Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-27

Liberty Energy (LBRT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$16,715,954
Christopher Wright total, FY2025
Former Chairman of the Board & Former Chief Executive Officerhighest-paid officer; CEO Ron Gusek: $4,793,487
40th
CEO (Ron Gusek) pay percentile vs peers
37:1
CEO-to-median pay ratio
98.32%
Say-on-pay support, latest vote
Companies that benchmark against LBRT
7 companies name LBRT as a compensation peer

Each company listed discloses LBRT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named LBRT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Christopher Wright$80,481$0$16,630,644$0$0$0$4,829$16,715,954
Former Chairman of the Board & Former Chief Executive Officer
Ron Gusek591,282179,6322,943,85501,057,718021,0004,793,487
Chief Executive Officer & President
Michael Stock460,916127,9262,309,4490753,260021,0003,672,551
Chief Financial Officer & Treasurer
R. Sean Elliott452,70499,2921,559,5710584,656021,0002,717,223
Chief Legal Officer & Corporate Secretary
Ryan Gosney339,84690,0001,270,4740529,943021,0002,251,263
Chief Accounting Officer & Vice President of Finance

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Christopher Wright$16,715,954
Ron Gusek4,793,487
Michael Stock3,672,551
R. Sean Elliott2,717,223
Ryan Gosney2,251,263

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
R. Sean ElliottRSU2025-01-2247,132$1,044,916
Ryan GosneyPSU2025-01-2214,32728,65357,306635,237
Ron GusekRSU2025-01-2252,0851,154,724
Ron GusekPSU2025-01-2226,04352,085104,1701,154,724
R. Sean ElliottPSU2025-01-2211,60723,21446,428514,654
Christopher WrightRSU2025-01-15733,59716,630,644
Ron GusekPSU2025-02-0340,84281,683163,3661,471,928
Ryan GosneyRSU2025-01-2228,653635,237
Ron GusekRSU2025-02-0381,6831,471,928
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
R. Sean Elliott$1,044,916$514,654$033.0%
Ryan Gosney635,237635,237050.0%
Ron Gusek2,626,6522,626,652050.0%
Christopher Wright16,630,644000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Ron GusekRSU33,068$610,435
Ron GusekPSU163,3663,015,736
Ron GusekPSU102,9141,899,792
Ron GusekPSU99,2041,831,306
Ron GusekRSU81,6831,507,868
Ron GusekRSU17,153316,644
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to support a strong governance model, generally targeting the market median for total compensation and ensuring a significant portion of target compensation is performance-based or at risk.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-14137,886,8081,961,138388,25498.32%Passed
20252025-04-15139,465,9882,110,215137,59998.41%Passed
20242024-04-16145,842,4062,301,691271,51198.27%Passed
20232023-04-18139,251,5312,498,669158,71298.13%Passed
20222022-04-19159,712,8332,844,95611,89398.24%Passed
20212021-04-20160,776,270671,71769,80599.54%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-1498.32%a
20252025-04-1598.41%b
20242024-04-1698.27%c

a. Approved under the standard stated in the filing — “Votes that are withheld have no effect on the outcome of this proposal Broker non-votes have no effect on the outcome of this proposal (2) To approve, on an advisory basis, the compensation of our named executive officers 2 Affirmative vote of a majority of shares present in person or by proxy and entitled to vote on the matter "FOR" Abstentions have the effect of a vote against "AGAINST" Broker non-votes have no effect on the outcome of this proposal (3) To ratify the appointment of Deloitte as our independent registered public accounting firm for the fiscal year end ot be appropriate or feasible to change our executive compensation programs in consideration of one year's advisory vote on executive compensation by the time of the following year's annual meeting of stockholders.”.

b. Approved under the standard stated in the filing — “In addition, if you "withhold" authority to vote with respect to the election of some or all of the nominees, your shares will not be voted with respect to those nominees indicated Broker non-votes have no effect (2) To approve, on an advisory basis, the compensation of our named executive officers (2) Affirmative vote of a majority of shares present in person or by proxy and entitled to vote on the matter "FOR" Abstentions have the effect of a vote against "AGAINST" Broker non-votes have no effect (3) To ratify the appointment of Deloitte as our independent registered public accounting firm for the fiscal year ending December 31, 2025 Affirmativ ot be appropriate or feasible to change our executive compensation programs in consideration of one year's advisory vote on executive compensation by the time of the following year's annual meeting of stockholders.”.

