Anadarko, El Paso Corp. name new CEOs
Anadarko Petroleum Corp. and El Paso Corp. both recently named new executives to head their respective companies.
Houston-based Anadarko reported that Robert J. Allison Jr., currently chairman of the company, has been named to the additional positions of president and CEO effective immediately.
Allison succeeds outgoing Pres. and CEO John N. Seitz, who resigned Mar. 25. Seitz also resigned as a director of Anadarko. No reason was given for Seitz's resignation.
Allison served as CEO of Anadarko during 1986-2001 and as chairman since Anadarko became an independent company in 1986. He was named to the board and elected president of the company in 1976.
Allison joined Anadarko in 1973 as vice-president, operations.
Meanwhile, Ronald L. Kuehn Jr. has been appointed interim CEO and chairman of Houston-based El Paso Corp., replacing William A. Wise, the company announced last month. Kuehn—lead El Paso board member and chairman, president and CEO of Sonat Inc. before it merged with El Paso—will remain in the top position during the company's search for a replacement CEO.
Commenting on the decision, Ronald Barone, analyst with UBS Warburg LLC in New York, said, "Though history has shown us that such unexpected announcements could suggest further 'shoes to drop' at special situations such as El Paso, after discussions withUKuehn and our own observations of the tremendous toll this situation was taking on WiseUwe are not convinced there are."
In addition, Barone said, "Uthe departure ofUWise may take some of the proxy pressure off the company while expediting the search for a permanent replacement."
Kuehn said, "(El Paso) is making steady progress on executing our business plan." So far this year, El Paso has closed on, or signed agreements for, about 50% of the $3.4 billion of asset sales it expects this year, which includes the sale of its natural gas and oil reserves in the US Midcontinent to Chesapeake Energy Corp. for $500 million (OGJ Online, Mar. 4, 2003).
Wise will receive severance benefits that were provided for under an existing employment agreement, the company said. The benefits for the remaining 3-year term of the agreement include Wise's salary, half of his annual bonus, and pension benefits. "(Wise's) outstanding loan obligations will remain payable to the company. Under the agreement, (he) will no longer be eligible to receive change-in-control benefits," the company said.
Upstream moves
North West Shelf Venture has reported that Australia LNG Pty. Ltd. has changed its name to North West Shelf Australia LNG Pty. Ltd. and has appointed John L. Banner as president.
Most recently, Banner worked for ChevronTexaco Corp. and formerly was general manager, marketing, with Caltex Australia Ltd.
Banner succeeds Arthur Dixon, who will return to Royal Dutch/Shell Group after working more than 3 years with Australia LNG.
Kenneth W. Crouch has been elected executive vice-president and David A. Hager has been elected senior vice-president of Kerr-McGee Corp. Hager succeeds Crouch as head of worldwide exploration and production for the company.
In his new position Crouch will oversee human resources, safety, and environmental affairs, investor relations, information management and technology, strategic planning and development, and supply chain management.
Crouch joined Kerr-McGee in 1974 as a senior geophysicist. During his career with the company, he has worked as managing director, exploration, for London-based Kerr-McGee Oil (UK) PLC; vice-president for Kerr-McGee's North American and international operations; senior vice-president, exploration; and most recently as senior vice-president, worldwide exploration and production operations.
Hager began his career in the oil and gas industry in 1979 as a geophysicist with ExxonMobil Corp. predecessor Mobil Corp. After joining Sun Oil Co. (predecessor of Oryx Energy Co.) in 1981, he advanced to various executive-level positions, including vice-president, Gulf of Mexico operations, in 1997. Following Kerr-McGee's merger with Oryx in 1999, Hager joined Kerr-McGee.
He then became vice-president, international operations, in January 2000 and was named vice-president, worldwide deepwater exploration and production, in September 2000. He was named vice-president, Gulf of Mexico and worldwide deepwater exploration and production, in August 2001 and vice-president, exploration and production, in July 2002.
