Richard Robuck
About Richard Robuck
Richard Robuck, 50, is Executive Vice President, Chief Financial Officer and Treasurer of Chord Energy, appointed effective March 4, 2024 after serving as Senior Vice President of Planning and Investor Relations (2022–2024) . He holds a BBA from The University of Texas at Austin and an MBA from Rice University, with prior finance leadership roles at Oasis Petroleum and Oasis Midstream Partners LP . Chord’s executive pay is tied to performance through Free Cash Flow in the annual plan and absolute/relative TSR in long-term PSUs; in 2024, NEOs earned 122.1% of target annual incentives, and LTIP is predominantly TSR-based, aligning compensation with shareholder returns . The company prohibits hedging, short sales, and pledging of company stock, reinforcing alignment and reducing governance risk .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Chord Energy | SVP, Planning & Investor Relations | 2022–2024 | Led planning and IR during integration and returns-focused strategy execution |
| Oasis Petroleum | SVP Finance & Treasurer; VP Finance; Director Finance | 2010–2022 | Led finance and treasury; progressed through finance leadership (Director→VP→SVP) |
| Oasis Midstream Partners LP | SVP & CFO | 2017–2022 | CFO of the midstream MLP, overseeing public partnership finance |
| Telecom & Alternative Energy | VP Finance/Investments | 2005–2010 | Finance/investments leadership in telecom and alt energy |
| Energy Banking/M&A/Tech/Telecom | Various finance positions | 1997–2005 | Increasing responsibility across banking, M&A, and technology sectors |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| City Church | Elder; Financial Oversight; Lead Pastor Team | 2024–Present | Community leadership and oversight |
| Various Charities | Philanthropy in food security, education, justice, ministries, arts | Ongoing | Charitable giving focus areas |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary ($) | $467,692 | Earned in role transition year (appointed CFO March 4, 2024) |
| All Other Compensation ($) | $31,608 | Parking $4,008; 401(k) match $27,600 |
Performance Compensation
Annual Incentive (Cash)
| Metric | Weighting | Target ($) | Actual ($) | Payout (% of Target) | Notes |
|---|---|---|---|---|---|
| Free Cash Flow (financial), plus qualitative goals | Not disclosed | $432,000 | $527,472 | 122.1% | Company’s 2024 short-term program used FCF as financial metric |
Long-Term Incentive (2024 grants)
| Award Type | Grant Date | Target Units/Shares | Fair Value ($) | Performance/Vesting | Period |
|---|---|---|---|---|---|
| Absolute TSR PSUs | 3/4/2024 | 1,601 target; 801 threshold; 4,803 max | $371,336 | 0–300% payout based on absolute TSR CAGR (Threshold 4.5%→50%; Target 8.5%→100%; Max ≥20%→300%); excess >100% settled in cash | 1/1/2024–12/31/2026 |
| Relative TSR PSUs | 3/4/2024 | 4,802 target; 2,401 threshold; 9,604 max | $883,424 | 0–200% payout vs peer group TSR (VWAP-based start/end; dividends reinvested) | 1/1/2024–12/31/2026 |
| RSUs (time-vested) | 3/4/2024 | 4,268 shares | $683,862 | Vests over three years on first three anniversaries of grant, subject to continued service | 2025, 2026, 2027 |
| Program Mix (NEOs) | — | PSUs 60%; RSUs 40% | — | PSUs: 15% absolute TSR, 45% relative TSR; RSUs: 40% time vest | 3-year LTIP |
2024 Equity Vested (realized)
| Award | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| 2021 RSU | 5,000 | $780,100 |
| 2021 Peer Group rTSR PSUs | 3,809 | $445,348 |
| 2021 Index rTSR PSUs | 4,688 | $548,121 |
| 2021 3-Year LSUs | 20,769 | $3,273,194 |
2021 PSU performance periods were deemed satisfied at change-in-control in 2022; peer rTSR certified at 121.875% of target, index rTSR at maximum; vesting continued on original cycle dates subject to service .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Beneficial Ownership (shares) | 14,430 | <1% of 59,489,481 shares outstanding |
| Unvested RSUs (12/31/2024) | 27,481; MV $3,213,079 | MV computed at $116.92/share (12/31/2024 close) |
| Unvested/Unearned PSUs (Target) | 3,202; MV $374,378 | 2024 aTSR 1,601; 2024 rTSR 4,802 (threshold/target/max noted); MV at threshold price |
| RSU/LSU Vesting Detail | 2024 RSU: 4,268 vest on Mar 4, 2025/2026/2027; 2021 4-Year LSU: 20,769 vest Feb 11, 2025 | RSUs are time-based; LSUs performance periods deemed satisfied at CoC, vesting on original end date |
| Ownership Guidelines | Executive Officers: 300% of base salary; NEOs meet/exceed | Must hold shares until compliant; unearned PSUs excluded |
| Hedging/Pledging | Prohibited for directors and senior officers; margin purchases restricted | Strengthens alignment and reduces governance risk |
Employment Terms
- Appointment/Role: Appointed Executive Vice President, Chief Financial Officer and Treasurer effective March 4, 2024 .
