Tim Dugan has taken a job with a privately held independent natural gas company in the Appalachian Basin after announcing his retirement from CNX Resources Corp. last year.
Olympus Energy LLC, based in Canonsburg, Pa., named Dugan as its senior vice president and COO. He will oversee drilling across the shale gas producer’s asset base located in southwestern Pennsylvania.
The news was first reported Jan. 8 by Pittsburgh Business Times writer Paul Gough.
Formed in 2012, Olympus was formerly known as Huntley & Huntley Energy Exploration LLC. The name change, made last September, reflects a different focus on driving a new era of energy leadership within the Appalachian Basin, according to a company news release.
Previously executive vice president and COO at CNX Resources, Dugan retired from the company, also based in Canonsburg, in July 2019. Having worked for CNX, formerly Consol Energy, since 2004, he had played a key role in the development of the company’s Marcellus and Utica shale assets.
Dugan’s career also includes previously serving as vice president of the Appalachia south business unit at Chesapeake Energy Corp. as well as working at EQT Corp. and Cabot Oil and Gas Corp.
In a release posted to the company’s website, Dugan said he is looking forward to working with Olympus.
“Olympus is positioning itself to be a powerhouse in Appalachia, and I look forward to becoming a part of its success,” he said in the statement.
Olympus Energy has assembled over 100,000 largely contiguous and operated acres within the core Marcellus, Utica, and Upper Devonian fairways in southwestern Pennsylvania.
Analysts said the most core projects will move forward, while shorter-cycle developments will see the most dramatic investment cuts.
Oil and gas producer Cairn Energy on March 27 reduced investment plans by about a fifth, following the fall of oil prices to less than $30 per barrel.
Aker BP, 30% owned by BP, said on March 23 it would cut its planned 2020 capital spending by 20% but kept its production guidance unchanged.