Operational Performance - As of September 30, 2023, the North America Solutions segment had 233 available rigs, with 147 contracted, representing a utilization rate of approximately 63%[28] - The Offshore Gulf of Mexico segment had a total of 7 available rigs, with 4 contracted, indicating a utilization rate of about 57%[30] - The International Solutions segment reported 22 available rigs, with 13 contracted, resulting in a utilization rate of approximately 59%[34] - Revenue days for North America Solutions increased to 61,814 in 2023 from 59,672 in 2022, reflecting a growth of about 3.8% year-over-year[37] - The average active rigs in North America Solutions rose to 169 in 2023, compared to 163 in 2022, indicating a 3.7% increase[37] - The total revenue days for International Solutions increased significantly to 4,788 in 2023 from 3,036 in 2022, marking a growth of approximately 57.5%[37] - The company had 164 active rigs under contract as of September 30, 2023, compared to 192 and 137 rigs under contract in 2022 and 2021, respectively[60] - The company operates the largest super-spec fleet in the industry with 242 super-spec rigs as of September 30, 2023[56] Financial Performance - Operating revenues for the year ended September 30, 2023, were $2,872,421 thousand, a significant increase of 39.4% from $2,058,944 thousand in 2022[340] - The net income for the year ended September 30, 2023, was $434,100 thousand, compared to a net income of $6,953 thousand in 2022, indicating a substantial improvement[340] - The company reported an operating income of $561,889 thousand for the year ended September 30, 2023, compared to an operating income of $45,292 thousand in 2022[340] - Basic earnings per common share for 2023 were $4.18, a significant increase from $0.05 in 2022[340] - Comprehensive income for 2023 reached $438.2 million, compared to $15.1 million in 2022[341] - Net cash provided by operating activities was $833.7 million in 2023, up from $233.9 million in 2022[343] - Capital expenditures for 2023 totaled $395.5 million, an increase from $250.9 million in 2022[343] - Dividends paid in 2023 amounted to $201.5 million, compared to $107.4 million in 2022[343] - Cash and cash equivalents at the end of 2023 were $316.2 million, up from $269 million at the end of 2022[344] Market Position - As of September 30, 2023, the company held approximately 23.6% of the total market share in U.S. land drilling and 33.4% of the super-spec market share[40] - North America Solutions segment contributed approximately 87.7% ($2.5 billion) of consolidated operating revenues in fiscal year 2023, up from 86.8% ($1.8 billion) in 2022[42] - Offshore Gulf of Mexico segment accounted for approximately 4.5% ($130.2 million) of consolidated operating revenues in fiscal year 2023, down from 6.1% ($125.5 million) in 2022[44] - International Solutions segment contributed approximately 7.4% ($212.6 million) of consolidated operating revenues in fiscal year 2023, an increase from 6.6% ($136.1 million) in 2022[45] Strategic Initiatives - The company commenced operations in Australia in the fourth fiscal quarter of 2023, expanding its international footprint[25] - The company maintains a strategy focused on developing and commercializing technologies to enhance drilling efficiency and accuracy[24] - The company continues to develop automation solutions aimed at reducing variability and costs in the drilling process, enhancing wellbore quality and placement[58] - The company has reconfigured 68 FlexRig drilling rigs to super-spec walking rigs since introducing the first walking rig in 2017[56] Employee and Corporate Governance - The company had approximately 6,200 employees in the U.S. and 900 internationally as of September 30, 2023, with employee numbers fluctuating based on service demand[68] - The company maintains a strong commitment to employee training and development, focusing on safety, ethical conduct, and inclusive teamwork[72] - Employee benefits include medical, dental, and vision insurance, a 401(k) plan with company match, and educational assistance for pursuing degrees[83] - The company has implemented a diversity, equity, and inclusion program, including a DE&I Advisory Council and tracking of diversity data[78] Risk Management - The company’s drilling services demand is influenced by crude oil and natural gas prices, which have historically been volatile and difficult to predict[303] - The company’s operations in Argentina are subject to currency exchange risks, with a potential 10% decrease in the value of Argentine pesos resulting in a decrease of approximately $0.4 million in monetary assets[301] - The company is subject to various U.S. and foreign laws, including the U.S. Foreign Corrupt Practices Act, which could impact its operations if not complied with[89] Sustainability and Compliance - The company’s sustainability strategy focuses on emissions, diversity, and safety, utilizing data to understand its impacts[91] - The company has made required expenditures to comply with current and future regulatory requirements, with no significant anticipated changes to its competitive position or earnings for fiscal year 2024[90] Debt and Equity - The company reported a fixed rate of 2.90% on its outstanding debt of $550.0 million in senior unsecured notes as of September 30, 2023[306] - As of September 30, 2023, the fair value of the company's equity securities in ADNOC Drilling was $174.8 million, up from $147.4 million in the previous year[307] - The company has no outstanding borrowings under its revolving credit facility as of September 30, 2023[306] Asset Management - The consolidated balance sheets of Helmerich & Payne, Inc. show total assets of $4,381,956 thousand as of September 30, 2023, compared to $4,355,531 thousand in 2022, reflecting a slight increase[339] - The total current liabilities increased to $418,931 thousand in 2023 from $394,810 thousand in 2022, marking a rise of 6.1%[339] - The company’s long-term debt remained relatively stable at $545,144 thousand in 2023, compared to $542,610 thousand in 2022[339] - The company recognized a gain of $48.2 million in fiscal year 2023 related to customer reimbursement for lost or damaged drill pipe[406] Lease and Rental Obligations - Total lease costs for fiscal year 2023 amounted to $12.4 million, up from $11.2 million in 2022[414] - The operating lease commitments, including probable extensions, increased to $65.97 million in 2023 from $44.77 million in 2022[412] - Future minimum rental payments required under operating leases total $54.421 million, with $10.534 million due in 2024 and $21.391 million due thereafter[416] - A lease agreement was entered into for relocating the corporate headquarters to a new office space, resulting in a $17.6 million increase to right-of-use assets and lease liability[417]

