Debt-stricken Chesapeake Energy to advance incentive executive pay

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%.

someone hit me up

You taxpayer money down the drain.

Golden parachutes.

blackrock will buy junk bonds through the FED, breaking the established law. Watch out,

Outrageous.

sounds about right.

This has to be one of the most bizarre stories I have ever read. The co’s senior executives are actually being rewarded for failure. When does this nonsense stop?

Drilled well after well in the Texan panhandle for these OCD fu*$ . Glad to see my fruits🤣

Laughable. We know where to start looting

Incredulous!

u need a true man that will love me and I will give him all that I have

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