Expand Energy CEO to leave and move to Houston
Expand Energy, a natural gas producer, announced the departure of its CEO Domenic Del'Osso on Monday. It also stated that it plans to move its corporate headquarters from Oklahoma City to Houston this year.
The company announced that Michael Wichterich, its chairman, has been named interim chief with immediate effect. Dell'Osso is to serve as an outside adviser during the transition period.
Wichterich is the chairman of the company since 2021. He was previously interim CEO in 2021.
Expand, previously known as Chesapeake Energy acquired Southwestern Energy for $7.4 billion in October 2024.
Dell'Osso, who joined the company in 2008, was named CEO in October 2021. He oversaw the "deal" that increased the company's geographic reach and scale.
The company has lost two senior executives in the last few months.
Mohit Singh was terminated without cause last year after he had been in the position since 2021.
In the morning trading on Monday, shares of the company fell 6%.
Scott Hanold, RBC Capital Market analyst, said: "This reaction is a result of market uncertainty about the changes. EXE still hasn't announced the permanent replacement for the CFO."
The company said that its executive team will be involved in the move, which is expected to take place mid-2026. Its goal is to strengthen relationships with industry and commercial partners.
Houston is increasingly attracting energy companies as producers look to gain access?to the LNG export terminals and capital markets, along with global customers in response to a?rising need for U.S. Natural Gas.
Expand's relocation plan follows other steps taken to shrink the Oklahoma City footprint of the company.
Reports last year indicated that Expand was looking to sell the majority of its former Chesapeake Energy Campus in the city. This campus had been the headquarters for a company associated with the U.S. Shale Boom. Reporting by Arunima Kuber and Pooja Meon in Bengaluru, editing by Shailesh Kuber
(source: Reuters)
