Cadiz (NASDAQ: CDZI, CDZIP) appointed Jacinto J. Hernandez as executive vice president of finance and chief financial officer, effective September 1, 2026, succeeding Stanley E. Speer, who will retire in September 2026 and remain an advisor through December 31, 2026. Controller Teffiny Bagnara was promoted to vice president.
According to Cadiz, Hernandez will receive 800,000 RSUs and 800,000 PSUs as Nasdaq Rule 5635(c)(4) inducement awards. Of the RSUs, 200,000 vest immediately and 600,000 vest quarterly over three years. The PSUs vest in four tranches of 200,000 units tied to stock-price hurdles over up to five years, otherwise forfeiting.
Cadiz highlights Hernandez’s 26-year capital markets career, including 22 years at Capital Group and board roles at MO, PXD, ARIS, CTRA and DVN. The company emphasizes his experience funding infrastructure, advising on strategy and capital allocation, and his interest in commercializing the Mojave Groundwater Bank and related water solutions platform.
ExxonMobil has completed the acquisition of Pioneer Natural Resources, transforming its upstream portfolio by doubling its Permian footprint. The merger combines Pioneer's acreage and expertise with ExxonMobil's technologies and project development capabilities. The companies aim to achieve double-digit returns, increase production volume, and transition to net-zero emissions by 2035.
Pioneer Natural Resources, listed on NYSE under PXD, responds to FTC settlement complaint in relation to its proposed merger with ExxonMobil. The company disagrees with the FTC's allegations directed at Mr. Sheffield, but is not taking steps to block the merger. Mr. Sheffield's career focus has been on the interests of investors, employees, and the U.S. energy industry. He believes the FTC misunderstands the oil markets and his actions. Pioneer has doubled its daily production from 346,000 to 715,000 barrels of oil equivalent from 2019 to 2023, contributing significantly to U.S. energy supplies.
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