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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ACC: Michigan Could Make Billions on Cracker
As Pennsylvania, Ohio and West Virginia battle it out for an ethane cracker, the American Chemistry Council (ACC) is touting the benefits of building such a facility at the other end of the Rust Belt.
Shell Eyes Marcellus Meet-Up for Ethylene, Markets
The fortunes of the natural gas and chemicals industries are becoming increasingly intertwined, and they will be even more so if Royal Dutch Shell plc constructs a world-class ethane cracker in the heart of the Marcellus Shale. Such a plant would handle Shell’s equity ethane production and that of third parties. And it would be a Rust Belt job-creation engine.
Shell Considers a Marcellus Feedstock, Chemicals and Markets Combo
The fortunes of the natural gas and chemicals industries are becoming increasingly intertwined, and they will be even more so if Royal Dutch Shell plc constructs a world-class ethane cracker in the heart of the Marcellus Shale. Such a plant would handle Shell’s equity ethane production and that of third parties. And it would be a Rust Belt job-creation engine.
Thousands of Louisiana Chemical Industry Jobs Seen in Shales
More than 35,000 manufacturing jobs could be created in Louisiana thanks to affordable supplies of natural gas from shale plays, American Chemistry Council (ACC) CEO Cal Dooley said.
Industry Briefs
Cleveland-based Chart Industries Inc., a manufacturer of equipment to handle hydrocarbon and industrial gases, said it is expanding manufacturing capacity for liquefied natural gas (LNG) equipment to meet growing North American infrastructure demand. “We are expanding capacity to meet current customer needs and to remain ready to serve the rapid growth we are seeing in North America for LNG equipment for applications such as fueling stations, transportation and remote power generation,” said Tom Carey, president of Chart’s distribution and storage unit. “We believe we are in the early stages of a substantial LNG infrastructure buildout in North America that we expect will last for many years, similar to opportunities we are pursuing in China and elsewhere.” The company said its first phase of investment will be about $4 million at a site in the Upper Midwest during the fourth quarter.
Louisiana NGL Cracker Poised for Expansion
Boosted by the “shale gas revolution,” Williams on Tuesday said it will spend up to $400 million to expand its Geismar olefins production facility near Baton Rouge, LA.
Wind Industry Looks Over Shoulder at Gas
Normally viewed as complementary, the natural gas and wind industries found themselves more at odds last week as the American Wind Energy Association (AWEA) kicked off its annual meeting in Anaheim, CA. Windpower 2011 was less bullish than in recent years in announcing growth in megawatts and jobs, and more adversarial on regional and national debates.
Wind Industry Looks Over Shoulder at Gas
Normally viewed as complementary, the natural gas and wind industries found themselves more at odds Monday as the American Wind Energy Association (AWEA) kicked off its annual meeting in Anaheim, CA. Windpower 2011 was less bullish than in recent years in announcing growth in megawatts and jobs.
No Plans to Lift Pennsylvania Forest Drilling Moratorium
Removing a moratorium on new drilling in Pennsylvania state forests is not a priority, the acting secretary of the Department of Conservation and Natural Resources (DCNR) told a state Senate committee during confirmation hearings earlier this month.