Resigns

The Commodity Futures Trading Commission (CFTC) on Friday announced the resignation of Chairman James E. Newsome, who has accepted the position of president at the New York Mercantile Exchange (Nymex), according to a statement from the exchange that also was released on Friday. The CFTC said the resignation is effective July 23.

El Paso Corp. reported a less-than-stellar third quarter earnings report last week, continuing a long-term plan to get debt levels in check without starving its remaining core businesses. CEO Doug Foshee stressed that the company is on track to divest $3.4 billion of assets by the end of this year, but said that going forward, “we won’t be able to sell our way to prosperity. We have to grow our core businesses.”

Reacting to the stinging criticism of El Paso Corp.’s continued poor performance within its exploration and production (E&P) unit, the company announced late Friday that Rodney D. Erskine, president of El Paso Production Co., had resigned.

With the resignation of a regulator facing possible impeachment, Arizona Gov. Janet Napolitano last Thursday named one of her aides to the five-member, elected Arizona Corporation Commission (ACC) to fill out the term of the departed commissioner. Kristin Mayes, the governor’s press aide, assumed a seat on the ACC, for which she will have to campaign in the November 2004 election for a full term.

NUI Corp. stunned the financial community on Friday by announcing that it will sell the entire integrated natural gas business within the next few months. CFO A. Mark Abramovic said the board of directors considered a sale in the best interests of all stakeholders going forward because of credit downgrades and “adverse business conditions.”

NUI Corp. stunned the financial community on Friday by announcing that it will sell the entire integrated natural gas business within the next few months. CFO A. Mark Abramovic said the board of directors of the New Jersey-based firm considered a sale in the best interests of all stakeholders going forward because of credit downgrades and “adverse business conditions.”

Robert S. Boswell, architect of Forest Oil Corp.’s amazing growth as the independent increased its North American reserves five-fold and raised its equity value from less than $50 million to more than $1 billion in recent years, announced his resignation last week as CEO. He will retire as chairman and director at the end of September.

Robert S. Boswell, architect of Forest Oil Corp.’s amazing growth as the independent increased its North American reserves five-fold and raised its equity value from less than $50 million to more than $1 billion in recent years, announced Thursday he would resign as CEO immediately and retire as chairman and director at the end of September.

John N. Seitz stepped down Tuesday as president and chief executive officer of Anadarko Petroleum due to concern over the independent producer’s steady loss of stock value, the company said.