William J. Quinn
About William J. Quinn
William J. Quinn, age 54, has served on PR’s Board since September 2022. He is Founder and Managing Partner of Pearl Energy Investments (since 2015) and previously served as Managing Partner at Natural Gas Partners (NGP), co-managing NGP’s investment portfolio. He holds an MBA from Stanford Graduate School of Business and a B.S. in Economics (finance) with honors from Wharton. The Board’s independence matrix does not classify him as independent, reflecting his Pearl affiliation .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Natural Gas Partners (NGP) | Managing Partner; co-managed investment portfolio | Pre-2015 | Co-led investment process across NGP funds |
| Spring Valley Acquisition Corp. (now NuScale Power) | Director and Chairman of the Board | Sep 2021 – May 2022 | Led SPAC board through business combination; transitioned to NuScale |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Infinity Natural Resources, Inc. | Director | Since Jan 2025 | Current public/private board seat as disclosed by PR |
| Pearl Energy Investments & affiliates | Managing Partner; director on multiple Pearl portfolio boards | Since 2015 | Extensive sponsor/operator network roles |
Board Governance
- Independence status: Not listed among NYSE “independent” directors (independents are Baldwin, Cochran, Eves, Gray, Marquez, Tepper, Tichio) .
- Committee assignments: Not named to Audit, Compensation, Nominating & Corporate Governance, or ESG Committees (current compositions exclude Quinn) .
- Board leadership/separation: Independent Board Chair (Steven D. Gray); roles of Chair and Co-CEOs separated .
- Attendance: Board held 6 meetings in 2024; each director attended at least 75% of Board and committee meetings; all then-serving directors attended the 2024 annual meeting .
- Committee activity: 2024 meetings – Audit (5), Compensation (4), Nominating & Corporate Governance (4), ESG (4) .
- Independent director executive sessions: Held four times in 2024, presided by the Chair; all independent directors attended .
Fixed Compensation
- Policy: Non-employee directors may receive a cash/equity retainer and annual equity awards; directors could elect 100% stock-based compensation. For 2024, all directors elected 100% stock-based compensation .
- Schedule of retainers/grants (for eligible directors):
| Role | Equity Awards ($) | Cash / Equity Retainer ($) |
|---|---|---|
| Director | 200,000 | 87,500 |
| Independent Board Chair | 155,000 | – |
| Audit Chair | 22,500 | – |
| Compensation Chair | 20,000 | – |
| Nominating & Corp. Gov. Chair | 15,000 | – |
| ESG Chair | 15,000 | – |
- 2024 director compensation outcome for Quinn:
| Name | Fees Earned in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| William J. Quinn | – | – | – |
- PR disclosure: “Messrs. Cochran and Quinn did not receive any compensation for serving as our directors in 2024 given their affiliation with Post Oak and Pearl, respectively.”
Performance Compensation
| Component | Disclosure for Directors |
|---|---|
| Performance-based equity (PSUs) | Not used for directors; program provides restricted stock; Quinn received no awards in 2024 due to Pearl affiliation |
| Options | No director option awards disclosed for 2024 |
| Performance metrics | None disclosed/applicable to director pay (executive AIP/PSU metrics are separate) |
Other Directorships & Interlocks
| Company | Type | Role/Status | Potential Interlock/Notes |
|---|---|---|---|
| Infinity Natural Resources, Inc. | Energy | Director (since Jan 2025) | Current external board seat |
| Spring Valley Acquisition Corp. / NuScale Power | SPAC / Energy Tech | Director and Chairman (Sep 2021–May 2022) | Prior public company chair role |
| Pearl portfolio companies | Private | Director roles on various affiliates | Sponsor-affiliate network |
Expertise & Qualifications
- Deep energy private equity and upstream expertise; business development/M&A and capital markets skillset; strategic planning and risk oversight capabilities (as reflected in Board’s skills matrix for “William Quinn”) .
- Advanced finance education (Stanford MBA; Wharton B.S. Econ/finance) .
Equity Ownership
| Holder (Beneficial Owner) | Class A Shares | Class C Shares | Class C % | Combined Voting Power (shares) | Combined Voting Power % |
|---|---|---|---|---|---|
| William J. Quinn (and controlled affiliates) | 1,312,429 | 21,980,426 | 22.2% | 23,292,855 | 2.9% |
- Breakdown (footnote): Class C total reflects (i) 16,094,353 held by Pearl Energy Investments II, L.P., (ii) 5,015,933 held by Mail Holdings, L.P., (iii) 870,140 held directly by Quinn; the 1,312,429 Class A shares are held by Mail Holdings. Pearl II GP entities and Mail Holdings are controlled by Mr. Quinn .
- Shares outstanding basis: 710,096,445 Class A and 99,050,810 Class C as of April 2, 2025 .
- Ownership policies: Non-employee director stock ownership guideline = 7x annual cash retainer; as of Dec 31, 2024, all officers and non-employee directors were compliant or within transition period. Anti-hedging and anti-pledging policy applies to directors .
Governance Assessment
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Strengths
- Significant ownership alignment: Quinn beneficially controls 23.29 million votes including large Class C position via Pearl entities (22.2% of Class C), aligning economic outcomes with shareholders .
- Exclusion from key committees supports independence of audit/comp/nom-gov oversight, given sponsor affiliation .
- Robust board processes: majority voting, declassified board, independent chair, regular independent executive sessions, formal related-party transactions policy .
-
Risks / RED FLAGS
- Not independent: Board does not classify Quinn as independent (Pearl affiliation), reducing independent majority if composition changes; committees appropriately exclude him .
- Related-party exposure: PR paid ~$8.7 million in 2024 to Streamline Innovations, a Riverstone affiliate “also affiliated with Pearl,” indicating potential ecosystem conflicts; mineral revenue and other transactions with large shareholders/common affiliates (EnCap, NGP, Riverstone) add complexity. Audit Committee pre-approves and reviews these under policy, but concentration of sponsor relationships elevates perceived conflict risk .
- Director pay optics: Quinn received no director compensation in 2024 due to Pearl affiliation; while this avoids direct cash/equity incentives, it underscores sponsor representation rather than independent oversight .
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Engagement and attendance
- Board met 6 times in 2024; each director attended at least 75% of Board/committee meetings; all directors attended the 2024 annual meeting—no attendance red flags noted for Quinn .
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Overall implication for investors
- Quinn brings deep capital allocation, M&A and basin expertise with substantial aligned ownership, but his sponsor affiliation, large beneficial stake, and disclosed vendor relationships within the investor ecosystem warrant continued monitoring of related-party oversight and procurement independence. The current committee structure and policies mitigate, but do not eliminate, perceived governance risk .