Whiting Petroleum Corp. (NYSE: WLL) President and CEO James J. Volker is retiring after 34 years with the Denver-based company, according to an Oct. 24 press release.

James Volker

As part of Volker's planned retirement, Whiting has named Bradley J. Holly, 46, as president and CEO effective Nov. 1. Holly previously served as executive vice president of Anadarko Petroleum Corp.'s (NYSE: APC) U.S. onshore E&P group.

Volker, 70, joined Whiting in 1983 as vice president of corporate development and has served as the company's president and CEO since 2002. Through his leadership, Volker has been instrumental to the company's success, said William N. Hahne, lead independent director of the Whiting board.

“Under Jim’s leadership, Whiting has established itself as a premier Bakken and Niobrara operator with a world-class asset base and acreage positions, innovative technology leadership and significant production capabilities," Hahne said in a statement.

“In recent years, Jim has taken decisive actions to strengthen the balance sheet, enhance the company’s financial flexibility and improve its cost structure, all of which have driven value and established a strong foundation for growth. We wish Jim all the best in his well-deserved retirement and look forward to continuing to benefit from his expertise through his ongoing service as chairman of the board,” he added.

Volker will now assume the role of executive chairman of the Whiting board until year-end 2017. He will then serve as non-executive chairman of the company board until 2018 when Holly will be appointed as board chairman, according to the Whiting press release.

“It has been a privilege to lead Whiting as president and CEO for more than a decade and serve the company in other capacities for more than thirty years, and I am proud of everything the team has accomplished,” Volker said in a statement. “We have grown Whiting into one of the leading Bakken/Three Forks producers through outstanding execution and technological innovation. Today, Whiting is a strong company, strategically positioned to realize the full value of our world-class asset base.”

“Brad has demonstrated a track record of outstanding performance operating U.S. onshore assets, and I look forward to working with him to ensure a seamless transition,” he added.

Holly brings more than 20 years of experience in the oil and natural gas industry, starting his career at Amoco in 1994. He later joined Anadarko Petroleum in 1997 as a reservoir engineer and development supervisor on the company's Marco Polo and K2 developments in the deepwater Gulf of Mexico.

Holly said in a statement, “I am honored to succeed Jim as president and CEO of Whiting Petroleum. It is a privilege to join an industry leader with an impressive asset base, highly efficient capital plan and proven record of strong performance. Jim has created a culture of continuous improvement based on the core values of integrity, teamwork and innovation, and I am excited to work closely with the talented Whiting team to advance the company’s strategic initiatives. I look forward to capitalizing on the Company’s operational capabilities, technical expertise and superior acreage to support Whiting’s growth objectives and enhance stockholder value.”

Holly holds a Bachelor of Science in Petroleum Engineering from Texas Tech University, and he is a graduate of the Harvard Business School Advanced Management Program.

Holly returns to Denver where he served as the past chairman of the Colorado Oil and Gas Association (COGA) in 2016 and is a member of the inaugural class of the Colorado Governor’s Fellows Program. He served on Governor Hickenlooper’s task force on oil and gas in 2014-2015 and was the chairman of Protect Colorado in 2016. He has also served as a trustee of the Mile High United Way for the past three years.