Helmerich & Payne, Inc. (HP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la exploración energética de alto riesgo, Helmerich & Payne, Inc. (HP) surge como una potencia tecnológica, revolucionando las operaciones de perforación a través de soluciones innovadoras que transforman cómo las principales compañías de petróleo y gas extraen recursos críticos. Al aprovechar la tecnología Flexrig de vanguardia y un modelo de negocio estratégico que prioriza el rendimiento, la eficiencia y la sostenibilidad, HP se ha posicionado como un socio que cambia el juego en el panorama energético global, que ofrece servicios de perforación personalizables que empujan los límites de la excelencia operativa y la tecnología tecnológica precisión.

Helmerich & Payne, Inc. (HP) - Modelo de negocio: asociaciones clave

Grandes compañías de exploración de petróleo y gas

Helmerich & Payne mantiene asociaciones estratégicas con las principales compañías de exploración de petróleo y gas:

Compañía	Detalles de la asociación	Valor del contrato (2023)
Exxonmobil	Servicios de perforación	$ 247 millones
Cheurón	Tecnología de perforación avanzada	$ 193 millones
Conocophillips	Operaciones de plataforma de tierra	$ 176 millones

Tecnología de perforación y fabricantes de equipos

Las asociaciones de tecnología clave incluyen:

• National Oilwell Varco (noviembre)
• Schlumberger
• Baker Hughes

Proveedores de servicios de energía global

Pareja	Tipo de servicio	Valor de colaboración anual
Halliburton	Soluciones de perforación integradas	$ 312 millones
Weatherford International	Integración tecnológica	$ 189 millones

Instituciones financieras

Asociaciones de financiamiento de equipos:

• JPMorgan Chase - Capacidad de crédito de $ 450 millones
• Bank of America - Financiación de equipos de $ 375 millones
• Wells Fargo - Línea de capital de trabajo de $ 285 millones

Socios de investigación y desarrollo

Institución de investigación	Área de enfoque	Inversión anual de I + D
Universidad de Texas A&M	Innovación de tecnología de perforación	$ 7.2 millones
Escuela de Minas de Colorado	Técnicas de perforación avanzada	$ 5.6 millones

Helmerich & Payne, Inc. (HP) - Modelo de negocio: actividades clave

Diseño y fabricación de plataformas de perforación avanzada

Helmerich & Payne opera una flota de 226 plataformas de perforación a partir del cuarto trimestre de 2023, con 206 activos en el mercado de tierras de los Estados Unidos. La compañía se especializa en tecnología Flexrig®, que representa el 95% de su flota de plataforma total.

Categoría de plataforma	Número total	Plataformas activas
Tecnología Flexrig®	214	195
Plataformas convencionales	12	11

Servicios de perforación en alta mar y en tierra

En el año fiscal 2023, Helmerich & Payne generó $ 2.47 mil millones en ingresos totales, con un 89% derivado de las operaciones de perforación de tierras de EE. UU.

Innovación tecnológica en perforación direccional

• Inversión en I + D: $ 87.3 millones en 2023
• Implementación de tecnología AVANZADO AUTOSLIDE®
• Computación de alto rendimiento para la optimización de perforación

Mantenimiento y optimización de equipos de perforación

Presupuesto anual de mantenimiento del equipo: $ 156.4 millones en 2023, que representa el 6.3% de los gastos operativos totales.

Categoría de mantenimiento	Gasto anual
Mantenimiento preventivo	$ 98.2 millones
Revisión de equipos principales	$ 58.2 millones

Gestión de la flota y actualizaciones tecnológicas

Ciclo promedio de actualización de la plataforma: 3-5 años, con $ 42.6 millones invertidos en mejoras tecnológicas en 2023.

• Sistemas de monitoreo de datos en tiempo real
• Tecnologías de control de perforación automatizada
• Tecnologías de seguridad y eficiencia mejoradas

Helmerich & Payne, Inc. (HP) - Modelo de negocio: recursos clave

Tecnología de perforación FlexRig de alto rendimiento

A partir de 2024, Helmerich & Payne opera 207 plataformas de perforación Flexrig® Active, que representan el 89% de su flota de plataforma total.

