Exhibit 99

April 27, 2005

HELMERICH & PAYNE, INC. ANNOUNCES SECOND QUARTER RESULTS
AND NEW RIG CONSTRUCTION FOR CONOCOPHILLIPS

      Helmerich & Payne, Inc. reported net income of $22,350,000 ($0.43 per diluted share) from operating revenues of $185,450,000 for its second fiscal quarter ended March 31, 2005, compared with net income of $6,048,000 ($0.12 per diluted share) from operating revenues of $143,024,000 during last year’s second fiscal quarter ended March 31, 2004. Included in net income were gains from the sale of portfolio securities and drilling equipment of $0.01 per share for this year’s second quarter and $0.09 per share for last year’s second quarter.

      For the six months ended March 31, 2005, the Company reported net income of $61,660,000 ($1.20 per diluted share) from operating revenues of $360,129,000, compared with net income of $12,636,000 ($0.25 per diluted share) from operating revenues of $277,297,000 during the first six months ended March 31, 2004. Included in net income were gains from the sale of portfolio securities and drilling equipment of $0.45 per share for the first six months of fiscal 2005 and $0.16 per share for the first six months of fiscal 2004.

      Company President and CEO, Hans Helmerich commented, “The U.S. land business continues to improve, fueled by strong energy prices. Customers are paying more for rigs across the board and are particularly attracted to the consistent performance and added drilling efficiency that our fleet offers. During the second quarter, cash margins for our U.S. land fleet increased by $1,381 over the previous quarter, driving operating income up by 40% during that same period.

      As expected, our U.S. platform business was steady during the second quarter, while our international segment results were hampered by a $1,555,000 Venezuelan currency revaluation expense, reduction in operating income in Bolivia and Equatorial Guinea, and expenses associated with terminating operations in Chad and Hungary.”

      As previously announced on March 23rd, the Company has been contracted by Williams Production RMT Company to operate 10 new FlexRig4s®, each under three-year term contracts at a fixed dayrate plus certain conditional incentive payments based upon savings realized by Williams. The first rig is scheduled for completion by November 2005, with the remaining nine expected to be delivered to the field at the rate of one per month thereafter.

      The Company announced today that it had received a letter of intent from ConocoPhillips to operate three new FlexRig4 drilling rigs. ConocoPhillips will contract the new FlexRig4s on three-year term contracts for work in the San Juan Basin in northwestern New Mexico. The Company expects to deliver one new rig per month starting November 2005. The new rigs and transportation equipment are expected to cost the Company approximately $9.5 million each.

      Mr. Helmerich added, “We are pleased to be awarded the contract resulting in the construction of three new FlexRig4 rigs for ConocoPhillips. This work represents further validation of the FlexRig’s superior field performance and drilling efficiencies. Building on strong customer satisfaction with our existing 50 FlexRigs, these new FlexRig4s will provide enhanced project economics for the customer and allow us to secure term contracts with attractive financial returns for our shareholders.”

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Page 2
April 27, 2005
News Release

      Helmerich & Payne, Inc. (HP/NYSE) is a contract drilling company that owns 91 U.S. land rigs, 11 U.S. platform rigs located in the Gulf of Mexico, 26 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.

      Helmerich & Payne, Inc.’s conference call/webcast is scheduled for this morning and can be accessed at http://www.hpinc.com under Investor Relations and will begin at 11:00 a.m. ET (10:00 a.m. CT). If you are unable to participate during the live webcast, the call will be archived for a year on H&P’s website indicated above.

      The information to be disclosed in the conference call and webcast shall include forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by H&P in its Form 10-K filed with the Securities and Exchange Commission on December 13, 2004. As a result of these factors, H&P’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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Page 3
News Release
April 27, 2005

HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)

