HOUSTON— Dril-Quip Inc . (NYSE:DRQ), a manufacturer of oil and gas drilling equipment, announced the appointment of Benjamin M. Fink to its Board of Directors on Monday. Fink fills the vacancy left by Amy B. Schwetz's resignation on May 17, 2024, and will serve until the 2027 annual meeting of stockholders.
Fink brings extensive experience to Dril-Quip's board, having served as Executive Vice President and CFO of Anadarko Petroleum (NYSE:APC) Corporation until its acquisition by Occidental Petroleum (NYSE:OXY) in 2019. His leadership roles continued as Chairman, President & CEO, and CFO of Western Gas Partners, LP and Western Gas Equity Partners L.P. Additionally, Fink's board experience includes his role as independent director and Audit Committee Chairman of Zimmer Energy Acquisition Corp. from June 2021 to June 2023.
Currently, Fink is on the board of the parent companies of Salt Creek Midstream, LLC. His academic credentials include a B.S. in Economics from the Wharton School of the University of Pennsylvania and a Chartered Financial Analyst (CFA) designation from the CFA Institute.
In conjunction with his appointment, Dril-Quip has entered into an indemnification agreement with Fink, ensuring protection against liabilities that may arise in connection with his directorial duties, consistent with the company's existing agreements with other directors and executive officers.
Dril-Quip's announcement is based on a recent SEC filing, which details corporate governance changes and provides transparency into the board's composition and indemnification practices. The appointment of Fink is expected to contribute to the board's financial and industry expertise, aligning with the company's strategic goals and governance standards.
In other recent news, Dril-Quip, a renowned developer and manufacturer of equipment for the energy industry, has expanded its board with the appointment of Benjamin M. Fink. Fink, an energy veteran, brings a wealth of experience to the table, having held executive roles at Anadarko Petroleum Corporation and Western Gas Partners. His previous positions include Executive Vice President and Chief Financial Officer at Anadarko, Chairman, President & CEO, and Senior Vice President and CFO at Western Gas Partners and Western Gas Equity Partners.
In addition to his corporate experience, Fink also served as an independent director and Audit Committee Chairman for Zimmer Energy Acquisition Corp. and currently holds a board position at the parent companies of Salt Creek Midstream, LLC. His academic credentials include a B.S. in Economics from the Wharton School of the University of Pennsylvania and the Chartered Financial Analyst (CFA) designation from the CFA Institute.
John Lovoi, Dril-Quip's Board Chair, has expressed his enthusiasm for Fink's addition to the board, emphasizing his financial expertise and leadership in public companies. This appointment comes as recent developments indicate that Dril-Quip is preparing for a significant phase of growth and change.
InvestingPro Insights
As Dril-Quip Inc. (NYSE:DRQ) welcomes Benjamin M. Fink to its Board of Directors, the company's financial landscape presents a mixed picture. According to recent InvestingPro data, Dril-Quip is navigating the market with a market capitalization of $553.14 million. The company's revenue growth is noteworthy, with a 19.98% increase in the last twelve months as of Q1 2024, indicating a robust expansion in its business operations.
Two InvestingPro Tips that stand out for potential investors include the company's strong liquidity position, holding more cash than debt on its balance sheet and having liquid assets that exceed short-term obligations. This could provide Dril-Quip with a solid foundation to manage any short-term financial challenges. Additionally, while the company has not been profitable over the last twelve months, analysts predict a return to profitability this year, which could signal a turning point for Dril-Quip's financial performance.
Investors should note that Dril-Quip is trading near its 52-week low, which might represent an opportunity for those who believe in the company's potential for a rebound, especially considering the recent board appointment aimed at strengthening financial and industry expertise. For those interested in deeper analysis, there are additional InvestingPro Tips available, which can be accessed with the exclusive coupon code PRONEWS24 for up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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