Basic Energy Services announces appointment of Keith L. Schilling as President, Chief Executive Officer and Director

Basic Energy Services announces appointment of Keith L. Schilling as President, Chief Executive Officer and Director

Oil and Gas 360 FORT WORTH, Texas–(BUSINESS WIRE)–Dec. 19, 2019– Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced the appointment of Keith L. Schilling as President, Chief Executive Officer and director, effective January 2, 2020. Mr. Schilling is an accomplished professional with over two decades of experience in senior managerial positions with major energy services companies. Mr. Schilling is replacing T.M. “Roe” Patterson in connection with his voluntary resignation. “After an extensive search process that considered many strong candidates, we are pleased to appoint Keith Schilling as Basic Energy Services’ new President, Chief Executive Officer and director,” commented Julio Quintana, Chairman of the Board of Directors. “Keith possesses great industry expertise, and we are excited for him to lead the Company into the future. We are grateful to Roe Patterson for his leadership and contributions to the Company and thank him for his dedication and service.” Mr. Schilling said, “I am thrilled to join Basic[Read More…]

December 19, 2019 - 4:30 pm Energy News, Oilfield Services, People
Denver oil executive helped raise $7.2 million for St. Jude Children’s Research Hospital in 2018-2019

Denver oil executive helped raise $7.2 million for St. Jude Children’s Research Hospital in 2018-2019

In 2016 Tori Campbell was named a Top Woman in Energy by the Denver Business Journal and, under her leadership as General Manager, Enserco Energy Inc. was named as one of the Top Places to Work in 2009. Enserco Energy a wholly owned, non-regulated energy marketing subsidiary of Black Hills Corporation (NYSE:BKH). Tori has had a successful career in Colorado’s energy business, is on a number of advisory boards and still finds time to make a major impact within St. Jude Children’s Research Hospital Rocky Mountain Region.  As a leader with Tri Delta, Tori has helped to raise $7.2 million for St. Jude Children’s Research Hospital in 2018-2019 alone and Tori has been a huge supporter for the region. She has been at St. Jude Hero for years, running three races across the country (Denver, Seattle and Memphis) on behalf of St. Jude Children’s Research Hospital this year. Tori is currently the co-founder and president of Mizzen Energy, LLC and Mizzen Energy Services,[Read More…]

December 19, 2019 - 3:47 pm Corporate Social Responsibility, People
PetroTal appoints two new independent directors

PetroTal appoints two new independent directors

Oil and Gas 360 Calgary, Alberta and Houston, Texas–(Newsfile Corp. – December 19, 2019) – PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (“PetroTal” or the “Company“) is pleased to announce the appointment of Eleanor Barker and Roger Tucker as Independent Non-Executive Directors, effective today. Ms. Barker has over 25 years’ experience in the international oil and gas business. She is currently the President of Barker Oil Strategies Inc., an oil and gas investment and consulting company, and Chair of the Audit Committee and a Director of Serinus Energy plc. Eleanor was previously a Director of Sterling Resources Ltd. (the company which PetroTal reversed into to effect its quotation on the TSX-V), the US National Association of Petroleum Investment Analysts and the former President of the Canadian Association of Investment Analysts. Ms. Barker has held roles with Imperial Oil Limited and Gulf Canada Limited. Ms. Barker holds an Honours B.Sc. in Chemistry[Read More…]

December 19, 2019 - 3:30 pm Canada, Closing Bell Story, Energy News, People
Source: HighPoint Resources

HighPoint Resources supports Children’s Hospital Colorado with donation of custom handicap accessible van

Oil and Gas 360 DENVER – December 19, 2019 – HighPoint Resources Corporation (“HighPoint” or the “Company”) (NYSE: HPR) is pleased to support Children’s Hospital Colorado and provide a brand-new, custom handicap accessible van. The rehabilitation program will use the van to take patients out of the hospital on therapeutic passes.     These passes are one of the most important components of the rehabilitation process by helping children and families learn how to reintegrate into the community after a newly acquired disability. Trips to parks, restaurants, playgrounds and other neighborhood locations offer patients the chance to have fun and also to learn new skills to navigate the world. Chief Executive Officer and President Scot Woodall commented, “We are committed to being a responsible corporate member of the communities in which we live, work and operate in Colorado.  As part of this commitment, we are proud to support Children’s Hospital[Read More…]

Integrated Global Services (IGS), announces two industry leaders added to the IGS team.

