Peter Dea
OvintivAbout Peter A. Dea
Peter A. Dea (age 71) is Ovintiv’s Independent Chair of the Board, serving as a director since 2010 and Board Chair since 2020. He has a 40-year E&P track record as a public-company CEO and founder/operator of private energy firms, with policy engagement at U.S. federal and Colorado state levels. Education includes Harvard AMP, M.Sc. Geology (University of Montana), and B.A. Geology (Western Colorado University. Independence status: all Ovintiv directors except the CEO are independent under the company’s guidelines. Attendance in 2024: 5 of 5 Board meetings; Board and committee attendance was 100% overall. Directors (including the Independent Chair) participated directly in shareholder engagements.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Western Gas Resources LP | CEO and Director | Not disclosed | Initiated Emissions Savings Program (2008) |
| Barrett Resources Corporation | CEO and Chairman | Not disclosed | Led public E&P; value creation |
| Echostar Communications Inc. | Director | Not disclosed | Board governance |
| The Nature Conservancy (Colorado) | Trustee | Not disclosed | Conservation stewardship |
| Denver Museum of Nature & Science | Trustee and Chair | Not disclosed | Governance and community impact |
| ACE Scholarships | Co-Chair | Not disclosed | Education access |
| Western Colorado University | Trustee | Not disclosed | Education support |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Confluence Resources LP | Executive Chairman | Current | Private E&P (chair role) |
| Cirque Resources LP | President & CEO | Current | Private E&P (operating role) |
| Antero Midstream Corporation | Director | 2018–present | Public midstream board service |
| Liberty Energy Inc. | Director | 2018–present | Public oilfield services board service |
| Crested Butte Land Trust | Director | Current | Nonprofit governance |
Board Governance
- Role: Independent Chair; Ovintiv bylaws require separation of CEO and Board Chair and the Chair must be independent. Dea is the primary liaison between independent directors and the CEO.
- Committee memberships: Ovintiv’s five committees are entirely independent. Dea is Board Chair; committee rosters (Audit, CRG, EH&S, HRC, Reserves) do not list him as a member.
- Independence and composition: Apart from the CEO, all director nominees are independent. Majority independent board; executive sessions held regularly without management.
- Attendance and engagement: 2024 Board and committee meeting attendance was 100%; Dea attended 5 of 5 Board meetings. Directors (including the Independent Chair) engaged directly with top investors in shareholder outreach covering governance, compensation, and sustainability.
- Risk oversight: Board oversees ERM; committees cover cybersecurity (Audit), governance/sustainability integration (CRG), safety/environment (EH&S), compensation and social issues (HRC), and reserves quality (Reserves).
Fixed Compensation
| Component | Amount/Detail | Source |
|---|---|---|
| Annual Board Chair Retainer (2024) | $480,000 | |
| 2024 Fees Earned or Paid in Cash | $138,750 | |
| 2024 Stock Awards (Director RSUs) – Grant Date FMV | $341,273 | |
| 2024 Other Compensation (life insurance) | $431 | |
| 2024 Total | $480,454 | |
| Director RSUs Granted (May 17, 2024) | 6,846 units (FMV $341,273; priced off 5-day VWAP $49.85) | |
| Director Compensation Mix (2024) | 69% equity (Director RSUs); 31% cash or DSUs at director’s election | |
| DSU Plan mechanics | Vests immediately; redeemable only post-board service; cash settlement with dividend-equivalent DSUs; redemption timing rules by tax residency |
Performance Compensation
Independent directors do not receive performance-based compensation from Ovintiv; equity is granted as Director RSUs or DSUs and is not tied to performance metrics.
Other Directorships & Interlocks
| External Board | Sector | Potential Interlock/Conflict Relevance | Notes |
|---|---|---|---|
| Antero Midstream Corporation | Midstream | Industry adjacency; no Ovintiv-related person transactions reported | |
| Liberty Energy Inc. | Oilfield services | Industry adjacency; no Ovintiv-related person transactions reported |
- Ovintiv governance practices state “No interlocking directorships with other reporting issuers.” Overboarding policy limits directors to three other public boards; directors must notify CRG Chair/GC before accepting new board seats for conflict review.
Expertise & Qualifications
- 40-year E&P leadership; former public-company CEO; founder/operator of private E&P firms; policy roles (President Clinton’s Energy Team; Colorado Oil & Gas Task Force).
- Education: Harvard AMP; M.Sc. Geology (University of Montana); B.A. Geology (Western Colorado University).
- Recognitions: Western Energy Alliance Wildcatter of the Year; multiple industry halls of fame and honors (Hart Energy, Explorers Club, etc.).
Equity Ownership
| Item | Amount | Valuation/Notes |
|---|---|---|
| Beneficially Owned Shares and Options (as of Mar 10, 2025) | 81,654 | <1% of shares outstanding |
| DSUs Held (as of Dec 31, 2024) | 52,460 | Market/payout value $2,210,776 (at $40.50 per share) |
| Total Ownership (Shares + DSUs/Options per table) | 134,114 | <1% of outstanding; all directors on track or meeting ownership guidelines |
| Director Stock Ownership Guidelines | Minimum 5x annual cash compensation within 5 years; all directors meet or are on track | |
| Hedging/Pledging | Prohibited for directors; margin accounts and pledging disallowed |
Insider Trades and Section 16 Compliance
| Person | Late Section 16 Filings (2024) | Note |
|---|---|---|
| Peter A. Dea | None cited | Company reports late filings only for Corey Code, Brian G. Shaw, and Sippy Chhina due to administrative oversight; otherwise timely. |
Related Party and Conflict Controls
- Related Person Transactions policy: CRG reviews for fairness; CEO/Audit Committee pre-approval thresholds; no reportable related-person transactions since Jan 1, 2024.
- Overboarding and Change-in-Circumstance policies adopted in 2023; directors must tender resignation upon material adverse changes.
- Securities Trading policy: prohibits hedging, short sales, pledging, and short-swing transactions; imposes blackout periods.
Director Compensation Structure Observations
- Strong equity alignment for directors: 69% equity (settled-in-stock RSUs since 2022). DSUs defer payout until retirement, with dividend equivalents.
- Board Chair total 2024 comp $480,454, consistent with $480,000 retainer plus small benefits; no meeting fees disclosed; committee chair fees apply to committee chairs (2024), with increases effective 2025 per FW Cook’s advice.
Governance Assessment
-
Positives: Independent Chair; fully independent committees; clear prohibition on hedging/pledging; robust related-party transaction controls; 100% attendance; direct investor engagement; clear stock ownership guidelines and compliance; no reportable related-party transactions; strong say-on-pay support (96.2% in 2024) indicating investor confidence in compensation governance.
-
Potential watchpoints: External public boards in adjacencies (midstream, OFS) create industry network ties—monitor for any commercial dealings or emerging related party considerations; ensure continued adherence to overboarding limits and independence. Current proxy reports no interlocks and no related person transactions.
-
Overall: Dea’s long-tenured, independent Board Chair role, high attendance/engagement, and equity-heavy director pay structure support board effectiveness and alignment. Controls around trading, related parties, and ownership guidelines reduce conflict risk and enhance investor confidence.