin in the Northern Territory. Additionally, we plan to send a second super-spec rig to the Middle East in anticipation of the pending results of an unconventional tender. This would become our first unconventional rig award in the Middle East. Activities in our other international markets look to remain relatively steady for the foreseeable future. Capital returns to shareholders remains a priority for the company. Mark will give more specific details, but we repurchased approximately 3.2 million shares for roughly $103 million in the fiscal quarter. Fiscal year-to-date, we have returned approximately $451 million of capital to shareholders through base and supplemental dividends together with share repurchases. In closing, we remain optimistic that the political and economic uncertainty over the past several quarters, which has impacted the global crude oil and natural gas markets is abating. During the third fiscal quarter, we once again achieved returns in excess of our cost of capital. And moving forward, our focus will remain on maintaining these levels of returns while delivering superior economic outcomes to our customers. This level of performance is possible because of the service attitude of our people, and their ability to deliver value through drilling efficiencies and technology in collaboration with our customers. And now I will turn the call over to Mark.

Thanks, John. Today, I will review our fiscal third quarter 2023 operating results, provide guidance for the fourth quarter, update remaining full fiscal year 2023 guidance as appropriate, and comment on our financial position. Let me start with highlights for the recently completed third fiscal quarter ended June 30, 2023. The company generated quarterly revenues of $724 million versus $769 million from the previous quarter. As expected, the quarterly decrease in revenue was due primarily to sequentially lower average rig count. Total direct operating costs were $430 million for the third quarter versus $450 million for the previous quarter. The sequential decrease is also attributable to the lower average rig count in North America solutions. General and administrative expenses were approximately $49 million for the third quarter. For the full year, we still expect approximately $205 million with the implied sequential increase driven by the timing of professional services and software fees. During the third quarter, we recognized a loss of approximately $19 million, primarily related to the change in the fair market value of our equity investments which is reported as a part of loss on investment securities in our consolidated statement of operations. Our Q3 effective tax rate was approximately 30%, which was slightly above our previously guided range for the quarter due to certain discrete tax adjustments and incremental foreign taxes. We still expect the full year effective tax rate to range between 23% and 28%. To summarize, this quarter's consolidated results, H&P earned a profit of $0.93 per diluted share versus $1.55 in the previous quarter. As highlighted in our press release, the third quarter earnings per share were negatively impacted by a net $0.16 loss per share of select items consisting primarily of the aforementioned loss on investment securities. Absent these select items, adjusted diluted earnings per share were $1.09 in the third fiscal quarter versus an adjusted $1.26 during the second fiscal quarter. Capital expenditures for the third quarter of fiscal 2023 were $100 million, which was $15 million more than the previous quarter spend. I will comment later on our revised fiscal 2023 capital expenditure guidance. H&P generated approximately $293 million in operating cash flow during the third quarter of 2023. I will address the company's cash position later in my remarks. Turning to our other three segments, beginning with the North America Solutions segment. We averaged 166 contracted rigs during the third quarter, down from an average of 183 rigs in fiscal Q2, the exit rig count of 153 was slightly less than our guided range of between 155 and 160 as rigs were released for multiple reasons, including customers exceeding their production targets, customer budget exhaustion, and weak natural gas price levels. This softening in activity caused revenues to decrease sequentially by $34 million. Segment direct margin was $277 million, which was within our April guidance, but sequentially lower than the previous quarter, which came in at $296 million. Performance contracts are made up of approximately 50% of total contracted rigs in the third quarter. Total segment expenses increased to $18,700 per day in the third quarter from $18,300 per day in the second quarter. Included in the third quarter figure was a select item of approximately $270 per day related to a contingent earn-out liability adjustment for a previous acquisition. Looking ahead to the fourth quarter of fiscal 2023 for North America Solutions. Today, we have 149 rigs contracted, 147 of which are super-spec rigs, and we project some continued softening during the current quarter, which will leave between 141 and 147 contracted rigs at the end of the fourth fiscal quarter. As we moved through Q3, oil price volatility and forward macro uncertainty were a topic of concern for customers. As we ended Q3 and headed into Q4, we had additional rig releases related to more customer budget exhaustion, customers not wanting to outgrow their production levels, and some recent customer M&A activity. This led to more releases than we had line of sight to just a couple of months ago. This corresponding decrease in the number of units working will result in lower North America solution revenue levels for Q4 than we previously expected. That said, I would reiterate what John mentioned regarding customer discussions about rig additions in calendar Q4 and how those lead us to believe that we may be reaching a bottom for US rig activity. Our current revenue backlog from our North America Solutions fleet is roughly $900 million for rigs