Helmerich & Payne (HP)
Market Price (8/27/2026): $41.39 | Market Cap: $4.1 BilSector: Energy | Industry: Oil & Gas Drilling
Helmerich & Payne (HP)
Market Price (8/27/2026): $41.39Market Cap: $4.1 BilSector: EnergyIndustry: Oil & Gas Drilling
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% Attractive yieldDividend Yield is 2.4%, FCF Yield is 7.6% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include US Energy Independence, and Automation & Robotics. Themes include US Oilfield Technologies, and Advanced Drilling Automation. | Weak multi-year price returns2Y Excs Rtn is -0.9%, 3Y Excs Rtn is -61% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x Stock price has recently run up significantly12M Rtn12 month market price return is 125% Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.6% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.2% Key risksHP key risks include [1] challenges in international operations, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Attractive yieldDividend Yield is 2.4%, FCF Yield is 7.6% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Automation & Robotics. Themes include US Oilfield Technologies, and Advanced Drilling Automation. |
| Weak multi-year price returns2Y Excs Rtn is -0.9%, 3Y Excs Rtn is -61% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 67x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 125% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.6% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.2% |
| Key risksHP key risks include [1] challenges in international operations, Show more. |
Qualitative Assessment
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Updated on 8/26/2026
Helmerich & Payne (HP) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Results and Strategic Growth Initiatives: Helmerich & Payne announced robust results for its fiscal third quarter ended June 30, 2026, on August 5, 2026. The company reported consolidated revenue of $1.035 billion, exceeding analyst expectations of $987.70 million. This was bolstered by a significant $115 million gain from the sale of a real estate asset. Furthermore, its North America Solutions segment saw operating income rise to $140 million from $111 million in the prior quarter, deploying 10 additional rigs. International Solutions also demonstrated significant improvement, and Offshore Solutions secured a four-year contract renewal, adding $3.6 billion to its backlog. This positive earnings report led to an 11.39% increase in the stock price the day after the announcement.
2. Elevated Crude Oil Prices and Tight Market Conditions: The period from April 30, 2026, to August 26, 2026, was characterized by sustained high crude oil prices. Brent crude oil spot prices averaged approximately $93 per barrel between March and August 2026, marking the highest sustained price since 2022. West Texas Intermediate (WTI) consistently traded in the mid-$80s, with Brent remaining around $91-$92 in mid-August 2026. The market also exhibited backwardation, indicating a tight immediate physical supply of oil relative to demand, which generally favors drilling contractors by incentivizing upstream investment and activity.
Show more
Helmerich & Payne (HP) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Results and Strategic Growth Initiatives: Helmerich & Payne announced robust results for its fiscal third quarter ended June 30, 2026, on August 5, 2026. The company reported consolidated revenue of $1.035 billion, exceeding analyst expectations of $987.70 million. This was bolstered by a significant $115 million gain from the sale of a real estate asset. Furthermore, its North America Solutions segment saw operating income rise to $140 million from $111 million in the prior quarter, deploying 10 additional rigs. International Solutions also demonstrated significant improvement, and Offshore Solutions secured a four-year contract renewal, adding $3.6 billion to its backlog. This positive earnings report led to an 11.39% increase in the stock price the day after the announcement.
2. Elevated Crude Oil Prices and Tight Market Conditions: The period from April 30, 2026, to August 26, 2026, was characterized by sustained high crude oil prices. Brent crude oil spot prices averaged approximately $93 per barrel between March and August 2026, marking the highest sustained price since 2022. West Texas Intermediate (WTI) consistently traded in the mid-$80s, with Brent remaining around $91-$92 in mid-August 2026. The market also exhibited backwardation, indicating a tight immediate physical supply of oil relative to demand, which generally favors drilling contractors by incentivizing upstream investment and activity.
Show more
Updated on 8/26/2026
Helmerich & Payne (HP) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Results and Strategic Growth Initiatives: Helmerich & Payne announced robust results for its fiscal third quarter ended June 30, 2026, on August 5, 2026. The company reported consolidated revenue of $1.035 billion, exceeding analyst expectations of $987.70 million. This was bolstered by a significant $115 million gain from the sale of a real estate asset. Furthermore, its North America Solutions segment saw operating income rise to $140 million from $111 million in the prior quarter, deploying 10 additional rigs. International Solutions also demonstrated significant improvement, and Offshore Solutions secured a four-year contract renewal, adding $3.6 billion to its backlog. This positive earnings report led to an 11.39% increase in the stock price the day after the announcement.
2. Elevated Crude Oil Prices and Tight Market Conditions: The period from April 30, 2026, to August 26, 2026, was characterized by sustained high crude oil prices. Brent crude oil spot prices averaged approximately $93 per barrel between March and August 2026, marking the highest sustained price since 2022. West Texas Intermediate (WTI) consistently traded in the mid-$80s, with Brent remaining around $91-$92 in mid-August 2026. The market also exhibited backwardation, indicating a tight immediate physical supply of oil relative to demand, which generally favors drilling contractors by incentivizing upstream investment and activity.
3. Increased U.S. Drilling Activity: Demand for drilling services increased during the period, reflected in the rising U.S. drilling rig count. The total U.S. rig count, as reported by Baker Hughes, showed an upward trend, increasing from 548 rigs on May 8, 2026, to 593 rigs by August 14, 2026. Specifically, oil-directed rigs in the U.S. also increased from 410 to 455 over the same timeframe. This expansion in domestic drilling activity directly translated into higher utilization and demand for Helmerich & Payne's modern FlexRigs.
4. Positive Analyst Sentiment and Index Inclusion: Helmerich & Payne benefited from multiple analyst price target upgrades throughout the period. Firms such as Barclays and Susquehanna raised their price targets in both May and August 2026. For example, Barclays increased its target from $39 to $47 in May and then to $50 in August, while Susquehanna moved its target from $42 to $43 in May and subsequently to $44 in August. These upgrades reflected improved outlooks for the company's valuation and future performance. Additionally, Helmerich & Payne's inclusion in several Russell growth benchmarks in August 2026 enhanced its market profile and potentially increased investor interest.
