Helmerich & Payne, Inc., which trades and brands itself as H&P, Inc., is a land drilling contractor founded in 1920 and headquartered in Tulsa, Oklahoma. Its shares are listed on the New York Stock Exchange under the symbol HP, and the legal name Helmerich & Payne, Inc. continues to appear on its quarterly releases. H&P designs and fabricates a large part of its own rig equipment and also develops automation, directional drilling and survey management technology. Trey Adams became president and chief executive officer on 4 March 2026, with Todd Scruggs taking over as senior vice president and chief financial officer on 1 July 2026 after Kevin Vann retired from the role.
Fleet, segments and the KCA Deutag integration
The company reports in three segments: North America Solutions, International Solutions and Offshore Solutions. As of 5 August 2026 its fleet comprised 202 land rigs in the United States, 127 international land rigs and four offshore platform rigs, alongside 30 offshore management contracts; six months earlier the same disclosure counted 203 US land rigs, 137 international land rigs and five offshore platform rigs. The international and offshore businesses were substantially enlarged by the acquisition of KCA Deutag, which H&P was still integrating through 2026 according to its March 2026 leadership announcement. H&P owns the FlexRig and FlexRobotics trademarks, and its AC-drive FlexRig fleet is the core of the North American rig count, supported by the older T-Series fleet.
North America Solutions and private-operator demand
North America Solutions earned operating income of $140 million in the quarter ended 30 June 2026, up from $111 million in the prior quarter, on direct margin of $241 million against $215 million. Per-day direct margin averaged $18,669 with 142 rigs active, and management said daily margins improved by more than $1,000 sequentially. Ten additional rigs were deployed during the quarter, which H&P attributed to demand from private and smaller independent operators. Guidance for the September 2026 quarter was direct margin of $245-255 million on 145-151 average rigs, with the full fiscal year averaging 140-144 rigs.
International Solutions: Vaca Muerta and Saudi Arabia
The international segment recorded an operating loss of about $54 million for the June 2026 quarter, narrowing from a $100 million loss in the previous quarter that included a $26 million impairment, while direct margin improved to $31 million from $11 million. An average of 65 rigs were working. In Argentina, H&P secured contracts for five more FlexRig units to serve development of the Vaca Muerta shale, three of which were to be exported from the United States later in 2026, and it continued reactivating rigs in Saudi Arabia during a period management described as fluid for Middle East market conditions. Fourth-quarter guidance was direct margin of $25-45 million on 60-70 average rigs. A joint venture involving the company also won a major offshore operations and maintenance contract in the Caspian Sea, announced on 19 February 2026.
Offshore Solutions
Offshore Solutions generated operating income of approximately $17 million and direct margin of $29 million in the June 2026 quarter, helped by performance-related bonuses, with three active rigs and 30 management contracts. The segment secured a four-year contract renewal for an operator in Norway, taking H&P's offshore backlog to $3.6 billion including firm and optional contract periods. Guidance for the September quarter was direct margin of $26-30 million across 30-35 rigs and management contracts, and about $113-117 million for the full fiscal year.
Fiscal 2026 results and capital discipline
Consolidated revenue for the quarter ended 30 June 2026 was $1.035 billion, with drilling services contributing $986.9 million, and consolidated net income attributable to the company was $76 million, or $0.74 per share. That result included an after-tax gain of $0.88 per share on the sale of Utica Square, a Tulsa real estate asset whose disposal completed on 2 April 2026, alongside smaller gains and losses; adjusted losses were $10 million, or $0.11 per share, and adjusted EBITDA was $236 million. Nine-month revenue reached $2.984 billion against $2.734 billion a year earlier. About $25 million was returned to shareholders through dividends in the quarter, and full-year guidance set capital expenditure at $270-310 million, depreciation near $700 million, research and development near $28 million, selling, general and administrative costs of $265-285 million and interest expense near $100 million. Management said it was starting company-wide initiatives to cut cost, simplify the portfolio and reduce debt.
Reporting and safety disclosure
H&P publishes quarterly results, an annual sustainability report and SEC filings through an investor hub at ir.hpinc.com, where Kris Nicol is listed as vice president of investor relations. Its most recent sustainability report, covering 2025, was released on 17 February 2026. Media enquiries are handled by vice president of global communications Stephanie Higgins. Alongside oil and gas work the company markets drilling services for geothermal wells, and it offers survey management and advanced well engineering services to operators in the United States and internationally.