H&P plans to add seven FlexRobotics systems for ExxonMobil over the next 12 months, bringing the total to nine. OGL’s dataset records 470 ExxonMobil/XTO wells involving 27 H&P rigs in 2026, with 89% of records concentrated in the Permian.
Helmerich & Payne believes North American drilling has reached its low point, citing improving commodity prices, increasing rig demand, and growing adoption of its FlexRobotics technology as reasons for raising its outlook for the second half of 2026. The company’s drilling activity supports this optimism, with 1,875 wells drilled this year, led by strong development in the Permian Basin and major operators including Exxon (XTO), Devon Energy, EOG Resources, OXY USA, and Permian Resources.
Helmerich & Payne believes the North American drilling market has reached its low point, citing shrinking DUC inventories, tightening super-spec rig availability, and growing operator demand as catalysts for increased drilling activity through 2026 and into 2027. H&P’s current-year U.S. activity reflects that strength, with 1,875 wells drilled, including 1,214 in the Permian Basin, led by major customers such as Exxon (XTO), Devon Energy, EOG Resources, OXY USA, and Permian Resources.
U.S. rig demand has moderated by design, not distress, with Helmerich & Payne forecasting a 132–148 rig full-year range that reflects operator discipline, inventory preservation, and a lack of urgency to grow volumes. The takeaway is a stable but selective shale market where fewer rigs are needed, yet each rig must handle harder, more complex wells—concentrating work with high-spec, performance-driven contractors.
Helmerich & Payne (H&P) remains one of the most important barometers of U.S. onshore drilling activity. As a leading provider of high-spec land rigs, H&P’s well count offers a real-time lens into where capital is flowing, which operators are most active, and which basins continue to anchor U.S. oil and…
As Q1 2025 earnings roll in, two leading service providers—ProFrac Holding Corp. and Helmerich & Payne, Inc.—offered clear-eyed perspectives on the current state of U.S. drilling activity, rig demand, efficiency efforts, and technology-driven strategy. Here’s what they said and what it means for the sector.
H&P drilling has completed 709 wells year-to-date, with the highest activity in Texas (404 wells) and New Mexico (177 wells). XTO Energy Inc. leads with 128 wells drilled, followed by OXY USA Inc. (62) and Devon Energy (58). The most active rig is H&P 329, while Lea and Eddy counties in New Mexico see the highest drilling concentration.
Helmerich & Payne, Inc. (H&P) has long been recognized as a leader in high-performance drilling solutions. As the company reports its Q1 FY25 earnings, its North America Solutions (NAS) segment continues to maintain strong rig utilization despite market fluctuations. However, shifting demand trends and economic uncertainties have led to minor adjustments in rig activity.
Helmerich & Payne, Inc. (NYSE: HP), a leading drilling contractor, reported its first-quarter fiscal 2025 results, shedding light on steady U.S. rig activity despite broader industry uncertainties. While the company’s net income and revenue declined slightly from the previous quarter, its North America Solutions (NAS) segment remained resilient, showcasing consistent performance and efficiency gains.
On November 13, 2024, Helmerich & Payne (H&P) released its Q4 FY24 earnings, highlighting a year of strong performance, strategic initiatives, and a focus on innovation. In this blog post, we delve into what the company shared about its U.S. operations, their distinctive drilling solutions approach, advanced technologies driving efficiency, and the outlook for the upcoming fiscal year.
