Tullow Oil Plc named Les Wood, vice president of finance and commercial, as interim CFO as its finance chief Ian Springett takes an extended leave of absence for medical treatment.
The Africa-focused oil producer, which has production assets in Ghana and exploration acreage in Mauritania, Namibia and Zambia, did not specify how long Wood would remain the interim CFO.
The change comes amid a prolonged slump in oil prices, which has pressured Tullow's balance sheet and added to its troubles including a technical issue at its prized Jubilee field and system issues at the multibillion dollar TEN oil fields, both offshore Ghana.
In response, CEO Aidan Heavey has tightened spending.
Tullow slashed full-year spending budget in November and lowered the forecast for its oil production in West Africa, even as a delay in ramping up output at TEN oil fields also weighed on outlook.
Wood, who joined Tullow in 2014, previously spent 28 years at BP Plc (NYSE: BP), including in regional CFO roles in Canada and the Middle East.
Springett, also an ex-BP regional finance head, has been in Tullow's top finance job since 2008.
Recommended Reading
Occidental Increases Annual Dividend by 22%
2024-02-11 - Occidental Petroleum Corp.’s newly declared dividend is at an annual rate of $0.88 per share, compared to the previous annual rate of $0.72 per share.
Atmos Energy Announces Quarterly Dividend
2024-02-11 - Atmos’ dividend marks the company’s 161st consecutive quarterly dividend.
Atlas Energy Solutions Declares Dividend
2024-02-09 - Atlas Energy’s dividend represents a 5% increase from the previous quarter’s dividend.
Northern Oil and Gas Ups Dividend 18%, Updates Hedging
2024-02-09 - Northern Oil and Gas, which recently closed acquisitions in the Utica Shale and Delaware Basin, announced a $0.40 per share dividend.
Permian E&P Midway Energy Partners Secures Backing from Post Oak
2024-02-09 - Midway Energy Partners will look to acquire and exploit opportunities in the Permian Basin with backing from Post Oak Energy Capital.