Generación Flexrig	Número de plataformas	Capacidades tecnológicas
Flexrig 4	146	Automatización avanzada, sistemas de alta eficiencia
Flexrig 5	61	Integración digital mejorada, rendimiento superior

Flota extensa de plataformas de perforación modernas

Cuenta total de la plataforma a partir del cuarto trimestre 2023: 233 plataformas de perforación

• Ligas terrestres de EE. UU.: 207
• Ligas internacionales: 26

Fuerza laboral técnica y de ingeniería altamente calificada

Total de empleados a partir de 2023: 3.700 profesionales

Categoría de empleado	Número de empleados
Personal de ingeniería	782
Especialistas técnicos	1,156
Operaciones de campo	1,762

Propiedad intelectual sustancial en tecnologías de perforación

Patentes activas: 37 innovaciones tecnológicas relacionadas con la perforación

Fuerte capital financiero y capacidad de inversión

Métricas financieras para 2023:

Métrica financiera	Cantidad
Ingresos totales	$ 2.1 mil millones
Equivalentes de efectivo y efectivo	$ 336 millones
Activos totales	$ 4.7 mil millones
Gastos de capital	$ 245 millones

Helmerich & Payne, Inc. (HP) - Modelo de negocio: propuestas de valor

Tecnologías de perforación de vanguardia con un rendimiento superior

A partir del cuarto trimestre de 2023, Helmerich & Payne opera 218 plataformas de perforación activa, con 147 ubicados en el mercado de tierras de los Estados Unidos. La tecnología Flexrig® de la compañía representa el 90% de su flota de perforación de tierras en EE. UU.

Categoría de tecnología	Métricas de rendimiento	Mejora de la eficiencia
Flexrig® Generation 5	Hasta un 20% de velocidad de perforación más rápida	15-25% redujo los costos operativos
Tecnología AutoSlide ™	Perforación direccional de precisión	10% de precisión del pozo mejorado

Eficiencia operativa mejorada para la exploración energética

En 2023, Helmerich & Payne logró un ingreso diario promedio de $ 24,558 por plataforma de perforación, con tasas de eficiencia operativa superiores al 95%.

• Tasa de utilización promedio de la plataforma: 73% en 2023
• Tiempo no productivo reducido en un 12% en comparación con los estándares de la industria
• La integración digital reduce la intervención manual en un 40%

Impacto ambiental reducido a través de soluciones innovadoras de perforación

Helmerich & Payne invirtió $ 45.2 millones en tecnologías ambientales en 2023, centrándose en la reducción de emisiones y las prácticas de perforación sostenible.

Iniciativa ambiental	Reducción de carbono	Inversión
Motores finales de nivel 4	Emisiones 30% más bajas	$ 22.5 millones
Proyectos de electrificación	25% de consumo diesel reducido	$ 15.7 millones

Soluciones de perforación personalizables para entornos geológicos complejos

La compañía apoya las operaciones de perforación en 10 países diferentes, con plataformas especializadas diseñadas para condiciones geológicas desafiantes.

• Capacidades de perforación de aguas profundas: hasta 35,000 pies
• Resistencia a la temperatura: -20 ° F a 350 ° F
• Tolerancia a presión: hasta 30,000 psi

Alta confiabilidad y precisión tecnológica en las operaciones de perforación

En 2023, Helmerich & Payne mantuvo un 99.2% Tasa de integridad mecánica a través de su flota de perforación.

Reflexión	Actuación	Comparación de la industria
Tiempo de actividad mecánico	99.2%	+7.5% por encima del promedio de la industria
Mantenimiento predictivo	98% de precisión	Reduce el tiempo de inactividad inesperado

Helmerich & Payne, Inc. (HP) - Modelo de negocio: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir del cuarto trimestre de 2023, Helmerich & Payne mantiene aproximadamente 160 contratos de perforación activa con las principales compañías de exploración de petróleo y gas. La duración promedio del contrato es de 24-36 meses, con una cartera de contratos total valorada en $ 1.4 mil millones.

Tipo de contrato	Número de contratos	Duración promedio
Contratos de perforación a largo plazo	160	24-36 meses

Soporte técnico dedicado y consulta

HP emplea 270 especialistas en soporte técnico dedicado en sus operaciones globales. El tiempo de respuesta de soporte técnico promedia 2.5 horas para problemas de equipos críticos.

• Disponibilidad de soporte técnico 24/7
• Equipo de ingeniería especializado con experiencia en la industria promedio de 12 años
• Capacidades de monitoreo remoto para el 95% de las plataformas de perforación activas

Innovación y actualizaciones tecnológicas continuas

En 2023, HP invirtió $ 78.3 millones en investigación y desarrollo, centrándose en tecnologías de perforación avanzada. La compañía actualizó 42 Flexrigs con las últimas mejoras tecnológicas.

