Post Tagged with: "chief executive officer"

Source: Plains All American Pipeline, L.P.

Plains Says its Midland Crude Terminal Trades Should be Kept in Key Price Assessment

From Reuters Plains All American Pipeline LP said trades at its own Midland crude terminal should be included in a key price assessment, responding to a proposal by Argus Media to remove it: * Plains’ 670,000 barrel-per-day (bpd) Cactus II pipeline began commercial deliveries earlier this month, sending WTI Midland prices at Plains’ terminal as much as 50 cents per barrel above those at Enterprise’s terminal, market sources said this week. * The disconnect in prices prompted Argus Media to propose a change to its WTI Midland pricing methodology to exclusively reflect prices at Enterprise’s terminal. The proposed change is open for comments until the end of the month. * “Given the volume of physical activity at both the Enterprise and Plains terminals, Plains believes that it would be appropriate to include trades at both locations in order to more accurately capture the market price at Midland for each grade,”[Read More…]

Repsol Sinopec Brazil, Ouro Negro and PUC-Rio Expand Technological Partnership

Repsol Sinopec Brazil, Ouro Negro and PUC-Rio Expand Technological Partnership

From World Oil Repsol Sinopec Brazil, Ouro Negro and the Mechanical Engineering Department of PUC-Rio’s Technical and Scientific Center (CTC/PUC-Rio) are expanding their technological partnership, developing a through tubing logging profiling tool to assess cement quality in lined wells. “The proposal is to have a tool that enables the detection of cement anomalies in the adjacent layer and not only in the layer closest to the tool, as occurs in the case of solutions that are currently available in the marketplace, thus avoiding the removal of the production tubing to perform this operation,” explains Támara García, Research and Innovation Manager at Repsol Sinopec Brazil. Put more simply, while the current technology allows one to ‘see’ the integrity of the cement only when it is closer to the tool, the solution that will be developed by the three partners will make it possible to have a powerful ‘vision’, going beyond a[Read More…]

President and CEO of Panhandle Oil and Gas Resigns

President and CEO of Panhandle Oil and Gas Resigns

By Tyler Losier, Energy Reporter, Oil & Gas 360 Paul F. Blanchard Jr. steps down as president, CEO and director of Panhandle Oil and Gas Panhandle Oil and Gas (stock ticker: PHX), a mineral and leasehold acreage-focused capital allocator, has announced that Paul F Blanchard Jr., the company’s president, chief operating officer and a member of its board of directors, has stepped down, effective August 26, 2019. “We thank Paul for his leadership over the last several years, and his contributions in our efforts to drive shareholder value. The timing of this transition coincides well with the board’s evaluation of the company’s strategy,” said Mark T. Behrman, a member of Panhandle’s board since 2017. “Panhandle is making an expl… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: Qatar Petroleum

Qatar Petroleum Partners with Total in Africa, South America

By Tyler Losier, Energy Reporter, Oil & Gas 360 Qatar Petroleum signs agreement to farm Total-held exploration acreage in Namibia, Guyana and Kenya Qatar Petroleum (QP), Qatar’s state-owned energy company, has signed an agreement with French supermajor Total SA (stock ticker: TOT), under which the company will farm into Total-held exploration acreage in Namibia, Guyana and Kenya. With regards to Namibia, a coastal nation bordering South Africa to the northwest, QP will gain access to two deep-water blocks located in the Orange Basin. For Block 2913B, Total will transfer QP a 30% interest, while retaining 40%. Other partners in the block are Impact Oil (20%), and Namcor (10%). For Block 2912, Total will transfer QP 28.33… Login or click here to subscribe

Source: PDC Energy

PDC Energy to Acquire SRC Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360 PDC Energy to acquire SRC Energy in all-stock transaction valued at approximately $1.7 billion PDC Energy Inc. (stock ticker: PDCE), an independent E&P based out of Denver, has entered into a definitive agreement to acquire SRC Energy Inc. (stock ticker: SRCI), also located in Denver, in an all-stock transaction valued at approximately $1.7 billion, including SRC’s net debt of approximately $685 million as of June 30, 2019. This consideration represents a premium of 6.8% to the 30-day average exchange ratio of 0.148x. Under the terms of the two companies’ agreement, SRC shareholders will receive 0.158 shares of PDC for each share of SRC common stock owned, representing an… Login or click here to subscribe

