HELMERICH & PAYNE, INC

JANUARY 2021

Financial data as of 9/30/2020; other data as of 11/20/2020 unless otherwise noted.

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements within the meaning of securities laws. All statements other than statements of historical facts included in this presentation, including without limitation, statements regarding our future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward- looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "predict," "project," "target," "continue," or the negative thereof or similar terminology. Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements include, among others, such things as: estimates of revenues, market share, income, earnings per share, cost savings, returning cash to stockholders through dividends or share repurchases, or capital structure; our business strategy and underlying assumptions; the amount and nature of our future capital expenditures and how we expect to fund our capital expenditures, and the number of rigs we plan to construct or acquire; the volatility of future oil and natural gas prices; the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries and other oil producing nations with respect to production levels or other matters related to the price of oil and natural gas; changes in future levels of drilling activity and capital expenditures by our customers, whether as a result of global capital markets and liquidity, changes in prices of oil and natural gas or otherwise, which may cause us to idle or stack additional rigs, or increase our capital expenditures and the construction or acquisition of rigs; the effect, impact, potential duration or other implications of the ongoing outbreak of a novel strain of coronavirus and the oil price collapse in 2020, and any expectations we may have with respect thereto; changes in worldwide rig supply and demand, competition, or technology; possible cancellation, suspension, renegotiation or termination (with or without cause) of our contracts as a result of general or industry-specific economic conditions, mechanical difficulties, performance or other reasons; expansion and growth of our business and operations; our belief that the final outcome of our legal proceedings will not materially affect our financial results; impact of federal and state legislative and regulatory actions, including as a result of U.S. presidential election, affecting our costs and increasing operation restrictions or delay and other adverse impacts on our business; environmental or other liabilities, risks, damages or losses, whether related to storms or hurricanes (including wreckage or debris removal), collisions, grounding, blowouts, fires, explosions, other accidents, terrorism or otherwise, for which insurance coverage and contractual indemnities may be insufficient, unenforceable or otherwise unavailable; our financial condition and liquidity; tax matters, including our effective tax rates, tax positions, results of audits, changes in tax laws, treaties and regulations, tax assessments and liabilities for taxes; and potential long- lived asset impairments. Important factors that could cause actual results to differ materially from our expectations or results discussed in the forward-looking statements are disclosed in

our 2020 Annual Report on Form 10-K under Item 1A- "Risk Factors," as well as in Item 7- "Management's Discussion and Analysis of Financial Condition and Results of Operations" and additional factors we may described from time to time in other filings with the Securities and Exchange Commission. You may get such filings for free at our website at https://www.hpinc.com/. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by such cautionary statements. Because of the underlying risks and uncertainties, we caution you against placing undue reliance on these forward-looking statements. We assume no duty to update or revise these forward-looking statements based on changes in internal estimates, expectations or otherwise, except as required by law.

Market & Industry Data

The data included in this presentation regarding the oil field services industry, including trends in the market and the company's position and the position of its competitors within this industry, are based on the company's estimates, which have been derived from management's knowledge and experience in the industry, and information obtained from customers, trade and business organizations, internal research, publicly-available information, industry publications and surveys and other contacts in the industry. The company has also cited information compiled by industry publications, governmental agencies and publicly-available sources. Although the company believes these third-party sources to be reliable, it has not independently verified the data obtained from these sources and it cannot assure you of the accuracy or completeness of the data. Estimates of market size and relative positions in a market are difficult to develop and inherently uncertain and the company cannot assure you that it is accurate. Accordingly, you should not place undue weight on the industry and market share data presented in this presentation.

We use our Investor Relations website at https://www.hpinc.com/as a channel of distribution for material company information. Such information is routinely posted and accessible at such site.

H&P TODAY

FOUNDED

IN 1920

Based in Tulsa, OK with operations in all major U.S. onshore basins as well as in South America and the Middle East.

H&P is the industry's most trusted drilling partner. Committed to operational excellence and conservative financial discipline, H&P is the recognized industry leader in drilling solutions as well as technological innovation.

H&P operates in 3 segments (% of Revenue)

  1. North America Solutions ~80% market leader

o

International Solutions

~7% opportunistic growth

o

Offshore Gulf of Mexico

~12% cash flow generator

Our unique integrated business model (designing, building/upgrading, operating fleet and technology implementation) provides the best value solution for customers.

Strategic software acquisitions and internal R&D efforts provide unmatched technological prowess focused on wellbore quality and accuracy.

Debt-to-cap ~12%; No net debt -to-cap, as cash exceeds debt level; Dividend yield ~4%

WHY H&P IN CURRENT MARKET CONDITIONS?

Industry leader in U.S. land drilling with a dominant position

Leading evolution of commercial model in order to receive fair compensation for value delivered

At the forefront of drilling automation creating compelling value opportunities for customers

Strong balance sheet and ability to return cash to shareholders

o Debt-to-cap is ~12% with no maturities until 2025

o Investment grade credit rating - rare in the oil service industry

o Over $1.3 billion in liquidity - ~$580 million of cash and short-term

investments on hand at September 30, 2020; no amounts drawn on

.

$750 million credit facility

o Annual dividend of $1/share; current yield of ~4%

Customer centric drilling solutions provider combining

the operational excellence of our FlexRig® fleet and

the leading software solutions

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H&P - Helmerich & Payne Inc. published this content on 06 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 January 2021 20:45:06 UTC