Land Drillers See Improved 2Q Results, But Our Bearish Thesis Is Still in Place
Unsurprisingly, land drillers Helmerich & Payne, Patterson, and Precision all posted solid improvement in their second-quarter results, owing to increases in U.S. shale activity levels. Our fair value estimates and no-moat ratings for the companies are unchanged.Rig counts for the three companies improved an average 6%, buoyed by an 11% increase in the overall U.S. horizontal rig count. Overall Tier 1 rig utilization has reached about 83% by our estimates--the highest mark since the fourth...
Helmerich & Payne provides drilling services and technologies for oil and gas exploration and production companies. The company's contract drilling business segments are: United States Land, which operates in Colorado, Louisiana, Ohio, Oklahoma, Montana, New Mexico, North Dakota, Pennsylvania, Texas, Utah, West Virginia and Wyoming; Offshore, which operates in United States federal waters in the Gulf of Mexico; and International Land, which has rigs in Argentina, Bahrain, Colombia and United Arab Emirates. The company's drilling technology-based business segment, Helmerich & Payne Technologies, is focused on developing, promoting and commercializing technologies designed to improve the drilling operations.
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