Exhibit 99

November 16, 2006

HELMERICH & PAYNE, INC. ANNOUNCES EARNINGS AND NEW CONTRACTS

Tulsa, OK — Helmerich & Payne, Inc. announced net income of $293,858,000 ($2.77 per diluted share) from operating revenues of $1,224,813,000 for its fiscal year ended September 30, 2006, compared with net income of $127,606,000 ($1.23 per diluted share) from operating revenues of $800,726,000 for the previous fiscal year.  Included in net income were gains from the sale of portfolio securities of $0.12 per share during fiscal 2006, and $0.16 per share during fiscal 2005.

Net income for the fourth quarter of fiscal 2006 was $98,496,000 ($0.93 per diluted share) from operating revenues of $358,799,000, compared with net income of $36,121,000 ($0.34 per diluted share) from operating revenues of $233,210,000 during last year’s fourth quarter.  Included in net income were gains from the sale of portfolio securities of $0.05 per share during the fourth quarter of 2006, and less than $0.01 per share during the fourth quarter of 2005. This year’s fourth quarter benefited from a lower effective tax rate of 27.2%, compared to 37.8% during the previous quarter, primarily due to adjustments made to certain international deferred tax accounts.

Helmerich & Payne, Inc. also announced today that it had signed separate three-year term agreements with three exploration and production companies to operate a total of seven new FlexRigs®*.  Other terms and customer names were not disclosed.  This brings to 73, the total number of new FlexRigs to be built by H&P with at least three-year commitments that have been announced by the Company since March, 2005.  To date, 28 of the new builds have been completed, with the remaining 45 scheduled for completion by the end of calendar 2007.

Company President and C.E.O., Hans Helmerich commented, “The Company posted another record year in 2006.  Our earnings for the current year more than doubled our previous all-time high of one year ago.  We are also pleased to announce seven additional FlexRig orders, bringing our newbuild book to 73.  Significantly, these orders were secured during a time of market uncertainty and natural gas price volatility.  We believe it is an indication of the customers’ strong preference for the FlexRig as a solution over conventional rigs even if overall rig availability becomes less of an issue.  Our contention is that customer demand for drilling rigs that provide improved efficiencies, safety, and reliability will continue to push opportunities for the Company and provide us with attractive growth prospects.”

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Page 2
November 16, 2006
News Release

Operations Summary

Segment operating income in the Company’s U.S. land rig operations increased to $103,679,000 for the fourth quarter of fiscal 2006, from $56,028,000 for the same period last year, and from $93,708,000 for this year’s third quarter.  Average revenue per rig day rose to $24,343 and cash margins per rig day to $13,288 for this year’s fourth quarter, compared with $23,503 revenue per rig day and $12,938 cash margins per rig day for the previous quarter.  During the fourth quarter of 2006, rig utilization averaged 99% (including one rig recently returned from an international location and not currently marketed) compared with 95% during last year’s fourth quarter, and 100% during this year’s third quarter.  Total U.S. land rig revenue days increased by 861.  The Company anticipates similar increases in activity days in the coming quarters as additional new builds come on line at the rate of approximately three to four per month.  Slightly over 50% of the segment’s potential activity days are already contracted for fiscal 2007.

The Company’s offshore platform rig business reported segment o perating income of $6,892,000 for the fourth quarter of fiscal 2006, compared with $4,720,000 for the fourth quarter 2005 and $7,635,000 for the third quarter of 2006.  Rig utilization was 69% during this year’s fourth quarter, compared with 65% during last year’s fourth quarter, and 73% during this year’s third quarter.  Of the Company’s 11 platform rigs, six are currently active, one is contracted and waiting on location, and two of the four idle rigs are currently held for sale pursuant to a purchase option agreement.  If the purchase option is exercised, the transaction will close in the second quarter of fiscal 2007.

International segment operating income during the fourth quarter of 2006 was $17,077,000, compared with $3,910,000 for last year’s fourth quarter, and $17,685,000 for this year’s third quarter.   Rig utilization for international operations rose to 95% for the quarter, up from 85% during last year’s fourth quarter, and 93% during this year’s third quarter.  For comparative purposes, third quarter international segment operating income was positively impacted by $2.1 million resulting from billings to the Company’s major customer in Venezuela, PDVSA, for retroactive increases in dayrates attributable to work performed during the second quarter of 2006.

The Company also announced that during the fourth quarter of fiscal 2006, it had purchased over 1.3 million shares of Helmerich & Payne stock. To date during the first quarter of fiscal 2007, the Company purchased an additional 682,000 shares of the Company’s stock, for a total of approximately 2.0 million shares.  To partially fund the purchases, the Company sold 150,000 shares of Schlumberger during September, and 500,000 additional shares to date since October 1.  In total, the sale of 650,000 shares of Schlumberger has generated pre-tax proceeds of approximately $39.1 million.

Helmerich & Payne, Inc. is a contract drilling company that owns 117 U.S. land rigs, 11 U.S. platform rigs located in the Gulf of Mexico, and 27 international rigs, for a total of 155 rigs. Included in the total fleet of 155 rigs are 78 H&P-designed and operated FlexRigs. The Company has reached contractual agreements with customers that will result in the construction of 45 additional FlexRigs.

