Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-28

Permian Resources (PR)

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.

$11,432,842
William Hickey III total, FY2025
54th
CEO pay percentile vs peers
73:1
CEO-to-median pay ratio
99.22%
Say-on-pay support, latest vote
Companies that benchmark against PR
8 companies name PR as a compensation peer

Each company listed discloses PR 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 PR 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
William Hickey III$0$0$11,432,842$0$0$0$11,432,842
Co Chief Executive Officer
James Walter0011,432,84200011,432,842
Co Chief Executive Officer
Guy Oliphint475,00004,063,5570712,50014,5095,265,566
Executive Vice President and Chief Financial Officer
Robert Shannon395,83304,063,5570480,00023,5004,962,890
Executive Vice President and Chief Accounting Officer
John Bell400,00004,063,5570480,00015,2754,958,832
Executive Vice President, General Counsel and Secretary

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
William Hickey III$11,432,842
James Walter11,432,842
Guy Oliphint5,265,566
Robert Shannon4,962,890
John Bell4,958,832

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
Guy OliphintRSU38,787$562,799
John BellPSU11,364151,515454,5452,959,088
Robert ShannonRSU38,787562,799
John BellRSU38,787562,799
Robert ShannonPSU11,364151,515454,5452,959,088
Robert ShannonRSU37,879541,670
John BellRSU37,879541,670
William Hickey IIIPSU43,905585,3991,756,19711,432,842
Guy OliphintPSU11,364151,515454,5452,959,088
James WalterPSU43,905585,3991,756,19711,432,842
Guy OliphintRSU37,879541,670
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Guy Oliphint$1,104,469$2,959,088$072.8%
John Bell1,104,4692,959,088072.8%
Robert Shannon1,104,4692,959,088072.8%
William Hickey III011,432,8420100.0%
James Walter011,432,8420100.0%

% 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
Robert ShannonPSU192,390$2,699,232
James WalterRSU1,756,19724,639,444
John BellPSU199,7882,803,026
Guy OliphintRSU33,827474,593
John BellRSU19,028266,963
Guy OliphintRSU38,787544,182
Robert ShannonRSU18,323257,072
John BellRSU37,879531,442
Guy OliphintPSU355,1794,983,161
John BellPSU454,5456,377,266
Guy OliphintRSU33,871475,210
James WalterRSU1,787,84425,083,451
William Hickey IIIRSU1,756,19724,639,444
Guy OliphintPSU454,5456,377,266
Robert ShannonPSU454,5456,377,266
John BellRSU38,787544,182
Robert ShannonRSU38,787544,182
Guy OliphintRSU37,879531,442
Robert ShannonRSU37,879531,442
William Hickey IIIRSU1,787,84425,083,451
05

Incentive-plan design — the Compensation Discussion & Analysis

The most noteworthy feature to our program is that our Co CEOs do not receive any form of cash compensation and instead receive 100% of their compensation in the form of long term incentive awards structured as PSUs.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-19671,484,0235,284,1211,248,31199.22%Passed
20252025-05-21613,236,61715,546,35411,940,56397.53%Passed
20242024-05-22526,992,530133,304,807888,36079.81%Passed
20212021-04-28164,564,658971,5883,004,71399.41%Passed
20202020-04-29167,856,25044,376,88058,83379.09%Passed
20192019-05-01255,805,440870,607332,25899.66%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
20262026-05-1999.22%a
20252025-05-2197.53%b
20242024-05-2279.81%c

a. Approved under the standard stated in the filing — “If you abstain for purposes of these proposals, your abstention will not be counted as a vote cast and, therefore, will not have an effect on the results of such vote.”.

b. Approved under the standard stated in the filing — “If you abstain for purposes of these proposals, your abstention will not be counted as a vote cast and, therefore, will not have an effect on the results of such vote.”.

c. Approved under the standard stated in the filing — “If you abstain for purposes of these proposals, your abstention will not be counted as a vote cast and, therefore, will not have an effect on the results of such vote.”.

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)73 : 1
CEO total compensation$11,432,842
Median employee compensation$155,801
09

Board fee structure and ownership guideline

Annual cash retainer$87,500
Annual equity retainer$200,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)22,500 / 20,000 / 15,000
Stock ownership guideline$612,500
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.

10a

Peer reciprocity

Of the companies Permian Resources 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 Permian Resources.