Show less
Helmerich & Payne (HP) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Results and Strategic Growth Initiatives: Helmerich & Payne announced robust results for its fiscal third quarter ended June 30, 2026, on August 5, 2026. The company reported consolidated revenue of $1.035 billion, exceeding analyst expectations of $987.70 million. This was bolstered by a significant $115 million gain from the sale of a real estate asset. Furthermore, its North America Solutions segment saw operating income rise to $140 million from $111 million in the prior quarter, deploying 10 additional rigs. International Solutions also demonstrated significant improvement, and Offshore Solutions secured a four-year contract renewal, adding $3.6 billion to its backlog. This positive earnings report led to an 11.39% increase in the stock price the day after the announcement.
2. Elevated Crude Oil Prices and Tight Market Conditions: The period from April 30, 2026, to August 26, 2026, was characterized by sustained high crude oil prices. Brent crude oil spot prices averaged approximately $93 per barrel between March and August 2026, marking the highest sustained price since 2022. West Texas Intermediate (WTI) consistently traded in the mid-$80s, with Brent remaining around $91-$92 in mid-August 2026. The market also exhibited backwardation, indicating a tight immediate physical supply of oil relative to demand, which generally favors drilling contractors by incentivizing upstream investment and activity.
3. Increased U.S. Drilling Activity: Demand for drilling services increased during the period, reflected in the rising U.S. drilling rig count. The total U.S. rig count, as reported by Baker Hughes, showed an upward trend, increasing from 548 rigs on May 8, 2026, to 593 rigs by August 14, 2026. Specifically, oil-directed rigs in the U.S. also increased from 410 to 455 over the same timeframe. This expansion in domestic drilling activity directly translated into higher utilization and demand for Helmerich & Payne's modern FlexRigs.
4. Positive Analyst Sentiment and Index Inclusion: Helmerich & Payne benefited from multiple analyst price target upgrades throughout the period. Firms such as Barclays and Susquehanna raised their price targets in both May and August 2026. For example, Barclays increased its target from $39 to $47 in May and then to $50 in August, while Susquehanna moved its target from $42 to $43 in May and subsequently to $44 in August. These upgrades reflected improved outlooks for the company's valuation and future performance. Additionally, Helmerich & Payne's inclusion in several Russell growth benchmarks in August 2026 enhanced its market profile and potentially increased investor interest.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 3.8% change in HP stock from 4/30/2026 to 8/26/2026 was primarily driven by a 6.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8262026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.90 | 41.40 | 3.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,086 | 3,996 | -2.2% |
| P/S Multiple | 1.0 | 1.0 | 6.5% |
| Shares Outstanding (Mil) | 100 | 100 | -0.4% |
| Cumulative Contribution | 3.8% |
Market Drivers
4/30/2026 to 8/26/2026| Return | Correlation | |
|---|---|---|
| HP | 3.8% | |
| Market (SPY) | 6.6% | -3.2% |
| Sector (XLE) | 4.7% | 70.7% |
Fundamental Drivers
The 24.6% change in HP stock from 1/31/2026 to 8/26/2026 was primarily driven by a 17.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8262026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.22 | 41.40 | 24.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,746 | 3,996 | 6.7% |
| P/S Multiple | 0.9 | 1.0 | 17.4% |
| Shares Outstanding (Mil) | 99 | 100 | -0.5% |
| Cumulative Contribution | 24.6% |
Market Drivers
1/31/2026 to 8/26/2026| Return | Correlation | |
|---|---|---|
| HP | 24.6% | |
| Market (SPY) | 11.0% | -1.6% |
| Sector (XLE) | 23.1% | 65.1% |
Fundamental Drivers
The 166.5% change in HP stock from 7/31/2025 to 8/26/2026 was primarily driven by a 106.9% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8262026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.54 | 41.40 | 166.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,085 | 3,996 | 29.5% |
| P/S Multiple | 0.5 | 1.0 | 106.9% |
| Shares Outstanding (Mil) | 99 | 100 | -0.6% |
| Cumulative Contribution | 166.5% |
Market Drivers
7/31/2025 to 8/26/2026| Return | Correlation | |
|---|---|---|
| HP | 166.5% | |
| Market (SPY) | 22.2% | 12.7% |
| Sector (XLE) | 46.6% | 64.3% |
Fundamental Drivers
The 5.3% change in HP stock from 7/31/2023 to 8/26/2026 was primarily driven by a 40.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8262026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.32 | 41.40 | 5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,844 | 3,996 | 40.5% |
| P/S Multiple | 1.4 | 1.0 | -26.0% |
| Shares Outstanding (Mil) | 101 | 100 | 1.2% |
| Cumulative Contribution | 5.3% |
Market Drivers
7/31/2023 to 8/26/2026| Return | Correlation | |
|---|---|---|
| HP | 5.3% | |
| Market (SPY) | 73.3% | 35.4% |
| Sector (XLE) | 56.0% | 71.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HP Return | 6% | 115% | -23% | -8% | -6% | 50% | 127% |
| Peers Return | 54% | 89% | -16% | -21% | 0% | 62% | 215% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| HP Win Rate | 58% | 67% | 25% | 42% | 50% | 75% | |
| Peers Win Rate | 52% | 55% | 33% | 43% | 58% | 72% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HP Max Drawdown | -38% | -34% | -38% | -31% | -58% | -26% | |
| Peers Max Drawdown | -42% | -39% | -41% | -42% | -47% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PTEN, NBR, PDS, NE, VAL. See HP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/26/2026 (YTD)
How Low Can It Go
| Event | HP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.1% | -18.8% |
| % Gain to Breakeven | 66.9% | 23.1% |
| Time to Breakeven | 148 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.1% | -9.5% |
| % Gain to Breakeven | 17.8% | 10.5% |
| Time to Breakeven | 104 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.7% | -6.7% |
| % Gain to Breakeven | 48.6% | 7.1% |
| Time to Breakeven | 124 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -71.8% | -33.7% |
| % Gain to Breakeven | 255.2% | 50.9% |
| Time to Breakeven | 718 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -17.5% | -3.7% |
| % Gain to Breakeven | 21.2% | 3.9% |
| Time to Breakeven | 177 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.3% | -12.2% |
| % Gain to Breakeven | 33.8% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
In The Past
Helmerich & Payne's stock fell -40.1% during the 2025 US Tariff Shock. Such a loss loss requires a 66.9% gain to breakeven.
