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Pay vs Performance Disclosure
pure in Millions
 12 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
Pay Versus Performance
In this section, we provide the pay versus performance disclosure required by the SEC for our CEO, Mr. Lindsay, and the named executive officers excluding Mr. Lindsay (“Non-CEO NEOs”) as well as certain Company performance metrics for the fiscal years listed below.
​ ​ ​ ​ ​ ​ ​
Value of Initial Fixed
$100 Investment
Based On:(4)
​ ​ ​ ​
​
Year
​ ​
Summary
Compensation
Table Total for
CEO(1)
​ ​
Compensation
Actually Paid
to CEO(2)
​ ​
Average Summary
Compensation
Table Total for
Non-CEO
NEOs(3)
​ ​
Average
Compensation
Actually Paid
to Non-CEO
NEOs(2)(3)
​ ​
H&P
TSR
​ ​
OSX
Index
TSR
​ ​
Net Income
(Loss) $MM
​ ​
Modified
Cash Flow
$MM(5)
​
​ 2023 ​ ​ ​ $ 8,595,963 ​ ​ ​ ​ $ 8,407,218 ​ ​ ​ ​ $ 2,590,494 ​ ​ ​ ​ $ 2,527,013 ​ ​ ​ ​ $ 324 ​ ​ ​ ​ $ 340 ​ ​ ​ ​ $ 434 ​ ​ ​ ​ $ 961(6)(7)(8) ​ ​
​ 2022 ​ ​ ​ $ 8,000,873 ​ ​ ​ ​ $ 15,453,934 ​ ​ ​ ​ $ 2,383,344 ​ ​ ​ ​ $ 4,315,514 ​ ​ ​ ​ $ 271 ​ ​ ​ ​ $ 215 ​ ​ ​ ​ $ 7 ​ ​ ​ ​ $ 448(6)(9) ​ ​
​ 2021 ​ ​ ​ $ 8,468,309 ​ ​ ​ ​ $ 11,856,697 ​ ​ ​ ​ $ 2,422,386 ​ ​ ​ ​ $ 3,230,514 ​ ​ ​ ​ $ 195 ​ ​ ​ ​ $ 203 ​ ​ ​ ​ $ (326) ​ ​ ​ ​ $ 102(7)(10) ​ ​
(1)
The amounts in this column represent the amounts reported for Mr. Lindsay in the total column of the Summary Compensation Table (“SCT”) for each applicable fiscal year.
​
(2)
Compensation Actually Paid (“CAP”) is the SCT total value for Mr. Lindsay, and average SCT total for the non-CEO NEOs, for each applicable fiscal year with adjustments to the stock award and pension values as required by SEC regulations and described in more detail in the reconciliation tables for our CEO and non-CEO NEOs below.
​
(3)
The amounts reported in this column represent the average of the amounts reported in the total column of the SCT for the Non-CEO NEOs’ in each applicable fiscal year. For each of fiscal years 2023, 2022, and 2021, the Non-CEO NEOs were Messrs. Smith, Bell and Lennox and Ms. Hair.
​
(4)
The Company calculates TSR in a manner consistent with the stock performance graph disclosure requirements under Item 201(e) of Regulation S-K, reflecting cumulative TSR on an initial base investment of $100 for the measurement periods beginning on September 30, 2020 and ending on September 30 of each of 2023, 2022 and 2021, respectively. The peer group used for comparison for each of the fiscal years 2023, 2022 and 2021 is the Philadelphia Oil Service (“OSX”) Index.
​
(5)
We determined Modified Cash Flow to be the most important financial performance measure used to link Company performance to CAP for fiscal 2023. Modified Cash Flow was the performance objective in our 2023 STI Plan with the heaviest weighting. Modified Cash Flow is (a) drilling services revenue less the following expenses from condensed consolidated statements of operations (i) drilling services operating expenses, excluding depreciation and amortization and (ii) selling, general and administrative expenses, with (b) the following normalizing adjustments:
