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H&P Talks New Model; 14,100 Wells To Be Drilled In 2020
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In its Q4 report and call, Helmerich & Payne talked up its new model for drilling contractors in 2020 and beyond.
The new model is defined by the company as "performance contracts".
Performance Contracts"As John discussed, our performance contracts are gaining ground, as a larger portion of the fleet is shifting to this commercial model. As H&P provides value to our customers such as by reducing their overall well spread costs and H&P participates in that savings creation. These performance contracts are now generating approximately $500 per day, more in margin than our average day rate and model margins produced.
"Last quarter, we announced that new commercial contracts made up approximately 10% of our contract mix, during the first fiscal quarter, although today, we have approximately…
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