Helmerich & Payne

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Helmerich & Payne, Inc.
Traded as
IndustryOilfield Services & Equipment
HeadquartersTulsa, Oklahoma
ProductsOilfield Products & Services
RevenueIncrease US$ 2.487 Billion (2018) [1]
Increase US$ 493.0 Million (2018) [1]
Increase US$ 482.7 Million (2018) [1]
Total assetsDecrease US$ 6.215 Billion (2018) [1]
Total equityIncrease US$ 4.383 Billion (2018) [1]
Number of employees
9,777 (2018)[1]

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 Bakken formation in North Dakota and the Permian Basin and Eagle Ford formation in Texas.[3] H&P is the largest on-shore driller in the United States with over 20% of the U.S. land drilling market share and over 40% of the super-spec U.S. land drilling market share. [1]


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 losing market share and shrinking in size as lower prices in crude oil led to cuts in use of their oil rigs.[5]


  1. ^ a b c d e f g "10-K for Helmerich & Payne". Securities and Exchange Commission. Retrieved 17 January 2019.
  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.

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