Curtis W. Huff
PATTERSON UTI ENERGYAbout Curtis W. Huff
Curtis W. Huff, age 67, is the independent Chairman of the Board at Patterson-UTI Energy (PTEN), serving as Chairman since June 2020 and a director since May 2001 (previously a director of UTI Energy Corp. from 1997 to May 2001). He is a lawyer by training (BA and JD, University of New Mexico; LLM, NYU), with prior executive roles in oilfield services (President & CEO, Grant Prideco; EVP/CFO/GC and SVP/GC, Weatherford) and private equity/industrial ownership (owner/Chairman, Freebird Partners; co-founder, Intervale Capital; Chairman, Impact Fluid Solutions). His background emphasizes M&A, corporate finance, governance, and industry operations across U.S. and international markets .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Grant Prideco, Inc. | President & Chief Executive Officer | Feb 2001 – Jun 2002 | Led a public OFS company; executive leadership during industry cycle |
| Weatherford International, Inc. | EVP, CFO & GC; previously SVP & GC | Jan 2000 – Feb 2001; May 1998 – Jan 2000 | Senior finance, legal and governance leadership at a global OFS company |
| Norton Rose Fulbright US LLP | Corporate/Securities/M&A attorney; Partner | 1983 – 1998; Partner since 1989 | Corporate and M&A expertise; governance and securities law grounding |
External Roles
| Organization | Role | Tenure | Notes / Potential Interlocks |
|---|---|---|---|
| Freebird Partners (private investment firm) | Owner & Chairman | Since 2002 | Focused on oilfield services and technology; director at various Freebird private portfolio companies |
| Intervale Capital (OFS private equity) | Co‑founder; Managing Director | 2006 – 2012 | Sold interest in 2012; OFS investing expertise |
| Impact Fluid Solutions LP | Chairman | Current | Provides drilling/production solutions to oil & gas operators/fluids companies |
| University of St. Thomas (Houston) | Past Chairman of the Board | Past | Non-profit leadership |
| Current public company boards (outside PTEN) | — | — | None disclosed |
Board Governance
- Leadership and independence: PTEN separates Chair and CEO; the Chair is independent. Independent directors meet regularly in executive session chaired by the Chair; the Chair liaises with large stockholders, sets agendas with committee chairs, and serves as a conduit between independent directors and management . The Board determined Mr. Huff is independent under Nasdaq standards .
- Committee assignments (2024): Executive Committee (Chair); Compensation Committee (member); Nominating & Corporate Governance Committee (member). He is not on Audit or Sustainability .
- Committee meeting cadence (2024): Executive (0 meetings), Audit (5), Compensation (8), Nominating & Corporate Governance (2), Sustainability (5) .
- Attendance: The Board met nine times in 2024; each then‑serving director attended at least 75% of aggregate Board and committee meetings .
- Post‑merger governance framework: Through Sept 1, 2025, committees must maintain balance between legacy PTEN and legacy NexTier designees; Executive Committee consists of Chair, Vice Chair, and CEO, with Mr. Huff as Chair .
- Shareholder engagement: Stakeholders may communicate directly with the Chair at PTEN’s Houston address; the Chair participates from time to time in meetings with large stockholders .
Fixed Compensation (Director)
| Component | Amount/Structure | Source |
|---|---|---|
| Base annual cash retainer (non‑employee director) | $100,000 | |
| Annual RSU grant (non‑employee director) | $175,000 grant‑date value on January 1 each year | |
| Non‑Executive Chairman additional cash retainer | $70,000 | |
| Non‑Executive Chairman additional RSU grant | $70,000 grant‑date value | |
| Committee fees – per year | Audit: Chair $25,000; Member $10,000. Compensation: Chair $20,000; Member $10,000. Nominating & Corporate Governance: Chair $15,000; Member $7,500. Sustainability: Chair $15,000; Member $7,500. |
2024 actual director compensation – Curtis W. Huff:
| Metric | 2024 Amount |
|---|---|
| Fees earned or paid in cash | $187,500 |
| Stock awards (RSUs) | $244,998 |
| Total | $432,498 |
| RSU units (1/1/2024 grant) | 22,685 RSUs at $10.80 grant-date value |
| Outstanding options (as of 12/31/24) | 10,000 exercisable |
Notes:
- His 2024 cash fees are consistent with: base $100,000 + Non‑Exec Chair $70,000 + Compensation Committee member $10,000 + Nominating & Corporate Governance member $7,500 = $187,500 .