Helmerich & Payne, Inc. Thank You for Your Interest in H&P For more information, please visit our website at www.helmerichpayne.com Contact: Dave Wilson, CFA, CPA VP of Investor Relations 918-588-5190, investor.relations@hpinc.com NYSE : HP • Supporting baseload power source alternative • 6 investments in companies pursuing unconventional geothermal resources with enhanced geothermal and closed-loop systems • Drilled the first horizontal geothermal well in the U.S. • Natural gas/LNG • Investment in Galileo ...

Helmerich & Payne, Inc. (NYSE:HP) Q3 2023 Earnings Conference Call July 27, 2023 11:00 AM ET Company Participants Dave Wilson - Vice President-Investor Relations John Lindsay - President & Chief Executive Officer Mark Smith - Senior Vice President & Chief Financial Officer Conference Call Participants Derek Podhaizer – Barclays David Smith - Pickering Energy Keith Mackey - RBC Capital Markets Saurabh Pant - Bank of America Arun Jayaram - JPMorgan Kurt Hallead - Benchmark Doug Becker - Capital One Operator G ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Exact name of registrant as specified in its charter) For the quarterly period ended June 30, 2023 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) OR Delaware 73-0679879 Commission file number 1-4221 QUARTERLY REPORT PURSUANT TO SECTI ...

Financial Data and Key Metrics Changes - The company reported earnings of $1.55 per diluted share for Q2, up from $0.91 in the previous quarter, with a net gain of $0.29 per share attributed to investment securities [50][78] - Revenue increased to $769 million in Q2 from $720 million in the previous quarter, primarily due to higher pricing efforts in the North America fleet [78] - Operating cash flow for Q2 was approximately $141 million, including $114 million in cash tax payments [51] Business Line Data and Key Metrics Changes - In the North America Solutions segment, the average contracted rigs increased to 183 in Q2 from 180 in Q1, with revenues rising by $49 million due to higher average pricing [9][78] - The direct margin for the North America Solutions segment was $296 million, up from $260 million in the previous quarter [52] - The offshore Gulf of Mexico segment generated a direct margin of $9.3 million, remaining flat sequentially [57] Market Data and Key Metrics Changes - The company noted a reduction in active rig count due to customer budgetary constraints and a focus on returns, leading to a lower forward rig count projection [7] - The effective utilization of super-spec rigs remained above 90%, which historically supports a favorable pricing environment [72] - The company expects to exit Q3 with between 155 and 160 contracted rigs, down from 179 at the end of Q2 [54] Company Strategy and Development Direction - The company is focused on achieving returns over market share, emphasizing the importance of maintaining pricing to preserve return profiles [5][19] - Investments in the FlexRig fleet and technology are aimed at improving drilling performance and reliability, with a goal of achieving a 50% direct margin in the North America Solutions segment [40][52] - The company plans to export additional super-spec rigs to the Middle East and Australia, indicating a strategic focus on international growth [8][47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term energy fundamentals, particularly for natural gas, despite current softness in pricing affecting rig activity [71] - The company anticipates a recovery in rig count in the second half of the year, driven by expected improvements in crude oil demand [73] - Management acknowledged the challenges posed by political and economic uncertainties in the global crude oil market [28] Other Important Information - General and administrative expenses for Q2 were approximately $53 million, slightly higher than expected due to IT and professional services costs [18] - The company has returned approximately $250 million to shareholders through dividends and share buybacks since October of the fiscal year [77] - Capital expenditures for the full fiscal year are now expected to range between $400 million to $450 million, reflecting a decrease in the midpoint from prior guidance [58] Q&A Session Summary Question: Can you provide insights on the performance-based contracts and their benefits? - The company reported that performance-based contracts now account for about 45% of the current fleet, with gradual increases from 40% [91][112] Question: What is the mix of rigs being dropped and the impact of natural gas prices? - Approximately 70% of the rigs released are from private companies, primarily due to low gas prices affecting rig demand [95][112] Question: How does the company view capital allocation for international growth versus stock buybacks? - The company is open to both international growth opportunities and stock buybacks, indicating a balanced approach to capital allocation [113] Question: What are the expectations for rig count recovery in the second half of the year? - Management expects an increase in rig count in the second half of the year, with ongoing conversations with customers about potential rig pickups [101][124]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4221 HELMERICH & PAYNE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...

