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Exhibit 99.1
NEWS RELEASE
May 6, 2026

 
HELMERICH & PAYNE, INC. ANNOUNCES FISCAL SECOND QUARTER RESULTS


Operating and Financial Highlights for the Quarter Ended March 31, 2026

•H&P announced consolidated revenue of $932 million, reflecting solid performance despite a dynamic macro environment.

•Consolidated net loss of $(59) million, or $(0.59) per share, which includes the impact of a non-cash impairment charge of $26 million. Adjusted for this and other non-recurring one-time items, adjusted earnings(1) were $(38) million, or $(0.38) per share.

•Consolidated adjusted EBITDA(2) totaled $178 million.

•Expanding deployment of FlexRobotics™ Technology to support growing customer demand.

•North America Solutions (NAS) reported operating income of $111 million and maintained industry‑leading performance with direct margin(3) of $215 million, or $17,628 on a per day basis. The activity outlook continues to strengthen, with clear signs of ongoing improvement.

•International Solutions reported an operating loss of approximately $(100) million and delivered approximately $11.5 million in direct margin(3), maintaining operational continuity despite the conflict in the Middle East.

•Offshore reported operating income of approximately $14 million and generated direct margin(3) of $27 million, exceeding guidance midpoint expectations.

•In early April the Company completed the sale of Utica Square, with after-tax proceeds exceeding the $100 million divestiture target.

•Retired the term loan facility ahead of schedule, reducing post-acquisition debt by $400 million and making significant progress toward deleveraging goals.

•Approximately $25 million was returned to shareholders through the Company’s ongoing dividend program.




Helmerich & Payne | 222 N. Detroit Ave. | Suite 1100
Tulsa, OK 74120 | 918.588.5190 | helmerichpayne.com
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May 6, 2026







Management Commentary

“H&P delivered solid operational performance during the second quarter, reflecting the resilience of our core business and the disciplined execution of our teams,” said President and CEO Trey Adams.

“Regarding the conflict in the Middle East, our primary focus has been on the safety and security of our people in the region. I am pleased to report that our teams have remained focused and safe. We continue to closely monitor developments in the region and despite a fluid environment, our team has done an exceptional job in maintaining continuity of operations, including the planned reactivation of rigs in the region, supported by strong local leadership and the dedication of our people in the region.”

“Turning our attention to the current macro environment, the Middle East conflict has exposed the fragility of the energy complex, and we believe has fundamentally changed the outlook for oil and gas within a matter of months.”

“As a result, customer sentiment in our North America Solutions segment continues to show signs of improvement and we remain optimistic that current crude prices will translate into higher activity. Additionally, we are very encouraged to be advancing the rollout of our FlexRobotics™ Technology to four additional rigs.” Adams said.

“The uptick in Middle East activity that was underway prior to the conflict is now less well defined. Despite that uncertainty, we continue to have constructive dialogue with our partners in the region and remain optimistic that more rigs could go back to work this year.”

“Our Offshore Solutions segment continues to demonstrate its strategic value, supported by long‑term contracts that provide earnings stability through market cycles. We are seeing strong momentum in multi‑year extensions, highlighted by a recent five‑year renewal with bp in the Caspian Sea,” he said.

Senior Vice President and CFO Kevin Vann added, “We were also pleased to announce the closing of the sale of Utica Square, with after‑tax proceeds exceeding our previously communicated $100 million divestiture target. This enabled the retirement of the remaining term‑loan balance, ahead of schedule. This transaction accelerates deleveraging plans and sharpens our focus on core drilling solutions. Our next priority is addressing the $350 million bond maturing in calendar 2027, supported by strong free cash flow generation and the improving North American market environment.”

Adams concluded, “As Kevin Vann prepares to depart the organization, I want to express that it has been an honor to work with him. The stability provided during the KCA Deutag transaction, as well as his substantial contributions to our financial function and balance sheet, have been invaluable. Everyone at H&P sincerely appreciates your service and extends their best wishes for your retirement.

