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HP THE GLOBAL DRILLING SOLUTIONS COMPANY Flex Rig 3Q'2026 Results August 5 , 2026 HT 410 619
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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 tothe “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and other disclosures in theCompany’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 inthe 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, internalresearch, 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. Estimatesof 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. 2
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President and Chief Executive Officer Trey Adams
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Exceeded the midpoint of direct margin guidance in NAS, International & Offshore despite ongoing disruption in the Middle East and market volatility Strong financial & operational performance, with commercial momentum across the portfolio Exited 3Q with 147 rigs operating and increased direct margins to $18.7K per day, while reactivating several rigs Delivered strong Offshore direct margins, led by several performance-related bonuses in the quarter Targeting accelerated de-leveraging through cost reduction, monetizing non-core assets and enhancing working capital practices Positive market tailwinds remain despite ongoing volatility Strong growth in Argentina drove sequential direct margin growth. Middle East remained resilient despite ongoing disruption Outperformed expectations across all operating regions Gained share & increased market leading margins in NAS Strong operational execution in Offshore Latin America strength drives International performance Launching new initiatives to drive Enterprise Optimization 4 Third Quarter Call Highlights
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RIG MARKET DYNAMICS U.S. Lower 48 rig activity remains strong International remains resilient despite Middle East conflict Offshore durability persists Anticipate robust activity growth in both Western & Eastern Hemispheres over the next several years Operator confidence remains strong despite ongoing commodity price volatility Long-term energy demand outlooks strengthen, led by AI - supporting continued investment in supply growth Anticipate operators to utilize higher price assumptions during upcoming planning cycles, unlocking upstream spending growth in 2027 5 Growing energy security needs underpin a more constructive upstream outlook Macro Outlook
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Commercial Dynamics Momentum continues the US Lower 48 and intensifies in Argentina MENA & Rest of the WorldU.S. Lower 48 OffshoreLatin America North America Solutions International Solutions International Solutions Offshore Solutions • Private operator demand drove 10 incremental rig additions in 3Q • FlexRobotics® deployed on a second rig in the Permian • Three additional Geothermal rig awards in the U.S. as development activity accelerates • Moving to 100% utilized in the Vaca Muerta. Signed multi- year contracts to increase rig count to 15 rigs, exporting three from the U.S. • Recent record well in Vaca Muerta under a performance- based contract underscores H&P's operational excellence • Ongoing discussions on Venezuela re-entry • Reactivated 5 rigs in Saudi taking in country total to 22 rigs • Conflict-related disruptions ease in Bahrain, with rigs resuming operations • Third rig award in Australia as activity accelerates in the Beetaloo Basin • Expanded Offshore backlog with a material 4-year contract extension for a platform operating in Norway • Potential for multi-year contract renewals on several offshore platforms • Examining opportunities for rig mobilizations in Gulf of America 6
