FNB head announces successor
MIDWEST CITY — First National Bank Chairman and President Robert H. Croak announced that his son, William H. Croak, will assume presidency of the bank and become vice chairman of the board on Jan. 1. Robert Croak will continue to serve as board chairman and remain involved in the bank's daily activities. “To date, three generations have successfully managed FNB, and with six grandchildren, I see that continuing well into the future,” Robert Croak said. He also announced the promotion of his son, John H. Croak, to executive vice president and vice chairman of the board.
SandRidge sets date for decision
SandRidge Energy Inc. has set Dec. 13 as the deadline to determine which of its shareholders are entitled to vote on an investment firm's push for a leadership change at the Oklahoma City-based oil company. TPG-Axon Capital, one of SandRidge's largest shareholders, wants to amend the company's bylaws to make it easier to change the makeup of the board. TPG-Axon CEO Dinakar Singh wants the company to consider a possible sale to bolster shareholder value, noting SandRidge's stock price has plummeted since its initial public offering in 2007. Singh wrote two letters to SandRidge's board last month to express his concerns about the company.
Judge asked to settle dispute
TULSA — Three subsidiaries of ONEOK Partners LP are asking a federal judge to determine the limits of the Pipeline and Hazardous Materials Safety Administration's jurisdiction over a natural gas liquids fractionation plant in Bushton, Kan. “Although PHMSA has jurisdiction over our pipeline systems into and out of the plant, the Bushton NGL fractionation plant is regulated by the Occupational Safety and Health Administration and the Environmental Protection Agency,” said Pierce H. Norton, ONEOK Partners' executive vice president and chief operating officer. “We believe PHMSA is outside its jurisdictional authority by inspecting and attempting to impose different regulations on the assets and operating procedures currently regulated by OSHA and the EPA. We believe that having different rules within the same plant could result in misinterpretation and confusion.”
From Staff Reports