What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-11-13 compared with 2023-11-08 · 93 added, 78 removed, 353 unchanged (33% of the section changed)

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Our drilling services operations are organized into the following reportable operating business segments:

North America Solutions, Offshore Gulf of Mexico and International Solutions.

North America Solutions, International Solutions and Offshore Gulf of Mexico.

Our North America Solutions operations are primarily located in Texas, but also traditionally operate in other states, depending on demand.

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Colorado, Louisiana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, Utah, West Virginia, and Wyoming.

Additionally, Offshore Gulf of Mexico operations are conducted in Louisiana and in U.S.

federal waters in the Gulf of Mexico and our International Solutions operations have rigs and/or services primarily located in five international locations:

Argentina, Bahrain, Colombia, the United Arab Emirates ("U.A.E."), and Australia.

Our operations in Australia commenced in the fourth fiscal quarter of 2023.

Our International Solutions operations have rigs and/or services primarily located in five international locations:

Argentina, Australia, Bahrain, Colombia and the United Arab Emirates ("U.A.E.").

Additionally, we commenced operations in Saudi Arabia in the first quarter of fiscal 2025.

We also own and operate a limited number of commercial real estate properties located in Tulsa, Oklahoma.

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The Company and the Captives maintain excess property and casualty reinsurance programs with third-party insurers in an effort to limit the financial impact of significant events covered under these programs.

Our real estate operations, our incubator program for new research and development projects, and our wholly-owned captive insurance companies are included in "Other."

Our real estate operations and our wholly-owned captive insurance companies are included in "Other."

2024 FORM 10-K | 6

Pending KCA Deutag Acquisition

On July 25, 2024, H&P and certain of its wholly owned subsidiaries entered into a Sale and Purchase Agreement (the "Purchase Agreement") to acquire KCA Deutag for total cash consideration of approximately $2.0 billion, which consists of the $0.9 billion unadjusted share purchase price and $1.1 billion to contemporaneously repay or redeem certain of KCA Deutag's existing debt upon consummation of the acquisition (the "Acquisition").

Total consideration is subject to adjustment as set forth in the Purchase Agreement.

The transaction is expected to close prior to calendar 2024 year end, subject to customary closing conditions and regulatory approvals.

KCA Deutag is a diverse global drilling company.

The company has a significant land drilling presence in the Middle East, which represents approximately two-thirds of the company’s calendar year 2023 Operating EBITDA, with additional operations in South America, Europe and Africa.

In addition to its land operations, KCA Deutag has asset-light offshore management contract operations in the North Sea, Angola, Azerbaijan and Canada, with super major customers and long-term earnings visibility through a robust backlog.

KCA Deutag’s Kenera segment comprises manufacturing and engineering businesses, including Bentec, with three facilities serving the energy industry, representing a longer-term growth opportunity.

Drilling Fleet

The following map shows the number of available rigs by basin in our North America Solutions reportable segment as of September 30, 2024:

2024 FORM 10-K | 7

The following table sets forth certain information concerning our North America Solutions drilling rigs as of September 30, 2024:

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LA 11 3 — — 11 3

WV 5 4 — — 5 4

CO 3 3 2 1 5 4

UT 4 3 — — 4 3

OH 5 3 — — 5 3

PA 4 2 — — 4 2

CO 1 1 2 2 3 3

WV 2 2 — — 2 2

WY 3 3 — — 3 3

OH 2 2 — — 2 2

Totals 226 150 2 1 228 151

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hookload rating, 5,000 or 7,500 psi mud circulating system, may or may not have multiple-well pad capability.

2023 FORM 10-K | 7

The following table sets forth certain information concerning our Offshore Gulf of Mexico drilling rigs as of September 30, 2023:

OFFSHORE GULF OF MEXICO FLEET

Location Shallow Water 1

Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted

Gulf of Mexico 1 1 3 3 4 4

Totals 4 1 3 3 7 4

(1) Deep water rigs operate on floating facilities and shallow water rigs operate on fixed facilities.

(2) Rigs are idle, stacked on land and not in state waters.

