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Exam Code: HP0-780 Practice exam 2022 by team
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HP Structured answers
Killexams : HP Structured answers - BingNews Search results Killexams : HP Structured answers - BingNews Killexams : Helmerich & Payne Inc. (HP): Skating on Thin Ice? We Know the Answer

Helmerich & Payne Inc. (NYSE:HP) went up by 5.95% from its latest closing price compared to the accurate 1-year high of $54.59. The company’s stock price has collected 4.20% of gains in the last five trading sessions.

Is It Worth Investing in Helmerich & Payne Inc. (NYSE :HP) Right Now?

Plus, the 36-month beta value for HP is at 1.68. Opinions of the stock are interesting as 8 analysts out of 20 who provided ratings for Helmerich & Payne Inc. declared the stock was a “buy,” while 4 rated the stock as “overweight,” 5 rated it as “hold,” and 2 as “sell.”

The average price from analysts is $52.82, which is $7.58 above the current price. HP currently public float of 101.77M and currently shorts hold a 4.92% ratio of that float. Today, the average trading volume of HP was 1.24M shares.

HP’s Market Performance

HP stocks went up by 4.20% for the week, with a monthly jump of 1.78% and a quarterly performance of 5.88%, while its annual performance rate touched 51.90%. The volatility ratio for the week stands at 5.83% while the volatility levels for the past 30 days are set at 4.94% for Helmerich & Payne Inc. The simple moving average for the period of the last 20 days is 7.97% for HP stocks with a simple moving average of 20.93% for the last 200 days.

Analysts’ Opinion of HP

Many brokerage firms have already submitted their reports for HP stocks, with Barclays repeating the rating for HP by listing it as a “Overweight.” The predicted price for HP in the upcoming period, according to Barclays is $52 based on the research report published on July 14th of the current year 2022.

The Benchmark Company, on the other hand, stated in their research note that they expect to see HP reach a price target of $53. The rating they have provided for HP stocks is “Buy” according to the report published on April 12th, 2022.

Seaport Research Partners gave a rating of “Buy” to HP, setting the target price at $50 in the report published on March 14th of the current year.

HP Trading at -0.29% from the 50-Day Moving Average

After a stumble in the market that brought HP to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -18.19% of loss for the given period.

Volatility was left at 4.94%, however, over the last 30 days, the volatility rate increased by 5.83%, as shares surge +1.48% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -1.04% lower at present.

During the last 5 trading sessions, HP rose by +4.20%, which changed the moving average for the period of 200-days by +45.05% in comparison to the 20-day moving average, which settled at $41.40. In addition, Helmerich & Payne Inc. saw 88.44% in overturn over a single year, with a tendency to cut further gains.

Insider Trading

Reports are indicating that there were more than several insider trading activities at HP starting from Adams Raymond John III, who sale 1,500 shares at the price of $40.00 back on Jun 24. After this action, Adams Raymond John III now owns 54,399 shares of Helmerich & Payne Inc., valued at $60,000 using the latest closing price.

Smith Mark W., the SENIOR VP AND CFO of Helmerich & Payne Inc., sale 4,450 shares at $47.40 during a trade that took place back on May 03, which means that Smith Mark W. is holding 98,107 shares at $210,930 based on the most accurate closing price.

Stock Fundamentals for HP

Current profitability levels for the company are sitting at:

  • -28.52 for the present operating margin
  • -12.60 for the gross margin

The net margin for Helmerich & Payne Inc. stands at -27.80. The total capital return value is set at -8.87, while invested capital returns managed to touch -9.26. Equity return is now at value -6.70, with -4.20 for asset returns.

Based on Helmerich & Payne Inc. (HP), the company’s capital structure generated 35.21 points at debt to equity in total, while total debt to capital is 26.04. Total debt to assets is 21.11, with long-term debt to equity ratio resting at 18.61. Finally, the long-term debt to capital ratio is 13.76.

When we switch over and look at the enterprise to sales, we see a ratio of 2.66, with the company’s debt to enterprise value settled at 0.36. The receivables turnover for the company is 5.75 and the total asset turnover is 0.24. The liquidity ratio also appears to be rather interesting for investors as it stands at 1.83.

Mon, 18 Oct 2021 21:18:00 -0500 en-US text/html
Killexams : Editorial: A big Central Warehouse mess

The city of Albany has no shortage of vacant, decaying properties with incompetent or negligent owners. The Central Warehouse is just the largest of them.

The mammoth building north of downtown is in the news again, after pieces falling from the structure prevented Amtrak trains from passing by. In response, the city is getting tough with owner Evan Blum, with Mayor Kathy Sheehan demanding that he make emergency repairs to the structure within 10 days – or else.

Don't expect Mr. Blum to be moved by the threat, or by the city's added insistence that he reimburse it for $100,000 in emergency repairs already undertaken. Mr. Blum has owned the building since 2017 – Sunmark Federal Credit Union sold it to him for $1 – and hasn't even managed the pay back taxes, a condition of his purchase agreement, that together with fines now total more than $500,000.

So the county has been working to strip his ownership, but Mr. Blum has resisted the effort, to put it mildly, with a string of lawsuits designed to delay, delay and delay some more. His latest, filed last month, accuses the county of violating his due-process rights. Meanwhile, the warehouse continues to fall apart, literally, as we've seen in accurate days.

The situation shows how difficult it can be for the city to get recalcitrant owners to do the right thing. But it also highlights how important it is for officials to be proactive about decaying properties before conditions deteriorate to this embarrassing point. 

The Central Warehouse, after all, was a problem before Mr. Blum came along. Amtrak trains were paused six years ago because of concerns about loose concrete. Fires plagued the building in 2010.

Could a more proactive city, with more aggressive code enforcement, have headed off some of the warehouse's problems? Examples from elsewhere in the city suggest that the answer is yes, and that the city could and should be doing more.

Roughly two miles south of the Central Warehouse sit the Schuyler Apartments, a Trinity Place building plagued, as the Times Union's Steve Hughes recently reported, by problems that tenants say include failing heat and spreading mold. Residents also fault the city for failing to aggressively make the building's owner make repairs.

That's an oft-heard complaint around Albany, one voiced for years and for good reason. Either through negligence, inordinate patience, or overwork and understaffing, the city allows problems to linger and lets smaller problems grow large.

Which brings us back to the Central Warehouse. Forgive us for being the bearer of bad news, but Mr. Blum's track record suggests that city and county taxpayers are going to be on the hook for current and future repair costs. Neither government, after all, can simply allow the building to become even more of a threat to public safety.

Perhaps it is good that long-running problems have at last come to a head, with the need for a lasting solution now too obvious to ignore. But a few ounces more prevention might have prevented a painful, and costly, cure.

Thu, 04 Aug 2022 06:35:00 -0500 en-US text/html
Killexams : Seven years of sex abuse: How Mormon officials let it happen

BISBEE, Ariz. (AP) — MJ was a tiny, black-haired girl, just 5 years old, when her father admitted to his bishop that he was sexually abusing her.

The father, a member of The Church of Jesus Christ of Latter-day Saints and an admitted pornography addict, was in counseling with his bishop when he revealed the abuse. The bishop, who was also a family physician, followed church policy and called what church officials have dubbed the “help line” for guidance.

But the call offered little help for MJ. Lawyers for the church, widely known as the Mormon church, who staff the help line around the clock told Bishop John Herrod not to call police or child welfare officials. Instead he kept the abuse secret.

“They said, ‘You absolutely can do nothing,’” Herrod said in a recorded interview with law enforcement.

Herrod continued to counsel MJ’s father, Paul Douglas Adams, for another year, and brought in Adams’ wife, Leizza Adams, in hopes she would do something to protect the children. She didn’t. Herrod later told a second bishop, who also kept the matter secret after consulting with church officials who maintain that the bishops were excused from reporting the abuse to police under the state’s so-called clergy-penitent privilege.

Adams continued raping MJ for as many as seven more years, into her adolescence, and also abused her infant sister, who was born during that time. He frequently recorded the abuse on video and posted the video on the internet.

Adams was finally arrested by Homeland Security agents in 2017 with no help from the church, after law enforcement officials in New Zealand discovered one of the videos. He died by suicide in custody before he could stand trial.

The Associated Press has obtained nearly 12,000 pages of sealed records from an unrelated child sex abuse lawsuit against the Mormon church in West Virginia. The documents offer the most detailed and comprehensive look yet at the so-called help line Herrod called. Families of survivors who filed the lawsuit said they show it’s part of a system that can easily be misused by church leaders to divert abuse accusations away from law enforcement and instead to church attorneys who may bury the problem, leaving victims in harm’s way.

The help line has been criticized by abuse victims and their attorneys for being inadequate to quickly stop abuse and protect victims. Yet the Utah-based faith has stuck by the system despite the criticism and increasing scrutiny from attorneys and prosecutors, including those in the Adams case.

“‘I just think that the Mormon church really sucks. Seriously sucks,” said MJ, who is now 16, during an interview with the AP. “They are just the worst type of people, from what I’ve experienced and what other people have also experienced.”

MJ and her adoptive mother asked the AP to use only her initials in part because videos of her abuse posted by her father are still circulating on the internet. The AP does not publish the names of sexual abuse survivors without their consent.

William Maledon, an Arizona attorney representing the bishops and the church in a lawsuit filed by three of the Adams’ six children, told the AP last month that the bishops were not required to report the abuse.

“These bishops did nothing wrong. They didn’t violate the law, and therefore they can’t be held liable,” he said. Maledon referred to the suit as “a money grab.”

In his AP interview, Maledon also insisted Herrod did not know that Adams was continuing to sexually assault his daughter after learning of the abuse in a single counseling session.

But in the recorded interview with the agent obtained by the AP, Herrod said he asked Leizza Adams in multiple sessions if the abuse was ongoing and asked her, “What are we going to do to stop it?”

“At least for a period of time I assumed they had stopped things, but — and then I never asked if they picked up again.”


The Adams family lived on a lonely dirt road about 8 miles from the center of Bisbee, an old copper-mining town in southeastern Arizona known today for its antique shops and laid-back attitude. Far from prying eyes, the Adams home — a three-bedroom, open concept affair surrounded by desert — was often littered with piles of clothing and containers of lubricant Adams used to sexually abuse his children, according to legal documents reviewed by the AP.

