Helmerich & Payne, Inc. (HP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde des enjeux élevés de l'exploration énergétique, Helmerich & Payne, Inc. (HP) apparaît comme une puissance technologique, révolutionnant les opérations de forage à travers des solutions innovantes qui transforment la façon dont les grandes sociétés pétrolières et gazières extraient des ressources critiques. En tirant parti de la technologie FlexRig de pointe et d'un modèle commercial stratégique qui hiérarte les performances, l'efficacité et la durabilité, HP s'est positionné comme un partenaire qui change la donne dans le paysage énergétique mondial, offrant des services de forage personnalisables qui repoussent les limites de l'excellence opérationnelle et de la technologie précision.

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: partenariats clés

Principales sociétés d'exploration du pétrole et du gaz

Helmerich & Payne maintient des partenariats stratégiques avec les principales sociétés d'exploration pétrolière et gazière:

Entreprise	Détails du partenariat	Valeur du contrat (2023)
Exxonmobil	Services de forage	247 millions de dollars
Chevron	Technologie de forage avancée	193 millions de dollars
Conocophillips	Opérations de plate-forme terrestre	176 millions de dollars

Fabricants de technologies de forage et d'équipement

Les partenariats technologiques clés comprennent:

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

Fournisseurs de services d'énergie mondiaux

Partenaire	Type de service	Valeur de collaboration annuelle
Halliburton	Solutions de forage intégrées	312 millions de dollars
International de Weatherford	Intégration technologique	189 millions de dollars

Institutions financières

Partenariats de financement de l'équipement:

• JPMorgan Chase - 450 millions de dollars facilité de crédit
• Bank of America - 375 millions de dollars financement d'équipement
• Wells Fargo - 285 millions de dollars de fonds de roulement

Partenaires de recherche et de développement

Institution de recherche	Domaine de mise au point	Investissement annuel de R&D
Texas A&M University	Innovation technologique de forage	7,2 millions de dollars
Colorado School of Mines	Techniques de forage avancées	5,6 millions de dollars

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: activités clés

Conception et fabrication de plate-forme avancé

Helmerich & Payne exploite une flotte de 226 plates-formes de forage au quatrième trimestre 2023, avec 206 actifs sur le marché terrestre des États-Unis. La société est spécialisée dans la technologie FlexRig®, qui représente 95% de leur flotte de plate-forme totale.

Catégorie de plate-forme	Nombre total	Plates-formes actives
Technologie Flexrig®	214	195
Plates-formes conventionnelles	12	11

Services de forage offshore et à terre

Au cours de l'exercice 2023, Helmerich & Payne a généré 2,47 milliards de dollars de revenus totaux, avec 89% dérivés des opérations de forage foncier américaines.

Innovation technologique dans le forage directionnel

• Investissement dans la R&D: 87,3 millions de dollars en 2023
• Déploiement de technologie avancée Autoslide®
• Informatique haute performance pour l'optimisation du forage

Entretien et optimisation des équipements de forage

Budget annuel de maintenance de l'équipement: 156,4 millions de dollars en 2023, ce qui représente 6,3% du total des dépenses opérationnelles.

Catégorie de maintenance	Dépenses annuelles
Entretien préventif	98,2 millions de dollars
Révision majeure de l'équipement	58,2 millions de dollars

Gestion de la flotte et améliorations technologiques

Cycle de mise à niveau de la plate-forme moyen: 3-5 ans, avec 42,6 millions de dollars investis dans des améliorations technologiques en 2023.

• Systèmes de surveillance des données en temps réel
• Technologies de contrôle des forages automatisées
• Technologies de sécurité et d'efficacité améliorées

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: Ressources clés

Technologie de forage Flexrig haute performance

Depuis 2024, Helmerich & Payne exploite 207 plates-formes de forage Flexrig® Active, représentant 89% de leur flotte de plate-forme totale.

