Pay Versus Performance

As discussed in the CD&A, our Compensation Committee has implemented an executive compensation program designed to link a substantial portion of our NEOs realized compensation to the achievement of our financial, operational and strategic objectives and to align our executive pay with changes in the value of our stockholders investments. We have identified Net Debt as our Company-Selected Measure that represents, in our view, the most important financial measure used to link Compensation Actually Paid (“CAP”) to our performance in 2023. We believe our debt levels are important to our stockholders and our ability to reduce those debt levels is through generating higher cash flows and our focus on efficient operations. The following sets forth additional compensation information for our NEOs, calculated in accordance with SEC regulations for the fiscal years 2023, 2022, 2021 and 2020:

	Summary Compensation Table Total for CEO Jeffrey L. Ventura⁽¹⁾		Summary Compensation Table Total for CEO Dennis L. Degner⁽¹⁾		Compensation Actually Paid to CEO Jeffrey L. Ventura⁽²⁾⁽⁴⁾		Compensation Actually Paid to CEO Dennis L. Degner⁽²⁾⁽⁴⁾		Average Summary Compensation Table for Remaining NEOs⁽³⁾⁽⁸⁾		Average Compensation Actually Paid to Remaining^(g) NEOs^(2)(4)(8)		Value of Fixed $100 Investment Based on:				Stated in millions
Year					Compensation Actually Paid to CEO Jeffrey L. Ventura⁽²⁾⁽⁴⁾		Compensation Actually Paid to CEO Dennis L. Degner⁽²⁾⁽⁴⁾		Average Summary Compensation Table for Remaining NEOs⁽³⁾⁽⁸⁾				Total Stockholder Return		Peer Group Total Stockholder Return⁽⁵⁾		Net Income (Loss)⁽⁶⁾			Net Debt⁽⁷⁾
(a)	(b)		(b)		(c)		(c)		(d)		(e)		(f)		(g)		(h)			(i)
2023	$	592,899	$	6,181,944	$	7,148,610	$	11,224,955	$	2,423,058	$	3,585,941	$	639	$	237	$	871		$	1,576
2022	$	7,930,872	$	—	$	20,623,893	$	—	$	2,658,371	$	7,195,488	$	518	$	229	$	1,183		$	1,869
2021	$	7,542,954	$	—	$	29,861,807	$	—	$	2,853,780	$	10,803,072	$	368	$	159	$	412		$	2,736
2020	$	6,704,788	$	—	$	12,846,337	$	—	$	2,755,736	$	5,106,097	$	138	$	86	$	(712	)	$	3,115

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)

(1)

The dollar amounts reported are the amounts of total compensation reported for our former CEO and our current CEO, Mr. Ventura and Mr. Degner in the Summary Compensation Table (“SCT”) as reflected on page 51.

(2)	The dollar amounts reported represent the amount of “compensation actually paid”, as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation paid to our CEO (or other NEOs) during the applicable year, but include (i) the year-end value of equity awards granted during the reported year and (ii) the change in the value of equity awards that were unvested at the end of the prior year, measured through the date the awards vested or were forfeited or through the end of the reported fiscal year.
(3)	Reflects compensation for our remaining NEOs, other than our CEO.
(4)	Time-vested restricted stock grant fair values are calculated using the stock price as of the date of grant. Adjustments have been made using the stock price as of the applicable year end and as of each date of vesting. TSR-PSUs fair values are calculated using a Monte Carlo simulation model as of the applicable year-end date or as of each date of vesting. Performance-Based Internal metrics fair value is calculated using the stock price as of the applicable year end multiplied by the probability of achievement as of each such date.
(5)	Reflects cumulative total stockholder return for our Peer Group as described on page 38 of this proxy and assumes an initial investment of $100 on December 31, 2019. As of December 31, 2020, the members of the peer group included Antero Resources Corporation (AR), Cabot Oil and Gas Corporation (COG), Chesapeake Energy Corporation (CAKAQ), Cimarex Energy Co. (XEC), CNX Resources (CNX), EQT Corporation (EQT), Gulfport Energy Corporation (GPORQ), Matador Resources (MTDR), Murphy Oil (MUR), Oasis Petroleum (OASPQ), PDC Energy Inc. (POCE), QEP Resources Inc. (QEP), SM Energy Company (SM), Southwestern Energy Company (SWN), Whiting Petroleum (WLL), WPX Energy (WPX). In setting the 2021 peer group, XEC and COG were merged into Coterra (CTRA), CHKAQ declared bankruptcy, GPORQ, OASPQ, WLL and WPX were dropped and the S&P 500 index and Comstock Resources (CRK) was added to better test performance against a broader index. As of December 31, 2021 the members of the peer group include: AR, CTRA, CNX, CRK, EQT, MTDR, MUR, PDCE, QEP, SM, SWN and the S&P 500 index. As of December 31, 2022, the members of the peer group included AR, CTRA, CNX, CRK, EQT, MTDR, MUR, PDCE, SM, SWN and the S&P 500 index. QEP Resources was deleted and Chesapeake Energy Corporation (CHK) was added back as they emerged from bankruptcy. PDC Energy is included through August 2023 when it was acquired by Chevron Corp. As of December 31, 2023, the members of the peer group included: AR, CHK, CNX, CRK, CTRA, EQT, MTDR, MUR, PDCE, SM, SWN, and the S&P 500 index.
(6)	Reflects net income (loss) in the Company’s Consolidated Statements of Operations included in the Annual Reports on Form 10-K for each of the years ended December 31, 2023, 2022, 2021 and 2020.
(7)	Net debt is defined as total debt less cash on hand.

