Anadarko Makes Top Management Changes
Anadarko Petroleum Corporation announced that the Board of Directors has elected John N. Seitz to the position of Chief Executive Officer. Seitz currently holds the position of President and Chief Operating Officer and will add the role of CEO. Robert J. Allison, Jr., currently Chairman and CEO, will remain Chairman of the Board.
"John has been an instrumental part of Anadarko's tremendous success with exploration and development drilling for more than 20 years and he will now be the chief executive of the company," said Allison. "I'm proud of what we have achieved for shareholders." Allison also says he intends to be a full-time, active Chairman and has no immediate plans for retirement.
"I have had the privilege of running Anadarko for more than 25 years -- and I've spent many of those years working with John. I fully expect to continue working closely with him as we manage this transition," he added.
Anadarko has grown significantly since it became a publicly held company in 1986. Annual revenues have grown from $206 million in 1986 to more than $8 billion in 2001. The company's market capitalization has also grown from $1 billion in 1986 to $15 billion at the end of 2001. Proved oil and gas reserves were 313 million barrels of oil equivalent (BOE) in 1986 and were over 2 billion BOE at the end of 2001 -- making Anadarko one of the largest independent exploration and production companies in the world.
Bob Allison joined Anadarko in 1973 as Vice President of Operations and was promoted to President in 1976 and CEO in 1979. He took on the additional role of Chairman when Anadarko was spun off from Panhandle Eastern in 1986.
John Seitz joined Anadarko in 1977 as an exploration geologist. He was named Vice President of Exploration and Production Operations in 1989 and promoted to Executive Vice President of Exploration and Production and elected to the company's Board of Directors in 1997. In 1999, Seitz was promoted to the position of President and COO.