8-K: Permian Resources Appoints Robert R. Shannon as Chief Accounting Officer

Permian Resources Corporation has appointed Robert R. Shannon as its new Executive Vice President and Chief Accounting Officer, effective May 31, 2024, following the retirement of Brent P. Jensen.

Summary

• Permian Resources Corporation has appointed Robert R. Shannon as the new Executive Vice President and Chief Accounting Officer, effective May 31, 2024.
• This appointment follows the retirement of Brent P. Jensen, who previously held the position of Senior Vice President and Chief Accounting Officer.
• Robert R. Shannon previously served as the Executive Vice President of Corporate Services since September 2022.
• Prior to that, he was Vice President and Chief Accounting Officer of Colgate Energy since March 2016.
• Mr. Shannon has over a decade of experience in the upstream energy sector, with a background in accounting, operations, and strategic decision-making.
• His base salary is $380,000, and he is eligible for an annual incentive program with a target of 80% of his base salary.
• Mr. Shannon is also eligible to participate in the company's 2023 Long Term Incentive Plan.
• Brent P. Jensen will cease to be an employee of the company effective June 7, 2024.

Sentiment

Score: 7

Explanation: The document reflects a planned and orderly executive transition, which is generally viewed positively. There are no indications of negative issues or concerns.

Positives

• The appointment of Robert R. Shannon brings a seasoned professional with over a decade of experience in the upstream energy sector.
• Mr. Shannon's background includes experience in accounting, operations, and strategic decision-making.
• The transition appears to be well-planned, with a clear succession plan in place.

Industry Context

This announcement reflects typical executive transitions within the oil and gas industry, where experienced professionals are often sought for key financial roles.

Comparison to Industry Standards

• Executive compensation packages, including base salary and incentive programs, are common in the oil and gas industry, and Mr. Shannon's package appears to be in line with industry standards for a Chief Accounting Officer role.
• Companies like Devon Energy, Pioneer Natural Resources, and EOG Resources also have similar executive compensation structures.
• The transition of a Chief Accounting Officer is a common event in the corporate world, and Permian Resources' approach of having a succession plan is a standard practice.

Management Changes

Stakeholder Impact

• The appointment of a new Chief Accounting Officer is unlikely to have a significant impact on stakeholders, as it is a planned transition.
• Shareholders may view the appointment positively due to Mr. Shannon's experience and the company's succession planning.

Key Dates

Keywords

Chief Accounting Officer, Permian Resources, Executive Appointment, Oil and Gas, Accounting, Corporate Services, Executive Compensation