(8)

Reflects compensation reported in the “Summary Compensation Table” for our NEOs for each year presented. The following NEOs are included in the average figures show:

	•	2020: Mark S. Scucchi; Dennis L. Degner; David P. Poole; Alan W. Farquharson
	•	2021: Mark S. Scucchi; Dennis L. Degner; David P. Poole; Alan W. Farquharson
	•	2022: Mark S. Scucchi; Dennis L. Degner; David P. Poole; Alan W. Farquharson
	•	2023: Mark S. Scucchi; Erin W. McDowell; Alan W. Farquharson; Dori A. Ginn

Column (c). To calculate the amounts in “Compensation Actually Paid to CEO” column for Jeffrey L. Ventura, the following amounts were deducted from or added to (as applicable) to our CEO’s total compensation as reported in the Summary Compensation Table (SCT):

	SCT for CEO Jeffrey L. Ventura		Reported Value of Equity Awards for CEO Jeffrey L. Ventura⁽¹⁾			Equity Award Adjustments for CEO Jeffrey L. Ventura⁽²⁾		Compensation Actually Paid to CEO Jeffrey L. Ventura
2023	$	592,899	$	—		$	6,555,711	$	7,148,610
2022	$	7,930,872	$	(5,799,964	)	$	18,492,985	$	20,623,893
2021	$	7,542,954	$	(4,799,996	)	$	27,118,849	$	29,861,807
2020	$	6,704,788	$	(3,922,995	)	$	10,064,544	$	12,846,337

(1)	Represents the grant date fair value of equity awards granted to our CEO as reported in the “Stock Awards” column in the SCT for each year. Mr. Ventura did not receive an equity grant in 2023 due to his retirement.
(2)	Represents the year-over-year change in the fair value of equity awards to our CEO.

Fair Value of Equity Awards for Former CEO – Jeffrey L. Ventura	2023		2022		2021		2020
As of year-end for awards granted during the year	$	—	$	6,899,722	$	9,397,492	$	8,992,765
Year-over-year increase of unvested awards granted in prior years		5,103,067		7,014,919		15,001,036		1,189,549
Increase (decrease) from prior year-end for awards that vested during the year		1,452,644		4,578,344		2,720,321		(117,770)
TOTAL EQUITY AWARD ADJUSTMENTS FOR FORMER CEO – JEFFREY L . VENTURA	$	6,555,711	$	18,492,985	$	27,118,849	$	10,064,544

Column (c). To calculate amounts in “Compensation Actually Paid to CEO” for Dennis L. Degner, the following amounts were deducted from or added (as applicable) to our CEO’s total compensation as reported in the SCT:

		SCT for CEO Dennis L. Degner				Reported Value of Equity Awards for CEO Dennis L. Degner⁽¹⁾				Equity Award Adjustments for CEO Dennis L. Degner⁽²⁾				Compensation Actually Paid to CEO Dennis L. Degner
2023		$	6,181,944			$	(3,925,016	)		$	8,968,027			$	11,224,955

(1)	Represents the grant date fair value of equity awards granted to our CEO as reported in the “Stock Awards” column in the SCT.
(2)	Represents the year-over-year change in the fair value of equity awards to our CEO.