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Page 3
November 16, 2006
News Release

Helmerich & Payne, Inc.’s conference call/webcast is scheduled for this morning and can be accessed at http://www.hpinc.com under Investors and will begin at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).  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 “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.

Contacts:		Doug Fears
		(918) 588-5208
		Juan Pablo Tardio
		(918) 588-5383

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Page 4
News Release
November 16, 2006

HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)

		Three Months Ended									Fiscal Year Ended
		June 30			September 30						September 30
CONSOLIDATED STATEMENTS OF INCOME		2006			2006			2005			2006			2005
Operating Revenues:
Drilling — U.S. Land		$	214,864		$	247,776		$	157,335		$	829,062		$	527,637
Drilling — U.S. Offshore		34,568			34,789			26,011			132,580			84,921
Drilling — International		67,831			73,587			47,180			252,792			177,480
Real Estate		2,533			2,647			2,684			10,379			10,688
		319,796			358,799			233,210			1,224,813			800,726
Operating costs and other:
Operating costs, excluding depreciation		169,429			194,738			137,188			661,563			484,231
Depreciation		25,076			30,199			25,643			101,583			96,274
General and administrative		13,049			12,929			10,496			51,873			41,015
Income from asset sales		(1,895		)	(1,061		)	(1,160		)	(7,492		)	(13,550		)
		205,659			236,805			172,167			807,527			607,970
Operating income		114,137			121,994			61,043			417,286			192,756
Other income (expense):
Interest and dividend income		2,633			2,215			1,984			9,834			5,809
Interest expense		(1,281		)	(837		)	(2,960		)	(6,644		)	(12,642		)
Gain on sale of investment securities		9,390			7,756			656			19,866			26,969
Other		1,085			40			(610		)	639			(235		)
		11,827			9,174			(930		)	23,695			19,901
Income before income taxes and equity in income of affiliates		125,964			131,168			60,113			440,981			212,657
Income tax provision		47,636			35,713			24,553			154,391			87,463
Equity in income of affiliates net of income taxes		1,647			3,041			561			7,268			2,412
NET INCOME		$	79,975		$	98,496		$	36,121		$	293,858		$	127,606
Earnings per common share:
Basic		$	0.76		$	0.94		$	0.35		$	2.81		$	1.25
Diluted		$	0.75		$	0.93		$	0.34		$	2.77		$	1.23
Average common shares outstanding:
Basic		105,019			105,003			103,231			104,658			102,174
Diluted		106,419			106,176			105,495			106,091			104,066

 

A reclassification has been made to prior period amounts to conform to the current period presentation of including income from asset sales in operating income.

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News Release
November 16, 2006

HELMERICH & PAYNE, INC.
Unaudited
 (in thousands)

CONSOLIDATED CONDENSED BALANCE SHEETS		9/30/06			9/30/05
ASSETS
Cash and cash equivalents		$	33,853		$	288,752
Short-term investments		48,673			388
Other current assets		346,165			210,657
Total current assets		428,691			499,797
Investments		218,309			178,452
Net property, plant, and equipment		1,483,134			981,965
Other assets		4,578			3,136
TOTAL ASSETS		$	2,134,712		$	1,663,350
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities		$	264,548		$	89,481
Total noncurrent liabilities		313,272			294,631
Long-term notes payable		175,000			200,000
Total shareholders’ equity		1,381,892			1,079,238
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	2,134,712		$	1,663,350

 

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Page 6
News Release
November 16, 2006

HELMERICH & PAYNE, INC.
Unaudited
 (in thousands)

		Years Ended September 30
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS		2006			2005
OPERATING ACTIVITIES:
Net income		$	293,858		$	127,606
Depreciation		101,583			96,274
Changes in assets and liabilities		(48,167		)	33,091
Gain on sale of assets and investment securities		(27,222		)	(40,519		)
Other		(2,708		)	(4,214		)
Net cash provided by operating activities		317,344			212,238
INVESTING ACTIVITIES:
Capital expenditures		(528,905		)	(86,805		)
Purchase of investments		(148,440		)	(5,000		)
Proceeds from sale of assets & investment securities		128,463			94,531
Net cash provided by (used in) investing activities		(548,882		)	2,726
FINANCING ACTIVITIES:
Dividends paid		(17,712		)	(16,866		)
Repurchase of common stock		(31,931		)	—
Proceeds from exercise of stock options		12,372			25,358
Net proceeds from short-term notes		3,721			—
Excess tax benefit from stock-based compensation		10,189			—
Net cash provided by (used in) financing activities		(23,361		)	8,492
Net increase (decrease) in cash and cash equivalents		(254,899		)	223,456
Cash and cash equivalents, beginning of period		288,752			65,296
Cash and cash equivalents, end of period		$	33,853		$	288,752

 

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News Release
November 16, 2006

