Driller Helmerich and Payne's earnings top estimates as activity rebounds

DENVER, April 27 (Reuters) - U.S. drilling contractor Helmerich & Payne on Wednesday beat Wall Street estimates for second quarter earnings as surging oil and gas prices have boosted demand for its services and equipment.

The company exited the quarter with 171 active rigs, an increase of 10% from the first quarter. It anticipates exiting the current quarter with 175 active rigs, it said in a release.

Oil prices hit their highest level in over a decade last quarter and remain elevated at over $100 a barrel as Russia's invasion of Ukraine has stoked uncertainty around supplies.

The spike in prices has driven up demand for drilling equipment and services, with the U.S. rig count currently at 695, up from 438 a year ago, according to Baker Hughes.

"The industry rig count increase in the March quarter continued to shrink the availability of super-spec rigs that have worked at some point in the last two years, compounding the pre-existing supply-demand constraints in the market," said Helmerich and Payne Chief Executive Officer John Lindsay in a release.

The company reported a net loss of $5 million, or 5 cents per share, for the second quarter compared to a loss of $121 million, or $1.13 per share, a year ago. Wall Street analysts had anticipated a loss of 32 cents per share, according to Refinitiv IBES.

Shares were up nearly 3% in after-hours trading at $44. (Reporting by Liz Hampton in Denver; editing by Bernard Orr)