“I am excited to work with Todd Scruggs on navigating the company through this next chapter, energized by the opportunities ahead and the strength of the team advancing our strategy. With a customer‑centric focus, technology leadership and accelerating Western and Eastern Hemisphere growth, we are well positioned to deliver durable, long‑term value for all stakeholders.”


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Operating Segment Results for the Second Quarter of Fiscal Year 2026

North America Solutions: Realized operating income of $111 million, compared with $36 million in the previous quarter, which included a $98 million one-time impairment. Direct margin(3) was $215 million, versus $239 million previously, and on a per-day basis averaged approximately $17,628 with 136 rigs active for the second fiscal quarter. These results demonstrate the durability of our fleet and our continued ability to generate leading margins through the cycle.

We continued to see meaningful commercial momentum across the U.S. land market, with several new contracts and extensions across multiple basins. Combined with the expanded deployment of FlexRoboticsTM, these developments underscore the strength of our offering and the opportunities ahead.

International Solutions: Recorded an operating loss of approximately $(100) million, compared with a loss of approximately $(55) million in the prior quarter. Excluding the $26 million one-time impairment, the operating loss was $74 million. Direct margin(3) totaled approximately $11.5 million, down from roughly $29 million last quarter. This was primarily led by the impacts of the conflict in the Middle East. Specifically during the quarter, we were able to utilize our in-house engineering and aftermarket capabilities to reactivate the rigs in Saudi Arabia, leveraging in-country equipment and circumventing supply chain constraints. This move enhances returns and importantly avoided delays for our customers. However, it did lead to more costs being classified as OPEX, which had an impact on our direct margins(3).

Across our international portfolio, commercial activity was strong. In Argentina, we secured a mix of new contracts and extensions, while in Oman, a series of contract extensions reinforces our position in the region. Collectively, these wins demonstrate the depth of our global relationships and the durability of our commercial pipeline.

Offshore Solutions: Reported operating income of approximately $14 million, compared with $16 million in the previous quarter, which included a $2 million one-time impairment. Direct margin(3) exceeded the midpoint of guidance at approximately $27 million versus $31 million last quarter, demonstrating the segment’s ability to generate stable cash flow.

During the quarter, H&P was awarded a long-term offshore operations and maintenance contract renewal by bp in the Caspian Sea, offshore Azerbaijan. The contract renewal has a firm duration of five years, with three one-year extension options. If all option periods are exercised, the contract revenue could exceed $1 billion.


Select Items (4) Included in Net Loss per Diluted Share

Second quarter of fiscal year 2026 net loss of $(0.59) per diluted share included a net impact of $(0.21) per share in after-tax gains and losses comprised of the following:

•$0.11 of non-cash after-tax gain related to investment securities
•$(0.01) of after-tax loss related to International asset abandonment
•$(0.02) of after-tax loss related to acquisition transaction and integration costs
•$(0.03) of after-tax loss related to restructuring charges
•$(0.03) of non-cash after-tax loss related to the change in actuarial assumptions on estimated liabilities
•$(0.23) of non-cash after-tax loss related to impairment

First quarter of fiscal year 2026 net loss of $(0.98) per diluted share included a net impact of $(0.83) per share in after-tax losses comprised of the following:

•$0.01 of non-cash after-tax gain related to the change in actuarial assumptions on estimated liabilities
•$0.01 of non-cash after-tax gain related to investment securities
•$(0.02) of after-tax loss related to restructuring charges
•$(0.03) of after-tax loss related to transaction and integration costs
•$(0.80) of non-cash after-tax loss related to impairment


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Operational Outlook for the Third Quarter of Fiscal Year 2026
 
The guidance below represents our expectations as of the date of this release.

