HOUSTON, June 1, 2015 /PRNewswire/ -- Apache Corporation
(NYSE, Nasdaq: APA) today announced a reorganization of the
company's operating regions and key leadership changes.
"Today's announcement marks the formation of our operational
leadership team and a reorganization that will position Apache for
continued success. These changes represent a significant step
toward streamlining our operations in a way that will greatly
enhance our ability to maximize recovery and minimize costs. This
new structure will enable us to allocate resources and personnel
expediently as industry conditions dictate. In addition, we have
consolidated our technical expertise into centers of excellence,
which will support each operating region and strengthen our ability
to share best practices around the globe," said John J. Christmann, IV, Apache's chief executive
officer and president.
Streamlined organization
Following a series of acquisitions and divestitures over the
last five years, Apache has completed a strategic repositioning of
its portfolio that emphasizes the growth potential of its North
American business and the strong free-cash-flow-generation of its
Egypt and North Sea assets. To
realign organizational resources with the company's updated
portfolio, Apache is implementing a more integrated, super-region
structure that will reduce redundancy and increase operational
efficiency.
The new organization includes three super regions. In
North America, the company is
merging resources into two super regions: the Permian Region and
the Houston Region. Apache's Egypt Region, North Sea Region
and Gulf of Mexico Region will form the International and Offshore
Region.
The newly formed Houston Region will consolidate operational
activities for the Eagle Ford, Anadarko Basin, Texas Panhandle and Canadian properties into
one region. The Canadian properties will continue to be operated
out of the existing Calgary,
Alberta, office. The Permian Region will continue to include
the Midland Basin and the Central
Basin Platform operated out of Midland,
Texas, with the Delaware
Basin receiving separate and individualized management in
San Antonio, Texas, to realize the
exceptional potential of these unconventional assets.
The Houston Region reorganization includes closing Apache's
regional office in Tulsa, Okla.,
and relocating a number of Tulsa
employees. This will consolidate employee expertise in a single
office location to foster increased collaboration and technology
transfer among asset teams.
Other organizational optimization is also underway consistent
with the high-graded portfolio. By the end of 2015, Apache will
reposition its overall cost structure to establish itself as a
strong and efficient competitor. The company will provide an update
on its plans and progress on its second-quarter earnings call.
Key leadership changes
Apache is realigning its senior operational leadership to
support the organizational structure described above. The following
key changes are effective immediately but will include a transition
period through the end of July.
Timothy J. Sullivan has been
appointed to the newly created role of senior vice president –
Operations Support based in Houston. In this role, he will support the CEO
in operational strategy, capital allocation, market intelligence
and marketing.
Thomas E. Voytovich will assume
the role of executive vice president – International and Offshore
Region and Exploration and Production Technology. In addition to
his current management of Apache's operations in Egypt, the North Sea and the Gulf of Mexico, Voytovich will also oversee
the Exploration and Production Technology and Engineering
Technology service teams. Voytovich will remain in Apache's
Houston headquarters.
James L. House has been named to
the newly created position of senior region vice president –
Houston Region and will be based in Apache's Houston headquarters.
Grady L. Ables will assume the
role of region vice president – Canada Region and president, Apache
Canada, and report up through the Houston Region. Ables will be
based in Apache's Calgary,
Alberta, office.
Faron J. Thibodeaux will continue
to oversee the company's operations in the Midland Basin and Central Basin Platform as
the senior region vice president – Permian Region based in Apache's
Midland, Texas, office.
Steven J. Keenan will oversee the
North American Unconventional Resources Technology team,
Unconventional Resources New Ventures team and the company's
operations in the Delaware Basin
as the senior region vice president – Delaware Basin. Keenan will remain in Apache's
San Antonio, Texas, office.
Cory L. Loegering will assume the
role of region vice president – UK Region and managing director,
Apache North Sea, following House's relocation to Houston. Loegering will be based in Apache's
Aberdeen, Scotland, office and
continue to report to Voytovich.
Thomas M. Maher will continue to
oversee the company's operations in Egypt as the region vice president – Egypt
Region and General Manager, Apache Egypt, from Apache's
Cairo, Egypt, office.
Impact to operational reporting
The organizational changes and realignment of Apache's operating
areas will not impact the reporting of production in the company's
quarterly supplement. The company will continue to report
production as Permian (Midland
Basin, Central Basin Platform, Delaware Basin), Central (Anadarko Basin, Texas Panhandle), Gulf Coast (Eagle Ford),
Canada, Gulf of Mexico, Egypt and the North Sea.
About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United
States, Canada,
Egypt, the United Kingdom and Australia. Apache posts announcements,
operational updates, investor information and copies of all press
releases on its website, www.apachecorp.com, and on its Media and
Investor Center mobile application, which is available for free
download from the Apple App Store and the Google Play Store.
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