Exhibit 99

May 2, 2007

HELMERICH & PAYNE, INC. ANNOUNCES SECOND QUARTER RESULTS

Helmerich & Payne, Inc. reported net income of $106,861,000 ($1.02 per diluted share) from operating revenues of $372,536,000 for its second fiscal quarter ended March 31, 2007, compared with net income of $64,573,000 ($0.61 per diluted share) from operating revenues of $290,830,000 during last year’s second fiscal quarter ended March 31, 2006.  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.  Comparable after-tax gains from the sale of assets totaled $0.02 per share net income for the second quarter of 2006.

For the six months ended March 31, 2007, the Company reported net income of $217,647,000 ($2.08 per diluted share) from operating revenues of $758,935,000, compared with net income of $115,387,000 ($1.09 per diluted share) from operating revenues of $546,218,000 during the six months ended March 31, 2006.  Included in net income were after-tax gains from the sale of portfolio securities and drilling equipment, including insurance proceeds, of $0.39 per share for the first six months of fiscal 2007 and $0.05 per share for the first six months of fiscal 2006.

Segment operating income from the Company’s U.S. land rig operations was up substantially from one year ago, but declined sequentially from $118,408,000 during this year’s first fiscal quarter to $109,782,000 during this year’s second quarter.  The sequential decline resulted from decreases in rig revenue and margin per day of 5% and 9%, respectively.  The Company’s U.S. land rig utilization was 97% during this year’s second quarter, compared with 98% for both last year’s second quarter and this year’s first quarter.  Additionally, total U.S. land rig activity increased 6% sequentially to 11,156 days during this year’s second quarter as newly constructed rigs were deployed to the field.  The Company continues to deploy additional new builds at the rate of approximately four per month.

The Company’s U.S. offshore operations reported segment operating income of $2,198,000 for the second quarter of fiscal 2007, compared with $7,369,000 for the second quarter of fiscal 2006, and $5,691,000 for the first quarter of fiscal 2007.  Total activity days in U.S. offshore operations during the quarter decreased to 522, compared with 699 activity days during the same period last year and 588 activity days during the first quarter of fiscal 2007.  The decline in segment operating income during this second fiscal quarter was mostly attributable to two rigs that transitioned into standby status under substantially lower dayrates, and to another two that completed drilling operations and demobilized during the quarter.

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Page 2

News Release

May 2, 2007

Segment operating income from the Company’s international operations was $21,481,000 during this year’s second quarter, compared with $13,112,000 during last year’s second quarter and $25,763,000 during this year’s first quarter.  The sequential decline in operating income resulted primarily from a higher number of activity days devoted to well-to-well moves at lower dayrates and margins as compared to those of normal drilling days.  However, the Company anticipates that segment operating income for the last six months of this fiscal year will slightly increase from the segment operating income reported for the first six months due to expected increases in dayrates and margins, even though activity days are projected to be lower due to recent rig releases.  International rig utilization was 93% during this year’s second quarter, compared with 89% during last year’s second quarter, and 96% during this year’s first quarter.

Company President and C.E.O., Hans Helmerich commented, “We have long believed that the technological advances introduced with the Company’s FlexRig ®* technology would help differentiate the Company from the rest of the field.  As many of our competitors report significant numbers of rigs currently stacked, our land rig utilization in the U.S. remains high at 97%.  Dayrates continue to experience some softening in the face of uncertain natural gas pricing and new capacity displacing less capable rigs.  During increased market volatility, the overall rig count has held up nicely and is slightly above year-ago levels, suggesting resiliency to the energy cycle.

“With the sale of two of our offshore platform rigs, the remaining nine platform rigs represent only 5% of our entire fleet and less than 2% of total Company segment operating income.  We expect that segment’s operating income during the next two to three quarters to be slightly improved over that reported in this year’s second quarter.”

Helmerich & Payne, Inc. is a contract drilling company with a rig fleet that currently includes 140 U.S. land rigs, nine U.S. platform rigs located in the Gulf of Mexico and 27 international land rigs.  In addition, the Company is committed to complete another 24 new H&P-designed and operated FlexRigs, expanding its total number of FlexRigs to 125 and its total number of U.S. land rigs to 164.  The Company expects to complete 18 of these 24 new FlexRigs by September 30, 2007, the end of its fiscal year.

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.

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News Release

May 2, 2007

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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News Release

May 2, 2007

HELMERICH & PAYNE, INC.

