Goodrich Petroleum CFO Resigns
Houston-based Goodrich Petroleum Corporation has lost one of its senior-level executives. Jan Schott, the independent exploration and production company’s senior vice president and chief financial officer, resigned to take a financial position with a private company.
Schott, who has been with Goodrich since January 2007, has served as CFO since March 31, 2010, and SVP since May 5, 2010. The company said Schott’s resignation was not the result of any disagreements with Goodrich’s operations, policies or practices.
Like many E&P companies, Goodrich has been struggling as of late, closing at just 71 cents per share Wednesday. The company announced in July it was selling its proved reserves and a portion of its acreage in the Eagle Ford Shale for $118 million with the transaction scheduled to close around September 4. On August 5, the company revealed that adjusted revenues for 2Q of 2015 were $12.9 million lower than 2Q 2014.
Schott will remain at Goodrich through early September to help the company begin transitioning. Goodrich’s president and chief operating officer Robert C. Turnham, Jr. will serve as interim CFO while the company searches for someone to fill Schott’s position.
The industry downturn has been the cause for many restructuring efforts as oil and gas companies continue to grapple with the steep decline in oil prices. Experts have stressed the importance of succession planning because it’s inevitable, especially during times of financial struggle during which CEOs and other senior-level executives choose to leave. Atwood Oceanics Inc., Transocean Ltd., Rockwater Energy Solutions and Lundin Petroleum have all seen senior executives resign this year.
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