By any measure, 2009 was a remarkable and tumultuous year, one some would like to forget. For many others, the shale plays continued to shine with opportunity for companies and investors alike. Some equities rose dramatically as oil prices climbed throughout the year. Leaders of every stripe had to focus, focus, focus. That focus led to some outstanding performances and enhanced value. And it is those we honor here, as the editors proudly announce and congratulate the 2009 winners of the Oil and Gas Investor Excellence Awards. We’ll be writing about the winners in this and subsequent issues.
First, we are delighted to honor as Executive of the Year James T. Hackett, the chairman and CEO of Anadarko Petroleum Corp. Last year the Houston company made nine deepwater discoveries around the world, including in the frontier province offshore Mozambique. It grew production while cutting its budget and operating costs, and advanced several mega-projects under development. It closed on the largest bought-deal offering ever made in the upstream. A long-time student—and professor—of leadership, Hackett empowers his executive team and employees as they focus on continuous process improvements on every well.
The Best Discovery of the Year goes to McMoRan Exploration Co., New Orleans, and its spectacular Davy Jones well. Drilled in shallow water in the Gulf of Mexico, its meaning goes far deeper. CEO Jim Bob Moffett believes that this well proves that prolific Wilcox pay extends from onshore Louisiana through the deepwater Gulf—with the shelf as the missing link that connects them both. In this issue we detail how this find was made, and what comes next for the company—and for the shelf.
Best Financing of the Year is awarded to Cobalt International Energy Inc. This Houston start-up backed by impressive private equity, and helmed by savvy offshore veterans, went public just as 2009 was nearing its end, the first E&P IPO in three years. It raised close to a billion dollars, yet had no reserves, production or income at the time. What it did have was a great lease inventory, a plan and some outstanding joint ventures with partners—not to mention excellent drilling prospects in the right offshore neighborhoods. This deal shows the benefits of preparation and the powerful allure of world-class reserve potential.
Energen Resources Corp. of Birmingham, Alabama, wins the Best Field Rejuvenation award. The company bought the North Westbrook Unit in 2005 in the Permian Basin, when the unit was producing about 900 barrels of oil a day. Today, after a series of smart moves including adding new infrastructure and drilling 360 wells, the unit is producing almost 4,000 barrels a day. This unit is part of the 90-year-old Westbrook Field, which includes the discovery well for the basin, the famous Abrams #1. Now that’s rejuvenation!
New this year is the award for Best Turnaround. This honor goes to Brigham Exploration Co. of Austin, Texas. By virtue of its perseverance, technical skills and outstanding drilling success in the Bakken shale in North Dakota, the company vastly improved its financial health last year. Two equity offerings and a meaningful joint venture with another E&P company contributed to its renewal. Now it is reporting rising production in the Bakken and some of that play’s best wells.
The Best Corporate Citizen award goes to Range Resources Corp., of Fort Worth, for its commitment to reducing environmental impacts, and enhancing safety, in the Marcellus shale play in Pennsylvania. Throughout 2009 it introduced water recycling into Marcellus operations successfully, setting a standard for other operators. Additionally, it collaborated with local, county and state officials in organizing a drill to familiarize emergency workers with oilfield equipment and processes. The goal: to facilitate a prompt and effective response, if needed.
Lastly, you may be curious about the M&A Deal of the Year. This year, the winner will be announced on September 2 at our 9th annual A&D Strategies and Opportunities Conference in Dallas. There, buyers, sellers and advisors will convene to learn more about this particular deal, and hear from other industry experts as well.
Our thanks go to all the readers and industry members who nominated outstanding people and companies for these awards. It is a pleasure to recognize the winners, write about them and learn from them. In a complex industry such as this, one can never learn enough.
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