Cobalt International Energy, a Houston-based exploration and production company, has named David Powell, a former BHP Billiton man, as the company’s new Chief Financial Officer (CFO) and Executive Vice President (VP).
This is the second time in only a couple of months for a BHP Billiton man to be named to an executive position in Cobalt. To remind, following the resignation of Cobalt CEO Joseph H. Bryant in late May, Timothy J. Cutt, former President, Petroleum of BHP Billiton, was named as Cobalt CEO.
Cobalt said on Thursday that David Powell previously served as CFO at BHP Billiton from March 2009 until May 2016 where he was entrusted with all operations regarding finance, accounting, commercial assurance, supply chain and information technology activities.
Powell replaces Shannon E. Young III who worked as the company’s CFO from September 2015.
According to the company, these changes will take effect on Friday, July 8, 2016.
Regarding Powell’s appointment, Cobalt CEO Cutt, said: “David is a deeply experienced oil and gas executive leader, both as a CFO and an international executive, with previous accountabilities spanning several continents where he succeeded in very challenging work environments. He has extensive experience interfacing with and working in capital markets with both equity and debt investors. I am absolutely confident David has the experience to lead the finance function during this critical time in Cobalt and am delighted he is joining Cobalt.”
Powell, the newly appointed CFO and Executive VP, said: “I am very excited to join Tim Cutt and the entire Cobalt team at this exciting and challenging time in Cobalt’s history, and look forward to working with these talented professionals to strengthen Cobalt’s financial foundation and deliver the greatest value to Cobalt’s shareholders.”
Powell has over 35 years of experience in the oil and gas industry during which he held numerous leadership roles in the United States, as well as Argentina, Russia, Malaysia and Qatar.