MOSCOW (MRC) -- Oil and gas producer Occidental Petroleum said it has appointed company veteran Sunil Mathew as its new chief financial officer, a new executive in a span of three years, said Reuters.
Occidental overtime has been shuffling its finance head quite frequently and it has been a bit of a revolving door. The company in its recent filing did not provide a reason for the CFO change. The appointment, effective immediately, replaces Rob Peterson, who would now lead the company’s chemical division.
Peterson, who was the CFO since 2020, would transition into the role of executive vice president of essential chemistry at Occidental Chemical Corporation (OxyChem), a wholly-owned subsidiary.
The shale producer appointed Peterson in 2020, when it was struggling with a massive USD40 billion debt load from its purchase of rival Anadarko Petroleum that was considered an ill-timed bet and was widely criticized.
His predecessor, Cedric Burgher was there for three years and left after settling a long and bitter war with activist investor Carl Icahn over the Anadarko deal, giving the activist investor’s associates three seats on its board.
Mathew, 53, has been with the company since 2004. Prior to the new role, he was Occidental’s vice president of strategic planning and analysis.
We remind, Occidental and ADNOC announced that they will evaluate investment opportunities in Direct Air Capture (DAC) facilities and carbon dioxide (CO2) sequestration hubs in the United States and the United Arab Emirates (UAE) as a pathway toward the development of carbon management platforms to accelerate the net-zero goals of both companies.