2/5/2025
Helmerich & Payne (HP)
The company exited the first fiscal quarter of 2025 with 148 active rigs in North America. H&P’s North American rig count is forecasted by the company to remain relatively flat and exit the fiscal second quarter of 2025 in a range of 146-152 active rigs.
The company’s international segment completed the exportation of eight rigs into Saudi Arabia during the quarter, three of which have spud. The company expects more of those rigs to commence operations in the coming months. Crude oil prices and industry rig counts were relatively steady during the quarter, but market sentiment remained cautious in the face of economic and geopolitical uncertainties that have materialized over the past several quarters. For South America, Helmerich & Payne expects to add 1-3 rigs later in calendar 2025.
Patterson UTI (PTEN)
During the fourth quarter of 2024, adjusted gross profit per day in U.S. contract drilling remained strong. The company expects the U.S. shale drilling market to remain relatively steady for the remainder of 2025. Oil activity appears to be stable, supported by prevailing commodity prices. However, the natural gas market is showing signs of balancing, and the company anticipates natural gas-directed drilling and completion activity to increase later in 2025.