Helmerich & Payne, Inc. ( HP Quick Quote HP - Free Report) recently announced that the Rig Enablement Framework Agreement with ADNOC Drilling Company is finalized. The Framework Agreement will allow HP to extend its drilling and operating experience outside the United States. It will help ADNOC Drilling improve the performance of its land rigs and support the company's aggressive development and expansion objectives. Further, the agreement, which focuses on enhancing drilling efficiencies and achieving operational savings, expands on the Asset Purchase Agreement and IPO Cornerstone Agreement announced on Sep 8, 2021, and strengthens ADNOC Drilling's strategic collaboration with HP. HP’s $100-million cornerstone investment in ADNOC Drilling's IPO aided its worldwide expansion plan by allowing it to commit extra cash outside the United States. This demonstrates HP's faith in what the two companies can accomplish together. Helmerich & Payne, a global leader in rig technologies and drilling solutions, intends to profit from ADNOC Drilling's commitment to a strong dividend policy as indicated in the ADNOC Drilling Prospectus. With the signing of the Rig Enablement Framework Agreement, HP will be able to further strengthen their strategic partnership by combining their strengths to offer a superior operational performance. Earlier in September, Helmerich & Payne announced a strategic collaboration with ADNOC and its subsidiary ADNOC Drilling Company wherein ADNOC Drilling will purchase eight FlexRig® land rigs from Helmerich & Payne for $86.5 million. The above deal will help Helmerich & Payne achieve its goal of deploying capital worldwide, especially to the MENA (Middle East and North Africa) area, by boosting its entry into the lucrative and rapidly-rising Abu Dhabi market as a vital platform for further regional expansion. Zacks Rank & Key Picks Helmerich & Payne currently has a Zacks Rank #3 (Hold). Investors interested in the energy sector might look at the following stocks with a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here . Occidental Petroleum Corporation ( OXY Quick Quote OXY - Free Report) is an integrated oil and gas company with significant exploration and production exposure. OXY is also a producer of various basic chemicals, petrochemicals, polymers and specialty chemicals. As of 2020 end, OXY's preliminary worldwide proved reserves totaled 2.91 billion BOE compared with 3.9 billion BOE at the end of 2019. In the past year, shares of Occidental Petroleum have surged 99% compared with the industry's growth of 96.6%. OXY's 2021 earnings are expected to soar 151.4% from the year-ago reported figure. OXY has also witnessed eight northward estimate revisions in the past 60 days. In the third quarter, OXY achieved its divestiture target of $10 billion by inking a deal to sell off its interest in two offshore Ghana assets for $750 million. PDC Energy ( PDCE Quick Quote PDCE - Free Report) is an independent upstream operator dealing in exploration, development and production of natural gas, crude oil and natural gas liquids. PDCE, which reached its present status following the January 2020 merger with SRC Energy, is currently the second-largest producer in the Denver-Julesburg Basin. As of 2020 end, PDCE's total estimated proved reserves were 731,073 thousand Boe. In the past year, shares of PDC Energy have gained 169% compared with the industry's growth of 108.6%. PDCE's earnings for 2021 are expected to surge 273.4% from the prior-year reported figure. In the past 60 days, the Zacks Consensus Estimate for PDC Energy's 2021 earnings has been raised 26.8%. Earnings of PDCE beat the Zacks Consensus Estimate in all the last four quarters, the average being 51.06%. Sunoco LP ( SUN Quick Quote SUN - Free Report) is a master limited partnership that engages in distributing motor fuel to roughly 10,000 customers, including independent dealers, commercial customers, convenience stores and distributors. In the United States, Sunoco is among the largest motor fuel distributors in the wholesale market by volume. In 2020, the partnership sold 7.1 billion gallons of motor fuel. SUN's earnings for 2021 are expected to surge 743.4% year over year. Sunoco currently has a Zacks Style Score of A for both Value and Growth. For 2021, SUN expects fuel volumes of 7.25-7.75 billion gallons, indicating a rise from the 2020 reported level of 7.09 billion gallons.