Christian Kendall
California ResourcesAbout Christian S. Kendall
Christian S. Kendall (age 58) joined California Resources Corporation’s (CRC) Board in May 2024 and is an independent director. He chairs the Nominating & Governance Committee, serves on the Audit Committee, and sits on the board of CRC’s carbon management subsidiary, Carbon TerraVault Holdings, LLC (CTV). Kendall previously served as President & CEO and a director of Denbury Inc. (through its 2020 bankruptcy, emergence, and the sale to ExxonMobil in Nov 2023). He holds a B.S. in Engineering, Civil Specialty, from the Colorado School of Mines and is a graduate of the Harvard Business School Advanced Management Program.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Denbury Inc. | President & CEO; Director | Jul 2017 – Nov 2023; acquired by ExxonMobil in Nov 2023 | Led through 2020 bankruptcy and emergence; tenure ended at acquisition. |
| Denbury Inc. | Chief Operating Officer | Sep 2015 – Oct 2016 (then President from Oct 2016) | Senior leadership prior to CEO role. |
| Noble Energy | Senior Vice President, Global Operations Services; various international/domestic leadership positions | ~2001–2015 (14-year tenure) | Roles across Eastern Mediterranean, Latin America, Gulf of Mexico. |
| Mobil Oil Corporation | Early career | Began 1989 | Engineering foundation. |
External Roles
| Organization | Role | Start/End | Notes |
|---|---|---|---|
| Carbon TerraVault Holdings, LLC (CRC subsidiary) | Director | Current (2024–) | CTV Board held 5 meetings in 2024. |
| Lupus Foundation of America, Lone Star Chapter | Board member | Current | Non-profit board service. |
Board Governance
- Independence: The Board determined Kendall is independent under NYSE standards.
- Committees and roles: Chair, Nominating & Governance; Member, Audit; Member, CTV Board.
- Meetings and attendance: In 2024, the Board held 11 meetings; each director attended at least 75% of Board and committee meetings during their service. Independent directors held 4 executive sessions.
- Committee activity levels (2024): Audit (7 meetings), Nominating & Governance (4), Sustainability (9), Compensation (7), Finance (6). Kendall serves on Audit and chairs Nominating & Governance.
- Board leadership: Separate Chair and CEO roles; Independent Chair is Tiffany (TJ) Thom Cepak.
- Policies: Overboarding policy limits directors to no more than three other public company boards absent approval; all directors are compliant. CRC prohibits hedging and pledging of company stock.
Fixed Compensation (Director)
| Component | Policy/Structure | 2024 Amount (Kendall) |
|---|---|---|
| Annual cash retainer (non-chair) | $125,000, paid quarterly (Independent Chair: $200,000) [policy] | $115,848 cash fees (reflects partial-year service from May 2024 and committee roles) |
| Committee chair fees | Nominating & Governance Chair: $22,000; Audit/Sustainability/Finance Chair: $31,000 [policy] | Included in cash above (N&G Chair) |
| Committee member fees | Audit/Sustainability/Finance: $16,000; Compensation/N&G: $11,000 [policy] | Included in cash above (Audit member) |
| Equity retainer (RSUs) | $200,000 annual grant; vests on first anniversary; delivery 6 months after Board service ends [policy] | $191,474 grant-date fair value for 2024 RSUs |
| Total 2024 | — | $307,322 total compensation |
Notes: Director RSUs vest after one year; shares are not delivered until six months after the end of Board service.
Performance Compensation (Director Equity)
| Grant date | Instrument | Units | Grant-date fair value | Vesting | Delivery policy |
|---|---|---|---|---|---|
| 5/3/2024 | RSUs | 3,705 | $191,474 | Vest on first anniversary of grant date | Shares delivered 6 months after end of Board service |
Directors do not receive performance-based equity; grants are time-vested RSUs to align with shareholder interests.
Other Directorships & Interlocks
| Entity | Type | Role | Interlock/Notes |
|---|---|---|---|
| Denbury Inc. | Public (prior) | Former Director (ended Nov 2023 at acquisition) | Not a current public directorship; no disclosed interlocks at CRC. |
| Carbon TerraVault Holdings, LLC | CRC subsidiary | Director | Internal subsidiary board; CTV Board had 5 meetings in 2024. |
| Lupus Foundation of America, Lone Star Chapter | Non-profit | Director | Community/charitable role. |
CRC disclosed no Compensation Committee interlocks or insider participation in 2024.
Expertise & Qualifications
- Strategic and operating leadership: Former CEO of Denbury, with COO and President experience; led through restructuring and sale.
- Global operations: 14 years at Noble Energy with international and domestic leadership roles (Eastern Mediterranean, Latin America, Gulf of Mexico).
- Energy sector depth: Career spanning Mobil, Noble, Denbury—relevant to CRC’s E&P and carbon management strategy via CTV.
- Education: B.S. Engineering (Civil Specialty), Colorado School of Mines; Harvard Business School Advanced Management Program.
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (3/10/2025) | 20,895 shares (≈0.02% of outstanding) |
| Outstanding unvested director RSUs (12/31/2024) | 3,705 RSUs (from 2024 grant) |
| Anti-hedging/anti-pledging | CRC prohibits hedging and pledging of company securities for directors, officers, employees. |
| Director equity delivery | Vested director RSUs delivered 6 months after end of Board service. |
Governance Assessment
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Strengths
- Independent director with leadership role as Nominating & Governance Committee Chair; also serves on Audit (enhances oversight of independence, conflicts, and financial reporting).
- Positive engagement cadence: Board held 11 meetings; directors met attendance threshold (≥75%); independent directors held 4 executive sessions in 2024.
- Ownership alignment via annual RSU grant; anti-hedging/pledging policy strengthens alignment and reduces risk of misaligned incentives.
- No disclosed related-party transactions involving Kendall; 2024 related-party items did not identify him.
-
Potential Risks / RED FLAGS
- Prior bankruptcy involvement: As CEO of Denbury during its 2020 bankruptcy (later sold to ExxonMobil in Nov 2023). While industry-driven, it is a governance risk flag to monitor in assessing risk appetite and restructuring experience.
- Concentration on subsidiary board (CTV): He also serves on CTV’s board (5 meetings in 2024). While relevant expertise, dual roles warrant attention to ensure robust subsidiary oversight and segregation from management execution.
-
Context signals
- CRC’s governance practices include majority independent board, separate Chair/CEO, overboarding limits, and independent committees.
- 2024 say-on-pay support exceeded 95%, indicating broad investor approval of compensation design and governance alignment (context for overall board effectiveness).
No hedging/pledging permitted; no poison pill; annual director elections; annual self-evaluations—policies supportive of investor confidence.
Appendix: Reference Policies and Committee Scopes (selected)
- Audit Committee: Financial reporting oversight, auditor appointment, internal controls, cybersecurity, and related-party reviews (all members independent; Veltmann designated financial expert).
- Nominating & Governance: Director independence determinations, board/committee evaluations, board composition/refreshment, overboarding policy oversight (Kendall chairs).
All citations: