Exhibit 10.1

Helmerich & Payne, Inc.
Annual Bonus Plan

Overview

Annual bonus awards are available to certain Executives to recognize and reward desired performance. Each year the Human Resources Committee (the “Committee”) approves the performance measures, and the specific financial and strategic objectives. An Executive’s bonus award opportunity is determined primarily by the individual’s position and level of responsibility.

Participation

The participants in the Plan are as follows:

Hans Helmerich,
George Dotson,
Doug Fears, and
Steve Mackey.

Bonus Award Opportunity

Participants are assigned target bonus awards expressed as percentages of base salary. These bonus awards are earned when performance objectives are achieved. The award percentages are as follows:

	Threshold			Target			Reach
Hans Helmerich		40	%		80	%		120	%
George Dotson		25	%		50	%		75	%
Doug Fears		20	%		45	%		70	%
Steve Mackey		20	%		45	%		70	%

Financial Performance Objectives

The performance objectives selected align management with shareholders. When these objectives are met, shareholders will realize greater value in their Company ownership. A participant’s bonus award will be based upon three disproportionately weighted financial measures being:

Financial Measure	Weighting
Earnings Per Share		35	%
Return on Invested Capital		35	%
Operating EBITDA		30	%

The Board of Directors annually approves an operating and capital budget at its September meeting. Each financial measure would be assigned threshold, target and reach numbers based upon this approved budget. Actual financial results would be compared to the budgeted numbers for each of the financial measures to determine the amount of any bonus. Based on the                      fiscal year budget, the following financial performance benchmarks have been developed for each financial measure:

				Prior
				Fiscal
				Year
	Threshold	Target	Reach	Actual
Earnings Per Share
Return on Invested Capital
Operating EBITDA*
*millions

	Current	Prior
	Fiscal	Fiscal
	Year	Year
Assumptions	Target	Actual
Revenue Days - U.S. Land:
Revenue Per Day - U.S. Land:
U.S. Land Rig Utilization:
U.S. Offshore Utilization:
International Utilization:

Strategic Performance Objectives

The bonus, if any, derived from the Company’s financial performance would then be increased or decreased by the Committee pursuant to a 30% adjustment factor. Seventy-five percent of this adjustment factor is based upon the Committee’s assessment of the Company’s total shareholder return, using a three-year rolling average relative to an industry peer group. The remaining 25% of the bonus adjustment factor is based upon the Committee’s evaluation of the Company’s success in attaining higher than industry average utilization and premium day rates.

This bonus adjustment factor will be subject to a pre-determined safety performance threshold. For the                      fiscal year, in order to meet that threshold, the Company’s OSHA and DAWFC rates must be                      percent below IADC averages. If this safety performance threshold is not met, then the bonus would not be increased by the adjustment factor. The bonus would not be decreased by the adjustment factor solely for the reason that safety performance threshold was not met. However, if the adjustment factor resulted in a decrease to the bonus, then the bonus would be decreased even if the safety performance threshold is met.

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