Empire Petroleum Corporation (NYSE: EP) announced on Tuesday that Stephen L. Faulkner, Jr., known as Larry, will resign from his roles as Chief Financial Officer and Chief Accounting Officer. His departure is set to be effective around March 28, 2024. The company confirmed that Faulkner's decision to leave was not due to any disagreements over operations, policies, or practices. Instead, he is leaving to join another public company.
Faulkner's resignation comes at a time when the energy sector is facing dynamic challenges and opportunities. Empire Petroleum, which is involved in the exploration and development of oil and natural gas, has not yet named a successor for Faulkner. The company is expected to initiate a search for a new CFO and Chief Accounting Officer to fill the impending vacancy.
The departure of a CFO can often signal a period of transition for a company, but Empire Petroleum has sought to reassure stakeholders by clarifying that Faulkner's resignation is not related to any internal disputes or issues. The company has not provided further details on Faulkner's new position or the public company he will be joining.
Investors and market watchers will be closely monitoring Empire Petroleum's next moves as the company prepares to navigate the financial landscape without Faulkner. The company's stock performance and strategic decisions in the coming weeks and months may be influenced by the new financial leadership once a replacement is appointed.
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