• H&P discussed fiscal Q2 2026 results on May 7 with CEO Raymond John Adams, CFO J. Kevin Vann, incoming CFO Todd Scruggs, Executive Vice President Michael P. Lennox, Vice President of Investor Relations Kris Nicol.
• Adjusted EBITDA USD 178 million on revenue USD 932 million; net loss USD 0.59 per share included noncash impairment charge about USD 26 million; International Solutions margin hit about USD 6.5 million from Middle East conflict-driven costs and reactivation spending reclassified from CapEx to OpEx.
• North America Solutions seen at trough in fiscal Q2; Q3 direct margin guided USD 230 million to USD 240 million on 137 to 143 rigs; full-year rig count raised to 138 to 144; more than 55% of operating fleet now on term contracts.
• International Solutions Q3 direct margin guided USD 12 million to USD 32 million on 58 to 68 rigs; midpoint assumes about USD 6 million impact if Strait of Hormuz remains effectively closed; 1 rig suspended in Iraq, 2 rigs in Bahrain suspended up to 90 days; 6 of 7 Saudi reactivations expected by quarter-end.
• Capital allocation focus remained deleveraging; Tulsa real estate sale proceeds exceeded divestment target of USD 100 million, enabling full repayment of remaining term loan; cash taxes guidance lifted to USD 125 million to USD 150 million; free cash flow conversion targeted about 30% for full year, rising toward 40% to 45% in 2027-2028, with incremental shareholder returns likely deferred until 2028.

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