Exhibit 99

May 1, 2008

HELMERICH & PAYNE, INC. ANNOUNCES NEW BUILD ORDERS AND

SECOND QUARTER EARNINGS

Helmerich & Payne, Inc. reported net income of $102,054,000 ($0.96 per diluted share) from operating revenues of $473,644,000 for its second fiscal quarter ended March 31, 2008, compared with net income of $106,861,000 ($1.02 per diluted share) from operating revenues of $372,536,000 during last year’s second fiscal quarter ended March 31, 2007.  Included in this year’s second quarter net income are $0.04 per share of after-tax gains from the sale of portfolio securities and drilling equipment.  Included in net income for the second fiscal quarter of 2007 was approximately $0.18 per share from after-tax gains related to the sale of two platform rigs, and $0.05 per share from after-tax gains related to an ongoing insurance settlement for hurricane damages to offshore platform Rig 201 and other asset sales.

For the six months ended March 31, 2008, the Company reported net income of $209,884,000 ($1.98 per diluted share) from operating revenues of $930,307,000, compared with net income of $217,647,000 ($2.08 per diluted share) from operating revenues of $758,935,000 during the six months ended March 31, 2007.   Included in net income were after-tax gains from the sale of portfolio securities and drilling equipment, including insurance proceeds, of $0.07 per share for the first six months of fiscal 2008, and $0.39 per share for the first six months of fiscal 2007.

Helmerich & Payne, Inc. also announced today that it had signed three additional long-term contracts with three exploration and production companies to operate three new FlexRigs®* in the U.S.  The name of the customers and other terms were not disclosed.  This brings to 97 the total number of new FlexRigs with at least three-year term commitments that have been announced by the Company since March 2005.  To date, 87 of these new builds have been completed, with the remaining 10 scheduled for completion during this calendar year.  FlexRigs are expected to represent about 70% of the Company’s global land fleet by the end of calendar 2008.

Company President and C.E.O. Hans Helmerich commented, “During the Company’s second quarter, we experienced declines in our offshore and international business, while our U.S. land segment continued to perform at historically high levels. As we move into the second half of the fiscal year, we expect to deliver operating income growth in all three of our drilling segments.  As evidenced by our announcement today, we continue to see a very encouraging level of demand for new H&P FlexRigs, which have clearly become the standard for reliability, performance and well cost efficiencies in U.S. land drilling.  With energy market conditions, both domestic and internationally, pointing toward increasing and more challenging global drilling activity, we are very well positioned to compete and continue to gain market share while delivering attractive returns to our shareholders.”

(over)

Page 2

News Release

May 1, 2008

The Company’s U.S. land rig business continued to experience an increase in revenue day activity and higher average rig revenue per day during the quarter. The increase in daily revenue, however, was more than offset by daily field cost increases.  Segment operating income from the Company’s U.S. land rig operations was up substantially from one year ago, but relatively flat sequentially with $143,841,000 of operating income during this year’s first fiscal quarter and $143,740,000 operating income during this year’s second quarter.  The Company recorded a sequential $409 increase in rig revenue per day to $24,415, which is the segment’s highest quarterly average in the Company’s history and reflects the strong dayrate premium that the Company’s fleet commands in the U.S. land market. However, average rig expenses increased by $662 to $11,557 per day.  As a result, the average rig margin per day decreased sequentially by $253 to $12,858 per day.  The Company’s U.S. land rig utilization was 94% during this year’s second quarter, compared with 97% for last year’s second quarter and 95% for this year’s first quarter.  Additionally, the Company’s U.S. land rig activity increased 3% sequentially to 14,272 revenue days during this year’s second quarter, as more newly constructed rigs were deployed to the field.  Given improving market conditions, the Company expects continued expansion in its U.S. land rig activity during the third fiscal quarter, as well as strong daily rig margins in the segment.

