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Steven Farris

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Apache Board Adjusts CEO Pay Targets After Losing Shareholder Vote

Apache Corp.'s (APA) board trimmed the targeted pay level of the company's chief executive on Friday, one day after shareholders failed to approve the company's executive-pay practices at an annual meeting.This year, Chief Executive Officer Steven Farris's targeted pay will be 18% lower than his reported compensation in 2012. The board cut his targeted bonus amount to 150% of his base salary from 200%, and also reduced the targeted amount of equity he should be awarded.The board also eliminated tax gross-ups on life insurance--money paid to offset taxes on additional income--reduced pay to board directors, and implemented a mandatory retirement age of 75 for new directors.The moves come as the Houston oil and gas producer seeks to stem shareholder discontent, which has become widespread among energy-sector companies that have seen their shares lag versus peers. On Thursday, Hess Corp. (HES) struck a deal with Elliott Management Corp. to allow three directors nominated by the dissident ...

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  1. Apache Acquires Cordillera Energy for $2.85 Billion

    Oil and gas producer Apache (NYSE:APA) inked a cash-and-stock deal worth $2.85 billion on Monday to acquire privately held Cordillera Energy Partners.The deal will d...

  1. Apache Shareholders Don't Approve Executive Compensation

    Apache Corp. (APA) shareholders didn't approve the energy company's executive compensation plan for 2012 at its annual meeting Thursday, making their displeasure wit...

  2. Apache Seeks to Sell $4 Billion in Oil, Gas Assets

    Apache Corp. (APA) said it would seek to sell $4 billion in assets this year, doubling its divestiture program as the U.S. oil and gas company tries to pay down debt...

  3. Apache Fourth-Quarter Net Fell 44% on Writedowns, Lower Prices

    Apache Corp. (APA) said Thursday it plans to trim its portfolio with $2 billion in asset sales this year, bringing an end to a three-year buying spree that expanded ...

  4. Chevron Buys Stake in Kitimat Natural Gas Project

    Energy giant Chevron (NYSE:CVX) unveiled plans on Monday to acquire a stake in shale gas fields in Western Canada and a proposed Pacific pipeline in an effort to exp...

  5. Apache's Production In Egypt Up 3% On New Development Leases

    Apache Corp . (APA) said Monday it has increased production in Egypt's Western Desert thanks to the development of new leases.The Houston company's current gross pro...

  6. Apache 4Q Profit Soars 73% On Stronger Output, Oil Prices

    DOW JONES NEWSWIRESApache Corp .'s (APA) fourth-quarter earnings soared 73% as the exploration-and -production company benefited from increased output and strong oil...

  7. Apache Raises Quarterly Dividend 13% To 17 Cents

    DOW JONES NEWSWIRESApache Corp . (APA) raised its quarterly dividend by 13%, citing its strong growth prospects and financial position.The increase, to 17 cents a sh...

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