8-K: Matador Resources Company Appoints Susan M. Ward to Board of Directors

Matador Resources Company has appointed Susan M. Ward, a former Shell executive, to its Board of Directors, effective January 24, 2024.

Summary

• Matador Resources Company has appointed Susan M. Ward to its Board of Directors, effective January 24, 2024.
• Ms. Ward is a former senior executive at Shell Oil Company with over 20 years of service, including roles in M&A, commercial finance, and as CFO of Shell Midstream Partners.
• She has also served as an independent board member of Crescent Midstream since July 2023.
• Prior to Shell, Ms. Ward worked in investment banking for 11 years and began her career at Exxon.
• Ms. Ward will serve on the Audit Committee, Environmental, Social and Corporate Governance Committee, Marketing and Midstream Committee, and Prospect Committee.
• She will receive an initial award of restricted stock units valued at approximately $70,000, vesting prior to the 2024 Annual Meeting of Shareholders.
• Ms. Ward is considered an independent director and an audit committee financial expert.

Sentiment

Score: 8

Explanation: The appointment of a highly qualified director with extensive industry experience is a positive development for the company, suggesting a strong focus on corporate governance and strategic leadership.

Positives

• The appointment of Susan M. Ward brings significant experience in the energy sector, including M&A, finance, and midstream operations.
• Her experience as a former CFO of Shell Midstream Partners and her investment banking background are valuable assets to the board.
• Ms. Ward's appointment strengthens the board's expertise in financial matters and corporate governance.
• Her independence and status as an audit committee financial expert enhance the board's oversight capabilities.

Future Outlook

Ms. Ward will serve as a director until the 2024 Annual Meeting of Shareholders or her earlier death, retirement, resignation or removal.

Management Comments

• Matador Resources Company announced the appointment of Ms. Susan M. Ward to its Board of Directors.

Industry Context

The appointment of a seasoned executive like Susan M. Ward, with extensive experience at Shell and in the energy sector, is a positive move for Matador Resources, aligning with industry trends of strengthening board expertise and corporate governance.

Comparison to Industry Standards

• The appointment of a director with significant experience in a major oil company like Shell is consistent with industry standards for board composition in the energy sector.
• Many companies in the oil and gas industry seek board members with financial expertise and experience in M&A and midstream operations, similar to Ms. Ward's background.
• The compensation package, including restricted stock units, is typical for non-employee directors in publicly traded companies.

Management Changes

Stakeholder Impact

• The appointment of Ms. Ward is likely to be viewed positively by shareholders, as it strengthens the board's expertise and oversight capabilities.
• The appointment may also positively impact employees by demonstrating the company's commitment to strong leadership and governance.

Next Steps

• Ms. Ward will serve on the Audit Committee, Environmental, Social and Corporate Governance Committee, Marketing and Midstream Committee, and Prospect Committee.
• Ms. Ward will receive restricted stock units that vest prior to the 2024 Annual Meeting of Shareholders.

Key Dates

Keywords

Board of Directors, Susan M. Ward, Matador Resources Company, Shell Oil Company, Corporate Governance, Audit Committee, Energy Sector, Director Appointment, Midstream, Oil and Gas