Over the past few years, energy investors have made it abundantly clear 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. To find that answer, we conducted an extensive review of E&P compensation plans and proxy statements for our coverage universe. Over the next two weeks we will detail the findings of this study. In this week's "Stat", we will show how the 33 E&P companies in our coverage universe have begun to change compensation metrics toward a more return focused model vs. a growth model. Bottom line: We find that executive short-term pay metrics are clearly shifting toward more specific return driven metrics, but there is still more work to be done. Longer-term, E&P CEO pay across the board generally aligns with relative stock performance to the peer group.