Helmerich & Payne, Inc. 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INDEX TO CONSOLIDATED FINANCIAL STATEMENTS PAGE Management’s Report on Internal Control over Financial Reporting 61 Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 00042) 63 Consolidated Financial Statements: Consolidated Balance Sheets at September 30, 2025 and 2024 68 Consolidated Statements of Operations for the Years Ended September 30, 2025 , 2024 and 2023 69 Consolidated Statements of Comprehensive Income (Loss) for the Years Ended September 30, 2025 , 2024 and 2023 70 Consolidated Statements of Shareholders’ Equity for the Years Ended September 30, 2025 , 2024 and 2023 71 Consolidated Statements of Cash Flows for the Years Ended September 30, 2025 , 2024 and 2023 72 Notes to Consolidated Financial Statements 74 2025 FORM 10-K | 60 Table of Contents Management’s Report on Internal Control over Financial Reporting Management of Helmerich & Payne, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a‑15(f) or 15d‑15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting was designed under the supervision of the Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America, and includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and the Board of Directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. During 2025, we acquired KCA Deutag. Management's evaluation and conclusion as to the effectiveness of the design and operation of the Company's internal control over financial reporting as of the end of the period covered by this report excludes any evaluation of the internal control over financial reporting of KCA Deutag. SEC guidance permits the exclusion of an evaluation of the effectiveness of the registrant's internal control over financial reporting for an acquired business during the first year following such acquisition. The KCA Deutag business (excluding goodwill) constitutes approximately 38 percent of total assets and 27 percent of net revenue of the consolidated financial statement amounts as of and for the year ended September 30, 2025. Management assessed the effectiveness of the Company’s internal control over financial reporting as of September 30, 2025. In making this assessment, management used the criteria established in the Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Through its assessment, management identified a material weakness in our internal control over financial reporting related to the timely performance and lack of sufficient contemporaneous evidence of certain internal controls over the accounting for the KCA Deutag business combination, including the effectiveness of controls related to certain inputs used in the valuation of rigs and the recognition of deferred income taxes as of the acquisition date, assumptions used in the valuation of intangible assets, and the allocation of goodwill associated with the business combination to reporting units. As a result of the material weakness, management has concluded that the Company did not maintain effective internal control over financial reporting as of September 30, 2025. Prior to the filing of this Form 10-K, we have performed additional procedures to evaluate the assumptions and inputs used and the conclusions reached with regard to the valuation of rigs and intangible assets, the recognition of deferred income taxes, and the allocation of goodwill to reporting units, and have not identified any material adjustments that should be recorded in the financial statements. Accordingly, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded that our audited financial statements included in this Form 10-K present fairly, in all material respects, our financial position, results of operations and cash flows for the periods presented in accordance with GAAP. Additionally, the material weakness identified did not result in any material misstatements in our consolidated financial statements for the periods presented and there were no changes to our previously released financial statements. Furthermore, because we did not have another business combination prior to the end of our fiscal year, we were unable to remediate the resulting material weakness. Ernst & Young LLP , the independent registered public accounting firm that also audited the Company's consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting as of September 30, 2025, as stated in their report which appears herein. 2025 FORM 10-K | 61 Table of Contents Helmerich & Payne, Inc. by /s/ John W. Lindsay /s/ J. Kevin Vann John W. Lindsay Director and Chief Executive Officer J. Kevin Vann Senior Vice President and Chief Financial Officer November 21, 2025 November 21, 2025 2025 FORM 10-K | 62 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Helmerich & Payne, Inc. Opinion on Internal Control Over Financial Reporting We have audited Helmerich & Payne, Inc.’s internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of control criteria, Helmerich & Payne, Inc. (the Company) has not maintained effective internal control over financial reporting as of September 30, 2025, based on the COSO criteria. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management’s assessment. Management has identified a material weakness related to the timely performance and lack of sufficient contemporaneous evidence of certain internal controls over the accounting for the KCA Deutag business combination including the effectiveness of controls related to certain inputs used in the valuation of rigs and the recognition of deferred income taxes as of the acquisition date, assumptions used in the valuation of intangible assets, and the allocation of goodwill associated with the business combination to reporting units. As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of KCA Deutag, which is included in the 2025 consolidated financial statements of the Company and constituted 38% of total identifiable assets as of September 30, 2025 and 27% of revenues for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of KCA Deutag. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of September 30, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), shareholders’ equity and cash flows for each of the three years in the period ended September 30, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report dated November 21, 2025, which expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. 2025 FORM 10-K | 63 Table of Contents Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP Tulsa, Oklahoma November 21, 2025 2025 FORM 10-K | 64 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Helmerich & Payne, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Helmerich & Payne, Inc. (the Company) as of September 30, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), shareholders' equity and cash flows for each of the three years in the period ended September 30, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated November 21, 2025 expressed an adverse opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate. Self-Insurance Accruals Description of the Matter The Company's liability for self-insured risks for workers’ compensation and other casualty claims was $114.8 million at September 30, 2025. As described in Note 2 to the consolidated financial statements, this liability is based on a third-party actuarial analysis and includes an estimate for incurred but not reported claims. The actuarial analysis considers a variety of factors, including third-party adjusters’ estimates, historical experience, and statistical methods commonly used within the insurance industry. Auditing the Company’s liability for self-insured risks for workers’ compensation and other casualty claims is complex and required us to use our actuarial specialists due to the measurement uncertainty associated with the estimate, management’s application of significant judgment, and the use of various actuarial methods. 2025 FORM 10-K | 65 Table of Contents How We Addressed the Matter in Our Audit We evaluated the design and tested the operating effectiveness of the Company’s controls over the workers’ compensation and other casualty claims accrual process, including management’s review controls over the significant assumptions used in the calculation and the completeness and accuracy of the data underlying the reserve. To test the liability for self-insured risks for workers’ compensation and other casualty claims, we performed audit procedures that included, among others, testing the completeness and accuracy of the underlying claims data provided to management’s actuary and obtaining legal confirmation letters to evaluate the reserves recorded on significant litigated matters. Additionally, we involved our actuarial specialists to assist in our evaluation of the methodologies applied by management’s actuary in establishing the actuarially determined reserve. We compared the Company’s estimates to ranges of estimates independently developed by our actuarial specialists. Business Combination - Land Rigs and customer contracts Description of the Matter During fiscal year 2025, the Company acquired KCA Deutag for consideration of $2.0 billion, as disclosed in Note 3 to the consolidated financial statements. The transaction was accounted for as a business combination. Auditing the Company’s accounting for its acquisition of KCA Deutag was complex due to the number of markets and business lines represented in the transaction, the significant estimation required to determine the fair value of land rigs and the estimation uncertainty in the determination of the fair value of identified intangible assets, which principally consisted of customer contracts in Saudi Arabia and Azerbaijan. The fair value estimates for the acquired land rigs were sensitive to significant assumptions including replacement cost as adjusted for current age and current physical condition of the rigs. The Company utilized the multi-period excess earnings method to value the customer contract intangibles. The significant assumptions included weighted average cost of capital and certain assumptions that form the basis of forecasted results (primarily revenue and revenue growth rates). The significant assumptions used in the valuation of intangible assets are forward-looking and could be affected by future economic and market conditions. Additionally, auditing the Company's accounting for the acquisition was impacted by a material weakness in internal controls over the accounting for the business combination. How We Addressed the Matter in Our Audit After giving consideration of the material weakness, our audit procedures to test the estimated fair value of the land rigs and customer contract intangibles included, among others, evaluating the Company’s selection of the valuation methodology, evaluating the significant assumptions used by the Company and evaluating the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. We involved valuation specialists to assist with our evaluation of the methodologies used by the Company and significant assumptions included in the fair value estimates. Specifically for the valuation of land rigs, our valuation specialists also assisted by comparing key assumptions to current industry and market data, and developing an expected range of values based on significant inputs and assumptions to assess reasonableness of the Company’s estimates. Specifically for the valuation of the intangibles, we also performed sensitivity analysis and compared significant assumptions to historical results of the acquired business and to other guideline companies within the same industry. 2025 FORM 10-K | 66 Table of Contents Impairment of Goodwill Description of the Matter As more fully described in Note 6 to the consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level or more frequently when indications of potential impairment exist. During the third fiscal quarter, due primarily to the sustained decline in the Company’s share price and market capitalization, the Company identified indicators of potential impairment of goodwill and performed an interim impairment test, which resulted in an impairment charge of $173.3 million. The Company utilized a market approach to estimate the fair value of its reporting units based on earnings before interest, income taxes, depreciation and amortization (“EBITDA”) multiples of guideline public companies and transactions for each reporting unit. Auditing the goodwill impairment involved a high degree of subjectivity as the determination of EBITDA multiples utilized for each reporting unit involved significant judgment. The fair values of the reporting units were sensitive to the EBITDA multiples assumed within the range of selected guideline public companies and transactions for each reporting unit. How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company's goodwill impairment process. For example, we tested controls over management's review of the valuation method utilized and significant inputs and assumptions used in determining the reporting units’ fair value. To test the estimated fair value of the Company’s reporting units, our audit procedures included, among others, evaluating the valuation methodologies and testing the significant assumptions used by the Company. We involved valuation specialists to assist with our evaluation of the methodologies used by the Company and the evaluation of selected EBITDA multiples and guideline companies and transactions for each reporting unit. We performed sensitivity analyses on significant assumptions to evaluate the changes in the fair value of the reporting units that would result from changes in the assumptions. We also tested management’s reconciliation of the fair value of the reporting units to the market capitalization of the Company. /s/ Ernst & Young LLP We have served as the Company’s auditor since 1994. Tulsa, Oklahoma November 21, 2025 2025 FORM 10-K | 67 Table of Contents HELMERICH & PAYNE, INC. CONSOLIDATED BALANCE SHEETS September 30, (in thousands except share data and per share amounts) 2025 2024 ASSETS Current Assets: Cash and cash equivalents $ 196,848 $ 217,341 Restricted cash 27,412 68,902 Short-term investments 21,496 292,919 Accounts receivable, net of allowance of $ 19,647 and $ 2,977 , respectively 782,644 418,604 Inventories of materials and supplies, net 324,326 117,884 Prepaid expenses and other, net 97,518 76,419 Assets held-for-sale 15,231 — Total current assets 1,465,475 1,192,069 Investments, net 68,198 100,567 Property, plant and equipment, net 4,313,074 3,016,277 Other Noncurrent Assets: Goodwill 182,854 45,653 Intangible assets, net 485,540 54,147 Operating lease right-of-use assets 123,598 67,076 Restricted cash 1,640 1,242,417 Other assets, net 65,359 63,692 Total other noncurrent assets 858,991 1,472,985 Total assets $ 6,705,738 $ 5,781,898 LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 217,923 $ 135,084 Dividends payable 25,199 25,024 Accrued liabilities 564,855 286,841 Current portion of long-term debt, net 6,859 — Total current liabilities 814,836 446,949 Noncurrent Liabilities: Long-term debt, net 2,057,084 1,782,182 Deferred income taxes 624,000 495,481 Retirement benefit obligation 109,864 6,524 Other 270,616 133,610 Total noncurrent liabilities 3,061,564 2,417,797 Commitments and Contingencies (Note 16) Shareholders' Equity: Common stock, $ 0.10 par value, 160,000,000 shares authorized, 112,222,865 shares issued as of September 30, 2025 and 2024, and 99,446,577 and 98,755,412 shares outstanding as of September 30, 2025 and 2024, respectively 11,222 11,222 Preferred stock, no par value, 1,000,000 shares authorized, no shares issued — — Additional paid-in capital 513,050 518,083 Retained earnings 2,619,090 2,883,590 Accumulated other comprehensive income (loss) 44,964 ( 6,350 ) Treasury stock, at cost, 12,776,288 shares and 13,467,453 shares as of September 30, 2025 and 2024, respectively ( 463,536 ) ( 489,393 ) Non-controlling interest 104,548 — Total shareholders’ equity 2,829,338 2,917,152 Total liabilities and shareholders' equity $ 6,705,738 $ 5,781,898 The accompanying notes are an integral part of these consolidated financial statements. 2025 FORM 10-K | 68 Table of Contents HELMERICH & PAYNE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended September 30, (in thousands, except per share amounts) 2025 2024 2023 OPERATING REVENUES Drilling services $ 3,678,660 $ 2,746,128 $ 2,862,677 Other 67,353 10,479 9,744 3,746,013 2,756,607 2,872,421 OPERATING COSTS AND EXPENSES Drilling services operating expenses, excluding depreciation and amortization 2,511,408 1,624,681 1,708,599 Other operating expenses 56,019 4,483 4,477 Depreciation and amortization 625,085 397,344 382,314 Research and development 34,125 40,955 30,096 Selling, general and administrative 287,052 244,883 206,687 Acquisition transaction costs 54,702 14,982 — Asset impairment charges 194,030 — 12,097 Restructuring charges 12,131 — — Gain on reimbursement of drilling equipment ( 33,398 ) ( 33,309 ) ( 48,173 ) Other loss on sale of assets 1,541 5,139 8,016 3,742,695 2,299,158 2,304,113 OPERATING INCOME 3,318 457,449 568,308 Other income (expense) Interest and dividend income 35,207 41,168 28,393 Interest expense ( 107,808 ) ( 29,093 ) ( 17,283 ) Gain (loss) on investment securities ( 22,377 ) 13,953 11,299 Foreign currency exchange loss ( 9,682 ) ( 5,550 ) ( 6,419 ) Other 27,229 3,093 9,081 ( 77,431 ) 23,571 25,071 Income (loss) before income taxes ( 74,113 ) 481,020 593,379 Income tax expense 85,835 136,855 159,279 NET INCOME (LOSS) ( 159,948 ) 344,165 434,100 Net income attributable to non-controlling interest 3,747 — — NET INCOME (LOSS) ATTRIBUTABLE TO HELMERICH & PAYNE, INC. $ ( 163,695 ) $ 344,165 $ 434,100 Earnings (loss) per share attributable to Helmerich & Payne, Inc.: Basic $ ( 1.66 ) $ 3.43 $ 4.18 Diluted $ ( 1.66 ) $ 3.43 $ 4.16 Weighted average shares outstanding: Basic 99,272 98,857 102,447 Diluted 99,272 99,067 102,852 The accompanying notes are an integral part of these consolidated financial statements. 2025 FORM 10-K | 69 Table of Contents HELMERICH & PAYNE, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Year ended September 30, (in thousands) 2025 2024 2023 Net income (loss) $ ( 159,948 ) $ 344,165 $ 434,100 Other comprehensive income, net of income taxes: Net change related to employee benefit plans 10,308 2,143 4,091 Unrealized gain (loss) on available-for-sale debt security 808 ( 512 ) — Currency translation adjustment 40,198 — — Other comprehensive income 51,314 1,631 4,091 Comprehensive income (loss) ( 108,634 ) 345,796 438,191 Comprehensive income attributable to non-controlling interest 3,747 — — Comprehensive income (loss) attributable to Helmerich & Payne, Inc. $ ( 112,381 ) $ 345,796 $ 438,191 The accompanying notes are an integral part of these consolidated financial statements. 2025 FORM 10-K | 70 Table of Contents HELMERICH & PAYNE, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Non-controlling Interest (in thousands, except per share amounts) Shares Amount Shares Amount Total Balance at September 30, 2022 112,222 $ 11,222 $ 528,278 $ 2,473,572 $ ( 12,072 ) 6,929 $ ( 235,528 ) $ — $ 2,765,472 Comprehensive income: Net income — — — 434,100 — — — — 434,100 Other comprehensive income — — — — 4,091 — — — 4,091 Dividends declared ($ 1.00 per share, $ 0.94 supplemental per share) — — — ( 199,957 ) — — — — ( 199,957 ) Vesting of restricted stock awards, net of shares withheld for employee taxes — — ( 34,545 ) — — ( 678 ) 20,135 — ( 14,410 ) Stock-based compensation — — 32,456 — — — — — 32,456 Share repurchases — — — — — 6,545 ( 248,989 ) — ( 248,989 ) Other — — ( 820 ) — — — — — ( 820 ) Balance at September 30, 2023 112,222 $ 11,222 $ 525,369 $ 2,707,715 $ ( 7,981 ) 12,796 $ ( 464,382 ) $ — $ 2,771,943 Comprehensive income: Net income — — — 344,165 — — — — 344,165 Other comprehensive income — — — — 1,631 — — — 1,631 Dividends declared ($ 1.00 base per share, $ 0.68 supplemental per share) — — — ( 168,290 ) — — — — ( 168,290 ) Vesting of restricted stock awards, net of shares withheld for employee taxes — — ( 38,797 ) — — ( 729 ) 26,620 — ( 12,177 ) Stock-based compensation — — 31,198 — — — — — 31,198 Share repurchases — — — — — 1,400 ( 51,631 ) — ( 51,631 ) Other — — 313 — — — — — 313 Balance at September 30, 2024 112,222 $ 11,222 $ 518,083 $ 2,883,590 $ ( 6,350 ) 13,467 $ ( 489,393 ) $ — $ 2,917,152 Comprehensive income (loss): Net loss — — — ( 163,695 ) — — — 3,747 ( 159,948 ) Other comprehensive income — — — — 51,314 — — — 51,314 Non-controlling interest in connection with business acquisition (Note 3—Business Combination) — — — — — — — 116,061 116,061 Dividends declared ($ 1.00 per share) — — — ( 100,805 ) — — — — ( 100,805 ) Dividends declared and distributions to non-controlling interest — — — — — — — ( 15,484 ) ( 15,484 ) Vesting of restricted stock awards, net of shares withheld for employee taxes — — ( 36,690 ) — — ( 691 ) 25,857 — ( 10,833 ) Stock-based compensation — — 31,594 — — — — — 31,594 Other — — 63 — — — — 224 287 Balance at September 30, 2025 112,222 $ 11,222 $ 513,050 $ 2,619,090 $ 44,964 12,776 $ ( 463,536 ) $ 104,548 $ 2,829,338 The accompanying notes are an integral part of these consolidated financial statements. 2025 FORM 10-K | 71 Table of Contents HELMERICH & PAYNE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended September 30, (in thousands) 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ ( 159,948 ) $ 344,165 $ 434,100 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 625,085 397,344 382,314 Asset impairment charges 194,030 — 12,097 Amortization of debt discount and debt issuance costs 6,069 10,560 1,079 Stock-based compensation 31,594 31,198 32,456 (Gain) loss on investment securities 22,377 ( 13,953 ) ( 11,299 ) Gain on reimbursement of drilling equipment ( 33,398 ) ( 33,309 ) ( 48,173 ) Other loss on sale of assets 1,541 5,139 8,016 Deferred income tax benefit ( 78,661 ) ( 23,191 ) ( 20,400 ) Other 14,039 5,132 8,979 Change in assets and liabilities: Accounts receivable ( 48,598 ) ( 10,744 ) 56,281 Inventories of materials and supplies ( 26,851 ) ( 20,764 ) ( 7,826 ) Prepaid expenses and other 41,522 3,370 ( 1,803 ) Other noncurrent assets ( 11,459 ) ( 20,740 ) ( 11,135 ) Accounts payable ( 21,346 ) ( 2,291 ) 4,237 Accrued liabilities ( 74,607 ) 16,798 ( 10,139 ) Other noncurrent liabilities 61,561 ( 4,051 ) 4,898 Net cash provided by operating activities 542,950 684,663 833,682 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ( 426,373 ) ( 495,072 ) ( 395,460 ) Purchase of short-term investments ( 117,057 ) ( 200,653 ) ( 180,993 ) Purchase of long-term investments ( 3,296 ) ( 9,120 ) ( 20,748 ) Payment for acquisition of business, net of cash acquired ( 1,836,072 ) — — Proceeds from sale of short-term investments 378,353 204,152 195,311 Proceeds from sale of long-term investments 31,990 — — Insurance proceeds from involuntary conversion 2,366 5,533 9,221 Proceeds from asset sales 45,776 46,412 70,085 Other ( 1,029 ) ( 10,000 ) — Net cash used in investing activities ( 1,925,342 ) ( 458,748 ) ( 322,584 ) CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid ( 100,735 ) ( 168,459 ) ( 201,456 ) Distributions to non-controlling interests ( 15,380 ) — — Proceeds from debt issuance 400,000 1,247,629 — Debt issuance costs ( 2,629 ) ( 22,934 ) — Payments for employee taxes on net settlement of equity awards ( 10,836 ) ( 12,177 ) ( 14,410 ) Payment of contingent consideration from acquisition of business — ( 6,250 ) ( 250 ) Payments on unsecured long-term debt ( 200,000 ) — — Share repurchases — ( 51,302 ) ( 247,213 ) Other ( 3,759 ) — ( 540 ) Net cash provided by (used in) financing activities 66,661 986,507 ( 463,869 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 12,971 — — Net increase (decrease) in cash and cash equivalents and restricted cash ( 1,302,760 ) 1,212,422 47,229 Cash and cash equivalents and restricted cash, beginning of period 1,528,660 316,238 269,009 Cash and cash equivalents and restricted cash, end of period $ 225,900 $ 1,528,660 $ 316,238 The accompanying notes are an integral part of these consolidated financial statements. 