Paul’s wife, Leizza, assumed most of the child-rearing responsibilities, including getting their six children off to school and chauffeuring them to church and religious instruction on Sundays. Paul, who worked for the U.S. Border Patrol, spent much of his time online looking at porn, often with his children watching, or wandering the house naked or in nothing but his underwear.

He had a short fuse and would frequently throw things, yell at his wife and beat his kids. “He just had this explosive personality,” said Shaunice Warr, a Border Patrol agent and a Mormon who worked with Paul and described herself as Leizza’s best friend. “He had a horrible temper.”

Paul was more relaxed while coaxing his older daughter to hold a smartphone camera and record him while he sexually abused her. He also seemed to revel in the abuse in online chat rooms, where he once bragged that he had “the perfect lifestyle” because he could have sex with his daughters whenever he pleased, while his wife knew and “doesn’t care.”

He would later tell investigators the abuse was a compulsion he couldn’t stop. “I got into something too deep that I just couldn’t pull myself out of,” he said. “I’m not trying to say the devil made me do it.”

The Adams family was deeply involved in the Mormon community, and on Sundays they attended services in Bisbee. So Adams turned to his church, and to Bishop Herrod, when he sought help and revealed his abuse of MJ.

Herrod later told Homeland Security agent Robert Edwards he knew from the start that Leizza Adams was unlikely to stop her husband, after he called her into the counseling sessions. The bishop, who was also Leizza’s personal physician, said she seemed “pretty emotionally dead” when her husband recounted his abuse of their daughter. The bishop also recognized the harm being done to MJ. “I doubt (she) will ever do well,” he said in his recorded interview with Homeland Security agents.

Herrod also told Edwards that when he called the help line, church officials told him the state’s clergy-penitent privilege required him to keep Adams’s abuse confidential.

But the law required no such thing.

Arizona’s child sex abuse reporting law, and similar laws in more than 20 states that require clergy to report child sex abuse and neglect, says that clergy, physicians, nurses, or anyone caring for a child who “reasonably believes” a child has been abused or neglected has a legal obligation to report the information to police or the state Department of Child Safety. But it also says that clergy who receive information about child neglect or sexual abuse during spiritual confessions “may withhold” that information from authorities if the clergy determine it is “reasonable and necessary” under church doctrine.

In 2012, when Herrod rotated out of his position as bishop of the Bisbee ward — a Mormon jurisdiction similar to a Catholic parish — he told incoming Bishop Robert “Kim” Mauzy about the abuse in the Adams household. Instead of rescuing MJ by reporting the abuse to authorities, Mauzy also kept the information within the church.

In a separate recorded interview with federal agents obtained by the AP, Mauzy said church officials told him he should convene a confidential disciplinary hearing for Adams, after which Adams was ex-communicated in 2013. Mauzy and other church leaders still didn’t report Adams to the police.

Two years later, in 2015, Leizza Adams gave birth to a second daughter. It took her husband just six weeks to start sexually assaulting her, recording the abuse, and uploading the videos to the internet.

The revelation that Mormon officials may have directed an effort to conceal years of abuse in the Adams household sparked a criminal investigation of the church by Cochise County Attorney Brian McIntyre, and the civil lawsuit by three of the Adams children.

“Who’s really responsible for Herrod not disclosing?” McIntyre asked in an AP interview. “Is it Herrod,” who says he followed the church lawyers’ instruction not to report the abuse to authorities? “Or is it the people who gave him that advice?”


When it comes to child sexual abuse, the Mormon church says “the first responsibility of the church in abuse cases is to help those who have been abused and protect those who may be vulnerable to future abuse,” according to its 2010 handbook for church leaders. The handbook also says, “Abuse cannot be tolerated in any form.”

But church officials, from the bishops in the Bisbee ward to officials in Salt Lake City, tolerated abuse in the Adams family for years.

“They just let it keep happening,” said MJ, in her AP interview. “They just said, ‘Hey, let’s excommunicate her father.’ It didn’t stop. ‘Let’s have them do therapy.’ It didn’t stop. ‘Hey, let’s forgive and forget and all this will go away.’ It didn’t go away.”

A similar dynamic played out in West Virginia, where church leaders were accused of covering up the crimes committed by a young abuser from a prominent Mormon family even after he’d been convicted on child sex abuse charges in Utah. The abuser, Michael Jensen, today is serving a 35- to 75-year prison sentence for abusing two children in West Virginia. Their family, along with others, sued the church and settled out of court for an undisclosed sum.

“Child abuse festers and grows in secrecy,” said Lynne Cadigan, a lawyer for the Adams children who filed suit. “That is why the mandatory reporting came into effect. It’s the most important thing in the world to immediately report to the police.”

The lawsuit filed by the three Adams children accuses The Church of Jesus Christ of Latter-day Saints and several members, including Bishops Herrod and Mauzy, of negligence and conspiring to cover up child sex abuse to avoid “costly lawsuits” and protect the reputation of the church, which relies on proselytizing and tithing to attract new members and raise money. In 2020, the church claimed approximately 16 million members worldwide, most of them living outside the United States.

“The failure to prevent or report abuse was part of the policy of the defendants, which was to block public disclosure to avoid scandals, to avoid the disclosure of their tolerance of child sexual molestation and assault, to preserve a false appearance of propriety, and to avoid investigation and action by public authority, including law enforcement,” the suit alleges. “Plaintiffs are informed and believe that such actions were motivated by a desire to protect the reputation of the defendants.”

Very few of the scores of lawsuits against The Church of Jesus Christ of Latter-day Saints mention the help line, in part because details of its operations have been a closely guarded secret. The documents in the sealed court records show how it works.

“The help line is certainly there to help — to help the church keep its secrets and to cover up abuse,” said Craig Vernon, an Idaho attorney who has filed several sex abuse lawsuits against the church.

Vernon, a former member, routinely demands that the church require bishops to report sex abuse to police or state authorities rather than the help line.

The sealed records say calls to the help line are answered by social workers or professional counselors who determine whether the information they receive is serious enough to be referred to an attorney with Kirton McConkie, a Salt Lake City firm that represents the church.

A document with the heading “Protocol for abuse help line calls,” which was among the sealed records obtained by the AP, laid out the questions social workers were to ask before determining whether the calls should be referred to the lawyers.

Mormon officials in the West Virginia case said they did not recognize the Protocol and could not authenticate it. But a ranking church official in a separate sex abuse lawsuit in Oregon confirmed that those answering the help line used a “written protocol” to guide them.

“There would be a page containing various courses to discuss and handle,” said Harold C. Brown, then director of the church’s Welfare Services Department.

The Protocol instructs those staffing the help line to tell callers they are to use first names only. “No identifying information should be given.” Under the heading “High Risk Cases,” it also instructs staffers to ask a series of questions, including whether calls concerned possible abuse by a church leader, an employee, or abuse at “a church-sponsored activity.”

The protocol advises those taking the calls to instruct a “priesthood leader,” which includes bishops and stake presidents, to encourage the perpetrator, the victim, or others who know of the abuse to report it. But it also says, in capital letters, that those taking the calls “should never advise a priesthood leader to report abuse. Counsel of this nature should come only from legal counsel.”

That counsel comes from attorneys from Kirton McConkie, which represents the church.

Joseph Osmond, one of the Kirton McConkie lawyers assigned to take help line calls, said in a sealed deposition that he’s always ready to deal with sex abuse complaints.

“Wherever I am. The call comes to my cell phone,” he said. He then acknowledged that he did not refer calls to a social worker and wouldn’t know how to do so.

Osmond declined to comment through church officials. Peter Schofield, a Kirton McConkie lawyer long associated with the help line, also declined to answer questions from the AP.

Maledon, the attorney for the church in the Adams lawsuit, said church clergy or church attorneys have made “hundreds of reports” of child abuse to civil authorities in Arizona over an unspecified number of years. But he could not say how many calls to the help line were not referred to police or child welfare officials and could not provide a referral rate.

Two church practices, identified in the sealed records, work together to ensure that the contents of all help lines calls remain confidential. First, all records of calls to the help line are routinely destroyed. “Those notes are destroyed by the end of every day,” said Roger Van Komen, the church’s director of Family Services, in an affidavit included in the sealed records.

Second, church officials say that all calls referred to Kirton McConkie lawyers are covered by attorney-client privilege and remain out of the reach of prosecutors and victims’ attorneys. “The church has always regarded those communications between its lawyers and local leaders as attorney-client privileged,” said Paul Rytting, the director of Risk Management, in a sealed affidavit.


Mormon leaders established the help line in 1995 and it operated not within its Department of Family Services, but instead in its Office of Risk Management, whose role is to protect the church and members from injury and liability in an array of circumstances, including fires, explosions, hazardous chemical spills and severe weather. The department ultimately reports to the First Presidency, the three officials at the very top of the church hierarchy, according to records in the sealed documents.

Risk management also tracks all sex abuse lawsuits against the church, according to a sealed affidavit by Dwayne Liddell, a past director of the department who helped establish the help line. He said members of the church’s First Presidency knew the details of the help line.

“I have been in those type of meetings where ... the training of ecclesiastical leaders (and) the establishment of a help line have been discussed,” Liddell said. When asked who attended the meetings, he answered, “Members of the First Presidency and the presiding bishopric,” or the top leaders of the church.

Before establishing the help line in 1995, the Mormon church simply instructed bishops to comply with local child sex abuse reporting laws.

At the time, child sex abuse lawsuits were on the rise and juries were awarding victims millions of dollars. The Mormon church is largely self-insured, leaving it especially vulnerable to costly lawsuits.

“There is nothing inconsistent between identifying cases that may pose litigation risks to the church and complying with reporting obligations,” church lawyers said in a sealed legal filing.

But one affidavit in the sealed records which repeatedly says the church condemns child sexual abuse, also suggests the church is more concerned about the spiritual well-being of perpetrators than the physical and emotional well-being of young victims, who also may be members of the faith.

“Disciplinary proceedings are subject to the highest confidentiality possible,” said Rytting. “If members had any concerns that their disciplinary files could be read by a secular judge or attorneys or be presented to a jury as evidence in a public trial, their willingness to confess and repent and for their souls to be saved would be seriously compromised.”


