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CIVITAS RESOURCES, INC.
555 17th Street
Suite 3700 Denver, Colorado 80202 |
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Date:
Tuesday,
June 4, 2024 |
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Time:
12:00 noon (MDT)
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Location:
via a live audio webcast at
www.virtualshareholdermeeting.com/ CIVI2024 |
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Record Date:
April 8, 2024
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| | | | | A-1 | | |
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Wouter van Kempen
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Chair of the Board
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BACKGROUND
Wouter van Kempen, age 54, joined our Board as Chair in February 2023, and is a member of the Compensation Committee and the Nominating and Corporate Governance Committee. Mr. van Kempen previously served as DCP Midstream GP, LLC’s (“DCP Midstream”) Chief Executive Officer since January 2013, Chairman since January 2014, and President since February 2016, until he resigned in December 2022. He was also the Chairman, President and Chief Executive Officer for DCP Midstream, LLC, which is the owner of DCP Midstream, from January 2013 until December 2022. Mr. van Kempen was previously DCP Midstream’s President and Chief Operating Officer from September 2012 until January 2013, where he led the gathering and processing and the marketing and logistics business units and oversaw all corporate functions of the organization; President, Gathering and Processing, from January 2012 to August 2012; and President, Midcontinent Business Unit, and Chief Development Officer, from August 2010 to December 2011. Prior to joining DCP Midstream in August 2010, Mr. van Kempen was President of Duke Energy Generation Services (“Duke Energy”) from September 2006 to July 2010 and Vice President of Mergers and Acquisitions of Duke Energy from December 2005 to September 2006. Mr. van Kempen joined Duke Energy in 2003 and served in a number of management positions. Prior to Duke Energy, Mr. van Kempen was employed by General Electric, where he served in increasing roles of responsibility, becoming the staff executive for corporate mergers and acquisitions in 1999. Mr. van Kempen holds a Masters in Business Economics from Erasmus University Rotterdam, The Netherlands.
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QUALIFICATIONS
The Board has concluded that Mr. van Kempen is qualified to serve as a director because of his extensive operational and development experience in the energy industry and his experience serving as chief executive officer of other public energy companies.
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Deborah Byers
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BACKGROUND
Deborah Byers, age 62, joined our Board in February 2023, and is a member of the Audit Committee and the Environmental, Social, and Governance (“ESG”) Committee. Ms. Byers retired as a Partner from Ernst & Young LLP (“EY”) in July 2022 after 36 years of service in Public Accounting while holding multiple leadership roles. From July 2018 to her retirement, she was EY’s Americas Industry Leader overseeing the markets and growth strategy across its primary industry markets including Energy, Industrials & Automotive, Consumer, Technology, Telecom, Media & Entertainment, Healthcare & Life Sciences, Real Estate, Private Equity, and Government. Ms. Byers was EY’s Houston Office Managing partner and US Energy Leader from July 2013 to July 2018, and Managing Partner of the Southwest Region Strategy & Transactions business unit from July 2008 to July 2013. In these roles, she was a leader in the global energy markets and worked with corporations and investment funds in all phases of energy investment across the sector. Ms. Byers currently serves as a member of the board of directors of DTE Energy Company, Excelerate Energy, Inc. and Kinetik Inc. Ms. Byers remains very active mentoring young professionals and is passionate about supporting women in energy while engaging publicly on all things Energy Transition and Transformation. Ms. Byers holds a BBA from Baylor University in Waco Texas and is a Certified Public Accountant.
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QUALIFICATIONS
The Board has concluded that Ms. Byers is qualified to serve as a director because of her financial expertise and years of experience and leadership overseeing various markets and growth strategy, with focus on energy markets and investments across the sector.
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Morris R. Clark
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BACKGROUND
Morris R. Clark, age 56, joined our Board in November 2021, and serves as Chair of the Audit Committee and is a member of the Compensation Committee. Mr. Clark served as a director of Extraction from January 2021 through October 2021. Mr. Clark previously served as Vice President and Treasurer of Marathon Oil Corporation from 2014 to 2019 and Assistant Treasurer from 2007 to 2014. Following Mr. Clark’s retirement from Marathon in 2019, he continues to be involved with several community-based and educational organizations, with a focus on higher education and broadband accessibility in underserved communities. Prior to Marathon, Mr. Clark served as Senior Tax Counsel at Enron North America, as a Tax Attorney at the law firm of Bracewell & Patterson, and as a Senior Accountant with Touche Ross & Company. Mr. Clark serves on the Board of Directors for Sitio Royalties Corp. and also on the Board of Trustees for the University of St. Thomas in Houston, Texas. He holds a bachelor’s degree in Accounting from Southern University, a Juris Doctor from Tulane Law School, and a Master of Laws from New York University School of Law.
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QUALIFICATIONS
The Board has concluded that Mr. Clark is qualified to serve as a director because of his financial expertise, including corporate finance, accounting and taxation, and years of executive management experience in the oil and gas industry.
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Carrie M. Fox
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BACKGROUND
Carrie M. Fox, age 40, joined our Board in November 2021, and is a member of the ESG Committee and the Nominating and Corporate Governance Committee. Ms. Fox served as a director of Extraction from January 2021 through October 2021. Ms. Fox is currently the President and Chief Executive Officer of Driltek Inc., a privately held global onshore and offshore upstream operations and decommissioning company. She founded Cygnet Resources, a real property investment company, in September 2020. Before Driltek Inc., Ms. Fox served as the Vice President of Business Development for California Resources Corporation from 2014 to 2020. Ms. Fox previously served in multiple positions for Occidental Petroleum, including Reservoir Management Team Leader, from 2012 to 2014, Manager of California State Government Affairs from 2010 to 2012, and as a Reservoir and Production Engineer from 2006 to 2010. Ms. Fox previously served as a director of Rice Acquisition Corp. II, a publicly traded special purpose acquisition company focused on the energy transition sector, from June 2021 to June 2023, when it merged with Net Power Inc. She holds a Bachelor of Science in Engineering from California Polytechnic State University.
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QUALIFICATIONS
The Board has concluded that Ms. Fox is qualified to serve as a director because of her financial accounting experience and years of executive management experience in the oil and gas industry.
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Carrie L. Hudak
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BACKGROUND
Carrie L. Hudak, age 48, joined our Board in October 2019, and is the Chair of the ESG Committee and a member of the Audit Committee. Ms. Hudak previously served as Chief Operating Officer of Koloma, Inc., a geologic hydrogen company, from April 2022 to February 2024. Ms. Hudak served as Vice President of DJ Basin Development for Anadarko Petroleum Corporation, an oil and natural gas exploration and production company, from May 2017 to September 2019. Prior to that, Ms. Hudak served in various management positions at Anadarko, including General Manager of DJ Basin Development and Execution from March 2016 to May 2017, and Director, Rockies Business Development from November 2014 to March 2016. Ms. Hudak previously served the non-profit organization, Coloradoans for Responsible Energy Development, as its Chair from 2018 to 2019, and as a Board Member from 2017 to 2018. Ms. Hudak also served as Treasurer and Executive Board Member for the Colorado Oil and Gas Association from 2017 to 2019. Ms. Hudak received her Master’s Degree in Geology from Duke University and her Bachelor’s Degree in Geology from Miami University.
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QUALIFICATIONS
Ms. Hudak’s extensive experience in the oil and gas industry, and particularly her work in the DJ Basin, has led the Board to conclude that she has the expertise necessary to serve as a director of the Company.
