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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

The following table sets forth additional information concerning the compensation of our Principal Executive Officer ("PEO") and other NEOs ("Non-PEO NEOs") for each of the last five fiscal years in accordance with SEC regulations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100
Investment Based on:

 

 

 

 

 

 

Year

 

Summary
Compensation
Table Total
for PEO(1)

 

 

Compensation
Actually Paid
to PEO(2)

 

 

Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs(3)

 

 

Average
Compensation
Actually
Paid to
Non-PEO
NEOs(2)(3)

 

 

Total
Shareholder
Return

 

 

Peer Group
Total
Shareholder
Return(4)

 

 

Net Income
(Loss)

 

 

Return on
Average
Equity(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

2024

 

$

12,535,532

 

 

$

32,331,075

 

 

$

3,510,754

 

 

$

8,744,471

 

 

$

233.45

 

 

$

158.04

 

 

$

(218,754

)

 

(3)%

2023

 

$

9,916,144

 

 

$

7,125,212

 

 

$

2,431,860

 

 

$

1,253,368

 

 

$

113.40

 

 

$

159.64

 

 

$

211,894

 

 

6%

2022

 

$

11,859,573

 

 

$

14,726,348

 

 

$

2,570,956

 

 

$

4,378,002

 

 

$

167.72

 

 

$

154.15

 

 

$

1,124,868

 

 

62%

2021

 

$

8,955,930

 

 

$

9,391,041

 

 

$

2,499,800

 

 

$

2,931,627

 

 

$

98.30

 

 

$

106.04

 

 

$

(259,225

)

 

27%

2020

 

$

5,327,544

 

 

$

1,109,834

 

 

$

1,698,645

 

 

$

303,066

 

 

$

53.10

 

 

$

63.60

 

 

$

(83,413

)

 

4%

 

(1)
Amounts represent the total compensation reported for our CEO, Mr. Allison, in the Summary Compensation Table for the fiscal years ended December 31, 2024, 2023 and 2022 (and for earlier years, the Summary Compensation Table that appeared in our proxy statement for the applicable year). Mr. Allison served as the CEO for each of the years presented.
(2)
Amounts include (i) the Summary Compensation Table total compensation for the applicable fiscal year, less (ii) the aggregate grant date fair value of stock awards granted during that year (as reported in the “Stock Awards” column of the Summary Compensation Table for the year), plus (iii) the adjusted value of the stock awards over the years reported in the table as described in more detail in the reconciliation tables below. None of our NEOs were granted options or held any outstanding options during any of the years covered by the table. The amounts reported in this column in last year's proxy for 2023 were not correct due to an error in calculating the equity award values and have been corrected in this table.
(3)
Amounts represent the total average compensation for our NEOs, other than our CEO, which were Mr. Burns, Mr. Harrison, David J. Terry (who resigned in 2022) and Mr. Presley for years 2020 and 2021 and Mr. Burns, Mr. Harrison, David J. Terry, Patrick H. McGough, and Mr. Presley in 2022. Our 2023 and 2024 NEOs, other than our CEO, were Mr. Burns, Mr. Harrison, Mr. Newell and Mr. Presley.
(4)
Reflects total shareholder return of the SPDR S&P Oil and Gas Exploration and Production ETF ("XOP"), weighted according to market capitalization at the beginning of each period for which a return is reported. For the Company and XOP, the amount reported represents cumulative total shareholder return on a fixed investment of $100 in the Company's common stock or XOP, as applicable, for the period beginning on the last trading day of fiscal year 2019 through the end of the applicable fiscal year and is calculated assuming the reinvestment of dividends.
(5)
Return on average equity, which we conclude to be a key metric in our annual incentive plan, was calculated by dividing adjusted net income available to common stockholders by average stockholders' equity for each year presented. See calculation in the table below:

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

($ in thousands)

 

Net income (loss) available to common stockholders

 

$

(218,754

)

 

$

211,894

 

 

$

1,124,868

 

 

$

(259,225

)

 

$

(83,413

)

Unrealized (gain) loss from derivative financial instruments

 

 

197,607

 

 

 

(107,311

)

 

 

(200,193

)

 

 

140,934

 

 

 

124,545

 

Loss on early retirement of debt

 

 

—

 

 

 

—

 

 

 

46,840

 

 

 

