Joe B. Foster, the founder and former chairman, president and CEO of Newfield Exploration Co., has passed away, Ovintiv Inc. said in an internal email sent to employees on May 11.
According to the email seen by Hart Energy, Foster, 86, died May 9 at his home in Houston from an apparent heart attack. His death was not COVID-19-related.
Ovintiv acquired Newfield in an all-stock transaction that closed early last year valued at about $7.7 billion.
When he started Newfield in 1989, Foster had a team of 26 employees and $9 million of equity capital, provided by himself, employees, a group of Houston investors and the University of Texas Endowment funds. By the time he retired from Newfield in 2000, he had built the company into a thriving multibillion-dollar business.
In Memoriam: Joe Foster, 1934-2020 featured in the June 2020 issue of Oil and Gas Investor
Prior to Newfield, Foster was the chairman of Tenneco Oil Co. and executive vice president and director of its parent, Tenneco Inc., where he spent 31 years of a highly successful career.
“Joe not only shaped the culture at the two companies he led, but the careers of more than just a few talented, hardworking industry professionals,” Ovintiv said.
The company added that services will be for immediate family only. A celebration of Foster’s life may be held at a later date.
The move by Washington state to stop sales of gas-powered cars comes as efforts to boost adoption of electric vehicles are accelerating over concerns about fossil fuels’ contribution to climate change.
Supply discipline and rebounding economies are set to give oil a chance to break out of the recent range, Goldman Sachs analysts said in a report.
The IEA predicted global oil demand and supply were set to re-balance in the second half of the year and that producers may then need to pump 2 million bbl/d more to meet the expected demand.