Diamondback Energy CFO Van't Hoof to succeed Stice as CEO
Diamondback Energy announced on Thursday that CEO Travis Stice will step down after 13 years in the role during the company’s annual stockholders’ meeting 2025. He will be replaced by Kaes van't Hof, the finance director.
Stice, who has led Diamondback since January 2012, joined the board of directors in November 2012 after the initial public offering. Before becoming CEO, Stice was the chief operating officer of the company from April 2011 until January 2012.
He will also step aside as CEO of Viper Energy Partners LP - one of Diamondback’s publicly traded subsidiary companies.
Diamondback reported that Van't Ho has served as chief financial officer and executive vice-president of business development since February 2022. He previously held the positions of CFO and executive Vice-President for Business Development for three years.
Jere Thompson will become the CFO of the company on Thursday. He is currently executive vice president for strategy and corporate developments.
Diamondback will report its quarterly earnings on the 24th of February. The company reported lower oil prices in its fourth quarter compared with the three preceding months last month.
A near 30% increase in U.S. Natural Gas prices should offer some relief to the earnings of shale producer for the third quarter.
Diamondback announced on Tuesday that it will buy certain units from EnCap Investments, which owns the energy producer Double Eagle, for $4.08 Billion in cash and shares, expanding its position in the oil rich U.S. Permian Basin.
The Permian basin, which spans West Texas and New Mexico in the United States, is where the shale company has doubled down. In 2024, it will buy Endeavor energy Partners, the second-largest producer of the area, for $26 billion. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Alan Barona)
(source: Reuters)