352,599

 

 

 

861

 

(Gain) loss on sale of assets

 

 

(875

)

 

 

(125

)

 

 

(340

)

 

 

162,077

 

 

 

(17

)

Non-cash amortization from adjusting debt assumed in acquisition to fair value

 

 

—

 

 

 

—

 

 

 

4,174

 

 

 

12,621

 

 

 

22,112

 

Exploration expense

 

 

—

 

 

 

1,775

 

 

 

8,287

 

 

 

—

 

 

 

—

 

Non-cash accretion from adjusting preferred stock issued in acquisition to fair value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,417

 

Impairment of unevaluated natural gas and oil properties

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27

 

Adjustment to (provision for) benefit from income taxes

 

 

(46,981

)

 

 

26,450

 

 

 

39,011

 

 

 

(106,000

)

 

 

(19,930

)

Adjusted net income available to common stockholders

 

$

(69,003

)

 

$

132,683

 

 

$

1,022,647

 

 

$

303,006

 

 

$

49,602

 

Average stockholders' equity

 

$

2,299,719

 

 

$

2,318,364

 

 

$

1,645,547

 

 

$

1,139,776

 

 

$

1,204,898

 

Return on average equity

 

 

(3

)%

 

 

6

%

 

 

62

%

 

 

27

%

 

 

4

%

 

The following table reconciles the amounts in the "Compensation Actually Paid to PEO" from the table above to the Summary Compensation Table Total for the PEO.

 

Year

 

Summary
Compensation
Table Total
for PEO

 

 

Grant Date
Fair Value
of Stock
Awards(1)

 

 

Value
of Stock
Awards
Granted
During
the Year(2)

 

 

Increase
(Decrease)
in Value of
Unvested Stock
Awards Granted
in Prior Years(2)

 

 

Increase
(Decrease)
in Value from
Prior Year
Stock Awards
That Vested
During the Year(2)

 

 

Dividends

 

 

Compensation
Actually Paid
to PEO

 

2024

 

$

12,535,532

 

 

$

(6,677,582

)

 

$

19,465,442

 

 

$

6,579,316

 

 

$

428,367

 

 

$

—

 

 

$

32,331,075

 

2023

 

$

9,916,144

 

 

$

(4,517,889

)

 

$

3,629,007

 

 

$

(1,805,202

)

 

$

(255,822

)

 

$

158,974

 

 

$

7,125,212

 

2022

 

$

11,859,573

 

 

$

(5,912,168

)

 

$

4,324,309

 

 

$

—

 

 

$

4,427,457

 

 

$

27,177

 

 

$

14,726,348

 

2021

 

$

8,955,930

 

 

$

—

 

 

$

—

 

 

$

231,330

 

 

$

203,781

 

 

$

—

 

 

$

9,391,041

 

2020

 

$

5,327,544

 

 

$

—

 

 

$

—

 

 

$

(3,965,295

)

 

$

(252,415

)

 

$

—

 

 

$

1,109,834

 

 

(1)
Amount represents grant date fair value of the restricted stock and PSU grants to our CEO as reported in the "Stock Awards" column in the Summary Compensation Table on page 38 and the corresponding table in the proxy statement for earlier years.
(2)
Value is based on the change in our stock price between the beginning of the fiscal year (or the grant date in the case of awards granted during the year) and the end of the fiscal year (or the vesting date in the case of awards that vested during the year).

The following table reconciles the amounts in the "Average Compensation Actually Paid to Non-PEO NEOs" from the table above to the Average Summary Compensation Table Total for Non-PEO NEOs.

 

Year

 

Average
Summary
Compensation
Table Total for
Non-PEO NEOs

 

 

Average
Grant Date
Fair Value
of Stock
Awards(1)

 

 

Average
Value
of Stock
Awards
Granted
During the
Year(2)

 

 

Average
Increase
(Decrease)
in Value
of Unvested
Stock Awards
Granted
in Prior
Years(2)

 

 

Average
Increase
(Decrease)
in Value
from Prior
Year Stock
Awards That
Vested
During the
Year(2)

 

 

Average
Dividends

 

 

Average
Compensation
Actually Paid
to Non-PEO
NEOs

 

2024

 

$

3,510,754

 

 

$

(1,474,320

)

 

$

4,331,651

 

 

$

1,931,733

 

