Helmerich & Payne Q2 Earnings Call Highlights

5 days ago 6

MarketBeat

Sun, May 10, 2026 astatine 5:09 PM CDT 8 min read

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Key Points

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North America is improving: Helmerich & Payne said the 2nd 4th apt marked the trough for North America rig number and margins, and it raised its third-quarter and full-year rig outlook arsenic drilling request improves. Management pointed to tighter super-spec rig availability and enactment from backstage E&P and smaller independents.
Middle East disruptions wounded planetary margins: Conflict-related costs, proviso concatenation issues and rig suspensions successful Iraq, Bahrain and Saudi Arabia weighed connected International Solutions results, pushing nonstop borderline to the debased extremity of guidance. Even so, the institution inactive expects to conscionable its yearly planetary rig guidance, helped by maturation successful Latin America.
Balance expanse spot and exertion enlargement stay priorities: H&P utilized proceeds from the Utica Square merchantability to repay its remaining word indebtedness and ended the 4th with astir $1.15 billion successful liquidity. The institution is besides expanding its FlexRobotics deployments and expects higher 2026 capex tied to enactment maturation and rig reactivations.

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Helmerich & Payne (NYSE:HP) said fiscal second-quarter results were supported by dependable execution successful North America and offshore operations, portion conflict-related disruptions and proviso concatenation constraints successful the Middle East weighed connected its planetary margins.

President and CEO Trey Adams said adjusted EBITDA for the 4th was $178 million, which aligned with the little extremity to midpoint of the company’s implied guidance. Revenue totaled $932 million, according to Chief Financial Officer Kevin Vann. The institution reported a nett nonaccomplishment of $0.59 per diluted share, including astir $26 cardinal of non-cash impairment charges. Excluding those items, H&P generated a nonaccomplishment of $0.38 per share.

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Management said the Middle East struggle affected the 4th successful respective ways, including higher costs, proviso concatenation constraints and rig suspensions. Adams said the institution utilized in-house engineering and aftermarket capabilities to reactivate rigs successful Saudi Arabia utilizing in-country equipment, which helped debar lawsuit delays but shifted immoderate spending into operating expenses and pressured nonstop margins.

Middle East Disruptions Weigh connected International Results

International Solutions delivered nonstop borderline of $11.5 million, astatine the little extremity of guidance. Vann said astir $3 cardinal of borderline unit came from the allocation of rig reactivation expenditures to operating expense, portion different $3.5 cardinal reflected conflict-related nonstop and indirect costs, including situation management, proviso concatenation inflation, slower-than-expected starts for reactivated rigs and the suspension of 1 rig successful Iraq.

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