HOUSTON - APA Corporation (NASDAQ:APA), an oil and gas exploration and production company, has announced immediate changes to its executive leadership team following the recent acquisition of Callon (NYSE:CPE) Petroleum. The restructuring aims to better align the company's leadership with the evolving needs of the business and advance the priorities of APA's strategy.
Steve Riney, who has been with APA since 2015 and served as CFO before being promoted to president and CFO in January 2024, will now oversee the asset development functions. This move includes the integration of asset teams, Planning and Land, in addition to his ongoing oversight of financial operations. The restructuring is expected to foster stronger alignment between development teams and financial functions.
As a result of the organizational changes, Dave Pursell, executive vice president of Development, has departed from APA. CEO John J. Christmann expressed gratitude for Pursell's years of service and his role in establishing the development functions during the company's transition to a centralized model.
Ben Rodgers has been appointed as the senior vice president of Finance and treasurer, reporting to Steve Riney. Rodgers will lead Market Strategies, Treasury, Accounting, and Tax. He joined APA in 2018 and has held various positions within the company, including serving as CFO of Altus Midstream and as a director on the board of Kinetik Holdings Inc. He is also on the board of Khalda Petroleum Company, a joint venture involving APA's subsidiary.
Moreover, Castlen Kennedy has been promoted to senior vice president of Corporate Affairs and Marketing, reporting to Mark Maddox, executive vice president of Administration. Kennedy, who has been with APA since 2006, will oversee Corporate Communications, Government Affairs, Community Partnerships, Oil & Gas Marketing, Business Excellence, and Egypt JV business support.
APA Corporation operates through its subsidiaries, exploring and producing oil and natural gas in the United States, Egypt, the United Kingdom, and offshore Suriname. The company communicates operational updates and investor information through its website.
This executive reshuffling follows APA's strategy to optimize its leadership after the Callon Petroleum acquisition, ensuring that the company's management structure supports its growth and operational efficiency. The information is based on a press release statement from APA Corporation.
InvestingPro Insights
APA Corporation's recent leadership changes come at a time when the company's stock is exhibiting a strong return over the last month, with a 13.73% increase in price total return as of the latest data.
This performance aligns with the company's historical resilience, evidenced by its ability to maintain dividend payments for 54 consecutive years. The current dividend yield stands at a healthy 2.85%, with the last dividend having an ex-date of January 19, 2024.
Financially, APA Corporation is trading at a high Price / Book multiple of 4.88, according to the last twelve months as of Q4 2023, which could indicate investor confidence in the company’s assets relative to its share price.
The company also boasts a robust Gross Profit Margin of 70.86% over the same period. With a market capitalization of $12.96 billion and a notably low Price to Earnings (P/E) ratio of 3.75, APA appears to be valued favorably in terms of its earnings.
InvestingPro Tips suggest that while the stock generally trades with low price volatility, recent movements have been quite volatile. Investors interested in a deeper analysis can find additional tips on InvestingPro, which currently lists a total of 7 tips for APA Corporation. To further enrich your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to InvestingPro.
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