Integrated Global Services (IGS), announces two industry leaders added to the IGS team.

Integrated Global Services   Integrated Global Services (IGS), the industry leader in surface solutions for mission critical equipment, is pleased to announce the hiring of two industry leaders – Tim Miller and Dauren Turebayev. Tim Miller, IGS Executive Director for the Republic of Kazakhstan and Senior Advisor – Global Upstream Operations, is responsible for providing the strategic vision, guidance and direction for Kazakhstan operations and supporting IGS’s global growth initiatives, particularly in upstream Oil and Gas. Tim has over 38 years of global Oil and Gas industry experience.  Most recently, Tim served as Managing Director for Chevron’s Eurasia Business Unit. During his time at Chevron, he also served as Senior Vice President – Chevron Indonesia, Brazil Country Manager, and Global Upstream Management Sponsor. In addition, Tim spent 5 years as General Director for Tengizchevroil (TCO) in Kazakhstan, where he became intimately familiar with IGS’s solutions for process vessels and the[Read More…]

December 19, 2019 - 12:25 pm Corporate Governance, People
Anvil Corporation Announces New President and CFO

Anvil Corporation Announces New President and CFO

Anvil Corporation John Mahoney joined Anvil in 2014 as a Project Manager, most recently serving as our BP Cherry Point Program Manager. He brings decades of industry experience and a proven record of successful management roles, including President at NORCON and VP of Project Operations at Fluor. He is a licensed Professional Engineer with an M.S. in Construction Engineering and Degree of Engineer from Stanford University and a B.S. in Civil Engineering from the United States Military Academy. “This is an exciting time for Anvil, and I’m excited and humbled to accept this role.  As President, I will ensure we remain committed to working as One Anvil across all our branches while developing and maintaining long-term relationships and becoming partners with our clients. I look forward to working with a great team to ensure Anvil’s continued success and expansion.” John will succeed Anvil’s current President, Gordy Lindell, who will become[Read More…]

December 19, 2019 - 10:35 am Corporate Governance, People
PetroTal Appoints Two New Independent Directors

PetroTal Appoints Two New Independent Directors

PetroTal Appoints Two New Independent Directors

December 19, 2019 - 2:00 am Corporate Governance, People, Press Releases
Source: Houston Chronicle

U.S. energy chief shrugs off Permian oil slowdown as a ‘pause’

Houston Chronicle The golden age of U.S. shale is far from over, with an expected slowdown in the Permian Basin likely to be temporary, according to the new U.S. Energy Secretary. The shale boom helped transform the U.S. into a net exporter of crude and petroleum products in September from a major importer a decade ago. Even as growth is set to slow next year in the Permian and elsewhere as drillers respond to investor demands for capital restraint, Dan Brouillette said the shale boom has further to run. “Maybe there are some folks who — for whatever reason — thought they could make some quick money in this and they are learning that production is not as easy as you might think,” Brouillette said Tuesday in an interview in Washington. “You may see some of them go by the wayside.” Brouillette, who replaced Rick Perry at the beginning of[Read More…]

Noble Energy elects Martha B. Wyrsch to Board of Directors

Noble Energy elects Martha B. Wyrsch to Board of Directors

Oil and Gas 360 Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the Company”) announced the election of Martha B. Wyrsch to its Board of Directors, effective as of yesterday, December 11, 2019. Ms. Wyrsch brings extensive executive business leadership and legal expertise to Noble Energy’s Board. In connection with her election, Ms. Wyrsch was appointed to the Corporate Governance and Nominating Committee, as well as the Audit Committee of the Board. The Company’s Board now totals 10 members. David L. Stover, Noble Energy’s Chairman and CEO, commented: “Our Board is pleased to add Martha and her diverse experience base and knowledge to the Noble Energy team. She is highly respected with strong and relevant executive management and Board experience. Her perspectives and skillset will supplement our team well.” Ms. Wyrsch, 61, has extensive operational, management and legal expertise across a broad range of energy and utilities companies. She most recently[Read More…]

