(WO) — The Independent Petroleum Association of America (IPAA) board of directors on Monday has appointed Steven H. Pruett, the president and CEO of Elevation Resources LLC, as board chairman for the 2022-2024 term. Pruett comes into this role after serving the past term as the association’s vice chairman.
“Steve’s energy and enthusiasm are assets the IPAA team is grateful to have in our next chairman,” Jeff Eshelman, IPAA president and CEO, said. “Past-chairman Jim Wilkes, the president, director and co-owner of Texland Petroleum, and Steve made for a great leadership team, helping to guide IPAA through challenging times including price shocks and the pandemic. I look forward to working with Steve as we build upon what they accomplished for IPAA and our members.”
Pruett co-founded Elevation Resources, a Permian Basin exploration and production company and operator, in 2013. Pruett was previously senior vice president of Corporate Development of Concho Resources over 2012-13. He co-founded and served as President and CFO of Legacy Reserves LP, a public upstream MLP from 2006-2012. Pruett has 38 years of oil and gas operating, financial and management experience.
Prior to forming Legacy Reserves, Pruett was a Venture Partner with Quantum Energy Partners, was president of Petroleum Place and P2 Energy Solutions. He previously served as president and CEO of First Permian and First Reserve Oil & Gas Co, both oil and gas operators. He served as vice president of First Reserve Corporation originating upstream equity investments. He was an energy investment banker with CS First Boston.
Pruett worked in planning and economics for Amoco and began his career as a petroleum engineer for ARCO where he earned his registered professional engineer certificate. Pruett received his B.S in Petroleum Engineering, High Honors, from the University of Texas at Austin and graduated with an MBA from the Harvard Business School where he was a Baker Scholar.
Pruett is a past chairman of the Permian Basin Petroleum Association where he serves on the Finance Committee, serves on the Board of Governors of Midland Memorial Hospital Foundation where he chairs the Investment Committee. He serves on the advisory board of the College of Business at The University of Texas Permian Basin and is a Director of the Trinity School Endowment Corporation. Pruett serves on the boards of The Henry Foundation and the Springboard Center of Midland.
