Devon Energy Corp. President and CEO John Richels, 63, is retiring effective July 31, with COO Dave Hager slated to take the helm. Richels is to become chairman in 2016 when co-founder Larry Nichols, 72, retires and becomes chairman emeritus, the board of directors said. “John’s vision and leadership have delivered significant value to Devon shareholders for many years and particularly as we recently repositioned and rebalanced the company as a leading North American exploration and production company,” said Nichols. Hager, 58, “has been instrumental in the rebalancing of our portfolio and his focus on creating shareholder value, his integrity and his many other positive attributes will serve all stakeholders well,” said Richels, who joined Devon in 1998. Richels was elected president in 2004 and named CEO in 2010 when Nichols retired. Hager joined Devon in 2009 as executive vice president of exploration and production. Hager previously worked forAnadarko Petroleum Corp. predecessor Kerr-McGee Corp. He has a bachelor’s degree in geophysics from Purdue University and a master’s degree in business administration from Southern Methodist University.
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Broad Losses Edge Super-Sized East Gains; Futures Continue to Grind Lower
Physical gas prices for Thursday delivery took on a two-sided look in Wednesday’s trading with East and Northeast points registering gains of $1.00 to $2.00, but into the Midwest and Producing regions, prices slumped from about a dime to 20 cents.
Spending by Independents Drops in ’13 on Depressed NatGas Prices
Exploration and development (E&D) spending by independents worldwide dropped by 14% in 2013 from 2012 as depressed natural gas prices in North America took a toll on cash flows and spending ability, an annual survey by EY found.
Southwestern Grabs More Marcellus Acreage in Deal with WPX
Southwestern Energy Co. is gobbling up more acreage in the Marcellus Shale in a $300 million agreement with WPX Energy Inc., which has been attempting to distance itself from the play.
Industry Brief
American Energy Partners LP (AELP) affiliate American Energy Mineral Holdings LLC (AEMH) has raised $500 million in equity commitments to pursue a business plan to acquire minerals and overriding mineral interests in U.S. onshore basins. AELP’s private equity sponsor The Energy and Mineral Group (EMG), AEMH management and others provided an initial commitment of $350 million to purchase 28,000 net mineral acres and 29,000 acres of overriding royalty stakes in the Texas portion of the Permian Basin, and the Woodford, Utica and Marcellus shales. EMG, based in Houston and run by CEO John Raymond, also provided AEMN with initial working capital. AELP was founded by Aubrey McClendon in April 2013 with 15 employees and has grown to more than 650 people. AELP said it has raised more than $16 billion since its inception.
NatGas Physical, Futures Continue to Erode, Yet Technicians See an Opportunity; January Loses 13 Cents
Physical natural gas prices for Wednesday delivery could get no help whatsoever from weather forecasts, the screen or power markets. Both futures and physical prices got hit with a double-digit flogging in Tuesday’s trading.
Enviro Groups Sue Ohio Regulators Over Waste Handling Facilities
Two environmental groups have filed a lawsuit against the Ohio Department of Natural Resources (ODNR) claiming that the agency illegally approved more than 20 oil and gas waste handling facilities by failing to abide by the state’s rulemaking process.
People
Devon Energy Corp.President and CEOJohn Richels, 63, is retiring effective July 31, with COODave Hagerslated to take the helm. Richels is to become chairman in 2016 when co-founderLarry Nichols, 72, retires and becomes chairman emeritus, the board of directors said. “John’s vision and leadership have delivered significant value to Devon shareholders for many years and particularly as we recently repositioned and rebalanced the company as a leading North American exploration and production company,” said Nichols. Hager, 58, “has been instrumental in the rebalancing of our portfolio and his focus on creating shareholder value, his integrity and his many other positive attributes will serve all stakeholders well,” said Richels, who joined Devon in 1998. Richels was elected president in 2004 and named CEO in 2010 when Nichols retired. Hager joined Devon in 2009 as executive vice president of exploration and production. Hager previously worked for Anadarko Petroleum Corp.predecessorKerr-McGee Corp.He has a bachelor’s degree in geophysics fromPurdue Universityand a master’s degree in business administration fromSouthern Methodist University.
Act 13 Fallout Still Posing Challenges for Pennsylvania Operators
Nearly one year after a landmark court decision diminished Pennsylvania’s regulatory authority and gave more power back to municipalities, new challenges against the oil and gas industry are setting the stage for key legal decisions across the state that could affect how townships handle development.
Industry Briefs
Dominion Cove Point LNG LP(DCP) has filed an application at theFederal Energy Regulatory Commissionseeking authorization for its proposed St. Charles Transportation Project, which would provide 132,000 Dt/d of incremental firm transportation service toCPV Maryland LLC’s 725 MW St. Charles Energy Center in Charles County, MD. DCP is proposing to add additional electric compression at its existing Pleasant Valley Compressor Station in Fairfax County, VA, and install two pipeline taps to provide incremental pipeline capacity. In its filing, DCP said it wants to begin construction in September to meet an in-service date for contracted firm transportation service by June 1, 2016 [CP15-22]. DCP conducted an open season in March and April 2012 for the proposed firm transportation services.
