1. HP is exploring options for Utica Square with Eastdil Secured. 2. CEO highlights Utica Square's significance since 1964 for HP. 3. Initiative aligns with a broader review of HP's assets post-major acquisition. 4. HP seeks strategic partners or buyers for future development of the Square.
Exploring options for Utica Square may unlock value and attract investors. Historical examples include positive market reactions to asset sales or partnerships by similar companies.
The strategic review and potential partnership for a valued asset can significantly influence investor perception, thus impacting stock price.
The announcement could lead to immediate interest from investors and analysts, positively affecting stock price within a few weeks.
TULSA, Okla.--(BUSINESS WIRE)-- Helmerich & Payne, Inc. (NYSE: HP) announced today it has engaged Eastdil Secured, a national commercial brokerage firm, to explore future options for Utica Square.
“We are proud of our ownership of Utica Square since 1964 and are deeply grateful for Tulsa’s longstanding support,” said John Lindsay, president and CEO. “At the same time, we are beginning to explore opportunities with a strategic partner or buyer that can take the Square into the future. This exercise is consistent with a larger companywide review of all our assets following the largest acquisition in our history and the timing is right for us to explore the future possibilities for this exceptional property.”
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry-leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit hpinc.com .