Form 8-K

8-K — Helmerich & Payne, Inc.

Accession: 0000046765-26-000039

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0000046765

SIC: 1381 (DRILLING OIL & GAS WELLS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hp-20260805.htm (Primary)

EX-99.1 (q3fy26earningsrelease.htm)

GRAPHIC (hpunifiedlogocolorlarge202.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hp-20260805.htm · Sequence: 1

hp-20260805

false000004676500000467652026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 5, 2026

HELMERICH & PAYNE, INC.

(Exact name of registrant as specified in its charter)

DE 1-4221 73-0679879

(State or other jurisdiction of

Incorporation) (Commission File

Number) (I.R.S. Employer

Identification No.)

222 North Detroit Avenue

Tulsa, OK 74120

(Address of principal executive offices and zip code)

(918) 742-5531

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of each exchange on which registered

Common Stock ($0.10 par value) HP NYSE

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 5, 2026, Helmerich & Payne, Inc. issued a press release announcing its financial results for its third fiscal quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. This information is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit Number DESCRIPTION

99.1

Helmerich & Payne, Inc. earnings release dated August 5, 2026.

104 Cover page Interactive Data File - the cover page XBRL tags are embedded within the inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HELMERICH & PAYNE, INC.

By: /s/ William H. Gault

Name: William H. Gault

Title:

Date:

Corporate Secretary

August 5, 2026

EX-99.1

Filename: q3fy26earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

NEWS RELEASE

August 5, 2026

HELMERICH & PAYNE, INC. ANNOUNCES FISCAL THIRD QUARTER RESULTS

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.

Helmerich & Payne | 222 N. Detroit Ave. | Suite 1100

Tulsa, OK 74120 | 918.588.5190 | helmerichpayne.com

Page 2

News Release

August 5, 2026

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.”

Page 3

News Release

August 5, 2026

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.

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

Third quarter of fiscal year 2026 net income of $0.74 per diluted share included a net impact of $0.85 per share in after-tax gains and losses comprised of the following:

•$0.88 of after-tax gain related to a real estate asset sale

•$0.10 of after-tax gain related to involuntary conversion

•$0.03 of non-cash after-tax gain related to the change in actuarial assumptions on estimated liabilities

•$(0.01) of non-cash after-tax loss related to impairment

•$(0.01) of after-tax loss related to restructuring charges

•$(0.01) of after-tax loss related to acquisition transaction and integration costs

•$(0.13) of non-cash after-tax loss related to investment securities

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 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 transaction and integration costs

•$(0.03) of after-tax loss related to restructuring

•$(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

Page 4

News Release

August 5, 2026

Operational Outlook for the Fourth Quarter of Fiscal Year 2026

The guidance below represents our expectations as of the date of this release.

Guidance

4Q’26

FY’26

North America Solutions

Direct Margin ($M)3

$245 - $255

Average Rigs

145 - 151

140 - 144

International Solutions

Direct Margin ($M)3

$25 - $45

Average Rigs

60 – 70

60 – 66

Offshore Solutions

Direct Margin ($M)3

$26 - $30

$113 - $117

Average Rigs / Mgmt. Cont.

30 - 35

Other

Direct Margin ($M)3

$0 - $5

Guidance

FY'26

Gross Capital Expenditures ($M)

$270 - $310

Depreciation

~$700

Research and Development

~$28

Selling, General & Administrative

$265 - $285

Cash Taxes

$150 - $180

Interest Expense

~$100

Page 5

News Release

August 5, 2026

Conference Call

A conference call will be held at 10 a.m. (ET), Thursday, August 6, 2026, with Trey Adams, President and CEO, Todd Scruggs, Senior Vice President and CFO, and other management team members to discuss the Company’s third 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 8620792. 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 “Investor Hub” section, click on “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 August 5, 2026, H&P's fleet includes 202 land rigs in the United States, 127 international land rigs and four offshore platform rigs, plus operating 30 offshore management 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.

Page 6

News Release

August 5, 2026

(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 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 fourth 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) The adjusted measures excluding 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.