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James M. Trimble
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BACKGROUND
James M. Trimble, age 75, joined our Board in November 2021, and serves as a member of the Audit Committee and the ESG Committee. Mr. Trimble served on the board of Crestone Peak Resources, a private E&P company, from 2016 through October 2021, and served as its Chair beginning in 2018. He was previously the Interim Chief Executive Officer and President of Stone Energy Corporation from 2017 to 2018. Mr. Trimble was President and Chief Executive Officer of PDC Energy, Inc. (“PDC”) from 2011 to 2015. Prior to PDC, he founded and also led several oil and gas companies focused primarily on drilling in Texas, Louisiana and Oklahoma. In addition, Mr. Trimble served as the Senior Vice President of Exploration and Production for Cabot Oil and Gas for 17 years. Mr. Trimble holds a Bachelor of Science in Petroleum Engineering from Mississippi State University. He is a registered Professional Engineer in the State of Texas. He is active and has served on the board of several professional organizations including the Independent Oil and Gas Association of Pennsylvania, the Independent Oil and Gas Association of West Virginia, the Independent Petroleum Association of America, the American Petroleum Institute, the Society of Petroleum Engineers, and the Texas Independent Producers & Royalty Owners Association. He is an honorably discharged Officer from the United States Army after serving 10 years of active and reserve duties. Mr. Trimble currently serves as a member of the board of directors of Berry Corporation. Mr. Trimble previously served on the Board of Directors for Callon Petroleum Corporation from March 2012 to April 2023, Stone Energy from March 2017 to May 2018 when it merged with Talos Energy, and on the Talos Energy board until May 2021.
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QUALIFICATIONS
The Board has concluded that Mr. Trimble is qualified to serve as a director because of his expertise in petroleum engineering and experience serving as chief executive officer and director of other public and private oil and gas companies.
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Howard A. Willard III
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BACKGROUND
Howard A. Willard III, age 60, joined our Board in November 2021, and is Chair of the Compensation Committee and a member of the Nominating and Corporate Governance Committee. Mr. Willard was the Chairman and Chief Executive Officer of Altria Group, Inc. from May 2018 to April 2020. Previously, Mr. Willard was Altria’s Executive Vice President and Chief Operating Officer from March 2015 to May 2018, and the Executive Vice President and Chief Financial Officer from January 2011 to February 2015. Mr. Willard joined Altria in 1992 as Assistant Controller and progressed through a series of more senior positions. Prior to Altria Group Mr. Willard worked at Salomon Brothers and Bain & Co. Mr. Willard also served as board member of SABMiller plc from 2009 to July 2015. He holds a Bachelor of Arts from Colgate University and a Master of Business Administration from the University of Chicago.
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QUALIFICATIONS
The Board has concluded that Mr. Willard is qualified to serve as a director because of his significant experience in large public company executive management and board roles.
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Jeff E. Wojahn
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BACKGROUND
Jeff E. Wojahn, age 61, joined our Board in November 2021, and is Chair of the Nominating and Corporate Governance Committee and a member of the Compensation Committee. From November 2014 through October 2021, Mr. Wojahn served as a director of Bonanza Creek, the Company’s predecessor. Mr. Wojahn served as Executive Vice President of Encana Corporation, an oil and natural gas E&P company, from 2003 to 2013, and was President of Encana Oil & Gas (USA) Inc. from 2006 to 2013. Beginning in 1985, Mr. Wojahn held senior management and operational positions in Canada and the United States and has extensive experience in unconventional resource play development. He has served as co-founder and a board member of KODA Resources, LLC since March 2017 and served as a Strategic Advisory Board member for Morgan Stanley Energy Partners from October 2014 until April 2017. Mr. Wojahn currently serves on the board of directors of Baytex Energy Corp. and previously served on the board of directors of Ranger Oil Corporation from September 2019 until June 2023 when it merged with Baytex Energy Corp. He received his B.S. in Geophysics from the University of Calgary in 1985.
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QUALIFICATIONS
The Board has concluded that Mr. Wojahn is qualified to serve as a director because of his extensive experience of over 30 years in the oil and gas industry and his significant operational and development experience as an executive of other oil and gas companies.
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Chris Doyle
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BACKGROUND
Chris Doyle, age 51, was named the Company’s President and Chief Executive Officer in May 2022, and joined our Board in July 2022. Prior to joining Civitas in 2022, Mr. Doyle was President and CEO of Primexx Energy Partners, Ltd. (“Primexx”) and CEO of Rock Ridge Royalty Company from September 2020 through March 2022, privately held companies with exploration and production assets and minerals throughout the Delaware Basin of West Texas. From April 2016 to September 2020, he served as President and CEO of Olympus Energy LLC (“Olympus”), a privately-held energy company specializing in upstream and midstream development focused in the southwest Pennsylvania portion of the Appalachian Basin. Prior to Olympus, Mr. Doyle held various leadership roles at Chesapeake Energy Corporation and Anadarko Petroleum. Mr. Doyle currently serves on the board of Olympus and previously served on the boards of Guidon Energy LLC, Blue Sky Infrastructure, LLC, and Primexx. Mr. Doyle holds a B.S. in Petroleum Engineering from Texas A&M University and an M.B.A. from Rice University.
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QUALIFICATIONS
The Board has concluded that Mr. Doyle is qualified to serve as a director because of his expertise in petroleum engineering and his extensive operational and development experience in the energy industry as well as his experience serving as chief executive officer and director of other public and private oil and gas companies.
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Directors
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Morris
Clark |
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Carrie
Fox |
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Carrie
Hudak |
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James
Trimble |
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Howard
Willard |
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Jeff
Wojahn |
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M. Christopher
Doyle |
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Deborah
Byers |
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Wouter Van
Kempen |
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CFO
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Name of Director
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Audit
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Compensation
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Nominating &
Corporate Governance Committee |
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ESG
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Independent Directors
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Deborah Byers
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Morris R. Clark
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Carrie M. Fox
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Carrie L. Hudak
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James M. Trimble
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Wouter van Kempen
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Howard A. Willard III
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Jeff E. Wojahn
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Inside Director
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M. Christopher Doyle
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Number of Meetings in 2023
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6
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8
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5
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5
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= Board Chair
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Committee Chair =
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Member =
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= Financial Expert
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Audit Committee
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Committee Chair:
Morris R. Clark
Members:
Deborah Byers Carrie L. Hudak James M. Trimble |
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The current members of the Audit Committee are Mr. Clark, Chair, Mses. Byers and Hudak, and Mr. Trimble. The Audit Committee met six times in 2023.
Our Board has determined all four members of the Audit Committee to be financially literate under the standards of the NYSE and SEC regulations and has also determined that each of Messrs. Clark and Trimble and Ms. Byers qualifies as an “audit committee financial expert” as defined in SEC regulations. The Audit Committee oversees, reviews, acts on, and reports on various auditing and accounting matters to our Board, including: the scope of our annual audits, fees to be paid to our independent accountants, the performance of our independent accountants, and our accounting and reporting practices and processes. The Audit Committee also has oversight of the Company’s estimates of proved oil and gas reserves and the Company’s independent reserve engineers’ qualifications, independence, and performance. In addition, the Audit Committee oversees our management of cybersecurity and information technology risks, compliance programs relating to legal and regulatory requirements and the Company’s assessment and management of financial reporting and internal control risks. The Board has delegated to the Audit Committee all authority of the Board as may be required or advisable to fulfill the purposes of the Audit Committee as set forth in the Audit Committee’s charter. The Audit Committee may delegate any responsibilities of the Audit Committee to individual members of the Audit Committee. Additional information regarding the functions performed by the Audit Committee is set forth in the “Audit Committee Report” included herein.
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Compensation Committee
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Committee Chair:
Howard A. Willard III
Members:
Morris R. Clark Wouter van Kempen Jeff E. Wojahn |
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The current members of the Compensation Committee are Mr. Willard, Chair, and Messrs. Clark, van Kempen, and Wojahn. The Compensation Committee met eight times in 2023.