under term contract. As of today, approximately 62% of the US active fleet is on a term contract. Average pricing per day should remain relatively flat to slightly down, as high-rate spot rig releases are offset to some extent by legacy term rate rollovers. If we see the aforementioned pickup in activity in calendar Q4, we would expect our average pricing levels to continue. In the North America segment, we expect direct margins in fiscal Q4 to range between $230 million to $250 million due to the sequential decline in activity levels. We currently expect fourth quarter per day cost to remain flat at approximately $18,700 per day. This per day cost is elevated from our expectations a couple of quarters ago, due to the idling of rigs in the third and fourth quarters, which results in the overhead absorption being spread over a smaller number of active rigs. As John mentioned, when we look beyond fiscal Q4 to calendar year-end, we believe more rigs will be put back to work, which should reverse some of the near-term impact overhead absorption has on daily costs moving forward in fiscal 2024. Next to our International Solutions segment. International Solutions activity ended the third fiscal quarter with 13 rigs drilling on contract. International Solutions results were slightly below previous guidance, due to higher-than-expected costs. As we look toward the fourth quarter of fiscal 2023 for international, as John mentioned, we anticipate beginning drilling operations in mid-fourth quarter with the rig that was mobilized to Australia in the third quarter. Expenses associated with advancing our Middle East hub are expected to continue but at a much lower rate as we wrap up many of our planned preparations, as John mentioned, we are hopeful that those efforts to date will result in an award from a recent tender process. In the fourth quarter, we expect to earn $8 million to $11 million in direct margin aside from any foreign exchange impacts. Finally, to our Offshore Gulf of Mexico segment. We had four of our seven offshore platform rigs contracted, one of which was on a demobilization rate that the customer has reached the end of its multiyear drilling program. We have active management contracts on three customer-owned rigs, one of which is on active rate. The offshore segment generated a direct margin of $7.3 million during the quarter, which was in line with our estimate. As we look toward the fourth quarter of fiscal 2023 for the offshore Gulf of Mexico segment, one of our platform rigs should complete its demobilization this next week, and we expect offshore will generate between $6 million to $8 million of direct margin in Q4. Let me update full fiscal year 2023 guidance as appropriate. Capital expenditures for the full fiscal 2023 year are now expected to be approximately $400 million which is a $25 million decrease from our prior guidance range of midpoint. Although we expect the timing of our CapEx spend to vary from quarter-to-quarter, supply chain delays have continued to push some planned maintenance CapEx from fiscal 2023 to fiscal 2024. In particular, some of our planned component overhauls have been delayed due to lags in obtaining certain parts. As previously mentioned, our expectations for general and administrative expenses for the full fiscal 2023 year remained $205 million. We are still estimating our annual effective tax rate to be in the range of 23% to 28% with the variance above the US statutory rate of 21% attributed to permanent book-to-tax differences and state and foreign income taxes. Through Q3, we have paid cash tax of approximately $156 million, and we're projecting to pay $25 million to $50 million for the remainder of the fiscal year, resulting in an annual cash tax range of $180 million to $205 million. Now looking at our financial position. H&P hedged cash and short-term investments of approximately $293 million at June 30 versus an equivalent $245 million in March 31. The sequentially increased cash balance is largely attributable to working capital unlock. Including availability under our revolving credit facility, our liquidity remains relatively flat at just over $1 billion, approximately 3.2 million shares were repurchased in fiscal Q3 for about $103 million. Fiscal 2023 repurchases have totaled 6.5 million shares thus far or about $249 million. The repurchases today are at an average price of about $38 per share and have reduced shares outstanding from the beginning of fiscal 2023 by approximately 6%, there are 1.3 million shares remaining under the calendar 2023 authorization of 7 million shares. As John indicated earlier, this fiscal year-to-date, including share repurchases and dividends paid and declared, the company has returned approximately $451 million of capital to shareholders as follows: $104 million in base dividends, $98 million in supplemental dividends and $249 million in share repurchases. Each of these items, the repurchases of the base and supplemental dividends encompass the capital allocation and shareholder return model that we announced in October at the beginning of fiscal 2023. Looking ahead to fiscal 2024, we will refresh that model in our annual budgeting process, taking into consideration various factors, including expected activity levels, planned capital expenditure levels, and anticipated cash flow margin. We will discuss this plan on our November call. Finally, a follow-up on John's comments about returns just above cost of capital. On our November 2022 call, we discussed our plan and our need to focus on achieving positive returns as measured in ROIC. In this current fiscal year, we have achieved that necessary step for our shareholders for the first time since 2014. H&P's return focus combined with our capital allocation execution underscores our strategy to not only enhance the financial returns of the company but also increase the cash returns provided to shareholders. That concludes our prepared remarks for the third fiscal quarter. Let me now turn the call over to Ashley for questions.

