For Helmerich & Payne, market conditions presented the same dilemmas as those faced by other companies. Plummeting prices offset the stability afforded by the firm's continuing production in the Braman field. The difficulty of obtaining drilling contracts was another major obstacle. Business became progressively worse, and cash flow was a daily headache. Often, it was not sufficient to meet the payroll or pay creditors.

The times also brought the Helmerichs hard times of a personal sort. Cadijah Helmerich's father, Charles Colcord, died in 1934, and within weeks V. A. Sappenfield also passed away. Both were men that Helmerich greatly admired and trusted.

It was the character of the people Helmerich gathered around him during this period that kept the company in business. Three men — Walt Helmerich, Bill Payne, and Bill Broadhurst — now stood at the center of the organization. These people were often entrusted with extraordinary responsibilities — "empowered" would be the current word. This trust and empowerment fostered unusual dedication and loyalty –– part of the Helmerich & Payne culture throughout the company's history.Helmerich was described by the others as an "absolute wizard" in obtaining financing and persuading bankers to come through with loans at crucial times, and in convincing suppliers that all Helmerich & Payne invoices would eventually be paid. His reputation for financial integrity proved to be one of the company's major assets — if not the primary asset — in those difficult times.

The company began to enhance its cash flow by "selling down" portions of its leases –– a practice now standard in the industry. Often, Helmerich & Payne would continue to handle drilling under contract with the partnerships sales produced.