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Plugging In business briefs for March 28

Plugging In business briefs for March 28, 2014
Oklahoman Published: March 28, 2014
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PLUGGING IN

Index shows energy jobs growth

The Oklahoma Energy Index increased this month due to revised Bureau of Labor Statistics data that showed a larger number of state residents working in the oil and natural gas industry. The index is a comprehensive measure of the state’s oil and gas production economy established to track industry growth rates and cycles in one of the country’s most active energy-producing states. The revised numbers show a 2.6 percent growth in employment, continuing a prolonged trend that has seen primary and supported employment nearly double in Oklahoma over the past decade. “The state’s robust oil and gas industry has been creating direct job growth for some time,” said Chris Mostek, vice president of energy lending for Bank SNB. “The compounding benefit for the state is the job growth and resulting purchasing effects created by the continued investment in our energy economy.” The new jobs data in February increased the energy index to 159.19, up nearly 7 percent for the year. “The largest source of strength comes from natural gas spot prices which, due in large part to severe cold weather over much of the nation, topped $7 briefly for a week in February,” Oklahoma City University economist Russell Evans said. “Modest growth in employment as well as increases in crude oil spot prices and the Oklahoma energy equity portfolio accounted for the February gain.”

Panel to discuss fracking

The Oklahoma Energy Resources Board, Sustaining Oklahoma’s Energy Resources and the University of Oklahoma chapter of the Society of Petroleum Engineers will host a panel discussion next week on the science and technology behind hydraulic fracturing. Speakers will be Weatherford Fracturing’s Tito Abisied, OU professor Robert Puls and Chesapeake Energy Corp. geologist Bert Smith. The forum, which runs from 5:30 to 7 p.m. April 2, will be in the Boren Auditorium at OU’s National Weather Center. It is free to the public.

PostRock Energy names official

PostRock Energy Corp. has named Casey E. Bigelow as its chief accounting officer, according to a regulatory filing. Bigelow has been with PostRock since February 2011, joining the company after more than four years with Ernst and Young LLP. He has served as the company’s controller since November 2012.

Calumet to acquire ADF Holdings

Calumet Specialty Products Partners LP has struck a deal to acquire ADF Holdings Inc. and subsidiary Anchor Drilling Fluids USA Inc. for $235 million, subject to customary purchase price adjustments. The deal is expected to close by March 31. Anchor, a private company formed in 2005 by Bob and Phil West, is a leading independent provider of drilling fluid solutions, completion fluids and production chemicals for the oil and natural gas industry. It has more than 30 manufacturing, mixing, storage and distribution facilities in 13 states. “With the acquisition of Anchor, Calumet will become a leading independent producer and marketer of drilling fluid solutions in the United States,” President Jennifer Straumins said. The Indianapolis company will add more than 400 Anchor employees once the deal closes.

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