Marathon Petroleum Corp. (MPC) announced Wednesday that John Mollenkopf, COO for MarkWest operations following the merger between MPC's midstream limited partnership, MPLX LP, and MarkWest Energy Partners LP, has decided to retire after a 33-year career in the energy industry (see Shale Daily, July 13, 2015; May 13, 2015). "John's impact on MarkWest will be recognized long after he retires, particularly in the influential leadership role he played in growing the company's operations and facilities, which have provided best-in-class service to our customers for over a decade," MPC CEO Gary Heminger said in a statement. Gregory Floerke, the current chief commercial officer (CCO) for MarkWest Assets, will assume Mollenkopf's post and report to MPLX President Donald Templin (see Shale Daily, April 9, 2014). Randy Nickerson, who currently serves as MPC's executive vice president for corporate strategy, will be appointed CCO for MarkWest Assets and also report to Templin. Nickerson will continue in his role to develop overall strategy around midstream assets as they relate to MarkWest, MPLX and MPC. Both Floerke and Nickerson will maintain offices in Denver. The changes will take effect on Oct. 1.
Fort Worth, TX-based Basic Energy Services Inc., which provides well site services across the U.S. onshore, said it has received a formal notice of noncompliance regarding its share price and market capitalization with the New York Stock Exchange (NYSE). Basic's share price has fallen below $1.00/share, and the NYSE prohibits a company's average global market capitalization over a consecutive 30 trading-day period from being less than $50 million at the same time its stockholders' equity is less than $50 million. Basic was given 10 days from Aug. 19 to notify the NYSE about its intentions to "cure the deficiencies" after which it would submit a business plan that demonstrates compliance with the standard within 18 months following the NYSE notice. The NYSE may accept the plan, at which time Basic would be subject to ongoing quarterly monitoring for compliance with the plan, or the NYSE may not, and Basic would be subject to suspension and delisting proceedings.