	Three Months Ended									Six Months Ended
	Dec. 31			March 31						March 31
CONSOLIDATED STATEMENTS OF INCOME	2004			2005			2004			2005			2004
Operating Revenues:
Drilling – U.S. Land	$	109,188		$	122,394		$	82,477		$	231,582		$	157,410
Drilling – U.S. Offshore		20,356			18,649			18,675			39,005			39,377
Drilling – International		42,471			41,799			39,311			84,270			75,272
Real Estate		2,664			2,608			2,561			5,272			5,238
		174,679			185,450			143,024			360,129			277,297
Operating costs and expenses:
Operating costs		111,252			114,321			104,950			225,573			198,731
Depreciation		23,262			23,950			23,402			47,212			45,670
General and administrative		9,246			9,593			9,789			18,839			18,891
		143,760			147,864			138,141			291,624			263,292
Operating income		30,919			37,586			4,883			68,505			14,005
Other income (expense):
Interest and dividend income		961			1,193			516			2,154			1,161
Interest expense		(3,309	)		(3,246	)		(3,112	)		(6,555	)		(6,334	)
Gain on sale of investment securities		26,349			(36	)		7,072			26,313			11,976
Income from asset sales		10,816			971			755			11,787			1,636
Other		(2	)		348			109			346			118
		34,815			(770	)		5,340			34,045			8,557
Income before income taxes and equity in income (loss) of affiliates		65,734			36,816			10,223			102,550			22,562
Income tax provision		27,130			15,153			4,484			42,283			9,615
Equity in income (loss) of affiliates net of income taxes		706			687			309			1,393			(311	)
NET INCOME	$	39,310		$	22,350		$	6,048		$	61,660		$	12,636
Earnings (loss) per common share:
Basic	$	0.78		$	0.44		$	0.12		$	1.22		$	0.25
Diluted	$	0.77		$	0.43		$	0.12		$	1.20		$	0.25
Average common shares outstanding:
Basic		50,543			50,955			50,263			50,747			50,209
Diluted		51,256			51,891			50,903			51,571			50,784

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News Release
April 27, 2005

HELMERICH & PAYNE, INC.
Unaudited
(in thousands)

CONSOLIDATED CONDENSED BALANCE SHEETS	3/31/05		9/30/04
ASSETS
Cash and cash equivalents	$	208,453	$	65,296
Other current assets		184,479		180,590
Total current assets		392,932		245,886
Investments		157,076		161,532
Net property, plant, and equipment		959,487		998,674
Other assets		662		752
TOTAL ASSETS	$	1,510,157	$	1,406,844
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total current liabilities	$	55,721	$	59,903
Total noncurrent liabilities		264,736		232,831
Long-term notes payable		200,000		200,000
Total shareholders’ equity		989,700		914,110
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,510,157	$	1,406,844

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News Release
April 27, 2005

HELMERICH & PAYNE, INC.
Unaudited
(in thousands)

	Six Months Ended
	March 31
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS	2005			2004
OPERATING ACTIVITIES:
Net Income	$	61,660		$	12,636
Depreciation		47,212			45,670
Changes in assets and liabilities		9,901			(8,067	)
Gain on sale of assets and investment securities		(38,100	)		(11,666	)
Non-monetary investment gain		—			(1,946	)
Other		(2,584	)		546
Net cash provided by operating activities		78,089			37,173
INVESTING ACTIVITIES:
Capital expenditures		(22,693	)		(52,657	)
Purchase of investments		(5,000	)		—
Proceeds from sale of assets and investment securities		89,298			16,940
Net cash provided by (used in) investing activities		61,605			(35,717	)
FINANCING ACTIVITIES:
Payments of short-term notes		—			(5,000	)
Dividends paid		(8,380	)		(8,050	)
Proceeds from exercise of stock options		11,843			3,963
Net cash provided by (used in) financing activities		3,463			(9,087	)
Net increase (decrease) in cash and cash equivalents		143,157			(7,631	)
Cash and cash equivalents, beginning of period		65,296			38,189
Cash and cash equivalents, end of period	$	208,453		$	30,558

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News Release
April 27, 2005

SEGMENT REPORTING	Three Months Ended									Six Months Ended
	Dec. 31			March 31						March 31
	2004			2005			2004			2005			2004
	(in thousands, except days and per day amounts)
US LAND OPERATIONS
Revenues	$	109,188		$	122,394		$	82,477		$	231,582		$	157,410
Direct operating expenses		66,978			69,695			60,943			136,673			114,433
General and administrative expense		1,866			1,839			1,867			3,705			3,792
Depreciation		14,756			15,063			13,920			29,819			26,983
Operating income	$	25,588		$	35,797		$	5,747		$	61,385		$	12,202
Activity days		7,588			7,589			6,758			15,177			13,038
Average rig revenue per day	$	13,363		$	15,018		$	11,218		$	14,191		$	11,236
Average rig expense per day	$	7,800		$	8,074		$	8,032		$	7,938		$	7,940
Average rig margin per day	$	5,563		$	6,944		$	3,186		$	6,253		$	3,296
Rig utilization		92	%		94	%		86	%		93	%		83	%
US OFFSHORE OPERATIONS
Revenues	$	20,356		$	18,649		$	18,675		$	39,005		$	39,377
Direct operating expenses		12,847			10,992			10,997			23,839			23,719
General and administrative expense		834			817			767			1,651			1,496
Depreciation		2,507			2,668			3,031			5,175			6,070
Operating income	$	4,168		$	4,172		$	3,880		$	8,340		$	8,092
Activity days		563			450			455			1,013			915
Average rig revenue per day	$	25,793		$	29,297		$	28,644		$	27,350		$	30,617
Average rig expense per day	$	14,251		$	14,928		$	14,481		$	14,552		$	16,041
Average rig margin per day	$	11,542		$	14,369		$	14,163		$	12,798		$	14,576
Rig utilization		56	%		45	%		42	%		51	%		42	%

