SemGroup, Rose Rock name chief
TULSA — SemGroup Corp. and Rose Rock Midstream LP will have a new president and CEO on April 1, the companies announced Thursday. Carlin G. Connor, who has more than 23 years of experience in the midstream industry, will succeed Norm Szydlowski. Szydlowski’s decision to retire spurred a comprehensive search for his replacement. Conner will be appointed to the SemGroup board and will also become chairman of the board of Rose Rock Midstream’s general partner. Conner has been with Oiltanking Houston LP since 2000, helping with its initial public offering as a master limited partnership in 2011. He was named managing partner of the Oiltanking Group in 2012. “We are excited to name Carlin as chief executive officer. His significant industry experience, in and out of US markets, as well as proven leadership capabilities and successful track record will serve SemGroup and Rose Rock well as we enter into our next phase of growth and success,” SemGroup Chairman John F. Chlebowski Jr. said. “The board is confident that we have the right team to continue executing our strategic plan for the benefit of our customers, partners and shareholders.”
OG&E lauded for emergency work
Oklahoma Gas and Electric Co. has received the Emergency Recovery Award from the Edison Electric Institute for its efforts to restore power in May after an outbreak of severe weather. The award is presented each year to an institute member, as chosen by a panel of judges after an internal nomination process. Multiple May tornados left more than 200,000 OG&E customers without power. CEO Pete Delaney praised the company’s employees for restoring service. “I applaud our members for their dedication to our customers and outstanding work during these back-to-back events,” Delaney said. “I’m especially proud that in these challenging circumstances, our members maintained their focus on working safely.”
Devon plans to boost dividend
Devon Energy Corp. is boosting its quarterly cash dividend to 24 cents a share, the company announced this week. That is a 9 percent increase. “This is Devon’s ninth dividend increase since 2004, representing an annual compound growth rate of 23 percent,” CEO John Richels said. “Our dividend increase highlights Devon’s long-term commitment to returning cash to our shareholders and ultimately reflects the confidence we have in our underlying business.” The dividend will be paid on June 30.
Lybarger joins Cypress board
Former BOK Financial CEO Stanley A. Lybarger has been elected to the board for the general partner of Cypress Energy Partners LP., the partnership announced this week. Cypress provides saltwater disposal and other environmental services to U.S. oil and natural gas producers. Lybarger is the sixth member of its board. He will head the board’s audit committee. “Stan will be a valuable addition to our board, based on his experience leading BOK Financial and his deep knowledge and relationships in the energy industry,” Cypress CEO Peter C. Boylan III said.
BNK reports proved reserves
BNK Petroleum Inc. had proved reserves of 4 million barrels of oil equivalent in its Oklahoma acreage at the end of 2013, the California-based company reported this week. The reserve estimate conducted on BNK’s Caney and Upper Sycamore formations by Netherland, Sewell and Associates Inc. was attributed to six wells drilled in the play and plans to drill 29 additional wells over the next four years. The reserves are allocated to about 9,200 net acres, or about two-thirds of BNK’s acreage in the Tishomingo Field. The company expects further 3D seismic surveys to confirm reserves over its entire acreage.
From Staff Reports