Helmerich & Payne J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Helmerich & Payne J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Helmerich & Payne Overweight

HP, HP US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$35.59

Oil & Gas Exploration & Production

We hosted a fireside chat with H&P President & CEO Trey Adams at our J.P. Arun Jayaram AC

Morgan Natural Resources Conference. (1-212) 622-8541

arun.jayaram@jpmchase.com

• Net takeaway: positive. For football fans, H&P is a bit like the Pittsburgh Jason Kim

Steelers in needing a new “coach” every so often, and each “player” tends to (1-212) 622-1408

enjoy a long tenure before stepping into the top job. New President & CEO Trey jason.b.kim@jpmchase.com

Adams fits the mold, having spent two decades running nearly every Sowmya Vemulapalli

operational role within the company ranging from managing the Permian and (1-212) 270-4660

Eagle Ford operations, helping build the technology/digitial portfolio, and sowmya.vemulapalli@jpmchase.com

J.P. Morgan Securities LLC

leading the commercial organization through performance-based contracts.

The transition is broader than the corner office, with the upcoming retirement

of CFO Kevin Vann who provided a solid foundation for H&P’s fiscal

discipline post KCA Deutag and successfully recruited his successor in Todd

Scruggs. The bigger picture under new H&P leadership is that this 106 year-old

franchise is transforming itself from one that historically targeted one

geography in the U.S. Lower-48 as well as a few niche markets to now

becoming one of the largest global land drillers. We sensed a confident,

energetic tone from the new team, and we think the scale of the transformation

sets up a runway atop the franchise asset position in North America.