Glenn Stetson
Matador ResourcesAbout Glenn Stetson
Glenn W. Stetson is Executive Vice President—Production at Matador Resources Company (MTDR). He joined Matador in August 2014, rising through Production Engineer → Asset Manager → VP/SVP of Production before promotion to EVP—Production in April 2022. He holds a B.S. in Mechanical Engineering Technology from Oklahoma State University (2007) and is a Licensed Professional Engineer in Oklahoma. Age 40 as of April 16, 2025, with 11 years at Matador and 3+ years in the EVP role. Prior experience includes multiple production and completions roles at Chesapeake Energy across the Barnett and Marcellus shales, aligning well with Matador’s operational growth. Company performance during his tenure features record 2024 net income of $885M and Adjusted EBITDA of $2.30B, with oil production up 33% and natural gas up 26% year over year; PSUs granted in 2021 vested at 178% of target based on 89th percentile relative TSR, evidencing strong shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Matador Resources | EVP—Production | Apr 2022–present | Executive oversight of production operations during record 2024 growth; support of efficiency initiatives (e.g., simul-frac/trimul-frac, longer laterals) . |
| Matador Resources | SVP Production & Asset Manager | Oct 2019–Apr 2022 | Managed production assets contributing to Delaware Basin scale-up . |
| Matador Resources | VP & Asset Manager | Jul 2018–Oct 2019 | Asset-level leadership across key fields . |
| Matador Resources | Asset Manager | Jul 2015–Jul 2018 | Operational accountability for asset performance . |
| Matador Resources | Production Engineer | Aug 2014–Jul 2015 | Engineering execution in production optimization . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Chesapeake Energy | Production & Completions roles (Barnett, Marcellus) | 2008–2014 | Managed operated production and completions in major shale plays; experience supports Matador’s operational scaling in Delaware Basin . |
Fixed Compensation
Specific salary/bonus figures for Mr. Stetson are not disclosed in MTDR’s proxies (he is not a Named Executive Officer). Matador’s management compensation program includes base salary and annual performance-based cash incentives, alongside long-term incentives (phantom units and PSUs) and market-standard benefits .
Performance Compensation
Company-wide incentive design and 2024 outcomes (applied to NEOs; framework typically informs broader executive incentives):
| Metric | Threshold | Target | Max | Actual | 2024 Payout Assessment |
|---|---|---|---|---|---|
| Net Debt / Adjusted EBITDA | 1.55x | 1.42x | 1.29x | 1.05x | Exceeded Maximum . |
| Cash operating costs per BOE (ex. interest) | $14.90 | $13.90 | $12.90 | $12.42 | Exceeded Maximum . |
| ROACE | 25% | 28% | 31% | 32% | Exceeded Maximum . |
| TSR vs. peer group | — | Upper 50% | Upper 25% | Upper 50% | Achieved Target . |
| ESG (qualitative) | — | — | — | — | Positive qualitative assessment (emissions, water recycling, pipeline transport, safety, training, cybersecurity) . |
Long-term incentives: approximately 50% cash-settled phantom units vesting ratably over three years and ~50% share-settled PSUs vesting on a three-year performance period (0–200% based on relative TSR; capped at target if absolute TSR is negative) . 2021 PSUs vested at 178% based on 89th percentile relative TSR .
Equity Ownership & Alignment
- Stock ownership guidelines: EVP-level officers must hold shares equal to 2.5× base salary; officers must retain at least 50% of net shares from vesting/exercise for ≥12 months. Hedging is prohibited; pledging by directors/executive officers restricted to ≤25% and requires committee consent .
- Beneficial ownership details for Mr. Stetson are not individually disclosed in the 2025 proxy; the proxy shows aggregate executive/director group holdings at 5.8% .
- Anti-hedging/anti-pledging policies apply to Mr. Stetson as an executive officer .