The following table sets forth certain information concerning our International Solutions drilling rigs as of September 30, 2024:

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Location AC (FlexRig ® 3) 1

AC (FlexRig ® 3WA) 2

AC (FlexRig ® 4) 3

Other AC SCR 4

Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted

Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted

Argentina 12 7 — — — — — — — — 12 7

Saudi Arabia — — 5 5 — — — — — — 5 5

Colombia 2 — — — — — 1 — 2 — 5 —

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Australia 1 1 — — — — — — — — 1 1

United Arab Emirates 1 — — — — — — — 1 —

Totals 16 9 5 5 3 2 1 — 2 — 27 16

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Nine rigs in Argentina are equipped with skid systems, a third mud pump and 7,500 psi high pressure mud systems.

(2) The FlexRig® 3WA is uniquely enhanced for mobility and agility without compromising unconventional pad drilling that advanced drilling programs require for highly complex lateral wells.

Its walking capability offers the flexibility of 500ft in a straight line, or multiple rows within a 200 x 50 ft box.

(3) The FlexRig ® 4 model has a small footprint and is designed to be highly mobile.

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The SCR rigs are equipped with 3,000 horsepower drawworks to drill deep conventional wells.

2024 FORM 10-K | 8

The following table sets forth certain information concerning our Offshore Gulf of Mexico drilling rigs as of September 30, 2024:

OFFSHORE GULF OF MEXICO FLEET

Location Shallow Water 1

Total Available Rigs Contracted Total Available Rigs Contracted Total Available Rigs Contracted

Gulf of Mexico 1 — 3 3 4 3

Totals 4 — 3 3 7 3

(1) Shallow water rigs operate on fixed facilities and deep water rigs operate on floating facilities.

(2) Rigs are idle, stacked on land and not in state waters.

Drilling Services and Solutions

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In South America and the Middle East, our customers primarily include major international and national oil companies.

Revenue from drilling services performed for our largest drilling customer totaled approximately 11.0 percent ($302.6 million) of our total consolidated revenues during fiscal year 2024.

We did not have any individual customers that represented 10% or more of our total consolidated revenues in fiscal years 2023, or 2022.

2023 FORM 10-K | 8

The following table presents operating statistics for the fiscal years 2024, 2023, and 2022:

Year Ended September 30,

North America Solutions Offshore Gulf of Mexico International Solutions

North America Solutions International Solutions Offshore Gulf of Mexico

Revenue days 1

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land drilling.

In the United States, we have the industry's largest super-spec fleet with 231 rigs, of which 145 were under contract at September 30, 2023.

In total, 147 of our 233 marketed rigs were active under contract, 85 were under fixed‑term contracts, and 62 were working well-to-well as of September 30, 2023.

In the United States, we have the industry's largest super-spec fleet and had 151 of our 228 marketed rigs active under contract as of September 30, 2024 of which 88 were under fixed‑term contracts, and 63 were working well-to-well.

2024 FORM 10-K | 9

Our drilling technology within this segment enables a solutions-based approach that provides performance-driven drilling services designed to help deliver greater levels of drilling efficiency, accuracy, consistency, optimization and a reduction of human error to create higher quality wellbores with lower overall risk.

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Revenue from drilling services performed for our largest North America Solutions drilling customer totaled approximately 12.2 percent ($299.3 million) of the North America Solutions segment revenues during fiscal year 2024.

Offshore Gulf of Mexico Segment

Our Offshore Gulf of Mexico segment has been in operation since 1968 and currently consists of seven platform rigs in the Gulf of Mexico.

We supply the rig equipment and crews and the operator, who owns the platform, will typically provide production equipment or other necessary facilities.

Our offshore rig fleet operates on conventional fixed leg platforms and floating platforms attached to the sea floor with mooring lines, such as Spars and Tension Leg Platforms.

Additionally, we provide management contract services to customer platforms where the customer owns the drilling rig.

As of September 30, 2023, four of the seven offshore rigs were under contract.

Our Offshore Gulf of Mexico operations contributed approximately 4.5 percent ($130.2 million) of our consolidated operating revenues during fiscal year 2023, compared to approximately 6.1 percent ($125.5 million) and 10.4 percent ($126.4 million) of our consolidated operating revenues during fiscal years 2022 and 2021, respectively.

Revenues from drilling services performed for our largest offshore drilling customer totaled approximately 84.0 percent ($109.4 million) of offshore revenues during fiscal year 2023.

2023 FORM 10-K | 9

International Solutions Segment

Our International Solutions segment conducts operations in Argentina, Colombia, Bahrain, U.A.E., and Australia.

As of September 30, 2023, we had thirteen land rigs contracted for work in locations outside of the United States.