Wed, 03 Aug 2022 16:31:00 -0500 en-US text/html
Killexams : Helmerich & Payne, Inc. (HP) CEO John Lindsay on Q3 2022 Results - Earnings Call Transcript

Helmerich & Payne, Inc. (NYSE:HP) Q3 2022 Earnings Conference Call July 28, 2022 11:00 AM ET

Company Participants

Dave Wilson - Vice President of Investor Relations

John Lindsay - President & Chief Executive Officer

Mark Smith - Chief Financial Officer

Conference Call Participants

Derek Podhaizer - Barclays

Douglas Becker - Benchmark Research

Keith Mackey - RBC

Andrew Herring - JP Morgan

Tom Carstairs - Stifel Research

John Daniel - Daniel Energy Partners


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 session. [Operator Instructions] Please note this call may be recorded and I will be sending by should you need any assistance.

It is now my pleasure to turn today's call over to Vice President of Investor Relations, Dave Wilson, please go ahead.

Dave Wilson

Thank you, Ashley, and welcome everyone to Helmerich & Payne Conference Call Webcast for the Third Quarter of Fiscal Year 2022. With us today are John Lindsey, President and CEO; and Mark Smith, Senior Vice President and CFO. Both John, and Mark will be sharing some comments with us afterwards, we'll open the call for questions. Before we begin our prepared remarks today, I'll remind everyone that this call will include forward looking statements as defined under the securities laws. Such statements are based upon current information and management's expectations as of this date, and they're not guaranteed the future performance.

Reporting statements involve certain risks, uncertainties and assumptions that are difficult to predict. As such are real outcomes and results could differ materially. You can learn more about these risks in our annual report on Form 10-K, or quarterly reports on Form 10-Q and or 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 will also make reference to certain non-GAAP financial measures such as segment 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 now turn the call over to John Lindsay.

John Lindsay

Thank you, Dave. Good morning, everyone. And thank you for joining our call today. I'm pleased with our performance during the quarter. The operational and financial results continue to reflect the benefits of our strategic initiatives we've been working on for several years now. In particular, the efforts by our sales and operations teams to Excellerate pricing and margin growth in our North America solutions segment. On our earnings call last February, and again in April, we discussed how rig pricing needed to reach $30,000 per day. And in our third fiscal quarter, we had roughly 20% of our fleet average revenue per day at or above that level.

This is a great start. But we also recognize that pricing needs to move further to achieve gross margins of 50% or greater to generate returns that fully reflect the value we deliver to customers with our flex fleet rigs complementary technology solutions. As intended, we saw a modest growth in rig count and exited the quarter with 175 rigs contracted in our North American solution segment. Fiscal discipline and contractual churn allowed us to re contract rigs without incurring additional reactivation costs and to redeploy them at significantly higher rates.

Our rapidly improving contract economics are driven by both H&P’s value proposition to customers as well as a market that's very tight for available super spec rigs. We believe the drilling solutions and outcomes we provide are increasingly being recognized and coveted by customers. It's encouraging to seek capital discipline in our industry. And when combined with the supply chain and labor constraints, we expect this could put a damper on the industry's ability to reactivate idled super spec rigs at significant scale during the buying season.

By the last two years that has been in calendar Q4, and Q1. This will likely perpetuate the supply demand tightness for super spec rigs and provide momentum for future improvements and contract economics. We are already seeing some customers inquiring about rig availability for the fourth calendar quarter of this year. They are realizing that the market for readily available H&P flex rigs is extremely tight. We're seeing some customers looking to add incremental rigs for 2023. The needs are typically in the range of one to four rigs. And there are some looking to replace a lower performing regular to flex rigs. But we are unable to comment on the number of rigs that we can add specifically today. It is important to underscore that going forward, we will apply the same discipline focus on financial returns and we're receiving commensurate compensation for the value we are providing.

Along those lines march -- mark will provide some high-level remarks on our fiscal 2023 CapEx response to potential future demand for our rigs in our idle super spec electrically. We continue to hear about the benefits our customers experience from our digital technology solutions, especially when combined with our uniform flex rigs fleet. As horizontal wells continue to trend toward greater complexity and longer lateral length, drilling efficiency and reliability are important factors that differentiate our premium super spec service offering.

On the international front activity is taking higher with further improvements in our South American operations and the potential for more activity in coming quarters. In the Middle East, preparations are underway to export some of our super spec capacity as part of our hubs strategy. Current plans have one rig moving overseas in the coming months with additional risks possible, depending on the speed of the opportunities that developed in the Middle East, compared to other competing international locations. Establishing our Middle East hub is an important step and expanding our presence in that region as part of a longer-term growth strategy.

Our scale and digital technology not only enhanced profitability in our North American solution segment, but we believe these are also crucial elements in our goal to grow internationally. There is a scarcity of digital solutions being applied in key energy producing regions around the globe, and developing ways to integrate new technologies will ultimately lead to Excellerate economic returns for all our stakeholders over time. In our offshore Gulf of Mexico segment, our people continue to deliver great value for our customers. As mentioned on the last call, we are implementing pricing improvements offshore and have made significant progress. We expect the margin contribution to continue to Excellerate going forward at moderately higher levels.

In closing, it is encouraging to see the industry rebound. But it should also remind us of past cycles driven by elevated commodity price was and how the drilling industry repeatedly responded by adding capacity, which then led to an oversupplied market. So far, the cycle seems different from both an operator and a service industry perspective. The plan at H&P is straightforward safety above all, value creation for customers and margin growth, getting paid for the value we provide. I'm encouraged by the achievements through the dedication of our employees, their passion and their service attitude they bring to the company. We all strive to deliver excellence each day to enhance the value we provide to our customers and our shareholders. As we move forward, I'm confident our shared values and commitments will endure and enable the company to maintain its leadership position within the oil service industry.

And now I'll turn the call over to Mark.

Mark Smith

Thanks, John. Today, I will review our fiscal third quarter 2022. operating results provide guidance for the fourth quarter of a full fiscal year ‘22 guidance is appropriate. Look forward a bit to fiscal year 2023. And comment on our financial position. Let me start with highlights for the recently completed third quarter ended June 30 2022. The company generated quarterly revenues of $550 million versus $468 million in the previous quarter. As expected, the quarterly increase in revenue was due primarily to increase revenue per day in North America solutions segment. As we have continued to increase pricing for drilling activity.

Total direct operating costs incurred were $377 million for the third quarter versus $341 million for the previous quarter. The sequential increase is attributable in part to the higher average North American solutions segment to recap and compare it to the second quarter. General and Administrative expenses totaled approximately $45 million for the third quarter, lower than our previous quarter but still in line with our expectations. During the third quarter, we incurred losses of $17 million related to the fair market value of our add non drilling investment, which is reported as a part of gains and losses on investment securities in our consolidated statement of operations. Our fiscal year to date gains on the NOC investment are approximately $48 million.

To summarize this quarter's results, due in part to the execution of our strategies to align pricing with value delivered, as well as disciplined cost management we had our first positive net income quarter in 10 quarters. Agency earned a profit of $0.16 per diluted share versus incurring a loss of $0.05 in the previous quarter. Third quarter earnings per share were negatively impacted by net $0.11 per share of select items as highlighted in our press release, including the loss on investment securities that I just mentioned. Absent the select items adjusted diluted earnings per share was $0.27 in the third fiscal quarter versus an adjusted loss of $0.17.

During the second fiscal quarter, capital expenditures for the third quarter of fiscal ‘22 or $70 million sequentially ahead of last quarter is $60 million. This is lower than our expectations for the third quarter. But we are still comfortable with the annual range of $250 million to $270 million that was previously provided. H&P generated approximately $98 million in operating cash flow during the third quarter, which is up over $70 million on a sequential basis from the $23 million in the previous quarter. I'll have additional comments about our cash flows and working capital later in these remarks.

Starting to our free segments beginning with the North America solutions segment, we averaged 174 contracted flex rigs during the third quarter up from an average of 164 flex rigs in fiscal Q2. We exited the third fiscal quarter with 175 contracted rigs which was in line with our previous guidance. We added four rigs to our active rig count in the third quarter, including three walking flex rig, drilling rig conversions that were completed in fiscal Q3. Revenues were sequentially higher by $77 million due to pricing increases for our flex rigs in the spot market as John mentioned, and as we discussed on the second fiscal quarter call. Segment direct margin was $168 million and just above the top end of our April guidances coincidently higher than second quarter fiscal ‘20 to $114 million.

Overall effects from the North America solutions segment increase in a sequential basis due primarily to the increase in average rig count. In addition, reactivation costs of 6.5 million were incurred during Q3 compared to $14.2 million in the prior quarter. Roughly half of these reactivation costs were for the three walking rigs conversions added this quarter for the balance related to additional reactivation costs for rigs deployed at the end of the March quarter. Total segment per day expenses, excluding reconditioning costs and excluding reimbursable decreased to 15,490 per day in the third quarter from 50,030 per day in the second quarter.

Looking ahead to the fourth quarter of fiscal ‘22 for North American solutions, as of today's call, we have 176 flex rigs contracted, and we expect to continue at that level through the end of the fourth fiscal quarter of 2022. As we stated last quarter, and much like our competitors are doing and we intend to maintain, remain within our CapEx budget for the fiscal year which translates to holding the line on rig reactivations. Our current revenue backlog from our North America solutions fleet is roughly $629 million for rigs under term contract. Approximately 65% of the US active fleet is on a term contract. And we added approximately 10 rigs to our term roster early in the quarter which had previously been under negotiation for some time. Between now in calendar year in we have over 60 rigs rolling off of term contracts, which we expect to reprice in the current market.

The tight super spec rig supply dynamic is eating pricing momentum, and we expect the percentage of the US fleet on term to decrease to between 50% and 60%. During the next few quarters. As I mentioned last quarter significant inflationary pressures in calendar 2022, together with supply chain constraints are increasing consumable inventory costs. Such increases are included in our fourth guidance. Note that these costs for consumption and materials and supplies inventory did they make up less than 25% of the daily operating cost on a rig with a balance, primarily driven by labor.

