Tag Archives: CFO

Callon Petroleum CFO to retire in May

Jim Ulm, the CFO of Callon Petroleum, has told the company he plans to retire from the company in May 2021 due to personal and health reasons. The company has commenced a search for his successor.

The company is an E&P company focused on the Permian and Eagle Ford Basins and it has its head office in the Westchase area of Houston. Due to its high leverage, the company’s stock price is very sensitive to changes in crude oil prices. Its shares have risen eightfold since October as crude prices have risen. The market capitalization is now $1.8 billion. Callon took over Carrizo Oil and Gas in an all-stock transaction in December 2019 that valued Carrizo at $765 million.

Mr Ulm, 57,  joined Callon in December 2017 as its CFO. He was previously the CFO at other large E&P companies such as Fieldwood Energy and Pogo Producing.

SEC filing – Callon CFO retirement


Tidewater promotes from within for CFO position

Tidewater has promoted Sam Rubio to be its Chief Financial Officer. He is currently the Chief Accounting Officer and replaces Quintin Kneen, who was promoted from CFO to CEO in September 2019.  At the time the company said that the Board intended to conduct a search for a new CFO.

Tidewater provides offshore marine support and transportation services to the offshore energy industry. In 2020 it had revenues of almost $400 million and it currently has a market capitalization of $577 million. It moved its head office from New Orleans to Houston in 2018, shortly after exiting Chapter 11 bankruptcy.

In late 2018, Tidewater acquired GulfMark Offshore for $385 million. Mr. Rubio had been appointed the CFO of GulfMark a few months earlier in 2018. He joined GulfMark in 2005 and became its Chief Accounting Officer in 2008.

No new financial compensation for Mr. Rubio was disclosed.

SEC filing – Tidewater Rubio appointment

CFO promoted to CEO at ENGlobal Corporation

Mark Hess has been appointed as the new CEO at ENGlobal Corporation. The company is an Engineering and Construction business with its head office in north Houston. It has a market capitalization of $142 million.

Mr. Hess replaces Bill Coskey, who is stepping down as CEO, effective March 12. Mr. Coskey co-founded the company in 1985 and has been the CEO on-and-off since that time. He will continue as the Chairman of the Board.  The last person, other than Mr Coskey, to be in the CEO role, held it for just over two years between May 2010 and July 2012.

Mr. Hess joined the company in July 2011 as its Corporate Controller and was promoted to the CFO position in September 2012.

Replacing Mr. Hess as CFO is Darren Spriggs, the current Corporate Controller. He joined the company in June 2019. Prior to that, he served as the Director of Accounting for ABM Industries.

Roger Westerlind, the President of the company’s US subsidiary since December 2000, was also promoted to Company President.

No new compensation details were disclosed.

SEC filing – ENGlobal CEO

Senior finance exec leaves Carriage Services

Viki Blinderman will be leaving her role of Chief Accounting Officer and Secretary of Carriage Services (‘CSV’) at the end of March. CSV is based in the Galleria and operates 180 funeral homes and 32 cemeteries in 27 states

In practical terms, Ms. Blinderman is the co-CFO alongside Ben Bright. For a time, between 2015 and 2017 that was their official titles. Since February 2017 Mr. Bright has been CFO while she has been Chief Accounting Officer and Secretary. However, for the past three years Ms. Blinderman and Mr. Bright have received the same salary, bonus and stock awards.

Ms Blinderman joined the company in 2002. She will continue to receive her base salary for two years ($300,000 per annum) and a one-time payment. This is not specified in the 8-K but she is entitled to a pro-rata bonus for 2021 ($37,500).

SEC filing – Blinderman

TETRA Technologies sells most of its interests in CSI Compresso

TETRA Technologies has sold most of its interests in CSI Compresso for $30.7 million. As a result, Compresso will no longer be consolidated in the results of Tetra. Both companies are publicly-traded and based in The Woodlands.

TETRA is mainly involved in completion fluids. It’s also the largest producer of Calcium Chloride which has many non-oilfield uses such as de-icing products. CSI Compresso provides compression services and equipment for natural gas and oil production.

The buyer of TETRA’s stake is Spartan Energy Partners, a PE-backed company, also based in The Woodlands. Spartan provides gas treatment, compression and processing solutions. Tetra will retain an 11% stake in CSI Compresso.

New management at CSI Compresso

TETRA’s CEO and CFO also held the same roles at CSI Compresso. They have resigned from the latter to be replaced by John Jackson, CEO of Spartan and Jonathan Byers, Head of Corporate Development at Spartan. Mr. Byers joined Spartan in 2010. Prior to that. he worked at Price Gregory and SCF Partners.

In connection with the sale, TETRA will continue to supply accounting, IT and other back office services to CSI Compresso for up to one year.

Compresso debt weighing down TETRA

TETRA and CSI Compresso always seemed an odd mix as the asset and capital structure required for the businesses are very different. Prior to the sale, TETRA had $843 million of debt, of which $637 million related to CSI Compresso. Even though there were no cross default provisions or cross guarantees on the debt, management felt the high debt levels weighed down TETRA’s stock price.

The deal brings to a close one of the more poorly-timed transactions in oilfield history. TETRA had a relatively small compression division until it agreed to buy Compressor Systems for $825 million in cash in July 2014. At the time, West Texas crude oil prices were over $100 a barrel. Oops.

SEC filing – TETRA sale of CSI Compresso

As an aside, Bloomberg published an article in October 2020 that stated that Calcium Chloride produced in TETRA’s Finland factory was being shipped to Peru, smuggled into Ecuador and used in cocaine production by Columbian drug lords. Not the non-oilfield diversification that TETRA was looking for! Bloomberg didn’t allege that TETRA had done anything wrong.