2025 FORM 10-K | 72 Table of Contents HELMERICH & PAYNE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) Year Ended September 30, (in thousands) 2025 2024 2023 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid (received) during the period: Interest paid $ 82,295 $ 15,947 $ 17,099 Income tax paid 205,618 181,349 199,139 Income tax received ( 201 ) ( 1,224 ) ( 26,809 ) Cash paid for amounts included in the measurement of lease liabilities: Payments for operating leases 56,590 13,260 12,441 Non-cash operating and investing activities: Changes in accounts payable and accrued liabilities related to purchases of property, plant and equipment 11,780 ( 20,454 ) ( 2,554 ) The accompanying notes are an integral part of these consolidated financial statements. 2025 FORM 10-K | 73 Table of Contents HELMERICH & PAYNE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 NATURE OF OPERATIONS Helmerich & Payne, Inc. (“H&P,” which, together with its subsidiaries, is identified as the “Company,” “we,” “us,” or “our,” except where stated or the context requires otherwise) through its operating subsidiaries provides performance-driven drilling solutions and technologies that are intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies. KCA Deutag Acquisition On January 16, 2025 (the “Closing Date” or "Acquisition Date"), H&P completed its acquisition of the entire issued share capital (the "Acquisition") of KCA Deutag International Limited ("KCA Deutag") pursuant to the Sale and Purchase Agreement (the "Purchase Agreement"). H&P paid aggregate cash consideration of approximately $ 2.0 billion, which consisted of the share purchase price of $ 0.9 billion and $ 1.1 billion which was used to contemporaneously repay or redeem certain of KCA Deutag's existing debt, including, as applicable, the payment of all accrued and unpaid interest, premiums, and fees. The Company's results presented for the fiscal year ended September 30, 2025 reflect a full 365 days of legacy H&P operations and 258 days of KCA Deutag operations, as the Acquisition was completed on January 16, 2025. KCA Deutag is a diverse global drilling company. The company derives a significant portion of its revenues and cash flow from its land operations and has a substantial land drilling presence in the Middle East with additional operations in South America, Europe, and Northern Africa. In addition to its land operations, the company has asset-light offshore management contract operations in the North Sea, Angola, Azerbaijan and Canada. Management contract operations provide services to customer platforms where the customer owns the drilling rig. KCA Deutag’s BENTEC™ (formally Kenera) business unit comprises manufacturing and engineering operations with four facilities serving the energy industry. Subsequent to September 30, 2025, we announced the rebranding of KCA Deutag’s Kenera business unit to BENTEC™. The BENTEC™ name, already recognized in the market, will now represent all products and services previously associated with Kenera and its sub-brands. Accordingly, throughout this document and in future references, Kenera will be referred to as BENTEC™. For additional information regarding the completion of the Acquisition, refer to Note 3—Business Combination. Our Segments During the second quarter of fiscal year 2025, the naming convention for one of our reportable segments changed from Offshore Gulf of Mexico to Offshore Solutions. Beginning on the Closing Date, Offshore Solutions now includes the results from the acquired KCA Deutag offshore management contract operations. Similarly, our International Solutions segment now includes the results from the acquired KCA Deutag land operations. Operating results related to KCA Deutag's BENTEC™ business unit are included in "Other" along with results from our real estate operations and our wholly-owned captive insurance companies. Our North America Solutions operating segment remains unchanged. Refer to Note 17—Business Segments and Geographic Information for further details on our reportable segments. Our North America Solutions operations are primarily located in Texas, but also traditionally operate in other states, depending on demand. Our International Solutions operations are conducted in major international oil and gas markets, primarily in the Middle East and Latin America. Our Offshore Solutions operations consist of asset-light offshore management contracts and contracted rig platforms located in U.S. federal waters, the North Sea and Norwegian Sea off the coast of Norway, Caspian Sea and other international waters. Our "Other" operations is comprised of our BENTEC™ manufacturing and engineering activities, our real estate operations, and our wholly-owned captive insurance companies. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, RELATED RISKS AND UNCERTAINTIES Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 2025 FORM 10-K | 74 Table of Contents Principles of Consolidation The Consolidated Financial Statements include the accounts of H&P and its domestic and foreign subsidiaries. Consolidation of a subsidiary begins when the Company gains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income, expenses and other comprehensive income or loss of a subsidiary acquired or disposed of during the fiscal year are included in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) from the date the Company gains control until the date when the Company ceases to control the subsidiary. The equity attributable to non-controlling interests in subsidiaries is shown separately in the accompanying Consolidated Balance Sheets. All intercompany accounts and transactions have been eliminated upon consolidation. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. As of September 30, 2025 and 2024, restricted cash was $ 29.1 million and $ 1.3 billion, respectively. Of the total at September 30, 2025 and 2024, $ 27.4 million and $ 68.9 million, respectively, represents the amount management has elected to restrict for the purpose of potential insurance claims in our wholly-owned captive insurance companies. Additionally, of the total at September 30, 2024, $ 1.2 billion represents net proceeds from senior notes issued in fiscal year 2024 to finance the purchase price of the Acquisition and to repay certain of KCA Deutag's outstanding indebtedness and was subsequently used during the fiscal year ended September 30, 2025 to fund the Acquisition. For additional information regarding the completion of the Acquisition, refer to Note 3—Business Combination. The restricted amounts are primarily invested in short-term money market securities. Cash, cash equivalents, and restricted cash are reflected on the Consolidated Balance Sheets as follows: September 30, (in thousands) 2025 2024 2023 Current Assets: Cash and cash equivalents $ 196,848 $ 217,341 $ 257,174 Restricted cash 27,412 68,902 59,064 Other Noncurrent Assets: Restricted cash 1,640 1,242,417 — Total cash, cash equivalents, and restricted cash $ 225,900 $ 1,528,660 $ 316,238 Accounts Receivable Accounts receivable represents valid claims against our customers for our services rendered, net of allowances for credit losses. We perform credit evaluations of customers and do not typically require collateral in support for trade receivables. We provide an allowance for credit losses to cover estimated credit losses. Outstanding customer receivables are reviewed regularly for possible nonpayment indicators. We estimate expected credit losses over the life of our financial assets, which primarily consist of our accounts receivable, through a review of several factors, including historical collection experience, current aging status of the customer accounts, and current financial strength and liquidity of our customers. We evaluate our customers’ financial strength and liquidity based on aging of accounts receivable, payment history, and other relevant information, including ratings agency, credit ratings and alerts, and publicly available reports. Inventories of Materials and Supplies Inventories are primarily replacement parts and supplies held for consumption in our drilling operations. Inventories are valued at weighted average cost and include the cost of materials, shipping, duties and labor, less an allowance for excess and obsolete items. We estimate the allowance for excess and obsolete items based on historical experience and expectations for future use of the materials and supplies. The allowance for excess and obsolete inventory was $ 93.5 million and $ 19.5 million for fiscal years 2025 and 2024, respectively. Of the $ 93.5 million of allowance for excess and obsolete inventory, $ 74.7 million is attributable to our recently acquired subsidiary, KCA Deutag. 2025 FORM 10-K | 75 Table of Contents Investments We maintain strategic investments in equity and debt securities of certain publicly traded and private companies together with short-term investments to manage liquidity in U.S. government, federal agency and corporate debt securities. We recognize our equity securities that have readily determinable fair values at fair value, with changes in such values reflected in net income. Our equity securities without readily determinable fair values are measured at cost, less any impairments and marked to fair value once observable changes in identical or similar investments from the same issuer occur. Debt securities classified as available-for-sale are reported at fair value and subject to impairment testing. Other than impairment losses, unrealized gains/losses are recognized, net of the related tax effect, in other comprehensive income. Upon sale, realized gains/losses are reported in net income. Related Party Transactions In October 2022, we made a $ 14.1 million equity investment, representing 106.0 million common shares in Tamboran Resources. In December 2023, all shares of Tamboran Resources were transferred to Tamboran Corp. in exchange for depository interests in Tamboran Corp. Depository interests, referred to as CHESS Depository Interests, each representing beneficial interests of 1/200th of a share of Tamboran Corp. common stock, are listed on the Australian Stock Exchange under the ticker symbol "TBN." Tamboran Corp. is focused on developing a natural gas resource in Australia's Beetaloo Sub-basin. On June 4, 2024, the Company entered into a convertible note agreement with Tamboran Corp. This note was utilized to relieve Tamboran's outstanding accounts receivable balance owed to the Company, and therefore no cash was exchanged as part of the transaction. The convertible note agreement provided that the notes converted into shares of common stock of Tamboran Corp. under certain circumstances in connection with an initial public offering in which its stock was listed on the NYSE or NASDAQ Stock Exchange. On June 26, 2024, Tamboran Corp. completed an initial public offering of its common stock on the NYSE and its common stock is listed on the NYSE, under the ticker "TBN". As a result of this offering, the convertible note of $ 9.4 million was converted into 0.5 million common shares in Tamboran Corp. During the fiscal year ended September 30, 2025, our representation on the investee’s board of directors ceased. As a result, we determined that we no longer have the ability to exert significant influence over the investee. Accordingly, Tamboran Resources will no longer be classified as a related party in future reporting periods. Concurrent with the October 2022 investment agreement, we entered into a fixed-term drilling services agreement with Tamboran Resources. As of September 30, 2025 and 2024, we recorded $ 0.7 million and $ 5.0 million in receivables, respectively, and $ 3.9 million in contract liabilities in both periods on our Consolidated Balance Sheets. We recognized $ 16.1 million and $ 14.1 million in revenue on our Consolidated Statement of Operations the fiscal years ended September 30, 2025 and 2024, respectively, related to the drilling services agreement with Tamboran Resources, which commenced drilling services during the fourth fiscal quarter of 2023. We expect to earn $ 26.3 million in revenue over the remaining contract term, and, as such, this amount is included within our contract backlog as of September 30, 2025. Property, Plant, and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. Substantially all property, plant and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets after deducting their salvage values. The amount of depreciation expense we record is dependent upon certain assumptions, including an asset’s estimated useful life, rate of consumption, and corresponding salvage value. We periodically review these assumptions and may change one or more of these assumptions. Changes in our assumptions may require us to recognize, on a prospective basis, increased or decreased depreciation expense. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Changes that could prompt such an assessment include a significant decline in revenue or cash margin per day, extended periods of low rig asset group utilization, changes in market demand for a specific asset, obsolescence, restructuring of our drilling fleet, and/or overall general market conditions. If the review of the long-lived assets indicates that the carrying value of these assets/asset groups is more than the estimated undiscounted future cash flows projected to be realized from the use of the asset and its eventual disposal an impairment charge is recognized, as required, to adjust the carrying value down to the estimated fair value of the asset. The estimated fair value is determined based upon either an income approach using estimated discounted future cash flows, a market approach considering factors such as recent market sales of rigs of other companies and our own sales of rigs, appraisals and other factors, a cost approach utilizing reproduction costs new as adjusted for the asset age and condition, and/or a combination of multiple approaches. Cash flows are estimated by management considering factors such as prospective market demand, margins, recent changes in rig technology and its effect on each rig’s marketability, any investment required to make a rig operational, suitability of rig size and make up to existing platforms, and competitive dynamics including industry utilization. Long-lived assets that are held for sale are recorded at the lower of carrying value or the fair value less costs to sell. 2025 FORM 10-K | 76 Table of Contents Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination, at the date of acquisition. Goodwill is not amortized, but is tested for potential impairment at the reporting unit level at a minimum on an annual basis in the fourth fiscal quarter of each fiscal year or when it is more likely than not that the carrying value may exceed fair value. If an impairment is determined to exist, an impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value is recognized, limited to the total amount of goodwill allocated to that reporting unit. The reporting unit level is defined as an operating segment or one level below an operating segment. Finite-lived intangible assets are amortized using the straight-line method over the period in which these assets contribute to our cash flows, generally estimated to be 1 to 16 years, and are evaluated for impairment in accordance with our policies for valuation of long-lived assets. Drilling Revenues Drilling services revenues are primarily comprised of daywork drilling contracts for which the related revenues and expenses are recognized as services are performed and collection is reasonably assured. For certain contracts, we receive payments contractually designated for the mobilization of rigs and other drilling equipment. Revenues associated with mobilization and demobilization and direct costs incurred for the mobilization are deferred and recognized on a straight-line basis as the drilling service is provided. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. Reimbursements received for out-of-pocket expenses are recorded as both revenues and direct costs. Reimbursements for fiscal years 2025, 2024 and 2023 were $ 431.2 million, $ 334.6 million and $ 345.5 million, respectively. For fixed-term contracts that are terminated by customers prior to the expirations, contractual provisions customarily require early termination amounts to be paid to us. Revenues from early terminated contracts are recognized when all contractual requirements have been met. Early termination revenue for fiscal years 2025, 2024 and 2023 was approximately $ 2.3 million, $ 13.4 million and $ 2.3 million, respectively. Income Taxes Current income tax expense is the amount of income taxes expected to be payable for the current fiscal year. Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial basis and the tax basis of our assets and liabilities. We take tax positions in our tax returns from time to time that may not ultimately be allowed by the relevant taxing authority. When we take such positions, we evaluate the likelihood of sustaining those positions and determine the amount of tax benefit arising from such positions, if any, that should be recognized in our financial statements. We recognize uncertain tax positions we believe have a greater than 50 percent likelihood of being sustained. Tax benefits not recognized by us are recorded as a liability for unrecognized tax benefits, which represents our potential future obligation to various taxing authorities if the tax positions are not sustained. See Note 8—Income Taxes. Amounts for uncertain tax positions are adjusted in periods when new information becomes available or when positions are effectively settled. We recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in other expense in the Consolidated Statements of Operations. Earnings per Common Share Basic earnings per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for nonvested restricted stock and performance share units. We have granted and expect to continue to grant to employees restricted stock grants that contain non-forfeitable rights to dividends. Such grants are considered participating securities under Accounting Standards Codification ("ASC") 260, Earnings Per Share . As such, we have included these grants in the calculation of our basic earnings per share. Stock-Based Compensation Stock-based compensation expense is determined using a fair-value-based measurement method for all awards granted. The fair value of restricted stock awards is determined based on the closing price of our shares on the grant date. The grant date fair value of performance share units is determined through the use of the Monte Carlo simulation method. The Monte Carlo simulation method requires the use of highly subjective assumptions. Our key assumptions in the method include the price and the expected volatility of our stock and our self-determined peer group of companies’ (the "Peer Group") stock, risk free rate of return, dividend yields and cross-correlations between the Company and our Peer Group. Stock-based compensation is recognized on a straight-line basis over the requisite service periods of the stock awards, which is generally the vesting period. Stock-based compensation expense is recorded as a component of drilling services operating expenses, research and development expenses and selling, general and administrative expenses in the Consolidated Statements of Operations. See Note 11—Stock-based Compensation for additional discussion on stock-based compensation. 2025 FORM 10-K | 77 Table of Contents Treasury Stock Treasury stock purchases are accounted for under the cost method whereby the cost of the acquired stock is recorded as treasury stock. Gains and losses on the subsequent reissuance of shares are credited or charged to additional paid-in capital using the average-cost method. Treasury stock may be issued for awards under our omnibus incentive plans. Comprehensive Income or Loss Other comprehensive income or loss refers to revenues, expenses, gains, and losses that are included in comprehensive income or loss but excluded from net income or loss. We report the components of other comprehensive income or loss, net of tax, by their nature and disclose the tax effect allocated to each component in the Consolidated Statements of Comprehensive Income (Loss). Leases We lease various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of one to 15 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use asset and a corresponding liability within accrued liabilities and other non-current liabilities at the date at which the leased asset is available for use by the Company. Operating lease expense is recognized on a straight-line basis over the life of the lease. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis for finance type leases. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • Fixed payments (including in-substance fixed payments), less any lease incentives receivable • Variable lease payments that are based on an index or a rate • Amounts expected to be payable by the lessee under residual value guarantees • The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and • Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, our incremental borrowing rate is used, which is the rate that we would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost and are comprised of the following: • The amount of the initial measurement of lease liability • Any lease payments made at or before the commencement date less any lease incentives received • Any initial direct costs, and • Asset retirement obligations related to that lease, as applicable. Payments associated with short-term leases are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs and is within our control. Refer to Note 5—Leases for additional information regarding our leases. 