Business Context and Reporting Period
This Form 8-K is a current report filed by Midstates Petroleum Company, Inc. (not Amplify Energy Corp.) on June 6, 2014. The filing addresses executive compensation adjustments and a senior management departure.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on specific executive compensation awards:
- Nelson Haight (SVP, CFO, CAO): $90,000 cash retention award and 48,216 shares of restricted stock.
- Dexter Burleigh (SVP, Strategic Planning and Treasury): $87,000 cash retention award and 46,206 shares of restricted stock.
Material Changes
The primary material change is the resignation of Curtis A. Newstrom as Senior Vice President - Business Development, effective July 3, 2014. The company stated Mr. Newstrom did not resign due to any disagreement with the Company regarding operations, policies, or practices.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of general business risks. The retention awards for Messrs. Haight and Burleigh are structured to vest in three equal annual installments, with cash payments scheduled for July 1, 2014, January 2, 2015, and July 1, 2015, and equity vesting beginning June 6, 2015.
Investor Verification Checklist
- Verify the correct registrant name is Midstates Petroleum Company, Inc., not Amplify Energy Corp.
- Confirm the effective date of Curtis A. Newstrom's resignation (July 3, 2014).
- Review the full text of the Cash Retention Award (Exhibit 10.1) for complete terms.
- Check subsequent filings for the appointment of a replacement for the Senior Vice President - Business Development role.