Definitive proxy statements

Pay vs Performance Disclosure

v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
​
Year
​ ​
Summary
Compensation
Table Total
for PEO (1)
​ ​
Compensation
Actually Paid
to PEO (1)(2)
​ ​
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs (3)
​ ​
Average
Compensation
Actually Paid
to Non-PEO
NEOs (3)(2)
​ ​
Value of Initial Fixed $100
Investment Based On:
​ ​
Net Income
(in thousands) (5)
​ ​
Net Debt
(in thousands) (6)
​
​
Total
Shareholder
Return (4)
​ ​
Peer Group
Total
Shareholder
Return (4)
​
​ 2023 ​ ​ ​ $ 5,863,561 ​ ​ ​ ​ $ 324,131 (7) ​ ​ ​ ​ $ 1,457,399 ​ ​ ​ ​ $ 513,840 (7) ​ ​ ​ ​ $ 58.63 ​ ​ ​ ​ $ 146.23 ​ ​ ​ ​ $ 15,598 ​ ​ ​ ​ $ 217,266 ​ ​
​ 2022 ​ ​ ​ $ 12,111,392 ​ ​ ​ ​ $ 11,581,183 ​ ​ ​ ​ $ 1,878,070 ​ ​ ​ ​ $ 2,779,710 ​ ​ ​ ​ $ 100.36 ​ ​ ​ ​ $ 144.89 ​ ​ ​ ​ $ 231,149 ​ ​ ​ ​ $ 232,080 ​ ​
​ 2021 ​ ​ ​ $ 5,492,721 ​ ​ ​ ​ $ 4,896,511 ​ ​ ​ ​ $ 1,129,297 ​ ​ ​ ​ $ 1,065,664 ​ ​ ​ ​ $ 58.09 ​ ​ ​ ​ $ 101.81 ​ ​ ​ ​ $ (41,478) ​ ​ ​ ​ $ 485,099 ​ ​
​ 2020 ​ ​ ​ $ 2,030,112 ​ ​ ​ ​ $ 36,005 ​ ​ ​ ​ $ 456,097 ​ ​ ​ ​ $ 262,900 ​ ​ ​ ​ $ 39.03 ​ ​ ​ ​ $ 61.84 ​ ​ ​ ​ $ 37,790 ​ ​ ​ ​ $ 581,560 ​ ​
​
(1)
The name of the Principal Executive Officer of the Company (“PEO”) reflected in these columns for each of the applicable fiscal years is Tracy W Krohn.
​
(2)
In calculating the ‘compensation actually paid’ amounts reflected in these columns, the fair value or change in fair value, as applicable, of the equity award adjustments included in such calculations was computed in accordance with FASB ASC Topic 718. The valuation assumptions used to calculate such fair values did not materially differ from those disclosed at the time of grant.
​
(3)
The names of each of the non-PEO NEOs reflected in these columns for each applicable fiscal year are as follows: (i) for fiscal year 2023, Sameer Parasnis, Janet Yang, William J. Williford and Jonathan Curth, (ii) for fiscal year 2022, Janet Yang, William J. Williford, Jonathan Curth and Stephen Schroeder; and (iii) for fiscal years 2021 and 2020, Janet Yang, William J. Williford, Stephen Schroeder and Shahid Ghauri.
​
(4)
The Company TSR and the Company’s Peer Group TSR reflected in these columns for each applicable fiscal year is calculated based on a fixed investment of $100 at the applicable measurement point on the same cumulative basis as is used in Item 201(e) of Regulation S-K.
​
