Troubled Shale Driller Gives CEO $2.4 Million to Stick Around

EP Energy Corp. will give its chief executive officer a retention award that’s equal to more than 11% of the troubled oil explorer’s market value.

The board of the Houston-based company, which has lost more than $5 billion in market value since the worst crude crash in a generation began five years ago, approved a retention program that includes awards for five executives, with Russell Parker snagging $2.4 million. The payments are in lieu of any bonuses or long-term incentive awards and would be forfeited if any of the executives don’t stay around for about 13 months, according to a federal filing.