You Wouldn't Believe the Size of High-Yielding Helmerich & Payne, Inc.'s Rig Count

You Wouldn't Believe the Size of High-Yielding Helmerich & Payne, Inc.'s Rig Count

Oil and gas drilling rig company Helmerich & Payne, Inc. (NYSE: HP) is a leader in a highly cyclical industry. The worst of the recent drilling downturn is clearly over if you look at the massive rebound in the company's utilization rate. But when you look at the total number of rigs it owns, you realize there's a long way to go before things are back to where they were in the heydays of mid-2014. Here's what you need to know.

In mid-2017, Helmerich & Payne had roughly 350 drilling rigs in its U.S. land fleet, accounting for around 90% of its total rig portfolio (it also serves the offshore and foreign onshore markets). The vast majority of the company's U.S.-focused equipment (around 80%) is made up of alternating current (AC) rigs, which are more flexible and efficient than older rigs. The oil and gas industry has been making a long-term shift toward these rigs for years.    

Image source: Getty Images.

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Source: Fool.com