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| Event | HP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.1% | -18.8% |
| % Gain to Breakeven | 66.9% | 23.1% |
| Time to Breakeven | 148 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.7% | -6.7% |
| % Gain to Breakeven | 48.6% | 7.1% |
| Time to Breakeven | 124 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -71.8% | -33.7% |
| % Gain to Breakeven | 255.2% | 50.9% |
| Time to Breakeven | 718 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.3% | -12.2% |
| % Gain to Breakeven | 33.8% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -48.4% | -17.9% |
| % Gain to Breakeven | 93.8% | 21.8% |
| Time to Breakeven | 730 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.7% | -15.4% |
| % Gain to Breakeven | 29.4% | 18.2% |
| Time to Breakeven | 146 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.8% | -53.4% |
| % Gain to Breakeven | 121.5% | 114.4% |
| Time to Breakeven | 285 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.1% | -8.6% |
| % Gain to Breakeven | 25.1% | 9.5% |
| Time to Breakeven | 112 days | 47 days |
In The Past
Helmerich & Payne's stock fell -40.1% during the 2025 US Tariff Shock. Such a loss loss requires a 66.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Helmerich & Payne (HP)
Helmerich & Payne (HP) is a leading provider of drilling services and solutions for exploration and production companies globally. The company's primary offering involves deploying and operating a large fleet of advanced drilling rigs, including land rigs and offshore platform rigs. Beyond just providing rigs, HP also focuses on developing and commercializing proprietary technologies designed to improve the efficiency, quality, and precision of drilling operations.
HP's main customers are exploration and production (E&P) companies, and it serves them across diverse geographic markets. The company operates through three key segments: North America Solutions, which covers major U.S. shale plays; Offshore Gulf of Mexico, with operations in U.S. federal waters; and International Solutions, extending its reach to countries like Argentina, Bahrain, Colombia, and the United Arab Emirates. As a notable secondary asset, HP also owns and develops commercial real estate properties in Tulsa, Oklahoma.
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Here are 1-3 brief analogies for Helmerich & Payne:
Caterpillar for oil drilling. (Like Caterpillar provides heavy equipment and services for construction and mining, HP provides specialized drilling rigs and services for oil and gas extraction.)
United Rentals for oil rigs. (Similar to how United Rentals provides a wide range of industrial equipment for rent and service, HP provides and operates highly specialized drilling rigs for energy companies.)
John Deere for oilfield machinery. (Just as John Deere manufactures and services specialized machinery for agriculture, HP provides and services specialized drilling machinery for the oil and gas industry.)
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- Drilling Services: Provides advanced drilling services to exploration and production companies across North America, the Gulf of Mexico, and international locations utilizing a fleet of land and offshore rigs.
- Drilling Technology Solutions: Develops and commercializes proprietary technologies designed to enhance the efficiency, quality, and precision of drilling operations.
- Commercial Real Estate Operations: Owns, develops, and manages commercial real estate properties, including a shopping center and undeveloped land in Tulsa, Oklahoma.
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Helmerich & Payne (HP) provides drilling services and solutions primarily to exploration and production companies.
The provided background information does not list the specific names of these customer companies.
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Raymond John "Trey" Adams III, President and Chief Executive Officer
Raymond John "Trey" Adams III was appointed President and Chief Executive Officer of Helmerich & Payne, Inc. on March 4, 2026. He has a strong background from various leadership roles within the company, having worked across many parts of the business. Adams has led programs that combine drilling know-how with integrated technology to deliver value for customers and focuses on performance, safety, customer partnerships, disciplined growth, and strong financial execution.
Todd Scruggs, Senior Vice President and Chief Financial Officer
Todd Scruggs will become Senior Vice President and Chief Financial Officer effective July 1, 2026, succeeding Kevin Vann. He joined Helmerich & Payne in 2024. Prior to joining H&P, Scruggs was a Partner at Veriten, where he led the firm's investment activities. He has held financial roles of increasing responsibility across several large energy organizations, including leading treasury and business development efforts at WPX Energy, which involved over $10 billion in transactions through its merger with Devon Energy. He began his career in energy trading roles.
John Bell, Executive Vice President of Eastern Hemisphere Land Operations
John Bell has served as Executive Vice President of Eastern Hemisphere Land Operations for Helmerich & Payne since 2025, overseeing drilling operations in South America, the Middle East, and the Gulf of Mexico. He joined H&P in 1998 as a business systems analyst and has held various senior leadership positions, including vice president of human resources and vice president of corporate services. Earlier in his career, Bell was involved in and led projects focused on improving rig operations. He holds a Bachelor of Business Administration with a double major in Economics and Marketing from Baylor University.
Cara M. Hair, Senior Vice President, Corporate Services, and Chief Legal and Compliance Officer
Cara M. Hair serves as Senior Vice President, Corporate Services, and Chief Legal and Compliance Officer at Helmerich & Payne, Inc.
Scotty Tatum, Senior Vice President, North America Solutions
Scotty Tatum is the Senior Vice President of North America Solutions for Helmerich & Payne.
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The key risks to Helmerich & Payne's business include:
- Market Volatility and Oil and Gas Prices: Helmerich & Payne's performance is highly dependent on the cyclical nature of the energy sector. Fluctuations in oil and natural gas prices directly impact the capital expenditures of exploration and production companies, which in turn affects the demand for HP's drilling services and the overall U.S. oil rig count. A decline in drilling activity can negatively impact demand for Helmerich & Payne's services.
