Apache Corporation (NYSE, Nasdaq: APA) today announced details
regarding its new organizational structure and key leadership
roles. As announced in October 2019, the company has undertaken a
comprehensive redesign of its organizational structure and
operations to further align its work processes and cost structure
with long-term planned activity levels.
The new design will enable more effective management of Apache’s
diverse portfolio of assets through centralized teams organized
around three functional pillars: Operations, Development and
Exploration. Clay Bretches was named executive vice president of
Operations, and David Pursell was named executive vice president of
Development. The leader of exploration will be named following the
completion of an ongoing search. Mr. Bretches will continue to
serve in his role as CEO and president of Altus Midstream Company,
a controlled subsidiary of Apache. All three executives will report
directly to Apache CEO and president John J. Christmann IV.
“Our new organization, built on central pillars of Operations,
Development and Exploration, will enable us to manage our assets
more efficiently while enhancing our strategy of finding and
developing new, low-cost resources. We will be able to more
effectively deploy capital and human resources, respond to market
conditions, and retain and advance top talent,” said Christmann.
“Clay Bretches and Dave Pursell bring tremendous leadership and
technical experience to their respective roles and have been an
integral part of the strategic redesign of the organization.”
Both executives are supported by strong leadership teams. As
head of the Development pillar, Dave Pursell has established a
leadership team that will take responsibility for reserves,
planning, reservoir engineering, and domestic and international
asset management. At Apache, Clay Bretches will lead an experienced
and well-established team responsible for the functional areas of
drilling and completion, facilities engineering, production
engineering and operations, and environment, health and safety. On
the Altus side, Steve Noe recently joined the senior leadership
team as vice president of Business Development, while Bryan Graham
and Ben Rodgers continue to report to Clay in their respective
roles as vice president of Operations and CFO, respectively.
“The energy industry landscape continues to evolve, and we must
ensure Apache is well positioned for long-term success. The Apache
team has been very proactive and efficient in planning and
implementing the redesign,” continued Christmann. “Apache has a
differentiated portfolio of onshore and offshore, conventional and
unconventional, and U.S. and international assets. I’m excited to
see our new organization come to life in a way to more fully
leverage that portfolio and deliver value for all
stakeholders.”
In January 2019, Clay Bretches was appointed senior vice
president – U.S. Midstream Operations of Apache and CEO and
president of Altus Midstream. Previously, Bretches served as the
president and CEO of Sendero Midstream since 2014 and in various
leadership roles at Anadarko for 14 years prior to that. At
Anadarko, Bretches served as vice president, E&P Services and
Minerals from 2010 to 2014, providing commercial, technical and
logistical support to the company’s global operations. From 2005 to
2010, he held the position of vice president, Marketing and
Minerals, leading Anadarko’s worldwide marketing team for crude
oil, natural gas and natural gas liquids and was instrumental in
the formation of Western Gas Partners, a midstream MLP. Earlier in
his career, Bretches led the crude oil marketing and midstream
operations for Vastar Resources and worked as an engineer for ARCO
on various drilling, completion and reservoir engineering projects
in West Texas and the midcontinent.
Bretches received a Bachelor of Science in petroleum engineering
from Texas A&M University and an MBA from The University of
Texas at Austin. He was commissioned as an officer into the U.S.
Army Corps of Engineers from Texas A&M University and served in
various leadership positions in the U.S. Army Reserve. Bretches
serves on the advisory council of the Electric Power Research
Institute and is the past board of directors president of the
Juvenile Diabetes Research Foundation – Gulf Coast Chapter.
David Pursell previously served as Apache’s executive vice
president of Planning, Reserves and Fundamentals. Before
joining Apache in early 2018, Pursell served as managing director
of Investment Banking for Tudor, Pickering, Holt & Co. (TPH).
Previously, he served as head of Macro Research and was one of the
founders of Pickering Energy Partners, Inc. in 2004. Prior to that,
Pursell was director of Upstream Research at Simmons & Company
International. Earlier in his career, he worked in various
production and reservoir engineering assignments at S.A. Holditch
and Associates, which is now part of Schlumberger. While at
Holditch, Pursell’s focus was on unconventional gas
development in the U.S. and India as well as international field
studies in Mexico, Egypt, Venezuela, Indonesia and Russia. He
began his career at ARCO Alaska in Anchorage with production and
operations engineering assignments in South Alaska and the North
Slope.
Pursell holds Bachelor of Science and Master of Science degrees
in petroleum engineering from Texas A&M University.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United States, Egypt and the United
Kingdom and exploration activities offshore Suriname. Apache posts
announcements, operational updates, investor information and all
press releases on its website, www.apachecorp.com.
Forward-looking statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements can be identified by words such as “anticipates,”
“intends,” “plans,” “seeks,” “believes,” “continues,” “could,”
“estimates,” “expects,” “guidance,” “may,” “might,” “outlook,”
“possibly,” “potential,” “projects,” “should,” “will,” “would,” and
similar references to future periods, but the absence of these
words does not mean that a statement is not forward-looking. These
statements include, but are not limited to, statements about future
plans, expectations and objectives for Apache’s operations,
including statements about our capital plans, drilling plans,
production expectations, asset sales, and monetizations. While
forward-looking statements are based on assumptions and analyses
made by us that we believe to be reasonable under the
circumstances, whether actual results and developments will meet
our expectations and predictions depend on a number of risks and
uncertainties which could cause our actual results, performance,
and financial condition to differ materially from our expectations.
See “Risk Factors” in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2019 filed with the Securities and Exchange
Commission for a discussion of risk factors that affect our
business. Any forward-looking statement made by Apache in this news
release speaks only as of the date on which it is made. Factors or
events that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of
them. Apache undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future development or otherwise, except as may be required by
law.
Contacts
Investor: |
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(281) 302-2286 |
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Gary Clark |
Media: |
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(713) 296-7276 |
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Phil West |
Website: |
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www.apachecorp.com |
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