A&D - People & Companies - June 12, 2020ExxonMobil announced that Steve Greenlee, the president of ExxonMobil Upstream Business Development Co., will retire July 1 after over 38 years of service. The board has appointed Linda DuCharme as his replacement and elected her VP of ExxonMobil. She will retain her current position as president of ExxonMobil Upstream Integrated Solutions Co. BPX Energy CEO David C. Lawler has been appointed chairman and president of BP America Inc, succeeding Susan Dio. ConocoPhillips EVP and...
Jun 12, 2020
CM - People & Companies - June 5, 2020Chaparral Energy announced the resignation of SVP and CFO Scott Pittman and will conduct a search to fill the vacancy. Current controller Stephanie A. Carnes was assigned the CFO role on an interim basis. Senior director of corporate finance Patrick Graham will serve as the primary investor contact. VP of geoscience Mark Ver Hoeve is retiring. ConocoPhillips named William Bullock, Jr. EVP and CFO effective Sept. 1, succeeding the retiring Don Wallette, Jr. Bullock is currently Asia...
Jun 05, 2020
PS - People & Companies - June 3, 2020Abraxas Petroleum missed the deadline to file its Q1 results on May 11 and has filed for a 45 day extension with the SEC. The company’s operations have experienced disruptions because of the coronavirus, including office closures, communication issues between the company and its professional advisors and the unavailability of key personnel required to prepare financial statements. Abraxas has assets in the Williston and Permian basins. Battalion Oil board member and chairman of the...
Jun 03, 2020
A&D - People & Companies - May 1, 2020Amplify Energy president and CEO Ken Mariani has retired. Current CFO Martyn Willsher has been appointed interim CEO. On behalf of the board, Chris Hamm will serve as lead director. Antero Resources appointed Jacqueline C. Mutschler to its board as a Class II director, increasing the size of the board to nine directors, seven of whom are independent. Mutschler has an extensive background in the oil and gas industry, previously serving as SVP and head of E&P technology at BP from 2006 to...
May 01, 2020
CM - People & Companies - April 24, 2020EnLink Midstream, LLC elected Deborah G. Adams and James K. Lee to its board, expanding it to 10 directors. Adams is an independent director while Lee replaced Matthew C. Harris, who resigned. The changes took effect March 1. The company has four independent directors. Murphy Oil Corp. announced the return of Roger W. Jenkins to his roles as president and CEO following a medical-related leave of absence. David Looney, who stepped in for Jenkins, has returned to his day-to-day role as...
Apr 24, 2020
PS - People & Companies - April 22, 2020Amazing Energy Oil & Gas Co. named Benjamin Jacobson III CFO, effective Feb. 13, replacing Marty Dobbins, who resigned. Prior to joining Amazing Energy, Jacobson co-founded ICP, LLC, which invests in E&P companies. Amplify Energy president and CEO Ken Mariani has retired. Current CFO Martyn Willsher has been appointed interim CEO. On behalf of the board, Chris Hamm will serve as lead director. Antero Resources appointed Jacqueline C. Mutschler to its board as a Class II...
Apr 22, 2020
CM - Upstream companies make quick capex cut decisions - March 2020Though more are certain to come as the industry adjusts to a new pricing climate, a number of companies have already announced changes to 2020 spending plans and strategies. By and large, the companies that have made early capex reduction announcements have high exposure to the Permian and other oil-weighted oil plays. Apache Corp. cut its 2020 capex to $1- 1.2 billion from $1.6-1.9 billion and is cutting its quarterly dividend by 90% to $0.025/ share. Its rig count in the Permian will...
Mar 13, 2020
A&D - Analyst Notes - February 6, 2020EQT Corp. (EQT; $8.24-Jan. 17; Overweight; PT-$12.50) Given weak natural gas fundamentals, we anticipate an acute focus on the company’s deleveraging program and incremental progress to simplify its services contracts with key midstream partners. To that end, we understand negotiations with Equitrans (ETRN) on a “win-win” adjustment to its services contract (i.e., lower market based gathering fees in exchange for higher MVCs/contract duration) are at an advanced stage, with a potential...