Thank you. We will take our first question from Doug Becker with Capital One. Please go ahead.

Thanks. John, you highlighted the promising indications from customers about increasing activity. I was hoping to get a little more color around the tenor of those conversations. I'm trying to get a sense of what makes you think it's bona fide incremental interest versus just kicking the tires or customer looking to play contractors off one another?

Well, Doug, it's still early in the year, but we have gotten that feedback. And again, I think it's consistent with the type of feedback that we've received in previous years. Obviously, in July, customers aren't talking specifically about their 2024 budgets, but we do expect that there will be a reset very similar to what we've seen in the last three years. As you think about their desire to be very disciplined in their budget and in their production profile. And as Mark mentioned, some of the releases that we've had have been really based on just that. It's customers getting to their production levels or getting to their budget levels as they forecast out through the rest of the year. So I mean, we think it's modified. We think the customers intend to pick up activity in calendar Q4. But again, it's still early. And we're obviously not in a position to guide toward what that rig count activity would be, but we're definitely seeing the response, and we're having the conversations.

That makes sense. And just when activity does start to pick up, would you expect H&P to add rigs back faster in the industry? And clearly, market share is a byproduct of your economic model. But I wanted to get a sense of it seems reasonable that you would pick up a little bit of market share when activity does pick up.

Well, we're hopeful that we would be in that position. I can say that the rigs that we've idled have been in a fashion such that they would be ready to go back to work very quickly, very easily, and at a very low cost. So I think we're positioned well from that perspective. Most of the conversations that we've had are with larger public companies, and obviously, that's over 70% of the work that we do historically comes from large public E&Ps. So I think we're positioned well from that perspective. And obviously, that would be our hope.

And then just a quick last one. You gave the preliminary outlook for the 2024 capital budget. If spending is effectively flat year-over-year, is it reasonable to assume the supplemental shareholder return plan would be flat as well?

Well, again, we're early in the cycle to be talking about it. We felt like it was important to bring that up. As I think about this and our conversations internally and with our Board, there's a great opportunity for us to do kind of an all of the above like we have been able to do with the base and the supplemental and opportunistic share buyback. So from our perspective with what we know right now, it seems reasonable. But again, it's early. We were just trying to give some estimate of how we were thinking about the budget without actually guiding to the budget.

That's right, Doug. I think the press release said at least from a CapEx perspective, as we mentioned in the prepared remarks, in the back half of this year, we're seeing more delays in the ability to execute on some of our maintenance CapEx, and we have to continue through with that because we really, as you know, back in the pandemic had to harvest and cannibalize a lot of parts, and we're still catching up with that. So we've not been able to execute on the full CapEx plan for this year, resulting in some of it being deferred to next year. So we just have to see what that is, move a little bit more through the summer into the fall, as John indicated, it's early. And as we get into the fall, we'll have a little bit more clarity on activity levels for fiscal 2024. So we marry that up with our full year 2024 expectations for CapEx, and then we'll see what the result ability is for the supplemental plan. But the three legs of that plan are certainly part of the DNA that we look to carry forward.

I wanted to touch on your comments around your daily margins recovering in calendar Q4. I would think that would actually be a continued trend downward just given higher spot markets rolling off, repricing below your fleet average there. Can you maybe just talk about what's going on where you see recovery, just the interplay between the day rate and the cost per day? And would this ultimately make calendar Q3 represent the profitability trough for this part of the cycle?

