Forecasters finally are saying that Old Man Winter soon may be forced into retirement, and that news brought gas futures bears out of their caves on Monday. April futures staged a sharp reversal, opening 34.2 cents lower Monday morning and ending the day at $6.515, down 47.8 cents.
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David A. Trice was named Joe B. Foster’s successor as CEO ofHouston-based Newfield Exploration Co. effective Feb. 15 whenFoster vacates the position as part of his retirement plans.Foster, a principal founder of Newfield, will continue as chairman.Newfield is an independent oil and gas company active in the Gulfof Mexico, along the U.S. Gulf Coast and off Australia.
Chevron Undergoes Executive Shake Up
Sparked by the retirement of CEO Ken Derr, announced yesterday,Chevron Corp. followed up with a list of upper management jobchanges. The San Francisco, CA-based energy giant’s board ofdirectors selected its current vice chairman and director, DaveO’Reilly, to succeed Derr as CEO effective Jan. 1, 2000.
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Cinergy’s PSI Energy subsidiary is looking for a new presidentfollowing the retirement of John M. Mutz, who had been president ofthe electric utility since 1993.
Charges Annihilate PacifiCorp Earnings
A rate refund, refocusing and early retirement programs, plusboth failed and successful merger costs wiped out PacifiCorp’s 1998earnings of $300 million, leaving the company with a $55 millionloss for the year. In comparison 1997 earnings after special itemswere $641 million; they were $350 million before special items. Thecompany’s refocusing in 1998 and 1999 includes shutdown of itsenergy marketing business, the sale of TPC Corp., and of EnergyWorks, a joint venture with Bechtel, and the closing of its Turkishenterprises.
Mitchell Plans to Reduce Staff
Mitchell Energy & Development Corp. said it plans to reduceits work force in February through both a voluntary incentiveretirement program and staff cuts, but it did not say how manypositions would be eliminated. The company currently has 1,125employees at offices in east and north Texas. Reductions areexpected throughout the company’s operating areas, not only in theHouston area.
Maher Retiring From Washington Gas
Patrick J. Maher, chairman of Washington Gas Light, will retireeffective March 1. He will begin his leave pending retirement onDec. 1. Maher joined the company in 1974 as vice president andchief financial officer, and subsequently held the positions ofexecutive vice president of finance and administration, president,and chief executive officer. He has been a member of the board ofdirectors since 1988 and became chairman in 1992.
Maher Retiring From Washington Gas Light
Patrick J. Maher, chairman of Washington Gas Light, will retireeffective March 1. He will begin his leave pending retirement onDec. 1. Maher joined the company in 1974 as vice president andchief financial officer, and subsequently held the positions ofexecutive vice president of finance and administration, president,and chief executive officer. He has been a member of the board ofdirectors since 1988 and became chairman in 1992.
AGL Executives Leaving, Income Down
Five senior AGL Resources officers are leaving the company forearly retirement or other business interests, the company said.Leaving the company are Thomas Benson, President and COO of AtlantaGas Light; Robert Goocher, COO of AGL Resources Services; VerleneCobb, vice president corporate communications; Charlie Lail, seniorvice president operations improvement; and Marvin Wyatt Jr., vicepresident operations support. All but Benson’s position are beingeliminated as part of CEO Walter M. Higgins effort to betterposition AGL for gas deregulation in Georgia, which is scheduled totake place later this year. Higgins took over as CEO in February.AGL said an acting president of Atlanta Gas Light will be announcedwithin the next several days as will other internal reassignments.