Oil & Gas: Executive Compensation - Pay Stays Disciplined

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Oil & Gas: Executive Compensation - Pay Stays Disciplined

Foundation

June 10, 2026 08:43 PM GMT

Morgan Stanley & Co. LLCMOil & Gas | North America Devin McDermott

Equity Analyst and Commodities Strategist

Executive Compensation - Pay Devin.McDermott@morganstanley.comJoe Laetsch, CFA +1 212 761-1125

Equity Analyst

Joe.Laetsch@morganstanley.com +1 212 761-8804

Stays Disciplined Helen Lin

Research Associate

Helen.Lin@morganstanley.com +1 212 761-0766

2026 proxy filings suggest North American E&P pay frameworks Svetlana Do

remained broadly unchanged, reinforcing continued capital ResearchSvetlana.DO@morganstanley.comAssociate +1 212 761-2409

discipline. Aggregate metric changes were modest y/y and driven Justin W Latran, CFA

primarily by a small number of targeted refinements. We also ResearchJustin.Latran@morganstanley.comAssociate +1 212 761-2869

assess LTI design & CIC provisions. Jacqueline M Kenny

Jacqueline.Kenny@morganstanley.com +1 212 761-2253

Key Takeaways

Compensation design remained largely stable y/y, reinforcing capital discipline

rather than signaling any shift in board priorities.

US STI plans remain most weighted toward EHS (18% of compensation), Cash

Flow (18%), and Capital Efficiency (15%). Exploration & Production

North America

Canadian peers place greater emphasis on EHS (24%), Production/Delivery (16%), Industry View In-Line

and Operating Efficiency (14%). Integrated Oil

Exec comp remains heavily variable and performance-based, with LTI averaging Industry View Attractive

~75% of total pay (CEO pay 100% variable/performance-based for EQT and PR).

Change in control payouts appear meaningful but not outsized, averaging ~2.5x

CEO pay for remaining E&Ps, ~1x below recent seller medians.

The Extel (formerly II) survey closes this week.