December 12, 2019 - 2:15 pm Closing Bell Story, Energy News, People
Source: Reuters

New U.S. energy secretary slams NY for blocking gas pipelines

Reuters WASHINGTON – New U.S. Energy Secretary Dan Brouillette slammed New York state regulators on Thursday for blocking pipelines that would bring natural gas from Appalachia to New England, but did not specify whether the Trump administration could do anything to push the projects forward. “Certain bad actors are trying to slow job creators and decrease the benefits for consumers,” said Brouillette, who succeeds former secretary Rick Perry, a figure in the House of Representatives’ impeachment probe who stepped down amid questions about his role in Ukraine. Brouillette said the government must deal with what he called threats to energy delivery. “Due to one state’s extremist policies the entire New England region is cut off from receiving cheaper American natural gas,” said Brouilette, who was sworn in by President Donald Trump on Wednesday. Brouillette praised the gas industry which has seen prices pushed toward a 25-year low as it is[Read More…]


Continental Resources announces Harold Hamm is stepping up to Executive Chairman

OKLAHOMA CITY, Dec. 11, 2019 /PRNewswire/ — Continental Resources, Inc. (NYSE-CLR) announced today that effective January 1, 2020, Founder and Chief Executive Officer, Harold Hamm will step up to the role of Executive Chairman. William Berry has been appointed Chief Executive Officer and President Jack Stark will assume the additional role of Chief Operating Officer. “Bill gives us an extraordinary opportunity to expand our leadership. He brings a notable resume and track record of success second to none,” said Mr. Hamm, Founder, CEO and majority shareholder. “Like me, his DNA is oil and gas exploration and production. What makes Bill special is his ability to identify and nurture talent. Plus, his extensive global energy market experience will serve the Company well. He’s deeply rooted in our culture and leadership at Continental, having served on our board for the past five years. He has been my personal confidant and is a[Read More…]

December 11, 2019 - 3:00 pm Closing Bell Story, Energy News, People
Source; Houston Chronicle

Talos Energy goes on $640M buying spree in Gulf of Mexico

Houston Chronicle The Houston offshore oil and gas producer Talos Energy announced the results of a $640 million buying spree, picking up a slew of assets in the Gulf of Mexico from multiple companies backed by Riverstone Holdings and other private equity firms. Talos, which focuses on both the U.S. and Mexican sides of the Gulf, would acquire substantially all the assets of Houston portfolio companies ILX Holdings and Castex Energy, as well as additional offshore acreage from Dallas-based Venari Resources. Talos said the deals will give the company 19,000 barrels of oil equivalent per day production, as well as multiple exploration prospects. The additions give Talos 72,000 barrels of daily oil equivalent output overall. “What makes this transaction unique is the combination of high-margin production and a deep portfolio of prospects,” said Talos Chief Executive Tim Duncan. Houston-based ILX and Castex are both portfolio companies owned by New York-based[Read More…]

December 11, 2019 - 12:30 pm Closing Bell Story, Energy News, Mexico, Offshore, People
Tallgrass Energy announces new president

Tallgrass Energy announces new president

Oil and Gas 360 Tallgrass Energy, LP- LEAWOOD, Kan.- (NYSE: TGE) today announced that the Board of Directors of its general partner has appointed Matthew P. “Matt” Sheehy as President of Tallgrass Energy, effective immediately. He will report to Tallgrass CEO William R. “Bill” Moler and focus on the company’s commercial and business development efforts.       Sheehy originally joined Tallgrass Energy at inception in 2012 and held a number of roles, including President of Rockies Express Pipeline LLC and Senior Vice President and Chief Commercial Officer for Tallgrass Energy. Since leaving Tallgrass in early 2018, Sheehy has been the Chairman of Bridger Aerospace Group – a leading aerial firefighting company and a Blackstone portfolio company. “We’re delighted to welcome Matt back to the Tallgrass family,” said Moler. “His in-depth knowledge of the midstream sector and his impressive ability to identify and commercialize energy infrastructure projects will once again[Read More…]

