Midland, TX-based independent Concho Resources Inc., one of the largest oil and natural gas producers in the Permian Basin, has reconfigured its management team through a series of promotions as it gears up to expand operations this year.
Concho, which completed a $9.5 billion takeover of RSP Permian Inc. in July, making it one of the premier Permian players, in late October said it planned to run an average of 34 rigs this year, with 38 rigs scheduled in 2020.
The operator had also set a preliminary capital budget for 2019 of $3.5 billion at the midpoint, from $2.55 billion in 2018. For the full year, plans are to drill 400-420 wells, complete 350-370 and place on production 390-410.
Regarding the managerial moves, Executive Vice President (EVP) Will Giraud, most recently in charge of asset teams, business development and strategy, has been named COO to succeed Joe Wright, who retired at the end of the year.
Senior Vice President (SVP) Brenda Schroer, chief accounting officer (CAO) and treasurer, was appointed CFO, succeeding Jack Harper, who will continue as Concho’s president. Separately, 14-year veteran SVP Steve Guthrie, who has overseen business operations/engineering, is retiring at the end of the year and is to serve as a special adviser until then.
SVP Price Moncrief, finance and strategy chief, was appointed SVP of corporate development/midstream with responsibility to implement a long-term strategy for oil and gas marketing, as well as build a commodity fundamentals team.
Also promoted was VP Clay Bateman, who ran the New Mexico operations, to SVP for all company assets, while VP Keith Corbett, Texas operations chief, was promoted to SVP of corporate engineering/planning.
In addition, Jeff Gasch has been named VP of the Permian Delaware sub-basin, while Aaron Hunter was promoted to VP of the Midland sub-basin. Gasch most recently was the Delaware business unit manager, while Hunter was the Midland business unit manager.
VP Scott Kidwell of government affairs was named SVP of administration to oversee government affairs and human resources. Jacob Gobar also has been promoted to VP/CAO; he had been financial accounting controller. Jere Thompson, finance director, was named VP of planning.
Finally, Chris Gatjanis has been appointed VP of completions. Gatjanis, who previously was Halliburton Co.’s Permian VP, is to join Concho in February.