- Severance Plan: Covered by Executive Severance Plan; confidentiality and non-disparagement covenants are perpetual; non-compete and non-solicit apply during employment and 12 months post-termination (including after a change in control) .
- Excise Tax Treatment: No gross-up; payments reduced (cutback) if necessary to avoid Section 4999 excise tax, only if it results in higher net after-tax receipt to the executive .
- Clawback Policy: Nasdaq-compliant clawback policy .
Potential Payments Upon Termination or Change in Control (as of 12/31/2024)
| Scenario | Cash Severance ($) | Pro-Rata Bonus ($) | Health Payment ($) | Equity Acceleration ($) | Total ($) |
|---|---|---|---|---|---|
| Death/Disability | $480,000 | $527,472 | $37,160 | $3,213,079 | $4,257,711 |
| Without Cause / Good Reason | $1,140,000 | $432,000 | $37,160 | $3,213,079 | $4,822,239 |
| Without Cause / Good Reason following Change in Control | $2,518,680 | $432,000 | $49,546 | $3,213,079 | $6,213,305 |
| Death/Disability following Change in Control | $480,000 | $527,472 | $37,160 | $3,213,079 | $4,257,711 |
Equity acceleration values reflect awards outstanding on 12/31/2024 and exclude accrued dividends . LSUs/RSUs treatment includes vesting accelerations under specified termination/CoC conditions; 2021 LSUs for Robuck vested January 15, 2025 on original cycle .
Compensation Structure Analysis
- Pay Mix: For NEOs other than CEO, 60% of equity is PSU (TSR-based) and 40% RSU, shifting emphasis to performance-linked equity over time-based vesting .
- Annual Incentive Outcome: 2024 payout at 122.1% of target signals above-target operational/financial execution tied to FCF and qualitative goals .
- Award Design: Absolute TSR PSUs allow up to 300% payout (excess over 100% settled in cash), incentivizing strong absolute returns; Relative TSR PSUs cap at 200%, anchoring to peer-relative value creation .
- Governance Safeguards: Prohibition on hedging/pledging; clawback; stock ownership guidelines met or exceeded by NEOs .
Risk Indicators & Red Flags
- Hedging/Pledging: Prohibited for directors and senior officers; mitigates misalignment risk .
- Tax Gross-Ups: None; cutback framework applied for 4999 excise tax .
- Options: No stock options outstanding for NEOs, reducing repricing risk .
- Change-in-Control Treatment: Double-trigger severance economics reflected in table (termination without cause or for good reason following CoC) .
Equity Ownership & Insider Selling Pressure (Vesting Schedules)
- Near-Term Vesting: 2024 RSUs vest annually on March 4, 2025/2026/2027; 2021 4-Year LSUs vested January 15, 2025 per original cycle .
- Outstanding Unvested: Significant unvested RSUs and PSUs remain, with market values as of year-end 2024 indicating continued alignment and potential periodic liquidity events at vest dates .
Expertise & Qualifications
- Education: BBA (University of Texas at Austin); MBA (Rice University) .
- Technical/Industry: Deep finance leadership across E&P and midstream; planning/IR; prior roles in energy banking, M&A, and technology/telecom .
Investment Implications
- Alignment: High proportion of TSR-linked PSUs (60% of equity for NEOs) and strict anti-hedging/pledging policies support strong alignment with shareholder value creation .
- Retention: Time-vested RSUs through 2027 and completed LSUs vesting in early 2025 suggest ongoing retention hooks; non-compete/non-solicit for 12 months post-termination further reduces near-term transition risk .
- Pay-for-Performance: Above-target 2024 annual incentive payout and TSR-centric LTIP indicate robust linkage to operating and capital returns; future PSU outcomes will depend on absolute and relative TSR through 2026 .
- Liquidity/Selling Signals: Scheduled RSU vestings each March could be natural windows for discretionary selling; however, no pledging and ownership guidelines compliance reduce forced selling risk; monitor Form 4s around vest dates for signals .