Helmerich & Payne, Inc. (HP) Secures a Major Offshore Maintenance and Operation Contract in the Caspian Sea Through a Joint Venture

Helmerich & Payne, Inc. (NYSE:HP) is among the 10 Best Oil & Gas Drilling Stocks to Buy.

On February 19, 2026, Turan Drilling and Engineering Company LLC, a joint venture with Helmerich & Payne, Inc. (NYSE:HP), received a five-year offshore operations and maintenance contract renewal by BP in the Caspian Sea offshore Azerbaijan.  The contract will take effect in March 2026. The deal contains three one-year extension options that could reach more than $1 billion if all options are exercised.

On February 11, 2026, Citi analyst Scott Gruber boosted Helmerich & Payne, Inc. (NYSE:HP)'s price objective to $38 from $33 while maintaining a Neutral rating on the stock.

On February 4, 2026, Helmerich & Payne, Inc. (NYSE:HP) reported a net loss of $97 million, or $0.98 per share, in the fiscal first quarter of 2026, including a $103 million non-cash impairment charge, with adjusted earnings of $14 million, or $0.15 per share. North America Solutions produced $36 million in operating income and $239 million in direct margins, averaging $18,193 per day. International Solutions reported a $55 million operating loss while delivering around $29 million in direct margins. The corporation declared $230 million in consolidated adjusted EBITDA, repaid $260 million on its term loan, and returned $25 million to shareholders.

Helmerich & Payne, Inc. (NYSE:HP) provides drilling solutions and technologies. It operates in four segments: North America Solutions, Offshore Solutions, International Solutions, and Other.

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