High Near-Term Rig Demand Will Support Favorable Pricing for Helmerich & Payne Through 2023

Helmerich & Payne has maintained the dominant market share in U.S. horizontal land rigs (26%) for over a decade. H&P seeks to differentiate itself in the commoditized drilling services market by staying at the forefront of technological innovation in the space. It was an early adopter of super-spec rigs (AC drive, minimum 1,500 horsepower drawworks, minimum of 750,000 pounds hookload rating, 7,500 psi mud circulating system, and multiple-well pad capability), which now compose about 84% of its operating fleet and about 30% of total super-spec rigs available in the United States.