2025 FORM 10-K | 78 Table of Contents Use of Estimates The preparation of our financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In accordance with our policy, we review the estimated useful lives of its fixed assets and intangible assets on an ongoing basis. As a result of this review and based on events occurring during the fiscal year ended September 30, 2025, we adjusted the estimated useful life of the intangible assets arising from the Acquisition. The weighted average useful life for customer relationships decreased from 15 years to 9 years. This change was effective and accounted for prospectively beginning on April 1, 2025. The effects of this change in the estimated useful life for the fiscal year ended September 30, 2025, was an increase in amortization expense of $ 15.6 million, an increase in net loss of $ 12.4 million, and an increase to basic and diluted loss per share of $ 0.12 . Recently Issued Accounting Updates Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). We consider the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable, clarifications of ASUs listed below, immaterial, or already adopted by the Company. 2025 FORM 10-K | 79 Table of Contents The following table provides a brief description of recently adopted accounting pronouncements and our analysis of the effects on our financial statements: Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Recently Adopted Accounting Pronouncements ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update enhance annual and interim disclosure requirements, determine significant segment expense, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. This update is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. September 30, 2025 We adopted this ASU during the fourth quarter of fiscal year 2025, as required. The adoption did not affect our Consolidated Financial Statements and did not materially affect our disclosures. The required additional disclosures are included in Note 17—Business Segments and Geographic Information. Standards that are not yet adopted as of September 30, 2025 ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures This ASU enhances income tax disclosure requirements. Under the ASU, public business entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). Specific categories that must be included in the reconciliation for each annual reporting period are specified in the amendment. This update is effective for annual periods beginning after December 15, 2024. Early adoption of the amendments is permitted. Upon adoption, the amendments shall be applied on a prospective basis. Retrospective application is permitted. September 30, 2026 We plan to adopt this ASU, as required, during fiscal year 2026, with the first disclosure enhancements reflected in our fiscal year 2026 Form 10-K. We are currently evaluating the impact this ASU will have on our disclosures. ASU No. 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosure (Subtopic 220-40) This ASU enhances disclosure requirements for certain costs and expenses. The amendments in this update enhance annual and interim disclosure requirements, certain liability-related expenses, expense reimbursements related to a cost-sharing or cost-reimbursement arrangement with another entity, and the disaggregation of relevant expense captions. This update gives entities the ability to use estimates or other methods that produce a reasonable approximation of the amounts required to be disclosed. This update is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments shall be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. September 30, 2028 We plan to adopt this ASU, as required, during fiscal year 2028 with the first disclosure enhancements reflected in our fiscal year 2028 Form 10-K. We are currently evaluating the impact the new guidance may have on our Consolidated Financial Statements and disclosures. Self-Insurance We self-insure a significant portion of expected losses relating to workers’ compensation, general liability and automobile liability. Generally, self-insured retentions ("SIRs") or deductibles range from $ 1 million to $ 10 million per occurrence depending on the coverage and whether a claim occurs outside or inside of the United States. Insurance is purchased over SIRs or deductibles to reduce our exposure to catastrophic events. Estimates are recorded for incurred outstanding liabilities for workers’ compensation, general, and automobile liability, including claims that are incurred but not reported. Estimates are based on adjusters’ estimates, historical experience and statistical methods commonly used within the insurance industry that we believe are reliable. Insurance recoveries related to such liabilities are recorded when considered probable. We have also engaged a third-party actuary to perform a review of our casualty losses as well as losses in our captive insurance companies. Nonetheless, insurance estimates include certain assumptions and management judgments regarding the frequency and severity of claims, claim development and settlement practices. Unanticipated changes in these factors may produce materially different amounts of expense that would be reported under these programs. The Company also self-insures employee health plan exposures in excess of employee deductibles. This program is also reviewed at the end of each policy year by a third-party actuary. 2025 FORM 10-K | 80 Table of Contents We continue to use our Captive insurance companies to fund the SIRs and deductibles for our domestic workers’ compensation, general liability, automobile liability claims programs, medical stop-loss program, and certain international casualty and property programs. Our operating subsidiaries are paying premiums to the Captives, typically on a monthly basis, for the estimated losses based on an external actuarial analysis. These premiums are currently held in a restricted cash account, resulting in a transfer of risk from our operating subsidiaries to the Captives. Direct operating costs consisted primarily of adjustments to accruals for estimated losses of $ 39.9 million, $ 11.4 million, and $ 12.5 million and rig and casualty insurance premiums of $ 42.7 million, $ 37.6 million, and $ 39.7 million during the fiscal years ended September 30, 2025, 2024, and 2023, respectively. These operating costs were recorded within drilling services operating expenses in our Consolidated Statement of Operations. Intercompany premium revenues recorded by the Captives during the fiscal years ended September 30, 2025, 2024, and 2023 amounted to $ 69.2 million, $ 61.2 million, and $ 67.4 million, respectively, which were eliminated upon consolidation. These intercompany insurance premiums are reflected as segment operating expenses within the North America Solutions, International Solutions, and Offshore Solutions reportable operating segments and are reflected as intersegment sales within "Other." Our medical stop loss operating expenses for the fiscal year ended September 30, 2025, 2024, and 2023 were $ 20.7 million, $ 15.5 million, and $ 10.6 million, respectively. Foreign Currencies The reporting and functional currency of the parent company, H&P, is the United States Dollar ("USD"). Our foreign subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the functional currency). For some of our foreign subsidiaries, functional currency is not measured in U.S. Dollars, and, instead, is the local currency. On consolidation, the assets and liabilities of our non-U.S. Dollar functional entities are translated at exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rates prevailing during the reporting period. Translation adjustments are recorded as a separate component of stockholders’ equity and are included in Other comprehensive income or loss on the Consolidated Statements of Comprehensive Income (Loss). For foreign subsidiaries where the functional currency is the USD, monetary assets and liabilities are remeasured at the exchange rate in effect at the balance sheet date, while non-monetary items are remeasured at historical exchange rates. Revenues and expenses are remeasured at the average exchange rates prevailing during the reporting period. Gains and losses resulting from remeasurement are included within Foreign currency exchange loss on the Consolidated Statements of Operations. Prior to the current fiscal year, foreign currency exchange gains and losses were presented in the operating costs and expense line items to which they relate, namely within Drilling services operating expenses, on our Consolidated Statements of Operations. To conform with the current period presentation, we reclassified amounts previously presented in separate line items within operating costs and expenses to the Foreign currency exchange loss line on our Consolidated Statements of Operations for the fiscal years ended September 30, 2024 and 2023. The impact of this change was not material to any period presented. Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of temporary cash investments, short and long-term investments, and trade receivables. The industry concentration has the potential to impact our overall exposure to market and credit risks, either positively or negatively, in that our customers could be affected by similar changes in economic, industry or other conditions. However, we believe that the credit risk posed by this industry concentration is offset by the creditworthiness of our customer base. Revenue from drilling services performed for our largest drilling customer, which is reported in our North America Solutions segment, totaled approximately 12.0 percent ($ 451.3 million) and 11.0 percent ($ 302.6 million) of our total consolidated revenues during fiscal years 2025 and 2024, respectively. In fiscal year 2023, no individual customers constituted 10 percent or more of our total consolidated revenues. We place cash in excess of our immediate needs in the United States with established financial institutions and primarily invest in a diversified portfolio of highly rated, short-term instruments. Our trade receivables, primarily with established companies in the oil and gas industry, may impact credit risk as customers may be similarly affected by prolonged changes in economic and industry conditions. International sales also present various risks including governmental activities that may limit or disrupt markets and restrict the movement of funds. Most of our international sales, however, are to large international, majority state-owned, or government-owned national oil companies. Volatility of Market Our operations can be materially affected by oil and gas prices. Oil and natural gas prices have been historically volatile and difficult to predict with any degree of certainty. While current energy prices are important contributors to positive cash flow for customers, expectations about future prices and price volatility are generally more important for determining a customer’s future spending levels. This volatility, along with the difficulty in predicting future prices, can lead many exploration and production companies to base their capital spending on more conservative estimates of commodity prices. As a result, demand for drilling services is not always purely a function of the movement of commodity prices. 2025 FORM 10-K | 81 Table of Contents In addition, customers may finance their exploration activities through cash flow from operations, the incurrence of debt or the issuance of equity. Any deterioration in the credit and capital markets may cause difficulty for customers to obtain funding for their capital needs. A reduction of cash flow resulting from declines in commodity prices or a reduction of available financing may result in a reduction in customer spending and the demand for our services. This reduction in spending could have a material adverse effect on our operations. International Operations Risks International operations may significantly contribute to our revenues and net operating income or loss. There can be no assurance that we will be able to successfully conduct such operations, and a failure to do so may have an adverse effect on our financial position, results of operations, and cash flows. Also, the success of our International operations will be subject to numerous contingencies, some of which are beyond management’s control. These contingencies include general and regional economic conditions, geopolitical developments and tensions, war and uncertainty in oil producing countries, fluctuations in currency exchange rates, foreign currency exchange restrictions and other difficulties repatriating cash from foreign countries, changes in international regulatory requirements and international employment issues, risk of expropriation of real and personal property and the burden of complying with foreign laws. Additionally, in the event that extended labor strikes occur or a country experiences significant political, economic or social instability, we could experience shortages in labor and/or material and supplies necessary to operate some of our drilling rigs, thereby potentially causing an adverse material effect on our business, financial condition and results of operations. Because of the impact of local laws, some of our current operations and potential future operations in certain areas may be conducted through entities in which local citizens own interests. Additionally, these operations might involve entities (including joint ventures) where we hold only a minority interest or where operations are carried out under contract with local entities. While we believe that neither operating through such entities nor pursuant to such arrangements would have a material adverse effect on our operations or revenues, there can be no assurance that we will in all cases be able to structure or restructure our operations to conform to local law (or the administration thereof) on terms acceptable to us. During the fiscal year ended September 30, 2025, approximately 33.8 percent of our operating revenues were generated from international locations compared to 7.2 percent during the fiscal year ended September 30, 2024. The increase was primarily driven by the completion of the Acquisition, resulting in an additional 27.0 percent ($ 1.0 billion) of revenue during the fiscal year ended September 30, 2025. Although we attempt to minimize the potential impact of such risks by operating in more than one geographical area, during the fiscal year ended September 30, 2025, approximately 13.9 percent of our total consolidated operating revenues were from operations in the Middle East compared to 1.0 percent during the fiscal year ended September 30, 2024. The majority of our operating revenues in the Middle East were from operations in Saudi Arabia and Oman. During the fiscal year ended September 30, 2025, a single customer in Saudi Arabia accounted for 7.0 percent of our total consolidated operating revenues. This customer has the ability to suspend rigs and a portion of our rigs with this customer are currently suspended. The Company's results presented for the fiscal year ended September 30, 2025 reflect a full 365 days of legacy H&P operations and 258 days of KCA Deutag operations, as the Acquisition was completed on January 16, 2025. The future occurrence of one or more international events arising from the types of risks described above could have a material adverse impact on our business, financial condition and results of operations. NOTE 3 BUSINESS COMBINATION On January 16, 2025 (the “Closing Date” or "Acquisition Date"), H&P and certain of its wholly owned subsidiaries completed the previously announced agreement to acquire KCA Deutag. Upon closing, H&P paid aggregate cash consideration of approximately $ 2.0 billion, which consisted of the share purchase price of $ 0.9 billion and $ 1.1 billion which was used to contemporaneously repay or redeem certain of KCA Deutag's existing debt, including, as applicable, the payment of all accrued and unpaid interest, premiums, and fees. Of the $ 0.9 billion, approximately $ 80.0 million was deposited into a customary escrow on the Closing Date pending the resolution of certain potential tax obligations of KCA Deutag. In May 2025, these escrowed funds were subsequently released to the shareholders following a determination that KCA Deutag would not be liable for the identified obligations. As part of this release, H&P received approximately $ 5.2 million, primarily attributable to favorable movements in the euro foreign exchange rate since the Closing Date. This amount is reported within Foreign currency exchange loss in our Consolidated Statements of Operations for the year ended September 30, 2025. To finance the purchase price and to pay related fees and expenses, we completed a private offering of $ 1.25 billion aggregate principal amount of senior notes, together with the proceeds of a term loan credit agreement, cash on hand, and monetization of our investment in ADNOC Drilling. Refer to Note 7—Debt for further details on the senior notes and term loan credit agreement. 2025 FORM 10-K | 82 Table of Contents The Acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations , which requires the assets acquired and liabilities assumed to be recorded at their Acquisition Date fair values. Determining the fair value of acquired assets and liabilities assumed requires the use of independent valuation specialists and the use of significant estimates and assumptions with respect to future rig counts, estimated economic useful lives, operating and capital cost estimates, and a weighted average discount rate reflecting the cost of capital for market participants of 11.0 percent. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, deferred income, contingent liabilities, and provisions and other payables approximate their fair values due to their nature. The remaining assets acquired and liabilities assumed are based on inputs that are not observable in the market and thus represent Level 3 inputs. During September 2025, we finalized the allocation of the purchase price. The following table summarizes the final purchase price and the fair values of assets acquired and liabilities assumed at the Acquisition Date, inclusive of measurement period adjustments: (in thousands) Total cash consideration $ 2,035,523 Allocation of purchase price Current assets acquired: Cash and cash equivalents 199,447 Short-term investments 33 Accounts receivable, net 1 316,207 Inventories of materials and supplies, net 183,527 Prepaid expenses and other, net 87,998 Noncurrent assets acquired: Investments, net 1,146 Property, plant and equipment, net 1,459,490 Intangible assets, net 468,809 Operating lease right-of-use assets 46,162 Total assets acquired 2,762,819 Current liabilities assumed: Accounts payable and accrued liabilities 479,976 Current portion of long-term debt, net 6,755 Noncurrent liabilities assumed: Deferred income 6,163 Long-term debt, net 78,188 Deferred income taxes 202,050 Retirement benefit obligations 99,043 Other 52,999 Total liabilities assumed 925,174 Net assets acquired $ 1,837,645 Add: Fair value of non-controlling interests acquired 116,061 Goodwill $ 313,939 (1) The fair value of accounts receivable is $ 316.2 million, with the gross contractual amount being $ 329.3 million. The Company estimates $ 13.1 million to be uncollectible. Refer to Note 6—Goodwill and Intangible Assets for more information on measurement period adjustments made during the year ended September 30, 2025. Inventory Inventory includes materials, supplies and spare parts used as part of contract drilling operations and was valued at fair value using a replacement cost approach. 2025 FORM 10-K | 83 Table of Contents Property, Plant and Equipment Property, plant and equipment consists primarily of drilling rigs and equipment and will be depreciated on a straight-line basis over the estimated useful lives of the assets. These assets were valued using a combination of replacement cost and a market approach. Intangible Assets Intangible assets included in the Acquisition consist of developed technology, customer relationships, a trade name, and in-process research and development. The fair values were determined using a combination of the income and market approach. These assets will be amortized over their respective periods of expected benefit. Refer to Note 6—Goodwill and Intangible Assets for estimated amortization expense over the next five years. The values assigned to each intangible asset and the corresponding useful lives, as of the Acquisition Date, are as follows: (in thousands) Amount Weighted Average Useful life (Years) Customer relationships $ 432,200 9 years Trade name 10,860 10 years Developed technology 21,420 11 years In-process research and development 4,329 Indefinite Estimated fair value of acquired intangible assets $ 468,809 As of September 30, 2025, the acquired customer relationships had a weighted average remaining term of 2.0 years until their next contract renewal or extension. Operating Lease Right-of-Use Assets In connection with the Acquisition, we acquired operating lease right-of-use assets and corresponding current and noncurrent liabilities as summarized below: (in thousands) Amount Real estate properties $ 34,369 Drilling equipment 11,793 Total Operating lease right-of-use asset $ 46,162 Current portion of lease liabilities within Accounts payable and Accrued liabilities $ 16,557 Noncurrent portion of operating lease liabilities within Other noncurrent liabilities 39,377 We measured the lease liability at the present value of the remaining lease payments, applying a weighted average discount rate of 5.6 percent, as if the acquired lease was a new lease of H&P at the Acquisition Date. The right-of-use asset was measured at the same amount as the lease liability and adjusted by $ 9.8 million to reflect unfavorable terms of the leases when compared to market terms. We have elected to apply the short-term lease measurement and recognition exemption to leases that have a remaining lease term of 12 months or less at the Acquisition Date. The weighted average remaining lease term for the acquired leases is approximately 10.1 years as of September 30, 2025. Goodwill The amount of goodwill recognized in the Acquisition represents the excess of the gross consideration transferred and the amount of any non-controlling interest over the fair value of the underlying net tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill is attributed to the assembled workforce, anticipated operational synergies, and the allocation of proceeds in excess of the fair value of net identifiable assets acquired. Goodwill arising from the Acquisition is not expected to be deductible for tax reporting purposes. During the year ended September 30, 2025, goodwill increased by $ 15.8 million due to certain measurement period adjustments which primarily consisted of a $ 17.4 million increase resulting from the finalization of deferred tax liabilities and a $ 4.0 million decrease resulting from the refinement of the fair value calculation of the inventory and intangible asset balances. Separately, during the same period, we recognized an impairment of a portion of the goodwill arising from the Acquisition. Refer to Note 6—Goodwill and Intangible Assets for further information. 