Energy XXI taps new CEO, awards shares

Energy XXI Gulf Coast has tapped Douglas Brooks, the former chief executive of a private oil explorer, to become its new CEO, the company said Tuesday.

Brooks, 58, had previously led privately held Yates Petroleum Corp. before its sale to EOG Resources for $2.5 billion last year. He also served in other executive roles in the oil industry and spent much of his career at Marathon Oil.

Energy XXI, which emerged from an eight-month bankruptcy in December, set his salary at $700,000 and set an annual target bonus at 100 percent of his base pay.

The company also awarded Brooks stock grants valued at 500 percent of his salary, according to regulatory filings. Half of that sum came from 49,382 restricted stock units that vest over three years — worth about $1.4 million on Monday. The other half comes from $1.75 million in stock options, exercisable at $28.35 a share, that also vest over time.

In addition, Brooks received a sign-on bonus grant of more than 61,000 restricted shares that vest over two years, Energy XXI said.

The company had cut $3.8 billion in debt in bankruptcy proceedings. It was one of more than 200 oil producers and oil field service companies in North America to file for Chapter 11 bankruptcy during the two-year oil bust.

In February, Energy XXI said it had terminated its employment agreement with former CEO and board member John Schiller. Schiller received a lump-sum cash severance payment of $2 million, and the company agreed to pay him $50,000 per month to serve as a special adviser for up to six months, it said in regulatory filings.