NL INDUSTRIES INC — Director's Dealing 2004

Oct 1, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NL INDUSTRIES INC (NL)
CIK: 0000072162
Period of Report: 2004-09-30

Reporting Person: STAFFORD THOMAS P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-30	Common stock $0.125 par value	M	2000	$5.1850	Acquired	7000	Direct
2004-09-30	Common stock $0.125 par value	M	2000	$5.8125	Acquired	9000	Direct
2004-09-30	Common stock $0.125 par value	M	2000	$11.8880	Acquired	11000	Direct
2004-09-30	Common stock $0.125 par value	S	6000	$18.70	Disposed	5000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-30	Non-Qualified Stock Option (right to buy)	$5.1850	M	2000	Disposed	2007-02-01	Common Stock, $0.125 par value (2000)	Direct
2004-09-30	Non-Qualified Stock Option (right to buy)	$5.8125	M	2000	Disposed	2005-02-01	Common Stock, $0.125 par value (2000)	Direct
2004-09-30	Non-Qualified Stock Option (right to buy)	$11.8880	M	2000	Disposed	2006-02-01	Common Stock, $0.125 par value (2000)	Direct

Footnotes

F1: Granted pursuant to the NL Industries, Inc. 1998 Long-Term Incentive Plan on February 1, 2002. Options granted become
exercisable at a rate of 100% on the first anniversary of the grant.

F2: Granted pursuant to the NL Industries, Inc. 1998 Long-Term Incentive Plan on February 4, 2000. Options granted become
exercisable at a rate of 100% on the first anniversary of the grant.

F3: Granted pursuant to the NL Industries, Inc. 1998 Long-Term Incentive Plan on February 1, 2001. Options granted become
exercisable at a rate of 100% on the first anniversary of the grant.