John Suter
About John Suter
John Suter (64) serves as Chief Operating Officer of Riley Exploration Permian, Inc., appointed on or about June 20, 2024. He brings 38 years in oil and gas, including COO and interim CEO of SandRidge Energy (2016–2020), COO for the State of Oklahoma (2022–2024), and earlier vice president of operations roles at Chesapeake and American Energy; he holds a B.S. in Petroleum Engineering from Texas Tech (Academy of Petroleum Engineers inductee, 2016) . Company performance during his tenure year (2024) included 22% YoY production growth, +10% operating cash flow before working capital, and +67% total free cash flow, alongside a New Mexico acquisition and power JV initiatives; total shareholder return (TSR) since 12/31/2021 reached $190.68 per $100 invested at YE 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| State of Oklahoma | Chief Operating Officer | 2022–2024 | Led statewide operational functions |
| SandRidge Energy | Chief Operating Officer; interim CEO | 2016–2020 | Operational turnaround and leadership through commodity cycle |
| Chesapeake Energy; American Energy | Vice President, Operations | Various (30 years cumulative) | Long-tenured operations leadership at large E&P platforms |
| Riley Exploration Permian (REPX) | Chief Operating Officer | Appointed June 2024 | Leads Land, Operations, Subsurface/Reservoir, Commercial Development and special projects |
External Roles
No public company directorships or external board roles disclosed for Suter .
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary ($) | $425,000 |
| Target Annual Bonus (% of base) | 50% |
| Target Annual Equity Award | 100% of base salary (under LTIP) |
| One-time Signing Equity Award | Restricted stock equal to $425,000 (number of shares calculated using closing price immediately prior to start date) |
Performance Compensation
Annual Incentive Scorecard (2025 Design)
| Metric | Weighting |
|---|---|
| Upstream Free Cash Flow | 17.5% |
| Oil Production | 17.5% |
| LOE + G&A (Non-Stock) | 17.5% |
| HSE: TRIR; Fluid Spill Intensity; Flare Intensity | 17.5% |
| Strategic Objectives | 30.0% |
Equity Awards Structure (2025)
- Performance-based restricted stock awards: 30% of total annual equity value; three-year Relative TSR vs. peer group; payout range 0%–200% of target; cliff vesting after performance period .
- Time-based restricted stock awards: 70% of annual equity; vest ratably over three years .
- Grant practices: annual awards typically granted in spring; the company does not time grants around MNPI; options are not currently part of the program .
Relative TSR Methodology (for PSUs)
- Percentile ranking vs. defined performance peer group (e.g., threshold 25th percentile → 50% payout; target 50th → 100%; maximum ≥75th → 200%) .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial Ownership | Suter’s individual holdings are not separately disclosed; “Other Executive Officers” collectively show 121,587 shares, including unvested restricted stock under LTIP |
| Ownership Guidelines | 3x base salary for executive officers; five years to comply; until compliant, retain ≥50% of net shares from vesting |
| Hedging Policy | Hedging prohibited for officers and directors |
| Pledging Policy | Pledging allowed for fully vested LTIP shares; pledging of restricted stock prohibited; company confirms compliance by officers/directors |
| Clawback | Rule 10D-1-compliant clawback policy adopted Dec 1, 2023 |
Employment Terms
| Term | Details |
|---|---|
| Role; Scope | COO leading Land, Operations, Subsurface/Reservoir, Commercial Development, special projects |
| Start Date | On or about June 20, 2024 |
| Contract Term | Expected 2-year initial term with automatic renewals |
| Non-Disclosure | Confidentiality obligations expected in employment agreement |
| Non-Solicit | Prohibits soliciting/hiring employees and customers in certain circumstances |
| Non-Compete | Not specifically disclosed for Suter (non-compete terms apply to CEO/other agreements; Suter’s 8-K describes non-solicit and confidentiality) |
| Severance (no change in control) | Expected to be consistent with other executive officers; other officer agreements provide 100% of base + 100% of prior-year bonus + six months COBRA for termination without cause/for good reason (CEO has 200%) |
| Change-in-Control (double trigger) | Company-wide NEO terms provide 200% of base + 200% of prior-year bonus + six months COBRA; expected that Suter’s agreement follows similar structure |
| Equity Acceleration (CIC) | 100% vesting of time-based restricted stock upon change in control |
Performance & Track Record
| Metric | 2024 Result |
|---|---|
| Production growth (YoY) | +22% |
| Operating cash flow before working capital | $227,398 (000s); +10% YoY |
| Upstream Free Cash Flow | $128,033 (000s) |
| Total Free Cash Flow | $117,069 (000s) |
| TSR (value of $100 since 12/31/2021) | $190.68 at YE 2024 |
- Strategic achievements: 2024 New Mexico asset acquisition (13,900 net acres), launch of self-generation power JV and second ERCOT project; reduced capex while increasing production and operating cash flow .