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0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2022 2023 2024 2025 2026 2027 2028 2029 2030 Million BOE/D 1. Source: Wood Mackenzie 2. Source: Production forecasts come from Rystad Energy Research, Wood Mackenzie, and Welligence Energy Analytics 3. Source: Welligence Energy Analytics 4. ~25% market share based on the 9 rigs we have operating today, source company estimated. We expect to activate our 10th & 11th rigs by the end of August. Beyond that, we have contracted our last FlexRig® that’s in Argentina and then plan to export three more from the U.S. later this year. This will take our total to 15 rigs. ~$60B3 of expected unconventional investment from 2026-2030 +50% production growth from 2026-20302 A World-Class Resource Base(1) ~25% Rigs Constructive Growth Outlook Supports Rig Demand H&P leadership and market position(4) 9 World-class resource base - over 20 Bn BOE est. commercial resources in place1 Projected to double production as investment accelerates Growing market share with strong in basin presence4 Hydrocarbon Windows Dry Gas Black Oil Volatile Oil Condensate Wet Gas 7 The implementation of RIGI framework, pipeline infrastructure build out and LNG exports underpin growth outlook Expanding our footprint as we fully utilize our in-country rig fleet Vaca Muerta, the Leading International Shale Basin Signed multi-year contracts to increase our FlexRig® count to 15, exporting three from the U.S. Growing operator focus on well costs & higher drilling efficiency is driving greater adoption of H&P’s technology on existing rigs
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SVP & Chief Financial Officer Todd Scruggs
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Financials1 3Q’26 2Q’26 3Q’25 Revenue ($M) $1,035 $932 $1,041 Operating Costs ($M) $847 $969 $1,169 SG&A ($M) $66 $71 $66 Adjusted EBITDA ($M) $236 $178 $268 Adjusted EBITDA Margin 23% 19% 26% Net Income (Loss) ($M) $76 $(59) $(163) Diluted EPS ($/share) $0.74 $(0.59) $(1.64) Adjusted EPS ($/share) $(0.11) $(0.38) $0.22 Effective Tax Rate 48.1% (20.0)% (21.8)% Free Cash Flow ($M) $98 $(15) $33 Free Cash Flow Conversion 42% (8)% 12% Net Capital Expenditure ($M) $56 $52 $88 Strong third quarter operational performance despite a dynamic environment $1,035M 11% sequential growth in revenue as rig count & direct margin accelerated Strong sequential growth in Adjusted EBITDA $98M Strong FCF generation during the quarter 1. Direct margin, Adjusted EBITDA, Adjusted EPS, and Net Capex are non-GAAP financial measures; see the Appendix for GAAP reconciliations $236M 9 3Q’26 Financial Results
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Key Metrics 1 3Q’26 2Q’26 3Q’25 Revenue ($M) $563 $517 $592 Direct Margin ($M) $241 $215 $266 Segment Operating Income ($M) $140 $111 $158 Average Working Rigs 142 136 147 Revenue Days 12,921 12,208 13,400 Margin Per Day ($) $18,669 $17,628 $19,864 142 Average rigs operating during the quarter - slightly ahead of expectations Sequential increase in direct margin per day, maintaining industry leading margins$1K 1. Direct margin is a non-GAAP measure 80% 10 Rigs reactivated during the quarter, led by strong private operator demand 10 Strong performance in a strengthening market 3Q’26 – North America Solutions $241M Direct Margin 80%
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Strong direct margin growth led by Argentina 3Q’26 – International Solutions Key Metrics 1 3Q’26 2Q’26 3Q’25 Revenue ($M) $250 $218 $266 Direct Margin ($M) $31 $11 $34 Segment Operating (Loss) ($M) $(54) $(100) $(167) Average Working Rigs 65 61 72 Revenue Days 5,950 5,492 6,573 Margin Per Day ($) $5,219 $2,093 $5,189 65 Average rigs operating during the quarter XX $31M Direct margin growth led by strong performance in Argentina Rig reactivations in the Kingdom of Saudi Arabia $31M Direct Margin 10% 5 1. Direct margin is a non-GAAP measure 11 10%
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Executing well in a stable environment 3Q’26 – Offshore Solutions Key Metrics 1 3Q’26 2Q’26 3Q’25 Revenue ($M) $174 $171 $162 Direct Margin ($M) $29 $27 $23 Segment Operating Income ($M) $17 $14 $9 Average Working Rigs 3 3 3 Average Management Contracts 30 33 33 33 Average rigs and management contracts operating during the quarter Direct margin enhanced by performance-based contracts$29M 1. Direct margin is a non-GAAP measure 2. Backlog split 39% firm contracts, 61% optional contract renewals $29M Direct Margin 10% $3.6B Total contract backlog including firm contracts and options 2 12 10%
