Energy XXI elects new boss
Energy XXI Gulf Coast, an oil and gas company focused on the U.S. Gulf of Mexico, has appointed Douglas E. Brooks as Chief Executive Officer and President effective April 17, 2017.
The company’s previous CEO, John D. Schiller, left the position in February after which the role of an interim CEO was taken over by the company’s chairman, Michael S. Reddin.
Also in February, Energy XXI CFO Bruce Busmire departed from the company and Scott Heck joined the company as new COO.
The company said on Tuesday that its board concurrently with the appointment of Brooks increased the size from six to seven directors and named Brooks to fill the newly-created directorship.
According to the company, Brooks has over 34 years of experience in the energy industry. Most recently he served as the CEO for Yates Petroleum Corporation, a privately-owned exploration and production company, from April 2015 until Yates’ merger with EOG Resources, Inc. in October 2016.
Brooks previously served as CEO of Aurora Oil & Gas Limited from October 2012 until June 2014, and as a Senior Vice President at Forest Oil Corporation from April 2012 until October 2012. In addition, he spent 24 years with Marathon Oil Company in roles of increasing responsibility, lastly as the Director of Upstream Mergers and Acquisitions and Business Development for the Americas. He has also built two private equity-sponsored firms focused on unconventional resource projects in the western U.S.
Brooks currently serves on the Board of Directors of Chaparral Energy, Inc. and has served as a board member for Aurora Oil & Gas Limited, Magdalena Energy Company, Yates Petroleum and the Houston Producers’ Forum. Additionally, he is currently an advisor for Hart Energy’s A&D Watch, a global energy research publication.
Michael S. Reddin, EGC’s Chairman of the Board commented, “Doug’s impeccable reputation, extensive industry experience and clear track record of value creation as Chief Executive at other exploration and production companies make him the perfect fit for our company. His skills are also highly complementary to those of Scott Heck, our Chief Operating Officer, who has an extensive offshore, engineering and operations background. We look forward to having the powerful combination of Doug and Scott at the top of Energy XXI as we develop and execute strategies to maximize stockholder value.”
The company’s new CEO remarked, “The confidence shown by the Board of Directors in asking me to lead their experienced technical and financial teams is greatly appreciated. Energy XXI is at an inflection point in its history since it has emerged from restructuring with a strong balance sheet that provides maximum flexibility for future value creation.”