Helmerich & Payne : Wells Fargo West Coast Energy Conference 3.3 MB

HELMERICH & PAYNE, INC.

Wells Fargo West Coast Energy Conference

June 11-12, 2019

Data as of 4/24/2019 unless otherwise noted.

Forward-Looking Statements

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, market share, income, effective tax rate, earnings per share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure or other financial items, descriptions of management's plans or objectives for future operations, products or services, or descriptions of assumptions underlying any of the above. All forward-looking statements speak only as of the date they are made and reflect the company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data or methods, future events or other changes, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to a variety of economic, competitive and regulatory factors, many of which are beyond the company's control, that are described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2018 in the sections entitled "Risk Factors" and "Management's Discussion & Analysis of Financial Condition and Results of Operations" and additional factors we may describe 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/. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

Market and 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.

© HELMERICH & PAYNE, INC. 2019	1

H&P Investment Thesis

• Industry Leader in U.S. Land Drilling
• • FlexRig® Fleet Poised for Continued Market Share Gains
  • Most Capable and Uniform Fleet
• Outperformed OSX in 8 Out of Last 10* Years
• • Consistent Operational Excellence (Safety, Customer Satisfaction, Reliability)

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Financial Position and Strength Technology and Innovation Leader

• Financial Discipline
• • Invest capital wisely
  • • Returns above cost of capital
    • Investments in Super-SpecTM FlexRig upgrades very attractive

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Maintain flexible balance sheet Return cash to shareholders

$1.4 billion in term revenue backlog; ~65% of fleet on term contracts

• Dividend
• • 47 Years of Increasing Dividends
  • Strong Yield

• Source: Bloomberg, based on annual performance of H&P stock compared to the annual performance of the OSX index.

© HELMERICH & PAYNE, INC. 2019	2

H&P Today

• Founded in 1920, 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 as well as technological innovation.
• We are a global drilling company 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 operates in 4 segments (% of Revenue):

• U.S. Land

- 86%; market leader, poised for continued growth

• International Land - 7%; opportunistic growth

•	Offshore	-	5%; cash flow generator
•	H&P Technology	-	1%; enhancing value proposition, early growth stage

• Our unique integrated business model (designing, building/upgrading and operating fleet) provides the best value solution for customers
• Software acquisitions provide improved wellbore quality and accuracy to meet the challenges of more complex wells
• Debt-to-cap~ 10%; Dividend yld ~ 5%

© HELMERICH & PAYNE, INC. 2019	3

H&P's Winning Strategy

Today's Focus Points

• Execute as the dominant U.S. land driller
• Grow international business opportunistically
• Maintain cash flow generating offshore exposure
• Continue to lead industry in technology and innovation bringing value to customers
• Maintain and build upon a solid financial foundation
• Adapt to changing market conditions

© HELMERICH & PAYNE, INC. 2019	4