Drilling fluids having improved rheology under downhole temperature and pressure. The improved rheology (IR) drilling fluids are particularly suited for use in deepwater drilling operations. The IR drilling fluids are invert emulsion fluids with viscosifier to rheology modifier weight ratios between about 6 and about 14. The IR drilling fluids exhibit low shear yield point variance and/or yield point variance of below 60 percent based on high-temperature, high-pressure viscometer measurements.