(OILPRO) –
By Oilpro Staff
View the original article on Oilpro.com.
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It is with sadness and sympathy for the family and employees that Oilpro reports Josh Comstock, founder and CEO of C&J Energy Services passed away in his sleep last night. Comstock was 46 years old.
Oilpro can confirm that employees of C&J Energy services were informed by email of the executive's death at approximately 10 am Friday morning.
In the email, Randy McMullen, President and CFO, wrote to employees: “He was so proud of C&J and each of you — we can honor his memory by staying focused on the task at hand and doing what’s best for our company."
A company statement has not yet been released as of this writing and calls to the Company's media representatives have not yet been returned. Inquiries placed to the company for comment are being directed to legal.
The death of this high profile industry executive follows very closely to the passing of high profile industry leader, Aubrey McClendon, and comes at an extremely challenging time for the industry. Our thoughts and prayers are with Josh's family and all the employees of C&J Energy Services during this difficult time.
C&J has an experienced management team behind Josh, but Josh has been absolutely critical in the company's rise and really was the face of the firm. Randy McMullen, CFO, is the next most senior executive at the company and makes sense as a successor.
Randy has served as C&J's President since October 2012, and as C&J's Chief Financial Officer and a member of the Board of Directors since joining the company in August 2005. Prior to joining C&J, Randy held various positions with Credit Suisse First Boston, the GulfStar Group and Growth Capital Partners.
About Josh:
Mr. Comstock was Chairman of the Board of Directors and Chief Executive Officer of C&J Energy Services Ltd, positions he held since founding C&J in 1997 in Corpus Christi, Texas. Under his leadership, C&J rapidly grew from a small pressure pumping business working in South Texas with an employee base of two, into one of the largest, most respected and diversified completion and production services companies in the onshore oilfield services industry, operating across North America and the Middle East. Mr. Comstock was instrumental in every step of C&J’s development.
As CEO, Mr. Comstock was responsible for the vision, strategy, and leadership of the Company and under his management C&J Energy Services has achieved substantial organic- and acquisition-based growth. Mr. Comstock led the Company through its initial public offering in July 2011, which resulted in a market capitalization of $1.6 billion. Since that time, C&J Energy Services has successfully executed an aggressive growth strategy that significantly diversified the Company’s service offerings and geographic reach while delivering a 112% revenue increase to $1.6 billion for 2014 from 2011. Most notably, in March 2015, Mr. Comstock guided the Company through the $1.4 billion acquisition of the completion and production services business of Nabors Industries creating a combined company with total assets of over $3.6 billion.
Mr. Comstock has been widely recognized for the tremendous growth and success of C&J Energy Services, including through honors such as “CEO of the Year” and “Ernst & Young’s Entrepreneur of the Year®” nominations.
Mr. Comstock was a 30-year veteran of the oilfield services industry. Prior to founding C&J, Mr. Comstock worked in the pressure pumping services industry, as well as in the pipeline industry, serving in a variety of roles. Through this experience, he gained extensive knowledge and understanding of the oilfield services industry which was critical to C&J's rise.
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