Our International Solutions segment conducts operations primarily in Argentina, Bahrain, Australia, U.A.E.

and Colombia.

Additionally, we commenced operations in Saudi Arabia in the first quarter of fiscal 2025.

As of September 30, 2024, we had 16 land rigs contracted for work in locations outside of the United States.

Our International Solutions operations contributed approximately 7.0 percent ($194.0 million) of our consolidated operating revenues during fiscal year 2024, compared to approximately 7.4 percent ($212.6 million) and 6.6 percent ($136.1 million) of our consolidated operating revenues during fiscal years 2023 and 2022, respectively.

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The Argentine drilling contracts are primarily with large international or national oil companies.

Colombia As of September 30, 2023, we had five available rigs in Colombia.

Revenues generated by Colombian drilling operations contributed approximately 1.6 percent ($46.7 million) of our consolidated operating revenues in fiscal year 2023, compared to approximately 1.1 percent ($22.0 million) and 0.1 percent ($1.7 million) of our consolidated operating revenues during fiscal years 2022 and 2021, respectively.

Revenues from drilling services performed for our two largest customers in Colombia totaled approximately 1.6 percent of our consolidated operating revenues and approximately 22.0 percent of our international operating revenues during fiscal year 2023.

The Colombian drilling contracts are primarily with large international or national oil companies.

Bahrain As of September 30, 2023, we had three available rigs in Bahrain.

Bahrain As of September 30, 2024, we had four available rigs in Bahrain.

Revenues generated by Bahrain drilling operations contributed approximately 0.7 percent ($18.0 million) of our consolidated operating revenues in fiscal year 2024, compared to approximately 0.5 percent ($15.4 million) and 0.8 percent ($17.0 million) of our consolidated operating revenues during fiscal years 2023 and 2022, respectively.

All of our revenues in Bahrain are from a partner of the local national oil company.

Australia Our operations in Australia commenced in the fourth fiscal quarter of 2023.

All of our revenue in Australia is from one customer, Tamboran Resources Corporation, a publicly traded company ("Tamboran Corp.").

As of September 30, 2024, we had one available rig in Australia.

Revenues generated by Australian drilling operations contributed to approximately 0.5 percent ($14.1 million) of our consolidated operating revenues in fiscal year 2024 compared to 0.1 percent ($3.4 million) in fiscal year 2023.

As of September 30, 2024, we held a combined equity ownership in Tamboran Corp.

of approximately 7.2 percent.

United Arab Emirates During the years ended September 30, 2024, 2023 and 2022, our operations in U.A.E.

consisted of services provided to ADNOC Drilling Company P.J.S.C.

("ADNOC Drilling"), primarily in the form of secondment labor, as part of the strategic alliance that was announced in September 2021.

H&P's alliance with ADNOC Drilling includes several accretive projects, in addition to general consulting services, that leverage H&P's expertise and technologies to help deliver more competitive well completion times, greater drilling efficiencies, and improved well economics.

As of September 30, 2023, we had one available rig in the U.A.E.

Australia During the year ended September 30, 2023, we commenced drilling operations in Australia.

All of our revenue in Australia is from one customer Tamboran, a publicly traded company.

As of September 30, 2023, we had one available rig in Australia.

("ADNOC Drilling"), primarily in the form of secondment labor.

Revenues generated in the U.A.E.

contributed approximately 0.4 percent ($10.2 million) of our consolidated operating revenues in fiscal year 2024, compared to approximately 0.3 percent ($9.7 million) and 0.3 percent ($5.7 million) of our consolidated operating revenues during fiscal years 2023 and 2022, respectively.

As of September 30, 2024, we had no rigs available in the U.A.E.

Colombia As of September 30, 2024, we had five available rigs in Colombia.

Revenues generated by Colombian drilling operations contributed approximately 0.3 percent ($9.3 million) of our consolidated operating revenues in fiscal year 2024, compared to approximately 1.6 percent ($46.7 million) and 1.1 percent ($22.0 million) of our consolidated operating revenues during fiscal years 2023 and 2022, respectively.

The Colombian drilling contracts that generated revenue during the fiscal year were primarily with large international or national oil companies.

Saudi Arabia During the year ended September 30, 2024, we began mobilizing five super-spec rigs to the Kingdom of Saudi Arabia.

We commenced operations in the first quarter of fiscal 2025.

