Oil and gas producer Energy XXI Gulf Coast taps former Yates Petroleum CEO Douglas E. Brooks as the new head of its company.
Houston-based oil and natural gas producer Energy XXI Gulf Coast, Inc. (EGC) has named Douglas E. Brooks CEO and president of the company, effective immediately. Brooks, who has more than 34 years of energy experience, most recently served as the CEO of Yates Petroleum Corporation. He also spent 24 years with Marathon Oil Company.
The announcement of Brooks as the new CEO comes a year after Energy XXI filed for bankruptcy. The company emerged from bankruptcy in December 2016 after completing its restructuring and eliminating more than $3.6 billion in debt.
In addition to serving as CEO and president, Brooks will serve on the EGC board of directors in a newly-created position. The company’s April 18 SEC filing shows that Brooks will be paid a base salary of $700,000 with an annual target bonus of 100% of his base salary.
“Energy XXI is at an inflection point in its history since it has emerged from restructuring with a strong balance sheet that provides maximum flexibility for future value creation,” Brooks said in a release. “I look forward to working with our board, senior management, our technical and financial teams and our stockholders as we plan and execute our new path forward.”
WHAT DO YOU THINK?
Click on the button below to add a comment.
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.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you