Garland |
The board of directors of ConocoPhillips has chosen the leaders for the two independent energy companies that will result from the previously announced strategic repositioning of ConocoPhillips. Ryan M. Lance will become the chairman and CEO of ConocoPhillips, the upstream company, and Greg C. Garland will become the chairman and CEO of the downstream company. Jim Mulva, the current chairman and CEO of ConocoPhillips will retire subsequent to completion of the separation. The repositioning is expected to be completed in 2Q12. Lance is currently senior vice president, Exploration and Production, International for ConocoPhillips. A petroleum engineer, he has over 26 years of oil and natural gas industry experience in senior management and technical positions with ConocoPhillips, predecessor Phillips Petroleum and various divisions of ARCO. Garland is currently senior vice president, Exploration and Production, Americas for ConocoPhillips. He began his career as a project engineer with Phillips Petroleum and has been associated with ConocoPhillips, its predecessors and affiliated companies for over 31 years. From 2008 to 2010, he was president and CEO of Chevron Phillips Chemical Co. ConocoPhillips' interest in this joint venture will be transferred to the downstream company following the separation. Both appointments will become effective at the completion of ConocoPhillips' repositioning transaction next year. Lance and Garland will continue in senior management roles until that time, while also directing transition plans, including appointment of their executive management teams. | | | Saratoga Resources names Aldridge CFO |
| | Houston-based Saratoga Resources has appointed Michael O. Aldridge as executive vice president and CFO. Aldridge has more than 16 years of public company executive-level financial and accounting experience in the energy industry, including serving in multiple executive positions with Petroquest Energy and Ocean Energy. Aldridge has served as a financial consultant to the energy industry since 2009. From 2000 to 2008, he served in various executive roles with Petroquest, including executive vice president, CFO, and treasurer. Prior to that, he spent seven years with Ocean Energy, where he served as controller and later as vice president of corporate communications. He also was employed by Ernst & Young for 11 years, where he attained the level of senior manager. Aldridge holds a bachelor's degree from Louisiana State University and is a CPA. Edward Hebert has resigned from the company as vice president – finance and chief accounting officer. |
| | Dril-Quip CEO steps down |
| | Chairman, president and the last of the three co-founding CEOs of Dril-Quip Inc., Mike Walker, has retired. John Lovoi was appointed chairman. Lovoi has been a director since May 2005, is a managing partner at JVL Advisors, a private energy investment company, and is also a director of Helix. Blake DeBerry was appointed president and CEO and will replace Walker on the board. He has been an employee since 1988, holding several management and engineering positions in DRQ's domestic and international offices, most recently serving as SVP Sales and Engineering. James Gariepy was appointed COO. He has held domestic and international management positions since joining DRQ in 2004, most recently serving as SVP Manufacturing, Project Management and Service. In May, Dril-Quip disclosed that both DeBerry and Gariepy had been promoted to senior vice president and were being groomed for senior management roles, said Global Hunter Securities (GHS) in a note to investors October 21, but, while they said the timing of Walker's departure as CEO is not necessarily a surprise, they do see the suddenness of the retirement affecting stock trades. What did come as a surprise noted GHS was Walker's decision to leave the board. Walker is the largest shareholder with 3.7 million shares, or 9.3%. As for DeBerry, GHS believes he "knows the business inside and out, has a global focus and will bring a more traditional corporate structure to DRQ." |
| | Artificial Lift appoints Puhala as VP, CFO |