ITEM 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers.
(b) On December 8, 2005, Helmerich & Payne, Inc. (the Company) announced that George S. Dotson
will retire from the Company effective March 1, 2006, after a career with the Company that spanned
more than 35 years. Mr. Dotson began his career with the Company in 1970, and was named Vice
President of the Company and President and Chief Operating Officer of Helmerich & Payne
International Drilling Co., the Companys drilling subsidiary, in 1977. In 1990, Mr. Dotson was
elected to the Companys Board of Directors. Upon his retirement, Mr. Dotson will continue to
provide advisory services to the Company for a period of at least one year and will continue to
serve as a Director of the Company until the expiration of his current term in March 2007.
(c) On December 8, 2005, the Company also announced that, effective March 1, 2006, following the
retirement of Mr. Dotson, John Lindsay and Alan Orr will assume additional responsibilities and
serve as Executive Vice Presidents for Helmerich & Payne International Drilling Co. Mr. Lindsay
will become Executive Vice President, U.S. and International Operations, and Mr. Orr will serve as
Executive Vice President, Engineering and Development. Both positions will report directly to the
CEO.
Mr. Lindsay, age 45, joined the Company in 1987 as a drilling engineer. He has since served
in various positions including operations manager for the Companys Mid-Continent region and
division manager of U.S. Land Operations. In 1997, Mr. Lindsay was appointed to his present
position of Vice President, U.S. Land Operations, for Helmerich & Payne International Drilling Co.
Mr. Lindsay graduated in 1986 from the University of Tulsa, where he earned a Bachelor of Science
degree in Petroleum Engineering.
Mr. Orr, age 54, joined the Company in 1975 as a roughneck. In his 30-year career, Mr. Orr
has held various supervisory positions in the Companys domestic and international operations. In
1992, Mr. Orr was appointed to his present position as Vice President and Chief Engineer for
Helmerich & Payne International Drilling Co. Mr. Orr graduated from the United States Military
Academy at West Point in 1973, with a Bachelor of Science degree in General Engineering.
Effective March 1, 2006, Messrs. Lindsay and Orr shall each receive an annual base salary of
$315,000 and shall participate in the Companys executive bonus plan and shall participate as an
executive officer in the Companys long-term incentive plan(s).