Oilfield Water Logistics (OWL) appointed Price Moncrief as CFO, the Dallas-based company said in a Jan. 20 news release.
Moncrief, a seasoned finance and corporate executive who previously worked for Concho Resources Inc., will lead OWL’s strategic financial management as the company continues its expansion in the Permian and Powder River basins where the provider of produced water infrastructure solutions is focused.
Commenting on the appointment, OWL CEO Chris Cooper said Moncrief’s expertise in the Permian Basin will be instrumental to supporting OWL’s vision and strategic direction "as we focus on building and delivering value for our customers and other stakeholders.”
OWL is a portfolio company of InstarAGF Asset Management Inc. Founded in 2014, the company’s customer-focused platform has doubled in size over the past year, recently growing to include an additional 23 saltwater disposal wells and 300 miles of water gathering pipelines in New Mexico, according to the company release.
Moncrief joins OWL from Concho Resources where he was senior vice president of corporate development and midstream. In the role, he was responsible for driving both corporate strategy and midstream strategy, which included water infrastructure initiatives, for Concho—one of the largest unconventional shale producers in the Permian Basin.
Prior to joining Concho in 2010, he was an investment banker at Tudor, Pickering, Holt & Co. and J.P. Morgan. His appointment at OWL is effective Jan. 20.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
A big crowd turned out for an afternoon honoring industry leaders representing all facets of the energy sector.