Courtesy of Enbridge

Oil Services Firm TechnipFMC to Split Into Two Publicly Traded Companies

From Reuters Franco-American oil services firm TechnipFMC Plc (FTI.N) said on Monday it would spin off its engineering and construction operations into a separate company, leaving it as a technology-focused equipment supplier to oil and gas companies. TechnipFMC, which had a market capitalization of $10.31 billion, said the new Paris-based company will deal with onshore and offshore oil and gas projects. The split is expected to be final in the first half of 2020. The spin-off comes nearly three years after Technip merged with rival FMC Technologies, creating a leading London-based offshore services company with combined revenue of $20 billion. That deal closed near the nadir of an oil-price crash, when U.S. crude futures fell to about $26 a barrel and prompted cutbacks in spending on new offshore oil and gas development projects. Shares of TechnipFMC rose more than 6% before paring gains to 4.3% shortly before the close. Company[Read More…]

Enerflex Appoints New CFO, General Counsel

Enerflex Appoints New CFO, General Counsel

By Tyler Losier, Energy Reporter, Oil & Gas 360 Enerflex names Sanjay Bishnoi as senior vice president and CFO, David Izett as senior vice president and general counsel Enerflex Ltd. (stock ticker: ENRFF), a Calgary-based oilfield service company, has appointed Sanjay Bishnoi as senior vice president and chief financial officer, and David H. Izett as senior vice president and general counsel, effective September 9, 2019. Bishnoi, a proven CFO with more than 20 years of financial leadership experience in the energy and professional services sectors, will be responsible for leading Enerflex’s finance, treasury, corporate development, capital markets, enterprise risk management, internal audit and investor relations functions. I… Login or click here to subscribe

Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it and its parent company’s role in an alleged foreign bribery scheme. And its facing mounting pressure to do something about six of its former executives detained in Venezuela for nearly two years. In the midst of this legal and political turmoil, the has selected one of its own former leaders and a veteran of the oil industry to help it continue to weather the storm of uncertainty. It was a sense of personal duty that pulled Carlos Jorda back to Citgo, 17 years after he served on its board of directors. Jorda said he felt an obligation to serve his former employer and to the government of opposition leader Juan[Read More…]

Paal Kibsgaard (source: Schlumberger Limited)

Former Schlumberger CEO Recommended for Chairman Role at Borr Drilling

By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling board of directors recommends appointment of Paal Kibsgaard as chairman The board of directors for Borr Drilling Limited (stock ticker: BORR), an international drilling contractor based out of Bermuda, has recommended former Schlumberger (stock ticker: SLB) CEO Paal Kibsgaard be appointed as the company’s new chairman, following a unanimous decision from the nominating committee. The election will take place at Borr’s annual general meeting, to be held on September 27, 2019. Kibsgaard will replace Fredrik Halvorsen as a member of the board, who will be resigning as a director effective September 1, 2019. Tor Olav Troim will continue to serve as the company’s vic… Login or click here to subscribe

Source: Enverus

Drillinginfo Announces Name Change

By Tyler Losier, Energy Reporter, Oil & Gas 360 Drillinginfo changes corporate name to Enverus Drillinginfo, an energy SaaS and data analytics company, is officially changing its corporate name to Enverus, marking both the company’s 20th anniversary and its achievement of surpassing $300 million in annual recurring revenue. According to an Enverus press release, the new name is comprised of three elements that the company believes best represents its corporate philosophy: the energy industry (EN); clarity and truth (VER); and partnership, collaboration, people and humanity (US). Screenshots showing some of the analytical tools that Enverus provides (source: Enverus) “This business was started by ‘oilpatch kids’ in 1999 … Login or click here to subscribe

Source: Citgo

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

From The Houston Chronicle In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner. On Wednesday a Delaware judge issued a final order approving the Guaido board, who have been effectively leading Citgo since the opposition leader appointed the board members in February. Owned by the Venezuela state oil company PDVSA, Citgo is considered the South American country’s most prized foreign asset and a key a piece in the political battle between socialist leader Nicolas Maduro and Guaido. Both sides agree the president of Venezuela has the authority to appoint the board of directors for Houston-based Citgo Petroleum but clashed over who constitutes the legitimate president of the economically-ravaged country. The Maduro administration, which has accused the opposition of trying to steal Citgo, sought to use[Read More…]

