Gulfport Energy Corp. CEO James Palm will retire Feb. 15, the Oklahoma City oil and natural gas company said Wednesday.
“It has been an honor to spend the last eight years as the chief executive officer of Gulfport,” Palm said in a statement.
“I am extremely proud of Gulfport's evolution as a company.”
Palm, 69, also will step down as a Gulfport director.
Under Palm's watch, Gulfport has grown to a market capitalization of almost $5 billion, up from $200 million eight years ago.
“Gulfport is strongly capitalized and well positioned for continued growth and success,” Palm said. “I feel privileged to have worked beside an outstanding management team and exceptional employees and will continue to be an avid supporter and stockholder of the company.”
Gulfport production jumped 340 percent in 2013, finishing the year with record daily production of 27,780 barrels of oil equivalent per day.
“Jim's exceptional leadership has been a key contributor to the success of Gulfport,” Chairman David L. Houston said in a statement. “Gulfport's executive team has done a remarkable job at creating value for our stockholders, and I am proud of the accomplishments we achieved together through the years.”
Michael Moore, Gulfport's president and chief financial officer, will act as interim CEO while the company's directors search for a permanent replacement.
Gulfport has hired four new executives over the past three months to support the company's growing operations in Ohio's Utica Shale. Gulfport also has assets along the Louisiana Gulf Coast and in Canada's Alberta oil sands.