Mid-Con names new leadership team after ownership change
The general partner of Mid-Con Energy Partners has a new CEO, chief accounting officer and chief operating officer.
The company announced on July 31 that Sherry L. Morgan is the general partner’s new CEO.
Morgan, 53, is a CPA who had served as the company’s chief accounting officer since July 2015 and had worked as the general partner’s assistant controller for seven years before that.
Before joining Mid-Con, Morgan had worked as a controller at Shamrock Oil & Gas and Nadel and Gussman and as a financial coordinator for Newfield Exploration Mid-Continent.
Morgan, officials said, began her career as an auditor at Deloitte and Touche.
Jodie L. DiGiacomo, Mid-Con officials said, is the general partner’s new chief accounting officer.
DiGiacomo, 47, is a CPA who had worked for the general partner as its controller since December 2018 and as assistant controller for about three years before that.
Prior to joining Mid-Con, DiGiacomo had worked in the accounting departments of Samson Resources, Encana and Williams.
Greg Westfall, 63, was named as the general partner’s new chief operating officer.
Officials said Westfall had been the general partner’s director of marketing and midstream since October, 2018. Before joining the company, he was the CEO of FHG Consulting for two years and before that served as the chief operating officer and co-owner of Murphy Energy Corp.
Mid-Con’s general partner also announced that Philip Houchin, who had been its chief financial officer, resigned.
Officials said the company provided Houchin with a separation payment of $87,500 and continued coverage under the company’s medical plan until early next year.
They added that Houchin did not leave because of any disagreement with the company or its executive team.
Officials said Houchin’s duties and responsibilities will be assumed by other members of the management team, for now.
The latest changes put finishing touches on a changeover for Mid-Con that began earlier this year when its ownership was restructured in a transaction with its preferred equity holders.
In early June, the company converted preferred units held primarily by Goff Capital into common units that were worth $3.12 each.
Other equity owners agreed to take common unit distributions in exchange for giving up ownership in the general partner.
The maneuvers gave Goff Capital ownership of the majority of the company’s 14.3 million outstanding common units.
Randy Olmstead, the company’s top executive since Mid-Con’s creation in 1986, resigned from both that position and from his post as chairman of Mid-Con’s board of directors effective immediately.
Besides Olmstead, board members Fred Ball Jr., John (“J.W.”) Brown, Peter A. Leidel and Wilkie S. Colyer Jr. also resigned.
Robert Boulware, Travis Goff and Fred Reynolds were installed at the time as new board members.
The company also announced that it planned to turn over operations of its assets in Oklahoma and Wyoming later this year to Contango Oil & Gas Co.
Officials said the switch was expected to generate pro-forma annual cash savings of abouty $6.5 million for Mid-Con, compared to 2019.