Robert W. Drummond
PATTERSON UTI ENERGYAbout Robert W. Drummond
Robert W. “Bob” Drummond, 64, is Vice Chairman and an independent director of Patterson‑UTI Energy (PTEN), joining the Board in September 2023 following PTEN’s merger with NexTier Oilfield Solutions, where he was CEO/President and a director . He holds a B.S. in Mineral/Petroleum Engineering from the University of Alabama and has 30+ years of senior leadership in oilfield services, including at Schlumberger and Key Energy Services; he also serves as Chairman of Expro Group Holdings N.V. (since May 2024; director since May 2017) . The Board cites his deep operational leadership and integration expertise from NexTier as key credentials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NexTier Oilfield Solutions Inc. | Chief Executive Officer; President; Director | CEO from Aug 2018; President from Oct 2019; Director Aug 2018–Sep 2023 | Led NexTier through integration and into merger with PTEN in Sep 2023; brings institutional knowledge post‑merger |
| Key Energy Services, Inc. | President & CEO | Not disclosed (prior to NexTier) | Turnaround/leadership experience in oilfield services |
| Schlumberger Limited | Various executive positions | 30+ years | Global operational leadership across multiple segments/geographies |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Expro Group Holdings N.V. | Chairman of the Board; Director | Chairman since May 2024; Director since May 2017 | Public company board leadership in oilfield services |
| Industry/Non‑profit (NOIA, HOEC, Greater Houston Partnership, API Upstream Committee, Univ. of Houston GEMI Advisory) | Director/Board/Advisory roles (prior) | Not disclosed | Broader sector leadership and policy engagement |
Board Governance
- Status and tenure: Vice Chairman of the Board; Director since 2023; independent under Nasdaq standards .
- Committees: Executive Committee (member; no meetings in 2024) ; Sustainability Committee (member; 5 meetings in 2024) .
- Attendance: The Board met 9 times in 2024; each then‑serving director attended at least 75% of aggregate Board and committee meetings .
- Board leadership: PTEN separates Chair/CEO roles with an independent Chair and an independent Vice Chair to strengthen oversight and executive session leadership .
- Governance policy (post‑merger): Through Sept 1, 2025, committees maintain balanced representation between legacy PTEN and NexTier designees; Drummond is a NexTier designee .
Fixed Compensation
| Component | 2024 Amount/Detail |
|---|---|
| Fees Earned (Cash) | $107,500 |
| Stock Awards (RSUs) | $174,992 (16,203 RSUs granted Jan 1, 2024 at $10.80 per RSU) |
| All Other Compensation | $2,475,000 (severance paid by legacy NexTier under 9/1/2023 separation agreement; payable over 36 months) |
| Total | $2,757,492 |
| Director Pay Structure | Non‑employee directors receive $100,000 annual cash retainer and $175,000 in RSUs each Jan 1; additional cash retainers for committee roles (member: Audit $10k; Comp $10k; Nominating $7.5k; Sustainability $7.5k; chairs higher) |
Notes:
- The $2.475M reported in “All Other Compensation” reflects severance from NexTier, not PTEN director pay; inclusion in the proxy reflects SEC disclosure of compensation received, but it is not a PTEN incentive and is non‑recurring .
- Executive Committee had no 2024 meetings; Sustainability Committee met five times .
Performance Compensation
- PTEN does not use performance‑conditioned pay for directors; annual equity is time‑vesting RSUs (no PSU/option program for directors) .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Considerations |
|---|---|---|
| Expro Group Holdings N.V. | Chairman; Director | No PTEN‑disclosed related‑party transactions with Expro; Board affirms Drummond’s independence and reviewed director‑related transactions when making independence determinations . |
Expertise & Qualifications
- Industry and operations; leadership; global management; accounting/finance understanding; risk oversight; corporate governance; technology; independence (skills matrix) .
- Prior CEO roles, large‑scale integrations (NexTier→PTEN), and public company board leadership (Expro) .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership | 2,027,895 PTEN shares; <1% of outstanding |
| Shares in trust | Includes 500,000 shares held in trust(s) for which he is a trustee |
| Unvested RSUs | 21,186 RSUs unvested that will not vest within 60 days (director awards) |
| Ownership guidelines | Outside directors must hold shares equal to 5x annual cash retainer; all covered persons were in compliance as of the proxy date |
| Anti‑hedging/pledging | Directors prohibited from hedging and generally from pledging; waiver disclosed only for another director (Stewart), not for Drummond |
Governance Assessment
Positives:
- Independent Vice Chairman with deep sector leadership (Schlumberger, Key Energy, NexTier) and current public board chair experience (Expro), adding strategic/operational oversight depth .
- Active committee service on Sustainability (5 meetings in 2024) aligns with oversight of HSE and climate‑related risks; Board’s governance framework separates CEO/Chair and includes regular executive sessions .
- Independence affirmed; Board reviewed director‑related transactions and found no independence‑impairing issues for Drummond .
- Strong director ownership posture supported by 5x retainer guideline; company reports all covered individuals in compliance .
- Shareholder support context: Say‑on‑Pay approvals ≥96% each of the past five years, signaling constructive governance/compensation alignment environment .
Watch items / potential red flags:
- Large “All Other Compensation” in 2024 reflects ongoing severance payments from legacy NexTier ($2.475M); while non‑recurring and not a PTEN incentive, it may cosmetically distort director pay optics in 2024 disclosures .
- Multi‑board/time commitment: simultaneous service as PTEN Vice Chair and Expro Chairman could raise capacity questions; however, PTEN discloses each director met at least the 75% attendance threshold in 2024 .
- Post‑merger governance policy maintaining balanced committee representation between legacy PTEN and NexTier designees until Sept 1, 2025 may be scrutinized by some investors for influence symmetry; it is disclosed and time‑bound .
- No pledging waiver disclosed for Drummond (good); anti‑hedging/anti‑pledging policies apply .
Attendance and Engagement:
- Board met 9 times; each then‑serving director attended ≥75% of Board and applicable committee meetings; Sustainability Committee (of which Drummond is a member) met 5 times; Executive Committee did not meet .
Independence and Related‑Party Exposure:
- Independent under Nasdaq and SEC rules; Board reviewed transactions since beginning of 2024 and disclosed none affecting Drummond’s independence .
- Related person transaction policy centralized under Audit Committee/Chair with dollar thresholds; no Drummond‑related items disclosed .
Director Compensation Mix (alignment):
- Excluding non‑recurring severance, 2024 director pay mix is equity‑tilted (RSUs $174,992 vs. cash fees $107,500), aligning with shareholder interests .
- Standard director package: $100,000 cash retainer, $175,000 in annual RSUs, plus committee retainers (member: $7.5k–$10k; chair: $15k–$25k), consistent with sector norms .
Section 16 compliance:
- Company reports one late Form 4 in 2024 for another employee, not Drummond; otherwise officers/directors and >10% holders timely filed .