Joseph N. Jaggers
NATIONAL FUEL GASAbout Joseph N. Jaggers
Independent director of National Fuel Gas Company (NFG), age 71, serving since 2015 with 10 years of board tenure as of the March 13, 2025 annual meeting. Former President, CEO and Chairman of Jagged Peak Energy Inc.; prior senior roles at Ute Energy, Bill Barrett Corporation, Williams Companies, Barrett Resources, and BP Amoco. Education: B.S., United States Military Academy at West Point. Board-designated expertise: Leadership and Exploration & Production.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Jagged Peak Energy Inc. | Founder; President, CEO & Chairman | Established 2013 | Led independent oil & gas E&P; operational efficiency and growth credentials |
| Ute Energy, LLC | President, CEO & Director | 2010–2012 | Led through sale (2012); E&P execution |
| Bill Barrett Corporation | Director; President & COO | 2006–2010 | Senior operator and board member at public E&P |
| Williams Companies; Barrett Resources; BP Amoco | Various leadership positions | Not disclosed | Broad E&P and energy leadership across multiple firms |
External Roles
| Organization | Role | Tenure/Status | Notes |
|---|---|---|---|
| Colorado Oil and Gas Association | Past President | Not disclosed | Industry leadership |
| Independent Producers Association of the Mountain State | Past Executive Director | Not disclosed | Regional E&P advocacy |
| Rocky Mountain Oil and Gas Hall of Fame | Inductee | Not disclosed | Recognition for industry contributions |
Board Governance
- Committee assignments: Audit (Member), Compensation (Chair), Executive (Member). Compensation Committee met 5 times, Audit 9, Executive 0 in fiscal 2024.
- Independence: Board determined Jaggers is independent under NYSE and SEC rules.
- Attendance: All directors attended the 2024 Annual Meeting; all directors attended at least 75% of aggregate Board and committee meetings in fiscal 2024.
- Board structure: Separate Chairman and CEO; Lead Independent Director (Jeffrey W. Shaw) chairs executive sessions of non-management/independent directors.
- Risk oversight: Board retains enterprise risk oversight (including ESG and cybersecurity); quarterly reviews; Nominating/Corporate Governance oversees corporate responsibility strategy.
Compensation Committee governance signals
- Chair: J. N. Jaggers; members: D. H. Anderson, T. E. Skains.
- Consultants: Two independent firms engaged; independence assessed, no conflicts.
- Say-on-Pay support: 96.4% approval in 2024; Committee made no program changes based on vote.
Fixed Compensation (Director, Fiscal 2024)
| Component | Amount | Notes |
|---|---|---|
| Cash fees | $131,250 | Includes quarterly cash retainer and $20,000 Compensation Committee Chair fee; Jaggers total cash as disclosed |
| Cash retainer policy | $27,500 per quarter (first 3 quarters), $28,750 (final quarter) | Board increased annual cash retainer in fiscal 2024 after market assessment |
| Committee Chair fee (Compensation) | $20,000 | Increased by $5,000 vs prior year; paid July 2024 |
| Stock awards (quarterly shares) | $175,053 | Aggregate grant-date fair value; stock issued quarterly under Director Equity Compensation Plan |
| All other compensation | $8 | Blanket travel insurance premium |
| Transfer restriction (equity) | Nontransferable until later of 2 years from issuance or 6 months post-service | Restriction lapses upon death |
| Deferred Compensation Plan (DCP) eligibility | Eligible | May defer cash retainer and quarterly stock awards; stock accounts accrue dividend equivalents; cash accounts accrue interest at Moody’s Average Corporate Bond Yield (quarterly equivalent) |
Performance Compensation
- None disclosed for directors; NFG director pay is mix of fixed cash and time-based stock, not performance-conditioned (no RSU/PSU metrics or options for directors).
Other Directorships & Interlocks
| Company | Board Role | Current/Prior |
|---|---|---|
| Bill Barrett Corporation | Director | Prior |
| Jagged Peak Energy Inc. | Chairman (and CEO) | Prior |
- No current public company directorships disclosed for Jaggers; Company reports no compensation committee interlocks or insider participation requiring disclosure.
Expertise & Qualifications
- Leadership: 40+ years in oil & gas operations across domestic and international assignments.
- E&P Operations: Production and reserve growth; capital efficiency; asset evaluation.
- Education: B.S., West Point.
- Board skills matrix highlights: Leadership; Energy Industry; Operational/Safety.
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (as of Dec 16, 2024) | 30,684 shares; <1% of class (“*” indicates <1%) |
| Aggregate compensatory shares paid (all years of service, as of Sept 30, 2024) | 29,459 shares |
| Ownership guidelines | Directors must own ≥5x annual cash retainer within 5 years; all directors in compliance |
| Hedging/Pledging | Prohibited: no derivatives, short sales, or pledging of Company equity by directors/executive officers |
Governance Assessment
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Strengths:
- Independent director with deep E&P operating experience; chairs Compensation Committee with robust process, independent consultants, and strong say-on-pay support (96.4%).
- Clear alignment mechanisms: meaningful equity grants; director ownership guidelines; no hedging/pledging; clawback policy aligned with NYSE.
- Active committee engagement; Board retains holistic risk oversight; regular executive sessions under Lead Independent Director.
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Potential investor watchpoints:
- Board tenure of 10 years (as of March 2025) merits ongoing refresh considerations, mitigated by overall board independence (10 of 11) and diverse skills mix.
- Chair/committee fee increases in fiscal 2024 were benchmarked; monitor future retainer escalations vs market.
-
Conflicts/related-party:
- No related person transactions in fiscal 2024.
- Insider trading and hedging/pledging restrictions reduce alignment risks.
-
Director compensation structure:
- Transparent mix of cash and time-based stock; no option awards or performance-linked director metrics; equity transfer restrictions enhance long-term alignment.
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Attendance/engagement:
- All directors attended at least 75% of meetings; all attended the 2024 Annual Meeting; Compensation Committee met five times under Jaggers’ chairmanship.
Overall, Jaggers presents as a seasoned E&P operator with strong compensation governance credentials, low conflict risk, and alignment-friendly policies; investor confidence is supported by high say-on-pay and conservative director pay practices.