Humbled Oil Driller Vows to Change Ways After Restructuring
- New CEO will be picked by end of year, Gabriel de Alba says
- Pacific E&P may aggregate midstream assets with other firms
This article is for subscribers only.
After emerging this week from one of the largest-ever energy-industry debt restructurings, Pacific Exploration & Production Corp. has a new ticker on the Toronto stock exchange and a new mantra: discipline.
The oil and gas producer will target profit rather than growing production at all costs, and limit its geographic focus to Colombia and Peru after divesting assets in Brazil and ditching expansion plans in Mexico, according to new Chairman Gabriel de Alba.