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Drilling Contractor Predicts 500 Rigs by YE2021, Disciplined Spending
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Helmerich & Payne, Inc. reported its Q4 and full year 2020 results.
Conference Call HighlightsThe company outlined several important things in its call, including its outlook for rig growth and E&P spending for 2021.
Predicts 500 Active Rigs by Year-End 2021In its conference call, company executives conveyed that the company has a bright outlook for rig count growth in 2021.
"If market expectations for US production levels continue to drop that should have a positive impact on oil prices which further supports consensus expectations for approximately 500 active rigs in the US at year end.
"We entered the New Year with 94 rigs running in US land. Now that's double the number we had in August and the upward trend continues. Around this time last year, WTI prices were trading in the low…
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