Maintaining Our FVE for Land Drillers, but Some Concerns Raised in Quarterly Results
The quarterly results for Helmerich & Payne and Patterson signaled no large surprises in the U.S. land drilling market, and we will be maintaining our fair value estimates for both companies for now. As expected, rig activity and revenue for both companies increased dramatically sequentially, although both companies’ rig utilization and rig day rates remain well below 2014 peaks. The market has recognized, however, that further increases in the U.S. rig count would be unsustainable in terms ...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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