Linn Energy Names New CFO
Houston-based Linn Energy, LLC has appointed a new chief financial officer. The company named David B. Rottino as executive vice president and CFO, effective immediately, to replace Kolja Rockov, who is “leaving the company to pursue other opportunities.”
Rockov’s departure is not related to any disagreement with the company’s policies or practices, according to a statement from Linn Energy.
New CFO Rottino has more than 20 years of experience in the oil and natural gas industry. He joined the company in June 2008 and served as executive vice president, business development and chief accounting officer since January 2014.
Linn, one of very few master limited partnerships (MLP) in upstream oil and gas, offers tax benefits and is attractive to investors due to its steady distributions. Although, like many oil and gas companies, Linn has been plagued by the industry downturn.
Rigzone reported July 30 that Linn Energy’s units dropped 26 percent to $4.76 per share, while Linn Co LLC’s units dropped 29 percent to $4.41 per share, both slightly above 52-week lows. These drops came after the company planned to suspend regular distributions and dividends to its investors indefinitely.
Linn Energy’s shares closed at $2.25 Monday.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Shale Loses 9 Billion Barrels of Reserves After SEC Inquiries (Jun 15)
- Linn Energy, Breitburn Could Be Tip of Iceberg for MLP Bankruptcies (May 16)
- Oil At $45 A Barrel Proving No Savior As Bankruptcies Add Up (May 13)