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News Release
April 27, 2005

SEGMENT REPORTING	Three Months Ended									Six Months Ended
	Dec. 31			March 31						March 31
	2004			2005			2004			2005			2004
	(in thousands, except days and per day amounts)
INTERNATIONAL OPERATIONS
Revenues	$	42,471		$	41,799		$	39,311		$	84,270		$	75,272
Direct operating expenses		30,855			32,920			32,056			63,775			58,728
General and administrative expense		653			497			561			1,150			1,189
Depreciation		4,766			4,800			5,139			9,566			10,160
Operating income	$	6,197		$	3,582		$	1,555		$	9,779		$	5,195
Activity days		1,823			1,728			1,473			3,551			3,007
Average rig revenue per day	$	19,208		$	19,430		$	21,849		$	19,316		$	20,441
Average rig expense per day	$	13,346		$	13,672		$	16,645		$	13,504		$	14,988
Average rig margin per day	$	5,862		$	5,758		$	5,204		$	5,812		$	5,453
Rig utilization		71	%		71	%		51	%		71	%		52	%

Per day calculations for international operations exclude gains and losses from translation of foreign currency transactions.

Operating statistics exclude the effects of offshore platform and international management contracts, and do not include reimbursements of “out-of-pocket” expenses in revenue per day, expense per day and margin calculations.

Reimbursed amounts were as follows:

US Land Operations	$	7,789	$	8,419	$	6,666	$	16,208	$	10,918
US Offshore Operations	$	1,471	$	1,410	$	1,551	$	2,881	$	3,152
International Operations	$	3,099	$	3,794	$	3,510	$	6,893	$	6,771
REAL ESTATE
Revenues	$	2,664	$	2,608	$	2,561	$	5,272	$	5,238
Direct operating expenses		1,027		1,174		954		2,201		1,851
Depreciation		562		573		561		1,135		1,085
Operating income	$	1,075	$	861	$	1,046	$	1,936	$	2,302

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News Release
April 27, 2005

The following table reconciles operating income per the information above to income before income taxes and equity in income (loss) of affiliates as reported on the Consolidated Statements of Income (in thousands).

SEGMENT REPORTING	Three Months Ended									Six Months Ended
	Dec. 31			March 31						March 31
	2004			2005			2004			2005			2004
Operating income
US Land	$	25,588		$	35,797		$	5,747		$	61,385		$	12,202
US Offshore		4,168			4,172			3,880			8,340			8,092
International		6,197			3,582			1,555			9,779			5,195
Real Estate		1,075			861			1,046			1,936			2,302
Segment operating income	$	37,028		$	44,412		$	12,228		$	81,440		$	27,791
Corporate general and administrative		(5,893	)		(6,440	)		(6,594	)		(12,333	)		(12,414	)
Other depreciation		(671	)		(846	)		(751	)		(1,517	)		(1,372	)
Inter-segment elimination		455			460			—			915			—
Operating income	$	30,919		$	37,586		$	4,883		$	68,505		$	14,005
Other income (expense):
Interest and dividend income		961			1,193			516			2,154			1,161
Interest expense		(3,309	)		(3,246	)		(3,112	)		(6,555	)		(6,334	)
Gain on sale of investment securities		26,349			(36	)		7,072			26,313			11,976
Income from asset sales		10,816			971			755			11,787			1,636
Other		(2	)		348			109			346			118
Total other income (expense)		34,815			(770	)		5,340			34,045			8,557
Income before income taxes and equity in income (loss) of affiliates	$	65,734		$	36,816		$	10,223		$	102,550		$	22,562

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