The Compensation Committee approves total compensation of the Chief Executive Officer based on the Compensation Committee’s evaluation of the Chief Executive Officer’s performance in light of goals and objectives set and approved by the Compensation Committee, the Nominating and Corporate Governance Committee, and the full Board. The Chief Executive Officer makes compensation recommendations to the Compensation Committee for all other executive officers, including salary and annual equity compensation. The Compensation Committee then reviews such recommendations and determines whether to approve them. The Compensation Committee also oversees our compensation and benefit plans; stockholder proposals relating to executive compensation; our human resources management, strategies, and initiatives; the implementation of our Clawback Policy and Recoupment Policy; and reviews and considers the results of our Say on Pay Votes, and recommends related responses, if any, to the Board. The Compensation Committee has sole authority to retain and dismiss compensation consultants and other advisors that provide objective advice, information, and analysis regarding executive and director compensation. These consultants report directly to and may meet separately with the Compensation Committee and may consult with the Compensation Committee Chair between meetings. Meetings may, at the discretion of the Compensation Committee, include members of the Company’s management, other members of the Board, consultants or advisors, and such other persons as the Compensation Committee or its Chair may determine. The Compensation Committee is also responsible for the oversight of the Company’s management succession planning. The Board has delegated to the Compensation Committee all authority of the Board as may be required or advisable to fulfill the purposes of the Compensation Committee as set forth in the Compensation Committee’s charter. The Compensation Committee may form and delegate authority to subcommittees comprised of members of the Compensation Committee. Additional information regarding the functions performed by the Compensation Committee is set forth in the “Compensation Discussion and Analysis” section and the “Compensation Committee Report” included herein.
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Nominating and Corporate Governance Committee
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Committee Chair:
Jeff E. Wojahn
Members:
Carrie M. Fox Wouter van Kempen Howard A. Willard III |
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The current members of the Nominating and Corporate Governance Committee are Mr. Wojahn, Chair, Ms. Fox, and Messrs. van Kempen and Willard. The Nominating and Corporate Governance Committee met five times in 2023.
The Nominating and Corporate Governance Committee identifies, evaluates, and recommends qualified nominees to serve on our Board and develops and oversees our internal corporate governance processes. Our Board, through the Nominating and Corporate Governance Committee, evaluates itself annually. The Nominating and Corporate Governance Committee endeavors to achieve an overall balance of diversity of experiences, skills, attributes, and viewpoints among our directors. It does not discriminate based upon race, religion, sex, national origin, age, disability, citizenship, or any other legally protected status. The Nominating and Corporate Governance Committee is also primarily responsible for reviewing and approving the goals and objectives relevant to the Company’s Chief Executive Officer’s performance and coordinating the annual evaluation of the Chief Executive Officer’s performance based on such goals and objectives. The Board has delegated to the Nominating and Corporate Governance Committee all authority of the Board as may be required or advisable to fulfill the purposes of the Nominating and Corporate Governance Committee as set forth in the Nominating and Corporate Governance Committee’s charter. The Nominating and Corporate Governance Committee may form and delegate authority to subcommittees comprised of members of the Nominating and Corporate Governance Committee. Additional information regarding the functions performed by the Nominating and Corporate Governance Committee is set forth in the “Other Matters—Stockholder Proposals; Identification of Director Candidates” section included herein.
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ESG Committee
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Committee Chair:
Carrie L. Hudak
Members:
Deborah Byers Carrie M. Fox James M. Trimble |
| |
The members of the ESG Committee are Ms. Hudak, Chair, Mses. Byers and Fox, and Mr. Trimble. The ESG Committee met five times in 2023.
The ESG Committee assists our Board in providing global oversight and support of the Company’s environmental, health, safety, and regulatory compliance policies, programs, and initiatives. In carrying out these responsibilities, the ESG Committee reviews the status of our health, safety, and environmental performance, including processes monitoring and reporting on compliance with internal policies and goals and applicable laws and regulations. In addition, the ESG Committee is responsible for the oversight and support of the Company’s environmental, social, and social governance commitments, functions, and responsibilities. In carrying out these responsibilities, the ESG Committee monitors (i) the Company’s general strategy relating to ESG matters, including corporate social responsibility; social governance, including the Company’s policies and practices promoting diversity, equity, inclusion, and human and workplace rights; sustainability; and other public policy matters, (ii) communications with employees, investors, and other stakeholders of the Company relating to ESG matters, and (iii) developments relating to, and improving the Company’s understanding of, ESG matters. The ESG Committee is also responsible for the oversight of the Company’s five-year capital development program and the Company’s ability to develop its proved undeveloped reserves in a timely manner. Further, the ESG Committee is responsible for overseeing climate-related risks and proactively mitigating them to the extent feasible, as well as pursuing relevant climate-related opportunities.
|
|
|
Name
|
| |
Age
|
| |
Title
|
|
|
M. Christopher Doyle
|
| | 51 | | | President, Chief Executive Officer and Director | |
| Travis L. Counts | | | 46 | | | Chief Administrative Officer and Secretary | |
| Marianella Foschi | | | 36 | | | Chief Financial Officer and Treasurer | |
| Jeffrey S. Kelly | | | 46 | | | Chief Transformation Officer | |
| T. Hodge Walker | | | 53 | | | Chief Operating Officer | |
| Kayla D. Baird | | | 52 | | |
Senior Vice President and Chief Accounting Officer
|
|
|
Travis L. Counts
|
| |||
|
Chief Administrative Officer and
Secretary |
| |
Travis L. Counts has served as Chief Administrative Officer and Secretary of the Company since October 2023, having previously served as the Chief Legal Officer and Secretary of the Company from August 2022 to October 2023. Prior to joining the Company, Mr. Counts served as a Partner at Bracewell LLP, an international law firm based in Houston, Texas, from September 2021 through July 31, 2022, and as an executive advisor and consultant for ConocoPhillips from January 2021 to June 2021. From April 2013 until January 2021, he held various officer positions at Concho Resources Inc. prior to its acquisition by ConocoPhillips, including Senior Vice President, General Counsel and Corporate Secretary beginning in 2017. Mr. Counts also held in-house legal positions at Halcon Resources Corporation and Petrohawk Energy Corporation from 2010 to 2013. Prior to joining Petrohawk Energy Corporation, Mr. Counts was an equity member at Hinkle Elkouri Law Firm L.L.C. Mr. Counts holds a Bachelor of Arts from Vanderbilt University and a Juris Doctor from Tulane University School of Law.
|
|
|
Marianella Foschi
|
| |||
|
Chief Financial
Officer |
| |
Marianella Foschi has served as Chief Financial Officer for the Company since November 2021. Ms. Foschi served as Chief Financial Officer for Extraction from January 2021 through October 2021 and was Extraction’s Vice President, Finance from September 2019 to January 2021. She previously served as Director of Finance at Extraction from May 2015 until September 2019. Prior to joining Extraction, from 2012 to 2015 Ms. Foschi was an Associate at The Blackstone Group in Houston, Texas, focused on mezzanine debt and equity investments across the energy sector. While at The Blackstone Group, Ms. Foschi was responsible for investing $1.5 billion of private capital in the energy sector. From 2010 to 2012, Ms. Foschi was an energy investment banker at Credit Suisse where she developed her expertise in debt, equity, and advisory assignments for exploration and production, midstream and oilfield services companies. Ms. Foschi holds a Bachelor in Business Administration (Finance) and a Bachelor of Arts in Economics, both from the University of Texas.
