Energy XXI Gulf Coast Names New CEO
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.”
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