Oklahoma energy business briefs for May 9, 2014

Oklahoma energy business briefs for May 9, 2014
Oklahoman Published: May 9, 2014
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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

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.

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