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Scott Gutterman joins Beacon Offshore Energy as new chairman and CEO
People - DECEMBER 18, 2018

Scott Gutterman joins Beacon Offshore Energy as new chairman and CEO

by Jody Barhanovich

Beacon Offshore Energy, an exploration and production company focused on exploring, developing, acquiring and operating upstream oil and gas properties in the deepwater Gulf of Mexico (GOM), wholly owned by funds managed by Blackstone Energy Partners, an affiliate of Blackstone, has announced that Scott Gutterman has joined Beacon as its chairman and CEO.  In addition, industry veterans Paul Dailly and John Hollowell have agreed to join Beacon’s board of managers.

Gutterman brings 40 years of exploration and production experience primarily focused in the GOM.  Prior to joining Beacon, Scott served as president and CEO of LLOG Exploration Company, guiding its deepwater exploration and production portfolio through multiple phases of transformational growth. During his 25 years with LLOG, the company safely and efficiently drilled more than 350 wells in the GOM, including over 90 wells in deepwater, with an exploration success rate of almost 70 percent and built a strong track record as an operating and development partner. Gutterman will lead and augment Beacon’s management team to help enable and position the company to be a leading deepwater operator and a partner of choice, and to grow its existing portfolio of exploration, appraisal, development and producing assets.

Blackstone Energy Partners formed Beacon in early 2016 with the objective of building a significant, leading deepwater GOM company and high-quality asset portfolio. The company currently holds significant working interest positions in fields including Blue Wing Olive, Buckskin, Claiborne, Crown & Anchor, La Femme, McKinney, Moccasin, Praline, Red Zinger, Shenandoah, Stonefly, and Yucatan.  Beacon plans to further expand its extensive footprint to build and operate a leading GOM business with a scalable oil portfolio via participating in federal lease sales, farm-ins, and acquisitions to complement its high margin existing portfolio of producing, oil-weighted assets, sanctioned developments, pre-sanctioned discoveries, and exploration prospects.

Gutterman said, “I am very excited to join the Beacon team and to partner once again with Blackstone. Our goal is to develop a strong deepwater operating presence and to cultivate industry relationships in a manner that establishes Beacon as a long-term operating partner of choice. The opportunity to build upon Beacon’s existing resource base with the commitment and support of Blackstone’s significant energy expertise, capital, extensive industry relationships, and successful track record in the oil and gas sector provides us with an ability to target both organic and inorganic opportunities with high full-cycle cash-on-cash returns in one of the most prolific basins in the world.”

In addition to Gutterman, Dailly and Hollowell will bring in excess of 70 years of combined oil and gas and management experience, including an extensive background in offshore exploration and production. Most recently, Dailly served as senior vice president exploration, chief geoscientist, and founding partner at Kosmos Energy Ltd.  Hollowell previously served as president, CEO of Shell Midstream Partners. Both will become independent managers on the Beacon board, joining Jim Farnsworth, former president Exploration & Appraisal and co-founder of Cobalt International Energy, who has served on the board since October 2017.

 

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