Stratton has more than 30 years of experience in operations for both domestic and international oil and gas companies, according to Ultra’s press release. He most recently served as COO of Permian-focused Jagged Peak, which he departed from in February.
Prior to joining Jagged Peak, he served as COO of Permian Resources LLC and also previously served as district manager for Chesapeake Energy Corp.'s (NYSE: CHK) Permian Basin and Midcontinent assets. He began his career in various engineering roles with ARCO, Occidental Petroleum Corp. (NYSE: OXY) and Anadarko Petroleum Corp. (NYSE: APC).
“Jay is a seasoned oil and gas executive with a successful track record of building and leading large-scale upstream development operations,” Brad Johnson, Ultra’s interim CEO, said in a. statement. “His technical expertise, business acumen and ability to meet exceptional challenges with innovative solutions will be a tremendous benefit to our organization, and I am delighted to welcome Jay to his new role.”
Stratton assumes the chief operations role from Johnson, who previously held the position as senior vice president of operations.
In this role at Ultra, Stratton will provide strategic oversight of the company’s day-to-day operations to help optimize the value of the company’s assets in the Pinedale and Jonah fields in Wyoming’s Green River Basin, the release said.
Ultra holds about 78,000 net acres in its core Wyoming assets as well as 8,000 net acres in Utah’s Uinta Basin Three Rivers Field, according to a company earnings presentation.
“Ultra has exceptional assets and a talented team of employees of great experience, technical skill, and cost discipline that is well positioned for a bright future,” Stratton said in a statement. “I am thrilled to join Ultra and look forward to working closely with Brad, the management team and all of the staff as we execute our 2018 plan and increase value for our shareholders.”
Drillers added 118 rigs during the week ended Jan. 10, bringing the total count up to 203, the highest since March 2019, data from Baker Hughes Co. showed on Jan. 13.
Can U.S. shale hit the gas on its crude oil production at a moment’s notice?
The Scoop and Stack plays are still in the money but only with improved well spacing and effective management of frac-driven interactions.