Helmerich & Payne

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Helmerich & Payne, Inc.
Public
Traded as
Industry Oilfield Services & Equipment
Founded 1920
Headquarters Tulsa, Oklahoma
Products Oilfield Products & Services
Revenue Increase US$ 3.720 Billion (2014) [1]
Increase US$ 1.054Billion (2014) [1]
Increase US$ 708.7 Million (2014) [1]
Total assets Increase US$ 6.722 Billion [1]
Total equity Increase US$ 4.891 Billion [1]
Number of employees
11,914 (2014)[1]
Website hpinc.com

Helmerich & Payne, Inc. is a petroleum contract drilling company engaged in oil and gas well drilling for exploration and production companies [2] headquartered in Tulsa, Oklahoma, with operations throughout the world. Their FlexRigs, introduced in 1998, have been used extensively in drilling unconventional shale formations, such as the Permian Basin in Texas, Bakken formation in North Dakota and the Eagle Ford formation in Texas.[3] H&P is the second largest on-shore driller in the world after Nabors Industries.

History[edit]

The company was founded in 1920 as a joint venture between Walt Helmerich II and Bill Payne, who met on an oil rig in South Bend, Texas. The company moved to Tulsa six years later.[4]

After benefiting and growing as a result of shale drilling, as of 2015, the company was contracting as lower prices in crude oil led to cuts in use of their oil rigs.[5]

References[edit]

  1. ^ a b c d e f "10-K for Helmerich & Payne". Securities and Exchange Commission. Retrieved 16 March 2015. 
  2. ^ Helmerich & Payne. "Helmerich & Payne". Forbes. Forbes. 
  3. ^ "A New Drill for Energy". Barron's. 21 Aug 2010. Retrieved 16 March 2015. 
  4. ^ "Helmerich & Payne resists temptation to move". Tulsa World. 23 Nov 2014. Retrieved 16 March 2015. 
  5. ^ "UPDATE 2-Helmerich & Payne may cut 2,000 jobs as it idles rigs". Reuters. 29 January 2015. Retrieved 16 March 2015. 

External links[edit]