Gene Isenberg, former CEO of Nabors Industries Ltd., has agreed to terminate his employment contract and waive a claim to $100 million that was triggered when the company promoted Anthony G. Petrello to CEO. Isenberg’s contract provided him with $100 million in cash and other bonuses under a severance-type payment. Nabors, which was criticized by shareholders when the contract terms were released, said Isenberg now is to receive no cash compensation and would forfeit about $7 million in deferred bonuses. Some of the proceeds are to be donated to charity. Isenberg’s estate is to receive a payment of $6.6 million, plus interest, when he dies. Isenberg, who had been CEO since 1987, retired in December but continues as chairman until June, when he is to become chairman emeritus.
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Articles from Gene
It’s About Time for the Barnett to Bow to Haynesville
Pipeline flows recorded by Bentek Energy LLC show that Louisiana’s Haynesville Shale region has surpassed the Fort Worth Basin/Barnett Shale region of North Texas in natural gas output. The two shale plays themselves are neck and neck in output. Signs are that the Barnett will soon bow to the Haynesville, the new Lower 48 shale play king.
Pennsylvania Lawmaker to Introduce Marcellus Bills
Prompted by the booming natural gas drilling industry in his district, Pennsylvania state Senator Gene Yaw (R-23rd) said he will introduce a series of bills that address issues related to the growing Marcellus Shale industry. Yaw’s district includes Bradford, Susquehanna and Lycoming counties, which are some of Pennsylvania’s top Marcellus producing areas.
Pennsylvania Lawmaker to Introduce Marcellus Bills
Prompted by the booming natural gas drilling industry in his district, Pennsylvania state Senator Gene Yaw (R-23rd) said he will introduce a series of bills that address issues related to the growing Marcellus Shale industry. Yaw’s district includes Bradford, Susquehanna and Lycoming counties, which are some of Pennsylvania’s top Marcellus producing areas.
Nabors CEO Bullish on Gas for the Long Term
Nabors Industries Ltd. CEO Gene Isenberg said his company’s 1Q2010 results were boosted by larger-than-expected increases in the U.S. Lower 48, as well as its Alaskan and Canadian business segments.
Nabors CEO Bullish on Gas for the Long Term
Nabors Industries Ltd. CEO Gene Isenberg said his company’s 1Q2010 results were boosted by larger-than-expected increases in the U.S. Lower 48, as well as its Alaskan and Canadian business segments.
Nabors CEO Looking to Late 2008, Beyond for Improvement
During a conference call with analysts following the release of disappointing third quarter results last week, Nabors Industries Ltd. CEO Gene Isenberg said the outlook for the North American drilling rig market isn’t particularly attractive for next year either, but if there is further decline in 2008, it likely won’t be as bad as the 2006-2007 period.
Nabors Results Reflect Challenging North American Drilling Market
During a conference call with analysts following the release of disappointing third quarter results Tuesday, Nabors Industries Ltd. CEO Gene Isenberg said the outlook for the North American drilling rig market isn’t particularly attractive for next year either, but if there is further decline in 2008, it likely won’t be as bad as the 2006-2007 period.
Two More Sentenced in Dynegy’s Project Alpha Scheme
Former Dynegy Inc. vice president Gene Foster in Houston Thursday was sentenced to 15 months in prison, and former accountant Helen Sharkey received a one-month prison sentence for their roles in Dynegy’s Project Alpha, which helped Dynegy artificially inflate its reported cash flow in 2001. Foster also was given three years probation and fined $1,000; Sharkey will pay a $10,000 fine.