Guidance
3Q’26
FY’26
North America Solutions
Direct Margin ($M)3
$230 - $240
Average Rigs
137 - 143
138 - 144
International Solutions
Direct Margin ($M)3
$12 - $32
Average Rigs5
58 – 68
58 – 68
Offshore Solutions
Direct Margin ($M)3
$24 - $28
$100 - $115
Average Rigs / Mgmt. Cont.
30 - 35
30 - 35
Other
Direct Margin ($M)3
$0 - $3


Guidance
FY'26
Gross Capital Expenditures ($M)
$270 - $310
Depreciation~$700
Research and Development~$28
Selling, General & Administrative
$265 - $285
Cash Taxes
$125 - $150
Interest Expense~$100





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Conference Call

A conference call will be held at 11 a.m. (ET), Thursday, May 7, 2026, , with Trey Adams, President and CEO, Kevin Vann, Senior Vice President and CFO, and other management team members to discuss the Company’s second quarter fiscal year 2026 results. Dial-in information for the conference call is (800)-715-9871 for domestic callers or (646)-307-1963 for international callers. The call access code is 86079. Participants can listen to the live webcast of the conference call and access the accompanying earnings presentation by visiting our website at www.hpinc.com. Navigate to the “Investors” section, click on “News and Events – Events & Presentations,” and select the event to access the webcast and materials.


About Helmerich & Payne, Inc.
 
Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. As of May 6, 2026, H&P's fleet includes 202 land rigs in the United States, 130 international land rigs and 4 offshore platform rigs, plus operating 30 offshore labor contracts. For more information, see H&P online at www.hpinc.com.


Forward-Looking Statements

This release 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 statements other than statements of historical facts included in this release, including, without limitation, outlook for fiscal 2026, the Company’s business strategy, future financial position, operations outlook, future cash flow, future use of generated cash flow, dividend amounts and timing, amounts of any future dividends, investments, active rig count projections, projected costs and plans, objectives of management for future operations, contract terms, financing and funding, debt reduction plans, capex spending and budgets, outlook for domestic and international markets, future commodity prices, and future customer activity and relationships are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and other disclosures in the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. Investors are cautioned not to put undue reliance on such statements. We undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information, changes in internal estimates, expectations or otherwise, except as required under applicable securities laws.

Helmerich & Payne uses its Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.hpinc.com. Information on our website is not part of this release.

Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig and FlexRobotics, which may be registered or trademarked in the United States and other jurisdictions.







(1) Adjusted net income, which is considered a non-GAAP metric, is defined as net income (loss), excluding the impact of 'select items' which management defines as certain items that do not reflect the ongoing performance of our core business operations. Adjusted net income is included as supplemental disclosure as management uses it to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful information to investors. The presence of non-GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define adjusted net income the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies. See Non-GAAP Measurements for a reconciliation of net income (loss) to adjusted net income.

(2) Adjusted EBITDA is considered to be a non-GAAP metric. Adjusted EBITDA is defined as net income (loss) before taxes, depreciation and amortization, gains and losses on asset sales, other income and expense - which includes interest income and interest expense, and excludes the impact of 'select items' which management defines as certain items that do not reflect the ongoing performance of our core business operations. Adjusted EBITDA is included as supplemental disclosure as management uses it to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful to information to investors. The presence of non-GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define Adjusted EBITDA the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies. See Non-GAAP Measurements for a reconciliation of net income to Adjusted EBITDA.

(3) Direct margin, which is considered a non-GAAP metric, is defined as operating revenues (less reimbursements) less direct operating expenses (less reimbursements) and is included as a supplemental disclosure. We believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See Non-GAAP Measurements for a reconciliation of segment operating income (loss) to direct margin. Expected direct margin for the first quarter of fiscal 2026 is provided on a non-GAAP basis only because certain information necessary to calculate the most comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of certain items. Therefore, as a result of the uncertainty and variability of the nature and amount of future items and adjustments, which could be significant, we are unable to provide a reconciliation of expected direct margin to the most comparable GAAP measure without unreasonable effort.

(4) Select items are considered non-GAAP metrics and are included as a supplemental disclosure as the Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside the Company's core business operations. See Non-GAAP Measurements.