December 3, 2019 - 3:30 pm Closing Bell Story, Energy News, Midstream, People
Source: Houston Chronicle

Halliburton to close office in Oklahoma, lay off 800 employees

Houston Chronicle Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs. In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon Vice President of the MidCon Area Michael Queener wrote that the company expects to close its office in El Reno, Oklahoma. Located about 30 miles west of Oklahoma City, the El Reno field camp was home to a dispatch command center and several hydraulic fracturing crews. Out of the 808 employees expected to be laid off, the company’s filing shows that more than a third worked with acids used in the hydraulic fracturing process and nearly a tenth performed cementing work for oil wells. Halliburton’s decision comes at a time when $50 per barrel crude oil prices has resulted in a shale slump with lower drilling and completion activity across the[Read More…]

December 3, 2019 - 12:00 pm Closing Bell Story, Economy, Energy News, Oilfield Services, People
Source: Houston Chronicle

Texas oil explorers say predictions of growth contradict dire reality

Houston Chronicle Texas wildcatters, after years eye-rolling at shale skeptics, are now saying global analysts are underestimating just how severe the industry’s slowdown is. What’s ticking folks off these days is how the International Energy Agency in Paris and the Energy Information Administration in Washington still predict robust U.S. production growth next year, despite the dire reality on the ground. The IEA expects an increase of 900,000 barrels a day, while the EIA forecasts 1 million, which would mean practically replicating this year’s expansion. Those projections don’t jibe with the vibe in Texas, home to about half of U.S. crude output. Capital-hungry producers are being starved of funding, stocks have plunged and there’s been zero appetite for public offerings, making the downturn potentially more enduring than previous price-related busts. “All I know is, after 47 years, they’re usually wrong.” Frank Lodzinski, an industry veteran of almost five decades who’s chief[Read More…]

November 27, 2019 - 12:00 pm Closing Bell Story, Crude Oil News, Energy News, People, Popular 4
Source: Houston Chronicle

Carl Icahn to seek control of Occidental’s board

Houston Chronicle Carl Icahn plans to nominate a slate of 10 directors in an attempt to seize control of the board of U.S. oil and gas producer Occidental Petroleum Corp., according to people familiar with the matter. The billionaire investor, who owns a stake in the company valued at about $1 billion, plans to make his move before the Nov. 29 deadline for nominations, said the people, who asked not to be identified because the matter is private. A representative for Icahn declined to comment, while a representative for Occidental wasn’t immediately available for comment. Icahn has been a vocal critic of the company — and Chief Executive Officer Vicki Hollub in particular — over its $37 billion takeover of Anadarko Petroleum Corp. completed in August. He has attacked the lack of a shareholder vote and the pricey $10 billion financing the company obtained from Warren Buffett to get the[Read More…]

Source: Houston Chronicle

Exxon says N.Y. used fraud claims to score political points

Houston Chronicle You’d expect most companies accused of a longstanding fraudulent scheme to be thrilled if the government dropped those claims against them. Not so for Exxon Mobil Corp. The energy giant unleashed a torrent of criticism against New York Attorney General Letitia James in court filings Monday, more than a week after the state sought to drop two out of four claims on the last day of a civil trial that has yet to be decided by the judge. Exxon says the government couldn’t prove the fraud claims and only made them “to score headlines and political points.” New York had used the now-abandoned claims to allege Exxon intentionally misled investors for years about the company’s use of “proxy costs” to account for the risks of future climate-change regulations on its business, and that investors had relied on those false statements when buying Exxon stock. New York Supreme Court[Read More…]