Contact: Kris Nicol

Vice President of Investor Relations

investor.relations@hpinc.com

Page 7

News Release

August 5, 2026

HELMERICH & PAYNE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Nine Months Ended

(in thousands, except per share amounts) June 30, March 31, June 30, June 30, June 30,

2026 2026 2025 2026 2025

OPERATING REVENUES

Drilling services $ 986,882 $ 906,426 $ 1,037,876 $ 2,874,433 $ 2,724,883

Other 47,974 25,936 3,048 109,811 9,382

1,034,856 932,362 1,040,924 2,984,244 2,734,265

OPERATING COSTS AND EXPENSES

Drilling services operating expenses, excluding depreciation and amortization 684,913 661,180 704,224 2,028,873 1,816,797

Other operating expenses 44,489 24,799 31,059 100,548 35,700

Depreciation and amortization 180,960 180,734 179,491 543,613 436,228

Research and development 5,909 7,016 7,777 19,571 26,558

Selling, general and administrative 65,849 71,080 65,506 207,373 209,407

Acquisition transaction and integration costs 1,671 2,738 8,623 7,814 49,025

Asset impairment charges 1,153 26,101 173,258 130,340 175,102

Restructuring charges 1,362 2,882 4,681 5,835 4,681

Gain on involuntary conversion (13,581) — — (13,581) —

Gain on reimbursement of drilling equipment (6,036) (5,943) (6,773) (18,099) (26,149)

Other (gain) loss on sale of assets (120,044) (1,305) 1,347 (119,423) 2,136

846,645 969,282 1,169,193 2,892,864 2,729,485

OPERATING INCOME (LOSS) 188,211 (36,920) (128,269) 91,380 4,780

Other income (expense)

Interest and dividend income 2,280 2,155 2,856 7,193 31,854

Interest expense (24,439) (25,814) (29,200) (75,860) (79,836)

Gain (loss) on investment securities (16,007) 14,391 (337) (687) 14,084

Foreign currency exchange gain (loss) 1,885 2,952 (9,216) 4,864 (16,137)

Other (1,411) (3,327) 31,258 (6,664) 33,214

(37,692) (9,643) (4,639) (71,154) (16,821)

Income (loss) before income taxes 150,519 (46,563) (132,908) 20,226 (12,041)

Income tax expense 72,362 9,298 28,991 92,861 92,100

NET INCOME (LOSS) 78,157 (55,861) (161,899) (72,635) (104,141)

Net income attributable to non-controlling interest 2,475 2,748 859 6,998 2,191

NET INCOME (LOSS) ATTRIBUTABLE TO HELMERICH & PAYNE, INC. $ 75,682 $ (58,609) $ (162,758) $ (79,633) $ (106,332)

Earnings (loss) per share attributable to Helmerich & Payne, Inc.:

Basic $ 0.74 $ (0.59) $ (1.64) $ (0.81) $ (1.08)

Diluted $ 0.74 $ (0.59) $ (1.64) $ (0.81) $ (1.08)

Weighted average shares outstanding:

Basic 99,931 99,878 99,422 99,783 99,214

Diluted 100,030 99,878 99,422 99,783 99,214

Page 8

News Release

August 5, 2026

HELMERICH & PAYNE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, September 30,

(in thousands except share data and share amounts) 2026 2025

ASSETS

Current Assets:

Cash and cash equivalents $ 204,427 $ 196,848

Restricted cash 33,552 27,412

Short-term investments 26,960 21,496

Accounts receivable, net of allowance of $21,162 and $19,647, respectively

869,464 782,644

Inventories of materials and supplies, net 325,803 324,326

Prepaid expenses and other, net 97,592 97,518

Assets held-for-sale 12,659 15,231

Total current assets 1,570,457 1,465,475

Investments, net 72,856 68,198

Property, plant and equipment, net 3,865,332 4,313,074

Other Noncurrent Assets:

Goodwill 182,425 182,854

Intangible assets, net 423,633 485,540

Operating lease right-of-use assets 109,250 123,598

Other assets, net 62,821 66,999

Total other noncurrent assets 778,129 858,991

Total assets $ 6,286,774 $ 6,705,738

LIABILITIES & SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 207,365 $ 217,923

Dividends payable 25,416 25,199

Accrued liabilities 560,850 564,855

Current portion of long-term debt, net 6,859 6,859

Total current liabilities 800,490 814,836

Noncurrent Liabilities:

Long-term debt, net 1,855,257 2,057,084

Deferred income taxes 592,397 624,000

Retirement benefit obligation 98,815 109,864

Other 269,406 270,616

Total noncurrent liabilities 2,815,875 3,061,564

Shareholders' Equity:

