Interim

The search is on for a new chief at Nexen Inc. after President and CEO Marvin Romanow resigned last week.

Chevron Corp. warned investors late Wednesday in an interim report that fourth quarter earnings will be “significantly” lower sequentially than in the third quarter, a signal that even Big Oil may not be immune to lower domestic natural gas prices, an analyst said.

The search is on for a new chief at Nexen Inc. after President and CEO Marvin Romanow resigned on Monday.

With an interim CEO and the report Tuesday that it spilled more red ink last year, Houston-based independent power producer Dynegy Inc. warned Wednesday in a 10-K Securities and Exchange Commission filing that it may file for bankruptcy if it doesn’t renegotiate new terms with its creditors. In the meantime, four new directors joined the Dynegy board on Wednesday.

The Environmental Protection Agency (EPA) Tuesday submitted a 140-page draft plan to the agency’s Science Advisory Board (SAB) to study potential drinking water contamination associated with chemicals and fluids used in hydraulic fracturing (hydrofracking).

As part of a broader asset-shedding strategic plan, the Los Angeles Department of Water and Power’s (LADWP) interim general manager proposed selling the utility’s substantial natural gas reserves in Wyoming’s Pinedale Basin.

Rapid City, SD-based Black Hills Corp. has named board member John Vering as interim president and general manager of its oil and gas exploration and production unit. Vering is being moved in temporarily to run Black Hills Exploration & Production (BHEP) to replace existing management at BHEP, which the parent company acknowledged has had “disappointing” results. Vering is a former CEO of Union Pacific Resources Inc., a Canadian affiliate of Union Pacific Resources Group, a $7 billion oil and gas company prior to its acquisition 10 years ago by Anadarko Petroleum Corp. While reiterating that Black Hills senior management still thinks the oil and gas business has value for Black Hills shareholders, CEO Dave Emery said BHEP results have been “disappointing, and we are pleased that Vering has agreed to lead the effort to strengthen our long-term strategic plan and make improvements with an objective of achieving stronger financial and operational results.”

FERC on Wednesday gave Arlington Storage Co. the green light to begin service at its Thomas Corners Storage Field in southern New York state on an interim basis.

Lower domestic natural gas prices and the impact of a weak U.S. dollar pressured Chevron Corp. in 2Q2009, the company said in an interim quarterly earnings report late Thursday.