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