Directors Archives - Oil & Gas 360

Post Tagged with: "Directors"

Tallgrass Energy Receives ‘Take Private’ Proposal

By Tyler Losier, Energy Reporter, Oil & Gas 360 Tallgrass Energy receives preliminary proposal letter from Blackstone Infrastructure Partners offering to take the company private Tallgrass Energy LP (stock ticker: TGE), a midstream infrastructure company, received a non-binding preliminary proposal letter from Blackstone Infrastructure Partners (stock ticker: BX) on Tuesday, offering to acquire all of the outstanding Class A shares of Tallgrass’ stock not already owned by Blackstone and its affiliates. At a price of $19.50 per share, Blackstone’s offer would represent a 35.9% premium over Tallgrass’ closing price on August 27, and a premium of approximately 12% to its volume weighted average price during the last 30 calendar … Login or click here to subscribe Username or E-mail Password Remember Me Forgot Password

August 28, 2019 - 1:41 pm — Closing Bell Story, Crude Oil News, Finance, Mergers & Acquisitions, Midstream, Natural Gas News, Oil and Gas 360 Articles

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

August 26, 2019 - 3:56 pm — Closing Bell Story, Crude Oil News, Exploration and Production (E&P), Mergers & Acquisitions, Natural Gas News, Oil and Gas 360 Articles

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…]

August 23, 2019 - 6:04 am — Closing Bell Story, Corporate Governance, Crude Oil News, Downstream, Energy News, International, Law, Politics & Opinions

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

August 22, 2019 - 4:54 pm — Closing Bell Story, Corporate Governance, Crude Oil News, Natural Gas News, Offshore, Oil and Gas 360 Articles, Oilfield Services, People

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…]

August 22, 2019 - 6:00 am — Closing Bell Story, Corporate Governance, Crude Oil News, Downstream, Energy News, International, Law, Natural Gas News, Politics & Opinions

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…]

August 14, 2019 - 6:00 am — Closing Bell Story, Corporate Governance, Crude Oil News, Downstream, Energy News, International, Natural Gas News, People, Politics & Opinions

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…]

August 13, 2019 - 6:01 am — Closing Bell Story, Crude Oil News, Downstream, Energy News, International, Law, Natural Gas News, Politics & Opinions

Occidental Finance Chief Pledges to Act Quickly to Pare Acquisition Debt

From Reuters Occidental Petroleum Corp (OXY.N) expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company’s finance chief said on Monday. Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week, told an Enercom energy conference audience, the resulting debt burden was “not that bad,” and pledged Occidental would be selective in choosing assets to sell. He defended the purchase, which has been attacked by activist Carl Icahn as “misguided and hugely overpriced,” as providing future oil production as a good valuation. Icahn is seeking to remove and replace four directors to influence the scale and pace of asset sales. “When the smoke clears, people will start to see what we’ve done,” Burgher said to an overflow crowd. Occidental plans to be selective about what properties it puts on the market to help[Read More…]

August 12, 2019 - 6:00 am — Closing Bell Story, Crude Oil News, Energy News, Exploration and Production (E&P), Finance, Mergers & Acquisitions, Natural Gas News, TOGC24

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

August 9, 2019 - 1:47 pm — Closing Bell Story, Corporate Governance, Crude Oil News, Economy, Exploration and Production (E&P), Finance, Natural Gas News, Oil and Gas 360 Articles, Popular 3

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

August 7, 2019 - 4:07 pm — Closing Bell Story, Corporate Governance, Crude Oil News, Exploration and Production (E&P), Natural Gas News, Oil and Gas 360 Articles, People