​
(6)
STI Plan expense to the extent actual payout was different than amounts accrued and certain director stock expenses.
​
(7)
Expenses or expense accruals for certain legal proceedings.
​
(8)
Valuation adjustment of a contingent earnout.
​
(9)
Certain consulting expenses recognized in fiscal 2021 but included in the 2022 STI Plan performance objective target.
​
(10)
Expenses related to a business development project and cost savings initiatives.
​
The CEO Summary Compensation Table to CAP reconciliation is summarized in the following table:
​
Year
​ ​
SCT Total
for CEO
​ ​
Minus SCT
Change in
Pension
Value for
CEO
​ ​
Minus SCT
Equity for
CEO
​ ​
Plus EOY Fair
Value of Equity
Awards Granted
During Fiscal
Year that are
Outstanding and
Unvested
at EOY
​ ​
Plus (Minus) Change
from prior EOY to
current EOY in
Fair Value of
Awards Granted in
Any Prior Fiscal
Year that are
Outstanding and
Unvested
at EOY
​ ​
Plus (Minus) Change
in Fair Value From
Prior EOY to
Vesting Date of
Awards Granted in
Any Prior Fiscal
Year that Vested
During the
Fiscal Year
​ ​
CEO CAP
​
​ 2023 ​ ​ ​ $ 8,595,963 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 5,279,880 ​ ​ ​ ​ $ 4,090,335 ​ ​ ​ ​ $ (1,511,400) ​ ​ ​ ​ $ 2,512,200 ​ ​ ​ ​ $ 8,407,218 ​ ​
​ 2022 ​ ​ ​ $ 8,000,873 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 4,612,431 ​ ​ ​ ​ $ 7,775,011 ​ ​ ​ ​ $ 4,536,801 ​ ​ ​ ​ $ (246,320) ​ ​ ​ ​ $ 15,453,934 ​ ​
​ 2021 ​ ​ ​ $ 8,468,309 ​ ​ ​ ​ $ 11,527 ​ ​ ​ ​ $ 5,321,503 ​ ​ ​ ​ $ 5,827,051 ​ ​ ​ ​ $ 2,472,070 ​ ​ ​ ​ $ 422,297 ​ ​ ​ ​ $ 11,856,697 ​ ​
“EOY” = End of Year, “BOY” = Beginning of Year
The Average Other NEOs Summary Compensation Table to CAP reconciliation is summarized in the following table:
​
Year
​ ​
Average
SCT Total
for Non-
CEO NEOs
​ ​
Minus
Average
SCT Change in
Pension Value
for Non-CEO
NEOs
​ ​
Minus
Average
SCT Equity
for Non-
CEO NEOs
​ ​
Plus EOY Average
Fair Value of
Equity Awards
Granted During
Fiscal Year
that are
Outstanding
and Unvested
at EOY
​ ​
Plus (Minus)
Average Change
from prior EOY to
current EOY in
Fair Value of
Awards Granted
in Any Prior
Fiscal Year
that are
Outstanding
and Unvested
at EOY
​ ​
Plus (Minus)
Average
Change in
Fair Value from
Prior EOY to
Vesting Date of
Awards Granted
in Any Prior
Fiscal Year that
Vested During the
Fiscal Year
​ ​
Average
Non-CEO
NEO CAP
​
​ 2023 ​ ​ ​ $ 2,590,494 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,365,196 ​ ​ ​ ​ $ 1,057,639 ​ ​ ​ ​ $ (387,779) ​ ​ ​ ​ $ 631,855 ​ ​ ​ ​ $ 2,527,013 ​ ​
​ 2022 ​ ​ ​ $ 2,383,344 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,182,088 ​ ​ ​ ​ $ 1,992,587 ​ ​ ​ ​ $ 1,153,124 ​ ​ ​ ​ $ (31,453) ​ ​ ​ ​ $ 4,315,514 ​ ​
​ 2021 ​ ​ ​ $ 2,422,386 ​ ​ ​ ​ $ 2,086 ​ ​ ​ ​ $ 1,363,869 ​ ​ ​ ​ $ 1,493,438 ​ ​ ​ ​ $ 598,180 ​ ​ ​ ​ $ 82,465 ​ ​ ​ ​ $ 3,230,514 ​ ​
“EOY” = End of Year, “BOY” = Beginning of Year
   
