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Helmerich & Payne sets $1M salary for CEO in 2026

Helmerich & Payne’s board ratified significant 2027 pay targets and salary increases for its CEO and CFO.

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(High)
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(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Helmerich & Payne, Inc. (HP) reports that its Board of Directors ratified compensation increases for President and Chief Executive Officer Raymond John “Trey” Adams III and Senior Vice President and Chief Financial Officer Todd Scruggs. Effective October 1, 2026, Mr. Adams’ annual base salary will be $1,000,000, his target bonus under the company’s annual short-term cash incentive bonus plan will be 130% of base salary for fiscal 2027, and his target annual long-term equity incentive award will be 500% of base salary for fiscal 2027. Mr. Scruggs’ annual base salary will be increased to $570,000, and his target bonus under the same short-term cash incentive plan will be 100% of base salary for fiscal 2027.

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
CEO annual base salary $1,000,000 Effective as of October 1, 2026 for Raymond John “Trey” Adams III
CEO target short-term bonus 130% of base salary Target bonus under the annual short-term cash incentive bonus plan for fiscal 2027
CEO target long-term equity incentive 500% of base salary Target annual long-term equity incentive award for fiscal 2027
CFO annual base salary $570,000 Effective as of October 1, 2026 for Senior Vice President and Chief Financial Officer Todd Scruggs
CFO target short-term bonus 100% of base salary Target bonus under the annual short-term cash incentive bonus plan for fiscal 2027
short-term cash incentive bonus plan financial
"his target bonus under the Company’s annual short-term cash incentive bonus plan"
long-term equity incentive award financial
"his target annual long-term equity incentive award will be increased"
Emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
ratified regulatory
"the Board of Directors ratified the following increases"
"Ratified" means officially approved or confirmed, often through a formal process. When an agreement, decision, or rule is ratified, it becomes legally binding and recognized as final. For investors, ratification signals that an agreement or change has been validated, providing assurance that it is official and enforceable.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What executive compensation changes did HP announce for its CEO?
Helmerich & Payne’s Board ratified increases for CEO Raymond John “Trey” Adams III: $1,000,000 annual base salary effective October 1, 2026, a fiscal 2027 target bonus of 130% of base salary, and a fiscal 2027 target annual long-term equity incentive award of 500% of base salary.

How is the compensation of HP (symbol HP) CFO Todd Scruggs changing?
Senior Vice President and Chief Financial Officer Todd Scruggs will have his annual base salary increased to $570,000 effective October 1, 2026, and his fiscal 2027 target bonus under the annual short-term cash incentive bonus plan will be 100% of base salary.

When do the new executive salaries at HP take effect?
The Board-approved base salary increases for CEO Raymond John “Trey” Adams III and CFO Todd Scruggs take effect on October 1, 2026. The revised bonus and long-term equity incentive targets apply to fiscal 2027 compensation plans.

What is HP’s CEO long-term equity incentive target for fiscal 2027?
For fiscal 2027, the target annual long-term equity incentive award for CEO Raymond John “Trey” Adams III is set at 500% of his base salary, as ratified by Helmerich & Payne’s Board following approval by the Human Resources Committee.

Which board body approved the HP executive pay changes before ratification?
The compensation increases for CEO Raymond John “Trey” Adams III and CFO Todd Scruggs were approved by the Human Resources Committee of Helmerich & Payne’s Board of Directors, and then ratified by the full Board on September 16, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000004676500000467652026-09-162026-09-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 16, 2026

HELMERICH & PAYNE, INC.
(Exact name of registrant as specified in its charter)

DE1-422173-0679879
(State or other jurisdiction of
Incorporation)		(Commission File
Number)		(I.R.S. Employer
Identification No.)

222 North Detroit Avenue
Tulsa, OK 74120
(Address of principal executive offices and zip code)
(918) 742-5531
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock ($0.10 par value)HPNYSE

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐







ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On September 16, 2026, the Board of Directors (the “Board”) of Helmerich & Payne, Inc. (the “Company”) ratified the following increases to the annual compensation of Raymond John “Trey” Adams III, the Company’s President and Chief Executive Officer, that were approved by the Human Resources Committee of the Board (the “Committee”): (i) effective as of October 1, 2026, Mr. Adams’ annual base salary will be increased to $1,000,000; (ii) his target bonus under the Company’s annual short-term cash incentive bonus plan will be increased to 130% of base salary for fiscal 2027; and (iii) his target annual long-term equity incentive award will be increased to 500% of base salary for fiscal 2027.

The Board also ratified the following increases to the annual compensation of Todd Scruggs, the Company’s Senior Vice President and Chief Financial Officer, that were approved by the Committee: (i) effective as of October 1, 2026, Mr. Scruggs’ annual base salary will be increased to $570,000; and (ii) his target bonus under the Company’s annual short-term cash incentive bonus plan will be increased to 100% of base salary for fiscal 2027.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
HELMERICH & PAYNE, INC.
By:/s/ William H. Gault
Name:William H. Gault
Title:

Date:
Corporate Secretary

September 22, 2026


Source: View Original Filing on SEC EDGAR

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