CO-op makes $433M payout
The nation’s leading agricultural cooperative will distribute about $433 million to its owners, including $6.1 million to 735 farmers, ranchers and cooperatives in Oklahoma. That distribution is the second largest in the history of CHS Inc., based on the Minnesota-based energy, grains and foods company’s $992.4 million net income in fiscal year 2013. “The ability of our owners, who are also our customers, to directly share in the financial success of CHS is a distinct advantage of being part of a cooperative business,” said David Bielenberg, an Oregon farmer who is chairman of CHS’s board. “And this is cash that returns to local communities, enabling farmers, ranchers and cooperatives to invest in their own futures.” CHS has returned more than $3.5 billion in cash to agricultural producers and member cooperatives since its creation in 1998.
WPX capital spending rises
TULSA — WPX Energy expects to spend about $1.5 billion on its capital projects this year, with the bulk of its going to continued drilling in North Dakota, Wyoming and New Mexico. The company predicts it will see a 39 percent increase in domestic oil production thanks to its 20 percent increase in capital spending. “Increased oil volumes, efficient development of our resource base and enhanced balance sheet flexibility will help drive increased cash flows and better overall results,” CEO Jim Bender said.
Laredo had a good year
TULSA — Laredo Petroleum Inc. said Tuesday it produced 11.2 million barrels of oil equivalent in 2013. Production from the Permian region of west Texas increased 20 percent to 9.1 million equivalent barrels. The Tulsa-based energy company also said it increased proved reserves to a record nearly 204 million equivalent barrels, up 27 percent on the year, adjusted for the sales of Anadarko Basin assets. Oil represented 55 percent of the company’s reserves at the end of the year, up from 52 percent one year earlier.
From Staff Reports