|
|
|
Jeffrey S. Kelly
|
| |||
|
Chief Transformation Officer
|
| |
Jeffrey S. Kelly has served as Chief Transformation Officer for the Company since August 2023. Prior to joining the Company, Mr. Kelly served as Managing Director, Asset Management at The Blackstone Group from April 2019 to August 2023 where he drove growth, value creation, and strategic transformation within its Private Equity Energy portfolio. From July 2011 until joining Blackstone in April 2019, Mr. Kelly held various leadership positions within Anadarko Petroleum Corporation’s (“Anadarko Petroleum”) onshore, international and midstream divisions where, most recently, Mr. Kelly served as the Vice President of WCTP Company where he led Anadarko Petroleum’s Ghana Business Unit. Before joining Anadarko, Mr. Kelly served as the Director, Operations & Costs Consulting for IHS Inc. from July 2007 to July 2011. Mr. Kelly holds a Bachelor of Science in Industrial Engineering and Management from Oklahoma State University.
|
|
|
T. Hodge Walker
|
| |||
|
Chief Operating
Officer |
| |
T. Hodge Walker has served as Chief Operating Officer for the Company since April 2023. Prior to joining Civitas in 2023, Mr. Walker served as vice president of Chevron Corporation’s (“Chevron”) Rockies Business Unit since October 2020, when Chevron acquired Noble. Prior to joining Chevron, Mr. Walker served as director of Noble Midstream GP since July 2018, Senior Vice President responsible for Noble’s U.S. onshore operations since February 2018 and Noble’s Vice President of West Africa and the U.S. Gulf of Mexico since 2014. Additionally, he served as Director of Strategic Planning, Environmental Analysis, and Reserves; managed Noble’s operated West Africa assets, non-operated international assets, and frontier business ventures and was a member of the Noble business development team since 2007. Prior to joining Noble in 2007, Mr. Walker held various positions at Amoco Corporation and BP America. Inc. Mr. Walker earned a Bachelor of Science and Masters in Geology from Louisiana State University and completed the Harvard Advanced Management Program in 2018. Mr. Walker is active in the energy industry and serves on the board of directors for the Coloradans for Responsible Energy Development and previously served on the advisory board of the Department of Geology at Louisiana State University and the board of directors for the Colorado Oil and Gas Association.
|
|
|
Kayla D. Baird
|
| |||
|
Senior Vice
President and Chief Accounting Officer |
| |
Kayla D. Baird has served as Senior Vice President and Chief Accounting Officer for the Company since January 2024. Prior to joining the Company, Ms. Baird served as Vice President, U.S. Accounting and Corporate Services for Baytex Energy Corp. (“Baytex”) since June 2023 following Baytex’s acquisition of Ranger Oil Corporation (“Ranger”), where she had served as Vice President, Chief Accounting Officer and Controller since February 2021. Prior to joining Ranger, Ms. Baird served as served as the Vice President, Chief Accounting Officer and Controller of EnVen Energy Corporation (“Enven”) from September 2017 through April 2020. Prior to joining Enven, she served as Chief Accounting Officer at Permian Resources, LLC (“Permian Resources”) from September 2014 until August 2017. Prior to Permian Resources, she served in various executive positions at ConocoPhillips, including Director of Lower 48 Strategy & Portfolio Management and Reserves Reporting & Compliance; Manager of Commercial Gas, Crude & NGL; and Manager of Upstream & Corporate Accounting Policy. Ms. Baird has 26 years of experience in the oil & gas industry. Previously, she worked for 13 years in public accounting, primarily for Ernst & Young, LLP, auditing large public oil and gas companies. Ms. Baird holds a bachelor’s degree in Accounting from Langston University and is a Certified Public Accountant.
|
|
| | | |
Name
|
| |
Title
|
|
|
|
| |
M. Christopher Doyle
|
| |
President and Chief Executive Officer (principal executive officer)
|
|
|
|
| |
Marianella Foschi
|
| |
Chief Financial Officer and Treasurer (principal financial officer)
|
|
|
|
| |
T. Hodge Walker
|
| |
Chief Operating Officer
|
|
|
|
| |
Travis L. Counts
|
| |
Chief Administrative Officer and Secretary
|
|
|
|
| |
Jeffrey S. Kelly
|
| |
Chief Transformation Officer
|
|
|
|
| |
Matthew R. Owens
|
| |
Former Chief Operating Officer
|
|
|
Generate free cash flow
|
| | | Our investment opportunities are evaluated primarily in the context of maximizing free cash flow. We have a high-quality asset base, allowing us to create synergies and maintain a low-cost structure. We pursue value-accretive investments to enhance our ability to deliver incremental free cash flow to our stockholders. During 2023, Civitas generated approximately $795.9 million of free cash flow (a non-GAAP financial measure—please refer to the Reconciliation of Free Cash Flow to Cash Provided by Operating Activities presented in Part II, Item 7, Non-GAAP Financial Measures of the Company’s Form 10-K filed with the SEC on February 27, 2024). | |
|
Maintain a premier balance sheet
|
| | | A strong balance sheet, focus on cost control, and minimizing long-term cost commitments are critical to managing risk and achieving success within fluctuating market conditions. After our 2023 entry into the Permian Basin, we will continue to strive to achieve our long-term net leverage target of 0.75x. | |
|
Return free cash flow to stockholders
|
| | | We prioritize consistently delivering free cash flow to stockholders through our published dividend framework. During 2023, we returned approximately $1 billion to stockholders through base and variable dividends, along with share repurchases, representing more than 15% of the Company’s current market capitalization. In early 2024, we used cash-on-hand to repurchase approximately 879 thousand shares from NGP, which represented the remaining shares of Civitas common stock owned by NGP. | |
|
Demonstrate ESG Leadership
|
| | | We have integrated ESG initiatives throughout our organization and strive to reduce and eliminate emissions while seeking to comply with all applicable air quality and other environmental rules and regulations. We employ industry-leading best practices, including electric drilling rigs and frac spreads, 24/7 air monitoring technology and pipeline gathering and takeaway, as well as vapor recovery, automated shut-in and remote monitoring equipment for producing wells where feasible and appropriate. We believe Civitas is Colorado’s first carbon neutral operator on both a Scope 1 and Scope 2 basis with respect to assets acquired prior to 2023, meaning Civitas purchased certified carbon credits and/or renewable energy certificates in a quantity representing the same level of carbon dioxide equivalent emissions as the Scope 1 and 2 greenhouse gas emissions from this defined scope of Civitas activities for the period from fiscal year 2021 through fiscal year 2023. We regularly engage community stakeholders in our development planning and operations. We strive to maintain a safe workplace for our employees and contractors at all times. Finally, our Board also has a dedicated ESG Committee that is responsible for overseeing and supporting our commitment to environmental, health and safety, social responsibility, sustainability, and other public policy matters relevant to the Company. | |
| | | | Practices that We Engaged in or Allowed in 2023 |
| | | | | Practices that We Did Not Engage in or Allow in 2023 |
|
|
|
| |
Pay for Performance—Total compensation of our named executive officers is substantially weighted toward performance-based pay. Seventy percent of our long-term incentive awards granted to our named executive officers in 2023 are tied to three-year absolute TSR and are fully at-risk.
|
| |
|
| |
No Excise Tax Gross-Ups—Neither our Severance Plan nor our employment arrangements provide for excise tax gross-ups.
|
|
|
|
| |
External Benchmarking—Our Compensation Committee reviews competitive compensation data based on an appropriate group of exploration and production peer companies prior to making annual compensation decisions.
|
| |
|
| |
No Repricing or Backdating—Our LTIP prohibits the repricing, backdating, or buyouts of stock options or stock appreciation rights (“SARs”).
|
|
|
|
| |
Mitigation of Undue Risk—We conduct a risk assessment periodically to carefully consider the degree to which compensation plans and decisions affect risk-taking. We do not believe that any of the compensation arrangements in place are reasonably likely to have a material adverse impact on the Company.
