Helmerich & Payne, Inc. · NYSE:HP
Helmerich & Payne — Q2 2026 Earnings Presentation
25 slides from Helmerich & Payne's earnings presentation, May 7, 2026
Slide 1: 2Q'2026 Results
THE GLOBAL DRILLING Py i SOLUTIONS COMPANY not May 6, 2026 = 2Q'2026 Results
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: Second Quarter Call Highlights
Second Quarter Call Highlights A resilient operational quarter, with great progress made on portfolio optimization & de-leveraging NAS delivered direct margins around the mid- Solid performance and strengthening outlook in NAS point of the guidance range Performance based contract bonuses enhance
Slide 5: Macro Outlook
Macro Outlook Middle East conflict has exposed the fragility of the energy complex and fundamentally changed the outlook The effective closure of the Strait of Hormuz has caused significant supply disruption and increasing risk of near-term demand destruction Long-term energy demand outlook unch
Slide 6: Commercial Dynamics
Commercial Dynamics Commercial momentum in NAS and Argentina intensify - expanding deployment of FlexRoboticsTM _ commercial tailwinds remain in the Middle East despite conflict US Lower 48 Latin America MENA & Rest of the World Offshore North America Solutions International Solutions International
Slide 7: North America Solutions
North America Solutions Uniquely positioned to expand our leadership in the Lower 48 15K+ wells needed online annually to Inventory of DUCs2 are at historical lows The Super-Spec rig market is extremely tight hold production flat ~7,500 ~65 Super-Spec ~13.5m b/d >30% H&P Rigs available PUD Productio
Slide 8: Kevin Vann, Chief Financial Officer
Kevin Vann Chief Financial Officer
Slide 9: 2Q'26 Financial Results
2Q’26 Financial Results Financials1 2Q’26 1Q’26 2Q’252 Revenue ($M) $932 $1,017 $1,143 Revenue reflecting solid Operating Costs ($M) $969 $1,077 $1,098 $932M performance despite a dynamic macro environment SG&A ($M) $71 $70 $81 Adjusted EBITDA ($M) $178 $230 $267 Adjusted EBITDA Margin 19% 23% 23% A
Slide 10: 2Q'26 – North America Solutions
2Q’26 – North America Solutions Resilient performance in a softer market Key Metrics 1 2Q’26 1Q’26 2Q’25 Revenue ($M) $517 564 600 Direct Margin ($M) $215 $239 $266 Segment Operating Income ($M) $111 $36 $152 85% $215M Direct Margin Average Working Rigs 136 143 149 Revenue Days 12,208 13,126 13,416
Slide 11: 2Q'26 – International Solutions
2Q’26 – International Solutions Maintained continuity of operations during the quarter Offshore Solutions International Key Metrics 1 2Q’26 1Q’26 2Q’252 Solutions Revenue ($M) $218 $234 $275 4% Direct Margin ($M) $11.5 $29 $30 Segment Operating (Loss) ($M) $(100) $(55) $(42) $11.5M Direct Margin Ave
Slide 12: 2Q'26 – Offshore Solutions
2Q’26 – Offshore Solutions Executing well in a stable environment Offshore Solutions International Solutions Key Metrics 1 2Q’26 1Q’26 2Q’252 11% Revenue ($M) $171 $188 $185 Direct Margin ($M) $27 $31 $36 Segment Operating Income ($M) $14 $16 $26 $27M Direct Margin Average Working Rigs 3 3 3 Average
Slide 13: Capital Allocation Framework
Capital Allocation Framework Committed to de-leveraging the Balance Sheet Balance Cost Portfolio Shareholder Investment Sheet Optimization Optimization Returns Maintain capital- Maintain strong balance Drive integration Optimization of non- Maintain base dividend disciplined approach to STRATEGY she
Slide 14: 3Q & FY 2026 Guidance
3Q & FY 2026 Guidance Guidance 3Q’26 FY’26 Guidance FY'26 North America Solutions Gross Capital Expenditures ($M) $270 - $310 Direct Margin ($M)1 $230 - $240 Depreciation ~$700 Average Rigs 137 - 143 138 - 144 Research and Development ~$28 Selling, General & Administrative $265 - $285 International
Slide 15: Trey Adams, President and Chief Executive Officer
Trey Adams President and Chief Executive Officer
Slide 16: H&P Investment Thesis
H&P Investment Thesis A Differentiated Global Drilling Business Global Scale Technology Leader Enterprise Optimization Operating >200 land rigs with Operating the most Several portfolio & scale, geographic diversity & sophisticated onshore drilling organizational programs portfolio flexibility to ca
Slide 17: Appendix
> Appendix
Slide 18: H&P Rig Fleet
H&P Rig Fleet The Global Leader in Onshore Drilling Average 2Q’26 Rigs Exit 2Q’26 Rigs Current 3Q’26 Rigs Rigs Rigs Rigs Rigs Rigs Rigs1 Regions Available Contracted % Contracted Available Contracted % Contracted Available % Contracted Contracted North America Solutions2 203 136 67% 203 137 67% 202
Slide 19: Debt Schedule and Liquidity
Debt Schedule and Liquidity Focused on retiring our $350 million bond due at the end of 2027 Debt Schedule Type Amount Maturity Interest Rate1 3-yr Bond 5-yr Bond $350M $350M Dec. 2027 Dec. 2029 4.65% 4.85% 1.9X Net Debt / EBITDA Ratio Targeting ~1X by end of 2027 10-yr Bond $550M Sept. 2031 5.50% 1
Slide 20: 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" March 31, December 31, March 31, as operating revenues (less reimbursements) less direct operating expenses (less reimbursements). Direct margin is included as a (in t
Slide 21: Non-GAAP Reconciliation of Adjusted EBITDA
Non-GAAP Reconciliation of Adjusted EBITDA Three Months Ended March 31, December 31, March 31, (in thousands) 2026 2025 2025 Adjusted EBITDA and 'Select Items' are considered to be non-GAAP Net income (loss) attributable to Helmerich and Payne, Inc. $ (58,609) $ (96,706) $ 1,654 metrics. Adjusted EB
Slide 22: Unaudited Consolidated Statements of Cash Flows
Unaudited Consolidated Statements of Cash Flows Six Months Ended March 31, Six Months Ended March 31, (in thousands) 2026 2025 Continued... 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Cash flows from financing activities: Net income (loss) $ (150,792) $ 57,758 Dividends paid (50,659) (50,328) Ad
Slide 23: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow 2Q’26 1Q’26 2Q’25 We define Free Cash Flow as net cash provided by operating activities less Capital expenditures plus (in millions) Proceeds from asset sales. Cash Flow From Operations $36.6 $182.4 $56.0 Capital Expenditures $62.9 $67.6 $158.7 Proceeds From Asset Sa
Slide 24: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended March 31, 2026 (in thousands, except per share data) Pretax Tax Impact Net EPS Net loss (GAAP basis) $ (58,609) $ (0.59) (-) Gain on investment security 14,391 3,267 11,124 0.11 (-) International asset abandonment (1,000) — (1,000) (0.01) (-) Ac
Slide 25: 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