Daniel Harrison
COMSTOCK RESOURCESAbout Daniel Harrison
Daniel S. Harrison is Chief Operating Officer of Comstock Resources (COO since 2019; with CRK since 2008). He holds a B.S. in Petroleum Engineering from Louisiana State University (1985) and is age 61 per CRK’s 2024 Form 10-K executive roster and biography . In 2024, company performance against the annual plan included EBITDAX of $850 million, strong operating cost improvement (7%), well cost efficiency ($1,506/ft), reserve replacement of 170%, and top-decile relative TSR, driving a 132% of target annual bonus payout for NEOs . As COO, Harrison leads drilling and completions execution; recent calls highlight D&C cost reductions (~10% lower vs end-2024 levels), improved completion designs (tighter stage spacing), record lateral lengths, and strong IPs in Western Haynesville, supporting operational value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Comstock Resources | Chief Operating Officer | 2019–Present | Leads drilling/completions; drove D&C efficiencies, tighter frac stage spacing, and strong IPs in Western Haynesville; emphasized cost control and drawdown strategies . |
| Comstock Resources | VP of Operations | 2017–2019 | Oversaw drilling, completions and production operations during Haynesville development ramp . |
| Comstock Resources | Engineering/Operations roles | 2008–2017 | Progressively senior engineering/operations positions . |
| Cimarex Energy | Operations Engineer | 2005–2008 | Operations engineering in E&P . |
External Roles
No external public company board roles or committee positions for Harrison are disclosed in CRK’s 10-K or proxy statements .
Fixed Compensation
Multi-year compensation for Daniel S. Harrison (NEO) as reported:
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $483,000 | $500,000 | $550,000 |
| Special/Discretionary Bonus | — | — | $908,119 (one-time transaction bonus for 2024 acreage deals) |
| Stock Awards (grant-date fair value; RS + PSUs) | $1,209,225 | $1,195,909 | $1,560,619 |
| Non-Equity Incentive Plan (Annual Bonus) | $782,460 | $279,000 | $653,400 |
| Non-Qualified Deferred Comp “above-market” earnings | — | $15,290 | $13,635 |
| All Other Compensation (401k match, life insurance, perqs) | $21,195 | $23,124 | $24,525 |
| Total | $2,495,880 | $2,013,323 | $3,710,298 |
Additional 2024 base salary benchmarking: Harrison’s base salary increased 10% from $500,000 (2023) to $550,000 (2024) .
Perquisites and benefits detail (2024): 401(k) match $20,700; life insurance $3,825; no personal aircraft use .
Executive Life Insurance Plan (non-qualified deferred compensation, 2024): Company contribution $58,813; aggregate earnings $27,711; year-end balance $359,872 .
Performance Compensation
Annual Incentive Plan Design (COO)
| Plan Year | Threshold | Target | Maximum |
|---|---|---|---|
| 2024 (as % of salary and $) | 45% ($247,500) | 90% ($495,000) | 180% ($990,000) |
| 2023 (as % of salary and $) | 45% ($225,000) | 90% ($450,000) | 180% ($900,000) |
2024 performance metrics, weightings, targets, and outcomes (company-level; NEOs paid 132% of target on aggregate):
| Metric | Weight | Target Framework | Company Actual | Payout vs Target |
|---|---|---|---|---|
| Return on Avg Equity | 15% | >=1% (target) | (3)% | 0% |
| EBITDAX | 15% | >=$900mm (target) | $850mm | 88% |
| Operating Cost Improvement | 15% | >=3.5% (target) | 7% | 200% |
| Well Cost Efficiency ($/ft) | 10% | <$1,575 (target) | $1,506 | 135% |
| Relative TSR (vs peer set) | 15% | >50th pctile (target) | 100% (peer percentile) | 200% |
| Reserve Replacement % | 15% | 110% (target) | 170% | 186% |
| Other Key Objectives | 15% | Qualitative | 4 of 5 achieved | 115% |
| Total Weighted Outcome | — | — | — | 132% |
2023 achievement snapshot (for context): Weighted outcome 62% of target; details include ROAE 6% (57%), EBITDAX $928mm (82%), leverage 2.9x (0%), well cost $1,543/ft (116%), reserve replacement 109% (99%), other key objectives 100% .
Long-Term Incentives (RS/PSUs)
Grant calendar and vesting terms:
| Grant Date | Instrument | Target/Granted | Vesting/Performance | Grant-Date Value |
|---|---|---|---|---|
| Feb 19, 2024 | Restricted Stock | 90,105 sh | 1/3 on Feb 18, 2025/2026/2027 | $687,501 |
| Feb 19, 2024 | PSUs | 90,105 target units (45,053 thr; 180,210 max) | 3-yr relative TSR vs peer/index; 20th/50th/90th pctile → 0.5x/1.0x/2.0x; ends Feb 18, 2027 | $873,117 |
| Jun 6, 2023 | Restricted Stock | 51,020 sh | 1/3 on Jun 5, 2024/2025/2026 | $499,996 |
| Jun 6, 2023 | PSUs | 51,020 target units (25,510 thr; 102,040 max) | Relative TSR; 3-yr to Jun 5, 2026 | $695,913 |
| Jun 16, 2022 | PSUs | 57,500 (YE24 o/s shown at max modeling) | Relative TSR; 3-yr to Jun 16, 2025 | (market value at YE24) $1,047,650 |
| Jun 13, 2022 | Restricted Stock | 9,584 sh | Vests Jun 13, 2025 | (market value at YE24) $174,620 |
Stock vested and value realized in 2024:
| 2024 Vesting | Shares Vested | Value Realized |
|---|---|---|
| Restricted Stock | 51,934 | $602,697 |
| PSUs | 140,765 | $1,646,951 |
Outstanding unvested awards at 12/31/2024 (market value @ $18.22):
| Type | Year | Unvested Units | Market Value |
|---|---|---|---|
| Restricted Stock | 2022 | 9,584 | $174,620 |
| Restricted Stock | 2023 | 34,014 | $619,735 |
| Restricted Stock | 2024 | 90,105 | $1,641,713 |
| PSUs | 2022 (to 6/16/2025) | 57,500 | $1,047,650 (assumes max in table presentation) |
| PSUs | 2023 (to 6/5/2026) | 102,040 | $1,859,169 (assumes max in table presentation) |
| PSUs | 2024 (to 2/18/2027) | 180,210 | $3,283,426 (assumes max in table presentation) |
Notes: Company did not grant stock options to NEOs and no options are outstanding .