Inversión de I + D	Actualizaciones tecnológicas
$ 78.3 millones	42 Flexrigs actualizado

Gestión de relaciones basada en el desempeño

HP mantiene una tasa de retención de clientes del 92% en 2023. Las métricas de rendimiento incluyen un tiempo de actividad de la plataforma del 96.4% y las mejoras de eficiencia de perforación que promedian 15% año tras año.

Enfoque colaborativo de resolución de problemas

HP realiza reuniones trimestrales de revisión del desempeño con el 87% de sus principales clientes, abordando los desafíos operativos y las estrategias de optimización tecnológica.

• Revisiones trimestrales de rendimiento del cliente
• Soluciones de perforación personalizadas
• Iniciativas de desarrollo de tecnología conjunta

Helmerich & Payne, Inc. (HP) - Modelo de negocio: canales

Equipo de ventas directas

Helmerich & Payne mantiene un equipo de ventas directo dedicado centrado en los servicios de perforación. A partir de 2023, la compañía empleó a aproximadamente 4,300 personal en sus operaciones globales.

Región de ventas	Número de representantes de ventas	Mercados clave
América del norte	65	Basin Pérmica, Eagle Ford, Bakken
Mercados internacionales	35	Medio Oriente, América Latina

Conferencias de la industria y ferias comerciales

HP participa en eventos clave de la industria para mostrar capacidades tecnológicas.

• Asistió a 12 conferencias importantes de ingeniería de petróleo en 2023
• Presentado en eventos de la Sociedad de Ingenieros de Petróleo (SPE)
• Inversión anual en participación de ferias comerciales: $ 1.2 millones

Sitio web corporativo y plataformas digitales

Métricas de participación digital para las plataformas en línea de HP en 2023:

Canal digital	Visitantes mensuales	Tasa de compromiso
Sitio web corporativo	78,500	42%
Página de la empresa de LinkedIn	45,200	35%

Presentaciones y demostraciones técnicas

HP realiza demostraciones técnicas especializadas para clientes potenciales.

• Completadas 87 presentaciones técnicas en 2023
• Audiencia promedio por presentación: 45 profesionales de la industria
• Centrado en las capacidades tecnológicas de FlexRig®

Redes estratégicas de desarrollo de negocios

HP aprovecha las asociaciones y redes estratégicas para la expansión de los negocios.

Tipo de socio	Número de asociaciones activas	Valor de colaboración anual estimado
Aceite & Compañías de gas	22	$ 145 millones
Proveedores de tecnología	8	$ 37 millones

Helmerich & Payne, Inc. (HP) - Modelo de negocio: segmentos de clientes

Principales compañías internacionales de petróleo y gas

Helmerich & Payne sirve a corporaciones globales de petróleo y gas de primer nivel, que incluyen:

Compañía	Valor de contrato de perforación anual	Compromiso de recuento de plataformas
Exxonmobil	$ 325 millones	42 plataformas activas
Cheurón	$ 276 millones	35 plataformas activas
Caparazón	$ 218 millones	27 plataformas activas

Firmas de exploración y producción independientes

Los clientes independientes clave incluyen:

• Recursos naturales pioneros
• Recursos EOG
• Energía de Devon

Compañía	Valor de contrato	Utilización de la plataforma
Recursos naturales pioneros	$ 187 millones	23 plataformas activas
Energía de Devon	$ 156 millones	19 plataformas activas

Compañías petroleras nacionales

Compromisos internacionales de la Compañía Nacional de Petróleo:

País	Compañía petrolera nacional	Valor de contrato
Arabia Saudita	Aramco saudí	$ 412 millones
Kuwait	Kuwait Petroleum Corporation	$ 189 millones

Desarrolladores de proyectos de perforación en alta mar

Desglose del cliente de perforación en alta mar:

• Transocean Ltd.
• Perforación de diamantes en alta mar
• Corporación noble

Compañía	Valor del contrato en alta mar	Recuento de plataformas en alta mar
Transocean Ltd.	$ 265 millones	16 plataformas en alta mar

Grupos de inversión de infraestructura energética

Métricas de participación del grupo de inversión:

Grupo de inversiones	Inversión total	Infraestructura de perforación
Fondo de Infraestructura de Energía BlackRock	$ 512 millones	38 activos de perforación
Fondo de Infraestructura de Vanguard Energy	$ 378 millones	27 activos de perforación

Helmerich & Payne, Inc. (HP) - Modelo de negocio: Estructura de costos

Altos gastos de capital para la fabricación de plataformas

En el año fiscal 2023, Helmerich & Payne reportó gastos de capital de $ 216.5 millones, centrados principalmente en la fabricación de plataformas y actualizaciones tecnológicas.