(5) Does not include 21 rigs that have either suspended operations or have been notified to suspend operations in Saudi Arabia





Contact: Kris Nicol
Vice President of Investor Relations
investor.relations@hpinc.com


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HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months EndedSix Months Ended
(in thousands, except per share amounts)March 31,December 31,March 31,March 31,March 31,
20262025202520262025
OPERATING REVENUES
Drilling services$906,426 $981,125 $1,012,394 $1,887,551 $1,687,007 
Other25,936 35,901 3,645 61,837 6,334 
932,362 1,017,026 1,016,039 1,949,388 1,693,341 
OPERATING COSTS AND EXPENSES
Drilling services operating expenses, excluding depreciation and amortization661,180 682,780 701,657 1,343,960 1,112,573 
Other operating expenses24,799 31,260 3,485 56,059 4,641 
Depreciation and amortization180,734 181,919 157,657 362,653 256,737 
Research and development7,016 6,646 9,421 13,662 18,781 
Selling, general and administrative71,080 70,444 80,802 141,524 143,901 
Acquisition transaction and integration costs2,738 3,405 29,867 6,143 40,402 
Asset impairment charges26,101 103,086 1,844 129,187 1,844 
Restructuring charges2,882 1,591 — 4,473 — 
Gain on reimbursement of drilling equipment(5,943)(6,120)(9,973)(12,063)(19,376)
Other (gain) loss on sale of assets(1,305)1,926 (884)621 789 
969,282 1,076,937 973,876 2,046,219 1,560,292 
OPERATING INCOME (LOSS)(36,920)(59,911)42,163 (96,831)133,049 
Other income (expense)
Interest and dividend income2,155 2,758 7,257 4,913 28,998 
Interest expense(25,814)(25,607)(28,338)(51,421)(50,636)
Gain on investment securities14,391 929 27,788 15,320 14,421 
Foreign currency exchange gain (loss)2,952 27 (6,018)2,979 (6,921)
Other(3,327)(1,926)1,596 (5,253)1,956 
(9,643)(23,819)2,285 (33,462)(12,182)
Income (loss) before income taxes (46,563)(83,730)44,448 (130,293)120,867 
Income tax expense9,298 11,201 41,462 20,499 63,109 
NET INCOME (LOSS)(55,861)(94,931)2,986 (150,792)57,758 
Net income attributable to non-controlling interest2,748 1,775 1,332 4,523 1,332 
NET INCOME (LOSS) ATTRIBUTABLE TO HELMERICH & PAYNE, INC.$(58,609)$(96,706)$1,654 $(155,315)$56,426 
Earnings (loss) per share attributable to Helmerich & Payne, Inc:
Basic$(0.59)$(0.98)$0.01 $(1.57)$0.56 
Diluted$(0.59)$(0.98)$0.01 $(1.57)$0.56 
Weighted average shares outstanding:
Basic99,878 99,544 99,360 99,709 99,111 
Diluted99,878 99,544 99,381 99,709 99,128 

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HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,September 30,
(in thousands except share data and share amounts)20262025
ASSETS
Current Assets:
Cash and cash equivalents$177,196 $196,848 
Restricted cash25,521 27,412 
Short-term investments21,951 21,496 
Accounts receivable, net of allowance of $19,823 and $19,647, respectively
810,613 782,644 
Inventories of materials and supplies, net330,542 324,326 
Prepaid expenses and other, net82,357 97,518 
Assets held-for-sale24,506 15,231 
Total current assets1,472,686 1,465,475 
Investments, net85,611 68,198 
Property, plant and equipment, net3,977,180 4,313,074 
Other Noncurrent Assets:
Goodwill183,795 182,854 
Intangible assets, net444,059 485,540 
Operating lease right-of-use assets111,801 123,598 
Other assets, net61,135 66,999 
Total other noncurrent assets800,790 858,991 
Total assets$6,336,267 $6,705,738 
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable$177,213 $217,923 
Dividends payable25,421 25,199 
Accrued liabilities 514,422 564,855 
Current portion of long-term debt, net146,257 6,859 
Total current liabilities863,313 814,836 
Noncurrent Liabilities:
Long-term debt, net1,856,176 2,057,084 
Deferred income taxes617,911 624,000 
Retirement benefit obligation99,790 109,864 
Other269,220 270,616 
Total noncurrent liabilities2,843,097 3,061,564 
Shareholders' Equity:
Common stock, 0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of March 31, 2026 and September 30, 2025, and 99,917,504 and 99,446,577 shares outstanding as of March 31, 2026 and September 30, 2025, respectively
11,222 11,222 
Preferred stock, no par value, 1,000,000 shares authorized, no shares issued
— — 
Additional paid-in capital506,523 513,050 
Retained earnings2,412,788 2,619,090 
Accumulated other comprehensive income43,496 44,964 
Treasury stock, at cost, 12,305,361 shares and 12,776,288 shares as of March 31, 2026 and September 30, 2025, respectively
(445,250)(463,536)
Non-controlling interest101,078 104,548 
Total shareholders’ equity2,629,857 2,829,338 
Total liabilities and shareholders' equity$6,336,267 $6,705,738 

