Helmerich & Payne reported stronger-than-expected North American drilling activity in its fiscal third quarter, which ended June 30, with the Permian Basin accounting for a significant share of current development work. Industrial Info Resources is tracking more than $3 billion in active and proposed projects involving H&P’s drilling services, with about 75% of that investment value tied to Texas. Devon Energy and Ovintiv together represent roughly two-thirds of the projects in Industrial Info’s database.
Ovintiv accounts for nearly $1 billion of tracked investment through multiple Permian drilling programs. Its plans include at least 55 new wells near Lenorah, Texas, and at least 15 wells near Big Spring by the end of 2026. Devon is also advancing sizable programs, including at least 89 wells near Hobbs, New Mexico, and 10 wells in Loving County, Texas. The continued development highlights the level of oil and gas activity in the Permian Basin.
H&P averaged 142 contracted rigs in North America during the quarter, exceeding the midpoint of its activity expectations. The company reported $1.03 billion in quarterly operating revenue and net income of $75.7 million. Third-quarter capital expenditures totaled $70 million, while H&P maintained its full-year fiscal 2026 gross capital spending guidance of $270 million to $310 million.
Source: Industrial Info Resources
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