Compensation Peer Group (Benchmarking)
| Peer Company |
|---|
| Amplify Energy Corp. |
| Berry Corporation |
| Evolution Petroleum Corp. |
| Granite Ridge Resources, Inc. (2024 addition) |
| Gulfport Energy Corporation (2024 addition) |
| HighPeak Energy (2024 addition) |
| Magnolia Oil & Gas Corp. |
| Northern Oil and Gas, Inc. (removed in 2024) |
| Ring Energy, Inc. |
| SandRidge Energy, Inc. |
| SilverBow Resources, Inc. |
| Talos Energy Inc. (2024 addition) |
| Vital Energy, Inc. |
| W&T Offshore, Inc. |
The committee uses peer data for base pay, bonus targets, and LTIP design; in October 2023 the company ranked ~58th percentile EV, 44th market cap, 36th total assets vs. peers .
Compensation Structure Analysis
- Increased emphasis on performance: 2025 introduces 30% performance-based restricted stock tied to three-year Relative TSR with payouts up to 200%; annual bonus moves to a 70% quantitative scorecard (FCF, production, costs, HSE), tightening pay-for-performance linkage .
- Shift away from options and grant-timing risk: LTIP grants are time-based RS and PSUs; no option program currently; grants issued on a preset cycle without MNPI timing .
- Ownership alignment: Newly adopted stock ownership guidelines (3x salary for executives) and retention requirements, plus clawback and anti-hedging policies, reduce agency risk and align incentives with TSR and FCF .
Risk Indicators & Red Flags
- Pledging: Policy permits pledging of fully vested LTIP shares; while CEO disclosed pledged holdings, no pledges are disclosed for Suter; restricted stock cannot be pledged (mitigates forced-sale risk) .
- Legal/investigations: No adverse proceedings disclosed for executive officers; Section 16 filings reportedly timely in 2024 .
- Option repricing/tax gross-ups: No option program and no excise tax gross-ups; CIC uses “best-of-net” approach to avoid 280G penalties .
Say-on-Pay & Shareholder Feedback
- Annual frequency recommended by the Board (“Every Year”) to provide ongoing guidance on executive compensation .
Expertise & Qualifications
- Education: B.S. Petroleum Engineering, Texas Tech; Academy of Petroleum Engineers inductee (2016) .
- Technical/operational depth: 38 years across operations leadership in public E&Ps and state operations; seasoned in drilling, production optimization, and multi-basin operations .
Investment Implications
- Pay-for-performance levers improved: The 2025 scorecard and TSR-based PSUs increase alignment with FCF, cost discipline, HSE, and market-relative returns—supportive of margin/FCF focus under Suter’s operational remit .
- Retention risk moderate: Two-year initial term with auto-renewals, severance and double-trigger CIC economics, and structured equity awards (including signing RSU) provide retention and continuity; stock ownership guidelines further tie compensation to shareholder outcomes .
- Trading signals: No insider pledging disclosed for Suter and anti-hedging policies are in force; watch future Form 4s for vesting/sales from signing award and annual LTIP grants, and TSR percentile outcomes vs. peers to gauge PSU payout trajectory .