Earthstone Energy Inc. (NYSE: ESTE) said April 2 it had promoted Robert J. Anderson to president, effective immediately.
Anderson has served as executive vice president of corporate development and engineering of The Woodlands, Texas-based company since 2014. Frank A. Lodzinski, who previously held the position as president, will remain CEO and chairman of Earthstone’s board of directors.
Lodzinski commented, “I am very pleased to announce the promotion of Robert Anderson to president of Earthstone. This promotion reflects his dedication and extensive contributions to Earthstone, as well as his strong leadership amongst our management team. Robert is well-deserving of the president role, and I have absolute confidence in his proven leadership and continued valuable contributions as we build on our prior successes.”
In addition to Anderson’s promotion, Earthstone also promoted Leonard W. “Lenny” Wood to vice president of exploration and development and ratified the appointment of Lane T. McKinney to vice president of land in order to facilitate the company’s anticipated growth, according to Earthstone’s press release.
“We are also pleased to announce the promotions of Lenny Wood and Lane McKinney as they have worked tirelessly to help position Earthstone to become a premier operator in the Midland Basin and will be instrumental in helping our company continue to grow,” he added.
In March, Earthstone announced a capex of $170 million for 2018. The company plans to use 90% of the projected capex to increase production and its acreage position in West Texas, Lodzinski said on an earnings call on March 15, according to a transcript by Seeking Alpha.
Anderson commented, “I am humbled and excited to have the opportunity to lead in my new role as president as we take the company to its next level. Earthstone is well positioned with a high-quality acreage footprint in a premium oil producing basin and a strong balance sheet to achieve meaningful growth. I am proud of what we have built in just a few years and optimistic that we can continue to successfully execute our growth plans.”