|
| |
|
| |
No Hedging or Derivative Transactions in Company Stock—We prohibit our executives from engaging in any short-term trading, short sales, option trading, or hedging transactions related to our common stock.
|
|
|
|
| |
Robust Stock Ownership with No Pledging or Hedging—We have adopted a robust stock ownership policy for our named executive officers that also prohibits them from pledging or hedging Company common stock, and our independent director LTIP awards are structured as deferred restricted stock units (“DSUs”) that do not settle until separation from the Board.
|
| |
|
| |
No Purchases on Margin—We prohibit our executives from purchasing our common stock on margin.
|
|
|
|
| |
Double-Trigger Equity Acceleration upon a Change in Control—Under our Severance Plan and equity award agreements, vesting acceleration of equity incentives following a change in control only occurs if the executive is terminated without cause or resigns for good reason within 12 months following a change in control.
|
| |
|
| |
No Excessive Perquisites—We offer minimal perquisites to the Company’s executives, few of which are not offered to all of the Company’s employees. The Company believes executive salary and LTIP grants fully compensate our executives.
|
|
|
|
| |
Independent Compensation Consultant—We have engaged an independent executive compensation advisor who reports directly to the Compensation Committee and provides no other services to the Company.
|
| | |
| | | |
Practices that We Engaged in or Allowed in
2023 |
| | | | |
Practices that We Did Not Engage in or Allow
in 2023 |
|
|
|
| |
Focus on Total Compensation—Our Compensation Committee conducts a detailed analysis of total compensation prior to making annual executive compensation decisions.
|
| | | ||||
|
|
| |
Clawback Policy and Recoupment Policy—We have adopted the Clawback Policy, which is described in the section below entitled “Clawback Policy.” In addition, we maintain a separate recoupment policy requiring the recoupment of certain incentive compensation paid to officers of the Company when their conduct constitutes “Detrimental Conduct” under the policy, which helps to ensure that officers act in the best interests of the Company, its parents and subsidiaries, and its stakeholders at all times.
|
| | |
|
2023 Peer Group
|
| |||
|
•
Antero Resources Corporation
•
Callon Petroleum Company
•
Chord Energy Corporation
•
CNX Resources Corporation
•
Devon Energy Corporation
•
Diamondback Energy, Inc.
•
Marathon Oil Corporation
•
Matador Resources Company
|
| |
•
Murphy Oil Corporation
•
Ovintiv Inc.
•
PDC Energy, Inc.
•
Permian Resources Corporation
•
Pioneer Natural Resources Company
•
Range Resources Corporation
•
SM Energy Company
•
Southwestern Energy Company
|
|
|
Compensation Element
|
| |
Description
|
| |
Purpose
|
|
|
Base Salary
|
| |
Fixed pay for performing day-to-day responsibilities; reflects individual experience, education, tenure in role, performance, internal pay equity, and market compensation based on our peer group
|
| |
Attract and retain qualified employees; and recognize skills, competencies, experience, and individual contributions
|
|
|
LTIP
|
| |
Equity-based long-term compensation opportunity that encourages executive retention with vesting of awards over multiple years
|
| |
Drive stockholder value creation; align management interests with stockholders; encourage retention; reward the achievement of our long-term goals, and conserve cash resources
|
|
|
Severance and Change in Control
|
| |
Lump sum cash payments of salary and bonus multiples, accelerated equity vesting, and continuation of COBRA benefits following certain termination events
|
| |
Eliminate or reduce the reluctance of executives to pursue potential corporate transactions that could benefit the Company, but result in adverse consequences to the executive’s employment; and clarify termination benefits
|
|
|
Other Compensation: Benefits and Perquisites
|
| |
401(k) match, parking, medical, dental, life and disability insurance, wellness reimbursement
|
| |
Attract and retain highly qualified employees and support the overall health and well-being of all employees
|
|
|
Name
|
| |
2023 Base Salary
as of 12/31/23 ($) |
|
| M. Christopher Doyle | | |
1,365,000
|
|
| Marianella Foschi | | |
760,000
|
|
| T. Hodge Walker | | |
765,000
|
|
| Travis L. Counts | | |
755,000
|
|
| Jeffrey S. Kelly | | |
650,000
|
|
|
Name
|
| |
Special Transaction
Bonus ($) |
|
| M. Christopher Doyle | | |
2,047,500
|
|
| Marianella Foschi | | |
760,000
|
|
| T. Hodge Walker | | |
765,000
|
|
| Travis L. Counts | | |
755,000
|
|
| Jeffrey S. Kelly | | |
325,000
|
|
|
Performance Metric
|
| |
Description
|
| |
Purpose
|
|
|
Absolute TSR
|
| |
The Company’s absolute TSR, over a three-year period
|
| |
Most directly aligns the interests of named executive officers and the interests of the Company’s stockholders
|
|
|
Name
|
| |
PSUs (#)(1)
|
| |
RSUs (#)(2)
|
| |
Total Long-Term
Equity Grant Value ($)(3) |
|
| M. Christopher Doyle | | |
66,014
|
| |
28,292
|
| |
9,008,479
|
|
| Marianella Foschi | | |
25,597
|
| |
10,970
|
| |
3,493,030
|
|
| T. Hodge Walker | | |
24,138
|
| |
32,883
|
| |
4,974,970
|
|
| Travis L. Counts | | |
23,736
|
| |
10,172
|
| |
3,161,580
|
|
| Jeffrey S. Kelly | | |
12,509
|
| |
13,609
|
| |
2,584,698
|
|
| Matthew R. Owens(4) | | |
25,261
|
| |
10,826
|
| |
3,447,178
|
|
|
Performance Level
|
| |
Absolute TSR Performance
(3-year Annualized) |
| |
% of Target # Shares Earned
|
|
|
Maximum
|
| | ≥ 22.5% | | | 225% | |
| | | | 20% | | | 200% | |
| | | | 15% | | | 150% | |
| | | | 12% | | | 120% | |
|
Target
|
| | 10% | | | 100% | |
| | | | 5% | | | 50% | |
|
Minimum
|