Common stock, $0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of June 30, 2026 and September 30, 2025, and 99,935,617 and 99,446,577 shares outstanding as of June 30, 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 capital 514,167 513,050

Retained earnings 2,463,057 2,619,090

Accumulated other comprehensive income 30,233 44,964

Treasury stock, at cost, 12,287,248 shares and 12,776,288 shares as of June 30, 2026 and September 30, 2025, respectively

(444,588) (463,536)

Non-controlling interest 96,318 104,548

Total shareholders’ equity 2,670,409 2,829,338

Total liabilities and shareholders' equity $ 6,286,774 $ 6,705,738

Page 9

News Release

August 5, 2026

HELMERICH & PAYNE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended June 30,

(in thousands) 2026 2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss $ (72,635) $ (104,141)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 543,613 436,228

Asset impairment charge 130,340 175,102

Amortization of debt discount and debt issuance costs 4,230 4,799

Stock-based compensation 28,013 22,837

Gain (loss) on investment securities 687 (14,084)

Gain on involuntary conversion

(13,581) —

Gain on reimbursement of drilling equipment (18,099) (26,149)

Other (gain) loss on sale of assets (119,423) 2,136

Deferred income tax (28,980) (64,649)

Other (4,974) 5,832

Changes in assets and liabilities (76,513) (101,911)

Net cash provided by operating activities 372,678 336,000

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures (200,198) (362,232)

Purchase of short-term investments (49,640) (111,678)

Purchase of long-term investments (2,239) (2,055)

Payment for acquisition of business, net of cash acquired — (1,838,852)

Proceeds from sale of short-term investments 42,542 373,028

Proceeds from sale of long-term investments — 31,990

Insurance proceeds from involuntary conversion

2,500 2,366

Proceeds from asset sales 35,797 34,923

Proceeds from real estate asset sales 127,667 —

Other (686) —

Net cash used in investing activities (44,257) (1,872,510)

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid

(76,077) (75,534)

Distributions to non-controlling interests (15,000) (15,380)

Proceeds from debt issuance — 400,000

Debt issuance costs — (2,629)

Payments for employee taxes on net settlement of equity awards (6,398) (10,759)

Payments on unsecured long-term debt (200,000) (73,000)

Other (5,145) (2,044)

Net cash provided by (used in) financing activities (302,620) 220,654

Effect of exchange rate changes on cash, cash equivalents and restricted cash (12,393) 14,322

Net increase (decrease) in cash, cash equivalents and restricted cash 13,408 (1,301,534)

Cash, cash equivalents and restricted cash, beginning of period 225,900 1,528,660

Cash, cash equivalents and restricted cash, end of period $ 239,308 $ 227,126

Page 10

News Release

August 5, 2026

HELMERICH & PAYNE, INC.

SEGMENT REPORTING Three Months Ended Nine Months Ended

June 30, March 31, June 30, June 30, June 30,

(in thousands, except operating statistics) 2026 2026 2025 2026 2025

NORTH AMERICA SOLUTIONS

Operating revenues $ 562,902 $ 517,245 $ 592,214 $ 1,644,085 $ 1,790,053

Direct operating expenses 321,686 302,038 326,042 948,857 992,462

Depreciation and amortization 83,214 82,955 88,078 250,413 263,565

Research and development 6,015 7,115 7,617 19,538 26,560

Selling, general and administrative expense 11,282 13,401 10,972 38,705 42,266

Acquisition transaction and integration costs — — 7 — 41

Asset impairment charges — — — 97,922 1,507

Restructuring charges 393 402 1,849 795 1,849

Segment operating income $ 140,312 $ 111,334 $ 157,649 $ 287,855 $ 461,803

Financial Data and Other Operating Statistics1:

Direct margin (Non-GAAP)2

$ 241,216 $ 215,207 $ 266,172 $ 695,228 $ 797,591

Revenue days3

12,921 12,208 13,400 38,255 40,523

Average active rigs4

142 136 147 140 148

Number of active rigs at the end of period5

147 137 141 147 141

Number of available rigs at the end of period 202 203 224 202 224

Reimbursements of "out-of-pocket" expenses $ 68,280 $ 60,401 $ 73,268 $ 201,478 $ 219,302