Génération de Flexrig	Nombre de plates-formes	Capacités technologiques
Flexrig 4	146	Automatisation avancée, systèmes à haute efficacité
Flexrig 5	61	Intégration numérique améliorée, performances supérieures

Flotte étendue de plates-formes de forage modernes

Compte total de plates-formes au Q4 2023: 233 plates-formes de forage

• Rigs terrestres américains: 207
• Rigs internationaux: 26

Ingénierie hautement qualifiée et main-d'œuvre technique

Total des employés en 2023: 3 700 professionnels

Catégorie des employés	Nombre d'employés
Personnel d'ingénierie	782
Spécialistes techniques	1,156
Opérations sur le terrain	1,762

Propriété intellectuelle substantielle dans les technologies de forage

Brevets actifs: 37 Innovations technologiques liées au forage

Capital financier et capacité d'investissement solides

Mesures financières pour 2023:

Métrique financière	Montant
Revenus totaux	2,1 milliards de dollars
Equivalents en espèces et en espèces	336 millions de dollars
Actif total	4,7 milliards de dollars
Dépenses en capital	245 millions de dollars

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: propositions de valeur

Technologies de forage de pointe avec des performances supérieures

Depuis le quatrième trimestre 2023, Helmerich & Payne exploite 218 plates-formes de forage actif, avec 147 situées sur le marché terrestre des États-Unis. La technologie Flexrig® de la société représente 90% de sa flotte de forage foncière américaine.

Catégorie de technologie	Métriques de performance	Amélioration de l'efficacité
Flexrig® Génération 5	Jusqu'à 20% de vitesse de forage plus rapide	15-25% ont réduit les coûts opérationnels
Technologie AutoSlide ™	Forage directionnel de précision	10% Amélioration de la précision des puits

Efficacité opérationnelle améliorée pour l'exploration énergétique

En 2023, Helmerich & Payne a réalisé un chiffre d'affaires quotidien moyen de 24 558 $ par plate-forme de forage, avec des taux d'efficacité opérationnelle supérieurs à 95%.

• Taux d'utilisation moyenne des plates-formes: 73% en 2023
• Réduction du temps non productif de 12% par rapport aux normes de l'industrie
• L'intégration numérique réduit l'intervention manuelle de 40%

Impact environnemental réduit grâce à des solutions de forage innovantes

Helmerich & Payne a investi 45,2 millions de dollars dans les technologies environnementales en 2023, en se concentrant sur la réduction des émissions et les pratiques de forage durables.

Initiative environnementale	Réduction du carbone	Investissement
Moteurs finaux de niveau 4	30% des émissions inférieures	22,5 millions de dollars
Projets d'électrification	25% réduit la consommation diesel	15,7 millions de dollars

Solutions de forage personnalisables pour des environnements géologiques complexes

La société soutient les opérations de forage dans 10 pays différents, avec des plates-formes spécialisées conçues pour remettre en question les conditions géologiques.

• Capacités de forage en eau profonde: jusqu'à 35 000 pieds
• Résistance à la température: -20 ° F à 350 ° F
• Tolérance à la pression: jusqu'à 30 000 psi

Haute fiabilité et précision technologique dans les opérations de forage

En 2023, Helmerich & Payne a maintenu un Taux d'intégrité mécanique à 99,2% à travers sa flotte de forage.

Métrique de fiabilité	Performance	Comparaison de l'industrie
Time de disponibilité mécanique	99.2%	+ 7,5% au-dessus de la moyenne de l'industrie
Maintenance prédictive	Précision de 98%	Réduit les temps d'arrêt inattendus

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: relations avec les clients

Partenariats à long terme basés sur les contrats

Depuis le quatrième trimestre 2023, Helmerich & Payne maintient environ 160 contrats de forage actifs avec les grandes sociétés d'exploration pétrolière et gazière. La durée moyenne du contrat est de 24 à 36 mois, avec un arriéré de contrat total d'une valeur de 1,4 milliard de dollars.

Type de contrat	Nombre de contrats	Durée moyenne
Contrats de forage à long terme	160	24-36 mois

Support technique dédié et consultation

HP emploie 270 spécialistes de soutien technique dédié à travers ses opérations mondiales. Le temps de réponse du support technique dure en moyenne 2,5 heures pour les problèmes d'équipement critiques.

