EP ENERGY CORPORATION (NYSE:EPE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In the course of its annual executive compensation review and determination of annual incentive awards, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of EP Energy Corporation (the “Company”) approved annual cash incentive payouts for certain named executive officers based on the achievement of the Company’s 2018 scorecard goals, the details of which will be included in the Company’s proxy statement for its 2019 Annual Meeting of Stockholders. On February28, 2019, in connection with the determination of those annual incentive awards, the Compensation Committee also approved cash retention awards to employees other than the CEO, including the named executive officers listed below. The retention awards will be paid in eight equal monthly installments over the course of 2019, provided the employee remains in the employ of the Company on the payment date. The cash retention amounts for each named executive officer were approved as follows: Mr.England, $160,000 ($20,000 per month); Mr.Ambrose, $120,000 ($15,000 per month); Mr.McCuen, $80,000 ($10,000 per month); and Mr.Locke, $110,000 ($13,750 per month).
About EP ENERGY CORPORATION (NYSE:EPE)
EP Energy Corporation (EP Energy) is an independent exploration and production company. The Company is engaged in the acquisition and development of unconventional onshore oil and natural gas properties in the United States. The Company operates through a diverse base of producing assets and are focused on creating value through the development of its drilling inventory located in four areas: the Eagle Ford Shale (South Texas), the Wolfcamp Shale (Permian Basin in West Texas), the Altamont Field in the Uinta Basin (Northeastern Utah) and the Haynesville Shale (North Louisiana). In its operating areas, it has identified approximately 5,710 drilling locations (including over 860 drilling locations to which it has attributed proved undeveloped reserves). The Company has proved reserves of approximately 546.0 million barrels of oil equivalent (MMBoe) and it has an average net daily production of over 109,680 barrel of oil equivalent per day (Boe/d).