I'll start us off. Derek, it's Mark. We think our guidance indicates that the margins next quarter will be coming down modestly per day because of those spot roll offs. So that's probably next quarter if the trough in fact, is that it would be the calendar Q3, which is our fiscal Q4. But that's as far as we can see now. Again, we think we have from customer visibility, some add-backs in Q4 to start fiscal 2024. As it relates to pricing, we have quite a few term, legacy term contracts repricing, which helps offset the high-end spot contracts coming off. On the cost side, as I mentioned, I think we're holding pretty flat with cost across the organization with the exception of absorption from the lesser activity we've experienced last quarter in this coming quarter. If we, in fact, then get into calendar Q4, fiscal Q1 with more activity that can help alleviate that absorption issue really in the midterm. John, would you add anything?

I think you hit it.

Yeah. Just because in the press release, for calendar Q4, I know that's your fiscal Q1 2024, you can see daily margins expand from where they're going to go in your fiscal Q4?

Derek, I think, again, it's really hard to say at this point, and we sure don't want to try to guide for our first fiscal quarter, calendar Q4 in July. So again, we think from an activity perspective, we're going to hit the bottom here in the September quarter in our fourth fiscal quarter, and we see some activity improvements in calendar Q4 and again, on the pricing front, we can't – we don't know for sure where that's going to go. I mean, our expectation is that we're going to be able to maintain pricing. Mark already hit on the cost side of the equation, and the number of rigs we had back, obviously, had an influence on that.

Got it. Okay. That's all helpful. Maybe just talk about what we do hit bottom and start seeing the rig cover. Can you talk about where you expect the pockets of strength there, gas versus oil and maybe regionally by basin?

I think you have to believe that the Permian is going to continue to be strong. I mean, it's our largest area of operation by a wide margin. And so I think we will see some pickup in activity there. Of course, most of that's oil related. I do think there will be some pickup in activity in some of the gas basins, but it's really hard to see at this point. But that would be our expectation as activity improvements there. And I'm sure there will be some in the Eagle Ford as well.

Hi, good morning. And thank you for letting me on. Mark, in the press release, just circling back to the comments for the preliminary outlook for fiscal 2024 CapEx to be at least fiscal 2023 levels, recognizing it's really early, but I had to ask if you can make any comments about that, what that might assume for the Lower 48 rig count, but also if there's any color you can give on the level expected for international growth CapEx?

Thank you for the question, Dave. It’s early, so we want to clarify our position. What we see involves a few key elements. We are focused on catching up on maintenance capital expenditures. This maintenance spending will not be directly linked to a specific rig count level in 2024. Essentially, we need to invest in spare parts through our systems to maintain our over 99 percent revenue efficiency and uptime in our U.S. fleet, which is crucial for our customer service and solutions. We will be addressing this. I expect the maintenance capital expenditures to remain in an elevated range for this year, averaging between $1.1 million to $1.3 million per active rig annually. However, this may trend slightly higher due to the spare parts work mentioned. If we factor in a typical international offshore mix and some corporate spending, we align with the comments made in our press release.

All right. I appreciate it. And a follow-up for John, if I may, nice steady progress on increasing the mix of performance contracts. Wondering if you could give us any color on maybe how much of this mix is related to the decline in spot rig activity or if you're seeing customers who were not previously on performance contracts being more willing to adopt them.

Yeah, David, that's a great question. And it's a little bit of a mix of both as you can imagine in the contract mix as rigs are released. But there are some customers that continue to adopt performance-based contracts. They've seen it with some of our other customers and see great performance in a particular area. And we get feedback on that, and they decided to pursue that. So we're very pleased with that. And it continues to increase. And again, it's been a hard effort, long effort by our folks. But at the end of the day, what's great about it is, it is a win-win contract construct because the customer wins, and we win when we perform well. And our teams do a great job on the performance side. So I suspect that we'll continue to have more adoption over time.

And David, this is Mark again. I want to revisit your earlier question about CapEx. I believe I omitted one aspect for your calculations, which is the walking rig converging cadence we also mentioned in the press release. If we considered one per month, for example, that would bring us to the $400 million figure I referenced earlier. I just wanted to include that clarification.

Hi. Good morning, John and Mark.

Thank you.

Good morning.

I guess maybe a quick follow-up on the performance model and tying it up with some of the recent M&A in the industry. One of your large deals acquired a drill bit manufacturer and obviously, that allows them to integrate along the Bottom Hole Assembly, right? And clearly, it should give them more control and allows them to do more rate from an efficiency standpoint. If I think about performance-based models, is that or maybe something else along the lines of integrating down the wellbore. Does that make sense to you? How do you think about it from a big picture standpoint going forward?