2025 FORM 10-K | 84 Table of Contents Long-Term Debt As discussed above, we paid $ 1.1 billion to contemporaneously repay or redeem certain of KCA Deutag's existing debt upon consummation of the acquisition. As of the Closing Date, we assumed an aggregate $ 84.9 million in secured term loan borrowings comprised of two separate agreements as summarized in Note 7—Debt — 2024 KCA Deutag Oman Facility and —2023 KCA Deutag Oman Facility . End-of-Service Benefit Plans As a result of the Acquisition, we assumed a liability of $ 44.8 million related to end-of-service benefit plans. This liability arises from KCA Deutag's compliance with local legislation in various Middle Eastern and South American countries, where end-of-service benefit plans are mandated. These plans require payments to employees upon the conclusion of their service, calculated based on their most recent salary and years of service. These plans are not pre-funded. A significant portion of this liability stems from operations in the Middle East for which we relied on independent actuaries to assess the value of these obligations. The primary costs associated with these plans include the present value of benefits accrued for an additional year of service and the interest on the obligation related to employee service in previous years. This liability is presented within Accrued liabilities on our Consolidated Balance Sheets. Defined Benefit Pension Plans As a result of the Acquisition, we now maintain pension plans in Germany and the United Kingdom "UK". Refer to Note 14—Employee Benefit Plans for additional details. Non-controlling Interest The non-controlling interests acquired represents the portion of certain consolidated subsidiaries that are owned by third-parties and were recorded at estimated fair market value. The non-controlling interests are presented as a separate component of equity in our Consolidated Balance Sheets and the consolidated net income attributable to non-controlling interests is disclosed separately in the Consolidated Statements of Operations. Results of Operations KCA Deutag's results of operations for its land operations and offshore management contract operations are reported within our International Solutions and Offshore Solutions operating segments, respectively. KCA Deutag's manufacturing and engineering operations results are included in "Other". The results of operations attributable to the Acquisition have been included in our Consolidated Financial Statements since the date of the acquisition, on January 16, 2025, through September 30, 2025. Revenue and net loss attributable to the net assets acquired for the period January 16, 2025 through September 30, 2025, were $ 1.0 billion and $ 337.2 million, respectively. During the year ended September 30, 2025, we recognized approximately $ 54.7 million in acquisition transaction costs associated with the Acquisition, as compared to $ 15.0 million for the year ended September 30, 2024.These non-recurring costs are primarily related to third-party legal, advisory and valuation services and are included in Acquisition transaction costs on the Consolidated Statements of Operations. Pro Forma Financial Information The supplemental pro forma financial information presented below is for illustrative purposes only and is not necessarily indicative of the results of operations that would have been realized if the Acquisition had been completed on the date indicated, does not reflect synergies that might have been achieved, and is not indicative of future results of operations. The summarized unaudited pro forma financial information reflects several adjustments to reflect final purchase price accounting and differences in accounting policies between International Financial Reporting Standards ("IFRS") and U.S. GAAP. These adjustments account for incremental depreciation and amortization expenses based on the fair value of KCA Deutag’s assets, the elimination of interest expenses from KCA Deutag’s historical borrowings, and the addition of H&P debt to fund the acquisition. The pro forma adjustments are based upon currently available information and certain assumptions that H&P believes are reasonable under the circumstances. The tax impact of these adjustments was determined using statutory tax rates. 2025 FORM 10-K | 85 Table of Contents The following unaudited pro forma combined financial information presents results for the year ended September 30, 2025 and 2024, as if we had completed the Acquisition on October 1, 2023: (in thousands) September 30, 2025 September 30, 2024 Revenue $ 4,232,105 $ 4,468,207 Net income (loss) ( 239,660 ) 172,107 Net income attributable to non-controlling interest 7,728 12,947 Net income (loss) attributable to Helmerich & Payne, Inc. $ ( 247,388 ) $ 159,160 NOTE 4 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment as of September 30, 2025 and 2024 consisted of the following: (in thousands) Estimated Useful Lives September 30, 2025 September 30, 2024 Drilling services equipment 2 - 15 years $ 8,168,906 $ 6,671,975 Tubulars 4 years 597,933 552,773 Real estate properties 10 - 45 years 8,223 48,617 Other 2 - 23 years 620,908 460,857 Construction in progress 1 182,942 106,183 9,578,912 7,840,405 Accumulated depreciation ( 5,265,838 ) ( 4,824,128 ) Property, plant and equipment, net $ 4,313,074 $ 3,016,277 Assets held-for-sale $ 15,231 $ — (1) Included in construction in progress are costs for projects in progress to upgrade or refurbish certain rigs in our existing fleet. Additionally, we include other advances for capital maintenance purchase-orders that are open/in process. As these various projects are completed, the costs are then classified to their appropriate useful life category. KCA Deutag Acquisition Refer to Note 3—Business Combination for additional information regarding the property, plant and equipment acquired in connection with the Acquisition. Depreciation Depreciation in the Consolidated Statements of Operations of $ 574.5 million, $ 390.9 million and $ 375.7 million includes abandonments of $ 2.9 million, $ 6.5 million and $ 3.3 million for the fiscal years 2025, 2024 and 2023, respectively. I n November 2022, a fire at a wellsite caused substantial damage to one of our super-spec rigs within our North America Solutions segment. The major components were destroyed beyond repair and considered a total loss, and, as a result, these assets were written off and the rig was removed from our available rig count. At the time of the loss, the rig was fully insured under replacement cost insurance. During the fiscal year ended September 30, 2024, we recognized a gain on involuntary conversion of the rig of $ 5.5 million which represents the insurance proceeds received in excess of the carrying value of the rig and therefore was recognized as a gain within operating income during the year ended September 30, 2024. Assets Held-for-Sale Fiscal Year 2025 Activity During the fiscal year ended September 30, 2025, we committed to a plan to sell a significant portion of our real estate portfolio, including a shopping center comprised of approximately 371,000 leasable square feet with a net book value of $ 12.0 million. During the fiscal year ended September 30, 2025, we identified 16 land rigs within our International Solutions operating segment that met the asset held-for-sale criteria with an aggregate net book value of $ 3.2 million. 2025 FORM 10-K | 86 Table of Contents During the year ended September 30, 2025, we identified a domestic drilling rig that met the asset held-for-sale criteria. The rig's net book value of $ 1.7 million was written down to its estimated scrap value of $ 0.2 million, resulting in a non-cash impairment charge of $ 1.5 million in our North America Solutions segment during the fiscal year ended September 30, 2025. During the year ended September 30, 2025, the rig was fully disposed of resulting in a nominal gain recorded within Other loss on sale of assets on our Consolidated Statement of Operations during the period. As a result of the activity described above, a combined total of $ 15.2 million in real estate and land rig assets are classified as Assets held-for-sale on our Consolidated Balance Sheets as of September 30, 2025. Fiscal Year 2024 Activity We did not have any assets meeting the assets held-for-sale criteria during or as of the fiscal year ended September 30, 2024. Fiscal Year 2023 Activity During the fiscal year ended September 30, 2023, our North America Solutions assets that were previously classified as Assets held-for-sale at September 30, 2022 were either sold or written down to scrap value. The aggregate net book value of these remaining assets was $ 3.0 million, which exceeded the estimated scrap value of $ 0.3 million, resulting in a non-cash impairment charge of $ 2.7 million. During the same period, we also identified additional equipment that met the asset held-for-sale criteria and was reclassified to Assets held-for-sale on our Consolidated Balance Sheets. The aggregate net book value of the equipment of $ 1.4 million was written down to its estimated scrap value of $ 0.1 million, resulting in a non-cash impairment charge of $ 1.3 million during the fiscal year ended September 30, 2023. These impairment charges are recorded in Asset impairment charges within our North America Solutions segment in our Consolidated Statement of Operations. During the fiscal year ended September 30, 2023, the Company initiated a plan to decommission and scrap four international FlexRig ® drilling rigs and four conventional drilling rigs located in Argentina that are not suitable for unconventional drilling. As a result, these rigs were reclassified to Assets held-for-sale on our Consolidated Balance Sheets. The rigs’ aggregate net book value of $ 8.8 million was written down to the estimated scrap value of $ 0.7 million, which resulted in a non-cash impairment charge of $ 8.1 million within our International Solutions segment and recorded in Asset impairment charges within our Consolidated Statement of Operations during the fiscal year ended September 30, 2023. (Gain)/Loss on Sale of Assets Gain on Reimbursement of Drilling Equipment We recognized a gain of $ 33.4 million, $ 33.3 million, $ 48.2 million in fiscal years 2025, 2024 and 2023, respectively, related to customer reimbursement for the current replacement value of lost or damaged drill pipe. Gains related to these asset sales are recorded in Gains on reimbursement of drilling equipment within our Consolidated Statements of Operations. Other Loss on Sale of Assets We recognized a loss of $ 1.5 million, $ 5.1 million and $ 8.0 million in fiscal years 2025, 2024 and 2023, respectively, related to the sale of rig equipment and other capital assets. These amounts are recorded in Other loss on sale of assets within our Consolidated Statements of Operations. 2025 FORM 10-K | 87 Table of Contents NOTE 5 LEASES Lease Position (in thousands) September 30, 2025 September 30, 2024 Operating lease commitments, including probable extensions 1 $ 158,086 $ 104,535 Discounted using the lessee's incremental borrowing rate $ 147,581 $ 77,316 (Less): short-term leases recognized on a straight-line basis as expense ( 864 ) ( 404 ) (Less): other ( 637 ) ( 182 ) Lease liability recognized $ 146,080 $ 76,730 Of which: Current lease liabilities $ 35,960 $ 16,997 Non-current lease liabilities 110,120 59,733 (1) Our future minimal rental payments exclude optional extensions that have not been exercised but are probable to be exercised in the future. Those probable extensions are included in the operating lease liability balance. The recognized right-of-use assets relate to the following types of assets: (in thousands) September 30, 2025 September 30, 2024 Real estate properties $ 113,877 $ 66,842 Drilling equipment 9,721 234 Total right-of-use assets $ 123,598 $ 67,076 Lease Costs The following table presents certain information related to the lease costs for our operating leases: Year ended September 30, (in thousands) 2025 2024 2023 Operating lease cost $ 30,795 $ 11,693 $ 11,004 Short-term lease cost 25,795 1,567 1,437 Total lease cost $ 56,590 $ 13,260 $ 12,441 Lease Terms and Discount Rates The table below presents certain information related to the weighted average remaining lease terms and weighted average discount rates for our operating leases: September 30, 2025 September 30, 2024 Weighted average remaining lease term 9.9 11.6 Weighted average discount rate 5.2 % 5.1 % 2025 FORM 10-K | 88 Table of Contents Lease Obligations Future minimum rental payments required under operating leases having initial or remaining non-cancelable lease terms in excess of one year at September 30, 2025 (in thousands) are as follows: Fiscal Year Amount 2026 $ 31,067 2027 17,672 2028 15,888 2029 14,677 2030 12,777 Thereafter 66,005 Total 1 $ 158,086 (1) Our future minimal rental payments exclude optional extensions that have not been exercised but are probable to be exercised in the future. Those probable extensions are included in the operating lease liability balance. Of the $ 158.1 million of future minimum rental payments, $ 66.4 million is attributable to our recently acquired subsidiary, KCA Deutag. During the fiscal year ended September 30, 2025, we updated the lease for our Tulsa corporate headquarters for common area maintenance and parking expenses, resulting in a $ 13.8 million increase to right-of-use assets and lease liability on our Consolidated Balance Sheets. The additional right of use asset will be amortized over the remaining 10.3 years of the original lease term. The future minimum lease payments for our corporate headquarters office space represent a material portion of the amounts shown in the table above. During the fiscal year ended September 30, 2024, we amended the lease for our Tulsa corporate headquarters, resulting in a $ 5.9 million increase to right-of-use assets and lease liability on our Consolidated Balance Sheets. The additional right of use asset will be amortized over the remaining 11 years of the original lease term. The future minimum lease payments for our corporate headquarters office space represent a material portion of the amounts shown in the table above. During the fiscal year ended September 30, 2024, we amended the lease for our Tulsa industrial facility. As part of the amendment, we extended the lease term, now continuing through June 30, 2035 with two five-year renewal options, resulting in an increase of $ 18.1 million to the right-of-use assets and lease liability on our Consolidated Balance Sheet. We recognized one of the five-year renewal options as part of our right-of-use assets and lease liabilities. This contract is accounted for as an operating lease. The future minimum lease payments for the Tulsa industrial facility represent a material portion of the amounts shown in the table above. NOTE 6 GOODWILL AND INTANGIBLE ASSETS Due to the Acquisition, we recognized increases to our goodwill and intangible assets balances as of September 30, 2025. The goodwill and intangible assets recognized as a result of the Acquisition are considered final as of September 30, 2025. During the fiscal year ended September 30, 2025, goodwill increased by $ 15.8 million due to certain measurement period adjustments which primarily consisted of a $ 17.4 million increase resulting from the finalization of deferred tax liabilities and a $ 4.0 million decrease resulting from the refinement of the fair value calculation of the inventory and intangible asset balances. For additional information regarding the completion of the Acquisition, refer to Note 3—Business Combination. Goodwill Goodwill represents the excess of the purchase price over the fair values of the assets acquired and liabilities assumed in a business combination, at the date of acquisition. Goodwill is not amortized but is tested for potential impairment at the reporting unit level, at a minimum on an annual basis in the fourth fiscal quarter, or when indications of potential impairment exist. Our reporting units with goodwill are H&P Technologies (within our North America Solutions segment), International Solutions, Offshore Solutions, and BENTEC™ (within Other). During the third fiscal quarter of 2025, due primarily to the sustained decline in our share price and market capitalization, we identified indicators of potential impairment of goodwill and performed an interim impairment test. We estimated the fair value of each reporting unit using a market approach, incorporating significant unobservable, or Level 3, inputs, as defined by the fair value hierarchy. We employed a combination of the guideline public company method and the guideline transactions method, leveraging company comparisons and analyst reports from the energy industry, which supported a range of fair values derived from annualized earnings before interest, income taxes, depreciation and amortization ("EBITDA") multiples between 2.5 x and 5.5 x for guideline public companies and between 3.4 x and 7.6 x for guideline transactions. We then derived an estimated fair value of each reporting unit based on an EBITDA multiple at or below the peer-median trading multiple. 2025 FORM 10-K | 89 Table of Contents Based on our interim goodwill impairment test as of June 30, 2025, we concluded that the International Solutions and BENTEC™ (formally Kenera) reporting units' carrying value exceeded their respective estimated fair value. As a result, we recorded a non-cash goodwill impairment charge of $ 128.4 million and $ 44.9 million, respectively, which represented a full impairment of the goodwill allocated to these reporting units. The estimated fair values of our H&P Technologies and Offshore Solutions reporting units as of June 30, 2025 exceeded their respective carrying values by approximately 76 percent and 20 percent, respectively. During the three months ended September 30, 2025, primarily as a result of measurement period adjustments discussed above, we recorded an additional $ 4.4 million and $ 14.5 million in impairment expense related to the International Solutions and BENTEC™ reporting units, respectively. Our annual review of goodwill during the fourth fiscal quarter of 2025 did not result in any additional impairments. The following table sets forth our goodwill balance by segment for the periods indicated: (in thousands) North America Solutions International Solutions Offshore Solutions Other Total Goodwill balance at September 30, 2024 $ 45,653 $ — $ — $ — $ 45,653 Acquisition of KCA Deutag — 131,351 121,906 44,907 298,164 Measurement period adjustments — 1,369 6,457 7,949 15,775 Currency translation adjustment — — 8,838 6,610 15,448 Impairment charges — ( 132,720 ) — ( 59,466 ) ( 192,186 ) Goodwill balance at September 30, 2025 $ 45,653 $ — $ 137,201 $ — $ 182,854 Intangible Assets Finite-lived intangible assets are amortized using the straight-line method over the period in which these assets contribute to our cash flows and are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with our policies for valuation of long-lived assets. After initial recognition, in-process research and development ("IPR&D") assets are considered indefinite-lived until the abandonment or completion of the associated research and development effort. During the year ended September 30, 2025, we reclassified $ 1.2 million to Property, plant and equipment, net on our Consolidated Balance Sheets upon the completion of related projects. Acquired IPR&D is not amortized, but is subject to an annual impairment assessment. Our intangible assets consist of the following: September 30, 2025 September 30, 2024 (in thousands) Weighted Average Estimated Useful Lives Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Gross Carrying Amount Accumulated Amortization Net Finite-lived intangible assets: Developed technology 14 years $ 110,516 $ 47,278 $ — $ 63,238 $ 89,096 $ 40,047 $ 49,049 Customer relationships 9 years 432,200 42,077 14,202 404,325 — — — Intellectual property 13 years 2,000 821 — 1,179 2,000 662 1,338 Trade name 13 years 16,725 3,088 — 13,637 5,865 2,105 3,760 Indefinite-lived intangible asset: — In-process research and development Indefinite 3,161 — 3,161 — — — $ 564,602 $ 93,264 $ 14,202 $ 485,540 $ 96,961 $ 42,814 $ 54,147 Amortization expense in the Consolidated Statements of Operations was $ 50.6 million for fiscal year 2025, $ 6.4 million for fiscal year 2024 and $ 6.6 million for fiscal year 2023. Over the next five years, amortization expense is estimated to be as follows: (in thousands) Fiscal year: 2026 $ 74,198 2027 72,718 2028 72,711 2029 47,894 2030 35,106 2025 FORM 10-K | 90 Table of Contents NOTE 7 DEBT We have the following long-term debt outstanding with maturities shown in the following table: September 30, 2025 September 30, 2024 (in thousands) Face Amount Unamortized Discount and Debt Issuance Cost Book Value Face Amount Unamortized Discount and Debt Issuance Cost Book Value Unsecured senior notes: Due December 1, 2027 $ 350,000 $ ( 2,326 ) $ 347,674 $ 350,000 $ ( 2,907 ) $ 347,093 Due December 1, 2029 350,000 ( 3,398 ) 346,602 350,000 ( 3,703 ) 346,297 Due September 29, 2031 550,000 ( 3,664 ) 546,336 550,000 ( 4,262 ) 545,738 Due December 1, 2034 550,000 ( 6,803 ) 543,197 550,000 ( 6,946 ) 543,054 Total unsecured senior notes $ 1,800,000 $ ( 16,191 ) $ 1,783,809 $ 1,800,000 $ ( 17,818 ) $ 1,782,182 Unsecured term loan credit agreement: Due January 15, 2027 200,000 ( 980 ) 199,020 — — — Secured term loan credit agreements: Due December 31, 2033 39,789 ( 888 ) 38,901 — — — Due December 31, 2034 43,091 ( 878 ) 42,213 — — — Total secured term loan credit agreements $ 82,880 $ ( 1,766 ) $ 81,114 $ — $ — $ — Total debt $ 2,082,880 $ ( 18,937 ) $ 2,063,943 $ 1,800,000 $ ( 17,818 ) $ 1,782,182 Less: current portion of long-term debt ( 6,859 ) — ( 6,859 ) — — — Total long-term debt, net $ 2,076,021 $ ( 18,937 ) $ 2,057,084 $ 1,800,000 $ ( 17,818 ) $ 1,782,182 The principal amount and maturities of our long-term debt as of September 30, 2025 are summarized in the table below (in thousands): Fiscal Year Amount 2026 $ 6,859 2027 206,859 2028 356,860 2029 8,577 2030 360,862 Thereafter 1,142,863 Total $ 2,082,880 Senior Notes Issued in Fiscal Year 2024 On September 17, 2024, we completed a private offering of $ 1.25 billion aggregate principal amount of senior notes, comprised of the following tranches (collectively, the “Notes”): $ 350.0 million aggregate principal amount of 4.65 percent senior notes due 2027 issued at a price equal to 99.958 percent of their face value, $ 350.0 million aggregate principal amount of 4.85 percent senior notes due 2029 issued at a price equal to 99.883 percent of their face value and $ 550.0 million aggregate principal amount of 5.50 percent senior notes due 2034 issued at a price equal to 99.670 percent of their face value. Interest on the Notes is payable semi-annually on June 1 and December 1 of each year, commencing on June 1, 2025. On January 16, 2025, H&P completed the Acquisition, and the Company used the net proceeds of the Notes, together with the proceeds of its term loan credit agreement (discussed below) and cash on hand, to finance the purchase price for the Acquisition, to repay or redeem certain of KCA Deutag’s outstanding indebtedness, and to pay related fees and expenses. For additional information regarding the completion of the Acquisition, refer to Note 3—Business Combination. 