Helmerich & Payne announces leadership restructuring with key promotions

TULSA - Helmerich & Payne, Inc. (NYSE:HP) has announced a leadership restructuring with three key promotions effective October 1, 2025, according to a company press release.

Raymond John (Trey) Adams III has been promoted to President and will lead all revenue-generating business units. Adams, who joined the company in 2008, will become only the fifth President in the drilling contractor’s 105-year history.

Mike Lennox has been elevated to Executive Vice President of Western Hemisphere Land operations, while John Bell has been promoted to Executive Vice President of Eastern Hemisphere Land operations. Both executives will report to Adams, along with Senior Vice Presidents Ole Maier and Rebecca Clarke.

"Trey’s promotion to President, along with the promotions of Mike Lennox and John Bell to Executive Vice Presidents, reflect the strength and readiness of our people to lead the company forward," said John Lindsay, Chief Executive Officer.

The leadership changes come as Helmerich & Payne nears completion of integrating its KCAD acquisition. The company currently operates 224 land rigs in the United States, 153 international land rigs, and seven offshore platform rigs as of June 30, 2025.

Adams will divide his time between North America, the U.K., and the Middle East, with an initial focus on expanding the company’s presence in Middle Eastern markets.

Lennox, who joined H&P in 2008, has been overseeing the integration of operations in South America while maintaining operations across North America. Bell, with the company since 1998, previously established H&P’s FlexRig operations in the Middle East and played a key role in the KCAD acquisition.

In other recent news, Helmerich & Payne reported a strong financial performance for the third quarter of 2025. The company exceeded earnings forecasts with an earnings per share (EPS) of $0.22, surpassing the expected $0.18, and achieved revenue of $1.04 billion, which was higher than the anticipated $1.01 billion. These results indicate a positive surprise for investors. Additionally, Barclays upgraded Helmerich & Payne from Equalweight to Overweight, raising the price target to $25.00, reflecting expectations of a recovery for the company. TD Cowen also adjusted its price target for Helmerich & Payne to $27.00, maintaining a Hold rating, and highlighted the company’s resilient North American Solutions margins and stabilization in international markets. The recent upgrades and positive earnings report suggest a renewed investor interest in the company. Helmerich & Payne’s recent acquisition of KCA Deutag, finalized in January, also plays a role in the company’s current market position. These developments are crucial for investors monitoring Helmerich & Payne’s progress in the drilling industry.

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