Company Selected Measure Name Modified Cash Flow    
Named Executive Officers, Footnote
(1)
The amounts in this column represent the amounts reported for Mr. Lindsay in the total column of the Summary Compensation Table (“SCT”) for each applicable fiscal year.
(3)
The amounts reported in this column represent the average of the amounts reported in the total column of the SCT for the Non-CEO NEOs’ in each applicable fiscal year. For each of fiscal years 2023, 2022, and 2021, the Non-CEO NEOs were Messrs. Smith, Bell and Lennox and Ms. Hair.
   
Peer Group Issuers, Footnote
(4)
The Company calculates TSR in a manner consistent with the stock performance graph disclosure requirements under Item 201(e) of Regulation S-K, reflecting cumulative TSR on an initial base investment of $100 for the measurement periods beginning on September 30, 2020 and ending on September 30 of each of 2023, 2022 and 2021, respectively. The peer group used for comparison for each of the fiscal years 2023, 2022 and 2021 is the Philadelphia Oil Service (“OSX”) Index.
   
PEO Total Compensation Amount $ 8,595,963 $ 8,000,873 $ 8,468,309
PEO Actually Paid Compensation Amount $ 8,407,218 15,453,934 11,856,697
Adjustment To PEO Compensation, Footnote
(2)
Compensation Actually Paid (“CAP”) is the SCT total value for Mr. Lindsay, and average SCT total for the non-CEO NEOs, for each applicable fiscal year with adjustments to the stock award and pension values as required by SEC regulations and described in more detail in the reconciliation tables for our CEO and non-CEO NEOs below.
The CEO Summary Compensation Table to CAP reconciliation is summarized in the following table:
​
Year
​ ​
SCT Total
for CEO
​ ​
Minus SCT
Change in
Pension
Value for
CEO
​ ​
Minus SCT
Equity for
CEO
​ ​
Plus EOY Fair
Value of Equity
Awards Granted
During Fiscal
Year that are
Outstanding and
Unvested
at EOY
​ ​
Plus (Minus) Change
from prior EOY to
current EOY in
Fair Value of
Awards Granted in
Any Prior Fiscal
Year that are
Outstanding and
Unvested
at EOY
​ ​
Plus (Minus) Change
in Fair Value From
Prior EOY to
Vesting Date of
Awards Granted in
Any Prior Fiscal
Year that Vested
During the
Fiscal Year
​ ​
CEO CAP
​
​ 2023 ​ ​ ​ $ 8,595,963 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 5,279,880 ​ ​ ​ ​ $ 4,090,335 ​ ​ ​ ​ $ (1,511,400) ​ ​ ​ ​ $ 2,512,200 ​ ​ ​ ​ $ 8,407,218 ​ ​
​ 2022 ​ ​ ​ $ 8,000,873 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 4,612,431 ​ ​ ​ ​ $ 7,775,011 ​ ​ ​ ​ $ 4,536,801 ​ ​ ​ ​ $ (246,320) ​ ​ ​ ​ $ 15,453,934 ​ ​
​ 2021 ​ ​ ​ $ 8,468,309 ​ ​ ​ ​ $ 11,527 ​ ​ ​ ​ $ 5,321,503 ​ ​ ​ ​ $ 5,827,051 ​ ​ ​ ​ $ 2,472,070 ​ ​ ​ ​ $ 422,297 ​ ​ ​ ​ $ 11,856,697 ​ ​
“EOY” = End of Year, “BOY” = Beginning of Year
   