2025 FORM 10-K | 91 Table of Contents In connection with the issuance of the Notes, the Company also entered into a registration rights agreement, dated as of September 17, 2024 (the "Registration Rights Agreement"), with the initial purchasers of the Notes named therein. Under the Registration Rights Agreement, the Company agreed, among other things, to use commercially reasonable efforts to file with the SEC, and cause to be declared effective, a registration statement with respect to an offer to exchange each series of the Notes for freely tradable notes (“Registered Notes”) having terms identical in all material respects to each such series of Notes (the “Registered Exchange Offer”). Accordingly, on May 15, 2025, the Company filed a registration statement on Form S-4 with the SEC, which was declared effective on May 28, 2025. On May 28, 2025, the Company launched the Registered Exchange Offer, which expired on July 10, 2025. Substantially all of the Notes were tendered and exchanged for Registered Notes in the Exchange Offer. The indenture governing the Notes contains certain covenants that, among other things, limit the ability of the Company and its subsidiaries to incur certain liens; engage in sale and lease-back transactions; and consolidate, merge or transfer all or substantially all of the assets of the Company. The indenture governing the Notes also contains customary events of default with respect to the Notes. Senior Notes Issued in Fiscal Year 2021 On September 29, 2021, we issued $ 550.0 million aggregate principal amount of the 2.90 percent senior notes due 2031 (the "2031 Notes") in an offering to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act as amended (the "Securities Act") and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. Interest on the 2031 Notes is payable semi-annually on March 29 and September 29 of each year, commencing on March 29, 2022. In June 2022, we settled a registered exchange offer (the “2022 Registered Exchange Offer”) to exchange the 2031 Notes for new, SEC-registered notes that are substantially identical to the terms of the 2031 Notes, except that the offer and issuance of the new notes have been registered under the Securities Act and certain transfer restrictions, registration rights and additional interest provisions relating to the 2031 Notes do not apply to the new notes. All of the 2031 Notes were exchanged in the 2022 Registered Exchange Offer. The indenture governing the 2031 Notes contains certain covenants that, among other things and subject to certain exceptions, limit the ability of the Company and its subsidiaries to incur certain liens; engage in sale and lease-back transactions; and consolidate, merge or transfer all or substantially all of the assets of the Company. The indenture governing the 2031 Notes also contains customary events of default with respect to the 2031 Notes. Term Loan Credit Agreement On August 14, 2024, the Company entered into the Term Loan Credit Agreement, among the Company, Morgan Stanley Senior Funding, Inc. (“MSSF”), as administrative agent, and the other lenders party thereto. On the Closing Date, the Company drew an aggregate principal amount of $ 400.0 million under the Term Loan Credit Agreement for purposes of financing the Acquisition. The Term Loan Credit Agreement matures at the two-year anniversary of the funding of the term loans unless earlier terminated pursuant to the terms of the Term Loan Credit Agreement. On January 16, 2025, H&P completed the Acquisition, and the Company used the proceeds from the Term Loan Credit Agreement, together with the net proceeds from the Notes, and cash on hand, to finance the purchase price for the Acquisition, to repay or redeem certain of KCA Deutag's outstanding indebtedness, and to pay related fees and expenses. For additional information regarding the completion of the Acquisition, refer to Note 3—Business Combination. During the fiscal year ended September 30, 2025, the Company repaid $ 200.0 million of the outstanding balance on the Term Loan Credit Agreement. As such, the outstanding balance as of September 30, 2025, was $ 200.0 million. In October 2025, we repaid $ 10.0 million, decreasing the outstanding balance on the Term Loan Credit Agreement to $ 190.0 million. The benchmark rate is the Secured Overnight Financing Rate ("SOFR"). We can elect to borrow at either an adjusted SOFR rate or an adjusted base rate, plus an applicable margin. The adjusted SOFR rate is the forward-looking term rate based on SOFR for the applicable tenor of one, three, or six months, plus 0.10 percent per annum. The adjusted base rate is a fluctuating rate per annum equal to the highest of (i) the administrative agent's prime rate, (ii) the federal funds effective rate plus 0.50 percent, or (iii) the one-month adjusted SOFR rate plus 1.0 percent. We also pay a commitment fee on the unused balance of the facility. Borrowing spreads as well as commitment fees are determined based on the debt rating for senior unsecured debt of the Company, as determined by Moody’s and Standard & Poor’s. The applicable margin for SOFR borrowings and adjusted base rate borrowings ranges from 1.0 percent to 1.625 percent per annum and zero to 0.625 percent per annum, respectively. Commitment fees for both rates range from 0.10 percent to 0.250 percent per annum. Based on the unsecured debt rating of the Company on September 30, 2025, the spread over SOFR was 1.375 percent and commitment fees were 0.175 percent. As of September 30, 2025, the interest rate on the Term loan was 5.610 percent per annum. The weighted average variable interest rate on all amounts outstanding under the Term Loan was 5.750 percent for the year ended September 30, 2025. 2025 FORM 10-K | 92 Table of Contents Bridge Loan Facility In connection with, and concurrently with the entry into, the Purchase Agreement, the Company entered into a debt commitment letter dated July 25, 2024 with MSSF, pursuant to which MSSF committed, subject to satisfaction of standard conditions, to provide the Company with an unsecured 364 -day bridge loan facility in an aggregate principal amount of approximately $ 2.0 billion (the “Bridge Loan Facility”) the proceeds of which, if drawn, would have been used to fund the Acquisition. In connection with the Bridge Loan Facility, the Company incurred approximately $ 10.6 million in commitment fees during the fiscal year ended September 30, 2024. Due to the execution of the other financing arrangements discussed above, the commitments under the Bridge Loan Facility were reduced to $ 335.3 million as of September 30, 2024. As a result, we recognized approximately $ 9.2 million of commitment fees recorded within Interest expense on the Consolidated Statement of Operations during fiscal year 2024. As of September 30, 2024, approximately $ 1.4 million in commitment fees were deferred and included in Prepaid assets and other, net within the Consolidated Balance Sheet. On October 15, 2024, the remaining commitments under the Bridge Loan Facility were reduced such that there were no remaining commitments available, and the Bridge Loan Facility was automatically terminated in accordance with its terms. Upon termination of the facility, we recognized the remaining $ 1.4 million of commitment fees within Interest expense on the Consolidated Statement of Operations during the fiscal year ended September 30, 2025. 2024 Oman Facility In connection with the completion of the Acquisition, KCA Deutag Energy LLC (“KCAD Energy”) became a wholly-owned subsidiary of the Company. On April 25, 2024, KCAD Energy entered into the 2024 Oman Facility, which is fully drawn. The 2024 Oman Facility provides for term loan borrowings of $ 45.5 million. During the fiscal year ended September 30, 2025, our 2024 Oman Facility was amended to bear interest payable quarterly at a fixed rate of 6.00 percent per annum for two years and thereafter, at a rate that is the higher of (x) 5.00 percent and (y) the reference rate specified in the 2024 Oman Facility plus 1.75 percent. On February 9, 2025, we received the final draw down of $ 1.4 million. During the fiscal year ended September 30, 2025, the Company repaid $ 2.6 million of the outstanding balance on the facility. Of the $ 43.1 million borrowings outstanding at September 30, 2025, a total of $ 3.4 million is payable within one year . These secured bank loans are wholly denominated in Omani rial. The value of these borrowings in Omani rial is OMR 17.6 million. The commitments under the 2024 Oman Facility mature December 31, 2034. There is an annual financial covenant in the 2024 Oman Facility that requires KCAD Energy to maintain a debt service coverage ratio of at least 1.20 :1.00. The 2024 Oman Facility and related agreements contain additional terms, conditions, restrictions and covenants that we believe are usual and customary in secured debt arrangements for companies of similar size and credit quality. 2023 Oman Facility In connection with the completion of the Acquisition, KCAD Energy became a wholly-owned subsidiary of the Company. On June 19, 2023, KCAD Energy entered into the 2023 Oman Facility, which is fully drawn. The 2023 Oman Facility provides for term loan borrowings of $ 45.6 million. During the fiscal year ended September 30, 2025, our 2023 Oman Facility was amended to bear interest payable quarterly at a fixed rate of 6.00 percent per annum for two years and thereafter, at a rate that is the higher of (x) 5.00 percent and (y) the reference rate specified in the 2023 Oman Facility plus 1.75 percent. During the fiscal year ended September 30, 2025, the Company repaid $ 2.6 million of the outstanding balance on the facility. Of the $ 39.8 million borrowings outstanding at September 30, 2025, a total of $ 3.4 million is payable within one year . These secured bank loans are wholly denominated in Omani rial. The value of these borrowings in Omani rial is OMR 17.6 million. The commitments under the 2023 Oman Facility mature December 31, 2033. There is an annual financial covenant in the 2023 Oman Facility that requires KCAD Energy to maintain a debt service coverage ratio of at least 1.20 :1.00. The 2023 Oman Facility and related agreements contain additional terms, conditions, restrictions and covenants that we believe are usual and customary in secured debt arrangements for companies of similar size and credit quality. Amended Credit Facility On August 14, 2024, the Company entered into an Amended and Restated Credit Agreement (the "Amended Credit Facility") with the lenders party thereto (the "Revolving Credit Agreement Lenders"), the issuing lenders party thereto and Wells Fargo ("Wells Fargo") as administrative agent, swingline lender and issuing lender, which amended and restated the Credit Agreement, dated as of November 13, 2018 (as amended through Amendment No. 2 to the Credit Agreement dated as of March 8, 2022, the “Existing Credit Agreement”), among the Company, the lenders party thereto and Wells Fargo, as administrative agent, swing line lender and issuing lender. 2025 FORM 10-K | 93 Table of Contents Under the terms of the Amended Credit Facility, the Company may obtain unsecured revolving loans in an aggregate principal amount not to exceed $ 950.0 million outstanding at any time. $ 775.0 million of the revolving commitments under the Amended Credit Facility expire on November 12, 2028 and $ 175.0 million of the revolving commitments mature on November 10, 2027 (the “Stated Maturity Date”), but the Company may request two one -year extensions of the Stated Maturity Date, subject to satisfaction of certain conditions. Commitments under the Amended Credit Facility may be increased by up to $ 100.0 million, subject to the agreement of the Company and new or existing Revolving Credit Agreement Lenders. The proceeds of the loans made under the Amended Credit Facility may be used by the Company for (i) working capital and other general corporate purposes, (ii) for the payment of fees and expenses related to the entering into of the Amended Credit Facility and the other credit documents and (iii) for the refinancing of the extensions of credit under the Existing Credit Agreement. The benchmark rate is the SOFR. We can elect to borrow at either an adjusted SOFR rate or an adjusted base rate, plus an applicable margin. The adjusted SOFR rate is the forward-looking term rate based on SOFR for the applicable tenor of one, three, or six months, plus 0.10 percent per annum. The adjusted base rate is a fluctuating rate per annum equal to the highest of (i) the administrative agent's prime rate, (ii) the federal funds effective rate plus 0.50 percent, or (iii) the one-month adjusted SOFR rate plus 1.0 percent. We also pay a commitment fee on the unused balance of the facility. Borrowing spreads as well as commitment fees are determined based on the debt rating for senior unsecured debt of the Company, as determined by Moody’s and Standard & Poor’s. The applicable margin for SOFR borrowings and adjusted base rate borrowings ranges from 0.875 percent to 1.500 percent per annum and zero to 0.50 percent per annum, respectively. Commitment fees for both rates range from 0.075 percent to 0.200 percent per annum. Based on the unsecured debt rating of the Company on September 30, 2025, the spread over SOFR would have been 1.250 percent had borrowings been outstanding under the Amended Credit Facility and commitment fees would have been 0.150 percent. There is a financial covenant in the Amended Credit Facility that requires us to maintain a total funded debt to total capitalization ratio of less than or equal to 55.0 percent. The Amended Credit Facility contains additional terms, conditions, restrictions and covenants that we believe are usual and customary in unsecured debt arrangements for companies of similar size and credit quality, including a limitation that priority debt (as defined in the credit agreement) may not exceed 17.5 percent of the net worth of the Company. As of September 30, 2025, there were no borrowings or letters of credit outstanding, leaving $ 950.0 million available to borrow under the Amended Credit Facility. As of September 30, 2025, we had $ 400.0 million in uncommitted bilateral credit facilities, for the purpose of obtaining the issuance of international letters of credit, bank guarantees, and performance bonds. Of the $ 400.0 million, $ 221.9 million was outstanding as of September 30, 2025. The applicable agreements for all unsecured debt contain additional terms, conditions and restrictions that we believe are usual and customary in unsecured debt arrangements for companies that are similar in size and credit quality. At September 30, 2025, we were in compliance with all debt covenants. NOTE 8 INCOME TAXES Income Tax Provision and Rate The components of the provision for income taxes are as follows: Year Ended September 30, (in thousands) 2025 2024 2023 Current: Federal $ 114,973 $ 136,110 $ 150,273 Foreign 35,588 7,756 12,883 State 13,935 16,180 16,523 164,496 160,046 179,679 Deferred: Federal ( 44,564 ) ( 18,785 ) ( 20,337 ) Foreign ( 30,174 ) ( 2,102 ) ( 1,254 ) State ( 3,923 ) ( 2,304 ) 1,191 ( 78,661 ) ( 23,191 ) ( 20,400 ) Total provision $ 85,835 $ 136,855 $ 159,279 2025 FORM 10-K | 94 Table of Contents The amounts of domestic and foreign income (loss) before income taxes are as follows: Year Ended September 30, (in thousands) 2025 2024 2023 Domestic $ 339,966 $ 433,553 $ 584,891 Foreign ( 414,079 ) 47,467 8,488 $ ( 74,113 ) $ 481,020 $ 593,379 The reconciliation of our effective income tax rates to the U.S. Federal income tax rate is as follows: Year Ended September 30, 2025 2024 2023 U.S. Federal income tax rate 21.0 % 21.0 % 21.0 % Effect of foreign taxes ( 54.6 ) 1.3 2.1 State income taxes, net of federal tax benefit ( 9.6 ) 2.2 2.4 Other impact of foreign operations ( 15.8 ) 1.7 0.2 Non-deductible meals and entertainment ( 5.6 ) 0.9 0.6 Equity compensation ( 0.6 ) ( 0.1 ) ( 0.1 ) Excess officer's compensation ( 4.8 ) 0.8 0.4 Goodwill impairment ( 54.6 ) — — Other 8.8 0.7 0.2 Effective income tax rate ( 115.8 ) % 28.5 % 26.8 % Deferred Taxes Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Recoverability of any tax assets are evaluated and necessary valuation allowances are provided. The carrying value of the net deferred tax assets is based on management’s judgments using certain estimates and assumptions that we will be able to generate sufficient future taxable income in certain tax jurisdictions to realize the benefits of such assets. If these estimates and related assumptions change in the future, additional valuation allowances may be recorded against the deferred tax assets resulting in additional income tax expense in the future. The components of our net deferred tax liabilities are as follows: September 30, (in thousands) 2025 2024 Deferred tax liabilities: Property, plant and equipment $ 590,133 $ 534,161 Marketable securities — 18,877 Lease assets 26,606 — Other 22,888 29,044 Total deferred tax liabilities 639,627 582,082 Deferred tax assets: Pension reserves 11,889 1,477 Marketable securities 8,517 — Self-insurance reserves 4,909 4,619 Net operating loss and other tax carryforwards 301,813 11,296 Accrued liabilities 42,389 47,838 Lease liability 29,443 — Other 35,307 33,126 Total deferred tax assets 434,267 98,356 Valuation allowance ( 418,640 ) ( 11,755 ) Net deferred tax assets 15,627 86,601 Net deferred tax liabilities $ 624,000 $ 495,481 The change in our net deferred tax assets and liabilities is impacted by foreign currency remeasurement. 2025 FORM 10-K | 95 Table of Contents As of September 30, 2025, we had state and foreign tax net operating loss carryforwards of approximately $ 18.7 million and $ 429.6 million, respectively, foreign interest expense carryforward of $ 194.4 million, and federal research and development tax credits of approximately $ 0.3 million, which will expire in fiscal 2026 through 2044 and some of which can be carried forward indefinitely. Certain of these carryforwards are subject to various rules which impose limitations on their utilization. The valuation allowance is primarily attributable to a foreign interest expense limitation carryforward of $ 194.4 million, unrecognized foreign deferred net tax assets of $ 129.6 million, foreign net operating loss carryforwards of $ 88.9 million and equity compensation of $ 5.7 million which more likely than not will not be recognized. Unrecognized Tax Benefits We recognize accrued interest related to unrecognized tax benefits in interest expense, and penalties in other expense in the Consolidated Statements of Operations. As of September 30, 2025, 2024 and 2023, we had accrued interest and penalties of $ 3.4 million, $ 0.6 million and $ 2.9 million, respectively. A reconciliation of the change in our gross unrecognized tax benefits are as follows: (in thousands) 2025 2024 2023 Unrecognized tax benefits at October 1, $ 156 $ 247 $ 960 Gross decreases - current period effect of tax positions ( 1 ) ( 14 ) ( 534 ) Gross increases - current period effect of tax positions 1 20,485 — 6 Expiration of statute of limitations for assessments ( 121 ) ( 77 ) ( 185 ) Unrecognized tax benefits at September 30, $ 20,519 $ 156 $ 247 (1) Gross increases - current period effect of tax positions for the year ended September 30, 2025 are related to the acquisition of KCA Deutag. As of September 30, 2025, we have recorded approximately $ 23.9 million of unrecognized tax benefits, interest, and penalties. We believe approximately $ 6.9 million of the unrecognized tax benefits, interest, and penalties will be recognized as of December 31, 2025, as the result of payment of an assessed amount. We cannot predict with certainty if we will achieve ultimate resolution of any additional uncertain tax positions associated with our U.S. and international operations resulting in any additional material increases or decreases of our unrecognized tax benefits for the next twelve months. Tax Returns We file a consolidated U.S. federal income tax return, as well as income tax returns in various states and foreign jurisdictions. The tax years that remain open to examination by U.S. federal and state jurisdictions include fiscal years 2020 through 2024 with exception of certain state jurisdictions currently under audit. The tax years remaining open to examination by foreign jurisdictions include 2014 through 2024. NOTE 9 SHAREHOLDERS’ EQUITY The Company has an evergreen authorization from the Board of Directors for the repurchase of up to four million common shares in any calendar year. The repurchases may be made using our cash and cash equivalents or other available sources and are held as treasury shares on our Consolidated Balance Sheets. We did not make any share repurchases during the fiscal year ended September 30, 2025. During the fiscal years ended September 30, 2024 and 2023, we repurchased 1.4 million and 6.5 million common shares at an aggregate cost of $ 51.6 million and $ 249.0 million, including excise tax of $ 0.3 million and $ 1.8 million, respectively. A cash dividend of $ 0.25 per share was declared on September 9, 2025 for shareholders of record on November 18, 2025, payable on December 2, 2025. As a result, we recorded a Dividend Payable of $ 25.2 million on our Consolidated Balance Sheets as of September 30, 2025. 2025 FORM 10-K | 96 Table of Contents Accumulated Other Comprehensive Income (Loss) Components of accumulated other comprehensive income (loss) were as follows: September 30, (in thousands) 2025 2024 2023 Pre-tax amounts: Unrealized pension actuarial gain (loss) on defined benefit pension plans $ 3,336 $ ( 7,632 ) $ ( 10,407 ) Unrealized gain (loss) on available-for-sale debt security 383 ( 662 ) — Unrealized gain on foreign currency translation adjustment 45,682 — — $ 49,401 $ ( 8,294 ) $ ( 10,407 ) After-tax amounts: Unrealized pension actuarial gain (loss) on defined benefit pension plans $ 4,470 $ ( 5,838 ) $ ( 7,981 ) Unrealized gain (loss) on available-for-sale debt security 296 ( 512 ) — Unrealized gain on foreign currency translation adjustment 40,198 — — $ 44,964 $ ( 6,350 ) $ ( 7,981 ) Investments classified as available-for-sale debt securities are reported at fair value with unrealized gains and losses excluded from net income and reported in other comprehensive income (loss). The following is a summary of the changes in accumulated other comprehensive loss, net of tax, for the fiscal year ended September 30, 2025: (in thousands) Unrealized Loss on Available-for-Sale Securities Defined Benefit Pension Plan Foreign Currency Translation Adjustment Total Balance at September 30, 2024 $ ( 512 ) $ ( 5,838 ) $ — $ ( 6,350 ) Activity during the period Other comprehensive income before reclassifications 684 — 40,198 40,882 Amounts reclassified from accumulated other comprehensive income 124 10,308 — 10,432 Net current-period other comprehensive income 808 10,308 40,198 51,314 Balance at September 30, 2025 $ 296 $ 4,470 $ 40,198 $ 44,964 NOTE 10 REVENUE FROM CONTRACTS WITH CUSTOMERS Drilling Services Revenue The majority of our drilling services are performed on a “daywork” contract basis, 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. These drilling services, including our technology solutions, represent a series of distinct daily services that are substantially the same, with the same pattern of transfer to the customer. Because our customers benefit equally throughout the service period and our efforts in providing drilling services are incurred relatively evenly over the period of performance, revenue is recognized over time using a time-based input measure as we provide services to the customer. For any contracts that include a provision for pooled term days at contract inception, followed by the assignment of days to specific rigs throughout the contract term, we have elected, as a practical expedient, to recognize revenue in the amount for which the entity has a right to invoice, as permitted by ASC 606. 