Companies - News
At the time of Wright's retirement, Will Giraud, executive vice president, will be named COO. Effective immediately, Giraud is responsible for Concho's four asset teams as well as business development and strategy.
Halliburton said May 17 that CEO Dave Lesar will retire on June 1 and be replaced by Jeff Miller, Lesar's longtime deputy and fellow board member.
BP shareholders on May 17 approved an $11.6 million pay package for CEO Bob Dudley after the oil and gas company cut it in response to investor pressure.
Daly joined Kimbell in 2016 as senior vice president of corporate development, where he played a "major role" in the company's transition from a private to public company, said Davis Ravnaas, Kimbell's president and CFO.
BP’s oil trading division alleged that Joseph Giljum, a crude oil analyst who left the company in April, compiled over 950 business files containing confidential and valuable information and uploaded the files to his personal Amazon Cloud Drive.
Rex Energy said the reverse stock split is intended to maintain its listing on NASDAQ and broaden the range of potential investors in the company.
Memorial Production Partners LP said May 4 it successfully completed its financial restructuring, emerging from Chapter 11 as a new corporation named Amplify Energy Corp.
Proceeds from IPOs of MLPs, the structure used by most energy firms to house assets that ship and store oil and gas, dropped to $323 million last year from $4.9 billion in 2015, according to Thomson Reuters data, Reuters reported.
A 55% rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts while reducing debt.
Additionally, the company nearly doubled its full-year capital budget to $190 million to $200 million and now intends to complete 26 wells in the Eagle Ford Shale.
Anadarko Petroleum reported a bigger-than-expected quarterly loss on May 2, as expenses rose about 53%, failing to offset gains from higher crude prices.
A U.S. "border adjustment tax" could slap a tax of up to 20% on imports including crude oil, affecting Canadian companies, which send most of their products southward.
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