Women in Energy: Marianella Foschi, Civitas Resources

Presented by:

[Editor's note: Influential Women In Energy 2023 is a supplement to the February 2023 issue of Oil and Gas Investor magazine. Subscribe here.]

Marianella Foschi currently serves as CFO of Civitas Resources Inc., a ~$5 billion market cap, publicly traded E&P focused on the Denver-Julesburg Basin of Colorado. Civitas was created through the formation of five companies over 2021 and 2022 and was founded on bold principles, including a commitment to being Colorado’s first carbon neutral oil and gas company.

Foschi has worked in the energy industry since she graduated from the University of Texas at Austin, where she earned two degrees with highest honors in finance and economics. A native of Colombia, Foschi expected her career to lead her back to her home country, but she has remained in the U.S. and has quickly moved into increasingly challenging positions of authority within the U.S. oil and gas industry.

She started her career in the investment banking division of Credit Suisse in Houston as an analyst working on capital market transactions and advisory assignments for oil and gas companies and then became an associate at the Blackstone Group, where she focused on debt and equity investing across the energy sector. From there, she moved to Extraction Oil & Gas (a legacy company of Civitas Resources), where she eventually took on the role of CFO.

Throughout her exemplary career, Foschi has set her sights high and has worked hard to rise through the ranks, an accomplishment she credits in part to having the good fortune to work for companies that support women in the oil and gas industry. For her exceptional work at Extraction, she was recognized as one of Denver Business Journal’s “40 Under 40.”

People building the industry

“The [oil and gas] industry is always changing—it is not and never will be static. As a result, we are constantly having to solve new challenges. I am a big-time problem solver, which is why I have found the industry to be a good fit for me. One of my favorite aspects of the industry is the people. The industry is full of very bright, highly energetic people, and it is such a great platform for knowledge sharing and growth, both on the professional and personal side.”

Growing into new roles

“Civitas Resources is the combination of five different companies in Colorado, all of which were put together over a 12-month period. The rapid pace of consolidation meant significant change in a short period of time for all who were part of those companies. Within Civitas, I have been fortunate to have had the opportunity to be promoted at a young age and with that comes a lot of responsibility. The increased levels of responsibility mean I have had to quickly adapt from being primarily a ‘doer’ of work to a manager as well.

“The industry is full of very bright, highly energetic people, and it is such a great platform for knowledge sharing and growth, both on the professional and personal side.”—Marianella Foschi

“Growing as an organization also meant bringing new focus and determination to creating the type of culture that will create sustainable business success. As a leadership team, we are committed to not just integrating the organization but to building best-in-class teams and to developing our talent into future leaders.

“Given how transactional we have been at Civitas, I have had to redesign my organization to fit the current company and its strategic needs. My role has changed a lot because of the much bigger company we are today."

Avoiding the status quo

“Some of the best advice I have received is to be outspoken in the workplace (when appropriate). Managers generally respect employees that are factually opinionated, and in my experience those employees are better positioned to rise through the ranks. Last year, Civitas launched a leadership training program for its executive officers that teaches us to value, among other things, diverse opinions and the importance of transparent communication. Taking these concepts seriously helps people feel empowered in their roles and enables them to do better work within teams.

RELATED

Exclusive: Civitas' Consolidation, Operational Execution [WATCH]

“In addition, striving for constant improvement and not getting stuck in the ‘status quo’ is another big one (the ‘How can I make this better?’ question). Lastly, don’t be afraid to ask questions, especially early in your career. The foundation of your career is the most important stage, and you want to take advantage of the opportunity to ask questions when there is less ‘judging risk.’”

Keep up the good work

“The sector has come so far over the last couple of years and those companies that really embraced the principles of Shale 2.0 are best positioned for future success. At Civitas, we are guided by four key pillars that we believe will enable sustainable success for our business: maintain a fortress balance sheet; invest capital to generate free cash flow; return free cash flow to shareholders; and lead on ESG.

“If you had asked me what transformations the industry needed to make two years ago, the list would’ve been very long. The industry has completely repositioned itself, and Civitas leads by example in following a disciplined formula that is more aligned with the goal of long-term success. What is key now is holding to those principles, maintaining a strong balance sheet and being disciplined through the commodity cycles. Consistency in strategy from here on out will be key to regaining confidence and investor interest back into the industry.”

Three more things

1. English is my second language.

2. My family on my dad’s side is Italian. My first and last name are Italian, and I have Italian citizenship.

3. I am a huge sports fan, especially tennis and soccer and will go to great lengths to be part of big sporting events. (I saw Serena Williams’ last tennis match at the U.S. Open last year and was in Russia for the World Cup in the summer of 2018.)

View the full list of this year’s honorees at Hart Energy LIVE.