There was no mention of financier Carl Icahn’s recent demands on Kerr-McGee Corp. during the company’s 1Q2005 conference call with analysts last week, but his group’s calls to shake things up to increase shareholder value was evident.
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Kerr-McGee CEO Says Changes to Reveal ‘True Value’
There was no mention of financier Carl Icahn’s recent demands on Kerr-McGee Corp. during the company’s 1Q2005 conference call with analysts on Wednesday, but his group’s calls to shake things up to increase shareholder value was evident.
Kerr-McGee Reaches Detente in Proxy Fight with Icahn Group
Kerr-McGee Corp.’s proxy battle with financier Carl Icahn and his associates appeared to come to an end last week, but the settlement announced Thursday came at a steep price. The producer said it will buy back $4 billion worth of stock at an all-time high, and announced a plan to sell off “select” U.S. onshore, Gulf of Mexico and North Sea assets, which represent 20-25% of current production and 10-15% of proved reserves.
Kerr-McGee Reaches Detente in Proxy Fight with Icahn Group
Kerr-McGee Corp. appears to have convinced financier Carl Icahn and his associates to end a proxy fight, but the settlement announced Thursday came at a steep price. The producer said it will buy back $4 billion worth of stock at an all-time high, and announced a plan to sell off “select” U.S. onshore, Gulf of Mexico and North Sea assets, which represent 20-25% of current production and 10-15% of proved reserves.
Kerr-McGee Sues Icahn, Claims Breach of Antitrust Laws, Company Bylaws
Kerr-McGee Corp. filed a lawsuit against financier and shareholder Carl Icahn and his associates on Thursday, hours after Icahn sent a letter to CEO Luke Corbett urging the company to end its exploratory deepwater drilling program because it was costing the shareholders money.
Icahn Intends to Nominate Two Candidates to Kerr-McGee Board
Financier Carl Icahn and some Icahn entities have purchased nearly 5% of Kerr-McGee Corp. stock and said they intend to nominate two candidates to the board of directors at the company’s annual meeting, which is scheduled for May 10.
Kerr-McGee Considers Sale of Chemicals Business
Just days after financier Carl S. Icahn and Icahn Partners indicated they intend to buy 2-9% of the company, Kerr-McGee Corp. on Wednesday said it has hired an investment bank to consider selling its chemicals business.
People
The Bellingham, WA-based Pipeline Safety Trust Wednesday named Carl Weimer, a local leader in an environmental advocacy group, as its first executive director. The organization was founded and funded in the aftermath of a petroleum pipeline explosion in 1999 in the state that claimed three lives and drew court-ordered criminal fines of $4 million to establish an endowment. The group was one of the driving forces behind the “SAFE Bellingham” program formed as a result of the 1999 pipeline explosion. The chief executive of the Washington Utilities and Transportation Commission, the state’s pipeline safety agency, Carole Washburn, praised Weimer as an “excellent choice” to head the pipeline safety unit, noting that he has “fostered a good partnership” between the state regulatory commission and SAFE Bellingham. He understands both the rules and the stakeholders’ interests, Washburn said. The Trust was formed from the efforts of SAFE Bellingham and the families of two of the 1999 explosion’s victims, advocating better pipeline oversight and accident prevention programs.
Kinder Morgan Officials Dispel Rumors, Tout Companies’ Strength
Kinder Morgan Inc. (KMI) executives spent nearly two hours Thursday assuaging investment analysts and investors about the strength of the company and its master limited partnership (MLP), Kinder Morgan Energy Partners LP (KMP) following two days of pummeling on the stock market that had sent share prices down by as much as 20%.
Analyst: Enron Fallout Worse Than Expected
The impact of Enron’s tailspin on the energy industry has been more severe than expected, Merrill Lynch analyst Carl Kirst said in a research note reviewing the investor exodus from merchant energy stocks this week — prior to Wednesday’s small rebounds.