Exhibit 99

November 15, 2007

HELMERICH & PAYNE, INC. ANNOUNCES RECORD EARNINGS AND NEW CONTRACTS

Helmerich & Payne, Inc. reported record net income of $449,261,000 ($4.27 per diluted share) from operating revenues of $1,629,658,000 for its fiscal year ended September 30, 2007, compared with net income of $293,858,000 ($2.77 per diluted share) from operating revenues of $1,224,813,000 during last year’s fiscal year ended September 30, 2006. Included in fiscal year net income for 2007 were gains of $0.38 per share from the sale of portfolio securities and $0.35 per share net income from the sale of drilling equipment and from insurance settlements primarily relating to Rig 201 Katrina damage. Net income for fiscal year 2006 included gains of $0.12 per share from the sale of portfolio securities and $0.04 from the sale of drilling equipment.

Net income for the fourth quarter of fiscal 2007 was $116,410,000 ($1.10 per diluted share) from operating revenues of $449,449,000, compared with net income of $98,496,000 ($0.93 per diluted share) from operating revenues of $358,799,000 during last year’s fourth quarter. Included in net income were gains from the sale of portfolio securities and drilling equipment, and gains from insurance settlements of $0.13 per share for the fourth quarter of fiscal 2007, and $0.06 per share for the fourth quarter of fiscal 2006.

Helmerich & Payne, Inc. also announced today that it had signed six additional three-year term contracts with an exploration and production company to operate six new FlexRigs®* in the U.S. The name of the customer and other terms were not disclosed. This brings to 83 the total number of new FlexRig commitments with at least three-year term contracts and projected attractive returns that have been announced by the Company since March 2005. To date, 72 of these new builds have been deployed to the field, with the remaining eleven scheduled for deployment by the third quarter of fiscal 2008.

Segment operating income in the Company’s U.S. land rig operations increased to $124,191,000 for the fourth quarter of fiscal 2007, from $103,679,000 for the same period last year, and from $114,619,000 for this year’s third quarter. Average rig revenue per day rose by $265 to $23,666 and average rig margin per day rose by $439 to $12,221 for this year’s fourth quarter, compared with $23,401 and $11,782, respectively, for the previous quarter. During the fourth quarter of 2007, rig utilization averaged 95%, compared with 99% during last year’s fourth quarter, and 96% during this year’s third quarter. Total U.S. land rig activity days for this year’s fourth quarter increased by 892 over the previous quarter. During this year’s fourth fiscal quarter, a total of ten newly constructed rigs were deployed to the field. It is anticipated that seven more will be deployed during the first quarter of fiscal 2008.

The Company’s offshore operations reported segment o perating income of $6,343,000 for the fourth quarter of fiscal 2007, compared with $7,853,000 for the fourth quarter 2006 and $4,553,000 for the third quarter of 2007. Rig utilization was 59% during this year’s fourth quarter, compared with 69% during last year’s fourth quarter, and 67% during this year’s third quarter. Five of the Company’s platform rigs are currently active, one is being mobilized and one is being prepared for work under a long-term contract. The remaining two of the Company's nine platform rigs are idle with ongoing negotiations for work beginning later in 2008.

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News Release

November 15, 2007

The Company’s offshore operations segment now includes financial results from platform rigs and offshore management contracts that operate internationally as well as domestically. The Company's platform rig that is being mobilized is expected to commence operations in an international location in the second fiscal quarter of 2008. Results from this operation will be reported in the offshore operations segment. Also, as a result of this new segment approach, financial information for both the offshore and international segments have been reclassified for previously reported periods to reflect the inclusion of results from the offshore platform management contract work in West Africa that was previously included in the international segment. Regular operations from that contract have ended and negligible income was generated from that project in the fourth quarter of 200 7.

International land segment operating income during the fourth quarter of 2007 was $32,358,000 compared with $16,116,000 for last year’s fourth quarter, and $28,873,000 for this year’s third quarter. Rig utilization for international land operations was 81% for the quarter, compared with 95% during last year’s fourth quarter, and 90% during this year’s third quarter. This year’s fourth quarter operating income included approximately $6 million (approximately $0.04 per share after tax) of early termination income for one rig. Excluding the early termination income, international land average rig revenue and margin per day increased by 2% and 4%, respectively, compared with the previous quarter.

Company President and C.E.O., Hans Helmerich commented, “We are pleased to report the Company’s highest all-time year-end results.  An impressive 36% year-over-year increase in annual segment operating income allowed the Company to once again deliver record earnings to our shareholders.  This growth is primarily fueled by our successful new build program, which during the fiscal year delivered 48 new FlexRigs in line with fiscal 2007 construction cost estimates.   Perhaps the year’s most significant accomplishment is the on-time, on-cost execution of that aggressive program and our people’s ability to daily deliver on the entire value chain involved: design, manufacturing, commissioning, training and field performance.  Strong performance and improving conditions in our international markets also contributed to our record earnings, as that segment reported over 100% year-over-year growth in annual segment operating income. 

“There continues to be global market interest for new FlexRigs, and we are proactively pursuing further contract possibilities both in the U.S. and in international markets.  We are pleased to announce today a new order for six additional FlexRig3s.  Our approach has been to enable our customers to attain lower total well costs through the industry’s safest, newest, and most innovative land fleet.”

Helmerich & Payne, Inc. is a contract drilling company with a current fleet of 159 U.S. land rigs, 27 international land rigs and nine offshore platform rigs. In addition, the Company is committed to complete another eleven new H&P-designed and operated FlexRigs, which represent the remaining portion of the 83 new build commitments announced since March 2005. Upon completion of these commitments the Company’s fleet will include a total of 132 FlexRigs.

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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 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

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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 has been moved from the International segment to the Offshore segment. The amounts for Offshore and International segments for fiscal 2006 and the three months ended June 30, 2007 and September 30, 2006 have been restated to reflect this change. In conjunction with this, the International segment has been renamed to International Land.

Reimbursed amounts were as follows:

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News Release

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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 by 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).

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