c. Approved under the standard stated in the filing — “Affirmative vote of a majority of shares present in person or by proxy and entitled to vote on the matter "FOR" Abstentions have the effect of a vote "AGAINST" There will be no broker non-votes on Proposal 3 because brokers have discretion to vote on this proposal (4) To approve our A& R LTI P.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)37 : 1
CEO total compensation$4,793,487
Median employee compensation$128,701
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
William F. KimbleIndependent · Board Chair · Audit (Chair) · Nominating and Governance Committee$185,000$269,228$0$0$454,228
Peter A. DeaIndependent · Compensation (Chair) · Nominating and Governance Committee120,000196,10300316,103
Gale A. NortonIndependent · Audit · Nominating and Governance Committee (Chair)120,000196,10300316,103
Cary D. SteinbeckIndependent · Audit · Compensation117,500196,10300313,603
Simon AyatIndependent · Audit110,000196,10300306,103
Ken BabcockIndependent · Compensation107,500196,10300303,603
Arjun MurtiIndependent · Newly elected94,167184,14400278,311
Audrey RobertsonIndependent · Departed during FY75,000165,80200240,802
Alice YakeIndependent · Newly elected21,38937,3240058,713
Ron GusekEmployee director · Newly elected00000
Christopher A. WrightEmployee director · Departed during FY00000
James R. McDonaldIndependent · Compensation00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$175,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline5x annual Board cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$950,556
Equity awards (grant-date value)$1,637,013
All other compensation$0
Total cost of the board$2,587,569

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

PTEN Patterson-UTI Energy, Inc.ACDC ProFrac Holding Corp.OIS Oil States International, Inc.PUMP ProPetro Holding Corp.HP Helmerich & Payne, Inc. S&P 500 Index OSX IndexHAL Halliburton CompanyRES RPC, Inc.
10a

