Paul Harvey
Matador ResourcesAbout Paul W. Harvey
Paul W. Harvey (age 66) was appointed as an independent Class II director of Matador Resources Company in 2025. He is a Private Wealth Advisor and former Chief Investment Officer of Vaquero Private Wealth, with over four decades of investment experience spanning portfolio management and private wealth advisory; prior roles include Managing Director at BlackRock and Regional Director/Portfolio Manager at Merrill Lynch Asset Management. He holds an MBA in Finance (SMU Cox), a BBA in Finance (UT Austin), and credentials as a CFA and CPWA, with expertise in investment selection, asset allocation, and portfolio construction .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Vaquero Private Wealth | Private Wealth Advisor; former Chief Investment Officer | Not disclosed | Led investment selection, asset allocation, portfolio construction for HNW clients |
| BlackRock, Inc. | Managing Director; led team covering HNW individuals and institutions across 29 states | Not disclosed | Designed multi-asset solutions combining active/passive and alternatives |
| Merrill Lynch Asset Management | Regional Director and Portfolio Manager | Not disclosed | Developed customized portfolios; oversaw regional team |
External Roles
| Organization | Role | Public Company Board? | Notes |
|---|---|---|---|
| — | — | None | No MTDR director currently serves on other public company boards |
Board Governance
- Independence: The Board determined 9 of 11 directors are independent, including Paul W. Harvey .
- Committee assignments: Audit; Capital Markets & Finance; Marketing & Midstream. He is not a chair of any committee (Audit Chair: Byerley; Capital Markets & Finance Chair: Parker; Marketing & Midstream Co-Chairs: Ward and Howard) .
- Attendance and engagement: The Board held 9 meetings in 2024; all incumbent directors attended at least 75% of Board and committee meetings, and all directors attended the 2024 Annual Meeting (Harvey joined in 2025) .
- Executive sessions: Independent directors meet privately in executive session on a regular basis; lead independent director (Parker) and deputy lead independent director (Baty) roles in place .
Fixed Compensation
| Component | Amount/Structure | Notes |
|---|---|---|
| Annual cash retainer (non-employee directors) | $85,000 | 2024–2025 program |
| Committee chair cash retainers | Audit $50,000; Strategic Planning & Compensation $50,000; Operations & Engineering $50,000; Prospect $50,000; ESG $35,000; Nominating $25,000; Capital Markets & Finance $25,000; Marketing & Midstream $25,000 | 2024–2025 program |
| Lead independent director retainer | $100,000 | 2024–2025 program |
| Deputy lead independent director retainer | $50,000 | 2024–2025 program |
| ESG Coordinator retainer | $50,000 | 2024–2025 program |
| Annual director RSU grant | ~$150,000 in value; vests prior to 2025 Annual Meeting | 2024–2025 program |
| Harvey’s 2024–2025 RSU allocation | 1,267 RSUs (50% of standard award, pro-rated for Jan 27, 2025 appointment >180–≤270 days post-2024 meeting) | Granted early 2025 |
| 2024 director compensation (cash + RSUs table) | Harvey did not receive director compensation in 2024 | Joined in 2025 |
- Reimbursement of travel/lodging for Board/committee meetings provided .
- Director stock ownership guideline: Expected to own $350,000 in MTDR stock within 3 years and hold such shares while serving; RSUs count toward guideline; must hold RSU shares until reaching guideline .
- Anti-hedging and pledging: Hedging prohibited; directors/executives restricted from pledging more than 25% of holdings without prior ESG Committee consent .
Performance Compensation
- Directors receive time-based RSUs; performance metrics apply to executive compensation. MTDR’s pay-for-performance framework uses the following metrics and outcomes:
| 2024 Performance Goal | Threshold | Target | Maximum | Actual Result | Assessment |
|---|---|---|---|---|---|
| Net Debt/Adjusted EBITDA (attributable to MTDR shareholders) | 1.55x | 1.42x | 1.29x | 1.05x | Exceeded Maximum |
| Adjusted operating costs per BOE, excl. interest ($/BOE) | $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 assessment | — | — | — | Company achievements noted (emissions, water, pipeline transport, safety, training, cybersecurity, sustainability reporting) | Qualitatively favorable |
- 2024 say-on-pay approval: 94% support .
- Compensation consultant: Meridian engaged; independence confirmed .
- Benchmarking peer group (2024): APA, Civitas, Coterra, Diamondback, Magnolia, Marathon, Murphy, Ovintiv, Permian Resources, SM Energy, Vital Energy .
Other Directorships & Interlocks
- Public company boards: None for Harvey; no MTDR director currently sits on other public company boards .
- Interlocks: Compensation Committee reported no interlocks in 2024 .
- Notable ownership relationships: BlackRock held ~8.4% of MTDR as of Nov 12, 2024; Harvey is a former BlackRock MD (potential perception risk, no related transaction disclosed) .
Expertise & Qualifications
- Finance and capital markets expertise: CFA, CPWA; prior leadership at BlackRock and Merrill Lynch; deep investment selection/asset allocation experience .
- Board skills matrix: Finance & Accounting, Risk Assessment, Strategic Planning, Corporate Governance & Ethics noted among Board’s competencies .
- Committee fit: Assignments to Audit and Capital Markets & Finance align with capital markets and oversight expertise; Marketing & Midstream adds industry commercialization exposure .
Equity Ownership
| Category | Shares | Notes |
|---|---|---|
| Total beneficial ownership (as of Apr 16, 2025) | 39,717 | Less than 1% of shares outstanding (*) |
| IRA holdings | 8,500 | Held of record by Mr. Harvey’s IRA |
| LLC holdings | 3,000 | Wilson Peak Limo, LLC (owned by Harvey and spouse) |
| Family holdings | 300 | Held by Mr. Harvey’s son |
| Unvested RSUs (issuable upon vesting) | 1,267 | Pro-rated 2024 RSU Award |
| Pledged shares | Not disclosed | Pledging >25% requires ESG Committee consent; no pledge disclosed |
(*) Less than one percent (1%) .
Governance Assessment
- Strengths: Independent status; relevant finance/capital markets expertise; service on Audit and Capital Markets & Finance committees; robust director ownership guideline ($350k within 3 years); anti-hedging/limited pledging policy; active independent leadership structure and executive sessions; strong company pay-for-performance metrics; high say-on-pay support .
- Compensation alignment: Director pay balanced between fixed cash retainer and annual RSUs that vest around the annual meeting, encouraging alignment and continuity; Harvey’s RSU grant correctly pro-rated based on appointment date .
- Attendance/engagement: Board met 9 times in 2024 with strong attendance; Harvey’s engagement expected across three committees post-appointment .
- Potential RED FLAGS: None disclosed specific to Harvey (no related person transactions; no hedging; no pledging disclosure). Perception risk from prior BlackRock affiliation given BlackRock’s 8.4% ownership, but no interlocks or transactions reported .
- Shareholder engagement backdrop: MTDR engaged >70% of outstanding shares (excluding insiders) in 2024; feedback shared with Board, supporting governance transparency .
Overall, Harvey’s capital markets and audit oversight profile is additive to board effectiveness, with policies and ownership guidelines promoting alignment and limited conflict risk under disclosed related-party and insider trading frameworks .