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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
August 14, 1997
NUEVO ENERGY COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 0-10537 76-0304436
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
1331 LAMAR, SUITE 1650
HOUSTON, TEXAS 77010
(Address of principal executive offices)
(713) 652-0706
(Registrant's telephone number, including area code)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT
Not applicable
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Not applicable
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
Not applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
Not applicable
ITEM 5. OTHER EVENTS
Attached hereto as Exhibit 99 is the Press Release announcing the
resignation of Michael D. Watford from the positions of President, Chief
Executive Officer and Chief Operating Officer of Nuevo Energy Company, the
appointment of Douglas L. Foshee as its President and Chief Executive
Officer and the intention of Mr. J. P. Bryan to resign his chairmanship of
Nuevo Energy Company by the end of 1997.
ITEM 6. REGISTRATION OF REGISTRANT'S DIRECTORS
Not applicable
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99 Copy of the Press Release announcing the resignation of
Michael D. Watford from the positions of President, Chief Executive
Officer and Chief Operating Officer of Nuevo Energy Company, the
appointment of Douglas L. Foshee as its President and Chief Executive
Officer and the intention of Mr. J. P. Bryan to resign his
chairmanship of Nuevo Energy Company by the end of 1997.
ITEM 8. CHANGE IN FISCAL YEAR
Not applicable
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S
Not applicable
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NUEVO ENERGY COMPANY
August 29, 1997 By: /s/ Douglas L. Foshee
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Name: Douglas L. Foshee
Title: President and Chief Executive
Officer
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Exhibit 99
FOR IMMEDIATE RELEASE
August 14, 1997
NUEVO ENERGY COMPANY ANNOUNCES NEW CEO
HOUSTON - Nuevo Energy Company (NYSE: NEV) today announces the appointment of
Douglas L. Foshee as its President and Chief Executive Officer, effective
immediately. Mr. Foshee replaces Michael D. Watford, whose resignation was
accepted yesterday by the Company's Board of Directors. In addition, J. P.
Bryan announces his intention to resign his chairmanship of Nuevo by the end of
1997.
"We are excited that Doug accepted this leadership position at Nuevo," commented
Mr. Bryan. "He brings with him a wealth of industry experience and a specific
knowledge of Nuevo and its potential. Doug has demonstrated his management
skills as the President and CEO of Torch Energy Advisors Incorporated, the
company that is responsible for operating the majority of Nuevo's assets.
"At the same time, the Board joins me in saluting Mike Watford's accomplishments
during his tenure at Nuevo," continued Mr. Bryan. "We are mindful of the
tremendous amount of shareholder value that has been created in recent years,
and we intend to continue the basic strategies that have been so successful in
creating that value.
"As for my chairmanship, I already have a full time job at Gulf Canada, and I am
confident that the Board will elect a successor who can devote the time and
energy required of the position."
Mr. Foshee joins Nuevo after four years with Torch. Prior to his role as
President and CEO of Torch, Mr. Foshee managed the acquisitions group which has
been responsible for approximately $2 billion in transactions since 1995,
including Nuevo's 1996 acquisition of Unocal's California oil and gas
properties. Prior to his tenure at Torch, Mr. Foshee was in the Finance and New
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Business Ventures Group of ARCO International Oil & Gas Company. His finance
background also includes seven years in energy lending. He holds a BBA in
finance from Southwest Texas State University and an MBA with honors from the
Jesse H. Jones School at Rice University.
"I'm excited about this new challenge," commented Mr. Foshee. "Having watched
Nuevo grow and having participated in a meaningful way in that growth, I'm
convinced that the prospects for Nuevo are brighter today than they have ever
been. I've worked closely with the Nuevo team over the past four years, and I
know first-hand the quality of the people here. I fully expect to be judged by
my ability to provide leadership and vision to what is already an outstanding
company."
Nuevo Energy Company is a Houston, Texas-based company primarily engaged in the
exploration for, and the acquisition, exploitation, development and production
of crude oil and natural gas. The Company's principal properties are located
domestically onshore and offshore California, in East Texas and the onshore Gulf
Coast region; and internationally offshore the Republics of Congo and Ghana in
West Africa. Nuevo is traded on the New York Stock Exchange under the symbol
"NEV."