The peer group used to determine the Company’s Peer Group TSR for each applicable fiscal year is the following published industry index, as disclosed in our Annual Report on Form 10-K for the year-ended December 31, 2023, pursuant to Item 201(e) of Regulation S-K: SPSIOP.
(5)
Represents the amount of net income reflected in the Company’s audited GAAP financial statements for each applicable fiscal year.
​
(6)
We have selected Net Debt as our most important financial measure (that is not otherwise required to be disclosed in the table) used to link ‘compensation actually paid’ to our NEOs to company performance for fiscal year 2023. Net Debt is a measure of the Company’s total debt, less the Company’s cash and cash equivalents.
​
(7)
For fiscal year 2023, the ‘compensation actually paid’ to the PEO and the average ‘compensation actually paid’ to the non-PEO NEOs reflect each of the following adjustments made to the total compensation amounts reported in the Summary Compensation Table for fiscal year 2023, computed in accordance with Item 402(v) of Regulation S-K:
​
​
Compensation Actually Paid for Fiscal Year 2023
​ ​
PEO
​ ​
Average
Non-PEO
NEOs
​
​
Total Compensation Reported in 2023 Summary Compensation Table
​ ​ ​ $ 5,863,561 ​ ​ ​ ​ $ 1,457,399 ​ ​
​ Less, Grant Date Fair Value of Stock & Option Awards Reported in the 2023 Summary Compensation Table ​ ​ ​
​
(3,598,400)
 ​ ​ ​ ​
​
(922,977)
 ​ ​
​ Plus, Year-End Fair Value of Awards Granted in 2023 that are Outstanding and Unvested ​ ​ ​
​
2,214,400
 ​ ​ ​ ​
​
571,860
 ​ ​
​ Plus, Change in Fair Value of Awards Granted in Prior Years that are Outstanding and Unvested (From Prior Year-End to Year-End) ​ ​ ​
​
(3,980,734)
 ​ ​ ​ ​
​
(275,882)
 ​ ​
​ Plus, Vesting Date Fair Value of Awards Granted in 2023 that Vested in 2023 ​ ​ ​
​
—
 ​ ​ ​ ​
​
—
 ​ ​
​ Plus, Change in Fair Value of Awards Granted in Prior Years that Vested in 2023 (From Prior Year-End to Vesting Date) ​ ​ ​
​
(174,696)
 ​ ​ ​ ​
​
(10,076)
 ​ ​
​ Less, Prior Year-End Fair Value of Awards Granted in Prior Years that Failed to Vest in 2023 ​ ​ ​
​
—
 ​ ​ ​ ​
​
(306,484)
 ​ ​
​ Plus, Dollar Value of Dividends or other Earnings Paid on Stock & Option Awards in 2023 prior to Vesting (if not reflected in the fair value of such award or included in Total Compensation for 2023) ​ ​ ​
​
—
 ​ ​ ​ ​
​
—
 ​ ​
​
Total Adjustments
​ ​ ​ $ (5,539,430) ​ ​ ​ ​ $ (943,559) ​ ​
​
Compensation Actually Paid for Fiscal Year 2023
​ ​ ​ $ 324,131 ​ ​ ​ ​ $ 513,840 ​ ​
​
      
