Daniel Presley
COMSTOCK RESOURCESAbout Daniel Presley
Daniel K. Presley is Vice President of Accounting, Controller and Treasurer at Comstock Resources, with tenure since 1989 and executive roles since 1991/1997/2013, respectively. He holds a BBA from Texas A&M University (1983) and previously worked at BDO Seidman and independent E&Ps including AmBrit Energy, gaining deep operational accounting and controls experience . Presley is age 64 per FY2024 10-K . Company performance metrics tied to his incentives include 2024 EBITDAX of $850 million (down from $928 million in 2023), reserve replacement of 170%, and TSR leadership vs peers in 2024, resulting in a 132% of target bonus payout to NEOs including Presley .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BDO Seidman | Public Accountant | 2.5 years | External audit training and controls foundation |
| AmBrit Energy, Inc. and other independents | Accounting roles | 6 years | Oil & gas operational accounting experience |
External Roles
No public company board or external governance roles disclosed for Presley .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $300,000 | $310,000 | $325,000 |
| Bonus ($) | — | — | $428,252 (one-time transaction bonus tied to Western Haynesville acreage deals) |
| Non-Equity Incentive Plan ($) | $378,000 | $134,540 | $300,300 |
| Stock Awards (Grant-date fair value, $) | $319,210 | $315,127 | $368,881 |
| NQ Deferred Comp Earnings ($) | — | $147,522 | $163,399 |
| All Other Compensation ($) | $20,306 | $22,387 | $24,951 |
| Total Compensation ($) | $1,017,516 | $929,576 | $1,610,783 |
| Base Salary Policy | 2023 | 2024 |
|---|---|---|
| Annual base salary | $310,000 | $325,000 (+5%) |
| Target bonus (% of salary) | 70% (threshold 35%, max 140%) | 70% (threshold 35%, max 140%) |
| Deferred Compensation (Executive Life Insurance Plan) | 2023 | 2024 |
|---|---|---|
| Company contributions ($) | $34,400 | $32,006 |
| Aggregate earnings ($) | $203,450 | $213,881 |
| Aggregate balance at year-end ($) | $938,392 | $1,184,279 |
Performance Compensation
| 2024 Annual Bonus Metric | Weight | Threshold | Target | Maximum | Actual 2024 | % of Target Earned |
|---|---|---|---|---|---|---|
| Return on Average Equity | 15% | ≥(2%) | ≥1% | ≥3% | (3)% | 0% |
| EBITDAX | 15% | ≥$700mm | ≥$900mm | ≥$1.1bn | $850mm | 88% |
| Operating Cost Improvement | 15% | >2% | ≥3.5% | ≥5% | 7% | 200% |
| Well Cost Efficiency ($/completed lateral ft) | 10% | <1,675 | <1,575 | <1,375 | $1,506 | 135% |
| Relative TSR (percentile) | 15% | >20% | >50% | >90% | 100% | 200% |
| Reserve Replacement (%) | 15% | 75% | 110% | 180% | 170% | 186% |
| Other Key Objectives | 15% | — | — | — | 4 of 5 achieved | 115% |
| Total payout factor | — | — | — | — | — | 132% |
Presley’s realized bonus aligns with plan outcomes:
- 2024: Base $325k; target 70% ($227,500); payout 132% → $300,300
- 2023: Company achieved ROAE 6%, EBITDAX $928mm, reserve replacement 109%, well costs $1,543; aggregate payout 62% of target → Presley bonus $134,540
Equity Ownership & Alignment
| Beneficial Ownership (as of Apr 7, 2025) | Shares | % Outstanding |
|---|---|---|
| Daniel K. Presley | 249,920 | <1% |
| Stock Vested (Shares and Value Realized) | 2023 Restricted | 2023 PSUs | 2024 Restricted | 2024 PSUs |
|---|---|---|---|---|
| Shares acquired on vesting | 16,710 | 29,048 | 13,685 | 37,064 |
| Value realized ($) | $167,514 | $282,381 | $158,813 | $433,649 |
| Outstanding Equity Awards | 12/31/2023 | 12/31/2024 |
|---|---|---|
| RS – Unvested shares | 13,444 | 21,298 |
| RS – Market value ($) | $118,979 (at $8.85) | $388,050 (at $18.22) |
| PSUs – Unvested units | 6,722 (2023 grant target) | 42,596 (2024 grant target max 42,596; target 21,298) |
| PSUs – Market value ($) | $59,490 | $776,099 |
| Key vesting dates | RS: Jun 5, 2024/2025/2026; Jun 13, 2024/2025; Jun 7, 2024 | RS: Feb 18, 2025/2026/2027 |
| PSU performance periods | 2021 PSU ended 2024; 2022 PSU ends 2025; 2023 PSU ends 2026 | 2024 PSU ends Feb 18, 2027 |
| LTI Grants | 2023 RS | 2023 PSUs | 2024 RS | 2024 PSUs |
|---|---|---|---|---|
| Shares/Units | 13,444 RS | 13,444 PSUs (target) | 21,298 RS | 21,298 PSUs (target) |
| Grant-date value ($) | $131,751 RS | $183,376 PSUs | $162,504 RS | $206,378 PSUs |
| Peer group and payout curve | TSR vs gas E&P peers; 50th=100%, 90th=200%, 20th=50% | TSR vs gas E&P peers; 50th=100%, 90th=200%, 20th=50% |
Ownership and alignment policies:
- Stock ownership guidelines: 3x base salary for other executive officers; 5x for CEO/President; retain 50% of net shares until compliant; annual certification; currently all execs attained or in initial five-year period .
- Hedging and short sales prohibited; anti-hedging policy applies to executives .
- No stock options outstanding; plan prohibits option/SAR repricing or cash buyouts of underwater awards .
Employment Terms
| Provision | Presley |
|---|---|
| Employment agreement | Not disclosed; employment agreements apply only to CEO and President |
| Severance multiple | CEO/President: 150% salary+target bonus (no CIC) and 299% with CIC; not applicable to Presley |
| Change-in-control equity treatment | 2019 Plan provides full vesting if awards not assumed, or double-trigger termination post-CIC; Presley value of unvested stock awards in hypothetical 12/31/2022 CIC termination: $1,764,340; no cash severance listed |
| Clawback policy | SEC/NYSE-compliant clawback for restatements and misconduct; recoupment of incentive/severance; award agreements subject to Clawback Policy |
| Tax gross-ups | No excise/gross-up provisions in employment agreements (CEO/President), consistent with governance practices |
Compensation Structure Analysis
- Increased fixed pay modestly: Presley’s base salary rose 5% in 2024 to $325k amid broader salary adjustments .
- Strong at-risk mix: Annual bonus outcomes vary with Company metrics (132% of target in 2024; 62% in 2023), and LTI includes PSUs tied to relative TSR, aligning incentives with shareholder returns .
- One-time transaction bonus paid in 2024 for acreage acquisitions, suggesting emphasis on strategic execution; Presley received $428,252 .
- No options; equity is RS/PSUs with multi-year vesting; plan prohibits repricing and cash buyouts, reducing governance risk .
Risk Indicators & Red Flags
- Hedging prohibited; no disclosure of share pledging, reducing misalignment risk .
- No personal employment agreement/severance for Presley; retention relies on equity vesting and ownership policy .
- Say-on-pay support strong: 99% approval in 2023, indicating broad shareholder alignment with compensation program .
- Related party transactions exist at Company level with majority stockholder partnerships; oversight via audit committee; not specific to Presley .
Performance & Track Record
- 2024 achievements included leading TSR vs peers, 170% reserve replacement, and Western Haynesville expansion; EBITDAX of $850 million supported a 132% payout despite low gas prices .
- 2023 achievements delivered EBITDAX of $928 million and 62% bonus payout based on defined measures .
Compensation Peer Group
- PSUs measured vs a natural gas E&P peer group including Antero, EQT, Range, CNX, Coterra, Southwestern, Silverbow, and an E&P ETF; payout curve: 20th/50th/90th percentiles → 50%/100%/200% of target .
Investment Implications
- Alignment: Presley’s compensation is tied meaningfully to TSR and capital efficiency; ownership guidelines and no hedging enhance alignment with long-term value creation .
- Upcoming vesting events: RS tranches vest Feb 18, 2025/2026/2027 and legacy RS Jun 13, 2025; PSU performance periods conclude in 2025, 2026, 2027, potentially increasing insider trading activity windows as awards settle; retention requirement to hold 50% of net shares mitigates sell pressure .
- Retention risk: No bespoke severance for Presley; retention levers are equity vesting and ownership policy. Long tenure since 1989 suggests low immediate flight risk, but equity-heavy pay increases sensitivity to share performance cycles .
- Trading signals: PSU payout sensitivity to relative TSR implies that sustained outperformance vs peers can drive elevated award settlement levels; 2024 TSR achieved maximum-level payout metrics, supporting potential future PSU realizations if sustained .