INTERNATIONAL SOLUTIONS

Operating revenues $ 250,117 $ 218,321 $ 265,803 $ 702,726 $ 561,192

Direct operating expenses 219,064 206,826 231,695 631,463 507,106

Depreciation and amortization 74,547 79,257 66,734 231,925 128,715

Selling, general and administrative expense 9,097 4,249 5,014 17,491 12,268

Acquisition transaction and integration costs 186 1,198 141 1,820 351

Asset impairment charges 1,153 26,101 128,352 27,254 128,352

Restructuring charges 498 302 380 2,118 380

Segment operating loss $ (54,428) $ (99,612) $ (166,513) $ (209,345) $ (215,980)

Financial Data and Other Operating Statistics1:

Direct margin (Non-GAAP)2

$ 31,053 $ 11,495 $ 34,108 $ 71,263 $ 54,086

Revenue days3

5,950 5,492 6,573 16,886 14,460

Average active rigs4

65 61 72 62 53

Number of active rigs at the end of period5

66 64 69 66 69

Number of available rigs at the end of period 127 130 137 127 137

Reimbursements of "out-of-pocket" expenses $ 11,985 $ 12,785 $ 10,736 $ 36,538 $ 21,325

OFFSHORE SOLUTIONS

Operating revenues $ 174,409 $ 171,378 $ 161,777 $ 534,069 $ 340,067

Direct operating expenses 145,191 144,495 139,004 446,966 284,569

Depreciation and amortization 11,023 9,862 12,681 31,705 22,438

Selling, general and administrative expense 1,337 2,654 1,294 5,035 3,322

Acquisition transaction and integration costs — 352 — 925 60

Asset impairment charges — — — 2,128 —

Restructuring charges 58 — 29 58 29

Segment operating income $ 16,800 $ 14,015 $ 8,769 $ 47,252 $ 29,649

Financial Data and Other Operating Statistics1:

Direct margin (Non-GAAP)2

$ 29,218 $ 26,883 $ 22,773 $ 87,103 $ 55,498

Revenue days3

273 270 273 819 819

Average active rigs4

3 3 3 3 3

Number of active rigs at the end of period5

3 3 3 3 3

Number of available rigs at the end of period 4 4 7 4 7

Reimbursements of "out-of-pocket" expenses $ 28,312 $ 27,575 $ 23,043 $ 95,551 $ 57,204

(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. 91 days for the three months ended June 30, 2026 and June 30, 2025, 90 days for the three months ended March 31, 2026 and 273 days for the nine months ended June 30, 2026 and June 30, 2025).

(5)Defined as the number of rigs generating revenue at the applicable end date of the time period.

Page 11

News Release

August 5, 2026

Segment operating income (loss) for all segments is a non-GAAP financial measure of the Company’s performance, as it excludes gain on involuntary conversion, 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 Ended Nine Months Ended

June 30, March 31, June 30, June 30, June 30,

(in thousands) 2026 2026 2025 2026 2025

Operating income (loss)

North America Solutions $ 140,312 $ 111,334 $ 157,649 $ 287,855 $ 461,803

International Solutions (54,428) (99,612) (166,513) (209,345) (215,980)

Offshore Solutions 16,800 14,015 8,769 47,252 29,649

Other 1,344 (7,397) (70,004) (7,276) (70,605)

Eliminations 1,528 (2,507) 6,114 (1,774) (2,247)

Segment operating income (loss) 105,556 15,833 (63,985) 116,712 202,620

Gain on involuntary conversion 13,581 — — 13,581 —

Gain on reimbursement of drilling equipment 6,036 5,943 6,773 18,099 26,149

Other gain (loss) on sale of assets 120,044 1,305 (1,347) 119,423 (2,136)

Corporate selling, general and administrative costs, corporate depreciation, corporate acquisition transaction and integration costs, corporate asset impairment charges, and corporate restructuring charges

(57,006) (60,001) (69,710) (176,435) (221,853)

Operating income (loss) 188,211 (36,920) (128,269) 91,380 4,780

Other expense (37,692) (9,643) (4,639) (71,154) (16,821)

Income (loss) before income taxes $ 150,519 $ (46,563) $ (132,908) $ 20,226 $ (12,041)

Page 12

News Release

August 5, 2026

NON-GAAP MEASUREMENTS

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

Three Months Ended June 30, 2026

(in thousands, except per share data) Pretax Tax Impact Net EPS

Net income attributable to Helmerich & Payne Inc. (GAAP basis) $ 75,682 $ 0.74

(-) Gain related to a real estate asset sale 114,788 26,057 88,731 0.88

(-) Gain related to involuntary conversion 13,581 3,083 10,498 0.10

(-) Changes in actuarial assumptions on estimated liabilities 3,666 832 2,834 0.03