- Energy Transition and Green Energy Development: The global shift towards renewable energy and increased investment in green energy, particularly outside the U.S., poses a risk by potentially limiting global oil consumption and, consequently, the demand for drilling services. There is also a challenge in adapting to the industry's pivot towards unconventional gas exploration, which may require substantial capital expenditures for equipment upgrades or new technology acquisitions to maintain competitiveness.
- Operational and Integration Challenges from Acquisitions: The company faces risks associated with its acquisitions, such as the KCA Deutag transaction, including potential delays in integration and the possibility that anticipated benefits may not be realized. Notably, the suspension of a significant number of acquired rigs in regions like Saudi Arabia has impacted current revenues and raised concerns about future growth prospects.
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The global shift towards renewable energy sources and the associated long-term decline in demand for fossil fuels pose an emerging threat to Helmerich & Payne's core drilling services business. As exploration and production companies face increasing pressure and incentives to reduce carbon footprints and transition to sustainable energy, the demand for new oil and gas drilling could steadily decrease.
The continued rise of e-commerce represents an emerging threat to the value and viability of Helmerich & Payne's commercial real estate investments, particularly the shopping center. The shift in consumer behavior from brick-and-mortar retail to online shopping can reduce foot traffic, occupancy rates, and rental income for traditional retail properties.
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Helmerich & Payne, Inc. (HP) provides drilling services and solutions across various regions. The addressable markets for their main products and services in these regions are outlined below:
North America Solutions
- The overall North American drilling market was valued at approximately USD 29.8 billion in 2024 and is projected to reach around USD 42.5 billion by 2032.
- Specifically, the North America drilling services market size was valued at USD 4.72 billion in 2025 and is projected to be USD 5.16 billion in 2026.
- The broader North America oilfield services market, which includes drilling, was estimated at USD 46.27 billion in 2024 and is anticipated to reach USD 61.03 billion by 2033.
Offshore Gulf of Mexico
This segment is part of the broader North America offshore drilling market.
- The North America offshore drilling market was valued at USD 2.89 billion in 2025 and is projected to reach USD 3.1 billion in 2026. The Gulf of Mexico region accounts for a significant portion, responsible for 97% of the U.S. offshore hydrocarbon production.
International Solutions
Argentina
- The Argentina oil and gas upstream market, which encompasses drilling activities, is estimated at USD 3.52 billion in 2026 and is expected to reach USD 4.27 billion by 2031. Offshore projects are anticipated to experience the quickest growth within this market.
Bahrain
- The Bahrain oilfield service market, which includes drilling, was valued at USD 170.82 million in 2024 and is projected to grow to USD 247.38 million by 2032.
Colombia
- While specific market size data in USD for overall drilling services in Colombia was not readily available, the Colombia offshore drilling market is anticipated to grow at a compound annual growth rate (CAGR) of more than 9% from 2024 to 2029.
United Arab Emirates (UAE)
- The UAE offshore drilling market is expected to reach a market size of more than USD 6.41 billion by 2029.
- The broader United Arab Emirates oil and gas upstream market, which includes drilling, is estimated at USD 10.36 billion in 2025 and is expected to reach USD 13.60 billion by 2030.
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Helmerich & Payne (HP) is poised for future revenue growth over the next 2-3 years, driven by its strategic international expansion, increasing demand for high-performance drilling rigs, advancements in drilling technology, and a continued focus on maintaining strong margins in its North America Solutions segment.
Here are the key drivers of future revenue growth for Helmerich & Payne:
- International Expansion and Rig Reactivations: A significant driver of future revenue growth for Helmerich & Payne is its strategic international expansion, particularly in the Middle East. The acquisition of KCA Deutag International Ltd. in early 2025 substantially increased its international land operations, positioning the company to capitalize on rising demand in regions like the Middle East, North Africa, and Southeast Asia. Demand for rigs in the Middle East and North Africa (MENA) region is forecast to increase by 31% by 2029. The company has announced the reactivation of seven land rigs in Saudi Arabia, with operations recommencing in stages throughout the first half of calendar year 2026. By mid-2026, Helmerich & Payne expects to operate 24 rigs in Saudi Arabia, including its proprietary FlexRigs and those acquired through the KCA Deutag transaction. This international focus is expected to lead to improved international margins.
- Increased Demand for High-Performance Super-Spec Rigs: Helmerich & Payne holds a strong market position, especially with its Super-Spec FlexRig fleet, which is highly sought after for complex unconventional drilling. Demand for these advanced drilling rigs is anticipated to grow by 18% from current levels through 2029. These modern rigs enhance drilling efficiency, accelerate operations, and improve well recovery, aligning with the evolving needs of the oil and gas industry, particularly in shale formations. The company's super-spec rigs are expected to continue commanding higher day rates due to their capability to drill three-mile laterals and deliver the efficiency operators require.
- Technological Advancements and Digital Solutions: Helmerich & Payne's commitment to innovation and technology is a fundamental growth driver. The company actively invests in advanced automation, digital solutions, and data analytics to boost operational efficiency and reduce environmental impact. For instance, the company successfully deployed its FlexRobotics™ Technology system on a rig for a major client in the Permian Basin. The utilization of its advanced digital solutions and applications saw a 20% increase over fiscal year 2025. This technological edge also enables Helmerich & Payne to secure performance-based contracts, with approximately 50% of its active rigs in the North America Solutions segment now operating under this model, which aligns the company's incentives with customer success.
- Resilient North America Solutions Segment and Margin Focus: The North America Solutions segment remains a core strength for Helmerich & Payne, maintaining an industry-leading position. A key strategic priority for the company is to sustain strong direct margins within this segment. Helmerich & Payne is targeting a 50% direct margin in its North America Solutions segment, emphasizing performance contracts and capital efficiency. While the overall North American rig count is projected to remain relatively stable, the company's focus on high-performance rigs and operational efficiency is expected to support consistent demand and strong margins.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Helmerich & Payne repurchased $3.94 million in shares by March 31, 2024, $47.35 million by December 31, 2023, and $102.19 million by June 30, 2023.
- The company had an authorized share buyback program of up to 4 million shares annually, with approximately $100 million authorized at the beginning of 2025.
