Peter Dea
Antero MidstreamAbout Peter A. Dea
Independent Class I director (age 71), serving since 2019. Dea is Co‑Founder and Executive Chairman of Confluence Resources LP (since Sept 2016) and Co‑Founder, President & CEO of Cirque Resources LP (since May 2007), with prior CEO/Chairman roles at Western Gas Resources (merged into Anadarko in 2006) and Barrett Resources (sold to Williams in 2001), bringing 40+ years of E&P leadership experience. Current public company boards: Ovintiv Corporation and Liberty Energy Inc.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Confluence Resources LP | Co‑Founder & Executive Chairman | Sep 2016–present | Leadership of private E&P; strategic oversight |
| Cirque Resources LP | Co‑Founder, President & CEO | May 2007–present | Built and operated private E&P platform |
| Western Gas Resources, Inc. | President, CEO & Director | 2001–2006 | Led company through merger into Anadarko |
| Barrett Resources Corporation | CEO (1999), Chairman (2000) | 1999–2001 | Led sale to Williams Companies; earlier technical/executive progression |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ovintiv Inc. | Director | Not disclosed | Energy E&P board oversight |
| Liberty Energy Inc. | Director | Not disclosed | OFS sector board oversight |
Board Governance
- Independence: The Board determined all directors except CEO Paul Rady and SVP‑Finance Michael Kennedy are independent under NYSE standards; Dea is independent. Eight of ten directors are independent .
- Committees: Compensation Committee member; Conflicts Committee member. Compensation Committee met 5 times in 2024; Conflicts Committee had no meetings in 2024. All Compensation Committee members meet heightened NYSE/SEC independence; Conflicts Committee addresses AM/AR conflict matters .
- Attendance and engagement: Board held 10 meetings; outside directors held 4 executive sessions; no director attended fewer than 75% of meetings. All directors attended the 2024 Annual Meeting .
- Board structure: Combined Chair/CEO; Lead Director role in place (David H. Keyte), with robust responsibilities and regular executive sessions of non‑management directors .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non‑employee director) | $107,500 | Paid quarterly; directors may elect stock in lieu of cash |
| Committee membership fees – Compensation | $7,500 | Member fee |
| Committee membership fees – Conflicts | $7,500 | Member fee |
| Total cash fees (2024 actual) | $122,500 | Matches Director Compensation table |
| Annual equity grant (fully vested stock) | $142,466 | Granted quarterly in arrears (~$35,625 per quarter) under AM LTIP |
| Total director compensation (2024) | $264,966 | Fees + stock awards |
- Stock ownership guidelines for directors: 5× annual cash retainer within five years (adopted less than five years ago), with time remaining for compliance (Mr. Keenan excluded) .
- Policy restrictions: Company generally prohibits hedging and pledging of company stock .
Performance Compensation
- Non‑employee directors receive fully‑vested stock; there are no performance‑conditioned director equity awards, options, or bonus metrics for directors .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company directorships | Ovintiv Inc.; Liberty Energy Inc. |
| Interlocks/potential conflicts | AM has extensive related‑party agreements with Antero Resources (AR), a 29.1% shareholder that designates board seats; Conflicts Committee (of which Dea is a member) reviews AM/AR conflicts |
Expertise & Qualifications
- Executive leadership of multiple E&P companies; deep operations and policy exposure; over 40 years in oil & gas exploration and production .
- Skills matrix highlights executive leadership, financial literacy, risk management, operations, and industry expertise .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Peter A. Dea | 59,249 | ~0.012% | Based on 478,826,122 shares outstanding as of record date; excludes any unvested grants (director grants are fully‑vested) |
- Director stock ownership guidelines: 5× cash retainer; directors have time remaining to meet the guideline given adoption timing .
- Hedging/pledging: Prohibited by policy, reducing alignment risk concerns .
Insider Trades and Section 16 Compliance
| Item | 2024 Status | Notes |
|---|---|---|
| Section 16(a) filing timeliness | No delinquencies in 2024 | Company reports all insiders filed timely; assisted via POA processes |
Governance Assessment
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Strengths:
- Independent director with deep sector expertise; member of key governance committees (Compensation, Conflicts) meeting heightened independence standards .
- Robust board processes: annual self‑evaluations, executive sessions, majority vote resignation policy, and clear Lead Director responsibilities .
- Director compensation is balanced (cash + fully‑vested stock), with ownership guidelines and prohibitions on hedging/pledging to align with shareholders .
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Potential RED FLAGS / Watch items:
- Related‑party exposure: AM’s material commercial relationships with AR (29.1% holder) across gathering/compression, processing JV, and water services create structural conflicts; oversight relies on Conflicts Committee (incl. Dea) .
- Classified board and supermajority provisions persist from 2019 conversion, which can impede rapid governance change despite prior shareholder approval and proxy advisor support at the time .
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Attendance/engagement: No director fell below 75% attendance in 2024; Dea’s committees met as disclosed (Compensation: 5; Conflicts: —), indicating normal engagement cadence .
Overall, Dea’s independent status, committee roles (especially on Conflicts), and extensive E&P leadership experience support board effectiveness, though investors should continue monitoring related‑party dynamics with AR and the durability of safeguards implemented via the Conflicts Committee.