Peter Dea
About Peter A. Dea
Peter A. Dea, age 71, has served as an independent director of Liberty Energy Inc. (LBRT) since 2018. He is a geologist by training (B.A. Western State Colorado University; M.S. University of Montana; Harvard Business School Advanced Management Program) and is an experienced former E&P CEO and public company chair. He is currently Chairman of Ovintiv Inc. and a director at Antero Midstream Corporation, alongside ongoing leadership in private E&P enterprises (Confluence Resources LP, Cirque Resources LP) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Western Gas Resources, Inc. (public) | President & CEO; Director | Nov 2001–Aug 2006 | Led public E&P company through industry cycles |
| Barrett Resources Corporation (public) | CEO & Director; Chairman | CEO/Director Nov 1999; Chairman Feb 2000–Aug 2001 | Executive leadership and board oversight |
| Exxon Company, U.S.A. | Geologic roles | Earlier career | Technical upstream foundation |
External Roles
| Organization | Role | Public/Private | Tenure/Notes |
|---|---|---|---|
| Ovintiv Inc. | Chairman of the Board | Public | Current |
| Antero Midstream Corporation | Director | Public | Director since closing of simplification (Mar 2019); prior director of AMGP GP from Apr 2018 |
| Confluence Resources LP | Executive Chairman | Private | Since Sep 2016 |
| Cirque Resources LP | President & CEO | Private | Since May 2007 |
Board Governance
- Independence: Board determined Mr. Dea is independent under NYSE and Exchange Act Rule 10A-3 standards; also independent-eligible for Audit Committee under NYSE standards (though he does not serve on Audit) .
- Committee assignments: Chair, Compensation Committee; Member, Nominating & Governance Committee .
- Attendance and engagement: Board met 5x in 2024; Compensation 4x; Nominating & Governance 3x. Each director attended at least 75% of meetings of the Board and committees on which they served. Independent directors hold executive sessions at each Board meeting .
- Leadership and oversight: LBRT has a non-executive independent Chair (Kimble) and emphasizes board risk oversight via the Audit Committee (IT/cyber included) and full Board strategy oversight .
- Governance enhancements on ballot: 2025 proposals to declassify the Board, remove supermajority provisions, adopt officer exculpation, and elect DGCL §203 anti-takeover protections, reflecting responsiveness to shareholder preferences .
Fixed Compensation (Director)
| Component | Policy (2024) | Dea – 2024 Actual |
|---|---|---|
| Base cash retainer | $100,000 per year | $100,000 (included in total) |
| Committee chair fees | $15,000 (Compensation) | $15,000 (Comp Chair) |
| Committee member fees | $5,000 (Nominating & Governance) | $5,000 (N&G member) |
| Meeting fees | None | None disclosed |
| Total cash fees | Sum of above | $120,000 |
Notes:
- Non-employee director program also offers Audit Committee member fee $10,000 ($20,000 chair) and Lead Director fee $20,000; effective 2025, a non-executive Chair receives an additional $60,000 cash and $75,000 RSUs (applies to the Chair, not Dea) .
Performance Compensation (Director)
| Equity Component | Grant Mechanism | Vesting | 2024 Value/Units |
|---|---|---|---|
| Annual RSUs (default) | Annual equity grant valued at $175,000 on Jan 2 using 30-day average price; director may alternatively elect $100,000 cash or $100,000 charitable donation | 12-month vesting | Reported grant-date fair value $168,688; 9,289 unvested RSUs held by each participating non-employee director at 12/31/24 (incl. Dea) |
Performance metrics: Not applicable for director equity; RSUs are time-based (no options are granted to directors) .
Other Directorships & Interlocks
| Company | Role | Governance/Committee Roles |
|---|---|---|
| Ovintiv Inc. | Chairman | Board leader at large E&P; no related-party transactions with LBRT disclosed in 2025 proxy |
| Antero Midstream Corporation | Director | Director since March 2019 post-simplification |
Additional notes:
- Compensation Committee interlocks and insider participation: None during 2024 (no LBRT executive sat on boards/comp committees of companies having LBRT execs on their boards/comp committees) .
- Related party transactions disclosed for 2024 include Franklin Mountain (director Robertson’s employer), Liberty Resources (former CEO Wright), Veriten LLC (director Murti), and employment of Tim Babcock (son of director Ken Babcock); none involve Mr. Dea .
Expertise & Qualifications
- Core skills LBRT identifies for Mr. Dea: Exploration & Production; Senior Management (CEO); M&A; ESG; HR/Compensation; Investor Relations; Corporate Governance .
- Education: B.A. Geology (Western State Colorado University); M.S. Geology (University of Montana); HBS Advanced Management Program .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership (Class A) | 69,602 shares | As of record date Feb 19, 2025; <1% of shares outstanding |
| Unvested RSUs (director grant) | 9,289 units | As of Dec 31, 2024 |
| Ownership guidelines | 5x annual Board cash retainer within 5 years | Directors are expected to meet 5x guideline; as of record date, all directors except newly appointed Mr. Murti met guidelines even without relying on transition period |
| Hedging/Pledging | Prohibited | Insider Trading Policy bans hedging and pledging; exceptions only with Audit Committee approval; program-level “ban on hedging and pledging” highlighted |
Insider Trades (Form 4 reference)
| Date (filed) | Link | Summary |
|---|---|---|
| Jan 3, 2025 | https://www.sec.gov/Archives/edgar/data/1694028/0001694028-25-000016-index.html | Form 4 by Peter A. Dea (annual director equity events typically occur around Jan 2 under program) |
| Jan 2024 (example) | https://www.sec.gov/Archives/edgar/data/1694028/000120919124000595/xslF345X03/doc4.xml | Form 4 on record for Peter A. Dea (illustrative of ongoing Section 16 reporting) |
Note: For full transaction details (codes, share counts, tax withholdings), access the linked Form 4 filings on SEC EDGAR.
Governance Assessment
- Strengths supporting investor confidence:
- Independent, experienced E&P operator; chair of Compensation Committee and member of Nominating & Governance—roles central to pay-for-performance oversight and board refresh .
- High board/committee attendance; independent director executive sessions each meeting .
- Robust director ownership guidelines with broad compliance; explicit anti-hedging/pledging policy .
- Compensation Committee uses independent advisers (NFP; CBIZ replacing NFP in Apr 2024), targets peer-aligned pay, and drives a performance-based NEO program (providing oversight credibility) .
- Positive shareholder responsiveness: strong 2024 Say-on-Pay support (~95%) and 2025 ballot to declassify board, eliminate supermajority votes, and adopt DGCL §203—best-practice governance signals .
- Potential watch items:
- External workload/interlocks: Concurrent role as Chairman of Ovintiv and director at Antero Midstream; while no related-party dealings with LBRT are disclosed, these are ecosystem connections to monitor for time commitment and potential conflicts if customer/vendor ties arise .
- Related-party environment on the board includes other directors (Robertson, Murti, Babcock family) with disclosed transactions; audit committee oversees related-person reviews—continued vigilance advisable (no items tied to Dea) .