Share Issuance
- On March 5, 2026, directors of Helmerich & Payne, including Hans Helmerich, Donald F. Robillard Jr., Jose Ramon Mas, and Belgacem Chariag, received grants of common stock or phantom stock units as compensation.
Outbound Investments
- Helmerich & Payne completed the acquisition of KCA Deutag in January 2025, a significant strategic move to enhance its international presence.
- The KCA Deutag acquisition added approximately $5.5 billion in backlog and is projected to increase operating EBITDA by 30%.
- This acquisition expanded the company's global scale, particularly in the Middle East, and diversified its geographic reach.
Capital Expenditures
- Helmerich & Payne expects gross capital expenditures for fiscal year 2026 to be between $280 million and $320 million.
- A primary focus for the fiscal 2026 capital program includes $40 million to $60 million for North America Solutions (NAS) operations for necessary upgrades and maintaining technical capabilities, and $230 million to $250 million for maintenance and reactivation-related capital across its global fleet, notably including the reactivation of seven rigs in Saudi Arabia.
- The company's capital expenditures were $426 million for fiscal year 2025 and $495 million for fiscal year 2024.
Peer Outperformance in Oil & Gas Drilling
HP has outperformed 50% of its 6 Oil & Gas Drilling peers over 5Y. Oil & Gas Drilling ranks 7th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Drilling constituents that HP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
88%
of 8 industry peers · 124.8% return
3Y
86%
of 7 industry peers · 15.5% return
5Y
50%
of 6 industry peers · 81.0% return
No Oil & Gas Drilling peer with a comparable growth profile has beaten HP by more than 20pp over 5Y.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Drilling is HP's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 103.0% | 107.5% | 343.3% | PBF 619% · MPC 575% · VLO 505% |
| Integrated Oil & Gas | 7 | 42.6% | 61.3% | 238.0% | IMO 456% · CVE 327% · SU 325% |
| Oil & Gas Storage & Transportation | 18 | 34.4% | 119.5% | 229.7% | INSW 783% · LPG 682% · TRGP 624% |
| Coal & Consumable Fuels | 14 | 30.8% | 59.5% | 177.7% | EU 1274% · LEU 651% · CCJ 511% |
| Oil & Gas Equipment & Services | 34 | 54.4% | 28.7% | 115.4% | FTI 1037% · SEI 726% · TDW 664% |
| Oil & Gas Exploration & Production | 50 | 23.7% | 3.2% | 109.6% | KGEI 7342% · OBE 6667% · EP 3203% |
| Oil & Gas Drilling ← | 7 | 71.1% | 0.4% | 81.0% | VAL 194% · PDS 166% · NE 126% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 64.39 |
| Mkt Cap | 4.3 |
| Rev LTM | 3,141 |
| Op Inc LTM | 184 |
| FCF LTM | 178 |
| FCF 3Y Avg | 193 |
| CFO LTM | 702 |
| CFO 3Y Avg | 613 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.5% |
| Rev Chg 3Y Avg | 10.8% |
| Rev Chg Q | -1.4% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Inc Chg LTM | -48.3% |
| Op Inc Chg 3Y Avg | -13.8% |
| Op Mgn LTM | 5.5% |
| Op Mgn 3Y Avg | 8.9% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 16.8% |
| CFO/Rev 3Y Avg | 18.8% |
| FCF/Rev LTM | 3.8% |
| FCF/Rev 3Y Avg | 5.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.3 |
| P/S | 1.0 |
| P/Op Inc | 18.2 |
| P/EBIT | 15.5 |
| P/E | -12.6 |
| P/CFO | 7.1 |
| Total Yield | 3.8% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 5.4% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.6% |
| 3M Rtn | -3.4% |
| 6M Rtn | 6.6% |
| 12M Rtn | 94.3% |
| 3Y Rtn | 9.2% |
| 1M Excs Rtn | 12.1% |
| 3M Excs Rtn | -5.4% |
| 6M Excs Rtn | -3.9% |
| 12M Excs Rtn | 72.8% |
| 3Y Excs Rtn | -67.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North America Solutions | 2,362 | 2,446 | 2,520 | 1,788 | 1,026 |
| International Solutions | 802 | 194 | 213 | 136 | 58 |
| Offshore Solutions | 520 | 106 | 130 | 125 | 126 |
| All other revenues | 164 | 72 | 77 | 66 | 43 |
| Elimination of intersegment revenues | -103 | -61 | -67 | -57 | -35 |
| Total | 3,746 | 2,757 | 2,872 | 2,059 | 1,219 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North America Solutions | 580 | 611 | 625 | 122 | -287 |
| Offshore Solutions | 50 | 12 | 23 | 23 | 16 |
| Gain on reimbursement of drilling equipment | 33 | 33 | 48 | 29 | 12 |
| Other gain (loss) on sale of assets | -2 | -5 | -8 | 5 | -11 |
| Elimination of intersegment revenues | -4 | 1 | 5 | -6 | -2 |
| All other revenues | -103 | -1 | 16 | 13 | -10 |
| Corporate selling, general and administrative costs, corporate depreciation, corporate acquisition | -259 | -198 | -146 | -141 | -126 |
| International Solutions | -292 | 5 | 6 | -0 | -21 |
| Acquisition transaction costs | 0 | ||||