Segment operating income for the Company’s offshore operations was $3,603,000 for this year’s second quarter, compared with $3,805,000 for last year’s second quarter and $4,114,000 for this year’s first quarter.  Average rig utilization in the offshore segment increased sequentially from 56% to 65% during the quarter ending March 31, 2008, and is expected to increase to over 80% during the current third fiscal quarter.  As a result and in combination with anticipated improvement in average daily rig margins in the third quarter, the Company expects offshore segment operating income to increase from the second to the third fiscal quarter.  All nine of the Company’s offshare segment rigs are contracted, eight of which are currently active.  The ninth rig is scheduled to commence operations in the second quarter of fiscal 2009.

Segment operating income for the Company’s international land operations was $12,752,000 for this year’s second quarter, compared with $19,874,000 for last year’s second quarter and $21,156,000 for this year’s first quarter.   The sequential decline this year was mostly attributable to an adjustment of $5.9 million relating to the depreciation of certain assets recorded in prior years.  (This adjustment had a negative impact to the second quarter’s net income of approximately $0.04 per share.)  As expected, the decline in segment operating income was also attributable to a reduction in average rig utilization from 81% to 73% during the second quarter.  The average rig margin per day corresponding to the quarter was $14,396, or 2% higher than that of the first quarter.  Average international rig utilization is expected to increase to over 75% during the third fiscal quarter ending June 30, 2008. 

Helmerich & Payne, Inc. is primarily a contract drilling company.  As of May 1, 2008, the Company’s existing fleet included 175 U.S. land rigs, 27 international land rigs and nine offshore platform rigs.

(more)

Page 3

News Release

May 1, 2008

Helmerich & Payne, Inc.’s conference call/webcast is scheduled to begin this morning at 11:00 a.m. ET (10:00 a.m. CT) and can be accessed at http://www.hpinc.com under Investors.  If you are unable to participate during the live webcast, the call will be archived for a year on H&P’s website indicated above.

Statements in this release and information disclosed in the conference call and webcast that are “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 are based on current expectations and assumptions that are subject to risks and uncertainties. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion & Analysis of Results of Operations and Financial Condition” sections of the Company’s SEC filings, including but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.  As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements.

*FlexRig® is a registered trademark of Helmerich & Payne, Inc.

Contact:  Juan Pablo Tardio

(918) 588-5383

(more)

Page 4

News Release

May 1, 2008

(more)

Page 5

News Release

May 1, 2008

(more)

Page  6

News Release

May 1, 2008

(more)

Page  7

News Release

May 1, 2008

(more)

Page  8

News Release

May 1, 2008

Operating statistics exclude the effects of offshore platform management contracts, gains and losses from translation of foreign currency transactions, and do not include reimbursements of “out-of-pocket” expenses in revenue per day, expense per day and margin calculations.

A management contract for a customer-owned platform rig working in an international location was moved from the International segment to the Offshore segment in the fourth quarter of fiscal 2007. The amounts for Offshore and International land segments for the three and six months ended March 31, 2007 have been restated to reflect this change.

Reimbursed amounts were as follows:

(more)

Page  9

News Release

May 1, 2008

Segment operating income for all segments is a non-GAAP financial measure of the Company’s performance, as it excludes general and administrative expenses, corporate depreciation, income from asset sales and other corporate income and expense.  The Company considers segment operating income to be an important supplemental measure of operating performance for presenting trends in the Company’s core businesses.  This measure is used by the Company to facilitate period-to-period comparisons in operating performance of the Company’s reportable segments in the aggregate by eliminating items that affect comparability between periods.  The Company believes that segment operating income is useful to investors because it provides a means to evaluate the operating performance of the segments and the Company on an ongoing basis using criteria that are used by our internal decision makers.  Additionally, it highlights operating trends and aids analytical comparisons.  However, segment operating income has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in accordance with GAAP, as it excludes certain costs that may affect the Company’s operating performance in future periods.

The following table reconciles operating income per the information above to income before income taxes and equity in income of affiliates as reported on the Consolidated Statements of Income (in thousands).

###