Offshore Gulf of Mexico Segment

Our Offshore Gulf of Mexico segment has been in operation since 1968 and currently consists of seven platform rigs in the Gulf of Mexico.

We supply the rig equipment and crews and the operator, who owns the platform, will typically provide production equipment or other necessary facilities.

Our offshore rig fleet operates on conventional fixed leg platforms and floating platforms attached to the sea floor with mooring lines, such as Spars and Tension Leg Platforms.

Additionally, we provide management contract services to customer platforms where the customer owns the drilling rig.

2024 FORM 10-K | 10

As of September 30, 2024, three of the seven offshore rigs were under contract.

Our Offshore Gulf of Mexico operations contributed approximately 3.9 percent ($106.2 million) of our consolidated operating revenues during fiscal year 2024, compared to approximately 4.5 percent ($130.2 million) and 6.1 percent ($125.5 million) of our consolidated operating revenues during fiscal years 2023 and 2022, respectively.

Revenues from drilling services performed for our largest offshore drilling customer totaled approximately 97.3 percent ($103.3 million) of offshore revenues during fiscal year 2024.

Other Operations

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Our real estate investments include a shopping center and undeveloped real estate.

We continue to use our captive insurance subsidiaries ("the Captives") to insure the deductibles for our domestic workers’ compensation, general liability, automobile liability claims programs, and medical stop-loss program and to insure the deductibles from the Company's international casualty and rig property programs.

The Company's incubator program includes activity related to investments in emerging technology companies.

Our real estate operations, our incubator program, and our wholly-owned captive insurance companies are included in "Other" within our segment disclosures.

We continue to use our captive insurance subsidiaries to insure the deductibles for our domestic workers’ compensation, general liability, automobile liability claims programs, and medical stop-loss program and to insure the deductibles from the Company's international casualty and rig property programs.

Our real estate operations and our wholly-owned captive insurance companies are included in "Other" within our segment disclosures.

Rigs, Equipment, R&D, and Facilities

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These rigs found immediate success by delivering higher value wells to the customer and marked the beginning of the AC land rig revolution.

2023 FORM 10-K | 10

We also changed our pricing and contracting strategy, and beginning in 2005, predominantly all new FlexRig ® drilling rigs were built, supported by a firm contract, and generated attractive returns.

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An important part of our strategy was to design a rig that could support continuous improvement through upgrade capability of the hardware and software on the rigs to take advantage of technology improvements and lengthening the industry rig replacement cycle.

These upgrades included, but were not limited to, enhanced drilling control systems and software, skid and walking systems for drilling multiple well pads, 7,500 psi mud systems, set back capacity to accommodate the pipe that the longer laterals demanded, and additional mud system capacity.

These upgrades included, but were not limited to, enhanced drilling control systems and software, skid and walking systems for drilling multiple well pads, 7,500 psi mud systems, set back capacity to accommodate the pipe that longer laterals demanded, and additional mud system capacity.

In 2011, we introduced a FlexRig ® design for long lateral drilling of multiple wells from a single location and for drilling horizontally in unconventional shale reservoirs.

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Since then, we have reconfigured, converted, and upgraded a total of 73 FlexRig ® drilling rigs to super-spec walking rigs.

Years of designing and building our fleet of AC drive FlexRig ® drilling rigs has given us many competitive benefits.

One key advantage is fleet uniformity.

Years of designing and building our fleet of AC drive FlexRig ® drilling rigs has given us many competitive benefits in unconventional drilling.

One key advantage is fleet uniformity, particularly in our North America Solutions FlexRig ® fleet.

We have overseen the design and assembly of all of our AC FlexRig ® drilling rigs, and our different rig classes share many common components.

We co-designed the control systems for our rigs and have the right to make any changes or modifications to those systems that we desire.

A uniform fleet creates an adaptive environment to reach maximum efficiency for employees, equipment and technology and is critical to our ability to provide consistent, safe and reliable operations in increasingly complex basins.

In addition, our fleet has greater scale than any other competitor, which enables us to upgrade our existing FlexRig ® drilling rigs to super-spec in a capital efficient way.

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Further, our fleet is supported by a cost-effective Company-owned supply chain that provides standardized materials directly to the rigs from our regional warehouses.

2024 FORM 10-K | 11

A long-standing challenge in our industry is providing high quality and consistent results.