In addition to the inflationary pressures on costs, constraints on supply chain capacity are increasing. In regard to supply chain access to parts and materials, we continue to utilize our proactive approach of detailed inventory planning, scale leverage, and healthy vendor partner relationships to alleviate supply chain challenges. In order to avoid a material impact or ongoing operations. We remain in close communication with our suppliers and have placed advanced orders for items in higher risk categories.

Approximately 70% to 75% of our daily costs are labor related. We implemented a wage rate increase in December 2021. Our turnover rates remain consistent with our historical turnover rates. To date, we have not experienced any loss of drilling time nor lost contracts due to crewing issues. We are monitoring and field labor rates as well as job required out of pocket expenditures. And as needed we'll respond to market conditions to assist in talent retention and attraction. As a reminder, our contracts are structured the past three labor related increases over a 5% threshold. We have commenced some early reactivation activities for rigs to deploy in fiscal year 2023 to minimize supply chain constraints where possible and are for planning.

Specifically, we are incurring costs already components of some of the rigs expected to be deployed in the first quarter of fiscal 2023. Reactivation costs will continue to increase to supply an inflation but also because the average idle super seconds is stacked for two plus years. Our expectation is that reactivation effects costs will approximate well approximately $1 million per rig moving forward. In the North America solution segment, we expect direct margins range between 185 million to 205 million inclusive of the effect of about 6 million in early reactivation costs for the fourth fiscal quarter.

Regarding our international solutions segment, international solutions business activity increased to nine active rigs at the end of the third fiscal quarter. As expected, we added two rigs in the Vaca Muerta region of Argentina this quarter in and of the second rig in Colombia. Also as expected, we incurred expenses associated with the rig startups that I just mentioned as well as investments made to establish our Middle East hub. As we look forward to the fourth quarter of fiscal ’22, for international, we expect to add two more rigs in the Vaca Muerta region of Argentina this quarter as well as a third rig in Colombia. These additions will bring our total active international rig count to 12 at the end of the fourth fiscal quarter if the projected startup timing is adhered to. We also expect to incur more expenses as we further develop our Middle East, inclusive of preparation to export a super spec flex rig that will be targeted at regional drilling opportunities.

Aside from any foreign exchange impacts, we expect to have between 4 million to 7 million direct margin contribution in the fourth quarter, due in part to sequentially higher average activity, reduce startup expenses and read rate increases. Turning to our Gulf of Mexico, offshore Gulf of Mexico segment, we still have four of our seven offshore platform rigs contracted and two of our three management contracts on customer owned rigs are still unfilled drilling rates. Offshore generated direct margin of about 8.7 million very the quarter which was toward the high end of our expectations. As we look toward the fourth quarter of fiscal ’22, for the offshore segment, we expected total offshore that we expect that offshore will generate between 9 million to 11 million of direct margin. A sequential increase resulting from contractual pricing increases on our active Gulf of Mexico platform rigs and management contracts as John mentioned earlier.

Now, let me look forward to the fourth fiscal quarter update full fiscal year ‘22 guidance as appropriate and look ahead to fiscal ‘23 planning. As mentioned, we still expect capital expenditures for the full fiscal year drains between $250 million to $270 million with remaining spend and approximately 85 million at the midpoint to be incurred in the last fiscal quarter. As a reminder, the timing of some spending has pushed in the second half of the fiscal year as key suppliers continue to rebuild capacity that was taken offline during COVID restrictions and the coinciding energy downturn.

Looking forward to our fiscal 2023, which begins October 1, while our budget process is still at an early stage, we have done some preliminary work to help frame up expectations going forward. With that said, you should think about our North America solutions segment CapEx three buckets, maintenance, reactivation and conversion. Our bucket of maintenance capex costs will likely push to the high end of our historical range of 750,000 to a million proactive rig due to inflationary costs increases. The rig specific reactivation CapEx budget and the emergence for 2023 as we get deeper into the idled stack of rigs. Here one-time capital expenditures will be incurred to overhaul componentry that we optimally utilize in the protracted downturn.

For example, to delay an overhaul expenditure we swapped out like equipment from idle rigs during the downturn that had more time remaining before an overhaul was required. This was done in an effort in an effort to save capital and defend their conservative balance sheet. Such discreet reactivation CapEx could range from $1 million to $4 million for each rig reactivation fiscal 2023 depending on the particular componentry involved. Over the next few months, we will refine our planning for next fiscal year with the intent of only reactivating rigs for pricing in terms and ensure return on the significant effects and CapEx investments required to bring the rigs back online. The final bucket one should consider is a conversion bucket which relates to the continuation of our walking reconversion program. Consistent with how we have been converting rigs to walking route capability depending on customer demand and projected returns, we will likely do so in fiscal 2023 at a pace of approximately one per month. Our expectations for general and administrative expenses for the full fiscal ‘22 year are still expected to be just over $180 million.

Items impacting your tax provision and income are at levels that result in the wide variability in the estimated effective tax rate, and therefore the effective tax rate for upcoming quarters may be volatile. With that being said the US statutory rate for fiscal year ‘21 is 21%. In addition, we are expecting incremental state and foreign income taxes in permanent both the tax differences to impact our provision. There is no change to the previously guided range of anticipated cash tax of 5 million to 20 million for this fiscal year. Now looking at our financial position, homework and pain had cash and short-term investments of approximately 333 million in June 30 2022 versus an equivalent 350 million in March 31 ‘22.

The expected sequential decrease was largely attributable to our investment in Galileo and the quarter for 33 million as mentioned during the previous quarter call. Including a revolving credit facility availability, liquidity was approximately 1.1 billion at June 30. Our debt to capital at quarter end was about 17%. And our net debt was 209 million approximately. We currently expect our trailing 12 months of gross leverage churn to reach our goal of less than two times outstanding debt by September 30 2022. Following our resumption as positive cash flow generation from operations in fiscal Q2, the growth of that generation in the third quarter stems primarily from a result of the good pricing work discussed earlier.

And also due to less reactivation expenditures as recounts remained relatively steady in North America solutions segment as planning on the working capital front. Our accounts receivable in March 31, the 330 million grew by 68 million to approximately 398 million to June 30. The preponderance of our AR today continues to be less than 60 days outstanding from billing date. Although absolutely Della receivables are up primarily for price increases in North America solutions. Several additional international rigs working and Gene pricing increases in the offshore segments.

During the third fiscal quarter, we had a couple of significant cash related transactions. First, as mentioned in last quarters call, we invested approximately 33 million in Galileo. Second, we build our legacy Schlumberger stock for approximately 22 million in pretax proceeds, we still expect to in the fiscal year with between 350 million and 400 million of cash and short-term investments on hand. Although we expect to be toward the bottom half of that range due in part to some working capital lockup from accounts receivables as I mentioned. As we expected, the growth in account early in the fiscal year provided a platform for cash generation in the second half of the year. To that point in the recently completed third quarter, we fully covered our maintenance CapEx with cash flow from operations as well as funded our regular dividend.

Further, our disciplined capital planning and operational execution excellence sets the stage for cash increasing going forward. Cash returns to shareholders remains a top priority with our existing dividend, and we have a desire to augment these returns in the future. Additional returns are not yet determined by our board of directors but could consist of an assessment of our long-standing regular dividend, a potential variable type dividend, and opportunistic share buybacks. As mentioned in the press release, their financial stewardship compels us to take a measured approach in balance our maintenance CapEx requirements, growth capital opportunities for both us reactivations and international expansion and potential additional shareholder returns. More to come on this for fiscal 2023, in the coming quarters call.

Note, this concludes our prepared comments for the third fiscal quarter. Let me now turn the call over to Ashley for questions.

Question-and-Answer Session


[Operator Instructions] And we'll take our first question from Derek Podhaizer with Barclays. Please go ahead Your line is open.

Derek Podhaizer

Hey, good morning, guys. Just wanted to get more of a sense on how many rigs you could add to the market next year. I know your conversations with your customers. You mentioned in the skidding to walking conversion program in the breakdown of the CapEx about one per month call that 12. Just what else do you think you can add to the market just based on your conversations and based on the demand that they're all within keeping in your framework of generating the returns based on the amount of CapEx and OpEx needs to be to deploy to player. I just love a little more color on that.

John Lindsay

Yes, Derek. I can supply you some sense of that, as Mark said, we're really not in a position other than to just mentioned the 12 walking conversions, assuming the demand and the margins returns are there. One way to think about it is what you expect the rig count to do and the super spec space. Next year and really, I would say starting in calendar Q4 of this year, because again, as I said earlier, that that's kind of been the buying season over the last two years. So if you think about if you make an assumption that 75 rigs to 100 rigs get added over, that 12 month period starting in Q4, if you look at our 25% market share, that would be a reasonable range to think about. But again, I think the main point I want to get across is we're not making decisions based on market share. We're making decisions based on the returns that we can generate from these rigs and just making certain that we're getting reasonable rates of returns over a long period of time. So Derek, that answer your question?

Derek Podhaizer

Yes, no, that's helpful. And then the -- you mentioned that 30,000 per day at or above that level 20% of your fleets on that. Based on the visibility you had and the rigs coming up on term in the contract turn, how can we double that to 40%? Explain that just cadence and how long it would take to get the whole fleet up to that 30 at 30 or above on our blog day rate?

John Lindsay

Yes. And if it's not clear in, in prepared remarks, but that 20% was effective the end of our fiscal Q3, that's not where we are today, necessarily. So that's our Q3 fiscal Q3 number, we don't have we have pretty, pretty clear insight into that it does take, a couple of quarters to get there. And so, I don't think they've really said anything about what that timing would be. I think, reasonably speaking over, two or three, two or three quarter, probably process wise wouldn't would enable us to get to that, to that level of pricing, low, low 30 pricing.

I think that's exactly right, couple more quarters, because as you said, that was in June 30, number you gave in prepared remarks. And in here, we are not far beyond that. And we're already seeing meaningful accretion to that number a month later.

Derek Podhaizer

Got it. That's very helpful. Appreciate the color guys sort of back.

John Lindsay

Thanks, Derek.


And we'll pick a next question from the Douglas Becker with Benchmark Research. Please go ahead. Your line is open.

