Al Barkmann
Diamondback EnergyAbout Al Barkmann
Al Barkmann, 44, is Executive Vice President and Chief Engineer at Diamondback Energy (FANG), a role he has held since February 2024. He joined Diamondback in November 2018 and progressed through Reservoir Engineering leadership (Reservoir Engineering Manager → VP → SVP) before his current role. Previously, he spent 2006–2018 at Energen Resources, most recently coordinating reservoir engineering for horizontal shale development. He holds a B.S. in Petroleum Engineering from Louisiana State University. Diamondback’s pay-for-performance framework emphasizes ROACE, Free Cash Flow, PDP F&D cost and Relative TSR (with an absolute TSR modifier), and the company highlights long-term TSR alignment in its proxy disclosures .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Diamondback Energy | EVP & Chief Engineer | Feb 2024 – present | Senior technical leader; responsible for engineering standards and field execution . |
| Diamondback Energy | SVP, Reservoir Engineering | Nov 2021 – Feb 2024 | Led reservoir engineering during scale-up and integration activities . |
| Diamondback Energy | VP, Reservoir Engineering | Feb 2019 – Nov 2021 | Advanced development planning, reserves, and capital efficiency . |
| Diamondback Energy | Reservoir Engineering Manager | Nov 2018 – Feb 2019 | Managed reservoir engineering after joining FANG . |
| Energen Resources Corp. | Various roles culminating in Reservoir Engineering Manager | 2006 – 2018 | Coordinated reservoir engineering for horizontal shale development program . |
| Diamondback Energy | Integration Planning Team member (Endeavor merger) | 2024 | Named to the internal integration team to plan pro forma organization and seamless close . |
External Roles
- None disclosed in company filings reviewed .
Performance Compensation
Outstanding Equity Awards – Diamondback (FANG)
| Award Type | Grant Date | Quantity | Vesting Schedule | Performance/Notes |
|---|---|---|---|---|
| RSU (time-based) | 09/10/2024 | 5,193 | 3 substantially equal annual installments beginning 09/10/2025 | Time-based RSUs . |
| RSU (time-based) | 03/01/2025 | 3,500 | 3 substantially equal annual installments beginning 03/01/2026 | Time-based RSUs . |
| RSU (time-based) | 03/01/2024 | 1,726 | 2 remaining substantially equal annual installments beginning 03/01/2026 | First tranche already vested in 2025 . |
| RSU (time-based) | — (prior grant) | 714 | Vests 03/01/2026 | Time-based RSUs . |
| PSU (relative TSR) | 03/01/2023 | 3,215 | 3-year performance period ending 12/31/2025 | Payout tied to relative TSR vs peer group; absolute TSR modifier applies . |
| PSU (relative TSR) | 03/01/2024 | 3,886 | 3-year performance period ending 12/31/2026 | Relative TSR with absolute modifier . |
| PSU (relative TSR) | 03/01/2025 | 5,251 | 3-year performance period ending 12/31/2027 | Relative TSR with absolute modifier . |
Key implications:
- Multiple time-based RSU tranches begin vesting in September (annual cadence from 09/10/2025) and March (annual cadence from 03/01/2026), creating predictable windows for sell-to-cover tax withholding and potential secondary liquidity .
- PSU outcomes are levered to Relative TSR through 2025/2026/2027; performance realization can amplify upside or reduce payouts, affecting retention and selling pressure upon settlement .
Outstanding Equity Awards – Viper Energy, Inc. (affiliated company)
| Award Type | Grant Date | Quantity | Performance Period | Notes |
|---|---|---|---|---|
| PSU (relative TSR) – Viper | 03/01/2024 | 6,957 | Through 12/31/2026 | Diamondback execs hold Viper PSUs tied to Viper’s peer-relative TSR . |
| PSU (relative TSR) – Viper | 03/01/2025 | 5,415 | Through 12/31/2027 | Additional Viper PSU grant . |
Equity Ownership & Alignment
Beneficial Ownership (as of April 1, 2025)
| Security | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Diamondback (FANG) Common Stock | 14,717 | <1% | Based on 294,082,951 shares outstanding; excludes unvested RSUs/PSUs outside 60-day window . |
| Viper Energy, Inc. (Class A) | 1,000 | <1% | Execs also hold Viper equity; see PSU detail above . |
- Hedging and pledging: Diamondback prohibits hedging, short sales, options, swaps, holding shares in margin accounts, and pledging by directors and executive officers; robust general and supplemental insider trading policies require pre-clearance and open-window trading or 10b5-1 plans .
