LSB to build Ark. ammonia plant
LSB Industries Inc. said Wednesday its chemicals subsidiary has agreed with SAIC Constructors to build a 375,000-ton-per-year ammonia plant in El Dorado, Ark. Under terms of the agreement, SAIC will provide engineering services and manage construction of the ammonia plant and associated facilities. The project is expected to cost $250 million to $300 million and is expected complete by the end of 2015. LSB said it will pay for the project with the proceeds of its $425 million senior secured notes sale completed Aug. 7.
Access Midstream offers notes
Access Midstream Partners LP on Wednesday announced the start of a $400 million public offering of senior notes. The notes issuance will be in addition to ones Access issued in April 2011. Proceeds from the latest offering will be used to provide working capital, repay debt and fund Access' capital expenditure program or acquisitions.
Roundtable names new officers
The Oklahoma Business Roundtable on Wednesday announced its recently elected officers and executive committee members. Officers are Chairman Bill Burgess of Vortex Inc. in Lawton, Vice Chairman Rhonda Hooper of Jordan Associates in Oklahoma City, Secretary/Treasurer Tom Clark of Tulsair Beechcraft in Tulsa, and immediate past chairman Bryan Gonterman of AT&T-Oklahoma in Oklahoma City. Other executive committee members elected are Gov. Bill Anoatubby of the Chickasaw Nation in Ada, Rick Armstrong of Flight Safety International in Broken Arrow, Ted Haynes of Blue Cross Blue Shield of Oklahoma in Tulsa, Lou Kerr of the Kerr Foundation in Oklahoma City, Renee Porter of Advancia Corp. in Oklahoma City, Lew Ward of Ward Petroleum in Enid, and Dana Weber of Webco Industries in Tulsa. Ex officio members are Fred Morgan of the State Chamber of Oklahoma, Mike Neal of the Tulsa Regional Chamber of Commerce and Roy Williams of the Greater Oklahoma City Chamber of Commerce. The Oklahoma Business Roundtable serves as the state's major economic development support organization. The nonprofit organization assists with dozens of programs and activities that help promote business investment and jobs in the state.
New Source Energy Partners
New Source Energy Partners LP on Wednesday announced net income of $8.2 million, or 89 cents a share, for the second quarter. New Source benefitted from derivative gains of $6.2 million as commodity price fell below the partnership's longer term contracts. New Source's average daily production dipped by about 300 barrels of oil equivalent in June because of flooding, but it was able to boost second-quarter production by nearly 8 percent. “While our second-quarter average net daily production was below our intended forecast due to the June flooding, we ended the quarter well and are continuing to see production increases resulting from our current drilling program. In short we are moving forward,” CEO Kristian Kos said. New Source will pay a cash distribution of 55 cents a unit for the second quarter.
From staff reports