Cimarex Energy Co.’s long-serving COO Joe Albi is planning to retire this summer, the Denver-based independent said in a Jan. 15 news release.

Albi, who has been with Cimarex since its formation, informed management and the company’s board of directors of his retirement as an officer and director. His retirement is expected to take effect July 1, according to the company release.

Cimarex Energy COO Joe Albi (Source: Cimarex Energy Co.)
Joe Albi (Source: Cimarex Energy Co.)

Cimarex did not say who will replace Albi, but CEO Thomas E. Jorden did note that he is leaving the company “well prepared for the future.”

“It would be impossible to overstate the role that Joe Albi has had on Cimarex’s development since our founding,” Jorden said in a statement. “His passion for excellence, attention to detail, and commitment to measurable returns have shaped our organization and our culture.”

Albi’s career with Cimarex began when he joined its predecessor Key Production Co. at its outset in 1994. Key eventually transformed into Cimarex through a merger with Helmerich & Payne’s exploration and production business in 2002.

According to the company release, Albi rose through the ranks and was ultimately named executive vice president and COO as well as elected to the board of directors in September 2011.

“We have all learned a tremendous amount from Joe over the years and we will miss him,” Jorden added in his statement.

Cimarex has principal operations in the Permian Basin and Midcontinent areas of the U.S.