Murphy Oil unveils new CFO as current one prepares to head towards the exit

Murphy Oil reveals new CFO as current one prepares to exit  

U.S. oil and gas player Murphy Oil has revealed that its current Chief Financial Officer (CFO) will be stepping down from the role at the end of June, prompting the company to name a replacement.

Murph Oil's King's Quay FPS; Source: COSCO Shipping

Murphy Oil reported on Wednesday that David R. Looney would retire from the firm and relinquish his position as Executive Vice President and CFO on 30 June 2022.

David R. Looney, Murphy Oil's current Executive Vice President and CFO; Source: Murphy Oil
David R. Looney, Murphy Oil’s current Executive Vice President and CFO; Source: Murphy Oil

Roger W. Jenkins, President and Chief Executive Officer, remarked: “As a key member of the executive team, we want to recognize and thank David for his significant contributions during a transformative time in our company, and wish him all the best on his pending retirement.”

Murphy Oil says that Looney joined the firm in 2018 and will conclude his 38-year financial career by modernizing Murphy’s financial function, as well as leading efforts to strengthen the balance sheet following the global pandemic.

The company confirms that the board of directors has elected Thomas J. “Tom” Mireles to serve as his replacement. This appointment is effective upon Looney’s retirement and will enable Mireles to assume Looney’s responsibilities, as well as maintain oversight of the company’s sustainability function.

“In addition, we want to acknowledge that Tom’s outstanding leadership skills and in-depth knowledge about Murphy, financial operations and sustainability position him to be successful with his new responsibilities, and I want to congratulate him on his new role,” stated Jenkins.

Mireles joined the company in 2005 and has a proven track record with Murphy, as he earned roles with increasing responsibility culminating in his most recent position as Senior Vice President, Technical Services.

Thomas J. “Tom” Mireles, Murphy Oil's new CFO; Source: Murphy Oil
Thomas J. “Tom” Mireles, Murphy Oil’s new CFO; Source: Murphy Oil

Furthermore, the U.S. player claims that Mireles has gained extensive experience in managing multiple disciplines, including Senior Manager Planning and Business Development, as well as gaining significant operational experience serving as a senior vice president in both the Western and Eastern Hemispheres while working at Murphy Oil.

“As we look to the future, Tom and his team will continue with Murphy’s ongoing commitment to sustainability efforts, as well as fulfill Murphy’s commitment to deliver, execute and explore,” concluded Jenkins.

When it comes to Murphy Oil’s recent developments and activities, it is worth reminding that the U.S. offshore safety and environmental enforcement agency conducted an inspection of the firm’s King’s Quay platform last month. The inspection was carried out to ensure all systems are in place before the platform starts production scheduled for the first half of 2022.

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As previously reported, this platform was built by Hyundai Heavy Industries at its Ulsan facility in South Korea and it sailed away on board a COSCO Shipping-owned vessel upon completion at the end of the second quarter. The giant platform arrived in Texas in September 2021.