Paul Sparks Jr.
About D. Paul Sparks, Jr.
Independent director since 2014; age 62. Petroleum engineer (Mississippi State University, 1984), with 32-year energy industry career culminating as SVP, Resource Development at Energen; prior roles include SVP of Operations (2006–2012) and experience at Amoco. Board skills matrix highlights strategic planning, executive leadership, risk management, REIT/real estate, finance & accounting, investment, and ESG exposure .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Energen Resources Corporation (NYSE: EGN) | SVP, Resource Development; previously SVP, Operations | 1989–2016; SVP Ops 2006–2012; retired Jan 2016 | Led forward-looking strategy for valuation and development; helped scale Energen from regulated utility to top-20 E&P |
| Amoco Corporation | Engineering/operations roles (Texas/Louisiana) | Pre-1989 | Industry operating experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| New Mexico Oil & Gas Association | Former Chairman | Not disclosed | Industry leadership |
| Gas Research Institute | Past Advisor | Not disclosed | R&D advisory |
| Independent Petroleum Association of America | Former Board Member | Not disclosed | Industry governance |
| Society of Petroleum Engineers | Past Officer | Not disclosed | Professional standards |
| Mississippi State University, Bagley College of Engineering | Distinguished Fellow; Advisory Board member | Not disclosed | Academic advisory |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Board determined Sparks is independent under NYSE standards |
| Committee Memberships | Audit (member); Compensation (member); Investment (member) |
| Chair Roles | None in 2025 (Audit Chair: Dawson; Compensation Chair: Thompson; Investment Chair: Aldag) |
| Board Attendance | In 2024, each incumbent director attended ≥75% of Board and committee meetings; Board met 7x; Audit 4x; Compensation 5x; Ethics/Nominating 4x; Environmental & Social 1x; Investment acted by written consent twice; Risk did not meet (covered in Board meetings) |
| Executive Sessions | Regular executive sessions of independent directors; Lead Independent Director (Stewart) presides |
| Election History (Votes) | 2024: For 241,553,068; Against 13,639,752; Abstain 2,562,182; Broker non-votes 164,249,376 . 2025: For 233,075,889; Against 13,469,149; Abstain 5,766,264; Broker non-votes 128,799,009 |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Annual cash retainer | $115,000 | Non-employee director cash retainer |
| Committee chair fees | $0 | No chair roles in 2024; chair retainers apply only to designated chairs |
| Lead Independent Director retainer | $0 | Not applicable to Sparks |
| Equity grant (restricted stock) | 29,914 shares; grant-date fair value $128,032 | Granted Mar 15, 2024; vests quarterly over 3 years |
| Total reported director comp (2024) | $243,032 | Fees + stock awards |
Performance Compensation
| Component | 2024 Structure | Metrics/Outcomes |
|---|---|---|
| Performance-based equity (directors) | None disclosed | Non-employee directors received time-based restricted stock; no options; company states equity under plan are RS/RSUs (no options) |
Other Directorships & Interlocks
| Company/Organization | Role | Notes |
|---|---|---|
| Public company boards (current) | None disclosed | No current public company directorships disclosed for Sparks |
| Compensation Committee Interlocks | None | 2024 committee members (Thompson, Stewart, Sparks) had no interlocking relationships; Stewart previously an officer (2005–2010) |
Expertise & Qualifications
- Petroleum engineering degree; authored peer-reviewed publications; holds an oil and gas technology patent .
- Board skills: strategic planning, executive leadership, risk management, REIT/real estate, finance & accounting, investment, ESG .
Equity Ownership
| Metric | Amount |
|---|---|
| Total beneficial ownership | 96,388 shares (less than 1% of outstanding) |
| Unvested restricted shares included | 23,161 shares (cannot sell or pledge) |
| Director equity awards outstanding | Unvested director stock: 26,920 shares at 12/31/2024 |
| Ownership guidelines | Non-employee directors required to hold ≥3x annual retainer within 3 years; company reports directors in compliance |
| Hedging/pledging policy | Company prohibits hedging and pledging of company stock |
Governance Assessment
- Strengths: Independent status; multi-committee service (Audit, Compensation, Investment) supporting oversight breadth; regular executive sessions and majority voting standard; anti-hedging/anti-pledging policy and ownership guidelines align interests .
- Signals: 2025 Say-on-Pay passed (144,439,145 for; 103,179,926 against; 4,692,231 abstain), following failure in 2024, suggesting improved investor confidence in compensation alignment amidst program changes; continued director support evidenced by strong “for” votes in 2024–2025 .
- Potential concerns: Combined CEO/Chair structure (mitigated by Lead Independent Director and independent committee chairs) ; Risk Committee inactivity in 2024 (topics covered at Board) could be scrutinized given tenant/operator challenges .
- Related-party exposure: No related-party transactions disclosed involving Sparks; company maintains formal review/approval policy for related parties .
Notes
- Director Retirement Policy: Lump-sum upon retirement equal to final annual retainer ÷12 × years of Board service .
- Audit Committee financial experts: Dawson and Thompson designated; Sparks serves as member (not designated as financial expert) .