Chesapeake Energy Corporation extended the employment contract of President and CEO Robert “Doug” Lawler until December 31, 2018, according to a recent report published in The Oklahoman.
Despite losing more than $14 billion with shares falling almost 70%, the Oklahoma City-based company paid a total of $15.4 million to Lawler last year in the form of salary, stock, stock options and other compensation, according to Chesapeake’s proxy statement filed with the Securities and Exchange Commission. This includes Lawler’s base salary of $1.3 million which will remain the same.
Lawler is leading the company’s restructuring efforts which have included asset sales, layoffs and a sharp reduction in capital spending as the company remains entrenched in heavy debt associated with the economic downturn in the energy sector.
Lawler has served as Chesapeake’s CEO since June 2013. Before joining Chesapeake, Lawler served in multiple engineering and leadership positions at Anadarko Petroleum Corporation. He began his oil and gas career with Kerr-McGee Corporation in 1988, joining Anadarko following its acquisition of Kerr-McGee in 2006.