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Penn Virginia Announces Management Changes

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Penn Virginia Corp. announced the departure of Benjamin A. Mathis, senior vice president of operations and engineering, effective Jan. 4.

“On behalf of the entire company, we want to thank Ben for his years of hard work and commitment to Penn Virginia,” said Darrin Henke, president and CEO of Penn Virginia, in a Jan. 5 statement. “He has taken Penn Virginia’s drilling and completion program to the next level and positioned us well for the future. He has been a tremendous asset to Penn Virginia, and we wish him the best in his future endeavors.”

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Separately, the company also announced that it has appointed Julia Gwaltney as its new senior vice president of development, effective Jan. 5. In this position, Gwaltney will lead the company’s subsurface, production, HSE and resource development initiatives.

Prior to joining Penn Virginia, Gwaltney was the chief operating officer for Gary Permian LLC from November 2015 to January 2020, where she led the entry into the Delaware Basin and the development of the property.

Previously, Gwaltney was with Samson Resources as vice president of Western Operations from April 2014 to November 2015, overseeing the Williston, Powder River, San Juan and Green River Basin assets. She was previously employed with Encana for 14 years, where she assumed increasing roles of responsibility with her last role as vice president and General Manager of the Northern Operations. She started her career at Burlington Resources. She received her B.S. from Colorado School of Mines and is a registered petroleum engineer.

On Dec. 23, 2020, each of the Compensation and Benefits Committee and the board of directors of Penn Virginia approved the issuance to Gwaltney of an initial inducement equity compensation award of 48,400 restricted stock units, comprised of 50 percent time-based restricted stock units (RSUs) and 50 percent performance-based restricted stock units (PSUs). The RSUs vest over three years from the date of grant, and the PSUs vest according to the company’s achievement of certain performance factors based on a 2021-2023 performance period, subject in each case to Gwaltney’s continued employment through the applicable vesting date.

The RSUs and the PSUs are being granted as an inducement to Gwaltney entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4). Pursuant to the requirements of such rule, Penn Virginia is including the above disclosures in this press release.

Penn Virginia is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs and natural gas, with operations in the Eagle Ford shale in south Texas.

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