Chesapeake Energy Corp said it would prepay a total of $25 million in incentive compensation to 21 top executives to ensure they are motivated, even as it prepares to file for bankruptcy protection to tackle its nearly $9 billion debt pile.
FILE PHOTO: A Chesapeake Energy natural gas well pad rests on the hill in Litchfield Township, Pennsylvania, January 9, 2013. REUTERS/Brett Carlsen/File Photo
The move comes as investors are closely monitoring executive pay at struggling energy firms after Whiting Petroleum Corp and Diamond Offshore Drilling changed incentive programs for their senior management teams in the days before filing for Chapter 11 last month to award them cash sums. Executive officers, including CEO Robert Lawler, will earn half their incentive compensation based on their continued employment for a period of up to 12 months and half based on achieving certain incentive metrics, the company said.
At the same time, the company’s four highest-paid executives agreed to cuts in their 2020 incentive compensation. Lawler, Chief Financial Officer Domenic Dell’Osso, Executive Vice President of Exploration and Production Frank Patterson and General Counsel James Webb had their 2020 incentive compensation cut between 28% and 34%.
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