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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OMB Number: 3235-0287
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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 *

HELM GORDON K 		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)
Controller
(Last)          (First)          (Middle)

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

2/14/2005
(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   2/14/2005     M    1000   A $19.8345   9867   D   (1)  
Common Stock   2/14/2005     S    100   D $39.59   9767   D   (1)  
Common Stock   2/14/2005     S    500   D $39.58   9267   D   (1)  
Common Stock   2/14/2005     S    400   D $39.57   8867   D   (1)  
Common Stock   2/15/2005     M    3000   A $19.8345   11867   D   (1)  
Common Stock   2/15/2005     S    1000   D $39.87   10867   D   (1)  
Common Stock   2/15/2005     S    1000   D $39.79   9867   D   (1)  
Common Stock   2/15/2005     S    1000   D $39.48   8867   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)   $19.8345   2/14/2005     M        1000    12/4/1997   (2) 12/4/2006   Common Stock   1000   $0.00   4519   D    
Common Stock (right to buy)   $19.8345   2/15/2005     M        3000    12/4/1997   (2) 12/4/2006   Common Stock   3000   $0.00   1519   D    

Explanation of Responses:
(1)  Includes approximately 3,533 shares indirectly held in the reporting person's 401(k) account at January 31, 2005.
(2)  These options were granted under the Helmerich & Payne, Inc. 1990 Stock Option Plan on 12/4/96 at an exercise price of $52.125 pre-split and $26.0625 post-split, and $19.8345 post-spinoff. These options vested over five years in 20% increments. The noted dated represents the first date options vested.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
HELM GORDON K
1437 SOUTH BOULDER AVE.
TULSA, OK 74119

Controller

Signatures
Jonathan M. Cinocca, by Power of Attorney for Gordon K. Helm 2/15/2005
** 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.