Houston American Energy appoints new CFO

Houston American Energy Corp. (NYSE American: HUSA), an oil and natural gas company, announced the appointment of Peter Longo as its new Chief Financial Officer (CFO) on Monday, February 18, 2025.

Longo, who has been serving as the company’s Chief Executive Officer and a director since November 2024, will now hold dual roles within the organization.

According to InvestingPro data, the company faces significant challenges with negative EBITDA of $1.48M and revenue decline of 26.6% over the last twelve months.

Before joining Houston American Energy, Longo retired from United Technologies Corporation (NYSE:RTX) (UTC) in 1988 and has since been the Chairman of Cyient, Inc., the U.S. arm of a global management services firm. His tenure at UTC spanned over three decades, where he held various positions, including Senior Vice President of Operations and CFO and CIO at different business units.

His appointment comes at a crucial time, as InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 10.47, despite operating with negative gross profit margins.

Longo’s educational background includes a bachelor’s degree in accountancy from Bentley University, and he has been a Certified Public Accountant since 1981. His extensive experience in financial and operational roles is expected to benefit Houston American Energy as the company continues its operations in the crude petroleum and natural gas sector.

The appointment of Longo as CFO follows the tenure of Stephen Hartzell, who served as Acting CFO since November 2024. The company has stated that there will be no additional compensation for Longo assuming the CFO responsibilities.

Houston American Energy is headquartered in Houston, Texas, and is incorporated in Delaware. The company’s shares are traded on the NYSE American exchange under the ticker symbol HUSA. The stock has shown mixed performance, with a year-to-date gain of 9.3% but trading well below its 52-week high of $3.20. For comprehensive analysis and additional insights, including 7 key ProTips, visit InvestingPro.

This executive change was disclosed in a filing with the Securities and Exchange Commission and is part of the company’s ongoing management restructuring. Houston American Energy Corp. has not provided further details on the strategic implications of this appointment.

In other recent news, Houston American Energy Corp. announced the appointment of Stephen Hartzell as its Acting Chief Financial Officer.

Hartzell, who is also the Chairman of the Board and a member of the Audit and Compensation Committees, will assume this additional role without extra compensation. This appointment comes as the company continues to navigate the evolving energy landscape. Additionally, Houston American Energy Corp. disclosed the upcoming resignation of John Terwilliger from its board of directors, effective January 1, 2025.

Terwilliger will continue to provide advisory support to the CEO, maintaining his influence within the company. In another development, the company has entered into indemnification agreements with its directors and officers. These agreements aim to provide legal protection for the company’s leadership against potential expenses and liabilities.

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