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HELMERICH & PAYNE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended March 31,
(in thousands)20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(150,792)$57,758 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization362,653 256,737 
Asset impairment charge129,187 1,844 
Amortization of debt discount and debt issuance costs2,527 3,462 
Stock-based compensation19,674 14,949 
Gain on investment securities(15,320)(14,421)
Gain on reimbursement of drilling equipment(12,063)(19,376)
Other loss on sale of assets621 789 
Deferred income tax(5,989)(34,313)
Other(3,729)1,951 
Changes in assets and liabilities(107,761)(54,976)
Net cash provided by operating activities219,008 214,404 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(130,425)(265,234)
Purchase of short-term investments(35,168)(102,510)
Purchase of long-term investments(1,038)(1,461)
Payment for acquisition of business, net of cash acquired— (1,838,852)
Proceeds from sale of short-term investments33,192 364,078 
Insurance proceeds from involuntary conversion
— 2,366 
Proceeds from asset sales21,803 26,090 
Other (686)— 
Net cash used in investing activities(112,322)(1,815,523)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid
(50,659)(50,328)
Distributions to non-controlling interests(7,842)— 
Proceeds from debt issuance— 400,000 
Debt issuance costs— (2,629)
Payments for employee taxes on net settlement of equity awards(6,151)(10,607)
Payments on unsecured long-term debt(60,000)(25,000)
Other(3,430)(329)
Net cash provided by (used in) financing activities(128,082)311,107 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(471)6,406 
Net decrease in cash, cash equivalents and restricted cash(21,867)(1,283,606)
Cash, cash equivalents and restricted cash, beginning of period225,900 1,528,660 
Cash, cash equivalents and restricted cash, end of period$204,033 $245,054 
         




