Investors in the U.S. land-based drilling sector, rejoice. I finally gave up the ghost on my one investment in this sector (today, in fact), so I dutifully expect the stocks of this whole sector to see a crazy run for the next couple of months. And I'm sure that'll suit you Helmerich &Payne (NYSE:HP) folks just fine. Then again, there might be enough here to move this high-quality driller all on its own.

Once again, HP delivered a great quarter. Revenue was up 57%, and net income nearly tripled as the company continues to play soaring dayrates in a tight rig market against far more moderate increases in its own operating expenses. Earnings also got a slight boost from the sale of some securities, but the company still maintains a stake in Schlumberger (NYSE:SLB) and Atwood Oceanics (NYSE:ATW), whose value the company pegged at about $5 per share.

While profit growth was strongest in the comparatively dinky international drilling business, the U.S. land rig business (which provides the overwhelming bulk of profits) was exceptionally strong. Revenue was up 58%, and that was almost totally due to dayrate increases, with those rates moving up another 50% from last year. And with the company having sold an idle rig, it's now running at 100% capacity. HP added seven more commitments for rig builds and now has 16 companies committed to three-year deals or longer for 61 new rigs -- 30 of which will be delivered this year.

So let me tell you why I sold a driller stock today and what that might mean for HP. Not all drillers are alike. Some, like HP, deal with big companies like BP (NYSE:BP), ExxonMobil (NYSE:XOM), and so on. Other drillers get their business from checkbook operators -- so called because they're so small that they finance capital expenditures, literally, out of their checkbook. Some drillers, like HP, do business under contracts that guarantee rates for a stretch of times. Others live and die on the spot market.

I think there's still room to run for the drilling sector, but I was happy to take my profits. What's more, if another scare hits the space, I might look to buy again -- though my interests would lie more with offshore/international operators, or at least companies with better long-term contract positions, like Helmerich & Payne. And don't forget, profits aren't really profits until they're safe and sound in your account. So don't beat yourself up if you decide to take a little off the table and the stock in question still runs on afterward.

For more Foolish takes on the energy sector:

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).