Helmerich & Payne, Inc. — Director's Dealing 2006

Dec 7, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HELMERICH & PAYNE INC (HP)
CIK: 0000046765
Period of Report: 2006-12-05

Reporting Person: HELMERICH HANS (Director, President & CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-05	Stock Option (right to buy)	$26.895	A	120000	Acquired	2016-12-05	Common Stock (120000)	Direct

Footnotes

F1: These options were granted under the Helmerich & Payne, Inc. 2005 Long-Term Incentive Plan on 12/05/06. These options vest over 4 years in 25% increments. The noted date represents the first date options vest and become exercisable.