Gregory D. Patrinely
About Gregory D. Patrinely
Executive Vice President and Chief Financial Officer of Sable Offshore Corp. (SOC) since February 2024; age 39; holds a B.S. in Economics with Financial Applications and a B.A. in English, with Honors, from Southern Methodist University . Career spans investment banking and energy corporate finance, including CFO roles at Sable Permian Resources (which filed for Chapter 11 in 2020 and emerged in 2021) and Flame Acquisition Corp.; prior A&D roles at Freeport-McMoRan Oil & Gas and Plains Exploration & Production Company . His 2024 compensation comprised a pro-rated salary ($664,615), a $750,000 cash payment for pre-Closing services, and a $7,865,000 restricted stock grant of 650,000 shares tied to operational milestones (SYU restart or time-based vest) . SOC restarted production on May 15, 2025, a key operational milestone that aligns with Patrinely’s RSU vesting trigger; he routinely signs SOC’s current reports, reflecting central involvement in financing and disclosure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Flame Acquisition Corp. | Chief Financial Officer | Inception to Feb 2024 | Led SPAC finance through business combination; elevated to EVP in Mar 2023; previously served as Secretary, supporting governance and transaction readiness . |
| Sable Permian Resources | EVP & CFO | Jun 2018–Feb 2021 | Oversaw financing, restructuring and acquisitions; the company filed for bankruptcy on Jun 25, 2020 and emerged Feb 1, 2021, indicating restructuring experience . |
| Sable Permian Resources | Treasurer | May 2017–Jun 2018 | Managed financial analysis and execution of refinancing and restructuring efforts . |
| Freeport-McMoRan Oil & Gas | Manager, Acquisitions & Divestments | May 2013–Apr 2017 | Led execution of financings, mergers, acquisitions, and divestments following PXP merger . |
| Plains Exploration & Production Co. | Manager, Acquisitions & Divestments | Oct 2010–May 2013 | Managed M&A and divestment transactions; integrated into FM O&G upon merger . |
| Madison Williams | Energy Investment Banking | Jul 2008–Aug 2010 | Supported capital markets and advisory in energy sector . |
External Roles
No public company directorships or external board roles disclosed for Patrinely in SOC’s proxy .
Fixed Compensation
| Metric | 2024 | Policy/Target |
|---|---|---|
| Base Salary ($) | $664,615 (pro-rated from Feb 14, 2024) | $800,000 annual base salary |
| 401(k) Match ($) | $23,000 | Company matches up to 7% of eligible contributions, subject to IRS limits |
Performance Compensation
| Incentive | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus | Annual incentive plan (begins once SYU production starts) | Not disclosed | 150% of base salary | $750,000 cash paid for pre-Closing uncompensated services (not tied to plan metrics) | N/A |
| Restricted Stock (RSU) | 650,000 shares under 2023 Plan | N/A | Vest on earlier of SYU production restart or 3 years from Feb 14, 2024 | Grant-date fair value $7,865,000 | Earlier of restart or Feb 14, 2027; continued service required |
- RSU vesting trigger is operational (restart of SYU) or time-based; SOC announced production restart on May 15, 2025, which appears to satisfy the operational vesting condition, subject to continued service .
Equity Ownership & Alignment
| Ownership Detail | Amount | Notes |
|---|---|---|
| Total Beneficial Ownership (shares) | 1,056,042 | 1.1% of outstanding shares |
| Direct/Common Stock | 71,875 | Held directly |
| Restricted Stock (Unvested at proxy date) | 650,000 | RSU vest earlier of restart or 3 years from Feb 14, 2024 |
| Warrants (Exercisable) | 334,167 | Counted in beneficial ownership; exercisable |
| Hedging/Pledging | Policy prohibits hedging and pledging company stock; pledging only if pre-cleared by General Counsel |
Employment Terms
| Term | Detail |
|---|---|
| Agreement Effective Date | Employment agreements dated Nov 2, 2022; effective upon Business Combination closing (Feb 14, 2024) |
| Role & Tenure | EVP & CFO since Feb 2024 |
| Term & Renewal | 3-year initial term; automatic 1-year renewals on each anniversary |
| Base Salary | $800,000 |
| Annual Bonus Target | 150% of base salary; participation begins once SYU assets begin production |
| Equity Plan | 2023 Incentive Award Plan; 650,000 restricted stock awards vest on earlier of SYU restart or 3 years from Feb 14, 2024, subject to continued service |
| Severance (non-CoC) | If terminated without cause, resigns for good reason, or non-renewal (before CoC or >2 years after CoC): entitled to accrued benefits (unpaid base salary through termination, reimbursable expenses, unused vacation, earned but unpaid bonuses, and vested benefits per plan terms) |
| Severance (CoC – Double Trigger) | If terminated without cause or resigns for good reason in connection with a change in control: cash severance equal to 3x (base salary + three-year average annual bonus), plus accrued benefits |
| Change-in-Control Definition | 50%+ voting power change; board turnover beyond Incumbent Board; merger where pre-transaction holders own <50%; complete liquidation; sale of all/substantially all assets |
| Cause/Good Reason | Detailed definitions; Good Reason includes adverse title/responsibilities change, CEO change, pay reduction, relocation outside Houston area, or material breach |
Compensation Committee and Governance Signals
- Compensation Committee members: Gregory Pipkin (Chair), Michael Dillard, Christopher Sarofim; all independent under NYSE rules; committee charter allows engagement of compensation consultants and advisors .
- Audit and Nominating Committees fully independent; board held 7 meetings in 2024; Compensation Committee met 2 times .
Performance & Track Record
- SOC restarted production at the Santa Ynez Unit on May 15, 2025, initiating flow to Las Flores Canyon and targeting oil sales upon regulatory approvals; restart is a key milestone tied to RSU vesting .
- Q3 2025 company metrics: net loss of $110.4 million; 99,507,250 shares outstanding; cash $41.6 million; short-term debt $896.6 million (incl. PIK interest) .
- Patrinely signed SOC’s 8-Ks covering strategic updates, financing arrangements, and shareholder vote disclosures, reflecting core CFO responsibilities .
Risk Indicators & Red Flags
- Prior bankruptcy involvement: Sable Permian Resources filed Chapter 11 in 2020 and emerged in 2021 during Patrinely’s CFO tenure, signaling restructuring expertise but highlighting past credit risk exposure .
- Related-party oversight: SOC prohibits hedging and restricts pledging; Audit Committee reviews related party transactions; governance policies in place post-Business Combination .
Investment Implications
- Pay-for-performance alignment: Patrinely’s 650,000-share RSU grant vests upon SYU production restart or time; with restart reported on May 15, 2025, vesting appears triggered, potentially increasing near-term insider selling capacity once blackout windows and policies permit, though actual sales are unknown .
- Retention risk mitigants: Double-trigger CoC severance at 3x (base + avg bonus) indicates robust protection; auto-renewing term and production-linked incentives should support continuity through restart and ramp-up phases .
- Alignment: 1.1% beneficial ownership (including exercisable warrants) provides meaningful skin-in-the-game; company policy restricts hedging and pledging, reducing misalignment risks .
- Execution focus: CFO’s repeated signatory role on financing and regulatory disclosures underscores centrality to capital structure and restart execution; production restart ties compensation outcomes directly to operational performance .