Mountaineer Keystone Energy appoints new CEO
Friday, November 20, 2015
PITTSBURGH — Mountaineer Keystone Energy, LLC (“Mountaineer Keystone” or the “Company”), a portfolio company of First Reserve, the largest private equity firm exclusively focused on energy, today announced that Rob Kozel has stepped down as CEO. David Wood, Chairman of the Board at Mountaineer Keystone, has been appointed as the new CEO. Mr. Wood will continue to serve as Chairman of the Board.
Mr. Wood first joined Mountaineer Keystone’s board in 2014 after serving as President and CEO of Murphy Oil Corporation, a director of the American Petroleum Institute, and a member of the National Petroleum Council. Mr. Wood is a Director of Deep Gulf Energy and also maintains a seat on the board of Crestwood Equity Partners. He earned a Bachelor of Science degree in Geology and has completed the Advanced Management program at Harvard University.
“I am honored to have been asked to take this role, excited about the possibilities that lie in our future and delighted to lead the company through its next stage of evolution,” said David Wood. “Rob Kozel was an instrumental founder and investor in Mountaineer Keystone and will remain on the Board in a non-executive role. I know he remains committed to the Company’s future success.”
In addition, the company also announced the following regarding its senior management.
- Nathan Murphy, previously Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary with Rosetta Resources, has joined the company as Senior Vice President, General Counsel, Chief Compliance Officer, Chief Risk Officer and Corporate Secretary.
- Jon Farmer, previously Senior Vice President of Marcellus Operations, will serve as Executive Vice President and Chief Operating Officer.
- Steve Bishop, currently Chief Financial Officer, has been named President and will serve as both President and Chief Financial Officer.
Each of Messrs. Murphy, Farmer and Bishop will report directly to Mr. Wood.
About Mountaineer Keystone Holdings, LLC
Mountaineer Keystone is an Appalachian Basin oil and gas company headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development and production of oil, natural gas, and natural gas liquids.
If you would like more information about Mountaineer Keystone, please contact (724) 940-1100 or visit www.mkeystone.com
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Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
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What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
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Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.