Unaudited

(in thousands, except per share data)

		Three Months Ended									Six Months Ended
		Dec. 31			March 31						March 31
CONSOLIDATED STATEMENTS OF INCOME		2006			2007			2006			2007			2006
Operating Revenues:
Drilling — U.S. Land		$	269,900		$	269,145		$	193,668		$	539,045		$	366,422
Drilling — U.S. Offshore		30,986			24,062			33,703			55,048			63,223
Drilling — International		82,614			76,591			61,117			159,205			111,374
Real Estate		2,899			2,738			2,342			5,637			5,199
		386,399			372,536			290,830			758,935			546,218
Operating costs and other:
Operating costs,excluding depreciation		199,467			199,456			156,800			398,923			297,396
Depreciation		30,151			32,952			23,385			63,103			46,308
General and administrative		10,613			13,350			13,957			23,963			25,895
Gain from involuntary conversion of long-lived assets		—			(5,170		)	—			(5,170		)	—
Income from asset sales		(486		)	(32,336		)	(3,563		)	(32,822		)	(4,536		)
		239,745			208,252			190,579			447,997			365,063
Operating income		146,654			164,284			100,251			310,938			181,155
Other income (expense):
Interest and dividend income		1,244			1,034			2,456			2,278			4,986
Interest expense		(919		)	(1,913		)	(1,946		)	(2,832		)	(4,526		)
Gain on sale of investment securities		26,337			177			—			26,514			2,720
Other		64			66			27			130			(486		)
		26,726			(636		)	537			26,090			2,694
Income before income taxes and equity in income of affiliate		173,380			163,648			100,788			337,028			183,849
Income tax provision		64,098			59,338			38,240			123,436			71,042
Equity in income of affiliate net of income taxes		1,504			2,551			2,025			4,055			2,580
NET INCOME		$	110,786		$	106,861		$	64,573		$	217,647		$	115,387
Earnings per common share:
Basic		$	1.07		$	1.04		$	0.62		$	2.11		$	1.11
Diluted		$	1.06		$	1.02		$	0.61		$	2.08		$	1.09
Average common shares outstanding:
Basic		103,312			103,239			104,627			103,276			104,303
Diluted		104,776			104,832			106,114			104,841			105,771

 

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News Release

May 2, 2007

HELMERICH & PAYNE, INC.

Unaudited

 (in thousands)

 

CONSOLIDATED CONDENSED BALANCE SHEETS		3/31/07			9/30/06
ASSETS
Cash and cash equivalents		$	89,140		$	33,853
Short-term investments		344			48,673
Other current assets		374,538			346,165
Total current assets		464,022			428,691
Investments		206,013			218,309
Net property, plant, and equipment		1,807,965			1,483,134
Other assets		6,537			4,578
TOTAL ASSETS		$	2,484,537		$	2,134,712
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities		$	247,732		$	264,548
Total noncurrent liabilities		337,674			313,272
Long-term notes payable		330,000			175,000
Total shareholders’ equity		1,569,131			1,381,892
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	2,484,537		$	2,134,712

 

 

 

 

 

 

 

 

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News Release

May 2, 2007

HELMERICH & PAYNE, INC.

Unaudited

 (in thousands)

 

		Six Months Ended
		March 31
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS		2007			2006
OPERATING ACTIVITIES:
Net income		$	217,647		$	115,387
Depreciation		63,103			46,308
Changes in assets and liabilities		32,364			(20,136		)
Gain from involuntary conversion of long-lived assets		(5,170		)	—
Gain on sale of assets and investment securities		(59,198		)	(7,120		)
Other		(2,881		)	1,657
Net cash provided by operating activities		245,865			136,096
INVESTING ACTIVITIES:
Capital expenditures		(433,900		)	(170,900		)
Purchase of investments		—			(83,010		)
Insurance proceeds from involuntary conversion of long-lived assets		5,170			—
Proceeds from sale of assets and investments		122,759			12,983
Other		214			—
Net cash provided used in investing activities		(305,757		)	(240,927		)
FINANCING ACTIVITIES:
Dividends paid		(9,311		)	(8,624		)
Repurchase of common stock		(17,621		)	—
Net decrease in bank overdraft		(10,195		)	—
Proceeds from exercise of stock options		872			11,860
Net proceeds from short-term and long-term debt		151,279			—
Excess tax benefit from stock-based compensation		155			7,998
Net cash provided by financing activities		115,179			11,234
Net increase (decrease) in cash and cash equivalents		55,287			(93,597		)
Cash and cash equivalents, beginning of period		33,853			288,752
Cash and cash equivalents, end of period		$	89,140		$	195,155

 

 

 

 

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News Release

May 2, 2007

 

SEGMENT REPORTING		Three Months Ended									Six Months Ended
		Dec. 31			March 31						March 31
		2006			2007			2006			2007			2006
		(in thousands, except days and per day amounts)
U.S. LAND OPERATIONS
Revenues		$	269,900		$	269,145		$	193,668		$	539,045		$	366,422
Direct operating expenses		127,357			132,399			92,051			259,756			176,266
General and administrative expense		3,452			3,151			3,908			6,603			6,990
Depreciation		20,683			23,813			14,832			44,496			29,298
Segment operating income		$	118,408		$	109,782		$	82,877		$	228,190		$	153,868
Activity days		10,548			11,156			8,086			21,704			16,121
Average rig revenue per day		$	24,231		$	23,032		$	22,593		$	23,615		$	21,399
Average rig expense per day		$	10,717		$	10,774		$	10,026		$	10,747		$	9,603
Average rig margin per day		$	13,514		$	12,258		$	12,567		$	12,868		$	11,796
Rig utilization		98		%	97		%	98		%	98		%	97		%

