CONTINENTAL RESOURCES, INC. (NYSE:CLR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 10, 2017, the Board of Directors of Continental Resources, Inc. (the “Company”) appointed Tony C. Maranto as the Company’s Chief Operating Officer, effective on or before May 1, 2017. The Board also approved a change to Jack Stark’s title to President, such change to be effective concurrent with the effectiveness of the appointment of Mr. Maranto as Chief Operating Officer.
Mr. Maranto, 57, joins the Company from EnerVest Operating Company (“EnerVest”), a privately held energy exploration and production company where he has served as Executive Vice President and Chief Operating Officer since August 2016. Prior to EnerVest, Mr. Maranto served as Vice President and General Manager at EOG Resources, Inc. (“EOG”) from March 2004 to July 2016, where he was responsible for EOG’s Mid-Continent business unit.
Mr. Maranto will receive an annual base salary of $525,000. In addition, Mr. Maranto will be eligible to participate in the Company’s annual cash bonus plan, with a bonus target of 50% of base earnings. Mr. Maranto is expected to receive equity grants under the Company’s 2013 Long-Term Incentive Plan, with an annual target value of $2,800,000.
There are no arrangements or understandings between Mr. Maranto and any other person to which he was selected to be the Company’s Chief Operating Officer, nor is there a family relationship between any board member or executive officer and Mr. Maranto.
Mr. Maranto’s son is currently employed by the Company as an Engineer and the total compensation paid to Mr. Maranto’s son during 2016 was $165,317. Other than the employment relationship with Mr. Maranto’s son, there are not any related party transactions with the Company subject to Item 404(a) of Regulation S-K.
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About CONTINENTAL RESOURCES, INC. (NYSE:CLR)
Continental Resources, Inc. is an independent crude oil and natural gas exploration and production company with properties in the North, South and East regions of the United States. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken and the Red River units. The South region includes Kansas and all properties south of Kansas and west of the Mississippi River, including various plays in the South Central Oklahoma Oil Province (SCOOP), Sooner Trend Anadarko Canadian Kingfisher (STACK), Northwest Cana and Arkoma Woodford areas of Oklahoma. The Company’s estimated proved reserves are approximately 1,230 million barrels of crude oil equivalent (MMBoe) with estimated proved developed reserves of over 520 MMBoe. The East region includes undeveloped leasehold acreage east of the Mississippi River. The Company’s crude oil production is sold to crude oil refining companies at market centers. CONTINENTAL RESOURCES, INC. (NYSE:CLR) Recent Trading Information
CONTINENTAL RESOURCES, INC. (NYSE:CLR) closed its last trading session up +0.21 at 46.96 with 1,882,922 shares trading hands.