- After about a year and a half in the position
- Praise for Brigham
- John Turner taking over
- Brigham will remain as Executive Chairman at Atlas Energy
- Brigham spoke at length and said 190 words
(exechange) — Austin, Texas, March 5, 2024 — Bud Brigham, chief executive of Atlas Energy, leaves his position. As announced by Atlas Energy Solutions Inc. in a news release and in a regulatory filing published on Tuesday, March 5, 2024, Ben M. (Bud) Brigham leaves his post as chief executive officer at the provider of proppant and logistics services to the oil and gas industry, after about a year and a half in the role, effective March 6, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Bud Brigham’s duties as CEO will be taken over by John Turner, most recently President and Chief Financial Officer at Atlas Energy Solutions Inc.
In addition to CEO and President, Turner will continue serving as Chief Financial Officer while Atlas conducts a search for a new Chief Financial Officer.
On March 5, 2024, Atlas Energy also announced the completion of the acquisition of Hi-Crush Inc.
“Orderly leadership transition”
The management change is explained as follows. Atlas Energy stated: “This orderly leadership transition arises from the collaboration of the Company’s management team and Board of Directors to ensure seamless and effective management succession.”
Brigham will remain as Executive Chairman at Atlas Energy
Atlas Energy stated: “Atlas also announced today that its Board of Directors has named John Turner as Chief Executive Officer, effective March 6, 2024. Atlas’s current CEO, Bud Brigham, will continue to actively serve as the Executive Chairman of the Board of Directors.”
“Step down”
Atlas Energy said: “On February 29, 2024, Ben M. “Bud” Brigham informed the Board of Directors (the “Board”) of Atlas Energy Solutions Inc., a Delaware corporation (the “Company” or “Atlas”) of his plans to step down as Chief Executive Officer of the Company, effective as of March 6, 2024.”
Share price increase since March 2023
The announcement follows an increase in Atlas Energy Solutions Inc.’s share price of 14% since March 2023.
In the position of CEO since 2022
Bud Brigham became CEO of the Company in 2022.
Ben M. “Bud” Brigham is the Company’s founder and has served as the Executive Chairman of the Company’s board of directors since the Company’s inception and as the Company’s Chief Executive Officer since August 2022.
Brigham has founded several upstream energy enterprises, including Brigham Exploration in 1990, which completed its IPO in 1997.
Brigham served as its President, Chief Executive Officer and Chairman of the board of directors until its sale to Statoil in December 2011.
In 2012 Brigham founded Anthem Ventures, LLC, a family office. In that same year he and others founded Brigham Resources, which was subsequently sold to Diamondback (NASDAQ: FANG) in 2017.
In 2012 he also co-founded Brigham Minerals to pursue mineral acquisitions in top-tier domestic shale resource plays. Brigham Minerals completed its IPO in 2019, and Brigham served as its Executive Chairman until its merger with Sitio Royalties (NYSE: STR) in 2022.
In 2017 Brigham founded Brigham Exploration Company, LLC (the second entity founded by Brigham with such name) (“Brigham Exploration LLC”), a non-operating company focused on the Permian Basin.
BEXP I, LP (“BEXP I”) was initially funded with Brigham’s capital, with subsequent investments by friends and family and a large institution.
In the fourth quarter of 2021, new acreage and working interest acquisitions ceased in BEXP I, and BEXP II, LP commenced acreage and working interest acquisitions, with a larger capitalization including most of the BEXP 1 participants as well as additional institutions.
In 2022 he was a co-founder of Langford Energy Partners LLC, which pursues the acquisition, development and optimization of operated oil and gas properties in top-tier shale resource plays.
Prior to founding Brigham Exploration in 1990, Brigham served for six years as an exploration geophysicist with Rosewood Resources, Inc., an independent oil and natural gas exploration and production company, and as a seismic data processing geophysicist for Western Geophysical, a provider of 3-D seismic services.
Brigham earned a Bachelor of Science in Geophysics from the University of Texas at Austin.
Brigham is a member of the National Petroleum Council, The Bureau of Economic Geology Visiting Committee and the University of Texas Chancellor’s Council Executive Committee.
Brigham was inducted into the All American Wildcatters in April 2012.
190 words by Bud Brigham
In the release announcing his departure as CEO of Atlas Energy Solutions Inc., Bud Brigham received praise.
In announcing his departure, Bud Brigham spoke at length and said 190 words.
“Accelerate efficiency gains”
Bud Brigham stated: “We are thrilled to complete this acquisition, which brings two of the leading innovators in the proppant and proppant logistics spaces together, creating a clear industry leader. We believe this combination will accelerate efficiency gains for our combined customer base and will contribute to drive the ongoing transformation of the Permian Basin from a traditional oilfield to a more sustainable state-of-the-art energy manufacturing center on the ground… This transition results from our consistent progress over the last year in establishing Atlas as a public company, building our capabilities to match the scale of our largest customers and acquiring a complementary business to enhance our scale and offerings across the Permian Basin and beyond. John and I were founders of Atlas back in 2017 and, as a proven oil and gas entrepreneur, John has led our outstanding management team to successfully manage day-to-day operations while building Atlas into the premier proppant and logistics company in our highly competitive industry. Atlas has a big future, and I believe John’s leadership and executive experience, with the support of our management team, will result in continued innovation and growth focused on increasing shareholder value.”
The above text is an excerpt from the exechange report 11.2024 ($), publication date March 11, 2024.