Source: Park Energy Services

Park Energy Services Appoints New President and COO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Tim Knox to serve as Park Energy Services’ new president and COO Park Energy Services, a portfolio company of private equity firm Rock Hill Capital, has appointed Tim Knox as president and chief operating officer, effective August 19. “We are very excited to announce the addition of Tim Knox to the team,” said John Seldenrust, chairman and CEO of Park Energy Services. “As Park Energy continues to exceed our growth objectives, we knew Park needed someone with Tim’s caliber and experience to continue our drive to build the leading wellhead horsepower compression company in the industry.” Knox has more than 28 years of experience in the natural gas compression industry, 15 of wh… Login or click here to subscribe

Halcón Resources Appoints New CFO as Restructuring Process Continues

Halcón Resources Appoints New CFO as Restructuring Process Continues

By Tyler Losier, Energy Reporter, Oil & Gas 360 Halcón Resources selects Ragan T. Altizer as its new EVP, CFO, treasurer Halcón Resources Corporation (stock ticker: HKRS), currently undergoing Chapter 11 reorganization proceedings, has appointed Ragan T. Altizer as its new executive vice president, chief financial officer and treasurer, effective August 14. Altizer will replace Quentin Hicks, who resigned from the same position effective August 13. “Quentin has been a key member of the management team at Halcón since joining the company in 2012 and played an integral role in the recent months in assisting with our review of strategic and financial alternatives,” said Rich Little, Halcón’s chief executive officer. “On behal… Login or click here to subscribe

Source: Citgo

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

From The Houston Chronicle CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company. In a statement released on Wednesday morning, the company’s board reported that the year-long search for a new CEO ended Jorda being selected for a role. A fomer executive with the Petroleos de Venezuela, S.A., or PDVSA, Jorda also held an executive role with the state-owned oil company’s U.S. subsidiary PDV America and previously served as chairman of the board for CITGO. “The board was searching for a CEO with a solid professional background in operations and who could guide CITGO during this unprecedented time,” CITGO Chairwoman Luisa Palacios said in a statement. “With his understanding of the company, its shareholder and the geopolitical landscape in which the company operates, we believe that Carlos Jorda is the right person for the job.” Headquartered in Houston, CITGO[Read More…]

Source: Citgo

Citgo to Appoint New CEO to Navigate Political, Legal Turmoil – Sources

From Reuters Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de Venezuela (PDVSA). Citgo cut ties with PDVSA earlier this year after U.S. President Donald Trump’s administration sanctioned the state-run company and recognized Juan Guaido, Venezuela’s congress chief, as the nation’s legitimate leader. Citgo officials loyal to President Nicolas Maduro were ousted and new boards for PDVSA and Citgo were named by the Venezuelan congress in February. An appointment could be announced as soon as this week, after Citgo’s board votes on the selection process, according to one of the sources. Guaido, asked by reporters at a briefing outside the National Assembly office which nominations he is going to make, said: “We will announce[Read More…]

Source: Gulfport Energy

New CFO at Gulfport Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360 Quentin R. Hicks joins Gulfport Energy as executive vice president and CFO Gulfport Energy Corporation (stock ticker: GPOR), an independent E&P based out of Oklahoma City, has hired Quentin R. Hicks as its new executive vice president and chief financial officer, effective August 26. Hicks is being hired to replace Keri L. Crowell, who is stepping down after 14 years at Gulfport. He will report directly to David M. Wood, Gulfport’s president and chief executive officer. “We are very pleased to welcome Quentin as a key addition to Gulfport’s senior management team,” Wood said. “He brings a wealth of oil and natural gas finance expertise and experience to Gulfport and we lo… Login or click here to subscribe

Source: Summit Midstream Partners LP

Summit Midstream Appoints New President and CEO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Summit Midstream Partners appoints J. Heath Deneke as president, CEO and board member Summit Midstream Partners LP (stock ticker: SMLP), a master limited partnership located in The Woodlands, Texas, has appointed J. Heath Deneke to serve as its president and chief executive officer, effective September 16, 2019. Deneke was also nominated to serve on the board of directors for Summit Midstream GP LLC, the general partner of Summit Midstream Partners LP. He will replace Leonard Mallett, who has been serving as interim president and CEO for Summit since February 2019. Mallet will stay on as Summit’s chief operations officer, and will report to Deneke directly. “I am excited t… Login or click here to subscribe