(-) Impairment expense (1,153) — (1,153) (0.01)

(-) Restructuring charges (1,362) (64) (1,298) (0.01)

(-) Acquisition transaction and integration costs (1,671) (378) (1,293) (0.01)

(-) Loss on investment security (16,007) (3,250) (12,757) (0.13)

Adjusted net loss (Non-GAAP) $ (9,880) $ (0.11)

Three Months Ended March 31, 2026

(in thousands, except per share data) Pretax Tax Impact Net EPS

Net loss attributable to Helmerich & Payne Inc. (GAAP basis) $ (58,609) $ (0.59)

(-) Gain on investment security 14,391 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 (Non-GAAP) $ (38,231) $ (0.38)

(**) 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.

Page 13

News Release

August 5, 2026

NON-GAAP RECONCILIATION OF DIRECT MARGIN

Direct margin is considered a non-GAAP metric. We define "direct margin" as operating revenues less direct operating expenses. 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 Ended Nine Months Ended

June 30, March 31, June 30, June 30, June 30,

(in thousands) 2026 2026 2025 2026 2025

NORTH AMERICA SOLUTIONS

Segment operating income $ 140,312 $ 111,334 $ 157,649 $ 287,855 $ 461,803

Add back:

Depreciation and amortization 83,214 82,955 88,078 250,413 263,565

Research and development 6,015 7,115 7,617 19,538 26,560

Selling, general and administrative expense 11,282 13,401 10,972 38,705 42,266

Acquisition transaction and integration costs — — 7 — 41

Asset impairment charge — — — 97,922 1,507

Restructuring charges 393 402 1,849 795 1,849

Direct margin (Non-GAAP) $ 241,216 $ 215,207 $ 266,172 $ 695,228 $ 797,591

INTERNATIONAL SOLUTIONS

Segment operating loss $ (54,428) $ (99,612) $ (166,513) $ (209,345) $ (215,980)

Add back:

Depreciation and amortization 74,547 79,257 66,734 231,925 128,715

Selling, general and administrative expense 9,097 4,249 5,014 17,491 12,268

Acquisition transaction and integration costs 186 1,198 141 1,820 351

Asset impairment charge 1,153 26,101 128,352 27,254 128,352

Restructuring charges 498 302 380 2,118 380

Direct margin (Non-GAAP) $ 31,053 $ 11,495 $ 34,108 $ 71,263 $ 54,086

OFFSHORE SOLUTIONS

Segment operating income $ 16,800 $ 14,015 $ 8,769 $ 47,252 $ 29,649

Add back:

Depreciation and amortization 11,023 9,862 12,681 31,705 22,438

Selling, general and administrative expense 1,337 2,654 1,294 5,035 3,322

Acquisition transaction and integration costs — 352 — 925 60

Asset impairment charges — — — 2,128 —

Restructuring charges 58 — 29 58 29

Direct margin (Non-GAAP) $ 29,218 $ 26,883 $ 22,773 $ 87,103 $ 55,498

Page 14

News Release

August 5, 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 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 Adjusted EBITDA.

Three Months Ended Nine Months Ended

June 30, March 31, June 30, June 30, June 30,

(in thousands) 2026 2026 2025 2026 2025

Net income (loss) $ 78,157 $ (55,861) $ (161,899) $ (72,635) $ (104,141)

Add back:

Income tax expense 72,362 9,298 28,991 92,861 92,100

Other expense 37,692 9,643 4,639 71,154 16,821

Depreciation and amortization 180,960 180,734 179,491 543,613 436,228

Acquisition transaction and integration costs 1,671 2,738 8,623 7,814 49,025

Asset impairment charges 1,153 26,101 173,258 130,340 175,102

Restructuring charges 1,362 2,882 4,681 5,835 4,681

Gain on involuntary conversion (13,581) — — (13,581) —

Other (gain) loss on sale of assets (120,044) (1,305) 1,347 (119,423) 2,136

Excluding Select Items (Non-GAAP)

Change in actuarial assumptions on estimated liabilities (3,666) 3,669 28,932 (1,604) 39,789

Gains related to an insurance claim — — — — (2,366)

Adjusted EBITDA (Non-GAAP) $ 236,066 $ 177,899 $ 268,063 $ 644,374 $ 709,375

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