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
1EQT Corporation2025Toby Rice$1$13,552,232$0$2,535,000$16,087,233
2Diamondback Energy, Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
3Coterra Energy Inc.2024Thomas Jorden1,198,55810,628,85002,500,00014,748,960
4Ovintiv Inc.2025Brendan McCracken1,185,0009,900,00502,136,75013,693,140
5APA Corporation2025John Christmann IV1,300,0006,018,4361,897,9963,454,36013,202,517
6Devon Energy Corporation2025Clay Gaspar938,1259,633,68901,612,00012,566,384
7Permian Resources2025William Hickey III011,432,8420011,432,842
8Expand Energy Corporation2025Domenic Dell'Osso947,3468,890,4449,879,106
9Matador Resources Company2024Joseph Foran1,500,0003,010,30003,900,0008,437,049
10Civitas Resources, Inc.2024M. Christopher Doyle1,431,1506,933,919008,385,769
11Range Resources Corporation2025Dennis Degner932,5006,143,87701,128,0008,375,421
12Antero Resources Corporation2025Michael Kennedy655,4704,325,73401,678,3076,687,656
13Northern Oil and Gas, Inc.2025Nicholas O'Grady925,0002,815,68301,638,5645,602,413
14SM Energy Company2025Elizabeth McDonald576,3692,299,9950536,0244,475,172
Murphy Oil Corporationnot in coverage universe
Magnolia Oil & Gas Corporationnot in coverage universe
Chord Energy Corporationnot 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
Permian Resources150%PSU 100Yes — Relative TSRMeridian Compensation Partners, LLC
Antero Resources Corporation157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
APA Corporation189.8%PSU 60 · Options 20 · RSU 20Yes — Relative TSRPearl Meyer & Partners, LLC
Chord Energy Corporationnot disclosednot disclosednot disclosednot disclosed
Civitas Resources, Inc.not disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Coterra Energy Inc.174%PSU 50 · RSU 50Yes — Relative TSRZayla Partners
Devon Energy Corporation124%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners, LLC
Diamondback Energy, Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
EQT Corporation169%PSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Expand Energy Corporation150%PSU 70 · RSU 30Yes — Absolute Total Shareholder Return (aTSR)Meridian Compensation Partners, LLC
Magnolia Oil & Gas Corporationnot disclosednot disclosednot disclosednot disclosed
Matador Resources Company260%PSU 50 · Cash LTI 50NoMeridian Compensation Partners, LLC
Murphy Oil Corporationnot disclosednot disclosednot disclosednot disclosed
Northern Oil and Gas, Inc.136.5%MSU 88 · RSU 12Yes — 3-Year Absolute TSRWillis Towers Watson
Ovintiv Inc.140%RSU 50 · PSU 50Yes — Relative TSRFW Cook
Range Resources Corporation101%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
SM Energy Company93%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc.

