El Paso Corp. CFO D. Mark Leland has been named president of the company’s newly created Midstream Group. Leland, also an executive vice president at El Paso, formerly was COO of GulfTerra Energy Partners LP, the company’s former midstream master limited partnership. “The North American natural gas industry is undergoing a period of rapid evolution, presenting new opportunities for synergies among our existing Pipeline and E&P [exploration and production] businesses and a midstream unit,” said CEO Doug Foshee. “We intend to reenter the midstream business at a measured pace.” John R. Sult, currently senior vice president and Chief Accounting Officer, was promoted to CFO of the Houston-based company. Sult is to remain CFO of the general partner for El Paso Pipeline Partners LP and will become a new member of the executive committee. Dane E. Whitehead, currently senior vice president and CFO of El Paso Exploration & Production Co., was promoted to senior vice president, Strategy and Enterprise Business Development. Whitehead, who also joins the executive committee, will be responsible for strategy and market analysis, acquisitions and divestitures, planning, investor and media relations and risk management. Susan B. Ortenstone, currently senior vice president, Human Resources and Administration, will become senior vice president and Chief Administrative Officer, where she will be responsible for all administrative service functions, including human resources, information technology, communications and community relations, and administrative services. Sult is to assume the role of CFO when El Paso files its 3Q2009 Form 10-Q. The other promotions are scheduled to take effect by year’s end.
Formerly
Articles from Formerly
Oilsands Downturn Supports Canadian Gas Exports
More Canadian natural gas will stay available for export longer than previously expected as expansion by the nation’s formerly fastest-growing industrial consumer, Alberta’s oilsands, slows.
Oilsands Downturn Supportive of Canadian Gas Exports
More Canadian natural gas will stay available for export longer than previously expected as expansion by the nation’s formerly fastest-growing industrial consumer, Alberta’s oilsands, slows.
Illinois Governor Considered Trading Obama Seat for DOE Post
Illinois Gov. Rod R. Blagojevich, who was arrested Tuesday on federal corruption charges, sought to enhance his political stature by trading an appointment to the Senate seat formerly held by President-elect Obama for a Cabinet position, with secretary of the Department of Energy (DOE) being one of the posts mentioned.
Louisiana’s Refinery Waste May Find New Life as Synthetic Gas
NC12 Inc., formerly Texas Syngas Inc., is readying an effort to construct a synthetic natural gas facility near some Louisiana oil refineries that would convert used coal and petroleum coke wastes into gas.
Louisiana’s Refinery Waste May Find New Life as Synthetic Gas
NC12 Inc., formerly Texas Syngas Inc., is readying an effort to construct a synthetic natural gas facility near some Louisiana oil refineries that would convert used coal and petroleum coke wastes into gas.
Gloom Is Fading in Canada’s Energy Patch
Canadian natural gas exporters, putting formerly negative currency and price trends behind them, are marching back into positive income and drilling territory, government and industry records show.
Gloom Is Fading in Canada’s Energy Patch
Canadian natural gas exporters, putting formerly negative currency and price trends behind them, are marching back into positive income and drilling territory, government and industry records show.
Industry Briefs
In what brings to an end nearly all the major lawsuits still pending against the failed energy trader formerly known as Enron Corp., Citigroup will pay Enron Creditors Recovery Corp. $1.66 billion under terms of a MegaClaims settlement approved by the U.S. Bankruptcy Court for the Southern District of New York. The settlement was reached March 26, Enron said. Citigroup also agreed that indemnification claims, to which the bankruptcy court had already established a $4 billion claim reserve, and an additional $249.4 million of claims against the Enron estate held by the bank, would be waived. In addition to the cash settlement, about $1.7 billion of cash held in a disputed claims reserve will be included in a special distribution to creditors in the near term, Enron said. “The settlement with Citigroup marks an important milestone in winding up the Enron estate,” said Enron CEO John Ray III. “Upon implementation of the settlement, the Enron estate expects to return approximately $5 billion to creditors, which brings us to nearly $20 billion in total returned to creditors.”
Weather Outlook Less Bullish; September Eases 1.6 Cents
September natural gas futures drifted lower as formerly supportive fundamental weather factors started to lose some of their bullish luster Friday. The September contract fell 1.6 cents to settle at $6.090 and the October contract skidded 2.4 cents to $6.292. Floor traders noted a fundamentally soft tone to the market.
