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The company was founded in 1920 as a joint venture between Walt Helmerich II and Bill Payne, who met on an oil rig in South Bend, Texas. The company moved to Tulsa six years later.
After benefiting and growing as a result of shale drilling, as of 2015, the company was losing market share and shrinking in size as lower prices in crude oil led to cuts in use of their oil rigs.
In November, 2018, H&P announced that it had formed H&P Technologies, a new business entity that will focus on the development of new technologies, especially for automation of directional drilling applications that can be used on any oil rig, "...regardless of the drilling or service provider.” H&P also announced that it had acquired Angus Jamieson Consulting (AJC), of Inverness, Scotland, a software-based, training and consultancy company. AJC also provides software and training for clients.
In July 2024, the company announced it would acquire UK-based oil and gas services company, KCA Deutag, for approximately $2 billion in cash.