Douglas Becker

Thanks. John, wanted to get your thoughts on a conceptual question. Investors historically have thought about gain rates reaching a soft ceiling, when it comes back to reactivation costs or upgrade costs? It seems like spot rates are getting above some of those levels. We've done a leading-edge basis, but just want to get your thoughts on, is that a still a relevant framework to think about pricing? Or have we moved into a different dynamic?

John Lindsay

Yes, I think the historical pricing the context there. It's really different today for a lot of reasons. But, I think, when you consider the investments that we have in specifically in the super spec capacity fleet. I think most people want to compare today versus a 2014 time period, as an example. And as we said, in our previous call that was last time we had 50% gross margins, but we didn't have 230 super spec rigs in the fleet at that time. So it's a much, much different situation.

Mark Smith

Yes, John, I would just add to that. Doug, that as I mentioned, in 2014, we didn't have a super spec rig. So going into ‘16 and beyond, we invested a lot of money in this the upgrading of the fleet resulting in the industry's largest supersonic fleet, and also resulting in a lot of benefits for our customers. Along the way, we add in a very oftentimes, what we would consider to be sub optimal returns on invested capital compared to what are working or what our weighted average cost of capital is. So as we were just trying to get back to numbers that makes sense financially, and this 50% margin is what will get us there, we're on the journey to get to that.

Separately, simultaneously, the rigs we built back then $20 million in fees, or even seven 20 million in 2014. Today, rough estimates say that somewhere between 30 million to 35 million. So a lot of capital still to be deployed to the idle assets that have been there two and a half, two years plus, which means that we get to the buying season at the end of this calendar year. At the beginning of calendar ’23, they've been sitting there two and a half years. So a lot of capital deployed for what we estimate to be nearly 150 super spec rigs in that two and a half year idle tenure by the time we get to the end of this calendar year. Have that else done.

Douglas Becker

Now that provides some good context, maybe more succinctly. It doesn't sound like you expect a meaningful increase in capacity if spot rates are 35,000 a day or higher because of the framework you've just laid out. Is that fair to say?

John Lindsay

Then again, [indiscernible].

Mark Smith

Sure, just trying to gauge it. rectification if we see $37,000 a day spa day rate? Do we see a big influx of capacity coming into the market?

John Lindsay

Yes, I think the capacity that is that is out there, as we described, we're estimating around 130 super spec rigs. We know, there's other drillers that are looking at doing some upgrades to SER tech rigs. And in order to satisfy demand. Guy, I would be surprised personally to see all of those rigs reactivated in 2023 for a number of reasons that we've already talked about related to just the supply chain and the capability to be able to provide the equipment sets required to get those rigs back into working back to working condition, because we as an industry we've utilized equipment sets off of those rigs that have been idle now, as Mark said, rover will be for over two and a half years. And so I, personally, I don't think there's going to be a response we've had some people ask about new bills. And I just think that, based on what Mark just said in terms of a $30 million to $35 million price tag for a new rig. I don't think that's going to be the case, either.

Douglas Becker

Yes, take midpoint $32.5 million, if you're making $15 a day margin, that's a six-year payback. Or if you're making 20,000 a day margin, that's a four-and-a-half-year payback. And then with the customer base today, that has little appetite to contract up beyond their fiscal budget year. So yes, I think the supply chain thing, as John mentioned is actually a significant hurdle. For any, we're working with our scale and leverage with our suppliers to make sure that we can put rigs back to work and also keep the active fleet in good working condition. And that's an effort that's a lot different today than it was at any time over the last 10 years.

John Lindsay

Great. And Doug, it really goes back to just to capital discipline, we've talked about that that's really the rallying cry within the industry. Our customers are demonstrating it. The service industry is displaying that and there's no reason to rush, even if the supply chain was there, there's no reason to rush to try to capture all this, any additional market share that you might be able to capture, one of the things that that we experienced in this last quarter, and you heard us talk about churn, we actually had 18 rigs that were given back to us for various reasons. Customers, going through their budget too fast, acreage position, the list goes on and on. 18 rigs that were, 18 points of demand, that historically speaking as an industry, we would have tried to satisfy that demand for reactivating something. And so, last quarter, we said, we're going to 175. And in Q3, we're going to finish the year at 176, we're within our capital budget, that wouldn't have been the case in previous cycles, we would have continued to try to capture additional share. So I think that's a really distinct difference in our industry, which I think is really healthy, it's healthy on the operator side and healthy on the overall services side as well.

Douglas Becker

Thank you very much.

John Lindsay

Thank you.


Next question is from the line of Keith Mackey with RBC, please go ahead. Your line is open.

Keith Mackey

Hi, good morning, and thanks for taking my questions. Just wanted to maybe start out with the contracting nature. Are you seeing any increased appetite for longer term contracts from customers that are not necessarily associated with conversion or upgrade or those hot rigs or whatever you'd like to call them still on shorter term durations?

John Lindsay

Keith, I would say it's a mix. We have customers that are that are interested in terming up rigs or a portion of their fleet, particularly larger customers that may have 10 rigs or 15 rigs running. I'm making this up 10 rigs or 15 rigs running. They don't necessarily want to turn up every rig but they may want to turn up summary. From our perspective, as Mark said, we've got 60 rigs approximately that are rolling off term. Next couple of scholars. And, we'll be looking at those very, very closely in terms of whether those remain in term or rollover into spot, I would say most of those rigs are going to probably go into more of a spot, spot type market. But I think it's really a mix that we see customers across the board, some that want to lock up on term, some that would prefer to play the spot market.

Keith Mackey

Got it? Thanks for that.

John Lindsay

I would just add for us at this time, with the upward momentum and pricing and the supply demand dynamics of the sector, trying to get to the returns that we have been discussing. Putting more of our market into the upward mobility of the spot pricing makes sense.

Keith Mackey

Got it, that's helpful. Just curious if you can supply us a little bit more detail on the number of rigs you have that could be reactivated within that one to 4 million CapEx range. And maybe just your little more on your confidence in being able to get additional rigs to the market in early fiscal or calendar 2023 given the supply chain?

Mark Smith

Well, we have from a reactivation standpoint, when we got into some of the supply chain work that we're doing in this fourth quarter to get ready for putting some rigs back to work. But it's too soon to know definitively how many will put into the market. As John mentioned, we're being very cognizant about capital discipline, one and two, we're not going to try to meet every demand point that comes our way because we know there will be the existence of churn in the market. In other words, rigs freeing up for whatever reason, whatever reason, it may be a contractor. I mean, an H&P running out of budget and the H&P running out of acreage. Many dynamics, we will meet every single demand for me to that makes sense. So we're still trying to balance. I don't know the last two years in the buying season at the end of the calendar year Q4 before the calendar Q1, 40 rigs and 44 rigs, these are the last two buying seasons for us to be at and we don't see that level of addition coming. You have to remember that in those two seasons, we were coming off from substantially low bottom through both the OPEC price change and the pandemic that began in March of 2020. So a substantial bottom to come back up from we're approaching numbers from March 1, 2020. Today from an activity level standpoint, so don't see the quantum of additions. So differently do not see the quantum of additions coming, that we had the last few buying seasons. So I don't know specifically what that'll be yet. We are working, though, to know what every single one of our approximately 54 remaining is in perspective takes. But not ready to comment on delineating the numbers for all for those.

Keith Mackey

Got it? No, that's helpful. Thanks very much. I'll turn it back.

Mark Smith

Thank you.


And we'll take our next question from Andrew Herring with JP Morgan, please go ahead.

Andrew Herring

Thank you. Good morning. So I'm going to turn to the international outlook. So it sounds like in the near term, you're reactivating a few rigs or adding a few rigs in Argentina, and Colombia, and then transferring one into the Middle East. As many of you can comment on the outlook on some Middle East growth in activity. Do you think customers are looking for more demand before the end of calendar ‘22? And initial insights into what we might expect in 2023?

Mark Smith

I'll start, John, if you want to chime in. I think little as we think about it, we're looking more over the next two to three years in our planning horizon. So if you think about we're always looking at a five year planning horizon, we consider the Middle East scale to be more mid cycle in that horizon. So we're preparing really our Middle East hub, which is to be able to if you just simply have an operating presence in the structure and the Gulf Coast countries so that we can respond to demand points that we see coming in at midcycle horizon. We are excited about several opportunities we have part and parcel to the brand presence that we that we've benefited from after the addenda I can bet in the last year. We're participating in many bid tenders in the region with NRCS and IOCs. alike. So it's a little too early to say if we might be successful in one of those tenders. And if we are, that sort of thing is say three rigs to six rigs per for bidding effort. So if we were fortunate enough to win to that might be 6 rigs to 12 rigs in the next couple of years is that the way to think about it. And in particular, the flex rigs that we have, are with our we've drilled more shale wells than anyone else has globally, frankly. And taking that expertise, especially in some of the burgeoning gas plays in the region, is a really good way to help the customer achieve their goals. So those are the sorts of things we're interested in. John, any, any other comments?

John Lindsay

No, I think I think we've talked about unconventional opportunity for really, we've talked about it internationally for many years. We're starting to see evidence that we're hoping is going to come to fruition. So I would just add to that. And I think our fleet is really designed for unconventional work. The performance, reliability, and the technology solutions that we have all of those are really complementary to that opportunity set.

Andrew Herring

Great, thank you. That's very helpful. And as a follow up, then on the economics internationally, understanding it might be a little early to comment on the Middle East. But assuming these will be more creative contracts, you're talking about comparing the US to prior cycle. To what extent is that helpful in our modeling for internationally comparing to prior year margins you've been able to achieve on these risks? With a higher technology, can we see that exceed those levels, just any common you could, help us kind of gauge where we can see margins tend to be helpful?

John Lindsay

Well, each one of these dinners, for example that were participating in the economics have to be to be right for us. Our own history over the last couple of years International is not a we're not looking to that as any sort of guidance because of the crazy volatility and actually a wind down to zero rigs working because of the pandemic. But as we move forward, these things have to be accretive and we look at the financial returns through time. We also look though, at the ability to build scale. So if we want an initial bid with three rigs, we will be looking beyond that singular bid as an as a potential new entry point for a new customer for H&P. And looking to see what the potential might be for that customer to scale that up. And, and really get better absorption rates like we do here in the US through our scale. So we're looking at a lot of different components. But I think, easy to say that it would have to be financially free.

