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Business briefs for Sept. 5, 2014

Business briefs for Sept. 5, 2014
Oklahoman Published: September 4, 2014

Plugging in

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

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.”

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