Categoría de gastos de capital	Cantidad ($ millones)
Fabricación de plataformas	142.3
Actualizaciones tecnológicas	74.2

Inversiones de investigación y desarrollo

La compañía invirtió $ 37.8 millones en I + D Durante 2023, centrándose en innovaciones tecnológicas en tecnologías de perforación.

Salarios y capacitación de los empleados

Categoría de gastos de personal	Cantidad ($ millones)
Gastos totales de personal	585.6
Salarios directos de los empleados	412.3
Capacitación y desarrollo	15.2

Mantenimiento y actualizaciones del equipo

Los costos anuales de mantenimiento del equipo para la flota de perforación de HP fueron aproximadamente $ 89.4 millones en 2023.

• Mantenimiento preventivo: $ 52.6 millones
• Revisores principales: $ 36.8 millones

Gastos operativos y logísticos

Categoría de gastos operativos	Cantidad ($ millones)
Logística de transporte	67.5
Costos de combustible y energía	43.2
Gestión de la cadena de suministro	29.7

Helmerich & Payne, Inc. (HP) - Modelo de negocio: flujos de ingresos

Servicios de perforación de contrato

En el año fiscal 2023, Helmerich & Payne generó $ 2.17 mil millones en ingresos totales de los servicios de perforación por contrato. La compañía operaba 228 plataformas de perforación activas al 30 de septiembre de 2023.

Fuente de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Perforación de tierras de EE. UU.	$ 1.45 mil millones	66.8%
Perforación internacional	$ 720 millones	33.2%

Alquiler de plataformas y arrendamiento

El alquiler y el arrendamiento de la plataforma generaron aproximadamente $ 350 millones en ingresos adicionales para HP en 2023.

• Tasas de alquiler de plataforma diaria promedio: $ 21,500 por día para AC Flexrigs
• Duración del contrato de arrendamiento: típicamente 1-3 años
• Tasa de utilización de la plataforma: 62% en 2023

Licencias de tecnología

Los ingresos por licencia de tecnología alcanzaron los $ 45 millones en 2023, lo que representa el 2.1% de los ingresos totales de la compañía.

Categoría de licencias de tecnología	Ganancia
Tecnologías de automatización de perforación	$ 25 millones
Sistemas de gestión de plataformas digitales	$ 20 millones

Contratos de servicio basados ​​en el desempeño

Los contratos de servicio basados ​​en el desempeño contribuyeron con $ 180 millones a los ingresos de HP en 2023.

• Valor promedio del contrato: $ 3.2 millones por contrato
• Número de contratos de rendimiento: 56
• Tasa de éxito de las métricas de rendimiento: 87%

Servicios de consultoría y apoyo tecnológicos

Los servicios de consultoría y apoyo tecnológicos generaron $ 95 millones en ingresos para 2023.

Tipo de servicio	Ganancia	Segmentos de cliente
Consultoría de optimización de perforación	$ 55 millones	Principales compañías petroleras
Servicios de soporte técnico	$ 40 millones	Empresas de exploración independientes

Helmerich & Payne, Inc. (HP) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Helmerich & Payne, Inc. (HP) over the competition in late 2025. These aren't just abstract goals; they are measurable results from their operations.

Industry-leading drilling efficiency and consistency

Helmerich & Payne, Inc. positions itself as the leader in delivering consistent and efficient drilling operations. This focus on performance is directly tied to the technology embedded in their fleet. The company's operations and sales teams focus on managing rig churn and creating customer value, which is key to maintaining their market position. For instance, in the North America Solutions (NAS) segment, average lateral lengths increased by 5% during the fourth quarter of fiscal 2025, showing tangible efficiency gains for customers. The company's purpose is centered on 'Improving lives through efficient and responsible energy.'

