Chord Energy Sets New CEO Michael Lou's Base Salary At $950,000
An amended filing adds a 125% bonus target and a 6,543-unit stock grant to the pay package for Lou, who became CEO October 19.
Chord Energy has now disclosed in an amended 8-K that new President and CEO Michael Lou will earn a $950,000 annual base salary, a figure that had not been set when his appointment was first reported. The amendment was filed Monday.
Salary, bonus and a stock grant
The company's board approved Lou's pay on October 28, according to the amendment. His annual performance-based cash incentive target is 125% of base salary, and for this year it is pro-rated using the new salary starting October 19.
Lou also received a one-time award of 6,543 restricted stock units, granted on October 29 under the Chord Energy Corporation Long Term Incentive Plan. Restricted stock units are promises of shares that are delivered only after a vesting schedule is met.
The units vest in substantially equal installments on January 23 of 2027, 2028 and 2029. Lou must still be employed on each of those dates to receive that installment.
He will get no additional pay for serving as a director, the company said.
Why an amendment was needed
Lou was appointed President and CEO on October 18, effective October 19. The original 8-K, filed October 19, came before the board had determined his compensation, and the amendment supplies those terms. Apart from that, it leaves the original report unchanged.
The company he now runs
Chord Energy is an independent oil and gas company that produces crude oil, natural gas liquids and natural gas, mainly in the Williston Basin, with limited non-operated interests in the Marcellus Shale. According to its annual report, it held 1,302,921 net leasehold acres in the Williston Basin as of December 31, 2025, and operated 5,025 gross producing wells there.
Its 2025 average production was 276,620 barrels of oil equivalent per day, with operations focused on the North Dakota and Montana parts of the basin.
Lou's first RSU installment is scheduled to vest on January 23, 2027, if he is still employed then.
