Tulsa-based drilling technology expert Helmerich & Payne Inc. (H&P) is facing some inflationary pressures, but it still plans to reactivate up to 16 rigs by the end of March, CEO John Lindsay said.

Helmerich

In a preview of fiscal 4Q2022 and full-year results, which are scheduled for Nov. 17, Lindsay offered a positive outlook for more drilling early next year. 

The reactivated North American rigs, “for appropriate prices and terms,” would take the company’s rig count to “an upper target of 192” for fiscal 2023. That would compare to 175 active rigs at the end of September.

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