Employment Terms
- Employment agreements disclosed for certain NEOs (Foran, Singleton, Krug, Willey, Erman); Mr. Stetson’s individual agreement is not disclosed. Company practice features double-trigger change-of-control protection for executives other than the CEO (three times salary and average bonus; immediate vesting of equity; PSUs vest based on performance through the change date). CEO’s legacy agreement includes a modified single trigger; company intends to use double triggers going forward .
- Non-compete/non-solicit: NEO agreements include post-termination non-competes from 12 to 24 months depending on executive and circumstance; confidentiality and clawback policies apply company-wide .
Performance & Track Record
- Operational: 2024 achieved record production—oil 36.5MMbbl (+33% YoY), gas 155.8Bcf (+26%), average 170,751 BOE/d (+30%); execution milestones include five U-Turn wells, longer laterals (~9,300 ft avg), and efficiency via simul/trimul-frac .
- Financial: Net income $885M and Adjusted EBITDA $2.30B (Matador shareholders) in 2024; free cash flow generation all four quarters; liquidity ~$1.6B; leverage 1.05x; dividend increased to $1.00 annualized .
- ESG: >60% reduction in E&P direct GHG intensity and >85% reduction in methane intensity since 2019; >95% non-fresh water used in 2024; 96% oil and 99% produced water moved by pipeline; zero employee lost-time incidents per 200,000 man-hours in 2024 .
Company Performance (context during his EVP–Production tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income ($MM) | $846 | $885 |
| Adjusted EBITDA ($MM) | $1,850 | $2,299 |
| Oil Production (MMbbl) | 27.5 | 36.5 |
| Gas Production (Bcf) | 123.4 | 155.8 |
| Avg Daily Production (BOE/d) | 131,813 | 170,751 |
Compensation Structure Analysis
- Strong pay-for-performance alignment: variable pay dominates incentives, with multi-factor annual goals (leverage, unit costs, ROACE, TSR, ESG) and rigorous PSU design tied to peer-relative TSR with downside caps if absolute TSR is negative .
- Mix favors equity-linked instruments: shift toward PSUs and phantom units (cash-settled to avoid dilution) supports retention and shareholder alignment; vesting over three years mitigates short-termism .
- Governance safeguards: clawback policy, prohibitions on hedging, restricted pledging, and stock ownership requirements reinforce alignment and risk control .
Risk Indicators & Red Flags
- Related-party oversight: Board/Audit Committee review of transactions involving family-affiliated entities (working/overriding interests; Greyhound JV; equipment purchases) with approvals and ratifications documented; while these concern other insiders, governance processes appear active .
- No disclosure of hedging/pledging by Mr. Stetson; the company’s policy prohibits hedging and limits pledging by executives .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay support: 94% approval in 2024, indicating strong shareholder endorsement of executive pay programs .
Expertise & Qualifications
- Technical: production/completions engineering, Barnett/Marcellus operations; Licensed Professional Engineer (OK), enabling disciplined operational oversight .
- Tenure/experience: 11 years at Matador, 6 years at Chesapeake; proven track record across production leadership roles .
Investment Implications
- Alignment: Executive ownership guidelines, clawback, and anti-hedging/pledging policies reduce misalignment risk; PSU design tied to relative TSR with negative-TSR cap constrains windfalls in down markets .
- Execution leverage: Record production growth and cost efficiency outcomes in 2024 indicate strong operational execution in Stetson’s remit (Production), bolstering confidence in continued volume/cash cost performance .
- Retention risk: While Stetson’s specific severance/COC terms aren’t disclosed, company-wide double-trigger COC protection for executives and multi-year vesting of equity awards support retention; absence of disclosed individual contract terms is a gap to monitor via future 8-Ks/DEF 14As and Form 4 filings .
- Trading signals: Without Form 4 analysis, insider selling pressure cannot be assessed here; run insider transaction review to identify vesting-related sales and patterns over the last 24 months.
Note: Specific compensation and ownership figures for Mr. Stetson are not disclosed in the 2024–2025 proxies; analysis relies on company-wide policies, incentive structures, and performance outcomes. For insider trading patterns and exact holdings, review recent Forms 3/4/5 and upcoming proxies.