Oklahoma business briefs for Dec. 12, 2012

Oklahoma business briefs, Dec. 12
Published: December 12, 2012
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Oklahoma brief

Apco president plans to retire

Thomas Bueno is retiring next year as president and chief operating officer of Apco Oil and Gas International Inc., the company announced Tuesday. Bueno, 61, will step down as chief operating officer on Jan. 1, but remain as president until he retires on June 30. “We can't thank Tom enough for his years of service to the company and our shareholders,” CEO Ralph Hill said. Bueno intends to serve the company in an advisory capacity after his retirement. Michael Kyle, 53, has been appointed to replace Bueno as chief operating officer. He was recruited to the company by Bueno in December 2007 as vice president of business development.

EARNINGS

PANHANDLE OIL AND GAS INC.

Panhandle Oil and Gas Inc. on Tuesday reported fourth-quarter earnings of $182,621, or 2 cents a share. The company earned $2.6 million, or 31 cents a share, in the same period of 2011. Panhandle also boosted its production by 12 percent in the quarter. For the just completed fiscal year, Panhandle earned $7.4 million, or 88 cents per share, down from $8.5 million, or $1.01 a share, last year. Production was up 19 percent year over year to a company-record 10.6 billion cubic feet of natural gas equivalent.

From Staff Reports