Robert Macalik
Matador ResourcesAbout Robert Macalik
Robert T. Macalik is Executive Vice President and Chief Financial Officer of Matador Resources Company (promoted September 29, 2025) and continues as CFO of San Mateo Midstream, the company’s midstream JV; he joined Matador in July 2015 as VP & Chief Accounting Officer, progressing to SVP (2017), EVP & CAO (April 2022), and EVP – Administration & Finance (June 2025) before becoming CFO . He is 46 years old as of April 16, 2025, holds BA (History), BBA, and MPA from The University of Texas at Austin and is a licensed CPA; prior roles include Corporate Controller at Pioneer Natural Resources and Senior Manager at PwC . Company performance under the executive team in 2024 featured net income of $885M, Adjusted EBITDA of ~$2.3B, free cash flow generation in all four quarters, a dividend increase (to $0.25/share), and record production, while relative TSR vs. peer group met “Upper 50%” target for PSUs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Matador Resources Company | VP & Chief Accounting Officer | 2015–2017 | Built and led corporate accounting and reporting after joining in July 2015 . |
| Matador Resources Company | SVP & Chief Accounting Officer | 2017–2022 | Expanded the accounting department and supported financing and investor outreach . |
| Matador Resources Company | EVP & Chief Accounting Officer | Apr 2022–Jun 2025 | Executive oversight of accounting; leadership in IT and finance teams . |
| Matador Resources Company | EVP – Administration & Finance | Jun 2025–Sep 2025 | Promoted alongside midstream leadership realignment; supported finance and strategy . |
| Matador Resources Company | EVP & Chief Financial Officer | Sep 2025–present | Assumed principal financial officer role; continued capital markets and investor engagement . |
| Pioneer Natural Resources Company | Corporate Controller; Director of Technical Accounting & FR | 2012–2015 | Led corporate accounting and financial reporting functions . |
| PricewaterhouseCoopers (PwC) | Senior Manager | 2002–2012 | Managed audits for public E&P companies; client relationship management . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| San Mateo Midstream, LLC | Executive Vice President & Chief Financial Officer | Jun 2025–present | CFO of Matador’s midstream JV; system capacity grew to 720 MMcf/d with Marlan expansion . |
Fixed Compensation
- EVP/CFO compensation specifics (base salary, target bonus %) for Macalik are not disclosed in the 2025 proxy (he was not an NEO in 2024); Matador’s executive program components include base salary, annual cash incentive, and long-term incentives (phantom units and PSUs) .
- Stock ownership guidelines require EVPs to hold shares equal to 2.5× base salary within 5 years; officers must hold 50% of “net shares” from vesting/exercises for 12 months until reaching guidelines; anti-hedging is prohibited and pledging is restricted to ≤25% of holdings with committee consent .
Performance Compensation
Company cash incentive plan metrics used in 2024 (apply to executive program; individual CFO/CAO payouts for Macalik are not disclosed):
| Metric | Threshold | Target | Maximum | Actual | Assessment |
|---|---|---|---|---|---|
| Net Debt / Adjusted EBITDA | 1.55x | 1.42x | 1.29x | 1.05x | Exceeded Maximum . |
| Adjusted operating costs per BOE (ex interest) ($/BOE) | $14.90 | $13.90 | $12.90 | $12.42 | Exceeded Maximum . |
| Return on Average Capital Employed (ROACE) | 25% | 28% | 31% | 32% | Exceeded Maximum . |
| Total Shareholder Return vs Peer Group | — | Upper 50% | Upper 25% | Upper 50% | Achieved Target . |
| ESG performance | Qualitative | — | — | — | Positive qualitative assessment . |
Long-term incentives for executives in 2024: approx. 50% phantom units (3-year ratable vesting, cash-settled) and 50% PSUs (3-year performance period to 12/31/2026; relative TSR with 0–200% payout; capped at 100% if absolute TSR is negative) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Ownership guidelines | EVP requirement: 2.5× base salary within 5 years; hold 50% net shares for 12 months until compliant; anti-hedging; pledging limited to ≤25% with consent . |
