Excluding our two idle but contracted rigs, our current US FlexRig activity has improved to 80 rigs and we expect our active rig count will exit the first quarter at approximately 90 rigs.
As we anticipated, our rig count growth has exceeded that of our peers coming off of the bottom, allowing us to recoup 4 to 5 points of market share.
Today, H&P owns more than a third of the estimated 635 super-spec rigs in the US market.
With many rig count forecasts ranging from 450 to 550 rigs over the next couple of years, we see significant further super-spec FlexRig market share growth and opportunities for improved pricing.
Excluding our two idle but contracted rigs, our current US FlexRig activity has improved to 80 rigs and we expect our active rig count will exit the first quarter at approximately 90 rigs.
As we anticipated, our rig count growth has exceeded that of our peers coming off of the bottom, allowing us to recoup 4 to 5 points of market share.
Today, H&P owns more than a third of the estimated 635 super-spec rigs in the US market.
With many rig count forecasts ranging from 450 to 550 rigs over the next couple of years, we see significant further super-spec FlexRig market share growth and opportunities for improved pricing.
The company generated quarterly revenues of $208 million versus $317 million in the previous quarter.
Correspondingly, total direct operating costs incurred were $164 million for the fourth quarter versus $207 million for the previous quarter.
General and administrative expenses totaled $33 million for the fourth quarter, lower than our previous guidance.
During the fourth quarter, we closed on the sale of a portion of our real estate investment portfolio comprised of six industrial developments in Tulsa, Oklahoma for $40.7 million, which had an aggregate net book value of $13.5 million.
The resulting gain of $27.2 million is reported as the sale of assets on our consolidated operations.
Our Q4 effective tax rate was approximately 28% as we recognized an Oklahoma tax benefit related to the sale of our industrial properties in the state net operating losses.
To summarize this quarter's results, H&P incurred a loss of $0.55 per diluted share versus a loss to $0.43 in the previous quarter.
Absent these select items, adjusted diluted loss per share of $0.74 in the fourth fiscal quarter versus an adjusted $0.34 loss during the third fiscal quarter.
For fiscal 2020 as a whole, we incurred a loss of $4.60 per diluted share.
This was driven largely by the $563 million non-cash impairment announced in our second quarter as well as other select items, including restructuring charges and mark-to-market losses on our legacy securities portfolio.
Collectively, these select items constituted a loss of $3.74 per diluted share.
And absent these items, fiscal 2020 adjusted losses were $0.86 per diluted share.
Capital expenditures for the full fiscal 2020 totaled $141 million, below our previous guidance due to the combination of ongoing capital efficiency efforts as well as the timing of a small amount of supply chain spending that crossed into fiscal 2021.
This annual total is a reduction of $145 million from our initial fiscal 2020 budget and a reduction of over $315 million from fiscal 2019 capex.
H&P generated $539 million in operating cash flow during fiscal 2020, representing a decrease of approximately $317 million.
I will note that our cash and short-term investments balance increased by $176 million sequentially year-over-year, which I will discuss more in detail later in my remarks.
We averaged 65 contracted rigs during the fourth quarter, approximately 15 of which were idle but contracted on some form of cold or warm stack rate.
This contracted average was down from an average of 89 rigs in Q3.
During the fourth quarter, we bottomed to 62 rigs contracted with about 16 IBC rigs resulting in 46 active rigs at the low activity point.
We exited the fourth quarter with 69 contracted rigs, of which 11 were IBC.
Revenues were sequentially lower by $105 million due to the aforementioned activity decline as well as the IBC count.
Included in this quarter's revenues were $12 million of early termination revenue.
North America Solutions operating expenses decreased $43 million sequentially in the fourth quarter, primarily due to reduced activity and to the proactive operating initiatives at the field level that I discussed during the third quarter call.
The activity level has continued to grow as operators add rigs with oil hovering around $40 per barrel.
As of today's call, we have 82 rigs contracted with only two IBC rigs remaining.
We expect to end the first fiscal quarter of 2021 with between 88 and 93 contracted rigs and we also expect the remaining two IBC rigs to return to work in late December or early January.
And of the approximately 21 rigs we have added or expecting to add to the active H&P rig count, after September 30 through December 31, just over 30% are working under performance contracts.
In the North America Solutions segment, we expect gross margins to range between $40 million to $50 million with approximately $1 million of that coming from early termination revenue.
Our current revenue backlog from our North America Solutions fleet is roughly $554 million for rigs under term contract, but importantly is not inclusive of any potential performance bonuses.
This amount does not include the aforementioned $1 million of early terminations expected in Q1.
Regarding our International Solutions segment, International Solutions business activity declined from 11 active rigs during the third fiscal quarter to five active rigs at fiscal year-end.
In the first quarter, we expect to have a loss of between $5 million to $7 million, apart from any foreign exchange impacts.
Offshore generated a gross margin of $4.6 million during the quarter, below our estimates, in part due to unfavorable adjustments to self-insurance reserves related to a prior period claim.
The previously mentioned gross margin also includes approximately $1 million of contribution from management contract rigs.
As we look toward the first quarter of fiscal 2021 for the Offshore segment, we expect that offshore rigs will generate between $5 million to $7 million of operating gross margin with offshore management contracts contributing an additional $1 million to $2 million.
Capital expenditures for the full fiscal 2021 year are expected to range between $85 million to $105 million, which is a reduction of approximately 33% to fiscal 2020 capex.
As you may recall, in fiscal 2019, we had bulk purchases in capex to scale up rotating componentry [Indecipherable] 200 plus working super-spec FlexRig count.
As such, we expect fiscal 2020 year maintenance capex will range between $250,000 to $400,000 per active rig in the North America Solutions segment, well below our prior year guidance of $750,000 to $1 million.
We estimate walking conversions to approximately $6 million to $7 million per rig.
Depreciation for fiscal 2021 is expected to be approximately $430 million.
This is approximately $50 million less in fiscal 2020, primarily due to the second quarter impairments of non-super-spec rigs and associated capital spares.
Our general and administrative expenses for the full fiscal 2021 year are expected to be approximately $160 million.
We expect R&D expenditures to be approximately $30 million in fiscal 2021.
The statutory US federal income tax rate for our fiscal 2021 year end is 21%.
In addition to the US statutory rate, we're expecting incremental state and foreign income taxes to impact our tax provision, resulting in an expected effective income tax rate range of 19% to 24%.
Helmerich & Payne had cash and short-term investments of approximately $577 million at September 30, 2020 versus $492 million at June 30, 2020.
Including our revolving credit facility availability, our liquidity was in excess of $1.3 billion.
Our debt to capital at quarter end was about 13% with a positive net cash position as our cash on hand exceeds our outstanding bond.
We earned cash flow from operations in the fourth quarter of approximately $93 million versus $214 million in fiscal Q3.
Our trade accounts receivable at fiscal year end was approximately $150 million with the preponderance being less than 60 days outstanding.
Our inventory balance is reduced $9 million sequentially from June 30 to $104 million at September 30 as we have leveraged consumables across the entirety of US basins and have reduced our min/max carrying targets to reflect the new activity levels.
Based on our budget for 2021 fiscal year, we expect to end fiscal 2021 with cash and short-term investments of approximately $450 million to $500 million.

Summary:
To summarize this quarter's results, H&P incurred a loss of $0.55 per diluted share versus a loss to $0.43 in the previous quarter.
We expect R&D expenditures to be approximately $30 million in fiscal 2021.