U.S. Gulf of Mexico-focused oil company W&T Offshore said Thursday that Janet Yang, Executive Vice President and Chief Financial Officer, would leave the company on May 11, 2023, following the release of the company’s first-quarter earnings.
W&T said that Yang disclosed that, for family reasons, she and her family would be relocating to another city.
Trey Hartman, Vice President and Chief Accounting Officer, will serve as Interim Chief Financial Officer. Hartman, age 48, joined W&T Offshore as Controller in April 2021 and was appointed Vice President and Chief Accounting Officer in May 2022. He previously served as Vice President – Controller for Sheridan Production Company from 2015 to 2020.
Tracy W. Krohn, Chairman and Chief Executive Officer, stated, “We would like to thank Janet for her leadership and the many contributions she made to W&T over her 14 years with the Company and wish her and her family well in their upcoming move. Janet has truly been an integral member of our executive management team and contributed significantly to the multitudes of success we have achieved over the years, including key strategic and financial initiatives.
"We also thank Trey for stepping in during this transition period. With his extensive management experience and knowledge of our Company, combined with our strong accounting, financial reporting, investor relations, finance, treasury and control teams that we have in place, I am confident all responsibilities and abilities related to the CFO office will be sustained for a smooth transition.”
Yang said: “I want to express my sincere gratitude to Tracy and the Board for the many opportunities provided to me and the trust placed in me throughout my 14-year tenure with W&T. Also, it has been a true honor and privilege to work alongside an extremely talented and dedicated team at W&T, and I will really miss being here. I leave W&T with the highest regards for the Company and believe W&T is well-positioned for success and growth with an entrepreneurial, experienced and proven team, strong balance sheet and exciting long-term growth opportunities. I look forward to contributing to a smooth transition and wish the company all the best for the future.”
Also, earlier this week, W&T Offshore said it was the apparent high bidder on two blocks in the Gulf of Mexico (“GOM”) Lease Sale 259 held by the Bureau of Ocean Energy Management (“BOEM”) on March 29, 2023.
W&T was the apparent high bidder on two shallow water blocks, Eugene Island South Addition block 371 and Eugene Island South Addition block 387.
These two blocks cover a total of approximately 10,000 gross acres.
If awarded, the company will pay approximately $340,000 in total for the awarded leases combined, which reflects a 100% working interest in the acreage.
The blocks have a lease term of five years and an 18.75% royalty. Despite submitting the apparent high bid on these leases, the BOEM reserves the right not to award the blocks based on their minimum bidding criteria.
W&T expects to receive the final award results over the next 90 days.
CEO Krohn said: “We appreciate the opportunity to once again bid on blocks in the GOM and will continue to invest in this outstanding basin where our extensive experience and track record of success differentiates W&T. We look forward to utilizing our properties and infrastructure to maximize opportunities in the GOM for many years to come.”