I wasn't considering it from a bit manufacturing perspective. At H&P, we have a substantial amount of downhole data that we can use to enhance performance. Additionally, we have software solutions that support driving performance for our customers. The drill bit data you mentioned is largely data we already possess, which relates to the software we have in place, if that answers your question.

Okay. No, John, that was part of the question. I guess just to clarify, I was thinking from the perspective of controlling more things down the wellbore if you have control of that little bit or something else along the web, right? You're more in control of how efficient the well is being drilled, right? I'm just thinking from a performance standpoint, just having more components in the bottom hole assembly. Does that help you in the performance model going forward and thinking from a medium to long-term perspective, not just from a data but from a tool perspective?

Right. I don't really see that there's a connection back to the rig necessarily. But again, it's a great question. I don't really have that there's going to be a competitive advantage there.

I would just add, it's again, it's capital intensive, and we have said for many years as we look at ancillary businesses, where we prefer the software approach related to enhancing our overall drilling solutions. What John is talking about with software through our drill scan software, we have a lot of data about the bottom hole assembly and drilling in drove the preference. And remember, customers choose the drill bit completely separately from the rig. So we don't see necessarily a synergy there either.

Okay. No, thanks for that answer. And then just one quick clarification, maybe for both John and Mark. As you think about, I know it's early, right. But as you think about your fiscal 2024 supplemental shareholder return plan, I know you said that you still see the likes to the stores are sticking to the base dividend, the supplemental dividend, and the buyback. But as you look back at fiscal 2023 plan, I know it was your inaugural plan. As you look back and see where you think you had the most success and how you can find to on that going forward in fiscal 2024, what should we expect from that? What was in your view, the best part? And where do you think you can find on that plan going forward? I'm particularly thinking about the mix between supplemental dividend and maybe share buybacks.

That's a challenging question to answer. Our three-pronged plan includes a base dividend, which reflects our 60 years of consistently returning value to shareholders, and provides us with flexibility through the supplemental dividend and share buybacks. We have repurchased a significant number of shares this year, and the last quarter was actually a record for us in terms of both shares and dollars repurchased. This was largely due to a misalignment in our share price compared to what we consider its true value, making it a worthwhile investment. As we've mentioned in previous calls, we model various scenarios, analyzing their potential outcomes, assessing terminal values, and applying multiples. We tend to view anything trading below our calculated value as a solid investment opportunity. So, if we identify many such opportunities and the stock isn't at our desired level, we might opt to return more through supplemental dividends rather than buybacks. However, the course of action will depend on the prevailing circumstances at the time, and that's about all we can say for now. It tends to be more straightforward to discuss matters after they've been executed and seen in the quarterly results.

Hey. Good morning, everybody.

Good morning, Kurt.

So John, I'm curious about the international front. I know there are some good near-term opportunities, as you've outlined in various markets. Big picture, it seems that international might account for about 3% of your total gross profit. What is the opportunity set internationally, and how does the time and effort to develop an international presence compare to the actual financial impact? Where do you see it in three to five years? I'd like to hear your thoughts on pursuing international market opportunities and where you see potential growth in the financials.

We recognize the need for additional scale, and it's important to note that international projects progress at a different pace compared to the US. Our teams in the Middle East have established strong relationships, and there's considerable momentum in that region. We believe we are on the brink of experiencing growth there. However, the scale of our North American operations means we have significant work ahead. We are aware of the challenges and are committed to addressing them. We have a capable team and see potential in international unconventional plays to make a meaningful impact. As unconventional plays expand, we expect to have a greater influence in that area. We understand the challenges you've mentioned and are prepared to tackle them, but we anticipate that achieving our goals organically will take three to five years. It will require time.

I appreciate that. And you guys are always very thoughtful and diligent about how you run your business. And so I was also curious to say it in the context of that, say, three to five-year window of kind of growing it organically. As you kind of go through your strategic planning processes, what percent of your business do you think international can reasonably represent over that time period?

Kurt, we haven't said. I'll leave it at that.

Okay. I would give you an opportunity to share. That's okay.

Thank you. Appreciate everybody joining us today. As we've mentioned during this call, we remain optimistic about the long-term energy fundamentals and the opportunities. This provides H&P to create value for shareholders. So again, thanks for joining us today, and we'll sign off. Thank you.

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.