The Independent Petroleum Association of America has elected a Houston based energy CEO to be their chairman. Michael Watford is the current chairman and CEO of Ultra Petroleum Corp, a Houston based energy company that specializes in acquisition and development of oil and natural gas properties. Houston is at the center of the formidable Texas energy industry. It is headquarters for numerous energy companies and electricity providers who serve the large Texas deregulated electricity market.
Over Watford’s 14 year term as CEO of Ultra Petroleum the natural gas company has seen its market value increase over 100 fold; from $50 million to $5.5 billion. He will take over for the outgoing chairman Virginia Lazenby. Watford’s term will be for 2013- 2015.
The IPAA represents thousands of independent oil and natural gas producers and service companies from across the United States. According to the association’s website, their mission is to “ensuring a strong, viable domestic oil and natural gas industry, recognizing that an adequate and secure supply of energy is essential to the national economy.”