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HELMERICH & PAYNE, INC.
SEGMENT REPORTINGThree Months EndedSix Months Ended
March 31,December 31,March 31,March 31,March 31,
(in thousands, except operating statistics)20262025202520262025
NORTH AMERICA SOLUTIONS
Operating revenues$517,245 $563,938 $599,694 $1,081,183 $1,197,839 
Direct operating expenses302,038 325,133 334,073 627,171 666,420 
Depreciation and amortization82,955 84,244 87,151 167,199 175,487 
Research and development7,115 6,408 9,502 13,523 18,943 
Selling, general and administrative expense13,401 14,022 15,484 27,423 31,294 
Acquisition transaction and integration costs— — 34 — 34 
Asset impairment charges— 97,922 1,507 97,922 1,507 
Restructuring charges402 — — 402 — 
Segment operating income $111,334 $36,209 $151,943 $147,543 $304,154 
Financial Data and Other Operating Statistics1:
Direct margin (Non-GAAP)2
$215,207 $238,805 $265,621 $454,012 $531,419 
Revenue days3
12,20813,12613,41625,33427,123
Average active rigs4
136143149139149
Number of active rigs at the end of period5
137139150137150
Number of available rigs at the end of period203203224203224
Reimbursements of "out-of-pocket" expenses$60,401 $72,797 $77,607 $133,198 $146,034 
INTERNATIONAL SOLUTIONS
Operating revenues218,321 $234,288 $247,909 $452,609 $295,389 
Direct operating expenses206,826 205,573 220,983 412,399 275,411 
Depreciation and amortization79,257 78,121 57,153 157,378 61,981 
Selling, general and administrative expense4,249 4,145 4,546 8,394 7,254 
Acquisition transaction and integration costs1,198 436 210 1,634 210 
Asset impairment charges26,101 — — 26,101 — 
Restructuring charges302 1,318 — 1,620 — 
Segment operating loss$(99,612)$(55,305)$(34,983)$(154,917)$(49,467)
Financial Data and Other Operating Statistics1:
Direct margin (Non-GAAP)2
$11,495 $28,715 $26,926 $40,210 $19,978 
Revenue days3
5,4925,4446,19810,9367,887
Average active rigs4
6159696043
Number of active rigs at the end of period5
6459766476
Number of available rigs at the end of period130131153130153
Reimbursements of "out-of-pocket" expenses$12,785 $11,768 $8,470 $24,553 $10,589 
OFFSHORE SOLUTIONS
Operating revenues$171,378 $188,282 $149,080 $359,660 $178,290 
Direct operating expenses144,495 157,280 122,904 301,775 145,565 
Depreciation and amortization9,862 10,820 7,777 20,682 9,757 
Selling, general and administrative expense2,654 1,044 964 3,698 2,028 
Acquisition transaction and integration costs352 573 60 925 60 
Asset impairment charges— 2,128 — 2,128 — 
Segment operating income$14,015 $16,437 $17,375 $30,452 $20,880 
Financial Data and Other Operating Statistics1:
Direct margin (Non-GAAP)2
$26,883 $31,002 $26,176 $57,885 $32,725 
Revenue days3
270276270546546
Average active rigs4
33333
Number of active rigs at the end of period5
33333
Number of available rigs at the end of period44747
Reimbursements of "out-of-pocket" expenses $27,575 $39,664 $26,936 $67,239 $34,161 
(1)These operating metrics and financial data, including average active rigs, are provided to allow investors to analyze the various components of segment financial results in terms of activity, utilization and other key results. Management uses these metrics to analyze historical segment financial results and as the key inputs for forecasting and budgeting segment financial results.
(2)Direct margin, which is considered a non-GAAP metric, is defined as operating revenues less direct operating expenses and is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. See — Non-GAAP Measurements below for a reconciliation of segment operating income (loss) to direct margin.
(3)Defined as the number of contractual days for owned and leased rigs with recognized revenue during the period.
(4)Active rigs generate revenue for the Company; accordingly, 'average active rigs' represents the average number of rigs generating revenue during the applicable time period. This metric is calculated by dividing revenue days by total days in the applicable period (i.e. 90 days for the three months ended March 31, 2026 and March 31, 2025, 92 days for the three months ended December 31, 2025 and 182 days for the six months ended March 31, 2026 and March 31, 2025)
(5)Defined Defined as the number of rigs generating revenue at the applicable end date of the time period.