- No options were granted to directors in 2024; RSUs are the equity vehicle for directors .
Performance Compensation
- PTEN’s non‑employee director compensation does not include performance‑conditioned equity or bonus metrics; stock awards are time‑based RSUs. No director stock options were granted in 2024 .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards (outside PTEN) | None disclosed |
| Private/industry roles | Chairman, Impact Fluid Solutions LP; Owner/Chairman, Freebird Partners; director at various Freebird private portfolio companies |
| Related‑party or interlocks | PTEN’s “Certain Transactions” disclosure lists a REMY Capital registration rights agreement linked to executive K. Berns; no Huff-related transactions are disclosed . Independence determination for Mr. Huff reconfirmed by the Board . |
Expertise & Qualifications
- Legal and governance: Former GC; practiced corporate, securities, and M&A law (Norton Rose Fulbright). Advanced legal education (JD, LLM) .
- Finance and capital markets: Former public company CFO; private equity co‑founder and managing director .
- Oilfield services operations and strategy: Executive experience at Grant Prideco and Weatherford; extensive industry knowledge, including U.S. and international operations .
- Governance matrix: The Board’s skill matrix highlights independent status and governance/finance/industry skills across directors; Mr. Huff’s biography underpins his governance, legal, and financial credentials .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (as of Mar 31, 2025) | 390,281 shares; includes 10,000 options presently exercisable |
| Unvested RSUs (excluded from 60‑day count) | 29,661 RSUs not vesting within 60 days |
| % of shares outstanding | Less than 1% (shares outstanding: 385,978,013) |
| Ownership guidelines (Directors) | Required to own shares equal to 5× annual base cash retainer; 5‑year compliance window; company states all covered persons are compliant as of proxy date |
| Pledging/Hedging | Anti‑pledging and anti‑hedging policies apply to directors; a pledging waiver exists for another director (Stewart) but none disclosed for Huff |
Insider Trading and Section 16(a) Compliance
| Item | Status |
|---|---|
| Section 16(a) compliance (2024) | PTEN states officers and directors timely filed required reports in 2024, with one exception unrelated to Mr. Huff (a single Form 4 for another individual) |
Governance Assessment
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Strengths
- Independent, experienced Chair with deep legal, finance, and OFS operating credentials; clear separation of Chair/CEO roles; regular executive sessions and investor engagement routed through the Chair .
- Robust director pay structure with balanced cash/equity and modest committee fees; RSU-based equity aligns with long-term shareholder value; ownership guidelines enforced with reported compliance .
- Independence affirmed by the Board; no related‑party transactions disclosed for Mr. Huff; anti‑pledging/hedging policies in place .
- Compensation Committee uses independent advisors (CAP through Oct 2024; Pay Governance thereafter), with independence certification—supports objective oversight where Mr. Huff serves as a member .
- Strong broader shareholder support for executive compensation (96–98% say‑on‑pay approvals since 2020), suggesting constructive investor relations and perceived pay‑for‑performance alignment .
-
Watch items
- Concentration of authority on the Executive Committee (Chair, Vice Chair, CEO) warrants monitoring; however, the committee held no meetings in 2024 .
- Mr. Huff’s external leadership at oilfield service–adjacent private businesses (Freebird Partners, Impact Fluid Solutions) could present perceived industry‑network conflicts if commercial relationships emerged; PTEN’s related‑party policy and independence determination mitigate, and no Huff-related transactions are disclosed .
- Temporary post‑merger governance constraints (committee balance through Sept 1, 2025) can limit refresh flexibility but maintain legacy balance; Mr. Huff is a PTEN designee .
Overall signal: Governance profile for Mr. Huff is favorable—independent Chair with relevant expertise, clean related‑party profile in disclosures, alignment via equity ownership guidelines, and established shareholder engagement, with limited identified red flags in current filings .