HP Q1 2026 Earnings Presentation

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1Q’2026 Results February 4, 2026

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© 2026 H&P, Inc All Rights Reserved 2 Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this presentation, including, without limitation outlook for fiscal 2026, the Company’s business strategy, future financial position, operations outlook, future cash flow, future use of generated cash flow, dividend amounts and timing, amounts of any future dividends, investments, active rig count projections, projected costs and plans, objectives of management for future operations, contract terms, financing and funding, debt reduction plans, capex spending and budgets, outlook for domestic and international markets, future commodity prices, and future customer activity and relationships are forward- looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and other disclosures in the Company’s SEC filings, including but not limited to its annual report on Form 10-K and quarterly reports on Form 10-Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. Investors are cautioned not to put undue reliance on such statements. We undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information, changes in internal estimates, expectations or otherwise, except as required under applicable securities laws. H&P uses its Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.hpinc.com. Information on our website is not part of this presentation. 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. Use of Non-GAAP Financial Measures: Statements made in this presentation include non-GAAP financial measures. The required reconciliations to U.S. GAAP financial measures are included at the end of this presentation.

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© 2026 H&P, Inc All Rights Reserved 4  Strong operational & financial results First Quarter Highlights  Improving International Solutions performance  Resilient performance in NAS & Offshore Solutions  First deployment of FlexRobotics TM Technology  Further progress on de-leveraging  Exceeded expectations on several fronts as the business executed well to close out the calendar year  Saudi FlexRig® fleet margin improvement with further running room ahead. Rig reactivations underway  NAS margins and market share remain resilient in a softening market environment  FlexRobotics TM Technology deployed with a Super Major customer in the Permian basin  Repaid $260M of the term-loan as of January 2026

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© 2026 H&P, Inc All Rights Reserved 6 Macro Outlook Expect 2026 to be a year of stabilization as the market starts to tighten into year end Oil Macro Chart  Long-term energy demand outlook supports our view that demand for oil and gas will grow for many years to come  Expect overall 2026 upstream investment levels to be relatively flat  North America expected to remain soft near-term, driven by customer restraint in oil-focused basins  International demonstrating greater resilience with a clear uptick in activity in the Middle East  Anticipate broader recovery in activity to play out in 2027 and beyond. Long - term energy demand outlook supports the need for more of our drilling solutions globally

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© 2026 H&P, Inc All Rights Reserved 7 Global Rig Market Dynamics Exposure to all major onshore regions North America Solutions International Solutions Offshore Solutions North America Solutions1 Offshore Solutions1 International Solutions1  Anticipate 132 – 138 active rigs in 2Q’26  86 rigs operating in the Permian Basin  14 rigs operating in gas focused basins Remain comfortable with FY outlook as expect activity to pick up towards the end of the year  Anticipate 57 – 63 active rigs in 2Q’26  40 rigs operating in the Middle East  12 rigs operating in South America Activity continues to pick up in the Middle East. Re-opening of Venezuela could be opportunity  Anticipate 30 – 35 active rigs / mgmt. contract in 2Q’26  31 management contracts  3 active offshore rigs Market remains stable with some opportunities for additional management contracts 1. Active rig count as of 2/4/2026

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© 2026 H&P, Inc All Rights Reserved 8 Commercial Success Strong commercial momentum across the organization with several backlog extensions, mobilizations, and technology deployments International Solutions Waiting on KSA Rig Image from Comms ▪ Reactivation of rigs in Saudi Arabia. Operations related to rig reactivations continue to progress ▪ Strong interest across the MENA region from host NOC’s, IOC’s and service firms for further rig reactivations Add Image Here North America Solutions ▪ The NAS contract backlog continues to strengthen with several 1Q contract extensions ▪ Deployment of FlexRoboticsTM Technology on a rig drilling for a Super Major customer in the Permian Basin Add Image Here Offshore Solutions ▪ Continued strength in rig management contract backlog ▪ Potential for multiple multi- year contract renewals on several offshore platforms operating in different countries Add Image Here International Solutions ▪ Additional rig mobilized and actively drilling in Australia ▪ Potential opportunity in Venezuela ▪ Interest in Geothermal solutions continues to increase - three recent contract awards in Europe

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© 2026 H&P, Inc All Rights Reserved 9 FlexRobotics TM Technology Automation Fully automates drilling, connections, and tripping rig floor and derrick activities Separation Moves routine tasks to automation so crews can concentrate on performance and safety Optimization Generates consistent results supporting successful and predictable outcomes Game-changing retrofittable robotics that improve safety & efficiency in rig floor redzone1 operations 1Redzone operations defined as high-risk areas where personnel exposure is restricted due to dropped-object or line-of-fire hazards. KEY BENEFITS © 2026 H&P, Inc All Rights Reserved 9

