Company

Stone Energy Corp.’s pre-packaged restructuring plan to wipe out $1.2 billion in debt was approved this week by the U.S. Bankruptcy Court for the Southern District of Texas, bringing the company one step closer to being turned over to its noteholders.

Williams has appointed Micheal G. Dunn executive vice president and COO, effective Feb. 27. Dunn will report to CEO Alan Armstrong. Dunn most recently served as president of Questar Pipeline and executive vice president of Questar Corp. From 2010 to 2015, Dunn served as president and CEO of PacifiCorp Energy, a multi-state regulated electric power generating company and a subsidiary of Berkshire Hathaway Energy. Dunn graduated in 1988 from the University of Oklahoma with a bachelor’s degree in civil engineering. He is a registered professional engineer in the state of Oklahoma. Dunn began his career with Williams as an operations engineer and spent 14 years with the company in a variety of technical and leadership roles.

Onshore contract driller expert Patterson-UTI Inc. reactivated two fracture spreads during the fourth quarter and began rehiring crews, as more rig equipment moved off the stacks and back to work in the oil and natural gas fields.

Tulsa-based Vesta Midstream Partners LLC said it plans to design and construct its Oil City Gathering and Processing System in Carter County, OK, to offer low- and high-pressure gas gathering and processing services to wells in the South Central Oklahoma Oil Province (aka, the SCOOP). “Anchored by a long-term producer contract with a significant acreage dedication, Vesta is well-positioned to provide a broad spectrum of midstream services to producers in the SCOOP and STACK [the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties] areas,” Vesta said. “As the company begins construction and works to meet the needs of its producer customers, Vesta will also consider projects in other oil and gas basins as well.” Vesta formed recently with private-equity backing from Dallas-based Energy Spectrum Partners VII LP.

Dallas-based Azure Midstream Partners LP, affiliates and certain subsidiaries filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of Texas. The company said it anticipates filing a motion to approve procedures for a sale of all or substantially all of its assets, as well as a Chapter 11 plan and accompanying statement shortly. The company said it has reached an agreement on the process with lenders. Day-to-day operations are expected to continue until a sale. The company has assets in Louisiana and Texas, including in the Haynesville Shale and Cotton Valley. “…Chapter 11 reorganization is the only solution that maximizes going concern value for all stakeholders,” said CEO Chip Berthelot. “We will continue to operate the company and proceed through this process in a way that best preserves asset value for everyone with an interest.” These bankruptcy filings do not involve Azure’s parent company, Azure Midstream Energy.

Eagle Ford pure-play operator Swift Energy Co. said it plans to spend between $85 million and $95 million on capital expenditures (capex) in 2017. It plans to run one rig in the Eagle Ford and complete a dozen wells there.

FirstEnergy Corp. subsidiaries Allegheny Energy Supply Co. LLC (AE Supply) and Allegheny Generating Co. (AGC) have reached an agreement to sell 1,572 MW of natural gas and hydro generating assets for $925 million in cash to an affiliate of New York-based power developer LS Power Group.

Magnum Hunter Resources Corp., which emerged from bankruptcy in May under a new structure and leadership team, has changed its name to Blue Ridge Mountain Resources Inc.

PG&E Corp., the holding company for the San Francisco-based combination utility, on Wednesday announced senior executive changes in anticipation of CEO Tony Earley’s retirement March 1. The company is downsizing its workforce, resulting in executive and staff layoffs.