Gene Isenberg, former CEO of Nabors Industries Ltd., has agreed to terminate his employment contract and waive a claim to $100 million that was triggered when the company promoted Anthony G. Petrello to CEO. Isenberg’s contract provided him with $100 million in cash and other bonuses under a severance-type payment. Nabors, which was criticized by shareholders when the contract terms were released, said Isenberg now is to receive no cash compensation and would forfeit about $7 million in deferred bonuses. Some of the proceeds are to be donated to charity. Isenberg’s estate is to receive a payment of $6.6 million, plus interest, when he dies. Isenberg, who had been CEO since 1987, retired in December but continues as chairman until June, when he is to become chairman emeritus.
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FERC Waiver Allows Alliance to Take Bakken Gas
FERC approved a revision to the Alliance Pipeline LP tariff allowing the pipeline to waive a gas quality specification on a first come, first served basis. This will allow Alliance to receive gas produced in association with oil production from Bakken play wells.
FERC Waiver Allows Alliance to Take Bakken Gas
FERC approved a revision to the Alliance Pipeline LP tariff allowing the pipeline to waive a gas quality specification on a first come, first served basis. This will allow Alliance to receive gas produced in association with oil production from Bakken play wells.
2 CA Utilities to Pass Up ’07 Increase in Capital Cost Coverage
The California Public Utilities Commission (CPUC) Thursday unanimously approved the request of its two largest utilities to waive their annual cost-of-capital filings for next year. In avoiding formal proceedings this fall on the subject the CPUC will instead hold a generic workshop on the subject to develop better ways in the future to more accurately determine the private-sector utilities’ capital costs.
MMS Waives Fees While New Orleans Offices Reopen
The Minerals Management Service (MMS) issued a final rule in the Federal Register that would waive several cost recovery fees until Jan. 3 to allow time for the agency to get its New Orleans office back in service. MMS staff have been operating at temporary offices in Houston while repairs were made to the New Orleans offices, which just reopened this week.
AmerenUE to Help Missouri Residents Cope with Winter Heating Costs
Natural gas utility AmerenUE, at the request of the Missouri governor and state officials, has agreed to waive all reconnection fees and suspend deposit requirements for customers receiving assistance through the Low-Income Home Energy Assistance Program (LIHEAP) or Missouri’s Utilicare program as part of an initiative to help residents cope with expected high heating costs this winter.
Hurricane-Ravaged Louisiana Municipals Seek Waiver of Pipe Penalties, Fees
The Louisiana Municipal Gas Authority (LMGA), which represents 57 small municipally owned natural gas distribution systems in the state, has asked FERC to waive the assessment of penalties, fees and charges — other than for transportation of gas to a customer — by pipelines on its member customers during the post-Hurricane Katrina emergency.
Tennessee Tariff Will Block Unbundling in MA, LDC Says
A small Massachusetts local distributor last week asked FERC towaive a Tennessee Gas Pipeline tariff restriction on capacityreleases that it claims could “frustrate” the drive towardscompetition in the state’s natural gas market.
Tennessee Tariff Will Block Unbundling in MA
A small Massachusetts local distributor has asked FERC to waivea Tennessee Gas Pipeline tariff restriction that it claims could”frustrate” efforts to unbundle the natural gas market in thestate.