| | 0% | | | 10% | |
| | | | <0% | | | 0% | |
|
Name
|
| |
Severance
Plan Tier |
|
| M. Christopher Doyle | | |
1
|
|
| Marianella Foschi | | |
2
|
|
| T. Hodge Walker | | |
2
|
|
| Travis L. Counts | | |
2
|
|
| Jeffrey S. Kelly | | |
3
|
|
| Matthew R. Owens(1) | | |
1
|
|
|
Position
|
| |
Multiple
|
|
| President and Chief Executive Officer | | |
5x base salary
|
|
| Direct reports of the President and Chief Executive Officer | | |
2x base salary
|
|
|
Chief Accounting Officer, Chief Sustainability Officer, and
Senior Vice Presidents |
| |
1x base salary
|
|
| Name and Principal Position(1) |
| |
Year
|
| |
Salary
($)(2) |
| |
Bonus
($)(3) |
| |
Stock
Awards ($)(4) |
| |
Non-Equity
Incentive Plan Compensation ($)(5) |
| |
All Other
Compensation ($)(6) |
| |
Total
($) |
|
|
M. Christopher Doyle
President and Chief
Executive Officer |
| |
2023
|
| |
1,352,500
|
| |
2,047,500
|
| |
9,008,479
|
| |
—
|
| |
54,666
|
| |
12,463,145
|
|
|
2022
|
| |
850,000
|
| |
—
|
| |
8,731,021
|
| |
—
|
| |
44,397
|
| |
9,625,418
|
| |||
|
Marianella Foschi
Chief Financial Officer and Treasurer
|
| |
2023
|
| |
729,952
|
| |
760,000
|
| |
3,493,030
|
| |
—
|
| |
33,143
|
| |
5,016,125
|
|
|
2022
|
| |
599,327
|
| |
—
|
| |
1,911,094
|
| |
124,264(7)
|
| |
48,978
|
| |
2,683,663
|
| |||
|
2021
|
| |
88,462
|
| |
—
|
| |
—
|
| |
—
|
| |
1,462
|
| |
89,924
|
| |||
|
Thomas Hodge Walker
Chief Operating Officer
|
| |
2023
|
| |
552,418
|
| |
765,000
|
| |
4,974,970
|
| |
—
|
| |
520
|
| |
6,292,908
|
|
|
Travis L. Counts
Chief Administrative Officer and Secretary
|
| |
2023
|
| |
741,058
|
| |
755,000
|
| |
3,161,580
|
| |
—
|
| |
58,662
|
| |
4,716,300
|
|
|
2022
|
| |
275,625
|
| |
—
|
| |
2,570,397
|
| |
—
|
| |
40,455
|
| |
2,886,477
|
| |||
|
Jeffrey S. Kelly
Chief Transformation Officer
|
| |
2023
|
| |
237,500
|
| |
325,000
|
| |
2,584,698
|
| |
—
|
| |
10,500
|
| |
3,157,698
|
|
|
Matthew R. Owens(8)
Former Chief Operating Officer
|
| |
2023
|
| |
213,462
|
| |
—
|
| |
3,447,178
|
| |
—
|
| |
3,209,646
|
| |
6,870,286
|
|
|
2022
|
| |
729,615
|
| |
—
|
| |
2,326,466
|
| |
—
|
| |
25,030
|
| |
3,081,111
|
|
|
Named Executive Officer
|
| |
Reserved
Parking ($)(A) |
| |
401(k)
Employer Match ($) |
| |
Relocation
Allowance ($)(B) |
| |
Vacation
Payout ($)(C) |
| |
Severance
($)(D) |
| |
Total
($) |
|
| M. Christopher Doyle | | |
—
|
| |
19,800
|
| |
34,866
|
| |
—
|
| |
—
|
| |
54,666
|
|
| Marianella Foschi | | |
780
|
| |
19,800
|
| |
12,563
|
| |
—
|
| |
—
|
| |
33,143
|
|
| T. Hodge Walker | | |
520
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
520
|
|
| Travis L. Counts | | |
520
|
| |
19,800
|
| |
38,342
|
| |
—
|
| |
—
|
| |
58,662
|
|
| Jeffrey S. Kelly | | |
—
|
| |
10,500
|
| |
—
|
| |
—
|
| |
—
|
| |
10,500
|
|
| Matthew R. Owens | | |
260
|
| |
16,659
|
| |
—
|
| |
64,182
|
| |
3,128,545
|
| |
3,209,646
|
|
|
Name(1)
|
| |
Grant Date
|
| |
Committee
Approval Date |
| |
Estimated Future Payouts Under Equity
Incentive Plan Awards(2) |
| |
All Other Stock
Awards; Number of Shares of Stock or Units (#)(3) |
| |
Grant Date
Fair Value of Stock Awards ($)(4) |
| ||||||
|
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| |||||||||||||||
| M. Christopher Doyle | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
RSUs
|
| |
02/28/23
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
28,292
|
| |
1,985,250
|
|
|
PSUs—aTSR(5)
|
| |
02/28/23
|
| |
—
|
| |
6,601
|
| |
66,014
|
| |
148,532
|
| |
—
|
| |
7,023,229
|
|
| Marianella Foschi | | | | | | | | | | | | | | | | | | | | | | |
|
RSUs
|
| |
02/28/23
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
10,970
|
| |
769,765
|
|
|
PSUs—aTSR(5)
|
| |
02/28/23
|
| |
—
|
| |
2,560
|
| |
25,597
|
| |
57,593
|
| |
—
|
| |
2,723,265
|
|
| T. Hodge Walker | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
RSUs
|
| |
04/05/23
|
| |
04/03/23
|
| |
—
|
| |
—
|
| |
—
|
| |
32,883
|
| |
2,360,342
|
|
|
PSUs—aTSR(5)
|
| |
04/05/23
|
| |
04/03/23
|
| |
2,414
|
| |
24,138
|
| |
54,311
|
| |
—
|
| |
2,614,628
|
|
| Travis L. Counts | | | | | | | | | | | | | | | | | | | | | | |
|
RSUs
|
| |
02/28/23
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
7,265
|
| |
509,785
|
|
|
PSUs—aTSR(5)
|
| |
02/28/23
|
| |
—
|
| |
1,695
|
| |
16,953
|
| |
38,144
|
| |
—
|
| |
1,803,630
|
|
|
RSUs
|
| |
11/08/23
|
| |
10/19/23
|
| |
—
|
| |
—
|
| |
—
|
| |
2,907
|
| |
197,676
|
|
|
PSUs—aTSR(5)
|
| |
11/08/23
|
| |
10/19/23
|
| |
678
|
| |
6,783
|
| |
15,262
|
| |
—
|
| |
650,490
|
|
| Jeffrey S. Kelly | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
RSUs
|
| |
08/14/23
|
| |
08/02/23
|
| |
—
|
| |
—
|
| |
—
|
| |
13,609
|
| |
1,058,100
|
|
|
PSUs—aTSR(5)
|
| |
08/14/23
|
| |
08/02/23
|
| |
1,251
|
| |
12,509
|
| |
28,145
|
| |
—
|
| |
1,526,598
|
|
| Matthew R. Owens(6) | | | | | | | | | | | | | | | | | | | | | | |
|
RSUs
|
| |
02/28/23
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
10,826
|
| |
759,660
|
|
|
PSUs—aTSR(5)
|
| |
02/28/23
|
| |
—
|
| |
2,526
|
| |
25,261
|
| |
56,837
|
| |
—
|
| |
2,687,518
|
|
| | | | | | |
Stock Awards
|
| |||||||||
| | | | | | |
Restricted Stock Unit Awards
|
| |
Performance Stock Unit Awards
|
| ||||||
|
Name
|
| |
Grant
Date |
| |
Number of
Shares or Units of Stock That Have not Vested (#)(1) |
| |
Market Value
of Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) |
| |
Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) |
|
|
M. Christopher Doyle
|
| |
05/02/22
|
| |
37,584
|
| |
2,569,994
|
| |
69,641
|
| |
4,034,303
|
|
|
02/28/23
|
| |
28,292
|
| |
1,934,607
|
| |
66,014
|
| |
4,514,037
|
| |||
|
Marianella Foschi
|
| |
01/20/21
|
| |
5,504(4)
|
| |
376,364
|
| |
49,537(4)(5)
|
| |
3,387,340
|
|
|
02/23/22
|
| |
5,924
|
| |
405,083
|
| |
26,660
|
| |