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Strengthening the Balance Sheet remains the top priority STRATEGY STATUS TARGET Balance Sheet Enterprise Optimization Portfolio Simplification Capital Investment Shareholder Returns Maintain strong balance sheet – current liquidity of $1.2B Base dividend protected through de-leveraging phase Maintain capital- disciplined approach to investments Optimization of non- core & non-scalable assets & geographies Focused on Enterprise Optimization to structurally lower costs Targeting ~1x Net Debt/EBITDA & retaining Investment Grade Status Enhanced shareholder returns post de- leveraging FY’27 budget will be supportive of growth, but maintain discipline Increasing asset sales target to $160M+ Targeting $40M+ reduction in corporate costs by YE’27 vs. FY'262 ~5% ~$130M $270-$310M34YRS Bond due on December 1, 2027 Reduction in estimated FY’261 SG&A vs. FY’25 Proceeds from asset sales YTD Maintained FY’26 capex guidance even with higher activity Of consistently paying a dividend 1. FY25 reported SG&A was $287M 2. Corporate cost include SG&A, R&D, and interest expense. Current Fiscal '26 guidance for SG&A, R&D, and interest expense at the midpoint are $275M, $28M, and ~$100M respectively Repay $350M 13 Financial Framework
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Enterprise optimization and debt reduction unlock future capital allocation flexibility Capital Allocation Evolution 14 Current Focus – Through 2027 Future Focus – 2028 & Beyond Committed to debt reduction, maintaining the base dividend and disciplined rig fleet investment Increased financial optionality to maximize shareholder value creation 1. Assumes ~$1M maintenance capex for ~150 NAS rigs & $1.5M for ~65 International rigs Note: CFFO (Cash Flow from Operating Activities) Expected CFFO Capital Uses Maintenance Capex1 ~$250M Capital Uses Expected CFFO Sustaining Capex ~$50M Base Dividend ~$100M Debt Repayment (Leverage to 1x) Base Dividend ~$100M Maintenance Capex1 ~$250M Balance of: Increased Shareholder Returns, Debt Repayment & Disciplined Growth Capex Fixed Capital Allocation Fixed Capital Allocation Value Creation Levers Sustaining Capex ~$50M Disciplined Growth Capex orDebt Repayment
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4Q & FY 2026 Guidance Quarterly Guidance 4Q’26 FY’26 North America Solutions Direct Margin ($M)1 $245 - $255 Average Rigs 145 - 151 140 - 144 International Solutions Direct Margin ($M)1 $25 - $45 Average Rigs 60 – 70 60 – 66 Offshore Solutions Direct Margin ($M)1 $26 - $30 $113 - $117 Average Rigs / Mgmt. Cont. 30 - 35 30 - 35 Other2 Direct Margin ($M)1 $0 - $5 Upgrading implied 4Q and FY guidance outlook - led by strong activity in NAS Full-year Guidance FY'26 Gross Capital Expenditures ($M) $270 - $310 Depreciation ~$700 Research and Development ~$28 Selling, General & Administrative $265 - $285 Cash Taxes $150 - $180 Interest Expense ~$100 1. Direct margin is a non-GAAP measure 2. Our "Other" operations is comprised of our BENTEC manufacturing and engineering activities, our real estate operations, and our wholly-owned captive insurance companies 15
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President and Chief Executive Officer Trey Adams
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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 growth in 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 17
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Appendix
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Average 3Q’26 Rigs Exit 3Q’26 Rigs Current 4Q’26 Rigs Resource Play Rigs Available Rigs Contracted % Contracted Rigs Available Rigs Contracted % Contracted Rigs Available Rigs1 Contracted % Contracted Permian 117 89 76% 117 90 77% 117 92 79% Eagle Ford 26 18 69% 26 19 73% 26 19 73% Anadarko 12 8 67% 12 8 67% 12 8 67% Haynesville 16 8 50% 16 8 50% 16 8 50% Bakken 8 4 50% 8 5 63% 7 5 71% Appalachia 8 5 63% 8 4 50% 8 4 50% Other 15 10 67% 15 13 87% 16 14 88% US Lower 482,3,4 202 142 70% 202 147 73% 202 150 74% Offshore Solutions3,5 4 3 75% 4 3 75% 4 3 75% 1. Contracted rig count as of 8/5/2026 2. 100% of H&P rigs in North America Solutions are super-spec. 3. Note rig counts includes all rigs currently operating or in transit to or from the well location. 4. Includes three rigs drilling Geothermal wells in Lower 48. 5. Does not include the 30 management contracts we have on offshore platforms. 19 The Global Leader in Onshore Drilling H&P Rig Fleet
