Helmerich & Payne announced that John Lindsay will retire after the March 4, 2026 annual meeting and that President Trey Adams will become CEO effective that date. Adams, who has led multiple business units, will also be nominated to the board.
The transition is part of a long‑term succession plan that has been in place for several years. Adams will continue to focus on performance, safety, customer partnership, and disciplined growth, while maintaining the company’s technology‑driven drilling strategy.
The announcement follows a strong Q4 2025 earnings report in which the company posted revenue above $1 billion, beating consensus, but reported an EPS loss of $0.01, missing expectations of $0.21. The revenue beat was driven by robust demand in the U.S. land drilling segment and incremental activity in the Middle East following the KCA Deutag acquisition, while the EPS miss reflected higher operating costs and a one‑time charge related to the acquisition integration.
Analysts have responded positively to the transition, citing the company’s international expansion, particularly in Saudi Arabia, and its attractive valuation. JPMorgan upgraded the stock to Overweight with a $34 target, citing international land segment optionality and expected rig recovery in Saudi Arabia. Goldman Sachs and Evercore ISI also raised their targets, reflecting confidence in the company’s international growth prospects.
Management emphasized continuity and confidence in the company’s strategy. Chairman Hans Helmerich said the promotion “is the next logical step in the company’s succession process that has been underway for several years.” Adams added that he is “honored to follow John’s leadership” and that the focus remains on people, safety, performance, technology, and customer partnership.
The CEO change signals Helmerich & Payne’s intent to sustain its technology‑driven approach while preparing for the next phase of global expansion, particularly as the company accelerates its presence in the Middle East through the KCA Deutag acquisition and ongoing rig reactivations in Saudi Arabia.
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