Company Selected Measure Name Net Debt      
Named Executive Officers, Footnote
(1)
The name of the Principal Executive Officer of the Company (“PEO”) reflected in these columns for each of the applicable fiscal years is Tracy W Krohn.
(3)
The names of each of the non-PEO NEOs reflected in these columns for each applicable fiscal year are as follows: (i) for fiscal year 2023, Sameer Parasnis, Janet Yang, William J. Williford and Jonathan Curth, (ii) for fiscal year 2022, Janet Yang, William J. Williford, Jonathan Curth and Stephen Schroeder; and (iii) for fiscal years 2021 and 2020, Janet Yang, William J. Williford, Stephen Schroeder and Shahid Ghauri.
     
Peer Group Issuers, Footnote
(4)
The Company TSR and the Company’s Peer Group TSR reflected in these columns for each applicable fiscal year is calculated based on a fixed investment of $100 at the applicable measurement point on the same cumulative basis as is used in Item 201(e) of Regulation S-K.
​
The peer group used to determine the Company’s Peer Group TSR for each applicable fiscal year is the following published industry index, as disclosed in our Annual Report on Form 10-K for the year-ended December 31, 2023, pursuant to Item 201(e) of Regulation S-K: SPSIOP.
     
PEO Total Compensation Amount $ 5,863,561 $ 12,111,392 $ 5,492,721 $ 2,030,112
PEO Actually Paid Compensation Amount $ 324,131 11,581,183 4,896,511 36,005
Adjustment To PEO Compensation, Footnote
(7)
For fiscal year 2023, the ‘compensation actually paid’ to the PEO and the average ‘compensation actually paid’ to the non-PEO NEOs reflect each of the following adjustments made to the total compensation amounts reported in the Summary Compensation Table for fiscal year 2023, computed in accordance with Item 402(v) of Regulation S-K:
​
​
Compensation Actually Paid for Fiscal Year 2023
​ ​
PEO
​ ​
Average
Non-PEO
NEOs
​
​
Total Compensation Reported in 2023 Summary Compensation Table
​ ​ ​ $ 5,863,561 ​ ​ ​ ​ $ 1,457,399 ​ ​
​ Less, Grant Date Fair Value of Stock & Option Awards Reported in the 2023 Summary Compensation Table ​ ​ ​
​
(3,598,400)
 ​ ​ ​ ​
​
(922,977)
 ​ ​
​ Plus, Year-End Fair Value of Awards Granted in 2023 that are Outstanding and Unvested ​ ​ ​
​
2,214,400
 ​ ​ ​ ​
​
571,860
 ​ ​
​ Plus, Change in Fair Value of Awards Granted in Prior Years that are Outstanding and Unvested (From Prior Year-End to Year-End) ​ ​ ​
​
(3,980,734)
 ​ ​ ​ ​
​
(275,882)
 ​ ​
​ Plus, Vesting Date Fair Value of Awards Granted in 2023 that Vested in 2023 ​ ​ ​
​
—
 ​ ​ ​ ​
​
—
 ​ ​
​ Plus, Change in Fair Value of Awards Granted in Prior Years that Vested in 2023 (From Prior Year-End to Vesting Date) ​ ​ ​
​
(174,696)
 ​ ​ ​ ​
​
(10,076)
 ​ ​
​ Less, Prior Year-End Fair Value of Awards Granted in Prior Years that Failed to Vest in 2023 ​ ​ ​
​
—
 ​ ​ ​ ​
​
(306,484)
 ​ ​
​ Plus, Dollar Value of Dividends or other Earnings Paid on Stock & Option Awards in 2023 prior to Vesting (if not reflected in the fair value of such award or included in Total Compensation for 2023) ​ ​ ​
​
—
 ​ ​ ​ ​
​
—
 ​ ​
​
Total Adjustments
​ ​ ​ $ (5,539,430) ​ ​ ​ ​ $ (943,559) ​ ​
​
Compensation Actually Paid for Fiscal Year 2023
​ ​ ​ $ 324,131 ​ ​ ​ ​ $ 513,840 ​ ​
     