Andrew Herring

Thanks. That’s all for me. I’ll turn in back.


Hi, we'll take our next question from Tom Carstairs with Stifel Research, please go ahead. Your line is open.

Tom Carstairs

Good morning. I want to know when it comes to the remaining inventory of ITIL and redeploy able, super separating said, fleet of 54. There's been a lot of emphasis placed on what you're trying to achieve with regards to converting the psychology around pricing, hitting new levels for leading edge day rate and the associated gross margin. But on the terms and conditions side. Are you now expecting or do you think he might be able to get some minimal term or take or pay conditions may be an early termination provision, just wondering how good the remainder of the reactivation contracts might be that we could say?

Mark Smith

Well, in the US, we will. As I mentioned earlier, we see a movement down from 65% to 40% to 50% to 60% range for term. And for everything we enter into in the US on in term, Tom, we do get that taker pay cancellation provision. Having said that, where we are today, financially is much different than where we were coming out of a couple of two or three of the more accurate downturns. What I mean by that we have one death is due in 2031. We have a base dividend at 65 versus low lower than it was going into the pandemic. We have an substantial amount of cash on hand and look to a creep. So our capital structure requirements for such taker paper visions are less necessary than they might have been in prior cycles. But we still always like to have some defensiveness, which is why we're still going to remain within that 50% to 60% target range. But supply up some term to try to capitalize on the supply demand dynamic that is creating this push up in pricing and therefore margins for us. John, any other.

John Lindsay

Yes, it's always about balance. There will be some of our walking conversions, or probably most of our walking conversions that that we will have a term contract commitment. But as I said earlier, Mark mentioned we're going to have 60 rigs rolling off of term contract over the next couple of quarters. And I would imagine most of those are going to roll into a spot market. So we will have some certainty on returns on a larger recommission are the conversions. But as Mark said we're positioned really well to be able to manage through that.

Tom Carstairs

Got it helpful. Clarifications. And then I just wanted to get supply us an update on auto slide, that the percentage of your average active rig fleet for the quarter of 174 rigs, what percentage of that count, used auto slide at any point over the course of the quarter?

John Lindsay

I think we're around 25%. I believe that I believe that's right. And, we continue to have had uptake, it's been really well received in terms of providing automated directional drilling capacity. And as the rig count grows, it's even more important because we're bringing a lot of directional drillers back into the space. And obviously, they don't have, they don't have the experience that that a lot of operators would like to have. But just being able to automate that process, directional drilling processes is a huge win. And then we were also able to tie that into a commercial performance-based model. That's really a win, win situation for each, H&P, and for our customer.

Tom Carstairs

And would you say that the 25% that used auto side at some point. Does that 25% contain the entirety of the 20% of the fleet for the quarter that realize average revenue per day 30,000 or greater?

John Lindsay

We don't have. That's a great question. I don't have that that data. I do know that there is a portion of that is included in that. But I don't have the data for if it's only 20%, or some subset of that.

Tom Carstairs

Right. I assume the overlap would be high. It's not a perfect Eclipse. But okay, thanks for taking my questions.


Another question from John Daniel of Daniel Energy Partners, please go ahead.

John Daniel

Guys, thanks for including me. John, and Mark, I think most of us have talked ourselves into believing this is a multi-year upcycle. And assuming and hoping that's right. I'm just curious as you look at the pricing, we keep hearing about the low mid 30s in terms of leading edge. But the rig count, if we actually, as an industry add, call it 50 to 100 range over the next 12 months. Where does pricing go to?

John Lindsay

Well, John, obviously there's pricing has moved very, very quickly. It needed to move very, very quickly. There was a huge disconnect and in the value proposition that we provide the investments that we have and the margin generation. And if you just look at previous cycles, obviously we since 2014, we have not been able to get back to that. So, right now we're seeing leading edge mid-30s. Our goal, as we've already said, is to get to the get to the low 30s. And that's really our focus right now on getting to 50% gross margin. It's really hard to say past that, that John, I mean, we all read the same materials after that And, there's a lot of people that are surmising where it's going. And obviously, we've got a pretty good glimpse into that. But right now, we're just we're just sticking to, to, to the goals that we've laid out there. And we'll see. We'll see where it lands.

John Daniel

At this point, have you had any shareholders that have advocated pushing activity over price?

John Lindsay

No, we haven't been unanimous.

John Daniel

Yes, got it.

John Lindsay

We, I think there's some that, haven't didn't completely follow from our last call that we said, hey, we're recounts, going to be at the most 176 rigs this fiscal year. And that was called a quarter ago. And, but again, we're really pleased because at the beginning of the year, we thought that same 250 million to 270 million was 160 rigs, we're able to get 176 out of it. So created some great efficiencies there. But, expect to continue to see that from us. And I think that's what shareholders want. That's what investors want. Very much like, what are our customers are doing.

John Daniel

I got two quick ones. And I'll wrap up if you said this, I apologize, but kind of you have a range of where you might exit calendar Q4 in terms of a contracted read count calendar Q4.

John Lindsay

Now, as we said, we're working on reactivations, it's a little too far out to know the definitive demand points. And as we alluded to earlier, we will not meet every one of them.

John Daniel


John Lindsay

So still too early, John,

John Daniel

Fair enough, that you would expect to be above 176, I presume? And calendar Q4.

Mark Smith

We would be. And it's again I think going back to the question as John a minute ago, I think some folks who were maybe not heard the 176 for the September 30 goal in holding rigs tight, in CapEx tight which is helping the dynamics of supply demand and helping pricing. I think that was more on the analyst side. But when we speak to investors and long-term investors, there's not a single one of them that we've talked to you that with any sort of share, over margin. So we're going to be very cognizant of that theme, as we think about your last question and figuring out how many rigs to put in the market and in our first fiscal quarter, to get to a 1231.

John Daniel

Yes. Okay. Well, I'm glad your shareholders are thinking wisely. You've been very generous with your time. It's coming up on the end of the hour, and I'll turn it over for anyone else and follow up with David afterwards. Thanks. Thank you.

John Lindsay

Thanks, John.


No further questions, at this time. I'll turn the call back over to John Lindsay for any closing remarks.

John Lindsay

Thank you, Ashley. And thanks to all of you for joining us today. We know there are a lot of earnings calls going on today, and we really appreciate your time. I will tell you the H&P team, we've already said it we're laser focused on delivering value to customers and to shareholders. We aim to deliver value to customers through top tier performance, safety and reliability and to our shareholders, continued improvement in our margin growth and our return. So thank you again for your time and have a great day.


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

Thu, 28 Jul 2022 10:46:00 -0500 en text/html
Killexams : CIAC’s leadership structure, procedures to be reviewed by state-appointed task force

Buried in a piece of legislation that once included a push to study whether throat guards were effective in hockey now lies a different kind of study.

Public Act 22-116, which was passed by Connecticut’s legislature earlier this year and signed into law by Gov. Ned Lamont, aims to make revisions and additions to the state’s education statutes. One addition ensures students and their parents have a right to know their class rank at any given time, while others deal with special education.

Starting on page 20 of a 22-page document lies a different kind of study: one to be performed by an established task force that has been charged with investigating the governance structure and internal procedures of the Connecticut Interscholastic Athletic Conference. The CIAC is the governing body for high school sports in Connecticut and was created over 100 years ago by the legislature.

The document states the study “shall include, but need not be limited to, an examination of the leadership structure of the conference and how leadership positions are filled, and how the conference receives and resolves complaints filed by members of the conference and individuals.”

The legislature performed a somewhat commonly used measure to get the language into the bill. They effectively took a bill that had already been proposed, removed much of its original intention, and added a number of other measures in there. Removed was a proposal to study the effectiveness of throat guards for hockey players. The proposal came following the death of Teddy Balkind, a sophomore junior varsity player at St. Luke’s School in New Canaan who died earlier this year after his neck was accidentally cut with a skate during the course of play. It has not been publicly stated whether he was wearing a throat guard.

In the new bill in which the neck guard and other aspects were removed, the Speaker of the House of Representatives, the president of the Senate, and House and Senate majority and minority leaders will build the task force with members including an athletic director, coach and administrator from a member school, two parents or guardians of a student-athlete from a member school, and experts in diversity in sports and sports management.

Messages to some of the legislative leaders asking why the study of the CIAC was included in the bill were not returned Thursday.

CIAC director Glenn Lungarini, or someone designated by him, will also be a part of the task force.

“The CIAC frequently collaborates with legislators in addition to its work with member school principals, athletic directors, and education partners,” Lungarini said in an email. “The CIAC was recently awarded the Dave Montgomery Advocacy Award for supporting the (Connecticut Athletic Trainers’ Association) and interscholastic athletes by advocating for and enacting legislation pertaining to the health and well-being of athletes, as well as ensuring CIAC policies and procedures protect all athletes participating within its jurisdiction.

“The CIAC welcomes the opportunity provided by this task force to deepen the understanding of state legislators about CIAC’s structure, collaboration, change processes, leadership programs, and student recognition designed to provide the best interscholastic experiences possible to its member school students.”

The task force will submit its “findings and recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to education” no later than Jan. 1, 2023.

The CIAC’s members include public and several private schools around Connecticut, which pay a fee to be a member. Those schools’ teams face each other in a number of sports, ultimately competing in postseason tournaments that are run by the CIAC.

The organization includes staff members, as well as a Board of Control, made up of various school and athletic officials. There are also individual sports committees that discuss and decide on rule changes and offer other forms of guidance.

A report on the CIAC was conducted in 2016 by the Office of Legislative Research in which four key questions about the organization were asked, including who the CIAC reports to in the General Assembly. The answer was effectively nobody, as it is a self-governing board, only answering to its internal elected board that is tasked with upholding its own constitution and by-laws.; @dstewartsports

Fri, 05 Aug 2022 06:46:00 -0500 en-US text/html
Killexams : HP TET Admit Card 2022 (Out) exam Tomorrow, Direct obtain Link Here

HP TET Admit Card 2022 has been released by the Himachal Pradesh Board of Secondary Education (HPBOSE) on Candidates can obtain the admit card and appear for the exam.

