Apco Announces Leadership Change
December 19 2013 - 6:00AM
Business Wire
Apco Oil and Gas International Inc. (NASDAQ:APAGF) today
announced that Ralph A. Hill will step down as chairman, board
member and chief executive officer effective Dec. 31, 2013.
The move coincides with Hill’s departure from WPX Energy
(NYSE:WPX), where he also served as the CEO. WPX owns a 69 percent
controlling ownership interest in Apco.
Apco’s board has named James J. Bender as chairman and board
member, effective Dec. 31, 2013. Bender is an experienced executive
who served as the general counsel for both WPX and Williams
(NYSE:WMB). Bender will serve as the interim CEO at WPX effective
Dec. 31, 2013, as well.
Additionally, Apco’s board has named Bryan K. Guderian as chief
executive officer, also effective Dec. 31, 2013. Guderian has more
than 30 years of experience in oil and gas, has been on Apco’s
board since 2002 and currently serves as the senior vice president
of operations for WPX, where he has responsibility for the
company’s international interests. Guderian will remain on the Apco
board.
Michael Kyle will continue to serve as Apco’s president and
chief operating officer, along with the remainder of the existing
management team.
Keith E. Bailey, an independent director for Apco, commented,
“Apco is in good hands, having recently completed another orderly
transition with Michael Kyle succeeding Thomas Bueno as president.
Our board is very familiar with Jim and Bryan, whom we have known
for many years.”
About Apco Oil and Gas International Inc. (NASDAQ:
APAGF)
Apco Oil and Gas International Inc. is an international oil and
gas exploration and production company with interests in nine oil
and gas concessions and two exploration permits in Argentina, and
three exploration and production contracts in Colombia. More
information is available at www.apcooilandgas.com. Go to
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exclusively relate to historical facts. Such statements are
"forward-looking statements" within the meaning of Section 27A of
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management's beliefs and assumptions and on information currently
available to management and include, among others, statements
regarding:
- Amounts and nature of future capital
expenditures;
- Volumes of future oil, natural gas, and
LPG production;
- Expansion and growth of our business
and operations;
- Financial condition and liquidity;
- Business strategy;
- Estimates of proved gas and oil
reserves;
- Reserve potential;
- Development drilling potential;
- Cash flow from operations or results of
operations;
- Seasonality of natural gas demand;
and
- Oil and natural gas prices and
demand.
Forward-looking statements are based on numerous assumptions,
uncertainties and risks that could cause future events or results
to be materially different from those stated or implied in this
announcement. Many of the factors that will determine these results
are beyond our ability to control or predict. Specific factors that
could cause actual results to differ from results contemplated by
the forward-looking statements include, among others, the
following:
- Availability of supplies (including the
uncertainties inherent in assessing, estimating, acquiring and
developing future oil and natural gas reserves), market demand,
volatility of prices, and the availability and cost of
capital;
- Inflation, interest rates, fluctuation
in foreign currency exchange rates, and general economic conditions
(including future disruptions and volatility in the global credit
markets and the impact of these events on our customers and
suppliers);
- The strength and financial resources of
our competitors;
- Development of alternative energy
sources;
- The impact of operational and
development hazards;
- Costs of, changes in, or the results of
laws, government regulations (including climate change regulation
and/or potential additional regulation of drilling and completion
of wells), environmental liabilities and litigation;
- Political conditions in Argentina,
Colombia and other parts of the world;
- The failure to renew participation in
hydrocarbon concessions granted by the Argentine government on
reasonable terms;
- Risks related to strategy and
financing, including restrictions stemming from our loan agreement
and the availability and cost of credit;
- Risks associated with future weather
conditions, volcanic activity and earthquakes;
- Acts of terrorism; and
- Additional risks described in our
filings with the Securities and Exchange Commission ("SEC").
Given the uncertainties and risk factors that could cause our
actual results to differ materially from those contained in any
forward-looking statement, we caution investors not to unduly rely
on our forward-looking statements. We disclaim any obligations to
and do not intend to update the above list or to announce publicly
the result of any revisions to any of the forward-looking
statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors
listed above may cause our intentions to change from those
statements of intention set forth in this announcement. Such
changes in our intentions may also cause our results to differ. We
may change our intentions, at any time and without notice, based
upon changes in such factors, our assumptions, or otherwise.
Investors are urged to closely consider the disclosures and risk
factors in our most recent annual report on Form 10-K filed with
the SEC and our quarterly reports on Form 10-Q available from our
offices or from our website at www.apcooilandgas.com.
Apco Oil and Gas International Inc.Media Contact:Kelly
Swan, 539-573-4944orInvestor Contact:David Sullivan,
539-573-9360