Oil and Gas

Dave Welch retires from Stone

Independent director James M. Trimble assumes interim president and CEO post.

Dave Welch

Independent oil and gas exploration and production company Stone Energy Corporation, which emerged from bankruptcy last month, announced on April 28 that President and CEO Dave Welch has retired. Welch, who had been with the Lafayette-based company for 13 years, also informed the board that he was stepping down as a director.

James M. Trimble, an independent director for the company, was elected interim president and CEO by the board of directors. The board also appointed Keith Seilhan, formerly the company’s senior vice president – Gulf of Mexico, to the new post of chief operating officer.

In a press release, board Chairman Neal P. Goldman thanked Welch for his years of dedication to the company. “He led the company with integrity and prioritized safety and environmental protection in all of Stone’s operations,” Goldman said, adding that the board is confident Trimble is “the right leader to guide the company into a new period of shareholder value creation. He is a proven and highly-respected oil and gas executive with decades of industry experience.”

Trimble has more than 35 years of energy industry experience, having served as president and CEO of PDC Energy from 2011 to 2015, a period the press release describes as “exceptional growth and value creation for PDC shareholders.” Before that he founded and/or led several private oil and gas companies focused primarily on drilling in Texas, Louisiana and Oklahoma. Trimble served as the senior vice president of exploration and production for Cabot Oil and Gas for 17 years. He has a degree in petroleum engineering from Mississippi State University.

Seilhan was named senior vice president-Gulf of Mexico in January 2015 after serving as vice president-deep water for the two prior years and deep water projects manager beginning in July 2012. Before joining Stone Energy, Seilhan filled various senior leadership and operations roles for Amoco and BP over his 21-year career with those organizations.

Stone (NYSE: SGY) also has offices in New Orleans and Houston.