Oklahoma Business briefs for Feb. 26

Oklahoma Business briefs for Feb. 26
Published: February 25, 2014
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OKLAHOMA BRIEFS

SandRidge sells Gulf assets

SandRidge Energy Inc. has closed the sale of its Gulf of Mexico assets, the company announced Tuesday. Fieldwood Energy LLC paid $750 million for SandRidge’s holdings in the Gulf and along the Gulf Coast, while taking on $370 million in abandonment liabilities. SandRidge will retain a 2 percent royalty interest in certain exploration prospects. The Oklahoma City-based company expects to use proceeds from the sale to fund its Mid-Continent drilling projects. “The sale of the Gulf assets allows us to heighten our focus on the Mid-Continent where we are leveraging our established competitive advantages to build real value for our shareholders,” CEO James Bennett said.

Williams Cos. adds two directors

The Williams Cos. Inc. is adding two directors to its board as part of an agreement with investors Corvex Management LP and Soroban Capital Partners LLC, the companies announced Tuesday. Corvex and Soroban have agreed not to solicit any proxies in advance of Williams’ annual meeting in November. They also will vote their shares in support of the Board’s director nominees at that meeting. “Creating stockholder value is the top priority of the Williams board. To that end, we appreciate the confidence that Corvex and Soroban have demonstrated in Williams via their substantial investments,” CEO Alan Armstrong said. Soroban Managing Partner Eric Mandelblatt will join Williams’ board immediately, while Corvex Managing Partner Keith Meister or a mutually agreeable industry expert will join in November.

Law firm receives state honors

Crowe and Dunlevy has been named by 2014 Oklahoma Firm of the Year by Benchmark Litigation, the annual guide to the country’s leading litigation firms and attorneys. “This is a great honor for our firm and is a testament to the dedication of our attorneys, who strive to provide top quality legal service to our clients,” Crowe & Dunlevy President Kevin Gordon said. “The Benchmark publications have highly ranked not only our firm, but individual attorneys as the best in their fields, and we are proud to receive this distinction.”

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