HP TET Admit Card 2022 Download: Himachal Pradesh Board of Secondary Education (HPBOSE) is conducting the Teacher Eligibility Test (June 2022) tomorrow i.e. on 24 July 2022 (Sunday) for JBT and Shastri Posts. Those who are appearing in HPTET June 2022 are advised to obtain HP TET 2022 Admit Card right away and appear for the exam with the printout of the admit card. For the convenience of the candidates, HP TET Admit Card Link is available below:

HP TET Admit Card obtain Link

How to obtain HP TET Admit Card 2022 ?

Step 1: Go to the official website of HPBOSE i.e.

Step 2: Click on ‘ TET(JUN-2022)’

Step 3: It will redirect you to admit card page where you need to enter your Application No. and  Date of Birth

Step 4: obtain HP TET June 2022 Admit Card

The exam is being conducted for the JBT and Shastri Teaching Courses. There will be 150 multiple choice or objective type questions of one mark each. The candidates will be given 2 hours and 30 minutes to complete the exam. There shall be no negative marking. The candidates can check the standard and structure of HP TET JBT and HP TET Shastri below:

HP TET Shastri 2022

Section 1- 120 Questions will be based on Shastri Degree Course

Section 2 - 30 Questions will be based on General Awareness


Section 1- 30 Questions will be Child Development and Pedagogy

Section 2 - 30 Questions on English Literature and Grammer

Section  3 - 30 Questions on Hindi Literature and Grammer

Section 4 - 30 Questions on Maths

Section 5 - 30 Questions on Social Sciences, Environmental Studies and General Awareness and Current Affairs

The qualifying in HPTET is 60%. HPTET Certificate will be valid for 7 years from the date of issuance of the TET certificate.

HPBOSE is conducting TGT(Non Medical) TET and Language Teacher TET on 31 July 2022. TGT (Arts) TET and TGT (Medical) TET on 07 August 2022. Punjabi TET and Urdu TET on 13 August 2022.

How to obtain HP TET Admit Card ?

The candidates can obtain the admit card from the official website of HPBOSE.

What is HP TET exam Date ?

24 July 2022 (Sunday)

Is HP TET Admit Card Released ?


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Fri, 22 Jul 2022 19:32:00 -0500 text/html
Killexams : July’s jobs report was much stronger than expected, but some workers actually have less bargaining power. Here’s why. No result found, try new keyword!Low-wage workers’ confidence in the labor market appears to be fading, and their real wage growth is slowing down. Fri, 05 Aug 2022 21:13:00 -0500 en-us text/html Killexams : Mobile Application Testing Solution Market Is Expected Significant Growth, Forecast From 2022 to 2028 : Broadcom, Cognizant Technology, HP

The Mobile Application Testing Solution Market is penetrating at a faster pace and accounted to grow with strong potential in the forecasted period that is 2022 to 2028.

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Broadcom, Cognizant Technology, HP, IBM, Microsoft, SAP

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Residential, Corporate

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Thu, 14 Jul 2022 00:02:00 -0500 Coherent Market Insights en-US text/html
Killexams : Herald under new 'ownership'

The Hyde Park Herald and the South Side Weekly, two newspapers serving the South Side of Chicago, have merged under one nonprofit. The merger comes at a time when newspapers across the country face mounting pressure to develop new long-term models to financially sustain local journalism.

Both papers will continue to publish as standalone publications uninterrupted, now under the nonprofit organization South Side Weekly NFP. (Nonprofits cannot be owned per se — their assets can only be transferred.)

“This is an opportunity to build a scalable framework for community news, one that combines the Herald’s 140-year long commitment to neighborhood reporting with the Weekly’s community-centered approach to news-gathering on the greater South Side,” said Jason Schumer, the Weekly’s Managing Director. Ultimately, Schumer said, the partnership will strengthen both papers’ ability to support community journalism on the South Side of Chicago.

In an interview, Bruce Sagan, the Herald’s publisher since 1953, said "the economic changes in the journalism business are such that there need to be a shift." The Herald was profitable in 2021 after partnering with the Weekly, but unprofitable in 2020 and 2019.

"The Hyde Park Herald standing on its own, like all newspapers, was losing revenue and losing circulation — circumstances we're all now used to,” said Sagan. “The existence of South Side Weekly and the Herald, in terms of their contents, approaches to an area which is in some ways similar and in some ways overlapping — that offers an opportunity now to be taken that could lead to some understanding of a new economic structure for this kind of journalism," Sagan said.

Printing and distribution have always been newspapers' biggest expense after payroll. The Internet Age's promise was to bring about a significantly different economic potential for the industry, as websites are relatively inexpensive to operate. That model went largely unrealized when classified ads overwhelmingly shifted to other online listings, the fundamental nature of advertising changed (i.e., consumers could use the internet to search for goods and services they needed) and online subscription revenue has not yet made up lost revenue except for a few national news organizations.

Tim Franklin, senior associate dean at the Medill School of Journalism at Northwestern University and a former president of the Poynter Institute, said what is happening at the Herald is not unusual in the context of the broader crisis that local news faces, with revenue down on the order of 70% over the last 15 years because of declining print ad revenue and digital ad revenue not making up the difference.

"The business model for local news has been vaporized," Franklin said in an interview. "The problem is also especially acute for smaller community publications, because they've also suffered the same loss of revenue that everybody else has.”

According to a June report from Northwestern that Franklin co-authored, within the last two years, more than 360 newspapers have shuttered. By 2025, the report speculates, the country is on track to lose a third of its newspapers.

By becoming a nonprofit, Franklin said the Herald "is at the front end" of an emerging trend in the industry "of commercial news organizations converting to nonprofit status." In 2019, the Salt Lake Tribune sent shockwaves through the industry when it became the first big-city daily to go nonprofit. Locally, the Chicago Reader is transitioning to a nonprofit model, and the Sun-Times, acquired by Chicago Public Media, has become the second big city daily to go nonprofit.

Franklin said this transition opens the door to revenue that might not have been available otherwise, such as foundation and philanthropic funding from corporate and individual donors. “Those are dollars that (papers) would not get in all likelihood as a commercial enterprise,” said Franklin. “That's the bet, is that there will be enough revenue from donors, individuals and foundations to help compensate for some of these other losses and to be on a path towards sustainability."

In addition to subscriptions, philanthropy and advertising revenue, the Herald has been experimenting with volunteer payments for the news. "We say to some of those people, 'It costs us more than we can generate through advertising, will you help?' And the answer's yes, at least for some people,” Sagan said.

Fred Bennet and Clarence Dresser founded the Hyde Park Herald in 1882, 29 years after Paul Cornell bought lakefront land seven miles south of a Midwestern boomtown called Chicago and the year before Hyde Park Township was annexed into the city. It is the third-oldest newspaper in Chicago, after the Tribune (founded in 1847) and the Chicago Daily Law Bulletin (founded in 1854). 

Sagan, Originally of Summit, New Jersey, has lived in Chicago since matriculating at the University of Chicago in the 1940s. He never graduated, having begun his journalism career in 1951 as a copy boy — the long-since obsolete position that entailed taking typed articles from one section of a newsroom to another — for the Hearst International News Service. 

In 1953, then-Herald owner Michael Weinberg Jr. was on the verge of closing the paper because it wasn’t making money. So Sagan, 24-years-old and a night editor of the City News Bureau, bought the Herald for only $2,500.

On July 23, 1953, the Hyde Park Herald announced Bruce Sagan as its new owner. Sagan remained the Herald’s owner for 69 years, until July 1, 2022.

Sagan went on to buy the Southtown Economist (now the Daily Southtown) in 1958 and made his fortune there; it eventually came to publish 30 community newspapers. After founding the Ancona School, 4770 S. Dorchester Ave., he moved out of Hyde Park in the 1980s and continued publishing the Herald.

Just as the nature of advertising has changed, Sagan noted that the nature of local journalism has changed. Forty years ago, he said the Herald was publishing next week's church sermons and sundry announcements for the schools and neighborhood organizations.

"We were communicating for the institutions to their own participants," he said. "Churches and schools now have their own ability to talk to their audiences. In the old days, we published all kinds of news, including the kind that I'm talking about, communications for the institutions, and we talked about the things that were governmental, etc."

"Forty years we wouldn't have published a list of the bills the state reps voted for, but we did this year," Sagan said. 

Schumer said the Herald-Weekly merger process began in January 2020 at a meeting brokered by Jamie Kalven, then the executive director of the Invisible Institute, the South Side investigative journalism nonprofit. Sagan told Schumer that he was interested in donating the Herald to South Side Weekly, meaning shared back-office, front-office and advertising managers with intact and separate editorial teams. 

"A lot of for-profit newspapers, instead of scaling their operations in response to declining revenue, just close down," Schumer said. "But to Bruce's credit, he really wanted to keep this thing alive. And he realized that we could scale accordingly by combining forces."

Medill's Metro Media Lab has worked with South Side Weekly, which was founded as a nonprofit in 2013, and Franklin said that the news organization is healthy and doing well with its readers and community. He thinks that consumer perception could benefit the Herald. 

“The Herald's success is going to depend on whether it can raise enough revenue from foundations, civically oriented individuals and corporate donors and memberships,” Franklin said, adding that most nonprofit news organizations — the vast majority of which are public radio stations — have membership programs. He said doing nothing was not an option, given the local news industry's realities.

"I think we are in this moment where there is a lot of money to support journalism, and there's a lot of interesting startups and ideas happening in Chicago in particular,” said Schumer. “(But) we know that the long-term sustainability of local journalism is figuring out how to get the communities that we serve to support it."

The Weekly is still awaiting official 501(c)(3) status, which will make it exempt from federal income taxes. But the organization has a fiscal sponsorship agreement with the Experimental Station, 6100 S. Blackstone Ave., where the Herald relocated to in 2020, meaning that tax-deductible donations to both publications can now be accepted.

Schumer doesn't doesn’t plan to put up a paywall anytime soon. "Accessibility is super-important,” he said. “I think everyone has the right to access reliable information about their community.”