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© 2026 H&P, Inc All Rights Reserved 11 Financials1 1Q’26 4Q’25 1Q’252 Revenue ($M) $1,017 $1,012 $1,100 Operating Costs ($M) $1,077 $1,013 $1,066 SG&A ($M) $70 $77 $72 Adjusted EBITDA ($M) $230 $225 $276 Adjusted EBITDA Margin 23% 22% 25% Net Income (Loss) ($M) ($97) ($57) ($23) Diluted EPS ($/share) (0.98) (0.58) (0.24) Adjusted EPS ($/share) (0.16) (0.01) 0.62 Effective Tax Rate (13.4%) 10.1% 46% Free Cash Flow ($M) $126 $154 $54 Free Cash Flow Conversion 55% 68% 20% Net Capital Expenditure ($M) $57 $53 $142 1Q’26 Financial Results Strong first quarter operational and financial results $1B Third consecutive quarter of revenues of at least $1B $230M Adjusted EBITDA, coming in ahead of consensus expectations 55% Healthy Free Cash Flow Conversion during the quarter 1. Direct Margin, Adjusted EBITDA, Adjusted EPS, and Net Capex are non -GAAP financial measures; see the Appendix for GAAP reconciliations 2. Proforma = Legacy H&P + Legacy KCAD

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© 2026 H&P, Inc All Rights Reserved 12 1Q’26 – North America Solutions Key Metrics 1 1Q’26 4Q’25 1Q’25 Revenue ($M) $564 $572 $598 Direct Margin ($M) $239 $242 $266 Segment Operating Income ($M) $362 $118 $152 Average Working Rigs 143 141 149 Revenue Days 13,126 12,999 13,708 Margin Per Day ($) 18,193 18,620 19,390 North America Solutions International Solutions Offshore Solutiuons $239M Direct Margin 78% Resilient performance in a softening market 143 Average rigs operating during the quarter Descriptor XX Direct margin came in above the mid-point of our guidance range$239M 1. Direct Margin is a non-GAAP measure 2. Segment Operating Income impacted by $98M impairment charge taken during the quarter 1Q’26 drilled distance above the FY25 quarterly average>18M ft

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© 2026 H&P, Inc All Rights Reserved 13 1Q’26 – International Solutions Key Metrics 1 1Q’26 4Q’25 1Q’252 Revenue ($M) $234 $241 $279 Direct Margin ($M) $29 $30 $45 Segment Operating (Loss) ($M) ($55) ($76) ($13) Average Working Rigs 59 62 84 Revenue Days 5,428 5,691 7,761 Margin Per Day ($) $5,290 $5,187 $5,855 Strong direct margin performance 59 Average rigs operating during the quarter XX Descriptor XX Descriptor Descriptor XX 35% North America Solutions International Solutions Offshore Solutiuons $29M Direct Margin 10% 2 Raised the mast on two of the rigs we are re-activating in KSA $29M Exceeded the high end of our first quarter guidance range 1. Direct Margin is a non-GAAP measure 2. Proforma = Legacy H&P + Legacy KCAD

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© 2026 H&P, Inc All Rights Reserved 14 1Q’26 – Offshore Solutions Key Metrics 1 1Q’26 4Q’25 1Q’253 Revenue ($M) $188 $180 $188 Direct Margin ($M) $31 $35 $33 Segment Operating Income ($M) $162 $20 $23 Average Working Rigs 3 3 3 Average Management Contracts 33 33 33 Executing well in a stable environment 36 Average rigs and mgmt. contracts operating during the quarter XX Descriptor Exceeded the mid-point of our first quarter guidance range $31M 50% North America Solutions International Solutions Offshore Solutiuons $31M Direct Margin 10% 1. Direct Margin is a non-GAAP measure 2. Segment Operating Income impacted by $2M impairment charge taken during the quarter 3. Proforma = Legacy KCAD + Legacy H&P

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© 2026 H&P, Inc All Rights Reserved 15 Capital Allocation Framework STRATEGY STATUS TARGET Balance Sheet Cost Optimization Portfolio Optimization Investment Shareholder Returns Committed to de-leveraging the Balance Sheet Maintain strong balance sheet – current liquidity of $1.2B Maintain base dividend through de-leveraging phase Maintain capital- disciplined approach to capital & R&D investments Optimization of non- core & non scalable assets Drive integration synergies & enhance cost structure $260M1 Targeting ~1X Net Debt/ EBITDA & retaining Investment Grade Status Enhanced shareholder returns post de-leveraging $270M-$310M of gross capital expenditures in FY’26 Successful closure of in-progress divestitures and recycling of capital Targeting ~$75M of post deal cost synergies $50M+ $100M+ 30%+ ~3% Of $400M term-loan repaid as of Jan 31st FY’26 estimated reduction in SG&A Divestments in progress Targeted reduction in Capex vs. FY’25 Current Dividend Yield 1. Term Loan repayment as of 01/31/2026