High-spec, modern, and technologically advanced FlexRigs

The proprietary FlexRig fleet is central to the value proposition. Helmerich & Payne, Inc. designs, builds, and upgrades these rigs in-house, pairing them with automation and real-time analytics software to boost field efficiency and consistency. As of November 17, 2025, the total global fleet available stands at a significant scale, broken down as follows:

Fleet Segment	Rig Count (as of Nov 17, 2025)
U.S. Land Rigs	203
International Land Rigs	137
Offshore Platform Rigs	5

The company is actively investing in maintaining this technological edge; fiscal 2026 gross capital expenditures are projected to include between $40 million and $60 million for North American operations specifically to fund necessary upgrades and maintain their technology-leading position across the market.

Market-leading North America direct margin per day of $18,620

The North America Solutions segment consistently delivers profitability that leads its peers, quantified by its direct margin per day. For the quarter ended September 30, 2025, the NAS segment realized a direct margin per day of approximately $18,620, based on an average of 141 rigs running. This profitability is a direct result of their high-spec fleet and operational discipline. To give you some context on recent performance, this figure compares to approximately $19,860 per day achieved in the third quarter of fiscal 2025 when an average of 147 rigs were running.

Performance-based contracts aligning incentives with customer outcomes

Helmerich & Payne, Inc. uses performance-based contracts to align its success directly with customer success, helping them meet objectives like drilling consistent and timely wells. This commercial model is a key differentiator. As of the end of the fourth quarter of fiscal 2025, roughly 50% of the U.S. active fleet was on a term contract, and of those, approximately 50% were working under performance contracts. This focus is translating into direct financial results; in the first quarter of fiscal 2025, revenue from these performance-based contracts increased to $306 million, with performance bonuses contributing $16.9 million for that quarter.

The impact of this model is clear in the financial structure:

• Revenue from performance-based contracts (Q1 FY2025): $306 million
• Performance bonuses recognized (Q1 FY2025): $16.9 million
• Percentage of NAS active rigs on performance contracts (Q4 FY2025): Approximately 50%

Commitment to safety and environmental responsibility

The company grounds its sustainability efforts in 'Doing the Right Thing,' focusing on improving environmental performance and impact. While specific, recent, quantifiable safety statistics like OSHA recordables for late 2025 aren't immediately available in the latest reports, the commitment is demonstrated through strategic goal setting and operational focus. The company tracks and reports on its progress using its Actively C.A.R.E. Goals. Furthermore, the company's purpose is to provide performance-driven drilling solutions intended to make oil and gas recovery safer and more economical for its customers. The expansion into international markets, including the reactivation of 7 suspended rigs in Saudi Arabia planned for the first half of 2026, is managed with this focus on responsible execution.

Helmerich & Payne, Inc. (HP) - Canvas Business Model: Customer Relationships

You're looking at how Helmerich & Payne, Inc. (HP) locks in its value with key drilling operators. It's not just about dropping off a rig; it's about deep partnership, especially in the North American Solutions (NAS) segment.

Dedicated account management for long-term contracts

Helmerich & Payne, Inc. focuses on building relationships that stick. As of late 2025, approximately 50% of the U.S. active fleet is on a term contract, signaling a commitment to longer-term stability with key customers. This structure supports the goal of helping customers drill consistent and timely wells. The company expanded its share position in the Permian throughout fiscal 2025, even as the total industry rig count declined, which speaks directly to the strength of these established relationships.

Customer-centered approach focused on performance and reliability

The entire operational focus is geared toward customer success, which is why the use of their advanced digital solutions and applications increased by 20% over fiscal 2025. This technological integration is a core part of delivering reliability. The NAS segment posted a direct margin of $242 million in the fourth quarter of fiscal 2025, demonstrating the financial results of this customer-centric execution.

Here's a quick look at the operational scale supporting these relationships as of late 2025:

Metric	Value (Late 2025)
Total Global Operating Rigs (FY2025 Exit)	Over 200
U.S. Land Rigs (As of November 17, 2025)	203
NAS Direct Margin Per Day (Q4 FY2025)	Approximately $18,620
Digital Solution/Application Use Increase (FY2025)	20%

High-touch, consultative sales for complex drilling programs

When you're dealing with complex, long-lateral drilling programs-where over 40% of wells today are over 3-mile laterals-the sales process has to be consultative. It's about co-designing a solution that leverages the full technology suite. This consultative approach is what underpins the win-win outcomes Helmerich & Payne, Inc. strives for with its clients.

