Deal earns bonus for executive
A Chesapeake Energy Corp. executive received a $1.5 million cash bonus for his role in working out a $1 billion joint venture with a Chinese oil giant. Douglas J. Jacobson, the company's executive vice president of acquisitions and divestitures, was awarded a special one-time bonus by the board's compensation committee, according to a regulatory filing. Chesapeake closed on its $1.02 billion joint venture in the Mississippi Lime formation with China's Sinopec International Petroleum Exploration and Production Corp.
Equity firm buys Milam Tool Co.
Oklahoma City-based Milam Tool Co. has been acquired by energy-focused private equity firm Intervale Capital. Intervale also bought Houston's K&M Machine Works. Assets of two companies will combined under a newly formed holding company called Benchmark Completions LLC. CEO Clayton Plucheck said Benchmark will be a “best-in-class casing hardware and accessories company.” “Benchmark is committed to delivering to the market cutting-edge casing hardware products,” he said.
NGL Energy starts public sale
TULSA — NGL Energy Partners LP on Monday announced the start of an underwritten public offering of 9 million common units. Underwriters will be able to purchase an additional 1.35 million units. Proceeds from the sale will be used to repay debt and for general partnership purposes, including capital expenditures and potential acquisitions.
Storm assistance deadline nears
Survivors of the tornadoes, severe storms and flooding that plagued Oklahoma between May 18 and June 2 have until July 19 to register for federal and state disaster assistance. “Even if you think your damage wasn't that bad, you still should register with FEMA,” Oklahoma Insurance Commissioner John D. Doak said. Register online at www.disasterassistance.gov or call (800) 621-3362 or (TTY) (800) 462-7585.
From Staff Reports