Daniel Furbee
Amplify EnergyAbout Daniel Furbee
Daniel Furbee is Chief Executive Officer and a director of Amplify Energy (AMPY), appointed July 22, 2025; he previously served as Senior Vice President and Chief Operating Officer since March 2023. He holds a B.S. in Petroleum Engineering from Marietta College, an M.B.A. from the University of Houston, and is a Professional Engineer registered in Texas . Age: 42 as of May 23, 2025; 43 at the time of his CEO appointment in July 2025 . Company performance indicators disclosed in the proxy’s pay-versus-performance table: AMPY TSR value of a fixed $100 investment was 67.46 in 2023 and 101.18 in 2024; GAAP Net Income was $392,750k in 2023 and $12,946k in 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Amplify Energy | Senior Vice President & Chief Operating Officer | Mar 2023–Jul 2025 | Led operations; prior to promotion to CEO |
| Sentinel Petroleum | Partner | Feb 2022–Mar 2023 | Advisory/operating expertise in E&P |
| Independent advisor | Advisor | Jan 2021–Jan 2022 | Advisory for various companies |
| Riviera Resources, Inc. | EVP & Chief Operating Officer | Aug 2018–Dec 2020 | Oversaw operations at a public E&P |
| Linn Energy Inc. | VP, Asset & Business Development | Mar 2018–Aug 2018 | Led asset/business development |
| Sanchez Energy Corporation | VP, Business Development & Asset Development | Sep 2013–Feb 2018 | Business development leadership |
| Linn Energy, LLC | Engineering roles of increasing responsibility | 2005–Aug 2013 | Technical reservoir/operations engineering |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| State of Texas | Professional Engineer (PE) | Current (as of 2025) | Technical credential supporting oversight of operations |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 (current) |
|---|---|---|---|
| Base salary ($) | 280,000 | 397,046 | 453,880 (CEO) |
| Target bonus (% of base) | N/A (not disclosed) | N/A (not disclosed) | 90% |
| Actual cash bonus paid ($) | 62,681 | 16,000 | N/A |
Notes:
- Employment Agreements effective Nov 1, 2023 memorialize initial salary and target bonus; target percentages for 2023/2024 not itemized in proxy .
Performance Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Stock awards ($) | 985,940 | 684,172 | N/A |
| Non‑equity incentive plan ($) | 192,119 | 320,000 | N/A |
| Special PRSU grant (#) | N/A | N/A | 100,000 Target PRSUs granted 7/22/2025 |
Annual cash incentive framework: bonuses are based on achievement of pre‑determined Company financial objectives, subject to Compensation Committee discretion to adjust payments; specific metric weightings and targets were not itemized in the 2025 proxy .
PRSU award mechanics (CEO grant dated Jul 22, 2025):
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| 20‑day VWAP at Performance Period end (Mar 31, 2028) | Not disclosed | Thresholds: $6, $8, $10 | N/A | 50% of Target PRSUs at $6–<$8; 100% at $8–<$10; 200% at ≥$10; linear interpolation in‑between | Vests at period end, subject to continued employment; special vesting on Qualifying Termination (greater of actual or target), and pro‑rata on death/disability |
RSU/PSU vesting (from prior awards):
- RSUs granted Apr 17, 2023 vest in substantially equal installments on each of the first three anniversaries, conditioned on continued employment .
- PSUs have 3‑year performance periods; 2022 awards tracking at max performance (200% of target), 2023 at target (100%) as of Dec 31, 2023 .
Equity Ownership & Alignment
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Beneficial ownership (shares) | — | 20,300 | 39,238 |
| Ownership % of outstanding | — | * % | * % |
| Shares pledged as collateral | Prohibited by policy | Prohibited by policy | Prohibited by policy |
| Stock ownership guidelines | SVP 2× salary; Directors 4× cash retainer | SVP 2× salary; CEO 3× salary; Directors 4× cash retainer | CEO 3× salary; Directors 4× cash retainer |
| Compliance status | Expected to be compliant within 5‑year window | All officers and directors in compliance or expected to be | All officers and directors in compliance or expected to be |
Outstanding Equity Awards (as of 12/31/2023):
| Grant | Not Vested (#) | Market Value ($) | Unearned PSUs (#) | Payout Value ($) |
|---|---|---|---|---|
| 4/17/2023 RSUs | 55,829 | 331,066 | — | — |
| 4/17/2023 PSUs | — | — | 55,829 | 331,066 |
Anti‑hedging/anti‑pledging: The Insider Trading Policy prohibits hedging or pledging AMPY equity; any exception requires approval by the Chief Compliance Officer or General Counsel .
