Devon names VP, accounting chief
Devon Energy Corp. has tabbed Jeremy D. Humphers as its senior vice president and chief accounting officer, according to a regulatory filing. Humphers, who has more than 19 years of accounting and oil and natural gas industry experience, has been with Devon since 2003. The East Central University graduate was a senior manager at KPMG LLP before joining Devon.
OG&E offers education grants
Public schoolteachers in Oklahoma Gas and Electric Co.’s service area have until May 30 to apply for grants to fund projects for the 2014-2015 school year. Teachers can earn grants of up to $1,000 for creative projects focused on math, science and reading. OG&E has invested more than $250,000 in classroom programs since 2003. “We value the schools in the communities where we live and work,” said Kathleen O’Shea, OGE’s manager of corporate communications. “We are pleased to provide funding for innovative programs that otherwise might not happen.” Applications, guidelines and a complete list of the cities in Oklahoma and western Arkansas served by OG&E are available online at oge.com.
Compressco names chairman
Compressco Partners LP announced Thursday that Stuart M. Brightman has been elevated to chairman of the board for its general partner. Brightman succeeds Geoffrey M. Hertel, who retired from the board this week. Paul D. Coombs was appointed to the board in Hertel’s place. “We are extremely pleased to be adding Paul Coombs to our board of directors,” Compressco President Ronald J. Foster said. “Paul’s many years of service with TETRA Technologies Inc., and his in-depth knowledge of the oil and gas services industry overall, will be a valuable resource for our board.”
WPX, Legacy agree to $355M deal
TULSA — WPX Energy has agreed to sell a 30 percent working interest in some of its existing wells in Colorado’s Piceance Basin to Legacy Reserves LP for $355 million in cash, the company announced this week. The agreement also gives WPX a 10 percent stake in a newly created class of incentive distribution rights with Legacy. The Tulsa company’s stake could increase to 30 percent if additional deals are completed in the future. The deal, which is expected to close this quarter, involved about 9 percent of WPX’s reserves in the northwest Colorado basin. Legacy’s working interest is expected to average 71 million cubic feet of natural gas equivalent per day over the next five years. WPX CEO Jim Bender said the sale will help the company fill a gap in its 2014 capital plan, without increasing the complexity of its corporate structure by forming a master limited partnership.
EnLink selects new vice president
DALLAS — EnLink Midstream Partners LP has promoted Brad B. Iles to the newly created position of senior vice president of business development, the company announced this week. Iles will partner with EnLink’s gas and liquids business unit to identify development projects that support the partnership’s overall growth strategy. EnLink was formed in March when Devon Energy Corp. combined its midstream assets with Dallas-based Crosstex Energy. “Brad played a vital role in the development and execution of growth opportunities at Crosstex Energy, and we are pleased that he will continue to lead our business development efforts at EnLink in his expanded role,” CEO Barry E. Davis said. “Through Brad’s leadership, EnLink Midstream is well positioned to execute on our plan to enhance our existing asset base and provide a solid foundation for strong, sustainable growth over the near and long-term.” Iles began his career at Crosstex in 2004 as a project engineer. Most recently, he was vice president of business development for Crosstex’s gas gathering, processing and transmission unit.
Osage well is ahead of schedule
Osage Exploration and Production Inc. reached total depth on its first horizontal Woodford well this week nine days ahead of schedule. That stage of drilling was completed in 14 days, rather than 23 as expected, which saves the company money. “From the outset of its operated drilling program earlier this year, Osage has had a laser focus on efficient, high-quality operations,” said Jack Zedlitz, the company’s vice president of corporate development. “At the end of the day, what matters most is putting oil in the tank in a highly economic manner. We believe that we are on our way to doing so with our first two operated wells, and we expect that those results will be repeatable.”
Anti-fracking group plans forum
A group seeking a ban on wastewater injection wells is hosting a public forum next week in Stillwater. Stop Fracking Payne County will discuss the impacts of hydraulic fracturing at its first public meeting. Spokesman Earl Hatley said the process endangers water supplies, wildlife and property values. The forum will be 6:30 to 8:30 p.m. Tuesday at the Stillwater Public Library. It will include a presentation by Hatley, who is Grand Riverkeeper, and an open discussion period.
Chesapeake finalizes offer
Chesapeake Energy Corp. said Thursday it has completed its previously announced cash tender offer for its 9.5 percent senior notes due 2015. Through the offer, Chesapeake bought back almost $947 million worth of notes, or almost 75 percent of the previous principal amount outstanding of more than $1.26 billion.
FROM STAFF REPORTS