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All of our technologies play an important role in developing our strategy as we head towards autonomous drilling.

2023 FORM 10-K | 11

We have historically offered ancillary services, which are now referred to as FlexServices ® .

Currently, these services include surface equipment rental, pipe rental and additional rig crew.

During the first quarter of fiscal year 2022, we sold the assets associated with two lower margin service offerings, trucking and casing running services, which contributed approximately 2.8 percent to our consolidated revenues during fiscal year 2021, in two separate transactions.

The sale of our trucking services assets was completed on November 3, 2021, while the sale of our casing running services assets was completed on November 15, 2021, for total consideration less costs to sell of $6.0 million, in addition to the possibility of future earnout proceeds, resulting in a loss of $3.4 million.

We recognized earnout proceeds associated with the sale of our trucking and casing running assets of $1.6 million and $1.1 million during the fiscal year ended September 30, 2023 and 2022, respectively, within Other (gain) loss on sale of assets on the Consolidated Statements of Operations.

Markets and Competition

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As of September 30, 2024, we had 170 active rigs under contract, compared to 164 and 192 rigs under contract as of September 30, 2023 and 2022, respectively.

For further information concerning risks associated with our business, including volatility surrounding oil and natural gas prices and the impact of low oil prices on our business, see Item 1A— “Risk Factors” and Item 7— “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this Form 10‑K.

Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10‑K.

Our industry is highly competitive, and we strive to differentiate our services based upon the quality of our FlexRig ® drilling rigs and our engineering design expertise, operational efficiency, software technologies, and safety and environmental awareness.

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In many instances, our contracts cover multi‑well or pad and multi‑year projects.

Contracts generally contain renewal or extension provisions exercisable at the option of the customer at prices mutually agreeable to us and the customer.

Contracts generally contain renewal or extension provisions exercisable at the option of the customer.

The option to extend and the pricing are mutually agreed upon by both the customer and H&P.

In most instances, contracts provide for additional payments for mobilization and demobilization of the rig.

2024 FORM 10-K | 12

The duration of our drilling contracts are generally either “well‑to‑well/pad-to-pad” or for a fixed term.

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Daywork contracts are contracts under which we charge a rate per day, with the price determined by the location, depth and complexity of the well to be drilled, operating conditions, the duration of the contract, and the competitive forces of the market.

During fiscal year 2023, a majority of our drilling services were performed on a “daywork” contract basis.

2023 FORM 10-K | 12

Performance-based Contracts

Performance-based contracts are contracts pursuant to which we are compensated partly based upon our performance against a mutually agreed upon set of predetermined targets.

These contract types are relatively new to the industry and typically have a lower base dayrate, but give us the opportunity to receive additional compensation by meeting or exceeding certain performance targets agreed to by our customers.

These types of contracts typically have a lower base dayrate, but give us the opportunity to receive additional compensation by meeting or exceeding certain performance targets agreed to by our customers.

For example, some performance targets are set based upon days to drill a well or the number of lateral feet drilled in zone per day.

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If we do not meet these targets, we will not receive additional compensation above the base dayrate.

The variable consideration that we expect to receive is estimated at the most likely amount, and constrained to an amount such that it is probable a significant reversal of revenue previously recognized will not occur based on the performance targets.

Based on our operational track record throughout fiscal year 2024 and drilling expertise, our performance-based contracts have produced a positive risk-reward outcome.

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Contract Backlog

As of September 30, 2023 and 2022, our drilling contract backlog was $1.4 billion and $1.2 billion, respectively.

Approximately 33.8 percent of the September 30, 2023 backlog is reasonably expected to be fulfilled in fiscal year 2025 and thereafter.

See Item 7—"Management's Discussion and Analysis of Financial Condition and Results of Operations — Contract Backlog" included in this Form 10-K for additional information pertaining to backlog.

Our contract drilling backlog was $1.5 billion and $1.4 billion as of September 30, 2024 and 2023, respectively.

Approximately 53.3 percent of the September 30, 2024 backlog is reasonably expected to be fulfilled in fiscal year 2025.

Management's Discussion and Analysis of Financial Condition and Results of Operations—"Contract Backlog" included in this Form 10-K for additional information pertaining to backlog.

As of September 30, 2024, we had approximately 6,200 employees within the United States and approximately 800 employees in our international operations.

