Business Context and Reporting Period
This Form 8-K Current Report was filed by Halcón Resources Corporation (not Battalion Oil Corp) on June 13, 2018. The report details corporate governance changes effective June 15, 2018, specifically the expansion of the Board of Directors and the appointment of a new independent director.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel and governance matters.
Material Changes
- Board Expansion: The Board of Directors increased in size from eight to nine members.
- New Appointment: Janine J. McArdle was appointed as a Class C director with a term expiring in 2019.
- Committee Assignments: Ms. McArdle was appointed to the Nominating and Corporate Governance Committee and the Reserves Committee.
Compensation and Management Commentary
Ms. McArdle's compensation package aligns with other non-employee directors and includes:
- Cash Retainer: $70,000 annually for Board service, plus $5,500 for each committee membership (Nominating and Corporate Governance; Reserves).
- Equity Grant: An initial grant of 33,750 restricted shares of common stock under the 2016 Long-Term Incentive Plan.
- Background: Ms. McArdle brings over 30 years of oil and gas industry experience, including roles as CEO of Apex Strategies LLC and former Executive Officer at Apache Corporation.
The filing states there are no arrangements or understandings between Ms. McArdle and other persons regarding her appointment. No specific risks, contingencies, or unusual items were disclosed in this report.
Investor Verification Checklist
- Verify the exact effective date of the director appointment (June 15, 2018) against the company's official corporate records.
- Confirm the vesting schedule and terms of the 33,750 restricted stock shares granted to Ms. McArdle.
- Review the Company's 2016 Long-Term Incentive Plan to understand the broader equity compensation framework.
- Check subsequent filings for any changes to the Board composition or committee assignments.