1,544,414
|
| |||
|
02/28/23
|
| |
10,970
|
| |
750,129
|
| |
25,597
|
| |
1,750,323
|
| |||
| T. Hodge Walker | | |
04/05/23
|
| |
32,883
|
| |
2,248,540
|
| |
24,138
|
| |
1,650,556
|
|
|
Travis L. Counts
|
| |
08/01/22
|
| |
12,762
|
| |
872,666
|
| |
18,822
|
| |
1,090,358
|
|
|
02/28/23
|
| |
7,265
|
| |
496,781
|
| |
16,953
|
| |
1,159,246
|
| |||
|
11/08/23
|
| |
2,907
|
| |
198,781
|
| |
6,783
|
| |
463,822
|
| |||
| Jeffrey S. Kelly | | |
08/14/23
|
| |
13,609
|
| |
930,583
|
| |
12,509
|
| |
855,365
|
|
| Matthew R. Owens(6) | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
| | | |
Stock Awards
|
| |||
|
Name
|
| |
Number of
Shares Acquired on Vesting(1) |
| |
Value
Realized on Vesting ($)(2) |
|
| M. Christopher Doyle | | |
18,792
|
| |
1,285,561
|
|
| Marianella Foschi | | |
8,467
|
| |
535,450
|
|
| T. Hodge Walker | | |
—
|
| |
—
|
|
| Travis L. Counts | | |
6,381
|
| |
477,682
|
|
| Jeffrey S. Kelly | | |
—
|
| |
—
|
|
| Matthew R. Owens(3) | | |
155,240
|
| |
10,595,574
|
|
|
Name
|
| |
Payment Type
|
| |
Termination
without Cause or Resignation for Good Reason ($) |
| |
Termination
for Disability or Death ($) |
| |
Termination
Without Cause or Resignation for Good Reason/ Change in Control ($) |
| |
Retirement
($) |
|
|
M. Christopher Doyle
|
| |
Cash Severance(1)
|
| |
2,730,000
|
| |
—
|
| |
4,095,000
|
| |
—
|
|
| RSUs(2) | | |
1,618,977
|
| |
5,195,997
|
| |
5,195,997
|
| |
—
|
| |||
| PSUs(3) | | |
5,430,153
|
| |
10,660,495
|
| |
20,523,970
|
| |
—
|
| |||
|
Health Payment(4)
|
| |
50,365
|
| |
—
|
| |
50,365
|
| |
—
|
| |||
| TOTAL | | |
9,829,495
|
| |
15,856,492
|
| |
29,865,332
|
| |
—
|
| |||
|
Marianella Foschi
|
| |
Cash Severance(1)
|
| |
1,140,000
|
| |
—
|
| |
1,900,000
|
| |
—
|
|
| RSUs(2) | | |
896,809
|
| |
1,776,199
|
| |
1,776,199
|
| |
—
|
| |||
| PSUs(3) | | |
2,806,436
|
| |
8,236,308
|
| |
16,161,919
|
| |
—
|
| |||
|
Health Payment(4)
|
| |
8,062
|
| |
—
|
| |
12,093
|
| |
—
|
| |||
| TOTAL | | |
4,851,307
|
| |
10,012,507
|
| |
19,850,211
|
| |
—
|
| |||
|
T. Hodge Walker
|
| |
Cash Severance(1)
|
| |
1,147,500
|
| |
—
|
| |
1,912,500
|
| |
—
|
|
| RSUs(2) | | |
600,310
|
| |
2,427,752
|
| |
2,427,751
|
| |
—
|
| |||
| PSUs(3) | | |
648,280
|
| |
1,946,546
|
| |
4,379,728
|
| |
—
|
| |||
|
Health Payment(4)
|
| |
32,852
|
| |
—
|
| |
49,278
|
| |
—
|
| |||
| TOTAL | | |
2,428,942
|
| |
4,374,298
|
| |
8,769,257
|
| |
—
|
| |||
|
Travis L. Counts
|
| |
Cash Severance(1)
|
| |
1,132,500
|
| |
—
|
| |
1,887,500
|
| |
—
|
|
| RSUs(2) | | |
378,403
|
| |
1,772,353
|
| |
1,772,353
|
| |
—
|
| |||
| PSUs(3) | | |
376,640
|
| |
3,262,668
|
| |
6,421,019
|
| |
—
|
| |||
|
Health Payment(4)
|
| |
25,183
|
| |
—
|
| |
37,774
|
| |
—
|
| |||
| TOTAL | | |
1,912,726
|
| |
5,035,021
|
| |
10,118,647
|
| |
—
|
|
|
Name
|
| |
Payment Type
|
| |
Termination
without Cause or Resignation for Good Reason ($) |
| |
Termination
for Disability or Death ($) |
| |
Termination
Without Cause or Resignation for Good Reason/ Change in Control ($) |
| |
Retirement
($) |
|
|
Jeffrey S. Kelly
|
| |
Cash Severance(1)
|
| |
650,000
|
| |
—
|
| |
1,300,000
|
| |
—
|
|
| RSUs(2) | | |
124,702
|
| |
975,901
|
| |
975,901
|
| |
—
|
| |||
| PSUs(3) | | |
316,084
|
| |
949,088
|
| |
2,135,449
|
| |
—
|
| |||
|
Health Payment(4)
|
| |
25,183
|
| |
—
|
| |
37,774
|
| |
—
|
| |||
| TOTAL | | |
1,115,968
|
| |
1,924,990
|
| |
4,449,124
|
| |
—
|
| |||
|
Matthew R. Owens(5)
|
| |
Cash Severance
|
| |
1,500,000
|
| |
—
|
| |
—
|
| |
—
|
|
| RSUs | | |
1,124,173
|
| |
—
|
| |
—
|
| |
—
|
| |||
| PSUs | | |
10,032,636
|
| |
—
|
| |
—
|
| |
—
|
| |||
| Health Payment | | |
44,132
|
| |
—
|
| |
—
|
| |
—
|
| |||
| TOTAL | | |
12,700,941
|
| |
—
|
| |
—
|
| |
—
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | |||
| Year | | | Summary Compensation Table Total for PEO 1(1) | | | Compensation Actually Paid to PEO 1(4) | | | Summary Compensation Table Total for PEO 2(2) | | | Compensation Actually Paid to PEO 2(4) | | | Summary Compensation Table Total for PEO 3(3) | | | Compensation Actually Paid to PEO 3(4) | | | Average Summary Compensation Table Total for Non-PEO NEOs(5) | | | Average Compensation Actually Paid to Non-PEO NEOs(4)(5) | | | Total Shareholder Return(6)(8) | | | Peer Group Total Shareholder Return(6)(8) | | | Net Income(7)(8) | |
| 2023 | | | $ | | | $ | | | N/A | | | N/A | | | N/A | | | N/A | | | $ | | | $ | | | $ | | | $ | | | $ | |
| 2022 | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | |
| 2021 | | | N/A | | | N/A | | | N/A | | | N/A | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | |
| 2020 | | | N/A | | | N/A | | | N/A | | | N/A | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | |
| Fiscal Year | | | Executives | | | SCT (A) | | | Minus Stock Award Values from SCT (B) | | | Year End Value of New Awards (C1) | | | Change in Value of Unvested Awards (C2) | | | Change in Value of Vested Awards (C3) | | | Fair Value as of Vesting Date of Awards Granted and Vested in the Year (C4) | | | Prior Year End Value of Awards That Failed to Meet Vesting Criteria (C5) | | | Total Equity CAP (D) = (C1)+ (C2)+(C3)+ (C4)+(C5) | | | CAP (E) = (A)+ (B)+(D) | |
| 2023 | | | PEO 1—Mr. Doyle | | | $ | | | $( | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $16,096,620 | |
| | | | Non-PEO NEOs | | | $ | | | $( | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | |
| Most Important Performance Measure | |
| | |
|
Board/Committee
|
| |
Committee Chair
Compensation ($) |
|
| Board Chair | | |
125,000
|
|
| Audit Committee Chair | | |
25,000
|
|
| Compensation Chair | | |
20,000
|
|
| ESG Committee Chair | | |
20,000
|
|
| Nominating and Corporate Governance Chair | | |
15,000
|
|
|
Name
|
| |
Fees Earned or
