This story was originally posted on March 15 at 10:52 am CST. It was updated on March 16 at 9:26 pm CST.
EQT Corp.’s (NYSE: EQT) Steve Schlotterbeck's resignation as the company's president and CEO was the result of pay dispute with the board of directors. Schlotterbeck confirmed the reason via a LinkedIn post on March 16 and to the Pittsburgh Post-Gazette later the same day.
"My ask was to be paid at the average of EQT's peer group which I thought was very fair given the year we had," Schlotterbeck told the newspaper. "The board obviously disagreed."
Schlotterbeck's direct compensation in 2016 was $5.6 million. In 2015, it was $6 million. EQT has not yet filed its proxy statement with the Securities & Exchange Commission for 2017.
Schlotterbeck took to LinkedIn on March 16, the day after his sudden resignation to dispel rumors that his resignation was the result of something more "sinister."
"It was just a plain vanilla disagreement between me and board on my value to the corporation," he wrote in a message. He wrote that the "personal reasons" that the company cited "does not mean that I or my family have any health issues nor is there any sort of #metoo scandal brewing.
"Looking forward to having some time off and excited about whatever is next."
Schlotterbeck has also resigned his positions with EQT GP Holdings LP (NYSE: EQGP), EQT Midstream Partners LP (NYSE: EQM) and Rice Midstream Partners LP (NYSE: RMP).
The board of directors has appointed David L. Porges as interim president and CEO. Porges has held various roles at EQT since joining the company in 1998.
Jerry Ashcroft will replace Schlotterbeck as the president and CEO of EQGP, EQM and RMP.
“We thank Steve for his dedicated service to EQT and its stakeholders over the last 18 years. Steve was a valued contributor as EQT transformed from a regional, retail gas company into the largest natural gas producer in the United States,” EQT’s board of directors said the press release.
The company remains confident about its operational prospects and reaffirms the fiscal year 2018 guidance announced on February 15, 2018.
Recommended Reading
E&P Highlights: March 11, 2024
2024-03-11 - Here’s a roundup of the latest E&P headlines, including a new bid round offshore Bangladesh and new contract awards.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
TotalEnergies Fénix Platform Installed Offshore Argentina
2024-02-13 - First gas from the TotalEnergies-operated project is expected in fourth-quarter 2024.
US Oil, Gas Rig Count Rises to Highest Since September: Baker Hughes
2024-03-01 - The U.S. oil and natural gas rig count is at its highest since September 2023.