National Fuel’s Executive Chairman Retiring on April 1st, Sort of

National Fuel is a big company–a $6.2 billion integrated company with its headquarters in Buffalo, NY and different divisions involved with shale drilling, pipelines and storage, utilities and more. National Fuel is also the parent of wholly-owned subsidiary Seneca Resources, one of the largest drillers in the Marcellus Shale (at last count they are the third largest owner of acreage with 775,000 Marcellus Shale net acres). So when there’s personnel changes at the top, it’s news. Today National Fuel announced that David Smith, formerly CEO until March of this year, and now Executive Chairman of the Board, will retire on (no joke) April Fool’s Day–April 1st. However, the announcement is a bit difficult to understand.

Apparently Smith is currently Executive Chairman of the Board, but after April 1st he’ll remain on the board as just Chairman (no Executive) of the Board. Say what? Yeah, we don’t know what the difference is either–except it seems to signal a further stepping away from day to day operations for Smith. That’s the takeaway we get from the National Fuel announcement…

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