Jeff Bennett
About Jeff Bennett
Independent Chairman of the Board at NET Power Inc. (NPWR); age 57; director since June 2023. President, U.S. Onshore Resources & Carbon Management, Commercial Development at Occidental Petroleum (OXY) since October 2020; prior Occidental roles in Permian operations and corporate optimization. Education: B.A. in Accounting (LSU), MBA (Pepperdine), Certified Public Accountant (inactive). Up for election as a Class II director at the June 3, 2025 annual meeting, with a term through 2028 if elected .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Occidental Petroleum (OXY) | President, U.S. Onshore Resources & Carbon Management, Commercial Development | Oct 2020–present | Strategic direction and capital placement for U.S. onshore and carbon management |
| Occidental Oil & Gas | President & GM, Permian Resources & Rockies | Apr 2020–Oct 2020 | Operational leadership across Permian and Rockies |
| Occidental Oil & Gas | SVP, Permian Resources | Apr 2018–Apr 2020 | Permian business leadership |
| Occidental Oil & Gas | President & GM — Permian Resources, NM Delaware Basin | Jan 2017–Apr 2018 | Basin-focused operational leadership |
| Occidental Oil & Gas | Chief Transformation Officer | Jun 2016–Jan 2017 | Transformation initiatives |
| Occidental Oil & Gas | VP, Portfolio & Optimization | Feb 2016–Jun 2016 | Capital allocation and optimization |
| Occidental Oil & Gas | VP, Operations Portfolio & Integrated Planning | Oct 2015–Feb 2016 | Operations portfolio planning |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Western Midstream Partners, LP (NYSE: WES) | Director; Chairperson of the Board | Director since Aug 2019; Chair since Dec 2021 | Current public company directorship; WES is affiliated with OXY |
Board Governance
- Chairman of the Board; roles of Chairman and CEO are separated (CEO: Daniel J. Rice IV). The Chairman is currently independent; if a future Chair is not independent, Joseph T. Kelliher is designated lead director .
- Independence: Board determined Bennett is independent under NYSE rules despite his OXY affiliation; majority of board is independent .
- Committees: Bennett serves on no board committees (Audit, Compensation, Nominating & Corporate Governance) .
- Attendance: Board met five times in 2024; each director attended at least 75% of board and applicable committee meetings. Directors regularly hold executive sessions without CEO/management .
- Staggered board: Bennett is a Class II director up for election at the 2025 meeting; Class II terms run to 2028 .
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Annual cash retainer | $0 | $0 | OXY-designated directors are ineligible under NPWR’s director compensation policy |
| Chair retainer | $0 | $0 | Non-executive chair retainer applies only to eligible directors; Bennett received none |
| Committee chair/member fees | $0 | $0 | Not on committees; ineligible under policy |
| Meeting fees | Not disclosed | Not disclosed | No meeting fees disclosed in policy |
| Director RSUs (annual grant) | $0 | $0 | Annual RSU grants given to eligible directors; Bennett received none |
Policy reference: Eligible non-employee directors receive $60,000 cash retainer; $25,000 additional for non-executive chair/lead director; committee chair/member retainers; and annual RSUs of $150,000 grant date fair value. Directors designated by stockholders or their affiliates (e.g., OXY) are not eligible; Bennett received no compensation in 2023–2024 .
Performance Compensation
| Metric | Director Application | 2023 | 2024 |
|---|---|---|---|
| Performance-based equity or cash | Not applicable to NPWR directors; policy provides fixed cash retainers and time-based RSUs for eligible directors; no performance metrics disclosed for directors | None disclosed | None disclosed |
Other Directorships & Interlocks
- OXY-designated director: Bennett, along with Frederick A. Forthuber and Brad Pollack, serves as an OXY Director on NPWR’s board under the Stockholders’ Agreement. Constellation, 8 Rivers, and Sponsor also designate certain directors; CEO and three independent company directors round out the board .
- Related-party exposure: NPWR maintains multiple agreements with OXY, including Master Services Agreements (~$2.0 million aggregate expense through Dec 31, 2024) and a West Texas land lease (rent ~$2,700 in 2024) for NPWR’s intended utility-scale plant site .
Expertise & Qualifications
- Skills matrix: Bennett scored in public company board experience, senior leadership, finance/accounting, technology/innovation, government relations/regulatory, operations/engineering, strategic planning, HR/compensation, M&A, ESG, investor relations, risk management, energy industry, and market development .
- Credentials: B.A. Accounting (LSU), MBA (Pepperdine), CPA (inactive) .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Total Common | Ownership % |
|---|---|---|---|---|
| Peter J. (Jeff) Bennett | Not listed as beneficial owner (—) | Not listed as beneficial owner (—) | Not listed (—) | Not listed (—) |
- NPWR prohibits hedging, short sales, transactions in publicly traded options, and pledging or holding in margin accounts for directors, officers, and employees under its Insider Trading Policy .
Governance Assessment
- Committee assignments and chair role: As independent Chairman with no committee assignments, Bennett focuses on strategy and board leadership, while audit/comp/nominating oversight is conducted by independent committee chairs (Audit: A. Veltmann; Compensation: R. Alexander; Nominating: J. Kelliher) .
- Independence vs. interlocks: Despite board’s independence determination, Bennett’s OXY executive role and OXY designation coincide with NPWR’s material related-party dealings with OXY (MSAs ~$2.0M; land lease), elevating potential conflict-of-interest risk—mitigated in part by Audit Committee review/approval of related party transactions under NPWR’s policy .
- Attendance and engagement: Board met five times in 2024; each director attended at least 75% and independent executive sessions are regularly held—supportive of board effectiveness .
- Director pay and alignment: Bennett received no NPWR director cash or equity grants in 2023–2024 due to ineligibility for stockholder-designated directors; he is not listed as a beneficial owner of NPWR shares, which reduces direct “skin-in-the-game” alignment at the NPWR director level and suggests primary alignment with OXY’s strategic interest in NPWR .
Red Flags
- OXY interlocks and transactions: Bennett is an OXY executive and OXY-designated NPWR director while NPWR has active service agreements and a land lease with OXY—ongoing related-party exposure requiring rigorous oversight .
- Ownership alignment: No disclosed personal beneficial ownership or NPWR director equity grants—limited direct alignment with NPWR public shareholders .
Investor Implications
- Monitor Audit Committee handling of OXY-related agreements and any expansions/modifications; ensure recusals and robust independent review are documented .
- Evaluate board re-nomination dynamics (Class II slate) in light of independence, attendance, and related-party oversight quality at the June 3, 2025 meeting .