General Market and Outlook Comments Low oil prices are increasingly impacting the U.S. land drilling market. Drilling activity and spot dayrate pricing are now expected to significantly decline in the U.S. Nevertheless, as was the case during the last couple cyclical down-turns, H&P is well positioned for the challenges ahead. The Company noted last month that its operational outlook for the first fiscal quarter remained unchanged; no additional clarifications are noteworthy given information available at this point.

H&P’s U.S. Land Activity and Pricing Comments 286 FlexRigs remain active in the U.S. Land segment. Since 12/11/14, the idle and available AC drive FlexRig count in the U.S. has increased from 15 to 26. The average FlexRig spot pricing is down by approximately 10% to begin the second fiscal quarter as compared to the average spot pricing corresponding to the first fiscal quarter. We have also received early termination notices related to four long-term contracts. Given the current trend, we expect to see another 40 to 50 FlexRigs become idle and spot pricing continue to soften during the next 30 days. We do expect additional rigs to become idle and spot pricing softness to continue beyond the next 30 days.

H&P Highlights Superior ROIC and ROE Market Leader Strong Multi-Year Backlog Focus on Organic Growth Best-in-Class Safety Very Strong Balance Sheet High Quality Customer Base Most Advanced Fleet

Selected H&P Financial Metrics * Total Capitalization is defined as Total Debt plus Shareholders' Equity. Balance Sheet Highlights: As of September 30, 2014 (Dollars in millions) Cash (including Cash Equivalents) $361 Total Debt $80 Shareholders' Equity $4,891 Total Assets $6,722 Other Financial Highlights: LTM Operating EBITDA $1,578 Backlog $5,024 Credit Facility Availability $266 Cash + Credit Facility Availability $627 Credit Statistics: Total Debt / LTM Operating EBITDA 0.05x Total Debt / Total Capitalization* 1.6% Very Strong Balance Sheet

H&P’s Global Rig Fleet * Estimates include existing rigs and new build commitments as of January 7, 2015 and exclude nine conventional rigs decommissioned at the end of fiscal 2014. Focus on Organic Growth

Organic U.S. Land Fleet Growth * Estimates include existing rigs and announced new build commitments. 371 49 Focus on Organic Growth

H&P Continues to Capture Market Share As of October 2008 (Peak) (~1,900 Active Rigs in U.S. Land) As of December 2014 (~1,800 Active Rigs in U.S. Land) Note: The above estimates corresponding to market share are derived from Rig Data. PDS’ market share includes both PDS and Grey Wolf rigs. Additionally, the drawworks capacity of each land rig included in the above analysis was equal to or greater than 600 horsepower. Market Leader

U.S. Land Active Rig Count BHI Industry Rig Count Through Third Quarter of Calendar 2014 Market Leader

U.S. Land Average Daywork Margins(1) (1) Does not include the impact of early contract termination revenue. Market Leader Through Third Quarter of Calendar 2014

* NBR’s operating income corresponds to its U.S. Lower 48, U.S. Offshore, and Alaska business units. Ten Year Profit Comparison ** PTEN’s operating income includes drilling operations in Canada. Market Leader

H&P’s Lead in U.S. Land AC Drive Rigs * The above estimates corresponding to U.S. lower 48 AC Drive fleets are derived from Rig Data and corporate filings. **Estimated number of all other available AC Drive rigs not including those owned by HP, NBR, PTEN, and PDS. Most Advanced Fleet

Innovation & Applied Technology – FlexRig® AC Driven Systems & Integrated Top Drive Mechanized Tubular Handling Computerized Controls BOP Handling Driller’s Cabin Satellite Communications Rig Move Capabilities 31

Technology & Quality Service Make a Difference (1) Does not include the impact of early contract termination revenue. (2) Represents weighted-average rig margin per day for PTEN, NBR, PDS, and UNT. (3) Utilization is herein calculated to be average active rigs divided by estimated available marketable rigs. (4) Represents estimated average combined utilization for PTEN, NBR, PDS, and UNT in the Lower 48 land market. H&P’s Margin Premium H&P’s Utilization Premium (1) (2) (3) (4) Most Advanced Fleet

Performance is Not Only About Better Rigs Our competitive advantage is also about: People Safety Experience Training Culture Support Structure Processes Organizational Network Maintenance Supply Chain

Delivering Safety – H&P vs. Industry (IADC) U.S. Land Safety Performance (2005 – 2013) OSHA Recordable Injury Incidence Rates H&P IADC w/o H&P Injuries per 200,000 Man Hours Best-in-Class Safety

Safety Excellence Also Generates Savings Reduced Workers Comp and General Liability Losses per Man Hour EMR = Experience Modifier Ratio (Industry Average = 1.00) Best-in-Class Safety

H&P Global Fleet Under Term Contract Strong Backlog (1) Includes four rigs with early termination notifications. All rigs included above are subject to early termination fees.

H&P Customer Credit Ratings * As of September 30, 2014. Consists of 294 active U.S. Land rigs, 9 active and contracted Offshore rigs, and 22 active International Land rigs. Includes over 70 customers with active H&P rigs. ** The figures above represent H&P’s customer commitments for term contract work beginning October 01, 2014. High Quality Customer Base Number of Active H&P Rigs* (Working for Corresponding Customers) Number of Contracted Rig-Years** ($5 Billion H&P Backlog)

H&P vs. Industry U.S. Land Customer Base Note: The above estimates corresponding to the active rig fleet in the U.S. are derived from multiple sources including Rig Data and corporate filings. High Quality Customer Base

Underlying U.S. Land Market Trends Unconventional plays continue to shape the landscape. AC drive rigs are in highest demand. Customers continue to focus on drilling efficiency, technology and safety. The replacement cycle is expected to continue.

