Robert J. McNally
About Robert J. McNally
Robert J. McNally, age 54, is an independent Class II director of Summit Midstream Corporation whose term expires at the 2026 annual meeting; he has served on the board since August 2024 and previously served on the board of the general partner since May 2020. He holds a B.S. in Mechanical Engineering (University of Illinois), a B.A. in Mathematics (Knox College), and an MBA (Tulane University), and currently serves on SMC’s Audit Committee; the board has determined he is independent and possesses audit committee financial expertise. In 2023 he joined Eco Material Technologies as Chief Growth Officer and has extensive prior C-suite and financial leadership experience across energy and oilfield services.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| EQT Corporation | President & CEO | 2018–2019 | Led an NYSE-listed independent natural gas producer; prior CFO role sharpened capital discipline and financial oversight. |
| EQT Corporation | SVP & CFO | 2016–2018 | Drove financial planning, capital markets and reporting. |
| Precision Drilling Corporation | EVP & CFO | 2010–2016 | Managed finance at TSE/NYSE-listed drilling contractor with multi-region operations. |
| Kenda Capital LLC | Investment Principal | 2009–2010; 2007 | Private investment role; evaluation and execution of energy investments. |
| Dalbo Holdings, Inc. | Chief Executive Officer | 2008 | Operational turnarounds and strategy execution. |
| Warrior Energy Services Corp. | EVP Operations & Finance | 2006 | Operational finance leadership in energy services. |
| Simmons & Company International | Corporate Finance | 2000–2005 | Energy investment banking; M&A and capital markets. |
| Schlumberger Limited | Engineer | 1994–2000 | Engineering roles of increasing responsibility. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PERMA-PIPE International Holdings, Inc. | Director | Current | Serves on Audit, Compensation, and Nominating & Corporate Governance committees. |
| Oasis Petroleum | Director | Nov 2020–Jul 2022 | Served on Audit & Reserves and Compensation Committees. |
| Various prior boards | Director | Various | Boards of Warrior Energy Services, Dalbo Holdings, EQT Midstream Partners, EQT GP Holdings, Rice Midstream Partners, and EQT Corporation. |
Board Governance
- Committee assignments: Audit Committee member (with Jerry L. Peters as Chair and J. Lee Jacobe as member); Compensation and Nominating committees currently not assigned to McNally. The board affirmed independence for all non-management directors and specifically for all committee members.
- Attendance: The board met 10 times in 2024; Audit 5, Compensation 3, Nominating 5. Each director attended all quarterly board meetings and their committee meetings; no director attended fewer than 75%.
- Board leadership: Combined Chair/CEO (J. Heath Deneke) with a Lead Independent Director (James J. Cleary) overseeing executive sessions and serving as liaison to independent directors.
- Expertise: The board determined all Audit Committee members, including McNally, have accounting/financial management expertise sufficient to qualify as audit committee financial experts.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $100,000 | Independent director base cash fee. |
| Equity award (common units) | $105,954 | 6,581 SMLP common units granted in 2024; fully vested at grant. |
| Total director compensation (2024) | $205,954 | Sum of cash and equity fair value. |
| Committee chair fees | $0 | No chair role for McNally in 2024. |
Performance Compensation
- No performance-based director compensation disclosed; the 2024 director equity awards were fully vested at grant and not subject to performance metrics.
Other Directorships & Interlocks
- Current public company boards: PERMA-PIPE International Holdings, Inc. (Audit; Compensation; Nominating & Corporate Governance).
- Prior public company board: Oasis Petroleum (Audit & Reserves; Compensation).
- Compensation Committee interlocks: None disclosed for 2024.
Expertise & Qualifications
- Financial expertise: Audit committee financial expert qualification based on board assessment.
- Industry experience: Senior leadership across upstream, drilling services, and energy services; broad capital markets and corporate finance background.
- Education: B.S. Mechanical Engineering (University of Illinois); B.A. Mathematics (Knox College); MBA (Tulane University).
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Robert J. McNally | 33,271 | <1% | Beneficial ownership of SMC common stock as of Apr 1, 2025. |
| Director stock ownership guideline | 3x annual cash retainer | n/a | Applies to non-employee directors. |
| Guideline compliance status (Dec 31, 2024) | Exceeded | n/a | All directors and executives subject to the guidelines exceeded the requirement. |
| Hedging/pledging | Not disclosed; speculative trading discouraged | n/a | Insider Trading Policy prohibits trading on MNPI and discourages speculative trading; preclearance required. |
Governance Assessment
- Strengths: Independent director with audit financial expertise; full attendance; no related-party transactions disclosed; meaningful—though modest—share ownership with board-approved stock ownership guidelines met; combined Chair/CEO offset by a Lead Independent Director structure.
- Compensation alignment: Director pay is standard (cash retainer plus equity fully vested) without performance-based elements; no chair premiums for McNally, limiting pay inflation risk.
- Potential conflicts and monitoring items: Multiple external commitments (PERMA-PIPE board and operating role at Eco Material Technologies) warrant monitoring for bandwidth and any emerging related-party exposure; however, SMC disclosed no related person transactions since Jan 1, 2024 and maintains a conflicts review policy (adopted Aug 1, 2024).
- Policies and investor confidence signals: Active clawback administration by Compensation Committee, published governance charters and insider trading/whistleblower policies, and independent committee composition support governance quality.