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
TULSA — 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.”
Bank’s official resigns seat
STILLWATER — Southwest Bancorp Inc. and subsidiary bank, Bank SNB, on Tuesday announced the resignation of Robert B. Rodgers from the board of directors and the appointment of James M. Morris II to fill the vacancy, effective immediately. Rodgers has served on the board since 1996 and served as chairman for 13 years, ending in 2012. Morris is the former CEO of John Hancock’s Boston, Mass.-based distribution system, and served as chairman and CEO of John Hancock’s broker dealer, Signator Investors Inc., as well as chairman of Essex Co. and Essex National Securities Inc.
Warwick taps new vice president
Oklahoma City-based Warwick Energy Group has named Jessica Tompkins vice president of land, where she will oversee Warwick’s onshore oil and natural gas land work. Prior to joining Warwick, Tompkins served as director of land processes at Chesapeake Energy Corp. “Jessica is an innovative leader in the land side of the oil and gas business, with a reputation for exquisite, high-quality land and title work,” Warwick CEO Katherine Richard said.
TULSA — Unit Corp. on Tuesday reported net income of $51.3 million, or $1.05 a share, for the fourth quarter, reversing a loss of $56.5 million, or $1.18 a share, in the same period of 2012. “During 2013, the company continued to progress on several strategic initiatives,” CEO Larry Pinkston said. “Our production in the fourth quarter increased 5 percent over the third quarter and overall production increased 18 percent year over year.” Pinkston said Unit’s contract drilling segment kept its utilization rate consistent during the quarter, while its midstream segment is benefiting from previous investments. “We are pleased with the performance of all three of our segments and are excited about their continued growth opportunities,” he said. “Each segment is operating under key initiatives intended to create additional shareholder value for years to come.”
From Staff Reports