New floating platform planned
TULSA — Williams Partners LP has struck a deal with Japan's Marubeni Corp. to help build its first Gulfstar floating production system, the partnership announced Wednesday. Marubeni will pay about $225 million, followed by monthly capital contributions, for a 49 percent stake in the project. “We're very pleased to be following through on our goal of adding a partner to our first Gulfstar project,” CEO Alan Armstrong said. “Adding a partner like Marubeni will benefit us significantly, giving us more flexibility in capital spending as we continue to pursue attractive projects in all of our operating areas.” The first Gulfstar platform is expected to be put into service in the middle of next year.
Website is under investigation
Attorney General Scott Pruitt issued a warning Wednesday for Oklahoma consumers and Realtors to beware of a fraudulent Realtor complaint website. Realtor-complaints.com has used the Realtor registered trademark to promote the website and its reviews, he said. The National Association of Realtors is investigating the site for reports of fraudulent information that includes a string of falsified reviews. To remove complaints, the site operator reportedly asks for payment of up to $100 to an account in the Bahamas. To report suspected fraud or scams, contact the Attorney General's Public Protection Unit at 521-2029, (918) 581-2885, PublicProtection@oag.ok.gov or local law enforcement.
ORCHIDS PAPER PRODUCTS CO.
PRYOR — Orchids Paper Products Co. reported Wednesday that its net income rose nearly 50 percent last year to $9.3 million, or $1.18 a share. The paper products manufacturer earned $6.2 million, or 80 cents a share, in 2011. “We are pleased to announce that our full-year results include record sales levels for both converted product and total net sales, with converted product shipments of just over 7 million cases,” CEO Robert Snyder said. “Shipments of the previously announced new business gains of approximately 1.1 million cases are proceeding within our expectations and we are off to a strong start in 2013.” In the fourth quarter, Orchids' net income dropped to $2.2 million from $2.7 million in the same period of last year.
MATRIX SERVICE CO.
TULSA — Matrix Service Co. on Wednesday reported net income of $5.4 million, or 21 cents a share, for the second quarter. That is down from $7 million, or 27 cents a share, for the same period of last year, as Matrix recorded a $3.3 million charge related to an aboveground storage tank project in Canada. CEO John Hewitt said officials were disappointed with the charge, but western Canada still is an area of focus in Matrix's long-term growth strategy.
From Staff Reports