Amplify Energy appoints new senior management

Martin Willsher, the CFO of Amplify Energy, has been appointed CEO. He had been the interim CEO since April 2020 when predecessor Ken Mariani retired. Jason McGlynn, currently VP of Business Development, has been appointed CFO.

Amplify Energy was formed in 2019 from the all-stock merger of Tulsa-based Midstates Petroleum and what was Memorial Production Partners. The business focuses on low-decline, mature assets, mainly in the Mississippian Lime formation in Oklahoma and in East Texas/North Louisiana. It has its head office in downtown Houston.

Amplify has debt of $270 million and only $4 million of equity. Therefore it is concentrating on controlling costs and generating cash to pay down the debt.

Mr. Willsher joined Memorial Production Partners in March 2012 as its Director of Strategic Planning. His base salary will remain at $350,000.

Mr. McGlynn joined Midstates in 2013 as its VP of Strategic Planning, Investor Relations and Treasury.  He will receive a base salary of $290,000.

The company also announced a new chairman. Christopher Hamm, who has been on the Board since August 2019, takes over from David Proman, who will remain on the Board.

SEC filing – Amplify Senior Management

CFO steps down at oilfield services company

Jay Nutt has stepped down as CFO of ChampionX, with effect from February 1, 2021. He is replaced by Ken Fisher, a non-executive director and former CFO of Noble Energy, until its acquisition by Chevron last year.

ChampionX was formed , in June 2020, from the all-stock merger of Apergy and the Champion division of Ecolab. Apergy is primarily involved in Artificial Lift while Champion primarily manufactured oilfield chemicals.

Mr. Nutt was the CFO of Apergy prior to the merger. He joined the company in March 2018, just before Apergy was spun off from Dover Corporation. Prior to that, he was the Corporate Controller at TechnipFMC (who announced a CFO change of their own last week).

Because of the merger last June, Mr. Nutt’s resignation is deemed a ‘termination for good reason’ following a change of control. That means he will get a cash payment of $1.7 million (2x base salary plus 2x annual bonus). In addition, all his restricted stock will vest. At the time of the merger, that was valued at another $1.7 million. Mr. Nutt will also be retained as a consultant through June 2021 at $40,833 a month.

Mr. Fisher joined the board of Apergy in April 2018.  He became the CFO of Noble Energy in 2009. Prior to that, he was at Shell and General Electric. Mr. Fisher will receive a base salary of $590,000.

SEC filing – ChampionX CFO change

New CFO appointed at LNG company

Ben Atkins has submitted his resignation as the CFO of NextDecade. He has been replaced by Brent Wahl, who joined the company in June 2019 and is currently the Senior VP of Finance.

The company is based in downtown Houston and is trying to build a LNG terminal in Brownsville, Texas.  NextDecade went public in July 2017 via a reverse takeover of a blank check company.

The company has received permits from the Federal Government for the terminal but won’t start construction until it has signed long-term contracts with customers. Currently, the company has enough cash to last it through the end of this year.

So far, the company has only a 20-year contract with Shell, covering about 20% of the proposed output. Late last year, Engie, a French company, delayed making a decision on a proposed contract with NextDecade. The French government, which owns 24% of Engie, wants the Engie to source cleaner energy. The company suffered another blow last week when Ireland dropped a plan to build a terminal in Cork that would have imported LNG from the proposed Brownsville facility.

Mr. Atkins had been the CFO since November 2015. Prior to that he worked for GE Capital and McKinsey.

Before joining NextDecade, Mr. Wahl was the Head of Midstream Investment Banking for North America at Macquarie Group. He spent nine years there, working on raising finance for LNG facilities in North America.

Mr. Atkins will receive a base salary of $350,000.

SEC filing – NextDecade CFO

TechnipFMC appoints new CFO ahead of proposed split

Alf Melin has been appointed the new CFO of TechnipFMC. He replaces Maryann Mannen, who is leaving to become the CFO at Ohio-based Marathon Petroleum Corporation.

TechnipFMC is in the process of splitting into two publicly-traded companies by hiving off Technip Energies, its Engineering & Construction business. The product business will be based in Houston, while the Energies business will have its head office in Paris.

Mr. Melin has been with the company since 1995 and is currently the Senior VP of Finance Operations. He has has direct oversight of the finance operations of the Subsea segment, He has held various operational roles and is a graduate of Lund University in Sweden. No compensation details were disclosed.

Ms. Mannen joined FMC Technologies in 1986 and was its CFO between March 2014 and January 2017. After FMC merged with Technip, she became the CFO of the combined business. At Marathon, she will receive a base salary of $925,000, a raise on her $803,000 base at TechnipFMC.

Marathon Petroleum is a downstream energy business owning refineries and the Speedway retail convenience stores. In 2011 it was spun out of its former parent, Marathon Oil, which is now an upstream exploration and production company, based in Houston.

SEC filing – TechnipFMC CFO


Southwestern Energy CFO dies suddenly

Julian Bott, the CFO of Southwestern Energy, has died suddenly after experiencing a sudden non-COVID related medical condition.

The E&P company has its head office in Spring. It has its operations in the Marcellus shale region in Appalachia. Mr. Bott joined the company as CFO in February 2018, having previously been the CFO at Sandridge Energy, based in Oklahoma City.

Southwestern has appointed Michael Hancock, currently VP Finance and Treasurer, as its interim CFO. He joined the company in 2010.