Tamboran Sources Corp. mentioned Monday Joel Riddle had resigned as chief government and managing director and that chair Dick Stoneburner has stepped up as interim CEO.
“Along with these adjustments, Mr Scott Sheffield and Mr Phillip Tempo have been appointed as non-executive administrators of Tamboran. Consequently, Mr John Bell Sr has stepped down from Tamboran’s Board of Administrators”, Tamboran, which develops unconventional gasoline assets in Australia’s Northern Territory, mentioned in a regulatory submitting.
Tamboran continues to have 9 administrators. It has began looking for a brand new CEO.
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Sheffield based and served as CEO of Pioneer Pure Sources Co. till December 2023. He remained at Pioneer as director till Might 2024, when Exxon Mobil Corp. accomplished its acquisition of the corporate.
Investigation by the US Federal Commerce Fee below the Biden administration discovered final yr that Sheffield had talks with OPEC+ officers about artificially controlling manufacturing. That led to the FTC banning Sheffield from holding a board or advisory place on the enlarged ExxonMobil as a situation in issuing a consent order for the mixture.
Pioneer and Sheffield denied the accusation. Nonetheless, Pioneer mentioned on the time Sheffield wouldn’t contest the situation to ensure that the FTC to clear the merger.
On July 14, 2025, the FTC mentioned it had denied Sheffield’s place to have the earlier FTC’s consent order quashed.
“Sheffield’s petition to reopen and put aside the ultimate order in its entirety have to be denied as a result of Sheffield is just not a celebration to the ultimate order and subsequently can’t make use of the petition course of, as outlined by the FTC’s Guidelines of Follow, particularly Rule 2.51”, the FTC mentioned.
Nonetheless, three days later, the FTC canceled its consent order for the merger, together with the consent order for Chevron Corp’.s acquisition of Hess Corp., saying the earlier FTC’s complaints about potential hurt to competitors have been technically poor.
“Exxon has already consented to setting apart the ultimate order and has waived all its rights below rule 3.72(b). At this time’s resolution accordingly units apart the ultimate order with out additional course of”, the FTC mentioned July 17.
However, Sheffield informed the press he not needed to affix ExxonMobil.
Fred Barrett, chair of Tamboran’s Nomination and Company Governance Committee, mentioned Sheffield and Tempo, an ex-director of Lonestar Sources US Inc. and a former managing director of Chambers Vitality Administration, “deliver in depth management, operational, monetary, capital elevating, strategic partnering and threat administration experience to Tamboran”.
“Their views can be invaluable as we proceed to prioritize strategic execution and operational innovation to capitalize on the large potential of the Beetaloo Basin”, Barrett added.
“With the appointments of Scott and Phillip, the board has meaningfully deepened its experience in large-scale shale improvement”.
In Australia, Sheffield additionally served as director of Santos Ltd. from 2014 to 2017.
On Riddle, Stoneburner, Tamboran’s interim CEO, mentioned, “Since becoming a member of Tamboran as CEO in 2013, Mr Riddle has overseen the Firm’s transformation from early-stage pure gasoline exploration to the brink of business manufacturing. Beneath his management, Tamboran has pioneered built-in improvement methods that mix acknowledged U.S. shale strategies with Australian operations, driving important productiveness and effectivity features”.
“Moreover, below Joel’s management, Tamboran efficiently acquired and expanded its key property and operations, ensuing within the Firm changing into the biggest acreage holder and operator within the Beetaloo Basin, with roughly 1.9 million internet potential acres”, Stoneburner added.
“On behalf of the Board, I thank Joel for his devoted service to Tamboran during the last 12 years and John for his useful membership on our Board”.
To contact the writer, e mail jov.onsat@rigzone.com
