HOUSTON, March 04, 2020 (GLOBE NEWSWIRE) — Apache Corporation (NYSE, Nasdaq: APA) today announced details regarding its new organizational structure and key leadership roles. As announced in October 2019, the company has undertaken a comprehensive redesign of its organizational structure and operations to further align its work processes and cost structure with long-term planned activity levels.The new design will enable more effective management of Apache’s diverse portfolio of assets through centralized teams organized around three functional pillars: Operations, Development and Exploration. Clay Bretches was named executive vice president of Operations, and David Pursell was named executive vice president of Development. The leader of exploration will be named following the completion of an ongoing search. Mr. Bretches will continue to serve in his role as CEO and president of Altus Midstream Company, a controlled subsidiary of Apache. All three executives will report directly to Apache CEO and president John J. Christmann IV.“Our new organization, built on central pillars of Operations, Development and Exploration, will enable us to manage our assets more efficiently while enhancing our strategy of finding and developing new, low-cost resources. We will be able to more effectively deploy capital and human resources, respond to market conditions, and retain and advance top talent,” said Christmann. “Clay Bretches and Dave Pursell bring tremendous leadership and technical experience to their respective roles and have been an integral part of the strategic redesign of the organization.”Both executives are supported by strong leadership teams. As head of the Development pillar, Dave Pursell has established a leadership team that will take responsibility for reserves, planning, reservoir engineering, and domestic and international asset management. At Apache, Clay Bretches will lead an experienced and well-established team responsible for the functional areas of drilling and completion, facilities engineering, production engineering and operations, and environment, health and safety. On the Altus side, Steve Noe recently joined the senior leadership team as vice president of Business Development, while Bryan Graham and Ben Rodgers continue to report to Clay in their respective roles as vice president of Operations and CFO, respectively.“The energy industry landscape continues to evolve, and we must ensure Apache is well positioned for long-term success. The Apache team has been very proactive and efficient in planning and implementing the redesign,” continued Christmann. “Apache has a differentiated portfolio of onshore and offshore, conventional and unconventional, and U.S. and international assets. I’m excited to see our new organization come to life in a way to more fully leverage that portfolio and deliver value for all stakeholders.”In January 2019, Clay Bretches was appointed senior vice president – U.S. Midstream Operations of Apache and CEO and president of Altus Midstream. Previously, Bretches served as the president and CEO of Sendero Midstream since 2014 and in various leadership roles at Anadarko for 14 years prior to that. At Anadarko, Bretches served as vice president, E&P Services and Minerals from 2010 to 2014, providing commercial, technical and logistical support to the company’s global operations. From 2005 to 2010, he held the position of vice president, Marketing and Minerals, leading Anadarko’s worldwide marketing team for crude oil, natural gas and natural gas liquids and was instrumental in the formation of Western Gas Partners, a midstream MLP. Earlier in his career, Bretches led the crude oil marketing and midstream operations for Vastar Resources and worked as an engineer for ARCO on various drilling, completion and reservoir engineering projects in West Texas and the midcontinent.Bretches received a Bachelor of Science in petroleum engineering from Texas A&M University and an MBA from The University of Texas at Austin. He was commissioned as an officer into the U.S. Army Corps of Engineers from Texas A&M University and served in various leadership positions in the U.S. Army Reserve. Bretches serves on the advisory council of the Electric Power Research Institute and is the past board of directors president of the Juvenile Diabetes Research Foundation – Gulf Coast Chapter.David Pursell previously served as Apache’s executive vice president of Planning, Reserves and Fundamentals. Before joining Apache in early 2018, Pursell served as managing director of Investment Banking for Tudor, Pickering, Holt & Co. (TPH). Previously, he served as head of Macro Research and was one of the founders of Pickering Energy Partners, Inc. in 2004. Prior to that, Pursell was director of Upstream Research at Simmons & Company International. Earlier in his career, he worked in various production and reservoir engineering assignments at S.A. Holditch and Associates, which is now part of Schlumberger. While at Holditch, Pursell’s focus was on unconventional gas development in the U.S. and India as well as international field studies in Mexico, Egypt, Venezuela, Indonesia and Russia. He began his career at ARCO Alaska in Anchorage with production and operations engineering assignments in South Alaska and the North Slope.Pursell holds Bachelor of Science and Master of Science degrees in petroleum engineering from Texas A&M University.About ApacheApache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. Apache posts announcements, operational updates, investor information and all press releases on its website, www.apachecorp.com.Forward-looking statementsThis news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations and objectives for Apache’s operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by Apache in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Apache undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.ContactsAPA-G
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