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The term "tripping the well" got it's start most likely as a reference to the "round trip" made by the drill bit. The first leg of the trip is coming out of the hole, by lifting the entire drill string and unscrewing the upper most drill pipe called a joint, the newly removed drill pipe is laid beside the rig and the drill string is lifted again, etc. until all drill pipe is out of the hole. After service work is performed, for example change to fresh drill bit, then the second leg of the trip is to reverse the process, lowering the drill string as each new joint is made until fully back in the hole with the bit on bottom. You can find a lot of interesting videos on offshore rigs, jobs, etc here:

I left the previous answer in place:

When drill pipe is lowered or put into the well in the well, it is called running in or is tripping into the well. When drill pipe is raised or pull out of the well, it is call running out or tripping out of the well.

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Q: What is tripping pipe on an oil rig?
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