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Apache continues its upper-management reconstruction with new hire

Stephen Riney has been named the new Chief Financial Officer (CFO) for Apache Corp., according to the Houston Business Journal. Riney is expected to take over as both the COO and executive vice president roles next month. Riney replaces former CFO Alfonso Leon, who resigned last October after being promoted to the role earlier in 2014. Last week, Apache announced the sudden resignation of its CEO Steven Farris after spending more than 25 years with the company. Bleak 2015 economic outlooks due to low oil prices are most likely to blame for not only Farris’ resignation but other major CEO’s in the energy sector, too.

Riney’s resume is superb, with over 30 years of financial and accounting experience with BP PLC and most recently as CFO for BP’s exploration and production segment.

Apache CEO and President John Christman IV commented:

“We are very excited to welcome Steve to the Apache executive team. He brings decades of experience and thoughtful leadership to Apache. His background in the upstream business complements both our operations and long-term growth objectives.”

Christman, Apache’s new CEO, took over the job on January 20.

Stephen Riney on the new job:

“Apache has a strong finance team, and we are well positioned to continue the company’s commitment to delivering shareholder value through profitable growth and a disciplined financial approach.”

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