Rig technology expert Helmerich & Payne Inc. (H&P) is not expecting over-the-top activity by its exploration customers this year, with steady and moderate activity more likely, CEO John Lindsay said this week.

H&P

Lindsay on Tuesday discussed the fiscal first quarter performance for the Tulsa-based oilfield services company. Last November, Lindsay predicted moderate growth this year in the U.S. rig count, as the exploration and production (E&P) customers stick to moderate activity and disciplined spending. So far, that forecast appears to be accurate, he told investors.

“We’ve seen time and again that in a highly cyclical industry like oil and gas, losing sight of the long run can be fatal,” he said. “So we believe that capital discipline contributes to the overall economic...