| Total | 3 | 457 | 568 | 45 | -429 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| North America Solutions | 2,957 | 3,225 | 3,320 | 3,407 | 3,419 |
| International Solutions | 2,427 | 686 | 407 | 331 | 270 |
| Offshore Solutions | 715 | 73 | 73 | 81 | 85 |
| All other revenues | 360 | 158 | 154 | 120 | 95 |
| Investments and corporate operations | 247 | 1,640 | 427 | 416 | 1,166 |
| Total | 6,706 | 5,782 | 4,382 | 4,356 | 5,034 |
Price Behavior
Price Behavior
| Market Price | $41.40 | |
| Market Cap ($ Bil) | 4.1 | |
| First Trading Date | 10/15/1980 | |
| Distance from 52W High | -6.9% | |
| 50 Days | 200 Days | |
| DMA Price | $36.16 | $34.17 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 14.5% | 21.2% |
| 3M | 1YR | |
| Volatility | 53.0% | 44.5% |
| Downside Capture | -68.23 | -16.72 |
| Upside Capture | -24.34 | 81.22 |
| Correlation (SPY) | -4.5% | 11.0% |
HP Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.40 | -0.12 | -0.05 | -0.01 | 0.50 | 1.07 |
| Up Beta | 1.85 | -1.59 | -1.47 | -0.83 | -0.44 | 0.97 |
| Down Beta | -0.86 | -0.03 | -0.08 | 0.62 | 1.06 | 1.76 |
| Up Capture | -45% | -3% | 0% | 11% | 106% | 35% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 22 | 34 | 71 | 142 | 380 |
| Down Capture | -143% | 60% | 81% | 8% | 23% | 96% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 21 | 29 | 55 | 109 | 371 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HP | |
|---|---|---|---|---|
| HP | 127.7% | 44.4% | 1.97 | - |
| Sector ETF (XLE) | 44.9% | 21.7% | 1.61 | 65.0% |
| Equity (SPY) | 20.3% | 12.8% | 1.18 | 10.7% |
| Gold (GLD) | 36.2% | 28.8% | 1.06 | 4.4% |
| Commodities (DBC) | 37.6% | 20.3% | 1.46 | 44.8% |
| Real Estate (VNQ) | 11.8% | 13.6% | 0.57 | -1.4% |
| Bitcoin (BTCUSD) | -28.6% | 43.6% | -0.65 | 14.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HP | |
|---|---|---|---|---|
| HP | 15.0% | 48.8% | 0.46 | - |
| Sector ETF (XLE) | 25.9% | 25.8% | 0.88 | 73.5% |
| Equity (SPY) | 13.2% | 17.2% | 0.59 | 37.6% |
| Gold (GLD) | 20.3% | 18.7% | 0.89 | 9.8% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 51.1% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 26.9% |
| Bitcoin (BTCUSD) | 12.0% | 52.7% | 0.41 | 18.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HP | |
|---|---|---|---|---|
| HP | 0.5% | 51.6% | 0.22 | - |
| Sector ETF (XLE) | 10.4% | 29.6% | 0.39 | 77.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.5% |
| Gold (GLD) | 12.6% | 16.3% | 0.64 | 7.8% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 52.5% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 37.0% |
| Bitcoin (BTCUSD) | 63.5% | 66.1% | 1.03 | 13.1% |
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Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 11.4% | 29.1% | |
| 5/6/2026 | -7.4% | -4.0% | -5.4% |
| 2/4/2026 | -5.2% | -5.7% | -5.7% |
| 11/17/2025 | -2.9% | -2.2% | 1.2% |
| 8/6/2025 | 3.2% | 15.9% | 32.2% |
| 5/7/2025 | -3.5% | -1.2% | -10.7% |
| 2/5/2025 | -16.5% | -18.8% | -22.2% |
| 11/13/2024 | -6.2% | -6.1% | -6.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 9 |
| # Negative | 15 | 12 | 14 |
| Median Positive | 8.8% | 6.0% | 16.5% |
| Median Negative | -3.7% | -6.5% | -10.1% |
| Max Positive | 12.0% | 29.1% | 33.5% |
| Max Negative | -16.5% | -18.8% | -24.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 11.4% | 29.1% | |
| 5/6/2026 | -7.4% | -4.0% | -5.4% |
| 2/4/2026 | -5.2% | -5.7% | -5.7% |
| 11/17/2025 | -2.9% | -2.2% | 1.2% |
| 8/6/2025 | 3.2% | 15.9% | 32.2% |
| 5/7/2025 | -3.5% | -1.2% | -10.7% |
| 2/5/2025 | -16.5% | -18.8% | -22.2% |
| 11/13/2024 | -6.2% | -6.1% | -6.5% |
| 7/24/2024 | 8.8% | 7.1% | -13.1% |
| 4/24/2024 | -4.7% | -9.9% | -11.6% |
| 1/29/2024 | 12.0% | 2.4% | 7.4% |
| 11/8/2023 | -2.3% | 2.3% | -4.5% |
| 7/26/2023 | 4.6% | 4.9% | -4.9% |
| 4/26/2023 | -3.7% | -10.3% | -3.8% |
| 1/30/2023 | -0.3% | -6.9% | -10.8% |
| 11/16/2022 | 0.6% | 0.0% | -9.5% |
| 7/27/2022 | -0.7% | -3.8% | 5.5% |
| 4/27/2022 | 10.7% | 18.3% | 21.2% |
| 1/31/2022 | 5.9% | 12.7% | 33.5% |
| 11/17/2021 | -16.5% | -18.4% | -24.5% |
| 7/28/2021 | -2.9% | -12.5% | -14.9% |
| 4/29/2021 | -8.9% | 1.0% | 1.4% |
| 2/9/2021 | 8.8% | 4.9% | 27.3% |
| 11/19/2020 | -2.8% | 14.5% | 16.5% |
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 9 |
| # Negative | 15 | 12 | 14 |
| Median Positive | 8.8% | 6.0% | 16.5% |
| Median Negative | -3.7% | -6.5% | -10.1% |
| Max Positive | 12.0% | 29.1% | 33.5% |
| Max Negative | -16.5% | -18.8% | -24.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/21/2025 | 10-K |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-Q |
