Bloomberg News

ATP Oil Names Ex-Dynamic Offshore Head McCarroll as CEO

June 01, 2012

ATP Oil & Gas Corp. (ATPG:US), 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:US) 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.

To contact the reporter on this story: Tina Davis in New York at tinadavis@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • SD
    (SandRidge Energy Inc)
    • $4.76 USD
    • -0.09
    • -1.78%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus