Richard A. Duran
EQTAbout Richard A. Duran
Richard A. Duran is EQT’s Chief Information Officer, serving as an executive officer since July 2019, with responsibility areas that include enterprise cybersecurity oversight via the CIO office reporting to the Audit Committee . Under his tenure as part of EQT’s leadership, EQT delivered 2024 operational and financial results including approximately $2.8 billion net cash provided by operating activities, $695 million free cash flow, $4.3 billion of debt retired, and $327 million in dividends, while achieving net zero Scope 1 and Scope 2 GHG emissions across legacy operations ahead of its 2025 target . Incentives for named executives, including Duran, are heavily aligned to free cash flow per share, cost efficiency and safety metrics via the STIP, and to absolute/relative TSR via PSUs; notably, the 2022 PSU program paid at 2.15x based on TSR plus a net-zero modifier upon achieving EQT’s net zero goal .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| EQT Corporation | Chief Information Officer | Since July 2019 | CIO role includes executive-level cybersecurity oversight (quarterly reporting to Audit Committee), supporting risk management and digital operations |
External Roles
- Not disclosed in the 2025 proxy .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $380,000 | $380,000 | $390,000 (effective Mar 4, 2024) |
| Target Annual Incentive ($) | Not disclosed | $215,000 | $221,000 |
| Actual Annual Incentive (STIP, $) | $167,700 | $225,750 | $322,660 |
Performance Compensation
Annual Incentive (STIP) – 2024 design, targets, and results
| Metric | Weighting | Threshold | Target | Maximum | Actual | Funding Multiple |
|---|---|---|---|---|---|---|
| Free Cash Flow per Share ($) | 30% | $0.00 | $0.91 | $1.82 | $1.98 | 2.0x |
| EHS Intensity Improvement (%) | 20% | (15)% | 15% | 50% | (106)% (as reported) | 0.0x |
| Total Capex per Mcfe ($/Mcfe) | 15% | $1.06 | $0.99 | $0.92 | $0.92 | 2.0x |
| Adjusted Gross G&A per Mcfe ($/Mcfe) | 15% | $0.156 | $0.146 | $0.136 | $0.135 (after curtailment adjustment) | 2.0x |
| Cash Operating Margin ($/Mcfe) | 10% | $1.46 | $1.56 | $1.66 | $1.60 (after curtailment adjustment) | 1.4x |
| Finding & Development Costs ($/Mcfe) | 10% | $0.56 | $0.51 | $0.46 | $0.50 | 1.2x |
| Total STIP Pool Funding | — | — | — | — | — | 1.46x |
Notes:
- 2024 STIP excluded the direct/indirect impacts of 2024 strategic transactions (e.g., Equitrans acquisition, asset sales, Blackstone JV) from performance measure calculations; the Committee also adjusted for ~100 Bcfe of strategic curtailments to avoid undue effects on incentive outcomes .
Long-Term Incentives (LTIP) – award structure, vesting, and 2024 grants
- 2024 LTIP awards: 60% PSUs (3-year performance on absolute and relative TSR), 40% RSUs (pro rata vesting over three years) .
- 2022 PSUs certified at 2.15x payout in early 2025 (1.96x TSR-based factor × 1.1x net-zero achievement modifier) .
