Trevor Howard
About Trevor Howard
Senior Vice President & Chief Financial Officer of Kinetik Holdings Inc. since August 24, 2023; previously Vice President of Finance from March 2020 to July 2023. He is 34 years old and holds a Masters in Professional Accounting and a BBA in Accounting from UT Austin’s McCombs School of Business; prior roles include Investment Professional at Glenview Capital, Senior Associate at Blackstone Private Equity, and Analyst at Barclays Global Natural Resources Investment Banking . In 2024 the company recorded an absolute TSR of 74.8% and certified annual incentive payouts at 180% of target based on strong performance across EBITDA, FCF, leverage, safety, and sustainability metrics; management guided 2025 EBITDA growth of ~15% and modest dividend growth to preserve flexibility, per CFO commentary .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kinetik Holdings Inc. | Senior Vice President & Chief Financial Officer | Aug 2023–present | Oversees corporate FP&A, financing execution, and corporate development; signatory on financing/receivables agreements . |
| Kinetik Holdings Inc. | Vice President of Finance | Mar 2020–Jul 2023 | Led analytical and financial plans, underwriting, and structuring of investments . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Glenview Capital Management | Investment Professional (long/short equities) | Not disclosed | Structuring/monitoring/exiting investments; public markets perspective . |
| Blackstone (Private Equity) | Senior Associate | Not disclosed | Structuring, monitoring, and exiting North American investments; PE discipline . |
| Barclays | Analyst, Global Natural Resources Investment Banking | Not disclosed | Transaction execution in energy/natural resources . |
Fixed Compensation
- Individual base salary, target bonus, and actual bonus for Trevor Howard were not disclosed in the company’s 2025 proxy; he was not a 2024 Named Executive Officer (NEO) and the Principal Financial Officer role was held by Steve Stellato .
- For context, 2024 NEO base salaries were set effective Jan 1, 2024; target annual incentive percentages ranged from 90% to 122% of base, determined by role and peer benchmarking .
Performance Compensation
The company’s 2024 annual incentive framework (applied to NEOs) combined financial, safety/sustainability, and qualitative metrics; the Committee certified a 180% payout of target based on actual results.
| Metric | Threshold | Target | Maximum | 2024 Actual | % of Target Earned | Weight | % of Target Bonus Earned |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA ($mm) | $940.0 | $960.0 | $980.0 | $971.0 | 156% | 20% | 31.1% |
| Levered Free Cash Flow ($mm) | $308.7 | $358.7 | $408.7 | $410.1 | 200% | 15% | 30.0% |
| Net Debt / EBITDA | 4.00x | 3.72x | 3.50x | 3.56x | 172% | 15% | 25.7% |
| TRIR | 1.75 | 1.15 | 0.55 | 0.75 | 167% | 6.7% | 11.1% |
| MVIR | 2.00 | 1.50 | 1.00 | 1.36 | 128% | 6.7% | 8.5% |
| Methane Intensity | -8.00% | -13.50% | -19.00% | -23.70% | 200% | 6.7% | 13.3% |
| Qualitative Objectives | — | — | — | Certified at 200% | 200% | 30% | 60.0% |
| Total | — | — | — | — | — | 100% | 180.0% |
Notes:
- Weighting: Financial 50%, Safety/Sustainability 20%, Qualitative 30% .
- All NEOs elected to receive 2024 annual incentive awards in fully vested Class A stock rather than cash .
LTI Equity Program Design (2024 grants for NEOs):
- Mix: 50% RSUs (time-based), 50% PSUs (performance-based) for NEOs; CEO at 25% RSUs / 75% PSUs .
- RSU vesting: single installment on January 1, 2027, subject to continuous employment .
- PSU performance period: Jan 1, 2024–Dec 31, 2026; 50% based on absolute annualized TSR, 50% on relative annualized TSR vs defined midstream peer group; earn-out 0–200% of target .
- Peer group used for relative TSR PSUs includes midstream names such as ONEOK, Kinder Morgan, Targa, Williams, MPLX, Enterprise, etc. .
Equity Ownership & Alignment
- Executive Stock Ownership & Retention Guidelines: CEO 6× base salary; all other executive officers 3× base salary; compliance reviewed annually; unvested time-based full value awards count; options and unearned PSUs do not count .
- All NEOs were in compliance with ownership guidelines as of Dec 31, 2024 .
- Prohibitions: employees are prohibited from short selling, pledging, or hedging company securities (reduces misalignment and selling pressure risk) .
- Options: none of the NEOs hold stock option awards (equity focus is RSUs/PSUs) .
Employment Terms
| Scenario | Cash Severance | Benefits & Other | Equity Treatment | Key Conditions |
|---|---|---|---|---|
| Non-CIC termination without Cause / for Good Reason (outside CIC period) | Lump sum equal to nine weeks of Base/Bonus Compensation × years of service; minimum 9 weeks, maximum 52 weeks | Lump sum to cover 36 months of group health plan coverage at active employee rates | Not specified in plan summary (equity terms governed by award agreements) | General release required; ongoing confidentiality, non-solicit, IP ownership, non-disparagement, and cooperation covenants; excise tax cutback if applicable . |
| CIC termination without Cause / for Good Reason (within CIC period) | 2.5× annualized base salary + target annual cash bonus; plus prorated annual cash bonus based on actual performance | Medical benefit (36 months); lump sum equal to employer 401(k) and HSA contributions for 30 months; outplacement up to $75,000 | Accelerated vesting of all unvested equity-based awards; PSUs at greater of target or actual performance as of CIC date; best-terms rule if award agreements differ | Double-trigger; general release; restrictive covenants; excise tax cutback or pay-more (whichever yields greater after-tax benefit) . |
| Death/Disability | Prorated annual cash bonus based on actual performance | Medical Benefit | PSUs deemed to satisfy service requirements and earned based on actual performance at end of period; RSUs fully vest | General release (executor/guardian as applicable); restrictive covenants . |
Additional governance:
- Clawback Policy effective Oct 2, 2023: recovery of incentive compensation for 36 months preceding a restatement due to material non-compliance; covers all executive officers .
Investment Implications
- Alignment: Executive ownership requirements (3× salary for non-CEO officers), prohibition on pledging/hedging, equity-heavy LTI with three-year minimum vesting, and clawback policy collectively support long-term alignment and mitigate hedging-induced selling pressure .
- Pay-for-performance: Annual incentives tied to EBITDA, FCF, leverage, safety, and methane intensity with rigorous targets; 2024 payout certified at 180% reflects outperformance—positive for compensation linkage, but monitor for sustainability and target calibration changes after acquisitions .
- Retention/CIC risk: Generous double-trigger CIC benefits (2.5× salary+bonus, accelerated vesting, benefits and outplacement) reduce flight risk but can create event-driven payout concentration; no tax gross-ups, excise cutback provision improves governance profile .
- Execution track record: CFO is deeply involved in financing optimization (A/R securitization, loan amendments) and capital allocation prioritizing leverage reduction and growth flexibility; public commentary emphasizes maintaining financial flexibility and disciplined dividend growth—constructive for risk management .
- Data gaps: Trevor Howard’s individual base salary, target bonus %, equity grant sizes, and beneficial ownership were not disclosed in the 2025 proxy (he was not a 2024 NEO and PFO duties remained with Stellato); monitor future proxies and Form 4 filings for direct insight into his compensation mix and trading activity .
Note: The company’s 2024 absolute TSR of 74.8% and the detailed annual incentive metric achievements are disclosed in the 2025 Proxy; these provide context on performance-linked pay outcomes even though Trevor Howard’s individual compensation figures were not provided .