Christopher Calvert
Matador ResourcesAbout Christopher Calvert
Christopher P. Calvert (age 46) is Executive Vice President and Chief Operating Officer of Matador Resources Company; he joined Matador in October 2014 and was promoted to COO in April 2024 after serving as EVP & Co-COO (Feb 2023–Apr 2024) and SVP & Co-COO (Apr 2022–Feb 2023) . He holds B.S. degrees in Finance (2002) and Petroleum Engineering (2008) from the University of Wyoming and previously held engineering and operations roles at Chesapeake Energy and Williams; he also worked in corporate financial controls as an internal Sarbanes‑Oxley compliance auditor . Company performance under the executive team in 2024 included net income of $885 million and Adjusted EBITDA of $2.3 billion, with production up 30% y/y; PSU plans measured relative TSR, which met the “Upper 50%” target for 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Matador Resources Company | Executive Vice President & Chief Operating Officer | Apr 2024–present | Leads drilling, completions, production and cost-efficiency programs across Delaware Basin operations . |
| Matador Resources Company | Executive Vice President & Co‑Chief Operating Officer | Feb 2023–Apr 2024 | Co-led operations; advanced “U-turn” wells and simul/trimul-frac efficiency initiatives . |
| Matador Resources Company | Senior Vice President & Co‑Chief Operating Officer | Apr 2022–Feb 2023 | Co-led operations; supported finance planning collaboration across teams . |
| Matador Resources Company | Senior Vice President—Operations | Oct 2019–Apr 2022 | Oversaw operations execution and capital efficiency improvements . |
| Matador Resources Company | Vice President—Completions | Jul 2018–Oct 2019 | Directed completions strategy and execution in Delaware Basin and Eagle Ford . |
| Matador Resources Company | Senior Completions Engineer | Oct 2014–Jul 2018 | Drove completion engineering; joined the Company in Oct 2014 . |
| Chesapeake Energy Corporation | Staff Reservoir Engineer; Senior Asset Manager (Niobrara); Senior Completions Engineer (Bakken/Three Forks); Senior Operations Engineer (Texas Gulf Coast) | Pre‑Oct 2014 | Focused on A&D evaluations, production/completions optimization, and facility/production operations . |
| Williams Production Company | Operations Engineer | Pre‑Chesapeake | Field operations and optimization experience . |
| Corporate Financial Controls | Internal Sarbanes‑Oxley Compliance Auditor | Pre‑Matador | Strengthened financial controls and compliance processes . |
External Roles
None disclosed in company filings for Calvert .
Fixed Compensation
- Calvert was not a Named Executive Officer (NEO) in the 2024–2025 proxies; his specific base salary and bonus outcomes are not disclosed .
- EVP context at Matador (2024 base salaries for NEOs):
Executive (EVP tier) 2024 Base Salary G. Gregg Krug $850,000 Brian J. Willey $850,000 Bryan A. Erman $700,000
Performance Compensation
- Matador’s executive incentive design ties annual cash to corporate goals plus individual milestones; long‑term equity is split ~50% cash‑settled phantom units (3‑year ratable vesting) and ~50% share‑settled PSUs (3‑year performance vs peer TSR; capped at 100% if absolute TSR is negative) .
| 2024 Performance Goal | Threshold | Target | Maximum | Actual | Outcome |
|---|---|---|---|---|---|
| Net Debt / Adjusted EBITDA | 1.55x | 1.42x | 1.29x | 1.05x | Exceeded Maximum |
| Adjusted Operating Costs per BOE (ex‑interest) | $14.90 | $13.90 | $12.90 | $12.42 | Exceeded Maximum |
| Return on Avg Capital Employed (ROACE) | 25% | 28% | 31% | 32% | Exceeded Maximum |
| TSR vs Peer Group | — | Upper 50% | Upper 25% | Upper 50% | Achieved Target |
| ESG (qualitative) | — | — | — | — | Committee positive assessment (safety, emissions, water, training, cyber) |
- PSU peer set used in 2024 includes APA, Civitas, Coterra, Diamondback, Magnolia, Marathon, Murphy, Ovintiv, Permian Resources, SM Energy, Vital Energy, and SPDR S&P Oil & Gas E&P ETF; payouts interpolate 0–200% by percentile rank with 50th percentile = 100% .