• Disponibilité du support technique 24/7
• Équipe d'ingénierie spécialisée avec une expérience industrielle moyenne de 12 ans
• Capacités de surveillance à distance pour 95% des plates-formes de forage actives

Innovation et mises à niveau technologiques continues

En 2023, HP a investi 78,3 millions de dollars dans la recherche et le développement, en se concentrant sur les technologies de forage avancées. L'entreprise a amélioré 42 FlexRigs avec les dernières améliorations technologiques.

Investissement en R&D	Mises à niveau technologiques
78,3 millions de dollars	42 Flexrigs mis à niveau

Gestion des relations basées sur la performance

HP maintient un taux de rétention de la clientèle de 92% en 2023. Les mesures de performance incluent la disponibilité de RIG de 96,4% et les améliorations de l'efficacité de forage d'une moyenne d'une année sur l'autre.

Approche collaborative de résolution de problèmes

HP organise des réunions trimestrielles d'examen des performances avec 87% de ses principaux clients, résolvant les défis opérationnels et les stratégies d'optimisation technologique.

• Avis sur les performances des clients trimestriels
• Solutions de forage personnalisées
• Initiatives de développement technologique conjointe

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: canaux

Équipe de vente directe

Helmerich & Payne maintient une équipe de vente directe dédiée axée sur les services de forage. Depuis 2023, la société a employé environ 4 300 personnes dans ses opérations mondiales.

Région de vente	Nombre de représentants commerciaux	Marchés clés
Amérique du Nord	65	Basin Permien, Eagle Ford, Bakken
Marchés internationaux	35	Moyen-Orient, Amérique latine

Conférences et salons commerciaux de l'industrie

HP participe à des événements clés de l'industrie pour présenter les capacités technologiques.

• Assisté à 12 grandes conférences d'ingénierie pétrolière en 2023
• Présenté aux événements de la Society of Petroleum Engineers (SPE)
• Investissement annuel dans la participation des salons commerciaux: 1,2 million de dollars

Site Web d'entreprise et plateformes numériques

Métriques d'engagement numérique pour les plateformes en ligne de HP en 2023:

Canal numérique	Visiteurs mensuels	Taux d'engagement
Site Web de l'entreprise	78,500	42%
Page de société LinkedIn	45,200	35%

Présentations et démonstrations techniques

HP mène des démonstrations techniques spécialisées pour les clients potentiels.

• Terminé 87 présentations techniques en 2023
• Public moyen par présentation: 45 professionnels de l'industrie
• Axé sur les capacités technologiques de Flexrig®

Réseaux de développement commercial stratégique

HP tire parti des partenariats stratégiques et des réseaux pour l'expansion des entreprises.

Type de partenaire	Nombre de partenariats actifs	Valeur de collaboration annuelle estimée
Huile & Sociétés gazières	22	145 millions de dollars
Fournisseurs de technologies	8	37 millions de dollars

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: segments de clientèle

Grandes sociétés de pétrole et de gaz internationaux

Helmerich & Payne sert des sociétés mondiales de pétrole et de gaz de haut niveau, notamment:

Entreprise	Valeur du contrat de forage annuel	Engagement du nombre de plates-formes
Exxonmobil	325 millions de dollars	42 plates-formes actives
Chevron	276 millions de dollars	35 plates-formes actives
Coquille	218 millions de dollars	27 plates-formes actives

Entreprises d'exploration et de production indépendantes

Les clients indépendants clés comprennent:

• Ressources naturelles pionnières
• Ressources EOG
• Devon Energy

Entreprise	Valeur du contrat	Utilisation de la plate-forme
Ressources naturelles pionnières	187 millions de dollars	23 plates-formes actives
Devon Energy	156 millions de dollars	19 plates-formes actives

Compagnies pétrolières nationales

International National Oil Company Engagements:

