Magnolia Oil down in sector-wide selloff; says founder Stephen Chazen dead

Magnolia Oil & Gas

23/09/2022 16:16

** Magnolia Oil & Gas Corp  MGY.N  down 7.1% at $19.61 amid
broader weakness in oil and general markets  urn:newsml:reuters.com:*:nL4N30U25X  .N 
    ** Houston-based E&P company says founder Stephen Chazen has
died  urn:newsml:reuters.com:*:nBw5DfNgva
    ** Chazen had stepped down as CEO, chairman and president on
Wednesday due to "serious health reasons"  urn:newsml:reuters.com:*:nBw4J555Ta
    ** Chazen was also serving as chairman of Occidental
Petroleum Corp's  OXY.N  board 
    ** "As Magnolia's founder, Steve has left an indelible mark
on the Company, the oil and gas industry and the greater Houston
community" - newly named CEO Chris Stavros    
    ** Stock has gained nearly 12% YTD through last close
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))