William Albrecht
Director at HAL
Board
About William E. Albrecht
Independent director since 2016; age 73. President of Moncrief Energy, LLC (since 2021) and former senior executive at Occidental Petroleum and EOG Resources, bringing 40+ years of U.S. E&P leadership and engineering expertise. Education: B.S. in engineering (United States Military Academy) and M.S. in systems management (University of Southern California) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Moncrief Energy | President | 2021–present | Oversees strategy and operations |
| California Resources Corporation | Chairman of the Board | 2014–2020 | Led board; oversaw acquisitions (e.g., Elk Hills purchase) |
| Rowan Companies | Chairman of the Board | By 2018 | Oversaw 2018 merger of Rowan and Ensco (created Valaris) |
| Occidental Petroleum (Oxy) | President, Oxy Oil & Gas USA / Americas; VP | Prior roles | Led upstream assets; HSE oversight and performance |
| EOG Resources | Executive Officer; VP of Acquisitions and Engineering | Prior roles | Responsible for acquisitions/divestitures and SEC reserves report |
| Tenneco Oil Company | Petroleum Engineer | Early career | Hands-on HSE and operations experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Vital Energy (formerly Laredo Petroleum) | Chairman of the Board | 2020–present | Current public company directorship |
| Valaris Inc. | Lead Independent Director | 2019–2021 | Former public company board role |
| Terra Energy Partners | Director | Current | Private company role |
| California Resources Corporation | Chairman of the Board | 2014–2020 | Former public company directorship |
| NACD | Director Certified; Board Leadership Fellow | Current | Governance credentials |
Board Governance
- HAL Board committees: Chair, Health, Safety and Environment (HSE) Committee; Member, Compensation Committee .
- Independence: Classified as INDEPENDENT; Board is 91% independent; mandatory retirement age 75 .
- Attendance/engagement: Board met 7 times; independent directors held 4 executive sessions; all directors (except one who retired) attended ≥94% of meetings; all directors attended the 2024 Annual Meeting .
- Committee oversight: HSE Committee oversees HSE risk/processes, performance, environmental/climate matters; Compensation Committee oversees pay program effectiveness; Audit and Nominating & Corporate Governance charters available online .
- Lead Independent Director: Robert A. Malone with defined authorities (agenda approval, CEO evaluation, shareholder engagement) .
Fixed Compensation
| Component (2024) | Amount (USD) | Notes |
|---|---|---|
| Annual cash retainer | $130,000 | Non-management director retainer |
| Committee chair fee (HSE) | $20,000 | HSE chair fee |
| Total fees earned in cash | $150,000 | Matches retainer + chair fee |
| Matching gifts/other | $154,861 | Includes charitable matching, HALPAC match, dividends/dividend equivalents; charitable match up to $112,500 accessed by Albrecht |
| Total 2024 director compensation | $487,743 | Sum of cash + stock + other |
Policy notes:
- No meeting fees; fees unchanged since 2022; deferral allowed via Directors’ Deferred Compensation Plan (interest at Citibank prime or stock equivalents) .
- Director stock ownership requirement: ≥ 5× base retainer or $500,000, whichever greater; five years to comply; directors either meet or are on track .
Performance Compensation
| Component | Grant Value/Mechanics | Vesting | Notes |
|---|---|---|---|
| Annual RSU grant (Dec 2024) | $182,882 grant date fair value | Restrictions lapse at 1-year; distribution unless deferred | RSUs sized by $185,000 target divided by Nov average closing price |
| Director clawback | Supplemental recoupment for legal/COBC breaches; no recoupment in 2024 | — | Additional to SEC/NYSE officer clawback |
Design: Directors receive time-based RSUs; no director PSUs/options disclosed; RSUs may be deferred and accrue dividend equivalents .
Other Directorships & Interlocks
| Company | Sector Relationship to HAL | Potential Interlock Consideration |
|---|---|---|
| Vital Energy (Chairman) | E&P customer segment | Standard industry overlap; no HAL-related party transactions disclosed in proxy |
| Valaris (former LID) | Offshore drilling customer segment | Former role; no HAL-related party transactions disclosed |
| California Resources (former Chair) | E&P customer segment | Former role; no HAL-related party transactions disclosed |
| Terra Energy Partners (Director) | Private E&P | Not a disclosed related party transaction |
Policy: Related Persons Transactions require Audit Committee approval; none disclosed for directors in 2024; Board noted independence despite a vendor relationship for another director; no waivers of Code of Business Conduct in 2024 .
Expertise & Qualifications
- Energy industry leadership across upstream basins; strategic planning and M&A execution (Ensco-Rowan merger; Elk Hills acquisition) .
- Deep HSE oversight from operating and executive roles; hands-on engineering background supports HSE committee chair responsibilities .
- Accounting/finance oversight from acquisition leadership and reserves reporting; governance credentials via NACD .
Equity Ownership
| Holder | Shares with Sole Voting/Investment Power | Percent of Class | Restricted Shares | Outstanding RSUs | Deferred RSUs | SEUs |
|---|---|---|---|---|---|---|
| William E. Albrecht | 16,000 | <1% | — | — | 61,825 | — |
Policies:
- Anti-hedging and anti-pledging for directors and executives; prohibited activities under company policy .
- Section 16(a) compliance: Directors and officers complied; no delinquent filings in 2024 .
Governance Assessment
- Strengths: Independent status and long tenure (since 2016) with relevant E&P and HSE leadership; chairs HSE Committee; strong board structure with independent committees, robust attendance, and executive sessions; clear anti-hedging/pledging and director clawback policies; stringent stock ownership requirements; high say-on-pay support (97% in 2024) signaling investor alignment .
- Pay-for-performance alignment (board): Cash retainer + chair fee consistent; equity in RSUs, vesting in 1 year; ability to defer aligns incentives over time; charitable matching disclosed transparently; no tax gross-ups noted for directors .
- Potential watch items: External chair role at an E&P customer segment (Vital Energy) is a typical industry interlock; proxy discloses related-party review framework and no related party transactions for directors—continue monitoring for transactions or committee conflicts if counterparties overlap materially .
- Oversight efficacy: HSE Committee chartered oversight of HSE risks and sustainability; the board reports robust ERM and cybersecurity oversight, including incident management updates to the board and Audit Committee, supporting risk governance where Albrecht’s HSE chair role is central .