- Ownership guidelines: Executive Vice Presidents must hold stock equal to 3x base salary; compliance status for Mr. Barkmann is not disclosed .
- Double-trigger CoC on equity: All equity awards include double-trigger vesting on change of control .
Vesting Schedules and Potential Selling Pressure
- RSU tranches: 09/10/2025 start (3 installments from 2025), and 03/01/2026 start (multi-year installments), plus a single 03/01/2026 vest; these dates create recurring potential sell-to-cover activity around March and September each year .
- PSU settlements: December 31 performance end-dates for 2025, 2026, 2027; settlement timing and payout magnitude depend on relative TSR outcomes (+ absolute modifier), potentially creating lumpy liquidity around award settlement windows .
Employment Terms
- Employment start date and tenure: Joined Diamondback in November 2018; EVP & Chief Engineer since February 2024 .
- Severance/change-of-control framework (company plan overview):
- Diamondback’s Senior Management Severance Plan covers NEOs and other selected executives. For covered Executive Vice Presidents, non-change-of-control terminations (without cause/for good reason) provide 18 months of base salary continuation, pro-rated target bonus for year of termination, up to 18 months COBRA reimbursement, and equity treated per award agreements; payments require a release and compliance with restrictive covenants .
- During the two-year post-CoC protection period, covered Executive Vice Presidents receive a lump-sum cash payment equal to 2.5x base salary plus the greater of target or 3-year average bonus, pro-rated target bonus for year of termination, up to 18 months COBRA reimbursement, and equity per award agreements (double-trigger) .
- Restrictive covenants: Non-compete, non-solicit, and non-interference during employment and generally for up to one year post-termination; company may elect to apply them for up to 12 months with specified monthly payments if not otherwise eligible for severance .
- Note: Mr. Barkmann’s individual participation terms are not specifically disclosed in the proxy; the above summarizes company-standard provisions applicable to covered EVPs .
Compensation Structure Insights (Program-Level Signals)
- No stock options or option-like instruments in recent years; emphasis on RSUs and PSUs with three-year vesting periods, aligning pay with stockholder outcomes over multi-year horizons .
- Metrics used for incentives: ROACE, Free Cash Flow, PDP F&D cost, Relative TSR with absolute modifier; environmental and safety metrics maintained at 25% weighting in annual bonus for 2024 .
- Double-trigger change-of-control on all equity; updated clawback policy compliant with Nasdaq Rule 10D-1 (3-year lookback on restatements) .
- Strong shareholder support: ~96.5% 2024 say-on-pay approval .
- Benchmarking peer set includes APA, Coterra, Devon, EOG, EQT, Hess, Marathon, Occidental, Ovintiv, Permian Resources, Pioneer, Antero; Continental removed due to going private .
Performance & Track Record
- Operational leadership: Long-standing reservoir engineering leadership at Energen and Diamondback, with direct experience in horizontal shale development and scaling programs .
- Integration execution: Member of the Endeavor merger integration planning team (2024), suggesting cross-functional influence in large-scale transactions and post-close integration .
Investment Implications
- Alignment: Large portion of incentives in multi-year PSUs tied to relative TSR and time-based RSUs vests over 2025–2027, promoting retention and long-term alignment; double-trigger CoC and anti-hedging/pledging strengthen governance alignment .
- Selling pressure: Predictable RSU vesting calendars (September and March) can create periodic sell-to-cover flows; PSU settlements tied to December 31 performance periods may drive lumpy liquidity depending on TSR outcomes .
- Retention risk: Company-standard severance/change-in-control economics for covered EVPs (18 months salary continuation outside CoC; 2.5x salary+bonus inside CoC) and one-year restrictive covenants mitigate abrupt departures; lack of options reduces sensitivity to short-term volatility but increases reliance on stock/TSR outcomes .
- Governance quality: High say-on-pay support, robust clawback, and strict anti-hedging/pledging policies reduce red flags and support confidence in incentive integrity .