Gulfport Energy to cut jobs, halt share buybacks

Reuters NEW YORK – U.S. gas exploration and production company Gulfport Energy Corp (GPOR.O) on Monday confirmed that it would cut jobs, change its board and end its share buybacks, in a bid to reverse a slide in its stock price. Reuters had reported the news earlier in the day, citing sources. Gulfport shares, which fell 7.8% to $2.85 in morning trading, have lost about 67% of their market value in the last 12 months, as weak natural gas prices have eroded its profitability and forced it to slash capital investment. Gulfport, whose production is focused primarily in the Utica Shale in Ohio and SCOOP acreage in Oklahoma, also made a new commitment to use excess cash to pay down debt, which totaled $2.1 billion as of the end of September. The company said it would shed about 13% of its workforce. It also said that Chairman David Houston will[Read More…]

Source: Reuters/Nick Oxford

Paulson gives up opposition to reduced Callon-Carrizo deal

Reuters: Callon Petroleum Co shareholder Paulson & Co said on Monday it would now not oppose the U.S. shale producer’s purchase of smaller rival Carrizo Oil & Gas Inc, after the company last week sharply cut its offer. Billionaire investor John Paulson’s hedge fund, which had earlier said the deal was too expensive, also reduced its stake in Callon but did not give any details on its latest holding. Paulson held 9.5% in the company as of Nov. 6. The new terms value Carrizo at about $723 million, compared with the original offer of $1.2 billion in July. It provides Carrizo shareholders 1.75 Callon shares for each share held, down about 15% from the first bid. Callon will pay up to $10 million of Carrizo’s expenses if Callon shareholders reject the deal. Paulson had called out the earlier 25% premium as too steep and that Callon would lose its position[Read More…]

Source: Reuters/Richard Brian

Cowboys owner Jerry Jones has a long-term game plan for Haynesville gas

Reuters At a time when companies in a U.S. natural gas field have been losing money and exiting Louisiana’s Haynesville shale basin, Dallas Cowboys’ owner Jerry Jones’ Comstock Resources (CRK.N) is picking up cheap assets, betting on the field’s proximity to the growing U.S. Gulf Coast export hub. Reuters on Wednesday reported that Comstock Resources (CRK.N) is in talks to buy Chesapeake Energy Corp’s (CHK.N) Haynesville shale assets in Louisiana. A deal would come just months after Comstock paid $1.1 billion to buy privately held Covey Park Energy to become the largest operator in the region. The U.S. shale boom has helped turn the country into the world’s third-largest exporter of liquefied natural gas (LNG), and it is on track to become the top exporter within five years. But persistent low prices have left a number of major companies, including Chesapeake, in dire financial straits due to oversupply, while others[Read More…]

Source: Houston Chronicle

Billionaires circle distressed assets in U.S. oil and gas patch

Houston Chronicle Billionaires are circling the distressed U.S. oil and gas patch, looking to pick up assets on the cheap at a time when the state of the industry is scaring off other investors. Sam Zell has teamed up with Tom Barrack Jr. to buy oil assets in California, Colorado and Texas at fire-sale prices from companies trying to get ahead of a coming credit crunch. Dallas Cowboys owner Jerry Jones said his Comstock Resources Inc. is in talks to acquire natural gas assets in Louisiana from struggling Chesapeake Energy Corp. “I compared it recently to the real estate industry in the early 1990s, where you had empty buildings all over the place, and nobody had cash to play,” Zell said in an interview on Bloomberg TV Thursday. “That’s very much what we’re seeing today.“ Thanks to the shale revolution, the U.S. has become the world’s biggest oil producer. The[Read More…]

Source: Reuters/Brendan McDermid

Court tosses Carl Icahn’s lawsuit seeking Occidental acquisition records

Reuters HOUSTON (Reuters) – Activist investor Carl Icahn will not have access to Occidental Petroleum Corp’s Anadarko takeover records to support his proxy fight against the oil firm’s board, a Delaware court judge ruled on Thursday. Icahn sued Occidental in Delaware Court of Chancery last May seeking financial records and details of its negotiations with Anadarko. He has since committed to a proxy fight to appoint new management and accelerate asset sales to repay debt taken on with the $38 billion deal. In a sharply worded decision, Vice Chancellor Joseph Slights wrote Icahn’s complaints of Occidental mismanagement “appear to be nothing more than disagreements” with the company’s directors and his lawsuit failed to show how the documents would advance his proxy contest. “We intend to appeal his decision because we believe understanding what happened in the Oxy boardroom is very important to our proxy fight and for all stockholders,” said[Read More…]