		Three Months Ended									Fiscal Year Ended
		June 30			September 30						September 30
SEGMENT REPORTING		2006			2006			2005			2006			2005
		(in thousands, except days and per day amounts)
US LAND OPERATIONS
Revenues		$	214,864		$	247,776		$	157,335		$	829,062		$	527,637
Direct operating expenses		102,094			120,513			82,852			398,873			294,164
General and administrative expense		2,903			2,914			2,543			12,807			8,594
Depreciation		16,159			20,670			15,912			66,127			60,222
Segment operating income		$	93,708		$	103,679		$	56,028		$	351,255		$	164,657
Activity days		8,716			9,577			7,994			34,414			30,968
Average rig revenue per day		$	23,503		$	24,343		$	18,563		$	22,751		$	15,941
Average rig expense per day		$	10,565		$	11,055		$	9,246		$	10,250		$	8,403
Average rig margin per day		$	12,938		$	13,288		$	9,317		$	12,501		$	7,538
Rig utilization		100		%	99		%	95		%	99		%	94		%
US OFFSHORE OPERATIONS
Revenues		$	34,568		$	34,789		$	26,011		$	132,580		$	84,921
Direct operating expenses		22,726			23,439			17,443			88,293			52,786
General and administrative expense		1,319			1,336			1,103			5,920			3,825
Depreciation		2,888			3,122			2,745			11,360			10,602
Segment operating income		$	7,635		$	6,892		$	4,720		$	27,007		$	17,708
Activity days		728			672			654			2,743			2,122
Average rig revenue per day		$	39,931		$	38,695		$	29,782		$	38,728		$	29,228
Average rig expense per day		$	25,210		$	24,198		$	17,838		$	24,041		$	15,967
Average rig margin per day		$	14,721		$	14,497		$	11,944		$	14,687		$	13,261
Rig utilization		73		%	69		%	65		%	69		%	53		%

 

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News Release
November 16, 2006

		Three Months Ended									Fiscal Year Ended
		June 30			September 30						September 30
SEGMENT REPORTING		2006			2006			2005			2006			2005
		(in thousands, except days and per day amounts)
INTERNATIONAL OPERATIONS
Revenues		$	67,831		$	73,587		$	47,180		$	252,792		$	177,480
Direct operating expenses		44,258			50,257			36,870			172,606			135,837
General and administrative expense		1,028			992			794			3,498			2,563
Depreciation		4,860			5,261			5,606			19,512			20,107
Segment operating income		$	17,685		$	17,077		$	3,910		$	57,176		$	18,973
Activity days		2,300			2,324			2,024			8,812			7,491
Average rig revenue per day		$	24,698		$	25,242		$	19,168		$	23,404		$	19,332
Average rig expense per day		$	15,096		$	15,465		$	14,416		$	14,806		$	14,039
Average rig margin per day		$	9,602		$	9,777		$	4,752		$	8,598		$	5,293
Rig utilization		93		%	95		%	85		%	90		%	77		%

 

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:

US Land Operations		$	10,012		$	14,645		$	8,943		$	46,098		$	33,989
US Offshore Operations		$	2,657		4,034			$	4,213		13,933			$	9,506
International Operations		$	6,575		10,487			$	4,207		28,983			$	15,215
REAL ESTATE
Revenues		$	2,533		$	2,647		$	2,684		$	10,379		$	10,688
Direct operating expenses		836			877			583			3,524			3,622
Depreciation		605			630			589			2,444			2,352
Segment operating income		$	1,092		$	1,140		$	1,512		$	4,411		$	4,714

 

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News Release
November 16, 2006

Segment operating income 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 for planning and budgeting purposes and 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 segment operating income per the information above to income before income taxes and equity in income of affiliate as reported on the Consolidated Statements of Income (in thousands).

		Three Months Ended									Fiscal Year Ended
		June 30			September 30						September 30
SEGMENT REPORTING		2006			2006			2005			2006			2005
Segment Operating income
US Land		$	93,708		$	103,679		$	56,028		$	351,255		$	164,657
US Offshore		7,635			6,892			4,720			27,007			17,708
International		17,685			17,077			3,910			57,176			18,973
Real Estate		1,092			1,140			1,512			4,411			4,714
Segment operating income		$	120,120		$	128,788		$	66,170		$	439,849		$	206,052
Corporate general and administrative		(7,799		)	(7,687		)	(6,056		)	(29,648		)	(26,033		)
Other depreciation		(564		)	(516		)	(791		)	(2,140		)	(2,991		)
Inter-segment elimination		485			348			560			1,733			2,178
Income from asset sales		1,895			1,061			1,160			7,492			13,550
Operating income		$	114,137		$	121,994		$	61,043		$	417,286		$	192,756
Other income (expense):
Interest and dividend income		2,633			2,215			1,984			9,834			5,809
Interest expense		(1,281		)	(837		)	(2,960		)	(6,644		)	(12,642		)
Gain on sale of investment securities		9,390			7,756			656			19,866			26,969
Other		1,085			40			(610		)	639			(235		)
Total other income (expense)		11,827			9,174			(930		)	23,695			19,901
Income before income taxes and equity in income of affiliate		$	125,964		$	131,168		$	60,113		$	440,981		$	212,657

 

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