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Segment operating income (loss) for all segments is a non-GAAP financial measure of the Company’s performance, as it excludes gain on reimbursement of drilling equipment, other gain (loss) on sale of assets, corporate selling, general and administrative costs, corporate depreciation, corporate acquisition transaction and integration costs, corporate asset impairment charges, and corporate restructuring charges. The Company considers segment operating income (loss) to be an important supplemental measure of operating performance for presenting trends in the Company’s core businesses. This measure is used by the Company to facilitate period-to-period comparisons in operating performance of the Company’s reportable segments in the aggregate by eliminating items that affect comparability between periods. The Company believes that segment operating income (loss) is useful to investors because it provides a means to evaluate the operating performance of the segments and the Company on an ongoing basis using criteria that are used by our internal decision makers. Additionally, it highlights operating trends and aids analytical comparisons. However, segment operating income (loss) has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in accordance with GAAP, as it excludes certain costs that may affect the Company’s operating performance in future periods.
The following table reconciles operating income (loss) per the information above to income (loss) before income taxes as reported on the Unaudited Condensed Consolidated Statements of Operations:
Three Months EndedSix Months Ended
March 31,December 31,March 31,March 31,March 31,
(in thousands)20262025202520262025
Operating income (loss)
North America Solutions$111,334 $36,209 $151,943 $147,543 $304,154 
International Solutions(99,612)(55,305)(34,983)(154,917)(49,467)
Offshore Solutions14,015 16,437 17,375 30,452 20,880 
Other(7,397)(1,223)(1,375)(8,620)(601)
Eliminations(2,507)(795)(8,463)(3,302)(8,361)
Segment operating income (loss)15,833 (4,677)124,497 11,156 266,605 
Gain on reimbursement of drilling equipment5,943 6,120 9,973 12,063 19,376 
Other gain (loss) on sale of assets1,305 (1,926)884 (621)(789)
Corporate selling, general and administrative costs, corporate depreciation, corporate acquisition transaction and integration costs, corporate asset impairment charges, and corporate restructuring charges
(60,001)(59,428)(93,191)(119,429)(152,143)
Operating income (loss)(36,920)(59,911)42,163 (96,831)133,049 
Other income (expense):
Interest and dividend income2,155 2,758 7,257 4,913 28,998 
Interest expense(25,814)(25,607)(28,338)(51,421)(50,636)
Gain on investment securities14,391 929 27,788 15,320 14,421 
Foreign currency exchange gain (loss)2,952 27 (6,018)2,979 (6,921)
Other(3,327)(1,926)1,596 (5,253)1,956 
Total other income (expense)(9,643)(23,819)2,285 (33,462)(12,182)
Income (loss) before income taxes$(46,563)$(83,730)$44,448 $(130,293)$120,867 



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News Release
May 6, 2026






NON-GAAP MEASUREMENTS

NON-GAAP RECONCILIATION OF SELECT ITEMS AND ADJUSTED NET LOSS(**)


Three Months Ended March 31, 2026
(in thousands, except per share data)PretaxTax ImpactNetEPS
Net loss (GAAP basis)$(58,609)$(0.59)
(-) Gain on investment security14,391 3,267 11,124 0.11 
(-) International asset abandonment(1,000)— (1,000)(0.01)
(-) Acquisition transaction and integration costs(2,738)(300)(2,438)(0.02)
(-) Restructuring charges(2,882)(256)(2,626)(0.03)
(-) Changes in actuarial assumptions on estimated liabilities(3,669)(834)(2,835)(0.03)
(-) Impairment expense(26,101)(3,498)(22,603)(0.23)
Adjusted net loss$(38,231)$(0.38)



Three Months Ended December 31, 2025
(in thousands, except per share data)PretaxTax ImpactNetEPS
Net loss (GAAP basis)$(96,706)$(0.98)
(-) Changes in actuarial assumptions on estimated liabilities1,607 365 1,242 0.01 
(-) Gain on investment security929 211 718 0.01 
(-) Restructuring charges(1,591)— (1,591)(0.02)
(-) Acquisition transaction and integration costs(3,405)(386)(3,019)(0.03)
(-) Impairment expense(103,086)(23,401)(79,685)(0.80)
Adjusted net loss$(14,371)$(0.15)

(**)The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future period results. Select items are excluded as they are deemed to be outside of the Company's core business operations.





