H&P Sells Two U.S. Land Rigs

Helmerich & Payne, Inc. has sold two idle U.S. land rigs to an undisclosed foreign entity for a total of $23,900,000. The conventional 2000 horsepower rigs last worked in Venezuela during 1998 and had been part of H&P's conventional fleet for many years.

Hans Helmerich, President and C.E.O. commented: "The rigs are in excellent condition after a 2002 upgrade in Houston, but both rigs require further sizeable investments for either U.S. or international contracts. After comparing the attractive price offered for the rigs with the projected profit margin in potential markets, and the additional investment necessary for further work, the economic return for this particular selling opportunity was too compelling to turn down."

The sale of the rigs will result in a pre-tax profit to the Company of $8,712,000 and net income of approximately $5,433,000 ($0.11 per share) for the Company's first fiscal quarter ending December 31, 2004.