J P M O R G A N North America Equity Research 23 June 2026 Helmerich & Payne J.P. Morgan Natural Resources Conference Takeaways We hosted a fireside chat with H&P President & CEO Trey Adams at our J.P. Morgan Natural Resources Conference. Overweight HP, HP US Price (23 Jun 26):$35.59 Oil & Gas Exploration & Production Arun Jayaram AC (1-212) 622-8541 arun.jayaram@jpmchase.com Jason Kim (1-212) 622-1408 jason.b.kim@jpmchase.com Sowmya Vemulapalli (1-212) 270-4660 sowmya.vemulapalli@jpmchase.com J.P. Morgan S ...

J P M O R G A N North America Equity Research 23 June 2026 JPM OFS and Equipment Weekly Insights & Analytics: Key OFS Themes Ahead of Our JPM Energy Conference Tomorrow JPM View: Heading into our JPM Energy Conference tomorrow, we take a look at the OFS landscape ahead in our conference preview, defined by a decisive shift in pricing power, operational discipline, and regional catalysts, with the implications of the Strait of Hormuz reopening and the U.S.-Iran ceasefire setting the stage for a major Middle ...

业绩总结 - Helmerich & Payne（H&P）在北美市场的活动稳步上升，主要受益于私营勘探与生产（E&P）公司的增加[3] - H&P的超高规格钻机市场的利用率超过80%，CEO Adams表示该利用率已攀升至约90%[3] - H&P的定价能力增强，闲置钻机的再激活成本低于100万美元，而竞争对手的成本在100万至500万美元之间[3] - H&P的直接利润率目标为每季度4500万美元，且在中东地区的运营未受到长期中断的影响[4] - H&P的直接利润率目标为45-50%，并且超过一半的钻机在绩效基础协议下运营[3] - H&P在北美的市场份额从3月初的24.3%上升至最新数据的24.8%[3] - H&P的钻机数量在美国保持活跃，当前有145台在运作，继续扩大市场份额[3] 用户数据 - H&P在沙特阿拉伯的合同钻机数量首次超过20台，且预计阿根廷的钻机数量将从9台增加到12台[4] 未来展望 - H&P的自我优化机会仍在继续，目标是到2027年退休3.5亿美元的债券[4] - H&P已实现超过1亿美元的资产剥离，并计划在FY26减少超过5000万美元的SG&A费用[4]