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Oasis Petroleum Announces New Executive Compensation Program Better Aligned with Shareholder Interests
HOUSTON, Jan. 21, 2021 /PRNewswire/ -- Oasis Petroleum Inc. (Nasdaq: OAS) ("Oasis" or the "Company") announced today that its Board of Directors has approved
About this update from Chord Energy Corporation
[{"type":"text","content":"HOUSTON, Jan. 21, 2021 /PRNewswire/ -- Oasis Petroleum Inc. (Nasdaq: OAS) (\"Oasis\" or the \"Company\") announced today that its Board of Directors has approved and implemented a peer-leading compensation program specifically designed to better align management compensation with value creation, shareholder interests and the Company's new strategic objectives. Oasis has updated its investor presentation on its website www.oasispetroleum.com to include a summary of the new plan.\nCompensation Program Highlights:\nStrong \"pay for performance\" alignment with equity compensation tied to absolute and relative shareholder returns to be awarded in three equity vehicles; Absolute Total Shareholder Return (\"TSR\") Performance Share Units / Leveraged Stock Units (\"LSUs\") which comprise 50% of total new long-term incentive program (\"LTI program\"). Compensation dependent on absolute TSR measured against specific objectives over an extended period; Relative TSR Performance Share Units which comprise 25% of the LTI program. Compensation dependent on relative TSR with 50% benchmarked against industry peers and 50% benchmarked against a broad market index; and Time-Vested Restricted Stock Units which comprise 25% of the LTI program. Vest 25% per year over four years to promote retention of key executives; For absolute and relative return-based grants, one-half will be measured on three-year performance with the remaining half on four-year performance; Long-term incentive compensation is to be \"front-loaded\" with no additional grants to executives expected in 2022 and 2023; and Reductions in executive annual base salaries in conjunction with the implementation of the new TSR-focused program. Oasis's plan of reorganization required the Board of Directors to allocate 5% of the 10% new equity reserved under the 2020 Long Term Incentive Plan no later than 45 days after emergence. \"We are highly focused on executing our strategic objectives while creating value and delivering consistent returns to our shareholders. With this in mind, the Oasis Compensation Committee and management team have worked together to develop and implement a peer-leading TSR-focused incentive compensation program,\" said Douglas E. Brooks, Board Chair and Chief Executive Officer of Oasis. \"We are confident that progressive features of our plan, including lower base...