SandRidge Permian Trust has joined a slew of Lower 48 oil and natural gas operators facing a possible delisting by the New York Stock Exchange (NYSE), the firm said Friday.
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Tulsa-based Unit Corp. this month joined a long list of Lower 48 operators whose share values have plummeted this year and has been given six months to regain compliance under New York Stock Exchange (NYSE) rules.
Chesapeake Energy Corp. last week was notified by the New York Stock Exchange (NYSE) that it was not in compliance with continued listing standards and it gave the company the standard six months to remedy the matter before its shares are pulled from the market.
The New York Stock Exchange (NYSE) began delisting protocols for global completions company Superior Energy Services Inc. last week, a determination the Houston-based oilfield services (OFS) operator plans to appeal.
Eclipse Resources Corp. said this week it has again received a delisting notice from the New York Stock Exchange (NYSE) because the common stock price has fallen below the continued listing standard.
Weatherford International plc, the No. 4 oilfield services (OFS) operator in the world, on Monday agreed to sell its surface data logging business for $50 million, just days after it was notified it could be delisted from the New York Stock Exchange (NYSE).
Baker Hughes, a GE company (BHGE), is selling its natural gas solutions (NGS) business, part of the turbomachinery and process solutions segment, in two separate agreements for a total of $375 million. The NGS product line is being sold to First Reserve in a transaction that includes three manufacturing sites in North America and the UK, as well as transferring 450 employees in eight countries. Separately, the Talamona, Italy branch of the NGS product line, which includes a manufacturing site, is being sold to Pietro Fiorentini SpA. Forty employees in Talamona also would be transferred. Both transactions are expected to close by the end of the year.
ACNX Resources Corp. affiliate has agreed to pay a $433,500 fine to the Pennsylvania Department of Environmental Protection(DEP) for several violations at well sites in Greene County. CNX Gas Co. LLC was cited for failing to, among other things, properly control flowback and drilling fluids, maintain containment during hydraulic fracturing activities, and unauthorized discharge of industrial waste into state waters. The penalties come after a long-term investigation by DEP. The well sites have since been remediated.
Marathon Petroleum Corp. (MPC) announced Wednesday that John Mollenkopf, COO for MarkWest operations following the merger between MPC’s midstream limited partnership, MPLX LP, and MarkWest Energy Partners LP, has decided to retire after a 33-year career in the energy industry (see Shale Daily,July 13, 2015;May 13, 2015). “John’s impact on MarkWest will be recognized long after he retires, particularly in the influential leadership role he played in growing the company’s operations and facilities, which have provided best-in-class service to our customers for over a decade,” MPC CEO Gary Heminger said in a statement. Gregory Floerke, the current chief commercial officer (CCO) for MarkWest Assets, will assume Mollenkopf’s post and report to MPLX President Donald Templin (see Shale Daily,April 9, 2014). Randy Nickerson, who currently serves as MPC’s executive vice president for corporate strategy, will be appointed CCO for MarkWest Assets and also report to Templin. Nickerson will continue in his role to develop overall strategy around midstream assets as they relate to MarkWest, MPLX and MPC. Both Floerke and Nickerson will maintain offices in Denver. The changes will take effect on Oct. 1.
The New York Stock Exchange(NYSE) has moved forward with proceedings to delist Atlas Energy Group LLC(ATLS). NYSE also suspended trading of the company’s common units on Friday. The move comes nearly three months after NYSE first notified the company that its market capitalization and stockholder equity had fallen below the $50 million minimum over a consecutive 30-day trading period (see Shale Daily,Dec. 31, 2015). While Atlas said it is “considering what actions, if any, it may take in response to the decision,” its units started trading on the over-the-counter market OTCQX on Monday. ATLS owns all of the general partner interest, distribution rights and a 23% limited partner interest in upstream subsidiary Atlas Resource Partners LP (ARP). ARP, a separately traded company with producing wells and reserves in 17 states that include assets in the Barnett, Eagle Ford, Marcellus and Utica shales, is not affected by the ATLS delisting. ARP’s stock, which is traded on the NYSE, has performed poorly, however, with a 52-week low of 56 cents/share.