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News Release
May 6, 2026






NON-GAAP RECONCILIATION OF DIRECT MARGIN
Direct margin is considered a non-GAAP metric. We define "direct margin" as operating revenues (less reimbursements) less direct operating expenses (less reimbursements). Direct margin is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. Direct margin is not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures.
The following table reconciles direct margin to segment operating income (loss), which we believe is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to direct margin.
Three Months EndedSix Months Ended
March 31,December 31,March 31,March 31,March 31,
(in thousands)20262025202520262025
NORTH AMERICA SOLUTIONS
Segment operating income$111,334 $36,209 $151,943 $147,543 $304,154 
Add back:
Depreciation and amortization82,955 84,244 87,151 167,199 175,487 
Research and development7,115 6,408 9,502 13,523 18,943 
Selling, general and administrative expense13,401 14,022 15,484 27,423 31,294 
Acquisition transaction and integration costs— — 34 — 34 
Asset impairment charge— 97,922 1,507 97,922 1,507 
Restructuring charges402 — — 402 — 
Direct margin (Non-GAAP)$215,207 $238,805 $265,621 $454,012 $531,419 
INTERNATIONAL SOLUTIONS
Segment operating loss$(99,612)$(55,305)$(34,983)$(154,917)$(49,467)
Add back:
Depreciation and amortization79,257 78,121 57,153 157,378 61,981 
Selling, general and administrative expense4,249 4,145 4,546 8,394 7,254 
Acquisition transaction and integration costs1,198 436 210 1,634 210 
Asset impairment charge26,101 — — 26,101 — 
Restructuring charges302 1,318 — 1,620 — 
Direct margin (Non-GAAP)$11,495 $28,715 $26,926 $40,210 $19,978 
OFFSHORE SOLUTIONS
Segment operating income$14,015 $16,437 $17,375 $30,452 $20,880 
Add back:
Depreciation and amortization9,862 10,820 7,777 20,682 9,757 
Selling, general and administrative expense2,654 1,044 964 3,698 2,028 
Acquisition transaction and integration costs352 573 60 925 60 
Asset impairment charges— 2,128 — 2,128 — 
Direct margin (Non-GAAP)$26,883 $31,002 $26,176 $57,885 $32,725 



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May 6, 2026






NON-GAAP RECONCILIATION OF ADJUSTED EBITDA
Adjusted EBITDA and 'Select Items' are considered to be non-GAAP metrics. Adjusted EBITDA is defined as net income (loss) before taxes, depreciation and amortization, gains and losses on asset sales, other income and expense - which includes interest income and interest expense, and excludes the impact of 'select items' which management defines as certain items that do not reflect the ongoing performance of our core business operations. These metrics are included as supplemental disclosures as management uses them to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful to information to investors. The presence of non-GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define Adjusted EBITDA the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies.

The following table reconciles adjusted EBITDA to net income (loss), which we believe is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to direct margin.

Three Months EndedSix Months Ended
March 31,December 31,March 31,March 31,March 31,
(in thousands)20262025202520262025
Net income (loss) attributable to Helmerich and Payne, Inc.$(58,609)$(96,706)$1,654 $(155,315)$56,426 
Add back:
Net income attributable to non-controlling interest2,748 1,775 1,332 4,523 1,332 
Income tax expense9,298 11,201 41,462 20,499 63,109 
Other (income) expense
Interest and dividend income(2,155)(2,758)(7,257)(4,913)(28,998)
Interest expense25,814 25,607 28,338 51,421 50,636 
Gain on investment securities(14,391)(929)(27,788)(15,320)(14,421)
Foreign currency exchange (gain) loss(2,952)(27)6,018 (2,979)6,921 
Other3,327 1,926 (1,596)5,253 (1,956)
Depreciation and amortization180,734 181,919 157,657 362,653 256,737 
Acquisition transaction and integration costs2,738 3,405 29,867 6,143 40,402 
Asset impairment charges26,101 103,086 1,844 129,187 1,844 
Restructuring charges2,882 1,591 — 4,473 — 
Other (gain) loss on sale of assets(1,305)1,926 (884)621 789 
Excluding Select Items (Non-GAAP)
Change in actuarial assumptions on estimated liabilities3,669 (1,607)10,857 2,062 10,857 
        Gains related to an insurance claim— — — — (2,366)
Adjusted EBITDA (Non-GAAP)$177,899 $230,409 $241,504 $408,308 $441,312