Chairman Michael S. Reddin Appointed Interim CEO
Senior E&P Executive Scott M. Heck Appointed COO
HOUSTON, Feb. 03, 2017 (GLOBE NEWSWIRE) — Energy XXI Gulf Coast, Inc. (“EGC” or the “Company”), a leading independent oil and natural gas production company and one of the largest operators on the Gulf of Mexico shelf, today announced that Michael S. Reddin has been appointed interim Chief Executive Officer (“CEO”) and President, effective immediately. This follows the decision by John D. Schiller to depart from his roles as Director, CEO and President of EGC. Mr. Schiller has agreed to serve as an advisor to the Board during the transition.
“Having completed the financial restructuring of Energy XXI late last year and positioned it for success in the future, the Board and I have agreed that it is a good time to transition the leadership of the Company,” said Mr. Schiller. “It has been a privilege to lead the men and women of this Company, and I wish the organization nothing but great success.”
Additionally, the Board has appointed Scott M. Heck to join the EGC team as the Company’s new Chief Operating Officer (“COO”). Mr. Heck has over 36 years of experience in upstream oil and gas engineering and leadership roles with Tenneco Oil Company, Hess E&P, and Bennu Oil & Gas LLC, the last 14 of which have been in senior executive roles with extensive offshore accountabilities. Mr. Heck succeeds Antonio de Pinho, who also has elected to pursue other interests.
Further, EGC’s Chief Financial Officer (“CFO”) Bruce Busmire will be departing to pursue other interests. Chief Accounting Officer Hugh Menown will become the interim CFO.
“On behalf of the EGC Board and the entire Company, I want to thank John for his vision in establishing the original Energy XXI platform 12 years ago, and congratulate him for assembling a terrific asset base and team. I also want to thank Bruce and Antonio for their service and contributions to the Company. I wish them all the very best in their future endeavors,” said Mr. Reddin.
The Company’s Board of Directors (the “Board”) has initiated a thoughtful and thorough process to identify the full-time successor to the role of CEO and President, with both internal and external candidates being considered.
In light of Mr. Reddin’s interim dual role as Chairman and CEO, the Board has appointed Jay Swent to serve as Lead Independent Director. An existing EGC Board member, Mr. Swent has more than 35 years of global business and senior leadership experience.
Mr. Reddin concluded: “The Board and leadership of EGC are excited about the opportunities we see to exploit the Company’s material asset base and improve margins, combining to create significant stockholder value in the coming months and years. We are confident that the changes announced today will assist in that journey.”
Mr. Reddin, who was appointed to serve as Chairman of EGC’s Board in 2016, is a seasoned oil and gas executive who most recently served as the Chairman, CEO and President of Davis Petroleum Corporation. Prior to that, he served as CEO of Kerogen Resources, Inc., Vice President of BP America’s Gulf of Mexico business unit, and in various leadership and technical roles with Vastar Resources, Inc., including several years managing assets on the Gulf of Mexico shelf.