Helmerich & Payne Buys MOTIVE Drilling Technologies for $100M

Helmerich & Payne is the largest drilling rig contractor in the U.S. Their rigs can be found all over the world. In the U.S., H&P may H&P rigs are located in Texas, in the Permian basin, drilling for oil. Although a fair number are also in North Dakota and Colorado. If you look at H&P’s rig locations from last July (the most recent stats they publish, on their website), you’ll find 13 active H&P rigs in the Pennsylvania–in the Marcellus Shale. A year later, we are assuming (based on recent data) that those numbers have gone up everywhere, including the Marcellus. Even if H&P’s rig count is still just 13 in the PA Marcellus, that represents 38% of the active rigs in the Marcellus as of April (see Baker Hughes April Rig Count – M-U Highest in 12 Months). In other words, what happens with H&P in a larger sense, matters to us here in the Marcellus. Which is why it caught our attention that H&P has just announced an agreement to buy MOTIVE Drilling Technologies for $100 million. MOTIVE provides technologies that help drillers drill better. H&P specifically bought MOTIVE to make their directional drilling better–using MOTIVE’s software, i.e. algorithm-driven “cognitive computing” platform. H&P says MOTIVE’s technology will mean smoother wellbores, more accurate well placement, lower costs and higher production…

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