OERB adds director to board
Marathon Oil Corp. executive Wade D. Hutchings has been added to the board of directors for the Oklahoma Energy Resources Board. Hutchings is the regional vice president of Marathon's Mid-Continent asset team, which oversees operations in Oklahoma, east Texas, north Louisiana and western Colorado. “Mr. Hutchings' combination of experience will be very beneficial to our board,” OERB Executive Director Mindy Stitt said.
SandRidge reports distributions
Three SandRidge Energy Inc. trusts announced their quarterly distributions on Thursday. SandRidge Permian Trust will pay 51.2 cents a common unit and 35.3 cents a subordinated unit on or before May 30. SandRidge Mississippian Trust I will pay 59.04 cents a unit. SandRidge Mississippian Trust II will pay 55.8 cents per unit.
Rose Rock distribution rises
TULSA — Rose Rock Midstream LP will pay a cash distribution of 43 cents a unit for the first quarter, the partnership announced Thursday. That distribution is about 15 percent more than Rose Rock paid in the same period of 2012. “We are pleased to announce the fifth consecutive increase in the distribution to RRMS limited partner unit holders since our initial public offering in December 2011,” CEO Norm Szydlowski said. The distribution will be paid May 15.
Magellan boosts distribution
TULSA — Magellan Midstream Partners LP has boosted its quarterly cash distribution to 50.75 cents a unit, the partnership announced Thursday. The distribution payable May 15 is 21 percent higher than the same period of last year. This is Magellan's 44th distribution increase since its initial public offering in 2001.
Magazine honors Chesapeake
Chesapeake Energy Corp. has been named Military Times magazine's top veteran employers of 2013. Chesapeake was the highest ranking exploration and production company on the magazine's list, ranking 21st out of 53 companies overall. “Chesapeake works hard to recruit and retain veterans as we recognize them to be among the best employees in our industry,” said Martha A. Burger, Chesapeake's senior vice president of human and corporate resources. “Veterans are team players, have outstanding leadership skills and are dedicated to doing their jobs right — all qualities that are rewarded at Chesapeake. We are proud to create a culture that not only finds jobs for our returning military men and women, but helps them build careers and adapt to their civilian lives.”
BNK completes sale of assets
BNK Petroleum Inc. has completed the sale of its Tishomingo Field assets in Oklahoma to Exxon Mobile Corp. subsidiary XTO Energy Inc., the California-based company reported this week. The $147.5 million deal allows BNK to pay down its debt, providing the company with future borrowing capacity. “The sale was structured to preserve our rights in the relatively undeveloped Caney and Upper Sycamore formations in the Tishomingo Field, which we believe represent a promising opportunity to develop new oil reserves and production in an area in which we have a successful operating history,” CEO Wolf Regener said.
Three state students' videos win
Three Oklahoma high school students won thousands of dollars in scholarship money this week for their efforts to promote geothermal technology through videos and social media. More than 50 students from Oklahoma and southeastern New Mexico submitted videos as part of the Go Go Geo Scholarship Video Challenge sponsored by the Touchstone Energy Cooperatives and several geothermal manufacturers. Stillwater High School senior Ean Bonjour earned $10,000 in scholarships for winning the video competition. Casee Cole, a junior at Pond Creek-Hunter Junior-Senior High School, finished second, earning $6,500. Third-place finisher Austin Branch, a senior at Norman High School North, received $5,000 in scholarships. Their videos are posted at gogogeochallenge.com.
Badger acquires Tulsa company
Badger Midstream Energy LP has completed its acquisition of Midstream Energy Services, a private company based in Tulsa, due to a $24.1 million equity investment from U.S. Capital Advisors LLC. Houston-based Badger Midstream will make Midstream Energy Services part of its base set of assets.