Non-PEO NEO Average Total Compensation Amount $ 1,457,399 1,878,070 1,129,297 456,097
Non-PEO NEO Average Compensation Actually Paid Amount $ 513,840 2,779,710 1,065,664 262,900
Adjustment to Non-PEO NEO Compensation Footnote
(7)
For fiscal year 2023, the ‘compensation actually paid’ to the PEO and the average ‘compensation actually paid’ to the non-PEO NEOs reflect each of the following adjustments made to the total compensation amounts reported in the Summary Compensation Table for fiscal year 2023, computed in accordance with Item 402(v) of Regulation S-K:
​
​
Compensation Actually Paid for Fiscal Year 2023
​ ​
PEO
​ ​
Average
Non-PEO
NEOs
​
​
Total Compensation Reported in 2023 Summary Compensation Table
​ ​ ​ $ 5,863,561 ​ ​ ​ ​ $ 1,457,399 ​ ​
​ Less, Grant Date Fair Value of Stock & Option Awards Reported in the 2023 Summary Compensation Table ​ ​ ​
​
(3,598,400)
 ​ ​ ​ ​
​
(922,977)
 ​ ​
​ Plus, Year-End Fair Value of Awards Granted in 2023 that are Outstanding and Unvested ​ ​ ​
​
2,214,400
 ​ ​ ​ ​
​
571,860
 ​ ​
​ Plus, Change in Fair Value of Awards Granted in Prior Years that are Outstanding and Unvested (From Prior Year-End to Year-End) ​ ​ ​
​
(3,980,734)
 ​ ​ ​ ​
​
(275,882)
 ​ ​
​ Plus, Vesting Date Fair Value of Awards Granted in 2023 that Vested in 2023 ​ ​ ​
​
—
 ​ ​ ​ ​
​
—
 ​ ​
​ Plus, Change in Fair Value of Awards Granted in Prior Years that Vested in 2023 (From Prior Year-End to Vesting Date) ​ ​ ​
​
(174,696)
 ​ ​ ​ ​
​
(10,076)
 ​ ​
​ Less, Prior Year-End Fair Value of Awards Granted in Prior Years that Failed to Vest in 2023 ​ ​ ​
​
—
 ​ ​ ​ ​
​
(306,484)
 ​ ​
​ Plus, Dollar Value of Dividends or other Earnings Paid on Stock & Option Awards in 2023 prior to Vesting (if not reflected in the fair value of such award or included in Total Compensation for 2023) ​ ​ ​
​
—
 ​ ​ ​ ​
​
—
 ​ ​
​
Total Adjustments
​ ​ ​ $ (5,539,430) ​ ​ ​ ​ $ (943,559) ​ ​
​
Compensation Actually Paid for Fiscal Year 2023
​ ​ ​ $ 324,131 ​ ​ ​ ​ $ 513,840 ​ ​
     
Compensation Actually Paid vs. Total Shareholder Return
[MISSING IMAGE: bc_compvtsr-pn.jpg]
     
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_compvnetincome-pn.jpg]
     
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_compvnetdebt-pn.jpg]
     
Total Shareholder Return Vs Peer Group
[MISSING IMAGE: lc_spsioptsr-pn.jpg]
     
Tabular List, Table
​
Most Important Performance Measures
​
​
Production
​
​
Proved Reserves
​
​
ESG Score
​
​
Adjusted EBITDA
​
​
Adjusted EBITDA Margin
​
​
Net Debt
​
​
TSR
​
     
Total Shareholder Return Amount $ 58.63 100.36 58.09 39.03
Peer Group Total Shareholder Return Amount 146.23 144.89 101.81 61.84
Net Income (Loss) $ 15,598,000 $ 231,149,000 $ (41,478,000) $ 37,790,000
Company Selected Measure Amount 217,266,000 232,080,000 485,099,000 581,560,000
PEO Name Tracy W Krohn      
Measure:: 1        
Pay vs Performance Disclosure        
Name Production      
Measure:: 2        
Pay vs Performance Disclosure        
Name Proved Reserves      
Measure:: 3        
Pay vs Performance Disclosure        
Name ESG Score      
Measure:: 4        
Pay vs Performance Disclosure        
Name Adjusted EBITDA      
Measure:: 5        
Pay vs Performance Disclosure        
Name Adjusted EBITDA Margin      
Measure:: 6        
Pay vs Performance Disclosure        
Name Net Debt      
Non-GAAP Measure Description
(6)
We have selected Net Debt as our most important financial measure (that is not otherwise required to be disclosed in the table) used to link ‘compensation actually paid’ to our NEOs to company performance for fiscal year 2023. Net Debt is a measure of the Company’s total debt, less the Company’s cash and cash equivalents.
     
Measure:: 7        
Pay vs Performance Disclosure        
Name TSR      
PEO | Total Equity Awards Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (5,539,430)      
PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (3,598,400)      
PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,214,400      
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (3,980,734)      
PEO | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount      
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 (174,696)      
PEO | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount      
PEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount      
Non-PEO NEO | Total Equity Awards Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (943,559)      
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (922,977)      
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 571,860      
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 (275,882)      
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount      
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 (10,076)      
Non-PEO NEO | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (306,484)      
Non-PEO NEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount