Alex Volkov
ProPetro HoldingAbout Alex Volkov
Alex V. Volkov, age 52, is an independent director of ProPetro Holding Corp. (PUMP) since May 2024, designated to the Board under the Investor Rights Agreement originally with Pioneer (now a wholly owned subsidiary of ExxonMobil) . Volkov is a long-tenured ExxonMobil executive with nearly three decades across marketing, business development, supply chain logistics, strategy, LNG marketing/trading, and currently serves as Vice President, Commercial & Integration overseeing Unconventional business development, land and midstream . He holds a degree from The University of Nizhni Novgorod, Russia, and an MBA from The University of Alabama .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ExxonMobil | Vice President, Commercial & Integration (Unconventional BD, land, midstream) | 2023–present | Senior commercial leadership; integration across Unconventional and midstream |
| ExxonMobil | Vice President, Strategy & Business Development | 2022–2023 | Corporate strategy and M&A/business development |
| ExxonMobil | Vice President, Commercial & Power | 2021–2022 | Commercial and power activities |
| ExxonMobil | Vice President, Global LNG Marketing | 2019–2021 | Oversaw global LNG portfolio |
| Exxon Neftegas Limited (ExxonMobil) | Vice President (Moscow) | Prior years | Oversaw commercial activities in Russia |
| ExxonMobil (UK) | Led international natural gas marketing and trading | Prior years | Gas marketing and trading leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| ExxonMobil | Vice President, Commercial & Integration | Current | Executive role while serving as independent director at PUMP |
| Pioneer Natural Resources (pre-merger) | Investor rights counterparty to PUMP | 2018–2024 | Pioneer merged into ExxonMobil; rights continued; Volkov designated thereafter |
Board Governance
- Committee assignments: Nominating & Corporate Governance Committee member; not on Audit or Compensation; not a chair .
- Independence: Board affirmatively determined Volkov (and majority of Board) is independent under NYSE rules, with no material relationship with the Company .
- Attendance & engagement: Board held 10 meetings in 2024; committees held Audit (10), Compensation (5), Nominating (4). Each incumbent director attended at least 75% of applicable meetings in 2024; independent directors meet in executive session .
- Lead Independent Director role exists; governance guidelines provide for executive sessions and defined responsibilities .
- Chair transition: Jack Moore retiring after the 2025 Annual Meeting; Board to elect a new Nominating & Corporate Governance Committee chair. As of July 2025, Mark Berg is identified as the Nominating & Corporate Governance Committee Chair in investor materials .
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Annual cash retainer | — | Volkov elected not to be compensated for his service as a director . |
| Committee membership fees | — | Not paid due to election to forgo compensation . |
| Committee chair fees | — | Not applicable (not a chair; and forgoing compensation) . |
| Meeting fees | — | Not paid due to election to forgo compensation . |
Director compensation policy for other non-employee directors includes cash retainers and annual RSU grants with vesting at earliest of 1 year, pre-next annual meeting, or Change in Control; pro-rated for partial year service .
Performance Compensation
| Equity Award (2024) | Grant Date | Shares/Units | Grant Date Fair Value | Vesting Terms |
|---|---|---|---|---|
| RSUs (Director equity retainer) | — | — | — | Not granted; Volkov elected not to be compensated . |
Director stock ownership guidelines require 300% of annual cash retainer within 5 years, but do not apply to a non-employee director who is not compensated for service; Volkov is not subject to the guidelines due to his compensation election . Directors generally receive time-based RSUs; no performance-based equity applies to directors .
Other Directorships & Interlocks
| Entity | Relationship | Details | Governance/Conflict Considerations |
|---|---|---|---|
| ExxonMobil (including affiliates XTO; Pioneer now within ExxonMobil) | Major customer and Investor Rights Agreement designator | PUMP provides hydraulic fracturing, wireline and pumpdown services; April 22, 2024 sub-agreement with XTO for two committed FORCE electric fleets, option for a third, for 3 years or contracted hours; 2024 revenue from ExxonMobil-related entities ≈ $187.7m; year-end 2024 receivables due from ExxonMobil ≈ $70.8m . | Potential perceived conflict given Volkov’s ExxonMobil executive role and ExxonMobil’s customer relationship and designation rights; Board still determined independence under NYSE rules . |
Expertise & Qualifications
- Deep energy commercialization and operations: LNG marketing, international gas trading, supply chain/logistics, strategy development, Unconventional integration .
- Board-relevant skills include corporate governance, strategic planning, finance/investment experience, risk management, and executive leadership per Board’s skills matrix context .
- Education: University of Nizhni Novgorod and MBA from University of Alabama .
Equity Ownership
| Item | Status |
|---|---|
| Aggregate number of stock awards (Dec 31, 2024) | — (no director stock awards outstanding for Volkov) |
| Options (Dec 31, 2024) | None (no options held by Volkov) |
| Director ownership guidelines applicability | Not applicable (non-compensated director) |
| Hedging/Pledging | Prohibited for directors under Insider Trading Compliance Policy and Clawback/ownership policies |
Shareholder Voting & Engagement
| Item | 2024 Meeting Outcome |
|---|---|
| Election of nine directors (including slate, pre-Volkov’s appointment) | All nominees elected; detailed vote counts per nominee reported |
| Say-on-Pay advisory vote | For: 93,615,569; Against: 1,776,586; Abstain: 78,342; Broker non-votes: 4,808,483 |
| Auditor ratification (RSM US LLP) | For: 99,094,202; Against: 872,811; Abstain: 311,967 |
| Say-on-Pay approval context | Over 98% approval in 2024; Compensation Committee retained approach accordingly |
Related Party Transactions (Context)
| Transaction | 2024 Amounts | Notes |
|---|---|---|
| Services to ExxonMobil affiliates (including Pioneer, XTO) | Revenue: ~$187.7m; A/R due from ExxonMobil: ~$70.8m at 12/31/2024; Amount due to ExxonMobil: $0 | |
| XTO electric fleets agreement | Two committed FORCE electric fleets; option for third; 3-year term or contracted hours, subject to termination/release rights |
Audit Committee reviews and approves related party transactions above $120k; policy requires arm’s-length terms and independence safeguards .
Governance Assessment
- Strengths/supportive signals:
- Independence affirmed by Board under NYSE standards; Volkov serves on a fully independent Nominating & Corporate Governance Committee .
- Robust governance architecture: lead independent director; executive sessions; committee charters; director orientation/education; >75% attendance for incumbents .
- High shareholder support for compensation programs; strong engagement with top holders .
- Risks/red flags to monitor:
- Customer interlock: ExxonMobil is a significant PUMP customer (>$187m revenue; $70.8m receivables), while Volkov is an ExxonMobil VP and was designated via the Investor Rights Agreement—this can create perceived influence or conflicts despite independence determinations; ongoing monitoring of committee oversight and recusal practices is warranted .
- Alignment shortfall potential: Volkov elected not to receive director compensation and is exempt from director ownership guidelines, reducing mandated “skin-in-the-game” versus peers; transparency on actual share ownership (if any) would improve investor confidence .
- Board effectiveness considerations:
- Volkov’s commercial and integration expertise is directly relevant to PUMP’s strategic fleet electrification and large-customer contracting (XTO/ExxonMobil), which can enhance Board oversight on capital allocation and contract risk; ensure robust conflict-management protocols around customer contracts and committee deliberations .
- Committee leadership transition post-2025 annual meeting should be monitored; subsequent materials indicate Berg chairing Nominating & Corporate Governance, which may alter committee dynamics and oversight priorities .