Oil Driller Comes Up Dry; Sector Slips

TULSA, Okla. (TheStreet) -- Helmerich & Payne(HP Quote) reported expectedly weak earnings on a day when the entire oil services sector slipped.

Weak drilling activity across the U.S. was the primary culprit for a 59% drop in income: operating income for U.S. land operations was $90 million in the fourth quarter, compared with $158 million in Q4 2008. Operating revenue fell 38% to $362.2 million.

It might not be any consolation to the company or its investors, but Helmerich & Payne was far from the worst performer in the oil services segment of the energy market on a day when the entire energy sector dropped close to 2% by mid-afternoon. The stock was down 1.83% to $37.48.

In fact, just four of the 86 companies in the oil services sector were in positive territory during the day's trading session: North American Energy Partners(NOA Quote) (+2.81%);Energy Services of America(ESA Quote) (+1.64%); NuStar GP Holdings (NSH Quote)(+0.33%); and Inergy Holdings (NRGP Quote)(+0.30%).

Two stocks that looked liked winners but ending the day slightly to the downside were Boots & Coots(WEL Quote)(-0.75%) and Allis-Chalmers Energy(ALY Quote)(-0.28%).