Kevin Andrews has been appointed CFO at Battalion Oil Corporation. He replaces Ragan Altizer, who plans to retire.
The company is based in downtown Houston and has working interests in approximately 52,000 net acres in the Delaware Basin. Its market capitalization is currently $126 million.
The company was formerly known as Halcon Resources. It went into bankruptcy in August 2019. The company emerged in October 2019, having eliminated over $750 million of debt. In return, the debt holders got 91% of the newly reorganized equity.
The company changed its name to Battalion Oil Corporation in January 2019 and regained its listing on the NYSE American the following month.
Halcon hit the headlines in February 2019 when Floyd Wilson (then CEO), Mark Mize (CFO) and Steve Herod (Corporate Development) all left on the same day. This happened two weeks after an activist investor had criticized the excessive corporate overhead at the company. Under the terms of their contracts, the terminations were considered terminations without cause. Combined, the three executives got over $9 million in cash severance.
Quentin Hicks was promoted to CFO, following the departure of Mr Mize. However, he resigned in July 2019, after four months, to become CFO at Gulfport Energy.
Mr Altizer became CFO in August 2019. He and CEO Richard Little (appointed in June 2019) worked together at Ajax Resources, an E&P company whose assets were sold to Diamondback Energy in October 2018.
Mr Andrews has spent most of his career in investment banking. Most recently, he was the Head of Energy Investment Banking at Imperial Capital. He will receive a base salary of $350,000.