HOUSTON, Dec. 23, 2020
/PRNewswire/ -- Oasis Petroleum Inc. (Nasdaq: OAS) ("Oasis" or
the "Company") today announced that Thomas
Nusz, the Company's Chief Executive Officer, retired from
his position as Chief Executive Officer of Oasis and from its Board
of Directors effective December 22, 2020. Mr. Nusz will
remain employed by the Company through December 30, 2020. Douglas E. Brooks, Oasis' Board Chair, has been
appointed to the additional role of Chief Executive Officer ("CEO")
effective December 22nd. The Board of Directors will
conduct a search for a new CEO, which it expects will be complete
over the next few months. Mr. Brooks intends to maintain
his role as Board Chair following selection of a new CEO. In
addition, Samantha Holroyd, the
chair of Oasis' Nominating, Environmental, Social & Governance
Committee, has been named as Lead Independent Director during the
period that Mr. Brooks is both the Board Chair and CEO.
In connection with his resignation from the Company, Mr. Nusz
also resigned from the board of directors of OMP GP LLC ("OMP GP"),
the general partner of Oasis Midstream Partners LP (Nasdaq: OMP),
effective December 22, 2020. On
that date, Mr. Brooks was elected to serve on the board of
directors of OMP GP (the "GP Board"), and he is expected to be
elected by the GP Board to serve as Chairman of the Board of OMP
GP.
Board Chair Douglas E. Brooks
commented, "We want to thank Tommy for his tireless efforts and
leadership over the past 13 years. He founded and guided Oasis
through numerous commodity cycles and built a unique and very
positive culture with a talented workforce that we intend to
maintain and continue to nurture. He has been well-respected
by his employees and peers. We will immediately begin an
active and thorough search for a new CEO. As we look to the
future, we believe Oasis is uniquely positioned with a
best-in-class balance sheet, quality assets that generate strong,
sustainable free cash flow and new strategic priorities. I believe
the ongoing strong leadership provided by the new Board, other key
members of our strong senior management team and our employees will
continue to guide Oasis forward as the world and energy industry
emerges from a very difficult year. We remain focused on
operational excellence, environmental stewardship and implementing
a rigorous new capital discipline which should help create
long-term value for our shareholders."
Thomas Nusz commented, "It has
been an honor to have led Oasis since its inception in 2007 and a
privilege to work closely with my very talented and dedicated
management team and employees. I greatly appreciate the support
that they provided me during my tenure and look forward to their
future success."
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties, including those
detailed in the Company's filings with the SEC, including the
Company's most recent Form 10-Q and its 2019 Form 10-K. These risks
and uncertainties are incorporated by this reference as though
fully set forth herein. There is no assurance that the goals,
expectations, and timing herein can or will be met. In addition,
any forward-looking statements represent the Company's estimates
only as of today and should not be relied upon as representing its
estimates as of any future date. Oasis assumes no obligation to
update its forward-looking statements. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements.
About Oasis Petroleum Inc.
Oasis Petroleum, Inc. is an independent exploration and
production company with quality and sustainable long-lived assets
in the Williston and Delaware Basins. The Company is uniquely
positioned with a best-in-class balance sheet and is focused on
rigorous capital discipline and generating free cash flow by
operating efficiently, safely and responsibly to develop its
unconventional onshore oil-rich resources in the continental United
States. For more information, please visit the Company's
website at www.oasispetroleum.com.
View original
content:http://www.prnewswire.com/news-releases/oasis-petroleum-announces-retirement-of-thomas-nusz-and-appointment-of-douglas-e-brooks-as-chief-executive-officer-301198085.html
SOURCE Oasis Petroleum Inc.
