Apache CEO Steve Farris retires

22 January 2015, News Wires – U.S. oil and gas company Apache Corp announced the retirement of Chief Executive Steve Farris, effective Tuesday, and named John Christmann, chief operating officer of North America, as his replacement.

Apache-Corporation-APAFarris, who has helmed Apache for 14 years, will continue as non-executive chairman of the board until May 1, when he would retire from the board, the company said. Christmann, who has been with Apache for 18 years, takes charge at a time when the company is evaluating a sale or spinoff of its international operations to focus on North American shale wells.

The company, under pressure from activist-investor Jana Partners, in December agreed to sell stakes in two liquefied natural gas developments, Wheatstone in Australia and Kitimat in Canada, for $2.75 billion to Woodside Petroleum, Australia’s top oil and gas producer.

Apache is still to appoint a new full-time chief financial officer. Alfonso Leon resigned as the finance head in October, eight months after he was appointed to the job. Shares of Apache were down 1.6 percent at $61.25 in premarket trading.


– Reuters

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