| Options | Company disclosed no unexercised stock options held by NEOs at YE 2024; equity grants in recent years have emphasized phantom units and PSUs . |
| Clawback | NYSE-compliant clawback policy recovering incentive comp for 3 fiscal years prior to any restatement . |
| Restricted stock grants & vesting (Form 4 footnotes) | 2,667 RS granted 02/16/2023; vests on 02/16/2026 . 6,667 RS granted 02/14/2024; vest 3,333 on 02/14/2026 and 3,334 on 02/14/2027 . |
| Insider transactions (2025) | 03/05/2025: Purchase of 1,200 shares @ $47.98 . 05/01/2025: Purchase of 1,500 shares @ $40.50 . 11/06/2025: Form 4 filed; footnotes include ESPP acquisitions and restricted stock details . |
Vesting Schedule (Restricted Stock)
| Grant Date | Type | Shares | Vesting | Next Vest Dates |
|---|---|---|---|---|
| 02/16/2023 | Restricted Stock | 2,667 | Cliff vest | 02/16/2026 (2,667) . |
| 02/14/2024 | Restricted Stock | 6,667 | 2 tranches | 02/14/2026 (3,333); 02/14/2027 (3,334) . |
Employment Terms
| Provision | Detail |
|---|---|
| Agreement form | Employment Agreement effective 09/29/2025, in same form as agreements used for Bryan A. Erman and Brian J. Willey (referenced in 2024 Q1 10-Q Exhibit 10.2 and 2025 Proxy descriptions) . |
| Severance triggers | No “modified single trigger”; termination for good reason is a severance trigger only following a change in control (consistent with Erman/Willey form) . |
| Non-compete | Longer non-compete covenant vs. Foran’s legacy agreement (consistent with Erman/Willey form) . |
| Change-in-control (equity) | Equity awards (other than PSUs) vest upon change in control per employment agreement; PSUs vest based on performance through an abbreviated period ending immediately prior to change-in-control effective date (per 2019 Plan) . |
| Tax gross-ups | Agreements do not provide excise tax gross-ups for severance or change-in-control payments . |
| Anti-hedging/pledging | Hedging prohibited; pledging restricted to ≤25% of holdings with ESG Committee consent . |
| Clawback | NYSE-compliant clawback applies to executive officers . |
Compensation Peer Group and Say-on-Pay
- Benchmarking peer group for 2024 compensation included APA, Civitas, Coterra, Diamondback, Magnolia, Marathon, Murphy, Ovintiv, Permian Resources, SM Energy, Vital, and SPDR S&P Oil & Gas E&P ETF, with Matador at ~45th percentile of peer median market cap .
- Say-on-Pay support in 2024: 94% approval .
Performance & Track Record
- 2024 operational milestones included Ameredev acquisition integration (cost synergies >$150M expected over five years), record production (oil +33% YoY to 36.5 MMBbl; gas +26% YoY to 155.8 Bcf), improved operating efficiency (trimul-frac, simul-frac, longer laterals ~9,300 ft), liquidity ~$1.6B and leverage ratio ~1.05x; dividend increased to $0.25/share .
- Midstream combination and growth (Pronto contributed to San Mateo; Marlan expansion to be online in Q2 2025) underpin strategic flow assurance and future growth .
Risk Indicators & Red Flags
- No excise tax gross-ups; anti-hedging policy; pledging limited with consent; clawback policy in place .
- Insider activity shows purchases by Macalik (March and May 2025) and ESPP participation; no insider selling pressure evident in 2025 filings cited .
Investment Implications
- Alignment: Equity program with PSUs tied to relative TSR and strict ownership/clawback/anti-hedging policies indicate strong shareholder alignment; Macalik’s insider purchases (and RS vesting cadence) suggest low near-term selling pressure .
- Retention risk: Employment agreement terms (non-compete, double-trigger for good reason, change-in-control vesting mechanics) and EVP ownership guidelines support retention; lack of excise tax gross-ups reduces parachute risk optics .
- Performance linkage: Cash incentive metrics emphasize deleveraging, cost per BOE, ROACE, TSR, and ESG; recent company performance met/exceeded targets, which should support disciplined capital allocation under Macalik’s finance leadership .
- Midstream value: Dual role as CFO at San Mateo aligns finance oversight with a growing midstream platform (720 MMcf/d capacity), potentially enhancing integrated returns and cash flow stability .