Paid in Cash ($)(1) |
| |
Stock Awards
($)(2) |
| |
Total
($) |
|
| Deborah Byers | | |
—
|
| |
375,509(3)
|
| |
375,509
|
|
| Morris R. Clark | | |
25,000(4)
|
| |
294,534
|
| |
319,534
|
|
| Benjamin Dell | | |
—(5)
|
| |
—
|
| |
—
|
|
| Carrie M. Fox | | |
—
|
| |
294,534
|
| |
294,534
|
|
| Carrie L. Hudak | | |
20,000(6)
|
| |
294,534
|
| |
314,534
|
|
| Brian Steck | | |
2,184(7)
|
| |
—
|
| |
2,184
|
|
| James M. Trimble | | |
—
|
| |
294,534
|
| |
294,534
|
|
| Wouter van Kempen | | |
106,799(8)
|
| |
375,509(3)
|
| |
482,308
|
|
| Howard A. Willard III | | |
20,000(9)
|
| |
294,534
|
| |
314,534
|
|
| Jeffrey E. Wojahn | | |
12,816(10)
|
| |
294,534
|
| |
307,350
|
|
|
Name
|
| |
DSUs
Outstanding and Deferred (#) |
|
| Deborah Byers | | |
5,673
|
|
| Morris R. Clark | | |
28,704
|
|
| Carrie M. Fox | | |
28,704
|
|
| Carrie L. Hudak | | |
12,465
|
|
| James M. Trimble | | |
12,465
|
|
| Wouter van Kempen | | |
5,673
|
|
| Howard A. Willard III | | |
28,704
|
|
| Jeffrey E. Wojahn | | |
12,465
|
|
|
Equity Compensation Plan Information
|
| | | | | | | | | |
|
Plan category
|
| |
Number of securities
to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-average
exercise price of outstanding options, warrants and rights |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in first column) |
|
| Equity compensation plans approved by security holders | | |
956,510(1)
|
| |
34.36(2)
|
| |
463,473(3)
|
|
| Equity compensation plans not approved by security holders | | |
1,100,748(4)
|
| |
N/A
|
| |
1,996,410(5)
|
|
| Total | | |
2,057,259
|
| |
—
|
| |
2,459,883
|
|
|
Name of Beneficial Owner
|
| |
Common
Stock Beneficially Owned(1) |
| |
Warrants
|
| |
Restricted
Stock Units(2) |
| |
Deferred
Restricted Stock Units |
| |
Non-
Qualified Stock Options |
| |
Total Stock
and Stock- Based Holdings |
| |
Percentage
of Class(3) |
|
| Significant Stockholders | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
Canada Pension Plan Investment
Board(4) |
| |
16,480,721
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
16,480,721
|
| |
16.5%
|
|
| BlackRock, Inc. (5) | | |
9,997,967
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
9,997,967
|
| |
10.0%
|
|
| The Vanguard Group(6) | | |
9,426,017
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
9,426,017
|
| |
9.4%
|
|
| Vencer Energy Holdings, LLC(7) | | |
7,181,527
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
7,181,527
|
| |
7.2%
|
|
| Directors and Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | |
| Deborah Byers(8) | | |
5,673
|
| |
—
|
| |
—
|
| |
5,673
|
| |
—
|
| |
5,673
|
| |
*
|
|
| Morris A. Clark(8) | | |
28,704
|
| |
—
|
| |
—
|
| |
28,704
|
| |
—
|
| |
28,704
|
| |
*
|
|
| Carrie M. Fox(8) | | |
28,704
|
| |
—
|
| |
—
|
| |
28,704
|
| |
—
|
| |
28,704
|
| |
*
|
|
| Carrie L. Hudak(8) | | |
27,404
|
| |
—
|
| |
—
|
| |
12,465
|
| |
—
|
| |
27,404
|
| |
*
|
|
| James M. Trimble(8) | | |
39,347
|
| |
—
|
| |
—
|
| |
12,465
|
| |
—
|
| |
39,347
|
| |
*
|
|
| Wouter van Kempen(8) | | |
5,673
|
| |
—
|
| |
—
|
| |
5,673
|
| |
—
|
| |
5,673
|
| |
*
|
|
| Howard A. Willard(8) | | |
28,704
|
| |
—
|
| |
—
|
| |
28,704
|
| |
—
|
| |
28,704
|
| |
*
|
|
| Jeffrey E. Wojahn(8) | | |
34,234
|
| |
—
|
| |
—
|
| |
12,465
|
| |
—
|
| |
34,234
|
| |
*
|
|
| M. Christopher Doyle(8)(9) | | |
68,454
|
| |
—
|
| |
85,698
|
| |
—
|
| |
—
|
| |
135,360
|
| |
*
|
|
| Marianella Foschi(9)(10) | | |
75,653
|
| |
955
|
| |
21,612
|
| |
—
|
| |
—
|
| |
98,220
|
| |
*
|
|
| T. Hodge Walker(9) | | |
6,164
|
| |
—
|
| |
33,334
|
| |
—
|
| |
—
|
| |
39,498
|
| |
*
|
|
| Travis L. Counts(9) | | |
15,388
|
| |
—
|
| |
31,773
|
| |
—
|
| |
—
|
| |
47,161
|
| |
*
|
|
| Jeffrey S. Kelly(9) | | |
—
|
| |
—
|
| |
19,890
|
| |
—
|
| |
—
|
| |
19,890
|
| |
*
|
|
| Matthew R. Owens(9)(11) | | |
91,683
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
91,683
|
| |
*
|
|
| All current directors and executive officers as a group (14 persons)(12) | | |
364,102
|
| |
955
|
| |
199,320
|
| |
134,853
|
| |
—
|
| |
545,585
|
| |
*
|
|
|
Description
|
| |
2023 ($)
|
| |
2022 ($)
|
|
| Audit Fees(1) | | |
2,482,294
|
| |
1,944,883
|
|
| Audit-Related Fees(2) | | |
677,352
|
| |
233,443
|
|
| Tax Fees(3) | | |
458,973
|
| |
828,738
|
|
| All Other Fees | | |
—
|
| |
—
|
|
| Total | | |
3,618,619
|
| |
3,007,064
|
|
| Total Full Value Awards Outstanding(1) | | |
1,759,244
|
|
| Total Outstanding Stock Options(2) | | |
1,131
|
|
| Weighted-Average Exercise Price of Stock Options Outstanding | | |
$34.36
|
|
| Weighted-Average Remaining Duration of Stock Options Outstanding | | |
3.0
|
|
| Total Number of Shares Available for Issuance under the Prior Plans(3) | | |
1,570,330
|
|
| Total Shares of Common Stock Outstanding | | |
100,090,259
|
|
| | | |
2023
|
| |
2022
|
| |
2021
|
|
| Stock Options and SARs Granted | | |
—
|
| |
—
|
| |
—
|
|
| Time-Based RSUs and DSUs Granted | | |
607,987
|
| |
573,524
|
| |
662,748
|
|
| PSUs Granted | | |
290,496
|
| |
282,224
|
| |
177,034
|
|
| Weighted-Average Fully Diluted Common Shares Outstanding | | |
86,988,000
|
| |
85,604,000
|
| |
37,746,000
|
|
| Burn Rate | | |
1.03%
|
| |
1.00%
|
| |
2.22%
|
|
| 3 Year Average Burn Rate | | | | | | | | |
1.42%
|
|
| | | |
As of April 8, 2024
|
| |
Overhang
|
|
| Total Shares of Common Stock Outstanding | | |
100,090,259
|
| |
|
|
| Total Number of Shares Subject to Outstanding Awards(1) | | |
1,760,375
|
| |
1.76%
|
|
| Shares Available for Grant under the Prior Plans(2) | | |
0
|
| |
0.00%
|
|
| Existing Overhang | | |
1,760,375
|
| |
1.76%
|
|
|
Incremental Overhang from Proposed Share Authorization under the Plan
|
| |
3,100,000
|
| |
3.10%
|
|
|
Total Potential Overhang
|
| |
4,860,375
|
| |
4.86%
|
|