November 15, 2019 - 11:00 am Closing Bell Story, Energy News, Oil and Gas 360 Articles, People
Source: Houston Chronicle

Icahn says Occidental won’t hit target without ‘fire sale’

Houston Chronicle Activist investor Carl Icahn said Occidental Petroleum Corp.’s new target for assets sales won’t be achieved without a “fire sale” that includes its pipeline system, Western Midstream Partners LP, which was already shopped to potential buyers earlier this year. Occidental’s Chief Executive Officer Vicki Hollub said Wednesday in a statement she was “highly confident” the company will exceed the upper end of its $10 billion to $15 billion asset sale plan by the middle of 2020. The oil producer also said it had closed its joint venture with Ecopetrol, raising $1.5 billion in cash and carried capital, and announced $200 million of non-core asset sales. The new timing should be a “slight positive” for Occidental stock because it’s six months ahead of schedule, Leo Mariani, an analyst at KeyBanc Capital Markets Inc., said in a note. Icahn disagreed. The investor, who’s planning a proxy battle for Occidental next[Read More…]

November 14, 2019 - 3:00 pm Closing Bell Story, Energy News, Oil and Gas 360 Articles, People
Source: Reuters/Rodrigo Garrido

Trump energy pick to face questions on coal, nuclear power

Reuters:  President Donald Trump’s pick to run the Energy Department, Dan Brouillette, will face questions at his U.S. Senate confirmation hearing on Thursday on issues including the future of coal and nuclear power. Brouillette, 57, a former lobbyist at Ford Motor Co and Louisiana state energy regulator, would replace Rick Perry, who has said he is stepping down on Dec. 1. Perry was involved in a side-channel Ukraine policy led by Trump’s personal lawyer, Rudy Giuliani, that has been at the center of the Trump impeachment probe. If, as expected, he is confirmed by the Senate Energy Committee and then by the full Senate, Brouillette, now the deputy energy secretary, will work to carry out Trump’s “energy dominance” agenda of boosting U.S. production of oil and natural gas. He will also look to find a way to support aging nuclear and coal plants. Perry had tasked the Federal Energy Regulatory[Read More…]

Source: Reuters/Jose Nunez

Oil edges up ahead of U.S. storage data as OPEC, Fed see robust economy

Reuters Oil prices edged up on Wednesday after the Organization of the Petroleum Exporting Countries said it saw no signs of global recession and rival U.S. shale oil production could grow by much less than expected in 2020. Also supporting prices were comments by Federal Reserve Chair Jerome Powell, who said the U.S. economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt. “The baseline outlook remains favorable,” Powell said. Global oil benchmark Brent LCOc1 futures rose 43 cents, or 0.7%, to $62.49 a barrel by 12:21 p.m. EST (1721 GMT), while U.S. West Texas Intermediate CLc1 was up 45 cents, or 0.8%, at $57.25 per barrel. Analysts said WTI was up more than Brent ahead of storage data from the U.S. Energy Information Administration (EIA) on Thursday that is expected to show a supply draw at the Cushing hub in[Read More…]


Exclusive: Comstock in talks to buy Chesapeake’s Haynesville assets – sources

Reuters Dallas Cowboys owner Jerry Jones’ Comstock Resources is in talks to buy Chesapeake Energy Corp’s Haynesville shale assets in Louisiana, according to two people familiar with the matter. A deal could be worth more than $1 billion, one of the people said, adding that the companies have settled on a structure for the deal and hope to reach an agreement by the end of the year. The people, who declined to be identified because the talks are confidential, said what had been agreed so far could still be subject to change and there was no guarantee the talks would conclude successfully. Comstock and Chesapeake so far have not responded to requests for comment. Chesapeake shares were up 8%, while Comstock shares were up 3.3% in morning trading. Chesapeake is in dire need for money after its debt ballooned to $9.7 billion and the company which once was the second-largest[Read More…]

