Brendan E. Krueger
Chief Financial Officer, Senior Vice President—Finance and Treasurer at AR
Executive
About Brendan E. Krueger
Brendan E. Krueger is Chief Financial Officer, Senior Vice President – Finance and Treasurer of Antero Resources Corporation, appointed effective August 14, 2025 . He signed SOX 302/906 certifications for AR’s Q3 2025 Form 10‑Q, indicating responsibility for disclosure controls and fair presentation of financials . Company performance during his tenure includes Q3 2025 net income of $76 million, Adjusted EBITDAX of $318 million, and Free Cash Flow of $91 million, with $182 million of 2025 debt reduction and $163 million in share repurchases as disclosed in the Q3 2025 press release .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Antero Resources Corporation | Treasurer | Prior to Aug 14, 2025 – Present (start date not disclosed) | Continued oversight of treasury alongside CFO/SVP–Finance appointment |
External Roles
No public company or external board roles disclosed in 2025 proxy or 2025 8‑K/10‑Q filings reviewed.
Fixed Compensation
| Component | Value | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $645,000 | Retroactive to Aug 14, 2025 | Aggregate salary for services to AR and Antero Midstream |
| Target Annual Bonus | 100% of base salary | Retroactive to Aug 14, 2025 | Aggregate target for AR and Antero Midstream |
Performance Compensation
| Metric | Weighting | Target | Actual/Payout Reference | Vesting/Structure |
|---|---|---|---|---|
| Annual Incentive Plan (2025 structure mirrors 2024) | Mixed weights (see below) | As set annually | 2024 plan paid 186.9% of target at company level | Annual cash bonus based on pre‑set goals |
| Operational Strategy – Budgeted D&C Capital | 25% (part of two 50% operational items) | Budget compliance | 200% scoring in 2024 | Annual plan |
| Operational Strategy – Budgeted Production Volumes (MMcfe/d) | 25% (part of two 50% operational items) | Budget compliance | 200% scoring in 2024 | Annual plan |
| Net Debt/EBITDAX | 20% | 2.0x target | 161.1% scoring in 2024 | Annual plan; PSU also uses multiple with 1.5x max/2.0x target/>2.5x floor |
| Total Net Debt | 25% | Absolute reduction | 200% scoring in 2024 | Annual plan |
| Cash Costs | 10%–12% (weighted score 11.8%) | Cost containment | 118.1% scoring in 2024 | Annual plan |
| ESG Scorecard | 30% qualitative | Committee assessment | 200% scoring in 2024 | Annual plan |
| Long‑Term Incentive – PSUs (Absolute TSR) | 50% of LTI mix for NEOs | 10% target TSR; 20% max TSR | Earns 0–200% per period; multiple performance periods | Quarterly/annual/three‑year windows ending 2025–2028 |
| Long‑Term Incentive – PSUs (Net Debt/EBITDAX) | 50% of LTI mix for NEOs | 2.0x target; 1.5x max | Earns 0–200% per year | Three annual periods 2024–2026 |
| Long‑Term Incentive – RSUs | Time‑based | 33% per year over 3 years | N/A | Retention/three‑year ratable vest |
Note: Individual 2025 grants and payouts for Mr. Krueger were not disclosed in filings reviewed.
Equity Ownership & Alignment
- Stock ownership guidelines: CFOs must hold at least 5x annual base salary in AR common stock within five years of becoming an executive officer . Compliance status for Mr. Krueger was not disclosed.
- Hedging/pledging: AR prohibits hedging and pledging of company stock under its Insider Trading Policy .
- Clawback: AR adopted a NYSE‑compliant incentive compensation recovery policy effective November 30, 2023, applying to executive officers including the CFO and covering the prior three completed fiscal years in the event of a restatement .
Employment Terms
| Term | Details |
|---|---|
| Employment Status | Appointed CFO/SVP–Finance & Treasurer effective Aug 14, 2025 |
| Executive Severance Plan (adopted Sept 17, 2025) | Designated participant (CFO) |
| Severance – No Cause or Good Reason | Lump sum equal to 3x (highest base salary over prior 3 years + Target Annual Bonus); unpaid prior annual bonus; pro‑rata Target Annual Bonus; 18 months continued health benefits paid by AR plus a cash payment equal to the cost of an additional 18 months |
| Severance – Death | Same benefit structure as above |
| Conditions | Release of claims; 1‑year non‑compete and non‑solicit; confidentiality, defense of claims, non‑disparagement |
| Change‑in‑Control equity treatment | AR LTIP provides accelerated vesting mechanics for time‑based RSUs/options and specified treatment for PSUs upon death, disability or change‑in‑control; details by award year/type (TSR and Net Debt/EBITDAX) |
Investment Implications
- Pay‑for‑performance alignment appears robust at the company level: annual bonus metrics tied to operational execution, leverage and cash costs, with 2024 payout at 186.9% driven by strong performance; 2025 incentive structure mirrors 2024, indicating continued emphasis on deleveraging and efficiency .
- Governance safeguards lower compensation risk: prohibitions on hedging/pledging and a NYSE‑compliant clawback covering the CFO reduce downside governance risk and potential misalignment .
- Retention and exit economics: adoption of a broad Executive Severance Plan with 3x cash severance plus benefits for no‑cause/good‑reason terminations and death introduces meaningful protection and retention hooks; one‑year non‑compete/non‑solicit mitigates near‑term transition risk but increases potential cash obligations if leadership changes occur .
- Performance linkage in LTI could create vest‑related trading windows: PSU hurdles on absolute TSR and Net Debt/EBITDAX across multi‑year periods and ratable RSU vesting can create predictable vest dates; however, Mr. Krueger’s specific award quantities/vesting calendar were not disclosed, limiting near‑term insider selling pressure analysis .
- Execution track record signals disciplined capital allocation: Q3 2025 disclosures emphasize debt reduction ($182 million), accretive bolt‑on acquisitions (~$260 million), and buybacks ($163 million), supporting shareholder returns under Mr. Krueger’s finance leadership .