Helmerich and Payne Inc (HP)

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U.S. Supreme Court sides with Venezuela in Helmerich & Payne's rigs claim

Helmerich & Payne (HP -2.5%) is lower after the U.S. Supreme Court rules in favor of Venezuela's government in an 8-0 vote, throwing out a 2015 decision by the U.S. Court of Appeals for the D.C. Circuit.

The lower court had ruled in 2015 that HP could sue Venezuela over the seizure of 11 drilling rigs in 2010 but allowed the business another chance to press its claims.

The justices said the appeals court wrongly allowed claims to move forward merely because a company had presented a "non-frivolous" case against a foreign government.