Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SMITH GARY D
   2. Issuer Name and Ticker or Trading Symbol
DRIL-QUIP INC [DRQ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Co-Chairman of the Board
(Last)
(First)
(Middle)
13550 HEMPSTEAD HIGHWAY		 3. Date of Earliest Transaction (Month/Day/Year)
11/06/2006
(Street)

HOUSTON, TX 77040		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/06/2006   M   19,200 A $ 7.48 20,310 (1) D  
Common Stock 11/06/2006   S   6,500 D $ 40 13,810 D  
Common Stock 11/06/2006   S   300 D $ 40.01 13,510 D  
Common Stock 11/06/2006   S   600 D $ 40.02 12,910 D  
Common Stock 11/06/2006   S   300 D $ 40.03 12,610 D  
Common Stock 11/06/2006   S   700 D $ 40.04 11,910 D  
Common Stock 11/06/2006   S   800 D $ 40.05 11,110 D  
Common Stock 11/06/2006   S   300 D $ 40.06 10,810 D  
Common Stock 11/06/2006   S   100 D $ 40.07 10,710 D  
Common Stock 11/06/2006   S   300 D $ 40.08 10,410 D  
Common Stock 11/06/2006   S   100 D $ 40.09 10,310 D  
Common Stock 11/06/2006   S   300 D $ 40.15 10,010 D  
Common Stock 11/06/2006   S   200 D $ 40.16 9,810 D  
Common Stock 11/06/2006   S   200 D $ 40.18 9,610 D  
Common Stock 11/06/2006   S   1,600 D $ 40.21 8,010 D  
Common Stock 11/06/2006   S   1,600 D $ 40.22 6,410 D  
Common Stock 11/06/2006   S   2,000 D $ 40.23 4,410 D  
Common Stock 11/06/2006   S   100 D $ 40.24 4,310 D  
Common Stock 11/06/2006   S   3,200 D $ 40.25 1,110 D  
Common Stock               5,614,040 (2) I See footnote (3)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $ 7.48 (4) 11/06/2006   M     19,200 (4)   (5) 10/28/2013 Common Stock 19,200 (4) $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SMITH GARY D
13550 HEMPSTEAD HIGHWAY
HOUSTON, TX 77040		   X   X   Co-Chairman of the Board  

Signatures

 /s/ Gary D. Smith   11/07/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On October 5, 2006, the Common Stock of Dril-Quip, Inc. split 2-for-1, resulting in 555 additional shares of common stock held directly by the reporting person.
(2) On October 5, 2006, the Common Stock of Dril-Quip, Inc. split 2-for-1, resulting in 2,807,020 additional shares of common stock held indirectly by the reporting person.
(3) The shares of Common Stock are owned directly by Four Smiths' Company, Ltd., and indirectly by Gary D. Smith as co-managing general partner of Four Smiths' Company, Ltd. Mr. Smith disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
(4) The stock options were previously reported as covering 9,600 shares at an exercise price of $14.95 per share, but were adjusted to reflect the stock split that occurred on October 5, 2006.
(5) The stock options become exercisable in increments on the first, second, third and fourth anniversaries of the grant. The grant date was October 28, 2003.

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