Top oilfield services contractor Helmerich & Payne Inc., whose rig technology is used around the world, is eyeing higher contract revenue as oil and natural gas supply tightens and demand expands.

During a conference call to discuss fiscal 2Q2022 results, CEO John Lindsay said exploration and production (E&P) customers are remaining disciplined about their capital expenditures (capex). However, with the global upheaval in oil and gas markets since Russia invaded Ukraine, energy security has become paramount, he told investors. 

“Just when the energy industry is beginning to normalize, another geopolitical event and its immediate and lasting ramifications provide a sharp reminder of how critical abundant, cost effective and secure energy is to sustaining the broader global...