Brown takes over Oct. 26, ending a CEO search that began in February; interim chief Michael Wichterich returns to his role as non-executive chairman.
Natural gas producer Expand Energy Corp. (Nasdaq: EXE) has appointed Daniel E. Brown, 51, as president and CEO, effective Oct. 26, and elected him to its board. Brown resigned as CEO of Chord Energy Corp. (Nasdaq: CHRD) on Oct. 19.
Michael A. Wichterich, interim president and CEO since February, will return to his position as non-executive chairman. Expand announced Brown’s appointment on Oct. 19. Its SEC filing said Wichterich’s exit from the interim role was planned and was not related to any disagreement over operations, policies or practices.
Brown cited liquefied natural gas (LNG) exports, rising power demand and new industrial investment as factors increasing the need for reliable energy.
Brown’s career spans Anadarko, Oasis and Chord
Brown worked at Anadarko Petroleum Corp. and its predecessor, Kerr-McGee Corp., from 1998 until Occidental Petroleum Corp. (NYSE: OXY) acquired Anadarko. His roles there included executive vice president of U.S. onshore operations and executive vice president of international and deepwater operations.
He became CEO of Oasis Petroleum Inc. in April 2021 and led its successor, Chord, from July 2024. He holds a bachelor’s degree in mechanical engineering from Texas A&M University and an MBA from Rice University.
Lou succeeds Brown at Chord
Chord appointed Michael Lou, 52, as president and CEO and elected him to its board, effective Oct. 19. Lou served as chief financial officer from July 2022 to March 2024, then chief strategy officer and chief commercial officer until is appointment as CEO.
Brown told Chord on Oct. 16 that he would resign effective Oct. 19 to pursue another professional opportunity, according to a Chord SEC filing. The filing said no disagreement with Chord prompted the resignation. Brown is not entitled to severance because he resigned without “good reason,” as the company’s executive severance plan defines it.
As of the filing, Chord had made no grant or award to Lou for the new role. It intends to amend the filing when additional required information becomes available.
Offer letter sets Brown’s pay terms
Under his offer letter, Brown’s base salary will be $1 million a year, with an annual cash bonus target of 125% of base salary, according to Expand’s SEC filing. His 2026 bonus will be paid at target.
His annual long-term incentive award, prorated for 2026, will carry a target value of $8.75 million, split 30% in restricted stock units and 70% in performance share units.
Expand said a separate make-whole award is intended to compensate Brown for pay forfeited at his prior employer. It consists of restricted stock units with a target value of $4,726,662 and performance share units with a target value of $10,925,584.
The restricted stock units are scheduled to vest in equal thirds on Dec. 31 of 2027, 2028 and 2029. The performance share units will vest in equal parts based on total shareholder return over three overlapping periods that begin in the third quarter of 2026 and end Dec. 31 of 2028, 2029 and 2030.
CEO search followed Dell’Osso’s February departure
Wichterich, the chairman, became interim CEO Feb. 9, succeeding Domenic “Nick” Dell’Osso Jr., who also left the board. An Expand SEC filing described Dell’Osso’s exit as a termination without cause. The company said Dell’Osso would serve as an external adviser during the transition.
The board began its search that month with an independent recruitment firm. According to Expand, the search covered internal and external candidates.
Expand also announced Feb. 9 that it would move its headquarters from Oklahoma City to the Houston area in mid-2026. Its October SEC filings list a Spring, Texas, address.
Twin Eagle deal predates Brown’s appointment
Expand announced July 27 that it had agreed to buy natural gas marketer Twin Eagle Holdings N.A. LLC from Five Point Infrastructure for $1.25 billion. The deal closed Sept. 16, and Twin Eagle operates as a wholly owned subsidiary under its own name. Expand said the closing created an integrated natural gas company.
In the July announcement, the company said it expected Twin Eagle to contribute more than $200 million in annual EBITDA (earnings before interest, taxes, depreciation and amortization) initially. It also raised its target for incremental annual free cash flow from its marketing and commercial strategy by 50%, to $750 million.
Earnings report and call to follow ahead
Expand reported second-quarter net production of 7,482 million cubic feet of natural gas equivalent per day, 92% of it natural gas. It will release third-quarter operational and financial results after the market closes on Oct. 27, with a conference call at 9 a.m. EDT on Oct. 28.
