Aron Marquez
About Aron Marquez
Aron Marquez (age 42) is an independent director of Permian Resources Corporation (PR) since September 2022; he serves on the Compensation Committee and the Environmental, Social and Governance (ESG) Committee. He is Executive Chairman of Wildcat Oil Tools (founded 2012; CEO until January 2023), President of St. Andrews Royalties (founded 2009), and has entrepreneurial roles in consumer brands; he holds a B.A. in Organizational Leadership from the University of Oklahoma. The Board has determined he is independent under NYSE rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nabors Industries | Various roles incl. District Manager overseeing well servicing operations in West Texas and New Mexico | 2004–2009 | Operational leadership in oilfield services |
| Wildcat Oil Tools, LLC | Founder and Chief Executive Officer | 2012–Jan 2023 | Built international oilfield services and technology footprint |
| St. Andrews Royalties LLC | Founder and President | 2009–present | Royalty ownership and management in oil & gas |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wildcat Oil Tools, LLC | Executive Chairman | Jan 2023–present | Strategic oversight of vendor; potential related-party exposure with PR |
| Flecha Azul Tequila LLC | Founder; active in management (expanded via JV in 2021) | 2019–present | Consumer brand growth |
| Black Quail Apparel LLC | Chief Executive Officer | Ongoing | Premium apparel operations |
| Ombré Men | Co-founder | Ongoing | Men’s skincare operations |
| First Tee of West Texas | Director | Ongoing | Non-profit governance |
| Midland Community Hospital Advisors; Midland YMCA; United Way of Odessa | Prior board roles | Prior service | Community engagement |
Board Governance
- Committee memberships: Compensation Committee member; ESG Committee member. Chairs are Maire Baldwin (Compensation) and Robert Tichio (ESG); Marquez is not a chair.
- Independence: Classified as independent by the Board under NYSE rules.
- Attendance and engagement: Board held 6 meetings in 2024; each director attended at least 75% of Board and applicable committee meetings; all directors attended the 2024 annual meeting. Independent directors met in executive session 4 times, with full attendance.
- Committee meeting cadence (2024): Audit (5), Compensation (4), Nominating & Corporate Governance (4), ESG (4).
- Oversight processes: Audit Committee reviews related-person transactions; the Board maintains declassified structure, majority voting in uncontested elections, and regular risk oversight.
Fixed Compensation
| Component | Policy/Amount | 2024 Data |
|---|---|---|
| Director annual equity award | $200,000 (restricted stock) | $200,000 stock (all directors elected equity-only) |
| Annual retainer (cash or upsized equity) | $87,500 | Paid in stock at director’s election; Marquez total stock awards $287,500 |
| Committee chair fees | Audit ($22,500), Compensation ($20,000), Nominating ($15,000), ESG ($15,000) | Not applicable; Marquez not a chair |
| Travel/education reimbursement | Reimbursed; D&O insurance coverage provided | Program in place |
- 2024 non-employee director compensation: Marquez received $287,500 in stock awards; no cash fees.
- Unvested/total restricted stock at 12/31/2024: Unvested 17,530; total outstanding stock awards 63,906.
Performance Compensation
The PR Board’s Compensation Committee (of which Marquez is a member) oversees performance-based executive pay; directors themselves do not receive performance-based pay. 2024 AIP scorecard metrics and outcomes (for executives) were:
| Category | Metric | 2024 Goal | 2024 Outcome |
|---|---|---|---|
| Returns | All-in Rate of Return (2/14/2024 strip & basis) | 55% weighting | Exceeded goal |
| Free Cash Flow | Free Cash Flow per Share | $1.50 | $1.64; exceeded |
| Cost Structure | LOE + Cash G&A per Boe | $6.75 | $6.38; exceeded |
| ESG | Gas flared (%) | 2.0% | 1.0%; outperformed (AXPC methodology) |
| ESG | Oil spills (%) | 0.0038% | 0.002%; outperformed |
| ESG | Water spills (%) | 0.0045% | 0.002%; outperformed |
| ESG | TRIR | 0.65 | 0.57; outperformed |
| Strategic/Discretionary | NAV/share growth; D&C/ft; synergy capture; capital deployment; regulatory engagement; capital structure optimization | Various | Majority exceeded; e.g., >10% NAV/share accretion; D&C $815/ft vs $860/ft goal; Earthstone synergies ~$250mm vs $175mm target |
Other Directorships & Interlocks
| Type | Entity | Details |
|---|---|---|
| Public company boards | None disclosed | No public company directorships noted for Marquez |
| Private company boards/executive roles | Wildcat Oil Tools (Exec. Chairman) | Vendor to PR; PR paid ~$2.6 million to Wildcat in 2023; arrangement predated his PR appointment |
| Related-person transactions policy | Audit Committee review and approval required >$120k | Policy outlines independence and arm’s-length considerations |
- Streamline Innovations (Riverstone affiliate) vendor payments in 2024 were ~$8.7 million; illustrates broader related-party oversight context.
Expertise & Qualifications
- Board’s skills matrix flags Marquez for ESG oversight, executive leadership, business development/M&A, and strategic planning/risk management; public company board experience is not indicated.
- PR’s governance highlights include independent Chair, majority voting, diverse skills, and active shareholder engagement.
Equity Ownership
| Item | Value/Policy |
|---|---|
| Beneficial ownership (Class A) | 63,906 shares; <1% of Class A |
| Unvested restricted stock (12/31/2024) | 17,530 shares |
| Director stock ownership guideline | 7x annual cash retainer; 5-year compliance period; excludes unvested awards |
| Compliance status | As of 12/31/2024, all officers and non-employee directors were in compliance or within transition period |
| Hedging/pledging | Prohibited by Insider Trading and Anti‑Hedging policies |
Governance Assessment
- Committee influence and independence: Marquez serves on Compensation and ESG Committees; Board confirms his independence; committee charters emphasize use of independent consultants (Meridian) and annual risk assessments. Positive for pay‑for‑performance oversight.
- Attendance and engagement: Board met 6 times in 2024 with ≥75% attendance by all directors; independent directors held 4 executive sessions with full attendance; all directors attended the 2024 annual meeting. Strong engagement signal.
- Director compensation alignment: All directors elected to receive 100% of compensation in PR stock in 2024; Marquez received $287,500 in stock with unvested 17,530 shares; robust ownership guidelines (7x retainer) and anti‑hedging/pledging policy reinforce alignment.
- Pay practices and shareholder feedback: 2024 say‑on‑pay support ~80%; compensation program features double‑trigger CIC benefits, no tax gross‑ups, clawback policy (updated Oct 2023), and ESG metrics in AIP—Marquez, as a Compensation Committee member, oversees these practices.
- Potential conflicts—RED FLAG: PR has a vendor arrangement with Wildcat Oil Tools, founded by Marquez; PR paid ~$2.6 million to Wildcat in 2023; Audit Committee reviews related-party transactions and asserts terms are no less favorable than with unaffiliated parties, but ongoing monitoring is warranted given committee membership and related-party proximity.
Overall, Marquez brings entrepreneurial oilfield services expertise and is active on Compensation and ESG oversight; independence and attendance are satisfactory, alignment is reinforced via equity-only director pay and ownership rules; the Wildcat vendor relationship is a noted related-party exposure that merits continued scrutiny.