Ryan Gosney
About Ryan Gosney
Ryan T. Gosney, age 51, is Liberty Energy’s Chief Accounting Officer (since March 2017) and Vice President of Finance (since January 2025). He holds a BBA from Texas Christian University and has 30 years of energy-sector finance and accounting experience, including prior CFO and controller roles. Company performance context: Liberty’s cumulative TSR rose from $147.11 to $188.06 over 2022–2024, Adjusted ROCE was 19.6% in 2024, and net income was $316,010K in 2024, aligning executive pay with ROCE and EPS-based metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Liberty Energy Inc. | Chief Accounting Officer | 2017–present | Led accounting, reporting, controls through growth and market cycles |
| Liberty Energy Inc. | Vice President of Finance | 2025–present | Expanded remit across finance planning and execution |
| Vantage Energy Inc. | Chief Accounting Officer | 2016–2017 | Public-company CAO experience in E&P |
| Dorado E&P Partners, LLC | Chief Financial Officer | 2012–2016 | Built finance function in private E&P |
| Delta Petroleum Corporation | Controller | 2005–2012 | Corporate controls and reporting |
| Patina Oil & Gas Corporation | Controller | 2002–2005 | Operational accounting leadership |
| Arthur Andersen LLP | Auditor/Audit Manager | 1995–2002 | External audit and assurance foundation |
External Roles
No public company directorships or external board roles disclosed .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 296,215 | 312,692 | 341,269 |
| Bonus ($) (discretionary) | 120,000 | 105,000 | 77,000 |
| Stock Awards ($) | 587,291 | 619,062 | 689,492 |
| Non-Equity Incentive Plan ($) | 450,309 | 377,475 | 385,289 |
| All Other Compensation ($) | 5,891 | 20,800 | 22,214 |
| Total ($) | 1,459,706 | 1,435,029 | 1,515,264 |
• 2024 base salary increased 5% to $331,000 per the NEO salary schedule; payroll timing produced reported salary of $341,269 for 2024 .
• 2024 target annual incentive was $385,000 (116.3% of base), with actual payout $462,289 based on performance plus discretionary component .
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Adjusted Pre-Tax EPS | 25% | $1.05 | $3.23 | $5.42 | $2.40 | 80.9% |
| Adjusted ROCE | 25% | 9% | 27% | 42% | 19.6% | 79.6% |
| Comparative ROCE (Annual Incentive) | 30% | Matrix-based | Matrix-based | Matrix-based | Rank 1 of 10 | 200.0% |
| Discretionary | 20% | N/A | N/A | N/A | 20% applied | 100.0% |
• Overall 2024 performance achievement was 120.1% of target for NEO annual incentives .
• Long-term PSUs vest on a three-year cliff; for the 2022 PSU cohort, 3-year average ROCE rank produced a 200% payout, vesting April 1, 2025 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 171,570 shares; <1% of outstanding (162,336,099) |
| Unvested time-based RSUs | 10,595 (2022 grant; vests 4/1/2025) (1); 17,680 (2023 grant; half vests 4/1/2025 and 4/1/2026) (2); 26,672 (2024 grant; thirds vest 4/1/2025, 4/1/2026, 4/1/2027) (3) |
| Unvested performance-based RSUs (at max, SEC reporting convention) | 31,310 (2022; vests 4/1/2025) $622,756 value at $19.89 (5)(8); 26,124 (2023; vests 4/1/2026) $519,606 (6)(8); 26,274 (2024; vests 4/1/2027) $522,590 (7)(8) |
| Upcoming vest supply (near-term) | 4/1/2025: time-based 2022 tranche (10,595) and 2023 half-tranche; PSUs 2022 at 200% payout (31,310 reported at max; actual settled per plan) (1)(2)(5) |
| Stock options | None; company utilizes RSUs, not options |
| Hedging/pledging | Prohibited for directors/officers; limited exceptions require Audit Committee approval |
| Ownership guidelines | Executives must hold ≥2x base salary in shares within 5 years; all executives (except a January 2025 appointee) were compliant as of record date |
Employment Terms
| Provision | Terms |
|---|---|
| Change-in-control agreement | Double trigger: if terminated without cause or resigns for good reason within 18 months post-CIC, receives severance and equity treatment |
| Cash severance | 2x (annualized base salary + higher of current target bonus or 3-year average target bonus) |
| Pro-rated bonus | Pro-rated portion of target annual bonus for year of termination |
| Benefits | COBRA reimbursement up to 18 months + lump-sum equal to six times monthly amount |
| Equity acceleration | All outstanding time- and performance-based RSUs vest; PSUs vest at higher of target or actual performance through termination date |
| Clawback | 3-year lookback; recovery of erroneously awarded incentive comp upon restatement |
| Pension/Deferred comp | No defined benefit pension or nonqualified deferred comp plans |
| Perquisites | Limited; e.g., no car allowances |
| Non-compete/Non-solicit | Not disclosed in proxy |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Company TSR (Value of $100) | 147.11 | 169.06 | 188.06 |
| Adjusted ROCE (%) | 34.0% | 42.9% | 19.6% |
| Net Income (Loss) ($000s) | 399,602 | 556,317 | 316,010 |
• 2024 PSUs vested at ~178% of target for that year’s equity cycle, evidencing strong multi-year relative ROCE performance .
• Company ranked 1 of 10 on ROCE vs peer set for 2023 and 2024, supporting maximum payouts for Comparative ROCE components .
Compensation Structure Details and Peer Benchmarking
- 2024 target incentive increased to align total cash with 50th percentile market median; mix emphasizes at-risk pay (NEOs avg 81% variable) .
- Compensation best practices: double-trigger vesting, no excise tax gross-ups, ban on hedging/pledging, clawback policy, independent consultant .
- Compensation Consultant: NFP/CBIZ; peer data used to set targets at median .
- 2024 Compensation peer group: NOV, Flowserve, Weatherford, Gates Industrial, ChampionX, Oceaneering, Valaris, Helmerich & Payne, Patterson-UTI, Cactus .
- 2024 Say-on-Pay approval ~95%, indicating strong investor support .
Equity Award Grants (2024)
| Grant Type | Grant Date | Units | Grant-Date Fair Value ($) |
|---|---|---|---|
| Performance-based RSUs (target) | 1/22/2024 | 13,137 | 227,533 |
| Time-based RSUs | 1/22/2024 | 26,672 | 461,959 |
Vesting schedules: performance RSUs have 3-year cliff vest dependent on comparative ROCE; time RSUs vest ratably over three years (April 1, 2025/2026/2027) (3).
Investment Implications
- Alignment and incentives: High variable pay tied to EPS and ROCE, 3-year PSU design, and strict anti-hedging/pledging and ownership guidelines indicate strong alignment with shareholders and capital efficiency focus .
- Retention risk: Double-trigger CIC protection with 2x cash severance and full equity acceleration reduces involuntary turnover risk; lack of guaranteed perquisites and clawback policy temper windfalls .
- Trading signals: Significant near-term vesting (April 1, 2025) of time-based and PSU awards may create supply; monitor Form 4 filings around vest dates and any Rule 10b5‑1 plans to assess potential selling pressure (1)(2)(5) .
- Pay-for-performance: Liberty’s ROCE leadership (rank 1 of 10) and strong TSR underpin above-target annual payouts, suggesting continued emphasis on returns-based execution under Gosney’s finance leadership .