Apache Corp. (NYSE: APA) said April 23 that Kregg Olson, executive vice president of corporate reservoir engineering, plans to retire later this year.
Olson, who joined the Houston-based company in 1992, has held his current title since 2009 after being promoted to senior vice president in 2007 and Vice President in 2004. Prior to that, he served as director of technical service for Apache from 1995 through 2003.
Dave Pursell, currently senior vice president of planning and market fundamentals, will take over the corporate reservoir engineering department upon Olson’s retirement, which takes effect Aug. 1.
John J. Christmann IV, Apache's CEO and president, said in a statement: "Kregg’s expertise and leadership have been a tremendous asset to Apache during his 26 years with the company. On behalf of the board and all Apache employees, I want to thank Kregg for his many contributions and wish him all the best in retirement."
Pursell recently joined Apache in early 2018 from Tudor, Pickering, Holt & Co. (TPH), where he served as managing director of investment banking. Before that, he served as head of macro research and was one of the founders of Pickering Energy Partners Inc. Before TPH, he was director of upstream research at Simmons & Co. International.
Earlier in his career, Pursell worked in various production and reservoir engineering assignments at S.A. Holditch and Associates, which is now part of Schlumberger Ltd. (NYSE: SLB). He began his career at ARCO Alaska in Anchorage with production and operations engineering assignments in South Alaska and the North Slope. He holds a Bachelor of Science and Master of Science in petroleum engineering from Texas A&M University.
Oil and gas producer Apache said on April 23 it would delay natural gas production from its Alpine High assets in the Permian Basin due to "extremely" low prices.
U.S.-based oil and gas producers continue to report mixed first-quarter results in this final recap of E&P earnings including highlights from Apache, Laredo and Marathon.
Average price per barrel of oil fell 10%, while gas prices dropped 17% per cubic feet in the first quarter ended March 31, the company said.