John W. Nichols, 93, co-founder and chairman emeritus of Devon Energy Corp., has died following a lengthy illness. Nichols began his career as an auditor for Oklahoma City-based oil and gas producers. As a certified public accountant, Nichols registered the world’s first public oil and gas drilling fund with the Securities and Exchange Commission. His investment fund raised more than $1.4 million within a few months, and using the seed money, Nichols and F.G. “Blackie” Blackwood in 1941 established an oil company to explore the northeast corner of New Mexico’s San Juan Basin. Nichols founded Devon in 1971 and asked his oldest son G. Larry Nichols to partner with him. Their first acquisition was five natural gas wells southeast of Dallas. Devon went public in 1988 and Nichols retired in 1999; his son is now chairman and CEO. Devon today is considered the largest independent oil and natural gas producer in the United States, with operations extending through Canada and overseas. At the end of 2007 Devon had proven reserves of 2.5 billion boe and an enterprise value of $59 billion. Devon also is Oklahoma’s largest publicly traded company. Funeral services are scheduled for Thursday at First Presbyterian Church in Oklahoma City.
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Former MMS Auditor Says Staff Told Not to Bother Oil Companies
A former auditor for the Department of Interior’s (DOI) Minerals Management Service (MMS) last week told a House committee that audits of oil and natural gas companies were deemphasized beginning in 2000, and enforcement of lease terms and regulations “seemed to become less important.”
Former MMS Auditor Says Staff Told Not to Bother Oil Companies
A former auditor for the Department of Interior’s (DOI) Minerals Management Service (MMS) Wednesday told a House committee that audits of oil and natural gas companies began to be deemphasized beginning in 2000, and enforcement of lease terms and regulations “seemed to become less important.”
Sen. Boxer: Top Enron Execs, Auditors Should Be Jailed
The next stop for some top Enron Corp. executives and the company’s auditor, Arthur Andersen LP, should be jail, said Sen. Barbara Boxer (D-CA), after listening last Tuesday to Enron employees, retirees and individual investors tell horror stories of fortunes lost.
Sen. Boxer: Top Enron Execs, Auditors Should Be Jailed
The next stop for some top Enron Corp. executives and the company’s auditor, Arthur Andersen LLP, should be jail, said Sen. Barbara Boxer (D-CA), after listening Tuesday to Enron employees, retirees and individual investors tell horror stories of fortunes lost.
CA Joint Legislative Audit of ISO/PX Begins
California’s State Auditor General formally began contacting the state’s nonprofit electric grid operator (Cal-ISO) and wholesale spot power market (Cal-PX) Wednesday in a state legislature-ordered investigation that could lead to the merger of the two entities. The state’s electricity price spikes and supply shortfall this summer prompted legislative action in August ordering the probe.
CA Joint Legislative Audit of ISO/PX Begins
California’s State Auditor General formally began contacting thestate’s nonprofit electric grid operator (Cal-ISO) and wholesalespot power market (Cal-PX) Wednesday in a state legislature-orderedinvestigation that could lead to the merger of the two entities.The state’s electricity price spikes and supply shortfall thissummer prompted legislative action in August ordering the probe.
