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.
Recommended Reading
E&P Highlights: Oct. 28, 2024
2024-10-28 - Here’s a roundup of the latest E&P headlines, including a new field coming onstream and an oilfield service provider unveiling new technology.
E&P Highlights: Sept. 23, 2024
2024-09-23 - Here's a roundup of the latest E&P headlines, including Turkey receiving its first floating LNG platform and a partnership between SLB and Aramco.
Seadrill to Adopt Oil States’ Offshore MPD Technology
2024-09-17 - As part of their collaboration, Seadrill will be adopting Oil States International’s managed pressure drilling integrated riser joints in its offshore drilling operations.
E&P Highlights: Oct. 14, 2024
2024-10-14 - Here’s a roundup of the latest E&P headlines, including another delay at one of the largest gas fields in the world and two major contracts in West Africa.
E&P Highlights: Sept. 16, 2024
2024-09-16 - Here’s a roundup of the latest E&P headlines, with an update on Hurricane Francine and a major contract between Saipem and QatarEnergy.