 

$

444,653

 

 

$

—

 

 

$

8,744,471

 

2023

 

$

2,431,860

 

 

$

(1,265,146

)

 

$

994,781

 

 

$

(895,300

)

 

$

(58,357

)

 

$

45,530

 

 

$

1,253,368

 

2022

 

$

2,570,956

 

 

$

(1,341,843

)

 

$

943,124

 

 

$

679,890

 

 

$

1,516,779

 

 

$

9,096

 

 

$

4,378,002

 

2021

 

$

2,499,800

 

 

$

(482,145

)

 

$

665,299

 

 

$

169,944

 

 

$

78,729

 

 

$

—

 

 

$

2,931,627

 

2020

 

$

1,698,645

 

 

$

(490,979

)

 

$

357,751

 

 

$

(1,186,819

)

 

$

(75,532

)

 

$

—

 

 

$

303,066

 

 

(1)
Amounts represent average grant date fair value of the restricted stock and PSU grants to our Non-PEO NEOs as reported in the "Stock Awards" column in the Summary Compensation Table on page 38 and the corresponding table in the proxy statement for earlier years.
(2)
Value is based on the change in our stock price between the beginning of the fiscal year (or the grant date in the case of awards granted during the year) and the end of the fiscal year (or the vesting date in the case of awards that vested during the year).
        
Company Selected Measure Name Return on average equity        
Named Executive Officers, Footnote
(1)
Amounts represent the total compensation reported for our CEO, Mr. Allison, in the Summary Compensation Table for the fiscal years ended December 31, 2024, 2023 and 2022 (and for earlier years, the Summary Compensation Table that appeared in our proxy statement for the applicable year). Mr. Allison served as the CEO for each of the years presented.
        
Peer Group Issuers, Footnote
(4)
Reflects total shareholder return of the SPDR S&P Oil and Gas Exploration and Production ETF ("XOP"), weighted according to market capitalization at the beginning of each period for which a return is reported. For the Company and XOP, the amount reported represents cumulative total shareholder return on a fixed investment of $100 in the Company's common stock or XOP, as applicable, for the period beginning on the last trading day of fiscal year 2019 through the end of the applicable fiscal year and is calculated assuming the reinvestment of dividends.
        
PEO Total Compensation Amount $ 12,535,532 $ 9,916,144 $ 11,859,573 $ 8,955,930 $ 5,327,544
PEO Actually Paid Compensation Amount $ 32,331,075 7,125,212 14,726,348 9,391,041 1,109,834
Adjustment To PEO Compensation, Footnote

The following table reconciles the amounts in the "Compensation Actually Paid to PEO" from the table above to the Summary Compensation Table Total for the PEO.

 

Year

 

Summary
Compensation
Table Total
for PEO

 

 

Grant Date
Fair Value
of Stock
Awards(1)

 

 

Value
of Stock
Awards
Granted
During
the Year(2)

 

 

Increase
(Decrease)
in Value of
Unvested Stock
Awards Granted
in Prior Years(2)

 

 

Increase
(Decrease)
in Value from
Prior Year
Stock Awards
That Vested
During the Year(2)

 

 

Dividends

 

 

Compensation
Actually Paid
to PEO

 

2024

 

$

12,535,532

 

 

$

(6,677,582

)

 

$

19,465,442

 

 

$

6,579,316

 

 

$

428,367

 

 

$

—

 

 

$

32,331,075

 

2023

 

$

9,916,144

 

 

$

(4,517,889

)

 

$

3,629,007

 

 

$

(1,805,202

)

 

$

(255,822

)

 

$

158,974

 

 

$

7,125,212

 

2022

 

$

11,859,573

 

 

$

(5,912,168

)

 

$

4,324,309

 

 

$

—

 

 

$

4,427,457

 

 

$

27,177

 

 

$

14,726,348

 

2021

 

$

8,955,930

 

 

$

—

 

 

$

—

 

 

$

231,330

 

 

$

203,781

 

 

$

—

 

 

$

9,391,041

 

2020

 

$

5,327,544

 

 

$

—

 

 

$

—

 

 

$

(3,965,295

)

 

$

(252,415

)

 

$

—

 

 

$

1,109,834

 

 

(1)
Amount represents grant date fair value of the restricted stock and PSU grants to our CEO as reported in the "Stock Awards" column in the Summary Compensation Table on page 38 and the corresponding table in the proxy statement for earlier years.
(2)
Value is based on the change in our stock price between the beginning of the fiscal year (or the grant date in the case of awards granted during the year) and the end of the fiscal year (or the vesting date in the case of awards that vested during the year).
        