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Average 3Q’26 Rigs Exit 3Q’26 Rigs Current 4Q’26 Rigs Regions Rigs Available Rigs Contracted % Contracted Rigs Available Rigs Contracted % Contracted Rigs Available Rigs1 Contracted % Contracted Middle East 76 41 54% 76 39 51% 76 40 53% Saudi Arabia 44 23 52% 44 22 50% 44 22 50% Oman 24 16 66% 24 15 63% 24 15 63% Kuwait 4 2 50% 4 2 50% 4 1 25% Bahrain 4 0 8% 4 0 0% 4 2 50% Latin America 28 13 47% 26 14 54% 26 13 50% Argentina5 15 9 61% 13 9 69% 13 9 69% Colombia 9 4 47% 9 5 56% 9 4 44% Bolivia 2 0 0% 2 0 0% 2 0 0% Ecuador 2 0 0% 2 0 0% 2 0 0% Australia 2 2 100% 2 2 100% 2 2 100% Rest of World2,3 23 9 40% 23 10 43% 23 10 43% International Solutions4 129 65 51% 127 65 51% 127 65 51% 1. Contracted rig count as of 8/5/2026. 2. Rest of World includes Algeria, United Arab Emirates, Pakistan, Iraq, Europe, and Tunisia. 3. Includes 2 rigs contracted to drill Geothermal wells in Europe. 4. Note rig counts includes all rigs currently operating or in transit to or from the well location. 5. Two available T-series’ rigs were decommissioned throughout the quarter; remaining available rigs include 12 FlexRig® rigs and 1 T-series rig. 20 The Global Leader in Onshore Drilling H&P Rig Fleet
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1. Cash and equivalent balances include balances outside of the US as of 06/30/2026 Debt Schedule and Liquidity Debt Schedule Type Amount Maturity Interest Rate 3-yr Bond $350M Dec. 2027 4.65% 5-yr Bond $350M Dec. 2029 4.85% 10-yr Bond $550M Sept. 2031 2.90% 10-yr Bond $550M Dec. 2034 5.50% Total Debt $1,800M 4.41% Liquidity Type Amount Undrawn Credit Facility $950M Cash & Short-Term Investments1 $231M Total Liquidity $1,181M Well positioned to execute on de-leveraging target Targeting Net Debt / EBITDA Ratio ~1x by end of 2027 Credit Rating at S&P & Moody’s Committed to maintaining investment grade status Focused on repaying bond due at the end of 2027 BBB/ Baa2 $350M ~1.0x 21
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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. Three Months Ended June 30, March 31, June 30, (in thousands) 2026 2026 2025 NORTH AMERICA SOLUTIONS Segment operating income $ 140,312 $ 111,334 $ 157,649 Add back: Depreciation and amortization 83,214 82,955 88,078 Research and development 6,015 7,115 7,617 Selling, general and administrative expense 11,282 13,401 10,972 Acquisition transaction and integration costs — — 7 Asset impairment charge — — — Restructuring charges 393 402 1,849 Direct margin (Non-GAAP) $ 241,216 $ 215,207 $ 266,172 INTERNATIONAL SOLUTIONS Segment operating loss $ (54,428) $ (99,612) $ (166,513) Add back: Depreciation and amortization 74,547 79,257 66,734 Research and development — — — Selling, general and administrative expense 9,097 4,249 5,014 Acquisition transaction and integration costs 186 1,198 141 Asset impairment charge 1,153 26,101 128,352 Restructuring charges 498 302 380 Direct margin (Non-GAAP) $ 31,053 $ 11,495 $ 34,108 OFFSHORE SOLUTIONS Segment operating income $ 16,800 $ 14,015 $ 8,769 Add back: Depreciation and amortization 11,023 9,862 12,681 Selling, general and administrative expense 1,337 2,654 1,294 Acquisition transaction and integration costs — 352 — Asset impairment charges 58 — 29 Restructuring charges — — — Direct margin (Non-GAAP) $ 29,218 $ 26,883 $ 22,773 22 Non-GAAP Reconciliation of Direct Margin
