
Timothy Cutt, who most recently served as CEO of Cobalt International Energy, will join QEP Resources to serve as president and CEO of the pure-play Permian Basin company after Charles Stanley retires in January. (Source: QEP Resources Inc./Shutterstock.com)
QEP Resources Inc. (NYSE: QEP) CEO Charles “Chuck” Stanley will retire after transforming the company into a pure-play Permian Basin company and said Dec. 6 that its board has named Cobalt International Energy Inc.’s top executive as his successor.
Stanley, who has served as QEP’s president and CEO since its spinoff from Questar Corp. in 2010 and later added the role as board chairman, has elected to retire from the company which will take effect Jan. 14.
Shortly thereafter, QEP said Timothy “Tim” Cutt, who most recently served as CEO of Cobalt, will join the company as its president and CEO, effective Jan. 15. Cutt will bring 35 years of oil and gas experience, including time with BHP Billiton Ltd. (NYSE: BHP) and Exxon Mobil Corp. (NYSE: XOM), to the top position at QEP.
David A. Trice, a lead independent director on QEP’s board who has been named to succeed Stanley as chairman, said in a statement: “Tim has a history of providing exceptional leadership under a variety of circumstances and he is the ideal candidate to succeed Chuck.”
Cutt has been with Cobalt since 2016 and most recently has led the company through its bankruptcy, which it entered in December 2017. He had joined the company from BHP Billiton, where he served as the president of petroleum from 2013 through 2016 and was accountable for its global oil and gas business, including the company’s interests in the Permian Basin. Prior to BHP, he served as president of Exxon Mobil de Venezuela SA and of Hibernia Management and Development Co.
“The board is confident in Tim’s ability to take the helm and lead the company forward,” Trice continued. “His character and experience are exactly what QEP needs at this pivotal time in its evolution.”
Earlier this year, QEP launched several strategic and financial initiatives intended to transform itself into pure-play Permian Basin company.
In a statement, Stanley added: “With the recent announcements of the sales of our Williston Basin and Haynesville/Cotton Valley assets, we are well on our way to accomplishing the initiatives. I am proud of what QEP has accomplished over the last eight and a half years.”
RELATED:
QEP Sells Williston Basin Assets To Blank-Check Vantage Energy For $1.7 Billion
QEP Resources Exits Haynesville In $735 Million Sale To Aethon Energy
QEP first entered the Permian Basin in 2014 with the closing of the $950 million acquisition of Enervest Ltd.’s acreage in Martin and Andrews counties in Texas’ Midland sub-basin.
Since then, the company has continued to amass more acreage in the Permian and currently holds roughly 50,700 net acres in the prolific basin with production of about 4.8 million barrels of oil equivalent during third-quarter 2018.
“I am honored and very excited to join the QEP team,” Cutt said in a statement. “The company’s high-quality Permian assets are proving to be some of the best in the basin. The continued utilization of ‘tank-style’ development, combined with well density optimization and unmatched completion efficiency, has positioned the company to thrive and grow in what is one of the most prolific oil basins in the United States.”
Emily Patsy can be reached at epatsy@hartenergy.com.
Recommended Reading
Utica’s Infinity Natural Resources Seeks $1.2B Valuation with IPO
2025-01-21 - Appalachian Basin oil and gas producer Infinity Natural Resources plans to sell 13.25 million shares at a public purchase price between $18 and $21 per share—the latest in a flurry of energy-focused IPOs.
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
Utica Oil Player Ascent Resources ‘Considering’ an IPO
2025-03-07 - The 12-year-old privately held E&P Ascent Resources produced 2.2 Bcfe/d in the fourth quarter, including 14% liquids from the liquids-rich eastern Ohio Utica.
Japan’s JAPEX Backs Former TreadStone Execs’ New E&P Peoria
2025-03-26 - Japanese firm JAPEX U.S. Corp. made an equity investment in Peoria Resources, led by former executives from TreadStone Energy Partners.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.