Non-PEO NEO Average Total Compensation Amount $ 3,510,754 2,431,860 2,570,956 2,499,800 1,698,645
Non-PEO NEO Average Compensation Actually Paid Amount $ 8,744,471 1,253,368 4,378,002 2,931,627 303,066
Adjustment to Non-PEO NEO Compensation Footnote

The following table reconciles the amounts in the "Average Compensation Actually Paid to Non-PEO NEOs" from the table above to the Average Summary Compensation Table Total for Non-PEO NEOs.

 

Year

 

Average
Summary
Compensation
Table Total for
Non-PEO NEOs

 

 

Average
Grant Date
Fair Value
of Stock
Awards(1)

 

 

Average
Value
of Stock
Awards
Granted
During the
Year(2)

 

 

Average
Increase
(Decrease)
in Value
of Unvested
Stock Awards
Granted
in Prior
Years(2)

 

 

Average
Increase
(Decrease)
in Value
from Prior
Year Stock
Awards That
Vested
During the
Year(2)

 

 

Average
Dividends

 

 

Average
Compensation
Actually Paid
to Non-PEO
NEOs

 

2024

 

$

3,510,754

 

 

$

(1,474,320

)

 

$

4,331,651

 

 

$

1,931,733

 

 

$

444,653

 

 

$

—

 

 

$

8,744,471

 

2023

 

$

2,431,860

 

 

$

(1,265,146

)

 

$

994,781

 

 

$

(895,300

)

 

$

(58,357

)

 

$

45,530

 

 

$

1,253,368

 

2022

 

$

2,570,956

 

 

$

(1,341,843

)

 

$

943,124

 

 

$

679,890

 

 

$

1,516,779

 

 

$

9,096

 

 

$

4,378,002

 

2021

 

$

2,499,800

 

 

$

(482,145

)

 

$

665,299

 

 

$

169,944

 

 

$

78,729

 

 

$

—

 

 

$

2,931,627

 

2020

 

$

1,698,645

 

 

$

(490,979

)

 

$

357,751

 

 

$

(1,186,819

)

 

$

(75,532

)

 

$

—

 

 

$

303,066

 

 

(1)
Amounts represent average grant date fair value of the restricted stock and PSU grants to our Non-PEO NEOs as reported in the "Stock Awards" column in the Summary Compensation Table on page 38 and the corresponding table in the proxy statement for earlier years.
(2)
Value is based on the change in our stock price between the beginning of the fiscal year (or the grant date in the case of awards granted during the year) and the end of the fiscal year (or the vesting date in the case of awards that vested during the year).
        
Compensation Actually Paid vs. Total Shareholder Return

img264110230_4.jpg

        
Compensation Actually Paid vs. Net Income

img264110230_5.jpg

        
Compensation Actually Paid vs. Company Selected Measure

img264110230_6.jpg

        
Tabular List, Table

The following table identifies the most important performance measures used to link compensation actually paid to our NEOs to company performance. The role of each of these performance measures on our NEOs' compensation is discussed in the CD&A on page 33.

 

