Penn Virginia Corp. on Aug. 17 said its CEO, John A. Brooks, had retired from the Houston-based company, effective immediately.

Concurrent with Brooks’ retirement, Darrin J. Henke was appointed as president, CEO and director of Penn Virginia. Henke is an industry veteran with 30 years of experience in the oil and gas business including overseeing previously overseeing Encana Corp.’s entrance into the Eagle Ford and Permian Basins. 

Brooks, who had been with Penn Virginia for roughly 18 years, served in several management roles with the company before being promoted to president and CEO in August 2017. Prio to the promotion, he had served as interim principal executive officer following Penn Virginia’s emergence from bankruptcy in September 2016.

In a statement, Penn Virginia Board Chairman Darin G. Holderness thanked Brooks for his years of service and also wished him the best in his future endeavors.

“He steadied us during a challenging period in the industry,” Holderness said. “Under his leadership, Penn Virginia implemented significantly improved drilling and completions operations and positioned us well for the future.”

Penn Virginia is a pure-play independent oil and gas company  with operations in the Eagle Ford Shale in South Texas.

Earlier this month, Penn Virginia reported its second-quarter production was 24,600 boe/d, down 8% from the previous quarter. The company’s capex of $10.7 million for the second quarter also was down, about 86%, from the prior quarter.

“The operator’s decision to avoid capital destruction and prioritize cash flow despite declining production is positive, in our opinion,” Michelle Thoms, associate at Enverus, wrote of Penn Virginia’s second-quarter results in an Aug. 7 research note.

Prior to joining Penn Virginia, Henke served nearly five years as CEO of Gary Petroleum Partners and Gary Permian LLC, a private oil and gas acquisition and development company. He was previously employed by Encana Oil & Gas (USA) Inc., now known as Ovintiv Inc., for 11 years, most recently as vice president and general manager for southern operations. Throughout his career, Henke has also worked at Tom Brown Inc., Venoco Inc. and Burlington Resources.

Commenting on Henke’s appointment, Holderness added: “Darrin brings a wealth of experience and is a proven oil and gas leader with broad technical and commercial experience across multiple basins, including the Eagle Ford. I am confident that Darrin and the rest of the team will continue to lead the company to future success with our priorities unchanged—generating free cash flow, cash on cash returns, and protecting our strong balance sheet.”

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