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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: September 1, 2005
HELMERICH & PAYNE, INC.
(Exact name of registrant as specified in its charter)
State of Incorporation: Delaware
COMMISSION FILE NUMBER 1-4221
Internal Revenue Service — Employer Identification No. 73-0679879
1437 South Boulder Avenue, Suite 1400, Tulsa, Oklahoma 74119
(918)742-5531
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
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ITEM 8.01 OTHER EVENTS
SIGNATURES
Press Release

Table of Contents

ITEM 8.01 OTHER EVENTS
     On September 1, 2005, Helmerich & Payne, Inc. (“Registrant”) issued a press release announcing preliminary hurricane damage assessment. A copy of the press release is attached as Exhibit 99 to this Report on Form 8-K.
SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly authorized the undersigned to sign this report on its behalf.
         
  HELMERICH & PAYNE, INC.
(Registrant)
  		 
  /s/ Steven R. Mackey
Steven R. Mackey
Vice President   		 
 DATE: September 1, 2005
EXHIBIT INDEX
     
Exhibit No.   Description
 
   
99
  Helmerich & Payne, Inc. press release dated September 1, 2005
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Exhibit 99
September 1, 2005
HELMERICH & PAYNE ANNOUNCES PRELIMINARY HURRICANE DAMAGE ASSESSMENT
      Helmerich & Payne, Inc. announced today that one of its eight active offshore platform rigs located in the Gulf of Mexico has experienced significant damage as a result of Hurricane Katrina. The Company had evacuated all of its personnel from its Gulf of Mexico offshore operations and sustained no injuries or fatalities.
      The Company’s Rig 201, which operates on Shell’s Mars tensioned-leg platform, lost its entire derrick and suffered considerable damage to the rig floor and substructure. At this time, the Company does not have an estimate of damages, but it is anticipated that insurance proceeds will cover all of its capital loss, less a $1 million deductible. The Company is presently analyzing its contract with the operator to determine any effect on income. Quarterly pre-tax cash flow from the platform rig was approximately $1.8 million for each of the past three fiscal quarters.
      Early indications from inspections of the remainder of the Company’s platform rigs and facilities are that little or no damage occurred to the rest of the Company’s assets in the Gulf of Mexico. However, further assessments are currently underway and are still incomplete.
      Helmerich & Payne, Inc. (HP/NYSE) is a contract drilling company that owns 90 U.S. land rigs, 11 U.S. platform rigs located in the Gulf of Mexico, and 27 rigs located in South America, for a total of 128 rigs. Included in the total fleet of 128 rigs are 50 H&P-designed and operated FlexRigs®. The Company also has contracts that will result in the construction of 25 new FlexRigs during fiscal 2006.
      The information disclosed herein includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities and Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by Helmerich & Payne in its Form 10-K filed with the Securities and Exchange Commission on December 13, 2004. As a result of these factors, the Company’s actual results may differ materially from those indicated or implied by such forward-looking statements.
*FlexRig® is a registered trademark of Helmerich & Payne, Inc.
Contact: Doug Fears
(918) 588-5208
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