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© 2026 H&P, Inc All Rights Reserved 16 2Q & FY 2026 Guidance Guidance 2Q’26 FY’26 North America Solutions Direct Margin ($M)1 $205 - $230 Average Rigs 132 - 138 132 - 148 International Solutions Direct Margin ($M)1 $12 - $22 Average Rigs 57 – 63 58 – 68 Offshore Solutions Direct Margin ($M)1 $20 - $30 $100 - $115 Average Rigs / Mgmt. Cont. 30 - 35 30 - 35 Other Direct Margin ($M)1 $3 - $8 2Q’26 guidance reflects typical seasonality & Saudi reactivation timing - trimming FY’26 CAPEX guidance Guidance FY’26 Gross Capital Expenditures ($M) $270 - $310 Depreciation $700 Research and Development $25 Selling, General & Administrative $265 - $285 Cash Taxes $95 - $145 Interest Expense $100 1. Direct Margin is a non-GAAP measure

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© 2026 H&P, Inc All Rights Reserved 18 H&P Investment Thesis A Differentiated Global Drilling Business Global Scale Technology Leader Enterprise Optimization Operating >200 land rigs with scale, geographic diversity & portfolio flexibility to capture rising global onshore drilling activity Operating the most sophisticated onshore drilling rigs in the world delivering differentiated customer outcomes Several portfolio & organizational programs underway to enhance execution, cost structure & deliver on de-leveraging Committed to delivering differentiated long-term shareholder value

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© 2026 H&P, Inc All Rights Reserved 20 H&P Rig Fleet Average 1Q’26 Rigs Exit 1Q’26 Rigs Current 2Q’26 Rigs Regions Rigs Available Rigs Contracted % Contracted Rigs Available Rigs Contracted % Contracted Rigs Available Rigs1 Contracted % Contracted North America Solutions 203 143 70% 203 139 68% 203 135 67% International Solutions 131 59 45% 131 59 45% 131 62 47% Middle East3 77 384 49% 77 394 51% 77 404 52% South America 29 11 38% 29 10 34% 29 12 41% Rest of World 25 10 40% 25 10 40% 25 10 40% Offshore Solutions 4 3 75% 4 3 75% 4 3 75% Total Fleet 338 205 61% 338 201 59% 338 200 59% 1. Contracted rig count as of 2/4/2026 2. 99% of H&P’s rigs in North America Solutions are super-spec 3. Includes rigs in Saudi Arabia, Oman, Kuwait, and Bahrain 4. Does not include 24 rigs that have suspended operations in Saudi Arabia, as of February 4th The Global Leader in Onshore Drilling

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© 2026 H&P, Inc All Rights Reserved 21 1. Rate will change in accordance with SOFR (secured overnight financing rate) fluctuations 2. Term Loan as at 01/31/2026 3. Not included is $74MM of secured term loan credit agreements 4. Cash and equivalent balances include balances outside of the US as of 12/31/25 Debt Schedule and Liquidity Debt Schedule Type Amount Maturity Interest Rate1 Term Loan2 $140 M Jan. 2027 5.79% 3-yr Bond $350 M Dec. 2027 4.65% 5-yr Bond $350 M Dec. 2029 4.85% 10-yr Bond $550 M Sept. 2031 2.90% 10-yr Bond $550 M Dec. 2034 5.50% Total Debt $1,940 M3 4.55% Liquidity Type Amount Undrawn Credit Facility $950 M Cash & Short-Term Investments4 $269 M Total Liquidity $1,219 M On-track to repay the term loan early

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© 2026 H&P, Inc All Rights Reserved 22 Non-GAAP Reconciliation of Direct Margin Direct margin is considered a non-GAAP metric. We define "direct margin" as operating revenues (less reimbursements) less direct operating expenses (less reimbursements). Direct margin is included as a supplemental disclosure because we believe it is useful in assessing and understanding our current operational performance, especially in making comparisons over time. Direct margin is not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures.

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© 2026 H&P, Inc All Rights Reserved 23 Non-GAAP Reconciliation of Adjusted EBITDA Adjusted EBITDA and 'Select Items' are considered to be non-GAAP metrics. Adjusted EBITDA is defined as net income(loss) before taxes, depreciation and amortization, gains and losses on asset sales, other income and expense - which includes interest income and interest expense, and excludes the impact of 'select items' which management defines as certain items that do not reflect the ongoing performance of our core business operations. These metrics are included as supplemental disclosures as management uses them to assess and understand current operational performance, especially in analyzing historical trends which are used in forecasting future period results. For this reason, we believe this measure will be useful to information to investors. The presence of non- GAAP metrics is not intended to suggest that such measures should be considered as a substitute for certain GAAP metrics and, given that not all companies define Adjusted EBITDA the same way, this financial measure may not be comparable to similarly titled metrics disclosed by other companies.

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© 2026 H&P, Inc All Rights Reserved 25 Reconciliation of Non-GAAP Measures Adjusted EPS and 'Select Items' are considered to be non-GAAP metrics. Adjusted EPS is defined as Earnings Per Share excluding the impact of 'select items’. The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future period results. Select items are excluded as they are deemed to be outside of the Company's core business operations. T hree M o nths Ended December 31, (in thousands) 2025 Capital expenditures $67,565 Proceeds from asset sales $11,020 Net capex $56,545

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Thank You For Your Interest in H&P For more information, please visit our website at www.hpinc.com Contact: Kris Nicol Vice President of Investor Relations investor.relations@hpinc.com NYSE: HP

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