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
                                                                                  
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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)

2/19/2004
(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   2/19/2004     M    9198.0000   A $10.6545   30303.0000   D   (1)  
Common Stock   2/19/2004     S    7500.0000   D $29.5000   22803.0000   D   (1)  
Common Stock   2/19/2004     S    1698.0000   D $29.5100   21105.0000   D   (1)  
Common Stock   2/19/2004     M    802.0000   A $12.7949   21907.0000   D   (1)  
Common Stock   2/19/2004     S    502.0000   D $29.5100   21405.0000   D   (1)  
Common Stock   2/19/2004     S    300.0000   D $29.5200   21105.0000   D   (1)  
Common Stock   2/20/2004     M    10000.0000   A $12.7949   31105.0000   D   (1)  
Common Stock   2/20/2004     S    9500.0000   D $29.3500   21605.0000   D   (1)  
Common Stock   2/20/2004     S    500.0000   D $29.4000   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)   $10.6545   2/19/2004           9198.0000    12/6/1997   (2) 12/6/2005   Common Stock   9198.0000   $0   0   D    
Common Stock (right to buy)   $12.7949   2/19/2004           802.0000    12/2/1999   (3) 12/2/2008   Common Stock   802.0000   $0   28763.0000   D    
Common Stock (right to buy)   $12.7949   2/20/2004           10000.0000    12/2/1999   (3) 12/2/2008   Common Stock   10000.0000   $0   18763.0000   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. 1990 Stock Option Plan (Rule 16b-3 plan) on 12/06/95 at an exercise price of $28.00, $14.00 post stock-split, and ultimately $10.6545 post-spinoff. These options became exercisable annually beginning in the second, third and fourth years in increments of 40%, 30% and 30%. 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 12/02/98 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.

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 2/24/2004
** 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.
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