Fair Value of Equity Awards for CEO – Dennis L. Degner		2023
As of year-end for awards granted during the year	$	4,950,314
Year-over-year increase of unvested awards granted in prior years		3,142,953
Increase from prior year-end for awards that vested during the year		874,760
TOTAL EQUITY AWARD ADJUSTMENTS FOR CEO – DENNIS L. DEGNER	$	8,968,027

Column (e). To calculate the amounts in “Average Compensation Actually Paid to Remaining NEOs” column in the table above, the following amounts were deducted from or added to (as applicable) to our remaining NEOs total compensation as reported in the SCT:

	Average SCT for Remaining NEOs		Average Reported Value of Equity Awards for Remaining NEOs			Average Equity Award Adjustments for Remaining NEOs		Average Compensation Actually Paid to Remaining NEOs
2023	$	2,423,058	$	(1,324,995	)	$	2,487,878	$	3,585,941
2022	$	2,658,371	$	(1,749,985	)	$	6,287,102	$	7,195,488
2021	$	2,853,780	$	(1,744,995	)	$	9,694,287	$	10,803,072
2020	$	2,755,736	$	(1,633,999	)	$	3,984,360	$	5,106,097

Average Fair Value of Equity Awards for Remaining NEOs	2023		2022		2021		2020
As of year-end for awards granted during the year	$	1,445,579	$	2,132,512	$	3,394,488	$	3,725,287
Year-over-year increase of unvested awards granted in prior years		864,425		2,833,707		5,432,421		292,015
Increase (decrease) from prior year-end for awards that vested during the year		177,874		1,320,883		867,378		(32,942	)
TOTAL EQUITY AWARD ADJUSTMENTS FOR REMAINING NEOS	$	2,487,878	$	6,287,102	$	9,694,287	$	3,984,360

Named Executive Officers, Footnote [Text Block]

(1)

The dollar amounts reported are the amounts of total compensation reported for our former CEO and our current CEO, Mr. Ventura and Mr. Degner in the Summary Compensation Table (“SCT”) as reflected on page 51.

(8)

Reflects compensation reported in the “Summary Compensation Table” for our NEOs for each year presented. The following NEOs are included in the average figures show:

	•	2020: Mark S. Scucchi; Dennis L. Degner; David P. Poole; Alan W. Farquharson
	•	2021: Mark S. Scucchi; Dennis L. Degner; David P. Poole; Alan W. Farquharson
	•	2022: Mark S. Scucchi; Dennis L. Degner; David P. Poole; Alan W. Farquharson
	•	2023: Mark S. Scucchi; Erin W. McDowell; Alan W. Farquharson; Dori A. Ginn

Non-PEO NEO Average Total Compensation Amount

^[1],[2]

$ 2,423,058

$ 2,658,371

$ 2,853,780

$ 2,755,736

Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

Column (e). To calculate the amounts in “Average Compensation Actually Paid to Remaining NEOs” column in the table above, the following amounts were deducted from or added to (as applicable) to our remaining NEOs total compensation as reported in the SCT:

	Average SCT for Remaining NEOs		Average Reported Value of Equity Awards for Remaining NEOs			Average Equity Award Adjustments for Remaining NEOs		Average Compensation Actually Paid to Remaining NEOs
2023	$	2,423,058	$	(1,324,995	)	$	2,487,878	$	3,585,941
2022	$	2,658,371	$	(1,749,985	)	$	6,287,102	$	7,195,488
2021	$	2,853,780	$	(1,744,995	)	$	9,694,287	$	10,803,072
2020	$	2,755,736	$	(1,633,999	)	$	3,984,360	$	5,106,097

Average Fair Value of Equity Awards for Remaining NEOs	2023		2022		2021		2020
As of year-end for awards granted during the year	$	1,445,579	$	2,132,512	$	3,394,488	$	3,725,287
Year-over-year increase of unvested awards granted in prior years		864,425		2,833,707		5,432,421		292,015
Increase (decrease) from prior year-end for awards that vested during the year		177,874		1,320,883		867,378		(32,942	)
TOTAL EQUITY AWARD ADJUSTMENTS FOR REMAINING NEOS	$	2,487,878	$	6,287,102	$	9,694,287	$	3,984,360

Compensation Actually Paid vs. Net Income [Text Block]

Over the four year period from 2020 to 2023, our TSR was trending in a similar manner as the TSR for our peer group but for all years, our TSR outpaced that of our peers.

CAP Versus Net Income (Loss)