ATP Oil & Gas Corp. (ATPG), the Gulf of Mexico explorer that has dropped 70 percent in the past year, said ex-Dynamic Offshore Resources LLC head Matt McCarroll will become its chief executive officer.
McCarroll, who led Dynamic Offshore until it was acquired by SandRidge Energy Inc. (SD) for $1.3 billion last year, takes over the CEO position from Chairman and founder Paul Bulmahn, Houston-based ATP said in a statement today. McCarroll bought 1 million shares of ATP today at market price to show his “commitment” to the company, it said.
ATP shares have been battered by production delays, missed output targets and a cash crunch that jeopardized its ability to cover debt payments. Earlier today, the company announced completion efforts had resumed in a well in the Mississippi Canyon region of the Gulf that had been stalled by a stranded piece of pipe.
The stock fell 0.6 percent to $5.25 at the close in New York.
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