 

 

U.S. OFFSHORE OPERATIONS
Revenues		$	30,986		$	24,062		$	33,703		$	55,048		$	63,223
Direct operating expenses		21,104			17,745			21,820			38,849			42,128
General and administrative expense		1,421			1,435			1,828			2,856			3,265
Depreciation		2,770			2,684			2,686			5,454			5,350
Segment operating income		$	5,691		$	2,198		$	7,369		$	7,889		$	12,480
Activity days		588			522			699			1,110			1,343
Average rig revenue per day		$	38,824		$	29,603		$	39,707		$	34,488		$	38,092
Average rig expense per day		$	23,901		$	19,885		$	23,642		$	22,012		$	23,328
Average rig margin per day		$	14,923		$	9,718		$	16,065		$	12,476		$	14,764
Rig utilization		71		%	64		%	71		%	68		%	67		%

 

 

 

 

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News Release

May 2, 2007

 

SEGMENT REPORTING		Three Months Ended									Six Months Ended
		Dec. 31			March 31						March 31
		2006			2007			2006			2007			2006
		(in thousands, except days and per day amounts)
INTERNATIONAL OPERATIONS
Revenues		$	82,614		$	76,591		$	61,117		$	159,205		$	111,374
Direct operating expenses		50,694			48,668			42,398			99,362			78,091
General and administrative expense		600			1,096			872			1,696			1,478
Depreciation		5,557			5,346			4,735			10,903			9,391
Segment operating income		$	25,763		$	21,481		$	13,112		$	47,244		$	22,414
Activity days		2,366			2,262			2,160			4,628			4,188
Average rig revenue per day		$	27,690		$	27,001		$	22,979		27,354			$	21,674
Average rig expense per day		$	14,878		$	15,722		$	15,003		15,291			$	14,281
Average rig margin per day		$	12,812		$	11,279		$	7,976		12,063			$	7,393
Rig utilization		96		%	93		%	89		%	95		%	86		%

 

Per day calculations for international operations exclude gains and losses from translation of foreign currency transactions.

 

Operating statistics exclude the effects of offshore platform and international management

contracts, and do not include reimbursements of “out-of-pocket” expenses in revenue per day,

expense per day and margin calculations.

 

Reimbursed amounts were as follows:

 

U.S. Land Operations		$	14,309		$	12,196		$	10,978		$	26,505		$	21,441
U.S. Offshore Operations		$	3,344		$	3,598		$	3,489		$	6,942		$	7,242
International Operations		$	12,516		$	11,066		$	6,796		$	23,582		$	11,921
REAL ESTATE
Revenues		$	2,899		$	2,738		$	2,342		$	5,637		$	5,199
Direct operating expenses		843			1,165			1,010			2,008			1,811
Depreciation		589			612			606			1,201			1,209
Segment operating income		$	1,467		$	961		$	726		$	2,428		$	2,179

 

 

 

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News Release

May 2, 2007

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).

SEGMENT REPORTING		Three Months Ended									Six Months Ended
		Dec. 31			March 31						March 31
		2006			2007			2006			2007			2006
Operating Income
U.S. Land		$	118,408		$	109,782		$	82,877		$	228,190		$	153,868
U.S. Offshore		5,691			2,198			7,369			7,889			12,480
International		25,763			21,481			13,112			47,244			22,414
Real Estate		1,467			961			726			2,428			2,179
Segment operating income		$	151,329		$	134,422		$	104,084		$	285,751		$	190,941
Corporate general and administrative		(5,140		)	(7,668		)	(7,349		)	(12,808		)	(14,162		)
Other depreciation		(552		)	(497		)	(526		)	(1,049		)	(1,060		)
Inter-segment elimination		531			521			479			1,052			900
Gain from involuntary conversion of long-lived assets		—			5,170			—			5,170			—
Income from asset sales		486			32,336			3,563			32,822			4,536
Operating income		$	146,654		$	164,284		$	100,251		$	310,938		$	181,155
Other income (expense):
Interest and dividend income		1,244			1,034			2,456			2,278			4,986
Interest expense		(919		)	(1,913		)	(1,946		)	(2,832		)	(4,526		)
Gain on sale of investment securities		26,337			177			—			26,514			2,720
Other		64			66			27			130			(486		)
Total other income (expense)		26,726			(636		)	537			26,090			2,694
Income before income taxes and
equity in income of affiliate		$	173,380		$	163,648		$	100,788		$	337,028		$	183,849

 

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