Source: Abraxas Petroleum

Saltstone Capital Pens Scathing Letter to Abraxas Petroleum

By Tyler Losier, Energy Reporter, Oil & Gas 360 Saltstone Capital Management calls for special committee of the board to review strategic alternatives Billy Bailey, founder and portfolio manager for Saltstone Capital Management LLC, penned a scathing letter to Abraxas Petroleum’s (stock ticker: AXAS) board of directors this week, calling for the creation of a special committee to explore strategic alternatives and help generate free cashflow for shareholders. Saltstone Capital, which owns 2,420,000 shares in Abraxas, initially laid out a four-point plan to improve the struggling petroleum producer back in July. These improvements included a call for a significant curtailment of capital expenditures by focusing solely on Permi… Login or click here to subscribe

Source: Quintana Energy Services

Quintana Energy Services Names New CEO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Christopher J. Baker named president and CEO of Quintana Energy Services Quintana Energy Services (stock ticker: QES), an onshore oilfield services company operating across the United States, has named Christopher J. Baker as its president and chief executive officer, effective immediately. Baker will replace former CEO Rogers Herndon, who has resigned as part of an internal reorganization strategy to alter Quintana’s corporate cost structure to better fit the current market environment. Baker will also assume Herndon’s seat on the board of directors as well. Quintana’s current asset portfolio (source: Quintana Energy Services) “[Baker’s] extensive leadership experience an… Login or click here to subscribe

EnLink Midstream Logo (PRNewsFoto/EnLink Midstream)

Former EnLink Midstream CEO Reassumes His Role

By Tyler Losier, Energy Reporter, Oil & Gas 360 Chairman Barry E. Davis will once again serve as the CEO of EnLink Midstream EnLink Midstream LLC (stock ticker: ENLC) will be reappointing its current executive chairman, Barry E. Davis, as chief executive officer, effective August 8. Previously, Davis, who will be retaining his position on the board, served as EnLink’s CEO from its founding in 2014 until 2018. He will be replacing Michael J. Garberding, who is leaving the company to pursue other opportunities. Source: EnLink Midstream “I am very excited to return to lead EnLink during this defining time for our company and industry,” Davis said. “I would like to express my gratitude to Mike who has been my close partner … Login or click here to subscribe

Source: QEP Resources

QEP and Elliot Management Enter into Cooperation Agreement

By Tyler Losier, Energy Reporter, Oil & Gas 360 QEP Resources and Elliot Management will work together to appoint two new independent directors QEP Resources, Inc. (stock ticker: QEP), a Denver-based independent E&P, has entered into a cooperation agreement with affiliates of Elliot Management Corporation, which owns approximately 4.9% of QEP’s common stock. Under the terms of the agreement, QEP and Elliot will work together to collaboratively appoint two new independent directors to the QEP board. Both nominees are expected to have a strong operating background in unconventional development, and are expected to be seated no later than October of this year. An overview of QEP’s current asset portfolio (source: QEP Reso… Login or click here to subscribe

Source: PRNewsfoto/Contura Energy

Contura Energy Appoints New CEO and Board Member

By Tyler Losier, Energy Reporter, Oil & Gas 360 Contura Energy selects David J. Stetson as its new CEO and as a member of its board of directors Contura Energy (stock ticker: CTRA), a Tennessee-based coal supplier, has unanimously elected David J. Stetson as the company’s new chief executive officer, as well as a member of its board, effective July 29. Previously, Stetson served on Contura’s board from November 2018 to April 2019. He replaces Andy Eidson, Contura’s executive vice president and chief financial officer, and Mark Manno, Contura’s executive vice president, chief administrative and legal officer and secretary, who were appointed as interim co-CEOs while the board conducted its search for the company’s permanent CE… Login or click here to subscribe

Centrica CEO to Step Down; Sell Oil and Gas Business

Centrica CEO to Step Down; Sell Oil and Gas Business

From The Houston Chronicle The top executive of British-owned Centrica, owner of Direct Energy, will be stepping down after what the company describes as an exceptionally challenging six months which included outages at its nuclear sites, pension deficits and low natural gas prices. The company announced on Tuesday that it is cutting the dividend for investors. Iain Conn, group chief executive of Centrica, will be leaving the company but is expected to remain in place until the company’s annual meeting next year. The company also announced it is getting out of the oil and gas business by the end of next year. Centrica owns Spirit Energy, a European independent exploration and production company, but said the oil and gas entity is not strategic for Centrica.     The company has embarked on a cost reduction program. In Houston, Direct Energy will cut 54 employees, beginning in August. Direct Energy is[Read More…]