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.
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