Performance Measures

Return on Average Equity

Operating Cost Improvement

Relative Total Shareholder Return

EBITDAX

Well Cost Efficiency

Reserve Replacement
       
Total Shareholder Return Amount $ 233.45 113.40 167.72 98.30 53.10
Peer Group Total Shareholder Return Amount 158.04 159.64 154.15 106.04 63.60
Net Income (Loss) $ (218,754,000) $ 211,894,000 $ 1,124,868,000 $ (259,225,000) $ (83,413,000)
Company Selected Measure Amount (0.03) 0.06 0.62 0.27 0.04
PEO Name Mr. Allison Mr. Allison Mr. Allison Mr. Allison Mr. Allison
Additional 402(v) Disclosure
(2)
Amounts include (i) the Summary Compensation Table total compensation for the applicable fiscal year, less (ii) the aggregate grant date fair value of stock awards granted during that year (as reported in the “Stock Awards” column of the Summary Compensation Table for the year), plus (iii) the adjusted value of the stock awards over the years reported in the table as described in more detail in the reconciliation tables below. None of our NEOs were granted options or held any outstanding options during any of the years covered by the table. The amounts reported in this column in last year's proxy for 2023 were not correct due to an error in calculating the equity award values and have been corrected in this table.
(3)
Amounts represent the total average compensation for our NEOs, other than our CEO, which were Mr. Burns, Mr. Harrison, David J. Terry (who resigned in 2022) and Mr. Presley for years 2020 and 2021 and Mr. Burns, Mr. Harrison, David J. Terry, Patrick H. McGough, and Mr. Presley in 2022. Our 2023 and 2024 NEOs, other than our CEO, were Mr. Burns, Mr. Harrison, Mr. Newell and Mr. Presley.
(5)
Return on average equity, which we conclude to be a key metric in our annual incentive plan, was calculated by dividing adjusted net income available to common stockholders by average stockholders' equity for each year presented. See calculation in the table below:

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

($ in thousands)

 

Net income (loss) available to common stockholders

 

$

(218,754

)

 

$

211,894

 

 

$

1,124,868

 

 

$

(259,225

)

 

$

(83,413

)

Unrealized (gain) loss from derivative financial instruments

 

 

197,607

 

 

 

(107,311

)

 

 

(200,193

)

 

 

140,934

 

 

 

124,545

 

Loss on early retirement of debt

 

 

—

 

 

 

—

 

 

 

46,840

 

 

 

352,599

 

 

 

861

 

(Gain) loss on sale of assets

 

 

(875

)

 

 

(125

)

 

 

(340

)

 

 

162,077

 

 

 

(17

)

Non-cash amortization from adjusting debt assumed in acquisition to fair value

 

 

—

 

 

 

—

 

 

 

4,174

 

 

 

12,621

 

 

 

22,112

 

Exploration expense

 

 

—

 

 

 

1,775

 

 

 

8,287

 

 

 

—

 

 

 

—

 

Non-cash accretion from adjusting preferred stock issued in acquisition to fair value

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,417

 

Impairment of unevaluated natural gas and oil properties

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27

 

Adjustment to (provision for) benefit from income taxes

 

 

(46,981

)

 

 

26,450

 

 

 

39,011

 

 

 

(106,000

)

 

 

(19,930

)

Adjusted net income available to common stockholders

 

$

(69,003

)

 

$

132,683

 

 

$

1,022,647

 

 

$

303,006

 

 

$

49,602

 

Average stockholders' equity

 

$

2,299,719

 

 

$

2,318,364

 

 

$

1,645,547

 

 

$

1,139,776

 

 

$

1,204,898

 

Return on average equity

 

 

(3

)%

 

 

6

%

 

 

62

%

 

 

27

%

 

 

4

%
       
Non-Peo Name Mr. Burns, Mr. Harrison, Mr. Newell and Mr. Presley Mr. Burns, Mr. Harrison, Mr. Newell and Mr. Presley Mr. Burns, Mr. Harrison, David J. Terry, Patrick H. McGough, and Mr. Presley Mr. Presley Mr. Presley
Measure:: 1          
Pay vs Performance Disclosure          
Name Return on Average Equity        
Measure:: 2          
Pay vs Performance Disclosure          
Name Operating Cost Improvement        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative Total Shareholder Return        
Measure:: 4          
Pay vs Performance Disclosure          
Name EBITDAX        
Measure:: 5          
Pay vs Performance Disclosure          
Name Well Cost Efficiency        
Measure:: 6          
Pay vs Performance Disclosure          
Name Reserve Replacement        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (6,677,582) $ (4,517,889) $ (5,912,168) $ 0 $ 0
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 19,465,442 3,629,007 4,324,309 0 0
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 6,579,316 (1,805,202) 0 231,330 (3,965,295)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 428,367 (255,822) 4,427,457 203,781 (252,415)
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 158,974 27,177 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,474,320) (1,265,146) (1,341,843) (482,145) (490,979)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,331,651 994,781 943,124 665,299 357,751
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,931,733 (895,300) 679,890 169,944 (1,186,819)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 444,653 (58,357) 1,516,779 78,729 (75,532)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 45,530 $ 9,096 $ 0 $ 0