Operating and Financial Highlights for the Quarter Ended June 30, 2026

• H&P announced consolidated revenue of $1.035 billion, reflecting strong sequential growth and solid execution across the portfolio.
• Consolidated net income attributable to Helmerich & Payne Inc. of $76 million, or $0.74 per share, which includes a gain of approximately $115 million related to the sale of Utica Square. Adjusted for this and other select items, adjusted losses ⁽¹⁾ were $(10) million, or $(0.11) per share.
• Consolidated adjusted EBITDA ⁽²⁾ totaled $236 million.
• North America Solutions (NAS) reported operating income of $140 million and achieved industry-leading direct margin ⁽³⁾ of $241 million or $18,669 per day.
• During the quarter, we deployed 10 additional rigs in response to strong demand from private operators, while also growing daily margins by more than $1,000 sequentially.
• International Solutions reported an operating loss of approximately $(54) million and delivered approximately $31 million in direct margin ⁽³⁾.
• Experienced strong commercial momentum for our FlexRig® technology in Argentina, securing contracts for five additional rigs, including three rigs to be exported from the U.S. later this year.
• Offshore reported operating income of approximately $17 million and generated direct margin ⁽³⁾ of $29 million.
• Secured a four-year contract renewal for an operator in Norway, strengthening our offshore backlog to $3.6 billion, including firm and optional contract periods.
• Approximately $25 million was returned to shareholders through the Company’s ongoing dividend program.

Management Commentary

“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. “Our performance reflects the disciplined execution of our teams and the strength of our diversified global portfolio.”

“While near-term market conditions remain fluid, particularly in the Middle East, underlying trends across our portfolio continue to improve. Recent geopolitical events continue to highlight the importance of energy security and reliable supply, reinforcing the need for continued investment in oil and gas development to help meet global energy demand. Against this backdrop, customer activity remains constructive, supporting demand for high-performance drilling solutions as the industry looks toward 2027.”

“In North America Solutions, activity growth was primarily driven by increased drilling demand from private and smaller independent operators. While industry supply and demand dynamics continue to evolve for the super-spec rig market, current conditions continue to support strong utilization levels and solid margin performance. H&P is well equipped to quickly meet rising customer demand, benefiting from our industry leading scale, uniform fleet and reactivation costs.”

“Our International Solutions segment is building momentum across key markets as we leverage the advantages of our large homogeneous fleet and diversified footprint. In Argentina, we are putting additional rigs back to work, supported by development of the Vaca Muerta shale basin. Technology adoption remains strong, and we continue to see attractive growth opportunities driven by resource scale, improving infrastructure, and rising demand for super-spec drilling solutions, which are contributing to organic margin expansion across the segment. In the Middle East, we continued rig reactivations in Saudi Arabia while focusing on the safety of our people and maintaining continuity of operations across our core operating countries.”

“Our Offshore Solutions segment delivered another quarter of strong operational and financial results. This was driven by the achievement of several performance-related bonuses during the quarter. Offshore continues to provide stability and strategic value through its long‑term contract portfolio and strong free cash flow generation,” Adams continued.

Senior Vice President and CFO Todd Scruggs added, “In conjunction with our strong financial performance and improving market outlook, we are embarking on company-wide initiatives focused on increasing efficiency, reducing cost, simplifying our portfolio, and streamlining support functions. These actions are designed to enhance margins, strengthen free cash flow generation, and accelerate deleveraging. As we look ahead, we remain committed to balancing debt reduction, maintaining our base dividend, and investing with discipline to support growth opportunities, ensuring we are well positioned regardless of how market conditions evolve.”

“We are encouraged by the momentum across our business,” Adams concluded. “With our leading super‑spec fleet, strong international presence, differentiated technology portfolio, and resilient offshore business, we believe H&P is positioned to create long-term value for shareholders. None of that would be possible without the commitment and expertise of our employees, whose focus on safety and operational excellence continues to drive our success.”

Operating Segment Results for the Third Quarter of Fiscal Year 2026

North America Solutions: Realized operating income of $140 million, compared with $111 million in the previous quarter. Direct margin⁽³⁾ increased to $241 million, versus $215 million the previous quarter. On a per-day basis direct margins averaged $18,669 with 142 rigs active for the third fiscal quarter.

International Solutions: Recorded an operating loss of approximately $(54) million, compared with a loss of approximately $(100) million in the prior quarter, which included a $26 million impairment. Direct margin⁽³⁾ improved significantly totaling $31 million, up from $11 million last quarter. During the third quarter we had an average of 65 rigs working.

Offshore Solutions: Reported operating income of approximately $17 million, compared with $14 million in the previous quarter. Direct margin⁽³⁾ was $29 million, up from $27 million last quarter, led by performance-related bonuses. We had three active rigs and 30 management contracts in operation during the quarter.

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