By Angela Chen
Apache Corp. Chief Executive Steven Farris has retired,
effective immediately, coming as the oil company's plans to
downsize in response to plunging fuel prices.
He is succeeded by John J. Christmann IV, 48 years old, who is
currently Apache's executive vice president and chief operating
officer for North America. In recent months, Apache has increased
its focus on the North America region, as activist investor Jana
Partners LLC pushes the company to consider a possible sale or
spinoff of its international operations to focus on shale drilling
in the U.S. Mr. Christmann has been appointed to the board.
The news comes a week after Houston-based Apache said it was
laying off 5% of its staff, or about 250 employees. Apache, one of
the biggest energy companies in the U.S., pumps oil and gas in
places from Texas to Egypt and employs about 5,000 workers around
the globe. It swung to a loss in its most recently ended quarter on
write-downs of its oil and gas assets resulting primarily from
lower commodities prices.
Last month, Apache sold its its stakes in two international
liquefied-natural-gas projects to Woodside Petroleum Ltd. for $2.75
billion, as part of its efforts to exit international
businesses.
"After more than 25 years with the company and 14 years as CEO,
it is time to hand over the reins to a new generation of leaders,"
said Mr. Farris, 66. He will continue as nonexecutive chairman
until May 1. Director John Lowe, 54, will then succeed Mr. Farris
as nonexecutive chairman. Under his tenure, full-year sales grew
from about $4.2 billion in 2003 to $16.42 billion in 2013.
Mr. Farris joined Apache in 1988 and worked as senior vice
president and chief operating officer before becoming CEO in
2002.
Mr. Christmann has been with Apache for 18 years and has served
as vice president of business development and vice president of the
Permian Region, a key production area in Texas. As vice president
of Permian, he established Apache's Midland office and oversaw a
doubling of production.
Shares of Apache, off about 2% in light premarket trading, have
been up about 30% in the past 12 months through Friday's close.
Write to Angela Chen at angela.chen@dowjones.com
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