Land Drillers' Shares Move Closer to Our Bearish Outlook on Disappointing 1Q Results
Land drillers’ share prices fell 7%-10% following this week’s announcement of first-quarter results, with the market moving much closer to our relatively bearish outlook for land drillers. We suspect that the market was disappointed by flat day rates and margins, even as the U.S. horizontal rig count was up about 30% sequentially. Day rates were either flat or slightly down for all of our land drillers under coverage, as most companies’ rig mix shifted from legacy (that is, pre-2015 downturn) co...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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