FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF 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

OMB APPROVAL OMB Number: 3235-0104 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person *   McMullen John N 2. Date of Event Requiring Statement (Month/Day/Year) 03/01/2007 3. Issuer Name and Ticker or Trading Symbol HEWLETT PACKARD CO [HPQ] (Last) (First) (Middle) C/O HEWLETT-PACKARD COMPANY, 3000 HANOVER STREET 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) SVP, Treasurer 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) PALO ALTO, CA 94304 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 Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 54,329.2058 D Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	09/20/1998(1)	08/20/2008(2)	Common Stock	3,162	$ 56.73	D	Â
Employee Stock Option (right to buy)	02/28/1999(1)	01/28/2009(2)	Common Stock	4,743	$ 74.61	D	Â
Employee Stock Option (right to buy)	05/19/1999(1)	04/19/2009(2)	Common Stock	3,963	$ 35.97	D	Â
Employee Stock Option (right to buy)	01/13/2002(3)	12/08/2009(2)	Common Stock	18,975	$ 39.74	D	Â
Employee Stock Option (right to buy)	05/15/2002(4)	05/15/2010(2)	Common Stock	31,625	$ 43.29	D	Â
Employee Stock Option (right to buy)	04/16/2004(5)	04/16/2011(2)	Common Stock	7,500 (6)	$ 15.745	D	Â
Employee Stock Option (right to buy)	03/18/2005(7)	03/18/2012(2)	Common Stock	20,000 (8)	$ 22.015	D	Â
Employee Stock Option (right to buy)	04/14/2006(9)	04/14/2013(2)	Common Stock	18,750 (10)	$ 21.765	D	Â
Employee Stock Option (right to buy)	01/23/2007(11)	02/13/2014(2)	Common Stock	30,000	$ 31.5	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
McMullen John N C/O HEWLETT-PACKARD COMPANY 3000 HANOVER STREET PALO ALTO, CA 94304	Â	Â	  SVP, Treasurer	Â

Signatures

/s/John N. McMullen		03/06/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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)	This option became exercisable in 60 monthly installments beginning on this date. Due to acquisition of Compaq Computer Corporation ("Compaq"), the vesting schedule of any unvested shares was accelerated and they became fully exercisable on March 20, 2002.
(2)	This option is no longer exercisable beginning on this date.
(3)	This option became exercisable in 48 monthly installments beginning on this date. Due to acquisition of Compaq, the vesting schedule of any unvested shares was accelerated and they became fully exercisable on March 20, 2002.
(4)	This option was to become 100% exercisable beginning on this date, but due to acquisition of Compaq, Due to acquisition of Compaq Computer Corporation ("Compaq"), the vesting schedule of any unvested shares was accelerated and they became fully exercisable on March 20, 2002.
(5)	This option became exercisable in four equal annual installments beginning on this date. The next two installments became exercisable on April 16, 2005 and April 16, 2006. The last installment will become exercisable on April 16, 2007.
(6)	An option to purchase 30,000 shares was originally granted. As of August 29, 2006, 22,500 shares have been exercised.
(7)	This option became exercisable in four equal annual installments beginning on this date. The next installment became exercisable on March 18, 2006. The next two installments will become exercisable on March 18, 2007 and March 18, 2008.
(8)	An option to purchase 40,000 shares was originally granted. As of August 29, 2006, 20,000 shares have been exercised.
(9)	This option became exercisable in four equal annual installments beginning on this date. The next three installments will become exercisable on April 14, 2007, April 14, 2008 and April 14, 2009.
(10)	An option to purchase 25,000 shares was originally granted. As of August 29, 2006, 6,250 shares have been exercised.
(11)	This option will became exercisable in four equal annual installments beginning on this date. The next three installments will become exercisable on January 23, 2008, January 23, 2009 and January 23, 2010.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.