Chamber announces new officers
Peter B. Delaney, chief executive officer of OGE Energy Corp., has been elected chairman of the Greater Oklahoma City Chamber. Other officers for 2013 include Carl Edwards, Price Edwards & Co., immediate past chair; David A. Jackson, JPMorganChase Bank, N.A., treasurer; and Bruce Lawrence, Integris Health, corporate secretary. “Our board is the backbone of the Chamber, and it is made up of Oklahoma City's biggest supporters,” said Roy H. Williams, president and CEO of the Chamber. “Under their leadership, we will work for the continued success of the Greater Oklahoma City region.”
Ex-insurance agent is sentenced
A former insurance agent was sentenced to two years in prison after pleading guilty to a felony count of exploitation of the elderly in Wagoner County, authorities said. Marshall Virden staged investment seminars across the state, where he would persuade participants to cash in life insurance and annuity products in exchange for precious metals, prosecutors said. Victims later learned that their investments were fraudulent and that Virden had fled the state, the state Insurance Department said. Insurance Commissioner John D. Doak said Virden faces charges in two other counties. “We believe there are more victims who haven't come forward,” Doak said. Potential victims can call the Insurance Department's Anti-Fraud Unit at 521-6614.
Ex-car dealer pleads guilty
A former used car dealer pleaded guilty Wednesday in federal district court in Oklahoma City to making a false statement to a credit union. John B. Langley, 62, of Harrah, was accused of pledging vehicles as collateral for loans from more than one lender, authorities said. The indictment also alleged that Langley defrauded Municipal Employees Credit Union by selling collateralized vehicles and failing to give the proceeds to the credit union to satisfy his loans. Langley in 2008 and 2009 owned J&K Langley Corp., which sold used cars in Oklahoma City under the name Bargain Network Auto Sales. In a plea agreement, he agreed to pay $200,806 in restitution to the credit union, and $75,410 to another lender, Floorplan Xpress. He faces a potential penalty of 30 years in prison and a fine of $1 million, the U.S. attorney's office said. Sentencing will take place in about 90 days.
Williams gets OK to grow pipeline
TULSA — Williams Partners LP has received approval from the Federal Energy Regulatory Commission to expand its Transco natural gas pipeline to serve growing markets in the Northeast, the partnership announced Wednesday. The expansion will provide an additional 250,000 dekatherms of incremental natural gas transportation capacity by November 2013. The $341 million Northeast Supply Link project will expand lines in Pennsylvania and New Jersey.
POSTROCK ENERGY CORP.
PostRock Energy Corp. posted a net loss of $28 million, or $1.58 a share, for the third quarter, the company reported Wednesday. PostRock earned $4.6 million, or 28 cents a share, during the same period of 2011. The just-completed quarter included a $4.3 million impairment charge because of lower natural gas prices. “With natural gas prices at levels unprofitable for new development, we are focused on oil projects on our existing leasehold, retiring debt and reducing our cost structure,” CEO Terry W. Carter said. He said the company restructured its Oklahoma City office in an effort to save about $3 million a year.
OGE ENERGY CORP.
OGE Energy Corp., the holding company for Oklahoma Gas and Electric Co. and pipeline company Enogex, reported higher third-quarter earnings Wednesday. OGE Energy posted net income of $185.5 million, or $1.87 per diluted share, for the third quarter. That compared with net income of $178.7 million, or $1.80 per diluted share, in the year-earlier quarter. The holding company's operating revenue fell to $1.1 billion, down from $1.2 billion in the third quarter of 2011. OGE Energy said an increase in revenues at OG&E came from investments, transmission projects and customer growth, which was partially offset by milder weather compared to last year. Enogex had higher revenue from increased processing volumes and gathering revenues from system expansion projects. “We remain focused on cost performance, executing on our transmission projects at the utility and growing our footprint at the midstream business,” said Pete Delaney, OGE Energy chairman, president and CEO. “We are making progress in each of these areas that are key to our long-term growth.”
From staff reports