Thorington Set to Retire from Plains in May
Plains Exploration & Production (PXP) reports that Stephen A. Thorington, executive vice president and chief financial ffficer, plans to retire from the company. His retirement will be effective May 2006 in order to allow a permanent successor to be announced and an orderly transition to occur.
"Steve has been a trusted advisor and friend to me and PXP as a continuation of our earlier corporate relationship at Ocean Energy dating back to 1999," said James C. Flores, PXP's chairman, president, and CEO. "His hard work and intelligent leadership has been very much appreciated by everyone at PXP. I wish Steve well in his new endeavors as he will always be a significant part of the PXP family."
Thorington began his Plains career in late 2002 as the CFO of both PXP and its then-corporate parent, Plains Resources. He continued in the dual CFO roles until PLX was acquired by Vulcan Energy in June, 2004.
As CFO of PXP, Thorington was responsible for various aspects of the acquisitions of 3TEC Energy in 2003 and Nuevo Energy in 2004, including several debt restructurings and significant integration activities. Since PXP's inception as a public company, the equity market value has grown from approximately $200 million to approximately $3 billion and the return to shareholders has been approximately 300 percent.
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