Saturday, December 19, 1981, my dad died... 

The Founder Passes On.
At Helmerich & Payne, when the industry was beginning to see the first signs of crisis, the company experienced a loss of a different sort.
Walter H. Helmerich, the company's founder and one of the most dynamic figures in the industry, died on December 19, 1981.
"It was his courage and indomitable strength that built the company," the founder's son wrote to employees.

Sound Strategy Prevails
But, the boom was over — the fat lady had sung —and the name of the game in the energy business was survival. The years to come would see an entire industry transform. Most companies, in fact, would not survive, as the once-powerful juggernaut shrank to a mere shadow of itself.
In 1978, Forbes magazine published a comparison piece featuring a point-counterpoint dialogue between Walt Helmerich, III, and a leading competitor. While the other spoke for the exuberance of the industry in those times, Helmerich remained unconvinced and counseled caution.
Soon, the industry would throw caution to the wind, but Helmerich never wavered from following his instincts. "The Helmerich & Payne balance sheet would shame a conservative banker," the Forbes reporter commented. That conservative approach insisted on pay-as-you-go growth, with all new rig construction secured by long-term contracts that would pay off the investment. In those days Dad was the ultimate contrarian," Hans Helmerich recalls. "The industry was making huge profits building all this tremendous capacity on speculation. He simply refused to be sucked in. Later, the same bankers and analysts that were critical of what they called 'missed opportunities' were patting us on the back for dodging the bullet."
This conservative strategy did more than ensure the company's survival; it secured a key advantage. As the oil glut swept across the oil patch, shutting down rigs everywhere, Helmerich & Payne's long-term contracts allowed it to keep its iron running. More importantly, it meant the company could retain more of its people and crews.
The company had entered the boom with its fleet paid for or under long-term contract. It entered the bust virtually debt-free. And when signs of trouble began to appear, management reacted quickly — beginning to pull back and make adjustments to the new realities in the industry.
In 1982, two new rigs on order were canceled. The Denver exploration office was closed, and producing properties in the Rocky Mountain area were sold in order to concentrate on the Mid-Continent region. The Real Estate Division postponed construction of the proposed headquarters building.