Non-PEO NEO Average Total Compensation Amount $ 2,590,494 2,383,344 2,422,386
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,527,013 4,315,514 3,230,514
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Compensation Actually Paid (“CAP”) is the SCT total value for Mr. Lindsay, and average SCT total for the non-CEO NEOs, for each applicable fiscal year with adjustments to the stock award and pension values as required by SEC regulations and described in more detail in the reconciliation tables for our CEO and non-CEO NEOs below.
The Average Other NEOs Summary Compensation Table to CAP reconciliation is summarized in the following table:
​
Year
​ ​
Average
SCT Total
for Non-
CEO NEOs
​ ​
Minus
Average
SCT Change in
Pension Value
for Non-CEO
NEOs
​ ​
Minus
Average
SCT Equity
for Non-
CEO NEOs
​ ​
Plus EOY Average
Fair Value of
Equity Awards
Granted During
Fiscal Year
that are
Outstanding
and Unvested
at EOY
​ ​
Plus (Minus)
Average Change
from prior EOY to
current EOY in
Fair Value of
Awards Granted
in Any Prior
Fiscal Year
that are
Outstanding
and Unvested
at EOY
​ ​
Plus (Minus)
Average
Change in
Fair Value from
Prior EOY to
Vesting Date of
Awards Granted
in Any Prior
Fiscal Year that
Vested During the
Fiscal Year
​ ​
Average
Non-CEO
NEO CAP
​
​ 2023 ​ ​ ​ $ 2,590,494 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,365,196 ​ ​ ​ ​ $ 1,057,639 ​ ​ ​ ​ $ (387,779) ​ ​ ​ ​ $ 631,855 ​ ​ ​ ​ $ 2,527,013 ​ ​
​ 2022 ​ ​ ​ $ 2,383,344 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,182,088 ​ ​ ​ ​ $ 1,992,587 ​ ​ ​ ​ $ 1,153,124 ​ ​ ​ ​ $ (31,453) ​ ​ ​ ​ $ 4,315,514 ​ ​
​ 2021 ​ ​ ​ $ 2,422,386 ​ ​ ​ ​ $ 2,086 ​ ​ ​ ​ $ 1,363,869 ​ ​ ​ ​ $ 1,493,438 ​ ​ ​ ​ $ 598,180 ​ ​ ​ ​ $ 82,465 ​ ​ ​ ​ $ 3,230,514 ​ ​
“EOY” = End of Year, “BOY” = Beginning of Year
   
Compensation Actually Paid vs. Total Shareholder Return
Pay Versus TSR 2021-2023​
[MISSING IMAGE: bc_totalsharholder-4c.jpg]
   
Compensation Actually Paid vs. Net Income
Pay Versus Net Income 2021-2023​
[MISSING IMAGE: bc_netincome-4c.jpg]
   
Compensation Actually Paid vs. Company Selected Measure
Pay Versus Modified Cash Flow 2021-2023
[MISSING IMAGE: bc_modifiedcashflow-4c.jpg]
   
Tabular List, Table
In addition to the tabular disclosure above, the following is an unranked list of the most important performance measures that link Compensation Actually Paid to Company performance.
​
Most Important Performance Measures
​
​
Modified Cash Flow
​
​
Absolute TSR
​
​
ROIC
​
   
Total Shareholder Return Amount $ 324 271 195
Peer Group Total Shareholder Return Amount 340 215 203
Net Income (Loss) $ 434,000,000 $ 7,000,000 $ (326,000,000)
Company Selected Measure Amount 961 448 102
PEO Name Mr. Lindsay    
Measure:: 1      
Pay vs Performance Disclosure      
Name Modified Cash Flow    
Non-GAAP Measure Description
(5)
We determined Modified Cash Flow to be the most important financial performance measure used to link Company performance to CAP for fiscal 2023. Modified Cash Flow was the performance objective in our 2023 STI Plan with the heaviest weighting. Modified Cash Flow is (a) drilling services revenue less the following expenses from condensed consolidated statements of operations (i) drilling services operating expenses, excluding depreciation and amortization and (ii) selling, general and administrative expenses, with (b) the following normalizing adjustments:
​
(6)
STI Plan expense to the extent actual payout was different than amounts accrued and certain director stock expenses.
​
(7)
Expenses or expense accruals for certain legal proceedings.
​
(8)
Valuation adjustment of a contingent earnout.
​
(9)
Certain consulting expenses recognized in fiscal 2021 but included in the 2022 STI Plan performance objective target.
​
(10)
Expenses related to a business development project and cost savings initiatives.
   
Measure:: 2      
Pay vs Performance Disclosure      
Name Absolute TSR    
Measure:: 3      
Pay vs Performance Disclosure      
Name ROIC    
PEO | Total Net Adjustments For Pension [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0 $ 0 $ 11,527
PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 5,279,880 4,612,431 5,321,503
PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 4,090,335 7,775,011 5,827,051
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (1,511,400) 4,536,801 2,472,070
PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 2,512,200 (246,320) 422,297
Non-PEO NEO | Total Net Adjustments For Pension [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 2,086
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,365,196 1,182,088 1,363,869
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,057,639 1,992,587 1,493,438
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (387,779) 1,153,124 598,180
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 631,855 $ (31,453) $ 82,465