© 2022 Helmerich & Payne, Inc. All Rights Reserved. 1 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | March 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial data as of 12/31/2022; other data as of 01/30/2023 unless otherwise noted. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

Financial Data and Key Metrics Changes - The company reported quarterly revenues of $720 million, an increase from $631 million in the previous quarter, primarily due to higher average pricing in the North America Solutions segment [9][28] - The effective tax rate for Q1 was approximately 25%, consistent with previous guidance [11] - Earnings per diluted share were $0.91, up from $0.42 in the previous quarter, with adjusted diluted earnings per share at $1.11 compared to $0.45 in the fourth quarter [28][28] - Operating cash flow for Q1 was approximately $185 million, aligning with expectations [12] Business Line Data and Key Metrics Changes - In the North America Solutions segment, direct margins were $260 million, up from $204 million in the previous quarter, with an average of 180 contracted rigs during Q1 [13][29] - The Offshore Gulf of Mexico segment generated a direct margin of $9.5 million, with expectations for Q2 margins between $8 million to $10 million [16] - The International Solutions segment saw an increase to 13 active rigs, with results exceeding guidance due to timing delays in costs associated with the Middle East hub [152] Market Data and Key Metrics Changes - Utilization of the active super-spec fleet is currently over 80%, supporting current pricing levels [22] - The average revenue per day for the North America Solutions segment was reported at $33,000, with expectations for further increases in the coming quarters [121][136] - The company has a revenue backlog of approximately $1.1 billion for rigs under term contract in North America [135] Company Strategy and Development Direction - The company remains focused on three strategic objectives: pricing and margin dynamics in North America, international opportunities, and investments in technology and sustainability [4] - Plans to add no more than 16 incremental rigs in North America during fiscal 2023, depending on customer demand [5] - The company is pursuing additional work in the Middle East and expects to establish an operational hub in the latter half of fiscal 2023 [124] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2023, citing strong customer relationships and the value proposition provided by the company [24] - The company anticipates continued upward momentum in financial results, with direct margins per day moving closer to the target level of 50% [130] - Management emphasized the importance of capital discipline and maintaining pricing power in a cyclical industry [122][164] Other Important Information - The company incurred capital expenditures of $96 million in Q1, with expectations for total CapEx in fiscal 2023 to range between $425 million to $475 million [12][139] - Approximately 844,000 shares were repurchased in December for about $39.1 million, with total fiscal 2023 repurchases reaching approximately 1.28 million shares for about $60 million [31][42] Q&A Session Summary Question: What is the company's strategy if rig demand decreases by 5% or 10%? - Management indicated that a decline of 20 to 40 rigs would be a small percentage of the overall fleet, and they would focus on pricing rather than adjusting operations significantly [35][164] Question: How does the company view the current appetite for term contracts among E&Ps? - Management noted that the appetite for term contracts remains strong, with a historical focus on maintaining 50% to 60% of contracts as term agreements [72] Question: What is the expected trend for capital expenditures? - The company expects capital expenditures to be lumpy, with timing affecting the spend across quarters [178] Question: How is the company addressing supply chain challenges? - Management highlighted that they have secured supply needs for 2023 and expect costs for materials and supplies to remain stable [74] Question: What is the outlook for performance-based contracts? - Management noted that performance-based contracts are becoming more common, with technology and automation driving increased adoption [99]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4221 HELMERICH & PAYNE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

Helmerich & Payne, Inc. (NYSE:HP) Q4 2022 Earnings Conference Call November 17, 2022 11:00 AM ET Company Participants Dave Wilson - Vice President of Investor Relations John Lindsay - President and Chief Executive Officer Mark Smith - Chief Financial Officer Conference Call Participants Derek Podhaizer - Barclays David Smith - Pickering Energy Partners Luke Lemoine - Piper Sandler Arun Jayaram - JPMorgan Chase & Co. Waqar Syed - ATB Capital Markets Inc. Marc Bianchi - Cowen Inc. Operator Good day, everyone, ...