Equity Ownership & Alignment
| Officer Category | Stock Ownership Guideline |
|---|---|
| Chairman & CEO | 5× base salary |
| President | 5× base salary |
| Executive Vice Presidents | 2.5× base salary |
| Senior Vice Presidents | 2× base salary |
| Vice Presidents & Executive Directors | 1.5× base salary |
- Newly appointed officers have five years to reach guideline; net shares from vestings must be held for at least 12 months; phantom units and unearned PSUs do not count toward guidelines .
- Anti‑hedging: prohibited for directors, officers, employees; Anti‑pledging: restricted—executives may not pledge more than 25% of holdings without prior ESG Committee consent .
Employment Terms
- Calvert’s individual employment agreement and severance terms are not disclosed in the proxies .
- EVP‑level severance templates for NEOs (illustrative context):
EVP (example) Termination Without Cause / For Good Reason (Cash) Change‑in‑Control Termination (Cash) Equity Treatment Van H. Singleton II Salary: $1,275,000; Bonus: $2,657,813 Salary: $2,550,000; Bonus: $5,315,625 Phantom Units: $1,859,168; PSUs: $1,125,200; PSUs also vest on CoC without termination (truncated performance) $1,125,200 . G. Gregg Krug Salary: $1,275,000; Bonus: $2,657,813 Salary: $2,550,000; Bonus: $5,315,625 Phantom Units: $1,859,168; PSUs: $1,125,200; PSUs vest on CoC without termination $1,125,200 . Bryan A. Erman Salary: $1,050,000; Bonus: $2,062,500 Salary: $2,100,000; Bonus: $4,125,000 Phantom Units: $843,900; PSUs: $900,160; Restricted Stock: $518,380; PSUs vest on CoC without termination $900,160 .
Note: Company PSU awards vest at target or interpolated outcomes based on abbreviated performance through the change‑in‑control date; cash timing differs by officer due to Section 409A mechanics .
Performance & Track Record
Company execution under Calvert’s operations leadership emphasized cost and speed improvements:
- Tri‑mul‑frac deployment (~$350,000 savings per well vs zipper; 20–30% faster than simul‑frac); plan increased from ~40 wells guided to ~50 wells in 2025; drilling “U‑turn” wells now ~10 days faster than 2023; overall drilling/completions 10–15% faster YTD 2025 vs six months prior .
- CEO highlighted Calvert’s vendor relationship model and post‑mortem process as drivers of structural efficiency gains in drilling, pipe, and frac services .
Key 2023–2024 quantitative performance:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income ($MM) | $846.0 | $885.0 |
| Adjusted EBITDA ($MM, non‑GAAP) | $1,850.0 | $2,300.0 |
| Average Daily Production (BOE/day) | 131,813 | 170,751 |
| Oil Production (MMBbl) | 27.5 | 36.5 |
| Natural Gas Production (Bcf) | 123.4 | 155.8 |
Investment Implications
- Alignment: Calvert’s pay structure is heavily at‑risk via PSUs tied to relative TSR and phantom units linked to stock price, reinforcing shareholder alignment and multi‑year retention; officer ownership guidelines and anti‑hedging/pledging policies reduce misalignment risks .
- Execution upside: Documented operational efficiencies (tri‑mul‑frac, U‑turn drilling, faster D&C) are tangible levers for sustaining ROACE above targets and unit cost reductions—key drivers for cash generation and PSU outcomes .
- Retention risk: While Calvert’s individual severance terms are not disclosed, EVP templates indicate competitive change‑in‑control protection and equity vesting rules, mitigating flight risk during strategic transactions; lack of disclosed personal ownership detail limits near‑term visibility on insider selling pressure .
- Monitoring: Track quarterly D&C cost per foot, tri‑mul‑frac cadence, and relative TSR rank versus peer set; these directly influence incentive payouts and could signal management confidence when targets are exceeded .