Hess Corp. has ended a proxy battle with major shareholder Elliott Management Corp. (4.4%) by agreeing to appoint three Elliott-backed nominees to its board of directors. The reconstituted board would comprise 14 members; nine were replaced following the annual meeting Thursday. The activist hedge fund, which had claimed that the company was mismanaged and controlled by Hess family interests, agreed to support five Hess nominees. The board now will be reelected every year instead of every three. Elliott also led the charge to split the chairman and CEO roles, now held by John Hess, the son of the company’s founder, and it has forced the company to sell its downstream arm and monetize Bakken Shale midstream assets.
Articles from Battle
A total of 29 parcels comprising 35,889 acres in a promising unconventional find in northeastern Nevada were sold to six companies for a total of $1.27 million by the Bureau of Land Management (BLM) during its quarterly oil and gas competitive lease sale held in Reno, NV, the agency said.
The battle between companies that stand to benefit from liquefied natural gas (LNG) exports and those that benefit from the low price and abundance of natural gas in the United States is intensifying. Chemical giant Dow Chemical Co. left the National Association of Manufacturers (NAM) over an export dispute, while Huntsman Corp. joined America’s Energy Advantage, a coalition opposed to LNG exports.
A legal battle over a Maine Natural Gas (MNG) proposal to build an 80-mile-long natural gas pipeline to Maine’s state capital and the surrounding Kennebec Valley has taken another turn with a lawsuit filed by MNG, which claims a competitor’s previously successful challenge to the project was filed too late.
Attorneys on both sides of the legal battle over Act 13, Pennsylvania’s omnibus Marcellus Shale law, spent two hours in a packed Pittsburgh courtroom Wednesday giving oral arguments before the state Supreme Court.
Colorado Gov. John Hickenlooper said Wednesday the state hopes to avoid a lengthy court battle with the City of Longmont over newly enacted natural gas and oil drilling regulations, which challenge the state’s authority to regulate energy operations.
The state of Alaska on Friday settled a seven-year legal battle with natural gas and oil producers over the Point Thomson leases, and the operators in turn agreed to develop the huge gas field.
Alaska Gov. Sean Parnell said Friday the state has settled a seven-year legal battle with several oil and gas producers over Point Thomson leases. All parties have agreed to enter into a complex settlement agreement to develop the huge natural gas field.
The future of American’s shale industry is bright and the darkest shadows on the horizon are nothing more than black swans — potential problems that involve high impact risks but a low probability of occurring — according to Natural Gas Supply Association of America (NGSA) CEO R. Skip Horvath.