Unconventional Plays Shaping Landscape Well Complexity is increasing: Horizontal and directional wells make up about 80% of wells drilled in the U.S. Extended reach laterals progressively longer Multi-well pad drilling gaining acceptance in more areas This all creates an expanding level of demand for FlexRigs

AC Rigs Continue to Gain Market Share Note: The above estimates corresponding to rig activity are derived from multiple sources including Rig Data, Smith Bits, and corporate filings. Additionally, the drawworks capacity of each land rig included in the above analysis was greater than or equal to 600 horsepower. Certain assumptions were made on approximately 5% of the active rigs that were not readily identified.

As of December 2014 (~1,800 Active Rigs in U.S. Land By Power Type) The Replacement Cycle Continues As of October 2008 (Peak) (~1,900 Active Rigs in U.S. Land By Power Type) Note: The above estimates corresponding to rig activity are derived from multiple sources including Rig Data, Smith Bits, and corporate filings. Additionally, the drawworks capacity of each land rig included in the above analysis was equal to or greater than 600 horsepower. Certain assumptions were made on approximately 5% of the active rigs that were not readily identified.

U.S. Activity by Well and Rig Type Note: The above estimates corresponding to rig activity and rig type are derived from multiple sources including Rig Data, Smith Bits, and corporate filings. Additionally, the drawworks capacity of each land rig included in the above analysis was equal to or greater than 600 horsepower. Certain assumptions were made on less than 5% of the active rigs that were not readily identified. ~1,800 Active U.S. Land Rigs (December 2014) Horiz & Dir AC Drive Rigs Horiz & Dir SCR & Mech Rigs Vertical All Rigs

U.S. Activity by Well and Rig Type Note: The above estimates corresponding to rig activity and rig type are derived from multiple sources including Rig Data, Smith Bits, and corporate filings. Additionally, the drawworks capacity of each land rig included in the above analysis was equal to or greater than 600 horsepower. Certain assumptions were made on less than 5% of the active rigs that were not readily identified. Horiz & Dir AC Drive Rigs Horiz & Dir SCR & Mech Rigs Vertical All Rigs Leading Replacement Cycle ~1,800 Active U.S. Land Rigs (December 2014)

New Build FlexRigs 89 new FlexRig contracts announced since October 1, 2013 55 of the 89 announced new FlexRigs have already been delivered Currently building at a cadence of four FlexRigs per month, with 46 new FlexRigs under contract for fiscal 2015 Flexibility in managing our own production cadence allows us to swiftly respond to changing levels of FlexRig demand

H&P’s Long Term Strategy Innovation Technology Safety and operational excellence Customer satisfaction Financial strength

H&P’s U.S. Land Fleet Activity (1) (1) Includes completed new builds pending delivery and not generating revenue days.

Leading U.S. Unconventional Driller * Includes 34 announced new FlexRigs with customer commitments scheduled for delivery in fiscal 2015. (321 H&P Contracted Land Rigs as of 1/7/15*)

Unconventional Drilling Growth in Permian Note: The above estimates are derived from Rig Data. Additionally, the drawworks capacity of each land rig included in the above analysis was greater than or equal to 600 horsepower.

Distribution of Announced New Builds Of the 89 new build FlexRigs announced since 10/1/2013, 39 are going to the Permian, 18 to the Oklahoma Woodford, 15 to the Eagle Ford, five to the Tuscaloosa Marine Shale, four each to the Utica and Bakken, two to the Haynesville and one each to the Niobrara and Woodbine. 17 customers have ordered these new FlexRigs under multi-year term contracts (53 FlexRig3 rigs, 35 FlexRig5 rigs, and one FlexRig4 rig). More than two-thirds of these new FlexRigs will be equipped with hydraulic skid systems designed for multi-well pad locations.

A Value Proposition Example – H&P vs. Competitors Permian Basin – Horizontal Well (Fiscal 2014) Estimated Estimated Peer H&P FlexRig3 Conventional Rig AC Rig Average (Spot Market) 1. Drilling days 15.4 12.1 Other days No Data 3.0 3.0 Moving days 4.0 3.0 Total rig revenue days per well 22.4 18.1 2. Drilling contractor dayrate $25,000 $27,000 Operator’s other intangible $45,000 $45,000 cost per day estimate Total daily cost estimate $70,000 $72,000 Total cost per well (daily services) $1,568,000 $1,303,200 3. Total well savings with H&P – per well $264,800 per year $5.34MM Increased wells per rig per year versus peer AC Rig: 3.9 wells

FlexRigs Delivering Drilling Efficiencies We have over 1,400 rig years of AC Drive FlexRig drilling experience. Drilled over 52 million feet in 2012 Drilled in excess of 61 million feet in 2013 Improved our footage per day by 23% in 2012 Improved our footage per day by 14% in 2013

Changes in Lower 48 U.S. Land Rig Count * PDS’ active rig count includes both PDS and Grey Wolf rigs.

Ten-Year Relative Shareholder Return Source: Thomson Reuters as of January 5, 2015.

Land Drilling Market Valuations Source: Thomson Reuters as of January 5, 2015.

Return on Equity Superior ROIC and ROE * Excludes gains from the sale of investment securities and 4QFY14 abandonment (non-cash) charges. H&P's unadjusted ROE resulted in 15.2%. ** The corresponding ROIC values for the selected companies exclude certain extraordinary, non-recurring charges.

Current Dividend Yields Source: Thomson Reuters. Yields calculated as of market close on January 5, 2015.

Oil and Natural Gas Prices Source: Energy Information Administration and Thomson Reuters Oil Prices Natural Gas Prices