| 09/30/2024 | 11/13/2024 | 10-K |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 01/29/2024 | 10-Q |
| 09/30/2023 | 11/08/2023 | 10-K |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 01/30/2023 | 10-Q |
| 09/30/2022 | 11/17/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/21/2025 | 10-K |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/05/2025 | 10-Q |
| 09/30/2024 | 11/13/2024 | 10-K |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 01/29/2024 | 10-Q |
| 09/30/2023 | 11/08/2023 | 10-K |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 01/30/2023 | 10-Q |
| 09/30/2022 | 11/17/2022 | 10-K |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 01/31/2022 | 10-Q |
| 09/30/2021 | 11/18/2021 | 10-K |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/20/2020 | 10-K |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/05/2020 | 10-Q |
| 09/30/2019 | 11/15/2019 | 10-K |
Recent Forward Guidance
Updated 8/6/2026Latest: Q3 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 North America Solutions Direct Margin | 2.45E10% | 2.5E10% | 2.55E10% | 6.4% | Higher New | Actual: 2.35E10% for Q3 2026 | |
| Q4 2026 North America Solutions Average Rigs | 145 | 148 | 151 | 5.7% | Higher New | Actual: 140 for Q3 2026 | |
| Q4 2026 International Solutions Direct Margin | 2.5E9% | 3.5E9% | 4.5E9% | 59.1% | Higher New | Actual: 2.2E9% for Q3 2026 | |
| Q4 2026 International Solutions Average Rigs | 60 | 65 | 70 | 3.2% | Higher New | Actual: 63 for Q3 2026 | |
| Q4 2026 Offshore Solutions Direct Margin | 2.6E9% | 2.8E9% | 3.0E9% | 7.7% | Higher New | Actual: 2.6E9% for Q3 2026 | |
| Q4 2026 Offshore Solutions Average Rigs / Mgmt. Cont. | 30 | 32.5 | 35 | 0 | Same New | Actual: 32.5 for Q3 2026 | |
| Q4 2026 Other Direct Margin | 0.0% | 2.5E8% | 5.0E8% | 66.7% | Higher New | Actual: 1.5E8% for Q3 2026 | |
| 2026 North America Solutions Average Rigs | 140 | 142 | 144 | 0.7% | Raised | Guidance: 141 for 2026 | |
| 2026 International Solutions Average Rigs | 60 | 63 | 66 | 0 | Affirmed | Guidance: 63 for 2026 | |
| 2026 Offshore Solutions Direct Margin | 1.13E10% | 1.15E10% | 1.17E10% | 7.0% | Raised | Guidance: 1.075E10% for 2026 | |
| 2026 Offshore Solutions Average Rigs / Mgmt. Cont. | 30 | 32.5 | 35 | 0 | Affirmed | Guidance: 32.5 for 2026 | |
| 2026 Capital Expenditures | 270.00 Mil | 290.00 Mil | 310.00 Mil | 0 | Affirmed | Guidance: 290.00 Mil for 2026 | |
| 2026 Depreciation | 700.00 Mil | 0 | Affirmed | Guidance: 700.00 Mil for 2026 | |||
| 2026 Research and Development | 28.00 Mil | 0 | Affirmed | Guidance: 28.00 Mil for 2026 | |||
| 2026 Selling, General & Administrative | 265.00 Mil | 275.00 Mil | 285.00 Mil | 0 | Affirmed | Guidance: 275.00 Mil for 2026 | |
| 2026 Cash Taxes | 150.00 Mil | 165.00 Mil | 180.00 Mil | 20.0% | Raised | Guidance: 137.50 Mil for 2026 | |
| 2026 Interest Expense | 100.00 Mil | 0 | Affirmed | Guidance: 100.00 Mil for 2026 | |||
Prior: Q2 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 North America Solutions Direct Margin | 2.3E10% | 2.35E10% | 2.4E10% | 8.0% | Higher New | Actual: 2.175E10% for Q2 2026 | |
| Q3 2026 North America Solutions Average Rigs | 137 | 140 | 143 | 3.7% | Higher New | Actual: 135 for Q2 2026 | |
| Q3 2026 International Solutions Direct Margin | 1.2E9% | 2.2E9% | 3.2E9% | 29.4% | Higher New | Actual: 1.7E9% for Q2 2026 | |
| Q3 2026 International Solutions Average Rigs | 58 | 63 | 68 | 5.0% | Higher New | Actual: 60 for Q2 2026 | |
| Q3 2026 Offshore Solutions Direct Margin | 2.4E9% | 2.6E9% | 2.8E9% | 4.0% | Higher New | Actual: 2.5E9% for Q2 2026 | |
| Q3 2026 Offshore Solutions Average Rigs / Mgmt. Cont. | 30 | 32.5 | 35 | 0 | Same New | Actual: 32.5 for Q2 2026 | |
| Q3 2026 Other Direct Margin | 0.0% | 1.5E8% | 3.0E8% | -72.7% | Lower New | Actual: 5.5E8% for Q2 2026 | |
| 2026 North America Solutions Average Rigs | 138 | 141 | 144 | ||||
| 2026 International Solutions Average Rigs | 58 | 63 | 68 | ||||
| 2026 Offshore Solutions Direct Margin | 1.0E10% | 1.075E10% | 1.15E10% | ||||
| 2026 Offshore Solutions Average Rigs / Mgmt. Cont. | 30 | 32.5 | 35 | ||||
| 2026 Gross Capital Expenditures | 270.00 Mil | 290.00 Mil | 310.00 Mil | ||||
| 2026 Depreciation | 700.00 Mil | 0 | Affirmed | Guidance: 700.00 Mil for 2026 | |||
| 2026 Research and Development | 28.00 Mil | 12.0% | Raised | Guidance: 25.00 Mil for 2026 | |||
| 2026 Selling, General & Administrative | 265.00 Mil | 275.00 Mil | 285.00 Mil | 0 | Affirmed | Guidance: 275.00 Mil for 2026 | |
| 2026 Cash Taxes | 125.00 Mil | 137.50 Mil | 150.00 Mil | 14.6% | Raised | Guidance: 120.00 Mil for 2026 | |
| 2026 Interest Expense | 100.00 Mil | 0 | Affirmed | Guidance: 100.00 Mil for 2026 | |||
