Ex-Chesapeake exec has new job
Panhandle Oil and Gas Inc. has hired a former Chesapeake Energy Corp. executive as its land manager. The company announced Wednesday that Shelly S. Quimby has joined the company. She spent the last nine years at Chesapeake, most recently as manager of acquisitions and divestitures. “We are pleased to have Shelly at Panhandle,” Chief Operating Officer Paul Blanchard said. “Her experience in the Mid-Continent, multiple shale plays, with non-operated wells and mineral acreage is a nice fit to manage Panhandle’s land function.”
Helmerich & Payne selects VP
TULSA — Helmerich & Payne Inc. has designated a new vice president and general counsel, who will take over after next year’s annual shareholders meeting, the company announced this week. Cara M. Hair will be promoted to fill the posts after the March 4 meeting, replacing the retiring Steven R. Mackey. Mackey, who will step down as part of a planned succession plan, started his career at the drilling company in 1986. “Steve’s nearly 30 years of service has been both broad and influential,” Chairman Hans Helmerich said. “The company has benefited from the strength and depth of his business and legal judgment and has been well served by his integrity and leadership. The board joins me in an expression of heartfelt appreciation for his many contributions.” Hair joined Helmerich and Payne in 2006 as a corporate attorney. “Cara is well prepared to step into this important role and will bring significant value to the company in her new position,” CEO John W. Lindsay said.
LRR acquires properties for $38M
LRR Energy LP is acquiring natural gas-producing properties in Lincoln and Creek counties for $38 million, subject to customary purchase price adjustments. The primary asset, the Stroud Prue Sand Unit, is a mature oil property and one of the largest Prue Sand waterfloods in Oklahoma. The field was discovered in 1943 and initial water injection began in 1960. “We are very excited to announce our first third-party acquisition,” Chairman Eric Mullins said. “We expect this acquisition to be immediately accretive to distributable cash flow per unit and create long-term value for our unitholders.” The Houston-based company has operations in Oklahoma, Texas and New Mexico.
Parent company of PSO honored
American Electric Power, the parent company of Tulsa-based Public Service Co. of Oklahoma, has been selected as one of the country’s top utilities in economic development by Site Selection magazine. The company is one of 10 utilities to make the publication’s annual list, which is based on a mix of objective and subjective criteria. “This year’s Top Utilities feature some familiar names,” managing editor Adam Bruns said. “That’s because they not only continue to turn in the numbers year after year, but continue to invest in doing more, and in innovative new approaches to partnering with both companies and communities. In other words, despite regulatory concerns, prices of fuel and a host of other mitigating factors, they mean what they say when it comes to their mission to serve.”
SandRidge to buy back stock
SandRidge Energy Inc. will buy back as much as $200 million worth of its stock, the company announced Thursday. Shares may be repurchased on the open market, through privately negotiated transactions or other means determined by the company’s management. The actual number of shares purchased will depend on a number of factors, including price, corporate and regulatory conditions.
Clinton speaks at energy summit
LAS VEGAS — Former Secretary of State Hillary Rodham Clinton on Thursday called for the U.S. to become what she called the world’s 21st-century clean energy superpower. In remarks Thursday at the annual National Clean Energy Summit in Las Vegas, Clinton credited northern Nevada’s selection for a $5 billion Tesla automobile battery plant and work in recent years for the state to become a leader in solar, wind and geothermal energy projects. She cited an expert comparing the importance of the Tesla plant to the Hoover Dam on the Colorado River. Clinton’s speech to a standing-room crowd of more than 800 marked her return to the Las Vegas Strip hotel where a 36-year-old Phoenix woman was arrested in April after throwing a shoe but missing Clinton on stage.
Oil blamed for railroad delays
FARGO, N.D. — Federal regulators are hosting a hearing in Fargo, N.D.,, on complaints about delays in shipping fertilizer and grain by rail as oil shipments are taking up increasing space on American railroads. The Surface Transportation Board has directed Canadian Pacific Railway Ltd. and BNSF Railway to appear Thursday. State Agriculture Commissioner Doug Goehring is scheduled to testify before the board. Farmers and some politicians believe the increased crude oil and freight shipments from North Dakota’s western oil fields are largely the cause of shipping delays, which have created big backlogs at grain elevators and added costs for agriculture shippers.
Cabinet shuffled in Venezuela
CARACAS, Venezuela — The parts of the political base holding up President Nicolas Maduro appear to each have won a slice of power with a Cabinet shuffle that breaks up the control one man held over Venezuela’s oil and economy. After months of foreshadowing a big announcement, Maduro gave a sweeping presentation late Tuesday in which he sidelined his most powerful minister, Rafael Ramirez, divvying out his authority to appointees favored by different sectors in the coalition government. Ramirez, a fixture of the South American country’s 15-year socialist revolution, leaves his multiple roles of oil minister, president of the state-run oil giant PDVSA and top economic adviser. His departure strengthens the wing with close ties to Maduro’s mentor, Hugo Chavez: Asdrubal Chavez, an engineer and cousin of the late president, steps in as oil minister; the populist leader’s son-in-law, Jorge Arreaza, keeps his appointed role as vice president. The military, a historical arbiter of political disputes in Venezuela, scored a victory. Current Finance Minister Rodolfo Marco Torres, a low-profile army general, will take over Ramirez’s job as top economic policymaker.
From Staff and Wire Reports