In 1954, the company was producing about 80,000 barrels a year by water flooding, a figure which grew to 250,000 per year by 1958. Bill Black, who was to become Senior Vice President of Production and Exploration, first joined Helmerich & Payne to work on a water flooding project in west Texas, in part of the former Cardinal Oil field. He was one of only five engineers with the company at that time.

The Beginnings of Diversification
The 1950s also brought with them the beginnings of diversification. For several years, Helmerich & Payne had owned two-thirds of a pipeline construction company, Engineering Construction Company (ECCO). In 1955, as the nation proceeded with a widespread expansion of natural gas distribution, the company bought the remaining third of ECCO. It specialized in laying natural gas pipeline systems in cities and towns, experience which was to lead Helmerich & Payne into telephone cable distribution within a few years.
As the world continued to "shrink," the energy industry took on a more global cast. Imports began to flood the domestic market in the 1950s, keeping prices down and adding to the financial hurdles of the independent producers. In the Middle East, political turmoil in Iran resulted in an embargo of Iranian oil as Mohammed Mossadegh overthrew the Shah. Two years later, with help from Western intelligence operations, the Shah was returned to power and Iranian oil flowed once again to the West.
Helmerich & Payne and White Eagle began to move into international operations in several partnership arrangements during this period. In South America, leases were negotiated in Bolivia, and a Venezuelan drilling subsidiary was established with the purchase of equipment from Sinclair. By 1958, Helmerich & Payne had six rigs drilling in Venezuela at depths of 10,000 to 15,000 feet.
The company also owned an 11 percent interest in White Eagle Overseas, which had a 700,000-acre concession in the Phillipines. These efforts were directed by Victor Zoller, who became Vice President of Exploration in 1957.
In Cuba, White Eagle International, of which Helmerich & Payne owned 20 percent, had four million acres under lease. Erick Waering, who was the company's first full-time geologist, was responsible for the Cuban exploration effort. Unfortunately, this promising venture was nationalized by the Cuban government in 1960 after Fidel Castro swept to power.
The world's deepest contract well was drilled in 1958 by Helmerich & Payne for Shell Oil Company in the Elk City field. After 463 days of drilling, a depth of 24,004 feet was reached. In west Texas, the deepest well drilled with air drilling was completed by the company at 14,750 feet.
Back to "Helmerich & Payne, Inc."
In 1959, the corporate structure which had been created 15 years earlier was undone.
White Eagle was no more. Henceforth, all operations would be carried out under the more widely known and well accepted Helmerich & Payne identity.
At the same time, the company's certificate of incorporation was also amended to permit more diversification, and the company's stock began to be traded on the American Stock Exchange.
Helmerich & Payne's revenues had more than doubled in ten years, rising from $6.7 million in 1949 to $14.2 million in 1959. More importantly, the new leader Walt Helmerich, III, had implemented new management procedures and embarked on new growth initiatives that were to serve the company well in the years ahead