Form 4: Chord Energy Corp: Executive Officer Kinney Shannon Browning Reports Stock Transaction
SEC Form 4 Filing
EVP, CAO, GC & Corp Secretary Kinney Shannon Browning reports disposition of 2,274 shares of Chord Energy Corp common stock to cover tax obligations related to vesting of restricted stock units.
Summary
- On August 1, 2024, Kinney Shannon Browning, EVP, CAO, GC & Corp Secretary of Chord Energy Corp, reported a transaction involving the disposition of 2,274 shares of common stock.
- The shares were withheld by the issuer to satisfy tax withholding obligations related to the vesting and settlement of restricted stock units under the company's 2020 Long Term Incentive Plan.
- The price per share used for calculating the withholding was $171.66, based on the closing price on July 31, 2024.
- Following the transaction, Kinney Shannon Browning directly owns 21,488 shares of Chord Energy Corp common stock.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction related to executive compensation and tax obligations, with no inherent positive or negative implications for the company's overall financial health or prospects.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and tax obligations, common in publicly traded companies. It provides transparency into insider transactions but doesn't necessarily indicate a broader trend within the oil and gas industry.
Comparison to Industry Standards
- Executive compensation practices, including the use of restricted stock units and subsequent tax withholding, are standard across publicly traded companies, including those in the energy sector.
- Companies like ExxonMobil (XOM) and Chevron (CVX) also utilize similar equity-based compensation plans for their executives.
- The specific number of shares and value involved are relative to the size and compensation structure of Chord Energy Corp compared to its peers.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it involves the withholding of shares for tax purposes rather than a market sale.
- Employees who hold restricted stock units may be interested in the details of the tax withholding process.
Key Dates
| Date | Description |
|---|---|
| July 31, 2024 | Closing price per share of Common stock used to determine the number of shares withheld. |
| August 1, 2024 | Date of transaction: withholding of shares for tax obligations. |
| August 2, 2024 | Date of signature on the Form 4 filing. |
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