Penn Virginia Corp. CFO Steven A. Hartman is stepping down from his role at the pure-play Eagle Ford shale producer, the company said July 1.
As a result, Penn Virginia kicked off a comprehensive search to find Hartman’s successor. In the meantime, Hartman, who has served as senior vice president and CFO of Penn Virginia since December 2010, will remain with the Houston-based company until a new CFO is appointed to assist in “a smooth transition.”
Hartman has been with Penn Virginia since 2003. Prior to joining, he had been employed by El Paso Corp. and its publicly traded spin-off GulfTerra Energy Partners LP.
In the company release, Penn Virginia noted that Hartman’s departure is “not related to any financial performance, policy or control issues or any disagreements on accounting or financial reporting matters.”
During his tenure as CFO, Hartman also helped the company navigate a restructuring after filing for Chapter 11 bankruptcy in 2016.
In a statement, John A. Brooks, Penn Virginia’s president and CEO, said: “Steve has made significant contributions to the continued success of the company during his role as CFO, including by guiding the company through its restructuring and establishing its post-emergence financing and leaves the company well-positioned to execute on its strategy.”
Penn Virginia’s history dates back to 1882, when it was founded and incorporated in the Commonwealth of Virginia as a mining company. It eventually transitioned to oil and gas before being swept up in the U.S. shale revolution. In mid-2010, the company decided to shift its focus away from natural gas and towards oil and NGL, eventually entering the Eagle Ford Shale in South Texas.
Today, Penn Virginia holds roughly 84,200 net acres within the Eagle Ford Shale across South Texas in Gonzales, Fayette, Lavaca and DeWitt counties, according to a recent investor presentation.
The company is targeting between 25% and 30% year-over-year production growth for 2019 with a two-rig development program.
Emily Patsy can be reached at epatsy@hartenergy.com.
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