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 Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

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 (Month/Day/Year) 02/02/2005 (Street) TULSA, OK 74119 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 02/02/2005   M   3,976 A $ 18.8356 25,469 D (1)   Common Stock 02/02/2005   S   476 D $ 38.21 24,993 D (1)   Common Stock 02/02/2005   S   300 D $ 38.2 24,693 D (1)   Common Stock 02/02/2005   S   400 D $ 38.17 24,293 D (1)   Common Stock 02/02/2005   S   500 D $ 38.14 23,793 D (1)   Common Stock 02/02/2005   S   300 D $ 38.13 23,493 D (1)   Common Stock 02/02/2005   S   400 D $ 38.1 23,093 D (1)   Common Stock 02/02/2005   S   400 D $ 38.09 22,693 D (1)   Common Stock 02/02/2005   S   300 D $ 38.07 22,393 D (1)   Common Stock 02/02/2005   S   100 D $ 38.06 22,293 D (1)   Common Stock 02/02/2005   S   400 D $ 38.03 21,893 D (1)   Common Stock 02/02/2005   S   300 D $ 38.02 21,593 D (1)   Common Stock 02/02/2005   S   100 D $ 37.98 21,493 D (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

7. Title and Amount of Underlying Securities (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)

$ 18.8356

02/02/2005

M

3,976

12/01/2000(2)

12/01/2009

Common Stock

3,976

$ 0

24,207

D

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		02/04/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Includes 1,296 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 12/01/99 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.

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