Oasis Petroleum Inc. (NYSE:OAS) reported that it had elected John E. Hagale to company’s Board of Directors. With this latest change, the number of directors has increased to eight.

The highlights

Hagale has served as Oasis Director since July 2016 and is a part of Audit and Nominating, and Governance Committees. He has served as Chief Financial Officer and Executive Vice President of Rosetta Resources Inc. (NASDAQ:ROSE) from 2011 until the closure of the merger deal of Rosetta and Noble Energy, Inc. (NYSE:NBL) in last July.

Prior to joining Rosetta, Hagale was Executive VP, Chief Administrative Officer and Chief Financial Officer of The Methodist Hospital System for more than 7 years. He was associated with Burlington Resources Inc. and its precursor Burlington Northern Inc. for nearly 15 years. During his tenure with Burlington, he held numerous executive financial roles with increasing responsibilities.

Hagale pursued Bachelor of Business Administration in Accounting, and he has over 30 years of accounting and financial experience. Currently, Hagale serves on Cobalt International Energy, Inc. (NYSE:CIE) board.

Thomas B. Nusz, the CEO and Chairman of Oasis, said that Hagale is a valuation addition to the company’s board. He has extensive corporate and financial governance experience along with expertise in oil and gas sector. The CEO added that they are looking forward to gaining from his insight and leadership as they through the existing macro environment.

The market scenario

Shares of Oasis Petroleum declined more than 1% to close at $6.80 as oil prices decline. Oil prices are weakening as news of increased OPEC production and oil rig additions in the U.S., hurts market sentiment. As per a recent Reuters survey, OPEC’s oil production in July can reach its highest level in recent history. Moreover, oil executives in Iraq stated that that OPEC oil exports from southern ports surged in July over the previous month.