WPX Energy,Inc. (NYSE:WPX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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WPX Energy,Inc. (NYSE:WPX) 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

On December1, 2017, WPX Energy,Inc. (together with its subsidiaries, the “Company”) announced the promotion of Clay M. Gaspar, age 45, to the position of President and Chief Operating Officer, effective immediately.

Mr.Gaspar has served as Senior Vice President and Chief Operating Officer of the Company since November2015, and before that he served as Senior Vice President of Operations and Resource Development since October2014. Prior to joining the Company, and since July2012, Mr.Gaspar served as Vice President — Mid-Continent for Newfield Exploration Company. Prior to joining Newfield, Mr.Gaspar spent 16 years with Anadarko Petroleum Corporation where he served as General Manager of Investor Relations from 2011-2012, General Manager — Business Advisor from 2009-2011, and General Manager — East Texas from 2007-2009. From 1996-2007, Mr.Gaspar served in various engineering and management positions at Anadarko. Mr.Gaspar started his career with Mewbourne Oil Company as a production and drilling engineer where he worked part-time as a student from 1991-1995 and then full-time from 1995-1996. He is a member of the Society of Petroleum Engineers and holds a Bachelor of Science degree in Petroleum Engineering from Texas A&M University and a Master of Science degree in Petroleum and Geosciences Engineering from the University of Texas at Austin and is a Registered Professional Engineer in the state of Texas.

Mr.Gaspar does not have a family relationship with any director or executive officer of the Company. There have been no transactions, nor are there any currently proposed transactions, to which the Company has been or will be a party and in which Mr.Gaspar has had or will have a direct or indirect material interest.

Mr.Gaspar will receive the following compensation in connection with his promotion:

Cash Compensation. His annual base salary rate will be increased to $550,000, and his targeted bonus opportunity under the Annual Incentive Plan will be increased to 90% of base salary.

Equity Compensation. The targeted value of his annual equity grant will be increased to $3,000,000. Sixty percent of his annual equity grant will be subject to performance-based vesting conditions and the remainder will be subject to time-based vesting conditions.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1

Press Release, dated December1, 2017, issued by WPX Energy,Inc.


WPX ENERGY, INC. Exhibit
EX-99.1 2 a17-27806_1ex99d1.htm EX-99.1 Exhibit 99.1   WPX Energy,…
To view the full exhibit click here

About WPX Energy,Inc. (NYSE:WPX)

WPX Energy, Inc. is an independent oil and natural gas exploration and production company. The Company is engaged in the exploitation and development of long-life unconventional properties. It is engaged in the domestic development, production and gas management activities of oil, natural gas and natural gas liquids (NGLs) segment. It is focused on exploiting and developing its oil positions in the Williston Basin in North Dakota, and the Permian and San Juan Basins in the southwestern United States. It operates approximately 700 wells in the Permian Basin and also owns interests in over 960 wells operated by others. It holds over 94,000 net acres in the Permian Basin, and specifically in the Delaware Basin sub-area, with operations located in Eddy, Lea and Chaves Counties in New Mexico and Loving, Pecos, Reeves, Ward and Winkler Counties in Texas. It holds over 84,740 net acres in the Williston Basin. It holds approximately 130,000 net acres in the gas window of the San Juan basin.