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 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. 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. Total revenue recognized from performance contracts, including performance bonuses, was $ 1.2 billion during the fiscal years ended September 30, 2025, 2024 and 2023, respectively, of which, $ 65.5 million, $ 56.6 million and $ 47.3 million was related to performance bonuses recognized due to the achievement of performance targets during the fiscal years ended September 30, 2025, 2024 and 2023, respectively. 2025 FORM 10-K | 97 Table of Contents Contracts generally contain renewal or extension provisions exercisable at the option of the customer at prices mutually agreeable to us and the customer. For contracts that are terminated by customers prior to the expirations of their fixed terms, contractual provisions customarily require early termination amounts to be paid to us. Revenues from early terminated contracts are recognized when all contractual requirements have been met. During the fiscal years ended September 30, 2025, 2024 and 2023, early termination revenue associated with term contracts was $ 2.3 million, $ 13.4 million and $ 2.3 million, respectively. We also act as a principal for certain reimbursable services and auxiliary equipment provided by us to our clients, primarily related to rig move trucking services, for which we incur costs and earn revenues. Many of these costs are variable, or dependent upon the activity that is performed each day under the related contract. Accordingly, reimbursements that we receive for out-of-pocket expenses are recorded as revenues and the out-of-pocket expenses for which they relate are recorded as operating costs during the period to which they relate within the series of distinct time increments. All of our revenues are recognized net of sales taxes, when applicable. With most drilling contracts, we also receive payments contractually designated for the mobilization and demobilization of drilling rigs and other equipment to and from the client’s drill site. Revenue associated with the mobilization and demobilization of our drilling rigs to and from the client’s drill site do not relate to a distinct good or service. These revenues are deferred and recognized ratably over the related contract term that drilling services are provided. Demobilization fees expected to be received upon contract completion are estimated at contract inception and recognized on a straight-line basis over the contract term. The amount of demobilization revenue that we ultimately collect is dependent upon the specific contractual terms, most of which include provisions for reduced or no payment for demobilization when, among other things, the contract is renewed or extended with the same client, or when the rig is subsequently contracted with another client prior to the termination of the current contract. Since revenues associated with demobilization activity are typically variable, at each period end, they are 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. Any change in the expected amount of demobilization revenue is accounted for with the net cumulative impact of the change in estimate recognized in the period during which the revenue estimate is revised. Contract Costs Mobilization costs include certain direct costs incurred for mobilization of contracted rigs. These costs relate directly to a contract, enhance resources that will be used in satisfying the future performance obligations, and are expected to be recovered. These costs are capitalized when incurred and recorded as current or noncurrent contract fulfillment cost assets (depending on the length of the initial contract term), and are amortized on a systematic basis consistent with the pattern of the transfer of the goods or services to which the asset relates, which typically includes the initial term of the related drilling contract or a period longer than the initial contract term if management anticipates a customer will renew or extend a contract, which we expect to benefit from the cost of mobilizing the rig. Abnormal mobilization costs are fulfillment costs that are incurred from excessive resources, wasted or spoiled materials, and unproductive labor costs that are not otherwise anticipated in the contract price and are expensed as incurred. As of September 30, 2025 and 2024, we capitalized fulfillment costs of $ 34.8 million and $ 19.2 million respectively, which is included within Prepaid expenses and Other noncurrent assets on our Consolidated Balance Sheets. If capital modification costs are incurred for rig modifications or if upgrades are required for a contract, these costs are considered to be capital improvements. These costs are capitalized as property, plant and equipment and depreciated over the estimated useful life of the improvement. Remaining Performance Obligations The total aggregate transaction price allocated to the unsatisfied performance obligations related to firm contracts, commonly referred to as backlog, as of September 30, 2025 was approximately $ 4.8 billion, of which $ 1.5 billion is expected to be recognized during fiscal year 2026, $ 0.7 billion in fiscal year 2027, and $ 2.6 billion in fiscal year 2028 and thereafter. The firm backlog figure includes $ 3.6 billion attributed to our recently acquired subsidiary, KCA Deutag. The firm backlog amounts do not include anticipated contract renewals or expected performance bonuses as part of its calculation. Additionally, contracts that currently contain month-to-month terms are represented in our backlog as one month of unsatisfied performance obligations. Our contracts are subject to cancellation or modification at the election of the customer. Although we have not been materially adversely affected by contract cancellations or modifications in the past due to the level of capital deployed by our customers on underlying projects, the early termination of a contract or suspension of operations may result in a rig being idle for an extended period of time, could adversely affect our financial condition, results of operations and cash flows. The agreements within our recently acquired subsidiary, KCA Deutag, contain provisions for optional early termination or suspension without any associated early termination fee and could cause the actual amount of revenue earned to significantly vary from the backlog reported. 2025 FORM 10-K | 98 Table of Contents Contract Assets and Liabilities Amounts owed from our customers under our revenue contracts are typically billed on a monthly basis as the service is being provided and are due within 30 days of billing. Such amounts are classified as accounts receivable on our Consolidated Balance Sheets. Under certain of our contracts, we recognize revenues in excess of billings, referred to as contract assets, within Prepaid expenses and Other current assets within our Consolidated Balance Sheets. In some instances, we may be entitled to receive payments in advance of satisfying our performance obligations under the contract. We recognize a liability for these payments in excess of revenue recognized, referred to as deferred revenue or contract liabilities, within Accrued liabilities and Other noncurrent liabilities in our Consolidated Balance Sheets. Contract balances are presented at the net amount at a contract level. The following table summarizes the balances of our contract assets (net of allowance for estimated credit losses) and liabilities at the dates indicated: (in thousands) September 30, 2025 September 30, 2024 Contract assets, net $ 10,971 $ 4,563 (in thousands) Contract liabilities balance at September 30, 2023 $ 28,882 Payment received/accrued and deferred 61,773 Revenue recognized during the period ( 61,603 ) Contract liabilities balance at September 30, 2024 29,052 Acquisition of KCA Deutag 1 22,982 Payment received/accrued and deferred 104,463 Revenue recognized during the period ( 75,284 ) Contract liabilities balance at September 30, 2025 $ 81,213 (1) Contract liabilities acquired in the KCA Deutag Acquisition were measured at fair value at the Acquisition Date. Refer to Note 3—Business Combination for additional information regarding the Acquisition. NOTE 11 STOCK-BASED COMPENSATION The Helmerich & Payne, Inc. 2024 Omnibus Incentive Plan (the “2024 Plan”) approved by our stockholders is a stock and cash-based incentive plan that, among other things, authorizes the Board or Human Resources Committee of the Board to grant executive officers, employees and non-employee directors stock options, stock appreciation rights, restricted shares and restricted share units (including performance share units), share bonuses, other share-based awards and cash awards. Restricted stock may be granted for no consideration other than prior and future services. The purchase price per share for stock options may not be less than market price of the underlying stock on the date of grant. Stock options expire ten years after the grant date. The 2024 Plan governs all of our stock-based awards granted on or after February 27, 2024. Awards outstanding under the Helmerich & Payne, Inc. 2010 Long-Term Incentive Plan, the Helmerich & Payne, Inc. 2016 Omnibus Incentive Plan and the Helmerich & Payne, Inc. Amended and Restated 2020 Omnibus Incentive Plan (the "2020 Plan") remain subject to the terms and conditions of those plans. Beginning with fiscal year 2019, we replaced stock options with performance share units as a component of our executives' long-term equity incentive compensation. As a result, no stock options were granted after the 2018 fiscal year. We have also eliminated stock options as an element of our non-employee director compensation program. At September 30, 2025, we had $ 1.5 million outstanding exercisable stock options with a weighted-average exercise price of $ 62.40 . During the fiscal year ended September 30, 2025, 881,809 shares of restricted stock awards and 254,655 performance share units were granted under the 2024 Plan. 2025 FORM 10-K | 99 Table of Contents A summary of compensation cost for stock-based payment arrangements recognized in Drilling services operating expense, Research and development expense, Selling, general and administrative expense, and Restructuring charges on our Consolidated Statements of Operations is as follows: September 30, (in thousands) 2025 2024 2023 Stock-based compensation expense Drilling services operating $ 6,555 $ 5,904 $ 5,919 Research and development 1,816 2,033 1,905 Selling, general and administrative 22,497 23,261 24,632 Restructuring charges 726 — — $ 31,594 $ 31,198 $ 32,456 . During the fiscal years ended September 30, 2025 and 2024, we recognized income tax benefits related to stock-based compensation expense of $ 7.1 million in both years, and $ 7.4 million during the fiscal year ended September 30, 2023. Restricted Stock Restricted stock awards consist of our common stock. Awards granted after September 30, 2020 are time vested over three years . Non-forfeitable dividends are paid on non-vested shares of restricted stock. We recognize compensation expense on a straight-line basis over the vesting period. The fair value of restricted stock awards is determined based on the closing price of our shares on the grant date. As of September 30, 2025, there was $ 29.7 million of total unrecognized compensation cost related to unvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of 1.9 years. A summary of the status of our restricted stock awards as of September 30, 2025, and of changes in restricted stock outstanding during the fiscal years ended September 30, 2025, 2024 and 2023, is as follows: 2025 2024 2023 (shares in thousands) Shares 1 Weighted-Average Grant Date Fair Value per Share Shares 1 Weighted-Average Grant Date Fair Value per Share Shares 1 Weighted-Average Grant Date Fair Value per Share Non-vested restricted stock outstanding as of the beginning of period 1,361 $ 36.14 1,362 $ 35.11 1,493 $ 30.85 Granted 882 32.96 795 35.44 592 44.48 Vested 2 ( 739 ) 34.82 ( 777 ) 33.60 ( 708 ) 33.95 Forfeited ( 107 ) 36.00 ( 19 ) 36.54 ( 15 ) 36.25 Non-vested restricted stock outstanding at September 30, 1,397 $ 34.84 1,361 $ 36.14 1,362 $ 35.11 (1) Restricted stock shares include restricted phantom stock units under our Director Deferred Compensation Plan. These phantom stock units confer the economic benefits of owning company stock without the actual ownership, transfer or issuance of any shares. Phantom stock units are subject to a vesting period of one year from the grant date. During the fiscal years ended September 30, 2025, 2024, and 2023, 21,531 , 18,700 , and 12,591 restricted phantom stock units were granted, respectively, and 18,700 , 12,591 and 14,199 restricted phantom stock units vested, respectively. (2) The number of restricted stock awards vested includes shares that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements. Performance Units We have made awards to certain employees that are subject to market-based performance conditions ("performance units"). Subject to the terms and conditions set forth in the applicable performance share unit award agreements and the 2024 Plan, grants of performance units are subject to a vesting period of three years (the “Vesting Period”) that is dependent on the achievement of certain performance goals. Such performance unit grants consist of two separate components. Performance units that comprise the first component are subject to a three-year performance cycle. Performance units that comprise the second component are further divided into three separate tranches, each of which is subject to a separate one-year performance cycle within the full three-year performance cycle. The vesting of the performance units is generally dependent on (i) the achievement of the Company’s total shareholder return (“TSR”) performance goals relative to the TSR achievement of a peer group of companies (the “Peer Group”) over the applicable performance cycle, and (ii) the continued employment of the recipient of the performance unit award throughout the Vesting Period and (iii) for performance units granted beginning in December 2022, the application of the ROIC Modifier (as defined herein). The Vesting Period for performance units granted in November 2020 ended on December 31, 2023 and the performance units eligible to vest were settled in shares of common stock in January 2024. 2025 FORM 10-K | 100 Table of Contents Additional performance units are credited based on the amount of cash dividends on our common stock divided by the market value of our common stock on the date such dividend is paid. Such dividend equivalents are subject to the same terms and conditions as the underlying performance units and are settled or forfeited in the same manner and at the same time as the performance units to which they were credited. The vesting of units ranges from zero to 200 percent of the units granted depending on the Company’s TSR relative to the TSR of the Peer Group on the vesting date. Based on the Company's return on invested capital ("ROIC") performance over a full three-year performance cycle, the Human Resources Committee may increase or decrease by 25 percent the number of performance units that otherwise would be paid out solely based on the achievement of relative TSR performance over a full three-year performance cycle (the "ROIC Modifier"). The grant date fair value of performance units was determined through use of the Monte Carlo simulation method. The Monte Carlo simulation method requires the use of highly subjective assumptions. Our key assumptions in the method include the price and the expected volatility of our stock and our self-determined Peer Group companies' stock, risk free rate of return and cross-correlations between the Company and our Peer Group companies. The valuation model assumes dividends are immediately reinvested. As of September 30, 2025, there was $ 10.6 million of unrecognized compensation cost related to unvested performance units. That cost is expected to be recognized over a weighted-average period of 1.9 years. A summary of the status of our performance units and changes in non-vested performance units outstanding is presented below: 2025 2024 2023 (in thousands, except per share amounts) Shares Weighted-Average Grant Date Fair Value per Share Shares Weighted-Average Grant Date Fair Value per Share Shares Weighted-Average Grant Date Fair Value per Share Non-vested performance units outstanding as of the beginning of period 603 $ 38.90 796 $ 34.51 726 $ 33.67 Granted 255 39.15 223 39.86 144 54.30 Vested 1 ( 290 ) 30.12 ( 303 ) 29.77 ( 286 ) 43.40 Dividend equivalent rights credited and performance factor adjustment 2 67 31.89 ( 106 ) 34.09 212 35.94 Forfeited ( 58 ) 43.26 ( 7 ) 38.67 — — Non-vested performance units outstanding September 30, 3 577 $ 41.51 603 $ 38.90 $ 796 $ 34.51 (1) The number of performance units vested includes units that we withheld on behalf of our employees to satisfy the statutory tax withholding requirements. (2) At the end of the Vesting Period, recipients receive dividend equivalents, if any, with respect to the number of vested performance units. The vesting of units ranges from zero to 200 percent of the units granted depending on the Company's TSR relative to the TSR of the Peer Group on the vesting date. (3) Of the total non-vested performance units at the end of the period, specified performance criteria has been achieved with respect to 57,043 performance units which is calculated based on the payout percentage for the completed performance period. The vesting and number of the remainder of non-vested performance units reflected at the end of the period is contingent upon our achievement of specified target performance criteria. If we meet the specified maximum performance criteria, approximately 35,831 additional performance units could vest or become eligible to vest. The weighted-average fair value calculations for performance units granted within the fiscal period are based on the following weighted-average assumptions set forth in the table below. 2025 2024 2023 Risk-free interest rate 1 4.1 % 4.3 % 4.1 % Expected stock volatility 2 47.8 % 52.5 % 71.6 % Expected term (in years) 3 3 3 (1) The risk-free interest rate is based on U.S. Treasury securities for the expected term of the performance units. (2) Expected volatilities are based on the daily closing price of our stock based upon historical experience over a period which approximates the expected term of the performance units. NOTE 12 EARNINGS (LOSS) PER COMMON SHARE ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have non-forfeitable rights to dividends or dividend equivalents as a separate class of securities in calculating earnings per share. We have granted and expect to continue to grant to employees restricted stock grants that contain non-forfeitable rights to dividends. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings per share and calculate basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. 2025 FORM 10-K | 101 Table of Contents Basic earnings per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options, non-vested restricted stock and performance units. Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested restricted stock grants that receive dividends, which are considered participating securities. The following table sets forth the computation of basic and diluted earnings per share: September 30, (in thousands, except per share amounts) 2025 2024 2023 Numerator: Net income (loss) attributable to common shareholders $ ( 163,695 ) $ 344,165 $ 434,100 Adjustment for basic (loss) earnings per share: Earnings allocated to unvested shareholders ( 1,399 ) ( 4,726 ) ( 5,863 ) Numerator for basic earnings (loss) per share ( 165,094 ) 339,439 428,237 Adjustment for diluted earnings (loss) per share: Effect of reallocating undistributed earnings of unvested shareholders — 5 12 Numerator for diluted earnings (loss) per share $ ( 165,094 ) $ 339,444 $ 428,249 Denominator: Denominator for basic earnings (loss) per share - weighted-average shares 99,272 98,857 102,447 Effect of dilutive shares from restricted stock and performance share units — 210 405 Denominator for diluted earnings (loss) per share - adjusted weighted-average shares 99,272 99,067 102,852 Basic earnings (loss) per common share $ ( 1.66 ) $ 3.43 $ 4.18 Diluted earnings (loss) per common share $ ( 1.66 ) $ 3.43 $ 4.16 We had a net loss for the fiscal year ended September 30, 2025. Accordingly, our diluted loss per share calculation was equivalent to our basic loss per share calculation since diluted loss per share excluded any assumed exercise of equity awards. These were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable period. The following potentially dilutive average shares attributable to outstanding equity awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive: (in thousands, except per share amounts) 2025 2024 2023 Potentially dilutive shares excluded as anti-dilutive 2,877 2,355 2,451 Weighted-average price per share $ 52.61 $ 60.28 $ 62.08 NOTE 13 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS We have certain assets and liabilities that are required to be measured and disclosed at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use the following fair value hierarchy established in ASC 820-10 to measure fair value to prioritize the inputs: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. • Level 2 — Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. 