By Angela Chen
Apache Corp. Chief Executive Steven Farris has retired, effective immediately, coming as the oil company’s plans to downsize in response to plunging fuel prices.
He is succeeded by John J. Christmann IV, 48 years old, who is currently Apache’s executive vice president and chief operating officer for North America. In recent months, Apache
has increased its focus on the North America region, as activist investor Jana Partners LLC pushes the company to consider a possible sale or spinoff of its international operations to focus on shale drilling in the U.S. Christmann has been appointed to the board.
The news comes a week after Houston-based Apache said it was laying off 5% of its staff, or about 250 employees. Apache, one of the biggest energy companies in the U.S., pumps oil and gas in places from Texas to Egypt and employs about 5,000 workers around the globe. It swung to a loss in its most recently ended quarter on write-downs of its oil and gas assets resulting primarily from lower commodities prices.
Last month, Apache sold its its stakes in two international liquefied-natural-gas projects to Woodside Petroleum Ltd. for $2.75 billion, as part of its efforts to exit international businesses.
Farris joined Apache in 1988 and worked as senior vice president and chief operating officer before becoming CEO in 2002.
An expanded version of this report appears at WSJ.com.
View more information: https://www.marketwatch.com/story/apache-ceo-steven-farris-retires-2015-01-20-81035727