Helmerich & Payne, Inc. · NYSE:HP
Helmerich & Payne — Q1 2026 Earnings Presentation
26 slides from Helmerich & Payne's earnings presentation, Feb 5, 2026
Slide 1: 1Q’2026 Results
1Q’2026 Results February 4, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statemen
Slide 3: John Lindsay, Chief Executive Officer
John Lindsay Chief Executive Officer © 2026 H&P, Inc All Rights Reserved 3
Slide 4: First Quarter Highlights
First Quarter Highlights Exceeded expectations on several Strong operational & financial results fronts as the business executed well to close out the calendar year Saudi FlexRig® fleet margin Improving International Solutions performance improvement with further running room ahead. Rig reac
Slide 5: Trey Adams, President
Trey Adams President © 2026 H&P, Inc All Rights Reserved 5
Slide 6: Macro Outlook Long-term
Macro Outlook Long-term Expect 2026 to be a year of stabilization as the market energy demand starts to tighten into year end outlook supports the need for more of our drilling Long-term energy demand outlook supports our view solutions Oil that demand for oil and gas will grow for many years glob
Slide 7: Global Rig Market Dynamics
Global Rig Market Dynamics Exposure to all major onshore regions Offshore Solutions1 Anticipate 30 – 35 active rigs / mgmt. contract in 2Q’26 31 management contracts North America Solutions1 3 active offshore rigs Anticipate 132 – 138 active rigs in 2Q’26 86 rigs operating in the Permian B
Slide 8: Commercial Success
Commercial Success Strong commercial momentum across the organization with several backlog extensions, mobilizations, and technology deployments International Solutions International Solutions North America Solutions Offshore Solutions Waiting on KSA Rig Add Image Here Add Image Here Add Image Here
Slide 9: FlexRobotics Technology
FlexRobotics Technology TM Game-changing retrofittable robotics that improve safety & efficiency in rig floor redzone1 operations KEY BENEFITS Automation Fully automates drilling, connections, and tripping rig floor and derrick activities Separation Moves routine tasks to automation so crews can con
Slide 10: Kevin Vann, Chief Financial Officer
Kevin Vann Chief Financial Officer © 2026 H&P, Inc All Rights Reserved 10
Slide 11: 1Q’26 Financial Results
1Q’26 Financial Results Financials1 1Q’26 4Q’25 1Q’252 Revenue ($M) $1,017 $1,012 $1,100 Third consecutive quarter of Operating Costs ($M) $1,077 $1,013 $1,066 $1B revenues of at least $1B SG&A ($M) $70 $77 $72 Adjusted EBITDA ($M) $230 $225 $276 Adjusted EBITDA Margin 23% 22% 25% Adjusted EBITDA, c
Slide 12: 1Q’26 – North America Solutions
1Q’26 – North America Solutions Resilient performance in a softening market Offshore Key Metrics 1 1Q’26 4Q’25 1Q’25 Solutiuons Revenue ($M) $564 $572 $598 International Direct Margin ($M) $239 $242 $266 Solutions Segment Operating Income ($M) $362 $118 $152 $239M 78% North America Direct Margin Sol
Slide 13: 1Q’26 – International Solutions
1Q’26 – International Solutions Strong direct margin performance Offshore Key Metrics 1 1Q’26 4Q’25 1Q’252 Solutiuons Revenue ($M) $234 $241 $279 International Direct Margin ($M) $29 $30 $45 Solutions 10% Segment Operating (Loss) ($M) ($55) ($76) ($13) $29M North America Direct Margin Solutions 35%
Slide 14: 1Q’26 – Offshore Solutions
1Q’26 – Offshore Solutions Executing well in a stable environment Offshore Key Metrics 1 1Q’26 4Q’25 1Q’253 Solutiuons Revenue ($M) $188 $180 $188 50% 10% International Direct Margin ($M) $31 $35 $33 Solutions Segment Operating Income ($M) $162 $20 $23 $31M North America Direct Margin Solutions Aver
Slide 15: Capital Allocation Framework
Capital Allocation Framework Committed to de-leveraging the Balance Sheet Balance Cost Portfolio Investment Shareholder Sheet Optimization Optimization Returns STRATEGY Maintain strong balance Drive integration Optimization of non- Maintain capital- Maintain base dividend sheet – current liquidity s
Slide 16: 2Q & FY 2026 Guidance
2Q & FY 2026 Guidance Guidance 2Q’26 FY’26 Guidance FY’26 North America Solutions Gross Capital Expenditures ($M) $270 - $310 Direct Margin ($M)1 $205 - $230 Depreciation $700 Average Rigs 132 - 138 132 - 148 Research and Development $25 Selling, General & Administrative $265 - $285 International So
Slide 17: Trey Adams, President
Trey Adams President © 2026 H&P, Inc All Rights Reserved 17
Slide 18: H&P Investment Thesis
H&P Investment Thesis A Differentiated Global Drilling Business Global Scale Technology Leader Enterprise Optimization Operating >200 land rigs Operating the most Several portfolio & with scale, geographic sophisticated onshore organizational programs diversity & portfolio flexibility drilling rigs
Slide 19: Appendix
Appendix © 2026 H&P, Inc All Rights Reserved 19
Slide 20: H&P Rig Fleet
H&P Rig Fleet The Global Leader in Onshore Drilling Average 1Q’26 Rigs Exit 1Q’26 Rigs Current 2Q’26 Rigs Rigs Rigs % Rigs Rigs % Rigs Rigs1 % Regions Available Contracted Contracted Available Contracted Contracted Available Contracted Contracted North America 203 143 70% 203 139 68% 203 135 67% Sol
Slide 21: Debt Schedule and Liquidity
Debt Schedule and Liquidity On-track to repay the term loan early Debt Schedule Type Amount Maturity Interest Rate1 Term Loan2 $140 M Jan. 2027 5.79% 3-yr Bond $350 M Dec. 2027 4.65% 5-yr Bond $350 M Dec. 2029 4.85% 10-yr Bond $550 M Sept. 2031 2.90% 10-yr Bond $550 M Dec. 2034 5.50% Total Debt $1,9
Slide 22: Non-GAAP Reconciliation of Direct Margin
Non-GAAP Reconciliation of Direct Margin Direct margin is considered a non-GAAP metric. We define "direct margin" as operating revenues (less reimbursements) less direct operating expenses (less reimbursements). Direct margin is included as a supplemental disclosure because we believe it is useful i
Slide 23: Non-GAAP Reconciliation of Adjusted EBITDA
Non-GAAP Reconciliation of Adjusted EBITDA Adjusted EBITDA and 'Select Items' are considered to be non-GAAP metrics. Adjusted EBITDA is defined as net income(loss) before taxes, depreciation and amortization, gains and losses on asset sales, other income and expense - which includes interest income
Slide 24: Unaudited Consolidated Statements of Cash Flows
Unaudited Consolidated Statements of Cash Flows © 2026 H&P, Inc All Rights Reserved 24
Slide 25: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Adjusted EPS and 'Select Items' are considered to be non-GAAP metrics. Adjusted EPS is defined as Earnings Per Share excluding the impact of 'select items’. The Company believes identifying and excluding select items is useful in assessing and understanding curren
Slide 26: Thank You
Thank You For Your Interest in H&P For more information, please visit our website at www.hpinc.com Contact: Kris Nicol Vice President of Investor Relations investor.relations@hpinc.com NYSE: HP