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

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  Target

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  Reach

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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

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  Weighting

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

 

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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

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  Target

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  Reach

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  Actual

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Earnings Per Share
                                                                              
                    
Return on Invested Capital
                                                                              
                    
Operating EBITDA*
                                                                              
                    
*millions
                                                                              
                    

                      Current   Prior     Fiscal   Fiscal     Year   Year
Assumptions

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  Target

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  Actual

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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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