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, William Hickey IIIDEF 14A2026-04-060001658566-26-000062Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 11,432,842. Filing ↗machine: t148 · r2 · c4 · span 951392–951402
2Section 01, James WalterDEF 14A2026-04-060001658566-26-000062Section “2025 SUMMARY COMPENSATION TABLE” · page 49. As printed: 11,432,842. Filing ↗machine: t148 · r5 · c4 · span 957173–957183
3Section 01, Guy OliphintDEF 14A2026-04-060001658566-26-000062Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 5,265,566. Filing ↗machine: t148 · r8 · c7 · span 963551–963560
4Section 01, Robert ShannonDEF 14A2026-04-060001658566-26-000062Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 4,962,890. Filing ↗machine: t148 · r14 · c7 · span 975201–975210
5Section 01, John BellDEF 14A2026-04-060001658566-26-000062Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 4,958,832. Filing ↗machine: t148 · r11 · c7 · span 969361–969370
6Section 03, Guy Oliphint RSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t151 · r10 · c7 · span 1007000–1007006
7Section 03, John Bell PSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t122 · r5 · c1 · span 800980–800987
8Section 03, Robert Shannon RSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t151 · r18 · c7 · span 1021541–1021547
9Section 03, John Bell RSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t151 · r14 · c7 · span 1014124–1014130
10Section 03, Robert Shannon PSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t122 · r6 · c1 · span 802483–802490
11Section 03, Robert Shannon RSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t122 · r6 · c4 · span 802991–802997
12Section 03, John Bell RSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t122 · r5 · c4 · span 801392–801398
13Section 03, William Hickey III PSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t122 · r2 · c1 · span 796670–796677
14Section 03, Guy Oliphint PSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t122 · r4 · c1 · span 799546–799553
15Section 03, James Walter PSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t122 · r3 · c1 · span 798108–798115
16Section 03, Guy Oliphint RSUDEF 14A2026-04-060001658566-26-000062Section “GRANTS OF PLAN‑BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t122 · r4 · c4 · span 799958–799964
17Section 07, pay ratioDEF 14A2026-04-060001658566-26-000062Section “CEO Pay Ratio”. As printed: 73 : 1. Filing ↗machine: span 1170919–1170926
18Section 06, 2026 voteForm 8-K2026-05-190001658566-26-000075Item 5.07 · say-on-pay result. As reported: 99.22% (votes for as printed: 671,484,023). Filing ↗
19Section 06, 2025 voteForm 8-K2025-05-210001658566-25-000044Item 5.07 · say-on-pay result. As reported: 97.53% (votes for as printed: 613,236,617). Filing ↗
20Section 06, 2024 voteForm 8-K2024-05-220001193125-24-145088Item 5.07 · say-on-pay result. As reported: 79.81% (votes for as printed: 526,992,530). Filing ↗
21Section 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
22EQT Corporation, Section 10b CEO totalDEF 14A2026-02-260001104659-26-020027CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. Filing ↗machine: r1 · c48 · span 1446364–1446374
23Diamondback Energy, Inc., Section 10b CEO totalDEF 14A2026-04-090001308179-26-000242CEO total compensation as printed in Diamondback Energy, Inc.'s own proxy. As printed: 14,931,423. Filing ↗machine: t243 · span 824819–824829
24Coterra Energy Inc., Section 10b CEO totalDEF 14A2025-03-200001104659-25-026126CEO total compensation as printed in Coterra Energy Inc.'s own proxy. As printed: 14,748,960. Filing ↗machine: t61 · r1 · c63 · span 936374–936384
25Ovintiv Inc., Section 10b CEO totalDEF 14A2026-03-250001193125-26-124351CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. Filing ↗machine: r3 · c31 · span 1274573–1274583
26APA Corporation, Section 10b CEO totalDEF 14A2026-04-090001193125-26-149453CEO total compensation as printed in APA Corporation's own proxy. As printed: 13,202,517. Filing ↗machine: t67 · r2 · c24 · span 1213765–1213775
27Devon Energy Corporation, Section 10b CEO totalDEF 14A2026-05-280001104659-26-067065CEO total compensation as printed in Devon Energy Corporation's own proxy. As printed: 12,566,384. Filing ↗machine: r1 · c22 · span 1488697–1488707
28Permian Resources (subject), Section 10b CEO totalDEF 14A2026-04-060001658566-26-000062CEO total compensation as printed in Permian Resources's own proxy. As printed: 11,432,842. Filing ↗machine: t148 · r2 · c4 · span 951392–951402
29Expand Energy Corporation, Section 10b CEO totalDEF 14A2026-04-240001104659-26-048155CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. Filing ↗
30Matador Resources Company, Section 10b CEO totalDEF 14A2025-04-280001520006-25-000125CEO total compensation as printed in Matador Resources Company's own proxy. As printed: 8,437,049. Filing ↗machine: r2 · c6 · span 2079441–2079451
31Civitas Resources, Inc., Section 10b CEO totalDEF 14A2025-04-210001558370-25-005077CEO total compensation as printed in Civitas Resources, Inc.'s own proxy. As printed: 8,385,769. Filing ↗machine: t156 · r5 · c14 · span 1210375–1210384
32Range Resources Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134699CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. Filing ↗machine: span 2305762–2305771
33Antero Resources Corporation, Section 10b CEO totalDEF 14A2026-04-230001308179-26-000330CEO total compensation as printed in Antero Resources Corporation's own proxy. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
34Northern Oil and Gas, Inc., Section 10b CEO totalDEF 14A2026-04-100001104485-26-000013CEO total compensation as printed in Northern Oil and Gas, Inc.'s own proxy. As printed: 5,602,413. Filing ↗machine: t117 · r4 · c12 · span 550610–550619
35SM Energy Company, Section 10b CEO totalDEF 14A2026-04-080000893538-26-000048CEO total compensation as printed in SM Energy Company's own proxy. As printed: 4,475,172. Filing ↗machine: span 673171–673180
36Section 10a, Matador Resources Company reciprocityDEF 14A0001520006-26-000013Matador Resources Company names Permian Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
37Section 10a, EQT Corporation reciprocityDEF 14A0001104659-26-020027EQT Corporation names Permian Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
38Section 10a, Devon Energy Corporation reciprocityDEF 14A0001104659-26-067065Devon Energy Corporation names Permian Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
39Section 10a, APA Corporation reciprocityDEF 14A0001193125-26-149453APA Corporation's most recent proxy was read; its disclosed peer group does not include Permian Resources. Filing ↗
40Section 10a, Coterra Energy Inc. reciprocityDEF 14A0001104659-25-026126Coterra Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Permian Resources. Filing ↗
41Section 10a, Diamondback Energy, Inc. reciprocityDEF 14A0001308179-26-000242Diamondback Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Permian Resources. Filing ↗
42Section 10a, Northern Oil and Gas, Inc. reciprocityDEF 14A0001104485-26-000013Northern Oil and Gas, Inc. names Permian Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Expand Energy Corporation reciprocityDEF 14A0001104659-26-048155Expand Energy Corporation's most recent proxy was read; its disclosed peer group does not include Permian Resources. Filing ↗
44Section 10a, Ovintiv Inc. reciprocityDEF 14A0001193125-26-124351Ovintiv Inc. names Permian Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Civitas Resources, Inc. reciprocityDEF 14A0001558370-25-005077Civitas Resources, Inc. names Permian Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, SM Energy Company reciprocityDEF 14A0000893538-26-000048SM Energy Company names Permian Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Antero Resources Corporation reciprocityDEF 14A0001308179-26-000330Antero Resources Corporation's most recent proxy was read; its disclosed peer group does not include Permian Resources. Filing ↗
48Section 10a, Range Resources Corporation reciprocityDEF 14A0001193125-26-134699Range Resources Corporation's most recent proxy was read; its disclosed peer group does not include Permian Resources. Filing ↗