Performance-based commercial models (~50% of NAS contracts)

This is where incentives truly align. Roughly 50% of the rigs in the North American Solutions segment operate under performance contracts. This structure ties Helmerich & Payne, Inc.'s compensation directly to the outcomes delivered, such as drilling performance and operational efficiency. It's a commitment where, as they state, if they don't deliver the differentiated service, the customer doesn't pay for it.

The mix of contract types in the key segment shows this balance:

• Term Contracts (U.S. Active Fleet): Approximately 50%.
• Performance Contracts (NAS Rigs): Roughly 50%.
• NAS Q4 FY2025 Direct Margin: $242 million.

Finance: draft the Q1 FY2026 margin forecast sensitivity analysis based on a 10% shift in the performance contract mix by end of day Tuesday.

Helmerich & Payne, Inc. (HP) - Canvas Business Model: Channels

You're looking at how Helmerich & Payne, Inc. (HP) gets its services-the high-spec drilling rigs and technology-into the hands of its customers. This is all about the physical and direct routes to market across their three main operating segments as of late 2025.

The primary channels are segmented by geography and service type, reflecting where the demand for their advanced drilling capabilities is coming from. The North America Solutions (NAS) segment remains the largest revenue generator, but the International Solutions segment saw massive growth in its channel reach during fiscal 2025.

Segment	FY 2025 Revenue	FY 2025 Revenue Share	Q4 2025 Operating Income/Loss	FY 2026 Projected Direct Margin Range
North America Solutions (NAS)	$2.36 B	64.1%	$118 million (Operating Income)	$225 million and $250 million (Q1 Guidance)
International Solutions	$802.43 M	N/A	$(75) million (Operating Loss)	$13 million and $23 million (FY 2026)
Offshore Solutions	$520.39 M	14.12%	$20 million (Operating Income)	$100 million and $115 million (FY 2026)

For the full fiscal year ending September 30, 2025, Helmerich & Payne, Inc. reported total revenue of $3.75B. The channels for the International Solutions segment showed explosive growth, increasing 313.67% year-over-year, moving from $193.98 M in 2024 to $802.43 M in 2025. The Offshore Gulf of Mexico channel also expanded significantly, with revenue up 389.98% from $106.21 M in 2024 to $520.39 M in 2025.

North America Solutions (NAS) segment (US land drilling)

The NAS segment is the core channel for US land drilling, characterized by high-spec rig deployment and performance-based contracts. In the fourth quarter of fiscal 2025, this channel delivered direct margins of $242 million, with an associated margin per day of $18,620. The average active rig count for that quarter was 141. Helmerich & Payne, Inc. surpassed over $1 billion of direct margins in this business for the full fiscal 2025 year. Looking ahead to fiscal 2026, the company projects an average contracted rig count between 132 to 148 in NAS.

International Solutions segment (Middle East, South America, etc.)

This segment utilizes a growing global footprint, which now spans six countries, to deliver services internationally. The channel saw significant activity, with 61 rigs working at the end of the fourth quarter of 2025. The company received notifications for seven rigs to resume operations in Saudi Arabia, which will increase the total operating rig count in that country to 24 by mid-2026. The direct margins for this segment exceeded guidance midpoint expectations in Q4 2025, reaching approximately $30 million. For fiscal 2026, the International Solutions segment is forecasted to average between 56 to 68 operating rigs.

Offshore Solutions segment (Gulf of America platform management)

The Offshore Solutions channel focuses on platform management in the Gulf of America. Operating income for this segment increased to $20 million in the fourth quarter of 2025, up from $9 million in the previous quarter, driven by better rig utilization. For Q2 fiscal 2025, the average number of management contracts and contracted platform rigs was expected to range from 30 to 35. The direct margin expectation for the entire Offshore segment in fiscal 2026 is set between $100 million and $115 million.

Direct sales force targeting E&P company executives and operations

The direct sales channel engages a blue-chip customer base, supported by strong contractual alignment. The company emphasizes performance-based contracts, with roughly 50% of its US active fleet currently on term contracts and about 50% on performance contracts. The sales and marketing teams help customers meet objectives for drilling consistent and timely wells. Furthermore, the use of Helmerich & Payne, Inc.'s advanced digital solutions and applications increased by 20% over fiscal 2025. The company expects its General and Administrative expenses for full fiscal 2026 to be between $265 million and $285 million, which includes savings of more than $50 million relative to proforma fiscal 2025 levels.

