James Volker will serve as Whiting’s executive chairman through year end
Beginning next Wednesday former Anadarko EVP U.S. Onshore E&P Bradley Holly will take the reins of Whiting Petroleum Corporation (NYSE: WLL), replacing outgoing Chairman, President and CEO James Volker who is retiring after a 34-year career at Whiting, having served as president and CEO since 2002 and who was instrumental in moving the company into its post as one of the largest Bakken/Three Forks oil producers.
Holly will become president and CEO and a member of the board of directors, effective November 1, 2017.
James Volker, aged 70, will assume the role of executive chairman of the Whiting board and will serve in that capacity until December 31, 2017. Volker will then serve as non-executive chairman until the 2018 annual meeting of stockholders, at which time Mr. Holly will be appointed chairman Whiting’s board.
Retiring CEO James Volker
William N. Hahne, Lead Independent Director of the Whiting Board of Directors, commented, “On behalf of the Board of Directors and everyone at Whiting, I thank Jim for his many outstanding contributions to the company throughout his more than three decades of distinguished service.
“Jim joined Whiting in 1983 as Vice President of Corporate Development, and he has been an instrumental contributor to the company’s success. Under Jim’s leadership, Whiting has established itself as a premier Bakken and Niobrara operator with a world-class asset base and acreage positions, innovative technology leadership and significant production capabilities.
“The company produced more than 112,000 barrels of oil equivalent per day in the second quarter of 2017. In recent years, Jim has taken decisive actions to strengthen the balance sheet, enhance the company’s financial flexibility and improve its cost structure, all of which have driven value and established a strong foundation for growth. We wish Jim all the best in his well-deserved retirement and look forward to continuing to benefit from his expertise through his ongoing service as chairman of the board.”
“We are pleased to name an extremely qualified and experienced leader as the company’s new President and CEO. As part of our leadership succession planning, we conducted an extensive search and carefully evaluated Brad and many other candidates. We are confident that Brad’s integrity, passion and extensive industry experience in both the Rocky Mountains and the onshore U.S. make him the ideal choice to lead Whiting in its next phase of value growth. We believe that Brad and the existing executive team will provide outstanding leadership that will continue to drive value for our stakeholders,” Hahne said.
James Volker said, “It has been a privilege to lead Whiting as President and CEO for more than a decade and serve the company in other capacities for more than thirty years, and I am proud of everything the team has accomplished. We have grown Whiting into one of the leading Bakken / Three Forks producers through outstanding execution and technological innovation. Today, Whiting is a strong company, strategically positioned to realize the full value of our world-class asset base. Brad has demonstrated a track record of outstanding performance operating U.S. onshore assets, and I look forward to working with him to ensure a seamless transition.”
Holly commented, “I am honored to succeed Jim as President and CEO of Whiting Petroleum. It is a privilege to join an industry leader with an impressive asset base, highly efficient capital plan and proven record of strong performance.
“Jim has created a culture of continuous improvement based on the core values of integrity, teamwork and innovation, and I am excited to work closely with the talented Whiting team to advance the company’s strategic initiatives. I look forward to capitalizing on the company’s operational capabilities, technical expertise and superior acreage to support Whiting’s growth objectives and enhance stockholder value.”
Incoming Whiting CEO Bradley J. Holly
Bradley J. Holly, 46, served as EVP, U.S. Onshore Exploration and Production for Anadarko Petroleum Corporation, and previously as Senior Vice President, U.S. Onshore Exploration and Production at Anadarko from September 2016. He was previously Senior Vice President, Operations for Anadarko’s Rocky Mountain Region from May 2013 to September 2016.
Holly joined Anadarko in 1997 as a reservoir engineer and development supervisor on Anadarko’s Marco Polo and K2 developments in the deepwater Gulf of Mexico. Mr. Holly began his career in 1994 with Amoco. Mr. Holly holds a Bachelor of Science in Petroleum Engineering from Texas Tech University, and he is a graduate of the Harvard Business School Advanced Management Program.
Holly served as the past chairman of the Colorado Oil and Gas Association (COGA) in 2016 and is a member of the inaugural class of the Colorado Governor’s Fellows Program. Holly served on Governor Hickenlooper’s task force on oil and gas in 2014-2015 and was the chairman of Protect Colorado in 2016.
Holly becomes Whiting’s president and CEO on Nov. 1, 2017.
