Helmerich & Payne saw its rig count fall 5% over Q2 and it expects another 5%
decline over Q3 as the US onshore market continues to sink. Executives with the nation’s
leading land driller said E&P firms are showing capital discipline, and with most of its
customers having already spent over 50% of their budgets, the slowdown is expected to
get worse before 2020.
H&P exited Q2 with 214 active rigs, just below its previous guidance.
“Our expectation of the......
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