CGG : CGG's Board of Directors Announce the Cooptation of Michael Daly as Member of the Board of Directors
PARIS, Oct. 7, 2015 (GLOBE NEWSWIRE) -- CGG announces that upon a proposal of the Appointments and Remuneration Committee, the Board of Directors, in a meeting held on September 30 2015, has coopted Michael Daly as an independent Member of the Board of Directors of CGG. Michael Daly will replace Terry Young who stepped down from the Board of Directors on July 31 2015. The Board of Directors has also appointed Michael Daly to the Strategic and Technology Committee.
Dr Michael Daly, 62, is a British geologist, oil and gas executive and academic. Mike is a graduate of The University College of Wales, Leeds University (PhD) and alumni of Harvard Business School (PMD). He began his business career with BP in 1986 as a research geologist. After a period of strategy work and E&P positions in Venezuela, the North Sea and London, he became President of BP's Middle East and Asia E&P business. In 2006 Mike became BP's global exploration chief and a Group Vice President. He served on BP's Group Executive Team as Executive Vice President from 2010 and retired in 2014 after 28 years with the company. He is now a partner at Macro Advisory Partners, a non-executive director with Tullow Oil, and a Visiting Professor in Earth Sciences at The University of Oxford.
CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.
CGG employs over 7,500 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.
CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).
Hedging programs that E&Ps have in place in 2016 vary considerably. The chart below shows the range of oil and gas production for several E&Ps covered by hedging contracts. Pioneer Natural Resources (ticker: PXD) and Cimarex Energy (ticker: XEC) have hedged the largest portions of their remaining production at 85/75 and 80/90 percent, respectively, for oil and gas. This chart[Read More…]
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