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We strive to create a culture and work environment that enables us to attract, train, promote, and retain a diverse group of talented employees who together can help us gain a competitive advantage.

2024 FORM 10-K | 13

Core Values and Culture

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In addition, we utilize social media, local job fairs, employee referral bonuses, and educational organizations across the United States to find diverse, motivated and responsible employees.

2023 FORM 10-K | 13

Education and Training

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• Leadership Series Training - accessible online to all leaders and covers a variety of topics related to leading The H&P Way.

2024 FORM 10-K | 14

Safety Training and Serious Injury and/or Fatality ("SIF") Reduction Program

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We now believe it is more important to take a more holistic and proactive approach to identify safety issues which supports management's efforts to build trust with field employees.

Starting in 2015, we have redefined safety success as the Control and Removal of Exposures (C.A.R.E.) for self and others and encourage employees to report near miss incidents with serious, life-altering or fatal injury potential, identifying and reporting serious injury exposures for which employees are personally recognized and rewarded monetarily for exemplifying our Actively C.A.R.E culture.

Starting in 2015, we have redefined safety success as the C.A.R.E.

for self and others and encourage employees to report near miss incidents with serious, life-altering or fatal injury potential, identifying and reporting serious injury exposures for which employees are personally recognized and rewarded monetarily for exemplifying our Actively C.A.R.E culture.

We believe trust is key to organizational health, as well as safety and operational success.

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Our vision for the future of safety at H&P will be guided by these principles.

2023 FORM 10-K | 14

Diversity, Equity & Inclusion

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We are actively tracking diversity data to better understand demographics within the organization.

2024 FORM 10-K | 15

Employee Benefits, Health and Wellness

H&P values its employees and believes competitive compensation and benefit packages are essential to prioritizing the well-being of its staff.

Select highlights of our benefits programs include:

Select highlights of our benefits programs for US-based employees include:

• Medical, dental and vision insurance for all full-time employees, and all part-time employees working more than 20 hours per week, and their dependents;

• A 401(k) plan with Company match incentive for all full-time employees, and all part-time employees working more than 20 hours per week;

• Employer paid life insurance benefits, which include a life assistance program, identity theft protection, and travel assistance plan;

• Employer paid life and accidental and dismemberment and employer subsidized long-term disability;

• The Employee Assistance Plan, which offers wellness support with counseling, legal assistance, financial coaching, and identity theft resolution;

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• An Educational Assistance Plan, which offers reimbursement of tuition fees for any employee pursuing an undergraduate degree and, in some cases, post-graduate degrees.

We also provide supplemental non-statutory benefits to our international employees that are customary and competitive to each specific region.

Insurance and Risk Management

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We are unable to obtain significant amounts of insurance to cover risks of underground reservoir damage.

2023 FORM 10-K | 15

Our insurance may not in all situations provide sufficient funds to protect us from all liabilities that could result from our operations.

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We are not fully insured against all of these risks and our contractual indemnity provisions may not fully protect us.

2024 FORM 10-K | 16

Government Regulations

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In some areas of the world, government activity has adversely affected the amount of exploration and development work done by oil and gas companies and influenced their need for drilling services, and likely will continue to do so.

2023 FORM 10-K | 16

In addition, we are subject to a variety of other U.S.

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Data privacy, data security, and consumer protection laws in the U.S.

that apply to our operations include the Critical Infrastructure Act and the CAN-SPAM Act, and at the state level, the California Consumer Privacy Act (“CCPA”) as amended by the California Privacy Rights Act (“CPRA”).

Because we conduct business in France and the UK, we are also subject to the European General Data Protection Regulation (“GDPR”) and the UK Data Protection Act.

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Foreign Corrupt Practices Act or foreign anti‑bribery legislation could adversely affect our business and Our business is subject to complex and evolving laws and regulations regarding privacy, data security and consumer protection.

2024 FORM 10-K | 17

We are also subject to the jurisdiction of the U.S.

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Annual reports, quarterly reports, current reports, amendments to those reports, earnings releases, financial statements and our various corporate governance documents are also available free of charge upon written request.

2023 FORM 10-K | 17

Investors and others should note that we announce material financial information to our investors using our investor relations website (https://ir.helmerichpayne.com/websites/helmerichandpayne/English/0/investor-relations.html), SEC filings, press releases, public conference calls and webcasts.

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Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the social media channels listed on our investor relations website.

2024 FORM 10-K | 18

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business