Legacy Reserves LP (NASDAQ: LGCY) said Feb. 21 that Dan Westcott, the Midland, Texas-based company's CFO, will also assume the position of president.
Paul Horne has resigned his position as president but will remain chairman and CEO. The changes will take effect March 1, according to the company release.
Horne said in a statement: "Dan has done an outstanding job helping the company navigate the challenging landscape we have faced over the past three years. His focus and diligence on improving our financial condition and balance sheet are evident in our results. We are very excited about the future of Legacy and the critical role he has played and will play in that future. Dan's promotion to president acknowledges both and is well deserved."
Legacy Reserves is an MLP focused on the development of oil and natural gas properties primarily located in the Permian Basin, East Texas, Rocky Mountain and Midcontinent regions.
In addition, Legacy reported it brought online an additional 30 horizontal Permian wells in 2017 as part of its fourth-quarter and annual 2017 results on Feb. 21. The company has an inventory of 21 drilled but uncompleted wells as of year-end 2017.
"Undoubtedly, our operations team was the driving force in delivering our record-beating results through their continued capital-efficient horizontal development of our Permian resources and economic operation of our large PDP base. Focus on both of these arenas provided the foundation for our guidance-beating production of 49,185 boe/d in fourth-quarter and adjusted EBITDA of $226.2 million in 2017 and is critical to the ongoing success of Legacy," Westcott said in a statement.
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