Extraction Oil & Gas Emerges from Bankruptcy
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Extraction Oil & Gas has successfully completed its financial restructuring process and emerged from Chapter 11. The company officially concluded its reorganization after completing all required actions and satisfying the remaining conditions of its plan of reorganization.
Extraction has appointed Tom Tyree as the company’s new chief executive officer, Matt Owens as president and chief operating officer, and Marianella Foschi as chief financial officer. The company appointed a new, seven-member board of directors comprised of Benjamin Dell (chairman), Morris Clark, Carrie Fox, Carney Hawks, Tom Tyree, Michael Wichterich, and Howard Willard.
Extraction’s new board has also established the company’s first Environmental, Social and Governance committee made up of directors. The committee will oversee the company’s programs, policies and practices relating to environmental, health and safety, sustainability, corporate social responsibility, and other public policy matters.
“The Extraction team has worked hard over the last six months to right-size the business, lower its cost structure and optimize its midstream agreements,” said Benjamin Dell, chairman of the board.
“The company is now well positioned to embrace a new E&P business model focused on generating returns above the cost of capital, delivering free cash flow and, most critically, returning that free cash flow to investors. The business has also instituted a new governance model where management and the Board have true alignment with shareholders, while striving for environmental leadership through low-impact operations, emission reductions and reporting,” added Dell.
About Extraction Oil & Gas
Extraction Oil & Gas is a Denver-based independent energy company, differentiated by its financial, operational and governance model. The company is focused on developing and producing crude oil, natural gas and NGLs in the Denver-Julesburg Basin of Colorado.
To stop by Extraction Oil & Gas’ website, CLICK HERE
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