This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Helmerich & Payne is the largest onshore drilling contractor in the United States, controlling over 40% of the super-spec land drilling market. Per its FY2025 10-K, the company operates 208 rigs under contract spanning 223 rigs in North America, 137 internationally, and 7 offshore, following its US$2.0 billion acquisition of KCA Deutag in 2024, which expanded its international footprint across the Middle East, South America, Europe, and Africa. Fiscal year 2025 revenue totaled approximately US$3.42 billion, with North America Solutions contributing 63% (US$2.4 billion). 100% of revenue derives from contract drilling services for oil and gas exploration and production.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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