Q1 2026 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Direct Margin | 3.0E8% | 5.5E8% | 8.0E8% | ||||
| Q2 2026 Average Rig Count | 57 | 60 | 63 | 0 | Affirmed | Guidance: 60 for Q1 2026 | |
| Q2 2026 Average Management Contracts and Contracted Platform Rigs | 30 | 32.5 | 35 | ||||
| 2026 Depreciation | 700.00 Mil | 1.4% | Raised | Guidance: 690.00 Mil for 2026 | |||
| 2026 Research and Development Expenses | 25.00 Mil | 0 | Affirmed | Guidance: 25.00 Mil for 2026 | |||
| 2026 General and Administrative Expenses | 265.00 Mil | 275.00 Mil | 285.00 Mil | 0 | Affirmed | Guidance: 275.00 Mil for 2026 | |
| 2026 Cash Taxes | 95.00 Mil | 120.00 Mil | 145.00 Mil | 0 | Affirmed | Guidance: 120.00 Mil for 2026 | |
| 2026 Interest Expense | 100.00 Mil | 0 | Affirmed | Guidance: 100.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 11/17/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 NAS Direct Margin | 2.25E10% | 2.375E10% | 2.5E10% | -1.0% | Lower New | Actual: 2.4E10% for Q4 2025 | |
| Q1 2026 NAS Average rig count | 138 | 141 | 144 | 0 | Same New | Actual: 141 for Q4 2025 | |
| Q1 2026 International Solutions Direct Margin | 1.3E9% | 1.8E9% | 2.3E9% | -33.3% | Lower New | Actual: 2.7E9% for Q4 2025 | |
| Q1 2026 International Solutions Average operating rig count | 57 | 60 | 63 | -6.2% | Lower New | Actual: 64 for Q4 2025 | |
| Q1 2026 Offshore Solutions Direct Margin | 2.7E9% | 3.0E9% | 3.3E9% | 15.4% | Higher New | Actual: 2.6E9% for Q4 2025 | |
| 2026 Gross Capital Expenditures | 280.00 Mil | 300.00 Mil | 320.00 Mil | -22.6% | Lower New | Actual: 387.50 Mil for 2025 | |
| 2026 NAS Capital Expenditures | 40.00 Mil | 50.00 Mil | 60.00 Mil | ||||
| 2026 Maintenance and reactivation-related capital | 230.00 Mil | 240.00 Mil | 250.00 Mil | ||||
| 2026 Asset sales | 40.00 Mil | ||||||
| 2026 Depreciation | 690.00 Mil | 16.0% | Higher New | Actual: 595.00 Mil for 2025 | |||
| 2026 Research and development expenses | 25.00 Mil | -21.9% | Lower New | Actual: 32.00 Mil for 2025 | |||
| 2026 General and administrative expenses | 265.00 Mil | 275.00 Mil | 285.00 Mil | -1.8% | Lower New | Actual: 280.00 Mil for 2025 | |
| 2026 Cash taxes | 95.00 Mil | 120.00 Mil | 145.00 Mil | -41.5% | Lower New | Actual: 205.00 Mil for 2025 | |
| 2026 Interest expense | 100.00 Mil | ||||||
Insider Activity
Updated 8/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Helmerich, Hans | Reporting Person's Trust | Sell | 8242026 | 43.90 | 25,000 | 1,097,500 | 20,709,166 | Form | |
| 2 | Helmerich, Hans | Family Trust | Sell | 8242026 | 43.90 | 65,000 | 2,853,500 | 50,525,168 | Form | |
| 3 | Helmerich, Hans | Spouse | Sell | 8242026 | 43.90 | 4,470 | 196,233 | 878,000 | Form | |
| 4 | Hair, Cara M | SVP, CORP. SERVICES & CLO | Direct | Sell | 8182026 | 44.27 | 11,149 | 493,566 | 6,024,926 | Form |
| 5 | Momper, Sara Marie | VP, CAO | Direct | Sell | 8182026 | 44.28 | 5,054 | 223,791 | 750,900 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Helmerich, Hans | Reporting Person's Trust | Sell | 8242026 | 43.90 | 25,000 | 1,097,500 | 20,709,166 | Form | |
| 2 | Helmerich, Hans | Family Trust | Sell | 8242026 | 43.90 | 65,000 | 2,853,500 | 50,525,168 | Form | |
| 3 | Helmerich, Hans | Spouse | Sell | 8242026 | 43.90 | 4,470 | 196,233 | 878,000 | Form | |
| 4 | Hair, Cara M | SVP, CORP. SERVICES & CLO | Direct | Sell | 8182026 | 44.27 | 11,149 | 493,566 | 6,024,926 | Form |
| 5 | Momper, Sara Marie | VP, CAO | Direct | Sell | 8182026 | 44.28 | 5,054 | 223,791 | 750,900 | Form |
| 6 | Lennox, Michael | EVP, WESTERN HEMISPHERE LAND | Direct | Sell | 8122026 | 40.00 | 5,000 | 200,000 | 7,241,480 | Form |
| 7 | Lennox, Michael | EVP, WESTERN HEMISPHERE LAND | Direct | Sell | 7242026 | 35.00 | 5,000 | 175,000 | 6,511,295 | Form |
| 8 | Hair, Cara M | SVP, CORP. SERVICES & CLO | Direct | Sell | 5192026 | 41.45 | 28,345 | 1,174,900 | 6,103,264 | Form |
| 9 | Hair, Cara M | SVP, CORP. SERVICES & CLO | Direct | Sell | 3232026 | 36.62 | 58,771 | 2,152,194 | 6,430,069 | Form |
| 10 | Helmerich, Hans | Reporting Person's Trust | Sell | 12222025 | 28.10 | 25,000 | 702,500 | 13,958,254 | Form | |
| 11 | Helmerich, Hans | Family Trust | Sell | 12222025 | 28.13 | 50,000 | 1,406,500 | 34,203,689 | Form | |
| 12 | Momper, Sara Marie | VP, CAO | Direct | Sell | 12042025 | 30.23 | 6,681 | 201,967 | 460,312 | Form |
| 13 | Momper, Sara Marie | VP, CAO | Direct | Sell | 8192025 | 17.83 | 6,700 | 119,461 | 390,620 | Form |
Investor Activity (13F)
Updated Aug 27, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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