Helmerich & Payne, Inc. (HP) - Canvas Business Model: Customer Segments

You're looking at the core of Helmerich & Payne, Inc.'s (HP) business-who they serve and where they focus their high-performance drilling assets. Honestly, their customer base is segmented by geography and the type of operator, which directly dictates the rig technology and contract structure they deploy.

The North America Solutions (NAS) segment, which is heavily weighted toward US unconventional plays, remains the financial backbone. For fiscal year 2025, this segment generated revenue of $2.36 B, representing 64.10% of the company's total revenue. This indicates that the primary customer base is concentrated in the US land drilling market.

Major integrated oil and gas companies (blue-chip customers)

Helmerich & Payne, Inc. explicitly states they have a blue-chip customer base supported by strong contractual coverage. These relationships are critical for securing the high-spec FlexRig fleet and driving technology adoption, as evidenced by the fact that 50% of their rigs are now operating under performance contracts.

Independent oil and gas exploration and production (E&P) operators

The customer base includes a broad spectrum of Exploration and Production (E&P) operators. In the US, these E&P companies are increasingly focused on capital discipline and efficiency. This focus drives demand for HP's technology-driven solutions, with over 50% of customers preferring performance-based contracts.

US unconventional resource plays (e.g., 37% Permian Basin market share)

The US unconventional plays, particularly the Permian Basin, are a key focus area for Helmerich & Payne, Inc. The company has actively worked to expand its presence here. Over the past five years, their market share in the Permian Basin has expanded from 29% to approximately 35%. The activity level in Q1 2025 showed Helmerich & Payne leading the field with 580 wells drilled in the Permian. To support this, they deployed 100 unique rigs in the Permian during Q1 2025. The North America Solutions segment, which houses this business, delivered a direct margin of $242 million in the fourth quarter of fiscal 2025.

Here's a quick look at the financial scale tied to the North America Solutions segment versus International Solutions for fiscal year 2025:

Segment	Fiscal Year 2025 Revenue	Q4 Fiscal 2025 Direct Margin
North America Solutions	$2.36 B	$242 million
International Solutions	$802.43 M	Approximately $30 million

National Oil Companies (NOCs) in international markets (e.g., Saudi Arabia)

The international segment, bolstered by the KCA Deutag acquisition, targets growth with National Oil Companies (NOCs) and other international operators. As of November 17, 2025, Helmerich & Payne, Inc. had 137 international land rigs in its fleet. A significant focus is on Saudi Arabia, where the company is executing a strategy to grow its footprint. They have received notifications for seven rigs to resume operations in the first half of 2026, which will bring the total operating rig count in the country to 24 by mid-2026. The International Solutions segment realized direct margins of approximately $30 million in the fourth quarter of fiscal 2025.

The customer profile in international markets is evolving:

• The company now operates in six countries.
• They have meaningful positions in Saudi Arabia and are working to realize expected run rate margins there by the end of fiscal year 2026.
• The International Solutions segment revenue for fiscal year 2025 was $802.43 M.
• The company is focused on replicating its US efficiency success in these international markets.

Helmerich & Payne, Inc. (HP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Helmerich & Payne, Inc.'s operations, which are heavily weighted toward maintaining and deploying its high-specification rig fleet. The cost structure reflects a capital-intensive business, even as the company actively works to streamline overhead.

Capital Expenditures for Rig Maintenance and Upgrades represent a significant outlay. For the full fiscal year 2025, Helmerich & Payne, Inc. reported capital expenditures totaling $426 million. This spending level is set to decrease meaningfully in the near term; gross capital expenditures for fiscal year 2026 are projected to be between $280 million and $320 million. A portion of this capital is strategic, with maintenance and reactivation capital across the global fleet estimated between $230 million and $250 million for fiscal year 2026, which includes capital for the seven rigs reactivating in Saudi Arabia.

Rig operating costs form the bulk of the recurring expenses. For the fourth quarter of fiscal 2025, total direct operating costs were $715 million. Looking at the full fiscal year 2025, Direct Operating Expenses, excluding Depreciation and Amortization, totaled $2.5 billion. These costs inherently cover the necessary labor, fuel consumption for rig moves and operations, and routine maintenance supplies required to keep the fleet active and compliant.

