Ownership Submission
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 *
DOTSON GEORGE S
   2. Issuer Name and Ticker or Trading Symbol
HELMERICH & PAYNE INC [HP] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President
(Last)
(First)
(Middle)
1437 SOUTH BOULDER AVE.		 3. Date of Earliest Transaction (Month/Day/Year)
05/09/2005
(Street)

TULSA, OK 74119		 4. If Amendment, Date Original Filed(Month/Day/Year)
05/09/2005		 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 05/09/2005   M   10,000 A $ 10.6545 77,852 D (1)  
Common Stock 05/09/2005   S   10,000 D $ 42 67,852 D (1)  
Common Stock 05/09/2005   G V 1,000 D $ 0 66,852 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) $ 10.6545 05/09/2005   M     10,000 12/06/1996(2) 12/06/2005 Common Stock 10,000 $ 0 28,840 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
DOTSON GEORGE S
1437 SOUTH BOULDER AVE.
TULSA, OK 74119		   X     Vice President  

Signatures

 Jonathan M. Cinocca, by Power of Attorney for George S. Dotson   08/01/2005
**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 the following shares held indirectly: 5,089 shares in the reporting person's 401(k) account; and 35,554 shares with respect to which beneficial ownership is disclaimed as such shares are owned by the reporting person's spouse.
(2) These options were granted under the Helmerich & Payne, Inc. 1990 Stock Option Plan (Rule 16b-3) on 12/6/95 at an exercise price of $28.00, $14.00 post stock-split, and finally adjusted to $10.6545 post-spinoff. These options vested over 5 years in 20% increments. The noted date is the date options first vested.
 
Remarks:
This is Amendment No. 2.  This second amendment is filed solely to correct the amount of securities reflected as beneficially owned in column 5 of Table 1, with each line item in that column having been inadvertently understated by 1,000 shares.  

The first amendment to the original Form 4 was filed solely for the purpose of correcting the "Date of Earliest Transaction" in Box 3 above Table I.  In the original Form 4 it was incorrectly stated as 2/1/05 as opposed to the correct date of 5/9/05.  No other change to the original Form 4 was made by the first amendment.

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