Phillip Gobe
ProPetro HoldingAbout Phillip A. Gobe
Phillip A. Gobe, age 72, is Chairman of the Board at ProPetro Holding Corp. (PUMP). He has served as Chairman since July 2019, including time as Executive Chairman (Oct 2019–Mar 2022) and a stint as CEO (Mar 13, 2020–Aug 31, 2021). He holds a BA from The University of Texas and an MBA from the University of Louisiana at Lafayette . The Board has determined he is not independent; ProPetro’s current structure separates the CEO and Chair roles, but the Chair does not qualify as independent .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ProPetro Holding Corp. | Chairman of the Board; Executive Chairman; Chief Executive Officer | Chairman since Jul 2019; Executive Chairman Oct 2019–Mar 31, 2022; CEO Mar 13, 2020–Aug 31, 2021 | Led governance during CEO and Chair transitions |
| Energy Partners, Ltd. | Chief Operating Officer; President; Director | COO Dec 2004–May 2005; President May 2005–Sept 2007; Director Nov 2005–May 2008 | Senior operating leadership and board oversight |
| Nuevo Energy Company | Chief Operating Officer | Feb 2001–May 2004 | Oversight of operations prior to acquisition by Plains Exploration |
| Vastar Resources, Inc. and ARCO | Operations and HR leadership roles | Prior to 2001 | Broad upstream operational and HR experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Pioneer Natural Resources | Director | Jul 2014–May 2024 (ended at ExxonMobil merger) | Former director of a major customer; Pioneer became wholly owned by ExxonMobil |
| Pantheon Resources plc | Chairman of the Board | Until Jun 2023 | Chairman role at UK-listed E&P |
| Scientific Drilling International | Director | Not disclosed | Prior board service |
| Pioneer Southwest Energy Partners L.P. | Director | Not disclosed | Prior board service |
Board Governance
- Role: Chairman of the Board; not independent under NYSE rules .
- Committee memberships: None listed for Gobe (not on Audit, Compensation, or Nominating & Corporate Governance) .
- Lead Independent Director: Anthony J. Best .
- Meetings/attendance: Board met 10 times in 2024; Audit 10; Compensation 5; Nominating & Governance 4. All directors attended ≥75% of meetings held during their service period; all directors attended the 2024 annual meeting .
- Executive sessions: Regular executive sessions of independent directors .
Fixed Compensation
| Component (2024) | Amount |
|---|---|
| Cash retainer | $140,000 |
| Stock awards (RSUs, grant-date fair value) | $154,993 |
| Total | $294,993 |
| Outstanding stock awards at 12/31/2024 (units) | 17,939 |
- Director equity grants are RSUs that vest on the earliest of: first anniversary of grant, immediately prior to the next annual meeting, or upon Change in Control (subject to service) .
- No stock options held by directors as of year-end (exception noted for CEO Sledge); Gobe held only stock awards .
Performance Compensation
Directors do not receive performance-based equity; annual director grants are time-vested RSUs. No performance metrics, PSUs, or options apply to non-employee director pay .
| Performance Metric | Weighting | 2024 Outcome |
|---|---|---|
| Not applicable for non-employee directors | N/A | RSUs vest time-based; no metrics |
Other Directorships & Interlocks
| Company | Interlock/Influence | Evidence |
|---|---|---|
| ExxonMobil/Pioneer | ProPetro entered an Investor Rights Agreement in 2018 granting Pioneer designee rights; after Pioneer’s 2024 merger into ExxonMobil, ExxonMobil designated Alex V. Volkov to ProPetro’s Board. Mark S. Berg, formerly Pioneer’s designee, remains as an independent director . | |
| Customer relationship | ProPetro provides significant services to ExxonMobil/XTO (hydraulic fracturing, wireline); $187.7M revenue from ExxonMobil (including Pioneer/XTO) in 2024; receivables $70.8M at year-end . |
Expertise & Qualifications
- Extensive upstream energy operations leadership (COO, President roles) and public-company board experience; well-suited for Board chair responsibilities .
- Education: BA (The University of Texas); MBA (University of Louisiana, Lafayette) .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (shares) | 207,684 (<1% of outstanding) |
| RSUs eligible to vest within 60 days (indicative for directors) | 17,939 |
| Options | None for directors (as of 12/31/2024) |
| Director stock ownership guideline | 300% of annual cash retainer; directors (including Gobe) in compliance as of 12/31/2024 |
| Hedging/pledging | Prohibited under Insider Trading Compliance Policy |
Governance Assessment
- Strengths: Separate Chair/CEO roles; strong independent oversight via Lead Independent Director; full-year meeting cadence with ≥75% attendance; robust director stock ownership guidelines; regular independent director executive sessions .
- Compensation governance: Use of independent compensation consultant (Pearl Meyer), annual say-on-pay support >98% in 2024—signals investor confidence in broader pay practices .
- RED FLAGS: Non-independent Board Chair (Gobe), combined with material customer concentration and board-designee rights linked to ExxonMobil/Pioneer. Gobe’s prior Pioneer directorship plus ongoing significant revenue/reliables from ExxonMobil/XTO ($187.7M) could be perceived as a potential conflict requiring clear recusal protocols and strong Lead Independent Director oversight .
Related-party exposure: Investor Rights Agreement with Pioneer/ExxonMobil drives board composition; large customer revenues and receivables tied to ExxonMobil/XTO require vigilant audit oversight and independence safeguards .
Attendance/engagement: No low-attendance issues disclosed; all directors ≥75% attendance and presence at the annual meeting—supportive of board effectiveness .
Policies: Clawback for incentive compensation and explicit prohibitions on hedging/pledging reduce alignment risks; director equity is time-vested RSUs rather than options (lower risk) .