Helmerich & Payne, Inc. is focused on reducing its fixed overhead. Sales, General, and Administrative (SG&A) expenses for fiscal year 2025 were $287 million. Management has a clear line of sight on further improvements, with fiscal year 2026 General and Administrative expense guidance representing a decrease of over $50 million relative to proforma annualized 2025. The projected SG&A range for fiscal year 2026 is between $265 million and $285 million.

Financing costs are another component of the structure, tied to debt management. Helmerich & Payne, Inc. had a $400 million term loan. As of the end of October 2025, the company had repaid $210 million on this loan. This repayment pace puts the outstanding balance near $190 million as of late 2025. For fiscal year 2026, the expected interest expense is approximately $100 million.

Here is a quick look at some of these key cost and expense figures:

Cost Category/Metric	Relevant Period	Reported Amount
Gross Capital Expenditures	Fiscal Year 2025	$426 million
Total Direct Operating Expenses (Excl. D&A)	Fiscal Year 2025	$2.5 billion
Total Direct Operating Costs	Q4 2025	$715 million
Selling, General and Administrative Expense	Fiscal Year 2025	$287 million
Projected SG&A Savings	Fiscal Year 2026 vs. Proforma 2025	Over $50 million
Term Loan Balance (Implied Remaining)	Late 2025 (Post $210M Repayment)	$190 million
Expected Interest Expense	Fiscal Year 2026	Approximately $100 million

The company is also seeing other related non-operating costs and offsets:

• Depreciation and Amortization expenses for fiscal year 2025 were $625.1 million.
• Acquisition Transaction Costs related to KCA Deutag in fiscal year 2025 totaled $54.7 million.
• Asset Impairment Charges recorded in fiscal year 2025 were $194.0 million.
• Expected offset from ongoing asset sales (tubulars, used equipment) in fiscal year 2026 is approximately $40 million.

Helmerich & Payne, Inc. (HP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Helmerich & Payne, Inc. (HP) brings in cash, which is all about getting paid for putting its high-spec rigs to work, both in the US and globally. The primary driver here is the dayrate structure, even when it's wrapped up in more complex agreements.

Contract drilling dayrates form the bedrock of the revenue. While the exact dayrate is proprietary and varies by rig class and location, we can see the economic output clearly from the North America Solutions (NAS) segment. For the fourth quarter of fiscal 2025, the margin per day achieved in NAS was $18,620. That number tells you the value capture on a per-day basis for their premium land rigs operating in the US market.

Helmerich & Payne, Inc. is actively shifting more revenue toward arrangements that reward efficiency. This is where performance-based contract revenue comes in. Honestly, this is smart; it ties their earnings more closely to customer success. As of the fourth quarter of fiscal 2025, the company reported that 50% of its rigs were operating under these performance contracts. This focus on efficiency gains is a key part of their value proposition, moving beyond just selling rig time.

The revenue generation is clearly segmented, with the US operations being the powerhouse in the fourth quarter of fiscal 2025. Here's a quick look at the direct margins reported by segment for that quarter:

Segment	Q4 2025 Direct Margin (Millions USD)
North America Solutions (NAS)	$242 million
International Solutions	Approximately $30 million
Offshore Solutions	Approximately $35 million

You can see the scale difference. The North America Solutions segment delivered a direct margin of $242 million for Q4 2025. When you combine the International Solutions segment's direct margin of approximately $30 million and the Offshore Solutions segment's record direct margin of approximately $35 million, the combined international and offshore contribution is around $65 million, which is definitely greater than the $64 million threshold you mentioned.

Overall, the top-line performance has been strong and consistent. Helmerich & Payne, Inc. reported quarterly revenue consistently exceeding $1 billion, hitting that mark for the third consecutive quarter in Q4 2025 with a reported revenue of $1.01 billion. This top-line strength shows solid demand for their fleet, even when profitability metrics like adjusted EPS faced headwinds from one-time charges.

To summarize the key revenue-related metrics from that period, you should keep these points in mind:

• Q4 2025 Consolidated Revenue: $1.01 billion.
• North America Solutions Direct Margin (Q4 2025): $242 million.
• Offshore Solutions Direct Margin (Q4 2025): Approximately $35 million (a record).
• Percentage of Rigs on Performance Contracts: 50%.
• North America Solutions Margin Per Day: $18,620.

Finance: review the Q1 2026 guidance for segment margins against the Q4 2025 actuals by next Tuesday.