2025 FORM 10-K | 102 Table of Contents • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Refer to Note 14—Employee Benefit Plans for details on the fair value hierarchy of our pension plan assets. Fair Value Measurements The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which we classify the fair value measurement as of the dates indicated below. September 30, 2025 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets Short-term investments: Corporate debt securities $ 21,302 $ — $ 21,302 $ — Total 21,302 — 21,302 — Long-term investments: Recurring fair value measurements: Equity securities: Non-qualified supplemental savings plan 17,662 17,662 — — Investment in Tamboran 25,976 25,976 — — Other equity securities 1,449 1,449 — — Debt securities: Investment in Galileo, net — — — — Geothermal debt securities, net 2,000 — — 2,000 Other debt securities 250 — — 250 Total $ 47,337 $ 45,087 $ — $ 2,250 As of September 30, 2025, our short-term security investments in held to maturity bonds totaled $ 0.2 million. These investments are measured at cost, less any impairments. As of September 30, 2025, our equity security investments in geothermal energy and other equity security investments were $ 14.1 million and $ 6.7 million, respectively. These investments are measured at cost, less any impairments. September 30, 2024 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets Short-term investments: Corporate debt securities $ 33,813 $ — $ 33,813 $ — U.S. government and federal agency securities 53,490 53,490 — — Investment in ADNOC Drilling 205,616 205,616 — — Total 292,919 259,106 33,813 — Long-term investments: Recurring fair value measurements: Equity securities: Non-qualified supplemental savings plan 15,633 15,633 — — Investment in Tamboran 20,958 20,958 — — Debt securities: Investment in Galileo 27,044 — — 27,044 Geothermal debt securities, net 2,000 — — 2,000 Other debt securities 4,588 4,338 — 250 Total $ 70,223 $ 40,929 $ — $ 29,294 2025 FORM 10-K | 103 Table of Contents As of September 30, 2024, our equity security investments in geothermal energy were $ 25.8 million, of which $ 0.1 million was measured at fair value as of September 30, 2024. The remaining $ 25.7 million is measured at cost, less any impairments. Our other equity security investments totaled $ 4.3 million and our debt security investments in held to maturity bonds totaled $ 0.3 million. These investments are measured at cost, less any impairment. Recurring Fair Value Measurements Short-term Investments Short-term investments primarily include securities classified as trading securities. Both realized and unrealized gains and losses on trading securities are included in Other income (expense) in the Consolidated Statements of Operations. These securities are recorded at fair value. Level 1 inputs include U.S. agency issued debt securities with active markets and money market funds. For these items, quoted current market prices are readily available. Level 2 inputs include corporate bonds measured using broker quotations that utilize observable market inputs. During September 2021, the Company made a $ 100.0 million cornerstone investment in ADNOC Drilling in advance of its announced initial public offering, representing 159.7 million shares of ADNOC Drilling, equivalent to a one percent ownership stake and subject to a three-year lockup period. ADNOC Drilling’s initial public offering was completed on October 3, 2021, and its shares are listed and traded on the Abu Dhabi Securities Exchange. During September 2024, the three-year lockup period expired and the balance was reclassified to Short-term investments on our Consolidated Balance Sheets. During the fiscal year ended September 30, 2025, we sold our equity securities of 159.7 million shares in ADNOC Drilling and received net proceeds of approximately $ 193.3 million. During the fiscal year ended September 30, 2025, we recognized a loss of $ 12.4 million on our Consolidated Statements of Operations, related to this investment, of which $ 8.4 million is associated with the change in fair value of the investment and $ 4.0 million relates to transaction fee associated with the sale of the securities. During the fiscal year ended September 30, 2024 and 2023, we recognized a gain of $ 30.9 million and $ 27.4 million, respectively, as a result of the change in fair value of the investment. This investment was classified as a Level 1 investment based on the quoted stock price on the Abu Dhabi Securities Exchange, and was measured at fair value with any gains recorded within Gain (loss) on investment securities on our Consolidated Statement of Operations. Long-term Investments Equity Securities Our long-term investments include debt and equity securities and assets held in a Non-Qualified Supplemental Savings Plan ("Savings Plan") and are recorded within Investments on our Consolidated Balance Sheets. Our assets that we hold in the Savings Plan are comprised of mutual funds that are measured using Level 1 inputs. Equity Securities with Fair Value Option In October 2022, we made a $ 14.1 million equity investment, representing 106.0 million common shares in Tamboran Resources. In December 2023, all shares of Tamboran Resources were transferred to Tamboran Corp. in exchange for depository interests in Tamboran Corp. Depository interests, referred to as CHESS Depository Interests, each representing beneficial interests of 1/200th of a share of Tamboran Corp. common stock, are listed on the Australian Stock Exchange under the ticker symbol "TBN." Tamboran Corp. is focused on developing a natural gas resource in Australia's Beetaloo Sub-basin. On June 4, 2024, the Company entered into a convertible note agreement with Tamboran Corp. This note was utilized to relieve Tamboran's outstanding accounts receivable balance owed to the Company, and therefore no cash was exchanged as part of the transaction. The convertible note agreement provided that the notes converted into shares of common stock of Tamboran Corp. under certain circumstances in connection with an initial public offering in which its stock was listed on the NYSE or NASDAQ Stock Exchange. On June 26, 2024, Tamboran Corp. completed an initial public offering of its common stock on the NYSE and its common stock is listed on the NYSE, under the ticker "TBN". As a result of this offering, the convertible note of $ 9.4 million was converted into 0.5 million common shares in Tamboran Corp. Our shares received in this initial public offering were subject to a 180-day lockup period, which expired during the first fiscal quarter of 2025. As of September 30, 2025, our combined equity ownership was approximately 6.1 percent representing 1.0 million common shares in Tamboran Corp. During the fiscal year ended September 30, 2025, our representation on the investee’s board of directors ceased. As a result, we determined that we no longer have the ability to exert significant influence over the investee. We consider this investment to have a readily determinable fair value and have elected to continue to account for this investment using the fair value option with any changes in fair value recognized through net income. Under the guidance, Topic 820, Fair Value Measurement, this investment is classified as a Level 1 investment based on the quoted stock price which is publicly available. Our investment is classified as a long-term equity investment within Investments on our Consolidated Balance Sheets and measured at fair value with any gains or losses recognized through net income and recorded within Gain (loss) on investment securities on our Consolidated Statements of Operations. During the years ended September 30, 2025, 2024, and 2023 we recognized gains (loss) of $ 5.0 million, $ 1.6 million and $( 4.2 ) million, respectively, recorded within Gain (loss) on investment securities on our Consolidated Statements of Operations, as a result of the change in fair value of the investment. 2025 FORM 10-K | 104 Table of Contents Debt Securities During April 2022, the Company made a $ 33.0 million cornerstone investment in Galileo Holdco 2 Limited Technologies ("Galileo Holdco 2"), part of the group of companies known as Galileo Technologies (“Galileo”) in the form of notes with an option to convert into common shares of the parent of Galileo Holdco 2. The convertible note bears interest at 5.0 percent per annum with a maturity date of the earlier of April 2027 or an exit event (as defined in the agreement as either an initial public offering or a sale of Galileo). During the fiscal year ended September 30, 2023, our convertible note agreement was amended to include any interest which has accrued but not yet compounded or issued as a note. As a result, we include accrued interest in our total investment balance. During the fiscal year ended September 30, 2025, our convertible note agreement was amended to extend the maturity date to the earlier of December 2027 or an exit event. The convertible note will continue to bear interest through the extended maturity date. Additionally, during the fiscal year ended September 30, 2025, we recorded a $ 29.6 million loss on our investment in Galileo, due to an allowance for credit loss on the convertible note, driven by heightened liquidity constraints and changes in governance, which led management to conclude that the fair value of the investment was not recoverable. As a result, the investment was fully reserved as of September 30, 2025. The loss was recognized through net income and recorded within Gain (loss) on investment securities on our Consolidated Statements of Operations. During the year ended September 30, 2024, we recorded an allowance for credit loss of $ 10.2 million, as a result of the change in fair value of the investment due to credit related factors. The loss was recognized through net income and recorded within Gain on investment securities on our Consolidated Statements of Operations. The following table provides quantitative information (in thousands) about our Level 3 unobservable significant inputs related to our debt security investment with Galileo at September 30, 2024: Fair Value (in thousands) Valuation Technique Unobservable Inputs $ 27,044 Black-Scholes-Merton model Discount rate 18.7 % Risk-free rate 3.5 % Equity volatility 66.0 % A majority of our long-term debt securities, including our investment in Galileo, are classified as available-for-sale and are measured using Level 3 unobservable inputs based on the absence of market activity. The following table reconciles changes in the fair value of our Level 3 assets for the periods presented below: Year Ended September 30, (in thousands) 2025 2024 Assets at beginning of period $ 29,294 $ 37,440 Purchases — 250 Accrued interest 1,860 1,771 Total gains or (losses): Included in earnings ( 29,287 ) ( 10,167 ) Included in other comprehensive income (loss) 383 — Assets at end of period $ 2,250 $ 29,294 Nonrecurring Fair Value Measurements We have certain assets that are subject to measurement at fair value on a nonrecurring basis. For these nonfinancial assets, measurement at fair value in periods subsequent to their initial recognition is applicable if they are determined to be impaired. These assets generally include property, plant and equipment, goodwill, intangible assets, and operating lease right-of-use assets. If measured at fair value in the Consolidated Balance Sheets, these would generally be classified within Level 2 or 3 of the fair value hierarchy. Further details on any changes in valuation of these assets is provided in their respective footnotes. Equity Securities We also hold various other equity securities without readily determinable fair values, primarily comprised of geothermal investments. These equity securities are initially measured at cost, less any impairments, and will be marked to fair value once observable changes in identical or similar investments from the same issuer occur. All of our long-term equity securities are measured using Level 3 unobservable inputs based on the absence of market activity. 2025 FORM 10-K | 105 Table of Contents The following table reconciles changes in the balance of our equity securities, without readily determinable fair values, including investments that have been marked to fair value on a nonrecurring basis, for the periods presented below: Year Ended September 30, (in thousands) 2025 2024 Assets at beginning of period $ 30,090 $ 28,232 Purchases 2,769 3,870 Disposals 1 ( 27,117 ) ( 616 ) Transfer in 320 — Total gains or (losses): Included in earnings 2 14,799 ( 1,396 ) Assets at end of period $ 20,861 $ 30,090 (1) During the fiscal year ended September 30, 2025, we liquidated one of our geothermal equity investments for $ 27.1 million. (2) The gains recorded during the fiscal year ended September 30, 2025 were attributable to the change in fair value of various geothermal equity investments as a result of disposals or observable price changes in identical or similar investments during the periods. Other Financial Instruments The carrying amount of cash and cash equivalents and restricted cash approximates fair value due to the short-term nature of these items. The majority of cash equivalents are invested in highly liquid money-market mutual funds invested primarily in direct or indirect obligations of the U.S. Government and in federally insured deposit accounts. The carrying value of accounts receivable, other current and noncurrent assets, accounts payable, accrued liabilities and other liabilities approximated fair value at September 30, 2025 and 2024. The fair values of the long-term fixed-rate debt are based on broker quotes at September 30, 2025 and 2024. The unsecured senior notes are unsecured term loan agreement are classified within Level 2 of the fair value hierarchy as they are not actively traded in markets. The following information presents the supplemental fair value information for our long-term fixed-rate debt at September 30, 2025 and 2024: Carrying Value at September 30, 2025 Fair Value at September 30, 2025 Using Inputs Considered as: (in thousands) Level 1 Level 2 Level 3 Unsecured senior notes: 2027 Notes $ 347,675 $ — $ 352,261 $ — 2029 Notes 346,602 — 348,688 — 2031 Notes 546,336 — 486,343 — 2034 Notes 543,197 — 538,417 — Unsecured term loan credit agreement: 2027 Term Loan 199,020 — 201,292 — Secured term loan credit agreements: 2023 Oman Facility 1 35,465 — — 35,465 2024 Oman Facility 1 38,789 — — 38,789 Total long-term debt, net of current portion $ 2,057,084 $ — $ 1,927,001 $ 74,254 (1) The secured term credit agreements are classified as nonpublic debt, meaning their value was directly negotiated between the involved parties and is not observable in the market. As a result, they are categorized as Level 3. Since this debt is nonpublic, the carrying value and the fair value of the loans are identical. 2025 FORM 10-K | 106 Table of Contents Carrying Value at September 30, 2024 Fair Value at September 30, 2024 Using Inputs Considered as: (in thousands) Level 1 Level 2 Level 3 Unsecured senior notes: 2027 Notes $ 347,093 $ — $ 350,700 $ — 2029 Notes 346,297 — 345,100 — 2031 Notes 545,738 — 471,350 — 2034 Notes 543,054 — 535,700 — Total long-term debt $ 1,782,182 $ — $ 1,702,850 $ — NOTE 14 EMPLOYEE BENEFIT PLANS U.S. Pension Plan We maintain a domestic noncontributory defined benefit pension plan covering certain U.S. employees who meet certain age and service requirements. In July 2003, we revised the Helmerich & Payne, Inc. Employee Retirement Plan (“U.S. Plan”) to close the plan to new participants effective October 1, 2003, and to reduce benefit accruals for existing participants through September 30, 2006. On that date, all benefit accruals were discontinued and the plan was frozen. The following table provides a reconciliation of the changes in the pension benefit obligations and fair value of the U.S. Plan assets over the two-year period ended September 30, 2025 and a statement of the funded status as of September 30, 2025 and 2024: September 30, (in thousands) 2025 2024 Accumulated benefit obligation $ 50,127 $ 57,154 Changes in projected benefit obligations: Projected benefit obligation at beginning of year $ 57,154 $ 54,646 Interest cost 2,584 3,009 Actuarial loss (gain) ( 3,404 ) 2,885 Benefits paid ( 6,207 ) ( 3,386 ) Projected benefit obligation at end of year $ 50,127 $ 57,154 Change in plan assets: Fair value of plan assets at beginning of year $ 53,521 $ 43,780 Actual return on plan assets 1,236 7,127 Employer contribution — 6,000 Benefits paid ( 6,207 ) ( 3,386 ) Fair value of plan assets at end of year $ 48,550 $ 53,521 Funded status of the plan at end of year $ ( 1,577 ) $ ( 3,633 ) Fluctuations in actuarial gains and losses during the period are primarily due to changes in the discount rate and investment returns. The mortality table issued by the Society of Actuaries in October 2021 was used for the September 30, 2025 pension calculation. The U.S. Plan's net pension liability at September 30, 2025 and 2024 was $ 1.6 million and $ 3.6 million, respectively. These liabilities are recorded within Retirement benefit obligation in our Consolidated Balance Sheets. The U.S. Plan's net actuarial loss recognized in Accumulated other comprehensive income (loss) at September 30, 2025 and 2024, and not yet reflected in net periodic benefit cost, was $ 4.7 million and $ 7.6 million, respectively. Unrecognized actuarial gains/losses outside of a corridor of the greater of: 1) 10 percent of the Projected Benefit Obligation, or 2) the fair value of assets, are amortized into expense for the year on a straight-line basis over the average remaining service years of participants. Amortization is not carried from year-to-year as the calculation resets each year. 2025 FORM 10-K | 107 Table of Contents The following weighted average assumptions were used in the U.S. Plan's calculation: September 30, 2025 2024 2023 Discount rate for net periodic benefit costs 4.84 % 5.77 % 5.44 % Discount rate for year-end obligations 5.21 % 4.84 % 5.77 % Expected return on plan assets 4.40 % 4.40 % 4.50 % We did not make any voluntary contributions to the U.S. Plan in fiscal year 2025; however, we made voluntary contributions of $ 6.0 million and $ 5.0 million in fiscal years 2024 and 2023, respectively. In fiscal year 2026, we do not expect minimum contributions required by law to be needed. However, we may make contributions in fiscal year 2026 if needed to fund unexpected distributions in lieu of liquidating pension assets. Components of the net periodic pension expense were as follows: Year Ended September 30, (in thousands) 2025 2024 2023 Interest cost $ 2,584 $ 3,009 $ 3,086 Expected return on plan assets 1 ( 2,220 ) ( 2,080 ) ( 1,762 ) Recognized net actuarial loss 190 612 1,139 Settlement expense 442 — — Net pension expense $ 996 $ 1,541 $ 2,463 (1) The Company uses the fair value of plan assets in determining the expected return on plan assets. The following table reflects the expected benefits to be paid from the U.S. Plan in each of the next five fiscal years, and in the aggregate for the five years thereafter (in thousands): Year Ended September 30, 2026 2027 2028 2029 2030 2031-2035 Total $ 4,778 $ 4,788 $ 4,449 $ 3,789 $ 4,341 $ 19,501 $ 41,646 Our investment policy and strategies are established with a long-term view in mind. The investment strategy is intended to help pay the cost of the U.S Plan while providing adequate security to meet the benefits promised under the U.S. Plan. We maintain a diversified asset mix to minimize the risk of a material loss to the portfolio value that might occur from devaluation of any single investment. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls are considered. Pension Plan assets are invested in portfolios of diversified public-market equity securities and fixed income securities. The U.S. Plan does not directly hold securities of the Company. The expected long-term rate of return on U.S. Plan assets is based on historical and projected rates of return for current and planned asset classes in the U.S. Plan’s investment portfolio after analyzing historical experience and future expectations of the return and volatility of various asset classes. During the 2021 fiscal year, for our U.S. Plan, we implemented a glide-path strategy with a goal to reduce risk as certain funded levels are achieved and began aligning our fixed income exposure with our pension liabilities. The target allocation for fiscal year 2026 and the asset allocation at the end of fiscal years 2025 and 2024, by asset category, are as follows: Target Allocation September 30, Asset Category 2026 2025 2024 U.S. equities 4 % 5 % 10 % International equities 5 5 5 Fixed income 91 90 85 Total 100 % 100 % 100 % 2025 FORM 10-K | 108 Table of Contents The fair value of U.S. Pension Plan's assets at September 30, 2025 and 2024, summarized by level within the fair value hierarchy described in Note 13—Fair Value Measurement of Financial Instruments, are as follows: September 30, 2025 (in thousands) Total Level 1 Level 2 Level 3 Short-term investments $ 201 $ 201 $ — $ — Mutual funds: Domestic stock funds 2,218 2,218 — — Bond funds 43,489 43,489 — — International stock funds 2,615 2,615 — — Total mutual funds 48,322 48,322 — — Oil and gas properties 27 — — 27 Total $ 48,550 $ 48,523 $ — $ 27 September 30, 2024 (in thousands) Total Level 1 Level 2 Level 3 Short-term investments $ 3,369 $ 3,369 $ — $ — Mutual funds: Domestic stock funds 5,223 5,223 — — Bond funds 41,950 41,950 — — International stock funds 2,887 2,887 — — Total mutual funds 50,060 50,060 — — Oil and gas properties 92 — — 92 Total $ 53,521 $ 53,429 $ — $ 92 As of September 30, 2025 and 2024, the assets utilizing Level 3 inputs consist of oil and gas properties. The fair value of oil and gas properties is determined by Wells Fargo Bank, N.A., based upon actual revenue received for the previous twelve-month period and experience with similar assets. Non-U.S. Pension Plans As a result of the Acquisition, we now maintain four pension plans in Germany (the "German Plans") and two pension plans in the UK (the "UK Plans") (collectively, the "Non-U.S. Plans"). The German Plans are unfunded, consistent with local business practices, whereas the UK Plans are funded through trustee-administered trusts. The Non-U.S. Plans are closed to new entrants, but existing members continue to accrue based on years of service and final salary. These plans had a net pension liability of $ 99.3 million ($ 132.5 million in obligations and $ 33.2 million in plan assets) recorded in Retirement benefit obligations within Noncurrent liabilities, on the opening balance sheet presented in Note 3—Business Combination as of the Acquisition Date. The Non-U.S. Plans had a net pension liability of $ 99.5 million ($ 134.6 million in obligations and $ 35.1 million in plan assets) presented in Retirement benefit obligations within Noncurrent liabilities on the Consolidated Balance Sheet as of September 30, 2025. Changes in the funded status are recognized in our Consolidated Statements of Comprehensive Income (Loss) in the period in which they occur. The Company recognizes the unfunded status of its German Plans, based on the projected benefit obligation, as retirement benefit obligations. 