Helmerich & Payne, Inc. · NYSE:HP
Helmerich & Payne — Q3 2026 Earnings Presentation
26 slides from Helmerich & Payne's earnings presentation, Aug 5, 2026
Slide 1: 3Q'2026 Results
3Q'2026 Results August 5, 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: Trey Adams, President and Chief Executive Officer
Trey Adams President and Chief Executive Officer
Slide 4: Third Quarter Call Highlights
Third Quarter Call Highlights Strong financial & operational performance, with commercial momentum across the portfolio Outperformed expectations across all operating regions Exceeded the midpoint of direct margin guidance in NAS, International & Offshore despite ongoing disruption in the Middle Eas
Slide 5: Macro Outlook
Macro Outlook Growing energy security needs underpin a more constructive upstream outlook Operator confidence remains strong despite ongoing commodity price volatility Long-term energy demand outlooks strengthen, led by AI - supporting continued investment in supply growth Anticipate operators to ut
Slide 6: Commercial Dynamics
Commercial Dynamics Momentum continues the US Lower 48 and intensifies in Argentina U.S. Lower 48 Latin America MENA & Rest of the World Offshore North America Solutions International Solutions International Solutions Offshore Solutions • Private operator demand • Moving to 100% utilized in the • Re
Slide 7: Vaca Muerta, the Leading International Shale Basin
Vaca Muerta, the Leading International Shale Basin Expanding our footprint as we fully utilize our in-country rig fleet World-class resource base - Constructive Projected Growth to double Outlook production H&P leadership Growing and with market share A World-Class Resource Base(1) over 20 Bn BOE es
Slide 8: Todd Scruggs, SVP & Chief Financial Officer
Todd Scruggs SVP & Chief Financial Officer
Slide 9: 3Q'26 Financial Results
3Q’26 Financial Results Financials1 3Q’26 2Q’26 3Q’25 Revenue ($M) $1,035 $932 $1,041 11% sequential growth in revenue Operating Costs ($M) $847 $969 $1,169 $1,035M as rig count & direct margin accelerated SG&A ($M) $66 $71 $66 Adjusted EBITDA ($M) $236 $178 $268 Adjusted EBITDA Margin 23% 19% 26% $
Slide 10: 3Q'26 – North America Solutions
3Q’26 – North America Solutions Strong performance in a strengthening market Key Metrics 1 3Q’26 2Q’26 3Q’25 Revenue ($M) $563 $517 $592 Direct Margin ($M) $241 $215 $266 Segment Operating Income ($M) $140 $111 $158 $241M Direct Margin Average Working Rigs 142 136 147 80% Revenue Days 12,921 12,208
Slide 11: 3Q'26 – International Solutions
3Q’26 – International Solutions Strong direct margin growth led by Argentina Key Metrics 1 3Q’26 2Q’26 3Q’25 Revenue ($M) $250 $218 $266 Direct Margin ($M) $31 $11 $34 10% Segment Operating (Loss) ($M) $(54) $(100) $(167) $31M Direct Margin Average Working Rigs 65 61 72 Revenue Days 5,950 5,492 6,57
Slide 12: 3Q'26 – Offshore Solutions
3Q’26 – Offshore Solutions Executing well in a stable environment Key Metrics 1 3Q’26 2Q’26 3Q’25 10% Revenue ($M) $174 $171 $162 Direct Margin ($M) $29 $27 $23 Segment Operating Income ($M) $17 $14 $9 $29M Direct Margin Average Working Rigs 3 3 3 Average Management Contracts 30 33 33 33 Average rig
Slide 13: Financial Framework
Financial Framework Strengthening the Balance Sheet remains the top priority Balance Enterprise Portfolio Shareholder Capital Sheet Optimization Simplification Returns Investment Maintain strong balance Focused on Enterprise Optimization of non- Base dividend protected Maintain capital- STRATEGY she
Slide 14: Capital Allocation Evolution
Capital Allocation Evolution Enterprise optimization and debt reduction unlock future capital allocation flexibility Current Focus – Through 2027 Future Focus – 2028 & Beyond Committed to debt reduction, maintaining the base Increased financial optionality to maximize dividend and disciplined rig fl
Slide 15: 4Q & FY 2026 Guidance
4Q & FY 2026 Guidance Quarterly Guidance 4Q’26 FY’26 Full-year Guidance FY'26 North America Solutions Gross Capital Expenditures ($M) $270 - $310 Direct Margin ($M)1 $245 - $255 Depreciation ~$700 Average Rigs 145 - 151 140 - 144 Research and Development ~$28 Selling, General & Administrative $265 -
Slide 16: Trey Adams, President and Chief Executive Officer
Trey Adams President and Chief Executive Officer
Slide 17: 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 18: Appendix
> Appendix
Slide 19: H&P Rig Fleet
H&P Rig Fleet The Global Leader in Onshore Drilling Average 3Q’26 Rigs Exit 3Q’26 Rigs Current 4Q’26 Rigs Rigs Rigs Rigs Rigs Rigs Rigs1 Resource Play Available Contracted % Contracted Available Contracted % Contracted Available Contracted % Contracted Permian 117 89 76% 117 90 77% 117 92 79% Eagle
Slide 20: H&P Rig Fleet
H&P Rig Fleet The Global Leader in Onshore Drilling Average 3Q’26 Rigs Exit 3Q’26 Rigs Current 4Q’26 Rigs Rigs Rigs Rigs Rigs Rigs Rigs1 Regions Available Contracted % Contracted Available Contracted % Contracted Available Contracted % Contracted Middle East 76 41 54% 76 39 51% 76 40 53% Saudi Arabi
Slide 21: Debt Schedule and Liquidity
Debt Schedule and Liquidity Well positioned to execute on de-leveraging target Debt Schedule Type Amount Maturity Interest Rate ~1.0x Targeting Net Debt / EBITDA 3-yr Bond $350M Dec. 2027 4.65% Ratio ~1x by end of 2027 5-yr Bond $350M Dec. 2029 4.85% 10-yr Bond $550M Sept. 2031 2.90% 10-yr Bond $550
Slide 22: Non-GAAP Reconciliation of Direct Margin
Non-GAAP Reconciliation of Direct Margin Three Months Ended Direct margin is considered a non-GAAP metric. We define "direct margin" as operating revenues (less reimbursements) less direct operating June 30, March 31, June 30, expenses (less reimbursements). Direct margin is included as a (in thousa
Slide 23: Non-GAAP Reconciliation of Adjusted EBITDA
Non-GAAP Reconciliation of Adjusted EBITDA Three Months Ended June 30, March 31, June 30, (in thousands) 2026 2026 2025 Net income (loss) $ 78,157 $ (55,861) $ (161,899) Adjusted EBITDA and 'Select Items' are considered to be non-GAAP Add back: metrics. Adjusted EBITDA is defined as net income(loss)
Slide 24: Unaudited Consolidated Statements of Cash Flows
Unaudited Consolidated Statements of Cash Flows Nine Months Ended June 30, Nine Months Ended June 30, (in thousands) 2026 2025 Continued... 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: CASH FLOWS FROM FINANCING ACTIVITIES: Net loss $ (72,635) $ (104,141) Dividends paid (76,077) (75,534) Adjustmen
Slide 25: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended June 30, 2026 (in thousands, except per share data) Pretax Tax Impact Net EPS Net income attributable to H&P (GAAP basis) $ 75,682 $ 0.74 (-) Gain related to a real estate asset sale 114,788 26,057 88,731 0.88 (-) Gain related to involuntary con
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