Gary M. Halverson
PATTERSON UTI ENERGYAbout Gary M. Halverson
Independent director since 2023 (age 66). Former Group President of Drilling & Production Systems and Senior Vice President at Cameron International (2014–2016; company sold to Schlumberger in 2016), with 40+ years of global operating leadership across the U.S., Latin America and Asia. Currently a Senior Advisor at First Reserve (energy private equity) and Partner at 360 Development Partners; serves on industry bodies including API’s General Committee of Special Programs, the Well Control Institute, FlexSteel Pipeline Technologies, and as a U.S. delegate to the World Petroleum Congress. The Board cites his extensive operational, financial, and industry organization experience as core credentials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cameron International Corporation | Group President, Drilling & Production Systems; Senior Vice President | 2014–2016 | Senior leadership through sale to Schlumberger (2016) |
| Cameron International Corporation | Various leadership roles across U.S., Latin America, Asia | Prior years (aggregate 38+ years at Cameron) | Global operating leadership experience |
| Petroleum Equipment Suppliers Association (PESA) | Chairman of the Board (prior service) | n/a | Industry leadership role |
External Roles
| Organization | Role | Since/Status | Notes |
|---|---|---|---|
| First Reserve (PE) | Senior Advisor | Since 2016 | Energy-focused private equity; financial/strategic perspective |
| 360 Development Partners | Partner | Since 2016 | Commercial real estate |
| API – General Committee of Special Programs | Director | Current | Industry body governance |
| Well Control Institute | Director | Current | Industry safety/governance |
| FlexSteel Pipeline Technologies, Inc. | Director | Current | Pipeline technologies (private) |
| World Petroleum Congress | U.S. Delegate (prior) | Prior | Global industry engagement |
| NexTier Oilfield Solutions (public) | Director | 2016–2023 | Pre-merger public board role |
Board Governance
- Independence: The Board determined Mr. Halverson is independent under Nasdaq standards .
- Committees and roles (2024):
- Compensation Committee: Chair; 8 meetings in 2024; sets executive pay policy and reviews director compensation . He also signed the Compensation Committee Report as Chair .
- Audit Committee: Member; 5 meetings in 2024; oversees financial reporting, internal controls, cybersecurity, and compliance .
- Attendance: The Board met 9 times in 2024; each then‑serving director attended at least 75% of Board and committee meetings; all but two directors attended the 2024 annual meeting .
- Governance policy (post-NexTier merger): Through Sept 1, 2025, committees (excluding Executive) must include NexTier designees; Halverson is identified as a current NexTier designee .
- Board leadership: Independent Chair; independent Vice Chair; independent directors meet in executive session .
Fixed Compensation
| Component | Amount | Detail |
|---|---|---|
| Annual base cash retainer (non-employee director) | $100,000 | Standard retainer |
| Committee retainers (2024 structure) | See detail | Chair: Compensation $20,000; Audit $25,000; Nominating/Gov $15,000; Sustainability $15,000. Member: Compensation $10,000; Audit $10,000; Nominating/Gov $7,500; Sustainability $7,500 . |
| Halverson – cash actually earned (2024) | $130,000 | Matches base ($100k) + Compensation Chair ($20k) + Audit member ($10k) |
| Halverson – equity grant (2024) | $174,992 | 16,203 RSUs granted Jan 1, 2024 at $10.80 grant-date value per unit (fair value ASC 718) |
| Halverson – total director compensation (2024) | $304,992 | Cash + equity; no option awards or other compensation |
Performance Compensation
| Element | Structure | Metrics | Vesting/Notes |
|---|---|---|---|
| Director equity | Time-vested RSUs | None (not performance-based) | Annual RSUs; no options granted to directors in 2024 |
No performance metrics apply to non-employee director compensation; pay is a mix of cash retainers and time-vested RSUs .
Other Directorships & Interlocks
| Type | Company | Role | Dates | Notes |
|---|---|---|---|---|
| Current public boards | — | — | — | None disclosed in proxy |
| Prior public boards | NexTier Oilfield Solutions | Director | 2016–2023 | NexTier merged with PTEN in 2023; Halverson is a NexTier designee under governance policy |
| Industry/non-profit | API GCSP; Well Control Institute | Director | Current | Industry governance |
| Private company | FlexSteel Pipeline Technologies | Director | Current | Private company board |
| Private equity | First Reserve | Senior Advisor | Since 2016 | Potential ecosystem connections; see conflicts section |
Expertise & Qualifications
- Deep industry operations and technology leadership (40+ years at Cameron; global roles) .
- Corporate finance/capital markets and governance exposure; private equity advisory experience at First Reserve .
- Safety and environmental oversight through roles with Well Control Institute and industry bodies .
- Board cites his operational, financial, and industry organization involvement as valuable for PTEN oversight .
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Shares beneficially owned | 146,785 | As of March 31, 2025; percent of class “*” (<1.0%) |
| Unvested RSUs (not vesting within 60 days) | 21,186 | Excluded from beneficial ownership count |
| Shares outstanding (reference) | 385,978,013 | As of April 8, 2025 |
| Ownership guidelines (outside directors) | 5× annual base cash retainer | All officers/directors were in compliance as of proxy date |
| Pledging/Hedging | Pledging prohibited (waiver only for James C. Stewart); hedging prohibited for directors | No pledging disclosure for Halverson |
Governance Assessment
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Strengths and signals
- Independent director with relevant operating, safety, and capital allocation perspective; chairs Compensation Committee and sits on Audit—positions central to investor-aligned oversight .
- Director pay structure balanced (cash + RSUs); alignment enhanced via ownership guidelines; company states all directors meet guidelines .
- Compensation Committee uses independent consultants (CAP through Oct-2024; Pay Governance thereafter); committee concluded no consultant conflicts; Halverson signed committee report as Chair—supports process rigor .
- Say-on-pay support strong (96% in 2024), indicating broad investor acceptance of compensation design under committee oversight .
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Potential conflicts/monitoring items
- External affiliations: Senior Advisor at First Reserve (energy PE) and director at FlexSteel Pipeline Technologies; could create ecosystem overlaps. The proxy discloses the related-party review policy and lists related transactions (REMY/Berns), with no related-person transactions disclosed involving Halverson .
- Post-merger governance commitments designate him as a NexTier designee through Sept 1, 2025, which may influence committee compositions; mitigated by independent majority and balanced committee structures .
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Attendance and engagement
- Board met 9 times; all then‑serving directors met at least 75% attendance; Compensation (8) and Audit (5) activity indicates substantive committee workloads in 2024 .
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RED FLAGS
- None disclosed specific to Halverson: no pledging, no related-party transactions, and independence affirmed by the Board .
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Committee activity snapshot (2024)
- Compensation Committee (Chair: Halverson): 8 meetings; oversees executive pay policies and director compensation .
- Audit Committee (Member: Halverson): 5 meetings; oversees financial reporting, ICFR, cybersecurity, legal compliance .