Van Singleton
Matador ResourcesAbout Van Singleton
Van H. Singleton, II (age 47) is President—Land, Acquisitions & Divestitures and Planning at Matador Resources (MTDR), a role he has held since March 2022 after joining the company in 2007 and progressing through land leadership roles; he holds a BA from the University of Mississippi and is active in AAPL and regional landman associations . Under the executive team’s leadership in 2024, MTDR delivered net income of $885.3M and Adjusted EBITDA of $2,298.8M, with oil production up 33%, gas up 26%, and total BOE/day up 30% YoY; the company generated free cash flow in all four quarters . PSUs granted in 2022 vested at 172% of target based on an 86th percentile relative TSR outcome for the three-year period ending 12/31/2024, reinforcing pay-for-performance alignment . He led the negotiation of the Ameredev acquisition and oversaw ~200 A&D transactions in 2024, while chairing Greyhound Resources, LLC, a JV with Spearpoint Resources Company .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| VanBrannon & Associates, LLC; Southern Escrow & Title of Mississippi, LLC | Founder/President | 1998–2003 | Built full-spectrum land title and title insurance capabilities across MS, LA, TX, AR |
| Family real estate brokerage (Houston, TX) | General Manager | 2003–2007 | Ran brokerage operations prior to joining MTDR |
| Matador Resources | Landman → Senior Staff Landman → General Land Manager | 2007–2013 | Advanced land function and title execution supporting growth |
| Matador Resources | Vice President of Land | 2013–2015 | Scaled land organization and A&D support |
| Matador Resources | Executive Vice President of Land | 2015–2022 | Led land strategy through major acreage expansions |
| Matador Resources | President—Land, A&D & Planning | 2022–present | Negotiated Ameredev; oversaw ~200 transactions in 2024; A&D planning |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Greyhound Resources, LLC (JV with Spearpoint) | Chairman | 2024 (and ongoing) | JV governance; supports A&D and development initiatives |
| Professional associations (AAPL, NMLA, PBLA, DAPL) | Member | Ongoing | Network, standards, and talent pipeline in land discipline |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $750,000 | $800,000 | $850,000 |
| Target Bonus (% of Salary) | — | 100% | 100% |
| Actual Cash Bonus ($) | $1,509,375 | $1,610,000 | $1,933,750 |
| Stock Awards (Grant-Date FV, $) | $2,140,604 | $1,787,950 | $1,505,150 |
| Total Compensation ($) | $4,421,329 | $4,221,050 | $4,313,050 |
Performance Compensation
| Annual Incentive Metric (2024) | Threshold | Target | Maximum | Actual | Assessment |
|---|---|---|---|---|---|
| Net Debt / Adjusted EBITDA (x) | 1.55x | 1.42x | 1.29x | 1.05x | Exceeded Maximum |
| Adjusted operating costs per BOE, excl. interest ($/BOE) | $14.90 | $13.90 | $12.90 | $12.42 | Exceeded Maximum |
| ROACE (%) | 25% | 28% | 31% | 32% | Exceeded Maximum |
| TSR vs Peer Group | — | Upper 50% | Upper 25% | Upper 50% | Achieved Target |
| ESG (multi-factor qualitative) | — | — | — | — | Positive qualitative assessment |
| 2024 Annual Cash Incentive Outcome | Target ($) | Maximum ($) | Actual ($) | Strategic Objectives Adjustment |
|---|---|---|---|---|
| Van H. Singleton, II | $850,000 | $1,933,750 | $1,933,750 | 30% applied within overall payout |
| Long-Term Incentive (granted Feb 14, 2024) | Units / Shares | Key Terms |
|---|---|---|
| Phantom Units | 15,000 | Cash-settled; vest ratably over 3 years (service-based) |
| Performance Stock Units (PSUs) | 10,000 target; 0–200% payout | 3-year performance period ending 12/31/2026; relative TSR vs peer group; capped at 100% if absolute TSR < 0 |
| 2022 PSU Outcome (3-year period ending 12/31/2024) | Relative TSR Percentile | Payout vs Target |
|---|---|---|
| Vested at | 86th percentile | 172% of target |
Equity Ownership & Alignment
| Ownership and Alignment Item | Detail |
|---|---|
| Beneficial Ownership (as of 4/16/2025) | 292,640 shares; <1% of class |
| Shares in 401(k) | 2,505 shares |
| Unvested Phantom Units (12/31/2024) | 33,046 units; $1,859,168 market value at $56.26 |
| Unearned PSUs (12/31/2024) | 30,000 units (assumed target/max per SEC rules); $1,687,800 value |
| Options | None outstanding (NEOs hold no unexercised options) |
| Stock Ownership Guidelines | President must hold shares equal to 5× base salary; counting time-based restricted stock, excluding phantom units and unearned PSUs |
| Guideline Compliance | All NEOs owned shares in excess of minimum requirements as of 12/31/2024 |
| Hedging/Pledging | Hedging prohibited; pledging limited to ≤25% of holdings with ESG Committee consent |
| Upcoming Vesting Schedule (as of 12/31/2024) | Award Type | Van H. Singleton Units |
|---|---|---|
| 2/14/2025 | Phantom Units | 5,000 |
| 2/16/2025 | Phantom Units | 5,000 |
| 2/17/2025 | Phantom Units | 8,046 |
| 12/31/2025 | PSUs (2023 grant target assumption) | 10,000 |
| 2/14/2026 | Phantom Units | 5,000 |
| 2/16/2026 | Phantom Units | 5,000 |
| 12/31/2026 | PSUs (2024 grant target assumption) | 20,000 |
| 2/14/2027 | Phantom Units | 5,000 |
| Total Unvested (shares/units) | Phantom + PSUs | 63,046 |
Additional notes:
- 2024 vestings: 49,820 units/shares vested (mix of restricted stock, phantom units, PSUs); phantom units settled in cash and did not add shares to float .