SilverBow Resources announces appointment of Chief Financial Officer

SilverBow Resources announces appointment of Chief Financial Officer

SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) today announced the resignation of the Company’s Executive Vice President and Chief Financial Officer, G. Gleeson Van Riet, effective November 11, 2019. Effective November 12, 2019, the Company appointed Christopher. M. Abundis as Chief Financial Officer in addition to his existing duties at SilverBow. Accordingly, Mr. Abundis will now serve as Senior Vice President, Chief Financial Officer, General Counsel and Secretary of the Company. Sean Woolverton, SilverBow’s Chief Executive Officer, stated, “On behalf of the entire Board, management team and employees, I want to thank Gleeson for his dedication and service to SilverBow the past few years. Gleeson brought significant financial expertise and leadership to the Company during a key transitional time as the Company relisted on the New York Stock Exchange and established itself as a premiere Eagle Ford operator.” Mr. Woolverton continued, “We are pleased to expand Chris’s responsibilities[Read More…]

November 13, 2019 - 9:16 am Closing Bell Story, Exploration and Production (E&P), People

Icahn reduces Oxy stake, vows to carry on proxy war

Houston Chronicle Famed corporate activist Carl Icahn said he reduced his ownership stake in Occidental Petroleum by nearly one-third, but he vowed to continue to wage his proxy war against the company stemming from his opposition to Oxy’s $38 billion acquisition of Anadarko Petroleum. Famed corporate activist Carl Icahn said he reduced his ownership stake in Occidental Petroleum by nearly one-third, but he vowed to continue to wage his proxy war against the company stemming from his opposition to Oxy’s $38 billion acquisition of Anadarko Petroleum. Arguing that he doesn’t want to expose any more money to what he calls poor corporate leadership, Icahn said he shrank his ownership position from nearly 5 percent to almost 3.5 percent. He will continue to seek to replace four of Oxy’s 10 board members. “We fully intend to run a proxy fight, and if elected, work to right this teetering ship,” Icahn wrote[Read More…]

Photo: Brittany Sowacke / Bloomberg

Wildcatter billionaire not giving up Permian Basin without a fight

Houston Chronicle The drilling permits speak for themselves. Wildcatter billionaire Autry Stephens is not ceding control of the Permian Basin to the oil majors without a fight. Over the past week, the Midland billionaire’s oil company Endeavor Energy Resources filed for 21 drilling permits with the Railroad Commission of Texas, the state agency that regulates the oil and natural gas industry. A large and independent oil company, Endeavor is seeking permission to drill 11 horizontal wells on its Kraken leases in Howard County and another six split between a pair of leases on its Carbon and Kennett leases in Upton County. Drilling to total depths up to 12,000 feet, the wells target the oil-rich Spraberry field of the Midland Basin, a heavily-drilled subregion of the Permian Basin. Endeavor’s push comes when the company is competing against other big Permian Basin players such as Exxon Mobil, EOG Resources, Shell, Occidental Petroleum[Read More…]

Source: Reuters/Mike Segar

Exxon’s lawyer calls lawsuit a ‘cruel joke’ as climate change fraud trial ends

Source: Reuters NEW YORK (Reuters) – Lawyers for New York state and Exxon Mobil Corp (XOM.N) delivered closing arguments in a closely watched trial accusing the oil company of hiding from investors the true cost of addressing climate change. The case, filed in October 2018 in Manhattan state court, was the first of several climate-related lawsuits against major oil companies to go to trial. It featured testimony from investors, experts and former Exxon Chief Executive Rex Tillerson, who denied the allegations against the company. New York’s attorney general alleges that Exxon caused investors to lose up to $1.6 billion by falsely telling them it had properly evaluated the impact of future climate regulations on its business. Exxon’s lawyer said on Thursday the case was “meritless” and that the state failed to offer testimony from any investor who was misled. “The case is almost a joke,” Theodore Wells said. “But it’s[Read More…]