Feb 06, 2020
CM - Giving credit, guidance and our best for a happy holiday season - December 2019Loans have become the lifeblood of at least two prominent industry players—Chesapeake Energy (PG.1) and McDermott International (PG.15). Chesapeake’s $1.5 billion will help it clear up some older debt, including what it took on when it bought WildHorse Resource Development in February, and McDermott worked with lenders on a workaround to the original terms to gain access to the second tranche of a superpriority loan. Other oilfield services companies, Key Energy Services (PG.15) and...
Dec 13, 2019
CM - Murphy selling $550MM in bonds to repurchase older notes - November 2019Murphy Oil Corp. priced $550 million aggregate principal amount of 5.875% senior notes due 2027 for an offering that it expects to close Nov. 27. The company will use proceeds to fund the cash tender offers for its purchase of up to $550 million of its 4% senior notes due 2022 and 3.7% senior notes due 2022. JP Morgan, BofA and MUFG are joint book-running managers for the offering. Under terms of the tender offer, Murphy will pay $998 per $1,000 face amount of its 5.875% notes up to its $500...
Nov 15, 2019
PS- People & Companies - October 21, 2019Antero Resources announced that Vicky Sutil and Tom Tyree have been appointed to its board as a Class III director and Class I director, respectively, effective as of Oct. 7. Sutil has an extensive background in the oil and gas industry, previously with California Resources Corp. while serving as VP of commercial analysis for CRC Marketing, Inc. from 2014 to 2016. Tyree is currently the chairman of Northwoods Energy LLC, an upstream oil and gas company he founded in January 2018....
Oct 21, 2019
A&D - People & Companies - October 10, 2019Denver-based Cimarex Energy Co. announced the retirement of Michael J. Sullivan from the board and the appointment of Kathleen A. Hogenson as independent director, effective Sept. 30. Hogenson is president and CEO of Zone Oil & Gas, which she co-founded in 2007. Grizzly Energy LLC announced that R. Scott Sloan stepped down as president and CEO and Jonathan C. Curth has been appointed his successor in these roles on an interim basis. Curth has served as Grizzly’s general counsel,...
Oct 10, 2019
CM - People & Companies - August 02, 2019Alta Mesa Resources, Inc.
announced that VP and chief accounting
officer Ronald J. Smith was terminated
effective July 19. Baker Hughes, a
GE company named Jud
Bailey VP of investor relations, succeeding
Philipp Mueller, who resigned. Bailey joins
BHGE from Wells Fargo Securities. Chaparral Energy, Inc. elected
Marcus Rowland interim chairman of the
board effective July 25. He replaces Robert
F. Heinemann, who resigned on July 10. Comstock Resources expanded its
board of...
Aug 02, 2019
IS - People & Companies - July 23, 2019London-listed ADM Energy
appointed Osamede Okhomina as CEO.
He was a founding partner and CEO of
Africa-focused Energy Equity Resources,
a partner investor of ADM in the OML 113
license offshore Nigeria. Dawood Nassif has been appointed
chairman of Bahrain Petroleum Co.
by oil minister Sheikh Mohammed bin
Khalifa bin Ahmed Al Khalifa, the Bahrain
News Agency reported July 16. The move
came after the oil minister ordered a
reconfiguration of the board. The US subsidiary of...
Jul 23, 2019
CM - Upstream Capital Briefs - December 13, 2019Houston-based CA Energy Investment Partners LP disclosed the sale of $106 million in pooled investment fund interests, per its Nov. 27 filing with the US Securities and Exchange Commission. The partnership accepted funds from seven investors beginning Nov. 12, it said. The partnership is reportedly tied to Alpine Energy Capital, LLC which signed a Drillco agreement with California Resources Corp. under which it would commit an initial $320 million for the development of about 275 wells in Elk...
Dec 13, 2019