He noted that accessible, well-researched, independent and thoroughly fact-checked journalism is essential in combating the rising tide of disinformation online. “I think it only perpetuates (disinformation) when we make more reliable information hard to get,” said Schumer.

He plans to launch a membership program across both publications that keeps the core content free. A survey Medill did last year of South Side Weekly readers found that two-thirds support such a membership program, whereas just 15% of South and West Side news consumers Medill surveyed support the same kind of model."

Schumer said the Herald is trying to find a solution without compromising the robustness of its news operation. He wants its staff to respond to breaking and timely news, and he also wants it to work closely with the communities the Herald serves to utilize their information and expertise. There will be more opportunities for community feedback and engagement.

He added that the South Side Weekly NFP is interested in expanding the model, perhaps opening other neighborhood-specific news organizations with a shared back-office. 

"What would it look like to open up a newspaper in Englewood and have a small editorial staff that’s connected to the community like the Herald does?" he asked. "For us, it's actually an interesting way to think about scale, to get the kind of quality coverage that local papers used to provide but really don't any longer, other than a handful of papers like the Hyde Park Herald."

Schumer said he hopes the Herald will keep printing a newspaper in perpetuity. He thinks print is a valuable medium for a lot of reasons, from aesthetics to accessibility. For South Siders without reliable internet access, people experiencing homelessness or incarcerated people, a printed newspaper is still the best way to share information.

Sagan plans to fully retire now, saying he can supply advice but that "the world has changed remarkably."

"We've put the Herald, I think, into a new situation with South Side Weekly, but the nature of news content is that the Herald deals with the very local back-and-forth and the Weekly deals in a broader way with the city and the South Side. Those two things, I think, are both very useful in the development of content that people will pay for," he said. "And can we find out what will support that kind of journalism? That, in a sense, is the purpose of the combination."

"I'm still active and doing things," Sagan said — he is on the boards of the Steppenwolf Theatre Company, the Joffrey Ballet and the Chicago Public Library Foundation as well as the management committee of classical and folk radio station WFMT — "but in this particular circumstance, I know that what's needed is a relatively long-range effort to find a solution. And I can't be sure that I'll last."

"For me, the community newspaper has always been one of the things that has made a community," Sagan said. "And it is a concern to me that with the loss of the community press, communities will lose that sense."

"I'm doing this now because I believe this is an opportunity for the business model to be developed in a way that could be very meaningful to the whole situation," Sagan said. "And having been through all the meaningful changes of the past 70 years, and there have been many, I know that they don't happen in short-range terms."

"It gives me great satisfaction to know that we may, if we're very lucky, develop some ideas that prove the model for the future. Everybody's looking for it. Everybody's trying."

A special insert dedicated to Sagan's legacy at the Herald will be available in the July 28, 2022 editions of the South Side Weekly and the Hyde Park Herald. 

Thu, 28 Jul 2022 11:35:00 -0500 en text/html
Killexams : Electrifying 2024 Hyundai Ioniq 6 Offers Up To 320 HP And 379+ Miles Of Range

What elevates a car from ordinary to extraordinary? Is it design, luxury, performance, or some indefinable set of characteristics that push one model to transcend its competitors?

Those questions don’t have easy answers, but we bring them up because the new Hyundai Ioniq 6 is here to challenge convention.

While the automaker unveiled the model’s swoopy design last month, Hyundai is now following up with initial specifications as well as additional details about one of the sleekest EVs on the market.

Offers 379+ Mile Range And Up To 320 HP

Jumping right into the numbers, the entry-level variant features a 53 kWh battery pack and a rear-mounted electric motor. Hyundai didn’t say how powerful the latter is, but previously suggested the model will have around 215 hp (160 kW / 218 PS). Regardless of the final numbers, this version is expected to have an energy consumption of less than 14 kWh/62 miles (14 kWh/100 km) under the Worldwide Harmonized Light Vehicle Test Procedure (WLTP). This promises to make the Ioniq 6 one of the most energy-efficient EVs on the market.

Buyers will also be able to purchase a long-range variant, which uses a larger 77.4 kWh battery pack. This promises to increase the range to more than 379 miles (610 km) in the WLTP cycle and officials noted that’s roughly a 62 mile (100 km) improvement over the Ioniq 5. This increase is due to a variety of factors including efforts to Excellerate efficiency as well as a low drag coefficient of 0.21.

The long-range Ioniq 6 will be offered with rear- and all-wheel drive, and there will be a dual motor variant producing a combined output of 320 hp (239 kW / 325 PS) and 446 lb-ft (605 Nm) of torque. Those numbers may not seem too remarkable, but they’ll enable the car to run from 0-62 mph (0-100 km/h) in 5.1 seconds.

That’s an N level of acceleration and it’s only natural for there to be questions about a possible N variant. Officials didn’t want to spill the beans during a media briefing yesterday, but all indications are yes and we’ll learn more later this week.

On the syllabu of performance, the Ioniq 6 features an “EV Performance Tune-up” system. It’s a bit like a customizable driving mode as it enables owners to “freely adjust steering effort, motor power, accelerator pedal sensitivity, and driveline mode” via a few taps on the infotainment system.

It’s nice to see the latter and it’s no surprise the Ioniq 6 rides on the E-GMP architecture. The latter underpins the Ioniq 5 and Kia EV6 as well as the upcoming Ioniq 7.

The Ioniq 6 supports 400V and 800V charging, which is notable as 800V technology is largely limited to premium electric vehicles. This is a boon for consumers and the automaker noted a 350 kW DC fast charger will enable the car to go from a 10-80% charge in a mere 18 minutes.

Another interesting feature is the car’s vehicle-to-load function. It effectively turns the Ioniq 6 into a big battery as owners can purchase an accessory adaptor that enables the model to power everything from tools to lights to outdoor projectors.

A Design That Commands Attention

Getting back to the Ioniq 6’s most eye-catching feature is an exterior design that boasts “clean, simple lines and a pure aerodynamic form that Hyundai designers describe as Emotional Efficiency.”

Daring design is nothing new at Hyundai, as the sixth- and eighth-generation Sonata easily prove, but officials admitted they were “stretching their comfort zone” when it came to the Ioniq 6. However, more power to them as one look at the model will undoubtedly have people asking ‘What is that?’

Hyundai officials see design as a “brand distinguisher” and told us “absolutely” when asked if future Ioniq models will continue to have bold and distinctive designs such as those found on the Ioniq 5 and Ioniq 6.

In the case of the latter, the “electrified streamliner” is a sleek four-door coupe with flush-mounted door handles and graceful, uninterrupted lines. A lot of attention was focused on aerodynamics and the model features active air flaps, wheel gap reducers, and an elliptical wing-inspired spoiler. The model also boasts a “slight boat-tail structure”, underbody aerodynamics, and available digital side mirrors (depending on market).

Officials noted streamlined design dates back decades and gave the classic Saab 92 a nice hat tip. While the design is certainly unique, there’s Ioniq DNA in the form of over 700 Parametric Pixels which put on a light show when approaching.

In terms of size, the Ioniq 6 measures 191.1 inches (4,855 mm) long, 74 inches (1,880 mm) wide, and 58.9 inches (1,495 mm) tall with a wheelbase that spans 116 inches (2,950 mm). That means the car is 1.8 inches (46 mm) shorter than the Sonata, despite having a 4.2 inch (107 mm) longer wheelbase.

A Spacious, Eco-Friendly Interior

The bold design continues in the cabin as drivers will find a “furniture-style” dashboard that is topped by a freestanding display, which consists of a 12-inch digital instrument cluster and a matching 12-inch infotainment system. The latter features Android Auto and Apple CarPlay compatibility as well as “real-time travel radius mapping” based on the car’s current battery level. The latter isn’t the only handy feature as the navigation system will help drivers find the best route as well as charging stations along the way.

Lighting takes center stage as the Ioniq 6 features transparent accents, which allow colored light to shine through. This gives the car a club-like atmosphere and the Dual Color Ambient Lighting system offers six pre-selected themes as well as 64 different colors. The model also boasts a Speed Sync Lighting feature, which increases the brightness of the interior lighting the faster you go.

Elsewhere, the Ioniq 6 is equipped with special seats that are approximately 30 percent thinner than those used in conventional models. They promise to increase passenger space without sacrificing comfort. Customers can also opt for Relaxation Comfort seats, which automatically adjust to the ideal position for taking a quick break or a power nap while waiting for your vehicle to recharge.

Other highlights include minimalist switchgear, an eight-speaker Bose audio system, and four interactive pixel lights on the steering wheel which can relay charging information with a quick glance. Buyers will also find a sound enhancement system that provides a “spaceship-like sound” that varies based on your driving.

The Ioniq 6’s focus on sustainability extends beyond the electric powertrain as customers will find recycled PET fabric or eco-processed leather on the seats. They’re joined by a bio PET fabric headliner and carpeting made from recycled fishing nets.

Hyundai envisions the interior as a place for more than just driving. As they explained, the car can be used as a mobile office as the “bridge-type” center console has parallel bars that allow a laptop to be securely placed on top of them. Hyundai also briefly showed a “smart table,” which can be outfitted to help further increase productivity.

U.S. Launch Scheduled For Early 2023

Wrapping things up is an assortment of driver assistance systems such as Smart Cruise Control, Highway Driving Assist, and Forward Collision-Avoidance Assist with emergency braking. Buyers will also find Intelligent Speed Limit Assist, High Beam Assist, and Evasive Steering Assist.

They’re joined by Blind-Spot Collision-Avoidance Assist, a Blind-Spot View Monitor, Safe Exit Warning, and Remote Smart Parking Assist 2. Hyundai didn’t stop there as the model also has a Surround View Monitor, Forward/Side/Reverse Parking Collision-Avoidance Assist, and Rear Cross-Traffic Collision-Avoidance Assist.

The Hyundai Ioniq 6 will go into production in the third quarter and be available in a handful of markets by the end of the year. U.S. specifications are slated to be announced in December and the model will be launched in America in the first quarter of 2023 as a 2024 model. Hyundai hopes to offer the car in most states, although supply constraints could limit availability.

more photos...

Thu, 14 Jul 2022 05:35:00 -0500 en-US text/html
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