Occidental Petroleum added to its board of directors Thursday with the appointment of a former Schlumberger CEO, as Oxy looks to score points with its shareholders after risking its future to buy Anadarko Petroleum for $38 billion in 2019.
Andrew Gould, who headed the world’s largest oilfield services firm from February 2003, to August 2011, will join the Oxy board in March, Kallanish Energy reports.
Oxy wants to cut costs, reduce its debt and sell some assets after making the second-largest energy deal of the past decade to solidify its position as the largest producer in the Permian Basin.
“Andrew brings a valuable perspective to the board through his extensive experience as a chief executive in the oil and gas industry,” said Oxy chairman Gene Batchelder.
“Throughout his long career, he drove significant value creation while managing a global business. Andrew’s knowledge and decades of operational and financial leadership in the industry will benefit the Board and add valuable insight as Occidental continues to focus on generating returns for shareholders.”
Gould said he has long admired Oxy, including the company’s leading role in enhanced oil recovery, injecting carbon dioxide into more mature wells to produce additional oil and gas volumes.
“I am honored to join the board during such an exciting time for the company as it leverages its operational excellence to extract more value from a world-class portfolio of assets,” Gould said.
In addition to his career at Schlumberger, Gould served as non-executive chairman of BG Group, a multinational oil and gas company, from 2012 until its sale to Royal Dutch Shell in 2016. He served as interim executive chairman in 2014.
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