Equity Ownership & Alignment
- Beneficial ownership (common stock):
- 644,989 shares (as of April 15, 2024; <1% outstanding)
- 754,430 shares (as of April 7, 2025; <1%)
- Stock ownership guidelines: 3x base salary for “all other executive officers” (CEO/President: 5x); five years to comply; if not met, must retain at least 50% of net shares from vesting; company states all directors/executives have met or are within the initial 5-year period .
- Hedging/shorting prohibited for directors, officers, and employees .
- Pledging: No explicit pledging policy disclosure found in the proxy excerpts; not referenced in cited sections .
- Section 16 compliance: Company reports timely filings for officers/directors in 2024 (one late Form 4 for a director; not Harrison) .
Employment Terms
- Employment agreements: Only CEO and President have employment agreements with severance/CIC terms; no such agreement is disclosed for Harrison .
- Change-in-control (CIC) and termination:
- Under the 2019 LTIP, equity awards vest on CIC if not assumed, or on termination without cause/for good reason following CIC (double trigger) .
- Hypothetical as of 12/31/2024: Value of Harrison’s unvested stock awards that would accelerate on qualifying termination/CIC: $8,626,314; no cash severance or benefits for Harrison indicated (COO) .
- Clawback: Company highlights adoption of clawback policies and elimination of excise/tax gross-ups in compensation plans .
Performance & Track Record
- Operational execution under Harrison:
- D&C costs down ~10% vs late 2024 levels, aided by lower pipe prices and service costs; continued focus on drilling efficiency and completion cadence .
- Completions “tighter stage spacing” approach piloted (e.g., Elijah 1H) showing strong early performance; three wells among best looking wells; record initial production rates cited .
- Western Haynesville: Five wells turned to sales in 2025 YTD (as of Q2 call), strong average lateral lengths and IPs; record long laterals and fastest TD metrics on record (e.g., 12,763’ longest lateral; 37 days to TD; legacy average IP ~25 MMcf/d) .
- Strategic initiatives: Continued delineation and derisking of Western Haynesville; midstream buildout and treating capacity expansion; balanced activity across Western/Legacy Haynesville .
- Annual incentive outcomes reflect 2024 operational wins: high payout on Operating Cost Improvement (200%), Well Cost Efficiency (135%), Relative TSR (200%), Reserve Replacement (186%); financial metrics weighed down by natural gas prices (EBITDAX 88%; ROAE 0%) .
Compensation Structure Analysis
- Cash vs equity mix: 2024 saw higher at-risk compensation vs 2023 (non-equity plan $653k vs $279k; equity grant value $1.56mm vs $1.20mm) plus a one-time $908k transaction bonus tied to 2024 acreage acquisitions .
- Shift in LTI: Continued use of RS + PSUs; no options; PSUs tied to 3-year relative TSR with 0x–2x payouts; 2024 peer/index group includes Antero, CNX, Coterra, EQT, Range, Silverbow, Southwestern, and the SPDR S&P Oil & Gas E&P ETF .
- Governance features: Ownership guidelines, clawback, anti-hedging, and elimination of tax gross-ups; independent committee with outside consultant; strong say-on-pay support (99% in 2023) .
Equity Incentive Peer Group and Targets
- PSU metric: relative TSR vs natural gas producer peer/index group with threshold/target/max at 20th/50th/90th percentile mapping to 0.5x/1.0x/2.0x earnout over three years .
- 2024 relative TSR outcome: achieved 100th percentile (maximum), yielding 200% payout for that metric in the annual plan (separate from PSU program) .
Insider Selling/Vesting Pressure
- 2024 vesting created supply from 140,765 PSUs and 51,934 RS shares vesting (many awards are net-settled for tax and do not imply open-market selling) .
- Beneficial ownership rose from 644,989 (Apr 15, 2024) to 754,430 (Apr 7, 2025), indicating net accumulation over the period (<1% of outstanding) .
- Hedging prohibited; no explicit pledging disclosure located in cited filings .
Investment Implications
- Alignment: High equity exposure (large unvested RS/PSUs through 2027) and ownership guidelines support alignment; anti-hedging and clawback further strengthen governance .
- Retention: Absence of a bespoke severance agreement for the COO and reliance on double-trigger equity protection suggest retention levers are primarily unvested awards; accelerated vesting value on CIC/termination is material ($8.6mm as of YE24) .
- Performance linkage: Annual bonus tied to cost, efficiency, reserve replacement, and TSR metrics; 2024 payouts (132% of target) reflect operational execution despite softer gas-price-driven financial metrics .
- Overhang/Supply: Annual vesting and PSU settlements create episodic supply; however, rising beneficial ownership suggests net retention/accumulation by Harrison over the last year .
- Governance/Pay risk: No options or option repricing risk; no tax gross-ups; strong say-on-pay support (99%) indicates low governance friction with investors .