| Award Type | Grant Date | Approval Date | Shares Granted | Grant Date Fair Value ($) |
|---|---|---|---|---|
| RSU | Feb 16, 2024 | Feb 7, 2024 | 10,890 | $375,596 |
| PSU (TSR) | Feb 16, 2024 | Feb 7, 2024 | 16,330 (target) | $654,506 |
| Named Executive Officer | 2024 LTIP Award Value ($) | 2024 RSUs (#, 40%) | 2024 PSUs (#, 60%) |
|---|---|---|---|
| Richard A. Duran | $1,000,000 | 10,890 | 16,330 |
Equity Ownership & Alignment
Beneficial ownership and guideline context
| Item | Value |
|---|---|
| Beneficially owned shares (Feb 3, 2025) | 216,410 shares |
| Ownership as % of class | Less than 1% |
| Shares vesting within 60 days (as of Feb 3, 2025) | 14,160 shares |
| Hedging/pledging policy | Hedging and pledging of EQT securities prohibited for executive officers/directors |
| Executive stock ownership guidelines | CEO 8x salary; other NEOs 3x salary |
Vested and unvested equity detail
| Category | Detail |
|---|---|
| 2024 stock awards vested | 94,437 shares; value realized $3,267,165; 33,988 shares withheld for taxes |
| Unvested RSUs at FY-end 2024 | 6,372; 61,625; 8,196; 11,070 (multiple tranches) |
| Unearned PSUs at FY-end 2024 | 36,878; 32,200 (payout value estimates use $46.11 stock price) |
| Stock options | None outstanding for Duran |
Employment Terms
Confidentiality, Non-Solicitation & Non-Competition Agreement (Duran)
| Provision | Terms |
|---|---|
| Non-compete | 24 months |
| Customer non-solicit | 24 months |
| Employee/contractor non-solicit | 36 months |
| Severance (termination w/o cause or for good reason; before/after CoC) | Lump-sum equal to 24 months of base salary + 2× average annual incentive for prior 3 full years + $25,000; COBRA lump-sum equal to 12 months family coverage |
| Equity treatment on termination | Immediate vesting of time-based awards; performance-based awards remain outstanding and pay based on actual performance for the full period |
| Excise tax | No gross-up; 280G cutback unless full payment yields greater after-tax value |
| Clawbacks | Mandatory compensation recoupment policy for executive officers |
Illustrative termination/change-of-control values (as of Dec 31, 2024)
| Scenario | Payments under Agreement ($) | Short-Term Incentive ($) | Long-Term Incentive ($) | Total ($) |
|---|---|---|---|---|
| Termination by company without cause | $1,351,799 | — | $5,639,304 | $6,991,104 |
| Termination by executive for good reason | $1,351,799 | — | $5,639,304 | $6,991,104 |
| Termination upon change of control | $1,351,799 | $322,660 | $5,639,304 | $7,313,764 |
| Death | — | $322,660 | $5,639,304 | $5,961,964 |
| Disability | — | $322,660 | $2,432,904 | $2,755,564 |
Notes:
- EQT’s LTIP features double-trigger treatment generally—awards do not automatically accelerate upon a change of control, consistent with governance provisions . Plan-level mechanics for award conversion/continuation are detailed in LTIP documentation (stock price reference $46.11 used for valuation in proxy tables) .
Benefits, pensions, perquisites
- Health and welfare, 401(k) participation same as broader employees; no defined benefit pension or employee deferred compensation plan balances .
- Limited perquisites: no personal use of company-leased aircraft, no company-funded club dues, no car allowances or subsidized parking .
Investment Implications
- Pay-for-performance alignment is strong: majority of Duran’s compensation is variable via STIP and LTIP tied to free cash flow per share, per-unit cost discipline, safety, and multi-year TSR, with 2022 PSUs paying 2.15x on strong TSR and net-zero achievement .
- Retention risk appears contained: contractual severance provides meaningful protection (24 months salary, 2× average bonus, immediate vesting of time-based equity), while restrictive covenants (24–36 months) deter competitive moves; no excise tax gross-ups enhance governance quality .
- Insider selling pressure: sizable annual vesting (94,437 shares vested in 2024; 33,988 withheld for taxes) and multiple unvested RSU/PSU tranches suggest ongoing supply from routine vesting, though hedging/pledging is prohibited and no pledges are disclosed .
- Governance and shareholder support: say-on-pay approval was 98% in 2024, and executive/directed equity adheres to double-trigger norms and clawbacks—reducing change-of-control windfall risks and enhancing recourse if needed .