Pays	Compagnie pétrolière nationale	Valeur du contrat
Arabie Saoudite	SAUDI ARAMCO	412 millions de dollars
Koweit	Koweït Petroleum Corporation	189 millions de dollars

Développeurs de projets de forage offshore

Déchange des clients de forage offshore:

• Transocean Ltd.
• Forage en diamant offshore
• Noble corporation

Entreprise	Valeur du contrat offshore	Compte de plate-forme offshore
Transocean Ltd.	265 millions de dollars	16 plates-formes offshore

Groupes d'investissement des infrastructures énergétiques

Métriques d'engagement des groupes d'investissement:

Groupe d'investissement	Investissement total	Infrastructure de forage
BlackRock Energy Infrastructure Fund	512 millions de dollars	38 actifs de forage
Vanguard Energy Infrastructure Fund	378 millions de dollars	27 actifs de forage

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés pour la fabrication de plates-formes

Au cours de l'exercice 2023, Helmerich & Payne a déclaré des dépenses en capital de 216,5 millions de dollars, principalement axées sur la fabrication de plates-formes et les mises à niveau technologiques.

Catégorie de dépenses en capital	Montant (million de dollars)
Fabrication de plates-formes	142.3
Mises à niveau technologiques	74.2

Investissements de recherche et développement

L'entreprise a investi 37,8 millions de dollars en R&D En 2023, en se concentrant sur les innovations technologiques dans les technologies de forage.

Salaires et formation des employés

Catégorie de dépenses du personnel	Montant (million de dollars)
Total des dépenses du personnel	585.6
Salaires des employés directs	412.3
Formation et développement	15.2

Entretien et mises à niveau de l'équipement

Les coûts annuels de maintenance des équipements pour la flotte de forage de HP étaient approximativement 89,4 millions de dollars en 2023.

• Entretien préventif: 52,6 millions de dollars
• Réconissions majeures: 36,8 millions de dollars

Dépenses opérationnelles et logistiques

Catégorie de dépenses opérationnelles	Montant (million de dollars)
Logistique de transport	67.5
Coûts de carburant et d'énergie	43.2
Gestion de la chaîne d'approvisionnement	29.7

Helmerich & Payne, Inc. (HP) - Modèle d'entreprise: Strots de revenus

Services de forage contractuel

Au cours de l'exercice 2023, Helmerich & Payne a généré 2,17 milliards de dollars de revenus totaux des services de forage contractuels. La société a exploité 228 plates-formes de forage actif au 30 septembre 2023.

Source de revenus	Montant (2023)	Pourcentage du total des revenus
Forage terrestre américain	1,45 milliard de dollars	66.8%
Forage international	720 millions de dollars	33.2%

Location et location de plate-forme

La location et la location de plate-forme ont généré environ 350 millions de dollars de revenus supplémentaires pour HP en 2023.

• Taux de location quotidienne moyens de plates-formes: 21 500 $ par jour pour AC Flexrigs
• Durée du contrat de location: généralement 1 à 3 ans
• Taux d'utilisation de la plate-forme: 62% en 2023

Licence de technologie

Les revenus des licences technologiques ont atteint 45 millions de dollars en 2023, ce qui représente 2,1% du total des revenus de l'entreprise.

Catégorie de licence technologique	Revenu
Technologies d'automatisation de forage	25 millions de dollars
Systèmes de gestion de plate-forme numérique	20 millions de dollars

Contrats de services basés sur la performance

Les contrats de service basés sur le rendement ont contribué 180 millions de dollars aux revenus de HP en 2023.

• Valeur du contrat moyen: 3,2 millions de dollars par contrat
• Nombre de contrats de performance: 56
• Taux de réussite des métriques de performance: 87%

Services de conseil et de soutien technologiques

Les services de conseil et de soutien technologiques ont généré 95 millions de dollars de revenus pour 2023.

Type de service	Revenu	Segments du client
Conseil d'optimisation de forage	55 millions de dollars	Grandes compagnies pétrolières
Services de support technique	40 millions de dollars	Entreprises d'exploration indépendantes

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.