E&Ps Signaling Uptick in U.S. Drilling, but Timing Still Uncertain, Says H&P CEO 

The slump in natural gas prices has pressured the U.S. land market, but signs are emerging that the rig count may be “nearing a leveling off point,” according to the CEO of Helmerich & Payne Inc. (H&P).

Activity between January and March in the Lower 48 was fairly solid, CEO John Lindsay said during the recent fiscal 2Q2024 conference call. The Houston-based contractor owns the largest U.S. fleet of super specs, aka walking rigs, through its FlexRig standard bearer fleet.

The North American market continues to be “somewhat choppy,” Lindsay said. The “contractual churn” in the U.S. land market “is still prevalent and pushed our rig count just below the projected exit rate late in the quarter.”

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