Tulsa-Based Helmerich & Payne Builds Up for Long-Term Growth

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In the race toward profitability, Helmerich & Payne has leveraged its technological expertise against explosive market factors beyond its control. And while it's winning, with strong growth foreseen into next year, officials say adaptation remains the key to long- term success in today's volatile environment.

For a couple of years now, the maverick Tulsa-based drilling contractor has reaped the benefits of a daring 1999 initiative to launch the first advance in drilling rig technology in decades. Longbow Asset Management Co. Chief Executive M. Jake Dollarhide still considers the FlexRig's introduction "a gutsy move," a gamble that provided returns that have paid off to this day.

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Tulsa-Based Helmerich & Payne Builds Up for Long-Term Growth

"You've got to strike while the iron's hot when you're a contract driller," he said, noting how the company's assets draw their value from market conditions, not the investment. "You've got no choice in the matter."

The new designs brought new levels of computerization and robotics to the oil field, noted H&P Manager of Investor Relations Juan Pablo Tardio. This improved both the prec...

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