Last week we discussed the results of our extensive review of E&P compensation plans and proxy statements for our coverage universe. As we discussed, energy investors have made it abundantly clear over the past few years that they now prefer returns over growth. Given that most energy companies over the past few decades have been set up for (and compensated for) growth, we were curious as to whether company boards and compensation committees were getting the message that investors were sending. In that study, we found that executive short term pay metrics are clearly shifting toward more specific return driven metrics, but there is still alot more work to be done. Longer-term, E&P CEO pay across the board generally aligns with relative stock performance to the peer group.