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
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

FEARS DOUGLAS E 		2. Issuer Name and Ticker or Trading Symbol

HELMERICH & PAYNE INC [ HP ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Vice President & CFO
(Last)          (First)          (Middle)

1437 SOUTH BOULDER AVE. 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/25/2004
(Street)

TULSA, OK 74119
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   2/25/2004     M    8763.0000   A $12.7949   29868.0000   D   (1)  
Common Stock   2/25/2004     S    300.0000   D $29.5800   29568.0000   D   (1)  
Common Stock   2/25/2004     S    600.0000   D $29.6000   28968.0000   D   (1)  
Common Stock   2/25/2004     S    300.0000   D $29.6100   28668.0000   D   (1)  
Common Stock   2/25/2004     S    7563.0000   D $29.6200   21105.0000   D   (1)  
Common Stock   2/25/2004     M    11237.0000   A $18.8356   32342.0000   D   (1)  
Common Stock   2/25/2004     S    7337.0000   D $29.6200   25005.0000   D   (1)  
Common Stock   2/25/2004     S    200.0000   D $29.6300   24805.0000   D   (1)  
Common Stock   2/25/2004     S    1000.0000   D $29.6400   23805.0000   D   (1)  
Common Stock   2/25/2004     S    1100.0000   D $29.6500   22705.0000   D   (1)  
Common Stock   2/25/2004     S    700.0000   D $29.6600   22005.0000   D   (1)  
Common Stock   2/25/2004     S    900.0000   D $29.6800   21105.0000   D   (1)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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
Common Stock (right to buy)   $12.7949   2/25/2004     M        8763.0000    12/2/1999   (2) 12/2/2008   Common Stock   8763.0000   $0   0   D    
Common Stock (right to buy)   $18.8356   2/25/2004     M        11237.0000    12/1/2000   (3) 12/1/2009   Common Stock   11237.0000   $0   28183.0000   D    

Explanation of Responses:
(1)  Includes 908 shares indirectly held in the reporting person's 401(k) account.
(2)  These options were granted under the Helmerich & Payne, Inc. 1996 Stock Incentive Plan (Rule 16b-3 plan) on 12/02/98 at an exercise price of $16.8125, and $12.7949 post-spinoff. These options vested over 4 years in 25% increments. The noted date represents the first date options vested.
(3)  These options were granted under the Helmerich & Payne, Inc. 1996 Stock Incentive Plan (Rule 16b-3 plan) on 12/01/99 at an exercise price of $24.75, and $18.8356 post-spinoff. These options vested over 4 years in 25% increments. The noted date represents the first date options vested.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
FEARS DOUGLAS E
1437 SOUTH BOULDER AVE.
TULSA, OK 74119

Vice President & CFO

Signatures
Jonathan M. Cinocca, by Power of Attorney for Douglas E. Fears 2/26/2004
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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.