NOW Inc. said Nov. 1 that its board of directors has appointed Dick Alario as interim CEO, replacing Robert Workman, effective immediately.
Workman will no longer serve on the company’s board of directors. The DistributionNOW board is in the process of engaging a search firm to assist with the recruitment of a full-time CEO. Alario has asked that he not be considered for the full-time CEO position.
“Dick is a strong and capable leader with a wealth of experience in the oilfield services industry, and we are pleased that he will serve as our interim CEO,” Wayne Richards, chairman of the board of DistributionNOW, said.
Alario has served as a member of DistributionNOW’s board since the company’s spinout from National Oilwell Varco in May 2014, and he will remain a board director while he serves as the company’s interim CEO. Alario has worked in the oilfield services industry for almost the entirety of his 43-year professional career. Most recently, he served as CEO and a board director of Key Energy Services, a leading provider of well intervention services. Prior to that, Alario served in various leadership capacities at companies such as OSCA and BJ Services company. He also is a board member of Kirby Corp., Fluid Delivery Solutions LLC, and American Energy Permian Basin LLC.
Output at the largest formation, the Permian Basin of Texas and New Mexico, is expected to rise 57,000 bbl/d to 4.73 MMbbl/d.
Plans are for the well, which was drilled into two untested fault blocks east of the Cashima Field, to be completed by the end of November, the company said.
The breakthrough follows months of talks between the two companies over what to charge for processing gas from the field through Woodside’s Pluto LNG plant.