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement effective date | November 1, 2023 (superseded prior agreements) |
| Non‑compete / non‑solicit | 12 months post‑employment; perpetual confidentiality; non‑disparagement; assignment of inventions |
| Good Leaver Termination (non‑CIC) | Accrued amounts; Prior Year Bonus; Pro Rata Bonus Amount (pro‑rated target bonus for year of termination); 2× base salary lump sum within 70 days; up to 12 months health coverage at employee rate (COBRA eligibility) |
| Change‑in‑Control (CIC) within 18 months | Accrued amounts; Prior Year Bonus; Pro Rata Bonus Amount; 2×(base salary + target annual bonus) lump sum; up to 12 months health coverage |
| Equity vesting on termination | Good Leaver (non‑CIC): unvested RSUs fully vest; pro‑rata PSUs vest based on actual performance through the end of the next performance period . Qualifying CIC Termination: unvested RSUs fully vest; PSUs vest based on greater of actual to Measurement Date or target . |
| 280G cutback | “Best‑net” cutback applies to parachute payments to maximize after‑tax benefits |
| CEO appointment terms (2025) | Base salary $453,880; target bonus 90% of base; 100,000 PRSUs with VWAP thresholds; special vesting protections on Qualifying Termination |
Potential Payments Upon Termination or Change of Control (illustrative tables as of 12/31/2023 and 12/31/2024):
| Scenario | 2023 Cash Severance ($) | 2023 Accel. Equity ($) | 2023 Health ($) | 2024 Cash Severance ($) | 2024 Accel. Equity ($) | 2024 Health ($) |
|---|---|---|---|---|---|---|
| Involuntary Termination (non‑CIC) | 1,237,600 | 662,132 | 29,996 | 1,120,000 | 805,080 | 31,839 |
| Termination upon Death or Disability | 254,800 | — | — | 320,000 | — | — |
| Involuntary Termination in connection with CIC | 1,237,600 | 662,132 | 29,996 | 1,760,000 | 1,095,954 | 31,839 |
Board Governance
- Board service: Appointed as a director concurrent with CEO promotion (effective July 22, 2025) .
- Committee roles: The Board’s standing committees (Audit; Compensation; Nominating & Governance) are composed of independent directors; Furbee, as CEO, is not listed as a member of any committee .
- Independence: Board comprises independent directors with an independent Chair (Christopher W. Hamm) and a Lead Independent Director (Clint Coghill); CEO and Chair roles are separate .
- Executive sessions and attendance: Non‑management directors meet regularly in executive session; all directors attended ≥75% of meetings in 2024 .
Investment Implications
- Alignment: The 2025 PRSU grant directly ties vesting outcomes to share price (VWAP) thresholds up to 200% payout at ≥$10, reinforcing a focus on TSR and potentially catalyzing shareholder‑friendly actions to meet price targets .
- Retention and protection: Employment Agreements provide 2× base salary severance (and 2× base + target bonus on CIC), plus accelerated equity under certain terminations—strong retention but with meaningful cost on separation; 280G best‑net cutback moderates parachute risks .
- Ownership and selling pressure: Beneficial ownership increased to 39,238 shares in 2025 from 20,300 in 2024; anti‑hedging/anti‑pledging policy reduces leverage‑driven selling pressure risk; ownership remains <1% of outstanding, limiting hard alignment via stake size .
- Pay mix and discretion: Heavy equity mix and Committee discretion in annual bonuses introduce potential for non‑formulaic payouts; monitor proxy disclosures for any shift toward guaranteed or discretionary comp in down years .
- Governance: Dual role as CEO/director is mitigated by independent Chair and Lead Independent Director; independent committees oversee compensation and audit, reducing governance risk .