Peer reciprocity

Of the companies Liberty Energy names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Liberty Energy.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Halliburton Company2025Jeffrey Miller$1,700,000$7,992,782$0$5,944,836$16,525,407
2Patterson-UTI Energy, Inc.2025William Hendricks1,300,0008,497,99102,264,33012,077,321
3Helmerich & Payne, Inc.2025John Lindsay1,179,9095,749,95701,559,0169,010,799
4Liberty Energy2025Ron Gusek591,2822,943,85501,057,7184,793,487
5RPC, Inc.2025Ben Palmer618,0001,388,26501,155,6603,192,075
6ProFrac Holding Corp.2025Johnathan Wilks475,000780,488047,5001,382,583
Oil States International, Inc.not in coverage universe
ProPetro Holding Corp.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Liberty Energynot disclosednot disclosednot disclosednot disclosed
Halliburton Companynot disclosedPSU 50 · Cash LTI 50Yes — Total Shareholder Return (TSR)not disclosed
Helmerich & Payne, Inc.109.09%PSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Willis Towers Watson
Oil States International, Inc.not disclosednot disclosednot disclosednot disclosed
Patterson-UTI Energy, Inc.not disclosedPSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pay Governance LLC
ProFrac Holding Corp.not disclosedPSU 60 · RSU 40Nonot disclosed
ProPetro Holding Corp.not disclosednot disclosednot disclosednot disclosed
RPC, Inc.187%RSU 75 · PSU 25NoMercer, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Christopher WrightDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · page 27. As printed: 16,715,954. Filing ↗machine: span 593669–593679
2Section 01, Ron GusekDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · page 27. As printed: 4,793,487. Filing ↗machine: r5 · c14 · span 606395–606404
3Section 01, Michael StockDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · page 27. As printed: 3,672,551. Filing ↗
4Section 01, R. Sean ElliottDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · page 27. As printed: 2,717,223. Filing ↗
5Section 01, Ryan GosneyDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · page 27. As printed: 2,251,263. Filing ↗
6Section 03, R. Sean Elliott RSUDEF 14A2026-03-050001999371-26-005123Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t61 · r14 · c26 · span 749665–749674
7Section 03, Ryan Gosney PSUDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t61 · r16 · c26 · span 762905–762912
8Section 03, Ron Gusek RSUDEF 14A0001999371-26-005123Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, Ron Gusek PSUDEF 14A0001999371-26-005123Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, R. Sean Elliott PSUDEF 14A2026-03-050001999371-26-005123Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t61 · r13 · c26 · span 743410–743417
11Section 03, Christopher Wright RSUDEF 14A2026-03-050001999371-26-005123Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t61 · r4 · c24 · span 685391–685401
12Section 03, Ron Gusek PSUDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t61 · r7 · c26 · span 704450–704459
13Section 03, Ryan Gosney RSUDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t61 · r16 · c26 · span 762905–762912
14Section 03, Ron Gusek RSUDEF 14A2026-03-050001999371-26-005123Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t61 · r7 · c26 · span 704450–704459
15Section 07, pay ratioDEF 14A2026-03-050001999371-26-005123Section “CEO Pay Ratio”. As printed: 37 : 1. Filing ↗
16Section 08, William F. KimbleDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 454,228. Filing ↗machine: span 981831–981838
17Section 08, Peter A. DeaDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 316,103. Filing ↗machine: span 978667–978674
18Section 08, Gale A. NortonDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 316,103. Filing ↗machine: span 991339–991346
19Section 08, Cary D. SteinbeckDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 313,603. Filing ↗machine: span 997756–997763
20Section 08, Simon AyatDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 306,103. Filing ↗machine: span 972337–972344
21Section 08, Ken BabcockDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 303,603. Filing ↗machine: span 975353–975360
22Section 08, Arjun MurtiDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 278,311. Filing ↗machine: span 988023–988030
23Section 08, Audrey RobertsonDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 240,802. Filing ↗
24Section 08, Alice YakeDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 58,713. Filing ↗machine: span 1000692–1000698
25Section 08, Ron GusekDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 0. Filing ↗
26Section 08, Christopher A. WrightDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, James R. McDonaldDEF 14A2026-03-050001999371-26-005123Section “Director Compensation”. As printed: 0. Filing ↗machine: t71 · r6 · c10 · span 984985–984987
28Section 06, 2026 voteForm 8-K2026-04-170001694028-26-000016Item 5.07 · say-on-pay result. As reported: 98.32% (votes for as printed: 137,886,808). Filing ↗
29Section 06, 2025 voteForm 8-K2025-04-210001694028-25-000088Item 5.07 · say-on-pay result. As reported: 98.41% (votes for as printed: 139,465,988). Filing ↗
30Section 06, 2024 voteForm 8-K2024-04-190001694028-24-000034Item 5.07 · say-on-pay result. As reported: 98.27% (votes for as printed: 145,842,406). Filing ↗
31Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
32Section 09b board cost (computed)ComputedcomputedCash 950,556 + equity 1,637,013 + all other 0 = 2,587,569, summed across the director compensation table rows.machine: formula: Σ = 2,587,569
33Halliburton Company, Section 10b CEO totalDEF 14A2026-03-310000045012-26-000033CEO total compensation as printed in Halliburton Company's own proxy. As printed: 16,525,407. Filing ↗machine: t159 · r2 · c18 · span 2610544–2610554
34Patterson-UTI Energy, Inc., Section 10b CEO totalDEF 14A2026-04-130000889900-26-000020CEO total compensation as printed in Patterson-UTI Energy, Inc.'s own proxy. As printed: 12,077,321. Filing ↗machine: span 571078–571088
35Helmerich & Payne, Inc., Section 10b CEO totalDEF 14A2026-01-220001104659-26-005786CEO total compensation as printed in Helmerich & Payne, Inc.'s own proxy. As printed: 9,010,799. Filing ↗machine: r1 · c42 · span 1420313–1420322
36Liberty Energy (subject), Section 10b CEO totalDEF 14A2026-03-050001999371-26-005123CEO total compensation as printed in Liberty Energy's own proxy. As printed: 4,793,487. Filing ↗machine: r5 · c14 · span 606395–606404
37RPC, Inc., Section 10b CEO totalDEF 14A2026-03-180001104659-26-030766CEO total compensation as printed in RPC, Inc.'s own proxy. As printed: 3,192,075. Filing ↗machine: t142 · r9 · c14 · span 742140–742149
38ProFrac Holding Corp., Section 10b CEO totalDEF 14A2026-04-270001104659-26-049044CEO total compensation as printed in ProFrac Holding Corp.'s own proxy. As printed: 1,382,583. Filing ↗machine: r3 · c35 · span 312739–312748
39Section 10a, Patterson-UTI Energy, Inc. reciprocityDEF 14A0001628280-25-017335Patterson-UTI Energy, Inc. names Liberty Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Helmerich & Payne, Inc. reciprocityDEF 14A0001104659-26-005786Helmerich & Payne, Inc.'s most recent proxy was read; its disclosed peer group does not include Liberty Energy. Filing ↗
41Section 10a, Halliburton Company reciprocityDEF 14A0000045012-26-000033Halliburton Company names Liberty Energy in its own disclosed peer group (read from its most recent proxy). Filing ↗