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Helmerich & Payne Reports Lower Fiscal Q3 North America, International Rig Activity

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Helmerich & Payne (HP) reported fiscal Q3 earnings Wednesday, with average active North America rigs declining to 142 from 147 a year earlier, while international rigs fell to 65 from 72.

North America Solutions ended the quarter with 147 active rigs, up from 141 a year earlier, while revenue days declined to 12,921 for the quarter ended June 30, down from 13,400.

International Solutions ended the quarter with 66 active rigs, down from 69 a year earlier, while revenue days declined to 5,950 for the quarter, down from 6,573.

Offshore Solutions ended the quarter with three active rigs, unchanged from a year earlier, while revenue days held steady at 273, Helmerich & Payne said.

Management said stronger demand from private operators prompted the deployment of 10 additional rigs in North America during the quarter.

International operations gained momentum as the company secured contracts for five additional FlexRig rigs in Argentina, including three units scheduled for export from the US later this year.

"H&P delivered strong financial and operational results during the quarter. We generated direct margins that exceeded the midpoint of guidance ranges in all segments as well as strong adjusted EBITDA and free cash flows," said President and CEO Trey Adams.

Offshore Solutions strengthened its backlog after securing a four-year contract renewal in Norway. The backlog now totals about $3.6 billion, including firm and optional contract periods.

For fiscal Q4, Helmerich & Payne expects North America Solutions to average 145 to 151 rigs, while International Solutions should average 60 to 70 rigs. Offshore operations are projected to maintain 30 to 35 rigs.

For fiscal 2026, Helmerich & Payne expects North America Solutions to average 140 to 144 rigs and International Solutions to average 60 to 66 rigs, while Offshore Solutions should maintain 30 to 35 rigs.

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