Helmerich and Payne (NYSE: HP) is a contract drilling company that provides land and offshore drilling services to oil and gas operators. Revenue is generated primarily through daywork drilling contracts, under which the company is paid a daily rate as drilling services are performed. H&P is the largest provider of super-spec land drilling rigs in North America, operating a fleet of FlexRig-branded AC rigs. The company reports three segments: North America Solutions, International Solutions, and Offshore Solutions. In fiscal year 2025 (ended September 30, 2025), consolidated operating revenues were approximately $3.75 billion, with North America Solutions contributing $2.36 billion (63%), Offshore Solutions contributing $520.4 million (13.9%), and International Solutions supplying the remainder across Saudi Arabia ($259.0 million, 6.9%), Oman ($177.9 million, 4.7%), Argentina ($155.7 million, 4.2%), and other countries. CEO John W. Lindsay leads the company, headquartered in Tulsa, Oklahoma. H&P also holds commercial real estate in Tulsa, including a shopping center committed for sale as of FY2025.

Revenue model

Daywork drilling contracts: customers pay a fixed daily rate as drilling services are rendered. Mobilization and demobilization fees are deferred and recognized ratably over the contract term. Offshore Solutions also includes management contract services for third-party platform rigs.

Products and services

FlexRig land drilling rigs (super-spec and non-super-spec AC configurations including FlexRig 3 and FlexRig 4 models); offshore platform rigs operating on fixed and floating facilities in U.S. federal waters; BENTEC manufacturing and engineering services; rig management contract services for third-party offshore platforms. R&D spend was $34.1 million in FY2025.

Customers and end markets

Customers are oil and gas exploration and production companies, including large international oil companies and national oil companies (NOCs). All Saudi Arabia revenues in FY2025 came from contracts with the national oil company. All Oman revenues in FY2025 came from a single national oil company. The largest offshore drilling customer represented 45.2% ($235.0 million) of offshore revenues in FY2025. Argentine contracts are primarily with large international or national oil companies.

Value-chain role

Oilfield services provider sitting between equipment manufacturers and E&P operators. H&P supplies drilling rigs, crews, and related equipment; operators retain ownership of the wellbore and production infrastructure. On offshore platform rigs, the operator typically owns the platform and H&P supplies the rig equipment and crews.

Geographic exposure

United States (North America Solutions land rigs across TX, NM, OK, ND, CO, LA, UT, OH, PA, WV, AR; Offshore Solutions in Gulf of America and Louisiana); Saudi Arabia (44 available rigs as of September 30, 2025); Oman (25 available rigs); Argentina (16 available rigs); Colombia, Germany, Bahrain, Pakistan (smaller presences). Offshore management contracts extend to the North Sea, Norwegian Sea, Caspian Sea, and other international waters.

Source: SEC 10-K, filed 2025-11-21

Industry: Drilling Oil & Gas Wells Peers: Agassi Sports Entertainment Corp DIAMOND OFFSHORE DRILLING, INC. Independence Contract Drilling, Inc. U.S. WELL SERVICES HOLDINGS, LLC Noble Corp PARKER DRILLING CO /DE/ VANTAGE DRILLING INTERNATIONAL Patterson-UTI Energy Inc