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The Woodlands, Texas – February 2010 – Oil and Gas Investor Interview by Leslie Haines.

Energy executive Richard F. Lane retired as president of Southwestern Energy E&P Co. on a high note in September 2008, after enjoying a leadership role in what turned out to be one of the best runs of the past decadeamong all energy companies.Best-in-class financial returns and reserve and production growth
were achieved during his tenure.

He then enjoyed what he calls “my skip year,” filled with world travels to “recharge my batteries.” Now, Lane is back at work and moving to new office space, this time as the chairman, president and chief executive officer of his newly minted E&P company, Vitruvian Exploration LLC, based in The Woodlands, near Houston.

He did it by unconventionally leveraging off assets of a former bankrupt entity, creating a new board and new management, and forging a new strategic vision. This time around, he says, his focus is not going to be on unconventional natural gas plays like the Fayetteville shale that defines Southwestern. No. His eye is on crude oil.

Lane was president of two subsidiaries at Southwestern Energy, SEECO Inc. and Southwestern Energy Production Co. The parent’s well-known formula for success and value creation adorns its headquarters building in north Houston. While Lane was with the company for 11 years, he saw its market cap soar from about $100 million to approximately $16 billion, thanks to its stunning successes in East Texas and the Fayetteville shale in Arkansas, operations he headed once.

“My time at SWN was a hugely rewarding experience and I will always be proud of what we accomplished there, and the learnings that we had, which were vast for me personally,” he says. “They will be applied at Vitruvian.” He’ll also call on 25 years of experience, including time at Tenneco Oil, Fina Oil & Gas Co. and American Exploration Co., as well as at Southwestern Energy.

Oil and Gas Investor spoke with Lane to find out more about the new company.

Please download the PDF to read the whole report.    

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