Ohio trust buys shopping centers
Ohio-based Glimcher Realty Trust said Monday that it had completed its purchase of Nichols Hills Plaza, Classen Curve and The Triangle shopping centers from Chesapeake Energy Corp. for $51.8 million. “Based on early interest, we believe there is an opportunity to create a fully integrated, mixed-use shopping and entertainment district serving the local community as well as the broader Oklahoma City market,” Michael P. Glimcher, chairman and CEO of Glimcher Realty, said in a statement. Tom Blanton, president of Blanton Property Co., will partner with Glimcher on leasing and development. “We are pleased to have one of the country’s foremost retail real estate developers next to our campus,” Chesapeake Energy CEO Doug Lawler said in a statement. “Through this sale, Chesapeake continues its strategy of divesting non-core assets to focus on our business of energy exploration and production.”
ADDvantage takes in Nave Co.
BROKEN ARROW — Cable network equipment provider ADDvantage Technologies Group, Inc. has acquired Maryland-based Nave Communications Company, a provider of used telecommunication networking equipment. Nave will do business as a stand-alone division of ADDvantage Technologies Group, with founder Doug Nave named president of the division. The Nave addition includes about $10.1 million in upfront payments, as well as $3 million in deferred payments over the next three years and additional future payments based on Nave achieving performance goals.
Devon leaders join Enlink board
Devon Energy Corp. CEO John Richels will be chairman of EnLink Midstream, the pipeline partnership the company is forming with Dallas-based Crosstex Energy LP. Crosstex CEO Barry E. Davis, who is expected to lead the new partnership, will serve on the nine-member board of general partner EnLink Midstream Partners GP as well. Richels will be one of five Devon representatives on the board, along with Chief Operating Officer Dave Hager, Chief Financial Officer Thomas L. Mitchell and Darryl G. Smette, Devon’s executive vice president of marketing, midstream and supply chain. Devon board member Mary P. Ricciardello, a former Reliant Energy Inc. executive, also will join the EnLink board. The other members will be former Centex Corp. executive Leldon E. Echols and independent oil and natural gas consultants Scott A. Griffiths and Kyle D. Vann. The Devon-Crosstex partnership is expected to close next month, setting the stage for EnLink and its general partner to trade as public companies.
TULSA — WPX Energy posted a net loss of $973 million, or $4.85 a share, for the fourth quarter, the company announced Thursday. WPX lost $106 million, or 53 cents a share, in the same period of 2012. Officials said the quarter was hit by $1.4 billion in impairment charges that offset a 21 percent increase in oil revenues. “We are working to increase our cash flows and improve our results,” CEO Jim Bender said. “This includes efforts on a variety of fronts, such as cost reductions and a continued commitment to pursue new efficiencies in our operating areas. We believe 2014 can be a transformational year as we achieve our objectives and complete our leadership transition.”
From Staff Reports