- Phantom units are cash-settled (no dilution), while PSUs settle in stock subject to performance certification (potential share issuance) .
Employment Terms
| Provision | Terms for Van H. Singleton |
|---|---|
| Severance (No CIC) | 1.5× base salary and 1.5× average prior two years’ annual cash bonus; estimated salary component $1,275,000 and bonus component $2,657,813, payable in lump sum (timing per 409A) |
| Severance (CIC “double trigger”) | 3× base salary and 3× average prior two years’ annual cash bonus; estimated salary component $2,550,000 and bonus component $5,315,625; plus immediate vesting of equity awards at change-in-control terms (phantom units $1,859,168; PSUs $1,125,200 based on abbreviated performance) |
| Change-in-Control Trigger | Double-trigger (termination without cause or for good reason within 30 days prior to or 12 months following CIC) |
| Non-Compete | 12 months following specified terminations (6 months for disability); 24 months following CIC termination for certain NEOs (Willey/Erman longer durations; Singleton follows 12 months except as specified) |
| Non-Solicitation | Applies during restricted periods (generally 24 months for most terminations for certain NEOs; Singleton subject to the specified restricted periods) |
| Clawback | Company maintains a clawback policy (part of compensation program best practices) |
| Tax Gross-Ups | No excise tax gross-ups for severance/CIC payments |
Performance & Track Record
| Area | Evidence of Execution |
|---|---|
| M&A Leadership | Led negotiation of Ameredev acquisition; coordinated business development; oversaw ~200 transactions in 2024 |
| JV Governance | Chairman of Greyhound Resources, LLC (JV), supporting coordinated A&D execution |
| Company Performance Context (2024) | Net income $885.3M; Adjusted EBITDA $2,298.8M; free cash flow generated in all four quarters; production up 30% BOE/day; oil +33%, gas +26% |
| Long-Term Alignment | 2022 PSUs vested at 172% based on 86th percentile TSR over 3 years |
Compensation Structure Analysis
- High at-risk mix: Target bonus at 100% of salary; long-term split between cash-settled phantom units (service-based) and share-settled PSUs (performance-based), aligning with shareholder outcomes via relative TSR and minimizing dilution via phantom units .
- Metrics calibrated to capital efficiency and returns: Net leverage, unit cash costs, ROACE, TSR, and ESG results drove maximum or target outcomes in 2024, supporting strong bonus payout .
- Governance safeguards: No options outstanding; hedging prohibited; pledging limited; robust stock ownership guidelines; no excise tax gross-ups; clawback policy in place .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: 94% support, indicating broad investor endorsement of pay design and outcomes .
- Shareholder engagement: Board/management engaged holders representing >70% of outstanding shares (ex-insiders) in 2024 .
Equity Compensation Peer Group (Benchmarking)
- Peer group used for benchmarking includes APA, Civitas, Coterra, Diamondback, Magnolia, Marathon, Murphy, Ovintiv, Permian Resources, SM Energy, Vital; company size positioning considered (median market cap $8.6B vs MTDR $6.8B at 12/31/2023) .
Investment Implications
- Alignment and retention: Singleton’s compensation is strongly performance-linked with meaningful PSU exposure; upcoming PSU settlements (12/31/2025 and 12/31/2026) may add shares to float depending on TSR outcomes, while phantom units settle in cash (no dilution), moderating technical selling pressure .
- Execution leverage: His role in sourcing and negotiating A&D (Ameredev) and chairing the Greyhound JV underpins MTDR’s inventory growth and efficiency, supporting ROACE and cost metrics that drove maximum payouts in 2024; continued deal execution is a positive catalyst for equity value .
- Governance risk mitigants: Double-trigger CIC severance, no tax gross-ups, anti-hedging/limited pledging, and ownership guidelines reduce misalignment risks; however, CIC math (3× cash + accelerated equity) is generous, implying potential entrenchment optics in a sale scenario .
- Trading signals: Watch PSU performance periods and certification dates (Q1 2026 and Q1 2027) for potential share issuance; monitor Form 4s around vesting dates and bonus payments for liquidity events; strong say-on-pay and FCF generation suggest limited near-term governance overhang .