04-HP-876_firstsection.qxd 12/15/04 2:41 PM Page 9 Years Ended September 30, 2004 2003 2002 SUMMARY OF CONSOLIDATED STATEMENTS OF INCOME*† Operating Revenues 593,326 507,331 523,803 Operating Costs 416,631 345,537 361,669 Depreciation ① 145,941 82,513 61,447 Operating Income 30,754 79,281 100,687 Income from Investments 27,602 7,953 28,076 Interest Expense 12,695 12,289 980 General and Administrative Expense 37,661 41,003 36,563 Income from Continuing Operations 4,359 17,873 53,706 Net Income 4,359 17,873 63,517 Diluted Earnings Per Common Share: Income from Continuing Operations .09 .35 1.07 Net Income .09 .35 1.26 *$000’s omitted, except per share data. ① 2004 includes an asset impairment charge of $51,516 † All data excludes discontinued operations except net income. SUMMARY FINANCIAL DATA* Cash** 65,296 38,189 46,883 Working Capital** 185,983 110,848 105,852 Investments 161,532 158,770 150,175 Property, Plant, and Equipment, Net** 998,674 1,058,205 897,445 Total Assets 1,406,844 1,417,770 1,227,313 Long-term Debt 200,000 200,000 100,000 Shareholders’ Equity 914,110 917,251 895,170 Capital Expenditures 88,972 246,301 312,064 *$000’s omitted. ** Excludes discontinued operations. RIG FLEET SUMMARY Drilling Rigs –  United States Land – FlexRigs 48 43 26 United States Land – Conventional 39 40 40 United States Offshore Platform 11 12 12 International 32 32 33 Total Rig Fleet 130 127 111 Rig Utilization Percentage –  United States Land – FlexRigs 99 97 96 United States Land – Conventional 73 67 78 United States Land – All Rigs 87 81 84 United States Offshore Platform 48 51 83 International 54 39 51 Financial & O perating Review