2025 FORM 10-K | 109 Table of Contents The following table provides a reconciliation of the changes in the pension benefit obligations and fair value of the Non-U.S. Plans' assets over the year ended September 30, 2025 and a statement of the funded status as of September 30, 2025: (in thousands) September 30, 2025 1 Accumulated benefit obligation $ 134,585 Changes in projected benefit obligations: Projected benefit obligation at beginning of year $ — Acquisition of KCA Deutag 132,477 Service cost 3,339 Interest cost 5,549 Actuarial gain ( 1,714 ) Benefits paid ( 5,066 ) Projected benefit obligation at end of year $ 134,585 Change in plan assets: Fair value of plan assets at beginning of year $ — Acquisition of KCA Deutag 33,176 Actual return on plan assets 1,260 Employer contribution 1,342 Benefits paid ( 583 ) Administration costs ( 67 ) Fair value of plan assets at end of year $ 35,128 Funded status of the plan at end of year $ ( 99,457 ) (1) The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025. Fluctuations in actuarial gains and losses during the period are primarily due to changes in the discount rate and investment returns. Mortality assumptions for the UK Plans are based on tables issued under the Continuous Mortality Investigation (CMI) 2024 model, developed by the Institute and Faculty of Actuaries. For the German Plans, mortality assumptions are based on the Heubeck 2018 G tables. These liabilities are recorded within Retirement benefit obligation in our Consolidated Balance Sheets. The Non-U.S. Plans' net actuarial gain recognized in Accumulated other comprehensive income (loss) at September 30, 2025, and not yet reflected in net periodic benefit cost, was $ 8.1 million. The following weighted average assumptions were used in the Non-U.S. Plan's calculations: September 30, 2025 1 UK Plans: Contribution increase rate 3.0 % Discount rate 5.8 % Inflation rate 3.0 % Germany Plans: Participant salaries increase rate 4.0 % Contribution increase rate 2.5 % Discount rate 4.0 % Inflation rate 3.0 % (1) The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025. We made voluntary contributions of $ 5.7 million to the Non-U.S. Plans in fiscal year 2025. In fiscal year 2026, we do not expect minimum contributions required by law to be needed. However, we may make contributions in fiscal year 2026 if needed to fund unexpected distributions in lieu of liquidating pension assets. 2025 FORM 10-K | 110 Table of Contents Components of the net periodic pension expense were as follows: (in thousands) Year ended September 30, 2025 1 Service cost $ 3,339 Interest cost 5,549 Expected return on plan assets 2 ( 1,714 ) Net pension expense $ 7,174 (1) The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025. (2) The Company uses the fair value of plan assets in determining the expected return on plan assets. The following table reflects the expected benefits to be paid from the Non-U.S. Plans in each of the next five fiscal years, and in the aggregate for the five years thereafter (in thousands): Year Ended September 30, 2026 2027 2028 2029 2030 2031-2035 Total $ 7,231 $ 6,481 $ 6,359 $ 6,379 $ 6,560 $ 31,406 $ 64,416 The German Plans are unfunded, therefore the plans' activities consist primarily of monthly payments to participants. Assets within the UK Plans are invested primarily in fixed income securities and liability-driven investment strategies to mitigate interest rate risk. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls are considered. The UK Plans do not directly hold securities of the Company. The expected long-term rate of return on assets is based on historical and projected rates of return for current and planned asset classes in the UK Plans' investment portfolio after analyzing historical experience and future expectations of the return and volatility of various asset classes. The target allocation for fiscal year 2026 is expected to align with the current fiscal year allocation shown below. The asset allocation at the end of fiscal year 2025, by asset category, was as follows: Asset Category September 30, 2025 1 Equities: International equities 10 % Diversified Growth Fund 2 13 Fixed income: Gilts (UK government bonds) 4 Corporate bonds 2 Strategic Income Fund 3 13 Risk management: Liability-Driven Investments (LDI) 27 Alternative investments: Absolute Return Credit Fund 4 25 Cash 6 (1) The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025. (2) Investments are equity-oriented with multi-asset exposure. (3) An actively managed investment fund designed to invest mainly in debt securities. (4) Invests primarily in credit instruments (corporate bonds, loans, structured credit) and uses active management techniques. 2025 FORM 10-K | 111 Table of Contents The fair value of the U.K. Plan assets at September 30, 2025, summarized by level within the fair value hierarchy described in Note 13—Fair Value Measurement of Financial Instruments, are as follows: September 30, 2025 1 (in thousands) Total Level 1 Level 2 Level 3 Equities: International equities $ 3,674 $ 3,674 $ — $ — Diversified Growth Fund 4,636 — 4,636 — Fixed income: Gilts (UK government bonds) 1,359 1,359 — — Corporate bonds 817 — 817 — Strategic Income Fund 4,729 — 4,729 — Risk management: Liability-Driven Investments (LDI) 9,365 — 9,365 — Alternative investments: Absolute Return Credit Fund 8,734 — 8,734 — Cash 1,838 1,838 — — $ 35,152 $ 6,871 $ 28,281 $ — (1) The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025. Consolidated Balance Sheets Presentation - Retirement Benefit Obligations Prior to September 30, 2025, Retirement benefit obligations were presented in Other within Noncurrent liabilities on our Consolidated Balance Sheets. To conform with the current period presentation, we reclassified amounts previously presented in Other within Noncurrent liabilities to the Retirement benefit obligations line, within Noncurrent liabilities, on our Consolidated Balance Sheets as of September 30, 2024. Defined Contribution Plan Substantially all employees on the U.S. payroll may elect to participate in our 401(k)/Thrift Plan by contributing a portion of their earnings. We contribute an amount equal to 100 percent of the first five percent of the participant’s compensation subject to certain limitations. The annual expense incurred for this defined contribution plan was $ 23.6 million, $ 26.9 million and $ 25.8 million in fiscal years 2025, 2024 and 2023, respectively. The Company continues to participate in defined contribution plans acquired in the Acquisition. The annual expense incurred for these defined contribution plans was $ 10.0 million in fiscal year 2025. NOTE 15 SUPPLEMENTAL BALANCE SHEET INFORMATION The following reflects the activity in our allowance for expected credit losses on trade receivables for fiscal years 2025, 2024 and 2023: Year Ended September 30, (in thousands) 2025 2024 2023 Allowance for credit losses: Balance at October 1, $ 2,977 $ 2,688 $ 2,975 Acquisition of KCA Deutag 1 13,094 — — Provision for credit loss 765 289 534 (Write-off) recovery of credit loss 2,811 — ( 821 ) Balance at September 30, $ 19,647 $ 2,977 $ 2,688 (1) Allowance for credit losses acquired in the KCA Deutag Acquisition were measured at fair value at the Acquisition Date. Refer to Note 3—Business Combination for additional information regarding the Acquisition. 2025 FORM 10-K | 112 Table of Contents Accounts receivable, prepaid expenses and other current assets, net, accrued liabilities and noncurrent liabilities —other at September 30, 2025 and 2024 consist of the following: Year Ended September 30, (in thousands) 2025 2024 Accounts receivable, net of allowance: Trade receivables $ 752,808 $ 418,586 Income tax receivable 29,836 18 Total accounts receivable, net of allowance $ 782,644 $ 418,604 Prepaid expenses and other current assets, net: Deferred mobilization $ 20,291 $ 8,329 Prepaid insurance 14,855 10,277 Prepaid value added tax 19,263 5,644 Prepaid maintenance and rent 16,888 12,802 Accrued demobilization, net 4,969 4,563 Prepaid equipment 1,516 23,249 Insurance recoverable 4,486 6,706 Other 15,250 4,849 Total prepaid expenses and other current assets, net $ 97,518 $ 76,419 Accrued liabilities: Accrued operating costs $ 116,743 $ 60,179 Payroll, benefits, and restructuring costs 174,974 86,855 Taxes payable, other than income tax 74,007 36,339 Self-insurance liabilities 39,067 41,040 Deferred income 38,083 10,432 Deferred mobilization revenue 21,740 8,626 Accrued income taxes 11,871 7,020 Interest payable 21,898 2,690 Operating lease liability 35,960 16,997 Litigation and claims 6,417 5,881 Other 24,095 10,782 Total accrued liabilities $ 564,855 $ 286,841 Noncurrent liabilities — Other: Other non-qualified retirement plans $ 22,747 $ 21,753 Self-insurance liabilities 81,726 41,040 Deferred revenue 30,121 10,123 Uncertain tax positions including interest and penalties 23,948 790 Operating lease liability 110,120 59,733 Other 1,954 171 Total noncurrent liabilities — other $ 270,616 $ 133,610 NOTE 16 COMMITMENTS AND CONTINGENCIES Purchase Commitments Equipment, parts and supplies are ordered in advance to promote efficient construction and capital improvement progress. At September 30, 2025, we had purchase commitments for equipment, parts and supplies of approximately $ 124.8 million. Of the $ 124.8 million total purchase commitments for equipment, parts and supplies, $ 56.0 million is attributable to our recently acquired subsidiary, KCA Deutag. Lease Obligations Refer to Note 5—Leases for additional information on our lease obligations. 2025 FORM 10-K | 113 Table of Contents Guarantee Arrangements We are contingently liable to sureties in respect of bonds issued by the sureties in connection with certain commitments entered into by us in the normal course of business. We have agreed to indemnify the sureties for any payments made by them in respect of such bonds. Contingencies During the ordinary course of our business, contingencies arise resulting from an existing condition, situation or set of circumstances involving an uncertainty as to the realization of a possible gain or loss contingency. We account for gain contingencies in accordance with the provisions of ASC 450, Contingencies, and, therefore, we do not record gain contingencies or recognize income until realized. The property and equipment of our Venezuelan subsidiary was seized by the Venezuelan government on June 30, 2010. Our wholly-owned subsidiaries, Helmerich & Payne International Drilling Co. ("HPIDC"), and Helmerich & Payne de Venezuela, C.A. filed a lawsuit in the United States District Court for the District of Columbia on September 23, 2011 against the Bolivarian Republic of Venezuela, Petroleos de Venezuela, S.A. and PDVSA Petroleo, S.A., seeking damages for the seizure of their Venezuelan drilling business in violation of international law and for breach of contract. While there exists the possibility of realizing a recovery on HPIDC's expropriation claims, we are currently unable to determine the timing or amounts we may receive, if any, or the likelihood of recovery. In September 2019, H&P and a subsidiary brought a lawsuit against a general liability insurance carrier and an insurance broker alleging bad faith and breach of contract related to an improperly imposed endorsement included in our 2017-2018 and 2018-2019 umbrella liability policies. During the fiscal year ended September 30, 2025, the parties agreed to settle the matter for $ 27.5 million and, as a result, we recorded a gain within Other income (expense) on our Consolidated Statements of Operations. The Company and its subsidiaries are parties to various other pending legal actions arising in the ordinary course of our business. We maintain insurance against certain business risks subject to certain SIRs and deductibles. Although no assurance can be given, we believe, based on our experiences to date and taking into account established reserves and insurance, that the ultimate resolution of such items will not have a material adverse impact on our financial condition, cash flows, or results of operations. When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time. If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range. We disclose contingencies where an adverse outcome may be material, or in the judgment of management, we conclude the matter should otherwise be disclosed. NOTE 17 BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION Description of the Business During the second quarter of fiscal year 2025, the naming convention for one of our reportable segments changed from Offshore Gulf of Mexico to Offshore Solutions. Beginning on the Closing Date, Offshore Solutions now includes the results from the acquired KCA Deutag offshore management contract operations. Similarly, our International Solutions segment now includes the results from the acquired KCA Deutag land operations. Operating results related to KCA Deutag's BENTEC™ business unit are included in "Other" along with results from our real estate operations and our wholly-owned captive insurance companies. Our North America Solutions operating segment remains unchanged. For additional information regarding the completion of the Acquisition, refer to Note 3—Business Combination. We are a performance-driven drilling solutions and technologies company based in Tulsa, Oklahoma with operations in all major U.S. onshore oil and gas producing basins as well as the Middle East, Europe, Latin America, and Australia. Our drilling operations consist mainly of contracting Company-owned drilling equipment primarily to large oil and gas exploration companies. We believe we are the recognized industry leader in drilling as well as technological innovation. We focus on offering our customers an integrated solutions-based approach by combining proprietary rig technology, automation software, and digital expertise into our rig operations rather than a product-based offering, such as a rig or separate technology package. Our drilling services operations are organized into the following reportable operating business segments: North America Solutions, International Solutions, and Offshore Solutions. Each reportable operating segment is a strategic business unit that is managed separately, and consolidated revenues and expenses reflect the elimination of all material intercompany transactions. External revenues included in “Other” primarily consist of rental, manufacturing and engineering services income. 2025 FORM 10-K | 114 Table of Contents Segment Performance Our chief operating decision maker ("CODM") is John Lindsay, Director and Chief Executive Officer. Our CODM evaluates segment performance and allocates resources based on segment operating income (loss) before income taxes. Components within segment operating income (loss), such as operating revenues and direct operating expenses, are used to monitor actual performance against forecasted results for each segment. Segment operating income (loss) before income taxes includes: • Revenues from external and internal customers • Direct operating costs • Depreciation and amortization • Research and development • Allocated general and administrative costs • Acquisition transaction costs • Asset impairment charges • Restructuring charges but excludes gain on reimbursement of drilling equipment, other loss on sale of assets, corporate selling, general and administrative costs, corporate depreciation, corporate acquisition transactions costs, corporate asset impairment charges, and corporate restructuring charges. General and administrative costs are allocated to the segments based primarily on specific identification and, to the extent that such identification is not practical, other methods may be used which we believe to be a reasonable reflection of the utilization of services provided. Summarized financial information of our reportable segments for the fiscal years ended September 30, 2025, 2024 and 2023 is shown in the following tables: September 30, 2025 (in thousands) North America Solutions International Solutions Offshore Solutions Total Revenues from external customers $ 2,361,288 $ 797,851 $ 520,394 $ 3,679,533 Intersegment revenues 1,039 4,575 — 5,614 Total revenues 2,362,327 802,426 520,394 3,685,147 Reconciliation of revenues: All other revenues 163,687 Elimination of intersegment revenues ( 102,821 ) Total consolidated revenues 3,746,013 Less 1 : Direct operating expenses 1,322,697 718,822 430,135 2,471,654 Depreciation & amortization 351,813 218,817 32,461 603,091 Research and development 34,140 — — 34,140 Selling, general and administrative costs 68,047 17,232 4,619 89,898 Acquisition transaction costs 41 1,585 2,971 4,597 Asset impairment charge 1,507 132,720 — 134,227 Restructuring charges 4,121 4,945 266 9,332 Segment operating income (loss) 579,961 ( 291,695 ) 49,942 338,208 Reconciliation of segment operating income (loss): All other operating loss ( 103,397 ) Elimination of intersegment loss ( 3,999 ) Segment operating income 230,812 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. 2025 FORM 10-K | 115 Table of Contents September 30, 2024 (in thousands) North America Solutions International Solutions Offshore Solutions Total Revenues from external customers $ 2,445,946 $ 193,975 $ 106,207 $ 2,746,128 Intersegment revenues — — — — Total revenues 2,445,946 193,975 106,207 2,746,128 Reconciliation of revenues All other revenues 71,630 Elimination of intersegment revenues ( 61,151 ) Total consolidated revenues 2,756,607 Less 1 : Direct operating expenses 1,366,471 169,033 82,668 1,618,172 Depreciation & amortization 366,446 10,863 7,530 384,839 Research and development 41,293 — — 41,293 Selling, general and administrative costs 61,113 9,427 3,594 74,134 Segment operating income 610,623 4,652 12,415 627,690 Reconciliation of segment operating income (loss) All other operating loss ( 1,359 ) Elimination of intersegment profit 1,261 Segment operating income 627,592 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. September 30, 2023 (in thousands) North America Solutions International Solutions Offshore Solutions Total Revenues from external customers $ 2,519,743 $ 212,566 $ 130,244 $ 2,862,553 Intersegment revenues — — — — Total revenues 2,519,743 212,566 130,244 2,862,553 Reconciliation of revenues All other revenues 77,296 Elimination of intersegment revenues ( 67,428 ) Total consolidated revenues 2,872,421 Less 1 : Direct operating expenses 1,447,522 180,797 96,783 1,725,102 Depreciation & amortization 353,976 7,615 7,622 369,213 Research and development 30,507 — — 30,507 Selling, general and administrative costs 58,397 10,401 3,035 71,833 Asset impairment charge 3,948 8,149 — 12,097 Segment operating income 625,393 5,604 22,804 653,801 Reconciliation of segment operating income All other operating profit 15,876 Elimination of intersegment profit 4,671 Segment operating income 674,348 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. 2025 FORM 10-K | 116 Table of Contents The following table reconciles segment operating income per the tables above to income before income taxes as reported on the Consolidated Statements of Operations: Year Ended September 30, (in thousands) 2025 2024 2023 Segment operating income $ 230,812 $ 627,592 $ 674,348 Gain on reimbursement of drilling equipment 33,398 33,309 48,173 Other loss on sale of assets ( 1,541 ) ( 5,139 ) ( 8,016 ) Corporate selling, general and administrative costs, corporate depreciation, corporate acquisition transaction costs, corporate asset impairment charges, and corporate restructuring charges ( 259,351 ) ( 198,313 ) ( 146,197 ) Operating income 3,318 457,449 568,308 Other income (expense) Interest and dividend income 35,207 41,168 28,393 Interest expense ( 107,808 ) ( 29,093 ) ( 17,283 ) Gain (loss) on investment securities ( 22,377 ) 13,953 11,299 Foreign currency exchange loss ( 9,682 ) ( 5,550 ) ( 6,419 ) Other 27,229 3,093 9,081 Total other income (expense) ( 77,431 ) 23,571 25,071 Income (loss) before income taxes $ ( 74,113 ) $ 481,020 $ 593,379 The following table reconciles segment total assets to total assets as reported on the Consolidated Balance Sheets: Year Ended September 30, (in thousands) 2025 2024 Total assets 1 North America Solutions $ 2,957,139 $ 3,225,410 International Solutions 2,426,613 685,833 Offshore Solutions 714,708 73,119 Other 360,037 157,877 6,458,497 4,142,239 Investments and corporate operations 247,241 1,639,659 $ 6,705,738 $ 5,781,898 (1) Assets by segment exclude investments in subsidiaries and intersegment activity. The following table presents revenues from external customers by country based on the location of service provided: Year Ended September 30, (in thousands) 2025 2024 2023 Operating revenues United States $ 2,481,593 $ 2,558,814 $ 2,656,617 Saudi Arabia 261,747 — — Norway 220,263 — — Oman 179,568 — — Argentina 155,727 142,451 137,420 Azerbaijan 129,011 — — Germany 57,561 — — Colombia 36,058 9,254 46,720 Bahrain 30,816 17,990 15,401 Kuwait 30,653 — — Other foreign 163,016 28,098 16,263 Total $ 3,746,013 $ 2,756,607 $ 2,872,421 2025 FORM 10-K | 117 Table of Contents The following table presents property, plant and equipment by country based on the location of service provided: Year Ended September 30, (in thousands) 2025 2024 Property, plant and equipment, net United States $ 2,503,045 $ 2,752,325 Saudi Arabia 971,440 149,472 Oman 445,706 — United Kingdom 71,385 — Argentina 71,135 62,533 Germany 51,306 — Kuwait 40,760 — Colombia 36,723 19,243 Norway 25,431 — Other foreign 96,143 32,704 Total $ 4,313,074 $ 3,016,277 NOTE 18 RESTRUCTURING CHARGES Beginning in the third quarter of fiscal year 2025, we initiated a workforce reduction plan to help improve operating margins by reducing direct and indirect support costs. As a result, during the fiscal year ended September 30, 2025, we incurred costs of approximately $ 12.1 million, primarily related to one-time severance payments to involuntarily terminated employees. These expenses are recorded within Restructuring charges on our Consolidated Statements of Operations . NOTE 19 SUBSEQUENT EVENTS Subsequent to September 30, 2025, we committed to a plan to scrap 30 rigs and auxiliary equipment within our North America Solutions segment and three rigs within our Offshore Solutions segment as part of our strategy to right size our fleet and reduce expenses. Of the 30 North America Solutions rigs, 10 were previously decommissioned. In accordance with ASC 360, Property, Plant and Equipment, these assets will be classified as held-for-sale until disposal. We will continue to assess these assets for potential impairment until they are disposed of. Based on our preliminary assessment, we expect to record an impairment charge ranging from $ 90.0 million and $ 110.0 million during the three months ended December 31, 2025. Subsequent to September 30, 2025, we received notifications for seven rigs to resume operations in Saudi Arabia during the first half of calendar year 2026. With the rig resumptions, the total operating rig count in country will increase to 24 total rigs by the middle of calendar year 2026. 2025 FORM 10-K | 118 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.