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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. Three Months Ended June 30, March 31, June 30, (in thousands) 2026 2026 2025 Net income (loss) $ 78,157 $ (55,861) $ (161,899) Add back: Income tax expense (benefit) 72,362 9,298 28,991 Other expense 37,692 9,643 4,639 Depreciation and amortization 180,960 180,734 179,491 Acquisition transaction and integration costs 1,671 2,738 8,623 Asset impairment charges 1,153 26,101 173,258 Restructuring charges 1,362 2,882 4,681 Gain on involuntary conversion (13,581) — — Other (gain) loss on sale of assets (120,044) (1,305) 1,347 Excluding Select Items (Non-GAAP) Change in actuarial assumptions on estimated liabilities (3,666) 3,669 28,932 Adjusted EBITDA (Non-GAAP) $ 236,066 $ 177,899 $ 268,063 23
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Unaudited Consolidated Statements of Cash Flows Nine Months Ended June 30, (in thousands) 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (72,635) $ (104,141) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 543,613 436,228 Asset impairment charge 130,340 175,102 Amortization of debt discount and debt issuance costs 4,230 4,799 Stock-based compensation 28,013 22,837 Gain (loss) on investment securities 687 (14,084) Gain on involuntary conversion (13,581) — Gain on reimbursement of drilling equipment (18,099) (26,149) Other (gain) loss on sale of assets (119,423) 2,136 Deferred income tax (28,980) (64,649) Other (4,974) 5,832 Changes in assets and liabilities (76,513) (101,911) Net cash provided by operating activities 372,678 336,000 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (200,198) (362,232) Purchase of short-term investments (49,640) (111,678) Purchase of long-term investments (2,239) (2,055) Payment for acquisition of business, net of cash acquired — (1,838,852) Proceeds from sale of short-term investments 42,542 373,028 Proceeds from sale of long-term investments — 31,990 Insurance proceeds from involuntary conversion 2,500 2,366 Proceeds from asset sales 35,797 34,923 Proceeds from real estate sales 127,667 — Other (686) — Net cash used in investing activities (44,257) (1,872,510) Nine Months Ended June 30, Continued... 2026 2025 CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid (76,077) (75,534) Distributions to non-controlling interests (15,000) (15,380) Proceeds from debt issuance — 400,000 Debt issuance costs — (2,629) Payments for employee taxes on net settlement of equity awards (6,398) (10,759) Payment of contingent consideration from acquisition of business — — Payments on unsecured long-term debt (200,000) (73,000) Other (5,145) (2,044) Net cash provided by (used in) financing activities (302,620) 220,654 Effect of exchange rate changes on cash, cash equivalents and restricted cash (12,393) 14,322 Net increase (decrease) in cash, cash equivalents and restricted cash 13,408 (1,301,534) Cash, cash equivalents and restricted cash, beginning of period 225,900 1,528,660 Cash, cash equivalents and restricted cash, end of period 239,308 227,126 Reconciliation of Free Cash Flow Three Months Ended June 30, March 31, June 30, (in millions) 2026 2026 2025 Cash Flow From Operations $153.7 $36.6 $121.6 Capital Expenditures $69.8 $62.9 $97.0 Proceeds From Asset Sales $14.0 $10.8 $8.8 Free Cash Flow $97.9 $(15.5) $33.4 We define Free Cash Flow as net cash provided by operating activities less Capital expenditures plus Proceeds from asset sales. 24
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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. Three Months Ended June 30, (in thousands) 2026 2025 Capital expenditures $ 69,773 $ 96,998 Proceeds from asset sales $ 13,994 $ 8,833 Net CAPEX $ 55,779 $ 88,165 Three Months Ended June 30, 2026 (in thousands, except per share data) Pretax Tax Impact Net EPS Net income attributable to H&P (GAAP basis) $ 75,682 $ 0.74 (-) Gain related to a real estate asset sale 114,788 26,057 88,731 0.88 (-) Gain related to involuntary conversion 13,581 3,083 10,498 0.10 (-) Changes in actuarial assumptions on estimated liabilities 3,666 832 2,834 0.03 (-) Impairment expense (1,153) — (1,153) (0.01) (-) Restructuring charges (1,363) (64) (1,299) (0.01) (-) Acquisition transaction and integration costs (1,671) (378) (1,293) (0.01) (-) Loss on investment security (16,007) (3,250) (12,757) (0.13) Adjusted net loss $ (9,879) $ (0.11) 25 Reconciliation of Non-GAAP Measures
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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