EQT Corp
For the period ended Apr 16, 2025. Filed Mar 3, 2025.
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Apr 16, 2025 · Filed Mar 3, 2025
Contents
2024 Compensation Program Highlights
(2)
In designing our 2022 long-term incentive awards, which we refer to as our “2022 Incentive PSU Program,” the Committee recognized an opportunity to align the three-year performance period under that plan with successful achievement of our 2025 Net Zero Goal and decided to incorporate a performance payout modifier linked to achieving our 2025 Net Zero Goal into the 2022 Incentive PSU Program. The Committee noted that doing so would reflect the importance of our 2025 Net Zero Goal to our overall strategy while aligning the anticipated runway for achieving the 2025 Net Zero Goal with the three-year performance period under the 2022 Incentive PSU Program. Please refer to the CD&A section of our 2023 Proxy Statement for further explanation of this net zero performance payout modifier in our 2022 Incentive PSU Program.
(3)
“Mcfe” means thousand cubic feet of natural gas equivalents, with one barrel of NGLs and crude oil being equivalent to 6,000 cubic feet of natural gas.
2024 Compensation Program Highlights
The following table provides key highlights for our 2024 compensation program.
| | 2024 Short-Term Incentive Program (Annual Cash Incentive Plan) | | |||
|---|---|---|---|---|---|
| | 80% of payout based on achieving key financial and operating performance goals | | | ■ For 2024, 80% of short-term incentive program (“STIP”) funding is linked to achievement of financial and operational performance measures that align with our key strategic objectives, as follows:(1) ✓ Free cash flow per share (30%) ✓ Total capex spend per Mcfe (15%) ✓ Adjusted gross G&A expense per Mcfe (15%) ✓ Cash operating margin (10%) ✓ Finding and development costs (10%) ■ The Committee selected these performance measures to align executive compensation opportunities with achievement of key performance goals that drive shareholder value | |
| | 20% of payout based on achieving environmental, health and safety performance goals | | | ■ For 2024, 20% of STIP funding is linked to achievement of environmental, health and safety (“EHS”) intensity improvement performance goals ■ The Committee selected this metric to align executive compensation opportunities with achievement of key EHS goals during 2024 | |
(1)
See Appendix A to this proxy statement for the definition of, and additional information about, these non-GAAP performance measures.
| | EQT CORPORATION 2025 PROXY STATEMENT | 49 | |
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