Plains All American Pipeline LP (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) have provided details regarding its management succession plan and transition process on Nov. 7.
Plains’ CEO Greg Armstrong has informed the board of directors of his plans to retire at the end of 2018. Armstrong has been with PAA and its predecessor organizations since 1981. Armstrong will continue as non-executive chairman of the board of directors through December 2019, at which time he will retire from the board. Harry Pefanis will continue as president and a director.
Under the plan approved by Plains’ board, Willie Chiang, PAA’s current executive vice president and U.S. COO will become CEO upon Armstrong’s retirement. Chiang joined PAA in 2015 as PAA’s executive vice president and U.S. COO and was appointed to the board of directors in February 2017.
Chiang has more than 30 years of energy industry experience, having served in a number of executive leadership roles within large, complex organizations like PAA. Prior to joining PAA, Chiang has held positions at Occidental Petroleum Corp. (NYSE: OXY) and ConocoPhillips Co. (NYSE: COP).
Recommended Reading
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-26 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Repsol to Drop Marcellus Rig in June
2024-04-26 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
US Drillers Cut Most Oil Rigs in a Week Since November
2024-04-26 - The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.
CNX, Appalachia Peers Defer Completions as NatGas Prices Languish
2024-04-25 - Henry Hub blues: CNX Resources and other Appalachia producers are slashing production and deferring well completions as natural gas spot prices hover near record lows.
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.